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romde
Volume 134
New York, Saturday, April 23, 1932
Number 3487
The Financial Situation
HE Federal Reserve banks are adhering strictly
Newspaper comment in this country has been to the
to their plan of purchasing $100,000,000 of effect that the gold held in this market by the Bank
United States Government securities each week. This of the Netherlands is earmarked for its account
in
week the further addition has been $93,106,000, and the vaults of the Federal Reserve Bank of New York,
follows $100,010,000 last week. The total holdings and that, accordingly, its withdrawal will
not reduce
of United States Government obligations now run the gold stock of the United States. It was pointed
far in excess of one billion dollars, the exact total out that last September, following the suspensio
n
this week (Apri120) being$1,078,130,000. Previously of the gold standard in England, several European
the additions averaged about $25,000,000 •a week, central banks, including the Bank of the Netherthough the amount varied considerably from week lands, converted their holdings of dollar
balances
to week, and if we go back to, say, Feb. 24, we find in this market into gold, which they placed under
that the holdings then were only $740,556,000, tints earmark at the Federal Reserve bank in order
-to
showing an increase in the two months since then of strengthen their several positions, and
this gold has
$337,574,000. This is certainly going it fast. More- since been carried by these
institutions in their pubover, Mark Sullivan, the well known newspaper lished reports in the same class with
gold actually
writer, and who usually speaks with inside knowl- held in their own vaults. While
in a general way
edge, tells us that the policy of making purchases of this comment may be said to be correct
(no informa$100,000,000 is likely to be continued for at least tion is forthcoming from
the Reserve authorities),
eight weeks, on which basis the aggregate of the hold- it happens that only
relatively small amounts of
ings six weeks hence would be $1,678,000,000 as the present outflow of gold have
until yesterday been
against the $740,556,000 on Feb.24, as already noted, coming from earmarke
d stock. Last week the gold
making an increase for the period of a little over held earmarke
d here for foreign account actually
three months of $938,400,000, or close to a full increased $2,370,00
0 instead of decreasing, which
$1,000,000,000. This is inflation, pure and simple, would have
been the case had the gold shipped repreand how much further this policy of credit and sented earmarke
d stock, and the total shipments of
currency expansion is to be carried, only the actual the metal
last week, as already noted, aggregated in
development can tell.
excess of $20,000,000, while the present week, with
As a concurrent, if not an actually related, event, further
exports of $9,203,000, of which $2,802,000
gold exports are again proceeding on a considerable went to
Holland, the decrease in the gold earmarked
scale. Last week the export shipments reached $20,- for
foreign account was only $1,488,000. Of the
156,000, $18,701,000 going to France, $1,129,000 to
Thursday movement this week to Holland, of
Holland, and the remainder to other European coun$2,411,200, the decrease in earmarked gold was only
tries, while the present week (that is, the week. end- • $400,000,
though on Friday, when the export shipjug Wednesday night) there have been further export ments reached $14,363,9
00, the earmarked gold detakings in amount of $9,203,000, of which $5,777,000 creased
$13,344,900. This makes it perfectly plain
was destined to France, $2,802,000 to Holland, that considerable amounts
of the metal are leaving
$400,000 to Germany, and $224,000 to England. the
country independent of that taken from earMoreover, on Thursday, $2,411,200 more was taken
marked stock.
for Holland, and yesterday (Friday) additional takThere can be no doubt that there is considerable
ings of the metal in amount of $14,363,900 for export distrust
regarding the soundness of the American
shipment were reported, $13,544,900 going to Hol- financial
position and that no little apprehemion is
land, $619,000 to Belgium, and $200,000 to England. felt as to
the outcome of the train of circumstances
On top of all this, Associated Press advices from with which
this country is contending. On the one
London, April 20, stated that an Exchange Tele- hand, the
Government is laboring under a budget
graph dispatch from Amsterdam on that day con- deficit which for the
current fiscal year ending on
tained the news that the Bank of the Netherlands June 30 next already
runs in excess of $2,000,000,000.
had decided to withdraw all the gold that it holds The new obligations which the Governme
nt finds
abroad, amounting to $103,000,000 florins ($41,- itself obliged to put
out as a result of the growing
200,000), principally in the United States. Care deficit are finding their
way largely into the Federal
was taken to add in the London cablegram that the Reserve banks and the Reserve banks,
in turn, are
decision implied no distrust of the dollar, but had expanding their credit volume
and their note circulabeen reached because of the belief of the directors tion for that purpose, though avowedly having still
that the Bank did not need to carry a large gold another object in view, namely, the checking of
stock abroad in the present circumstances.
security and commodity deflation. The fact that
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Financial Chronicle
saturation of the currency with Federal Reserve note
issues is taking place concurrently with the expansion in the volume of Reserve credit outstanding does
not escape notice in Europe. Indeed, the weekly
condition statements of the Federal Reserve banks
make that fact strikingly apparent.
An increase in the amount of Federal Reserve
notes in circulation is not shown every time that a
new batch of Government securities is purchased,
since many other items affect the result, but over
any extended period of time an increase in the volume
of Reserve notes in circulation (or paper money
issues) occurs pan passu with the increase in the
volume of credit put out. Thus, according to this
week's Federal Reserve statement, the total of the
bill and security holdings (which constitutes a measure of the volume of Reserve credit outstanding)
stand at $1,695,701,000, which compares with only
$885,390,000 12 months ago, on April 22 1931, showing an expansion during the year in the sum of about
$810,311,000. Turning now to the figures of Federal
Reserve notes in actual circulation, we find that the
expansion of note issues has been even greater than
that—in fact, in excess of a billion dollars, the
amount of Reserve notes for April 20 1932 being
reported at $2,544,764,000 against no more than
$1,526,511,000 on April 22 1931.
Europe is aware, too, that through the Glass-Steagall Act the Federal Reserve law has been expressly
amended so that Federal Reserve notes may to the
extent of 60% of the face value be secured by United
States Government securities as collateral, thereby
paving the way for the purchase of United States
Government securities on the large scale now being
done. In all other countries such a train of circumstances has led in the end to financial debauchery
and eventual disaster, and Europe fears lest the outcome here be the same, and, accordingly, is withdrawing its gold balances from New York and transferring them into its own custody. It behooves us
not to let the experience of other countries in that
regard be lost on us. It certainly is not a little
strange that so many of our financial authorities
should declaim so vehemently, as it is right that they
should, against the proposed soldier bonus,involving
an outlay of over two billion dollars, with the issuance of United States Government securities or currency issues of some kind to provide the means for
the purpose, while yet being wholly indifferent to
the consequences involved in the purchase of United
States Government securities in the way now being
done by the Federal Reserve banks at the rate of
$100,000,000 a week. The difference seems to be,
as we stated last week, merely one of degree. To be
sure, this is to be "controlled inflation" under the
wise guidance of the Federal Reserve authorities,
but any kind of credit or note inflation has the
fatality of ultimately assuming a run-away character, and the wisdom of the Reserve authorities is
yet to be demonstrated, especially when they show
no repugnance to entering into an undertaking of
the present nature.
In the meantime the money market is becoming
utterly demoralized as a result of the deluge of Reserve credit with which the country is being flooded
through the purchase of United States Government
securities by the Federal Reserve banks to *he extent
of $100,000,000 a week. On Monday of this week
the United States Treasury received tenders for a
new issue of 91-day Treasury bills to the amount of
April 23 1932
$75,000,000, or thereabouts. It was distinctly stated
that this new offering was not meant to take the
place of any maturing issue of bills, but would involve an addition to the public debt to that extent.
Yet the Treasury was able to place the whole amount
on a discount basis of less than 58 of 1% per annum,
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or, to be exact, at an average rate of 0.62% on a bank
discount basis. In other words, the Treasury was
able to dispose of the whole amount at an average
price for the bills of 99.843, making the average rate
on a bank discount basis about 0.62%. Only two
months ago, or on Feb. 19, these Treasury bills sold
on a discount basis of 2.71%.
But the banks are now so glutted with funds, as a
result of the steady outpour of Reserve credit, that
they are willing to sacrifice almost entirely the
receipt of any interest. The demoralized situation
which exists is in evidence also in the case of the
market for bankers' acceptances. The banks are so
congested with idle funds that they have been bidding
for acceptances with such zeal that further reductions in the rates for acceptances have occurred the
present week on top of all the previous reductions,
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until the rate is now down to only 1% bid and 78
of 1% asked on maturities of 30, 60 and 90 days.
The United States Treasury is taking advantage of
this situation and has announced another offering
of 91-day Treasury bills for amount of $50,000,000,
to be dated April 27, and tenders for which will be
received up to two o'clock Eastern Standard time,
Monday, April 25. In this case, however, the proceeds will go to retire an issue of $50,937,000 maturing on April 27. The Treasury has also given preliminary notice of a new offering of United States
obligations the coming month, which, according to
reports, is likely to take the form of an issue of certificates of indebtedness for $200,000,000, in addition to the offering of $50,000,000 of Treasury bills
just referred to. This comes after the sale of
$994,146,000 of certificates of indebtedness in
March.
The benefit to the United States Treasury of the
easy money policy of the Federal Reserve banks is
thus clear and unmistakable. On the other hand,
the menace involved in that policy in all other respects is extremely serious, as indicated in our remarks above. Incidentally, it deserves to be noted
that such an abnormal condition of ease as has now
been created must serve to play an important part
*in inipelling gold exports in the ordinary way,a state
of things which ought to be avoided above everything
else at a time when fear and apprehension are inducing foreign central banks to withdraw their balances on such a large scale. One of the events this
week has been a further reduction in the discount
rate of the Bank of England from 31 2% to 3%,fol/
lowed by several other reductions in discount rates
in Europe. This makes the rate of the British bank
the same as the rediscount rate of the New York
Reserve Bank, but compares with 312% the redis/
count rate at all the other Reserve banks in the
Federal Reserve System. The Federal Reserve buying rate for acceptances remains at 2/ on maturi12%
ties running from 1 to 120 days, and 3% on maturities from 121 to 180 days. However, with the open
market rate for acceptances down to only 1% bid
and 78 of 1% asked for bills up to 90 days, these
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latter rates are much more likely to govern gold
movements and foreign exchange rates. From that
viewpoint the abnormally low figures to which rates
Volume 134
Financial Chronicle
have been driven by the Treasury policy of wholesale purchases of United States Government securities must be regarded with extreme regret.
NOTHER development of the week, and one
which has grown out of the same situation of
inordinately low money rates, has been the action
of the New York Clearing House banks in reducing
the interest allowance on deposits. Under a
new ruling which became effective yesterday a
change is made in the method of calculating the
return allowed on the deposits kept with the banks.
The rates themselves are not changed; deduction is
made of that portion of the deposits which the banks
are required to hold as legal reserve. This reserve
is 13% in the case of deposits subject to call and
3% in the case of time deposits. This means that
depositors will receive interest on only 87% of their
demand deposits, and on 97% of their time deposits
instead of the full 100% as heretofore. The present
rates, which were put into effect on Oct. 16 last, are
1% on demand deposits except deposits of mutual
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savings banks, on which 11 2 is allowed, and 11 2
in the
on time deposits. Some further reductions
rates themselves are deemed not unlikely inasmuch
as the rates on bankers' acceptances, as noted above,
are down to only 1% bid, and Treasury bills this
week have sold on a discount basis of only 0.62%,
and so large a part of the liquid assets of the banks
are in high-grade investments of this character,
which net a return to the banks in some instances
lower than the interest they allow on deposits.
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HE foreign trade of the United States for March
was practically the same as in February, merchandise exports were valued at $156,000,000 and imports at $131,000,000. February exports were $153,939,000 and imports $130,978,000. For March of last
year exports amounted to $235,899,000 and imports to
$210,202,000. The decline in exports for March from
a year ago was 33.9%, and in imports 37.9%. For
the nine months of the current fiscal year, from
July last to the end of March, merchandise exports
were valued at $1,568,240,000 and imports at $1,380,992,000, compared with exports for the same period
of the preceding fiscal year of $2,477,306,000 and imports of $1,893,219,000. The decrease in exports for
these nine months this year was 36.7%, while for imports it was 27.1%. Relatively, March exports are
slightly better than those for the nine months, while
the reverse is true as to merchandise imports. The
difference in either case, however, is not sufficiently
important to warrant any particular enthusiasm.
There is still a balance on the export side, though
the amount has dwindled somewhat as the year has
advanced. For March this year the export trade
balance is $25,000,000 against $25,697,000 a year ago,
while for the nine months there was an export trade
balance this year amounting to $187,248,000 against
$584,087,000 for the corresponding nine months of
the preceding fiscal year.
Exports of cotton have served to save the foreign
trade statement from making a very much worse
showing than it has. Another increase appeared in
cotton exports in March, not only in quantity but in
value as well. Exports of cotton last month were
938,835 bales against 615,917 bales a year ago, an
increase of 52.4%. The value last month of cotton
shipments abroad was $36,511,700, whereas the
smaller quantity last year, at the higher prices then
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2959
prevailing, was nearly as much, amounting to P5,960,700. Still, this year's exports in value exceeded
those of last year by 1.5%. For the nine months
of the current fiscal year, cotton exports have been
7,201,283 bales, and were in excess of those of the
same period in the preceding year by 23.1%. The
value of cotton exports, however, for the past nine
months of $287,488,000 shows a decline from that of
the preceding year of 22.0%. To appreciate how,
greatly the export trade of the United States has
suffered, it should be noted that exports in March
other than cotton were substantially reduced,
amounting to only $120,500,000, while the decline
from March 1931 is 40%. The fact is to be remembered that fully one-third of this loss of 40% was
due to a lower range of commodity prices this year.
Gold exports in March continued to exceed imports, the total of the former for that month having
been $43,909,000, while gold imports were $19,238,000. Shipments abroad of gold last month were
less than for either of the two preceding months this
year; gold imports, however, were larger than those
for March in every month back to February 1931.
For the nine months of the current fiscal year gold
exports have been $745,989,000 against $106,399,000
for the same period of the preceding fiscal year.
Gold imports for the same time this year were $461,966,000, compared with $240,108,000 for the nine
months ending with March 1931. The excess of gold
exports for these nine months this year has been
$284,023,000, whereas, in the preceding nine months'
period, gold imports exceeded exports by $133,709,000. The movement abroad last month of silver,
both for exports and imports, was again somewhat
lower in value, exports amounting to only $967,000
and imports to $1,809,000.
S ALREADY indicated, the feature of the Federal Reserve statement this week is again the
large purchases of United States Government securities made by the Reserve banks, the total of these
holdings having risen in amount not far from the
$100,000,000 a week set at the inauguration of the
new Reserve policy a short time ago. In other words,
the total of these holdings has risen from $985,024,000 April 13 to $1,078,130,000, giving an increase
for the week of $93,106,000, which, added to the previous week's increase of $100,010,000, makes an increase for the two weeks combined of $193,116,000.
It should be understood, however, that, as was the
case last week, not the whole of this week's addition
of $93,106,000 in these holdings of Government bonds
finds reflection in the volume of Reserve credit outstanding,the increase in this item having been offset
by a further reduction in the holdings of acceptances
and also a further decrease in the total of the discounts, which latter indicates member bank borrowing. The bill holdings, or acceptances, decreased
during the week from $51,809,000 to $48,547,000,
while the discount holdings were reduced from $628,602,000 to $564,523,000. The final result is that the
total of the bill and security holdings (which constitute a measure of the volume of Reserve credit outstanding) have increased during the week in amount
of only P5,790,000 (having risen from $1,669,911,000
April 13 to $1,695,701,000 April 20), whereas the
addition to the holdings of Government securities
was, as we have just seen, $93,106,000.
The holdings of acceptances for account of foreign
central banks have also been reduced during the
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Financial Chronicle
April 23 1932
week, having fallen from $325,684,000 April 13 to
$308,843,000 April 20. The further cut in open market rates for acceptances which has occurred the
present week is evidence, of course, of the very active
domestic demand for acceptances. On the other
hand,foreign bank deposits with the Federal Reserve
institutions have again moved higher and are now
$47,317,000 against $41,137,000 last week and $29,712,000 on April 6. The amount of Federal Reserve
notes in circulation has increased during the week
from $2,537,075,000 to $2,544,764,000. Though gold
reserves have also increased, rising from $3,018,312,000 April 13 to $3,023,729,000 April 20, the ratio
of total reserves to deposit and Federal Reserve note
liabilities combined is somewhat lower this week, at
69.2% against 69.4%, owing to the increase in the
deposit liabilities and also the increase in the note
liabilities.
generally somewhat higher. On Thursday the market revealed the first indications of a general recovery, being favorably influenced perhaps by the
news that the Bank of England had further reduced
itu discount rate from 3 % to 3%. Many stocks
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previously under pressure, such as American Tel. &
Tel., American Can, Allied Chemical, and others in
the same class, scored advances running from 1 to 4
points. Interest in the bond market also revided
at improving prices. On Friday the course of the
stock market was again downward, but with a rally
later in the day. On the Stock Exchange 185 stocks
dropped to new low levels for the year during the
week, while only six stocks registered new high
levels. The call loan rate on the Stock Exchange
again remained unaltered at 2 %.
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Corporate dividend suspensions and reductions
were again in evidence. Among the omissions may
be mentioned the General Public Service Corp.,
HE stock market this week has again had a strong which passed the cumul. dividends
on the $6 and
downward tendency. Furtherliquidation on an $5.50 pref. stock; the Harbison
-Walker Refactories
extensive scale in a number of the active specialties, Co., which omitted the quarterly
dividend on comalong with the absence of any tangible evidence of mon; the Noma Electric Corp.,
which omitted the
improvement in trade, has been the main factor in quarterly dividend on common;
Oppenheim, Collins
this renewed depression which continued day by day & Co., Inc., which omitted the quarterl
y dividend on
with only occasional upward reactions, until Thurs- common; the Artloom Corp., which
passed the quarday, when the market showed more or less general terly dividend on the 7% cumul. pref.
stock; the
recovery. At the half-day session on Saturday last, S. S. White Dental Mfg. Co., which
omitted the quarthough bonds displayed a good tone, pressure on terly dividend ordinarily payable
about May 1, and
American Telephone, Auburn Automobile, United Neisner Brothers, which
passed the quarterly diviStates Steel, American Can and Consolidated Gas, dend on the 7% cumul. pref.
stock. Aluminum,Ltd.,
and two or three other weak points served to cause reduced the quarterly
dividend on the 6% cumul.
the whole market to sag.
pref. stock from $1.50 per share to 75c. per share;
On Monday there were sharp declines all around, Stone & Webster, Inc., reduced
the quarterly diviwith American Telephone, United States Steel, East- dend on its capital stock from
25c. a share to 12 c. a
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man Kodak, Western Union, American Can, Inter- share, while Southern Colorado
Power Co. declared
national Business Machine, Allied Chemical and a quarterly dividend of
only 25c. a share on the
Air Reduction especially weak features. The annual class A common stock, placing
this issue on a $1
meeting of the stockholders of the United States annual basis against
$2 previously.
Steel Corp. took place on that day, and the remarks
Trading has dwindled considerably. At the halfof Chairman Myron C. Taylor were not particularly day session on Saturday last
the sales on the New
encouraging, indicating that the corporation was York Stock Exchang
e were 579,180 shares; on Monworking at only 20% of capacity, and that the pros- day they were 848,490
shares; on Tuesday, 1,032,855
pects regarding the dividend on the common shares shares; on Wednesday,991,162
shares; on Thursday,
were not particularly bright. On Tuesday there were 1,106,210 shares, and on Friday,
915,240 shares. On
further large and general declines. U. S. Steel com- the New York Curb Exchang
e the sales last Saturmon reached a new low on the present downward day were 87,300 shares; on Monday,
141,120 shares;
movement at 29%; American Tel. & Tel. fell below on Tuesday, 110,650 shares; on
Wednesday, 118,490
par, touching 97%, though closing on that day at shares; on Thursday, 143,555 shares,
and on Friday,
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99 , with a still lower dip to 9714 on Wednesday. 107,725 shares.
Allied Chemical on the same day dropped to 57%,
As compared with Friday of last week, prices show
the lowest price level since 1924. In the bond market pretty general losses, some of
these being quite
speculative utility issues were one of the weak fea- heavy, especially in the case of the
speculative leadtures, with larger or smaller losses in such issues as ers. General Electric closed yesterda
y at 14
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American & Foreign Power 5s, Columbia Gas & Elec. against 16 on Friday of last week;
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North Amer5s, Federal Light & Traction 5s, International Tel. & ican at 231/ against 26%; Pacific
4
Gas & Elec. at
Tel. debenture 4 s, Postal Telegraph 58 and Utah 26% against 28%; Standard Gas &
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Elec. at 16%
Power & Light 5s. Many of the high-grade utility against 18 ; Consolidated Gas of
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N. Y. at 50
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issues were also lower, while railroad bonds of the against 531/4; Columbia Gas & Elec.
at 8 against
better descriptions were likewise soft. Even United 9%; Brooklyn Union Gas at 70 against
74; Electric
States Government issues, after their recent sharp Power & Light at 7% against 7%;
Public Service of
rise, receded slightly in price. Some recovery in N. J. at 421 8 against 44%; Internat
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ional Harvester
stocks occurred before the close of the day, and this at 19% against 19%; J. I. Case
Threshing Machine
extended into the dealings on Wednesday morning, at 23. against 29; Sears, Roebuck
& Co. at 20
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when, however, some new weak features developed. against 22; Montgomery Ward
& Co. at 71% against
The "Iron Age" weekly summary of conditions 7%; Woolworth at 36%
against 381
4; Safeway
in the steel industry showed that the steel mills Stores at 45
against 46; Western Union Telegraph
of the country were now working at 22 % of capa- at 271 against
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%
32; American Tel. & Tel. at 97 8
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city against 21% the previous week. The net changes against 106%;
International Tel. & Tel. at 6 against
for that day, however, were mostly narrow, though 6; American
Can at 42% against 51%; United
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Volume 134
Financial Chronicle
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States Industrial Alcohol at 20
Commercial Solvents at 6 against 6%; Shattuck
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& Co. at 9 against 9, and Corn Products at 30
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against 33 .
Allied Chemical & Dye closed yesterday at 58
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against 65% on Friday of last week; E. I. du Pont
de Nemours at 287 against 34; National Cash Regis8
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ter A at 8% against 10; International Nickel at 53/
against 6½; Timken Roller Bearing at 141 8 bid
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against 16; Mack Trucks at 1314 against 14¼; Yel/
low Truck & Coach at 2 against 2/ Johns
-Manville
18;
at 11 against 1178; Gillette Safety Razor at 16
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against 18%; National Dairy Products at 2278
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against 251 8; Associated Dry Goods at 4 against
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4 bid; Texas Gulf Sulphur at 17 against 19;
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Freeport Texas at 14 against 15%; American &
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Foreign Power at 4 against 4½; General American
Tank Car at 17 bid against 18½; United Gas Improvement at 16 against 16%; National Biscuit
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at 321 8 against 33½; Coca Cola at 951 8 against
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101%; Continental Can at 25% against 29¼; Eastman Kodak at 53% against 61 ; Gold Dust Corp.
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at 13 against 13½; Standard Brands at 1078 against
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10%; Paramount Publix Corp. at 41 8 against 4 ;
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Kreuger & Toll at/against %;Westinghouse Elec.
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& Mfg.at21% against 237 ;Drug,Inc., at 38 against
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39; Columbian Carbon at 23 against 27%; Amer-/
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lean Tobacco at 63 bid against 68; Reynolds Tobacco
class B at 3178 against 32½; Liggett & Myers class
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B at 49 against 50 , and Lorillard at 14%
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against 14%.
The steel shares developed renewed weakness.
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United States Steel closed yesterday at 28 against
34 on Friday of last week; Bethlehem Steel at 13
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against 1378; Vanadium at 8 against 9, and Re/
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public Iron & Steel at 3 against 3' 8 In the auto
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group Auburn closed yesterday at 39 against 42 on
Friday of last week; General Motors at 11 against
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12%; Chrysler at 9 against 9%; Nash Motors at
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12 against 12%; Packard at 2 against 2½; Hud/
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son Motor Car at 4 bid against 4 ,and Hupp Mo/
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tors at 2 against 218 In the rubber group Good/.
year Tire & Rubber closed yesterday at 102against
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9% on Friday of last week; B. F. Goodrich at 3
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against 318; United States Rubber at 3 against
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3 8 and the preferred at 5 against 6.
7,
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The railroad shares showed resistance to the downward movement. Pennsylvania RR. closed yesterday
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at 13 against 13% on Friday of last week; Atchison Topeka & Santa Fe at 4378 against 44%; At/
lantic Coast Line at 18 against 17; Chicago Rock
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Island & Pacific at 5 against 5%; New York Cen/
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tral at 19 against 20%; Baltimore & Ohio at 9
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against 912;New Haven at 14 against 14%;Union
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4
Pacific at 52 against 55%; Southern Pacific at 13%
against 14%; Missouri Pacific at 3 against 3 ;
/
1
2
/
1
2
Missouri-Kansas-Texas at 314 bid against 3; South/
ern Railway at 6 against 6; Chesapeake & Ohio at
/
16 against 1614; Northern Pacific at 11% against
/
1
2
11 , and Great Northern at 11% against 11 .
/
1
4
/
1
2
The oil shares have continued,to move downward,
notwithstanding the improved outlook for oil.
Standard Oil of N.j.closed yesterday at20% against
/
1
2
24 on Friday of last week; Standard Oil of Calif.
at 17% against 19%; Atlantic Refining at 9
/
3
4
against 10; Texas Corp. at 11 against 11½; Phillips
Petroleum at 4 against 4%, and Pure Oil at 4
/
1
2
against 4 .
The copper stocks rule so low that the changes are
of little consequence, being mainly fractional. Ana-
2961
conda Copper closed yesterday at 5% against 6 on
Friday of last week; Kennecott Copper at 7 against
/
1
2
7; Calumet & Hecla at 2 against 2%; American
/
Smelting & Refining at 834 against 8%; Phelps
Dodge at 51/4 against 5%,and Cerro de Pasco Copper
at 6% against 7/
18
.
TOCK exchanges in the important European financial centers remained hesitant most of this
week, no definite trend being shown until after the
further reduction of the Bank of England discount
rate, Thursday, when a measure of improvement was
noted. Transactions were small at London, Paris
and Berlin, as there is little public interest in securities. Lowering of the Bank rate in London from
/
312 to 3% was welcomed everywhere in Europe, although it merely accentuated a well defined trend
toward easier money that has now been in evidence
for two months. Even Berlin now reports a decidedly
easier tone in money rates. This encouraging financial trend finds no counterpart, however, in the
reports of trade and industry in Europe, which
remain bleak. The European stock markets continue
somewhat unsettled, moreover, by further revelations from Stockholm regarding the dealings of the
late Ivar Kreuger. It is now alleged that Mr.Kreuger
forged securities with a face value of $100,000,000 to
support his operations, while in responsible Stockholm financial circles it is estimated that Sweden
will lose $60,000,000 in the crash of the Kreuger
companies. Until the position is made fully known,
it is likely that the affair will exert a depressing influence upon the markets.
The London Stock Exchange was extremely quiet
in the initial session of the week, and price changes
were in most instances quite unimportant. There
was little inclination to make commitments in advance of the budget statement. British Government
funds were firm, while industrial stocks displayed
slight irregularity. The international list was marked
down,in line with week-end reports from New York.
Trading was again dull Tuesday, as the budget proposals were due after the close. British funds advanced a little, and home rail stocks also were improved. Industrial stocks remained uncertain, with
the international group again lower. There were
few changes of importance Wednesday,as the budget
speech was regarded as sound enough but without
any features to stimulate interest in stocks. Gold
mining shares were firm, as the remarks of Chancellor of the Exchequer Chamberlain on exchange stabilization were taken to mean that a substantial
premium will continue to be paid for gold for some
time to come. British funds were unchanged while
home rail stocks reacted. The international list was
steady. A more cheerful tone prevailed Thursday,
after announcement of the Bank rate reduction.
British funds were active and higher and the industrial section also showed improvement. Brewery
shares were especially in demand, as a result, dispatches said, of bear covering. Some small gains
also were apparent in the international list. British
funds reacted slightly in yesterday's dealings, but
industrial stocks were sharply better on the expectation aroused by higher import duties.
Trading was dull and the trend irregular in the
first session of the week on the Paris Bourse. After
a series of upward and downward movements, most
changes were in the direction of improvement. An
announcement that three French dollar bond is-
S
2962
Financial Chronicle
sues would be listed on the Bourse, beginning Tuesday, occasioned some interest. After a weak opening, Tuesday, prices on the Bourse recovered and
at the close most stocks showed modest improvement.
French industrial issues and bank stocks were in
best demand, while international securities were
neglected. An extremely quiet session followed,
Wednesday, with the trend of prices slightly downward. Continuous sluggishness in New York had a
discouraging effect on buyers, who preferred to remain aloof, a dispatch to the New York "Herald
Tribune" said. The Bourse was unsettled, Wednesday, by a sharp decline in Royal Dutch shares, and
stocks moved lower as a whole. Wild rumors of
all descriptions were circulated, reports said, and
aided bear operations. Losses were pronounced in
French bank stocks and in international securities.
After a good start yesterday, prices on the Bourse
reacted, and changes at the close were unimportant.
The Berlin Boerse was uncertain, Monday, owing
largely to a Reichsbank return which showed further
losses in foreign exchange holdings. Low-priced
stocks were somewhat improved on public buying,
but most other issues tended to lose ground. Professional traders took little interest in the proceedings,it was said. Dealings were dull, Tuesday,owing
partly to the impending Prussian elections. Prices
declined in the first hour,and fluctuated in a narrow
range thereafter. After a soft opening, Wednesday,
prices showed a better trend and most of the initial
losses were regained. A substantial foreign demand
for I. G. Farbenindustrie shares was reported, and
the advance in this issue stimulated the market.
Notwithstanding further light trading, Thursday,
prices on the Bourse moved smartly upward in this
session. The good tone was attributed mainly to the
reduction in the Bank rate in London. I. G. FarbenIndustrie shares were especially firm. The tone
yesterday was slightly uncertain, but changes were
small.
-4--
THE course of his budget speech before the Brit!. ish House of Commons, Tuesday,
Chancellor of
the Exchequer Neville Chamberlain made
several
statements of unusual significance on outstan
ding
problems of international finance and diploma
cy.
He disclosed that the budget for the fiscal
year
beginning April 1 1932, contains no provision
for
debt payments due the United States Government
in the period covered, even though the end
of the
Hoover moratorium year is now imminent. The
Chancellor likewise revealed that he was leaving out
of his accounts the equivalent amounts due Great
Britain from German reparations and from French,
/talian and other war debt payments. This procedure, he carefully explained, does not imply any
fresh decision on intergovernmental debts by the
British Government, and merely means that the accounts will be kept in suspense until after the conference of governments at Lausanne, in June. Notwithstanding this warning, the action of the Chancellor occasioned the liveliest interest in all countries and increased the belief now prevalent in many
quarters that a general revision of reparations and
war debts will soon take place.
Almost equally important is a proposal by Chancellor of the Exchequer Chamberlain to undertake
operations on a vast scope for the purpose of stabilizing the exchange value of sterling. International
uncertainties make it impossible for Great Britain
IN
April 23 1932
to return immediately to the gold standard, he said.
Mr. Chamberlain also disclaimed any attempt to predict the time of ultimate stabilization or the rate.
In the meantime, uncontrolled fluctuations of sterling exchange entailed considerable risks to British
trade and finance, he declared, and he proposed, accordingly, to establish an "exchange equalization
account," using the assets still remaining in the old
exchange account as a nucleus for the new one.
Power to borrow up to £150,000,000 for the account
was requested.
With the exception of these items the budget proposals contained few surprises. Revenue for the
current British fiscal year was estimated by the
Chancellor at £766,800,000, and expenditures were
calculated at £766,004,000, leaving an estimated surplus of £796,000. In view of the need for achieving
a balance, Mr. Chamberlain announced, regretfully,
he would be unable to effect any reductions in taxation even though some imposts are admittedly at
the saturation point. The basic income tax rate of
25% was maintained, but the estimate of yield was
lowered by £30,000,000 because of the business depression and its effects. A new source of revenue is
provided in the restoration of the tea tax, the rates
being 4d. a pound on foreign teas and 2d. on teas
from India, Ceylon and other parts of the Empire.
From the general 10% import tax and from other
import duties under consideration a yield of £32,000,000 will be received during the fiscal year, he
estimated. In explanation of the lack of any relief
to the hard-pressed British taxpayer, the Chancellor
remarked that he did not dare gamble on a too
marked trade revival or too sudden return of prosperity. His proposals were received without much
comment on either side of the House of Commons,
dispatches said. Opposition speakers voiced only
perfunctory criticism, while the Government benches
showed no particular enthusiasm. There was general disappointment over the lack of tax reductions,
especially in the income and beer levies, it was said.
In referring to the absence of provisions for intergovernmental debt payments, Mr. Chamberlain
stated that under normal conditions the items should
constitute a self-balancing chapter of British
finances. "The future position is dependent on the
Lausanne conference," he continued. "Alternative
assumptions might have been made, but I think it
best to refrain from conjectures and keep both sides
of the account in suspense. My procedure will
entail a considerable modification of the fixed debt
charge. This does not imply any fresh decision has
been taken on our policy in this very delicate question. On the contrary, I adopted the procedure as
being best calculated not to prejudge any of the
issues involved, and I am sure I shall have your
assent in expressing the view that discussion would
be inopportune at the present time."
A more extended explanation of the proposals
regarding exchange stabilization was made by the
Chancellor. During recent weeks the British exchange position has been one of considerable difficulty, he said, as loss of confidence in other countries has occasioned a heavy flow of short-term funds
to the London market. Although flattering to British vanity,the movement is a serious embarrassment
to British trade, it was remarked. It may also give
rise to dangerous developments, in so far as the
transfers are not representative of genuine and permanent improvement of the balance of trade, as an
Volume 134
Financial Chronicle
ebb might set in presently. In order to avoid violent
and perilous fluctuations of British currency and in
order to enable the country to function effectively
as a main international center of the world, it is
essential that Britain hold adequate reserves of gold
and foreign exchange, Mr. Chamberlain said. Such
reserves could be used for meeting sudden withdrawals of short-dated capital and for repelling
speculative operations, he added.
"I propose to wind up the old exchange account,
using the assets as the nucleus of a new account
called the 'exchange equalization account,'" he continued. "I propose to request power to borrow up
to £150,000,000 for this account. The details of the
assets account will not be published, but they may
take various forms, either gold or sterling securities
or foreign exchange. That will give us a very large
extended power for purchasing exchange. The new
powers, combined with the powers already possessed
by the Bank (of England)—on which the main responsibility for the management must continue to
rest—will enable us to deal more effectively than
hitherto either with the unwanted inflow of capital
or, if the alternative should again arise, with the
outflow of capital from this country." Accounting
arrangements of the Bank of England should be
altered to a degree in order to free the institution of
certain technical restrictions, the Chancellor said.
He indicated also that the question of a possible loss
on exchange operations will arise. A "considerable
loss is a very conceivable possibility," he admitted,
owing to the uncertainties regarding the future of
gold prices and of reparations and war debts settlements. The possibility, however, should not prove
a deterrent, he said, as "the risks entailed by
uncontrolled currency fluctuations outweigh those
of possible losses on the transactions I have
mentioned."
"On the other hand," Mr. Chamberlain cautioned,
U we must be very careful to keep our full coverage
against the note issue. I consider that at all times
and in all circumstances the assets of the issue department,that is to say, the backing of the currency,
should consistently and conservatively be valued so
that gold should continue in each return to be valued
at the old par and the foreign exchange assets ought
to be valued at the current rate of exchange irrespective of their purchase price. In order that
accounts may at all times precisely balance on this
basis, my proposals provide that when the valuation
on this basis shows a deficiency, resources to a
corresponding amount shall be passed from the exchange equalization account to the issue department
of the Bank, and when a surplus is shown a converse
operation shall take place." Such powers will not
necessarily mean an end to the fluctuations of sterling exchange, Mr. Chamberlain said. Economic
disturbances are still occurring in the world, and
"it is perfectly useless to pretend that we can hold
our position where we like independent of anything
which is going on around us." But such powers, the
Chancellor indicated, will enable those charged with
the conduct of British currency to maintain that currency more steadily in the future than in the past.
ONFLICTING views on the reparations and war
debts problems were aired this week, and there
also much conjecture regarding the possible
was
settlement of reparations to be effected at the Lausanne Conference of Governments in June. The
C
2963
discussion of these matters promises to become a
dominating feature of the international scene as
the time approaches for the conferees to gather at
Lausanne. The action of the British Chancellor of
the Exchequer, Neville Chamberlain,in omitting any
receipts from reparations and outlays for war debts
from his budget calculations occasioned a general
review of the position in Washington. Treasury
figures show, Washington dispatches said, that
Britain will owe the United States Government during the current British fiscal year $171,500,000 in
payments of interest and principal. "These payments were counted upon in making this country's
budget estimates for the fiscal year 1933 and in framing new revenue proposals," a special dispatch to
the New York "Times" remarks. "If the payments
are withheld,it will mean that estimates now before
Congress for additional taxes will leave a wide gap
between revenue and expenditures." At the State
Department attention was called, the dispatch said,
to the British Chancellor's statement that new budget proposals might be adopted after the Lausanne
conference in order to give effect to the decisions
reached.
Several pronouncements were made in the Senate
to the effect that the debt payments are counted upon
and that cancellation will not be considered. Especially important, was the statement by Senator
William E. Borah, Chairman of the Foreign Relations Committee, criticizing the suggestion of Alfred
E. Smith,former Governor of New York, for suspension of direct payments for a period of 20 years.
This proposal would be equivalent to cancellation,
said Mr. Borah. The key to the European situation
is the reparations problem, the Senator said, but
cancellation of the debts would not solve reparations. Indicative of the diversity of opinion now
prevalent in this country on the question was an
address by Dr. Nicholas Murray Butler, President
of Columbia University, delivered April 15 in Chicago. Dr. Butler urged the speedy cancellation, or
drastic reduction, of war debts and reparations as
an essential step in bringing back prosperity to
the world.
That the French position on German reparations
is much more conciliatory than formerly was indicated by Premier Andre Tardieu, last Sunday, in
the course of a campaign speech. "At Lausanne,"
he declared, "our negotiators will be facing a difficult situation. It will be a moment for the nations
to display a vigorous effort at mutual understanding. And the only solution that I can now proclaim
inacceptable is one which would place the burden
exclusively upon the taxpayers and producers of
the creditor nations." As illustrations of the French
desire for conciliation on this problem, the Premier
cited the new settlement in the Young Plan, the
French acceptance of the Hoover moratorium year,
and the granting of credits through the Bank for
International Settlements. "But the circumstances
which resulted in the Hoover moratorium will remain when the Lausanne conference meets," he
added. "The attitudes of the different nations, however, will have undergone a certain evolution. The
problem remains economic, financial and political."
Informal conversations on the reparations and
debt problems in Europe, meanwhile, include some
practical proposals which have not heretofore been
considered, a London dispatch of Wednesday to the
New York "Evening Post" indicates. One sugges-
2964
Financial Chronicle
April 23 1932
tion now actively discussed is to the effect that Ger- clay, that word had been received from Secretary
man railway bonds will be offered to the United Stimson denying reports of his participation in repaStates Government in partial settlement of the war rations and debts discussions. It may well be
debts, if the necessary arrangements can be made at assumed, however, that few other subjects were
Lausanne,the report states. "This settlement would ruled out of the conclave, as the disarmament
probbe a final one in the matter of reparations and along lem is affected intimately by almost all others.
the lines of putting no undue strain on German
The movements of the statesmen were closely
economy," the dispatch continues. "It would also followed, and there was a great deal
of conjecture
give Great Britain, France and Italy something to regarding the possible results of
their meetings.
bargain with in approaching the United States. The Secretary Stimson arrived in France
April 15, and
difficulty that the United States would not accept he spent all of last Saturday
conferring with PreGerman bonds in payment is to be overcome by a mier Tardieu and United States
Ambassador Edge.
guarantee affixed by each government to the bonds Mr. Stimson announced on his
arrival that he had
offered the United States in settlement of its own come to Europe simply to get
information on the
debt. In that way America would not be dependent disarmament conference, and,
if possible, to "get
upon the bonds earning any interest in Germany or behind and push." The
Secretary proceeded
the interest being transferrable." The German rail- promptly to Geneva, where
he arrived Sunday. As
way bonds, it is sugL*Psted, would bear interest at the official head of the
United States delegation
varying rates, but the aggregate payments would be to the conference, he
called on Sir Eric Drummond,
"far below the amounts now collectible uncon- Secretary-General of
the League of Nations, and soon
ditionally under the Young Plan."
thereafter engaged in earnest conversation with Sir
With the reparations and war debts problems John Simon, British
Secretary for Foreign Affairs.
again in the forefront of discussion, it was disclosed A further talk
followed, Sunday, with Chancellor
in Washington, Wednesday, that the State Depart- Heinrich
Bruening, and on Tuesday Mr. Stimson
ment has sent requests to 14 foreign debtor Govern- lunched with
the Italian Foreign Minister, Dino
ments for formal acknowledgments of the obligations Grandi.
Prime Minister MacDonald traveled from
aggregating $246,000,000, of which the payment was
London to Geneva by airplane, Wednesday, stopping
postponed during the Hoover moratorium year. at
Paris on the way for a chat with Premier Tardieu.
Documentary forms containing all details of the
The latter, it was understood, would not proceed
agreement reached last summer for repayment of
to Geneva this week, but he changed his mind and
the sums over a 10-year period were dispatched to
went to the League city with Mr. MacDonald.
the 14 countries concerned in the course of the past
The stage was thus set for a momentous series
month, it was said. Such repayments are to begin
of exchanges which began Thursday. The statesmen
July 1 1933, and equal monthly installments of princonferred in groups of twos and threes, for the most
cipal and interest are to be paid thereafter.
The part, but several general conferences at which almost
interest rate on the delayed payments will be 4%,
all were present also were reported. Secretary
in accordance with the Congressional resolutio
n Stimson and Premier Tardieu talked at some length
approving the moratorium. Countries to which
the on the widely diverse French and American prinagreements have been forwarded are Belgium.
ciples of disarmament procedure, but made no
Czechoslovakia, Estonia, Finland, France, Germany
, appreciable progress toward a definite agreement,
Great Britain, Hungary, Italy, Jugoslavia, Latvia,
an Associated Press report stated. Mr. MacDonald
Lithuania, Poland and Rumania. No requests were
and Dr. Bruening were closeted together for a time,
sent to Austria and Greece,it was explained, because
Thursday, and later the same clay a conversation
these countries are parties to loan contracts with followed
in which Mr. Stimson, Mr. MacDonald, M.
the League of Nations and with certain individual Tardieu
and Dr. Bruening all participated. It was
countries which make it impossible for them to sign noted with some interest
that when the Disarmament
agreements without the specific consent of the Conference session for the day
was resumed, none
creditor nations.
of the major statesmen was present, all being occupied with the private exchanges.
ORLD disarmament plans and proposals were
Not a little stir was occasioned in the Disarmafurthered at Geneva, this week, chiefly ment Conference, Tuesday, when
Secretary Stimson
through the medium of private conversations among made his first appearance at the
formal gathering.
the many leading statesmen now gathered for the This was the first instance in
which a high-ranking
sessions of the General Disarmament Conference. official of the United States
Government particiFormal sessions of the conference were over- pated in an important internati
onal parley held
shadowed by the discussions in which the main par- under the auspices of the League of
Nations. "There
ticipants were Henry L. Stimson, American Secre- was a hum of excitement among the
delegates and
tary of State, Prime Minister Ramsay MacDonald spectators who gathered to watch
his arrival," an
of Great Britain, Premier Andre Tardieu of France, Associated Press dispatch noted.
He arrived just
Chancellor Heinrich Bruening of Germany, and after the conference registered its
first unanimous
Foreign Minister Dino Grandi of Italy. It was gen- decision. This was to the effect
that decisive steps
erally surmised, indeed, that the talks ranged over must be taken toward reduction
of armaments to
a far wider variety of subjects than those directly the lowest possible level. A
further resolution was
related to disarmament problems. In dispatches adopted Wednesday, approving the
principle of refrom Geneva it was hinted that such lively topics as duction of armaments to "the
lowest point consistent
reparations and war debts, the proposed Danubian with national safety and the
enforcement by common
Union, and the Sino-Japanese conflict and its rami- action of international obligatio
ns." In Thursday's
fications all came in for their due share of the con- session Ambassador Hugh
S. Gibson announced in
versations. Such statements were perhaps too in- behalf of the American
delegation that the United
clusive, as it was announced in Washington, Thurs- States does not in any
way oppose regional security
W
Volume 134
Financial Chronicle
2965
to discuss or authorize suspension," the dispatch
remarked.
--•-HE world-wide tendency toward higher and pro- IN A communication to the Haitian Government,
mailed April 6 and published at Washington last
hibitive tariffs received a further impetus,
British Treasury order was issued Monday, the United States Government announced
Thursday, when a
raising to 20%, from its former level of 10%, the its readiness to negotiate a new arrangement for
general tariff on imports into Great Britain. The financial control of the Caribbean Republic after
20% figure represents an average of the new duties expiration in 1936 of the 1915 treaty. Any new
promulgated under the order. A tariff of 33%% was arrangement, it was made clear, must be sufficient
placed on a selected list of iron and steel manufac- to protect American bondholders. Washington is
tures for a period of three months, pending further prepared also to consider on its merits, according
study. A few articles in the general list of manu- to the note, any proposal from Haiti for refunding
factures will be assessed only 15%, while a longer its present foreign indebtedness of $14,000,000.
2
list, mainly luxuries, will pay 25 to 3314%. There These declarations were made, a Washington disis some gain, however,in the cancellation of the 50% patch to the New York "Times" indicated, in reply
"anti-dumping" duties announced last November on to a note of Dec. 22 last, from the Haitian Governa long list of luxury and semi-luxury items. The ment, which was interpreted—as a move for virtual
Treasury order follows exactly the recommendations scrapping of the 1915 treaty by establishing at once
of the Tariff Advisory Committee, which are ad- a fiscal agency to "protect" American bondholders,
mittedly of an interim nature. Detailed studies of :* but presumably under less rigid conditions than now
the various industries are to precede fixation of final fSprevail. Various points set forth in the Haitian
duties in most instances. It was admitted in Wash- , note of last December were taken up in the American
ington, a dispatch to the New York "Times" states, greply, and the views of the United States Governthat a considerable amount of American exports to !:ment were detailed at some length. "The United
Great Britain will be affected by the new order. States Government," the note remarked, "does not
The French Government, according to Paris reports, desire to continue the existing regime longer than
is making ever greater use of the quota system for may be found necessary to fulfill adequately the
. .
regulating imports. A decree was issued Wednesday obligations assumed by both governments toward
limiting strictly the imports of hosiery for the third parties, and is prepared to examine in a
period between March 30 and June 30. Similar friendly spirit any proposals for an equitable refundquotas are now in effect on many other products, ing operation which the Haitian Government may be
and some diplomatic exchanges are now in progress in a position to submit to it."
between the Washington and Paris Governments on
ITTLE progress, if any, has been made so far
this subject. United States Ambassador Edge, it is
toward adjustment of the tangled relations of
indicated, is attempting to secure some relaxation
of the stringent regulations, in so far as they apply China, Japan and Russia, notwithstanding the continuous diplomatic activity of Occidental countries,
to American products.
exerted both directly and through the League of
RASTIC reductions in debt service payments Nations. Sino-Japanese armistice negotiations at
by Greece and Bulgaria were announced by Shanghai, conducted with the aid of British, Amerrepresentatives of the two countries at Geneva, ican, French and Italian observers, were disconApril 15. It was made plain in both cases, a dis- tinued entirely on April 11, owing to the inability
patch to the New York "Times" said, that the de- of the Chinese and Japanese to agree on terms for
cisions resulted from the failure of the great Powers the withdrawal of Japanese troops to the Internato authorize, through the League Council, the relief tional Settlement. They were resumed April 20,
measures urged by the Financial Commission of the but no early solution of the difficulty is looked for.
League in its recent report on the difficulties of In the meantime, Japanese troops are slowly being
Southeastern European countries. Premier Veni- sent back to their own country or to Manchuria. A
zelos of Greece notified the League Council in a sufficient force remains to patrol the lines about
public session that his Government would not make 12 miles from the Settlement, and minor skirmishes
provision in the budget for the fiscal year beginning between the Japanese soldiers and Chinese irreguMay 1,for sinking fund payments on either internal lars are reported almost daily. In Manchuria new
or external debt. Interest payments, he added, outbreaks are occurring steadily, as Chinese resistwould be reduced one-fourth on internal debt, while ance to the Japanese conquest of the area is unditransfers of interest on external debt would be sus- minished. The Japanese command at Mukden busily
pended and full payments made into a blocked dispatches troops to halt each new insurrection, but
account in the National bank. These measures, he the Chinese are apparently quite equal to the occasaid, would remain in effect five years unless Greece tion, as they speedily organize new movements some
receives a $50,000,000 loan in four equal annual in- distance away. Chinese irregulars in many installments. A notification was received from the stances are retreating to the Siberian border when
Sofia Government the same day that Bulgaria was pursued by the Japanese, and this introduces a grave
suspending for a six months' period, beginning danger of conflict between Japan and Russia.
Indicative of the current trend in Eastern Asia
April 1, the transfer of 60% of her foreign debt
service. Some surprise was occasioned by this dec- was a bombing of a Japanese troop train on the
laration, as the Financial Commission had recom- Chinese Eastern Railway, April 12, 14 Japanese solmended the suspension of only 50% of the debt serv- diers being killed and many injured. Official spokesice for this period. "The Council confined itself to men of the Tokio Government attributed this incitaking note of the Greek and Bulgarian declarations, dent to "Communist bandits," as the line is condeciding that only the bondholders were competent trolled joinly by Russia and China. Such charges,
agreements, so long as they do not concern this
country.
T
L
D
P66
Financial Chronicle
of course, do little to improve the already strained
relations between Japan and Russia. Old animosities between these countries are,indeed,slowly being
revived under the pressure of the Manchurian conflict of interests. The Tokio Government decided
last week to send warships to protect Japanese fishing vessels in the waters off northeastern Siberia,
and the old fisheries dispute is thus again under
debate. Soviet troops along the Manchurian border
have been augmented, and it is reported from Mukden that some 70,000 men are stationed in the
vicinity of Vladivostock alone. In the leading
Soviet newspapers of Moscow, editorial warnings
are appearing against "certain Japanese circles of
adventurers and militarists."
These developments, taken as a whole, are occasioning more than a little anxiety in Geneva, where
the League of Nations Assembly committee of 19
members resumed its consideration, Tuesday, of the
Shanghai and Manchurian incidents. A draft resolution, urging early Japanese evacuation of the
Shanghai area, has been submitted to the Nanking
and Tokio Governments for approval, it is said, in
the hope that the 14 points it contains will prove
effective in settling this difficulty. Henry L. Stim. son, United States Secretary of State, is conferring
with members of the Committee, reports indicate.
There are, indeed, persistent rumors to the effect
that the Far Eastern troubles are one of the main
reasons for the journey of the American Secretary
to the League headquarters. A complication of no
mean order remains, meanwhile, in the weakness of
the Central Chinese Government at Nanking. Great
bandit, Communist or rebel forces, as they are variously called, are again sweeping the country, and
their depredations are at present especially severe
in the region of Amoy. Capture of this Treaty Port
•by a rebel army is considered likely, and the British
cruiser Devonshire is standing by for the protection
of foreign lives and property.
April 23 1932
of £2,482,000 in circulation, reserves rose £2,463,000.
Gold holdings now aggregate £121,429,516, as compared With £146,739,714 a year ago. Public deposits
fell off £3,110,000 and other deposits £3,845,493.
The latter consists of bankers' accounts which decreased £5,607,138 and other accounts which increased £1,761,645. The reserve ratio rose from
32.13% a week ago to 36.16% now. A year ago
the ratio was 56.02%. Loans on Government securities rose £2,220,000 while those on other securities
fell off £11,620,961. Of the latter amount £69,608
was discounts and advances and £11,551,353 was
securities. Below we furnish a comparison of the
different items for five years:
BANK OF ENGLAND'S COMPARATIVE
STATEMENT.
1932.
1931.
1930.
1929.
1928.
Apr. 20.
Apr. 22.
Apr. 23.
Apr, 24.
Apr. 25.
Circulation
a354,270,000
Public deposits
9,149,000
Other deposits
107,424,864
Bankers' accounts 72,839,657
Other accounts.-- 34,585,207
Government secur__ 57,605,906
Other securities__ 34,480,345
Disct. & advances 11,197,845
Securities
23,282,500
Reserve notes & coin 42,158,000
Coin and bullion-121,429,516
Proportion of reserve
to liabilities
38.16%
Bank rate
3%
--
348,444,248 382,184,405
13,864,073 17.313,585
90,187,815 101,789,944
54,784,701 66,010,758
35,403,114 35,779,186
30,949,684 58,052,829
32,481,730 17,078,468
5,981,876 6,804,492
26,499,854 10,273,978
58,295,468 61,658,812
146.739,714 163,843,217
58.02%
3%
51.78%
335%
357,277,568 134,743,280
18,317,977 17,958,387
94,088,208 94,839,370
58,432,912
35,655,296
44,256,855 29,065,081
26,562,734 55,931,890
10,949,807
15,612,927
59,263,775 45,473,493
158,541,341 160,488,753
52.72%
635%
40 5-16%
436%
a On Nov. 29 1928 the fiduciary currency was
amalgamated with Dank of England
note issues, adding at that time £234,199,00
0 to the amount of Bank of England
notes outstanding.
HE Bank of France statement for the week ended
April 15, shows an increase of 156,035,924
francs. The total of the item is now 77,065,206,078
francs, which compares with 56,098,292 francs last
year and 42,333,653,358 francs the year before.
French commercial bills discounted records a decrease
of 312,000,000 francs, while advances against securities and creditor current accounts rose 1,000,000
francs and 701,000,000 francs respectively. Notes in
circulation show a loss of 696,000,000 francs, the total
of which is now down to 81,827,128,425 francs.
Total circulation a year ago was 77,791,067,875 francs
and the year before it was 70,899,825,020 francs. An
HE Bank of England on Thursday (April
21) increase is shown in credit balances abroad of 178,reduced its discount rate from 33/2% to
3%, 000,000 francs and a decrease in bills bought abroad
and the Bank of Ireland on the same day
reduced of 26,000,000 francs. The proportion of gold on
its rate from 432% to 4%. On Saturday
(April 16) hand to sight liabilities is this week 70.30%, as comthe National Bank of Hungary reduced its rate
from pared with 55.74% last year and 50.25% the previous
7% to 6% and on Monday the Bank of Netherl
ands year. Below we furnish a comparison of the various
cut its rate from 3% to 23/2%. On Tuesday the Bank items for three years:
of Finland rate was lowered to 63/2% from 7%.
DANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
Rates are 11% in Greece; 732% in Lithuania; 7%
for Week.
Apr. 15 1932. Apr. 17 1931. Apr. 18 1930.
Francs.
Francs.
in Austria, Rumania, and Portugal; 63/2% in Spain
Francs.
Francs.
Gold holdings—Inc. 158,035,924 77.065.206.078
and in Finland; 6% in Italy, Hungary, Danzig, Credit bats. abed_Inc. 178,000,000 4,408,874.470 56,098,292,292 42,333,853.368
8,905,026,330 8,937,539.278
commercial
India and in Colombia; 5.84% in Japan; 532% in French discountedaDec. 312,000.000 3,693,756,224
bills
5,532,928,324 4,784,579,296
Germany, Estonia and in Chile; 5% in Czecho- Bills bought abrdbDee. 26,000,000 8,143,441,433 19,399,359,134 18,755,217,046
Adv.eget. secure--Inc.
1,000.000 2,808,412,026 2,855,323,728 2,622,959,012
slovakia, Denmark, Sweden and in Norway; 4% in Note circulation--Dec.896,000,000 81,827.128,425 77.791,067,875 70,899,825,020
Cred. curr.
Ireland; 332% in Belgium; 3% in England; 23/2% Proportion accts.-Inc. 701,000,000 27,803,534,905 22,845,110,887 13.349,988,859
of gold
on hand to slight
in France and in Holland and 2% in Switzerland.
liabilities
Inc.
0.14%
70.30%
55.74%
50.25%
In the London open market discounts for short bills
a Includes bills purchased in France. b Includes bills
discounted abroad. ,
on Friday were 1%®2% as against 2'%©2 3-16
on Friday of last week, and 2®2 1-16% for three
HE Bank of Germany in its statement for the
months' bills as against 23-16@23% on Friday of
second week of April records a decrease in gold
last week. Money on call in London on Friday was and bullion of 18,956,000 marks.
The total of bullion
11 %. At Paris the open market rate continues at now stands at 859,786,000
A
marks, in comparison
18%, and in Switzerland at 13/27o.
with 2,344,833,000 marks a 'year ago and with
2,550,125,000 marks two years ago. Decreases are
HE discount rate at the Bank of England was low- shown in reserve in foreign currenc
y of 13,702,000
ered on Thursday last to 3%. The previous marks, in bills of exchange and
checks of 150,465,000
rate of 33/2% was in force since March 17 1932. The marks and in advances of 1,280,0
00 marks. Notes
Bank lost £19,129 of gold during the week ended in circulation show a reductio
n of 85,321,000 marks,
April 20 but as this was attended by a contraction reducing the total of the item to 4,000,3
54,000 marks.
T
T
T
T
Volume 134
2967
Financial Chronicle
Circulation last year was 3,872,643,000 marks and good demand this week, and dealers quickly disposed
the year previous 4,308,719,000 marks. No change of all paper obtainable. Rates are unchanged.
appears in deposits abroad. Silver and other coin, Quotations for choice names of four to six months'
notes on other German banks, investments, other maturity are 3h@332%. Names less well known
assets, other daily maturing obligations and other are 3%@4%. On some very high class 90-day paper
liabilities show increases of 45,214,000 marks, 1,389,- occasional transactions at 3% were noted.
000 marks, 44,000 marks, 73,679,000 marks, 14,185,RIME bankers' acceptances continued in good
000 marks and 7,059,000 marks respectively. The
demand this week, but paper has been scarce,
proportion of gold and foreign currency to note
with and business is still restricted on that account.
circulation is this week 24.7%, in comparison
i of 1% on all
63.5% last year and 67.5% two years ago. Below Rates were reduced on Thursday Y
of the various items for three maturities in both the bid and asked columns. The
we show a comparison
quotations of the American Acceptance Council for
years:
bills up to and including three months are 1% bid,
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
%
3
A
7 % asked;for four months,1/ bid and 1% asked;
Apr. 15 1932. Apr. 15 1931. Apr. 15 1930.
for Week.
4% asked.
Reichsmark:. Retchsmarks. Reichsmark:.
and six months, 1%% bid and 13
Retchsmarks.
for five
Assets—
Dec. 18,956,000 859,786,000 2,344,833,000 2,550,125,000
Gold and bullion
The bill buying rate of the New York Reserve Bank
80,465,000 207,638,000 149,788,000
Of which depos. abr'd_ Unchanged
Reeve in torn curr_ _ _Dec. 13,702,000 128,006,000 114,192,000 357,433.000
is 23/2% on maturities from 1 to 120 days, and 3% on
Bills of exch.& checks.Dee. 150,465,000 3,025.909,000 1.550.857,000 1,765,727.000
maturities from 121 to 180 days. The Federal Reand other coin_ Inc. 45.214,000 221,178,000 187,504,000 142,647,000
Silver
18,261,000
19,409.000
8,854,000
Notes on oth.Ger.bks_Inc. 1,389.000
serve banks show further decrease in their holdings of
67,381,000
99,133,000 148,452.000
Dec. 1,280.000
Advances
93,090.000
44,000 361,473,000 102,636,000
Inc.
Investments
acceptances, the total having fallen from $51,809,000
937.168,000 473.042,000 606.612.000
Inc. 73,679.000
Other assets
to $48,547,000. Their holdings of acceptances for
Liabilities—
Notes in circulation—Dec. 85,321,000 4,000,354.000 3,872.643,000 4,308.719.000
foreign correspondents also further decreased, falling
Oth.dally matur.obllg.Ino. 14,185,000 384,448,000 312,904,000 638.330,000
from $325,684,000 to $308,843,000. Open market
Inc. 7,059,000 681,369,000 261,451,000 160,300,000
Other liabilities
Propor. of gold & for'n
rates for acceptances are as follows:
67.5%
63.5%
24.7%
0.3%
curr.to note eircurn.Dec.
P
ONEY rates in the New York market were soft
throughout the past week, under the powerful
influence of Federal Reserve open market operations.
The bank of issue has been thrusting credit into the
market in the most determined fashion for almost
exactly two months, and funds are piling up to a
corresponding degree. In addition again ease is
world wide, and the Bank of England reduced its
discount rate, Thursday, from 33/ to 3%. In the
New York market, bankers' acceptance yield rates
were lowered Y Thursday, and some lowering of
i%
commercial paper rates also was reported. Clearing
House banks here effected a change, Tuesday, effective Friday in calculating balances subject to interest,
the action, in effect, reducing by % of 1% the interest paid on demand deposits. An issue of $75,000,000 of Treasury discount bills, due in 91 days,
was sold at competitive bidding Monday, at an
average rate of 0.62%, whereas a similar issue just
one week earlier cost the Treasury 1.05%.
In the Stock Exchange money market the trend
was less pronounced, but nevertheless apparent.
Call loans were quoted officially at, 23/2% for all
transactions, whether renewals or new loans. In
the unofficial street market, however, transactions
were reported every day this week at 13/2%, or a concession of a full 1%. Time loans softened early in
the week and held steady thereafter. The aggregate
of brokers' loans against stock and bond collateral
showed an advance of $19,000,000 for the week to
Wednesday night, according to the tabulation of the
Federal Reserve Bank of New York. Gold movements for the same period consisted of exports of
$9,203,000, imports of $1,279,000,•and a net decrease
of $1,488,000 in the stock of the metal held earmarked
for foreign account.
M
EALING in detail with call loan rates of the
Stock Exchange from day to day, 2% was
the rate ruling all through the week, both for new
loans and renewals. The time money market continues at a standstill as other offerings are more
attractive. Rates are somewhat lower at 2@23%
for all dates. Prime commercial paper has been in
D
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days—
Bid. Asked.
Bid. Asked.
Bid. Alga&
154
154
1%
1
15i
15i
Prime eligible bills
—90 Days— —60Days— —30Daps—
Bid. Asked.
Bid. Asked.
Bid. Asked.
1
1
1
ii
ii
%
Prime eligible bills
FOR DELIVERY WITHIN THIRTY DAYS.
154% bid
Eligible member banks
1%% bid
Eligible non-member banks
HERE have been no changes this week in the
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve banks:
T
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLAIMS
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Effect on
AprG 22.
Date
Established.
Previa=
Rate.
354
3
354
334
854
354
354
334
33.i
314
354
354
Oct. 17 1931
Feb. 26 1932
Oct. 22 1931
Oct. 24 1931
Jan. 25 1932
Nov. 14 1931
Oct. 17 1931
Oct. 22 1931
Sept. 12 1930
Oct. 23 1931
Jan. 28 1932
Oct. 21 1931
254
354
8
a
4
3
234
234
4
s
4
234
TERLING exchange is quiet and sold this week
on average fractionally lower than last week.
The outstanding event relating to exchange was the
reduction in the Bank of England rate on Thursday
to 3% from 33'%. The range this week has been
/
from 3.743 3 to 3.79 8 for bankers' sight bills, comA
pared with3.757 to 3.80 7-16 last week. The
range for cable transfers has been from 3.743/ to
3.793', compared with 3.76 to 3.803 a week ago.
The market had been expecting the cut in the Bank of
England rate for the past few weeks. This makes
the fourth decrease in the rate since Feb. 18. The
market's expectation of a reduced discount rate was
based entirely on the abundance of the London open
market money supply. It is doubtful that a further
reduction may be made, although following the
announcement of the Bank on Thursday open market rates moved still lower, leaving the Bank's
official rate still almost as far out of line as at any
time since January. On Thursday call money
4
against bills in London was easy at 13%-13 %,
compared with 13'%-2% previously ruling for
S
2968
Financial Chronicle
several weeks. Two months bills are now quoted
1%%-2%,compared with 2 1-16%-23/% on Wednesday, prior to the Bank rate announcement. Three
months bills are quoted 2 1-16%-21 %, against
%
23/%-2 3-16%; four months bills 23/8%, against
23%, and six months bills 23%-2%%, against
2%%. Although there are special circumstances
surrounding the London market which make money
abundant and cheap, there is a sense in which the
recent reductions in the Bank of England rate form
part of a larger movement indicating easier money
conditions and lack of demand for credit in many
European centres. This was shown recently by
reductions in the Scandinavian official rediscount
rates and in that of Germany.
Simultaneously with the announcement this week
of the decrease in the Bank of England rate, the Bank
of Ireland reduced its rediscount rate to 4% from
tiM%. On Saturday last the Hungarian bank rate
was reduced from 7% to 6%. On Tuesday of this
week the Bank of Finland reduced its rate from 7%
to 63/2% and the Bank of The Netherlands reduced
its discount rate M% to 21
/%. The market in New
York confidently expected that the New York Federal
Reserve Bank would reduce its rediscount rate from
the present low rate of 3% which has been in effect
since Feb. 26 owing to the abundance of money
and lack of demand for credit here. Bankers and
foreign exchange dealers were the more convinced
that such a reduction would be made by reason of
the several decreases in acceptance rates made in
this centre in recent weeks and of the further reductions of N.% on all maturities announced on Thursday, so that the new acceptance rates now quoted in
the New York market equal the new record lows
which prevailed from May 19 to Sept. 22 1931. Oneto-three months bills in New York are now quoted 1%
A
bid, 7 % asked; 120-day bills are 13'% bid, 1%
asked; 180-day bills are 1%% bid, and 13.70 asked.
The asking rate on acceptances represents the yield
to the holder. It would seem that these are the
lowest bill rates quoted in any market.
Although the sterling market has been quiet this
week, this condition has been due to a certain hesitancy rather than to underlying lack of demand for
sterling. It is substantially true now, as it has been
at all times since the first of the year, that sterling is
in demand in nearly all centres, with most traders
bullish. The present dullness and uncertainty is
induced by doubt as to the position of the money
market rather than by lack of confidence in the
strength of the pound. As it is, European markets
report that the London banking authorities intervened in the Continental markets on several occasions and sold sterling to prevent a rise. The comparative ease in the pound is also ascribed abroad
to the liquidation of speculative position of discouraged bulls, who were tired of waiting for a further
rise which failed to eventuate. The fact that a
considerable number of bull accounts have been
closed out at a loss during the past ten days has
naturally discouraged fresh speculation. Undoubtedly this fact accounts in large measure for the comparative inactivity of the sterling market this week.
Bankers say that it has not been easy to trace official
operations conducted with a view to controlling the
market or to preventing a further rise. It is believed,
however, that the London authorities are nevertheless constantly at work to prevent a too rapid appreciation of the pound. In London it is thought that
April 23 1932
the official intervention is now being conducted not
only with greater skill but with greater secrecy.
The creation of the greatest reserves of gold and
foreign exchange in the history of the Bank of England
is seen by some bankers as the result of the proposal
made on Tuesday by Neville Chamberlain, Chancellor of the British Exchequer, to seek authorization
from the House of Commons to borrow up to £150,000,000 "to avoid violent and perilous fluctuations of
the pound sterling." It is essential, Mr. Chamberlain
stated, "to be building up reserves of gold and foreign
exchange." This, it is taken, marks an official
ending of the traditional British policy of operating
on a small gold reserve as compared with the total
amount of international financing which London carries. In the past this policy has functioned satisfactorily, but the experience of last summer proved
that in the presence of abnormal conditions London
became subject to sudden withdrawals of foreign
capital sent there for investment. This week gold
seems to have sold in the London open market at
109s. 9d. to 110s. per ounce. The Bank of England
statement for the week ended April 20 shows a
decrease in gold holdings of £19,129, the total standing at £121,429,516, which compares with £146,739,714 a year ago. The current statement of the
Bank shows an increase of 3.97% in the proportioq
of reserves to liabilities, as compared with the week
ended April 14. The ratio now stands at 36.16%.
At the Port of New York the gold movement for
the week ended April 20, as reported by the Federal
Reserve Bank of New York, consisted of imports of
$1,279,000, of which $998,000 came from Canada,
$144,000 from Mexico, $125,000 from England, and
$12,000 chiefly from Latin American countries. Gold
exports totalled $9,203,000, of which $5,777,000 was
shipped to France, $2,802,000 to Holland, $400,000
to Germany, and $224,000 to England. The Reserve Bank reported a decrease of $1,488,000 in gold
earmarked for foreign account. In tabular form the
gold movement at the Port of New York for the week
ended April 20, was as follows:
GOLD MOVEMENT AT NEW YORK, APRIL 14
-APRIL 20, INCL.
Imports.
Exports.
$998,000 from Canada
$5,777,000 to France
144,000 from Mexico
2,802,000 to Holland
125,000 from England
400,000 to Germany
12,000 chiefly from Latin
224,000 to England
American countries
$1,279,000 total
$9,203,000 total
Net Change in Gold Earmarked for Foreign Account.
Decrease $1,488,000.
The above figures are for the week ended Wednesday evening. On Thursday $998,800 in gold was
received from Canada and $2,411,200 shipped to
Holland. There was a decrease on that day of
$400,600 in gold earmarked for foreign account.
Yesterday gold imports were 99,300 all of which
came from Mexico. Gold exports were $14,363,900
of which $13,544,900 was sent to Holland, $619,000
to Belgium and $200,000 to England. Earmarked
gold on that day showed a decrease of $13,344,000.
During the week approximately $1,461,000 of gold
was received at San Francisco, $1,347,000 coming
from Japan and $114,000 from China.
Canadian exchange is steady but on average fractionally less favorable to Montreal than last week.
On Saturday last Montreal funds were quoted at
101
4% discount, on Monday at 10 1-16%, on Tuesday at 93/%, on Wednesday at 10%, on Thursday
at 103'%, and on Friday at 10%%.
Volume 134
Financial Chronicle
Referring to day-to-day rates, sterling exchange
on Saturday last was steady in a dull market.
Bankers' sight was 3.76%@3.77%; cable transfers
3.763/s@3.77%. On Monday sterling was firmer.
4
The range was 3.783g@3.791 for bankers' sight and
3.783@3.79% for cable transfers. On Tuesday
exchange was easier in a dull market. Bankers'
sight was 3.75 8@3.79%; cable transfers 3.76@
3.7934. On Wednesday the market continued dull
with an easier tone. Bankers' sight was 3.763/@
8
3.773'; cable transfers 3.763@3.77%. On Thursday the market was steady. The range was 3.7532@
3.76% for bankers' sight and 3.75/@3.77 for cable
transfers. On Friday sterling was much easier; the
range was 3.74%@3.74% for bankers' sight and
3.7432@3.75 for cable transfers. Closing quotations
on Friday were 3.743/b for demand and 3.745 for
A
cable transfers. Commercial sight bills finished at
3.74; 60-day bills at 3.72; 90-day bills at 3.713;
documents for payment (60 days) at 3.72, and sevenday grain bills at 3.723 . Cotton and grain for pay4
ment closed at 3.74.
XCHANGE on the Continental countries presents no new features of importance. French
francs are firm, although ruling on average slightly
lower than last week. In Thursday's trading the
franc dipped below the level at which it is possible
to ship gold from New York to Paris on an exchange
basis. Cable transfers on Paris were quoted for
the greater part of the day at around 3.9498, off 3
A
from Wednesday, and on Friday sold still lower.
The nominal gold export point from New York is
said to be about 3.9442, but in practice the rate
must be about 30 or 40 points above this level to
permit shipments. French foreign trade returns for
March give fresh evidence of the weakening of the
French position with respect to the balance of international payments. The import surplus has been
steadily mounting, and for the first quarter of the
current year the value of imports exceeded that of
exports by 1,996,000,000 francs. From the present
state of business it appears that this summer France
will not receive even as much support as formerly
from the invisible items, particularly that of the
tourist trade. In consequence the growing import
surplus will have an increasingly adverse effect on
the position of the franc in the coming months. When
the time comes that the exchange is not artificially
bolstered through movements of capital to France
for safekeeping, it would not be strange to see franc
exchange forced down very much lower. The Bank
of France statement for the week ended April 15
shows an increase in gold holdings of 156,035,924
francs, the total standing at a record high level of
77,065,206,078 francs, which compares with 56,098,292,292 francs a year ago and with 28,935,000,000
francs in June 1928, following stabilization of the
unit. The Bank's ratio of reserves is also at record
high, standing at 70.30%, compared with 70.16%
on April 8, with 55.74% a year ago and with legal
requirement of 35%.
German marks are steady despite the loss of
18,900,000 marks in the Reichsbank's gold reserves
during the week ended April 15 and of 13,700,000
marks in the Bank's reserves of foreign currency.
Advices from Berlin state that the decline in the
note cover was due to remittances for debt purposes.
The sharp increase in the export trade surplus for
March will have an important bearing on gold re-
E
2969
serves of the Reichsbank in coming weeks and will
do much to alleviate the strain on the Bank. There
is renewed talk of the possibility of a further reduction in the Reichbank's rediscount rate, which
was decreased to 532% on April 8. However, such
discussion is considered premature in conservative
banking quarters, where it is pointed out that a very
low Reichsbank rate would encourage voluntary repayment to foreign markets. As noted above in
the review of sterling exchange, the Bank of Hungary
reduced its rediscount rate on Saturday last from
7% to 6%, and on Tuesday the Bank of Finland
decreased its rate from 7% to 63/2%•
The London check rate on Paris closed at 95.20
on Friday of this week, against 95.45 on Friday of
last week. In New York sight bills on the French
centre finished on Friday at 3.93%, against 3.94%
on Friday of last week; cable transfers at 3.93,
4
4
against 3.943 , and commercial sight bills at 3.933 ,
.
against 3.9432 Antwerp belgas finished at 13.9934
for bankers' sight bills and at 14.00 for cable transfers, against 14.01 and 14.02. Final quotations
for Berlin marks were 23.75 for bankers' sight bills
and 23.76 for cable transfers, in comparison with
23.75 and 23.77. Italian lire closed at 5.14 for
bankers' sight bills and at 5.143/2 for cable transfers,
2
against 5.14 and 5.143/. Austrian schillings closed
at 1434, against 1434. Exchange on Czechoslovakia
at 2.9634, against 2.9634; on Bucharest at 0.60/,
against 0.6034; on Poland at 11.2234, against 11.2234,
and on Finland at 1.7634, against 1.7434. Greek exchange closed at 1.28% for bankers'sight bills and at
4
1.28 8 for cable transfers, against 1.283 and 1.28%.
on the countries neutral during
of
as a
EXCHANGE of interest this week in theresultthe
J---4 the war is
official
reduction
the following factors: The
rediscount rate of the Bank of The Netherlands on
Monday to 234% from 3%; a firmer tone in peseta
exchange not apparent for the past several months;
a'conspicuous firmness in exchange on Denmark not
shared by the other Scandinavians. As pointed out
here last week and on several occasions previously,
there is a large surplus of money in Holland owing
chiefly to the presence of foreign accounts for safekeeping. Gold holdings in The Netherlands bank
in the past year have increased almost 100%, with
the statement as of March 31 last showing fl. 876,153,000. In contrast foreign bill holdings have
shown a sharp contraction. As of this year they
total fl. 84,349,000, against fl. 220,697,000 a year
ago. Notes in circulation, fl. 967,039,000, increased
only fl. 162,009,000, whereas deposits of fl. 192,650,000 were up fl. 152,329,000. Spanish pesetas
are displaying new strength, with cable rates closing
this week at 7.82, compared with 7.5934 two weeks
ago. This is the highest point reached by the peseta
since the latter part of February. Bankers attribute
the strength to a new feeling of confidence in the
Republican Government, as evidenced by the heavy
oversubscription of the 500,000,000 peseta internal
loan recently floated. It was reported that foreign
interests had displayed a willingness to advance the
funds to the Government, but the authorities decided
against external borrowing in order to avoid any
additional strain on the exchange. The apparent
strength in Danish kroner in face of the weakness
displayed by other Scandinavains is due chiefly to
the recent imposition of severe restrictions on exchange dealings and the regulation of imports.
2970
Financial Chronicle
Bankers' sight on Amsterdam finished on Friday
at 40.46 against 40.53 on Friday of last week; cable
transfers at 40.47, against 40.54, and commercial
sight bills at 40.35 against 40.40. Swiss francs
closed at 19.403/ for checks and at 19.41 for cable
transfers, against 19.463/b and 19.47. Copenhagen
checks finished at 20.49 and cable transfers at 20.50,
against 20.59 and 20.60. Checks on Sweden closed
at 18.37 and cable transfers at 18.38, against 18.79
and 18.80, while checks on Norway finished at 18.51
and cable transfers at 18.52, against 19.17 and 19.18.
Spanish pesetas closed at 7.813/ for bankers' sight
bills and at 7.82 for cable transfers, against 7.653/
and 7.66.
XCHANGE
Eno somovementonofthe aSouth Americanincountries is
dull as to be at practical standstill. There
Argentine
importance even
is
exchange. It would seem that all the South American countries are prospering much more than might
be expected in their internal business, although their
foreign trade is so drastically curtailed through the
various restrictions on foreign exchange operations.
In all cases quotations are purely nominal and cannot be said to represent market values. What few
transactions are made are for the most part conducted by private negotiations, or, as they have
come to be called, "bootleg" transactions, and in
every such case such transactions are conducted on a
basis far below the nominal quotations sanctioned
by the governmental control body.
Argentine paper pesos closed on Friday at 253i
for bankers' sight bills, against 253 on Friday of
last week; cable transfers at 25.70, against 25.70.
Brazilian milreis are nominally quoted at 6.45 for
bankers' sight bills and 6.50 for cable transfers,
against 6.45 and 6.50. Chilean exchange is nominally quoted at 123g, against 123'. Peru is nominally quoted at 28.00, against 28.00.
the Far Eastern
EXCHANGE oninclined aspect as incountries Presents much the same
recent weeks.
to ease. As pointed out
Japanese yen are
here last week, the Japanese Finance Minister
clearly indicated that the Government has no intention of instituting exchange control and is rather
indifferent as to whether the yen goes lower, in accordance with the market's expectations. The
present Government is practically committed to a
period of inflation. The Chinese units are ruling
fractionally lower as the result of lower prices of
silver. The Chinese have been buying silver rather
heavily in both New York and in London for the
last month, when 1,403,000 ounces were shipped
from New York and 416,000 ounces from San Francisco. In silver circles it is believed that much of
this metal has been purchased with gold which was
received at San Francisco from China in recent
months. Thus far this year $4,227,000 gold has
been received on the West coast, of which $1,937,000
has come this month.
There was a drop in silver prices on Monday and
the undertone has been weaker. This fall was
attributed to short covering by Shanghai speculators
in sterling. The silver market itself is said to be
in a healthy condition, and only forced liquidation
of weakened speculative marginal accounts has kept
the silver quotations from reflecting the Chinese
demand. In normal years Chinese purchases of
silver are paid for out of gold exchange arising from
April 23 1932
a favorable balance of international• payments.
With commodity prices at their present low level,
with the diminshed purchasing power of the so-called
gold nations, and with the tariff walls erected against
many of China's principal export items, Chinese
export trade has been curtailed. Her imports have
not declined in the same proportion, with the result
that the amount of gold exchange available for the
purchase of silver is smaller than usual. Consequently it is maintained that China is purchasing
gold exchange with gold in order to buy silver.
Closing quotations for yen checks yesterday were
3291, against 33U on Friday of last week. Hong
Kong closed at 243/@24 3-16, against 23%(4)
s
24 1-16; Shanghai at 31%@31 11-16, against 31 11-16
®31%; Manila at 4998, against 499/8; Singapore at
43 8, against 44%; Bombay at 28.20, against
28 9-16, and Calcutta at 28.20, against 28 9-16.
of Section 522
PURSUANT to the requirementsFederal Reserve
of the Tariff Act of 1922, the
certifying daily to
Bank is now
the Secretary of the
Treasury the buying rate for cable transfers in the
different countries of the world. We give below a
record for the week just passed:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
APRIL 16 1932 TO APRIL 22 1932, INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Rate for Cable Transfers in New York
Value in United States Money.
Apr. 16. Apr. 18. Apr. 19. Apr. 20. Apr. 21. Apr.22,
EUROPE3
Austria,schtlllng
.139550
Belgium, belga
.140080
Bulgaria, lev
.007200
Czechoslovakia. bone .029627
Denmark, krone
.206108
England, pound
sterling
3.772416
Finland, markka
.017533
France, Rano
039462
Germany, relchsmark .237514
Greece, drachma
.012883
Holland, guilder
.405203
Hungary, pengo
.174250
Italy, Ilra
.051422
Norway, krone
.190741
Poland, zloty
.111833
Portugal,escudo
.034000
Rumania. leu
.005964
Spain, peseta
.077021
Sweden,krona
186666
Switzerland, franc.... .194546
Yugoslavia, dinar
.017735
ASIAChtnaChefoo tael
.322500
Hankow tee]
.318750
Shanghai tael
.312500
Tlentaln tael
.326250
Hong Kong dollar._ .237500
Mexican dollar
.224062
Tientsin or Pelyang
dollar
.228750
Yuan dollar
.223750
Indla, rupee
.282750
Japan, yen
.330760
Singapore (B.S.) dollar .430000
NORTH AMER.Canada, dollar
.898385
Cuba, peso
999908
Mexico. Peso (silver)_ .335733
Newfoundland, dollar .895875
SOUTH AMER.Argentina, peso (gold) .582283
Brazil, mikes
.065966
Chile, peso
.120500
.473333
Uruguay, peso
.952400
Colombia, peso
$
.139550
.140134
.007200
.029634
.206815
$
$
.139650 .139550
.140134 .140107
.007200 .007200
.029628 .029629
.206453 .206184
5
.139550
.139996
.007200
.029625
.206215
5
.139550
.139973
.007200
.029627
.204946
3.785166
.017550
.039455
.237450
.012888
.405189
.174500
.051434
.188746
.111833
.034175
.005964
.078053
.186200
.194366
.017735
3.786166
.017400
.039469
.237450
.012883
.405239
.174250
.051425
.183084
.111750
.034125
.005966
.078332
.182561
.194446
.017667
3.767250
.017468
.039447
.237492
.012883
.405200
.174250
.051428
.182876
.111833
.034125
.005962
.078164
.183976
.194378
.017695
3.761000
.017416
.039422
.237460
.012883
.404942
.174250
.051400
.185123
.111833
.033925
.005962
.078107
.186038
.194275
.017725
3.745583
.017416
.039387
.237464
.012887
.404632
.174500
.051408
.184592
.111875
.034000
.005958
.078100
.183923
.194021
.017735
.322500
.319375
.310312
.326875
.235625
.220000
.321875
.317708
.309843
.325625
.235625
.220625
.321666 .321041
.317600 .317291
.309687 .309843
.325416 .325208
.236250 .235625
.220937 .220937
.323958
.319791
.312031
.327708
.236875
.222187
.225625
.220625
.283250
.331375
.426875
.223333
.220000
.283000
.331000
.428125
.324166
.220833
.282000
.330000
.428750
.223750
.220416
.281250
.329260
.427500
.225833
.222500
.279300
.325200
.427500
.898854 .900260
.999781 .999593
.335733 .335533
.896250 .897750
.890739
.999531
.335666
.896875
.582473
.066266
.120500
.473333
.952400
.582497
.066300
.120500
.473333
.952400
.890114 .896979
.999312 .999312
.335866 .335000
.896875 .894375
aw9 1
.583046 .582473
.066633 .066650
.120500 .120600
.474166 .473500
.952900 .952400
.582473
.066283
.120500
.473600
.952400
table indicates the
THE followingprincipal European amount of bullion in the
banks:
April 21 1932.
April 23 1931.
Banks of
Gold.
SUrer.Total.
Gold.
Silver.
Total
England__ 121,429,516
121,429,516 146,739,714
146,739.714
616,521,648 448,786,338
France a-- 616,521,648
(d)
448,786,338
c994,6 II 39,960.650 106 859 75
Germany b 38,966,05
994.600 107,854,350
89,997,000 21.949,000 111,046.000 96,846,000 28,513,000 125,359,000
Spain
60,858,000 57,434,000
60,858,00
Italy
57,434,000
Netherl ii, 74,324,01: 2,035,00 76,359,000 37,164,000 2,842,000 40,006,000
'
72,001,000 41,148,000
Nat. Belg_ 72,001,000
41,148,000
66,030,000 25,711.000
Switzerl
' 66,030,000
25,711,000
11,440,000 13,329,000
13.329,000
Sweden_
11,440,00
8,032,000 9,546,000
9,546,000
Denmark_ 8,032,0
8,133,000
6,561,000 8,133,000
Norway
6,561.00
Total wee 1166160214 24,978,6 1191138 814 991,696,802 32,340,600 1024046402
Prey, week 1161951 964 24,875,6001186827 564 991,131,521 32,515.6001023647121
a These are the gold holdings of the Bank of France as reported In the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year Is £4,023,260. c As of Oct. 7 1924.
d Sliver Is now reported at only ft trifling num.
Volume 134
Financial Chronicle
The British Budget and the War Debts.
The omission from the budget for 1932-33 which
Neville Chamberlain, Chancellor of the Exchequer,
presented in the British House of Commons on
Tuesday of reparations receipts and war debt payments for the ensuing fiscal year, coming as it did
close on the heels of the war debts proposal put forward by former Governor Alfred E. Smith of New
York at the Jefferson Day dinner at Washington on
April 13, has had the effect of bringing the old—and,
we make bold to say, the wearisome—question of
reparations and debts once more to the front as an
issue of international finance and politics. The reason for the budget omission, as Mr. Chamberlain
explained, was the expectation that at the Lausanne
Conference, which is scheduled to meet in June,
some new policy would be agreed upon regarding
both reparations and debts, in order to meet the
situation created by the announcement of Chancellor
Bruening that Germany was unable to make any
further reparations payments. Mr. Chamberlain was
careful to state that the omission did not imply any
change of policy as yet on the part of the British
Government; the procedure was adopted, he said,
"as being best calculated not to prejudge any of the
issues involved." The Government's general policy,
he added, was still that which had been stated to the
Commons on Feb. 2, namely, that the Government
favored a general cancellation of both reparations
and debts, but that since Germany, which would be
unable to resume payments after the expiration of the
Hoover moratorium on June 30, could not make a
unilateral repudiation of its obligations, the creditor
Powers would have to reach some new agreement at
Lausanne. A supplementary budget was promised
when the Lausanne Conference had reached a conclusion.
Mr. Chamberlain's statement lends no countenance to the inference, which a good many people
in this country have apparently been quick to draw,
that Great Britain, by deferring until after the
Lausanne meeting a budgetary provision for its
debt payments, is preparing to default on its payments or repudiate them as a whole or in large part.
It is not the habit of the British people, nor at all
consonant with their temper, to repudiate their
debts, and the Government declaration of Feb. 2
would of itself prevent Great Britain from claiming
a right of unilateral action which it denied to Germany. The debt funding agreement, moreover,
permits the postponement of annuities for not more
than two years upon ninety days' notice. The statement does, however, hold out the hope that the
schedule of payments may be rearranged, and their
total presumably reduced, because of Germany's
inability to pay further reparations, and it is around
that phase of the subject that controversy now turns,
and may be expected to turn at least until the outcome of the Lausanne Conference is known.
The budget speech came at a moment when considerable interest had been stirred up in this country
by Mr. Smith's novel proposal. Premising that
Europe could not pay what it owes to the United
States because "the nations who owe us money have
not got it," and that it was idle to expect payment
so long as the high American tariff "makes it impossible for them to pay us in goods," Mr. Smith
proposed that we "forget all about it for 20 years,"
and during that period "write off as paid each year
25% of the gross value of American products which
2971
they buy from us." "This," Mr. Smith declared,
"will help the farmer; it will help the mill owner; it
it will help the manufacturer; it will help the railroads and the transportation industries, and in turn
help all the various lines of activities that are dependent upon the railroads. I assert that this is a far
better way to restore trade than the present method
of sitting idly by, clamoring for the payment of
debts which we know cannot be paid, and thereby
losing for the farmers and manufacturers and working men of the United States more billions of dollars
than the whole European debt."
'In an able speech in the Senate on Tuesday, Senator Borah examined both the Smith proposal and
the debt question in general. What the Smith proposal amounted to, he declared, was cancellation,
even if the debtor nations bought no more of American products than the average of their purchases
during the past few years. Great Britain, for example, is due to pay to the United States during the
next 20 years $3,645,605,000; on an average volume
of purchases equal to that of the past few years, the
amount with which it would be credited under the
Smith plan would be $3,302,760,000. Belgium
would be credited with $433,760,000 against total
payments of $183,883,000, the Italian debt would
be entirely wiped out, and the French debt would be
reduced by two-thirds. Who would benefit by the
Smith proposal? Senator Borah asked. "The American taxpayer could not benefit, because . . .
there would be no increased purchases; there would
be no augmenting of the market; there would be no
enlargement of the sales abroad in order to bring
about the cancellation. . . . A country would have
no occasion to cease buying in some other country
and buy in this country in order to bring about cancellation, because the cancellation would result if the
purchases here were the same as they had been during the last several years." The only persons who
could benefit largely would be the holders of private
loans in Europe, and while that might not be objectionable in itself, Senator Borah could see nothing
desirable in a surrender by the taxpayers of their
right to the collection of the debts "in order that a
very few of the taxpayers may have the advantage
of such action."
Senator Borah further denied that cancellation
could have "the slightest effect upon the economic
recovery of the world" so long as the p.olicies that now
prevail in Europe and the programs that come from
there continue. The cancellation, when the debt
settlements were made,of 53.5% of the Belgium debt,
of 25.1% of the debt of Czechoslovakia, of 52.8%
of that of France, of 19.7% of that of Great Britain,
of 75.4% of that of Italy, of 19.5% of that of Poland,
of 25.1% of that of Rumania, and of 69.1% of that of
Yugoslavia was made "in the interest of financial
recovery and of economic solidarity throughout
Europe," but wholly without effect. Neither are the
debt payments a heavy burden upon the countries
that owe them. Senator Borah pointed out that
in Belgium the percentage of the American debt
is only 2.45%; in the British budget 3.75%; in the
Italian budget 1.41%; in the French budget 2.65%.
In comparison with these trifling percentages, Senator
Borah cited military, naval and air expenditures of
Great Britain for the past year of $678,051,247
of France $517,910,816, and of Italy $2
68,057,884:
The trouble with Europe, the Senator insisted is
that the World War is still going on. "The eico-
2972
Financial Chronicle
nomic war, the financial war, has never ceased.
It was a continuation of the war upon the battlefield." In addition, the countries of Europe are
to-day more heavily armed than at any time since
the World War was at its height. "Unless the fundamental questions which inhere in the European situation can be adjusted, it is not within the power of
the United States, however liberal and generous its
policy may be, to reconstruct, reanimate or rebuild
Europe in the slightest degree."
It is strange that after all the discussion which the
question has received, and with all the information
that is available regarding it, both the facts and the
essence of the debt situation should still be persistently ignored or misrepresented by those who in
this country and in Europe clamor for cancellation.
The crux of the debt difficulty, as Senator Borah
pointed out, is not the volume of the debts or the
annuity system under which they are to be paid,
but reparations. Small as the payments are, not
one dollar of the amount has come from the taxation
of the people of any debtor country. The entire
amount has come from Germany; more than the
entire amount, indeed, for the larger claimants are
actually receiving from reparations more than they
are paying in debts. France, for example, which
has included both reparations receipts and debt payments in its 1932-33 budget, expects to receive, according to an Associated Press dispatch from Paris
on Thursday, 2,344,000,000 francs, while paying
to its creditors 1,171,000,000 francs. In no European country except Great Britain has there as yet
appeared any disposition to regard the war debts as
a national obligation, to be met, to be sure, out of
reparations in so far as may be, but treated nevertheless as both a legal and a moral obligation not to
be disregarded without impairment of national credit
and a stain upon national good faith. The entire
responsibility, on the contrary, has been laid upon
Germany, and the intimation has been repeatedly
given that unless Germany continues to pay, the
war debtors will not. There, and there alone, is to be
found the root of the difficulty. An impossible
economic situation, created and kept in agitation by
Powers for which the humiliation of Germany is
not yet complete, has been deliberately made use of
for years to misrepresent the true facts of the case,
and American propagandists have assiduously aided
in perpetuating the deceit. In pursuit of the fantastic notion that by canceling debts which Europe has
never attempted to pay, or thought of paying, save
out of reparations, the economic disorders of a
vengeful Europe armed to the teeth can be cured,
what is left of the debts, it is still urged, is to be
canceled notwithstanding that more than half of what
was owed has already been remitted without any
helpful effect.
What may happen at the Lausanne Conference is,
of course, pure speculation. The great obstacle in
the way of agreement upon anything is France and
its eastern European allies. Until the French elections, which come at the beginning of May, are
over, Premier Tardieu cannot be expected to do
more than go on reiterating the demand for "justice" (meaning reparations) and "security" (meaning the continued maintenance of the largest army
an the world), and if he should be continued in power
the elections would naturally be interpreted as a
national endorsement of his policy. The opposition
which France is reported to be offering at Geneva to
April 23 1932
any practical reduction or limitation of armaments
does not augur well for concessions in the matter of
reparations. Two things, however, seem certain.
However strong the German protestations may be,
Germany will not be permitted to rid itself of reparations without the consent of the creditor countries,
for a unilateral action of that kind, even if it did not
invite drastic reprisals, would put an end to German
credit abroad. The war-debt countries, on the other
hand, will not avoid the payment of their debts,
whether with or without reparations, partly because
default or repudiation would mark the end of American financial aid, and partly because, in the present
temper of Congress and the country, the debt agreements will not be canceled. The beginning of European recovery will come only when the creditor
Powers give up the attempt to compel Germany to
do the impossible, agree to accept what Germany
can in reason be expected to pay, and themselves
shoulder the remainder of the burden. The financial
burden would be small even if Germany paid nothing
at all; it will be smaller still if the load of excessive
armaments is also lightened and a policy of suspicion and hostility replaced by one of co-operation.
Restoring Confidence in the Business World.
While Congress has spent a good deal of the
present session in tearing down and toppling over
idols and temples which have been considered sacred
in some circles, the national legislators have now
reached a stage when they are evidently inclined to
try to make amends. They are devoting their time
and thought to efforts towards rebuilding.
Unquestionably some good work has been done.
The Reconstruction Finance Corporation was a
timely creation, and the funds at its disposal appear
to have been wisely placed with beneficial results.
Financial aid to relieve railroads of pressing claims
has been extended, thus tending to relieve apprehension. Investigation of Stock Exchange methods will
not palliate any evil effects which have already been
sustained, but means of preventing and modifying
some former unregulated practices will be apt to
bear good fruit hereafter.
But no person and no corporation from the wealthiest individuals and the broadest corporations to
the smallest business enterprise and the humblest
wage earner and thrifty individual has escaped the
vortex which is the natural consequence of the era
of expansion and extravagance that culminated in
1929. The sad part of the whole distressing experience is the destruction of public confidence. Restoration of confidence is the task to which every
good citizen, whether of high or low degree, must
now undertake as the cornerstone upon which to rear
a new era of prosperity.
And saturating the country with new supplies of
Reserve credit is not an effective means to that end.
There must be better supervisory laws of State banks.
Those who apply for a charter for a bank or trust
company ought to be required to satisfy a commission of their qualifications to conduct a banking
business. Greater caution should be exerted by bank
examiners to see not merely that books balance, but
that assets are sound and worth their appraised
value; that collateral pledged to secure loans has a
value much beyond the money advanced to the borrowers. Loans to officers and directors, if permitted, should be subjects of special inquiry, and
Volume 134
Financial Chronicle
2973
of labor in many other countries. Our standards of
living have been so high for all classes of citizens
that the world has fairly gasped. Even with the
wage cuts already negotiated by several of our major
industrial enterprises, and which, as a matter of
course, will materialize in others, the standard of
living cannot be greatly threatened in view of the
large decline in prices of commodities which the
wage earner must buy. Labor's greatest misfortune
at present is the widespread failure to find employment. Therefore, if reduced wages will ultimately
bring about increased business, that, in turn, will
bring about added employment and help solve one
of the outstanding economic problems.
There has been a decided definite downward
movement in the cost of living during the past two
years of the depression. It has fallen approximately
15%. Foodstuffs, which represent the largest and
most significant expenditure of the wage earner's
family, have dropped about 30%. Clothing shows a
decline of 16%, and rents are coming down, though
slowly. Fuel and light have dropped 6%,and household furnishings approximately 16%.
Beeping all these facts well in mind, it is evident
Wages an Inevitable Step in the Process that on the same scale of wages, the wage earner
Lower
of Economic Readjustment.
is now able to buy a great deal more than he previshould be encouraged and ously could with a given amount of money. To that
A spirit of optimism
is natural in a country of such superb natural re- extent, therefore, he is enjoying a clear advantage
sources as ours, with its phenomenal record of prog- and would inure very little hardship by making cerress and development. But the depression which the tain concessions from existing wages.
There is every indication that low prices have
country is now experiencing is itself phenomenal,
widespread come to stay for quite a while, and it is merely a
at least in magnitude and in its
question of time for the laboring classes to adjust
character.
enterprise in the country themselves to the situation. We are experiencing
Every large industrial
through mass production has created a supply which an acute economic condition, and the longer labor
now exceeds all possibility of consumption, and in continues to hold out for former pay the greater the
the face of the nation-wide depression from over- obstacle to business recovery and the solution of the
production, experts and economists have kept up unemployment problem.
The attitude displayed by railway employees durpredictions of returning prosperity. They have
urged that the deplorable conditions were only tem- ing the recent negotiations for an adjustment in
porary, merely the result of fear, born of the psycho- their wages was most astounding. They graciously
logical effect of the collapse in Wall Street in proposed to work two hours less a day, but at the
same pay for six hours' work that they have been
October 1929.
industries receiving for an eight-hour day. This proposal was
For more than two and a half years our
have slowed down; unemployment has swept the made in spite of the fact that the total railway wage
country; mortgaged homes have been foreclosed, bill absorbs about 50% of operating revenues. Since
taken over by the holder of liens without prospect 1914 the cost of railway labor has increased nearly
of resale. Where several hundred men out of a 61%, and if this 61% were increased by another onethousand have been thrown out of employment to- fourth through a reduction of hours per day,the 61%
day in many of our major industries, fear has been increase would become 76%. It is not surprising
thrown into those remaining, and as a result there that the proposal never even received serious conhas been more or less hoarding of currency. The sideration on the part of the railroad executives.
Bearing in mind the unprecedented nature of the
problem now is how to restore this shattered confidence. Unfortunately, organized labor stands in depression and the reduction in living costs that has
the way.
benefited the consumer more than at any time since
One of the greatest obstacles to overcome appears the war, there is no reason why equal sacrifices
to be the relentless opposition manifested to wage should not be made by the great army of public
concessions on the part of labor, even where impera- servants who have been protected in their positions
tively called for by the requirements of the situa- for the past two and a half years, and whose average
tion. Many laborers are of the opinion that high income makes a satisfactory comparison with that
wages are such an absolute essential to prosperity of other workers.
that prevailing levels must be maintained in order
Past history of business operations indicates that
to stimulate an early business revival.
reductions in wage rates have commonly been advoIt is difficult to see how wage earners can main- cated as one of the adjustments necessary in order
tain such an atttitude, when merely a superficial to bring about a resumption of activity. In fact,
examination of the present situation reveals that every depression has reduced amounts paid in wages
prices are so shrunken that it is practically impos- more or less in accordance with its severity. A gensible for any business enterprise to secure a profit.
eration or two ago wage cuts would have been imIt must be remembered that labor in this country posed upon the employees of industrial concerns
his advanced in material gains far beyond the dreams almost immediately upon the decline in
business.
securities pledged should be cautiously scrutinized
and carefully weighed as to value.
Holding companies have in some instances proved
to be created for the purpose of evading individual
liability, and examiners ought to be required to
ascertain the exact relations which bank officers
and directors bear to holding companies having dealings with a banking institution.
Many new members of legislatures will be elected
next fall. Care should be taken to nominate men
who are not only trustworthy, but who have had the
experience necessary to make them competent. Primaries are close at hand and discreet politicians
may best serve themselves by giving heed to the requirements of the times and lending their aid towards
a restoration of confidence.
The turning point may have already been reached.
At least there are a number of indications of improved sentiment in the business world. As the
American builders construct anew may they profit
by the recent sad experiences and lay sound foundations for greater and more successful work in business and finance of the United States.
2974
Financial Chronicle
April 23 1932
Why then should the present situation stand out as 000,000 of Reconstruction Finance Corporation
an exception, by the emphasis which has been laid funds for extension of credits to foreign countries
by certain officials upon the desirability of main- that may desire to purchase American wheat or
taining wage rates?
cotton and have not the ready cash to pay for the
High wages are advocated as a means of stimulat- same. The ostensible purpose of this resolution is,
ing demand. For a short time this may be possible, of course, to increase the sales of American combut over a long period of years there can only be modities abroad, and thus reduce the large visible
one result—unemployment, in no small part owing supplies being carried in this country, which stand
to the introduction of labor-saving devices.
in the way of any permanent improvement in comPossibly the most classic example of this situation modity prices. The real purpose of the resolutio
n,
is seen in our railroads, where for a number of years however, appears to be an effort on the part of politilabor has dictated its own policy. The outcome has cal interests friendly to the Federal Farm
Board and
been that the railroads have found it more economi- its misguided policies to provide an outlet
for the
cal to increase the investment in roadbed and equip- huge surplus stocks of wheat and cotton
being carment so that more powerful engines, longer trains ried by the subsidiaries of the Board, and
which were
and fewer men would do the work at a reduced cost. paid for out of the $500,000,000 revolving
fund for
Therefore, men who have been in the transportation farm relief appropriated by a bountiful
Congress
service for 20 years or more are now only part-time in 1929.
employees.
This fund, by means of stabilization operations,
This condition is not entirely confined to the rail- loans to various State co-operatives, &c.,
has been
roads, for while labor has been hoisting itself by its largely dissipated. The wheat and cotton
purchased
bootstraps,American industry has been reducing cost by the use of Government money in foolish
attempts
by mechanization. The net result of this process of to stabilize prices in the face of the world
depression
mechanization has been the substitution of capital that was plainly coming on at the time, have
greatly
investment in machinery for high-priced labor.
depreciated in value since they were acquired by
We may see further effects of this policy in the the Farm Board subsidiaries. If it were possible
to
mining industry. In coal mining, consumption has liquidate the Farm Board holdings of wheat
and
been reduced by increased boiler-room efficiency, by cotton at present market values, the loss when
the
natural gas, by pit-mouth generating plants that con- final accounting was made would probably amount
vert the cheaper grades of coal into electricity. One to several hundred million dollars. In other
words,
can read the fuel consumption comparisons of the a considerable portion of the revolving funds
would
past decade in the reports of any well-managed rail- be entirely wiped out. The storage charges
alone
road system and see how they have lowered coal on the Government owned stocks of cotton and
wheat
consumption and made less work for the miner, to piled up in privately owned warehouses and
elesay nothing of less business for the coal-carrying vators are a heavy financial burden to carry,
and are
railroads.
constantly adding to the net loss of the Farm Board's
There is no question but that President Hoover's speculative deals.
proposal to maintain wages, to keep the working
Confronted by such a situation as this, the Farm
forces unimpaired, and to continue production at Board interests turn to Congress for some relief.
full levels was a "beau gest." When he advanced The McNary resolution, setting aside $100,000,
000
this theory in the autumn of 1929, industrial leaders of Reconstruction Finance Corporation funds
for the
throughout the country pledged him that wages indirect use of the Farm Board is the answer their
to
would not be cut and labor leaders agreed that they plea. Congress, fully aware of the costly experime
nt
would do all in their power to prevent disputes in- that the Farm Board has proven, has
cut its annual
volving laborer and employer, and also refrain from appropriation for administration purposes down to
further demands for higher pay! This was all very a mere one million dollars, but by means
of the
well then. Labor would have been far less able to McNary resolution the Farm Board will receive
a
bear it and maintain adequate standards of living. fresh lease on life, as this one hundred million dollars
At the present moment, however, this proposal has will find its way back into the coffers of
the Board
nothing to commend it. To maintain wages is by way of repayment to its revolving fund for the
grossly unsound economics. An impetus in the wheat and cotton sold abroad by means of the credits
movement for reductions would be an intelligent step that may be extended. With its finances partly
in the return of prosperity. To maintain production rehabilitated, the Farm Board will then
be in a betat a time of restricted consumption would lead to ter position for the sweeping investiga
tion of its
the piling up of unsold stocks and rising inventories, affairs provided for in the Norris resolutio already
n
which, in turn, sooner or later would bring about adopted by the Senate. It is significant that Sendestructive price levels where wage earner and em- ator McNary, who seeks to improve the financial
ployer alike would become victims of a general disas- position of the Farm Board, is also Chairman of
ter. Such a course would be more harmful than the Committee that will make the investiga
tion of
beneficial, and would only delay ultimate recovery the Board's activities.
of a sound and enduring character. These facts
From the standpoint of its effect on the commodity
must be recognized in the general desire to help markets, the McNary resolution, if
adopted, will
speed up a business revival. Nothing can be gained have anything but a favorable reception
from the
from disdirected efforts, however well meant.
cotton and grain trade. We are still in the midst
of marketing this season's cotton and grain crops.
The McNary Resolution and the Commodity The export demand for both
commodities has been
Markets.
good thus far, and bids fair to improve for the rest
Senator McNary, of the Committee on Agriculture of the season, but the cotton
and grain business of
and Forestry, has introduced a resolution in the the country should not
again be at the mercy of a
United States Senate authorizing the use of $100,- Government agency in
whatever form.
/lime 134
Financ 1 Chronicle
2975
fact is that when present State regulations were
Better Supervision and Less Costly Bank
established such a condition as has arisen within
Liquidation Advocated.
!
Unusual mortality of State banks during the past two years was not contemplated.
Pennsylvania has perhaps suffered more than any
months is likely to bring about a needed reforma18
other State in the number of bank failures and the
tion in the control and supervision of such financial
thrown a
institutions. A regretful development is the dis- aggregate amount of liabilities. This has
tremendous amount of work and responsibility upon
closure either of inefficiency or a lack of ethics on
who, no doubt, has been
the part of many officers and directors of the closed the Secretary of Banking,
deing the best that was possible under the acute
banks, or possibly both, which have caused the loss
few months he has disof many millions of dollars to confiding depositors. circumstances. Within a
defunct inApparently the smaller the bank the greater the bursed over $11,000,000 to depositors of
is not more than 10% of the
laxity in proportion to the responsibility. Failures stitutions, and that
of National banks which are subject to Federal regu- aggregate amount due.
Conditions in New Jersey are very like those of
lation and supervision have been comparatively few.
Pennsylvania, with perhaps the reopening of more
National banks are required to become members
Delaware.
of the Federal Reserve System. As Regional Re- banks on the east side of the
Taxes imposed by States for licenses of cars and
serve banks are in a position to extend aid to memhave put
ber banks of their respective districts when help may drivers, and upon the sale of gasoline,
keep well millions of dollars into State treasuries yearly, the
be required, the regional or central banks
amountposted as to the condition of their members, a fact tax on gasoline sold in Pennsylvania alone
$33,000,000 last year. It is quite possible that
which effects restraint upon bank officers and direc- ing to
such swollen treasury receipts have led in some
tors and operates for solvency.
deposits of
Large cities have the benefits derived from Clear- cases to carelessness in supervision of
State funds, a factor which would have a baleful
ing House Associations, membership in which is genofficials.
erally held by the larger and more important banks, influence upon bank
Interests of bankers, stockholders, depositors and
both National and State, including trust companies.
by the Commonwealth, would
A National bank is subject to examination at any the public, represented
under the direc- seem to demand better State banking laws for the
time by a Federal examiner, who is
of all concerned.
tion of the Comptroller of the Currency. The Clear- protection
The high cost of liquidation is well illustrated by
ing House also makes its special examination, and
of a legal fee for one year of $20,000
it is the custom of many such banks to have a third the payment
in connection with a closed bank, the fee not being
examination made at least yearly by a committee
but out of the savings of
of directors appointed by the President of the Board. paid out of public funds,
hard-working, self-denying parents who sought to
This triple investigation gives assurance to the
management, the stockholders and the depositors of create funds to educate their children and to provide
against want.
such a bank.
What is designed as a constructive step has been
Most States have a Banking Department or some
authority which possesses supervisory banking pow- taken in Massachusetts, two central banking instituers. The head of such a department, sometimes tions being created to aid mutual savings banks of
designated as Secretary of Banking, appoints exam- that State when help may be needed, the idea being
iners who periodically inspect the books and assets to have the central banks bear to the savings banks
of the State banks, trust companies and savings a relation similar to that of the Central Reserve
banks. In some States also the courts have juris- banks to member banks of the Reserve Bank System.
In Milwaukee a plan is advocated to establish a
diction over savings banks, in which case a special
municipal bank which would accept savings deposits
examination is conducted at least yearly by order
of citizens of that city. Milwaukee's municipal
of a court.
The acid test, however, of all of these wise pro- credit is somewhat better than that of some larger
visions came with the financial and business dis- cities, and a socialistic spirit prevails in that comturbances which followed in the wake of the great munity which is not noticeable in most large cities.
The idea promulgated at Washington that Federal
boom of 1928 and 1929, with the result that more
small institutions were compelled to close their funds might be loaned to pay to depositors of closed
doors than ever occurred before in a period of de- banks and be repaid as liquidation progresses was
pression. Upon liquidation of defunct concerns a not favorably received in Pennsylvania. The Attorgreat degree of carelessness in management has been ney-General ruled that the Secretary of Banking was
disclosed in the making of loans, unjustified loans restricted to the liquidation of insolvent banks and
having been extended in numerous cases to directors, that he had no authority to engage in the banking
business.
officers and other favored borrowers.
Due to such disclosures the Committee on LegislaRailways Handle Freight That Is Valued
tion of the Illinois Bankers' Association now urges
at $62,090,000,000.
abolition of bank receivers and creation of a bankSubject to certain qualifications, the Bureau of
ing board for closer supervision of State banks. It
is proposed that published reports shall show assets Statistics of the Inter-State Commerce Commission
and liabilities in greater detail than at present; that has indicated that the average freight revenue per
loans to individuals connected with a bank and also ton received by Class I railways in 1930 was $3.65,
to corporations and firms in which a director may be or 6.77% of the average value per ton of the freight
a controlling factor shall be strictly regulated; bank at destination, which was $53.84.
The Commission has made public a report from
officers shall not become officers of any corporation
of buying and its Director of Statistics, Dr. M. 0. Lorenz, Stateprimarily engaged in the business
selling securities, and a surplus of 50% of the capital ment No. 3242, showing for each of the freight comshall be required before dividends may be paid. The modity classes for which statistics are reported by
2976
Financial Chronicle
April 23 1932
Class I steam railways, the revenue received by the sand, stone, cement, brick, lime, ice, hay, straw,
railways in comparison with the market value of and fresh fruits and vegetables, but are a relatively
commodities. The freight revenue is that reported smal factor in the prices of wool, leather,
tobacco,
for the calendar year 1930, and the values are, so far cloth and automobiles. The average percentage for
as practical, computed as averages for the year 1930. all commodities for 1930 is 6.77."
The wholesale prices on which the values are based
As bearing on the question of whether there could
were selected with care, but when consideration is be any considerable shifting of the freight
burden
given to the fact that there are more than 3,000 from the low grade to the high grade
commodities,
kinds of commodities moving on the railways, •the statement includes an accompa
nying summary
grouped in 157 classes, without any indication of of the carload commodity classes.
the proportions of the components within each class,
For Group I, products of agriculture, the average
it is apparent that only a rough estimation of the freight revenue per ton was
$6.09, or 11.53% of the
true average value can be achieved. Where the price average value per ton at
destination, $52.83. For
used referred to a point of production, the average Group II, animals and product
s, the freight revenue
freight revenue per ton for the class was added so per ton was $9.69, or
3.46% of the average value at
that values at destination might be uniformly ob- destination, $279.99. For
Group III, products of
tained. The price per ton was multiplied by the mines, the freight revenue
per ton,$1.87, was 45.75%
number of tons reported by the railways as origi- of the average value, $4.10.
For Group IV, products
nated in each class to get the total value of the of forests, the freight
revenue was $3.46, or 18.26%
commodities in the class.
of the average value at destination, $19.94. For
"It is obvious," the report says, "that such a total Group V, manufac
turers and miscellaneous, the
is exaggerated to the extent that there is duplication freight revenue was
$5.12, or 4.02% of the average
in the reports of tons originated. Such duplication value at destinat
ion,$127.32. For Group VI, L.C.L.
occurs when traffic is reshipped on new bills of freight, the freight
revenue,$14.47, was 4.13% of the
lading. For this reason, also, the average freight average value,
$350.00. For all carload traffic the
revenue per ton is understated,if one has in mind the freight revenue
averaged $3.36 per ton, or 7.30% of
aggregate revenue paid by a ton from farm to the the average
value at destination.
ultimate point of consumption for export." Thus,
The lowest percentage of freight revenue in relathe average freight revenue per ton of wheat is shown tion to
value was shown for the class animal prodas $3.87, or 19.35c. per hundred pounds. This repre- ucts, N.O.S.
(other than fertilizer materials), for
sents one average movement, and more than one which the
average value was $495.06 per ton, and the
such movement is probably necessary to get the aver- average
freight revenue $7.18, or 1.45% of the value.
age ton to a port or flour mill.
The highest percentage shown was that
for fresh
"As shown by a footnote in the table, the average grapes, for
which the average value was given as
freight revenue per ton is uncorrected for length of $53.13,
and the freight revenue as $34.54, or 65.02%
haul. The fact that one class shows a higher freight of the value.
revenue per ton than the average for another class,
The highest average value per ton
at destination
or for all classes, does not necessarily indicate that shown was
that for tobacco manufactured products,
the freight rates are out of line. The variation may $1,456, on
which the average freight revenue was
result from a difference in length of haul or from a $21.39, or
1.47% of the value. The highest average
difference in other conditions of transportation." freight
revenue was that for lemons,limes and citrus
Thus, Class 590, passenger automobiles, shows au fruits,
N.O.S.,$31.90, or 28.24% of the average value
average freight revenue per ton of $31.79. Here is per ton
at destination, which was $112.98. The lowan illustration of the combination of a long haul, a est average
value per ton was that for sand and
light load per car, and a high value per ton. The gravel, $1.57,
on which the freight revenue averaged
freight revenue reported for this class is 5.77% of $0.84, or
53.37. The lowest average freight revenue
its estimated value.
was that on copper ore and
concentrates, $0.51.
"Load per car and length of haul relate to the
It will be noted that the aggrega
te value of all
cost of the service performed. If one is simply in- commodities carried in
carload lots is placed at
terested in what the traffic will bear, the haul and $51,706,824,000, and the
value of those carried in lessthe load need not be considered. From the stand- than-carload quantities
as $10,383,352,000, a total
point of what the traffic will bear, it is the total of $62,090,176,000. The
extent to which the country
freight burden per ton from purchaser to consumer is leaning toward
manufacturing is indicated by the
that is of importance. The last column in the table, fact that the manufactured
showing the per cent., which the freight revenue is clusive of 1.c.l. freight, had commodities carried, exa value of approximately
of the value at destination thus has significance only $35,365,000,000, or 68% of the
total value of all comwith respect to one of the elements usually con- modities carried in carload
lots.
sidered in rate-making.
It will probably surprise most
people to learn that
"It is obvious that the freight burden is not gen- animals and animal product
s, in point of value,
erally adjusted in proportion to commodity values. ranked second in the five
large
Of the values at destination, the freight paid repre- ties shipped in carloads, with groups of commodia total value amountsents a much larger element in some cases than in ing to $6,476,000,000.
"Products of agriculture"
others. A high ratio of freight charge to value at came third, with a total
valuation of almost $5,850,destination is not on its own face an evidence of 000,000. Of course, however,
most animals are proinjustice. In some cases the haulage to market may duced on farms. "Products of
mines" furnished the
cost as much as getting the commodity out of the railways more than one-half
of their total tonnage,
ground ready for transport, and the market value but in point of aggregate
value this group of comat destination may barely cover the sum of the two modities comes fourth.
with a total of about $2,633,costs. Freight charges are a large factor in the 000,000. The value
of "products of forests" was
destination prices of bituminous coal, gravel and about $1,384,000,000.
Volume 134
Financial Chronicle
Perhaps the most outstanding figures in the entire
report are those regarding the value of the motor
vehicles and their parts carried. The total estimated
value of all motor vehicles shipped, and their tires
and various parts, was $4,002,556,000. This was
more than the value of "products of mines,"or "products of forests." It only lacked 6% of equaling the
total earnings derived by the railways from all their
freight service.
The freight service rendered by the railways was
equivalent to carrying 9 2/5 tons 316 miles for each
inhabitant. What this means will perhaps be better
understood if it is stated that, on the average, they
carried for each inhabitant a distance of 316 miles
no less than 1,804 pounds of agricultural products,
377 pounds of animals and their products, 10,472
pounds of minerals, 1,130 pounds of lumber and
other forest products, 4,525 pounds of manufactured
and miscellaneous commodities, and, in addition,
483 pounds of less-than-carload freight. The value
of the freight carried on the average for each inhabitant was $506, and the amount paid for its transportation was about P4, or a trifle over a cent for
each mile it was carried.
In no other country in the world do railways render a freight service per capita remotely approaching
that rendered by the railways in the United States.
It might be interesting to conjecture how much the
total value of the commodities transported by rail
in this country is due to the magnitude of the scale
on which our railways have been developed, to the
low rates charged, and to the character of the freight
service rendered.
The Course of the Bond Market.
Agitated by conflicting currents, the bond market fluctuated unevenly over the past seven days, and closed on
Friday at levels not far above the averages one week ago.
Yesterday's price index for the 120 domestic bonds amounted
to 69.86, as compared to 68.49 on April 15. The foreign
list fluctuated only slightly, with the result that the average
yield for the 40 foreign issues only declined from 13.39%
to 13.31% during the week.
Renewed buying of U. S. Government securities by the
Federal Reserve banks doubtless was responsible for the
relative firmness displayed by most obligations. A somewhat unusual picture is presented in the Federal Reserve
statement for the week ended April 20, in conjunction with
similar figures for New York member banks. The Reserve
tabulation showed net purchases of Government issues
totaling $93,000,000 in the seven-day Period, of which $40,000,000 represented an addition in the New York district,
The assumption that such large acquisitions would result in
a drop in the holdings of these securities by member banks
was disproved, in this instance, since the Government portfolio of the latter institutions also registered a large increase,
namely $54,000,000. The explanation is apparently found
in the fact that a new issue of Treasury bills for amount
of $75,000,000 was disposed of during the week and these
found their way largely into the Reserve Banks, though a considerable amount also was taken over by the member banks.
At all events, the swing around the circle generated by
Government purchases has been sufficient to provide general
strength among Government and highest-grade corporate
obligations, while lower-rated corporate issues have more
closely followed the action of the stock market.
Moody's price index for long-term Treasury bonds was
99.60 at yesterday's close, as contrasted with 99.82 a week
ago and 97.04 on April 8.
All classes of domestic corporate issues advanced in price
during the week, but gains were most pronounced in the
case of the railroads, particularly among the more speculative
2977
liens. This was only natural in view of the fact that these
bonds had suffered most in the prolonged descent of recent
weeks. The sporadic stock market rallied also aided lowergrade bonds so far as sentiment was concerned. Among
issues of this type with sharp upward swings were Missouri
Pacific, Frisco, Baltimore & Ohio, and Southern Railway.
Late in the week Great Northern 7s made a sudden climb
to 80 in recovering from the softness exhibited a few days
earlier.
Inactive carrier issues, on the other hand, were weak.
Louisville & Nashville 43/2s of 2003 sold on Thursday at
55 and later at 52, off 18 points from the last previous sale.
The 5s of the same road sold at 59 on Tuesday, down 133
points. High-grade railroads were uniformily strong.
Among the utilities all rating groups rose in price during
the last seven days. There were few movements of any
outstanding importance, and quotations adhered closely to
the action of the general market. The price index for the
40 utilities is now 76.78, compared to 74.98 last Friday.
Industrials likewise performed well, with nothing of the
spectacular in the trend. Amusements were weak as contrasted to stability in other sections.
The action of municipals greatly resembled that of U. S.
Governments, in that they were generally firm and steady.
One feature that may prove another balancing force was the
decision of the Illinois Supreme Court that 1928 and 1929
tax assessments in Cook County are valid. If the decision
stands, it should imprOve the Chicago situation appreciably.
In Massachusetts the Boston Metropolitan District (formerly
the Metropolitan Transit District) succeeded in refunding
the $23,000,000 issue which was in technical default since
April 14.
Advances extended over most parts of the entire foreign
list, although few of the increases were especially marked.
French Government bonds, however, were up by leaps and
bounds,one impelling cause undoubtedly being the announcement that French Government dollar bonds will be traded
in at Paris. Swedish issues were weak, reflecting the continued revelations of unsavory Kreuger transactions. Another soft spot was occupied by Royal Dutch Shell obligations, which were off 4 to 5 points. Batavian Petroleum
4
of 1942, which are guaranteed by Royal Dutch Shell,
were down almost five points since last Friday.
Classifying the entire domestic list according to quality,
largest gains since a week ago have been made by the Asa
group, where the price index rose from 92.82 to 94.58.
Steadiness in the highest-rated issues is further shown by
the fact that the price index for 30 Aa bonds was 82.62 last
night, as compared to 80.95 on April 15 and 100.00 one
The usual price indexes and yield averages follow:
year ago.
MOODY'S BOND PRICES.'
(Based on Average Yields.)
1932
Daily.
Apr. 22
21
20
19
18
16
15
14
13
12
11
9
8
7
8
5
4
2
1
Weekly
Mar.24
18
11
4
Feb. 28
19
11
5
Jan. 29
22
15
Year Ago
April 22 1931_ Two Years AgoAprll 19 1930_
AU
120 Domestics by Rattner.
120
DomesBaa.
Aaa.
tic.
A.
Aa.
120 Domestics
by Groups
----P. U. /galena
RR.
69.86
69.86
69.13
69.13
69.59
69.59
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
94.58
94.29
93.70
93.70
93.99
94.14
92.82
91.67
91.81
92.10
92.10
92.53
92.68
92.68
93.11
93.70
94.29
94.73
94.58
82.62
82.14
81.78
81.78
82.02
82.38
80.95
79.11
79.11
78.88
79.22
79.56
79.68
80.49
81.07
81.07
80.95
82.14
82.60
67.07
66.90
66.38
66.64
67.33
67.16
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
49.22
49.53
48.61
48.46
48.86
48.71
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
62.56
62.56
61.64
61.64
62.17
62.09
60.82
$8.73
58.45
58.38
59.01
60.01
59.29
60.97
61.26
61.04
62.48
63.74
64.80
76.78
76.67
76.14
76.03
76.35
76.35
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
71.48
71.38
70.90
70.90
71.48
71.48
71.00
70.05
70.33
70.05
70.62
71.09
71.38
71.87
72.55
72.55
72.75
73.35
74.88
75.61
77.55
75.82
74.57
74.46
72.16
72.65
72.95
74.36
74.77
96.70
96.70
97.62
95.63
94.29
93.70
91.67
91.81
92.25
93.40
93.70
84.35
84.72
85.74
83.48
82.02
81.54
79.80
80.49
81.07
82.99
82.87
73.45
73.85
75.29
73.35
72.26
71.77
69.77
70.62
70.52
72.06
73.15
55.42
56.58
59.80
58.66
57.57
58.32
55.55
55.73
55.99
57.17
57.30
70.15
71.19
73.85
72.95
71.67
71.77
69.31
70.15
70.71
72.06
72.16
80.72
81.07
83.35
81.42
79.68
79.56
77.11
77.44
77.86
80.14
81.54
74.57
74.98
76.14
73.55
72.75
72.45
70.62
70.71
70.81
71.48
71.19
7345
90.69 105.89 100.00 88.10 74.15 89.31 96.70 36.64
95.18 102.30 99.20 94.14 86.12 96.70 94.88 93.7C
N.V.-These pr cm are computed from average yields on the basis of one idear
bond (431% COUDOn, maturing in 31 years). and do not purport to show either the
average level or the average movement of actual price quotations. They
merel7
serve to illustrate in a more comprehensive way the relative levels and the relative
movement of yield averages. the latter being the truer picture of the bond market.
Financial Chronicle
2078
MOODY'S BOND YIELD AVERAGES:
Mama on Individual Glaring Prices.)
5.85
6.82
5.74
5.92
6.04
6.08
6.23
6.17
6.12
5.98
5.97
6.17
6.32
4.40
4.75
4.61
4.80
8.05
8.05
8.17
8.17
8.10
8.11
8.28
8.57
8.61
8.62
8.53
8.39
8.49
8.26
8.22
8.25
8.06
7.90
7.77
9.07
8.89
8.42
8.58
8.74
8.63
9.05
9.02
8.98
8.80
8.78
9.30
10.00
7.16
7.05
6.78
6.87
7.00
6.99
7.25
7.16
7.10
6.98
6.95
7.38
7.93
6.75
5.47
5.71
4.96
7.02
7.03
7.08
7.08
7.02
7.02
7.07
7.17
7.14
7.17
7.11
7.06
7.03
6.98
6.91
6.91
6.89
6.83
6.80
13.31
13.32
13.40
13.32
13.25
13.35
13.39
13.65
13.62
13.53
13.50
13.21
13.23
13.08
12.97
12.88
12.80
12.80
12.77
12.66
12.62
12.31
12.55
12.82
12.86
13.23
13.00
18.22
13.12
13.44
18.85
16.68
6.71
6.67
6.58
6.81
6.89
6.92
7.11
7.10
7.09
7.02
7.05
7.34
7.83
=
4.96
4.96
4.90
5.03
5.12
5.18
5.30
5.29
5.26
5.18
5.16
5.18
5.26
10.16
10.10
10.28
10.31
10.23
10.26
10.46
10.92
11.00
11.10
11.04
10.90
11.02
10.64
10.52
10.54
10.25
10.03
9.86
ao
ForP. U. Jude.. signs
OC,
IMOVW,A.INOWNM
5.99
6.03
6.06
6.06
6.04
6.01
6.13
6.29
6.29
6.31
6.28
6.25
6.24
6.17
6.12
6.12
6.13
6.03
6.00
RR.
0.-.0:WC
, 000000.MOC.M
1,
5.10
5.12
5.16
5.16
5.14
5.13
5.22
5.30
5.29
5.27
5.27
5.24
5.23
5.23
5.20
5.16
5.12
5.09
5.10
120 Domestics
by Groups.
6Mcwwwwommr.:mcwwwwweli MMaiimmeocimma6cMto
Apr. 22__ 7.19
21__
7.19
7.27
20__
19__
7.27
7.22
18__
7.22
16__
15_
7.34
14__
7.54
13-- 7.56
12-_
7.59
11-- 7.55
9_
7.47
8-- 7.50
7-- 7.35
6-- 7.28
5-- 7.26
4__ 7.17
2-- 7.07
1.... 7.00
WeeklyMar.24_ _ 6.88
18__ 6.61
11__ 6.43
4__ 6.59
Feb. 26-- 6.71
19-- 6.72
11-- 6.95
5__ 6.90
Jan. 29__ 6.87
22.._ 6.73
15__ 6.69
8__ 6.94
2-- 7.28
Yr.Ago
Apr.22'31 15.37
2. Yrs.A go
A or.1930 5.06
-4.4cism.4-4-4===osom
P.
,
'
--;p.;-boio664oCobo:4Co im;...toi4W64.6b3666.666,
w
-4bowww.-oo.wa,mw 0..cuwwootoowto-lowwo
AU
120
120 Domestics by Ratings.
1932
DomesDaily
A.
Baa.
Aa.
Averages.
tic.
Aro.
5.67
6.73
5.16
6.22
April 23 1932
DaylightISaving Time in Effect After Midnight Tonight (April 24)
-Announcements by Federal
Reserve Banks of New York and Chicago.
The following announcement regarding the observance
of daylight saving time, which goes into effect at 2 a. m.
to-morrow (Sunday) April 24 (when the clocks will be set
forward one hour) was made by the Federal Reserve Bank
of New York:
FEDERAL RESERVE BANK OF NEW YORK.
[Circular No. 1102.
April 20 1932.1
Daylight Saving Time.
To all Banks and Trust Companies in the Second Federal Reserve District
and Others Concerned:
So-called daylight saving time will be effective in New York City and
Buffalo, N. Y.,during the period from 2 a. m. on Sunday, April 24 1932,
to 2 a. m. on Sunday, Sept. 25 1932. During this period local time in
New York City and In Buffalo, N. Y., will be one hour in advance of
Eastern standard time, and this bank will operate on such local time.
GEORGE L. HARRISON, Governor.
The Federal Reserve Bank of Chicago issued the following
notice on April 18:
The daylight saving ordinance in Chicago will again become effective
on April 24, and in compliance therewith Chicago banks will advance
their clocks one hour for the period April 24 to Sept. 25 1932.
There will be no change in banking hours, which are from 9 a. m. to
2 p. m., daily except Saturday, when they are from 9 a. m. to 12 m.
Indications of Business Activity
THE STATE OF TRADE
-COMMERCIAL EPITOME.
Friday Night, April 22 1932.
More seasonable weather has latterly stimulated retail
trade to some extent without bringing about real activity.
Still retail sales have increased with noticeably higher temperatures, up to nearly summer heat here to-day, 76 degrees
In Philadelphia and St. Louis, or actual summer temperature,
80 degrees in Kansas and 72 even in Minneapolis. Spring
goods have naturally been most favored. The sales have
been especially good of such articles as millinery, women's
apparel in general, shoes and sporting goods as the season
opens for golf, tennis, baseball, &c. In lesser degree trade
has increased in building materials, agricultural implements,
as well as seasonable hardware, and in paints, oils and glass.
But the demand for men's clothing has been small, even at
sharp cuts in prices. The best retail reports have come from
the large department stores of parts of the Central West.
Improvement is most noticeable on the Pacific Coast. The
drive to push the sales of automobiles has not been without
results, even if there is still much room for improvement.
Banks are reported to be extending credits more freely.
They are cheered by the understanding that they are not
to be penalized for failure to make prompt collections of
overdue loans. But the big industries are about as dull as
ever. If there is any improvement at all it is very slight.
Iron and steel have remained quiet, though there are some
slight signs of improvement in steel. Planting operations
have recently been delayed by unseasonably cold weather.
The seeding of spring wheat is backward at the Northwest.
In the cotton belt, for the most part, farming operations are
behind hand. But now they will make up for lost time.
Wholesale and jobbing trade has for the most part been dull.
Any improvement in retail trade will have to get a good
start before wholesalers and jobbers will feel the improvement. Retail business is helped by very low prices from the
eagerness of the big stores in the chief centers of the country
to make a turnover, on the principle "better the nimble
sixpence than the slow shilling." Louisville, Ky., reports
that the tobacco and cigarette manufacturing plants are
working overtime with extra help, but the railroad shops at
Louisville are practically closed. Expectation of big steel
orders at Chicago from automobile makers has not been
realized. Similar reports come from Rochester and Buffalo.
The petroleum industry is in better shape. Crude oil prices
have been stronger at some recent advance. Natural gasoline has risen slightly, with the production small, and a firm
market is expected from the prorated production.
It seems to be a fact beyond question that the winter
wheat crop in parts of Kansas, Nebraska and Colorado will
be much smaller than that of a year ago. Wheat however
has declined on near months about 4 cents during the week
owing to the fact that there has been some beneficial rain
in dry sections in the Southwest, and also in Texas and
Oklahoma while export demand has been disappointing and
the effect of a declining stock market has been bad. Corn
has declined 2 cents or more with the cash trade disappointing and the influence of a decline in wheat plainly enough
apparent. Reports of a small export business in corn has
had no effect as it seemed to have been done in New York
and New England States at low prices. But it is also said
on
that corn has got down to so low a price that it is nearly.
an export level at Chicago. Rye has declined 4c.or more with
no sign of export business. Provisions have been weaker and
lard futures are off 2 to 8 points. Coffee has been dull so far
as futures are concerned but there has been enough covering
to raise prices 2 to 8 points, especially as the spot market
has advanced and the offerings of cost and freight coffee
have been only moderate. Sugar futures have declined
2 to 4 points, May leading the drop on a certain amount of
liquidation. Cotton has dropped 22 points under the
influence of May liquidation on the eve of the first May
notices next Tuesday, a decline in stocks and grain and
dullness of cotton textiles at home and abroad. Also the
weather of late has been rather more favorable in the cotton
belt. Rubber has advanced 2 to 9 points partly owing to a
noticeable decrease in Malayan shipments for the first half of
April. Hides have declined 15 points. Silk shows little change
for the week. Silver is off 15 to 25 points and cocoa 8 to 13.
In Grand Rapids the Furniture industry is said to be making
gains without reaching the activity of 1931. Unemployment
continues heavy throughout the country though lessened
somewhat at Detroit, by the increased activity among automobile manufacturers. In the mining section of this country
decreased operations and the closing down of smelters have
considerably increased unemployment. Municipalities in
various parts of the United States have been grappling with
this problem of unemployment but some of them have already exceeded their budget allowance. The "Block Aid"
movement in New York is on an extensive scale and can not
fail to have an ameliorating effect on this grim fact of idleness among workers, which is so remarkable a phenomenon
of these times.
Stocks on the 16th inst. had a small or moderato average
decline after a slight advance at the start. The inability
of the market to continue the rally of the 14th and 15th inst.
was a wet blanket. It had declined for 13 days and had
rallied for only two. Auburn fell 43, to a now low of 373f,
in dramatic contrast with the high of three years ago of 514,
and also with the high of 1932 of 151%. And the total
transactions in stocks on the 16th were less than 580,000
shares against 1,293,490 on the same day last year. The
smallness of the trading on the 16th this year with burdensome taxation on stock sales overhanging the market suggested to some the saying "Coming events cast their shadows
Volume 134
Financial Chronicle
before." On the 18th inst. prices again drifted on monotonous
trading in an irregular movement downward. The transactions were less than 850,000 shares. Foreign bonds of
the better sort advanced, but United States Government
bonds halted after the recent marked rise. In stocks some
declined 1 to 4 points, but as a rule the loss was fractional.
A curious market phenomenon was the firmness of secondary
stocks in the face of the weakness in what are usually the
leading stocks. Yet through it all ran the fear that Congress
would impose taxes on trading that would make bad worse
In a time surely of severe enough depression. In such circumstances it was disheartening to some to see declines of
33% in Amer. Tel. & Tel. and American Can,43% in Eastman,
%
1% in United States Steel and 23 in Western Union. And
Auburn shone by comparison with a rise of 13.
On the 19th inst. prices fell but in most eases only slightly.
The transactions were in some 1,040,000 shares as against
848,400 the day before. The selling was under a cloud of
pessimism that still enveloped the market because of the
interference of Congress with the easily deranged machinery
of stock market trading. There is a persistent fear of taxation on trading so grievous as to threaten a distinct shrinkage of the available market. The more popular stocks as
usual of late, suffered the most. There was a spiritless
rally towards the end. Amer. Telephone and Eastman,
however, closed only half a point net lower, Amer. Can and
du Pont, %,and United States Steel, 13%, with Auburn 13%
higher, and Santa Fe, % higher. Nine United States
3
Governmentissues were lower on small transactions. British,
Japanese and Argentine were off. On the 20th inst. some
railroad shares advanced 1 to 3 points, partly or largely, due
to taking profits on the short side. Railroad stocks were
the favorites despite the fact that ear loadings for the week
ended April 9 were the smallest since the war; that is, 26%
less than in the same week of 1931 and 22% less than in a
like week of 1921. But railroad stocks are very cheap.
The trading in stocks was in some 990,000 shares. Bonds in
general advanced moderately though United States Government bonds declined. Foreign issues were about steady.
Railroad bonds advanced, including % to 23% points on
3
Missouri Pacific. Western Union fell 1 to 6% points. The
total trading in bonds was $10,289,200.
On the 21st inst. came a rally from the senseless pessimism
which has recently pervaded Wall Street in an atmosphere
of gloom thick enough to cut with a knife. The stock market
had in its way become oversold. Washington disclosures of
the size of the short account were naturally none too reassuring to devotees of the short side. It might be a case of
"too much company." It rather looked that way on the
21st. And after all a short seller enters into an agreement
to buy or go to the wall. The Bank of England rate of
discount was reduced M of 1% on the 21st to 3%. It had
been cut in half since the middle of February. The banking
foundations of trade are being slowly but surely strengthened
throughout most of the world. There has in recent months
been an unmistakable tendency among the chief trading
nations of the globe to reduce the bank rates of discount. In
this country that has been clear enough. It is true that a
backward spring has recently halted trade. In fact, for a
year past unseasonable weather has hurt business. It was
either too cold in a belated spring of 1931 or the summer was
too prolonged, or the winter for the most part too mild. Too
little account has been made of this. Meantime,the business
morale of the country is really better. There is less dread
and more cheerfulness. The weather is warming up.
Retail is improving. There has been perhaps too much noise
over unfavorable features of business. Probably business
would have been better if it had been left alone to make its
way out of the morass of depression up on to the firm hard
ground of normal recovery. At any rate that is how some
coolheaded, reflective persons feel. General Dawes may
have been too emphatic in his talk about the Stock Exchange,
but otherwise his comments on the better aspects of the
financial fundamentals of to-day were like a breath of fresh
air in a close room.
But to-day stocks again declined, many reaching new lows.
There was some recovery in railroad shares in the afternoon
after declines of 3 to 4 points in Norfolk & Western, Santa
Fe, and Union Pacific. Most of the rails were off at least
1 to 2 points. Some industrials fell 1 to 2 points and public
utilities, 1 to 4. Declines occurred in United States Steel,
common and preferred of 1% to 2 points; in American Can,
and Bush Terminal of 23%; in Eastman of 25;in Auburn of
-M. T., 23%; Manhattan Elevated and Coca Cola of
23; B.
23%. The transactions were figured at 800,000 shares.
2979.
Bonds were generally higher headed by railroad and utility
issues. Foreign bonds were the most active.
At Fall River, Mass., some inquiry has been reported for
cloth but in only a few cases have the mills been able to meet
lowered prices quoted by Southern mills. Sales have been
Light. The trading has been confined to sateens, marquisettes, odd constructions in print cloths and to 36-inch
styles, all for nearby delivery. In sateens, sales were made
on the basis of 63%c. for 4.37s and 53%e. for 4.70s. Print
cloths sold off a fraction; tobaccos for the most part sold at
full prices. Curtailment was heavy for the week and
promises to be about the same for another week. At
Manchester, N. H., the Workers Council of the Amoskeag
Co. have asked the management for permission to reconvene
the convention of 200 representatives to consider for a second
time the proposed wage reduction schedule which was
rejected several weeks ago. It is understood that this
request has been granted. Charlotte, N. C., wired on April
wired on April 17 that an illustration of the very low prices
at which carded yarns can be purchased is reflected in a
statement by a mill official. At this particular mill, the
present production of a certain type of yarn is not sufficient
to supply the looms that weave it. The company was
seriously considering the purchase of a yarn mill as a new
source of supply. It was found, however, that the company
could purchase the needed yarns more cheaply than they
could spin them. Charlotte, wired to-day that the market
for goods was still as slow as it has been for almost two
months. Operations are limited to small orders for filling-in
purposes.
At Greenville, S. C., preparations for observance of National Cotton Week, May 16 to 21, by manufacturers and
merchants are progressing rapidly. Manufacturers and retailers will have booths in the exhibit. A fashion show will be
presented by Miss Catherine Cleveland of the Institute's
staff. A cotton ball will also be held in Greenville during
the week. At Lafayette, Ga. the textile manufacturing situation is reported better than at any period within the past
12 months. After being closed for two weeks for the installation of motors, the Consolidated Textile Corp., which is now
completely motorized, has resumed operations on full time
day and night. The Walker County Hosiery Mill is operating
on full time. The Lafayette Cotton Mill is likewise operating
on practically full time, using both day and night. At Fairfax, Ala., the Fairfax Mill of the West Point Manufacturing
Co. is operating on full time, manufacturing towels.
Lawrence, Mass., wired April 17 that the local 'textile
plants would close on April 19, Patriots' Day. Departments
in several of the mills closed down last Friday night or
Saturday noon until the following Wednesday morning.
Some of the departments in the Pacific worsted division and
the Arlington Mills closed. Manchester cabled: "Tattersall
says a falling-off in business has caused a less cheerful tone.
Immediated prospects are encouraging. Another wave of
pessimism may sweep over the industry, he fears, unless
there is an early revival of demand. Curtailment on a larger
scale looms with its attendant unemployment. India is
providing fairly steady business, he reports. Most of it is on
light fabrics, prints and fancies, but bulk orders are scarce.
As a deterrent in forward trading, he says it must not be
overlooked that cloths bought six weeks to two months ago
now look comparatively dear. There is much less activity
for China."
Chicago wired that throughout the Middle West trade
was only fair. Chain and mail order houses reported reduced business and do not expect any improvement until
the National and Municipal governments show definite
action in cutting expenses and holding down taxes.
Detroit reported that last week major units of the automobile industry increased employment slightly and announced releases for heavy orders of steel, tires, glass and
other automobile equipment. Detroit also reported that
March sales of new passenger cars in 28 States representing
53.9% of entire country showed an increase of 11.2% over
February and pointed to a total March production of 92,000
units compared with 200,841 in March last year.
Electric output of the United States for the week ended
April 16 was 1,480,738,000 kwh.. compared with 1,465,076,000 kwh. in the preceding week, and with 1,641,253,000
kwh. in the corresponding week of last year, according to
National Electric Light Assn. This is a decrease of 9.8%
from last year.
The March sales of 36 chain-store companies were
$214,759,699, against $239,251,365 last March, a decrease of
10.23%. Total sales for the three months were $575,642,-
2980
Financial Chronicle
275, against $638,042,853, or a drop of 9.78%. Total sales
of two mail order houses for March were $33,053,060,
against $41,053,890, a drop of 19.48%, while for the three
months total sales were $95,700,563, against $119,497,603,
or a decline of 19.91%.
On the 16th and 17th the New York temperatures remained
cool and even wintry. On the 17th inst. they were 33 to 43
degrees. Boston on that day had 30 to 44 degrees; Chicago,
36 to 42; Cincinnati, 34 to 54; Cleveland, 30 to 38; Detroit,
28 to 50; Kansas City, 52 to 60; Milwaukee, 36 to 44; St.
Paul, 36 to 60; Montreal, 28 to 42; Omaha, 42 to 58; Philadelphia, 34 to 54; San Francisco, 50 to 60; Seattle, 42 to 48;
Spokane, 42 to 52; St. Louis, 50 to 58; Winnipeg, 36 to 60.
On the 19th inst. New York City temperatures were higher,
or 39 to 64 degrees. Chicago had 40 to 54; Cincinnati, 34
to 66; Cleveland, 36 to 60; Denver, 36 to 70; Detroit, 36 to
58; Kansas City, 48 to 54; Milwaukee, 38 to 52; Montreal,
36 to 52. On the 21st inst. New York City temperatures
were 45 to 71. Chicago had 44 to 60 degrees; Cincinnati,
46 to 48;Kansas City,50 to 68; Winnipeg,40 to 68; Montreal,
42 to 62; Boston, 42 to 70. To-day it was 53 to 74 here.
The forecast is mild and sunny for Saturday and Sunday.
Slight Decrease in Retail Food Prices in United States
-Decline of About
Between Feb. 15 and March 15
17% in Year.
Retail food prices in 51 cities of the United States, as reported to the Bureau of Labor Statistics of the United States
Department of Labor, showed an average decrease of about
one-third of 1% on March 15 1932, when compared with February 15 1932, and an average decrease of about 17% since
March 15 1931. The Bureau's weighted index numbers, with
average prices in 1913 as 100.0, were 126.4 for March 15
1931; 105.3 for February 15 1932; and 105.0 for March 15
1932. The Bureau also had the following to say April 20 as
to the course of retail prices:
During the month from February 15 1932 to March 15 1932, 26 articles
on which monthly prices were secured decreased as follows: Strictly
fresh eggs, 12%; navy beans, 5%; evaporated milk, oleomargarine, lard
and pork and beans, 4%; flour, cornmeal and prunes, 3%; sliced bacon,
cheese, canned corn and sugar, 2%; sirloin steak, plate beef, canned red
salmon, fresh milk, vegetable lard substitute, macaroni, rice, canned peas,
coffee ad bananas, 1%; and sliced ham, wheat cereal and tea, less than
5%.
Cabbage, 30%; onions, 21% ; pork
Eight articles increased:
chops, 13% ; leg of lamb, 5%; oranges,
; hens and canned tomatoes,
; and round steak, less than .5%. The following eight articles showed
no change in the month: Rib roast, chuck roast, butter, bread, rolled
oats, cornflakes, potatoes and raisins.
Changes in Retail Prices of Food by Cities.
•
During the month from February 15 1932 to March 15 1932, 31 of the
51 cities from which prices were received showed decreases in the average
cost of food as follows: Butte, Cleveland and Los Angeles, 3%; Houston,
Norfolk, Richmond, Salt Lake City and Savannah, 2%; Baltimore, Boston,
Charleston (S. C.), Indianapolis, Little Rock, Memphis, Minneapolis, New
Orleans, Omaha, Portland (Oreg.), St. Louis and St. Paul, 1%; and
Cincinnati, Dallas, Fall River, Louisville, New Haven, Philadelphia, Pittsburgh, Rochester, San Francisco, Scranton and Seattle, less than .5%.
Seventeen cities showed increases as follows: Buffalo, 4% ; Chicago and
; Birmingham, Milwaukee, Mobile, New York and ProviColumbus,
dence, 1% ; and Atlanta, Bridgeport, Denver, Jacksonville, Kansas City,
Newark, Peoria, Springfield (Ill.), and Washington, less than .5%. The
following three cities showed no change in the month: Detroit, Manchester and Portland (Me.).
For the year period March 15 1931 to March 15 1932, all of the 51
cities showed decreases: Detroit and Little Rock, 22%; Cincinnati and
Jacksonville, 21% ; Cleveland and Dallas, 20% ; Atlanta, Baltimore,
Birmingham, Indianapolis, Kansas City, Pittsburgh, Richmond, Savannah,
Springfield (Ill.) and Washington, 19%; Boston, Columbus, Mobile and
St. Louis, 18%; Charleston (S. C.), Louisville, Minneapolis, Peoria and
St. Paul, 17%; Buffalo, Houston, Los Angeles, Manchester, Norfolk, Omaha,
Philadelphia, Salt Lake City and Scranton, 16%; Chicago, Fall River,
Memphis, Newark, New Orleans, New York, Providence and Rochester, 15%;
Butte and Milwaukee, 14% ; Denver, New Haven, Portland (Me.), San
Francisco and Seattle, 13%; and Bridgeport and Portland (Oreg.), 12%.
Sales of Department Stores in Metropolitan Area of
New York April 1 to April 15 Declined 20.8%.
Department store sales in the metropolitan area of New
York, according to a report just issued by the Federal
Reserve Bank of New York, declined 20.8% in the 13
shopping days from April 1 to April 15, compared with
the 13 shopping days from April 1 to April 15 last year.
New York and Brooklyn department stores reported a drop
of 21.2% and department stores in Newark a drop of 19.0%.
Wholesale Price Index of National Fertilizer Association Advanced One Fractional Point During Week
Ended April 16.
For the second consecutive week a relatively small number
of important commodity prices advanced, causing the
wholesale price index of the National Fertilizer Association
to rise during the week ended April 16. The latest index
number is 62.3, which is one fractional point higher than for
April 23 1932
the previous week. A month ago the index stood at 62.6
and a year ago it was 73.2. (The index number 100 is
based on the average for the three years 1926-1928). The
Association adds under date of April 18:
During the latest week four of the 14 groups in the index advanced, five
declined and the remaining five showed no change. The groups which
advanced were grains, feeds and livestock, building materials, fuel (including petroleum and its products) and fertilizer materials. The groups which
declined were fats and oils, foods, metals, agricultural implements and
mixed fertilizer. With the exception of the group of mixed fertilizer none
of the other groups declined as much as 1% during the latest week.
Sixteen commodity prices advanced during the latest week, while 33
prices were lower. During the preceding week 11 commodity prices
advanced and 30 commodities showed lower prices. Practically all of the
commodities that advanced during the latest week were heavily weighted
commodities. Included in the list were wheat, cotton, lard, flour, cattle.
petroleum, gasoline, sulfate of ammonia and coffee. Among the commodities that showed price losses were eggs, potatoes, bread, hogs, tin,
silver, calfskin, burlap, silk, wool and mixed fertilizers.
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
6.2
4.0
3.8
1.0
0.4
0.4
0.3
100.0
Latest
Week
PreApril 16 ceding
1932.
Week.
Crow).
Foods
Fuel
Grains, feeds and livestock.Textiles
Miscellaneous commodities._
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural Implements
All grrounR combined
Month
Ago.
Year
Ago,
63.3
60.5
47.8
47.3
61.1
89.2
72.9
71.7
81.2
40.9
87.9
71.1
74.3
92.2
63.7
59.7
47.1
47,3
61.1
89.2
72.7
71.8
81.2
41.5
87.9
70.0
76.2
92.3
63.7
57.8
48.4
49.7
61.6
89.2
73.4
71.2
81.2
47.6
88.8
69.2
77.3
92.3
76.2
63.7
68.2
63.8
69.7
87.8
82.3
80.4
92.2
60.5
90.1
83.9
86.4
95.4
R25
62.2
62.6
73.2
Loading of Railroad Revenue Freight Continues Poor.
Loading of revenue freight for the week ended on April 9
totaled 544,806, according to reports filed by the railroads
with the car service division of the American Railway
Association and made public on April 20. This was a reduction of 155 cars below the preceding week, 192,466 cars
below the corresponding week in 1931 and 366,510 cars under
the same period two years ago. The details follow:
Miscellaneous freight loading for the week ended on April 9 totaled
196,413 cars, an increase of 3,878 cars above the preceding week but 97,272
cars under the corresponding week in 1931 and 187,440 cars under the same
week in 1930.
Loading of merchandise less than carload lot freight totaled 187,687 cars.
an increase of 1,198 cars above the preceding week but 35,944 cars below
the corresponding week last year and 64,944 cars under the same week two
years ago.
Grain and grain products loading for the week totaled 29,026 cars, 150
cars below the preceding week, 7,898 cars below the corresponding week last
Year and 10,927 cars below the same week in 1930. In the Western districts
alone, grain and grain products loading for the week ended on April 9
totaled 17,951 cars, a decrease of 6,209 cars below the same week last year.
Coal loading, reduced by the Illinois and Indiana miners' strike, totaled
88,200 cars a decrease of 6,581 cars below the preceding week. 27,952 cars
below the corresponding week last year and 44,398 cars below the same week
In 1930.
Forest products loading totaled 19.577 cars, an increase of 391 cars above
the preceding week, but 12,997 cars under the same week in 1931 and 37,780
cars below the corresponding week two years ago.
Ore loading amounted to 2,671 ca.s. an increase of488 cars above the week
before, but 3,965 cars under the corresponding week last year and 8,808
cars under the same week in 1930.
Coke loading amounted to 4,059 cars, 349 cars below the preceding week,
3,191 cars below the same week last year and 6,134 cars below the same week
two years ago.
Live stock loading amounted to 17,173 cars, an increase of 970 cars above
the preceding week but 3,247 cars under the same week last year and 6.079
cars below the same week two years ago. In She Western distrcits alone,
loading of live stock for the week ended on April 9 totaled 13,464 cars, a
decrease of 2,850 cars compared with the same week last year.
All districts reported reductions in 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:
1932.
Four weeks in January
Four weeks in February
Four weeks in March
Week of April 2
Week of A pill 9
TntAl
1931.
2,269,875
2,245,325
2,280,672
544,961
544,806
2,873,211
2,834,119
2,936,928
727,852
737,272
7.881.1130
10 100 as9
1930.
3,470,797
3,506,899
3,515,733
908,059
911,316
is 'sin
AAA
The foregoing, as noted, cover total loadings by the railroads of the United States for the week ended April 9. In
the table below we undertake to show also the loadings for
the separate roads and systems. It should be understood,
however, that in this case the figures are a week behind
those of the general totals-that is, are for the week ended
April 2. During the latter period, a total of only 12 roads
showed increases over the corresponding week last year, the
most important of which were tho Montour RR., the Now
York Ontario & Western Ry., and the Ft. Worth & Denver
City Ry.
Financial Chronicle
Volume 134
2981
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
-WEEK ENDED APRIL 2.
Total Loads Receired
from Connections.
Total
Pocahontas DistrictChesapeake & Ohio
Norfolk A Waiter!)
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern DistrictGroup .4:
Atlantic Coast Line
Clinclifield
Charleston a) Western Carolina
Durham & Southern
Gainesville A Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. it Pototn_
Seaboard Air I Me
Southern System
Wanton-Salem Southbound.
2,900
3,1191
11.842
1,026
3,815
16,305
717
311
4,821
9,579
2,098
2.425
11.474
1,043
398
5,880
12.222
2.600
3.259
14.125
1,253
27,685
34,664
40,596
31,751
39,828
6.737
11,492
15,860
375
2,399
9.450
2,146
32,513
1,495
732
625
6,423
5.197
12,130
1,792
985
5,932
21
24.777
1.946
32
193
8.031
6.247
16.026
2.199
1,125
8,263
39
33,218
2.365
28
284
54.561
70,033
83,828
59,428
77,825
576
1,482
8,208
45
221
203
1.274
2,636
6.276
3,212
4.131
4.109
3,414
912
4,959
2,456
624
2,045
10,346
83
355
224
2.024
4,211
8.879
4,490
5,563
6.038
5,659
1,189
6,374
3,666
983
1,751
9,365
117
98
2,206
785
5.968
8.003
175
7,897
3.983
3,836
600
7,054
1.693
1.382
2.382
13,241
101
141
2,716
1.873
8.046
9,974
213
10.946
4.981
5,438
874
9,495
3,333
44,119
61,770
78,728
54.514
75,136
126,365
166,517
203.152
145.693
192,789
26,063
923
33.726
1,749
y43.720
3.520
12,172
931
18.233
2,115
127
6,261
154
242
158
1,147
55,395
11.583
3,777
48
2,746
194
7,751
2
370
133
1.432
76.546
14.708
8.526
40
3,215
238
10.780
897
407
156
1,366
94,723
18.610
12,023
47
4,081
3
9,731
49
14
9
2,979
31.563
14,193
882
1
3.486
6
13.481
55
24
43
4,213
43.802
21,162
2,161
4
4,512
108,624
148.392
191.468
76,013
109.811
16,109
12.251
1.136
2,732
19.674
16.923
2.106
3.258
23.720
21.251
2.833
4.022
5,186
3,117
1.126
313
8.000
4.408
1.807
495
32.278
42.051
51,826
9,742
14,710
9.192
788
466
139
51
1,592
541
377
7.811
18,783
179
14.448
1,253
724
142
97
2,020
630
422
10,773
25,638
206
15,959
1,614
815
201
87
2.634
623
485
12,464
30.118
260
4,119
1.204
837
260
115
1,012
791
3,414
3.153
9,752
683
5,627
1.560
1.116
438
146
1,752
1.056
4.309
4.457
15,108
893
Group B:
Alabama Tenn. & Northern....
Atlanta Birmingham & Coast__
All. & W. p.
-West P.R. of Ala.
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah__ _
Mississippi Central
Mobile & Ohio
Nashville Chattanooga & St. L.
New Orleans-Great Northern
Tennessee Central
Total
Lack of strength in the textile group also contributed to the decline;
bituminous coal and the petroleum group, on the other hand, were higher.
The decline in domestic prices continues part of a world movement, but
the drop has been much more severe or recent months In this country than
elsewhere. In part because In many countries the abandonment of an unrestricted gold basis has had a definitely Inflationary effect. Canadian
prices have declined greatly since November after a small two months'
rise. Their movement downward, however, is relatively gentle compared
with our own, reflecting the restrictions on gold exports: the net decline
in the six months since September amounts to only 1.3%, compared with
a drop in our own country of 9.4%.
In Great Britain also the wholesale price level, as measured by the Board
of Trade, has moved slowly downward since November, after an abrupt
two months' rise when the gold standard was abandoned. Prices there In
consequence are 5.4% higher than In September and stand little lower than
in April a year ago. French prices have advanced 3.4% in the three
months since December. after a decline as precipitous as our own during
the preceding two years, although since France is on a gold basis the rise
cannot be attributed to inflation of the ordinary kind.
German prices continue to decline, although March figures are not
available. The February loss was relatively mild, but followed upon a
1930.
273
688
676
3,854
189
1.015
754
375
704
17,975
14,161
135
125
1,932
2,652
503
369
183
835
1,017
5,332
247
1,135
1,269
470
1,039
22,654
21,892
175
177
2.486
3.487
686
638
344
1,019
1,452
5,812
410
1,543
1,416
500
1.377
29.250
25,712
192
351
3,320
5.118
1,177
649
1932.
147
751
947
2,065
241
367
1.211
393
713
7,521
3,332
373
252
990
1,798
309
427
1931.
265
863
1,215
2.791
334
524
1.648
510
972
10.316
5,313
425
389
1,561
2,717
294
656
46,380
63.722
79,642
21,837
30.793
Grand total Southern District
86,299
120.075
144.902
47.177
67.255
Northeastern DistrictBelt Ky. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw. St. Paul & Pacific_
Chic. St. Paul Minn. & Omaha
Duluth Missabe & Northern_ _
Duluth South Shore & Atlantic
Elgin Joliet & Eastern
Ft. Dodge Des M.& Southern_
Great Northern
Green Bay & Western
Minneapolis & St. Louis
1).11/in. St. Paul & S. S. Marie
Northern Pacific
Spokane Portland & Seattle
1,201
13.473
2.467
15.957
2.930
368
370
3,692
304
7,310
500
1,668
4,401
7.659
1,074
1.654
18,415
2,873
20,975
4,353
711
924
0,360
366
9,112
637
2.327
5,386
10.116
1,219
1,886
22,891
3.895
27.222
5.453
985
1,438
10,511
455
11,029
645
2,935
6.867
12.246
1.874
1,174
7.835
2.552
6.482
2,686
67
331
4.101
132
1,909
351
1.474
1,895
1,878
716
1,384
10,345
2.772
7,925
3,547
129
524
.7.151
214
2,299
511
1.779
2.465
2.675
1.000
63,374
85.428
110,332
33,583
44.720
18,375
2,930
171
14,869
11.741
2,629
832
1,535
152
1,109
446
161
14,106
211
273
11,214
310
1.250
22.566
3,528
193
18,888
14.962
3,127
1,418
2,596
399
1.049
606
132
17,038
290
235
14,010
446
1.522
28.466
4,602
276
24.052
18.076
3,878
1.481
3,057
277
1,614
1.107
175
24,009
377
470
17,034
370
1,508
3,686
1.727
21
5.253
6.507
1,944
758
1,657
7
610
219
21
'3,108
177
620
5,403
7
1.146
4,925
2,841
48
7.291
8,449
2.628
1,167
2.090
8
1,025
282
46
4,300
250
1,027
6.653
8
1.226
82.322
103.005
32.871
44,264
161
125
157
1,547
82
1,471
172
1,368
1,149
328
550
54
4.597
13,004
41
87
7,349
2.019
613
5,617
3.486
1,701
21
208
166
197
2,262
192
5,795
284
1,972
1,615
289
793
108
5.427
17,195
41
79
9.697
2,313
693
6.249
4.711
2,063
35
45,699
62.384 I
Total
Central Western Dist.
Atch. Top. & Santa Fe System_
Alton
Bingham & Garfield
Chicago Burlington & Quincy
Chicago Rock Island & Pacific_
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Fort Worth & Denver City
Northwestern Pacific
Peoria & Pekin Union
Southern Pacific (Pacine)
St. Joseph & Grand Island
Toledo Peorta it Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
Houston & Brazos Valley
Internatfigial-Gnat Northern
Kansas Oklahoma & Gulf
Kansas car Southern
Louisiana it Arkansas
Litchfield & Madison
Midland Valley
Missouri & North Arkansas...-.
Missouri-Kansas-Texas Linea
Missouri Pacific
Natchez ,k Southern
Quetta!) Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
San Antonio Uvalde it Gulf
Southern Pacific In Texas it La.
Texas it Pacific
Terminal RR. Assn. of St. Louis
Weatherford Min. Wells it Nor.
Total
39,919
56.353
65.260
25.340
36.962
Total
s Included iii Baltimore it Ohio ItR. y Estimate 1. z Ineluded in New York Central
"Annalist" Weekly Index of Wholesale Commodity
Prices.
The "Annalist" weekly index of wholesale commodity
prices fell back to 90.8 on April 19 from 91.3 (revised) on
April 12 and 105.5 on April 211931; it still stands, however,
above the post-war low of 90.3 of March 29. The decline
was dominated by the drop of the farm products index to a
new low in sympathy with weak security markets, the grains,
cotton, live stock and hides all reporting definite losses.
The "Annalist" further reports:
1931.
..,
Allegheny DistrictBaltimore it Ohio
Bessemer & I.ake Erie
a Buffalo & SUMIuellanna
Buffalo Creek A Cowley
Central RR. of New Jersey
Cornwall
Cumberland & Pennsylvania
Ligonier valley
Long Inland
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
2.116
3,934
10,330
843
3,122
13,583
736
1932.
0
a
a
.,
Tots,
Grand total Eastern District
1,818
3,055
7,848
735
2,443
11,201
585
NN
Group C:
Ann Arbor
Chicago Indianan.& Louisville_
Cleve. Cin. Chic. it St. Louis_
Central Indiana
Detroit A Mackinac
Detroit & Toledo Shore Llue
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louie
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia
Wabash
Wheeling & Lake Erie
1931.
N00WOZO.WWW..WWW0
Total
1932.
wW.W1-. W00
QINI.Ww
05N.
ao4Ve0-
Group R:
a Buff. Rochester & Pittsburgh_
Delaware & Hudson
Delaware Lackawanna & West_
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western
Pittsburgh it Shawinut
Pittsb. Shawmut & Northern...
s Ulster A Delaware
1930.
800oO.
Total
1931.
W.VONN=WNWOO
1032.
Eastern District
Group .4:
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York N. II. & Hartford
Rutland
Total Loads Received
from Connections.
Total Rerenue
Freight Loaded.
Railroads,
P.. W
NN
.-.00
WN
W000
1.1.... ....i.z....c,bow,ow
,
•C.,.mwa.....4.—o.cooaam,ovaw
i...wyK,c,o,qa^ow.000.moo...co-low
Total Rerenue
Freight Loaded.
Railroads.
2,889
311
101
907
33
1.881
727
1.281
1.002
372
238
250
2,199
6,553
28
76
3.020
1,283
239
2.378
3,298
2.060
35
3,206
217
185
2,484
45
2,371
1,109
2.040
943
646
274
483
2.773
10,217
28
109
4 061
2.287
397
4.047
5.141
2,807
49
75.490
31.161
45,924
decline during the second half of 1931 that was even more severe than our
own, thanks to the active deflationary measures pursued there. Italian
prices continue to decline slowly. The Bank of Japan's domestic index
continued in February the rise inaugurated in November. the total advance
amounting to 9.9% and reflecting the Inflationary measures brought on
by the military activities in Clalna and the financial difficulties of the
Government.
•
DOMESTIC AND FOREIGN WHOLESALE PRICE INDICES.
(1913=100.0)
Per Cent Change
March.
Feb.
Jan.
March.
Month.
-1.3
-0.3
-0.7
+1.4
Year.
United States of America
94.0 109.3
92.3
-16.7
91.1
Canada
108.4 117.3
107.9 103.1
-8.0
Great Britain
105.3 105.8 105.9
104.6
-1.2
I France
427.0 421.0 411.0 492.0
--13.2
Germany
99.8 100.0 113.9
•
•
Italy
•
314.0 317.0 339.0
Japan
•
122.0 120.6 119.6
•
• Not available. a July, 1914=100.0.
. Indices used. U. S. A., "Annalist" Canada, Dominion Bureau of Statistics;
Great Britain, Board of Trade; France, Statisque Generale; Germany,
Federal
Statistical Office. Italy. Bachl, Japan, Bank of Japan.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE
COMMODITY
PRICES (1913=100).
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
I Revised,
April 19 19321 April 12 1932 April 21
1931
71.0
73.1
95.6
94.7
94.6
110.9
75.7
176.2
99.2
130.2
128.0
126.1
98.6
96.6
101.4
107.7
107.7
122.3
95.8
05.8
99.0
83.2
83.8
85.4
90.8
x91.3
105.5
Financial Chronicle
2982
86.8
74.4
82.0
105.6
87.5
67.0
64.3
62.3
62.8
42.1
55.6
58.6
45.0
50.6
70.8
74.3
66.9
68.9
72.8
76.
8
102.3
41.7
36.0
41.4
56.2
46.8
79.1
71.7
80.9
85.0
77.7
73.4
82.4
101.4
80.3
88.9
58.6
68.4
48.2
78.8
84.3
73.9
149.2
98.5
47.9
43.3
29.5
69.1
63.4
53.6
61.4
66.6
60 8
.
55.1
54.7
76.4
65.1
69.1
43.8
74.0
92.4
71.6
64.8
67.2
224.6
21 3
.
21.1
90.0
69.6
66 8
.
62.0
84.4
49.6
48.2
85.7
90.2
77.2
76.9
85.2
88.9
84.5
36.5
78.0
98.1
75.9
69.8
73.4
76.2
73.0
64.6
94.5
66.2
62.4
93.8
86.1
117.1
105.5
60.4
80.3
72.8
79.2
62.9
62.8
72.2
76.4
67.4
30.5
60.6
79.6
57.6
58.5
63.4
51.3
63.4
40.6
75.4
47.8
41.9
55.4
65.9
95.6
75.1
40.2
48.5
71.3
74.8
59.3
62.8
71.2
75.8
69.7
28.3
61.5
84.9
55.3
57.0
62.5
35,6
53.4
41.3
72.4
47.4
41.1
81.9
67.3
96.2
70.0
41.5
51.0
90.2
45.7
72.4
84.3
71.0
65.0
65.9
336.1
24.2
324
92.3
61.9
36.3
34.9
76.0
51.3
34.0
56.9
81.1
54.0
49.8
50.6
227.9
13.7
17.9
77.8
52.2
51.4
41.4
61.6
45.9
31.9
55.6
72,6
53.4
49.0
49.9
234.5
14.8
18.2
73,7
49.8
47.7
43.4
80.3
66.5
53.7
42.3
35.3
89.8
34.0
80.5
72.4
56.5
34.8
53.2
33.9
73.8
59.5
58.3
68.0
67.6
73.9
66.5
81.6
65.3
55.7
34.9
34.4
55.6
48.3
61.4
42.6
65.2
40.9
54.6
33.1
80.1
50.6
46.8
51.1
42.9
85.8
41.1
70.8
52.0
W4
:
59.8
41.4
..WVWC.OWC•4
kim4
-4
.4
1.
77.3
54,7
47.3
68.7
72.1
72.0
52.2
72.4
50.6
69.6
35.2
36.8
64.2
32.8
34.3
67.8
25.4
27.8
54.6
34.4
36.6
63.9
34.8
36.0
55.2
26.0
28.4
47.4
30.6
30.7
50.3
52.5
46.6
71.1
55.1
56.4
68.2
39.9
41.7
55.3
39.2
42.7
63.1
46.7
45.3
61.8
47.4
50.9
66.9
81.8
85.2
88.9
24.1
25.6
45.7
19.9
20.4
41.2
25.1
47.6
27.5
31.4
33.7
52.4
35.4
41.6
66.3
60.2
69.3
70.9
57.7
58.8
73.8
60.9
59.4
70.1
76.5
77.5
94.5
61.0
61.2
77.1
65.9
65.1
83.0
71.9
74.4
94.4
95.3
95.9
110.4
69.7
70.6
87.2
70.9
70.7
86.9
42.7
40.4
78.3
60.1
61.9
74.8
46.3
49.5
52.9
79.7
81.2
98.5
5644
58.6
87.8
65.0
64.3
84.0
150.4 136.6 133.1
107.3
89.7
89.
4
33.2
38.6
58.5
28.4
29.3
53.2
14.2
36.8
14.8
48.4
48.2
87.4
50.8
69.1
61.9
40.3
39.3
86.6
43.1
69.0
45.5
49.4
48.1
67.3
40.1
43.4
62.7
33.1
39.3
76.1
33.1
38.0
67.9
57.8
58.9
82.4
46.6
46.6
68.6
V
64.6
Mar.
1932.
.W MV
month interval.
65.6
81.1
89.8
74.5
88.4
84.3
83.2
75.7
25.6
72.1
84.2
75.1
75.6
81.6
69.3
73.8
61.8
86.2
71.8
General Index
NCoNmoocCCO9RC,
tmeinCol.coo..
Manufacturing Industries.
Employment in manufacturing industries decreased
,
1.7%
as compared with February. and earnings decreased 28%. in March
Per capita
earnings of employees in manufacturing industries decreased 1.2% over the
75.9
86.9
Food and kindred products
Slaughtering and meat packing 90.2
82.3
Confectionery
76.2
Ice cream
87.7
Flour
90.6
Baking_
82.2
Sugar refining, cane
29.4
Beet sugar
81.9
Beverages
99.5
Butter
81.5
Textiles and their products
76.8
Cotton goods
80.1
Hosiery and knit goods
83.2
Silk goods
Woolen and worsted goods- 76.4
76.1
Carpets and rugs
Dyeing and finishing textiles- 95.4
77.5
Clothing, men's
74.2
Shirts and collars
98.6
Clothing. women's
88.3
Millinery and lace goods
enrage and allied garments_ 104.1
104.1
Cotton small wares
89.5
Hats,fur-felt
79.7
Men's furnishings
Iron and steel and their products,
75.0
not including machinery
76.2
Iron and steel
58.6
Cast-iron pipe
75.4
Structural Ironwork
69.3
Hardware
60.1
Steam fittings
64.7
Stoves
Bolts, nuts, washers and rivets_ 83.1
77.9
Cutlery and edge tools
66.5
Forgings. Iron and steel
81.2
Plumbers' supplies
88.8
Tin cans and other tinware
Tools, not including edge tools_ 88.6
92.3
Wirework
54.2
:.umber and allied products
50.3
Lumber, sawmills
55.0
Lumber,millwork
63.4
Furniture
57.3
Turpentine and rosin
82.3
.eather and its manufactures
78.4
Leather
83.3
Boots and shoes
92.4
'aver and printing
82.0
Paper and Pulp
81.9
Paper boxes
93.0
Printing. book and job
Pte., newspapers & periodicals_ 107.9
89.5
ihemtcals and allied producta
98.6
Chenilcais
93.7
Fertilizers
71.5
Petroleum refining
57.8
Cottonseed oil,cake and meal
86.0
Druggists' preparations
104.8
Explosives
82.9
Paints and varnishes
144.8
Rayon
99.3
Soap
65.2
8
teas, clay and glass Products
60.0
Cement
47.7
irick, tile and terra cotta
79.1
Pottery
72.2
Glass
92.3
Marble. granite. slate, &c
tonferrous metals & their prod'ts 72.3
Stamped and enameled ware. _ 72.7
7
Bra. bonze & copper products 70.
80.3
Aluminum manufactures
62.7
Clocks clock movements, ace
92.8
Gas awl eS lie fixtures
80.0
Plated ware
Smelting and refining, copper.
78.1
lead and zinc
52.7
Jewelry
85.0
'obacco manufactures
Chew. & amok. tobacco & snuff 92.2
84.1
Cigars and cigarettes
73.7
_
'ransportation equipment
75.2
Automobiles
303.2
Aircraft
.
Cara. electric & steam railroad_ 32 8
36.7
Locomotives
97.6
Shipbuilding
71.3
:ubber products
.
Rubber tires and inner tubes.- 66 3
55.8
Rubber boot.and shoes
90.1
Rubber goods,other
to.Fachinery not including trans77.5
Donation equipment
66.4
Agricultural implements
Electrical machinery.aPParatu
87.0
and supplies
81.4
Engines and water wheels
Cash registers and calculati
83.7
machines
Foundry & mach.
-shop prod'ts 72.4
72.9
Machine toola
Textile machinery and parts
78•1
89,1
TYPewriters and supplies
74.6
Radio
86.1
!inroad repair shone
82.1
Electric railroads
54.9
st...-am ratIrnfa rl a
Feb.
1932.
CmCC ,
!
MCNO400c.Cm
2
OVils V.WOONNNWWWWW
N
Increased employment was reported in three of these industrial groups.
Anthracite mining reported a gain of 3.5% in number of employees coupled
with an increase of 6.7% In earnings, while the retail trade and dyeing and
cleaning groups reported smaller increases in employment combined with
sllght decreases in earnings. The remaining thirteen groups: Manufacturing, bittuninous coal mining, metalliferous mining, quarrying and
nonmetallic mining, crude petroleum producing, telephone and telegraph,
power and light, electric railroad operation, wholesale trade, hotels, canning
and preserving, laundries, and building construction
reported decreases
In both employment and earnings from
February to March.
Max.
1931.
C4c[...Or.c.vcp.oNcOo.ctcc-c.c0.c0Rct1-,.c0
0
00R.mM0cNc
.
.
Trend of Employment in United States During March
Department of Labor Reports Decrease in Employment and Earnings of 16 Groups.
The Bureau of Labor Statistics of the U.S. Department of
Labor reports the changes in employment and earnings in
March, 1932, as compared with February 1932, based on
returns made by 60,896 eflablishments in 16 major industrial
groups, having in March 4,564,141 employees, whose
combined earnings in one week were $97,584,467. The
combined totals of these 16 groups show a decrease of 1.5%
in employment and 2.4% in earnings. Under date of
April 22 the Bureau further says:
Mar.
1932.
Mar.
1931.
t3
ccm
The supply of farm labor on April 1 was 122% of normal, and the
demand was 63% of normal, the supply as a percentage of demand being
calculated at 193%. The number of persons employed on farms of Government crop reporters on April 1 is reported at 313 per 100 farina compared
with 291 per 100 farms in January.
Smallest wages per month with board ruled on April 1 in the South
Atlantic and South Central States at $13.37, and highest wages were
being paid in the Far Western group of States at an average of $31.18
per month with board. Wages per month without board ranged from an
average low of $20.04 in the South Atlantic States to a high of $49.68
in the Far Western group.
Day wages with board ranged from 67 cents a day in the South Central
States to $1.60 in the North Atlantic group, and day wages without board,
from 90 cents a day in the South Central States to $2.27 in the North
Atlantic States. Nowhere is there a shortage of farm hands, the supply
ranging from 171% of the demand in the North Atlantic States to
205% of the demand in the Far Western group.
Feb.
1932.
Manufacturing Industries.
1
o ootorcoc=
s
.
Farm Wages Show Futher Drop During Period from
January 1 to April 1.
The supply of farm hands was about twice as large as the
effective demand for farm help on April 1, with wages
averaging about 94% of pre-war, according to the Bureau
of Agricultural Economics, U. S. Department of Agriculture.
The April 1 farm wage index was about 4% less than on
January 1, whereas normally there is a seasonal advance
during this period. The Bureau continues under date of
April 12:
These changes are based on reports made by 17,336 establishments in
89 of the principal manufacturing industries in the United States, having
in March 2.858,001 employees whose combined earnings in one week were
$56,607,086.
The leather and the railroad repair shop groups of industries reported
increases in both employment and earnings fi om February to March and
the stone, clay, and glass group showed increased employment coupled
with decreased earnings. The remaining eleven groups reported decreases
in both items.
Increased employment in March, as compared with February, was
shown in 29 of the 89 separate industries upon which the bureau's indexes
of employment and pay roil are based, and increased earnings were reported
in 24 industries. The most pronounced increases in employment from
February to March were seasonal gains reported in the fertilizer and butter
manufacturing industries. Other substantial increases in number of
workers,largely seasonal, were reported in the women's clothing, millinery,
men's furnishings, car building, and boot and shoe industries. The silk,
radio,and woolen and worsted goods industries reported the greatest fallingoff in employment from February to March.
In March, 1932, 13.015 operating establishments in 89 manufacturing
industries reported an average of 86% of full-time operation, this being
% lower than the average reported in February 1932.
INDEX NUMBERS OF EMPLOYMENT AND PAY-ROLL TOTALS IN
MANUFACTURING INDUSTRIES.
(12 Months Average 1926..100)
Envies/went.
°on moo neitnoo
Weather Conditions Affecting Sales According to
Survey by National Association of Credit Men.
Reports of adverse weather conditions affecting seasonal
trade conditions are common in the April survey of nationwide sales and collections published April 18 in "Credit
and Financial Management," official publication of the
National Association of Credit Men. The survey covers
106 of the leading trading centers of the country. Of the
106 cities reporting 50% note sales to be fair while the remainder report slow selling conditions. Collections are
reported good in only one city of the country, Flint, Mich.,
While none of the correspondents noted good sales. Approximately 55% of the reports found collections to be fair, the
rest noting slow collections.
In general the most optimistic reports came from the
middle section of the country. Michigan sends word that
"there has been a noticeable slump in conditions In Detroit,
but the public hope is pinned upon the Ford Motor Company's
early opening. Flint reports the very good news that there
has been a marked change in conditions from slow to good."
It is stated that Minnesota also finds encouraging trends
stating that "there is evidence of activity on the part of
some firms, principally national distributors-apparent
preparation in anticipation of the marked improvement in
sales, and there seems to be actual confidence where confidence has been lacking for a long time." Oklahoma finds
"collections and sales tightening up a bit in Oklahoma
City, while Tulsa reports a strong indication of improvement
In collections and sales." Indiana believes that there appears to be a slight improvement in collections in Terre
Haute and sales have improved somewhat although factories
are still below normal in operations.
Correspondents in the New York area which includes
the whole Metropolitan District report sales and collections
fair generally, with a slight pick-up in some sections.
April 23 1932
Financial Chronicle
Volume 134
United States Department of Labor's Survey of Building
-Increase in Cost of New
Operations in United States
Residential and Non-Residential Buildings During
March.
Building permit reports have been received by the Bureau
of Labor Statistics of the United States Department of
Labor from 355 identical cities of the United States having a
population of 25,000 or over, for the months of February
1932, and March 1932. The estimated cost of all buildings
for which permits were issued in these 355 cities in March
1932 was $45,390,806. This was 10.1% more than the
estimated cost of building operations for which permits were
issued during the month of February 1932. There was an
increase of 23.9% in the number of buildings for which
permits were issued, comparing these two periods. Comparing permits issued in March 1932, and February 1932,
there was an increase of 24.9% in the number and an increase
of 18.1% in the cost of new residential buildings. New
non-residential buildings increased 30.8% in number and
9.8% in estimated cost. Additions, alterations and repairs
increased 21.6% in number and 1.0% in estimated cost.
During March 1932, 3,699 family dwelling units were provided in new buildings. This is an increase of 18.1% as
compared with February. The Bureau's survey issued
April 22 further states:
Various agencies of the United States Government awarded contracts
during March for buildings to cost $11,199,589. This is nearly $4,000.000
more than the value of contracts awarded during February.
Comparing permits issued in 346 identical cities in March 1932, and
March 1931. there was a decrease of 59.7% in number and a decrease of
72.8% in the cost of new residential buildings. Non-residential buildings
decreased 44.3% in number and 74.1% In cost. Additions and alterations
decreased 20.4% in number and 48.3% in cost. Total building operations
decreased 34.0% in number and 70.5% in estimated cost. Family dwelling
units provided decreased 69.1%.
Permits were issued during March 1932, for the following important
building projects In Boston for an institutional building to cost nearly
$300,000: in the Borough of Richmond for a public-school building to cost
$360.000; In Atlanta for a school building to cost $330,000; in Los Angeles
for a public utilities building to cost $750,000; contracts were awarded by
the supervising architect for a postoffice at Rockford, Ill., to cost over
$500.000; for a post office and Federal court house in Detroit to cost over
$3.000,000- for a pose office at Davenport,Iowa, to cost over $375,000;for a
pest office and Federal court house at Montgomery, Ala., to cost nearly
$300.000.
ESTIMATED COST OF NEW BUILDINGS IN 355 IDENTICAL
CITIES. AS
SHOWN BY PERMITS ISSUED IN JA NUARY AND
FEBRUARY 1932
BY GEOGRAPHIC DIVISIONS,
Ness Residential Buildings,
Geographic Division. Cistiss.
Estimated
Cost.
Feb. 1932.
New England
Middle Atlantic
East Norte Central
West North Central,
South Atlantic
South Central
Mountain and Pacinc
Total
Per cent of change
53
70
04
25
39
35
39
355
,
Geographic Division. Cities.
53
70
94
25
39
35
39
Total
355
Per cent of change_ _.
Feb. 1932.
Mar. 1932.
81,107,173
4,986,488
1,579,968
916,100
1,705,979
837,907
2,938,4.57
117
1,244
237
180
344
335
674
219
1,108
363
244
414
359
992
511,838,080 $13,982,070
+18.1
3,131
3,699
+18.1
$820,232
4,891,747
1,151,040
647,795
1,557,805
727,078
2,242,583
New Non-Residential
Buildings,
Estimated
Cost.
Feb. 1932.
New England
Mid iie Atlantic
East North Central
West North Central_
South Atlantic
South Central
Mountain and Pacific
Afar. 1932.
Families Provided for in
New Dwellings.
51,860,478
4,477,967
5,082,075
384,134
2,198,828
2,202,594
3,423,481
Mar. 1932.
$839,495
3,771,335
5,264,420
1,085.463
2,256,884
4,243,933
4,121,307
Total Construction
(including Alteratiosu
and Repairs).
Estimated Cost.
Feb. 1932.
84,241,097
12,364,538
7,525.428
1,535,819
4.902,353
3,590,203
7,056,371
Mar. 1932.
23,058,555
11.901,833
8,422,146
2,592.450
5,004,026
5,797,577
8,616,389
319,629,557 $21,562,837 841,215,809 545.390,806
+9.8
Builders to Cut Pay of 115,000 Workers-Employers
Post Notice of New Scale, Down 20 to 35%, to Go
Into Effect on May 1.
By order of the Board of Governors of the Building Trades
Employers Association the executives of 30 trade groups in
the association began posting notices on April 18 announcing
wage reductions of between 20 and 35% for 115,000 building
trades workers beginning May 1. The New York "Times"
authority for the foregoing, further said:
The notices constitute the final statement of the employers to the
thirty unions that the new scale of wages will be in effect on May 1 and
continue until Dec. 81 1933.
The last compromise offer made by the executives of the Building Trades
Council, led by John Halkett, president, was an offer of a 15% reduction
for a limited period. This the employers refused. The union officials will
hold another meeting to-day with the executive committee of the Building
Trades Employers Association.
No Change in Policy Likely.
To-morrow the board of governors of the employers' association will
hold its monthly meeting and whatever appeal may be made by the mechanics
to-day will he passed on to the governors to-morrow. At the offices of the
employers' association, 2 Park Avenue. it was said that there was no
2983
likelihood that there would be any change in the policy already determined
upon, which has been the subject of negotiations since last February.
In effect the new wage scale is a return to the terms of the agreement
which was in effect in 1923. While only a few unions are in the group
whose wages are being lowered the minimum 20 or the maximum 35%,
most of the unions will be paid about 25 to 30% less than the prevailing
scale.
The present wage scale for most of the trades went into effect on Aug.
24 1929, when the five-day week was adopted for the majority of mechanics
and their helpers.
The first announcement of the proposed wage reduction was made by
C. G. Norman, chairman of the employers' board of governors, at a
meeting of the New York State Association of Building Employers held
in this city late in January.
Much Wage "Bootlegging."
Mr. Norman explained that the employers were of the opinion that the
scales adopted by them would do much to stabilize conditions in the industry and to eliminate the "bootlegging" which has been going on
the last year. He declared that in the last year wage scales lower Cm.,
the announced ones have been paid and that many carpenters and bricklayers have been glad to work for $7 or $8 a day.
While the Building Trades Council, through President Halkett, has announced that it would "resist" the wage reductions, it was believed in
employers' circles that there would be no strike on May 1. It was regarded as likely that the unions would accept the reduction but would not
sign an agreement for the time being, in the hope that they might be in a
more advantageous bargaining position if employment conditions became
better.
The principal trades affected, their present daily wage scale and the
new scale are as follows:
Bricklayers, $15.40, reduced to $12; plasterers, $15.40 to $10; carpenters, $13.20 to $10; painters, $13.20 to $10; iron workers, 15.40 to $12;
plumbers, $13.20 to $10; electrical workers, $13.20 to $10.
Output of Electricity During the Week Ended April 16
Off 9.8% as Compared with the Corresponding
Period Last Year.
The production of electricity by the electric light and
power industry of the United States for the week ended
Saturday, April 16, was 1,480,738,000 kwh., according to
the National Electric Light Association. The Atlantic seaboard shows a decrease of 3.0% from the corresponding week
last year, and New England, taken alone, shows a decrease
of 5.3%. The central industrial region, outlined by Buffalo,
Pittsburgh, Cincinnati, St. Louis and Milwaukee, registers
as a whole a decrease of 13.5%, while the Chicago district.
alone shows a decrease of 9.7%. The Pacific Coast shows a
decline of 12.9% 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:
1922
Weeks
Ended.
Jan. 2_ __
Jan. IL__
Jan. 16_
Jan. 23_ _
.
Jan. 30__ Feb. 6...
Feb. 13_ __
Feb. 20_ _ _
Feb. 27._
.
Mar. 5_ _ Mar. 12_ _ _
Mar. 19-Mar. 26_ - _
Apr. 2._ ..
Apr. 9___
Apr, 16___
AlonthsJanuary - -.
February_ _
1932.
1931.
1930.
1929.
Under
1931.
1,523,652,000
1,619,265,000
12302,482,000
1,598,201,000
1.588,987,000
1,588,853.000
1.578,817.000
1,545,459,000
1,512,158.000
1,519,879.000
1,538,452.000
1,537,747,000
1,514,553,000
1.480,208,000
1,485.076.000
1,480,738,000
1,597.454,000
1,718,508,000
1,716,822,000
1,712.786,000
1,687,160.000
1.679.016.000
1,683,712.000
1.680.029,000
1,833,353.000
1,664.125,000
1.678,422,000
1,882.437.000
1,680.407,000
1.679,764,000
1,647.078,000
1,644253,000
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
1,733.476.000
1,542,000.000 4.6%
1,733.818,000 5.5%
1.736.725.000 8.7%
1,717,315.000 6.7%
1,728,203,000 5.8%
1.726.161.000 5.4%
1,718,304.000 6.2%
1,699.250.000 8.0%
1.706,719.000 7.4%
1.702,570.000 8.7%
1,687.229.000 8.2%
1,683,282.000 8.6%
1,679.660.060 10.3%
1,663.291.000 11.9%
1.690,543,000 11.1%
1.705.331.000 9.8%
7.014.068.000 7,439,888,000 8.021,749.000 7,585.334,000
A AIR 24A ono a 705.564.000 7.066.788.000 6,850.85.5.000
6.7%
8.1%
Note.-Tbe monthly figures shown above are based on reports covering annum!.
mateiy 92% of the electric light and power industry and the weehlF figures are
based on about 70%.
Current Business Conditions According to the Statisticians of the National Industrial Conference
Board.
Business activity in some lines showed slight improvement in March, in response to seasonal influences says the
Conference of Statisticians in Industry under the auspices
of the National Industrial Conference Board, Inc. Where
upturns were evident, however, they were but a fraction of
what is normal for this time of year. Productive activity on
the whole increased less than a seasonal amount Distribution by rail freight also showed gains that do not measure up
to expectations for this time of the year. Retail trade
likewise showed gains that were below seasonal. The
report continues as follows:
Automobile production and building and engineering construction activity
in March both showed improvement, but less
than the normal amount.
Bituminous coal produced during the month increased
more than the seasonal percentage over production in February.
Anthracite shipments increased seasonally. Steel ingot and pig iron
production declined, when
normally the February to March movement is an increase. Electric power
production and standard cotton cloth output declined more than seasonally.
The total number of automobiles and trucks produced
in the United
States and Canada is estimated at 130,700 for the month of March, reflecting an estimated increase of 6% over output in February. The average
seasonal increase in recent years was 26%. Production in March was CM
under that of a year ago.
2984
The dollar value of building and engineering contract awards in March,
as compiled for 37 states east of the Rocky Mountains by the Ir. W.
Dodge Corporation, amounted to $112,234,500. Awards for the month were
26% greater than during February; the monthly increase in recent years
averaged 45%. Residential construction increased 36% during the month
to a total value of $33,208,600, while the normal seasonal increase averaged 43% in recent years. Total awards 70% under the level of March,
1931, while residential awards were 67% below. Building costs in March
were more than 7% under their level of a year ago.
Bituminous coal mined in March totaled 32,320,000 net tons, according
to preliminary estimates. The increase of 15% brings production to a level
5% under that of a year ago. In recent years total output in March averaged
approximately the same as production in February. Anthracite shipments
totaled 3,914,711 tons in March, increasing 17% over shipments in February.
Steel ingot production declined during the month, moving counter to
seasonal expectations. Average daily output amounted to 52,253 gross
tons, which was 10% under average daily output in February; the seasonal
movement in recent years was a 6% increase. Pig iron production declined
in March by 6% on an average daily basis to an output of 31,201 gross
tons; the seasonal movement between February and March Is a 4% increase.
Unfilled orders with the United States Steel Corporation at the end of
the month totaled 2,472,400 gross tons which was 3% under orders at
the beginning of the month. Steel operations estimated by the American
Iron and Steel Institute were at an average capacity in March of 24.7%.
Electric power produced during the month averaging 1,520 million
kilowatt hours per week declined under output in February by almost
took
2.5%, which is slightly more than seasonally. Most of this decline
place in regions of heavy manufacture and in sections demanding current
fer irrigatien pumping in dry periods.
per
Production of standard cotton cloth, averaging 57 million yards
February,
week, declined in March by 7% under average weekly output in
month to
the
while a 3% decline is seasonal. Sales declined sharply during
56% of prod:teflon ; shipments were 93% of production.
rail freight showed a 1% increase in March as
Total distribution by
to
compared with February, with average weekly loadings amounting
merchan566,500 cars; the normal seasonal upturn is 4%. Shipments of
3% to an average weekly total
dise and tniscellareous freight increased by
years averaged 10%.
of 374,900 cars, while the seasonal upturn in recent
by 9%
The dollar value of department store sales in March increased
the normal seasonal
over values in February, moving upward less than
in March was 20% under
amount of 11%. The total dollar value of sales
to an
sales in March, 1931, while per diem sales were 23% lower, owing
extra trading day this year as compared with March a year ago. Taking
volume of
Into account lower prices as compared with a year ago, the
sales is approximately the same. The dollar value of five and ten cent store
over the February total, while an 18%
sales increased by 14% in March
increase has been observed in recent years.
Wholesale prices declined during the month by a fraction of 1%, continuing the downward drift of average prices in recent months. Signs
of stability were in evidence in the prices of metals, metal products, and
building construction materials. For the first time in five months, the
average of prices received by farmers advanced over prices for the previous
month. Prices of meat animals, fruits and vegetables, and cotton and
cottonseed showed gains; grain prices were steady. At this time of the
year the tendency of these prices is usually downward.
Commercial failures in March increased in /limber and in the amount of
liabilities incurred over their records for February. The number of failures
Increased to a total of 2,951, an 8% increase for the month; the average
seasonal increase is 4%. Liabilities incurred totaled $93,780,000, an increase of 10%, while the seasonal was 7% in recent years.
Preliminary estimates of employment in manufacturing industry in
March show a decline of approximately We under employment in February;
weekly earnings declined again, primarily because of a decline in the
number of hours worked. Hourly earnings declined slightly during the
month. The cost of living also moved down somewhat.
On the whele, business activity in March increased over the total volume
of activity in February by an amount that was less than seasonal. Though
the total volume of business showed slight improvement, it must be
viewed in the light of movements normal at this time of the year.
Industrial Employment Conditions in Ohio and Ohio
Cities
-March Employment in State Shows Decline
of 2% from February.
The Bureau of Business Research of the Ohio State University states that "the halting of the employment decline
in Ohio in February was a temporary phenomena, the long
oontinued decline having been resumed again in March when
total industrial employment in the State declined 2% from
-year period March
February, although during the past 5
has shown an average gain of 2% from February. The
Bureau's survey of industrial employment in Ohio and Ohio
Cities continues:
less
The total volume of employment in the State In March was 16%
less
than in March. 1931. and for the first quarter of 1932 averaged 14%
comparing percentage
than during the corresponding quarter of 1931. In
employment had
declines In 1932 with 1931. It should be remembered that
so that 1932 declines
been declining for a period of 18 months prior to 1931
The March decline
are declines from a relatively low level of employment.
-seasonal decline in manufrom February was caused primarily by the contra
-manufacturing employment
facturing and construction employment, non
March. Manufacturing
having remained relatively stable throughout
February and construction ememployment declined 2% In March from
employment was in contrast
ployment,7%. The decline In manufacturing
the decline in construction
With a 5
-year average March increase of 2%.and
Increase of 7%. As compared
-year average March
employment, with a 5
manufacturing Industry,
With March.1931,employment declined 17% in the
the construction Indus10% In the non-manufacturing industries, 51% in
first quarter of 1932. as
tries, and 16% in all industries combined. For the
1931, manufacturing employl
Compared with the corresponding quarter of
10%. construction
ment declined 14%; non-manufacturing employment,
employment, 44%; and employment In all industries combined. 14%.
Although 325 of the 929 concerns reporting to the Bureau in February
reported some increase In employment. and 146 concerns reported no further
declines. only 2 of the major manufacturing groups of industries reported
employment increases and in both of them groups, the chemicals and the
stone, clay and glass products groups, the 1% increase was less than the
average March increase of 3%. The relative stability In employment in
when seasonthe rubber products industry in the State represents a decline
-year period March has averaged an
ally adjusted, since during the past 5
April 23 1932
Financial Chronicle
employment increase of 1%. The March employment decline In the other
eight manufacturing groups ranged from 1% in the food products and the
miscellaneous manufacturing groups to 4% in the lumber products and
the metal products groups, and amounted to 2% in the machinery, the
paper and printing, and the vehicles groups, and to 3% In the textile
products group. The 1% decline in the food products and miscellaneous
manufacturing group was no greater than the average March decline
In these groups during the past five-year period, indicatil g employment
stability in these two groups. The declines in all the other groups, however. were either substantially greater than the average March decline
or in contrast with an average March increase.
As compared with March, 1931, employment declines in the major
manufacturing groups ranged from 4% in the rubber products industry to
24% in the vehicles industry, and amounted to 5% in the food products
industry, 8% in the chemicals and the paper and printing industries. 7%
in the textile industry, 11% In the lumber products industry, 14% in the
stone, clay and glass products and the miscellaneous manufacturing industries, 22% in the machinery industry, and 23% in the metal products
Industry. For the first quarter of 1932 as compared with the corresponding
quarter of 1931,employment declined in all the major manufacturing groups
of industries in the State. the declines for the quarter ranging from 4% in
the textiles products industry to 23% in the vehicles industry, and amounting to 5% in the rubber products and the food products industries, 8% In
the chemical and the paper and printing Industries,9% in the miscellaneous
manufacturing industry, 11% in the lumber products Industry, 13% in the
stone,clay and glass products industry,18% in the metal products industry,
and 19% in the machinery industry.
In the vehicles industries, of which automobiles and automobile parts is
the principal industry, the 2% employment decline in March from February
-year average increase of 4%. The total
was in sharp contrast with the 5
volume of employment in this industry in March was 24% less than in
March, 1931. and,for the first quarter of 1932,23% lees than in the corresponding period of 1931.
In the metal products industries, the 4% decline in March from February
-year average March increase of2%,
likewise was in sharp contrast with the 5
and the total volume of employment in March was 23% less than in the
the volume for the first quarter of 1932 fell
same month of last year, while
18% below the first quarter of last year.
In the machinery industry, the 2% decline In March was In contrast with
an average March Increase from February of 1%, and the total volume of
employment in March was 22% less than in the corresponding month of
last year, while the volume for the first quarter of 1932 declined 19% from
the same period in 1931.
In the rubber products industry, in which tire and tube manufacturing is
the chief industry, there was substantially no change in employment in
March as compared with February. During the past 5 years, however,
employment in the rubber products industry has averaged an increase of1%.
The total volume of employment in the rubber products industries in March
fell 4% below the volume in 1931. while employment during the first quarter
of this year averaged 5% less than during the corresponding quarter of
last year.
Employment declined in March from February in 5 of the 8 chief cities of
the State, remained substantially unchanged in 2 cities and increased
slightly in one city. The unchanged condition of employment in Akron and
Toledo In March as compared with February represented the usual stability
in Akron but a slight decline, when seasonally corrected, In Toledo since
March employment in Toledo has averaged an increase of 4% during the
-year period. The 1% increase In Columbus in March from Febpast 5
ruary represented only seasonal improvement. The March employment
declines in the other chief cities of the State ranged from 1% In Dayton and
Stark County, of which Canton Is the principal city, to 6% in Youngstown,
and amounted to 2% In Cleveland, and 3% in Cincinnati The March
decline in each of these cities was In contrast with a substantial March
-year period, the average increase for March
Increase during the past 5
amounting to 1% In Cincinnati, 3% in Cleveland. Dayton. Youngstown,
In all
and Canton. As compared with March, 1931. employment declined
ranging from 5% in Almon to 35%
the chief cities of the State, the declines
in Columbus and Dayton,
in Youngstown and Canton,and amounting to 0%
In Toledo.
15% In Cincinnati, 18% in Cleveland. and 21%
Manufacturing employment In March declined in all the chief cities of
which reported no change from
the State except in Akron and Columbus.
al Increase.
February. and in Toledo. which reported a less-than-season
declined more than seasonally In 4 of the
Non-manufacturing employment
the increase in 3 of these cities being
chief cities and Increased in 4 cities with
more than seasonal. The declined in non-manufacturing employment
and Canton; the increases,
occurred in Cincinnati, Toledo, Youngstown,
Construction employment
In Akron, Cleveland. Columbus. and Dayton.
In Akron, Cleveland, and Youngstown, and showed no
In March Increased
Only in Youngstown. however,
further decline in Columbus and Canton.
greater than the
was the March Increase in construction employment
seasonal increase.
March. 1931. all types of employment declined in all
As compared with
first quarter of 1932, all types of
the chief cities. Likewise during the
employment declined from the corresponding quarter of 1031. when, it will
already reached a relatively low level as
be remembered, employment had
prior to January, 1931.
the result of the 18 months of constant decline
INDUSTRIAL EMPLOYMENT IN OHIO.
In Each Series Average Month 1928 Equals 100.
of the month or nearest
(Based on the number of persons on the payroll on the 15th
representative day as reported by co-operating firms.)
Industry.
No. of
Repot- Index
March
Ogg.
lrtrms. 1932.
Change
from
Feb.
1931.
+1%
-1
-4
-2
-4
-2
Average
Change Change
from
March
from
March
Feb.
1931.
1927-31.
+2%
-1
--I
+1
+2
+1
-8%
-5
-I1
-22
-23
-8
-4
-14
-7
-24
-14
NI
. A
Average
Jan.March
Change
from
1931.
-8%
Chemicals
Food products
Lumber products
Machinery
Metal products
Paper and printing
Rubber products
Stone, clay &glass prod'ts.
Textiles
Vehicles
Miscellaneous manufaeg-
18
52
31
110
164
55
22
71
44
56
44
85
09
57
72
58
94
65
65
87
65
90
+1
-3
--2
-1
+2
+1
+4
-1
Total manufacturing_
3ervIce
Trade
['ramp. dr public utility
667
45
26
17
69
101
70
80
-2
-1
+2
-2
+2
+2
+3
+I
-17
-7
--6
-15
-14
5
. -5
-14
Total non-manufweg- _
:ionstruction
88
174
77
26
0
-7
+1
+7
-10
-51
-10
-44
929
70
-2
+2
-16
-14
All industries
o
+1
-5
-11
-19
-18
-8
-5
-13
-4
-23
-9
Volume
2985
Financial Chronicle
134
Comparison by National City Bank of New York of
Corporation Profits for Three-year Period (19291931).
A comparison of corporation profits for the three years
1929-1931 is furnished in the April "Bulletin" of the National City Bank of New York. In its showing for 1,302
companies the bank reports aggregate profits of $3,524,000,000 in 1929, 81,937,000,000 in 1930, and $718,000,000 in
1931. No net income was reported in 1929 by about 8% of
the companies; in 1930 deficits were indicated by 23%, while
in 1931 deficits were shown by 41% of the companies. We
quote as follows from the bank's April "Bulletin":
The past month has practically completed the publication of annual
statements for the year 1931, and our summary of manufacturing and
trading corporation profits has been brought down to date to include more
than 1,300 individual companies. In the revised tabulation given on the
following page the trend in the major industrial groups is similar to
that indicated by the previous tabulation of 900 companies, although the
addition of later reports has increased somewhat further the percentage
decline of profits in 1931 as compared with 1930. Figures are also given
for the 156 Class I railroads, 60 leading public utility companies supplying
electric light, power, gas, &c., the 24 operating companies of the Bell
Telephone System, 60 fire gnd casualty insurance companies, and 18
finance companies, making a grand total in excess of 1,600 corporations.
A three-year comparison of the net profits, after all charges but before
dividends, will show the extreme fluctuation that occurred between the
unusually high records in 1929 and the low level of 1931. Whereas the
year 1930 brought a marked contraction in volume of business, accompanied
by severe inventory losses, the year 1931 was one of plumbing the depths
of depression and of thorough "house-cleaning" in the preparation of
financial statements. Heavy charges were made last year for losses actually
realized and against future contingencies, including the writing down of
fixed assets so as to recognize the decline in real estate values as well as
obsolescence, writing down receivables, investments in affiliated companies,
and marketable securities; and in many Instances there was a scaling
down of capital.
Aggregate profits of the industrial and merchandising companies in 1929
were approximately $3,524,000,000, and for the identical group of companies declined in 1930 to $1,937,000,000, and in 1931 to $718,000,000.
No net income was reported in 1929 by about 8% of the companies, whose
combined deficits amounted to $68,000,000, while in 1930 there was 23%
with deficits of $227,000,000, and in 1930 there was 41% with $533,000,000,
all of which have been deducted in arriving at the net totals given. These
companies had a combined "net worth," made up of outstanding preferred
and common stocks and surplus account at the beginning of 1931 of
$29,231,000,000, while the corresponding totals for 1930 and 1929 (not
shown in the tabulation) were $29,060,000,000 and $26,091,000,000, respectively. Average rate of profits return on net worth for the industrial
group as a whole was 13.5% in 1929, 6.7% in 1930, and 2.5% In 1931.
In the case of the railroads and other public utility companies given
separately at the bottom of the table it should be noted that inasmuch as
these rates refer to income to stockholders only, after payment of interest
charges on borrowed capital, represented by bonded indebtedness, they are
not the same as rate of return on property investment.
The disastrous decline in business activity and in prices resulting from
the world-wide depression has affected practically every organization, not
only the well known corporations which publish their statements but also
the much greater number of small companies and firms for which figures
are not publicly available. Difficult conditions were common to all,
and a composite statement, therefore, presents an approximate picture of
the collapse in earnings that occurred. There were, of course, certain
lines of business that were affected less severely than were others, because
of special circumstances, while a very creditable record in resisting the
downward trend has been achieved by numerous companies due to unusually
able and aggressive management.
Last year there were 143 concerns in various different lines of industry
that reported higher profits than those of the previous year, while 38 companies changed from a deficit to a profit and 120 companies operated at a
smaller deficit in 1931 than in 1930, making 301 favorable changes in
all, or 23% of the total. Many of these companies were engaged in the
production of so-called "specialties" rather than basic commodities, and
many, because of their relatively rmall size, were able to readjust their
operations to the lower level of costs more promptly than were the leading
organizations in the same industry. On the other hand, it was found that
numerous large companies showed a very creditable ability to control their
costs and had only a moderate decline in earnings.
Utility and Financial Companies.
public utility
In the group other than manufacturing and trading, the
of 60
companies made an exceptionally good showing. Combined net profit
separate figures for
leading systems (excluding holding companies where
are available) declined only 4% from
the principal operating subsidiaries
in consumption of
1930 to 1931, reflecting the high degree of stability
major portion
electricity and gas by domestic customers, which provide the
by large industrial
of revenues and have offset the decline in consumption
was down slightly.
users. Net income of the telephone companies
off In both
The railroads, on the other hand, suffered a continued falling
exactly onefreight and passenger traffic, gross revenues in 1931 being
be reduced
third below those of 1929. As operating expenses could not
operating income.
to a corresponding extent, there was a sharp drop in net
interest and other charges, but
Net profit remaining after payment of
before dividends, was at the rate of only 1% on the preferred and common
stock and surplus of the Class I railroads as a group, and many individual
companies reported actual deficits. Some improvement in earnings Is
indicated by the February 1932 statements, 21 out of 53 which have been
published to date showing a gain in net operating income as compared with
the same month last year. The wage reduction which went into effect
Feb. 1 was doubtless an important factor in the change.
Insurance companies suffered a severe depreciation in the value of their
bond and stock investments, which are customarily adjusted to market
value at the end of each year. Because of the abnormally low quotations on
Dec. 31 last, insurance commissioners of a number of States authorized the
companies to use quotations as of June 30 1931,or thereabouts, as representing
more reasonable valuations than those of the temporary demoralized market.
SUMMARY OF BUSINESS PROFITS FOR THE YEARS 1929-1930-1931.
Net Profits are:shown after depreciation, interest, taxes, and other charges and reserves, but before dividends. Net worth includes book value of Outstanding preferred
and common stock and surplus account at heeli fling of each year.
Annual Net Profits-Fiscal Years,
•
No.
13 Agricultural implements
17 Amusements
28 Apparel
26 Automobiles
48 Auto acctssorles
16 Aviation
18 Bakery
44 Building materials
28 Chemicals
20 Coal mining
15 Confectionery and beverages
42 Cotton mills
9 Dairy products
21 Drugs and sundries
47 Electrical equipment
6 Fertilizer
39 Food products-mLscellaneous
6 Furniture
13 Hardware and tools
22 Heating and plumbing
37 Household goods
57 Iron and steel
12 Laundry and cleaning
10 Leather tanning a
9 Lumber
72 Machinery
18 Meat packing
43 Merchandise-Chain stores
27 Merchandise Department stores
8 Merchandise-Mall order
12 MerchandLso--Wholeeale, 34e
14 Mining, copper
20 Mining, other non-ferrous
15 Office equipment
9 Paint and varnish
30 Paper and products
52 Petroleum
9 Petroleum-Pipe line
26 Printing and publishing
23 Railway equipment
22 Real estate
0 Restaurant chains
20 Rubber tires, &e
9 Shipping
10 Shoes
18811k and hosiery
9 Stock yards
12 Sugar-Cuban
20 Sugar-Other
20 Textile produets Miscellaneous
25 Tobacco
7 Warehouse and storage
4 Wool
99 MLscellaneous, manufacturing
41 Miscellaneous-Services
1,302 Total manufacturing and trading
156 Class I railroads
60 Electric light, Arc. b
24 Bell Telephone companies
60 Insurance companies c
18 Finance companies
-
1929.
Industry.
1930,
1931.
Per Cent Change.
1930-31.
1929-31.
Net 1Vorth
Jan. 1
1931.
Rate of Return-Per Cent,
1929.
1930.
14.3
17.0
12.5
22.0
19.7
14.7
15.1
8.7
18.0
3.4
25.0
3.3
20.8
21.9
19.2
4.0
15.3
7.3
11.8
4.4
9.2
5.5
3.9
13.8
4.8
11.2
3.3
23.3
575,659.000
42,077,000
21,439,000
355,909,000
68.212,000
21,285,000
52,882,000
56,235,000
204,9730300
20,875,000
42,805,000
11,561,000
47,699,000
79,977,000
175,284,000
5,295,000
120,010,000
2,128,000
16,724,000
52,844,000
35,093,000
409,721,000
2,698,000
18,276.000
1,710,000
78,116,000
30,586,000
122,556,000
35,818,000
44,988,000
8,775,000
123,452,000
98.717,000
47,994,000
14,135,000
18,805,000
345,231,000
12,934,000
52,177,000
64,884,000
20,235,000
8,439,000
36,543,000
15,201,000
25,415,000
9,829,000
6,215,000
x1,125.000
20,031,000
77,993,000
112,148,000
3,485,000
x5,503,000
138,799,000
35,970,000
$42,198,000
33.081,000
7,735.000
160,600,000
22,455.000
6,303,000
50,463,000
32,488,000
151,140,000
19,697,000
42,946.000
x15,283,000
53,280,000
81.922,000
103,574,000
6,704,000
97,423.000
x2,145,000
5,061,000
20,472,000
9,552,000
191,315,000
2,280.000
16,399,000
1501,000
39,111,000
28,157.000
94,681,000
20,761.000
$3,523,800,000
51,936,635,000
5718,066,000
-62.9
-70.6
$29,230,851,000
13.5
5896,807,000
414,760,000
217,105,000
72,988.000
36.575.000
8523,908,000
419,822,000
201,646,000
1107,503,000
35,297.000
z$131,000,000
404,221.000
193,379,000
-75.0
-3.7
-4.1
-85.4
-2.5
-10.9
-23.9
26,859,000
1144,998,000- --
- .
-260
$12,998,37li,000
4,846,807,000
2,856,211,000
824.507,000
325,096,000
7.0
10.6
11.2
8.7
17.4
-
8,026,000
1983,000
20,774,000
42,785,000
29,383,000
2,816,000
10,518,000
158,623,000
11,974,000
41.580,000
53,276.000
16,667,000
7,299,000
x17,501,000
6,697,000
9,731,000
x1,433,000
5.777,000
x11,090,000
18.394,000
4,155,000
120,229,000
2,961,000
18,715.000
82,472,000
23,089,000
:86,057,0005587.889,000
303,319,000
7
- 2:i
--134:0
11,713,000
167,133,000
------12,994,000
1,680,247,000
-81.1
-58.2
67,114,000
385,033,000
____
---x331,000
164,585.000
-76.6
-21.0
4.980,000
367,614,000
-23.4
-19.8
40,489,000
678,348,000
x86.000
1,433,100,000
-43
------ :i
-23.9
115,081,000
600,389,000
-67.2
-65.5
6,787,000
187,731,000
-11.0
-11.3
38,114,000
325,361,0001
x16,123,000--354,943,000
-.
-:.113
-18.8
43,240,000
487,445,0001
-5.1
-7.4
75,888.000
1,165,999,000
47.911,000 • -53.7
-72.7
117,840,000
---11.239,000
---837,199.000
-41.3
-27.7
70,396,000
43,214,000
____
14,704,000
---113,029,000
---x6,300,000
---.
176,562,000
18.777.000---282,144,000
-85.5
4
76
- - :8
5,078,000
4,253,916,000
122,220,000
21,309,000
3
- 3:'8
-1,793,000
-214
99,038.000
.....
---x5,478,000
31,608,000
-___
---x3,168,000
622,971,000
__--___
x9,879,000
-___686,837,000
x8,528,000
769,678,000
.
- -- --22 7
+2.9
97,448,000
357,837,000
-92.7
-87.4
2,615.000
378,931,000
-___
x24,000
- --107,028,000
---13,421.000
---1,013,279,000
x5,049.000
845,106,000
89
- - :6
-74.7
10,827 000
-76.6
238.109,000
-61.7
11,248.000
-71.4
119,666.000
4,044.000 '+43,6
311,969,000
____
____
x1,772.000
_---3,205,018,000
x63,704,000
2.'2
-70,388,000
+5.6
12,649,000
--49.9
277,389.000
-35.8
26,675,000
-99.3
890,799.000
-99.1
475.000
211,450,000
-74.3
-68.8
5,199,000
-40.5
--81.5
77,447,000
4,997,000
____
____
543,714,000
x6,580,000
-78.2
-50.3
155.365,000
3,313,000
-55.3
+16.8
11,365.000
207,255,000
107,504,000
x2,901.000
--5,514,000
-11.3
-4.6
59,043,000
x12
_
,027,000133,921,000
3
- 277
-12,381,000
-38.2
324,527,000
-93.7
263,000
-99.7
248,374,000
859,907,000
124,013,000
+10.6
+3.1
2,690,000
-9.2
41,565,000
-22.8
. .000117,283,000
13 693
5.3
- ..4
--2
38,143,000
--7- :
997,371,000
7,510,000
-79.1
-67.5
366,125,000
7:1
119.1
9.4
4.8
11.7
4.:1
4.5-15.7
10.8
34.8
3.3
13.2
4.6
11.2
10.8
13.3
----,
--4.9
6.5
13.7
4.1
5.4
12.9
19.3
5.7
10.5
14.4
2.0
7.6
--2.0
16.2
13.7
5.1
20.8
12.2
13.1
6.0
13,1
14.6
19.1
8.1
10.2
15.1
6.5
9.1
12.4
2.2
3.3
5.2
15.2
14.9
1931.
3.9
4.6
3.0
11.0
8.0
1.1
20.3
- -_
12.2
15.6
4.1
_...
8.4
...
..-1.8
8.4
---- --2:7
10.7
-_
--1.3
4.7
3.4
.....
18.0
9.6
6.4
2.5
8.2
10.0
6.5
3.8
4.6
2.1
5.5
8.8
10.7
--6.2
31.4
14.6
8.6
5:1.
19.8
9.;
9
- :3
5:7
1.6
14.4
7.1
Ili
0.1
14.4
6.5
8.0
6.1
6.7
3.9
0.3
9.7
3.8
2.1
2.5
1.0
8.3
6.8
6
1- ,i
-8..3
-
-55.9
-74.3
11.3
$51,081.910,000
55.162,035.000 53,009,803.000 51,328,527.000
x Deficit. z Preliminary. a Includes principally calf leather tanners. b Figures refer to shareholders only. Because of the large proportion of bonded indebtedness.
actual return on the property investment Is leas than the above. c Fire and casualty. Figures represent total shareholders' gains or losses, on both underwriting and invest-
1 620
Grand total
ments. • Before certain charges.
2986
Financial Chronicle
Foreign
Trade in March-Imports and
Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on April 16 issued its statement on the
foreign trade of the United States for March and the nine
months ended with March. The value of merchandise
exported in March 1932 was estimated at $156,000,000, as
compared with $235,899,000 in March 1931. The imports
of merchandise are provisionally computed at $131,000,000
in March the present year, as against $210,202,000 in March
the previous year, leaving a favorable balance in the merchandise movement for the month of March 1932 of approximately $25,000,060. Last year in March there was a
favorable trade balance in the merchandise movement of
$25,697,000. Imports for the nine months ended March
1932 have been $1,380,992,000, as against $1,893,219,000
for the corresponding nine months of 1930-31. The merchandise exports for the nine months ended March 1932 have
been 11;1,568,240,000, against $2,477,306,000, giving a
favorable trade balance ofP/87,248,000 for the nine months,
against $584,087,000 in the same period a year ago.
Gold imports totaled $19,238,000 in March 1932, against
$25,671,000in the corresponding month of the previous year,
and for the nine months ended March 1932 were $461,966,000, as against $240,108,000 in the same period a year ago.
Gold exports in March were $43,909,000,against only $26,000
in March 1931. For the nine months ended March 1932 the
exports of the metal foot up $745,989,000, against $106,399,000 in the corresponding nine months of 1930-31. Silver
imports for the nine months ended March 1932 have been
$20,546,000, as against $26,083,000 in the nine months
ended March 1931, and silver exports were $15,229,000,
compared with $31,687,000. The following is the complete
official report:
Country's
EXPORTS AND IMPORTS OF MERCHANDISE, BY MONTHS.
1932.
1931.
1930.
1929.
1,000
1,000
1,000
1,000
Dollars. Dollars. Dollars. Dollars.
149,978 249,598 410.849 488,023
153,939 224,346 348.852 441,751
156,000 235,899 369,549 489,851
215.077 331,73
425,264
203,970 320.034 385,013
187,077 294,701 393,186
180,724 266,761 402,861
164,808 297.785 380,564
180,228 312,207 437,163
204,905 326,896 528.514
193,540 288,978 442,254
184,070 274,858 426,551
Exports-January
February
March
April
May
June
July
August
September
October
November
December
1928.
1927.
1.000
Dollars.
410,778
371,448
420,617
363.928
422.557
388,661
378,984
379.006
421,607
550.014
544,912
475.845
1,000
Dollars.
419.402
372.438
408,973
415,374
393,140
356,966
341,809
374,751
425,267
488,675
460,940
407,641
3 months end. March 459,917 709,843 1,129,250 1,419,625 1,202,843 1,200,813
9 months end. March 1,568,240 2,477,308 3,747,157 4,169,993 3,701,928 3,802,620
12 months end. Dec2.424,290 3,843,181 5,240.995 5,128,358 4,885,375
Imports
January
February
March
April
May
June
July
August
September
October
November
December
135,530
130,978
131,000
183,148 310,968 368,897
174,946 281.707 369,442
210,202 300.460 383,818
185,706 307.
410,666
179 694 284,683 400,149
173,455 250,343 353,403
174.460 220,558 352,980
166,679 218,41
369,358
170,384 226.352 351.304
168.708 247.367 391,083
149.480 203,593 338,472
153,773 208,636 309,809
337,916 356,841
351,035 310,877
380,437 378,331
345,314 375,733
353,981 344,501
317,249 354.892
317,848 319.298
346,715 368,875
319,618 324,154
355,358 355,739
326,565 344,269
339,408 331,234
3 months end. March 397,508 568,296 893.135 1,122,157 1,069,388 1,046,049
9 months end. March 1,380,992 1,893,219 3,006,121 3,127.6 3,130,956 3,174,898
12 mnnthv end. Dec__
2,090,635 3,060,908 4,399,361 .091.4444,184.742
April 23 1932
TOTAL VALUES OF EXPORTS AND IMPORTS OF THE UNITED STATES'
(Preliminary figures for 1932 corrected to April 14 1932.)
MERCHANDISE.
March.
1932.
1931.
Increase(+)
Decrease(-)
1,000
Dollars.
235,899
210,202
1,000
Dollars.
459,917
397,508
1,000
Dollars.
709,843
568,296
1,000
Dollars.
-249,926
-170,788
25,000
Excess of exports
1932.
1,000
Dollars,
156,000
131,000
Exports
Imports
1931.
25,897
82,409
141,547
GOLD AND SILVER.
March.
1932.
Snorts-January....
February.
March
April
May
June__....
July_
August
September
October
Novomber
December
1931.
1930.
Silver.
'
1929.
1932.
1931.
1930.
1929.
1.000 L000 1,000 I,* ono 1.000 1,000 tow
Dollars. Dollars. Dollars. Dollars. Dollars. Dollars. Dollars. Dollars.
54 8.948 1,378 1,611 3,571 5.892 8,264
107,863
942 1,638 5,331 6,595
207 1,425
128,211
14
967 2,323 5,818 7.814
290 1,635
26
43,909
.___ 3,249 4,646 5,752
110 1,594
27
az 467 ____ 2.099 • 4.978 7,485
628
1,895 3.336 5,445
550 . _
26
40
_ _ 2,305 3,709 6,795
807
1,009 41,529
_ 2,024 4,544 8,522
881
39 39,332
- ..
2,183 3,903 4,374
..... 28.708 11,133 1;205
_ _ 2,158 4,424 7,314
- 398,604 9,266 3,805
872 4,102 8.678
__
...... 4,994 5,008 30,289
-___ 2,168 3,472 6,369
32,651
36 72,547
3mos.end.March 279,983
95 9,445 +438 3,520 7,532 17,041 22,673
9 mcs.end.March 745,989 106.399 113,977 109,1380 15,22. 31,687 59,092 67,723
12 reoe.end.Dee.
26,485 54,157 83,407
466,794 115,967 116,583
Imports
January
February
March
Awn_
May
June_
July
August
September
October
November
December
32,905 34.4243 12.908 48,577
37,644 16,156 60.196 26.913
19,238 25,671 55,768 26.470
49.543 65.835 24,687
. 50,258 23,552 24,09:
---- 63.887 13,938 30,762
..... 20,512 21,889 35,525
---- 57,539 19,714 19.271
49,289 13,680 18,781
---- 60,919 35,635 21,321
94,430 40,159 7,123
---- 89.509 32,778 8.121
2,097
2.009
1,80.
2,896 4,756
1.877 3,923
1,821 4,831
2,439 3.570
2,636 3,486
2.364 • 2.707
1.663 3,953
2,685 3,492
2,355 3,461
2,573 3.270
2,138 2.652
3,215 2,660
8,260
4,458
6,435
3,957
4,602
5.022
4,723
7,345
4,111
5,403
5,144
4.479
3 mos.end.March 89.787 76,253 128,874 101.960 5,915 6,594 13,510 19,153
El mos.end.March 481,966240,108 239,016 187.880 20,546 26,083 44.715 55,819
12 mott.end.Dee_
612,119 396,054 291.649
28.864 42,761 63.940
3 Months End. March.
1932.
1932.
1931.
Increase( +
Decrease(-)
1,000
Dollars.
43,909
19,238
GoldExports
imports
1931.
1.000
Dollars.
26
25,671
1,000
Dollars,
279.983
89.787
1,000
Dollars.
95
76,253
1,000
Dollars.
+279,888
+13.534
Excess of exports
Excess of imports
Silverilxports
'mports
24,671
78,158
2.323
1,821
967
1,809
I Excess of exports-Excess of imports
190.196
25,645
3,520
5,915
502
' 2,395
842
7,532
6,594
-4,012
-679
938
Factory Employment During March in Pennsylvania
Declined 2% from February, According to Philadelphia Federal Reserve Rink-Employment in
Delaware Industries Also Decreased.
Factory employment in Pennsylvania showed a decline of
2% and wage payments a drop of 4.5% from February to
March, according to indexes computed by the Philadelphia
Federal Reserve Bank from reports of 817 plants, employing 250,000 workers, whose weekly payroll amounted to about
$4,265,000. This reduction is contrary to the usual seasonal
trend and continues to reflect adverse conditions in industries. The Bank's survey issued April 15 also says:
The majority of manufacturing groups reported curtailment in working
forces and payrolls, although several individual lines of manufacturing
had increases in both. The leather and rubber products group is an excel).
tion in that it shows gains in employment and payrolls, owing principally
to some expansion in the activity of leather tanning and shoe factories. A
slight gain in employment of the stone, clay and glass products was due
to the brick, tile and pottery industry.
Factory operating time showed a reduction of almost 6% from February
to March, according to reports from 592 plants employing 190,000 workers,
whose weekly payroll amounted to $3,200,000. The sharpest curtailment in
the number of employee-hours per week occurred in the groups comprising
transportation equipment, textiles, lind lumber products, while the smallest
reduction was reported by the groups including foods and tobacco, and
stone, clay and glass products.
The index number of Pennsylvania employment in March was 87.5%
of the 1923-25 average, showing a decrease of 15%
from a year ago.
The payroll index at 46.3 was 34% lower than in March
1931 and reached
the new low level recorded.
Delaware manufacturing industries also reported a drop
of 8% in employment and 4% in employee-hours worked in March as compared with
February. Groups comprising textile, stone, clay and
glass products, and
paper and printing alone showed gains in payrolls and
operating time.
The continued decline in the amount of wages paid both
in Delaware and
Pennsylvania has reflected a reduction in working time
and wage rates.
FACTORY EMPLOYMENT AND WAGE PAYMENTS IN DELAWARE.
Prepared by Department of Research and Statistics of the
Federal Reserve
Bank of Philadelphia.
Per Cent Change March
Nam- Compared with February 1932.
be?
Of
Average
Plants. EmployPayrolls. Weekly
ment.
Wages.
Industries.
EXPORTS AND IMPORTS OF GOLD AND SILVER, BY MONTHS.
Gold.
3 Months End. March.
•
as
5
All manufacturing Industries
Metal products
Transportation equipment
Textile products
Foods and tobacco
Stone, clay and glass products
Lumber products
Chemical products
Leather and rubber products
Paper and printing
13
3
8
4
8
7
-3.4
-6.5
-16.1
+7.5
-2.9
-3.0
+8.0
-11.1
-2.9
-1.9
-0.4
+0.4
-3.4
-1.9
+1.6
+6.5
-8.7
+9.3
-2.2
+5.1
FACTORY EMPLOYMENT AND WAGE PAYMENTS
BY CITY AREAS.
Prepared by Department of Research and Statistics of the
Federal Reserve Bank
of Philadelphia.
Employment.
(city areas are not restricted
to corporate limits of cities
given here.)
Allentown-Bethlehem-Easton
Altoona
Erie
Harrisburg
Hazleton-Pottsville
Johnstown
Lancaster
New Castle
Philadelphia
Pittsburgh
Reading-Lebanon
Scranton
Sunbury
Wilkes-Barre
Williamsport
Wilmington
York
March
Indexes
58.6
55.9
69.3
68.1
76.8
51.0
66-I
39.9
71.5
60.5
79.4
55.6
62.4
85.1
64.7
89.1
69.9
Payrolls,
Per Cent
Change Since
Feb.
1932.
-3.6
-11.2
+1.2
-10.5
-0.4
-16.0
+2.0
-2.1
+0.8
-1.0
-9.7
-3.9
-10.7
-12.7
-1.7
+0.4
March
March Indexes
1931.
--17.2
--27.5
--22.0
--22.1
--12.2
--30.5
--12.2
--36.5
--10.0
--14.4
--5.1
--34.6
--14.6
--10.2
--I3.3
--5.6
--23.4
40.5
38.0
47.2
52.0
50.7
30.2
39.6
23.5
58.9
33.4
56.3
48.3
42.4
64.1
47.6
76.6
50.5
Per Cent
Change Since
Feb.
1932.
-1.0
--10.0
--19.9
--7.5
--25.3
+0.7
-29.9
+8.3
--4.4
+5.4
-5.4
-8.5
--19.2
--29.0
--2.9
-4.4
March
1931.
-34.0
-44.2
-41.7
-37.9
-37.3
-54.9
-88.1
-53.6
-21.9
-41.0
-19.3
-34.1
-28.1
-27.9
-38.1
-17.6
-34.1
RS
FACTORY EMPLOYMENT, WAGE PAYMENTS AND_EMPLOYEE-HOU
IN PENNSYLVANIA.
the
Prepared by the Federal Reserve Bank of Philadelphia in co-operation with
Pennsylvania Department of Labor and Industry and the United States Bureau
of Labor Statistics.
(Index numbers are percentages of 1923-1925 average which is taken as 100.)
EmptoyeeHours2
P. C.
Per Cent
Mar. Change Since Change
Mar,
InMar. from
dares. Feb.
1932. 1931. Feb.
Payrolls.*
EmPlognient-*
Per Cent
Mar. Change Since
InMar.
dens. Feb.
1932. 1931.
67.5
-2.0 -14.8
48.3
-4.5 -33.6
-5.6
-2.0 -21.6
+2.6 -2.4
-0.7 -23.8
-2.7 -26.9
-3.7 -8.4
All manufg. industries
35.7 -2.2 -42.9
25.2 +11.5 -32.1
32.5 --1-2.8 -46.4
36.6 +0.5 -38.6
44.9 -9.8 -28.7
-3.2
+13.5
+2.0
-0.7
+3.8
58.8
Metal products
44.0
Blast furnaces
Steel works ez rolling mills 53.7
53.7
Iron and steel forgings
Structural iron work__. 78.9
Steam and hot water
78.0 +0.1 -16.2
heating apparatus
Stoves and furnaces
58.7 +1.9 -8.9
58.0 -1.5 -24.0
Foundries
Machinery and parts
68.9 -2.3 -20.3
Electrical apparatus.... 78.0 -6.1 -14.8
Engines and pumps
35.2 -2.2 -44.3
Hardware and tools
65.0 +0.8 -17.1
Brass dz bronze product& 57.4 -0.5 -18.5
Transportation equipment_ 46.69 -3.9 -23.7
43.0 -26.7 -32.4
Automobiles
Automobile bodies az parts 65.5 -3.8 +25.7
Locomotives and cars... 21.6 +2.4 -16.9
Railroad repair shops... 73.3 +1.8 +2.8
38.7 +3.5 -44.2
Shipbuilding
Textile products
84.3 -3.9 -8.9
Cotton goods
60.4 -1.5 -2.3
Woolens and worsteds.-- 60.8 +1.3 -3.9
Silk goods
82.2 -13.1 -20.7
Textile dyeing & finishing 84.1 -1.4 -5.4
Carpets and rugs
53.9 +3.5 -8.6
Hata
58.4 -1.4 -29.0
Hosiery
116.1 +0.5 +14.0
Knit goods. other
79.8 +5.6 +1.0
Men's clothing
76.6 +3.2 -5.0
110.6 -3.1 -21.9
Women's clothing
Shirts and furnishings-. 115.2 -1.5 -15.0
Foods and tobacco
95.8 -1.2 -8.8
Bread 3, bakery products 98.7 -0.3 -7.8
94.9 +1.6 -2.0
Confectionery
83.4 +0.7 -10.8
Ice cream
94.4 +0.4 -2.0
Meat packing
92.1 -3.4 -13.2
Cigars and tobacco
Stone, clay & glass products 52.1 +0.6 -12.1
Brick, tile and pottery__ 56.5 +6.4 -20.8
45.5 -2.6 -16.1
Cement
60.5 -0.8 +9.0
Glass
47.9 -1.6 -16.6
Lumber products
Lumber and planing mills 32.3 -0.9 -2.1
51.3 -1.9 -21.8
Furniture
58.0 +0.9 -13.4
Wooden boxes
80.3 -2.5 -11.7
Chemical products
60.5 +1.0 -19.3
Chemicals and drugs
62.2 -0.3 -15.0
Coke
68.3 -3.8 -9.4
Explosives
86.6 -1.8 +1.1
Paints and varnishes
115.5 -4.9 -9.3
Petroleum refining
-Leather & rubber products_ 94.5 +2.5
91.4 +1.7 -10.0
Leather tanning
112.6 +4.5 +19.8
Shoes
Leather products, other_ 73.6 -1.9 -8.3
80.2 +1.1 -5.3
Rubber tires and goods
87.3 -0.8 -7.9
Paper and printing
--- -7.0
75.4
Paper and wood pulpPaper boxes and bags...-. 71.1 -1.8 -10.8
Printing and publishing_ 94.0 -1.3 -7.4
-1.9
50.2 -4.4 -37.8
30.4 -5.3 -21.6
-9.6
29.2 -9.9 -51.3
-5.6
44.9 -4.7 -32.2
47.3 -10.9 -38.8 -12.7
-0.2
19.2 -3.0 -59.6
-9.3
43.4 -5.2 -33.4
-2.6
34.7 -2.5 -40.8
31.3D -10.6 -44.7 -12.1
20.5 -42.4 -53.1 -43.6
52.1 -15.1 +33.6 -12.1
+3.6
13.9 +2.2 -28.7
+6.1
49.6 +4.4 -29.3
-6.6
49.6 -6.6 -51.0
65.4 -8.7 -21.1 -11.1
+6.1
51.8 -5.3 -12.5
-3.6
45.9 -7.1 -23.1
64.5 -22.9 7--37.4 -24.1
+5.6
69.7 -7.8 -28.0
-4.6
87.5 +2.5 -15.2
38.4 -12.5 -37.5
-1.1
100.1 -0.5 +0.4
55.1 +10.9 -17.4 +15.1
-1.6
56.9 +13.6 -21.9
75.5 -20.8 -47.7 -26.(
74.7 -15.3 -40.6 -12.1
-1.2
82.6 -0.5 -14.1
-1.1
85.4 -0.8 -16.0
-2.1
89.5 -0.2 -5.8
79.1 -0.8 -13.6 -10.4
+2.2
80.2 +0.1 -4.5
+0.1
70.4 -0.3 -21.3
-1.2
28.4 -3.1 -38.0
26.0 +4.0 -48.5 +12.4
-6.1
25.3 -5.2 -41.3
-4.1
42.3 -5.4 -11.7
32.8 -7.3 -37.8 f-10.1
23.4 -8.2 -16.4 ,-20./
-7.1
33.7 -8.7 -45.3 ,
-3.1
42.2 -1.6 -32.8
-2.1
67.5 -6.4 -24.3
50.1 +2.9 -27.8 +11.1
30.2 -2.9 -48.0
--50.0 -13.9 -35.1
72.0 -5.9 -10.9 g+1.4
-4.1
109.2 -9.2 -16.8
+3.4
75.7 +1.3 -18.4
+3.1
69.1 +3.4 -27.6 !
100.2 +1.9 +6.7 +11.1
-6.1
69.9 -5,2 -21.3
-5.4
70.2 -7.5 -23.9
-2.4
83.1 -3.4 -16.6
-2.:
63.6 -3.6 -18.5
-3.:
65.7 -0.2 -21.4
-3.:
92.1 -3.5 -14.7
*Figures from 817 companies representing 51 industries P PrellMlnarY figures.
z These percentages are computed from figures of 592 Companies representing
47 industries.
-HOURS IN DELAWARE.
FACTORY EMPLOYEE
Industries.
All manufacturing industries
Metal products
Transportation equipment
Textile products
Foods and tobacco
Stone, clay and glass products
Lumber products
Chemical products
Leather and rubber products
Paper and printing
Per Cent Change March
Num- Compared with February 1932.
ber
Employ-EmPlorlde
of
meat.
Payrolls. Hours.
Plants.
52
11
5
3
4
5
5
7
6
-3.2
-5.9
-16.1
+7.5
-1.6
-3.6
+8.0
-11.1
-3.1
-2.0
-3.9
-7.2
-19.0
+5.5
-1.2
+2.7
-1.4
-2.8
-5.3
+3.3
-1.9
-6.5
-18.0
+7.0
-1.6
+7.2
+0.3
+3.4
-4.0
+4.3
Business and Agricultural Conditions in Minneapolis
Federal Reserve District During March.
In its preliminary summary of agricultural and business
conditions made available April 15, the Federal Reserve
Bank of Minneapolis states that "the volume of business in
the district during March remained at the low level of the
winter months. Bank debits, adjusted for seasonal variations, equalled the lowest levels of the depression previously
established in November and February." The Bank continues:
The country check clearings index made a new low record for the
current depression. Bank debits in March were 24% smaller than in
March last year, and country cheek clearings were 27% smaller than a
year ago. Freight carloadings in the first three weeka of March were
25% smaller than in the corresponding weeks last year. Other decreases
as compared with the totals for March last year occurred in postal receipts, building permits and contracts, flour shipments, linseed products
shipments, grain markerings, livestock rnarketings and department store
sales.
The cash income of farmers during March from seven important items
was 43% smaller than in March a year ago. This reduction was due
chiefly to much smaller grain marketings, but the reduction was also due
in part to lower ,oices for !arm produets. Prices of all important farm
products of the Northwest were lower in March than a year ago, except
durum wheat, barley ard rye.
2987
Financial Chronicle
Volume 134
ESTIMATED VALUE OF IMPORTANT FARM PRODUCTS MARKETED
IN THE NINTH FEDERAL RESERVE DISTRICT.
March 1932.
Bread Wheat
Durum Wheat
Rye
Flax
Potatoes
Dairy products
Hogs
Total of seven items
$764,000
447,000
231,000
261,000
2,074,000
9,165,000
4,820,000
$17.762,000
March 1931.
% March 1932
of March 1931
55,594,000
3,273,000
50,000
786,000
1,948,000
11,263,000
8,253,000
14
14
462
33
106
81
$31,167,000
57
•
ss
Review of the Building Situation in Illinois During
March and for the First Three Months of the
Year 1932.
According to Howard B. Myers, Chief of the Division of
Statistics and Research of the Illinois Department of Labor,
"720 building projects, involving an estimated expenditure
of $1,220,025, were authorized by building permits issued in
45 reporting Illinois cities during March 1932. These
figures disclose an increase over February 1932, of 31.1%
in the number of buildings authorized, but a decrease of
16.5% in the total proposed expenditure. According to
records of the Illinois Department of Labor, the estimated
expenditure for building projects has usually increased in
March." The total estimated expenditure of $1,220,025 reported for March is a drop of 94.1% from the March 1931,
figure and is the lowest amount reported for any March in
the twelve years for which these records are available.
Further reporting on the building situation in Illinois, Mr.
Myers continued April 14:
Chicago and the 21 reporting suburban cities were responsible for the
decline from February to March, the former reporting a decrease of
29.6%, and the latter reporting a decrease of 28.5% in proposed expenditure. Contrasted to these decreases, reporting cities outside the
metropolitan area reported a gain of 46.3%. The decrease in the estimated cost of building projects from March 1931, to March 1932,
amounted to 96.3% for Chicago, 81.5% for the reporting suburban cities,
and 70.4% for the remaining reporting cities of the State.
In March 932, tne total estiniated expenditure reported for all residential building in the State showed an increase of 11.7% over February
1932, and the amount to be expended for additions, alterations, repairs and
installations increased 76.4%. Total non-residential building declined
from $828,527 in February 1932, to $287,163 in March, a decrease of
65.3%. This decrease more than offset the gains registered in other
classi ?cations. During the same period Chicago reported increases of 13L6%
for residential building and 139.1% for additions, alterations, repairs and
installations. The estimated expenditure for non-residential building in
Chicago declined 84.9% from the amount reported for February. Compared with February 1932, decreases in March of 77.4% in the estimated
expenditure for residential building and 56.7% for non-residential building
were reported by the 21 suburban cities. These cities reported a gain of
115.6% in expenditure for additions, alterations, repairs and installations.
The 23 cities outside the metropolitan area reported gains of 26.7% in the
estimated expenditure for residential building. Non-residential building
increased from $27,075 in February 1932, to $142,469 in March, or 426.2%.
Expenditure for additions, alterations, repairs and installations declined
19.5%.
Eleven of the reporting suburban cities reported a larger valuation than
for February 1932, but only two-Glencoe and Harvey-reported gains over
March 1931. Of the 23 reporting cities outside the metropolitan area, 18
reported gains over February 1932, and four-Alton, Bloomington, Danville and Rockford-reported gains over March 193L The increase reported for Bloomington was due largely to the proposed construction of a
mausoleum at an estimated cost of $65,000.
Of the total of $1,220,025 to be spent on building projects authorized in
Illinois during March 1932, 26.1% was to be expended for residential
building, 23.5% for non-residential building, and 50.4% for additions,
alterations, repairs and installations. Of the total estimated expenditure
for Chicago, the corresponding percentages were 26.3%, 16.1% and 57.8%;
for the reporting suburban cities, 14.4%, 19.8% and 65.8%; and for the
remaining reporting cities 31.8%, 39.4% and 28.8%.
During March, a total of 51 residential buildings were authorized in all
the reporting cities of the State. These buildings were to provide for 60
families and were estimated to cost $317,876. Twenty-one of these buildings, providing for 30 families and costing $176,000, were to be erected in
Chicago; 3, providing for 3 families and costing $26,600, were to be
erected in reporting suburban cities; and 27, providing for 27 families and
costing $115,276, were to be erected in the remaining reporting cities of
the State.
A total of 189 non-residential buildings, estimated to cost $287,188, were
authorized in the 45 reporting cities of the State during March 1932. Of
the total expenditure for this type of building 37.6% was for Chicago
buildings, 12.8% for buildings in reporting suburban cities, and 49.6% for
buildings in reporting cities outside the metropolitan area. Permits for
a total of 480 additions, alterations, repairs and installations, estimated to
cost $614,986, were issued during March 1932. Of this total amount 63.2%
was to be expended in Chicago, 19.8% in the reporting suburban cities, and
17.0% in the remaining reporting cities.
During the first quarter of the year 1932 permits were issued for a total
of 1,752 buildings in all reporting cities to be erected at an estimated coat
of $3,624,997. These figures represent decreases from the first three
months of 1931 of 46.3% in the number of building projects and 89.9% in
the estimated expenditure. The decrease in Chicago expenditure for the
corresponding period was 92.7%; for the suburban cities it was 78.9%; and
for the reporting cities outside the metropolitan area, 73.4%. Danville Pas
the only one of the 45 reporting cities which showed an increase for the
first three months of 1932 over the first quarter of 1931.
All three major building classifications showed decreases for the first
three months of 1932 compared with the same period of 1931. For all the
reporting cities these decreases amounted to 83.7% in residential building,
94.9% in non-residential building, and 42.5% in additions, alteration.,
repairs and installations. In Chicago expenditure for residential building
during the first quarter of 1932 declined 85.8% compared with the first
quarter of 1931, the expenditure for non-residential building decreased
2988
Financial Chronicle
96.0%, and for additions, alterations, repairs and installations dropped
46.4%. The corresponding losses for the reporting suburban cities were
87.6%, 80.8% and 32.7%. For the remaining reporting cities declines in
the corresponding classifications were, respectively, 75.9%, 84.6% and
87.6%.
Mr. Myers also issued the following statistics:
-TOTAL NUNIBKR AND ESTIMATED COST OF BUILDINGS
TABLE 1.
BASED ON PERMITS ISSUED IN 45 ILLINOIS CITIES IN MARCH
1932 BY CITIES.
Mies.
March 1932.
February 1932.
March 1931.
No. of Estimated No. of Estimated No. of Estimated
Cast.
BMus.
Bldg,
Cast.
Bldg:.
Cost.
Total all cities
720
1.220,025
549
1,461.843 1,318 20.632,530
Metropolitan area
389
858,037
297
1,214,383
759 19,409.138
Chicago
294
672,966
219
955,498
515 18,406.730
95
185.071
78
258,885
244
1,002,408
8
4
3
14
5
1
3
2
5
5,294
1,325
7.875
82,500
1,430
16.900
2,600
2050.
8.050
2
9
2
12
3
1
3
8,700
7,135
5,750
109,500
1,750
7,000
4,250
13
1
4
9
1,350
13,652
1.800
2,090
16,150
1.425
4,575
200
25
19
12
38
9
3
9
4
15
6
2
6
4
6
350
1,700
7.000
11,530
2,700
1.200
1,500
7,000
3,800
4,000
5
2
5
7.000
575
82,250
16
1
11
23
14
3
3
1
17
10
56,350
17.590
33,666
218,000
4,480
8.925
15,533
1,425
78.285
28,000
10,600
117,819
9,000
2,595
63,565
85,125
80,500
5,750
4.500
79,860
80,850
331
361.988
252
247,460
559
1,223,392
37
14
20,916
15,405
10
6
29,177
1,455
3
2
71,000
3,100
27
37
5
15
19
34
9
6
20.427
32,450
23.492
2,945
16,300
9
6
37
11
4
10,067
5,000
21,730
1,705
3,150
10
2
28
18,200
300
13,542
3
3
31
6,200
1.150
12,680
37
52.525
3,350
23,000
8.247
33,789
3.000
1
35
1,200
42,400
1,870
43,995
21,212
30,319
11.000
13,853
68,452
15,635
26,000
7,000
9,000
5.700
68,400
221,650
57.225
69,995
5,800
97.000
13.450
52,917
2.000
3,000
148.875
2,985
50,890
35,063
159,502
88.100
Metropolitan area, ex'audios Chicago__
Berwyn
Blue Island
Cicero
Evanston
Forest Park
Glencoe
Glen Ellyn
Harvey
Highland Park
Kenilworth
La Grange
Lake Forest
Lombard
Maywood
Oak Park
Park Ridge
River Forest
West Chicago
Wheaton
Wilmette
Winnetka
Total outside metropolitan area
Alton
Aurora
Batavia
Bloomington
Canton
Centralia
Danville
Decatur
East fit. Louis
Elgin
Freeport
Granite City
Joliet
Kankakee
Moline
Murphyaboro
Ottawa
Peoria
QuilmY
Rockford
Rock Island_
Springfield
Waukegan
a
10
3
1
4
20
35
52
3
3,000
150
22
28
29
3
2
9
24
55
30
16
2
33
7
53
1
2
56
8
45
65
53
21
-TOTAL NUMBER AND ESTIMATED COST OF BUILDINGS
TABLE 2.
BASED ON PERMITS ISSUED 1N45ILLINOIS CITIES FROM JANUARY
THROUGH MARCH 1932 BY CITIES.
Cities.
Jan.
-March 1932.
No. of
Mtgs.
Total all cities
Estimated
Cost.
Jan.
-March 1931.
No. of
Bidys.
Estimated
Cost.
1.752
83,624,997
3,260 $35,860,972
947
22,774.865
2,048
32,662,231
Chicago
723
2,163,034
1,509
29,762,130
Metropolitan area excluding Chicago--
224
611,831
539
2,900,101
12
20
6
37
1
10
7
13
15,894
9.910
13,685
214,500
3.180
25.180
6.850
2,450
105,885
600
1,350
33,557
3,000
4.590
24.470
13,225
19,500
350
11.700
7,575
94,380
43
36
30
68
24
16
24
20
28
10
10
27
9
36
50
26
10
3
43
17
126,800
41,469
248.611
316.250
93,360
76,775
73,109
10,865
109,535
54,200
15,100
267,677
14,875
285,710
110,275
160.975
545.496
5,750
50,900
188,869
103,500
805
850,132
1,212
3,198,741
61
37
1
6
3
64,333
26.845
200
78.000
3,250
27
37
97
25
13
32,319
42,450
68,057
11,080
21.275
20
74
38,600
1,450
32,370
1
106
18
70
76
114
14
1,200
156,525
5,730
98.895
35,012
108.391
24,150
57
82
7
14
7
2
23
52
94
67
25
4
77
11
101
2
18
135
19
107
127
130
51
167,521
128,045
19,835
289,000
17,000
9.000
21,365
186,650
291,950
109,720
96,981
22,800
253.900
19,900
199,053
4,500
109,300
363.750
55,925
144.275
170,404
316.217
222,280
Metropolitan area
Berwyn
Blue Island
Cicero
Evanston
Forest Park
Glencoe
Glen Ellyn
Harvey
Highland Park
Kenilworth
La Grange
Lake Forest
Lombard
Maywood
Oak Park
Park Ridge
River Forest
West Chicago
Wheaton
Wilmette
Winnetka
Total outside metropolitan area
Alton
Aurora
Batavia
Bloomington..
Canton
Centralia..
Danville
Decatur
East St. Louis
Elgin
Freeport
Granite City
Joliet
Kankakee
Moline
Murphyaboro
Ottawa
Peoria
Quincy
Rockford
Rock Island
Springfield
Waukegan
4
4
26
2
4
20
13
18
a
9
April 23 1932
Lumber Production Continues at Half Last Year's
Volume-Orders 11% Above Cut.
Lumber production continues at approximately half the
volume out this time a year ago and orders received by the
mills during the week ended April 16 exceeded the current
out by only 11%,it is indicated in telegraphic reports to the
National Lumber Manufacturers Association from regional
lumber manufacturers associations covering the operations
of 653 leading hardwood and softwood mills. Production of
these mills amounted to 122,597,000 feet for the week and
shipments exceeded this figure by 16%. A week earlier
663 mills produced 119,288,000 feet with orders 8% above
and shipments 22% above the cut. The situation compared
with last year, asshown by identical mill figures for the latest
week and the equivalent period in 1931, was: For softwoods,
436 mills, production 48% less, shipments 40% less and
orders 43% less; for hardwoods, 158 mills, production 49%
less, shipments 39% less and orders 34% under the volume a
year ago.
Lumber orders reported for the week ended April 16 1932,
by 484 softwood mills totalled 124,954,000 feet, or 11%
above the production of the same mills. Shipments as
reported for the same week were 129,549,000 feet, or 13%
above production. Production was 112,466,000 feet.
Reports from 180 hardwood mills give new business as
11,239,000 feet, or 11% above production. Shipments as
reported for the same week were 12,204,000 feet, or 20%
above production. Production was 10,131,000 feet. The
Association, in its statement, further reports as follows:
,Unfilled Orders.
Reports from 417 softwood mills give unfilled orders of 413,785,000 feet,
on April 16 1932. or the equivalent of 11 days' production. This is based
upon production of latest calendar year-300
-day year-and may be compared with unfilled orders of 486 softwood mills on April 18 1931. of 889,708,000 feet, the equivalent of 16 days' production.
The 387 identical softwood mills report unfilled orders as 408.054,000
feet on April 18 1932, or the equivalent of 11 days' average production,
as compared with 704,511.000 feet. or the equivalent of 18 days' average
Production on similar date a year ago. Last week's production of 436
identical softwood mills was 107,212,000 feet. and a year ago It was 206,202,000 feet: shipments were respectively 124,597.000 feet and 207,030,000;
and orders received 118,513,000 feet and 208,440.000. In the case
of
hardwoods, 158 identical mills reported production last week and a year ago
8,235,000 feet and 16,202,000: shipments 10,289,000 feet and
16,933,000:
and orders 10,120,000 feet and 15,294,000.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the
following new business, shipments and unfilled orders for 216 mills
reporting for
the week ended April 16*
.
NEW BUSINESS.
UNSHIPPED ORDERS.
SHIPMENTS.
Feet.
Feet.
Feet.
Domenic cargo
Domestic cargo
Coastwise and
delivery_ ___ 21,171,000 delivery
90,687,000
intercoastal - 18,666,000
Export
7,786,000 Foreign
41,983,000 Export
9,879,000
Rail
26,340,000 Rail
68.209.000 Rail
25,843,000
Local
5,358,000
Local
5,358,000
Total
60.656.000
Total
200,879,000
Production for the week was 59.655,000 feet.
Total
59,745,000
Southern Pine.
The Southern Pine Association reported from NewlOrlean that for
s
118 mills reporting, shipments were 7% above production,
and orders 1%
below production and 7% below shipments. New business
taken during
the week amounted to 25,431,000 feet (previous week
22.995,000 at 116
mills): shipments 27,447,000 feet (previous week 2
5,095.000): and production 25.757,000 feet (previous week 23,649,000).
Orders on hand at the
end of the week at 104 mills were 60,417,000 feet. The
108 identical mills
reported a decrease in production of 33%, and In new
of 31%, as compared with the same week a year ago. business a decrease
Western Pine.
The Western Pine Association reported from
Portland, Ore., that for
123 mills reporting, shipments were 47% above
production, and orders
36% above production and 7% below shipments.
New business'taken
during the week amounted to 36,417,000 feet
(previous week 35,804,000
at 127 milks): shipments. 39,276,000 feet (previous
week 36,393,000), and
production, 26,725,000 feet (previous wee.
24,834,000). Orders on hand at
the end of the week at 123 mills were 169,566,000
feet. The 101 identical
mills reported a decrease in production of 50%,
and in new business a
decrease of 40%, as compared with the same
week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis
, Minn., reported no
production from 7 mills,shipments 1,830.000 feet
and new business 1,562,000
feet. The same number of mills reported new
business 59% less than for
the same week last year.
Northern Hemlock.
The Northern Hemlock and Hardwood
Manufacturers Association, of
Oshkosh. Wis., reported production from 20 mills
as
ments 1,251,000 and orders 888,000. The 19 identical 329,000 feet, shipmills reported production 89% less and orders 38% less than for the
corresponding week of
1931.
Hardwood Reports.
The Hardwood Manufacturers Institute of Memphis,
Tenn., reported
production from 169 mills as 9.111,000 feet,
shipments 10,781,000 and
new business 10,203.000. The 139 identical mills
reported a decrease of
43% in production and a decrease of 31% in orders, compared
with the
same week last year.
The Northern Hemlock and Hardwood Manufacture
rs Association of
Oshkosh, Wis., reported production from 20 mills as
1,020,000 feet, sh1Pmenta 1,423,000 and orders 1,038,000. The 19 Identical mills reported
production 75% less and new business 55% less than for the same week
a
year ago.
Volume 134
Financial Chronicle
2989
(Colo.) Hits
First Grain Movement of Year at Montreal.
Associated Press advices April 19 from Montreal stated:
The following, from Chicago, April 15, is from the New
York "Times':
Grain spoutod out of a harbor elevator here to-day into the steamship
Cydonia for overseas shipment, the first grain movement of the year.
To date there are orders on hand amounting to 431,981 bushels, while
22 tramps have been chartered to come here for grain. Of that number
10 probably will clear before the end of the month, making a better than
average showing for April export.
Air Ministry's Error on Rains in Denver
Wheat in Liverpool.
Operators in the wheat pit of the Board of Trade were surprised here
to %c. in the Liverpool market. Even more
to-day by a decline of
surprising, though, was the explanation as to why there should be a selling
in the English market.
movement
It developed that the report of the British Air Ministry contained references to a shower at Denver, Colo., and this was construed by the Liverpool
trade as indicating that rain had fallen in the dry areas in the Southwest
of the United States. The Washington weather map failed to show any
rain at Denver.
of Terminating Hungarian
Wheat Contingent.
The Department of Commerce, in its summary of conditions in Austria, April 11, said:
Austria Reported Desirous
The Austrian Ministerial Council decided to denounce the Austro-Hungarian preferential commercial treaty, effective July 1, as a revised treaty
is planned. The existing treaty was considered too complicated and disadvantageous. Austria also desires to terminate the Hungarian wheat contingent, which is payable in foreign exchange, and other contingents.
French Wheat Needs—Estimates Place Import Requirements at 25,000,000 Bushels Before New Harvest.
From Paris, United Press advices to the "Wall Street
Journal" of April 16 said:
France will need to import about 25,000,000 bushels of wheat before
the new French crop is harvested, statisticians estimated.
In printing the above, the paper indicated stated:
Latest estimates of French wheat import requirements of approximately
25,000,000 bushels prior to termination of the current crop season while
'
In line with recent private reports, are considerably higher than the United
States Department of Agriculture forecasts made earlier in the season for
total season imports of 55,000,000 to 62,000,000 bushels, of which 40,000,000
bushels had been taken by Dec. 31. Last season France took 45,000,000
bushels of wheat for importation.
With no Russian exports during the past week, there probably will not
be much competition from that source for the remainder of this season.
Argentina and Australia are rapidly clearing out their stocks, and farmers
are evidencing holding tendencies. Thus, the bilk of any increased needs
should come from Canada and domestic wheat held by the Farm Board,
which is the only American shipper of any size, as Chicago prices are still
15c. over world export parity.
Spain Authorizes Importation of Limited Quantity of
Wheat.
The Spanish Government has authorized the Importation
of 50,000 metric tons of wheat, this amount being subject
to amplification in accordance with consumption requirements, it is stated in a radiogram from Commercial Attache
Charles A. Livengood, Madrid, dated April 14. Under date
of April 15 the Department of Commerce also said:
Until April 20 1932 the import duty on wheat is 8.50 gold pesetas per
100 kilos. Thereafter the duty is to be adjustable each 10 days to result
In an internal price of 53 pesetas per 100 kilos. Express authorization
musht be obtained by the importer for each shipment.
The importation of wheat into Spain has been definitely prohibited since
May 1930. (Peseta equals 19.30. at par.)
Wheat Stocks Eestimated at 37,000,000
Bushels Under Year Ago.
Canadian wheat stocks, as of March 31, totaled 243,300,000
bushels, a reduction of 37,000,000 bushels from the same
date a year ago, according to an official Canadian estimate
made public April 16, it was made known in a telegram to
the Commerce Department from the office of the Commercial
Attache at Ottawa. The advices further state:
Canadian
The estimate stated that stocks in elevators, afloat and in flour mills
totaled 176,271,000 bushels; wheat in transit, 8,378,000 bushels, and wheat
in the hands of farmers, 58,651,000 bushels. Wheat held by farmers is
$5,000,000 bushels under the volume of a year ago.
Transandean Railway Announces That New Duty on
Cattle by Chile Prevents Further Operations.
Under date of April 7 the Department of Commerce at
Washington said:
Because of the high duty imposed upon the importation of Argentine
cattle by Chile, such shipments virtually have ceased and the Transandean
railway announces that it will discontinue operations on April 17, according to a cablegram received in the Department of Commerce Wednesday
from Commercial Attache Alexander V. Dye, Buenos Aires.
The railway company announces that it cannot operate profitably unless
It is able to secure freight shipments of cattle, and unless the duty
occurs which shall restore this
is modified, or some other development
tonnage, the carrier will discontinue service.
are accepting no passengers or freight
Passenger and freight agents
for later than April 17.
German Wheat Duty Waived.
"Wall Street Journal" of April 18 said:
The
German Government has granted permission to millers to import 7,360.free. Previous import duty
000 bushels of feed wheat for poultry duty
has been 25 marks per 100 kilos.
Substantial Reductions Reported in
Canadian Grain Stocks.
Canadian Press advices from Ottawa April 12 stated:
The volume of stocks of grain in all positions in Canada on March 31
year ago,
showed substantial reductions compared with the same date a
to-day.
according to a report issued by the Dominion Bureau of Statistics
oats, barley, flax and rye,
tfi Extensive reductions were shown in wheat,
bushels.
the total reduction in all grains amounting to 179.000.000
bushels, comOn March 31, stocks of wheat amounted to 243,300.165
pared with 280,095,391 bushels a year ago, or a decrease of 36,795.226
bushels.
Total quantity of oats on March 31 1932 was estimated at 133,908,166
bushels, compared with 210,220.102 bushels in 1931; barley. 28,702.836
bushels,
bushels, compared with 84,595,357 in 1931; flaxseed, 1,754,129
bushels, as
compared with 2.797.116 bushels in 1931, and rye, 12,109.633
against 20,763.266 bushels in 1931.
Canada Pays Wheat Bonus.
to Canadian Press advices from Ottawa April 11,
According
up to Dec. 31 last year ,483,348 had been distributed to
the farmers of Western Canada under the provisions of the
5e. a bushel wheat bonus, according to the annual report of
the Board of Grain Commissioners tabled in the House of
Commons to-day. This represented payment on 169,666,968 bushels of wheat said the advices, which added:
Approximately 3.000,000 bonus certificates were received, checked,
and payment made thereon. The Commissioners had to increase their
staff of clerks and stenographers from 25 to 882 during the heavy shipping
season, dividing these into day and night shifts.
Total World's Visible Supply of Coffee Increased 45,000
Bags During March.
An Increase of 45,000 bags in the total world's visible
supply of coffee took place in March, according to the N. Y.
Coffee 8: Sugar Exchange. The total world's visible supply,
which includes Brazilian interior warehouse stocks and all
restricted stocks, was 37,159,145 bags on April 1st, compared
with 37,114,920 bags on March 1st and 31,485,351 bags on
April 1st 1931, according to the Exchange's statistics. The
Exchange also said on April 19:
A total of 1,541,000 bags was taken from plantations to Sao Paulo
interior warehouses during March. The total receipts in Sao Paulo warehouses for the first nine months of the 1931-32 crop year (from July lit
1931 to April 1st 1932) were 18,403,350 bags compared with receipts of
9,719,654 bags for the similar nine months period of- the 1930-31 crop
year, and 18,171,480 bags in the just nine months of the 1929-30 crop year.
eggigcsEg Hog Average Breaks $4 Level.
From the "Wall Street Journal" of April 20 we quote
the following from Chicago:
Average price of $3.98 a hundred weight for hogs here last week broke
through the $4 mark for the first time in six weeks and was off 5 cents from
the previous week. Despite the weakness In hog prices, which developed
after four days of strong quotations, pork prices advanced in an active
trade, giving packers for a short time the advance of a wider spread in
their fresh pork sales.
Reduction by American Woolen Co. in Prices of Men's
Wear Fabrics.
From the New York "Journal of Commerce" of April 21
we take the following:
The actual prices named by the American Woolen Co. on a number of
its men's wear fabrics represent reductions of 2 4 cents to 754 cents in a few
instances 10 cents from the tentative prices named some time ago, according
to buyers. Buyers stated yesterday that the readjustment applies chiefly
to those cloths which were a bit above the market and that cloths in line
with general market values are unchanged. As far as could be learned, the
reductions apply chiefly to worsted suiting,and do not affect staple suiting,
or coatings to any extent.
The reaction of the trade to the new prices was mixed. Selling agents for
competing mills stated that price slashes at this time will not move an
additional yard of goods, as buyers are not prepared to lay down orders
for the next season. Other sellers stated that the revisions were made
necessary by market conditions and that the company was forced to undertake these reductions in order to strengthen its competitive position where
worsted suiting, are concerned. Few mills are expected to follow the lead
of the big company and reduce prices still further. A number of firms
have Justed completed readjustments on certain cloths and have intimated
to buyers that the prices will hold for the rest of the season unless wool
quotations should decline to the point where further concessions would be
imperative.
is now
Buyers stated yesterday that No. 306. formerly prices at 91.12
$1.07%; No. 843, a three-eights blood suiting,, formerly 91.20. 113 now
91.17 A; a 14-ounce basketweave, which opened at $1.25, is now i1.1734•
It was also reported by buyers that a fine 14-ounce reported by buyers that
fine 14
-ounce cloth which was opened at $1 50 is now quoted at 91.40.
No. 747, a half-blood 13 Six14 oz. fabric, which opened at $1.4234. LI now
$1.32 A. All of the above prices are unofficial.
The attitude taken by many mills toward the competition on prices Is
Interesting. Some sellers are indifferent to the stand taken by competing
2990
Financial Chronicle
mills to secure business and point out that price cutting at this time will
accomplish nothing except to disrupt the plans of buyers atout to place
Initial business. Others state that a difference of 5 cents is nothing to a
buyer where style is concerned, and that clothing manufeturers gladly
pay 5 cents to 10 cents more for a style or color that appeals to them.
Representatives of a large selling organization stated that they do not
intend to reduce prices, as they have laready achieved wide sample distribution on the basis of present prices and have already written tartly
satisfactory initial business. They add that buyers are not holding back
purchases because of prices, the chief deterrents to increased orders at this
being general trade conditions, a slow and unsatisfactory spring business,
slow collections from retailers and a rather cloudy outlook for fall.
Industry for March
1932.
The Department of Commerce announced on April 21,
that according to preliminary figures compiled by 'the
Bureau of the Census 32,024,032 cotton spinning spindles
were in place in the United States on March 31 1932, of
which 24,818,008 were operated at some time during the
month compared with 25,189,748 for February, 25,013,750
for January, 24,637,864 for December, 24,860,684 for
November, 25,188,112 for October, and 26..504,132 for
March 1931. The aggregate number of active spindle hours
reported for the month was 6,954,530,464. During March
the normal time of operation was 27 days compared with
23 2-3 for February, 253 for January, 26 for December,
24% for November, and 263 for October. Based on an
%
activity of 8.93 hours per day the average number of spindles
operated during March was 28,843,808 or at 90.1% capacity
on a single shift basis. This percentage compares with 92.5
for February, 84.5 for January, 79.3 for December, 85.8
for November, 85.1 for October, and 91.0 for March, 1931.
The average number of active spindle hours per spindle in
place for the month was 217. The total number of cotton
spinning spindles in place, the number active, the number of
active spindle hours and the average hours per spindle in
place, by States, are shown in the following statement.
Activity in the Cotton Spinning
State.
Spinning Spindles.
In Place
Mar. 31.
United States
Adive Durtag Mar,
Active Spindle flours
for March.
Total.
Average per
Spindle in Place.
•
•
32,024.032
24,818,008
6,954,530,464
217
Cotton growing States 19,127.628
New England States_ 11,552,723
All other States
1,343,676
16,994,714
6,888,398
934.896
5,282,001,700
1,482,176,971
190,351,793
276
128
142
Alabama
Connecticut
Georgia
Maine
Massarhusetts
Mississippi
New Hamshire
New Jersey
New York
North Carolina
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States
1,698,764
705,884
2,853,100
685,866
3,515,518
130,080
834,274
217,128
417,906
5,400,408
1,049,384
5,437,090
522,694
188,128
594,296
567,488
539,337,772
138,001,096
851,163,405
140,744,882
761,466 534
50,428 741
187,075,835
50,625,759
81.619,807
1,507,449,005
236,316,944
1,884,086,731
188,079,758
43,946,120
167,108,840
127,079,235
292
129
257
143
122
239
157
136
130
243
120
331
305
156
246
167
1,848,260
1,067,036
3,308,890
981,576
6.233,5138
210,768
1,188,714
372,380
626.488
6,193.078
1.964.570
5,690,284
617,232
281,100
678,462
761,625
Movement of American Cotton to Orient.
The tremendous movement of American cotton to the
Orient, combined with the very small movement of Indian
cotton to that section of the spinning industry, is now
being reflected in a very large relative consumption of
American and a very small relative consumption of Indian
cotton by Oriental spinners, according to the New York
Cotton Exchange Service, which on April 19 stated:
During last season, Japanese spinners used about 80% Indian and 40%
American
During the first half of this season they used about half Indian
and half American. They are now using only about 25 to 30% Indian and
70 or 75% American.
"If this is continued," says the Exchange Service, "Japan
will use about 300,000 more bales of American cotton in
the second half than in the first half of the season, or around
930,000 bales compared with 630,000. Sales of yarn and
cloth by Japanese spinners during the past two or three
weeks are reported to be somewhat above current production.
Mill activity is being well maintained at a high level."
Petroleum and Its Products—East Texas Allowable to
Be Cut As Production Mounts Under New Price
Schedules — Voluntary Reduction Already Effective.
Production of crude in the east Texas field has mounted
rapidly, despite the recent cut of per well allowable to 67
barrels per day, and voluntary restriction to 62 barrels a day
has become effective with many of the leading producers.
The Railroad Commission is to hold a hearing on April 28
to establish a new per well basis.
April 23 1932
Seven of the major oil companies decided not to wait for
the Railroad Commission to act, and have themselves established a 62
-barrel basis. These companies include
Magnolia Petroleum Co., Humble Oil & Refining Co., Texas
Co., Shell, Empire Gas & Fuel Co., Tidal Oil Co. and East
Texas Refining Co.
That danger exists in continuing this procedure of reducing
well allowables, and that instead the restriction should be
applied to new drillings, is the claim of operators, who maintain that low production will prove a danger to the continued
flow of many wells. It appears possible that the Railroad
Commission may have to cut the allowable to 50 barrels per
well per day. It is the objective of producers and the State
officials alike to hold the field's output to 325,000 barrels
per day.
The east Texas situation was the only feature of the past
week,aside from a continuation of the strength which marked
the crude petroleum market to such an extent in the last
three weeks that prices throughout all producing sections,
with the exception of California, have risen 15e. or more
per barrel, as reported here during the past several weeks.
No major price changes took place this week.
An interesting viewpoint of the influence exerted by foreign
petroleum was given this week by Bernard Frankel, who is
General Sales Manager of the Warner-Quinlan Co., but
who appeared before the Senate Finance Committee as a
private citizen, speaking in favor of the proposed excise
duty on foreign oil.
Mr. Frankel declared that "foreign crude is selling for less
laid down in New York Harbor than the actual pipe line
charges plus ocean transportation to the same market from
our important domestic fields. Clearly it is impossible for
American producers to compete on this basis.
"It is significant to note that less than 300,000 barrels of
daily importations from foreign lands control the entire price
structure of the country. Not only has it demoralized our
domestic oil industry, but it has also had ruinous effect on
the price structure of the coal industry.
"Crude ail and refined products therefrom are admittedly
selling below the cost of production. Thus we find an
industry that represents billions of dollars of invested capital
flat on its back, unable to report anything but deficits to a
vast army of shareholders throughout the eauntry."
Prices of Typical Crudes per Barrel at Wells.
(MI gravities where A P
degrees are not shown.)
Bradford, Pa
61.40 Eldorado. Ark.. 40
$0.78
Corning. Pa
.90 Rusk, Texas, 40 and over
•.13.3
IlUnois
.801Salt Creek. Wyo.. 40 and over
85
Western KentuckyCreek
110
Mid-Continent, Okla.. 40 and above 1.00 Sunburst, Mont
1.25
EItitchineon. Texas,40 and over__ ..81 Santa Fe Springs, Calif.. 40 and over .76
Soindterop. Tema. 40 and over.. •.81 Huntington. Calif ,26
.12
Winkler. Texan
•.88 Petrolia. Canada
1.75
Smackover. Ark.. 24 and over
77 • Effective April 1 1012,
REFINED PRODUCTS—OTHER MAJOR COMPANIES ADVANCE
BULK GASOLINE PRICES HERE—MARKET SALES MOUNTING RAPIDLY AT HIGHER LEVELS.
Bulk gasoline prices were advanced in this market during
the week by four more major companies, including Tide
Water Oil Co., Warner-Quinlan Co., Sinclair, and Gulf Refining. The advances ranged from %c. to %c. per gallon,
tank car at refineries.
Constantly mounting consumption, brought about by continuous fine motoring weather, has encouraged distributors
greatly, and it is generally believed that bulk prices will show
a further advance within the next few weeks. General improvement in the entire petroleum market, induced by the
higher crude prices, is reported from all sections of the
country. Mid-Continent, where gasoline has been selling at
very low prices, is now being placed on a basis comparative
to Eastern and Western markets.
Considerable contract business was reported this week,
with below 65 octane, U. S. Motor, well maintained at
63 0
.
a gallon, tank car, while above 65 octane held from 6%c. to
7c., also tank car.
Bunker fuel oil has been strong this week, although prices
have not undergone any revision. Grade C is still held at
65c. a barrel, at refineries.
There has not yet been a revision of kerosene prices, 41-43
water white continuing at 53,c-53/3c. a gallon, tank car, at
refinery. Demand is fair, but it is not believed strong enough
at this season to merit a price advance.
A very favorable condition, which has not existed for
many months, is the lightness of stocks in practically all
refined products. This is especially so in light heating oils.
It is generally conceded that the new contracts, to be placed
after May 1, will be on a basis from a fraction to a full cent
above the schedule now in effect. As a result, holders are
reluctant to accept business on a spot basis now.
Volume 134
Financial Chronicle
Price changes of the week follow:
April 18.
-Gulf Refining advances tank car gasoline, above 65 octane,
Mc. a gallon, new price, at refinery, 7c.
April 18.
-Sinclair advances tank car gasoline, above 65 octane, Mc. a
gallon. new price, at refinery, 63 c.
%
April 18.
-Tide Water Oil Co. advances bulk gasoline prices Mc. a
gallon at all its deep water terminals along the Atlantic Seaboard.
April 20.
-Warner-Quinlan Co. advances bulk gasoline prices Mc. a
gallon, at refinery, new price, 1331c.
Gasoline, Service Station. Tax Included.
New York
$ 165 Cincinnati
17 Kansas City
LIU
Atlanta
.195 Cleveland
.17 MInneaPolls----- .167
BaRimer°
164 Denver
.19 New Orleans
118
Boston
18 1 Detroit
.13 Philadelphia
13
Buffalo
168 Houston
.17 San Francisco
17
Chicago
.16 Jacksonville
.19 St. Louis
134
Kerosene. 41-4.3 Water White, Tank Gar Lots, F.O.B. Refiner,.
N.Y.(Bayonne)5.0514-.0515 I Chicago
3.0234-.0334 New Orleans. ez--50.0334
North Texas
03 I Loa Ang.,ex_ .043$-.06
.04M-.0334
Tulsa
Fuel Oil, F.0.13. Refinery or Terminal.
N. Y.(Bayonne)California 27 plus 12
Gulf Coast "C"--$.55-.65
Bunker "C"
5.65
5.75-1.00 Chicago 18-22 G..4234-.50
Diesel 2840 D
1.30 New Orleans "C"-- .55 Pt.iladelphia "C" --- 70
Gas0 I. F.0.13. Refinery or Terminal.
N. Y.(Bayonne)-ChicagoTulsa
28 D
-5.0334-.04
32-361) Ind-5.013$-.02
32-36 D
Gasoline, U. S. Motor. Tank (Above 65 Octane) Car Lots, F.O.B. Refinery.
N. Y.(Bayonne).N. Y. (Bayonne)
Chicago
5.0534-0534
Standard Oil, N. J.Sinclair
8.0634 New Orleans, ex. 05-0534
Motor, 60 of:Pau-Am.Pet.Co. .06
Arkansas
.04-.043$
tane
$0634
Shell Eastern Pet .0634 California
.05-.07
Motor, 65 ooNew YorkLos Angeles, ex. .044-.07
tane
.0034
Colonial-Beacon. 8.0634 Gulf Ports
.05-.051i
Motor,standard .0634
Crew Levick.--- .0634 Tulsa
043$-.0534
Stand. Oil, N.Y. .07
a Texas
0634 Pennsylvania.0534
TIdeWater0i1Co .0634
Gun
07
Rtchtleld011(Cal) .07
Continental
.06
Warner-Quin.Co .0634
Republic OIL-- •06.34
*Below 65 Octane. a "Texaco" 15 .07.
Weekly Refinery Statistics for the United States.
Reports compiled by the American Petroleum Institute
for the week ended April 16, from companies aggregating
3,661,600 barrels, or 95.1% of the 3,852,000 barrel estimated
daily potential refining capacity of the United States, indicate that 2,272,600 barrels of crude oil were run to stills daily,
and that these same companies had in storage at refineries
at the end of the week, 46,733,000 barrels of gasoline, and
123,874,000 barrels of gas and fuel oil. Reports received
on the production of gasoline by the cracking process indicate
that companies owning 95.6% of the potential charging
capacity of all cracking units, manufactured 3,106,000
barrels of cracked gasoline during the week. The complete
report for the week ended April 16 1932 follows:
cnunE RUNS TO STILLS, GASOLINE AND GAS AND FUEL OIL STOCKS,
WEEK ENDED APRIL 16 1932.
(Figures in barrels of 42 gallons each.)
District.
Per Cent
Potential
Capacity
Reporttap.
Crude
Runs to
Silas.
Per C
Over,
of Total
Capacity
Report.
a
Gasoline
Stocks.
3,112,000
653,000
2.227,000
1.677.000
3,509,000
1,204,000
225,000
3,300,000
70.2
67.9
73.7
5.5.1
65.5
74.6
22.5
53,3
6,959.000
1,803.000
6,659,000
3,909,000
8.477,000
2,097,000
1,974,000
14,855,000
15,908,000
2.272.600
16,052,000
2,293,100
62.1
46,733,000
123,874,000
95.1
62.6
47,171,000
123,521,000
95.7
17,039,000
2,434,100
68.2
b45,893,000
126,835,000
East Coast
100.0
Appalachian
91.8
Ind.. Illinois, Kentucky 98.9
Okla., Kansas, Missouri 89.6
Texas
91.3
Louisiana-Arkansas---- 98.9
Rocky Mountain
89.4
Callfonna
96.7
Total week April 16
Daily average
Total week April 9.-Daily average
Total April 18 1931_
Daily average
95.1
Gas and
Fuel Oil
Stocks.
5,432,000
1,110,000
4,166,000
3,094,000
8,492.000
4,360,000
635,000
98,585,900
cTexas Gulf Coast
99.8
2,654,000
71.3
6,882,000
5,762,000
cLouislana Gulf Coast_ 100.0
847.000
82.0
1,957,000
3,699,000
a Stocks at refineries, except in California district, which includes stocks of
finished gasoline and engine dist Hate at refineries, water terminals and sales distributing stations and amounts n transit thereto. b This figure
comparable with current stocks due to revisions made since originalIs not entirely
publication of
this figure, from which revisions the basic information is not available by weeks.
lilt WM possible to have made the revision the new figure would reflect somelower stocks. c Included above for the week ended April 16 1932.
what
Note -All figures follow exactly the present Bureau of Mines definitions. Crude
oil runs to stills include both foreign and domestic crudes. In California, stocks of
heavy crude and all grades of fuel oil are included under heading "Gas and fuel oil
stocks."
Net Crude Oil Stock Changes for March.
Pipe line and tank farm not domestic crude oil stocks east
of the Rocky Mountains decreased 1,010,000 barrels in the
month of March, according to returus compiled by the
American Petroleum Institute from reports made to it by
representative companies. The net change shown by the
reporting companies accounts for the increases and decreases
n general crude oil stocks, including crude oil in transit, but
not producers' stocks at the wells.
Crude Oil Output Lower.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the United States for
the week ended April 16, was 2,181,650 barrels, as compared
with 2,226,500 barrels, for the preceding week, a decrease of
44,869 barrels. Compared with the output for the week
2991
ended April 18 1931 of 2,422,000 barrels per day, the current
figure represents a decrease of 240,350 barrels daily. The
daily average production east of California for the week
ended April 16 1932, was 1,633,850 barrels, as compared with
1,714,600 barrels for the preceding week, a decrease of
50,750 barrels. The following are estimates of daily average
gross production, by districts, for the weeks ended April 16
1932, April 9 1932 and April 18 1931.
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Weeks Ended
Apr.16'32. Apr.9'32. Apr. 2'32. Apr.18'31.
Oklahoma
395,500
451,950
408,100
585,100
Kansas
100,000
97,700
96,850
110.050
Panhandle Texas
52,050
48,450
47,200
55,300
North Texas
49,450
49,500
49,650
57.350
West Central Texas
25.000
24,500
24,400
25,050
West Texas
178,700
180,350
181,750
218,200
East Central Texas
55,000
54,950
55,150
51,650
East Texas
343,450
337.600
331,050
248.400
Southwest Texas
52,300
51,200
53,750
63,250
North Louisiana
28,400
28.150
28,350
39,050
Arkansas
35.000
35,000
34,900
40,950
Coastal Texas
110,400
110,900
112,9(10
153,200
Coastal Louisiana
32,850
35000
30.600
27,450
Eastern (not Intl. Michlgan)-104,500
106,150
103,150
105.300
Michigan
15,450
14,950
14,350
8.300
Wyoming
37,600
38,600
39.400
43,650
Montana_
6,500
6,650
6,700
8.650
Colorado
4,150
3,400
4,200
3,500
New Mexico
37,550
36,850
37,900
39,000
California
517,800
497,100
511,900
526,900
2,181,650
2,226,500 2,154,000
2,422.000
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 16 was 1,314,850 barrels, as compared with 1.359,250
barrels for the preceding week, decrease of 44,400 barrels. The MidContinent production, excluding Smackover (Arkansas) heavy oil, was'
1.291,200 barrels, as compared with 1,335,550 barrels, a decrease of 44,350
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.
Total
-Week Ended-Week Ended
Apr.16 Apr.9
OklahomaSouthwest TexasApr. 16 Ayr.9
12,550 11,200 Chapmann-Abbot
Bowlegs
1,400 1,450
11,300 11,350 Darst Creek..-----Bristow-Slick
17,100 14,900
10,900 10,950 Luling
Burbank
7,400 7.300
13,650 15,450 Salt Flat
Carr City
8,900 8,900
14.600 13,950
Earlaboro
North Louisiana12,550 12,450 Sarepta-Carterville
East Earieboro_
850
1350
4,100 3,950 Zwolle
South Earisboro
5,500 6,800
4.850 4,950
Konawa
Arkansas
18,250 17,700 Smackover. light
Little River
2,900 2,900
East Little River
1,800 2,050 Smackover. heavy
23,650 23,700
Maud
2,100 2,050
Coastal Texas
Mission
6.400 6.950 Barbera Hill
19,050 19,200
Oklahoma City
67.400 128,150 Raccoon Bend
4,850 4,900
St. Louis-Pearson
20.150 17,350 Refugh)County
10,000 10,160
&aright
3,850 3,500 Sugarland
9,600 9,700
Seminole
11.950 11,050
Coastal Louisiana
East Seminole
1,200 1,000 East 11arkberry
7,800 3,700
Kansas
-Old lIackberry
550
600
Bits
12,750 12,600
Wyoming
Serigsvick County
14,150 14,250 Salt Creek
22,050 23,800
Voshell
9.450 7,450
Montana
Panhandle Texas
Kevin-Sunburst
3,400 3,400
Gray County
33,500 28,250
New Mexico-.
Hutchinson County
12,000 12,100 Hobbs High
30.600 30,550
North Texas
Balance Lea County... 4,700 4.300
Archer County
10,900 10,950
California
North Young County._ 5,800 5,850 Dominguez
33,500 29,800
Wilbarger County
9,600 9,600 Elwood-Goleta
17,100 17,600
Went Central Texas
Huntington Beach
22,600 22,000
South Young County_
3,500 3,650 Inglewood
14,000 13,700
West Texas
Kettleman Hills
59,300 59,600
Crane dr Upton Counties 20,700 20,100 Long Beach
83.200 81,200
Ector County
4,S00 5.250 Midway-Sunset
50,600 50.400
Howard-Glamour*
22,000 23,400 Playa del Rey
18,100 18.400
Reagan County
21,800 22,350 Santa Fe Springs
67,400 65,900
Winkler County
31,250 31,300 Seal Beach
12,500 13,000
Yates
64,900 65.000 Ventura Avenue
28,400 30,100
Balance Pecos County.... 2,400 2,200
Pennsylvania Grade
East Central Texas
7,150 7.350
Allegany
Van Zandt County
43,500 43,800 Bradford
28.750 27,400
East Texas
Kane to Butler
7,050 6,950
Rusk County: Joiner
107,350 108,000 Southwestern Penna._ _ _ 3,100 3,450
Kllgore-109,500 105,300 Southeastern Ohio
a 5,850 6,800
Gregg Co.: Longview
126,600 124,300 West Virginia
12,100 13,900
Bulk Terminal Stocks of Gasoline and Gasoline in
Transit.
The American Petroleum Institute below presents the
amount of gasoline held by refining companies in bulk terminals and in transit thereto, by Bureau of Mines' refining
districts, East of California. The Institute's statement, in
full, is as follows:
It should be borne definitely in mind that comparable quantities of
gasoline have always existed at similar locations as an integral part of the
system of distribution necessary to deliver gasoline from the points of
manufacture to the ultimate consumer. While it might appear to some that
these quantities represent newly found stocks of this product, the industry
itself and those closely connected with it, have always generally known of
their existence. The report for the week ending Aug. 22. 1931, was the
first time that definite statistics had ever been presented covering the
amount of such stocks. The publication of this information is in line
with
the Institute's policy to collect, and publish in the aggregate. statistical
Information of interest and value to the petroleum industry.
For the purpose of these statistics, which are issued each week, a
bulk
terminal is any installation, the primary function of which is to
supply
other smaller installations by tank airs, barges, pipe lines or the
longer haul
trank trucks. The smaller installations referred to. the stocks
of which
are not Included, are those whose primary function is to
supply the local
retail trade.
Up to Aug.22 1931,statistics covering stocks of gasoline
east of California
reflected stocks held at refineries only, while for the
past several years
California gasoline stocks figures have included, and
will continue to include, the total inventory of finished gasoline and
engine distillate held by
reporting companies wherever located within continental
United States,
that is, at refineries, water terminals and all
sales distributing stations
including amounts in transit, thereto.
Financial Chronicle
2992
Gasoline at "Bulk Terminals"
Figures End of Week.
Distria.
Apr. 16
1932.
Apr. 9
1932.
Apr. 18
1931.
Gasoline "in Transit"
Figures End of Week.
Apr. 16
1932.
Apr. 9
1932.
Apr. 18
1931.
9,721,000 9,028,000 8,881,000 1,125,000 1,701,000 2,174,000
East Coast
19.000
32,000
224,000
257,000
291.000
Appalachian
26,000
958.000
2,121,000 2,144,000
Ind., Ill862,000
859,000
Okla., Kan., Mo
175,000
195.000
234,000
Texas
37,000
26,000
372,000
339,000
307,000
Louisiana, Ark'sas
Rocky Mountain_
PM
Total east of Calif_ 13,533,000 12,825,000 10,590,000 1,183,000 1,701,000 2,256,000
Texas Gulf
Louisiana Gulf
193,000
236,000
108,000
260,000
147,000
335,000
37,000
-Paris Conference
Tin Pool Cuts Output 20,000 Tons
Tightens Curb 150% More Than First Contemplated.
From Paris the "Wall Street Journal" of April 22 reported
•
the following:
1, it is understood that the International Tin Committee at its meeting here
approved a reduction of about one-sixth in output.
Representatives of the principal tin producing countries of the world
are understood to have met in Paris and agreed upon plans for a reduction
-ton reduction dein output by 20.000 tons annually instead of the 8,000
cided upon in March.
Among representatives reported in the discussions were members from
Bolivia, Nigeria. Malay States and India.
-But
Early Flurry in the Non-Ferrous Metal Market
Quiet Marks End of Trading Week.
Non-ferrous metals early in the week just closing exhibited
a little more confidence in the general situation, based largely
on the Federal Reserve system's effort to improve the credit
situation, says "Metal and Mineral Markets". But, the
week's end comes with demand again quiet. The report goes
on to say:
Sales of lead for the week were well above the average. With production
of copper sharply curtailed, in line with the recent international agreement,
some producers were disposed to take a firmer view of the market. Zinc
was almost neglected and offerings of near-by material at 2.75 cents,
St. Louis, appeared to increase. Tin steadied toward the close on prospects
of further curtailment in production. Silver was unsettled and sold under
28c. during the week. Antimony and quicksilver were slightly lower.
In the domestic copper market, total sales for the week were in fair
volume,exceeding in amount those for any week since the middle of January.
The price held at 5.75 cents, delivered Connecticut. throughout the week,
except on Monday, when two lots sold for 5.875 cents and one small lot
for 6 cents. However, most of the business booked on Monday was at
5.75 cents. About two-thirds of the total metal sold during the week was
for delivery in the third and fourth quarters.
Foreign sales of copper for the month now total about 6,400 tons. Sales
booked for export shipment in April total about 13,000 tons, and those for
shipment in May have reached about 12,000 tons. These figures, according
to some producers, indicate that Europe.continues under-bought for these
two months.
of Capacity-Price of
Steel Output Rises to 22
Steel Scrap Declines to $8.04 a Ton, A New AllTime Low.
Iron and steel business remains at a low level, but it is
not without constructive features, reports the "Iron Age"
of April 21. The determined campaign of the motor car
industry to overcome the buying resistance of a depressionscarred public is making steady, if gradual, progress, which
is reflected.in improved steel specifications. Tin plate
releases have gained, pushing tin mill operations above the
50% mark for the first time this year. Rail output has
increased with the resumption of the mill at Ensley, Ala.
Steel ingot production for the country at largo, which
averaged 21% a week ago, has risen to 223'% of capacity,
gains at Pittsburgh, Birmingham, Buffalo and Youngstown being partly offset by a loss at Cleveland. The "Age"
further reports as follows:
Finished steel prices are holding, having apparently withstood the first
test of sizable purchases by the automobile makers. Scrap, on the other
hand, has shown fresh weakness, declines in heavy melting steel at Pittsburgh and Chicago forcing our scrap composite price to $8.04 a ton, a new
all-time low.
Automobile demand for steel is featured by a Ford purchase of sheets
and strip steel, exclusive of body requirements, for 65,000 cars. This
material, estimated at 10,000 tons, supplements 6,000 tons which was released for shipment to body builders a week ago. Owing to considerable
stocks of bodies and parts on hand, the steel industry will not feel the full
effects of Ford's Increased production for another month or two. If
however, Ford assemblies reach a total of 100,000 in June, as is now expected, the steel mills will benefit from Ford expansion at a time of the
year when they normally experience a decline.
Other makers of low-priced cars are also taking larger quantities of steel,
as well as of pig iron, castings and miscellaneous parts. Relatively.
Plymouth has made the best showing in assemblies to date, turning out
1,100 cars a day. While Chevrolet's output for this month probably will
not exceed 45.000 cars, its sales have registered encouraging gains. In
the first 10 days of April, Chevrolet dealers sold 17.452 new cars and
26,573 used cars. In new cars this represented an increase of 4,000 over
sales in the corresponding period in March.
Improvement in tin plate specifications has been only partially reflected
in mill operations, since producers are still shipping considerable tonnage
out of stock. Consumers were expected to specify their June requirements
by April 15, but the full amount of the tonnage released is not yet known.
April 23 1932
•
An inquiry for export fo Japan calls for 22,000 boxes, while another for
re-export Is for 30,000 boxes.
Fabricated steel awards, at 7,500 tons, are among the smallest of the
year. Prospective structural work, however, has shown noticeable improvement in the Central West. Road work has been slow in getting
under way, but is now progressing more rapidly. Inquiries for barges at
Pittsburgh now call for 6.000 tons, or double the tonnage first reported.
All forms of construction work, whether involving buildings, bridges',
cast iron pipe or steel line pipe are severely handicapped by difficulties In
financing. Typical of the situation is the experience of an Illinois munipality, which received literally dozens of contractors' bids on a projected
water plant but not a single bid on the bonds authorized to defray the costs
of construction.
Railroad interest in the steel market is limited to scattered inquiries for
bridge work. Aside from the releases which made the resumption of rail
output possible at Ensley, there is little to indicate a material gain in demand for track steel during the remainder of the first half of the year.
The "Iron Age" composite prices for pig iron and finished steel are
unchanged at $14.35 a gross ton and 2.087c. a lb. respectively. A comparative table follows'
Finished Steel.
Based on steel bars, beams, tank plates.
April 19 1932, 2.0870. a Lb.
2.087c. wire, rails, black pipe and sheets.
One week ago
2.044o. These products make 87% of the
One month ago
2.1280.
United States output.
One year ago
2.087o. Mar, 29
1932
2.0370. Jan, 19
2.142o. Jan. 13
1931
2.052o. Dec. 29
2.3820. Jan. 7
2.121c. Den. 9
1930
2.412e. Apr. 2
2.382o. Oct. 25
1929
2 3910. Dec. 11
2.314o. Jan. 3
1928
2.453o. Jan. 4
2.293c. Oct. 25
1927
2.4530. Jan. 6
2.403o. May 18
1928
2.5600. Jan, 0
2.3980. Aug. 18
1926
Fig Iron.
Based on average of basic iron at Valley
April 19 1932, $14.35 a Gross Ton.
$14.35urnace foundry Irons at Chicago.
One week ago
14.43 Philadelphia, Buffalo, Valley and 131rOne month ago
15.79
mIngham.
One year ago
High.
Low.
$14.81 Jan. 5
$14.35 Apr. 5
1932
15.90 Jan. 8
15.79 Dec. 15
1931
18.21 Jan. 7
15.90 Dec. 10
1930
18.71 May 14
18.21 Dec. 17
1929
18.59 Nov.27
17.04 July 24
1928
17.54 Nov. 1
19.71 Jan. 4
1927
19.48 July 13
21.54 Jan. 5
1928
18.98 July 7
22.50 Jail. 13
1925
Steel Scrap.
heavy melting steel quoBased on
April. 19 1932, $8.04 a Gross Ton.
Lotions at Pittsburgh, Philadelphia
$8.21
One week ago
8.21
and Chicago.
One month ago
10.75
One year ago
Low
High.
$8.04 Apr. 19
58.50 Jan. 12
1932
8.50 Dec. 29
11.33 Jan. 0
1931
11.25 Dee. 9
15.00 Feb. 18
1930
14.08 Dec 3
17.58 Jan. 29
1929
13.08 July 2
18.50 Dec. 31
1928
13.08 Nov .22
15.25 Jan. 11
1927
14.00 June. 1
17.25 Jan. 5
1928
15.08 May 2
20.83 Jan. 13
1925
"Steel" of Cleveland, in a summary of the iron and steel
markets, on April 18, reports:
Slight gains in steel production at Buffalo and Pittsburgh compensated
for declines at Cleveland and in eastern Pennsylvania last week, holding
the steelmaking rate at about 22%, but substantial improvement at Birmingham reinforced by a modest increase at Youngstown and a comeback at
Cleveland should lift the rate a point or two this week.
Due to resumption of two blast furnaces and the Ensley mills of the
Tennessee Coal, Iron & R. R. Co., the Birmingham rate this week will jump
from 21% to almost 50. A long-idle charcoal stack in Tennessee has been
lighted. A thin sprinkling of Ford business in the Cleveland. Youngstown
and Pittsburgh districts is patching up weak spots there.
Unquestionably, the Ford situation is paramount to steel. Adoption of
a schedule for May. probably for 75,000 units, is now definitely set for
April 20, and the substantial steel releases expected last week should
materialize. Last week Ford eight assemblies reached 650 daily; a 1000
daily rate is not distant. Ford, reported unable to win a $2 per ton concession on some flat-rolled lines, is understood seeking $1. Meanwhile.
Chevrolet and Plymouth, the other volume producers, are steady.
A number of favorable developments protrude from the market news
not sufficient to affect sentiment but an earnest that constructive forces are
their position to the
at work. Producers, however, continue to adjust
realties and reduce costs. While a second wage reduction is not improbable,
the equivalent of a 10% cut is being sought in the elimination of welfare and
allied activities and curtailed staffs.
Two inquiries are current at Cleveland for 1000 tons of pig iron, and shipments to automotive foundries are increasing. Sheet releases at Youngstown are broader. Both Pittsburgh and Chicago report improved demand
for soft steel and cold-finished bars. Chicago mills have booked 6,000
Tin plate output is seasontons of rails and 3,000 tons of track fastenings
ally subnormal, but the outlook for a fair pack of vegetables this year is
improved. The Texas Co. is momentarily expected to place 75,000 boxes
for re-export, and the Nippon Oil Co. is inquiring for 22.000 boxes. Twentyfive barges on inquiry at Pittsburgh require 3,000 tons of plates and shapes.
Structural material affords an excellent illustration of the difficulties of
producers in closing inquiries. Pending work in building Is extensive, but
lost week's awards at 7.770 tons were considerably below the seasonal
average. Foremost in fresh inquiry is 15,000 tons for the postoffice extension at Washington. Four federal projects which would be closed in May
require 85,000 tons of structurals.
Though the Great Lakes are open for navigation, only a few bulk carriers
are moving, handling only coal, no iron ore having been loaded. Mining
companies are holding their usual spring conferences, these having to do
mainly with how to spread employment this season without inflating stocks.
Some operators have reached the point where they are unable to provide as
well for employees as they did last year. Unless northern railroads recede
from their insistence on levying the full 6
-cent freight surcharge, a double
charge is in prospect, lower lake carriers also demanding 6 cents.
Finished steel prices are holding measurably welt,if chronic weakness in
fiat-roiled material at Detroit be excepted. Pig iron prices continue steady,
though imports in the East are disturbing. Including 6,500 tons received
recently, an eastern pipemaker has imported 26,000 tons of Dutch iron.
Scrap prices have developed softness, especially at Chicago, Cleveland.
Boston.
The scrap composite of "Steel," as a result, has declined 8 cents to $7.79.
while the iron and steel composite remains stationary at $29.74, and the
finished steel composite at $47.62.
Steel ingot production for the week ended Monday,
April 18, were at about 22% of theoretical capacity, accord-
Financial Chronicle
Volume 134
ing to the "Wall Street Journal" of April 20. This was
unchanged from the preceding seven days and compared
with 22M% two weeks ago. There has been an increase in
schedules by a number of companies for the current week,
which could be reflected on a higher rate in the immediate
future, adds the "Journal", who further goes on to say:
Independent steel companies recorded a sharp gain last week, being
credited with a rate of approximately 23%. against 21% in the week before
and 2155% two weeks ago. U. S Steel was placed at 21 %, compared
with 2355% In the preceding week and between 23;5% and 24% two
weeks ago.
In the corresponding week last year the average was at 40%, with U. S.
Steel around 51%, and independents a good fraction under 48%. In
the
1930 week the industry ran at a shade under 77%. U. S Steel being at
81%.
and independents a little below 75%. For the same week in 1929 the
average was fractionally below 98%, U. S Steel running at capacity
and
independents at 96%, while in the like week of 1928 the industry
was a
little under 85%, with U. S. Steel in excess of 89%. and independents
around 81%.
Suspensions in Illinois, Indiana and Ohio Responsible
in Part for Continued Decline in Production of
Bituminous Coal-Anthracite Output Higher.
According to the United States Bureau of Minos, Department of Commerce, there were produced during the week
ended April 9 1932 a total of 4,685,000 net tons of bituminous
coal and 1,291,000 tons of Pennsylvania anthracite as against
5,862,000 tons of bituminous coal and 872,000 tons of
anthracite in the preceding week and 6,784,000 tons of
bituminous coal and 1,260,000 tons of anthracite in the
corresponding period last year. The decline in bituminous
coal output was duo in a largo measure to suspensions in
Illinois, Indiana and Ohio.
During the calendar year to April 9 1932 production of
bituminous coal amounted to 93,988,000 net tons as compared with 113,378,000 tons during the calendar year to
April 11 1931. The Bureau's statement follows:
BITUMINOUS COAL.
The total production of soft coal during the week ended April 9 1932,
including lignite and coal coked at the mines, is estimated at 4685,000 net
tons. Compared with the preceding week, this shows a decrease of 1,177,000 tons, or 20.1%. While there appears to be a generally downward trend
in output throughout the country, the greater part of the loss is due to
the suspensions in Illinois. Indiana and Ohio.
Estimated United States Production of Bituminous Coal (Net Tons).
1932
1931
Cal. Year
Cal. Year
Week EndedWeek.
to Date.
Week.
to Date.a
March 26
7,260,000
83,441.000
7,509,000
99,380,000
Daily average
1,210,000
1.141,000
1,252.000
1,356.000
April 2.b
5 862 000
89,303,000
7.214,000
106,594.000
Daily average
1,028,000
1,133,000
1,244,000
1,349,000
April 9.c
4 685,000
93,988,000
6,784,000
113.378,000
Daily average
781,000
1,108,000
1,131,000
1,334,000
a Minus one day's production first week in January to equalize number of days
in the two years. b Revised since last report. April 1 weighted as 0.7 of a normal
working day. c Subject to revision.
The total production of soft coal during the present calendar year to
April 9 (approximately 85 working days) amounts to 93,988,000 net tons.
Figures for corresponding periods in other recent calendar years are given
below'
1931
113,378.000 net tons 1929
150,936,000 net tons
1930
137,903,000 net tonsi1928
138,650,000 net tons
I
PENNSYLVANIA ANTHRACITE.
The total production of Pennsylvania anthracite during the week
ended
April 9 is estimated at 1,291,000 net tons. Following a week
in which
working time was curtailed by a holiday. this is a gain of
4i9.000 tons.
The average daily rate of output was greater by 40,800
tons, or 23.4%
than for the five days in the preceding week. Production
during the week
in 1931 corresponding with that of April 9 amounted to 1,260.000
tons.
This is the third week in 1932 in which the figure has been higher
than that
for 1931.
Estimated Production of Pennsylranta Anthracite (Net Tons).
1932
1931
TWeek EndedWeek.
Daily Average.
Week.
Daily Average.
March 26
1,0(30,000
176.700
1,07(1,000
179,300
April
2.a
872,000
174,400
775,000
155.000
April 9.b
1,291,000
215,200
1,260,000
210,000
a Revised since last report. b Subject to revision.
BEEHIVE COKE.
The total production of beehive coke during the week ended April
2 is
estimated at 16,900 net tons, an increase of 300 tons over the preceding
week. There were small shifts in regional totals, as indicated
by the
detailed table below. Production during the week in 1931 corresponding
with that of April 2 amounted to 29,100 tons.
Estimated Weekly Production of Beehire Coke (Net Tons).
TWeek Ended
1932
1931
Apr. 2
Afar.26
Ayr.4
to
to
Region
1932.
1932,
1931.
Dale.
Date.a
Pennsylvania
14,300
13.900
20,700
225.400
384,300
West Virginia
1,000
1,200
3,300
15.800
48.500
Tennessee and Virginia
1,200
1,100
4,300
17,000
41,600
Colorado. Utah ez Washington
400
400
800
8,600
13,500
United States total
16.900
16,600
29,100
266.800
487,900
Daily average
2,817
2,767
4,850
3,335
6.099
a Minus one day's production first week in January to equalize number
of days
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 20, as reported by
the Federal Reserve banks, was $1,713,000,000, an increase
of $84,000,000 compared with the preceding week and of
$748,000,000 compared with the corresponding week in
1931. After noting those facts, the Federal Reserve Board
proceeds as follows:
On April 20 total Reserve bank credit amounted to $1,700.000,000, an
increase of $14,000,000 for the week. This increase corresponds with
increases of $17,000,000 in unexpended capital funds, non-member deposits,
&c., and $2,000.000 in money in circulation, and decreases of
$26,000,000
in Treasury currency, adjusted. and $3.000.000 in monetary gold stock,
offset In part by a decrease of $32,000.000 in member bank reserve balances.
Holdings of discounted bills declined $19.000,000 each at the Federal
Reserve Banks of Cleveland and San Francisco. $14.000,000 at New York,
$7.000,000 at Chicago and $64,000,000 at all Federal Reserve banks.
The System's holdings of bills bought in open market declined $3.000 000.
while holdings of United States bonds increased $25,000,000 and of Treasury certificates and bills $68,000,000.
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.
2993
As already indicated by the revised figures above, the total production
of soft coal for the country as a whole during the week ended April 2 Is
estimated at 5.862.000 net tons. Compared with the output in the preceding week, this shows a decrease of 1,398,000 tons, or 19.3%. "Eight
Hour Day," April 1, was observed in varying degrees as a holiday throughout the country, and this accounts in part for the heavy loss in tonnage.
The following table apportions the tonnage by States and gives comparable
figures for other recent years'
Estimated Weekly Production of Coal by States (Net Torts).
Week Ended
3far.1923
April 2 Mar.213 April 4 April 5 Arerage
State
1932.
1932.
1931.
1930.
(a)
Alabama
148,000 162,000 259,000 325,000
423.000
Arkansas and Oklahoma
12,000
27,000
77,000
51,000
41.000
Colorado
74.000
83,000 160.000 120,000
195.000
Illinois
968.000 1,511,000 903,000 956.000 1,684,000
Indiana
293,000 385,000 251,000 2
575.000
80,000
Iowa
66.000 100,000
70,000
75.000
122.000
Kansas and Missouri
85,000 112.000 105.000 102,000
144,000
Kentucky-Eastern
403,000 515,000 592,000 717.000
560.000
Western
135,000 145.000 185,000 194.000
215.000
Maryland
26.000
38,000
37,000
52,000
43.000
Michigan
10,000
11,000
9.000
9.000
32.000
Montana
34,000
41.000
39.000
68,000
49.000
New Mexico
20,000
20,000
32.000
53.000
34,000
North Dakota
33.000
37,000
23,000
34,000
18.000
Ohio
281,000 358,000 384.000 372.000
740.000
Pennsylvania (bituminous)._ 1,467.000 1,588,000 1,888.000 2,328.000 3.249.000
Tennessee
54,000
60,000
93.000 104.000
118 000
Texas
13,000
13,000
17,000
19.000
14.000
Utah
38,000
41,000
54.000
46,000
68.000
Virginia
147,000 166,000 171.000 207.000
230,000
Washington
27,000
30.000
28,000
74,000
39,000
West Virginia-Southern.b
1,052,000 1,300,000 1,280.000 1.594.000 1,172.000
Northern_c
400.000 433.000 474.000 579.000
717,000
Wyoming
63.000
73.000 103.000 104.000 136,000_
Other States_d
8,000
11,000
2,000
7,000
3,000
Total bituminous coal
5,862,000 7,260.000 7,214.000 8,353,000 10,764,000
Pennsylvania anthracite
872.000 1,060,000 775.000 890.000 2,040,000
Total all coal
6,734,000 8,320,000 7,989.000 9.243,000 12,804,000
a Average weekly rate for the entire month. b Includes operations on the
N. & W.: C. & O. Virginian: K. & M., and B. C. & G.
c Rest of
Panhandle. d This group is not strictly comparable in the several State. Including
years.
The statement in full for the week ended April 20, in
comparison with the preceding week and with the corresponding date last year, will be found on subsequent pages,
namely, pages 3053 and 3054.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
April 20 1932, were as follows:
Increase (÷) or Decrease (-)
Since
Apr. 20 1932. Apr. 13 1932. Apr, 22 1931.
Bills discounted
Bills bought
United States securities
Other reserve bank credit
565,000.000 -64.000.000
49,000.000 -3,000.000
1,078,000,000 +93,000,000
9,000.000 -12,000,000
+430,000.000
-103,000.000
+479.000.000
-17,000,000
TOTAL RES'VE BANK CREDIT...1,700,000,000
+14,000,000 +789,000,000
Monetary gold stock
4,377.000,000 -3.000.000 -336,000.000
Treasury currency adjusted
1.754.000.000 -26,000.000
-24,000,000
Money in circulation
5,425,000,000
+2,000.000 +813,000,000
Member bank reserve balance
'
,
1,979,000 000 -32,000.000 401,000.000
Unexpended capital funds, non-member deposits, &c
428,000,000 +17,000,000
+18,000,000
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
of waiting until the following Monday, before which time
2994
Financial Chronicle
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 advances 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 re3ords an increase of $19,000,000, the amount of these
loans on April 20 1932 standing at 8534,033,003. The
present week's increase of $19,030,000 follows a decrease of
$31,000,000 last week. Loans "for own account" increased
during the week from $401,000,000 to $435,000,000, but
loans "for account of out-of-town banks" fell from $77,000,000 to $66,000,000, while loans "for account of others" remain unchanged at $7,000,000. The amount of these loans
"for account of others" has been reduced the past 23 weeks
due 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 other
than banks loans secured by stocks, bonds and acceptances.
Last week's total of these 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. 20 1932. Apr. 13 1932. Apr. 22 1931.
$
Loans and investments—total
6 568.000.000 6,420,000,000 7,880,000.000
Loans—total
On securities
AU ether
1nvestments-4otal
U.S. Government securities
Other securities
4,008,000,000 3.944,000,000 5,311,000,000
1,950,000,000 1,933,000,000 3,063,000,000
_2,058,000.000 2.011,000.003 2,248,000,000
2,560,000,000 2,476,000,000 2,569,000,000
1,643,000,000 1,589,000,000 1,393,000,000
917,000,000 887,000,000 1,176,000,000
Reserve with Federal Reserve Bank
Cash in vault
70/7.000,000
39,000.000
754,000,000
40,000,000
793,000,000
42,000,000
Net demand deposits
Time deposits
Government deposits
4,946,000,000 4,866,000,000 5,775,000.000
771,000,000 755,000,000 1,214,000,000
82,000.000 129,000,000
73,000,000
Due from banks
Due to hanks
68,000,000 /08,000,000
62,000,000
1,040,000,000 1.014,000,000 1.144,000.000
Borrowingsfrom Federal Reserve Bank..
Loans on *emir.to brokers & dealers;
435,000.000
For own account
62.000,000
For account of out-of-town banks__
7,000,000
For account of others
401.000.000 1,350.000,000
77,000.000 270,000,000
7,000,000 224,000,000
504,000,000
485,000,000 1,844,000,000
414,000,000
90,000,000
385,000.000 1,489,000,000
100,000,000 355,000,000
Total
On demand
On time
Loans and investments—total
Chicago.
1.366,000.000 1,381.000.000 2,005.000,000
935,000.000
943.000,000 1.358,000,000
543,000.000
392.000,000
548.000,000
395.000,000
822,000.000
536.000.000
431,000,000 . 438.000.000
647,000,000
229,000,000
202,000,000
233.000.000
206,000,000
344,000.000
303.000,000
Reserve with Federal Reserve Bank.,..,. 162,000,000
14,000,000
Cashin vault
890,000,000
Net demand dePosit8
369,000,000
Time deposits
13,000.000
Government dePosits
138,000.000
14,000.000
177,000.000
18,000.000
On securities
All other
Investments—total
U.S. Government securities
Other securities
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
865,000,000 1,198,000,000
375.000,000 697,000.000
18,000.000
20,000,000
169,000,000
267.000.000
171,000,000
265,000,000
170,000.000
362,000,000
2,000,000
1,000,000
2,000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statement for the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on April 13:
The Federal Reserve Board's condition statement of weekly reporting
member banks In leading cities on April 13 shows decreases for the week of
8115.000.000 in loans and investments. $27.000,000 in time deposits and
$52.000.000 in Government deposits, and increases of $101,000.000 in net
demand deposits and 871.000.000 in reserve balances with Federal Reserve
banks. Borrowings from Federal Reserve banks show practically no net
change for the week.
Loans on securities declined $44,000,000 at reporting member banks In
the New York district, $11,000,000 in the Chicago district and 874,000,000
April 23 1932
at all reporting banks, while "all other" loans show a total reduction of
$16.000,000 for the week.
Holdings of United States Government securities declined $9,000,000 in
the New York district, $7.000.000 in the Richmond district and $24,000,000
at all reporting banks, and increased $9.000,000 In the Chicago district.
Holdings of other securities increased $17,000,000 in the New York district
and declined $15.000,000 in the Chicago district, all reporting banks showing practically no change for the week.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $314,000,000 on April 13, the principal change for the
week being a decrease of $7,000,000 at the Federal Reserve Bank of New
York, which was offset by smaller increases at some of the other reserve
banks.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
April 13, 1932, follows:
Increase (+1 or Decrease (—)
Since
Apr. 13 1932. Apr.6 1932,
Apr. 15 1931.
3
9
$
Loans and investments—total.---19,058.000,000 —115,000,000 —3.993,000,000
Loans—total
On securities
All other
Investments—total
11,970,000,000
—90,000,000 —3,288,000.000
5,148,000,000
6,822,000,000
—74,000,000 —2,046,000,000
—16,000,000 —1,242,000,000
7,088,000,000
—25.000,000
—705,000,000
U.S. Government securities_ _ _ 3,858,000,000
Other securities
3,230,000,000
—24,000,000
—1,000,000
—119,000,000
—586,000,000
+71,000,000
+5.000,000
—222,000,000
—2,000,000
Reserve with F.R.banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. K.Banks._
1,546,000,000
206,000,000
10,976,000,000
5,629,000,000
329,000.000
+101,000,000 —2,835,000,000
—27,000,000 —1,675,000,000
—52,000.000
—66,000,000
1,069,000,000
2,575,000,000
+59,000,000 —735,000,000
+14.000,000 —1,323,000,000
314.000,000
+1,000,000
+205,000.000
London Broadens Foreign Reserves—Chancellor Chamberlain's Proposal to Borrow £150,000,000 Will Give
Exchange Control to England.
From the "Wall Street Journal" of April 19 we take the
following:
Creation of the greatest reserves of gold and foreign exchange in the
history of the Bank of England is seen as the result of the proposal made
-chequer, to seek
by Neville Chamberlain, Chancellor of the British Ex
authorization from the House of Commons to borrow up to £150,000,000
"to avoid violent and perilous fluctuations of the pound sterling. It is
essential for us," Mr. Chamberlain stated,"to be building adequate reserves
of gold and foreign exchange."
This, it is taken, marks an official ending to the traditional British
policy of operating on a small gold reserve as compared with the total amount
of international financing which London carries. In the past this policy
has operated satisfactorily, but the experience of last summer proved that
in the face of abnormal conditions London became vulnerable to sudden
with drawals of the foreign capital sent there for investment.
Last summer when British foreign loans abroad were frozen and London
was called upon suddenly to return the short-term capital deposited there.
the machinery broke under the strain.
Bank of England a gold reserves were at the highest point of the year
at £165.810.000 on July 9. just before the storm broke. The statement
following abandonment of the gold standard on Sept. 21 showed gold
reserves of £134,973,000. During that period, credits to the Bank of
England and the British Treasury aggregating $650,000,000 of foreign
exchange, granted by the United States and France. were hurled into the
breach but could not stem the over-powering flood of foreign money away
from London—estimated at .e200,000.000 or $1.000,000,000 in two months.
Great Britain Raises Tariff 20%—Steel Duties Increased 33 1-3%—Anti-dumping Duty Cancelled,
Increased tariffs, raising duties from 10% to 20%, will
be put into effect by Great Britain on April 26. Semiluxuries and luxuries will be taxed 25 and 30%. A tariff
of 33 1-3% will be placed on some iron and steel manufactures for the next three months, pending further study
according to a London cablegram April 21 to the New York
"Times"from which we also take the following:
The new tariffs were created by the Government's Import Duties Advisory Committee, composed of Sir George May, Sir Sydney Chapman
and Sir Allan Powell, who were instructed to impose additional duties
"for the protection of home industry upon articles produced or readily capable of being produced here in substantial quantities."
Iron and Sleet Schedule.
The 33 1-3% tariff on iron and steel covers the following items as listed
by the committee:
"Spiegelelsen and ferromanganese, iron and steel other than pig iron,
but including alloy steel of the following descriptions' (a) ingots other than
these manufactured entirely from pig iron smelted with charcoal; b) blooms,
billets and slabs other than wrought iron produced by puddling with charcoal from pig Iron smelted wholly with charcoal; (c) sheet and tinplate
bars; (d) bars, rods, angles, shapes and sections of all kinds, whether
fabricated or not; (e) forgings, including drop forgings in the rough or
machined;(f) castings in the rough or machined, weighing a hundredweight
or over: (g) horseshoes; (h) girders, beams, joists and pillars, whether
fabricated or not; (I) hoop and strip of all kinds; (I) Plates and sheets of all
kinds."
Under the 331-3% tariff also come roller and ball bearings, bicycles and
some chemical products.
A 30% tariff is imposed on toilet requisites and preparations, beads and
jewelry.
Toys, guns and leather trunks and bags will pay 25%.
20% Duty Category.
All machinery will be subject to a 20% duty except some kinds of machinery not now obtainable In Britain, which will enter, duty fre3. The 20%
category includes some canned vegetables, most pottery and glassware,
metal furniture, a number of iron and steel products, most finished kinds
Volume 134
Financial Chronicle
of non-ferrous metal manufacturers, cutlery machinery and tools, except
agricultural machinery and tools, electrical goods, manufactures of wood
except builders' woodwork, textile manufactures except yarns, apparel,
boots and shoes, a number of chemical products. saddlery. harness, paper
and manufactures thereof, rubber manufactures, brooms and brushes.
Building materials will pay 15%.
The committee adds that for the purpose of giving some certainty to all
Industries it will not lower, through it may raise the duties during the next
12 months.
According to the copyright cablegram from London April
21 to the New York "Herald Tribune" the 50% "anti-dumping" duties, announced on Nov. 19 to cover a long list of
luxury and semi-luxury items, were canceled. It is added
that those duties, ordered for six months, would have expired on May 19 in any case.
March Foreign Trade Figures Indicate that Great
Britain Is in Improved Trade Position.
Foreign trade figures for Great Britain in March tend to
indicate an improved trading position, says a cablegram
received in the Commerce Department at Washington on
April 13 from Commercial Attache William L. Cooper,
London. The Department likewise said:
March imports were £61,190,000, exports were £31,196,000 and re-exports were valued at E5,424.000, the cablegram stated. Compared with
February this represents a decline of 12.9% in imports and an increase of
3.9% in exports.
The decline in imports was almost entirely due to smaller receipts of all
classes of manufactured goods with the exception of silks. The smaller
Imports of foodstuffs was partially offset by larger receipts of raw materials,
especially raw cotton and wool. The increase in exports represented a larger
movement of manufactured goods. Re-exports were practically the same
In March as in February.
British Budget Makes No Provision for Time Being for
Debt Payments Due United States in Next 12
Months—No Immediate Return to Gold Standard
—To Borrow Up to 1150,000,000.
In presenting to the Parliament on April 19 the British
budget for 1932-33, Neville Chamberlain, Chancellor of the
Exchequer indicated that it had been decided to make
no provision for $171,500,000 which will be due the United
States in the next 12 months on the war debt account.
The budget likewise does not list among the items of expected
revenue the equivalent amount which will be due from
German reparations and from European allies on their war
debts to Great Britain. The cablegram (April 19) from
London to the New York "Times" froni which the preceding account is taken pointed out that Mr. Chamberlain
said he had felt it would be wiser to leave all these war debt
accounts out of consideration until after the Lausanne
reparations conference. After the Lausanne decision is
reached and after it is known whether the Hoover moratorium will be extended there will be a supplementary.
British budget to meet the conditions then existing. The
cablegram to the "Times" continued:
Fund to Protect Exchange.
Next to the announcement concerning war debts the fact
revealed by
Mr.Chamberlain of most importance to America and other foreign
countries
was his adoption of a new exchange policy to protec. the pound
sterling
from excessive fluctuations which might he caused by
speculation or the
financial difficulties of other countries. In the course of
hie explanation
of the new plan, which involves borrowing E150.000.000
($570.000.000) to
establish an "exchange equalization account," he said it war
impossible
now to know when the country would return to the gold
standard or at
what level the pound would be stabilized.
With the war debt payment to America eliminated
for the time being,
the total of estimated expenditures for the coming year was
reduced from
£798,000,000 4 .032.400.000) to L766.000,000 ($2,910,800.000
3
at yesterday's exchange rate). Mr. Chamberlain balances that and
has a surplus
of 1796.000 $3,024 800).
The only budget surprises were the continuance of the old
rate of the
beer tax and the smallness of the amount which the new duties are
expected
to yield above the estimated £27.000,000 from the flat 10% ad valorem
duty
of the general tariff. The additional yield from the extra customs
levy on
certain commodities, which are to be named later in the week, is
placed at
only £5,000,000.
Other Duties Likely to Come.
Other duties no doubt will come later but the delay in taking full and
Immediate advantage of the tariff possibilities has brought bitter protests
from the protection extremists.
As expected, the income tax rate of five shillings to the pound remains
unchanged, with no increase in the exemptions for small taxpayers. In
regretfully making this announcement Mr. Chamberlain admitted that
taxation had reached the saturation point and that because of the business
depression last year on incomes on which the tax was levied he expected a
decrease in the yield of income tax and surtax payments of about f30,000.000.
A new source of revenue is that from restoring the tea tax, which was
abandoned three years ago. The rate will be four pence a pound on foreign
teas and two pence on teas from India. Ceylon and other parts of the
Empire.
The text of the part of Mr. Chamberlain's speech concerning war debts
and reparations follows:
In the present budget I am including no receipts for reparations and
allied debts and no outgoings for our own war debt payments. In ordinary
ditione these items should constitute a self-balancing chapter of our finances. The future position is dependent on the Lausanne conference.
Alternative assumptions might have been made but I think it best to refrain from conjectures and keep both sides of the account In suspense.
2995
My procedure will entail a consequent modification of the fixed debt
charge.
This does not. inply any fresh decision has been taken on our policy
in this very delicate question. On the contrary, I adopted the procedure as
being best calculated not to prejudge any of the issues involved and I am
sure 1 shall have your assent in expressing the view that discussion at the
present time would be inopportune. The Government's general policy,
stated by me to the House on Feb- 2,continues to express the Government's
views and the objectives at which they aim.
I have decided for the time being to omit any estimates for
receipts
from the dominion war-debt services. Though they stand on a
different
footing than the interellied war debts, they are to a certain extent interconnected, and I think it wiser to treat them both as in suspense. After
the detiberations at Lausanne I shall submit to Parliament whatever might
be deemed necessary to give effect to the measures agreed on.
But this deprives me of some £10.000.000 which was included in the
forecast of revenue last September, when it was assumed that after the expiration ofthe Hoover moratorium the previous position on war debts and reparations would be restored From the decision I have Just described it follows
that the interest on both half
-yearly payments of the American debt will be
excluded from the fixed debt charge, which is consequently reduced from
S322,000,000 to 1308,500,000. Of course, that still includes the sinking
fund, unchanged at E32,500,000.
The announcement of policy referred to above as having been made
on Feb. 2 was that the British Government believed there should be a
general cancellation of all reparations and war debts, and that Germany
would not be able to resume payments after the expiration of the Hoover
moratorium but could not make a unilateral repudiation, so the creditor
powers would be compelled to reach some agreement at Lausanne.
Reasons for Exchange Fund.
The text of Mr. Chamberlain's explanation of the new exchange-equalization account and his reasons for establishing it follows:
During recent weeks the exchange position of this country has been one of
considerable difficulty There has been a loss of confidence abroad, and
that led to large accumulations of liquid capital. This can be conveniently
moved from one financial centre to another and therefore materially assists
the operations of speculators. Its transfer exercise a disturbing effect
on exchange, particularly sterling, which is no binge' linked to gold.
Since we were so successful In repaying credits abroad last year and in
balancing the National account a tide of liquid capital has set in toward
thew shores That is flattering to our vanity, but sometimes is a serious
embarrassrr ent to our trade. Moreover, Insofar as it does not represent a
genuine permanent improvement of the balance of trade it is apt to give
rise to dangerous developments.
In such circumstances we cannot say certainly that an ebb might not
set in presently. The.-efore I have been driven by the force of events
to the conclusion that to avoid violent and perilous fluctuations of our
currency, especially those due to speculative operation, if we are to enable
ti's country to function effectively as a main international Centre of the
world. then It is essential for us to hold adequate reserves of gold and foreign
exchange in order that we may meet a sudden withdrawal of short-dated
capital and repel speculative operations.
To Borrow Up to £150,000.000.
I propose to wind Up the old exchange account using the assets as the
nucleus for a new account called "the exchange equalization account."
I propose to request power to borrow up to £150,000,000 for this account.
The details of the assets account will not be published but they may take
various forms, either gold or sterling securities or foreign exchange.
Purchasing Power Increased.
That will give us a very large extended power for purchasing exchange.
The new powers, combined with the powers already possessed by the
bank—on which the main responsibility of the management must continue
to rest—will enable us to deaf more effectively than hitherto either with the
unwanted inflow of capital or, if the alternative should again arise, with
the outflow of capital from this country.
With the pound divorced from gold, the accounting arrangements of the
issue department of the Bank of England present some difficulties. Its
liabilities for the note issue are in sterling. Tbose of Its assets which may
Consist of foreign currencies fluctuate in terms of sterling but as far as its
assets consist of gold—including any gold It may hereafter acquire—the
law requires that the gold Le valued at the old par.
Thus the issue department cannot, with the exchange at say $3.80. add
£100 to its gold holding without showing an apparent loss of £28. and in
the same way it Cannot sell E100 of its gold holding without showing an
apparent profit of £28, while 10 holdings in !bridge exchanges fluctuate in
value every week. Our currency authorities ought to be free to hold such
an amount of gold and foreign exchange in the issue department as may be
required without being hampered by technicalities of this kind.
There is another question'"Will these transactions involve the Exchequer
in any considerable loss?" I think the answer to that must be that it is a
very conceivable possibility. We do not know what is going to be the
future of gold prices. We do not know what settlement will be reached as
regards reparations, War debts and other matters which are now disturbing
the world.
No Early Return to Gold.
These uncertainties rule out any possibility of our being able to return to
gold immediately. We do not know when or in what circumstances we
may return to gold or at what level. If in the long run we returned to gold
in such a way that the pound stood at a higher gold value than the average
level at which purchases of exchange had been made the transaction would
inevitably show a loss. This is a possibility but not one that should deter
us.
If we are merely seeking safety from the accounting Point of view, then,
of course, we can proceed exactly as we did during the earlier period of the
suspension of the gold standard between the years 1919 and 1925. The
pound would be allowed subetantially to take its Own course, liable to
fluctuations with every seasonable movement of trade and every outburst
of speculation or change in sentiment caused by developments abroad.
The problems at the present time are altogether different from those
which faced us immediately after the war. In my Judgment the risks entailed by uncontrolled fluctuations of currency today outweigh those of
possible losses on the transactions I have mentioned. On the other hand,
we must be very careful to keep our full coverage against the note issue.
I consider that at all times and in all conditions the assets of the biome
department, that IS to say, the backing of currency, shouel consistently
and conservatively be valued so that gold should continue in each return
to be valued at the old par and the foreign exchange assets ought to be
valued at the current rate of exchange irrespective of their purchase
price. In order that accounts may at all times precisely balance on this
basis, my proposals provide that when the valuation on this basis shows
deficiency, resources to a corresponding amount shall be passed from the
exchange equalization account to the issue department of the bank, and
when a surplus is shown a converse operation shall take place.
2996
Financial Chronicle
I may he asked: "Supposing these powers are given to tbe government,
will that be the final end to fluctuations of exchange?" I am not going
to give any such assurance. When you consider that economic disturbances are still occurring in the world and of which we probably have not
even now felt the worst, it is perfectly useless to pretend that we can hold
our position where we like independent of anything which is going on around
us. On the other band we can say this, that those who are charged with
,
the conduct of our currency will be rro cb better equipped in the future
with these powers to maintain that currency steady than they have been
in the past, and to that extent we shall see a great advance.
Senator Borah Opposes Cancellation by United States
of Allies' War Debts—Proposal to Forget Debts
for 20 Years Would Be Regarded As Wiping Out
Obligations—Key to European Situation Is Reparation Problem.
Proposals which have been brought forward looking to
the cancellation by the United States of the allied war indebtedness to this country are opposed by Senator Borah,
who in addressing the Senate on April 19, declared:
The key to the European situation, for good or for bad, is the reparation problem. If Europe cannot solve the reparation problem, if the
countries interested are unable to adjust that problem, it is useless . . .
to ask the American taxpayer to aid Europe by canceling debts, and
equally useless to talk to the American banker about aiding Europe by
lending more money. . . .
I do not know whether the reparations question can be settled or not.
I do not know whether armaments can be reduced or not. No man can
look into the future and even speculate with any degree of certainty.
But we do know that until those things are settled, the United States
will be powerless to aid in the readjustment of conditions in Europe.
The United States is not standing in the way of recovery by refusing
to cancel debts. No program is before the United States which would
make cancellation even an intelligent act, much less an effective act for
human betterment. Before the United States should receive condemnation some program should be presented which deals with the real problem
involved in world recovery. For myself, I anxiously await such a program.
It is not within the power of the United States to readjust the reparations, and neither is it within the power of the United States to do very
much more with reference to disarmament; with reference to land forces
practically nothing. These are European questions, and we are not in a
position to be of any great help to the European situation. They are
problems which Europe must settle for herself.
So far as the debts are concerned, they are a very small item in this
controversy. They might be important if we were considering the entire
program, the entire readjustment of conditions; but considered alone they
are a mere bagatelle in the question of adjusting the economic conditions
of Europe or of the world.
Among the proposals to which Senator Borah's remarks
were directed was one by former Governor Smith of New
York, in which he advocated that the United States forget
the European debts for 20 years (this, said Mr. Borah being
regarded as cancellation and that for every $100,000,000 of
goods purchased in this country by a nation owing us, $25,000,000 shall be canceled upon the debt.
Senator Borah also alluded to a statement on April 16 by
the Chancellor of the British Exchequer Neville Chamberlain
citing the accomplishments of Great Britain in balancing its
budget and ceasing to borrow, as to which Senator Borah
said:
• It would seem from this statement that there is no occasion for
assuming, as has been assumed of late, that these foreign countries cannot meet these obligations. There is no reason to assume that either
Great Britain or France is unable to meet the obligations.
Senator Borah's address is quoted as follows from the
Congressional Record:
Recent events have brought the subject of the debts owing to the
United States by foreign countries up for discussion again. I do not
think it unfortunate that the subject has been brought up for discussion
at this time. We are soon to have a great and solemn referendum upon
almost all political questions, and it may not be unwise to have this
subject freshly before the people from this time until after the election.
It has been proposed again that the debts owing to the United States
should be canceled in the interest of world economic recovery. It is
contended that the debts impede economic recovery, and that the United
States, as it were, is standing in the way of such recovery; that by insisting upon those debts being paid it embarrasses the progress which would
otherwise be made in economic affairs.
Mr. President, it is well to recall that we once made a reduction of
these debts. We did so upon the argument that it was in the interest
of financial and economic betterment of world conditions. If we should
turn back to the debates upon that subject or turn to the newspapers of
that day, we would. find that argument advanced that the reductions were
essential to the economic and financial progress and recovery of the
world. But, while we made a reduction, and a very large one, as I shall
undertake to show in a few moments, it did not have the desired effect.
The recovery did not take place. The improvement was not at hand.
It was by reason of the fact, in my judgment, that the policies and
programs obtaining in Europe made recovery impossible. It is my contention now that although we should cancel these debts in their entirety,
if the policies now obtaining in Europe and the programs now offered to
the world from that continent should continue to obtain, the cancellation of the debts would not have the slightest effect upon the economic
recovery of the world. Economic recovery calls for a broader and more
drastic program than cancellation of debts due the United States.
These debts, Mr. President, are debts owing to the American taxpayers.
I have no doubt that the American taxpayer looks upon them as an
economic factor and that if a program could be offered which would
assure the betterment of world conditions, the opening of markets and a
restoration ot business in a general way, the American taxpayer would be
perfectly sympathetic in the consideration of such a proposition. But no
April 23 1932
such proposition has ever been offered. No such proposition is now
offered. The propositions made at all times result in unloading the entire
burden upon the American taxpayer without any assurance and without
any reason to assume that there will be an improvement of economic
conditions throughout the world. The things which would make economic
recovery are always omitted.
Before I discuss that question let me recall that the American taxpayer
has been exceedingly generous in regard to these debts. He has not
complained of the generosity upon the part of his Government but has
in fact generously indorsed it. The settlements which were made years
ago resulted in reductions or in cancellations to the extent to which I am
now going to give the figures. These figures have been given to the world
in different amounts, but I believe the figures which I am now offering
to the Senate are correct. I have taken some trouble to have them checked
and rechecked.
In the settlement which took place shortly after the World War we
canceled the obligations of Belgium to the extent of 53.5%, the obligations of Czechoslovakia 25.1%, the obligations of France 62.8%, the
obligations of Great Britain 19.7%, the obligations of Italy 75.4%, the obligations of Poland 19.5%, the obligations of Rumania 25.1%, and the
obligations of Yugoslavia 69.7%. In other words, Mr. President, after
the close of the World War, at the time the adjustments were undertaken,
foreign governments were indebted to the United States, in round numbers,
in the sum of $12,000,000,000 ; but when the adjustments had been completed the then present value of the debt was $5,800,000,000, being a
cancellation of over $6,000,000,000. This cancellation was made in the
interest of a better economic condition; it was made in the interest of
financial recovery and of economic solidarity throughout Europe. Those
things did not happen ; and as I shall contend later, there was a reason
for it. Let us not be led into further cancellation upon a one-sided,
incomplete, and unfair program.
The most recent proposal, Mr. President, with reference to these debts
was by a distinguished political leader, and is to the effect that we should
forget the debts for 20 years. The first observation to be made in regard
to that proposal is that if we forget them for 20 years they will be regarded and treated as canceled. If the debts are of such a nature and are
so onerous and the conditions in the debtor countries are such at this
time that they must be passed on for the period of 20 years, there will
never again be an opportunity to consider the debts as factors in the
budgets of the nations of Europe; they will be regarded as canceled. It
will be impossible to restate them. When the 20 years are up, the arguments will be unanswerable to forget them forever. A leading economist
has declared that a moratorium for five years would end the debts for
all time.
However, Mr. President, there is another feature of this proposal which
leaves no room for doubt that it is a program of cancellation poorly concealed. In addition to the fact that we are to forget the debts for 20
years, the proposal is made that for every $100,000,000 of goods purchased in this country by a nation owing us $25,000,000 shall be canceled upon the debt. That was put forward apparently with the idea that
It would increase the demands of those countries for American commodities, that it would enlarge their purchases in this country and would
therefore compensate us, to some extent, for the cancellation by the increased market for our products. An examination of this proposal discloses that if those nations purchased from us no more than they have
been purchasing on an average for the last few years—indeed, if they
continue the same purchases which they have been making—the result
would be a cancellation of the debts.
For instance, the total sum which Great Britain would pay us in the
next 20 years would be $3,645,605,000. If Great Britain should not increase her purchases in this country, but should make such purchases as
on an average would be the same as those of the last several years, the
amount which would be due her in the way of a credit upon her purchases
would be $3,302,760,000.
The cancellation which would take place under the program proposed
would be practically the same as the amount which she would owe us,
although she had not increased her purchases in any respect whatever. It
trade should continue upon the normal average basis now obtaining cancellation would be the result. There is nothing in that proposal to
stimulate trade with us or to open new markets for our products.
Belgium would pay us in the next 20 years $183,883,000, but if she
should receive cancellation according to her average purchases for the
last seven years the amount of the cancellation would be $433.760,000.
Italy's debt would also be entirely wiped out. France would not earn
complete cancellation by normal buying. The general effect of the
program, however, would be the cancellation of those debts in the next
20 years although the increase in purchases of the different nations had not
augmented in any respect whatever during that time.
Mr. President, this proposition is a proposal of cancellation and cancellation without any benefit to the American taxpayer.
The question then is, Who would benefit by the proposal to forget the
debts for 20 years? The American taxpayer could not benefit, because,
as I have shown, there would be no increased purchases; there would be no
augmentation of our market; there would be no enlargement of our sales
abroad in order to bring about the cancellation. If it were true, as I
presume it was supposed to be true that $25,000,000 being offered by
way of a cancellation would increase, to a very large extent, the purchases of foreign nations in this country there could be a justification for
the contention that the increase in our market would warrant the cancellation, but there is no necessity for any increase in order to secure cancellation.
In other words, a foreign nation trading with our country would have
no occasion to cease buying in some other country and to buy more in
this country in order to bring about cancellation. Cancellation would
result if the purchases here were the same as they had been during the
last several years.
There is, however, a class of people who would benefit by reason of
the acceptance of the proposal. We have loaned abroad since 1915
some $17,000,000,000. The largest portjon of that sum was loaned in
Europe. Undoubtedly if the public debts were forgiven for 20 years or
forgotten for 20 years the private creditors would be greatly advantaged
by that situation. The American taxpayer would be subrogated, as it
were, or subordinated to the interests of the private debtors. The American taxpayers would be asked to step aside in the interests of those who
have private claims. These claimants could likewise clean up in 20 years.
Mr. President, I have no desire to see those holding private claims lose,
but it is not fair or just to ask that all the taxpayers surrender their
right to the collection of these debts in order that a very few of the
taxpayers may have the advantage of such action. It does not seem to
me that It is a desirable proposition. The only persons who
could Possibly benefit by reason of the proposal, it seems to me, would be those
who hold private loans in Europe. It would
be, in my judgment, infinitely
better to propose an absolute cancellation than to propose an indirect
cancellation in the manner in which it has been
proposed.
Mr. President, I think we were all interested last Sunday in reading
the statement of Sir Austen Chamberlain. It Is relevant to the discus-
Volume 134
Financial Chronicle
Mon here. It rather answers the contention made by the author of this
proposal that these debts cannot be collected. Sir Austen says:
"We have put our house in order; we have balance our budget and ceased to
borrow. .
"We have returned to the way by which British credit was built up, and, instead
of suffering from loss of confidence and withdrawal of foreign balances, we have
been embarrassed lately by the plethora of foreign money offered on the London
market.
"The British financial year ended March 31 and the accounts show a surplus of
revenue over expenditures of £365,003, instead of the deficit of £70,000,000 threatened
last September.
"The result Is really more favorable than tins shows, for instead of taking .C23,000,000 from the doilar exchange on account of the £33.000,000, as proposed by
Lord Snowden, less than £13,000,000 have been so withdrawn; the American and
French credits have been repaid, except the portion of the French credit which
was in private hands and cannot be redeemed till they fall due in August. and
£32.500,000 have been devoted to the redemption of debt."
It would seem from this statement that there is no occasion for assuming, as has been assumed of late, that these foreign countries can not
meet their obligations. France is equally able to pay. There is no reason
to assume that either Great Britain or France is unable to meet its obligations, and, that being true, there would be nothing gained upon the part
of the American taxpayers by cancelling $25,000,000 of the debts due
us for every $100,000,000 of purchases made in this country, when those
foreign nations are under obligation to make no greater purchases in
order to secure the cancellation than they have been making heretofore.
Viewed from any standpoint, whether of ability to pay or the advisability of cancellation, the American taxpayer can not receive any benefits
from a proposal of that kind.
Mr. President, how much of the budgets of European countries are
made up of the debts due the United States? This is the percentage
which we are seeking to relieve those nations from taking care of in
order that they may develop their markets and extend their trade. In
the budget of Belgium the percentage of our debt is 2.45, the percentage
of our debt in the budget of Great Britain is 3.75; of the budget of Italy,
it is 1.41%; of the budget of France, it is 2.65%. In other words, the
budgets of those nations when considered as a whole show that debts are
too slight to justify the claim that they are the source of the trouble in
Europe. They are a small factor.
But, Mr. President, not one dollar of any of those percentages, even
small as they are, comes out of the taxpayers of France, of England, and
of Italy, or of the other nations of which we may speak, but which are
of less consequence. The amounts have been collected from Germany,
and I venture to say that the cancellation of the debt to the extent of
$25,000,000 a year for every $100,000,000 worth of goods purchased in
this country would not change the situation economically or financially of
the taxpayers of those countries in the slightest degree. The effect would
never he felt by the taxpayers.. . . .
It can not be assumed, Mr. President, in other words, that these debts
due to the United States are oppressing the people of the respective
countries which owe them. The amounts are entirely too small. In
addition to that, small as they are, the people of those nations do not
themselves raise the money for them. . . .
Mr. Lewis. Upon the basis of the presentation by the Senator, in hie
concise treatment and representation, may I ask him what foundation
or justification does he see for the moratorium, suspending payments on
our foreign debts, being asked for at Use time it was?
Sir. Borah. The moratorium was proposed because of the conditions
in Germany. The situation was such, or believed to be such, that Germany
would be unable to meet her payments ; and the moratorium was proposed
in order that the nations which were collecting from Germany might
relieve Germany of payment during that period of time.
Mr. Lewis. Not related to the condition of America and our credit?
Mr. Borah. I did not assume so; no. . . .
Mr. Howell. There were seven nations that were indebted to us,
from which payments were due, that were receiving nothing from Germany,
and an eighth nation that was receiving but $120,000 a year from Germany.
Why should a moratorium have been provided for those nations?
Sir. Borah. Mr. President, I apprehended that if those nations alone
had been concerned there would have been no thought of offering a moratorium. It was the condition superimposed by reason of the obligations
running to the larger nations which seemed to make it necessary.
Mr. Howell. Does the Senator think it was really necessary in connection with the other nations? Does he recall that not a single nation
asked for a moratorium—not one? The moratorium was granted without
a request. In nearly every one of these debt settlements there was a
provision for an extension of the time of payment if the nation could not
pay; but no nation had made any such request.
Mr. Borah. Mr. President, let me say that I do not know what formal
request came forward; but anyone who was familiar with the conditions in
Germany last June must have known conclusively that Germany could not
pay.
If I may be permitted to make a personal reference, on the 6th of
June, some nine days before the moratorium was proposed, in a public
statement I stated that it was my judgment that Germany could not pay;
that the conditions were such that she would be utterly unable to meet
the obligations due, and, further, that it was my opinion that if a collapse
occurred in Germany it would spread throughout Europe, and we ourselves would not wholly escape the effect of it. I did not get that
Information by reason of the fact that France or Great Britain or some
other nation had indicated that they wanted time, or that they, if given
time, would give Germany time; but I derived my information from conditions prevailing in Germany upon facts which I thought were reliable.
I have no doubt but that they were reliable. . . .
Mr. Howell. But these debtors certainly ought to have requested, under
their agreements, the leniency which they desired. In one case a nation
had made a payment to the Treasury Department; the moratorium was
granted, and the payment returned. So it indicates that it was not necessary in the case of that nation to have afforded a moratorium.
Mr. Borah. Mr. President, I do not desire at this time to discuss the
question of the moratorium. That is a thing of the past. I am willing
to agree with the Senator to the extent of admitting that the results of
the moratorium were disappointing; but it was not by reason of the
United States that they were disappointing. It was by reason of the
course of other nations, and the conduct of those other nations clearly
reveals to me why it was that they had no desire to see Germany relieved.
In dealing with this question the Senator ought not to overlook the fact
that the question of reparations has two phases. One is financial, one
is money; the other is political ; and there are nations in Europe, in my
opinion, which consider the political side of vastly more importance than
the financial side.
Mr. President, there is no doubt about the serious economic conditions
prevailing in Europe. I should be delighted to see a program proposed
which would have for its purpose relieving the conditions in Europe. I
would gladly, in so far as I could, co-operate for the success of such a
program. Any proposal which might be made which would give reasonable
assurance of relief of that condition should be met sympathetically by the
United States and consider in a sympathetic way. It seems to me, how-
2997
ever, that no proposal has ever been made that reaches down to the fundamental conditions which obtain in Europe. No proposal has been made
which would remove the obstacles that now lie in the way of recovery.
It has been said that the war ended with the armistice on the 11th of
November 1918. The war, however, did not end on the 11th of November
1918. The war has been carried on as remorselessly and to some extent
snore destructively since that time than it was prior to that time, it reaches
more people, encompasses the misery of more human beings, and results
in greater human suffering. The economic war, the financial war, has
never ceased. It was a continuation of the war upon the battlefield. It
has been said—I do not know whether the statement can be supported by
history or not—that when the Versailles treaty was signed, Clemeneeau
declared, "This is a continuation of the war." So it has been, Mr. President; and until measures are taken which relieve and change that condition of affairs it is but idle waste of the people's money to cancel the
American debts, or to pour more money into Europe. It is one thing
to be just, it is one thing to want to help poor Europe, but it is a shameless
exploitation of the American people, and a sad commentary on American
leadership to offer help under a program which in the end means universal
bankruptcy.
We canceled over six billions. It had no effect whatever because of
the policies which obtained ; and even if we should cancel these debts in
full, in the hope that it would build up markets and revive trade and
enliven business, in my opinion, it would not have that effect at all unless
these other fundamental changes should take place.
So long as the peace treaties remain unrevised and in their present form
there will be that continuation of intellectual, emotional, and spiritual
war, and there will be, in my opinion, no disarmament in Europe of any
moment, or of any worth.
The Senator asked a moment ago for the figures with reference to
armaments ; and they are pertinent at this particular juncture.
The naval expenditures of Great Britain for the last year were $256,867,096, not including naval aviation.
Naval aviation, $86,246,459.
Land armaments, $334,937,692.
Total, $678,051,247.
The naval expenditures of France were $146,212,852.
Land armaments, $371,697,964.
Total, $517,910,816.
Italy's naval expenditures, not including naval aviation, were $81,000,000.
Land armaments, $269,057,884.
Let us look at the armed forces in those countries.
According to the latest reports of the War Department, the total organized
forces of France at the present time are 6,942,559; Italy, 5,985,597;
Poland, 1,977,095; Rumania, 1,725,660 ; Czechoslovakia, 1,647,121 ; Yugoslavia, 1,341,568 ; Great Britain, 774,646. These constitute the burden
which makes any proposal to bring relief by canceling debts almost absurd.
It will be observed, with reference to those countries in Europe, that
they are armed at this time more completely and more heavily than they
have ever been at any time except in the midst of the great World War.
To cancel debts of a comparatively few million dollars upon the theory
that it is going to help the business and economic conditions of Europe
without a change in this situation is, in my judgment, a perfectly futile
thing. It is simply impossible. These armament burdens mean economic
distress, mean misery and poverty for countless millions, and there is not
enough wealth in the United States to bring prosperity to them while this
program continues.
Even more important to recovery than the question of armaments is that
of reparations. How can there be recovery until reparations are canceled,
removed as a destructive force in the economic life of Europe?
Doctor Salter has lateley written a book upon the subject of reparations ;
and certainly Doctor Salter views the matter as sympathetically as anyone
could well do. He has been the financial adviser of the League of Nations.
He is in sympathy with the views generally entertained by the Allies. He
says on reparations:
"To tell the tale of reparation, and the Questions with which it is intertwined.
would be to write the history of post-war Europe. With its weight, its uncertainty.
the methods of Its discussion and its enforcement, the passions which it has expressed and aroused, It has been like an old men of the sea on the back of a conInent struggling to get on its feet, after four years of prostration and enfeeblement.
It has been a principal obstacle to every attempt at recovery. It has disturbed the
relations of old allies no less than of old enemies. It is one of the two facets of
the French demand—payment and security—which has been at the heart of the
relations between France and Germany, itself the central political problem of
Europe. It has thus been a principal factor in the tendency of countries to realign
themselves into opposing groups and alliances, the alternative to the 'collective'
system of the League and the Kellogg Pact, on which the future peace of the world
depends. The cash results have not been proportionate to these consequences.
"The first characteristic of a reparation obligation is that it Is a dead-weight
charge. It represents damage done in a past war. It has no counterpart In a
productive capital plan, such as a factory or its machinery, yielding an annual
return out of which payments to the creditors can be made. It is thus essentially
different from the capital obligation of an industrial company financed by a foreign
loan. It is therefore a burden on the debtor State, requiring to be met by taxation,
which has its normal result of reducing the taxpayers' standard of living and purchasing power, and the savings out of which domestic capital is formed; but, unlike
normal taxation, it gives no service in return, such as protection of life and property
and the provision of education or social insurance."
The key to the European situation, for good or for bad, is the reparation
problem. If Europe can not' solve the reparation problem, if the countries
interested are unable to adjust that problem, it is useless—yes; it is
cruelly unjust—to ask the American taxpayer to aid Europe by canceling
debts, and equally useless to talk to the American banker about aiding
Europe by lending more money.
Unless the fundamental questions which inhere in the European situation
can be adjusted, it is not within the power of the United States, however
liberal and generous its policy may be, to reconstruct, reanimate, or rebuild
Europe in tire slightest degree. If these matters are adjusted, then a wholly
different problem is presented.
I do not know whether the reparation question can be settled or not.
I do not know whether arnraments can be reduced or not. No man can look
into the future and even speculate with any degree of certainty. But we
do know that until those things are settled the United States will be
powerless to all in the readjustment of conditions in Europe. To talk
of cancellation of debts with the hope of restoring better conditions is to
wholly misunderstand the problem.
It seems to me, therefore, that when we are considering the question
of aiding Europe, opening up the markets of Europe, of finding purchasers
for American products, or rehabilitating the purchasing power of the
countless millions in Europe, we should extend our consideration beyond
the mere question of the debts owed to the United States by Europe. The
United States is not standing in the way of recovery by refusing to cancel
debts. No program is before the United States which would make cancellation even an intelligent act, much less an effective act for human betterment. Before the United States should receive condemnation some program
should be presented which deals with the real problem involved in world
recovery. For myself, I anxiously await such a program.
It is not within the power of the United States to readjust the reparations, and neither is it within the power of the United States to do very
much more with reference to disarmament; with reference to land forces,
2998
Financial Chronicle
practically nothing. These are European questions, and we are not in a
position to be of any great help to the European situation. They are
problems which Europe must settle for herself.
So far as the debts are concerned, they are a very small item in this
controversy. They might be important if we were considering the entire
program, the entire readjustment of conditions; but considered alone, they
are a mere bagatelle in the question of adjusting the economic conditions
of Europe or of the world.
Two Measures to Combat Economic Troubles Urged by
Lord Revelstoke—Sees Trade Barriers and War
Debts as Cause of Depression.
From the New York "Times" we quote the following from
London, April 13:
Lord Revelstoke, reviewing the causes and cure of economic troubles,
depicted the "world writhing in a purgatory of its own making" in an
address at to-day's annual meeting of the United Kingdom Provident Institution. He said there was ground for cautious optimism in Britain and
then turned his consideration to conditions abroad.
"We see a stream of international commerce, which is said to require for
its normal flow some £400,000,000 of fresh credit yearly, reduced to a
trickle, losing its way in bogs and sands, the price of goods having fallen
below the cost of production. Worse than all, we see standards of honor
debased and the good-will leaven which ought to permeate humanity slowly
perishing while distrust and fear of our neighbor, which it is the mission
of Christianity to dispel, spreads like a pestilence from day to day.
"Are there no economic measures which might bring relief? There are
two such, most certainly, which leap to English eyes but the consummation
of which is largely outside of our control. For one thing the channels of
international trade might be freed or, if that is impossible, the sluicegates might at least be lifted. War's legacy, that monstrous pile of unproductive debt so long and mistakenly looked upon as wealth, might be reduced
to manageable proportions.
"Of these two measures the first would have infinitely the more farreaching influence. Indeed, it is not too much to say that, given good-will
and reasonable facilities for trade, the liquidation of war debts and indemnities on any moderate scale would cease to present any difficulty."
April 23 1932
The paper referred to added:
It was admi.ted readily by officials of the Institute that the formation of a
general American association of foreign bondholders, such as the one now
under discussion in Washington, would be an excellent thing. Government sponsorship or support of an organization of this kind would give it a
standing comparable to that of the British Corporation of Foreign Bondholders, which has effected settlement of numerous defaults for the benefit
of English investors.
Formation of specific committees, on the other hand, would involve the
bondholders in needless expense, without any corresponding advantage In
the form of even partial resumption of debt service, it is maintained. The
Institute is conducted by the Investment Bankers' Association of America
in co-operation with New York University. Since defaults on foreign
issues began, it has steadily endeavored to keep bondholders informed of
the positions and latest developments, without cost. The question of
forming protective committees is constantly under consideration.
"There seems to be a widespread but erroneous belief among many American investors that the mere formation of protective committees is sufficient
in itself to bring about a resumption of interest payn ens on defaulted
bonds." the Institute states.
Sir William Goulding Elected Governor of Bank of
Ireland.
Sir William Lingard Amphlett Goulding has been elected
Governor of the Bank of Ireland, it is announced in Associated Press advices from Dublin. Thomas Shannon Martin
is Deputy Governor. Sir William is a director of a number
of Irish and British concerns.
Conference Held at Washington in Furtherance of
Protection of American Investors in Foreign
Defaulted Bonds—State and Treasury Department
to Continue Study of Problem According to William
R. Castle Jr.—Trade Barriers Also Considered.
Amsterdam Believes Predictions of Stabilization of
The problem of defaulted foreign bonds held by American
Pound Sterling Not Imminent.
investors was discussed at a meeting held at the Department
Amsterdam advices, as follows, April 15, are taken from of State April 15. An item with reference to the proposed
the New York "Times":
conference appeared in these columns April 16, page 2825.
This market has made up its mind that all predictions regarding the
According to the "United States Daily" of April 16, it was
much-desired stabilization of the pound sterling are premature, and that
indicated orally by the State Department, following the
there is not the least certainty concerning the influence which foreign
trade developments will exert toward such stabilization. All Western
meeting, that the conversations were of an informal nature.
European countries are now protecting their own trade by imposing "quotas"
The New York "Times" in an account from Washington
of permitted imports of foreign commodities.
In this way a general decrease in the international trade of Ebrope appears
April 16, reported William R. Castle Jr., Acting Secretary
to be foreshadowed. It is true that Great Britain's exports in March rose
of State as announcing that the Department of State and
to £31,196,000 from February's £30,012,000, and this was not due to
the Treasury Department had "for some time been conhigher prices. They were doubtless stimulated by the fall in sterling
during the month. But that advantage is losing its importance because
cerned with the important problem of the interests of Ameriof restrictions now being placed on imports by other countries and because
can investors in foreign securities," and that the experts
reductions.
of the foreign price
had come to the conference at the request of the Acting
Secretary of State and the Secretary of the Treasury. "The
Speculators Retire in Sterling Market—Some London
State and Treasury Departments will continue the study
"Bull Accounts" Closed Out at a Loss—Interof the problem," Mr. Castle said.
vention Continues.
According to the "Times", means for strengthening the
A cablegram, as follows, from London, April 15, is taken position of the United States in
international financing and
from the New York "Times":
in foreign trade were considered simultaneously at two
The moderate downward trend in sterling during the past week was
separate meetings (April 15) of Government officials at the
aacribed here to liquidation of speculative positions by bulls who were
State Department.
tired of waiting for a further rise which failed to eventuate. The fact
that a good many bull accounts have been closed out with a loss has
One session, which studied the possibility of setting up
naturally discouraged fresh speculation.
a civilian organization of foreign bondholders, says the
Undoubtedly this accounts for the comparative inactivity of the sterling
market during the past week. It has not been easy to trace this week
"Times," was attended also by five private individuals
official operations conducted with a view to controlling the sterling market
who had been invited by William R.Castle Jr.to give their
or preventing a further rising. It is believed, however, that the banking
assistance to the movement.
authorities are nevertheless again at work. In fact, the general belief of
financial London this week was that the official intervention was now
The other meeting was concerned with trade discriminabeing conducted, not only with greater skill, but with greater secrecy.
tions imposed by foreign countries, particularly those in
Europe, with special reference to adverse effects upon
Offering of Stock of Agricultural Mortgage Corporation American trade.
in London. The "Times" account continued:
No conclusions were reached at either session, but
A London cablegram, as follows, April 15, is from the
the meetings will
be continued and out of them, it is hoped, win
emerge some concrete
New York "Times":
measures for strengthening the American position
Issues of new securities in London, which of necessity are of the highest
order, are still going well. New corporation stocks for £1,000,000 has
been placed during the present week, while two first-grade industrial issues
have been oversubscribed.
/
2
% stock, offered at 95 by the AgriThe fact that £2,000,000 of 41
cultural Mortgage Corporation, was left largely in the hands of the underwriters, is believed to have been due to same change of tactics on the part
of investors.
Institute of International Finance Favors Formation
of General Association in Interest of Foreign Bondholders Rather Than Separate Protective Committees in Behalf of South American Investors.
Holders of most of the defaulted bonds of South American
countries would gain little or nothing from the formation of
bondholders' protective committees at present, the Institute
of International Finance announced on April 12 through
its directors, Dean John T. Madden. This conclusion,
(says the New York "Herald Tribune" of April 13) is reiterated and amplified in a special bulletin, which is supplementary to other bulletins issued recently on conditions in
Chile, Bolivia, Brazil and Peru.
in the face of heavy
defends of foreign governments on bond issues floated in
this country
and of a reduced foreign trade due to discrimination
abroad.
It Is considered possible that, as a result of the studies,
measures agreed
upon may to some extent intertwine in the fields of
international financing
and of foreign trade.
Among the five private experts who attended the conference
on the bond
situation were men who have had direct contact with
German reparations, a question which directly affects the
intergovernmental debt problem
as the Hoover holiday year Is drawing to a close.
Experts at Conferenre.
The five experts who met with Acting Secretary Castle
were:
Charles P. llowlaod, of New York, Director of
Research of the Council
on Foreign Relations.
Pierre Jay of New York, former Deputy Agent General
for reparations
uncider t new.awes Piar:e
E w ih D Kemrne.
.Professor of Economics and Finance at Princeton
and formerly financial adviser to many foreign governments.
Thomas Nelson Perkins of Boston, former United States citizen member
of the Reparations COMMISSIOD and member of the Young Committee of
Reparationsmhin00n.
taon it
Ex err
s oge R uee oi7inl929.
George
the International lawyer and adviser of
the late Dwight W. Morrow, as Ambassador to Mexico and as delegate
to
the London Naval Conference of 1930.
Government officials present included'
Harvey H. Bundy. Assistant Secretary of State in charge of financial
affairs.
Volume 134
Financial Chronicle
Herbert Fels. economic adviser of the State Department.
Grosvenor M. Jones, chief of the finance and investment division of the
Bureau of Foreign and Somestic Coma erce of the Department of Commerce.
[Secretary of the Treasury Mills is also reported as having
been present at the conference.—Edi
The meeting on foreign trade was held with James G. Rogers, Assistant
Secretary of State in charge of such rotations for the State Department.
Those present were:
Pierre de L. Boa!, chief of the Western European Division of the State
Department.
John D. Hickerson, assistant chief of the Western European Division of
the State Department.
Paul Culbertson. financial adviser to the Western European Division of
the State Department.
Benjamin B. Wallace of the office of the economic adviser of the State
Department.
Dr. Julius Klein, Assistant Secretary of Commerce.
John Matthews Jr., assistant director of the Bureau of Foreign and
Domestic Commerce of the Commerce Department.
Henry A. Chalmers; chief of the Tariff Division of the Department of
Commerce.
Daniel J. Reagan, Assistant Commercial Attache in Paris.
H. G. A. Brauer, acting chief of the Division of International Relations
of the Tariff Commission.
It was possible. It was said, that at future sessions, dates for which
have not been set, other private experts will be invited by the State Department to give their views. The Treasury Department also, it was explained. might desire to consult outside experts. The discussion to-day,
it was added, was very general and of only a preliminary character.
The aim of the State Department in calling the conference is to stimulate a movement among private holders of defaulted foreign bonds in
organizing a permanent association, which will not only assist them in
meeting the present situation, but also stand as a protection in future
offerings of foreign bonds in this country.
Officials have directly in mind the British Bondholders' Protective
Association, which has functioned so efficiently that sales In the British
Isles of foreign bonds which have proved worthless have been reduced to a
minimum.
There were suggestions in informed circles to-day that in calling the
pending
conference the State Department had particularly in mind the
was
receivership of Kreuger & Toll. the Swedish match firm, but there
the
no official confirmation. Rather was stress placed on the need for
having
contemplated organization of bondholders for general reasons,
foreign
which
in view the future as much as the present emergency In
on bonds held in
governments, mostly in Latin-America, have defaulted
$800,000,000.
tills country to the extent of about
might tie into
Whether the functions of a bondholders' committee
study of foreign
government measures determined upon as a result of the
survey of the foreign trade
trade practices was uncertain to-day,since the
conclusions for recomsituation has not proceeded to the point of reaching
however, as
mendation io President Hoover. There was speculation,
exercise a disCo whether the United States might find it necessary to
with particular attencriminating eye in making future investments abroad
tion to trade conditions.
to
Another possibility exists that this Government may find it advisable
apply some of the retaliatory provisions of the Tariff Act.
favor an International
Although some Commerce Department officials
conference to adjust the trade difficulties, It was said at the State Department that this approach to a solution was not under consideration.
United States Seeks Formal Signature from Debtor
Nations for Refunding of Suspended Payments..
From the "United States Daily" of *April 21 we take the
following:
Notice has been sent to 14 debtor countries of the United States requesting
formal signature for the refunding of the war debt payments due this year
but withheld because of the Hoover moratorium, according to Information
obtained orally April 20 at the Department of State.
The amount withheld this year totals $252,000,000 and according to the
moratorium agreement it is to be repaid over a period of 10 years at 4%
Interest. Notice to the 14 debtor countries was sent through American
Legations and Embassies only a few days ago, according to information
obtained at the Department.
The 14 countries to which notice was sent are: Belgium, Czechoslovakia,
Germany, Great Britain, France, Finland, Estonia, Italy, Latvia, Lithuania. Poland, Rumania. Jugoslavia and Hungary.
information
No notice was sent either to Austria or Greece, according to
to debt
obtained at the Department, due to the fact that both are subject
without the consent of eight nations.
agreements which cannot be changed
Barriers Hampering Trade.
Broadly speaking, the United Stites finds that its foreign trade is being
cut into by systems of quotas, embargoes and iicenses in foreign countries,
especially in Europe, and that discrimination is being practiced against
this country by foreign governments which control the trade of their own
countries through the various restrictive trade practices. Probably the
chief "offender" in American eyes. according to officials. is France, which
has recently established over 250 quotas, half of which affect American
trade.
In a realization of the serious situation this presents to the United States
and of the consequences to trade among European countries themselves,
the present survey of the problem has been undertaken. Further meetings
will be held until recommendations have been formulated.
The conferees had before them to-day a report from Walter E. Edge,
the American Ambassador In Paris, on the French quotas. This was
described as consisting largely of comment and as portraying the situation
as becoming progressively worse.
They also had in mind British tariff developments in the direction of imperial preference, and particularly the Ottawa Conference this summer,
when presumably efforts will be made to extend imperial preference and
perhaps grant preferences to other countries, such as Argentina.
Commercial difficulties with Spain were also canvassed and attention
was given to Germany, where the tendency is toward restrictive tariffs
operated through a licensing system.
There is much sympathy here for the conditions which gave rise to the
restrictive systems. Originally the thought in all of the countries, officials
said, was to safeguard their currency by protecting their balance of trade,
which would in turn mean protection of their foreign exchange. This,
however, the officials added, has resulted in the control of trade being placed
In the hands of the governments, and, it is contended, the governments
have exercised this control to discriminate against other countries.
The consequences have been felt heavily by the United States, partly,
It was contended, because of the volume of the foreign trade of'this country
and partly because Europe is not particularly interested in safeguarding the
United Staten
The result of the application of the restrictions has been to reduce the
normal flow of trade by arbitrary means, which is contrary to American
ideas, State Department officials said. There is no expectation here
that the system of embargoes, quotas,licenses and the like can be eliminated.
at least for some time, and consequently it is felt that the real problem
for the United States is to find means whereby the restrictions will be
applied fairly.
According to Washington advices April 14 to the New
York "Herald Tribune" one of those invited to draft a program in behalf of American holders of foreign bonds is
H. Parker Willis, economist, of Columbia University, who
has been adviser repeatedly to the Financial Committees
of the House and Senate, helping to draft the Federal
Reserve Act and Farm Loan Act, and who also has studied
finances abroad.
2999
British Intention to Pay Debt to United States—Omission of Item from Budget Is Explained by State
Department As Correct Bookkeeping.
Failure of Great Britain to include war debt figures in its
budget does not mean that that nation is not contemplating
payments to this country, it was pointed out in an oral
statement April 20, on behalf of the American Government,
said the "United States Daily" of April 21, from which we
also quote as follows:
Because payments to Great Britain from her debtors approximately
balance her own payments, the Chancellor of the Exchequer does not need
to include these balancing items in the budget, it was stated.
Additional oral Information made available follows:
If the British Government had included war debt and reparation figures
In the bidget, the action would have given rise to reports that Great Britain
expected Germany to pay her reparations, although the latter country
has omitted provision for them in drawing up her budget.
The procedure followed Is characterized as perfectly sound, although
feasible only in Great Britain, where war debt payments and receipts
practically equal each other. It could not be followed in Germany or
France or this country.
Omission of the figures was considered particularly far-sighted. Because
of the forthcoming conference on reparations to be held at Lausanne the
Chancellor of the Exchequer merely stated that he would wait until this
conference had cleared up the situation before he wrote in the balancing
items. He did not say anything beyond the statement that he was not
obliged to budget for two items which counterbalance each other.
Great Britain is scheduled to pay $171,500,000. the largest sum due from
any foreign country. The American Government is counting on the payment has been included as a prospective receipt in the budget for the fiscal
year 1933. Inclusion was necessary unless this country was preparing
to forego collection, which is not the case.
A total of approximately $270,000.000 in war debt payments will be
due to be paid by foreign nations. Interest payments make up *200.000.000
of the amount, while a little more than $69,000,000 is principal retirement.
Payment can be made either in cash or in United States Government security. The latter method usually has been used.
Payments against principal go almost entirely to the retirement of the
American public debt. 90% of them being absorbed in that manner under
existing law. Interest payments, If made in obligations of the American
Government, also had gone into debt retirement up until 1930. when a
new policy was announced.
Cash interest payment always could be used in the general fund of the
Treasury and since announcement of the new policy in 1930 interest payments in securities may be converted into cash and used in the same way.
The securities used for the transaction would be canceled and new obligations issued to replace them, furnishing cash to the Government and not,
according to the Treasury interpretation, adding to the outstanding public
debt.
British Debt Policy in Budget Opposed by Laborite—
Horne Defends Chamberlain.
Great Britain's $2,903,140,000 bidget introduced in the
House of Commons on April 19 by Chancellor of the Exchequer Neville Chamberlain was attacked and defended
in debate in the House on April 20 said a London cablegram
to the New York "Journal of Commerce" which continued:
Major Clement R. Attlee opposed the budget on behalf of the Labor
opposition, stressing the failure of the Chancellor to include payments on
the British war debts to the United States. It was to be noted, be stated,
that there was little enthusiasm for the document, even by the Chancellor
or his followers.
Be called the budget "Insular" and unrelated to present world problems.
Major Attlee said Chancellor Chamberlain had omitted the question of
interailied debts and had practically declared that Great Britain hoped
that she would not have to pay the debt to the United States.
Sees No Hope of Relief.
"Another reminder has come from the United States." he said, "that
there is not the slightest chance of our getting relief from that quarter
so the Chancellor overlooked the whole question of the external debt. Consequently he did not meet the budget situation at all as far as this matter
is concerned."
A defense of the budget was undertaken by Sir Robert Horne. former
Conservative Chancellor of the Exchequer, stating that Great Britain is
In a better position now than it has been at any time In the last two years.
He believed that the future of the modern world lies in the decisions to
be made at the conference on reparations and war debts to be held at
Lausanne in June. These obligations, he stated, are having a paralyzing
influence on the world.
Sir Robert thought that Britain's stand for a settlement would have a
good influence throughout the world.
The move to establish an equalization fund for the benefit of the pound
met with Sir Robert's approval. He said the only thing which would make
It difficult to control the pound and prevent it from going too high would
be abandonment of the gold standard by the United States.
3000
Financial Chronicle
May Have Another Budget.
Possibility of a supplementary budget in the fall after the problem of
debts and reparations has been discussed at Lausanne was seen when a
questioner asked If the Chancellor would consider another budget at that
time dealing with taxation to be based on the achievements at that meeting
as well as at the Imperial Trade Conference at Ottawa.
Mr. Chamberlain was not present at the time, but Stanley Baldwin replied by repeating a sentence from the Chancellor's budget address in which
he said that It might be necessary to submit proposals to Parliament to
"give effect" to the program adopted at Lausanne.
April 23 1932
In its issue of April 7 the "Times" said:
Auditors Oo Over Books.
Auditors of the International Match Corp.. in collaboration with the
auditors in Europe of Price, Waterhouse & Co.. are reviewing
the assets
and earnings of the company simultaneously with those
of Kreuger &
Toll, Its Amsterdam subsidiary, and of the Swedish
Match tIo. The
report of the Stockholm commission said that a situation
similar to that
disclosed in Kreuger & Toll affairs existed also in the
case of the Continental
Investment Co., a wholly owned subsidiary of the International
Match Co.
The Continental Investment Co., which has its headquarters
in Switzerland, is entirely controlled by International Match,
which is an American
corporation controlled by the Swedish Match Co.
The Swiss company
functions principally as a holding company for
stocks in some foreign
operating companies of International Match.
Stocks and bonds of International Match sagged
sharply yesterday to
new low levels on the New York Stock Exchange.
as did the.securities
of Kreuger St Toll, following receipt of the Stockholm
report in this country
on Tuesday.
Lee, Higginson & Co. have not completed their
plans to form protective committees representing American holders of
Kreuger & Toll and
Match securities, but are expected to make
announcements soon. Meanwhile, It is understood, the directors of International
Match, all but two
of whom are Americans, have taken every measure to
protect the interests
of stockholders by conserving the assets.
Short position in Kreuger & Toll on New York Stock Exchange.
The New York Stock Exchange announced yesterday
short position on April 1 included 181,420 shares of Kreuger that the total
& Toll American
certificates of about 7.300,000 certificates listed,
compared with 38.307
shares on March 1.
"Investigation has disclosed that substantially the
entire increase in
this psoition is a hedge against long stock which for legal
reasons is not
available for sale," the announcement said.
Commission Appointed to Investigate Affairs of Kreuger
& Toll Company Finds Books "Grossly Misrepresented" True Financial Condition—Indications
That Profits Were Over-Stated—Statement by Lee,
Higginson & Co.—Steps Taken to Assert Rights of
Purchasers of Securities of Company and International Match Corporation.
On April 5 Lee, Higginson & Co. issued a statement to
the holders of securities of Kreuger & Toll Co. and International Match Corp., with reference to the preliminary report of the Commission named to investigate the affairs of
the Kreuger & Toll Co.,following the suicide of Ivar Kreuger.
According to the statement received by Lee, Higginson &
Co., it is indicated that the balance sheet of Kreuger & Toll
Dec. 31 1930 "grossly misrepresented" the true financial
condition. There are also said to be indications "that the
From Stockholm April 7 a cablegram to the New York
profits reported for the year 1930 were grossly over stated "Journal
of Commerce" said:
by means of fictitious entries." Lee, Higginson state that
A large block of International Match Co. stock which had
been
"steps have already been taken to assert the rights of all on the books of the Kreuger & Toll companies at $23,000,000 carried
is
purchasers of the securities of the Kreuger & Toll Co. and and the accountants studying the affairs of the company have been missing
unable
to trace it.
said
the International Match Corp. Protective committees to carried amongIt is assets that 699.000 shares of the American subsidiary
the
of the Kreuger companies thus far have net been
represent the interests of the holders of securities are in found.
The possibility has been considered that Ivar Kreger brought the
process of organization and will shortly issue notices calling
to New York where he might have pledged them as collateral for shares
a loan.
for the depsoit of securities." The statement issued April 5 It is believed that Mr. Kreuger completely dominated
his companies and
by Lee, Higginson & Co. follows:
that it would have been possible for him to carry out such transactions
by
We are informed that the commission appointed in Stockholm to examine
the affairs of Kreuger & Toll Co.(Aktiebolaget Kreuger & Toll) have issued
a statement based on the first preliminary report to it by Price, Waterhouse
& Co. on the condition of Kreuger & Toll Co., International Match Corp..
and affiliated companies. The statement as received by cable from Stockholm is substantially as follows:
"Although our investigations are still but in the preliminary stage, we
have nevertheless reached a point where we are able to state that in our
opinion beyond doubt the balance sheet of Aktlebolaget Kreuger & Toll as
at Dec. 31 1930. as well as the consolidated balance sheet accompanying it
(in which were embodied also the account of its wholly owned subsidiary
company, N. V. Financieele MaatschappU Kreuger & Toll) appearing in the
directors' report to the shareholders dated April 1 1931, while being in
agreement with the balance appearing on the books of these companies
nevertheless grossly misrepresented their true financial position.
"Under the personal direction ofthe late Mr. Kreuger entries were made on
the books which on the one hand eliminated substantial balances shown to be
owing to the parent company by him and by subsidiaries or affiliated companies and on the other, either entirely eliminated liabilities to other subsidiary companies or established book asset accounts purporting to represent
assets of substantial sums. In some instances there is reason to believe the
book assets so set up were either (1) greatly in excess of the items they
purported to represent: (2) entirely fictitious: or (3) duplication of assets
belonging to and appearing on the books of associated companies.
"Moreover even if some substance should lie behind these book asset
accounts (which at present there is reason to doubt), there are instances
where their descriptions and classifications in the balance sheets were
entirely misleading. It Is, of course, impossible to state now just what the
real position actually was, but such evidence as is available is indicative
that it was grossly overstated and this is our present opinion.
"From a cursory examination we have made of the books and account
of the Continental Investment Co. (a wholly owned subsidiary of the
International Match Corp.) and from a comparison of the details of the
current accounts between this company and the two Kreuger & Toll companies above referred to, we have ascertained that a similar situation exists
In regard to the accounts of this company also.
"The manipulations of the accounts above indicated appear to have
extended also to the profit and loss account of the two companies concerned.
Indeed, there are indications that the profits reported for the year 1930 were
grossly overstated by means of fletitioous entries."
The foregoing statement reveals serioue irregularities which have hitherto
been concealed only by the most flagrant misrepresentations. These
misrepresentations were made not only in the written statements and information furnished by Mr. Kreuger as Chairman of the board of directors
of Kreuger & Toll Co. to the public and to his fiscal agents in the United
States, but also in the report of Kreuger & Toll published in April 1931.
covering the previous year's operations. which report was verified by the
auditors appointed under the company's statutes. While these facts are
subject to elaboration and confirmation in detail, the above statement must
be accepted as evidence that gross frauds have been perpetrated by Mr.
Kreuger in connection with his company's affairs.
Steps have already been taken to assert the rights of all purchasers of the
securities of Kreuger & Toll Co. and International Match Corp. Protective committees to represent the interests of the holders of securities are
in process of organization and will shortly issue notices calling for the
deposit of securities.
The New York "Times" of April 6 stated that a protective committee representing holders of American certificates
for deposited participating debentures of the Kreuger & Toll
Co., has been formed comprising M.Sterling Ramos,investment banker, Chairman; Ralph W. Appleby, Irving Stiner,
Jerome C. Levy, Alfred Lippman and Harry Halden; Javits
& Javits, 165 Broadway, are counsel, and M.J. Lyons, 312
Fifth Avenue, is Secretary.
The same paper in advices from Stockholm April 5 said:
To-night's charges created a sensation in Stockholm comparable to the
shock of Mr. Kreuger's suicide in Paris last month. When the report
was read in the Second Chamber of the Riksdag just before midnight.
one Deupty said it was a reflection on the huffiness integrity of all Sweden
and meant Sweden's end as a power in international finance.
himself. He committed suicide before he reached Stockholm and so
the
deal was never brought to the directors of the companies.
The estate of Kreuger is being explored carefully. It is considered
possible that either the missing securities or the record of their sale
or pledge
will be found among his personal belongings.
Estimates are made that the total losses of the Kreuger companies
will
reach $300.000.000. Which classes of shareholders are to
carry these
losses is, of course, the chief question being raised. It is known
that both
in London and in New York security holders are
rapidly forming into
groups to protect their interests.
Items regarding the affairs of Kreuger & Toll appeared in
these columns March 19, page 2067; March 26, pages 22572259, and April 2, pages 2430 and 2432.
Short Position April 1 on New York Stock Exchange
in Kreuger & Toll American Certificates.
On April 6 an announcement issued by the Committee
on Publicity of the New York Stock Exchange said:
The total short position on April 1 1932 included
181,420 shares of
Kreuger & Toll American certificates as against 38.307
shares of the game
security on March 1 1932. Investigation has disclosed
that substantially
the entire increase in this position is a hedge against
long stock which, for
legal reasons, Is not available for sale.
Sweden's Loss on Kreuger Concerns Put at $60,000,000
.
Associated Press advices from Stockholm
(Sweden)
April 21 said:
Responsible financial authorities estimated to-day
that Sweden would
lose as much as 300.000.000 kroner l$55,560,000
at yesterday's rate] on
the Kreuger companies.
The paper loss probably will run as high as
500.000.000 kroner l$92,
600,0001 because of the general depreciation of
securities, even those not
connected with the Kreuger interests.
Arrests Incident to Investigation of Affairs
of Late
Ivar Kreuger of Sweden—Report of Forged
Italian
Government Bonds.
Under date of April 16 Associated Press
accounts from
Stockholm (published in the New York
"Evening Post")
said:
Three men alleged to have been connected
with the operations of the
Kreuger interests were under arrest to-day
following new developments
in the investigation of the affairs of the
late Swedish match king, who
committed suicide in Paris March 12.
Another important development in the
inquiry was a report that a large
amount of forged Italian Government bonds
had been found in air, Kreugees effects.
The three arrested were Carl Lange, a
director of the Garanta Co. of
Amsterdam; Sven Hull of the Nederlanska
Bank for Scandinavian Commerce, and a man named Victor Holm,
described as a director, whose
connection with the Kreuger Interests was not
explained.
They were charged with having falsified a
balance sheet and profit and
loss account in order to give the impression
that the position of the Sreuger
companies was much better than it actually
was.
Manipulations Charged.
They were further charged with assisting
Kreuger to manipulate accounts and of acting as directors of
obscure companies formed for the Imr"
pose of making possible fraudulent
transfers between the books of the
various concerns, concealing the real Kreuger position.
Volume 134
Financial Chronicle
which has been
These developments were brought out by the inquiry
king's suicide. The
made into the Kreuger interests since the match
any use was made of the forged
investigation has not yet revealed whether
Italian bonds.
According
The auditors' report said the irregularities began in 1925.
Garanta Co. of Amsterto the charges against the three men arrested, the
was acquired in 1925 and the
dam, of which Carl Lange was a director,
the Swedish
books showed complicated transfers among the Garanta,
Match Co. and other concerns.
debenIt was also revealed that Kreuger & Toll had issued shares and
period the
tures in excess of $241,000,000 since 1928, and that in the same
and the International Match
Swedish Match Co. had issued $107,000,000
Corp. $93,000,000.
Polish Deal Alleged.
signed
A contract with the Polish Finance Ministry was said to have been
it the
In July 1925 by Kreguer and a director named Glowacki. Under
the investigators
Garanta was to have the retail sale of matches in Poland,
materialized, nor was there anything to
said. but that no such sales ever
prove the contract bona fide.
Another contract was discovered, they said, made by General Primo de
Rivera, former Spanish dictator, and Kreuger. who represented the Continental investment company. This, they said, provided for a loan of about
$36,000,000 to Spain in return for a match monopoly which was to become
effective two years later.
The following from Stockholm, April 16, is from the
New York "Times":
One of the greatest series of forgeries in history was charged against
Ivar Kreuger to-day by the experts'committee inquiring into his companies.
The investigators announced the discovery of forty-two Italian Treasury
bonds, each worth £500,000. which they said were forged under Kreuger's
own supervision. [At yesterday's exchange rates these bonds would have
a total face value of about $80,000,000.1 Five forged coupons were also
discovered. It is believed Kreuger had 200 to 300 more fraudulent bonds
in his possession and that more gigantic forgeries remain to be unearthed.
The committee asserts further that ICreuger himself drew the sketches
of the forged notes, wrote the text in English and read the proof sheets
suswhen they came from the printers. Once when one of his auditors
the necespected their genuineness. Kreuger is said to have warned him of
ever heard of them
sity of secrecy, saying that if the Italian Government
it would involve Italy in serious trouble.
securities in the United States,are represented, yesterday issued a statement
requesting holders of the 5% debentures of Kreuger & Toll to deposit their
-P. Murphy,
securities with the committee. The Chairman, Grayson M.
stated by telephone last night that his committee had not been in communication with the independent group. He declared that although the
issuing banking firm is represented on the committee, the work of the
group will be carried on in independence of the bankers.
The official statement requesting the deposit of the 5% debentures
follows:
Official Statement.
-P. Murphy, Chairman of the committee formed with the
"Grayson M.
single purpose of protecting the interests of holders of 5% secured sinking
fund gold debentures of Kreuger & Toll Co., is urging the prompt deposit
of these debentures in order that united action may immediately be taken.
The committee points out that steps have already been initiated not only
in this country, but abroad, by other classes of creditors to investigate the
confused situation which exists and to enforce their rights, and failure on
the part of debenture holders to take similar action may result in their
depositary
position being prejudiced. Guaranty Trust Co. of New York is
for this committee, and, in view of the wide distribution of the debentures,
announcement is made of the appointment of the following subdepositaries:
Co..
The National Shawmut Bank of Boston, Boston; the Northern Trust
Chicago, and Guaranty Trust Co. of New York. in London."
six
With the formation of the new independent group there will be
s
functioning committees. Four of the committees include representative
represent smaller holders
of the bankers. Another committee, believed to
M. Sterling
of securities, was formed recently under the chairmanship of
Ramos. This group was reported to have been connected with the recent
resuit in Wilmington to throw International Match into a bankruptcy
ceivership.
Skandinaviska and Kreuger Relations—Managing
Director Lauritzen Emphasizes that the Bank's
Connection Was Purely Commercial.
The following from Gothenburg is from the "Wall Street
Journal" of April 11:
At resumption of the annual meeting of Skandinaviska Kreditaktiebolaget
an interesting detailed statement was made by the bank's managing director
on the history of the bank's association with the Kreuger interests. Managing Director Lauritzen began by saying that certain foreign interests
may sue the bank for $40,000,000 or $50,000,000 German 6% bonds held
as security for credits granted to the Kreuger group. The claimants' only
chance, however, would be to plead bad faith by the bank, which Mr.
Lauritzen did not think the court would accept.
Mr. Lauritzen emphasized that the bank's connection with the Kreuger
interests was purely commercial. Mr. Kreuger himself never having attempted to exercise undue influence on the institution. Relations with
the Kreuger interests began in 1927 when the bank sold the Kreguer company 50,000 Grangesberg shares at 360 kroner a share. From November
1930 to February 1931 the bank granted successive short-term loans to
Kreuger totaling 50,000.000 kroner. By the end of March 1931 the
Kreuger credits totaled 180,000,000 kroner.
When Kreuger placed 32,000,000 kroner of Polish Government bonds
on the Swedish market, the Skandinaviska took up 20,000,000 kroner of
the issue, expecting disengagement from this commitment three to six
months later.
Mr. Lauritzen described April 1931 as the crucial month for the Kreuger
interests, since Mr. Kreuger at that time asked for $35.000.000 to lend to
Germany. Earnest consideration of the proposal revealed that refusal to
grant the request might drastically impair Kreuger's position. Mr.
Lauritzen announced the hitherto unknown fact that the Riksbank promised the Skandinaviska all the assistance needed at that time.
A fortnight later the Continental credit crisis began with collapse of the
Austrian Creditanstalt. Mr. Lauritzen described the bank's Kreuger
collateral as "satisfactory," and stated that the mortgaged S90.000,000 of
German 6% bonds could slump to 45 or 50 before the bank must risk a loss.
He attributed the bank's present position to lack of liquidity and public
misapprehension of its business relations with the Kreuger interests.
Former Secretary of State Colby Said to Have Been
Asked to Head Kreuger Committee—Committee
-P. Murphy.
Headed by G. M.
Former Secretary of State Bainbridge Colby has been
invited to head a protective committee now being formed
by largo holders of Kreuger & Toll and International Match
Co. securities, it was learned on April 17, according to the
New York "Journal of Commerce," from which we also
take the following:
Samuel Untermyer was asked to act as counsel for this group, which
would work in independence of the bankers who issued the Kreuger & Toll
securities in the United States.
Mr. Colby stated over the telephone last night that he had given consideration to the invitation, but that he had not yet accepted Chairmanship
that he has not yet consented
of the committee. Mr. Untermyer also stated
officially to act as counsel for the group.
11411 Receive Large Deposits.
holders of Kreuger & Toll
The new committee would represent important
in New York and to a lesser extent
and the International Match securities
are reported to have taken active
trusts
in Boston. Several investment
It was also reported that
steps for the formation of such a committee.
large German banks which hold the dollar securities of the comseveral
the proposed committee.
panies would deposit their securities with
-P. Murphy.
Committee Headed by 0 M.
of one of the four committees recently
In the meantime the Chairman
& Co., who issued the Kreuger & Toll
formed and on which Lee, Higginson
3001
The formation of protective committees in behalf of
holders of Kreuger & Toll and International Match securities
was noted in our issue of April 16, page 2921.
Former King Alfonso of Spain Denies Dealings with
Ivar Kreuger.
A cablegram as follows from Paris, April 19, is from the
New York "Times":
Former King Alfonso of Spain categorically denied there had been any
financial deal between himself and Ivar Kreuger during the De Rivera
dictatorship, when a Swedish report to that effect was shown to him tonight at a hotel in Fontainebleau where he is living in exile with the Spanish
royal family.
The report from Stockholm appearing in the press here this evening said
that a receipt for a large sum of money signed by Alfonso had been found
among Kreuger's papers.
Denial of Report that Ivar Kreuger Is Still Alive.
From Paris, April 19, Associated Press advices said:
his body after
The Swedish Consul, who knew Ivar Kreuger and saw
rumor from Stockhis suicide here on March 12, formally denied to-day a
Swedish financier
holm that the suicide had been simulated and that the
really had taken refuge on the Island of Sumatra.
in England
The rumor grew out of a report that a cigar manufacturer
made especially
had received an order from Sumatra for cigars formerly
for Kreuger.
police officials, the
The newspaper "Paris Sok" interviewed French
the industrialist's
police doctor and the janitor of the apartment house where
body undoubtbody had been found. It said they all had declared that the
edly was that of Kreuger.
International Match Co. Files as Bankrupt—Kreuger
Affiliate Unable to Meet Obligations—Stockholm
Stirred by News.
The International Match Co., holding corporation for
leading European match manufacturers, filed a petition in
bankruptcy on April 19 in United States District Court,
said the New York "Times," which also noted:
The action follows the appointment last week of an equity receiver.
The petition was accompanied by an affidavit signed by Frederic W.
Allen, President, who said that his company had outstanding debenture
was in a chaotic
bonds amounting to $90,000,000, and that its business
match manucondition as the result of the death of Ivar Kreuger, Swedish
facturer, who recently committed suicide.
From the same paper we quote the following from Stockholm, April 19:
Co. received
The news of the bankruptcy of the International Match working to
Experts
from New York to-night created a sensation here.
corporation was so
save the Swedish match company said the American
was impossible to
heavily burdened with Kreuger's debentures that it
rescue it.
here with the failAt the same time there was another serious breakdown
Swedish Government
ure of the Provincial Bank for £8,000,000. The
of taxation and control
fears repercussions and contemplates fresh measures
of the Communist movement.
Kreuger & Toll
Chairman Nothin of the official administrators under the
that special attenmoratorium said to-night it had become apparent early
and the Eriksson
tion would have to be devoted to the Swedish Match Co.
said, that the
Telephone Co. Subsequent investigations had shown, he
are
economic positions of the two companies is such that, if the creditors
imreasonable, continuance of the companies' operations should not be
proceeding
possible. Regarding the telephone company, negotiations are
with Professor Fehr and M. Dorquist. Regarding the match company,
and other interested parties
contact has been established with the creditors
In various countries to initiate discussions.
Remittance Received for Payment of May 1 Coupons
of City of Dresden (Germany) Bonds.
Speyer & Co., as fiscal agents, announce that they have
received the regular remittance for payment of the May 1
1932 coupons of the City of Dresden 20-year 7% sinking
fund gold bonds of 1925.
3002
Financial Chronicle
Former President Schacht of Reichsbank Says Germany
Will Pay Its Debts—But Temporary Moratorium on
Private Long-Term Loans May Be Needed, He
States.
Germany is determined to pay her debts, Dr. Hjalmar
Schacht, former President of the Reichsbank, said in an
address from Berlin on April 16 heard in the United States
over a National Broadcasting Company network. "It may
be," he said, "and do not let this frighten you, that a temporary moratorium for long-term private loans may have to
be arranged, but in the end no owner of German securities
will suffer any damage, because the economic strength of
65,000,000 Germans will take care of that." The New York
"Times" of April 17, which thus reports Dr. Schacht further
Indicates as follows what he had to say:
Dr. Schacht spoke during the first program from Germany under the
auspices of the International Radio Forum. His address in full, as
taken down in New York, was as follows:
"It is a particular pleasure for me to be asked to-day to inaugurate the
German series of the International Radio Forum, which was founded by
my friend, the Honorable Ira Nelson Morris.
"I have previously pointed out the catastrophic consequences that followed the end of the war and what those consequences meant both
for
the business of the whole world and especially for German business.
"There were many who were amazed and who did not believe me. The
events of the past eighteen months have fully justified the views
I expressed at that time. They have also justified the reason I
gave for
resigning as President of the Reichsbank.
Resignation Is Defended.
"The reason I gave for resigning at that time was that
nobody could
guarantee the stability of the currency, which was exposed,
at almost
any moment, to the arbitrary influences coming from
the political institutions of the various foreign Governments. At that
time I indulged,
and I think rightly so, in pessimistic views.
"I believe that to-day I can speak to you with
more confidence. I
cannot discover anywhere in the world a material
betterment of business,
because, as a matter of fact, I believe that
the depression will last for
some time longer. , However, I can see here
and there a psychological
change toward the better.
"Everywhere, the economic madness of the war
is being realised. It
becomes more evident all the time that the
international treaties concluded since the end of the war have meant
only a continuance of this
economic madness. Not only Germany,
but the other countries which
were defeated in the last war, and also a
number of the victorious
countries, have used up their economic resources.
"There are two reasons for this: First, no
country can exist, in the
long run, without a normal business life; second,
the world in which political and economic difficulty prevails puts internation
al credit out of
function.
Problem of Credit System.
"These are the special characteristics of the present
world-wide depression. It is not the customary change in the business
cycle.
"Business life has come to a standstill because the
credit system does
not function. It seems to me that the German
people deserve recognition because of the fact that, in spite of these
circumstances, they are
determined, from the extreme Nationalist to the extreme
Socialist, to pay
all their commercial and other private debts, no
matter whether they
are private debts or the debts of the Federal Governmen
t.
"However, what is more important, I am of
the firm conviction that
they will be able to pay them. It may
be—and please do not let this
frighten you—that a temporary moratorium
for long-term private loans
may have to be arranged, but in the end no
owner of
will suffer any damage, because the economic strength German securities
of 65,000,000 Germans will take core of that.
"But to this, one condition is attached, and that is, the
present mental
attitude of stagnation mud be overcome. Normal
business must not be
crippled by putting in cold storage the credit needed.
For the longer
the short-term turnover is stopped, the more are long-term
loans endangered.
Gradual Payment Insisted On.
"Mistakes have been made on both sides. Everybody realizes
that the
countries which have borrowed in the course of the last six or
seven
years between $2,000,000,000 and $3,000,000,000 on a short-term
basis
cannot pay them back within a few weeks or months. It is
impossible.
To make such payment en masse would be international suicide.
"I believe that the next few months will bring another discussion of
this problem. The difficulties, not of making but of transferring payment, will undoubtedly increase in the course of these next months.
But what must be avoided is any further lagging of business. Only by
keeping the pot boiling will you facilitate further transfers.
"To achieve this, it will be necessary for the German people ,to form
for themselves a clearer conception of their national responsibility and
to embark upon a more decided course than they have followed during
the past fifteen years.
"We have been looking too much during this period to foreign help
and have relied too much on international conferences. Furthermore,
during these past years a great many mistakes have been made in our
domestic financial policies. We have applied certain socialistic doctrines
which have come in for criticism. The German people are now realizing
this.
"Therefore I am fully convinced that within a relatively short period
Germany will again become a member of the international business
community."
Germans Will Trade Exports for Imports—New Bremen
Company Expected to Lead to State Control of
Foreign Business.
The International Commodity Clearing Compan
y was
formed at Bremen on April 18 by 100 merchan
ts to promote
the exchange of goods between Germany and other countrie
s,
eliminating difficulties in the payment of foreign exchang
e.
We quote from a Bremen cablegram to the New York
"Times"
which went on to say:
April 23 1932
The company will approach prospective importers and exporters
am)
try to exchange German exports for imports.
While the clearing company, with a capital of *120,000,
is relatively
small, it reflects a movement which is rapidly gaining ground
in Germany. Such clearing companies are believed by many to
lead to state
control of foreign trade. The principle was first tried in
a transaction
by Ruhr industrialists, who exchanged coal for Argentine
coffee.
The new company has already obtained numerous
inquiries from merchants throughout the country. Among the members
of the board are
Ernest Glaessel, bead of the North German Lloyd.
Deutscher Credit Verein of Berlin Suspends Paymen
ts
Associated Press advices from Berlin April 18 said:
Deutscher Credit Verein, with a capital of 6,000,000
marks
suspended payments to-day. Its principal customers are ($1,422,000),
in the Rhineland.
German Ex-Colonies' Bonds.
The following (United Press) from Leipzig, Germany, is
from the "Wall Street Journal" of April 15:
The 10-year battle of German investors to force the Reich
to redeem
bonds issued by Germany's pro
-war colonies was protracted further when
the Supreme Court referred the case to a lower Court
with a recommendation that 25% of the claims be redeemed.
Germany Imports and Exports Decline in March—
Favorable Balance Maintained.
Although Germany had a more favorable trade balance in
March, both exports and imports were lower than in the
first two months of the year, said a cablegram received in
the Commerce Department on April 16 from Commercial
Attache H. Lawrence Groves, Berlin. Under date of April
18 the Department also said:
March exports, including 11,000,000 marks reparations, totaled 627,000,000 marks compared with 538,000,000 marks in February and
542,000,000 marks in January. Exports in March 1931, totaled 807,000,000
marks.
March imports declined sharply to 846,000,000 marks, the cablegram
stated. This compares with 441,000,000 marks in February, 440,000,000
in January, and 584,000,000 marks in March 193L
Detailed import figures show that receipts of manufactured goods declined 20% in the month, raw materials 18%, and foodstuffs 15%.
The favorable balance for March including reparation was 163,000,000
marks, a consequential increase over the favorable balance of 97,000,000
marks in February and 102,000,000 marks in January.
(Mark equals 23.82 cents at Par.)
Net Profit of German Dye Trust 51,500,000 Marks
in 1931.
The annual report of the great German Dye Trust became
one of the bright spots of the industrial year when it was
announced on April 19, said Associated Press accounts from
Berlin, which also stated:
It showed for 1931 a net profit of 51,500,000 marks
and a dividend of
7%, compared with 12% in 1930.
Liquid assets were placed at 94,000,000 marks and
it was stated that
no bank loans were outstanding.
Official Reopening of Berlin Boerse.
With reference to the reopening of the Berlin Boerse on
April 12, after seven months in which official
tradinig has
been interrupted,a wireless account from Berlin,
on April 15,
to the New York "Times" said:
Business on the day of reopening was very
but on Wednesday, Thursday and Friday the inactive. Prices declined,
general public entered the
market and there were very considerable
advances both in stocks and
bonds. On Friday [April 151 some stocks, owing
to shortage of supply,
advanced suddenly 6 or 8 points.
The volume of trading, however, was much
below what it used to be
before last summer's crisis. As was the case
reopening in September, no business whatever after the first tentative
of active stocks. Later on Friday afternoon was done in the majority
a reaction occurred, due to
heavy selling of Farbenindustrie.
Friday's quotations [April 151 compare as
preceding week and with the quotations on the follows with those of the
last day of official trading,
Sept. 18 (fractions omitted):
Apr. 15 Apr.7 Sept. 18
Reichsbank
102
98
Deutsche Bank
103
44
Hamburg-America
45
61
14
Vereinigte Stahlwerke
12
25
15
Mannesmann Tubes
14
19
33
Gernesal Electricity
35
31
25
Siemens & Halske
24
44
98
97
Farbeninclustrie
101
88
84
Aku Rayon
92
35
Aschersleben Potash
26
40
90
84
62
The Reich 7% loan was quoted on Friday
at 58 against 86 at the
September date; the Reich fis at 50 against
71, and Prussian 13s at 78
against 77.
Reference to the resumption of official
quotations appeared in our issue of April 16, page 2823.
Germany Tightens Rules Governing
Withdrawal of
Stocks by Foreigners.
United Press accounts, as follows, from
Berlin, April 15,
are taken fr(im the New York "Herald
Tribune":
The Government issued a decree to
-night tightening regulations to prevent flight of German capital abroad.
Volume 134
Financial Chronicle
Henceforth, foreigners resident in Germany will be required to get permission from a special foreign exchange control bureau before withdrawing
stocks or first class securities. The decree is intended to prevent foreigners
from transferring stocks and securities to Germans who would later sell
them abroad.
German Imports Cut by Exchange Curb—Favorable
Trade Balance Jumps to Rm. 163,000,000 During
March—Amount Required for Debt Service.
The New York "Journal of Commerce" reports the following from Berlin, by cablegram, April 15:
As a result of the severe contraction in both the prices and the quantities
of German imports the country's favorable balance of payments for March
jumped to 163,000,000 reichsmarks, as compared with the 97,000,000
reichsmarks shown for February.
This was accomplished in the face of the usual seasonal contraction in
imports for the month.
This increased export surplus is hailed as a considerable aid in maintaining service on German foreign obligations despite the severe shrinkage in
the gold and foreign exchange resources of the Reichsbank.
Cut Raw Material Imports.
The contraction of imports resulted from a cut of 42,000,000 reichsmarks
In raw materials, 20,000,000 reichsmarks in foodstuffs and 16,000,000 in
manufactured goods. It resulted directly from the severe restrictions
placed on importations of goods into Germany through releases of insufficient amounts of foreign exchange for such purpose by the authorities.
At the same time exports were kept down by the new British tariff and
the placing of quotas on shipments into Switzerland by the Government
there.
Maintenance of the heavy favorable trade balance over the next few
months is made doubtful, however, by the growing shortage in many foreign
raw materials developing in German industry. This factor will probably
be a crucial one in determining the ability of Germany to maintain service
on her foreign debts in their respective currencies. With the suspension
of reparations payments Germany's balance of payments has become largely
identical with her trade balance and any upturn in imports will tend to
eliminate the latter.
Billion for Debt Service.
The total amount required for interest and sinking fund service on German foreign loans, including the Dawes and Young issues, is placed at
819,000,000 reichsmarks, of which 473,000,000 reichstnarks falls due in
the second half of the year. In addition, maturities of loans of intermediate term of public and semi-public bodies and interest and partial
repayments of short-term loans will involve another 175,000,000 reichsmarks, having been increased by the terms of the prolongation of the
$125,000,000 Lee, Higginson credit.
The total required will thus be approximately 1,000,000,000 reichsmarka,
which will require the maintenance of the same rate of export excess as
`was registered during the first quarter, including the comparatively good
showing in March.
German Deficit Continues Large.
The ordinary budget of Germany, covering the 11 completed months of the financial year, show a deficit of 96,000,000 marks in the ordinary budget and of 127,000,000 in
the extraordinary budget. The foregoing is from Berlin
accounts, April 15, to the New York "Times," which also
stated:
If deficits acquired from the preceding years are included, the total
deficiency is 1,130,000,000.
Merger of Danat Bank With Dresdner Bank of Germany.
From the "Wall Street Journal" of April 7 we take the
following from Berlin:
The newly amalgamated DD-Bank, in appointing its new board of directors, made a reduction in the number of members from 100 to 20, in view
of the recent decree limiting the directorate to 30. There is, however,
a second board of directors who have no legal responsibility, and this
consists of 80 members, including many industrial leaders.
The merger was referred to in these columns, Feb. 27,
page 1471,and March 26, page 2248.
Railway Earnings Cut in Germany.
Earnings of Railroad Corporation for February are reported as 219,660,000 marks. This is 23% below February
1931 and 41% below the same month in 1929, according to
a wireless message, April 15, from Berlin, to the New York
"Times."
Germany's Home Trade Still Being Reduced—Forecasts of 1932 Building Activities Are for Only
One-Half of 1931.
Under date of April 18, advices from Berlin to the New
York "Times" said:
The outlook for home German trade is not promising. Even the
customary increase of employment in the spring season comes slowly. The
official forecast of the probable value of new building construction in 1932
Is placed at only 2,000,000,000 marks as against 4,000,000,000 in 1931 and
7,000,000,000 in 1930. The estimated output of raw materials and instruments of production is 62% below the middle of 1929.
It is true that the output of consumable goods has sunk since 1929 only
23%, but the Institute of Studying Trade Fluctuations predicts further
decline in that branch also. The textile manufacturers' associations report
that the new decline in the price of American cotton during March checked
orders; but there has been a alight seasonal increase in the demand for
cotton cloth.
3003
German Steel Prices Cut—Dividends Omitted by Steel,
Engineering and Electrical Companies.
The following, from Berlin, April 15, is from the New
York "Times":
Export prices for steel have declined further, but there has been some
home demand for sheets and tubes. Belgian manufacturers are selling
bars f.o.b. at £.2 4s gold per ton. Export orders for locomotives and
machines for metallurgical plant and paper have slightly increased, but
engineering industries are employing 150,000 fewer men than a year ago.
Of 21 corporations in the steel, engineering and electrical trades which
have lately submitted annual reports, 17 passed dividends. Automobile
shops are occupied to only 20% of capacity, and their production is 67%
below that of 1928.
Proposed Reduction in Dividend of German Dye Trust.
In Associated Press advices from Berlin, April 16, to the
New York "Times," it was stated that the directors of the
German dye trust will propose at a stockholders' meeting on
May 10 a dividend of 7%, compared with 12% in 1931, and
a reduction of capital by 110,000,000 marks to 686,000,000
marks.
Germany Not To Float Loan to Provide Employment—
Minister of Labor Stegerwald Tells Unions That
Balancing of Budgets and Other Factors Come
First.
At Frankfort-on-Main, Germany, April 13, Adam Stegerwald, Minister of Labor, replying to the demand of the trade
unions at an extra convention that the Government raise
2,000,000,000 marks [about $475,000,000] to create jobs for
1,000,000 workmen for one year, declared that the Government must look after the stability of the currency, balance
public budgets and provide industries with sufficient credits
to maintain production before any such scheme could be
considered. A cablegram to the New York "Times," reporting this, added:
He said that the Government would do its utmost to spare funds for
furnishing additional jobs, especially through land settlement for the unemployed, but modified the hopes of the unions by emphasizing that 1922
would be an extremely difficult year. He promised that the Government
would enforce shorter working hours if the employers failed to institute
them voluntarily.
The unions propose to float a domestic loan for the creation of new
jobs, believing it would mobilize hoarded marks. Bonds which could not
be sold would be used as collateral security for acceptances of the employers, to be discounted by the banks.
The unions have demanded the immediate intervention of the Government, declaring the army of 6,000,000 unemployed constitutes a grave
danger, especially as more than 2,000,000 have been out of work for more
than a year.
$125,000,000 German Credit Renewed by International
Banking Group Headed By Lee, Higginson & Co.
Associated Press advices from Berlin A pril 21 stated:
An agreement to extend until Nov. 10 1933 the $125,000,000 credit that
Germany obtained from an international banking group headed by Lee.
Higginson & Co. was signed here last night. Interest is at 6%•
American investors hold about 70% of the credit. The rest are British,
Dutch and Swedish, with small German holdings.
The original credit would have matured on Nov. 10 this year.
A reference to the extension of the credit appeared in
these columns April 16, page 2823.
New York Bankers Reported Considering Cut in Innterest on German Credits.
From the New York "Sun" of last night (April 22) we
take the following:
A meeting of senior officers of local banks having German credits was
held at the Federal Reserve Bank this afternoon. While no official statement was made after the meeting, it was understood that consideration
was given to the recent request of the Reichsbank for a reduction in the
maximum rate of 7% on such credits to a more reasonable figure of around
held s
6%. The sub-committee of local bankers on German credits
meeting earlier this week and presumably made recommendations for
action by the senior group.
Among the bankers attending the meeting were Albert H. Wiggin,
Chairman of the governing board of Chase National Bank, who is Chairman of the senior committee; George Whitney and Seymour Parker Gilbert
of .1. P. Morgan & Co.; Charles E. Mitchell, Chairman of the National
City Bank; F. Abbott Goodhue, President of the Bank of Manhattan Trust
Co., and William C. Potter, President of Guaranty Trust Co.
Renewal of Austrian Credit Participated In By Federal
Reserve Banks Along With European Banks.
From the New York "Times" of April 17 we take the
following:
The one-fourth share of the Federal Reserve Banks in the $12,645.000
credit to the Austrian National Bank granted last year in conjunction with
the Bank of England, the Bank of France and the Bank for International
Settlements came due again yesterday and was renewed, no alternative
being open.
The same paper in its issue of April 19 said:
The central banking credit of $12,645,000 to Austria, in which the
Federal Reserve Banks here share, will become due to-mottow, and credits
to Hungary and Jugoslavia in the amount of 220,000,000 and $3,000,000,
respectively, also will be due this week. The Reserve's share of all three
3004
Financial Chronicle
credits, amounting to about $9.000.000, will presumably be renewed, since
no other course is open, as will the participations of the Bank of England
and the Bank of France. The Bank for International Settlements voted
to renew the credits at the recent meeting of directors. Together with the
$22,500,000 of the $90.000,000 Reichsbank credit held by the Federal
Reserve, these Central European credits bring the Reserve's total foreign
loans to about $32,000,000, compared with about $160,000,000 last August,
the Bank of England's credit was being used in full.
Austrian Financial Rules Applied to Incoming Mail
Special correspondence April 3 from Vienna to the New
York "Times" said:
The latest violation of the secrecy of the mails in connection with the
Austrian finance restrictions, the opening of letters coming from abroad
on the denunciation of informers, has aroused a storm of protest. It has
been established that In Upper Austria and other Provinces post
-office
officials have been opening incoming letters believed to contain checks or
other foreign exchange, in order to force the recipients to surrender the
contents to the National Bank.
The press points out that this is aviolatIon of constitutional rights,
calculated to kill all trade with Austria and to frighten away foreign exchange. Coupons from bonds, checks and bills, it Is feared, will simply
be held back abroad.
Bank of Netherlands (Holland) To Call Gold Abroad
Home—$41,200,000, Most of It Held Here, to Be
Withdrawn as No Longer Necessary—Metal in
New York Earmarked.
Under date of April 20 Associated Press advices from London to the New York "Times" said:
An Exchange Telegraph dispatch from Amsterdam to-day said the Bank
of the Netherlands had decided to withdraw all the gold that it holds abroad.
amounting to 103,000,000 florins ($41,200,000). principally in the United
States.
It was said that the decision implied no distrust of the dollar, but had
been reached because of the belief of the directors that the bank did not
need to carry a large gold stock abroad in the present circumstances.
In its comments the "Times" of April 21 stated:
The gold held in this market by the Bank of the Netherlands earmarked
-is
for its account in the vaults of the Federal Reserve Bank of New York, so
that its withdrawal will not reduce the gold stocks of this country. Last
September, following the suspension of the gold standard In England,
several European central banks, including the Bank of the Netherlands,
converted their holdings of dollar balances in this maket Into gold, which
they placed under earmark at the Federal Reserve Bank in order to strengthen their positions. This gold has since been carried by these institutions in
their published reports In the same class with gold actually held In their
own vaults.
Since the first of the year there kas been a tendency for European central
banks to call home their earmarked gold, since no purpose is seeved by
leaving it abroad. Between Jan. 15 and March 15. the Bank of France
took $170,000,000 of its holdings of earmarked gold and the National Bank
of Belgium repatriated a smaller amount. The decision of the Bank of the
Netherlands is in line with this policy.
No official word of the decision had reached bankers here last night, but
the possibility of such a move has been recognized for some time. The
action will have no significance for this money market, since it amounts
simply to the transfer by the Dutch institution of Its gold from one place
of storage to another.
Recently several small shipments of gold have been made to Holland, but
these were foreign exchange transactions arising out of the position of the
guilder above the gold export point. The shipments in the past two weeks
have amounted to $3,930,400, and since the first of the year $18.859,400
in gold has been exported to Holland. Last year gold exports to that
country were $50.327.000, most of which was sent in October.
The conversion of the foreign balances of the Bank of the Netherlands
Into earmarked gold last Fall was revealed in the rise of its gold holdings
and simultaneous fall of its holdings of devisen. Between the end of August
and the end of November the bank's gold holdings rose $79,600,000, or
from $280,800,000 to $360,400.000, while in the same period its holdings
of foreign bills dropped $65,600,000.
April 23 1932
Holland Confident of Dollar.
The following from Amsterdam, April 21, is from the
New York "Times":
Holland's withdrawals of gold from New York are not actuated by am
,
distrust of the dollar, it was emphasized by authorities here to-day.
AccmdIng to the last weekly statement about $41.000,000 In Dutch gold
is still abroad. The Netherlands Bank now takes the view that in present
conditions keeping such a large gold stock in foreign countries is unwarranted.
The gold consequently Is being shipped to Holland gradually without
causing any sudden dislocation in New York or Paris.
Cabinet Seeks to Aid Finnish Farmers—Asks Moratorium on Some of Their Debts, Averting Crisis.
From Helsingfors, (Finland), April 16 a wireless message to the New York "Times" said:
An agricultural crisis has caused the Finnish Cabinet to introduce a
bill into Parliament to establish a moratorium of one year on certain
liabilities incurred by farmers. The protracted depression which has
brought about absurdly low prices has made many farmers desperate.
They demanded a decree reducing the bank rate far below the present
level and simultaneously urged Parliament to permit the State Bank to
Increase substantially the note circulation without gold cover, thereby
opening the dome to new inflation whereby prices could be raised.
The Agrarian party threatened to cause the Cabinet to resign unless
these drastic demands were fulfilled despite the vigorous opposition of
other parties. But to-day a governmental crisis seems to have been
averted, as the Agrarians have been appeased by the moratorium bill
In view of the complicated economic situation, the Cabinet is asking
Parliament to prolong until Oct. 31 the emergency powers given to the
Cabinet last year for issuing financial decrees during the Parliamentary
recess.
Paris Bourse Quoting United States Loans—Move
Seen as Forerunner to Opening Lists to American
Securities in General.
The following Paris cablegram April 18 is from the New
York "Times":
American financial circles in Paris showed keen interest in the announcement to-day that French loans issued by the United States would be quoted
on the Bourse, commencing to-morrow. This in itself will not have any
great effect, but it is feared it is merely the first step toward the rumored
possibility of France permitting quotations by the Bourse of American
securities generally.
It has been known here among the initiated that France was planning
such a move in order to safeguard for French brokerage and banking
concerns French operations in American securities, which until now have
been virtually monopolized by American banking and brokerage firms
operating In France.
A considerable amount of money is involved in those transactions by
way of the fees retained by the brokers, most of which will be lost if the
French carry out their reported plan.
The loans to be quoted to-morrow are as follows: 7368 of 1921, nominal
value $100,000.000, of which about $60,000,000 remains outstanding;
7s of 1924, nominal value $100,000,000,of which about $75,000,000 remains
outstanding.
The "Times" in its reference to the above said:
Wall Street attached little importance to the announcement that French
dollar loans were to be quoted on the Paris Bourse or to the rumor that
this action was an entering wedge toward the listing of American securities
generally. It was remarked that many important American issues are
at present quoted on foreign stock exchanges, notably in London and
Amsterdam, but that this fact has not noticeably detracted from the
volume of foreign business handled by American stock brokers and banks.
Even if Paris brokers attempted to make a market in American shares.
it was pointed out, they would be compelled to resort to the American
market to balance their positions and, since tho primary market would
be here, quotations on the Bourse would tend merely to echo the movement of prices in New York.
No accurate estimates can be arrived at with respect to the volume
of French dealings in American securities. They are known to be
fairly
substantial but are not, of course, of sufficient volume to be an important
market factor.
The gold statement of the Federal Reserve Bank shows
exports of gold to Holland from April 14 to 20, of $2,802,000:
on April 21 a withdrawal of $2,411,200 by Holland was reported by the Reserve Bank and yeaterday's (April 22) gold
statement of the latter showed that Holland had withdrawn
$13,544,900 in gold.
Jugoslavian Bank Reported Closed.
Associated Press advices from Belgrade, April 19, published in the New York "Evening Post" said:
Gold Reserve Rising in Netherlands Bank—"Note
Cover" 91%, Against 71% in September—Actual
Gold Holdings Greatly Enlarged.
The following from Amsterdam April 15 is from the New
York "Times":
Yugoslav Importers to Meet Obligations to Foreign
Firms by Deposits in "Closed Accounts."
Yugoslav importers may meet their foreign obligations by
payment of the amount involved into a "temporary closed"
dinar account in favor of their foreign creditors, according
to a decree issued by the Finance Minister of the Kingdom,
states a report to the Department of Commerce from Commercial Attache Emil Kekich, Belgrade. The Department,
under date of April 18, added:
The international movement of gold has been constantly Increasing the
strength of the Netherlands Bank's reserve. The note Issue is now covered
up to 91%, as against 71% in September. The position of the Bank is
considered very strong,and no fear concerning gold payments is entertained.
In fact, the hoarding of gold is continually diminishing, and the return of
the boarded coin sirengthens the gold position of the banks.
The flank's actual gold holdings are now 892,000,000 guilders, as
against
703,000.000 last September. That this increase represented largely conversion of gold-exchange holdings into actual gold, Is shown
by the decrease
In foreign bills held, during the same
period, from 231,000,000 guilders to
84,000,000 guilders. On the other band, discounts and loans at the
bank
of the Netherlands reached 149,000.000
guliders on April 13, which was the
lowest level touched since the 14th of last
September, the statement prior
to England's abandonment of the gold
standard. Deposits in the bank are,
however, increasing again; they rose last week from
126,000,000 guilders
to 145,000.000.
TIme Donausave Bank to-day filed a petition of voluntary
bankruptcy,
offering to settle with its creditors at fifty cents on the dollar.
The Government has named a commissioner to take over the affairs of
the first Croatian Savings Bank at Zagreb which suspended payments
yesterday.
These "temporary closed" dinar accounts can be drawn upon only for
payments within the country.
Authorized local banks may receive the payments and deposit them to the
account of the foreign creditor. Such a deposit must be accompanied by
all the documents which were previously necessary for the payment of
dinars into a free account in behalf of a foreigner. All banks receiving
deposits for "temporary closed" accounts must immediately inform the
National Bank of the sums deposited in accordance with the decree.
Free dinar claims existing up to the present time cannot be utilized for
the purchase of foreign means of payment according to the decree, and
all institutions and private individuals must give note to the National Sant
of their claims outstanding in foreign countries.
Volume 134
Financial Chronicle
Premier Venizelos Reported as Stating that Greece
Made Mistake in Not Leaving Gold Standard
When Great Britain Did.
The following from Athens, April 21, is from the New York
"Times"
Premier Venizelos, who yesterday returned here from Geneva, told a
conference of directors of big banks, Presidents of chambers of commerce
and other commercial asociations to-day it had been a mistake for Greece
not to leave the gold standard when Britain did and the Government was
considering whether she could remain on it now.
In any case, however, he said, inflation must be avoided. The budget
for 1932 must be balanced, he continued, and as regards the private debts
of Greek merchants abroad adequate time must be allowed so that if it
should be founthnecessary to leave the gold standard too great disturbance
could be avoided.
The conference interpreted the Premier's remarks to mean that the
Government already had decided to abondon the gold standard, and the
announcement is expected Saturday or Sunday.
of Greece Urged to Give Gold Possessions to
Government to Maintain Gold Standard.
From the "Wall Street Journal" of April 19, we take the
following (United Press) from Athens, Greece:
Citizens
The Archbishop of Athens, in a patriotic effort to keep Greece on
the gold standard, has started a campaign appealing to citizens to put
their gold possessions at the disposal of the government. Several churches
decided to hand over their precious treasures.
Resignation of Greek Finance Minister.
Finance Minister George Mans resigned on April 21 from
the Cabinet of Premier Venizelos said Associated Press advices from Athens, which further stated:
His resignation was attributed to a disagreement with the Premier
over the date for a proposed general election.
Censorship on News Cablegrams in New Zealand—
Emergency Powers Sought.
From Wellington, ('N. Z.), April 20, Associated Press
accounts said:
Censorship on news cables sent abroad is to be imposed to prevent
circulation of alarmist reports concerning posible recurrence of the recent labor disorders at Auckland. .
The Government announced to-day that it would take this step under
the postal laws. Its program in dealing with the Auckland situation
has been approved by Parliament, which passed the Government measure
granting emergency powers to deal with such disturbances.
There were parades of unemployed at Auckland and several other places
to-day, but there was no disorder.
Under date of April 19 Associated Press accounts from
New Zealand stated:
Emergency powers similar to those introduced in Great Britain in 1920 to
deal with outbreaks of disorders are sought by the New Zealand Government under a public safety conservation bill introduced to-day in the House of
Representatives.
The bill is a direct outcome of disorders at Auckland last week, when
mobs of unemployed looted shops and battled police and naval pickets
from 11. M. S. Philornol. Many were injured and hundreds arrested.
Definitive Debentures of Rhodesian Anglo-American,
Ltd.,in Exchange for Provisional Scrip Certificates.
J. P. Morgan & Co. have notified holders of provisional
scrip certificates for Rhodesian Anglo-American, Ltd., 73 %
4
gold debentures, dated March 6 1931 and due Dec. 31 1945,
that on and after April 25 they will be prepared to deliver
definitive debentures in exchange for the provisional scrip
certificates. The exchange may be effected at 23 Wall St.
Central Bank of Bolivia Halts Foreign Draft Sales—
Protection of Gold Cover Given As Reason—
Regime Asks Congress for Board of Control.
A wireless message from La Paz, Bolivia, April 1, is
taken as follows from the New York "Times":
The Central Bank suspended the sale of foreign drafts to-day in order to
protect its gold reserve.
The Bank Issued a communique stating that the great demand for foreign
drafts was forcing it to dispose of its reserves, as exports have diminiahed
considerably and exporters are unable to sell the Bank drafts in proportion
to the demands from importers. As the demand for drafts on foreign
markets is still growing, while no reaction on exports is expected in the near
future, the Bank decided to protect its reserves under the emergency law
permitting it to discontinue selling drafts.
The communique has aroused tremendous agitation among business
men against "dictatorial measures."
The Government has sent to Congress a special message asking enactment of a law to compell exporters to sell a minimum of 65% of the total
value of drafts for exports to the Central Bank, which would cover with
those amounts the demands for foreign drafts by quotas among the different
cities. It would provide that requests for drafts be filed with the Central
Bank and studied by a special committee to consist of a delegate each of
the government, commerce, industry, mines and banks. It would consider
only requests for drafts for articles not manufactured in Bolivia. Subcommittees would be formed to operate in other cities.
The law would be operative for a maximum of two years, but the Government could suspend it before the end of that time if the situation should
return to normal.
Apparently the Government's move is due to assertions of business men
that the Bank has been arbitrarily qualifying petitions, not considering
urgent necessities, and that exporters are disposing of drafts notwithstanding an agreement to sell to the Bank.
3005
Funds Available for May I Interest on
Bonds of Uruguay.
Ilallgarten & Co., and Halsey, Stuart & Co., Ino., fiscal
agents for the $30,000,000 Republic of Uruguay 6% external sinking fund gold bonds, due May 1 1960, and the
$17,581,000 Republic of Uruguay 6% external sinking fund
gold bonds, Public Works Loan, due May 1 1964, announces
that funds have been received for the payment of the May 1
1932 coupon interest on outstanding bonds of these issues.
Professor Varvaressos New Minister of Finance
in Greece.
Associated Press advices from Athens April 22 stated:
Briakos Varvaressos, councilor to the Bank of Greece. was appointed
Minister of Finance to-day,succeeding G. Maria. Some observers regarded
this as significant in view of the fact that yesterday,when Premier Venizelos
met with the Cabinet and several financiers and industrialists. Professor
Varvaressoa advocated abandoning the gold standard.
There was an impression that the Government favored going off the gold
standard, but it seemed likely that nothing would be known definitely
until Monday, when the Premier will announce the Government's financial
program.
San Paulo Realization Plan—Report for Nine Months
of Amount Receivable from Sale of Pledged Coffee
and Special Tax.
Speyer & Co. and J. Henry Schroder Banking Corp.
U. S. A. fiscal agents for the State of San Paulo 7% Coffee
Realization Loan of 1930, report that, while nine month's
interest and sinking fund on the outstanding bonds require
$11,641,000, the total amount receivable for nine months
(ended March 31 1932) of the second year of the Coffee
Realization Plan's operation from the sale of pledged coffee
and from the special tax, was equal to $14,145,000. Of this
amount there has been received, or is in transit, $13,455,000
(including the equivalent of £574,641 at $3.80 per E); the
balance of $690,000 has been deposited with the banker's
agents in San Paulo in milreis, at the rate of 17 milreis per
dollar, and its remittance is expected in the near future.
Passage of
Chilean Peso Devalorization Bill Results in
Suspension of Gold Standard.
The peso devalorization bill, which would virtually take
Chile off the gold standard, was passed in the Chamber of
Deputies at night, April 18, at which time it was stated that
it was expected to be signed by President Juan Esteban
Montero.
On April 19 Associated Press advices from Santiago were
reported, as follows, in the New York "Evening Post":
Chile went off the gold standard officially to-day, after nine months of
unsuccessful effort to maintain the peso at par through rigid control of
purchases of foreign exchange in the legitimate market.
Under the provisions of the Government bill, which was finally approved
by Congress late last night, the value of the peso will be subject to a
virtually open market, with a few restrictions to prevent a wholesale
collapse of the currency.
Actually, Chile has been off the gold standard since last July, following
the overthrow of the Government of Carlos Ibanez, when the new Government imposed exchange control to prevent a flight of gold from the country.
Officially, however, the peso has been at par, with declining transactions
at this rate. Most of the money has been handled in a "bootleg" market
which has determined the real value of the currency.
The official rate for the peso has been about 12c., American, gold. It
was believed here to-day that the rate would now drop from about 8 pesos
to the dollar to 20 or more at the start, with a possibility that it will go
still lower. The working of the new bill will be delayed briefly, pending
approval of rules interpreting its provisions.
The financial situation had become so acute that Finance Minister Luis
Izquierdo declared the peso must be develorized or Socialiam, or possibly
Communism, would result through the inequalities between the official and
actual values of money.
The new bill creates an Advisory Exchange Commission to handle transactions through the central bank and to get a daily value for the peso on the
basis of supply and demand. All transactions are required to go through
the Commission, and any outside dealings are made punishable by a jail
sentence, or a fine, or both.
All gold contracts made in the future must be payable in pesos, but
some past gold contracts, such as those held by foreign utility companies,
will be respected. Customs duties are payable on a gold basis and insurance
held in foreign companies is payable in pesos.
Items regarding the Chilean peso bill appeared in our
Issues of March 26, page 2250, and April 16, page 2826.
Charge by Santiago Paper That United States Gold
Is Responsible for Maintaining Tyrannical Dictatorships in South America—Policy of American
Banks Criticized.
From Santiago (Chile), April 16, a cablegram to the New
York "Times" said:
A charge that American gold is responsible for maintaining tyrannical
dictatorships in South America was made to-day in an editorial in the
newspaper "Diario Ilustrado," which makes a bitter attack on the policy
of United States banks.
3006
Financial Chronicle
It is useless, adds the editorial, for statements in Congress to urge
improved relations with South America while Wall Street capitalists are
allowed to support unpopular governments there and while unfair tariff
walls are built up shutting out Latin American products from the United
States.
It is impossible, it says, for the Southern republics to trust the United
States' demonstrations of friendly feeling unless the actions of the Northern
neighbor carry out its friendly promises by the creation of solid ties.
The editorial recommends careful study of the subject by American statesmen facing the issue squarely and ignoring the outworn formulas and
cordial declarations of public speeches.
Latin Customs Union of Five States Urged—Emilio
Tagle, Santiago Lawyer, Outlines Plan for Argentina, Chile, Uruguay, Paraguay and Bolivia.
Citing the United States as an example of what a confederation of adjoining States signifies for their economic and
political development, Emilio Tagle, a Chilean lawyer and
politician, urged in a statement an April 18 the formation
of a customs union for the southern section of South America. Reporting this from Santiago (Chile), April 18, the
New York "Times" added:
The idea of merging the commercial interests of Argentina, Chile,
Uruguay, Paraguay and Bolivia in a plan of international co-operation
involving removal of tariffs has long been before the peoples of Latin
America, but Senor Tagle offers a more specific plan than that proposed
at the Washington commercial conference last October by the Argentine
delegate, Carlos Garcia Math. Senor Tagle recommends a customs union
of the five southern republics, which have a total territory of 6,000,000
square miles, population of 22,500,000, a railroad network of 37,500 miles,
merchant ships of more than 500,000 total tonnage, and more than 600,000
motor-driven vehicles.
Senor Tagle says that, notwithstanding the fact that the export trade
of the five nations amounts to nearly $2,500,000,000, the trade strictly
between them amounts to only $30,000,000. Pointing out the fact that
the countries mentioned yield all the raw materials necessary for human
existence on a high scale, including metals, cattle, cereals, oil and tropical
products, the article argues that it is necessary to make a serious study
of the subject, cutting down to reasonable proportions plans which hitherto
have proved unsatisfactory and making practical application of the conclusions, particularly at the present time, when the threatened closing of the
Transandine RR. threatens to separate still more two of the nations, Argentina and Chile, simultaneously with the raising of tariffs in other foreign
markets.
New York Stock Exchange Notice Regarding Department of Tolima (Republic of Colombia) External
20-Year 7% Secured Sinking Fund Gold Bonds—
Bonds to Be Dealt in Flat.
The following notice was issued April 19 by the New York
Stock Exchange:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Department of Tolima (Republic of Colombia).
External 20-Year 7% Secured Sinking Fund Gold Bonds, due 1947—Interest.
April 19 1982.
Notice having been received that payment of $27 per $1,000 bond will
be made on May 1 1932, on account of the interest then due on Department
of Tolima (Republic of Colombia) External 20-Year 7% Secured Sinking
Fund Gold Bonds, due 1947:
The Committee on Securities rules that beginning Wednesday, April 20
1932, and until further notice, the said bonds shall be dealt in "Flat";
that the bonds be quoted ex-interest $27 per $1,000 bond on Monday,
May 2 1932, and to be a delivery after that date must carry the May 1 1932
coupon stamped as to payment of $27 per $1,000 bond, and subsequent
coupons. Such coupons must be securely attached and bear the same
serial number as the bond.
ASHBEL GREEN, Secretary.
Distribution of May 1 Payment on Bonds of Department
of Tolima (Colombia).
Bank of Manhattan Trust Co., fiscal agent for Department
of Tolima (Colombia) 7% bonds, due 1947, will be prepared
to distribute on account of coupons maturing May 1 1932
the sums of $27 on account of each $35 coupon, and $13.50
on account of each $17.50 coupon.
Peru Appoints Claims Commission.
From the New York "Times" we take the following from
Lima, Peru, April 17:
A commission has been appointed to survey claims made through foreign
diolomatie representatives here for damages to property in disturbances
since August 1930. Each claim will be considered separately.
Peru Votes to Keep Gold Standard—Secret
Session Held.
The Peruvian Congress voted on April 19 to keep the
Peruvian sol on the gold standard, according to Associated
Press accounts from Lima that day. On the same date a
cablegram to the New York "Times" from Lima stated that
the galleries of the Chamber of Deputies were full to overflowing in anticipation of the promised report of the Minister
of Finance. Continuing the cablegram said:
Great disappointment was expressed when the President of the Assembly
announced that the Minister had requested a secret session.
The galleries were immediately cleared and extraordinary precautions
taken to make sure that nothing was made public.
April 23 1932
A five-hour debate followed the Minister's statement. Two motions
were passed, one being a vote of confidence in the Minister and the affirming once more the stability of the national currency and adding that "the
executive is authorized to adopt the necessary measures to maintain the
present monetary standard, based on the free conversion of bank notes."
Peruvian Law Compels Firms to Employ an 80% Domestic Personnel—Spirit of Nationalism Growing.
All business, commercial and industrial enterprises of Peru
are obligated to employ an 80% Peruvian personnel under
the terms of a law effective April 14, it is indicated in a
cablegram received in the Commerce Department on April
15,from Asst. Commercial Attache Julian D.-Smith, Lima.
Eighty percent of the payroll must also go to Peruvians,
says the Department, which adds:
This development is looked upon as a manifestation of an increasing
spirit of nationalism in Latin-American countries, promoted, in part, by
the unemployment situation. Several other countries of South America
have passed somewhat similar laws in recent months,it is stated.
The new Peruvian law entitles employees to 15 consecutive days' vacation each year at a time chosen by themselves.
Firms in Peru have a period of 60 days from April 14 to comply with the
new law.
Porto Rico Legislature Adjourns Without Adopting
Official Flag—Proposal for Salary Cuts Rejected.
Under date of April 19 a wireless message from San Juan
(Porto Rico), stated:
Porto Rico will continue to lack an official flag, as the Legislature ad,ourned to-day without any action by the House on a measure passed by
the Senate Saturday providing for such a flag.
IA high school student was killed early Sunday in a riot in the Porto Rican
Capitol Building that grew out of a protest against the measure passed by
the Senate.]
The Legislature adopted a budget totaling $11,200,000. It is generally
predicted that Governor Beverley will cut $1,000,000 from this figure.
The Legislature rejected a proposal for a general salary cut, voted a new
election law and repealed the sales tax.
Proposed Conference in Behalf of Salvador Bondholders
to Be Held Between F. J. Lisman of Protective
Committee and Financial Commission of Salvador
Government.
Arrangements for the handling of the situation regarding
the external bond issues of the Republic of El Salvador will
be negotiated by the Bondholders Protective Committee of
which F.J. Lisman is Chairman with a Financial Commission
of the Salvador government which is expected to arrive in
New York shortly, it was announced in a letter sent to bondholders on April 16.
The Committee whose other members are R. W. Hebard
of R.W. Hebard & Co., Fred Lavis, President of the LatinAmerican Bondholders Association, and William H. Reber
of Evers, Reber & Co., Inc., Buffalo, stated in its letter that
the request for deposit of the Customs Lien 8% sinking fund
gold bonds, series A; the 6% sterling bonds, series B; and
the 7% sinking fund gold bonds, series C, has met with a
prompt and very satisfactory response. April 30 has been
set by the Committee as the final date for the deposit of
bonds without penalty, and bondholders who have not
deposited their bonds with the depositary, The New York
Trust Co., are urged to do so immediately in order that
satisfactory arrangements can be negotiated with the Salvador government, looking toward resumption of payments.
In discussing the compensation and expenses of the Committee, the Committee states:
It is hoped that the Salvador government,feeling its responsibility in the
present situation, will pay all or part of such compensation and expenses,in
which case, as provided in the deposit agreement, the compensation and
expenses so paid will not be charged to the deposited bonds.
References to the Lisman Committee appeared in these
columns March 26, page 2252, April 2, page 2433, and
April 9, page 2630.
Bank of Mexico Given New Powers—Empowered to
Facilitate Creation of New Commercial Banks,
The Bank of Mexico, a Government controlled institution,
has been empowered to facilitate the creation of new commercial banks in Mexico by subscribing to 50% of their
capital shares, according to a cable received April 13 in the
Commerce Department from Commercial Attache Charles
H. Cunningham, Mexico City. The advices made available
by the Department, April 14, also state:
A law signed on April 12 provides that the Bank of Mexico shall issue
paper money, rediscount commercial paper, and act as a clearing house.
A law of March 9 also empowers the Bank to order the minting of silver
coins when its board of directors considers the currency needs of the
country require it. The difference between the cost of silver bullion
entering into the coins and the face value of the minted coins, called
seigniorage, is to be applied to a monetary reserve fund. The amount of
paper money issued through rediscounting operations and exchange of gold
or purchases of first class short-term commercial bills, must not exceed
twice the amount of the monetary reserve fund.
Volume 134
Financial Chronicle
The Bank of Mexico may carry on certain operations with other banks
aside from rediscounting, such as discounting acceptances, making advances
on cash certificates on bills of exchange to encourage exports, and on loan
certificates issued by bonded warehouses, as well as opening current account
credits.
Operations with the public having been practically eliminated, the creation of more commercial banks to serve areas formerly served by the
Bank of Mexico's branches is considered necessary by the Mexican Government.
The capital of the Bank of Mexico was reduced from 67,000,000 pesos
to 50,000,000 pesos (about $16,750,000 at current rates of exchange) by
the law of April 12. Fifty-one per cent, of the capital stock is owned by
the Government and the remainder may be subscribed by banks and other
interests.
The following further information is taken from Mexico
City advices, April 12, to the New York "Herald Tribune":
By means of a Presidential decree issued to-day, the new Mexican Minister
of Finance, Alberto J. Pani, took the Banco de Mexico out of the realms of
political influence and firmly established it as a Federal Reserve bank, not
unlike the same institution in the United States. Continuing with the old
name of Banco de Mexico, it now becomes a regulatory banking institution,
is the sole bank of issue in the country, carries on rediscount operations,
and assumes other new and important functions.
One of the first provisions of the new law, which becomes effective immediately, was to reduce the capital of the Banco de Mexico to 50,000,000
pesos, and in doing so it has charged off approximately 17,000,000 pesos in
frozen credits and doubtful assets. The 50,000,000 pesos is fully paid up
and is to be divided into series A and B shares. The former series represent 51% of the capital and will be held by the Mexican Federal Government.
The remaining 49% will be B series and held almost exclusively by
banks or similar institutions having business with the Banco de Mexico, as
it is provided that these organizations will subscribe for the B series shares
in an amount of not leas than 6% of their capital and reserves.
The remodeled Banco de Mexico will have a directorate drawn from the
Government and from banking circles, as five of the nine directors will be
appointed by the Government, holding the A series shares, and the remaining four members will come from the holders of B series shares. In doing
this, it is the consensus of local and foreign bankers that the Banco de
Mexico will be a much more sensitive and helpful regulatory unit than the
Federal Reserve banking system in the United States, as the practical
banker there has little or no voice in the operations.
Carrying out this principle, the law provides that all paper offered to
the Banco de Mexico for rediscount will be passed upon by a committee
consisting of four directors appointed by holders of B series shares and one
director representing the Federal Government's shares, thus giving the
bankers control over rediscount operations. The some body will also pass
upon the purchasing of bankers' acceptances as well as the granting of
credits in current account to affiliated banks.
While the Banco de Mexico will act as official bankers for the Mexican
Government, provisions are made against the possibility of excessive overdrafts. The Government will be granted a credit in current account, but
the debit balance is never to exceed 5% of the Government's income for the
previous fiscal year.
In addition to acting as a clearing house for associated banks, the
Banco de Mexico is also authorized to discount acceptances of these banks,
open credits in favor of associated •banks in account current, where these
are guaranteed by stocks and bonds, commercial paper or other values.
The amount of the security must exceed the amount of the advances by at
least 20%.
Profits of the new reserve bank will be divided as follows: Ten per
cent to be reserved until reserves equal the capital; after allowing for the
above, 6% dividend on Series B shares and then the same interest on the
Government's A shares.
Provisions are made that bills can be issued only as a result of discount
operations or in exchange for gold or foreign exchange at the legal gold
parity. Within certain stipulations the bank can issue bills up to twice
the amount of cash on hand. These bills are to be of voluntary circulation,
payable at sight in cash if presented to the Mexico City Banco de Mexico
or sight drafts on branch Banco de Mexico banks on the mother hank
Furthermore, the nation guarantees the bills.
While it is too early to have a complete reaction on the new banking
law, conservative foreign bankers here believe it will have a decided beneficial effect upon business in general and that in time the credit situation
will loosen up materially.
Chinese Flood Loss at Two Billion Chinese Dollars—
More Money Needed—Shipments of Wheat from
United States for Flood Relief.
The following announcement was issued April 9 by the
U. S. Department of Commerce:
According to a survey conducted under the direction of Professor J.
Loosing Buck of the Uniiversity of Nanking, the 1931 Yangtze River
flood drowned 150,000 persons and resulted in property damage approximating $2,000,000,000 (Chinese), a report to the Commerce Department
from Commercial Attache Julean Arnold, Shanghai, stated.
Professor Buck, who is connected with the Department of Agricultural
Economics of the University, has been working on this survey for several
months. Information he obtained indicates that 42,000 square miles of
which 60% was cultivated, were flooded. This region had a population
of 25,000,000 persons of whom 150,000 drowned. He estimates the following losses in Chinese dollars:
Crops flooded, $000,000,000; buildings and furniture, $500,000,000;
draft and productive animals, $170,000,000; farm implements, $120,000,000; stored grain and fodder, $100,000,000; clothing and bedding, $70,000,000; stored fuel, $60,000,000, and other items, $75,000,000.
The total damage estimated at $2,000,000,000 does not include damages
to dykes and roads and to the prospective summer and winter crops. The
water has now receded from virtually all the flooded area.
The immediate pressing problem now facing the National Flood Relief
Commission is the repairing of the dykes in order to prevent the land
being flooded again by normal summer high water. At present, there
are 250,000 men working on these dykes and it is planned to increase the
number to 500,000 before the work is completed at the end of May.
Reports received by Mr. Arnold indicate that $6,000,000 of the $10,000,000 (Chinese) that had been allocated to this work has been taken
by the National Government to meet the emergency situation in Shanghai.
The most important problem now facing the Commission is the raising of
an additional $6,000,000 to complete the dykes.
Of the 165,000 tons of flour and 223,000 tons of wheat contracted for
from America for flood relief, there remained to be shipped, as of March 1,
3007
about 25,000 tons of flour and 21,000 tons of wheat. One of the outstanding benefits of purchasing American wheat and flour has been its reaction
on steadying the market and preventing speculative prices in foodstuffs in
the flood region.
If additional floods are prevented this summer, the Chinese farmers
will undoubtedly find ways and means of putting a very large part of
the flooded area back into cultivation shortly, said Mr. Arnold. In
addition, he pointed out that the land will be more fertile because of the
deposit of silt left as the flood water receded. This leaves the completion
of the dykes, for the prevention of another flood, the most important
problem of the moment facing the commission.
Foreigners in Cuba Required to Register—Decree
Allows All 60 Days to Submit Photographs and
Obtain Certificates—Tourist Sojourn Limited.
All foreigners residing in Cuba must register with the
Department of the Interior within 60 days following the
opening of the register of foreigners, according to a Presidential decree signed and sent for publication to the "Official
Gazette" on April 19, said a cablegram from Havana on that
date to the New York "Times," which further reported:
Foreigners must submit photographs and personal description as well as
fingerprints. They will receive certificates, which must be carried at
all times for presentation to any Cuban authority on demand. The penalty
for non-registration will be a fine of from $5 to $30.
The only persons exempted are representatives of foreign governments,
their personal staffs, and transients who are to remain less than 60 days
in Cuban territory. Those desiring to extend their visits must register.
Tourists upon arrival must execute declarations stating they do not intend
to stay longer than 60 days and must present their certificates at hotels
when registering.
There is little doubt, it is stated, among those interested in the tourist
trade, that this measure will be one more blow to the tourist business in
Cuba. An extraordinary amount of red tape already is involved in visiting
the island, together with a $3 tax on first-class passengers which must be
paid to the Government on leaving Cuba. These factors already have
affected tourist travel alarmingly.
To-day's decree states the measure is designed to assist the authorities
in eliminating undesirables and establishing absolute control over foreigners in Cuba for purposes of public order.
Currency Inflation in Japan Forecast—Finance Minister Indicates Such Action Is Being Considered
to Aid Producers.
Korekiyo Takahashi, Minister of Finance, foreshadows
a policy of currency inflation in a statement issued to
Japanese newspapers, in which (according to Tokio advices April 16 to the New York "Times") he says:
"The Government's action in replacing the gold embargo is an indication
that the note issue will not be contracted below the present amount and
tnay even be expanded."
The account also said:
An increase in the currency is restricted by legislation, the revision of
which at the forthcoming special session is being considered.
The most serious feature of the present economic situation is the heavy
fall in agricultural values, including raw silk. This has placed the
whole farming population, composing 50% of the people of Japan, together with banks and enterprises depending on them, under a debt load
that at the present price level cannot be repaid.
While the Government's policy has not been formerly declared, Mr.
Takahashi's statement is evidence of an intention to lighten that load
by purposeful devalorization of the yen, which will cause commodity
prices to rise in terms of money and eventually is expected to enable
producers to discharge their debts.
This will not affect Japan's foreign obligations maturing soon, which are
amply covered by balances held in New York and London, nor will it
seriously impair Japan's ability to meet her foreign debt, which can be
considered thoroughly secure.
Mr. Takahashi said the public and stock exchanges had made the mistake of thinking the gold embargo would cause a boom, whereas it was
only intended to prevent matters from becoming worse. He said financial conditions in America were very bad and that Japanese silk prices were
falling because of America's reduced purchasing power.
Tax Increase Avoided by Foreigners in China—Threat
of Taxpayers' Strike Cuts Into International
Settlement Surplus Funds.
The following special correspondence from Shanghai
March 21, is from the New York "Times" of April 17:
What is officially termed "the recent state of emergency," meaning the
35 days of undeclared war between China and Japan, with the borders
of the International Settlement as the main battleground, has cost the
taxpayers of the Settlement $1,200,000 Chinese, about $300,000 in
American money. The cost of the French Concession has been about
five-sixths that sum. Sandbags, barbed wire, special police and the support of the Shanghai Volunteer Corps on war footing were big items.
For a time it seemed certain that taxes in the International Settlement
would have to be increased this year in order to cover this extraordinary
outlay. But the Chinese taxpayers began to complain, and threatened to
pay no taxes at all. They declared that they were being "taxed for protection," but that much of the Settlement had not been "protected." In
support of this contention they pointed out that Japanese forces had occupied
large parts of the Settlement across Soochow Creek, and that Chinese
business men and residents had been forced to evacuate those arms or
risk death. Many, indeed, had lost their lives as a result of the disturbances which the Municipal Council had not quelled.
Rather than risk a taxpayers' strike, and a great renewal of Chinese•
agitation against the status of the International Settlement, the Council
has decided to leave taxes unchanged, and to meet the $1,200,000 emergency expenses by appropriating a portion of the city's surplus, which
was left on hand after the municipal power plant was sold to American
Investors.
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Financial Chronicle
China Reported Exchanging Gold for Silver—About
2,000,000 Ounces Shipped This Month from New
York and San Francisco.
Silver authorities have come to the conclusion that China
is purchasing silver here with gold, said the "Wall Street
Journal" of April 18 which further stated:
•
Thus far this year $4,227,000 Chinese gold has been received at San
Francisco, of which $1,937,000 has arrived this month and $1,220,000 in
March.
China has been a good buyer of silver for the past several weeks in
New York. Shipments from New York to China are progressing on a
heavy scale as compared with the last several months. It is estimated
'
roughly that April shipments to date of silver from New York to China
are 1,000,000 ounces, and that an equal amount has been sent from San
Francisco.
Chinese demand made itself felt in the local market last month. Shipments from New York jumped in March to 1,403,000 ounces from 573,000
In February and 150 in January. Shipments from San Francisco were
small in March amounting to only 416,000 ounces compared with 791,000
in February and 1,788,000 in January. Up to the end of March there were
no shipments of the metal from London tO China.
Market Strong Last Week.
Coincident with the improvement in the stock market in the latter
half of last week, the sliver market experienced a reversal of sentiment
and prices moved ahead vigorously, both in New York and in London.
Silver was weak in London Monday, caused partly by Chinese speculation in sterling, according to authoritative silver circles in this city. Last
week, when sterling showed a sagging tendency, Shanghai speculators were
short of sterling exchange and bought taels through silver purchases in
London. Monday morning, however, a rise of over one and one-half cents
in the sterling rate forced the Shanghai operators to cover their positions and taels were sold to buy sterling. Rise in the sterling rate of
itself automatically called for a lower silver price and this was accentuated by the speculative activities.
Under the influence of these operations, Chinese silver currencies were
markedly lower. Shanghai taels dropped to $.3138 from $.3176 on Saturday while Hongkong dollars declined to $.2388 from $.2413. Inasmuch as
the silver drop in London was partly the result of the higher sterling exchange rate, the New York market was not affected to the same extent
although lower quotations were set. Silver brokers maintain that despite
the day's setback the market appears in a good condition.
IWeak Accounts Liquidated.
The effect of the Chinese purchases, up to the present, has been largely
offset by forced liquidation of weakened marginal speculative accounts.
When the speculative born took place last fall, a large bull position was
built up in the May futures. The subsequent decline made the positions
increasingly untenable, especially as the contract date neared. There has
been considerable switching from May into 'longer contracts, in addition
to outright selling. This liquidation is believed now to be completed for
the most part and the market appears more responsive to the favorable influences at work.
China Has Less Gold Exchange Available.
In normal years Chinese purchases of silver are paid for out of gold
exchange arising from a favorable balance of international payments. With
commodity prices at their present low levels, with the diminished purchasing power of the so-called gold nations and with the tariff walls erected
against many of China's principal export items, Chinese export trade has
been curtailed. Her imports have not declined in the same proportion,
so the amount of gold exchange available for the purchase of silver is
lees than usual.
Consequently, it is maintained, China is purchasing gold exchange with
gold in order to buy silver. Officially, China has no gold reserves, bat the
Government requires a certain percentage of customs duties to be paid in
gold rather than silver or silver exchange. There is an embargo on the
shipments of gold out of the country, but this, it is believed, is designed to
handicap activities of the speculators on the Shanghai Gold Bar Exchange,
where gold is dealt in as silver is here. Gold which arrives at San
Francisco is believed to be gold obtained from the Government for a
definite purpose rather than far speculation.
Costa Rican Insurance Bank to Carry on
State Monopoly.
Special correspondence, as follows, from San Jose, Costa
Rica, April 13, is taken from the New York "Tines":
The Board of Directors of the National Insurance Bank has made arrangements to carry on the State monopoly of insurance for Its own account
without the assistance of foreign underwriters. The total business amounts
to 68,100,000 colones ($27,000,000) and is divided as follows: Fire
Insurance, $12,750,000; life insurance, $1,500,000; workmen's Insurance,
$2,775,000, and fidelity insurance, $25,000.
Although founded only six years ago, the National Insurance Bank to-day
has a reserve of $1,338,279 and a capital of $1,000,000. A well-equipped
fire brigade is attached to the bank, and so efficiently has it performed its
duties that the large firm which formerly were frequent have been practically done away with. Last year the total indemnifications were only
$10,760, compared with the premiums of some $100,000.
Name of Land Bank of State of New York Changed to
Savings & Loan Bank of State of New York.
At the quarterly meeting on April 16 of the directors of
the Land Bank of the State of New York, the name of the
Bank was changed, in accordance with authority granted by
the last session of the New York State Legislature, to the
"Savings & Loan Bank of the State of New York." The
Institution, which acts as the central bank for the savings
and loan associations of the State, has a membership of 165
savings and loan associations which in turn have aggregate
resources of $350,000,000. At the meeting on April 16,
John M. Bush, President of the Home Co-operative Savings
& Loan Association of Poughkeepsie, was elected a director
succeeding Geroge Overocker, President of the Poughkeepsie
Press Co., who resigned.
April 23 1932
Federal Land Bank of Wichita, Kan., Not to Pay Taxes
of Borrowers—To Act Only to Save Security.
The Federal Land Bank of Wichita has discontinued payment for the benefit of borrowers of taxes assessed against
the security for its loans, except when it must do so to avoid
losing the security, it is announced in the monthly bulletin
of the Bank,just made public. Reporting this from Wichita,
Kans., April 20, the "United States Daily" added:
The section of the bulletin dealing with payments of taxes follows in
full text:
The Federal Land Bank of Wichita is through paying taxes except when
forced to foreclose and redeem tax-sale certificates to avoid losing title to
the security for its loans.
It has been the Bank's custom to pay delinquent taxes assessed against
the security for its loans payment being made just before sale for taxes
or the issuance of tax lien certificates.
By doing this the Bank stopped interest on delinquent taxes in Colorado
at the rate m 18% a year for the first six months and 12% a year for the
next 30 months after sale for taxes and charged borrowers interest on sums
advanced for delinquent taxes at the rate of only 8% a year.
For Kansas borrowers who permitted their taxes to become delinquent,
the Bank by paying the delinquencies saved the difference between 15%
a year borne by tax sale certificates and 8% a year charged by the Bank
until the delinquent taxes are paid.
In New Mexico the savings to the Bank's borrowers resulting from the
Bank paying taxes before tax lien certificates are issued is at the rate of
10% a year—the difference between 18% and 8%.
The saving to borrowers from the Bank whose farms are in Oklahoma was
4% a year, the penalty on delinquent taxes being 12% a year instead of
8% interest as charged by the Bank.
Penalties imposed by State laws for delay in paying taxes are too heavy to
be paid even in good times and they are unbearable now.
By States, the penalties and costs for delay in paying taxes until six
months after tax sale are: Colorado, 17% for 1.5.3i months; Kansas 24%
for 18 months; New Mexico, 18)i% for 12 months and Oklahoma nearly
19% for 18 months.
Herafter borrowers from the Federal Land Bank of Wichita if they desire
to retain their homes, will pay taxes assessed against their farms.
The total amount which the Bank paid for taxes on farms securing its
loans for which borrowers have not repaid the Bank is now more than 3%
times as much as a year ago and more than 7 times as much as two years ago.
In such a situation all that the Federal Land Bank of Wichita can do is
let the tax laws of Colorado. Kansas. New Mexico and Oklahoma operate.
without attempting to reduce their harmful effects.
If any extensions of delinquent taxes are desired appeals should be made
to those who levy taxes and designate penalties for non-payment.
The Bank will protect its investments when under the operation of State
laws, it must pay taxes to avoid losing the security for its loans. But that
will probably be too late to do borrowers any good.
It costs much too much to let taxes become delinquent in Colorado
Kansas, New Mexico and Oklahoma.
Decline in Mortgage Loans of Federal Land Bank of
Spokane In 1931.
The Federal Land Bank of Spokane loaned $3,298,500 in
long-term farm mortgage loans last year, bringing the total
loaned by the bank to date to $138,747,235, and it will have a
larger amount available for loans this year, according to a
statement issued by the Bank, April 11. The "United States
Daily" of April 12, reporting this in Spokane advices, added:
The amount of new loans made last year declined 25%, the Bank stated,
and less than half as many applications for loans were received in 1931 as
in 1930. The statement follows in full text:
By lending $3,298,500 in long-term farm mortgage loans hat year the
Federal Land Bank of this city brought the total of its loans since organisation up to $138,747,235. The unmatured principal on loans at the beginning
of this year was $92,544,983. These facts were recently brought out by a
very comprehensive report made by the President of the Bank, E. II.
Ehrhardt, to the directors.
Decrease in New Loans.
This report alsO shows that there was a decrease in the amount of new
loans made of approximately 25%. The decrease in the volume of new
loans made is accounted for by various factors, according to Mr. Ehrhardt.
"The number of applications received in 1931 was 1,541, whereas they
totaled 3,203 in 1930. In 1930, 1,502 loans were approved, and in 1981,
664," said the President. "Thus, the number of loans closed in 1981 was
32% less than in 1930, but in 1930 the loans were 24% greater than in
1929. Seventy per cent, of the number and 60% of the amount of new
loans made last year were 20-year loans, the balance being for a longer
period.
T
bond market, of course, has not been such as to permit the issuance
of Federal Land Bank bonds for the purpose of obtaining funds to loan to
farmers," continued Mr. Ehrhardt. "Under normal circumstances, taxexempt bonds are sold which are backed up by the mortgages accepted
from national farm and loan associations, the assets of the banks and other
items, but the market for Federal Land Bank bonds has not been such as to
permit the sale ot the investing public of bonds bearing a sufficiently low
rate of interest.
The Federal Farm Loan Act stipulates that 6% is the highest rate of
interest that may be charged farmers by the Federal Land Banks, and the
banks are permitted to add to the interest which they pay on their bonds
a maximum of 1% in determining the rates charged borrowers.
Source of Funds Loaned.
"The funds which we have loaned, therefore," said Mr. Ehrhardt, "have
largely come from payments on principal. Most of the long-term loans
made by the bank are paid off at the rate of 2% of the original
principal
per annum, a relatively few paying 8% to amortize the loan in a shorter
period. In addition to this income there are partial and complete pay-offs
on the part of some borrowers. Cash payments received on account of
principal last year amounted to $2,289,908 and the interest portion of
Installments paid was $4,236,741.
"This year there will be an increase in the amount of funds available
to the bank due to the recent action of Congress in making available
$125,000,000 to the 12 Federal Land Banks. Of this amount, $25,000,000
was designated as available for making extensions of installments on loans
to worthy, solvent borrowers with good records and $100,000,000 was to be
Land Banks for the
made available for investment in stock in the Federal
forward eventually
purpose of improving their financial position, looking
the purpose of securing additional
to the sale of Federal Land Bank bonds for
allocated among
funds to loan. A total of $63,243,740 to date has been
to meet exigencies."
the banks, the balance being held temporarily
Federal Land Bank of Spokane Reports Increased Farm
Sales in March.
The Federal Land Bank of Spokane sold more farms during March than in any month since October 1929, according
to a statement by the bank on April 18, according to the
"United States Daily," which added:
Farmers can stand more hard times than the people of the cities and
towns, according to E. M. Ehrhardt, President of the Bank, and 98% of
all charity donations last year went to city and town dwellers. "A man's
very instinct in such emergencies takes him back to the soil," Mr. Ehrhardt
said. "Too Many people are too far removed from the smokehouse, the
flour barrel, and the cellar full of vegetables and canned fruit."
Senate Adopts Resolution Calling for Investigation of
Operations of Federal Farm Board.
On April 11 the United States Senate adopted a resolution
offered by Senator Norris calling for an investigation into
the activities and operations of the Federal Farm Board.
Regarding the proposed inquiry the Washington correspond
ent of the New York "Journal of Commerce" on April 11 said:
In view of the forthcoming conference between the Senate Agriculture
Committee, slated to conduct the Norris investigation, and the Board.
the Farm Loan Board, Federal Reserve Board and Secretary of Agriculture,
at which it Is asserted a broad program of farm aid will be laid down,
there Is a feeling that the overhauling of the troublous affairs of the Board
and of the records of the private associations may make a Httle headway.
11, When, after a delay of four weeks since It was reported favorably by the
Audit and Control Committee with half of its expense fund of $50.000
lopped off, the probe resolution was reached on the calendar to-day. the
Senate agreed to it without either debate, a record vote or any enthusiasm.
The lobby talk Is that it may turn out "just another investigation"—that
Is to say something indeterminate, long drawn and expensive. Senator
Norris made no move to restore the full authorization of $50,000, judged
necessary for hire of expert accountants and travel costs. This may have
been due to the economy fever which rages in both houses of Congress.
.According to Chairman McNary, of the Agriculture Committee, the
conference with farm agencies of the Government will take place within
a week or ten days, barring unforeseen developments. In the light of this
fact, it is not thought the Norris investigation will get under way at least
until these deliberations have been concluded. Both sides—the Farm
Board and the private grain and cotton interests—profess themselves
ready and eager for the examination, but the impression gains ground that
they would be just as satisfied if the session ended without anything microscopic.
The resolution as passed by the Senate reads as follows:
Resolved, That the Committee on Agriculture and Forestry be, and it is
hereby, authorized and directed to make a thorough and complete investigation of the activities and operations of the Federal Farm Board created by
the agricultural marketing Act approved June 15 1929.
In connection with such investigation and as a part thereof. said Committee shall likewise make a complete investigation of all exchanges in the
continental United States dealing in any of the commodities over which the
Federal Farm Board, by said Act, is given any jurisdiction or control.
The said Committee shall ascertain the relationship between such exchanges
and the operations of said board.
The Committee shall likewise make a complete investigation of the interState and foreign marketing of such agricultural commodities whether by
Individuals. firms, or corporations, doing business for private profit, or by
co-operative associations, which have borrowed from the Federal Farm
Board. The Committee shall further Investigate and report as to the earnings, bonuses, salaries and commissions paid by any or all of such private
and co-operative organizations as may be investigated.
The said Committee shall likewise, In addition to the general investigation. specifically inquire into the organization and operations of any stabilization corporations and the organization and operations of any other corporations or subsidiaries organized by said board. It shall ascertain whether,
in the organization of any corporation by said board, such corporation was
advisable or necessary, and whether the operation of said Federal Farm
Board under said Act could or could not have been better performed, If,
instead of organizing an independent corporation to act as sale or purchasing
agent or in any other capacity, the services of existing co-operative organizations could not have been more properly utilized.
The Committee shall likewise ascertain whether the said Federal Farm
Board In its activities under said Act has been, within the meaning and intent
of said Act, unjust to any existing co-operative organization and whether
said board has been guilty of any practices which tend to injure the operation
or the activitie• of any existing co-operative organization.
The Committee shall also ascertain whether, in the buying and selling
of any of the products dealt in by said Board by virtue of said Act, its activities were advisable or necessary; or whether the trading in the buying,
selling. and storing of grain, cotton, and other products was carried on in
accordance with the Intent of said Act. The Committee shall also ascertain what, if any, losses or benefits have been or will probably be sustained
by any of the activities of said Board or any other corporation organized
by said board under said Act.
The Committee shall likewise ascertain whether any of the exchanges
or boards of trade or other organizations privately owned and privately
controlled, dealing in any of the products mentioned in said Act, have in
any way interfered with or hampered, wrongfully or unjustly, the activities
of said board in carrying out the provisions of said Act.
The said Committee, after making such investigation, shall report to the
Senate what legislation, if any,should be passed by Congress in the premises.
Said Committee Is hereby authorized, in the performance of its duties,
to sit at such times and places, either in the District of Columbia or elsewhere, as It deems necessary or proper. It is specifically authorized to
require the attendance of witnesses by subpoena or otherwise; to require
the production of books, papers, and documents; and to employ counsel,
experts, clerical and other assistants; and to employ stenographers at a
cost not exceeding 25 cents per 100 words.
Said Committee is hereby specifically authorized to act through any
subcommittee authorized to be appointed by sled committee or by the
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Volume 134
4
chairman thereof. The chairman of said Committee or the chairman or
any member of any subcommittee appointed hereunder may administer
oaths to witnesses and sign subpoenas for witnesses: and every person duly
summoned before said Committee, or any subcommittee thereof, who refuses or falls to obey the process of said Committee or who appears and
refuses to answer questions pertinent to said investigation shall be punished
as prescribed by law.
The expenses of said investigation, not exceeding in the aggregate $25.000
shall be paid from the contingent fund of the Senate on vouchers signed by
the Chairman of the Committee or the Chairman of the subcommittee.
Senate Votes $5,000,000 for Storm Victims in Four
Southern States.
The Senate voted April 7 to set aside $5,000,000 for
loans to persons in the storm stricken areas in Alabama,
Georgia, South Carolina, and Kentucky. By 40 to 17 it
adopted a joint resolution (S. J. Res. 131) authorizing the
appropriation and directing the Secretary of Agriculture to
make the loans. From the "United States Daily" of
April 8 we quote as follows:
The resolution originally included Mississippi, but this was changed at
the request of Senator Harrison (Dem.), of Mississippi, who explained that
the recent storm had not greatly damaged his State.
In addition to appropriating $5,000,000 for loans, the resolution provides
for a revolving fund to be built up of funds received in repayment of the
loans, this revolving fund to be used for further loans.
Senator Dickinson (Rep.). of Iowa, opposed passage of the resolution
because of the revolving fund provision. Under such an arrangement, he
said, loans might as well be considered as gifts because they will not be
repaid. Senator Fess (Rep.). of Iowa, expressing the same opinion, held
also that the relief is the function of the local authorities rather than the
Federal Government.
Objection also was made to the resolution by Senator Logan (Dem.), of
Kentucky, who contended that it was "wrong in principle." He declared:
"Kentucky can take care of her own, Alabama can do the same thing, and
so can the other States. You should not come to the Congress for aid every
time you have a storm."
Senators Black (Dem.), of Alabama, author of the measure, and George
(Dem.), of Georgia, pointed out the need for the legislation and for its
immediate enactment. They explained that their States were not in a
position to extend the needed aid.
The resolution, as adopted, follows in full text:
Whereas, the States of Alabama. Georgia, South Carolina. and Kentucky are suffering from the effects of recent storms which rendered thousands of people homeless, devastated forma, destroyed houses, barns, and
other equipment, and increased unemployment in the storm stricken areas
in such States, and
Whereas the damage caused by the storm was so great as to make it
impossible for the governments of those States to give adequate relief in the
emergency: Therefore, be it resolved, that the Secretary of Agriculture, is
authorized and directed immediately to assist in the rehabilitation of the
storm -stricken areas in such States. For such purposes the Secretary of
Agriculture shall have power to make loans to persons in the storm-stricken
areas in such States upon such terms and conditions as he shall by regulation prescribe, including an agreement by the borrowers to use the loans
for the purposes specified by him; except that no such loan shall be made for
a period of more than 10 years or in an amount in excess of $5.000 to any
one individual.
The rate of interest upon each such loan beginning with the fourth year
shall be 5% per annum, but the Secretary of Agriculture, in his discretion,
may defer the payment of interest upon any such loan for such period of
time as he shall deem necessary. All such loans shall be made by the
Secretary of Agriculture or through such agencies as he shall designate. All
money received during a period of two years from the date of approval of
this joint resolution as repayment of principal or interest of any loan made
pursuant to this joint resolution shall be held by the Secretary of Agriculture
as a revolving fund, which may be loaned on applications for the purposes
and upon the terms and conditions herein provided, and all money received
thereafter as payment of principal or interest of any such loan shall be
covered into the Treasury as miscellaneous receipts.
Section 2. The Secretary of Agriculture shall make an annual report to
Congress at the beginning of each regular session and give a complete
account of his activities in carrying out the provisions of this joint resolution.
Section 3. There is hereby authorized to be appropriated, out of any
money in the Treasury, not otherwise appropriated, the sum of $6,000,000,
for the purpose of carrying out the provisions of this joint resolution.
Feed Loans in Nine States Reach Total of $2,881,606.
Nine Western States have received a total of $2,881,606.75
from the Department of Agriculture during the last 10
months to purchase feed in drouth-stricken regions, it was
stated orally April 1 at the Department's Seed Loan Office,
according to the "United States Daily," which said:
Idaho received $82,707.
Minnesota. $22,964.
Montana. $1.290.
Nebraska, $424,678.
North Dakota, $105,800.25.
South Dakota. $1,962,684.50.
Utah. $185.068.
Wyoming. $37,148.
Iowa, $59.267.
'
Drouth Retards Repayment of Federal Seed Loans.
Repayment of Federal loans of 1931 to farmers in drouth
and storm areas range from 67.1% of the amount loaned
in the South to only 10.2% in the Northwest, according to
a tabulation made public April 12 by the Farmers Loan
Office, Department of Agriculture. , In the "United States
Daily" of April 13 it was further stated:
The low percentage in the Northwest, it was explained orally at the
Department,is due to the severe drouth of 1931 in North and South Dakota,
Montana and some adjacent regions, which was worse than in the 1930
drouth, because of which the loans were made. When these regions have
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Financial Chronicle
been able to make a satisfactory crop. it was explained, a considerable
percentage of the loans will be repaid, but meanwhile additional loans
had to be made to finance feeding of livestock through the last winter.
Total repayments on the principal of the loans to the end of March were
126.544.997. or 55.2% of the amount loaned, according to the Department's tabulations. In addition, interest payments of $82,637 have been
made and $1.500.557 of interest was withheld when the loans were made.
Crop Production Loans of $16,480,000 Made by Department of Agriculture-125,448 Members.
Under date of April 5 Associated Press advices from
Washington said:
Crop production loans totaling $16,480,000 have been made by the
Agriculture Department to 125.448 members. These loans average $131
each. The seven regional offices handling them are making about 15.000
loans daily. The total applications received number 287,255. About
83.000 have failed of approval, either through flaws in making the application or in failure to meet regulations governing the loans.
Senate Resolution Would Provide $100,000,000 Additional Funds of Reconstruction Finance Corporation to Finance Sales of Wheat and Cotton Abroad.
The Reconstruction Finance Corporation would be directed to advance to the Secretary of Agriculture $100,000,000 additional for financing of sales of wheat and cotton
in the markets of foreign countries under a resolution
(S. J. Res. 145) introduced in the Senate April 14, by
Senator McNary (Rep.) of Oregon, Chairman of the Senate
Committee on Agriculture and Forestry. The resolution,
which was referred to the committee, was given as follows
in the "United States Daily" of April 15:
That the Reconstruction Finance Corporation is authorized and directed
to advance to the Secretary of Agriculture, in addition to the amounts
allocated and made available to him by section 2 of the Reconstruction
Finance Corporation Act, the sum of 1100,000.000. or so much thereof
as may be necessary, for the purpose of financing sales of wheat and cotton
In the markets of foreign countries in which such sales can not be financed
in the normal course of commerce with exporting nations, but no such sales
shall be financed by the Secretary of Agriculture if, in his judgment, such
sales will affect adversely the world markets for wheat and cotton.
President Hoover, in Behalf of Western Interests, to
Request Secretary Hyde to Inquire Into Beet Sugar
Situation.
Representative Simmons of Nebraska, according to Associated Press advioes from Washington, stated on April 6
that President Hoover had agreed to request Secretary Hyde
to look into the sugar beet situation in Montana, Wyoming,
Nebraska, and Colorado, where a higher contract from the
Great Western Sugar Co. is sought by farmers. The
accounts added:
After a conference, Mr.Simmons said, he told the President the company
was offering a contract that "is unacceptable to the great body of beet
farmers." Negotiations for a contract have been broken off.
The Nebraskan said Mr. Hoover had expressed "concern" and had
promised to request the Agriculture Secretary to lend his good offices.
"It is imperative that that industry continue," Mr. Simmons said,
"and that the sugar company offer a contract that the farmers can accept.
"I realize that the President and no one else here has any authority to
order an agreement. I have, however, told the President of the urgency
and the importance of this matter, and have asked that the Secretary of
Agriellittlie and the Secretary of Labor be authorized to use their good
offices to bring about an agreement."
Chicago Board of Trade Charged with Discrimination
by Farmers National Grain Corporation.
A charge of discrimination by the Chicago Board of Trade
against the Farmers National Grain Corp., which, if sustained (said the "United States Daily" of April 16), places
the grain exchange liable to a Federal order closing it under
the Grain Futures Act, has been filed by the Corporation
with the the commission of three Cabinet members created
by the act to hear such disputes, according to information
made available April 15 at the Department of Agriculture
and the Federal Farm Board the "Daily" continued:
The Board of Trade, it was explained, refused membership in the clearing
house of the grain exchange to the Farmers National Grain Corp. on the
ground that the corporation was not qualified. Rules of the exchange prohibit membership of corporations in the clearing house, it was stated,
although the Grain Futures Act provides specifically that co-operative
marketing associations shall be entitled to membership on the Board of
Trade "and all privileges on" the Board, on-terms required of other members. The following additional information was provided:
The Farmers National formerly employed the Updike Grain Co. to
handle its clearing house transactions, but some months ago it decided to
eliminate the commission charges involved in this procedure by acquiring
the 'Updike Co. Since the acquisition the Farmers National has done
Its clearing through its subsidiary.
Recently the Board of Trade decided to investigate the status of the Updike company, now a subsidiary of a corporation, the Farmers National.
The Farmers National then applied for membership for itself on the clearing house. Its application was rejected.
The Farmers National now has asked a hearing on this rejection, to be
held before the commission composed of the Secretary of Agriculture,
the Secretary of Commerce, and the Attorney-General of the United States.
as provided in the Grain Futures Act.
April 23 1932
The Grain Futures Act authorizes the Secretary of Agriculture to designate any board of trade as a contract market under certain conditions,
and
only these contract markets may deal in futures. One
of the conditions
specified by the act is as follows:
"When the governing board thereof does not exclude from membership
in,
and all privileges on, such board of trade, any duly authorized
representative of any lawfully formed and conducted co-operative
association of producers having adequatefinancial responsibility which is engaged in cash grain
business, if such association has complied, and agrees
to comply with such
terms and conditions as are or may be imposed lawfully
on other members
of such board.
"Provided, that no rule of a contract market shall forbid
or be construed
to forbid the return on a patronage basis by such
co-operative association
to its bona fide members of moneys collected in
excess of the expense of
conducting the business of such association."
This paragraph has been upheld in a previous
adjudication by the Supreme
Court of the United States. The sole penalty
provided for violation of the
terms of the act is suspension of the designation of
the offending board of
trade as a contract market for a period not to exceed
six months, or revocation of such designation.
According to the Chicago "Journal of Commerce" of
April 14, C. E. Huff, President of Farmers' National Grain
Corp., commented as follows on the complaint:
"Purchase of the Updike Grain Co. was in every
way a legitimate and
legal transaction. Trading
privileges in the Chicago market were necessary to the successful operation of the corporation,
and as it was not organized until Oct. 29 1929, it obviously could
not comply with the Board
of Trade rules that only corporations organized
prior to April 2 1929. could
become members of the clearing corporation.
Rather than invoke the grain
futures act, with the possibility of considerable
delay at a time when delay
would have been costly, It purchased the
Updike Grain Co., of Chicago, a
going concern, already a member of the clearing
corporation.
"Application for direct membership in the clearing
corporation is in line
with Farmers National Grain Corporation's plan
eventually to conduct all its
operations in its own name. It is prepared to
adopt any measures found
necessary to see to it that co-operative
operations, for the benefit of grain
producers, are not hampered or restricted by
unfair or discriminatory
tactics.
Legislation Before Congress.
"Legislation designed to restrict the activities of the
Board of Trade and
grain exchanges and to bring them more
completely under the control of
the Secretary of Agriculture has been repeatedly
before Congress, and the
co-operatives have in almost every instance been
conservative in regard to
such proposed legislation. These exchanges
are constantly declaring publicly their friendliness to the co-operative
movement, and that they welcome co-operatives into their membership.
Their attempts thereafter to
destroy every co-operative characteristic of
such organizations belie the
statements of friendliness.
"Actions such as have already been undertaken
by the Chicago Board of
Trade are leaving the grain co-operatives
in doubt as to the wisdom of
the policy which they have in the
past followed. If the boards of trade
and the grain exchanges continue
their tactics of hampering and embarrassing the grain co-operatives at every
turn, the co-operatives will accept the challenge, bring the fight out
into the open and the matter will
undoubtedly be brought by the co-operatives
directly to the attention of
Congress, with a request that corrective
measures be incorporated into law."
Interest on New York Stock Exchange
During March.
The New York Stock Exchange on April 6 issued a compilation indicating the short interest on stocks each day for
the month of March. The figures show that the short
interest, which on March 1 stood at 3,102,876 shares, dropped
to 3,018,470 on March 3, but again rose, and on March 23
stood at 3,560,231, only to fall again and on April 1 stood at
3,279,398. The announcementissued by the Stock Exchange
follows:
Total Short
The following statistics, which have been
compiled from information
secured by the New York Stock Exchange from its
meinbers, show the
total short interest on each business day with the
exception of Saturdays
during March. 1932.
March 1 1932
*3.102,876 March 17 1932
3,240.304
March 2 1932
3,098,316 March 18 1932
3,242,247
March 3 1932
3.018.470 March 21 1932
3,465,818
March 4 1932
100.862 March 22 1932
3,422,258
March 7 1932
3,096.178 March 23 1932
,560,231
March 8 1932
3,131.776 March 24 1932
3,479,756
March 9 1932
3.164.725 March 28 1932
3,427.664
March 10 1932
3,163,532 March 29 1932
3,315,913
March 11 1932
3,133,629 March 30 1932
3,305,253
March 14 1932
3,107.484 March 31 1932
3.299,268
March 15 1932
3,131.179 April
1 1932
3,279,398
March 16 1932
3.162.712
*Last published figures.
Note.—Theso statistics show the position
business on each date, and the report for eachexisting at the opening or
actions of the preceding Friday and Saturday. Monday includes the trans-
The Stock Exchange also gave out the following release
on April 6:
The total short position on April 1 1932
included 181,420 shares of
Kreuger & Toil American Certificates as against
38,307 shares of the same
security on March 1, 1932. Investigation has
disclosed that substantially
the entire increase in this position is a hedge against
long stock which for
legal reasons is not available for sale.
Market Value of Bonds Listed on New York Stock
Exchange--Figures for April 1 1932.
April 9 the Now York Stock Exchange issued the
On
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 $52,276,599.021 par value listed on the New York Stock Exchange, with a total
market value of $39,794,349,770.
In the following table listed bonds are classified by governmental and
Industrial groups, with the aggregate market value and average price
for each:
Volume 134
United States Government
Foreign Government
Railroad industry (United States)
Utilities (United States)
Industrial (United States)
Foreign companies
All bonds
3011
Financial Chronicle
Marker
Value.
$14,899,967.031
11,632,644.292
6,661,549,203
3,083,617,461
2,218,023.659
1,298,548,124
Average
Price.
$98.29
70.89
61.55
82.42
61.27
61.46
$39,794,349,770
176.12
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.
Inquiry Into Stock Exchange Trading Before Senate
Committee — Matthew C. Brush, President,
American International Corp., Heard.
Matthew C. Brush, President of the American International Corp., testified before the Senate Banking Committee yesterday that under certain conditions short selling
could depress the stock market, but he denied there had been
bear raids in recent months. Associated Press accounts
from Washington yesterday (April 22) as given in the
Brooklyn "Daily Eagle" also said in part:
The gray-haired operator . . . told of being as much as 125,000
shares on both sides of the market at various times.
Brush said short sales could depress the market by creating a supply
in excess of demand, and drew a laugh when he added he expected to "get
shot" when he returned to New York for that admission.
After the hearing, which is investigating short-selling, Senators expressed themselves as pleased by the attitude taken by Brush. Senator
Brookhart (R., Iowa), one of the severest critics of Wall Street, shook
hands with the witness.
Couzens in Flareup.
The Committee division over the Inquiry and the manner of conducting
it flared openly, however. Senator Couzens took William A. Gray, the
counsel, to task for his manner of examination—contending he did not
dig deeply enough Into the situation.
Questioned, he said, "I don't think my short account has any more
effect on the condition of the country than a rabbit."
Brush did not reveal his present short holdings.
The average stock purchaser's knowledge of the market "is pathetic,
Brush told the inquisitors at one of the high points in the questioning.
In the list made public by the Committee yesterday Brush was recorded
as short at the close of the New York Stock Exchange on April 8 in 10,000
shares of a variety of stocks.
These included 1.500 American Can, 1,000 Bethlehem Steel. 1.000
U. S. Steel, 2,000 Du Pont, 1,000 Amer. Tel. & Tel., 1,000 Westinghouse,
2,000 General Motors, 500 International Harvester and 100 Woolworth.
Brush said to-day that the American Brush Co.. which had one of the
biggest short accounts listed, was headed by his brother, G. S. Brush. .. .
After Brush was sworn, he told Gray he was associated with about
50 firms
"You have been a pretty heavy trader?" asked Gray.
"Depends on what you mean by heavy." said Brush. "I would say a
substantial trader."
Trades on Both Sides.
He testified he had been in the market since the summer of 1921.
"When I first started it was pretty skinny," he continued in a low voice.
"I had on the long side about 125,000 shares at one time."
"You trade on both sides?"
"Yes."
"What volume did you ever have on the short side?"
"Approximately the same," said Brush, referring to the 125,000 share
total.
Gray asked the maximum value of Brush's holdings.
The trader consulted an assistant and then testified that in August 1929
the "liquidating value" of his entire holdings was $15,000,000.
Never Short at Peak.
"Were you ever short during the peak of 1929?" Gray asked.
"I don't think I was ever short at that time," he replied.
Brush said he did not start selling short until the spring of 1930.
"You thought you were exercising good judgment?" asked Gray.
"I would have if I had stayed with it," responded Brush. "The only
time to sell short is when theke is demand. If you start selling 5,000 shares
of a stock when it is 70, by the time you have got off the last 1,000 it might
be 80."
How Brush Trades.
contents of these reports, their number and volume, were
kept a closely guarded secret, pending the reappearance
before the Committee on Monday of Richard Whitney,
President of the Exchange. The dispatch further said:
The Committee already has received reports of the various stocks in
which short selling account for 200 or mcme shares. It is particularly interested, however, in learning the names of individuals whose accounts
included short operations involving 10,000 or more shares on April 7,
information demanded in a subpoena served on Mr Whitney a week ago
yesterday and presumably contained in the records arriving to day.
On April 21 the Committee made public the list of traders
whose accounts totaled more than 2,500 shares on April 8,
and we are giving the list elsewhere in our issue to-day.
Our item of a week ago indicated what Mr. Whitney had to
say in his appearance before the Committee last week. The
cross-examination of President Whitney on April 18 was
conducted by William A. Gray, Philadelphia attorney, in a
most aggressive way, and this led to several warm interchanges between the two, said the account on that day to
the New York "Journal of Commerce," from which the
following is also taken:
Mr. Whitney, carefully avoiding speculative theories or gratuitous
advances of opinion, won for himself on several occasions the caustic
comment of Mr. Gray, who, in typically prosecuting attorney style, informed him of being aware of his acknowledged lack of knowledge of many
important matters which he, Gray, thought Whitney should testify upon.
Attorney Gray was brought into the Wall Street investigation last
Saturday (April 16) when it was believed by Committee members that
Claude 11. Branch, Providence, R. I., attorney, who served as the Committee interrogator last Monday (April 11) and Tuesday (April 12) had
not been able to break through the Whitney defense.
Mr. Gray covered in no little part the same ground that had been traversed by Mr. Branch, but apparently was enabled to elicit from Mr.
Whitney a fuller insight into the short-trading activities on the Exchange.
Hint of Rigging Made.
The Philadelphian declined to disclose his objective, but his interrogation covered both the dodges resorted to allegedly by the short traders to
bring the position of the market to their liking and profit, and the profits
gained by brokers through retention of premiums and inferentially through
rigging the market which Whitney discounted.
According to the witness, it has been impossible heretofore to guess the
extent of short trading. When on one occasion it had teen thougrt that
the total was between 10.000.000 and 15.000,000 shares it developed that
the correct number (May 25 1931) was 5,679,000. The last time (no date
fixed) the Exchange compiled statistics on the subject it found that there
were 10,663 short accounts, located in all but two States, and in the District
of Columbia, Hawaii, Canada and 13 foreign countries.
This latter information was given by the witness when it was represented to him that it was thought that professionals were the short sellers.
"We hear that the professional traders are the short sellers," be said.
"I do not know of any facts that support that contention."
Later he pointed out that of the numbers of short accounts referred to,
709 were in California. He said he doubted that there possibly would be
that number of professional traders in the State. . ..
Gray injected into the discussion of the market influences, the question
of "Pegging" prices and inquired of the witness if it was not true that his
brokerage firm had been employed by J. P. Morgan & Co. to "peg" German
reparation bonds at around 90.
As to the question as to whether Mr. Whitney's brokerage
firm "had not been engaged in pegging the price of German
reparations bonds for J. P. Morgan & Co." the New York
"Times" reported Mr. Whitney as replying:
"I don't believe so but I shall find out for you."
From the Washington dispatch April 19 to tbc same paper
we also quote as follows:
The question was asked after the witness had given a long defense of
pegging stock prices as legitimate, although one against which, he said,
he always warned those dealing to maintain prices at definite levels th-ough
blanket purchase and sale orders.
No Cabinet Member's Name Seen.
The names of short sellers were entirely disregarded in the morning
session. At the luncheon recess Mr. Gray told newspaper men there had
been little opportunity to study the reports from 24,000 brokers on short
sales as of April 7, which were delivered by Mr. Whitney in response to
a Committee subpoena. He was asked concerning a rumor that a Cabinet
"If you are going to take a short position you ought to sell when the
member is named In the list.
market is rising. Be ahead of the turn. If I think a stock is going up
"There is no man who has examined the list who can say a Cabinet
am not a trader from day to day or during the day. I take
I buy it. I
• member is on it," Mr. Gray replied. "The Exchange furnished informaa position. If I think a stock is going down I sell." •
tion from which you could not get anything unless you studied it for a week."
"Do extensive dealings in pivotal stocks affect the others?" Gray asked,
Following the recess Senator Blaine asked if "certain information" in
"I don't think dealings in certain stocks control the market, but it
the hands of Committee counsel—the names—could not be made available
market is subject to the
is a contributing factor in the market. The
for the members. A general impression that the names might never be
law of supply and demand."
made a part of the public record was corrected by Chairman Norbeck this
Asked to detail operations in the market, Brush explained some large
evening, when he said that "eventually they will be given out."
traders put in orders for purchases or sales at a range of points.
"Have you ever sold short?" Senator Couzens asked Mr. Whitney.
"Yes, sir," replied the witness.
"How recently?"
"Not in the last nine months or a year. I did sell short in the spring
Inquiry Into Stock Exchange Trading Before Senate
of 1929, thinking the market was entirely too high. I was wrong," added
Committee—President Whitney of New York
Mr. Whitney, making a grimace.
Stock Exchange Submits List of Short Sellers.
"Is you name on the list?" asked Senator Couzens„
"I don't think so. I really don't know."
Before the Senate Banking and Currency Committee the
"How many times have you proved to be right in selling short?"
inquiry into Stock Exchange trading was resumed on April
"Very seldom."
18. The opening of the hearing on April 11 was noted in
The sharpest interchange occurred at the close of the hearing, when
sought to prove his contention that
our issue of April 16, page 2832; the hearing was adjourned Mr. Grayaction of the Exchange in prohibiting short selling is an evil by
short selling when England
the
on April 13 until April 18. On April 16 records of short-sale citing off the gold standard.
went
operations, compiled by the New York Stock Exchange
Mr. Whitney testified that the directors of the Exchange considered
from reports filed by something like 2,500 brokers, were closing the market, but deemed that inadvisable because "it might have
chaos in our banking community and we thought we might perreceived by the Senate Committee. It was nottd in a caused
haps inflict a moratorium on our own country and a tightening of the
dispatch on that date to the New York "Times" that the moratoria of other countries."
3012
Financial Chronicle
Mr. Gray asked why it would have been disastrous to close the market
last September, when the market had been closed from August to December
of 1914 without serious results.
"The situation was entirely different," Mr. Whitney replied. "When
we closed in 1914 we did that with the assurance of the Government that
collateral loans would not be disturbed. But when we discussed closing
on Sept. 21 we were begged to stay open because of the effect closing
would have on the banks."
Citing the rule against short sales on Sept. 21 and 22, Mr. Gray asked:
"What were you afraid of?"
"We realized that with such a world-wide happening as England leaving
the gold standard, the liquidation in our market—the only one open in
the world—would be something terrific," replied Mr. Whitney, retaining
his smile, but speaking forcefully.
"But if you had not banned short selling," asked Mr. Gray, "wouldn't
there have been short sales galore on Monday, the 21st?"
"No, sir." countered the witness. "The reason we opened the Exchange with a ban on short selling was because the short sellers would have
to cover, and that if we did not have that buying power in the market by
shorts, there would have been none."
"What would have happened if you had not banned short selling?"
"The market would have closed. I do not grant short selling would
have caused that—but excessive liquidation with no buying."
"But you were afraid of short selling." shouted Mr. Gray.
"We wanted the shorts to cover," said Mr. Whitney. "We permitted
short selling again on Wednesday."
"And the market crashed?"
"It did not." Mr. Whitney replied. . . .
As for the contention that professional traders are responsible for most
of the short operations, Mr. Whitney cited a recent compilation showing
that 10.663 shorts operated on a given day in securities listed on the New
York Exchange. He said 709 of them were in California. and stated:
"I cannot believe that there are 709 professionals in California."
There was a long series of questioning by Mr. Gray concerning the intricacies of the borrowing of stocks by shorts to cover commitments.
"Did short selling on the Stock Exchange cause this depression?" finally
asked Senator Barkley.
"It did not." replied Mr. Whitney, smiling at the apparently welcome
Interlude In the detailed examination concerning ordinary market routine.
Another sharp interchange occurred when Mr. Gray asked whether
brokers profit from the lending of stock held for margin customers to other
brokers for short coverage, and demanded,"Answer yes or no."
"All right." said Mr. Whitney, finally. "I will answer you. yes and no."
Asked during the afternoon session if short sellers ever started rumors in
an effort to injure the market, Mr. Whitney i:aid that, despite reports of
this type of bear rumor,"thousands of investigations had shown them to be
face." He added that the responsibility for the conduct of customers is
placed on brokers by the Exchange. He reiterated previous denials that
"bear raiding" °CUM.
"In the latter part of 1930 and the early part of 1931," Mr. Gray asked,
"did not the short Interest rise as high as 7,000.000 shares?"
•'I do not know." replied Mr. Whitney. an answer he gave to many
questions. "However. on May 25, 1931, there was a general reckoning that
short interests ranged between 15 000,000 and 20,000,000 shares. The
proof that we got in a check of that date was that it was 5,679,000 shares.
affecting 616 stocks." . . .
Questioned by Mr. Gray and Senator Fletcher, Mr. Whitney conceded
that there may be a tremendou. turnover in a popular trading stock, but
said he had never known an instance "where the short interest exceeded
the total supply of the stock."
After the witness had Identified himself as primarily a bond broker and
had been questioned concerning the alieged pegging operations in Gernian
reparations bonds, he testified that the bond market "Is in a very unhealthy
condition"
"I suppose you would introduce short selling Into the bond market?"
asked Mr. Gray.
'If it could be done, yes," was the reply. "It would have a stabilizing
effect"
"The why can it not be done?"
"Because there is not a sufficient supply for lending."
When asked if there is much fluctuation in bonds, the witness said that
sometimes great fluctuations occur, citing a drop of 14 points in the bonds
of the International Match Co.the day following the suicide of Ivar Kreuger.
He said these bonds, ordinarily quoted at about 50. threatened to go down
to 30. but that the quotation of $36 was set by an investor who was short
some of these bonds and bid $36 to assure obtaining his requirements.
La Guardia Attacks Exchange.
While Mr. Whitney was testifying, the Stock Exchange was attacked by
Representative La Guardia of New York in a speech in the House for having
permitted the flotation in America of $250.000,000 of Kreuger bonds.
"I say to all the holders of Kreuger bonds in this country that they could
not have been swindled out of their money had it not been either for the
carelessness. Indifference or connivance of the New York Stock Exchange,"
Mr. La Guardia charged.
"This is what happened' Under the rules of the Stock Exchange, a
statement must be filed before they list any bonds. These bonds were
secured not by real property but by bonds, and the list of bonds was attached to the agreement.
"But there was a joker there which provided that these bonds securing
the bonds issued in this country could be substituted by other bonds of
equal par value—not of equal market value. but of equal par value, so
that after the Kreuger bonds had been sold in the United States, In accordance with this provision in the agreement, not known to American investors, the good bonds were sold and no-good bonds of Austria and other
countries that were selling at about Scents on the dollar were substituted.
"So that the American investor on the representation made by the New
York Exchange, thinking he was Investing in something that was sound.
now finds himself with bonds the security and collateral for which have
been entirely removed. Let Mr. Lee Iligginson and Mr. Whitney explain
that if they can."
It was announced on April 19 that Mr. Whitney would
be given a further hearing on April 21. On April 20 it was
made known by the Committee that subpoenas had been
issued for several New York brokerage houses. As to this
we quote as follows from the Washington dispatch April 20
to the New York "Herald Tribune":
The subpoenas are for books and records as well as for a representative
of each concern. The purpose of the Committee in obtaining the records of
the brokers is to go to the bottom of the "bear" raids and asce tali) the
principal individuals who have been engaged in short selling. Members of
the Committee said that 26 subpoenas had been Issued, but did not divulge
whether the list included traders wbo had been engaged In short selling.
April 23 1932
Subpoena Service Begun.
The subpoenas were turned over by the Committee to the office of the
Senate sergeant-at-arms last night, and as many as possible were served today by a deputy of that office. Names of those on whom service had been
obtained by to-night were given out by William A. Gray, of counsel to
the Committee.
The list thus far announced includes the following brokerage concerns!
W. E. Hutton & Co.
Hornblower dr Weeks.
H. Content & Co.
Faroll Brothers.
Ettinger & Brand.
Thomson & McKinnon.
Laird, Bissell & Meeds.
L. Kaiser & Co.
White. Weld & Co.
Stein. Alstrin & Co.
The subpoenas all are returnable to-morrow, when the Committee meets
to resume its examination of Richard Whitney, President of the New York
Stock Exchange. In the case of It. Content Jr Co., Mr. Content himself
has been summoned, but the other subpoenas are for unspecified representatives. The witnesses will be examined after Mr. Whitney has finished.
Actual taking of testimony may be held back ey the necessity of esploring
the mass of records expected to be unloaded on the Committee.
From the Washington dispatch April 21 to the New York
"Times" we take the following:
Revelation.by the Senate Banking and Currency Committee to-day of
the names of 350 leading "bears" on the New York Stock Exchange on
Aprii 8 provided the first climax in what Chairman Norbeck promised to
be a series of "exposures of the stock market."
The list itself, however,showed the reason for the obvious disappointment
of the Committee members, for It included very few nationally known
names.
"These obviously are dummy names in many cases," said Senator Walcott, summing up the attitude of his colleagues.
The Committee devoted six hours to the hearing to-day, plowing through
morning and afternoon sessions relieved by some tense moments in the
examination of Richard Whitney. President of the Stock Exchange, who
again was on the stand.
Tells of German Bond Trading.
It developed that Mr. Whitney's brokerage firm acted as agents for
J. P. Morgan & Co., in purchasing $9,200.000 worth of German bonds in
1930. in order to sustain tie price at 90 during a 20
-day period In which
the syndicate was distributing about $90,000,000 of the Issue. The bonds,
Mr. Whitney testified, are selling now at "about 35."
As the hearing closed late this evening, Senator Norbeck. obviously vexed
at the inability of the Committee to obtain certain admissions from Mr.
Whitney concerning short selling, denounced the witness for alleged evasiveness. and finally refused to continue the hearings to-night or let Mr. Whitney
return to-morrow morning to testify in answer to criticism of him voiced
during the four days he has occupied the witness chair.
The witnesses to-morrow are expected to include Percy A. Rockefeller,
who was revealed to-day as one of those subpoenaed by the Committee.
Another important witness subpoenaed, whose testimony may be taken
to-morrow, is Matthew C. Brush, President of the American International
Corp.
Senate Curiosity Intensified.
Curiosity In Senatorial circles over the actual identity of largo short
operators on the New York Stock Exchange was only intensified by the
revelation of the short interests.
The Travelers Bank was short 35,225 shares of General Motors, and other
scattered stocks which brought the total to 42.685 shares. The Broseco
Corp. was short 43.825 shares, and the American Brush Co., 37,900 shares.
Among the others carrying on short operations were: M. C. Brush,
short 10,100 shares: Harry Content, short 7.000 shares of General Motors:
W. S Crandall, 10,300. General Motors; A. W. Cutten, short 3,000 shares
each in du Pont, Amer. Tel. & Tel., and United States Steel; R. Paternotre,
reported here to be a member of the French Chamber of Deputies, 6,112.
Listed under the name of "Itay Paternotre" were 800 shares of National
Power & Light.
Two other foreign names which appeared on the list were N. P. de
Mauriae, short 9.400 shares, and the Marquis do San Miguel, short 3,000
shares of United States Steel,
The 0. C. Doering Syndicate was short 16,400 shares of United States
Steel; Stuyvesant Fish was on the list for 1,100 shares of United States Steel;
900 shares of Amer. Tel & Tel., and 700 shares of United States Steel, pref.
B. C. Neidecker was short 16,600 shares; II. L. Dillon, 6,000 shares of
International Tel. & Tel., and Mrs. Hope Dillon, 5.000 shares of the same
stock. Another woman listed was Anna L. Abison. short 10.200 shares.
Other short positions were: George H. Andrews, 14,100 shares; H. F.
Benjamin, 4,000; I W. Bonbright, 3,000: W. S. Crandall, 10,300 General
Motors; T. C. Watson Jr.. 3.500 General Motors.
I This list was compiled by the Committee from material supplied by the
Stock Exchange in response to a subpoena. It is doubtful if the entire
list ever will be copied, as it includes even those who may have been short
as little as one share. . . .
Ordered to Buy for Twenty Days.
Mr. Whitney was questioned in great death l concerning the operations in
the German bonds as a sequel to previous testimony In which he had dodended pegging of prices of stocks or bonds as legitimate. Ile testified
that on June 12 1930, the Morgan syndicate began distributing through 1,111
syndicate members the German bonds in units selling at 590 each. Mr.
Whitney's firm, Identified as "bond specialists," had orders from the Morgan
syndicate to buy all bonds offered on the market at less than $90 for a 20
-day
period.
lie testified that the bonds sold on the Now York Stock Exchange
at
904i to 91 from June 12 to June 16 and continued to sell above 90 through
July 2, when the syndicate agreement was lifted. The issue, he said, was
heavily oversubscribed.
Meanwhile, Mr. Whitney said, his firm had bought $9.
90.000 worth of
the bonds in the open market and delivered them to the syndicate. These
bonds were resold to investors at 90.
On July 3, when the syndicate ceased purchasing, the bonds fluctuated
between 884i and 911i. On July 31 they were quoted at 8815 to 8951•
Counsel and Witness Clash.
William A. Gray, Committee counsel, hurled questions at Mr. Whitney
In an effort to prove that the bonds were maintained at an artificalal level
during the syndicate operations.
"What are those bonds selling for now?" asked Mr. Gray.
"They are around 35ii," Mr. Whitney replied, adding that the bonds
were considered a prime issue and that there has been no defaults on interest
payments.
"Then you, in effect, had a pool for the purpose of maintaining the price
at a certain level for a certain period?" asked Mr. Gray.
"Yes, sir."
Volume 134
Financial Chronicle
"And in order that the syndicate might get a certain price, your firm
maintained that price?"
"I do not think the implication is correct," said Mr. Whitney sharply,
but he retained his smile.
"Did you sell any of those bonds?" asked Mr. Gray, leaning forward.
"Did you use Asiel & Co. to sell any of the bonds you purchased?"
"I did not," countered Mr. Whitney, suddenly sitting erect. "Asiel &
Co.is an honorable firm. Why,do you mean to Imply that I,the President
of the Stock Exchange, would wash sales?"
"I do not imply," said Mr. Gray,"I am asking."
Questioned on Pool Operations.
Most of the examination of Mr. Whitney, which again attracted a capacity crowd, was devoted to more repetition of his previous testimony
dealing with Stock Exchange rules. The witness reiterated that without
short selling the market would have to close, as there could be no speculation.
When in mid-afternoon the hearing reached the Morgan Syndicate operation, interest was sustained at a high pitch until the close of the day.
Mr. Gray plunged into the question of pool operations, concerning which
Mr. Whitney said he knew little. He refused to discuss whether pool
operations may act to increase or depress prices artificially, citing the
Exchange rule against manipulating the market.
Asked if a pool had not operated in Alaska Juneau stock recently, Mr.
Whitney said he did not know. He added, however, that he did recall
pool operations in connection with Manhattan Electrical Supply common, as a result of which a broker was expelled. This latter stock, it
developed, was manipulated twice; first in 1927 and again in 1929.
"I am surprised," exclaimed Senator Norbeck. "You testified before
that no pools existed."
Objects to Limitation Plan,
Mr. Gray mentioned an alleged manipulation in Dunhill International,
adding that the cases he cited were from records of the Attorney-General
of New York State.
"You will find we are the source of much information going to the Attorney-General," Mr. Whitney remarked.
"You may be," said the Committee counsel, "but you were not in these
cases."
Mr. Gray suggested that definite limits on speculative operations might
be laid on the market, possibly confining marginal purchases to prices
within one point above the closing price of a stock on the previous day
and short sales to within one point below.
"You would stultify, stifle and almost put an end to the market," Mr.
Whitney warned. "I think that eventually would cause security markets
to close. If that is the plan, they had better close now."
Extent of Short Selling on New York Stock Exchange
Disclosed by President Whitney at Senate Committee Hearing—Shares on Margin Placed at 50,000,000—Practice of Lending Stocks Defended As
Necessary.
The last compilation of figures on short sales on the New
York Stock Exchange revealed 10,633 short accounts in 46
States, the District of Columbia, Hawaii, Alaska, and 15
foreign nations, Richard Whitney, President of the Exchange, told the Senate Banking and Currency Committee,
April 18. Mr. Whitney appeared as a witness on hearings
being conducted under authority of a resolution (S. Res.84),
providing for an investigation of stock market practices.
As to the hearing on April 18, we quote as follows from the
"United States Daily" of April 19:
In California alone, Mr. Whitney testified, there were 709 short accounts
"Surely,not all of these were professional traders," he said in emphasizing
that short selling is not confined to that class of operators.
Number of Shares on Margin.
Asked by Senator Gore (Dem.) of Oklahoma, the size of the "long
account" interest, Mr. Whitney replied that there were no definite records,
but a number of estimates had placed the number of shares held on margin
at 50,000,000.
Examination of the witness was begun by William A. Gray of Philadelphia
who appeared to assist the Committee counsel, Claude R. Branch of Providence, R. I.
Mr. Whitney, at the request of Mr. Gray, reiterated his previous statements before the Committee with respect to the value he believes to inhere
in the practice of short selling. Asked ifit were not true that bear operators,
generally speaking, are not active until a peak has been reached, and the
market starts to decline, Mr. Whitney testified he had no knowledge of
that being true and knew of no records to prove it.
Views on Short Selling.
There is no sentiment among members of the New York Stock Exchange
for prohibiting short selling, Mr. Whitney stated. There have been
occasions, he said, when certain members have been of the opinion that in
emergency periods there should be no short selling, but to his knowledge.
Mr. Whitney testified, there are now no members who oppose the practice
outright.
Asked by Senator Couzens (Rep.) of Michigan, if he had ever sold short.
Mr. Whitney replied that he had, but did not recall having done so in the
last nine months or a year.
"I did In the spring of 1929," he said,"thinking that the market was too
high. I was wrong."
Explains Recent Speeches.
Asked by Mr. Gray if he had been making a number ofspeeches in recent
months "in defense of" short selling, Mr. Whitney replied that he had
"explained" the practice in speeches in New York, Chicago, Hartford,
Philadelphia and Syracuse. His reason for doing so, he said, had sprung
from the fact that there was a widespread ignorance of the mechanics of the
practice and its effect on market conditions, rather than because of attacks
on the practice, as Mr. Gray suggested.
Mr. Whitney testified that any statement by him as to his belief with
respect to the market advantage of short selling would have to be a mere
reiteration of former testimony. Short selling, he said, is an integral part
of speculation, the other essential element being marginal purchases. If
one part is taken away, he said, equilibrium and stability are upset. It is
essential to a security market, he declared, and tends to smooth out the
waves, not however, affecting the tides as represented by major market
trends.
3013
"Does short selling decrease with the decline of the market?" Mr. Gray
inquired.
"Not necessarily," was the reply. "It has in the last week or two.,.
Questioned on Short Interest.
Pressed by Mr. Gray for a direct answer to his question on the aid to the
market from short selling, Mr. Whitney replied that it gave the market its
only compulsory buyers, and that such necessary buying has been invoked
by the Exchange upon one occasion.
"Is it not a fact that short selling does not begin until the market has
begun to decline?" Mr. Gray asked.
"I know of no record to that effect," was the reply.
"Aren't there many intelligent people who entertain the opposite opinion?" asked Mr. Gray.
"There may be," was the reply. "But they are wrong."
"Wasn't the short interest at a minimum, almost nil, in fact,just before
the peak in October 1929?" Mr. Gray inquired.
"No one knows," was the reply. "We could have found out at the time
perhaps, but could not now. I think there was a large short interest.
Our guesses in the past have been frequently wrong."
"Isn't it a fact the short interest was quite small at that time?" Mr.
Gray pressed.
"I don't truly know," was the response.
Senator Barkley (Dem.) of Kentucky, asked if a rise in the quoted price
of a stock did not tend to induce short selling, and Mr. Whitney replied
that it might.
Senator Fletcher (Dens) of Florida, asked if bears sold during a boom,
and Mr. Whitney replied that he did not know. "If I knew as much about
the bears as I am expected to know," be added, "I would be glad to tell
you, but I do not know."
Asked by Senator Barkley if short selling had brought on the depression,
Mr. Whitney replied: "It did not. I am as sure of that as of anything in
the world."
Financing of Margin.
Senator Gore (Dem.) of Oklahoma, asked why it is that a customer who
has purchased stock would consent to his broker lending it with a possible
result that it had been done in the past because people generally did not
understand what they were doing. Mr. Whitney replied that the authority
to lend was apart of the mechanics offinancing margin purchases,and added
that under the new rule of the Exchange, the customers have brought home
forcibly to them the fact that they are agreeing to having their stock lent
by their broker. There is now more rather than less stock available for
lending, he continued, partly because persons who were long of stock are
permitting it to be lent, in the expectation of making money through
sharing in premiums.
Mr. Whitney explained to the Committee that the rules of the New York
Stock Exchange prevent a broker from lending more of a customers stock
than is necessary for him to carry that stock, that the amount he can loan
Is determined by the debt balanced of the customer with him.
Mr.Gray asked Mr.Whitney if it were not true that brokers Insisted upon
their customers signing cards giving special authority for lending stocks,
but Mr. Whitney would not agree that brokers had "pressed their customers
to sign." Mr. Gray read from letters sent out by one New York brokerage
firm, the second of which, was sent out six days after the dispatch of the
first, stated that they "must request that the customer sign and return the
card at once."
Describes Stock Borrowing.
Asked by Mr.Gray if a broker would retain the account ofa customer who
did not sign the card authorizing the lending of his stock, Mr. Whitney
replied "Now, yes; perhaps normally not."
"Isn't it true that If there were no short selling, there would be no lending
of stock," Mr. Gray inquired, to which Mr. Whitney replied, "You evidently have not read the record of testimony already given. Absolutely,
there would be lending." He then repeated the illustration of the San
Francisco customer who sells and delivers to a Califorinia broker, the New
York office or correspondent being under the necessity of borrowing to
to deliver to the buyer, because of the distance between San Francisco and
New York. That, he said, is not short selling, and it is not "selling against
the box."
Rumors on Market Denied.
At the afternoon session, Senator Blaine (Rep.) of Wisconsin, asked that
the information and records sent to the Committee be laid before it, and be
made available to the members. Senator Norbeck (Rep.) of South Dakota,
Chairman of the Committee, explained that they had been so available
since their receipt.
Mr. Whitney denied that members of the Exchange advised their customers to take a position in the market contracy to their own, and denied
also that members originate rumors to depress the market in order to realize
on their short positions.
The high point in short interest, as revealed by figures collected by the
Exchange, was 5.589,700 shares on May 25 1931, Mr. Whitney testified.
At that time, he said, estimates were much higher than results proved to be
the case, ranging between 10,000,000 and 15,000,000 shares.
Distribution of Interests.
Figures were compiled for three weeks beginning on Nov. 13 1929: later,
figures were requested by the Exchange, for the period
in October 1930,
from June 1930;and later, much more complete data was asked for the period
from May 1931.
Asked by Mr. Gray if the short interests were not largely concentrated
in a few stocks, Mr. Whitney replied it was necessarily mostly in the more
active stocks, and that in the compilation recently submitted to the Committee showed a short interest of 10,000 shares or more in between 53 and
65 stocks.
Mr. Gray referred to a tabulation of May 25 1931,short interest showing
that 35% of it was in 22 stocks.
Following a discussion of "pegging" prices, Mr. Gray asked Mr. Whitney
If his firm ever had any orders to peg bonds for J. P. Morgan & Co., "of
which your brother is a partner," and specifically if they had not pegged
German reparation bonds at 90 for that firm. Mr: Whitney agreed to
investigate and inform the Committee.
Bourse Closing Discussed,
Mr. Gray referred to the fact that the Berlin Bourse closed Sept. 21 1931,
when England went off the gold standard and the New York Stock Exchange did not. Prices at the opening of the Berlin Bourse April 12 1932.
were 12% lower, Mr. Gray said, while on the New York Stock Exchange,
they had declined 50%•
Mr. Whitney explained that the ban on short selling imposed last September was to force shorts to buy to offset the liquidation which was sure
to come. Two days later, he said, the ban was lifted.
"And the market crashed." Mr. Gray said.
"It did not," was the reply.
"I will deomonstrate that to you in a few minutes," Mr. Gray said.
"You can't do it," Mr. Whitney replied.
3014
Financial Chronicle
List of Short Traders on New York Stock Exchange
Made Public by Senate Committee.
The list of traders on the Now York Stock Exchange
whose short accounts totaled 2,500 shares on April 8 was
made available as follows on April 21 by the Senate Banking
and Currency Committee. (Names in parentheses are those
of brokers.)
Abraham & Co.
700 International Match, pref.
600 Sinclair 011.
500 American Foreign Power.
1,550 Radlo-Keith-Orpheum.
Adamant Corp.(Chas. W.Hill & Co.)
1.000 Westinghouse Electric.
1,000 United States Steel.
1,000 United States Steel.
400 Western Union.
500 Western Union.
500 Westinghouse Electric.
2,000 American Telephone dr Teleg.
1,500 American Telephone di Teleg.
Firm Arbitrage.
6,000 American Foreign Power.
1,800 Electric Power & Light.
1,000 United Gas & Improvement.
Loop Liggett & Myers.
1.000 American Tobacco.
Anne L. Ablison (White, Weld & Co.)
700 Union Pacific RR.
200 Electric Autollte.
300 F. W.Woolworth Co.
500 Atchison Topeka & Santa Fe.
1,000 Consolidated Gas. New York.
1,000 American Tobacco.
1,400 American Sanitary Co.
1,000 New Haven RR.
200 Auburn Auto.
300 Borden Co.
200 Electric Antoine.
1,200 Eastman Kodak.
1.200 Allied Chemical & Dye.
800 American Telephone & Tell*.
R.I. Alexander.
500 Westinghouse Electric.
200 Nevada Consolidated Copper.
300 Jonns-Manvise Corp.
800 United States Steel.
200 Allegheny Corp.
All Cont.Corp.(Hirsh Lillienthal& Co.)
1,000 du Pont de Nemours.
1,000 United States Steel.
3.500 American Can.
1,300 American Telep. & Teleg.
5,125 North American Co.
500 Consolidated Gas of N.Y.
100 .1.3. Case Co.
500 Public Serv. Corp. of N. J.
3,500 United States Steel.
1,500 Chicago St. P. Minn. & Omaha.
A. R. Allan.
1.000 Pub.Serv. Corp. of N. J.
F. S. Allen.
100 American Telep. & Teleg.
100 Drug Inc.
200 Pennsylvania RR.
600 Internat. Telep. & Tend.
100 Allied Chemical.
F. S. Allen and D. C. Appenzellar.
1,000 New York Central.
Alro Corp.
2.400 Bethlehem Steel.
American Brush Co.
500 Westinghouse Electric.
2.000 Bethlehem Steel.
2.000 American Telep. & Teleg.
1,000 Allied Chemical & Dye Corp.
500 Auburn Automobile Co.
100 International Harvester.
W.E. Hutton & Co.
4,000 American Can.
500 Internat. Business Mach. Corp.
7,000 United States Steel.
4.000 du Pont de Nemours Co.
1.000 New York Central.
1,000 Westinghouse Electric.
500 Inter. Business Machines Corp.
1.000 American Can.
1,000 Bethlehem Steel.
1,300 Union Pacific.
500 Westinghouse Electric.
1,000 Western Union.
3,000 Western Union.
500 G.R.Kinney Co., Prof.
500 United States Steel, pref.
3.000 Woolworth Co.
1,000 Drug, Inc.
1,500 Auburn Auto Co.
500 American Can.
S. W.Anderson Spl.
100 du Pont de Nemours Co.
300 Sears Roebuck.
100 Western Unicn.
200 International Harvester Co.
300 General Motors.
400 Anaconda Copper Miffing Co.
George H. Andrews
500 Reading RR.
100 'IN illiam Wrigley Jr. Co.
1.900 Chrysler Motors.
200 American Can.
500 New York Central.
600 Reading RR.
400 William Wrigley Jr. Co.
800 United States Steel.
900 General Foods.
1.500 Rock Island.
1,100 Baltimore & Ohio.
300 American Tel.& Tel.
300 Electric Power & Light.
800 United Aircisft.
500 Union Pacific.
700 Procter & Gamble.
300 Western Union.
1,900 Chrysler Motors.
600 Electric Power & Light.
300 American Can.
Mrs. Lucille Andrens.
400 International Business Machine.
400 Auburn Automobile.
Mrs. Esther M. Armstrong
3,500 Radio Corp.
(Carlton & Mott).
325 Atchison Topeka & Santa Fe.
J. Aron.
600 Western Union.
1,500 Sears. Roebucl
.
1,400 United States Steel.
200 Norfolk & Western.
500 General Electric.
900 United States Steel.
Harry Arthur.
500 Bethlehem Steel.
500 General Electric.
2,000 Anaconda.
1.000 American Telephone.
Atina Corporation.
1,000 American Can.
300 du Pont de Nemours.
(Carlton & Mott).
300 Allied Chemical.
(Harriman di Co.).
1,000 Coca-Cola.
(Prentice & Slepack).
900 Equitable Office Building.
1,300 du Pont.
500 United States Steel.
1.000 United States Steel.
1,500 American Can.
600 American Can.
5.500 United States Steel.
500 Allied Chemical.
2,000 Standard Oil of New Jersey.
1,000 Western Union.
500 Western Union.
500 NicKeesport Tinplate.
500 Eastman Kodak.
500 Eastman Kodak.
1,000 Allied Chemical Dye.
G. A. Ball 8c Co.(Appenzellar, Allen &
Hill, E.A.Pierce & Co.).
5,300 American Tel.& Tel.
900 New York Central.
6,200 United States Steel.
200 Auburn Automobile.
200 First National Stores.
200 Coca-Cola.
800 National Steel.
F. S. Barnes.
1,000 Bethlehem Steel.
1,000 Bethlehem Steel.
300 United States Steel.
1,000 Bethlehem Steel.
Bartlett Frazier Co.
200 Woolworth.
(Bartlett & Co.).
200 Match.
(Munds, Winslow & Potter).
200 American Tel.& Tel.
(H. Hintz & Co.).
250 Match.
(Russell, Miller & Co.).
100 General Food.
(Hubbard Brothers & Co.).
200 Allied Chemical& Dye.
(Jenks, Gwynne & Co.).
200 American Tel.& Tel.
(Charles D.Barney & Co.).
200 Woolworth.
(Effinger & Brand).
100 Westinghouse Electric.
200 American Tel.& Tel.
100 Allied Chemical dc Dye.
100 Woolworth.
500 Woolworth.
100 Texas Gulf Sulphur.
1,000 Standard Oil of New Jersey.
150 Standard Oil of New Jersey.
300 Allied Chemical.
100 General Foods.
M. Bekhor.
300 United States Steel.
100 Bethlehem Steel.
1,500 Adams Express.
500 Goodyear Tire & Rubber Co.
100 Warner Brothers.
L. Bendix.
1.000 Gillette.
(Carl M.Loeb & Co.)•
500 American Metals.
700 General Electric.
100 International Tel. & Tel. Corp.
1,100 Royal Dutch.
2,100 Radio.
100 United States Steel preferred.
200 General Motors.
Benjamin & Ferguson.
100 American Tel.& Tel.
1,900 United States Steel.
H. F. Benjamin.
3,800 United States Steel.
200 American Tel.& Tel.
Benjamin Syndicate.
100 American Telep. & Teleg.
1,900 United States Steel.
Richard H. Bennett.
500 American Telep.& Teleg.
300 New York Central.
1,200 United States Steel.
Blumenthal Brothers Trading Co.
300 Columbian Carbon.
1.825 Sinclair, common.
J. H. Bolt.
1,000 American Tobacco.
3,000 American Telep.& Tang.
3,000 United States Steel.
2,000 New York Central.
800 Eastman Kodak.
1,500 Coca-Cola.
I. W.Bonbright.
1,000 United States Steel.
1,000 New York Central.
1,000 General Electric.
Bourke Schiff & Co.
1,200 American Telep.& Teleg.
200 Missouri Pacific.
3,000 United States Steel.
H. A. Boyle.
200 General Motors.
T.E. Bragg.
1,000 General Foods.
(E.F. Hutton & Co.)
500 American Can.
(Ilornblower & Weeks).
1,000 3.1. Case.
3,500 North American.
5,000 American Telep. & Teleg.
Tee. Bragg,G.D.Smith.
1,000 Reynolds Tobacco.
1,800 Internat. Business Mach. Corp.
1,100 American Tobacco.
Brandenburg & Co.
6,100 Kreuger & Toll.
100 Yellow Truck & Coach.
April 23 1932
Crescent Operating Co.(Concluded)
E. Brandily.
500 Socony-Vacuum Corp.
200 Lambert Co.
400 Peoples Gas.
500 Gillette Safety Razor.
Union Pacific.
600
1,500 American Smelting & Refining.
200 Vanadium Corp. of America.
500 General Electric.
100 Auburn Automobile.
300 E. I. du Pont.
300 Bendix.
100 American Smelting & Refining.
500 Bethlehem Steel.
100 Eastman Kodak.
300 Nash Motors Co.
George F. Breen.
600 New York Central.
2,000 American Waterworks.
400 New York New Haven & Hartf
10,000 North American Co.
300 Missouri Pacific preferred.
E. Breymann.
3,900 Missouri Pacific.
800 du Pont.
1,500 Radio-Keith-Orpheum.
American.
300 North
200 Reynolds Tobacco class B.
(Vreinigen & Co.)
100 Otis Elevator.
500 Western Union.
4,600 Paramount Publix.
(Jenks Gwynne Co.)
1,000 Pennsylvania RR.
200 United States Steel, preferred.
1,300 Pullman Incorp.
hileman, IS illiams dr Co.)
317 MJ.
200 du Pont.
800 Public Service Corp. of N. J.
500 American Telep. & Teleg.
600 Safeway Stores
500 Westinghouse Electric.
1,304 North American.
700 North American.
1,700 United States Steel.
2,000 United States Steel.
200 .J. I. Case Co.
500 American Can.
2,000 American Smelting & Refining.
300 Corn Products.
1,000 Atchison Topeka & Santa F.
200 Corn Products.
200 International Shoe.
2,500 United States Steel.
200 Baltimore & Ohio preferred.
1,300 Allied Chemical.
200 Gimbel Brothers preferred.
1,000 Bethlehem Steel.
200 CPS ctfs.
900 Bethlehem Steel.
5,000 Anaconda.
Bridge Street Corp.
1,500 General Motors.
1,000 North American.
200 American Water.
1,000 Union Carbide.
1,400 Canadian Pacific.
1,500 Auburn Auto.
300 Chesapeake Corp.
1,000 J. I. Case.
900 Chesapeake & Ohio.
1,000 du Pont.
2,300 Chicago Rock Island & Pacific.
1,000 United States Steel.
200 Eastman Kodak.
1,000 Electric Auto-Lite.
600 Consolidated Gas.
500 Eastman Kodak.
800 Chrysler.
1,000 5% estern Union.
100 Coca-Cola.
1,000 W estinghouse Electric.
500 American Can.
W.B. Brock.
600 Continental Can.
900 W estinghouse Electric.
A.W.Cutten (Clement,Earle & Co.).
1,000 Coca-Cola.
2,000 E. I. du Pont.
1,000 Coca-Cola.
2,000 American Tel.& Tel.
Broseco Corp.
2,000 United States Steel common.
10.000 du Pont.
F. B. Davis.
(Band, Bisset & Maeda).
2,000 American Can.
3,100 du Pont.
John A. Davis.
1,000 Equitable Office Building.
6,000 New York Central.
300 American Can.
10,000 United States Steel.
900 United States Steel.
1,000 J. I. Case.
1,000 Kreuger & Toll.
5,000 American Telep. & Teleg.
300 Westinghouse Electric.
1,250 North American.
100 Public Service of New Jerser
6,000 Standard Oil of New Jersey.
200 North American.
800 W estern Union.
50 Union Pacific.
N.P. De Maurine.
1,000 Public Service of New Jersey.
Mrs. C. S. Brown.
1,000 Pennsylvania RR.
3,000 United States Steel.
500 NI illiam Wrigley Jr. & Co.
MC.Brush.
500 General Electric.
3,000 General Electric.
100 Woolworth.
200 American Can.
2,000 du Pont.
1,200 General Motors.
1,500 American Can.
1,000 American Telep. & Teleg.
900 American Can.
100 American Can.
1,000 Bethlehem Steel.
2,000 United States Steel.
1,000 W estinghouse Electric.
Marquis de San Miguel (Jackson &
1,000 United States Steel.
Carlin).
500 International Harvester.
3,000 United States Steel.
2,000 General Motors.
H.L. Dillon (Eastman, Dillon & Co.)
B. S. Bunn.
5,000 Inter. Telep. & Teleg.
500 American Teton. & Teleg.
Hope Dillon.
1,000 United States Steel.
5,000 International Telep.& Teffig•
1,000 American Teiep. & Teleg.
0.C. Doering Syndicate.
500 United States Steel.
16,400 United States Steel.
300 J. I. Case.
Marguerite Brice.
600 Westinghouse Electric.
500 Eastman Kodak.
H.Bushnell.
1,000 United States Steel.
600 Illinois Central.
500 American Can.
3,400 Commonwealth & Southern.
500 Allied Chemical.
100 United States Steel, preferred.
500 American Telep. & Teleg.
H.M.Butler.
Carl Erpf & David Kuble.
Union Carbide & Carbon.
100
300 Consolidated Gas.
100 General Motors.
200 Atchison Topeka & Santa Fe.
100 Corn Products Refining.
400 United States Steel.
100 Atchison Topeka & Santa Fe
800 Auburn Auto.
1,000 General Motors.
200 United States Steel, preferred.
1,200 Borden.
300 Radio.
500 General Electric.
200 American Can.
Case Pomerey Co.,Inc.
100 Coca-Cola.
200 Borden.
900 American Telep.& Teleg.
200 American Tel.& Tel.
I.. G. Federman.
200 United States Steel.
2.000 Westinghouse Electric.
1,500 United States Steel.
500 American Talc). dc Teleg.
C. E. Chapman.
300 American Tobacco, B.
4.900 General Motors.
Sturresant Fish.
200 Eastman Kodak Co.
1,100 United States Steel.
1,000 Chrysler Corp.
900 American Telep.& Teleg.
Chauncey & Co.
700 United States Steel, preferred.
2.700 Consolidated Gas.
Gerhard Fluiterman.
W. R. Coe.
1,000 North American.
2,200 United States Steel.
100 N.Z.
3,000 United States Steel.
1,500 General Motors,
Ramon Conroy (Baer. Sterna & Co.).
100 American Tel.& Tel.
700 United States Steel.
100 Electric A uto-Llte.
500 American Can.
200 General Electric.
200 Bethlehem Steel.
1,000 du Pont
300 Coca-Cola.
Albert Freed & Co.
500 United States Steel.
300 National Dairy Products.
200 Consolidated Gas of New York.
300 Consolidated Gas.
200 Westinghouse Electric.
100 Coca-Cola.
200 Best & Co.
200 American Tel.& Tel.
800 S. S. Kresge.
100 United Gas Improvement, Pref.
300 American Can.
100 Consolidated Gas of New York. 2,300 United Gas Improvement.
Charles Gardner.
200 Westinghouse Electric.
Harry Content(H. Content & Co.)•
1,000 Westinghouse Electric.
7.000 General Motors.
1,000 Bethlehem Steel.
C. H. Cook.
500 Consolidated Gas of New York.
1,000 J. I. Case Co.
500 American Tel.& Tel.
General Trading Corp.
300 Borden.
600 North American.
100 Inter. Business Mach. corp.
900 Atchison Topeka & Santa Fe
400 United Stated Steel.
2,000 Western Union.
500 General Motors.
W. S. Crandell.
1,500 General Motors.
Bertha Cecil.
10,300 General Motors.
George Cranmer.
2,000 American Teton • & Teleg.
Paolino
500 du Pont.
500 Chrysler.
100 Gotham Silk Hosiery Co.
500 General Motors.
600 Coca-Cola. •
T. It. Gilmartin.
1.500 Bethlehem Steel.
E. A. Crawford & Co.
30 units American Tobacco.B •
40 Best & Co.
16,801 Auburn.
(Bond, NicAnamie & Co.).
100 Norfolk & Western RR.
300 North American.
170 Delaware & Hudson.
200 General Motors.
30 units International Shoe.
Crescent Operating Co.
50 Crucible Steel.
200 Safeway Stores.
40 Great Western Sugar, preferred.
(Frazier, Jelke & Co.).
1,800 American Wen.& Teleg.
200 American Tel. & Tel.
360 Brooklyn Union Gas.
(Hirsch, Llifienthal es Co.).
140 Allied Chemical.
400 American Tel.& Tel.
260 Lehman Corp.
200 Allied Chemical.
70 Internat. Business Mach. Con).
1,700 Southern Pacific.
160 Coca-Cola.
Westinghouse Electric.
200
90 American Locomotive, pref.
Volume 134
Joseph Cern.
500 Alaska Juneau Gold Mining Co.
Marcus Goodbody & William Ha'prin.
1,380 Radio-Keith-Orplieum.
25 units Union Pacific.
1,350 Consolidated Oil.
Greve Compania.
1,000 United States Steel.
3,000 United States Steel.
2,000 du Pout.
200 Southern Pacific.
400 United States Steel.
300 United States Steel.
1,000 Woolworth.
Greve Compania (William Greve).
1,400 Bethlehem Steel.
800 Woolworth.
500 United States Steel.
500 General Electric.
1.500 General Motors.
.1.1). Hall.
200 Consolidated Gas of New York.
500 General Motors.
100 General Motors.
200 United States Steel, preferred.
200 Western Union.
100 Liggett & Myers Tobacco,B.
500 United States Steel.
600 du Pont.
100 Pullman Co.
100 American Tobacco Co.
200 Woolworth.
100 N.Y.New Haven &Hartford.
M. J. Harrigan.
100 du Pont.
100 Eastman Kodak.
300 Case & Co.
300 Borden.
100 Lambert Co.
100 Borden.
300 North American,
700 United States Steel.
100 Radio.
200 Allied Chemical & Dye.
200 American Tobacco B.
300 Westinghouse Electric.
100 United States Steel.
Hamberger & Co.
Unit 90 Baltimore & Ohio.
100 Continental 011 of Delaware.
700 North American.
100 United States Steel.
Units 50 United States Steel.
10 Atch. Topeka & S. Fe. pref.
70 American Tel.& Tel.
100 Studebaker Corp.
80 Studebaker Corp.
100 American Tel. & Tel.
172 North American.
100 North American.
200 North American.
10 United States Steel preferred.
50 Gillette Safety Baser Co.
20 Gillette Safety Razor Co.
100 Intl. Hydro-Elec. System A.
100 Continental Oil of Delaware.
200 Continental Oil of Delaware.
100 Continental 011 of Delaware.
100 Continental 011 of Delaware.
300 Continental 011 of Delaware.
N. V. Hamberger & Co.
Unit 30 South Pacific RR.
300 Intl. Hydro-Electric A.
965 North American.
100 United States Steel.
300 Studebaker Corp.
Miss Margaret Hamilton.
1,000 J. I. Case Co.
200 Public Service Corp. of N. J.
1,000 United States Steel.
400 Atchison Topeka & Santa Fe.
Wodan Handelmaatschappij.
400 American Tobacco.
200 American Tobacco.
200 American Tobacco.
200 American Tel. & Tel.
200 American Tel. & Tel.
400 Allied Chemical & Dye.
1,200 American Tel. & Tel.
900 Allied Chemical & Dye.
F. H. Hardy.
1,200 General Electric.
200 American Can.
100 Sears
-Roebuck.
100 Standard Oil of New Jersey.
100 United Corp.
100 National Biscuit.
200 Pennsylvania RR.
F. H. Hardy, Trustee for Miami Metal
Financial Chronicle
.E. H. Hulsey.
200 du Pont de Nemours Co.
500 International Nickel.
600 Gas & Electric.
200 Atchison Topeka & Santa Fe.
200 United States Steel preferred.
200 American Tel.& Tel.
500 Bethlehem Steel.
100 Union Pacific.
100 Safeway Stores.
300 American Can.
200 American Gas.
200 General Motors.
100 International Tel. & Tel.
40 National Cash Register.
Miss Elizabeth Hunger,No.I.
3,000 du Pont de Nemours Co.
2,000 United States Steel.
2,000 American Can.
1,500 Continental Can.
1,000 Allied Chemical & Dye Corp.
4,000 F. W. Woolworth.
2,000 American Telep. & Teleg.
A. B .Hunt.
3,000 General Electric.
1,000 Eastman Kodak.
500 Western Union.
4,000 Bethlehem Steel.
Investment Corp. of Philadelphia.
500 International Nickel.
Investment Holdings, Inc.
200 Electric Autolite.
200 Electric Power Light.
1.000 General Motors.
1,000 General Motors.
Investor's Capital Corp.
300 General Electric.
400 General Motors.
300 Union 011 of California.
1,000 Chrysler Motors.
1,400 Southern Pacific.
1,000 Radio Corp. of America
100 North American Co.
C. S. Jameson. (Billings, Olcott & Co.)
500 American Telep.& Teleg.
LOW du Pont.
2.500 General Motors.
500 Auburn Automobile.
1,000 New York Central.
Sarah C.Johnson.(E.A.Pierce & CO.)
700 du Pont.
500 Johns Manville Co.
1,000 Graham-Paige.
200 Western Electric.
100 N. Y. New Haven & Hartford.
Morris Joseph. (Morris Joseph et Co.)•
100 Consolidated Gas.
100 Pierce-Arrow, preferred.
3,400 Western Union Telegraph •
Morris Joseph & Co.
500 Gold Dust Corti
Louis Kayser & Co.
1.900 American Can.
5,500 Atchison Topeka & Santa Fe.
2,000 J. I. Case Co.
3,000 Bethlehem Steel.
4,000 North American.
2.000 American Telep.& Teleg.
Karsten Fund, Series B. (G• M.P•
Murphy).
1.000 Bethlehem Steel.
500 Woolworth.
Ketchen Securities Corp.
(Field.
Glore & Co.).
1,000 Bendix Aviation.
(Ifornbiower & Weeks).
2,000 General Electric.
Marjorie H. Kolbe.
2,800 General Motors.
(Fahnestock & Co.).
300 United States Steel.
400 Eastman Kodak.
Langendorf(Dean Witter & Co.).
500 Bethlehem Steel.
500 United States Steel.
S. Langendorf. (E. F. Hutton & Co.).
200 Westinghouse Electric.
700 United States Steel.
S.S. Langendorf.(E.F.Hutton & Co.)
300 Bethlehem Steel.
(McDowell & Co.).
300 Westinghouse Electric.
600 United States Steel.
S.J. Leary. (Babcock. Rushton Co.).
1,000 Union Carbide & Carbon.
1,200 International Harvester.
700 United States Steel.
Carl Levis. (Lober Brothers & Co.).
100 Coca-Cola.
3,000 United States Steel.
350 General Electric.
7,600 New York Central.
950 General Motors.
(Arthur Lipper & Co.).
300 do Pont de Nemours Co.
300 United States Steel.
G. Sherman Balton.
1,000 Standard Oil of New York.
500 American Tel. & Tel.
(Lober Brothers & Co.)•
1,800 American Can.
2,500 Standard Oil of New Jersey.
G.W.Hanlon & Son.
200 Eastman Kodak.
1,000 American Tel.& Tel.
2,100 Allegheny Corp.
Hollandsche Bank.
100 Coca-Cola, clam A.
550 Westinghouse.
1,000 du Pont.
25 Union Pacific.
200 Chesapeake Corp.
2,975 American Tel.& Tel.
500 Sears Roebuck.
350 Consolidated Gas.
(Arthur Lipper & Co.).
1,450 American Can.
5 Sears Roebuck.
4,175 Allied Chemical & Dye
Corp.
(Lober Brothers & Co.).
150 American Tel. & Tel.
20 Schulte Retail Stores.
A Howard.
(Arthur Lipper & Co.).
400 du Pont de Nemours Co.
500 American Telep. & Teleg.
400 Atchison Topeka & Santa
Fe.
(Lober Brothers & Co.).
300 Union Pacific.
800 Air Reduction Co., Inc.
500 American Tel. & Tel.
2,800 American Telep.& Teleg.
200 United States Steel
500 Auburn Auto.
200 Delaware & Hudson RR.
(Arthur Lipper & Co.).
100 American Smelter.
500 General Foods.
100 Allied Chemical & Dye Corp.
Lisser & Rosenkranz (Carl M. Loeb
100 United States Steel.
&Co.).
300 New York Central.
200 du Pont.
100 American Can.
500 Standard Oil of New Jersey.
100 Coca-Cola.
1,200 United States Steel preferred.
400 Pennsylvania RR.
200 American Tel. & Tel.
1'. H. Howell.
(Hirsch. Lillienthal & Co.).
39,200 General Motors.
1,000 Allied Chemical.
W. J. Hughes.
(Carl M.Loeb & Co.).
1,100 Borden & Co.
1,700 Allied Chemical.
500 National Lead Co.
(.3.5. Bache & Co.).
525 Hershey Chocolate.
200 United States Steel.
250 Eastman Kodak Co.
500 General Electric.
500 International Business Machine.
100 Allied Chemical.
300 United Drug, Inc.
400 American Tobacco.
300 Western Union.
(Wortheim & Co.).
150 William Wrigley Jr. Co.
100 American Tel.& Tel.
500 United States Steel preferred.
(1.5. Bache & Co.).
Hyde.
W.T.
300 Standard Oil of California.
1,100 Goodyear Tire.
200 du Pont.
United States Steel.
2000,
100 General Motors.
500 F. W. Woolworth.
2,900 American Tel. & Tel.
C.Levis. (H. Content & Co.).
500 Standard Oil of New Jersey.
Carl Levis & Bach. (Lober Bros.& Co.)
1,100 Kroger Grocery & Baking Co.
100 J. I. Case Co.
Al J. Levy (Schatzkin & Co.).
1,900 International Tel. & Tel.
500 J. I. Case Co.
500 Allied Chemical.
800 American Can.
B. Lissberger (Arthur Lipper & Co.).
385 United States Steel.
600 American Can.
500 Air Reduction Co., Inc.
700 American Tel.& Tel.
400 Chesapeake Corp.
100 J. I. Case Co.
400 Commonwealth & Southern.
Royale Longman (Henderson & Co.).
400 Atchison.
100 Bendix.
100 Texas Corp.
200 Texas Gulf Sulphur.
100 Union Carbide.
100 Safeway Stores.
100 National Dairy.
300 Studebaker.
105 Allied Chemical & Dye.
600 United Fruit.
100 Southern EY.
300 Simmons.
200 General Motors.
100 American Can.
100 Consolidated Gas.
200 Columbian Carbon.
100 United Drug.
200 Johns-Manville.
100 Procter & Gamble.
500 Bethlehem Steel.
500 Union Pacific.
50 Western Union.
100 United States Steel preferred.
100 William Wrigley Jr.
100 Paramount Publix.
100 International Shoe.
(Henderson & Co.)
100 Beechnut Packing.
(Henderson & Co.).
300 National Lead.
(Henderson & Co.).
100 Louisville & Nashville.
(Henderson & Co.).
100 Norfolk & Western.
300 Eastman Kodak.
100 Gold Dust.
100 Goodyear.
100 International Harvester.
300 American Tel.& Tel.
100 Coca-Cola.
C. Madden (M.J. Meehan & Co.).
500 Bethlehem Steel.
700 du Pont de Nemours & Co.
Coleman F. Madden (Charles D. Barney ,4 Co.).
500 Union Pacific.
(Charles D.Barney & Co.).
2;500 Bethlehem Steel.
(Charles D.Barney & Co.).
500 General Motors.
J. W.Maitland(A.M. Kidder & Co.).
500 American Tel.& Tel.
700 American Tel.& Tel.
(Luke,Banks & Weeks)•
700 American Tel.& Tel.
200 North American.
200 United States Steel.
200 Coca-Cola.
200 United States Steel.
200 North American.
(A. M. Kidder & Co.).
200 Eastman Kodak.
200 Internet'. Business Machine.
(Luke, Banks & Weeks.).
200
(Abbot,.Hoppin & Co.).
210 Commonwealth & Sou. pref.
300 General Asphalt.
Robert M.McKeon (Drysdale & Co.).
100 American Tel.& Tel.
500 Reynolds Tobacco Co.
8,000 United Corp.
400 International Shoe.
2,000 Anaconda.
9,900 United States Steel.
(S. B. Chapin & Co.).
4,500 United States Steel.
John Melody.(John Melady & Co.).
200 Consolidated Gas of New York.
400 Consolidated Gm of New York.
900 Canadian Pacific.
300 Chesapeake & Ohio.
200 General Electric.
500 General Electric.
500 United States Steel.
500 du Pont de Nemours.
300 Allied Chemical & Dye.
200 B. M.T.
100 Allied Chemical & Dye.
200 United Gas Improvement.
200 United Gas Improvement.
500 Western Union.
200 North American.
200 Royal Dutch Co.
300 Standard 011 Co.of New Jersey.
100 American Can.
100 Atchison Topeka & Santa Fe.
200 American Telep. dr Teleg.
201) American Telep. & Teleg.
Louis Michelson. (Goodbody & Co.).
100 Atlantic Refining Co.
100 J. I. Case.
150 United States Steel.
100 Mack Trucks, Inc.
175 New York Central.
200 Westinghouse Electric.
50 A. M. Byers Co.
50 United Gas Improvement Co.
100 United Corp.
358 North American.
725 Standard 011 of New Jersey.
100 Chrysler Corp.
200 Texas Gulf Sulphur Co.
225 Bethlehem Steel.
50 American Telep. & Teleg.
B. C. Noidecker. (Livingston & Co.).
1,000 Consol. Gas of New York.
500 North American.
4,000 General Motors.
3,300 United States Steel.
4,000 Westinghouse Electric.
1,500 Westinghouse Electric.
2,000 Canadian Pacific Ry. Co.
300 Coca-Cola.
M. L. Norris. (Norris & Kenly).
10,500 General Motors.
10.500 General Motors.
3015
C. M.Moffett. (Hoge, Underhill& Co.).
300 Vanadium Corp. of America.
500 Milted States Steel.
(Gude, Winraill & Co.).
1,000 General Electric.
3,200 United States Steel.
500 American Can Co.
500 Consol. Gas of New York.
(Hoge. Underhill & Co.).
1,000 United Corp.
1,500 Vanadium.
1,000 Union Carbide & Carbon.
1,000 Bethlehem Steel.
200 Allied Chemical & Dye.
R.Paternotre (Post & Flagg).
12 North American.
1,000 National Power & Light Co.
100 S. T. N.
5,000 Standard 011 of New Jersey.
Ray Patenotre.(Eastman,Dillon & Co.)
800 National Power &Light.
N. W. Peters. (Mahe &
Co.).
1,800 American Can Co.
3,000 General Electric.
1.600 Bethlehem Steel.
400 North American.
1,400 American Telep. & Teleg.
1,000 Alaska Juneau.
800 Westinghouse Electric.
600 New York Central.
1,200 North American Co.
2,500 General Motors.
100 American Telep. & Teleg.
100 General Motors.
H. Denny Pierce.(Goodbody & Co.).
500 Westinghouse Electric.
4,000 United States Steel.
900 American Telep. & Teleg.
500 Allied Chemical & Dye
Co.
Milton E. Reiner Trading Account.
(Milton E. Reiner & Co.).
2,100 Socony-Vacuum.
2,600 Utilities Power &
LightG.B.Robinson. (Dyer,Hudson& Co.).
525 North American.
3,300 du Pont.
2,000 American Telep. & Teleg.
H. B. Ross.(Ettinger & Brand).
9,000 American Telep. & Teleg.
Firm Trading. (F. L. Salomon
& Co.).
500 New York Central.
1,000 Westinghouse Electric.
2,500 United States Steel.
100 Auburn Auto.
500 J. I. Case.
600 American Telep.&
Teleg.
6,000 Internat. Telep. & Teleg.
Rose Scheer. (D. M. Minton &
Co.).
50 W.T. Grant Co.
500 Continental Can.
350 Internat. Buidilness Machine.
1,000 American Can.
300 Eastman Kodak.
200 United States Steel.
1,000 North American.
20 Eastman Kodak.
F. W. Scheldenhelm (Billings, 010°0
& Co.).
200 Consolidated Gas of New York.
1,500 American Tel. & Tel.
100 McKeesport Tinplate.
1,300 United States Steel.
500 Peoples Gas.
1,020 Auburn Automobile.
200 U N Power.
400 American Tobacco common B.
100 Baltimore & Ohio.
1,100 New York Central.
900 J. I. Case.
300 Coca-Cola.
T. F. Scholl & Co.
(F.P.Riatine &Co.).
200 J. I. Case.
100 Atchison Topeka & Santa Fe
200 American Tel.& Tel.
1,200 Stone & Webster.
2,800 Transamerica.
400 North American.
100 Allied Chemical.
Hyman Schwartz and Wrenn Broth.
ers & Co.
600 American & Foreign Power.
2,250 Second National Investors.
S.E.Shahmoon (Hyman & Co.).
500 du Pont.
(H. Hentz & Co.)
500 Continental Can.
(Hyman ,fz Co.)
400 Union Pacific.
(Hirsch, Lilllenthal & Co.)
100 National Lead.
(Hyman & Co.)
300 Atchison Topeka & Santa Fe.
6,000 Adams Express.
(H. Hentz & Co.)
4,000 Adams Express.
(Hirsch, Menthe! & CO.)
2,100 Adams Express.
600 Atchison Topeka & Santa Fe.
500 United States Steel.
300 Canadian Pacific.
W.J. Shea (H. Content & Co.).
200 American Tel.& Tel.
(1.8. Bathe & Co.)
1,500 Procter & Gamble.
Z.G.Simmons(McClave at CO.).
200 Bethlehem Steel.
500 General Electric.
1,400 du Pont.
5.500 du Pont.
300 American Tel. & Tel.
400 New York Central.
100 United States Steel.
700 New York Central.
200 North American.
400 United States Steel.
B.E. Smith (W.E. Hutton & Co.).
5.000 Anaconda Copper.
13.500 General Motors.
1,500 American Tel.& Tel.
6,400 Westhaghouse Electric.
3,600 International Harvester.
C.E.T.Smith (Paige.Smith & Remick).
3,500 Anaconda Copper.
700 du Pont.
Robert D. Sterling (Cyrus J. Lawrence
& Sons).
100 F. W.Woolworth.
1,200 International Nickel of Canada.
1,000 Radio Corp. of America.
4,100 General Electric.
1,000 International Tel. & Tel.
(Phillips & Co.)
500 General Motors.
200 'Union Carbide & Carbon.
(Van WIck & Staving).
400 Cudahy Packing.
Financial Chronicle
B.Smith (Wellington & Co.).
5,000 Westinghouse Electric.
Bernard E. Smith (Ferrol] Brothers).
8.400 Westinghouse Electric.
R. E. Thiel (Thomson & McKinnon).
1,000 Columbia Gas & Electric.
100 American Tel. & Tel.
Richard (Goodbody dc Co.).
2,000 Standard Gas & Electric.
102 Auburn Auto.
Trading Agency, Ltd. (L. F. Rothschild 4c Co.).
500 Bethlehem Steel.
500 Radio.
100 Consolidated Gas.
1,400 due Pont.
300 American Smelting.
300 General Motors.
2,200 Electric Power & Light.
200 Atchison Topeka & Santa Fe.
Travelers Bank(E.F.Hutton & Co.).
275 Bethlehem Steel.
100 Intl. Nickel of Canada.
930 Westinghouse Electric.
10 P. Lorillard.
50 National Dairy Products.
1 Western Union.
1,275 Royal Dutch (N.Y.shares).
50 J. I. Case.
4,280 United States Steel.
100 American Smelting.
35,225 General Motors.
100 Consolidated Gas.
162 American Tel.& Tel.
25 Hudson Motor Car.
100 International Tel. & Tel.
1 Internet!. Business Machines.
C.D.Tripp. (Clement Curtis & Co.).
500 United States Steel.
300 Consolidated Gas.
300 Standard Oil of New Jersey.
200 Pennsylvania RR.
400 American Can.
350 General Electric.
300 du Pont.
1,050 General Motors.
H.Walker. (Ettinger & Brand).
6,000 Case Threshing.
2,000 Auburn Automobile.
Mary Wallace. (E.A.Pierce dr Co.).
100 J. I. Case.
500 Westinghouse Electric.
500 New York Central.
100 Woolworth.
(John Muir & Co.).
200 General Motors.
(E. A. Fierce & Co.).
1,000 United States Steel.
500 du Pont.
400 General Electric.
500 North American.
4,500 General Electric.
300 American Can.
200 American Telep. & Teleg.
100 Auburn Auto.
H.B.Van Wol. (Clement Curtis & Co.).
2,500 General Electric.
100 American Telep. & Teleg.
100 General Electric.
H.A. Walters.(Leopold Spingarn & Co.)
1,100 MLssouri Pacific.
700 United States Steel. preferred.
300 Consolidated Gas.
800 American & Foreign Power.
300 American Telep. & Teleg.
Harry Waters. (Munds, Winslow Jr
Potter).
1,000 Interboro Rapid Transit.
1,000 International Telep. & Teleg.
1,400 Missouri Pacific, preferred.
1,500 Missouri Pacific, common.
100 United States Steel.
700 Consolidated Gas.
3,000 American & Foreign Power.
T. C. Watson. (Lowe & Co.).
3,500 General Motors.
M. Well. (Dyer. Hudson & Co.).
50 Virginia.
(Ettinger & Brand).
11,000 American Can.
C.Weir. (Harriman & Co.).
50 United States Steel, pref.
500 United States Steel.
100 du Pont.
3,805 General Motors.
Mrs. E. Wellington.
6,500 Anaconda Copper.
(Wellington & Co.).
1,000 General Electric.
George Willett. (Belden & Co.).
4,500 Consolidated Oil.
L. S. and G. T. Wisner Jr., Act.
(Thomas L. Manson & Co.).
90 American Locomotive, pref.
190 Consolidated Gas.
90 Continental Insurance.
50 Wheeling Steel, preferred.
90 Universal Leaf Tobacco.
50 Tide Water 011, preferred.
50 Columbia Gas & Electric,Prof.
90 Commonwealth & Southern, pf.
90 Equitable Office Building.
90 FPI.
50 Gimbel Brothers, preferred.
50 Goodyear Tire 4c Rubber, pref.
50 Granite City Steel.
50 S. H. Kress.
50 McCrory.
50 Pittsburgh Coal, pref.
90 Pierce-Arrow Motor, pref.
2,000 I.
90 Fourth National Investors.
270 Eastman Kodak.
100 Atchison Topeka & Santa Fe.
90 Loew's, Inc.
1,965 Auburn Auto.
190 American Can.
1,000 American Telep. & Teleg.
360 Allied Chemical & Dye.
Sales on New York Curb Exchange Totaled
83,550 Shares on April 15.
The New York Curb Exchange announced on April 21
that the short position in all securities as of April 15 1932
was 83,550 shares, compared with 67,823 shares as of
March 31 1932, an increase of 15,727 shares.
During the period covered in the compilation 3,334,359
shares were dealt in.
Short
Under New Ruling of New York Clearing House Association Members in Computing Interest Are Required
to Deduct from Available Credit Balance Amount
of Reserve Called for by Federal Reserve Act-Demand Credits Lose 13% and Time Deposits 3%,
Making Yields 'A% and 1.46%, Respectively.
A change in the method of calculating balances subject to
interest, which will reduce by one-eighth of 1% the interest
paid by clearing banks on demand deposits, was approved by
the Clearing House Committee of the New York Clearing
House on April 18. In the New York "Journal of Commerce"
of April 20 it was explained that through the changes in the
method of calculating interest and without a direct reduction
in rates the New York banks would on April 22 cut interest
payments on time and demand deposits. Under the ruling,
the Clearing House banks (we quote from the New York
"Times" of April 20) in calculating credit balances for interest will make deductions for reserve requirements, which
are 13% in the case of demand deposits and 3% in the case
of time deposits. The "Times" continued:
This means that depositors will receive interest on only 87% of their
demand deposit balances and on 97% of their time deposit balances, instead of on the entire balances as heretofore.
The present interest rates, which were put into effect on Oct. 16 last
are 1% on demand deposits, except deposits of mutual savings banks on
which 1;i% is paid, and 1;4 on time deposits. Under the new method,
depositors will receive approximately 'A of 1% on their full demand deposit
balances and of 1.46% on their time deposit balances.
The current scale of interest rates became effective when the Federal
Reserve Bank of New York advanced its rediscount rate to 33.4%, the
Previous rates having been one-half of 1% for demand deposits and 1% for
time deposits. Since then credit has markedly relaxed and highly liquid
short-term investments, such as now form a large part of the holdings
of the clearing banks, are yielding on the average little more than the rates
that are paid to depositors.
Bankers' acceptances now yield 1 % or only one-quarter of 1% more
than banks will pay on demand deposits under the new regulation, while
an issue of 91 day United States Treasury bills was sold this week at an
average rate of 0.62% some bills being disposed of on a 0.49% basis.
At the same time the Federal Reserve Banks are engaged on a program
of credit expansion calculated to reduce still further the return available
on investments of this character and to leave the interest rate paid on
April 23 1932
deposits still further above the market on choice short-term investments.
In the circumstances, it was said yesterday, the Clearing House committee
may have to act on interest rates again before long.
The notice issued by the Clearing House follows:
NEW YORK CLEARING HOUSE
77-83 Cedar Street.
New York, April 18 1932.
Dear Sir:
At a meeting of the Clearing House Committee held this day,the following
amendment to Ruling No. 15 under Article XI of the constitution was
adopted*
No. 15.
"All members of this association, and non-menbers clearing through a
member, when fixing the amount of the credit balance upon which interest
may be allowed under Article XI of the constitution, must withhold the
amount of the uncollected items until the proceeds therefrom are available
In Federal Reserve funds; and must deduct from such avaiiabie credit balance,
Other than the special interest accounts mentioned in said article, an amount
not less than the reserve required by the Federal Reserve Act to be maintained
by member banks in Central Reserve Cities."
(New matter in Italics.)
This ruling to take effect April 22 1932 as to demand deposits and as to
all new business; and after the expiration of thirty days with respect to time
deposits and certificates of deposit without had maturity but payable
upon notice of thirty days or more.
By order,
CHARLES S. McCAIN, Chairman,
Clearing House Committee.
CLARENCE E. BACON, Manager.
Rates of Interest on Foreign Deposits Unchanged.
The informal committee of bankers under the chairmanship of Gordon S. Rentschler, President of the National
City Bank, which fixes rates of interest paid on foreign
deposits, met on April 21 and took no action, said the
New York "Times," which reports that a reduction has been
considered.
Bankers Acceptance Volume Remains High-Total
Outstanding March 31,$911,290,714-Seasonal Reduction in Month of Only $8,101,166.
The total volume of bankers acceptances outstanding on
March 31st, according to the report of the American Acceptance Council, released April 18 was $911,290,714, a reduction of ,101,166 from the total outstanding on February
29th. Robert H. Bean, Executive Secretary of the American
Acceptance Council, in indicating this in his monthly survey
further states:
Compared with the figures for the end of March 1931. the current report
shows a reduction in one year of $555,445,789 or more than the total volume
that was outstanding in 1927.
In a year of normal business activity, a loss in volume of $8,000.000 for
March would be a reasonable expectation Fall and winter credits mature
In this period and the time for any new seasonal demand,if any is to come,
has not yet arrived. But while the amount of the current reduction Is consistent with former spring records, the causes are not identical.
Trade of all kinds is still on the decline and the demand on banks for
credit accommodation grows less each month, which simply means that the
volume of new bibs created does not exceed or even match the volume of
bills that are daily maturing.
In a large way the acceptance credit business Is dependent upon an active,
constantly growing business volume and until this condition again exists we
must be content with a reduced volume of acceptances.
By comparison with the figures at the end of 1929, the present volume
seems to be abnormally low but it should be recognized that a total volume
of over $900,000.000 in acceptances was considered, prior to 1928, when the
boom period began, to be a very high total. When it is considered that in
the year 1927, when business conditions were at better than the normal
average, the outstanding volume of bills was only $848,000,000, it will be
seen that the present total and the average for the past year of more than
$1.000,000.000 is extremely satisfactory to the makers of acceptances and
the bill market.
The current report of the Council shows some interesting
changes in the
classification totals.
During the month of March, acceptances for export purposes increased
$10,300,000, for export shipment purposes $2,200,000 and to finance goods
stored in or shipped between foreign countries 93,000,000. Against these
gains reductions were shown in the volume of bills for import
purposes
amounting to $13,400,000. for domestic warehouse credit purposes $6,500.000 and for the purpose of creating dollar exchange 83,700,000, making a
net reduction of $8,100,000.
As an index to the trade and financial conditions in many of the smaller
countries with which we trade it is interesting to note that the current
volume of bills to create dollar exchange, now at $22,700,000.is at the lowest
point since March 1927 when it stood at $21,600,000.
The steady reduction in the volume of outstanding bills has made it difficult for the bill dealers, particularly as so large a volume of bills has been
purchased by banks, especially in New York, that do not need to resell to
the market because of their generally easy liquid condition.
At the end of March accepting banks alone held of their own and others
bills $377.000,000 or 41% of the total against $342,000.000 or 37% at the
end of the previous month.
Of the total of $377,000,000 held by accepting banks,$298,000.000 were
held by banks of the 2nd Federal Reserve District principally in New York.
The combined holdings of the Federal Reserve Banks for their own account,
amounting to 868,008,000, for foreign correspondents amounting to $335.000,000, of accepting banks amounting to $377,000,000 and of the dealers
amounting to 818,000,000. made a total of $796,000,000 or 87% of the
total outstanding volume.
With the existing condition of ease In the banks holding such a large volume of acceptances, it is doubtful whether any downward change of rate
will at present be effective in bringing out many bills from the banks'
portfolios.
Recent reductions of % followed by three reduction's of 54 of 1% and
one of ;i% were without any appreciable advantage so far as achieving the
Financial Chronicle
Volume 134
desired result. The Federal Reserve Banks on their on account have
been almost entirely clear of the bill market for some weeks. They are now
holding the smallest portfolio of bills in recent years and have maintained
the buying rate at 2%%, which obviously works against any offering of
bills. The only buying of any importance that the system has been doing
of late weeks has been for the account of foreign correspondents.
Detailed statistics made available by Mr. Bean follow:
TOTAL OF BANKERS' DOLLAR ACCEPTANCES OUTSTANDING FOR
ENTIRE COUNTRY BY FEDERAL RESERVE DISTRICTS.
Mar.31 1932.
Feb. 29 1932. Mar.31 1931.
$54,266,760
732,358,886
15,154,946
12,935,245
2,455,009
9,662,853
52,060,058
2,074,650
1,553,344
1,000,000
2,409,625
25,359,338
857,620,457 8112.494,112
732,905,145 1,143,968,144
24,095,746
15,961.162
21,996,147
13,416,870
9,290,268
2,673,281
12,118,859
10,189,632
80,196,180
51,795,633
2,878,832
2,267,747
4,982,683
2,081,101
750,918
1,050,000
3,051,886
3,013,369
50,912,728
26,417,483
$911,290,714
Federal Reserve District.
$919,391,880 $1,466,736.503
555,445,789
8,101,166
1
2
8
4
5
6
7
8
9
10
11
12
Grand total
Decrease
CLASSIFIED ACCORDING TO NATURE OF CREDIT.
Mar. 31 1932.
Imports
Exports
Domestic shipments
Domestic warehouse credits
Dollar exchange
Based on goods stored in or shipped
between foreign countries
Feb. 29 1932. Mar.31 1931.
$128,786,074
205,384.548
19,541,722
247,623,056
22,739,832
$142,141,000
195,033,914
17,354,177
254,116,410
26,466,049
$212,334,487
389.567,667
36,797.679
245,666,916
62,221,301
287,215,482
284,279.430
520.148,453
CURRENT MARKET QUOTATIONS ON PRIME BANKERS'
ACCEPTANCES APRIL 15 1932.
Days—
30
60
90
Dealers'
Dealers'
Buying Rate. Selling Rate.
1X
14
1 Li
1%
14
iii
Days—
120
150
180
Dealers'
Dealers'
Buying Rate. Selling Rate.
1%
1 iii
1 i
14
Pi
Volume of Commercial Paper Outstanding As Reported
to New York Federal Reserve Bank.
The following was released to-day (April 23) by the
Federal Reserve Bank of New York:
Reports received by this bank from commercial paper dealers show a
total of 8105.606,000 of open market commercial paper outstanding on
March 31 1932.
On earlier dates the figures were as follows:
1931—
1932—
Oct. 31
8210,600,000 Jan. 31
8107,902.000
Nov.30
173,684,384 Feb. 29
102,818,000
Dec. 31
117,714,784
President Pope of Investment Bankers' Association in
Move to Restore Confidence—Urges Members to
Aid in Orderly Marketing of Federal Financing—
SaysiGovernmen Will Continue in Short Term
Market—Declares Redrafted Glass Banking Bill
Would Demoralize Investment Markets—South
American Debt History.
Restoration of confidence is the country's biggest problem to-day, Allan M. Pope, President of the Investment
Bankers' Association of America and Executive Vice-President of the First National Old Colony Corp., told members
of the New York group of the Association at a luncheon on
April 15, at the Bankers' Club in New York City. In a talk
on the investment bankers' part in the united effort to
bring the country out of the depression he described salient
economic conditions and detailed the progressive steps that
have been and are being taken in the co-operative effort to
restore prosperity. The tide of bank failures had unquestionably turned, he said, pointing to the work of the Reconstruction Finance Corporation and the fact that throughout
the entire country in one recent week only five banks had
failed while seven banks had reopened. Six months ago
we were overwhelmed with the problem of the depression,
while to-day, he said, the leaders of thought in this country
were able to proceed with the calm and careful treatment
and cure of this economic disease.
In addition, Colonel Pope indicated significantly that the
Federal Government did not intend to borrow any more new
money after July 1 1932, and, he said, the Government could
be counted on not to bring out long-term bonds during this
, fiscal year. "The Government," he added, "is going to
stick to the short-term market." The market for our longterm Government bonds, he declared, need not react adversely now or in the future for fear of new issues of longterm bonds clogging the market. He urged that investment
bankers make these facts known to all holders and prospective holders of United States Government securities.
Every investment banker could aid in the orderly marketing
3017
of Federal financing and the smaller country banks, he
explained, would find it advantageous to buy short-term
Government securities.
Colonel Pope referred to the redrafted Glass bill, recently
introduced in the Senate, as highly deflationary, as calculated to demoralize the investment markets, and as directly
opposed to the constructive purposes of the Reconstruction
Finance Corporation, the Glass-Steagall bill, and other
measures. Colonel Pope, in declaring against the bill, said:
"The Glass bill would penalize the borrowings by banks from the Federal
Reserve banks in a manner which would not only prevent Government
securities from being as useful as at present, but would immediately cause
their reduction in price and thereby hamper the activities of the Government in floating new issues of securities.
"In addition to this the bill is highly discriminatory against National
banks in favor of State banks, and as such is liable to cause the relinquishing of the National charter by many institutions, which might seriously
affect the general banking principles of the country, and, as such, affect
all investment bankers. It would make it extremely difficult for investment bankers to do business in view of the fact that member banks are
prohibited from beini correspondents for dealers in securities."
Colonel Pope was the principal speaker, and, with Alden
H. Little, Executive Vice-President of the Investment Bankers' Association, was guest of honor at the luncheon at which
Robert B. Christie, Jr., of Dillon, Read & Co., Chairman of
the New York group, presided. The meeting was a part of a
series in which the President of the Association has addressed investment banking groups in 29 principal cities
within the last few weeks in the nation-wide effort of the
Association to co-operate with the Reconstruction Finance
Corporation and other governmental and business organizations in bringing the country out of the depression. Colonel
Pope said in part:
"In the first place it should be clearly understood that we in the United
States are not faced with the seriousness of the world problem. Our problem
is predominantly domestic. We cannot, of course, overlook international
affairs, but to-day they are not bearing down upon us with the heaviness
of internal affairs. We are faced with reasonable and unreasonable fears
at home. Forget the loose talk about the value of the dollar abroad. The
dollar is all right and we are but borrowing needless trouble when we
worry about it. We are copying our friends abroad who have had real
troubles on the score of their own currencies in international markets.
"We had cause for concern when banks failed at the rate they were failing,
and when that concern developed into fear we were confronted with the
very cause of bank failures. This was not allowed to become a vicious
circle and leadership has stepped in to prevent it. I have met a majority
of those chosen to run the Reconstruction Finance Corporation. They are
fearless, able and sound-thinking men, as you and everyone doubtless know.
Their job is to stop banks failing, with the aid of their Corporation and
with the aid of the public.
"The proof of the value of the Reconstruction Finance Corporation is
embodied in the figures of bank failures in recent months. The bank
failures in February were approximately 50% of the bank failures in
January. In March the bank failures were averaging at a rate which, if
the rate continued, would make the total of such failures for the month
only 20% of those in January. For the week ending March 19, only five
banks in the country were closed and seven banks were opened. These
figures indicate without question of doubt that the tide of bank failures
has been turned."
Colonel Pope emphasized graphically the necessity for
balanced budgets and economy in governmental operations,
both State and national, and he gave examples of the mounting costs of government and of extravagances, which, he
said, could no longer be tolerated. In reference to new
Government financing, he said:
"Every investment banker can, in my opinion, become a factor in aiding
In the orderly marketing of the necessary amount of Federal Government
financing. There are, however, a few things in this connection that may
not be generally known.
"It has been stated that the Government does not intend to borrow any
new money after June 30 of this year. I am very certain it is the intention
of the Government to continue under this program. However, it Is absolutely essential in order that this program may be carried out that legislation
be enacted so that the budget of the country during the fiscal year
beginning July 1 not only be balanced but remain balanced. It is very
obvious that under the plan adopted by the Government and announced by
the Secretary of the Treasury it was with the expectation that such legislation would be enacted. It is up to us as citizens of the United States to
see that it is carried out by our legislators.
"I have given this subject much study and have talked with a number
of people. As a result, I think I can say to you, and I think you can say,
and should say, to every prospective purchaser of United States Government securities and to every present owner, that our Government does not
Intend to borrow any more new money after July 1 of this year. This
means that you have to hold your representatives in Congress to the task
of balancing the budget and keeping it balanced. It will and must
be done.
"Second, I am prepared to say to you without fear, and I unhesitatingly
recommend that it also be made generally known, that the Government
does not intend or expect to bring out any long-term bonds at present or
during this fiscal year. If I did not feel sure I knew what I was talking
about, I would not make that statement. This means that the long-term
Government market has no business reacting adversely now or in the future
because of the fear of clogging the market with new issues of long
bonds.
"The Government is going to stick, to the short-term market. We are
not within two billion dollars to-day of the outstanding short-term Government debt of 1921. Then it stood at 5% billion dollars or thereabouts,
and the Under-Secretary of the Treasury paid as high as 6% at the peak
for his money.
"The smaller country banks should be In the market for short-term
United States Government securities. They say they have no money. The
following is the situation, and it is new and is probably not well known.
The Government on Feb. 1 borrowed somewhat ahead of schedule. It did
3018
Financial Chronicle
not need what it borrowed when it received it. What does this mean?
It means that as we go along the Government will be able to leave its
deposits with banks for a longer period. In fact, I am sure that the
result will be that for the next five months the more than ordinary succession of new issues will show less elapsed time between them than the
time a Government deposit remains with a bank as a result of a bank
credit, when a subscription to Government securities is allotted.
"Heretofore collateral eligible to secure a Government deposit with a
bank was becoming increasingly limited due to economic conditions. Now,
however, the Federal Reserve banks have liberalized things. A bank can
secure a Government deposit with various classes of Farm Loan, municipal
and corporate bonds, all explained in Treasury Department Circular No. 92,
which means that in this way their own portfolio can be strengthened and
they can, if obliged to, sell the Governments."
As indicative of possible future developments, Colonel
Pope gave a brief review of South American debt history,
which he said was but little known. In the crisis of 1890,
he said, every South American country with an external
debt, except Ohile, was in default. Not one loan in all South
America was repudiated, said Colonel Pope, citing, as an
example, the record or Argentina and Brazil, and their subdivisions, in meeting their obligations. At home, he said,
American bankers have been criticized for so-called laxness
in foreign lending while abroad foreign governments complain that American bankers are too exacting, in comparison
with British or French bankers.
Deposits in Savings Banks in New York State in First
Quarter of 1932—Smaller Loss Than in Last
Quarter of 1931—Gratifying Gains in February
and March.
In presenting figures of deposits in savings banks of New
York State, the Savings Banks Association of the State of
New York under date of April 15 said:
Deposits in the savings banks of the state increased at an
unprecedented
rate during 1930 and 1931—$210,133,564, exclusive of dividends
credited.
in 1930 and $273,521,427 in 1931. Towards the end of 1931.
was apparent that the rate of increase was slowing up very however, it
appreciably.
Of the $273,521,427 gained during 1931. $181,507,478 was gained
in the
first quarter alone. The gain the second quarter was $79,027,521;
in the
third quarter $36,135.496 and in the fourth quarter there was a
loss of
$30.133,200. All of these figures exclude dividends credited.
First quarter teports for 1932 are now available. indicating a
smaller loss
in deposits than in the last quarter of 1931, namely $8,379,944.
There was
aloes of over $19,000,000 in January, a gain of over $2,000,000 in
February.
and a gain of over 89.000.000 in March. These figures are very
interesting
for while January of this year was the first January on record since
monthly
reports were first compiled in 1925, which did not show an increase,
February
and March 1932 (February and March are usually not as good as
showed gratifying gains,indicating that January was probably the January)
"bottom"
as far as savings deposits are concerned. This conclusion is further
verified
by the fact that while there were small losses in October. November
and
December 1931 and in January 1932, four consecutive months,
gains were
again shown in February and March.
It was realized that the terrific rate of increase in savings bank
deposits
could not continue indefinitely, and the slackening pace
was viewed as a
wholesome development, indicating possibly a
returning confidence in
other types of financial institutions; that the low point
of the depression
was approaching; and that some of the funds which had sought
refuge
In the banks were being used for replacements and some
for other types
of investments. While the markets have not indicated public
participation
to any appreciable degree, bankers report that certain types of
withdrawals
would lead them to believe that a small amount of investment
buying
Is going one.
Of course it is self-evident that the primary cause for the smaller gains
in
savings Is unemployment and the resulting necessity ofdrawing
upon savings
for living expenses. As the depression progresses, this is an
increasing
influence. Fewer people can save at all, and many of those
who do,
can save less. The reports show this clearly. In the first quarter
of
1931 the amount deposited In the banks was $556,705.694.
In the first
quarter of 1932 the amount had dropped to $441,441.359.
Correspondingly, in the first quarter of 1931 withdrawals amounted to
$375,198.216,
while in the first quarter of 1932 the amount increased to
$449.821.303.
Reports covering the number of accounts opened and closed tell the same
story. In the first quarter of 1931. the number of accounts opened was
409.289, while in the first quarter of 1932, the number dropped to 310,466.
Correspondingly, in the first quarter of 1931, the number of accounts closed
was 200,847 while in the first quarter of 1932, the number of accounts
closed increased to 241.896.
Looking back over savings bank records in other periods of depression, it
seems impossible to draw general conclusions except that it seems very clear
that savings deposits do increase rapidly in the early period of depression,
slowing down as people increasingly feel the pressure of unfavorable conditions and gradually increasing again as the clouds of depression lift.
The savings banks have greater reason than ever for gratification for
their record of usefulness at a time when the need is great. In January of
this year they paid out more money than in any single month on record.
What other group of institutions have had such an uninterrupted record of
repayment of principal, on demand and 100 cents on the dollar, with uninterrupted payment of as liberal a rate of dividends as is consistent with
safety?
Looking forward to the future, savings bankers do not anticipate a year
which will show the unusual gains of 1930 and 1931. but they believe that
people have learned a real lesson, that they have learned to appreciate the
conservative, old-line mutual savings banks as they never have before, and
that as prosperity returns, a wholesome increase of savings in savings banks
will continue.
Comparisons With Preceding Quarters.
Comparisons with preceding "first quarters" are very interesting While
1932 does not compare altogether favorably with preceding periods of prosperity, the first quarter reports of the savings banks without doubt make
much more optimistic reading than first quarter reports of corporations
which will shortly be forthcoming. The most encouraging factor is that
the number of open accounts has steadily increased, and the total Is now
5,786.332. The gain in open accounts during the first quarter of 1932 was
68,570. compared with 63,188 in the last quarter of 1931.
April 23 1932
New York State.
Net
Amount Due
Gain in
Depositors
Accounts.
April 1.
68.570
$5.265.674,985
208,442
4.958,785,152
74,671
4,449,552.130
77.964
4,408.236,848
78.562
4,246,325,769
74,422
3,950,379,025
70,991
3,634,918,440
66,203
3.344.918,266
New York City.
Net Gain
Net
Amount Due
F First
or Loss
Gain in
Depositors
Quarter.
in Deposits.*
Accounts.
April 1.
1932
—$ 3,891.173
63,147
$4,138,467,573
1931
— 170,854.437
197,529
3,947,288,040
1930
— 75.446,823
63,311
3,485,425,495
1929
— 23,014.898
72,881
3.443.099,690
1928
— 68,888.929
64.374
3,284,596,196
1927
+ 74,615,857
61.998
3,048.290,545
1926
+ 49,138,159
59.089
2,805,568,520
1925
-I- 60,432,288
55,893
2,625,827,898
*Exclusive of dividends credited.
First
Quarter.
1932
1931
1930
1929
1928
1927
1926
1925
Net Gain
or Loss
in Deposits.*
8.379,944
± 181,507,478
+ 79.670,608
+ 14,549,898
+ 53,555.531
+ 69,958,952
-I- 48,062,582
+ 57,919,651
Number
of Open
Accounts.
5,786.332
5,436,185
5,097.111
4,945.390
4,818.835
4,670,617
4,509,961
4,246,574
Number
of Open
Accounts.
4.271,519
4,014,253
3,694,886
3,560,829
3,425.078
3,312,011
3,204,137
3,051,649
Statements by Senators Carter Glass, Norbeck and
Walcott on Newly Revised Glass Banking Bill—
Two Amendments by Senate Committee.
With the action of the Senate Banking and Currency
Committee on April 16 in ordering favorably reported the
redrafted Glass banking bill, Senator Carter Glass issued
a statement saying:
The Senate Banking and Currency Committee,
with a single negative
vote, authorized Senator Glass to report the
so-called Glass banking hill,
S. 4115, modified to date, to the Senate with the
recommendation that It
be passed.
Several members reserved the right to propose certain amendments
on
the floor which were offered in the Committee and
rejected. These amendments relate chiefly to the branch banking
features of the bill; one of
them, however, constituted an effort to tighten
rather drastically Section 8
of the measure dealing with the use of funds of
member banks for speculative
purposes.
The Virginia Senator was cordially congratulated
by his colleagues of
the Banking and Currency Committee and was particularly =amended by
the members of the subcommittee which has been
working on the banking
problem since February 1931.
According to the New York "Times," on motion of Senator
Barkley, the Committee on April 18 included in the bill a
new section to give Federal District Courts jurisdiction over
cases arising out of foreign financial banking transactions.
It is stated that Senator Glass announced that he did not
sponsor the section, and that Mr. Barkley would have to
defend it on the floor of the Senate. In the account from
Washington, April 16, to the New York "Herald Tribune,"
we take the following:
Another amendment which was adopted applies to a provision which
limits a bank to purchasing and holding not to exceed 10%
of the total
amount of any issue or investment securities of any one obligor or maker.
The amendment says this limitation shall not apply to an issue the total
of which does not exceed $100,000 and also does not exceed 50% of the
capital of the banking association.
The redrafting of the bill by the Glass subcommittee and
Its presentation to the full Senate and Banking Committee
was noted in our issue of April 16, page 2840, wherein was
also given an outline of the principal provisions of the bill
In its latest revised shape. From the "United States Daily"
of April 18 we take the following:
After 14 months of consideration by the subcommittee, the measure will
go before the Senate, its author declared, as a proposal to accomplish "exactly
what Congress authorized us to seek in the way of legislation." He
added in an oral statement that it would check speculation, in his opinion,
to a considerable extent and that it makes mandatory enforcement of certain
present provisions against use of credit for speculative purposes.
Senator Glass Explains Changes,
The Virginia Senator issued a formal statement, after the Committee had
approved the measure with two amendments added to the subcommittee bill,
setting forth the changes made from the bill that was offered in the Senate
a month ago.
Senator Glass pointed out that there was some objection registered in
the Committee to the State-wide branch banking provision, but that it was
not sufficient, in his opinion, to cause much delay in passage of
the legislation through the Senate.
One of the amendments added by the Committee dealt with jurisdictional
questions of courts regarding foreign operations of
banks, and Senator
Norbeck (Rep.), of South Dakota, the Chairman, said
it was purely
rider which effected no change in policy.
Market Provision Unchanged.
No change is made in the current bill from earlier
copies
regards the
open market committee that was proposed in them, nor as
was there any
alteration of the principle of Federal Reserve Board
supervision of foreign
banking arrangements entered into by member banks of the
Reserve
System. The earlier provision that eliminated the Secretary Federal
of the Treasury
as an ex-officio member of the Federal Reserve Board
also was retained,
Senator Glass said.
Senator Walcott (Rep.), of Connecticut, who has served with Senator
Glass and others on the subcommittee that drew the measure, described
the provisions of the measure dealing with circulation as of a character to
set up "a red flag and to permit the Board to enforce stops at stop signs."
He explained that proposals respecting changes in reserve requirements
had been omitted for the subcommittee felt it was unwise to attempt the
use of untried experiments under present conditions.
Opposed by Senator Norbeck.
The branch banking features of the bill were opposed by Senator Norbeck,
the Committee Chairman stated. He gave no reason for his opposition,
but announced his intention to state his views on the floor of the Senate
when the bill is taken up for consideration.
Volume 134
Financial Chronicle
Senator Norbeck said he did not know how soon it could be reached on
bill to
the Senate calendar, on which priority has been given to the Hale
build the Navy to the limits of the London Treaty, and several other
measures in addition to appropriation bills and the new revenue legislation.
The following is the statement issued by Senator Glass
on April 16:
Statement by Senator Glass.
In his statement about the bill Senator Glass said:
"Quite a few changes have been made in the technique of the bill; there
has been considerable clarification of nomenclature and likewise there have
been cleared away some of the misinterpretations so repeatedly presented
and corrected at the hearings ended two weeks ago.
"However, not a fundamental provision of the original bill has been
materially altered. The subcommittee simply devoted itself to stripping
the measure of certain features which afforded the enemies of all banking
legislation a plausible excuse to raise objections and gave them tenable
ground to initiate propaganda and to stimulate antagonisms.
"Undoubtedly there were obscurities of language in the bill as originally
drafted, which prompted some perfectly sound and honest bankers to ascribe
to the measure certain deflationary effects. These provisions were explained as the hearings progressed and the language of the modified bill
has made clearer the intent. We have good reason to suppose that the
reasonable objectors are now quite content to have the bill become a law.
"The subcommittee, as now the full Committee, accepted literally some of
the alternations suggested unanimously by the Federal Reserve Board, and
rejected others. For example, we accepted without changing a word the
Board's proposed Section 8 of the bill, dealing with vital powers of the
Board itself, embodied textually and by every reasonable implication in
existing law, but more certainly and imperatively expressed in the provision recommended by the Board.
"This provision of the bill adds little to the powers of the Board but
gives unmistakable emphasis to its obligations. This Section 3 is simply
more comprehensive and snore unmistakable than Section 3 of the original
bill. It enables the Federal Reserve Board to safeguard the Reserve funds
of the country against the depredations of speculating interest, even when
Federal Reserve banks shall prove derelict in this respect.
"Another vital provision of the bill is Section 8, dealing in a rather more
peremptory way with this problem. This section has been modified by
eliminating the minimum penalty of 1% in the use of 15-day paper by
member banks on their direct promissory notes.
"Some of us felt from the beginning that this penalizing clause was
unnecessary, since Federal Reserve banks, with the approval of the Federal
Reserve Board, are authorized by existing law to establish at their discretion
rates for such transactions. Hence this change was made without dissent
in the subcommittee or the general committee, particularly as it cut the
ground from under those objectors who seemed simple enough to think that
the United States Government is unable to float its obligations without
the actual aid of the Federal Reserve banks.
"No member of the subcommittee or of the general committee expressed
the slightest dissent from the requirements of this section, but several
members of the Committee proposed to extend and stiffen these requirements
in a rather drastic way. However, this was not done by the Committee,
but the proponents of the proposition reserved the right to renew the
attempt in the Senate.
"The subcommittee, approved unanimously by the general Committee,
somewhat altered the set-up of the Liquidating Corporation, both as to
its capitalization and its executive administration. Instead of the board
of directors consisting of 14 members, we have provided for a board of five
members, one of them the Comptroller of the Currency, one a member of
the Federal Reserve Board to be designated by that body, and three
selected annually by the governors of the 12 Federal Reserve banks.
"The capital of the Liquidating Corporation is to be $125,000,000, to be
appropriated from the Treasury as a partial return of the franchise tax
paid into the Treasury out of the earnings of the Federal Reserve System.
This recaptured sum is to be regarded as paid-in surplus.
"The capital stock of the Liquidating Corporation is to be further augmented by a contribution from the 12 Federal Reserve banks equal to onequarter of their surplus funds as of July 1 1932, and by a subscription from
member banks of one-quarter to 1% of the total deposits as of July 1 1932.
"One-half of the subscription by the Federal Reserve banks and by the
member banks will be callable at once; it is not expected that the other
half will ever be called, although subject to be called at the discretion of
the board of directors.
"The board of directors is authorized also to issue debentures, if ever
necessary, to the amount of twice the established capital of the Liquidating
Corporation. Seventy per cent. of the earnings of the Corporation goes to
the revolving fund and 30% as an additional dividend to member banks of
the Federal Reserve System.
Branch Banking Widened.
"Another, and extremely controversial, alteration in the bill relates
to branch banking. The bill originally provided for branch banking by
National banks in those States that permitted State-wide branch banking.
The bill as modified authorizes National banks to engage in State-wide
branch banking, under the specific regulations, in all the States regardless
of State laws on the subject. An attempt was made in committee to alter
this requirement by confining branch banking to those States which permit
branch banking by State law, but the Committee, by a very considerable
majority, declined to make the change.
"We eliminated from the bill the real estate revaluation clause, which
was regarded as both impracticable and undesirable but which constituted
a peg upon which 'deflationary' protestants hung objection. We also
eliminated from the bill all of the proposed changes in Reserve requirements. The suggested restoration of 7% reserve behind time deposits was
prompted by the utterly irregular manipulation of deposits by a large
percentage of bankers who were intent upon evading the law.
"The Committee thought, and has not changed its judgment, that the
long period of five years over which this readjustment was to be made
would easily enable the banks to replace themselves in a sound reserve
status; but the consensus of opinion in the Committee was that this
requirement was not sufficiently important at this time to endanger in
the slightest degree a banking measure embracing many vital reforms.
Federal Reserve Board's "Velocity Proposal" Omitted.
"For the same reason we omitted the Federal Reserve Board's 'velocity
proposal,' which may be brought to the attention of the Congress later in a
separate bill.
"The administrative features of the bill relating to investment affiliates
and holding company affiliates were modified in some particulars to obviate
certain objections that had been suggested; but with the important changes
that have been indicated the measure remains fundamentally unaltered in
its constructive and corrective features.
"The action of the Senate Banking and Currency Committee was far
from perfunctory; it approved the bill heartily as, perhaps, the most
3019
important banking legislation proposed since the adoption of the Federal
Reserve Act."
The following from Washington, April 16, is from the
"Times":
Many Parts Are Unaltered.
Many features of the bill introduced in March were left unchanged.
For instance, there are no changes in the sections legalizing open market
operations, authorizing Federal Reserve control of foreign financial transactions, and supplanting the Secretary of the Treasury with the Comptroller
of the Currency as an ex-officio member of the Reserve Board.
Likewise, the Board still possesses power to dismiss directors or officers
of member banks guilty of persistent law violation, or engaging in unsound
banking practices.
Under the branch banking sections, National banks may establish these
branches if capitalized at $500,000 or more, but the capital must cover
the main office and all branches. Branches may also be established beyond
State lines up to a 50-mile radius from the parent bank, if such brunches
are within trade territory.
Holding companies must have adequate reserves aside from bank stock,
which is to be built up to a maximum of 25%, unless the charter imposes
double liability on group company stockholders. All affiliates, whether
or not in the Reserve System, are subject to examination and report
Banks are forbidden from purchasing and selling securities for customers'
accounts, except solely on order and for the customer's account The banks
may buy for their account and sell to customers, Government and State
obligations and farm loan securities.
The investment of member banks is restricted to 10% of any one issue of
any one obligor, and for the total amount of any one obligor, to 15% of the
capital and 25% of the surplus of the banks. The Committee to-day made
an exception that the 10% shall not apply where the issue is $100,000 or lees
and does not exceed 50% of the bank's capital.
The bill prevents banks from being used as mediums for placing outside
money at the disposal of the call market. It fixes the minimum capital
for new National banks at $50,000, and the same limitation upon State bank
members hereafter admitted to the Reserve System.
Loans Are Safeguarded.
Restrictions are inserted to safeguard loans to affiliates and to others
on securities of affiliates. These limit to 10% of the capital and surplus
of a bank the institution's investment in the securities of an affiliate or
Its loan to that affiliate or upon its securities as collateral.
A 20% restriction is made in the case of securities of all affiliates.
All loans to affiliates must be secured by collateral with a market value
of at least 20% above the loan, or 10% in the case of State or local
subdivision securities.
Those portions of the bill aimed at stock speculation attracted the moat
attention when the measure was acted on.
"It certainly should stop this practice," Mr. Glees said. "If access to
the reserve funds for this purpose is prevented, the fever must abate. We
have prevented the use of the funds for brokers' loans. The right to
prevent this has existed, but we have made it mandatory."
"Section 3, which we have taken from the Reserve Board's recommendations, does not add material new powers to stop speculation," Senator Walcott stated, "but it sets up a red flag against excessive speculation, and
leaves it with the board to issue warnings and stop loans if necessary."
The section to which Mr. Walcott alluded reads:
"Said Board shall administer the affairs of said banks fairly and Impartially
and without discrimination In favor of ar against any member bank or banks and
shall, subject to the provisions of law and the orders of the Federal Reserve Board,
extend to any member bank any discounts, advancements and accommodations
as may be safely and reasonably made with due regard for the claims and demands
of other banks."
Bar on Speculation.
In addition the bill carries a section providing that if member banks
use 15-day loans for speculative purposes they may be suspended from the
Reserve System for indefinite periods, after sufficient warning. It was
from this section that the additional rate of 1% on 15-day loans was
stricken.
The section was changed in an interesting particular. In the former
bill, the member banks were forbidden from increasing their loans "made
upon collateral security," or for speculation. But now, in order to define
the character of collateral, the banks must not increase loans "secured by
collateral in the form of stocks, bonds, debentureea or other such obligations," or for speculation.
Glass Banking Bill Seen by Senator Bulkley As Big
Aid to Banks—Believes There Is No Widespread
Opposition to Measure—Passage, However, Not
Predicted—Analysis of Bill.
"Beneficent effects comparable to those from the Federal
Reserve Act itself" would follow passage of the Glass banking
reform bill introduced in the Senate yesterday, Senator
Robert J. Bulkley of Ohio said in an address on April 18 in
New York at the annual dinner of the Columbia University
School of Business Alumni Association. We learn that
Senator Bulkley spoke extemporaneously and hence we make
use of the following account of his remarks, as given in the
New York "Evening Post" of April 19:
He maintained that one of the greatest needs,at present,is for restoration
of confidence in our banking system and said that the provisions of this
bill "are so sound and so true that they will have an important effect in
restoring such confidence."
Opposition to the Glass bill, Senator Bulkley said, has been "partly
the result of misunderstanding and partly the result of fear." He stated
that this has been "fed and fanned until the bill has appeared as unpopular
throughout the country."
American Bankers' Association Joins Opposition.
The Senator does not believe that there is such widespread opposition
to the bill as the recent hearings in Washington would indicate. He said
that two thirds of those who testified in these hearing's were brought in
by the American Bankers' Association, which had suggested to them what
they should say.
In his address Senator Bulkley gave a detailed and technical analysis
of the bill. He listed four provisions as the major points involved and
some eight or 10 minor reforms which experience has shown to be necessary.
The major provisions were.
(a) Prevention of Federal Reserve credit being used unduly for speculative purposes:
3020
Financial Chronicle
(b) Separation of security affiliates from commercial banks and the
prohibition of commercial banks from underwriting securities;
(c) Creation of a corporation to liquidate the assets of failed member
banks, and
(d) Provision that National banks with a capital of not less than $500,000
may establish branches throughout the State in which they are located
or within a radius of 50 miles, regardless of State lines.
April 23 1932
likely to oppose several features, including those relating to segregation of
security affiliates of member banks and the open market provisions, which
in their present form virtually duplicate the suggestions of Governor Eugene
Meyer Jr., of the Federal Reserve Board.
Among New York City bankers, removal of a number of restrictions
and above all elimination of the penalty rate on advances from Federal
Reserve banks secured by Government bonds, are regarded as constructive
changes in the bill. A number of institutions that have security, affiliates
object strongly to being compelled to divorce them, however, saying
that
the main purpose of such a step could be obtained by supervising
and
regulating the affiliates and their relations with the parent bank, without
compelling complete segregation. Several bankers believe that
organized
opposition to the measure would continue from metropolitan bankers as
long as this provision of the law is not modified.
Minor Points.
Among the minor points of reform specifically mentioned by the Senator
were:
(a) Removal of the Secretary of the Treasury from membership on the
Federal Reserve Board;
(b) Prohibition of commercial banks making brokers' loans for the
account of other than banks;
(c) Limitation of the percentage of its capital and surplus which a comSecurity Issues.
mercial bank may make to its affiliates:
The other major objection applies to restrictions on the
investment
Requirement that commercial bank affiliates make reports and be
(d)
activities of the banks. Section 14 provides that National banks
"shall
subject to examination;
not underwAte any issue of securities." Another provision that
is not
(e) Elimination of the provision that surplus earnings of the Federal
liked by several trust companies is one limiting total investment
in and
Reserve banks must be paid to the Federal Government as a franchise tax;
advances to security affiliates of member State institutions to 10%
of the
(f) Increase of the minimum capital requirement for National banks
capital and surplus of such institutions.
organized hereafter from $25,000 to $50,000:
The opinion is again voiced that a number of National banks
may be
(g) Limitation of the amount of its funds which a National bank may
driven out of the National Banking System by the new law, and
that a
invest in bank premises;
number of banks may leave the Reserve System entirely.
It was ad(h) Increase in the control by the Federal Reserve Board of negotiations
mitted, however, in some instances that Statewide branch banking
would
between forei m cential banks and the various Federal Reserve banks;
tend to keep a larger proportion of the banking resources of the
country
(i) ProhititIon of bank stock-holding companies being able to control
within the Federal Reserve and National Banking Systems.
the election of the board of directors of the Federal Reserve bank of its
district, and
(j) Authority of Reserve officials to remove a member bank official
Federal Reserve Banks Buy United States Bonds to
guilty of continuing unsound practices after having received a warning.
In the various revisions of the Glass bill Senator Bulkley said the major
Raise Prices—Mark Sullivan Explains New Policy
lines of reform had been retained with one exception. This has been in
Designed to Meet Demand for More Money—Take
connection with the legal reserve requirements against deposits.
$100,000,000 a Week.
Compl.cated Provisions.
The following by Mark Sullivan, Washington corresponIn the first draft of the bill complicated provisions for dividing deposits
into three classes were provided. In the second draft these were simdent of the New York "Herald Tribune" and copyrighted
piffled through a requirement that the reserve against time deposits gradby that paper, appeared in the April 19 issue of that paper:
ually be raised to the 7, 10 or 13% required against demand deposits in
The Federal Reserve System, under the leadership of Governor Eugene
country, reserve city and central reserve city banks respectively.
Meyer, has begun aggressively a policy which the financial world calls
As an alternative to these the Federal Reserve Board suggested a reserve
buying Government securities in "open market operations." The policy,
based upon the velocity of deposits. This was considered by the Comin terms familiar to the average man, is intended to bring about rising
mittee too novel to be included at this time, and since any increase in reserve
prices of commodities and of securities also.
requirements, such as was included in the bill earlier, would tend to have
It is worth while to try to make clear to readers the process by which
a deflationary effect, the Committee decided to omit any change at this
this new policy results in higher prices. One reason why public undertime.
standing is desirable is that the policy Is an answer to the increasing call
Provisions governing real estate loans contained in earlier drafts also
for "more money," for "cheap money," and for "inflation." Most of
have been eliminated because of their possible deflationary effect.
these demands ask for the wrong kind of cheap money and the wrong
Wording Clarified.
•
kind of inflation. It is realized, among other reasons for the new policy,
In those places where there was a misunderstanding because of the
that unless more money of the right kind is provided, the demand for the
language, the wording has been changed with a view of clarification,
wrong kind will grow stronger in Congress and in the National convention
according to the Senator. The most noteworthy of these is in connection
of one or both parties.
with the security holdings of commercial banks. In the earlier draft there
Buying $100,000,000 a Week.
was a provision which was interpreted by many to limit the entire inThe first step in grasping the Federal Reserve System's new policy is to
vestment holdings of a bank to 15% of its capital and 25% of its unimpaired
understand that there are two kinds of money. One is currency, the coins
surplus. The present draft makes it clear that this limitation refers only
and notes which every one carries in his pocket. The other kind is "credit
to the obligations of a single obllger and does not impose any restriction
money," the kind of money represented by the credit of a depositor or
upon the total holdings of a bank. That this was the meaning of the.
a borrower from a bank. One kind is as good as the other. To attempt
provision in question was explained in an exclusive statement to the "Post'
arbitrarily to increase the first kind, currency, is always dangerous. To
by Senator Glass Feb. 4.
Increase the quantity of credit money, however, is, under present conSignificant Change.
ditions, entirely safe and entirely laudable. On this point there is no
The clarification of this provision is regarded as especially significant
disagreement. It is to increasing the quantity of credit money that the
because it largely was because of this misunderstanding that the bill was
Federal Reserve System has now dedicated itself.
held to be so deflationary. In the present draft the limitation is made
The process consists, as its first step, of the purchase by the System of
to apply only, to future purchases, so that no liquidation of securities
$100.000.000 of Government bonds each week. The Board is expected to
would be necessitated by passage of the bill.
keep this up for eight weeks at least. The bonds are purchased in the
The provision requiring the separation of security affiliates from their
open market, chiefly from banks. When the System buys a $1,000 Govparent commercial banks allows three years in which the change may be
ernment bond from a bank in Des Moines or Spokane or Oklahoma City
made. It does not require a liquidation of the affiliate, but that its stock
the System gives the bank $1,000 in currency in payment. The bank now
must be transferable separately from that of the parentinstitution. Senator
has in its vaults $1,000 which it did not have before. Upon this $1.000
Bulkley characterized this provision as "gentle but decisive."
the bank makes no profit. To make any profit the bank must loan the
Senator Bulkley expects that the revised form of the bill will receive
$1,000 to a customer. It is to be presumed that the bank will be eager
widespread banking support throughout the country. Nevertheless, he
to do this.
did not make a prediction that the bill would pass.
How Credit Money Is Created.
An item bearing on the revised Glass banking bill apIt is at this point that the bank, and also the customer, must play their
peared in our issue of April 16, page 2840.
part in order to bring about the increase of credit money and the rise in
prices which is the Federal Reserve System's purpose. Up to this point
in the process the System has done nothing directly to increase the quanBanks Still Oppose Curb on Affiliates in New Glass tity of credit money. All it has done and all it can do is to create the
The new
Bill—Other Provisions Regarded More Favorably opportunity for more credit money.bank loans credit money actually
does not come into existence until the
its money to a customer.
Than As Originally Drafted—Branch Provision
Therefore, in the situation as it now exists, the great need is that banks
should lend and that customers should borrow. Through that
Wins Favor—Hold Attitude of Reserve Board and
process
more money is created. Through that process
• New York District Bank Differ on Open Market every sort of commodity should rise, as well prices of wheat, cotton and
as the prices of securities.
To put it concretely the means by which this depression can now be brought
Policy.
toward an end is for large numbers
Opposition to those provisions of the newly revised Glass their banks, borrow money from themof business men and others to go to
and with this money buy something.
For the National purpose the buying of some things is better than
bill which provide for segregation of affiliates of National
the
buying
banks within a three-year period and prevent banks from The of other things. The buying of almost anything, however, is good.
way at once to help and to be helped is to buy something, whether
underwriting new issues of securities will continue, despite to manufacture it. or merely to sell it again later, or just to consume
it.
provisions of other parts of the measure, a survey of banking The result of such transactions in the aggregate will tend to raise prices of
everything from land to all sorts of goods. Assuming the result is to be
opinion in New York on April 18 indicated, it was stated in what the Federal
Reserve System intends, and almost infallibly
the New York "Journal of Commerce" of April 19, which be so, it follows that those who buy earliest will profit most. this must
went on to say:
A Way Out of Depression.
The new Glass bill, it Is recognized, is far more pleasing to the banking
This attempt to explain the now policy of the Federal Reserve System
community in general than its two predecessors, in view of elimination and
in terms familiar to the average man necessarily omits many technical
modification of a number of the restrictions previously contained in it,
qualifications. The advice to the average man to borrow and buy runs
and the addition of broad Statewide branch banking powers for National
counter in many cases to his present fears and his instinct to save. Neverbanks. The latter provision especially, it is said, has won a large amount
theless, the aggregate of many men buying, and in the case of business
of support for it from bankers, especially from among
group bank ormen, borrowing in order to buy, constitutes the way out of this depression.
ganizations in the West that desire to convert their organization into
A Pennsylvania newspaper, "The Harrisburg Telegraph," asked in
branch banking systems.
despair the other day, "Courage, where Is it?" The place where it is now
Federal Reserve Views.
needed is in the average man, and especiatly in the banks. Practically
A marked divergence of opinion with
regard to banking law changes
infallibly, the new policy of the Federal Reserve System must have the
in general, and the Glass bill in particular,
is reported developing between
result intended. It has always had that result in the past. Each weekly
the Federal Reserve Board and the Federal
Reserve Bank of New York.
purchase of $100,000 worth of Government bonds creates a potential
The former is expected to support the present form
of the Glass bill, on
$300,000,000 or 8400,000,000 of credit money. This potentiality, piling up
the ground that many of its suggestions are included
and objectionable
in the banks week after week, should create higher prices as surely as a
features eliminated. The local Reserve Bank, on the other
hand, is held
law of physics, such as rain permeating soil.
Volume 134
Financial Chronicle
Steagall Bill for Guarantee of Deposits in National
Banks Favorably Reported by House Committee—
Measure to Amend National Bank Laws and
Reserve Act Would Form $1,000,000,000 Fund.
The House Committee on Banking and Currency on April
18 formally reported to the House the Steagall bill (H. R.
11362) to amend the National Banking Act and the Federal
Reserve Act and to provide a guaranty fund for depositors
in banks.
The bill contains four chief provisions, says the "United
States Daily," viz:
Creation of $1,000,000,000 in resources to guarantee
bank deposits;
Fixing $50,000 plus a 10% surplus as the minimum capital
requirement for National bank charters;
Elimination of double liability of National bank stockholders;
A 4% maximum in interest payable on Federal Reserve
member bank deposits. The "Daily" of April 20 added:
Guaranty Fund Provision.
The guaranty fund would include $150,000,000 paid into the Treasury
in franchise taxes and a like amount taken from Reserve bank surpluses.
A $100,000,000 assessment would be levied against member banks by the
Federal Liquidating Board, created to administer the fund. The Board
would have authority to levy an additional $100,000,000 annually against
member banks, and is given a $500,000,000 credit on the Reconstruction
Finance Corporation.
State banks would participate in the guaranty provisions upon payment
of double assessment.
"The bill does not provide for Government guaranty of deposits." the
report said. "The fund is to be raised by the bank. The initial fund—
approximately *300.000,000-1s to be derived entirely from earnings of
the Federal Reserve banks.
Estimation of Cost.
"Any insurance plan is to be calculated on the cost covering a period of
Years. Experience shows that over any extended period total losses to
depositors in the United States have not reached serious proportions. In
a statement before the Committee on Banking and Currency the Comptroller of the Currency testified that the total loss to depositors in National
banks and member banks from the enactment of the National Bank Law
down to 1930 amounts to only $82,000,000.
"Since then the number of failures and deposits involved have been unprecedented. During the last 10 years 7,800 have failed, having deposits
of S2,500.000.000. This is the worst period in history. Surely we shall
not have another such experience.
"But the fund established by this bill would have been more than ample
-year period.
to have carried out, the purpose contemplated over the last 10
Welfare of Public.
"The test to be applied in this legislation, as In all other,is its effect upon
the public welfare. Banks are the creatures of Government, established
primarily for public service and the promotion and development of agriculture, industry and commerce.
"It is not fair to say that our present banking system fails to afford this
service in a measure essential to National welfare. Present conditions
must not be accepted as permanent. They constitute a challenge to the
courage and constructive leadership of Congress. We must find a remedy.
The first step Is a sound plan for the protection of depositors."
Items regarding the Steagall deposit guarantee bill appeared in these columns March 12, page 1879, and April 16,
page 2837.
Guaranty Fund Payment Planned by South Dakota—
Distribution of $275,000 to Holders of Guarantee
Certificates Under Old Statute Announced,
The Superintendent of Banks, E. A. Ruden, has announced plans for the distribution of $275,000 to the holders
of deposit guarantee certificates, under the former State
statute providing for a guarantee fund for deposits in State
banks. This is learned from Pierre (S. D.) advices April 19
to the "United States Daily" from which we also take the
following:
The high point in the amount due depositors in closed banks under the
guaranty plan, Mr. Ruden stated orally, was approximately $36,000,000,
following the bank failures which came after the World War. The deposits of about 225 banks were involved. The $1,000.000 which was in
the fund was tied up in litigation, during which over $600,000 of it was
involved in the failure of other banks where it was on deposit, leaving only
about $400.000 to be distributed. The amount now being distributed
represents about .4 of 1% of the $38,000,000.
1
Text of Statement.
Mr. Ruden's formal statement follows in full text:
At a regular meeting of the South Dakota Depositors' Guaranty Fund
Commission held on April 12 1932, a resolution was passed authorizing the
of
Superintendent of Banks to make arrangements for the payment of a
1% dividend to the holders of guaranty fund certificates. The amount
distributed will be about $275,000.
There are suits pending against the guaranty fund aggregating about
$90,000. which are alleged to be preferred claims against this fund. Total
amount due from open banks as of March 31 was $417,123.80. Amount
due on claims against various closed banks, 8024,953.35.
There were about 100,000 guaranty fund certificates issued for claims
against closed banks entitled to participation in this fund; therefore, the
payment of this dividend will entail a great amount of clerical work and
it will take ,ome considerable time to complete the work incident thereto.
The work in the banking department is rather slack at this time and for
that reason we hope to be able to handle the payment of this dividend
without taking on any additional help.
Payment of the dividend will be, so far as possible, paid through the
banks in the general localities where the closed banks are situated.
3021
The Supreme Court said that in making distribution. Chapter 100, Laws
of 1925 should be the guide. This chapter provides that dividends paid
by the guaranty fund should be computed on the unpaid balance of certificates of indentedness outstanding on the second Tuesday of April.
In accordance therewith, the Commission passed a resolution authorizing
payment of the dividend on the unpaid balance of the certificates as of
April 12 1932.
On:y creditors of banks that suspended prior to July 1 1927 will participate in the dividend as repeal of the old guaranty fund law went into
effect at that time. To avoid congestion in the office and facilitate the
work, the guaranty fund certificates of indebtedness will probably be
called in in the order of the closing of the respective banks. As soon as
the preliminary work has been completed, notice of this payment will be
sent to the creditors of the respective banks from time to time just as fast
as we get around to set up the dividend records and issue the checks.
Annual Meeting of Stockholders' Association of Richmond Federal Reserve Bank—Tyler Meadows El
ected President.
J. Tyler Meadows, President of the First National Exchange Bank of Roanoke, was elected President of the Stockholders' Association of the Federal Reserve Bank of Richmond
at its eighth annual meeting at Richmond on April 15.
More than 150 bankers from five States and the District
of Columbia attended, said the Baltimore "Bun," from
which the following information is also taken:
Junius G. Adams, Vice-President of the First National Bank of Asheville, N. 0., was elected Vice-President, and George H. Keesee, Cashier
of the Federal Reserve Bank of Richmond, was re-elected Secretary.
The following were elected members of the Advisory Committee for a
two-year term: George W. Reed, National Marine Bank, Baltimore,
Joshua Evans, Jr.. District National Bank, Washington; W. H. Byrd,
First National Bank, Harrisonburg; W. H. Wheelwright, Kanawha Barking
& Trust Co., Charleston, W. Va.; D. M. Warren, Bank of Edenton. Edenton, N. C., and William R. Cely, First National Bank, Greenville, S. C.
Advisory committee members holding over are the Chairman, George O.
Vass, Vice-President of the Riggs National Bank, Washington; S. C. Brittle,
Vice-President, People's National Bank, Warrenton; Holmes D. Baker,
President, Citizens National Bank, Frederick, Md.; Charles M. Cohen,
President, First Huntington National Bank, Huntington, W. Va.; J. A.
Stokes, Vice-President, Merchants & Farmers National Bank, Charlotte,
N. C., and A. L. M. Wiggins, Vice-President Bank of Hartsville, Hartsvile, S. C.
The visiting bankers were welcomed by W. W. Heaton, Chairman of
the Reserve Bank board.
Notice of Forthcoming Treasury Issue Reported that
$200,000,000 Will Be Offered in Certificates.
Notice of a proposed new Treasury offering was issued by
the Federal Reserve Bank of New York. on April 18. According to the New York "Journal of Commerce" the
Treasury early in May will offer approximtaely $200,000,000
certificates in addition to the $50,000,000 Treasury bill
offering for which tenders are to be received up to April 27.
The notice of the Reserve Bank follows:
FEDERAL RESERVE BANK OF NEW YORK.
Circular No. 1103. April 18 1932
PrelLnary Notice of New Offering of United States
Government Obligations.
To all Banks and Trust Companies in the Second
Federal Reserve District and Others Concerned:
From advices received from the Treasury Department of the United
States, this Bank is enabled to transmit to banking institutions in this
District the following information:
I. A Treasury offering of securities may be expected on or about April 25.
2. The subscription books may be closed by the Treasury without advance notice, and therefore,
of
3. Each subscribing bank, upon receipt of information as to the terms
telegram)
the Treasury offering (either in the press, through the malls or by
subscriptions for
should promptly file with the Federal Reserve Bank any
given
itself and its customers. This is important, as no guarantee can be
as to the period the subscription books may remain open, and subscribing
file their
banks, even before receipt of official subscription blanks, may
Bank.
subscriptions by telegram or by mail with the Federal Reserve
advance of receipt by
Any subscriptions so filed by telegram or mail in
issue
subscribing bank of subscription blanks furnished, for the particular
when
should be confirmed immediately by mail, and on the blank provided,
such blank shall have been received.
cash
4. If the terms of the offering when announced provide for both
subscriptions and subscriptions for which payment may be tendered in other
securities, the subscribing bank should prepare its subscription in such manner as to indicate the method by which it proposes to make payments and
the respective par amounts of securities, if any, to be tendered in payment.
Application Forms to be Furnished.
When the terms of the offering are announced, notice thereof, together
with subscription blanks, will be mailed promptly by this Bank to banking
institutions in this District. Subscriptions should be made on subscription
blanks, or if made by telegram or letter should be confirmed on subscription
blanks. Subscription blanks should be filled out so as to show classification of subscriptions and method of payment and whether they are original
subscriptions or confirmations of subscriptions previously made by telegram
or letter.
Subscriptions to this offering cannot be received until the terms of the
offering are publicly announced by the Secretary of the Treasury.
GEORGE L. HARRISON,
Governor.
Analysis of Operating Costs of Member Banks in Boston
Federal Reserve District—Interest Rates on Loans
Lowest Since 1894—Losses Charged Off Account
of Loans and Discounts Heavier than in Any
Recent Previous Year.
The annual analysis of operating costs of the 232 member
banks in the Boston Federal Reserve District, grouped
3022
Financial Chronicle
according tobercentages of time deposits to gross deposits
has been made available by the Bank for the year 1931.
It states that "the year 1931 .developed many difficult problems for bankers. Gross income was much reduced, reflecting both a large reduction in the earning assets of the
banks and low levels of money rates." "Interest rates on
loans were the lowest since 1894," says the Bank, its further
analysis continuing:
It is to the credit of New England bankers that they met the situation so
successfully that the percentages of net earnings(Items 30 and 54), after the
payment of interest and operating expenses but before losses. were maintained at practically the same figures as in recent previous years. In fact,
Boston member banks and those outside member banks having a minimum
of time deposits actually bettered their showing of recent years in this
respect. This favorable outcome under the exceedingly difficult conditions existing during 1931 was due largely to the promptness and extent of
the reductions made in interest paid on deposits (Items 15, 40, 41, 42,43
and 45). Current operating expenses also were pared down drastically
when measured in actual dollars. although, owing to the reduced volume of
gross income, the proportion of expenditures on account of salaries and
wages (Item 18) and occupancy and maintenance of quarters (Item 19)
increased slightly. Other more controllable expenses such as those for
publicity and expansion (Item 25) and furnishings, equipment and fixtures
(Item 26) were reduced both in actual amounts and in the proportion of
gross income so expended. While the percentage of gross income lixpended
for total operating expenses (Items 28 and 50) increased somewhat as compared with previous years, the extensive reductions in interest payments
(Items 12 to 17. 40 to 43 and 45) resulted in a net decline in the proportion of gross income expended for total current expenses (Item 29).
The difficulties of the situation became more manifest in the distribution
of net current earnings. Net charge-offs after losses, &c. (Item 33), even
after allowing for some profitable sales of securities, recoveries and other
credits (Item 31), consumed more than all of the average net current earnings excepting in the case of Boston banks, and those outside banks having
a minimum of time deposits. Taking New England as a whole, therefore,
the member banks had no balance affter charge-offs (Items 34. 55 and 56)
available for payment of dividends. Dividends(Item 35) were maintained
at about the same rate as in previous years. especially in the two groups of
banks showing a small balance of net profits (Item 34). As a result, the
final deficiencies for the year were heavy in all classes of banks.
While losses charged off on account of loans and discounts(Item 52) were
heavier than in any recent previous year, they were far lighter in proportion
than bonds and stocks charged off (Item 53). Losses taken and charged
off on account of bad securities of this character reached the unparalleled
total of 3.6% of all bonds and stocks owned by these reporting banks.
Probably the best measure of operating efficiency is the percentage of
net current earnings, before charge-offs, to total available funds (Item 54).
This reflects a high degree of administrative capacity during 1931 as compared with previous years. It also indicates that the outside New England
banks having a minimum of time deposits are as a group the most profitable,
followed next in order by the Boston banks and by the outside banks with
25 to 50% of time deposits. Those outside banks doing principally a thy.
deposit business showed the lowest percentage of net earnings to total available funds. On the other hand, the ultimate profitability of the various
classes of banks is best measured by the percentage of net profits after losses,
and available for dividends, to total avaialble funds (Item 56). This indicates that those banks showing the lowest interest yields on loans and investments (Items 37. 38 and 44) suffered the lowest losses, and therefore
made the most money.
Since income received from various miscellaneous functions such as trust
departments (Item 5), safe deposit vault rentals (Item 6), service charges
(Item 7), and bank buildings (Item 10) are relatively more stable than income from interest and discount earned, which was seriously reduced by
major declines both in interest rates and in the volume of deposits, these
miscellaneous sources of income produced an increased proportion of gross
income during 1931, even though they may have declined when measured
In dollars.
The following tables afford visual summaries of the earnings and expenses
of the reporting member banks. These banks comprise 61% of all the
member banks in the first Federal Reserve District. The first table
gives a comparison of District totals covering a period of four years, and
the second table gi es a detailed analysis of the operations of the reporting
banks classified according to the character of their business, covering the
calendar year 1931:
PERCENTAGES OF MEMBER BANK INCOME AND EXPENSES
-ALL
REPORTING NEW ENGLAND BANKS OUTSIDE OF BOSTON
-1931.
1928
1931
1929
1930
1928
(220
(224
(214
(198
Banks). Banks). Banks). Banks).
Percentages of Total Current Income
4, Total interest received
10. Net earnings from operation of bank
Other current income
buildings
11. Total current income
15. Interest paid on all deposits
16. Interest paid on borrowed money
95.3
96.1
98.3
96.2
3.7
1.0
3.4
.5
3.0
.7
3.0
.8
100.0
38.3
100.0
39.9
.6
100.0
36.1
2.6
100.0
39.6
1.5
.5
17. Total interest payments
18. Salaries and wages (except for building
maintenance)
19. Occupancy and maintenance of quarters_
20. Taxes (except on bank building)
All other operating expenses
38.8
40.5
38.7
41.1
22.6
5.2
3.1
8.2
20.5
4.7
4.5
8.2
19.9
4.3
4.3
8.1
19.6
4.5
4.5
7.9
28. Total operating expenses
29. Total current expenses(items 17 plus 28)
30. Net current earnings
33. Net non-current deductions and charge-offs
39.1
77.9
22.1
26.5
37.9
78.4
21.6
8.0
36.6
75.3
24.7
2.7
38.5
77.6
22.4
.1
34. Net profits (after charge-offs, dm.).
- -4.4
35. Dividends paid
11.9
38. Balance for reserves and surplus
-18.3
15.6
12.8
2.8
22.0
12.1
9.9
22.3
12.3
10.0
Losses (Percentages of average holdings)
52. Loans and discounts charged off
53. Bonds and stocks charged off
.3
.2
.5
.2
3.8
.4
.9
.2
Percentages of
54. Net earnings to total available funds (a)
1.1
1.2
1.0
1.1
55. Net profits available for dividends, to
capital funds
-1.0
4.8
56. Net profits to total available funds (a).__ -.2
.7
1.1
1.1
a Consists of capital, surplus, undivided profits, net deposits, National
bank
notes, bills payable and rediscounts.
Note.-Statlatically, these data are not arithmetical averages, but are percentages
which were found to be most nearly typical of the greatest number of banks. This
April 23 1932
method was used In order to avoid giving too great weight to a few extremely
high
or extremely low figures. The largest bank carries no greater weight
than the
smallest.
PERCENTAGES OF MEMBER BANK INCOME AND EXPENSES IN
SIX BOSTON BANKS AND 220 COUNTRY BANKS IN FEDERAL1931
RESERVE DISTRICT ONE GROUPED ACCORDING
THEIR PERCENTAGES OF TIME DEPOSITS. TO
Boston
Banks.
Country Banta.
Under 25.1% Over
Totals
Percentages ofTimeDepositstodross Deposits
25.1% to 50% 50.7 Comnuns
Typical Bank in Group
15%
4%
40%
674 Figures
(6
(60
(51
(109
(220
Banks) Banks), Banks), Batas). Banks).
Percentages of Total Current Income
ANALYSIS OF RECEIPTS.
%
%
%
%
%
1. Interest and discount on loans
63.1
68.3
63.1
58.1
83.0
2. Interest and dividends on bonds and
stocks
20.6
24.6
30.0
37.3
31.7
3. Interest on balances in domeetio banks
1.0
1.0
.7
.5
.6
4. Total interest received
84.7
93.9
93.8
95.9
95.3
5. Trust department
5.1
0
.9
.3
.3
6. Rent from safe deposit vaults
1.2
1.5
1.4
.9
1.1
7. Service charges on small deposit
ate011170
.8
2.1
2.0
1.1
1.5
8. All other current income
5.2
.9
.9
.8
.8
9. Gross current income from banking operations
97.0
98.4
99.0
99.0
99.0
10. Net earnings from operation of bank
buildings
3.0
1.6
1.0
1.0
1.0
11. Total current income
100.0 100.0 100.0 100.0 100.0
ANALYSIS OF PAYMENTS.
12. Interest paid on balances due to domestic banks
2.9
1.6
1.1
.4
.7
13. Interest paid on all other demand
deposits
11.0
13.4
9.9
4.1
8.1
14. Interest paid on time deposits
9.2
1.9
24.7
42.4
29.5
15. Total Interest paid on all deposits
23.1
16.9
35.7
46.9
38.3
16. Interest paid on borrowed money
.2
1.0
.5
.5
.5
17. Total interest payments
23.3
17.9
36.2
47.4
38.8
18.'Salaries and wages (except tor bull
ding maintenance)
24.0
29.0
23.7
19.2
22.6
19. Occupancy andmaintenanceotquarters
7.5
5.8
6.0
4.4
5.2
20. Taxes (except on bank building)
3.7
3.2
1.9
3.6
3.1
21. Insurance (except on bank building).
.7
1.1
1,1
.9
1.0
22. Printing,stationery and office supplies
1.4
3.5
2.4
1.8
2.3
23. Telephone and telegraph
.6
.5
.5
.4
.5
24. Postage and express
.4
1.2
.7
.9
.8
25. Publicity and expansion
.8
.8
.9
.8
.8
26. Furnishings, equipment and fixtures_
.3
.5
.7
.3
.4
27. All other operating expenses
2.9
2.5
2.3
2.3
2.4
28. Total operating expenses
42.3
40.4
48.1
34.4
393
29. Total current expenses (Items 17
and 28)
65.6
66.0
81.8
76.6
77.9
30: Net current earnings
34.4
34.0
23.4
18.2
22.1
Percentages of Net Current Earnings
31. Total security profits, recoveries and
other credits
+14.9 +19.2 +27.8 +39.6 +30.0
32. Total losses, charge-ofts and special
reserves
-102.3 -106.3 -147.6 -166.5 -150.0
33. Net non-current deductions (-) or
additions (+)
34. Net profits (after charge-offs, dm.).
35. Dividends paid
36. Balance for reserves and surplus
Interest Rates
37. Received on loans and discounts
38. Received on bonds and stocks
39. Received on domestic bank balances_
40. Paid on balances due to domestic banks
41. Paid on individual demand deposits.42. Paid on savings deposits
43. Paid on other time deposits
Percentages of Loans and Investments
44. Interest and discount received
45. Interest paid on deposits and borrowed
money
46. Salaries and wages
47. Occupancy and maintenance
48. Taxes
49. All other current expenses
50. Total operating expenses (except
interest paid)
51. Net current earnings
Losses (Percentages of average holdings)
52. Loans and discounts charged off
53. Bonds and stocks charged off
87.4 -87.1 -119.8 -126.9 -120.0
12.6
12.9 -19.8 -26.9 -20.0
58.3
63.8
50.5
50.9
54.0
45.7 -50.9 -70.3 -77.8 -74.0
3.8
5.7
3.7
4.1
.9
1.1
.9
1.5
.7
.8
3.2 No Dpi
2.1
2.3
5.7
4.5
1.0
1.7
.8
3,7
2.3
5.7
5.0
1.0
1.2
.6
3,8
1.8
5.7
4.6
1.0
1.5
.7
3.8
2.1
39
.
53
.
5.3
5.3
5.4
1.1
1.1
.3
.2
.4
1.0
1.6
.3
.2
.7
2.0
1.4
.3
.1
.5
2.7
1.1
.2
.2
.5
2.2
1.3
.3
.2
.5
2.0
1.6
2.8
1.9
2.3
1.4
2.0
1.0
2.3
1.2
1.0
1.1
.7
3.3
.5
4.2
.4
3.5
.5
3.6
Percentages of
54. Net earnings to total available
funds (a)
1.1
1.6
1.1
.9
1.1
55. Net profits available for dividends 1.
capital funds
2.0
.9 -1.4 -1.6 -1.0
56. Net nroilts to total available funds (a)
.4
.2
-.2
-.2
-.2
a Consists of capital, surplus, undivided prof to, net
deposits, National bank
notes, bills payable and rediscounts.
Note.-StatistIcally, these data are not arithmet cal averages,
but are percentages
which were found to be most nearly typical of the greatest
method was used in order to avoid giving too great weight number of banks. Th18
to a few extremely high
or extremely low figures. The largest bank carries no
greater weight than the
smallest.
The Bank's analysis for 1930 appeared in our issue of
April 11 1931, page 2703.
House Committee Orders Reported Goldsborough Bill
Directing Federal Reserve System to Act in Stabilization of Dollar.
An amended bill for restoring and maintaining the purdiming power of the dollar was agreed to by the House Committee on Banking and Currency April 21 and ordered reported to the House as the Committee measure, said the
"United States Daily" of April 21, which added:
The bill is by Representative Goldsborough (Dem.), of Denton, Md.,
and it is along the same lines as the measure introduced by Representative
Strong (Rep.), of Blue Rapids, Kansas., a minority member of the Committee. As amended an ordered reported the Goldsborough bill (H. B.
1149) follows in full text.
A bill for restoring and maintaining the purchasing power of the dollar.
Be it enacted. Stc., that the Federal Reserve Act Is amended by adding
at the end thereof a new section to read as follows•
Volume
134
Financial Chronicle
Section 1. It is hereby declared to be the policy of the United States
that the average purchasing power of the dollar as ascertained by the Department of Labor in the wholesale commodity markets for the period
covering the years 1921 to 1929, inclusive, shall be restored and maintained
by the control of the volume of credit and currency.
Section 2. The Federal Reserve Board, the Federal Reserve Banks and
the Secretary of the Treasury are hereby charged with the duty of making
effective this policy.
Section 3. Acts and parrs of acts inconsistent with the terms of this
act are hereby repealed.
Items regarding the bill appeared in these columns April 16,
pages 2838 and 2840.
Myers of Distributors' Group Makes Available to
Senate Committee List of Common Stockholdings
of Investors in Fixed Trust Shares-Opposed to
Tax on Stock Sales.
J. S.
Figures indicating the extent of the common stockholdings of investors in fixed trust shares were made public
for the first time on April 15 when John Sherman Myers,
Vice-President and General Counsel of Distributors' Group,
Inc., indicating his opposition to the 3 of 1% tax on stock
sales before the Senate Finance Committee, filed a complete
report with the Committee. Mr. Myers spoke on behalf of
16 fixed trust-sponsoring organizations whose outstanding
trust shares, he reported, account for 87% of the approximately $85,000,000 total fixed trust shares outstanding
to-day. He declared that it is now estimated that close to
1,000,000 investors in this country are holders of fixed
trust shares.
Distributors' Group, Inc., as the result of its operations
from January 1929 to February 29 1932 has outstanding
to-day certificates calling for the following list of securities
which are now deposited with prominent New York banks
under trust indentures creating its various trusts:
CompanyShares.
Allied Chemical & Dye
2,000
American Can
15,000
American Gas & Electrio
2,000
American Power & Light
5,000
American Had. & Stand. San
63,000
American Smelting & Refining
2000.
American Telephone & Telegraph_34,000
American Tobacco B
34,000
Atchison
34,000
Borden Co
29,000
Canadian Pacific
18,000
Columbia Gas & Electric
64,000
Consolidated Gas of New York._47,000
Corn Products
13,000
Drug, Inc
13,000
E. I. du Pont
50,000
Eastman Kodak
34,000
Electric Bond & Share
4,000
General Electric
79,000
General Foods
13,000
General Motors
27,000
Ingersoll Rand
18,000
International Harvester
15,000
Louisville & Nashville
18,000
National Biscuit
47,000
Company-Shares.
New York Central
34,000
North American Co
27,000
Otis Elevator
47,000
Pacific Gas & Electric
32,000
Procter & Gamble
15,000
Public Service of New Jersey----13,000
Royal Dutch
18,000
R. J. Reynolds B
29,000
Sears, Roebuck
27,000
Southern Pacific
20,000
Standard Brands
27,000
Standard Oil of CaMonde
23,000
Standard Oil of Indiana
4,000
Standard 011 of New Jersey
63,000
Standard 011 of New York
18,000
Pennsylvania RR
36,000
Texas Corp
20,000
Union Carbide
45,000
Union Pacific
34,000
United Fruit
18,000
United Gas Improvement
47,000
United States Steel
34,000
Union
Western
20,000
Westinghouse
34,000
F. W. Woolworth
45,000
Mr. Myers opposed the tax, not because it will be paid
by fixed trust shareholders directly, but because of its
general effect on the markets of the country. He said:
These investors will not themselves pay the tax but they will most
certainly be affected by it. The volume of transactions which create
liquidity on the New York Stock Exchange and on other Exchanges throughout the country will be so seriously reduced that the free and open markets
which have meant so much to investors in the past will be threatened
with drastic curtailment if not extinction. There will be wide spreads
between bid and asked quotations. There will be wide fluctuations between various transactions as they occur depending upon whether a
seller who must sell has disposed of his holdings on the bid side or whether
a buyer who wants to buy has bought on the asked side.
These changes, it was noted, would also materially affect
the collateral value of securities traded on Exchanges, and
would injure financing and refinancing of the future.
Figures showing the widespread distribution of fixed
trust shares in important cities and smaller towns throughout the country were also presented to the Committee.
Mr. Myers said:
The proposed tax upon the sale of securities is supported by some on the
grounds that it is a tax on Wall Street, perhaps feeling somehow that Wall
Street is responsible for the depression and to tax it would be justifiable
revenge. I hold no brief for Wall Street. But even if it were a tax against
Wall Street it could not help but militate against the millions of investors
and producers of commodities, the people on whose shoulders the return
of better conditions must rest.
Special attention was called to the fact that fixed trusts
cannot lend their stocks, Mr. Myers stating:
By no stretch of the imagination can these stocks influence the short
account. They cannot be used to influence the day-to-day market action
since by the terms ofthe trust agreement discretionary substitutions of stocks
are not permitted, and elimination of stocks from the portfolios are allowed
only from the standpoint of long-term investment policy and for the purpose of safeguarding the investment quality of the group. The stocks
in which the investor obtains a direct interest are deposited in trust under
a trust agreement, with a large bank or trust company acting as trustee.
The stocks are retained in the vaults of the trustee, untouchable except
for their rightful owners, the investors.
Discussing the effect on security dealers, he said:
Six thousand or more investment houses throughout the United
States
distributing fixed trust shares to investors. These shares are
only securities that the dealers are able to sell in sufficient volume
often the
are to-day
3023
to show them a profit for their activities. If this tax is imposed it is safe
to say that the results obtained by these dealers will be substantially
reduced. more than 20,000 salesmen in every State in the United States
will find it more difficult to earn the modest living they have found possible
in this period of great depression. These dealers in hundreds of towns and
cities throughout the country will gradually close up. Many of these
20.000 employees will join the ranks of the unemployed. Real estate
now serving as offices for these dealers and salesmen will be vacated.
Thousands of dollars of revenue by telephone and telegraph companies
will be lost. The chain of cause and effect will be expanded and then
expanded.
Secretary Zimmerman of Pennsylvania Bankers' Association Says Adherents of Unit Banking System
Will Oppose Branch Banking Provision in Glass
Banking Bill-Association of Independent Unit
Banks of America Proposed.
Friends of the unit banking system in the United States
are preparing to take a stand against the provision in the
new Glass Banking Bill, now before Congress, which would
permit considerable expansion of branch banking by National banks. Announcement to this effect was made April
20 by Charles F. Zimmerman, President of the First National Bank, of Huntingdon, Pa., and Secretary of the
Pennsylvania Bankers'Association. The fight will be made
against Section 19 of the bill, which would permit National
banks having a capital of $500,000 or more to open branches
anywhere in the State in which the main office of the bank
is located and also in neighboring States within the trade
area served by the bank. "This would work to the disadvantage of State-chartered banks and also might serve to
eliminate entirely the small country banking institutions,"
Mr. Zimmerman said. In addition, he pointed out, the
Glass branch banking proposal might eventually result in
unsound promotional activity in the banking field.
As a mean of combating the branch-banking feature of
the Glass bill and preserving the autonomy of State banking
laws respecting branch banking, Mr. Zimmerman proposes
the formation of a voluntary Association of the Independent
Unit Banks of America. An announcement says.
Within the next week, the plans for such an association will be in the
hands of the Superintendents of State Banking Departments in all the States
in the United States, who will be urged to take action to protect the interests of the institutions under their direction. In addition, Mr. Zimmerman will urge all friends of unit banking in the country to participate in
the formation of the Association. In making the announcement, Mr.
Zimmerman said that the proposed Association would be in its entirety
a service organization started for the purpose of keeping intact the dual
banking systems, both State and National.
"There seems now to be no way out other than that the friends of unit
banking in American should have a clear-out and separate medium whereby
leadership may be afforded which will proclaim the cause in which they
have a life and death interest."
Among the objections of the proposed Association, Mr. Zimmerman
said would be: 1. Co operate with the American Bankers' Association and
any of its divisions and commissions actively engaged in upholding the
autenomy of State banking laws respecting branch banking. 2. Co-operate
with all State Bankers' Associations and State Banking departments in
maintaining our dual banking systems, State and National. 3. Stimulate
independent unit member banks in resisting the aggressions of promoters
of combinations of banks under centralized control. 4. Enllst the active
assistance of unit banks and unit bankers so that when their position is
being assailed in legislative halls their majority viewpoint may be expressed to their representatives individually as well as collectively.
B. M. Baruch Sees No Sound Prosperity in Countries
Where Producers of Raw Material Cannot Market
-Says No Economic Objection
Products at Profit
Can Be Made Against Principle Involved in Equalization Fee Plan-Balancing of Federal Budget
Essential to Recovery.
In a letter, under date of April 14, addressed to Edward A.
O'Neal, President of the American Farm Bureau Federation, Bernard M. Baruch of New York declares that "there
can be no sound prosperity in any country in which the
producers of basic raw materials cannot make and market
their products at a profit." Mr. Baruch contends that the
basis of the present doubt and uncertainty as to the future
of money "Is uncertainty of the Government's fiscal policy."
He considers as "the first indispensable" in any plan for
agricultural relief the balancing of the Federal budget. Mr.
Baruch points to "the continued piling on of taxes" and
says "the burden of them is multiplied as the prices of commodities decline," adding that "they probably affect the
farmer more heavily than any other class." In indicating
his views on the equalization fee plan Mr. Baruch says,
"there is no honest economic objection that can properly be
made against the principle involved. The issue is clear-cut
and more and more people understand that plan every
year." "In order" he continues "to get a practical demonstration of that principle on relatively certain grounds I
would make my first try on wheat alone." In full Mr.
Baruch's letter follows:
3024
Financial Chronicle
April 14, 1932.
Edward A. O'Neal, American Farm Bureau Federation, 58 East Washington St., Chicago, Illinois.
Dear Mr. O'Neal:—Thank you for your letter of April 2, in which you
say you are counting on me to help you put over a safe, sound program
for the farmer and in which you ask for a copy of Al Smith's program
for the relief of agriculture. I am enclosing copies of two documents
gotten out by the Peek organization which summarize Governor Smith's
1928 position on agriculture. One is called "Governor Smith, the Democratic Party and Agriculture" and the other "Agriculture and the Election."
I have also read the pamphlet, "Honest Money" which you enclosed.
I know you do not expect me to discuss this pamphlet. If there is one
subject upon which even the best of our economists are in confusion it is
the subject covered by that brochure. To take a didactical position on
any of the many theories of the relation of money to prices is simply to
set one's self up as a target for unprofitable discussion. There are,
however, certain principles that seem to me to be beyond doubt.
For many years, as you probably know, I have taken the position that
there can be no sound prosperity in any country in which the producers
of basic raw materials cannot make and market their products at a profit.
The condition of agriculture has been a source of constant apprehension to
me ever since the war. Any thoughtful man must conclude that the
greatest necessity in our economic structure is a fair exchange value for
the produets of agriculture.
In this depression the decline in commodity prices has doubled, and
in some cases trebled, the burdens of debts and this inequity is the chief
threat to the return of prosperity.
If the existing situation were not so tragic it would be amusing. The
need for things in this country is very great. All the facilities for
supplying that need are here, including plenty of money, and yet business
stagnates and prices are impossibly low. The cause is doubt and uncertainty about the future of money. If that doubt were removed, it is
my opinion, that activity would begin at once and prices in general would
start to rise.
The basis of that doubt is uncertainty of the Government's fiscal
policy.
The first indispensable in any plan for agricultural relief is that the
Government should restore confidence in the validity and stability of its
obligations and its money. It can only do that if it brings its outgo within
its income and balances its budget—not nominally or approximately or
on a contingency that prosperity will return, but actually, fully and
beyond peradventure of doubt.
It is impossible to achieve this end by the continued piling on of
taxes. Even after taxing to the limit, it will still be necessary to remove
from the cost of Federal Government approximately one billion dollars a
year.
Taxes are a fixed charge. The burden of them is multiplied as the
prices of commodities decline. They probably affect the farmer more
heavily than any other class. The costs of Government are now 14
billion dollars a year. This is a fixed charge of 6% on 230 billion
dollars. It is a far heavier fixed charge than debt. It lies as a first
lien on every piece of property, including farm property, in the United
States.
There seems to be current a good deal of language intended to obscure
from the minds of farmers and other primary producers the fact that
all taxes are necessarily and eventually paid in the sweat and labor of
those who produce wealth and the farmer is perhaps the greatest of
these.
I know of no more effective means of farm relief at this moment than
the removal of a large part of this burden. That can only be accomplished if agriculture stands on an aggressive, solid front and demands
a reduction in Government expenditure in the nation, in the state and in
each locality.
The crux of the farm crisis is, of course, price. The farmer's income
derives from two classes of prices which are in absolutely different categories and respond to different forces. The first category comprises great
export crops. le this, as you well know, price depends upon world
conditions and unless the tariff can be made effective to protect domestic consumption, the farmer is completely dependent on the depressed
markets of the world for the price of each of these crops.
The second category of farm prices comprise all those crops of which
the export surplus is not a controlling factor. In respect of these products
the farmer is on practically the same basis as all other domestic producers. The latter category comprises the bulk of his income. That
Income is dependent entirely on the consideration which I have already
addressed. If we can influence the Federal Government to make a complete balance of its budget, I think that the way to recovery in this
category of prices would be opened.
As to the category of export crops, I need not repeat the position I
have consistently taken, which is also the position that Governor Smith
took in the 1928 campaign and with which you are undoubtedly familiar.
I am aware of several variations on the equalization fee plan. They all
get back to exactly the same principle. Agriculture ought not to disseminate its efforts over several plans, according to individual preferences.
The equalization fee plan has already passed the Congress twice. There
is no honest economic objection that can properly be made against the
principle involved. The issue is clear-cut and more and more people
understand that plan every year. It seems to me that agriculture would
do well to concentrate an adherence to that plan and I believe that in
the broadening recognition of the necessity for the application of that
principle to export crops, action might possibly be had even in this
session of Congress and before the elections. In order to get a practical
demonstration of that principle on relatively certain grounds, I would
make my first try on wheat alone. But I want to leave a parting word
of warning: that unless the Federal budget is balanced in the sense
mentioned above, there is no hope of the adoption of any suth plan and
even if there were, there is no hope of effectively executing any such plan.
Very truly yours,
(Signed) BERNARD M. BARUCH.
Bids of $289,740,000 Received for 91-Day Treasury Bills
Offered to Amount of $75,000,000—Amount Accepted $75,600,000—Average Rate 0.62%.
The 91-day Treasury bills offered on April 13 to the
amount fo $75,000,000 or thereabouts, brought total bids
of $289,740,000. The total amount of bids accepted was
$75,600,000.
The highest bid made was 99.876, equivalent to an interest
rate of about 0.49%; the lowest bid accepted was 99.826,
equivalent to about 0.69% (only part of the amount bid for
April 23 1932
at the latter price was acepeted) and the average price of bills
to be issued is 99.843, equivalent to about 0.62%. The
offering was referred to in these columns April 16, page 2841.
From the "United States Daily" of April 20 we take the following regarding the low rate at which the bills were placed.
The average rate for the issue is lower than that for all but two of the bill
issues which the Treasury has sold since the war, according to information
made available at the Department. Last summer, when one bill issue sold
for 0.49% and another for 0.46%, saw the lowest Treasury borrowing rates
since the war,and they had not been approximated until this week, according to the information.
The Federal Reserve banks' policy of buying Government securities from
the member banks and thus forcing credit into industrial channels has had a
bearing on the low rates for the last two bill issues, according to the information; the issue sold did not replace one maturing.
Secretary Mill's announcement follows in full text:
Secretary of the Treasury Mills announced to-day (April 19) that the
tenders for 875,000,000, or thereabouts, of 91-day Treasury bills dated
April 20 1932, and maturing July 20 1932, which were offered on April 14.
were opened at the Federal Reserve banks on April 18.
The total amount applied for was $289,740,000. The highest bid made
was 99.876, equivalent to an interest rate of about 0.49% on an annual basis.
The lowest bid accepted was 99.826, equivalent to an interest rate of about
0.69% on an annual basis. Only part of the amount bid for at the latter
price was accepted. The total amount of the bids accepted was $75,600,000.
The average price of Treasury bills to be issued is 99.843. The average
rate on a bank discount basis is about 0.62%.
New Offering of $50,000,000 91
-Day Treasury Bills.
Announcement of a new issue of 91-day Treasury bills, to
the amount of $50,000,000 or thereabouts, was made on
April 20 by Secretary of the Treasury Mills. The new bills
will be dated April 27 1932 and will replace an issue of $50,937,000, which will mature on that date. • Tenders for the
new bills, which will mature July 27 1932, will be received
at the Federal Reserve banks and their branches up to 2 p. m.
(Eastern Standard time) on Monday, April 25. The bills,
which are sold on a discount basis to the highest bidder, will
be payable, face amount, without interest, on the maturity
date. They will be isued in bearer form only, and in denominations of $1,000, $10,000, $100,000, $500,000 and
$1,000,000 (maturity value). No tender for an amount less
than $1,000 will be considered. Each tender must be in
multiples of $1,000. The price offered must be expressed on
the basis of 100, with not more than three decimal places,
e. g., 99.125. Fractions must not be used.
Senate Passes Bill Requiring Contractors on Federal
Projects to Pay Prevailing Rate of Wages.
Associated Press advices April 18 from Washington said:
F. The Senate to-day passed and sent to the House a bill requiring contractors on Federal projects to pay at least the prevailing rate of wages.
In reporting to the Senate the Labor Committee said it will be "of
tremendous benefit to labor."
The report also said it would remove labor troubles on public contracts.
enable contractors to bid intelligently, and tend to reduce the cost of
public construction.
Under the measure wages would be figured at the prevailing rate when
a contractor bids on a government project. He must then pay at least
that scale with the provision that the Secretary of Labor may redetermine
the prevailing level of wages at intervals and that the contract price be
adjusted to meet these changes
Secretary of Treasury Mills Opposed to 10% Cut in
Department's Appropriation Bill.
Prior to his appearance on April 22 before the Senate SubCommittee in charge of the Treasury Departments appropriation bill, Secretary of the Treasury Mills, in a letter on
April 20 to Chairman Oddie of the subcommittee voiced his
opposition to the 10% cut made in the bill by the Senate.
Secretary Mills said:
I am informed that the Senate has not considered as yet the effecting
of the 10% reduction by the use of a five-day week for per diem employees
and of a month's furlough without pay for employees on an annual basic
as suggested by the President. I recommend, therefore, that such a provision be written into this appropriation bill, whether or not the Senate
adopts the flat cut method. . . .
As nearly as we can estimate, without the furlough the 10% cue in the
appropriations for personnel service would mean the dismissal of upward
of 6,000 employees—nearly 80% of whom are stationed outside of Washington. . . .
A flat cut applied to every bureau of the Treasury Department, without
a furlough provision and without granting any discretion to the executive as to where the savings can best be made, will not save money, but
will cost more than the amount saved.
From the Washington dispatch, April 20, to the New York
"Herald Tribune" we take the following;
Conferred First with President.
The letter was made public after Secretary Mills and Postmaster General Walter F. Brown had conferred with President Hoover, making no secret of the concern felt at the White House over the Senate's recent action
on the Treasury-postoffice appropriation bill and the unprecedented manner in which the House has dealt with the Interior Department appropriation bill now before the President, in accepting a 10% Senate reduction
in the items voted by the house.
It was said at the White Houe.• that both the PostoffIce and the Treasury
will be particularly hard hit by the indiscriminate 10% slash. The Postoffice Department devoted the bulk of its expenditures to salaries, and
Volume 134
Financial Chronicle
curtailment of labor is therefore indicated as essential. Contemplated
changes in the tax law mean additional and not less work for the Treasury.
Discrimination Charged.
Secretary Mills' conclusion and the White House interpretation were that
action in exempting from its cut the item in the bill providing
Senate
$108,000.000 for public works meant that the temporary labor contracts of
the department must be carried out In full while regular Treasury employees.
80% of whom are outside of Washington, will have to be dismissed.
Secretary Mills' letter to Senator Oddie follows:
April 20 1932.
Hon. Tasker L. Oddie. Chairman of the subcommittee in charge of the Treasury
Department Appropriation Bill, Lnited States Senate.
My Dear Mr. Chairman:
I understand that I am to appear before your subcommittees on Friday
next in connection with the provisions of the resolution adopted by the
Senate on April 18, directing a flat reduction in the amount of appropriadons for the Treasury Department as at present contained in the appropriation bill, exclusive of the provisions for building and construction.
It occurs to me that the subcommittee may desire to have the views
of this department for consideration and study prior to my appearance
and that it may be advantageous, if you deem it desirable, to insert this
letter on the Congressional Record.
I appreciate the opportunity offorded me to be beard, not only as the
head of the Treasury Department but as representing a great body of faithful and efficient public servants who have a vital interest in a sound solution
of this problem.
The flat cut of 10% would effect a saving of approximately $14.000,000.
I am prepared to indicate bow savings in excess of this amount can be effected without impairment of the efficiency of the departmem and without
necessitating the dismissal of thousands of necessary employees.
I am informed that the Senate has not considered as yet the effecting
of the 10% reduction by the use of a five-day week for per diem employees
and of a month's furlough without pay for employees on an annual basis,
as suggested by the President.
Recommendations.
I recommend, therefore, that such a provision be written into this appropriation bill, whether or not the Senate adopts the flat-cut method. The
furlough plan is of itself a sound measure of economy. If the flat cut
method Is to prevail, the furlough is sessential to mitigate the hardships
incident to this program.
Legislation is clearly necessary if the furlough without pay is to apply,
for I have grave doubts as to whether. without Congressional sanction,
the Executive could legally and properly effect what would be a modification of the salaries provided for by the Congress in the Classification Act.
I recommend further than an amenduent be adopted providing that
not to exceed 15% of any one appropriation may, with the approval of the
Director of the Budget, be transferred to any other appropriation or appropriations under the same department.
I recommend that, in view of the pending revenue bill, the Internal
Revenue Bureau be in any event excluded from the 10% cut provision,
though it should be Included in any furlough provision.
I recommend that for the year 1933 the contracts covering certain
building projects be not let, as indczated in my letter of March 29.
No one is more vitally concerned in reducing the cost of government than
the head of the Treasury Department, responsible for conducting the fiscal
affairs of the nation in a time of great difficulty, when our every effort must
be directed toward balancing the budget and maintaining the public credit.
Economy is essential. But it should be constructive economy achieved
through the elimination of waste, the curtailment of unecessary activities,
the postponement of projects not now essential to the public welfare, and
the promotion of greater efficiency.
An arbitrary cut, applying uniformly and without discretion to every
bureau and activity alike, irrespective of its importance and irrespective of
its efficiency or ability to bear the cut, is not businesslike, and, as I shall
show, may not even be economy.
Our total appropriations aggregate $146,311,988, exclusive of the public
building item. Of this amount $112,306,402 is for personal service, repreaenting nearly 77% of the total, and $34,005.586 is for supplies, equipment
and miscellaneous expenses, representing about 23% of the total
Of this last mentioned amount more than $11,000,000 is for construction,
equipment and operation of public buildings; over $7.000.000 for maintenance and operation and repairs of Coast Guard vessels and stations, and
approximately $5.500,000 is for rent. travel, &c. Over $1,000.000 of the
$34,000,000 represents pensions to retired Coast Guard officers and men.
It is apparent that there is no economy in curtailing the adequate maintenance of public buildings and public vessels, and the amount to be
squeezed out of the $34,000,000, short of inefficiency and neglect, is small.
The bulk of this reduction, then, must be met by a reduction in personnel,
unless you adopt a five-day week and some such furlough plan as that
suggested by the President.
braes Prortsion for Furlough Plan.
Provisions for the furlough plan should be written Into this bill. The
alternative is a shocking one.
As nearly as we can estimate, without the furlough, the 10% cut in the
appropriations for personal service would mean the dismissal of upward of
6.000 employees—nearly 80% of whom are stationed outside of Washington.
1 am not taking about plareholders, I am not talking about political
appointees, for practically all of the employees of the Treasury Department are appointed from civil service lists.
I am talking of 6,000 men and women whose services are needed; who
have. generally speaking, decided to devote their lives to the public service
and who would, in times when it is impossible to find another job, be turned
out on to the street by the Government of the United States.
The President, in conjunction with the Economy Committee of the
House, has worked out a National economy program which, as it stands
to-day, without such further study as you gentlemen may care to give it,
promises a saving in excess of that which it is proposed for all departments
by the method of a flat cut without impairment of Government efficiency
and without the intolerable hardship which dismissal would inflict on
thousands of American families.
Effect of Flat Cut.
A flat cut applied to every bureau of the Treasury Department. without
provision and without granting any discretion to the executive
a furlough
as to where the saving can beet be made, will not save money, but will
cost more than the amount saved.
It surely cannot have been overlooked that the primary duty of the
Treasury Department is the collection of the public revenues.
The Commissioner of Internal Revenue informs me that a 10% flat reduction for his bureau would have to be effected largely by the reduction
of his field force.
To give somewhat extreme, but nevertheless pertinent illustrations,
the Commissioner advises that if this reduction were effected by reducing
3025
the number of deputy collectors through the country. It would mean dispensing with some 1,300 deputy collectors.
The average amount of additional tax recommended by each of these
employees for the past fiscal year was $40,812. Assuming that the full
amount of the tax recommended could be collected, on the face of it, the
reduction in the force of deputy collectors might result in a loss of over
$50.000,000.
The Commissioner of Internal Revenue further informs me that if a 10%
reduction in the appropriation for his bureau is to be effected through reducing the force of Internal Revenue agents, an even greater loss of revenue
might result.
The average salary and expenses of revenue agents as of March 31
1932 was $3,716. The average amount of additional tax recommended
by each revenue agent for the past fiscal year was $105,000.
Assuming that only 50% of this tax was assessed and collected, in order
to save $3,716 in salary and expenses we would sacrifice $52,500 in taxes.
Assuming that 906 of these productive officers were dismissed, the amount
of additional taxes recommended on the basis of the past fiscal year might
be reduced by $95,000,000.
On July 1 1932, the Treasury Department,in all probability, is to undertake the collection of over a billion dollars of additional taxes—some of
them new taxes, others at rates high enough to invite evasion.
We cannot enforce the new law and collect these taxes without increasing
our force. Yet if this resolution is carried out without modification, we
are to attempt this new and difficult task with a reduced and demoralized
force.
In my letter of March 29 to Senator Jones, I pointed out that, if an
arbitrary reduction were to be made in the amount of the Treasury appropriations, a business-like and effective way of making the saving would be
to suspend the letting of contracts for a number of postoffice buildings
throughout the country.
At that time the five-day week and furlough plan had not been worked
out.
The Senate resolution specifically excludes any savings along this tine.
It is pertinent to observe that if towns and cities throughout the country
have gotten along with their existing postoffice facilities up to the present
time, they surely can, during these trying days, watt a year or two longer
for a new building of a monumental character.
What is sacred about a new postofflce in times like these£
I know that it is urged that the building of $14,000,000 worth of post
offices will give employment.
It will give some employment, but surely this employment should not
be secured through throwing out of employment more than 6,000 men
and women.
These dismissals will have to be made, in spite of the valuable services
performed in the past; in spite of reasonable expectation of continuance in
service because of fidelity and efficiency, and in spite of the difficulty, if
not the impossibility of finding other employment enabling those who have
served the government to continue to live and to take care of their families.
You can save these people from misery, maintain the efficiency of this
department, protect the collection of the revenues, and still effect the
savings which you have in mind by following the President's program and
the lines indicated in my letter of March 29,foregoing for a year or two the
construction of some postoffices.
OGDEN L. MILLS.
Secretary of the Treasury.
New Tax Proposals of Secretary of Treasury Mills—
Would Yield Additional Revenue of $1,033,000,000.
The new tax program which Secretary of the Treasury
Mills indicated on April 14 (at the hearing on the revenue
bill before the Senate Finance Committee), would be submitted by the Treasury Department, was filed with the
Committee by Mr. Mills on April 18. Under these proposals
the present Government revenue would be augumented
through the suggested taxation to the extent of $1,033,000,000, and to provide the amount required to balance the
budget ($1,241,000,000) it is proposed that Government
expenditures be reduced $208,000,000. With regard to the
latest tax proposals of Secretary Mills the New York "Herald
Tribune" in its Washington dispatch April 18 said
The revised plan of the Treasury Department showed entire elimination
of the suggested tax on gas and electricity domestically consumed and a
reduction of the suggested gasoline tax from 1 cent a gallon to j of a cent.
A gift tax is now included in the Treasury program.
Secretary Mills also sent to the Finance Committee revenue proposals
for the information of Senator Harrison and the committee, making it plain at
the same time that he did not recommend them. The total revenue under
the summary prepared at the request of Senator Harrison was placed at
$1,037,000,000.
Differences between the program which Mr. Mills offered today and the
House Bill include:
Corporation rate of 13% instead of 1334%, with no penalty for filing
consolidated returns, for which the House bill carries a 15% rate.
Estate tax rate maximum of 25% at $10,000.000 instead of 40%. and
proportionately lower gift tax rates, instead of the 335i% maximum at
$10,000,000 in the House bill.
P.M' cents a share on stock transactions instead of one-quarter of 1%
of value voted by the House.
Elimination of the House provision applying normal income tax rates to
stock dividends which at present are subject only to surtaxes.
A 2-cent tax on bank checks, not contained in the House bill.
Five per cent on automobiles, this comparing with the House bill rates of
3, 2Yi and 1%. These higher rates are those originally suggested by the
Treasury.
Mr. Mills's Modifications.
Modifications in the original Treasury program made by Secretary Mills
in re submitting it today are*
Elimination of the proposed 7% tax on electricity, which Mr. Mills
explained, could be made up by the tax on malt products, wort and grape
concentrates and by appropriations savings.
Reduction of the proposed gasoline tax from 1 cent to if of 1 cent.
Secretary Mills' proposals (and those of Senator Harrison)
were submitted as follows to Senator Smoot, Chairman of
the Senate Finance Committee.
April 18, 1932.
My dear Mr. Chairman:
In accordance with the request made bY me,I am submitting a summary
of the Treasury's revenue proposals brought up to date. As 1 stated to the
Finance Committee, the Treasury Department has no new program. It
adheres to the program originally submitted In the report of the Secretary
3026
Financial Chronicle
of the Treasury, supplemented by our additional suggestions made to the
Ways and Means Committee and by the administrative changes written in
cooperation with the Ways and Means Committee and now modified to
take advantage of prospective economies larger than originally anticipated.
The program follows in the main the principles of the 1924 act, as the
Secretary of the Treasury stated in his annual report submitted to the Congress in December, which set forth our revenue program in detail:
"I advise that the Congress consider returning in principle to the general
plan of taxation existing under the revenue act of 1924. The country knows
under that law
the burdens to be expected under such a law. It paid taxesthat act, found
and, notwithstanding the higher rates and broader scope of
that these taxes did not constitute an unbearable burden nor prevent increased prosperity.
"Instead of embarking on new and untried ventures in taxation, it is
wiser to utilize a known general plan with such changes as may be appropriate in the light of altered conditions."
As I pointed out to your committee,in bringing the plan submitted to the
Ways and Means Committee up to date, it seems necessary to make certain
modifications to most altered conditions. Thus, the Treasury Department
originally recommended that the 1924 income tax rates be made applicable
to 1931 income. Owing to our failure to secure the approval of the Congress, and the time having passed when this suggestion can be made effective, it is necessary to withdraw it, occasioning a loss in revenue for the
fiscal year 1933.
The loss is offset by the increased revenues which. it Is estimated, will be
made available by the tightening of the law through administrative changes
provided for by the Joint study and action of the Ways and Means Committee and the Treasury Department.
At the time the program was submitted to the Ways and Means Committee there was not sufficient information relating to possible economies to
Justify, in my judgment, budgeting on the basis of an estimated reduction
in cost of government in excess of $120,000.000.
I am now confident that at least $200,000,000 may be expected as a result
as the reduced cost of government.
This additional saving, coupled with a proposed tax on malt syrup and
wort, worked out in conjunction with the Ways and Means Committee,
enables me to eliminate entirely the suggested tax on gas and electricity
domestically consumed and to reduce the suggested gasoline tax to be paid
at the refinery from 1 cent a gallon to X of a cent a gallon.
As I stated to your Committee, we now include in our program a gift tax
as a safeguard to the integrity of the income and estate taxes, though it
cannot be looked upon as a strictly revenue-producing measure.
Two Minor Changes in Estimates.
There are two minor changes In the estimates: The one affecting the
yield of the estate tax and occasioned by the delay in enactment of the
legislation and the other affecting postal receipts, due to a revised estimate
of the Postoffice Department.
I am attaching hereto a table summarizing the Treasury's proposals
brought up to date.
Senator Harrison's Proposals.
Senator Harrison made a request of me which,if I understand it correctly,
contemplates taking the bill as it passed the House of Representatives, and,
while endeavoring to preserve as many of its provisions as possible, eliminating the most objectionable ones, more particularly the taxes which I
indicated would impede economic recovery and resumption of employment,
and substituting therefor other revenue proposals adequate to offset the
resulting loss in revenue.
I have tried to carry out Senator Harrison's directions. The result of that
effort is the summary attached hereto.
This is not my program, and I am not submitting it as representing the
Treasury's views as to the proper revenue measure or as my recommendations to the committee.
To rewrite the bill to conform to the Treasury's views would make the
summary essentially the same as the summary of the Treasury budget
proposals brought up to date, which is attached to this letter.
As far as the substitute revenue proposals are concerned, there are, of
course, others which the committee should consider if it decides to follow
Senator Harrison's plan.
May I add that I am ready to cooperate in any way possible?
Sincerely yours,
OGDEN L. MILLS,
Secretary of the Treasury.
The tables which accompany the above letter follow.
SUMMARY OF TREASURY BUDGET PROPOSALS BROUGHT
UP TO DATE.
Emergency Program to Terminate in 1934.
Income Taxes.
Estimate of
additional
revenue for
the fiscal year
1933.
Corporation—
present
Increase in rate from 12 to 13% and elimination of
for
exemption of $3,000; effective beginning with incomes
935.000,000
calendar year 1932
Individual—
Exemptions $2,500 and $1,000; normal rates. 2, 4 and 79+.
9;
Surtax rates, $6,000-$10,000, 1%; $10,000-$12.000, 20).
rate. 42
thereafter, 1924 rates, plus 2% (maximum year 1932111,000,000
beginning with incomes for calendar
effective
changes,
Limitation on deduction of security losses and other
100.000,000
largely administrative
a Estate tax (basis 1921 act, specific exemption $50,000.
3,000,000
maximum rate of 24%
and
b Gift tax rates 1921 exemption as provided for estates in
3,000,000
revenue act of
Miscellaneous Taxes—
(increase present rates
Tobacco manufactures, except cigars
58,000,000
by one-sixth)
H. R.
Conveyances of realty (basis 1924 act and included in
10,000.000
10236)
22,000.000
Sales of transfers of capital stock (increase rate to 4 cents)
Autarnohiles and Accessories—
73.000.000
Passenger automobiles. 5%
6,000.000
Trucks,3%
21,000,000
Accessories,2
excess of
Admissions (1 cent per 10 cents on admissions in
110.000,000
10 cents)
Radio and phonograph equipments and accessories, manu11,000,000
facturers' sales. 5% (included in H. R. 10236).
Telephone and telegraph messages (basis 1921 act, i.e.. 5
cents
cents on messages costing 15 cents to 50 cents, 10
50,000,000
on messages costing over 50 cents)
95,000.000
Checks and drafts (2 cents each)
124.000.000
Gasoline tax at X of 1 cent per gallon—paid at refinery
Maltsyrup and brewers wort (35 cents and Scents per gallon,
46.000.000
grape concentrates 40%)
155,000,000
Postal deficit—revised estimates of Postoffice Dept
$1,033.000,000
Total
31,241.000,000
c Required to balance budget
$208,000.000
Deficiency to be met by reduced expenditures
a Assumed collections beginning May 1 1933; previous estimate assumed
earlier effective date.
b Assumed tax effective beginning July 1 1932.
c Exclusive of statutory debt retirement.
April 23 1932
SUMMARY PREPARED IN RESPONSE TO REQUEST OF SENATOR
PAT HARRISON.
Estimate of Additional Revenue for the Fiscal Year 1933.
Income Tax—
Individual income tax (H. R. 10236 as passed by the House,
9122,000,000
except dividends not subject to normal tax)
Corporation Income Tax—
elimination of exemption
35,000,000
Increase in rate from 12 to 13%.
Limitation on deduction of security losses and other changes,
109,000,000
largely administrative
3,000,000
a Additional estate tax (basis of 1921 act)
b Gift tax (rates and exemption as provided for estates in
3.000,000
revenue act of 1921)
Manufacturers' Excise Taxes—
35,000,000
Lubricating oils (4 cents a gallon)
Brewers' wort and malt, Scents and 35 cents a gallon, grape
concentrates 40%
46,000,000
5,000,000
c Imported gasoline, fuel oil, etc., 1 cent a gallon
C Imported coal ($2 a ton)
500,000
Toilet preparations(10% mfrs'sales)
25,010,000
15,000,000
Furs(10% mfrs' sales)
15,000.000
Jewelry(10% mfrs'sales)
73,000.000
Passenger automobiles(5% mfrs'sales)
6,000,000
Trucks(3% mfrs' sales)
21,000,000
Accessories (2X% mfrs' sales)
Yachts, motorboats, etc. (above $15 value. 10%)
500.000
Radio and phonograph equipment and accessories(5% manufacturers' sales)
11,000,000
6,000.000
Mechanical refrigerators(5% manufacturers' sales)
Sporting goods and cameras(10% manufacturers'sales)
6,500,000
2,500.000
Firearms and shells(10% manufacturers sales)
Matches (4 cents a $1,000)
11.000.000
Candy (5% manufacturers' sales)
12,000.000
Chewing gum (5% manufacturers'sales)
3,000.000
Soft drinks (basis of 1921 act)
10.000,000
Total
$299,000,000
Miscellaneous Taxes—
Telephone and telegraph messages, etc. (except newspapers)
(5 cents on messages costing 31 cents to 49 cents and 10
cents on messages costing 50 cents or more)
33,000,000
Admissions (1 cent for each 10 cents on admissions over
10 cents)
110,000,000
Stamp Taxes—
Issues of bonds and capital stock,etc.(10 cents per $100)_ __
8,000,000
Transfer of Meeks, &c.(4 cents per $100 par value, or 4 cents
a share no par,4 cents to apply to loans of stock)
28,000,000
Conveyances (50 cents on $100 to $500; 50 cents per $500
in excess)
10,000,000
Sales of produce for future delivery (Scents per $100)
6,000,000
011 transported by pipe line(8% ofcharge)
20,000,000
1,000,000
Leases ofsafety deposit boxes(10% ofrental)
Checks and drafts (2 cents each)
95,000.000
$311.000,000
Total
Total additional taxes
$882,000,000
d Title VIII—Increased postage rates and other postal pro155,000,000
visions (revised estimate of the Postoffice Department).—
$1,037,000,000
Total
$1,241,000,000
Required to balance budget (excluding debt retirement)
--204,000,000
Surplus(+), deficit (—)
a Assuming collections beginning May 11933.
b Assuming tax effective beginning July 11932.
c The Treasury expresses no opinion as regards these items.
d Includes estimated effect on budget of H. R. 10236. and other bills
recently passed by the House.
The Senate Committee hearing of April 14 at which
Secretary Mills indicated that new tax program would be
submitted to the Committee was referred to in ouc issue of
April 16, page 3842.
Senate Committee Concludes Hearing on Tax Bill-Revision Scheduled to Begin April 25—Efforts to
to Revive Sales Tax—Arguments For and Against
Copper Tax—Newspaper Tax Proposed—Automobile Taxes Opposed.
Public hearings on the new revenue bill were concluded
on April 21 by the Senate Finance Committee and next
Monday (April 25) was set by Chairman Smoot for the first
executive meeting of the group charged with reframing the
measure passed by the House. The New York "Journal of
Commerce" in its report from Washington April 21 said:
The reason given for the four day postponement of closed sessions was
that prints of the mass of testimony which has deluged the Committee since
April 6 will not be ready until then. The real motivation, however, is
conceded to be the need of a breathing spell for the variously °pinioned
coteries of the Committee to plan their courses of action in the coming
deliberations.
Senator Reed (Rep., Pa.) probably will conduct purparlers relative to
his project of reinserting in the bill the general manufacturers' tax voted
out by the House.
Hull to Act.
Senator Hull (Dem., Tenn.) will want to confer with his colleagues on
his promised attempt to excise coal and oil tariff items from the bill and
prevent inclusion of others relating to copper,lumber,manganese ore,&C.
Conversations will go forward. It is presumed, between Republican and
Democratic Senators who are backing inclusion of import tax provisions at
the urge of their constituencies.
The Committee will be spared the added task of debating the amendment
of Senator Tydings (Dem., Md.) for taxing legalised beer to raise $500.000.000 revenue a year. This proposal will be brought up when the bill
reaches the Senate floor. It is sure to cause a furore and will die a hard
death.
There is a good chance that the full Democratic membership, or at least
the Senate wing of the Joint Policy Committee, will get together prior to
the executive sessions further to formulate a program with respect to the
bill. At a night meeting last week minority Senators enunciated a partial
policy with respect to inclusion of tariff items, from which it WW1 to be
deduced that Republican and Democratic leaders would attempt to shut
out all commodities save a favored few from present benefits. . . •
Chairman Smoot said to-day he hoped the executive meetings would be
concluded by Saturday a week, and a report ready for submission to the
Senate Monday. May 2. The more optimistic members of the Committee
believe passage can be effected three weeks after that date But any
prophecy is a hazard since the very content of the bill as it will be laid
before the Senate is In many respects a matter of guesswork.
It has been freely predicted that if the bill were thrown open to a large
number of tariff suggestions, the Senate would be forced to sit all 1111111Met.
Yet no practicable means have been devised to limit the offering of such
amendments and the only way to prevent their adoption would the closest
Volume 134
Financial Chronicle
sort of coalition between Republicans and Democrats which:Senator Harrison (Dem., Miss.) and others have loudly decried.
Business Proves Sensitive.
At to-day's final session of the Committee hearings, it was demonstrated
how sensitive to possible changes in the House bill business in general has
become.
The suggestion ef a 2 cent tax on checks and drafts, included in the
original Treasury revenue raising program, was deleted by the Ways and
Means Committee. It was not discussed at all by the Finance Committee,
but was put forward again perfunctorily by Secretray Mills in his redraft
of the Treasury proposals submitted to the Committee Monday by request.
Immediately a number of interests applied to the Committee for a place
on the calendar of witnesses, and their protests were heard to-day.
Guy H. Bloom, speaking for the American Institute of Bank and Commerical Stationers, termed such a tax "unwise,unnecessary and dangerous."
It would cause hoarding to a degree never before witnessed and have a
depressing effect upon bank deposits and postal receipts, he asserted.
Andrew J. Kennedy, of the Amalgamated Lithographers of New York.
and Charles W. Holman. spokesman for the National Co-operative Milk
Produce's., also deprecated such a levy from a tade and collection standpoint.
Other objectors were Representatives White, Ohio, and DaIdridge, Neb.,
Republicans. The only defender was Lucas E. Whiten, New London,
Conn.. who found in the check stamp tax, calculated to raise $95.000,000
by the Treasury, a possible producer of not less than $1,500,000,000.
Exempting checks written for banking transactions, charities, pay rolls.
taxes, insurance, dividends withdrawals from banks analagous to wage or
salary payments, &c., Whiten would impose a levy of at least 1-10th of
1% on all others, and he reckoned that at 1, of I% applied to total bank
4
debits of the United States the above great sum would be raised.
Clyde L. King. Secretary of Revenue of Pennsylvania,appeared to ask the
elimination of Section 811 of the House bill, allowing the revaluation, retroactively, of depreciated estates. Technical construction of this section.
he said, would deprive his State and many others of ml lions of dollars a
year in estate taxes.
Merchants Enter Plea.
The Merchants' Association of New York, through Laurence A. Tenzer,
Chairman of the Committee on taxation and pubiic revenue, entered a
strong appeal for drastic reductions in Government expenditures by Con4ress
before the final passage of a revenue bill.
Henry B. Fernald, representing the American Institute of Accountants.
said the proposed new surtax rates would pass the point of productivity,
retard recovery in the bond market and make it more difficult for railroads and industries generally to obtain needed funds. He also predicted
a decrease in return if consolidated returns were "taxed out of use."
Provisions Criticized by Bar Association.
Criticism of several provisions of the House bill was entered by the Bar
Association of the City of New York through Hugh Satterlee, particularly
in regard to Section 23 dealing with deductions from gross income. His
belief was commended by Robert E. Coulson, speaking for the American
Bar Association.
A plan to restore the sales tax in the revenue bill was outlined on April 20 by Senator Reed (Rep., Penn.) said the
"Journal of Commerce," which in its Washington account
April 20 stated:
He expects the Committee to wear itself out in argument over the justness and productive promise of the special excise program, and then will do
everything in his power to secure favorable action on the general proposal.
Two Programs Compared.
At a rate of 1.5%, as advocated by the Treasury Department, in place
of the 2.25% rate carried in the Ways and means Committee program,
twice voted down by the House, the tax is calculated to raise $350.000.000,
compared to $255,000,000 computed as the return from the special excise list.
To prevent pyramiding of the levy, Reed suggests the plan of placing the
assessment upon the gross sales figure of any article minus the price paid by
the fabricator for materials. Thus, an automobile maker would not pay a
tax on steel in the frame work because the steel would have been taxed
when it went from the mill to the manufacturer. Going further back, the
mill/nail would not pay on the coal he bought for his furnaces because it
would have been levied upon when sold him. The great difficulty with
this tax, as admitted by its proponents, would be in administration,
where endless ramifications would be presented.
Several Democratic members of the Committee expressed themselves this
afternoon unalterably opposed to the restoration of the House-discredited
general tax, but Reed expressed the belief there will be a change of heart,
that if the Committee recommends It the Senate will vote it in, and that the
House would accept it In conference.
As to the Committee hearing on April 20, the paper quoted
said:
A miscellany of witnesses confronted the Committee to-day at two sessions
extending over six hours.
Lumber Tariffs Argued.
The strongest representations were made by those arguing for and against
the lumber tariffs, more diplomatically known as Import taxes.
W. B. Greeley, spokesman for the West Coast Lumbermen's Association,
asked the following imposts: $3 per 1,000 feet, rough lumber;$5
a thousand,
dressed (present tariff $1): $1.50 on logs, poles and piling; $1 a cord on
pulpwood; 25c. ad valorem on laths, shingle and fence posts, and
on woodpulp, 1-6c. a pound dry weight, mechanically ground;
1-3c, chemically
unbleached; 34c. bleached.
The leading witness against these proposals was Prentice Bloedel,
Seattle,
who while admitting there was no question of the distress in the American
industry, charged it was not caused by importations from
Canada, but
domestic mismanagement.
Those who testified were mostly aligned in two classes—domestic
Producers for the income tax, users of the Canadian product, against Senator
Jones (Rep., Wash.), who already had introduced timber and pulpwood
amendments, led a group of Northwestern legislators, who insisted upon
ample talking time for the lumber spokesmen. Several heated colloquies
occurred in Committee on this score.
Woodpulp Rate Hit.
Ellsha Hanson, appearing as attorney for 500 daily newspapers, protested vigorously against the Jones rate of 1-6th of a cent on mechanically
ground woodpulp.
st, The demand for an increase in the butter tariff from 14c. to 22c. a pound
was made by Representative Christopherson (Rep., S. Dak.). He further
declared himself "entirely agreeable" to a system of countervailing duties on
articles from countries with depreciated currencies in response to a question by Reed. who, with other Republicans, favors such an arrangement.
3027
William A. Brady, New York theatrical producer, suggested on April 20 to the Senate Committee a tax on newspapers and magazines, instead of reviving, a; voted by the
House, the tax on amusements. This is learned from a
Washington despatch to the New York "Herald Tribune,"
which further said:
To tax the theater, he said, would be like taxing
a "corpse."
"I can't see what's the matter with putting a
1-cent tax on every daily
newspaper in America." he testified at the
Committee's hearing on the
revenue bill. "What's the matter with a 5
-cent tax on a magazine that
weighs a pound? It costs the Government
$65.000 each week to deliver
a certain magazine. What's the matter? Are you scared?"
He also suggested that, instead of taxing
the "corpse" of the theatre,
revenue might be raised by taxing bets
on horse races and sweepstake
tickets.
On April 19 complaints against taxes already in th( revenue
bill and appeals for new levies were heaped before the St nate
Committ(e. Associated Press advices from Washington on
April 19 said in part:
Both sides of the copper tariff question were presented.
A.E.Petermann,
of the Calumet & Arizona Copper Co., said a Sc. tax
on copper imports
was necessary to save the Industry. Heath Steele of the
American Metal
Co. of New York, a firm which has some foreign copper
interests, argued
the duty would increase rather than decrease unemployment
at the mines.
The Committee also heard opposition to an 8% levy
on the amount
paid for transportation of oil by Pipe lines.
Petermann urged the Committee to approve a Sc.
tax on imports, because the Tariff Commission had reported foreign copper
cost less at American ports than the domestic metal.
"The end is right now." Petermann said, "unless
something is done.
Most of the mines will be closed in six months and the
workers will have to
have relief from either the State or Federal Government.
"These people are facing a disaster just as real to them
as a fire or flood.
They know this is a permanent condition unless something
is done."
Petermann said "the industry is on the way to
destruction—in fact, it's
already commenced." . . .
Inland oil producers, through Harry H. Smith,
Secretary of the MidContinent Oil & Gas Assn., protested against the proposed
8% Pipe line tax.
Smith told the Committee the proposed levy would
fall on the inland
producers very severely and would "put many out of
business." "A pipe
line tax inevitably will be a tax on the producers themselves,
rather than
on the pipe line companies," Smith said, "The oil industry
cannot bear
additional taxes at this time."
Arguments for and against including an excise tax on oil
imports in the pending revenue bill were presented April 16
to the Senate Finance Committee, said the "United States
Daily," which also said:
Representing the proponents of a tax was Wirt Franklin, President
of
the Independent Petroleum Assn. of America, who maintained
that the
proposed levy not only would result in a substantial revenue but also
was
in keeping with the practice of many other nations.
Opponents contended, on the other hand, that the proposal
would not
return a revenue, but instead would create a deficit, that it would
raise the
price of oil and gasoline and create a privilege for major oil
companies.
Witnesses Against Proposal.
Appearing against the tax were: Paul H. Harwood,
Vice-President of
the Pan-American Petroleum & Transport Co.; William
C. McTarnahan.
President of the Petroleum Heat & Power Co.,
New York; Michael
O'Shaughnessy, of the O'Shaughnessy Oil
Bulletin, New York City;
Joseph K. Milliken, Mount Hope Finishing Co.,
North Dighton, Mass.;
Frederick S. Whiteside of the Pacific Mills Co.,
Boston; William Harwood.
Fall River, Mass., representing the American
Federation of Textile Operatives; George Rommel, Savannah, Ga., Chamber
of Commerce, and
Benjamin A. Franklin, Springfield, Mass.,
Associated Industries of Massachusetts.
Elsewhere we give in detail the new tax proposals of
Secretary of the Treasury Mills, submitted to the Senate
Committee on April 18. On the same date the proposed
excise tax on automobiles, trucks and parts, tires and accessories, was &dared to be "unfair and discriminatory" by
representatives of the automotive industry before the Senate
Committee. Such a tax would decrease the volume of
business, increase unemployment, and throw the burden of
the tax upon the public, it was contended, the "United
States Daily" further reporting:
Protest also was entered against the tax on radio equipment by various
representatives of the radio manufacturing industry.
Auto and Radio Taxes Protested.
Testifying against the tax of 3% on automobiles, 2% on trucks and 1%
on parts, tires and accessories. were: George M. Graham, Detroit, VicePresident of the Rockne Motors Corporations, representing the automotive
industry, who appeared for the taxation committee of the National Automobile Chamber of Commerce; Harvey L. Cobb, Washington, D. C.,
representing the American Motorists' Assn.. and Ernest N. Smith, Washington, Executive Vice-President of the American Automobile Assn.
Appearing against the radio tax were Frank D. Scott, Washington,D.C.,
counsel for the Radio Manufacturers Association, and Paul B. Elugh.
Chicago, of the Zenith Radio Corp. and representing a committee of the
Radio Set Manufacturers.
"In place of a force of employees which has retched as high as
590,709,
we are down to 340.000 on part time. Instead of paying these
men and
women $1,028,791,000, as in 1929. their wages have fallen to
$453,000,000,"
Mr. Graham told the Committee in a prepared statement.
Reduction in Prices.
That it might achieve its hope of creating employment,
he declared that
the industry has so reduced prices that the tax levy
provided in the House
revenue bill equals or exceeds manufacturers' profits in
many cases.
Pointing out that 4,000.000 persons are directly and
upon the automotive industry for employment, Mr. indirectly dependent
Graham summed up
the industry's objection to the proposed tax as follows:
"Our chief concern here to-day is the American
pay roll. Every other
consideration is unimportant. What the country
needs is employment,
wages. These are the only factors that can
bring permanent economic
3028
Financial Chronicle
recovery. It is the duty of the automobile industry, and of all industry,
to make every effort to expand employment.
Would Aid Other Industries.
"If our plants were operating at anything like normal,the slump would be
over. Other industries would be infinitely aided by our expanding volume
and with a mighty surge, business would go rushing forward.
"We oppose motor vehicle excise taxes because we believe they are a direct
blow at the Nation's wages."
At the beginning of his statement, Mr. Graham pointed out that his
testimony was 100% representative of the motor world. Getting at once to
his subject, the witness told the Committee:
"Our disbursements are now being made in wages, and not in dividends."
Mr. Smith told the Finance Committee that motor vehicle registrations
are now declining at the rate of 100,000 a month. "At the 1931 rate of
taxation, motor vehicle property," he added,"is now paying more than 20%
per annum of its average value. At this rate,the motor %ehiele pays 140.7%
of the average value in taxes during its life of seven years."
State and local motor taxes were said by Mr. Smith to have increased
338% in the last 10 years, as compared with an increase of 110% in registrations.
Opposition to the proposed tax on stock transfers is voiced
by the directors of the Merchants Association of New York,
which declares it "ill-conceived and punitive" and in respect
to some corporations "confiscatory." A report opposed not
only the proposed tax on stock transfers but several other
features of the House revenue bill. The protest of President
Whitney of the New York Stock Exchange against the stock
transfer tax was noted in our issue of April 16, page 2842.
Senator Long,'s Resolution to Limit Incomes—Restriction of Individual Earnings to $1,000,000 and Gifts
to $5,000,000 Sought.
A resolution to accomplish a limitation on individual
income and capital holdings by use of the Federal taxing
power was introduced in the Senate, April 21, by Senator
Long (Dem.,La.),said the "United States Daily"of April 22,
which added:
The resolution would direct the Senate Committee on Finance "to
reform" the pending tax bill to effect a limitation on incomes to $1,000.000
a year. It also would make it impossible for any person to receive more than
$5,000,000 by gift or inheritance. In each instance, sums in excess of the
figures given would be absorbed in taxes, according to the author of the
resolution.
The resolutions follows in full text:
Resolved, that it is the sense of the Senate of the United States, and that
it accordingly instructs the Committee on Finance that it reform the
Revenue Act (H. It 10236), now under consideration, so that no person
shall have an annual income in excess of $1,000,000, and so that no person
during his lifetime shall receive by gifts, inheritances or other bequests more
than $5,000,000.
New York Coffee & Sugar Exchange Declares Tax on
Future Sales Would Drive Futures Trading to
Foreign Markets.
Declaring that the proposed Government tax on commodity future sales would drive coffee and sugar futures
trading from this country to the competing foreign markets
(if passed), H. H. Pike Jr., President of the New York
Coffee & Sugar Exchange, made formal protest to the
Finance Committe of tho United States Senate, in a communication to Chairman Reed Smoot, which was made
public on April 22. The communication, in part, says:
On behalf of the New York Coffee and Sugar Exchange I beg your
consideration of certain important factors in connection with the proposed
revenue stamp tax on sales of produce for future delivery on organized
Exchanges.
I believe we may accept the premise that these Exchanges aro essential
elements in our economic structure, both for the service they render to
the hedger and in the marketing of basic commodities. This premise has
been accepted by leading economists, by Government agencies in their
dealings with the Exchanges, and by Congress in its legislation In respect
thereto.
We are fully aware of the primary importance at the present time of
balancing our Government budget and raising sufficient revenue for that
purpose; and that this can only be done through taxation. The members
of the New York Coffee and Sugar Exchange, as citizens of this country
and as merchants, hesitate to add to your burden by protesting against
any portion of the proposed bill. But we are strongly of the opinion that
the tax on commodity exchange trading will not only defeat its own purpose, but will have grave economic consequences much more far reaching
than your Committee has taken into consideration.
To-day the Coffee and Sugar Exchange in New York City Is the leading
futures Exchange in the world for these commodities. Producers, dealers,
manufacturers and traders from every country in the world use this Exchange for hedging and trading purposes. There are competing foreign
Exchanges dealing in coffee in Havre, Hamburg, Rio de Janeiro and Santos;
and for sugar in London, Liverpool, Hamburg and Paris. All of the foregoing Exchanges are, however, of secondary importance to tho New York
Coffee and Sugar Exchange, and the combined trading on all these Exchanges probably does not equal the trading on the New York City Exchange.
This business has been brought to this country solely because of the
freedom of trading from all restrictions and the broad market which has
been maintained in our Exchange.
If trading on this market is subjected to the handicap of such a tax as
Is proposed, the world business which now comes here will inevitably be
driven to these foreign markets, and as a corollary the position of the New
York Coffee and Sugar Exchange as the leading futures Exchange in the
world for these two commodities will be Impaired, if not destroyed. This
result will not only deprive the Government of the anticipated revenue,
but will drive out of business a great many of our 350 members.
These conditions will, of course, be duplicated upon the other commodity
exchanges which are similarly affected.
April 23 1932
Such a result, at a time when liquid markets are so essential to our credit
structure, would be most unfortunate. Commodity values throughout the
country would be further frozen, and the ranks of the bankrupts and the
unemployed would be increased. These consequences, without the addition of substantial revenue to the Treasury, would be catastrophic.
May we call to your attention the fact that the contemplated tax is five
times the present rate, and 23i• times the burdensome level that maintained
during the war. The proposed tax does not penalize the financial element
of Wall Street, but lays a most serious burden upon the rest of the country.
Every man who in any way deals in any of the commodities which are
traded in upon our various Exchanges would be directly affected by the
imposition of the tax. Employees, tradesmen, landlords and consumers
are bound to be injured, not to mention the employers themselves and
their families.
House Economy Committee Agrees to Hoover Proposal
to Embody Economy Plans in Single Measure—
Durlough Pay Cut Fought—Democrats Move to
Insert Own 11% Slash in Salaries—House Accepts
Senate's $5,000,000 Reduction in Interior Department Appropriation—Senate Adopts Resolution for
Study of Government Department Mergers.
The House Economy Committee, counseled by Speaker
Garner and Minority Leader Snell, agreed on April 18 to
put all the proposed economy plans into a single omnibus
bill in deference to the wishes of President Hoover. There
was no vote taken on the question, the decision being
reached after an amicable two-hour session, said a dispatch
from Washington April 18 to the New York "Times", which
further reported:
The victory for President Hoover was short. The Democratic members
immediately began to lay plans for an agreement to put into the bill their
own salary-cut program, which will reduce all salaries over $1,000 by 11%.
and reject the President's furlough plan. They said to-night that they
would vote together on the question. They also revealed that they will
Insist upon the War and Navy Department merger being included in the
omnibus bill.
President Hoover is opposed to the proposed merger, but proponents of
the measure believe he will be forced to approve the entire bill, despite the
features which might be objectionable.
Other developments to-day were:
The House, established a precedent by accepting, 268 to 42, the Senate
approamendments to the Interior Department bill which reduced the
priation $5,047,760 under the $50,445,432.33 previously passed by the
House.
The Senate voted, 37 to 31, to instruct the Appropriations Committee
to cut the Treasury and Postoffice Department bills carrying a total of
$1,059,000,000, a flat 10%. The public building program was excepted,
so that the estimated savings in these two departments will be about
$87.000,000.
Would Abolish Air Secretaries.
The House Naval Committee reported a bill to abolish the office of
Assistant Secretary of the Navy for Aeronautics on Juno 30 1932, and
the House Military Affairs Committee is expected to report a similar bill
abolishing the War Department's Air Secretary.
Budget Director Roop failed to show the Committee that President
Hoover's estimate of savings between $225,000.000 and $250,000,000 were
possible under the Administration plans submitted to the Committee.
The sharp reduction proposed in the Postoffice and Treasury bills created
alarm in the House. Members said sauch a reduction would be impossible
to attain, while the Economy Committee members declared that if the plan
was adopted it would mean the end of the Committee.
Senate Approves Resolution Creating Economy Commi,tee.
Without a record vote, the Senate approved the Jones resolution creating
an Economy Committee of nine members as proposed by President Iloover.
Three members would be from the Senate, three from the House and three
appointed by the President. . . .
Representative Byrns,Chairman of the House Appropriations Committee,
stated that, including the $5,000,000 cut by the Senate from the Interior
Department bill, a total of slightly more than $27,000,000 had been cut
from the President's budget estimates.
Senate iVill Carry Out Cut.
The Senate Is expected to carry out its 10% reduction with the agricultural bill, carrying $175,113,814, and the independent offices bill, involving a total of 3986,440.506, both of which have been passed by the
House. The Navy Department bill will be taken up in the House tomorrow, and it is expected to add more than $10,000,000 to the amount
cut from the budget estimates.
The House Merchant Marine Committee presented a resolution which
approved the disposal of the Merchant Fleet Corporation, operated by
the Shipping Board. This same plan is contained in the economy measures
before the Committee, and would save more than $7,500,000 If approved.
House Economy Committee Considers New Proposal of
Chairman McDuffie—Would Direct President
Hoover to Make Recommendations at December
Session of Congress.
The House Economy Committee yesterday (April 22)
began work on a new proposal by Chairman McDuffie to
direct President Hoover to make certain recommendations
to the December session of Congress for reorganization of
the Government to reduce costs. Associated Press a,dvices
from Washington stated:
It turned to this plan after failing to agree on a proposal by Representative Williamson (Rep. S. D.) to empower tho President to reorganize the
Government and on another proposition to give him limited authority to
merge certain phases of the Federal structure.
The group ran into difficulties over constitutional provisions in seeking to
work out a way to give the Chief Executive authority to transfer and
consolidate Federal activities.
Bill Nears Completion.
Still far from agreement on many other controversial features in the
economy program, the Committee pursued to-day its study of the items
Volume 134
Monday.
that are to go into the bill, with the hope of a final vote on it next
approved
A number of the plans advanced by President Hoover have been
and seve-al have been rejected.
It was intended to report the program to the House Wednesday.
The House was notified to-day that its Appropriations Committee would
withdraw its recommendations to place limits on flight pay of naval aviators
and on submarine pay for naval officers.
Representative Ayres (Dem., Han.), Chairman of the sub-Con rrittee
that drafted the bill, told the House Navy Department officials had
promised to effect other economies to meet the proposed saving of $294,000
slated to have been made through flight and submarine pay limitations.
Omnibus Bill Submitted by President Hoover to House
Economy Committee to Effect Federal Economies—
"Five-Day Week Staggered Furlough Plan" Proposed—Statements by White House and Representative MacDuffie, Chairman of Committee.
Following conference between President Hoover and
members of the House Economy Committee held with a view
to developing plans to effect economies in Federal expenditures, the President on April 15 submitted to the Committee a 31-page draft of an omnibus bill designed to reduce
Government expenditures by more than $200,000,000. With
reference to the President's proposals, Associated Press
advices April 15 from Washington said:
Argument for Plan.
The arguments in favor of the plan are:
(a) It establishes the principle of the five-day week in the Government.
(b) It maintains the present scale of salaries, but each person takes
holidays at his own expense.
(c) It is prorated to all officials, from Cabinet officers down to persons
receiving $1,200 per annum, and provides against hardship to those receiving between $1,200 and $2,500.
(d) It provides a saving of $80,000,000 to $82,000,000 as against $67,000,000 on the straight pay-cut basis.
(e) With the cuts in departmental appropriations now under discussion
In Congress, a number possibly as many as 10,000 out of the million Government employees, would need to be discharged. Under this plan, however,
many substitutes will be required in the continuous services which would
enable the retention of these otherwise discharged employees, but beyond
this, it is estimated that from 25,000 to 35,000 further substitutes would be
needed, thus contributing to reduce unemployment. Under the pay-cut
plan the unemployment situation would not be met.
Main Points of Hoover Economy Bill.
Some of the principal changes provided in the President's
revised economy plan, submitted in the omnibus bill, were
summarized in a Washington dispatch April 16 to the New
York "Times":
The House Economy Committee was told to-day by .1. C. Hoop, Budget
Director, that President Hoover desired authority to make a thorough
reorganization of the Federal Government.
In explaining to the group, behind closed doors, the Administration's
far-reaching omnibus retrenchment bill, Mr. Hoop said Mr. Hoover desired
Congress to establish a policy of consolidation that would permit him to
carry it out through executive orders.
The consolidations to be carried out at once, under the President's
program, affect public works, public health, personnel administration,
merchant marine, conservation and educational activities and the Mexican
boundary and water commissions.
The consolidations effected by the Chief Executive would be subject to a
-day veto by Congress. Should Congress not take action on the con60
solidations effected within 60 days, they would stand.
Prefers Furlough Plan.
Mr. Hoop read a lengthy statement explaining the 31-page Administration
bill. He said the President preferred his "five-day week and staggered
furlough plan" of employment over the McDuffie direct pay-cut proposal
drafted by the Committee.
The Economy Committee, in receiving the testimony on the President's
plan, laid final preparations for bringing the issue to a vote next Tuesday.
In most respects it agreed with the Committee's own Ideas, and it was
estimated to save between $160,000,000 and $200,000,000. A major provision, however, was President Hoover's plan for reducing the payroll by
eliminating pay during the annual month's leave of the higher-salaried
--day week basis. The
employees and placing per diem workers on a five
Committee has yet to decide between this and the flat 11% Pay cut plan
McDuMe of Alabama.
of its Chairman, Representative
Another departure was inclusion in the program of a bill to give the
President power to consolidate and abolish Government bureaus, a procedure opposed by the Democratic leaders, and to abolish unneeded naval
land stations.
The Committee, on its part, had voted four to three to report legislation
to consolidate the War and Navy departments, a plan flatly opposed
by the Administration. Chairman McDuffie believes there is a saving of
$50,000,000 to $100.000,000 in this consolidation.
Whatever the Committee decides to approve at to-day's meeting is
destined to be offered as an amendment to the appropriation bill, which
carries the pay of Congress and its numerous attaches.
Items on Both Lists.
Items which are on both Committee and Administration lists included
the naval land station abolition: transfer of funds for the Philippine Scouts
from the Federal Treasury to that of the Island Government; abolition of
the transport services of Navy, Army and Panama Canal RR.; suspension
of all vocational education except industrial; imposition of fees for services
of the Radio Commission, Commerce Department and Bureau of Standards:
suspension of vehicle upkeep allowances to rural mail carriers, and increase
In patent fees.
The following statement regarding the omnibus bill was
issued at the White House on April 15 in behalf of President
Hoover:
Memorandum for Information.
The omnibus bill for amendment to the various laws so as to permit reduction of Government expenses beyond those which can be effected by the
Executive and the Appropriations Committees, should ultimately reduce
expenditures by upward of $225.000,000 and possibly $250.000,000.
The bill represents the drafting of matters discussed by the joint sessions
of the Administration representatives and the House Economy Committee,
not all the provisions being agreed upon by all the conferees, and one of the
differences of view referring to the handling of Federal employee questions.
The following description of the effect of the "five-day week staggered
furlough plan" in substitution for the "pay-cut plan" is given in reply to a
groat many telegraphic and other inquiries.
This plan provides for one year:
1. Application of five-day week directly to per diem employees by
-day employment: that is,
eliminating the equivalent of Saturday half
without pay. The equivalent Is reached with
26 days furlough in the year
without pay, the mouth
annual employees by one calendar month's furlough
not necessarily to be continuous.
and all holidays with pay are eliminated.
2. Furlough to be mandatory
civil employees of income of
3. The following groups are excepted, (a) all
the enlisted forces of the military services;
$1,200 per annum and less: (b)
where suitable substitute cannot be
(e) special cases in continuous services
regular employees;
provided and public interest forbids the absence of
in respect to whom it is provided that their vehicle
(d) rural mail carriers
the shortened time:(0) In cases where the
allowances are eliminated In lieu of
S1.200 and $2,500 income below the
plan would reduce employees between
occupations outside of the Government.
prevailing income of comparable
compulsory furloughs is provided through appeal
An adjustment to reduced
Board.
to the Classification
3029
Financial Chronicle
A five-day week applied to per diem workers, and a month's furlough a
year for annual employees, with some exceptions.
Automatic and administrative promotions suspended for a year.
Filling of vacancies suspended for a year.
Superannuated employees, except under special exemptions, retired.
Extra pay for overtime and night service suspended.
Amendments to World War veteran's and pensions acts to limit allowances, pensions and hospitalization.
Establishment of a policy of consolidation of Government functions, to
be ordered by President.
Consolidation at once of public works activities, public health activities,
personnel administration, merchant marine activities, conservation activities, educational activities, the Mexican Boundary Commission and
the Water Commission.
Army, navy and Panama transport services eliminated.
In his reply to the President's statement, a statement was
issued on April 16 by Chairman McDuffie of the Economy
Committee (we quote from the New York "Times"):
It is unfortunate that the President has issued a statement. Including
an argument for his bill, before the Committee has had an opportunity to
conclude consideration of his program which reached the Committee after
its adjournment late yesterday afternoon. The Committee has delayed
its program largely at the instance of the President and out of deference to
him.
We have spent the entire day in going over its provisions, which inelude the program the Committee has had under consideration for several
weeks, with the exception of the question of reduction in salary by the
furlough system, the elimination of vehicle allowances for rural carriers,
the payment for night work and overtime and certain other items. The
bill also includes such items which the Committee has already introduced
In the House.
As to the savings under the program set up by the President, Colonel
Hoop estimates 3178,829,000. The furlough or staggering system, excluding the elimination for vehicle allowance for R. F. D. carriers, Colonel
Hoop estimates will save $65,500,000, or, including the item on the vehicle
allowances, the savings is approximately 382,000.000.
The item dealing with veterans' legislation, according to General Hines,
is 358,217,000. There was no estimate made, of course, for the savings
that might occur in the event the Committe conferred upon the President
the power to reorganize the entire Government. How much that saving
will be, if any, cannot now be estimated.
Disputes Furlough Advantage.
As to the President's arguments in favor of the furlough plan, otherwise designated as the "staggering plan," in the last analysis it means a
reduction in Federal salaries A rose by any other name smells just as
sweet. Under the President's plan the Federal employee would sacrifice
a greater percentage of his salary in the lower grades than in the higher
grades.
For instance, an employee with a salary of 31,800 under the Committee's
plan would sacrifice $88, while if he is forced to take a month's leave without pay he would sacrifice $150. The employee receiving $1.200 per
annum under the Committee's plan would sacrifice 822. while under the
President's furlough or staggering system the sacrifice would be $100.
I cannot agree with the suggestion that under the President's plan 25,000
to 35,000 additional employees will be needed in the service. I do not
think, however, the time has come to rush into print In support of either
plan, because I feel that the necessity for retrenchment in Government expenditures is a matter of such vital importance to the entire country that
it should not in the present emergency be made the subject of partisan
political discussion.
The Economy Committee of the House of Representatives has cooperated with the President to the fullest extent and will continue to do
so. What the Committee desires is the attainment of the main objective,
and the Committee wishes to proceed along with the most effective method
to attain the end sought.
Together with certain members of the Economy Committee. the President and others considered It advisable to embody all Items of retrenchment in one bill, including the salary item Such a bill, expressing the
views of both the President and the Committee, is now under consideration. The Committee will meet again Monday morning.
The bill will speak for itself when presented to the House.
From the "Times" of April 17 we also take the following:
Roop Explains Hoover Bill.
In the course of the Economy Committee's deliberations of nine hours,
J. C. Hoop, Director of the Budget, appeared before it and explained the
President's omnibus bill in detail. Members of the body were still far
apart on the salary cut proposal and other features of the Administration
legislative economy program.
First they voted 4 to 3, to include in the omnibus bill the War and
Navy Department consolidation plan sponsored by Speaker Garner and
other leaders. Then Representative Douglas (Ariz ) had a change of
heart and was reported to be urging that such action should not be taken.
President Hoover is opposed to such a step and the sudden defection of
Mr. Douglas opened the way for another split.
Although no vote will be taken until Monday, leaders of the House
are expecting the salary reduction plan to be brought to the floor for a
3030
Financial Chronicle
April 23 1932
vote on Tuesday. A hard fight is predicted if the measure is brought
out for a vote under a special rule.
Democrats and Republicans alike agreed that it will be virtually impossible to complete a study of the joint executive-legislative economy
plans in time to present a bill to the House before late next week. They
decided not to hold session to-morrow and will meet again Monday morning.
The Economy Committee's proposal in lieu of the above
was:
(a) Instead of paragraph 2 was a pay cut for one year arrived
at by the formula of exempting $1.000 before a cut of 11%.
Estimated saving
67.000.000
(b) Do away with Saturday half holiday. Estimated saving 10.000.000
An item to the effect that the President planned to confer
with the House Economy Committee on the subject of
Federal economies appeared in these columns April 9, pages
2644-2645. At the conclusion of the initial conference,
held April 9, a statement was issued at the White House
indicating that under the program tentatively agreed upon
on that date National savings of from $160,000,000 to
$210,000,000 would be possible. The proposals included the
introduction of a five-day week for per diem employees and
authority for staggering the employment of annual employees by means of furloughs without pay. The White
House statement of April 9 follows:
On April 13 a second conference took place at the White
House between President Hoover and the House Economy
Committee. Under date of April 12 advices to the New
York "Journal of Commerce" said:
As a result of mutual exchange of views by the Administration and the
Economy Committee the following was tenfatively agreed upon as a
National economy program:
The total of the savings so far arrived at would amount to somewhere
from $160,000,000 to $210,000,000. This does not include the savings
to be made from consolidations (Group II), nor from reductions in appropriations (Group III).
The conference will continue.
Reductions in expenses require action in three directions:
Class 1. The amendment or repeal of existing laws which would prevent
the realization of savings.
Class 2. Legislation for the reorganization and consolidation of Government functions so as to eliminate overlap, unnecessary bureaus and commissions, and waste.
Class 3. Reduction of appropriations which are within the authority of
the existing laws creating and specifying various activities of the Government. This class, being under consideration by the Appropriations
Committee of Congress, was not dealt with in the conference.
The savings which can be effected only by the amendment or repeal
of existing laws or by the granting of additional authority in certain cases:
1. Authorize for one year the head of any department or independent
establishment, with the approval of the Director of the Budget, to transfer
some percentage, to be determined, of any specific appropriation to any
other specific appropriation within the department or the independent
establishment. Such a procedure will add economy and avoid so far as
may be possible the necessity for supplemmtal or deficiency estimates
in the next session of Congress. This will not entirely eliminate supplemental and deficiency estimates, but unless such provision is made the
inflexibility of reduced appropriations and the emergencies which are
certain to arise might result in groat public damage and would certainly
necessitate more supplemental and deficiency estimates than will be needed
If this provision is adopted. Reduction of expenditure is indirect.
2. Retire superannuated employees. Estimated saving__ 53,000,000
3. Suspend for one year the operation of all provisions providing for extra pay for overtime and night service and all automatic
promotions provided by law to civilian employees. Estimated
10,750.000
saving
4. The Congress to take appropriate steps to reduce the ConCabinet and the President's salary. Unestimated.
gressional.
5. Instruct the Secretary of the Navy to appoint a board of
naval officers to report upon the closing of all land naval stations
which in their view are not essential to the National defense.
The decision of this board to be final and the stations to be closed
upon their recommendations. Saving indeterminate, but
probably
1,000,000
6. Require the transfer of the cost ofsupporting the Philippine
Government. Estimated saving
Scouts to the Philippine
5,000,000
7. Suspend for one year all payments to the States under the
Federal Board for Vocational Education, except those for
industrial rehabilitation. Estimated saving
8.500,000
8. Suspend for one year the operation of all shipping lines
Shipping Board. Estimated saving
operated by the
7,500,000
9. Amendments to veretans' legislation as pointed out by
General Hines. The various projects were undetermined, but
range in savings from $39,000.000 to $80.000,000 per annum.
10. Limitation of pay of emergency officers and of retired
Army and Navy officers employed by the Government. Saving
11. Prohibition against filling civilian vacancies, except key
positions.
12. Reduction of printing and paper.
13. Establish fees for service in certain bureaus with view of
making them more self-supporting.
14. Discontinue appropriation for N. W. Triangle heating
750,000
plant
15. Authorize transfer of fish hatcheries to such States as will
them.
accept and operate
16. Abolish Army and Navy and Panama transports.
17. Other subjects were referred to later consideration.
-Day Week.
Five
18. In considering the savings to be made in the Federal estabmeat the Administration group proposed:
(a) For one year the introduction of a five-day week be
authorized for per diem employees and authority for staggering
the employment of annual employees by means of furloughs
without pay. The reduction of appropriation by the Congress
will result in the discharge of many employees unless some provision is made to prevent this contingency. This would permit
the retention of trained and qualified employees and provide a
somewhat reduced income to some of the Federal staff in lieu
of discharging those who cannot be retained on full time. The
application of this principle into other services will produce ef45,000.000
fective economies. Estimated saving
(b) Amendments to the law pointed out by the Postmaster
General to suspend for one year allowances to mail carriers for
maintenance of vehicles and other possible items. Estimated
17,500.000
saving
(c) Authorize the suspension for one year of all rights to
annual leave with pay and to sick leave with pay to any civilian
employee of the Federal Government in excess of two calendar
weeks each for annual leave and sick leave, but providing that
unused sick leave may accumulate to the credit of the employee
35,000.000
In the succeeding year. Estimated saving
President Hoover remained adamant to-day in his stand on his
"stagger"
employment plan for effecting savings in Government personnel, the principal point in the National economy program now under consideration,
as he
again summoned members of the House Economy Committee to
the White
House for a conference to-morrow.
Preparatory to this second conference between the Administration and the
Economy Committee, Mr. Hoover devoted the greater part of his
Cabinet
session to-day to further discussion of the subject with a view to bringing
about agreement at the meeting, which will be held at 3 o'clock to-morrow
afternoon.
Since the last Cabinet meeting renewed effort has been made by
Departmental heads in an attempt to discover further ways to reduce
operating
expenses, and in announcing to-morrow's conference the President said
he
felt encouraged over the results of the first meeting with the
Congressional
group last Saturday.
President Issues Statement.
As the President was issuing a formal statement indicating
insistence
upon his suggestion of a five-day week for per diem workers and
compulsory
furloughs for all civil service employees, the House Rules Committee to-day
reported a special rule, requested ty the Economy Committee yesterday,
making in order as an amendment to the legislature appropriation bill
the
Congressional group's proposal for an 11% cut on all salaries In the Federal
service, with an exemption of $1,000.
Under the terms of the special rule the way would be cleared for the incorporation of an amendment to the appropriation bill calling either for a
cut of 11% in Government salaries with the $1,000 exemption or any other
plan offered from the floor of the House as well as the Hoover stagger employment proposal. There seems to be a considerable sentiment in the
House that the President's proposal is preferable to that of the Economy
Committee In that, while it is in fact a reduction in salaries, yet it preserves
the salary standard as fixed through the Personnel Classification Board,
The President's statement of April 12 follows:
The joint conference of the administrative officials and the Economy
Committee of the House on Saturday resulted in a most encouraging
program.
Any program of legislation for fundamental changes in the laws affecting
reduction of Government expenditure involves a very large amount of •
detailed research and detailed consideration. I have felt that we would
make most distinct progress by continuing these conferences and I have
asked the Economy Committee to meet with me again to-morrow.
The businesslike and effective way to handle the whole question of reduothan of Governmental expenditures where it requires legislative action as
distinguished from action by appropriation committees is to work out a
definite National economy bill which can be presented to Congress and to
the country as a completed whole. Obviously, it requires effort, but I do
not believe it will cosume a large amount of time
The development of such a program requires the closest co-operation
between the Executive and the legislative branches of the Government.
It is most desirable that such a program shall be presented on an entirely
non-partisan basis on which we all take our measure of responsibility.
In reply to President Hoover's invitation to have the
Committee consider further (on April 13) a program of
Federal economy with him at the White House, Representative McDuffie (Dem.), or Monroeville, Ala., the Committee's chairman, expressed his hope that the Committee
would complete its consideration of an amendment to the
legislative appropriation bill for Federal salary reductions in
time to accept the invitation. The "United States Daily"
of April 13, from which the foregoing is taken, continued:
Budget Director to Be Heard,
The Committee wished first to have the opinion of Col. J. Clawson
Row. Director of the Bureau of the Budget, Mr. McDuffie informed
.
the o nt ident
PP e ng ou
t that encouraging progress had been made at the first conference. April 9, with the Committee, the President said that the businesslike and effective way to handle the entire question of reduction of Governmental expenditures, where legislative action, as distinguished from action
by appropriation committees is required, is to work out a definite National
economy bill which can be presented to Congress and to the
countrY as
a completed whole.
"It is most desirable," he said, "that such a program shall be presented
on an entirely nonpartisan basis on which we all take out measure of re.
sponsibility." . .
President Calls Conference.
The correspondence with President Hoover was made public by Chairman
McDuffie. The President's letter, dated April 12, follows in full text:
"My dear Mr. McDuffie: In view of the real progress
achieved at our
conference on Saturday (April 9) toward a National economy program, it
seems to me that the most expeditious and businesslike way
to achieve
the conclusive results which we all desire would be to continue these conferences until, through discussion, mutual exchange of
views and a thorough
canvass of detail, such a definite National economy program
can be Prepared. I believe furthermore that the businesslike and effective way
of
assuring enactment of the legislation would be to embody the
program
agreed upon into a single bill which would be presented to the House Bo
of
Representatives as representing a nonpartisan co-operative effort to reduce
"If the views of your Committee coincide with mine, I shall appreciate
it very much if the Committee will meet with me again to-morrow at some
hour suitable to your convenience."
Reply to Invitation.
Chairman McDuffie's reply to the President follows in full text:
"Mr. President: Acknowledging receipt of your letter of to-day inviting the Committee to again confer with you on the subject of a National
economy program, I beg to reassure YOU that the Committee le at all times
glad to receive your suggestions and co-operation. We are now confronted
with the immediate question of the salary reduction amendment which
Volume
134
amendment to the
we propose to offer, and feel must be offered as an
by the
legislative appropriation bill which is now under consideration
Committee wishes to have the benefit
House. Before taking final action the
us upon your sugof such data as the Director of the Budget can give
staggering.
gestion involving salary reduction through your proposal of
conference, in which
"You will recall that upon the adjournment of our
suggestion that the Budget
we made real progress. last Saturday, your
from the
Director and such other representatives to be selected by you
various departments would sit with the Committee. In this suggestion
the Committee was greatly pleased to concur.
"It was also the understanding when we adjourned that Col. Roop
would meet with the Committee last Monday and explain certain features
and
of the staggering plan. Unfortunately Col. Roop was not prepared,plan
staggering
will not be prepared to examine with us the details of the
appreciate the necessity
until this afternoon or to-morrow. We are sure you
of hearing him at the earliest possible moment.
"You would greatly expedite our progress in the problems immediately
confronting the Committee, in view of the parliamentary situation in the
or
House, by letting us have the benefit of Col. Hoop's suggestions to-day
not later than to-morrow."
From the New York "Times" we take the following from
Washington April 14:
President Hoover won a point in his differences with the House Economy
Committee to-day when the Committee postponed action on its plan to
cut all Federal salaries exceeding $1,000 by a flat 11%. Representative
Douglas (Darn,, Ariz.), voted with the three Republican members of the
Committee to sustain the President's contention that a single bill containing all reduction and consolidation proposals would have a better
chance to pass the House and Senate.
Other important developments in the Governmental economy movement
were:
1. General Prank T. Hines began the preparation of plans suggested
by the Administration to reduce hospital and compensation costs in the
Veterans' Administration by at least $80,000,000.
2. The Economy Committee voted to suspend all vocational education
work to save $5,071,000.
3. Angered at "propaganda" allegedly sent out by heads of some departments, the Committee considered calling such officers to explain
their aims.
4. Chairman McDuffle charged that Budget Director Roop had delayed
the Committee by failing to produce promised data from the White House.
re-establishment of public confidence upon the determination of Congress
and the Government to balance the budget, reject the bonus and pass the
pending tax bill speedily, it was said at the White House. . . .
Stresses Public Confidence.
After characterizing the proposed economy program as the most drastic
cut ever attempted in a single year by any government, the Administration
held the economic situation of the country is largely one of public confidence. It was held that the great forces of liquidation have spent themselves and have, in fact, gone much too far.
Here emphasis was placed upon the setback to the distant re-establishment of public confidence in mid-February arising from a number of
apprehensions which have been overexaggerated and unwarranted in the
last three weeks.
In answer to pessimistic outlooks the Administration contends that this
is a time when sentiment is easily influenced, and it is a time when production down to the smallest merchant and manufacturer must contribute
Its share.
Industry in general is now working on a two to four-day week, it was
pointed out, as the principle of the five-day week was promulgated by the
Government itself. As recovery is made the working days will be extended
in normal course, it was held, but they may very likely stop at a five-day
week until all the slack of unemployment is taken up.
been
Conceding that there have been a good many things which have
the delay
considered discouraging, the Administration listed among these
the banking
in passage of the tax bill, agitation over the soldiers' bonus,
situation and the efforts to balance the Federal budget.
are likely to be
The President is assured that rough spots in the tax bill
Reconstruction
straightened out, the bonus will not become law, the
and the
Finance Corporation has taken care of the major banking crisis,
Federal budget will be balanced.
Roop Delayed With His Data.
vote on whether
The Committee met in special session this morning to
to the legisto carry out its plan for bringing up the salary cut as a rider
Roop
lative appropriation bill. It expected to have Budget Director
President's substitute plan for a
with them to present the details of the
staggered furlough system.
the Committee.
Speaker Garner and Minority Leader Snell met with
They were there, it was explained, to act as advisers, but Mr. Snell also
acted as an observer for President Hoover.
A new Administration program, discussed at the White House conference
yesterday was revealed in the move by General Hines to reduce hospital
and compensation costs in the Veterans' Bureau by at least $80,000,000.
President Hoover, it was learned, advised General Hines yesterday to put
the plan in the form of legislation and submit it to the Economy Committee.
It embodies one of the most drastic cuts yet recommended.
General Hines's Plan.
The plan was as follows:
a. Provide that no person except those suffering from combat disability,
making an income tax return of $1,500 if single and $400 additional for
each dependent, shall be entitled to any allowance or pension or free hospitallzation. (Insurance not to be accounted as income.)
b. Provide that no person receiving a Federal, State or municipal salary
above same limits shall receive a pension or allowance.
c. Provide that no person receiving free treatment or subsistence in a
Government hospital or home shall receive more than $20 per month, if
without dependents, or $75 if with dependents, the difference to be applied to the support of such home or hospital.
d. Require six months' service prior to Nov. 11 1918, and war-connected
disability for emergency officers.
e. Eliminate allowances of payments while under examination for claims
against the Government.
f. Abolish retroactive allowances for more than six months prior to
date of determination or review of allowances or pensions.
g. All men receiving allowances who enlisted after Nov. 11 1918. to
be placed upon the non-war-connected disability basis.
is. Modify procedure in suits against the Government in World War
veterans' acts, so as to require review of decision upon basis of evidence
before the Administration instead of de novo hearing,but not eliminating
jury trial.
Garner Agrees to MeDuffie Plan.
Speaker Garner declined to comment in detail on the salary cut plans
at his usual morning conference. He said he had always been in favor of
a single bill, but that he would not quarrel with Mr. McDuffie because
the latter wanted three separate bills.
He said the Democrats could easily obtain the required savings from the
budget, but he reiterated his previous statement that the co-operation of
the Administration would be required.
President Hoover Considers Five-Day Week Essential
In Expediting Business Recovery.
While President Hoover is reported as regarding the business and financial conditions of the United States as stabilized, he was represented at the White House, on April 15,
as feeling strongly that in any recovery of the current economic situation the institution of a five-day week not only
in the Government but in some phases of industry will be
necessary. The Washington account to the New York
"Journal of Commerce," under date of April 15 (from which
the foregoing is taken) also said in part:
week plan he estimates
In pressing Congress for adoption of his five-day
additional employees
that the Government will require 35,000 or 40,000
10,000 in the midst of
Instead of having to discharge between 5,000 and
Committee's
unemployment as would be necessary under the House Economy
flat salary cut proposal.
factors in the general ecoIn entertaining the opinion that unfavorable
nomic situation have been grossly exaggerated, the President expects the
3031
Financial Chronicle
20-Cent Dollar Seen If Full Soldier Bonus Is Paid—
Grave Consequences Would Follow Adoption of
Plan Says Representative Rainey—Additional Note
Issue Would Cut Gold Coverage to 6.7% He Asserts.
From a Washington dispatch, April 13, to the New York
"Times" we take the following by Representative Henry T.
Rainey, of Illinois:
The United States cannot pay the soldiers' bonus in full without grave
conditions
consequences. A few years ago it might have been done, but
have changed.
Proposals have been made, in connection with the bonus, which if carried
value
into effect would BO inflate the dollar that it would not have much
as a medium of international trade.
upon all the
We would have a 20e. dollar. It would be speculated in
here.
markets of the world, just as German marks were speculated in was
Germany's currency was so inflated that a million dollars in currency
marks which
required to buy a very small loaf of bread. All the German
by Germany.
were traded in the United States were afterwards repudiated
are based on the circulation
The figures I am now going to set down
slight changes
statement of the United States Treasury for Feb. 29. With
of $3,442,they apply to-day. On Feb. 29 the Treasury had a gold reserve
for Federal
011,378. That was all. Of this, $1,583,643,272 was held reserve. It
amount of
Reserve banks and agents. The law requires that
circulation.
really belongs to the member banks and secures their
Cold Reserve Required.
to
The United States Treasury has issued gold and silver certificates
receipts.
the amount of $1,613,561,629. These certificates are warehouse
and get gold or silver
Whoever holds them can present them at the Treasury
and the law requires that there always shall be substantially enough gold
trust
to pay these certificates. On the date mentioned the amount held in
against these certificates was $1,769,600,717. It is impossible to pledge
this in any other way than as already done.
The Government has issued in United States notes $346,681,016. Against
these there is a gold reserve amounting to $156,039,088, equivalent to 45%
coverage. This is the only gold reserve against which additional Treasury
notes could be issued.
It has been proposed to add to these United States notes approximately
would then
$2,000,000,000 secured by the same base. In other words, we
a gold
have outstanding $2,346,681,016 of Treasury notes, secured by
amount
reserve of only $156,039,088. This would mean that the larger
would have a gold coverage of only 6.7%.
of
France has a gold coverage of 70%. England has a gold coverage
currency, or any
35%• It seems to me that we can hardly submit our
part of it, to the kind of treatment which would give it a gold coverage
of only 6.7%. That would be the lowest in the world.
SP—
In Advocating Payment of Soldier Bonus Representative Patman Holds Moderate Inflation Would Be
a Benefit.
The following, by Representative Patman, is from a Washington dispatch, April 13, to the New York "Times":
I wish to emphasize that the adjusted service certificates issued to
veterans of the World War represent the Government's confession of a
debt for services rendered: they are not "bonus" certificates.
To persuade Congress to provide for full cash payment of the certificates
It must be shown that each holder of a certificate is entitled to an amount
equal to its face or maturity value, and that the Government can pay this
debt for services rendered; they are not "bonus" certificates.
No bond issue is advocated. The public welfare must receive first consideration, but 3,539,507 veterans of the World War hold adjusted service
certificates amounting to $3,513,692,937. About 13% of the population
In any community are holders of certificates. Veterans to the number of
2,679,744 have borrowed the limit allowed-50%—on their certificates.
After deducting prior loans, there is a remainder due all holders of $2,126,864,316. If this money is paid now, it will be equal to a distribution of
$18 per capita over the entire nation.
Many would accuse the veterans of being unpatriotic for seeking full
payment now. If full payment is not made, what will the average veteran,
who has borrowed the limit, receive on his certificate in subsequent
years? Sixteen dollars and fifty-five cents in 1944 and $66.25 in 1945.
Interest on the 50% already borrowed will have consumed the remainder.
A recent ruling compels many veterans to pay 0% interest compounded
annually on their loans. In such cases the average veterans will actually
owe the Government $112.18 in 1945.
We need more money in circulation. This debt should be paid in United
States notes, which will circulate as money. Such payment of $2,126,-
3032
Financial Chronicle
864,316 will cause moderate inflation, which is very much needed at this
time, and which will in no way endanger the gold standard.
My proposal to issue $2,200,000,000 in currency is sound. It will be
backed by. 40% gold, a sinking fund for its retirement, and the credit
of the nation. No one can call it fiat money.
It is ridiculous to talk about the nation's credit being impaired. A
$400,000,000,000 nation that owes $18,000,000,000, or about 4%, is
comparable to a business concern with assets of$22,500 owing $1,000.
We owe much less in proportion to wealth than any other nation.
Owen D. Young Views Soldier Bonus Inflation As
Unsound.
The conviction that it is "impossible" to increase the
budget of the United States by $2,000,000,000 to pay in full
the adjusted service certificates .of World War veterans,
and that an attempt to do so would be "injurious to the
general welfare," was expressed by Owen D. Young, Chairman of the Board of General Electric Co., in a telegram to
Representative Patman (Dem.), of Texarkana, Tex., who
made it public on April 16.
The telegram, replying to one addressed to him by Mr.
Patman asking Mr. Young's views regarding the matter, is
taken, as follows,from the "United States Daily" of April 18:
"Replying to your telegram of to-day, my answer is first sympathetic,
as I have always been toward prepayment of adjusted service certificates
to meet the needs of veterans. I believe now that it is impossible to
increase the budget of the United States by $2,000,000,000 to meet such
payment and that an attempt to do so would be injurious to the general
welfare.
"Second, while I believe that an increase in our money volume, which
includes bank credit as well as currency, is essential to increase our commodity prices, and therefore highly desirable, I do not think that the
printing of money and the distribution of it in payment of service certificates is the sound and helpful way to increase our money volume."
In making Mr. Young's telegram public, Mr. Patman
stated:
"Mr. Young's endorsement of prepayment and expansion of the currency
are favorable to our cause and are the principal things in our proposal.
"I believe that, when all other remedies are explored by those who
favor this principle, they will return to the proposal to pay the certificates,
because it is the only way to get money among the masses who need
purchasing power."
George Leblanc Formerly of Equitable Trust Co.
Urges United States Suspend Gold Basis—Declares
Move Is Only Salvation from Depression, Favors
Paying Soldiers' Bonus.
Discontinuance of the gold standard as a basis of currency
by the United States Government was declared on April 14
to be the only "salvation" from the present economic depression by George Leblanc of New York, retired international
banker and former Senior Vice-President of the Equitable
Trust Co. Reporting this, from Washington, April 14, the
New York "Journal of Commerce" added:
Testifying before the House Ways and Means Committee in support of
the cash payment of the veterans' adjusted service certificates, Mr. Leblanc
doubted whether the Federal budget could be balanced while the nation is
on a gold basis and said that a radical program is imperative in order to
stop the deflation of values.
Immediate payment of bonus certificates involving $2,400,000,000 was
also urged by Dr. W. I. King of New York; Robert Harries, New York
cotton broker, and Jacob S. Coxey, Mayor of Massillon, Ohio, and leader
of the unemployed march of 1890.
Rankin Attacks Bankers.
At the same time vigorous attack on the international bankers was made
in a statement issued by Representative Rankin (Dem., Miss.), leader in
the bonus fight.
"The trouble with these international bankers, as well as their disciples,"
he declared, "is that they seem to be more interested in the effct of this
Igislation upon the American dollar abroad than they are in its effect upon
the suffering American people at home."
Mr. Leblanc characterized the present economic situation as "deplorable
and without visible hope, which makes it worse." From a financial standpoint, he said, there are enor:nous inflated debts created on the gold dollar
basis. On the other hand, there are deflated values to offset it, which is
trying to be adjusted with the present mechanism, he added.
Care of Canada's Veterans Cost Country $55,000,000
Annually—Proposed New Legislation Governing
Pensions.
Canadian Press advices from Ottawa, April 16, stated:
Care of Canada's veterans of the great war costs the country about
$55,000,000 annually, the Minister of Health, Dr. Murray MacLaren, stated
to-day in forecasting an announcement in the House of Commons next week
of legislation concerning the ex-service men.
The bulk of the amount, $48,000,000, is paid out in war pensions.
Relief to unemployed pensioners, grants to veterans whom advancing years
and sickness not directly attributable to war service have removed from
the labor market and other expenditures connected with the care and
examination of pension applicants and ex-soldier patients comprise the
balance.
Canadian legislation in large measure has eliminated the grievances of
the ex-soldier. Complaints now directed against the operation of these
statutes concern the machinery the pension Act developed, which has proved
slow in action. Those administering the Act saw the importance of remedying the complaints, and the situation is now in hand.
Pension payments are graduated, first in respect of disability, and
second, in respect of the former rank of the pensioner. Consideration is
also given to the married or unmarried state of the pensioner. A private
soldier, married, with two dependent children, and awarded a pension
for a 100% disability, receives $127 a month.
April 23 1932
This scale is stationary up to the rank of Lieutenant. From then on it
Is graduated higher.
Relief to unemployed war pensioners, which coat the country $2,000,000
last year, is granted to those whose pension rating is too low to furnish
them with a pension sufficient to support them.
Charles G. Dawes Says Business Recovery Would Be
Retarded with Passage of Soldiers' Bonus Bill—
Presents Report of Operations of Reconstruction
Finance Corporation.
In opposing, before the House Ways and Means Committee
on April 21, the passage of proposed legislation for the payment of the soldier bonus, Charles G. Dawes, President of
the Reconstruction Finance Corporation is reported as
stating that if Congress wanted to retard recovery it could
take a long step in that direction by passing the bonus bill,
the enactment of which he warned (we quote from a Washington dispatch to the New York "Times") "would shake the
soundness of the United States Government itself."
Inflation of a currency once started in a country seldom
stops short of its complete economic ruin, Brig. Gen. Dawes
told the Committee as he appeared in opposition to the
Patman bill providing for the issuance of more than $2,000,000,000 additional currency to be used for immediate cash
payment in full of adjusted-service compensation certificates
to World War veterans. The "United States Daily" further
noting what he had to say, said:
He said that "it has been confidence and not currency which we have
lacked in this country," and that only by the restoration of confidence
will the country's return to prosperity be accomplished.
Reconstruction Activity.
Contending that partially through the efforts of the Reconstruction
Finance Corporation, confidence is beginning to return because of the
"attitude of the masses" in this country, he said that "prosperity is bound
to return as sure as the sun rises."
From the "Times" we take the following:
Mr. Dawes was called to testify on the bonus, but he went far afield,
and it was the general economic situation, the work of the Reconstruction Finance Corporation, to which he devoted most of the hour and a half
he was before the committee.
The corporation of which he is the head was doing a big job and doing
It for the benefit of all the people and not for any privileged element
in the population, he declared. From Feb. 2 to April 19 the corporation
had authorized loans to 1,757 institutions, the aggregate of the loans
being $370,437,802. . . .
"This issue of fiat money," he declared, referring to the bonus inflation proposal, "would undermine the credit of the country, invite the withdrawal of foreign deposits and would affect the operations of the Reconstruction Finance Corporation as well as all business enterprises.
"It would be an invitation to start on the primrose path Germany followed until the complete breakdown of the mark. It would affect every
man and woman and child in this country just as was the case in Germany."
Throughout his testimony Mr. Dawes stressed the importance of "masa
confidence" in the restoration of normal business conditions. That confidence, he insisted again and again, was growing stronger daily. Only
the people themselves could restore prosperity; it could not be restored
by legislation.
"The trouble with the country is the mixing of polities with this
thing," he exclaimed. "Too many half-discussions, half-baked opinions.
For myself, I am going to stay on solid ground and not talk without
first considering what it is I am going to talk about. Look out when
you tamper with the questions involving the soundness of your currency. These bonus bonds you hear about are just greenbacks.
"Again I tell you it is the mass attitude that controls, and this mass
attitude is changing from pessimism to optimism. Take a look at the
operations in agriculture and the ordinary business of the country and
compare them with the picayunish antics on the New York Stock Exchange.
"The whole country, it seems, is watching the quotations of a little
group of speculators in Wall Street--a peanut-stand affair magnified out
of its proper relation in comparison to its importance.
.11ass of People 'Peeling Better.'
"It is not what the crowd in Wall Street thinks that controls. It le
what the mass of the people think and feel about it, and, take it from
me, the mass is feeling better.
"We in the Reconstruction Finance Corporation realize there is a marked
change for the better in the situation, and we know a damn sight
more about what is going on and are in a better position
to get a crosssection than any of those fellows sitting in that security
peanut stand in
Wall Street."
Mr. Dawes was walking back and forth before the
committee, his
undrrslung pipe smoking furiously.
"Prosperity, as sure as the sun, will rise tomorrow
morning. What
has happened these past few days would have scared everybody
a few
months ago. Now the mass is getting confidence and they take
the situation as a matter of course." . .
Patman Proposal Is Criticized.
When Mr. Dawes was called this morning he explained
that he would
first discuss the work of the Reconstruction Finance Corporation, which
he said was the request made of him by Acting Chairman
Crisp of the
Committee.
After he had done so Representative Rainey asked Mr. Dawes
to speak
out frankly on bonus legislation. The witness said he had studied the
Patman bill, hut had not had time to scrutinize other similar measures
pending before the House.
"The Patman bill provides for the payment at once of outstanding adjusted service certificates at face value, less the amount of loans and
accrued interest in these securities," he pointed out.
"Funds for this would be provided by the isuanee of legal tender, non
interest bearing, unsecured Treasury notes amounting to over $2,000,000,000. No provision is made for the redemption of notes or the maintenance
of gold reserves. It would be in effect an issue of fiat currency.
"Such an issue of currency, in my judgment, would have a disastrous
effect upon the country's currency system, upon the credit of the Federal Government and upon the entire credit structure of our country.
Financial Chronicle
currency would so augment
"The claim is made that the issue of this
existing pressure upon debtors, exour money supply as to relieve the
of the people. In my
pand credits and add to the purchasing power
contrary.. The
Judgment, the importance and real effect would be the
purchasing power of the
relief of the debtor class, the increase of
of prosperity all depeople, the safe expansion of credit and the return
of our currency and
pend upon maintenance of confidence in the soundness
In the credit of our banks and of our government.
loss of gen"In my judgment the devastating effects of a consequent
negative the
eral confidence through the inflation of our currency will
with fiat money. One need
posibility of real relief by any experiment
German
but recall what happened to Germany through the inflation of the which
mark currency in the few years ending in 1924. All the arguments
those at
are now made for this proposed isue of fiat money were made by
prosfirst advocated the increase in German mark currency, which finally
by 1924, with untold suffertrated the credit and business of that country
ing, privation and want on the part of all classes of the German people.
Holds "Ruin" Follows Inflation.
"Always, in such experiments the idea at first is that we can go safely
a little way in defiance of right economic principle and avoid disastrous
penalties by stopping in time. This has proved a delusion. Inflation of
a currency once started in a country seldom stops short of its complete
economic ruin.
"Confidence in the credit structure of our country and in the banks of
the United States has now returned. In general, bank deposits have ceased
to fall and bank failures have been reduced to the minimum.
"The effect of a lack of public confidence upon the money resources of
the people, however, is illustrated by the fact that on Dec. 81, 1929, there
were 24,C30 banks in the United States with aggregate deposits of
$55,289,000,000, while on Dec. 31 1931, two years later, there were
only 19,968 banks with $46,261,000,000 of deposits.
"In other words, the then existing lack of confidence has resulted in •
decrease in the purchasing power of the people of the United States in
these two years of over $9,000,000,000; and it is significant that in these
two years when deposits shrunk over $9,000,000,000, there had been an
Addition to the amount of money in circulation in the country of over $900,000,000.
"It has been confidence and not currency which we have lacked in
this country. The inflation of our currency will destroy, in my judgment, the general confidence in the country which has now been reestablished. We already know what the consequences are of the destruction of confidence."
Patman Defends His 13i
Professor E. W. Kemmerer of Princeton University followed Mr. Dawes
and expressed the opinion that enactment of the Patman or Thomas
bills would be a national calamity, and that the veteran class would
suffer most from it. The country suffered not from a scarcity of money
but from "a collapse of confidence," he felt.
Representative Patman declared after the hearing that General Dawes's
testimony was "the old story."
"His theory about starting relief at the top is the same old story," he
said. "We propose to start relief at the bottom among the masses and
let it go upward. Starting from the top is not satisfactory, because very
little percolates down to the masses. There is only one way to make up
for lack of velocity of money and credits, and that is by increasing the
volurne."
Mr. Dawes presented the following prepared statement to
the committee hearing on the operations of the Reconstruction Finance Corporation.
I was given to understand by Mr. Crisp, when he asked me to appear
before your committee, that he desired to have a statement from me,
as President of the Reconstruction Finance Corporation, as to the general scope of its work and the present state of its operations. This
was desired for consideration not simply in connection with the particular
legislation you are now considering, but as bearing upon the general
economic situation of the country.
The purpose of the President in urging the creation and of the Congress
in enacting the law providing for the Reconstruction Finance Corporation, a non-partisan body, was the relief of the people of the United
States, and the method of affording it, which Congress decided up,
was through loans adequately secured to be made by the Reconstruction Finance Corporation to thirteen classes of corporations and to
them only.
The object of the President and Congress was not primarily the relief
of these corporations themselves as such, but of millions of the people
who have entrusted these particular classes of corporations with their
funds, and who suffer if the power of these corporations to function
normally is unduly impaired. It should be emphasized that the reason
why these particular chums of corporations were named in the law
was because the demands upon these corporations come chiefly from
the American people.
In the banks, including savings banks and trust companies, are deposited most of the ready cash of the American people. The present
deposits in these institutions amount to $46,000,000,000, and represent
the bulk of the purchasing power now existing in our country and are
Nothing is more important
the ready assets of millions of families.
to the masses of the American people than the preservation of the credit
normal functioning of banks.
and the
In the normal functioning of insurance companies our people are
vitally interested, for there are about 70,000,000 insurance policies in
force, and likewise with building and loan associations with their many
millions of families participating.
In the securities of railroad corporations practically all classes of
fiduciary institutions dealing directly with the savings of the people
are interested, as well as great numbers of individual investors.
As to mortgage loan companies, credit unions, Federal Land Banks,
Joint-stock Land Banks, Federal Intermediate Credit Banks, Agricultural
Credit Corporations and Live Stock Credit Corporations, the same public
Interest exists.
In connection with all these loans the Reconstruction Finance Corporation considers them first upon the basis of adequate security, a duty which
their beneficial effect in the
is imposed upon it by law, and then upon
interest of the general public. It passes upon each application for a
in its proper
loan which comes before it upon its individual merit and
relation to the public interest.
The Reconstruction Finance Corporation has been functioning for a
work with the
period of only about eleven weeks. It is carrying on its
utmost expedition consistent with proper methods of procedure. As yet
one-fifth of its resources; and
it has used in its operations only about
chiefly on that account time must elapse before the full beneficial effects
can be properly appraised.
of its operations
3033
thus
But already the beneficial effect of its most important work
to
far—its loans to banks and trust companies—is sufficiently evident
have alone justified Congress in the creation of the corporation.
Loans of Corporations.
the ReconI will now state the aggregate of transactions to date by
struction Finance Corporation, with brief comment thereon:
to April 19,
In the period from February, the first day of its operation,
loans to
inclusive, the Reconstruction Finance Corporation has authorized
amount of
1,520 banks and trust companies in the United States in the
has already been repaid.
$243,248,769—of which amount $10,047,158
trust
The above-mentioned figures of loans authorized to banks and
in concompanies include 67 loans, aggregating $5,994,800, authorized
Most
closed banks.
nection with the reorganization or liquidation of
national banks, who,
of this latter amount was authorized to receivers of
Finance Corporation Act, are given
by the terms of the Reconstruction
authority to borrow and pledge their assets.
the ready
The banks and trust companies of the United States hold
of the nation,
money not only of the business and industrial enterprises
well. Their deposits in the 19,968
but of the masses of our people as
as I have said, to
banks amounted, in the aggregate on Dec. 31 1931,
$46,261,000,000.
to $55,289,000,000.
On Dec. 31 1929, these aggregate deposits amounted
withdrawal of deposits and
In the last two years, therefore, due to the
of the purchasconsequent liquidation of banking credits, $9,000,000,000
wiped out.
ing power Of the American people had been
continuing at an alarming
This reduction of deposits, which was still
Finance Corporation Act,
rate when Congress passed the Reconstruction
general confidence in American
could only be checked by the restoration of
banks.
Corporation with the
At such a time, then, on February 2nd, the
utmost expedition commenced its operations.
is found in the fact that
The evidence of the effectiveness of its work
with $521,000,000
in the seventy-one days which preceded Feb. 2, 756 banks
the seventy-one days
deposits, suspended in the United States, while in
started its
from Feb. 2, when the Reconstruction Finance Corporation182 banks—
only
operations, to April 12, there suspended in this country
preceding seventy-one days—having
less than one-fourth as many as in the
much as those
$79,744,000 deposits, an amount less than one-sixth as
in the preceding seventy-one days.
assistance in
In addition during the latter seventy-one days, with the
banks with
many cases of the Reconstruction Finance Corporation, 79 failed
represented
$36,520,000 deposits have reopened. Thus the net failures
period
only $43,224,000, or less than 8% of the amount in the same
preceding.
hoarded money
The general withdrawal of bank deposits is stopped and
the
to the extent of $250,000,000 has been returned to the banks during
Finance
Period since the commencement of operations of the Reconstruction
Corporation. General confidence in our banking system has been restored,
which is and always has been an indispensable condition of a succeeding
general business and industrial recovery.
There has been comment to the effect that the Reconstruction Finance
Corporation favors large banks as against small ones, but it is unjustified
and beside the point. The number of depositors to be saved by sustaining
a given bank is where the real interest of the public lies—not in the
question of the size of the bank.
Large and 'Small Banks Treated Alike.
Corporation
The important thing which the Reconstruction Finance
the trustees
endeavors to keep in mind is that the banks, large or small, as
the interest of the
of the depositors of the public, shall be treated alike in
public without discrimination and without fear or favor.
number
As a matter of fact, however, the bulk of the bank loans in
the
and amount have gone to the small banks. The figures covering
period from Feb. 2 to April 12 show that 69.2% of the banks which
Finance Corporation are
have borrowed money from the Reconstruction
located in towns of less than 5,000 population, and 88.9% of the borrowing banks are located in towns of 25,000 population or less.
Of the total amount of money loaned to banks by the Reconstruction
Finance Corporation, 23.9% was to banks located in towns with less
than 10,000 population, and 68.6% (over two-thirds of the amount loaned)
was in towns and cities of leas than 100,000 population. Only 5.3% of the
money loaned was to banks located in cities of 1,000,000 population or over.
Railroads.
The reason why Congress authorized loans by the Reconstruction Finas disclosed by the discussions in Congress,
ance Corporation to railroads,
was not only for the protection of railroad corporations as the backbone of
our transportation system and as employers of hundreds of thousands of
men, but for the protection as well of the trustee institutions of this
country, including insurance companies and savings banks, owning the
securities of railroads, in which institutions and their normal functioning
the great public has a direct interest.
From Feb. 2 to April 19 loans were made to 20 railroad companies,
aggregating $77,515,549.
In the case of most of the loans by the Reconstruction Finance Corporation to the corporations eligible for borrowing, whether banks, trust
companies, railroad companies, mortgage companies, insurance companies,
or building and loan associations, the Reconstruction Finance Corporation,
before it has decided to become a creditor itself, has been compelled to
consider the attitude and views, co-operative or destructive, of the already
existing creditors with independent contractual rights, and, if possible,
come to sensible, business-like and fair understandings with them.
Many of these outstanding loans were held by creditors whose lack
of co-operation would involve a loss and possible receivership on the
part of the borrower, thus rendering leas effective if it did not entirely
prt•vent assistance from the Reconstruction Finance Corporation.
Loan to Missouri-Pacific RR.
In the much-discussed loan to the Missouri Pacific Railroad Company,
of the 117,100,000 loaned, $5,850,000 was used by the railroad company
to pay one-half of a maturing secured loan held by a group of New York
banks. Payment of this loan had been demanded and an extension
refused. By a settlement with the banks, through the payment of $5,850,000, representing one-half of the amount then due them, the railroad
company freed collateral worth, under normal conditions, $15,968,700, which
collateral it could then offer the Reconstruction Finance Corporation.
This collateral thus received by the railroad company from the banks
substantially improved the margin of collateral to be held by the Reconstruction Finance Corporation to secure its aggregate loan of $17,100,000.
The loan to the Missouri Pacific Railroad Company was approved by the
Interstate Commerce Commission, and, in the judgment of the Reconstruction
Finance Corporation, is adequately secured.
It was made upon what is regarded as a safe and reasonable busines
,
basis—not primarily for the benefit of the railroad company or the banks
as such, but for the benefit of the thousands of investors in the bonds
and securities of the railroad and in the general public interest.
•
3034
Financial Chronicle
Building and Loan Associations.
At the close of business April 19, the corporation had approved advances to ninety-eight building and loan associations, in the total amount
of $17,326,748.
These institutions gather their funds chiefly from the small savings
of people of moderate means and occupy an important place in our financial
structure.
Insurance Companies.
Advances aggregating $11,952,000 have been made to twenty-eight
Insurance companies of various kinds located throughout the country.
Such advances to fiduciary institutions which, in many cases, are, in
effect, depositories of public savings, relieve the necessity for the sale of
Intrinsically sound securities in a period of unduly depressed values, and
permit such institutions promptly to meet the present and temporary
abnormal demands upon them.
Federal Intermediate Credit Banks.
The corporation agreed to take all or any part'of the February 15,
March 15 and April 15 issues of Federal Interrnediate Credit Bank debentures which remained unsold on those dates.
The issues aggregated
$68,025,000 and represent loans wholly to farmers.
All the debentures were sold in the open market and it was unnecessary
for the corporation to take over any of them.
Loans to Farm Bodies.
In addition to the above, the corporation has made loans to joint stock
land banks, live stock credit corporations, agricultural credit corporations
and mortgage loan companies in the aggregate number of twenty-four, and
in the aggregate amount of $14,400,435.
In sumrnary, the corporation has authorized, in the brief period from
February 2 to April 19, loans to 1,757 institutions, aggregating $370,437,802, of which $285,456,521 has been disbursed to the borrowing institutions.
Repayments during this period aggregated $11,384,263.
The corporation has 33 loan agencies distributed over the country for the
purpose of receiving applications for loans and making recommendations
to the board at Washington, and every section of the United States was
represented in the loans that have been made.
National Credit Corporation to Make Fourth Partial
Payment to Subscribing Banks on May 2.
Announcement was made yesterday (April 22) by the
National Credit Corporation that the fourth partial payment to subscribing banks will be made May 2. Items regarding the previous payments appeared in these columns
March 26, page 2269, April 2, page 2454 and April 16,
page 2844. The first payment was 15% and the second and
third distributions were 10% each. The May 2 payment
will likewise be 10%. The New York "Sun" of last night
said:
The payment will require $13,500,000 and will make a total of about
$60.750,000 repaid to date, leaving $74,250.000 of the Corporation's gold
notes outstanding. Payment will be made as usual by the New York
Trust Co. as agent for the loan to registered holders whose notes have
been deposited with the trust company.
The announcement issued yesterday follows:
THE NATIONAL CREDIT CORPORATION.
Fourth Partial Redemption.
To the registered payees of the gold notes of the National Credit Corporation
issued under an agreement made as of Oct. 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 May 2 1932 be prepared to redeem and pay
of the original principal amount of each of its outstanding gold 10%
notes
(being the amount of a fourth partial redemption), upon presentation
of
such notes at the principal office of the undersigned, No. 100 Broadway,
N. Y. City, for endorsement thereon of the payment made.
Upon and after May 2 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.
Dated New York, April 22 1932.
THE NEW YORK TRUST CO.,
as Agent of the Loan,
By A. C. Downing, Vice-President.
All notes that have not been deposited with the New York Trust Co.,
should be presented so as to receive the payment mentioned. Checks
will be sent direct to the registered payees of deposited notes without
any further action on the part of such payees.
Ann Arbor RR. to Receive Loan of $634,757 from
Reconstruction Finance Corporation—Ten Additional Roads Ask Loans Totaling $12,603,331.
The Inter-State Commerce Commission has approved the
application of the receivers of the Ann Arbor RR.for a loan
of $634,757 from the Reconstruction Finance Corporation.
The original application sought a loan of $764,657 but the
application was amended and the reduced amount asked for
viz. $634,757 has been approved. This makes a total of
approximately $102,000,000 approved by the Commission
to 24 roads. Up to April 21 the Reconstruction Finance
Corporation had made loans of $77,515,549 to 20 railroads.
Applications for authority to borrow from the Reconstruction Finance Corporation was made by 10 additional railroads for a total of $12,603,331. This brings the total
amount sought by the railroads to about $373,000,000.
April 23 1932
The report of the Commission approving the loan to the
Ann Arbor RR. states in part—
It Is hereby certified, that the Commission approves a loan of $834,757
by the Reconstruction Finance Corporation to Walter S. Franklin and
Frank C. Nicodemus, receivers of the Ann Arbor RR., for a term not exceeding three years from the making of the fl wt part thereof, under the
provisions of the Reconstruction Finance Corporation act and pursuant to
application filed, to be advanced in installments as follows: on or about
April 1 1932, $369,209; on or about June 1 1932, $146,928; on or about
Oct. 1 1932, $118,620, subject, however, to the following conditions*
1. That said loan be evidenced and secured by receivers' certificates in a
principal amount equal to the face thereof, which shall, by appropriate
court proceedings, be given a lien against the income and assets of the receivers prior in all respects to the improvement and extension mortgage of
the Ann Arbor RR.
2. That as additional security for said loan the receivers shall cause the
Ann Arbor Boat Co. to execute and deliver to the Reconstruction Finance
Corporation a good and sufficient mortgage upon all of its assets, which
mortgage shall be subject only to the lien of the Ann Arbor Boat Co's
first mortgage-floating equipment serial6% bonds in an maount of $290,000.
The roads applying for loans and the purposes of such loans
are as follows:
Bartlett Western Ry.(Texas)
Birmingham & Southeastern Ry
Chicago Milwaukee St. Paul 3; Pacific
Maryland & Pennsylvania
Missouri Southern
Toronsville RR.of N.0
Uvalde & Northern
White River RR.,Inc
Winona RR
Wisconsin & Michigan RR
$25,000
50,000
10,996,331
150,000
125.000
32,000
300,000
25.000
700,000
200,000
Bartlett Western proposes to use the funds requested to pay off notes now
due, for county and State taxes and for betterments to Its road. It offers
as security for the loan a prior lien on its physical prgoerty.
Birmingham & Southeastern proposes to use the proceeds to purchase
equipment, pay loans and accounts payable and taxes, and provide working
capital. Specific security for the loan was not offered because there are
no bonds on the property and no liens that would be ahead of this loan.
Chicago Milwaukee St. Paul & Pacific.—Company states it has applied
to the Railroad Credit Corporation for a loan of $5,996,331 to meet interest
payments in July and August and that the amount sought from the Reconstruction Finanace Corporation would be reduced if the Credit Corporation
acts favorably. The funds would be used in meeting maturities of interest
and principal this year on bonds and equipment trust obligations. The
road requested separate advances ranging from July 1 to Dec. 1. As
security for the loan the company offers to pledge $11,212,000 of its general
mortgage 5% gold bonds, series G.
Marywnd ea Pennsylvania proposes to use the funds to pay off maturing
bonds of the New York & Peach Bottom Ry. The bonds,issued in 1882,
were taken over by the applicant when it was organized in 1901. As
security it offers to pledge $500,000 of Maryland & Pennsylvania RR.
aeries B bonds.
Missouri Southern proposes to use the funds for the following purposes'
(1) To pay notes due Peoples Trust & Savings Bank of Chicago, $75,000;
(2) to pay notes due Missouri Pacific RR., with interest, $14,420: (3) to
cover past due vouchers for materials and supliles, $5,698;(4) to reimburse
stockholders for advances to cover operating deficits. $5,863; (5) co meet
operating deficits during remainder of year, $24,019. The company
offers as collateral a first mortgage or deed of trust covering all its properties.
Townsville RR. would use the proceeds to pay debt maturities, current
liabilities, car hire claims and operating expenses. The carrier would issue
Its note as security for the loan.
Uvalde ei Northern By. would use the proceeds to retire an equal amount
of outstanding indebtedness owed the Sugarland Industries. The road
offers as security a first lien on all its physical properties.
White River RR., Inc., seeks the loan of $25,000 to pay past due wages,
traffic and car service balances and for materials and supplies and to provide funds for betterment projects already undertaken and held to be
"absolutely necessary to continued operation." A note covering the amount
of the loan is proposed as security.
Winona RR. needs the cash in order to provide for its pressing financial
requirements. The road offers $800,000 of its 6% first mortgage gold bonds
as security.
Wisconsin & Michigan offers its first mortgage bonds as security for the
proposed advance, which would be used to take care of various items, including $102,000 for loans and bills payable.
Senate Elections Committee Decides Senator Bankhead Is Entitled to Seat—Overturns Report of
Sub-Committee Holding Election Void—Minority
Membership of Latter Had Upheld Election.
The Senate Elections Committee decided on April 10 that
John H. Bankhead is entitled to his seat as Alabama's Democratic Senator. The Committee voted 9 to 8 that Mr. Bankhead was elected, overturning the report of the subcommittee
which, as we indicated in our issue of March 12 (page 1885)
held the election of Senator Bankhead void. Associated
Press accounts from Washington, April 10, said:
The subcommittee voted 3 to 2 that there was no Senatorial election in
Alabama in 1930 because of widespread irregularities which made the
election fraudulent.
The full Committee's decision came with surprising suddenness, as the
Bankhead contest was not scheduled to be considered to-day.
Daniel 0. Hastings, Republican, of Delaware, Chairman of the subcommittee, reported, however, that no further evidence in the ease should be taken
and counsel for Mr. Bankhead waived their right to final argument. The
decision was reached in an executive session of less than half an hour.
Senator Bankhead's seat was contested by former Senator J. Thomas
Heflin, whom he defeated in the 1930 election. Chairman Hastings said all
the Democrats voted to seat Bankhead and that they were joined by
Senator John S. Blaine, Republican, of Wisconsin. All the other Republicans, he said, voted to declare the seat vacant.
Democrats on the Elections Committee include Senators William Bing,
of Utah; Walter F. George, Georgia; Alison D. Smith, South Carolina;
Sam Bratton, New Mexico; Tom Connally, Texas; Robert J. Bulkley, Ohio;
Thomas P. Gore, Oklahoma, and M. 31. Logan, Kentucky. The Republicans
Volume 134
are: Senators Samuel Shrotridge, California; James E. Watson, Indiana;
Charles W. Waterman, Colorado; George H. Moses, New Hampshire; Otis
F. Glenn, Illinois; Hastings, Blaine, Felix Hebert, Rhode Island, and
Warren R. Austin, Vermont.
The election of Senator Bankhead was held, in a minority
report to the Senate Elections Committee, on March 18, to
have been a "full, free and fair expression" of the will of
the voters. The Associated Press accounts, on March 18.
from Washington, further said:
The report, submitted by the two Democratic members of the subcommittee which considered the contest against Bankhead's seat, sharply
challenged the findings of the Committee majority that Mr. Bankhead
was not legally elected.
The Democrats—Senators George of Georgia and Bratton of New Mexico
—took issue with the Republican contentions that Mr. Bankhead was
nominated illegally as well as the charge that widespread violations of
law made his election fraudulent.
They said the Senate has no jurisdiction over the primary, and that to
overturn the expression of popular will because of irregularities would be
"the subornation or popular government to highly technical considerations."
A meeting of the full Elections Committee is to be held soon to consider the two subcommittee reports, which were voted along strictly party
lines, of the three Republicans and two Democrats ordered to consider
the contest brought by former Senator J. Thomas Heflin, Whom Mr.
Bankhead defeated.
The Democrats contended that even if the election law was not fully compiled with in a single precinct, as claimed by the Republicans. It did not
follow that the vote cast at all or any precincts must be discarded.
"The very fact that irregularities were general in character and in kind
over the State negatives the idea of a fraudulent conspiracy, and negatives
any inference of fraud to be drawn therefrom." they said.
The following bearing on the minority report is from the
"United States Daily" of March 19:
Declaring in connection with the general election that "the burden is
upon the contestant to reasonably satisfy the Senate of the facts upon
which relief may be granted him," the minorLy report states:
"Oral testimony failed to disclose any facts which justify an inference
that the irregularities reported, although numerous, were evidence of fraud.
On the contrary, it may be safely asserted that the oral evidence given by
witnesses for each party to the contest so far as their evidence relates to the
subject, show that there was no fraud in the count, the tally, and the
certification of the results of the election."
The minority adopted the following statement, made to the subcommittee by the counsel for Mr. Bankhead, and presented it in this connection:
Bo there is presented as sustaining the official Alabama count:
1. The ballots, which show its accuracy and fairness.
2. The agreement of the returns made by Heflin watchers with the
official returns, where such watchers made returns.
3. The failure of county Chairmen to keep the returns of the watchers,
which were to be made for the express purpose of being used in such a
proceeding as this if the official returns were variant from the returns
announced immediately after the counting of the vote.
4. The fact that not one of the Heflin county Chairmen communicated
with by the committee reported or charged any fraud.
5. The fact that the unofficial reports gathered on the night of election
day by the Associated Press tallied with but slight variations, and those
in Mr. Heflin's favor, with the later official returns.
6. The fact that the answers of absentee voters to questionnaires as to
whom they voted for supported their ballots in the boxes.
7. The fact that the percentage of the total vote received by each candidate was a constant constituent of each class into which the votes could be
segregated.
8. The presumption of accuracy and honesty which the law indulges in
respect to the actions of public officials.
9. The official certificates of results certified by election officers representing both candidates.
Spring Meeting of Executive Council of A. B. A. At
White Sulphur Springs, W. Va., April 25 '27.
Numerous questions of banking policy, economic conditions and financial practices will come up for discussion
at the annual Spring Meeting of the Executive Council of
of the American Bankers Association which will open at
White Sulphur Springs, W. Va., on April 25. The first
day will be taken up by individual executive meetings of
the various special committees and commissions which
formulate the administrative policies of the organization
and prepare its detailed studies on specific public questions.
These findings will be reported to the general sessions which
open Tuesday morning, April 26. Harry J. Hass, of
Philadelphia, President of the Association, will preside over
these sessions, which are attended by delegates representative of each State on the basis of the numerical membership
of banks in the Association.
The meetings scheduled for Monday, April 25, are as follows*
Administrative Committee.
Agricultural Commission.
Bank Management Commission.
Committee on Bankruptcy.
Economic Policy Commission.
Federal Legislative Council.
Federal Legislation Committee.
Finance Committee.
Educational Foundation Trustees
Insurance Committee.
Membership Committee.
National Bank Division Executive Committee.
Public Education Commission.
Public Relations Commission.
Savings Division Executive Committee.
Special Committee on Section 5219 U. S. Revised Statutes.
State Bank Division Executive Committee.
State Legislative Council.
State Legislation Committee.
3035
Financial Chronicle
State Secretaries Section Board of Control.
Tax Conference Under Auspices Special Committee on Section 5219 U. S.
Revised Statutes and Committee on Taxation.
Trust Division Executive Committee.
The Commerce and Marine Commission will meet Tuesday, April 26. There will be three meetings of the general
Executive Council. The first will be the morning of April
26, the second the evening of the same day and the closing
session the morning of April 27.
United
States
Steel
Shares
Held
Abroad.
Foreign holdings of the common stock of the United States
Steel Corp. during the three months ended March 31 1932
increased 15,943 shares while the preferred shares held
abroad decreased 851 shares. On March 31 1932 the shares
held in foreign countries totalled 215,908 shares of common
and 79,941 shares of preferred in comparison with 182,804
shares of common and 94,617 preferred as of March 31 1931,
On March 31 1914 the amount of the Company's stock owned
abroad was vastly greater, amounting to 1,285,636 common
shares and 312,311 preferred shares. Below we show the
figures as of various dates back to 1914:
FOREIGN HOLDINGS OF SHARES OF U.S.STEEL OORPORAT i ON
Mar.31 Mar.31 Dec. 31 Dec. 31 Dec. 31 Dec 31 Dec.31
1914.
1932. 1931. 1931. 1930. 1929. 1928
Common Stock.
Africa
Algeria
Argentina
Australia
Austria
Azores
Belgium
Bermuda
Bolivia
Brazil
British IndiaCanada
Central America
Chile
China
Colombia
Denmark
Ecuador
Egypt
England
Finland
France
Germany
Gibraltar
Greece
Holland
Hungary
India
Ireland
Italy
Japan
Java
Luxembourg
Malta
Mexico
Norway
Peru
Poland
Portugal
Rumania
Russia
Scotland
Servla
Spain
Sumatra
Sweden
Switzerland- — _
Syria
Turkey
Uruguay
Venezuela
Wales
West Indies___
No address
209
247
219
199
183
178
87
222
2.226
1
2.843
227
17
323
51
217
3,343
1
2,748
150
7
254
47
222
2,234
1
2,663
227
17
267
86
217
3.418
1
2,756
150
1
242
122
198
2,210
3
2,645
150
1
212
20
192
2,643
2.513
144
340
690
3:86i
46
18
17
56r;i84 53,723 57
.i58 8e.466 6‘.§1i 51 Xi§ 54,259
882
391
456
290
459
521
599
331
373
379
552
366
549
18
35
34
40
43
255
143
1
1
18
18
18
18
18
36
8
2
23
--10
89
—66
1
31
1
44,592 44,159 44,575 43.140 37.968 36.099 710,621
64
65
7
/
15,981 13.773 14,522 137.171 12;6:17 13:6' 4 64,537
880
885 2,664
821 1.197 1.037
1,223
100
__
38
51
57
72
60
72
67,359 45,424 53,725 43,654 42,544 44.080 342.645
15
24
24
149
149
—14
14
16
102
51
92
298 2,991
343
425
656
427
637
148
703
855
903
957 1.107
1,106
49
o
46
210
215 1.345
1,625
5
---7
7
37
37
37
29
33
37
33
33
37
--911
56
56
56
56
56
56
300
21
36
1,468 1,072 1.425 1.035
70
74
76
108
114
139
129
11
18
8
13
8
13
---1
49
28
39
28
-190
9
9
9
31
14
31 —14
4
10
4
6
6
221
10
2,897 2,814 2.887 2.814 2.735 2.884 4,208
278
2,235
5
1,004
1.764
35
219
2,227
5
800
1,329
30
219
2.299
5
938
1,511
35
219
2.225
1.362
1.259
1,225
800
1.249
-di) -M§
2,680 2.078
---i
1,470
219
-iie
16
17
10
17
33
8,462
-
6,441
8.307
6.318
8,092
5.537
623
1,872
5
219
Total
215,908 182,804 199,965 182.072 182.150 166.415 1.111.666
Preferred Stock
58
392
104
104
104
104
Africa
114
75
Algeria
11
15
30
30
30
30
Argentina
30
484
60
60
60
60
60
60
Australia
476 2,086
538
528
478 1,009
1,009
Austria
120
120
120
120
120
120
Azores
604
-61
570
523
523
530
523
Belgium
21
647
520
533
533
533
Bermuda
533
31
4
Brazil
81
British India__ 21,063 25,210 210;16§ 25,505 287.988 26.222 34,673
Canada
146
Central America
12
--32 -- 7
42
--i§
42
Chile
42
42
136
136
132
124
132
China
124
5
5
5
5
5
Colombia
id
265
217
217
217
217
Denmark
217
140
5
11
11
11
11
Egypt
11
25.969 35,310 27,032 34,135 32,132 35,354 174,906
England
8.740 9.556 8,783 9.641 10.658 13,088 36,749
France
947 1,016 1.017 1,016 1.091 1,081 3,252
Germany
38
IS
13
13
13
13
13
Greece
10,217 10,469 9,832 10.509 10.369 10.570 29,000
Holland
75
- --Hungary
10
10
616
596
596
596
India
596
596
561 4;lii
514
520
520
Ireland
554
554
1,409 1,423 1.409 1.432 1.385 1.449 1,678
Italy
31
1
1
1
1
1
1
Japan
63
63
63
63
63
63
Luxembourg
-ioi
Malta
235
11
1
11
1
45
13
Mexico
Morocco
27
Norway
14
14
14
12
12
1
Poland
3
1
3
2
Peru
100
120
Portugal
as
7
217
Russia
7
17
7
7
Scotland
1,419 1,508 1.493 1,508 1.442 1,455 13,747
220
Serbia
432
Spain
403
443
443
572
403
482
722
Sweden
735
722
753 1,137
722
717
2.130 2,708 1,998 2,018 3.488 3.746 2,617
Switzerland._
100
Turkey
100
100
100
100
100
100
1,068
Wales
874
West Indies.... 2,404 2.709 2.507 2.737 2.837 3.392
Total
79.941 94,617 80,792 93.259 94.524 101.942 309,4.57
3036
Financial Chronicle
The following carries the comparisons back for a long series
of dates:
PREFERRED.
COMMON.
Shares. Per Cent. Date.Shares. Per Cent.
Date.Mar. 31 1914.--1,285,636 25.29 Mar. 31 1914
312,311 8.67
1.274,247 25.07 June 30 1914
4
Juno 30
312,832 8.67
1.231.96824.24 Sept. 30 1914
Sept. 30 1914
309,875 8.60
1.193.064 23.47 Dec 31 1914
Dec. 31 1014
309,457 8.59
1.130,209 22.23 Mar. 31 1915
Mar. 31 1915
308,008 8.55
957,587 18.84 June 30 1915
303,670 8.41
June 30 1915
826,833 16.27 Sept. 30 1915
Sept. 30 1915
297,691
8.26
696,631 13.70 Dec. 31 1915
Dec. 31 191:,
274,588 7.82
634,469 12.48 Mar. 31 1916
Mar. 31 191
262.091
7.27
,
12.30 June 30 1916
June 30 1916
236,361 6.56
Sept. 30 1916-- 537.809 13.o8 Sept. 30 1916
171,098 4.75
156,412 4.34
Dec. 31 1916-- - 502.632 9.89 Dec. 31 1916
494,338 9.72 Mar. 31 1917-- 151,757 4.21
Mar. 31 1917
181,342 9.45 June 30 1917
June 30 1917
142,226 3.94
477,109 4.39 Sept. 30 1917
140,039 3.69
Sept. 30 1917
Dec. 31 1917-- 484,190 9.52 Dec. 31 1917
140,077 3.68
Mar. in 1918-- - 485,706 9.5.3 Mar. 31 1918
140,198 3.90
491,464 9.66 June 30 1918
June 30 1918
149,032 4.13
495,009 9.73 Sept. 30 1918
Sept. 30 1918
147.845 4.10
491.580 9.68 Dec. 31 1918
Dec. 31 1918
148,223 4.11
Mar. 31 1919
492.552 9.71 Mar. 31 1919
149.832 4.16
June 30 1919
9.15 June 30 1919
146,478 4.07
Sept. 30 1919-- - 394.543 7.76 Sept. 30 1919-- - 143.840 3.99
368,896 7.26 Dec. 31 1919
Dec. 31 1919
138,566 3.84
Mar. 31 1920
348,036 6.84 Mar. 31 1920
127.562 3.54
June 30 1920
342,567 6.74 June 30 1920
124.346 3.46
323,438 6.36 Sept. 30 1920
Sept. 30 1920
118.212 3.28
292,835 5.76 Dec. 31 1920
Dec. 31 1920
111,436 '.09
289.444 5.69 Mar. 31 1921
Mar. 31 1921
2.96
106.781
288.749 5.68 June 30 1921
June 30 1921
105,118 2.91
Sept. 30 1921
285.070 5.60 Sept. 30 1921
103,447 2.87
Dec. 31 1921
280,026 5.50 Dec. 31 1921___ ._ 128.818 3.58
Mar. 31 1922
280,132 5.51 Mar. 31 1922
128.127 3.55
June 30 1922
275,096 5.41 June 30 192"
123.844 3.43
Sept. 30 1922
270,794 5.32 Sept. 30 1922
123,710 3.43
Dec. 30 1922
261,768 5.15 Dec. 30 1922
121.30S 3.36
Mar. 29 1923
239,310 4.70 Mar. 29 1923119.738 3.32
June 30 1923
,041
4.07 June 30 1923
3.27
117.631
Sept. 30 1923
210,799 4.14 Sept. 30 1923
118.435 3.29
Dec. 31 1923-.--- 203.109 3.99 Dec. 31 1923
113.155 3.10
Mar. 31 1924
201,636 3.96 Mar. 31 1924
112.521 3.14
June 30 1924
203.059 3.99 June 30 1924
3.12
112.191
Sept. 30 1924
201,691
3.97 8ept. 30 1924
111.557 3.01
Dec. 31 1924
198,010 3.89 Dec. 31 1924- ___ 111.739 3.19
Mar. 31 1925
195,689 3.85 Mar. 31 1926
111,463 3.10
June 30 1925
12/.335 2.60 June 30 1925
111.800 3.10
Sept. 30 1925
127.078 2.50 Sept. 30 1926
112.679 3.12
Dec. 31 1925
119.414
2.35 Dec. 31 1925
113,1343 3.16
Mar. 31 1926
122.0% 2.40 Mar. 31 1926
112,844 3.13
June 30 1926
129,020 2.53 June 30 1926
111.908 3 10
Sept. 30 1926.-- 123,557 2.43 Sept. 30 1926
112.822 2.12
Dec. 31 1926-.... 123.090 2.52 Der. 31 1926
112.562 3.14
Mar. 31 1927
120,348 2.37 Mar. 31 1927
113.478 3.15
June 30 1927
168,018 2.36 June 30 1927
113,432 3.15
Sept. 30 1927
173.122 2.43 Sept. 30 1927
112.835 3.14
Dec. 31 1927
177.452 2.40 Dec. 31 1927
111.262 3.08
Mar. 31 1928
187.006 2.62 Mar. 31 1928
112.385 3.12
180.829 2.54 June 30 1928
June 30 1928
110,023 3.06
Sept. 30 1928
175.039 2.46 Sept. 30 1928
109.626 3.03
166.415 2.34 Dec. 31 1928
Dec. 31 1928
101.942 2.83
173,920 2.44 Mar. 31 1929
Mar. 31 1929
101,627 2.82
July 31 1929
183.396 2.28 July 31 1929
96.362 2.68
176.485 2.18 Sept. 30 1929
Sept. 30 1929
94.724 2.64
182,150 2.24 Dec. 31 1929
Dec. 31 1929
94,524
2.63
171,947 2.00 Mar. 31 1930
Mar. 31 1930
94,399 2.62
170.803
1.99 June 30 1930
June 30 1930
95,213 2.64
173,824 2.00 Sept. 30 1930
Sept. 30 1930
93.737 .2.61
182,072 2.09 Dec. 31 1930
Dec. 31 1930
93.259 2.60
182.804 2.10 Mar. 31 1931
Mar. 31 1931
94,617 2.62
5
190.868 2.19 June 30 1931
June 30 1031
•
•
196.416 2,26 Sept.30 1931
Sept.30 1931
89,301
2.44
199,965 2.29 Dec. 31 1931
80.792 2.24
Dec. 31 1931
215,908 2.48 Mar. 31 1932
Mar. 31 1932
79.941
2.22
In the following table we also show the number of share3
of the Steel Corporation distributed as between brokers and
investors as on March 31 1932 and March 31 1931.
CommonMar.311932.
Brokers, domestic and foreign_1,041,810
Investors, domestic & foreign-7,661,442
Preferred
Brokers, domestic and foreign.- 278,554
Investors, domestic & foreign-3,324,257
Ratio. Mar.311931. Ratio.
11.97%
1,363,905 15.68%
88.039
7,332,954 84.325
7.73%
281,726
7.81%
92.27%
3,321,085 92.19%
The following is of interest as it shows the holdings of
brokers and investors in New York State:
CommonBrokers
Investors
Preferred
Brokers
Investors
Mar.311932. Ratio. Mar.311931. Ratio.
966,403 11.10
1,291.691 14.85%
1,925,299 22.12%
2,107,086 24.235
250,324
1,508,441
6.95%
41.87%
254.513 7.06%
1,509,299 41.89%
Meeting of Board of Governors of Investment Bankers'
Association to Be Held May 14-18 at White Sulphur
Springs, W. Va.
A call for the regular annual May meeting of the Board of
Governors of the Investment Bankers' Association of
America, at White Sulphur Springs, W. Va., May 14 to 18,
inclusive, was sent out by the Association's office at Chicago
on April 14. The meeting is customarily restricted to the
39 members of the Board of Governors, to former members
of the Board and to members of the Association's Cornmittees who may be invited to attend.
--40-..-
Inquiry Into Campaign Expenditures at Coming
Presidential Election Recommended by Senate
Committee.
A special committee to inquire into campaign expenditures in the coming election was recommended April 16 by
the Senate Committee on Privileges and Elections, the Cornmittee voting favorably on a resolution (S. Res. 174) to
create such a committee. Prom the "United States Daily"
of April 18 we quote further as follows:
The resolution, however, was amended to reduce the
amount of the
appropriation for the inquiry irons $100,000 to $50,000 and to provide that
no Senator in a State where a Senatorial election is to take place may
serve
on the Committee.
April 23 1932
Under the terms of the resolution the Investigating Committee is to be
composed of five Senators to be appointed by the Vice-President and is
directed to "investigate the campaign expenditures of the various Presidential candidates, Vice-Presidential candidates and candidates for the
Senate, in both parties, the names of the persons, firms, or corporations
subscribing, the amount contributed, the method of expenditure of said
sum, and all facts in relation thereto, not only as to subscriptions of money
and expenditures thereof, but as to the use of any other means or influence,
including the promise or use of patronage."
It is provided also that the inquiry shall relate to candidates and contests
before primaries conventions, and the contests and campaign terminating
in the general election in November 1932.
Lloyd's Shipbuilding Statistics for First Quarter of
1932
-World Production of Merchant Shipping
Reached New Low Levels.
New low levels in the world production of merchant shipping are shown in a statement issued April 14 by Lloyd's
Register of Shipping, covering returns from all maritime
countries for the quarter ended March 31 last. Nearly two
million gross tons less of vessels are now under way than
In the period just before the war, and 700,000 gross tons
less than at this time last year. And the decline since the
beginning of this year has been over 100,000 gross tons.
Lloyd's statement excludes figures for Russia, no returns
for that country having been available for some time. The
decline in the shipbuilding of the United States during the
last quarter, Lloyd's points out, was only 1,000 gross tons;
but for Great Britain and Ireland there was a decrease in
the same period of 27,000 tons, and for the other maritime
countries, taken as a group, there was a drop of 77,000 tons.
As a result of the declines, the production of the shipyards
of the United States is now only about 105,000 tons less than
that of Great Britain and Ireland; whereas, a year ago,
the lead of Great Britain and Ireland was more than 450,000
tons. The comparison of the output of the various groups
of countries during the quarter ended Dec. 31 and that of
March 31 last is given in the following table of gross tonnage,
prepared by Lloyd's:
Great Britain and Ireland
United States
Other countries
World total
Mar. 811932.
372,973
206.703
718,287
Dec. 311931.
400.505
207,837
795,453
L297.963
1,403,795
Lloyd's says:
At this time last year Great Britain and Ireland were constructing 34.5%
of the entire world shipping output; but at present their proportion is
only about 29%. On the other hand, the United States, which a year eV
was building 11.5% of the total production, now has about 16%. The
other shipbuilding countries, taken as a group, are now building 55% of
the total, as against 54% a year ago.
Of the total shipbuilding throughout the world, 726,304 groin tone are
being constructed under the supervision of Lloyd's Register and are
intended for classification with that Society. Of this total, 334,725 tons
are being built in Great Britain and Ireland, and 391,579 tons in other
countries. Almost 90% of the entire merchant shipping output of Great
Britain and Ireland is being built to Lloyd's class, and about 56% of the
total world production.
New shipping construction begun during the quarter again falls well
below the tonnage sent down the ways towards completion. Both launch.
ings and new contracts were abnormally small during the past quarter,
the new work being only about a third of what it was in the previous
quarter, and the shrinkage in tonnage launched was almost as great. For
the entire world less than 80,000 gross tons of new vessels have been put
under way since the beginning of thd year. Launchings during the quarter
were about 60,000 gross tons in excess of the new work.
The contrast between new work and launchings during the past two
quarters is shown by Lloyd's in the following tables, the figures representing gross tons:
New WorkMar. 31 93
24,719
32.
Dec. 31 1031
.
Great Britain and Ireland
104,364
Other countries
53,745
120,698
World total
Launchings
Great Britain and Ireland
Other countries
78,538
225,062
34,662
89,490
70.707
230,971
World total
301,678
124,152
A decline of about 50,000 gross tons is reported for the last quarter in
world construction of steam and motor tankers of 1,000 gross tons and
upwards, each. Germany is building the same total as in the quarter
ended Dec. 31, and Sweden is constructing very slightly more than she was
then. The decline in tanker output in Great Britain and Ireland is only
6,000 tons, Lloyd's reports, but the other maritime countries, taken collectively, show a decrease of over 40,000 tons.
The following gross tonnage table shows the comparison in tanker
building during the last two quarters:
Mar. 31 1932.
Dee. 31 1931.
Great Britain and Ireland
65,441
59,182
Sweden
83,400
83,521
Germany
72,400
72,400
Other countries
130,079
87,069
World total
351,320
302.172
Once again the bulk of the world total of tanker building is devoted to
motorized tonnage, 281,710 gross tons of these types of vessels being included in the current aggregate.
In other types than tankers, however, there is an increase of the recent
trend away from motorship construction. Six months ago the tonnage of
motor vessels being constructed was greater than that of all other types
of ships combined. In the December quarter, however, only 630,000 tons
of motorships were being built, as against 773,000 tone of other types.
And in the quarter lust ended, the lead of other than motorized types was
increased to over 200,000 gross tons, Lloyd's points out. The proportion
of motorship construction is now only about 42% as compared with nearly
Volume 134
Financial Chronicle
six months ago and 45% three months ago. How the building has
compared in the last two quarters is shown in the following table of
gross tonnage:
Dec. 31 1931
Mar. 311932.
630,083
545,338
Motor vessels
773,712
752,625
Other types
1.403.795
1.297.963
World total
In Great Britain and Ireland, during the March quarter, as in the
previous quarter, only 22% of the total building was of motorships. There
was a decrease in the proportion of enotorship building in the other maritime countries, taken as a group, however, just a shade over 50% of their
construction now being devoted to motorships, as compared with 54% in
the previous quarter. Great Britain and Ireland are now building about
7,000 gross tons less of motor vessels than at the beginning of this year,
while for the other countries together the decrease in the same period has
been about 80,000 tons. In other types of construction, Great Britain and
Ireland now have under way 20,000 tons less than in the previous quarter;
while the other countries combined show a decline of less than 1,000 tons.
Lloyd's Register gives the comparisons for the last quarter in the following
table of gross tonnage:
Other
Great Britain
Countries.
and Ireland.
462,741
82,597
Motor vessels
462.249
290,376
Other types
924,990
372,973
Total
Germany, Sweden and Italy report very slight increases for the last
quarter in the volume of motor tonnage in hand. For Great Britain and
Ireland there was a decrease of about 7,000 tons, and for Holland one of
about 17,000 tons. The greatest proportionate decrease, however, is shown
in the returns for the United States, whose total of 3,400 tons in the
December quarter shrank nearly 3,000 tons in the quarter just ended.
The comparison between the two quarters is shown by Lloyd's Register
In the following gross tonnage table:
Dee. 31 1931.
Mar. 311932.
Germany
101.656
101,680
89,550
Sweden
92,471
89,855
82,597
Great Britain and Ireland
77,400
Italy79,050
Holland
50,480
63..431
7 437
503
United States
Production of all types of marine engines being built or
installed throughout the world also decreased during the
quarter just ended, Lloyd's reports. Lloyd's also says:
For oil engines, the total indicated horsepower at the end of the March
quarter was 436,160 as against 513,425 at the end of the December quarter.
The figures for Great Britain and Ireland show a decline from 60,947 to
57,380. For the United States the drop was from 7,225 to 5,050; for
Germany from 128,743 to 94,740. Italy, however, reported an increase
from 69,600 to 72,400, and Sweden's total advanced from 63,130 to 68,480.
The total indicated horsepower of steam reciprocating engines under
way in all countries combined fell from 148,180 at the end of December
to 143,924 at the end of March. During the same period, the total for
Great Britain and Ireland increased slightly, going from 97,021 to 101,644.
For steam turbines, the returns show that the total for all countries
decreased from 952,060 at the end of December to 910,360 shaft horsepower
at the end of March. For Great Britain and Ireland the decline was from
244,760 to 207,510; and for the United States, from 249,900 to 244,400.
Italy's total remained unchanged at 237,000, but France shows a gain from
208,000 to 220,000.
Very little change occurred during the quarter just ended, Lloyd's Register states, in the relative ranking of the various shipbuilding countries in
output. Great Britain and Ireland continue to hold the lead, with the
United States retaining second place, followed by Italy, France, Germany,
Sweden and Holland, in the order named. Spain, however, which stood
eighth in the December quarter, is now ninth, having changed places with
Japan. Denmark still holds tenth position.
How the various countries stand in tonnage production is shown by
Lloyd's in the following table, the figures representing gross tons:
Mar. 31 1032.
Dec. 311931.
Great Britain and Ireland
372.973
400,505
United States
206,703
207,837
181.821
Italy
178,287
France
156,760
164,440
Germany
103,885
103,981
Sweden
98,301
95,380
Holland
50,915
67,866
Japan
45,770
53,280
Spain
33,272
55,241
Denmark
24,265
51,800
Italy and Sweden are the only countries to show a gain in the volume
of shipbuilding during the March quarter.
Of large ships, there are now 11 under way, as compared with 12 in
the December quarter. Italy is building four vessels of 20,000 gross tons,
and upward, each; Great Britain and Ireland, three, and the United
States and France, two each.
Western Regional Savings Conference at St. Louis
W. 0. Woods, Treasurer of United States Finds
Plans Well Laid for Business Revival-Proposals
to Inflate Currency for Soldier Bonus Unsound.
Declaring that plans are well laid to accomplish a revival
in business and the great need of the hour is confidence in
the soundness of investments in cbmmercial enterprises and
in the banks, W.0. Woods, Treasurer of the United States,
on April 21, told the Western Regional Savings Conference
at St. Louis held under the auspices of the American Bankers
Association Savings Division that "the views of the sensible
men in Congress will undoubtedly prevail and give the
country a reasonable tax bill that will produce adequate
revenue."
He denounced as unsound proposals for inflating the currency to stimulate trade and for paying the soldier bonus
by a huge issue of greenbacks, or otherwise under present
conditions, and praised on behalf of the Administration.
leaders in Congress v:rho "although not of the same political
faith have risen above partisanship for the good of the Nation
during these trying times and are earnestly endeavoring to
frame a tax bill that will produce the needed revenue but
3037
lay the tax burden equitably and fairly." The Government's 'credit stands unimpaired, he said, describing the
powers of the Reconstruction Finance Corporation and the
Glass-Steagall bill to help "turn the tide and revive business,"
Mr. Woods said in part:
The Treasury has been receving a great many proposals for relieving the
depression. Most of them are based on the assumption that there is not
enough paper currency in existence. It is urged that the Government
should put the printing presses to work and grind out greenbacks sufficient
In quantity to meet all needs. It is trully astonishing that so many of our
citizens consider that an increase in our paper currency, regardless of quantity and regardless of gold being in possession to honor such paper on
demand, would cure our ills.
If anyone of those who urge currency inflation would look at the Treasury
statistics they would, no doubt, be astonished to learn that during the year
1931, the stock of monetary gold in the United States was greater than ever
before in our history, and the amount of our paper money in circulation at
the end of the last calendar year was at the greatest height that it has been
during the last decade.
It is perfectly apparent that it is not because of insufficient money in
the country, it is because what already exists is not available for the legitimate needs of business. The depression is certainly not caused by a lack
of currrency or lack of gold, because there was more monetary gold and more
paper currency a year after the depression started than there was any time
during the period when stock prices were soaring;
Those who have made themselves acquainted with the effect of the issue
of fiat money know that it will remain at par only so long as it will be
honored at par when presented for redemption at the Treasury. Our own
experience during the Civil War taught us that.
We now have about six billions of paper circulation outstanding. Does
it occur to our citizens what a priceless thing it is to us that the Government's credit stands unimpaired and that our currency, whether gold
certificates, silver certificates, greenbacks, National bank notes or Federal
Reserve notes, is accepted inter-changeably at 100 cents on the dollar?
There is not the slightest danger that our paper currency will not be
honored at par, unless perchance the system should be upset by legislators
who would ignore all experience and cause a deluge of greenbacks to be issued
without an adequate gold reserve to honor it on demand.
Astonishing as it seems, there are a few individuals in Congress who are
seriously proposing that the soldier bonus of 2,400 millions be paid by an
Issue of greenbacks for that huge sum. If such a thing as that were done,
It is manifest that a huge reserve in gold would have to be borrowed to
Protect it or payments in gold would soon cease at the Treasury. The proposal is so at variance with experience and indeed so at variance with
common sense that it seems unthinkable that Congress would agree to such
a proposal. Of course, Congress is not going to agree to any such thing
any more than they are going to Issue the five billions of greenbacks that
one of our statesmen urged should be done.
To those who have the credit of the Nation at heart, the proposal to
pay the second half of the soldier bonus at such a time as this seems almost
as ridiculous as paying it with greenbacks. Everyone knows that this Is
not the time to pay the soldier bonus, and it surprises us that the soldiers
should ask it. It strikes many of us as a contradiction of their patriotism
that they would, at such a time as this, be willing to so embarrass the
country. It looks like the proposal may pass Congress but it is a certainty
that our President has let it be known that he will veto it if it does pass
Congress, and it is not at all likely that the bonus proponents could muster
enough votes to pass it over the veto. When there is agitation for such
a thing as a present payment of the bonus, what a gratification it is to
know that the President and his Secretary of the Treasury are of the
fibre that will stand firm and use their power to prevent such a thing
being done.
It does not require much reflection to see that If the soldier bonus
payment were made now, the effect would be that business recovery would
be postponed so far that we could expect to be quite a good deal older than
we are now before we would see normalcy again.
He declared that uncertainty caused as to what kind of tax would be
passed by Congress by the refusal of the majority of members to follow
their leaders "has had a very serious effect on business recovery and counteracted much of the gain in market price revival that was made as a result
of the Administration's efforts to restore credit." He warned that too great
a tax on wealth would drive it way from commercial enterprise and expressed
the belief that the Treasury Department's original tax program as proposed
by Secretary Mills would have proved "far less a handicap to business than
a general sales tax and less a hindrance to recovery than the attempt to
place so great a tax on wealth as some legislators seem to think proper.
R. H. Aishton of Association of Railway Executives,
Before Senate Committee, Contends Roads Should
Be Allowed to Compete on Fair Basis With Water
Competition-Opposes Shipstead Bill Authorizing
Bonds for Completion of River and Harbor Projects.
R. H. Aishton, Chairman of the Executive Committee of
the Association of Railway Executives, told the Senate Commerce Committee at Washington, on April 15, that the railroads should be allowed to compete on a fair basis with
water competition. Appearing in opposition to the bill proposed by Senator Shipstead, of Minnesota, authorizing the
issuance of bonds not to exceed one-half billion dollars for
the completion of river and harbor projects now or hereafter
authorized, Mr. Aishton said in part as follows:
"It is recognized by the railroads that there has been from the beginning
an established policy on the part of the Government to undertake the.
improvement of navigable waterways. To this general policy they have
not offered and they are not now offering objection. The railroads do
not take the position that they are opposed to water transportation under
any and all circumstances. If the proposed waterways are a necessary, a
reasonable and an economic development, the rail carriers have no right
to complain, even though their special interests are affected. If, on the
other hand, the proposed waterways are not necessary, not reasonable, and
not economically sound, the railroads have not only the right as taxpayers,
but it is their duty to protest against the undertaking.
"The rail carriers believe that when waterways are in operation engaged
in inter-State commerce in competition with rail carriers, then it is not
only fair and just, but absolutely necessary that corresponding, appropriate
regulation shall be applied to such water service. It is obvious that a
substantial part of inter-State commerce cannot be left free while the
3038
Financial Chronicle
rest is regulated. If discriminations, rebates and secret rates are wrong
for the railroads, then they are wrong for their competitors on the waterways. With appropriate regulation applied to inter-State commerce on the
waterways and with dequate safeguards to the public interest, the railroads
believe that they should be given an equal right with others to engage
in transportation by water.
"With this belief, therefore, the railroads have taken the position that:
(a) There should be regulation of Inter-State water transportation under the
Inter-State Commerce Commission.
(b) That rail carriers should be given the right to engage in transportation by
WSW on inland waterways.
lin (c) That there should be a modification of the Panama Canal Act permitting
railroad operation in that water service.
(d) The Fourth Section of the Inter-State Commerce Act, the long-and-shorthaul clause, should be administered so as to give necessary relief to rail carriers
In competition with water lines.
(e) The Government showd retire from operation of barge lines at the expiration
of two years.
"As liberal contributors to the general tax fund, out of which the money
must come for Federal improvements on inland waterways, the railroads
hold that the inequitable condition now existing, in which their competitors are relieved from substantial operating costs, must be recognized
by Government authorities. They hold, further, that until recognition is
given in legislative action to this fair and equitable principle of regulation,
including a fair and equal opportunity for themselves to engage in water
transportation everywhere, the rail carriers must maintain an attitude of
opposition to continued Government expenditures out of general tax funds
for the extension of waterway improvements and for the extension of operations over such waterways in competition with rail carriers.
"The rail carriers of the country have been and are carrying a heavy
burden of taxes. In 1931 the Class I railroads paid 7.25e. out of every
dollar of gross revenue received. In the same year, 31.63c. was paid in
taxes out of every dollar of net operating revenue, which means, in other
words, that almost one-third of the railroad plant was operated for the
support of Federal, State and local governments.
"These taxes must be paid out of revenues derived from traffic over
these railroads. The traffic diverted from them by competitive forms
of transportation deprives them to that extent of their ability to meet
this burden of taxes. They have, therefore, a serious concern in the
question of the economic necessity for such expenditures as are proposed
in this bill."
Denver Court Orders Return of $100,000 to New York
City Banks Alleged as Fraudulently Obtained by
C. D. Waggoner.
In three decrees handed down in the United States District
Court at Denver on April 9, Judge J. Foster Symes ordered
the return of approximately $100,000 to six New York City
banks.
The $100,000 is to be divided among the following: the
National City Bank, First National Bank, the Harriman
National Bank and Trust Company, the Chemical Bank and
Trust Company, the Guaranty Trust Company and Theophilus de Mott to whom the Equitable Trust Company of
New York assigned its claim.
The judgment grows out of the suit brought to recover
$500,000 alleged to have been fraudulently obtained from the
banks by Charles D. Waggoner, President of the defunct
Bank of Telluride, Colo. Associated Press accounts from
Denver April 9 stated:
It was agreed in a statement filed with the court that Waggoner obtained sums of money from each of the plaintiffs by forged orders which
caused the New York banks and trust companies to deposit $500,000 with
the Chase National Bank of New York. Waggoner, now serving a term in
Atlanta Federal Penitentiary, obtained the money and placed it to the
credit of his bank, which was then insolvent.
Defendants in the action were Mr. McFerson, the Bank of Telluride, the
First National Bank of Pueblo, in which Waggoner deposited part of the
money, and J. C. Anderson.
From the "Rocky Mountain News" (Denver) of April 10
we take the following:
Funds Ordered Paid.
Funds which were ordered paid over to the New York claimants by
Grant McFerson, State Bank Commissioner, who is in charge of the
defunct Bank of Telluride, were:
1. Fifty thousand dollars sent by Waggoner from the Chase National
Bank to the First National Bank of Pueblo, and then transmitted to the
Telluride bank.
2. Another $44,581.67 deposited by Waggoner with Central Hanover
Bank & Trust Co. of New York to the credit of the Bank of Telluride.
3. A sum of $7,350 as a "common general claim" upon the $270,000
represented in the two checks or drafts deposited by Waggoner with the
Central Hanover Bank after be had fraudulently obtained it from the
claimant banks.
Altho all claims by McFerson, as controller of the defunct Telluride
bank, against the Waggoner loot were assigned to the New York institutions under Judge Symes' decree, it was estimated that Waggoner's victims
may ultimately stand to lose almost $400,000 as a result of his financial
juggling.
Sends Forged Instructions.
The method used by Waggoner in defrauding the New York banks of
$500,000 was briefly as follows:
Having obtained three blank drafts on the Chase National Bank, he sent
forged instructions to the six Manhattan financial houses, purporting to
be orders from correspondent banks in Denver, requesting them to
deposit a total of $500,000 with the Chase Bank to the credit of the Bank
of Telluride.
After the deposit had been made in accordance with the forged telegrams, Waggoner filled his drafts on the Chase National Bank to the
amounts of $225,000, $200,000 and $70,000.
Waggoner sent $225,000 to the First National Bank of Pueblo, and then
deposited the remaining $270,000 with the Central Hanover Bank.
$50,000 for Telluride Bank.
The Pueblo bank was ordered by Waggoner to send $50,000 in cash to
the Bank of Telluride and $30,000 to the Continental National Bank of
Salt Lake City, to be placed there to the account of J. 0. Anderson.
Funds remaining from the draft in the Pueblo bank were ordered held
for the credit of the Bank of Telluride.
April 23 1932
It was the $50,000 cash sent directly to the Telluride bank which Judge
Symes ordered yesterday to be returned by McFerson to the New York
banks.
Of the $270,000 deposited by Waggoner with the Central Hanover
Bank, part of it was used to pay old notes of Waggoner's held by the bank
and the remainder was sent to the Bank of Telluride.
This money, amounting to $44,581.67 also was ordered returned under
Judge Symes' decree.
McFerson Resists Suit.
Suit was brought in Federal Court here on Dec. 27 1930, by the New
York institutions to recover the entire $500,000, with interest from Aug.
31 1929. The suit was resisted by McFerson on the grounds that the
money obtained by Waggoner was rightfully part of the assets of the
defunct Telluride bank.
Waggoner now is serving a 10-year term in Atlanta penitentiary for
mail fraud.
The suit to recover the Waggoner loot was decided by Judge Symes yesterday upon a statement of facts agreed to by attorneys for both the claimant
banks and for McFerson.
Under terms of Judge Symes' decree, McFerson assigned to the New
York banks all rights to the following claims:
Any claim against the Chase National Bank, arising out of or accruing from the payment to it of the $500,000 by the other six institutions.
Assigns Claims to $270,000.
Any claim to the sum of $270,000 received by the Central Hanover Bank
& Trust Co., or any amount remaining in the bank, including any claim
against the Hanover bank by McFerson on the ground that the whole or
any part of the $270,000 was transferred or paid to the Hanover bank as
an illegal preference when the Telluride bank was insolvent.
All claims to any sums, credits, or rights of action by McFerson against
the First National Bank of Pueblo, arising out of the $225,000 deposited
there.
All rights of action of the Bank of Telluride or Mererson against J. 0.
Anderson or the Continental National Bank of Salt Lake City, or Waggoner, arising out of payment of $80,000 by the Pueblo bank to the Continental bank.
Settled for 3 Per Cent.
It also was decreed that the New York banks were entitled to a common
general claim of $245,000 upon the sum deposited by Waggoner with the
Central Hanover Bank. This claim, however, was made contingent upon
the property not being recovered by the New York banks in a suit now
pending in that city.
Furthermore, it was provided that any judgment that may be recovered
and collected from the Continental Bank should be applied upon the general claim.
This claim virtually was nullified by Judge Byrnes in a supplementary
decree yesterday, however, following a meeting of attorneys for the bank
and for McFerson.
The attorneys agreed that, because of the uncertainty as to the amount
ultimately payable on the general common claim, the banks would be
satisfied with the payment of 3 per oent, of the el= awarded them—
amounting to $7,850.
Items regarding the Waggoner case appeared in our issues
of Nov. 2 1929, page 2795; Feb. 1 1930, page 734 and July
12, page 211.
Receiver Costs of Closed Banks Cut in Nebraska—
Centralized System Effects Savings Over Individual
Receiverships, State Commerce Office Says.
From the '"United States Daily" of April 2 we take the
following from Lincoln, Neb., April 1:
The centralized system of receivership. of closed banks is much less
costly than that of individual receiverships, according to E. H. Luibart,
Secretary of Trade and Commerce, under whose control they are now
grouped.
Additional information made available by Mr. Luikart follows:
The Guarantee Fund Commission report for the year ending June 30,
1926, shows the cost per cash dollar realized on assets of insolvent banks
liquidated by individual receivers for an average period of 14 months
was 11.6%. Under the Guarantee Fund Commission this cost was reduced
to 4.01 cents per cash dollar realized.
Using the same method of computation, figures have been compiled covering the banks for which the Secretary of the Department is acting as the
original receiver. The average length of time of these receiverships Is
thre months and 21 days, and only in the length of time the figures are
not comparable. Sixty-four banks are included in the audit and the average
cost per cash dollar realized is only 2.25 cents.
This shows a saving a approximately 80.1% in favor of the centralized
receivership system as compared with the individual receivers.
In compiling these figures no deductions frau the total operating cost
was made for interest collected, totaling $98,179.90. Making this deduction
would leave a net cost of only $9,015.94 in the collection of $4,759,882.80.
Under the old system of receiverships the receivers were paid an average
of about $300 per month and handled but one bank. Now many of our
men are handling more than one bank and their salaries are prorated between
the several trusts they are liquidating, thus effecting a very material saving
In expense.
Legal expense is held to a minimum and the services of attorneys are
engaged only after the attorney agrees to abide by the fees fixed by this
Department. This is probably one of the principal causes for the opposition
to the centralized system of receiverships.
With the use of depositors' committees to give the assistant receivers
information regarding local conditions about borrowers, there Is
positively
no excuse for local or individual receivers, when the
foregoing record is
carefully considered. Liquidation of banks could not be carried on under
more adverse conditions than those prevailing during the past year and
for that reason alone the showing made by the
centralized system is all
the more remarkable.
Governor Brucker of Michigan Signs Bill Permitting
Closed State Banks to Avail of Loans from Reconstruction Finance Corporation.
The first act of the special session of the Michigan Legis.
lature has been signed by Governor Brucker, said Lansing
(Mich.) advices, April 14, to the "United States Daily," from
which the following is also taken:
Volume 134
Financial Chronicle
It authorizes receivers of closed State banks to apply for loans from the
Reconstruction Finance Corporation, that early dividends may be paid to
depositors.
In a special message to the Legislature, Governor Brucker recommended
that legislation also be enacted to permit building and loan associations
to take advantage of the services of the Reconstruction Finance Corporation
and of the proposed home loan banking system if it is established by
Congress.
Relief legislation is urgently needed, he said, for the protection of small
investors in building and loan associations, and he recommended an amendment to the State law to permit an expansion of the power of withdrawal
adapted to the financial needs of shareholders for actual living necessities.
Governor Brucker also urged an amendment to the Small Loan Act to
prevent the collection of 42% a year on such loans, recommending "a substantial scaling down of the interest rate immediately."
Reopening of Federation Bank and Trust Company
of New York Expected Within Two Weeks.
Daniel F. Cohalan, legal adviser to the Committee in
charge of the reorganization of the closed Federation Bank
and Trust Company, of this city said on April 13 that the
financing required for placing the institution on its feet
again has now been completed and there remains only the
selection of a board of directors and a president acceptable
to the State Department of Banks to enable the bank to
reopen its doors. The New York "Herald Tribune" of
April 14, authority for the foregoing also said:
A. statement on the subject is to be issued by the committee, said Mr.
Cohalan, in two or three days. Mr. Cohalan expected the directors and
other officers of the institution to be agreed upon within two weeks,
intimating that the bank would be opened for business in about that time.
"All the money required to finance the reorganized bank has now been
obtained," Mr. Cohalan said. "There is no more trouble on that score.
There simply has been a little trouble in filling the board of directors and
choosing the president."
There were intimations in other quarters that while the bank had pre.
viously been completely in control of men closely associated with the labor
movement, the board of the reorganized institution would contain a 509
e.
.
representation of men not connected with labor organizations and that
the presidency would undoubtedly be held by a man experienced in the
world of finance rather than labor. It is understood that Owen D. Young,
Chairman of the board of the General Electric Company, who is declared
to have subscribed in excess of $1,000,000 to the reorganization, would
be found among the new directors of the institution, if not occupying the
chairmanship of it. board.
Governor Roosevelt has indicated his sympathy to the reorganization
movement and hos subscribed to ten shares of the new bank's stock.
The 13,000 depositors of the bank were required to release one-third of
their deposits either for the purpose of purchasing stock in the reorganized
institution or in return for certificates of deposit maturing in two years and
paying 2% interest.
A previous item regarding the reorganization of the institution appeared in these columns March 26, page 2275.
Court Rejects Plea to Clear Former Judge Mancuso—
Motion to Dismiss Indictment Must Wait Until
Trial Starts.
According to the New York "Times" of April 13 District
Attorney Thomas C. T. Crain was accused of "passing the
buck" and Special Prosecutor Hiram C. Todd of "neglect
of duty and dilatory tactics" on April 12 as counsel argued
before Supreme Court Justice William F. Bleakley a motion
to dismiss the misdemeanor indictment remaining against
former General Sessions Judge Francis X. Mancuso in connection with the failure of the City Trust Company of New
York. The "Times" account continued:
1. Gainsburg, Attorney for Mr. Mancuso, asked dismissal of the indictment, which charges participation in the fraudulent insolvency of the
bank, on the ground that the statute of limitations has run. Justice
Illeakley ruled, however, that he could not decide upon this question until
the opening of the trial, which he set for May 9, granting Mr. Todd's
motion for the selection of a special jury panel. . . .
The original misdemeanor indictment against Mr. Mancuso, handed up
in the Fall of 1929 after the closing of the bank in February 1929, was
dismissed in January of this year for technical reasons, and a new indictment covering the same ground was handed up by a new extraordinary
grand jury. Mr. Gainsburg said more than two years had elapsed between
the acts complained of and the new indictment.
"As soon as the original indictment was found We moved to dismiss
it," he said. "The State took its time in carrying the case up on an
appeal and when the Court of Appeals made the reversal there still remained time to secure another indictment within the period of the statute
of limitations."
Mr. Todd objected to a ruling on the statute, as the people could not
appeal now from an adverse decision. Justice Bleakley said that at the
trial he would reverse the procedure and permit defense at once to introduce evidence showing that Mancuso was at all times living in New York
and available for action.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
Arrangements were made on April 18 for the sale of a
New York Stock Exchange membership at $82,000, an increase of $1,000 over the last previous sale. This was followed by a sale at $80,000 on the following day (April 19),
which duplicated the record low price for the bear market,
set April 9.
Arrangements were completed April 21 for the sale of a
Chicago Stock Exchange membership at $3,000, unchanged
from the last previous sale
3039
The membership of Edward P. Walker in the New York
Cotton Exchange was sold April 18 to Frank G. Brown for
another at $12,300, this price being an advance of $300 over
the previous sale.
Guaranty Company of New York announces the removal
of its Chicago offices on April 18 1932,from 120 West Adams
St. to 105 West Adams St., Chicago, Ill. The Guaranty
Trust Co. of New York also announces the removal of the
office of its Chicago correspondent, John D. Bowen, to the
same address.
Henry M. Heath, formerly Vice-President of the People's
Trust Co. of Brooklyn, N. Y., and a banker for 43 years in
the Bedford section, died on April 15 at his home in that
city, 172 Halsey Street, after a long illness. He was a
trustee of the Brevoort Savings Bank and a member of the
Executive Committee. Mr. Heath was born in Manhattan
but had lived in Brooklyn for more than 50 years. He
started his banking career with the old Bedford Bank on
Halsey Street, and was Cashier of the bank when it was
taken over by the People's Trust Co. as its Bedford branch.
Mr. Heath was Manager of the branch and became a VicePresident of the trust company. When the People's Trust
Co. was absorbed by the National City Bank of New York
Mr. Heath remained as Manager of the branch for about a
year, and then resigned because of his health. He was
known to nearly all of the business people in the Bedford
section.
Mr. Heath was a member of the St. Albans Golf Club and
formerly was a member of the old Union League Club.
Lucien A. Eddy, former President of the Merchants' National Bank of Syracuse, N. Y., and a financial and social
leader in that city for more than half a century, died at
his home in Syracuse on April 20 after an illness of several
months. He was 91 March 5 last. Mr. Eddy was born in
Auburn, Mass., and went to Syracuse in 1875 as representative of the Bradstreet Commercial Rating Agency.
John H. Fisher, Cashier and a director of the Tarrytown
National Bank at Tarrytown, N. Y., died at his home in that
place on April 20 of pneumonia after a brief illness.
Referring once more to the defunct Boston-Continental
National Bank of Boston, Mass., the Boston "Herald" of
April 16 contained the following:
Three men already indicted in connection with the affairs of the closed
Boston-Continental National Bank were re-indicted in the same proceedings
by the Federal grand jury, which returned a partial report before Judge
Hugh D. McLellan in the Federal District Court late yesterday (April 15).
The latest bill extends the period of an alleged conspiracy to misapply
bank funds to 20 months instead of 14 months, as charged in an original
indictment March 14.
Three other indictments and one secret bill were returned against five
persons on other charges, including violations of the dry and narcotic laws.
Joseph Stone, of Brockton, Vice-President of the bank, who was charged
in the first bill with abstraction of $29,908 by taking 48 promissory notes
of the Citizens' Finance Corp., of Hackensack, N. J., of which he was
President, in the latest indictment is cited on a second count of abstracting
on April 7 1931 $10,000 by taking promissory notes, obligations of car
dealers.
Stone and Arthur D. Cronin, of Natick (Mass.), and Percy G. Cliff, of
Belmont (Mass.), are indicted for the second time for conspiring with the
late Terrell M. Ragan, former bank President, who was found dead in his
Brookline garage during the first inquiry, to abstract $200,000 of the
bank funds over a 20-month period, from April 1 1930 to Dec. 18 1931.
When first indicted the three men were charged with conspiring with
Ragan to abstract $150,000 over a 14-month period. The latest true bill
extends the time of the conspiracy allegation to 20 months and alleges that
instead of $150,000, $200,000 was abstracted.
Stone, Cronin and Cliff, son of Z. F. Cliff, former Mayor of Somerville.
are out on bail, having pleaded not guilty to the original bills.
It is expected that they will plead some time next week to the new
indictments.
The Boston-Continental National Bank was closed Dec. 17 1931 when the
directors voted to ask the Comptroller of the Currency to take charge.
At the time about $6,000,000 was on deposit. Early in 1931, figures
published gave the bank between $10,000,000 and $11,000,000 in resources.
The Federal investigation, conducted under the direction of John J.
Walsh, Jr., Assistant United States Attorney, was temporarily halted
March 1 when Ragan was found dead. The medical examiner's report
stated his death was accidental and due to monoxide poisoning.
The closing of this important Boston institution, together
with its affiliate, the Plymouth County Trust Co., was
noted in our Dec. 19 issue, page 4103, and our last reference
to its affairs appeared March 12 last, page 1895.
Harry A. Woodward, Vice-Chairman of the Board of
Directors of the Springfield National Bank of Springfield,
Mass., died in New York on April 17 while on a visit to his
son, James H. Woodward. Mr. Woodward, who was
years of age, was born in Worcester, Mass. He formerly
3040
Financial Chronicle
was connected with the New York financial house of Goldman, Sachs & Co. He was President of the Chapin National
Bank of Springfield from 1916 until 1929, when the institution was merged with the Springfield National Bank into
the Springfield Chapin National Bank & Trust Co., the
name of which was shortened to its present form last year.
Mr. Woodward became Vice-Chairman of the Board last
Jan. 12.
It is learned from the Boston "Transcript" of April 14,
that Charles W. Rollins, formerly Treasurer of the Blue
Hill Bank & Trust Co. of Milton, Mass., was arraigned on
that day in the Norfolk Superior Court at Dedham, Mass.,
for the alleged larceny of more than $30,000 of the bank's
funds. The indictment, which was returned April 8, contains 36 counts. The "Transcript" went•on to say:
Through his counsel, E. Mark Sullivan, he waived reading of the complaints, entered a plea of "not guilty" and had his case continued for trial
until April 27.
Although Mr. Rollin's alleged manipulation of accounts in the bank,
which he served nine years as Treasurer, involved more than $30,000, he
had put back a substantial part of that total, so than an audit of the bank's
affairs shows the actual shortage due to his defalcations is only about
$18,000.
Concerning the affairs of the Medford Trust Co. of Medford, Mass., which closed Oct. 7 1931, the following appeared
in the Boston "Transcript" of April 14:
Judge Pierce of the Supreme Court to-day (April 14) allowed the payment of an initial dividend of 16% to depositors in the savings department of the closed Medford Trust Co., on petition of Bank Commissioner
Arthur Guy through the liquidating agent of the bank, Miles Ferrick.
The amount involved in the dividend payment is $519,388.
A second petition also was allowed permitting the sale of securities,
which together with cash on hand, will be sufficient to provide the funds
necessary for payment of the initial dividend.
The two petitions were filed two weeks ago, but a group of stockholders
entered objections to the second one. Subsequently, however, the objections
were withdrawn. The judge's finding allows 20 days within which an
appeal may be entered.
It is learned from the Hartford "Courant" of April 14
that a special meeting of the stockholders of the First
National Bank of Ridgefield, Conn., will be held on May 4
to act on a proposal of the directors to increase the bank's
capital from $50,000 to $100,000 by the issuance of 500
new shares to the stockholders, on a share for share basis,
at the price of $200 a share, thereby adding $50,000 also
to the surplus account which now stands at $70,000.
With further reference to the affairs of the City Bank &
Trust Co. of Hartford, Conn., which was closed on Jan. 2
of the present year, the following appeared in the Hartford
"Courant" of April 20:
Acting under the authorization of the meeting of the stockholders of the
Oity Bank dr Trust Co., this week, Fred P. Holt, Chairman of the Board
of Directors, and Charles B. Cook, Vice-President of the Royal Typewriter
Co., have secured the co-operation of three others to serve on the stockholders' committee. Those who have consented to serve are Tsidor Wise,
John A. Pilgard and George R. Ford.
The members of the stockholders' committee will co-operate with the
depositors' committee and the receiver. Their purpose will be to devise
a plan looking to the ultimate solution of the problems arising out of the
closing of the bank.
Mr. Wise is President of Wise, Smith & Co., and holds important directorates, being a trustee of the Hartford, Connecticut, Trust Co., a director
of the Hertford Electric Light Co., and being Vice-President of the Mechanics' Savings Bank and the Hartford Morris Plan Co.
Mr. Pilgard is President of the John A. Pilgard Co., and is Vice-Chairman
of the Board of Directors of the Riverside Trust Co.
Mr. Ford is Vice-President of the Hartford Market Co., and is Chairman
of the Board of the Windsor Trust Co. He is a director of the Spencer
Turbine Co. and of Sage, Allen & Co.
Judge John A. Cornell, of the Connecticut Superior Court,
on April 15 approved the payment of a 35% dividend to depositors in the commercial department of the Unionville
Bank & Trust Co. of Unionville (Hartford County), Conn.,
and a 20% dividend to the depositors in the savings department. The Hartford "Courant" of April 16, in reporting
the matter, furthermore said:
Application for the payment was made by Attorney Arthur E. Howard, Jr.,
counsel for the Travelers Bank & Trust Co., receiver. Mr. Howard also
asked permission of the Court to pay in full the accounts amounting to
either $5 or less or $10 or less. Payment of either, he said, would affect
the assets only fractionally.
The suspension of the Unionville Bank & Trust Co. on
Jan. 2 1932 was reported in our Jan. 9 issue, page 247, and
a reference to its affairs appeared April 2, page 2461.
Arthur H. Dey, Vice-President of the Citizens Trust Co.,
Paterson, N. J., died of a heart attack on April 21. He
was 66 years old. Mr. Dey was born in Brooklyn, but was
taken to Arcola, Bergen County, N.J., when a small child.
He first became connected with the East River National
Bank in New York. He was elected Secretary-Treasurer of
the Citizens Trust Co. in 1901. He also was a director,
April 23 1932
Secretary, and Treasurer of the Paterson Mortgage & Title
Guaranty Co., and Treasurer of the Mutual Savings Association. At his death he was Chairman of the Loan Fund Committee of Paterson, a sub-committee of the local unemployment committee.
Charles E. Wolbert, former President of the closed Plaza
Trust Co. of Philadelphia, Pa., and widely known in banking
circles in that city for many years, died suddenly on April 20
while lunching with friends at the Union League Club in
Philadelphia. He was 66 years of ago. Mr. Wolbert was
Secretary of the Tradesmen's National Bank & Trust Co.
of Philadelphia from 1890 until 1898, when he became VicePresident and Treasurer of the West End Trust Co. of
Philadelphia. He retained this position until 1926, when he
retired. In April 1930, he came from retirement at the
request of friends to head the Plaza Trust Co. Mr. Wolbert
was working out an adjustment of the company's affairs,
when it was closed by order of the Pennsylvania State Secretary of Banking in March 1931.
It is learned from the Philadelphia "Ledger" of April 17
that announcement was made the previous day by Dr.
William D. Gordon, State Secretary of Banking for Pennsylvania, that an initial dividend at the rate of 10% will
be paid May 23 1932 to the 60,000 depositors of the defunct
Franklin Trust Co. of Philadelphia. The payment calls
for $1,611,182. On Oct. 6 1931, when the bank closed, the
deposits aggregated $16,111,821, the paper mentioned said.
The failure of this institution, which had four branches in
different parts of the city, was noted in the "Chronicle" of
Oct. 10 last, page 2379.
Announcement has been made by Dr. William D. Gordon,
State Secretary of Banking for Pennsylvania, that the 26,001)
depositors of the County Trust Co. of Philadelphia, which
closed Oct. 9 1931, will receive a second dividend of 10%,
totaling $491,428, on April 25, according to the Philadelphia
"Ledger" of April 17.
,
George Wilcox, former President of the defunct Suburban
Title & Trust Co. of Upper Darby, (Philadelphia), Pa.,
and reported to have been a fugitive since Feb. 27 last,
surrendered on April 13 before Judges Fronefield and
Broomall in the Delaware County Court at Media, Pa. The
former banker, who is charged by the Pennsylvania Department of Banking with "conspiracy to cheat and defraud"
depositors of the closed bank of more than $300,000, was
subsequently released in $20,000 bail. Upon leaving the
Court House, Mr. Wilcox, accompanied by his attorney,
William C. Alexander, and his bondsman, was obliged to
use a side door in order to elude a crowd of irate depositors.
The Philadelphia "Ledger" of April 14 from which the
foregoing is learned, continuing said in part:
Wilcox denied the charges against him. When he learned a warrant
had been sworn out for his arrest, it was his intention to surrender at
once, his attorney said. It was on the advice of Mr. Alexander that he
remained away.
"Mr. Wilcox, who had been reported to be in South America, has not
been very far away from here at any time," Mr. Alexander said. "He
wanted to surrender, but I advised him not to because in three weeks I
did not have sufficient time to prepare his case." . . .
The former banker, in a statement made through friends, disputed
reports that he had invested heavily on the stock market.
"I never invested in the stock market and have never suffered any
loss there," he said. "My interests were in Delawere County real estate.
"If I committed any crime while President of the Suburban Title I/
Trust Co. I certainly do not know what it was. I understand there Sr.
reports that I left this jurisdiction for fear of being arrested. This was
far from my thought or act. I stood by for a long time and tried to
save everything, but I was unable to do so.
"The result was that I became broken in health and was obliged to
go away."
Wilcox resigned from the bank on March 11 1931, and the institution
closed about two months later. John H. Hardcastle, Jr., of Media, Vice.
President, and N. A. Dalton, of Lansdowne, Secretary and Treasurer, were
arrested on Feb. 27 and are awaiting trial in June.
Our last reference to the affairs of the Suburban Title
& Trust Co. (which was closed May 9 last) appeared in
the "Chronicle" of March 12 1932, page 1896.
That the outlook is bright for the reopening of the Homewood People's Bank of Pittsburgh, Pa., is indicated in the
following taken from the Pittsburgh "Post Gazette" of
April 15:
Last of the State banks in this city to close, the Homewood Peoples
Bank, will be the first to reopen, George R. Dorman, Chairman of a
Reorganization Committee, predicted last night at the close of an enthusiastic nags meeting attended by more than 1,000 depositors and stockholders
in the Homewood branch, Carnegie Library.
About 300 shares of stock at $75 each were subscribed in the meeting,
under leadership of Frank E. Shaughnessy, President of the Homewood
Realty Co. With 1,200 shares previously subscribed, the total cash pledged
Volume 134
Financial Chronicle
was brought to $112,500. One of the conditions laid down by the State
Banking Department for the proposed reopening was that $160,000 in "new
money" be raised.
"With an active campaign being waged, we'll have the balance of the
money in a few days," Dorman predicted. . . .
John S. Herron, President of City Council, who presided, pointed out
that the Homewood-Brushton district is normally a prosperous community,
with 40,000 population, and pays more than *800,000 annually in city
Charles A. McClintock, Assistant to the President of the Colonial Trust
Co. of Pittsburgh, and other speakers, declared the interests of the Homewood-Brushton district demanded a resumption of community banking
service.
Liquidation of the bank under present conditions would mean heavy
loss to depositors, McClintock said, but he predicted that the proposed
reorganization would be profitable through the conservation of assets.
"Our bank met a run of $750,000 and was in fine shape, but was compelled to close down when a downtown bank, with which it was affiliated,
failed to open," Shaughnessy said. "We must have a bank and we are
going to have it."
The April Grand Jury, at Pittsburgh, Pa., on April 14
last returned four indictments against Charles A. Bardolph,
President of the closed Franklin Savings & Trust Co. of
Pittsburgh, charging that he embezzled approximately
$300,000 of the bank's funds, made false entries in the
accounts, perjured himself and conspired "to cheat and
defraud" the bank. A separate indictment was also returned
against R. T. Armstrong, former Vice-President of the bank,
alleging that he in 20 instances made farse entries in the
accounts and then perjured himself as to the validity of
these entries. The Pittsburgh "Post Gazette" of April 15,
from which we have quoted above, went on to say in part:
Three others were also indicted. Herman Friedman, second mortgage
dealer, and David Kellerman, Strip produce merchant, were named in connection with alleged illicit dealings with Bardolph and the Franklin Savings & Trust, while 0. W. 13rose, former Assistant Treasurer of the closed
Pennsylvania Bank & Trust Co. (Pittsburgh), was named in an indictment
charging forgery.
Friedman, debtor of the Franklin Savings & Trust Co. when it closed
its doors last September, was named in a separate indictment which involved six counts of fraudulent conversion. He was then named in a
conspiracy indictment against Bardolph in a deal said to involve $25,000
of the bank's funds.
The second conspiracy indictment against Bardolph linked Kellerman
also debtor of the bank when it closed. The two are charged with conspiring, Aug. 13 1931, to defraud the bank in a transaction said to
Involve $50,000.
Brose, former employee of the Pennsylvania Bank & Trust Co., was
charged with forging a check for $9,450.
The Grand Jury action was taken after hearing testimony of only three
witnesses and follows in effect the criminal prosecutions started against
the five defendants late in January when all were named in informations
tiled by the State Banking Department.
The closing of the Franklin Savings & Trust Co. was reported in our issue of Sept. 26 1931, page 2031.
At a meeting of the Board of Directors of the Title Guarantee & Trust Co. of Baltimore, Md., held on April 13 1932,
George M. Englar, formerly Treasurer, was elected a VicePresident, and Benjamin H. Heath, formerly Assistant Secretary-Treasurer, was elected Treasurer and Assistant
Secretary.
The directors of the National Savings & Trust Co., of
Washington, D. C., at their regular quarterly meeting, on
April 18, declared a regular quarterly dividend of 3% on
the capital stock, payable May 1 1932, to stockholders of
record at the close of the transfer books at four o'clock p. m.
April 20 1932.
That the Bank of Buckhannon, at Buckhannon, West Va.,
Is expected to reopen shortly is indicated in the following
dispatch by the Associated Press from that place on April 15:
The Buckhannon bank, which has been closed since Oct. 16, will be
reopened in the next few weeks, it was announced by F. J. Farnsworth,
Cashier. He said L. R. Charter, Jr., State Banking Commissioner, approved
the reopening plans.
Practically all the deposits have been signed up for a period of five
years.
The closing of this institution was noted in our issue of
Oct. 24 last, page 2713.
That plans for the reorganization of the Union Trust
Co. of Dayton, Ohio, which was taken over by the Ohio
State Banking Department on Oct. 31 last, had been approved at a meeting of the stockholders on April 14 was
reported in Associated Press advices from Dayton on that
date, which furthermore said:
A committee was named to evolve details of the plans under which the
bank would be reopened on ft new capitalization basis.
Further referring to the affairs of the Marion National
Bank, Marion, Ohio, a dispatch by the Associated Press from
that city on April 14 contained the following:
A 25% dividend will be paid in May to depositors of the Marion National
Bank, closed Dec. 15 1931, C. A. Jones, receiver, announced to-day.
Approximately $260,000 will be distributed among 3,500 persons. Payment
of the dividend was made possible in part by collections from borrowers
3041
and in part by a loan from the Reconstruction Finance Corporation, based
on the estimated value of assets on which the receiver can collect. Closing
of the bank followed the disappearance of H. W. Bane, Cashier, who later
nas arrested and sentenced to a Federal penitentiary term after he confessed to embezzling approximately $90,000.
A newly chartered bank, the Citizens State Bank, opened
in Winsted, Minn., on April 4, according to the "Commercial
West" of April 9. The institution, which has combined
capital, surplus and undivided profits of $18,750, has taken
over the business of the State Bank of Lester Prairie,
Minn. Officers of the new bank are named as J. J. Sterner,
President; D. E. Campbell, Vice-President, and Alfons
Fasching, Cashier.
Leon H. West, Assistant Cashier of the First National
Bank & Trust Co., of Helena, Mont., has been promoted to
the Minneapolis offices of the First Bank Stock Corp., according to the "Commercial West" of April 16.
Clara
TheClara City State Bank, Clara City, Minn., which had
been closed since last June, reopened on April 11, according
to the "Commercial West" of April 16. The new bank is
capitalized at $25,000, with surplus of $5,000. The officers
are: P. J. Thein, President; P. A. Sanderson and M. E.
Carl, Vice-Presidents, and H. G. Rostomily, Cashier.
The following changes were made recently in the personnel
of the People's State Bank of Lansing, Iowa, according to
the "Commercial West" of April 16: John A. Decker, VicePresident of the institution since its organization 20 years
ago, was made President to succeed the late Hon. A. M.
Fellows, and Otto Ruprecht was appointed Vice-President
in lieu of Mr. Decker. At the same meeting of the Board,
John Frank was elected a director.
Two Independence, Kan., banks, the Citizen's First National Bank and the Security National Bank, were consolidated recently under the title of the First National Bank.
The new organization is capitalized at $300,000 with surplus
of $100,000. The personnel is as follows: Ben S. Paulen,
Chairman of the Board; Ernest Sewell, President; H. C.
Bergman, Vice-President; J. H. McElroy, Cashier, and
Elmer B. Page and John S. Keil, Assistant Cashiers.
T. J. Ellis, President of the defunct Bank of Jonesboro,
Jonesboro, Ark., and J. E. McKee and James E. Parr, VicePresidents of the institution, were indicted on April 15 by
a Circuit Court Grand Jury on charges of receiving deposits
after the bank was insolvent, according to Associated Press
advices from Jonesboro on that date, which furthermore
said:
The Bank of Jonesboro closed last December. Its failure has been the
subject of investigation by the grand jury all this, week.
Concerning the affairs of the two Wilson, N. C., banks,
the First National Bank and the Wilson Trust & Savings
Bank (affiliated institutions), which were closed on Dec. 30
1931, a press dispatch from that place on April 18, appearing in the Raleigh "News and Observer," said in part as
follows:
The officers and directors of the First National Bank and the Wilson
Trust & Savings Bank, after many weeks of consultation and deliberation
both at Washington and Raleigh, are now ready to prewith the of
sent to the depositors and stockholders of the two institutions and to the
public, plans to take care of the depositors and stockholders to the very
best advantage. . . .
Briefly stated, the essential details of the plan are as follows: A new
National bank will be organized with a capital stock of $100,000 and •
paid-in surplus of $50,000. A corporation will be organized with a capital
stock of $201,000, which will purchase the building of the First National
Bank. It is to be noted that the new bank will not purchase the building.
One hundred and one thousand dollars of the capital of the Building Company will be paid for in cash and notes will be given for the balance.
Quarters for the new bank will be rented in this building.
The general or individual depositors in each of the two banks whose
net deposits are over $50 will be asked to sign a depositor's agreement,
containing the following provision 10% of such deposits will be payable
by credit or cash on the day the new bank is opened; certificates of deposit
will be issued by the new bank for 65% of such deposits, such certificates
bearing interest at 8%, payable semi-annually, and will be payable as
follows: 15% six months after the opening; 6% within 12 months; 20%
within 18 months; 10% within 24 months, and 15% within 86 months,
thus guaranteeing 75% to the depositors, the bank reserving the right to
pay these certificates before they mature. The remainder, or 25%, will be
evidenced by participation certificates.
Seventy-five per cent, of the assets of each of the two banks to be
selected by the new bank will be turned over to the new bank to protect
its guarantee. The remaining 25% of the assets will be trusteed for the
benefit of the depositors, to take care of the participation certificates.
The assets turned over to the new bank may, from time to time, be
traded for assets or collections thereof in the hands of the trustees.Of
course, when the depositors are paid in full the net remaining will
belong
to the stockholders.
Depositors whose net deposits are less than $50 will be paid
in full
by credit or cash the day the new bank is opened for
business.
3042
Financial Chronicle
That the Fredericksburg National Bank, Fredericksburg,
Tex., a new institution organized to replace two banks in
that place which closed Feb. 19 last, had opened for business on April 6, was reported in Fredericksburg advices
April 12 to the "Wall Street Journal." The new bank is
capitalized at $50,000 with surplus of $10,400. Joe Stein
is President and W. J. Schroeder is serving temporarily as
Cashier, the dispatch stated.
The Old Dominion Bank of Globe, Aliz., and its branches
at Miami, Superior and Yuma, were closed on April 15 by
order of the Arizona State Banking Department, according
to a dispatch by the Associated Press on that date from
Globe. The advices also said:
Depleted reserves was given as the cause. The bank report call of
Dec. 31 last placed the assets of the four institutions at $2,671,313.
The 104th semi-annual statement of the Yokohama Specie
Bank, Ltd. (head office Yokohama, Japan), covering the
six months ending Dec. 31 1931, and presented to the shareholders at their 104th half-yearly ordinary general meeting
on March 10 1932, has just come to hand. It shows net
profits for the period, after providing for all bad and
doubtful debts, rebate on bills, &c., of Yen 10,977,877, inclusive of Yen 5,637,930 brought forward from the preceding six months. Out of this sum the directors propose to pay
a dividend at the rate of 10% per annum, calling for Yen
5,000,000, and to add Yen 1,100,000 to the reserve fund,
leaving a balance of Yen 4,877,877 to be carried forward
to the current half year's profit and loss account. Total
resources of the institution are given in the statement as
Yen 1,296,859,470, of which cash in hand and at bankers
amounted to Yen 115,338,032, while total deposits are shown
at Yen 570,589,377. The paid-up capital of the Yokohama
Specie Bank, Ltd., is Yen 100,000,000 and its reserve fund
(including the Yen 1,100,000 mentioned above) Yen 117,300,000. Kenji Kodama is Chairman of the Board of
Directors.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The downward swing of the stock market which, with only
brief interruptions, has been under way for the past month
or more, was again in evidence during most of the present
week. Prices have been weak with only an occasional feeble
rally and generally moved lower until Thursday, when the
market trend turned upward and a few of the more prominent
issues made moderate gains. Liquidation held a conspicuous
place in the transactions until late on Wednesday, when it
dropped to the minimum. Trading has been extremely
light and the market movements irregular, though the
utilities have shown brief periods of strength, and toward
the end of the week local tractions, rails and a few special
issues were slightly stronger. American Tel. & Tel. has
been under considerable pressure and on Tuesday dipped
under par. United States Steel slipped down to its lowest
level as it broke through 30, and Eastman Kodak, General
Electric and American Can all sank to the lowest level reached
in several years. Call money renewed at 23, % on Monday
and continued unchanged at that rate throughout the week,
$50,000,000 to be dated April 27. They will mature on
July 27 Another matter of more than passing interest was
the announcement that the Bank of England directors had
reduced the bank rate to 3%.
Moderate advances followed by mild reaction were the
outstanding characteristics of the trading during the two
hour session on Saturday. The opening was fairly brisk with
prices slightly higher than the preceding close. As the session
progressed, selling became more pronounced and half way
through the trading period the trend turned downward.
There were numerous weak spots throughout the list, but
the only important one was Auburn Auto which slipped back
to 373% points where it was down more than 4 points on the
day, the disappointing earnings statement being partly responsible for the weakness. During the first half hour the
rails moved ahead under the leadership of Atchison and
Union Pacific, but were unable to hold their gains and were
lower at the close. Public utilities were moderately strong
for a brief period, but turned down with the rest. Coca Cola,
American Can and International Business Machine were
lower but never really weak. Am. Tel. & Tel. got down to
10334 at its low for the day and Brooklyn Union Gas was off
about 2 points at 72. Other losses included Eastman Kodak
43% points, Allied Chemical & Dye 14 points and Peoples
Gas 1 point.
Prices again moved lower on Monday and declines ranging
from 2 to 3or more points were recorded at the close. Liqui-
April 23 1932
dation was in evidence from time to time and there were
indications of short selling, but the support was fairly good
at times and kept the market from breaking. Amer. Tel. &
Tel. was the weak spot and much of the short selling concentrated in that stock. Eastman Kodak was also weak
and at one period was off more than 3 points. Public
utilities were in good demand during the opening hour and
railroad stocks were bought in considerable quantity during
the morning session. Peoples Gas was up about 3 points
at one time, but closed with a fractional loss. The principal changes of the day were on the side of the decline and
included among others Allied Chemical & Dye, which fell
off 13/2 points to 62%; Amer. Tel. & Tel., which slid back
3% points to 100, and American Can, which dipped 33%
points to 4634. Other declines were Homestake Mining,
33 points to 117; Ingersoll-Rand, 234 p. ts to 2034; Inter4
national Business Machines, 23/7 points to 81; Western
Union, 23% points to 2734; Coca Cola, 334 points to 96;
Consolidated Gas, 234 points to 503/7, and Eastman Kodak,
45% points to 523/2. Trading
continued light on Tuesday,
nevertheless numerous new lows were established in all
parts of the list. Amer. Tel. & Tel. broke through par as
it touched 9934 and Homestake Mining dipped 7 points to
110. United States Steel slipped through 30 and Western
Union touched 25, its lowest record in 40 years or more.
General Electric moved down to a new botton at 14, and
General Motors slipped to 113/7. Liquidation was in evidence
throughout the day and while there was a feeble rally near
the close the final prices showed no improvement over the
preceding day. Prominent among the declines were such
active stocks as Allied Chemical & Dye, 33/7 points to 59;
American Safety Razor, 33/7 points to 163; American Tobacco B,23/7 points to 673j;International Business Machines,
25 points to 78% National Lead, 1% points to 703%;
%
Louisville & Nashville, 13% points to 133%, and McKeesport
Tin Plate, 2 points to 3738.
Irregularity was the outstanding characteristic of the
market on Wednesday. Trading was extremely light and
the trend of prices generally downward. Railroad,shares
displayed good resistance, several prominent issues including
Union Pacific and Atchison showing moderate gains at their
tops for the day. United States Steel held up fairly well for
a time, but closed at 29% with a fractional loss from the
preceding day. American Can was weak and dropped to a
new low before the close. Other recessions included Air
Reduction,23% points to 573 ;Allied Chemical & Dye, pref.,
4
234 points to 10134; J. I. Case, 25 points to 2434; Detroit
%
Edison,4 points to 85; Pacific Tel.& Tel.,43/7 points to 753/7,
and National Lead, pref. B, 10 points to 85. The trend of
prices turned upward on Thursday, a fairly brisk rally due
in part to short covering carrying many prominent stocks to
higher levels. Trading favored local tractions to some
extent and Brooklyn-Manhattan Transit and Manhattan
Elevated surged forward about 2 points each. Railroad
shares also moved forward and high-grade stocks like Atchison, New York Central and Union Pacific, registered gains
ranging from 2 to 3 or more points. Heavy selling developed
in Royal Dutch and a loss of over a point was recorded at
the close. Among the outstanding gains of the
day were Air
Reduction, 23/7 points to 3934; American Can, 2 points to
453/7; Amer. Tel. & Tel., 234 points to 1015 ;Auburn Auto,
/
13/7 points to 413/7; Brooklyn Union Gas, 2
points to 72;
3
Coca Cola, 234 points to 97%;Eastman Kodak, 23 points
4
to 563/7; Detroit Edison, 1% points to
8634; International
Business Machines, 43/7 points to 82%; Norfolk Western,
&
63/7 points to 89; Union Pacific, 23/7 points
to 563/7; United
States Steel, 1 point to 305 ,and Western
%
Union, 13/7 points
to 2834.
On Friday the early trading was marked by a
sharp downward swing that practically cancelled all the
gains of the
preceding day. As the session progressed, however, the
market steadied and part of the morning losses
were regained.
During the first hour declines ranging from 2
to 4 or more
points carried many popular speculative favorites downward,
but the slump was not maintained and in the afternoon tho
market again moved ahead. The principal changes at the
close were on the side of the decline and included among
others Air Reduction 334 points to 363 , Amer. Can
%
29/7
points to 423%, Amer. Smelting pref. 23% points to 483%,
Amer. Tel. & Tel. 33% points to 973/s, Auburn Auto 23/7
points to 39, Eastman Kodak 234 points to 539/7, International Business Machine 33% points to 793/7, Norfolk &
Western 434 points to 843/7, Peoples Gas 2 points to .
67,
Union Pacific 43/7 points to 52, United States Steel 13/7 points
to 283% and Woolworth 2 points to 36%. The market was
Financial Chronicle
Volume 134
dull and unsettled at the close, many popular stocks reaching new lows for the day.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ended
Apra 22 1932.
United
States
Bonds.
State,
Railroad
Stocks,
Number of and Missal. Municipal et
Shares.
For'n Bonds.
Bonds.
Saturday
Monday
Tuesday
Wednesday
Thursday
FrIdaY
579.180
848.490
1,032,855
991,162
1,106,210
915.240
54,761,000
4,859,000
4,514,000
4,840,000
5,703,000
6.877.000
Total
Bond
Sales.
$1,025,000
1,564,000
1,958,000
3,394,700
6,710,000
4.578.000
$1,879,000
1,954,000
2,437,000
2,054,500
2,268,000
2,767,000
$7,665,000
8,377.000
8,909,000
10,289.200
14,681.000
14,222,000
5.473337 531,554,000 213,359,500 219,229,700 $64,143,200
Total
Sales at
New York Stock
Exchange.
Jan. 1 to April 22.
Went Ended April 22.
1932.
1932.
1931.
1931.
13,939,900
125,024,785
212,248,169
$1,687,600
14,030,000
29,761,000
8240,437,550
233,812,500
497,194,000
$57,118,650
239,687,500
566.223,000
$64.143,200 245,478,600
5971.444.050
5863.029.150
5,473,137
-No.of shares..
Stocks
Bonds.
Government bonds... $19,229,700
State & foreign bonds. 13,359,500
Railroad & misc. bonds 31,554,000
Total
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
April 22 1932.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
1:W0s*
52.000
12.282
7,500
21,667
Boll day
3,000
23,359
4,000
17,376
5,000
7.273
11,271
17,950
15,590
12,752
17,540
3,790
215,200
19,000
12,000
3,100
5.000
851
1,245
1,031
1,552
641
1,645
55.000
16,000
1.900
2,400
2.000
2,000
81,957
521,500
78,893
554,300
6,965
$29,300
revised i 154.044
538.000
158.4501
570.000
9.533
229.000
Total
wspr
Baittmorg.
Philadelphia.
Shares. Bond Saks. Shares. Bond Saks. Shares. Bond Saks
.
THE CURB EXCHANGE.
Curb market trading was conducted on a somewhat
reduced scale during the forepart of the present week as a
goodly portion of the transactions continued on the selling
side. On Thursday, however, the market displayed considerable activity and a decided improvement in the general
tone. During the first half of the week the turnover was
down to small proportions with a large amount of liquidation
apparent among the more active of the market favorites.
Public utilities, as a group, displayed considerable firmness,
though the gains were comparatively small. Price movements in the industrial group were generally irregular,
though a few special issues showed moderate strength. Oil
shares were quiet but firm, and while the few gains were not
particularly noteworthy the recessions were generally fractional. Dealings in the common stock of Allegheny Gas,
the common stock of Foremost Fabrics Corp. and the
common and preferred stocks of the Ground Gripper Shoe
were suspended by the Curb Exchange until further notice
due to failure to maintain a New York transfer office. The
changes on the side of the decline in the public utilities included during the present week, American Superpower,
which declined from 23(c. to 17 ; United Light & Power,
%
which fell from 4 to 33i; New York Telephone pref., which
/
declined from 111% to 110; United Gas prEf., which slipped
back from 353 to 30; Commonwealth Edison, which receded
from 71 to 693; Empire Gas & Electric, which tumbled from
44 to 39, and Utility Power & Light which slipped back
from 16% to 143. Other declines among the trading
favorities were Electric Bond & Share, 16% to 143'; Cities
Service, 5 to 4%; Niagara Hudson Power, 43 to 4%;
United Founders, 13. to 1, and Aluminum Co. of American,
31 to 273. New Jersey Zino did not appear on the tape until
Wednesday and opened at 203, closing yesterday at 193.
A complete record of Curb Exchange transactions for the
week will be found on page 3072.
Week Ended
Apra 22 1932.
-Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Curb
Exchange.
Foreign
Foreign
Domestic. Goeernment, Corporate.
Total.
87,300 $2,320,000
141,120 2,651.000
118,650 2.814,000
118,490 2,427,000
143,555 2,723,000
107.725 2.644,000
2123,000
122,000
143,000
117,000
89,000
80,000
846.000 $2,489,000
96,000 2.869,000
103,000 3.060,000
168.000 2,712,000
132,000 2,944,000
47,000 2,771,000
708,840 $15,579,000
674,000
$592,000 216,845,000
Jan. 1 to Apra 22.
1933.
1931.
708,840
2.649.700
-No. of shares.
Stocks
Bonds.
$15,579,000 518,618,000
Domestic
647,000
515,000
Foreign Government..
723,000
592,000
Foreign corporate
17,659.479
54,187,845
5246,413,100
9,303,000
11,415,000
$281,060,000
16,282,000
13,490,000
$16,845,000 219,856,000
$267,131,100
$310,832,000
Total
1932.
1931.
Apr.16 Apr. 18 Apr. 19 Apr.20 Apr.21 Apr.22
1932. 1932. 1932. 1932. 1932. 1932.
Francs. Francs. Francs. Francs, Francs, Francs.
Bank 01 France
13,000 13,100 13,100 12,800 12,900
Banque de Paris et Pays Bag
1,450
1,470
1,460
1.410
1,440
Banque de Union Parlslenne
425
435
435
410
Canadian Pacific
333
337
338
334
343
Canal de Sues
14,200 14,200 14.320 14,055
Cie Dlstr d'Electridtle
2,340 2,355 2,370 2,335
Cie General d'Electricitie
2,510 2,500 2.530 2,500 2,520
Citroen B
437
439
434
429
Comptolr Nationale d'Escompte
1,200
1,210
1,210
1,170
1,180
Cots.Inc
,
240
240
240
230
230
Courderes
375
371
370
363
---Credit Commerciale de France
725
701
715
700
---Credit Foneier de France
5,170
5,170 5,150 5,080 5,090
Credit Lyonnais
1,920 1,970 1,890 1,800
1,830
Distribution d'Electrlcitie is Par
2,360 2,370 2.370 2,330 2,340
Eaux Lyonnais
2,350 2,350 2,350 2,330 2,370
Energie Electrique du Nord
655
665
669
651
---Energle Electrigue du Littoral.1,023
1,040
1,024
1,020
---French Line
99
99
99
96
98
Gales Lafayette
102
101
101
101
101
Gas Le Bon
850
850
850
840
830
Kuhlmann
Holt420
440
430
410
420
L'Air Liqulde
810
day
830
820
800
810
Lyon(P. L. M.)
1,239
1.234
1,234
1,190
...Mines de Courrires
370
370
370
360
370
Mines des Lens.,..
490
510
510
490
490
Nord Ry
1,760 1,770 1,770
1,750 1,750
Paris, France
1,370 1,350
1,350 1,340
1,330
Pathe Capital
114
116
126
121
Pechiney
1,270 1,280 1,280
1,230 1,240
Rentes 3%
77.00 77.10 77.40 77.20 77.00
Rentes 5% 1920
121.80 121.50 121.50 121.60 121.00
Rentes 4% 1917
94.60 94.40 94.30 94.00 93.70
Routes 5% 1915
101.20 101.30 101.30 101.30 101.20
Rentes 6% 1920
105.30 105.20 105.20 105.10 105.00
Royal Dutch
1,240
1,240
1,220
1.090 1.070
Saint Cobb. C.& C
2,080 2,150 2,095 2,020
---Schneider dc Cie
1,335 1,340
1.360
1,320
---Societe Andre Citroen
440
440
430
430
410
Societe General Fonclero
183
194
191
186
192
Societe Francalse Ford
114
116
113
114
111
Societe Lyonnais
2,355 2,375 2,355 2,335
__ __
Societe MarselllaLse
580
580
580
580
Sues
14,300 14,200 14,300 14,100 14,100
Tublse Artificial rillk pest
121
122
117
113
---Union d'Electricitle
910
920
920
910
900
Union des Mines220
-----------Wagon-Lits
104
103
103
101
__--
COURSE OF BANK CLEARINGS.
Bank clearings this week will again show a decrease as
compared with a year ago. Preliminary figures compiled
by us, based upon telegraphic advices from the chief cities
of the country, indicate that for the week ended to-day
(Saturday, April 23), bank exchanges for all the cities of
the United States from which it is possible to obtain weekly
returns will be 41.6% below those for the corresponding
week last year. Our preliminary total stands at $4,897,314,890, against $8,392,998,834 for the same week in 1930.
At this center there is a loss for the five days ended Friday
of 45.8%. Our comparative summary for the week follows:
Cleartngs-Returns by TeTegraph,
Week Ending April 23.
New York
Chicago
Philadelphia
Boston
Kansas CRY
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1932.
1931.
52,461.441,807 24,543,174.952
219,335,123
354.910.187
225,000,000
338,000.000
285.000,000
165,000,000
57,946,380
70,196,060
75.100.000
52,900.000
126,578,000
94,685.000
No longer will re port clearings.
66,236.945
126,213,265
58,631,927
126,245,745
57,808.512
83,205,051
45,501,775
63,868,224
26,177,953
36,242,490
Per
Cent.
-45.8
-38.2
-33.4
-42.1
-17.5
-29.6
-25.2
-47.5
-53.6
-30.5
-28.8
-27.8
Twelve cities, five days
Other cities, rive days
83.530,663,422
550,432,320
$6,228,733.974
697,028,830
-43.3
-21.0
24,081,095.742
816,219,148
56,925,762,804
1,467,236,030
-41.1
-34.4
Total all cities for week
Bonds (Par Value)
Week Ended April 22.
PRICES ON PARIS BOURSE.
IFQuotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
Total all cities, flve days
All cities, one day
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Stocks
(Number
of
Shares).
3043
54.897.314_800
SR :102 OAR R:14
..-41R
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has to be in all cases estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous
-the week ended April 16.
For that week there is a decrease of 42.4%, the aggregate
of clearings for the whole country being $5,288,274,601,
against $9,181,634,959 in the same week of 1931. Outside
of this city there is a decrease of 35.6%, the bank clearings
Financial Chronicle
3044
1932.
Total (20 cities)
Week End. Apr. 16 1932.
1932.
1931.
Inc.or
Dec.
1930.
1929.
Federal Reserve LIIsts
1st Boston_ _ __12 cities
2nd New York_12 "
3rd Philadelpla 10 "
6th Cleveland__ 6 "
6th Richmond _ 6 "
9th Atlanta.__ _11 "
7th Chicago--20 "
9th St. Louis__ 5 "
9th Minneapolis 7 "
1015 Kansaselty 10 "
11111 Dallas
6 "
12th San Fran.
.14 "
$
8
$
%
291,955,215
506,048,524 -41.7
456,290,498
3,364,160,943 6,164,879,220 -45.4 6,909,562,383
318,185,147
437,729,302 -27.3
487,330,384
212,272,765
349,356,328 -39.2
404,869,767
111,619,887
149,348,096 -25.3
168,267,952
93,853,173
133,348,648 -29.6
163,742,651
387,803,609
702,153,179 -44.8
897,385,254
98,843,538
144,531,152 -31.6
192,837,9E6
71,320,038
101,944,777 -30.0
112,338,504
103,090,577
149,183,504 -30.9
206,355,437
38,579,729
57,09Z682 -32.4
62,989,059
196,589,180
291,083,547 -32.5
342,038,676
Total
118 cities
Outside N. Y. City
5,288,274,601
2,037,071,859
Clanxita
22 cities
230.524.746
$
501,264.518
8,114,411,567
671,206,814
474,319,586
182.670,618
207,976,100
976,251,976
208,940,025
122,741,176
210,359,776
85,927,817
367,722,073
9,131,634,959 -42.4 10,404,008,530 12,131,792,044
3,165.493,176 -35.6 2.662,356.826„ ,
349.892.037 -34.1
408.427.897
459.160.488
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended April 16.
Clearings at
1932.
First Federal
Me.
-Bangor____
Portland
Mass.
-Boston.
Fall River_ _
Lowell
New Bedford- _
Springfield_ __ Worcester
Conn.- Hartford
New Haven_ _ _
R.1.-Providenee
N.11.-ManchesT
Inc. or
Dec.
1931.
$
$
Reserve Dist rid -Boston
435,160
603,899
2,229,321
4,008,539
254,299,35.5 448,854,118
830,595
1.369,004
346.368
621,037
704,348
1,147,849
3,807,503
5,268,443
2,213,881
2,861,985
8.612,125
14,997,777
6.425.265
7,850,576
11.627,500
12,722,200
423,794
479,107
Total(12 cities)
291.955,215
1930.
1929.
--27.9
--44.4
--43.3
--39.3
--33.5
--38.6
--27.7
--22.6
--42.6
--18.2
--8.6
--11.6
471,829
3,243,158
398,000,000
1,251,049
844,018
1,046,150
4,665,986
2,949,208
18,544,844
8.810,633
15,702,600
760,992
510,126
3,183.945
439,000,000
1,283,143
1,050,033
1,129,901
5,105,536
3,017,492
20,405.652
8,998.084
18,701,900
878,704
500,684,524 -41.7
456.290,467
501,264,516
Second Feder al Reserve 13 1strict-New
N. Y.
-Albany._
9,392.459
7,795,985
Binghamton_ _ _
728,444
1,256,297
Buffalo
28,832,581
44,239,372
Elmira
724,541
1,123.485
Jamestown
637.235
895,135
New York...... 3,251,202,742 6,016,141,783
Rochester
7,385,668
10,155,581
Syracuse
3,466,915
4,987,701
Conn.
-Stamford
2,648,829
3,534,913
N. J.
-Montclair
760,200
968,263
Newark
23,768,460
33.703.526
Northern N. J_
34,622.869
40,077,179
York
+20.5
9,557.777
6,951,316
-42.0
1,444,085
1,259,850
-34.8
57,955,027
62,716,774
-35.5
833.002
1,041,499
--28.8
1,131,099
1,204,733
--46.0 6,741.651,704 7,933,831,342
-27.3
11,894,484
14,350,913
--30.5
6,121,736
7,196,501
---25.1
4,167,674
4,923,879
--22.5
740,822
879.374
--29.5
33,884,664
34,007,250
--13.6
40.180,309
46,048,136
Total (12 cities) 3,364,160,943 6,164,879,220 -45.4 6,909,562,383 8,114,411,567
Third Federal Reserve Dist rict-Philad elphia
561,338
626,362 -10.4
-Altoona.-Pa.
3.625,150 -31.2
Bethlehem_ _ _
2,492,308
454,206
987,845 -54.0
Chester
2,951,385 -54.3
1,347.683
Lancaster
303,000,000 412,000,000 -26.5
3,228,284 -28.9
2,293,966
Reading
4,632,168 -52.6
2,196,953
Scranton
2,968,730 -35.3
1,922,256
Wilkes-Barre_ _
1,381,437
2,181,378 -36.7
York
4,528,000 -44.0
2,635,000
-Trenton
N. J.
1,243,271
4,358.567
933,735
2,034,012
462.000,000
3,243.202
4,985,589
3,210,153
1,993,855
3,328,000
1,570,968
4,878,357
1,185,954
1,931,883
641,000,000
4,161,819
5,956,144
3,774,327
2,039,021
4,708,341
437,729,302 -27.3
487,330,384
Fourth Feder at Reserve D istrict-Clev eland
3,323,000 -84.2
d525.000
Ohio-Akron__ Canton
61,929,112 -29.2
43,835,835
Cincinnati__ _ 72,624,456 120,854,063 -39.9
Cleveland
15,164,600 -34.1
.10,000,000
Columbus
1,805,119 -37.2
c1,134.230
Mansfield
Youngstown
84,153,244 146,280,434 -42.5
Pa.
-Pittsburgh-
5,005,000
7,194,000
70,704,545
143,747,098
16,983.800
2,230,474
79,414,393
169,172,345
18,619,800
2,457,666
166,148,850
197,461,382
349,356,328 -39.2
404,869,767
474,319,586
wed-33.4
-15.5
-28.7
-53.6
-25.2
-19.5
1,154,407
4,465,690
45,311,000
2,240,000
87,934.396
27,162.469
1,185,886
5,040.969
45.014,000
2,600,000
100,996,454
27,833,309
149,348,096 -25.3
168,267,962
182,670,618
Sixth Federal Reserve Dist rIct-Atlant a-2,662.802
1,750.000 +52.2
Tenn.
-Knoxville
10,372.731
14,041,327 -26.1
Nashville
41,002,453 -20.2
Ga.-Atlanta__ _
32,700.000
1,552.954 -39.6
Augusta
938,527
Macon
740,363 -32.7
493,525
14,675,501 -28.9
10,480,209
Ala.-Birm'gham
8.454,364
16,808,587 -49.7
Mobile
869.172
1,277,002 -31.9
Miss.
-Jackson _
935.000
1,500,000 -37.7
•-•„Vicksburg
115,607
149.340 -22.6
La.-NewOrleans
39,851.121 -35.2
25,826,236
2,600,000
22,392.643
48,213,275
1,815,681
1,467,346
16,757,919
24,444,432
2.423.398
1,784,532
177,646
41,665,779
3,189,550
25,509.019
63,432.086
2,044.120
1,772.997
18,546,515
30,675,509
1,964,872
2,348,000
466,513
58,026.919
163,742,651
207,976,100
Total(10 citlee)
Total(6 cities)-
318,185,147
212,272,765
Fifth Federal Reserve Dist rict-Richm
680,676
W.Va.-13untIon
453,600
3,532.084
2,986,086
Va.-Norfolk__ _
36,043,877
25,695,148
Richmond_ _ _ _
2,201,464
1,021,634
-Charleston
S.C.
80,534,160
60,249.033
hld.-Baltimore.
26,355,835
21,214,386
D. C.-Wash'ton
Total(6 cities).
Total(11 cities)
111,619,887
93,853,173
133.348,648 7-29.6
671,206,814
$
s
al Reserve 1) istrict-Chl
119,045
193,942
511,345
644,677
68,804.593 140,293,698
2,903,061
4,592,029
1,200,300
2,522,602
1,156,824
2,717,833
12,988,000
17,216,000
1,235,540
2,931,913
3,267.675
4,421,961
17,618,033
25,316,258
723.323
2,758,231
5,463.244
7,021,104
3,003.614
3,921,305
296,935
1.057,470
1,114,328
2,074,583
261,357,736 474,023,378
650,854
1,029.436
2,570,675
3,478,789
1,027,928
3,012,508
1,800.556
2,925,460
387.803,609
„e000NtON ,41,: 0
a
ViC, >• ..6400S,
1,
800
nevqom
Seventh Feder
Mich.
-Adrian_ _
Ann Arbor__ - _
Detroit
Grand Rapids_
Lansing
Ind.
-Ft. Wayne
Indianapolis...
South Bend_ _ _
Terre Haute_ _ _
Wis.-Milwaukee
Iowa-Ced.Rap_
Des Moines_ _ _
Sioux City_ _ _ _
Waterloo
Ill.-Bloom'gton.
Chicago
Decatur
Peoria
Rockford
Springfield.._.
Inc.or
Dec.
1931.
-
SUMMARY OF BANK CLEARINGS.
Week Ended April 16.
Clearings at
-
---------
at this center recording a loss of 46.0%. We group the
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, the totals
record a diminution of 45.4%,in the Boston Reserve District
of 41.7% and in the Philadelphia Reserve District of 27.3%.
In the Cleveland Reserve District the decrease is 39.2%,
in the Richmond Reserve District 25.3% and in the Atlanta
Reserve District 29.6%. The Chicago Reserve District has
suffered a contraction of 44.8%, the St. Louis Reserve District of 31.6% and the Minneapolis Reserve District of
30.0%. In the Kansas City Reserve District the totals
record a loss of 30.9%, in the Dallas Reserve District of
32.4% and in the San Francisco Reserve District of 32.5%.
In the following we furnish a summary of Federal Reserve
districts:
April 23 1932
1930.
1929.
s
$
373.202
3
205,917
783,426
766,226
7
1 194,354,617 232,463,349
5.552,055
3
8,680,896
1
4,024,280
3,238,900
1
3.438,560
3,839,275
21,567,000
3
24,283,000
1,989,961
)
3,258,039
1
4,674,793
4.628,300
31.160,446
1
33,741.328
I
3.286,901
2,743,520
1
10,952,137
9,771,356
I
6,665,481
7,503,221
/
1,510,648
1.622,031
I
2,298.253
2,308,253
I 591,061,220 621,729.649
1,516,961
1,198,459
5,418,761
6,803,888
4,210,348
3,787,966
3,152,364
3.042,243
702,153,179 -44.8
897,385,254
976,251,976
uisb
-35.1
-22.0
b
-22.6
-25.4
-39.0
b
131,200,000
40,996,317
b
19,031,431
203,676
1,406,563
b
144,700,000
39,387,847
b
23,001,343
393,181
1,457,654
144,531.152 -31.6
192,837,986
208,940,025
Ninth Federal Reserve Dis tact-Minn eapolis31inn.-Duluth
2,197.028
3,457,640 -33.5
4,563,126
Minneapolis
48,153.892
68,252.909 -29.4
76,319,229
16,213,854
St. Paul
23,110,987 -29.8
24,009,292
, Dak.-1,argo.
I.
2.115,750
2,497,648 -15.3
1,919,371
L D,
619,416
-Aberdeen _
897,533 -31.0
975,749
377.037
562.739 -33.0
dont.-BIllings 680.077
1,643.161
Helena
3,165,321 -48.1
3,871,000
6,461,394
82,405,951
26.492,749
2,179,947
1,176,986
690,149
3,334,000
Eighth Federa 1 Reserve Dis trIct-St.Lo
Ind.-Evansville
b
b
3,10.
-St. Louis
67,400,000 103,900,000
Ky.-Louisville _
20,033,281
25,691,597
Owensboro_
b
b
Fenn.
-Memphis
10,740,278
13.876,622
31.- Jacksonville
116,273
155,908
Quincy
553,706
907,025
Total(5 cities).
Total(7 cities).
98,843,538
71,320,838
101,944,777 -30.0
112,338,504
122,741,176
Tenth Federal Reserve Dis trict -Kans as City ,
234.644 -15.1
199,309
feb.-Fremont
.
328,083
168.223
427,308 -60.6
Hastings
471,097
37,156,373 -35.3
Omaha
24.029.912
44.993,299
Can.
2.789,903 -26.0
-Topeka
2,093,586
3.657,780
3,968.795
5,405,915 -26.6
Wichita
7,424,635
68,194.906
93,426,134 -27.0 137,175,721
10.-Kans. City
2,931,601
4,290,003 -31.7
St. Joseph.. _
6,012,072
695,133
1olo.-Colo. kings
1,060,045 -34.4
1,087,102
a
Denver
a
a
a
809,052
1.209,920 -33.1
Pueblo
1,710,295
352,487
603,492
48.119,413
3,282,675
8,596,562
143,333.976
6,069,000
1,224,433
a
1,876,375
Total(10 cities)
103,090,577
149,183.504 -30.9
206,355,437
218,359,776
Eleventh Fede cal Reserve District
-Da has
'etas
-Austin
853,622
1.689,921 -49.5
Dallas
27,146,764
41,162,738 -34.1
Fort Worth_ _ _
5.643,091
7,898,612 -28.6
Galveston
2,259,000
2,305,000 -2.0
,
a.
-Shreveport_
2,677,252
4,036,411 -33.7
1,646,291
42,648,108
10,876,742
3,267,000
4,550,9/8
1,983.188
69,439,749
14,773,588
4.668,000
5,063,292
62,989,059
85,927,817
Total(5 dties)_
38,579,729
57,092.682 -32.4
Twelfth Feder al Reserve D Istrict-San Franci two
rash.
36,058,449 -23.7
-Seattle„
27,498.693
45,484,457
Spokane
10,211,000 -29.9
7,156,000
12,183,000
Yakima
934,752 -52.2
446,376
1,370,394
re.
-Portland..
18,793,664
29,793,269 -36.9
36,554,452
tah-S. L. City
9,228,412
17,578,485 -47.5
19,386,203
'allf.-L. Beach_
6,144,075 -42.2
3,553.170
7,603,106
Los Angeles
No longer WI 11 report clear lags.
Pasadena
5.949,432 -36.8
3,760,330
6,396.277
7,054,798 -11.3
Sacramento_
6,256.067
7,480,968
San Diego_ _ _
3,552.673
5,705,938 -37.7
.
6,389,747
San Francisco_ 110,643,457 163,272,798 -32.2 189,872,693
San Jose
1,833,944
2,705,706 -32.2
2.793,273
1,434,490
Santa Barbara_
2,403,712 -40.3
2,252,858
Santa Monica_
1,118,598
1.946,033 -42.5
2,084,948
Stockton
1,313,306
1,625,100 -19.2
2,186,400
53,009,300
13,093.000
1.730,301
37,686,407
19,954,595
8,822,553
7,315,176
6,466,984
6,467.5
83
202,536,953
2.959,250
2,665,881
2,324,390
2,694,700
Total(14 cities) 196,589,180 291,383,547 -32.5 342,038,676 367,722,073
rand total (118
5 288,274,601 9,181,634,959 -42.4 10404,008,530 12131,792,044
cities)
utside New York 2,037,071,859 3.165,493,176 -35.6 3,662.356,826 4.197.960.702
IVeek Ended April 14.
Clearings at1932.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_
New Westminster
Medicine Hat...
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert...,
Moncton
Kingston
Chatham
Sarnia
Sudbury
Total(32 cities)
$
64,314,559
63,655.942
48,493.995
12,499,860
4,892,385
3,687,509
2,175,346
3,504.723
4,556,190
1,695,576
1,340.261
2,232,445
3,678,797
2,970,976
295,652
336,626
1,122,364
447,199
783.092
633,205
462,298
166,468
530,228
555,865
813,333
2,061,380
239,851
694.220
518,699
457,100
344,869
463,735
230,524,746
1931.
$
117,662,753
116,959,586
41.025.635
15,590.823
5,805,290
5,784,928
3,111,449
5,164,633
6,090,716
2,428,278
1.882,411
2,828,627
5,203,474
3,823,529
435,132
435,461
1,545.092
800,335
1,085,553
745,974
619.426
226,808
704,378
825,078
1,076,295
4,331,345
453,995
730,903
625,416
543,686
602,215
743,813
Inc. or
Dec.
%
-45.3
-45.6
+18.2
-19.8
-15.7
-36.3
-30.1
-15.8
-25.2
-30.2
-28.8
-21.1
-29.3
-22.3
-32.1
-22.7
-27.3
-44.1
-27.9
-28.5
-25.4
-26.6
-24.7
-32.6
-24.4
-52.4
-47.1
-5.0
-17.1
-15.9
-42.7
-37.7
349,892,037 -34.1
1930.
1029.
$
156,017,708
119,348,489
37,015.488
23,797,523
7,695,882
6.601,461
3.253.098
6,167,287
8,361.254
2.783.513
2,622.762
3,334,222
5,246,329
4,791,892
531,124
651,613
2,100,329
976,238
1,181,209
777,097
955,961
323,273
939.937
1,071.610
1,488.260
5,124,358
439,853
911,952
705,261
546,505
1,168,619
1,498,790
$
143,981,711
151,660,069
47.628,136
25,652,196
8,748,960
6,944,912
3,660,232
6,782,712
14,287,288
3,313,125
3,944,560
3,939,059
8,139.579
5,669,870
713,955
672,242
2,844,345
1,506,570
1,600,171
889.550
1,258,511
629,512
880,971
1,074.165
1,314,642
7,467,609
587,413
953,275
751,288
900,593
957,267
408,427,897
459,160,488
a No longer reports weekly clearings. b Clearing house not unctioning at
present. c Clearing house reopened in February. d Fig1/703 smal:er due to merger
of two largest banks.
Financial Chronicle
Volume 134
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
April 6 1932:
GOLD.
The Bank of England gold reserve against notes amounted to £120.807,003 on March 30 as compared with £120,806,998 on the previous
Wednesday.
The total gold shipments made from Bombay during the week under
review amounted to about £488,000.
The bar gold available in the open market has been acquired for a destination not disclosed.
Quotations during the week:
Equivalent Value
Per Fine
of £ Sterling.
Ounce.
109s. id.
15s. 6.94.
Mar. 31
10Ss. 4d.
15s. 8.2d.
Apr. 1
108s, 11d.
15s. 7.24.
Apr. 2
1098. lid.
15s. 5.54.
Apr. 4
1095. 5d.
15s. 6.34.
Apr. 5
1098. 84.
15s. 5.94.
Apr. 6
Average
1098. 2.7d.
155. 6.74.
The Southern Rhodesian gold output for February 1932 amounted to
45,032 fine ounces, as compared with 42,706 fine ounces for January 1932
and 42,818 fine ounces for February 1931.
The following were the United Kingdom imports and exports of gold
registered from mid-day on March 26 to mid-day on the 4th inst.:
Imports.
Exports.
£1,717,097 France
British South Africa
£1,079,464
1,214,411 Netherlands
British India
44,753
216,128 Switzerland
Australia
11,635
23,523 Poland
Netherlands
1,400
Straits Settlements and
21.100
Dependencies
Iraq
13,908
Other countries
5.787
£3,211,954
£1,137.252
SILVER.
Although the past week has been rather quiet, the trend of prices continued steadily downward. The market lacked support and the small
demand from the Continent and speculative buyers was insufficient to
offset sales by China and the Indian Bazaars. America was inclined to
offer at the higher levels, but has shown less interest following the decline.
The market is still influenced to some extent by the dollar-sterling
exchange, but showed less readiness to react during the past week owing
to the selling which followed the weaker Eastern exchanges.
The following were the United Kingdom imports and exports of silver
registered from mid-day on March 26 to mid-day on the 4th inst.:
Exports.
Imports.
£3,508 Germany
E120,080
British South Africa
3,264 Hongkong
51,965
Zealand
New
2,359 United States of America_ 32,450
Egypt
3,184 Portugal
18.680
Other countries
Prance
8,494
British India
7,500
Straits Settlements
4,468
Other countries
5.844
£12,315
Quotations during the week:
£249,481
IN LONDON.
IN NEW YORK.
(Cents per Ounce .999 Fine)
Bar Silver per Oz. Standard (Delivery)
Cash.
Two Mos.
Mar.30
30 "
,
Mar.31-174d.
17 11-164.
Mar. 31
30 1-16
Apr. 1.--17 7-164.
174d.
Apr. 1
29
Apr. 2-174d.
17 9-164.
Apr. 2
29
Apr. 4-- _174d.
174d.
Apr. 4
29
Apr. 5-174d.
17 5-164.
Apr. 5
2934
Apr. 6_...17.0d.
17 1-164.
Average-- _17.365d.
17.417d.
The highest rate of exchange on New York recorded during the period
from the 31st ult. to the 6th inst. was $3.834 and the lowest 33.7234•
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)
Mar. 31.
Mar. 22. Mar. 15.
Notes in circulation
17814
17,959
18,048
Silver coin and bullion in India
11119
11.070
11,061
Gold coin and bullion in India
526
511
511
Securities (Indian Government)
5794
5,978
6,076
Bills of exchange
375
400
400
The stocks in Shanghai on the 2d inst. consisted of about 59,000,00)
ounces in sycee, $178,000,000 and 4,460 silver bars, as compared with
about 57,800,000 ounces in sycee, $174,000,000 and 4.480 silver bars on
the 29th ult.
Statistics for the month of March last are appended:
-Bar Silver per Oz. Standard- Bar Gold
Cash Delivery 2 Mos. Del. per Oz. Fine.
Highest price
19 15-16d.
1944.
118s. 10d.
Lowest price
17 d.
17 11-164.
108s, 11d.
Average
18.3354
18.453d.
114s. 1.33d.
3045
New York quotations for German and other foreign unlisted dollar bonds as of March 22:
Bid.
20
28
18
2694
32
21
27
22
16
19
19
31
26
14
10494
993(
23
34
2194
28
39
123
1834
170
22
2934
24
25
25
18
20
28
Anhait Ts to 1945
Bavaria 6158 to 1945
Bavarian Palatinate Cons. Cit. 7%,to 1945
Brandenhura Electric 6%. 1963
Brazil Funding 5%, 1931-1951
Britian Hungarian Bk. 7345. 1962
Brown Coal Ind. Corp. 634. 1953
City Savings Bank Budapest 7s, 1953
Dortmund Municipal Urn. 614%. 1945
Duisberg 7%,to 1945
Dusseldorf 7s to 1945
East Prussian Power 6%. 1953
European Mortgage & Investment 71411. 1988
Farmers National Mortgage 75
French Government 5345. 1937
French National Mail S. S. Tine 6%. 1952
Frankfurt 7s to 1945
German Atlantic Cable 7%. 1945
German Building & Landbank 63-4%. 1948
Hamburg-American Line 635s. to 1940
Housing di Realty Imp. 75. 1946
Hungarian Central Mutual 75. 1937
Hungarian Discount di Exchange Bank 70. 1963
Hungarian Italian Bank 74%. 1932
Kohulyt 6155, 1943
Leipzig Overland Power 694%. 194
6
Leipzig Trade Fair 7s. 1953
Marmhetn & Palatinate 7$. 1941
Munich 75 to 1945
Municipal Bank Heinen 7% to 1945
Municipal Gas & Elec. Corp. Recklinghausen, 78, 1947
Nassau Landbank 64%. 1938
National Central Savings Bank of Hungary 714s, 1962
Natl. Hungarian & Ind. Mtge. 7%,1948
Oberpfalz Electric 7% .1946
Oldenburg-Free State 7%, to1945
Pomerania Electric 6%. 1953
Protestant Church (Germany) 75. 1946
Provincial Bank of Weetphalla 6%. 1933
Rhine Westphalia Electric 7%. 1936
Roman Catholic Church 635%. 1948
Roman Catholic Church Welfare 7% 1948
Saarbrueeken Mortgage Bank 69. 1947
Saxon State Mortgage 6%. 1947
Siemens & Halske debenture.6%.2930
Stettin Public Utilities 7%. 1948
Tucuman City 7s, 1951
Wurtemberg 71 to 1945
I Flat price
24
34
18
2434
23
35
29
48
34
56
22
180
284
18
26
Ask.
25
30
23
2894
38
24
29
24
i9
24
24
33
27
17
101594
28
40
2394
38
41
12534
18
1 72
24
3034
ze
27
28
25
25
2934
134
26
39
25
2634
26
37
32
50
37
60
26
210
3094
21
30
Preliminary Debt Statement of the United States
March 31 1932.
The preliminary statement of the public debt of the United
States March 31 1932, as made upon the basis of the daily
Treasury statement, is as follows:
Bonds
2% consols of 1930
2% Panama's of 1916-36
2% Panama's of 1918-38
3% Panama's 01 1961
3% Conversion bonds
294% Postal Savings bonds
3599,724.050.00
48,954,180.00
25,947,400.00
49,800,000.00
28,894,500.00
36,247,260.00
3789.567.390.00
First Liberty Loan of 1932-4731,392,234,850.00
334% bonds
5,002.450.00
4% bonds
535,983,800.00
434% bonds
494% Fourth Liberty Loan 01 1933-38
1.933,218,100.00
6,268,106.950.00
494 9' Treasury bonds of 1947-52
4% Treasury bonds of 1944-54
34% Treasury bonds of 1946-56
394% Treasury bonds of 1943-47
334% Treasury bonds of 1940-43
394% Treasury bonds of 1941-43
394% Treasury bonds of 194649
3% Tres.sury bonds of 1951-55
$758,983,300.00
1,036,334,500.00
489,087,100.00
476,412.250.00
355,356,450.00
577,536,550.00
821,403,500.00
800,424,000.00
8,201,325,050.00
5.316,037,650.00
314,306,930,090.00
Total bonds
Treasury Notes
314% Series 1932, maturing Deo. 15 1932_...
49' Civil Service retirement fund. Series 1932
to 1936
49' Foreign Service retirement fund, Series
1933 to 1938
4% Canal Zone retirement fund, Series 1936_
$600,446,200.00
191,600,000.00
1,577,000.00
1,924.000.00
795,547,200.00
Treasury Certificates
23% Series TJ-1932. maturing June 151932..
334% Series A 1932, maturing Aug. 1 1932._
% Series T8-1932, maturing Sept. 15 1932_
3% Series T82-1932. maturing Sept. 15 1932_
3yi% Series TO-1932, maturing Oct. 15 1932_
394% Series A-1933. maturing Feb. I 1933...
3fI% Series TM-1933, maturing Mar. 15 1933
2% First Series, maturing Mar. 15 1933
$324,578,500.00
227,631.000.00
314,279,500.00
398,225,000.00
333,492,500.00
144,372,000.00
660,715,500.00
27,996,400.00
$2,431,290,400.00
ENGLISH FINANCIAL MARKET
-PER CABLE.I
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat.,
Apr. 16.
Silver, per oz-- 16 5-16d.
Gold, p. fine oz. 109s.98.
ConsoLs,215%.
British, 5%
British, 4 yi%
French Rentes
(in Paris) 3%
francs-----French War L'n
(in Paris) 5%
111111(19------ _ _ _
Mon.,
Tues.,
Apr. 18. Apr. 19.
16 11-16d. 16 9-16d.
1095.9d. 109s.3d.
6014
6094
10294
103
102
102
Wed.,
Thurs.,
Apr. 20. APT. 21.
1694cl.
1634cl.
1108.
109s.11d.
6094
60%
10394
103
102
102
Fri.,
Apr. 22.
17 1-16d.
110s.6d.
68%
103%
102%
77.00
77.10
77.40
77.20
77.00
101.20
101.30
101.30
101.30
101.20
The price of silver in New York on the same days has been:
Silver in N. Y.,
per oz.(cts.)_ 284
2894
2831
2835
2814
2894
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.
4% Adjusted Servos Certificate Fund Series.
maturing Jan. I 1933
136,406000.00
Mason/ Bats (Maturity Value)
Maturing April 13 1932
Maturing April 27 1932
Maturing May 11 1932
Maturing May 18 1932
Maturing May 25 1932
Maturing June 1 1932
Maturing June 29 1932
$50,175,000.00
50,937,000.00
76,399,000.00
75,689,000.00
62,851,000.00
101,412,000.00
102,169,000.00
2,567,690,400.00
519,632.000.03
Total interest
-bearing debt
Manned Debt on Mitch Interest Has Ceased
Old debt matured-Issued prior to April I 1917
Second Liberty Loan bonds of 1927-42
Third Liberty Loan bonds 01 1938
334% Victory notes of 1922-23
434% Victory notes of 1922-23
Treasury notes
Certificates of indebtedness
Treasury bills
Treasury saving certificates
$18,189,799,890.00
$1,644,370.26
3,228,050.00
5,394,000.00
20,200.00
1,124,200.00
16,200,950.00
14,832,800.00
3,700,000.00
828,425.00
Debt Bearing No Interest
United states notes
8346,681.016.00
Less gold reserve156,039,088.03
Deposits for retirement of national bank and
Federal Reserve bank notes
Old demand notes and fractional currency__ _
Thrift and Treasury savings stamps, unclassified sales, &c
48,972,995.26
$190,641,927.97
73,890,920.50
2,041,300.44
3,373,473.22
269,947,622.13
Total gross debt
818.506.720,307.39
3046
Financial Chronicle
COMPARATIVE PUBLIC DEBT STATEMENT.
[On the basis of daily Treasury statements.)
Mar. 31 1917
Aug. 31 1919
Pre-War
When War Debt
Mar, 31 1931
Debt.
Was at Its Peak.
A Year Ago.
$
S
$
Gross debt
1,282,044,346.28 26,596,701,848.01 16,582,868,436.72
Net balance In gen'l fund....
74,216,460.05 1,118,109,534.76
542,428,597.48
Gross debt less net balance
In general fund
1,207,827,886.23 25,478,592,113.25 16,040.439,839.24
COMPARATIVE PUBLIC DEBT STATEMENT—Concluded.
Dec. 31 1931
Feb. 29 1932
Last Quarter.
Last Month.
Mar. 31 1932.
3
$
$
17,825,449,753.00 18,125,633,115.14 18,506,720,307.39
Gross debt
Net balance In general fund 474,689,558.83
375,859,436.65
647,420,772.57
Gross debt less net balance
In general fund
17,350,760,194.17 17,749,773,678.49 17.859,299,534.82
Treasury Money Holdings.
The following compilation, made up from the daily Government statements, shows the money holdings of the
Treasury at the beginning of business on the first of January,
February, March, and April 1932:
April 23 1932
Public Debt of the United States—Complete Returns
Showing Net Debt as of Jan. 31 1932.
The statement of the public debt and Treasury cash holdings of the United States, as officially issued Jan. 31 1932
delayed in publication, has now been received, and as interest
attaches to the details of available cash and the gross and
net debt on that date, we append a summary thereof, making
comparisons with the same date in 1931:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS
Jan. 31 1932. Jan. 31 1931.
Balance end of month by daily statements. Ac
339,929,501
155,792,898
Add or Deduct—Excess of deficiency of receipts over
or under disbursements on belated items
—3.883,129
—7.978,971
336.046,372
Total
s
$
$
Net gold coin and bullion
Net silver coin and bunk) i
Net United States notes_
Net National bank notes
Net Federal Reserve not
Net Fedi Res. bank not
Net subsidiary silver
Minor coin, dtc
I
240.968,554
17.233,872
3,553.483
17,079.880
974,960
25,121
7,391,829
5,207,724
237.741,913
23,287,667
2.952,555
16,634.765
1,263,475
10,325
8.653,701
7,575.805
241,105,570
21.415.933
3,313.218
16,031,483
1,633,785
20.680
8,509,642
5.536,896
Total cash In Treasury_
Less gold reser ve fund_ __
292,435.523
156.039,088
298.120.206
156.039,088
300.657.207 .285,550,625
156.039,088 156,039,088
Cash balance in Trees'
Dep.In spec'l depositories
account Treas*y bonds
Treasury notes and cer
tificates of indebtedness
Dep. In Fed'l Res. bank
Dep. In National banks.
To credit Treas. U. S._
To credit dist,. officers_
Cash in Philippine Islands
Deposits In foreign depts_
Dep.In Fed'I Land banks_
136,396,435
142,081,118
144,618,119
129.511,537
438,376.000
53,065,279
302,211,000
42,643,293
327.471,000
45,954,154
580,705,000
65,250,085
7.800,565
21,943.385
788,832
2,459,909
7.545,034
21,892.225
957,017
2,283,502
7.504,431
20,466,666
1,000.293
2.630,717
7,905,571
20,310,059
929,779
2,687,361
658,830,405
184.140,846
519,613,189
179,683,688
549,645,380
173,785,943
807,299,392
159,878,619
Net cash In Treasury dc
In banks
Deduct current liabilities.
230,037,545
22,838,981
2,507,257
14,403,692
1,782,175
37,534
8,464,753
5,478,688
Available cash balance
474,689,559 339.929.501 375,859,437 647,420.773
• Includes April 1. 515 858,624 silver bullion and $4,539,569 minor, La., coin
not Included In statement "Stock of Money."
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
March 31 1932 aro set out in the following. The figures ara
taken entirely from the daily statement of the United States
Treasury as of March 311932.
CURRENT ASSETS AND LIABILITIES.
GOLD.
Assets—
Gold coin
Gold bullion
115,807,256
1,000.033.959.11 Gold certi flea tes outst'ff _ L591,798,4794)0
2,453,171,836.78 Gold fund. Fed. Heave
Board (Act of Dec. 23
1913, as amended
June 21 1917)
1 631,369,771.99
Gold reserve
156,039,088.03
Gold In general fund
73,998,456.87
Assets—
Gold (see above)
Silver dollars (see above)
United States notes
Federal Reserve notes
Fed. Res. bank notes_
National bank notes__
Subsidiary silver coin
Minor coin
Silver bullion
Unclassified—Collection... Se
Deposits In F. It. banks_
Deposits Is, special depositaries account of
sales of Treas. bonds,
Treas. notes and ctfs.
of Indebtedness
Deposits in forefgn dep.:
To credit Treas. U. S_
To cred. of other Government officers
Deposits In Nat. banks:
To cred. Treas. U. S
To cred. of other GoVernment officers
Deposits in Philippine
PPIne
Treasury:
To ore& Treas. U.S-.,
500,416,249.00
Total
GENERAL FUND.
Liabilities—
$
73,994,456.87 Treasurer's checks outstanding
6,980,357.00
2,507.257.00 Depos. of Govt. officers:
Post Office Dept
1,782,175.00
Board of Trustees,
37,534.00
Postal Savings Sys14,403,692.00
tern
8,464,753.15
5% reserve, law4,539,568.80
ful money
15,858.623.67
Other deposIts
Postmasters, clerks of
939,119.50
courts, disbursing
65,250,085.25
officers, AC
Deposits for:
Redemption of F. R.
notes (5% fd., gold)
Redemption of Nat'l
580,705,000.00
bank notes (5% fcl.,
lawful money)
738,177.25
Retirement of add'i
circulating notes,
1,949,183.18
Act May 30 1908
7,905,571.21 Uncollected Items, exchanges. da
20,310,058.76
Net balance
500,416,249.00
1,510,833.35
20,373.015.52
16.796,356.86
2,822,286.86
41,890,330.84
44,257,485.73
29,923,266.14
1,350.00
2,273,663.62
159,878,618.92
647.420,772.57
929,778.85
Total
Total
807,299,391.49
807,299,391.49
ST,se.—The amount to the credit of disbursing officers and agencies to-day was
5512,824,449.47.
Under the Acts of July 14 1890 and Dec. 23 1913. deposits of lawful money for
the retirement of outstanding Netional bank and Federal Reserve bank notes are
paid into the Treasury as miscellaneous receipts, and these obligations are made.
under the Acts mentioned, a part of the public. debt. The amount of such obligations to-day Was $73,8911,930.5().
51,2.19,960 Federal Reserve notes and $14,362.672 In National bank notes are
In the Treasury in process of redemption and are charges against the deposits for
the respective 5% redemption funds.
106,558.924
+41,255,003
-BEARING DEBT OUTSTANDING,
INTEREST
Interest Jan. 31 1932.
Title of Loan—
Payable.
ls Consols of 1930
Q.J. 509,724,050
2s of 1916-1936
Q.
-F.
48,954,180
20 of 1918-1138
Q.-1
1.
25,947,400
3s of 1961
Q.
-M.
49,800,000
Is conversion bonds of 1946-1947
Q -J•
28,894,500
Certificates of indebtedness
J -9 1,838,874,500
J -J 1,392,235,850
330 First Liberty I.oan, 1932-1947
4s First Liberty Loan converted 1932-1947_ _ ...1.-D.
5,002,450
434s First Liberty Loan, converted 11i32-1947...J.
-D. 532,491,650
4,4s First Liberty Loan, 2.1 cony., 1932-1947.- _J.
-D.
3.492,150
A.-0. 6,268,110,950
4tis Fourth Liberty Loan of 1933-1938
Ihs Treasury bonds of 1947-1952
758,983,300
4s 'treasury bonds of 1644-1954
1,036.834,500
35ts Treasury bonds of 1946-1956
489.087.100
3545 Treasury bonds of 1943-1947
476.412,750
355,356,450
334s Treasury bonds of 1940-1943
577,538,550
354s Treasury bonds of 1941-1943
821,404,500
33'5e Treasury bonds of 1946-1949
800,424,000
3s Treasury bonds of 1951-19.55
36,247,260
25-5 Postal Savings bonds
,
794,935,200
,
534s to 5545 Treasury bonds
c60,921,000
Treasury bills, series maturing Feb. 1 1932
c75,173.000
Tres/wry bills, serles maturing Feb. 8 1932
Treasury bills, series maturing Feb. 15 1932
c75,410.1300
Treasury bills, series maturing Feb.24 1932
c60.082,000
Treasury bills, series maturing Mar. 2 1932
c100,490,000
Treasury bills, series maturing Mar.30 1932
c101.332,000
Treasury bills, series maturing Apr. 13 1932
r50.175,000
Treasury bills, series maturing Apr. 27 1932
(1,0,937.000
Treasury bills, series maturing Feb. 10 1931
Aggregate of interest-bearing debt
Bearing no interest
Matured, Interest ceased
Jan. 31 1931.
599,724,050
48,954.180
25,947,400
49,800,000
28,894,500
1,191,906,000
1,392,246,350
5,003,950
532,794.850
3,492,150
6.268,232.450
758,984,300
1.036,834,500
489.087,100
493,037,750
359.042,950
22,834,660
2,478,572,000
127,455,000
17,515,271,290 15,912,844,140
259,121,039
230.493.800
41,475,075
19,929,220
Total debt
417,815,867,404 16,163,267,250
Deduct Treasury surplus or add Treasury deficit ____ +220.239,116
41,255,003
Total
3,453,205,795.89
Total
3.453.205,795.89
NOM—Reserve against $346681016 o U. S. notes and 11.225,500 of Treasury
notes of 1890 outstanding. Treasury notes of 1890 are alsosecured by silver dollars
in the Treasury.
SILVER DOLLARS.
Liabilities
Assets—
500,416,249.00 Silver ctfs outstanding_ 492,210,392.00
Silver dollars
Treasury notes of 1890
outstanding
1,225.500.00
Silver dolls. In gen. fund
6.980,357.00
Total
23,293,087
77,421,939
4,925,335
918,563
+220,239,116
Balance, deficit(—) or surplus(+)
Holdings in U. S. Treatus 1 Jan. 1 1932. fi'ett. 1 1932. Slur. 1 1932. April 1 1932
147,813,927
25,082.316
83,192,511
4,542,865
2,989,564
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount secured on War Savings Cettificates
Settlement on warrant checks
Net debt
617.595,628.288 16,122.012,247
a Total gross debt Jan. 31 1932 on the basis of daily Treasury statements Was
$17,815.861,117.25, and the net amount of public debt redemptions and receipts
In transit. AC.. was 56,286.75.
S N3 reduction is made on account of obligations of foreign Governments or
other Investments.
c Maturity value.
Government Receipts and Expenditures.
Through the courtesy of the Secretary of the Treasury
we are enabled to place before our readers to-day the details
of Government receipts and disbursements for March 1932
and 1931 and the nine months of the fiscal years 1931-1932
and 1930-1931:
of March— —
—Month1632
Nine Months
General Funds—
1031.
1931.
1032.
1931-32.
1030-31.
Receipts—$
$
$
$
Internal revenue—
tax
195,410.823 334.830.215 853 532,165 1,506.261,239
l.internal revenue
39,313.223 47,329,004 385.267.739 426,893,230
ISisotTle
IDc
I
234.724.046 382.159,219 1,238,799,904 1,933,154,469
Total
Customs
23,231,286 31,805,975 270,992,665 290,097,289
MI•wellancous receipts
-Proceeds of Govt.
-owned
securities—
Principal—for. oblIga'ns
2,146,491
Interest - for. obliga'ns_
92,370,598
591
Ibillroad securities
285,339
1,194,762
1,905,234
494.623
765,479
All others
18,655,867
5.877,973
2,013,183
2,453,478
Panama Canal toils, dm
17,203,932
20,318.852
3,052,483
3,543,385
Other miscellaneous
33,363,652
43,516,613
Total
263,787,068 420.741,999 1,580,210,682 2,389,387,519
— —
Expenditures—
187,654,791
Gene:s1
Public debt—
42,997,439
Interest
Sinking fund
Refunds of receipts—
1,232.793
Customs
Internal revenue
7,538,368
20.018,810
Postal deficiency
1,308,679
Panama Canal
Reconstruction Finance Corp. 96,457,932
Sub to stk. of Fed. Land bks_
Agricultural mktg. fund (net) 9,695,541
Adjusted service ceitif. fund..
Civil service retirem't fund..
Foreign service retirem't fund
Dist. of Col. (see note 1)__
Total
Excess of receipts
EXCeqH of expenditurcs
193,472,830 1,942,956,465 1,858,747,322
35,217,837
326,660.000
351,208,866
355,299,200
363,905,138
391,660,000
1,832,978
5,387,976
14,001.225
819,089
13,396.554
61,512,792
145,018.810
8,399,815
163,553,585
63,243,740
101,934,715
200,000.000
20,850,000
215,000
9,500,000
16,097,842
51,296,280
84,017,315
7,697,498
a3.370.783
112.000,000
139.387,724
224,000,000
20,850,000
216,000
9,500,000
368,904,353 686,021,152 3,437,089,342 2,967,375,119
103.117.2/35 265,279,153 1.856,878,660
577,987,600
Financial Chronicle
Volume 134
----3fonthafafarch---- ---Nine Month
1930-31.
1932.
1931.
1931-32.
Special FundsReceipts
Applicable to public debt retirementsPrincipal-for. obliga'na__
Interest-for. obliga'ns
Mora extate taxes
1.000
From franchise tax receipts
(F. R. banks and Fed'!
Intermed. Cred. banks).
From forfeitures, gifts, &e_
6,500
Other
3,577.304
3047
Amount Bonds
on Deposit to
Secure Circulaion for Nattona
Bank Notes. I
29.265,118
National Bank Circulation
Afloat on
Legal
Tenders.
Bonds.
Total.
1,000
Mar. 31 1932
Feb. 29 1932
Jan. 30 1932
Dee, 31 1931
Nov. 30 1931
Oct. 31 1931
Sept. 30 1931
Aug. 31 1931
July 31 1931
June 30 1931
May 31 1931
Apr. 30 1931
Mar.31 1931
887,669.240
684,944,440
660,409,240
666.474,590
860,625.090
665,255.340
867.098.590
667.950,100
888,305,100
687.154,800
867,419,300
668,503,700
667.982.300
666.238,578
685,138.348
654.580,738
864,798,311
658,491,916
665,182,578
665.271,853
688,020.536
668.594.576
665.591,438
665.889.888
688,770.878
888.682.898
2,433,424
21,294
36,500
21.665.473
3,584,805
2,433,424
21,724,267
47,983.550
28,500
4,705,235
121,850
2,718,318
58.500
50,070,821
29,416,000
39,733,622
4,733.738
2,840,169
50.129,321
69,149,622
1,148,931
408,745
28,405,054
21,186,072
71,700,685
737.939,263
67,238,875
732,377.223
81.183,878
715,764,618
45,813,565
710.611.896
43.898,465
702.388.381
33.828.453
899,099.031
32,861,923
698,133.776
32,239.745
698.260.281
31.911,240
698,505,816
31,413.008
697,004,446
30.709.438
698.599.128
31,278.173
698,049.051
32,588.885
699.240.583
82,830,140 Federal Reserve bank notes outstanding April 1 1932, secured by
lawful money, against 82,977,252 on April 1 1931.
Summary of General
and 'Special Funds.
Total general fund receipt8_283,787,067 420.741,999 1,580,210.682 2,389,387,520
Total special fund receipts,,.. 3,584,805
21.724,287
2,433,424
47.963.550
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and National bank notes March 31 1932.
Total
E'xpendituresPubne debt retirements
Other
Total
Excess of receipts
Excess of expenditures
Total
90,912
59,150
18,548,370
287.371,872 423,175,423 1,601,934.949 2,437,351,070
U. S. Bonds Held Mar. 31 1932 to Secure
-
Total gen.fund expenditures_368,904,353 686.021,152 3,437,089,342 2.967,375.119
Total special fund expend's__ 4,733.738
69,149,622
50,129,321
2,840.169
Total
371,638.089 688,861,321 3.487,218,663 3,036.524.741
Excess of receipts
Excess of expenditures
104,266,217 265,685,898 1.885,283.714
Trust Funds.
Receipts
District of Columbia
Govt. life Insurance fund ...... _
Other
599,173,871
Expenditures
Dist. of Col.(see note 1).___
Govt. life insurance fund
Policy tomes. &13
Investments
Other
3.420,784
5,175,066
b35,767
3,627,580
5,621,603
876,348
24,808,445
54,784,119
5,154,405
25,408.887
61,728,530
7,240,858
8,560,083
Total
10,125,531
84,746,969
94,376,073
5,046,405
4,183,018
27,627,144
25,743.271
18.590.908
40,651.090
a86,180
14,213.472
41,189,918
8,868,917
-Total Arica:
National Bank Notes
Amount afloat March 1 1932
Net increase during March
84.782,982
90,015,578
Amount of bank notes afloat April 1
Legal Tender Notes
Amount on deposit to redeem National bank notes March 1
Net amount of bank notes Issued in March
I
Wheat,
Corn.
Oats.
Barley.
Rye.
Total wk. '32
Same wk. '31
Same wk. '30
362.000
367,000
358,000
3,031.000
4,348.000
2,337,000
1,812
3,916.
4,884,00
1,109,000
1,255,111
1,692,111
458,000
480,000
571,0001
134,000
226,000
77.000
15, 3
45 ,000252.709,000 98,112,000 54,535.00027,134,000
5,444,000
15.862.00034R 100 nnnice ARS nnn on nn 11(.1.41 An. nnn.n nn. nnn
16.151 000308
:512 000 109.013.00057,493,00021,168.
Total receipts of flour and grain at the seaboard ports for
tho week ending Saturday April 16, 1932 follow:
Flour.
Wheal.
Corn,
Oats.
Barley.
Rye.
bbls.196 lbs bush.80 Pt? bush,5815s. bush.32 lbs busk.48Ibs.btah.5611s
.
.
118,000
961,61$
26,000
31,0001
2.000
30,000
4,000
2,
14,000
28,01$
1.000
1,000
80,000
69,000
320,000
60,000
42,000
18,000
3 ,i # 1
187,000
7,000
117,000
21,000
5,000
1,000
7,000
232,000
Total wk. '32
258,000 1,967,0001
Since Jan.1'32 4,861,000 22,847,000
117,000
1,258,000
77,000
1,888,000
4,000
468,000 1,865,000
378,000 2.223.000
Week 1931
33,000
102,000
169,
1,000
Since Jan.1'31 6,333.000 27,179,0043 1.106,000 1,422,000 1.802.000
158.000
• Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.
Bank Notes-Changes in Totals of, and in Deposited
Bonds, &c.
We give below tables which show all the monthly changes
in National bank notes and in bonds and legal tenders on
deposit therefor:
•-•
Aetna Rubber com
*
154
134
Allen Industries pre(
•
534
534
Amer. Vitrified Prods_ -.50 10e
634 634
Browning Crane
100
434 434
City Ice & Fuel
* 2934
18
21
Clark, Fred G. corn
10
%
%
Cleve Elec III 6% Pref._100
9234 96
Cleve Railway °Hs dep_100
35
35
Cleve Union Stockyds corn* 11
1034 11
Cleve Worsted Mills com_*
334
334 334
Cleve & Sandusky Brew 100
334 334
Commercial Bookbinding.*
4
4
4
*
Dow Chemical corn
27
27
Enamel Products
*
434
434
Firestone T & Rub corn.10 12
12
12
Goodyear T & Rub cont..*
10
10
Harbauer common
*
3
3
India Tire & Rub corn_ _ _ _*
134
134
134
Interlake Steamship, cora' 1434 14
44
1434
Jaeger Machine com
*
334
334
334
Kaynee, pref
100
80
80
Lamson Sessions
*
4
4
Mohawk Rubber corn _ _ _*
.
134
134
134
National Carbon pref._100 116
116 116
National Refining com._25
5
534
534
Preferred
100 70
70
70
National Tile com
•
234 234
234
Nestle-LeMur class A....°
1
1
1
Ohio Brass B
*
8
8
Ohio Confection class A...*
1
2
2
Packer Corp corn
5
5
*
Peerless Motor com
3
434
434
Richman Brothers corn...._*
l934.
19
1934
Robbins&Myers v t cser 1 *
A
A
A
preferred vot tr ctfs___25
114
134
134
114
Selberling Rubber com_ _ _*
134
2314 2434
Sherwin-Williams com__25 24
88
AA preferred
88
100 86
5
Union Metal Mfg com___*
5
5
Weinberger Drug
*
834 834
en
en
.
Flour.
,,1.1.1913Pabush.60 1).1. bush.56 Ms bush. 32 is.bash.48114s. buSh.58lbs.
Chicago
148,0001
124,000
636,81$
476,1# 1
84,
7,000
Minneapolis.837.000
47,001
84,1 11
138,00O
60,000
Duluth121,000
53,000
Milwaukee_ _ 5,0001
32,000
41,• 1 $
42,14 i
80,000
Toledo
123,0013
45,000
40,000
1,000
Detroit
4,111
29,000
20.000
24,001
11,000
Indianapolis._
63,000
293,000
257,000
2,000
St. Louis....
149,000
451,000
164,001
67,
53,00
Peoria
49,000
19,000
183,111
52.0
77.0004
Kansas City
11.000 1.070.000
168,011
20.011
Omaha
91,411
77,000
12,
St. Joseph- - 64,000
83,114
30.000
Wichita
204.000
8,414
2,41#
Sioux City.-17,000
51,111
27,
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
51.12g88a1V88828?=.;88i1n88rg88588."2SS82,1'41185St."4,1,"
Receipts at-
$737,939,263
$67,238,875
4.461,810
Cleveland Stock Exchange.
-Record of transactions at
Cleveland Stock Exchange, April 16 to April 22, both inclusive, compiled from official sales lists:
Stocks-
Breadstuffs figures brought from page 3128.
-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 Exchangs.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
8732.377,223
5.562,040
Amount on deposit to redeem National bank notes Apr9 1 1932.-- $71,700,685
Btion
New York_ _ _
Philadelphia.
Baltimore__ _ _
Newport New
Norfolk
Mobile
New Orleans*
Galveston._
W.St. John-Boston
Halifax
E. St. John_
667.669,240
The following shows the amount of National bank notes
afloat and the amount of legal tender deposits March 1 1932
and April 1 1932 and their increase or decrease during the
month of March:
07311XliterCialand:Wascellarttons
Receipts at-
667.669,240
Totals
593,025,600
48,738,060
25,905,580
13,848,223 31,374,922
Total
Total
Ileld.
593.025.600
48,738.060
25,905,580
2s, U. S. Consols of 1930
2s, U. S. Panama of 1936
2s, U. S. Panama of 1938
2,144,488
1,677,724
3,396,204
2,748,688
3,261,148 22,765.492
4,360,495
Excess of receipts or credits_ _
36,013
Excess of expenditures
5,288,140 21,249,391
(deduct).
b Counter entry (deduct). • Excess of credits
Receipts and expenditures for June reaching the Treasury In July are included.
-Expenditures for the Iristrict of Columbia representing the share of the
Note 1,
United States are charged against the amount to be advanced from the general fund
until the authorised amount is expended. After that they are charged against the
revenues of the District under trust funds. For total expenditures the items for
District of Columbia under general fund and under trust funds should be added.
Since Aug. 1
1931
1930
1929
On Deposit to On Deposit to
Secure Federal
Secure
Reserve Bank National Bank
Notes.
Notes.
Bonds on Deposit
April 1 1932.
Range Since Jan. 1.
Low.
134
5
6
4
15
%
9134
35
1034
334
234
354
25
334
12
934
3
134
14
334
80
4
1
115
5
70
2
1
634
1
5
334
1814
A
134
134
23
86
5
83.4
an
J
M
.1.'
Feb
Ap
Feb
Apr
Al)
Apr
Feb
Jan
Jan
Ap
Jan
M
Apr
Apr
Al)
Ap
Jan
Ap
Jan
Jan
Jan
Apr
Ap
Apr
Jan
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Ap
Apr
Feb
Apr
A nr
High.
3
7
634
534
28
2
10334
43
14
43i
4
414
36
434
13
1834
814
5
26
4
80
7
214
120
834
100
334
1
13
2
7
414
31
145
1345
434
35
10034
6
10
SO
Jan
Jan
Apr
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Mar
Feb
Feb
Apr
Feb
Mar
Jan
Feb
Jan
Apr
Apr
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Apr
Mar
Apr
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
A nr
• No par value.
-Record of transactions
Cincinnati Stock Exchange.
at Cincinnati Stock Exchange, April 16 to April 22, both
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
ofPrices.
Sale
Week.
Par Price. Low. High. Shares.
Amer Laund Mach com_20
Amer Rolling Mill com .25
Cin Gas & Elec pref__ _ _100
CM Street Ry
50
Cin&SubTel
50
City Ice & Fuel
•
Eagle-Picher Lead com 20
Early & Daniel com
Formica Insulation
Julian & Kokenge
•
Kahn Participating A. _40
Kroger corn
•
Meteor Motor
Procter & Gamble new...*
100
5% preferred
Pure Oil 6% pref
100
Randall B
•
Richardson com
•
10
S Playing Card
•No par value.
12%
7634
56
6
13
2934
12
7
75%
12
55
18
3%
17
6
8
8
12%
2%
28%
92
43
334
4%
13
13
7%
77
12%
57
21
3%
17
7
8
8
13%
2%
30%
92
4335
314
4%
14%
823
274
241
429
457
200
200
200
134
5
125
359
20
4.173
10
22
150
37
491
Range Since Jan, 1.
Low.
12
7
75
12
50
18
33.4
17
.5
8
11%
2
25%
92
43
3%
4%
13
High.
Apr 17
Apr 12%
Jan 90%
Apr 17%
Apr 69
Apr 28
Apr
5%
Apr 19
Apr 12
Jan
8
Apr 17
Apr 1834
Apr
Apr 4234
Apr 10234
Apr so
Apr
Apr
7
Apr 24
Jan
Jan
Jan
Jan
Jan
Mar
Feb
Apr
Jan
Apr
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Financial Chronicle
3048
-The following information regarding
National Banks.
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED.
Capital.
-Fredericksburg National Bank, Fredericksburg, Texas. $6U,000
Apr. 2
President: Joe Stein. Cashier: W. J. Schroeder.
-The National Bank of Mendota, Mendota, Illinois
50,000
Apr. 4
President: D. L. Barnett. Cashier: C. Walter Jacob.
CHANGE OF TITLE.
-The National Bank of Valley City, N. Dak., to "First
Apr. 11
National Bank of Valley City.'
-The Snell National Bank in Winter Haven, Fla., to
Apr. 11
"Exchange National Bank of Winter Haven."
VOLUNTARY LIQUIDATIONS.
25,000
Apr. 11-The First National Bank of Reynolds, N. Dak
Effective March 5 1932. Liquidating Committee: E. C.
Lebacken, M.0.Braute and E.P. Brenken,care of the
liquidating bank. Absorbed by: State Bank of Reynolds, N. Dak.
-The First National Bank of Odell, Texas
25,000
Apr. 11
Effective March 22 1932. Liquidating Agent: Forrest
Shelton, Odell, Texas. Liquidating bank not absorbed
or succeeded by any other association.
Apr. 12
-The Schmelz National Bank of Newport News, Va
400,000
Effective March 18 1932. Liquidating Agent: The First
National Bank of Newport News, Va. Absorbed by:
The First National Bank of Newports News, No.4635.
-The Picture Rocks National Bank, Picture Rocks, Pa_ _ 25,000
Apr. 13
Effective April 8 1932. Liquidating Agent: The First
National Bank of Hughesville, Pa. Absorbed by: The
First National Bank of Hughesville, Pa., No. 3902.
500,000
-The Commercial National Bank of Youngstown, Ohio
Apr. 14
Effective March 29 1932. Liquidating Committee:Bales
M. Campbell and J. Russell McKay, care of the liquidating bank. Succeeded by: The Union National
Bank of Youngstown, No. 13586.
-The First National Bank & Trust Co. of Highland Falls,
Apr. 15
200,000
N. Y
Effective April 7 1932. Liquidating Agent: First
National Bank in Highland Falls, N. Y. Succeeded
by: First National Bank in Highland Falls, N. Y.,
No. 13567.
25,000
-The First National Bank of Portland, N. Dak
Apr. 16
Effective April 12 1932. Liquidating Agents: K. H.
Brunsdale and J. G. Kjos, care of the liquidating bank.
Succeeded by: The First & Farmers National Bank of
Portland, No. 13594.
-The Waukomis National Bank, Waukomis, Okla
30,000
Apr. 16
Effective March 28 1932. Liquidating Agent: John R.
Camp, Waukomis, Okla. Succeeded by a new State
bank.
-The First National Bank of Gloucester, Va
35,000
Apr. 16
Effective March 23 1932. Liquidating Agents: J. H.
Waddell Jr., S. T. Gray and C. G. Jones, care of the
liquidating bank. Absorbed by the Bank of Gloucester, Va.
CONSOLIDATIONS.
100,000
Apr. 2
-The First National Bank of The Dalles, Oregon
The Citizens National Bank of Dalle3 City. Oregon_ _ _ _ 160,000
Consolidated today under the Act of Nov. 7 1918, as
amended Feb. 25 1927, Under toe charter of The First
National Bank of The Dailies, No. 3441, and under toe
corporate title of "The Citizens First National Bank of
The Danes.," with capital stock of $200,000. Surplus,
$100,000.
-The Deseret National Bank of Salt Lake City, Utah_ _ _ _ 500,000
Apr. 5
Security National Bank of Salt Lake City, Utah.
Consolidated today under the Act of Nov. 7 1918, as
amended Feb. 25 1927, under the charter of The Deseret
National Bank of Salt Lake City, No. 2059, and under
the title of "The First National Bank of Salt Lake
City." with capital stock of$750,000. Surplus,$250,000.
000,000
-The Beckley National Bank, Beckley, W. Va
Apr. 5
100,000
The National Exchange Bank of Beckley, W. Va
Consolidated today under the Act of Nov. 7 1918, as
amended Feb. 25 1927, under the charter of The Beckley National Bank, No. 10589, and under the title of
"Beckley National Exchange Bank," with capital stock
of $250,000. Surplus, $210,000.
-Among other securities, the following,
Auction Sales.
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
$ per sit.
$ Per Sit. Shares. Stocks.
Shares. Stocks.
15 Aviation Corp., coin., no par:
Certain deferred payment obliga25 Petroleum Corp. of America,
Lions of Mead-Morrison Mfg. Co.
no par: 50 Hudson Casualty Co.,
in the performance of the terms of
$130 lot
Par $5
a certain agreement with Credit
Inc., aggregating
Utility Co..
$45,307.24. List at Auctioneers'
$20,000 lot
office
By Wise, Hobbs & Arnold, Boston:
$ per Sit.
Shares. Stocks.
137 Mass. Investors Trust, corn.:
100 Nevada Consol. Copper Co.:
50 Mass. Bonding & Ins. Co.;
6 Anaconda Copper Mining Co.:
25 Nat. City, Bank, N.Y.;8 Am.
Telep. dr Teleg. Co.: 5 Boston
Insurance Co.: 250 Chelsea Trust
Co.; 100 Employers Group Asso$10,000 lot
elates
30 Dennison Mfg. Co. 8% debs._ 30
Athenaeum, par $300._ _402
1 Boston
$ per Sit.
Shares. Stocks.
11 special units First Peoples Trust _ I
5 Merrimac Hat Corp. pref, par $50 31
21 A rnerican Sugar Refg. Co., COM.,
34 Am. Sugar Refg. Co., pref.;
$4,000 lot
82 Pullman, Inc
100 Dominion Bridge Co., Ltd.: 95
Atlantic Sugar Refineries, Ltd.,
$2,900 lot
common
Per Cent.
Bonds.
$6,000 Wiggin Terminals, Inc., 1st
23
s. 1. 534s, Sept. 1945
By R. L. Day & Co., Boston:
$ per Mt.
$ per Sit. Shares. Stocks.
Shares. Stocks.
The good-will of the copartnership
50 Amoskeag Mfg. Co., common
Webb and the right
of Rogers &
8Li
old stock
to continue said business as suc31
17 Standard Rivet Co., par $50
5.50
cessors to Rogers & Webb
325
5 Boston Insurance Co
By Barnes & Lofland, Philadelphia:
$ per Sit.
Shares. Stocks.
38)4
10 National City Bank, N. Y
10 Chase National Bank, N.Y._ 32S'
16Si
10 Irving Trust Co., N.Y
200 Lancaster (Pa.) Trust Co_ _ _ _$80 lot
5 Pleasantville Nat. Bank, New
$70 lot
Jersey
2 Nat. Bank of Catasaugua, Cats40
sauqua, Pa
30 Corn Exchange Nat. Bank eic
48
Trust Co par $20
6 Fidelity-Philadelphia Trust Co 401
Per Sit.
Shares, Stocks.
25 Pennsylvania Co. for Ins. on
Lives dr Granting Annuities.
38%
par $10
5 Fidelity-Philadelphia Trust Co 400
14
10 Integrity Trust Co., par $10_
50 Reliance Insurance Co., par $10_ 214
50 Victory Insurance Co., par $10.- 234
6
15 Fire Assn. of Phila., par $10
150G.A. Drieling Co. V. t. c _____ $35 lot
5 First Nat. Bank of Merchantville.
5
N. J
By A. J. Wright & Co., Buffalo:
$ per Sit.
$ per Sit. Shares. Stocks.
Shares. Stocks.
500 Creighton Fairbanks Mines_ _31 lot
10 Angel International Corp., corn$0.10
moo
April 23 1932
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable.
Railroads (Steam).
Kansas City, St. Louis & Chicago RR.
6% pref. guar. (guar.)
.
$3
Ontario & Quebec Ky. corn.
*2Si
Debenture stock (s.-a.)
. -a.). _ *81Si
Pitts. Bessemer & Lake Erie pf. (s.
-a.) "$3
Utica, Chen. & Subsq. Valley Ky.(s.
Books Closed.
Days Inclusive.
May 1 *Holders of rec. April 20
June 1 *Holders of rec. May 2
June 1 *Holders of rec. May 2
June 1 *Holders of rec. May 14
May 1 *Holders of rec. April 15
Public Utilities.
Apr.
$1
Holders of rec. Mar. 15
American District Telegraph
Brazilian Traction Light de Power Co.,
e2 June
Holders of rec. April 18
Ltd. (bearer)
British Colum. Tel. 6% 1st. Pref. MO *1% April 3 *Holders of rec. April 1.5
' April 3 *Holders of rec. April 15
6% 2d pref. (quarterly)
134
*1% May
*Holders of rec. Apr. 15
Brit. Col. Tel.6% 2d pref.(Czar.)
Holders of rec. May 14
2Sic June
Cities Service Co. common (monthly)
Holders of rec. May 14
Common (in stock)
3.4 oil June
Holders of rec. May 14
50c. June
Preferred & pref. 13B (monthly)
June
Holders of rec. May 14
Preference B (monthly)
June
*64
*Holders of rec. June 5
Concord Gas, common
*Holders of rec. Apr. 30
*15" May
7% preferred (guar.)
*Holders of rec. May 14
Conn. Light & Power 63-4% pref.(gu.) ' June
134
*Holders of rec. May 14
5Si% preferred (guar.)
'114 June
*Holders of rec. April 21
Dallas Power & Light 7% Pref. (gust.).. *1U May
*Holders of rec. April 21
*313i May
$8 preferred (guar.)
*Holders of rec. April 20
31% May
Derby Gas & Electric $7 pref. (guar.).- `
*31% May
*Holders of rec. April 20
$634 preferred (guar.)
Eastern Utilities Associates (guar.)- - - - *we. May 1 *Holders of rec. April 26
Holders of rec. May 14
50c. June
Empire Dist. Elec. 6% prof. (mthly.)Holders of rec. May 14
Empire Gas & Fuel 8% pref. (mthlY.)- .oft June
5
Holders of rec. May 14
of I June
Preferred (monthly)
7%
Holders of rec. May 14
Isnot I June
614% preferred (monthly)
Holders of rec. May 14
% of I June
6% preferred (monthly)
General Public Service $6 & $534 cum. pref. -Divi ends omitted.
Georgia Power & Light $6 prof. (guar.)- '$134 May 1 *Holders of rec. April 29
May 1
Gesturel common bearer (coupon 37)- - *4
Holders of rec. May 10
tr.r4 May 1
American deposit receipts
*Holders of rec. April 7
*870. April
Haverhill Electric Co. (guar.)
*Holders of rec. April 15
Houston Ltg. & Power 7% prof. (guar.) *I% May
*Holders of rec. April 15
*31% May
36 preferred (guar.)
Iowa Ry.& Lt. Co. pref. A (guar.)
4
11% Mar. 3 *Holders of rec. Mar. 15
4
11% Mar. 3 'Holders of rec. Mar. 15
Preferred B
*31 Si Mar.3 *Holders of rec. Mar. 15
Preferred
87
Kentucky Utilities Co. 7% pr. Ill. (clU.)- * 34c May 2 *Holders of rec. May 2
*Holders of rec. April 22
Long Island Lighting (guar.)
•15o. May
*Holders of rec. Apr. 15
Malone L.& P.$6 partly. pref.(guar.)
- sui May
*Holders of rec. Aprll 15
Meadville Tele. B pref. (5.-a.)
*8714C May
*Holders of rec. May 7
National Light & Power (guar.)
'$134 June
Holders of rec. May 7
Natl. Power & Light, common (guar.)-25c. June
Natl. Tel. & Tel. vi. A (guar.)
'Holders of rec. April 16
•88c. May
1st preferred (guar.)
May
*Holders of rec. April 16
New Eng. Water Lt. & P. Assn. pf.(gu.) '$134 May
*Holders of rec. Apr. 20
New York Steam Corp. (gust.)
*Holders of rec. May 16
*65c. June
North Am. Lt. & Power 86 of (guar.)
July
Holders of rec. June 20
.
Common (quarterly)
June
'Holders of rec. May 5
11
Northeastern Public Service pr. pt. (qu.) *US May 1 *Holders of rec. April 25
Ohio Public Serv. 7% pref. (monthly)... Ii, of 1 June
Holders of rec. May 14
6% preferred (monthly)
June
Holders of rec. May 14
Ot34
5% preferred (monthly)
Holders of rec. May 14
in of I June
grange COMM Tel.6% Pref. (semi-ann.) *3
May
,
*Holders of rec. Apr. 30
Pacific Pr. & Lt. 7% pref. (guar.)
*Holders of rec. April 18
*1% May
36 preferred (quarterly)
*Holders of rec. April 18
4111i May
Pennsylvania Power $6.60 pf. (monthly) *55c. May
*Holders of rec. April 20
r$1
Pittsfield Coal & Gas Co.(guar.)
Mar. 3 *Holders of rec. Mar. 20
Portland Gas & Coke 7% Pt.
*Holders of rec. April 18
- '114 May
6% pref. (quarterly)
*1Si May
*Holders of rec. April 18
Potomac Edison, 7% pref. ((luar.)
' May
'Holders of rec. Apr. 20
134
' May
6% Preferred (quarterly)
*Holders of rec. Apr. 20
134
Public Service Co.of N.II.,$6 pref.(qu) *313i June 1 *Holders of rec. May 31
$5 preferred (quarterly)
*31SS June 1 'Holders of rec. May 31
Pub. Serv. Corp.(N...)6% pf.(mthly.) *50c. May 3 *Holders of rec. May 2
Public Service of Colo. 7% pt.(mthly.) 712 Of 1 June
Holders of rec. May 14
6% preferred (monthly)
Si of I June
Holders of rec. May 14
5% preferred (monthly)
sit of 1 June
Holders of rec. May 14
Pub. Serv. of Ind.6% cum. pref.(guar.) 1% May 1
Holders of rec. Apr. 30
Public Utilities Corp.(guar.)
4
11% May 1 *Holders of rec. Apr. 30
Shawinigan Water & Power (guar.). _ _ _ .25c. May 1 'Holders of rec. Apr. 25
Sioux City Gas & Elm,pref. (guar.).--- *$13( May 1 *Holders of rev. Apr. 30
Southern Colo. Pow. class A corn. (gu.)
25c. May 25 Holders of rec. Apr. 30
Vermont Light, Pref. (guar.)
'
$13.4 Apr. 1 *Holders of rec. Mar.'26
Washington Gas Light Co. ((luar.)
*90e. May 2 *Holders of rec. Apr. 23
Wisconsin Tele. Co., Prof. (guar.)
11% Apr. 30 *Holders of rec. Apr. 20
4
York Railways, pref. (guar.)
*6234e Apr. 30 *Hclders of rec. Apr. 20
Banks.
Bank of Montreal (guar.)
•f$3 June 1 *Holders of rec. Apr. 30
Empire Title & Guar. Co.
-Div. omitted
Trust Companies.
Kings Co. Trust Co.(Bklyn.) (guar.)-- •$20 May 2 *Holders of rec. Apr. 25
Fire Insurance.
Pacific Amer. Fire Insur. (liquidating).- 4
110 May 1 *Holders of rec. Mar.25
St. Paul Fire dr Marine Ins. (guar.)
"V% Apr. 18 *Holders of rec. Apr. 18
Standard Fire Ins.(New Jersey) (guar.)- •75c. Apr. 23 *Holders of rec. Apr. 16
Westchester Fire Insur.-Div. deferred.
Miscellaneous.
Allied Kid 3614 Prof. (guar.)
*$134 May 1 *Holders of rec. Apr. 25
Aluminum Ltd.,6% pref. (guar.)
"3" June 1 *Holders of rec. May 14
American Book Co.(guar.)
4134 Apr. 23 *Holders of rec. Apr. 18
Amer. Dairies, Inc., 7% prof. (qUar.)--- •
lh Apr. 1 *Holders of rec. Mar. 15
American Factors, Ltd.(monthly)
•10c. May 10 *Holders of rec. Apr. 30
Amer. Fidelity Co. (guar.)
*50c. Apr. 15 'Holders of rec. Apr. 13
,
American Home Products Corp.(mthly.) *350. June 1 *Holders of rec. May 14
Amer.Ind. Corp.(Phila.)7%pf. (qu.)_ - *4334c Apr. 20 *Holders of rec. Apr. 16
Amer.Inv. Co. of Illinois class A (gu.)._ *50c. May 1 *Holders of rec. Apr. 20
Amer. Invest., Inc.. $3 prof. (guar.)--- - *The may 15 "Holders of rec. Apr. 30
Amer. Re-Insurance Co. (guar.)
75C May 15 'folders of rec. Apr. 30
Amer. Steel Co.7% pref.(s a.)
•334 May 2 *Holders of roe. Apr. 21
Amer. Thermos Bottle-Div. omitted.
Artloom Corp., pref.-Div. omitted.
Art Metal Works, Inc., common-Action deferr ed.
Asso. El. Ind. Ltd. (Amer.deposi( rcts.
tox4 May 5 Holders of rec. Apr. 18
for ordinary registered)
Asso. Port. Cem. Mfrs., Ltd. Amer. deli.
• 21.56c Apr. 20 *Holders of rec. Apr. 1
receipts for ordinary registered
'$334 May 2 'Holders of rec. Apr. 21
Atlantic Steel pref. (e.
-a.)
Babcock & Wilcox Co., Ltd.. Am. dep.
4
.toz7 May 14 *Holders of rec. Apr. 20
receipts for ord. registered
May 14 *Holders of rec. Apr. 20
Babcock & Wilcox. Ltd.(Am. dep. rec.). *7
373.4c July 2 'Holders of rec. June 18
Balaban & Katz com, vot. tr. etfs.(gni- •
•13" July 2 *Holders of rec. June 18
7% preferred (guar.)
•10c. Apr. 1 *Holders of rec. Mar. 19
Bankshares Corp. class A (guar.)
1% May 18 *Holders of rec. May 2
Baumann(Ludwig) Co.7% 1st p1.(gU.) •
&
Bigelow Sanford Carpet Co., Inc.
"I.Si May 2 *Fielders of rec. Apr. 23
6% prof. (guar.)
Blauner's, Inc.(Phila.) corn.(guar.).
- *25e. May 16 *Holders of reo. May 2
*75c. May 16 *Holders of rev. May 2
33 preferred (quarterly)
'
Bohack(H. C.) Co..Inc., corn.(guar.)._ 62)4 May 2 *Holders of rec. Apr. 15
*13" May 2 *Holders of rec. Apr. 15
7% preferred (guar.)
Bohack Realty Corp.7% pfd.(guar.).
- •134 May 2 *Holders of rec. Apr. 15
Volume
Financial Chronicle
134
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Bond & Mtge. Guarantee (Bklyn)(qu.)_ $1 34 May 14 Holders of rec. May 4
Brookmtre Invest., Inc., common
50e. Apr. 15 Holders of rec. Apr. 1
B'waY Mkt. Corp.(Detroit)
$10 par 6% peer (s.-a )
*300. Apr. 2 *Holders of rec. Apr. 1
Buck Hill Falls Co.,eon).(qua:.)
.250. May 15 *Holders of rec. May 1
Charts Corp. (guar.)
•3734c May 1 *Holders of rec. Apr. 22
Chicago Yellow Cab (qua:.)
*50c. June 1
Crescent Cream'y Co.,Ltd., 7% pt.
(qu.) •135 Apr. 15 *Holders of roe. Mar. 31
Dejonge (Louls) & Co.7% pf.-Div. mid tied.
Dennis British, Ltd., ordinary rag
*x4d. June I
Amer. dep. receipts for ord. rag
stez4d. June 1 *Holders of rec. Apr. 29
Diamond Ice & Coal 7% Pref. ((Mar.).
- *135 May 1 *Holders of rec. Apr. 25
Diem & %lng. Paper Co.7% pf.(qu.)__ *134 May 15 *Holders of rec. Apr. 30
Diversified Inv. Tr.(Akron)(quar.)__._ *7340 May 2 *Holders of rec. May 1
Dome Mines, Ltd., coin.(quar.)
•25e. July 20 *Holders of rec. June 30
Extra
*200. July 20 *Holders of reo. June 30
Doran. Scottish Inv., Ltd., 850 par 5%
1
preferred (quarterly)
May 1 *Holders of rec. Apr. 20
Donahues, Inc..6% pref.-Div. omitted
Durham Hosiery Mills 6% Prat
•h50c June 1 *Holders of rec. May 15
Eastern Dairies, Ltd., preferred
$1.34 Apr. 15 Holders of rec. Mar.31
Egry Register Co., class A (quar.)
*500. Apr. 15 *Holders Of rec. Apr. 1
Electric Shareholdings Corp..86 pf.(qu.) *I June 1 *Holders of rec. May 5
Elm City Cotton Mills corn (qua:.)
41134 May 1 *Holders of ree. Apr. 13
Euro Electric, Ltd., clam A (qua?.)
*730. May 16 *Holders of rec. Apr. 30
Class B (quarterly)
*730. May 16 *Holders of rec. Apr. 30
Faber Coe & Gregg, Inc.. 7% Pt.((MO -- •134 May 1 *Holders of rec. Apr. 20
Family Financing Corp. corn
50. Apr. 15 Holders of rec. Mar. 31
7% preferred (quarterly)
135 Apr. 15 Holders of rec. Mar.31
Farbenindustrie (I. G.)(coupon 10)-- .07
Federal Fidelity Co.. Inc.. 7% Of. (84-a.) *334 Apr. 1 *Holders of rec. Mar. 20
Federal Royalties Co.,Inc.(initial)
10e. May 10 Holders of rec. Apr. 30
Federal Service Fin. Corp..corn.(quar.)_ •500. Apr. 30 *Holders of rec. Mar.31
7% preferred (quarterly)
*134 Apr. 30 *Holders of rec. Mar.31
Fidelity Fund, Inc. (quar.)
*85
May 1 *Holders of rec. Apr. 15
Extra
*11
May 1 *Holders of rec. Apr. 15
Fin. Institution, 86 pref. (quar.)
*3134 May 1 *Holders of rec. Apr. 14
First Chrold Corp
81
May 18 Holders of lee. May 11
Ford Motor of Iberia (Spain)
-Dividend omitte d.
Fried&Reineman Pkg.Co.7% pf.A (qu) •134 May 1 *Holders of rec. Apr. 25
734% preferred B
iii134 May 1 *Holders of rec. Apr. 25
Froet Stl.& Wire, Ltd.. let pf.-Div.om Med.
Fuller Brush. class A (quar.)
*200. May 2 *Holders of rec. Apr. 26
Fulton Indus. Secur.. $334 Df.((Mari *8730 May 1 *Holders of rec. Apr. 15
Gibson Art Co. common (quarterlY)- - *50e. July 1 *Holders of reo. June 20
Gilmore Gasoline Plant No. 1 (mthlY)-- •200. Apr. 25 *Holders of rec. Apr. 22
Globe-Wer. Realty, 6% pref. (qua:.)..- '134 Apr. 15
Gooch Mill & Elevator Co.
250 par pref. B (quar.)
$1.5( Apr. 1 *Holders of rec. Aor. 1
Great Lakes Dredge & Dock Co
25c. May 14 May 5 to May 15
Great Lakes Engineering Wks.(quer.)-*50. May 2 *Holders of rec. Apr. 25
Halle Bros. Co.,634% Prof. ((Mari- - *134 Apr. 30 *Holders of rec. Apr. 23
Hannibal Bridge Co.,corn.(semi-ann.).- *24
Apr. 5 *Holders of rec. Apr. 1
Extra
*250. Apr. 5 *Holders of rec. Apr. 1
Harbison-Walker Retrao.,6% pt.(qua:.) 134 July 20 Holders of roe. July 9
Common-Dividend omitted.
Hartford Times, Inc.,$3 pref. (quar.).....
75e. May 16 Holders of ree. May 2
Heiler (W. E.) & Co., corn. (quar.)... 7344) Mar.31 *Holders of reo. Mar.28
Preferred (guar.)
iii4334e Mar. 31 *Holders of rec. Mar.28
Hillside Cotton Mills (quar.)
'$134 May 1 *Holders of rec. Apr. 13
Hobart Mfg. Co.(qua:.)
•400. June 1 *Holders of rec. May 18
Holly Development Co.
230. Apr. 15 Holders of rec. Mar. 31
Hormel (Geo. A.) & Co., corn. (qua:.). •250. May 16 *Holders of rec. May 2
6% preferred A (quar.)
'134 May 16 *Holders of rec. May 2
Humphreys Corp., partio. oils. (liquidlt) *300. Apr. 15
Ilium. 43. Power Scour. $50 par cotn.(quo *334 May 10 *Holders of rec. Apr. 30
7% preferred (qua:.
.1.34 May 13 *Holders of rec. Apr. 30
Internet'. Harvester Co. pref. (quar.) .$134 June 1 *Holders of ree. May 5
Jackson & Curtis Sec. Corp., 26 pf.(qu.)
h May 1 *Holders of rec. Apr. 15
Kekaha Sugar Co.(monthly)
*20e. May 1 *Holders of rec. Apr. 25
Kendall Co. cum. & part. pf. Be?. A(qu.) $134 June 1 Holders of rim. May 10
Kidder Participations, Inc.
434% cum. cony. pre(
'5500.June 1 *Holders of rec. May 10
No. 2 434% cum. cony. pref
'5500. June 1 *Holders of rec. May 10_
No. 3 5% cum. cony. pref
'h 50o. June 1 *Holders of rec. May 10
Lane Cotton Mills (qua:.)
.250. Apr. 1 *Holders of rec. Mar. 24
Liggett & Myers Tobacco com.(quar.) *21
June 1 *Holders of rec. May 16
Class B (guar.)
June 1 *Holders of rec. May 16
*21
Lincoln Printing, 7% pref. (quar.)
*87340 May 2 *Holders of rec. Apr. 28
Common Dividend omitted.
Lindsay (C. W.)& Co., Ltd.
64% preferred (quarterly)
Holders of reci. May 14
134 June
Common-Dividend omitted.
Look Joint Pipe Co., corn.(monthly)
*670. Apr. 3 *Holders of rec. Apr. 30
Common (monthly)
.670. May 3 *Holders of rec. May 31
Common (monthly)
*660. June 30 *Holders of rec. June 30
Common (monthly)
.670. July 3 *Holders of rec. July 31
Common (monthly)
•67a. Aug. 3 *Holders of rec. Aug. 31
Common (monthly)
•66e. Sept.30 *Holders of rec. Sept. 30
Common (monthly)
4037e. Oct. 3 *Holders of rec. Oct. 31
Common (monthly)
*670. Nov.3 *Holders of rec. Nov.30
Common (monthly)
*660. Dec. 3 *Holders of rec. Dee. 31
Preferred (qua:.)
ifi$2
July
*Holders of rec. July 1
Preferred (qua:.)
4
12
Oct.
*Holders of rec. Oct. 1
Preferred (qmar.)
•S2
J'nl '3 *Holders of rec. Jan. 1
Loew's Inc.. 8634 cum. Pref.(qUar.)$134 May 1 Holders of rec. Apr. 29
Lord d; Taylor, 1st pref. ((mar.)
$154 June
Holders of reo. May 17
Louisiana 011 Refin.,634% cum. pf (qu.) 134 May 1 Holders of roe. Apr. 30
Luther Mfg. Co. (quar,)
•21
May
*Holders of rec. Apr. 18
McKesson & Robbins. Ltd.. corn.
*25e. may
*Holders of reo. Apr. 25
Preferred (semi-ann.)
•8334 May
*Holders of rec. Apr. 25
moo:0y Land & Lumber.7% pt.(qu.) •134 may
*Holders of rec. Apr. 15
MeNeel Marble Co., pref.(qua:.)
*8134 Apr. 1
Manchester Cotton Mills (guar.)
*134 May
*Holders of rec. Apr. 13
Marine Bancorp. initial stock (quar.)___ *15c. Apr. : *Holders of rec. Apr. 20
Fully participating (gum.)
*15c. Apr. 3 *Holders of rec. Apr. 20
Maryland Comm'l Bkrs., pref. (8.-a.)-.. •350. Apr. 1 *Holders of rec. Apr. 1
Maxwell Corp., common
Mc. Apr. 1 Holders of rec. Apr. 1
Preferred
15c. Apr. 1 Holders of ree. Apr. 1
Mere. Accept. Corp.of Cal.,81.60 pf.(qu) 400. May
*Holders of ree. Apr. 15
.200. MAY
$10 par preferred (qua:.)
*Holders of reo. Apr. 15
MickelberrY Food Products (quay.)
*15c. May 1 *Holders of rec. May 2
Milstead Mfr. Co.(quar.)
*134 May
*Holders of rec. Apr. 13
Missouri Pacific Portland Cement Co. Divide nd otni ted.
Morris Plan (Rhode Island), (qu.)
'$134 May
*Holders of rec. Apr. 15
Motor Products Corp. (qua:.)
*50e. July
*Holders of rec. June 20
Muskogee Co.6% cum. pref. (guar.).- 134 June
Holders of rec. May 20
Mutual Finance Corp., Ltd.,com.-Div. passed
Nation-Wide Securities Trust
Certificates, series B (quar.)
'Sc, May 1 *Holders of rec. Apr. 15
National Biscuit, common (quar.)
*70c. July 15 *Holders of rec. June 17
Preferred (quarterly)
'$134 May 31 *Holders of rec. May 13
*3234e May 15 *Holders of rec. Apr. 30
National Ind. Loan Corp.(qua:)
•8134 June 15 *Holders of rec. May 27
National Lead Co., pref. A (quar.)
Nat. Refining oom.-Dividend omitted.
Nat. Sash Wt. Corp. $314 cony. pli.(qu.) •87340 May 1 *Holders of rec. Apr. 25
Nagler Bros., Inc.. pref.-ActIon deterr ed.
Nestle's & Anglo Swiss Cond. Milk ord..• 31.04fr May
Apr. 15 'Holders of rec. Apr. 5
New Bedford Rayon, class A (initial)._ •21
New Eng. Furniture dc Carpet Co,
*135 May 15 *Holders of rec. Apr. 30
7% preferred (qua:.)
250. May 2 *Holders of rec. Apr. 26
New Process Co., corn, (guar.)
134 May 2 Holders of rec. Apr. 26
Preferred (quar.)
•954).
Niagara Arbitrage (liquidating)
Noma Elec., com.-Dividend action dote rred.
North British Royalty Trust Shares,
*10e. Apr. 15 *Holders of rec. Mar. 15
series A (monthly)
May 1 *Holders of rec. Apr. 23
Oawego Falls Corp. 8% 1st prof.(qua:.) ...2
oppenheim, Collins & Co., Inc. com.-D iv. omitted.
.8154 Apr. 15 *Holders of rec. Apr. 7
Orchard Farm Pie class A (qua:.)
*50c. May 15 *Holders of rec. Apr. 29
Owens Illinois Glass coin.(quar.)
Name of Company.
3049
:
When
Cent. Peorabk.
Books Closed.
Days Inductee.
Miscellaneous (Concluded).
Pacific Clay Products (qua:.)
•1041. May 2
Pacific Seaboard Found. Ltd. el. A (qu.) •124). May 1 *Holdens of rec. Mar.31
P'k Mtge.& Gd. Rent.(quar.)
•50c. May 16 *Holders of rec. May 7
Parker (S. C.) class A(Mari)
*10c. May 2 *Holders of rec. Apr. 25
(
Paterson Savings Institution (quar.)- - '$134 May 1 *Holders of rec. Apr. 19
Extra
May 1 *Holders of rec. Apr. 19
Penn. Tobacco Co., class A (quar.)
•$10 Mar.31 *Holders of rec. Mar. 15
Perfection Stove common (monthly).- *18 Me Apr. 30 *Holders of rec. Apr. 20
Petrolite Corp., Ltd.common (quar.)..._ •250. May 2 *Holders of rec. Apr. 22
Extra
•250. May 2 *Holders of rec. Apr. 22
Plymouth Cordage Co
$134 Apr. 20 Holders of rec. Apr. 6
Plymouth Rubber, pref.(guar.)
*S135 Apr. 15 *Holders of rec. Apr. 14
Pogue(H.& S.)6% pref.(qua:.)
•134 May 1 *Holders of rec. Apr. 15
Printing Machinery common (guar.)
Apr. 15 *Holders of rec. Apr. 14
*42
.32
Extra
Apr. 15 *Holders of rec. Apr. 14
.$2
Preferred (quarterly)
Apr. 15 *Holders of rec. Apr. 14
Extra
Apr. 15 *Holders of rec. Apr. 14
Quincy Mkt.Cold Stge.& W'hse. Co. pt. *50o. May 1 *Holders of rec.
Railway Equipment & R 1st pref (qua:.)•37hc June I *Holders of rec. Apr. 21
May 1
Railway dr Light Secur.
(Del.) corn.(qu.)'3734c May 2 *Holders of rec. Apr. 20
6% pref. A (quarterly)
'1)4 May 2 *Holders of rec. Apr. 20
Railways Corp.(in stock)
e234 Apr. 15 Holders of rec. Mar.
Riverside Cem. Co. 56 1st pref. (qu.) _ *61h May 1 *Holders of rec. Apr. 31
15
Roland Park Homeland, pref.(qu.)---*6 1.6234 May 2 *Holders of rec. Apr. 21
Rolland Pap. Co.,Ltd.,6% cum. pf.(1U.) 1)4 June 1 Holders of rec. May 16
Ruud Mfg., corn.
-Div. omitted.
St. Louis Car, pref.(qua:.)
*611i May 2 *Holders of rec. Apr. 23
St. Louis Cot. Comp.common (quar.). *pi
Apr. 20 *Holders of rec. Apr. 15
Sec. Timor. Co..common (qua:.)
*350. May 2 *Holders of rec. Apr. 15
Shareholders Invest.((Mar.)
*30c. May 1 *Holders of rec. Apr. 20
Simpson's, Ltd., 634% cum. pref.-Pay meat p ostpone d.
So. Pao. Golden Gate, 01. A (quar.)
*3734c May 15 *Holders of rec. Apr. 30
Class B (quarterly)
*3734c May 15 *Holders of rec. Apr. 30
Preferred (quarterly)
*$134 May 15 *Holders of rec. Apr. 30
Standard Cap & Seal Corp.(qua:.)
60c. May 16 Holders of rec. May 2
Standard Corp.. Inc. (qua:.)
'Sc. May 1 *Holders of rec. Apr. 20
Standard Steel Cons.. class A (guar.).
*75c. July 1 *Holders of rec. June 15
Stein (A.)& Co.,com.-No action taken
Stewart Iron Works, pref. (qua:.)
'$134 Apr. 15 *Holders of rec. Apr. 1
Stone ar Webster, Inc. (quar.)
1234c May 16 Holders of rec. May 2
Strawbr. & Clothier,6% pr. Pt. A (qu.)..$134 June 1 *Holders of rec. May 16
Super Corp.(Amer. Tr. Sirs.) cl. A (8.-a.) •30c May 1
Class B (semi-annual)
*13 .3478c
*Holders of rec. May 1
Tobacco &sour. Tr. Co., Ltd. (Amer.
dep. receipts for ordinary registered).* tab% May 24 *Holders of rec. Apr. 22
Troxel Mfg. Co.. preferred ((Mar.)
$134 May 1 *Holders of rec. Apr. 20
Common-Dividend omitted.
Utah Wyo.Cons.011 (quar.)
'le. May 1 *Holders of rec. Apr. 23
Unity Cotton Mills (quar.)
May 1 *Holders of rec. Apr. 13
U.S.Baking Corp.(monthly)
May 2 *Holders
rec. Apr.
UM.& Indus. Corp. 5134 cony. pt.(qu.) 3730. May 20 Holders or rec. Apr. 18
of
30
Walker Mfg. $3 pref.-Div. omitted.
W.Va.Pulp & Pap. Co., pref.(guar.). *$134 May 16 Holders of rec. May
2
Western United Corp.634% Pt.(qu.)...
May 2 *Holders of roe. Apr. 16
•13i May 2 *Holders of rec. Apr. 20
Weston(Geo.) Ltd., pref.(qua:.)
White (S. B.) Dental Mfg.Co.
-Div.omi tied.
Whiting Corp.,634% pref. (quar.).
•1% May 1 *Holders of roe. Apr. 25
Williams(R. C.) Co.. corn. (quer.)
•1734c May 1 *Holders of rec. Apr. 26
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
When
Per
Cent. Payable,
Books Closed.
Days Inclusive.
Railroads (Steam).
Atchison Topeka & Santa Fe. corn.(qu.) 81 June 1 Holders of roe. May 6
Atiantio Coast Line RR.. pref
•234 May 10 *Holders of rec. Apr. 22
Augusta & Savannah
•1131 July 6
Extra
*no.July 5
Semi-annual
0234 Jah5113
Extra
*25e. Jan5113
Chesapeake & Ohio, Prof. (quar.)
*3h July 1 *Holders of roe. June 8
Chm. Sandusk. & Cleve. RR. pf.
$134 May 2 Holders
roe.
15
Cleve.,Cin„Chic.& Bt. Louis, pl.(quar.) 134 Apr, 30 Holders of rec. Apr. 20
of
Apr.
Cuba RR., pref.(guar.)
134 May 2 Holders
Elmira & Williamsport RR.corn.(8.-a.)_ '1.15 May 2 *Holders of roe. Apr. 15a
of rec. Apr. 20
Mahordng Coal RR.. corn.(quar.)
$12.50 May 2 Apr. 14 to
May
Norfolk & Western, ad). pref.(quar.)-- 1
May 19 Holders of roe. Apr.
Pittsb. Ft. R syne & Chlo. Oom.(qu.) -- *135 July 1 *Holders of rec. June 300
1
Common(qua:,)
'1)4 Oct. I *Holders of rec. Sept.10
Common 'quar.)
•134 Jan 2'33 *Holders of rec. Dec. 10
Preferred (qua:.)
•134 July 5 *Holders of reo. June 10
Preferred (quar.)
•134 Oct. 4 *Holders of rec. Sept. 10
Preferred (qua:.)
•1 Jan 11113 *Holders of rec. Dee. 10
Reading Company, common (quar.)
25e. May 12 Holders of rec. Apr. 140
United N. J. RR.& Canal (qua:.)
$2% Juke 10 Holders of rec. June 20
Virginian Ry., pref. (qua:,)
*$114 May 2 *Holders of rec. Apr. 16
Public Utilities.
Alabama Power. $5 pref. (quar.)
61.25 May 2 Holders of roe. Apr. 15
Amer.Cities Power & Light, cl. A (qu.). s75c. May 1 Holders of rec. APT. 6
Amer. Gas & Electric pref. (quar.) ---- 81.50 May 2 Holders of rec. Apr. 9
Amer. Light & Tree,, common (qua:.)
6234e May 2 Holders of rec. Apr. 150
Preferred (quar.)
8734e May 2 Holders of rec. Apr. 150
Amer. Water Wks.& El. Co..corn.(qu.) 750. May 2 Holders of rec. Apr. 84
Associated Gas & Elec. Co.
Class A (1-80th share corn. stock).
Holders of rec. Mar. 31
May
Associated Tale. Co., 2134 pref. ((Mar.) 3734c May I Holders of reo. Apr. 15
Atlantic City Elec., $6 pref. (guar.).
*Holders of rec. Apr. 9
'$1 54 May
Bangor Hydro-Klee. Co.. corn.(quer.)
Holders of rec. Apr. 11
50e. May
Brazilian Traction, Light & Power corn.. tr.2
*Holders of tea. Apr. 30
June
Brit. Col. Tel., 6% pref. (quar.)
'134 Apr. 30 *Holders of rec. Apr. 15
Broad River Power. prof. (lum.)
134 May 2 Holders of rec. 'Mar.31
Broadway & Newport Bridge. pref.(au.) '134 May
*Holders of rec. Mar.31
Buffalo Niagara & Eastern Power
$5 preferred (quar.)
*$1.25 May 2 *Holders of rec. Apr. 15
Calgary Power Co.. Ltd.,6% pref. (au.) 114 May
Holders of rec. Apr. 15
Canada Northern Power. corn (quar.).
20e. Apr. 2 Holders of rec. Mar. 31
Central Arizona Lt.& Pow.,$7 pf.(au). 41114 May
*Holders of rec. Apr. 15
$6 preferred (qua:.)
*Holders of rec. Apr. 15
.511i May
Central Hudson G.& E., corn.(quar.)-- .20c. May
*Holders of roe. Mar.31
Central Power & Light,7% pt.(quar.)
Holders of rec. Apr. 15
134 May
6% preferred (qua:,)
*Holders of rec. Apr. 16
•134 May
Central & South West UM.$7 p1.(qu.). $134 May 1 Holders of rue. Apr. 30
27 prior lien pref.(quar.)
$135 May 16 Holders of reo. Apr. 30
$6 prior lien pref.(qua:.)
$134 May 16 Holders of ree. Apr. 30
Central West Public Service, class A
(payable in class A stock)
el 34 May 1 Holders of rec. Apr. 18
Preferred A (qua:.)
*62 May 1 *Holders of rec. Apr. 18
Preferred B (qua:.)
*$11( May I *Holders of roe. Apr. 18
Cities Service, bankers shares
•1 0.0650 May 2 *Holders of roe. Apr. 15
Mee Service Co., cam.(monthly)
214 May I Holders of rec. Apr.
Corn. (payable in coca. stk.) (mthly.) 1% May 1 Holders of rec. Apr. 15
15
Preferred B (monthly)
50. May 1 Holders of rec.
Preferred & preference BB (monthly) 500. May 1 Holders of roe. Apr. 15
Apr. 15
Cities Service Power & Light
$5 cumulative pref. (monthly)
412-30 May 18 Holders of rec. Apr. 30
SO cumulative pref. (monthly)
50e. May 16 Holders of rec. Apr. 30
$7 cumulative pref. (monthly)
58 1-30 May 16 Holders of rec. Apr. 30
City Water Co. of Chattanooga
6% preferred (guar.)
*11-i may 2 *Holders of roe. Apr. 21
Columbia Gas & Electric
Corn.(qu.)(pay, in cony. 5% pf. stk.) e250. May 15
Holders of rec. Apr.
6% preferred A (quarterly)
134 May 15 Holders of rec. Apr. 25
25
5% preferred (quarterly)
134 May 15 Holders of ree. Apr. 25
Columbus Ry., Pow. & Lt.. pf. B (qua:.) *81.63 May
*Holders of rec. Apr. 15
Financial Chronicle
3050
Noma of ComPani
W nen
Per
Gatti. Payable.
Books Glossa.
Days Inclusive.
Public Utilities (ConrinuAl).
•2
May 2 *Holders of rec. Apr. 15
Commonwealth-Edison Co.(guar.)
Commonwealth Utilities $616 pi.(qu.) $1.825 June 1 Holders of rec. May 14
41% May 15 *Holders of rec. Apr. 30
Coon. Ry. & Lt., common (quer.)
*154 May 15 *Holders of rec. Apr. 30
4;4% preferred (qual.)
Consolidated Gas rN. Y.). Prof. (auer•) $1.25 May 2 Holders of rec. Mar. 411
consumers Power Co..5% Pref.(quar.)- 11.25 July 1 Holders of rec. June 15
1% July 1 Holders of reo. June 15
8% preferred (qual.)
1.65 July 1 Holders of roe. June 15
6.8% preferred (qual.)
134 July 1 Holders of roe. June 15
7% preferred (quer.)
50o. May 2 Holders of reo. April 15
6% preferred (monthly)
150e. June 1 Holders of reo. May 16
6% preferred (monthly)
6% preferred (monthly)
50e. July 1 Holders of rec. June 15
550. May 2 Holders of reo. April 15
6.6% preferred (monthly)
550. June I Holders of reo. May 16
6.6% preferred (monthly)
550. July 1 Holders of reo. June 15
6.6% preferred (monthly)
Cumberland Co.Pr.& Lt., % pf.(qu.). 134 May 1 Holders of roe. Apr. 16
Dayton Power & Light, pf. (monthly)._ 50c. May 1 Holders of rm. Apr. 20
$3.40 May 2 Holders of reo. Apr. 11
Edison Elec. Ill. Co. of Boston (guar.)
El Paso Natural Gas. 7% pref. (qual.).. "154 June 1 "Holders of roe. May 22
Electric Bond & Share, $6 pref.(guar.). $1.50 May 2 Holders of rec. Apr. 9
$1.25 May 2 Holders of rec. Apr. 9
$5 preferred (guar.)
Electric Power Associates, Inc.
25c. May 2 Holders of ree. Apr. 20
Class A and corn, stocks (guar.)
25e. May 2 Holders of rec. Apr. 5
Electric Power & Light. corn. (guar.).
$1.75 May 2 *Holders of rec. Apr. 5
•
Second preferred (qual.)
12540 May 2 Holders of rec. Apr. 5
Allotment certificates full paid
Allotment certificates 90% paid (qu.)_ 11)40 May 2 Holders of rec. Apr. 5
50e May 2 Holders of reo. April 15a
Empire Dist. El. Co..6% pt.(mthly)
Empire Gas & Fuel,8% pref.(monthly).. ss of 1 M89 2 Holders of rec. Apr. 15
1 of I May 2 Holders of rec. Apr. 15
.1
7% preferred (monthly)
13140(1 May 2 Holders of rec. Apr. 15
6)4% preferred (monthly)
% of 1 May 2 Holders of roe. Apr. 15
6% preferred (monthly)
Escanaba len.)Pow.dcTr., % p .(qu.) "I.)4 May 1 *Holders of rec. Apr. 26
(M
•154 Aug. 1 "Holders of rec. July 27
6% pretsrred (Quer.)
•13i Nov. 1 *Holders of rec. Oct. 27
8% preferred (qual.)
1)4 May 16 Holders of reo. Apr. 30
Foreign Power Securities. pref.(quar.)
*$1).4 May 1 *Holden of reo. Apr. 15
Franklin Telegraph, guar. stock (s.
-a.)-50e. May 2 Holders of ree. Apr. 15
Gas & Elec. Securities, coin.(monthly)...
ofl May 2 Holders of reo. Apr. 15
Extra(in stook)
Ta, of 1 may 2 Holders of rec. Apr. 15
Preferred (monthly)
Gas Securities, com.(in scrip)(mthly.).. 1i of 1 May 2 Holders of rec. Apr. 15
50e. May 2 Holders of ree. Apr. 15
7% preferred (monthly)
Greenfield Gee Light Co.,6% pref.(qu.) *750. May 2'Holders of roe. Apr. 15
Hamilton Bridge. Ltd.. let pref.(Quer.)- 1% May 2 Holders of rec. Apr. 15
Hartford Electric Light. com. (quar.)- 88540 May 2 Holders of me. Apr. 15
Havana Elec.& Utilities. let. pf.(qu.)... 1% May 18 Holders of reo. Apr. 18
1% May 18 Holders of roe. Apr. 18
Preference (guar.)
134 May2 Holders of rec. Apr. 15
Idaho Power Co., 7% pref. (guar.)
$1% May 2 Holders of rec. Apr. 15
$6 preferred (quarterly)
Illinois Northern Utilities, pref.(sin.)-.. *134 May 2 "Holders of me. Apr. 15
•$1.75 May 2 *Holders of reo. Apr. 15
Juniorpreferred (guar.)
Illinois Power .f, Lt.. $6 pref. (guar.).
- $ . May 2 Holders of reo. Apr. 9
International Utilities, $7 pr. pf. (qu.)._ •$1.7 May 1 *Holders of rec. Apr. 15
$3.50 prior preferred (guar.)
'87340 May 1 *Holders of roe. Apr. 15
*1% May I "Holders of rec. Apr. 9
Jamaica Water Supply, 7SS% pf.
Keystone Teler.. of Phila., pref. (guar.). •75e. May 2 *Holders of roe. Apr. 22
Kokomo Water Works.6% pref. (qu.)
'1)4 May 2 *Holders of rec. Apr. 21
Lincoln Tel. & Tel.6% pref. A (guar.)- *1% May 10 *Holders of rm. Mar. 31
$1.82 May 2 Holders of rec. Apr. 20
Lone Star Gas, 654% Pref. ((Mari
Los Angeles Gas & Elec..6% pi. Mu.) _
1)4 May 16 Holders of rec. Apr. 30
$1.50 May 2 Holders of roe. Apr. 16
Louisiana Power & Light. $O pf.
Malone Light & Power NS pref. (gultr.)- •$1% May 1 *Holders of reo. Apr. 15
Michigan Gas &8% pref. (gum.) *1% May 2 *Holders of reo. Apr. 15
$6 prior preferred (qual.)
*3154 May 2 *Holders of rec. Apr. 15
7% prior lien pref.(guar.)
1% May 2 Holders of rec. Apr. 5
Milwaukee
Hy. & Light, pl. Mu.). 114 Apr. 30 Holders of rec. Apr. 20
Mississippi Pow.& Lt.,$6 1st pt.(qu.) *$134 May 2 "Holders of rec. Apr. 15
Mohawk Hudson Power 1st pref.(qu.)... $154 May 1 Holders of rec. Apr. 15
Montana Power,$6 pref.(qual.)
*31.50 May 2 *Holders of rec. Apr. 11
37e. Apr. 30 Holders of roe. Mar. 31
Montreal L..
& Pow. Cons. (guar.)'3154 May 2'Holders of roe. Apr. 15
Municipal Service. pref.(guar.)
.8.3. Apr. 30 *Holders of reo. Apr. 18
Mutual Tele. (Hawaii. (monthly)
National Power & Light, MI pt.((In.)._ $1.50 May 2 Holders of reo. Apr. 5
Nat'l Tel. & Tel., 1st pref. (qual.)
.3134 May 1 'Holders of rec. Apr. 18
*88c. May 1 *Holders of rec. Apr. 18
A (quarterly)
1% May 2 Holders of rec. Mar. 30a
Nevada-Calif. Elea Corp., pref.(guar.)_
North Amer. Gas de Elec..$6 prat.(41u.) .$1% May 1 *Holders of reo. Apr. 20
el% July 1 *Holders or reo. June 10
North Shore Gas. pref.(Qua!,)
01.34 Oct. 1 *Holders of roe. Sept. 10
Preferred (guar.)
1% May 1 Holders of rec. Apr. 11
Northern N. Y. Utilities, pref.(quar.)._
Northern Ontario Power, cow. (guar.). 250 Apr. 25 Holders of rec. Mar. 31
134 Apr. 25 Holders of rec. Mar. 31
6% Preferred (quer.)
2
May 2 Holders of rec. Mar.31
Nor.States Pow.(Del.). emu. A (an.)
Ohio Pub. Serv. Co.. 7% pref.(mthly.) 68 1-3e May 2 Holders of reo. Apr. 15o
50c. May 2 Holders of rm. Apr. I5o
6% preferred (monthly)
41 2-3c May 2 Holders of rec. Apr. 15o
5% preferred (monthly)
Orange & Rockland Electric, cons. (qu.)_ *32 May 1 *Holders of reo. Apr. 25
*3734c May 16 *Holders of rec. Apr. 30
Pacific Gas & Elec.6% pref. (quar.)_
*3431c May 18 *Holders of me. Apr. 30
5
pref.(guar.)
"75e. May 16 *Holders of res. Apr. 20
pacific LiMting Corp. (guar.)
Pacific Public Service Co. $1.30 1st prof.
3234c May 2 Holders of rec. Apr. 15
"35e. July 1 *Holders of rec. June 15
(qual.)Peninsular Telephone ((8189.)
*35e. Oct. 1 *Holders of rec. Sept. 15
Quarterly
*350. Jan 1'33 *Holder,' of reo. Dee. 18
Quarterly
•Ifi May 15 "Holders of roe. May 6
7% preferred (guar.)
'1)4 AIM. 15 *Holders of reo. Aug. 5
7% preferred (guar.)
*154 Nov. 15 *Holders of reo. Nov. 5
7% preferred (qua?.)
•1
246-'33 *Holders of reo. Feb. 5
7% preferred (guar.)
Pennsylvania Power Co.. $6 pref.(au.) $1.50 June 1 Holders of rec. May 20
&so. May 2 Holders of rec. Apr. 20
$6.60 preferred (monthly)
55e. June 1 Holders of reo. May 20
$6.60 preferred (monthly)
350. Apr. 30 Holders of reo. Apr. la
Philadelphia Co.. corn. (quer.)
$1.50 May 2 Holders of reo. Apr. Is
6% preferred
•45e. May 2 *Holders of roe. Apr. 9
Philadelphia Electric(guar.)
$1.25 May 2 Holders of rec. Apr. 9a
$5 preferred (qual.
)
1% June 1 Holders of reo. May 12a
Phila.Suburban Water CO., pref.(qu.)
al% May 2 *Holders of rec. Apr. 30
pref.(guar.)
Potomac Edison. 7%
el% May 2 "Holders of rec. Apr. 20
6% preferred
50o. May 20 Holders of reo. Apr. 30
Power Corp. of Canada, eons. (quiz.)- Princeton,(N. J.) Water Co., COM.(qu.) •750 May 1 *Holders of rec. Apr. 20
Public Sere. Co.of Colo.7% pfd.(mthiy) 58 1-3c May 2 Holders of reo. Apr. 150
50o. May 2 Holders of rec. Apr. 150
6% preferred (monthly)
412-30 May 2 Holders of rec. Apr. 150
5% preferred (monthly)
50o. Apr. 80 Holders of rec. Apr. to
Pub. Sere. of N. J.,6% pref. (mthly.)
May 2 *Holders of rec. Apr. 15
Pub. Sere. of No. Ill. corn.$100 Par (111) *2
May 2 'Holders of rec. Apr. 15
*32
Corn.(no par value)(guar.)
'154 May 2 "Holders of rec. Apr. 15
7% preferred (guar.)
'154 May 2 *Holders of rec. Apr. 15
8% preferred (guar.)
138c. May 16 Holders of rec. Apr. 25
Quebec Power, common
Rhode Island Public Service. prof.(qu.). *50c. May 2 *Holders of rec. Apr. 15
"23e. May 2 "Holders of rec. Apr. 15
Rockland Light & Power (guar.)
July 1 "Holders of reo. June 1
Second & 3d Sta.(Phila.)Paso. Ry.(111)iii$3
Oct. 1 *Holders of rec. Sept. 1
"53
Quarterly
*50e. May 2 *Hoiders of reo. Apr. 20
/Sierra Pacific Electric, common
134 May 2 Holders o ree. Apr. 20
6% Preferred (qual.)
500, May 15 Holders of roe. Apr. 20a
Southern California Edison, corn, (au.).
Southern Calif. Gas Corp.. 36.50 pf. (qu) 31.1325 May 31 Holders of roe. Aor. 30
Southern Canada Power, corn. (guar.)-- f25e. May 18 Holders of rec. Apr. 30
8734c. Apr. 25 Holders of reo. Mar. 310
Standard Gas& Elec.,corn.(qual.)
$1.50 Apr. 25 Holders of reo. Mar. 310
38 prior preferred (quar.)
$1.75 Apr. 25 Holders of roe. Mar. 31a
$7 error preferred (qual.)
50c. June 1 Holders of rm. May 11
Standard Power & Light, corn. (quer.)-50c. June 1 Holders of rec. May 11
Class B (quarterly)
$154 May 2 Holders of reo. Apr. 18
Preferred (quarterly)
56c. May 18 Holders of reo. May 2
Tampa Electric Co.,corn.(qual.)
Preferred A (quarterly)
334 May 16 Holders of rec. May 2
Tacony Palmyra Bridge
*114 May I *Holders of reo. Apr. 10
Preferred (guar.)
1)4 May 2 Holders of rec. Apr. 15
Texas Power & Light 7% pref.(guar.) _ _
El% May 2 Holders of reo. Apr. 15
$8 pref.(quer.)
Name
April 23 1932
Company.
Per
When
Ceti. Payable
Public Utilities (Concluded).
Tennessee Electric Power Co.
1% July
5% first preferred (guar.)
134 July
6% first preferred (guar.)
1% July
7% first preferred (quiz.)
1.80 July
7.2% first preferred (quiz.)
50c. May
6% first preferred (monthly)
8% first preferred (monthly)
50e. June
50c July
6% first preferred (monthly)
(30e. May
7.2% first preferred (monthly)
80c June
7.2% first preferred (monthly)
60e. July
7.2% first preferred (monthly)
Toledo Edison Co..7% pref.(monthly)_ 58 1-3o May
50e. May
6% pref. (monthly)
5% pref. (monthly)
41 2-3c May
United Light & Rye. Co.. 7% prior pref.
58 1-3c May
(monthly)
.
53c. May
8.38% prior preferred (monthly)
•50c. May
6% prior preferred (monthly)
United Ohio Utilities
•13.i May
6% prior pref. (qua?.)
•
$1.50 May
Utica Gas& Elec..$6 prof.(guar.)
West Peon Electric, 7% pref.(quiz.)... $1% May
$134 May
6% preferred (guar.)
West Penn Power Co., 7% pref.(1u)- 154 May
134 May
6% Preferred (guar.)
1
1
1
1
2
1
I
2
1
1
2
2
2
Boats Closets
Days ludusiee.
Holders of rec. June 15
Holders of rec. June 15
Holders of roe. June 15
Holders of roe. June 15
Holders of rec. Apr. 15
Holders of rec. may 15
Holders of rec. June 15
Holders of reo. Apr. 15
Holders of rec. May 15
Holders of reo. June 15
Holders of rec. Apr. 150
Holders of rec. Apr. 150
Holders of reo. Apr. 150
2 *Holders of rec. Apr. 15
2 *Holders of reo. Apr. 15
2 *Holders of rec. Apr. 15
2 *Holders of rec. Apr. 9
2 *Holders of rec. Apr. 20
18 Holders of rec. Apr. 20
18 Holders of rm. Apr. 20
2 Holden of reo. Apr. 51
2 Holders of rec. Apr. 55
Books.
Amsterdam City National Bank (Amsterdam. N. Y.) (guar.)
•33% Apr, 30 *Holders of reo. Apr, 15
Trust Companies.
Corn Exchange Bank Tr. Co. (qua?.)...
Real Estate-Land Title & Trust Co
$1
5
Fire Insurance.
Camden Fire Association (guar.)
Firemen's Ins. Co.
(Newark, N.J.)(qU.)
Lincoln Fire Ins.(N.Y.)(guar.)
Standard Fire Insurance(N.J.)(guar.)
25e. May 42 Holders o rec. Apr. 15
*30o. Apr. 25 'Holders of rec. Apr. 15
250. Apr. 30 Holders of roe. Apr. 15
*750. Apr. 23
May 2 Holders of roe. Apr. 22
May 2 Holders of rec. Apr. 15
Miscellaneous.
154 Apr. 80 Holders of rect. Apr. 15a
Abraham & Straus. Inc., Prof.(qual.)
•30e. May 1 *Holders of rm. Apr. 15
Adams (J. D.) Mfg. (guar.)
50c. May 1 Holders of rec. Apr. 19
Adams Millis Corp., common (qual.)...
1% May 1 Holders of reo. Apr. 19
7% 1st preferred (guar.)
•1234c May 1 *Holders of rec. Apr. 9
Alaska Juneau Mining (guar.)
Holders of ree. Apr. 15
Allied Chemical & Dye, corn. (au.). - - $1.50 May
Holders of rec. Apr. 23
Allis-Chalmers Mfg. Co..cam.(guar.). 1230. May 1
•25o. Apr. 25 *Holders of roe) Apr. 4
Alpha Portland Cement (qual.)
•50o June 30 *Holders of ree. June 16
Aluminum Manufactures. corn.(qu.)
*500. Sept.30 *Holders of reo. Sept. 15
Common (qual.)
•50o Dee 3 *Holders of rec. Dee. 15
Common (qual.)
•1% June 3 *Holders of reo. June 15
Preferred (guar.)
*1St Sept.30 *Holders of reo. Sept. 15
Preferred (guar.)
'134 Dec. 3 *Holders of reo. Dee. 15
Preferred (guar.)
Holders of rec. Apr. 15
Amerada Corp.. common (guar.)
e.
•2
6°°. A pr. 30 *Holders to reo. Mar. Se
Amer. Asphalt Rooting,8% prof.(sin.)
$1
May 1 Holders of reo. May 2a
AmericanCan, com. (qual.)
Holders of rec. Apr. 11
American Coal of Allegheny Co.(guar ) 50e. May
*Holders of rec. Apr. 20
May
Amer. Crayon Co., 6% pref. (guar.).-*Holders of rec. July 20
*134 Aug.
6% preferred (quer.)
*Holders of reo. Oct. 20
june
Nov.
8% preferred (guar.)
*Holders of reo. May 28
American Envelope, 7% pref. (quay.).. '154
•ityi Sept. *Holders of rec. Aug. 25
7% preferred (guar.)
outi Dee.
*Holders of reo. Nov. 25
7% preferred (guar.)
Holders of roe. Apr. 14a
350. May
Amer. Home Products (monthly)
50o. Apr. 25 Holders of reo. Apr. 410
American Ice, corn. (guar.)
31.50 Apr. 26 Holders of reo. Apr. ‘a
Preferred (guar.)
$1.50 July 28 Holders of rec. July Pia
Preferred (gum.)
51 50 Oct. 25 Holders of reo. Oct. 70
Preferred (guar.)
35e. May 2 Holders of reo. Apr. 21
Amer. Mach.* Fdry. Co. eon].(guar.)
'250. Apr. 30 *Holders of roe. Apr. 20
American Meter. coin. (guar.)
1
July 1 *Holders of ree. June 20
Amer. Natl. Co.(Toledo), prof. A (au.) .
a1,4 jan .33 *Holders of rec. Sept. 20
Oct. 1
Preferred A (quarterly)
4
.15S
"Holders of rec. Dec. 20
Preferred A (quarterly)
*IA July I *Holders of roc. June 20
Preferred B (quarterly)
'1)4 Oct. I "Holders of roe. Sept. 20
Preferred B (quarterly)
9.54 Jen1'33 "Holders of rec. Dee. 20
Preferred B (quarterly)
0
760. May 2 Holders of reo. Apr. 15
American Shipbuilding. coin. (qua?.)...
•1,i May 2'Holders of Fee. Apr. 15
Preferred (qual.)
Amer. Smelting & Retg. Co.
1% June 1 Holders of reo. May 6
7% preferred (guar.)
8% 2d preferred (qual.)
13.4 June 1 Holders of rec. may 6
July 1 'Holders of reo. June 20
Amer. Thermos Bottle, pref. (guar.).*31 July 2 *Hoiden) of roe. June 18
Amoekeari Co.. common
*32.25 July 2 *Holders of roe. June 18
Preferred
Archer-Daniels-Midland, pref. (qua?.).. $154 May 1 Holders of reo. Apr. 20
114 June 1 Holders of rec. May 130
Associated Dry Goods. let prof. (guar.)144 June 1 Holden, of ree. May 186
Second preferred (quer.)
Atlantic Ice Mfg. Co., $7 pref. (s.-11.).-- *33 May 1 *Holders of me. Apr. 15
%
Atlas Powder. pref. (guar.)
$134 May 2 Holders of roe. Apr. 20
Atlas Utilities Corp., $3 pf. A (qu.)
750 Juno 1 Holders of roe. May 20
Austin, Nichols & Co.. prior pf. A (eu.) 37%c May 1 Holders of rec. Apr. 150
1)4 May 2 Holders of ree. Apr. 15
Beatty Bros.. Ltd.,6% prof. (qua?,)
1% May 2 Holders of rec. Apr. 15
Belding-Co:21mill. Ltd., com. (qual.)
154 June 16 Holders of reo. May 31
7% preferred (quer.)
Beneficial Indus. Loan, common (qUar.) 3714e Apr. 30 Holders of rec. Apr. 15
'871-4c Apr. 30 *Holders of rec. Apr. 15
$334 preferred A (quiz.)
BIrtmen Electric Co., eoln. (quiz.)
•12 Sic May 2 *Holders of roe. Apr. 15
*al Si May 2 *Holden; of rec. Apr. 15
7% Preferred (guar.)
Block Bros. Tobacco, 0012. ((Mari--- *37 he May 15 'Holders of reo. may 10
. 14e Aug. 18 'Holders of reo. Aug. 10
37
Common (guar.)
Common (qua?.)
'
3
734c Noy. 15 "Holden) of reo. Nov. 10
914 June 30 *Holders of reo. June 24
Preferred (Qual.)
Preferred (quer.)
Sant.32 *Holders of reo. Sept. 24
•1 14 Deo, 31 'Holders of reo. flee. 24
Preferred (aunt.)
Bloomingdale Bros.. Inc.. Pref. (gu.)--134 May 2 Holders of roe. Apr. 20a
Bon Ami Co., corn class A (guar.)
Apr. 31) Holders 01 roe. Apr. lb
$1
Borden Co., common (qual.)
750 June 1 Holders of rec. May 14
Briggs Manufacturing (qual.)
250. Apr, 25 Holden of rec. Apr. 11
•13,4 May 1
Brill (J. G.),7% pref. (guar.)
*Holders of roc. Apr. '29
British United Shoe Machinery
Am. dep. rots, for ord. reg. shares..... 7)4 June 8 Holders of roe. May 17
BroadwayDept. Stores, 7% let pf.(gu.) 1% May 2 Holders of reo. Apr. 18
Brown Shoe Co..7% preferred (guar.,
- 1% May 2 Holders of rec. Apr. 20
31
Buckeye Pipe Line (guar.)
June 15 Holder, of roc. Apr. 26
*2
Budd Realty Corp.,com.(guar.)
May 1 *Holders of rec. Apr. 24
20e. May 2 Holders of rec. Apr. 15
Bullock Fund, Ltd. (Initial)
•14, May 1 *Holders
Bullock's, Inc.. pre.(guar.)
of reo. Apr. 11
•14i May 2 *
BUOte Bros., 7% preferred (guar.)
Holders of reo. Apr. 25
Burroughs Addlng Machine (quiz.)
200. June 4 Holders of rec. May
62)4o May 1 Holders of reo. Apr. 8
Bush Terminal Co., corn. (guar.)
1% May 2 Holders of roe. Apr. 154
Byers(A. M.) Co.. pref.(gust.)
40o. July 1 Holders of reo. June 15
Calembe Sugar Estates, corn.(guar.)._
5
.35o. July 1 *Holders of roe. June 15
7% preferred (qual.)
•1% May 1 *Holders of rec. Apr. 15
Campe Corp.. 6)4% prof.(guar.)
Canadian Bronze, Ltd., com. (quiz.)
May 1 Holders ot rec. Apr. 20
May I Holders of rec. Apr. 20
Preferred (guar.)
May 16 Holders of rec. Apr. 30
Canad'n Converters Co., Ltd.cow.(qu.)
May 2 Holders of rec. Apr. 15
Can. Dredge & Dock, Ltd.. 7% pt.(au.)
Apr. 30 *Holders of rec. Mar. 31
Canadian Industries, corn.(guar.)
Apr. 80 *Holders of reo. Mar. 31
Common (extra)
Ca7n%flepldreOred
ll rcommouquar.)
ie
June 30 *Holders of reo. June 20
(qual.)
Mar. 31 Mar. 21 to Mar. 24
June 30 'Holders of reo. June 20
7% preferred (guar.)
7% preferred (guar.)
Sept. 30 *Holders of reo. Sept. 20
Dee. 31 *Holders of rec. Dee. 20
7% preferred (guar.)
25o. May 2 Holders of rec. Apr. 21
Capital Management Corp.. corn. (en,)
•154 Apr. 30 *Holders of rec. Apr. 15
Cartier, Inc., 7% pref. (qual.)
Central Illinois Sec. Corp.. $134 pt.(qu.) *37)40 May 1 *Holders of rec. Apr. 20
1% June 1 Holders of rec. May 20a
Century Ribbon Mills pref. (guar.)._
Volume 134
Financial Chronicle
Books Cloaca
When
Per
Name of Company.
Cent. Payable.
Data Inclueive.
Miscellaneous (Continued).
Centrifugal Pipe (qual.)
150. May 16 Holders of roe. May 5
Quarterly
15e. Aug. 15 Holders of rec. Aug. 6
Quarterly
15e. Nov.15 Holders of rec. Nov. 5
Cherry Burrell Corp.. pref. (quar.)
olf( May I *Holders of rec. Apr. 15
City Baling Co., 7% pref. (quay.)
*15( May 1 *Holders of rec. Apr. 25
Cluett Peabody & Co.. Inc., common-50e. May 2 Holders of rec. Apr. 20
Coca Cola Bottling Corp. el.
pt.(qu)- ,1,3714c May 2 *Holders of rec. Apr. 15
Coca Cola Bottling Co.of St. L.(quay.). .40e. July 15 *Holders of rec. July
Quarterly
•400. Oct. 16 *Holders of rec. Oct. 6
Colgate-Palmolive-Peet. pref. ((marl_ _
•114 July 1 Holders of rec. June 10
Columbian Carbon vot. tr. Ws.(qua?.).
75e. May 2 Holders of rec. Apr. 15
Community State Corp.,class A (qual.). *1234c June 30 *Holders of rec. June 24
Class A (quar.)
•1234e Sept.30 *Holders of rec. Sept. 26
Class A (quar.)
•12140 Dee. 31 *Holders of rec. Dec. 27
Consol. Chem. Indus., pref. A (guar.).- 117540 May 2 *Holders of rec. Apr. 15
Consol. Cigar, 614% prior pref. (qua?.). 154 May 2 Holders of rec. Apr. 18
7% preferred (quar.)
134 June 1 Holders of rec. May 16
Consolidated Laundries. pref.(quar.).' $1.875 May 2 *Holders of rec. Apr. 15
Cons( I. 011 Corp.,8% pref. (initial qu.). 2
May 14 Holders of rec. Apr. 30
Control. Rend Co.,8% pref. (qUar.)
May 2 *Holders of rec. Apr. 21
*2
Consolidated Royalty Oil (quay.)
*5e. Apr. 25 *Holders of rec. Apr. 15
Continental Can common (quar.)
6234c May 14 Holders of rec. Apr. 30
Coon(W. B.) Co.. pref.(quar.)
'134 May 2 *Holders of rec. Apr. 12
Cudahy Packing. 6% preferred
8 May 2 Holders of rec. Apr. 20
7% preferred
314 May 2 Holders of roe. Apr. 20
Cuneo Press (quar.)
62140 May 2 Holders of rec. Apr. 15
614% preferred (quar.)
134 June 15 Holders of rec. June 1
Maher Steel Constr..el. A pref.(quar.).... 3714c May 2 Holders of rec. Apr. 15
Dr. Pepper Co.(quar.)
4
10e.June I *Holders of rec. May 15
Quarterly
*30e. Sept. 1 *Holders of rec. Aug. 18
Quarterly
*We. Dec. 1 *Holders of rec. Nov. 18
Dominion Bridge (qual.)
t6234si May 16 Holders of res. Apr. 8C:
Dominion Motors, Ltd
tlOo. May 2 Holders of rec. Apr. 15
Dominion Tar & Chemical, pref.(qua?.) 1134 May 1 Holders of rec.
Apr. 6
Du Pont
(E. I.) de Hems& Co.
Debenture stock (quar)
114 Apr. 25 Holders of rec. Apr. 90
Eastern Dairies, Ltd.,corn.(quay.)
25c. May 2 Holders of rec. Mar.31
Eastern Food Corp.. class A (ousel
- 750. July 1
Eastern Theatres, Ltd., corn.(gnarl-- *50e. June 1 *Holders of rec. Apr. 30
I Eaton Mfg. (quar.)
12140 May 2 Holders of rec. Apr. 150
Electric Ferries, Inc., pref
*11$2 May 28 *Holders of rec. Apr. 20
Elec. Pow. AS80., Inc. cl. A (quar.)
*260. May 2 *Holders of rec. Apr. 20
Class B (quarterly)
*250. May 2 *Holders of rec. Apr. 20
Electrical Securities Corp..65 pf.(qU.)-- '61.25 May 2 *Holders of rec. Apr. 15
EPPens. Smith & Co
Aug. 1 *Holders of MO July 25
*2
Eureka Pipe Line (quay.)
May 2 Holders of rec. Apr. 15
1
Eureka Vacuum Cleaner (special)
Apr. 30 *Holders of roe. Apr. 15
*12
Ewa Plantation (quar.)
*600. May 15 *Holders of rec. May 5
Exchange Buffet Corp., corn. (quar.)_.. 611c Apr. 30 Holders of rec. Apr. 15
Fair (The) 7% pref.(quar.)
134 May 2 Holders of rec. Apr. 20
Federal Knitting Mills (quiz.)
623$0 May d2 Holders of rec. Apr. 15
Fibreboard Prod., 6% pr. pref. (quay.). '134 Mayd2 *Holders of rec. Apr. 15
Food Machinery, preferred (monthly).. '500. May 15 *Holders of rec. Mar. 10
Preferred (monthly)
*50e. June 15'Holders of rec. June 10
Foundation Co. of Canada. coin. (quiz.) 1234c May 14 Holders of rec. Apr. 30
Gardner-Denver Co.. pref. (quar.)----• •lf( May 1 *Holders of ref). Apr. 20
General Cigar Co.. Inc..com.(qual.)... $1
May 2 Holders of rec. Apr. 16
7% preferred (quay.)
If( June 1 Holders of rec. May 23
General Electric(qual.)
26e. Apr. 25 Holders of rec. May. 186
Special stock (quay.)
16o. Apr. 25 Holders of roe. Mar. 180
General Foods Corp.. common (quar.)...
75e. May 2 Holders of rec. Apr. 15
General Mills, Inc.. common (quay.)...
760. May 2 Holders of rec. Apr. 15a
General Motors,$5 prof (gnarl
11.25 May 2 Holders of rec. A or 2.
General Outdoor Adv.,6% pref. ((in.).. •134 May 15 *Holders of rec. May 5
Gen. Stockyards Corp., corn.((marl..
75e. May 2 Holders of rec. Apr. 15
$6 convertible preferred (quar.)
61.60 May 2 Holders of rec. Apr.
Gillette Safety Razor. pref. (quar.)..... $1.25 May 2 Holders of rec. Apr. 15
la
Gilmore 011 Co., Ltd. (quar.)
*300. Apr. 30 *Holders of rec. Apr. 15
Globe Underwriter); Exchange
"20e. May 2 *Holders of rec. Apr. 15
Gold Dust Corp.(quar.)
400. May 2 Holders of rec. Apr. tia
Goodyear Tire & Rubber 1st prof.(guar.) 134 July 1 Holders of rec. June 1
Gorham Mfg. Co.. corn. V. t. C. (quar.).
400. June 1 Holders of rec. May 18
Gotham Silk Hosiery, Pref. (quer.)- - 1% May 2 Holders of rec. Apr. 12a
Gottfried Baking Co.Inc.. pro!.(quar.).
lf( July 1 Holders of rec. June 20
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept.30
Preferred (Czar.)
134 Jan 213 Holders of rec. Dec. 20
Grace(W.R.)& Co..6% prof.(guar.)... 3
June 30 Holders of rec. June 29
6% preferred
3
Dec. 29 Holders of roe. Dec. 28
Preferred A & B (quar.)
2
June 30 Holders of roe. June 29
Preferred A & B (qua?.)
2
Sept.30 Holders of rec. Sept.29
Preferred A & B (quar.)
Dec. 29 Holders of rec. Dec. 28
2
Hardesty(R.) M tg.,7% Pref.(qUar.)
*134 lune 1 *Holders of tee. May lb
7% preferred (qua?.)
*134 iept. 1 "Holders of rec. Aug 15
7% preferrel (quar.).-0134 Dec. 1 *Holders of rec. Nov. 15
Hercules Powder. preferred (quar.)
134 Way 14 Holders of
Hershey Chocolate Corp., coin. (quar.. 11.5( May 15 Holder) of rec. May 3
rec. Apr. 25
Convertible preferred (quay.)
$1
Way 16 Holders of rec. Apr. 26
Hewitt Bros. Soap, pref. (quar.)
*2
luly 1 *Holders of rec. June 20
Preferred (quar.)
*2
Oct. 1 *Holders of rec. Sept 20
Preferred (quar.)
*2
Jan118 *Holders of rec. Dec. 20
Hibbard,Spencer. Bartlett& Co.
(mthly) 15e Apr. 29 Holders of roe. Apr. 22
Monthly
150 May 27 Holders of reo. May 20
Monthly
Ito. June 24 Holders of rec. June 17
Holt (Henry)& Co.,el. A (quay.)
"2214t)June 1 *Holders of rec. May 11
Homestake Mining corn.(
65e. Apr. 25 Holders of rec. Apr.
Horn & Ilardart(N. Y ), coin (guar.)._ 6214c May 2 Holders of rec. Apr. 20
11
Horne (Joseph) Co.6% pref. (guar.).- "114 May 1 *Holders of rec. Apr. 23
Humberstone Shoe Co.. corn. (guar.).
- *50.3. May 2 *Holders of roc. Apr. 15
Indiana Pipe Line (quar.)
100. May 14 Holders ol rec. Apr. 22
Imperial Chemical Industries, Ltd.
-Amer. dep. rcts, for ord. cog
•3
June 8 *Holders of rec.
International Cigar Mach.capital (quar.) 62340. May 2 Holders of rec. Apr. 15
Apr. 21
Industrial & Power tlecuritios
abe June 1 Holders of roe. May t
Quarterly
Mc. Sept. 1 Holders of rec. Aug. 1
Quarterly
250. Deo. 1 Holders of rec. Nov 1
Insuranoe Bldg. Corp. 7% prof. (guar.) *500. May 1 *Holders
of rec.
Inter-Island Steam Navigation (MtillY.). •10c. Apr. 30 *Holders of rec. Apr. 19
Ape. 24
Monthly
•10e. May 31 *Holders of rec. May 24
Monthly
•10c). June 30 *Holders of rec. June 24
Monthly
•10o. July 31 *Holders of rec. July 24
Monthly
•10c. Aug. 31 *Holders of rec. Aug. 24
Monthly
•I0o. Sept.30 *Holders of roe. Sept.24
Monthly
•I0o. Oct. 31 *Holders of rec. Oct. 24
Monthly
•10c. Nov. 30 *Holders of rec. Nov. 24
Monthly
•10c. Dec. 31 *Holders
Internat. Nickel of Canada. 7% pf.(qU.) 15( May 2 Holders of rec. Dec. 24
of rec. Apr. 2a
7% preferred ($5 par)((ivar.)
May 2 *Holders of rec. Apr. 2
Internat. printing Ink,
Prof. (quay.).... 15( May 1 Holders of rec. Apr. 16
International Shoe, pref.(quar.)
*500. May 2'Holders of roe. Apr. 16
Preferred (monthly)
*50e. Jena 1 *Holders of tee. May 14
Interstate Dept. Stores. Prof.(cum." 15( Apr. 30 Holders
of rec. Apr. 14
Ivanhoe Foods, Inc., Prof.(quay.)
• 87)fe. July 1 *Holders of rec. June
10
j
antzen Knitting Mills, common
Sc. May 1 Holders of rec. Apr. 15
7% preferred (qua?.)
'134 June 1 *Holders of rec. May
Co., Inc., common (quar.)._ $1 July 15 Holders of rec. July 25
Jewel Tea
1
Kalamazoo Vegetable Parchment (qu.). •15e. June 30 *Holders of rec. June 20
Quarterly
•15o. Sept.80 *Holders of rec. Sept.20
Quarterly
•154). Dec. 31 *Holders of roe. Dec. 21
Kaufman Dept. Stores, coin. (quite).
20e. Apr. 28 Holders of roc. Apr. 9
Kemper-Thomas Co.. coin.(quiz.)
*1234c July 1 *Holders of roe. June 20
,
Common (qua?.)
•1234e Oct. 1 *Holders of rec. Sept. 20
Common (quar.)
*1214c Jan 1'33 *Holders of rec. Dee. 20
Preferred (qua?.)
'134 June 1 *Holders of rec. May 20
•Ist Sept. 1 *Holders of roe. Aug. 20
Preferred (guar.)
Preferred (quar)
Deo. 1 *Holders of rec. Nov. 20
Keystone Cold Storage
*61.25 Oct. 1 *Holders of roe. Sept.20
Klein (D. Emil) corn. (quar.)
25c. July 1 Holders of rec. June 20
Preferred (quar.)
`61fi May 1 *Holders of rec. Apr. 20
Krug (S. H.)& Co.,common (quar.)
25e. May 2 Holders of rec. Apr. 11
Com.(1-20th eh. special pref. stock)-..
May
Holders of roe. Apr. 11
Specialpreferred (quar.)
1154). May 2 Holders of rec. Apr. 11
-
Name of Company.
3051
Pot
When
Cont. Payable
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Knudsen Creamery, elm. A & II (eitilw.). '3734c May 20 *Holders of rec. Apr. 30
Kroger Grocery A: Baking, COM. (quar.) "250. June 1 *Holders of rec. May 10
e% lit preferred (guar.)
*114 July 1 *Holders of rec. June 20
7% 2d preferred (guar.)
•11( May 2•Holden of roe. Apr. 10
7% 2d preferred (guar.)
*154 Aug. 1 *Holders of rec. July 20
Landers. Frary ar Clark (qua?.)
'62540 June 30 "Holders of rec. June 20
Quarterly
'6234e Sept.80 *Holders o tree. Sept. 20
Quarterly
*6214o Dee. 31 *Holders of rec. Doe. 21
Lane Bryant, Inc., 7% pref. (qUar.)--- I% May 1 Holders of roe. Apr. 15
Lawbeek Corporation. pref. (quar.)..._ •1% May 2 *Holders of rec. Apr. 20
Lazarus(F.& R.) Co..614% pref.(quer.) 154 May 2 Holders of rec. Apr. 20
Lercourt Realty Corp..cam.(Wars)
40c. May 16 Holders of rec. May 5
Lerner Stores, 615% pref. (guar.)
154 2A Pr.30 'Holders of rec. Apr. 20
Link-Belt, corn. (quar.)
300 June 1 Holders of rec. Mayd14a
Preferred (quiz.)
•1% July 1 *Holders of rec. June 15
Liquid Carbonic Corp.(quar.)
500. Apr. 30 Holden; of rec. Apr. 20
Loeser; Boston Theatres corn.
15e. Apr. 30 Holders of rec. Apr. 23
((Marl-Loew's Ohio Theatres, Inc.. prof.(MW.)*52
May 1 *Holders of rec. Apr. 25
Leese-Wiles Biscuit. corn. (quar.)
850. May
Holders of roc. Apr. lfla
Common (extra)
10o. May 1 Holders of rec. Apr. 18a
Lord & Taylor, 2nd pref. (quar.)
2
MAY 2 Holders of rec. Apr. 18a
Lunkenhelmer Co., preferred (quar.).... *154 July 1 Holders of roe. June 20
Preferred (quar.)
*134 Oct. 1 *Holders of ree. Sept.20
Preferred (quiz,)
'134 Jan 213 *Holders o reef Dee. 22
Lyon Metal Prod.,Inc., pref.(quar.)--- *e114 May 1 *Holders of rec. Apr. 20
82%c May 2 Holders of rec. Apr. 20e
McCall Corp.(qua?.)..
McCrory Stores, pref. (quar.)
1% May 1 Holders of roe. Apr. 20
McIntyre Porcupine Mines, Ltd.(guar.)
250. June 1 Holders of rec. May 2
MacKinnon Steel, 1st pref.(quar.)
1% May 2 Holders of roe. Apr. 15
Macy (R. H.) & Co.. com.((Marl---500. May 16 Holders of rec. Apr. 22.
Magnin (I.) & Co.,8% pref.(gnarl-- *114 May 16 'Holders of reo. May
d% preferred (qual.)
*114 Aug. 15 *Holders of rec. Aug.
6% preferred (guar.)
*134 Nov. 16 'Holders of reo. Nov. 5
Maytag Co., let pref. (quiz.)
$114 May 2 Holders of rec. Apr. 20
Melville Shoe common (guar.)
400. May 1 Holders of rec. Apr. 15
1st preferred (quar.)
$114 May 1 Holders of rec. Apr. 15
2nd preferred (quar.)
*7144) May 1 *Holders of rec. Apr. 15
Merchants Refit:. of N. Y., pref. (go.).. 13( May 2 Holders of rec. Apr. 22
Metal & Thermit Corp.,corn.
$114 May 1 Holders of rec. Apr. 20
Met. Ind.6% pref. 60% paid ctfs. (qu.) •750. May 1 *Holders of rec. Apr. 25
Minneopolle-Honeywell Regulator
Common (qua!,)
75e May 14 Holders of reo. May 4a
Modlne Mfg. Co.. corn. (quar.)
15.3 May 1 Holders of rec. Apr. 20
Mohawk Mining Co. (quar.)
25e May 31 Holders of rec. Apr. 30
Monmouth Cons. Wat.. 7% pref. (qu.) "1.54 May 16 *Holders of rec. May 2
Mtge. Corp. of Nova Scotia, corn.(qu.). 11134 May 1 *Holders of rec. Apr. 24
Nash Motors Co.. common (quiz.)
50e May 2 Holders of rec. Apr. 20
National Carbon, pref. (quar.)
2 May 2 Hclders of rec. Apr. 20a
National Casket, corn
*$1.60 May 14 *Holders of rec. Apr. 30
National Distiller, Prod.. corn. (quar,).
504) May 2 Holders of rec. Apr. 15
Natl. Industrial Loan Corp
'3234c May 15 *Holders of rec. Apr. 30
National Lead, pref. B (quar.)
154 May 2 Holders of rec. Apr. 226
Natl. Tea Co., 514% pref. (guar.)
13Ke May 2 Holders of roe. Apr. 14
Nelson, Baker & Co.(quay.)
.150 June 80 *Holders of rec. June 25
Quarterly
*150 Sept.30 *Holders of rec. Sept.26
Neon Prod. of W. Can., Ltd., pt. (qu.). "75e May 1 *Holders of rec. Apr. 15
NeptuneMeter, pref. ((Marl
2
May 15 Holders of rec. May 1
Preferred (quar.)
2
Aug. 16 Holders of reel. Aug. 1
Preferred (qua?.)
2
Nov. 16 Holders of rem. Nov. 1
New Amsterdam Casualty (quar.)
60e MAY 2 Holders of roe. Apr. 22
New England Equity Corp.,corn.(quar.)
50o May 2 Holders of rec. Apr. 15
New England Grain Prod.,$7 pref. Ulu.) *51.75 July 1 *Holders of rec. June 20
$7 preferred (quar.)
*11.75 Oct. 1 *Holders of rec. Sept.20
$7 preferred (guar.)
'11.75 Ja.2113 "Holders of rec. Dec. 20
$8 preferred A (quer.)
*11.50 July 15 'Holders of rec. July 1
$6 preferred A (quar.)
*11.50 Oct. 16 *Holders of roe. Oct. I
$6 preferred A (guar.)
*$1.50 Ja 1533 *Hold. of rec. Jan. 1 *33
New Jersey Zinc (qual.)
500 May 10 Holders of roe. Apr. 20a
N Y & Honduras Rosario Min.corn.(qu.)
25o Apr. 23 Holders of rec. Apr. 13
Extra
25e Apr. 23 Holders of rec. Apr. 13
N. Y. Merchandise Co., ooze. (gnat.)... '25c May 2 *Holders of rec. Apr. 20
Preferred(quar.)
"Slf( May 2'Holders of rec. Apr. 20
Y.N
Utilities, Inc.. pref. (quar.)
*I1134 May 1 *Holders of rec. Apr. 11
Newberry (J. J.), 7% pref. (quar.)
154 June 1 Holders of rec. May 18
Newberry (J. J.) Realty. prof. A (guar-) '154 May 1 'Holders of ree. Apr. lb
Preferred B (qua?.)
*14 May 1 'Holders of rec. Apr. lb
North River Insurance Co.(quiz.)
*25e June 10 *Holders of rec. June 1
Outlet Co. common (quay.)
$1
May 2 Holders of rec. Apr. 20
1st preferred (quar.)
51% May 2 Holders of roe. Apr. 20
2nd preferred (quiz.)
1134 MAY 2 Holders of rec. Apr. 20
Pie. Finance Corp.(Del.),110 pf. A (qu.)
20c May I Holders of rec. Apr. 16
$10 preferred C (guar.)
16140 May I Holders of rec. Apr. 15
$10 preferred D (quar.)
MSC may 1 Holders of rec. Apr. 15
Package Machinery.(War.)
*SI .6t, June 1 'Holders of roe. May 20
let preferred (guar.)
00154 May 2 *Holders of rec. Apr. 20
lot preferred (quar.)
elf( Aug. 1 *Holders of rec. July 29
First preferred (qua?,)
elf( Nov. 1 •Helders of ree. Oct. 20
Peerless Motor Car Corp. (special)
$3
Apr. 25 Holders of rec. Apr. 20
Peumans, Ltd.. corn.(quay.)
Hoidens of rec. May 6
750 May I
Preferred (quar.)
114 May 2 Holders of rec. Apr. 21
Pioneer MI11, Ltd., corn.(monthly).... *10o May 1 *Holders of ree. Apr. 20
hues,& Atwood Mfg.(quiz.)
*600 July 1 •Hoiders of roe. June 25
Quarterly
*we (let
1 "Holders of ree. 1%0.25
Pollock Pap. & Box, pref.(quit.)
'1154 June 16
Preferred(qua?)
ii$154 Sept.15
Preferred (qua?.)
01154 Dec. 15
Process Corp.. common (quar.)
5e May 1 Holders of rec. Apr. 21
Procter & Gamble, common (quar,)
600 May 14 Holders of rec. Apr. 25
PrudenceCo.(N. Y.) pref. (selni-ann.)- $314 May 1 Holders of rec. Apr. 22
Public Utility Investing. $5 pt.((in.).- '11.25 May 2 *Holders of rec. Mar.81
Pullman Inc. (quar,)
75e May IS Holders of rec. Anr. 22.
Quaker oats,6% preferred (quiz.)
*114 May 31 'Holders of ree. May 2
Raymond Concrete Pile, pref. (qua?.)..
75 May 2 Holders of rec. Apr. 20
0
Rood (C. A.) class A (qua?,)
*50c May 2 *Holders or rec. Apr. 21
Class B (quarterly)
'1234c May 2 *Holders of rec. Apr. 21
Republic Service. Pref. (qua.)
"1114 May 2 *Holders of rec. Apr. 16
Rich toe Cream Co., Ina. (guar.)
.550 May 2 *Holders of rec. Apr. 16
Rio Tinto Co., Ltd. (Amer. deposit
receipts for ordinary bearer)
28. 6d May 9 Holders of rec. Apr. 29
Rochester Service Corp., pref. (quar.).. '$134 MAY 2 *Holders of rec. Apr. 15
Rolls Royce. Ltd
Amer. dep, rote. for. ord. reg. shares_
10 May 17 Holders of ree. Apr. 1
Roos Bros. (qua?.)
"100 May I *Holders of rec. Apr. 16
Preferred (quar.)
81.626 May 1 *Holders of rec. Apr. 15
Rose's 5-10-25e. Stores. Ine..7% Pt.(IU.) •1% May 1 *Holders of rec. Apr. 20
Russell Motor Car. corn. (guar.)
•500 May 2 *Holders of rec. Apr. 15
Preferred (quar.)
•1% May 2 *Holders of reo. Apr. 15
St. Lawrence Flour Mills, pref. (quar.)- "1134 May 2'Holders of roe. Apr. 20
Salt Creek Producers Assn. (qual.)
250 May 2 Holders of ref'. Apr. 15
Savannah Sugar Reg.,common (quiz.). $154 May 2 Holders of rec. Apr. 15
7% Preferred (quar.)
1% May 2 Holders of rec. Apr. 15
Scott Paper. pref. A (quar.)
13( May 1 Holders of rec. Apr. 16a
Preferred B (quar.)
1(4 May 1 Holders of rec. Ayr. lea
Scotren Dillon, common (quar.)
300 May 14 Holders of rec. May
dears Roebuck & Co., corn.(quar.)
6234e. May 2 Holders of rec. Apr. 86
Seeman Brothers, Ine., corn. (quar.)....
76e May 1 Holders of rec. Apr. 15
Segal Lock dr Hardware 7% pref.(quar.) '8714cApr. 2 *Holders of rec. Apr. 10
Selby Shoe Co.. corn. (quar.)
*35e May 1 *Holders of rec. Apr. 20
Preferred (qual.)
11154 May 1 *Holders of rec. Apr. 20
Serve', Inn., preferred (gnarl
'$1.76 May
"Holders of ree Apr. 20
Preferred (guar.)
'11.75 Aug.
"Holders of rec. July 20
Preferred (quar.)
*$1.75 Nov. 1
Service Stations, Ltd.,6% pf. A ((AL)." 54 of 1 Apr. 30 "Holders of rec. Oct. 30
'Holders of rec. Apr. 15
6% preferred (quar.)
• ff of 1 Apr, 30 'Holders of ree.
Apr. 15
Sharp & Dohme, pref.(guar.)
87340 May 1 Holders of rec. Apr. 15
Simpson (Robert) Co. pref
8
May
Smith Agricul. Chemical, 8% pref.(qu,) *114 May 2 Holders of rec. Apr. 15
2
Seen&(Amer. dep.receipts for ord. bear) w9 fr. May 7 'Holders of rm. Apr. 20
Holders of rec. Apr. 23
Solvay-Amer. Investment Corp.pfd.(au.) $111 May
18 Holders 01 roe. Apr. 15
Sparks, Withington Co., pref.
(quar.). •
134 June 15 *Holders
of rec. June 8
Spencer Kellogg & Sons (quar.)
• 150 June 30 *Holders of roe.
June 156
Financial Chronicle
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Squibb(E.R.)& Sons, corn.(quer.)--- 25e. May 2 Holders of reo. Apr. 15
$1.50 May 2 Holders of rec. Apr. 15
1st preferred (quer.)
*3740 May 16 *Holders of roe. Apr. 30
Stanley Works, pref. (guar.)
14340 May 2 Holders of rec. Apr. 7
of Canada,corn.(qua?.)
Steel Co.
1433ge May 2 Holders of roe. Apr. 7
Preferred (quer.)
.433go June 30 *Holders of rec. June 15
Stir Baer & Fuller, 7% prof.
'43%o Sept. 30 *Holders of roe. Sept.15
7% preferred (quer.)
'4340 Dec. 31 *Holders of roe. Dec. 15
7% preferred (quer.)
250. May 1 Holders of rec. Apr. 20
StorklIne Furniture Corp.. pref.(qu.)-Suburban Electric Securities. pref. (qu.) $1% may 1 *Holder), of too. Apr. 15
Superior Portland Cement. el. A (mthly) 2740 May 1 Holders of rec. Apr. 23
Sweets Co. of America (in capital stock) /2% May 2 Holders of roe. Apr. 15
May 2 Holders of roe. Apr. 22
Swiss-American Electric., $6 pref.(s.-a.) $3
•1150. May 2 *Holders of rec. Apr. 15
Teck-Hughes Gold Mines, Ltd
35c. May 1 Holders of rec. Apr. 15
Te!autograph Corp. (quar)
Telephone Invest. Corp.,corn.(monthly) +.20o. May 2 *Holders of rec. Apr. 20
*2% May 10 *Holders of roe. Apr. 25
Texas Gulf Products (initial qua?.)
90e. May 15 Holders of rec. Apr. 30
Thatcher Mfg. Co..cony. prel.
$1% May 16 Holders of rms. Apr. 16
Tide Water 011, pref.(qual.)
May 17
Tobacco Secur. Trust, Ltd. (interim)._ 5
25c. May 2 Holders of roe. Apr. 20
'rung Sol Lamp Works,corn.(quar.)---75e. May 2 Holders of rec. Apr. 20
Preferred (qua?.)
360. May 10 Holders of rec. Apr. 18
Union Oil Associates (guar.)
350. May 10 Holders of tee. Apr. 18
Union 011 Co.of Calif., corn. (quar.)--'6240 May 10 *Holders of roe. May 1
Storage (qow.)
Union
•6240 Aug. 10 *Holders of roe. Aug 1
Quarterly
•62%e Nov. 10 *Holders of roe. Nov. 1
Quarterly
United Biscuit of Amer.,corn.(qual.)... 50c. June 1 Holders of rec. May 160
1)( May 1 Holders of rec. Apr. 160
Preferred (qual.)
25e. May 1 Holders of rec. Apr. 15
United Piece Dye Works (qual.)
1% July 1 Holders of rec. June 200
Preferred (guar.)
1% Oct. 1 Holders of rm. Sept. 20a
Preferred (quer.)
114 Jan 2'33 Holders of rec. Dee. 20a
Preferred (quer.)
50c. Apr. 30 Holders of rec. Mar. 31a
United Profit-Sharing, pref
United Verde Extension mining (qnuir.)- 12%c May 2 Holders of roe. Apr. 2a
50e July 20 Holders of rec. June 30a
17. S. Pipe & Fdy., corn. (Qum.)
50e Oct. '20 Holders of rec. Sept. 300
Common (Qual.)
50e Ja.20'33 Holders of rec. Dec. 31a
(guar)
Common
80c July 20 Holders of rec. June 30a
First preferred (011hr.).
30e Oct. 20 Holders of me. Sept. 300
First preferred (01111r.)
30o Js.20•83 Holders of roe. Doe. 31a
First preferred Miura
*15c May 16 *Holders of rec. Apr. 30
Universal Cooler Corp.. A
750. May 2 Holders of rec. Apr. 150
Universal Leaf Tobacco, corn. (guar.)._
•25o. Apr. 28 *Holders of rec. Mar. 15
Upson Co., elms A & B ((Mar.)
Western Cartridge,8% pref.(guar.).-- •1% May 20 *Holders of rec. Apr. 30
Western United Corp..64% prof.(qu ) •1% May 1 *Holders of rec. Apr. 18
260. Apr. 30 Holders of roe. Mar. 31a
Westinghouse Air Brake (quer.)
Westinghouse Elec. dc Mtg., corn (qu.). 250. Apr. 30 Holders of rec. Apr. 11
873-ic Apr. 30 Holders of rec. Apr. 11
Preferred (qua?,)
7%o. Apr. 30 Holders of roe. Apr. 200
Wilcox Rich Corp. clam B
May dl Holders of rec. Apr. 20
Wil-Low Cafeterias, Inc., pref. (quer.). 31
*2
May 1 *Holders of roe. Apr. 15
Winged Hosiery (Guar.)
Aug. 1 *Holders of rec. July 16
Quarterly
*2
Nov 1 Holders of roe. Oct. 15
*2
Quarterly
600. June 1 Holders of roe. Apr. 18
Woolworth (F. W.),common (quar.).._
250. May 2 Holders of rec. Apr. 20
Wrigley (William) Jr. Co.(MIAS.)
50e. June 1 Holders of roe. May 20
Monthly
Monthly
250. July 1 Holders of rec. June 20
1
• M July
1 Holders of rec. Jan. 19
Wurlltzer(Rudolph) Co..7% pt.(au.)._
•From unofficial sources. f The New York Stook Exchange has ruled that
stook will not be quoted es-dividend on this date and not until further notice.
The New York Curb Exchange Association has ruled that stook will not be quoted
ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
et Correction. e Payable In stook.
l'Payable in common stook. o Payable In scrip. h On account of accumulated
dividends. J Payable In preferred stook.
i Formerly Eaton Axle & Spring. Name changed to Eaton Mfg. Co. In March
1932.
k Maxwell Corp. common dividend is optional, Sc. In cash or 1% In stock.
Electric Shareholdings Corp. Ws% on the $6 pref. stock Is 44-1000ths of a share
of common stook or, at holders option It company is advised by May 15, 61.50 in
cash.
I Payable in Canadian funds.
U Payable In United States funds.
o Amer. Cities Power & Light class A dividend Is optional either 75e. cash or
1-32d share clam B.
W Leos deduction for expenses of depositors.
z Leas tax.
Weekly Return of New York City Clearing House.
Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, pages 3812-13. We give the
statement below in full:
YORK CLEARING HOUSE
STATEMENT OF MEMBERS OF THE NEW
SATURDAY, APRIL 16 1932
ASSOCIATION FOR THE WEEK ENDED
Clearing House
Members.
*Capital.
*Surplus a
Undivided
Profits.
Nei Demand
Deposits.
Average.
Time
Deposits.
Average.
S
$
8
I
77.181,000 10,331,000
0.868,800
6.000,1 1 i
Bank of N. Y. AC Tr. Co-..
22,250.000 44,438,300 231,558.000 37,909,000
Bank of Manhattan Tr. .
124,000,000 101,317,500 a918,147,000 176,816,000
National City Bank
44,895,100 204.616,000 21,252,000
Chem. Bank & Trust Co-.. 21,000.000 191,963,4001 0734,465.000 85.920.000
90,000,000
Guaranty Trust Co
32.935,000 27,122,9001 254,010,000 80,440,000
Trust Co
Manufacturers
21,000,000 75.023,500I 394,769,000 40,289,000
Cent Hanover Ilk A Tr_
166,013,000 24,493,000
15,000.000 22,710,400
Corn Exch Hank Trust .
10.000,000 112,537,200 263.605.000 24,122.000
Pint National Bank
290,344.000 38,473,000
50,000.000 75,584,9001
Irving Trust Co
2,831,000
28.600,000
6.747.8001
4,000,000
Continental Bank & Tr co
148,000,000 143,075.000 2978,997,000 106,348,000
Chase National Bank
2,609,000
31,655,000
3,630,500
500,000
Avenue Bank
Fifth
25,000,000 76,307,900 d373,694,000 37,077.000
BankersTrustCo
680,000
32.111,000
10,000,000 21,193,200
Tltle Guarantee A Tr Co.
6,169,000
36,613.000
7,0/2,000
10.000,000
Co__ _
Marine Midland 'Cr
1,143,000
12,220,000
2.498,000
3.000.000
Lawyers Trust Co
12,500,000 26,923,600 186,639,000 18,792,000
New York Trust Co
2,421,000
38,892.000
9.235,600
7,000,000
Conti Nat Bk & Trust Co.
5,433.000
28,360,000
2,863,200
2,000,000
Harriman Nat Bit & Tr C.
34,466,000 28.889.000
7.378,400
8,250,000
Trust Co
Publlo Nat Bk &
622.435,0001,015,346,20015.344,955.000 739,636.000
Tams
As per official reports: National, Dec. 31 1931: State, March 28 1932; trust
companies. March 28 1932.
$49,Inoludee deposits in foreign branches: a 3230,251.000; b 359,202,000; c
536,000; 4 520,129,000.
April 23 1932
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 15:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING OF
BUSINESS FOR THE WEEK ENDED FRIDAY, APRIL 15 1932.
-AVERAGE FIGURES.
NATIONAL BANKS
Other Cash Res. Dep., Dep. Other
Loans,
Gross
Disc. and Gold. Including N. Y. and Banks and
Bank Notes Elsewhere. That Cos. Deposits.
Investments.
8
$
Manhattan
Grace National_ 16,377.977
2.500
89,279 1,432,642
Brooklyn
Peoples Nat'l__
5,000
74,000
6,399,000
8
;
$
404,000
$
622,843 13,439,308
15,000
5,776,000
TRUST COMPANIES
-AVERAGE FIGURES.
Loans.
Disc. and
Investments.
Cash.
8
8
Reeve Dep., Depos.Oder
Gross
N. F. and Banks and
Elsewhere. 7'rusi Cos. Deposits.
$
$
S
Manhattan
Empire
Fulton
United States
56,254,700 *3,077,500 9,183,700
17,390.600 *2,328,300 1,924,000
65,512,816 4,496,667 14,882,889
2,159,000 58,588,700
779,500 17,736,700
57.362,827
Brooklyn
Brooklyn
Kings County
96,634,000
25,930,551
2,167,000 28,994,000
1,832.381 4,600,898
363,000 105,478,000
25,689,001
* Includes amount with Federal Reserve as follows: Empire, $1,783,600: Fulton,
$2,180,300.
-In the folBoston Clearing House Weekly Returns.
lowing we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Week Ended Changesfrom
Previous
.April 20
Week.
1932.
Capital
Surplus and profits
Loans, distils & investla_
Individual deposits
Due to banks
Time deposits
United States deposits
Exchanges for our. House
Due from other banks_ _
.
Ree've in legal depositlee
Cash In bank
Rea. In excess in F.R.Bk_
$
91,775,000
82,328,000
874,516,000
539,498,000
135.471,000
199,657,000
16,710,000
15,085,000
96,340,000
70,140,000
6,941,000
6,776,000
Week Ended
April 13
1982.
Week Ended
Ayrll 6
1932.
5
$
$
91,775,000
91,775,000
Unchanged
82,328,000
82,328,000
Unchanged
-5,302,000 879,818.000 887,119.000
+13,817,000 525,672,000 529,440,000
+4,947,000 130,524,000 127.448,000
-1,244,000 200,901,000 203,114,000
29,674,000
22,592,000
-5,882,000
16,311,000
+3.105.000
11,980,000
80,515,000
+11,347,000
84,993,000
68,985,000
+1,639,000
88,610,000
6,912,000
-165,000
7,106,000
4.276.000
+1,109,000
4.686.000
-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,
but are included with the rest. In addition, the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash
in Vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System the
reserve required is 10% on demand deposits and includes
"Reserve with Legal Depositaries" and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
the Philadelphia Clearing House Association discontinued showtng the reserve required and whether reserves held are above or
below requirements. This practice is continued.
Wed Ended
April 16
1932.
Changesfrom
Previous
Week.
Week Ended
April 9
1932.
Wed Ended
April 2
1932.
$
s
$
$
77,052,000
77,052.000 Unchanged
77,052,000
Capital
205,718,000 205,718,000
205,718,000 Unchanged
Surplus and profits
Loans, &sets. and Invest. 1,142,133,000 -15,398,000 1,157,531,000 1,175,044,000
23,155,000
17,963,000
18,488,000
+525.000
Exch. for Clearing House
92,057,000
94,658,000
104,210,000 +9,554,000
Due from banka
145,076.000 +3.673,000 141,403,000 138,683,000
Bank deposits
598,873.000 -9,099,000 607,972,000 623,224,000
Individual deporits
+154.000 260,872.000 262,582,000
261,026,000
Time deposits
1,004,975,000 -5,272,000 1,010,247,000 1,024,469,000
Total deposits
89.010.000
117.408.000
4-177.000
87.673.000
llasrve with F. H. Flank_ _
3053
Financial Chronicle
Volume 134
Weekly Return of the Federal Reserve Board.
The following i3 the return issued,by the Federal Reserve Board Thursday afternoon, April 21, and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve 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 2993, being the first item in our department of "Current Events and Discussions."
1932
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT TI E CLOSE OF BUSINESS APRIL 20
RESOURCES.
1010 with Federal Reserve agent,
1014 redemption fund with U. S. Treas._
1931.
Apr. 20 1932. Apr. 13 1932. Apr. 6 1932. Mar.30 1932. Mar. 23 1932. Mar. 16 1932. Mar. 9 1932 Mar. 2 1932 Apr. 22
8
$
$
$
$
$
$
8
$
1,782,614,000
2,223,947,000 2,192,997.000 2,181,947,000 2,188,647,000 2,192,547.000 2387,147.000 2,092,347,000 2,056.147.000
32,529,000
54,744.000
53.834,000
50,340,000
44,895,000
48,410,000
43,201,000
41,830,000
41,070,000
Gold held exclusively agst. F. R. nowt_ 2,265,017,090 2,234,827,000 2,225,148.000 2.233,542,000 2,240,957,000 2,237.487.000 2,146,181,000 2.110,891,000
297,297,000 317,085.000 318.494.000 293 292
. .000 282.879.000 277.453,000 322,321.000 278.531.000
lold eettlement fund with F. It Board
1014 and gold certificates held by banks. 491,415,000 466,400,000 488,560.000 490.923,000 483,651,000 481,739,000 490,918,000 549.552.000
Total gold reserves
leserves other than gold
Total reserves.
64n-reserve cash
311111 discounted:
Secured by U.S. Dort. obligations
Other bills discounted
1,815,143,000
557,493,000
790.187,000
3,162,823,000
3,023,729,000 3,018.312.000 3,032,202.000 3,017,757,000 3,007,437,000 2,996.679.000 2,959.420.000 2.938.974.000 183,527,000
212,969,000 214,737,030 212,544,000 216,810,000 210.896.000 209,294.000 207.869.000 206,381.000
3,346,350,000
3,236,693,000 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
72,118,000
73.549,000
76,144,000
75.158,000
76,575,000
79,131,000
74,062,000
78,994,000
76,815,003
237,398,000
237,157,000
316.088,000
312,514.000
319,796.000
315,478,000
318.935.000
314.320,000
341,647,000
323.936,000
342.452,000
318.310.000
397,340,000
350,639.000
462,142,000
366,260,000
44,415,000
90,835,000
564,523,000
48,547,090
628,602,000
51,809.000
635.274,000
57,946.000
633,255,000
66,362,000
665.583.000
81,698.000
660.792,000
105,714,000
747,979,000
137.581,000
828.402,000
115,640,000
135,250,000
151,611,000
346.198,000
85.446.000
321.183,000
85,446.000
318.690.000
84.395,000
327.667.000
84.397,000
318,732.000
83,896.000
318.857.000
83,396,000
32.000,000
407,909.000
318,717,000
83.797.000
318,686,000
79,501.000
65.711,000
52,232,000
382,609.000 361.768.000
646,486,000 578,395.000 431,929,090 459.554,000 432.370,000
Total U. S. Government seoutitlee- 17078.130.000 985,024,000 885.014,000 871,618.000 834,998,000 842.162,000 785,123,000 759,955.000
6,073.000
9,497,000
6,954,000
6,911,000
6,991.000
4.321,000
4,476,000
Other eecurities
4,501,000
sOrelgn loans on gold
---1,680.183,000 1,710.070,000
Total bills and securities
1,695,701,000 1.669.911,000 1,532.555,000 1,578.146.000 1,589,268.000 1.615.622,000
8.605.000
8,613,000
8.613.000
6.645,000
6,629.000
6.644,900
6,689.000
Due from foreign banks
6,683,000
14.880,000
13,653.000
13,738,000
14,376.000
14,810,000
14,009.000
14,107,000
16,305,000
Federal Reserve note, of other banks338,362,000 410.810,000 362.758.000 331,558,000 343,167.000 436,762.000 356.634,000 384,984,000
Uncollected items
57.821.000
57,824,000
57,824.000
57,828,000
57.828,000
57.353,000
57,854,000
57,855,000
Bank prernieee
39,730.000
39,035,003
36,143,000
36,977,000
36.387.000
36,602.000
37,960,000
34,118,000
all other resources
480,586,000
Total bills discounted
31113 bought in open market
7. S. Government securities:
Bonds
Treasury notes
Special Treasury certificates
.
Certificates and bins
Total resources
LIABILITIES.
11. R. notes In actual circulation
Deposits:
Member banks-reserve account
Government
Foreign banks
Other deposits
Total deporlits
Deferred availability Items
Capital paid In
&Indus
All other liabilities
598,529,000
885,390,000
697,000
16,159,000
523,411,000
58,420,000
16,741,000
000 5.342.002,000 5,450.667.000 5,399,380.000 5.434,094.000 4,919,286,000
5
5,512,537,000 5.509,354,000 5.380.030.000) .338.638,
275 000 2.572,815,000 2.601.262,000 2,617.331,000 2.838,488.000 1,526,511,000
.
2,544,764,000 2.537.075.000 2,561.573.00012 546, ,
1,973,642,000 2,010,899,000 1,942.268,000 1,911,496,000 1,910,603.000 1.919.316,000 1,909.586.000 1,902,138,000 2,379,785,000
29,638,000
47.107,000
36.875.000
52.572,000
3.518.000
43.340.000
28,137,000
52.494.000
78,334.000
5,495,000
13,464,000
16.392,000
12,905,000
31.249.000
10,874.000
29.712.000
41.137.000
47,317.000
21.696,000
20,874,000
19,001,000
23.325.000
42.030.000
18,333,000
20.014,000
19.435.000
27,078,000
---2,131,371,000 2,123.965.000 2.020.161,000 2.018,642.000 1,983.150.000 1.977.769,000 1,989.158.000 1.977,101.000 2,435,792,000
330,703,000 401.803.000 353.218.000 329.416.000 341,612,000 428.833,000 347,564,000 370.058.000 498,113,000
156.385,000 156.665,000 168,690,000
155,378,000 155.458.000 155.558.0001 155,624,(100 156,027.000 156,283,000
259.421,000 259,421.000 259.421.000 259.421.000 259,421,000 259,421,000 259.421,000 259,421.000 274,636,000
28.261.000
15,544,000
29.471,000
29,099,000
28.977,000
30.099.000) 29.260.000
31.628.000
30,897.000
.000 5,342.002,000 5.450.667,000
.
5,512.337,000 5.509,354.000 5.380.030.0005 338,638
Total liabilities
Ratio of gold reserve to deposits and
86.1%
65.4%
18.1%
60.l%I
64.7%
84.6%
F. R. note liabilities combined
Ratio of total reserves to deposits and
70.9%
70.0%
70.6%
70.8%
69.4%
69.2%
F. R. note liabilities combined
Contingent liability on bills purchased
308,843,000 335.684,000 335,312,000 335.425,000 334,881,000 336,057,000
correepondents
for fort:Lan
$
s
$
$
$
Maturity Dtstritnaton of Bills mut
$
Short-Tern; Secretion
. .
416,471.000 474 040 000 481.735.000 486,832,000 512,343,000 496,673,000
1-15 days bills discounted
39,618,000
48.485.000
37,151.000
40,106,000
38,787.000
38,057.000
18-30 days bills discounted
56.830.000
56,784,000
56.819.000
81,352,000
57,400,000
52,269,000
31-80 (Lays bIlls discounted
39,210,000
34,414.000
40,639.000
35,321,000
38.809,000
38,617,000
81-90 days bills discounted
17,892,000
18.228,000
18.247.000
18.211,000
17.780.000
19,109,000
Over 90 days hills discounted
564,523,000 628,602.000 635.274.000 633.255,000 665,583,000
28,602,000
26,913.000
33,172,000
15,188,000
8.336,000
10,970.000
8,349.000
8.554.000
7,648.000
8,277.000
11,043,000
15.810.000
12.871.000
14.890.000
9,272,000
28,678,000
10,742.000
9.574.000
13,753.000
22,375,000
238.000
239,000
244,000
285,000
287,000
_
57,916,000
66.362,000
51.809.000
81,696,000
48,547,000
Total Mils bought in open market
6,143,000
3.500,000
5,250.000
7,005.000
U.S. certificates and bills
3.800,000
1-10 days
3.800.000
3.800.000
3,500,000
23,325,000
45.436,000
16-30 days U. S. certificates and bills ...-.
66.916,000
88,591,000 109.916,000
48.236,000
122,530,000
51-60 days U.8 certificates and bills
89,550,000 129.530.000
74.300.000
74,300.000
519(3 days U.S certificates and hilts-- 110.550.000
364,170,000 387,174,000 290,413,000 293,195,000 245.854,000
Over 90 day,certificates arid bills
_
Total U 8 certificate* and bills
646,486,000 578,395,000 431.929,000 459.554.000 432.370.000
5.5913100
4.2113,000
4,166.000
4,521.000
3,241,000
1-15 days municipal warrants
1,000,000
1,190,000
16-30 days municipal warrants_
1,000.000
20,000
20.000
81-410 days municipal warrants
52,000
52,000
52,000
142,000
107,000
01-00 days municipal warrants
110,000
98,000
23.000
63,000
28,000
Over 90 days municipal warrants
98.000
Total bills discounted
1-15 days bills bought In (Men market
16-30 darn bills bought In Open market
31-80 days bills bought In open market.._
8190 days hills bought In open niarket
Over 90 days bills bought In open market
5,399,380,000 5,434.994.000 4,919,286.000
134.2%
83.8%
79.8%
68.8%
68.1%
84.5%
317,113.000
311,640.000
422,880,000
$
$
s
849.004.000
47.283.000
68,090.000
46.217,000
19,808,000
78,833,000
12,564,000
19,451,000
12,333.000
12,069,000
860,792,000
49,224,000
12,707,000
10,852,000
32,690.000
241,000
105,714,000
36,250.000
3.500.000
24,625.000
101,591,000
273,943,000
747,979,000 828.402,000
48,008,000
64,075,000
37,132,000
27.862.000
12,211.000
11,409,000
17,788.000
33,987,000
21,000
251,000
135,250,000
95,439,000
29,167,000
13,097,000
13,800,000
108.000
137.584,000
56,645,000
4,250.000
6.300.000
106.066.000
209,348,000
115.640.000
67,546.000
4.250.000
8.300,000
151,611,000
5,000.000
19.200,000
91,716,000
40,300,000
324,370,000
439,909,000
3.874,000
1.000.000
382,609.000
8,085.000
130,000
361.768.000
4.390.000
130.000
1 000
20,000
60.000
20,000
32,000
52,000
570,718.000
49.994,000
65,815,000
42.467,000
18,985,000
54.814.000
228,858.000
480.286.000
4.573.000
8,247,000
4.954,000
6.711,000
5,791,000
4,321,000
4.476,000
Total munle pal warrants
4,501,000
....=
Federal Reserve Notes2,887.961.000 1,939,247,000
Issued to F. R. Bank by P II• Agent-- 3.778.214.000 2.781,636,000 2.796.501.000 2,788,055,0002,822,753.000 2.855.883,005 2,876.745,000 249,473,000 412,736,000
Held by Federal Reserve Bank
233.450,000 244.611,000 234,923.000 212,684,000 249.940,000 254,621,000 259,364.000
0 2.838.438,000 1,526,511,000
In actual circulation.
2,544,784,000 2.537.075,000 2.561,573,000 2,546,275,000 2.572.815.000 2.601.262.000 2,617.381,00
--Collateral Held he Agent 141 &molts for
Notes Issued CO Rank748.967,000 620,134,000
By gold and gold certificates.
912,217,000 863,267,000 861,567,000 854.067.000 854.067,000 849,567,000 825.567,000
1,162,480,000
Gold fund -Federal Reserve Board
1,311,730,000 1,329,730,000 1.320.330.000 1.334,530.000 1,333.480.000 1,337,580.000 1,266,780,000 1.307.180,000
000
546,
902,560.000261,
575,332,000 642,702,000 655,623.000 661,043,000 709,703,000 728,613,000 847,479,000
Ity eligible paper
_ _.. _ ... ....
.
Total
".799,309,0002.835 .699,000 2,837,570.00023349,890.000 2.902.250,000 2.915.760,000 2,939.826 0002.958.707.000
eftevhsed figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APRIL 20 1932
Two (Nigger* (00) omitted
,
Boston. .Veto York. PAt:a. Cleretand.111trAmand Atlanta CAttaao it. UM,. Stinnes,. tian.Ctty Dana.. San Teas.
?Wiest Rost 011 Bank of-To:al.
RRSOURCNS.
Gold with Federal Reserve Agents 2,223,947,0164.627,0 513,217,0,196,300,0 229,970.0 74,120,0 92,775,0 555,395,0
41,070,0 1.924 0 .,,,,,,, . .
[ 8 857 0I 5,981.0 5,073,0 1,552,0 2,468,0 3,902,0
.
Gold redo fund wIth U.S. Treas
Gold held excl. eget. F. R. notes 2.285,017,0166.551,0 521,874,0202,281,0 235,043,0 75,672,0 95,243.0 559,297,0
9,098,0
Gold settle't fund with F.R.Boatm 297,297,0' 17,629,0 100,409.0; 4,332.0 23,922,0 3,665,0 7,802,0 36,130,0
23,422,0
461 415,0 19,290,0 310,494,0) 12,500,0 17,778,0 6,493,0
Gold and gold ctfs held by banks
2
3,023.729,0203,470,0 932,777.0219,613,0 276,743,0 85,835,0 112,143.0 673,849,0
gold reserves
Total
212,969,0' 21,003.0, 56,485,0 28.773,0 18,329,0 12,830,0 5,813.0 24,585,0
Reserves other than gold
80,645,0 63,015,0 68,080,0 30,010,0 157.763,0
481,0 2,618.0 1,021,0 5,448,0
1,945,0
82.590,0 63,526,0 68,698,0 31,031,0 163,211,0
8,263,0 0,466,0 8,143,0 6,951,0 18,789,0
11,860,0 2,827,0 12.903,0 3,380,0 27,661,0
102.713,0 75,819,0 89,744,0 41,382,0 209,661,0
10,287,0 4,480,0 6,768,0 10,996,0 12,620,0
3,236,693,0224,473,0 989,262,0248,386.0 295.072.0 98,685.0 117,956,0 693,434,0 113,000,0 80,299,0 96,512,0 52,358,0 222,231,0
Total reserves
1,915,0 2,079,0 3,646,0 6,739,0
76,815,0 6.465.0) 22,353,0, 3,900,0 3,979,0 4,071,0 4,930,0 13.128,0 3,610,0
NOn-meterve cash..
1
discounted:
Bills
1,518,0 4,851,0 3,732,0 57.840,0
72,291,0, 25,673,0 36,123,0 4,532,0 11,219.0 23,230,0 8,997,0
267,386,0 17,355,0
obligations
Sec. by U. S. rripa
297,157,0 14,567,0, 35,518.0 44,186,0 42,687,0 22,539,0 28.910,0 18,965,0 6,216,0 8,436,0 25,287.0 10,399.0 39,397,0
Other MI s discounted
,
!
564,523,0 31,922,0 107,809,0 89,859,0 78,815,0 27,121,0 40,129,0 42,195,0, 15,213,0 9,954,0 30,138,0 14,131,0 97,237,0
Total bills dineounted
929.0 1 5300 1.613.0 7.921.6
14.358.0 3.40731 3.122.0 2.375.0 2.710.0 6.476.01 1.1188.0
2 418.0
AR 107 ft
Bilis bought In open market
3054
Financial Chronicle
Two Ciphers (00) Omitted.
Total.
RESOURCES(Conchtded)U. S. Government securities:
Bonds
Treasury notes
Certificated and bills
Boston. New York.
$
$
Phila.
$
346,198,0 26,847,0
85,446,0 8.494,0
646,486,0 32.815,0
April 23 1932
Cleveland Richmond Atlanta
$
I
$
127,434,0 23,192,0 26,428,0 7,772,0
33.586,0 7,233,0 8,807,0
1,446,0
335,831,0 54,031,0 58,019,0 13,612,0
Chicago. Si. Look Minneap. ICon.City. Dallas. Bari Pron.
$
$
$
$
$
$
3
5,236,0 57,119,0 11,674,0 15,848,0 7.695,0 16.989.0 19,964,0
1.448,0 10,403,0 3,180,0 2,321.0 2.686,0 1,973,0 5,869,0
5,923,0 60,858,0 16,120,0 9,632,0 14.555,0 8,902,0 36,188,0
Total U.S. Govt. securities-. 1,078,130,0 66,156,0
Other eecuritles
4,501,0
496.851,0 84,456,0 93,254,0 22,830,0 12,607,0 128,380,0 30,974,0
27,801,0 24,936.0 27,864,0 62,021,0
2,941,0 1,482,0
78.0
1.695,701,0 100,496,0 621,959,0 159.204,0 175,191,0 52,326,0 55,446,0 177,051,0
47.875,0 38,762,0 56,604,0 43,808,0 167,179,0
6,683,0
538.0
2,391,0
728,0
679,0
269.0
249,0
948,0
21,0
13,0
195,0
464,0
188,0
18,305,0
284,0
5,219,0
262,0
725,0 1,010,0
796,0 1,727,0
1,463,0
530,0 1,481,0
259.0 2,549,0
388,362,0 47,309,0 104,501,0 36,292,0 38,381,0 29.323,0 10,398,0 43,510,0
15,931,0
57,855,0 3.336,0
14,817,0 2,651,0 7.962,0 3,609,0 2,489,0 7,827,0 3,461,0 7,356,0 19,930,0 11,847,0 23,584,0
1,834,0
34,118,0
989.0
13,148,0
919,0 1,707.0 5,025,0 3,678,0 2,698,0 1,458,0 1.347,0 3,649.0 1,787,0 4,433,0
1,091,0 1,280,0
778,0
Total resources
5,512.537,0 383,890,0 1.773,650,0 452,342,0 523,696,0 194,298,0 195,942,0 045,323,0
186,819,0 132,056,0 181,541,0 114,973,0 428,007,0
LIABILITIES.
F. R. notes in actual circulation._ 2,544,764,0 172,875,0 567,657,0 250,541,0 291,525,0 94,674,0
117.150,0546.328,0 90,901,0 70,752,0 81,257,0
Deposits:
38,065,0 123,041,0
Member bank reserve account... 1,978,642,0 118,912,0 874,295,0 116,925,0 141,610,0 50,950,0
40,300,0278,700.0 58,261,0 40.061,0 66,464,0
Government
46,244,0 139,860,0
78,334,0 3,391,0
49,156,0 2,069,0 2,060,0
456,0 2,412,0 8,093,0
Foreign bank
47,317,0 3,408,0
17,098,0 4,618,0 4,528,0 1,794,0 1,659,0 6,008.0 2,102,0 2,084,0 1,132,0 2,082,0 3,297,0
1,569,0
986,0 1,300,0
Other deposits
1.255,0 3,094,0
27.078,0
29,0
17,552,0
127,0 2,329,0
323,0
150,0
496,0
854,0
276,0
100,0
128.0 4,714,0
Total deposits
2,131,371,0 125,740,0 958,101,0 123,739,0 150,527,0 53,523,0 50,521,0 293,357,0 62,786,0
43,407,0 68,996,0 49,709,0 150.965,0
Deferred availability item.
390,708,0 52,682,0 103,738,0 33,590,0 36,942,0 28,272,0 10,354,0 45,984,0
17,313,0
Capital paid in
155,376,0 11,533.0
59,177.0 16,234.0 14,257,0 5,238,0 4,884,0 17,412,0 4.486,0 7.065,0 18,251,0 13,487,0 23,030,0
Surplus
259,421,0 20,039,0
75,077,0 26,486,0 27,640,0 11,483,0 10,449,0 38.411,0 10,025,0 2,937,0 4,006,0 3,992,0 11,130,0
8,356,0
AU other IlabUities
30,897,0 1,021,0
9,900,0 1,752,0 2,805,0
1,108,0 2,584,0 3,833,0 1.308,0 1,539,0 8,124,0 7,624,0 17,707,0
817,0 2,096,0 2,134,0
Total Ilabintlee
5,512,537,0 383,890,0 1,773,650,0 452,342,0 523,696,0 194,298,0 195,942,0 945,323,0
186,819,0 132,056,0 181,541,0 114,973,0 428,007,0
Memoranda.
Reserve ratio (per cent)
75.2
69.2
64.8
66.4
66.8
66.6
70.3
83.2
73.5
70.3
Contingent liability on bille plir
64.2
59.7
59.4
chased for foreign correspondls vntt n.tv 0 92 539 (1
(13 325 11 32 035 0 31 472 0 12 4414 0 11 529 0 41 754 0 10 nne 0 C11155
0 0 535 n CI 'OK A 01 mnn.
FEDERAL RESERVE NOTE STATEMENT.
Total bills and securities
Due from foreign banks
F. R. notes of other banks
Uncollected items
Bank premises
All other resources
Federal Rum.Agent al-
Tolnl.
Boston.
New York.
Two Ciphers (00) Omitted.
$
2
federal Reserve notes:
lssued to F.R.Bk. by 7.R.Age. 2,778,214,0 193,280,0
Held by Federal Reserve Bank_ 233,450,0 20,405,0
Phila.
$
$
Ckveland. Richmond Atlanta. Chicago. St. Louis. Miessap.
Kan.City. Dallas. Saturn=.
$
5
$
$
$
$
$
s
1
616,444,0 266,236,0 307,947,0 101,967,0 132,892,0 596,646,0 95.571,0 72,606.0
92,823,0 43,001,0 258,801,0
48,787,0 15,695,0 16,422,0 7,293,0 15,742,0 50,320,0 4,670,0
1,854,0 11,566,0 4.936,0 35,760,0
567,657.0 250,541,0 291,525,0 94,674,0 117,150,0 546,328.0 90,901,0 70,752,0
81,257,0 38,065,0 223.041,0
In actual circulation
2,544,764,0 172,875,0
D011ateral held by hgt. as omity
for notes issued to bank:
Gold and gold certificates
912.217,0 47,010,0 438,217,0 73,400,0 71,970,0 12,520,0 14,275.0 123,395,0
Gold fund-F.R. Board
1,311,730,0 117,617,0
75,000,0 122,900,0 158,000,0 61,600,0 78,500,0 432,000,0
Eligible paper
575,362,0 31,977.0 111,316,0 70.033,0 78,510,0 28.055,0 40,706,0 44.189,0
--Total collateral
2,799,309,0 196.604,0 624.533,0 266,333,0 308,480,0 102,175,0 133,481,0 599,584,0
15,745,0 13,145,0 9,280,0 12,260,0 81,000,0
04,900,0 49,900,0 56,800,0 17,750,0 76,763,0
14,939,0 9,691,0 29,388,0 14,375,0 102,183,0
-95,584,0 72,736.0 95,468,0 44,385,0 259,946,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the
and liabilities of the reporting member banks from which weekly returns are obtained. principal items of the resources
behind those for the Reserve banks themselves. Definitions of the different items in the These figures are always a week
statement
ment of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment were given in the stateof the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions,"
ceding which we also give the figures of New York and Chicago reporting member banksfor on page 2994. immediately prea week later.
Beginning With the statement of Jan. 9 1929. the loan figures exclude "Acceptances of
other
all real estate mortgagee and mortgage loans held by the bona. Previously acceptances of other banks and bills of exchange or drafts sold with endorsement, and include
banks
Of the banks included mortgagee In Investrneate. Loans secured by U S. Goverameot obligations and bills sold with endorsement Were included with loans, and some
are no longer shown separately, only the total of loans on securities
borrowing az the redeem maxim to not any more subdivided to
being given. Furthermore,
show tbe
inteer.on', a lump total being given. The ournher of reporting hanks is now omitted In Its plane the amount secured by 13 S. obligations and those secured by commercial
number of reties included (then 101). was for a time given,
ning Oct.9 1929 even thts has been omitted, rice figuree have also been revised to exclude a bank
but beginIn
onJan.2 1929, which had then recently merged with a non-member bank. The figure: are now given the San Francisco district with loans and Inveetments of $135,000.008
in round millions instead of In thoueands
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS
IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS APRIL 13 len (In million. of dollars),
Nava!Itaverve District-
I
Total.
Bolton, Novo Fort
UNDO and investments-total
5
19,058
$
1,254
8
7,492
Loans-total
11,970
826
4,619
5,148
6,822
311
515
7,088
Phila. C Milano, MCA.... Atlanta
s
s
s
Chicago Si. Loots Minneap. Itan.Cito
$
Dallas
San Pratt.
U.S. Government securities
Other securities
Reserve with B. R. Bank
Cub In vault
Net demand depoeits
Time deposits
Government deposits
Due from banks
Due to banks
519
564
339
556
406
a
1,758
678
1,210
362
341
1,779
355
202
291
259
1,048
2,223
2,396
342
338
546
664
147
215
105
236
831
948
141
214
57
145
83
208
78
181
284
764
428
2,873
428
746
233
178
738
209
137
265
147
708
223
205
1,730
1,143
159
269
395
351
110
123
93
85
395
.341
89
120
62
75
137
128
87
60
378
330
1,546
206
10,976
5,629
329
1,069
2,575
Investments
-total
595
3
2,515
3,858
3,230
On seourltles
AU other
1,956
80
14
702
413
24
85
130
7
808
53
5.340
1,202
137
105
1,068
41
69
13
611
265
28
76
155
ls
105
26
838
827
23
71
190
75 '
34
13
285
222
17
54
82
10
30
8
236
193
23
57
81
19
200
33
1.317
973
28
241
362
23
38
6
304
210
5
.56
89
3
22
5
172
149
4
45
63
1
45
12
360
180
5
100
129
16
29
6
240
126
14
72
76
2
86
17
571
869
21
107
150
99
9i4
1.106
$
$
$
S
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 Apri120 1932, In
comparison with the previous week and the corresponding date last year:
Rtsente411Geld with Federal Reserve agent
Gold redemp. fund with U.8. Treasure-
Apr. 20 1932. Apr. 13 1932. Apr. 22 t'431.
3
$
513,217,000 503,217.000 351,919,000
13,241,000
8.657.000
8.737.000
365.163,000
177.841,000
513,466,000
Gold held exclusively agst. F R. notes
Gold settlement fund with F. R. Board
Goldand gold Mts, held by bank
521,874,000
100.403,000
310,494,000
511.954.000
142.987,000
310.614.000
Total gold reserves
Reserves other than gold
932,777,000
56,485,000
965,535.000 1,056.470,000
59,390,000
56,982.000
Total reserves
Non-reeerve cash
Bills discounted:
Secured by U.8. Govt. obligations-Other bills discounted
989,262.000 1,022.517,000 1,115,860,000
19,911,000
22,834,000
22.353,000
72.291,000
35,518,000
83,291,000
38.886,000
17,108,003
14,084,003
Total Mils discounted
Mils bought In open market
IT
Government eecurItles:
Bonds
Treasury notes
Spewlel Treasury Certificate*
Certificate., and Ms
107,809,000
14,358,000
122,177.000
13,875.000
31,192,000
40,985.000
127,434,000
33,536,000
111,458.000
33,588.000
21,523,000
11,380,000
Resources (Concluded)
Due from foreign banks kit note)
Federal Reserve notes of other hankie__
Uncollected items
Bank premises
All other resources
Total resource*
Total U.S Government secinittee
Other eecerttlee foes note)
Foreign loans:in geld
335,831,000
311.354.000
456,398.000
2,915,000
182,713,000
1.773,650.000 1.797.457,000 1,554,027.000
LtobtlitiesFed . Reserve notes in actual circulation_
Deposits
-Member bank reserve soot_
Government
Foreign bank lies note)
Other deposit.,.
507,657,000
874.245.000
49,156,000
17.078.000
17,552,000
583.154,000
920.192.000
27,187,000
1 1.894.000
10,688,000
Total deposits
&referred availability items
Capital paid in
&troll',
All other liabilities
958,101.000
103.738.000
59,177,000
75,077.000
9,900,000
975,961,900 1,017,240,000
114.240,000 124,832,000
59.178.000
65.549,000
75.077,000
80,575,000
9.847,000
4,395,000
147,810,000
496,851,000
2,941.000
Apr. 2,11932. Apr. 13 1932. Apr. 22 1931
$
$
3
2,301,000
2.386 000
223,000
5.219.0041
3 300 000
4,369,000
101,501,000 121.000 000 138,853,000
14,817.000
14,817.000
18,240,000
13.148.000
15.237.000
4.681,000
Total Ilabl Ries
261,436,000
996,332.000
8.798,000
2,042,000
10,068,000
1,773.650,000 1,797,457.000 1,554,027.000
Ratio of total reserves to deposit and
Fed. Reserve note liabilities oombined.
64.8%
66.4%
87.3%
Contingent liability on bills purchased
Total bills and seeurltiee (see note)___ 621,959,000 595,366,000 254,890,000
for foreign oorreetiondente
98.825,000 107,025.000 138,218,000
NOTE.-Berdnning with the statement of Oes, 17 1926. two new items were added in order to 81203 separately the amount
of
foreign Oorresnondents In additiorr the minion "All other earnings assets." previously male up of Federal Intermediate Creditbalances held abroad and amounts due to
Bank debentured WU changed to "Other
geeerities," and he(option -rotal earning, wets- to "Total bill@ and securities."
The latter term was adopted as a more accurate description or the total of the diseount
itereetanoes and ewer Wes acquired under the provisions of Section. 13 and 14 of
the Federal Reserve Ad. Which it WDA stated are the only items included therein.
Financial Chronicle
Volume 134
fankers'
azette.
Wall Street, Friday Night, March 22 1932.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page 3042.
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.
Sates
Week Ending Apr. 22. for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Railroads—
Par. Shares.
per share. 6 per share. $ per share.8 per share.
COO &St L pref_100
10 5634 Apr 22 5634 Apr 22 5634 Apr 5634 Apr
Jan
Apr 78
Cent RR ot N
_ _100
100 57 Apr 20 57 Apr 20 47
Feb
2
Chic &East III pref. 100
(
,
% Ap
% Apr 181
200
34 Apr 18
54 Apr
Duluth S S & Ati_ _ _100
36 Apr
Apr 2
100
34 Apr 20
56
Apr
Apr 3
Havana Elec Ry 0_100
10 3 Apr 20 3 Apr 20 3
III Cent leased lines.100
Int Rys Cent Am 0100
Minn St P & 55 M—
Leased line
100
Nash Chat & St L 100
N Y Lack & West_ _100
Pacific Coast 1st p1_100
Jan
330 2034 Apr 19 25 Apr 16 203.4 Apr 36
90 534 Apr 20 6% Apr 19 534 Apr 103.4 Jan
Jan 14
10 834 Apr 19 8% Apr 19 7
220 104 Apr 21 13% Apr 20 1034 Ap 2734
Apr 65
20 65 Apr 22 65 Apr 22 65
Apr 334
10 3 Apr 22 3 Apr 22 3
Mar
Jan
Apr
Feb
Indus. & Miscall.
Affiliated Products_ _• 3,500 834
Alliance Realty
•
10 11
American Ice pret_ _100
100 5034
American News
.5o 23
Amer Radiator & Stand
Sanitary pref.-- _100
90 98
Arch Daniels Mid p1100
100 85
Art Metal Construe_10
400 5
Assoc Dry Gds 1st 0100
40 34
Austin Nichols prior A *
100 1334
Apr 16 934
Apr 20 11
Apr 19 503'(
Apr 18 23
Apr 1
Apr 2
Apr 1
Apr 1
636
11
50
23
Ap
Jan
Ja
Apr
1634
19
68
33
Mar
Jan
Mar
Jan
Apr 16 100
Apr 19 85
Apr 21 5
Apr 21 3434
Apr 20 1334
Apr 2
Apr 1
Apr 2
Apr 2
Apr 1
98
85
5
3234
13%
Ap 120
Apr 95
Mar 734
Apr 343.4
Apr 16
Jan
Feb
Feb
Apr
Jan
Barnet Leather
;£
200
Bigelow-Sant Carpet..*
100 9%
Blumenthal & Co011)0
1 40
Burns Bros class A__ _*
100 1
City Investing
100
30 55
Columbia Pict v t c__*
100 434
Corn Cred pref (7)_25
600 16
Corn Inv Tr p1(7)_ _100
110 96
Consolidated 011
• 27,511 4%
Preferred
83
2
100
Crown Cork d3Seal pt.*
300 20
Cushm Sons 0(8%).*
2 65
Apr 22
Apr 16
Apr 16
Apr 16
Apr 18
Apr 19
Apr 18
Apr 21
Apr 20
Apr 19
Apr 16
Apr 22
Apr 22
Apr 16
Apr 1
Apr 16
Apr 1
Apr 1
Apr 1
Apr 1
Apr 16
Apr 19
Apr 21
Apr 21
%
934
40
1
55
434
1534
93
4%
79
19%
65
%
Ma
Apr 1336
Apr 65
Apr 234
Apr 85
Apr 734
Apr 2134
Feb 101
Apr 7)4
Feb 96
Ap 24
Apr 76
Jan
Mar
Jan
Feb
Jan
Mar
Mar
Mar
Jan
Mar
Jan
Mar
Apr 19 103£
5
Apr 2
Apr 21 45
Apr 22 7
Apr 22 2534
Apr 16 8
Apr 16 634
Apr 19 12434
Al) 23
Ap 1234
Apr 72%
Apr 29)4
Ap 40
16
M
Ap 19
Jan 130
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Mar
9034
73
8
50
19
25
2
234
37
Apr 110
Apr 73
Ap 1934
Ap 60
Apr 36
Ap 323.4
Jan 234
Apr 634
Ap 57
Mar
Apr
Jan
Mar
Mar
Feb
Mar
Feb
Mar
Dresser Mfg class A_ ,*
Class B
Franklin Simons pf_100
Gen Gas & El ptA (7).*
Preferred A (8).....'
Gen Steel Cast pret
*
Greene Can Cop__ _100
'Jaime(OW)pret__100
Kresge (88) Co 0.100
Laclede Gas
100
Mesta Machine
5
Mexican Petroleum _100
McLellan Stores 0.100
Nat Dist Prods pref.. _40
Newport Industries...1
N Y Shipbuilding_ _ _•
Preferred
100
2,611 1034
5
50
10 45
280 7
5 2534
121 834
21 834
2 126
9034
73
8
60
20%
25
311 234
ill 234
37
2
1
5
1
7
200
3£
934
40
1
60
434
163£
99
5%
83
21
68
Apr 22 16
Apr 21 834
Apr 20 45
Apr 16 2634
A02:: 37
Apr 22 9
Apr 16 834
Apr 19 126
Apr 20
Apr 19
Apr 21
Apr 21
Apr 22
Apr 18
Apr 16
Apr 22
Apr 18
9234
73
8%
60
2136
25
236
236
37
Apr 22
Apr 19
Apr 21
Apr 21
Apr 2
Apr 18
Apr 16
Apr 22
Apr 18
Omnibus Corp pref_100
70
Outlet Co
40
•
Preferred
100
100
Pao Tel da Tel pref. 100
54 9634
Penh Pr & Ref pref_100
5
10
Pirelli Cool Italy
2,611 27
Proctor & Gamble 91100
40 91
Shell Transp & Tmd_ £2
8
11
Southern Dairies cl A _*
ill 9
Spear & Co pret_ ___100
120 20
Apr 21 70
Apr 16 42
Apr 19 100
Apr 20100
Apr 21 5
Apr 18 2834
Apr 19 91
Apr 21 1234
Apr 21 9
Apr 21 20
Apr 21 5536
Apr 19 25
A pr 19 100
Apr 2 9636
Apr 21 354
Apr 21 26%
Apr 19 91
Apr 21 8
Apr 21 9
Apr 21 1634
Jan 71
Ap 46
Apr 110
Apr 109
Al)
Jan 31%
Mar 103
Ap 1534
Apr 10
Mar 30
Mar
Apr
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Jan
The Fair pret
10
Underw-E11-11sher pt.*
United Amer-Bosch- -•
United Bus Publishers *
United Dyewood- .100
Preferred
100
U.S.Tobacco Pret.100
Waigreen Co nret_ _ _100
*No par value.
Apr 19 70
Apr 20 90
Apr 22 434
Apr 18 3
Apr 22 1
Apr 18 22
/ pr 1912336
Apr 22 72
Apr 18 70
Apr 19 88
Apr 22 434
Apr 18 3
Apr 16
34
Apr 16 22
Apr 19 11934
Apr 22 70
Ap 85
Ap 101
Ap
654
4
Ap
136
Ap
Ap 3334
Ja 130
Jan 72
Jan
Mar
Jan
Jan
Mar
Jan
Mar
Apr
221 65
13 88
200 434
10 3
120
34
41 22
15612334
III 72
Quotations for United States Treasury Certificates of
Indebtedness, &c.
Maturity.
Int.
Rate.
MI.
Sept. 15 1932.-Mar. 15 1933...
June 151932...
Sept. 151932...
Deo• 15 1931 ---
134%
2%
234%
3%
33
1%
1001,2
1001,8
100222
100"sa
101 9.1
Asked.
Haturfty.
10011, Aug. 11932...
10013,1 Oct. 10 1932..1001232 Feb. 11033...
1003en Mar. 151933...
101",
,
Int.
hate.
Bid.
Asked.
33.4%
334%
334%
334%
Iselin
101 3f
,
1012222
100232
wenn
101',,
101; 22
2
100"22
Foreign Exchange.—
To-day's (Friday's) actual• rates for sterling exchange were
3.7434(E9
3.743 for checks and 3.7434@3.75 for cables. Commercial on banks,
4
sight, 3.74(ct3.7436; sixty days,
3.72063.7334: ninety days, 3.713-406
3.7236; and documents for payment, 3.7234 @3.7334. Cotton for
Payment, 3.7334,and grain. 3
.7334.
To-day's (Friday's) actual rates for Paris bankers' francs were
(113.94 for short. Amsterdam bankers' guilders were 40.460640.47.3.9336
Exchange for Paris on London, 95.20; week's range, 95.90 francs high
and 95.20 francs low.
The week's range for exchange rates follows:
Sterling. Actual—
Checks.
Cables.
High for the week
3.7934
3.79 34
Low for the week
3.74.36
3.7434
Paris Bankers' Francs
-High for the week
3.94 13-16
3.9436
Low for the week
3.9336
3.93%
Germany Bankers' Marks—
High for the week
23.78
23.80
Low for the week
23.73
23.75
Amsterdam Bankers' Guilders—
High for the week
40.55
40.5;334
40.4834
40.45
Low for the week
The Curb Exchange.—The review of the Curb Exchange is
given this week on page 3043.
A complete record of Curb Exchange transactions for the
week will be found on page 3072.
3055
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.16 Apr. 18 Apr.19 Apr.20 Apr.21 Apr.22
Vint Liberty LoanHigh
314% bonds of 1932-47.
-{Low.
(First 834s)
Close
Total sales in $1.000 units-Converted 4% bonds I
nlets
1932-47 (First Ca)
Low_
Close
Total sale, Os 31,000 undo-Converted 434% bondsIHigh
Of 193247 (First a;Is)
Close
Total sales fn 81,000 unfit—
Second converted 456%1E11*h
bonds of 1932-47(First) Low_
Ileaciud 45661
1011,, 19004,
1011,, 101
10020,, 1003
0,, 100",,100s0,
101
100",, 10010n
101
298
46
133
181
____ 101101*,,--- 101%
____ 101sn
____ 1014
,
---_ 101t,,
____ 1015,1
____
102
101"ta 101"aa
102
10120n 1012*,, 101",, 101",,
10101",, 101%,
1012022 102
21
22
32
244
----------------—
—----
ifourth Liberty Loan
(High
4k % bonds of 1933-38— Low.
(Fourth 436s)
Close
Total sates 611 $1.000 Unita-..Treasury
{High
436s, 1947-52
Low_
Close
Total sales in $1,000 units--_
High
(High
Low_
1944-1954,
Close
Total:aka tn $1,000 units.-(High
336s, 1946-1956
Low_
Close
Total tales in $1,000 units-(High
Low_
13945. 1943-1947
Close
2'otat rata fn $1.000 Units-{
High
Low_
511. 1961-1966
Close
Total Mal in $1.000 min—
(High
Low_
83416 1940-1943
Close
Total rata ta $1,000 antis--
,
10211,1 102s1
1n 1021h
0213
10211,, 102u,
392
272
105sh, 106
10.52*,,10528,
105nn 105333
33
99
102",,
10102",,10221
,
12
102" 102,
1022032 10212n
228
12
10010 10025s,
,,
10010n 10010n
1002h, 100108
180
15
982132 98222
98 0
,,98":
9851aa 98son
92
13
9410
:, 94",
942131 94',f
2ls
94"as 94
184
156
99
99
980s,, 98"3
2
98"at 982,
46
81
990
s, 993ts
98",High
98132, 9S",,
98",
98u
45
40
00',,961n
94ust 95"s
95ua
96'n
i9i
153
8341. 194143
Low_
Close
Total rain In $1.000 units—
(High
Lon.
334e. 1946-1949
Tani sae. tu si non ...tee_ _
10220t,
102 In
102us,
605
106
105"ss
105un
96
102212,
102".,
1022022
168
10112s,
Iowan
,,
10022
123
981221
95"ss
98uss
125
94uss
94"sa
9414n
146
982 n
'
98"n
98"st
49
98"as
98",,
98",,
45
96"sa
95un
95"as
272
1",, 100"
00
,,
100",,100100",,en
100sin 100nn
189
164
____ 101
_ _-- 1001sn
____ 101
3
1012723 101"at
101",, 101"st
102,Low_
101"st
ss
489
--------__
____
/22 1021s.
1022en 1022
102",, 102",,1021%
10211,, 10228,, 102331.
1145
698
164
108",,10621, 105ht
105",,105",,105nn
105un 106% 106
63
113
44
102un 103
102". 1020.5,,102"as
103',48
1021122 10211n 10227ss
325
219
54
100",,1001. 10131,
100
100",,% 100"n
10011,, 1001,, 100n.
132
105
32
9805,, 994
993n
98"aa 98uss 98"at
98"n 99'n
98un
19
87
191
942731 94"as 942 22
9324n 93un 9414sa
1
93"as 94'al 9417
ss
468
250
280
98"sa 99'st
99'32
983 as 98"sa 98"st
98"aa 99'n
98nst
160
412
87
98u98",,99432 (Van
98 at
,
98"sa 98"s2
98un 99'12
98",,
226
1339
232
95", 96
96sn
952i
94241
95',,
94us
96
9527se
IC
IRA
387
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1011in to 10111n
10214, to mum
6
94(n to 941n
6 lot 434*
13 4th 436s
1 'treasury 3,
CURRENT
NOTICES.
—Newburger, Loeb & Co., who recently published their annual analysis
of the chain stores, now present a similar study of the department stores
and apparel stores. Included in this group are Gimbel Brothers, Hahn,
Blauner, Associated Dry Goods, Macy, May, National Department
Stores and Oppenheim-Collins. This analysis says that the decline of the
gross business of this group corresponds very closely with the decline in
general commodity prices. Due to the operating losses of about one out
of three of the companies, the profits of the entire group are cut to approximately one half. This was partly a result of local conditions, such as bank
failures and unseasonable weather, and partly to the lower purchasing power
of customers and depressed conditions in general. In spite of these circumstances the companies mentioned have maintained and improved liquid
cash positions. Numerous interesting statistics are cited, such as the fact
that, as a group, the companies did an annual business of thirteen time,the
present market value of their securities.
—Bank of America National Trust & Savings Association of California
is sponsoring a "Back to Good Times" advertising campaign in California.
The purpose of the campaign, which features a State-wide radio broadcast
each week, outdoor posters, street-car cards, folders, lobby displays, newspaper advertising, 8:c., is to help build confidence and stimulate normal
buying: to mobilize California's wealth, putting every idle dollar back to
work,and to release millions in helpful credit by increasing bank deposits.
—The increased taxes on income, as proposed in the 1932 revenue bill
as passed by the House of Representatives, will make it inadvisable in
many cases for individuals and estates to hold a large proportion of investments in taxable securities, it is shown in a discussion and tabular
analysis of the proposed rates issued by R. W.l'ressprich & Co., New York.
Comparisons of taxable and tax-free bond yields under the Federal as well
as the combined State and Federal tax programs are given for various
bond coupon rates and varying amounts of income from such bonds.
—Bond & Goodwin, Inc., announces that Theodore K. Ferry and C.
Mercer Myers have been appointed sales managers in their organization.
and that Fred Bohlman, Salmon P. Hebard, Joseph W. Kennedy, Percy N.
Moore, Leonard F. O'Brien, Charles Softy, Charles K. Wallace,and Philip
Weiman have joined their sales organization.
New,
—Frederick E. Williamson. President of the New York Central lines,
Everybody's
discussed the tax situation on April 20. Talking on
Business." Mr. Williamson was heard over station WJZ at S o'clock under
the joint auspices of the American Taxpayers Leauge,Inc. and the National
Broadcasting Co.
—Ransom R. Edwards has joined the trading department of N. H.
Horner & Co., 37 Wall St., in charge of unlisted preferred stocks, and J.
F. Watson. formerly with S. W. Straus & Co., is associated With the
same firm in charge of their real estate bond department.
—Edwin R. Harris has become associated with Ewart, Adams & Bond.
Inc., as manager of their municipal bond department, and Jackson Cherry.
formerly withEstabrook & Co., will have charge of their municipal trading
department.
—J. S. Richmond and Willard W. Mager, investment dealers of Denver,'
have formed J. S. Richmond & Co., with offices in the First National Bank
Building, Albuquerque, N. M.,to deal in municipal and corporation bonds.
—Distributors Group, Inc., sponsor of North American Trust Shares.
announces the openinz of a New England office on May 2, under the
direction of Wayland M. Minot, at 50 Federal Street, Boston.
—W. A. Scott, formerly of Scott & Chadwick, has fnrmed the firm of
W. A. Scott & Co.. Inc., for the transaction of a brokerage businass in
municipal bonds, at 35 William St., N. Y. City.
—Patrick J. Ryder, formerly with Weeden & Co.,and William D.Craig.
formerly with Graham Parsons & Co., are now associated with George 11.
Burr & Co., in their municipal bond department.
F. McConnell & Co., members New York Stock Exchange. announce the removal of their offices to larger quarters at 60 Wall Tower
(Henry L. Doherty Building).
—George C. White, member New York Stock Exchange, and Julian C.
Stanley, have formed the partnership of White & Stanley with offices at
52 Broadway, New York.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages Page One
tar
FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN
THIS LIST. SEE PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday
Apr. 16.
Monday
Apr. 18.
Tuesday
Apr. 19.
Wednesday
Apr. 20.
Thursday
Apr. 21.
Friday
Apr. 22.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest
$ per share
433 46,
4
4
643 65%
4
174 17%
914 9%
14
15
•16
184
62
.60
*5
9
•6l4 617
52
*46
3714 38 4
,
654 6518
.58 1
127 13%
8
.
55
50
1514 1613
234 23
4
7
7
112
112
212 24
4% 514
•7
1214
54 5%
10
10
• 4 10
63
qv, 13
7
7
*5312 57
131
13
2318 5
.5
5
,
6
6
*312 41
ID
11
*112 4
*212 8
.171 19
8
1018 111
*5
gi
74 74
•518 8
20
•11
8% 9'8
14
14
10 4 114
3
.4
6
*18
3
8
.
1
2
314 314
.10
1112
3% 312
7% 8
4
,14
.
1
8
194 21 18
.3
6
5% 6
*9712 11212
1418 15'8
•36
37
*6
61.1
$ per share S Per share
Per share
per share S per share Shares
Railroads
Par
4212 45
4213 4412 4412 4653 443 484 4312 4712 59,600 Atoh Topeka & Santa
4
Fe100
65
65
64
64
6312 6312 *62
65
62
62
Preferred
900
100
1712 1712 .1512 17 4 •1512 17
,
1714 18
1812 183
4 1.000 Atlantio Coast Line M1_100
83
4 93
8
8% 9%
914 1012
913 1052
918 10
34,000 Baltimore & Ohio
100
133 15
8
1312 133
4 1318 1312 143 15
4
•14
15
1,100
Preferred
100
.16
18% .15
*16
18
18 .16
183 .16
4
Bangor & Arooetook
183
4
50
60 60
58
58
60
39 •____ 59
Preferred
40
100
*6
10
.6
10
.6
10
.6
1012 •6
1012
Boston & Nfalne
100
.614
77
612 •614 612
77
612 7
7
7
800 Brooklyn & Queens Tr_No par
.46
52 .50
52
5118 514 52
5'2
.50
60
Preferred
200
No par
363 37 4 3513 364 363 373
3
,
8
8 373 403
4
4 37% 39 4 18,800 Bklyn-Manh 'Fran•t e No par
3
•64
67 .63% 67
633 66 .6818 6938 6712 6712
8
Preferred v t o
600
No par
*12 1
•12 1
*13 1
12
12
.
12 1
100 Brunswick Ter&Ry Sec No par
123 13 4 12% 1318 127 134 123 133
2
,
8
4
8 1172 13
27,600 Canadian Pacific
25
50
50 •50
72
*50
72
50
50
50
50
60 Caro Clinch & Ohio stpd.A00
1533 17
157 163
2
163 1712 164 18113 1614 17% 81,400 Chesapeake & Ohio
8
4
25
23
2 23
8
2
2
2
2 12
213 218 •218 212 1,400 Chicago Great Weetern.--100
614 612
612 612
7
7 18
7
7
74
7 12 2,500
Preferred
100
113
112
14
13
8
112
113
113 112
13
8
112 1,700 Chicago Mew St Paul & Pas.
*2
212 112
23
3 •218 214
212 23
3
23
3 24 2,000
Preferred
47
2 54
43
,
4 45
47
2 512
4
518 614
53
8 6
12,800 Chicago & North Weettern_100
*912 123
4 *9, 1214 .914 1214 .1214 1312 1212 1212
2
400
Preferred
100
512 6
54
,
514
512 58
512 6
54 6,
4,600 Chicago Rook lel & Paelfle_100
4
1013 1012 •10
11 12 1012 1012 .10
1212 •10
400
1212
7% preferred
100
7 4 73
3
7% 712 *74 93
4
4 .9
9
9
912
800
6% preferred
100
+618 121
•613 13
*614 121
•
618 1212 *618 1212
Colorado & Southern
100
*612 7 2 •7
71
7
,
'6
100 COLIBOI RR of Cuba pref 100
54
53
52
52
523 543
4
543 60
8 7
53
2,900 Delaware & Hudson
100
123 1312 1212 13
4
1472 1512I '67
133 141
144 3.300 Delaware Lack & Western__50
1453 58
4
•31, 5
•317 5
•3
.3
5
*3
5
Deny & Rio Or West prof.100
*43
3 512
412 41
• 8 6
43
414 43
43
8
3 43
2,700 Erie
100
•518
518 6
612 613
fi
.514 6
51s 512
First preferred
800
100
4
*3
412
4
413 412
4
414 44
414
Second preferred
500
100
10 4 1113 10, 103
3
4 103 12
4
8
1114 13
1114 123
8 8,400 Great Northern preferred. 100
*1
*112 4
4
.2
4
4
*212 63
4
3
200 Gulf Mobile & Northern_ 100
*1
*3
5
5
5
5
*4
8
.4
8
300
Preferred
100
18
1812 187 •18
18
19
18
2
18
•173 18
4
400 Hudson & Manhattan_ ....100
1018 His 1014 103
3
4 103 1112 1118 121g
1038 114 24,200 Illinois Central
100
.
5
8
*5
*5
812 1115
8
813
812 •5
RR Sec stook oerttficates..55, 7
*63
4 7
612 63
3
67 1012
3
8
8 12 2,900 Interboro Rapid 'Fran vs 0_100
.
5
.5
5113 5 8 *6
8
8
5
912 *53
4 912
100 Kansas City Southern_
100
1212 •10
1212 11
11
1218 1212 •1012 1718
400
Preferred
100
914
914 *9
9
9
912
912 912
912 912 1,000 Lehigh Valley
50
14
1412 1314 133
14
4 13
14
15
14
143
4 2,500 Louisville & Nashville_ _ -100
*10
10% 1014 1014 11
107 •I0
8
13
101 12
6,600 Manhat Elea modified guar 100
*4
•4
.
4
6
6
•4
.4
6
6
Market St Hy prior prat...100
*Is
14
14
218
I4
•18
3
3
•I8lii
Minneapolis & St Louis__ 100
112 •118 112
.14
14 *1ls
112
113
138 *1
400 Minn Si Paul & 88 Marie 100
3't
318
312 3%
3% 33
4
33
8 33
4 *314 312, 3,000 Mo-Kan-Texas RR_-_...No Par
114 11% 11
11,
4 11
11,
4 1T2 ly3 10
13
3
4
1041 1,600
Preferred
100
314
317
3% 33
4
312 3,
2
312 37 . 4,100 Mbssouri Pacific
100
712 812
712 818
77
2 812
83
8 872
714 8381 7,500
Preferred
100
35
.
14
38
•14
•14
3
8
"4
3
3
*14
Nat Rys of Merle° 3d pre!.100
41
193 204 191g 2018 19% 203
3
4 20
2112 1918 2012 102.100 New York Central
100
.3
6
*3
4
318 318 *32
8
.3% 5
200 N Y Chic & St Louis Co..100
.514 6
5
5,
4 *412 512 *43
4 5
43
4 5
1,000
Preferred
100
.98 115 •l0018 114 •10018 114 •101 114
105 105
10 N Y & Harlem
50
14
153
8 14% 15
14% 15% 1514 16% 1418 1533 36.900 NYNH&Hartford
100
37
37
35
3712 37
39
3912 3512 3714
38
1.800
Preferred
6
6
6
6
6
6
653 638
6
6% 1,100 N Y Ontario & Western. _100
34
33
14
24
•14
•14
4.18
38
•1s
3
4
*,ti
300 N Y Railways pref____Ne par
•8
5
•57
114
*3
4
*N
114
*3,
114
.38
114
114
Norfolk Southern
100
80
8212 80
82
81
80
81
83
83
89
2.700 Norfolk & Western
8412 8512
100
76
.74
74 .74
74
.74
76
76 .74
76
76
*74
Preferred
50
100
1012 11 12 10 4 1112 101. 113
5 107 12
,
3
1138 12% 1114 1212 14.800 Northern PacIfle
100
.1
*I
21 1
214
*14 214 •114
214
*14
Pacific Coaet
•14 214
214
100
1318 133
4
8 123 133
8
4 123 1314 123 1372 13
4
141g
1278 13% 21,000 Pennsylvania
$o
•1
4% .1
47
8 .1
4% .1
473 .1
1
47
8
100 Peoria & Eastern
1
100
.412 5
*4
5
5
5
.5, 10
4
.518 10
4
4
400 Pere Marquette
100
4.71, 9
7% 7% .7% 9
714
Prior preferred
74
814
120
,
714
84
873
,
100
534 532
•817 8
61
, 63
4
.618 8
Preferred
60
64 64 *61, 7
100
.4
.4
8
8
.
412 8
.412 8
.4
.4
Pittsburgh & West Viririnla 100
8
8
•18
18
20
18
•173 19
173 173 .18
17
4
4
20
18
1,100 Reading
4
50
.
21
26
26 .21
26
26
.21
•21
26
.21
26
*21
bit preferred
50
•1918 20
•18
17
20
4
1514 163
1,100
18
4 1714 17, •153 18
3.1 preferred
4
50
*212 23
2 .2
*2
3
212 213
213
600 At Louis-San Franobseo....100
23
2
3 23
214 214
318 31,
3
318 313
3
let preferred
4 312
3 4 314 2.100
,
23
3
100
3
.412 5
.5
.413 5
400 St Louts Southwestern__ 100
7
*5
5
5
7
413 44
*738 9
.713 20
.712 20
*8
Preferred
•8
20
*8
10
20
100
•14
*14
3,
1,200 Seaboard Mr Line
*14
14
*14
14
No par
as
.38
3
14
14
*I t
.14
12
1
Preferred
*14
•1 t
'2
12
*14
12
*14
12
100
8 1314 14
134 143
133 15
4
14% 153
4
4 123 143
4 1333 153 37,600 Southern Pacific Co
100
6
512 638 .53
5,000 Southern Railway
614 63
63
*614 612
4
8 512
58 6
100
712 71
8
8
8
8
84 814
8
: 712 8
2,900
Preferred
83
4
100'
•15
•15
•15
30
30 .15
•15
30
30
30 .15
30
Texas & P13131110
100
81
, 812 .812 91
HI, 8i,
812 812 •812 10
600 Tnird Avenue
•812 10
100
•138 212 .17
•I3
2
*13
8 2i
12
8 21
8 212
12
8
8
2
700 Twin City Rapid Tranatt._100
*9
12
•9
22
22
.9
.9
14
9
9
•914 22
10
Preferred
100
52
4
53
5214 5514 5414 577
51 18 55
541 t 503 523
57
42,900 Union Paelfio
100
•56
60
57
6318 •52
54 .55
645
52,2 5212 54
55
55
Preferred
100
•I38 2
112
112 113 *112 2
.
112 11
las
112 •13g
800 Wabash
100
218 218
.
212 *2
2
.2
212
212
2
21
300
218 .2
Preferred A
100
234 3
3
314 313
3 12
24 3
273 312
34
,
314 3,000 Western Maryland
100
*23
4 812 .234 812 •23
21 preferred
4 812 .28 812 .
212 712 *212 712
100
•1
212 •1
212 *1
218 .1.
218 •1
Western Paelfla
•1
2
2
100
.
2
2
314 •2
212 .
338 *2
213 .2
Preferred
212 •2
'212
100
*12
8
•514
•15
84
314
.5114
.23
•1014
.214
43
•1
1314
*2
114
*24
•2
•138
13
13
3
2
613 *43
4
24% *1514
84 .80
318
3%
61
•5114
*23
25
1012 *1014
23
4 •21 1
441 1 4012
13
4 *1
4
13% 123
21
: *2
114
212
27
2
212 *2
•I%
81 t
13
3
1
53
4 •5
2438 *1514
90 .84
312
338
61
5114
25
x2212
103
8 1038
23
4 *211
4212 393
4
IN •1
1312 123
4
21. •2
11.
4
.
118
213
21
212 *2
218 *138
8, a..._4
1
1
1
12
3
514 *5
514 *5
8
247 *1514 247 *1514
2
84 .84
92
84
318 34
318
3,
3
4
51
5114 .483 61
2218 22, *22
23
4
1014
10, •1014 11
4
213
214
214 24 .
4032 3714 393
4 37
IN •1
13
8 •1
12N 13 4 123
4
13
,
212 •2
212 .2
114
114
IN
IN
212 213
212
214
2
*2
2
213
2
218 •1113 213 •13
838
8
,1
•BM and asked pries* no Sale on thle day
1
7
247
8
92
312
51
267
8
101 1
211
4018
133
1312
212
13
8
214
212
212
814
1
*5
*1514
.84
23
4
•483
4
.22
.1014
2
3638
.1
1212
2
114
23
3
•2
.13
8
--
Industrial & MbeeelIalgeous
3,100 Abitibi Power & Paper.No par
1
Preferred
7
100
Abraham & Straus.,.. No Par
247
Preferred
120
92
100
No par
314 6,200 Adams Express
Preferred
61
110
100
2412
500 Adams Millis
No par
11
300 Addrerograph Int Corphro par
400 Advance Rumety new.Nc par
2 14
23,000 Air Reduction Ino._ Afo par
39
Air-way Elea Appliance No par
14
1314 33.100 Alaska Juneau Gold Min_ -_ IC
No par
100 A P W Paper Co
2
Na par
I% 4.100 Allegnauy Corp
Pref A wlth $30 ware....100
23
900
8
Prof A with $40 warr.---190
100
212
Prof A vr,thous warr__100
213
Allegheny Steel Co
No par
84
,
a ble-41•Menr1 and Pr-rights
,
2
e 60 7 stock dividend paid.
PER SHARE
Range for Year 1932
On basis of 100
-share lots
Highest
PER SHARE
Range for Previous
Year 1931
Lowest
Highest
$ Per share
393 Apr 14
4
5812 Apr 14
14 Apr 12
814 Apr 13
1113 Apr 14
16 Apr 15
58 Apr 19
7 Mar 31
53 Apr 11
4
4614 Jan 7
3012 Jan 5
633 Apr 20
8
12 Apr 13
107 Jan 2
8
50 Apr 18
123 Apr 12
4
134 Apr 8
5 Apr 14
13* Apr 15
128 Apr 12
412 Apr 14
87g Apr 15
413 Apr 13
10 Apr 16
Apr 8
934 Jan 11
6 Apr 15
5014 Apr 14
11 Apr 8
23 Apr 6
8
33 Apr 14
4
412 Apr 13
4 Apr 19
958 Apr 12
4 Apr 21
5 Apr 20
1714 Apr 14
912 Jan 4
7 Apr 8
5% Jan 4
5 Apr 7
11 Apr 20
74 Apr 12
1212 Apr 8
7 Jan 5
6 Apr 14
4 Jan 12
1 Apr 15
253 Apr 8
83 Apr 14
8
3 Apr 13
61 Apr 13
% Feb 9
1818 Apr 14
313 Apr 13
412 Apr 7
95 Apr 4
1218 Apr 14
33 Apr 14
53 Apr 8
14 Apr 19
78 Apr
72 Apr 14
6713 Jan 2
10 Apr 14
1 Mar 17
12 Apr 11
1 Apr22
4 Apr 13
63 Apr II
8
533 Apr 14
9 Apr 2
17 Apr 21
20 Apr 14
1514 Apr 20
14 Apr 8
214 Apr 8
4 Apr 9
9 Apr 15
Is Jan 2
14 Jan 4
1114 Apr 14
Apr 6
6 2 Apr 14
,
20 Mar 8
714 Apr 11
13 Apr 20
8
9 Apr 20
4612 Apr 14
5112 Apr 8
1 Jan 4
14 Jan 2
138
24 Apr 12
3 Apr C
13 Apr 7
8
218 Apr 5
per share $ per share g per share
94 Jan 14
79% Dec 20338 Feb
86 Jan 18 175 Dee 10814 Apr
414 Jan 14
25 Dec 120 Jan
2I38 Jan 21
14 Dec
87% Feb
4113 Jan 14
25 Dec
8012 Feb
2412 Jan 14
18 Dec
4
663 Feb
7913 Jan IS
80 Dec 11313 Mar
1412 Jan 9
10 Dec
66 Feb
1014Mar 8
Si Oct
1333June
58 Mar 5
46 Dec
6434June
5014 Mar 8
31% Oct
693
8Mar
7838 Mar 6
63 Dec
94% Feb
2 Jan 15
912 Feb
135 Dec
2038 Mar 5
453 Feb
103 Dec
4
70 Feb 6
72 Dec 102 Apr
3113 Jan 14
233 Dec
8
4611 Feb
43 Jan 11
8
77 Feb
212 Dec
1512 Jan 22
713 Dec
2712July
314 Jan 14
14 Dec
878 Jan
514 Jan 13
212 Dec
1538 Feb
1233 Jan 15
5 Dec
454 Feb
31 Jan 22
1313 Dee 116 Mar
163 Jen 22
77 Dec
8
6512 Jan
274 Jan 14
14 Dec 101 Mar
2412 Jan 14
1018 Dcc
90 Jan
17 Mar 5
712 Dee
48 Jan
1112 Jan 2
10 Dee
4211 Feb
8912 Feb 13
64 Dec 15714 Feb
283 Jan 13
4
173 Dec 102 Jan
4
9 Jan 15
34 Deo
453 Feb
4
10 Jan 22
5 Dec
394 Feb
1312 Jan 28
638 Dec
4511 Feb
913 Jan 11
5 Dec
4013 Jan
25 Jan 14
694 Feb
1535 Dec
8 Jan 14
34 Dec
274 Feb
1412 Jan 21
13 Dee
75 Jan
3034 Jan 18
2614 De
4412 Feb
18% Jan 22
89 Feb
938 Dec
1413 Jan 28
7 Dee
61 Jan
1438 Mar 7
34 Mar
433 Dec
67 Dec46 Feb
1314 Jan 22
233 Jan 18
4
15 Dec
64 Feb
18 Jan 12
8 1)ec
61 Jan
3238 Jan 14
2014 Doc 111 Feb
204 Mar 8
678 Dee
39 Feb
9 Jan 26
513 Dec
22 Feb
3 Mar 2
8
18 Dec
% Jan
34 Jan 16
1 Dee
114 Feb
37 Dec
73 Jan 22
4
263 J80
4
217 Jan 22
8
1011 Dec
85 Jan
11 Jan 22
638 Dec
424 Feb
26 Jan 26
12 Dec 107 Feb
Ig Jan 12
% Jail
38 Oct
363 Jan 15
8
2478 Dee 13214 Fel'
913 Jan 12
213 Dec
88 Feb
1538 Jan 22
5 Dec
94 Mar
125 Jan 15 x101 Dee 227 Feb
3138 Jan 21
17 Dec
8
947 Feb
784 Jan 14
52 Dec 11933 vet
84 Jan 22
1378June
514 Oct
1 Feb 26
2 e e t,
8,, ,an
13 I ec
3, D ,.,
4 )
213 Jan 14
13$ Feb 17 1055, Dec 217 Feb
78 Jan 22
6511 Deo
93 Mar
2314 Jan 22
14ls Dec
60% Jan
113 Feb 18
114June
7 Mar
2338 Jan 21
1614 Dec
64 Feb
3 Jan 14
Ds Dec
94 Jan
13 Jan 14
4 Dee
85 Feb
19 Jan 14
84 Dec
9214 Feb
171 Jan 14
54 Dee
80 Jan
15 Jan 11
11 Dec
86 Jan
42 Jan 14
30 Dec
9713 Feb
33 Jan 29
28 Deo
46 Jan
30 Jan 22
27% Dec
47 Jan
65 Jan 14
3 Dec
624 Jan
93 Jan 22
4
414 Deo
76 Jan
1111 Jan 26
44 Dec
334 Jan
2013 Jan 26
614 Dec
60 Feb
Jan 28
7 F b 2
8
Is Deo
138 JA"
7
8
Dee
213 Jan
3734 Jan 21
14
Fell
13 Jan 14
Dec5
6% I
2612DecD ee 105 2 rel
59%
2018 Jan 22
10 Dec
83 Feb
33 Feb 2
92 Dec 100 Jan
14 Mar 8
51* Apr
15% Mr
4 Jan 25
2 Dec
1774 Feb
241, J8,126
1112 Dee
62 Feb
9411 Feb 13
7018 Dec 2051* Feb
68 Jan 18
51 Dec
87 May
4 Feb 2
Jan
0 Jan 28
11; i t
1 n
a
26 Jan
74 Jan 22
5 Doe
1938 Fell
812 Jan 22
5 1)00
20 Feb
4 Jan 14
1114 Dec147 Feb
8
653 Jan 22
3 Dee
3138 Feb
1 Apr 19
47 Apr14
153 Apr 13
4
81 Apr 16
24 Apr 22
51 Apr 21
221g Apr 20
1014 Apr 14
2 Apr 6
3633 Apr 22
1 Apr 4
11% Jan 4
2 Apr 22
1 April
1% Apr 13
1 3 Apr 15
3
17 Apr 7
8
10 Jan 20
X Feb 13
9 4 Jan 15
,
24 Jan 13
98 Slur 1
534 Jan 11
70 Mar 3
303, Mar 8
13 Feb 11
312 Mar 7
8212 Mar 8
Mar 3
163 Jan 21
3
4 Mar 15
313 Jan 14
73 Jan 22
3
612 Jan 22
614 Jan 15
13 Jan 7
cot
r El-dividend. ir Ex-rights
2 Dee
1414 Feb
Vs Dec
52 Feb
18 Dec
39 Aug
06 Dee 106131kIaF
2313 Feb
314 Dec
5013 Der
92 Apr
33 1 Aug
,
224 Jan
10 Oi
234 Feb
2
2 Sept113 Mar
4738 Der 1003 11et1
..
1 14 Dec
ec
10% e"
7 Jan
2012June
AUg
9
23 Dec
4
123 Feb
4
Ds Dee
MIN Feb
2 Dee
511 Feb
13 Dee
4
5513 Feb
04 Dee
4614 Feb
10 Dec
New York Stock Record-Continued--Page 2
3057
erFOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND
PAGE PRECEDING.
--=--PER SHARE
PER SHARE
HIGH AND LOIV SALE PRICES
-PER SHARE, NOT PER CENT.
Sales
STOCKS
Range for Year 1932
Itange for Precious
for
NEW YORK STOCK
On basis of 100
-share tots
Year 1931
Saturday
Monday
Tuesday
Wednesday
Thursday I Friday
the
EXCHANGE.
Apr. 18.
Apr. 16.
Apr. 19.
Apr. 20.
Apr. 21.
Apr. 22.
Week.
Lowest
litohert
Highest
Gateeet
$ per share $ per share $ per share 3 per share $ per share $ per share Shares Indus. & Miscell. (Con.) Par $ per
share $ per share I per share 3 per share
64
664 6214 64
583 6212 5724 5912 5712 61
3
5713 604 109.500 Ailed Chemical & Dye_No par 5712 Apr 21 8713 Mar 8
64 Dec 1821 Feb
/
4
104 101
104 101
104 104
10112 10112 103 103
10312 105
1,200
Preferred
100 9612 Apr 14 119 Mar 11
100 Dec 126 Apr
8
84
8
77
8 77
712 77
8
75
8 74
712. 74 1712 712 3,500 Allis-Chalmers Mfg ___ _No par
713 Apr 14 1353 Jan 18
4
423 Feb
1012 Dec
64 613
64 631
6
6 14
6
6
.57
8 712 *6
712 1,600 Alpha Portland Cement No par
6 Apr 19 10 Jan 11
4
75 Dec
8
187 Feb
*1213 1313 1214 121 1
1214 1214
1212 1212 .123 14
3
13
13
800 Amerada Corp
No par 12 Jan 25 143 Mar 8
23 Mar
1114 Dec
4
43
4 43
4
412 43
4
414 4 4 .114 5
,
.453 5
.43
600 Amer Agile Chem (Del) No par
8 5
414 Apr 12
712 Jan 16
293 Feb
54 Oct
4
94 94 . 3 93
95
93
8 95
8 .914
4
958
94 9
,
34
9
94 1,200 American Bank Note
10
83 Apr 14 1812 Jan 14
8
4
623 Feb
124 Dec
34
34
*34
39
*35
37 .354 37
*3514 37 .3514 37
100
Preferred
60 32 Apr 8 47 Feb 15
661 Feb
85 Dec
/
4
4
3
8
*3
8
12
*3
8
12
100 American Beet Sugar__No par
*3
8
12
12
*3
3
8
8
12 .
38 Apr 16
84 Jan 9
4 Jan
/
1
4
14 Dec
*134 3
*2
3
*14 3
13
4
13
4
113 112 .___- 112
70
7% preferred
100
1778 Jan
112 Apr 21
312 Jan 12
Ili Dec
.83 10
4
83
3 84 *8
10
*814 10
83
4 83
4
300 Am Brake Shoe & Fdy_No par
94 94
8 Apr 14 1512 Jan 15
1312 Dec
38 Feb
.6712 83 .6712 83
6713 6712 •64
76
*66
76
*67
76
10
Preferred
100 6712 Apr 19 90 Feb18
71 Dec 1243 Mar
8
504 5218 4612 50,
4 4448 47
4314 455
8 4313 4612 411 4412 202,600 American Can
/
4
25 113 Apr 22 73 8 Mar 8
7
4
5818 Dec 12914 Mar
.105 118 *10512 118
10514 106
10514 10514 *1063 110 *1063 110
4
4
400
Preferred
100 1013 Apr 13 129 Mar 14 116 Dec 16212 Apr
4
479 .5
45
8 13
4
47
8 47
8
5
,5I4
.518 513
53
3 513 1,800 American Car & Fdy_ __No par
118 Apr 13
834 Mar 8
4
388 Feb
413 Dec
22
22
23
2312 2218 23
2218 23
*2212 243 .224 243
4
4
170
Preferred
100 2014 Apr 8 394 Mar 9
86 Mar
203 Dec
8
2
2
*114 2
2
2
2
2
2
2
14 14
600 American Chain
Vs Apr 22
No par
433 Feb
6 Jan 13
5 Dec
4
2914 2914 *27
30
*2713 2913 *2814 2914 .284 2914 *2814 2914
100 American Chicle
No par 2514 Apr 12 373 Mar 8
8
3014 Dec
481 Mar
/
4
*4
412 *4
413 *4
412 *4
113 *4
412 .4
412
Amer Colortype Co___ _No par
414 Apr 9
6 Jan 13
2114 Feb
6 Oct
814 84
77
8 8
712 8
75
3 74
77
8 75
8
734 818 4,600 Am Comm'l Aloohol___No par
64 Jan 24 11 Mar 22
5 Oct
1413 Feb
•114 24 .2
27
8 *3
278 *2
24 •2
27
3 •2
Amer Encaustic Tlling_No par
24
2 Apr 8
5 Jan 9
238 Dec
16 Mar
.4
53
8 *4
438 *314 4
•314 4
.34 4
•33
8 4
Amer European Sets's__No par
23 April 1012 Jan 16
4
73 Dec
8
8318 Feb
45
8 473
4,
4 43
8
34 44
4
414
4
42
4
4 33 9,300 Amer & Porn Power_ __No par
214 Apr 8
914 Jan 14
511 Feb
/
4
618 Dec
1613 1612 1412 1512 1258 13
13
13
1214 13
1212 1314
1.500
Preferred
No par
8 Apr 6 3812 Jan 21
20 Dec 100 Mar
.813 9
7 4 812
3
712 712
74 712
7
718 712
714 1,200
2d preferred
No par
4 Apr 8 1714 Jan 14
794 Feb
10 De*12
14
*124 15 .1118 1212 .113 1212 1214 1212 *1114 13
3
100
$6 preferred
7 Apr 7 33 Jan 18
No par
90 Feb
18 Dec
*414 41
*414 413
418 44 .414 412 .414 413 .414 413
300 Am Hawaiian 88 Co
10
33 Apr 14
6 Feb 17
4
II Dec
103 Jan
3
•118
liz
1
112 *118
11 .118
/
4
13
4 *118
13
4 *118 14
Amer Hide & Leather__No par
138 Apr 14
211 Jan 7
8 Mar
1 Sept
.83 10
4
913 912 .83
4 97
8 *83 10
4
*834 9 4 .
Preferred
100
4
3
9 Jan 4 12 Jan 6
84 93
100
713 Dec
30 Apr
395 41
8
3918 394 3814 3812 3814 38, *39
4
4013 39
3913 1,800 Amer Home Products_No par 23614 Apr 14 5138 Mar 9
64 Mar
37 Oct
15
15'4 144 15
/
1
14
14
14
143
8 1412 1478 *1414 1413 2.100 American lee
No par 12 Jan 5 215 Mar 8
315 Feb
1013 Oct
8
8
47
8 5
43
4 43
4
413 43
4
43
8 43
3
5
5 13
4,000 Amer Internal Corp
44 5
84 Feb 19
No par
26 Feb
418 Apr 14
5 Dec
*14
3
8
*14
5
8
*14
3
8
*14
3
8
100 Am L France&Foamite_No par
.4
3
3
14 Jan 6
14
14
3 Jan 12
8
113 Jan
14 Dec
•112 31
•13
4 31 1 •13
4 314 *13
4
13
4 *14 314 •13
Preferred
4 24
,
100
112 Apr 8
4 Feb 8
118 Dec
15 July
.513 52
5
518
5
53
,
54 54
•
518 512 1,000 American Locornotive_No par
8
5 Apr 8
5
94 Jan 18
4
303 Feb
5 Dec
*3412 351 *3412 35
34
3112 333 333
4
4 3313 333
4 3314 3314
700
Preferred
100 3014 Jan 6 443 Mar 7
4
8
843 Mar
2412 Dec
•1518 153
4 1518 1514 153 15
4
31 1512 16
216
1512 1511 1,600 Amer Mach & Fdy new_No par
16
1313 Apr 14 2214 Jan 14
433 Mar
16 Oct
4
13
8
13
*14
17
8 .15
3 17
8 .15
8
17
8 *134
14 •11 14
/
4
100 Amer Mach & Metals__No par
114 Apr 8
33 Mar 9
4
7 Mar
114 Oct
318 31
25
8 258 *23
4
*25
8 331 •3
4
4
*3
4
200 Amer Metal Co Ltd____No par
24 Apr 12
65 Jan 11
8
233 Feb
67 Dec
4
8
1414 13
.13
13
•13
l31
14
12
*1312 14
13
14
120
0% preferred
100 12 Apr 22 1913 Jan 14
8912 Feb
14 Dec
___ ___
____ _
_ ____ ____ __
____ ____ ____ ____ ______ Amer Nat Goa pref____N, pa
,
1 Jan 4
14 Jan 11
4
1 Oct397 Jan
83
8 93
8
918 913
838 011
814 9
83
8 94
8
/ 912 18.800 Am Power & Light___No par
1
4
/
4
61 Apr 5 167 Jan 13
8
644 Feb
113 Dec
2
40
4312 384 3812 *3714 3818 3712 371. 36
2
374 3612 3613 1.700
Preferred
No par 31 Mar 31 58 Jan 14
644 Dec 102 Mar
/
1
*3411 35
3358 3412 33
3112 3112 32
32
4
1.900
36 Preferred
333 *31 12 34
8
No par 245 Apr 2 4934 Jan 14
___ ____ ____
_
__ ____ __
Pref A ntamped
No pa
35 Dec
85 A Pr
5
5 14
43
4 5
453 5
44 5
43
4 5
12.800 Am Rod & Stand Eitan'y_No par
44 513
438 Apr 8
84 Jan 8
2113 Mar
5 Dec
4,5, 1
4.3
8
1
*5
3
4.%
1
1
*5
3
1
.
3
8
1
Arner,can Republics._ _No par
12 Mar 17
4 Feb 19
114 Dec
123 Feb
3
12 2.600 Aniereen Rolling MIII
14 712
713 73
3
8 73
712
4
4
7
758 73
7
8
714 7
7
25
7 Apr 8 13 Mar 3
7 Dec
/
1
4
37 Feb
/
1
4
1714 1712 .1712 1773 1,200 American Safety Raaor_No par 1614 Apr 19 22914 Mar 7
•1813 1913 .174 195
4 1613 171 1
3 1614 173
88 Feb
1914 Dec
112
.112 4
•112 4
112
.14 3
100 Amer Seating etc
.112 3
.112 3
No par
113 Apr 22
212 Jan 21
15 Dec
8
9 Feb
400 Amer ShIp & Comm_ No par
14
14
11
14
14
1$
* 18
.
*4
18
•Is
•18
14
12 Jan 6
s Apr 22
13 Feb
8
12 Dec
19
19
19
*14
*14
*14
Amer Shipbuilding new_No pa
19 .14
19 .14
19
•14
14 Apr 13 2518 Jan 14
20 Oct
12 Jan
9
914 93
713 Apr 14 1838 Jan 2
953
4
9
94 93
912
9 12
4
84 912 5,900 Amer Smelling de Refg_No par
9
1712 Dec
6812 Feb
49
483 483
*48
4
50
4
507 *49
51
8
300
•50
51
51
Preferred
.51
100 45 Apr 13 85 Jan 29
76 Dec 13813 Mar
30
100
•29
*29
.29
30
30 .29
30 .29
2d preferred 6% eum
30
30
31
100 29 Apr 14 55 Feb 19
45 Dec 1021 Mar
4
297 297 *29, 293
4
8
291
. 2912 2912 284 287
4 29
8
.2918 31
8 1,000 American Snuff
2
283 April 3438 Mar 3
4
28 Oct
4214 Mar
.9412 100 - •90 100
.9412 101
.9412 101
•9413 101
*90 100
Preferred
100 90 Jan 11
103 Mar 14
977 Dec 110* July
3
__ ____ ____ ____ ___ ___ Amer Solvents & Chem_ No pa
4 Feb 15
12 Jan 14
Cr Feb
/ Nov
1
4
_
_ ____
Preferred
No pa
14 Feb 18
114 Jan 20
3 Dec
2
1113 Feb
5
13.
1
18
-43455113- .412 b
1,400 Amer Steel Foundries_No par
5
-5
i- - 4
43
- 4 -414 Apr 13
814 Jan 21
5 Dec
31 14 Feb
6212 6212 .604 6212 6313 6212 624 623 •60
8
.6212 63
6212
190
Preferred
100 61 Apr 12 80 Feb 18
68 Dec 113 Feb
33
323 324 1.400 American Storee
323 33
33
323 33
4
.33
327 33
4
8
31
4
/
1
No par 323 Apr 13 364 Mar 3
4
/
1
4814 Mar
33 Dec
1712 18
1714 1714 1711 18
*184 21 13 173 173 *1713 184 1.600 Amer Sugar Refining
4
4
100 15 Apr 12 3914 Jan 13
60 Mar
8412 Oct
*603 85
4
61
4
•603 704 •60
604 603 *6018 65
4
60
727
8
600
Preferred
100 60 Apr 7 884 Jan 13
8412 Dec 108413,1ar
*312 34 •3
33
35
8
8 .3
.272 35
3
3
3
8 1.700 Am Sumatra Tobaecio_No par
34
3 Apr 19
6 Jan 7
312 Dec
111 Feb
/
4
8 973 100
9714 9912 9713 102
103t2 10718 100 1027
4
9718 100 370.400 Amer Telep & Teleg
100 9718 Apr 22 13733 Feb 19 11218 Dec 2011 Feb
4
/ 673
1
4
4 653 68
65
65
/ 66
1
4
4
67
693
.63
4 67
69
65
2.290 American Tonacco new wi_25 63 Apr 14 8634 Mar 9
6013 Dec 12814 Apr
4 657 7012 6718 6918 29,700
8
7112 723
4 693 7114 67
4
Common class B new wl_25 6612 Jan 4 893 Mar 8
693
4 6612 68,
4
64 Dec 1324 Apr
4
103 103
100 1013
4
4 993 100 *10114 103
•10012 103
1013 10214
4
Preferred
1.800
100 99 Apr 13 11013 Jan 21
48 Dec 132 May
.1012 15
10
18
10
.5
.5
.9
•I012 15
14
14
400 American Type Foundere_100 10 Apr 19 25 Jan 25
19 Dec 105 Jan
*21
.2014 31
31
*2014 30
2014 21
.21
31
20
90
20
Preferred
100 18 Apr 7 70 Jan 8
72 Dec 11012 Feb
213 2173 2014 21:4 20
8
21
194 20
20
214 194 204 6.100 Am Water Wks & Eleo.No par
1812 April 3412 Mar 8
801 Feb
234 Dec
4
•19
31
21
20
*1912 25
*1912 31
•19
20 .19
100
Corn rot tr etre
20
No Par
18 Apr 14 31 Mar 8
213 Dec
4
803 Feb
4
50,8 5013 *50
60
50
*5014 60 .5014 60
50
60 .50
300
let preferred
50 Apr 16 75 Jan 15
6412 Dec 107 Mar
.3
314
314
314 *3
3
*3
3
34 •3
31 1 .3
100 American Woolen
No par
212 Mar 18
54 Feb 25
24 Dec
1172 Jan
2412 254 2414 253
8 2353 2412 234 24
8 2318 23
24
243
/ 5.400
1
4
Preferred
100 1513 Jan 4 304 Mar 7
151 Dec
/
4
40 July
*14
54
*14
Am Writing Paper etfs.No par
54
*14
*14
14
3
4
81
a, Jan 11
* 14
"4
3
4
53 Ayr 4
12 Dec
4 Jan
.212 7
.212 7
.213 6
.213 6
*212 6
.213 6
Preferred 'senate:des_ __WO
3 Apr 12
5 Apr 6
2 Dec
/
1
4
18 Feb
•112 2
94 2
.153
8
13
13
4
4 .15
100 Am Zinc Lead & Szuelt_No par
13
8
4 13
13
4
4 *15
1 12 Apr 8
33 Jan 9
3
213 Dec
81 Feb
/
4
1912 1913 1912 193 1911 *1913 25 .20
•16
4
25
1912 1912
900
Preferred
1412 Apr 12 23 Jac 18
25
1913 Dec
464 Aug
5
54
518 53
53
4 6
8
5
518 53
512 0
54 43,400 Anaconda Copper Mining_50
4
413 Apr 8 123 Jan 14
8
914 Dec
4314 Feb
*33
4 47
8 *34 434 *34 114 *33
Anaconda Wire & Cable No pa
, 3 Apr 11
4 454
4 44 *33
4 454 *33
9 Feb 11
6 Dec
2614 Mar
*1213 13 .12
4
123 13
13
13
127 13
8
1312 1312 134 1,600 Anchor Cap
No par 115 Apr 12 1712 Mar 2
8
13 Sept
36 Feb
.212 5
24 218 •218 3
*218 3
.214 312 *214 312
100 Andes Copper Mining_Ne par
2 Apr 7
474 Jan 8
4 Dec
1912 Feb
8
814
8
4 813
7
8 I 1,200 Archer Dudish! MidI'd_No par
8 9
7 34 •75
734 74 *73
7 Apr 18 12 Feb 16
8 May
18 Feb
3
*3114 40 .343 40
35
35
35
35
509 Armour & Co (Dcli vet __100 32 Jan 4 44 Mar 9
3513 3518 *3114 38
20 Oct
72 Jan
14
1
11 1 'I
1
1 18
1
1
1531 1.500 Armour 01 1111001* cla.33 A___25
1
18
118
1
1 Jan 2 2 Mar 9,
3 Dec
4
4Is Jan
4
4
*53
Class B
14
800
*3
8
3
4
3
4
3
8
4
4
25
3
4
8
Da Mar 101
4 Jan 7
372 Jan
13 Oct
.8
8121
812 .8
8
8
*714 812 *7 1 8
Preferred
63 Jan 2 141 Mar 9
/
4
8
400
,
100
514 Dec
;"2 712
67 Jan
.13
8 214 .14 2141 .13
4 214 .13
4 214 .13
114 Jan 18
4 214 .14 2 4
Arnold Constable Corp.Ns par
3 Feb 1
,
153 Dec
9 July
.212 514 .212 51
/
4
2[2 212 .____
3
*____ 3
1.815 Artloom Corp
____ 3
212 Apr 19
514 Apr 4
4 Oct1012 Feb
No par
112 113 *13
8
112
1 18
13
3
3,300 Aetuctitted Apparel Ind_No par
1
1
118
11
1 13
1
1 Apr 21
25 Jan 7
114 Dec
8
287 Feb
8
. 412 .412 44 *413 5
41
*412 47
413 41
*412 47g
400 Assoc Dry Goods
3,2 Apr 13
/
1
4
No pa
295 Mar
814 Jan 15
6 Dec
4
*7 - 25
.7
25
*713 25
*7
.7
25
'25
.7
25
Aesociated 011
6 Apr 13
/
1
4
25
91 Jan 2
8 Dec
4
/
1
4
31 Feb
.813 11
*812 11
7
713 813
11
.7
.7
11
11
200 All 0 & W 188 Une_No par
10 Dec
713 Apr 19 1018 Jan 22
84 Jan
.9
*9
11
11
.9
11
*9
*9
11
11
*9
11
/
4
Preferred
100 121 Apr 12 1513 Jan 27
15 Dec
534 Jan
/
1
953 10
93 10
10
4
1012
913 934
4 1014
5-'. Feb 9 1273 Mar 9
8 Dec
93
/
1
4
4 972 4.600 Atlantic Refining
25
234 Feb
/
1
11
10
1012
953 91
11
*9
9,
2
3
8 973 10
938 Apr 21 25,2 Feb 2
10
54 Feb
1.500 Atlas Powder
18 Dec
No par
.611 6214 60
/
4
GO
*591 2 60
258
58
5912 58
•58
6312
270
Preferred
100 258 Apr 20 794 Jan 13
997 Jan
7714 Dec
8
47
47
8
Ast 44
3 47
47
8
8
44 47
8 *44 43
4
43
4 47
8 1.410 Atlas Stores Corp
418 Apr 12
24 Dec
1312 Feb
514 Feb 18
No par
3818 404
373 41
4
14 42
37, 41,2 3713 40
4
/ 3812 397 124.500 Auburn Automoblle
1
4
8
8412 OeI 29512 Apr
/
4
No par 3714 Apr 16 1511 Jan 14
53
59
1
•8
.58
5
1
1
1
*5
8
7
8
Austin Nichols
/ Feb 19
1
4
*5
8
,
7
8
2, Ma
14 Jan 12
4
/
1
48eis
NO pa
•18
la
*18
14
14
14
14
14
1.100 Autosales Corp
*18
14
.18
13 De
14
213July
14 Apr 1
78 Jan 8
No par
*5
3
1
*8
8
1
•13
1
•I2
1
I
"2
I
'
It
Preferred
1 Dec
5 Fe
2 Jan 11
7 Mar 30
8
50
2
/ 24
1
4
27
8 3
24 27
8
2
/ 23
1
4
4 •23
4 24
23
4 24 4.800 Aviation Corp
618 Ma
812 Jan 2
2 Dec
24 Feb 23
Na par
4
4
4
4
4
4
37
8 4
4
4
4
4
1.000 Baldwin Loco Works
453 Dec
2772 Mar
314 Apr 8
813 .14n 14
No par
141 3 13
13
12
1278 1273 127
*12
8 14
14
.1278 19
90
Preferred
18 Dec 10412 Mar
100 1018 Apr 13 2812 Jan 15
4
8112 8112 .81
82
8014 8014 80, 83
82
82
.81
82
100 Bamberger (L) & Co prof _ _100 80 Apr 11 99 Feb 25
85 Dec 107 Fe
•1
2
•1
2
.1.
2
*1
2
.1
2
.1
2
Barker Brothers
10 Jar'.
11 Oct
/
4
214 Jan 4
13 Apr 9
No par
453
4
4
4
4
4
4
4
4
4 18
4
44 4,200 Barnedal Corp clam A.....'45
4 Dec
1412 Fe
578 Jan 14
334 April
7
7
*7
8
.7
7
7
8
*3
7
.3
7
80 Bayuk Cigars Inc
No par
7 Apr 13 13 Feb 1
14 Dec
33 Jan,
.42
52
42
.42
52
4218 4218 42
42
42
•42
52
40
1st preferred
90 Mar
60 Dec
100 40 Apr 13 69 Jan 7
213
8 2312 233
243
8 21
4 2318 2318 223 2310 2212 223
4
24
4 2,300 Beatrizie Creamery
81 Mar
87 Oct
50 2112 Apr 11 4313 Jan 11
4
*743 793 •7212 80 .7212 80
4
•7112 7718 5733 7718 *7114 80
Preferred
90 Dec 111 Mar
100 72 April 95 Jan 18
.37
41
41
37
37
373 373 .36
4
39 .36
*35
39
200 Beech-Nut Peeking Co_
874 Oct62 Apr
2
3612 Apr 13 443 Mar 14
4
*314
34 .314 35
8 *314 33
8
3,
4
•314 4
314 •314
200 Belding Llemsway Co....NO var
313
Mune
353 Jan 4
Ws Aug
4 4 Feb 25
3
8 614 614 613 613
617 617
8
4
617
*014 63 . 8 64
•61 8 64
,
4
300 Belgian Nat Rye ran pref---- 54 Feb 25 624 Jan IS
80 Jan
/
1
4
547 Dec
8
14
718
738
7
7 13
7
7
7
714
718 73
4
713 712 7.200 Bondi: Aviation
63 Apr 11 1834 Jan 14
123 Oct2512 Feb
4
No par
3
4
1414 1312 1414 1312 14
14, 1512 133 143
4
8 14
1514
15
4.800 Best & Co
No par
1314 Apr 14 244 Feb 19
/
1
4
664 Mar
19 Dec
8
143
8 133 14
1314
13
1358 1153 124 135
8
3 125 131
134 19,200 Bethlehem Steel Corp._No par 1213 Apr 14 2438 Feb 19
/
1
171 Des
/
4
70 Feb
/
1
4
42
42
42
.4114 42
*4014 42
42
42
413 42
3
.41
7% Preferred
100 3814 Apr 14 74 Jan 9
60 Dec 1237 Mar
700
8
•5t4
53
4 *514 53
4 *513 513
513 54 *318 312 *318 512
100 Blaw-Knos Co
No par
5 April
83 Jan 14
6 Dec
4
29 Feb
...--- 14
.____ 14
•
_ 14 •____ 14 .____ 14 •____ 14
Bloomingdale Brothers_No par
14 Feb 16 14 Feb 15
15 Oct21 Nov
*5014 - - 50
.50, _
4,,.
4
.
7
_
50
.50,
4
Preferred
.)-, --- _ .52 _ __ .52
100 50 Apr 22 61 Jan 6
75 Dec
95 Jan
.8t2 10[4
94
84
9
9
88
5
812 918
-,
8
812 *812 - 8
800 Bohn Aluminum & Br__No par
8 Apr 8 2214 Jan 14
x151 Dec
/
4
43 Atlii
4912 *42
4912 *12
48 .42
4912
43 .42
43
48
100 Bon Aml clam A
.43
No par 43 Apr 18 611 Mar 9
/
4
69 Oct 36614 API
*14
4
'la
*It
.53
3
8
3
3
.
"1
51,
3
8
.14
Booth Fisheries
3
8
No par
14 Apr 14
58 Feb 1
3 Yet
t4 Dec
214
253
8
*5
212
*5
*5
8
*5
8
8
212
'2
*4 2
3 213
.3
let preferred
100
3 Mar 17
8
11 Jan 5
/
4
17 Pet
/
1
4
113 Dec
3238 3012 31 12 304 3214 29
304 31.400 Borden Co
3218 3314 31
3338 31
25 29 Apr 22 4313 Mar 9
354 Dee
7611 Mal
7
7
7 14
7
64 7
634 7
7
711
7
*7
1.200 Borg Warner Corp
10
63 Apr 14 1258 Mar 5
8
9 Dee
30 4 Yet
3
54
3
4
*14
*14
•14
54
3
4
*14
Botany Cons Mills class A__6O
31
*14
3
12 Mar
4
•it
118 Mar 9
1
3 4July
Is Dec
6
6 14
614 64 3,700 Briggs Manufaeturing_No par r5 Apr 24
4 578
53
5
/ 6
1
4
4
57
els 64
8 6,
11 111 Mar 5
/
4
224 Mal
/
1
7 Dec
13
• 13Id and asked prices: no sales on this day. r Ex-dividend. p Ex-rig its.
New York Stock Record-Continued-Page 3
3058
Fir FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE THIRD PAGE PRECEDING.
--------- --PER SHARE
PER SHARE
-PER SHARE. NOT PER CENT. 1 Sales
111011 AND LOW SALE PRICES
STOCKS
Range for Year 1932
Range for Precious
for
NEW YORK STOCK
On bas of 100
-share lots
Year 1931
Wednesday
Tuesday
Scdurday 1 Monday
Thursday
Friday
the
EXCHANGE
Apr. 20.
Apr. 19.
Apr. 18.
Apr. 21.
Apr. 22.
Apr. 16.
Week.
Lowest
Highest
Highest
Lowest
$ Per share $ per share 3 per share
8
•5
S
8 *5
*5
77
I.
I.
'38
'38
*4
12
.13
4 3
*13
4 3
.131 3
7012
71
70
70
74
72
33
33
33
*33
331 4 33
2
2
2
2 18
0112 214
8
23
8 27
4
234 23
023
4 31 1
5
5
5
5
*5
6
65
65
*60
50 .50
50
138
114
112 *114
1 12 11.
238 218
4
2 4 214
,
214 211 1 1 *112 3
114
•114 3
33
4 33
*334 4
4
4
4
714 712
73
4
714
712 77
8
1612 164 1612 153 16
4
16
40
4018 39
3912 4018 40
70
*674 70
*67
70
*67
4
3
4
3
4
3
4
*4
3
4
4
12
•12
12 .
3
12
3
8
4 3
4 3
.23
*23
•23
4 3
9
93
8
84. 9
83
3 812
49
49 .40
49
•40
55
612 612
63
8 63
8
7
7
•I4
*1 1
3
8
*
04
4
4
___. ---- ---- ---- ---- ---2
218
2
2
23
8 218
.31. 4
.312 4
.312 4
•73.1 84
77
8 818
77
8 77
8
1912
19, .17
2
174 1718 •17
.312 4
314
312
318 31 1
.21 12 27
2112 2112 2012 21
8
2
284 304 2714 284 257 277
*41
*42
45 •__
45
45
712 712 *7
718
63
4 7
2
2
*2
314
31 1 .2
*812 15
.812 15
15
*8
*23
8 3
8 3
*23
8 312 •23
13
8
Ps *111 24 *114 212
I
1
•I
1 12
1 12 *1
*312 43
4
*312 5
•312 5
•113
11 12 .104 1012 *104 1012
.33
4 4
4 4
•3
31 418 *33
$ per share
.5
77s
* ti
,
12
*13
4 3
70
70
.323 33
4
*2
21e
*23
4 3
*5
511
*51
65
*114
13
0
*2
2,
4
0112 3
*33
4 4
712 712
13
153
8
28
39
6812 asIs
'
3
8
34
*12
5
8
*214 3
84 933
*40
55
6
67
s
"
14
3
8
---- ---218 218
4
4 18
8
8 14
•17
194
*318 33
8
.2112 27
233 274
8
4012 404
4
612 63
2
2
*9
15
*24 3
.114 212
*14 liz
4
*34 43
113
1012
*33
4 44
$ per share $ per share Shares
*5
778.
8
8
100
*3
3
11z
*as 112
10
112 14
*13
4 23
4
72
72
70
7112 1,500
*323 33
4
*323 33
4
200
2
2
1,000
2
2
23
4 23
4
27
8 27
8
SOO
5
5
5
5
1.100
*51
65
*51
65
10
*114
13
8
114
114
600
218 218
2
1,100
2
*112 3
*112 3
100
*33
4 4
*33
4 4
200
738 733 4,400
71s 73
4
1212 1312
93 13
4
11.500
2814 3012 293 30
8
1,810
64
6514 65 65
100
*4
3
4
3
4 2,100
3
4
*12
*12
3
8
3
8
100
.214 3
*214 3
8 5.300
84 97
1041
9
*40
45
*40
45
20
612 64
8 2,000
64 63
200
8
3
8
•14
3
4
---- ---- ---- ---218 218
218 218 1200.
*312 418 .312 418
200
812 812 2.300
812
8
*17
17
1712 17
300
500
314 314
*3
33
8
*2112 27
*2112 27
700
8
234 2538 223 247 128,500
8
270
404 404 40
40
4
63
8 63
63
8 63
8 2,100
314 *2
*2
314
220
*9
15
*9
15
212 23
*24 3
8 1,000
100
*114 218 •114 24
.118 112 *118 112
100
*34 43
4 *312 434
10
10
93 10
4
1.200
4 412
*33
4 412 *33
Indus.& 311scell.(Con.) Par 3 per share $ per share 3 per share 3 per share
Briggs & Stratton
No par
73 Mar 29 1012 Jan 14
4
8 Sept
2411 Mal
Brockway Mot Truck No par
38 Mar 11
1 Jan 23
8 Dec
8
514 Mar
7% preferred
100
112 Apr 22
54 Jan 9
26 Feb
212 Oct
Brooklyn Union Gas___No par 65 Apr 12 8912Mar 8
8Mar
7238 Dec 1293
Brown Shoe Co
No par 32 Apr 14 36 Feb15
3234 Jan
4512July
Bruns-Balke-Collender_No par
118 Apr 14
3 Mar 2
15 Feb
218 13ec
Bucyrus-Erie Co
10
23 Apr 19
8
5 Jan 9
2078 Feb
314 Dec
Preferred
10
5 Apr 14
818 Mar 7
3478 Feb
488 Dec
7% Preferred
100 50 Apr 16 75 Feb 4
75 Dec 114 Apr
Budd (E 0) Mfg
No par
12 Apr 9
23 Jan 14
4
54 Feb
14 Dec
Budd Wheel
No par
112 Apr 7
44 Jan 14
13 Feb
2 Dec
/
1
4
Bulova Watch
No par
118 Apr 11
31s Jan 25
314 Dec
1584 Jan
Bullard Co
No par
33 Jan 4
4
738 Mar 7
23 Feb
3 Dec
/
1
4
Burroughs Add Mach_No par
63 Apr 8 13 Mar 7
4
10 Oct
3214 Feb
Bush Terminal
No par
93 Apr 22 2134 Mar 9
4
163 Dec
2
31 Feb
Debenture
100 28 Apr 20 65 Mar 9
49 Dec 104 Jan
Bush Term Bldg* pref
100 64 Apr 21 85 Jan 7
85 Dec 113 Mar
Butte & Superior Mining___10
NI Jan 8
4 Mar 8
13 Feb
4
'May
Butte Copper & Zinc
5
Is Apr 5
114 Jan 14
234July
1 Dee
ButterIck Co
No par
238 Apr 11
438 Mar 7
8 Dee
203 Feb
8
Byers & Co (A hi)
No par
712 Apr 12 19 Feb 19
107 Dec
4
693 Feb
4
Preferred
100 49 Apr 18 61 Mar 19
68 Oct 10678 Feb
California Packing____No par
53 Apr 13 117 Feb 13
4
8
8 Dec
53 Feb
Callahan Zino
-Lead
10
14 Feb 9
12 Jan 15
4 Got
124 Mar
Calumet & Arizona Mlning_30
221 Oct
4338 Mar.
Calumet & Hecht
26
2 Mar 30
4 Jan 13
3 Dec
1132 Feb
Campbell W & C Fdy__No par
312 Apr 13
74 Jan 7
5 4 Dec
3
163 Mar
2
Canada Dry Ginger Ale No par
63 Apr 6 134 Jan 14
4
104 Dec
45 June
Cannon Mills
No pm
153 Apr 13 20 Mar 21
4
17 Jan
25 Mar
Capital Adminis ol A No par
213 Apr 8
618 Feb 19
412 Dec
16 Feb
Preferred A
50 204 Apr 8 2718 Jan 15
24 Dec
363 Feb
2
Case (J I) Co
100 223 Apr 22 4333 Jan 18
8
3314 Oct 13112 Feb
Preferred certificates__ _100 40 Apr 22 75 Jan 12
53 Sept 116 Mar
Caterpillar Tractor____No par
63 Apr 21 16 Jan 18
8
1014 Dec
5212 Feb
Cavanagh-Dobbs Ino_No par
14 Jan 7
4 Feb 11
Dec
Feb
5% Dee
14
7 Jan 12 2224 Feb 1 i
/
Preferred
1
4
246 Mar
100
Celanese Corp of Am__No par
212 Apr 0
5 Jan 14
2 8 Dec
3
16 Feb
No par
Celotez Corp
1, Apr 15
4
332 Jan 18
24 Dec
143 Mar
8
Certificates
I Feb 8
No par
214 Feb 29
14 Dec
133 Mar
4
l'referred
No par
313 Apr 6
74 Mar 15
73 Dec
2
373 Mar
4
Central Aguirre Aano_No par
93 Apr 11 1212 Jan 4
4
11 Dec
253
4July
Century Ribbon Mills.No par
418 Apr 5
814 Jae 9
212 Jan
814Sept
20
Preferred
100 70 Mar 16 85 Jan 23
ns 85 *75 85 80 80 *75 85 *75 85 .75 85
50 May
110 Sect
618 63
61y 634
63
8 63
4
4 7.000 Corrode Pasco CorMer_No par
4 712
54 Apr 8 s15 Jan 14
73
8 73
4
618 67
63
8
9 i33p1
7
3018 Fel
112 112 *112 13
4 *112 134 .112 13
4
4
13
4 134
112 Apr 18
13
4
13
600 Certain-Teed Producta_No par
33 Feb 17
2
214 Jan
714 Mar
*8
10
12
*8
10
*8
.8
10
*8
10
12
100 11 61 ar 24 1512 Feb23
*8
7% Preferred
11 Jan
35 Aug
2012 2014 2112 203 21
8
*204 203
1818 184 19
4 2033 204 6,800 City Ice & Fuel
No par 15 Apr 13 284 Feb 19
254 Dee
37 Feb
/
1
4
5912 *59
Preferred
5913
90
100 55 Apr 13 68 Jan 5
8
581s 5512 593 *5512 5912 *5812 5012 .59
58
634 Dec
90 Apr
412 5
4 *418 412 *44 412
418 43
8 43
418 Apr 19
4
5
2.100 Checker Cab
43
7 Jan 14
5
No par
234 Feb
3'sSeUt
93 1012 1014 111 10
4
8
83
1014
11
4 9
/
4
9,400 Chesapeake Corp
914 97
9
No par
612 Apr 12 20 Jan 14
62
137 Dec
8
5418 Feb
*21 4 27
8 .23
300 Chicago Pneumat Tool_No par
2 27
238 Apr 14
8 *214 23
4
212
24 213
63 Jan 22
4
24 212 *214
34 Oct1618 Fell
4
4
37
8 37
*314 418
8 .314 4
34 4
.31 4 418
,8
300
3 Apr 14 117 Jan 22
Preferred
No par
8
63 Dec
8
35 Feb
094 11
11 .10 . 1012 1018 1018 *10
.10
10 Chicago Yellow Cab_ _No par
*94 11
9 Apr 12 14 Mar 12
1012
8 Sept
23 Jan
*512 6
*512 6
Chickasha Cotton 011
.512 6
10
*5
*5
6 Apr 12
7
7
*512 7
9 NI ar 28
4
8 Dec
123 Mar
3
34
312 .3
3
33
8 *3
200 Childs Co
712 Jan 13
312 *3
312 *3
*3
218 Apr 8
No Par
512 Dec
3384 Feb
912
918 9 8
9
No par
7
918 94 18,900 Chrysler Corp
9
814 Apr 11 153 Jan 14
918 9 8
3
84
87
8 94
4
113 Oct
4
254 Mar
600 City Stores new
3 Apr 14
8
No par
33
12
4
218 Jan 14
12
1
4
•12
*12
*12
3
4
4
34
*3
8
14 Dec
43 Fel
8
•
6
64
612 4.6
6
6
*6
612 *6
612
612 .6
'200 Clark Equipment
6 Apr 15
No par
834 Jan 7
84 Dec
8
327 Mar
15
*13
15
*13
*1212 15
15
*12
Cluett Peabody & Co No par
10 Apr 14 22 Mar 5
15
1412 .12
•13
15 Dec
344 Feb
994 •95
4
993
4
9934 *95
993 595
4
993 *95
Preferred
100 95 Jan A 96 Feb15
9931 *95
*95
92 Dec 105 July
8
8 937 9814 9414 97
8
72,500 Coca Cola Co
933 9612 933 957
4
99
No par 934 Apr 20 120 Mar 8
96
8
994 1017
9711 Oct 170 Feb
464 467
8
8
500
•474 484 4712 4712 4612 4612 464 463 .464 47
CIAPIS A
/
1
4
No par 45 Jan 4 50 Mar 22
454 Dec
6312June
2214 2212 2214 2212 224 233
234 1,600 Colgate-Palmolive-Peet No par 2214 Apr 12 314 Mar 9
4 23
23
23
23
23
24 Dec
5012 Mar
800
*78
80
6% preferred
8212
80
80
80
•78 4 80
100 78 A pr 14 95 NI ar I I
,
80
80
90
.80
797 Dec 10412 Sept
8
53
512
4 614 *5
No par
512
54 55
43 Apr II
4
8 1,500 Collins & Alkruan
533 5
512
64 54
14
107 Mar 7
8
612 Dee
174.1une
85
•70
Non-voting preferred_ _100 7014 Apr 13 80 Mar 17
85
*70
85 .70
85
85 .70
*70
85
*70
68 lied
95 Aug
Colonial Beacon 011 Co_ Pie par
*93 11
4
*93 11
4
*93 11
4
*9 4 11
3
1012 Mar 8
9 Jan 11
*93 11
.34 10,2
4
9
712June
104 Nov
6
612
200 Colorado Fuel & Ir new_No pm
6
44 Apr 14 1232 Jan 14
54 612 *518 64 *5
64 67
64 •
8 .5
64 Dec
1912June
25
2314 2514 234 2412 9.600 Columbian Carbon v t o No par 23 Apr 20 4172 Mar 9
263 2731 2512 261, 2412 2512 23
4
32 Dec 1114 Feb
84 91,
8
8
84
8
74 84 44,600 Columbia Gas & Elee_No par
914
74 S'4
833
612 Apr 8 1818 Mar 9
113 Dec
2
458 mar
2
055
4
.5211 5212
Preferred
533 5331 .524. 584 52
500
57
/ 53
1
4
100 40 Apr 8 79 Jan 16
*55
60
7218 Dec 101112 Mar
Columbia Grephophoue
164 mar
312Sept
---- --Certificates of deposit
6 June
1118 July
1,500 Commercial Credlt__No par
8
4 8
8
8
*73
8
8
8
8
8
73 Apr 12 11 Mar 5
4
84 814
8 Sept
2314 Feb
21
*2012 22:4 2012 21
8 21
Class A
*2012 223
300
8
60 194 Jan 5 2614 Mar 7
02012 223 .2012 21
1918 Dec
3572 Feb
Preferred B
*16
17
60
16
16
*1612 17
25 16 Apr 8 20 Jan 22
34
1612 1812 *1612 17 .1612 17
15 Oct
2412July
603 *55
4
4
603 .55
4
80 64% let preferred
603 *55
604 .59
100 56 Jan 6 684 Mar 14
8
604
613 •59
61
52 Dec
92 Sept
•1712 184 •17
17
16
1612 16
1712 17
164 1612 1812 1.900 Comm Invest Trust___No par 154 Jan 2 2774 Mar 3
154Sept
84 Mar
Cony preferred
.66
68
66
63 .66
100
*68
66
67
68
*66
No oar 68 Jan 4 77 Mar 2
.6514 88
60 Dee
90 Jan
913 913
84% let preferred
4
4
4 91
320
913
4
100 89 Mar 2 95 Mar II
913
4 913 92 .913 95
4
4
913 *90
.90
94 Dec 104 Aug
4e
4
612 64 13.800 Commercial Rolvente_No par
512 April 104 2,4, ii
6'2 63
63
8 63
4
633 64
63
8
6
614 63
4
64 Dec
2112 Feb
2, Apr 8
8
4
44 Jan 14
23 50.600 Commonvelth & Sou___No par
212
4
23
8 23
4
234 27
2 4 213
'
8
213 23
24 Vs
3 Dec
12 Feb
50
50
50
49
$a preferred series_ _ _No par 46 Apr 14 6812 Mar II 46 Dec 10038 Mar
50
2,400
5012 5012 49
52
50
52
52
Conde Nast PublIca'nel_No par
13
13
13
*6
13
*6
.6
*6
7 Apr 14 10 Jan 6
13
.6
13
10 Dec
*6
34, Pet
4
Congoleum-Nalrn Inc_No par
8 Jan 2 11 Feb 13
84
814 1.100
8
8
8
3
898 84 .
818 818
67 Jan
8
833 84
143 Aug
4
912 .5
912
No par
912 *5
100 Congress Cigar
44 Apr 13
.5
912 *5
51 1 *5
912
514
933 Mar 8
03 Dec
4
3034 Mar
Coneolleated Cigar
15
*13
15
*13
15 .13
No par
15
1112 Apr 12 2412 Jan R
*13
16
•1312 16
*12
20 Sept
373aune
Prior preferred
43
40
100 36, Apr 12 60 Mar 7
43
*36
70
40
•40
43
4
40 .40
42 Dec
73 Mar
4014 4014 z40
214 Apr 20
*214 23 1 *214 24
214 21
4
300 Coned Film Indue____No par
238 24
64 Jan II
4
3 23
334June
23
8 24 .23
15 Feb
Preferred
No par
7 Apr 12
714 712
4 1.100
9
712 73
I IN Mar 7
712 712 *7
9
*712
*712 8
74 Oct
187 Feb
8
No par 48 8 Apr 14 683 Mar 8
8
4 524 493 513 97.700 Consol Gas N Y)
8
,
4912 5018 49
4
/ 51
1
4
5714 Dec 1093 Mar
504 524 49
2
5214 54
Preferred
864 863
863, 87
.
No par 8112 Apr II 95 Mar 3
883 881z 1.700
43514 87
8
2 864 863
4 874 88
88 Dec 1107 July
6 Apr 12 107 Jan 13
' 63i
612 63
4
612 612
6'8 64 2.000 Consul Laund Corp_No par
63
8 63
8
4
618 65
8
812 Dec
154 Mar
631
14 1.300 Consolidated Teztile
*14
3
8
No par
II
14 Mar 22
14
14
14
14
14
14
/ Jan 211
1
4
14 Jan
134 mar
14 '4
100 Container Corp A vot No par
1 Apr 7
118
1 18 *I
118 *1
*1
212 Feb 19
1
7 Dee
3
1
Vs
811 Jan
.1
2
*1
2
8
•12
5
8
•12
5,
Class 13 voting
4i.
2,
No par
*12
12 Mar 23
84
.../2
118 Jan 18
.12
14 Dec
3
8
3 Jan
3
3
4 33
3 •312 3
/
1
4
31g Apr II
33
8 34. 1.400 Continental Bak el A_ _No par
7 Jan 14
4 *312 3 4
412 Dec
30 Feb
312 33
4
34 33
No par
II Apr 7
3
81 2.800 Class II
1 Jon 8
3
8
4
4
12
12
2
9
4 Dec
332 Feb
.12
4
12
12 3212 3212 •321 34
14
1
800 Preferred100 2814 Apr 12 473 Mar 5
34
4
343
4 3434 343
,
•2
33
7712 Feb
40 Sept
33
.3212 33
No par 2432 Apr 20 41 Mar 8
2618 33.600 Continental Can Inc
2512 2718 25
8
2784 2912 20
2712 243 2512 243 26
4
3014 Dec
6234 Mar
ConVI Diamond Fibre_No par
334
3 Apr 6
33
4 *31g
4 .318
434 Feb 17
3
34 Dec
3
34 *318 3 4 .318 3 4 *34 33
1678 Feb
10 1314 Apr 22 2514 Mar 8
1412 134 144 134 144 134 1312 8,100 Continental In
1818 1)
12
517 Feb
8
8 141 144 14
153
.
5
3
1 Dec
I
0,,
Jan 5
14 2.200 Continental Motors___No par
1
1
1
l's Jan f4
1
Ps
1
1
1
412 Fe!
1
1 18
1
ContInental 011
No par
44 Apr 12
44 518 8,400
518
5
7 Mar 8
47
8 54
5
5
512 54
51
...4
514
5 June
12 Feb
le Jan 2
3
8 2,800 Continental Shares._ _No par
4 1an 13
3
8
12
3
8
4
12 Feb
4 Deo
4
ort
4
88
33
'8 3138 3134 303 3212 3014 3214 21.400 Corn Producta Refining___26 294 Apr 12 474 Nfar 8
4
863 Feb
2
.
86, Oct
4
3318 311 3314 3114 32
33
Preferred
50
100 104 Apr 14 12912 Jan II
106, 10614 .107 110
4
,
118 Dec 1524 Apr
107 107 *10618 110 .106 4 110
•107 110
No par
1.750000
2 Apr 8
434 Jan 16
212 212 *212 3
2
4 212
24 Dec
18 PcI'
4 *218 212
212 23
212
21
CotYl00 Wheat
Cream 0f
No par 184 Apr 20 23 Mar 9
19
8
183 1912 *184 1012 19
20 Sept
19
19
344 Mar
20
1934 .19
*19
200 crezie yarD
e ofi C a,
100 1014 Jan 5 194 Mar 21
4
171
.
1714 18% . 18 183
10, Nov
4
194 Apr
17 '
8 17
*1714 1812 181/ 1812 .174 183
e
dloCorp____No par
24 Apr 8
22 3
.212 3
44 Jan 1
*212 3
24 Dec
84 Feb
*24 3
*21
. 3
*212 3
94 104 1,700 Crown Cork & Seal____No per
918 April 167 Mar 5
2
,
8 11
,
133 Dee
4
2
884 yet
11
llse 1114 1114 *10, 11 4 10 2 103
105
8
134
Crown Zellerbach
No par
14 Jan 2
24 Feb 15
134 4.1j4
,
13
8 •1 4
112 •114
678 Jan
4
118 Dec
4 *11
13
14 *114
•114
1012 10
200 Crucible Steel of Arnerloa_100 10 Apr 22 23
10
*10
14
11
•10
4Dec 63 Feb
20 D
11
•1014 1112 1114 1114 .10
Preferred
100 23 Apr 12 494 Jan 14
310
244
24
8 2412 25
25,
367 Dec 106 Ja
2
25
30
*25
30
25 •25
21
Cuba Co
No per
3 Apr 14
4
.12 114
134 Jan 14
2 114
7 Dec
8
57 Jan
8
.
12 114 .
12 114
8,
*12 114 .
11
'4 :
1,,
14
No par
800 Cuba Cane Products
.18 7814
18 Apr 19
14
1 Jan 15
Dec
2 Jan
/
1
4
14
14
14
4
4
74
1
-.3
4
;
^,
•3
4
200 Cuban-American Sugar_ ___l0
_10
3 Apr 11
4
138 Jan 11
4
54 Mar
1 Der
*3
4
711
3
4
Preferred
34
884
100
"' *4 4 578 .414 5
*34
100
5 Apr 9
*414 5
53'
812 Jan 18
6 Dec
35 Jan
,
5
5
*414 5
6
.5
_ Cuban Dornln Sugar __No par
___ ---- ---I5 July
14 Jan
700
50
6 2912 29 29 1,400 Cudahy Packing Clo___N• par 2872 Apr 14 354 Mar -Si z29 Oct 4878 Mar
-firs 161; ;isi- 16- "26- -iiii, -io" 16" ...1: Curtis Publishing
15 Apr 13 31 Jan 15
17
17
17
17
20 Deo 100 Feb
18
1812 1712 1712 .17
17
18
18
Preferred
No par 60 Apr 13 86 Jan 14
62 4 1000
62
1
62
70 Dec 1184 Ms
*61
62
62
70
*61
63
6212 6212 62
No par
7,500 Curtiss-Wright
11
1 Apr 2
23 Feb 2
4
1 Dec
111 *
114
1
54 Fob
hg
114
1 19
its
114
Di
lle
Claw A
700
100
112 Mar 28
In
8 Feb 1
/
1
4
2
132 Dec
84 Me
,
014 2
14 2
13
4
13
4
*13
4 2
•13
4 2
6
6
.5
300 Cutter-Hammer Mfg__No par
634
ft Apr 14 10 Jan 21
41 Jar
7 Dec
6
6
6
64 *5
4 *5
63
*5
Davison Chem ical
12
No par
300
2 A r 11
23
113 Feb
J
15
81
24 24 *2t2 273
4
.212 23
8
212 212 *214 23
212 5 Debenharn Securities -.6 8r4
*13
4
P
1212 Jan
51s an .
Dec
114SeP
*4 5
13
4 3
*13
*13
4 3
*13
4 3
•13
4 3
900 Deere & Co prof
20
7 Apr 15 1614 Jan 15
22 Jae
1332 Dec
86711 87.7ai43
100 SO Apr 11 122 Jan PI 11014 Dee 195 Feb
78
718 854 2.700 Detroit Edison
714 85
8
8733 87:4 .
7
61.
7312 85
2 7 2 85
5
7
73814 8712 8738 85 4 .12 867
Devoe & Reynolds A__No par
11
1918 Feb
812 Dec
93 Apr 12 1314 Feb 24
4
'
39
11
1014 *9
*9
15
.9
15
.9
15
*9
8 1,600 Diamond Match
No Par 12 Apr 9 1578 Mar 1(1
1312 137
:
103 Dec
8
23 1.431,
1312 1333 1312 121 14
13
13
13
13
13
Preferred
1,500
24
284 Au
28 211a Jan 13 2412 Mar 18
*23
194 Dee
24
, 227 *23
8
2314 227
2314 2314 2314 2314 23
,
• run !anti ..5. ,..,...,
.,.... .0 ‘514 Ur
6 ite-AtInanna
I el,P •. '22I I 1
I, II Ai
rhints
New York Stock Record-Continued-Page 4
3059
11:7- FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE FOURTH PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Apr. 16.
Monday
Apr. IS.
Tuesday
Apr. 19.
Wednesday
Apr. 20.
Thursday
Apr. 21.
Friday
Apr. 22.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1932
On lasts of 100
-share lots
Lowest
Highest
PER SHARE
Range for Precious
Year 1931
Lowest
Highest
p12 share I per share g per share $ per +Mar*
Indus.& Miscell.(Con.) Par $ 7er j
712
65 Oct x134 Mar
8
llss Nlar 5
Dome alines Ltd
No par
11 Oct
24 Apr
Dominion Stores
No par 13 Jan G 18 Mar 5
74 Dec
2114June
784 Jan 6 1378 Feb 1
Douglas Aircraft Co Inc No par
428 Oct
4
784 Mar
4
No par 333 Apr 14 57 Feb 13
Drug Inc
112 Feb 4
I Mar 28
112 Dec
814 Mar
Dunhill International_No par
10 Sept
143 Feb
4
Duplan Silk
No par 88 Fe r 10 108 Jan 23
9 A pb 7
924 Dec 10712 Aug
97 Mar 14
Duquesne Light let pref._.100
54 Mar 5
1314 Mar
2 Apr 13
212 Dec
No par
Eastern Rolling MII1
77 Dec 1853 Feb
4
8
Eastman Kodak Co...No par 523 Apr 19 8734 Jan 14
100 99 Jan 22 11912 Feb 18 103 Dec 135 Sept
6% cum preferred
214 Mar
8 Feb 19
r 2
53 Dee
8
,
/
Eaton Mfg Co
No par
44 Apr 14
8
50 Dec 107 Mar
E 1 du Pont de N'emours_20 287 Apr 22 5934 Feb 19
94 Dec 12484 Aug
6% non-voting deb .____100 8914 Apr 14 105 Mar 17
114 Feb
14 Jan 6
Eitingon Schild
No par
12 Dec
71s Dec
69 Feb
100
34 Apr 11 1212 Jan 6
64% preferred
20 Oct
74$8 Mar
133 April 3234 Mar 7
8
Electric Autollte
No par
94 Dec 110 Jan
Apr 20 10014 Feb 16
100 7
Preferred
84 Dec
412July
14 Jan 6
212 Jan 6
Electric Boat
No par
97 July
2',Sept
4 Jan 8
212 Apr 8
Elea & Niue Ind Am shares__
601 Feb
4
9 Dec
8
5 A y8
Electric Power & LIght_No par 2212 /k r); 7 153 Mar 9
41 Dec 1084 Mar
64 Jan 14
No par
Preferred
9814 Mar
82 Dec
No par 194 Apr 8 5512 Jan 14
$6 preferred
23 Dec68 Mar
Elec Storage Battery_No par 164 Apr 13 3314 Mar 7
te Dec
114 Feb
14 Jan 13
13 Jan 13
Elk Horn Coal Corp
No pa?
4 Dec
23 Mar
4
Emerson-Brant el A. _No par
2312 Dec
451 Sept
8
..50 2512 Jan 4 3618 Feb 15
100 Endlcott-Johnson Corp...
26
30 .2614 27
267 .26
8
28 .
2614 2614
.26
27 .26
5984 DeC 115 Aug
100 10012 Jan 9 10714 bier 17
Preferred
100
.10312 10514 10312 10312.103 10514 *103 10514 .103 10514 •103 10514
49 Mar
15 Dec
12 Apr 21 25 Feb 16
12
14
*12
14
12
12
1714 .11
.13
17, .13
4
100 Engineers Public Serv __No par
1784 .
42 Dec
87 Jan
*35
No par 3514 Apr 7 51 Feb 23
4812 .35
45
$5 preferred
4812
4812 •33
4812 *33
*35
4812 *35
42 Dec91 Mar
No par 37 Apr 21 57 Mar 16
4018 40 8 .37
.4018 45
300
37
40
,
40 .37
$514 preferred
40
371s .32
1818 Oct353 Jan
8
.15 4 165s .16
3
163
4 16
16
700 Equitable Office Bldg _No Par 16 Apr 19 19 Jan 4
1612 *16
16, 1614 4116
4
1612
314*34 317
1
714 Mar 29
34 Dec12 4 Mar
3 Apr 20
*3
348 *3
100 Eureka Vacuum Clean_No par
3
3
*3
3 2 •3
,
32
,
8
1 Dec85 Feb
214 Mar 5
14 Jan '29
Evans Auto Loading
5
.14 114
114
118 1 8
114
114
114
700
14
1 14
114
114
10 Dec25 Jan
4
93 Jan 30 113 Jan 11
4
Exchange Buffet Corp_No Dar
4
.104 103 •
,
,
4 1014 103 .10 4 104 •10 4 103 .1014 103 *1014 103
4
4
4
3 Mar
12Sept
25
Fairbanks Co
*1 1 2
2
*14 2
*14
2
*14 13
4
•14
*14
13
4
2 Dec
13 June
3 4 Mar 31
,
112 Mar 31
100
Preferred
3
*13
8 314 9 8 314 913
8 314 . 8 314 .14 3 4
8 3 4 •13
,
,
13
294 Mar
34 Dec
5$4 Jan 19
No par
318 Apr 11
500 Fairbanks Morse
*314 312
*312 4
3 2 3 2 *312 4
,
,
3
4 318 8312 4
40 Dec 1097 Feb
2
100 29 Mar 24 4734 Mar 8
Preferred
29
29 *__ _ _ 29
29
29
29
*
148
•i2 it,
.4 14 .
1 Dec
612 Feb
114 Jan 25
1 Apr 12
Fashion Park Assoc____No par
*78
14
•i2 1
7
8
1
497 Feb
8
15
X1512 Dec
918 Apr 20 22 Jan 25
200 Federal Light & Tree
.8
1
15
15
*10
.10
15
15
MO
15
94 94 *8
48 Dec
92 Mar
No par 42 Apr 9 64 Mar 11
10
Preferred
4712 4712
*4712 50
43
.43
50 .4712 50 .4717 50
30 .
338 Feb 6
2 Mar 30
218 Dec
Ps Feb
300 Federal Motor Truck._Ns par
2
2
23
8
312 .
2
*2
24 214 *2
312 .24 33
8
1512 Feb
•7
8
1
•7
8 112
118 Dee
2 Jan 14
*7
8
1(8
200 Federal Screw Works_No par
.78
13
8
7
8
7
8
4 Apr 15
•7
8
13
8
5%64
80 Jan
8
818 Jan 4 103 Mar 16
, .No par
,,000 Federal Water Berl A.
8 Dec
53
4 6
618 64,
6
75
8
55
8 612
57
8 818
1018 Des
274 Aug
500 Federated Dept.Stores_No par 10 Apr 14 14 Jan 7
8
8 104 104 •103 1312
8
8
•1012 1114 1012 1012 .103 1312 103 103
20 Dec
5814 Feb
14
4
143
4 4,200 Fidel Phen Fire In. N Y___10 14 April 273 Jan 15
8
1514 143 15
1512 16
1512 16
153 153
8
4 15
102 Mar 8
•71, 8
Fifth Ave Bus
9 Feb
614 Feb 18
No par
518 Oct
.65
8 8
• 65
8
*63
8 8
*63
8 8
*65
8 8
Filene'8 Sons
7 Mar 31
1514 Oct
24 Aug
7 Mar 31
NO par
"10
20
20
20 .10
*10
20
•10
20 .10
•10
20
100 80 Apr 14 94 Jan 18
90
Preferred
8514 Feb 104 May
90 .80
90 •80
90 .80
90 .80
*80
.80
90
4
12 8 Dec
7
8
1.000 Firestone Tiro & Rubber..10 113 Apr 2 153 Mar 8
12
20 June
12
1218 12
12
12
12
1212 .1218 1212 12
.12
4
Preferred
100 483 Apr 22 594 Jan 28
493 Dec
8
1.200
4
6618June
4878 487
8 483 4914
49 49
49
49
4
*49
504 .493 50
41 Jan
44
443
4 3,300 First National Stores...No par 394 Apr 8 53 Mar 7
63 Aug
8 4312 44
8
8 4218 433
4 427 427
44
443
44
45
4 Feb I
*4
14
14
No par
4Sept
7 Feb
2
sa Jan11
500 Fisk Rubber
18
14
*4
•4
14
14
88
14
4
4 Feb 2
let preferred
100
10
3 Feb
7 Jan 9
5
87
12Sept
I.
14
14
3
11
12 .2
*3
8
*3/1
*311
12
.
84
4 Feb 3
Ilz Apr 13
let pref convertible
100
.18 18
8 .
210
112
812 Mar
13
2
',Sept
8
.12 138
•12 13
17 13
2
•17 312
814
7 Apr 15 10 Feb 20
Florshelm Shoe claw A _No par
8511 Jan
772 Dec
814 .7
514 •7
*7
10
10
.7
.7
.7
10
100 65 Feb 5 8212 Apr 14
80 DOC 10212 Mar
6% preferred
100
*82
85
85
85 .82
8214 82 4 .82
85
,
90 .82
.82
712 Mar 7
4 Dec
Follansbee Bros
No Per
193 Feb
4
312 Apr 11
8 .34 412 •312 412
*317 47
8 *312 478 .312 47
8 •318 47
44 Apr 8 12 Mar 10
No par
8 Dee
6412 Feb
54 512
312 512 1,800 Foster-Wheeler
514
54
3
512 5,2
512 512
53
4 514
118 Apr 11
No par
212 Dec
44 Jan 14
1812 Mar
100 Foundation Co
8
14 112 *Pa
17
8
17
17
8 *114
8 •114
•114
17
s •1 12 1 7
1 15 Apr 20 2112 Mar 9 5155 Dec
8212 Feb
8
1.000 Fourth Nat Invelt w w
1514 1512 1512 1514 16
8
8
1512 1512 153 153 *1514 1512 15
No pa
384 Feb
/
1
2 Apr 9
212 Dec
5 2 Jan 14
3
8 •212 24 1,400 Fox Film clam A
24 23
218 218 *218 24
218 212
214 212
14 Apr 8 1912 Jan 15
1314 Oct4314 Mar
15
151s 144 144 4.500 Freeport Total CO__ No pa
15
15
1514 144 15
15
1514 15
4.3
4 1
64 Feb
14 Jan 4
1 Dee
3 Apr 22
3
400 Gabriel Co (The) el A No par
.
2, Ifs
1
8
3
4
•a4
1
1
.4
3
54
3
4
7 Apr 15 17 Jan 11
No par
60 Feb
15 Dec
240 Gatnewell Co
784 74
Vs 74
7 4 74
,
7
7
7 14
714
*7
714
Gardner Motor
3*OcI
2389
W
-2 Apr 7
3 2 Jan 14
5
772 Mar
Gen Amer Investors__No par
218 Dec
2
21. •2
217 .2 -21- .218
212 .2
.2
100 4312 Apr 11 61 Feb 16
Preferred
88 mar
100
45 Dec
46
4312 4312 844
.4312 47 .4312 46 - .4312 5018 *4312 46
8
7312 Feb
173
4 4,000 GOD Amer Tank Car___N• par 1612 Apr 14 35 4 Mar 8
28 Dec
164 1812 *17
17
164 1712 17
183 184 1712 18
8
No par
74 Apr 8 1512 Jan 15
812 812 1,500 General Asphalt
g'aSepl
47 Mar
812 812
812 812
9
9
812 884
8
.
812 87
5 11 Jan 6 I933 Mar 4
912 Dec
25 8 Apr
3
131/ 2,600 General Baking
13
1318 1312 1312 1312 13
1314 134 1314 1312 13
No par 97 Jan 27 10534 Mar 11
SS preferred
95 Dec114 Mar
*99 100 .99 100
*99 100 .99 100 .99 100
.99 100
112 Apr S
33 Jan 8
8
12
500 General Bronze
13 Dec9 Feb
4
*112 2
13
4
13
4 .13
112 02 .112 2
4 2
2
2
14 Apr 12
';ar
1.4° m
Ne
284 Feb 1
General Cable
13 Feb
112 Dec
112 *1
112 *1
1 12 .1
1,
1
112 *1
*I
1 1._ *1
14 Apr 21
Na Par
512 Jan 13
Class A
800
21,
24 Dec
2512 Feb
.14 2 4
1
14 2
218 212
2
2
2
2
*214
714 Apr 14 1611 Jan 4
100
120
7% cum Preferred
88
918 •814 912
1112 Dec
8
65 Jan
8
84 8811 912
884 514
8
8
No par 28 Apr 6 383 hiar 10
4812 Feb
3114 *2914 314
300 General Cigar Inc
25 Oct
2914 *28
29
33 .2817 3014 *2914 30
*28
No par 134 Apr 22 264 Jan 14 I22* Dec
8
5414 Feb
8 137 1434 1384 1414 140 900 General Electric
1434 16
14
8
1518 137 143
16
164
103 Apr 22 1114 Jan 14
4
107 Dec
2
124 Jan
4
107 104 103 104 18.100
8
Special
8
107 1078 104 11
8
8 107 11
107 107
8
par 313 Jan 5 4012 Mar 9
8
2814 Dec
8
4 324 33 21.300 General Food,.
12
56 AV
323 333
34 8 3314 34
,
3238 333
8 3214 33
34
234 Feb 17
1 1,2 Apr 8
N
1, Dec
4
812 Feb
2.200 Gen'l Gass es Eleo A---_N oo
118
114
113 11R
04
11 4
118
DI
118
14
114
•114
812 Apr 20 2414 Jan 14
1424 Dec
764 Mar
9
No par
9
300
Cony pref eer A
.8
87
2 84
12
*8
11812 812
15
*9
193 Apr 19 25 Mar 11
4
20 2 Dec
3
353 Mar
4
500 Gen Ital Edison Elec Cora- -2018 21 11
194 2014
193 1934 .19_ •2018 ____
4
_ .
•18
No par 2812 Apr 14 37 Feb 15
294 Dec
50 Mar
1,600 General Mille
30
3012 30
3058 31
3012 30
3014 .3012 31
31 If
100 85 Apr 21 88 Jan 29
85 Dec 10014830
200
Preferred
4
85
86 .
86 .85
8514 *85
854 85
85
85
85
*85
48 Mar
8
10 107 Apr 14 243* Jan 14
211 Dec
8
4
113 115 110.000 General Motors Corp
8
8
8 1114 113
8
1114 117
8
1218 1212 117 1214 113 118
793 Dec 10314July
4
628 Apr 8 8714 Mar 12
4
Nro par
741s 74
$5 preferred
74
2,300
72 8 72
,
4
72
7312 7312 7312 7312 723 73
28 Jan
9 Feb 13
8 *518 55
5'* Oct
5 Apr 12
No par
*54 55
700 Gen Outdoor Adv A
514
8 *54 53
588 518
54 54
8
5
1014 Feb
4 Jan 5
814 Oct
34 Feb 9
Common
No par
33
4 4
.312 33
4 2.900
4 *312 33
33
8 4
.312 33
4
4 *312 33
1014 Oct
31 Mar
718 Apr 22 14 Jan 28
8
9
718 8
80 General Printing Ink No par
.812 9
818 518
9
9
76 Jan
4012 Apr 9 60 Feb 18
No pa
52
43's Sept
*45
45 .42
*42
45
90
56 preferred
48
45
45
45
48
*45
258 Dec
23 Feb
188 Apr 20
5 Jan 13
No par
17
8
17
s 17
8 1.100 Gen Public ServIce
21 1
15
8 *lat
17
8 2'
153
214
214 .2
333
8412 Mar
8
81 Dee
13 Apr 2 284 Jan 14
.,14n al
No pa
1512 3,400 Ge11 Ity S rred
6 7c pi.
1514 1512 154 1514 1512 1814 155 1618 15
16
15
81 Dec 114 Mar
100 75 Mar 31 90 Jan 13
82 .
76
82
.76
82
82 .76
82
.76
82
.76
*76
/Dec
912 Mar
88
8
2,
8
52 Apr 8
114 Mar 5
5
8
5
8
5
8
5
8 1.700 Gen Realty & Utilltlea_No pa
•as
3
4
as
4
5
8
.12
185 Dec
8
7418 Mar
1012 Apr 21 1612 Feb 19
No pa
4110
16 preferred
4
4
4
114 1114 .103 123 .103 1712 *1012 1112 1012 1012 1012 1012
12 Dee
574 Feb
6 Apr 21 1484 Jan 9
6
618 .44 6
800 General Refractories_No pcs
63
4 67
8
6,
4 61 i .615 7
.1318 7
1512 Feb
118 Jan 11
4 Dec
14 Apr 5
800 Oen Thea tree Equip v t eNo pa
14
14
514
3
8
14
14
14
3
8
•14
3
8
"
14
3
s
914 Oct
383
8
4
8 153 1634 69.000 Gillette Safety Itaiwr...N• par 103 Jan 5 2414 Mar 3
4
4Niay
19
1812 153 173
175 1818 16
8
18
187
s 18
65 Dee
5414
No pa 250 Jan 5 6812 Mar 3
76*Stay
700
Cony preferred
5612 *5318 5812 54
4 55
*564 57 *14 Si)
504 563
14 Apr 19
13 Dec
4
74 Feb
218 Jan 14
No pa
112 154 .112 134 1.500 Gimbel Bros
112 112 .
114
112
•112 134
•10
11
400
3618 Dec
52 July
10 Apr 20 31 Jan 13
10
10
Preferred
10
•I0
13 .10
10
13
10
12
.10
8 412
412 412 1,000 Glidden Co
414 Apr 14
43
7 Mar 9
No par
412 Oct
1618 Feb
412 412
438 412
412 412
412 412
4
393 40
4
40
40
80
100 393 Apr 21 54 Feb 13
40
Prior preferred
40 Dec
82 Aug
41
40
.39
40
41 12 .39
•39
33 Apr 22
4
No par
4
4
4,41
33
4 34 2.000 Gebel (Adolf)
35 Oct
8
64 Jan 21
972 Mar
414 414
44 412 *4
4
4 18
1314 20,800 Gold Dust Corp v t e
4
4 13
No par 1114 Apr 11
1412 Dec
424 Mai
1938 Mar 9
1314 123 133
1312 13
133 143
4
8 1312 1412 13
95
95 .90
200
16 cony preferred
No par 86 Jan 8 95 Feb
90 .90
90 ____ 90
85 Dec 11712May
DO
90
97 .
91
.
24 Apr 14
314 312 1.200 Goodrich Co (B F)
No par
55 Jan 14
8
318 314
33 Dec
2
204 Feb
314 314
314 314 *314 34
3
3 1s
*914 12
100
.914 12
100
Preferred
8 Apr 6 17 Jan 8
.83 14
4
68 Feb
*912 12
10 Dec
*94 12
9
9
94 Apr 8 1814 Niar 9
94 10,
3,300 Goodyear Tire & Rub_No par
912 912
8 1012 11
5212 Feb
93 1018
4
95
8 93
134 Dec
95 1012
8
300
151 preferred
No par 33 Apr 14 61 Mar 10
387 .354 50 .354 50
8
91 Feb
25 Dec
3512 3512 3514 3512 3512 3512 .35
1214 7.500 Gotham Silk Hoeg
104 11
No pa
9
714 Jan 5 1214 Apr 22
9
3
9
9
9
9
33 Sept13 4 Apr
4
918
9
.9
63
64
64
40
Preferred
100 504 Jan 11 6512 Mar 1
62
62
72 Apr
62
*59
50 Jan
*59
62
6712 .59
.
59
.12
7
8
12
78
7
7
8
*12
7
8
.12
•I
No par
.12
7
8
7 Mar 29
8
Gould Coupler A
64 Fen
1 Jan 11
3 De
4
14 2
118 Apr 11
178 2
4.500 Graham-Paige Motors_No pa
45 Jan 12
8
112 134
13
4
178
14
17
8
13
PsSept612MaY
4
14
4
34 Apr 6
600 Granby Cons M Sm & Pr..100
414
4
73 Jan 14
4
231 Feb
8
418 .4
538 Dec
44 418
4
4,
4 414
.414 5
58 Niar 21
3 Jan 22
5
8
52 2.000 Grand Silver Stores._ No pa
112 Dec
.12
52
2518 Mar
17
12
12
12
12
5
8
12
•12
94 m ar 4
No pa
200 Grand Union Co
8
4 •
514 63
8
5, Apr 12
s
4 614
514 53
7 Oct187 Mar
4 633 *53
8 •53
63
8 63
.53
4 612
234 Jan 5 3514 Mar 7
No pa
26
26
26
200
Preferred
26
32
31 Dec
46 May
31
.26
*26
*26
31
31
.26
No par
1218 Feb 1
1312 Feb 23
100 Granite City Steel
•1218 13
111 Dec29 4 Feb
4
*1218 13 .1218 13 .1218 13
1
*1218 13
13
13
No pa
213 Apr 22 3014 Mar 8
4
4 213 224 1.400 Grant (W T)
4
2418 Dec
4
42 Aug
24
235 233
8
8 223 2314 2218 223
8 24
.2414 243
712 Apr 21
1314 Jan 14
5.000 Gt Nor Iron Ore Prop No pa
74 74
734 8
10 Dcc
74 8
2312 A p
,
818
8
84 812
812 8,2
314 Apr 5
43
8 44
414 43
8 1,900 Greet Western Sugar No par
612 Jan 8
412 417
5 4 Oct1178 Jan
2
412 412
412 412
412 412
5
.
100 631. Apr 14 814 hi
1
Preferred
360
65 .6312 67
65
78 Dec
9812 J11.13
634 64 .6312 65
635s 65
65
65
12 Apr 13
No Par
1.400 Grigaby-Grunow
184 Jan 11
1 Dec
64 Mar
kt
*5
8
34
5*
8
34
*5
3
8
4
14
.18
.18
14
14
18 Mar 7
Guantanamo Sugar ____Ne per
*18
4 Jan 12
14
4 Dec
•to
14 Jan
84
•4
sis
14
414 Apr 21
_No Par
8 Feb 16
100 Gulf States Steel
414 .414 41
4 Dec
414
8713 Feb
5414 614 *414 61, *414 618
.414 61 1
100 20 Mar 8 20 Mar 8
Preferr 41
20
*5
20
*5
15 Dec
20
*5
80 Mat
20
*5
20
*5
20
*5
25 19 Apr 19 23 Jan 12
200 Ilackenaack Water
22 Dec
4
19 .1618 193 .1618 194 .164 197
304 Mar
•155 194 19
8
•15118 20
7% preferred elan A.__.25 25 Feb 27 2714 Jan 2
*2612 27 .264 27
*2612 27
2614 Sept
*2612 27
80 Apt
*2612 28
.2612 28
11
11
No par
1 Apr 12
3,200 Rahn Dept Stores
114
*118
13
8
14
214 Jan 14
118
13
112
114 Dec
112
•11, D2
914 Mar
600
Preferred
100 10 Apr 13 19 Jan 16
8, 103 111
4
103 113
4
8
8
103 115 "103 13
4
14 Dec
.97 14
8
•103 13
8
637g Mar
10
612 612 •6
61
612 Apr 21 114 Jan 7
600 Hall Printing
712
7
74 77
8
11 Sept194 Mar
8
812
.8
S per share $ per share $ per share $ per share 5 per share $ per share Shares
918 8.700
87
8 914 .918
978
914
818 9
8
8 14
84 814
1,100
8
4 1414 1414
4
4 1412 1412 .143 143
153 .143 1518 1412 143
8
15
8717 812 *712 812
200
*712 8
8
*7
8
8
818 818
8
4 374 3912 31,100
3
37, 3814 373 384 377 393
8
.
3812 394t 371 39
2
2
*1
*1
.1
2
*1
2
2
*1
.1
2
.8
10
.8
10
.8
10
10
.8
10
*8
10
*8
20
91
890
91
91
•90
91
*90
91
90 90
91
100
218 218 .218 214
23
8 .218 238 .24 214
23
4 .2
.2
8 54
5318 543
567
8 5312 5612 31,300
8
5212 5512 523 54
5718 62
20
•115 11512 11512 11512 .112 117 *112 117 *111 117 .111 117
517
412 412 1,300
45
8 43
412 43
4
5
4
5
8458 5 2 *5
,
, 287 307 173,100
315
8 295 323
8
8
8
3
4 30
8
327 343
8
4 313 3258 30 4 313
92
91
700
*90
90
91
91
91
.90
01
91
96
.91
*14
3
8
.14
.41.,
200
5
8
3
8
3
8
*14
814
38
as
*14
*34 418 .34 418 *318 418
8 6
*314 6
*318 34 .23
1412 1538 20,800
8
164 1412 1478 143 1514 1514 16
8 15
153 167
4
120
80
.72
80 .72
70
70
75
75 .70
80 .50
.65
138
14
114
114 2,000
13
8
13
s
1381
14
8
Ps 15
8
13
8 13
212 217 2,400
212 .212
212 212
212 212
25
8 25
8
25
8 238
73
8 74 25,700
73
8 818
74 75
8
74
Vs
73
8 8
734 81,
3418 33
8 1,900
3412 3512 •32
344 34
34
333
4 3378 337
33
4 1.400
30
30
4
2814 2814 *2812 293
2914 3012 293 3114 2834 29
183 20
183 19
8
19
19
4
2,900
8
1914 1914 18, 19
.19
20
14
*---14
*____
14
*- ---
• Bid and asked Ortega no ma188 an thie lay. S F.x-df•tdend
v Ex-rights
s E8-811.1doilid,
3060
ny-
New York Stock Record-Continued--Page 5
FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING.
------PER SHARE
PER SHAER
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
STOCKS
Sales
Range for Year 1932
Range Jo Precious
for
NEW YORK STOCK
On !oasis of 100
-share tots
Year 1931
Monday
Saturday
Tuesday
1Vednesday
Thursday
Friday
the
EXCHANGE
Apr. IS.
Apr. 18.
Apr. 20.
Apr. 21.
Apr. 16.
Apr. 22.
Week.
Lowest
Highest
Lowest
Highest
$ per share 8 per share $ per share $ per share Shares Indus. & Miceli. (Corn.) Par g per share 8 per share
-- 70 *
70 ._ - - - 70
Hamilton Watch pref
_- 70
100 30 Mar 7 30 Mar 7
*59
61
.59
64
*5918 61
.59
61
Hanna prat new
No Par 60 Apr 15 70 Jan 14
.8
912
8
8
*73
4 818 *73
200 Harblson-Walk Retrac_No par
4 8
8 Apr 1
15 Jan 6
1
1
7
8
1
7
8
7
8
1,000 Hartman Corp elan B_No par
•7
3 1
58 Apr 18
17 Jan 15
*112 312 *112 3
•112 312 *113 3 z
Class A
No Par
,
112 Mar 2
4 Mar 8
*414 63
4 *414 612
100 Hawaiian Pineapple Co Ltd.20
•
414
5%
5
5
5 Apr 21 10 Jan 12
*12
*12
5
8
•12
5g
*12
5
8
3,
payee Body Corp
No par
12 Apr 13
112 Jan 12
*673 693 *673 69% *673 693 •673 59%
4
4
4
4
4
4
HeIrne (C, W)
25 6714 Apr 15 78 Mar 0
*51
612 *51.3 61 1
.518 614 .513 614
Hercules Motora
Na par
6 Apr 14
812 Jan 15
.17
18 .17
177 .17
18 .17
8
18
Hercules Powder
No par 18 Apr 12 2818 Feb 18
*84
85
84
84
83
84
•83
84
180 Hercules Powder $7 cum p11041 83 Apr 21 95 Jan 12
68 68
*65
6914 68 68
68
68
600 Hershey Chocolate
No par 62 Apr 14 83 Mar 9
.70
75
*70
7418 .70
75
7114 7112
200
Preferred
No par 68 Apr 13 83 Mar 8
*14
12
*14
12
•14
12
*14
12
Hoe (11) A Co
No par
14 Apr 1
I% Jail 12
*912 10
*912 10
*913 10
*912 10
Holland Furnace
No par
912 Apr 12 11% Jan 11
41t 414
*4
414 *414 48
4
4 11
4 Apr 12 103, Mar 10
500 Hollander & Sons (A) No par
11014 11514 *1123, 115 *11312 120
115 11512 2,200 Homestake altrEng
100 110 Feb 16 13014 Jan 7
0214 238
212 212 1,100 Houdallle-Hershey el B No par
28 238
23* 212
2 Apr 14
4 Mar .5
.46
48
*46
48
•465 48
3
463, 463,
500 Household Finance part pf_fS0 4514 Apr 14 57% Jan 5
13
13
1314 .13
13
1318 3,200 Houston 01101 Tex tern otfal00 1212 Apr 14 2438 Mar 8
134 13
23
4 3
23
4 23
4
234 3
.23
Voting trust otia new.. _25
4 3
2,700
23, Apr 9
518 Mar 8
*612 7
.612 653
612 61
800 Howe Sound
6 Apr 14 1612 Jan 12
No par
6
6 12
43
4 5
*412 47
45
8 45
8
43
8 412
8 2,400 Hudson Motor Car____No par
4% Apr 5 1134 Jan 8
2
2
2
253 Jan 11
10
2,
3 218
2 Apr 14
218 2.100 Hupp Motor Car Corp
218
*12
34
5
•5
8 1
3
.
514
1
400 Indian Motocycle
3*
3 Apr 5
2
No Par
13 Jan 9
8
*1
13
8 •I
18 .1
138 *1
138
Indian Refining
10
1 Apr 1
13, Jan 21
26
2614 2512 2012 26
2638 265 -718 -,500 Industrial Rayon
No par 2318 Jan 4 383, Mar 7
3
193 20
4
1914 1912 193 2012 19
19
4
3,000 Ingersoll Rand
No par
19 Apr 22 3912 Feb 19
.14
16
.14
15
14
14
13
No par 13 Apr 22 24 Feb 13
14
500 Inland Steel
2
2
2
2
2
2
900 Inspiration Cons Copper_20
213 214
2 Apr 4
414 Jan 14
23
8 23
8
214 21 4
37 Jan 7
g
214 214
900 Insumnsharte Ctfs Ine_No par
214 2 4
,
211 Apr 20
6
612 612
6
614
4% Jan 2
7
63
3 612 1,500 Insuranshares Corp of Del_ _ _1
8 Jan 12
"3
12
100 Intercont'l Rubber
"8
No par
12
12
"3
14 Apr 6
12
12
7 Jan 19
8
.218 231 *214 23
•212 23
4 *213 23
Interlake Iron
No par
213 Apr 15
414 Jan 22
4
*12 1
*12
1
*12 1
*12
1
Internal Agrioul
14 Apr 7
No par
112 Jan 9
33 Apr 16
*35
8 5
*353 5
*33* 5
*35
Prior preferred
8 5
100
100
712 Jan 18
77
8312 18,900 lot 811511:1014.9 Machines No par 7512 Apr 20 117 Mar 9
82
7513 79
7712 8312 79
.213 214
212 Vs .2
600 Internal Carriers Ltd._No Pa
23
4
181 Apr 13
27
8 3
512 Jan 13
,
81 1 84
8i 9
83
4 83, .812 9 3
600 International Cement__No par
3
712 Apr 9 184 Jan 14
*3
4
7
8
*8
4
7
8
5 Jan 7
*
900 Inter Comb Eng Corp... No par
3
4
3
4
173 Jan 15
7
8
8
1
75
73,
47 Jan 6 21 Jan 15
7'i
753 73*
718
8
1,000
8
Preferred
100
1814 19
1838 1912 18% 193 10,000 Internal Harrester--No par 1612 April 204 Jan 18
183* 20
3
*93
963 .90
4
947
8 943 9431 933 938 9312 9312
947 *90
4
400
Preferred
100 9312 Apr 22 108 Jan 8
63, 67
64 63,
*
614 714
612 7
63
4
73*
8 714 6.100 lot Hydro-El Sys el A__No par
512 Apr 8 113, Mar 9
63
12
5
8
12
12
12
8. 1
12
3
4
3
4 1,
3
4
12 Apr 14 2412 Feb 19
12 14,000 International Match prat...35
•2% 3
*218 3
*218 3
*2
3
.2
3
*2
4 Jan 7
3
lot Mercantile Martha etns.100
2 Apr 6
3
7
6
612
53
4 6
54 6
5
6
6
63
2
53
4 6% 17.100 lot Nickel of Canada...No par
914 Mar 7
68 April
8
•____ 82 .70
82 •__ _ _ 82
•73
76
73
73
73
100 73 Apr 21
6 Mar 7
73
Pref rrred
200
*414 6
*414 5
.414 6
.4% 6
*414 6
Internist Paper 7% pref_100
*414 6
4 Apr 11 1012 Jan 15
I%
13
4 .1
13
4
1
1
212 Jan 21
•1
112
1 Apr 8
700 Inter Pap & Pow al A __No par
112
1
1
*1
4
,12
1
•12 13
*12 11.9
*12
1
.
12 1
•12 1
5 Apr 7
8
Class 11
114 Jan 21
No par
.
14
3
8
%
%
*3
3
84 Jan 4
12
14 Apr 14
Class C
100
*14
No par
12
*3
2
12
*3
2
12
41 1 414
37
2 43
2 .33
4 5
*4
5
4
4
•378 4
312 Apr 11 11 Jan 15
500
Preferred
100
47
*43
4 47
8 *434 4 8 .43i
43
4 43
4
454 43
414 Jan 14
834 Mar 10
1,400 lot Printing Ink Corp_No par
4 *453 5
*353 37
4
•3581 37
*353 37
4
*3534 37
*353 37
4
*353 353
4
4
4
20
Preferred
100 3243 Jan 15 40 Apr 15
15
15
15
15
15
15
14
147
3 14
15 .14
15
1.700 Intern? Ronal Salt
100 14 Apr 20 2312 Feb 17
3612 363
4 363* 363
8 3613 36% 36% 3618 36
3612 36
3614 10,200 International Shoe____No par 3578 Apr 7 443* Jan 15
1812 1812 17
17 .16
18
.17% 18
*1712 19 .1712 19
400 International Silver
2478 Mar 10
100 15 Feb 11
.40
4112 .4012 41 14 .4013 4112 *4012 4112 *4013 41
*4012 41
7% preferrred
100 41 April 65 Feb 13
57
512 5%
53 6
3
53
4 6%
618
6
6 14 32.200 Inter Talon & Teter_ -No par
1214 Feb 19
57
8 614
432 Apr 11
3
3
3
3 13
3
3
*212 3
3
3
*23
4 3% 1,300 Interstate Dept Storee.N3 par
278 Apr 8 11 Jan 9
.3058 37 .30% 37 .3053 38 .30
38
30
30
.3018 32
10
Preferred ex-warrants...100 30 Apr 21 6212 Jan 8
*4
4
4
*4
514
412
33
4 4
33
4 33
4 .3% 4
600 Intertype Corp
7 Apr 1
33 Apr 12
4
No par
1%
•118
Po .1 18 1% •113
17
8
13, 112
18
1,
3
4 18 8,800 Investors Equity
No par
1 Apr 9
2% Jan 14
11
11
1014 1012 •1012 10 4 1012 1017 •IO12 11
3
600 Island Creek Coe/
*1013 1114
1
1014 Apr 18 18 Jan 14
8
8 2614 261 1 26
265
•26
8 257 257
2758 •25
26
.25
26
400 Jewel Tea Inc
No par 25 Apr 14 35 Feb 13
107 1114 107 11 13 1114 13
10% 11
1114 12
8
1114 1212 16.200 Johns-ManvIlle
1014 Apr 13 2512 Feb 19
No par
•56
•56
78
7712 *56
76
*55,8 78
*56
76 .56
76
Preferred
100 8314 Apr 8 9984 Jan 22
51
51
5114 51 14 5114 527
8 51
51
5l12 5112 61
51
140 Jones & Laugh Steel pref 100 50 Apr 1
84 Jan 5
94
•913 933 .92
4
*92
4
94
92
92 .93
94
30 K C P & Lt 1st af ser B_No par 9013 Apr 8 11384 Jan 23
*93
94
*li
12
12
12
*3
44
5
8
300 Karstadt (Rudolph)
03
2
52
12
*3
2
12
*3
2
112 Jan 6
3 April
3
*531 6
*53
4 6
512 534
6
6
*53
8 612 *512 612
914 Mar 7
400 Kaufmann Dept Stores $12.50
5 Jan 4
.531 612 *6
612
613 618
6
6
97 Feb 19
6% 612
618 618 1.400 Kayser (J) Co v t e____No par
5 4 Apr 11
3
114
114
1 10
110
1 14
1 18
118
118
114
114
114
27 Mar 7
114 2.700 Kelly -Springfield Tire_No par
8
I Jan 4
*12
15
12
12 .11
12 .11
12
11
12
*1012 15
400
8% preferred
100
63 Jan 6 2272 Mar 8
4
*30
50
*30
40 .30
40 .30
40 .36
40 .36
40
6% preferred
100 20 Jan 2 45 Mar 9
13
4
131
I% 13,
15
1%
158 15
8
15
8
15
8 .15
8 2
1.01)0 Kelsey Hayes Wbeel___No par
414 Jan 14
1 Apr 8
57
6
63,
57
613
6
5,2 578
614
57
6
6 13 5,700 Kelvinator Corp
514 Apr 14 1038 Feb 19
No par
*2612 29
26% 2612 .2614 29
*2612 2712 2712 2713 30
120 Kendall Co pre!
30
No par 25 Apr 13 38 Feb 23
73,
73 37.000 Kennecott Copper
714 7 8 63* 712
5
7,
3 712
7
7
738
7
512 Apr 12 13 Jan 14
No par
013
14
.12, 14
4
14
14
.113 14
4
*113 14
4
.113 14
4
100 Kimberley-Clark
1912 Jan 9
1312 Apr 11
No pa
•8.
2
1
.
12 1
*12 1
100 Kinney Co
53
*12 1
5
3
214 Jan 22
•13
I
N. par
12 Apr 4
.613 10
.613 10
*612 10
*612 10
•613 10
•612 10
5 Apr 12 1318 Jan 23
Preferred
No par
4 10, 103*
4
105 103
1013 10
8
93* 1014 10
10% 1018 103* 13.000 Kresge (S El) CO
10
8% Apr 7 19 Jan 14
*291 32
•29113 32 .2912 32
.2918 32
*2913 32 .2918 32
Kro2.2 Co
30 Jan lh 37 Jan 21
No par
14
14
14
14
14
5
3
14
%
14
14
14
9% Jan 26
14 68,400 Kreuger & Toll
14 Apr 11
1214 123 13
1218 123* 12
4
125 13
8
1314 1314
125 13
8
1138 Apr 1 1
4,400 Kroger 0144) & Bak_ __No par
1853 Mar 8
353 3712 363 38
364 3512 36
4
3712 36
4
6,700 Lambert Co
37% 377
No par
8 37
3518 Apr 13 563 Jan 14
4
4
.31 4 4
.3
*3
4
*3
4
4
Lane Bryant
.3
4 Apr 1
4
3 Apr 13
.3
No par
•ii
, 2
,
.17
8 2%
2
2
2
2
2
2
.17
8 2% 2,200 Lee Rubber & Tire_ __ _No par
2% Jan 8
13 Apr 12
4
5
.4
5
*4
.4
5
5
Lehigh Portland Cement.... 50
*4
5
6% Jan 28
*4
35 Apr 6
5
*4
100 58[2 Apr 19 75 Jan 12
20
6812 6812 *5812 60 .5812 68 *5812 63
7% preferred
*5812 60 .5812 62
13
4
500 Lehigh Valley Cotd____No par
13i *114
13
8 •114
14
3% Jan 8
118 Apr 6
3
15$
15 •114
13
1%
13
8
3
3
412 *3
200
412
Preferred
412 *3
412 .3
9 Jan 9
50
3 Apr 22
414 414 *3
37 - .35% 36 .3512 3612 3414 35
800 Lehman Carp(The)No par 34 Apr 14 4852 Afar 7
36
36 12 347 35 .35
1.400 Lehn A Fink
1614 16 4 1612 163
4 1614 1614
No par
,
17
15 Apr 8 24% Mar 7
.1 17
174 174 1712 173
43
5
513 518
1,300 Libby Owens Olam_ „No par
5
512 513
5
5
514 514
5
8 Jan 20
413 Apr 13
49
701) Liggett dr Myers Toimcco...25 45 Apr 14 597 Mar 7
8
8
483 482 .4612 484 4812 4812 *47
99
*47
4912 50
Sallee B
50
5,200
8 49
4914 484 507
21 453 Jan 4 0134 Mar 8
2
4
5014 51 14 493 5012 4813 4914 49
4
4
Preferred
100 107 Apr 14 11812 Mar 7
108 112 *108 112 *10814 112 *1083 112 .1083 112
•108 112
200 Lily Tulip Cup Corp___Na par 16 Apr 12 21 Mar 8
16
1612
.16
8 16
1612 .
16
163
163 *16
8
1018 1613 .16
300 Lima Locomot Works...No par
8 *912 1012
1112 1112 11
4
814 Apr 4 163 Jan 14
8 *912 103* 103* 103
*912 103
11
900 Link Belt Co
.73
4 9
2
8
8
812 83
No Par
8 Apr 16 14 Mar 9
2
83
2 83
Ws 818
8
8
143
8 1,900 Liquid Carbonic
No Par 14 Apr 14 22 Mar 8
1512 153
4 1514 1512 1412 1412 x1412 1412 1414 1414 14
225
8 2212 2418 223 2373 12,900 Loew's Incorporated-No par 2018 Apr 12 34 Mar 5
8
3
233 2334 2212 2312 215 2214 22
No par 66 Apr 12 72 Feb 19
.60
607 .80
Preferred
70
100
*5912 61
60
60
68
*58
65
•58
45 Mar 12
234 Apr 7
900 Loft Incorporated
No par
4 3
2 4 23
8
4 •23
27
8 27
8
3
27
8 2% .28 324 2g
12 Apr 6
Long Bell Lumber A No par
1% Jan 20
*12 114
*12 114
*12 114
*12 114
*12 1 14
*12 1 14
29
28
29
29
500 Loam-Wiles Biseult
*28
28
25 2712 Apr 14 3638 Feb 17
29
.27
4
4
3012 3012 x303 303
1412 1414 15
14
1418 143* 16.500 Lorillard
No par 12 Jan 4 16, Mar 10
4 137 14
2
143
141 1 1412 14
88
•86
88 .86
7% preferred
88
100 73% Jan 5 9314 Mar 8
863* .86
.86
8612 *86
87 .86
No par
1 Jan 7
1% Mar 8
114
600 Loulslana Oil
114
114 *1
114
114 *1
132
114
1 13 114 0112
.12
15 .12
*12
Preferred
18
100 12 Feb 8 18 Jan 9
15
18
*12
18
*12
.10
18
13% Apr 9 2338 Mar 8
4 1612 1612 1,500 Louisville 0 it El A..-__No par
8
4 164 163
1712 163 163
17
1613 164 184 17
I% Jan 5
No par
6 Jan 21
.312 4
200 Ludlum Steel
.312 4
33
4 34 *314 4
3,
z 312
*312 37
612 Jan 5 20 Mar 3
19
19 .12
Preferred
19
No Par
•12
*12
19
19 .12
.
83* 19 .13
10 Apr 7 1514 Feb 17
600 MariAndrews & Forbes_No par
.1012 11
1012 1012 1012 10% 1012 1012 103* 10% •1012 1073
.57
64
64
6% preferred.,100 60 Jan 6 62% Jan 6
65
•57
65 .57
65 .57
70 .57
.57
No par 12% Jan 5 1818 Mar 4
1312 14
1314 1312 2,300 Mack Trucks Inn
1312 14
145 145
3 1312 137
8
1414 145
No par 30 Apr 0 6012 Jan 14
3514 3314 3412 4.600 Mao, Co
3413 34
34
35
34
3412 347
357
3 34
33 Mar 9
4
2% Jan 8
.25
8 234
4 1,300 Madloon fiq Garden_No par
4
23
4 23
214 212 .2% 23
4 *213 24
23* 23
8% Jan 14
412 Apr 14
Na par
5
53*
43
4 5
5
5
53* 2.700 Magma Copper
.5
512 5
53
514
53*
12 Jan 6
11 Jan 18
,
300 Matson (11 R)& Co No par
7
8
*3
4
4
3
4
7
8
7
3
7
3
7
8
*3
4
7
8
3
4
7
8
*3
100
Is Mar 2
1 Jan 11
Moat! Sugar
'Is
•13
%
*Is
2
8
•Is
3
8
,
s
*18
%
3
8
*18
2 Jan 25
14 Apr 13
Preferred
_100
13*
*14 114
*14
1 14
*14
114
*14
Ili
*1 1
I%
*14
214 Mar 26
27
3
.214
.2
Vo par
3
214 21 1 .2
3 Jan 5
3
.2
.21 1 27
100 Mithdel Bre
,
4
*47
418
514 *47
7 Jan 15
4
4 Apr 20
4
412 412 1.700 Manhattan Shirt
25
514
48 4%
3
4
12 Apr 9
1 Mar 14
100 Maracaibo Oil Explor_.No par
•12
3
4
,
"8
s
*12
5
8
9
81 .
8
1
12
3
4
*5
93
4 934
93
4 93
2
93
9i.,
93, 912
93, 912
918
912 5,100 Marine Midland Corp
918 Apr 14 1214 Jan 14
10
72
*8
93
4 *73
4 8
4 .731 93
*712 8 - •712 8
4
75 Apr 21 11125ffir 8
8
400 Marlin-Rockwell
73
No par
1
1
II
2
8
.12 1
•38
1
*32
1
2 Jan 9
12 Apr 21
200 Marmon Motor Car_No par
*53
.53
*53
8 612
•514 6
514 53
5
1,600 Martha!! Field & Co_No par
6
514 514
514 57
5 Apr 21 1312 Jan 14
•12
1
•12
1
*12
14
1
12
•12 1
*12 1
800 Martin-Parry Cory
3 ki ar 23
4
14 Apr 191
No par
$ per share $ per share
•____ 70 .__ 70
61
62 .60
*60
.812 9% .812 912
4
,3, 1
5
8
5
8
*112 33
4 *112 3i2
.414 614 .414 614
•1.,
3.,
*12
5
8
.68
69 .674 6984
34
4 *518 8
*6
63
18
•17
18
•17
86
84
87
*86
68
68
*653 68
8
75
75 •70
.71
12
*14
12
•14
*912 10
.912 10
412 412
.414 47
8
117 118
*11812 121
8
214 23
214
23
4512 4612 4653 463,
134 141 4 1318 14
3
3 18
3
3
7
7
658 64
412 43
4
412 43
4
2% 214
218 218
53
5
8
*5
8 1
•1
118 .1
13*
2618 2712 26
2712
23
23
20, 2214
8
*15
157 .14
3
153
.218 212
214 2 4
,
.
212 23,
23* 3
7
7
63* 6%
•14
12
"4
12
*2
234 *2
23
4
*12 1
8
i
*12
33
4 3 4 *33* 5
3
8312 863
4 803* 824
*218 212 .213 212
.84 10
84 83
73
3
4
3
4
78
10
10
8
8
195 2012 185 1912
8
8
• BM and asked prices: no aales on this day. s Ex-divil.nd. If Ex-rights.
3 per share 3 per share
94 June 103 Jan
67 Dec
94 Feb
1112 Dec
4414 Feb
12 Dec
75 Feb
8
17 Dec
1053 Feb
814 Nov
6212 Jan
1 Dec
8 Mar
60 Oct 100 Feb
5 Dec
18 Mar
26 Dec 368 Mar
95 Dec 11912 Mar
68 Dec 10334 Mar
7012 Dec 104 Mar
13 Dec
3
812 Mar
10% Dec
37 Feb
514 Dec
1918 Apr
81 Jan 138 Dec
212 Dec
91.4 Mar
5212Sept
65 Mar
6812 Feb
1514 Dec
3 Dec
141 Feb
II% Dec
2912 Feb
78 Oct
4
26 Jan
83 Oct
4
1318 Feb
7 Dec
2
43 Feb
4
45 Feb
Da Dee
21 Oct
86 Feb
258 Dec 182 Jan
4
197 Dec
8
71 Feb
3 Dec
113, Feb
214 Dec
93, Feb
414 Dee
123 July
4
14 Sept
412 Feb
27 Dec
15 Jan
514 Feb
1 Dee
412 Dec
5114 Feb
92 Oct 1793 Feb
i
3 Dec
123* Feb
18 Dec
6212 Feb
Is Oct
4 Feb
31j Dec
393 Feb
4
32% Dec
6012 Mar
105 Dec 14312Mar
918 Dec
31 Feb
11 Dec
7314 Mar
2% Dec
1613 Jan
7 Dec
2018 Feb
90 Dec 123 Mar
7 Dec
42 Mar
17 Oct
8
1014 Feb
12 Dec
8 Jan
12 Oct
412 Feb
614 Dec
4312 Mar
414 Dec
1614 Feb
25 Dec
6912May
18 Dec
42 Feb
37 Dec
54 June
157 Dec
2
51 Mar
50 Dec
9018 Mar
718 Dec
333* Feb
8 Deo
213 Feb
8
5212 Dee
6712 Mar
1812 Feb
43, Dec
114 Dec
914 Feb
143 Dec
4
31 Jan
24 Oct
571 Feb
808 Mar
4
153* Dec
8314 Dec 120 Apr
68 Dec 12312 Mar
111, Oct 11512 A pr
4
14 Dec
7 Jan
18 Feb
512 Deo
714 Dec
243* Mar
84 Oct
312May
518 Oct
26 May
10 Sept
45 Mar
3 Dee
29% Feb
6 Sept
1512 Mar
20 Jan
60 Apr
95 Dee
31% Feb
137 Deo
8
41 Jan
112 Dec
2012 Jan
5 Dec
70 Jan
15 Dec
293* Auk
2614 Dee
55 Feb
414 Dec
373 Mar
4
1213 Dec 33512May
40% Oct
87% Mar
314 Dec
1718 Jan
17 Oct
8
43 Mar
4
5 Dec
183 Feb
4
72 Dec 101% Feb
13 Dec
*
83, Jan
6 Dec
30 July
35 Oct
6982 Feb
1812 Oct
34% Feb
512 Dec
2072 Apr
39 Oct
91 Feb
40 Oct
913* Feb
110 Dec 146 May
18 Sept
3614.1une
1284 Dec
34% Feb
14 Dec
33 Feb
1312 Dec
5518 Feb
237 Dec
2
6312 Feb
56 Dec
99 Mar
23 Oct
8
612 Apr
',July
4 Jan
297 Dec
847 Mar
2
8
10 Oct
2172July
7434 Dec 10212 Aug
1 Dec
4% Feb
20 Dec
65 Jail
2
17% Dec
853 Feb
4 Dec
19 Mar
5214 Feb
10 Dec
18 Dec
25 Feb
60 Sept 100% Apr
4372 Feb
12 Dec
50 Dec 10814 Feb
2 Boot
712 Max
8
713 Oct
378 Feb
43 Mar
4
12 Dec
3, Nov
IS Mel
127 Jan
.
84 Dec
8 June
3 Sept
12 Feb
4112 Dec
33 Feb
4
%Sept
34% Feb
053 Dec
8232 Feb
93* Dee
10 Feb
114 Deo
823* Feb
912 Dec
3114 Jt111
12 Dec
New York Stock Record-Continued-Page 6
3061
SIXTH PAGE PRECEDING.
FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE
PER SHARE
PER SHARK
STOCKS
Sales
Range for Year 1932
Range for Precious
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
NEW YORK STOCK
for
-share lots
On basis of 100
Year 1931
-EXCHANGE
the
Friday
Thursday
Wednesday
Monday
Tuesday
Saturday
Highest
Lowest
Hiphest
Lowest
Week.
Apr. 22.
Apr. 21.
Apr. 20.
Apr. 19.
Apr. 18.
Apr. 16.
(Con.) Par i per share $ per share $ per share S per Mare
$ per share $ per share $ per share $ per share $ per share $ per share Shares Indus. & Miscell.
3112 Jan
12 Dec
8
200 Mathieeon Alkali WorksNo par 1234 Apr 9 207 Mar 10
14
15
14
*14
4
133 1331 .1313 15 'l34 15
15
.14
3
100 894 Apr 13 105 Jan 13 104 Oct 1253 Mar
Preferred
*9013 96
*9012 96
.9013 96 .9012 96 .9012 96
96
.90
39 Mar
25 13 Apr 6 20 Jan 13
1538 Dec
1312 3,100 May Dept Stores
1313 1312 13
13
13% 13
1314 137
8 13
144 143
8
87 Feb
112 Dec
3 Jan 14
2 Jan 5
No par
300 Maytag Co
212
*2
2
2
214
214 .2
214 *2
212 .2
.2
243 Mar
5 Sept
814 Jan 13
3 Apr 14
No par
Preferred
500
512
4
4 33 •-_-_
33
4
4
4
4 33
33
3
3 4 37
.3
3
34 4
35 Dec
7111 Mar
No par 34 Mar 24 3514 Jan 7
Prior preferred
63
63 .34
•____ 63 *____ 63 •____ 63 .____ 63 .34
36 Jan
1511 Dee
4
No par x153 Apr 20 21 Jan 14
Corp
100 McColl
4
4
4
4
x153 153 *153 1612 .153 1612
4
*1614 17
.1614 17 .153 17
15 Dec
51% Feb
14 Apr 9 16 Apr 18
100 McCrory Stores elms A No par
22
22 .15
.15
22
*15
22
•15
16
16
18
.16
1412 Dec
5138 Feb
No par 1312 Apr 22 19 Jan 14
Class B
210
1313 14
14
14
14
14
15
15
16
1814 .15
.15
9313 Mar
54 Dec
100 44 Apr 13 62 Feb 18
Preferred
40
4712 49
48
48
50
50 .48
50 .48
*48
50
50
6 Dec
29 Feb
712 Jan 7
5 Apr 8
McCraw-Hill Publioa's No var
.
412 *314 41
,
*212 41. *314 412 *314 412 *314 4,2 *314
2612 Mar
12 Oct
3
Porcupine Mines--5 143 Jan 5 1612:Mar 16
200 McIntyre
8
8
1438 143 •1412 147
8
,3
1413 1412 •1414 147 *1438 147 .14; 1478
3813 Oct 10313 Apt
14,600 McKeesport Tin Plate_No par 3712 Apr 19 6214 Feb 19
401.1 3734 38
3712 3812 38
397 413
4 3712 39
8
4
413 43
17 Jan
3
33 Dec
:
51 Feb 15
218 Apr 13
273 3,000 McKeown & RobbIns_No par
212
213 2%
3
212 27
8
3 314
27
213 27
3
3
15 Dec
418 Apr 12 23 Feb13
3738 Feb
50
Preferred.
518 513 1,600
*513 6
6
8 *5
6
5,8 57
6
612 612
112 Dec
1012 Mar
4 Mar 5
4
13 Apr 13
No par
600 McLellan Stores
3
13
134
4 212
'13
212
8 23
212 .2
23
8 *2
214 214
1413 Dec
34 Mar
18 Jan 9
No par 11 Apr 11
MelvIlle Shoe
.1012 13
.1012 13
*1012 13
*1012 13
812 Feb
•1012 12 .1013 13
2 Sept
4
23 Jan 8
Apr 6
118
No par
100 Mengel Co (The)
.14 2
4 2
*13
4 2
*13
4 2
.
1 12 .13
113.
138 2
15 Dec
27 Ayr
Metro-Goldwyn Plitt pref_27 1712 Apr 6 2214 Jan 14
4
8
•177 1814 •173 18
8
•177 21
.19
8
21
21
*177 21
•19
23
3
414 Jan 13
103 Feb
4Sept
2 Apr 7
5
Miami Copper
8 •213
27
27g •218
278
8 .21g
8 .213 27g •21,3 27
*218 27
5 Oct
163 Jan
612 Mar 8
4
33 Apr 9
No par
412 413 3,400 Mtd-Cont Petrol
413 412
412 438
43* 43
4
45
5%
8 5
.5
7 Oct
3112 Feb
212 Apr 4 10 Jan 14
1,200 Midland Steel Prod -.No par
: 34 312 .3
3i
*318
3 18
312
3
3
3
8
8 33
33
3514 Oct
94 Feb
100 30 Apr 7 5114 Mar 9
8% cum lot pref
200
33
33
35
.33
33
33
39 .33
39 .33
39
.33
15 Dec
5811 Feb
1314 Apr 11 2312 Jan 18
Minn-Honeywell Regu_No par
16
.14
16
.14
*1312 16 .1312 16
.1313 16
.1313 16
114 Dec
712 Feb
3
25 Jan 18
1 Apr 8
200 Minn-Moline Pow Impl No par
1
1
114
Ill •1
114 *1
114 .1
114
114
•1
613 Dec
48 Mar
8 Apr 20 11 Jan 25
No par
Preferred
500
.618 15
.61/3 13
7
6
15
.7
15
.7
15
•7
7% Dec
2138 Mar
3
612 Apr 12 10 4 Jan 20
100 Mohawk Carpet Mills_No par
713
713 71
*7
712
28% Aug
1614 Oct
713 *74 712 *7
712 .7
•71 i
4
Chem Wks_No par 2018 Apr 11 303 Mir 8
8
294 Feb
2212 2314 2114 22
63 Dee
21 1s 204 2114 .2112 233 *2112 2414 1.400 Monsanto Co Ill Corp No par
21
614 Apr 12 1114 Mar 5
7
712
7
714
714
712 28,700 Mont Ward
714
713 73
7
75s
8
7
28 Dec
58 Fee
No par 2938 Jan 6 354 Mar 12
100 Morrel (:) & Co
294 294
.2912 ____ *2912 ____ *2913 ... _ .2912 __ _ .2913 32
4Sept
33 Jan 4
'4 Feb
4 Jan 2
Coalition_No par
8 1,100 Mother Lode
3
*14
14
14
14
41 Mar
14
-14
-14
8
3
"4
53 Dec
8
3
4
1 Jan 9
0
14 Apr 22
100 MaoMeter Ortoge&E0 No par
13
14
•14
8
3
2
3
go
*14
8
*14
3
2
3
*14
*14
47% Apr
15 Oct
2
Products Corp No par 13 Apr 8 2612 Mar 14
400 Motor
5 Dec
3
8
197 Feb
4 143 14% .1312 1418
4
1412 1413 14
14
133 133
•1412 1518
613 Jan
314 Apr 11
No par
500 Motor Wheel
314 314
4
367 Mar
814 Dec
314 314
314 34 .314 3% .314 43
*31 1 4
8
412 Apr 12 133 Jan 13
No par
600 Mullins Mfg Co
,
513 5 2
8 6121
7212 Mar
612 .53
20 Dec
514 512 .5
512 53
4
•513 612
14 Apr 7 27 Jan 13
No par
Preferred
30
1513
1512 .14
1512 .14
3114 Jan
1512 .14
11 Dec
16
.14
16
10
16
107s Jun 8 15 Feb 25
No Par
100 Munsingwear Inc
8
.147 18
15
15
18% Mar
5 Oct
18
18 .15
18 .15
52 .15
•15
s
97 Mar 2
4% Apr 14
No Par
518 518 1,600 Murray Body
518
4%
4512 Mar
20 Oct
514 53
8
514 514
4% 518 .513 513
par 1538 Mar 31 19 Feb 13
No
Myers PA E Bros
14
.8
14
.8
14
4078 Mar
.8
15 Dee
14
.8
16
*10
15
•10
No Par 104 Apr 14 1912 Jan 14
6.300 Naeh Motors Co
8 1112 12
34 113
10
37 Jan 14
1114
34
11
10 Mar
21s Dec
8 1218 1212 1133 12
123
12
218 Jan 4
400 National Acme stamped____10
218 218
218 218 .218 212
13 Mar
4 Sept
*218 238 *218 213 *218 213
713 Jan 21
5% Jan 5
No par
Nat Air Transport
10 Feb
% Dec
Ds Jan 5
14 Mar 17
No par
Nat Hellas Hem
32 Feb
8
37 Dec
5 Feb 17
I Mar 18
100_
Preferred
100
2
*1
2
•i.
2
834 Feb
3638 Dec
1
2
- .- ..1.
*i
i
.i
I
i
,
10 29 4 Apr 11 4678 Mar 7
Biscuit new
3112 3212 3214 33% 3218 3318 34.200 National pref
3234
31
8 324 327
8
327 337
100 120 Apr 18 130 Feb 19 11912 Dec 16314May
7% cum
400
121 121
3934 Feb
718 Dec
120 120 .121 130 0121 130
120 120
.118 120
714 Jan 5 1438 Mar 7
4 3,100 Nat Carib Register A w taro par
8% 83
838 914
3
8% 914
50 4 Mar
20 Dec
9
9
9144 918
No par 21 Jan 5 3138 Mar 8
4 034
93
8 2238 237 45,300 Nat Dairy Prod
711 Feb
13 Dec
2312 243 2238 2414 228 247
1 Feb 19
2418 25
2513 257
12 Apr 19
700 Nat Department Stores No par
04
8a *--,60 Jan
472. Dec
12 *---12
8 Jan 2
12
12
212 Apr 6
100
1
; "2 ;
"2
Preferred
414
414 *3
3638 Feb
3 •3
43
16 Dec
8 *3
43
438 .3
438 *3
•3
1714 Jan 4 24's Mar 3
4 1,700 Nat Distil Prod etfs___No par
4 18% 183
377 Feb
514 Dec
8 1813 1812 1814 1814 1814 183
8 Jan 21
1913 1912 18% 187
5 Jan 5
100
Nat Enam & Stamping
613
6% •5
618 •5
612 .5
618 *5
618 .5
69 Apr 22 92 Jan 8 z7812 Dec 132 Jan
.5
100
400 National Lead
70
69
71
71
70
7014 7014 70
111 Dec 143 June
74
77 .71
.71
100 100 Apr 19 125 Mar II
Preferred A
640
,
1001 101
4
10213 10212 102 1034 100 1013 100 10014 100 100
100 85 Apr 20 105 Jan 13 100 Dec 1200* July
Preferred B
120
.8514 90
90
89
85
85
4413 Feb
90
*85
90
1014 Dec
.85
1638Mar 8
95
.85
8% Apr 6
No par
10,200 National Pr & Lt
4 1138 1218 1112 12
113
113 Feb
8 11
113
4 11
1851ay
1114 113
1114 1214
No par
National Radiator
218 Jan
12Sept
par
No
_
_
Preferred
5818 Feb
1813 Oct
1618 Apr 19 2312 Jan 8
No par
1,800 Nat Steel Corp
ii li
ii
ii
.1s 1638 16ig
7014 Feb
6 Dec
94 Mar 4
1112 iiiss iCsi 16T8 16
16r3 5 April
50
100 Nattonal Supply
8
.5
8
•.5
8 8
.47
8 8
.47
8
.5
20 Dec 111 Feb
8
•5
100 20 Apr 15 34 Star 6
Preferred.
00
20
20
22
.20
22
22 .20
7612 Mar
22 .20
23 .20
.20
8
4
63 Apr 13 173 Jan 14 510 Dec
50
400 National Surety
914 914 •814 10
24; Mar
.838 912 "812 10
614 Dee
9
9
4
93 10,2
4
53 Apr 12 10 Mar 8
Ns par
100 National Tea Co
614
614 *6
614 .6
64 .6
*6
6
2514 Feb
6
3 Dec
512 Jan 14
*534 634
134 M ar 22
No par
Neuter Bros
5
.2
5
.2
013
4 5
.13
4 5
1484 Feb
4 5
•13
5
•2
414 DOC
658 Jan 14
24 Apr 6
338 7,600 Nevada Consol Copper No par
314
338 338
33
53 3%
3
353 37
4 413
33
3
34
8
207 Mar
1011June
No par
5514 Oct
41 June
50
Clam A.
__ ____
...,
47 Jan IS
24 Feb
214 Dec
2 Apr 6
No par
900 Newton Steel
353
3
314 .
33 •
14 .3i4 .. 3
1
3
25 Jan
412 Dec
314 - 14
314 3,2
8 Feb 26
312 312
512 Apr 14
No par
N Y Alr Brake
*512 6'8 *512 61 2 •513 013
37% Jan
714 Dec
714 Jan 2
*513 7
*512 7
512 7
.
6 Apr 13
100
New York Dock
101 2
1012 .5
1012 *5
1012 05
80 Jan
20 Sept
1012 *5
5
1012 .
..,
10(8 20 Apr 9 20 Apr 9
Preferred
45
45 .15
45 •15
45 .15
118 liec
1218 Jan
45 .15
45 .15
2 Jan 14
•15
1 Apr 7
No par
100 N Y Inveetors Inc
134
14
4
4 94 13 •
13
4 .1 14
13
114 *118
801s Dec 10738 Mar
1 14
1%
•114
Ne Par 80 Apr 8 98 Feb 5
130 N Y Steam 18 prer
8434
*804
8213 8438 *801 2 84
83
94 Dec 118 Apr
8413 83
•8212 843 *83
No par 9613 Apr 7 109,8 Mar 14
$7 let preferred
60
ion 100
100 10038 •9838 100
8
2912Ma)
10 Oct
.9812 108 .100 108 .1003 108
3
• 123 Jan 4 1738 Mar 15
Mines Ltd
1414 1413 1411 1412 1413 1414 3200 Noranda
14% 143
8 1414 1414
9014 Feb
26 Oct
Feb 19
1413 15
94,500 North American Co_ __No vat 2212 Apr 20 40 Mar 3
4012 Dec
237 253* 2212 24% 2238 2478 22% 24
57 Mar
8
263 274 . 2514 263
t Apr 14 47%
511 351
Preferred
800
11 Apr
3714 3714 3714 3712 3713 3713 3812 3818 1,600 North Amer Aviation
414 Feb I
2% Dec
.3718 40,3 .3714 40
134 Apr 13
5
2
2
218 218
21, .218 214
213 214
21
2
2
79 Dec 10712 Aue
Edison pref. _No par 66 Apr II 8612 Jan 18
No Amer
75
75 .70
75 .70
37 Apr 12
75 .70
,
35 4 Apr
75 .70
4 Dec
*70
8 Jan 21
75
*70
300 North German Lloyd
8
8 •414 53
53
21 Dec
5
538 *43
4 5% •453 58 •414
.44 5
4712Ma)
60 Northwestern Telegraph_ ._6() 20 Apr 13 28 Jan 29
25
25 .20
•20
.2114 25
21
21
2 No'
21
21
13 Mar 10
25
12 Jan
*21
84 Feb 9
200 Norwalk Tire & RubberNo Pa
1 18
l'n
114
4 .118
1,
114 .1,
1913 Jan
8 114 .118
513 Der
1 18 918
re Star 31
1 13
5 Jan 5
No pa
10,900 Ohio 011 Co
53
553 6
614
3
53 Fe)
538 6
6;
6
4 618
11 Dec
52
512 051
2 Jan 15
.3
8 Apr 13
100 Oliver Farm Equip new No par
3
.;
4
3
"8
26 Jan
8
213 14ec
Jan 15
8 ; ; 7
5
8 .
7
613
"3
8
7
'8
3 Jan 5
No Da
Preferred A
100
312
312 .3
*3
612 Mar
31
*3
45
4
4
8 .4
I% Oct
43
*4
484 Mar 8
Ds Jan 4
Ns Pa
Omnibus Corp
700
31
4 .214 318 .23
4 23
23
2812 Feb
314 314
3 14
818 Dec
3
3
3
978 Jan 21
5 Mar 29
Oppenhelm Coll & Co..No par
•518 6
*518 6
6
7% *5
72 Mar
438 Dec
712 .512 712 .5
.5
6 Jan 4 144 Jan 13
Orpheum Circuit Ine pref .. 100
.612 12
.618 12
4613 9
•613 12
.713 915 .712 9
15812 Jan
16% Dec
11 Apr 8 2212 Jan 8
No par
1314 6.900 Otte Elevator
8 13
8
127 1314 134 135
97 Dec 12912 Mar
4
1312 123 1312 1238 13
13
100 92 Apr 14 105 Jan 15
Preferred
40
98
•94
94
94
94
16% Feb
312 Dec
.04
05
95
95 .90
95
.01
414 Jan 7
2 Apr 15
No Par
900 Otis Steel
2
2
218
2
218
6913 Feb
218
8 Dec
218 218 *2
8 .2
2,
.2
100
338 Apr 15 14 Jan 16
Prior preferred
514538
95
77
394 Jan
5
20 Dec
5
.512 77
8 *54 773
*414 77
8 *5
14 27 Feb 19
3 Apr
2178 2314 2.500 Owens-Illinois 01,438 Co____25 193 Apr 8 37 Feb 13
23
23
5474 Mal
*2114 23
23
22
4
233 26
2938 Oct
23
21
25 24-9
2034 2034 6.600 Peoria Gas & Electra()
2614 27
Oct
264 2714 2618 27
2838 2718 28
7
28
No par 284 Apr 12 4134 Mar 11 35 Dec 6912 Mar
8 2.100 Pacific Ltir Corp
313
31
2614 Mar
31
30 4 31,
4 31
23014 3014 3012 31
7%
,
32
31
6 Apr 8 1014 Jan
100
10 Pacific 511112
6
.5
6
Mar
.5
6
.5
6
6
.5
.5
6
6
:
100 751 Apr 20 10434 Mar 5 x9314 Dec 131% Fen
8 2.410 Pacific Teiep & Teleg
773
77
4
753 77
81
751: 77
80
1 1 71
8 8012 821
378 Dec
Jan 11
8213 823
54
2 Apr 8
213 212 12.400 Packard Motor car. _ No par
212 24
2% 213
3518 Jan
213 238
213 27
8
213 25
20 Oct
_150 1718 Mar 18 28 Apr 20
Petr & Trans
700 Pan-Amer
28
28 .22
•23
26
28
28
.22
30
28
861, Jan
2112 22
18 Dec
150 16 Feb 6 29 Apr 19
Clam B
1.500
28
29 .23
•26
29
29
27
2713 29
27
11 Mar
26
22
8 Sept
CI Jan 13
3 1 eb 10
No par
Park-Word Inc
238
8 .2
27
8 *2
27
.2
8 *2
27
4% Jan
3
3
.2
*2
1 Dee
2 Jan 8
12 Apr 7
No par
1.400 Parmelee Transporta'n
7
.12
34
13
13
13
12 "
12
413 Feb
12
"a
53 Dec
12
12
15
114 Jan
13 Jan 23
Panhandle Prod & Ref _No par
8
7
•34
8
7
34
•
8
7
"I
5014 Feb
8
7
7
8
512 Dee
7
"t
*34
4
*3
3% Apr 12 1113 Jan 14
No par
Publlx
40
37
418 438 39,150 Paramount
518
4% 412
48
414
4
9
4 513
43
214 Mar
% Sept
114 Jan 4
53 Apr 14
1
500 Park Utah C M
38
4
3
73
*14
34
.
/1
7
*34
7s
3
272 Feb
34
14 Dee
8
7
8
•3
1 Feb 17
3
3 Jan 2
No par
500 Pathe Exchange
/1
3
13
3
3
12
3
*3
2
8% July
*%
8
.3
%
12
38
3
•3
113 Dec
54
5 Feb 17
114 Jan 11
par
No
Class A
200
8
*234 272 •234 27
212 212 *234 27
•213 27
•234 27
1513 13n2
418Sep
9 Feb 13
334 Apr 8
200 Pattno Mines & EnterprNo par
413 412
5
*44 43
4 •414
6
5
413 6
.
•418 6
8
43 Apr 12
2 Oct43 bell
112 Apr 20
300 Peerless Motor Car'1
1 12
3 *1
1,
8 43
43
8 31 13 113 .1
8 488
434 .43
04
22 Oct4612 Feb
No par 21 Apr 8 32% Mar 8
800 Penick & Ford
2212
2212 .22
*2212 23 .2214 2212 .22
2312 2213 23
23
3
443 Auw
2634 Dec
No par 2614 Jan 5 3412 Mar 8
8 27; 6,200 Penney (I C)
2712 2773 273
2738 28
2812 2713 28
4
283 2834 28
790 Dec 10014 Sept
100 30 Feb 3 91 Mar 5
Preferred
,
*81
871 .81
8712 *82 4 85 .824 85 .8212 841 2
87
511 Feb
*V
4
8 lice
I% Jan 2
12 Apr 14
100 Penn-Dixie Cement._ Ne par
8
5
.12
1118
"2
6
8
4
3
"3
29 Jan
8
*5
8
5
8
5
212 Dec
4
3
3
.3
6 Mar 22
3
3 4 Feb 13
100
Preferred
200
8 6
57
9
.5
8
8
*5
.5
8
.5
8
.5
3512Mar
15 Deo
People', Drug Store ..No per
*1012 20
*1612 20
*1612 20 .1612 20 .1613 20
•1613 20
78 Dec10414 Aug
614% cony preferred.___100 75 Jan 7 95 Feb 25
*6512 70
.
1
. 0513 70
93
93 .75
465t2 93 .6512. 93 .75
14 121 Jan 15 107 Dec 260 Fel,
8
4
64 3 6712 63814 6712 603 7014 653 6912 18,200 People's0 L & C (Chic).. 100 5014 Apr
8 64% 68
1712 Jan
4 687
9 Dec
65,
3
10, Apr 9 1212 Jan 7
No par
550 Pot Milk
11 18
11 18 .10
1118 .10
10% Feb
278 Dec
1012 1012 1012 1012 1012 1012 *10
8
47 Jan 7
3 Jan 4
3.600 Petroleum Corp of Am_No par
318 31
8
318 33
314 338
33
313 312 .333 313
8 33*
3
578 Dec25 3 Feb
813 Jan 8
4 Apr 5
25
53
513 533 6,600 Phelps-Dodge Corp
531
5% 53
513 6
4 6
53
8
4 63
53
- 150 May 155 June
Philadelphia Co (Pittab)._ _50
30 Dec6612 Mar
60 30 Apr 8 41 Mar 10
preferred
6%
400
32
32
35
.31
32
32
32
32
34
.32
1214 Mar
33
;31- 512 Feb 20
4
21 I)ec
2; Apr 8
275 313 1.300 Phila A Read C & I__ __No par
313 338
3
3
8 314 .2; 3
3
123 Aug
3 18 *27
3
8 Dec
8 Apr 7 10 Mar 8
300 Phillip Morrie & Co Ltd_ ...In
8
8
814
838 .8
.8
9
1478 Not
814 .8
8
..sis 9
912 Dec
94 Jan 5
412 Apr 12
JOIleg• CorP----No par
Phillips
5
.4
5
8 *4
45
*4
5
*4
5
52 Jan
.4
36 Dec
22 32 Feb 10
6
.5
100 12 Apr
60 Phillip. Jones pref
12
12
13
13
14
14
15
15
16
1638 Jan
1711 .15
4 Dec
*15
612 Mar 8
8
37 Apr 12
414 5.300 Phillips Petroleum____No par
4
414 414
4%
4
412
4
418 43*
1014 Apr
312 Niar 23
312 Dec
312 Mar 23
5
414 43
Phoenix Hoelery
6
*I
6
.1
6
.1
6
*I
2714 Feb
6
.1
6
9 Jan 13
514 Oct
3 Apr 7
41
100 Plerce-Arrow clam A___No par
*212 5
.212 5
5
*2
5
.2
1% Feb
3
4 Dec
3
6
43
28
4 Jan 2
% Jan 8
900 Pierce 011 Corp
12
*14
14
14
12
4
•14
_
233 Feb
33
3
3
312 17l.2
1*
714Mar 8
312 Jan 5
8
3
100
% .
Preferred
118
400
513
414 414 *414
338 Fell
12 Dee
*414 51 1 .41 1 514 *44 518
118 Jan 7
38 Jan 2
4414 51 1
4 1,000 Pierce Petroleum
3
No par
•58
34
8
.5
s,
ss
.
ass
37 Mal
38
38
ss
38
194 Dec
ass
Flour Milbt_No par 16 'Mar 28 2212 Jan 9
300 Pillsbury
17
8
4 1612 1612 1612 1612 .165 1712 .1658
•1612 1712 *1612 173
rar
__
_
on Shia allj.
• Bid and asked [glom 00 gale.
b Ex-dividend and ex-rights. s Ex-dividend. y Ex-rights.
New York Stock Record-Continued--Page 7
3062
W" FOR SALES DURING THE WEEK OF STOCK' NOT RECORDED IN THIS LIST. SEE SEVENTH PAGE PRECEDING'
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Apr. 16.
Monday
Apr. 18.
Tuesday
Apr. 19.
Wednesday
Apr. 20.
Thursday
Apr. 21.
Friday
Apr. 22.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SH ARE
Range for Year 1932
On basis of 100
-shore lots
PER SHARE
Range for Previous
Year 1931
Lowest
Highest
Highest
Loweit
g per share $ per share $ per share S per share 3 per share $ per share Shares Indus. & MIscell. (Co,.) Par
$ per share $ ye' share $ per share $ per share
8 4
.37
*37
8 41 1 •37
8 5
*37
8 4
*37
8 4
*37
8 4
Pittsburgh Coal of Pa
100
4 Apr 8
74 Jan 14
A Dec
284 Jan
*27
29
2712 27
27
27
*26
29
*26
27
*26
400
27
Preferred
100 27 Apr 12 40 Jan 28
80 Jan
27 4 Dec
,
312 .214
312 .23
*214
4 312
312 .2
22
4 23
100 Pltteb Screw & Bolt__ _No par
4 *22
4 31 4
2 Apr t2
4 Feb 16
1514 Feb
3 Dec
.____ 21 *__ _ _
2 .____ 22 *__
22 •____ 22*__ _ 22
Pitts Steel 7% cum Dref___100 20 Apr 14 24 Jan 18
87 Jan
217 Dec
8
*114
212
1
3
*114
114
114
114
118
900 Pittsburgh United
1 18 *its 14
25
1 Jan 4
212 Mar k
1 Dec
15 Feb
*1912 21 12 *1912 21 12 1712 1912 16
1612 1612 1612 *17
18
Preferred
100
100 16 Apr 20 40 Jan 21
40 Dec
994 Feb
4,12 3
812 3
*12 3
*12 3
*12 3
*12 3
Pittston Co
No par
1814 Jan
53 Dec
2
2
*2
2
2
2
33
4
2
2
.218 3
218 218 1.000 Poor & Co clam A
178 Apr 9
No par
,
4 Jan 11
14
3 Oct
133 Jac
4
24
218 214 024 23
234 *214
*214 24 *214
400 Porto Rican-Am Tob Cl A _ _100
4 *218 24
2 Apr 13
514 Jan 15
2 Sept
27 Feb
*3
4
7
6
*3
4
7
8
*34
7
8
*3
4
7
8 .
3
4
7
8
Clam 11
.4
____
3
7
8
No par
34 Apr 4
178 Jan 14
8 Feb
8SePt
5
4
4
*4
5
42
4 43*
454 5
*412 512 *412 512
600 Postal Tel & Cable 7% met 100
312 Aim 11
9 Jan 14
4 Dec
3912 Jan
*47
43
4
8 54
4 44
43
8
44 44 '414 43
4 *414 612
400 Prairie Oil & Gas
25
4 Apr 19
718 Mar 8
418 Dec
204 Feb
*612 7
7
5 8 618
7
7
6
6
618 618
64 618 3,500 Prairie Pipe 1.111e
25
53 Apr 12
4
93 Mar 8
4
57 Dec
8
2612 Feb
114
1,
114 *1,
4
1 14
8 1,
4
14
118
114
u s Apr 20
600 Premed Steel Car
1 14 *14
1 12
No par
24 Jan 14
114 Dec
718 Feb
*31, 5
*312 5
*3 8 5
*34 5
,
*34 5
*35
8 5
Preferred
100
34 Apr 9 11 Jan 14
512 Dec
475 Feb
8
294 30
284 294 284 29,
4 2818 29
287 3018 284 294 8.000 Procter & Gamble
8
No par 2512 Apr 11 422 Jan 14
4
362 Dec
7114 Mar
8
3
4
3
4
*58 1
*3
4
7
8
7
8
*3
•3
4
4
300 Producers & Refiners Corn...50
7
8
3
4
3
4
54 Apr 6
I, Mar 9
8
1 Dec
6 Feb
*534 8
*53
4 93
4 *54 93
*53
4 8
4 8
4 *54 93
4 *52
Preferred
50
34 Jan 8
93 Afar 30
4
3 Dec
16 Feb
4234 4212 4553 42
4 42
44
41 12 423
4514 424 44
442 34,400 Pub Ser Corp of N J__ _No par 3814 Apr 11 60 Mar 7
4
6918 Dec
WI Mar
78
.7618 7812 78
*7312 78
75
75
76
76
*75
77
$5 preferred
300
No par 7214 Apr 11 87 Mar 7
78 Dec 10212Ma7
91
93
91
.85
*87
*87
93
90 4 89
3
90
*8712 90
100 89 Apr 21 l 04 Mar 11
300 1 6% preferred
92 Dec 12014 Aug
.100 112
110 110 *100 10912 *99 109 *100 109 *100 109
100
7% preferred
100 108 Feb 10 114 Afar 10 11212 Oct 1342 Aug
4
•11012 125 *113 118 .113 119 *113 11612 *11314 125
115 115
100
8% Preferred
100 11012 Apr 14 13014 Mar 5 118 Dec 16013 Aug
*89
90 90
*88
89
91
89
00
88
88
88
600 Pub See El & Gas pi $5_No par 86 Jan 6 96 Mar 9
89
8714 Dec 10714 Aug
16
15
154 164 1618 1612 1653 173 21518 16
16
17
12,200 Pullman Inc
8
No par 143 Apr 14 25 Jan 14
8
1514 Dec
5812 Feb
Sugar
---- --- ---- ---- ---- ---- -18 Feb 17
60
4 Jan 2
14 Aug
2 Jan
4
4
44 44
4 14
43
8
4
4,
4
37
8 ---4.100 Pure 011 (The)
25
814 Apr 12
54 Jan 15
814 Dec
1176 Jan
55
*55
,1 551, *55
54
57
56
55
5312 55
170
8% preferred
054
100 50 Jan 5 6018 Jan 14
542
531i Deo 1014 Jan
54 8
7
8
712 8
84
712 712
72
4
7
74 753 3,000 Purity Bakeries
No par
64 Apr 14 154 Mar 7
104 Dec
,
551 Mar
512 53
4
512 57
54 54
8
54 55
8
No par
4
54 54
5
5 3 38,500 Radio Corp of Amer
6 Apr 8 1053 Feb 19
612 Dec
2712 Feb
4 21
2012 21,
21
2012 2012 '20
2112 .2053 2112 *2014 2112
Preferred
500
50 20 Apr 12 327 Jan 12
8
20 Dec
554 Mar
*9
94
,
812 9
812 918
Preferred 11
84 84
8 3,500
8 2 912
82 87
,
No par
753 Apr 13 187 Jan 14
8
912 Dec
60 Mar
37
8 37
8
33
4 33
4
312 312 '314 312
312 312
34 31
1.000 Radlo-Keith-Orph
No par
24 Jan 4
7 Jan 14
24 Dec
6 Dee
61 4 6',
6
514 54
6
47
53
8 554
1,800 Raybestos Afanhattan_No par
4 6
4 6
53
44 Apr 19 1138 Fell 15
812 Dec
2912 Mar
*3
312
312 312 .3
312 *3
312 *3
100 Real Silk Hosiery
10
34 *3
214 Jan 4
32
,
518 Mar 12
17 Dec
8
3072 Feb
*61 1
914 *614
914 *64 914 *5
9
*6
*6
9
9
Preferred
100 10 Mar 9 16 Mar 14
a Dec
90 Feb
*18
4
4
*4
*18
14
Rele (Robt) & Co
*18
*4
14
14
No par
*18
18 Apr 12
14
4 Jan 12
le Dec
14 Jan
*212 414
8 .2
218 23
414 .2
414 .2
lot preferred
100
254 '2
23
4
100
12 Apr 15
4
4 Feb 6
6 Sept
13 Apr
*214
218
22
8
2
2 18
2
2 18
218 218
253
2
218 3.500 Remington-Rand
2 Jan 5
No par
34 Jan 14
17 Dec
4
193 Feb
4
*7
912 .64 912
7
7
•64 9
912 '7
12 *7
lot preferred
100
912
100
7 Apr 19 131:Afar 24
614 Dec
88 Jan
1214 *9
*1112 1214 .9
1214
81s 84 •84 124 '818 124
15
2d preferred
100
84 Apr 20 12 Jan 21
10 Dec
98 Jan
2
2
12
4
17
2
8
2
13
4
17
8 •12
17
4 2
8
17
8 1,600 Reo Motor Car
14 Apr 4
10
32 Jan 8
8
24 Dec
104 Feb
3(4
312 32
4
312 34
312 34
3 Apr 6
612 Jan 14
314
312 *314
312
312 2.900 Republic Steel Corp___No par
418 Dog
254 Feb
,
*9
.8 8 9
*852 9
10
.84 9
.84 9
'9
94
6% cony preferred
500
100
8 Apr 8 154 Mar 6
818 Dec
54 Feb
•2
312 *2
312 *2
312 *2
312 *2
.2
4
4
Revere Copper & Brase.No par
24 Apr 8
314 Jar) 29
212 Dec
13 Jan
*112 _ _
•112 15
.1 8 _ _
,
•15 _ __ •14 312 *Ps 212
8
Class A
6 Jan 30
5 Jan 6
No par
6 Dec
30 Jan
*612 614
614 612
7
74
614 6
614 712 4,500 Reynolds Metal Co
614
6 4 -,
6 Apr 21 10 Mar 3
No par
223€ Mat
7 Sept
*2
312 .2
312 *2
312 .2
312 .2
312 *2
Reynolds Spring new No par
312
$ Feb 23
54 Jan 14
212 Oct
184 Mar
3212 32
327
8 32
32
32,8 33
3212 3214 3318 3112 3214 25,800 Reynolds at J)'rob class 11_10 3112 Apr 22 6014 Jan 14
3212 Dec
5412June
8 6512 6512 6512 6512 *6512 67
*6512 66
657 657
8
6512 6512
180
Clam A.
10 64
54111er 24 69 Jan 2
69 June
7512 Feb
12
•12 5
12
8
*12
4
•12
•t2
5
8
•12
4
200 Richfield 09 of Callf
3*
No par
12 Jan 4
3 Jan 11
4
118 Dec
64 Jan
*218 21 1
218 218
218 218
218 218
24 218
24 214 3.900 Rio Grande 011
2 Jan 2
No par
212 Afar 18
114 Nov
1014 Feb
*6
712 *6
*6
7
712
6
6
7
*0
'6
100 Ritter Dental Mfg
7
6 Mar 26
No par
8 Jan 9
4124 Mar
54 Dec
34 318 *3
34 *3
312
3
312 34 .3
3
4
500 Rosetta Insurance Co
10
3 Apr 11
611 Jan 14
34 14ec
26 Feb
16
1612 1512 153
5
4 1512 15 8 134 1512 1218 137
8 1212 1312 102.200 Royal Dutcb Co (N Y shares) 12, Apr 21 23 Mar 4
8
13 Dee
424 Feb
6
6
6
64
5 4 54
,
4
312 512 *54 53
512 512 1,300 St Joeeph head
10
518 Apr 11
104 Feb 15
7 Dec
303€ Feb
4512 47
45
444 45
434 45
4418 474 441
4 462
4 9.700 Safeway Stores
4553
No par 39 Jan 2 5914 Mar 5
384 Jan
6912 A us
*77
79
78
79
.76
.77
*75
74
74
78
75
310
77
6% preferred
100 72 Jan 6 84 Mar 8
634 Dec
98188ePt
84
8412 81
81
88
8512 8512 86
'81
8014 81
8212
38
7% Preferred
0
100 75 Jan 4 94 Jan IS
71 Dec 10812 Aug
3
24 24 *212 3
24 24
3
900 Savage Arms Corp____No par
34 312 *2
4 3
253 Apr 22
74 Feb 1
204 Feb
352 Dec
14
13
4 .112 152
112 112
1 12 112
700 Schulte Retail stores__No par
13* 14 "1 12 2
112 Apr 21
4 Jan 13
3 Dec
lug Ma!
1114 *11
111 .11
:
1112 1014 11
*1014 121: .11
50
Preferred
90 4 11,
,
2
100 10 Apr 12 30 Jan 5
30 Dec
65 Mar
73
714 712
4 8
74 74
712 74 6,200 Seaboard 011 Cool Del_No par
73
4
71 4
712 8
852 Apr 12
8
117 Mar 8
,
20 4 Apr
512 Oct
1: .118
1
1: *Ps
112 8118
1
112 '118
112
•1 18 112 .1l8
Seagrave Corp
No par
1 Apr 12
2 4 Jan 21
,
24 Dee
11 Feb
8 2014 2111 2014 21
2112 224 2012 215
2053 2112 204 204 37,600 Sears, Roebuck & Co No par
194 Apr 14 374 Jan 18
30 4 Dec
,
634 Feb
1
*34
1
*4 1
Second Nat Investore
•3
*3
4 1
4 1
' 1
8
4
•3*
1
7 April
8
11 Jan 12
4
64 Feb
1 Dec
4
.2714 80
100
27 4 2714 *2714 35 .2714 35 '2714 35
*2714 35
,
Preferred
1 2714 Apr 11 32 Jan 2
27 Deo
581s Feb
*14
14
3
8
14
4
300 Seneca Copper
3
8
14
0
4
*14
3
4
314
*14
4 Jan 12
No par
14 Sept
II Jan 4
12 Feb
4
253 234
4
22
24 22
4 22
8
4
24 27
4 2,600 Servel Inc
224 23
224 22
4
No at
212 Apr 5
53 Jan 13
8
318 Deo
1134 Apr
912 912 1,000 Shattuck (F GO
4 *94 912
84 83
94
9
912 912
9
9
7), Feb 11 124 Mar 8
No par
814 Deo
291 Feb
,
3
*212 3
3
*212 3
34 *34 31 4
*3
*212 3
200 Sharon Steel Hoop
No par
3 Apr 8
6 Jan 14
137 Feb
24 Deo
2
.24 3
.214 3
*212 3
*218 3
*212 3
2
24 27
100 Sharp & Dobme
No par
2 Apr 11
52 Jan 13
4
34 Oct
21 Mar
"1812 25
8
*1512 245 *1512 25
*1812 2412 *20
*20
25
25
Preferred
No par 20 Apr 5 30 4 Jan 18
28 Dec
6I12 Mar
27
8 3
34
24 3
3
22
4 3
24 24
24 23
4 8,100 Shell Union 011
No par
8AI ar 29
25
4* Mar 9
212 Dec
1014 Jab
254 2514 2412 2412 *2314 2412 234 2112 2312 235
4.500
Preferred
8 2314 25
100 19 Jan 2 31 Mar 7
15 Dec
78 Feb
41,
4
*14
•14
.14
•14
3
8
*14
4
Shubert Theatre CorP_No par
3*
3*
3*
4 Jan 4
et Jan 14
94 Mar
Is Dec
4 *5
512 53
512
53
4 6
512 .52
900 Simmons Co
4 *518 614
51s 54
No Par
4 4 Apr 13 1012 Mar 5
,
672 Dec
2314 Fel,
*354 4
4
33
4 34 .33
4 4
4
*33
4 4
300 Shrum Petroleum
*33
4 4
10
314 Apr 8
6 Feb 19
312 Deo
11 Fe)
_
Sinclair Cons 011 Corri_No par
44 Jan 4
---- - 74 Jan 7
418 Dec
157 Feb
8
_ ____ ____ __
_
_ ____ _
__
Preferred
100 79 Feb 6 98 Mar 24
64 Dec 103 Mat
*318 4
5318 4
*318 4
318 *34 4
8
.34 37
3
1,000 Skelly 011 Co
218 Feb 6
25
412 Mar 8
2 Dee
127 Jan
s
25 .1614 25 '16
25 .16
*16
Preferred
*16
25
25
"1512 25
100 12 Jan 4 19 Afar 12
10 May
62 Jan
200 Snider Packing
*18
*18
18
14
14
No par
*18
14
18 Apr 18
11
18
*18
14
*13
I .1.11 II
%Sept
414 Fel,
Preferred
.4 153
8 112
112
*5
*5
8
*3
8
5
*5
8 112
8
112 .
112
No par
118 Mar 8
44 Jan 11
2 Oct
154 Feb
8 84
85
88 88
8 854
,
8 18
, 85* 44,400 Socony Vacuum Corp
,
85
25
8
84 Afar 31
84 87
84 9
,
1014 Feb 16
82 Dec
2
21 Aug
Solvay Am Inv Trust prat _100 404 Jan 4 63 Jan 19
*404 4112 4114 4114 1,000
41
41
41
*444 4712 444 444 44
40 Dec
95 Mar
•812 87
8
512 53
54 54 *5
4
8 1,300 So Porto Rico Sugar___No par
54 514
53* *513 53
412 Apr 12
82 Jan 14
8
64 Dec
1712 Jan
Preferred
100 88 Jan 8 93 Jan 5
*8712 90 '8712 90 '8712 90 .8712 90 .8712 90 •8712 90
87 Oct 11212.1u4
2233 24
4
243
8 2418 25
4 2314 2418 4.330 Southern Calif Edison
,
24
25 2314 Apr S 32 4 Feb 19
8 24 4 257
,
254 257
284 Oct
5412 Feb
Southern Dairies 0115._N. par
*218 5
.24 5
*218 5
*218 5
212 Jan 14
3 Feb 26
4 *2'8 5
•218 23
212Sept
6 Mar
9 Feb 3 12 Jan 12
Spalding Broe
No par
.812 1012 *812 1012 *812 1012 *812 94 '812 1012 *812 1012
8 Dee
38 Jan
lot preferred
60
*55
100 55 Apr 7 95 Jan 9
60
60 •55
*55
66
*55
66
*55
60
*55
94 Dec 11512Mal
SpangChalfant&Co1ne_No par
*33 11
'33 11
4
4
84 Mar 7
*32 11
4
11
,
5
11
.5
93 Mar 3
4
11
*5
924 Dec
2712 Fel,
30
_
38 •__
38*__
40 .____ 40 .____ 40
Preferred
100 40 Mar 9 4812 Jan 2
4812 Oct
924 Jan
112 *112 15
8 *1 12 14
300 Spark/ Withington____No par
•13. 112
iT2
112 Apr 2
II. 112 *114
112
31, Jan 14
2 Dec
134 Mar
.
0
. 9,4
9
500 Spencer Kellogg & Sons No par
9
*9
94 .812 91s *812 918 *812 918
9 Apr 7 10 Jan 16
9 Sept
1612 Mar
900 Spicer Mfg Co
53
8
5 8 *5
,
No par
54 *5
5 Apr 20
5
64 Feb 19
54 514
512
514
512 512
174 Fel,
6 Sept
Preferred A
100
13
No par
*13
16
•13
16
13 Apr 7 15 Mar 22
*13
16
16 .13
*13
16
'13
11 14 Doe
331 Feb
:
Spiegel-May Stern Co_Noo parpar
N
93 . 15 14 sia i. 14
13 41 0
8 •112 24 .112 24
4 A pr11
*1 12 27
Apr
8
5112 24 *11, 2
*1 12 27
J orl 5
Mar
Dec
4
103 1118 104 114 104 114 23.300 Standard Brands
11
,
1112 10; 114 104 11
1(112 Deo
27 4 Feb
10
Preferred
100
No par 114 Apr 13 11918 Jan 22 11434 Dec 1241 July
*11314 117 *11314 117 *11314 117 '1134 117
117 117 *1131 4 117
Stand Comm Tobacco_No par
400
14 Apr 9
17a
17
g
17
8
17
17
8
8
17
8
2 Jan 4
* 17
8 2
.17
8 2
.17
8 2
13 Dec
4
4 Feb
8
1417 Apr 8 344 Mar 8
16 4 164 163 174 1614 1714 15.300 Standard Gas & El Co No par
,
4
16 8 1818 164 1754 16, 17
,
25, Dee
8
8
882 Mar
Preferred
1.400
No par 20 Apr 14 41 14 Jan 1,
*222 24
4
224 24
2214 24
2612 "2414 25
2512 *24
25
2972 Dec
6472 Mar
45
No par 38 Apr 8 6113 Jan 11
$6 cum prior prof_
*39
50
*39
45
50 .35
*39
5.5
50
.41
*39
40 Doe 101 mar
47
17 cum prior pref
*41
200
No Par 40 Apr 8 75 Jan 16
48
473 '43
4
474 *40
*43
47
4612 45
*45
55 Dec 1093€ Mat
*3
8
12
12
•3
8
Stand Investing Corp No par
3 Aiar 26
8
4 Jan 13
'2
"2
12
"2
5
8
53
2
,
21
'4
414 Feb
82 Dee
700 Standard Oil Export pref100 8412 Apr 12 914 Jan 9
86 4
,
,
,
*841, 863
4 85, 8512 864 864 '854 86 4 864 86 4 '85
2
874 Dec 100 Sent
No par
,
1758 19
,
17 8 18 4 23,000 Standard Oil of Ca If
16'4 Apr 14 2714 Mar 9
8
8
8
1814 19 4 ., 184 177 1812 177 184
2318 Dec
, 183
8
51 4 Feb
,
87
7,
74
784
011 of Kansas____25
7,
8
718
300 Standard
7
74 *7
,
812 *7
7 Apr 7 1238 Jan 21
812
74 Dec
19 Jan
21.4 210.800 Stannard 01101 New Jersey_35 20 Apr 22 3112 Mar 9
8 20
227g 2418 22s 235
8 2254 235g 2214 2314 21.4 225
36 Dec
WE Feb
Standard 011 of New York _25
137 June26 Feb
•
---- ---- ---- ---- ---- ---- ---- ---- -:,
4- -- -1- .4
200 Starrett Co (The) 1. 6_ _No par
62
612
4 Apr 5
74 Jan 22
6 Dec
*4
612 *4
612
47
4
54, 684
3414 Feb
8 47
3
3 "
12
12
62
*2
8
3
4
300 Sterling Sororities el A _No par
12 Apr 5
114 Jan 9
4
•12
57 Feb
4 Dec
8
4
52
"2
52
3
Preferred
2,000
No par
vs Apr 6
3 Mar 5
112 112 *112 2
; 2
112 112 '11
112
112 11,
112
14 Dec
94 Feb
1814 1814
Convertible preferred____50 18, Apr 21
1,100
4
234 Jan 2
,
19
19 - 187 19,
8
1618 Dec
60 Mar
4 1812 1812 1858 18 8 1814 1834
-Warner Speed Corp 10
2.100 Stewart
218 Apr 13
33* 314
34 34
34
653 Jan 14
3
3
3
3
3
3
44Sept217 Mar
3 18
8
No par
714 Apr 7 1552 Mar 10
814 4.600 Stone &Webster
8
97 Dee
2
812 872
82 9
5414 Mar
8
,
918
84
914 10
9
3,300 Studebaker Corp (TIM No par
512 Apr 2 1314 Jan 14
4 6
52
54 6
618
618
6
9 Oct
6 4 64
,
20 Mar
6 4 612
,
6
Preferred
30
100 82 Apr 19 1047 Afar 31
*8214 85
8
824 8218 *8214 85
*80
95
82
85 85
82
75 Dec 11814 Apr
No par 24 4 Apr 13 32 Mar 1
,
,
28
2778 2778 264 274 2714 274 1,700 Sun 011
29
28
261 Oct
*27
4514 Feb
2814 28
4
Preferred
100 70 Apr 14 87 Afar 16
30
734
,
73 4 .71
'72
71
*71
73 4 *71
,
734 71
75 Deo 10412 Feb
73 4 *71
,
Superheater Co (The)__No Par
11
012 Apr 6 134 Jan 18
*10
11
*10
*10
11
11
11
'10
*10
11 Dec
11 '10
4104 Feb
Inn
..... Superior 011
No Par
3
8
*14
•14
3
8
14
14 Jan 5
•14
14
2,
8
8
3
8
4,14
*4
4 Jan 18
114 Feb
14 Dec
Superior Steel
100
3 Apr 6
*24 4
712 Feb 13
*24 4
*2 4 4
,
*3
*23
34 Dec
4 4
4
*8 4
27
184 mar
50
200 Sweets Co of America
818 Apr 21
8
11 Jan 4
'814 9
818 818 *2
814 814 *7
101 Dec
84
,
1118 .2
154 Auk
Symington
No Dar
14 Afar 31
12
2 Jan 21
8
514
12
*14
12
*4
814
34 Eat;
12
12
514
*14
4 Dec
12
Class A
No par
•3
4
1
4 Apr 8
•3
.
4 1
3
4 1
2 Jan 19
.34
1
*3
4
4
612 Jan
1 Oct
1
7
8
*3
No par
200 Telautograrth Corp
94 Apr 13 13241%1er 23
•10
1012 1014 1014
*014 1014 *914 104 •9
2112 Mar
24 1012 1014 1014
1111 Dec
Tenneooee Corp
No per
14 Apr 14
24 Jan 16
14
112 '112 214 *14 214
91 Jan
,
2 Dec
112 14
14 14
133
133
900
C
hon
25 10 Feb 9 137 Jan 14
1138 1134 1114 117
8
,
8
8 11
354 Jan
972 Dec
1112 11
114 107 1112 10 8 1114 27.200 Texas orpora tl
16 Apr 14 2654 Feb 17
,
1878 19
18
18 8 174 18
,
17
8
174 175 1918 1712 18 8 8,400 Texas G ull Mull) ur____No par
1918 Dec
552 Feb
4
10
100 Texas Pacific Coal & 011
112 Apr 12
.112 2
512 Jan
•112 2
4 .112 2
.14 14 .13
Vs Dec
13
23* Jan 15
14
4 2
------------------
----------PuntaAle
gre
• Bid and asked prices: no sales yn thls day. 2 Ex-dividend.
y Ex-rights.
New York Stock Record—Concluded—Page 8
3063
ear FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE EIGHTH PAGE PRECEDING.
111011 AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday
Apr. 16.
MondaY
Apr. 18.
Tuesday
Apr. 19.
Wednesday
Apr. 20.
Thursday
Apr. 21.
Frid,ay
Apr. 22.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK,
EXCHANGE
PER SHARE
Rance for Year 1932
On Mal: of 100
-share Iota
Lou cot
Mohair
PER SHARE
Rowe for Previous
Year 1931
Lome's
Htohest
$ per share $ per share Shares Indus. & Miscell.(Cowl.) Par $ per share $ pc, share I per share $ per Mar.
414 Dec
358 Apr 13
62 Mar 8
1752 Feb
4
41 5,500 Texas Pacific Land Trust_ _1
/
4
37
8 4
412 Jan 16
2 Apr 5
No par
3 Dec
/
1
4
22 Feb
100 Thatcher Mfg
*23
8 3
'23
8 6
245 Dec
8
/
4
Preferred
41 Mar
No par 221 Apr 19 29 Jan 21
200
*2218 26
•23
26
5 Dec
/
1
4
7 Jan 12
41 Apr 5
/
4
23 Jan
No Par
200 The Fair
•5
6
'5
6
11 Dec
/
4
9 Feb
3 Jan 12
1 Apr 12
No par
900 Thermold Co
*1
112
1
1
1034 Apr 15 1612 Mar 3
1
1114 Dec
27 Feb
600 Third Nat Investors
8
4
11
111 5117 143
/
4
25
12 Dec
35 Mar
84 Feb 9 1634 Mar 6
/
1
200 Thompson (J 11) Co
,
93
4 93
4 *912 10 4
312 Apr 7 10 Feb 29
63* Oct
18 Feb
300 Thompson Products Inc No par
312 4
*312 4
12 Apr 9
112 Jan 9
12
12
/ Dec
1
4
83 Mar
8
600 Thompson-Starrett Co_No par
3
4
*12
No par 13 Apr 14 1412 Jan 30
1412 Dec
3414 Mar
$3.50 turn pref
200
18
13 '13
13
218 Dec
9 Jan
3 Feb 13
/
1
4
2 Apr 8
218 218 3,000 Tidewater Assoc Oil.. No par
21 21-i
/
4
2012 Oct
68 Jan
Preferred
100 20 Feb 8 281814.1ar 15
600
23
24
2312
*23
9 Nov
/
1
4
18 Mar
7 Mar 29 29 Mar 18
Tide Water 011
100
9
*7
•7
9
30 Dec
83 Feb
Preferred
100 30 Feb 9 41 Mar 11
300
30
30
37
*31
•3
312
6 Jan 6
8
312 Dec
12 Feb
27 Apr 21
10
900 Timken Detroit Axle
27
2 3
164 Dec
/
1
8
69 Feb
/
4
14s 1512 •1418 141 3,700 Timken Roller Bearing_No par 137 Apr 12 23 Jan 9
15
8June
41, Nov
61.Mar 5
/
4
Tobacco Products Corp No par
2 Jan 5
/
1
4
N. par
6 Dec
14 Apr
9 Mar 3
638 Jan 4
Class A
_
6 Feb 17
213 Jan 2
2 Dec
18 Feb
..No par
31 3 8
/
4
,
312 33
/ 13,000 Transamerica Corp...
1
4
31 314
/
4
34 3
,
8 35
8
318 314
4 -33
2 Dec
/
1
4
17 Mar
/
1
4
5 Mar 4
2 April
/
1
4
Transue & Williams Sal No par
312 *3
312
/
1
,
'3
312 *318 3 2 '318 312 *34 31 2 *3
2 Dec
114 Feb
3
414 Jan 14
2 Apr 12
2
/ 2
1
4
/ 5,000 'Fri-Continental Corp__Na par
1
4
214 212
8
2
2
/ 25
1
4
23
8
212 212
4
25
8 23
361 Dec
/
4
9414June
No par 427g Jan 2 5634 Mar 8
6% preferred
4512 4512
600
46
46
*4514 50
50
4514 4512 *45
*4514 50
3112 Mar 9
24 Dec
454 Feb
/
1
300 Trio° Products Corp__ _No par 20 Apr 11
22
4
4
223
4
*213 23
4
/
4
4
223 223 "211 2318 *213 2318 *213 23
4
1 Dec
10 Jan
3 Jan 14
/
1
4
1 Mar 3
No par
100 Truax Traer Coal
114 *1
112 *118 118 *1
114
114 .1
*118 112 *1 18
5 Dec
/
1
4
24 Feb
65a Jan 12
2 Apr 19
10
8 4
"15
8 4
2
2 12
2 8 318 *313 3
5
*15
/ *318 314 1,2001 Truscon Steel
1
4
2 Dec
213 Mar
4
3 Jan 13
1 Mar 24
No par
114 *1
1
1
100 Ulan & Co
2
•1
*1
2
*1
2
*1
2
7534 Feb
133 Dec
8
1218 Apr 22 2312 Mar 7
13
1212 1258 1214 1238 1214 123
4 1218 12 4 3,700 Under Elliott Fisher Co No par
,
13 4 *12
,
*13
*738 9
5 Dec
14 Aug
1014 Jan 20
712 Apr 2
500 Union Bag&Paper Corp No par
•8
10
'75
8 9
*75
8 9
74 8
,
71 74
/
4
/
1
72 Feb
2718 Dec
20 8 22
1
203 223
8
8 2012 2214 64,100 Union Carbide & Carb_No par 2018 Apr 14 3638 Mar 7
2118 22
204 21
/
1
215 23
8
265 Feb
8
11 Dec
/
1
25 10 Apr 14 134 Jan 7
x103 103
4
4 103 1012 10
8
104 103
/
1
10
107 11
8
103
8 10
8 5,000, Union Oil California
2518 Jan
16 Dec
1212 Apr 18 1914 Jan 2
No par
1212 12 2 1,100 Union Tank Car
*13
14
1212 1212 1212 1212 "1212 13
*1212 13
,
387 Mar
,
94 Dec
/
1
167a Feb 17
9 4 Jan
3
25,800 United Aircraft & Tran_No par
115
8 107 115
8
8 103 1114 107 1114 1118 1214 1118 12
4
8
11
6114 Au&
40 Oct
46 Feb 16
/
4
Preferred
bo 411 Jan
800
4214 4214
421 4218 4214 4214 42
/
4
42
423 43
4
*4212 45
18 Dec
4138 Mar
1,400 United Blsoult
No par 20 Apr 21 2812 Mar 4
21
4
21
20
23
23
213 2212 2058 2112 •20
21
20
90 Dee 122 Mar
103 Mar 23
Preferred
I
100 90 Jan
*9314 105
*9314 105
*9314 105
*9314 105
•9314 105
09314 105
283 Feb
4
614 Oct
9 Jan 2 14 Mar 8
/
1
4
No par
912 912 1,200 United Carbon
10
.91* 10 8 *912 10,
10
10
10
,
93 10
4
8
712 Apr
12
12
11 Dec
/
4
11 Jan 11
/
4
12
5
8
12
12
12
12
5
8
5
8
•12
8
3 Apr 5
900 United Cigar Stores__ —Nu pa
.58
20 Dec 076 All1
I
Preferred
100 10 Apr 8 20 Jan 11
10
10
*8
10
*8
10
*8
10
*8
74 Dec
/
1
3114 Mar
614 7
5 Apr 7 1011 Jan 15
No pa
614 63 44,102 United Corp
4
63
4 74
/
1
6
65
8
6
63
8
63
8 658
5218 Mar
2618 Dec
27 Apr 8 8834 Mar 7
2,600
32
Preferred
No pa
317
8 32
2914 2912 29
2912 2912 293
4 30
3012 31
12 Feb
3 Jan
8
55 Mar 23
3 Jan 4
1,500 United Eleetria Coal
No par
*312 4
*312 4
312 31
*314 412 *312 412 •312 41
67 Fet
/
1
4
1712 Dec
:
19 Apr 14 301 Mar 9
5.100 United Fruit.
/ 201
1
4
No pa
20
201 2 / 2013 20 z 19
/ 0
4
2014 2018 2112 203 21
4
,
1
4
8711 Mar
153 Dec
8
213 Mar 8
4
1414 Apr
/
4
1618 1612 1614 171 1614 1714 17,900 United Use Improve__ Na par
1612 17
16
163
4 153 161
4
83 Dec 1053 Aug
4
200
Preferred
*86
88
.86
88
No Par 82 April 94 Mar 10
87
87 87
.8512 893 .8412 89
4
87
314 Jan
*14
34
2 Sept
•14
3
4
Uialted Paperboard
100
*14
84
.14
3
4
*14
3
4
34
"4
4
813 Feb
6 April 11 Jan 6
/
1
4
300 United Fleet Dye Wks.No per
914 Dec
714 *714 8
714
5714 712
7 2 712 *714 8
,
712 712
9 Apr
/
1
4
11 Dec
/
4
3 Jan 28
1 Apr 1
118 *11 11
/
4
/
4
300 United Stores claw A __No per
11 '118
/
4
114
118
138 *118
118
11 .118
/
4
481 Mar 9
/
4
52 Apr
21 Oct
4212 42
42
14,600
Preferred class A. No Par 27 Jan
43
4512 41
-.
4338 4312 43
4312 4212 44
1572 Oct
4111 Apr
16 Feb 11 20 Jan 7
/
4
4
300 Universal Leaf Tobacco No pa
163
4 161* 1612 1612 1612 1612 1612 .161 173
*16
173 .16
4
24 May
571g Aug
'33
36
Universal Pictures let 0(4_100 32 Apr 14 150 Jan 27
36
36 .33
36
.32
36
.33
36
*33
•
12
3
4
012
3
4
34
4 Feb
012
84
•12
*I2
34
*1.
3
4
h Oct
1 Feb 2
Universal Pipe & Ftad..-No Po
12 Apr 7
10 Dec
3712 Mat
8 4 Apr 11 1513 Jan 21
3
912 10
10
10 8 10
,
20
912 1012
912 91*
lO't 2,800 US Pipe & Foundry
11
11
13 Dec
/
1
4
2014 Mar
13
1214 Apr 14 1512 Feb 3
8 13
"123 1314
4
300
let preferred
*121, 13
123 1238 1232 123
8
No pa
*1212 13
33 Jan 27
Dec
10 Mar
Vs Jan 27
*2
5
*2
5
U13 Distrlb Corp
*2
5
.2
5
5
*2
5
No pa
.
2
88 Dec
13
13 Jar.
4
14 Jan 16
/ Jan 23
1
4
U 8 Express
100
*18
12
*18
13
*18
12
13
*1
/
4
12
.18
*18
412 Dec
304 Ma
/
1
,
8 Jan 14
412 Apr 19
412 45
8 *4
434
43
4 43
4
5
5
*412 5
600 U fil Freight
No pa
5
5
21
11 Oct12 Fel
/
4
/
1
4
312 Feb 15
2 Apr11
/
4
2 2 *214
,
No pa
/
4
200 US & Foreign Seour
23
8 23
8 *21 212 *21 212 0218 212 *214
40 Dec
90 Fel
2
38 Apr 9 51, Mrsr 11
45
*38
45
*38
45
538
45 '38
38
*38
100
Preferred
038
45
No pa
141t Dec
50 Mat
/
4
/
4
/
4
163
4 163 1634 163 1714 1,500 U 13 Gypsum
4
20 141 Apr 11 251 Mar 5
*1612 1712 1614 161 1618 1614 *16
4
212 Dec
121 AM
/
4
4 Feb 19
8 3
*23
8 3
*23
523
8 3
2 Apr 14
/
1
4
*23
8 3
•23
8 3
.23
8 3
U 8 Hoff Mach CorpNo Pa
20 8 Oct77% Fel
3
/
4
8 1912 2012 197 204 20
8
/
1
1914 Apr 14 311 Mar 9
2214 20 4 207 14,600 U S Industrial Aleohol_No pa
2114 2214 2014 215
,
8
152 Dee
10 Met
44
318 Mar 9
2
/ 23
1
4
s *112 21 5112 218 .112 213 "1 18 24
/
4
112 Apr 13
•17
8 21
/
4
/
1
100 U S Leather
No pa
15 Mat
/
1
4
814 Dec
718 Mar 9
418 418 *4
8 43
4
438 438
4 Jan 2
8 .4,
47g
418 414
Ca 45
330
Clam A
No par
8612July
15714 Dee
*55
60 "55
60 .55
60 .55
60 •55
60
"55
60
Prior preferred.
100 65 Apr 14 65 Mar 14
3614 Feb
61t Dec
811 Feb 13
5 Jan 5
52
614 614
614 6 4
,
614 614
6,
8 6,
8
6
6l4 *6
614 3,700 US Realty & Impt____No par
20 Ma,
/
1
4
31 Dec
/
4
312 312
638 Jan 14
3 Apr 6
3 8 37
5
No par
37
8 4
8
312 312
338 33
8
S Rubber
312 3 2 1,200
,
618 Dec
3618 Mar
511 51z
5 Apr 14 111251ar 9
100
4
let preferred.
. 4 634 *514 53 .
53
51s 53 '
•512 6
100
4
51 53
/
4
254 No,
/
1
125,Sept
1314 1412 1312 1373 133 133
2
2 133 134 13 4 1334 1314 1314 1,800 US Smelting Ref & M1n..60 11 12 Apr 13 197, Mar 9
,
8
/
1
47 APT
35 Sept
3512 3512 351 3512 *35
50 85 Apr 22 39 Mar 8
'3512 36
Preferred
/
4
40
36
*35
600
35
35
/
1
4
36 Deo 152 Feb
/
4
4 3114 3314 2958 3114 2914 304 29 4 31
100 281 Apr 21 5252 Feb 19
3314 343
,
283 3014 230.700 U Steel Corp
8
/
1
94 Dec 150 Mal
100 80 Apr 22 113 Feb 19
88
Preferred
8514 843 85
8512 56
2
81
84
81
8112 13,000
82
/ 80
1
4
/
4
711 Mar
58 Dec
/
1
4
No par 59 Jan 6 6512 Mar 9
6312 •60
U Tobacco
,
*6018 63 2 •60,13 6312 *60
6312 060
6312
6312 •60
31 FM
7 Dec
/
1
4
24 Apr 8 103 Jan 14
/
1
No par
8
314 312
3 8 312
,
318 3313
3
3,
4 4,200 Utilities Pow at Lt A
318 312
33
8
3111
.14
*14
28
h
1, Mar 3
*14
2 Fel/ Dec
1
4
h
12 Jan 4
No par
•14
•14
h
200 %redrew Soles
h
3
8
3
8
28 Feb
14 May
16 Apr 13 20 Jan 9
101
Preferred
.16
2512 *16
2512 '16
200
16
2512 16
2512 16
16
*16
76h Mar
,
11 Dec
74 Apr 14 187 Feb 19
/
1
No par
9
WI
818 834
8
812
812 87
8 4,800 Vanadium Corp
83
8 8
83
8 9
/
1
4
5,,
55
12 Oct
814 Feb
72 Jan 15
12 Mar 14
200 Virginia-Caroline Chem No par
*h
38
84
8
3
8
h
114
3
4 .
5
8
3
4
17 Feb
2 Dec
/
1
4
318 Feb 2(1
100
CY Jan 15
6% preferred
•33
4 4
*33
4 4
4
418
438 43
800
8
41 414 .414 5
/
4
711 Jar,
/
4
34 Dec
2214 23
preferred
100 20 Apr 12 3912 Jan 14
.
2214 25
7%
*2338 2914 *2314 29'4 52314 2712 234 2312
400
/
1
81 Dec 109 Ma)
/
1
4
80
075
80
80
10 Virginia El & Pow $6 pf No par 7918 Apr 15 88 Jan 22
*73
79
79 '7518 79 •73
783 '73
4
711a Feb
2014 Dec
/
1
100 1418 Apr 8 294 Jan 12
17
16
17
17
390 Vulcan Detinning
16
1512 1512 153 157
16
17
4
8 16
8
277 Feb
17 8 Oct
,
No par 11h Jan 6 19 Jan 2
13
•121 13
/
4
1314 *1214 13
400 Waldorf System
13
*12
/ 13
1
4
*123 13
4
13
15 Feb
11 Dec
/
4
3 Jan 14
8
No par
7 Apr 8
13
8 11
/
4
138 *1
700 Wel worth Co
/
4
13
8
1 18 11
114
114
13
g *1
1,
2
2712 Mar
61 Apt
/
4
4 Apr 13 1014 Jan 13
Ward Bakerlea tease A .No Par
.4,8 6
*41 6
/
4
414
100
*418 6
4,
4 *414 7
•413 6
11 Dec
/
4
858 Jan
25 Jan 14
8
I Apr 12
No par
Clam It
1 18 118
1 14
500
1 18 *1
1
1
1 18
118 *1
1 18 *1
/
4
571 Jan
24 Apr
100 21 Apr 14 4012 Mar 16
22
22
Preferred
200
.21
22
22
22
22
"2112 22
.211 22
/
4
521
203 Fab
8
218 Der
43 Jan 13
8
9
par
1 14 Apr
112 15
112 13
8
15
8
112
112 15
8 9,000 Waruer Bros Pletures_NI
112
1 12
1 12
13
8
84 De
/
1
4013 Jan
•5
No par
512 Apr 9 20 Feb
*512 10
Preferred
55
10
10
*5
•5
10
10
*5
10
7 Feb
/
1
4
78 Dec
*1
/ 1
4
11 Jan 11
/
4
/ Apr 22
1
4
No par
'18
7
8
7
8
7
8
7,
*8
8
7
5
7
2
800 Warner Qulniau
7
8
114
46h Fet.
3 Dec
/
1
4
7 F eb 19
212 Apr 12
No par
.4 3
23
*23
4 3
800 Warren 13ro1 uew
254 28
25
8 24
/
1
254 23
4
3
3
4972 Feb
1214 Dec
No par
5 Apr 8 1712 Jan 14
Convertible pref
*6
10
*6
10
•6
10
*6
10
*6
10
*6
10
131 Dec
/
4
82 Feb
81 Apr 19 14 Feb 3
/
4
No par
*812 1112
*812 11
200 Warren Fdy St Pipe
•812 11
812 81
9
9
*812 1112
1, Dec
6 Feb
*3
4
1
2 Jan 18
4
No par
3 Apr 22
100 Web•ter Elsenlohr.
*3
4 1
.3
4
1
4
*3
4
7
*3
4
7
*3
4
7
2614 Mar
12 Dec
912 Apr 6 1512 Jan 14
1018 10,8 1018 1018 1018 101
5,900 Wee. u Oil & Snowdrift No par
10
10
10
10,
8 10
101
5718 Feb
4414 Oct
per 47 Mar 21( 50 Jan 6
047
.47
47
*47
Preferred.
No
49
100
49
48
49
47
47
.47
047
/
1
4
3812 Dec 150 Feb
301 3134 271 30
/
4
/
4
2512 27
2612 27 2 31.000 %Vattern Union Telegraph_100 2512 Apr 19 60 Feb 19
257 27
8
263 287
8
,
3618 Fel.
11 Dec
914 Apr 8 1714 Feb 13
10
10
10
1018 1018 11
2.200 Weittngh'se Air Brake_No par
1114 113
4 114 113
4 11 18 12
4
2212 Dec 1073 Feb
/
1
/
1
231 4 2414 22,14 2314 2114 2258 2118 22
215 2314 213 2212 71.10 Westinghoute El & Mfg. .50 194 Jan 4 354 Feb 19
8
8
6014 Dec 11913 Feb
4
let preferred
60 6118 Apr 9 723 Jan 20
60
6612 6612 566
697
8 65
691
/
4
66
*65
681 *67
/
4
997 *67
5
512 612 .5
28 Feb
6 Dec
9 4 Feb 19
,
pa
,
212 Apr 8
14
5
1.400 Weston Elee Instruml_No
512
5
5
5
518 .5
514
*1312 21
361 Jar
/
4
*1312 17
Clans A
No per 1314 Apr 8 19 Jan 19 019 Dee
*1312 17
*1312 17
*1312 17
*1312 17
5018 Dee 10514 ATP
548
56 •____ 56
48
20 Waist Penn Elea oboe A_No par 44 Apr 1.5 70 Feb 14
48 5___. 48
50
50
48
65 Dec 112 Mar
557 557
8
8 54
554 54
/
1
Preferred
100 r53 Apr 20 76 Jan 11
230
5418
64
54
54
54
x53
.54
4911 Dec 103 Mar
49
*49
50
49
•48
100 4612 Apr 21 70 Jan 12
70
47
50
6% Preferred
*4614 484 4612 4612 47
/
1
9314 Dec 120 Feb
/
4
•9814 997s 981 9912 984 9814 •983 99
140 West Penn Power pret......_100 98 Jan 6 110 Mar 17
/
1
/
1
8
983 991 984 984
8
/
4
/
1
583
88 Dec 1134Jul)
4
93
*90
94
6% preferred
100 83 Jan 6 1013 Mar 28
10
_ 9234
_
/
1
8
_
9212 924 925
44h Feb
814 Dec
"818 153
4 *814 17
8 Apr 7 1612 Mar 3
100 Wed Dairy Prod al A__No pa
9
9
*83 17
8
083 153
2
4 59
17
,
127 Mat
213 De
*211 5
43 Mar 4
8
.21s 3
Class 13
No pa
2 Apr 8
'218 3
200
218 2 4
"218 3
,
*218 3
40 Mar
•51 7
/
4
/
1
Ps De
7 Apr 9 124 Mar 9
712 712
712 712
300 Westvaco Chlorine ProdNo pa7
7
*518 7
*53
4 7
20'* Jul)
9 Dec
.618 11
*61s 11
*618 91, 481 918 *618 11
/
4
61 Apr 9
/
4
par
6 Apr 8
Wheeling Steel Corp—No
.
618 11
264 Jan
7ta Oct
*714 814
74 Apr 12 12 Mar 5
/
1
No par
8
912 1,100 White Motor
.
8
81 "8
/
4
9
814 814
8
8
£73 Mat
4
20 Dec
*1712 20
/
4
51712 1912 7114 1714 17
300 White Rock Mln Spring *11.60 161 Apr 11 2812Mar 7
1714 1714
17
51712 187
5 Apr
7g Dec
1 Jan 2
14 Apr 8
•14
/
1
4
200 Mote Sewing hesonlne_No par
h
.14
3
8
.14
3
8
3
8
7
5
*14
h
10 4 AV
4.41,
4 1
3
1 Dec
17, Feb 8
3 Apr 8
4
Preferred
No par
*h
1
*34
1
200
*3
4 1
*3
4
7
8
7/I
1
93 Mar
8
2 Dec
/
1
4
3 Apr 21
53 Mar 8
4
Na par
314 358 *3
3
/ *3
1
4
*314 35
8
500 Wiloox Oil& Gas
4
*3
3
358
4
80 Mar
1714 Dec
8
Wilcox-Rich al A eonv.No par 165 Apr 14 2012518r 17
2112
*15
21 12 .15
2112 *15
211 *15
2112 .15
211 •15
11 Oct
/
4
8 Mar
7, 5.400 Willy, Overland (Tbe)
3
4
3 Jan 13
3
4
7g
78
1
6
h Apr 1
3
4
7
8
3
4
3
4
7
8
7
56145lay
1413 Oct
Preferred
100
7 Apr 13 35 Jan 26
100
"5
11
9
*718 11
*71 11
/
4
*312 9
9
*612 9
33 Oct
Feb
3
No par
/ Jan 11
1
4
11 Mar 14
/
4
WIlsoo & Co Ins
114
.1
13
8 •1
el
114 •1
114
11
.1
1 14 "1
Vs
138 Oct
10 4 Feb
3
2 Jan 1
/
1
4
434 Mar 9
Class A
No par
400
25
8 258
23
4 2
/ 5258 23
1
4
258 25
8 *212 3
*
513 Jan
4
18 Oct
81 Mar 10
8 Jan
Preferred
2112
.2112 24
100
2112 .20
*2114 25
*20
22
•2118 2218 •20
7288 Aug
85 Dec
4558 Mar 8
8
10 3514 Apr 1
/
4
354 363
/
1
4 3612 373
4 3714 384 3612 3S7 44.400 Woolworth IF W) Co
3818 391 x3614 38
/
1
1514 Dec 101572 Fe.,
7 Apr 12 234 Feb 19
/
1
4
/
1
100
8
8 2,300 Worthington P & M
91 914
/
4
958 914 10
/ 105
1
4
8 105 105
1014 1034
934 934
884 Dec
/
1
95 Mar
Preferred A
100 1814 Apr 21 41 Jan 15
300
*10
25
*10
23
25
*15
20
22
1814 18 4 .1814 20
,
23 Dec
Preferred 8
834 Mar
/
1
100 14 Apr 14 3012 Jan 11
•16
20
100
20
*1518 20
*1614 20
17
17
*15
•1512 20
612
Wright Aeronautical___No par
513 Jan 14
27 Feb
7lt Dec
37 Apr 8
8
612 •5
*414 612 0414 612 *4 4 612 .5
,
612 .5
46 Dec
4
3618 3.400 Wrigley(Wm)Jr (Del)_No Par 313 Apr 21 67 Jan 18
80 Mar
/
1
4
r35
35
/
1
/ 36
1
4
343 3514 36
4
3612 3714 3612 364 35
8 Feb 10 1012 Jan 18
/
1
4
8 Dec
/
1
4
100 Yale & Towne
9
25
*8 4 14
,
11
9
30 Jan
17,
2 *9
9
,2 *9
•9
912 *9
178 Apr 8
218 21g
6 Jan 14
ellow Truck & Coach el B_10
2
2
218 •2
214
3 Dec
2,100
23
8
2
218 214
214
151 Mar
/
4
/
4
Preferred
171
20
1512 Dec
100 16 Apr 14 24 Jan 12
16
*15
17
/ *16
1
4
177
8 16
76 Mar
8
1718 515
*1514 177 •15
5 Mar 8
9'z Mar 8
100 Young Spring & Wire—NO Pa
512 612 *514 6
6 Dec
*51 6
/
4
512
29 Feb
312 *6
•5
612 *6
Youngstown Sheet & T_No pa
10 Apr 9 1714 Feb 17
*93 10
4
*93 10
4
12 Dec
4
*93 10
*93 10
4
*93 10
78 Feb
•93 10
4
200 Zenith Radio Corp....NC Pa
2 Jan 22
7
8
h Apr 6
.5
8
3 Dec
8
•58
7
8
514 Feb
5
8
5
8
.5
8
7
8
/
1
4
3
4
5
8
5
8
.
7
7
1.100 Zonite Products Corp
74
7
7 18
7
7
67
8 7
7
634 Dec 14 June
63 Jan 4
4
97 Mar 8
2
7
718
• 13141 awe ••seri orb... no 841104 no this day. • Ex-dividend. r Er-Manta.
per share
$ per share $ per share
33
4 4
4
4
41 412
/
4
3
*21 4
,
23
4 2 4 5214 3
2218 2218
*2218 26
*2218 26
6
64 64
,
,
6
4
*53 12
/
4
114
114 511 112
*114
1,
2
4 1138 1112
*11 18 143
11
11
/ *912 1014
1
4
*914 121 *914 9
/
4
412 *4
414
*4
412 *4
•12
5
8
3
4
.12
*12
*13
15
15
*13
15
*13
218
218
8
23
214
238 23
8
223 223
4
4
*23
24
2318 24
*7
9
*7
9
9
*7
*31
40
*30
40
*31
40
3
314
31 318
/
4
*31 312
/
4
151 1418 15
/
4
153 15 4 15
4
,
$ per share
*33
4 34
/
1
*214 3
2212 22,
2
*5
6
112
*118
*1112 113
4
0 4 93
3
4
*4
438
12
*1
/
4
*13
15
.218 214
23 4 233
3
4
*7
9
*32
40
3
3
14, 14 2
8
,
3064
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
On Jan. 1 1909 thi grthangs 63051402 of quoting 5onds was changed and prices are now -and interest"-except fir incense and defaulted ermas
BONDS.
N. Y. STOCK EXCHANGE
Week Ended April 22.
Price
Friday
Apr. 22.
Week's
Range or
Last Sale,
Bid
Ask Low
High No
U. S. Government.
First Liberty Lean• D 1001538 Sale 1001233 10118 1041
t{)4% of 1932-47
.1 D 101
5
Sale 100153: 101533
Cony 4% of 1932-47
J D 10127 Salo 101,533 102
903
.8
Cony 4 % of 1932-47
10114,3
8p8.31
J D
2d eonv 414% of 1932-47
Fourth Liberty Loan
AO 1021533 Sale 1021481021333 3276
4(4% of 1933-38
33
Sale 1050 106633 448
1947-1952 AO 106
Treasury 4it a
Treasury 48
1944-1954 J O 1021/38 Sale 102142 10343 1016
005813 Sale 1001.33 10141 588
1948-1958 M
Treasury 3341
J D 98,11.8 Sale 981533 99133 527
Treasury 334,1943-1947
.3
Treasury 31_90ot 15 1951-1955 MS 94033 Sale 932431 9410 1404
Treasury 3311 June 16 1940-1943 J D 98253, Sale 981533 995.3 835
Treasury 3441
1941-1943 MS 983033 Sale 98913 991533 1927
Treasury 334s-June 16 1948-1949 in 9527.8 Sale 942538 96533 1281
Stale and City SecurItlea.
N Y 0 3.34s Corp stkNov1954 MN
811s
1955 MN
La registered
1938 MN
ita registered
1955 MN
4% corporate stock
1957 MN
434% corporate stock _
1957 MN
it 34% corporate Mock _ _1957 MN
a% corporate stock
1958 MN
4% corporate stock
1959 MN
44% corporate stock _
19130 M
•B
434% corporate stock _19133
it)4% corporate Mock--1985 J D
New York State 434.
1983 MS
92 Nov'30
923 Apr'31
4
0012 Apr'31
991 July'31
02 May'31
9812 Dee'31
09 May'31
10012 Apr'31
10012 Sept'31
9912 Oet'31
10614 Dee'30
110% 10512 Dee'30
112
Jan'31
Range
Since
Jars. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 22.
Price
Friday
Apr. 22.
Week',
Range or
Last Sale.
Range
Mace
Jan. 1.
Low
Mae
BM
Ask Low
High No Lore
Mak
Cundinamarca (Dept) Colombia
945n 10112,
External s 6344
612 Sale
1959 MN
514
612 16
514 17
96111 1017.i Czechoslovakia(Rep of) 221_1951 A0 8712 90
8712
90
25
85 100
971In 1024.
Sinking fund 81; ler B
1952 A0 88 Sale 88
8818 18
8514 10012
Denmark 20-year exti
__ A942 J J 78
80
78
81
33
70% 87
External gold 534,
1955 P A 69 Sale 684
77
16
82
85 4
3
98141102144
External g 634s_Apr 15 1982 A0 593 Sale 56 2
4
,
60
105
5518 71
98114110611a Deutsche Bk Am part elf 66.1932 NS S 63 Sale 624
633
4 37
57% 7612
94 10313n Dominican Rep Cust Ad 534a '42 M
40
4112 393
4
742
7
38
5512
89131,101 un
2d eerie,, t5348
1942 M
50 Feb'32
35
50
875518 9915.3
let lier 534. 01 1926
1940 A0 33
37
33
3512
4
80
45
821n 95141
28 seriea abak fund 5348_1940 A0 33
3512 33
73612
1
88
44
8731119954o Dreeden (City) external 71_1945 MN 3312 38
34
34
17
204 45
88111 991514 Dutch East Indies mil 138_1947 J J 90 Sale 8712
90
29 call
9112
83 913"42
MS 8318 Sale 82
40
-year external 131
1982
85
32
7718 89
30
-year ext 534s -...Mar 1953 M
78
81% 80%
81% 15
76 087
N 78
80
-year ext 5 Am.
82 84 Apr'32 --Nov 1953
76
8712
El Salvador (Republic) 818_ _1948 J J 22
23
224
2214
1
21
61
Estonia (Republic of) 7s
1987 J J 36
37
35
3512 50
32% 893
.•
Finland (Republic) eat! 68-1945 MS 5112 Sale 51%
53
11
4218 58%
External sinking fund 7s-1950 M
54 Sale 5312
55
18
43% 59%
External sink fund 6340-1958 M S 4912 5012 50
52
33
42% 56
External sink fund 530_1968 P A 48 Sale 48
49
5
854 52
Tannish Mun Loan 614. A1954 A0 484 52
54 Apr'32
44
5414
External 834a serlea B1954 A0 485 50
4
544 Apr'32
41
5413
Frankfort(City of) s f 8)48_1953 MN 20
234 20
2112 25
183 80
3
French Republic eat' 7143-1941• D 12212 Sale 117
12212 204 110% 12212
J D 118 Sale 1157
External Is of 1924
1949
118
57 0108% 118
German Government International 35-yr 5548 of 1930-1985 in 35 Sale 344
364 558
2734 44%
German Republle eat! 7._
1949 A0 59 • Sale 573
4
61
340 a5.5
8614
22
83
30 Sale 2912
German Pro, & Communal Bk,
3014 13
23
33
2818 66
14
(Cone Agile Loan)634.__ _1958 in 24 Sale 20
2912
30
2412 50
17
3312
4978 63
MN 3812 40
Graz (MunicIpalitY )Sc
45
17
57
57
55
38
38
1954
2
28is 80
614 Sale
5
54
al 1812 Gt Brit & Ire(UK of) 941-1937 P A 100 Sale 100
614 12
1013 835 08913 10012
4
53 157
4
g
524 614 54 Apr'32
P A
Registered
100 Apr'32
100 100
5
4
15
•41% fund loan Lops 1960J990 MN *7112 73% *0727 *07314
512
54
4 10
8
5
3 .43-43 1 0787
'
41
6
6
53
4 9
514 15
*5% War Loan Lops 1929_1047 J D *a75 4 Sale *076 *07814 19 .4113.53
3
4*a77
712
6
1212 Greater Prague (city) 7148_1952 M N 91
512 8
712
93
9013
91
10
79
9818
,
8
141 Greek Government f ser 78_1984 MN
Sale
5
6
6
2812 317 Apr'32
314 6312
2
14
7
512 8
712
Sinking fund sec 116
21
1988 F A
20
26% 21
20
48
a85 r77
4
75
7154 731 733
Haiti (Republic) I 161
4
AO 6212 88
85
68
3
62
6612
65
88
29
51
487 Sale 49
8
AO 245 Sale 2434
Hamburg (State)(38
265
8 16
24% 86
28
2912 30 Mar'32
Heidelberg(Germanylext1 734 '50 J
11949562
2712 86
4514 6718 Het/Wu/fors (City) ext 6(40.._1980 A0 487 Sale 483
4912 Sale 475
8
5012 50
8
4
51
15
84
52
45
87
49% Sale 477
8
5112 32
Hungarian Munk,Loan 734e 1945 ii 19
193 18
4
20
24
16
2518
4912 Sale 47 8
7
441e 88
5118 117
External a f 7s___ _Sept I 1948 ii 1818 20
18%
18%
2
14
25
45
4912 Sale 477
24
51
8
67
Hungarian Land M Inst 7545 131 MN 18 Sale 18
2114
5
18
80
544 67
4812 50
5012 12
483
4
Sinking fund 7)0 tier lL..1961 MN 17
19
19% Apr'32
1914 Ill
45
8
4912 Sale 475
87
503
4 22
Hungary (Kingd of) 117348.1944 P A 35 Salo 35
38 I
9
34
55
64
8
49 Sale 483
87
8
5012
Insb Free State int!If 5a._..1960 MN 7318 100
7314 Apr'32
a(19
76
4514 87
4912 Sale 4812
5112 23
Italy (Kingdom of) ext.! 781_1951 J O 9058 Sale 895
8
8412 9118
90% 83
39
4118 44
4512 10
41
5934 Italian Cred Consortium 78 A '37 M
88
90
8618
8618
82 100
1
15412 87
2
64
63
'
6414 64
External sec I t 7/1 eer B_1947 MS 80 Sale 7718
80 I 11
70% 83
5314 254
573 Sale 56 4
4
3
4812 61% Italian Public Utility extl 78_1952• J 714 Sale 6918
7153 31
80% 75
5812 Sale 56
4613 8153 Japanese Gov 30-yr If 1334s-1954 FA 684 Sale 685
59, 166
4
5
8
71 18 149 066 4 84
41
280
53
53 Sale 5018
58
Eat! sinking fund 5141.._1965 MN 5914 Sale 05834
57
6114 84
7314
893 Sale 08812
4
9218 55
83% 98
Jugoslavia (State Mtge Bank)
43 Sale 43
37
46
57
55
AO 38 Sale 33.
Secured e t g 76
81
38
47
43
LelPzig (Germany)a 78_ _ _19 7 P A 2212 Sale 2212
1947
5
2312
2213 35
8
27 r43
Bavaria (Free State)()34s-1945 P A 35 Sale 3214
8
r43
Lower Austria (Pros') 7146_1950 JO 42 Sale 40
42 I
83
48
9
Belgium 25-yr exti 8310
1949 MS 08914 Sale 89 4
83
95
917
8 83
,
Lyons (City of) 15
-year 130-1934 MN 1024 Sale alto
10212 75
4
983 10312
1955 J J 8318 Sale 83
80
External a 1 8s
134
8912
8412
915
40101
External 30-year 6 f 78_ _ _1955 J D 9512 Sale 9513
131
98
Marselllee (City of) 15-yr 86.1934 MN 10212 Sale 10134 10212I 45
98% 103
1958 MN
9614 Sale 9814
9154 10114 Medellin (Colombia) 8148_ _1954 J O 13 Sale 13
Stabilization loan Ts
9814 108
13% 31
10
18%
Bergen (Norway)Mexican In-la Awns 43-4,..l943
N
2
4
24 Feb'32
2% 814
63
57
58
03
Exti oak funds 5a. _Oct 151949 AO 155
57
2
Mexico (US) extl 56 of 1899 I '45 Q
26 Apr'30
48
85
53
External sink fund 56- _ _1980 MS 53
63
5
55%
Assenting 58 of 1899
213 412 412
1945
412
5
38 5
,
257 23'x
2218 317
Berlin (Germany) t SO_ 1960 AO 24
26
34
2
Assenting 58 large
3
6
5 Mar'32
6
5
20
2hz 20
External, 113s_ _ _Jun 16 1958 in 20
20 12
8
28%
Assenting 46 of 1904
212 ____
23
4
114 2%
27
4
1
exti at Si._ _ _1945 AO 1114 14
812 a22
Bogota (City)
1114
1114
4
Assenting 4s of 1910
3
12
2% 43
2
3'4 Apr'32 ____
Bolivia (Republic of) eV!81_1947 MN
8 Sale
513
812 15
512 10
Assenting 46 of 1910 large_ _ _
17
4 23
4 3 Apr'32 ____
3
6
413 Sale
External secured 78 (Jia2)_1958 J J
412 818
412
43
4
8
Assenting 4e of 1910 small_ _ _
_
3
8
3 I 20
41s
1989 MS • 35 Sale
8
External of 76(Pal)
38
5
412 19
3% 812
Tram 13s of '13 aasant(large)'83 i"-i
6 Dee'31
983 103
4
Bordeaux (City of) 15-yr 88_1934 MN 10212 Sale 10112 10212 34
Small
384 "ii.
5 Apr'32
Milan (City. Italy) eat] 814s 1952 AO 653 Sale 65
4
6714 40
82
70%
Braun (11 8 of) external 811-1941 in 2134 2312 213
18
4
2414 31
3118 Minas ()tram (State) Brazil
External of 318 of 1938..1967 AO 16 Sale 16
1812 30
141 r2512
External s t 8145
812 Sale
1958 M
812
85
81
8
8
1813
External 4 t 83-88 of 1927 _1957 AO 1614 Sale 1614
19
78
1513 265
8
Eztl sec 634e series A _ _ _ _1959 MS
94 Sale
812
9 4 27
813 17
3
1952 in 1853 1912 1812
7s (Central RY)
2014 17
1218 25
Montevideo (City of) 72
1952• D 1612 Sale 1612
17 I
15% 2814
6
(coffee secur) (j108.1952 AO 7618 Sale 76
1k 86
714s
7818 11
65
1114 18
External 2 f 80 series A._ _1959 MN
11 18
12 I
1018 25
5
Bremen (State of) axt174_ __1935 MS 37% Sale 37%
39
46
297 4312 Netherlands fis Ulm pricey). _1972 M
8
10014 Mar'32
10014 10514
1957 MS 45 Sale 43
3353 485, New So Wales (State) esti 56 1957 FA 5012 Sale 47
Brisbane (City) a f he
4418 11
523
4 iii
30% 58
1958 FA 4418 Sale 4114
Sinking fund gold fai
4414 41
32
4813
External a 1 5.6
Apr 1958 * 0 5013 Sale 46
29% a56
52 1 119
1950• D 483 Sale 48
4
-year a f (Is
37
20
5712 Norway 20
5014 19
77
-year ext1 64
78
1943 FA 74
84
78
1
70
113
2818
Budapest (City) extl If 68 _1962 in 17 Sale a1614
1734 85
20-year external 88
11296434 P A 7412 Sale 7414
76
71% 8412
23
4511
Stamm Ares(City) 634.2 B 1955 J J 45 Sale 45
9
4
1952 A0 733 77 073
84
763
4 12
70
ri
's gg'j
4
J D 68
External ,f 86 eer 0-2 _.1980 A0 35% __ 363
364'
1
7212 0693
40
-year (111' trill 58
:
f
4
75 I 28
8418 79
3814
3814 65
1
External 6 f tla ser C-3 _ .1980 AO 3514 98
38141
External s t 6.
-Mar 15 1983 M
4
724 48
8314 7814
70 Sale 1393
28
40 024
3714
75
Municipal Bank ext1 s 1 58_1987 J O
Buenos Aires (Prov) eat! 81.1961 MS Ms Sale 2513
594 70 4
3
6812
6812 10
1981 P A 2512 28
27
2414 37
D
2718 14
80
Municipal Bank mai ii I 58_1970
Eat! t 8%a
73 Apr'32
6414 73
15
13
157 16
e
18 I 14
34
1812 20
18
Nuremburg (City) en!841._1952 P A
Bulgaria (Kingdom)at 76-.1987 j
20 1 18
18
314
,
MS 55 Bale 537
2412 411 Oriental Devel guar 88
2612 19
16 1988 MN 2412 Sale 2412
Sabra if 7its-Nov
8
65
esos 72
28
Extl deb 514s
19 8 MN 51 Sale 5014
953
5
514 32
4812 8814
1114 13
0
2014 Oslo(City)30
934
(Colombia)7)46'48 • J 11% Sale
-year If 1311_ -1955 MN 68
74
6712
Caldaa Dept of
6712
60
1
75
A 0 7834 Sale a775
8
79 I 120
71
81
Canada(Doan of) 30-yr 48_1980
87
987 Panama (Rep) exti 534e....1953• D 9112 927 9014
8
96
85
1952 M N 955 Sale a9414
2
8
90121
85
SI
3
97%
88
95
95
52
Exti s 1 fis eer A _ _May 15 1983 MN 57 Sale 51
1938 F A 945, Sale 94
5712 29
iits
84%
7113 90
J 76
Pernambuco (State of) eat, 78 '47 MS
84% 8212 Apr'32 _ _ _
1954
13
714 6 Apr'32
Carlsbad (City) a f 83
94
,
12
5
1912 Peru (Rep of) external 7s. _A959 MS
13 I
9% 10
12%
10
10
10
17
14%
Cauca Val (Dept) Colom 7146'48 AO
Nat Loan eine f 80 let ger 1980 J
4Is Sale
4
5
4
34
Central Agile Bank (Germany)
73
4
2812 477
8
3071 127
Nat loan eat' s t 8a 26 ser_1961 A0
418 43
8 4
71
5
4
23
Farm Loan et 76._Sept 15 1950 M S 2918 Sale 28%
2718 4112 Poland (Rep of) gold 86-1940 * 0 55 Sale 5312
8
3014 133
48
55
1(1
8014
Farm Loan ef(36_ _July 15 1980 J J 2812 Sale 277
273 4214
4
Stabilisation loan s f 78_1947 AU 5112 Sale 51
304 258
5312 139
4812 5812
Farm Loan e t fle_Oct 16 1980 A 0 2814 Sale 274
2714 r43
External lank fund g 88-1950 J J 5218 SAID 515
31 13 139
8
4
48
55
64
125
Farm LOAD 6e ser A Apr 15 1938 A 0 0283 Sale 2812
83 19
8
97 Sale
Porto Alegre(City of) 88.-1981 J O 1012 1214 11
88
3
1014 26
II
11
1
16
1942 M N
Chlie (Rep)-Ext s f 7a
713
54 73
Extl guar sink fund 7348.1966 J J
6% 83
4 7
713 15
8 Sale
7
2
8% 1112
External ,inking fund 138-19430 AO
8% 143 Prussia (Free State) extl 634.'51 MS 25 Sale 2418
4
7% Sale
22
712
814 11
2534 36
35
External ainking fund 138-1981 FA
75
718 15
External s tea
1952 A0 23 Sale 2212
8%
8
8 8 Sale
7
233
4 59
205 334
8
1961 J J
Ry ret exti et 88
947
1
87 1514 Queensland (State) exti a I 7s 194 A0 7212 Sale 7212
8
88
5
1114 61
77
42
85 Sale
8
6014 88
1981 MS
Eat! sinking fund Oa
P A 5618 Sale 51318
7
14%
26
4
-year external 13/1
83
8
47
6612
712 812 834
4
69
1982 MS
Eat] sinking fund es
85, 1412
25
9
734
7% Sale
1963 M N
Ertl oinking fund fla
9
17
7
20
Rhine-Main-Danube 78 A-1950 MS 30
3514 33
33
7
8012 45
1
8 8 Sale
5
Chile Mtge Bk 6340 June 80 1957 J D
19 r32
Rio Grande do Sul eatl if 80-1948 A0 1114 14
2312 35
11
10
Apr'32
D 2312 Sale 2034
21
t 634. of 1928-June 30 1981
External sinking fund 66-1968 J D
714
714 1512
75
8 83
4 7%
8e 41
84 Sale
914 49
6% 1114
Apr 30 1961 AO
Guar a f Be
04 17
8
154
External et 7e 91 1926... _1988 MN
84 Sale
8
918 Sale
8
1982 M N
0,4 13 678 1414
Guary f fis
External.1 7s munic loan.1987 JD 10 Sale
513 13
8
73
4
10
84
84 Sale
812 13
914
6
1980 M S
Chilean Cone Munic 78
13
Rio de Janeiro 25-year I f8a_1948 A0 11 Sale
7
19 3
5
2
10
11
10
812 12
912 18
3
913
Chinese(Hukuang RY)1511_ _1951 1 D
P A
Exrnal s f 8lis
External
714 Sale
75
75
714
8
7
5
03212 Mar'32 -__
714 1214
3(3
Christiania (Oslo) 20-Yr.160 '54 MB 71
a
Rome (City) eat]8/Ss
1952 * 0 6812 Sale 6812
6612 7414
70
55
22% 11812 Rotl-rdam (C1ty) m3168-1984 MN 89
354 118
92 a89
91
34 4 94
,
4
Cologne(City)Germany 8346 1950 aa 8 3312 Sale
1714 30
Roumania (Monopolies) 7s-1959 FA 4212 Sale 3.4012
20
53
45
22 a35% 58
J 1812 Sale 1712
Colombia (Republic) 86.-__1981
Saarbrueeken (City) 68
Isis
133
8 36
1714 30
1953 ii 60
75
55
40 . 80
58
7
4
External of fla of 1928_ _ _ _1981 A 0 183 Sale
1813 27% Sao Paulo (City)if 8a_ _Mar 1952 MN
11
14
14
1311 23
14
205
8 31
1
8
Colombia Mtge Bank 6(44011947 AO 20 Sale 193
External If 634s of 1927_1957 MN 11
18
27
137 11
8
10
82
22
49
1012 r17
12
12
Sinking fund 7s of 1926__1946 MN 22 Sale 2 4
18
2812 San Paulo (State) exti.1 86.1938 ii 32 Sale 32
36
32
50
2112 35
12
Sinking fund 7s of 1927_1947 F A 2054 Sale
External see of 8,
5513 7113
1950 J
1614 20
16
16
1612
50
25
5
87
Copenhagen (City) 58
1952 in 64 Sale 6053
50
137
External 8170 Water L'n_ 1958 MS 1114 15
9,
,
12 Apr'32
12
43
18
58
25-yr g 4 346
1953 181 N 5718 Sale 5512
te
External s f 86
J
34
20
5
8
17
10
3
912 1212
2212
Cordoba (City) extl a f 71. _ _1957 F A 20 Sale 20
Secured a f 70
48
32
1940 AU 5912 Sale 59
46
8414
6012 61
43
16
External s f 7,.-- _Nov 15 1937 51 N 4078 Sale 38
Santa Fe (Pro, An Rep) 7a-1942 MS 4018 Sale 38
3014 42
3912
4
31% 4513
4018
Cordoba (Friel') Argentina 78 '42 J J 364 Sale 364
7
Saxon Pub Wks(Germany) 7s'45 FA 234 Sale 23
255 r46
3
22% 343
4
Costa Rica (Repub) ext176_1951 MN 35 Sale 35
2412 50
30
37
Glen re guar 634,
1951 MN 1912 2114 20
1818 33
7834 796
Cuba (Republic) 58 of 1904_A944 51 5 90 Sale 8713
2112 19
18
91
84
9112 Saxon State Mtge Dist 76-1945 JO 37
344 48
40
External 5s of 1914 ser A 1949 F A
3718
38
26
9112 10
9113 Sale 90
Sinking fund g 8ifs__Dec 1948 JO
2112 4212
74
3
52
External loan 414a 'or C1949 PA 88
3212
34
10
r71
71
6734
Serbs Croata & Slovenes 85,.19d2 M N 3714 Bale 35
80
60
Sinking fund 534e Jan 15 1953 J J 7414 Sale 7070 80
40
63
7414 63
External ileo 76 203r B
1982 M N 33 Sale 32
27
47
Public wks 5348 June 80 1945 J D 3912 Sale 39
85
40 4
3
35
83
4014 145
r Cash sale. • At the exchange rate of 54.8605 to the E sterling. a Deferred delivery.
Foreign Govt. A Municipals.
Agri° Mtge Bank I es
1947 P A
Sinking fund Si A _ _Apr 15 1948 A0
Akershus (Dept) ext 5s
1983 MN
Antioquht(Dept) col 7s A
1945ii
External a f 71 ser B
1945 j j
j
External s I 7s ser C
1945
External I f 78 see D
1945ii
External if 7s let ser.-1957 AO
External lee It T's 28 ser_1957 AO
External eeoc tie 3d ser_ _1957 AO
Antwerp (City) external 58_1958 J O
Argentine Govt Pub Wks 68.1980 AO
Argentine Nation (Govt of)
Sink funds 8a of June 1925-19.59 in
Ent a f 68 of Oct 1925_1959 AO
Kati f Be eeriest A
1957 MS
External fis sake B_ Dec_
1958 J O
Eati .f 6. of May 1926.-19130 MN
External a fllis (State Ry)_1980 MS
Extlfls Sanitary Works _ _1981 FA
Eat' fle pub wk. May'27)_1961 MN
Public Works eat! 534._19132 P A
Argentine Treasury 5,
_1945 MS
Aunralla 30-yr 56__-July 15 1955 .1
External 5.0f 1927_ _Sept 1957 MS
External g 414e of 1928_1958 MN
Austrian (Govt) If 7s
1943 J D
Internal a 1 711
1957 J J
1
New York Bond Record-Continued-Page 2
I -4
t
•
EYs
Z.;
3065
Week's
4•
Range
Prwe
Hangs
BONDS
g
Range or
Maw
Frldap
State
N. Y. STOCK EXCHANGE
Last Sale. 03
Jan. 1.
Apr. 22.
Jan. 1.
Week Ended April 22.
----High No. Low
Mob
Ask Low
Ma
High
High No. Loa
Ask Low
Foreign Govt. &Municipals. j D Rid
2
84
8214
79
J 8214 Sale 80
3115 47
Chic Burl Ar Q-III Dly 845_1999
31
40
4
393 Sale 3812
1958
Silesia (Prov of) ext1 75
Jan'31
91
J J
28
le
Registered
2112 12
19 Sale 19
Aran 65.1947 F.. A
aileatan Landowners
88
893*
Illinois Division 95
97 104
1949 J J 853* ---- 86 Apr'32
4
101
1936 iN4 N 104 Sale 101
Boissons (City of) ext.' 65
81
I48%
8615 60
5
283 42
1958 M 8 864 Sale 8415
General 45
F A
2
5
397
3715
Styria (Prov) external 75__ -1946 Si
5
84
815 8814
5
59
lot & ref 414s ser B
1977 F A 84 Sale 815
784 101 a7515 92
76 Sale a7518
N
Sweden external loan 5140_1954 A 0
4
923 9912
9312 17
4
9315 923
101 104
1971 FA 92
1st & ref 55 series A
10312 Sale 10212 10315 17
Switzerland Govt exti 5145_ _1946
50
50
4
7012
50
34
Chicago & East Ill let 65._ 1934 A0 50 Sale 50
40 Sale 39
1955 F A43 43
Sydney (city) if 5;48
17
8
7
10
4
83
N
10 Sale
C & E III Ry (new co) gen 55_1951
SO
8212 Mar'32
87
MN 30
84
4
673 Chic & Erie 1st gold bs
49
1982
5
51% 37
Taiwan Elm Pow s f 5145_1971 J J 49% Sale 493
36
4
561
4134 118
3,514 4513 Chicago Great West let 45_1959 MS 41 Sale 3812
1
41
4112 41
M S 39
Tokyo City 55 loan of 1912_1952 A 0
5015 60
5374 Apr'32
49
70
1947 J 3 5014 55
Chic Ind & Loulsv ref 6s
5212 21
5214 5012
50
1961
External 5£ 5 Hs guar
46
46
5
50
98% 46
18
9
1947 J J 45
Refunding gold 55
7
915
4
9
91
1947 MN
Tolima (Dept of) ext1 75
Apr'31
91
414 58
1947 J .1 31
Refunding 45 series C
503 Sale 50
5575
7
Trondhjem (City) lot 510_1957 M N
k
247 42
32 Apr'32
284 41
let & gen Is series A
1966 MN
33
1
1945 J D 314 ____ 33
Upper Austria (Prov) 7s
40
28
Apr'32
29
30
20
23
3815
.May 1966 J J
let & gen 60 ser 13.
231
14
23
3 D 244 27
External if 6 Ha_June 15 1957 F A
_
80
80
5
1956 J 3 ____ 7815 80 Mar'32
Chic Ind & Sou 50-yr 45
1 a313 5(1
401
4015
4015 ___
Uruguay (Republic) extl 8a_1945
_
93 Dec'31
93
2315 3514 Chic LII & Earn let 434s...1969 J D 85
53
273
27 Sale 27
1960 1101 N
External if 65
26
67
344 Ch M & SIP gen 4s A.May 1989 J J 67 Sale 62
57'i 67
24
264 21
s
May 1 1964 M N 26 4 277 26
Extl f(la
58
3
57
51
5714
55
8015 9115
Gen g 334e see B___May 1989 J J
2
A
8812
Venetian Prov Mtge Bank 75 '52 M 0 8815 Sale 8615
72
62
68% 13
47
643
4
N 5614 Sale 543
Gen 41.4. series C___May 1989 J J 6815 Sale 6712
4
5 54
597
of) exti 5 f 85__1952
Vienna (City
1
70
5812 711
:
70
4514
32
F A 3912 Sale 3812
Gen 414s series E_ __May 1989• J 6814 71
4041 30
Warsaw (City) external 7s_ _1958
4
78
71
59
J J
5
707 71
3a 29
12
75
Gen 4¼s eerier! F_ __May 1989
56
Yokohama (City) extl 65___1961 3 13 544 Sale 5414
24% 42
2915 141
Chic hiilw St P & Pao be_ 1975 P A 27 Sale 26%
514 11%
148
7
6
615 Sale
Jan 1 2000 A 0
Cony ad) ba
Railroad
61
48
6112 16
Chic & No Weet gen g 3Hs1987 MN 51 Sale 48
105 Sept'31
Ala Gt Sou 1st cons A 51____1943 JO 79
7912 Mar'31
Q F
83%
JO
78
Registered
833 8012 Feb'32
1943
let cons 4s ear 13
-8 55 /0
60
4
597
M N
6715 7014
1987
General 45
7014 Feb'32
.klb & Suoq let guar 3)45_1946 AG 7512
62
70
681 62 Apr'32
71
71
Stpd 4s non-p Fed Inc tax '87 MN
Feb'32
71
1998 A0
klleg & West let g an 45
72
72
72 Mar'32
5015 80
085
89
M
Gen 4145stpd Fed Inc tax_1987• N
89 Feb'32
85
80
1942
klieg Val gen guar g 4a
83
65
65
65
1914 211
Gen 555tpd Fed Inc tax_ 1987 MN
20
6
20
2014 25
Ann Arbor let g 4s _July 1995 Q
85
82
Apr'32
70
-13112 91
1933 MN 70
Sinking fund deb be
358
88
4
-Gen g 45_1995 AO 87 Sale 843
kWh Top A 8 Fe
60
75
72 Feb'32
8612
80
MN
4
AO
813
Registered
4
833
4
833
Registered
7015 87
7312 26
844
75
Nov 78 Sale 78
15-year secured g 634o ___1936 M S 7114 Sale 7012
78
Adjustment gold 45. July 1995
4
30
57
36
36
37
1
a743 85
MN 7955 Sale 78
May 2037 J D 35
let ref g 55
8012 70
Stamped
_July 1995
2512 46
4 15
333
80
MN
let & ref 434s
May 2037 J D 3314 Sale 3112
80 Mar'32
80
Registered
264 46
3312 11
32
84
J D
1st & ref 4145 ser C.
a7014
8 a70
.May 2037 3D 334 35
a70
80
Cony gold 45 of 1909____1955
1615 MI
2014 291
1715 Sale 1612
8314
1949 MN
Cony 4
series A
71
7 a68
Cony 45 of 1905
1955 3D 7012 Sale 068
7412
74
Jan'32
74
Cony g 45 Issue of 1910....1960 J D ____ 82
12
80
55
69
77 094
Chic RI & P Railway gen 4.11188 32 69 Sale 64
3D 8112 Sale 8012
99
3
8
Cony deb 4W;
1948
71 Nov'31
73
33
81% 82
Registered
Rocky Mtn Div let 45
1965 J J _82 82 Feb'32
129 -53- II'
45
SON 89
1934 * 0 43 Sale 4115
J J
Refunding gold 45
86 82 Feb'32
T2
Trans-Con Short L 1st 45.1958
964 Apr'31
AG
9214
86
Registered
Apr'32
86
90
88
Cal-Aria let Aref 434s A _1962 M
33
4012 75
831s
M
4015 Sale 3814
Secured 434s scrim A
- 10315 Feb'31
(11 Knoxv & Nor let g 55_1946
8015
1912 50
2415 91
5
7613 85
Cony g 4 Hs
960
1 952 MN 2312 Sale 223
Mar'32
8415
• & Chadl A List 4 Hs A..,.1944
"
48
75
7518 90
72 Apr'32
3D 6015 81
Ch St LA NO 5e_ _June lb 1951
80
12
lot 30-year ba aeries IL
I914 J J io Sale 7514
3D 40
954 98 Sept'31
Registered
89 Mar'31
Atlantic City let cons 45_1951 J J
8515 May'31 _
81kg
043* Gold 314s
1931 3D 4714 75
June lb
72
29
72
76
72
All Coast Line 1st cone 45July '52 M
45l 59
82
7212 50 Mar'32
70
Memphis Div 1st g 45___1951 J O 50
70 Apr'32
General unified 4145
1964 J D ____ 75
9914 10014
9
53
65
Ch St L& P let cons g 55____1932 3,0 9912 Sale 9912 1004
58
5
L & N coil gold 4s.._ Oct 1952 MN a5515 Sale 5512
Feb'31
101
A0
18
35
2
20'
Registered
217
6
5
34
1948 23 2014 234
ktl& Dan let g 45
46
2
41
41
30
15
Chic T
So East let ba___1960 ID 40% 42
3
2015
2015
1715 18
2d 45
1948 J J
2015 87
23 Apr'32
5
Dec 1 1960 88 B 215 25
Inc gu Si
64 Sept'31
60
1949 AO
• & Yad 1st guar 45
86
94
23
92
92 Sale 89
Chic Un Sta'n 1st gu 4145 A.1963
Austin & N W lit gu g bs 1941 J J ____ 100 104 Mar'31
97% 101
24
100
4
4
let be series; B
1963 33 997 10054 982
9414 99
1
96
5
9612 96
717 8612
Guaranteed g 55
1944 J O 96
79
81
Bait & Ohio let g 45___July 1948 AO 774 Sale 77
15 106 1104
110
5
80
110 1103 108
81
lat guar 6145 sertea C
1963
Q J 714 78
80 Mar'32
July 1948
Registered
79
63
39
73
87
50
1952 23 73 Sale 70
Chic & West Ind con 45
MS 59 Sale 58
6112 114
1933
-year cony 414s
20
68
87%
7112
8515 70
5
44
1st ref 5145 seriee A
1962 MS 835 Sale 8312
49
25
Refund di gen 6s serlee A_1995 JO 4614 Sale 4614
5
797 80 Dec'31
1952
Choc Okla & Gulf cons 55
J O
Oct'31
80
Registered
9090
7714
____ 90 Feb'32
90
Cin H & D 2d gold 4 Hs
1937
84
64
let gold ba
July 1948 AG 82 Sale 8018
95
91
2
93 15
93
4
5014 793 C St L A C 1st g 40_ _Aug 2 1936 Q F
56
47
Ref & gen fla aeries C_ _ _1995 J O 55 Sale 5315
85
85
Jan'32
85
80
56
MN 624 Sale 61
Aug 2 1938 Q F
Registered
60
11
P LE&W Va Sys ref 45__1941
75
77
Mar'32
MN
77
7414
5915 8212 Cin Lab & Nor let con gu 45_1942
644 13
1950 J J 6315 Sale 0315
Southw Div lot 5s
85
95
62
93 Apr'32
45
J J
CM Union Term lat 4 Ha__2020 J J 9315 105
51
1
51 Bale 51
To!& Cln Div let ref 45 A.1959
99
95
52
973
43
71
• B 4415 Sale 4415
let in be aeries 11
2020 J J 974 Sale 963
484 43
Ref & gen ba aeries D_ _2000
9814 Apr'31
3014 59
Clearfield & Mali lit gu 55_.1943 J J
361_ 407
4
323 Sale 3214
Cony 434e
1900 P A
5 63 77
88
71
81
71
J 2 _85 88
rill. 80
Cleve Ch)Ch & St L gen 45_1993 3D
Jan'32
Bangor & Aroostook let be.. _1943
5
99
507 6612
97 Nov'31
General 55 series, 13
Apr'32
1993 ID
54
59
6T2
Con ref 45
1951 J J
99
95
Apr'32
5
837 75
Ref & impt (is aer C
94
119631 32 78
Feb'31
61
Battle Crk & Stur let gu 35_1989 J O
84
68
9212
J 3 62
91
7015 76 Mar'32 -Ref A Impt 5a 5er D
_ 9614 92 Mar'32
Beech Creek 1st ittl g 4e
1938 J J
54
7112
2
59
J
Ref & impt 43.4s sec E._ 1977 33 59 Sale 58
Jan'30
90 100
2d guar g ba
1936
85
76
42
85
AG 66
Cairo Div let gold 45
1939 3J 85 Sale 8115
88 Mar'31
____
i3eech Crk ext let If 3145_1951
61
70
5
687 61 Mar'32
Cln W & NI Div lit g 45..1991 33 50
Belvidere Del cons gu 3145_1943 J J
65
7415
85 4
/
74 Mar'32
St L Div let coil tr g 45 _ _1990 MN
4
853
Big Sandy let 45 guar
1044 JD
MS
6712 7814
75 Dec'31
Spr & Col Div let g 45_ 1940
4
613
Sale 60
Beaton & Maine lot be A C..1967 hi
77
611
4
973 July'31
W W Val Div 1st g 48
HMO .1 .1 80% 98
Apr'32
61
63
let M 55 series 2
1955 MN 60
74
53
60
13
58
lat g 4
ser JJ
1961 AO 584 63
605 75
94 10014
10014 11
102 10014
COCA'gen con5 go Os__ _ _1934
Balton & NY Air Line 1st 451955 F A 6015 751 6012 Apr'32
94
97
Apr'32
94
95
Clev Lor & W con 151 g 55_ _1933 A 0 90
Oct'31
Bruns & West 1st an g 45_1938 11
82
88
87
3 J
08 101 Sept'31 --_
Cleve! A Mahon Val g 6a
_1938
4
883
5
Buff Rock & Pitts gang 60-1937 St S 87 -,- 88%
61
60
9915 Oct'31
CI & Mar lat gu g 4 Hs
1935 M N
4315
8
Consol 4145
1957 MN 40 Sale 90
83% Cleve & P gen gu 4 Ha ser B_1942 A 0 904 ....1013 Mar'28
70
Hurl C K & Nor lot & 001114_1934 AO
70 Apr'32
Series B 3Ha
1943/i 0 794 _ __ 97 Mar'29 --__
764 893
4
9012 __ 98 Dec'30'----I
Series A 4 Hs
80
Canada Sou cons gu 5a A __1962 AO 80 Sale 7612
8
7245 8315
804 Dec'31
2
Series C 8145
1948 MN
81
94
1942
Canadian Nat 4 Hs_Sept 15 1954 SI S 79 Sale 7715
13
7312 8312
8615 Apr'30!_-_,
Berke D 3 Hs
5
80
-year gold 434.
97 A F
1970 F A
80
5
20
1957 J J 793 Sale 7834
723 8214
4
1011 2 Aug'31 ----,
Gen 4 Hs ser A
Gold 4%s
80
25
1968 JO 79 Sale 7715
'16- WI;
80
90
Cleve Shor Line let gu 4145_1961 A 0 ..;-,... -t;8- 871g Mar'32
86
Guaranteed g So_.
11
4
.July 1969 J J 844 85% 833
87 10315
8011, 90
9
9015
88
90
Cleve Union Term let 5)4s_ _1972 A 0 89
8515 63
Guaranteed g 5a
4
Oct 1969 AO 843 Bale 8312
93
75
2
6
8114
71
81
884
81
A 0 80
85
lst f ba series
Guaranteed g Fia
8415 15
5
4
833
1970 P A 835 85
8412
70
75
85
let I guar 4 Hs miles C 1197773
Guar gold 4345.-june 15 1955 31) 8112 83
71
5, Sale 71
8154
83
139
10
881,
85
Apr'32 -.73
834 Coal River Ry lst gu 48
F A
Guar g 4 He
797
5 20
7911 Sale 7814
1956
93
78
4
0
8
654 131
87 , 83
Guar g 414s
81
9 15
52, 7512 834 Colo & South ref A ext 445_19D5N 83
Sept 1951 M S 8014 Sale 7914
70
60
991
Canadian Nortn deb S f 75_ _1940 3D 98 Sale 96
60 1 60
Genl m 4145 ser A
1980 M N 58
99 I 203' 92
75
76
4
Feb'32
91% lir2 Col & H V let ext g 45
25-year,f deb 6145
A A
98151 21
1948 F O 73
1946 J J 9715 Sale 9612
80
77
3
93 4 Co!& Toilet ext 45
83
80
9215 sale 9214
SO
10-yr gold 4 He_ _Feb 15 1935 FA
75
0
7
65
921g!
2
6212 6914 Conn A Paseurn
5
-r900 Dec'30
J 2 a59 Sale 57%
Canadian Pao Ry 4% deb stock _ _
60151 146
943
188 48-1955 A 0
80 16Jan'32 ___ _
6412 81
Ei
Coll tr 4145
Congo! Ry non -cony deb 4s.1954 J J 35
r7315 15
1946 54 S r7315 Sale 67
41 15 5714
88
4 4112 Apr'32,____
46
68
fia equip tr CtO
35
35
Non-cony deb 45
86 I
1955 .1
7; 70
1944 J J 86 Sale 80
2
: 1_
'
13
Dec3I
__ _ 44
67% 8
Coil trg ba
314
Non-cony deb 41
72
1955 A 0 35
4
30
Deo 1 1954 J O 7012 Sale 673
45 Dec'31 - - -.
/404
Collateral trust 4
Non-cone deb 45
4 60' 04
673
1950 J
_____ 1960 J J 66 Sale 6515
-iieg 16'20
'11
18 Sale I 18
Caro Cent let cone g 4g___ .1919 J J 1555 20
Cuba Nor Ry let 5145
20 Apr'321._ _ _
25 45
5
25
3814 15
86
90
Caro Clinch &0 lat 30-yr 55_1938 ./ D
Apr'32'
Cuba RR let 50-year So g._1942 33 2515 28% 25
89
1952 2 D
59
414
35
D ____ 74
5
797 94
let as con g 6a see A.Det lb '52
let ref 7%e series A
.1
2 D
5
__
797 Apr'32
36
19
1930
38
35
9
35
35
35
39
37
35
Cart & Ad let gu g 45
35
1st Ben & ref 68 ear B
Oct'31
80
75
1981 JO
47
38
Cent Branch U P let g 4s...1948
_
30
38 Apr'32
35
724 87
2
781. Sale 7832
6814 r81
41
0
8
Central of Oa 1st g 55__Noy 1945 PA
Del & Hudson let & ref 45_1943 MN
__
_ 81 Mar'32
8212 91
16
89
89
4215 65
93
Congo'gold 55
80
44
-year cony be
1935 A 0 87
60-- - 4315
4
433
46
1915
3
8714 95
12
2515 41
91
4
lief & gen 5%s series B
88 Sale 871
-year 545
15
1959 AO _28 30 Mar'32 _ _ _
_
Oct'31
90
2074 Egg
Ref A gen ba series C
D
& Bridge 1st gu g 45_ _199 37 MN 89%
6
3 F A
1959 AG 24T5 Salo 2112
7
2115
46
69
40
52
Chatt Div pur money g 45_1951 3D 37
464 47 a46
Den & R 0 lot cons g 45__1930 J
_
75 Sept'31
75
70
45
11
51
Mao A Nor Div 1st g 55_1946 J J
47 Sale 47
Como! gold 410
6975 9314 June'31
1615 88
127
22
Mid Oa & A tl Dly our in ba '47 J J
Den & R
5
193 F 2 19 Sale lq
Wret gen 55 Aug 1 956 2 A
10215 Nov'30
4914
28
12
30
Ref & Impt 55 ser 5_ _ A pr 1978 A 0 2912 Sale 2915
Mobile Div 1st g tag
95 Sept'31
1946 J J
8
8 Feb'32
2
Dee hi & Ft Hist gu 4a
8
Cent New Eng 1st gu 45
J
62
1935
2 -egiTz 73
1961 J J 62 Sale 6012
4
Feb'32
5(1
39
2
cent ItIt & Ilkg of Oa coil ba 1937 MN 35
J J
Certificates of deposit
224 4
45
40
4014
98
75
99 Nov'30
Des PlaMes Val lot gen 4 Hs.1947 M B 25
Central of NJ gen gold ba_ _1987 J J 80
8712
82% 16
86
794
6
3
-24- -- Apr'32
24
8715 r94
Del & Mac let lien g 4s
3
Registered
1955 .1 D
90 Mar'32 _
1987 Q J
25
25
76
25 Mar'32
76
Gold 45
1995
General 45
Feb'32
76
90
1987 ii
89
80
2
84
1' A a7715 Bale 074
Detroit River Tunnel 4145„1961 M N 84 Sale 84
85
Cent Pao 1st ref gu g 4a
7715 45 a68
1919
984
98
F A
Dul hilsaabe & Nor gen ba -1941 3 J 98 100
9815 Feb'32
Registered
9614 July'31
96
9812
7
984
68 /715 Dul A Iron Range 1st 55. _ 1937 A 0 9815 9915 9812
Through Short L let gu 45 1954 AO a68 Sale 68
19
75
3212
25
Apr'32
A 63 Sale 63
Dui Sou Shore & Atl g 55._ _1937 J J 24
25
59
79
26
6415 36
Guaranteed g be
1960
East Ry Minn Nor Div let 45'48 A 0
_
4
973 July'31
95
_ _ _ _ 111 June'31
Charleston A. Say'h lot 75_1936 J J
72
87
11
103
MN 10112 Sale 10015 10155 32
East T Va & Oa Div let bs _ _1956 M N 704 76
99
4
723
73%
1939
'lien A 01110 1st con g 55
84er 95
MN 9814
/1
977 98
Elgin Joliet & East let g 55 1911 M N 9012 9114 9015 Apr'32
98
7
- 974
Registered
9313 ElPasO&lIWlet5o
83
1965 A 0
98 Sept'31
89
61
General gold 4345
1992 MS 884 Sale 8614
754
.57
0512 10
M
83
83
1996 J J 653 7214 65
Erie let cony g 4e prior
4
83 Feb'32
Registered
6612 6612
Registered
73
19941 J J
85
7515 13
5
6615 Feb'32
73
1993 AO 757 85
Het A impt 4345
634
J J
lit consol gen lieu g 4e
74
864
32
1996 J J 461g Sale 42
4615 63 ,
17
7615
76
7714 75%
1995
Ref A impt 4 Ha mer 11
9914 993
184 541
Registered
'
1996 J J
4
4
57 Mar'32 ____
4
993 993 Feb'32
Craig Valley let list._Ntay 1910 J I 70
:
penn eon trust gold 45._.1951 F A -9
9912
9912 991
6
-5T2 106 9912
8815 94% Aug'31
Potts Creek Branch ist 45 1946 J J _
514
;ii- 814 50-year cony 4s series A...1953 A 0 3514 41 343
10
8012 Mar'32
35
33
79
i2
It A A Div let con g 45_1989 J J
494
30
Series 11
70
79
1953 A 0 37 Sale
70 Apr'32
5115 79
1989 J
consol gold 45
25
(Jan cony ee sellers ID
1953 A ()
4
6715 Aug'31
4
993 1043 Mar'31
Warm Spring V iota 55_1941 MS 85
495
23
Ref A impt 55
N
A0 4015 42
1967
2914 Sale 2814
42
314 139
43
40
Chi & Alton RIt ref g 35..1949
49
23
Ref A Rapt 55 of 1930 _ _1975 A 0 2915 Sale 2712
40
142
47%
31
4518 Mar'32
-Ctf dep stpd Apr 1 1931 Int..
824 98
Erle & Jersey let f 65.__.1955 J J 834 85
86
4
86
4
793 Dec'31
Railway first lien 3145-.1950! 31
4
1
/ 96
75
Geneesee River lea 5 f 65_ .1957 J I 8312 Sale 8312
1
834
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 22.
Price
Fridag
Apr. 22.
6012
r rash sale. a*Deferre ddelivery.
Week's
Range or
Last Sale,
New York Bond Record-Continued--Page 3
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 22.
Price
FridaY
Apr. 22.
Week
Range or
Last Sale
;
•
=72
1
Range
Since
Jan, 1.
BONDS
N. Y STOCK EXCHANGE
Week Ended April 22,
F.,
163
:v11•
.
Price
Friday
Apr, 22,
Week's
Range or
Last Sale
;•
5
3
Range
Since
Jan. 1,
Bid
Ask Low
High No. LOCO
High
Bid
Ask Low
feria & Pitts fru g 814s sec 13_1940
High No. Low
J
MO
Jan'32
83
_
83
Mos Intermit 1st 45 asstd....1977 MS
83
212 Dee'30
Series C 3341
J 88
1940
_ 9518 July'31
Mich Cent
-Mich Air L 45_1940• J
Fla Cent & Pen 1st cons g 58 43 J J 30 -98 Aug'31
3
5
30 Apr'32
30
4215
Jack Lana 3c Sag 344s..,1951 MS
Florida East Coast tat 4 )4s_1959 J D 51
79 May'26
55
5212
5212
4
4412 60
1st gold 3 3-45
1952 MN 7114 Sale 71
1st & ref 55 series A.
1974 M S
70'2 77
71,4
4 Sale
4
4
1
Ref & impt 4344 ser C
4
74
1979 23
95
Certiftcates of deposit......
Oct'31
234 5 4 3,2 Apr'32
,
312 812 kfld of N J 1st ext 55
1940 AO 42
677 72 Sept'31
5
Fonda Johns & Oloy let 4 45 1952 3.4 1
8
912 912 Apr'32 _913 17
bIll & Nor let ext 414s (1880)1934 J O
75
(Amended) 1st cons 4145-1982 M N
Jan'32
012
012
2
112 912
Cone ext 4%s (1884)_1934 ID 45
50 50 Apr'32
Fort St U D Co bit g 4 )0_1941
J
50
71,
2
96
Oct'31
3.111 Spar A NW 1st go 4s1947 MS
6912 28 Nov'31
Ft W & Den C 1st g 6 )45
1961 J D -75
9614 82 Mar'32
82
82
MIlw & State Line 1st 3445_1941 .1
Frem Elk & Mo Val lot 65..1933 A 0
90 Apr'28
8612
8612 10
8612 96
Minn & St Louis 1st cons 55_1934 MN
23
8 5
Gals Hone & Hend 1st 6s_ _1933 A 0
212 Mar'32
2118 2%
65 Mar'32
_
65
65
Ctfe of depoelt
1934 MN
3
10
Oa & Ala Ry 1st cone 55 Oct 1945 J J
5 Mar'32
5
0
10
49
10
11
2
10
18
1st & refunding gold 4s
1949 MS
Ga Caro & Nor 1st gu a 58 29
1
313
1
1
1
1,
4
2
Ref & ext 50-yr laser A-1962 Q F
Extended at 8% to July 1.1934.3 1
7
21 8
5 Mar'32
5
8
45 Nov'31
Certificates of deposit
Q F
Georgia Midland 1st 35
5 Mar'32
1946 A 0
5
5
63 Mar'32
63 63
M St P & EIS M con g 45 int gu '38 J J 39
4212 42
Dour & Oswegatcble let be 1942 J D
423
4
38 450
8
100
Jan'31
'fit cons 55
19382 J 3212 Sale 27
Or R & 1 est 1st gu g 41•48 1941J J 80
3212
3
27
39
85
85
85
5 "Si" 16lat cons 55 gu as to Int_-1938 J J 41
50
42%
Grand Trunk of Can deb 75_1940 A 0 977 Sale 96
45
13
40
5114
8
98
9238 99
59
Ist & ref Be series A
19462
21
26
15-year 5 f (Se
21
Apr'32
1935 M S 9.514 Sale 9418
21
2212
96
20
8712 a9714
25
-year 53•40
1949M
1812 11
18
Grays Point Term 1st Is....1947 J D 35
18
31
96 Nov'30
1st ref 534seerB
46
1978 J
51.
50 Apr'32
Great Northern gen 755er A_1938 J
115
65,
5
781 Sale 753
.
8
80% 165 -66T298
1st Chicago Terms f 45-1941 MN
953 Dee'30
8
Registered
.1
.1
9715 Oct'31
let & ret 4
series A ____1961 J J f301i4 Sale 7918
84
11
85
32 "ii
.1155Iselppl Central 1st 55_1949 J J 76 Sale 76
General 5345 aeries B____1952 .1 J 64 Sale 64
77
10
80
75
67
64
85
26
Mo-Ill RR 131 58 ser A
1959 J .7
25 Apr'32
General Is series C
1973.3 .1 62
25
42
62
65
62
1
60
7812 Mo Kan & Tex 1st gold 451990
7112 S./le 71
7234 54
General 4445 series D
1976
66
J 5512 61
80
53
60
21
53
731s Mo-K-T RR pr lien Is ser A_19132 J .1 5912 62
5812
General 43.4s series E._..1977.3 J 5512 60
61
56
79
6
55
55
1
55
7412
40-year 4s series B
7212 50 Apr'32
1952 J J 72
Green Bay & West deb etre A__ Feb 20
50
68
45
6712 Apr'31
Prior lien 43.4s set' D
1978 . 3314 38
1
5412
5412 11
Debentures ctfe B
Feb
6912
50
318
712 3 Apr'32
Cum adjust 55 set A_Jan 1967 A 0 a3314 Sale 33
34
Greenbrier Ry 1st gu 4s____1940 MN 8712 90
9
3112 60
9538 klar'31
Mo Pac 1st & ref be 5er A_ _1965 F A
38 Sale 3512
Gulf Mob & Nor 1st 5445_1950 A 0 2512 4412 44
38
44
30
6312
44
2
43 16
General 45
18 Sale 1713
1975 M
let M 53 series C
21
224
1950A 0
157 Alls
8
4978 Mar32
48
39
50
1st & ref 58 series 9'
1977 MS 3612 Sale 3434
38
Gulf & S I ist ref & ter 55_Feb '52 ./ J -40- Sale 40
315
283 60
4
40
25
5
40
let & ref g 55 aer 0
3612 Sale 35
1978 MN
Hocking Val let cons a 4445_1999 J
3714 79
29
60
84
86 Apr'32
82
80
8615
Cons gold 5345
17 Sale 1612
1949 MN
Registered
19% 179
1999 .1 1
15
BSI,.
10012 Apr'31
_
1st ref g Is series H
1980 A0 37 Sale 3434
377
8 95
Housatonic fly eons g 55
29
1937 M N 88
60
91
88
88
79
88
1st dr ref 5s ser 1
1981 FA 3612 Sale 3434
38
H & T C Ist g 55 Int guar
180
1937 J J 85 100 08518 Apr'32
29
60
a8012 a8518
Houston Belt & Term 15158.19373 J
87
89 Mar'32
87% 89
Mo Pac 3d 75 ext at 4% July 1938 MN 51
8412 53 Apr'32
Houston E & W Tex 1st g 55_1933 M N
53
53
943 Jan'32
4
94.5
94'
Mob A Bir prior lien g 55____1945 J J
95
95 Aug'31
let guar be redeemable_ _1933 M N 94 100 9512 Mar'32
9512 96
Small
90 97 Sept'31
.1 -1
Bud & Manhat let 55 aer A_1957 F A
_-__
77 Sale 7314
7731 30
69
89
1st M gold 4e
19412 J
65 Nov'31
Adjustment Income bs Feb 1957 A 0 46 Sale 46
5012 48
46
64
2J
55 81 July'31
Small
Mobile & Ohio gen gold 45__1938 St S -1612 52 80 May'31
Illinois Central 1st gold 4a
1951 .1 J 68
8212 Feb'32
80 a88
Montgomery Div 1st g 55_1947 F A
95% Sept'31
let gold 3%e
1951
I 60 WO
70 Dec'31
MS 13 Sale
---Ref & Impt 4345
13
t
Registered
10J J
8614 June'31
---Sec 5% notes
_193 MS 18 Sale 1512
1 77
8
18
4
Extended let gold-344s_..1951 A 0 60
13
28
8558 July'31
Mob & Mal let gu gold 45 1991 MS 55
74
72 Feb'32
1st gold 35 sterling
72
75 4
,
1951 M S
73 Mar30
94 10114 Nov.
92
Mont C 1st VI 65
31.
1937 J
Collateral trust gold 45
1952 A 0 5112 Sale a48
523
8 12
45i
.1 J
67
99
1st guar gold 5.5
Jan'32
1st refunding 48
-isi" 161955 MN 4612 Sale 46
4712 41
42
MorrIs & Essex let 91.1 3%5_2010 J o 72 Sale 713
72
56
1 7
4
69
Purchased linc5 334$
73%
19522 .1
65
8412 July'31
86 Feb'32
1955 MN
Constr M Is set A
86
86
Collateral trust gold 4a
1953 M N 3912 Sale 3634
3912 15
35
70
Apr'32
73
76
1955 MN
Collar M 444s aer B
1224
Refunding be
70
7914
1955 M N 55 Sale 55
60
14
48
60
15
-year secured 6445 g__.19362 J 64 Sale 61
6f)
15
7012 Mar'32
54
61
82% Nuts Chatt & St L 45 set' A 1978 FA 50
40-year 43-45
70 5 70 2
,
,
Aug 1 1966 F A 3312 Sale 3212
36
201
N. Fla & 1-4 go g 54
31
52
99 Dec'31
1937 1A
Cairo Bridge gold 4s
1954)2 D 50
56 Mar'32
18 July'28
56
56
Nat Ry of klex pr lien 4%2_ _1957.7,
Litchfield Div let gold 35_1951 .1 J
70 Sept'31
J J
July 1914 coupon on
1834 July'28
Louis) Div & Term g 3348 19532 J -4218
,
55 Mar'32
_
118
- L"' 15
Assent cash war rct No.4 on
118 Apr'32
Omaha Div 1st gold 35. _ _1951 F A 4134
65
Oct'31
Guar is Apr'14 coupon_ __1977 AO
1234 July'31
St Loule Div & Term g 35_1951 J J 31
7218 Sept'31
13
4 2
Assent rash war rct No. 5 on
138 Jan'32
Gold 3345
19512 .1 53 16- 57
Jan'32
-17" If" Nat RR Men pr lien 434s Oct'28 i
3512 July'28
Springfield Div 1st g 3345_1951 J J 50
7812 85 Sept'31
Ament cash war rct No.4 on
118
4
13 Mar'32
Western Linos 1st g 4a
1951 F A 51 Sale 4818 Apr'32
48's 45i
1st conmol 413
1951 AO
Registered
F A
9012 July'31
Assent cash war rct No.19 1
118
13
4
113 Apr'32
4 on
III Cent and Chic St L & N 0Naugatuck RR let g 4e
4
1954 MN 563 712 66 Dec'31
JOInt 1st ref Is aeries A___1963 J D 39% Sale 3812
40
84
36
54
New England RR cons 58_1945 j 1 7112 ___ 100 Sept'31I____
1st & ref 4345 series
J 0 3712 40
36%
3712
6
52
32
Congo! guar 45
1945 J J 45
743 90 Sept'31
4
Ind Bloom & West 1st ext 4s_1940 A 0 7.514
80 Dec'31
_
NJ Juno RR guar 1st 45...A 46 FA
J
92
1985
Ind III & Iowa lst g 45
195412 J 63
85 9114 Sept'31
NO & NE 1st ref & impt 4%e A'52 ii
5678 51378 Jan'32
40 - - -71
5
6
Ind & Louisville let gu 45._ _1956 J J
70
45 Mar'32
45
41
New Orleans Term 1st 4s__ A953 2J 60
6018 Apr'32
75
130
66
Ind Union Ry gen Is sec A-1955 1 .1 7014 85
98 Nov'31
NO Tex & Nies n-c lie 55_1935 AO 3812 84
3978 Jat1.321__1__
2
7
0
35
39%
Gen & ref Is series B
1965 J J
10318 Oct'31
1st be series B
1954 AO
24
el
lot & Oct Nor let 55 sec A._1952 J J 3112 Sale 303
33
8
9
30
60
1st As series C
lst
25 849 32512 Apr'32
5
35% 0
119581 FA
3015 39%
Adjustment 65 set A_July 1952 A 0
8
618 103
4 6
17
6
30
4545 series D
24
2412 Apr'32
1956 FA 22
24
44.4
1
1st 55 series B
1956
J 25
26
2413
26
11
22
50
let 5 %a sertes A
AO 285
28
4
45
26
1st g 5s series C
.1 243 37
1956
Apr'32
24
8
24
48% N & C lidge gen guar 414s__1945.3.3 85
le 8212 Feb'32'____
27
69
151
9
831,
lot Rye Cent Amer 1st 55_ _1972 M N 3312 3712 29
80
3415
4
283 84
8
N YB&M 11 1st con g 55_1935 A0 85
9714 9412 Jan'32
944 941r
1st coil tr 6% notes
1941 M N 3018 35
35
35
3
31.
5014
1st lien &ref 6 S4s
1812 28
18 Apr'32
1917 F A
18
NY Cent RR cony deb 65___1935 MN
26
77 Sale 7512
7412 92
77121 16
Iowa Central let gold 5e___ _1938
D
514 Feb'32
238 5
3
5,,
Consol 4s series A
7014 8110 70
1998 FA
704 17
6212 8011
Certificates of deposit
23 Apr'32
8
D
2%
312
Ref & tmat 4145 series A.2013 AO
224
54 4 72
,
lit & ref g 45
12 Mar'32
12
12
12
1951 M B
When issued,
5912 55
5 3 3
8
561 '
57 Sale 5712
9
5% Sl
8
5414 72
Ref &Mug 55 merles C_ _ _ _2013 AO
55
22
3
5812 78 4
lames Frank & Clear 1st 48_1959 J D
79 Mar'32
80
75
80
NY Cent A Bud Ills M 3%5 1997 .1 J 64 Sale 762218
73 S
l
75
44
76
68
Kal A & OR lat gu g 5.5._1938 J J
103 May'31
_
_
Registered
70
1997 .1
70
7
6712 70
Kan &
1st gu g 45
83 Sept'31
75
1990 A 0 50
Debenture gnid 411
81 Sale 7915
1934 MN
8214 121
7914 9212
K C Ft S &
fly ref g 48_1939 A 0 46 Sale 45
50
27
45
70
30
-year debenture 45
7912 80
1943'.3
Apr'32
8212
78
Kan City Sou 1st gold 3a_ _ _1950 A 0 5712 Sale 5,513
5812 54
52
70
Lake Shore coil gold 3345_1998 A
65 Sale 6212
66
18
112% 72%
Ref & inlet be
50
Apr 1950 J J .50 Sale 45
17
45
71 18
Registered
59
68
1998 A
6814 Apr'32
68, 684
4
Kansas City Term 1st 45...1960 J
85
R714
84 Sale 83
89
80
Mich Cent coil gold 3%5_1998 A _6_4
. 80
74
,2
65
Kentucky Central gold 45._1987 J
63
80 68 Mar'32
68
68
Reglatered
865 Mar'31
212
1998 A
Kentucky & Ind Term 4445_1961 J J
85 84 Aug'31
NY Chle & St L lstg 411
727 745
8
8
745
8
4
82
1937 A0 70
71
Stamped
1961 J J -30 92 8914 July'31
Registered
9314 ktar'30
1937 A0
Plain
Apr'30
89
1961 J J
8% gold notes
1932 A0 43 Bale 43
41)
2224 74
Refunding 5145 series A...1974 A0 3012 Sale 28
30121 '22
20
461
:
Lake Erie & West 1st g 58..1937 .1
75 Mar'32
60
75
65
8312
Ref 41.-ks series C
1978 NI S
28 I 115
40
19
2d gold 55
Apr'32
68
1941 J .1
75
611
69
N Y Connect 1st gu 43-4s A.1053 FA 73 3 8ale 25 Mar'32
2
7112 8
8
88
79% 88
Lake Sh & Mich SO a 3 Ws.._1997 .1 D 70
74
74
74
70% 76
let guar 55 series It
93 Mar'32 _1953 FA
9018 93
Registered
72 Nov'31
75
1997 1 D 70
N Y & Erie 1st est gold 45...1047 MN 7712 __ 81
Dec'31
Leh Val Harbor Term gu 54_1954 F A
88
9012 Mar'32
9 10
-Silk -- - 2
3d ext gold 4345
100 Sept'31
1933 M
Leh Val N Y 1st go g 4 )45_1940 J 1 623 78
80 Mar'32
4
70
80
Lehigh Veil (Pal cone g 412_2003 M N 40
43
43
45
11
N Y Greenw tru g 55
36
59
19413 MN 30
7512 573 N o r331
78 4 m av: 2
64 Nov'31
M N ____ 90
N Y & Harlem gold 394s.254 MN
Registered
"ii 77
4412 42
45
2003 M N 43
General cone 4545
6 -451- 63
2
NY Lack & W ref 4 %a 13_1973 MN
Fc72
75
76
Gen cons 55
60 6114 Mar'32
2003 M N 43
N Y & Long Branch gen 45_1941 M S
lit65
8
7112 Dec'31
b32
Leh V Term Ry let gu g 5,..J941 A 0 __
DO
84
11
8934
90
NY&NE Bast Term 45
81
9515 July'31
1939 A0
9514 Aug'31
Lehigh & NY 1st gu g 4s_ _ _1945 M S ____ 83
N Y N II & 11 n-a deb 45_
60 63
Si)
1947 M
Apr'32
56 16
.
Lax A East 1st 50-yr 58 gu 1965 A 0 7218 80
7912 Feb'32
Non-cony debenture 33.46.1947 MS 52
2
70
51
52
5
51 r57
9112 May'31
85
Non-cony debenture 3341_1954 AO 45,2 6 12 47
4
505
6
0 63
5530
Little Miami gen 45 aeries A.1962 M N 70
9712 Apr'32
Long Dock coned g 64
1935 A 0 ___- 95
Non-cony debenture 421_1955 J J
1-79161"
4812 9654
Long Island
Nen.conv debenture 4s_19513 M N
A
A Pr°2 : 5212 68
p5 32
r 3: 5
4
1938 J 13 8718 893 8812 Mar'32
General gold 4s
82% 8812
Cony debenture 3345__ _1955 J J 42
53
5018 Apr'32
50% 58
Feb'32
98
1932 1 D
Gold 45
98
98
Cony debenture 65
1948 1 J 82 Sale
82
57
95
75
71
78
80 Mar'32
1949 M
Unified gold 45
7014 80
Registered
I J
98 Mar'32
72
02
92
92
82
3
1934 J D 81
92
90
Collateral trust Ci
95
Debenture gold 51
1940
so
15
71
94
7612 Apr'32
1937 MN 7512 82
20-year
m deb 55
36
7512 80
Debenture 4s
49
M N 81 18 8312 58 Apr'32
1957
70
59
48
75
1949 M S 74
80
7612
82
7
Guar ref gold 48
73
1st & ref 4%.sser of 1927_ _1957 .1 D 63% Salo 62
64
in
5912 77
993 10014 9912 Apr'32
8
99 100,4
Harlem It& Pt Chee 1st 4s1954 M N 68
Nor Sh B 1st con gu 55 Oct '32 Q
78
83 Mar'32
83
81
40
25
Louisiana & Ark 1st baser A _1969 J 1 40 Sale 38
3612 50
75
75 Feb'32
NYO&W ref g 45 June_1992 M S .5012 Sale 46
73
Louis& Jeff Bdge Coed g 48_1945 M 9
52
50
3884 55
96
General 4s
95 Apr'32
Louisville & Nashville 55_1937 M N
95
1955 J D 3812 427 4018
8
401e
1
35
46
7812
Unified gold 4A
85
81 18 32
4
1940 2 J 81
7514 883 N V Providence & Boston 481942 A 0 711 --__ 96 klar'31
7512
81
7612
5
7612 82% N Y & Putnam 1st con gu 421_1933 A 0
Registered
J 1 76
__ 7718 Jan'32
771• 77l
8278 Mar'32
1st refund 544s series A_ 2003 A 0 57
N Y Sum & Welt 1st ref 5e 1937
78
3
3138 35% 36
73 4 84
J 60-36
9
35
54
2d gold 4345
78
7
1st & ref 55 series B
59
63
2003 A 0 62 Sale 59
75 Mar'30
1937 F A ___ 65
_
1st & ref 4348 series C__2003 A 0 52
52
2
General gold 55
58
55
7518
2518
2534 26
52
,
1010 F A
2518
5
25
395..
10-yr sec g 55
4
Termlnal 1st gold Is
1)8
9212 Feb'32 _
1911 A 0 ____ 933 95 Dec'31
1943 M N 60
92
921;
-iois - - 12 N Y W Chos & B 1st tier I 4%5'46 J J
Paducah & Stem Div 48_1946 F A 7012 87
8
8012 Apr'32
6
53 Sale 49
53
14
47
62
St Louis Div 2d gold 3s.1981) M S 40
Nord Ry est'l sink fund 614s 1950 A 0 10212 Sale 1011. 10212 42
45
5f)
55
55
55
95% 103
Mob & Montg Dit g 4)44._1945 55 S
81
81
81.
Norfolk South 1st & ref A 55_1961 F A
Feb'32
117 1312 Apr'32
8
7
1112 20'South Ry Joint Morton 4..1952J J
Norfolk & South 1st gold 55_1941 M N
617 827 Nov'31
8
8
_ 36
40 Apr'32
40
50
All Knoxv & Cln Dly 4e._1955 M N
Norf & Wen RR imptaext Is '34 F A 10214 1033 10212 1023
74% 81
81 Mar'32
4
4 16 101 10234
10014 Mar'32
New River 1st gold 65
1932 A 0
99% 100,1
Mahon Coal RR 1st 55
1934 J J
101 100 Sept'31
N W Ry lat eons g 45_1995 A 0 88 Sale
9012 97
82
9212
Manila RR (South Lines) 48_1939 M
"1013 64
-5314 64
5012
80% Feb'32 -6312
Registered
1996 A 0
8018 311
1st ext 45
52
1959 M N
52
52
DWI 1st lien & gen g 45_1944 .7 .1 913 99 090
67
52
8
913
4 74
87
921.
Manitoba SW Colour:41'n 55 1934
97
95 Dec'31
Pocah C & C joint 4a__1941 J
D
9018 9214 91
92
8
8514 9212
Man GBANW 1st 3.540_ _1941 J .7
8712 Aug'31
r Cash sale. a Deferred del very.
____ an
08713
New York Bond Record-Continued-Page 4
BONDS
N. Y STOCK EXCHANGE.
Week Ended April 22.
Price
Friday
Apr. 22.
Week.
Range or
Last Sale.
Range
Sthed
Jan. 1.
Mob
High No :ow
Ask Low
Bid
1
993 993
4
North Cent gen & ref 55 A..1974 M 8 ____ 993 993
4
4
4
993
4
1974M 8
84 104 Sept'31
North Ohio let guar g 55...1945 A 0
50
783 Oct'31
8
124
North Pacific prior lien 45_1997 Q
6933 - 178 Sale 7714
7912 61
4
69
Registered
753
4
Q
7534
753
4
514 83
Gen lien 0' & Id g 35_Jan 2047 Q F 57% Sale 5612
49
59
Registered
50
553
4
Jan 2047 Q F
553 Apr'32
4
9
574 78
Ref &!mot 4165 series A_ _2047 .1 .1
16'- 57% 60
66
Ref. dr impt 8s series B..2047 J
904
7012 Sale 70
7212 340
73
Ref & impt 55 aortae 0_2047 J
78
73 Mar'32
70
78
Ref & Inapt 55 series D,.2047 .1
68
70 Apr'32
Nor Pao Term Co let g 85 .1933 J
lorsz lows
9714 --- 10012 Mar'32
Nor Ry of Calif guar g 55_ .1938 * 0
---9514 Oct'31 ____
GO
49
Og&LChemiitgua4s.1948 J J 4012
46 Apr'32
Ohio Connecting Ry let 45..1943 MS
97 Mar'31
-1W1- 90
Ohio River RR 1st g 55
- 90
1938 • D 86
Jan'32
78% 78%
General gold de
-61
1937 * 0
783 Apr'32
8
Oregon RR dr Nay corn g 45_1948• D 81
83
4
8612 87
8012
85
Ore Short Line lit cone g 56_1946 J
1
90
99
9014 93% 9014
90'4
7
94 4 100
3
Guar stpd cons 55
1948 J J 98 Sale 97
98
83
Oregon-Wash lot dr ref 45
71.
7212 Sale 713
196 J
8
7412 76
Pacific Coast Co lit g 5s___1948 J O 1814 22
1818 Apr'32
Pao RR of Mo let ext g 45_ _193 FA 814 827 90 Mar'32
8
26 extended gold 58
193 • J 45
94
93 Mar'32 _
Paducah & Ills lot of g 4145_1955 J J 65
_
91
93 Mar'32
Paris-Lyons-Med RR ext 812_195 P A 1013 Sale 101
4
1013
4 71
Sinking fund external 75_195 MS 103 Sale 10234
10314 47
Paris-Orleans RR ext 5%5_198 MS 967 Sale 95
8
97
43
Patinas Ry let & ref sf 7s_ _194 MS 50
65
63 Apr'32
_
Pa Ohio & Det let & ref 445 A'7 * 0 6812 7214 6312
681
6
Pennsylvania RR cone g 46.1943 MN _
9212 8912 Apr'32
Cense! gold 4s
Sale 88
1948 MN
89
30
Is start sptd dollar May 1 1948 MN 88 Sale 88
88
16
Consol sinking fund 4%5.1960 P A 9411 Sale 9412
9512 20
General 4165 series A
1985 ID 7418 Sale 7078
7414 100
General 55 series B
1968 J O 83 Sale 8118
8312 52
15-year secured 8.165
8
1936 P A 987 Sale 97
99
91
Registered
FA
8334 'Mar'31 40
-year secured gold 55-1984 MN - - gide 6514
6
72
80
Deb g 4145
1970 A 0 60 Salo 55
61
107
General 43.48 ser D
4
14
1981 A 0 713 Sale 70
73
Pa Co gu 3%5 colt tr A reg1937 M
87 Nov'31
_
Guar 3)15 °entrust ser B 1941 F A
Feb'32
81
Guar 3348 trust ctfs C____1942 J
854 Jan'32
Guar 3165 trust ctfs D__1944 J D
76
78 Mar.32
Guar 45 ser E trust cUs_1952 MN ____ 78
78 Apr'32
Secured gold 4345
65
43
1983 MN 65 Sale 6112
_ 49
Peoria & Eastern 1st cons 45_1940 * 0
Apr'32
51
25
, 412 73 Dec'31
Income 45
8
April 1990 Apr
Peoria& Pekin Un lert %5__1974 P A 65'2 72
69
69
5
5722 63
Pere Marquette let oar A 5s_1958 JJ 5114 Sale 54
533 40 Apr'32
4
2
1st 45 aeries B
1956 J J 43
50
lit g 41612 series C
50
50
8
1980 MS 49
904 8612
Phila Balt & Wash 1st g 4s.._1943 MN 90
90
1
98 10812 Sept'31
1974 FA
General (Miseries Et
Jan'32
1977 J J 75%
- 77
Gen'l g 4345 sec C
173 Sale 173
4
Philippine Ry lot 30-yr a f 45 '37 ,/
4
1818
2
- 100
1932 J
Pine Creek rig lot 85
100
1
4 9512 95
PC C & St L go 4445 A
Apr'32
1940 * 0 923 -95 95
Apr'32
Series 13 4145 guar
1942 AO 92
Series C 4145 guar
1942 MN 112
94 Mar'32
Series D 45 guar
1945 MN 8612
8718 Mar'32
Series E 445 guar gold_1949 FA
95 Alar'30
Series F 45 guar gold
1953 JO 8012 ---- 98 Sept'31
Series G 45 guar
1957 MN 8114 ____ 8314 Mar'32
8014 ---- 80 Apr'32
Series H cons guar 45
1960 FA
Series I Cow guar 4445___1903 P A 8414 _--- 90 Mar'32
Series J cons guar 4145
4- 93 Apr'32
1964 MN 841
D 80
General M fte series A.._ 1970
7734
80
12
86
Gen mtge guar 55 sec B__I975 * 0
90 Mar'32
71)
Gen 445 series C
77 Mar'32
1977 J
Pitts McK & Y let go 85_1932 J
___.. 1003 10018 Mar'32
4
2d guar 85
1934 I, 95 100 100 Mar'32
Pitts Sh dr L E lot g di
194( * 0
99
00;31
let consol gold 514
10014 Aug'28
1943 J
PlttsVa&Char 1st 45
98% June'31
1943 MN
Pitts & W Vs Ist 4 415 eer A_1958 JO 6040 80
54 Mar'32
let M 4345 series 13
- 50
55 Feb'32
1953 * 0
1st M 45-6s eerie° C
47
4712 Apr'32 _
1980 AO 42
Pitte Y & Ash lot 45 ser A1948• D
- 9514 Sept'31:
lift gen 55 series B
89 I
1982 FA 881:..., 89
let gen 55 series C
1974 ID 88
Providence (*cur deb 45_1957 MN
713 July'31
4
Providence Term let 45
77
7412 Mar'32,___
1958 MS 75
Reading Co Jersey Cen coil 45'5 AO
Gen dr ref 4165 series A___199 • J 8518
Gen dr ref 4%s series B__199
J 635
Rensselaer & Saratoga 65_194 MN
Rich & Mech 1st 540
N
194
Richm Term Ry let go 55_195' j
9638
Rio Grande Juno lit go 55._193 J
Rlo Grande 8ou 1st gold 4s _194 Ii
Guar 45 (Jan 1922 coupon) '40 J
Rio Grande West lot gold 45_193 Ii 6712
lot con & colt trust 45 A 194 * 0 43
R I Ark & Louts let 4%5_193 MS 43
Rut
-Canada lot gu g 45
194 J J 30
Rutland let con 4365
J --_.
194
St Jos & Grand Tel lit 45
194 13
StLawr&AdrlslgS,
1996
1
3d gold 65
1998 AO
St Louis Iron Mt & SouthernRly dr G
1st g 45
193 MN
St L-Ban Fran pr lien 45 A 1950 3,
Con M 4%e aeries A
1978 MS
Registered
J D
Prior lien Si series B
1950 II
3t L Poor & N W let gu 851948 J
It L SW let g 45 bond ctts_1939 MN
2d g 45 inc bond ctto Nov 1989I,
Como! gold 45
1932• D
lot terminal & unifying 55_1952
'3
St Paul & K C Sh L 1st 4165_1941 P A
St P & Duluth 1st con g 45.19418 J D
it Paul E Or Trk let 4 45_1947 • J
St Paul Minn & Man con 45_1933 J J
lot comet g 85
1933 3,
85 reduced to gold 4 3.45
1933 J ,
Registered
•D
Mont ext. lot gold 45
1937 ▪ D
Pacific ext go 45 (sterling) 1940• J
St Paul Un Dep lot & ref 55_1972 j
73A& Ar Pass let gu 45
1913 J
Santa Fe Pres & Phen let 55.1942 M S
1934 * 0
Say Fla A. West 1st g 6s
lot gold 5s
1934 * 0
Scioto dr N E lat gu ft 4s 1989 MN
Seaboard Air Line 1st g 45..1950 A0
1950 A0
Gold 45 stamped
A0
Certificates of deposit
0.31949 FA
Adjustment 55
1959 AO
Refunding 4s...
Certificates of deposit
1945 MS
1st & cons 6s series A
Certificates of deposit-----45_4:1933 MS
AU A. firm 30 Yr 1st g
73
40
713 75 Mar'32I ____
4
Sale 62
65 8, 29
7
68
6514
65141 10
113
Oct'30
7912 Sept'30
964 9638 Apr'32
90 85 Sept'31
214 June 31
712 Apr'28
/01- 67
2
6712 11
483 4712
4
4814
8
Sale 41
43
9
45
39
Jan'32
443 4112 Apr'32
4
77% 72 Apr'32
94
95 Apr'31
80
8978 Feb'32
5912 Sale
19 Salo
14 Sale
2314
585
41
663
4
4014
94
9833
9518
76
99
6712
9
8
12
3
213
3
2%
12
5912
65
30
19
22
123
14
13
195
4212 Aug'31
_
Sale 23
25
22
65 105 Aug'31
605, 5814
60
8
Sale 40
41
5
Sale 6512
8812 86
42
40
40
5
4434 48
Apr'32
23 Mar'32
85
9918 Aug'30
98
95 Apr'32
9912 99
99
3
9612 95
95
3
100 Apr'31
90
87% Mar'32 _
797 81 Mar'32 -- -8
Salo 9512
99
3
70 70
Apr'32
_
95 Dec'31
r10718Sept'31 ---101
Oct'31 -8212
8212
5
23
18 Mar'32
II
10 Apr'32
_
4 8
123
8
1
1
1
Apr'32
31* Apr'32
6
7
312 Apr'32 _
4
314 20
3 12 23
3
5
4
3
12
17
12
3
r Cash sale. 4 Due May. 1 Due August. a Deferred dellvar2•
184 1915
8512 90
85
93
954
93
91 1013
4
98 rl0412
8812 9712
85
41
6812 787
s
88
92
8612 934
91%
85
90
98
69
874
9214
78
95 1024
BONDS
N. Y STOCK EXCHANGE
Week Ended April 22.
3067
Price
Friday
Apr. 22.
Week's
Range or
Last Sale.
corn
Range
SIMS
Jas. l.
RDA
High No Low
/3441
Ask Loy
Seaboard All Fla let go 68 A.1935 F A
214 10
2
5
24 Sale
Certificates of deposit
112 218 3 Apr'32 ---115 615
Series B
1935 F A
13
4
Apr'32
Certificate./ of deposit
-__
258 2
112
2 F '32 ---:
1%
11s
21
/
4
Seaboard & Roan lot 56 extd 19313
8212 9012 Aug'31 ---.
S&NAla COM gug5e
1938F A 8814
- 872
8711 Apr'32 ---_ -8ii2 ---1Oen cons guar 50-yr 58L.-1983 A 0 704 85 147 Nov'31 -___
0
0
So Pae coil 45(Cent Pao coil) k'493 D 51 Sale
"- ";iii i
let 4%5(Oregon Lines) A.1977 M S 693 Sale 68
4
68
84 4
1
50
74
4
408
20 year cony 511
1934J D --_- 847 85 Apr'32 ---8 33
Gold 4445
1968 M
534 55
5412 18
85
4
8
77 %
93
Gold 410 with war
1989 M N 503 Sale a5012
47
74
4
67
53
Gold 416s
1981 M N 52 Sale 7 %
7314 117
53
84
1
4912
3
46
72
4
San Fran Term lot 45
1950 A 0 18
84
80
70
So Pee of Cal lot con go g 55_1937 MN 98 100 98
Apr'32 ____
98
99
So Pee Coast 1st Ku g 45
1937 J J 72
90
-----------So Pao RR let ref 45
1965J
7418 Sale 73
1:
Regtstered
J J
9512 Nov'31 ._________
96ja76S
n.3e
Stamped (Federal tax)_1955 J J
9212
Southern Ry let cons g 55-1994 J J
May'30_-i5 -- i70 iii
7212
a
Registered
J J
104 July'31 ____
nevel dr gen 45 series A...1958 A 0
291:
3112 105 -iir: 54
Devel & gen 65
1956 A 0
35
40
25
29
157
Devi & gen 8146
1956 A 0 4014 Sale 38
41
61
32
72
Mem Div lit g 55
1996 3 J 55
95
93 Nov'31 ____ ____
St Lou& Div 1st g 48
19513 J
54
6314 Feb'32 ____
6011/4
East Tenn reorg lien g53_1938 M S 71
91 101 Sept'31 ____
Mob & Ohio coil tr 45
1938 M S 30
30 4 34
3
34
97 45
2 Spokane Internet let g 55_1955 J J 10
24
25 Apr'32 ____
194 31
Staten Island Ry lot 4 y0_1943 3 D
87
Oct'30 ___
Sunbury dr Lewinton let 45._1938 J J
974 Nov 3 1 ___. -8s, 3741 .... :
9 34
'
,
96 _: -- - 983
..4
..
4
:
Cann Cent 1st 85 A or B
1947 A 0
Term Assn of St L Ist g 4%5_1939 A 0
let eons gold 55
Gen refund f g 45
1944
953
A
J
Texarkana & Ft El lot 5165 A 1950 F A
Tex & N 0 Con gold 55- _1943 J
Texas & Pao lit gold 55
2000 J D
-oHt 88
2d inc 55(Mar'28 epon)Dee2000 Mar
3
74 4
Gen & ref 5s series 13
1977 A 0
55
1979A 0
Gen & ref 55 series C
69% 79
Gen dr ref 55 series D
19803 D
81 if" Tex Pee-Mo Pao Ter 5345..1964 M S
858 85 4 Tol & Ohio Cent 1st go 55._1935 J
1
3
807
8
Gen gold iv let 55.
Weertern Diss
78
1935 A 0
764 78
6012 82
Tol St L & W 50-yr g 45
1950 1 D
935 4 O
60
Tol W V dr 0gu 4%5 ger B 1933 J J
55
1st guar 45 series C
65
79
Toronto Ham& Buff lst g 45 1946 J D
2
% M S
45
89
Ulster dr Del 1st .5s
1928
40
55
Otis den stpd as to Dec 1930
40
58
Int and 4570 ref of Prin---- let refunding g 45
861s 91%
Union Pee lit RR di Id gr 45_1957 -0
1 2J .11
% A J
Registered
187 211a
8
1st lien & ref 45
June
100 100
Gold
4466
a924 98
let lien & ref 5.
June
92
06%
40
-year gold 4s
94
94
U N J RR & Can gen 45_1944 M 13
8614 90
Utah & Nor 1st ext 45
Vandal% cons g 4s series A 19 5 1 4
53 F 1
3
Cons S f 45 series B
834 8314 Vem Crus & P asst 446_1 9 3.11
33
1957 M 14
80 80
Virginia Midland gen 55_1938 M N
Va dr Southw'n let go 5s.20031
884 90
87
93
let cons 50
-year 56
77% 92h Virginia Ry lot 55 series A 1982 M D
958 A N
874 94h
1st M 4145 series B
1962 M N
74% We
100 1001,, Wabash RR 1st gold 55-1939 M N
26 gold 55
100 100
Deb Os series B reghtterec1.19 9 .I A
3
3
19 F J
lot lien 50
-year g term 45_1954 J J
Del dr Chic eat let 56
1941 J J
45
56
Des Moines Dly 1st g 4J939J J
47
5314
Omaha Div 1st g 33.45_1941 A 0
45
Tol & Chic Div g 44(
583
4
-- Wabash Ry ref & gen 546s A.194 1 M S
1975
Ref & gen fas(Feb'32 couP)13 76 F
881 89
:
'
A
Ref & gen 4 t(65 eerie! C1978 A 0
Ref & gen 5s serial D
1980 A 0
Warren let ref gu g 3%5-2000 F A
Washington Cent let gold 45.1948 @
79
Wash Term 1st go 8145
75
1945 F A
61
8112
lit 40
-year guar 45
82
Western Maryland lit 45„2
76
lst&retS34sserlesA,.._j9773 I
West N Y & Pa lot g 5s.,..,19371 .1
93
96's
Gen gold 4s
Western Pac let 55 set A1 3 MS
94
1948 A D
West Shore 1st 45 guar
2381 J
Registered
--- --85
75
Wheel & L E ref 445 set A.2986 1 S
1361 M 1
44
56
Refunding Se series B
1966 M
34% 70
RR lst consol 4s
1949 MS
89
48
1942 J TI
WIik&S FM 161old 511851
414 4,7
dr Ea Ist 4 Su
WInston-Salem 8 B let 422_198g
l
j
81
84
Wle Cent 50-yr let gen 4s 1949 J J
Sup & Dul dly & term lot 45'38 M N
597 597, Wor Je Conn East let 4
k
k
y65_1943 J
in.14 1
2008
25
9112
90
75
6712
26
933
4
96
84
70
25
27
93
96
Apr'32 ____
78
78
1
6612
6612
5
1001 Nov'31 ____
82
873 82
82
4
4
95 Mar'29 ____
4712 Sale 45
51
11
47 Sale 47
50
22
47 Sale 45
50
9
862 :ri32. _ ___ __
99534 jar 3322 .:_
ln
a
.
753 88
4
95
74
10018
964
64% ____ 88
553 70
4
Sept'31 ____
Nov'31
Oct'30
Apr'31 ____
Dec'31
934 96
71
79
634 74
.
-lia- 11-a43
45
90
86
9244
- 4.71
7012
701
:
8912
92%
96
---- -------- ----_-- _---
527 64
8
5234
523
4
3
50
774
48 Feb'32
684
48
9012
9212 171 04514 9374
86
Apr'32
86
91
33
74
7514
7
77
9
7212 84
8
70
87
12
91 2 99
,
a
94; 58 66712 80
7 111
92 Sale a9112
7112 S e 70
5
Feb'32
90
90
90
9102
100 July'31
8
953 June'31
931: Sept'31
-11;
114 23
4 114 Feb'32
90 90 Apr'32
88
79
r 80
o 95
80 Feb'32
_ Airs 8372 8332 Ap'32 _55
3
,2
r7
3
0 3 14
0
3014 45
80 4 91
3
75 Apr'32
73
77
70
75
913 Sale
4
90
79 Sale
77 Sale
6012 Sale 59
55
79
623
s 62
4212 46% 43
48% 10
38
69
984 May'29
"iti 16" 87 July'31 --__
60
75
60
73
60 I
1
60
25
--- 32 Feb'32
30
46
32 40
79 Aug'31 -50
70
50 Feb'32 ____
74
714 71
71
: 1
5
19
612 11
6 I
3
6
19
8
7
31
611
43 18%
4
8
5
5% 1812
8
81
64
612 10
78 July'311____
58
56
89
56 Mar'32
56
824
7512 90
82 Feb'32
82
8312 881
1
83%
- 831: Apr'32
68
62
53 I 38
52 gide 52
46
63
55 I 11
5018 Sale 5018
902 98
934 95 6934 a9312
1
2 a74% 91%
76
76
781 a7418
49
34
28
27
32
361 31
45
78
6514 74
69
15
67
634 74
85 Apr'32
66
68
54 r51%
54 Apr'32
50
65
5512 -- 971: Aug'31
593 1622
4
701:
704 Sale 7012
2
22
2
201i 29
22 Sale 22
913 Oct'31
78 16
76 Mar'32
70
80
254 4014
29% 351 29 Apr'32
34
24
244 2412 25 Apr'32
83% ---- 884 Sept'31 ____
5014 8312
INDUSTRIALS
40
195
173 34
4
Abitibi Pow A. Pap lot 5s__1953 3D 3512 Sale 8512
123 2814 Abraham & Straus deb 5%5_1943
4
79
17
With warrants
7912 78
AO 78
627
8
7
80
20s 42
Adams Express coil tr g 45__1948 MS 55
88
Adriatic Elec Co en! 7s____1952 AO 7612 Sale
Jan'32
2
54
A'AII Rubber 1st I5-yr 5 f 85_1938 3D
69
218 10
5
8
37
497 Alaska Gold M deb 65 A___1925
10 4 69
3
9
103 10
4
•B
1012 73
42
89
Cony deb Si series B
9
11% 10
19213 MS
2718 55
30
Albany Perfor Wrap Pap 651948 * 0 27
261g
7
30
4214 80
23
58
Allegany Corp coil tr 5s
1944 P A 622 Sale 20
73
Coll & cony 5a
18
63
73
15 Sale 15
1949 ID
Coll & cony 54(
17
123
1950 A0 15 Sale 15
-aiT8 If" Allis-Chalmers Mfg (hob 55_1937 MN 7214 Sale 7172 77 63
96 10014 Alpine-Montan Steel 1st 75 _1955 MS 4312 4512 45
45
1
94
97% Amer Beet Bug cony deb 83_1935 FA a2018 Sale 2012
2014
7
American Chain deb s f 86_1933 A0 50
69
67
68
9
84
92
Am Cyanamid deb Se
75
1942 A0 74
75
75
2
Am & Foreign Pow deb 542_2030 MS 3314 Sale 3212
70
81
37
365
91
99
Amer Ice s f deb 5e
70% 39
1953 ID 69% Sale 6952
8712 8012 Amer I G Chem cony 5%5_1949 MN 59 Sale 59
33
63
Am Internet Corp cony 5145 1949
'
3 69 Sale 6412
72
114
AmMach&Fdysf8s
1939 A0 10238 Sale 10238 102%
1
Amer Metal 516% notes_1934 AO 4718 Sale 47
a50
71
24
212 2 Apr'32
7833 If Am Nat Gas 8145(with war) 1942 AO
16 r25
212 Feb'32
Certificates of deposit
10
193 Am Sm & R 1st 30-yr 54 ger A '47 AO
4
8234 Sale 82
84
68
8
13% Amer Sugar Ref 5-yr 85___1937
' 10114 Sale 100 2 1013
3
,
4 52
1
112 Am Telep & Teleg cony 45_1938 MS 99% Sale 9914
993
4
8
30
-year coll tr 55
21
: 5%
102
1946 J o 101% Sale 101
122
35
-year 5 f deb 85
24 7
99 Sale 98
993 626
4
1043 Sale 10244 105
23
4 64
4
20
-year f 545
1943!M N
180
Cony deb 4345
7
10212 62
19394 J al01 Sale 100
12
20
98% Sale 9814
35
-year deb 51
993 508
4
1965.F A
284 41
75%
60
72
5
8
9
261s
1414
,
848
70
8212
S
14%
14
46
12
41%
1312 33
91
71
5112
40
1812 22
68
8712
80
69
a22
47
75
65
55
70%
6312 72%
10214 103%
47
88
112 A
212 312
80
96
98 105
9414 100
97% 1021
:
954 10378
1094 105
Ina 107
95 100 4
14
4
3068
BONDS
N. Y.STOCK EXCHANGE
Week Ended April 22.
New York Bond Record-Continued-Page 5
.
Price
Friday
Apr. 22.
t•
1. t
3
Week's
Range or
Law Sate,
Range
Sities
Jan. 1.
High No. Low
Low
High
65
973
4
65 Apr'32
17
87
8314 95
86
5912
50
841
/
4
63% 26
2412
2412
1
2012 30
1
2
2
2
1212
10 SePt'31
-7E54 80 7
753 Mar'32
4
6014 79
673
4
693 200
4
5812 135
5014 69
57
14
52
52
56
70
99
98 1013
4
99% 10
95 Apr'32
95
954
2
34
36
35
373 35
4
44
9312 Sale 93
19
8512 94
94
Ask
Bid
60
77
86 Sale
62 Sale
2412 30
2 Bale
1
5
85
75
68 Sale
58 Sale
52 Sale
Am Type Found deb 68.-1940 A0
AL Wat Wks & El coil tg 53_1934 A0
1975 MN
Deb g 65 series A
Am Writing Paper let g 60-1947
1945 MN
t deb 7s
Anolo-Chilean s
AntiIla (Comp Astir) 743-1939 J
Ark & Mom Bridge & Tea 50_1964 MS
Armour & Co (III) 158 4341-1939 AD
'
3
Armour & Co of Del 534... _ -1943
Armstrong Cork cony deb 55 1940 AD
Associated 0118% gold notes 1935 MS
1947 3D
Atlanta Gas L lit be
.•1
All Gulf& WI E3S I- coil VS.1959
1937 ii
Atlantic Refining deb 64
Baldwin Loco Works 1st 5s-1940 MN 9812 9912 9812 a99
5 Apr'32
33 15
4
Baragua (Comp Asuc) 745-1937 33
a72 Bale a7212
/
1
4
76%
Batavlan Pelt guar deb 4)41 1942 J
86
85 Sale 85
1936 J
Belding-Hemingway 61
4 10312
Bell Telep of Pa be series B-1948 J J 10314 Sale 1013
10318
1960 AO 103 Sale 10218
let & ref bs series C
74%
7212 Sale 72
Beneficial Indus Loan deb 63 1948 M
3112
Berlin City Elec Co deb 843 1951 J D 30 Sale 2912
29%
Deb sinking fund 634e.....1959 FA 29 Sale 2718
29
Debenture fts
1955 A0 28 Sale 2718
30
Berlin Eleo El& Underg 634e 1958 AO 29 Sale 29
84
Beth Steel 1st & ref ba guar A '42 MN 8212 Sale 82
91
91
30
-year pm & Impt If 53_1936 J J 89
8712
MS 23 Sale 23
20
Bing & Mug deb 630
1950
64 104 9
10
Botany Cone Mills 8344-1934 A0
42
42
Bowman-Bill Hotels let 73-1934 MS 4112 45
212
Frway & 7th Ave 1st consbs_1943 J D
3D
Certificates of deposit
114
Brooklyn City RR lit 5.-_1941 33 55
' 103
3
Bklyn Edison Inc ion 153 A __1949
Bklyn-Manh R T sec Si_ -1968ii 88
4
Bklyn Qu Co & Sub con gtd Is'41 MN 563
1941 3' 55
let 53 stamped
Brooklyr R Tr let cony g 4s 2002 3'
,
Bklyn Linton El let g M
1950 FA 7018
bklyn 17n Gas let cons g 5s1945 MN 10414
let lien & ref Si series A.. 1947 MN 108
Cony deb g 5441
1936 J J 140
Cony deb be
1960 3D 94
But & Snag Iron let if fle_ _1932 3D ---,
Buff Gen El 4346 writs B__ _1981 P A 9614
Bush Terminal lit 4.
1952 A0 0718
Consol Si
1055 33 654
Bush Term Bldg. Se go tax ex 60 A0 76
N ____
By-Prod Coke let 5341 A
1945
312
3
61
10412
Sale
Sale
Bale
3 Apr'32
1 Mar'32
551s
55
0314 1043
8
89
84
563
4
563
4
55
55
9212 June'29
74
68
70
Sale 03
10414
08 Mar'32
147 Feb'32
9512
963 9612
8
-- 96 Nov'32
95
10114 9412
7412 025 Apr'32
8
65
75
05
78
Sale 76
44% 45 Apr'32
2
17
5
29
67
24
58
74
80
47
50
25
10
22
1
__ _
7
33
319
1
1
___
36
20
___ _
11
__ _ _
14
____
8
2
__
Cal G & E Corp unit & ref 63_1937 MN
1940 33
Cal Pack cony deb bs
Cal Petroleum cony deb if 581939 P A
1938 MN
Cony deb s f g 5343
1942 AO
Camaguey Bug 1st i f 7s
Canada BS L 1st & gen 8a-1941 AO
Cent Dist Tel 1st 30-yr be- A943 J D
Cent Foundry let sf61 May 1931 P A
Cent Hudson 0 & E fa Jan 1957 MB
Cent III Elec & Gas let 54-1951 P A
Central Steel let g f 84-.1941 MN
Certain-teed Prod 545 A__ _1948 M
Ceepedes Sugar Co let if 745'39 M
Champ Corp cony S. May lb '47 MN
Chic City & Conn Rya Si Jan 1927 A 0
Ch G L & Coke lit gu g be-1937
Chicago Rye 1115.stpd rota 15%
principal and Aug 1931 int- _ P A
1943 A0
Childs Co dab Si
1947 A,
Chile Copper Co deb 5s
1968 A0
CinG&EIMM 43A
'
3
Clearfield Bit Coal let 4s__ _1940
1938 .1
Colon Oil cony deb 66
Colo Fuel & Ir Co gene? 58_1943 P A
Col Indus Is;& coil Se gu__ _1934 P A
Columbia 0& E deb 5s May 1952 MN
Debentures 53_ _ __Apr lb 1952 A0
Jan 15 1961 .1
Debenture 5s
Columbus Gas lit gold bs_ _ _1932 3'
Columbus Ry P & L let 44s 1957 3'
101 1013 101
4
5514 Sale 55
4
77 Sale 653
4
75
813 81
2
/ 5
1
4
2
28
3514 30
10212 Bale 1024
8412 100
853
4
100 Sale 100
70 Sale 66
8512 89
8512
29
30
29%
6
10
612
5312 Bale 5112
271s
98
99
98
Commercial Credit If 64.___1934 MN
1935 ii
Coll tr f54% notes
Comml Invest Tr deb 54s-19 FA
49
Computing-Tab-Rae if 66_1941 .1 .1
'
3
Conn Hy & 1.1st & ref g 44s 1951
1951 J J
Stamped guar 4)4s
Consolidated Hydro-Elec Works
1
of Upper Wuertemberg 73.1956 1 Cons Coal of Md 1st & ref ba_1950 J D
Consol Gas(NY)deb 544 1945
1951 AD
Debenture 434e
Consumers Gas of Chic go 5.1936 3D
Consumers Power let be-__ _1962 MN
1946• D
Container Corp let 66
-year deb be with warr_1943 AD
15
Telep Se Feb 16 1954 FA
Copenhagen
Corn Prdd Refs let 25-yr if Si'34 MN
Crown Cork & Seals f 6s_ __ _1947 3D
Crown Willamette Paper 6s_1951 33
MS
Crown Zellerbach deb 6,w w 1940 .1
Cuban Cane Prod dab 65... _1950
Cuban Dom Sugar let 730_1944 MN
Stpd with porch war? attached
Ctts of dep nod and unatpd. Cumb T & T let & gen 5s_ _1937
Cuyamel Fruit let if Si A1940 A0
9018
88
83%
1043
4
2912 30
30
30
3
19% Sale 19%
20
28
/
1
1044 Sale 10312 105
77
9612 Sale 93
953 231
4
100
100 Sale 100
1
/
4
100 Sale 100
/
1
4
/ 1011 31
1
4
31
31
30
15
30
/
1
4
12 Sale 10
12
3
80
70 Apr'32
70
103
4
10212 103 1024
75
4
74 Sale 73
69
4
684 69 68
a5314 29
52 Sale 51
112 Apr'32
14 2
13 ____
4
5 1)ce'31
4
13 -- 2 Mar'32
Pa Apr'32
13
4 5
1013
4 32
1013g Sale 101
043 Mar'32
4
Del Power & Light let 4 48_1971 J
'
3
1969
let & ref 434s
1969 33
let mortgage 4141
'Si MN
Den Gas & El L let & ref f ba
Stamped as to Penns tax. 1931 MN
Dery(D (1) Corp 111 p f 7a_.1942 M S
2d 7s stPd Sold 1930 c°°9°n - M
Detroit Edison let colt If Si 1933 J J
1919 AO
Gen & ret be eeries A
1955 AD
Gen dr ref ba series B
-19132 P A
series C._
Glen & ref
Gen & ref 44a aeries D_ _1961 FA
1940 MN
Dodge Broa cony deb 63
Gold (Jacob) Pack let 51_ _.1942 MN
1942 J .1
Donner Steel let ref 7e
Duke-Price Pow let Baser A.1986 MN
Duquesne Light let 44s A _1967 A0
87
85
85
61
-1- 1
ioi" Sale 011g
101 Sale 00
/
1
4
101 Sale 99
10034 Sala 9718
4
943 Sale 113
4
693 Sale 69
541
/
4
541a
80
83e 80
0012 Sale 6612
97 Sale 96
3814
26
37
91
39
Sale
Sale
Sale
4
343 Sale
45
48
70
70
6912
9612
8114
-1- 6
3
88
86
85
85
Sale
72
Bale
99
88
Apr'32
11
59
803
4 36
82
7
Apr'32
Apr'32
1
10212
3
871
/
4
10012 11
70
27
89
3
3114 28
Mar'32
547 186
8
July'31 -_
3
99
3712
381a 21
27
23
18
4312 50
37
90
914 61
77 Dee'30
1233
341
4 40
48
50
16
_
40 Apr'32
67%
72
95
67
7112 62
07
72
154
9612
Ms
1
8112
83
25
93 9214
93
7
8912 873
4
873
4
1
Sale 8214
85
107
Apr'32
106 106
1015 July'31
8
91
89 Apr'32 _
89
82
91
9712
92
85
/
1
4
87
12
Apr'32
85
2
Apr'32 _ _
Oct'29
Dec'31
10112 14
51
101
101
5
8 91
1003
947
8 87
78
73
2
5812
2
84
587
8 25
97
226
5
1
5
5 Sale
East Cuba Sug I5-yr e f g 74e'37 MS
412 Dec'31
4
Stamped as toe f guar
j
9614 Apr'32 - - 96
9612
Rd El Ill Bklyn lat con 4s._1939
1075
8 13
Ed Elea(NY) 1st cons g 58_1995 3' 107% Sale 107
7
2812
El Pow Corp (Germany) 83413'50 M
2712 Sale 2712
3
28
let sinking fund 614s
1953 A0 2712 Sale 2712
1
20
D 20
Elk Horn Coal let & ref 6345 1931
25
20
Deb 7% notes (with war?) 1931 3D
15 Aug'31
15
Ernesto Breda Co 1st in 7a...1954
15
51
4
With stock purchase warrants. P A 49 Sale 493
/
1
4
r Cash sale. a Deferred delivery
9812 10111
5
712
a7012 8212
85
90
9830104
983 10312
4
7012 80
2812 4712
2718 £2
253* 87
2414 3512
797 97
881 98
8
20
30
8
173
4
35
50
3
47
4
1
1
55
61334
9714r105
8014 9114
554 58
55
55
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 22.
IS
tt
4a.
Pries
Friday
Apr. 22.
All
Bid
Federal LIght & Tr 1st 113_1942 MS 69 Sale
let Hen s f ba stamped____1042 MS 66
7012
let lien Os stamped
72
77
1942 M
30
-year deb 6s aeries B__1954 3D 4612 6014
Federated Metals s f 7s
1939 AD 68 Sale
Flat deb,f g 7s
1946 3' 8118 82
Flak Rubber loll? 83
1941 MS 1612 1812
Framerican Ind Dev 20-yr 7,4a'42 33 8312 Sate
Francisco Bug let s f 7)0-1942 MN 15
297
8
Gannett Co deb Si
74
1943 P A _70
Gas St Eta Berg Co cons g 5s1949 AD
Ge'senkIrchen Mining Si_ _1934 MS 55- Sale
Gen Amer Investors deb 5a1952 FA
76'! 773
4
Gen Baking deb if 542s
1940 AO 9312 95
44 Sale
Gen Cable lets
P A 96
Gen Electric deb g 34s
9812
1942
Gen Eleo(Germany) 7s Jan 15'45 33 39
/ 4212
1
4
8 f deb 8143
/
1
1940 AD 344 39%
4
20
-year s f deb (is
1948 MN 293 Bale
Gen Mot Accept deb Si
1937 P A 100 Sale
Gent Petrol Int s f 5
1940 P A 9914 Sale
Gen Pub Bey, deb 543
1939 33 83 Sale
40
41
Gen Steel Cast 64s with warr '49
4 Sale
Gen Theatres Equip deb 6s.._1940 * 0
Gool Hope Steel & It sec 7s 1945 AO 26 Sale
Goodrich(B F)Col st 634..._1947
7812 Sale
Cony deb Si
1945 AD 4314 Sale
Goodyear Tire & Rub lst 56_1957 MN 70 Sale
Gotham Silk Hosiery deb 68_1936
80
813
4
Gould Coupler lat a f 6a
28
1940 P A 22
Gt Cons El Paw (Japan)7s 1944 FA 48 Sale
lat & gen s f 6
40% Sale
1950
Gulf Stated Steel deb 54._ _1942 AD We Sale
Week's
Range or
Last Sale.
Low
High
66%
70
6912
66
71
Apr'32
46 Apr'32
68
58
811
/
4
8118
1714
18
83
84
15
1512
70
7012
0314 Sept'31
30
31
74 Apr'32
9312
934
441
/
4
4312
96
90
40
4012
3312
35
293
4
3018
993
4 10014
99
993
4
82
84
4012
41
312
4
26
283
4
7712
783
4
4114
44
69
7012
79
8014
22
24
44
49
3718
41
2812
30
A't 63
Rang.
MOM
Jan. 1.
No. Low
15
68
66
6
71
46
68
3
7718
105
12
16
823s
30
6
lb
15
69
35
4
81
2
3
10
134
241
8
32
33
95
39
60
41
53
6
13
15
12
27
Hackensack Water let 46_1952
85
8612 85 Apr'32
Hama SS Lines da with warr-1939 AO 15
15
17
8
16
Harpen Mining 68 with Mk purch
24
war for corn Mock of Am ohs'49 J
293 2534
8
2818 18
P A
Havana Elec consol g 6e1952
18
2212 20
Apr'32
_
5 Apr'32
4
10
Deb 54s series of 1928
1951 MS
61
70
68
Hoe(R)& Co lat(14s ser A_1934 AO
81
614 10
3
00 1043 Holland-Amer Line 133(fla0-1947 MN 1512 28
4
197 Mar'32
8
__
107 111
4
Houaton 01'link fund 54s_ _1940 MN 533 Sale 5118
533
4 19
147 147
3012 43
Hudson Coal lot.? Se ser A.1982 3D 30 Sale 2934
905 99
3
Hudson Co Gas let g 5s__ _ _1949 MN 10012 102 100
10012 10
Humble ott & Refining 5,0_ 19323' 10012 Sale 10038 1005 42
937
*0 100 Sale 9912 100
"iii"
Deb gold 5$8
77
625 80
8
58
71
Illinois Bell Telephone fe.-1956 AD 10214 103 10112 10212 37
78
90
Illinois Steel deb 435e
2
973
4 19
1940 AO 963 Sale 96
,
45
Raeder Steel Corp mtge Os_ _1948 P A 2514 2612 25
60
264
5
/
1
Apr'32
10
Indiana Limestone 1st s f 63_1941 MN
5
10
9914 1013 Ind Nat Gas & Oil ref 5e___ _1936 MN
4
9118 Apr'32
* 0 72 Sale 72
53
71
Inland Steel lat
72 12 20
8112 80 4
3
1st M s f 44s ser B
6912
s 15
19 8 P A 70% 74
81
7
717
64
82
Interboro Metrop 4sis
94
10
5
1958 * 0 10 Sale
AO
Certificates of deposit
as Mar'32
23
2
86 4 Interboro Rap 'Fran 131 S...1966
.▪ 1 4812 Sale 4412
8114
49
306
993 10212
4
.• 1 4812 Sale 4412
Stamped
49
128
851 93
/
4
10
-year es
124
4
32
1932 A0 3112 Sale 283
0634 10012
10-ymir cony 7% note...,1912 MS 63 Sale 581
2/ 0
,
1
4
0414 42
54
77
Interlake Iron 1s1 58 B
1
1951 MN
30
30
85
97
Int Agile Corp 1st 20-yr 58 1932 MN
9912 Mar'32
297 4434
8
Stamped extended to 1942-- MN 3214 50
33 Apr'32 - 5
8
Int Cement cony deb 53
1948 MN 52
5512 5212
5412 25,
443 76
4
Internal Hydro El deb Cs__ _1944 * 0
Sale
110'
Internal Match if deb bs__ _1947 MN 371 S
35
38
2782
412 124'
97 10 ;
-- 1
6
Cony deb M
'
3
212 Sale
212
412 199'
Inter Mere Marine if lis„ _1941 AO 41 Sale a41
42
1941
521
36
50
'
3 5312 Bale 491
Internal Paper be ear A & B_1947
534 18,
2
20
48
Ref s f (la series A
2312 311
/
4
1955 M
23 Sale 221
37
In; Telep & Teleg deb g 44411952
6012
31 Sale 283
4
3218 149,
82 4 924
3
Cony deb 443
119955
39
34 Sale 33
3712 193
P A 3112 Sale 31
Deb 5s
208
35
-His -4
1;- Investors Equity deb 58 A _ _1947• D 7018 Sale 5512
704 19:
/
1
48
67
Deb M ear B with warr_ _1948 * 0 654 ____ 60
/
1
60
240
65
* 0 651s 72 60 Dec'31
Without warrants._
194$
61% 8512 K C Pow & Lt lst 4izs ser 8_1957 ▪ J 9312 Sale 9212
93'
2 41
60
85
let M 434s
1961 P A 9412 Sale 92
945 115
59
8412 Kansas Gas & Electric 41e_1080 AD .
8
13 Sale 8718
8
12
85
19
37
90
9812 Karstadt (Rudolph) 1st 66_1943 MN
Sale
18
814 92
Keith (B F) Corp lst 6s
1946 MS 40 Sale 40
413
17
Kendall Co 544 with warr_ _1946 MS 5718 601 581s
2
59
23
91
95
Keystone Telep Co let 56
19353' 70 Sale 68
70
3
8414 9112 Kings County El 1. & P 5s,J937 AO 10112 102311 10114
10114
1
79
92
Purchase money 6e
1997 A0 122 Sale 12034
122
26
105 10612 Kings County Kiev let g 43_1949 P A 61
65 65
65
2
Kings Co Lighting let 5e._ 1954 j
96
983* 95 Apr'32
89 - - 39 4
i
First and ref6 4s
1954
109 115 108
10834 10
Kinney(GR)& Co 7' % notes'38 J D 20
44
4612 Apr'32
30
8514 Kresge Found'n coil It 6s,,_1938 J D 71
76
763* Apr'32
2214 Krauger&Tollsecefss,_.,l959M S 10 4 Sale
19
3
9
103 183
4
1210054 105
89
Lackawanna Steel let 58 A _.1950 M
98
844 80 Apr'32
80
98 101
Laclede 0-7. ref & ert fe ---1934 A 0 85
8912 88
89
5
Coll d: ref 5.
97 1013
4
serial C1953 F A 56 Bale 541
/
4
5612
8
80
3712
Coll & ref b4a series D._1960 F A 5514 Sale 49
5514 29
10
24
Lautaro Nitrate Co cony 68_1964
Without warrants
J J
6 Sale
6
614
1003 10218 Lehigh C & Nav f 443 A _1954 J
82 2 73
8014 857 84 Mar'32
8
Cone sink fund 4 4sser C.1954 J
73
84
801 87
/
4
90
Feb'32
(37
7512 Lehigh Valley Coal 1st g 58..1953 J J ---_ 843 883 Apr'32
4
4
48
15t 40-yr gu int red to 4%_1933 A J
60
995 94 Dec'31
8
ist & ref e f be
114
27
8
1934 F A 100
- 10014 Mar'32
Ist & ref a f ba
40 Feb'32
1st & ref s f be
-- -122
1954 F A
35 Feb'32
1St & ref s 56
118
15
8
____ 4212 43
Jan'32
let & ref f Is
074 10214
3912 41
Jan'32
97 1004 Liggett & Myers Tobacco 73_19474 A O
I A
111 99604444 FF AA
lei4 Sale 1153
11612
9
4
1951 F A 10014 10012 loo
10114 23
Loew's Inc deb f 133
85
93
81 Sale 7712
81
18
Lombard Else 7s without war 9 2 JE1 661 Sale 6514
i_'61A 0
/
4
0612 16
With warrants
92
87
A 0
69 Nov'31
85
9212 Lorillard (P) Co deb 76
1944 A 0 1084 Sale 105
10814 16
5s
85
921s
88
89
88
88
6
Louisville Gas & El(Ky) Se 1952 17A 97% Sale 963
9 3. N
I
4
98
71
Lower Austria Hydro El Powlst a f 63411
loola 1618
- 1
1944 F A
36
36
9512 10112
McCrory Stores Corp deb 6,
48'41 J
94 r104
551 62
/
4
55
5512
9
McKeown & Rabbit)» deb 5S1P 50 M N 44 Sale 40
90 101
.
56
45
Mental Sugar 1st Sf 7303._ 1942 A 0
87
95
314
512 3 Mar'32
Stamped Oct 1931 coupon 1942 A 0
66
86
314
5
5 Mar'32
Certl(testes of deposit
50 2 5812
3
--214 133
4
75
8612 Maoist SY(NY)cons g 411_1990 I
314 Sale 30%
3312 40
55
8112
22
30 Apr'32
30
2u i
_295 M D 71
10133 A EI
9314 r9712 madill4 eo RR 41 Lt a f
84
98 Sept'30
Mfrs Tr Co ctfs of panic In
A I Namno & Ben lat Os. _19433 D 77
44 512
79
771
/
4
79
10
Marton Steam Shovel s f 63..1947 A 0 3212 34
3212 Apr'32 _ _94 "ski]; Market St Ity is sec A _April 1940 Q J 82 Sale 80
82
4
Mead Corp is; 68 with wart.1945 M N a43 Sale
107 110
41
43
9
Merldionale Elea 1st 7s A _ 1957 A 0 --__ 7812
2.5's 88
7914 Apr'32 -Metr Ed 1st St ref be see C_ _1953
J 96
264 38
9934 95
a993
4
3
let g 4
series I)
1968M 14 83
211
/
4
20
6
8314
83
Metrop Wat Sew & Dr 13 14s_1950 A 0 40 Sale 80
39
45
65
Met West Side El(Chic) 45. 1928 P A
28
38 Mar'32
195(I 3 I) 13
40
52% Miag Mill Mach 1;s f 7s
10
5
177 16
8
Midvale St &0 coil tr s t 58.1936 M
39
90
00395 Sale 89
*
High
76
7612
82
08
80
8118
28
913
4
20
75 4
,
-58
43
82
74
8912 9512
3412 0612
93
96
39
501s
a3318 69
2814 43
973 10214
4
9534 10034
73
84
3912 6112
1
73
4
254 40
60
79 4
3
3612 483
4
68
8214
7212 8012
22
2612
44
69
374 60
25
88
7814 8514
12
27
25% r43
14
25
20
5
8
818 28
174 1978
51
7014
28
44
98 10014
9912 100 4
3
94 100
9612 1024
9312 9912
2012 30
10
18
91
96
71
84
82
65
011 1018
5
8
5
5
40
59
40
59
4
251 443
/
4
79
57
30
60
991:T10114
32
38
52
7014
3112 54
624
2
212 64
a41
504
45
56
21
8812
51
19
23
59
2114 544
55
701a
55
60
- r
90 954
904 96 4
3
741286
1718 26112
63
40
65
49
70
68
9812 102
119 122
62
7612
98
93
106 109
66
45
76% 9112
5912
8
80
88
51
49
92 4
3
98
78
753
3
514 1412
84
90
89
90
80
93
-tiElis
3978
85
43
41
116
964
764
57
160 4
1
44
89 4
1
43
61
119
102
904
7018
1015 108
i
8114 9212
9934
91
34
46
55
38
8
2
91
00
10
6
704 434
30
30
7712
21
79
41
76
90
773
4
381s
38
16
i784
88
88
92
51
80
100
85
50
884
30
07
3069
New York Bond Record—Concluded—Page 6
z•
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 22.
Pried
Friday
Apr. 22.
Week's
Range or
1431 Sale.
•
4
4,
Range
Since
Jan. 1.
High
All Low
High No Low
Bid
9412
26
81
84
D 8312 Salo 8274
MOW El fly & Lt let Si B. _1961
8014 96
8314 32
82
4
823 Sale
1971
let mtge 6a
9512
81
18
87
J 8512 Sale 85
1943
Montana Power let Si A
.2
607 8284
1
4
607 Apr'32
D 603 65
1962
Deb 6s series A
Montecathil Min & Agrio—
8
823
88
4
8118
437914 Sale 8012
1937
Deb 71 with warrants
8212
87
4 16
793
85
7914
81
Without warrants
4
757 8412
3
81
81 Sale 80
Montreal Tram let & ref 531941
60 Dec'31
Gen & ref elSe serial A_ _ _1955 A 0 6212 70
94 May'31
1955 A 0
Gen & refef Ess ler B
WI" 60
60 Feb'32
70
It 443 ear 0.__1955 A 0 60
Gen & ref
9112 9312 May'31
1955 A 0 62
Gen & ref s 1 56 aer D
22 "i6i4 78
69
68 Sale 67
1939
Morris & Co let f 434e
4014 4014
4
Mortgage-Bond Co 4,ear 3-1966 A 0 4014 50, 404 Mar'32
9512
72
2
82
8712 82
74
1934
Murray Body let 648
93 100
Apr'32 ---99
95
Fuel One lit gu I 54-1947 MN 91
Mutual
8
997 Nov'31 ---MN 80
8
997
Mut Un Tel gtd 6s en at 5% 1941
Namm (A I) & Son_See Mfrs Tr
11
42
Nassau Mee guar gold 4s____1951 J J 42 Sale 4112
2
59
19423 D 59 Sale 5812
Nat Acme let a t 88
8
903 187
8 F A 88 Sale 88
Nat Dairy Prod deb 548_194
10 Apr'32
14
8
1947 F A
Nat Radiator deb 6148
7112 46
1958 A 0 714 Sale 69
Nat Steel 18t coil be
1
9512
9512
9612 100
Newark Consol Gas cons 58.1948 J
8812 16
8
Pow & Light let 442_ _1960 A 0 84 Sale 83 3
NJ
4
70
A 0 68 Sale 66
Newberry (3 3) Co 54% notee'40
1043
4 61
4
1952 3 D 1043 Sale 102
New Eng Tel & Tel as A
4 23
9614
973
1961 MN 9714 98
lst g 4348 seriee 15
6812 13
8
677
69
New Or! Pub San let 53 A 1952 A 0 68
10
69
1955 J D 69 Sale 6812
First & ref 5s series 13
3
51
51
51
NY Dock 50. year lat g 48_1951 F A 42
7
31
3112
34
1938 A 0 32
Serial 5% notes
4
11014 62
& ref 84s A_1941 A 0 1093 Sale 10918
N Y Edison let
32
104
8
let lien & ref 5s mince 13. 1944 A 0 10312 Sale 1023
3
N Y Gas El Lt & Pow g 6s 1948 J D 10414 ____ 10412 10614 33
9312
93 Sale 9214
Purchase money gold 4e 1949
Sept'30
NYLE&WCoal&RIt 5%.'42 MN ____ 90 102 June'31
_ _ .._ 95 100
NYLE&WDock&ImpEss'43.1
8
8
433 __— 433 Apr'32
J
N Y Rye 1st R E & ref
40 Dec'31 - -1
8
Certificatee of deposit ______ — - 433 50
118 212 Dec'30
A 0
1a
-year ad) Inc 5s____Jan 1942
30
_
4 July'31
A 0
Certificate, of depoelt
6
s
ii
8
Ii Y Rya Corp Inc 63__Jan 1065 AD
3
34
Sale 3214
1965• 2 34
Prior lien 151 series A
9318 Apr'32
98
NY & Mehra One let 6e A __1951 MN 95 Sale
112
112
112
N
NY State Rye let eons 4 48_1962
1 Mar'32
13
1
• N
CertifIcatee of deposit
112 212 213 Mar'32
ear 13_1962 SIN
60-yr let cons 634s
10412 16
N 10414 10412 102
NY Steam let 25-yr eis ear A 1947
9512 34
N
9512 Sale 9412
1951
let mortgage 5
8
197
94
MN 9312 Sale 93
1956
let M 94
8
4 1003 134
Sale a993
10012
N Y Telep 1st & gen e t 4%9_1939 MN 65
12
62
60
70
1946 J O
let 64
N Y Trap Rock
4 19
933
4
023 Sale 9284
AG
Nlag Lock &0Pow let 5s A.1955 MN 59 Sale 57
20
59
1950
Niagara Share deb 534s
2412 15
2312 Sale 2318
NorddeutscheLioyd 20-yr if63'47 MN
1
al8
19 aI8
MS 18
Amer Corn deb 6)0 A_1940 FA
Nor
7712 140
7512 Sale 7418
1961
North Amer Co deb 5s
13
79
7418
76
'or A._1957 MS 75
No Am Edleon deb 5.
8212 23
Sale 7812
Deb 543 ser B___Aug 15 1063 FA 7812 Sale 72
54
76
4
733
..Nov 15 1969 MN
Deb be aerie. C.
IS
99
Sale 954
98
Nor Ohio Trao & Light 6s...1947 M
36
96
25-yr be A._1941 AO 06 Sale 94
Nor Mateo Pow
10112 14
AO 10112 Sale 101
let & ref 5-yr 6a ger B_ __ _1941
_
Apr'32
91
91
J J
North W T 1st fd g 43480(1_1934 MN 91 Sale 50
5412 43
5412
Norweg Hydro-El Nit 5344-1957
Apr'32
99
100
Ohio Public Service 790 A 1946 AO 99 Sale 90
97
90
1947 FA
let & ref 78 series 11
15
3
15
16
15
1949 P A
Old Ben Coal let 6e
Apr'32
9312 90
88
..1943 FA
N F let 94.
Ontario Power
11
48
Salo 47
4712
Ontario Power Elerv let 548.1950 J
90 Mar'32
93
N 88
Ontario Transmission let 541_1945
_
Apr'32
8
5514 687 67
1963 M
Oslo Oss & El Wks call 5a
3118 18
Sale 30
00 Steel let M 6s en A__ _1941 MS 30
41112 60
80
58
9512
85
1412
8
80
68
98
95
77
3
95 4
8114
66
4
974 1043
98
91
82
67
6613 803,
68
60
43
30
10612 11014
9712 104
10014 1061 1
8712 95
Price
Friday
Apr, 22.
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 22.
1955 FA
Rime Steel let e f Te
Roch G&EI gen mtge 6 AN ser C 48 MS
S
lilts° 43-4s series D._.1977
Gen
Roch & Pitts C&Ipm 5a._1948 MN
Royal Dutch 41 with warr_1945 A0
1948 A0
Ruhr Chemical s I 6,
Ask
Bid
3714 Sale
9512 97
92
90
70
6718 Sale
8t Joseph Lead deb 5481941 MN
St Joe fly Lt Ht & Pr let 52_1937 MN
St L Rocky Mt & P5.stpd_1955 3'
St Paul City Cable cons 5,2_1937 J
1937 J J
Guaranteed Eis
Ban Antonio Pub fiery let as 1952"3
1946
Schulco Co guar 8%e
1946 A0
Guar If 4is series B
Sharon Steel Hoop ei t 534e-1948 FA
MN
Shell Pipe Line it deb be__ .1952 MN
1947
Shell Union Oil it deb 5s
1949 A0
Deb Se with warrants
Shinyetsu El Pow let 64s_ _1952 3D
Shubert Theatre 8a_June 16 1942 3D
84
79
7812
77
3734 40
98
50
69
50
8512 Sale
45 Sale
70
60
3412
30
6412 Sale
6112 Sale
8
613 Sale
8
397
37
Week's
Range or
Lass Sale,
Range
Since
Jan. 1.
Higl
High No. Low
Low
,
26, 89
4 15
37
373
99
4
96
99
97
4
4
913 923
9212 Mar'32
85 Dec'30
78
132
65
7114
6612
30
20
4
20
20
7612
77
4
387
50
40
80
45
67
35
6284
6012
61
4
373
14
26
80
5
79
Apr'32 _
50
Feb'32
27
85
5
45
6
70
Apr'32
153
67
148
62
178
62
16
40
Mar'32
76
77
4
383
50
40
80
65
60
35
5712
47
47
3774
1%
91
85
42
50
50
93
5011
82
78
71
7114
4
593
$14
78
42
5
a47
.▪ 1 4312 50 a45
Siemens & Henske s l 73_-1935 2.1 S 4234 Sale 040
594
4212 98 a38
Debenture e f 831e
_
,
951
87
Apr'32
91
95
FA 92
4
19 1
Sierra & San Fran Power 59_1959 P A
3
1514 28
18
18 Sale 1718
Silesia Elec Corp e f 8 As ___1946 FA
4114
10
25
27
25 Sale 25
Silesian-Am Corp call tr 7a __1941
2
727 9312
116
90
_ _1937 M S 90 Sale 8718
ll 15- n
e
orLOserie6yr
lct
Sin ela
90
88
8612 44
86 Sale 8512
lien
45
4
913 98
97
4
4
J
1 D 963 Sale 963
1938 .
Sinclair Crude 01154s ger A.1938 3
15
8918 941:
94
4
94 Sale 92,
Sinclair Pipe Line e f be
CO
43
21
59
58 Sale 58
Skelly Oil deb 54s
24
9811 1011:
101
8 Sale 10012
392
1 994 MA 08
Smith (A 0) Corp let 6143-1933 M N 1003 Sale 75
89
'25
75
79
1942 M S 75
Inveet 548
Solvay Am
97s4 102
95
102
8
4
.1 1013 Sale 1003
South Bell Tel & Tel late t51'413 A 102 103 101
63
9612 102
102
Erwerit Bell Tel 1st & ref 521_1954 F J
:
931
85
8
__ 833 85 Apr'32
Southern Colo Power 8a A..1947 J
9912,102
3 1013, 375
8 Sale 1013
Stand Oil of NJ deb 58 Deo 15'45 F A 1013 Sale 883
87
69
93;
9114
4
Stand 011 of NY deb 4 iis _.1951 J D 014
1912 28
2012 11
lit C. eerleA A 1945
'15% ;0; Stevens Hotel (Oriente) 73_1942 J .1 20 Sale4 1912 Apr'32
l's 8
118
43
118
U S
is
Sugar Estates
---3, Apr'32
1
7
M S
of depoeit
Certificatee
____
8
4
98, 100
8 100
993
10512 103
J D .
_ 1951
Syracuse Lig.Co. 1st g 6
ss 212
97 10112
4
973 97 Mar'32
RR gen be 195113 .1 93
50
Tenn Coal Iron &
30
63
50
8
56
56 Sale 56
Tenn Copp & Chem deb 8e B 1944,M
4
923 98
92 102
16
9614
194713 D 96 Sale 95
12 Tenn Eleo Power let 6e
2
14
7112 83
80
77
1944, A 0 75 Sale 75
1
1
Texas Corp cony deb be
4458 16
40,2 5012
8
19601J J 435 4912 4212
212 Third Ave fly let ref 4e_
2
89 4
271g / 3
,
30 4 125
Ad)Inc 68 tax-ex N Y Jan 19801 A 0 30 Sale 2814
10012 106
91
84
1
91
J J 90% 9112 91
1937
98
92
Third Ave RR lst g be
0014 680
8214 93
84
2
903 94% Tobacco Prods(NJ)6 4s_ _ _2022M N 89 Sale 4212
4212 88
13
47
,
9618 100 8 Toho Electric Power lit 78_1955M 13 447g Sale
94% 99
39
99
99 Sale 9812
eeight
70
gold note. Co. 134_19321 J
58
Tokyo
%
4214 104
,
39 2 62
411i Sale 41
881s 97
let 821 dollar aeries
993t
99
Apr'32 ---5
19 313 S
7012 Trenton G & El let g be ..... A949 M D 99 10014 99
57
28
19
, s
257
8
1943 M N 257 Sale 2312
2214 3512 Truax-Traer Coal cony 614.
7
56
50,8 65
Sale 5412
1940 MN 56
263 Trumbull Steel let if 6e
4
17
10
10
Feb'32
10
30
ird St fly ref 56_1962 J J
88
68
Twenty-th
:
521
40
12
48
Sale 46
7418 91
Tyrol Hydro-Eleo Pow 714s 1955 M N 46
45
404 51
45
1952 F A
7712 94
Guar.ecef 7,
89
70
5412 71
554 40
4
• B 543 Sale 5412
2
907 101
Ujitrawa Eleo Power s t 78_ _1945
9912 10634
1 32
4
924 994 Union Elee Lt & Pr (Mo) 56 1932 MS 1003 Sale 10012 1008
99 10111
37
101
1933 MN 101 Sale 10012
4
100 1053
Ref & ext be
9814 10113
5
100
8
100 1007 100
9712 Un E LA P (III) 1st g 534s A 1954 .1
80
4512 48
39% 46 Mar'32
__ _19415 A0
(Chic)
65
49
Union Elev fly
95 101
9712 22
8
Union Oil 30-yr 68 A __May 1942 P A 963 Sale 95
97%
4 26 492
967
9614
,
98, 10614
let lien f 5.car C.._Feb 1935 A0 9612 97
80
3
69
711g Sale 7118 07214
90 10414
Deb Eis with warr _ _ __A pr 1946• D
9912
88
5
9614
1313 20
United Biscuit of Am deb 8. 1942• N 9618 984 9618
93
82
4 83
843
1953 MS 82 Sale 82
95
83
-year 5s
United Drug 25
40
32
8
33
32 Sale 32
64
45
United Rye St L letg 48._ _ _1934 J
5912
32
3712 101
J 3612 Sale 3512
95
80
Snubber 1st & ref baser A 1947
U
8412
2
79
80
7114 United SS Co 15
80
MN 80
85
6018
1937
-year 6s
.
161 82
8 38
197
50
28
Un Steel Worlus Corp 634e A 1951 3D 19 Sale 1618
15% 3012
Apr'32
8
1951 ▪ D 174 197 18
Sec f 43 aeries C
,
14
301
,
18 2 33
94140101
Sinking fund deb 6%.serA1947 3, 1718 Sale 1718
10014 67
10014 Sale 99
Pacific Gas & El gen& ref 5e _1942 .1
90
85
United Steel Wks of Burbach85 Apr'32
4
853 87
9271
8212
1
80
1936 M
824
Pub Ben 6% notes
AO 8212 86
Pao
Esch-Dudeiange •1 7e _ _1951
8 23 a97 r103
1023
1937 J J 10218 Sale 102
Pacific Tel & Tel let ba
20 Dec'31
4
963 102
Universal Pipe & Bad deb 6s 1936 J o
10118 22
.
15784
24
1952 MN 10118 Sale 10014
1
24
Ref mtge 58 series A
24
25
4
10112 60 100 01013 Unterelbe Power & Light 66_1953 A0 24 Sale 63
80
60
23
P & T cony if 6e_1934 MN 10113 Sale 1011 1
67
Pan-Amer
21
12
Utah Lt & Trac let & ref 58_1944 A0 63
4
1212
Sale 12
12
9112
70
7718 31
Pau-Am Peteo(olCal)cony 6e '40 J D
4
743 Bale 7214
1112 Utah Power & Light let 5e.l944 P A
4
4
4
11
6
97
97
Jan'32
Certificates of depoelt
10612 97
82
61
Utica Elec LA P let erg 54_1950 J
Apr'32
61
63
.
99 1031
2
100
Paramount-Wway let 534s_ _1951 J 2 60
9812 113% 100
3012 60 2 Utica Gas & Elee ref & ext fis 1957 J
3
27
41
69
18
47
28
Paramount-Fam'a-Lasky 68.1947 J D 3012 Sale 3012
3D 26 Sale 2518
27
55
.-1947
UM Power & Light 5142
3512 64
e
27 Sale 27
t Public Corp 534s 1960 FA
378 01812 477
Paramoun
27
24 Sale 22
28
15
1959 P A
Deb 5, with warrants
2
17
17
19
16
Park-Lea let lea/who'd 83.48_195.3 J J
37
FA
2312
9
Without warrants
2
9
,
92
0 Sale
1944 AO
Parmelee Trans deb Cu
991 9914
4
75
4
4
36
40
39
Pat & Passaic0& El cons 94 1949 MS 993 1003 9914 Jan'32
4
373 3712
801/ Vanadium Corp of Am cony 5541 * 0 37
69
Apr'32
113 10
7012 69
5
112
112
Puthe Each deb 78 with warr 1937 MN 68
112 Sale
4
433 Vertientes Sugar let ref 73_1042 3D
39
14
3912 16
10
Apr'32
Dixie Cement let S,A1941 M 11 3912 Sale 39
Penn10
1953 3,
3
80 4 8934 Victor Fuel let s f Sc
8834 305
,
95-s
94
9412 22
Pennsylvania P & L 1st 4 46.1981 AO 87 Sale 86
103 10714 Va Flee & Pow cony 5,
1942 MS 94 Sale 04
693
45
4
Apr'32
pgop Oas L & C let cone 6e._1943 AO 103 10612 10612 Apr'32
45
56
8812 9712 Va Iron Coal & Coke let g be 1949 MB 45
22
95
8
9614 100
11 9312 Sale 923
26
1947
100
Refunding gold be
4
993 Sale 9912
Va fly & Pow let & ref be_ _1934
10912 July'31
S
Registered
741. 913
7978 56
1784 22
4
1987 JO 7714 Sale 763
1412 1784 Mar'32
Mitt Co sec be aeries A
9212 9819 Walworth deb 63 with wan'1935 AG
.
-Se
22
98
3
20
20 Mar'32
Phila Elec Co let & ref 410_1967 MN 98 Sale 9718
A0
9212
83
Without warrants
92
28
12
91
4 11
_ _1971 P A 9034 9112 8912
121
let & ref 4s
4
4 Sale 12,
69 69
let stinking fund 68 series A 1945 A0 123
1.512 40
6312 17
4
74
J 623 Sale 6234
20
Phila & Reading C & I ref 54_1973 J
S 1814 Sale 18
53
32
Warner Brea Pict deb de_ ___1939
75
68
41
60
Apr'32
1949 MS 40 Sale 37
Cony deb 6,
60
65
AO 60
62
45
Warner Co let 13s with warr_1944
64
66
55
80
1939 ID 5312 Sale 53
Phillips Petrol deb 5iis
65 Mar'32
*0
94 101
Without warrants
32
99
5
20
2
20
Pillsbury Fir Mliii 20-n14_1943 AO 9814 Sale 06
• B 20 Sale 20
92
80
Warner-Quinlan Co deb 6s._1939
84
3
8
9712 103
847 81
9
1004
Pirelli Co(Italy) cony 73___ _1952 MN 83
Sale 100
100
Waraer Sugar Refin let 7s__1941 J
8 712 Dec'31
77
89
80
Warner Sugar Corp let 7s_ _1939• J
0
6
80 Mar'32
Feb'32
Pocith Con Collieriee let, 15,'67 3-'
6
80
80
Stamped July 1931 coup on '39 J
50
Feb'32
28
80
3412 34
Port Arthur Can & Dk 68 A.1953 FA
1941 MS 33 Sale 28
Warren Bros Co deb as
,
95 1 10112
5
1953 FA
7914 104 Mar'31
100
1st M asi series 11
1939 J J 91 10112 100
15s
46
654 Wash Water Power at
4
100 105,
5612 158
102
Port Gen Elm let 450 ear C_1960 MS 53 Sale 52
988 Westchester Ltg be etpd gtd 1950 JO 101 Sale 100
89
4
3
,
,
961 102;
95
Portland Gen Elm let ba_ _1935• .9 95 Sale 95
3 20
1013
4212 West Penn Power sec A 5e 1948 MS 1008 Sale 10014
22
4 54
274 102
263
22
101
Porto Rican Am Tob cony 681942 J 2 a23 Sale 22
10114 10012
1963 MS 10012
1812 39
let 153 series F
2618 136
96 r102
68
Postal Teleg & Cable coil 58_1953 J J 24 Sale 2312
101
8
8
1005 Sale 997
1956
8
797
66
let sec 58 series 13
8 23
797
91 10212
8912 75
102
Preeeed Steel Car eonv g fis_ _1933 J J 70
99
9114 98
Western Electric deb 5a___ _1944 * 0 98 Sale 96
4
6912 8614
973 125
5
73
Pub Serv El &0 let & ref 4;4e '67 JO 9712 Salo 9614
6912
70 Sale
98
91
Western Union colt trust 56_1938 J J
56
98
80
56
1970 P A 9712 Sale 95%
3
let & ref 434e
654
8
03
83
& real eet g 441-195 MN 657 Sale 63
Funding
9
9214
1971 AO 9114 Sale 91
7214 97
19
let & ref 4e
80%
7213 Sale 721g
Vs 474
1936 FA
15
-year 6%
8
47 Jan'32
75
Punta Alegre Sugar deb 7e...1937 J J
50
70
65
1951 J o 50 Sale 50
6512 76
25
-year gold be
9
7014
70 Sale 70
,
1937 P A
,
46, 721
73
Pure 011 is f 54% notes
57
1960 MS 48 Sale 4618
73
62
-year 58
30
13
67
65
6514 66
27
1940 M
IS
54% noted
1912 66
8
19 Sale 187
79
65
Westphalia Un El Power 68_1953 J J
65
65
68
.▪1 65
1948
Purity Bakeries it deb 94
77
51
22
57
54
57
Wheeling Steel Corp let 6 ge 1945 J J 52
65
.13
Rar110-Keith-Orpheurn pan paid
17
48
90 10412
let & ref 434e series I)... _1953 AO 4412 Sale 4412
4
etre for deb 63 At cow stk_ _1937 MN ____ 873 90 Mar'32 17
8534 White Eagle Oil& Ref deb /1444'37
87
71
9612 101
Remington Arms liter 6s _ _1937 MN 681.1 Sale 6714
26
101
MB 101 Sale 100
5414
35
With clock purch warranta_
29
42
45
84 10
Jan'32
Rem Rand deb 6143 with war '47 MN a43 Sale
10
85
70
White Sew Mach 66 with warr'36 J J
Apr'32
75
10e
8
4
918
94
Repub I & 8 10-30-yr be if 1...1940 AO
33
918 36
61
89
warranta
Without
4 19
523
5112
55
818 11 12
Ref & gee 514e series A..,.1953 J J 51
Apr'32
10
. 12
91
1940 MN
49114 56
Panic t deb 6s
3
54
54 Sale 54
3% 8%
311 Feb'32
Revere Cop & Brass tia_July 1948 M
Wickwire Spencer Sri 1st 7s 1935 J J
39 01912 41
2412
1946 JJ 2218 Sale 22
2
Rhelnelbe Union a I 73
Jan'31
3
13
_
30
24)
Cli dep Chase Nat
14
25
2112 Sale 21
4
N
113 212 13 Dec'31
6812
Rhine Ruhr Water aerlee 63.1953 J J 38
7.(Nov 1927 coup on) Jan 1935
1 037
38
50 a37
RbIne-Weetphalla El Pr 78..1950 M N
8
N
114 218 13 Apr'32
2618 45
CU dep Chase Nat bank...
31
29
1952 M N 28 Sale 264
92
83
_
4
793 83
4
413 WIllys-Overland if 6 Ms.__.1933M S _ _ _
25
Direct tinge as
2814 49
1953 F A 21 Sale 25
851/
75
8331 49
40% Wilson & Co 1st 25-yr sf 68_1941 A 0 834 Sale 823, Apr'3224
Cons M as of 1928
2813 42
0 2512 Sale 2418
1012 17
Con Al as of 1930 with war 1955 A N
Apr'32
1018 1112 12
1944 M
,
581 72
Calif 6e
98
60121
593 Sale 59
4
1484 Youngetow a Sheet A Tube Se '78,1
5
Richfield Ohl of
2
5
5
10
5
72
60181 17. 59
1970 A 0 604 Sale 59
Certificates of &Donn._ ______ M N
1st mtge s f bs Ser B
i.
Jan. 6. 41.000 as 13 "deferred delivery.
,
a Deferred (lavers. 6 17nlon OK fis 'Wee 0 1935 sold on
3070
Financial Chronicle
April 23 1932
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, April 16 to April
22, both inclusive, compiled from official sales lists:
Friday
Bales
Last Week's Range for
Range Since Jan. I.
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low.
High• Shares
Low.
High.
Empire Gas & Fuel
Friday
Saks
7% preferred
100
283,4 33%
Last Week's Range for
300 2834 Apr 4554 Jan
Range Since Jan. 1.
General Candy ci A
5
534
154
Sale
ofPrices.
154
Week.
50
14 Apr
2
Mar
Gold tdatt Bros common.._•
Stocks1334 14
Par. Price.
150 1334 Apr 19
High. Shares.
Low.
Jan
High.
Great Lakes Aircraft A._ _•
4
3(
5.4
300
34 Mar
23.4 Jan
Great Lakes D & D
•
Railroad
7,4
7
8
1,000
634 Apr
1354 Jan
Grigsby Grunow Co ooze....
Boston & Alabama ..104) 94
4
3.6
94
98
1,100
55 94
54 Apr
Apr 130. Jan Hail Printing Co oom___10
134 Jan
Boston Elevated
6
6
8
100 66
66
70
1,006 66
900
6
Apr 76% Jan Harnischfeger coin
Apr 114 Jan
Boston & Maine
4%
434 43.4
50
4
Feb
5
Mar
Hart-Carter cony pre1_ •
1st preferred ernes A stud
4
11
4
11
11
45
200
4
9
Apr 26
Apr
Jan Houdatlie-Hershey Corp
574 Jan
Class B let pref stamp_
12
12
14
118 12
Apr 24
Jan
Class A
Prior preferred stamped
•
634
656 654
30
30
33%
90 so
304
454 Apr 114 Mar
Apr 62
Jan
Claes B
•
Bern 1st peel stamp. 100 14
291
14
14
294 2%
400
66 20
2
Apr
Apr 50
4
Jan Illinois Nor Mil pref_ _ _100
Mar
Series C let pref.stpd 100 13
58
60
12
14
20 50
125 12
Apr 32
Apr 95
Jan Insull Utll Invest Inc....'
Jan
Boston & Providence_ _100
54
1e
130 130
34 2,850
10 130
34 Apr
Jan 135
Feb
63.4 Jan
Prior prat(w 0 w)
Chicago Junc Ry & Union
•
4
4
50
% Apr 15
Jan
2d preferred
•
Stock Yards
34
155 155
54
54
67 153
200
34 Apr 17
Mar 155
Apr Kalamazoo Stove corn_ •
Jan
NY NH & Hartford_ _100
634 64
540 12
1434 16
50
6
Apr 31% Jan Katz Drug Co
Apr
103.4 Feb
Pennsylvania RR
194 1934
- 56 13
12% 14
50 1734 Feb
990 11% Apr 23% Jan Kellogg Elvrbdcommon_ 1
2236 Mar
& Sup
Pray & Worcester Ry_ _100
100 100
8 100
Apr 110
Feb
Common
234
10
2
24 3,900
54 Apr
3
Peri
Preferred
100
Miscellaneous
25
25
10 25
Apr 40
Feb
Ken-Rad Tube & Lp A- *
Amer Continental Corp
54
2
- -----54
214
100
100
54 Apr
1% Apr
64 Mar Hy UM Jr cum Met_ _ _56
194 Jan
American Founder* Corr •
2054 24
14
130
30 18
51
,
Apr 48
36 Apr 1;4 Jan La Salle Ext Unlv rem_.10
Jail
Amer Pneumatic Sera pre:
1% 1%
54
80
54
20
14 Apr
34 Mar
3
Jan
I
Feb
Libby McNeill
Amer Tel & Tel_ _____ 100 97 34 97% 107
2
14,939 974 Apr 1315% Feb Lindsay Nunn & Libby.10
23.4
750
2
Apr
64 Jan
Pub $2 pf__.
Ameakeair Mfg Co.
2% 234
•
234
214 3
300
125
24 Apr
24 Apr
44 Feb Lion 011 Refg common
756 Jan
!Bigelow Sanford (larval • 104
5
2
2
94 1054
305
300
2
Apr
84 Apr 22
Mar Lynch Coro corn
2% Jan
Boston Personal Prop Trust
•
11
124 1,050 11
534 5% 7
25
Apr 1236 Feb McWilliams Dredging Co •
7
Apr 18% Feb
Brown Durrel Co
4
1%
334
I%
450
25
334 Apr 104 Jan
1% Feb
1% Feb Manhattan-Dearborn corn*
East Boston Laud
3
3
3
1
1
950
65
3
Feb
1
Apr
24 Jan
Marshal' Field & Co corn.'
434 Jan
East Gas & Fuel Aeon
594 54
50
54 Apr 13
Jan
Material Service corn. _10
Common
11
114
•
5
5;4
150 1034 Apr 1454 Jan
194
5 Apr 10 Feb Mercantile Disc, Corp-A.*
654% prior preferred 100 57% 56% 624
634 694
50
331 56% Apr 64
634 Feb
Jan Matron Ind allot etfs
634 Apr
6% cum preferred...100 41
12
12
41
20 12
4736
294 4136 Apr 70
Apr 16
Jan M lekelberry's Fd Pr com_l
Jan
Eastern BS Lints
494 4%
50
434 Apr
Middle West Mil new
63.4 Mar
Common
•
94
•
%
% 52,600
7
74
320
h Apr
5
Apr 10
Feb
7
Jan
$e cony pref A
1st preterred
•
3
454
81
81
81
500
5 81
14 Apr 54
Apr seg Mar Midland United Co com_-•
Jan
Economy Grocery Stores_
134 134 1,850
18
18
100 1434 Apr 18
I
Mar
64 Jan
Apr Midland Utilities Co
Edison Elec Ilium
100 14936 14936 157
849 150
Apr 205
Mar
7% prior lien
Employers Group Assn- _
100
5
54
7
40
6% 7
78
5
Apr 50
85.1 Apr 11
Jan
Jan
7% preferred class A 100
General Capital Corts----• 1334 1334 1314
53,4
20
53,4
210 11% Mar 2054 Mar M-Kan
53' Apr 4834 Jan
Pipe Line com. •
Gilchrist Corp
54
51
4
400
4
30
A Apr
3
Apr
54 Jan Medina Mfg common....
2
Jan
Gillette Safety Rasnr_
•
900
514 0
16
19% 1,082 1054 Jan 24% Mar Monroe
54 Apr 12
Jan
Chemical peel...'
Jenkins Television Corp_ -- ------ 5,5c 55c
21
21
30 21
100 60e Feb
Apr 323.4 Feb
1
Feb
Common
Lowe's Theatres
3
3
•
110
8
3
8
22
Apr
8% Apr Nachman-Springfilled eons.
7% Jan
43.4 Feb
Mass Utilities Adsoovi 0.5
334
334 334
1%
1%
300
2,14o
2
334 Apr
634 Feb
1)4 Jan
2% Jan
Nat Elea Pow A cony_
National Service
136 2
134
1,500
1
50
%
34
Apr 12
Jan
1
Jan Nat Pub Serv $336 cv pt.._*
54 Jan
New England Equity Corp
8
8
6556
30
65
8
20
Apr 24
Apr 6536 Apr Nat Sem,Inv Co cam Jan
New Eng Tel & Tel___ _10u 9334 93% 994 1,211 65
54
-1
34
14
250
34 Apr
95
2
Apr 118
Jan
Jan
Pacific Mills
6% preferred
100
30
-30
5
5
400 30
100
6
226
Apr 46
5
Apr 11
Jan
Jan
Nat-Standard orna
Reece Buttonhole Mach__.
11
12
•
9%
300 11
8% 9%
250
Apr 204 Jan
814 Feb
9% Jan
Noblltt-Sparka Ind oom •
trnawmut Mien TO
1134 12
•
450 1054 Feb
5
534 • 410
4% Apr
154 Mar
7% Mar North Amer Car Corp eons'
Stone & Webster
•
336 336
8
900
10%
390
254 Apr
6
73.4 Apr 1534 Mar Nor Amer Lt & Pow oom.
Jan
Swift & Co new
um 8
•
• 14% 14% 16
200
721
44 Apr 24
1454 Apr 20
Apr Northwest Bancorp aim_
Jan
Torrington Co
1054 11
50
•
30
200 10
540 se
30%
Apr 2134 Jan
Jan 32
Jan Northwest Eng corn
Union Twist Drill
3
•
3
8
S
50
5
45
3
934
Apr 12
Apr
8
8
Jan Perfect Circle (The) Co..'
Feb
United Found Corp earn- •
173,4 22
400 1756 Apr 2734 Mar
1
1
455
134
Apr
1
24 Jan Pines Winterfr
United Shoe Mace Corp_25 33
234 234
33
344 2,846 33
150
2
Apr 40% Mar Process Corp ont cern_ •
Apr
64 Jan
Preferred
common....•
z3
3
3
_215
30
250
304
291
3
30
Apr 32
Apr
Feb Pub Sera of Nor
44 Jan
United Electric Pow Corp_
20
56
14
54 Apr
154 Jan
Common
Utilitite Equities Corp aid_
• 55% 53
63
3834 38%
5,600 4154 Apr 125
10 3834 Apr 47% mar
Jan
Common
Warren Bros Co new
5254 62
100 56
2%
1,500 41
•
214 314
390
25( Apr
Apr 115
7
Feb
Feb
Westfield Mfg
7% Preferred
100 7814 75
7854
13
13
13
120 67
185 13
Mar 1834 Jan
Apr 114
Jan
6% Preferred
100
6434 69
380 60
Apr 10434 Jan
Q R El De Vry Corp oom •
Minina-M
50
14
h Feb
14 Jan
Quaker Oats Co
Copper Range
1%
1%
25
1% 1,955
14 Apr
314 Jan
Common
Hancock Consolidated- •
8054 85
10c 100
220 764 Apr 103
85 10c
Feb
be Feb
Mar
Preferred
tale Royale Copper
100
9856 101
25
1
1%
180 984 Apr 1073.4
150
1
Apr
2% Jan Rath Packing common...10
Mohawk Mining
16
25
16
16
16
50 154 Apr 1754 Mar
33 1151 Jan
18% Feb Railroad Shs Corp eons •
Feb
North Butte
27c
26c 28c
5.4
34
900
900 25e
% Apr
Apr 600 Jan Reliance Internat
14 Jan
Pond Creek Pocahontas Co
Corp A.*
14
514
5% 5%
1
185
600
656 Apr
34 Jan
834 Jan Reliance Mfg Cu
114 Jan
Quincy Mining
194
25
134 134
120
134 Apr 234 Jan
Common
Utah Apex Min
10
54 6
6 40c
40c 40c
100
15
40c Apr 600 Feb Sally ,
534 Apr
934 Jan
'
Utah Metal & Tunnel_
rocks Inc com____•
14 194
I
35c 36c
100
3,350
,pr
114 t
34 Jan 46e
Feb Seaboard Util Sham Core.
23.4 gith
34
34
1.5
1,750
m Apr
1'.,, Jan
Signode Steel Strap corn. *
Bondi
%
%
250
% Apr
134 Feb
Chic Jet & Un Stkyds 48'40
Preferred
30
554 54
80
80
$2,000 80
100
Apr 85
Mar Southern Union Gas cora
534 Apr
8
Jan
E Maas 81 Ry eel A 4 34s '48 28
_•
94
1
26% 28% 6,000 174 Jan 31,4 Mar
3'
100
34 Apr
24 Mat
Standard Dredge cony pf •
58
1940 93
13,4
93
154
93
100
3.000 90
Feb 95
1
Jan
Apr
33.4 Jan
New Einr Tel .4 Tel its 103v
100% 10034 9,000 9914 Jan 10054 Jan Sutherland Paper cora_ _10
24 234
100
24 Apr
356 Feb
Swift International
16 214 204 2156 1.150 18
• No par value. z Ex-dividend.
let. 2534 Mar
Swift & Co
26
1534 1531 1,450 15
Apr 19
Mar
Telephone Bond & Share
Chicago Stock Exchange.
Class A
-Record of transactions at
•
20
20
50 20
Apr 44
Jan
Thompson Co (J it) corn 25 1034
954 1034
Chicago Stock Exchange, April 16 to April 22,
400
84 Felt 1534 Mar
both in- United Amer Utll mom
•
14
%
700
4 Apr
clusive, compiled from official sales lists:
2
.11111
an
United Ptrs & Pubs coin. *
1
1
10
1
Jan
1M Feb
U oypaurn
.20
1534 17
1,450 15
Apr 26
Mar
Friday
Preferred
Sales
100
9851 084
50 984 Apr 114
Feb
▪ Radio & Teley corn..'
Last Week's Range for
6
Range Since Jan. 1.
654 5,150
6
Mar
Utah Radio Prod corn...
1234 Jan
Sale
ofPrices.
Week.
14
4
200
44 Jai,
13.4 Jae
Util & Ind Corp corn- •
StocksPar Price. Low. High. Shares.
Low.
154
13.4
High.
150
1
Apr
3
Jan
Convertible ereterred-•
694 734 1,500
6
Apr 11
Feb
Abbott Laboratories cum.• 24
24
25%
650 24
Apr 31% Jan Viking Pump Co
Common
A eme Steel Co
12
12
26
250 12
4
Apr
4
h Jan Vortex
50
3
Jan
4
Feb
Adams Royalty corn
Cup Co ann
400
1% 1%
•
1
Jan
734 834
134 Feb
250
74 Apr 144 Jan
Clara A
Shied Motor hid own. •
300
•
16
h Feb
54
Si
16
36 Jan
100 1534 Apr 234 Jan
Wahl Co corn
Amer Pub 'aerv Co wet 100 14
1
14
•
20 11
Apr 60
SS
Jan
4
4
200
4 Mar
1 l 4 Jan
Amer URI & Oen el B....*
•
50
9%
34
4 Apr
36
9
34 Apr Walgreen ('o common_
1014 2,000
834 Apr
1134 Jan
Appalachian Gas
34 Apr
850
94
1.4
60
56 Jan Ward (Montle & co A. •
60
20 69
Apr 73
Jan
Art metal ke Inc COM •
2
2
2
50
2
Mar
2% Jan Western Grocers corn_ 25
3
33.4
110
14 Apr
4
Feb
Williams 011-0
-Mat com •
44
Associates Invest own_
44
50 44
• 44
Apr 54
34 354
Jan
200
3
Feb
334 -Feb
lecousln Bank She onm.10
trete Tel & Tel
2
234
24 1,150
2
Apr
4
Jan
Class A
12
100 12
12
Apr 5454 Jan Zenith Radio Corp eons_ •
34
3
.
6
50
% Apr
154 Jan
&roe rei til Co oom_ .
2% 214
50
234
•
124 Jan
23.4 Mar
Bonds
12
$0 cony pref A
12
10 10
Mar 35
Feb
Balaban & Katz corn...._25
1927
20% 20%
10 204 Apr 26
3474 3434 $1,000 344
Mar Chic City Ry 5s
Apr 45
Certificates of Sep.
Jan
.1927
tiroollx Aviation corn6,1 Apr 18% Jan
7% 1,000
•
73'
38
38
5,000 34
Apr 49
NIar
Sinks M fg Co cony pref A.
2
680
24
•
554 Jan Chicago Rye
1;4 Jan
1st mtge Si....._1927
sorg-55 snag Corp corn.10
634 7,4 2,500
39
64 Apr 12% Mar
39
6.000 35
Apr 60
58 malts of deposit 1927
Jan
Bract' & Sons E 4 coin...'
300
54 Apr
5% 6
5%
754 Jan
38% 385.4 3.000 36
Apr 50
Insult
Jan
1940
Brute Co(E L)common..
650
434
Jan Pub Util Inv 6s
44 Apr 14
1
1% 119,000
•
1
Apr 384 Jan
Serv ref 5a
1956
Butler Brothers
1% 2
20
750
134
81
14 Apr
24 Jan
81
3.000 81
Apr 90
Jan
Cent Illinois Sec Co cora •
250
Jar
154 Jan
34
4
51
• No par value. x Ex-dividend.
y Ex-rights.
994 Apr
94 10
Convertible Preferred- •
300
15
Jan
Central Ill P 8 prat
41
35
530 35
Apr 6934 Jan
Toronto Stock Exchange.
• 41
-Record of transactions at
Cent Pub Ser Corp A. •
150
34 Jan the
54 Apr
56
54
Toronto Stock Exchange, April
Cent 8 W Uti corn
1% 2,4 4,900
114
1
614 Feb
Apr
16 to April 22, both inPreferred
clusive, compiled from officia
310 12
124 15
Apr 44
Jan
•
l sales lists:
Prior Ilan cumul pref..'
180 15
18
Jan
20
Apr 56
Chic No Si,dr Mil pr p1_100
2
2
Apr
2
2
60
Apr
Friday
Sales
Chicago Rys part ate 1.100
Jan
1
5
Apr
50
1
1
Last Week's Range for
Chic Yellow Cab cap
Range Since Jan. I.
100 10
1054 10,4
Mar
13
Jan
• 10%
Sale
ofPrices.
Week.
Cities Service Co corn
Stocks3% Apr
6% Jan
414
334 4% 11,200
Par. Price. Low. High. Shares.
Club Aluminum Uten
Low.
54 Apr
Feb
1
*
High.
54
54 1,800
commonwealth Edison_ 100 70% 65
Jan Abitibi Pr & Paper corn •
743.4 14,000 51
Apr 122
14 134
Consumers Co common.
100
1% Apr
6% preferred
354 Mar
100
.5
34 Jan
%
14
100
34 Mar
53.4
Coht'l Chicago Corp
554
10
53.4 Apr 10
Mar
Beatty Bros prat
100 55
55
55
Common
50 55
Apr 60
Apr
34 Jan Bell Telephone
900
•
% Apr
34
%
100 81% 8634 94
Preferred
1,766 86% Apr 119
Feb
12% 13
• 13
1,300 1234 Apr 21
Jan Brazilian T I. dr Pr corn_ _ _•
9%
934 10
Cord Corp
1,597
9
Apr
2%
1454 Mar
2% 3
2,150
254 Apr
834 Jan B C Packers pref
100
5
5
Corp Sec of Chic allot ctf..•
10
4% Apr
6% A pr
Jan B C Power A
34 Apr
4
250
34
14
34
Common
1134 20
161
18% Apr 243.4 Mar
•
3.4 Apr 2 Jan Burt F N Co,corn
200
34
25
21
Crane Co
214
604 21
Apr 32
Jul.
Canada Bread corn
•
2
2
2
Common
50
2
Apr
A pr
3
25
5
5,4
Jan Canada Cement corn
3% Apr 13
240
•
34 5
Preferred
81
100
34 Apr
Mar
7
64
28
30
Jan
Preferred
100 28
Apr
100 45
45
Bier Houriehold Trtll newel°
46
60 45
Apr 66
Jan
3% 44
31
300
8 rJlte Canada Wire A Cable it. _*
4 Apr
914
91( 954
5
,
95 4 Apr 13
Mar
sates
Panay
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Canadn Car & Fdry cony.*
25
Preferred
Canad Dred & Dk corn_ _ _*
Canadian Gen Elec pref _50
Canad Indus Alcohol A_ •
100
Canadian Pac Rif
•
Cockahutt Plow corn
•
Conduits Co corn
5
Conlaurum Mines
Consolidated Bakeries_ •
•
Cons Industries
Cons Food Products A _ _35
Cons Mining & Smelting 25
100
Consumers Gaa
Crow's Nest Pass Coal _100
Domes Mines Limited_ --•
Dominion Stores com.---•
•
Fanny Farmer corn
Ford Co of Canada A _ _-•
Coodyear Tire & Rub pH 00
Gypsum Lime & Alabl'e-•
Hamilton Cottons prat_ _30
Hayes'Wheels & Fora come
Hollinger Cons0 Mines--5
international Nickel com_*
international Utilities A_.•
Lake Shore Mines
1
Laura Sword Candy corn.*
Lobiaw Groceterlas A ___ _•
•
B
Maple Leaf Milting png 100
Massey-Ilarris corn
•
McIntyre Porcupine Mines
Monarch Knitting pret_100
*
Moore Corp cony
A
100
Mulrheads C,afeterlas pt_10
Nipissing Mines
5
Page-Hersey Tubes corn_ •
Photo Engravers & Elec..*
•
Pressed Metals com
Simpson's Limited pref _100
Stand Steel Cons corn. •
steel Co of Canada corn...*
Tip Top Tailors corn
•
Twin City R T com
_100
•
Walkers
•
Preferred
Banks
Toronto
Loan and Trust-
dais
Friday
Leal Week's Roar for
Week
of Prices.
sau
Stocks (Concluded) Par. Price. Low. High Shares.l
Rasps Sines Jaw. 1.
Low.
High.
7% Jan
4% Apr
60
435 4%
65 1134 Apr 1434 Mar
1134 1134
Mar
Apr 17
675 11
11
11
1234
Mar
Apr 59
50 54
55
54
135 Jan
14 Apr
150
15 1
Apr 2215 Mar
1335 1335 1435 1.216 13
Feb
6
4% Apr
165
434 434
3% Jan
Apr
1
100
1
1
50 30c Apr 30c Apr
30c 30o
Jan
8
Mar
5
120
6
6%
Apr
Jan
5
3
65
3
3
10
34
li Apr
34
1
Mar
Mar
Apr 75
328 35
40
38
38
Jan
Apr 166
58 145
145 149
Jan
Feb 13
9
75
1034 10% 10%
9.95 9.00 10.20 1,690 9.00 Apr 12.45 Mar
Mar
349 1634 Apr 20
1635 17
1635
Apr
Apr 11
9
50
9
9
49.
834 Apr 163.4 Mar
834 10
854
Jan 933.4 Max
10 80
88
88
Feb
5
145
234 Apr
3%
234 314
Jae
Apr 10
6
25
6
6
J11.11
4
Apr
3
5
3
3
200 4.55 Apr 5.60 Jar
4.65 4.68
Jar
5,309
7
6% Apr 11
614
6%
834 Mar
200
634 Apr
634 6%
680 26.00 Apr 29.25 Mar
26.75 26.15 26.75
Apr
Apr 39
235 33
33% 38
349
954 Mar 1054 Jar
9% 1034
934
9
200
9
854 Apr 1034 Jar
9
Apr 2034 Jar
20 12
12
12
500
234 Apr
434 Jar
274 3%
274
175 16.00 Apr 19.25 Jar
16.25 16.50
Jar
Apr 30
23
25
25
25
Jar
Apr 10
7
12
7
7
Jar
Mar 93
7 70
75
70
Ap
9
Jan
8
1
9
9
Ma
Apr 95
200 70
70c 70c
Jar
240 3554 Apr 66
41
4234
Apr 1934 Ma
55 15
15
15
1534
io 634 Mar 10 Me
674 735
Apr 55% Jar
10 19
25
19
335 Ma
Apr
2
165
2
3
Apr 2334 Ma
235 15
55% 1534 17
Ma
3% Apr
7
50
3g 4
Apr
Fe
2
4
150
2
2
234 Apr
973
5% Ma
335
34 3
Fe
9% Apr 12
915 935 4,438
934
434
183
100
llIntavir. T,..., .I. Mahan*
gn inn
183
3 183
Apr 193
inn
sn inn
A nr inn
Brewing Corp
35
•
*
Preferred
8
Canada Bud Brew cony...*
•
Canada Malting Co
Canada Vinegars com.......* 14
Distillers Corp Seagrams •
334
Dom Power &Trans ord100
Dom Tar & Chem com_ •
Durant Mot of Can corn 10
English Elea ot Canada A • 13
Goodyear Tire & Rub com*
Hamilton Bridge com_*
•
Honey Dew prat
7
Imperial Tobacco ord5
National Steel Car Corp • 10
334
Service Stations corn A.'
United Fuel Invest prof 100
2
•
Waterloo Mfg A
OH
British American Oil._ _ _•
Crown Dominion Oil Co •
*
Imperial Oil Ltd
International Petroleum _.•
McColl Frontenac 011 com*
Supertest Pretoleum ord.'
Union Natural Gas Co._.•
Unlisted
Coast Copper
Kirkland Lake
Mining Corp
Noranda
Sherritt Gordon
Teak Hughes
Wright Hargreaves
*No par value.
8%
8
10%
3
Late.
Stocks-
2
8
12
14
334
634
334
2%
13
60
334
20
731
10
4
10
2
%
134
634
10
14
3%
4
235
2
13
56
2
20
7
8%
3
10
2
Jan
Apr
Apr
Apr
Apr
Apr
Mar
Apr
Apr
Apr
Apr
Aux
Apr
Apr
Feb
Apr
Apr
Apr
834 934
2% 3
734 834
954 10%
734 8%
1434
14
3
3%
1,558
210
2,290
1,151
60
40
70
834
2
7%
934
7
14
3
Apr
34
1.00 1.00
5
340 34c
1
850 85c
5
• 16.00 15.90 16.50
1
350 37c
3.53 3.50 3.95
I
• 225 2.25 2.40
Jai. 1.
Apr
Apr
Apr
Apr
Apr
Apr
1
335
9
1434
16
1104
00
57% K%f w
64 M ser Peer E_ _166 001i
100
5% Preferred
Consolidation Coal-_--100 500
*
Eastern Rolling Mill
Emerson Bromo Sel A w I-- 24
Fidelity & Guar Fire- _ _ _10
50 41%
Fidelity A Deposit
Finance Coot Am class A..
MicaFinance corny
25
1st preferred
25
25 preferred
4
Maryland Casualty Co._ __
Mer & Min Transporta'n..•
Monon W Penn P S pret-25
New Amsterdam Ca.Ins__ 1634
Northern Central
Penn Water & Power....*
Roland Pk Flomel'd prof..
Stand Gas Equip common_
4
U El Fidelity & Guar new_10
Western bid Dairy pref..* ..80
Bonds
Baltimore CRY
433 2d sewer (opn)_1972
l34
315
b
19
82
7
40
815
12%
7
15
334
Mar
Jan
Jan
Mar
Mar
Jan
Jan
Mar
Feb
Feb
Mar
Feb
Jan
Jan
Mar
Jan
Jan
Jan
11%
3
10%
1154
1034
1834
5
Max
Jan
Mar
Mar
Jan
Jar
Jar
sg
750 Apr 3.00 Jar
305
fac Jar
34c Apr
500
1.18 Ma
850 Apr
100
855 15.00 Apr 19.80 Ma
64c Fel
35c Apr
300
4,110 3.50 Apr 5.25 Jai
1.050 2.23 Anr 3.03 Jai
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, April 16 to April 22, both
inclusive, compiled from official sales lists:
Stocks-
Sala
iday
Last Week's Range for
11'eek.
ofPates.
Sale
Par Price. Low. High. Shares.
• 32% 32% 33
American Stores
Bankers Security Corp_ _
134 1%
Preferred
7% 8%
---73.4
Bell Tel Co of Pa prof.
.100 108
107 108
Budd (E a) Mfg Co
135
•
13.4
Budd Wheel Co
2% 2%
Camden Fire Insurance_ _
11
11
11
Electric Storage nau-loo
18% 19%
10
5% 534
Fire Association
100 100
Horn & Hardart(Phil)com• 100
22
Horn & Hardart(NY)com • 21% 21
31
Insurance Co of N A.
._.10 3034 29
811 9%
Lehigh Coal 34 Navigation_
1
1
Mitten Bank See Corp._ -----1% 1%
Preferred
131 2
1 35
Pennroad Corp
12% 14%
60
Pennsylvania RR
6435 64%
Pliny' Dairy Prod prat...25
92% 9335
93
$5 prat_
Pinta Elec of Pa
Phila. Elea Pow pref..-25 27% 2734 27%
2% 33(
2)5
Phila Rapid Transit-714 8%
8%
50
7% preferred
Phila & Read Coal & Iron_
23% 2434
Philadelphia Traction-60
Railroad Shares Corp
2
2
Reliance Insuranoe--.10
Range Since Jan. I.
Low.
High.
1,100 32% Apr 36%
1%
Apr
200
734 Apr 10%
2,000
Jan 113
250 106
2%
900
34 Apr
434
135 Apr
200
Apr 14%
100 11
82 16% Apr 33%
934
5% Apr
200
Apr 150
20 100
800 1934 Apr 34
Mar 40
2,100 26
835 Apr 1434
2,000
Jan
234
100
334
135 Apr
900
1% Apr
5,500
3%
Apr 22%
3,139 12
Apr 74
10 63
oo 91 Apr 9834
Jan 38%
800 25
6%
Apr
2
500
150
715 Apr 18
5%
100
23.4 Jan
Apr 2834
250 22
Apr
5%
40
Apr
3%
2
100
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High Shares.
Appalachian Corn
Atlantic Coast L(Conn)_50
Black & Decker common.*
Preferred
Chas & Po Tel of Bali Pf100 111
•
Commercial Credit
25 15%
Preferred
Preferred B
26
634% Sat preferred_ -100 16
Como'G E L & Power...* 52%
High.
25
257
275
5
50
620
300
25
5
20
90
30
80
250
100
90
10
110
34
134
735
12
14
335
635
235
234
13
56
2
20
7
10
3%
10
2
High.
I
Fe
Mar
Ap
Jan
Ap
Apr
Apr
Apr
Apr
)5
A
,
30%
1-16
12%
14%
2254
2)5
334
230
14
35
400
% 1
87
30% 33%
1-16 1-18 1,000
200
12% 13
15% 17% 11,100
22% 25
100
2% 2%
200
335 33'
Jan
Jan
Apr
Feb
Jan o
Mare
Jan
Jan
Mar
134
3
3814
%
1734
2134
60
7
535
Feb
Apt 29
A
A pr 28% Jan
pr 82% Jan
10334 Mar
A
Feb
Jan 91
Fe 103% Mar
Mar
Jan 104
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange, April 16 to April 22, both inclusive, compiled from official sales lists:
-Record of transactions at the Toronto
Toronto Curb.
Curb, April 16 to April 22, both inclusive, compiled from
official sales lists:
Range Since
Sines Jan. 1.
Low.
•No par value.
At
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
13
1635
&MO
Bonds
1 000 20
82:
21
21
Elea & Peoples tr ctfir 413'45
20
0001 6234
2034 2034
CBs of deposit
5,
68
Lehigh Power & Light 6s ______ 68
:
2000
89% 3 100 85
85
Phila Elea (Pa) 1st a I411 66
'
87
1971
90% 90%
1st & ref 4s
28,200 100
10134 103
1966
1st fis
10334 103% 13,000 100
Phila. Else Pow Co 5 3513.'72
Fe
inn
Seaboard Utilities Corn
Shrev El Dorado Pipe L..25
Taeony-Palmyra Bridge- •
...1
Tono-Belmont Devel.
50
Union Traction
United Gas Impt corn new.
U B Dairy Prod clam A..'
•
Common class B
•
Warner Co
• No par value.
Stocks-
3071
Financial Chronicle
Volume 134
Feb
Apr
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Apr
Apr
Mar
Jan
Jan
Feb
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Feb
Jan
Jan
Jan
1196640
19621
48 conduit
66 genimPt
4s Jones Falls
4s sewerage impt___1961
1958
45 conduit
1957
4s school house
335s public impt--.1940
Como! Gas 1st be- _1939
ConsolGE L&P 4%51935
Davison Realty Co 88.1940
Wash Balt & Annap 5s 1941
5% trust ctts
• No par value.
15c 150
16
16
2%
2
4
4
111 112
8.%
8
15% 17
15% 16%
60
60
52% 5731
104% 1053.4
100 10034
96
96
b0c 50c
234 234
2434
24
10
10
40% 42%
6%
3
234 234
10%
10
534 6
5
4
20
20
1734 1834
1735
15
69
69
45%
43
90
90
3
3
4
511
80
80
Range Since Jan. 1.
High.
Low.
370 150
14 14%
115
505
3%
125
225 111
8
610
16
205 1535
10 55
255 5034
115 104%
123 100
29 96
75 25e
2%
65
50 24
5 10
317 38
3
191
lii
1%
8%
40
5%
110
334
1,493
160 20
55 17%
393 12
100 66
125 40
25 90
3
26
2.15
2,090
10 80
53,000
951 :
953 9
: 95
5
1,000
104 104
1,000
200
95
500
634
95
956
6
9534 16,800
95
200
95
95
1.000
96
96
2,000
5
3
35
101% 102
9435 94% 9435 1,000
1,000
35
1,000
5
5
1,000
5
5
500 Feb
Feb
32
4% Mar
Mar
6
11634 Feb
Feb
10
20% Mar
Jan
20
Jan
68
68% Mar
111% Jan
Jan
107
Jan
100
75c Feb
411 Feb
2935 Feb
Jan
15
8535 Jan
714 Mar
Feb
8
1054 Apr
6% Air
834 Mar
2014 Feb
Mar
20
2115 Jan
7035 Feb
53% Jan
A
Mar
90
M
Feb
3
Feb
.574 Jan
Ap
Jan
90
A
Apr
Apr
Apr
Apr
Apr
A
Apr
A
Jan
Apr
Apr
Jan
A
Jan
Apr
Jan
Mar
Apr
Apr
Fe
Feb
Feb
Apr
Jan
Apr
A
9534
104
92
95
90
95
95
96
100
94
35
5
5
954 Apr
Ap
Apr
104
A
95)5 Mar
J
Apr
95
A
Jan 95% Mar
9614 Apr
A
Apr
Apr 95
Apr
96
A
Apr
Jan 102
Mar
96
A
Jan
43
lip
Apr
7
Ap
Mar
5
Mar
-Record of transactions at
St. Louis Stock Exchange.
St. Louis Stock Exchange, April 16 to April 22, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
Bank & Trust
4034
40
First National Bank- --20 40
.
02
00
150Si 155
Merc.-Com. B.& Tr.Co100
St. Louis Union Tr. new.. -----MiscellaneousBeck & Corbitt. pref._ _100
Brown Shoe common-100
Coca-Cola Bottling Co -.1
Rider Mfg 1st pre
100
Ely & Walker D G com_25
Internatl Shoe corn
•
100
Preferred
20
Laclede Steel Co
•
MoQuay-Norris
Nail Candy common- •
Rice-Otis D 02d prat--100
•
Souliin Steel pro!
So'western Bell Tel ptd_100
&ix, Baer by Fuller corn_ •
Wagner Electric com--100
15
Preferred
• No par value.
50
3234
6
36
102
10
50
50
3254 2311
16
15
105 105
6
6
3635
36
102 104
11
10
5
5
935 0
2% 3%
1
1
55 % 55 %
107
106 11034
034 654
634 7
100 100
Range Since Jan. 1.
High.
Low.
Apr 49
184 40
180 10035 Air 110
Apr 67
210 50
10
342
310
351
3251
275
601
242
130
100
105
25
258
50
3235
15
100
6
35%
102
10
2934
535
55
135
108
6
443
311 100
Apr
Apr
Apr
Mar
Apr
Apr
Apr
Apr
Apt
Apr
Apr
Alir
Apr
Apr
Apr
Apr
Mar
Jan
Feb
Apr
50
34134 Mar
Jan
20
Apr
105
8% Jan
4354 Jan
Mar
105
1534 Mar
Feb
35
Mar
9
Mar
60
Jan
3
Mar
115
9% Jan
9% Feb
100 351 Mat
-Following is
Milwaukee Grain & Stock Exchange.
the record of transactions at the Milwaukee Grain & Stock
Exchange, April 16 to April 22, both inclusive, compiled
from official sales lists:
Stocks
Sales
Friday
Last Week's Range for
ofPrices.
Week.
Sale
Par Price. Low. High. Shares.
•
714
Briggs Stratton
10
3
Bucyrus Erie
10
8)1
Firemens Ins
215
254
23.4
Hecla Mining
•
1435
Johnson Service
8935
Milw Elea pref6% 1921 100
10
15
Old Line Lite Ins
235
Outboard Motors A
•
%
74
•
20
Waukesha Motor
2%
215
10
Wis Bankshares
109
100 109
Wis Tel prof 7%
• No par value.
7,4
3
8%
2%
15
90
15
214
%
20
234
109
100
150
150
600
23
17
50
Range Since Jan. 1.
Low.
3
7%
2%
14%
89)5
15
2
200
350
240 zo
234
320
10 108
High.
Apr 1034
431
Apr
Jan 1131
Apr
Apr 19
Apr oo
Apr 20
Apr 2%
1
Feb
Apr 35
4
Apr
Apr 11034
Jan
Mar
Jan
Jan
Mar
Apr
Mar
Jan
Jan
Jan
Jan
Jan
3072
Financial Chronicle
Cleveland Stock Exchange.
-See page 3047.
Cincinnati Stock Exchange.
-See page 3047.
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, April 16 to April 22, both
inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Stocks-
Arkansas Nat Gas Corp *
Preferred
10
Armstrong Cork Co
Blaw-Knox Co
•
Clark(DL)Candy
•
Columbia Gas & Electric_•
Crandall McK & Headers _
Devonian Oil
10
Independent Brewing_ _ _50
Preferred
60
Koppers Gas & Coke pt 100
Lone Star Gas
•
Mesta Machine
5
Pennroad Corp
•
Pittsburgh Brew pt.
50
Pittsburgh Forging
"
Pittsburgh Plate Glass_ _25
Pitts Screw & Bolt Corp_ _*
Shamrock Oil & Gas
*
Standard Steel Spring
•
United Engine & FdY
*
Westinghouse Air Brake *
Westinghouse El & Mfg 51)
131
4
5
54
533
8
8
4
4
4
2%
274
274
45
45
44
434
8
8
134
733
3
1433 14
3
1
731
1434
10
2154
4
134
431
5
534
534
9.31
4
434
235
273
49
5
9
2
933
3
1431
3
1
74
15
1134
24
Range Since Jan. 1.
Low.
100
131
1,420
4
35
5
423
534
100
533
1,108
633
30
4
104
4
100
2
70
2
50 45
9,032
334
160
8
265
134
598
6
10
3
425 14
121
3
50
1
50
734
935 1434
1.110
934
485 2133
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Mar
Jan
Jan
Apr
Apr
Apr
Apr
Feb
Feb
Apr
Apr
Feb
Apr
Apr
Jan
Apr
High.
234
531
10
831
833
16
533
,
5
3
3
81
931
1934
2
933
333
20
4
134
1033
2333
1634
2731
Mar
Feb
Jan
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Apr
Jan
Mar
Jan
Jan
Jan
Jan
Feb
Mar
April 23 1932
Priam,
Sales
Last Week's Range for
Range Since Jars. 1.
Sale
ra Prices.
Stocks (Concluded) Par. Price. Low. High. Week.
Shares.
Low.
High.
Tide Water Assd 011 corn_ _
2
234
412
2
Apr
333 Jan
% pre,erred
23% 224 2333
72 20
Feb 2731 Mar
Transamerica
331
333 335 28,553
233 Jan
6 Feb
Union 011 Assoc
953
84 933 3,384
833 Apr 12% Jan
Union Oil Calif
1033 10
to% 2,222 10 Apr 14 Jan
Wells Fargo Bk & U T. ...... 17474 184
105 17433 Apr 200
Mar
Western Pipe & Steel_
1434 1534
1.734
1433 Apr 20
Feb
Los Angeles Stock Exchange.
-Record of
at the Los Angeles Stock Exchange, April 16 transactions
both inclusive, compiled from official sales lists: to April 22,
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Prim. Low. High Shares.
Range Since Jan. 1.
Low.
High.
Assoc Gas & Elec A
*
253 233
100
231 Apr
331 Feb
Barnsdall 011 A
25
4
4
100
34 Apr
533 Jan
Broadway Dept St pf..100
5133 5134
30 504 Jan 55
Jan
California Bank
25
5235 5434
100 5133 Jan 81
Mar
Central Investment Co 100
1034 1031
36
9
Feb
1334 Feb
Citizens Nat Bank
20 46
48
47
200 46
Apr 55
Jan
Claude Neon El Products•
634
835 634
100
6
Apr 1034 Mar
Emseo Derrick & Eq Co..•
3
3
400
3
Jan
334 Feb
Farm & Mer Nat Bank 100
230 230
25 225
Feb 250
Jan
Globe Grain dz Mill com..25
835 835
100
833 Feb
93i Feb
Goodyear T & Rub pref 100 30
30
30
50 30
Apr 5744 Mar
Hancock Oil corn A
25
5
5
5
1,500
5
Apr
7
Jan
Internat lte-insur Corp_10
20
20
200 17
Apr 25
Mar
Los Angeles Biltmore pf100
6
6
8
20
6
Apr
Apr
6
Los Angeles Gas & El pf100 99
88
90
162 88
Apr 100
Jan
Los Angeles Invest Co_ _10
44 474
1,200
434 Apr
Feb
7
Monolith Porti Cem cow •
1
1
200
1
Apr
134 Mar
Preferred
10
151
,
134
200
Unlisted134 Apr
33-4 Mar
Mortgage Guarantee Co100
52
73
190 52
Penna Industries pret__100
Apr 115
Jan
8
8
10
8
Apr
8
Apr Pacific Amer Fire Ins Co 10
1831 1831
100 15
Western Pub Serv v t c
Mar 25
•
Jan
335 331
511
3
Apr
Feb Pacific Fin Corp com _ _ _10
5
6
6
6
1,200
6
Apr
735 Jan
Pacific Finance series D.10
•No Par Value.
8
8
100
8
Apr
84 Apr
Pacific Gas & Flee com_25
28
2833
200 24% Apr 37
Feb
1st preferred
San Francisco Stock Exchange.
2333 2333
100 2334 Apr 26
-Record of transac- Pacific Lighting corn...25
Jan
•
31
31
100 30
tions at San Francisco Stock Exchange, April 16 to April 8% preferred
Apr 4034 Feb
• 32
32
32%
250 32
Apr 39
Mar
Pacific Public Service corn*
22, both inclusive, compiled from official sales lists:
133
131
200
135 Apr
233 Mar
let preferred
•
104 1033
200
934 Am 18
Mar
Friday
Pacific Western Oil Co _ --*
Sales
331 334 1,100
331
33 Apr
,
4
634 Jan
Last Week's Range for
Republic Petroleum Co_10
Range Since Jan. 1.
1
1
1
2,000
46 Jan
134 Feb
Sale
of Prices. Week.
Richfield 011 Co pref. _25
I/
100
.4
54
34 Apr
Stocks34 Mar
Par. Price. Low. High. Shares.
Rio Grande Oil com
Low.
25
233
High.
2
24
600
2
Jan
234 Mar
San Joaquin Light & Pow.
Alaska Juneau
1231
1234 1333
7% prior preferred_..100 97
575 1234 Jan
97
1633 Jan
100
30 97
Apr 108
Jan
Anglo Calif Trust
280
260 270
15 260
Apr 280
37
37
Jan Seaboard Nat Sec Corp_25
4 30
Feb 3731 Jan
Anglo & Lon P Nat Bank_
100 1004
170 100
Apr 114
Jan Secur 1st Nat Bk ot L A _25 5033 5034 544 4,550 504 Apr 65
Mar
Bank of Calif N A
137 14233
112 137
Apr 162
25
5
Jan Signal Oil & Gas B
5
5
100
5
Apr
Apr
5
Byron Jackson Co
134
14
145
1,119
134 Apr
234 Mar So Calif Edison corn _ _ _ _25 2333 2333 25
3,300 23% Apr 32% Feb
California Copper
Original preferred._ _ .25 3334
34
45
100
h Jan
34 Mar
3334 3333
400 3333 Apr 43
Jan
Calif Ore Power 7% pref..
80
7% preferred
80
15 80
Apr 101
25
Jan
2534 2535
300 2531 Apr 2774 Jan
California Packing
634
633 634
8% preferred
1,497
6
Apr 1134 Feb
25 207-4 2073 2134 1,900 20h Apr 25
Mar
Calif Water Service prof..
58
534% preferred
58
14 56
Apr 65
25
Jan
1934 1934
700 193-4 Apr 23
Caterpillar
Jan
631
634 7
5.067
84 Apr 15
Jan Southern Pacific Co_..100 14
1374 1434
800 12
Apr 37
Jan
Clorox Chemical A
1331 1333
296 1334 Apr 15
Jan Standard 011 of Calif
• 1733
1734 1874 6,400 17
Apr 27
Feb
Cos G dr E 6% let pref.81
20 73
8134
Apr 96
•
Jan Taylor Milling Corp
531
100
531
Apr
5
Cons Chemical Indus A__
Jan
8
1333
1334 1334
185 13
Jan
-America Corp
1731 Feb Trans
•
331
3
333 14,500
233 Jan
Crocker First Nat BankFeb
225 225
30 225
Apr 245
Jan Union Oil Associates__ _25
.
1334 931 3.100
944
814 Apr 1234 Jan
Crown Zellerbach v t 7)....
134
134
145
948
I% Apr
233 Jan Union 011 of Calif
25 1034
974 1034 8,000
9% Apr 1331 Jan
Preferred A
10
10
12
Dm 9 Jan 1631 Jan Union Bank & Trust Co 100
325 325
18 325
Preferred B
Jan 325
Jan
10
10
12
247
9
Jan
15
Jan Weber Showcase & Fix pt •
4
4
40
5
Emporium Capwell
Mar
545 Mar
100
334 334
334 Apr
434 Mar
* No par value.
Fageol Motors
45
45
500
33 Feb
,
34 Jan
Firemans Fund Indemnity
19
19
10 17
Jan 2033 Jan
New York Produce Exchange Securities Market.
Firemans Fund Insur
40
39
4033
269 39
Apr 4834 Mar
Food Mach Corp
434
44 5
498
44 Apr 11
Feb Following is the record of transactions at the New York
Foster & Kleiser
I%
134
100
134 Feb
14 Feb Produce
Golden State Co Ltd
Exchange Securities Market,April 16 to April 22,
6.4 634
205
57.4 Jan
834 Feb
Hawaiian C & S Ltd
22
22
100 214 Apr 36
Jan both inclusive, compiled from sales lists:
Honolulu 011 Ltd
631 6%
300
534 Apr
1034 Jan
Stunt Bros A
234
234
Friday
200
3
Sales
Jan
5
Feb
Hutch Sugar Plant
433 4%
45
Last Week's Range for
434 Mar
431 Jan
Range Since Jan. 1.
Investors Assoc
133 2
Sale
2.000
ofPrices.
134 Jan
Week.
3
Feb
Leslie Calif Salt
Stocks9
933
Par Price. Low. High. Shares.
832
634 Jan
Low.
934 Apr
High.
L A Gas & Elea Corp pref.
88
90
25 85
Apr 100
Jan
Lyons Magnus Inc A
Admiralty Alaska Gold.
._1 180
335 335
150 19e
200
11,000 Ile
234 Jan
Jan 23o
315 Max Allied
Feb
Magnavox Co Ltd
Atlas
31
•
34
34 5,725
735 734
34 Jan
100
14 Feb
745 Apr
75' Apr
Marchant Calif Mach.-- -----134
1 33
*
150
834
734 834
14 Mar
300
14 Jan Allied General prof
734 Apr
8% Apr
Natomas Co
1234 123-4
1 89c
80c 89e 47,500 660 Apr 890 Apr
100 124 Apr 1234 Apr Atlas Gold
No Amer Inv
Bagdad Copper
3
3
20e 21e
1
8,000 20c
5
3
Apr
5
Apr 70c
Feb
Jan
Pacific Gas
264 2631 28
10
lh
5,571 2434 Apr 384 Feb Bancamerica Blair
134
131
500
144 Apr
23-4 Mar
8% 1st preferred
Corporate Trust Shrs
2333 2334 2445 5,465 2333 Apr 2631
1.65 1.65
200
1.65 Apr
2.36 Feb
Jan
533% preferred
2031
160 18e
2031 21%
2,000 100
1.753 2031 Apr 2433 Jan Detroit & Canada Tun-- •
Jan 290 Feb
Pacific Lighting Corp- _._
1
304' 31
1.00 1.00
200
1,258 2834 Apr 4134 Feb Eldorado Gold
1.00 Apr
1.46 Feb
6% preferred
Fuel 011 Motors
10
1
80
133
7954 8235
133 2,400
325 7931 Apr 95
1
Jan
4
Jan Globe Television
Apr
Pac Pub Serv non-vot com_
•
3
333
333 8,100
134
133 13,600
134 Jan
133 Apr
311 Mar
334 Mar
Non-voting preferred_ _ _
•
834 635
9
9
1034 1,590
50
5
Apr 10% Mar
84 Apr 1434 Mar H Rubenstein pre(
Pacific Telephone
Huron Holding C-D
1
754 7531 8234
4
800
953 754 Apr 104
41 Apr
133 Mar
Mar Internet!'Witless Iron_ _1
500 19c
220 220
6% Preferred
95
95
10031
398 95
Jan 420 Feb
Apr 112
Jan Keystone Consolidated_ _ _1
Paraffine Co
10o
10e
114 11
1,000
12
90 Feb 250
989
9
Apr 2534 Jan Klidun Mining
Jan
•
Pig 'n Whistle pref
2.05 2.75 1,400
1
134
1.55 Feb
118
1
Jan
3.00 Apr
133 Jan Maeassa Mines
1 28c 270 28c 7,000 25c Feb 370 Mar
Richfield 011 corn
4
4
200
45 Jan
33 Feb MacFadden Public pref. •
S J L dz Power 7% pr pref. 98
21
22
70 20
98
100
127 97
Jan 30
Apr 107
Jan Mid-Continent Pub Ser A •
Feb
534 8
6% prior preferred.--. 85% 8533 8544
600
5
16 8534 Apr 96
Mar 13% Jan
Jan Petroleum Conversion. _5
2
Schlesinger
2%
200
31
31
4
220
134 Jan
31 Apr
Jan Railways
34 Feb
1
•
Shell Union
8
833
833 1,500
233 274
4
891
233 Apr
Jai
4
833 Apr
Mar Sanabria Television
•
Sherman Clay prior peel._
135 24 2,800
50
50
50
85 41
Feb 51
Mar Shortwave & Tele
1 33 Mar
334 Jan
1
34
Sierra Pacific Elect 6% pret 70
31
34 9,900
70
70
10 70
Apr 78
h Apr
Feb Studebaker chemical__ 5
Jan
2
1
1
Southern Pacific
200
14
13
1534 2,789 1134 Apr 3734 Jan Tobe Deutschman
Apr
1
Apr
1
1
480
480 50c
So Pac Golden Gate A--- ...-..
5,000 30
.
934 Apr 1134 Mar US Elec Lt dz Pown
934 973
300
Apr
1.25 Apr
11
2.90 2.90
B
100
7
7
7
615
7
2.90 Apr
Apr 1034 Mar Western Television
3.68 Jan
2
1
Spring valley Vi flier
134 2
10.400
634 854
600
634 Mar
Jan
7
54 Mar
233 Jan
1
15e
10c
180 20,500
Stand Oil of Calif
1774
7,548 1734 Apr 2734 Feb Zenda Gold
1734 19
5o
Feb
160
Apr
40
en
54 40
Anr 50
Jan
• 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 16 1932)and ending the present Friday (April 22 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.
Fridar
Sales
Last 1Veek's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Week Ended April 22.
Mocks--
Indus. & Miscellaneous.
Acetol Prod cony A
•
Acme Wire corn v t
Ainsworth Mfg com_
_10
Alr Investors cony pref._.
•
Ala Great Sou RR pref. _50
klumlnorn Co coax:atm_ .•
8% Preference. _ . _100
Aluminum Goods Mfg. .•
Amer Austin Car Co Inc. •
Amer Belt & Conti corn •
Amer Clear Co corn - _100
235
2735
3934
935
533 533
235 234
8
6
234 24
25
25
2731 31
384 43
933 931
31
34
130
31
130
Range Since Jan. 1.
Low.
200
534
100
2
100
554
200
234
50 25
1.050 24
730 38%
500
9%
100
34
300
33
25 100
High.
674
Apr
Apr
34
Jan
844
Apr
433
Apr 40
Apr 61%
Apr 67
Apr 104
Jan
715
Feb
34
Jan 150
Jan
Feb
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Friday
Sales
Last Week's Range for
.3ale
ofPrices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Amer Cyanamid corn B •
Amer Dept Sts 1st Pf- -100
American Equaled rem- •
Amer Founders roc)
•
Amer Hardware Corp
25
Amer Investors corn B...
Warrants
Am Laundry Mach nom 20
Amer CHI & Gen B v t C.
Anchor Post Fence coin •
Anglo Chilean Consol
Nitrate Corp own
234
2
3.4
133
234 333
431 431
2
2
34
54
15
17
2
2
31
33
1134 1334
33
33
14 133
41
4i
4,300
100
200
300
110
200
300
525
700
100
1,000
Range Since Jan. 1.
Low.
If1Q11.
11342 31
434
14
A , 54
Aprp
Apr 10
Jan
3
174
15
Apr 22233
144 Apr
33-4
h
A nr
4 Feb
17
34
Feb
134
b
14 Mar
54
Mar
Mar
Mat
Tar
Mar
Jan
Jan
Jan
Feb
Jan
Jan
Sates
Friday
Last Weds. Range for
Week.
Sale
ofPrices.
Stocks (Continued) Pa?. Price. Low. High. Shares.
2
2%
2
2
Arcturus Radio Tube Co_*
2
trt Metal Works corn_ ___•
Associated Elan IndustriesA mer dep rote ord shs.el
Associated Rayon Corp.*
234
Atlantic Securities corn
•
Atlas Plywood Corp
Atlas Utilities Corp oom._•
•
$3 preferred
Warrants
Automatic Vol Mach
...
Cony prior part% new.. ......
Aviation Secur (New Rug)'
Bellanca Aircraft com•t c•
Beneficial Indust Loan. •
Blue Ridge Corp corn
134
6% opt coin ore!.. SO 19%
Boston & Maine pr PI_ _100
Blumenthal (S) & Co eons*
Brill Corp class A
•
Ruins's Watch met---•
6
Brit-Amer Tobacco Co Ltd
Am dep rcts ord bear stk
Burma Corp
Am dep rats reg
Butler Bros
20
1%
Cable Radio Tube corn vto•
Campe Corp
•
Carnation Co common...' 16
Celluloid Corp 1st pref___*
•
Ceutrifaaal Pipe
2%
Chain Stores Stocks Inc. •
Charts Corp
Cities Service. common._ •
454
Preferred
• 38%
Preferred BB
• 28
Oland.Neon Lights00m.
-1
54
Ceiveland Tractor Co-*
Cont'l Chic Corp cony pt.* 1234
;anti Shares cony prat 100
Cooper Bessemer Corp
$3 pref A with warr__100
Cord Corp_
.6
3
Corrocm & Reynolds eora...
Crocker Wheeler Elec--•
Cuneo Press
631% pref with warr_100 65
Curtis Wright Corp wan........
34 34
54
2% 3
1% 1%
531 54
34
34
1% 1%
500
1,000
2%
24
200
100
1
1
8% 9
1
14
19% 19%
33
33
3% 3%
14 1%
6
6%
200
1,100
1,400
1,000
10
300
100
300
.13,4 134
200
2%
234
Indus Finance Corp to 10
•
insure Utility investment_•
$6 prat with warr
•
Insurance Coot No Arn.10
Insurance Securities____10
1
lot Safety Razor class B. *
interstate Equities. rem_ •
Peon' pref
•
Irving Air Chute cora
•
Koleter.Brandes Ltd
American shares
11
1%
Lakey Foundry & Mach_
Lackawanna Securities •
Lercourt Realty cons. •
•
Lehigh Coal & Nay
Louisiana Land & Eznior_•
Mapes Consol Mfg Co-- •
Mavis Bottling Ooto A---6
Mayflower Associates..... 214
•
Mead Johnson & Co
•
Miller (I) & Sons corn
Minneapolis-Honeywell
Regulator pret
100
1
•
Nat Amer Co Ina
•
National Aviation
Nat Bancservice Con) •
Nat Bond & Share Oorp_.•
Nat Dairy Prod pref A-100
•
151
Nat Investors corn
Warrants
Nat Rubber Machry corn •
134
Nat Short Term Sec A...
•
Nat Sugar Refining
.6
Nelson (Herman) Corp..
• 14
Newberry (J .T) Co
100 75
7% preferred
34
New Mexico & Ads Land.'
•
New Process Co corn
"
N Y Hamburg Corn
N y shipbldg Mrs she...* 2
Friday
Sales
Last Week's Range for
Sale
of Prices. Week.
Stocks (Concluded) Par. Pries. Low. Mot. Mares.
Range Since Ant. 1.
Low.
High.
1% Jan
2
Mar
354 Mar
231 Apr
2% Jan
700
200
54 Apr
600
2
Apr
200
134 Apr
44 Jan
8,800
900 s333( Feb
100
134 Jan
24 Mar
134 Mar
1
84
34
17%
33
4
1
5%
4
1%
351
254
74
38
2
Mar
Feb
Jan
Feb
Mar
Mar
Jan
2(4 Mar
2% Apr
134
Jan
Feb 11%
2(4
Apr
Jar 27
Apr 59
6
Apr
Jan
1%
Apr e12
Feb
Jan
Mar
Mar
Jan
Jan
Jan
Jan
15
Mar
1% 3,200
700
14
800
14
100
2
2%
400
16
16
100
20
20
400
234 254
200
4% 44
100
831
45,300
4
5
1,500
38
42
40
28
31
800
X
X
100
2% 231
100
1234 12%
500
14
h
134
34
34
24
15%
20
2%
44
834
Oh
38
2831
eft
234
1234
4
Jan
Apr
Jan
Jan
Apr
Jan
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
1%
234
14
2%
18
25
414
6%
1234
6%
5334
45
14
*14
19%
34
Mar
Jan
Mar
Apr
Jan
Jan
Feb
Jan
Jan
Feb
Mar
Mar
Jan
Jan
Feb
Jan
4
34
1%
2%
100
3,700
50
1,900
4
234
14
2
Apr
Apr
Apr
Apr
94
84
214
5%
65
5s.
100
800
134 134 5,900
Niagara Share of Md.. 6
4234 46
100
100
Preferred
700
634 63-4
-Pond Co-__•
Niles-Bement
654
400
234 24
Noma Electric Corp corn •
34
34
100
North Amer Cement corn'
34
34
,
200
•
Olistocks Ltd class A_
300
Outboard Motors pre! A •
134 13-4
5/
400
•
Class B common
54
354 354
100
Paramount Motors
•
•
14
100
14
Parke, DaVID & Co
2734 2834
200
Parker Rust Proof com_ •
15
100
15
Pender(D) Groc class A_ •
14 2
134
5,300
Pennroad Corp corn•t e •
29
40
29
100
Pepperell Mfg Co
80
8334 834
100
Pet Milk Co pref '
234
134 251 1,300
Philip Morris Conseil com.•
.4 11,900
34
54
Phoenix Secur Corp corn.'
•
9
200
9
Cony prof class A
134 24 3,600
14
•
Pilot Radio & Tube el A..
Pitney Bowes Postage
•
24 24
500
Meter Co
1534 1,300
Pittsb Plate Glass com__25 154 14
100
1434 1434
•
Pratt & Lambert
334
334 354 2,300
Prudential Investors corn •
50
•
5534 5531
$6 preferred
Public Utility Holding Corp
34
lig 3,200
34
Corn without warrants.•
200
•
2
234
$3 cum Prof
11
Ise
Ire 8,700
Warrants
10
102 102
Quaker Oats 6% pref--100
•
234
23.4 3,900
Radio Products corn
34
51
400
•
Railroad Shares Coin
34
34
200
Ry & UM Inv corn A--_10
900
h
h
,
51
Reliance Internat corn A...
203
54 1
Relia.nce Management corn.
•
%
800
X
34
Republic Gas
X 1,600
54
10
Reybarn Co Inc
h
500
•
54
34
Rossi& International
300
23
25
•
Ruberoid Co
Jan
Jan
Mar
Jan
1
1%
4
1%
2
65
ill
Deere & Co common
•
5% 64
De Forest Radio oommoe.
•
34
34
M
Detroit Aircraft Corp. •
Its
34
Dixon Crucible Co.-- _100
38% 38%
Draper Corp
22
•
22
Dubliler Condenser Corp.•
*re
"a
Eisler Electric common..'
1
1%
1%
Elea Power Associates..
.•
4% 6
s
Class A
5
6
Else Shareholdings sons_•
2
2
$8 cum prat with Watt •
404 40%
Employers Reinsurance_10
184 18%
Fanarde Sugar
100
114 1134
Fedders Mfg class A
•
2
3%
Federated Capital6% pf 25
9% 931
•
5%
Federated Metals
5% 53(
Fiat Am dep rem
634 654
Fire Assn of Phil*
10
5% 554
Flintkote Co Maas A cam..
2
2
234
Fonts Fisher Inc corn....'
54
31
Ford Motor Co Ltd
Amer dep rote ord res.LI
3%
334 454
Ford Motor of Can el A ..•
7%
74 9
Clam B
•
13
13
Foundation Co
Foreign shares Maas A_ •
3% 4
Fox Theatres ooze A
•
Si
Si
General Alloys Co
•
24
234 3
Genera/ Aviation Corp_ _ •
3%
334 34
Den Elea Co (Os Britain
Am dep rcts ord res..../1
634
631 634
Gen Empire Corp
734 73'
Gaul Theatres Equip td.•
34
fi
Glen Alden Coal
•
8%
834 94
Globe Underwriters Etch.'
354 34
Goldman-Sachs'Pradins__•
14 2
Gold Seal Electric/Li Co..'
Si
.
F
4
Gorham Mfg corn•t
114 114 114
Gotham Knitbae Mach....
134
1
134
Gray Telep Pay Station. •
25
26%
GS All & Pao Tea-Non Tot oom stock...'
131 13234
7% Brat psererred.. .10n
116 11734
Greif (L)&Bros 7% pf_100
96
96
Groo Ste Prod cum•t e_ •
1
1
•
EIszeitine Corp
5% 53.4
Helena Rubenstein coin- •
34
14
Holophane Co Inc corn--•
24 2%
2%
•
Horn & Ilardart corn
2134 2134
Elyerade Food Prod
•
3
334 351
Hygrade Sylvania Corp_ •
1234 1234
3073
Financial Chronicle
Volume 134
Apr
Apr
Jan
Apr
Feb
Apr
Jan
Apr
Apr
Apr
Jan
Jan
Apr
Apr
Apr
Jan
Apr
Apr
Apr
Apr
th
34
4
3634
18%
5-16
1
354
334
1%
38
1634
1134
2
934
534
1334
5
2
4
3,700
4,300
25
34 Apr
754 Apr
Apr
13
Mar
65
34 Jan
1434
14
31
66
2234
14
2%
84
914
44
4934
20
1834
4
1434
6
734
834
4
134
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Feb
Feb
Jan
Jan
Mar
Feb
Mar
Jan
631 Jan
Mar
16
25
Mar
2,100
1,10
2,500
2,300
3
4
4
3
Feb
Apr
Jan
Jan
4
1%
3
IISL
Apr
Jan
Apr
Jan
100
100
400
800
1,100
7,000
1.000
500
1,500
100
854
734
4
8
34
1%
34
11
54
25
Apr
Apr
Mar
Apr
Apr
Apr
Feb
Feb
Jan
Apr
1134
16
154
32%
44
334
546
124
14
4234
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Feb
Jan
Apr 150
Feb x1111
Jan 96
Jan
134
Feb
7
Apr
34
Apr
34
Apr 29
Apr
4
Apr 21
Jan
Feb
Apr
Jan
Jan
Feb
Apr
Jan
Jan
Feb
70 126
40 s115
25 95
200
1
100
5
200
h
100
254
100 20
600
254
600 1034
100
300
200
400
200
100
100
40>)
500
134
1
19
234
934
SI
83
54
22
45
131
60
1
3%
54
20
2034
9734 98
15(
54
Si
24 24
134
134
22
22
43.4 431
1434 14%
65
75
Si
Si
4
4
5
5
1% 2
60
I
3
Mar
65
146 Jan
600
900
1,200
20
100
200
1,500
700
600
100
100
100
100
500
200
300
600
200
600
200
134 1%
54
34
34
51
29
304
1
1
234 24
54
54
10
10
231 24
134
1
1834
234
834
lie
33
54
2134
43
134
124 Jan
134 Mar
Apr
5.4 Apr
28
Apr
1
Mar
23-4 Apr
5-16 Apr
10
Jan
231 Apr
231
0
15
40
214
54
1(4
12
454
Mar
Jan
Jan
Mar
Jan
Feb
Feb
Feb
Feb
100
100
1,200
100
800
900
100
100
1,700
200
100
1
1
1834
2
834
34
33
Si
2134
43
134
Feb
Feb
Apr
Apr
Apr
Mar
Apr
Apr
Apr
Apr
Mar
154
134
2954
6
124
34
43
14
2834
el
234
Mar
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Mar
Jan
10
100
2,200
100
900
275
400
200
100
1,900
200
803
100
150
2,100
100
100
700
60
1
234
54
19
95
154
It"
2
I
1934
3
1434
85
4
3
5
15.4
Apr 7134 Mar
Jan
14 Feb
Jan
34 Feb
Apr
334 Feb
Jan 23% Feb
Jan 100
Feb
Apr
834 Jan
J.,
134 Feb
Feb
334 Mar
Mar
24 Jan
Apr 2334 Jan
Mar
7
Feb
Apr 1734 Feb
Apr 7954 Feb
34 Jan
Mar
454 Jan
Jan
Apr
734 Mar
Apr
54 Feb
3
St Regis Paper Co nom __10
Seaboard Util Shares corn •
5%
Securitlen Allied Corp--•
• 2534
Seeman Bros common---4
Segal Lock & Hardware-.•
Selby Shoe Co common__*
Selected Industries cow •
• 3334
$5.50 prior stock
Allot ens full Pd unstpd.
Sentry Safety Control. • .
Shenandoah Corp corn_ •
50
7
6% cony pref
Sherwin-Wms Co com--25 24
Silica Gel Corp corn•1 c.•
Singer Mfg..100
Smith (A 0) Corp com---• 324
•
Southern Corp corn
Spiegel May Stern pI__100
Stand Holding class A...'
Stand Motor Constr. •
•
Starrett Corp corn
14
8% prat with priv----50
5
Stein (A) & Co common__*
74
Stetson (J B) Co corn....'
•
Stilts Motor Car
•
Sun Invest $3 pre:
25 15
Swift & CO
Hi
Senn International
Syracuse Wash Maeb B__•
•
Technicolor Inc corn
Tennessee Prod Corn- •
TobaCco Prod (Den new sr I
Tobacco Secur Trust Ltd
Am deprcts deferred_ --- -----Am dep rcts ord regis_ __ -----Transcont Air Trann)--•
Trans Lux Daylight
Piet Screen common '
Tri-Cont'l Corp warranta - -----Triplex Safety Glass
Am dep rcts for ord sheel
Tnhive Chatillon Cory
Common 13 Tot tr entire
Tung Sol Lamp Wks 33 PI• 18
Ungerielder Financial__ •
United Amer UM com___•
United-Carr Fastener- •
United Dry Docks
•
United Founders corn__.•
United Milk Products_ •
United Shoe Macb'y com25
U.S Dairy Prod class A_ •
Class B
•
2.14
U S Foil class 13
•
U El & Internat Securities.*
First pre: With Warr_ -- 1634
United Stater. Lines. pref •
U 8 Playing Card ce)m__10
231
Un Wall Pap Factories...'
Utility Equities 0010 .
• 3834
Priority stock
Van Camp Packing com.....
5
Vick Financial Corp
•
Walareen Company
Walker (H) Gooderham dz
83-4
Worts new preferred...*
•
Welch Grape Juice
Western Cartridge 6% prof
Westvaco Chlorine Prod
100
7% cum pref
Wil-low Cafeterias Inc_ •
Woolworth (F W) Ltd
Amer deP DM RID ord'ha 1034
1111
'16
2
834
2
134
nig
54
254 35-4
34
54
534 554
2534 2531
54
34
9
9
34 1
3334
32
304 3134
Si
Si
34
h
854 7
254
24
%
3¢
110 111
3354
27
134 14
22
22
5
5
54
34
34
34
14 134
5
5
734 7%
1154 1134
1974 19%
15
1554
203-4 2134
24 24
134 134
X
X
High.
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Jan
Apr
Apr
Jan
Apr
Apr
Mar
Jan
Jan
Apr
Apr
334
46
814
II%
3¢
1
254
51
634
19
55
15
334
364
90
254
34
10%
$4
Jan
Apr
Jan
Jac
Apr
Jan
Jan
Feb
Feb
Jan
Mar
Jan
Jan
Mar
Feb
Apr
Mar
Mar
Jan
2
1354
1334
3
5534
Jan
Apr
Apr
Apr
Apr
334
1934
19
554
6534
Mar
Mar
Jan
Feb
Mar
34 Apr
54 Jan
6
Jan
1(4 Apr
142 Apr 3-32 Jai)
102
Apr 10334 Mar
Jan
3
Jan
1
S4Apr
134 Jan
1
Jan
34 Mar
14 Jan
54 Jan
154 Jan
54 Feb
34 'BD
34 Jan
h Jan
1,4 Mar
h Apr
S4 Jan
Feb
23
Apr 38
2
700
200
1
Low.
14
4234
6
234
34
31
134
%
334
1134
26
15
14
29
8334
134
1-16
9
154
2,800
1,500
1,400
300
3,200
100
4,800
400
300
400
100
400
22
300
300
350
800
100
I,
100
500
300
100
150
400
100
1,500
600
300
300
1
400
2
8%
2
Range Strice Jos. I
5%
234 Ap
34 Apr
154
734
534 Apr
Jan 29
25
2
X Apr
Feb10
9
1.4
54 AD
28
Apr s42
28% Jan 4554
h Apr
1
h Apr
II
831 Apr 1234
2234 Apr 3434
34 Apr
13(
110
Apr 134
Apr 59
27
Mar
1
134
Ja. 30
21
A.
5
5
14 Mar
34
34
((Mar
254
134 Mar
Apr
5
854
7h Ap
834
1054 Mar 13%
1954 Apr 24
22
x1454 A
Se
1754 M
Feb
3
2
894
1% APT
2
X Apr
3-10 A
04
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Mal
J114
Jai
Mar
Jan
Jan
Jan
Jan
Mar
Mar
Apr
Feb
Jan
Jill)
Jan
Jan
Jaz.
Jan
Max
Mar
Jan
Jan
Jan
Jan
Ap
2
854 J
1)( Apr
24 Apr
934 Mar
$31 Jaw
600
1
A
200 11-16 Apr
2)( Jan
1)4 Feb
54
100
4% Jan
6% Mar
234 234
18
18
1,000
300
154 Feb
16
Jan
534( Max
Mar
22
100
1734 173-6
200
34
h
200
2
234
100
3(
3¢
14 11.400
1
200
1
1
225
334 3434
300
21
25
100
234 234
100
234 2%
54
500
900
1834 1631
200
3¢
3¢
200
14
14
I
234.
800
400
14
1
384 3931
250
54 1,100
34
500
431 4%
300
931 95-1
1734 Apr
Ap
I% Mar
34 Apr
54 Apr
34 Jan
33% Apr
Apr
21
14 Apr
234 Jan
34 Jan
16% Apr
Jan
14
Am
Feb
1
34 Apr
3834 Apr
54 Apr
S3.1 Jan
834 Apr
24
2
334
44
2te
1
403(
60
5
4
54
30
34
23
24
231
49%
2
4%
1134
Jan
Mar
Jan
Jan
JIM
Jan
Mar
Jan
Apr
Jan
Jan
Jan
Mar
Jan
Apr
Jan
Feb
Jan
Mar
Jan
8,4 83.4
333( 34
5034 5034
600
100
225
834 Ap
851 Apr
3331 Apr e3634 Jan
494 Apr 53% Mar
48
48
14 134
50
200
48
Apr
134 Apr
OM Mat
23-4 Feb
4,400
7% Jan
10)4 Mar
10
1034
Public Utilities
30 73
7334 7334 77
Alabama Pow 57 pref
•
400
34
31 3-15
Allegheny Gas Corp
19
20
400 19
Amer Cities P & L oom A 50 19
•
14 14 1,900
134
134
Common B
31
34 n51 2.100
54
Am Com'w'th Pow cam A•
13-4 24 4,200
2%
134
Amer & Foreign Pow warr_
2651 22,100 220,4
Amer Gas dr Elee com.- • 24% 24
300 s70
100 75% 75
754
Preferred
25 164 16
17
1,400 1254
Amer L & Tr corn
134 254 16,900
134
1(4
Am SuperPower CorP coin •
• 46
45
47
900 3934
First preferred
Appalachian Gas corn....' 3-16 3-16 5-16 12,700 3-16
2
2
25-4 1,000
2
Att500 Gas & Elee oorn-•
231 24 9,100
34
254
Class A
325 21
58 int-bear allot exalts ------ 274 334
1-16
1-16 2,800 142
Warrants
• 79
25 79
79
79
Ben Telep of Can
84 84 3,100
83(
831
Brazilian Tr Lt & Pr ord."'
2051 2034
500
20
Buff Niag & East Pr td_-25
Cables de Wireless Ltd
100
34
h
34
Am dep Ms A ordabs.£1
134
154
500
1%
134
Am dep rcts pref ails-.l
1,500
34
Am dep rcts B ord she el
-See M arconi Wireless Tel. of Am erica34
Canadian Marconi
7
6934 70
694
Carolina P & L $7 pier...'
124
t
60
1254 13
Cent Hud 0 dr E corn• e•
Apr 93
Mar
34
Apr 28%
Apr
Jan
5
Apr
Apr 393'
Apr 8851
Apr 24
434
Apr
Apr 6236
Apr
Apr
Apr
Apr 46
Mar
Ap 100
Apr 13%
Apr 22,4
Jan
Jan
Mar
Mar
Jan
Mar
Jan
Mar
Jan
Jan
Mar
Jan
Feb
Jan
Jan
Jan
Mar
Mar
Feb
Feb
Feb
Jan
Si Mar
154 Apr
Jan
Ap
Apr
81% Mar
16
Jan
Financial Chronicle
3074
Priam,
Sates
Last Wears Ranee for
of Prices.
Week.
Sate
Public Utilities
(Concluded). Per. Price. Low. High. Shares.
Cent Pub Serv elan A _ _ _ ______
Cent Sz So'west utu $7 Pf-*
1
Cent States Elea corn.. _.•
Citiee Serv P & L 27 pref..'
•
6% preferred
Cleve Flee ilium com____• 24
100
6% preferred
Commonwealth Edison 100 693i
Com'w'ith & Sou Corp
Warrants
Community Water Serv •
Consol0E L&P Bait corn' 5335
Consol Gas Utll class A •
•
Class B vot tr ctfa
134
East States Pow com B___•
•
East Uri' Assoc corn
Edison El Ilium (Bost)_100
EieeBond&Share new comb 135i
42K
$6 cum preferred
• 36H
25 cum pref
Elec Pow & Lt 2nd Did A_•
Warrants
Empire 0 & F 7% pl_100 28
100 39
8% preferred
Empire Pow part stock_ •
European Elea clam A__10
3-16
Option warrantsy1
83;
•
Gen G&E 28 pref B
Gen Pub Serv 26 pref A_
Georgia Power $6 pref....• 65H
III Pow. & Lt. 56 Pref----• 4714
lot Hydro-El 23.50 pref-*
Internal Super Power__ •
•
154
Internet Util class B
Warr for class B stockInterstate Pow $7 pref- •
Superttow corn A •
•
Long laid Ltg cam
100
7% preferred
6% pref series B_ _100
Marconi Wtrel T of Can--1
34
Maas UM Assoc corn etc •
50 1735
5% preferred
33;
Memphis Nat Gas com__•
Middle Watt Util corn-.
34
$6 cony pref ser A_ •
Molt .5 Bud Pow 1st met..'
Nat Elec Power class A--•
135
• 62
Vat P & L 36 pref
New Eng Pow Anna% preferred__ _100 3935
Y Pow & Lt 7% pref_100
N Y Telep 63.t % pref...100 110
Niagara Hind Pow corn.. iii
434
New common w i_..15
Elarre A ma warrants_
I
35
Class C warrants
Nor :States Pow coin A.1.00
100 68
7% preferred
Facie.* & E 6% hOyt 25 23A
25
534% lot pref
Pa Gas & Elec class A- •
44
Pa is war &Mate
Pub Serv of Nor Illinois
100
6% Preferred
So'east Gas & Water corn..'
•
Claes A
Sou Calif Edison
26
Preferred B
98
era elan 0_
25
7% preferred A
An Colo Pow elate A. -25
Southern Nat Gas corn_ •
Southern Union Gas com..•
-burettes* Gam Urn corn...•
34
Standard P& 1.. com____• 10
Common class B
•
41
Preferred
Stand Pub Serv panic A.•
Voting trust Ws
-iweia Amer Elea pref.-____ :4034
Tampa Electric common •
Tenn El Pow 7% pref__100
Union Nat Gas of Can....
United Corp warnings1H
United Gas Corp corn._.'
• 30
Pref non-voting
Warrant,
334
finned Lt & Pow corn A__•
• 21g
$6 cony 1s1 prat
54
CI S Flee Pow with warr •
%
Mil Power & Light oom •
234
•
Class Hy to
100
7% preferred
Former Standard 011
Su bald laflee
50
Buckeye Pipe Line
100
Eureka Pipe Line
Humble Oil& Refining-26
•
Imperial Oil(Can) 0001)-•
Registered
10
Indiana Pipe Line
National Transit _ -12.50
25
Penn Max Fuel
26
South Penn 011
Standard 011 (Indiana)_26
25
Standard 011 (Neb.)
Stand Oil (Ohio) cam_ 25
Swan Finch Oil Cori) 25
7%
12H
15H
1135
2
Other Oil Stocks
•
Amer Maracaibo Co
134
•
Ark Nat Gas Corp crlm--•
134
Clan A
100
Preferred
Columbia 0& Gas•t
%
2
Creole Petroleum Corp...'
Darby Petroleum corn....'
Gulf 011 Corp of Penns...25 29
Indian Ter Ilium 011 Cl B •
Intercont Petrol Core -6
Internat'l Petroleum....'
9%
Leonard 011 Develop Co_25
•
Lone Star Gas Corp
•
margay Oil Corn
•
Mexico Ohio Oil Co
Middle States Petrol•
ClassA vto
Mo-Hanaaa Pine L eam 5
Si
Mountain Producers_ _10
• 11 34
National Fuel Gas
New Bradford 011 Co-_ _5
Nor European OH ibm_ •
•
Pacific Western 011
5
Plymouth Oft Co
pre -100
Pure 011 Co6%
335
Salt Creek Prod Man-10
Range Since Jan. 1.
Low.
High.
35
12H
1H
41
36
25
95%
75
1,400
100
3,500
150
50
900
70
9,300
H
12H
1
39
36
225i
92H
50
Apr
3%
Apr 2935
Apr
2%
Apr 56
Apr 50
Apr 30
Apr 103
Apr 122
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
34
1
5335 653;
134 2
Si
Si
4,200
200
800
400
200
Si
%
5034
15;
3*
Apr
Apr
Apr
Jan
Apr
Jan
Jan
Mar
Feb
Apr
13; 1%
900
19H 20
200
150 155
20
1334 1634 05,500
3,500
36
40
900
23
2335
200
23; 3
1,800
28
33
200
39
44
300
10% 1134
500
200
1%
3-16
g
1 000
600
fig 8);
14
19
30
6535 6614
125
44
300
4734
163; 17
75
300
534 554
13; 13i
600
600
Si
183; 21
60
200
51
5.1
15); 15% 1,900
85
75
100
68
68
50
2,200
fi
114 2
1,200
17
17A
275
334 3%
700
%
Si 5,800
4
4
700
80); 803;
25
134 136
300
60
64
400
13(
018
150
9%
:29%
x2735
1535
134
28
39
1035
1%
3-16
634
14
6634
4034
1634
634
135
Si
1831
%
I5H
75
68
3i
1%
16%
334
34
3
76
134
49
Apr
Jan
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Mar
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Jan
Apr
Mar
Apr
Apr
Apr
Jan
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
35
1234
1
39
36
24
92g
65
31
3935 4031
80 39
95
9534
50 90
109H 111h
425 108
434 434 25,100
4
1334 13K
300 1234
'14
14
600
34
300
35
%
51
55H
300 51
67
70
300 z65
23H 243;
21
21
534 514
4235 4434
1,300
100
100
700
67
34
K
34
34
50
100
200
1954 21H
19A 19A
25g 25H
435 435
34
34
341
3i
H
10
10
10
10
41
34
235 235
%
34
405; 445;
21K 21 y,
70
70
2% 2H
1% 13;
1% 1%
2835 3635
*it
35
335 4
24
21
35
34
44
34
2K 2%
14H 163i
1,600
200
300
100
600
200
1,900
400
300
250
100
200
500
100
25
600
600
10,700
1,100
600
6,900
1,700
1,200
4.900
800
100
87
27
26K
39
7H
7
314
834
5%
12
1434
11H
21)4
154
27%
393;
734
734
3)4
8%
5H
12g
15g
12g
24
2
500
50
200
10,500
700
200
200
100
1,500
35,000
2,100
400
200
3,000
135 1,100
1); 2,900
434 1,200
900
h
%
2
2
4,500
2% 2%
100
29
30% 1,600
3
3
200
2,700
ifs
854 934 17,500
36
1K
Si
4ti
5
2
5
2
54
34
34
2H 2%
11
1135
44
54
41.
314 3;4
6
6H
44
44
334 334
100
2,100
100
100
100
800
800
400
100
1,000
200
1,700
20
500
2394
21
534
38
134
6934
234
34
354
25
195
32%
82
64
46
6
4654
5234
18
8
2555
50
82
6334
23H
1294
3
*4
62%
1%
19H
101
86
134
2)4
23
534
7
1534
9354
1034
72
Apr 51154
Apr 100
Apr 114
Apr
754
Apr 1354
Apr
Pie
Apr
34
Apr 83
Apr 9494
Apr
A
Jan
Apr
Feb
Jan
Mar
Mar
Jan
Jan
Mar
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Feb
Jan
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Feb
Jan
_tan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Apr
Feb
Jan
Jan
Jan
2634 Jan
23
Jan
635 Feb
63
Mar
67
Apr 104
Feb
31 Apr
Mar
34 Feb
1% Mar
193;
19
2511
2
35
g
H
6
634
34
154
A
40
21
70
234
134
1
213i
Si
2H
1634
34
04
234
13
Apr 25
Apr 2254
Apr 27H
Apr 15
Mar
%
Apr
234
Fel
fe
Apr 20
Apr 20
Apr :67
Mar
354
Apr
134
Jan 64H
Apr 82
Apr 93
Apr
434
Apr
4
Apr
254
Apr 55
14
Apr
Apr
854
Apr 6354
Apr
134
Apr
334
Apr 1334
Apr 6134
Jae
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Mar
Apr
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Apr
Apr
Apr
Al)?
Jan
Apr
Jai
Apr
Apr
Apr
Apr
35
35
49
93‘
9%
734
1034
654
14)4
1734
19
28%
2
Jan
Mar
Mar
Mar
Mar
Feb
Feb
Mar
Mar
Mar
Jan
Jan
Apr
34 JAL
134 Apr
Apr
1
3% Apr
Apr
1% Jan
1% Jan
25% Jan
Mar
3
1-16 Jan
8% Apr
25(
2%
534
1%
2%
2%
3534
435
34
1034
Apr
Jan
Jan
Jan
Jan
Mar
Apr
Mar
Jan
Jan
Mar
25
23
3714
654
7
3
634
4
954
1334
1414
15%
134k
3-16
354
334
2
Mar
Apr
Jan
Feb
35 Jan
934 Jan
634 Feb
Feb
51 Apr
Apr
234 A
10
Apr
Jan
Jan
13% A
6
Apr
4234 Apr
1% Jan
331 Jan
Jan
1344 Jan
54 Mar
54 Jan
634 Jan
754 Apr
49% Jan
454 Mar
a%
3
April 23 1932
Friday
Sales
Last Week's Range for
Other 011 Stocks
Sale
ofPrices.
Week.
(Concluded)
Par. Price. Low. High. Shares.
Southland Royalty
•
•
Taxon Oil & Land
Union Oil Associates- _25
Woodley Petrol Corp_
1
"Y" 011 & Gas Co
•
Low.
High.
31( 334
431 5
10
10
134 134
3-16 3-16
600
500
100
100
800
334
45;
9
134
34
Mar
Apr
Apr
Jan
Feb
354
6%
12
2
34
Jan
Mar
Jan
Jan
Mar
20
20
20
20
35
%
135 1K
34
sit
Mining Stocks
-Bunker Hill & taunivaiLio
Voting bruit ctfs
10
Constock Tun & Drain__ I
Copper Range Co
25
Cresson Cons GM & M...1
Cunt Mexican Mining_ __I
Falcon Lead Mining
1
Hecht Mining Co
25e
Hollinger Conan'0
Bud Bay Min & Smelt....'
Lake Shore Mines Ltd-1
Mining Corp of Can
*
New Jersey 2the Co-___25
Newmont Mining Corp_10
Ohio Copper Co
1
Pioneer Gold Mines Ltd_.1
St Anthony 0 Mines
1
Shattuck Dann Mining....'
Teak Hughes Mines
1
United Verde Extene'n_60o
Wanda° Copper
Wright Hargreaves Ltd..*
Yukon Gold Co
5
Range Since Jan. 1.
100
50
300
500
1,200
1,100
700
300
700
1,700
1,400
400
19
1734
34
1K
34
Mar
Mar
Jan
Apr
Jan
Feb
Jan
Apr
Apr
Apr
Apr
Apr
24
2334
35
3St
g
7-16
54
5
23(
2654
134
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Jan
Apr
Apr
Jan
Jan
Jan
Apr
Apr
Apr
Jan
Apr
Jan
28%
144
3-16
4
3-16
254
II%
634
14
2%
A
Jan
Jan
Jan
Mar
Jan
Jar
Jan
Jan
Jan
Jan
Jan
;
4
.15 24
435
23
4H
154
19H
735
1H 155
2335 24
fi
31
1934 22035
7H 835
234
217
3g
335
1
3%
14
3%
21
,
1
H
2
35
234
31(
34
2
35
900
1,200
1,000
6,100
1,000
500
2,100
200
4,300
100
100
34
iii
234
434
34
23%
5'
1434
734
1-16
254
1-16
134
3g
134
1-16
114
34
Bonds
Alabama Power co
1946
let &ref de
1961
1st & ref 56
1956
1st & ref 434e
1967
let & ref iss
1968
Aluminum Cost deb 661962
Aluminum Ltd, deb 58 1948
Amer Aggreg Corp 6s 1943
with warrants
Am Commonw'h Pres 1940
Debenture 5the____1953
Am Commun Pow atts '53
Am & Cont Corp 6e_ _ _1943
Am El Pow Corp deb 6s '57
Am Gas & El deb fa _2028
Am Oat & Pow deb 6s 1939
Secured deb 68
1953
Am Pow & Lt deb 66_2016
ArnerhcanRadiator4nt.i947
Am Rolling MW deb 681948
434% notes_ _ _Nov 1933
Amer Xfttilnit cony 68.1936
Amer %Iv & Chem 635s '36
without warrants
Appalachian El Pr 62.1956
Appalachian Osa 64_1946
Cony deb as ear B..1946
Appalachian Pow 15e_ _1941
Deb gold 6a
2024
Arkansas Power& Li5e 1956
Associated Else 4,0_1963
Associated Gas & EleetrioCony deb 51
4s
1938
Cony deb 435s
1948
Coo, deb 4s
1949
Cony deb 6s
1950
19611
Debenture Si
Cony deb 54.
1977
Associated Rayon 5e..1950
Assoc Simmons Hardware
1933
6%s
Assoc Tel Co Ltd 56..1965
Assoc T & T deb 61.5a A '66
Assoc Teiep UIiI 634..1944
1933
6% notes
94H
89
87
7731
94
88
87
7531
85H
88
64
95H 20,000
89
4,000
87
1,000
7854 10,000
85H 2,000
90
39,000
64
1,000
91
85
83
72
80
88
63
Apr
Feb
Apr
Apr
Feb
Apr
Apr
993.4
9534
9634
8434
91
9834
74
Jan
Mar
Jan
Jan
Jan
Jan
Mar
27
235
134
634
50
50
s2834
78
76
2794
2835 22
6534 6435
92
8534
46
45
57
57
34
34
27
1,000
2H 10,000
1.35 2,000
635 1,000
51
14,000
32
46,000
78 203.000
29
9,000
28H 22,000
8834 301.000
92
16,000
49
36,000
59
19.000
3534 12,000
27
234
1
4
41
26
72
2534
18
56%
80
43
55
30
Apr
Feb
Apr
Apt
Jan
Apr
Apr
Apr
Apr
Apr
Jan
Jan
Jan
Apr
40
11
8
19
6234
42%
8834
4534
3734
8235
92
67
76
47
Jan
Jan
Jan
Jan
Mar
Mar
Mat
Jan
Jan
Jan
Apr
Mar
Mar
Mar
1534
90
9A
835
9735
73
8034
41H
5,000
98.000
62,000
7.000
2,000
14,000
59,000
52,000
1534
80%
534
5
97
68
75
36
Apr
Feb
Apr
Apr
Mar
Apr
Jan
Apr
2234
92
16
134
9754
85
86
6734
Feb
Mar
Jan
Jan
Apr
Jan
Mar
Feb
25
82434 29
34.000
25
29
20,000
24
22
27 236,000
2694 s2534 28 247,000
26
2534 2635 285,000
29
28
2934 19.000
30
70,000
29
29
17
17
17
1734
17
19
29
Apr
Apr
Apr
Apr
Apr
Apr
Apr
39
43
395;
44%
4454
47
4034
Jan
Jan
Jan
Jan
Jan
Jan
Jan
30,000 2991 Apr
2934 293; 31
82
3.000 75
82
Apr
70.000 z4734 Apr
4734 a4735 51
33
37 109.000 z28% Apr
34
Apr
4434 8,000 z42
4434 42
37
88
72
64
763(
Mar
Jan
Feb
Jan
Feb
8834
90
555
5
8035
41
1594
8634
5A
5
97
7094
7834
38
79
1,000 78
Baldwin Loco Wks 510'33
79
Bates Valve Bag 1313 1942
60
with warrants
60
3.000 60
8754 873; 5.000 83%
Bell Tel of Canada 54_1957
49,000 84
1st mtge 15e ear A...1955 89
8794 89
let noes 56 ser C_1940 8834 88
883* 13.000 8334
Binghamton L II & P5*'46
84
79
5.000 75
2,000 70
corninitiham Elec 434* 19(1).
79
77
80
Birmingham Gas Is. _1959
60
5,000 60
12,001
93)4 100
BlackstoneVal & E fa '52 100
92
93
9334 7.00' 9454
Boston Consol Gas 58_1947
Broad River Pow M-195
65
56
4,000 55
Itklyn Borough Gas Se 1967 95
95
2,000 9235
95
Iblyn Edison fa ser E_1952 10254 102 10335 176,000 97
Buffalo Gen Elea 58 _1939
101H 10135 3,000 101
Canada Nat Ry ea 7s 1935
Cap Administration fa 1953
With warrants
Without warrants
Carolina Power & Lt 195e
Caterpillar Tractor St 1935
Cent III P 5 435s F_1967
let mtge Si ser 0_1964
434s series II
1981
Cent Me Pow 430E_ _1957
Central Pow as ear D 1957
Cent Pow & Lt let 55 1963
Cent Pub Serv 5,41 1945
With warrants
Without warrants
Cent States Elea 56-1948
Deb 5 t5e. _ _Sept 15 1954
Cent States P & L 11,58 '53
Chia Dist Elea gen 434s '70
Debenture 534s Oct 1 '35
Chia Pneum Tool 654s 1042
Chic Rye 58 ctf of dep_1927
Cigar Stores Realty Hold
Deb 5%s merles A _ _ _1949
Cincinnati St Ry 5348_1952
bt 6s series B
1955
28
9834 98
Mar
90
Jan
Apr
Jan
Jai
Jar
Apr
Jot.
Apr
Apr
Pet
Apr
Apr
Fel
Mar
60
s9454
93%
94
84
31%
7534
1L0
100
68
99
10354
102%
Apr
Mar
Mar
Mar
Apr
Mar
Jan
Apr
Jan
Mar
Mar
Apr
Apr
100
26,001'
94
Apr
75
80
75
773 .75K
81
0035
59H 5935
67
65
60
60
7534
56
58
56
7534
80
7895
8135
653*
69
60
8035
58
60
4,000
12,000
46,000
10.001'
79.001'
29,001'
3,000
2,000
20.001'
70,001'
70
70
72
8054
6734
65
60
7534
6454
51
Fel
76
Fel
80
Ja
65
Jai
91
Api
7454
A pi 85
A p, 75
Apt 8991
Apr e70
Apt 7134
734
6
6H
293; 2934
30
s30
38H 3834
68
6135
5035 50H
35
3635
734
8
3234
343;
3935
68
503
35
39
20.001'
5
Apr
6.001'
634 Apr
66,001' 29
Apr
45,000 z2954 Apr
81,000 37H Apr
18,001' 54% Apr
1,000 5035 Apr
1,000 35
Apr
43,000 34
Apr
26
z2535 27
54
55
58
58
8,000 z2534 Apr
3,000 52
Apr
1,000 56
Apr
Cities Service Se
1966 35
35
3854 28,000
Cony deb 64
1950 363; s3534 40 1064000
Cities Seri Gal 53O_1942 4696 46
,
49
60,000
CitiesServOasPipeL6s43 5834 58H 6091 30,000
Cities Serv P & L 530_1952 4135 4034 4294 67,000
Cleve Elea 111 1s8 66_1939 101H 101A 10235 96.000
Get, 5e series A
10134 103
19.54 102
59,000
Commere und Prins
Bank 594.
1937 3434 3234 3454 75,000
Commonwealth Edison Co1st mtge ba, ser A...1953 9694 95
25,000
97
1st mum 5s, ser 8-1954 96
9354 96
52,000
lst 431s series 0-1958 91
32.000
88
91
1st m 430ser
17,000
9194 8994 92
1st M 4HisseE.- 1960 903; 8834 9034 17,000
let 111 91 see IP
1981 82
7834 82 190,000
Com'wealth Subsid 5Hs'48 5234 52
53
14.000
Community Pr&
1957 5294 49
5294 48 000
3134
33%
46
52)4
88
99H
99
2754
1534
8934
42
59
7354
7934
5034
60
Jan
Mar
Jan
Jan
Feb
Mar
Jan
Jail
Jan
40
62
66
Mar
Mar
Feb
Apr 47%
Apr 5234
Apr 5934
Feb 65
Apr 68H
Jan 103
Feb 10334
3234 Apr
91
9034
22
8134
81%
72
52
4/1
Apr
Apr
Feb
Apr
Feb
Apr
Apr
Jan
Jan
Jan
Apr
Jan
Mar
Max
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Mar
Mar
Jan
Mar
Aix
4654 Feb
9834
98
9334
93
93%
84
63
Mar
Mar
Mar
Jan
Jan
Mar
Apr
was,
Financial Chronicle
Volume 134
Bonds (Continued)
Friday,
Sales
Last Wed's Range for
Sale
of Prices.
Week.
Price. Low. Mob.
$
Congo'Gas El Lt de P(Balt)
1931
1st ref f 4s
151 & ref 5545 ear E_1952
Consol Gas Util
& coil 8s ear A__1943
Deb 63513 with warr _1943
Consumers Power 43051948
1936
1st & ref 55
Cont'IG & El 5a
1958
Continental 011 5345-1937
Crane Co 58.-- -Aug 1 1940
Cuban Telep 7545- _ _1941
Cudahy Pack deb 550e 1937
Sinking fund 5s_....1946
Cumb Co P & L 448_1956
Dallas Pow & Lt 65_ _1949
Del Elea Power 7345__1959
Denver dr Salt Lake 6s 1960
Derby Gas de Elec Os 1946
Del City Gas 6.ear A_1947
151 series B
1950
Det Int Bridge 64s1952
Wile Gulf Gas 630s 1937
With warrants
Duquesne Gas Corp 65 1945
Duquesne Lt 1st 44e_ 1957
East Utilities Investing
56 with warranfa_ _ 1954
Edison E/(Boston) 54.1933
4% notes____Nov 1 1932
4108
1932
Elea Power & Lt 58
2030
El Paso Nat Gas 646_1938
6.36s w w
1943
Empire Dist El 6s.._ _1952
Empire 011 & Retg 5355 '42
Ercole Mardi, El /GMBH@ with warrants_1953
Erie Lighting 5s
1967
European Elea 6348-1965
Without warrants
European Mtg&Inv 7s C'67
Fairbanks Morse deb 55 '42
Farmers Nat Mtge 76_1963
Fed'i Sug Refg 6s_ _ _1933
(federal Water Serv 546'64
Finland Residential Mtge
Bank 6s
1961
Firestone Cot Mule 5s 11148
Firestone T & Rub fei 1942
Fisk Rubber 51413.-- 1931
etts of deposit
Fla Power Corp 64a__1979
Florida Power & Lt 58.1954
90
10434 104
Low.
HOD.
9055 12,000 82
Jan 924 Mar
10,000 10334 Apr 1064 Jan
105
30
164
9534
26,000 184 Apr 31
25
30
Jan
15
164 26,000 12
Mar 2034 Jan
9334, 974 90,000 8734 Feb 9534 Mar
10014 1014 11,000 1004 Mar 1014 Mar
56
54
5815 214,000 6031 Apr 6751 Mar
82
814 8210 60,000 8051 Apr 85
Jan
68
18,000 574 Apr 89
67
68
Jan
72
6,000 70
70
73
Jan
Apr 83
81
8011 824 23,000 8011 Apr 87
Mar
Mar
9810 98% 7,000 9655 Jan 99
8334 834 85
Apr
6,000 78
Feb 85
101 102
4,000 100
Apr e1033.4 Apr
60
58
Mar
6055 23,000 5534 Apr 73
4,000 25
2534 20
Apr 4334 Mar
7,000 5814 Apr 684 Mar
58
59
92
25,000 00
94
Jan 974 Feb
92
83
9,000 79
Mar
Apr 89
82
83
Mar
5
730 Mar
634 64 1,000
69
97
3,000
69
67
531 514 1,000
9655 9734 92,000
624 Jan
535 Apr
935( Mar
Feb
74
Jan
8
9734 Apr
Feb
Apr 30
1954 17
1911 171,000 10
1014 10010 1014 95,000 9854 Jan 1014 Apr
Jan 1004 Apr
1004 10034 21,000 98
10010 1004 10014 25,000 10034 Apr 1004 Apr
Jan
4714 46
5014 340,000 324 Apr 64
Mar
Apr 60
3,000 50
50
52
Apr
Jan 70
3,000 59
70
68
Apr 654 Jan
564 5511 564 19,000 52
Jan
Apr 48
38
424 69,000 38
38
49
348
9411 95
5,000
2,00
Jan
45
9431 Apr
41
214
8,00
38
4034 41
21
2331 34,00
21
2,000 550
338 848
019
17
2,00
019 019
2
350
12,000
330 4
41
26
77,00
39
43
38
70
76
5635
70
38
70
76
114
8
55
6811
45
72
77
13
8
5655
7135
22,00
10,00
9,00
10,00
3,000
28,00
102,00
26
02
701(
1014
8
51
66
Garlock Pck Os
1939 6034 604 604 3,000 604
uary El&Ua.6..erA 1984
65
664 2,000 59
Gatineau Power let 6. 1956 6255 594 63 204,000 5934
Deb gold 6e June 16 1941 8034 57
6134 62.000 64
Deb fla see B A & 0_1941 564 56
11,000 50
60
Oen Bronze Corp deb 6s 40 304 33034 32
13,000 30
Gen Cigar serial 65_1932 1004 10050 10014 9,000 100
GaO Motors Accept Corp
5% serial notes___.1933 1004 1004 1004 32,000 98
5% serial notes
1936 974 97
2,000 944
97
5% serial notes
1936
2.000 9830
9610 97
Gen Pub Serv 55
1953
12,000 62
71
73
Uen Pub Utll 6Ha A...195s 28
27
2934 14,000 2211
610s
1933 3034 3034 31
8,000 304
Gen Rayon deb (is A_ _1948
24
24
1,000 24
(len Refractories 86
1933
6.000 80
55
58
Gen Wet Wks Corp 5511143 2515 25
2711 31,000 244
Gen Wat Works Gas & Elea
Cony deb 6. B_1944
4,000 1114
s12 s13
Georgia Power ref 5e_ _1907 8314 82
91,000 77
84
Georgia Pow & Lt 58-1978 50
22,000 48
48
55
Gestural deb 136
1955
Without warrants
334 334 7,000 324
Gillette Safety Razor Se '40 89
59,000 7734
874 89
Glidden Co 545
1935
1,000 68
68
68
Gobel (Adult)!6s A 1935
With warrants
2,000 6034
62
63
Grand Trunk Ry 6'0s. 1936 9510 91
9555 19,000 87
Great Nor Power 58_1935
100 1004 2,000 974
(it West Power 1st 5e 1946
96
964 8,000 914
Green Mtn Power 55_1948 85
3,000 82
83
85
Guardian Investors 55 1943
with warrants
264 26
264 4,000 25
Guatanaruo & W Ry 65 '58 134 1310 134 11,000 13
Gulf 011 of Pa Se
1937
9150 9330 02.000 9116
Sinking fund deb 5e_1947 9111 91
9310 64,000 91
Gulf States Util 155.. 1958
10,000 674
72
72
lat & ref 44s tar B.1961 63
68
3,000 664
69
Hamburg El & Und 53613 3e, 294 2934 31
.
14,000 9294
Flood Rubber 7s
1936
514 514 1,000 43
10 year 514a..Oct 15 '36 3816 334 40
13,000 35
Houston Gulf Gas 65_1943
15,000 31
38
35
Deb 645---Apr 1 1943 28
14,000 27
31
27
Hone L & P 1st 4)58E198i 8334 8134 834 42,000 7710
let 58 series A
1953 92
31,000 86
884 92
1st & ref 4355 rier D.1978 824 8214 85
16,000 78
Hudson Bay 51 & 865_1935
604 61
2,000 58
llungarlan-Ital 13k 7%s '63
31
29
9,000 26
Hydraulic Power (Niagara
Falls) 5s
1951
1,000 954
99
99
Grgrade Fond fle ear A.'40 324 31
3211 9,000 31
Idaho Power Os
1947 9216 924 93
4,000 884
(II Pow & L letOsserA 53 724 71
48,000 65
74
ist & ref 5H s ear IL 1954 67
6411 70
47,000 82
let & ref he ser C__ _1956 654 864
5710 89,000 58
St deb 545__May 1957 57
07
13,000 53
59
Indep Oil & Oes fki_..1939 83
824 83
16.000 64
Indiana Elec 6345 sec 13 '53
87
87
2,000 80
mtge 58 series C.1951
lb
65
6811 32,000 55
1st M Its series A_ _ _1947 784 78
79
9,000 70
Indian Hydro Elec System
Ss series A
1958
6314 67
3,000 6310
Ind & Mich Elec 58-1955 90
2,000 87
90
89
5s
1957
95
954 4,000 92
Indiana Service 54-1983 4510 41
4510 16,000 41
1st & ref 5e
1950
4035 46
16,000 4034
Ind'polls P & L15.ear A '57 86
86
8755 91,000 8130
Insull Util Invest 65-1940
With warrants
134 511( 130 69,000 7
14
Deb 56 series A _1949
1
151 8,000
Internat Pow Sec64s B '54
9134 033-1 5,000 90
Secured 6 qe ear C-1955 704 7035 714 6,000 634
Secured 76 see D-_1936 38
6,000 804
87
88
1957 72
79 series E
36,000 70
76
72
1952
Secured 7e set F
13,000 524
69
71
International Salt 56-1951 624 62
7,000 62
64
Internat Securities 5,5_1947 4530 4311 48 119,000 4234
Interstate Power 54-.1957 5930 5710 594 86,000 514
1952 3631 364 3854 12,000 854
Debenture 6.
6110 6954 43,000 614
Interstate P 8 69 D-1968 63
19513 5631 5116 57
66,000 5135
let & ref 44s F
54
2,000 4734
55
Interstate Telep 55.--1961
Investment Coot Am ts '47
6235 624 1,000 584
With warrants
624 624 2,000 4734
Without warrants
10,000 7034
Iowa-Nab L & P 50--1957 7355 7151 75
1961
724 734 6,000 68
55 series ft
3075
r714101/
Range Since Jan. 1.
6334 Mar
99
Mar
Apr
Apr
Jan
Jan
Jan
Feb
49
35
60
294
5
52
Mar
Jan
Mar
Jan
Mar
Mar
Jan
Jan
Feb
AD
Apr
Jan
Apr
48
784
81
17
153-0
024
78
Mar
Mar
Mar
Feb
Feb
Mar
Feb
Apr 604
Apr 86
Apr 74
Jan 70
Jan es
Mar 40
Feb 10054
Apr
Feb
Mar
Mar
Mar
Jan
Apr
Jan 1004 Mar
Jan 9855 Mar
Jan 97%0 Mar
Apr 76
Apr
Apr 414 Jan
Apr 35
Apr
Apr 25
Mar
Feb 70
Jan
Apr 40
Feb
Jan
Apr
Apr
Feb
21
Jan
90
6534 Mar
Apr 47
Jan 593
Apr 78
Feb
Mar
Jan
Apr 70
Jan 100
Feb 1004
Feb 984
Apr 85
Mar
Jan
Mar
Mar
Apr
Feb
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Jan
Apr
Apr
Jan
Apr
Jan
Feb
Mar
3951
1934
96
9634
84
75
444
55
45
51
50
88
9434
86
63
484
Mar
Jan
Mar
Feb
Jan
Jan
Feb
Mar
Mar
Jan
Jan
Mar
Jan
Mar
Mar
Feb
Feb
Apr
Feb
Apr
Apr
Apr
Apr
Jan
Jan
Jan
Jan
9951 Mar
494 Jan
Mar
914 Jan
88
Jan
Jan
83
745( Feb
854 Mar
Mar
95
Mar
79
90
Mar
98 34
Apr 71
Jan
Feb 5934 Mar
Jan 98
Mar
Apr 62
Feb
Apr 63
Feb
Apr 96
Jan
Apr 384 Jan
Apr 27
Jan
Jan 93
Jan
Jan 78
Jan
Jan 97
Feb
Feb 87
Jan
Jan 74
Apr
Apr 734 Mar
Jan 51
Jan
Apr 56914 Mar
Apr 61
Jan
Apr 79
Feb
Apr 75
Feb
Apr 55
Apr
Apr 67
Feb
Apr 674 Mar
Apr 80
Jan
Apr e79
Jan
Bonds (Continued)
Iowa Pow & Lt 4165_1968
Iowa Pub Service 5.5_1957
Iowa Ry & Light 55_ _1932
Isarco Hydro-Elm 78_1952
Isaotta Fraschini 7s__1942
With warrants
Without warrants
Italian Superpower of Del
Dabs 68 without war '63
Jacksonville Gas 58--_1942
Jer C PAL let Be 13_1947
1st 436e aeries C____1961
Jones & Laughlin Steel
58
1939
Kansas City Gas 6s..1942
Kansas Gas & Elec 6s_2022
Kansas Power 58
1947
Kan Pr & Lt 65 A_ _1955
58 series B
1957
Kentucky Util 1s1 58_.1961
645series D
1948
151 mtge 59 ear I_1969
Keystone Pub Serv 5s 1978
Kimberly-Clark 55 A_1943
KoPPers G & C debt% 1947
Sink fund deb 545.1950
Kresge (S S) Co 5s-.._1945
Certificates of deposit-Laclede Gas Light 554 '35
Laruton Gas Corp 645 '35
Lehigh Pow Secur 68_2026
Lexington Utilities 5e _1952
Libby MoN & Libby 5. 42
Lone Star Gas deb 55_1942
Long Island Ltg 6s___1945
Los Angeles OfizE 58_ 19 9
931
6
Is
Louisiana Pow & Lt 581957
Manitoba Power 545_1951
Mass Gas Co 535s--1946
Sink fund deb 69_1955
Mass Util Assoc 5a_ 1949
Memphis P & L 5s A_1948
4155 series C
1978
Metropolitan Edison 45 '71
Michigan Ltg 5s
1946
Middle States Pet 6461946
MCdie %% estnotee _i_....19212
idon y 6% Utrni esCony 8% notes
1933
1934
Cony 5% notes
Cony 5% notee
1935
Milwaukee Gas Lt 434s '87
Mines],Gas Lt 4%4.1950
Minn P & L 1st 414e..1978
Miss Power & Light 6s '67
Miss River Fuel 139_ _1944
With warrants
Miss Ely Power 1s8 5.1951
Monon West Penn Pub Set
let lien & ref 84s B '68
Montreal L H & P Con
1st & ref So set A...1961
Morris Plan Shares 6a_1947
Munson SS Line 848_1937
With warrants
Narragansett Elea Si A '67
Nat'l Elan Power Oa_
Nat Food Products 65 1944
Nat Pow & Lt 68 A.. 2026
Deb 59 series B
2030
Nat Public. Service 5_1976
National Tea Co 58_ -1935
Nebraska Power 448_1981
Deb Os series A
2022
Neisuer Bros Realty 6e '48
Nevada-Cain Else 5e_1956
N 1-(las & El Asen 51_1947
Cony deb 59
1948
Cony deb 5e
1950
New Eng Pow Assn 54_1948
Deb 534s
1964
New On P Sees 44e._93
9
1945
Sass.
Last Week's Range
for
Sale
of Prices.
Week.
Price, Low. High
97
78
72
96
51
4,000
2,000
17,000
40,000
79
72
98
52
46
46
4331 4334
Range Since Jan. I
Low.
77
69
92
49
High.
Apr e8034 Jan
Mar 8210 Jan
Jan 9915 Max
Jan 60
Jar,
1,000
7,000
391
4
3830
Jan
Jan
3234
50
92
814
334 2,900
5214 7,000
9350 5,000
8455 62,000
27
50
881(
7736
Mar
Apr
Jan
Jan
76
78
9730
89
75
7730
8715
77
6751
84
6611
73
86
68
70
9014
87
65
4))
6734
63
60
86
924
9351
99
83
5331
8411
81
70
9351
87
7531
99
28
98
894
76
78
8730
78
70
8534
68
73
86
74
73
913-4
9034
65
40
70
65
63
86
93
943-4
99
85
55
874
85
71
94
87
79
99
28
17,000
2,000
7,000
3,000
1,000
3,000
7,000
2,000
13.000
3,000
1,000
70,000
61,000
3,000
8,000
1.000
2,000
63,000
2,000
17,000
1,000
2,000
4,000
1,000
47,000
27,000
34,000
17,000
4.000
12.000
3,000
24,000
1,000
3,000
9750
8734
75
7716
84
75
64
86
6310
73
81
64
66
89
87
65
32
77
6730
674
70
71
6811
63
83
54
87
84
87
77M
99
28
8
8
9310
7614
79
9
755
635
635
93
74
79
68
13
10
10
10
9316
77
7951
74
86,000
124,000
114,000
66,000
31.000
9.000
3,000
8,000
Max
Mar
424
60
4
8610
Jar
Feb
Jab
Jae
63
6015
77
88
9134
984
7911
40
8351
80
70
92
87
73
98
24
Apr el01
Jan e96
Apr 90
Apr 90
Apr 95
Feb 84
Apr 82
Apr 964
Apr 82
Apr
77
Jan 86
Jan 88
Apr 9034
Apr 95
Apr 93
Apr 65
Feb 42
Apr 83
Apr 78
Apr 81
Feb 9334
Feb 99
Feb 96
Apr 99
Jan 93
61
Jan
Apr 9734
Apr 90
Apr 90
Jan 98
Apr 8951
Jan 80
Apr 99
Apr 36
Mar
Jan
Jan
Jan
Jan
Jan
Jar
Feb
Jan
Apr
Max
Mar
Mar
Jan
Jan
Apr
Jan
Mar
Jan
Mar
Mar
Jan
Mar
Apr
Mar
Jab
Jan
Mar
Jan
Jan
Apr
Jan
Apr
Feb
7
5
6
5614
90
0610
764
68
Apr
Apr
Apr
Apr
Feb
Jan
Mar
Jan
8954 Jan
69
Jan
65
Jan
60
Jan
96
Mar
784 Jan
791.4 Apr
82
Mar
271 571
1,000 57114 Apr
9230 944 11,000 90
Feb
50
9335
83
49
48
90
Mar
9834 Jot.
5e
68
63
88
12,000
5711 Apr
8054 Mar
875(
60
86
60
88
60
14,000
6,000
825( Feb
4910 Feb
93
94
1734
77
63
2314
924
26
6634
5216
5130
514
477
4
5034
Ohio Edison let 5e...1960 924 9151 93
Ohio Power 1s1 6e 13_1952 943( 93
9454
tel & ref 44e ser D.1968 9155 8914 924
Ohio Public Service Co
1st & ref 6s series C'.1953
88
86
181 & ref 5165 ser E_1961
81
83
Okla Gas & Elec 64_1950 82
82
77
Pao Gas & El lit 445_1957
8834 914
let 6.series B
1941
10414 1054
let & ref 5He C___ _1952 10234 100 10234
Is series D
195.5
944 9556
let & ref 44e F
1960 9214 aS9
9251
Pac Invest deb 55_
1948
6234 6334
Pao Vow & Light 59_1965 6914 6910 714
Pacific Western 011 646'42
With warrants
514 55
.52
Penn Cent LAP 441.1977
72
734
5s
1979 7834 78
7854
Penn Elec let & ref 41_1971
70
70
Penn Glass Sand 65_.1952 70
70
70
Penn Ohio Ed 5145 B.1959
62
644
Penn-Ohio P & L 650e A '64
9350 9351
Penn Power 5.
1956 89
89
92
Penn Wat & Pow 55_.J940 10035 100 10014
Peoples Ga.Lt & 041B '81 7834 7654 794
Phila Electric Co 54-.1968
10234 103
Phila Flee Pow 546_1972 104
1034 104
Phila Rapid Transit 6s 1962
58
58
Phila & Suburban Cos
G & E 410s
1957
9516 9554
Piedmont & Nor Ry 5s_'54
60
60
Piedmont Hydro-El Go
let & ref 645 el A.-1980
534 54
Pittsburgh Steel Os.
..1948 80
80
80
Poor & Co 65
1939
86234 6334
Max
Max
6
92
8
25
61
54
17
69
88
8410
23
604
4034
40
41
40
46
66
5131
97
Jan
14
Apr 9811
Apr 464
Jan 344
Apr 844
Apr 72
Apr 45
Jan 78
Feb 94
Apr 98
Mar 3135
Apr 77
Apr 6754
Apr 68
Apr 645(
Apr 87,1.
Apr 70
Apr 8016
Apr 63
Jan 10334
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Mar
Mar
Mar
Jan
Jai.
Jan
Jan
Jan
3,000 z42
136,000 8154
9,00
75
7,004' 7815
2,000 94
1014
13,00
4,000 9516
36.00( 33
3.000 88
7,000 604
8,000 67
71,000 65
12,000 24
1,00( 70
22,004' 72
10,004' 88
8,000 79
12,004' 80
94.00f 79
1,000 535
Jan 60
Jan 0034
Apr 824
15
Apr 0.
Apr 98
Jar 105
Apr 10034
Apr 69
914
Ma
Feb 834
Feb 78
Jan 77
Apr 40
Apr 814
Apr 874
Feb 985(
Jan 8934
Apr 92
91
An
Jan 4314
Fet
Apr
Mar
Mat
Mar
Mai
610 650 5,000
9335 9454 51,000
lam 174 58,000
2.000
25
25
17,000
7351 77
63
65 112,000
184 27 205,000
73
9,000
72
90
9211 27,000
4,000
8830 90
3,000
26
27
56,000
66
68
64.000
3484 53
48
5234 126,000
49
54 135.000
4451 494 91.000
484 5011 121,000
66
683( 9,000
11,000
511( 52
1014 103 272,000
OsN . iesnA Der C_ _1961 1023-4
ser
F clum bs
N Y & Foreign Inv 534s '48
with warrants
51
51
NY P&L Corp let 43
45'67 8954 884 904
N Y State G & E 4343_1980
75
78
N V & iiestcn Ltg 48_2004 85
84
85
Debenture Si
1954
94
94
Niagara Falls Pow Os_ OM 104
1033-4104
Is series A
1959
9516 97
Nippon El Pow 630e_ _ i903 40
3531 40
Nor Amer Lt & Pow 5%'33
8814 89
5% notes
1934
7814 80
5% notes
1935
73
71
5% notes
1936 66
66
66
Nor Cost Utll 5145_.194s 294 25
2951
Nor. Ind. P. S. 4360 E 1970
72
72
1st & ref .5e ear C_.-1986 754 74
764
Nor 1.
11110 l'r & Li 544.1951
9354 9334 94
No Ohio 'Fran & Lt 55.1956 8434 82
844
No Stater) Pr 54% notsC40 83
83
81
Refunding 44s_
I981
8455
3211 8531
N'western Pow 65 A 1960
833 833
86
28,000
22,000
69,000
8634 Jan
Feb
90
7911 Feb
Jai
Jot
Mal
Apr
Max
Jan
Fel
Apr
Apr
Mar
Apr
Mat
Jan
Jan
Mai
Mar
Max
Ma;
Mar
95
Jar
96
Jar
9254 Apr
Apr
Apr 88
2,000 86
Apr
Apr 83
2,000 81
Apr 8754 Jan
20,000 70
75,000 86
Apr 9234 Mar
21,000 1014 Jan 1054 Jai
,
55,000 974 Jan 10214 Mar
Apr 9515 Apr
34,000 92
Apr 924 Apr
63,000 84
Mar
Jan 67
11,000 56
Mar
24,000 6811 Apr 35
24,000 5511( Jan 7115 Max
Apr 794 Jan
12.000 70
Feb 86
2,000 78
Jan
15,000 68
Feb 76
Mar
3,000 70
Apr 70
Apr
8,000 5716 Apr 8310 Apr
7,000 8910 Apr 10034 Mar
9,000 89
Apr 92
Apr
4,000 100
Apr 101
Apr
14.000 754 Apr 82
Mar
7,000 10135 Apr 103
Apr
25,000 9910 Jan 1015
Mar
1,000 55
Jan 684 Jan
1,000
1,000
94
60
Jan
Feb
9651 Jan
6415 Feb
8,000 T.5134 Jan
18,000 779
Feb
4,000 60
Jan
8334 Max
85
Jan
70
Mar
_ 4
Financial Chronicle
3076
Bonds (Continued)
Potomac Edison 55 E_1956
Power Corp (Can) 4%s'59
Power Corp (N Y) 5%8.'47
Procter & Gamble 4,.'47
Prussian Else deb 65_1954
Pub Sera of NJ 6% etfs_
Pub Sere of Nor Illinois
1st & ref 434s ser E_1980
let & ref 4345 ser F_1981
Pub Sere (Okla) 58 D.I957
Pub Serv Subsid 5348_1949
Puget Sound P & L 534949
1st dr ref Egi fier C___1950
1st & ref 434seer D_1950
Queens Borough G ec E 534s
1952
series A
1954
Reliance Mgt Si
With warrants
Republic Gas 6s June 15 45
Rochester Cent Pow 581953
Ruhr Gas Corp 6%1-.1953
Ryerson (J Ti & Sons 5s '43
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High.
75%
76
6034
45
70
66
6134
14,000
50,000
7,000
1,000
71,000
5,000
95,000
7134 71%
1,000
59%
7435
74
59
45
66%
65
5934
72
14%
2554
21
68
72
1431
25
20
67
45
70
2,000
74
18
38,000
2634 9,000
18,000
21
7,000
68
10
1231 4,00(
St Louis Gas & Coke 6s '47 10
1944
9731 97% 5,000
St Paul Gas Lt .5s
92% 9434 74,000
Safe Harbor Wei Pr 4%14'79 94
2,000
1955
94
96
Sands Falls 5s A
88,000
Saxon Pub Works 5s...1932 37
3631 39
Schulte Real Estate 61 1935
1,000
25
25
With warrants
7,000
20
20
Without warrants
20
12,000
64
62
Script)(E W) deb 534e 1943 64
Shawinigan W & P 435.'67 6554 6431 65% 35,000
23,000
lit & coil 4 %it ser 15_1968 65
63% 65
13,000
71
let be aerie, C
1970 71
70
22,000
1st 4%s series D.. _1970 64% 64
65
2,000
55
52
Sheffield Steel Corp 5355'48
7,000
Sheridan wyo Coal 68_1947 22
22
22
1,000
Snider Packing 65.___1932 32
32
32
Southeast P & L 6s___2025
Without warrants
70% 7235 09,000
86,000
Sou Calif Edison 5._ .1951 98
9734 99
27,000
1952 9831 9736 99
Refunding 5.
Refunding be Juno I 1954 9835 97% 98% 22,000
Ref 5e new
1954 98% 9734 983( 31,000
16,000
101% 102
Gen & ref be
1939 102
1,000
Sou Cal Gas Co 535s .B '52
94
94
2,000
1st & ref 5s
1957 88
88
88
1,000
Sou Carolina Pow 58_ _1957
61
61
Southern Gas 8343 1935
1,000
without warrants
73
73
southern Natural Gas 65'41
40,000
With privilege
3135 31% 35
Without privilege.-- 3134 31% 3334 4,000
9'west Assoc Tel 5s.._l9(31
4934 4934 2,000
S'west Dairy Prod 6348 '38
1,000
5
With warrants
5
2)1,000
Southwest & E /56A_1967 64
65
58
13,000
55
Sou'west Lt Jr Pow 58_1957 53
53
17,000
So'weet Nat Gas 6s___1945
12% 16
So'weet Pow & Lt 6s__2022 64
6234 6534 93,000
1,000
1942
57
57
Staley Mfg 6
8
70,000
Stand Gaa 4t Else 6e._1936 57
5634 62
1935 59
59
62
46,000
Con,65
68,000
1951 52%
523.1 55
Debenture 6s
53
27,000
51
Debenture tke Dec 11966
58
2,000
59
Stand Invest 534s__....1939 58
59% 13,000
57
1937 57
10-yr deb 5.9
64,000
47% 52
-Sand Pow & Lt 6a ___ _1957 49
30
Stand Telephone 53414-10
3434 5,000
13
itInnee(Hugo) Corn
24
35,000
25
ier Oct 1 '36 without warr 24
23
2335 44,000
7e without warr___ _1946
9,000
sun 011 deb 5 58.-- - 1939 90% 9035 91
,
Super Pow of 1114 s5ei'- __68 6331 58
6431 25,000
tat 51 4341
1970 6354 61
6334 10,000
Swift & Co let M a f be.1944 100
9931 100% 24,000
5% notes
1940 8855 87.34 89
7,000
Syracuse Lt 5. ser B 1957 97
9535 9734 146,000
Tenn Elea Power 53_ _1956
Tenn Pub Service 55.1970 83
Tern! Hydro-Elec 6.%s '63 5135
Texas Cities Gas be_ __1948 37
Texas Electric Sera 58_1980 76%
Texas Gas Util 8a...1945 17
Texas Power & Lt 58...19513
So
1937 97
Deb 6s
2022 84
rhermold Co 65
1934
With warrants
TM Utilities Corn deb 6e '79
34
Twin City Rap Tr 5348 '52 29%
1944 1934
Ulan Co deb tis
Un El Lt & Pow 61 15_1967
Union Gull Corp &Jul 150 0133
United Else Service 76_1956
Without warrants
United Industrial 634. 1941
1st 68
1945
United Lt & Pow 641_1975 53
1st 5353- _April 1 1959 75
Deb g 6348
1974 5235
Un Lt & Rya 6. let A.1952 78
1973 48
6s
1932 100
let series 5a
1952 5231
Deb 53-91
United Pub Serv (3s_ _1942
Un Rya(Havana) 734s 1936
138 Rubber
3
-year 6% notes_ ___I933 63
635% serial notee__1933 83
635% serial notes___1934
635% serial notes_ _.,l935
634% serial notes__1936
634% aerial noten__1937
634% serlal notes__1938 26
635% serial notes_ __I939
63.4% serial notes_ __1940
Utah Pow & Light 4345 '44 72
Utica Gail dc El 55 E1952 9255
Va Elea & Pow es- _1955
va Public Spry 534s A.1946
let ref 15e series B___1950
Deb Bs
Feb I 1946
Waldorf-Astoria Corp
lit 7s with warr____1954
Ward Baking 65
1937
Wash Water Power 53_1960
West Penn Elec 5s_ ___2030
West Penn Power 4.5 II '61
West Texas titil S. A.1957
Westvaco Chlorine Prod10-yr deb 534e
1937
Western Newspaper Union
Cony deb Is
1944
Western United Gas& Elec
1st 535s ser A
1955
Wise El Pow 58 A___1954
Wits Pow & Lt be E___1956
Istl&ref5sserF 1958
67
6035
5
9331
51
91
Apr 90
Apr 63
Feb 72
Feb 100
Apr 31
Apr 107
Mar
Mar
Mar
Jan
Feb
Mar
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Jan
Jan
Jan
Jan
Mar
Mar
Mar
84
82%
7935
50
8134
7734
73
7135 Apr
8254 Mar
65
10
25
18
68
88% Jan
25
Jan
Jan
40
85
Jan
84% Jan
Mar
Apr
Apr
Apr
Apr
10
Apr
97% Apr
88% Apr
Jan
88
2534 Jan
23
9734
9435
99%
44
Jan
Apr
Apr
Feb
Feb
25
20
62
62
62
70
62%
52
22
24
Apr 40
Apr
42
Apr 7035
Apr 76
Apr e76
Apr 86
Apr 75
Apr 70
Apr 35
Jan 38
Jan
Feb
Mar
Mar
Mar
Mar
Mar
Jan
Mar
Jan
6231
04
93%
93
95
98%
93%
84
50
Apr 85
Mar
Feb 99
Mar
Feb 99
Mar
Feb 98% Mar
Apr 0854 Apr
Feb 102% Mat
Mar
Feb 97
Jan 91
Mar
Jan 69
Mar
68
Jan
130% Mar
Feb
26
Jan
27
4934 Apr
43
Mar
41% Mar
55
Apr
5
58
51
12%
5234
55
43%
47
4034
39
52
53
4034
30
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Jan
Jan
Apr
Apr
z634
80
72
34
81
70
7834
79
73
71
5934
59%
68%
51
Jan
Feb
Jan
Mar
Jan
Jan
Mar
Mar
Jan
Jan
Apr
Apr
Jan
Jan
24
22
86
55%
52
97
84
84
Apr e31
Jan
2934
Jan 96
Apr 74
Apr 72
Feb 101
Jan 95
Apr 9735
Mar
Jan
Mar
Jan
Jan
Mar
Mar
Apr
8335
83
5231
39
7734
17
83%
97
84
3,000
5,000
65.000
6,000
61,000
10,000
61,000
25,000
2,000
81
71%
50
36
72%
14%
78
95
78
Apr
Jan
Apr
Feb
Apr
Apr
Apr
Apr
Apr
9234
86
61
48%
85%
24
92%
97
9134
Mar
Mar
Feb
Mar
Mar
Feb
Feb
Apr
Feb
37%
34
2934
19
97
90%
3935 3,000
34 5,000
16,000
31
21
28,000
98
18,000
92
6,000
29
34
2935
19
90
90%
Jan 43
Apr z334
Apr 3131
Apr 3431
Feb 100
Apr e96%
Mar
Jan
Apr
Mar
Mar
Mar
6034
20%
2331
5235
68%
51
74
47
99%
52
2
25
6134 11,000
20% 2,000
23% 7,000
53% 45,00
31,000
75
5334 9,000
40,000
80
5,000
48
62,000
100
84,000
54
5,00
2
2,000
25
63
20
2331
49%
68%
50
7231
47
9235
46
'2
24
Jan 65
Apr 32
Apr 33
Apr 66
Apr 85
Apr 66
Apr 88
Apr 034
Jan 100
Apr 68%
Apr 29
Apr
31
Feb
Jan
Mar
Jan
Jan
Jan
Mar
Mar
Apr
Jan
Jan
Feb
Jan
Jan
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
69%
83
63
63
4654
4331
3935
39
40
83
9434
Jan
Mar
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Mar
Jan
Feb
Feb
Feb
63
82
3731
28%
26
25
24
23
25
72
9234
64%
83
40
30
2634
27
26
25
25
72
9334
89,000
18,000
11,000
7,000
8,000
4,00
2,000
4,000
12,000
3,000
41,000
6931
66
37
2835
26
25
24
21
22%
70
9134
89%
62
57
5234
30,000
92
33,000
67
26,000
62
5234 2,000
88
54
57
5235
Apr
Apr
Apr
Apr
97
7934
74
7034
5
584
93
51
89%
48%
631 59,000
4,000
s84
7,000
94
51% 12,000
6,000
91
61,000
51
5
80
92
45
85
45
Apr
Feb
Feb
Apr
Jan
Apr
20% Jan
9034 Mar
97% Jan
Feb
66
Mar
92
85
Feb
4,000
09
Feb 10134 Mar
9,000
18
Apr
18
79
68
6934
59
45
6635
65
5934
High.
83
83
5034
37
7534
15%
8134
9535
84
101% 10135
94
Low.
7,000 77
80
1,000 45
46
1,000 62%
65
99% 30,000 96%,
15,000 17
22
53,000 1003i
103
78%
46
65
983.4
9935
17
101
76
Range Since Jan, 1.
18%
71
94
8035
79
10,000
73
1,00
94
1,000
8034
7.000
81
mar
68% Apr
Apr
94
Apr
79
Mar
78
29%
80
94
89
Si
Jan
Mar
Apr
Jan
Jan
Bonds (Concluded)
Wise Pub Serv 6s - _1952
1st & ref 535s B....1958
Yadkin My Power 58_1941
York Railways 5s_ _ _ 1937
Foreign Government
And Munici palettes
Aerie Mtge Bk (Colombia)
20-year e f 7s
1946
20-yr s 178 Jan 15 1947
Baden (Consei) 73_ _1951
Buenos Alres(Prov) 7%s47
Ext 79
Apr 1952
Cauca Vallee 75
1948
Cu; Bk.of German State &
Prov Banks 6s A_.1952
68 series B__._.____1951
Danish Cons 534s....1955
5s
1953
Danzig Port & Waterways
6348
July 1 1952
German Cone Monte is 47
Secured 6e._ .------ 1947
Hanover (City) 7e__1939
Hanover (Prov)6)4_1949
Indus Mtge Bk (Finland)
1st mtge coil if 7a__1944
Lima (City) Peru 6%s 1958
Medellin 7s series E_ _ _1951
Mendosa (Prov) Argentine
Externals t g 7%a_ _1951
Mortgage Bank of Bogota
7e Issue of May '27 1947
78 Issue of Oct '27_1947
Mtge Ilk of Chile 68..1931
Mtge Bk of Denmark 58 '72
Netherlands )tilnarl) 6. 72
Parana (State) 7s____1958
Rio de Janerio 634e___1959
Russian Government
1919
654s
634s certificates____1919
1921
535s
Soar Basin Counties 7s1935
1935
Saarbrucken 71
April 23 1932
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
$
Price. Low. High.
Range Since Jan, I.
Low.
High.
9034
8635
92%
8235
91
16,000
8635
1,000
92% 2,000
8331 2.000
8834
85
88
8234
Feb
Jan
Feb
Apr
95
Apr
Jan
91
9334 Mar
8334 Apr
2835
28
1834
3634
28
5
2835
1,000
30
6,000
23
17,000
3934 .52,000
30
31,000
5
8,000
22
Jan
21
Jan
1731 Apr
28% Jan
27
Apr
334 Apr
Jet)
35
Jan
34
Feb
30
44
Apr
4334 Jan
1534 Jan
37
6234
26
3635
6234
55
27
12,000
3734 117,000
6234
1,000
55
1,000
Jan
19
2634 Jan
53
Jan
45
Feb
3635
4034
75
6434
Feb
Feb
Mar
Mar
233-4
20
35
2234
19%
2234
18
36
2355
2131
2234
2134
32
2134
19
22%
1634
4435
3534
32
35
31
Jan
Jan
Mar
Jan
Jan
8234
30
3634
2834
5
2134
13,000
68,000
14.200
18,000
11,000
Apr
Jan
,Jan
Apr
Apr
6634
65
70
32,000 :154
Jan
634 7% 5,000
335 Feb
13
1531 5,000 13
Apr
Apr
70
934 Mar
Jan
18
39
37
41
25
25
8
9031
9635
4031 26,000
2534 Jan
2334 25
5,000 2035
23% 25
6,000 2035
1134 1331 38,000 1134
57
57
5,000 57
10235 10234 8,000 101
8
8
1,000
6
8
8
1,000
7
31
31 13,000
%
1
17,000
131
1,000
13-4
9034 93
10,000
9534 9631 4,000
Apr
37
Jan
Jan
Jan
Jan 37
16
Feb
Jan
Mar
Apr (58
Mar e10434 Feb
Mar 1135 Jan
Jan
Mar el6
31 Apr
34 Apr
13% Jan
83
Jan
88
Mar
131 Jun
1
Jan
134 Jan
95
Feb
96
Mar
• No par value. 1 Correction. a Sold under the rule. o Sold for cash, s Be.
tarred delivery. I Ex-right and bonus. to When issued. x Ex-dividend.
Ex.
rights.
e See alphabetical list below for -Under the Rule- tittles affecting the range 10
the year.
Bulove Watch pref., Feb. 2, 10 at 1234.
Central Power 53 series D, 1957, Mar. 7, 31,000 at 72.
Cities Service. pref. B. Jan. 11. 1.0 at a.
Dallas Power & Light es. 1949, April 5, $1,000 at 105.
Iowa Power dr Light 435e, 1956, April 1, $1,000 at 8134.
Jones & Laughlin Steel 5a, 1939, Mar. 31. $3,000 at 10334.
Karma City Gas 68, 1942. Mar. I, $4,000 at 98.
Netherlands Sia 1972, Jan. 6. $10.000 at 106
New York dr Westchester Lte. 4s, 2004, Mar. IS. $1,000 at 8511 •
Nipissing Mines, March 23, 100 at 1%.
Me de Janeiro 63-55 1959, Jan. 18. $12,000.1 1634.
Public Service of No. III., 435e, 1978, Feb. 8, 31.000 at 85.
Russian Govt. 5345 etts., 1921. Feb. 4. 31,000 at 134.
Shawinigan Water dr Power 434s. series 13, 1968. Mar. 10, $2,000 at178.
Stinnes (H.) deb. 7s. 1936, Jan. 25, $1.000 at 3134.
Sylvanite Gold Mines, Jan. 27, 100 at 44.
Union Gulf Corp. bs, 1950, Mar. 9, $1,000 at 98.
United Light & Rye. deb. 65, 1973, Mar. 9. $2,000 at 6534.
Welch Grape Juice eom., Jan. 27, 25 al El7h.
*Bee alphabetic& list below for "Deferred Deriver," Wee affecting the range
for she year.
Amer. Gas & Elec. corn.. April 1, 200 at 25.
Amer. Gas dr Elec., pref.. April 12, 100 at 68.
American Solvents & Chern. 635s. w. w., 1938. Mar. 17, $1,000 at 1434.
Arkansas Natural Gas, pref., April 14, 200 at 4.
Arkansas Power & Light $7 pref., Mar. 30, 20 at 73.
Art Metal Works, corn.. Mar. 29, 100 at 134.
Associated Telephone Co.. Ltd. 5e. 1965, Feb. 18. 31.000 at 8134.
Associated Telephone Utilities 535s. 1944, April 8, $2,000 at 28.
Associated Tel. & To. 5345, 1955, April 22, $5,000 at 47.
Associated Telephone Utilities 65, 1933, April 11, 51,003 at 37.
Atlas Plywood deb. 534e. 1943, Feb. 29. 31.000 at 33.
Beacon 011 deb 6s. 1938. with warrants. Jan. 2, $9.000 at 94.
Bell Telephone of Canada 5e, 1957, Mar. 7, $9,000 at 943.4.
Central Public Service deb. 534s, w. w., 1919. April 14, $5,000 at 3.
Central States Electric 5.34e. 1954, April 13, 33,000 at 29.
Cigar Store5 Realty Holdings 5358, 1949, April 20, $1,000 at 2534•
Cities Service, corn.. April 0. 400 at 3%.
Claude Neon Lights, corn., April 12. 100 at 35.
Commonwealth Edison, April 8. $3,000 at 6234.
Fairbanks Morse 55, 1942, April 15, $1,000 at 48.
Gillette Safety Razor 58, 1940. Mar. 7, $1,000 at 94.
Hamburg Elevated Underground ds Street Ry. 53-5; 1938, Jan. 2, 81,000 at IL
Indiana & Michigan Elec. 58, 1955, Mar. 12, $2,000 at 94,
Industrial Mortgage Bank of Finland 7 1944, Jan, 2. S1.000 al 50.
Instill Utility Invest. 65, W. w. 13, 1940, April 16, 53,000 at 134.
Interstate Power 55, 1957, Mar. 10. $5,000 at 70.
Lerner Stores Corp., coin., Feb. 9.300 at 54.
Middle West Utilities 58, 1935, April 13, 31,000 at 5.
Mississippi River Fuel 68 w.w., 1914, April 20, 51,000 at 71.
National Investors Corp. corn.. April 8, 200 at 135.
New Bradford 011, Feb. 8. 500 at %.
N. Y. & Foreign Investing deb. 534s 1948 with warrants, Jan. IV. 81,000 at 6134
Northern States Power 7% pref., April 14, 1013 at 64.
Northwestern Power 6s series A, 1960, April 13, 31,000 at 33.
Pacific Gas & Elec. 6% first pref., Mar. 9. $2,000 at 243.4.
Pacific Western 011 a. I. 63.0 with team, 1943. Jan. 1, 16,000 at 51.
Penroad Corp. vet. tr. etre., April 2, 100 at 134.
Piedmont Hydro-Electrie let & net 634s 1960, Jan. 7, 32.000 at 61
Pittsburgh Steel 65, 1948. Feb. 6, 31,000 at 78.
Public Service of No. DI. 7% pref., April 5, 75 at 68.
Securities Corp. General, April 9. 300 at 2.
Southwest Bell Telephone, 7% pref., April 15, 150 at 110.
Southwest Dairy Products deb. 63-5s 1938, Jan. 20. $1,000 as 7
Swift & Co., April 14, 300 at 14%.
Tr -Utilities Corp. deb. be. 1979. Feb. 1. 82.000 at 334.
Utilitles Power & Light, April 8, 200 at 54•
United Verde Extension Mining, Mar. 16. 100 at 2%.
Van Sweringen Corp. 65, w. w., 1935, Jan. 30, 35.000 at 48.
West Penn Electric deb. 5.2030. Jan 4. 31.000 at 11334.
Financial Chronicle
Volume 134
3077
Quotations for Unlisted Securities
Public Utility Bonds.
Bid
Am Coneth P 514s'53.111&N
1
Amer B PS 534s 1948..M&H 5412
Appalach Pow 68 1941.J&D 97
Appalacb P deb tis 2024_J&J 8912
Atlanta 0 L be 1947-J&D 93
Ask
312
6612
98
72
__
Broad My P 5s 1954-M&S
Cen 0 & E 5345 1933_ .F&A
lst lien coil tr 5;0'46 Jar°
let lien coil tr 135 '40 _ISMS
Cen Ohio L & P 58'50-A&O
Derby 0 & E fes 1946.F&A
Fed P 8 let Os 1947___J&D
Federated Util 5)45'57 lel&R
Gen Pub Utli 6345'6(S&A&O
Houston Gas & Fuel 50_1952
5612
1512
22
2812
6
8
57
24
2612
27
33
61
183
4
2412
32
71
62
2612
30
2912
3
512
III Wat Ser 1st es 1952 _J&J
Interstate P 9 434s '58 ISMS
Iowa So Util 5Ha 1950 _J&J
Jamaica W 8 5 Hts 1955_J&J
Lexington Utli Sc 1952_F&A
Louis0& E 434e 1961 _FAA
Deb a 168 1937
A&O
Louis Light let bs 1958.A&O
0613 69
5414 5714
5713 5912
8512 8912
60
70
88
92
9512 100
96 10012
New Orl P 13 Os 1949-J&D
52
54
Newp N & Ham 5s '44.J&J
NY Wat Ser ra 1951_M&N
NY & Wes L 45 2004__J&J
N Am LAP af debbHs'56J&J
Bid
80
72
81%
4314
Art
8412
7414
8414
4014
Okla GI & E be 1940___M&S
Old Dom Pow Ss-May 16'51
Parr Shoals P fss 1952 _A&O
Peoples L & P 534s 1941 J&J
Pow Corp N Y 6;0'42 MAN
Pow See coil tr Os '49_ _F&A
Queens G & E 454e '58_191&S
Roanoke W W be 1950-J&J
Sierra & 8 F ba 1949_ -J&J
Tide Wat Pow be '79-.FAA
7413
5712
8414
2812
8412
60
8112
52
8014
5712
79
81
8813
3112
8812
6612
8812
56
84
61
United L & Ay Oa '73__J&J
United Wat Gas & E 58 1941
Virginia Pow 58 1942__J&0
43
4712
83
9412 96 4
-3
Wash Its & E 46 1951..J&0
,
Western P 5 5Hs 1960 _F&A
Wheeling Elec be '41 _IVI&N
Wichita Sty & 158 1932.__
Wise Elm Pow bs '54 _ _F&A
Wise Minn LAP Se '44 MAN
Wise Pow & Lt bs'58_M&N
77
64
94
81
94
8012
7912
82
6712
-__
___
95
83
8113
Public Utility Stocks.
Investment Trusts (Concluded).
Pas eta As. i
par Bid
Ask
Public Service Trust Snares
Vs 3191 Trustee Standard 011 She A
3
-Representative Trust Shame 5.75 8.13; B
234 313
Second Internet Sec Corp A
3
8
13a' Trusteed Amer Bank Shares
3
Common riSeriesA
7
213 2
6% preferred
14 8 20 Trusteed N Y CRY
33
She.
378
Securttlea Corp Gen $8 pref 50 75 20th Century FIxed Bk She_
17
Tr
214
Selected American Shares
1.70 1.85 Two-year fruet Shares_
63
4 814
433 412 United Bank Treat
Selected Cumulative Sha
572
Selected Income Shares- -212 3 United Fixed Shares
213
Selected Mar Trustees She_ 2.75 3 25 Cult Founders Corp 1-70168
0.1 0.2
Shawmut Bank Inv Trust_8
112 214 United Ins Tniet
612
Spencer Trask Fund
•
97 1018 US & Brit Internal class A.
a
14 - ,
14
Standard All Amer Corp.. _ 3.00 --Class B
le
Is
Standard Amer Trust Shares 2.46_--, Preferred
5
7
Standard Collet Trust She-314 - 3 U S Else Lt & Pow Shama A 13
3 41
15
State Street Inv Corp
88
40
212 27
2
B
Super Corp of Am Tr She A
23
2 4 Universal Trust Shares
3
17
s 2la
B
214 2%
Bonds.
C
4
412 lilt Secur Trust ot Amer
35
D
418
Secured gold (Ss
1933 -___--Trust Share. of America_._
218 212
Secured gold Sea
Trustee Stand InveetmentC 1.55 1.75
Secured gold 5s
1933 ---- -.
D
1 50 1.70
Secured gold be
1943 ___ _-_
Industrial Stocks.
Adams Millie $7 pret___ _• 4012
Aeolian Co $7 prof
100 4 _ _
Aeolian Weber P&P corn 100 a I
100 d _ __
Preferred
Alpha Port! Cement p1.100 80
American Book $7
100 130
. lii
Amer Canadian Properties_
American Cigar pret
100 100
Amer Hard Rubber
100 d (I
American Hardware
25 18
American Meter new
• 12
-28
6
8
90
65
212
..
9
21
20
Par
Pas
Alabama Power $7 pret_100 7212 7612 Memphls Pr & It $7 pret--•
92
97
Arizona Power 7% prat
_ 54
Metro Edison $7 pref B___• 61
Ark Pow & Lt $7 met -100--- 86
• 62
$6 preferred C
• 52
57
Anise Gas & El orig prat-.
6
10 Mississippi P & L $6 pret._• 45
55
$6.50 preferred
0 15
20 Mies River Power pref_100 PO
a3
$7 preferred
• 18
25
Mo Public Serv 7% pret-100 25
40
Atlantic City Eleo $6 prof-• 9814 _-_ Mountain States Power_ •
's
1
5
Babcock &Wilcox 4%_100 33
38
100 48
55
7% Preferred
Bangor Hydro-El 7% p1-100 100 104 Nassau & Suffolk Ltg pref -----76
Baker (J T) Chemical com.•
9
13
Binghamton LB & P86 pf_• 65
Bancroft (J) & Sons oom- •
2
4
70 Nat Pub Serv 7% pf A _ _100 10 20
Birmingham Elec 7% pre1-• 70
Preferred_
100 25
35
Nebraska Pow 7% pret_100 95 98
75
Bliss (E W) let pref__._ 30 ---- 30
Broad River Pow 7% pf-101)
___ 25 Newark Consol Gas_ _ _100 91
99
2d prof B
Butt Niag & E pr pret----25 10
913
201s 2012 New Jersey Pow & Lt $6pf• 70
75
Bohn Refrigerator 8% Pt 100 63
_ _
New Orleans P 13 7% p3.100 67 69
Bon Aral Co Scorn
Carolina Pow & Lt $7 pret-• 66
• 23
28
71
N Y& Queens EL & P 1)3100 100
_
Cent Ark Pub Sera' pret-100 63
70 Nor States Pow (Del) eons A
50
SS- Bowman-Biltmore Hotels__ ---- 1
let preferred
Cent Maine Pow 0% pf-100 60
100
65
6
Preferred
70 80
2d preferred
100.._ a
100 73
77
7% Preferred
Cent Pow & It 7% pret_100 40
Brunew-Batke-Col pref.._.' 35
45 Ohio Edison $6 pref
36
• 69
74
Bunker Hill & Sull com_10 19
Cent Pub Seri Corp prof. •
212 412
,
$7 preferred
20
• 79
84
Burden Iron prof
Cleve El Illum 8% prat _100 91
25
95 Ohlo Pub Serv 6% prof....55
40
Col Ry P & 16% let pf-100 7012 7312
6)6 ii 61
7. preferred
1
Canadian Celanese corn...,
100 72
ISH % preferred B
3
___ Okla Gas & El 7% pret_100 69
5
'
74
Consul Traction N J__..100 7014 24 Pao Gas & El $1.50 pret__85 233 243
49
4
4
100 44
Preferred
Carnation Co 81.50 corn__ ..• 17
Consumers Pow 5% pret-• 65
70 Pao Northwest Pub Serv- 25
19
29
100 84
(I% preferred
Preferred
100 95 100
86
6% preferred
20
22
100 90
Cheeteut Smith corn
0.60% preferred
94
2
Prior preferred
10
16
Conti Gas & Else 7% p1_100 48
Preferred
51
Pao Pow & Lt 7% pref-_100 70
3
12
77
Child, Co prat
Pa Pow & Lt 7% pref
100
7
12
88
90
Dollars Pow & It 7% pref 100 93 100
50Clincheld Coal Corp -10
prefenrpd
r
Piffle CO 85 pref
,
2
4
Dayton Pow & 116% pf 100 79
83 Piedmont Northern Ry.
100 20
_100 20
35
3-6Derby Gas& Elec $7 pref_ _• 40
50 Pub Serv Coot Col 7% pf100 60
Color Picture Inc
3
8 I%
70
Detroit Canada Tunnel.-Columbia Baking corn....'le
la
3 Puget Sound Pow & Lt pr DI 49
8
12
53
.
Erie Railways
2 Rochester0& E 7% pf B100
lst preferred
1
21
•
r _ 59
Preferred
100
2d preferred
100 47
0% Preferred C
30
la
18
50
Ewen-Hudson Gan
100 137 142 Sioux City 0& E 7% pf _100 60
Colts Pat Fire Arme Mfg_26
7
10
67
Foreign Lt & Pow units.... 85
40 Somerset tin Md Lt ___ _100 72
Congoleuns-Nairn 87 0_100 99 102
79
Goa dr Else of Bergen-1H 90
Crosse & Blackwell coin __ ____ 2
95 South Calif El $1.50 pret.25 24
20
Gen Gas & El part etre
20
Crowell Puts Co $3 corn new
81.75 preferred
25 21
35
23
Hudson County Gas____100 137 142 So Colo Pow corn A
47 preferred
102
41
25
612
Idaho Power 6% prof
77
7% preferred
100 85
_
7% preferred
100
92 South Jersey Gas & Elee_ 100 137 li3 - De Forest Phenol= Cornl8
,
8
Illinois Pow & 11 6% ts1-100 431 46 Tenn Elec Pow 6% pret_100 x 61
5
612
6412 Dictaphone Corp com-___•
Inland Pow & Lt 7% p1-100
$8 preferred
_ 13
7% preferred
100 77
100 7 12 74
64
Interstate Power $7 prof..' -- - 21
Dixoe (Jos) Crucible 84.100 30
19
Texas Pow & 117% pre1.100 92
40
96
Jamaica Water Supp pf_50 46
Doehier Die Cast pret_ _ _50 ---- 10
48 Toledo Edison pref A...100 65
69
Jersey Cent P dr L 7% p3100 7512 78 United GA E(Conn) pf-100 ---- 55
20
Kansas City Pub Service..' - __
Douglas lihoe pref
Pteferred
3 United 0& E(NJ) pt 100 ____ 59
3
100 1812 2012
Preferred
• 3
5 United Public Service pref__
100 21
23
- - 212 Draper Corp
Kansas Gas & El 7% pf.
Driver Harris $7 pref-100 65
-100 79 83 Utah Pow & It 7 prof
• 48
03
51
Kentucky See Corp com.100 225 300 Utica Gas & El 7% pref _100 91
DrY-Ice Holding Corp
98
3u
100 4912 _ ... UM Pow & Lt 7% pret__100 15
6% Preferred
20
Kings County Ltg 7% pf 100 88__ Virginian Sty corn
Eleemann Magneto COM_ _ _ _ ____ 5
100 40 60
Long Bland It 6% WC _100 66
Preferred
6
9 Wash By & Ekes corn-100 225 310
100
15
Preferred A
_100 75
85
100 81
5% preferred
87
Loe Ang Gam & El6% pf_ 100 85
5Franklin By Supply
96 Western Power 7% Vet _100 8
• 10
-
Investment Trusts.
A 13(2 Trust Shares ger E_27
9
Amer Brit & Cost $6 prof.'
1
Amer Composite Tr Shared.
214
Amer Founders Corp.Convertible preferred- --.
_
8% preferred
..-7
7%
7% Preferred
1-40the
1-70168
Warrants
Amer & Generel See com Ab
Common B
14
$3 preferred
30
Amer Insuntnatocks Corp.'
7
8
Assoc Standard 011 Shares
3
Atl & Pao Inter'l Corp units 17%
Common with warrants
14
Preferred with warrants_
17
Anson()Securities Corp pt-• 19
Warrants
Bancamerica-Blair Corp _ _
Bankers Nat InvesVg Corp'
Banaleilla Corp
Basle Induestry Shares.... •
British Type Invest
•
Central Nat Corp else. A....
Class B
Century Trust Shares
Chain & Genii Equities]Inc•
Chartered Investors coos
Preferred
Chelsea Exchange Corp A
Class B
Corporate Trust Shares_
Series AA
Accumulative series
Crues & Foster los SharesCommon IS
10
Preferred
100
Crum & Foster los corn B__
8% preferred
Cumulative Trust Shares_
Depo8ited Bk She ser N Y._
Depoe Ilk She N Y ser A.-Deposited thaw She A
1
13
VI
2.00
.80
12
Is
15 4
3
12
1
42
14
1.65
1.55
1 55
11
09
11
78
23
9
2.45
2%
2 212
33 Diversified Trustee She A-4
II
2%
C
D
_ Equity Cons corn stamped1- Equity Trust Shares A
2
1214
Five-year Fixed Tr Shares.
Fixed Trust Shares A.
•
B
•
10 Fundamental Tr Shares A-Shares B
114
38 Granger Trading Corp.....'
112 (Jude-Morelli 'I'red Corp...'
312 Huron Holding Corp
Incorporated Investors.....'
.-- [mom Investors Equities- _
3
4
___ Int Sec Corp of Am corn A
Common B
24
1
834% preferred
6% preferred
13 independence Trust Shares_
8
17 Investment Trust of NY
412 Investors Trustee Shares- 2.10 Leaders of Industry A
1.30
B
lb
C
2 Low Prices Share
163
4
114 major shared Corp
3 Mass Investors Trust
•
46
Mutual Inveet Tenet el A-1
Mutual Management coin.'
14 Nat Industrke Shares A---1.70 National Trust Shares
1.70 Nation Wide Securities CO-1.70 N Y Bank Trust Shores-No Amer Trust Shares
13
Series 1955
72
Series 1950
1312
83 Northern Securities
272 00 Shares Inc units
_ _ Old Colony Inv Trust coM
2 4 Old Colony Trust Aseoe Sh •
3
3 Petrol & Trad'g Corp el A 25
53
4 6
614 512
2.05 2.05
33
3%
14
3
4
2.00 2.25
2
14
53
6
42
23
3%
278 333
6
25
--_
% 1
1318 1414
112 212
le ___
•
7
7
1.56
3
23
4
21s
17
8
1%
2.00
218
214
2.50
112
131a
35
___
1.90
4%
214
3
1.85
1.70
1.70
218
1412
4
2
/
1
4
.
-3
44
233
312
1.90
1.85
1.85
12
12
1.80
312
Gen Fireproofing $7 pf-100
aratOn dr Knight com
•
Preferred
100
(St Northern Paper $2.40 25
70
*0
12 3
4
11
18
20
Herring-Hail
-Mary Sate_100
Howe Scale
Preferred
100
17
3
15
22
6
18
Industrial Accept corn
•
Preferred
Hlt)
Internet Textbook
100
Lawrence Port! Gem $4 100
30
4
9
4
33
33
5
13
312
4
512
8
3
Macfadden Publiefne enm.5
$6 preferred
• 21
Merck Corp $8 pret__ _100 51
412
24
55
National Casket $3
• 33
$7 preferred
• 89
National Licorice com_1(10 18
_
National Paper & Type Co
New Haven Clock pref-100 30
--New Jersey Wended pre!. _ 27
North western Yeast- - __100 90
1112
Ohio Leather
70
let preferred
60
2d preferred
Okonite Co $7 pre!
100 ----
37
94
24
20
40
_ -.
98
1412
80
7-0na
212 412
Petroleum Derivative.
Publication Corp $3.20 com• -___ 31
100 90
--$7 1st preferred
Reming'n Arms $7 1.6. p1100 40
_ _
Rivereide Silk Milli..
• - 12
Rockwood & Co
100 51
$8 preferred
Rolls-Royce of America. _
--Preferred
.60
13
Roxy Theatres unit
Is
Common
IA
Preferred A
5
Rubel Corp corn
16
Preferred
100 23
Ruberold Co $4
50
11
-_4
3
34
3
12
314
612
20
28
17
Safety Car Heat & Ltg..100 14
1812
Sxmill Manubeturing _ _ _25 17
4 8
Shippers Car Line
Singer Manufacturing -100 110 115
214 3
Solid Carbonic Ltd
14 1
8plitdorf Beth Esee
Standard Screw Co
100 30 40
1
Standard Textile PM, ..100 -_-100 ---- 7
Claw] A
100 _ _ 4
Ciage] B
812
Stetson (J BS Co corn ___-•
7
17
25 13
$2 preferred_
Taylor MIII Corp com
7
•
12
6
Taylor Wharton Ir& Bloom' . _ 0
2
_100
-4
8
Preferred
5
Tenn Products Cory prof 50
9
Tubise Chathion $7 el B 1004 32 35
Unexcelled Mtg CO 40c..10
United Business Pub pref100
United Publishers prof...100
U S Finishing $7 pref_-_100
112 212
---- 15
__ _ 20
8
- 13
.
Walker Dishwasher corn...'
4
Welch Grape Juice pre/-WU 90
w VaPuip& Pap $1.00 com• 1212
100 84
86 preferred
White Rock Mtn Spring
100 92
I: ist preferred
100 110
$20 2d preferred
20
Willcox & Gibbs 82.50 coin_
4
Woodward Iron
100
100 80
Worcester Salt $5
Young (is) Co eem
Preferred
100
100
75
90
A
le.
lb
87
98
_
80
812
85
-98
-
Telephone and Telegraph Stocks.
Am Dist Tel of N J $4____• 47 53
7% Preferred
100 74
79
Bell Tel(Can)8% pret 100 75 82
Bell Tel of Pa 634% prof 100 106 109
CM & Sub Bell Telep--50 54
57
Cuban Telephone...... 100
7 Preferred
%
.... 48
53
Empire & Bay State fel
--- 38
Franklin Teleg $2.50._._l00 28
_10083
Int Ooean Teieg 8% ___ _100 45
50
Lincoln Tel & Tel 8%
100
___
Mountain States Tel & Tel. 95
_
New Ergland Tel & Tel_100 94
97
17
New York Mutual Tel _100 4 12
Northw Bell Tel pf 634%100 103 105
12
Pao & All ['slog['slogU S 1%._25 A 8
Peninsular 3'eleph $1.40..' 1312 16
84
100 79
7% preferred A
50
.„. .
Porto Rico Telephone
Roch Telep $6.50 let p1.100 100 191
16
254 10
So & All icieg 31.25
So & NE Telephone 8% _100 105 109
S W Bell Tel 7% pref._ 100 105 110
Tr -States Tel & Tel $6....• 4100
10
7
8.80 preferred
0
"
Wisconsin Teiep 7% pref 100 106 109
Chain Store Stocks.
Bohaek (11 C)Inc com____• 24
27
7% 1st preferred
100 75 82
Butter (James) o01111120n. ___ --__ 2
Preferred
100
1812
Diamond Shoe pre with war 45
62
Edison Bros Stores
__ 55
Fan Farmer Candy 811 p1....' 20
pret_10024
Fishman (TIM) Stores cora18
Preferred
• - - - 90
Gt All & Poe Tea pret-100 11512 11812
-
Kobacher Stores pref-100 _ _ 40
Kress(8 11)8% prof
x - 4 1012
113
Lerner Stores8H% Prat w w --- 40
Lord & Taylor
UM 4 90 135
let preferred 6%
100 4 ___ 90
Sea preferred 8% - - - - 100 _-__ 89
•No par value. a Last reported marked. 4 New stock. e Ex-etoek
dIVIdend. a Dividend. 1/ Ex-righte.
50 60
512 9
1
3
8
912
4
8
Liberty Baking cora
Preferred
100
Locomotive Firebox Co....•
Melville Shoe Cori,
let pref 6% with warr_100 53
Metropol Chain pret_ -100 ---Miller (I) & Sons pret_100__
MockJuds&Voehringerpt100 -.
63
Murphy (SC) 8% pret_100 - -Nat Shirt Shops corn
•
Preferred 8%
100 . _
Newberry (3) Co 7% p1.10 et 7 4
NY Merchandise 155 pt_100 ----
66
412
15
43
90
5
45
80
80
•
7
Piggly-Wiggly Corp
Reeves (Daniel) pref---100 103
Rogers Peet Co oom--100 40
Schiff Co prof
100 --_
Silver (Isaac) & Bros D1_100
5
US Store. 1st Prof
100 15
60
lb
22
-
16-
Financial Chronicle
3078
April 23 1932
Quotations for Unlisted Securities-Concluded-Page 2
Sugar Stocks.
Pa?i Bid I
100 11
Fajardo Sugar
- -1
Haytfan Corp Amer *1 50
Savannah Sugar corn
100 82
7% preferred
Insurance Companies.
Par 1114
Ask
15 1iSugar Fatatee Oriente pf 100
l United PorteRican eon__ _
56 II Preferred
88
Ask
8
Federal Land Bank Bonds.
8114 8134' 43.is
4i
8114 813 44s
82184 I 4148
9214 823 41.2e
4
8212 823 4 Ma
4
84 1 454e
82
94 1 4%8
92
9834 993
4'
is 1957 optional 1937_MAN
48 1958 optional 1933.M&N
43e 1956 opt 1936____J&J
J&J
4%s 1957 opt '37
43.28 1957 opt 1937_ __ _MAN
43.28 1958 opt 1938......ki&N
5,5 1941 optional 1931_1s:1.4N
430 1933 opt 2932...J&D
1942 opt 1932__MAN
1213 opt 1933____J&J
1953 opt 1933_ ___J&J
1955 opt 1935____J&J
1956 opt 1936. ___J&J
1953 opt 1933____J&J
1954 opt 1934____J&J
87
87
4
873
4
873
4
873
87
87
89
89
8814
8814
8814
89
89
New York Bank Stocks.
_10(11 3158 32181
dank of Yorktowr
20 3134 3334
Chase_
20 3712 3912
City (National)
100
150
Columbus Bank
Corneal Nat Bank & Tr 100 115 133
100 1300 1400
Fifth Avenue
First National of N Y _100 1400 1500
100
_ 60
Flatbush National
500
Grace National Bank_..100
Harriman Nat Bk A Tr_100 1320 1420
64
Kingeboro Nat Bank_ IOC) 54
12
8
25
Lafayette National
312 512
Liberty Nat Bank A Tr_ _25
Manhattan Company..._20
100
Merchants
50
Nat Bronx Bank
National Exchange
Nat Safety Bank & Tr___25
100
Penn Exchange
100
Peoples National
Public Nat Bunk & Tr...25
Sterift g Nat Bank & Tr__25
Textile flank
100
Trade Bank
Washington Nat Bank_100
Yorkville(Nat Bank of)_100
8
8
203 223
70
44
37
18
13
7
4
12
8
200
22
21
13
10
27
30
55
12 5
35
25
Trust Companies.
Banes Comm Itallana Tr 100
20
Bank of Sicily Trust
flank of New York A Tr..100
10
Bankers
20
Bronx County
100
Brooklyr
20
Central Hanover
Chemical Bank .4 Train_ _If)
100
Clinten Trust
10
Cont Bk A Trust
Corn Each Bk & Truet___20
25
County
20
Empire
162 172
1612 1812
305 325
50
52
18
13
170 185
111 115
2912 3112
35
50
1312 1512
:49
52
22
20
224 2434
100 230 255
Fulton
100 250 255
Guaranty
50
100 35
Hibernia Trust
17
10 16
Irving Trust
100 2200 2300
Kings County
52
Me
Lawyers. & Guar_ ..100 47
_23 2412 2612
Manufacturers (new)
2% 4%
Mercantile Bank & Tr iv t_ _
82
25 79
New York
Title Guarantee & Trust.26 3512 3812
100
-o
frust C or N A
- - 70
25
8
6
Underwriters Trust
100 1430 1530
United States
Chicago Bank Stocks.
100 70
73
:entre! Republic
17
13
Chic Bk of Commerce
Continental 111 Bk dr Tr_100 91 I 93
100 176 179
First National
Harris Trust & Savings.100 249
100 280
Northern Trust Co
,
Peoples Tr & Sat Bank.100 80
Stratus, Nat Bank & Tr_100 110
255
283
85
120
Ask
Par Bid
Par 1384 Ask
39 Kansas City Life
Aetna Casualty & Surety..10 34
100 500 800
6
Aetna 1..'ire
10 2414 2814, Knickerbocker (new)
4
10 21
23 '
Aetna Life
5) Lincoln Fire (new)
25 40
Agricultural
5
10
712
2
10
American Alliance
914 1214 Lloyds Casualty
10
8
10
American Colony
2
Voting trust centre ..l0
1
4
9
American Constitution
7
10 Majestic Fire
American Equitable (new)..
4
10
712 Maryland Casualty
4
American Home
4
25
8
5
714 818 Mese Bonding & Ins
American of Newark
30
25 z 20
23 27
American Re Insurance_ _
Merchants Fire Amur comb0 15
19
10 11
1114 Merck & Nitre Fire Newark 5
American Reserve
5
3
4
4
93 123 Missouri State Life
25
American Surety
10
8 458
35
10 1412 1812 Morris Plan Insurance
Automobile
4
3
Baltimore Amer Insurance _5
"5
65
Bankers & Shippers
100 307 335
Borden
10
Carolina
100
City of New York
10
Colonial States Fire
Columbia National Life _100
Connecticut General Life.10
Consolidated indemnity ____
10
Constitution
Continental Casualty_ _ _ _10
Cosmopolitan Insurance_
5
Fagle
6
Excess Insurance
10
Federal Insurance
Fidelity & Deposit of Md_50
20
Firemen's
5
Franklin Fire
General Alliance
10
Glens Falls Fire
Globe & Republic
Globe & Rutgers Fire_ _100
._10
Great American
..10
Great Amer Indemnity.
10
Halifax Insurance
50
Hamilton Fire
10
Hanover
10
Harmonia
10
Hartford Fire
IlartfSt'm Boiler Insalre 10
Home
10
Home Fire Security
10
Homestead
10
Hudson Insurance
Importero & Expel N Y _ _25
Independence Indemnity __ _
Industrial and Railroad Bonds.
Adams Express 48 '47 J&D 55
American Meter tSs 1946.... 90
88
Amer Tobacco 48 1951 FAA
Am Type Fdrs 6s 1937 MAN 9812
Debenture de 1939.MAN
Am Wire Feb 78 '42 _M&S 16
Bear Mountain-Hudson
River Bridge 75 1953 A&O 721
Biltmore Comm 7e '34 MASI 42
Chicago Stock Yds 55 1961 68
Copse] Coal 4)4s 1934 MAN 89
Consol Mach Tool 75 1942 11
Consol Tobacco Se 1951_ d 85
8
Continental Sugar 78 1938_
Equit Office Bldg 15e 1952.- 68
Fisk Tire Fabric 61411 1935
7
Haytlan Corp 88 1938
Hoboken Ferry 55 '48 MAN 66
Internet Salt be 1951. A&01 62
Journal of Comm 6148 1937, 53
Sans Clty Pub Sexy 136 1951 2712
National Casualty
It
National Fire
10
National Liberty
National Union Fire
4
113 133 New Amsterdam Casual_ _1(1
4
80 100 New Brunswick
10
4
a New England Fire
10
115 140 New Hampshire Fire_
10
40
45 New Jersey
20
3 New York Fire corn
1
3
5 North River
14
16 Northern
25
5
Northwestern National_ _
31
2%
2212
15
1012
12
30
1212
5
818
3.5
70
10
33
33
4
3212
17
1212
18
35
1712
1018
46
80
5
612 Pacific Fire
25
55
412 612 Phoenix
10 4114 4314
3512 4012 Preferred Accident
20 12
17
41
46
8
Previdence-WashIngton_ _10 185 2058
8 87 Public Fire
73
8
5
214 414
4
93 11% Public Indemnity (formerly
114 23
Hudson Casualty)
.
2
6
31
29
Reliance Insur of Mita_ _ _
4
2
5
8 Rhode Island.
10
8
3
73 103 Roelaster American
25
30
8
8
97 113 St Paul Fire & Marine...25 9512 1,012
8 Seaboard Fire & Marine
2
4
Security New Haven_ _.10 19
21
912 1112 Springfield Fire & Marine 25 60
70
115 Standard Accident
.50 30
80
25 13
1514 lilt Stuyveaant
18
4
4
100 310 410
93 112 Sun Life Assurance
36
34
39 Transportation Indemn'y le
34
314 514
15 Travelers Fire
100 402 452
13
26
!
1 1s 218 U S Casualty__
813 131
354 6%
2
10 US Fidelity A Guar Co_ _10
15
18 13
16
U S Flre
Merch A Shippers_ _100 110 140
4
2
16
10
12
Victory
4
14
10 12
Westchester Fire
Realty, Surety and Mortgage Companies.
loew's New 53rd FronJ&D 6412
t/El 1945
Merchants Refrig Os 1937_ 94
111
N 0 Gr No RR 5s '55 FAA
if N Y & Hob Ferry 58'46 J&D 65
40 N Y SlaipbRig be 1946 MAN 80
Piedmont & No Ry 5s'54J&J 56
5
78 Pierce Butler dr P 6528 '42
Realty Assoc Sec 68 '37 J&J 36
40
72 Securities Co of NY 4s.. _
45 61 Broadway 5328 '50 A&O 60
33
1512 So Indiana Ry 48 1951 FAA
Stand Text Pr 8545 '42M&8 18
Struthers Wells Titueville4978
&lie 1943
211 Tol Term RR 4348 '57MAN 72
114
US Steel 58 1951
11
70 Ward Baking 68 '37 J&D 15 83
5
67 WItherbee Sherman fis 1944
60 Woodward Iron ful 195214J 4712
2912
60
92
6812
97
4
133
Bond & Mortgage Guar_ _20 3218
Empire Title & Guar _ _ _ _100 51
Guaranty Title A Mortgage_ . ._
Horne Title Insurance__ _ _25 14
3518
70
180
18
international Germanic Ltd
Lawyers Mortgage
20
National Title Guaranty 100
.100
State Title Mtge (now).
15 I
4
93
8
25
20
113
II
35
4
8
2
2
54
ji
4
5
2
111
Bid
03 75
6.26
6 25
Ask
6.01
5.51
5.51
5 50
7.00
7 00
7.00
7 00
6.75
5.75
5.75
5.75
5 50
6 00
25
5.60
6.25
5.60
6.75
7.50
6 00
8.25
6.50
6.50
6.60
6.25
5 00
6 25
6.21
6.21
6 21
821
5.2/
5.20,
8.28
5.(X1
5.5'6.64
5 (a)
5 50
5.00
6 90
6.54'
5.25
5.51.
5.50
5.50
5 Si)
511
if"
10
42
50
64
38
22
54
78
88
10
50
Aeronautical Stocks.
40
Alexander Indus 8% prof...
1
American Airports Corp- - _ _
5
Aviation Sec of New Engl..
4
2
Central Airport
115
Cessna Aircraft corn
Curtiss Held Aircraft corn...... 112
Kinner Airplane & Mot new
Sky Specialties
Southern Air Traesport_ _
Swallow Airplane
Warner Aircraft Engine_
Whitteleey Manufacturing__
_
Quotations for Other Over-the-Counter Securities
Railroad Equipments.
Short Term Securities.
Bid Ask
73
AUle-Chal Mfg bs May 1937 72
89
Alum Co of Amer 58 May'52 88
48
Amer Metal 5145 1934 A.A0 47
89
Amer Rad deb 434, May '47 87
46
Am Roll Mill deb 58 Jan '48 44
59
434% notes 1933.. _11122N 57
93
Amer Thread 534e '38_ MAN 92
86
Amer Wet Wks 55 1934a80 82
8912
Bell Tat of Can 5s A Mar '55 89
79
'33 M&S
Baldwin Loco 5
81
Cud l'kg deb 51.28 Oct 1937 SO
Boston
Edison Flee III
8
8
a% notes Nov 1 '32 MAN 1003 1005
3
6% notes Jan 15'33_ _J&J 10012 1024
Gulf 011 Corp of Pa
92
Debenture 5s_ __Dec 1937 91
9'2
Debenture 5s_ __Feb 1947 91
5141
Alt
General Motors Accept
5% set notes.. _Mar 1933 100 10012
8
.Mar 1034 9815 985
5% ser notes..
9712
5% ser notes___Mar 1935 97
ser notes_ _Mar 1936 9612 9712
5%
Koppers Gas & Coke
7212
Debentures 6s_ _June 1947 70
Mag I'et 414e Feb 15 '30-35 98 100
Maas Gas Cos 534s Jan 1946 85 8612
Froc & Gamb 454s July 1947 9814 99
Swift & Co
M&S 87% 8912
5% notes 1940
Union 011 be 1935_ _FAA 9612 97
United Drug 55 1932 A&O 100
Debenture 515 1933_ _AS(13 10
Water Bonds.
tIton Water Se 1956-A&O
Ark Wat Lit 515 A 1956 A&O
Ashtabula W W be 1958A&O
tUantic Co Wet 5s '58M&S
dirm W W let 5348A54A&O
18t m fa 1954 eel B_J&D
1st Se 1957 eer C____F&A
Butler Water 5s 1957_A&O
W (Chat) 5$ B '54 J&D
lit 58 1957 ser C__MAN
'.!olumenwealth Water
let Si 1956 B.....FAA
let in 58 1957 ser C_F&A
Davenport W 58 1961_J&J
ESLA Int W 58 '42 J&J
1st in Cs 1942 ser B_J&J
1st fe 1961/ ser D._ F&A
65
75
65
70
93
SO
80
75
84
84
8,5
65
79
78
84
70
75
80
71
78
95
85
83
80
110
go
84
83
80
Liunt'ton W lot 65 '54 HAS
1st m 5s 1954 ser 13..MAS
Joplin W Wbri 67 ser A M&S
Kokomo W W be 1958 J&D
Monm Con W let .5e '511.181)
Monon Val W 5448 '50 J&J
Mehl:13'd W W 1st 58'5701&N
St Joseph Witt 681 1941 A&O
South Pitts Water Co
FAA
let 58 1955
1st & ref 6.9 '80 stir A .1243
let & ref Si 'BO ser 11 J&J
W W 68'49AJAD
Terre
1st in be 1056 Der B.J&D
Texarkana W 1st be '58 FAA
Wichita Wet 1.1 65 '49 MAS
let m Si '56 sex B.FAA
1st m 55 1960 ser C_MAN
94
80
65
65
70
80
70
88
96
83
72
75
75
85
74
92
90
81)
80
94
84
SW_
80
63
93
81
81
98
85
85
94
di_
Atlantis Coast Line as
Equipment 614.
Bultimore & Ohio Os
Equipment 4145 & 55....
Buff Roth & Pitts equip Cs..
Canadian Pacific 4)4s& Cis__
Central RR of N 1 68
Chesapeake & Ohio 68
Equipment 6348
Equipment 58
Chicago & North Wait 6s__
Equipmeet 61411
Chic Ill & Pee 4 Me & 50_ _ _
Equipment 68
Colorado A Southern
Delaware A Hudson CL,...
Erie 4 He & 5s
Equipment firs _
Great Northern 6s
EQUIpment be
Flecking Valley 5s
Equipment 65
1111nole Central 454s A Se.,.
Eoulpment 68
Equipment 719 A 6 He
Kanawha & Miebliran Ga.__
Ask
5.50
5.50
5.50
5.50
5,50
600
5.50
6 BO
5.50
5.50
5.50
600
5.50
5.75
5.75
5.50
6.00
6.00
5.50
560
5.50
5 75
6.00
6.00
6 00
5 50
Kansas City Southern 534s
Louisville & Nrabville 68..
Equipment 610
Michigan ceutral 58
Equipment 6s
Minn St P & SS M 4 yis & 5e
Egulinuent 654e A 7s.--Missouri Pacific 1134._
EquipmentIs........
Mobile & Ohio 55
New York Central 4%s A 55
Equipment (is
Equipmert is
Norfolk Jr Western 4)44 Northern Pacific 7s_ _
Pacific Fruit Express 7,....
Penneylveola RR equip 55..
Pittsburgh & Lake Erie 648
Reading Co 4 lie & 58._ -At Louis & Bun Fran Se....
Seaboard Air Line 514e & Os
Southern Pacitio Co 4 %ri - Equipment 78
Southern Ry 414e ef 6a_
Equtpmer t 65
Toledo 21 Ohio Central es
Union Pacific 7s
Investment Trust Stocks and Bonds.
Bankers Nat Invest corn A._
Beneficial Indus Loan pref..
Colonial Investor', Shares_ _ _
Continental bletrop Corp A
Cent Seeur Corp prof
Industrial A Pow Sec
leveet Fund of NJ
Mohawk Invest
Nor American Trust Shares.
• No par value. aAnd dividend. 4 Last reported market. I Flat price. I Ex-dividend,
Bid
6.25
6.2.5
6.50
6.50
6.50
7 00
6.25
6.00
6.00
6.00
6.50
6.75
6.50
6.7S
6.75
8 50
6 75
6.75
6.00
6.00
6.00
6.50
7.00
7.00
7.00
6.50
Ex-rights.
Old Colony Inv 1 r 44% bd.
Shawmut Association corn..
Shawmut Bank Incest Truitt
1942
4;28
1952
Se
Standard OU Trust Shares A
Class B
,
4. 4 4
35
2412' 253
4,
1.85 1.90
13
34
17
39
2
15
Ex-8 ock dividend.
612
50
50
315
2%
7
.
31
Current Carntno-ftiontbip,
uarterip anb jipatt
Neat*
Below will be found all returns of earnings, income and
profits for current periods, whether monthly, quarterly or half-yearly, that have appeared the present week.
It covers all classes of corporate entities, whether
railroads, public utilities, industrial concerns or any
other class and character of enterprise or undertaking.
It is all inclusive in that respect, and hence constitutes
an invaluable record.
The accompanying index, however, covers merely
the companies whose returns have come to hand since
the April 22 issue of our "Monthly Earnings Record"
went to press, and is presented with the view simply of
making it easy for subscribers to the "Monthly Earning
s Record" to find new statements.
Issue of Chronicle.
Name of CompanyWhen Published. Page.
Adam-Millis Corp
Apr. 23_3098
Affiliated Products, Inc
Apr. 23..3098
Ainsworth Mfg.Corp
Apr. 23..3098
Allied Kid Co
Apr. 23..3099
Allied Products Corp
Apr. 23_3099
Alton & Southern
Apr. 23_3079
American Dist. Telegraph Co (N.J.) Apr.
23..3099
American Hide & Leather Co
Apr. 23_3081
American Home Products Corp
Apr. 23..3081
American Laundry Machinery Co-Apr.
23..3099
American Thermos Bottle Co
Apr. 23_3099
American Utilities Co
Apr. 23..3095
Anaconda Copper Mining Co
Apr. 23_3091
Art Metal Construction Co
Apr. 23..3100
Artloom Corp
Apr. 23_3881
Atlantic Coast Line RR.Co
Apr. 23_ 3087
Baltimore & Ohio Co
Apr. 23..3086
Barnet Leather Co., Inc
Apr. 23..3100
Beatrice Creamery Co
Apr. 23..3100
Brazilian Trac..Lt.&Power Co.,LtdApr. 23..308l
Carolina Clinchfield & Ohio Ry
_Apr. 23_ _3093
Central Vermont Ry
Apr. 23_3079
Chesapeake & Ohio Lines
Apr. 23..3079
Chicago Rock Island & Pacific Co_ _Apr. 23_ _3086
Ginn New Orleans &Texas Pacific CoApr. 23_ _3090
Cities Service Co
Apr. 23_3081
Clark Equipment Co
Apr. 23_3101
Commonwealth Edison Co
Apr. 23_3082
Connecticut Electric Service Co.. _Apr. 23_3082
Consolidated 011 Corp
Apr. 23..3102
Consolidated Textile Corp
Apr.23..3102
Container Corp. of America
Apr. 23..3082
Continental Diamond Fibre Co
Apr. 23..3102
Continental Shares,Inc
Apr. 23_3102
Coty, Inc
Apr. 23..3103
Crown Cork & Seal Co., Inc
Apr. 23..3103
Delaware Lackawanna & West.RR_ _Apr. 23..3086
Detroit Street Rya
Apr. 23..3082
Dome Mines, Ltd
Apr. 23_3082
(E.I.) du Pont de Nemours & Co.__ Apr. 23..3082
Durham Hosiery Mills
Apr. 23..3082
Issue of Chronicle.
Name of Convent,When Published. Pape.
Eastman Kodak Co
Apr. 23_3888
Erie Railroad Co
Apr. 23..3089
General Foods Corp
Apr. 23..3083
General Motors Corp
Apr. 23_ _3086
Granby Cons. Mining, Smelting &
Power Co,. Ltd
Apr. 23..3083
Grand Trunk Western
Apr. 23_ _3079
Gulf States Steel Co
Apr. 23..3083
Havana Electric Railway Co
Apr. 23..3083
Humble 011 & Refining Co
Apr. 23..3105
Intercontinental Rubber Co
Apr. 23..3106
Interlake Iron Corp
Apr. 23..3083
International Business Mach.Corp _Apr. 23.3083
International Printing Ink Corp_
Apr. 23..3106
International Rys. of Central Amer_Apr. 23_ _3080
Joint Investors, Inc
Apr. 23_ _3106
Kansas City Southern System
Apr. 23_ _3080
Kennecott Copper Co
Apr. 23_3107
Lambert Co
Apr. 23_3084
Link Belt Co
Apr. 23..3084
Mesta Machine Co
Apr. 23..3108
Metropolitan Edison Co
Apr. 23..3097
Michigan Gas & Electric
Apr. 23 .3097
Mid-Continent Petroleum Corp
Apr. 23_3108
Monongahela Connecting
Apr. 23_ 3079
Montour RR
Apr. 23..3079
Muskegon Motor Specialties Co
Apr. 23_ _3108
National Oil Products Co
Apr. 23_3108
Nehl Corp
Apr. 23_ _3108
Nevada-California Electric Corp_ _ _ _Apr. 23..3084
New England Tel. & Tel. Co
Apr. 23..3884
New York Chicago & St Louis
Apr. 23..3079
New York Dock Co
Apr. 23_ _3109
North American Cement Coro
Apr. 23..3084
North Central Texas 011 Co.,Inc_ _ _ _Apr. 23..3109
Northern Pacific Ry.Co
Apr. 23..3089
Owens-Illinois Glass Co
Apr. 23_3084
Penick & Ford. Ltd
Apr.
Pennsylvania-Dixie Cement Corp_ __Apr. 23..3084
Pennsylvania Gas & Electric Co_ _ __Apr. 23..3084
23...3085
Pere Marquette Ry
Apr. 23_ 3080
Latest Gross Earnings by Weeks.
-We give below the
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
2d
2d
4th
2d
2d
2d
2d
2d
Current
Year.
Period
Corered.
wk of Apr
wk of Apr
wk of Mar
wk of Apr
wk of Apr
wk of Apr
wk of Apr
wk of Apr
Previous
Year.
2,788,424
2,122,000
29,825
181.579
176,368
1,898,705
245,200
231.947
Inc. (-1-) or
Dec.(-)
3,438,130 -847.708
2,747.000 -825.000
52,179
-22,554
219.119
-37,540
224,004
--47,838
2,701,844 -- 803.139
338,248
-91.048
298,888
--84.921
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.
Gross Ear:asps.
Mash.
1931.
January
February
March.
atsil
Mal
June.
Lull
tufnalt
gepteMber --.October
fieVember
Deeember
Janum
140014113
,
1930.
1
865.416.905
338,137.879
375,688.834
369.106,310
3 8.485.871
0
369.212.042
377.938.882
304.010,969
349.821.638
1912,647 702
804.896.868
288.239.790
1932.
274,976,249
266,892.520
Lanigh of Bead.
Inc.(+107
Dec.(--).
$
$
450.731,213 -86,814.308
427.485.389 -91,327.890
452.261.688 -76,672.862
450.567,319 -81.461,009
462.577,503 -94,091.632
444,274.591 -76.002.879
458.088.890 -80.160.008
486.782.820 -101.751.8C1
466.896.312 -117.073.774
482.784,602 -120,136.900
398.272.317 -93.375,649
377.499,133 -89.359.333
1931.
866421.091 -90.666.842
336,182.295 -69.289.775
Nil lkirsississ
Mesa.
1931.
1930.
Mies.
242.657
242.860
242,360
242,633
242,718
242,968
242,819
343,024
242,816
242.745
242,734
242,689
11132.
244,343
243.312
Miles.
262,332
242,726
242.421
242.574
242.542
242.494
234.105
242.832
242,593
242.174
242.638
242,319
1031.
242.245
240.943
Inf.(+1 or Dec.(-):
1911.
imams
FillallarY
Mink
taJune
.1017
Attlee
Beeeembee
0060444
November
De4631bee
Ja103/17
February
1930.
Amount.
8
71.962.904
64.018,641
84.643,542
79.144.653
81.038.584
89.667.807
90.086.387
96.115.329
93.217.888
101.919.021
66.850.734
47.141.248
1932
45,040 683
57.375,537
8
94.816.075
97,633.782
101.641.603
103.080.623
111.341.312
114.304.613
111.630.243
1111361 676
147.179.100
117,161.555
91,1167.3111
79.912.541
1031
72.911.130
06,078,525
$
Per Cell.
-22.883.171
-32.004.121
-16.893.267
-23.111.970
-80.320.736
-20.687,220
-22 666 410
. .
-44.043.146
-55.101.214
-W..232.527
-32.706.576
-32.241.593
-24.13
-33.76
-18.60
22.21
-27.23
-15.70
-21 13
.
-31.64
-37.41
-31 14
-89.81
-41.06
-26.002.546
-8 702,988
-36.21
- 13.17
Net Earnings Monthly to Latest Dates.
Alton & SouthernMarchGross from railway_ _ _
Net from railway....
Net after rents
From Jan 1
Gross from railway
Net from rail way_ _ _
Net after rents
1932.
$94,907
40,534
28.086
1931.
989.057
27.253
17.699
246.538
89.113
55.247
257.517
79,533
49,639
1930.
1929.
Issue of Chronicle.
Name of Company
When Published. Page.
Philadelphia Co
Apr. 23..3085
Philippine Ry.Co
Apr. 23._3092
Phillips Petroleum Co
Apr. 23_3085
Pierce Oil Corp
Apr. 23_3110
Pierce Petroleum Corp
Apr. 23..3110
Pittsburgh Railways Co
Apr. 23..3091
Pittsburgh Screw & Bolt Corp
Apr. 23..3110
Public Service Co.of Nor. Illinois_ _ _Apr. 23._3085
Public Service Corp.of New Jersey_ _Apr. 23_ _ 3085
Railway & Light Securities Co
Apr. 23_ _3085
Reo Motor Car Co
Apr. 23..3110
St. Louis Rocky Mt. & Pacific Co_ _ _Apr. 23_3111
Shawmut Bank Investment Trust.._Apr. 23_ _3085
Simmons Co
Apr. 23-.3111
Socony Vacuum Corp
Apr. 23..3111
Southern Bell Telep. & Teleg. Co
Apr. 23..3085
Southern Ice & Utilities Co
Apr. 23..3098
Southern Pacific Ry. System
Apr. 23_ _3080
Southern Ry. Co
Apr. 23_ _3090
Texas Gulf Sulphur Co
Apr. 23_ _ 3085
Timken Roller Bearing Co
Apr. 23_ _3085
Tokyo Elec. Light & Pow. Co., Ltd.Apr. 23..3098
Trico Products Corp
Apr. 23_3085
Tung Sol Lamp Works
Apr. 23-3112
Twin City Rapid Transit Co
Apr. 23„M85
Union Pacific System
Apr. 23..3880
United American Bosch Corp
Apr. 23-3112
United Carr Fastener Corp
Apr. 23..3112
United Dyewood Corp
Apr. 23_3113
U. S. Hoffman Machinery Co
Apr. 23..3885
U. S Oil & Royalties Co
Apr. 23..3113
U.S.Realty & Improvement Co
Apr. 23-3886
Utah Copper Co
Apr. 23_3113
Wabash Ry. Co
Apr. 23..3089
Waco Aircraft Co
Apr. 23..3113
White Sewing Machine Corp
Apr. 23..3113
(H. F.) Wilcox Oil & Gas Co
Apr. 23_ _ 3118
(Wm.) Wrigley Jr. Co
Apr.
(L. A.) Young Spring & Wire Co....Apr. 23..3086
23_3086
Zonite Products Corp
Apr. 23...3086
Central Vermont-.
March
1932.
Gross from railway
- 9460.714
Net from railway....
56,484
Net after rents
26,584
From Jan 1
Gross from railway__ _ 1,302.605
Net from railway_ _
94,652
Net after rents
13,857
Chesapeake & Ohio LinesMarch1932.
Gross from railway.. $8,428,140
Net from railway__
Net after rents
2,866,022
From Jan. 1
Gross from railway.. 24,110,166
Net from railway....
Net after rents
7,066,815
Grand Trunk WesternMarch1932.
Gross from railway.._ $1,403,316
Net from railway....
153,213
Net after rents
-77,067
From Jan. 1
Gross from railway_ _ _ 4,034,228
Net from railway....
246,310
Net after rents
-413.923
Kansas City Southern SystemMarch1932.
Gross from railway...
$845,523
Net from railway
183,610
Net after rents
86,324
From Jan. 1
Gross from railway... 2,615.213
Net from railway_ _ _ _
870,904
Net after rents
379.015
Monongahela ConnectingMarch
1932.
Gross from railway _
$49,747
Net from railway..... -12,358
Net after rents
-17.732
From Jan 1
Gross from railway
140.461
Net from railway
-54,983
Net after rents
-71.092
MontourMarch
1932.
Gross from railway.._
$151.758
Net from railway____
57,463
Net after rents
67.981
From Jan 1
Gross from railway__ _
393.700
Net from railway.....
125,414
Netafter rents
167.341
New York Chicago & St LouisMarch1932.
Gross from railway__- $2,801.071
Net from railway---Net after rents
215,349
From Jan. 1
Gross from railway... 7,870,350
Net from railway....
Netafter rents
491.115
Pere MarquetteMarch1932.
Gross from railway_ $2,077.154
Net from railway
395,485
Net after rents
120,957
From Jan. 1
Gross from railway.-- 5.831.866
Net from railway...-.
907.193
Net after rents
254,615
1931.
*605,833
124,750
126,610
1930.
9655.707
106.994
105.287
1929.
9713.594
188.228
174.431
1,675,584
244.999
237.660
1,837.278
283,300
297.218
1.950.051
437.564
407.837
1931.
1930.
1929.
$9.716,979 $10,436,792 $11,842,981
2,943,053
3.667.958
2,366,291
2,157,182
2,980.317
28,798,441
6,867,428
33.788.676
10,746,433
8,648,812
35,998.926
11.721.716
9,841.287
1931.
1929.
1930.
$1,900.424 $2,551,136 $3.578,802
294,658
576,587
1,343,185
16,320
858.330
305,273
5,364.605
717.405
-262,011
7,276,178
1,557,819
700,181
9,526.115
3.274.516
2,099.237
1931.
$1,315,415
444,992
347,201
1930.
$1,679,240
534.492
405,041
1929.
81,785.647
611.956
469.119
3,775.241
1,296,201
1,002.717
4,779.880
1,500,259
1.111.879
5.244.709
1,741.888
1,329.964
1931.
4104.135
8.079
774
1930.
$192,817
54,824
35,419
1929.
$234.511
85.836
66.416
290.790
6.146
-14,297
535.583
120.525
70,423
621.314
174.253
127,573
1931.
$168,224
53.376
61,823
1930.
$181.087
44,852
55.179
1929.
$126.560
15.570
25.841
526,272
174,022
204.575
543.422
146.890
180.126
454.598
129.929
157.057
1931.
93,616.709
1930.
$4,124.530
956.125
604.409
1929.
$4,955,708
1,642.300
1.120.373
806.505
12,145.882
2,818.002
1.574.051
13.702.018
4.075.797
2.660.769
1931.
$2.468,750
453.053
244.313
1930.
$3,310.506
690.830
442,259
1929.
93.958.798
1.430.480
1,018.508
6,878,310
887.708
231.748
9,587.602
1,762.973
963.769
10.858.663
3.488.452
2.481.618
609.791
9.761,847
Financial Chronicle
3080
Southern Pacific System
Southern Pacific Lines1929.
1930.
1931.
1932.
MarchGross from railway_ -412,269.018 $16,918,180 $22,262,253 $25,890,322
7,458,983
5,144,800
3,127,976
Net from railway---- 1,914,599
4,904,209
2,766,076
1,177,753
-101,236
Net after rents
From Jan 1
35,773.625 49.540,968 63,689,423 72.135,191
Gross from railway
4,723,439 1 7,959,506 13,681.647 18,559,664
Net from railway
7,130.739 11.474,545
2,128,336
-907.411
Net after rents
Union Pacific System1929.
1930.
1931.
1932.
)* March99,575,898 $13,283,337 $1,4264,105 $17,061,773
Gross from railway
4,700,230
3,371.026
3,313,362
2,890.370
Net from railway_
2.925.224
1.627.571
1,414,527
1,314,264
Net after rents
From Jan. 1
Gross from railway__ _ 27.795,644 37,549,506 41,827,820 48,671,394
7,202,362
8,926,407 10,468,445 14.361,705
Net from railway
9.126,050
5,154,605
3,500,197
2,733,808
Net after rents
-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.
Cuba Northern Railway.
1931-6 Mos.-190,7
Period End.Dec.31- 1931-3 Mos.-1930.
$846.519 $1,312,119 $1,787.524
$479,868
Gross revenue
1,779.002
1,376,756
783,438
527,738
Int., taxes, deprec., &c_
$8.522
$63.081 loss$64,636
loss$47,869
Net profit
''Last complete annual report in Financial Chronicle Sept. 19'31, p. 1922
International Rys. of Central America.
Month of MarchGross earnings
Operating expenses-
1932.
$537.845
270,439
1931.
$640.211
353,131
1930.
$845.401
398,738
1929.
$862,910
442,874
$420,036
$446,663
$287,080
Inc. app. to fixed chgs. $267.406
3 Months End. March 31
$1,580,098 $1,913.082 $2,438,528 $2.590,210
Gross earnings
1,324.722
1.201,255
1,031.101
858.459
Operating expenses
la
$881,981 $1,237,273 $1,265,488
app. tofixed chgs. $721.639
Inc.
WI-4st complete annual report in Financial Chronicle May 23 '31, p. 3877
Kansas City Southern Ry.
(Texarkana & Fort Smith Ry.)
1929.
11.10.
1931.
1932.
$845,523 $1,315,415 $1,679,240 $1,785,647
1.173,691
1.144,747
870,423
661,913
Month of MarchRy. operating revenues..
By. operating expenses_
Net rev. fm. ry. oper
Railwaytax accruals_ _ _
Uncollectible ry revs___
3183.610
97,137
148
$86,323
Ry. oper. income- - 3 Months Ending March 31
Railway oper. revenues- $2,615,213
1,944,309
By. oper. expenses
Net rev,from ry. oper.
Railway tax accruals-- Uncollectible ry. revs_ _ _
$444,992
97.532
$347 201
33,775,241
2,479,039
$670,903 $1,296,201
292,596
291,412
887
475
$534,492
129,166
284
3611.956
134,250
8,585
$405,041
• $469,119
$4,779,880 $5,244,709
3,502.820
3,279,621
$1,500,259
387,500
879
$1,741,888
402.752
9,171
Railway operating inc. $379,015 $1,002,717 $1,111,879 $1,329,964
tO'Last complete annual report in Financial Chronicle Apr. 2 '32, p. 2512
Southern Pacific Ry. System.
April 23 1932
Pere
Net ry. oper. income_ _
Non-oper. income
Gross Income
Interest on debt
Other deductions
Marquette
Ry. Co.
-Month of March
--3Mos.End. Mar.311931
1931
1932
1932
3244.313
$231,748
$254,615
$120,957
191,889
33,695
214,902
66,153
$187,110
301,755
11,924
$278,008
291,347
12,653
$469,517
904,999
41,252
$423,637
852.444
41,908
Net income
dr$126,569
Income applic. to sink'g
8
fund & other res.funds
$25,992
$476.735
$4470,715
5
920
281
$25,993
$126,577
Balance, dr
$4470,997
$4477.655
10 Last complete annual report in Financial Chronicle May 16 '31, p. 8706
Union Pacific System.
1931.
Month of March
1930.
-1932.
1929.
Operating Revenues
$7,781,900 $10,790,506 $11,343,278 313.648,553
Freight
1,281,764
839,685
1,976,526
Passenger
1,623,401
429,232
382.918
Main
471,980
436,406
264,807
167,234
Express
306,029
300,036
280,291
259,887
348,195
All other transportation_
385,906
154,274
236,737
Incidental
278,772
206,796
Railway oper. rev_ __ _ 39.575,898 313,283.337 $14,264,105 $17,061,773
1,853,155
771,185
Maint. of way & struc
2,034,495
2.565,972
2.655,585
Maint. of equipment-- - 1,649,662
2.994,442
3,290,564
362,988
294,005
400,287
Traffic
380,189
4.186,494
3,235,033
Transportation
4,562,236
5.139,153
238,420
145,573
239,406
Miscell. operation
299,125
673,474
590,070
662,213
General
686,630
141
Trans. for invest.-Cr
90
Railway oper. expenses $6,685,528
Income Items
Net revenue from ry.
2,890,370
operations
Railway tax accruals__ _ 1,072,773
563
TJncoll. ry. revenues-
39,969.975 $10,893,079 $12,361,543
3,313.362
1,250,112
442
3.371.026
1,332,237
983
4,700,230
1,346,256
2,209
By. operating income- $1,817,034 $2,062.808 $2,037,806 $3,351,765
591,703
444,104
365,822
Equip.rents (net dr.)
353,811
56.578
44.413
Joint facil rents (net dr.)
74,730
58,666
$1,314,264 $1,414,527 31,627,571 32,925.224
Net income
9,863
9.877
9,843
9,857
Aver. miles of road oper_
75.06%
76.37%
69.82%
72.45%
Ratio of expenses to revs.
3 Mos. End. March 31
Operating Revenues
$22.315,706 $30,418,778 $33,219,771 $38,994,623
Freight
5,735.502
4,869,391
3,748.707
2,676,331
Passenger
1.286.547
1,297,347
1.262.815
1,144,604
Mail
729,444
738,848
577,109
413,224
Express
1,098.549
1,046,165
843,857
764,247
All other transportation_
815,929
667,098
698,240
481,526
Incidental
Railway oper. rev_ _ 427.795,644 $37,549,506 $41,827,820 $48,671.394
Operating Expenses5,729,724
4,733,623
4,530,934
Maint. of way & struc_ - 2,179,109
9,400.467
8,665.520
7,853.153
Maint. of equipment- - - 5,103.379
1,092,640
1,114,826
1,023,288
869,406
Traffic
10,135,910 12,467,829 14,078,596 15,149,833
Transportation
896,198
768,453
736,105
487,539
Miscall, operation
2,043,139
1,998,377
2,007.043
1,817,939
General
2,312
4,253
Transp. for invest.-Cr.
Railway oper. exps- - -320,593.282 $28,623,099 $31,359.375 $34,309,689
Income Items
8,926.407 10,468,445 14,361,705
Net rev,from ry. oper-- 7,202,362
4,091,255
3,771,854
4,038,056
Railway tax accruals_ -- 3,168.323
1.716
3,684
2,138
2,771
Uncoil. ry. revenues_ _ _ _
Railway oper. income- $44,031,268 $5,102,837 $6,375,032 $10,310,965
977,349
1,081,198
1.487,793
1,149,533
Equip. rents (net dr.)139.249
164,847
216,566
147,927
Joint fedi. rents (net dr.)
1929.
1930.
1931.
1932.
Month of March13.613
13.839
13,824
13,725
Aver. miles of road operRevenues
$9,196,897 $12,776,617 $16,481,841 $19,229,278
Freight
4,237,224
3,894,939
2,642,941
1.854,327
Passenger
450,382
410,278
402,294
364,026
Mail
619,920
516,335
487,694
363,692
Express
774.234
461.089
325.063
267,329
All other transportation_
665.453
598.606
419,016
302,750
Incidental
38.159
27,436
18.741
13.186
Joint facility-Cr
124,330
128.275
84,189
93,190
-Dr
Joint facility
,808 33.500.197 $5,114,601 $9,126,010
.733
$2
Net Income
9.854
9,857
9.878
9.842
Aver. miles of road oper_
74.97%
76.23%
74.09%
70.49%
Ratio of expo. to revenue
Financial Chronicle Apr. 25 '31, p.8180
rirLast complete annual report in
Railway oper. rev_ _ _ _312,269,018 $16,988,180 $22,262,253 325,890.322
Expenses3,390,888
3,239,158
2,284,876
Maint. of way and struc. 1,656,136
4,599,289
4,280,570
3,425,955
Maint. of equipment__ - 2,564,181
586.736
660,631
546,581
431,695
Traffic
8.640.416
7.675,301
6,474.338
4.683.755
Transportation
469.189
416,449
306.324
224.874
Miscellaneous
879,251
964,903
900,294
817,824
General
134,431
119,562
def78,167
Transp. for invest.-Cr_ def24,046
Companies
Brooklyn & Queens
$18,431,339
Railway oper. exp- -310,354,418 $13,860,204 $17,117,453
Income
7,458,983
5,144,800
3,127,976
1,914,599
Net rev,from ry. oper
1.793.601
1,646,945
1,340,640
Railway tax accruals_ _ _ 1,412.280
12,924
5.249
4.196
5,779
Uncoil. ry. revenues_ - -745,174
712.083
584.007
537,932
Equipment rents (net)_ _
Dr3,072
14,445
21.378
59,845
Joint facility rents (net)
32.766,076 34,904,209
Net railway oper. inc_def$101,236 31.177.753
3 Mos. End. Mar.31
13,613
13,842
13,824
13.734
Aver. miles of road oper..
Revenues
$26,033,788 $36,100,670 $46,806,873 $53,229,199
Freight
8.891,984 11,580,890 12,227,066
6.085,597
Passenger
1,265,112
1.222,169
1,179,216
1,100,404
Mail
1.535,578
1,312,9N
1,218,038
837.714
Express
2,202,129
1,303,495
1,113,395
949,210
All other transportation..
1.927.990
1.742.462
1,236,668
951,497
Incidental
93,344
78,448
59,142
40,145
Joint facility--Cr
345,230
357,835
258,145
224,730
-Dr
Joint facility
$63,689,423 $72.135,191
Railway oper. rev_ -335.773,625 $49.540,968
ExpensesMaint. of way and struc.
Maint. of equipment-- Traffic
Transportation
Miscellaneous
General
Transp, for invest.-Cr.
8.882,991
7,046,580
4,686.869
7,413.402 10,374,373 12,692,614
1,887,622
1,601,295
1,320,427
14,508,309 19,093,914 22,788,062
1,253,261
932.135
705,833
2,946,722
2,699,607
2,460,780
443,499
def166.544
def45,445
9.411.887
13,296,949
1.868,902
25,158,498
1,326,703
2,812,961
300,375
--$31,050,185 341,581,461 350,007.776 353,575,527
Railway oper.
Income
7.959,506 13,681,647 18.559,664
Net rev. frem ry. oper_- 4,723,439
5,233.600
4.794,908
4,290.502
Railway tax accruals__ - 4,111.072
21,285
19,026
12,915
16.644
ry. revenues_ _
lJncoll.
1,842,380
1,760,489
1,599,189
-Dr_ 1,384,933
Equip. rents (net)
Cr12,148
Dr23,516
Dr71,437
118,201
Joint facility rents (net)..
311,474,545
Net railway oper. Inc_def$907,411 $2,128,336 $7.130,739
p. 3547
W'Last complete annual report in Financial Chronicle May 9 '31,
New York City Street Railways.
(As filed with Transit Commission)
Gross
Deductions
Operating
Income. from Income.
Income.
Jan '32
Jan '31
7 months ended Jan '32
Jan '31
Jan '32
Eighth & Ninth Ayes
Jan '31
(Receiver)
7 months ended Jan '32
Jan '31
Jan '32
Fifth Avenue Coach
Jan '31
7 months ended Jan '32
Jan '31
Interbormuch Rapid Transit
Jan '32
Subway DivLsion
Jan '31
7 months ended Jan '32
Jan '31
Jan '32
Elevated Division
Jan '31
7 months ended Jan '32
Jan '31
Hudson & Manhattan Jan '32
Jan '31
7 months ended Jan '32
Jan '31
Jan '32
Manhattan & Queens
Jan '31
7 months ended Jan '32
Jan '31
Jan '32
New York & Harlem
Jan '31
7 months ended Jan '32
Jan '31
Jan '32
New York & Queens
Jan '31
(Receiver)
7 months ended Jan '32
Jan '31
Jan '32
New York Railways
Jan '31
7 months ended Jan '32
Jan '31
Jan '32
N y Rapid Transit
Jan '31
7 months ended Jan '32
Jan '31
South Brooklyn Ry Co Jan '32
Jan '31
7 months ended Jan '32
Jan '31
Net Corp.
Income.
.
1,698,673
1,781,107
12,015,458
12,575,440
79,736
79,545
570,183
570,779
383,621
411,194
3,153,251
3.307,017
420,046
332,541
2,567,969
2,304,348
2,777
-202
20,434
1,611
53,266
46,386
533,468
551,093
4,404,120 2.025,519
1,983,091
4,654,505
29,074,377 11,150,746
30,427,903 11,930.218
30,337
1,325,117
61,770
1,461,648
872,183
9,705,165
713,778
10,649,254
427,870
620,029
492,672
707.657
3,132,909
4,352,041
4,884,659 3,505,419
4,067
38,389
6,781
42,370
42,211
285,361
58,978
301.240
64.397
121,604
67.657
116,839
804,261
433.808
762,640
462,604
12,760
65.531
-241
75,219
64,821
464,109
519,151
29,037
409,633
50,035
431,602
44,196
509,668
3,156,584
3.228,904
443,905
2,859,981
1,030.196
3,003,059
939,885
20,161,573 7.094,619
21,154,640 7,104,616
74,379
19,323
74,865
16,019
614,840
209,838
613,254
157,341
178,066
140,136
1,156,634
958,880
8.338
7,475
77.072
76.389
613
1,344
4,041
11,285
241,980
192,405
1,411,335
1,345,468
-5.561
--7.677
--56.638
--74,778
52,653
45,042
528,527
539,808
1,721,727
303,792
1,233,864
749,227
9,082,889 2,067,857
9,445,962 2,484.256
461,381 --431,044
468,049 --406,279
3,255,501 --2.383,318
3,283,953 -2,570,175
327,132
100,738
'335,573
157,099
2,333,325
799,584
2.347,477
1,157,942
10,385
-6,318
10,571
-3,790
73,137
-30,926
73,147
-14,169
64,132
57,472
63,249
53,590
446,110
358,151
439,872
322,768
23,758
-10,998
23.525
-23,766
168.188 -103,367
166,275 -137,238
177,179 --127,144
157,603 --I13,407
1,229,956 --720,288
1,078,194 -634,289
583,841
446,355
366,505
573,380
4,066,142 3,028,477
4,013,483 3,091.133
7,546
11,777
3,847
12,172
82,839
126,699
70,307
87,034
Financial Chronicle
Volume 134
Companies
Steinway Railway
Jan '32
(Receiver)
Jan '31
7 months ended Jan '32
Jan '31
Surface Transportation Jan '32
Jan '31
7 months ended Jan '32
Jan '31
Third Avenue System Jan '32
Jan '31
7 months ended Jan '32
Jan '31
-Deficit.
Operating
Income.
57,343
62,638
402,290
431,098
182,035
174,208
1,282,190
1,218,770
1,070,917
1,169,440
7,708,723
8,328,755
Deductions
Gross
Income. from Income.
$
$
5,419
5,969
3,130
6,117
18,997
41,270
39,210
-15,229
35,304
27,029
20,383
14,416
265,012
196,038
112,913
105,357
237,507
220,669
219,843
221,438
1,828,475 1,544,727
1,623,237 1,549,081
Net Cur p
Income.
--550
--2,987
--22,273
--54,439
8,275
5,967
68,974
7.556
16,838
--1,595
283,748
74,156
Earnings of Large Telephone Companies.
-The InterState Commerce Commission at Washington has issued a
monthly statement of the earnings of large telephone companies having an annual operating revenues in excess of
$250,000. Below is a summary of the return:
January 1932
January 1931
12 mos. end. Dec. 31 1931
12 mos. end. Dee.31 1931-
No. of Co.
Stations in
Service,
16,783,133
17,172,141
Operating
Operating
Revenues.
Expenses
3
63,805,920
91,811,267
98,216,733
65.958,075
1,155,933,623 779.286,025
1,186,779,094 815.702.710
Operating
Income.
19,151,186
23,130,956
272,291,936
270,698.294
INDUSTRIAL AND MISCELLANEOUS COS.
Alpha Portland Cement Co.
12 Months Ended March 31Net sales
Operating expenses
Depreciation
Operating profit
Other income (net)
1932.
1931.
1930.
$5,631,354 $9,580,011 $11,183,880
5,410,263 7,025,224 8,279,150
1,382,317 1,345,253 1,307,497
loss$1,161,226 $1,209,534 $1,597,233
246,066
159,278
281,865
Total income
Federal taxes
Minority interest
loss$915,160 $1,368.812 $1,879,098
170,000
225,000
7,387
Net income
Preferred dividends
Common dividends
loss$907,773 $1,198,812 $1,654,098
140,000
140.000
140,000
711,000 1,244,250 2,133,000
Deficit
21.758,773
$185,438
$618,902
Earns, per sh. on 711,000 shs. corn.
stk. (no par)
Nil
$1.49
$2.13
Surplus Account.
-Surplus April 1 1931, $3,240,274; deduct; deficit of
Subsidiary not heretofore consolidated, applicable to minority interest and
adjustment of acquired surplus $51,668: net loss for 12 months ended
March 31 1932, $907,773; balance $2,280,833; add: reduction of stated
value of common capital stock $5,648,500; unused portion of provision for
additional Federal taxes prior years $12,158; total $7,941,491; deduct;
preferred dividends $140,000: common dividends $711,000; write-down of
U. S. Government and municipal securities to market value as of Dec. 31
1931, $426,338; surplus March 311932. $6,664,153.
327 Last complete annual report in Financial Chronicle Feb. 27'32, p. 1567
-
American Hide & Leather Co.
36 Weeks EndedMar. 5'32. Mar. 7 '31.
Operating loss after charging repairs,
depreciation, interest on loans, and
reserve for taxes
$245,653
$197,329
Reserved for revaluation of hivestortes, securities owned, &c., as of
Dec. 13 1930
500,000
Total
$245,653
$697,329
KN Last complete annual report in Financial Chronicle Aug. 1
-
Mar. 8 '30.
pf.$179,911
pf.$179,911
'31, p. 801
American Home Products Corp.
(And Subsidiaries)
Earnings for Quarter Ended March 31 1932.
Sales
$4,632,000
New profit after charges & taxes
886,091
Earnings per share on 611,000 shares capital stock (no par)_ _ _
$1.45
rieLast complete annual report in Financial Chronicle Mar. 5 '32, p. 1765
Artloom Corp.
Quar. End. Mar. 31.
1932.
1931.
1930.
1929.
Net profit after deprec.
& Federal taxes
1os468,695 loss$213,217
$116,603
$125,409
Earns, per sh.on 200,000
shs, corn. stk. (no par) Nil
Nil
$0.47
$0.49
larLast complete annual report in Financial Chronicle Mar. 5 '32, p. 1766
Associates Investment Co.
Quarters Ended March 31
Earned interest and discount
Interest paid
Insurance
Commission on collateral trust notes
Salaries
Branch office expenses
Other expenses
Reserve for Federal taxes
Net profit
Balance Jan. 1
Increased capital
Sundry surp. adjust
1932.
$575,629
90.775
18,921}
1931.
$624,223
84,620
19,021(
120,602
162,801
47.967
9,348
236,125
51,774
46,633
22,220
1930.
$641,945
137,132
15,348
7,974
109,068
131,031
40,295
22.769
$125,215
4,601,595
$163,827
4,304,213
40,983
$178,328
3.712,081
10,552
4,191
Total surplus
$4,731,001 $4,509,023 $3,900.961
Dividends on preferred stock
22.750
22,750
22,750
Dividends paid on common stock-80,000
79,001
76,251
Balance March 31
$4,628,250 $4,407,272 $3,801,960
Earns, per sh. on 80,000 shs. corn.
stock (no par)
$1.28
$1.76
$1.94
WLast complete annual report in Financial Chronicle Feb.6'32, p. 1027
Bayuk Cigars, Inc.
1931.
$127,370
Cr19,753
88,871
1930.
$201,041
Cr26,941
84,658
1929.
$196,767
Cr10,238
71.828
def$76,149
Net income
58.686
Preferred dividends-- Common dividends
$58,252
67,141
69,539
$143,323
71,235
71,213
$135,178
76,839
49.424
def$134,834 def$78,427
$874
$8,914
Surplus
Shares corn, stock out98,851
98,851
94,951
98 848
standing(no par)-Nil
Nil
$0.75
Earnings per share
larLast complete:annual report in Financial Chronicle Feb. 6 '32, p. 1028
Bing & Bing, Inc.
Earnings for 3 Months Ended March 31 1932.
Earnings from management, construction, &c
Other income, interest and discount
$349,298
69,132
Gross income
Salaries and office expense
Interest on bonds
Reserve for depreciation
$418,430
72,785
70,687
395,200
$120,242
Net loss
Bohn Aluminum & Brass Corp.
(And Subsidiaries)
1929.
Quar End. Mar. 31.
1931.
1930.
1932.
Net profit after all
$395,386 $1,019,753
charges and taxes_ _ _ _ loss$73.201
$437,296
350,489
352.418
352.418
Shs.com.stk.outstanding
352,418
$2.91
$1.12
Earnings per share
Nil
$1.24
-Last complete annual report in Financial Chronicle Apr. 16 '32, p.2915
10
Brazilian Traction, Light & Power Co., Ltd.
-Month of March- 3 Mos. Ended Mar. 31
1931.
1932.
1931.
1932.
earns,from oper_ _ $2,543,222 $3,102,183 $7.370,524 $9,606,513
Gross
1.262,404 3,260.101 3,922,166
1.123,632
Operating expenses
Net earnings
$1.419,590 $1,839,779 54,110,423 15.684,347
Note.-Tbe operating results as shown in dollars are taken at average
rates of exchange. They have been approximated as closely as possible,
but will be subject to final adjustment when the annual accounts are made
up. The above figures are also subject to provision for depreciation and
amortization.
• iZ Last complete annual report in Financial Chronicle June 27'31, p.4753
i-
Brooklyn-Manhattan Transit System.
(Including Brooklyn & Queens Transit System)
-Month of March--3 Mos.End. Mar.31x1931.
1932.
x1931.
1932.
$4,909,818 $5,028,562 $43,466,952 $43,781,717
Total oper.revenues_
3,118,442 3,155,558 27,725,972 28,245,099
Total oper. expenses_ -- Net rev, from oper--- 51,791,376 $1,873,004 $15,740,980 $15,536,618
340,289 3,005,790 2,993,434
356,516
Taxes on oper. properties
income_ _ -- $1,434,860 $1,532,715 $12.735,190 512,543,184
Operating
605,030
602.966
62,025
60,859
Net non-oper.income__ $1,594,740 $13,338,156 $13,148,214
$1.495,719
Gross income
780,110 7,222,347 6,960,302
807,135
Total income deductions
*$688,584 *5814.630 *$6.115,809 *16.187,912
Net income
*Of which sums there accrues to minority int.
771.831
834,502
94,299
95,058
of the B.& Q.T.Corp.
x Excludes figures of Brooklyn Bus Corp. (temporary operation).
rarLast complete annual report in Financial Chronicle Sept. 5 '31, p. 1611
Brooklyn & Queens Transit System.
-Month of March--9 Mos. End. Mar.31*1931.
1932.
*1931.
1932.
Total oper. revenues_ _ _ $2,021,410 $1,941,078 $17,738.504 $16,790,006
1,492,163 13.491.507 13,044,581
Total oper. expenses_ -- - 1,526,909
$448,915 $4,246,997 $3,745,425
Net rev, from oper___ $494,501
959.981
1,087.744
110,699
132,926
Taxes on oper.properties
$338,216 $3,159,253 $2,785,444
Operating income_ _-- $361,575
130,694
147.304
14,951
14.608
Net non-oper.income-1353.167 53.306,557 52.916,138
1,123,429
1.300,745
125,695
$227,472 $2,005,812 $1,792,709
$230,093
Net income
*Excludes figures of Brooklyn Bus Corp. (temporary operation).
1610
W'Last complete annual report in Financial Chronicle Sept. 5 '31, p.
Gross income
Total income deductions
$b.59
$376,183
146,090
California Oregon Power Co.
Feb. 29 '32. Feb. 28 '31
12 Months Ended$3,847,689 $3.918,442
Gross earnings
-x1,760,227 1,711,716
Operating expenses, maintenance and all taxes..
52,087.462 $2,206,726
Net earnings
5.791
5,046
Other income
$2,092,508 $2,212.517
Net earnings,including other income
x Less $283,333 extraordinary operating expenses to be amortized,
California.
approved by Railroad Commission of
Caterpillar Tractor Co.
1930.
1931.
1932.
Quarters Ended March 31$3,501,647 $9,070,537 $16,796,402
Net sales
expenses, &c- 3.452,936 7,331,256 12,452,604
Cost of sales, operating
430,512
405,658
432,812
Depreciation
131,453
161,639
Interest paid126,023
416,002
140,638
Provision for Federalincome tax
Net profit applicable to dividends_loss$510,124 $1,031,345 $3,365,832
1,882.240
1,882,240 1.882,240
Sharesstock outstanding
21.79
$0.55
Nil
Earnings Per share
l'Last complete annual report in Financial Chronicle Feb. 6 '32, p. 1029
Century Ribbon Mills, Inc.
_
(And Subsidiaries)
1930.
1931.
1932.
3 Mos. Ended March 31$14,681
$37,267
Net income after deprec. & Fed. taxes
$32,014
Earnings per sh. on 100,000 shs. corn.
Nil
$0.16
$0.13
stock (no par)
ligrLast complete annual report in Financial Chronicle Feb. 27 '32, p. 1585
Cities Service Co.
Gross earnings
Expenses
3 Mos. End. Mar. 31- 1932.
Net after Fed.taxes, &c_ def$10,086
Other income
Cr19,007
Reserves
85,070
3081
-Month of March- -12 Mos.End. Mar.311931.
1932.
1932.
1931.
537.054,000 155,476,751 $3,348,576 $3,140,997
196,066
2,174,129 2,671,763
188,197
Net earnings
$34,879.871 152,804,987 $3,160,379 $3,214,930
•
Interest ann discount on
debentures
1,014.932
11,950,432 10,640.814
936.498
Net to stocks & res- -522.929,438 $42,164,173 $2,223,881 $2.199.998
Dividends pref. stock,... 7.361,596 7,361.555
613,466
613.465
1
Net to common stock
and reserves
815.567.852 $34,802,617 51,610,414 11.586.533
Number of times preferred dividends
85.72
$3.11
Net to common stock and reserves on average
number of shares of common stock outstanding
$1.14
$0.45
la"Last complete annual report in Financial Chronicle April 23'31:p.1088
3082
Financial Chronicle
Chicago Surface
Lines.
Month of MarchGross earnings
Operating expenses, renewals and taxes
1932.
1931.
$4,152,188 $4,584,224
3,547,182 4,287,237
Residue receipts
Joint account expenses, Federal taxes, &c
City's 55%-Dr
$605,006
Dr34,986
Cr77,813
$296,987
Cr75,657
Cr184,522
Balance
$647,833
3grLast complete annual report in Financial Chronicle Mar. 19
$557,167
p. 2144
Commercial Solvents Corp.
3 Mos. End. Mar. 31- 1932.
Operating profit
3310,454
Other income
1931.
5690.284
23,873
1930.
1929.
$951,029 $1,129,641
67.970
47,772
Total income
Charges
Federal taxes, &c
Reserves
5714.157
18.451
58.162
100,000
$982,999 $1,177,413
26,428
119,065
x206,079
213,993
$310,454
717,000
Net profit
$293,454
$537.544
$750,492
$844,355
She, corn, stock outet'g
no par)
2,530.174 2,529.873 2.481.232
221.996
Earnings per share
$0.12
$0.21
$0.30
$33.80
x Includes provision for contingencies and inventory adjustments.
y Includes provision for contingencies.
12EPLast complete annual report in Financial Chronicle Feb. 6 '32, p. 1030
Commonwealth Edison Co.
Period End. Mar.31- 1932-3 Mos.-I931
1932-12 Mos.-1931
Net inc. after deprec.,
taxes,interest,&c
35,129,367 $5,227.388 $16,224,520 $16,509,111
Shs. of corn. stk. outstdg 1,569,420
1.527.186
1,569,420
1,527 186
Earnings per share
$33.26
$33.42
$10.33
tff'Last complete annual report in Financial Chronicle Feb. 13 '32, p. 14;
om
$61
1
Connecticut Electric Service Co.
12Mcmths Ended March 311932.
1931.
Gross revenue
$17.357,947 $18,019,758
Net income after depreciation, taxes interest, subsidiary preferred dividends. &c.
4,286,235 4,152,008
Earns, per sh. on average sh. corn. stk. outstand _
$3.73
$3.63
tg'Last complete annual report in Financial Chronicle Mar. 19 '32, p. 2144
Container Corp. of America.
(And Subsidiaries)
Quarter Ended March 31x1932.1931.
1930.
Net loss after int.. deprec.,&c
loss$309,499
3124.518 pf.$133.866
Shs.cl. A corn.stk. outstand (par $20)
373,555
396,428
391.940
Earnings per share
Nil
Nil
x Includes net profit realized in the purchase of bonds and debentures
.26
for sinking fund purposes of $71,316.
10
'Last complete annual report in Financial Chronicle Mar. 19 '32, p. 2154
Continental Can Co., Inc.
Earnings for 12 Months Ended March 31 1932.
Total income
Depreciation, Federal taxes,&c
38.417,536
3,137,827
Net profit after charges
$5,279 709
Earnings per share on 1.732.985 shares common stock(no par)_ _
Si.O5
MI Last complete annual report in Financial Chronicle Feb. 27 '32, p. 1687
and Feb. 20 '32, p. 1378.
Corn Products Refining Co.
1932.
.
1931.
3 Mos.End. Mar 311929.
1930.
32,006.062 82.535,512 $3,334,500 $3.3,779.908
Net earnings *
727,186
551.055
Other income
596.750
504.972
32.733.248 33.086.567 33,931,250 $4,284.881
Total income
622.074
Interest & depreciation_
697,187
849.476
778.906
Net income
Pref. diva.(1(%
Corn. diva. (quer.)
$2,111,174 $2.389,379 53.152.343 $3,435,404
437.500
437.500
437,500
437,500
1,897,500
1,897.500
1,897,500
1.265,000
Surplus
def$223,826
554.379
3817,343 $1.732,904
Eanus.per sh.on 2.530.000
shs.com.stk.(par $25)
$0.66
$0.77
$1.07
$1.18
• Net earnings from operations, after deducting charges for maintenance
and repairs and estimated amount of Federal taxes, &c.
tA"Last complete annual report in Financial Chronicle Mar. 12 '32. p. 1943
Cream of Wheat Corp.
1932.
1931.
Quar. End. Mar. 311930.
1929.
Net profit after charges
$4486.795
and Federal taxes_ __ - $403,043
3530.698
$479,958
Earns, per share on 600.000 shs. common stock
$0.81
$0.67
(no par)
$0.88
$0.80
larLast complete annual report in Financial Chronicle Feb. 13 '32, p. 1200
Curtis Publishing Co.
1932.
1930.
1931.
Quar. End. Mar. 311929.
Net earns, after deprec.
and all taxes ______ - - $2,943,252 $44,654.635 $6,533,142 $5,752,493
Earns. per sh. on 1,800.000 shs. corn. stock (no
$1.71
$2.32
$2.75
$0.76
par)
tZFLast complete annual report in Financial Chronicle Jan. 30 '32, p. 854
Dome Mines, Ltd.
Approximate Statement-Three Months Jan. 1 to March 31.
1930.
1931.
1929.
1932.
$259,886 $1,030,042
3842,382
3956,954
Average recovery
517,013
261.365
455,523
505.034
gen.costs
42pm.&
26,183
27.781
62,032
Taxes
Net income
Miscellaneous earnings-
$389,887
139,140
$3359,078
89,070
def$1,479
91,167
$486,846
66,564
$553,410
$89,687
3448,148
3529,028
Total income
Note.
-In the above figures no allowance is made for depreciation or
depletion.
112"Last complete annual report in Financial Chronicle April 23'32, p. 3104
(S. R.) Dresser Mfg. Co.
3 Months. 12 Months.
Period Ended March 311932Net profits after all deductions for depreciation,
3585,349
$43,359
taxes, &c
UPLast complete annual report in Financial Chronicle Feb. 6 '32, p. 1032
Durham Hosiery Mills.
1932.
Quarter Ended March 31^
$338,714
Net profit after taxes, depreciation, interest, &c
Earnings per share on combined class A & B
Nil
common stock (no par)
Last complete annual report in Financial Chronicle Feb. 13
i2 -
1931.
$51.170
$0.04
p. 1202
April 23 1932
Detroit Street Rys.
-Month of
Operating Revenues1932.
Railway oper. revenues_ $1,152,012
Coach oper. revenues__ .
353,532
Total oper. revenues_ $1.505,645
Oerating ExpensesRailway oper. expenses_
879,176
Coach oper. expenses--277.896
Total oper. expenses- $1,157,072
Net oper. revenues
348,572
Taxes assignable to oper.
69.373
Operating income__ -- 3279,199
Non-operating income
16,945
Gross income
3296,144
Deductions
Interest on funded debt
Construction bonds_ _
$62,923
Purchase bonds
10,117
Add'ns. & bett'ts bds.
15,249
Equip.& exten. bonds
19,542
Replace.& improv. bds
26,753
Purchase Contract,_ _ _
Bond anticipat'n bonds
24,985
Loan (City of Detroit)
Total interest
$159,571
Other deductions7,842
Total deductions- - $167,413
Net income
$128,730
Disposition of Net Income
Sinking funds
Construction bonds,.
$444,139
Purchase bonds
11,295
Add'ne & bett'ts bds13.589
Equip. & exten. bds.15.797
Replace. & imp. bds_
14,863
Purchase contractBond anticlp. notes_ _
11,678
Loan (City of Detroit)
Total sinking funds $111,363
Residue
17.367
Total
$128,730
• Deficit.
March- -12 Mos End. Mar 31.
.
1931.
1932.
1931.
31.395.110 $13,071,364 316,048,504
301.197 3.120,945 3,633,771
31.696,308 316,192,309 819,682,276
1,091,551 10,908.990 13,492,149
258.242 2,848,465 3,289,251
$1,349,793 $13,757,456 $16,781,400
346,515 2,434,853 2,900,875
65.228
•
3281,286 $1,618,404 $2,125:785
7,547
126.727
145,075
8288.834 $1,745,131 82,270,861
$66.745
10,597
15.860
20,213
19,110
$776.505
120,072
184,172
231,047
253.514
167.242
72.537
$785,875
125,724
190,638
189,210
232,346
3.750
3132,527 $1,805,092 31.527,544
22,958
142,624
225.384
3155.486 31.947,717 $1,752,929
$133.347
$202.585 *5517.931
$44,139
11,295
13.589
15.797
151,816
$504.336
133,000
160,000
186,000
160.616
668.493
33.904
$519,709
133,000
160,000
163,578
1,787,518
83,333
$236,638 $1,846,350 $2.847,119
*103,290 *2.048,935 *2.329.207
3133.347
8202,585 *3517,931
(E. I.) du Pont de Nemours & Co.
(And Subsidiaries)
3 Mos.End. Mar.31
1932.
1931.
1930.
1929.
Inc. fr. oper., incl. co.'s
eq. in earns, of con.cos 53.861,128 $4,270,579 36.748,281 37.442.844
Inc. from investment in
General Motors
4,989,333 7.484,000 a10.481,065 a17.466,131
Inc.fr. miscall. sec.. &c_ 1,262.577
1,232.504
1,008,782
1.096,119
Total income
510,113,038 512,987,083 $18,238,128 326,005,094
Prey. for Fed. taxes_ _ _ _
405,617
312.017
872,290
744,560
Int. on funded debt_
17,988
18.137
18,212
20,689
Net income
39.689,433 312,656,929 517,347,626 $25,239,845
Divs, on deb.stock
1.633,644
1.492.995
1,492,979
1,392.168
Amt. earned on corn.
stock
58.055,789 311,163,934 $15,854,647 $23,847,677
Amt. earned per sh. on
corn. stk. outstanding
March 31
Y$0.74
y$1.01
y$1.52
x$2.42
Surplus Account
Sum.at beginning of yr$198.933.044$208.082,665$144.920,215$105,710,319
Net income 3 months- - - 9.689.433 12656,929 17,347,626 25,239,845
Surp. res't'g fr. revel. of
Gen.Mor.inv(see note)Dr9981.220
22,457,745 24,953,050
Surp. result'g fr. issue of
com.stk.sold under execut.test & b'nus Plans
7.467,060
Prem. rec. fr. corn. stk.
issued under subscrip.
offer
3.120
Total
.
257
$198641. 5220,742 714$192,192,646$155,903,214
Divs, on deb. stock_ - - 1.633,644
1.492.995
1,492,979
1,392,168
Divs, on corn. stock.... 10.957.449 11.063.084 al3,457,155 a19.819.672
Surplus at March 31_6186.050,164.3208186,635 3177242,512 5134691,374
x Amount earned per share on basis of shares of $20 par value common
stock outstanding March 31 (9.838,675 shs.). y Earnings per sh, average
of 10,943,767 she. (Par $20) outstanding during 1932 period; 11.065,762
shs. in 1931, and 10.463.693 during the 1930 quarter, a Includes extra
dive. on General Motors Corp. corn. stk. amounting to $2,993,600 in 1930
and 59,981.220 in 1929 and 1928.
Note.
-The value of du Pont company's investment in General Motors
Corp common stock, equivalent to 9.981.220 shares, was adjusted on
the books of the company in March 1932 to 3168,682.618, witch
closely
corresponded to its net assets value as shown by the balance sheet of General
Motors Corp. at Dec. 31 1931. These shares are now valued at
$16.90
a share, the previous valuation having been $17.90 a share,
tarLast complete annual report in Financial Chronicle Jan. 30 '32, p. 888
Electric Power & Light Corp.
(And Subsidiaries)
(Intercompany Items Eliminated) •
12 Months EndedFeb. 29 '32. Feb. 28 '31.
Subsidiaries
Operating revenues
378,598,660 379,139,738
Operating expenses, including taxes
38,146,155 38,953,145
Net revenues from operation
240,452,505 $440,186,593
Other income
1,997.743
1,364.458
Gross corporate Income
$442,450.248 $41,551,051
Interest to public and other deductions
17,005.302 14.406,821
Preferred dividends to public
Retirement (depreciation) and depletion reserve 7,895,742 6,762,537
appropriations
5,864,139 6,692.460
Portion applicable to minority interests
136,838
1,235,914
Balance applicable to Elec. Power & Light Corp -$11,548,227
$12,453,319
Electric Power & Light Corp.
Balance ofsubs. income applicable to Electric Power
& Light Corp.(as shown above)
$11,548,227 $12,453,319
Other income
320,419
207,064
Total income
$11.755,291 $12,773,738
Expenses, including taxes
608,772
523.523
Interest ot public and other deductions
1,664,437
1,589.073
Balance applicable to pref. and common stocks.. $9,642,695 $10,500,529
Dividends on $7 and $6 preferred stocks
Dividends on second preferred stock, series A ($7) 5,117,963 4,376.560
764.582
764,465
Dividends on common stock
1,867.336
2.235,071
Balance
$1,525,196 $3,492,051
Average shares common stock outstanding
1,837,336
2.235,071
Earnings per share
$2.87
$1.68
Shares common stock outstanding
1,867.838
3.317.201
Earnings per share
$2.85
$1.13
Note.-Earnings of United Gas Corp. and companies of which it has
direct or indirect voting control other than those previously controlled by
Electric Power & Light Corp., are included only from June 1 1930.
12EPLast complete annual report in Financial Chronicle Mar. 5 '32, p. 1759
. Financial
Volume 134
Edmonton Radial Ry.
-Month of March- -3 Mos. End. Mar. 31RevenuePassenger
Advertising
Special cars
Police
Mail carriers
Other revenue
'
$73.038
.
313
26
233
371
509
867.746
588
83
230
337
553
$211,925
921
40
740
1,113
1,511
$19'5,245
1,535
99
691
1,012
1.613
Total
ExpenditureMaint. of track & o'head
Maint. of cars
Traffic
Power
Other trasnp. expenses
General & miscellaneous
$74.493
$69,539
$216,253
$200.197
2,428
7,083
206
7,237
23,577
4,206
3,958
8,019
217
7,446
23,757
3,689
8,448
21,442
652
22,256
69,018
11.950
10,315
22,623
627
20.498
70,487
11,636
Total operation
Operation surplus
Fixed charges
Depreciation
$44.739
29,753
17,506
7.000
$47,087
22,451
17,429
5,000
$133.778
82.475
52,518
18,000
$136,189
64.008
52,289
16,000
surp$21 surp$11,956
def$4,281
Total surp. or deficit_.. surp$5,247
Fyr-Fyter Co.
1932.
$89,562
14,924
Quarter Ended Mar. 31Net sales
Net loss after charges
1931.
$207,483
2,319
General Electric Co.
1929.
1930.
Quarters End. Mar.31- 1932.
1931.
Orders received
$33.404,642 $60,366,297 $90,397,7315101,365.208
Net sales billed
37.876,399 61,959,801 91,205,732 83,385,015
Cost of sales billed, incl.
oper., maint.& deprec.
chgs., res. S: prey, for
all taxes
35,420.871 53,755,240 80,590.321 73.206.207
Net income from sales $2,455,528 $8,204,561 $10,615,411 $10,178,806
0th. inc. less int. paid &
4.427,110 4,327,178
sundry charges
2,696.895 3,283,521
Profit avail, for div_ - $5.152,423 $11,488,082 $15,042,521 $14,505,986
643,688
643,731
643.748
Cash diva, on special stk.
643.756
Profits avail, for divs.
on corn. stock_ _ _
$4,508.668 $10,844.334 $14,398,791 $13,862,298
Shs. corn. stk. outstnad.
7,211,481
(no par)
28,845,927 28,845,927 28,845,927
$0.50
$1.92
$0.38
Earns, per share
$0.16
-As a result of the transfer of radio receiving set and tube business,
Note.
outlined in the 1929 annual report, orders received, sales billed, and net
Income from sales in 1930 does not include radio sets and tubes, but income
received will be included in other income.
larLast complete annual report in Financial Chronicle Mar. 26 '32, p. 2325
General Foods Corp.
1931.
1930.
1932.
Quarter Ended March 31-charges & Fed. taxes $4,433,775 $5,572,399 $5,990,764
Net profit after
Shares common stock outstanding
5,277,746 5.257.407 5,282,851
(no par)
$1.13
$1.05
$0.84
Earnings per share
C. M. Chester Jr. says: "The 84 cents a share earned in the first quarter
this year does not include its portion of undistributed earnings of the Best
Foods, Inc. which began business Jan. 2 1932. Comparison with 1931
figures is affected by exclusion of the Hellman operating figures from the
1932 accounts. From the first quarter earnings of 1932 there has been
deducted a reserve for Federal tax at the increased rate of 133%. as
embodied in the tax bill passed by the House of Representatives."
ZW-Last complete annual report in Financial Chronicle March 12 1932, p.
1965 and March 19 1932, p. 2137.
General Public Service Corp.
1931.
1932.
3 Months Ended March 31$164.313
$164,430
Cash dividends on stocks
26,887
42,866
Interest on bonds, notes cash
Profit on sale of securs. after allow155,495
ance for Federal taxes
1930.
$288.105
10.795
1,317.044
$346,695 $1,615,944
$207,296
Total income
38,126
32,805
24,578
Expenses
806
1,063
1,631
Taxes (other than Federal taxes)
208.786
192.353
114.360
Int. and amortization
$120,474 $1,368,225
$66,726
Balance
36,943
36,960
$6 preferred dividends
385
385
$5.50 preferred dividends
$1,330,897
$83,129
$66,726
Balance
Surplus Statement for Three Months Ended March 31 1932.
$66,726
Net income (as above)
Security, profit and loss surplus
19,890
Net profit on sale of securities
84,035
Net profit on debentures reacquired and cancelled
$170,651
50,439
Total earned surplus
Paid in surplus, Jan. 1 1932
Total surplus, March 31 1932
$221,090
10 Last complete annual report in Financial Chronicle Jan. 23 '32, p. 669
Gillette Safety Razor Co.
(And Subsidiaries.)
Quarter Ended March 31
1931.
1932.
Operating profit
$2.389,070 52.791.240
Interest
156,543
242,164
Depreciation
264,648
177,040
Federal taxes
262,658
341.438
Reserve for obsolescence
600,000
Net profit
51.714,049 51,421.770
Earns, per sh. on 1.998,769 shs. corn. stk. (no par)
$0.52
$0.66
rff'Last complete annual report in Financial Chronicle March 19 1932, p.
2158 and April 2 1932, p. 2530.
Glidden Co.
(And Subsidaries)
Month of March1932.
1931.
Net profit after depreciation & taxes
$59,402
$4.302
Adrian D. Joyce, President, states that for the first five months of the
fiscal year to March 31, operating profit showed an improvement over the
same period last year of $162.915.
ar•Last complete annual report in Financial Chronicle Jan. 9 '39, p. 334
Granby Consol. Mining, Smelting & Power Co., Ltd.
1931.
Quar. End. Mar. 311932.
1930.
1929.
$99,017
Operating income
$570,511
$8868,639
$97.577
71,061
Niiscellaneous income..
117,875
71,725
Total income
Depreciation
Depletion
597.577
196.956
120.702
5170,078
$688,386
$940.364
loss $220,081 x5170,078 4688.386 4940.364
Net profit
41.53
Nil
42.09
4.038
Earns. per sh. on cap.stk.
Before depreciation and depletion.
x
1:4 Last complete annual,eport in Financial Chronicle Apr. 23 '32, p. 3108
3083
Chronicle
Graham-Paige Motors Corp.
1929.
Quer. End. March 31- 1932.
1930.
1931.
Net profit after charges
$523,641
and Federal taxes__ - - $166,589 loss$178,523 loss$489.480
la'Lost complete annual report in Financial Chronicle Mar. 26 '32, p. 2349
Gulf States Steel Co.
1929.
1930.
Quar. End. Mar. 311931.
1932.
$609.167
Net operating income_ __ $132,390
$316.026
$62.977
254,912
221,124
Taxes. deprec., &c
280.018
276.586
Net income
$94,902
$354,255
def$144,191j def$217,041
Shares cont, stock out197,500
standing (no par)_ _ _ _
197,500
197,500
197,500
$1.62
Earnings per share
$0.30
Nil
Nil
Ia. Last complete annual report in Financial Chronicle Mar. 19 '32, p. 2159
and Mar. 12 '32, p. 1966.
Harbison-Walker Refractories Co.
Quarters End. Mar.31- 1932.
1929.
1931.
1930.
Net income after deprec.
& deple.& Fed. taxes_
$13,200
$542,000 $1,436.000 $1,190,000
1.440.000
Shs.com.stk.out.(no par) 1,440.000
1.440,000
1,440.000
Earnings per share
Nil
$0.80
$0.34
$0.96
"Last complete annual report in Financial Chronicle Feb. 27 '32, p. 1589
Hartman Corp.
Quarter Ended March 311931
1932.
Operating loss after int. & other chgs. but before
deprec.& atnortiz. chgs
$522,823
$160,556
LW-Last complete annual report in Financial Chronicle April 16'32, p.2919
Havana Electric Ry. Co.
1932.
3 Mos.End. Mar.311929.
1931.
1930.
Operating revenue
$648,350 $1,049.751 $1,356,063 $1.377,748
Oper.exps.,incl. taxes
641.232
1.124,020
958.619
1,148,840
Net oper. revenues,....
Non-operating revenue_
$7,118
398
$91,132
1.351
$207,223
6.001
$253,728
7.164
$7,516
Grosscorporateincome
$92,463
Interest & other charges
157.599
156,686
Surplus(before deduct.
df.$150,083 df.$64.203
depreciation)
$213,227
159.585
$260.892
160,973
$53,642
$99,919
Holland Furnace Co.
1931.
1930.
F 12 Months Ended Dec.31$152 421 prof.31,655.029
Net loss after charges and depreciation
iqll
Earnings per share on common
$3.60
IZFLast complete annual report in Financial Chronicle June 6 '31, p. 4.251
Holly Development Co.
Earnings for Quarter Ended March 31 1932.
Net earnings after all charges
Earned surplus Dec. 31 1931
99,223
117,659
$126,882
22,500
Total surplus
Dividends paid
$104,382
Balance surplus
Hudson & Manhattan RR.
-Month of March- -3 Mos.End,Mar,311932.
1931.
1931.
1932.
$971,181 $2,514,219 $2,828,324
Gross operating revenue- $856,480
1,477,093
1,361,616
497,605
463,743
Oper. expenses & taxes__
Operating income---Non-operating income--
$392,737
28.173
$473,576 $1,152,602 51,351,231
126,816
92,992
42.395
Gross income
Income charges
$420,911
314,261
$515,971 $1,245,594 $1,478,048
1,005,677
955.147
335,417
$472.370
$290.446
$180,554
$106,650
Net income
10"Last complete annual report in Financial Chronicle April 2'32, p. 2513
Interborough Rapid Transit Co.
-Month of March- -9 Mos. End. Mar. 311931.
1932.
1932.
1931.
Gross oper. revenue
$5,859,492 $6,285,947 $50,003.329 $52,926,574
3,763,383 32,211,921 34,242,204
9perating expenses
3,717.691
Net oper. revenue_ ___ $2,141,800 $2.522,563 $17,791.408 518,684.369
1,777,940 2,274,724
206,747
200,536
Taxes
Income from operation $1,941,264 52,315 816 $16 013.467 $16,409,644
418,860 3.767.648 3.771.408
418,700
Current rent deduct'ns__
$1,522,563 $1,896,955 $12,245,819 $12,638,236
Balance
Used for purchase of
59,164
295,929
3.573
assets of enterprise.- def49,536
Balance (city & co.)-- $1,572,099 51.893.382 511,949.889 512.579.071
Payable to city under
2,683,973
701,287 2,112.181
555,694
contract No.3
Gross inc.from oper__ $1,016.405 $1,192,095 $9.837,707 $9,895,097
1.179.934 10.487.388 10.580.887
1.157,273
Fixed charges
$12,160 def$649,680 def$685,790
Net inc.from oper----def$140,868
69.330
57,734
7.065
3.169
Non-oper. income
Bal. before deducting
5% Manhattan div.
$19,225 def$591,946 def$616,459
def$137,698
rental
Amount required for full
div. rental at 5% on
Manhattan Ry. Co.
modified guar, stock,
231,870 2.086.87 2,086.837
231.870
payable if earned
Amount by which the
full 5% Manhattan
$212,644 52.678,783 52.703,296
div. rental was earnedDr.$369.569
to the subway,
-The System balances as shown herein are limited as
Note.
periods. On the
to the amounts the company is entitled to retain for such
there are no past due subway preferentials
basis of the present accounting
earnings.
which the company may collect from future subway
10 '31, p. 2429
10"Last complete annaul report in Financial Chronicle Oct.
Interlake Iron Corp.
1930.
1931.
1932.
Quarters Ended March 31Net income after interest, deprecia5764.906
569,455
loss$391,495
tion, Federal taxes, &c
Earnings per share on 2,000,000 shs.
0.38
$0.03
Nil
no par stock
-Last complete annual report in Financial Chronicle Feb. 27 '32, p. 1590
10
International Business Machines Corp.
(Including Foreign Subsidiaries.)
1930.
1931.
1932.
Quarter End. March 31Net Income after int., reserves deprec.
$1.894,000 $1,890,663 51.797,831
& Federal taxes (est.)
'
637.288
669,852
703,345
Shs. cora. stock (no par)
$2.82
$2.82
$2.69
Earns, per share
Ka"Last complete annual report in Financial Chronicle Mar. 12 '32, p. 1945
3084
Financial Chronicle
Iowa Public Service Co.
(Controlled by American Electric Power Corp.)
-Month of March- -12 Mos. End. Mar. 311932.
1931.
1932.
1931.
Gross earnings
$325,409
$353,334 $4,275,727 $4,523,674
Oper.expenses & taxes
183,646
198,106 2,347.475 2,691,052
Net earnings
Bond interest
Other deductions
$141,763
3155.228 $1,928,252 $1,832,622
844,480
815,581
65,009
60.319
Balance
First preferred dividends
$1,018.763
254,489
$956,722
227,036
Balance x
$764,274
$729,686
:
Before provision for retirement reserve.
lerLast complete annaul report in Financial Chronicle Apr. 11 '31, p. 2761
Lambert Co.
(And Subsidiaries.)
Quarters Ended March 311932.
1931.
1930.
Net profits after taxes
$1.446,559 $2,110,307 32.068,267
Earnings per share on 748,996 shares
capital stock (no par)
$1.93
$2.81
$2.76
O'Last complete annual report in Financial Chronicle Mar. 5 '32, p. 1774
Lehigh Valley Coal Corp.
Three Months Ended March 31z Inc.from mining and selling coal-:
Incomefrom other operations
Other income
1932.
1931.
$203.578 $1,160.351
Dr36,343
Dr33,677
261,992
434,575
1930.
$389,963
Dr39,791
504,693
x Gross income
Int„carrying chgs.on res. coal lands.
Federal taxes and miscell. deduct_
Depreciation and depletion
.
Inc.applicable to minority interests-
$429,227 $1,561,249
$854,865
519,210
229.415
Cr2,822
602.574
379.400
9,719
657,490
347,968
Cr3,384
Net income for period
def$316,575
$569,556 def$147,209
Shares preferred stock outstanding
227,094
226,135
225,133
Earnings per share
$2.52
def$1.39
Nil
Shares common stock outstanding_ -- 1,202,698
1,201.940 1,200,116
Earnings per share
def$0.40
$0.33
Nil
:
Excludes depreciation and depletion.
la"Last complete annual report in Financial Chronicle Feb. 27 '32, p. 1592
Link Belt Co.
(And Subsidiaries)
3 Months Ended March 31.1932.
1931.
Net loss after taxes & charges
$174,809 prof$242.631
Earns, per sh.on 709.177 shs.corn. stk.(no par)
Nil
$0.25
ra"Last complete annual report in Financial Chronicle April 23'32, P.8107
Louisville Gas & Electric Co.
12 Months EndedFeb. 29 '32.
Gross earnings
$10,397,687
Operating expenses, miantenance and all taxes---- 4,768,065
Net earnings
$5.629,622
Other income
449,197
Net earnings including other income
36,078,819
Feb. 28 '31.
310,607,993
5,061,301
$5,546,692
285,599
$5,832,291
Market Street Ry. Co.
-Month of March- -12 Mos. End. Mar. 311932.
1931.
1932.
1931.
3700,495
$757.960 $8.407.301 $9,041,732
Gross earnings
Net earns.incl. other inc.
bet. prov.for retire_ _ _
Income charges
99,382
48,379
124,614
51,786
1,225,234
598,437
1,350,937
640,296
Balance
351.003
$710,641
$72,828
$626,796
KarLast complete annual report in Financial Chronicle Apr. 16 '32, p. 2905
Mathieson Alkali Works (Inc.).
3 Mos.End.Mar,311932.
1931.
1930.
1929.
Total °arms.from oper-- $538,586
$605.140
$831,314
3866,412
Prov.for deprec.& depl286.341
285.064
281,639
257,260
Income charges (net)Cr.14,478 Cr.11.067 Cr.20,923
Cr.6,689
Prov.for Fed.inc. tax
16,436
33,740
63,750
74.068
Net inc. trans. to sur- $250,286
$297,404
$506,675
$541,946
Bhs.com.stk.out.
(no par)
650,436
650,436
650,436
147 207
Earnings per share
$0.32
$0.39
$0.76
$3.15
arLast complete annual report in Financial Chronicle Feb. '32, p.
13
1207
Mengel Co.
(And Subsidiaries)
3 Mos.
12 Mos
Period Ended Dec.31
1931.
1930.
1931.
1930.
Net sales
$1,240,764 $1,872,489 36.177,939 $9,010,394
Costs
1,275,002
1.623,004 5.878,451
7.983,796
Depreciation
99,587
163,506
645,611
441,133
Interest charges
54,714
55,267
237,900
205,723
Miscall. debits
16,027
101,899
36,637
19,503
Invest. adjustment
304,734
511,579
511,580
304.735
Net loss
3509,390
3582.766
$405,130
$671,606
Midland Steel Products Co.
Quarters Ended Mar.311932.
1931.
1930.
Net prof. after int. & deprec.. but
before Federal taxes
loss$139,135
$699,973
$360,272
Earns.per sh.on 242,325 shs.com.stk.
Nil
$0.49
91.89
tat Last complete annual report in Financial Chronicle Mar. 12 '32, p. 1970
-
Mountain States Power Co.
12 Months EndedGross earnings
Operating expenses, maintenance & all taxes
Net earnings
Other income
Net earnings including other income
Feb. 29 '32. Feb. 28'31.
$3,323,344 $3,435.173
2,230,150
2,201,440
$1,121,904 $1,205,023
180,989
238,355
$1,360,259 $1,386,012
National Biscuit Co.
3 Mos.End. Mar.311932.
1931.
1929.
1930.
Net after taxes, &c
$4,219,958 $4.840,670 $4,665,616 $4,709,455
Shs.com.stk.out.
(par 310) 6,286,238 6,286,238 6,000,000 :2,400,000
Earnings per share
$0.60
$0.70
$1.78
$0.70
rO'Last complete annual report in Financial Chronicle Jan. 23'32, p. 668
National Tile Co.
Quarter Ended March 31Net loss after all charges
1932.
$49,012
1931.
$45.714
North American Cement Corp.
12 Months EndedMar.31 '32 Dec. 31 '31.
Netloss after taxes ,deprec.,deplet.int.& amortiz_ 1570,302
$4498,520
o'Last complete annual report in Financial Chronicle April 2'32, P. 2540
April 23 1932
(The) Nevada-California Electric Corp.
(And Subsidiary Companies.)
-Month of March- -12 Mos. End. Mar. 311932.1932.
Gross oper. earnings.._ _ _ 3494,957
$479,610 35,657.504 $5,687,690
Maintenance
15,641
17,700
220,279
208,242
Taxes (incl. Fed.Inc tax)
35,594
35,711
431,675
446.95
8
Other oper. & gen. exp
200,178
204,617 2,076,072 2,054,864
Total oper.& gen.exp.
and taxes
Operating profits
Non-oper. earnings (net)
$251,414
243,543
3,947
$258,029 $2,715,990 $2,772,102
220,981
2,941,514 2,964,987
5.587
101,372
132,055
Total income
Interest
3247,491
130,904
$226,568 $33,042,886 $33,097,042
121.269
1,459,622
1,559,772
Balance
Depreciation
3118.588
57,909
3105,298 $1,483,114 $1,637,420
55,826
702,651
685,658
$49,471
3797.458
3934,788
7.974
97,508
105,763
387
52,020
:14,863
41,885
743,713
822,395
Balance
$58,677
Disct. & exp. on sec.sold
8,893
Miscell., addns. & dad.
(net credit)
1,278
Surpl. avail, for redemp.
of bonds. dive., &c
51,062
x Net debit.
o'Last complete annual report in Financial Chronicle Apr. 16 '32, p.2907
New England Tel. & Tel. Co.
.
3 Mos. End. Mar 31- 1932.
1931.
1930.
1929.
Operating revenues
317.878.209 $18,336,302 $18,095,030 317,600.438
Operating expenses
12.211,850 12,035,748 12,309,861 11.969,809
Taxes & uncollectibles
1,690,521
1,775.630 1,542.165 1,499,749
Total oper.income__ - $3,975,838 $4,524,925 34,243,003
$4,130,880
Net non-oper. revenues76,785
126,218
138,354
110,318
Total gross income_ -_ $4,052,623 $4,651,142 $4.381,357
$4,241,198
Interest on funded debt_ 1,012,500
1,012,500 1,047.012
1,033,790
Other interest
200,656
291,720
329,967
127,125
Debt,disc. & expenses
41.577
41.577
41,576
41.576
Rent. &c
426,520
206.493
200.388
187,084
Net income
$2,371,370 33,098,853 $2,782.413
Dividend appropriation- 2,666.914 2,664.424 2,217,056 $2,871,841
2,213,224
Balance,surplus
df$295,543
3434.429
$6545,357
$658.417
She. capital stock outstanding (par $100)_ - 1,333.457 1,332,029 1,107,384
1.106,610
Earnings per share
$1.77
$2.32
$2.48
$2.59
lgrLast complete annual 1eport in Financial Chronicle Jan. 30 '32, p. 841
Northern States Power Co.
12 Months EndedGross earnings
Operating expenses, maintenance and all taxes
Feb. 29 '32. Feb. 28 '31.
$33,890,289 $33,302,796
18,341.834 x18,879,828
Net earnings
Other income
$17,548,455 $18,822,970
200,037
239,383
Net earnings including other income
$17,748,492 $16,862,353
x The operating expenses for the year ended Feb.28 1931 include $350,000
credit for withdrawal from contingent reserve.
Oklahoma Gas & Electric Co.
12 Months EndedFeb. 29 '32. Feb. 28 '31.
Gross earnings
$11,767,536 $13,759,249
:Operating expenses, maintenance and all taxes
5,799,948 7,345,493
Net earnings
$5,987,588 $8,413,758
Other income
105,043
124,788
Net earnings including other income
$8.072,831 $8,538,542
x The operating expenses include credits of $257,009 for the 12 months
ended Feb. 29 1932 and 351.401 for the 12 months ended Feb. 28 1931 for
withdrawals from contingent reserve.
Owens-Illinois Glass Co.
12 Months Ended March 311932.
Net inc. after int., deprec., Fed.taxes & other chgs.
1621:111
3
Earns. per sh. on 922,173 shs.. corn. stk.(par 325)_ $2,508,276 $2,9 0
$2.20
EirLast complete annual report in Financial Chronicle April 2 '32, p.:54
412
.0
3
Pacific Lighting Corp.
(And Subsidiaries)
Earnings for 12 Months Ended Feb. 29 1932.
Gross revenue -------------------------------------------/47 7A9 740
Operating expenses---------------------------------------Taxes- - ---------------------------------------------- 19,937.447
5,454,679
Bond interest--------------------------------------------- 5 613 529
Depreciation----------------------- „
Amortization of iliscouniand - iiiiiicon
ex6
'
Pal
ieried----------------------------Divideprofon
Net ads it5
3 6 7 099
?:9 1,49
3
Common dividends, minority interest of subsidiaries
390
Dividends on preferred stock
860,820
Cash dividends on common stock
4.825,893
Remainder to surplus
$1,988,503
Earnings per share on common stock
Note.
-The above gross and net revenue does
actually collected in disputed rates for certain not include $1,423,179
locutory injunction of a United States Statutory territory under an interCourt.
larpast comple e annual report in Financial Chronicle Feb. 6
'32, p. 1015
Penick & Ford, Ltd., Inc.
(And Subsidiaries.)
Quarters End. Mar. 31-19
32.
1931.
1930.
1929.
Gross earnings
19539
38971 2
$1,404,283 $1, 9
57:
9
7
Expenses
500,974
639,652
x621.272
788,922
Depreciation
172,734
165,073
166,584
166,284
Interest
30,606
Net inc. before Fed.tax $175,834
$347,447
$616,427
$594,166
x Includes premium paid on preferred stock
purchased for retirement
amounting to $39,561.
igirLast complete annual report in Financial Chronicle April
2 '32, p. 2541
Pennsylvania-Dixie Cement Corp.
12 Months Ended March 311932.
1931.
Operating profit
$553,227 32,594,627
Net loss after deprec., depict., int. &c
1,455,690 prof.467,202
11(0"Last complete annual report in Financial Chronicle
Feb. 13 '32, p. 1210
Peoples Gas Light & Coke Co.
Period End. Mar. 31- 1932-3 Mos.-1931.
1932-12
Gross operating revenue_ $9,602,940 $9,924,943 $338,578,788 Mos.-1931.
$39.087,355
Net income arter taxes,
interest, &c
1,692,802 1,772,339 7,482,048 7,200,634
Shares of capital stock
outstanding (par $100)
714,393
888.903
666,903
714,393
Earns, perch,on cap.stk
$2.37
$10.79
82.65
$10.43
larLast complete annual report in Financial Chronicle Fob. 13 '32, p. 1183
Pennsylvania Gas & Electric Co.
(Controlled by American Electric Power Corp.).
-Month of March- -12 Mos. End. Mar. 311931.
1932.
1931.
1932.
$100,461 $1,288,360 51.339,437
$99,951
Gross earnings
714,554
650,839
54,777
54,086
Oper. expenses & taxes_ $45,684
Net earnings
$45,865
Subsidiary company charges and pref, dividendsBond interest
Other deductions
$637,521
14,851
279,300
21,386
$624,883
16,166
263,039
21,886
Balance
Preferred dividends
$321,984
104,991
$323,492
104,984
5216,993
$218,508
Balance*
* Before provision for retirement reserve.
r"Last complete annual report in Financial Chronicle May 7 '31, p. 1796.
Philadelphia Co.
12 Months EndedFeb. 291932. Feb. 281931.
Gross earnings
$54,261,183 $60,808,256
Operating expenses, maintenance & all taxes
27,488,138 30,875,342
Net earnings
Other income
$26,773,045 $29,932,914
1,437,799
1,488,487
Net earnings including other income
$28,210,844 $31,421,401
ra'Last complete annual report in Financial Chronicle April 23 '32 p.3092
Phillips Petroleum Co.
3 Mos. End. Mar. 31- 1932.
1930.
1929.
1931.
Gross earnings
$13.271,426 $14,297,248 $11,931,003 $8,516,441
Exps. & Federal taxes
10,176,356 11,224,364 7,602,357 4,903.562
Deprec., depict. retire,
and other amortiz_ _
5,231.992 3,692,235 2,723,801
Netincome
loss$2,136.922 loss$619.351 $1,604,844 43,612.879
a Before depreciation and depletion.
tarLast complete annual report in Financial Chronicle Mar. 12 '32, p. 1946
Public Service Co. of Northern Illinois.
1932-12 Mos.-1931
Period End. Mar.31- 1932-3 Mos.-1931
Net Inc. after int., Fed.
taxes, deprec., &c_ - $2,423,243 $2,040,571 $7,972,456 $7,236,426
504,344
653,386
Shs. of corn,stk. outstdg
504,344
653,386
$12.27
$10.90
Earnings per share
$3.52
$3.40
Chronicle Feb. 27 '32, p. 1579
larLast complete annual report in Financial
Public Service Corp. of New Jersey.
-Month of March- -12 Mos.End.March 311931.
1932.
1931.
1932.
$10,798,557 $11,404.557 5135202,426 5138527,233
Gross earnings
Oper., exps., maint.,
7,367,566 7,925,764 89,863,689 94.482,408
taxes & depreen
Net income from oper. $3,430,990 $3,478,792 $45,338.737 $44,044,825
51,839 1,175.798 2,789,029
78,554
Other net income
$3,509,544 $3,530,632 $47,514,535 $47,833,854
Total
1,343,055 15,798,971 16,157,928
1,280,056
Income deductions
Bal.for dive.& surplus $2,229,488 32,187.577 $330,715.564 $330,675,926
larLast complete annual report in Financial Chronicle March 5'32, p.1783
Railway & Light Securities Co.
1932.
1931.
3 Months Ended March 31$74,577
$82,305
Interest received and accrued
116,683
116,667
Cash dividends
Total income
Expenses & taxes, other than Fed.
tax on prof. on sale of securities_ - _
Interest and amortization charges_ _ _ _
1930.
$116.161
114,743
$198,971
$191,259
$230,904
12,305
68.496
$118,170
14,232
69.051
$107,977
21,343
69.324
$140,236
Seagrave Corp.
1931.
1932.
5272.994
$269,059
306,670
295,871
1930.
$252,388
305,810
1929.
$448,385
404,030
Profit on sale of securities after related Federal tax
373,705
26.897
Balance
$513,941
$134,874
$118,170
rirLast complete annual report in Financial Chronicle Jan. SO '32, p. 864
Quar.End. Mar.31Net sales
Costs and expenses
Operating deficit
Other income
$26,812
9,800
$33.676
11,258
$53,422 prof$44,355
11,975
10,516
Total deficit
Federal taxes, &c
$17,012
$22,418
$41,447 Prof$54,869
7,924
Net loss
$441,447 prof$48,945
$22.418
$17,012
She. corn. stk. outstand.
(no par)
122,453
122,700
114.070
122,700
Nil
Earnings per share
Nil
Nil
$0.26
rarLast complete annual report in Financial Chronicle April 2 '32, p. 2545
Shawmut Bank Investment Trust.
3 Months EndedFeb. 29 '32. Feb. 28 '31.
Net after all charges
$1,250
87,535
Loss on sale of securities
418,358
37,152
Total loss
$419,608
344,687
Sioux City Gas 8c Electric Co.
(Controlled by American Electric Power Corp.)
-Month of March- -12 Mos. End. Mar. 311931.
1932.
1932.
1931.
$365,899 $3,309,405 $3,397,765
$3302,103
Gross earnings
141,988
1,564,370
134,147
Oper. expenses & taxes_
1,608,062
Net earnings
Bond interest
Other deductions
Balance
Preferred dividends
$167.956
$223,911 $1,745,035 $1,789,703
530,686
532,570
23,523
36.862
$1,190,826 $1,220.271
338,709
338.709
$852.117
Balance*
$881,562
* Before provision for retirement reserve.
Itg'Last complete annual report in Financial Chronicle May 2 '31, p. 3338
Southern Bell Telephone & Telegraph Co.
-Month of March- -3 Mos. Ended Mar. 311932.
1931.
1931.
1932.
oper. revenues__ $4,615,259 35,133,691 $13,831,392 $15,189,861
Telep.
3,216,457 8,988,223 9,641,381
Telep. oper. expsonses__ 2,985,351
Net telep. oper. revs__ $1,829,908 31,917,234 $4,843,169 $5,548,480
145,000
180,000
40,000
65,000
open revenues__
1,558,500
1.452.749
519,500
484,260
Taxes assignable to oper.
Operating Income- --- $1,080,848 $1,357,734 $3,210,420 33,844.980
rar Last complete annual report in Financial Chronicle Mar. 5 '92, p. 1763
3085
Financial Chronicle
Volume 134
Southern Canada Power Co., Ltd.
-Month of March- -6 Mos. End. Mar. 311931.
1932.
1931.
1932.
3185,191 31,167,410 $1.215,274
Gross earnings
$181,120
471,588
427,691
72.505
Operating expenses
63,076
3743,888
5739,719
Net earnings
$112,686
118,044
"Last complete annual report in Financial Chronicle Dec. 5 '31, p. 3790
Southern Colorado Power Co.
Feb. 29 '32. Feb. 28 '31.
12 Months Ended$2,064,552 $2.238,173
Gross earnings
1.207.942
1,086,165
Operating exps., maint. & all taxes
$978,387 $1,030,231
9,916
1,425
Net earnings
Other income
5979.812 51.040.147
Net earnings incl. other income
Standard Gas & Electric Co.
[Earnings of all subsidiary and affiliated public utility companies now
in the system.]
Feb. 29 '32. Feb. 28 '31.
12 Months Ended3143,030.299 3152,374.089
Gross earnings
72,408,914 79,190.077
Operating expenses, mains. & all taxes x
570,621.385 $73,184,012
1,539.255
1,282.617
Net earnings
Other income
$71.904,002 $74,723,267
Net earnings including other income
lc After contingent reserve withdrawalsiof $257,009 and $401,401. re
spectively, in the 1932 and 1931 periods and $283,333 extraordinary oper
ating expenses in 1932 approved by regulatory commission to be amortized
Texas Gulf Sulphur Co., Inc.
1929.
1930.
1931.
1932.
Quar. End. Mar. 31$1,722,536 52,448,198 53,803.701 23.880,261
Net earnings
1.270,000 2.540,000 2.540,000 2.540.000
Dividends paid
$452,536 def$91,802 $1,263.701 51,340.261
Balance.surplus__ Surp.& res've for deplet. 26,340,783 25,108.843 22,652,262 16,641.343
Earns, per sh. on 2,540.000 ens. cap. stk. (no
31.57
31.50
$0.96
$0.68
par)
During the first three months of 1932 the company decreased its reserves
for depreciation, &c., and for Federal taxes accrued, &c., by $12,327.
making a total of these reserves of 313,624,578 at March 31 1932.
MT Last complete annual report in Financial Chronicle Feb. 27 '32, p. 1599
and Feb. 20 '32, p. 1391.
Timken Roller Bearing Co.
1930.
1932.
1931.
Quarter Ended March 31Net profit after deprec.,Fed.taxes,&c 3217,617 $1,314,639 $3,106.659
She,common stock outstand.(no par) 2.411,638 2,411.842 2,407,824
$1.29
$0.09
30.54
Earnings per share
Trico Products Corp.
1929.
1931.
1930.
Quar.Ended Mar.31- 1932.
Net profit after charges
5606.679
$574,674
3514.262
5356,459
and taxes
Shares cora, stock out374,491
337.500
374,991
374.991
standing (no par)
31.79
51.53
31.37
50.95
Earnings per share
complete annual report in Financial Chronicle Mar. 12'32. p. 1976
f'Last
Twin City Rapid Transit Co.
(And Subsidiaries.)
1931.
1932.
Quarter Ended March 313221.316
$209.518
Netincome after taxes & fixed charges
$0.77
$00.71
Earns, per sh.on 220,000 shs. corn.stk. outstand
reLast complete annual report in Financial Chronicle Feb. 20 '32, p. 1372
United Biscuit Co. of America.
(And Subsidiaries)
1929.
1930.
1931.
1932.
Quar. End. Mar. 31
int. and
Net profit after
$399,822
$4485,747
$255,559
$371,804
Federal taxes
Shares common stock
458.054
486.230
outstanding
$0.80
$0.94
$6.51
$1).73
Earnings per share
la'Last complete annual report in Financial Chronicle March 5'32, p. 1781
United Corp.
Earnings for 3 Months Ended March 31 1932.
xDividends and interest received in cash
Interest paid
Current expenses
53,904,392
144,880
107,661
Balance applicable to dividends
Dividend paid on $3 cum, preference stock
Dividend paid on common stock
53.651.851
1,866,508
1,452,798
$332.546
i.540.549
Balance for period
Balance of earned surplus at Dec.31 1931
37,873.095
Earned surplus at March 31 1932
x Exclusive of dividends paid in stock.
Jan. 16 '32, p. 507
MrLast complete annual report in Financial Chronicle
United States Hoff man Machinery Corp.
1929.
1930.
1931.
1932.
Quar. End. Mar. 31$745,188
$537,171
3369,746
Gross profit on sales_ _ -- $172,662
429.706
414.115
358.806
Sell.,admin.& gen. exp_
303,701
$315,482
$123,056
$10,940
Profitfrom operationsloss3131.038
47.330
44,144
36.729
Interest & other income_
34,396
5362.811
5167.200
$447,669
Gross income
loss$96,642
37.061
40,972
43,403
Depreciation
42.462
57.253
40,404
23,604
Res. & other income chgs
24,788
20.992
3,210
270
Income taxes accrued__ _
936
56.131
56.234
Prov.for amortiz.of pat.
56,824
59.562
$191.375
Net income for period_def$224,388 def $76.432
326.380
Earns, per share on 222.203 shs. capital stock
Nil
$0.88
Nil
(no par)
$0.12
le"Last complete annual report in Financial Chronicle Feb. 13'32, p. 1213
Virginia Iron Coal & Coke Co.
,
.
Quar. End. Mar. 311932.
1931.
1930.
Gross operating revenue- $264,939
$399,492
3504,901
Operating expenses
272,635
372.824
512,084
Net operating revenue 10s47,696
Rev.from other sources_
49,210
Total net revenue_ --Bond interest, &c
$41,514
52,290
1929.
$668.632
632,099
526,668
99,114
def$7,184
30,957
$36.533
59,503
$125,781
59.528
$23,773
65.226
596,036
62,988
Net profit
10s410,776
$66,253 loss$41,453
$33.048
OrLast complete annual report in Financial Chronicle March 5'32, p.1782
Financial Chronicle
3086
United States Realty & Improvement Co.
(And Subsidiaries)
Earnings for 3 Months Ended March 31 1932.
income
Real estate
Other income
$535,085
347,082
Total income
Depreciation
Expenses
Interest & amortization
State taxes
$882,167
267,218
79.875
579,133
45.782
$89,841
105.972
Loss
Subsidiary dividends(net)
Net loss
$195,813
Surplus Dec.31 1931
3.510,659
8,860
Diff, between book val.& purch. price of Savoy Plaza Corp.stk.
4,799,045
Pro rata proport.ofthe cap,of co.covering 94,978 ails. retired
Total surplus
$8,122,751
Amt. charged to surpl. for parch. of 41,200 shy, cap. stk. of
U.S. R.& I.Co
327,665
Amt. credited to res. for eventual losses on investment
3,417,444
Consolidated surplus March 31 1932
$4,377,642
I'
Last complete annual report in Financial Chronicle Jan. 16 '32, p. 501
Wisconsin Public Service Corp.
Feb. 29 '32. Feb. 28 '31.
12 Smiths EndedGross earnings
$5,460,954 $5,562,899
Operating expenses, maintenance and all taxes--3,049,374 3,268.643
Net earnings
Other income
$2,411,580 $2.294,256
19,184
19,571
Net earnings,including other income
$2.431,151 $2,313,440
Wisconsin Valley Electric Co.
12 Months EndedGross earnings
Operating expenses, maintenance and all taxes
Net earnings
Other income
Feb. 29 '32. Feb. 28 '31.
$2,258.815 $2,274,802
1,366.483
1.287,151
$971,664
28,912
Net earnings. including other income
$908,319
22,983
61,000,576
$931.302
(William) Wrigley, Jr., Co.
Quer. End. Mar.31.
1932.
1931.
1930.
1929.
New profits
$4.920,600 $6,174,015 $4,886,241 $4,676,439
Expenses
2,242,036 2,287,025
1,826,723
1,706,367
Depreciation
177,721
189,945
130,833
135,105
Federal taxes (est.)373,463
335,085
285,258
313.068
Net profit
$2,127,380 $2,365,961 $2,643,426 $2,521,899
Shares capital stock outstanding (no par)---- 1,976,315 2,000,000
1,999,974
1,800,000
Earnings per share
$1.07
$1.18
$1.32
$1.40
rairLast complete annual report in Financial Chronicle Mar. 12 '32, p. 1977
(L. A.) Young Spring & Wire Co.
.
Quar. End. Mar 311932.
1931.
1930.
1929.
Net profit after taxes and
55.773
charges
$233.080
$516.885
$675,647
Shares cora, stock out412.500
*412,500
standing (no par)412,500
330,000
Earnings per share
$0.01
$0.56
$1.25
$2.04
* Including 24,302 shares held in treasury.
Consolidated Income Account for quarter ended March 31 1932, follows:
Gross profit after depreciation $137,912; other income, $43,398; total income. 6181,310; expenses. $170,000; interest and other charges, $4,737;
United States and Canadian taxes, $800; net income $5,773.
ri"Last complete annual report in Financial Chronicle April 2 '32. p. 2550
Zonite Products Corp.
3 Mos. End. Mar.31
Operating profit
Interest
Depreciation
Federal taxes
1932.
$267,125
4,107
18,540
29.581
1931.
$398,893
263
18,962
46,162
Net profit
$214,897
$333,506
Earnings per share on 845,556 shares capital stock
outstanding (par $1)
$0.25
$0.39
10
-Last complete annual report in Financial Chronicle Mar. 19 '32, p. 2171
FINANCIAL REPORTS
Chicago Rock Island & Pacific Railway Co.
(52d Annual Report-Year Ended Dec. 31 1931.)
The joint remarks of President J. E. Gorman and Chairman Charles Hayden, together with the comparative balance
sheet and income account, will be found under "Reports
and Documents" on subsequent pages. Our usual comparative tables were published in V. 134, p. 1943.
April 23 1932
STATEMENT OF OPERATIONS FOR CALENDAR
Revenues1931.
1930.
1929.
Coal
$13,948,017 $17,368,262 $20,183,021
Merchandisefreight
27,892,919 33.418,200 40.303,156
Passenger
8,710.067 10.115,126 11,285,364
Mail
1,012,395 1,030,539
1,596,593
Express
929,941
1,279,751
1,701,295
Milk
2,232,704 2,316,143 2.282,784
Other revenue
2,309,243 2,778,347 2,960,242
Incidental revenue
1,639,551
1,355.122 1,430,765
Total
$58,674,837 $69,661,490
ExpensesMaint. of way & struc $5,682,251 $6.788,470
Maint. of equipment
11,278,758 12.879,781
Traffic expenses
1,603,862 1,715,242
Transportation expenses 25,057,052 28,602,066
Miscellaneous operations
468,994
569,549
General expenses
2,059,118 2,124,843
Transportation invetm't
Cr.9,370
Cr.67,099
YEARS.
1928.
$19,857,920
39,849,667
12,003,361
1,084,019
1,722,519
2,325,219
2,886,872
1,405,603
$81,743,222 $81,135,181
57,656,284 57,954,233
14,280,455 13,795.757
1,663,090
1.709,034
31,640,623 31,792,793
640,165
625,902
2,152,245
2,129,073
Cr.321,462 Cr.22,996
Total expenses
$46,140,666 552.612,853 $57,719,910 $57,975,287
Net revenue from oper
12,534,172 17,048,638 24,023,311 23,159,894
Railway tax accruals-- 5,234,483 6,081,112 6,635,896 6,392,638
Uncollectible ry.revs.. _ _
4,128
4,255
10,547
10,656
Operating income
$7,295,433 $10,963,398 517.376.760 $16,756,708
Additional Income
Joint facility rent income $130,006
$124,299
$128,627
$125,918
Hire of equip.-Cr. bal.. Dr.184,235
72,227
233,889
5.909
Income from unfunded
securities & accounts36,754
455,149
464,930
365,864
Miscell. rent income_ _ _ _
290,974
283,740
321,830
310.903
Misc.non-op. phys. prop
68,695
122,362
112,311
112,810
Dividend income
508,564
526,526
584,913
565,059
Income from fund.secur.
953,569
1.290,795 1.606,634
1,483,856
Miscellaneous income..._ Dr.59,820 Dr.12,649
35,612
36.921
Income from sinking and
other reservefunds_ _ _
6,095
6,095
6,445
6,095
Inc.from lease of road
3,363
4.517
3,803
4,305
Gross income
$9,049,399 $13.836,458 $20,517.179 $20.132,926
Deductions
Rentals ofleased roads-- $7,683,611 67.663,517 $7.070,278 $6,961,210
Int.from funded debt...2,640
2,640
5,856
5,833
Int, on unfunded debt87,726
272,457
36,318
100,937
Net income
Dividends declared
$1.090,690 $6,082,575 $13.340,130 $13,129,542
4,222,060 10,132,944 11,821,759 11.821,754
Balance,surplus..--def$3,131,370def$4,050,369 $1,518.371 $1,307.788
Shares of common stock
outstanding (par $50)- 1,688 824
1,688,824
1,688,824
1.688,822
Earns. per sh. on corn_$7.71
$6.09
63.60
$7.89
GENERAL BALANCE SHEET DEC. 31,
.
1930.
1931.
1930.
Assets
Liabilities3
$
Invest.inroad_ _ 54,328,574 54,143,594 Common stock_ 84,441,200 84,441,200
Invest.in equip_ 69,278,010 71,240,965 Premium on capImPts. on leased
ital stock_ _.
70,720
.
70,720
ry.property- _ 16,333,553 16,405,013 Fund.dt. unmet
44,000
44,000
Miscell. physical
Non-negot, debt
262,834
property
308,289
2,271,275 2,267,946 to attn.cos_ __
Inv.In attn. cos.:
Loans payable_ _ 10,000,000 4,500,000
Stocks
9,485,081
9,485,081 Traffic and car
Bonds
3,368,449 3,355,625 serv. bal. pay_ 1,421,793 1,582,040
Notes
8,772,964 3,772,964 Audited accts.&
Advances
3,034,874 3,006,717 wages payable 2,961,950 3,747,430
Otherinveetmls:
Misc, accts. pay
6,967
4,697
Stocks
1,255,845 1,252,607 Int. mat'd unp'd
1,350
1,350
Bonds
25,490,181 15,490,181 Divs.mat'd unp.
36,892
40,508
Notes
635,457
2,533,236
634,272 TJnmat. dive. dec
Advances.... 12,038,620 21,381,261 Unmat.rents accr 1,639,434 1,636,869
Cash
2,270,661 3,163,259 Other curr.liab_
113,556
145,121
Loans and bills
4,251
Deferred Habil_
.
5,065
receivable....
210
479 Tax liability_ _ _ _
765,539 1,633,893
Traffic,&c.,bal. 1,093,339 1,006,277 Ins., &c., res'yes
635,648
693,776
Net balances reOperating res_ _ _
25,385
24,952
rely.from agts
Accr'd depreen,
dr conductors_
823,443
700,604 equipment_ _ _ 36,050,107 35,154,971
Misc.accts. rec. 1,207,827 1,321,440 0th. unadj. cred
717,741
101,836
Mats.& supplies 2,095,245 2,466,458 Add'ns to prop.
Deferred assets_
181,879
182,348 thru.inc.& sur 6,684,500 6,699,235
Unadjusted deb_ 1,408,390 1,554,591 Profit and loss... 64,998,602 68,952,421
Total
210,371,875 212.831,684
-V. 134, p. 2331.
Total
210,371,875 212,831,684
The Baltimore & Ohio Railroad Co.
(Preliminary Report-Year Ended Dec. 311931.)
The remarks of President Daniel Willard, together with
condensed income account and balance sheet, will be found
in the advertising pages of this issue.
-V. 134, p. 2711.
General Motors Corp.
(23rd Annual Report-Year Ended Dec. 31 1931.)
Lammot du Pont, Chairman, and Alfred P. Sloan Jr.,
President, state in part:
Earnings.
-Net earnings from operations for the year 1931 were 3115.
220,507. From these earnings must be deducted extraordinary and nonrecurring losses other than those of an operating nature in the amount of
$20,574,514, which, after taxes, &c., would be equivalent to $18,343,400.
Net earnings for the year available for dividends, therefore, amounted to
$96,877,107. After paying regular dividends on the preferred stock requiring $9,375,899 for the year, there remains $87.501,208. being the amount
earned on the common shares outstanding, equivalent to $2.01 per share.
GENERAL STATISTICS FOR CALENDAR YEARS.
Net operating earnings available for common dividends, before provision
1928.
1930.
1929.
1931.
for extraordinary and non-recurring losses referred to, were equivalent in
Res. Freight Traffic
1931 to $2.43 per share. Comparable net operating earnings for the year
8,110
8,082
8,282
8,183
Average miles operated_
1930 were $141,616,131, equivalent, after preferred dividends, to $3.04
27,435,488 33,321.054 37,971,933 35,448,631
Tons carried
per share. In 1930 there was reported a non-operating and non-recurring
Rev, for tons carried_ _ 379,518.095 $96,211,917 5113597,037 5108758,903
1.12c.
1.13c.
1.15c.
1.18c. profit of $9482,861, after taxes, &c., so that total net earnings, operating
Av. rate per ton per mi.
and otherwise, for the year 1930 totalled $151,098,992.
511.23
519.57
508.82
506.35
Av. load in tons per ml..
Diridends.-Dividends at the rate of $3 per share per annum on the
Rev, Pass. Traffic
common stock were paid during the year under review. Total dividends
No. of pass. carried_ _ _ _ 9,331,010 11,455,961 13,091.329 12,951.898
on all classes of stock declared during the year, amounted to $139,875,900,
Rev,for pass. carried__ _510.653,680 $15,295,583 519,388.168 $20,059,598
2.72c.
2.51c.
2.84c.
2.91c. as against $140,038,662 for 1930. In view of the fact that dividend disAv.rate per mi. per pass.
bursements exceeded net earnings for the period, there resulted a reduction
-V. 134, p. 2901.
In the surplus account of $42,998,793. Surplus at the end of the period
amounted to $301,266,482, as compared with $344,265,275 at the close
Delaware Lackawanna & Western RR.
of the year 1930.
-Total real estate, plant and
Real Estate, Plant and Equipment Account.
(Annual Report-Year Ended Dec. 31 1931.)
equipment accounts as of Dec. 31 1931, amounted to $604,100,810, a
reduction of $9,929,519 compared with the previous year. Charges against
The remarks of President J. M. Davis, together with Income on account of depreciation applicable to the year, amounted to
comparative income account and balance sheet for 1931, $37,965,731, as compared with $37.715,088 for the previous year. The net
deducting
will be found under "Reports and Documents" in last Investment in the real estate, plant and equipment accounts, after 1931, and
depreciation reserves, showed a reduction of $32,746,192 during
week's issue of the "Chronicle."
a total net reduction of $53,157,297 during the years 1930 and 1931.
Charges against income in 1931 on account of depreciation represent the
STATISTICS OF OPERATION.
largest charge against earnings on that account in any one year in the
1931.
1930.
history of the corporation. Total reserves for depreciation now amount to
1929.
1928.
Earns. per pass.tr. mlle_
$1.66
$1.99
$2.23
$2.32
$241,472,694. In addition to depreciation charges, there have been abAverage train load (tons)
sorbed against operating revenues liberal charges for maintenance of the
678.67
718.26
744.22
702.54
Rev.frt. carried (tons)_- 22.426.505 25,512,937 28,906,268 27,575,131
corporation's properties, in accordance with its standard policy.
Not revenue ton miles-3178064,958 3821397,886 4582184,244 4534642 612
It is the practice of the corporation to carry real estate, plant and equipAyer.rev. per ton mile_ _
1.32c.
ment items at cost, and to set up what is believed to be adequate amounts
1.33c.
1.32c.
I.bc.
Passengers carried
25,657.520 26.665.498 27,580,416 27,756,863
for depreciation and obsolescence. In addition, special tools, dies and
Pass. carried one ralle-540.700.292 581,819 624 615,598 245 633,054 495
fixtures applicable to specific models are written off over the life of the
'Rate per pass, per mile_ 1.64c.
1.4c.
1.kc.
model.
1.00c.
Volume 134
Financial Chronicle
Net Working Capital.—Net working capital at the end of 1931 was $273,915,923, compared with $281,037,636 at the close of 1930, or a reduction of
$7.121,713. Net working capital was adversely affected by revaluation of
the corporation's net working capital in Canada and overseas on the basis
of current foreign exchange rates at Dec. 31 1931.
Cash, U. S. Government and other marketable securities amounted to
$205,029,119, as compared with $179,037,071 at the close of the previous
year and with $127,351,530 as of Dec. 31 1929.
Notwithstanding the corporation's subnormal rate of operations and the
fact that dividends disbursed during the year 1931 exceeded earnings, the
working capital position has been well maintained, and cash and cash
items have shown a substantial increase during the past two years. This
has been made possible through the intensive control of inventory and
through the fact that the increase in depreciation reserves has been in
excess of expenditures covering now construction.
Investments in Subsidiary and Affiliated Companies not Consolidated.—
This account shows a total of $211,548,200 at the close of 1931, compared
with $207,750,253 at the close of the previous year,representing an increase
of $3,797,947. The most important transaction during the year was an
increase in the corporation's investment in Adam Opel A.G., Russelsheim,
Germany, through purchase of the 20% outstanding minority interest,
with the result that the corporation now owns this property in its entirety.
It has been the practice of the corporation to carry at cost its investments in subsidiary and affiliated companies not consolidated. This
practice was changed at the close of 1931, and hereafter the amount at
which the corporation's investment in these subsidiaries is carried will be
adjusted currently to reflect the corporation's proportion of the undivided
profits or losses accruing during the period. This change was made retroactive to Jan. 1 1931, and the investment account at Dec. 31 1931. has
been adjusted to reflect the corporation's proportion of undivided profits
or losses of these subsidiaries for the year 1931. While the value as of
Dec. 31 1931, of such of these properties as can be determined by market
quotations would show a loss as compared with the value at which they are
carried in the investment account, a fair appraisal of the investment
account as a whole indicates that the sound value as of Dec. 31 1931, would
be in excess of the amount shown on the balance sheet.
Extraordinary and Non-recurring Adjustments.—These items amounted
to $20,574,514, with an unfavorable effect, after taxes, &c., of $18,343,400,
equivalent to $0.42 per share on the common stock.
These adjustments were made up almost entirely of two classes of items:
first, the provision for contingent foreign exchange losses due to revaluation
of net working capital abroad to a dollar value basis; and second, revaluation of securities in the portfolio of the General Exchange Insurance Corp.,
a subsidiary of General Motors Acceptance Corp , on account of writing
such securities down to market values as of Dec. 31 1931. With respect
to the first of these items, the operating procedure had been so developed
as to protect the corporation on its operations in foreign countries without
taking a speculative position in foreign exchange. This is borne out by the
fact that for the five years previous to the year under review, the corporation had transacted a total overseas business of $921,074,000 without requiring adjustments of this character. However, the sudden abandonment of
the gold standard by many of the countries in which the corporation was
conducting extensive operations, together with Government edicts restrictIns the normal withdrawal of funds from these countries, made this loss
inevitable.
With respect to the second class of items, no statement seems necessary,
for the reason that General Exchange Insurance Corp., like all institutions
of similar character, must keep its reserve funds invested in securities. The
depreciation of all security values during the year is fully recognized. A
part of this class of adjustments consists of losses actually sustained through
the sale of securities at less than cost. The other part represents reserves
set up for securities which had depreciated in value as of Dec. 31 1931.
Another item included under this heading is a provision for contingencies
in the amount of $2.000,000 which has been made in order that all possible
adjustments, applicable to the year 1931 but not definitely determinable,
may be adequately covered.
National Plate Glass Co.—This operation was organized in the year 1920.
through the consolidation of several manufacturers of plate glass, and
became a part of the Fisher Body Corp. It was acquired by General Motors
Corp. in 1926 at the time Fisher Body Corp. was consolidated with General
Motors. In 1920. through the development of the closed body and the
shortage of plate glass on account of the restrictions resulting from the war,
Fisher Body Corp., in which General Motors had an important interest.
was handicapped on account of its inability to obtain adequate supplies of
this material. Through evolution the situation has changed, and the point
was reached at which it became essential for the corporation to
the manufacture and general distribution of plate glass and allied enter into
or to retire from the field and turn its interest over to others. products,
For
reason it was decided to sell the productive properties of the National that
Plate
Glass Co. to the Libby
-Owens
-Ford Glass Co., which
effective as of July 11931. The corporation received atransaction became
total consideration
of $9,500,000, partly in cash and partly in 5% serial gold
notes.
operating arrangement has been effected by which the corporation An
is to
purchase an important part of its plate glass requirements from
LibbyOwens
-Ford Glass Co.
General Motors Overseas.—The corporation suffered a drastic reduction
in volume of sales outside of the United States and
Canada. From the
peak of 1928, when overseas sales of cars and trucks totalled
282,157 units,
representing a net wholesale value of $252,152,284. there was a decline in
the year 1931 to 125,606 cars and trucks with a net wholesale
value
525.817. The difficulties and limitations of the corporation's of $110.overseas
business have been constantly increasing during the
it is hoped, reached a climax in the year under review.past three years and,
Taking into
the effect of depreciated currencies, retaliatory tariff restrictions, account
reduced
purchasing power due to the low prices of commodities on which many
important overseas markets depend, limitations on the transfer of funds,
and the general stoppage of the world's international commerce,
the results
could hardly have been different from those indicated. It
is encouraging
to note that it is becoming more and more generally recognized
trary restrictions limiting the volume and scope of international that arbicommerce,
are not productive to any concerned,
hoped that
ance of that fact will come out of the and it is economic a general acceptpresent
which the world Is passing. Until this point is reached difficulties through
and a more normal
relationship established, the volume that the corporation may reasonably
expect from its overseas activity is bound to be small.
In view of the unsatisfactory status
at the moment of this phase
corporation's activities, it is important to recognize that during of the
the flve
years previous to the year under review, the
cars and trucks overseas, representing a total corporation sold 1,015,611
net wholesale value
074,000. which volume of business contributed importantly to the of $921.corporation's profit position. In any commercial enterprise,
all 'years
periods of great prosperity, a fact which should be particularly can not be
appreciated
in evaluating the position of the overseas business during
1931.
It is important to recognize that references already
strength of the motor car in general are particularly made to the economic
intensively developed countries of the world. All ofapplicable to the less
this means that the
corporation has every right to look forward to the
not
future, when the distribution system that it has time, in the andtoo distant
established
the
that it has developed will again come into effective earning power. plants
Stockholders have been informed in previous reports, and through special
massages, of the development of the corporation's manufacturing activities
overseas, both in Germany and England. concerning which a short reference
may be of interest. Due to the extraordinary developments of
affecting Germany, the operations conducted by the corporation the year
through
Adam Opel A.G., at Russelsheim, Germany, have naturally been very
greatly restricted. In the meantime. a new line of products reflecting
General Motors standards of engineering, has been introduced, and the
way thus paved to capitalize what is believed to be an opportunity of
potential strength when economic conditions become adjusted. At the
present time, Adam Opel A.G. is obtaining, as measured by the total
number of units sold, about 359' of all German makes of cars and trucks
and 41% of all German markets in which its products are competitive.
In England the corporation's operations are on a much smaller scale tha3
in Germany but, potentially, an English operation is important on account
of the economic advantages that result from operating within the British
Empire.
To sum up the position of the corporation overseas, it is believed that the
position held is one of great potential strength. Its merchandising operations, represented in all important markets and supported by its engineering and manufacturing organizations in the United States with important
positions in Germany and in England, all properly and effectively coordinated, present a flexibility and opportunity for action which should
enable the corporation not only to hold its position but to obtain an increasing share of the available overseas business.
General Motors-Holden's, Ltd., Australia.—For some years past the
corporation has been operating in Australia under an agreement with
3087
Holden's Motor Body Builders, Ltd., whereby it purchased all its supplies
of closed bodies from that organization, on account of a practical embargo
against the importations of dos d both s into Australia. For th purpose
of better controlling the manufacture of its products, and also having in
mind the nationalization of its Australian operation, Holden's Motor Body
Builders, Ltd., was consolidated with General Motors (Australia) Pty.
Ltd., as of May 1 1931, forming General Motors-Holden's, Ltd. The
assets of the acquired organization were obtained for $4,125,877, of which
$2,047,957 was paid in cash and $2.077,920 by the issuance of 6% preference stock of General Motors-Holden's, Ltd., which preference stock is
owned by Australian nationals.
In view of the abnormal amount of unemployment which naturally
accompanies a period of industrial depression, there has arisen much discussion as to the social responsibility of industry with respect to the worker
—using that term in its broadest sense. Thus, reference to the contribution that the various corporation's plans have made, might be of interest.
Through the operation of the Employees Savings and 'Investment Plan,
the personnel of General Motors entered 1930, at the beginning of the present
industrial depression, with a reserve of approximately $75.000,000, the
major portion of this being virtually equivalent to a bank account, to tide
them over the emergency. In addition these employees had applied approximately $15,000,000 toward the purchase of homes under the porovW-ion of
the Employees Savings Plan. During the two years' interval
-1930 and
1931—there had been withdrawn $35,000,000. At the end of 1931, there
was available $80,000,000 to provide a reserve to meet the contingencies of
the future. Employees at that date had also applied approximately $23,000.000 toward the purchase of homes. So far as it is possible for any
single institution to go in the way of discharging its responsibility to its
workers, it is believed that this plan has, to a very great extent, been made
to answer industry's social responsibilities to its workers. The experience
of the year has served to strengthen the conviction that such plans are
sound and are in the interest of the stockholders as well as of the workers.
Stockholders.—The year records another important increase in the total
number of stockholders which, at the close of the year. amounted to 313.117.
The management interprets this fact as an expression of the confidence of
the public at large in the future of General Motors, the honesty of purpose
and effectiveness of its operating organization, and, what at this time itt
rg
particular moment, confidence in the future of industry at large. The
following table shows the growth of the number ofstockholders of all classes,
by years:
Number of Year Ended
Year Ended
Number of
Stocicholders. Dec. 31.
Dec. 31.
Stockholders,
2.920
1917
1925
50.917
4,739
1918
1926
50.369
18,214
1919
1927
66,209
36,894
1928
1920
71,185
66,837
1929
1921
198,600
1922
65,665
1930
263,528
68,063
1923
1931
313.117
66,097
1924
Our usual comparative consolidated income account was
published in V. 134, p. 2136.
CONSOLIDATED BALANCE SHEET DEC. 31.
1931.
Assets—
1930.
1929.
Investments—
Invest. In sub. & attn.
consolidated 211.548,200 207.750,253 207,270,443
co's not
Gen'i Motors Manage,
Corp. 6% debs. due
subseq. to one year_ 39,875,000
43,000,000
General Motors Corp.
sacs. held in treasury 12,512,537
12,019.632
69.929,476
Fixed assets—
Real estate, plants and
604,100,810 614,030,329 609,880,375
equipment
Deferred expenses
21,788,940
22,246,234
18,168,100
Good-will, patents, &c. 51,939,157
51,949,115
50,680,426
Cash in banks and on hand 119,842,358 145,713,657 101,085,813
U. S. Govt. securities
74,615,059
33,037,723
26,265,718
Temp. loans and market
securities
10,571,702
285,691
General Meters Management6% debs, due 1931
3,125,000
7,000,000
Sight drafts with bills of
lading attached, & Co.
0. D. items
6,079,681
6,707,616
13,579,613
Notes receivable
3,514,560
3,587,079
1,977.363
a Accts. rec. and trade acceptances
4%263.463
28,965,096
33,866,864
Inventories
106,471,332 136,298,891 188,472,999
4;119,424
Prepaid expenses
3,221,742
3,712,575
1928.
$
117,819,124
50.053,193
542,987,155
19,552.635
43,673,476
99,189,839
112,351,174
4,364,217
9,273,824
8,788,453
34,565,680
196,692,888
3,583,232
1,300,267.222 1,315,813,059 1,324,889,764 1,242,894.889
Total
Liabilities—
Accounts payable _____
33,671,796
26,975,871
42,894,666
61,244,892
Taxes, payrolls and sundry accrued items
16,171,221
17,915,048
22,401,424
24,180,315
Employees savings fund
payable within 1 year_ 14,875,637
12,142,369
9,010,571
9,302,494
Contractual liability to
Gen. Mot. Man. Corp.
3,965,688
8,170,558
U. S. and foreign income
taxes
14,339,501
17,013,276
28,701,486
33,225,609
Accrued diva. on pref.stk.
1,562,805
1,562,738
1,567,673
1,615,015
Extra div. on common_
13.050,000
43,500,000
Reserves—Deprec. of real
estate, plants & equip. 241,472,694 21:1!,( : 194,094,963 162,680,113
0 1
/3
.
Employees' inv. funds_
6,830,260
9,915,825
9,019,707
32.326,509
Employees' saving fund 31,231,138
32,412,618
23.100.639
10,006,512
5,809,981
Sundry contingencies_
3,333,577
2,532,542
Bonus to employees_
12,539,544
14,078,580
135,513,500 131,108.300
7% preferred stock
1,410,500
1,679,
6% preferred stock
1,991,700
6% debenture stock
2,248,
x187,536,600 187,536.600
85 preferred stock
435,000,000 435,000,000 435,000,000 435,000,000
Common stock b
Interest of minority stockholders in subs. cos.,
with respect to capital
443,800
443,800
2,336,881
and surplus
3,087,730
301,266,482 344,265,275 380,560,273 265,468.595
Surplus
1,300,267,222 1,315.813,059 1.324.889.764 1,242,894.869
Total
x Represented by 1,875,366 shares of no par value. a Less reserve for doubtful
accounts in 1931, 32,324,511; in 1930, 81,599,419; in 1929, 81,549,336 and in 1928,
61,229,649. b In 1928 authorized, 30.000,000 shares, par value 625. Effective
Jan. 7 1929 the 625 par value stock was exchanged for new $10 par stock in the
ratio or 23.i new shares for one old.—V. 134, p. '2918.
Atlantic Coast Line Railroad.
(98th Annual Report—Year Ended Dec. 311931.)
Extracts from the text of the report, signed by President
Geo. B. Elliott and Lyman Delano, will be found on subsequent pages of this issue.
STATISTICS FOR CALENDAR YEARS.
1931.
1930.
1929.
Average miles operated_
5.157
5,157
5.152
1,185.803
Passengers earned
1.799,052
2,366,196
Pass. carried one mile_ _223,575,103 305,746,789 348,818,795
Freight carried (tons)
13,828.988 16,784,331 18,951,802
Tons carried one mile__ _ 2485888520 2871257020 2381770100
Commodities Carried—
Agricultural
2,300,317
2,528,376
2,636,594
Animals
139,317
160,252
183.401
Mines
5,011,071
5,819,740 6,000,154
Forests
2.171,720
3,233,866
4,562,745
Manufactures
3,081,302
3.766,025
3.951,140
Miscellaneous
1,124,261
1,276,072
1,617,768
Total tonnage
13,828,988 16.784,331 18,951.802
1928.1
5.118
2,825,587
375,874.188
20.402.922
3313823790
41
2,429,664
' 197,104
6,979,675
4.989,758
4,086.525
1.720.256
20,402.922
3088
Financial Chronicle
INCOME ACCOUNT FOR CALENDAR YEARS.
0 rating Revenues?
c
1931.
1930.
1929.
1928.
141,390,424 $46,428,030 $53,188,639 $52,019,282
Passengers
7.488.762 10,538,341 12.132,62313,065,377
Mail
1,641,956
1,692,088
1,773,381
1,617,120
Express
1.689.362 1,942,017 2,627,742 2,309,711
Other transportation_ _ _
522,361
721,387
798,146
672,160
Incidental & joint facil_ 1,355,138
1,698.094 1.851,363 1,709,522
Railway oper. rev_ _454,088.005 863,019,957 $72,371,894 $71,393,174
Operating ExpensesMaffit. of way & struc $7,956,881 $9,787,465 $10,181,158 $10,935.260
Maint. of equipment-- 10,862,488 12,513,108 13,874,060 14,812,873
Traffic
1.770,545 2,015,0541.991,845 2,125,845
Transportation
20.105,138 22,643.245 24,667,140 25,403,746
Miscell. operations
477,521
655.232
654,564
627,682
General
2,031,084 2,099,810 2,095.193 2,100,249
32,272
„•-•,, Trans.for inv.-Cr
15,185
28,453
39,595
Operating expenses $43,188,471 $49.685,460 $53,431,589 $55,966,059
Net from railway over
10,899,534 13,334,497 18,940,305 15,427.115
Tax accruals
4,775.000 5,525,000 6,240,000 5,800,000
Uncollectibles
13.128
29,851
45,793
40,666
Railway oper.income.. $6,111,407 $7,779.646 $12.654,512 $9,586,449
Non-operating Income
Hire ofequipment
$164,448
$280,467
Joint facility rent income 8408,929
$400,781
447,244
388,114
Dividend income
3.268,496 4,894,056 4.691,391 4,690,895
Income from unfunded
securities & accounts.
270,776
516,969
614,335
481,217
Income from fund. secs_
439,902
471,133
464,722
488,429
Miscell. & other income
389.382
xDividend aPProP
deb2,470,281 deb2,470.281 deb2.470.281
Gross income
$11.233,320 $12,327,957 $17,470.216 $13,834,673
Deduct
Rent for leased roads_ _ $82,576
$82,576
$82,576
$82,476
Hire of equipment
1,395,248
557.377
Joint facility rents
376.979
381,746
391,999
359.667
Miscellaneous rents_
328,584
420,716
447,631
392,492
Int. on unfunded debt
55.305
52,709
119,857
43,764
Int. on funded debt---- 6,322,207 6.322,207
6,322,207 6,329,674
Int. & divs. on equip.
trust notes,&c
355,271
415,544
433,400
535.686
Miscellaneous
296,292
310,770
297,412
41,498
Net for year
$2,020,858 $3.784,310 $9,451,226 $5,973,323
Inc.applic.to s.f.,&c.,fds
29,367
28,215
28,476
28,436
Income approp. for inv.
in physical property
48,490
58.348
90,292
25,156
Transferred to P.& L. $1,943,001 $8,697,748 89,332,457 $5,919,730
Credit balance Jan. 1
95,678,170 97.631,217 92,958,632 92,726,679
Miscellaneous credits
518,375
449,383
1,304.891
1,095.919
Total surplus
$98.139,5451101,778.3485103,595,980 $99,742,328
Pref. dividends (5%)-- _
9.835
9,835
9,835
9,835
YCommon diva.- _(5% %)4,528,849(7)5,763,989(7)5,763,989(7)5,763,989
Surplus appropriated for
physical property_ _ -29,661
216.755
89,115
306,933
Loss on retired road and
equipment
57,105
50.281
98,448
80,188
Debt disct. ext. through
surplus
84,360
Cr.4,672
Miscellaneous debits_ _ _
59.317
43,767
8,048
538,390
Bal. credit Dec. 31-493.470,329 $95.678.170 $97.631,217 $92,958,632
Shs.cons. out.(par $100)
823,427
823.427
823.427
823.427
Earns, per sh. on corn.$2.44
$7.58
$14.46
$10.24
x Extra div. of 1A % in July and 1M % in January (but none in 1931)•
y See also "z".
GENERAL BALANCE SHEET DEC. 31.
1931.
1930.
Assets
Road & equip_ _274,094,998 272,762,458
Impts. on leased
property
417,977
400.738
21,919
Sinking funds
21,919
Deposit in lieu of
32,442
mtgd. prop
28,043
Misc. ph.prop
942,860 1,200,733
Inv.In affil. cos.:
Stook
59,154,242 59,154,342
Bonds
4,045.706 4,045,706
Notes
3,541,919 2,219,335
7,892,284 8,412,224
Advances_ Other invest'ts. 6,822,602 6,353,171
Cash
9,638,357 13,932,421
Cash for diva.,
1,381,311
1,400,410
Interest, &c
Bonds to secure
15,225
15,225
leases
LEDO
11,100
Loans & bills roe
Traffic,&c.,bal. 1,901,990 2,211,575
Balls/am agents,
327,087
205,201
Misc,accts. rec_ 1,660.586 2,0)3,036
Mat'ls & suppl's 6,002,252 5.-11,666
Int. & divs. rec_ 1,491,317 2,357,658
4,506
6,391
Other assets__ _ _
35,860
35,443
Work,fund adv.
795,003
739,859
Ins.& 0th. foods
1.7nadjiasc. debits 4,398,772 4,156,842
Total
384,508,125 388,528,552
1931.
Liabilities$
Common stock_ 81,342,700
Class A Rich. &
P. RR.stock_ 1,000,000
Preferred stock_
196,700
Prem.o, cap.stk 4,836,989
-1
Grants/in aid of
74,784
conw;ruction _
Equie. tr. °brig_ 6,573,200
Mtge. bonds__ _108,989,000
C6II. trust bonds 35,000,000
Miscellaneous._ 4,579,930
Traffic,&c., bal.
666,526
/stets. & wages_ 3,151,280
Misc, accts. pay 1,088,099
387,447
Int. matured_ _ _
Divs. matured__
12,997
Fund. dl. mat'd
5,000
Unmatured diva 1,646,854
Unmet. mt., &c. 1,348.839
0th. curr. liabs_
58,846
Deferred liabs__
28.363
Tax liability_ _ _ 2,320,575
Ins. & cas. rev...
791,975
Accrued deprec.,
road & equip_ 31,891,220
Oth. unadj. (Teti
661,279
Corp. surplus:
Add's to prop.
through Inc.
and surplus 4,382,493
Profit and loss 93,470,329
Total
1930.
81,342,700
1,000,000
196,700
4,836,989
40,960
7,637,500
108,989,000
35,000,000
4,579,930
932,792
3,228,385
1,042.177
395.174
21,520
7,147
4,117,135
1,375,016
67,487
25,524
2,557,089
738,496
29,742,583
871,734
4,304,342
95,678,170
384,508,425 388,528,552
-V. 134, p. 2518.
Cities Service Co.
Annual Report
-Year Ended Dec. 31 1931.)
President Henry L. Doherty says in brief:
(22nd
Consolidated gross earnings of the company and subsidiaries were $177.046,622 and consolidated net earnings were $63,106,882. Current assets
on Dec. 31 1931 were 8115,665,520 including $41,817,255 cash, and current
liabilities were $95.014,199.
The gross construction expenditures and property acquisitions for the
year aggregated 855,000,000. The major expenditures were made on
projects initiated prior to 1931, and included a participating interest in
the natural gas pipe line from the Texas Panhandle to Chicago, the construction of the 60 Wall Tower office building in New York City, the necessary developments in the East Texas and Oklahoma City oil fields, and
the expansion of electric generating and transmission facilities, including
acquisition of two small public utility properties.
Accounts and notes payable of the company and subsidiaries, including
Federal Light Sz Traction Co. and subsidiaries, were reduced by $25,000,000
and funded debt by more than $17.000,000. Since the close of the year,
two funded debt obligations aggregating $6,250.000 have been paid. The
only remaining funded debt maturity in 1932 is $35,000.000 Toledo Light &
Power 5% secured gold notes, due ec. 1. There are no other funded debt
maturities of any large amount until 1942, except $8,000,000 of bonds
maturing in 1937.
I...The demoralization of the petroleum business was the worst in its history.
Proration regulation and martial law, rather than ability to produce,
governed the domestic production of crude oil by your subsidiaries. The
price structure throughout the year was unsatisfactory, and earnings
suffered accordingly. Some improvement was apparent at the close of the
year. and better prospects for stabilization are now in evidence. The
petroleum subsidiaries continued to rank among the largest actual and
potential producers of crude oil in the United States.
Gross revenue of the electric and gas subsidiaries was affected to a lesser
degree by adverse business conditions and mild weather. Rigid economies,
April 23 1932
consistent with good service, were made in all departments which partially
offset declines in gross revenue.
Common stockholders of company on March 15 1932 numbered 523,142,
an increase of 65,506 over the corresponding date a year ago. The total
number of stockholders of company was 614,712 compared with 543,276
on March 15 1931. There are now more than 1,000.000 investors in the
securities of Cities Service Co. and subsidiaries.
COMPARATIVE GENERAL STATISTICS FOR CALENDAR YEARS.
Petroleum
1928.
1929.
Bbls. of -. 32,31i,225
oil prod.
(domes.) 28,051.053
19,921,350
20,745,239
Number of oil wells
5,935
6,024
5,494
5,375
Miles of oil Pipe lines
11,508
x1,341
1,235
1,377
Daily refining capacity
(barrels of crude oil) _ _ _
82,000
82,000
39,000
42,500
Oil storage capac. in bbls. 26,399,634
25,354,087
21,443,000
21,110,000
Number of tank cars
owned and leased
3,179
3,432
3,032
3,052
Marine equipment capacity (barrels)
1,463,100
1,448,100
774,500
997,600
Natural and MN.Gas
Sales in Cu. ft.(000 omit.) 117,884,639 139,778,772 122,446,300
93,622,345
Number of customers
530,882
508,316
445,583
498,990
Number of gas welts
2,031
1,992
1,698
1,880
Miles of gas mains
15,416
14,885
13,292
11,230
Casinghead gasoline produced (gallons)
75,181,792
72.914,415
63,071,000
68,854,495
Population served
y3,300,000
y3,190,000
3,250,000
2,896,000
Electric
Kilowatt hours sold
1 426,010,000 1,483,589,000 1,587,517,000 1,421,670,000
Kilowatts installed canal).
675,000
577,000
534,880
572,000
Number of customers- _-489,978
416,422
420,231
401,069
Population served
Y1,900,000
y1.700,000
1,900,000
1,850,000
x Not including 50% interest in 908
-mile pipeline system of The Texas-Empire
Pipe Line Co.(Del.) in 1930 and 1931. or 3734% Interest In 204-mile pipeline system
of The Texas-Empire Pipe Line Co. of Texas in 1931. y Based on 1930 Census.
z Statistics or 1931 Include Federal Light & Traction Co. subsidiaries.
CONSOLIDATED INCOME ACC'T FOR CALENDAR YRS.(CO. 80 SUBS.)
1931.
1930.
1929.
1928.
$
Gross earnings__ ------177.046,623 213,036,008 185,851,054 167,255,673
Oper.exp.,maint.& tax.113,939,740 128.173,049 116.116,738 103,207,626
Net earnings
Interest charges
63,106,883 84,862,959 69,734,315 64,048,047
30,488,072 24,240,219 21,310,795 21,727,359
Net to stock & reserves 32,618,811 60,622,739 48,423,519 42,320,688
Prof. stock dividends_ _ _ 14,453,525 14,199,057 14,193,949 14,714,365
Net to com.stk.& res. 18,165,286 46,423,682 34,229,570 27,606,323
CONSOLIDATED SURPLUS ACCOUNT YEAR ENDED DEC. 31
1931.
Previous surplus1930.
Majority stockholders' proportion
$115,074,307 $107,015,513
23,674,729 23,523,807
Minority stockholders' proportion
$138,749,036 $130,539,320
Net to common stocks and reserves (as above)-- 18,165,286 46,423,682
Miscellaneous adjustments
4,976,708
906,993
6,111,024
3,605,239
Premium on capital stock
6,239,219
Surplus of companies acquired
Total
$174,241,272 $181,475,234
Allocated from Surplus
Cities Service Co. common dividends (cash)...9,789,632
8,921,203
Dividends on minority common stocks ofsubsids.
302,780
31,115
Reserves for replacement, abandonment & depletion charges
9,549,227
14,601,944
Cities Service Co.common dividends(stock)--- 9,789,632
8,921,203
Additional reserves for replacements, abandonments, depletion, &c
8,514,182 10,250,731
Surplus, Dec. 31
4136,295,821 $138,749,036
x Majority stockholders' proportion, $112,639,299; minority stockholders' proportion, 823,656.522.
Note.
-The consolidated financial statements for 1931 include for the
first time Federal Light & Traction Co. and subsidiaries.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
[Inter-company items eliminated.]
1931.
Assets$
Plant & investment
1116692757
Debs. & other
sec. of Cities
Serv. Co. held 26,707,296
Rec.for sec.sold 10,753,187
Mdse.accts.rec. 7,620,944
Other notes &
accts.receiv__ 9,005,790
Empl. subscrip.
to securs. of
Cities Ser. Co. 7,098,258
Sinking fund.._ 8,978,144
Cash
41,817,255
Securities owned 1,035,547
Customers'ancts.
receivable
14,579,800
Oil in stock.... 18.477,728
Mat. & supplies 10,559,052
Pay. In advance 1,816,216
DIsc't on bds.,
30,613,111
dots., &c._
Special deposits_
362.505
Accts.receivable
(not current).
820,871
2
Securities loaned
Deferred charges 5,317,775
Total
1930.
1931.
1930.
Liabilities$
Pref. stock
112,138,224 112,138,224
1006841 191 Preference stock 9,271,985 9,271,985
5% non-consul.
stock
1,000,000 1,000,000
35.307,454 Common stock..182,093,609 156,863,258
28,684,601 Pref. stks. sub.
cos
9,391,358
112,918,326 106,244,761
Coin. stks, sub.
cos
10.186,697
40,017,650 37,524,061
Debentures... _ .225,786,103 244,941,989
Subsid. bonds &
10,441,291
funded notes_ 280,698,733 259,602,147
7,791,389 Subs. secur. in
sinking fund_ 8,424,000 7,571,000
73,186,496
2,990,309 Notes payable_ _ 68,784,622 91,603,700
A cc'ts payable__ 13,883,457 12,755,683
15,093,334 Taxes accrued__ 6,526,847 6,663,384
27,102.768 Interest accrued 5,819,274 5,777,269
11,573,882 Securities loaned
2
1,587,906 Co. pur. money
notes
6,250,000 6,250,000
34,647,814 Aecla pay. (not
384,676 current)
4,503,266
460,196
Customers' dep_ 3,695,397 4,358,513
347.341 Decree. & other
reserves
117,805,446 104,514,376
7.066.350 Surplus
112,639,299 115,074,307
1312256241 1282624854
Total
1312256241 1282624854
-V.134, p. 2144.
Eastman Kodak Co. & Subsidiaries.
(Annual Report
-Year Ended Dec. 26 1931.)
Net
common
Reserve
Preferred
Profits.
Dividends. Dividends.
Fund,
Surplus.
$468,989
$162,366
$856,930
1902,6 mo $1,488,295
369,942 3,418,260
5,415,700
$500,000
1,127,498
1906
369,942 3,904,140
7,472,519
1,000,000 2,198,437
1908
369,942 7,807.957
5,321,148
13,999.047
500,000
1912
5.083,230
11,313,012
369,942 5,859,840
1914
4,889,747
369,942 8,792,280
14,051,969
1918
6,782,704
369,942 7,953,215
14,105.861
1921
2,828,950
369,942 15,678.337
18,877,229
1923
1,751,732
369,942 16,231,640
113,800
18,467,114
1925
227,600 3,995.213
369,942 16,167.880
19,860,635
1926
369,94216,209.200
227,600 3.335,419
20,142,161
1927
227,600 3,288.198
369,942 16,224,700
20,110,440
1928
227,600 4,786,861
369,942 16,630,512
x22,014,915
1929
1.894.867
227,600
369,942 17,861,380
y20,353,789
1930
df5,039,056
369,942„
y13,408.785
1931
$10,874.481$287,763,415 $6,501,800 $95,434,429
2934 yrs-4400,574,125
Deduct-Reserve required in addition to previous reserves and
appropriations to offset entire value of goodwill & patents_$19,515,155
$75,919,273
Balance ofsurp. Dec.261931
1931. 1930. 1929. 1928. 1927. 1926. 1925.
Earns, per sh. on COML.45.78 $8.84 $9.56 $9.59 $9.61 $9.50 $8.84
x Includes surplus adjustment of $10,000.
y Arrived at as follows:
Volume 134
Years Ended-
Operating profits
Other income
Total income
Depreciation
Other charges (net)
Federal & foreign tax
Net profit
Financial Chronicle
Dec.26'31. Dec. 27, '30
$18,442,859 $24,073,525
2,607,223 3.977.938
$21,050,082 $28,051,463
5,248,792 4,874,326
505,439
190,927
1,887,066 2,632,422
$13,408,785 $20,353,788
COMPARATIVE CONSOLIDATED BALANCE SHEET.
Dec.26'31. Dec.27'30.
Dec.26'31. Dec.27'30.
Assets
-$
Liabilities$
$
Real est., buildCommonstock .b22,559,650 22,610,300
ings, &c__ -a 69,911,059 79,742,284 Pref.stock
6,165,700 6,165,700
Supplies, &c_ _ _ 33,541,840 35,960,728 Notes payable_ - 4,000,000
Accounts & bills
Accts. pay.,incl.
ready.(net)__ 15,951,457 14,439,411
provision for
Investments dr
Federal taxes_ 6,644,684 8,857,927
advances ____ 4,772,726
Pref. div. Jan. 1
92,485
92,485
Other marketsCorn.div. Jan. 1 2,819,956 2,790,725
able secur
_ 10,789,568 19,280,439
Extra
1.691,974
1,674,435
16.321,217 16,878,606 Conting. reserve 3,499,029 11,485,742
Cash
Prepd.items. &c
887,484
833,851 Paid in surplus c 28,782,600 28,782,600
Surplus
75,919,273 84,675,404
Total
152,175,352 167,135,319
Total
152,175,352 167,135,319
a Includes real estate, buildings, plant, machinery and capital investments at cost less depreciation reserve of $36,312,684. b 2,500,000 shares
of no par value authorized, 2,263,150 shares issued at stated value of $10
share less 7,185 shares in treasury. c Paid in surplus representing difference
between amount received in 1929 for 205.590 shares of common stock at
$150 per share and stated value thereof at $10 per share or $28,782,600.-
134. p. 2917.
Wabash Railway Co.
(16th Annual Report
-Year Ended Dec. 31 1931.)
GENERAL STATISTICS FOR CALENDAR YEARS.
1931.
1930.
1929.
1928.
Fr't (tons)car'd 1 mile-- 4180000000 5237266000 6107472000 5558198000
Aver.rec. per ton per m_ 3.009933
$.009976
3.010446
3.010586
Rev,freight car'd (tons) 16,554,157 21,405.516 24,558.811 22,481,434
Rev, passengers carried- 1,173,049
1,535,155 2,025,936 2,145,524
Pass. carried 1 mile.---157,015,443 188,805,733 240,316.280 242.161.413
Rob. per pass. per mile__
$M2538
$.02838
3.02930
$.02971
INCOME ACCOUNT YEARS ENDED DEC. 31.
1931.
1930.
1929.
1928.
Aver. mileage operated.. 2,523.83
2,523.83
2,523.82
2,524.20
Freight revenue
$41,525,531 352,247.176 $63,796,582 $58,840r271
Passenger
3,984,708 5,359.000 7.042.372 7,194,988
Mail
873,381
904.777
1,318,496
853,780
Express
876,562 1,192,121
1,759,485 1,553,661
Miscellaneous
1,903,143 2,267,677
2,716,037 2.630,291
Total oper.revenues--349,163,326 $61,970,752 $76,632,974 $71,072,991
ExpensesMaint.of way & struct-- $5,421,979 $7,621,983 $10,273,862 $9,496,663
Maint. of equipment-- 9,052.868 10,317.394 12,922,779 11,815,468
Traffic
2,343,357 2,272,975 2,237,293 2,037,900
Transportation
22,197,142 24,311,522 27,985,608 26,784,643
Miami'. operations
319,175
392.868
430,001
421,650
General
2,736,483
2,470,258 2.732,956
2,223,051
Transp. for investment- Cr.46,752 Cr.137.237 Cr.307.077 Cr.367,809
Total open expenses_442,024,255 $47,249,762 $56,275,423 $52,411,568
Net rev,from ry. oper- 7,139,071 14,720,990 20.357,551 18,661,423
Tax accruals
2,631,176
2,626,506 3,253,683 3,052,357
Uncollectible
22,375
14.286
11,319
13,667
Operating income-- $44,485,520 $12,080,198 $17,092,548 $15,595,399
Other oper.income
684,954
710.413
844.806
695,006
Total oper. income__ $5,170,474 $12,790,611 $17,937,355 $16,290,406
Hire offreight cars-Dr.. 3,123,274 2,791,861
2,415,192 2,171.711
Joint facility rents
2,211,575 2,041,286 2,022,802 1,939,440
0th.deduc.fr.oper.Inc_
202,620
245.789
247,769
229,215
Net oper. income----def$366,995 $7,711,675 $13,251,591 $11,950.039
Non-operating income-971.059 3,384,148 1,922.888 1.635.855
Gross income
$604.065 $11,095,821 $15,174,478 $13,585,895
Rent for lease of roads._
356,902
359,568
364,257
363,633
Int. on funded debt
6,787,348 6,643,264 6,239,316 5,936.108
Int. on unfunded debt....
410,471
218,213
513,270
665,665
0th.deduc.fr. gross inc_
100,089
93,020
203,230
219,211
Net income
def37,050.746 $3,781,755 $7,854,404 36.401,277
Dividends paid
3,691,485 3,461.790 3.576.920
Balance, surplus_ _def$7,050,746
$90,270 $4,392,614 $2,824,357
Shares of common stock
outstanding (par $100)
667.340
667,340
667.340
666,978
Earnings per share
$0.29
Nil
a$6.39
$4.23
x The net income of $7,854,404 is equivalent after dividend requirements
on the 5% class 13 preferred stock, and under the participating provisions
of the class A preferred and common shares, to $5.68 a share on combined
693,692 shares of 5% pref. A and 667,340 shares of common stock.
COMPARATIVE BALANCE SHEET DEC. 31.
Assets1931.
1930.
Investment inroad and equipment
$298,766,529 $300,393,004
Sinking fund
374
374
Deposits in lieu of mortgaged property sold
26,240
Miscellaneous physical property
2,057,107
2,013,521
Investment in affiliated companies
12,600,384 12,613,402
Other investments
25,139,509 24,207,721
Cash
2,052,186
2,423,722
Special deposits
355
2,447,238
Loans and bills receivable
431
5.059
Traffic and car service balances receivable
1,539,815
1,773,815
Net balance receivable from agents & conduct'rs
610,501
197,541
Miscellaneous accounts receivable
4,021,227
2,633.779
Material and supplies
4,203,345
4,626,741
Interest and dividends receivable
1,281,850
1,483,138
Rents receivable
59.622
54,023
Other current assets
14,278
44,457
Working fund advances
203,849
183.985
Insurance and other funds
48,812
45.375
Other deferred assets
4,288
5.622
Rents and insurance premiums paid in advance80,089
73,263
Discount on funded debt
7,718
Other unadjusted debits
949,943
938.154
Securities issued or assumed,tinpledged
400,406
948,405
Securities issued or assumed.Pledged
1.545.924
1.037,924
Total
$335,5577) $358,157,985
62
Liabilities
-
Capital stock
Funded debt
Loans and bills payable
Traffic and car service balances payable
Audited accounts and wages Payable
Miscellaneous accounts payable
Interest matured, unpaid
Dividends matured, unpaid
Funded debt matured. unpaid
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
Deferred liabilities
Tax liability
Accrued depreciation
Other unadjusted credits
Corporate surplus-AdditIons to property
Profit and loss balance
$138,492,967 $138,492,967
139.616,988 141,845,388
9,750.000
,591
1
2.028,439
6,994,411
5.185,078
421,004
304,512
501.083
238,775
1,345
6,578
616,200
200
1,798,448
1,833,754
443,189
395,247
118.844
124,265
1,092,593
4,517,446
1,916,079
1,897.752
16,346,775 15,474,465
1.397,152
1,528,595
642,831
1,249,948
32,747,592 43.034,574
Total
-V.134. p.2333.
$355,607,062 $358,157,985
3089
Erie Railroad Co.
(37th Annual Report
-Year Ended Dec. 31 1931.)
OPERATING STATISTICS FOR CALENDAR YEARS.
1931.
1930.
1929.
1928.
Miles of road operated-2,316
2,316
2,316
2,817
No. of tons freight carried:
Merchandise
17,971.775
23,855,663
29.707,973
27.986,239
Coal and coke
18,063,187
20,387,336
22,830,697
21,059,934
All freight
36.034,962
44.242,999
52,538,670
49,046.173
Total No. tons all freight
carried one mile
7,639,912.264 9,130,633,042 10770,648,870 10506,738,211
Aver,rev. per ton per mile
0.973 eta.
0.983 cts.
0.993 eta.
0.985 eta.
Freight rev. per ton mile_
$8.72054
39.28563
59.79937
$9.46031
Aver. No. of tons freight
In each train
897
945
987.12
960.45
No,of passengers carried_ 23,433,188
26,247,945
27,606,251
27,744.812
No. pass. carried 1 mile
497,000,310 569,374,863 604,601,879 603,712,640
Aver, fare p. pass. p. mile
1.625 eta.
1.757 eta.
1.830 eta.
1.864 cts.
Pass. train rev. p. train m.
31.68122
31.89833
32.18814
32.16302
Gross rev, per mile of road
$38.926
$47,067
$55.800
$53.934.49
INCOME STATEMENT FOR CALENDAR YEARS.
1931.
1930.
1929.
1928.
Operating Revenues$
$
$
$
Merchandise
54,817,918 66.647,621 79,935,178 77,321,781
Coal
19,449,984 23,096,614 26,987,065 26,168,616
Passenger
8,076,858 10,001,333 11,065,777 11.254,265
Mau. express. are
7,808,840 9,250,442 11,242,417 10,231,880
Gross operating revenue
Operating ExpensesMaint. of way and structures
90,153,601 108,996,010 129,230,437 124,975.642
11,226,541 13,278,737 15,130.938 15,238,304
Maint. of equipment
18,149,615 23,144,827 27,979,062 26,285,543
Trafftc
2,331,184 2,461,735 2,600,520 2,378,433
Transportation
34,336,925 41,069,776 47,148,049 46,954,240
Miscellaneous operations
468,916
583,659
672.028
634,837
General
3,936,567 4,124,510 4,246,531
4,040,808
Transportation for invest.-Cr135,247
193,995
146,214
169,200
Total railway oper. expenses.... 70,314,501 84,469,249 97,630,916 95,362,9137
Net operating revenue
19,839,101 24,526,761 31,599,521 29,618,576
Railway tax accruals
5,167.313 5.086,339 5.627,391
5,057,831
Uncollectible railway revenue
18,947
11,980
46,004
22,474
Operating income
14,652,840 19,428,442 25,926,125 24,533,270
Net hire of equip.rents, deb. bal. 4,273,265 4,362,981
4,418,153 4,498,061
Net joint facility rents, deb. bal.
27,473
38,270
45,935 Cr.11,950
Net railway operating income_ 10.362,103 15,027,192 21,462,037 20,047,159
Non-Operating Income-Dividend income
3,167,395 3,281.195 3,218,627 3,203,519
Miscellaneous rent Income
509.749
492,476
508,933
512,061
Income from funded securities415,253
314,396
170,787
253,872
Income from unfunded securities
and accounts
223,359
841,561
609,274
436.101
Income from lease of road
62,947
47,473
42,703
35,485
Miscellaneous income
175,902
200,990
158,317
234,239
Total non-operating income- 4,554,605 5,178,093 4,708,541
4,675,280
14,906,707 20,205,285 26,170,579 24,722,440
Deductions
Rent for leased roads
2,193,460 2,219,387
2,265,906
2,390,924
Miscellaneous rents
938,790
911,828
741,097
823,675
Miscellaneous tax accruals
106,033
122,478
135,598
123,852
Interest
12,517,393 12,695,366 11,285,634 11.280,595
Miscellaneous
52,123
85,076
64,635
100,508
Applicable to sinking fund, &c...
1.453.356 1.388,092
Gross income
Balance,surplus
1st pref. stock dividends
2d pref. stock dividends
def901,093
958.088
4,171,149 10,224,353
1,916,176 1,916.176
640.000
640,000
8,614,792
Balance surplus
def1,859,181 1,614,973 7,668,177 8.614,792
Ms. com. stk. outst'g (par $100) 1,511,167
1,511,167 1,511,167 1,511,167
Earnings per share
Nil$6.03
$4.93
Surplus Accouni.-Surplus Dec. 31 1930, $14,523,11 87profit on road and equip34
.
ment sold, $156,860: unrefundable overcharges, $5,225; donations. $105.462; miscellaneous credits, $100,512: total, $14,891,217. Deduct: Surplus applied to sinking
and other reserve funds. $1,450,519; dividend on 1st pref. stock, $958,088: debt
discount extinguished through surplus (credit), $58,587; ions on retired road and
equipment, $987,562; miscellaneous debits, $193,356; surplus appropriated for
investment in physical property, $105,462; profit and loss surplus Dec. 31 1930
of $10,353,724.
COMPARATIVE GE 93 RAL BALANCE SHEET DEC. 31.
1NE
0
1931.
1931.
1930.
AssetsLiabilities$
$
Invest. in road
$
$
Common stock.151,116,700 151,116,700
& equipment_391,212.818 389,339,889 1st pt. non-c.stk. 47,904,400
47,904.400
Impts. on leased
2d pr. non-c.atk. 16,000,000 16,000.000
railway prop_ 57,763.162 54,491,349 Grants in aid of
Skg. funds (net)
175,275
8,817
construction__ 1.812,463 1,804,634
Depos. in lieu of
Equip. obligars 33,147,400 36.636,500
mtg.prop.sold.
410
410 Mortgage bonds 225,755,700 226,030,100
Misc.phys.prop. 1,579,208
1,591,111 Coll. tr. bonds- 7.149.000 8,344,000
Inv.in Mill. cos.:
98,000
98.000
Income bonds_
Stocks
94,624,874 94.657,947 Miscell. obligat_ 1.039.824 1.042 996
Bonds
29,065,351 28,884,048 Loans&bills pay. 4,600,000
Notes
649,300
649,300 Traf. & car-serv.
Advances _ _
21,727,745 10,477,673
bats. payable.. 2,213,673 2,737,849
Other invest.:
Aud. accts. and
Stocks
207,093
wages payable 7,466,322 7,16935 8
207,792
210
:044
227,214
Bonds
3,000,300 2,000,300 Misc.accts. pay.
Notes
11,174
Int. mat.unpaid 1,973.770 2,001,000
Advances_ - _ ..
13,455 1,284:m
69 393
664
664 Divs.mat.unPaid
k iscellaneous
42,116
46,216 Fund, debt mal
Cash
12.000
6,262,577 15,390,231
tured unpaid_
Unmat.int.accr_ 2,057,686 2,114,009
Time drafts and
deposits
354.861
100,000 Unmat.rentsaccr
357, 10
200 435
9
Special deposits_
197,111
44,863 1,964,719 Oth.eurr.liabils.
Loans&bills rec.
2,223
1 Deferred Hal:ills_ 1,141,104 1,019.103
Trill. & car-serv.
Tax liability .._ _ 1,893,623 2,065.579
bals. reedy.. 1,932,018 8,436,595 Accrued deprec.,
Net bal. reedy,
equipment.. _ - 65,721,425 63.177,398
from agents &
Oth.unadj.cred. 2,463,898 3,083,406
conductors...
299,535
421,482 Add'ns to prop.
Misc. accts. rec. 3,190,386 7,107,024
tarn Inc.drsur. 9,431,027 9,325,565
Mat'l & supplies 4,444,918 5,309,063 Fund,debt retir.
Int.& diva. rec. 1,815,454 1,752,185
tarn inc.&sur. 1,129,857 1,027,177
0th.cum assets
257,129
254.158 Skg.fund res'ves 25,735,835 24,387,997
Work.fund adv.
34,386
34,388 Profit and loss- 10,353,724 14,523,148
Insur.& oth Ids.
226.166
202,353
0th. def. assets..
255,113
148,127
Rents dr insur.
prems. paid in
advance
339.296
321,906
Oth.unadj.deb. 1,846,520 1,933,135
Total
621.010,074 623,730,881
-V.134, p. 2712.
Total
621,010,074 623,730,881
Northern Pacific Railway Co.
(35th Annual Report
-Year Ended Dec. 31 1931.)
PASSENGER AND FREIGHT STATISTICS.
1931.
1930.
1929.
1928.
No.of passengers carried
979,999 1.396,553
No. pass. carried 1 mile-200.744,511 257.074.433 1.923,710 2,203,569
Av.rate per pass.per mlle 2.726 eta. 3.006 eta. 322.096,719 348,613.851
No.tons rev.freight carr. 14,927,702 19,685.492 3.049 eta. 3.084 eta.
No. tons rev. 1 mile-4074528,222 5420866,297 23,157,702 24,089.259
6594488.825 7052061,971
Average receipts per ton
per mile rev. freight-- 1.247 eta. 1.202 eta.
1.166 eta. 1.159 eta.
Revenue per mile of road
(average mileage).$8.935
$11,542
413,829
$14,667
Financial Chronicle
3090
RESULTS FOR CALENDAR YEARS.
1929.
1928.
1930.
1931.
Operating Revenue-$50,823,027 $65,135,270 $76,862,142 $81,724,976
Freight revenue
5,472,083 7.727,955 9,820,918 10.732,830
Passenger revenue
Other transportation rev. 4,293,864 5.496.346 7,210,293 6,247.579
Incidental & joint facility 1,723,112 2,282,842 2,628,996 2.567,354
Total oper. revenue-$62,312,087 $80.642,412 $96,522,348 $101272.739
Operating Expenses
Way and structures.... $7,760,727 $9,884,413 $12,203,551 $12,596,853
14,028,210 17.053,769 18,755,105 18.700,310
Equipment
259
2,354,376 2,750,1782,702,015. .
Traffic
23,761,092 28,589.123 32,342,737 32,825,515
Transportation
1,529,152
„
1,100.411„
operations
Miscell.
3,220,095 3,131,839 3,127,989 3,067,887
General
Transp. for investment- Cr142,065 Cr159,384 Cr192,702 Cr455,011
Total open expenses.$52,082.847 $62,734,420 $70,551,665 $70,801,966
Net operating revenues- 10,229,240 17,907.992 25,970,684 30,470,757
Taxes & uncollec. revs-- 6,826,459 7,499,174 9,231,677 9,708,855
By. open income.... $3,402,780 $10,408,818 $16,739,006 $20,761,903
922,217 1,421,760 2,297,563 1.985,491
Equipment rents, net..._
Joint facility rents, net_ 2,476,423 2,463,635 2,373.775 2,341,178
Net ry. oper. income- $6,801.420 $14,293,213 $21,410,344 $25,088,572
Non-operating income-- 16,852,586 17,984,868 15,484,669 11,320,518
$23,654,006 $32,278,082 $36,895.013 $36,409,090
Gross income
14,391,742 14,500,227 14,569,074 14,646,255
Lat, on funded debt
549,139
517,631
629,625
Other deduc.from income 359.928
Net income- ------ $8,902,336 $17,228,716 $21,808,308 $21,133,210
Div. approp'ns (4%) - 9.920,000 (5)12400,000(5)12400,000(5)12400,000
df.$1,017,664 $4,828.716 $9,408,308$ 8,733,210
Balance
She. outst'dg (par $100) 2.480,000 2,480.000 2,480,000 2,480,000
Earned per share
$8.52
$8.79
$3.59
$6.94
GENERAL BALANCE SHEET DECEMBER 31.
1930.
1931.
1931.
1930.
Liabilities
$
Assets$
Capital stock_ _248,000,000 248,000,000
Inv. in road and
equipment-608,843,627 609,500,745 Grants in aid of
481,983
508,587
construction _
Deposits in lieu
309,671 Funded debt_ _ _310,142,500 314,137,000
of mtged. prop. 103,397
phys. prop.11,285,308 10,987,620 Tref.& car.serv.
Misc.
517,685
418,649
bals. payable_
Inv. In attn. cos.:
144,232,323 144,232,323 Vouch. & wages 4,658,959 4,993,672
Stocks
382,775
34,086,529 34,091,129 Misc.accts. pay. 575,797
Bonds
2,475,261 2,472,761 Int. mat. unpaid 5,261,549 5,285,277
Notes
5,577,425 4,385,325 Unmatured diva.
Advances1,860,000 3,100,000
declared
Other Investml:
8,631 Unmatured int.
8,631
Stock
314,382
346,735
2,672,783 1,966,629 accrued
Bonds
6,315 2,189,815 Unmatured rents
U.S. Tr. notes
7,457
7,457
accrued
for sate
Contr.
71,220
60,450
Other curr. Habil.
of land gr'nt
76,728
101,456
4.347,957 4,673,611 Other del. liabils
lands
10,381,188 9,595,094
9,045,695 15,714,012 Tax liability_
Cash
Special deposits- 5,258,611 5,282,339 Accrued deprec.
850 of equipment_ 57,494,410 55,616,240
890
Loans& bills rec.
Other unadjustTref.& car.serv.
2.156,135 14,154,682
809,062 1,216,389 ed credits
bals. reedy_ _
710,483 Add'ns to prop.
630,047
Fr.agts.& con
Misc.accts. rec_ 3,641,776 2,795,212 thru. income
1,283,421 1,154,505
Material &suppl 10,260,591 9,459,995 and surplus
Fund dt. ret'tes
Interest. div. .k.
102,465 thru. Income
106,527
rents receiv
72,009 and surplus 17,707,060 17,640,475
57,545
Other curr. assets
630
146,865
43,401 Misc.fund res've
38,370
Wkg.fund advs.
85,927 Profit and loss
assets 111,734
Other def.
187,337,548 193,207,575
balance
Oth.unadj.debts 4,669,776 18,614.628
Total
848,270,178 868,915,968
Total
848,270,178 868,915,968
-V. 134, p. 2332.
Cincinnati New Orleans & Texas Pacific Railway Co.
-Year Ended Dec. 31 1931.)
(50th Annual Report
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1928.
1929.
1931.
1930.
Operations338
338
338
338
Miles operated-.
705,147
802,831
527,628
357,578
No.of pass.card
92,013,290 100,762,322
65.563,012
Pass.car'd 1 mile 43.683,319
3.22 cts.
3.25 cts.
3.15 cts.
3.06 cts.
Rev,pass. per m.
8,002,224
7,738,693
6,756,168
5,153,970
Tons rev.frt.crd.
Tons frt.crd. 1 m 1,120,275,066 1,415,574,987 1,706,407,550 1,634,758,952
Rev, per ton per
1.05 cts.
1.06 cts.
1.06 cts.
1.08 cts.
mlle
Av. train load
550
527
538
515
_
(rev.) tons_ _
Earns, per pass.
$2.20
63$2,9.6272
$1.53
$1.35
mile....
train
66,503
53,352
42,548
Cr. earns. Per In.
INCOME ACCOUNT FOR CALENDAR YEARS.
1929.
1928.
1930.
1931.
Operating Revenues
$12,154,928 $14,960,439 $18,053,597 $17,167,623
Freight
1,338.858 2.062,916 2,958,708 3,278,612
Passenger
882.173
1,185,157
792,879
724,004
Mail, express, &c
291,985
303,315
225,716
170,509
Incidental, &c
$22,489,448 $21,631,726
Total oper.revenue--$14,388,299 $18,041,950
Operating Expenses
4,570,624 3,394,079
2,742,279
Maintenance of way,&c. 2,580.700
5,097,934 4,516,043
Maint. of equipment-- - 3,538,655 4,098.228
540,951
517,185
456,257
391.280
Traffic expenses
4,337,939 5,345,747 6,262,596 5,991,660
Transportation
162,225
149,886
117,588
85,153
Miscellaneous operations
636,790
654.135
637,473
628,693
General expenses
Cr.2,497
Cr.25,385
Cr.13,416
_ Cr.11,593
Transport'n for Invest$17.226,977 $15,239,251
Total oper. expenses--$11,550,826 $13,384,156
6,392,476
5,262.471
4,657,794
Net revenue from oper_- 2,837,474
1,241,548
1,113,875
1,042,782
790,685
Taxes
683
2,031
1.073
710
Uncollectible revenues-.
167,433
84,599
Cr.78,598
Cr.71,798
Hire of equipment
65.284
66,271
71,924
71,769
Joint facility rents
$3.995,695 $4,917,528
Operating income_ -_.. $2,046,168 $3.620,613
Non-Operating Incom$1,483
$1,434
$1,434
$1,324
Incomefrom lease ofroad
34,420
34,894
33,677
25,411
Miscel. rent income-- -6.786
6,495
2,721
2,569
Income from leased rail8,031
8,026
8,026
8,026
Dividend income
439,238
385,001
432,574
incomefrom funded secur. 201,370
Income from unfunded
186.029
456.102
438,137
148,918
secur. ,k accounts,
$2,433,727 $4,537,184 $4.887,647 $5,593,515
Gross income
Deductions
1,700,975
1,684,769
1,674,246
Rentfrom leased roads_ _ 1,642,755
32,005
31,868
31,867
13.229
Miscellaneous
121,805
106.378
93,549
80,722
Int. on equip. obligat'ns
5.519
4,575
12,285
74,565
Int. on unfunded debt
470
378
302
279
Miscel. income charges$2.724,934 $3,059,681 $3,732,740
$622,176
Net income
122,670
122.670
122,670
122.670
Preferred dive• (5%),.
(11)986,700 x(8)717,600 (11)986,700 (11)986.700
Common dive
Bal. carried to credit
def$487,194 81,884,664 $1.950,311 $2,623,370
of profit & loss
Shares of common out
89,700
89,700
89,700
89.700
$100)-standing (Par
$40.25
$32.75
529.01
$5.57
Earns, per eh. on com
April 23 1932
GENERAL BALANCE SHEET DEC. 31.
1931.
1931.
1930.
1930.
AssetsInvestm't in road_ 1,940,569 1,892,984 Common stock_ 8,970,000 8,970,000
Investm't in equip.21,504,299 21,642,487 Preferred stock.. _ 2,453,400 2,453,400
Equip,trust oblig_ 1,515,200 1,759,000
Imp'ts on leased
railway prop_ _ _24,666,911 24,089,819 Traffic & car serv.
Misc. phys. prop__ 423,942
balances payable
421,781
97,435
133,748
Inv.in affil. cos.
Audited accounts_ 875,793 1,082 618
364,001
364,001 Misc, accts. pay.. 235,919
Stocks
177,225
243,507
243,507 Int. mat'd unpaid_
Bonds
30
60
1,548,333
Advances
757,108 Divs. mat'd unpd_
25,039
236,305
118.109
124,282 Unmet.diva. decl_
Other investnals
10,222
10 222
2,626,024 2,902,751 Unmat' mt. accr'd
Cash
89,768
26,772
U.S. Govt.securs. 4,286,000 5,946,675 Unamt.rents am_ 505,878
537,553
28,569
239,865 Other curr. liab_ _ _
Special deposits_
9,080
9,684
Loans & bills rec_ _
Deferred liabilities
18,591
34,676
Traffic & car.serv.
Taxes
577,412
756,381
559,224 Operating reserves 207,342
balances receiv_ 399,069
251,042
A ccr'd depreciat'n
Balance due from
1,642 on equipment_ _ 5,375,917 4,942,465
1,393
agents & conduc.
454 138 Other Unadj. cred_ 1,335,080
Misc.accts. receiv. 1,367,340
831,602
991,180 1,023,892 Add'ns to property
Materials & supp
109,874 through income
Int.& diva. receiv_ 138,753
6,220
7,396 and surplus_ _ _ _28,532,414 27,571,498
Other curr. assets_
9,993 Profit & loss, bal_ _10,192,512 1E689.939
Deferred assets...55,100
682,775
Unadjusted debits 417,711
61,027,033 61,474,193
Total
-V. 134. p. 1574.
Total
61,027,033 61,474,193
Southern Railway Company.
(38th Annual Report-Year Ended Dec. 31 1931.)
The remarks of President Fairfax Harrison, together with
condensed statement of earnings and balance sheet, were
given in the advertising pages of "Chronicle" of April 9.
A detailed statement of operations follows:
OPERATING STATISTICS FOR CALENDAR YEARS.
1931.
1930.
1929.
1928.
Average miles operated 6,724
6.731
6,730
6.761
xEquipment--1,787
Locomotives
1,377
1,802
1,817
1,004
Passenger equipment_ -935
1,037
1.074
61,388
Freight equipment
60.847
60,423
62,220
Road service equipment.
2,596
2,548
2,565
2,578
25
25
25
Marineequipment
25
Operations
3,283,307 4,633,872 6.367,720 7,051,100
Passengers carried
Passengers cart. 1 mile- -391,827.595 516,481,084 662.764,876 714,476,824
Av. rev, per pass, per m- 3.142 cts. 3.316 cts. 3.320 cts. 3.361 cts.
Tons carr.(rev.freight). 31.931.751 38,608,638 44,546,151 45,807,934
Tons 1 m.(rev.frt.)- -.6047509820 7167544614 8350518000 8412608000
Av.rev. per ton per mile 1.281 cts. 1.281 cts. 11293 cts. 1.291 cts.
Av.rev. train load (tons)
418.88
449.15
472.76
478.18
Rev, per pass. train mile $1,250.47 $1,586.35
$2.0568
$2,0317
Rev, per frt, train mile
$5.36395
$5,75256
$6,112
$4,175
x Includes narrow-gauge equipment.
INCOME ACCOUNT FOR CALENDAR YEARS.
1931.
1930.
1929.
1928.
Operating Revenues$
Freight
77.440,284 91,799,046 107,062,041 108,640,633
Passenger
12,312.558 17.129.081 22,004,662 24,016,843
Misc. passenger-train_ _ _
235,386
638,818
831,993
911,797
Mail
3,702,029 3,801,688 5,555,430 3,658,229
Express
1,404.414 2,025,405 2,675,486
2,578,723
Other transportation_ _ _
666,668
1,003.681
1,154,676
1,188,367
Incidental
1.201,397
1.603.182 2,006,044 2,154,059
Joint facility
752,375
687.706
993,615
96,,798
Total oper.revenues__
Operating ExpensesMaint, of way. & struct.
Maint. of equipment
Traffic
Transportation
Misc.operations
General
Transp.for invest
97,715,112 118,868,608 143.183.948 144,116,452
15,028,650 17.089.087 21,181,962 21,050,021
20,429.088 22,283,261 26,535,731 524,870,262
2,454.163 2,708,341
2,900,574 3,111,347
37,168.431 41,880,049 46,642.097 47,572,634
724,065
920,261
994,942
1,041,519
4,001.978 4,321,299 4,564,332 4,341,708
Cr.22,416
Cr.9,383 Cr.118,051
Cr.99,772
Total operating exp.. 79,783.959 89,162.916 102,701,588 101,887,718
Net revenue from oper_ - 17,931,152 29,705,692 40,482,360 42.228,734
Taxes
7,311,318 8.383,821
9,320,686
9,579,113
Uncollectible revenues
20,340
11,518
28,557
19,267
Hire ofequipment
1,260,785
624,311
107,159
832,987
Joint facility rents
1,057.603
977,879
994,981
954,812
Total other expenses-- 9,650,046 9,997,529 10,451,383 11,386,179
Operating income
8,281,106 19,708,163 30,030,977 30,842,554
Non-Operating Income
Income from lease road_
68,474
74,360
73,816
74,348
Miscel. rent income.._ -288,379
295,510
301,582
299,865
Misc. non-oper. physical
property
21,389
39,771
67,581
96,311
Dividend income
934,774 4,431.504 2,806.629 3,168,242
Inc.from fund.secur_ -- 1,188,391
1,533,114
1.767,373
1,909,899
Income from unfunded
securities and Accts.. _
738,603
860,471
824,015
767,777
Miscellaneousincome--7.778
1,429
2.432
10,220
Total non-oper.Inc_ -- 3,247,789 7,236,159 5,785,191
6,382,900
Total grossincome
11,528,896 26,944.322 35,816,168 37,225,455
Deduct from Total.Gross
Income
Rent for leased roads-- 2,517,220 2,601,920 2,698,169 2,890.670
Miscellaneous rents__ _ _
39,342
42,221
35,508
Int. on unfunded debt253,072
337,490
UR
113,760
Miscel income charges-131,042
136,332
137,801
149,340
Total deductions
2,940,676 3,117,963 2,952,038 3,189,278
Total available income.- 8,588,220 23,826,359
Interest on funded debt- 12,728,630 12,728,630
Int.on equip.obligations 1,556,424
1,745,208
1.780,704
1.814,406
Div.on South'n Ry.Mobile & Ohio Stock
Trust certificates
226,008
226,008
226,008
226,008
Bal.ofInc.over chgs.10885,922,842 9,126,513 18,128,788 19.267,133
Pref.diva.(5%)
3,000,000 3,000,000 3,000,000
See x
Common divs
(8)10.385,600(8)10385.600(8)10385,600
def5,922,842 def4259.081
Balance
4,743,188 5.881,533
105,891,069 116,395,011 111,747,854 105,849,240
Credit bal. Dec.31
100 626
Net miscell.credits
240,230
Dr.252,579 Dr1.331,474
Property retired
Dr223,150
xCommon dividend..._ Dr454,370 Dr4,738,430
Net miscell. debts
174,950
96,030
Profit & loss sur. Dec.31 99.361,904 105.891,069 116,395,011 111,747,854
Sbs. com.stk. (par $100) 1,298,200
1,298,200
1,298.200
1,298,167
Nil
Earnings per share
$7.03
$12.53
$11.65
x The reserve of $3.65 per share ($4,738,430) charged against surplus
In 1930 and paid in 1931. together with the dividend of 35 cents per share
charged against surplus in 1931 brought the total dim paid on common
in 1931 to $4 per share.
y Although dividends 01 5% ($3,000,000) were paid on pref. stock during
1931, this amount was previously appropriated out of surplus and therefore
Is not shown as a direct charge in 1931.
BINA TOWN
Financial Chronicle
Volume 134
GENERAL BALANCE SHEET DEC "1.
1931.
1930.
1931.
1930.
Assets
Liabilities$
Invent. in road_411,781,149 409,321,101 Common stock _129,820,000 129,820,000
nvest.in equip _ 144,943,915 146,532.848 Preferred stock- 60,000,000 60,000,000
Constr. fund deSouthern
Ry.
rived fr. cash
Mobile & Ohio
paid on corn.
stk. tr. certit_ 5,650,200
5,650,200
stk. subscrip_
176,299 Funded debt_ _ _259,213,500 259,213,500
Misc. phys.prop
415,227
466,105 Equipment trust
Invest.in
obligations- __ 31,251,800 35,280,000
Companies
Grants sinceJuly
Stocks
34,982,319 34,962,426 1 1914, in aid
Bonds
27,297,148 27,297,148 of construct__
298,995
346,382
Notes
3,719,071 3,719,071 Traffic & car ser.
Advances
12,426,369 12,605 473 balance pay_ _ 1,075,474 1,389,483
Other Interest
Aduited accts.&
Stocks
50,408
9,111,153 9,024,602
50,408 wages payBonds
2,378,308 2,378,308 Misc.accts. pay. 1,368,117 1,123,562
Cash
4,785,907 9,239.115 Int. mat., incl.
U.S. Govt.see_
12,802,301 int. due Jan. 1 2,947,938 2,910,972
Special deposits_ 2,969,666 2,937,147 Div. mat. unpd.
3,442
5,513
Loans& bills rec. 1.707,274
497.148 Fund, debt mat.
Traffic& car ser.
23,084
unpaid
16,566
ballance rec_
1,207,414 1,483,328 Unmet.div. ace.
Bal.due fr. agts.
on South. Ry.
& conductors_
19,161
13,737 M. dy 0. stk.
Misc. accts. rec. 3,512,221 3,542,633 trust certif- _ 56,502
56,502
Material & sup_ 4,796,290 5,846,224 Unmet.int. accr 2,291,049 2,433,523
Int.& div.rec_ _ 1,524.209 1,684,300 Unmatrents ace
172,200
128,600
Other cur. assets
31,085
29,676 Exp. accr. not
Work,fund adv.
1,379,227 1,514,634
67,808
68,536 vouchered
Cash & see. In
Other cur. Habil.
285,529
277,807
insurance fund 2,480,666 2,609,164 Dividend reserve
10,334,830
Cash depos. unSundry def. flab. 5,193,997 5,179,769
der N. Caro.
Taxes
1,026,433 1,680,194
RR. lease_ _ _
175,000
175,000 Insurance res.__ 2.480,666 2,609.164
Other del. assets
719,111
527,767 Operating res.__ 1,331,392 1,077,180
UnadJust. debts 1,765,975
386,609 Deprec. accr.on:
Equip. owned 41,610,484 39,029.869
Equip, leased
from other
companies
733,556
596,172
Sundry items_ _ _ 3,561,593 2,281,643
Special apProo•
for add, to
property since
June 30 1907.. 3,508,133 3382.476
Profit and loss 99.361,904 105.891,069
Total
663,755.703 681,354,873
-V.134, p.2714,2705.
Total
663,755,703 681,354,873
Pittsburgh Railways Co.
(Annual Report-Year Ended Dec. 31 1931.)
STATISTICS FOR CALENDAR YEARS.
[Prepared in accordance with the terms of the agreement between city 0J
Pittsburgh, sundry other municipalities, Philadelphia Co. and Pitts. Rys.
1929.
1931.
1930.
1928.
Miles of road
330.59
330.94
330.10
330.73
Total cars
1.412
1,563
1.618
1,620
Passengers carried rev--195,144,354 263,634,406 286,034,486 251,874,571
Passengers carr'd, total_227,411.414 326,825,796 355.227,208 367.604,570
Car miles operated
37,818,777 39,511,499 39,907,746 40,095,249
Earns. per pass, car mile 41.95 cts. 46.84 cts. 50.08 cts
50.45 cts.
Aver. far per rev. pass
8.08 cts.
8.04 cts.
8.01 cts.
8 cts.
INCOME ACCOUNT
-YEARS ENDED DEC. 31.
Gross rev.from street ry.
1931.
1930.
1929.
1928.
$16 064,692 $18 758,599 $20 258 008 $20 576 466
,
:y
_
Mo e ati9n & struct. 644,682
arnf.of w
'750,850
'808.771
'840:641
Maint. of equipment_ -622,355
739,184838,041
879,502
Traffic, trans. &c., exp- 11,768,020 12.883,512 13,625,928 13,908.001
Taxes
512,844
508.168
535.459
569,624
Net rev,from oper
$2,516,791 $3,876,885 $4.449,808 $4,379,698
Rev,from auxiliary oper.
(net)
Dr10,991
Dr5,401
11,767
1,279
Rev.fr. oth.oper.(net)_
54,775
76,689
94.800
117.339
Gross income
$2,560,573 $3,948,113 $4,556,374 $4.498,316
Inc. chgs. (a) Items
under agreement:
Return of 6% on capital investment
4,030,564 4.032.167
4.025.022 4,013,469
Amort. of debt disc.
& expenses
25.655
25,914
44,907
27,974
Paym. to city of Pitts.
& other munic. in
lieu of licenses,
assess., &c
472,016
463,491
438,979
Items not under agreement
Int. on judg. & settle_
1,956
899
900
787
Rental of 17th St. incline plane
6,000
6,025
6,148
6,621
Net inc. for year_def$1,503,600 def$588,907
$15,905
$10,486
CONSOLIDATED GENERAL BALANCE DEC. 31.
(Company and subsidiary and affiliated street railway cos.)
1931.
1930.1931.
1930.
Assets$
$
Liabilities$
$
Fixed capital
85,150,425 84.172,761 Common stock_ -- 2,500,000 2,500,000
Investments
773,482
174.993 Preferred stock___ 2,500,000 2,500,000
Sink.fund assets- 361,069
654,211 Stocks of sub. cos.27,702,070 27,727,830
Special deposits_
443,912 Funded debt
31,184,500 31,647,500
Affiliated co.'s_
540,298 Affiliated cos
10,900,690 11,460,692
Cash
232,967
400,948 W'kmen's compen. 65,581
76,288
. 225,229
Accts.receivable_
221.594 Notes payable_ - _ 300.000
300.000
Notes receivable....
246
1 Accounts payable_
559,487
matq & supplies_ _ 678,040 1,252,683 Due to attn. cos_ _ _ 393,478
144,258
Bond int. dep
279.538
Maturity, int. &
Duefrom aftII. cos.
8,228
rentals
256,062
Interest receivable
7,001
Municipal charges 122.740
181,495
Prepaid accounts_ 111,735
109,017 Taxes accrued_ _ _ _ 586.117 600,524
Unamort.debt disc
Rentals accrued__ 111,212
193,779
expenses__ 250,791
and
277.082 Accr. int. on fund.
Other def. charges 1,134,042 1,588,194 debt
535,229
108,597
Other accr. Ilab
493
1,146
Accrued dividends
22.163
Deferred liabilities 435,959
Deferred credits
255,571
273.156
Retirement reserve 7,998,211 7,238,975
Other reserves_
2,348,802 2.345.817
Surplus
1.005,720 1,864,344
Total
89,112,791 89,835,692 Total
89,112,791 89,835,692
Note-This balance sheet does not nclude operated lessor street railway
companies, a majority of whose capital stock is not owned by the Pittsburgh
Railways Co. and subsidiary and affiliated companies, the outstanding
securities of said companies owned by the public being capital stocks
$14,709,800 and bonds $303,000 certain of which are guaranteed as to
-V. 134, P. 848.
dividends, principal and interest.
Anaconda Copper Mining Co.
(Annual Report-Year Ended Dec. 31 1931.)
John D. Ryan, Chairman, and Cornelius F. Kelley,
President, report in substance:
The year 1931 witnessed a further decline in all non-ferrous metals and
their products from the low prices that had been reached in the previous
year. Efforts which had been made to bring production into line with
declining consumption were only partially successful, resulting in a further
accumulation of stocks.
3091
World produCtion'of copper for the first nine months of the year totaled
1,144,966 tons, asTcompared vrithS1,341,257 tons for the corresponding
periodgof 1930. a Idecrease:of 196,291 tons, or 14.63%. Monthly production tdeclinedgfromfaahigh for &the year in March of 136.958 tons to
120.689 tons 4inkSeptember. APresent production is considerably below
that,of September.
**World consumptiotijof copper for the nine months as indicated by American aBureauistatistics3was 1,042,011 tons, as compared with 1,192,331
tons for thejninegmonthsjof thegyear prior, a decrease of 150,320 tons, or
12.61%. Consumptionlof copper, after slight fluctuations for the first
few ,months, reflectedithelprevailing world-wide conditions, and declined
steadilyffoithe endlof the year.
erAFor,the secondiconsecutivelyear, the price trend of all metals was downward, copperfandbilverzselling at the lowest price in recorded history.
lead since 1914,gandizindsince11895. The price of copper, as reported by
the Engineeringl&Wininglanurnal was 10.275c. on Jan. 2, declined to a
low of 6.150e. on`,Nov. 21, andjelosed the year at 7.025c., with average for
the year 8.116c., ord4.866c. below 1930 average. The price of lead was
5.100c. onfJan. 2, declined togallow of 3.75c.. with year average of 4.243c.
Zincideclinedgsteadilylfrom14.125c. on Jan. 2 to 3.200c., advanced for a
period, thengdeclineditola low of 3.125c. on Nov. 25, and closed the year
at 3.138c.. withlyearihverage of 3.640c. The price of silver declined to
t
Feb. 16, advanced steadily to a high of 37.250c. on
a lowlof 25.750c.gon )
Nov. 10, andsagain declined to 30.25c. on Dec. 31, with year average
28.700c.,eor 49.454c. ergounce less than 1930.
naUnfilledjOrd,ers.- heTrapid decline in the volume of business, accompaniedbylcontinuediprice-cutting of metals, resulted in a backing up of
orders briaced,withgthegfabricating plants of The American Brass Co. and
the AnacondayWire gic Cable Co. The decreasing demand, accompanied
byitallinglprices, resulted in customers delaying specifications of the products
inventory of metals reserved to cover such
contracted for,
orders, andlisIthegprincipal reason for the excess inventory the company
carrying. effith but few exceptions, specifications are being received
is
againstItheselcontractsland it is expected thatpractically all products
coveredillbyilthemgwill ultimately be delivered. The total unfilled contracts,uponIthelbooksjof ThejAmerican Brass Co.and the Anaconda Wire &
Cable ..,o. atithelendlof the year:amounted to 199,871,316 pounds of copper
and 28,625,652 pounds of zinc.
pitInventoryjAdjustments. The practice was established in 1926 of carrying
the fixed normal inventory at fixed prices, which were lower than metal
pricesgthat prevalledfunder ordinary business conditions. Inventories in
excess gof normallrequirements were carried at cost. The fixed prices,
althoughteonsidered conservative when established, are higher than recent
market levels. It is deemed inadvisable, in view of the extremely low
metal prices blow Qprevailing, to continue the former method of pricing inventories, andlitherefore, all inventories in the consolidated balance sheet
at the closeiof thelyear, including the normal fixed inventory heretofore
carried at fixedlprices, are carried at market prices, allowance 'being made
This change in pricing inventories
for metals soldlunder firmjcontracts. surplus in
the amount of $7,449,459.
necessitatedianladjustmentIcharged to
gross income of the company upon a consolidated basis
-The
Financial.
totaled $96,387.705. The cost of sales, including all operating expenses.
development, maintenance, repairs, selling and general expenses and
taxes, and carrying directly against operating income all expenses incurred
by curtailed and non-operating units, amounted to $89,978.278. leaving
a net operating income of $6,409,427. Other income added resulted in a
total of $7,208 838, Charges for depreciation and obsolescence, interest
on current obligations, and interest and discount on bonds amount to
310,360.565. resulting in a net loss for the year, after all charge-offs on
operating account, of $3,151,726.
-Construction expenditures made by all companies
Capital Expenditures.
during the year totaled $2,969,226.
-The production of metals by the Anaconda company
Operations.
Copper
and its subsidiary companies from copper operations for the year 1931
was as follows:
Copper (lbs.) Silver (oss.) Gold (ozs.)
173.440.855 3,640.066.11 19,486.201
Anaconda Copper Mining Co
79,651.56 4.790.809
83,710.880
Andes Copper Mining Co
171,627,952
Chile Copper Co
41.872.903 278,231.01 8,446.596
Greene Cananea Copper Co
90.518,883 927,329.30 32,164.248
International Smelting Co
561,171.473 4,925,277.98 64.887.854
Total
RIFOf the above, 92.715,747 pounds copper, 1.028,960.76 ounces silver, and
42,342.915 ounces gold were produced from custom ores and ores treated
on toll.
ZinclOperations.-The production of electrolytic zinc at the Anaconda
and Great Falls plants during 1931 amounted to 125,983,883 pounds.
In addition, metals in residue produced amounted to 4,391,680 pounds
lead, 1,216,108 pounds copper. 451,344.57 ounces silver, and 5,210.621
ounces gold. Of this amount 948.260bounds copper, 25,138.75 ounces
silver and 73,700 ounces gold were treated through operations of the copper
plant.
-The lead plant of the International Smelting Co.,
Lead Operations.
Tooele, Utah, produced from custom ores 52,190,356 pounds lead. 2.027.790.58 ounces silver, and 10,808.662 ounces gold.
-Miscellaneous production consisted of
Miscellaneous Products.
50,934.116 ft. lumber. 26.289 tons treble superphosphate and phosphoric
acid, 10,485 tons arsenic, 50,114,585 lbs. zinc oxide, 9.556.789 lbs. white
lead. 281,320 lbs. cadmium,636,650 lbs. nickel sulphate and 2,274.925 lbs.
copper sulphate.
-The output of manufactured products of the plants
bic,attn9 Plants.
of The American Brass Co. amounted to 315,869.932 pounds, and of the
Anaconda Wire & Cable Co. to 199,340,251 pounds, or a combined output
of 515,210,183 pounds.
-The principal amount of outstanding bonds
Silesian-American Corp.
was reduced to 39,363,500 at Dec. 31 1931.
The London price of zinc was lower than in the previous year. declining
to 2.52c. per pound, as compared with 1930 average of 3.65c. At Dec.
31 1931, average price for spot and future had declined to equivalent of
2.19c, per pound.
CII.Principal production for the year was as follows: Zinc, 118,772,527 lbs.:
lead, 20,590,103 lbs.: coal. 2,816,4363metric tons: sulphuric acid. 44,947
metric tons, and superphosphate. 8,348.metric tons.construction.
During the year $157,885.44 was expended for
Our usual comparative income statement for the year
ended Dec. 31 1931 was published in V. 134, p. 2913.
CONSOLIDATED BALANCE SHEET DEC. 31.
1929.
1930.
1931.
'°4aseSsMines & mining claims, coal mines, timber
lands, phosphate deposits, water right &
lands for metal producing & mfg. plants_5297,783,089 2295,405,466 $295.030,768
Bldgs. & mach. at mines, reduction works,
refineries, mfg. plants, sawmills. foundrIes,water works.steamships & railroads 264,721,973 262,568,802 255.889.634
26.376,923 26,295%923 25,349,194
Investments in sundry companies
Deferred charges & discount on bonds.__..11,870,822 11,651,302 11,052,713
Supplies on hand, advances on ores and
28,318,884 32.071,019 32,780,024
sexpenKitures prepaid
Metals & mfg.products 19 proc. & on hand 64,797.634 68,033,235 84,655,074
11361,859 15,493.861
Accounts receivable
2,708,830 15,432,898 17,243,411
Marketable securities
6,362,551 12,152,291 16,156,606
Cash
3714 102.565 $739,105,795 3764,227,815
Total
-1929
Liabilities
$433,84i,800 $443,319,000 $441,403,150
Capital stock (par $50)
Cap. stk. & surp. of sub. cos. owneo by
7,877.968 12.232,861
5,177,271
minority interest
35,000,000 35,000,000 35,000,000
Chile Copper Co. 20-yr. 5% gold debs
Butte. Anaconda & Pacific Ry. Co. 1st
2,182,000
2,110,000
2,034,000
mtge. 5% sinking fund gold bonds
95,116,049 90,602,820 83,679,863
Reserve for depreciation
2,698,589
Res. for insur. renewals & contingencies- 1,976,894
Notes payable
61,500,000 47,500,000 35,000,000
4,486,9698.142.153
Taxes and interest accrued
2.097,804
7.741,185 12,523,687 19,105.125
Accounts de wages payable
5,543,860 15,449,110
Dividend payable
Surplus
69.613.562 87,442,901 112,033,553
$739,105,795 $764,227,815
Total
$714,102,565
Note.
-In order to comply with the Government income tax requirements for the purpose of computing depletion, additional valuations of the
mining properties have been recorded upon the books of the companies
but,for the sake of uniformity, the result of those entries has been omitted
from the current statements.
-V. 134, p. 2913.
Financial Chronicle
3092
Philadelphia Co.
-Year Ended Dec. 31 1931.)
(Annual Report
President F. R. Phillips says in part:
Financing.
-During year company issued 53,863 shares (no par) $5
cumulative preference stock and $3.950 6% cumulative preferred stock
and reacquired $60.350 5% non-cumulative preferred stock.
During the year company acquired $6.323.683 bonds and $3,150 capital
stock of subsidiary street railway companies and $2,536.000 bonds and
$89,200 capital stock of lessor street railway companies. Through sinking
fund operations or purchases during the year, outstanding funded debt
and capital stocks of subsidiary companies were further reduced $468,280
and $150,410 respectively, and a subsidiary company issued $400,000 bonds
In connection with the acquisition of property.
-The Finleyville Oil & Gas Co.. a new
Incorporations and Acquisitions.
producing subsidiary of the Philadelphia Co., was incorp. on Nov. 12
1931, for the purpose of acquiring certain gas properties from the South
Hills Oil & Gas Co. and the Plymouth Oil Co.
During the year the Philadelphia Co. acquired all of the capital stock and
the property and franchises of the Duff City Gas Co., a producing and
distributing company supplying natural gas in Ross, McCandless, Frnaklin,
Marshall and Ohio townships, Allegheny County, Pa. The Duff City
Gas Co. will, in due course, be dissolved.
Negotiations were concluded on Jan. 1 1931, whereby the Harwick Coal
& Coke Co., a subsidiary of the Philadelphia Co.. acquired control of the
Warwick Coal Co.. with extensive coal acreage in Greensboro, Greene
County,Pa., about 85 miles from Pittsburgh. This acquisition will assure
a dependable and economical long term fuel supply for the James II. Reed
power station of the Duquesne Light Co.
Improvements and Additions to Property.
-Net construction expenditures
during 1931 for all companies in the Philadelphia Co. system amounted
to $2952,539. There were no major additions undertaken during the year,
activity being confined largely to improvements and additions designed to
further the efficiency and economical operation of the physical plant.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
[Philadelphia Company and Subsidiary Companies.]
(With Inter-Company Items Eliminated.)
Operating Revenues1928.
1931.
1929.
1930.
Electric department---$26,605,284 327,388.096 $27,168,232 $26,070,438
Gas department
10.898,942 12,478.933 13,252.290 12,726,949
918,960
Steam department
1,041,624
1.001,673
1,073,195
.
Street railway dept.- 17,418,392 20,397,510 21,878.645 22,012,540
225.936
Oil department
335,984
183.310
112,487
Total oper. revenues-$56.036.779 $61.521,044 $63,676.776 $61,954,822
Operating expenses.... 22.548,598 25,205,815 26,219,638 26,897.497
4,381.789
Maintenance charges-- 3,408.905
4,337,566
4,250,539
2,245.311
Taxes
1,917.929
2.075,863
1.898,395
$28,180,881 329,988.828 $31,201,643 $28,430,225
1.849,493
1,710,305
1,480,552
1.489,479
Net rev, from opers
Other income (net)
Total gross income-329,670,360 $331.469,379 $32,911,948 $30,279,718
2,281,651
2,449,103
2,468,297
Rent leased properties.._ 1,808,521
6,551,621
6,518,409
6,578.221
Interest on funded debt_ 6,365,924
77,383
270,767
302,329
346.574
Int. on unfunded debt
Guar. div. on Cons. Gas
Co. of City of Pitts71.284
69,616
70,722
71,519
burgh pref. stock _ 468,401
475,701
444,499
Miscellaneous charges
165.246
Total income charges- 38,681.180 39.693,619 89.862.167 39.618,822
Less: Int.charges to con169.739
806,685
struction
231,820
343,644
$8,511.440
Total
Netincome before appro. 21,158,920
Retirem. (deprec.) res... 6,519,217
Amort. of debt discount
and expense
361.417
Other reserve funds
38,886,934 89,630,347 89,275.178
22.582,446 23,281.601 21,004.540
6,890,042
7,926,173
6,956.060
362,301
362.805
373,357
1,893.402
Netinc.for the year_ _$14,278,285 $15.330,103 $14,992.6231$11.781,722
Appropriated for dive.:
Duquesne Light Co.„
preferred stock
1.375,000
1,375.000
1.374.727
1,027.438
Philadelphia Co. pref.
44. ov.1
stocks
2,335,778
1,688,980
1.545,543
1,583,357
Philadelphia Co. common stock (cash)
7,680,224
7,679.944
6,719,288
6,719,009
GA
Balance available for
corporate purposes- $2,887,283 $4.586,179
..1
35.353,066 $2.451,916
INCOME ACCOUNT YEARS ENDED DEC. 31 (PHILA. CO. ONLY).
(Being a statement of dividends,interest and rentals received during the
year from subsidiary companies, and miscellaneous income, together with
expenses, taxes and income charges.'
Gross revenue, int. and
1931.
1930.
1929.1928.
diva,from inv., &c....-$14,333,239 $13.804,046 812,533,9167312,634,209
General expenses & taxes
191,818
191,711
196.144
296,173
Net revenue
814.141.422 813,612,335 812.337,772 312,338.036
Int. on funded debt
3,000,000
3,000.000
3,000,000
3,000,530
Int. on unfunded debt....
421.841
312,133
189,145
,, 21,432
Guar. div. on Con. Gas
.., t wr.-./
preferred stock
70.722
71,284
71,519 ' e9,616
Amort.ofdebt dis.& exp
189.401
189.142
189,646
196.762
Int.charged to constr.Cr
2,330
Other reserves
443.402
Net income
Previous surplus
Additions to surplus..
$10.461,788 310.039.776 38.887.461 38.606,294
11,799,892 11,100.985 10,417,875 11,561,114
28.066
70,083
47.255
Gross surplus
322,261.680 321.168.827 819,375,419 $20,214,663
Divs, on pref. stock- .... 2,335,903
1,688,991
1,545,543
1,583,357
Divs, on com.stk.(cash) 7,680,224
7.679.944
6,719,288
6,719,009
Surplus adjustment
10.571
9.604
1,494,421
$12,234,982 311,799,892 811,100,985 810,417,875
Surplus, Dec. 31
4.800.541
x960,034 _ x959.976
Shs.com.stk.out.(no par) 4,800.625
$1.70
$1.73
Earns, per sh. on com
$7.64 ,
$7.39
z Par. $50.
April 23 1932
GENERALIBALA.NCE SHEET DEC1311.(PHILA. COMPANY ONLY).
1931,
1930.
1931.
1930.
Assets
LiabilitiesItt $
Fixed capital _ _ 36,994,775 36,501,122 Common stock_x48,006,250 48,005,415
Sinking fund and
Common scrip__
4,020
4,864
other deposits
3,419
786 cum.pref.stk 10,000,000 10.000,000
Reacquired sec_ 1,572,900 1,497.401 6% pref stock__ 24,557,000 24,557,000
Totalinvestls._132,475,074 108,670,544 $5 prof. stock.... 5,386,300
Total spec. dep
5% prof. stock.. 1,442,450 1,442,450
TotalaMl.cos.
17,203,490 Total fund. debt 60,000,000 60,000 000
Cash
190,525
281,887 Sub.cos.temp.rns 4,300,000
Notes receivable
4,503
13 Total affil. cos_
3,113,205
Accts.receivable
65,285
390,145 Current Habits__ 2,800,140
149,669
Stock diva. rec_ 1,063,120
Accrued taxes__
383,632
332,995
Accrued diva.reAccrued Int. on
ceivable
2,737,242
funded debt....
427,000
253,880
254,072
Due from affil.cos 378,753
Accrued divs___ 2,888,826 2,889,745
Int. receivable.
265,320
Other accr. Bab_
29,203
Prepaid accounts
4,629
Cons. G.Co.gu.
29,680
Total deferred
Deferred credits
413,527
604,985
accounts
8,065,259 8,430,010 Deprec. reserves 10,645,204 9,911,862
Other reserves__
469.035
468,393
Surplus
12,241,329 11,806,239
Total
183,820,864 173,570,575
Total
183,820.804 173,570,575
x Represented by 4.800.625 shares (no par). y Represented by 100,000
shares (no par).
CONSOLIDATED BALANCE SHEET DEC. 31 (CO. AND SUB.
-COS.).
1931.
1930.
1931.
1930.
Assets
Liabilities$
$
Fixed capital._ _332,163,522 328,052,902 6% cum. pt.sr-. 24,557,000 24,553,050
Investments ___ 17,444,389 14,766,663 5% non-cum. p1. 1,442,450 1,442,450
Sink,fund assets
663.398 $5 preLstock___ 5,386,300
376.800
Spec. dep. Int_
441,068 x$6 cum.pf stk. 10,000,000 10,000,000
.
Spec. dep. other
184.802 Common stock_ y48,006,250 48,005,415
Cash
3,158,497 5,221,127 Common scrip.. _
4,029
4,864
Notes receivable
4,848
7.929 Duq.Lt.5% Pt- 27,500,000 27,500,000
Accts.receivable 4,729,253 4,937,313 Sub.cos.Pitts.Ry
1,425,330
Bond interest dep 279,538
Warwick Coal Co
96,000
Mall & supplies 3,245.316 3,957,449 Con.Gas Pitts.pf 1,752,150 1,780,800
Prepaid accts.__
541,808
576.977 Sub.St.Ry.Cos 1,396,420
Def'd charges... 14,786,586 16.182,265 Funded debt..-.147.467,097 153,859,060
Due aMl.cos
526,853
W'kmens comp_
140,460
159,485
Notes payable..
300,000
300,000
Customers'dep.
833,911
Awls payable__ 1,691,400 2,498,477
Matured Int. &
diva. payable..
401,143
Ser.billed in adv.
157,868
Accr. liabilities- 8,425,379 8,792,467
Dent liabilities_ 1,062,172
181,495
Deferred credits
356.482
576.557
Res. for deprec. 41.889,965 40,363,315
Amort. reserve..
129,422
90,754
Conting. reserve 2,339.375 2,345,817
Other reserves._ 4,275,863 3.677.284
Surplus
48,608,344 45.420,397
Total
376,730,557 374,992,794
Total
376,730.557 374,902,794
x Represented by 100,000 shares of no par value. y Represented by
4.800,250 shares of no par value.
Note.
-This balance sheet does not include operated lessor companies, a
majority of whose capital stock is not owned by the Philadelphia company
and subsidiary companies, the outstanding securities of said companies
being capital stock $16,409,800 and bonds 32.001,000, certain of which are
guaranteed as to dividends, principal and interest.
-V. 134. p. 2909.
Philippine Ry. Co.
(Annual Report-Ended Dec. 31 1931.)
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1931.
1930.
1929.
1928.
Total no. pass. carried.- 2,105,153
1,772,552
2,260,628
2,306,643
No. carried 1 kilometer.- 53,935 044 42,955,302 51.503 A70 50,796,203
Av. dist. carried p. km_
24.2
5.6
22.1
22.0
Av, receipt per pass_ _
80.1181
30.1480
$0.1380
$0.1306
Av. rec. p. pass. p. km..
$0.0046
$0.0061
$0.0061
30.0059
Total no. tons fr't carr-378.300
420,796
397,318
329,492
No. tons carried 1 km- 14.070,056 16,006 771 15,189,273 11,915,146
Av. dist, carried p. km_
37.2
A8.0
38.2
36.2
Aver. rec, per ton
10.8491
10.8881
$1.0883
80
.9992
Av.rec. per ton per km_
$0.0228
10.0233
50.0301
30.0261
INCOME ACCOUNT FOR CALENDAR YEARS.
Revenue1931.
1930.
1929.
1928.
Passenger
$248,679
$262,398
8301,173
8312,058
Freight
321,220
373,727
358,611
396,990
Mail express, &c
21,722
24,173
22.664
25,493
Incidental
20,020
24.376
Total revenue
$611,641
3684.674
3706,093
3767:236
ExpensesMaint, of way & struct91,598
128,713
152,168
118,378
Maint. of equip
71,465
100,174
115.300
95,925
Traffic
2.958
2,885
2,934
2.998
Transportation
195,356
209,009
237.631
228,698
General
66,063
63,707
50.313
55,705
Total oper. expense._
$427,440
$504,488
$535,494
$524.557
Net operating revenue
184.201
180,185
181,536
231,742
Railway tax accruals.3.197
3,596
3,789
4,117
Uncollectibes
935
57
Ry. oper. income
5180.069
3176.589
3177,747
3227,568
Non. oper. income
2,373
1,655
2,872
1,974
Gross income
$182,443
$178.244
$230,440
$179,721
Int. on funded debt...-.
341.960
341.960
341,960
341.960
Misc. income charges_ _
4.314
6,173
5,068
5,027
Additions & betterments
41.858
76,293
28,214
74,685
Def. transVd top.& I. $205,687
$246,182
$144,802
8241,951
BALANCE SHEET DEC. 31.
1931.
1303.
1931.
1930.
Assets
$
a
mob/lutes$
$
Investment In road
Cap,stock coin__
and equipment_ 9,579,148 9,537,292 lit mtge. bonds.... 5,000,000 5,000,000
8,549,000 8,549,000
Continual rights__ 4.999,000 4,999,000 Philip. Gov. adv.
Cash
121,402
54,423
for bond interest 5,260.241 4,950,275
Agents & conduc.
Accts. & wag. Day.
92,094
39.266
balance
2,733
1,871 0th. del, Habit's__
6,293
5,868
Material & suppl- 181,883
191,782 Tax liabilities..._
3,600
3,698
M isc. accts. recle8,493
12,765 Oth, unacil. credits
5
301
Prepaid ins.,&a._ _
17,397
14,615
P.&.L. debit bal. 4,001,398 3,736,660
Total
18,911,233 18,548,409
-V. 132, p. 2949.
Total
18,911,233 18,548,409
metal Corporate anti 3inbetitment latit15.
14
;
P
STEAM RAILROADS.
Rail Men to Study New Trucking Plan.
-A plan to have the Railway
Express Agency undertake highway trucking for the Eastern railroads will
be discussed at a meeting of the advisory committee of the Association of
Railway Executives April 21. The devising of such a plan was delegated to
the management of the agency some months ago and a report of progress is
caw:led to be presented shortly. N. Y. "Times," April 22, p. 27.
President Williamson Finds Rail Taxes too High.
-The railroads were
represented as overtaxed in a plea for a general reduction of government
expenditures made by F. E. Williamson, president of the New York
Central RR. He asserted that government activities had been expanded too
much in the last decade. N. Y."Times." April 21, p. 33.
Railroads Aid Men in Strike on Piers.
-Joseph P. Ryan, President of the
International Longshoremen's announced that seven railroads had agreed
to withdraw their lighters from service at the piers of the Clyde-Mallory.
Savannah and Morgan Steamship lines where union longshoremen are on
strike. This step will be taken to prevent a possible tie-up of the railroads'
freight at the pier of the deep-sea lines where union longshoremen and
checkers are employed. N. Y."Times," April 20, p. 47.
Resume Arguments on Rail Crain Rates.
-Arguments connected with
freight rates on grain and grain products were resumed with tho opening of
hearings before Arthur It. Mackley and George J. Hall, examiners of the
1.-S. C. Commission, N. Y. "Times." April 21, p. 33.
Matters Covered in the Chronicle of April 19.-(a) The Inter-State Bus-'
1,-B, C. Commission strongly recommends public regulation, p. 2788.
Financial Chronicle
Volume 134
(b) This problem of competition must be solved—Railroads must have
self-reliance, p. 2789. (c) Gross and net earnings of United States Rail-S. 0. Commission aproads for the month of February, p. 2791. (d) I.
proves $18,127,000 additional loans to railroads from Reconstruction
Finance Corp.—Cotton belt to receive $18,000,000 advance—Loan to be
guaranteed by Southern Pacific Co., p. 2845. (d) House Committee
approves Rayburn Bill to repeal recapture clause of transportation act—
Proposes new rate-making base. p. 2847.
Baltimore & Ohio RR.—Air-Conditioned Through Sleeping
Car Inaugurated.—
Beginning Wednesday, April 20, the road inauguarated the first completely air-conditioned through sleeping-ear train, when the National
Limited running daily in both directions between St. Louis, Louisville,
Cincinnati, Washington, Baltimore, Philadelphia and New York was
made up entirely of fully air-conditioned cars.
This event follows two years of railroad air-conditioning which the
B.& 0. pioneered in 1930, when the diner "Martha Washington," the first
railroad car to be air-conditioned, was placed in regular service between
Washington and New York. Air-conditioned equipment is now available for trains necessary to maintain daily west and east schedule of the
National Limited.
Baltimore and Ohio executive officers regard air-conditioned sleepers as
major innovation in travel comfort, insuring cool, quiet, comfortable
over-night journeys, regardless a outdoor weather.—V. 134, p. 2711.
Bartlett & Western Ry.—Seeks $25,000 Loan front
Reconstruction Finance Corporation.—See "Current Events"
on a preceding page of this issue.—V. 123, p. 2255.
Birmingham & Southeastern Ry.—Seeks $50,000 Loan
from Reconstruction Finance Corporation.—See "Current
Events" on a preceding page of this issue.—V. 106, p. 406.
Carolina Clinchfield & Ohio Ry.—Earnings.—
Calendar Years—
Gross revenues
Expenses, taxes, &c.__
1931.
1930.
1929.
1928.
$5,410,192 $6.016.063 $6,783,240 $6,870,121
4,276.641
4,834.595
5,133,980
5,081,791
Operating income.._- - $1,133,551 $1,181,469
Equip., rents, &c
326,519
745,726
$1.649,260 $1,788,330
1,064,095
1.212,100
Net operating income $1,460,070 $1,927.195 $2,713,355 53,000,430
Other income
72,768
161,863
159,256
115,472
Total income
Interest, rents, &c
Net income
__—V. 132, p. 2755.
$1,532,838 $2,089,057 $2,872.611
2,551.109
2,540,059
2,538,421
def.$1,007,221 def.$462,052
$334,190
$3,115,902
2,510,335
$605,567
Chicago Milwaukee St. Paul & Pacific RR.—Seeks
$10,996,331 Loan from Reconstruction Finance Corporation.—
See "Current Events" on a preceding page of this issue.
Acquisition and Abandonment.—
-S. C. Commission on April 11 issued a certificate authorizing the
The I.
company (1) to acquire part of the railroad of the Ontonagon RR., about
miles, in Ontonagon County. Mich.: (2) to abandon that portion of
2.54
its line of single-track railroad between Green (Iron River Junction) and
White Pine Junction, about 11 miles in length,and (3) to abandon operations
over its line and the line of the Ontonagon RR. between a point 750 feet
west of the west switch of track serving the Ontonagon plant of the Ontonagon Fibre Co. in the Village of Ontonagon, and White Pine, constituting
about 18.4 miles of railroad, which includes the 11 miles described above,
all in Ontonagon County, Mich.—V. 134, p. 2141.
Chicago St. Louis & New Orleans RR.—Abandonment.
-S. C. Commission on April 11 issued a certificate permitting the
The I.
abandonment by the company and the abandonment of operation by the
Illinois Central RR., lessee, of their so-called Troy branch, which extends
from Moffatt to Troy, a distance of 4.41 miles, all in Obion County, Tenn.
Cuba Northern Rys.—Earnings.—
For income statement for 3 and 6 months ended Dec. 31 see "Earnings
Department" on a preceding page.—V. 133, p. 3627.
Illinois Central RR.—Directors Re-elected.—
At the annual meeting of stockholders held on April 20,the three directors
whose terms expired were re-elected.
Charles A. Monroe was elected a director to serve until 1933. Mr.
Monroe had been previously elected a director by the board to replace
Charles A. Peabody. deceased.—V. 134, p. 2896.
Maryland & Pennsylvania RR.—Seeks $150,000 Loan
from Reconstruction Finance Corporation.—See "Current
Events" on a preceding page of this issue.—V.134, p.2712.
Missouri-Kansas-Texas RR.—New Executive Member.—
James I. Bush has been elected a member of the executive committee to
fill the vacancy created by the death of Columbus Haile.—V. 134. p. 2712.
Missouri Southern RR.—Seeks $125,000 Loan from Reconstruction Finance Corporation.—See "Current Events" on
a preceding page of this issue.—V. 130, p. 2835.
New York Central RR.—Proposes Loan to Buy Short
Line—Company Protests Order by 1.-S. C. Commission.—
A new principle in the absorption of short and unprofitable railroads
by major lines was proposed in the petition of the road filed April 18, with
the I.
-S. 0. Commission for relief from the obligation of buying the Boyne
City, Gaylord & Alpena RR. The latter is a 92
-mile line in Northern
Michigan in poor repair and partly under water.
The petition, which was unusual in that it was signed by F. E. Williamson, President of the New York Central. instead of by counsel, asserts
that if the New York Central is to buy the short line the Commission will
have to provide the money from Reconstruction Finance Corporation funds.
Mr. Williamson pointed out that the present owners have abandoned
operations of about 75% of the line.
"The present financial situation is such that the only available source
from which the moneys for the acquisition of the Alpena, the rehabilitation
of the property and the re-establishment of service may be expected,"
Mr. Williamson asserted, "is the Reconstruction Finance Corporation. It is
submitted that the Commission should now give consideration to the
question as to whether it will approve a loan from the Reconstruction
Finance Corporation of a sum equivalent to the purchase price plus the
estmated cost of rehabilitation of the property and restoration of service
in connection with its conclusion with respect to tne acquisition of the
Alpena by the New York Central."
This is the first suggestion that government funds be used in the purchase
of railroads for consolidations. The Commission on March 14 fixed a
price of $230,000 for the Alpena acquisition, although arbitrators set the
sum at $1,393,000. The Commission directed acquisition of the line as a
part of the New York Central's consolidation of its subsidiaries:4the Big
Four and the Michigan Central.—V. 134. p. 2519.
New York New Haven & Hartford RR.—Statement of
J. J. Pelley, President, at Annual Meeting of Stockholders—
Says Road Established New Records in Operating Efficiency
Last Year Despite Sharp Drop in Freight Traffic—Regulation
of Motor Vehicle Transportation Urged.—
During the year 1931 the New Haven Railroad established new records in
operating efficiency, notwithstanding the fact that its freight traffic was
the lowest of all years since 1915 and its passenger traffic the lowest since
1906.
Excluding stored serviceable freight cars, the miles per car per day made
a new high record of 28.4, which was an increase of over 7% compared
with the year 1930, the previous high record.
3093
Gross ton miles per freight train hour in 1931 reached a new high record
of 24.563, which was largely due to the increase in the freight train speed.
For all freight trains operated the spped averaged 13.9 miles per hour,
also a new high record.
The performance of passenger trains in 1931 was the best in the history
of the company. 95% of all trains being operated on time.
The low volume of business experienced in 1931, not only by the railroads.
but also by industry in general, has required economic measures not heretofore experienced in railroad history.
The New Haven Railroad is equipped with a plant and capacity capable
of handling the transportation needs in its territory under peak requirements. This measns that with a gross revenue of only about $100,000,000
in 1931, the plant could not be utilized to anything like its economic
capacity. You will recall that the New Haven's gross revenue in the year
1928 was approximately $138,000,000. Since that time many economies
and changes have been effected with the result that we do not need a
,
return of traffic to the 1928 level in order to make a satisfactory net income.
To illustrate this point, the addition of only $10,000,000 to the revenues of
1931 would have resulted in a net income after fixed charges of over $16.000,000 in that year, instead of $9,180.000 as reported.
With a freight revenue 13.6% less than the previous year, our freight
train mileage decreased only 4.6%, indicating that our freight service was
well maintained. Despite a drop in passenger revenue of 18.6%. we
continued to maintain our passenger service as shown by the fact that
Passenger train miles decreased only 7.5%, this reduction being for the
most part in other than main line service.
As mentioned in the annual statement, because of constantly decreasing
passenger travel, passenger service was revised effective Jan. 4 1932, and
substantial reduction made in passenger-train miles. This was accoma
plished by doubling up trains and re-arrangement of schedules permitting
approximately the same main line scheduled service.
The downward trend of both freight and passenger traffic has continued. No one knows when present conditions will change. Any forecast
as to when and how rapidly an upturn in business will occur is of no practical
value. Rather, we believe the New Haven's task is to "cut ourcoatas
nearly as possible to the cloth we have available." In other words, our
keninediate problem does not concern what gross revenue we have had in
the past or what gross revenue we may expect to be normal for the future,
but rather to make the most net income out of the largest amount of gross
revenue which we can secure under present business conditions.
Although it is true that the difficulties experienced by the railroads during
the past year are attributable in a large measure to the world-wide economic
conditions, these difficulties have been severely accentuated by the competition of unregulated forms of transportation. In this connection I want
to call your attention to the importance to railroads generally, and to your
railroad in particular, of legislation which will include propoer methods of
taxation covering the operation of motor vehicles for hire.
In many States the registration fees paid by commercial vehicles are so
low, and the use they make of the highways so intensive, that owners of
Private automobiles and the general run of taxpayers are in effect subsidizing the commercial vehicle operations.
Each State should have an equitable system for registration fees for
private automobiles and another for commercial vehicles, which should
reflect their proportionate share of the cost of tne construction and maintenance of highways. The registration fee paid by the larger motor truck
and motor bus should also reflect all of the excess costs involved in the
building of wider highways of heavier construction that would not be
required except to provide for that class of commercial vehicle. This
should include at least a part of the costs now incurred by the railroads in
eliminating grade crossings or in widening and improving grade crossings
to meet present highway traffic conditions.
In addition, the registration fees for motor vehicles used in the transportation of persons or property for hire snould be greater than those of other
commercial vehicles because (1) they as a rule make a more intensive use
f the highway and (2) use it primarily as a place of business, whereas a
citizen engaging in any other business must make a capital investment for
his location and pay taxes on it.
The Use of a State's highway at the expense of its taxpayers by truckmen
from outside the State should be prevented by discontinuing the present
Policy of reciprocity of registration, at least so far as commercial motor
vehicles for hire is concerned. They should be required to obtain registration in each State in which they operate. Even if it is assumed that those
registering in a particular State pay enough in registration fees and gasoline
taxes to support the highways of that State, nevertheless they are subsidizing, in effect, the operation of motor trucks doing business in and
through that State although registered in other States and paying taxes
only in those States.
Although the matter of taxation and safety of operation may be properly
disposed of, there still remain the problems (1) of stabilizing transportation
so as to preserve to the public essential transportation agencies, and ()
placing all on a parity of opportunity to compete for traffic and assure the
public of fair and dependable service. This can be accomplished onlytby
regulation of motor vehicle transportation analogous to regulation applied
to railroad transportation.
On Monday of this week the L-S. C. Commission made public its decision in the investigation of highway transportation. The Commission
found that Federal regulation of highway motor vehicles engaged in interstate commerce is desirable in the public interest. The examiner who was
in charge of the investigation for the Commission stated in the first concontained in his report:
"The national transportation machine cannot function with progressive
efficiency, part regulated, part unregulated; co-ordination of transportation agencies cannot reach its economic possibilities under this anomalous
condition.
I want to emphasize that in our study of this problem of motor vehicle
taxation and regulation we have considered it not only from the rail standpoint, but also as the owner of one of the largest fleets of motor vehicles
(over 800 motor buses and motor trucks) in the eastern territory; and we
have come to the following conclusions:
First: Regulation should extend to all those using the highways of the
country for the transportation of persons or property for hire, whether they
be common carriers or contract carriers.
Second: All motor truck carriers operating on the highways for hire
should be licensed in each State in which they operate, and an adequate
franchise tax should be paid by all those to whom licenses are issued. A
,
license should be issued only when the applicant has satisfied the regulating
authority as to his suitability and experience; his financial responsibility:
the probable permanence and quality of the service to be operated; and that
adequate surety or insurance has been provided for the protection of the
public.
Third: The regulating authorities should be empowered to supervise
and regulate carriers for hire operating on the highways in all other matters
affecting their relationship with the public.
In speaking to you about fair taxation and regulation of motor vehicles,
it is my purpose to inform you of the views of the officers of your company.
As stockholders and patrons of the New Haven Railroad, you are vitally
interested in this transportation problem. I urge you to lend your full
support to the enactment of Federal and State legislation that will establish fair taxation and regulation of all forms of transportation.—V. 134.
p. 2513.
Pennsylvania RR.—Elimination of Extra Fares.
With a sweeping reduction in travel costs through the elimination -of
-hour Broadway
extra fares, effective April 24,on all trains except the new 18
Limited, the Pennsylvania RR.announced on April 16 a new and improved
schedule of fast trains for both coach and Pullman passengers.
a.4
Railroad officials said that the new service would provide the fastest
passenger transportation ever offered for the money between the East and
Chicago, St. Louis and intermediate points.
eel
Ten trains on a schedule of approximately 21 hours will be the feature
of the Pennsylvania's new fleet of flyers between New York and Chicago.
Every train except the Broadway will carry coach accommodations, thus
eliminating not only the extra fare but also Pullman charges for passengers
seeking the most economical means of travel.
More than 75% of the Pennsylvania RR.'s through passenger train service
now exacts extra fare charges, but in the evolution of service brought about
by the elimination of the extra fare on a time basis, 99% of the Pennsylvania's passenger trains will carry both coach and Pullman passengers at
no extra fare.
In addition to the Improved schedule between terminals, Pennsylvania
officials pointed out the marked improvement in local service due to the
fact that these faster trains will make stops at smaller points heretofore
served only by local trains. The consolidation of a number of unprofitable
local trains will permit considerable economies in passenger train operation,
officials said, and at the same time render faster service at lower cost to
he traveler.
3094
'
Financial Chronicle
47.87% of Expenses Paid for Wages in 1931.F. J. Fell Jr., Vice-President and Comptroller, on April 20, discussing
the income and outgo of the system in 1931, stated
"That by splitting up the 100 cents of the aggregate income dollar among
the various expense items, the disposition is revealed in stark simplicity."
The statement shows the following items:
ItemsCents.
To employees for wages
47.87
To the mining industries, for locomotive fuel
3.83
To manufacturers and dealers, for material and supplies
13.89
To reserves, for depreciation and retirements
4.57
To claimants, for loss. damage, &c
2.42
To miscellaneous, payees, for all other expenditures
2.47
To Fed., State, county & municipal governments,for taxes
6.69
To other companies,for rentals of equipment and joint facilities
3.27
To bond and mortgage holders and others,for fixed charges
10.05
Leaving available for dividends to stockholders
4.94
Total
100.00
Mr. Fell emphasized the fact that wages in 1931, as in other years,
absorbed nearly half of the Pennsylvania RR. total revenues.
-V. 134,
p. 2902.
St. Louis Southwestern Ry.-Deposit of Bonds Urged
Under Financing Plan-Loan of $15,813,415 from Reconstruction Finance Corporation-President Sees Receivership for
Road If Plan Fails.
-The holders of the $20,727,750 1st
consol. mtge. 4% gold bonds, due June 1, are in receipt of
a circular letter which states as follows:
April 23 1932
Uvalde & Northern Ry.-Seeks $300,000 Loan from
Reconstruction Finance Corporation.
-See "Current Events"
on a preceding page of this issue.
Virginian Railway.
-Excess Earnings.
-
The I.
-S. C. Commission in a tentative recapture report has held
the company had excess net railway operating income of $9,650,483that
between Sept. 1 1920 and Dec. 31 1927. of which one-half or $4,825,241 Is
recapturable by the Federal Government.
-V. 133. p. 1575.
White River RR.
-Seeks $25,000 Loanfrom Reconstruction
Finance Corporation.
-See "Current Events" on a preceding
page of this issue.
-V. 131, p. 1419.
Winona RR.
-Seeks $700,000 Loan from Reconstruction
Finance Corporation.
-See "Current Events" on a preceding
page of this issue.
Wisconsin & Michigan Ry.-Seeks $200,000 Loan from
Reconstruction Finance Corporation.
-See "Current Events"
on a preceding page of this issue.
-V. 127, p. 951.
PUBLIC UTILITIES.
Matters Covered in the Chronicle of April 16.
-Electricity output fell off
11.1% during the week ended April 9 1932 as
in 1931-February production declined 6.1%, compared with same period
p. 2802.
The principal amount of your bonds outstanding, $20 727 750 falls due s
'-Alleghany Gas Corp.
-Protective Committee.
on June 1 1932. On the same day short term 6% notes of the company
A committee has been formed for the purpose of
aggregating $9 000 000 secured by deposit of hypothecated collateral
tecting the interests of holders of first mortgage andrepresenting and proalso mature. Under the unparalleled conditions now prevailing it is
collateral 6%% gold
bonds, due 1943, following the appointment of receivers April 16.
impossible to refund these large maturities through customary financial
Adams of Hale, Waters & Co. is chairman of the committee which John C.
channels.
includes
Joseph Byrne, Vice-Pros, of Central Hanover Bank & Trust Co.,and
The Reconstruction Finance Corporation with the approval of the I.
-S. C.
Samuel
G. Stephenson of Hyde, Westbrook, Watson & Stephenson.
Commission, and upon conditions accepted by this company, including
E.
Houston, 37 Wall St., is secretary, and Charles Hallett White, counsel.
those specified in the decision of the L-S. 0. Commission, has agreed to
The committee points out that it will not represent the warrants
loan the company $15 813 415 sufficient to pay the interest in full and oneof
Allegheny Gas Corp. originally issued with the bonds and will not
half the principal of the maturing obligations in cash, provided that the
accept
for deposit bonds with warrants attached.
company refund the remainder of the bank loans by promissory 5% notes
eeHolders are requested to deposit their bonds with the Central Hanover
payable June 1 1935, and the remainder of the principal amount of first
Bank St Trust Co., depositary.
consolidated mortgage 4% gold bonds by exchange therefor, of a like
The corporation has declared the warrants detachable and has
principal amount of the company's general & refunding mortgage 5%
accept subscriptions, upon surrender of the detached warrants, agreed to
gold bonds, series A. due July 1 1990, bearing interest coupons payable
from the
bearer thereof, in case they should, at some future date, desire to exercise
semi-annually beginning July 1 1932. The full text of the I.
-S. (D. Comthe subscription privilege.
missions report approving the loan from the Reconstruction Finance
Ross Thomas, Charleston, W. Va., and Paul J. Herold, Boston, were
Corporation was given in "Chronicle" April 16 page 2845.1
ppointed receivers April 16 in circuit Court of Kanawaha Court of Wt
The bank holding the great bulk of short term debt already has accepted
es
irginia.-V. 132, p. 1613.
the plan, and prompt acceptance by the other bank is confidently expected.
so that consummation of the plan now rests entirely with you.
American Light & Traction Co.
-Answer Holders' Suit.
The general & refunding mortgage 5% bonds offered in exchange will be
A denial of the principal allegations in a suit begun last year by Harry
secured directly and (or) indirectly (through pledge of first mortgage bonds)
Heitman. holder of 5,700 shares of common stock, and Stockton Cranmer,
by a first mortgage upon over 170 miles of the valuable and strategic lines
holder of 10 shares, has been filed in the Chancery Court of New Jersey by
of the company in the St. Francis Basin of Missouri and Arkansas, reprethe company, one of the defendants. The complaint had alleged that
senting a boo' value of approximately $5,000,000, and by over $13,500.000,
certain sales of securities by American Light & Traction Co. in 1928, at
principal amount of the company's first terminal & unifying mortgage
the instance of its directors, had resulted in a loss of over $25,000.000 to
bonds (approximately 62M % of the entire issue of that mortgage). It is
the company and its stockholders.
the only open mortgage of the company and is subordinate to prior debt
The transactions made by this defendant in 1928 involved the exchange
bonds and certificates of the company and all subsidiaries of $.35,564,000
among American Light & Traction, United Light & Power and others of
mortgage bonds and $3,492,000 equipment trust certificates. The physical
169,520 shares of American Light & Traction common stock and 157,940
property of the System and subsidiaries comprises 1,675 miles (including
shares of Brooklyn Union Gas Co., common stock for $32,571.500 534
170 miles upon which the general & refunding mortgage is a first lien) and
secured debentures, guaranteed by the Koppers Co., 75,000 shares %
has a book value, exclusive of the property upon which the general & ref.
of
Detroit Edison Co. common stock and the entire capital stock (35,000
mortgage is a first lien, of over $125.000.000, that is, over three times the
shares) of the Milwaukee Coke & Gas Co.
amount of prior debt secured thereby.
The company says in its answer that the details of this transaction were
From the standpoint of lien, the general Sz refunding bonds appear to be
disclosed at the annual meeting on March 18 1929 and that the plaintiff
as desirable as you. present bonds and in addition bear interest coupons of
acknowledged receipt of the annual report for 1928, which contained similar
5%. an increase of 255' in the rate of return. The Reconstruction Finance
statements. The company stated further that the directors and the execuCorporation has agreed to accept bonds of this series as security for the
tive committee had invited the complainants to discuss the circumstances in
loan to be made by it, and the holders of the bank loans have also agreed
question, but that such ca-operation had oeen refused.
to the exchange of the company's first terminal & unifying mortgage
The comp my denied that its participation in the transaction
bonds now held as collateral, for bonds of this issue par for par.
to any previous agreement between the Kopper Co. interests was pursuant
By reason of the short time intervening before the maturity of the
or the Eaton
interests, both identified with the management of American Light & United
obligations mentioned, it is necessary that the plan here presented be
Light, but contends that the exchange was solely far the advantage and
accepted prior to May 15 1932. You are requested to sign letter of deposit
benefit of the defendant company and its stockholders. The defendant
and to attach thereto your bonds and send or deliver them to the depositary,
asserted that, based on market quotations of Dec. 22 1931. the date when
the Chase National Bank of the City of New York, which pursuant to the
the plaintiffs' suit was filed, the transactions of 1928
agreement will forthwith deliver you its negotiable deposit receipt evi$21,679,280, and,that market quotations of April 12 showed a profit of
dencing the deposit of your bonds, which receipts will be listed on the
1932, had brought
the net profit from the transactions to $25.491,960.
New York Stock Exchange.
The defendant further says that a rescission of the transactions of 1928
If the proposed plan is not accepted a receivership, with possible loss of
would be harmful to the company and its stockholders, that the value of
principal and interest, as well as expense and indefinite postponement of
the Milwaukee Coke & Gas Co. stock is estimated at over $8,000,000,
the payment of claims, must Inevitably follow. In view of the established
that the comioany has received net cash of $25,472,970 and has remaining
earning power and financial condition of the company under normal con$4,098.530 of 5%% debenture bonds guaranteed by the Koppers Co. of
ditions, a receivership is wholly unwarranted and can only become necessary
Delaware. The defendant also owns 105,000 shares of Detroit Edison Co.
in the event these maturities are not funded as provided in this plan.
The United Light & Power Co., another defendant in the above action,
The board of directors and the management of the company,after mature
filed an answer to the plaintiffs' charges which supported the contention
consideration, strongly urge and recommend your acceptance of this plan
of American Light & Traction.
for the following general reasons, among others:
Both the American Light & Traction Co. and the United Light & Power
(a) During the period from the end of Federal control of the railroads to
Co. in their briefs defended their purchases of International Palter &
the beginning of the present economic depression, the company's railroad
Power Co. securities.
-V. 134, p. 2334.
system earned its fixed charges on an average of 1.83 times, notwithstanding
abnormal expenditures, now substantially completed, in connection with a '-..,,American
Superpower Corp.
-Reduces Stated Capital
general rehabilitation of the property. During the nine years from 1921
to 1929. the average net income per year, after all charges, was $2,221.941.
of Preference Stocks.
equivalent to $6 per share on all outstanding capital stock.
The stockholders at the annual meeting on April 15 approved a proposal
(b) When the crisis arising by reason of these large maturities has
to reduce the stated value of the preference shares from $100 to $1 each.
passed, it is confidently believed that with the return to normal conditions,
This action results in adding the difference of approximately $23,285.000
the company will resume its place as one of the strongest of the southwestern
between the new stated value and the old to capital surplus
railroads, especially in view of its affiliation into the Southern Pacific
It was announced that current assets exceeded $25,000,000 and that
System, recently accomplished under authority of the I.
there were no liabilities. See also V. 134. p. 2519.
-S. C Commission.
[Signed, Daniel Upthegrove, President, and Paul J. Longue, Secretary.]
V
See also Southern Pacific Co. below.
Seeks Authority to Issue $5,250,000 Notes.
-
The company has asked the I.
-S. C. Commission for authority to issue
$5,250,000 5% notes, dated June 1 1932 and to mature June 1 1933, to be
secured by the pledge of $6,375.000 general and refunding mtge. bonds.
and $132,500 of bonds of the Southern Illinois & Missouri Bridge Co.
Of the total note issue. $4,500,000 is payable to banks and $750,000 to
the Railroad Credit Corporation. The money sought to pay bank loans
would take care of a note of $500,000 on the Chase National Bank, New
York, and $1,000,000 on the Mississippi Valley Trust Co.
-V. 134. p. 2902.
Southern Pacific Co.
-Advises St. Louis Southwestern
Ry. Stockholders of Stock Exchange.
-Hugh Neill, Secretary,
in a letter to the stockholders of St. Louis Southwestern
Ry., April 14, states:
You are advised that Southern Pacific Co. is prepared to exchange its
stock for St. Louis Southwestern Ry. stock tendered to it at its transfer
office, 165 Broadway, New York City, prior to Jan. 1 1933. for exchange
on the basis of one share of Southern Pacific Co. common stock for three
shares of St. Louis Southwestern Ry. common stock, and three shares of
Southern Pacific Co. common stock for five shares of St. Louis Southwestern Ry. pref. stock. Fractional shares of Southern Pacific stock
will not be issued, but in lieu thereof Southern Pacific Co. will make payment therefor on the basis of the market value of Southern Pacific Co.
stock at the opening of the market on April 19 1932.-V. 134, p. 2902.
Townsville RR. of N. C.
-Seeks $32,000 Loan from
Reconstruction Finance Corporation.
-See "Current Events"
on a preceding page of this issue.
-V. 122, p. 212.
Ulster & Delaware RR.
-Bonds Off List.
-
The 1st ref. mtge. 4% bonds, due Oct. 11952. have been stricken from
the list of New York Stock Exchange list, it was announced on April 21.
-V. 134. p. 1575.
American Telephone & Telegraph Co.
-Record Number
of Stockholders.
On April 15 the company paid the regular quarterly dividend of $2.25
per share to more than 665,000 stockholders, the largest number yet to
receive such payment, it is announced. The increase in holders during the
quarter was approximately 25,000. the third highest in the history of the
company. As a result of this large gain the average number of shares held
per stockholder declined to 28.
All parts of the United States showed increases in number of stockholders. The largest gains occurred in the Northwestern. Southwestern
and Mountain States where the number of A. T.& T.stockholders is relatively less than in other sections.
For the sixth consecutive quarter, the number of shares registered in
brokers' names declined, and at the end of the quarter formed only 3%
of all shares outstanding, the lowest proportion since March 1927.
Long-Distance Headquarters Moves to New Location.
The transfer of the general and division offices of the long lines department of the American Telephone & Telegraph Co., from scattered offices
downtown to the department's newly finished headquarters in the longdistance building at 32 Sixth Ave., N.Y. City, has been completed. Operating forces already occupied the building, which now houses about 5,500
people. About 1,500 employees were involved in the move.
The new offices have direct telephone circuits to many important cities
in the United States, Canada and Cuba, and to the switching points for
Mexico. All calls from North America for Europe South America, the
Far East and ships at sea, are handled in this building.
In addition to all the telephone lines passing through it, the long-distance
building is the principal nerve center for the great radio chains. Here is
located the control room for the Nation-wide hook-ups furnished to the
broadcasting companies. The building also houses the Bell System's largest
teletypewriter exchange. All private wires furnished by the Bell System
from New York to distant cities, whether by telephone, teletypewriter or
telegraph, are brought through the building.
The construction activities just completed involved the erection of two
new buildings, merging with the original building. The project involved
-story building covering the
changing the old 24
-story building to a 28
entire block between Sixth Ave. and Church St. and between Walker and
Volume 134
Financial Chronicle
Lispenard Sts., or nearly twice the ground occupied by the old building.
The new building rests on islands consisting of reinforced concrete mats.
It was necessary to relocate some 200 telephone cables in a new cable
vault and to move cables here and there throughout the building. On
account of the necessity for maintaining uninterrupted service, these
Iterations produced complicated and difficult problems
In addition to the numerous switchboards, test boards and other equipment connected with telephone and telegraph operations, the new structure
contains an assembly room seating 500, three cafeterias, complete medical
department and rest and recreation facilities. Another feature is a dormi-V.134. p.2902.
tory for the use of operators coming off duty at late hours.
-Earnings--American Utilities Co.(& Subs.)
1929.
1930.
1931.
Calendar Years$1,796,141 52,097.685 52,121.095
Operating revenues
1.389,273
1,705,339
1,361,770
Operating expenses & maintenance_ 141.828
145,121
166,728
Provision for retirement of fixed cap.
92,489
91.753
94,080
Taxes
$497.505
$155,471
5173,563
Operating income
9,067
Dr6,622
loss4,472
Other income (net)
5506,571
5148,849
5169.090
Gross income
423.193
446,366
434,320
Interest on funded debt
29.240
58,586
44,181
Interest on unfunded debt
Cr.9,227
Interest during construction
63.967
50.001
Amortization of debt disc'nt. & exp_
38,480
603
5406,104
Net loss
$347,891
Consolidated Balance Sheet Dec. 31.
1930.
1931.
1930.
$
Assets$
Plant & property- 9,646,163 9,145,771 57 cum, pref. stk.x12,402,053f 1,519,700
l y882,353
Investments
22,251
22,250 Common stock___ J
7,028,500 7,029,500
Cash dc spec.deo
166,400
174,799 Funded debt
Notes receivable__
6,960
11,156 Notes& accts.Pay.
346,064
Aocts.receivable__ 319,777
to affiliated cos_ 940,608
329,394
18,418
Materials &snout95,714 Notes payable_
85,189
179,940
Unamortiz. debt
ACCOUntS payable_ 115.384
1,715
2,475
39,254
discount & exp_
Unred.Ice coupons
17.355
28,089
Prepayments
3,079
30,562 Accrued taxes_ __ _
64,679
59,311
Misc. suspense_
180,735 Mat. & neer. Int__
21,291
Misc. unadj. debits
1,134
Other accruals_ ___15,732
82,254
87,377
Consumers' dep.434,386
513,549
Reserves
det919,290 de1588.854
Surplus
Total
Total
10,290.207 9,990,382
x Represented by 15,197 shares no par).
shares (no par).-'!, 133, P. 4156.
10,290,207 9,990,382
y Represneted by 87,441
American Water Works & Electric Co., Inc.-Output.Thelpower output of the electric subsidiaries of the company for the
menth;of March totaled 131.395.986 kwh., against 152,963.955 kwh. for
the corresponding month of 1931.
P. For the three months ended March 31, power output totaled 391,698,796 kwh., as against 439,552,793 kwh. for the same period last year.
-V.134, p. 2142.
-Modifications in 8%
..'Associated Gas & Electric Co.
Eight-Year Bonds Announced.
-year gold bonds
A letter, announcing certain modifications in the 8% 8
offered at present to security holders of the Associated company and its
subsidiaries was recently mailed to these investors. In the opinion of the
company, these modifications will simplify and improve these bonds.
The letter read as follows:
"When announcement was made by the letter of Feb. 25 of the offering
-year gold bonds, which because of their availability in small deof 8% 8
nominations came to be described in the press as 'baby bonds,' it was
intended that the bonds be issued by the .Associated Gas & Electric Co.
and guaranteed by its wholly owned subsidiary, Associated Gas & Electric
Corp.,a Delaware corporation organized under another name in 1922, which
has for some time controlled most of the important operating subsidiaries
of the Associated Gas & Electric Co. (see V. 134; p. 1576.). which, in our
"It has now been decided to make certain modifications
the
opinion, will simplify and improve the bonds. The bonds will now beThe
direct and single obligations of Associated Gas & Electric Corp. comannum and the initial rate
fixed interest rate will continue to be 8% per
mencing March 15 1932 will be 83% per annum. The holders of the
bonds will also be entitled conditionally to participating interest up to
2% per annum (or a maximum total of 10% per annum) and the bonds will
also be accompanied by the warrants described in our letter of Feb. 25.
for the purchase of common stock of Associated Gas & Electric Co. at $5
per snare. Tax provisions, redemption prices, denominations and terms of
subscription will remain as stated in the letter of Feb. 25.
"The Associated Gas & Electric Corp. will, on completion of this financing,
earnhave control of the same properties and have the same amount of form.
ings as it would have had as guarantor of the bonds in their previous and a
The entire capitalization of the corporation other than these bonds comsmall amount of pref. stock which may be sold to the public, will, on
pletion of this financing, be owned by Associated Gas & Electric Co. and
consist exclusively of stock and interest bearing obligations payable in
accordance with their terms either in common stocic or in cash at the option
of the corporation.
"We are also pleased to advise that conditions generally from the standpoint of mortgage bond financing have improved since the time of the
letter of Feb. 25. Investment bankers and financial institutions have
recently approached the company with regard to the purchase of a portion
of the operating companies' mortgage bonds, nearly all of which are legal
for savings banks, amounting altogether to over $60,000,000, which have
been held in reserve. If it is deemed wise and desirable, some of the mortgage bonds may be sold. By this means the amount of maturing indebted-year gold bonds
ness of subsidiaries to be refinanced by this offering of8% 8
may be reduced.
subscription warrants mailed with the letter of
"Subscriptions on the
Feb. 25, will be honored and treated as subscriptions for the 8% 8-year gold
bonds of Associated Gas & Electric Corp.. with stock purchase warrants
attached as stated above. Interim certificates for these bonds will be issued
promptly to all persons who have already entered subscriptions and to
future subscribers, as their subscriptions are received. Should any who
have already subscribed wish for any reason not to accept the modified
bonds, they may obtain the refund of their subscription payments by the
immediate return of the receipts which they now hold. All others will, of
course, retain the interim certificates now being mailed representing subscriptions for the bonds herein described.
"Circulars containing a full description of the bonds, to widen reference
is hereby made for complete details may be had on request. To avoid any
misunderstandings, all previous announcements, circulars, advertisements
-year
and other literature issued at any time regarding the guaranteed 8% 8
gold bonds of Associated Gas & Electric Co. are cancelled and superseded by this announcement.
-Ed.)
[The privilege of subscription has been extended to May 9 1932.
3095
Mr. Buchsbaum will be associated with the financial management of
-V. 134. p. 2902.
Associated Gas & Electric System.
-Offers 8%
Associated Gas & Electric Corp. (Del.).
-See Associated Gas & Electric Co.
Eight-Year Gold Bonds.
above.
--Szits:=Buffalo & Erie Ry.-n
g.
(Supreme Court Justice Alonzo G. Hinkley at Buffalo, NJY.. Aerril-49
The
8 act an order for the foreclosure and sale of the company Co. oforder
New
was granted on the unopposed application of the Empire T
York City, trustee of a mortgage on the proprety. The railway has been
-V.
in the hands of a receiver since 1928. No date was set for the sale.
129, p. 2856.
-Earnings.
California-Oregon Power Co.
For income statement for 12 months ended Feb. 29 1932 see "Earnings
-V. 134. p. 2903.
Department on a preceding page.
-New Chairman.
Central Indiana Power Co.
Samuel Insull, Jr., has been elected Chairman,succeeding Samuel Insull
Other officers were re-elected as follows: Robert M. Feustel, President
William A. Sauer and Lucius B. Andrus, Vice-Presidents; 'W. Marshall
Dale, Treasurer; Bernard P. Shearon, Secretary; Edwin J. Booth, Assistant
to the President; Louis B. Schiesz, Comptroller; Alfred E. Jost, Auditor:
William S. Gorman. Assistant Treasurer, and Paul D. Birdsall, Assistant
-V. 134, p. 2334.
Secretary.
-Common Stockholders Increase
Cities Service Co.
Regular Dividends, ctc.quarter
,
1 Net to common stock and reserves of the company for the first
of 1932 show an increase over the same period a year ago. Net to stocks
and reserves also shows a gain over the first quarter of 1931.
While gross and net earnings for March 1932, decreased slightly net to
stocks and reserves and net to common stock and reserves both increased
over March 1931.
During March a contract was closed under which the municipal water
supply system is to be completely electrified by the Public Service Co. of
Colorado, a subsidiary. Cold weather throughout the territories served
by subsidiaries during the month resulted in increased sales of gas for
heatin purposes.
Crude oil production during March was carried on in accordance with
rigid proration schedules prescribed by State regulatory bodies. Six
producing wells were completed with an average initial production of
16,000 barrels a day.
In the 30 days ended April 15 1932. the number of holders of Cities
Service common stock increased 5,475, bringing the total to 528,617.
Regular monthly dividends of 50c. on the preferred and preferred BB
of I% in stock
stocks, Sc. on the preference B stock, 2c.in cash and
on the common stock were announced, all payable June 1 to holders of
-V• 134.
record May 14. Like amounts are also payable on May 1 next.
P. 2144.
-Bonds Offered.
Columbus Ry., Power & Light Co.
Chase Harris Forbes Corp.; Guaranty Co. of New York;
the Union Trust Co, of Pittsburgh; Bonbright & Co., Inc.
Field, Glore & Co.; Bankers Trust Co.; Otis & Co., Inc.
and A. C. Allyn & Co. Inc., are offering at 94 and int., to
secured convertible
yield 6.31%, $4,500,000 10-year 5
gold bonds.
Dated April 1 1932; due April 1 1942 Interest payable A.& 0. without
deduction for Federal income tax up to 2%. Principal and int. payable
at Chase National Bank of New York, trustee. Callable in whole or in
Part on any Int, date op 40 days' notice at 105 on or before April 1 1937:
thereafter and on or before April 1 1941 at 1% less for each year or fraction
thereof expired after April 1 1937: thereafter at 100 to maturity; plus int.
in each case. Penn. and Conn. 4 mills and Maryland 44 mills personal
property taxes. Ohio personal property tax not exceeding 2 mills or 5%
of income yield, and Mass, taxes based on or measured by income or by
bank deposits invested in the bonds not exceeding 6% per annum on the
Interest, refundable on proper application. Denom. c* $1,000 and $500.
and r* $1,000, $5,000 and authorized multiples of 55.000.
Issuance.
-Authorized by Ohio Public Utilities Commission.
Data from Letter of B. W. Marr, Pros. & Gen. Mgr. of Company.
Business.
-Company does approximately 90% of the entire power and
light business in Columbus, Ohio,and neighboring communities (the balance
of such business being done by the City of Columbus and consisting largely
of lighting of streets and public buildings). Company serves a population
of 325,000. In addition, it owns and operates the street railway system
In Columbus and its environs.
Company has successfully completed purchases of stock and entered
Into contracts which give it control, on a favorable basis, of Southern
Ohio Electric Co., Adams County Power & Light Co. and the Peebles
Power Co., all situated in southern Ohio contiguous to properties of the
company and for the most Part connected therewigh, and whose physical
properties the company plans to directly acquire after the sale of this issue
of bonds, and also of Point Pleasant Water & Light Co. and River Counties
Power C
Powo., situated on the West Virginia side of the Ohio River. and
Hillsboro Ice & Coal Co., whose properties are to be controlled through a
subsidiary or subsidiaries. [Dispatches from Columbus, Ohio, on April 20
stated that the Ohio P. U. Commission has authorized the company to
purchase the Southern Ohio Electric Co. and subsidiaries for $4,919,411.
the Adams County Power & Light Co. for $450,000, and the Peebles
Power Co. for $100,000.]
U
Capitalization.-pon completion of this financing and after giving
effect to the retirement of $2,449,000 underlying first consolidated gold 5s
of Columbus Street By., to be paid at maturity, July 1 1932, from the
proceeds of this issue, the outstanding capitalization of the company will
be as follows:
•$2,809,000
Divisional underlying bonds assumed
due July 1 1957
12,984,000
1st & ref. mtge. gold bonds,series A 4%,
10-yr. 554% sec. cony. gold bonds due April 1 1942 (this issue) 4,500.000
8,186,864
6% cumulative first preferred (par $100)
5.014,540
6)i% cumulative series B preferred (par $100)
15,013,600
Common (150,136 shs. no par) having a stated value of
-Above table does not include 55,400.000 1st & ref. mtge. gold
Note.
bonds, series B 5%, due April 1 1962, and 5600,000 1st & ref. mtge. gold
bonds,series A 4%%,due July 1 1957, pledged as collateral for this issue.
* If and when the above mentioned properties are acquired. $4,423,000
of additional underlying bonds will be assumed.
Earnings for the 12 Months Ended February.
1931.
1930.
1932.
$8,578,290 $9,369,845 $9.748,395
Gross earnings from operation
Operating expenses, maintenance and
4.513,739
4.870.240
4,264,602
taxes (excluding Federal taxes)- -Net earnings before depreciation_ _ _ 54,313.688 54,856.106 54,878,155
210,399
172.326
249,332
Non-operating earnings•
Output Again Falls Off
$4.486,014 55,066,505 55.127.487
Total net earnings avail,for int
Excluding sales of power to other utilities, the Associated System, for
Annual interest charges (after above948,810
the week eneded April 9, reports output of electricity amounting to 47.mentioned retirement)
1,000,000
702,222 units (kwh.). While this was 8.2% below the production of the
Depreciation
corresponding week of last year, the falling off was less than that reported
• Exclusive of interest on certain securities, omitted because the securiby the industry as a whole. Output of the System for the four weeks ended
ties have been applied toward the purchases above mentioned.
April 9, aggregated 194,213,289 units, a decline of 7.7%•
Net earnings as above for the 12 months ended Feb. 29 1932, before deThe smaller consumption of electricity indicated for the Associated
ducting reserves set up for depreciation, amounted to more than 4.72 times,
System was due largely to a less demand in industrial regions. Several
and after depreciation to more than 3.67 times, annual interest requireof the operating units chiefly serving residential territory continue to report
ments on total funded debt, Including this issue, to be outstanding with
gains in demand for electricity.
the public after the above retirement. The above ratios, without giving
peGas output from Associated properties in the week of April 9, totaled
effect to expected savings in operating expenses, would become 4.64 times
328,359,700 cubic feet, a decline of 7.7%, while production for the four
and 3.59 times, respectively, if the earnings of the new properties for
weeks up to that date aggregated 1.395,856.800 cubic feet. which was 5.1%
said period were consolidated with the earnings of the company. Of
under the output of the same period of 1931.
such net earnings before depreciation, the amount arising from power
during the week of April 9 in both water and ice output.
There was a gain
and light operations alone amounts to more than 4.13 times such interest
the former increasing 17.9% to 86.333,000 gallons and the latter improving
requirements on total funded debt, both before and after including the
slightly to 6,743 tons.
earnings of the new properties.
.
ListIng.-Company has agreed to make application for the listing of these
Vice-PresidentNew
bonds on the New York Stock Exchange.
William Buchsbaum has been elected a Vice-President of the Associated
-Proceeds of this issue are being used to retire at maturity,
Purpose.
Co. He has been on the company's board of directors for
Gad& Electric
Joy 11932, $2,449,000 underlying first consolidated gold 5s of Columbus
the past three years.
3096
Financial Chronicle
Street Ry.; to reimburse the company for capital additons heretofore
made; toward the acquisition of the properties mentioned above, and (or)
for other general corporate purposes.
Security.—Bonds are to be initially secured by $5.400,000 1st & ref.
mtge. gold bonds, series B 5%, of the company, due April 1 1962. and by
3600.000 1st & ref. mtge. gold bonds, series A 4%%, of the company,
due July 1 1957; the same ratio of security to be maintained as bonds of
this issue are retired.
Convertibility.—Bonds are to be convertible at the holders option at
any time on or after Oct. 1 1932 into a like principal amount of 1st & ref.
mtge. gold bonds, series B 5%, of the company, due April 1 1962, and on
or before the 10th day prior to maturity, or on or before the 10th day prior
to redemption date, if called for redemption, with adjustment for interest
in each case. Company agrees to pay the holder upon conversion $40
in cash Per $1,000 principal amount of these bonds so converted.
The 1st & ref. mtge. gold bonds, series B 5%, due April 1 1962, into
which these bonds are convertible, will be redeemable in whole or in part
on any interest date on 40 days' notice at 107 on or before April 1 1942;
thereafter and on or before April 1 1960 at 1% less for each three-year period
or fraction thereof expired after April 1 1942; thereafter at 100ii on or
before April 1 1961: and thereafter at par to maturity; plus accrued interest
in each case.—V. 134. p. 2716.
Commonwealth Edison Co.—Earnings.—
For income statement for 3 and 12 months ended March 31 see,"Earnings
Department" on a preceding page.—V. 134, p. 1758.
Connecticut Electric Service Co.—Earnings.—
For income statement for year ended March 31 see "Earnings Department" on a preceding page.—V. 134, p. 2144.
-Duquesne Gas Corp.—Reorganization Plan.—
--In co-operation with representatives of the four existing committees
formed for the purpose of protecting the holders of the first mortgage 6%
convertible gold bonds, convertible 63 % secured gold notes and common
stock, and at the formal request of the committees, the reorganization
committee has formulated a plan of reorganization which it believes to
be fair and to preserve the respective priorities of the holders of its securities.
This plan has been approved and adopted by all the committees.
Reorganization Committee.—Carl F. R. Hassold, Chairman; Harold
E. Aul, Charles H. Drew. Leslie G. Weldon and S. P. Woodard; James
J. Flanagan, Sec'y, 55 Cedar St., N. Y. City, with Guckes. Shrader,
Burtt & Thornton, 1919 Packard Bldg., Philadelphia, and Chapman,
Snider, Duke & Radebaugh, 55 Cedar St., N. Y. City, counsel. The
depositary is the Hibernia Trust Co., N. Y. City.
In order to reduce expenses, the reorganization committee is not sending copies of the plan to all of the securities holders, but is sending a supply
to each depositary under the respective deposit agreements and to various
dealers throughout the United States so that ample opportunity will be
afforded for the examination of the plan in detail.
Salient Features of the Plan of Reorganization.
New Company.—Pursuant to plan of reorganization, a new company
will be organized in Pennsylvania and the organization, issuance of securities and operations of the new company will be subject to the approval of
the P. S. Commission of Pennsylvania. It is contemplated that the
new company will acquire all of the assets of Duquesne Gas Corp. or such
part thereof as the reorganization committee shall approve.
Authorized Capitalization of New Company.
1st mtge. 7% sinking fund gold bonds (closed issue)
$200,000
Gen. & ref. mtge. 7% gold bonds (closed issue)
1,200,000
$5 preferred stock (no par value)
34,000 sta.
$4 preference stock (no par value)
4,000 shs.
Common stock (no par value)
658,000 abs.
Distribution of New Securities.
The holders of first mortgage 6% convertible gold bonds, convertible
% secured gold notes and shares of common stock who shall have
complied with the terms and conditions of the plan of reorganization will
be entitled, subject to the conditions of the plan, to receive securities of
the new company as follows:
(1) The holders of the first mortgage 6% convertible gold bonds will
be entitled to receive $250 of gen. & ref. mtge.7% gold bonds and 7 5-10ths
shares of $5 preferred stock of the new company for each $1,000 of 1st
mtge. 6% convertible gold bonds deposited. Proportionate adjustment
will be made for deposited 1st mtge. 6% convertible gold bonds in the
denomination of $500.
(2) The holders of the convertible 6)4% secured gold notes will be
entitled to receive four shares of $4 preference stock and 10 shares of common stock of the new company for each $1.000 of convertible 634% secured
gold notes deposited. Proportionate adjustment will be made for deposited
convertible 6 % secured gold notes in the denomination of $500.
(3) The holders of the shares of common stock will be entitled to receive
one share of common stock of the new company for each five shares of
common stock deposited.
The holders of the 1st mtge. 6% convertible gold bonds of Duquesne
Gas Corp. will also be entitled to subscribe for and purchase, subject to
allotment, for each $1,000 of bonds deposited as above provided. $100
of the 1st mtge. 7% sinking fund gold ponds of the new company, two
shares of $5 preferred stock and 25 shares of common stock of the new
company in consideration of the sum of $85. The reorganization committee will also receive subscriptions from the holders of 1st mtge. 6%
convertible gold bonds in addition to the amounts above specified and to
the extent that the pertinent securities of the new company are available.
that is, up to a total of $200,000 of 1st mtge. 7% sinking fund gold bonds.
4,000 shares of $5 preferred stock and 50,000 shares of common stock of
the new company, on the same unit basis and at the same unit price hereinbefore specified, and will accept such additional subscriptions for allotment in the discretion of the reorganization committee.
Subject to the prior rights of the holders of 1st mtge.6% convertible gold
bonds to subscribe for and purchase all of the available securities of the
)
5
new company. as above provided, the holders of convertible 6 , % secured
gold notes will also be entitled to subscribe for and purchase for each $1.000
of notes, deposited as above provided, $100 of 1st mtge. 7% sinking fund
gold bonds of the new company, two shares of $5 preferred stock and 25
shares of common stock of the new company in consideration of the sum
of $85. In the event that a sufficient amount of securities of the new
company is not available to fulfill subscriptions by holders of 1st mtge.
6% convertible gold bonds and (or) convertible 6)i% secured gold notes,
then the reorganization committee reserves the right to allot to subscribers
such proportionate amount of new securities as, in the uncontrolled discretion of the committee, will preserve to the holders of 1st mtge. 6%
convertible gold bonds and convertible 6%% secured gold notes who subscribe as above provided their proportionate right to subscribe to the
securities of the new company.
The right of subscription and purchase herein conferred must be exercised
on or before May 10 1932 (or any extensions thereof) specified by the reorganization committee. Notice of the period of time specified by the
committee and any extensions thereof shall be given in such manner as
the committee shall deem adequate.
To the extent that the holders of let mtge. 6% convertible gold bonds
and convertible 63i% secured gold notes who deposit their securities as
above provided do not subscribe for the total amount of available securities
of the new company allotted them as above provided, the reorganization
committee may accept subscriptions therefor from the holders of common
Stock on such terms and conditions as the reorganization committee shall
deem proper. The reorganization committee reserves the right to make
arrangements with an underwriting syndicate or otherwise for the purchase
of all or a part of the above mentioned available securities at such discount
and (or) with such underwriting compensation as may be approved by
the reorganization committee.
In order successfully to carry through the plan, it is necessary that holders of the 1st mtge. 6% convertible gold bonds accept and agree to the
plan with substantial unanimity in order to avoid the necessity of advancing any unnecessary sums on behalf of the new company, even though
such sums may be, as to individual non-assenting securities holders, extremely small. It is also necessary that the requisite funds be supplled
to the new company in order to enable it to pay such distributive share to
the non-assenting bondholders as the Court may fix and to pay the expenses of reorganization and to furnish the new company with a reasonable
amount of additional working capital.
Deposits.—No further deposits of 1st mtge. 6% convertible gold bonds
will hereafter be accepted by either of the present depositaries, but up to
and until the close of business on May 10 1932 deposits of bonds may be
made with Hibernia Trust Co. of New York, the agent and depositary
of the reorganization committee.
April 23 1932
Deposits of convertible 6)4% secured gold notes will be accepted
Manufacturers Trust Co. up to and until the close of business on May by
10
1932 and deposits of shares of common stock will be accepted by Hibernia
'
Trust Co., as depositary for the common stockholders' protective committee, up to and until the close of business on May 10
1932.
No further deposits of any class of securities of the
accepted after May 10 1932 without the consent of corporation will be
the reorganization
committee, which consent the committee may withhold or grant in its
absolute discretion, and all deposits of any of the
and after the date hereof will only be accepted onsecurities made from
deposit and acceptance constitute acceptance and the basis that such
approval of the Plan
of reorganization and no further right of withdrawal
will exist except as
provided in the plan.
The committees approving the plan are as follows:
Committee for First Mortgage 6% Convertible Gold Bonds.—S.
P. Woodard.
Chairman; V. Blake Allison, Frank T. Harrington, C. E.
Wheeler.
Committee for Convertible 634% secured Gold Notes.—Charles if.
Drew.
Chairman; Gordon B. Hanlon, Roger R. Hayes, Robert E.
Rew.
Committee for Common Stock.—R. I. Curran, D.
H. A. Brenner, B. A. Guy.—V. 134, p. 2716. Gleich, J. E. Monteith,
Edison Electric Illuminating Co. of Boston.—Offering
$30,000,000 Note Issue.—A syndicate headed by Lee, Fliggin-
son & Co. is offering 830,000,000 gold notes, of which 810,000,000 are 1-year 44% notes dated May 2 1932 and due
May 2 1933, priced at 99.76 to yield about 4%%, and
$20,000,000 are 3
-year 5% notes dated May 2 1932 and
due May 2 1935. priced at 98.79 to yield about 5.44%.
Other
members of the syndicate are the First National
Old Colony
Corp., F. S. Moseley St Co Kidder, Peabody & Co..
Burr Gannett &
Co., Chase Harris Forbes Corp., Blake Brothers & Co.
Co.. the National City Co. and. Goldman. Sachs & Co. Thinkers Trust
Proceeds of the two issues will be applied to the purchase
or payment at
maturity of an equal amount of notes now outstanding.
The physical property investments of the company
total over $167.750.000. or more than 2.3 times the $70,000,000 of coupon
notes of the
company outstanding. Net income of the company for
the 12 months
ended Feb. 29 1932. available for Interest and reserves,
amounted to
$13.371.785, equivalent to 3.93 times the maximum annual interest
requirement of the notes to be outstanding.
The Edison company serves a population of 1,300,000 in
Boston and 39
surrounding cities and towns. It also sells electrical energy in bulk
to 11
other companies and municipalities.
New Pressdent.—
Walter C. Baynes has been elected President,succeeding the late Charles
L. Edgar.—V. 134, p. 2904.
Electric Power & Light Corp.—Earnings.—
For income statement for 12 months ended Feb. 29 1932 see "Earnings
Department on a preceding page.—V. 134, p. 2904.
Empire Public Service Corp.
—Joins Committee.—
Edward C. Delafield, Chairman of the reorganization committee for
corporation and its sbusidiary and affiliated companies, announces that
James Bruce,Pres. of Baltimore Trust Co., Baltimore, has become a member
of the reorganization committee. The other members of the committee
are George N. Lindsay, Robert W. Rea and R. E. Wilsey. The committee is rapidly completing the plan of reorganization, it is stated.—
V. 134, p. 2717.
Federal Water Service Corp.—New Board Elected.—
At a meeting of the class A and class B stockholders held on
new directors were elected by the stockholders, with the resultApril 20,
that all
representatives of the Tr -Utilities Corp. were eliminated from the board.
W. Findlay Downs (President of Day & Mannesmann), Nicholas S. Hill
Jr. (President of the Hackensack Water Co.) and Warren Leslie (President
of the Jamaica Water Supply Co. and a member of the law firm of Leslie
& Martin) were elected directors to represent the class A stockholders.
Christopher T. Chenery (President of Federal Water Service Corp.).
A. W. Cuddeback (Vice-President and General Manager of the company)
and W. B. Thom (President of the Westvaco Products Corp.) were reelected directors to represent the class B stockholders
Three new directors were also elected by the class B stockholders, viz.: Edward L. Love.
(Vice-President of the Chase National Bank), W. A. Read (Vice-President
of the Central Hanover Bank & Trust Co.) and W. Willcox Jr. (of the
Federal company).
Sued by Minority Holder.—
Judge Edward J. Gavegan has denied the application of Raoul E. Hanker
for the appointment of a temporary receiver for the corporation, and has
set May 2 for the trial of the bill of complaint. Mr. Hanker, a holder
of 1,500 shares of class A common stock of the company, brought suit
jointly against the officers and directors of' the corporation and the Central
Hanover Bank & Trust Co. The complaint alleged that the bank had
dominated the actions of the directors of the Federal corporation and
that the corporate funds had been used to purchase securities in which
the bank was interested. The suit particularly attacked the Southern
Natural Gas acquisition by the Federal company.
In answer to the complaint, Christopher T. Chenery, President of the
Federal company, submitted a sworn affidavit to Judge Gavegan in which
he declared that "the corporation is entirely solvent, its maturities are
Provided for, its budget is balanced, its properties are in excellent consition, its revenues are satisfactory, the price of its securities is improving
even in the face of adverse market conditions, and if toe present management is permitted to continue, there is no reason to suppose that it will
not be able to weather any future business conditions reasonably to be
expected from present indications."
Mr. Chenery's affidavit was supported by 13 others made by representatives of investment banking houses, engineers and banking institutions.
John K. Olyphant, Vice-President of the Central Hanover Bank & Trust
Co., denied the Federal corporation was under domination of the Central
Hanover, and stated that all allegations of the complainant were without
any basis in fact.
In another affidavit, Edward L. Love, Vice-President of
Chase
National Bank in charge of the public utility division, said the Chase
the
bank's ownership of 200,015 shares of class B common stock of the Federal
company was the largest single interest, except for the 342,435 shares of
class B common stock held by Utility Operators Co. Mr. Love said it
is to the best interest of the Cnase bank as well as to all other nolders'of
securities of Federal Water, that Chrisopher T. Chenery and other executive officers continue in charge of management of its affairs. He also
said the appointment of a receiver for Federal Water is wholly
unwarranted.
and would be destructive and disastrous and wholly opposed to the best
interests of the Chase and all other holders of Federal's securities.—V.
134, p. 2904.
Gas & Electric Securities Co.—Stock Dividend.—
The company announced monthly dividends of 58 1-3c. a share on the
pref. stock and 50c. in cash and
of 1% in common stock on the common
stock, all allotments being due May 2 to holders of record April 15. Like
amounts were paid on April 1.—V. 134, p. 1952.
Gesfurel (Gesellschaft fur Elektrische Unternehmungen), Germany.—Dividend Dates.—
The dividend of 4% recently declared on the ordinary shares is payable
on May 11, while the distribution to holders of "American" depositary
receipts for ordinary stock will be made on May 17 to holders of record
May 10.
,
Twelve months ago a dividend of 9% was paid for the year 1930, while
two years ago a payment of 10% was made.—V. 134, p.2904.
Grafton County Electric Light & Power Co.—Sells
Vermont Assets.—
See Green Mountain Power Corp. below.—V. 122, p. 480.
Green Mountain Power Corp.
—Acquisitions Ratified.—
This corporation, recently acquired at auction by the New England
Power Association, has been authorized by the Vermont P. S. Commission
to buy the Vermont assets of the Grafton County Electric Light & Power
,
Co. and the assets of the New England Power Corp. of Vermont. which
are also subsidiaries of the Association.
Financial Chronicle
Volume 134
in the Federal District Court for the Northern District of Illinois, Eastern
Division, on April 14 1932, the following have agreed to act as a protective
committee representing holders of the preferred stock of the company.
The committee believes it of urgent importance that preferred stockholders should unite for the protection of their interests.
Notice calling for the deposit of stock will be issued in due course. Certificates will be deposited with either Harris Trust & Savings Bak, 115 West
Monroe St., Chicago, or Guaranty Trust Co. of New York, 140 Broadway.
N. Y. City, as depositaries.
CommiUee.-C. Frederick Childs, Chairman, Robert Stevenson and
Rawleigh Warner. Robert Stevenson. Secretary, 111 West Monroe St..
Chicago, Platt, Taylor & Walker, 120 Broadway, N. Y. City and Cutting.
Moore & Sidley, 11 South LaSalle St., Chicago are Counsel.
-Earnings.
Havana Electric Ry. Co.
For income statement for 3 months ended March 31 see "Earnings
-V. 134, p. 1022; V. 133, p. 3093.
Department" on a preceding page.
-Acquisition.
Kansas City Power & Light Co.
The Missouri P. S. Commission has authorized the company to purchase
the properties of the People's Gas & Electric Co.of Delaware for $4,933,750.
See also V. 134, p. 2718.
-Earnings.
Louisville Gas & Electric Co.
Officers Accused
For income statement for 12 months ended Feb. 29 1932 see "Earnings
-V. 134. p. 2905.
Department on a preceding page.
Charging mismanagement by officers and directors of the Middle West
Utilities Co., a bill was filed April 21 in Federal Court at Chicago by
-V.134. p. 2905.
attorneys for two stockholders asking leave to intervene.
-Earnings.
Metropolitan Edison Co.
-Earnings.
Mountain States Power Co.
Calendar Years.
$11,678,255 $12,192.866
Operating revenues
4,947,001
4,925,747
Operating expenses & maintenance
1,756,151
1,751,490
Prov. for retire. offixed capital-depreciation, &c
650,678
678,179
Taxes (incl. provision for Federal income taxes)- Operating income
Other income
$4,322,928
131,083
Gross income
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount & expense
Net earn, of merged prop, prior to date of merger _
Miscellaneous deductions
For income statement for 12 months ended Feb. 29 1932 see "Earnings
-V. 134, p. 2906.
Department on a preceding page.
-Earnings.
New England Tel. & Tel. Co.
For income statement for 3 months ended March 31 see "Earnings
-V.134, p.841.
Department" on a preceding page.
$4,454,011 $4,977,904
1,464,214
1,673,974
17,139
20,272
121,190
128,434
22,121
2,364
1,222
Net income
Dividends on preferred stock
Dividends on common stock
32,628,966 33,352,018
1,089,073
1,245,565
1,443,120
1,623,510
$4,839,036
1138,867
-To Issue Stock.
New York Telephone Co.
The company has applied to the New York P. S. Commission for authority to issue appromately 3109,000.000 additional common stock.
If permission is granted the money will be utilized to take care of advances
from the American Telephone & Telegraph Co., the parent company, and
to reimburse the treasury following the retirement of $70,000,000 of New
York Telephone bonds last fall.
The New York Telephone Co.'s statement follows:
"The directors have authorized the officers to issue additional common
stock in such amounts as they deemed advisable not to exceed in the aggregate $109,741,300 upon obtaining authority for such issue from the Public
Service Commission. The directors determined it was not opportune to
Issue long term bonds at this time, and that it was desirable to discharge
and refund amounts carried on open accounts without creating fixed charges
if the stockholders are willing to invest further money at the hazard of the
business.
"The capitalization of the company whether in the form of bonds or
stock does not in any way affect the ratepayers, as the company is limited
to a reasonable return upon the value of its property, regardless of the
source or cost of the money invested in such property."
[There is outstanding $371,300,000 of common stock at presentA-Ed.V. 134, p. 2908.
$639.435
Balance
def$59,719
x Includes full 12 months operations of all properties now owned by
Metropolitan Edison Co. y Adjusted to exclude interest earned on advances on open account now credited to Surplus.
Consolidated Balance Sheet Dec. 31.
1931.
1931.
1930.
1930.
Liabilities
Assets
Capital stock and
Plant, prop., fransurplus
x54,656,338 53,159,494
85,804,575 85,369,718
chises, Oc
41,353,000 31,497,100
Invest.& advances18,892,601 6,310,433 Funded debt
Notes payable__
247,500
75,391
Dep, on sink fund
922,061 Accounts payable. 465,212
352,174
Cash & spec. dep. 440,364
Dividends payable 336,581
306 032
3,276
Notes receivable_
Accrued taxes__
683,154 1,181,415
Consumers accts.
928,288 Accrued interest
525,098
936,364
598,541
received
783,530 Other accruals_ _
9,773
10.354
Misc. accts. rec._ 1,031,844
803,846 Consummers' dep. 305,696
301,954
Material & suppl. 596,121
9,247,445 7,742,852
Reserves
Undistrib. debit
22,049
49,262
items
-Loses Plea.
Niagara Hudson Power Corp.
A previous order denying toe petition of the corporation to acquire all
outstanding capital stock of the Syracuse Suburban Gas Co. was reaffirmed
by the New York P. S. Commission on April 20. acting on a request for
reconsideration.
The decision, it was announced, was based primarily on the "very high
price" to be paid for the capital stock compared with the value reflected
-V. 134, P. 2908.
in evidence obtained by the Commission.
-Not Affected by Reduction of
North American Co.
Dividend on Common Stock of Affiliated Company.
In response to an inquiry, President Frank L. Dame made the following
107,829,798 95,139,914
Total
107,829,798 95,139,914
Total
x Represented by 17,252 shares $7 cum. pref. stock (no par); 187,688
cum. pref. stock (no par): 5,885 shares of $5 cum. pref. stock
shares of $6
no par and 360,780 shares of common stock (no par).
statement:
"Dividends on North American Light & Power Co. common stock (see
below) constitute only a small part of earnings for the North American
Co. common stock. Consequently, reduction in the dividend on North
American Light & Power Co. common stock will have no effect on diva, on
the common stock of the North American Co.
"The North American Light & Power Co. and its subsidiaries have a
satisfactory current position and have no large nearby maturities. That
company is not a subsidiary of the North American Co. or of any other
holding company, and the fact that other interests have minority holdings
in it does not affect either it or the North American Co. in any way."
V. 134. p. 2719.
New Director.
William Buchsbaum, Vice-President of the Associated Gas & Electric
Co., has been elected a director of the Metropolitan Edison Corp. in place
of J. F. McKenna, resigned, and a Vice-President. He has also been
elected a director and Vice-President of the subsidiary companies of the
Metropolitan Edison Corp., namely, Metropolitan Edison Co., New
Jersey Power & Light Co., Northern Pennsylvania Power Co. and Staten
Island Edison Corp., of which he was already a Vice-President.
Mr. Buchsbaum will give particular attention to the finances of these
ecmpanies.-V. 134. p. 1954.
-Earnings.
Michigan Gas & Electric Co.
Calendar YearsOperating revenues
Operating expenses and taxes
1930.
1929.
1931.
31.586.643 31,451,736 $1.322,273
986,319
x1,087,680
898,967
$498,963
4,654
3465.417
1,644
Gross income
Interest on funded debt
$503,617
224,924
$467,061
160,215
$426,223
143,254
Balance
Miscell. Interest, amortization, &c......
$278,692
21.593
$306,845
30,369
$282,968
16,606
Net income for the year
Divs, on prior lien stocks paid and
accrued
Divs, on pref. stock paid and accrued
Divs, paid and declared on com.stock
$257,099
$276.476
$266.362
95,871
23,502
108,360
74,202
24,000
126,420
-Smaller Stock
-North American Light & Power Co.
--Dividend on Common Shares.
306
1423,
2,918
67,137
24,000
144,480
Net operating income
Non-operating income
Balance. surplus
$51,854
$29,366
x Including retirement appropriation of $73,352.
Balance Sheet Dec. 31.
Assets1931.
1931.
Liabilities1930.
Fixed capital
$7,852,027 $7,458,724 7% prior lien stock
129,969
Cash
8969,200
63,588
(par 6100)
Notes receivable__
12.293
409 S6 pr. lien pref
a439,020
Accts. receivable. 274,313
400,000
307.643 6% pref. stock
Interest red
885
c72,500
$8 cum pref
Material & suppl. 140.847
172,175 Common stock
Prepayments
11,644
1,556,000
(par $100)
10,557
to raptSubscribers
Corn.stk.(no par) b187,500
13.962
tal stock
1,152 Capital stock subsc
22,700
Miseell.Investmls
25,696
11,544 Funded debt
4,300,000
special deposits..
1,350
1,051 Pur.contract oblig
87,037
Deferred debits_ _ _ 463,805
359,826 Notes payable_ _ _
. 52.500
Invest. in affil co.
39.345
56,080
Accts. payable.._
31,716
Due from BIM.co's
31.716 Consumers' dem.
26,787
41,561
Benumb*. secur__
14,400 Divs. declared_ _ _
27,090
Miseell. curr. nab.
Accrued liabilities 171,758
Adv.from MM.cos
357.123
Reserve
Miscall. unadjust.
32,358
credits
281,742
Surplus
-Declares Dividend.
Northeastern Public Service Co.
The directors on April 18 declared a quarterly dividend of $1.373i cents
per share'on the prior pref. stock, for the quarter ended Dec. 31 1931.
Payable May 10 to holders of record April 25. Action had previously been
deferred on this dividend. Initial quarterly distributions of $1.37% and
37 Yjc. per share, respectively, were made on the prior pref. and pref.
stocks on Jan. 1 1932,for the quarter ended Sept. 30 1931.-V. 134. p. 2720.
----Earnings.
Northern States Power Co.
For income statement for 12 months ended Feb. 29 1932 see "Earnings
-V. 134, p. 2908.
Department" on a preceding page.
1930.
For income statement for 12 months ended Feb. 28 1932 see "Earnings
-V. 134. p. 2908.
Department" on a preceding page.
-Earnings.
Oklahoma Gas & Electric Co.
$968,800
439,020
400,000
1,556,000
187,500
1,600
3.750,000
147,000
72.738
25,627
45,150
441
161,512
50,000
345,647
29,376
252,376
)'Middle West Utilities Co.-Folotia-Reetivrr."
The United States District Court for Delaware April 16 named Edward
. Hurley, Samuel Insull and Charles A. McCulloch of Chicago and
Charles F. Curley of Wilmington receivers for the company. The first
I three named were appointed receivers for the company April 15 in Chicago.
The bill of complaint and the answer consenting to the receivership were
‘ the same as filed in Chicago.
Federal Judge Caffey, April 18 appointed the three Chicago receivers for
the company ancillary receivers in the Southern District of New York.
Stockholders and creditors of company will meet May 19 in the Woolworth
uilding.
Protective committee for holders of $40,000,000 5% serial convertible
sold notes which mature in $10,000,000 installments June 1 of each year
32 to 1935 has been formed with Lucius Teter as chairman. Other
embers of the committee are Samuel M. Hastings and Marvin B. Pool.
Northern Trust Co., Chicago has been appointed depositary.
The directors have declared a quarterly dividend of 1% in common
stock on the common stock, payable June 1 holders to of record May 5,
placing the issue on a 4% annual stock basis, against 8% previously.
The regular quarterly dividend of $1.50 per share on the pref. stock has
been declared, payable July 1 to holders of record June 20. The company
has set the payment and record dates on the common stock 15 days ahead
-V. 134, p. 2907.
of the former dates.
330,745
$9,039,392 $8,432.786
Total
Total
$9,039,392 $8,432,786
-V. 133, p. 954.
a 4,878 shares. b 2,500 shares. c 725 shares.
' Noteholders' Protective Committee.
3097
Preferred Stockholders' Protective Committee.
In view of the institution of receivership proceedings against company
The Commission set a value of $510,863 on the New England Power
Corp. of Vermont and a value of $163,782 on the Vermont assets of the
Grafton County company. It also granted the Green Mountain company
permission to amend its articles of association to enlarge the scope of its
corporate activity in order that it might operate in the territory of the
-V. 133. p. 3966.
companies taken over.
-New Director, &c.
Pacific Lighting Corp.
w. W. Crocker has been elected a director in the place of Garrettson ,
an additional Viceelected as
Dulin, resigned. D. G. Volkman has been
President.
Earnings.
"Earnings
For income statement for 12 months ended Feb. 29 1932 see
Department" on a preceding page.
Sheet.
Comparative Consolidated Balance
Fe.b.29 '32 Dee. 31 '31.
Feb. 29 '32. Dee. 31' 31.
$
$
Lia4tilies$
$
AssetsPreferred stock y14,980,900 14,834,800
Plant, properties
stock.:29.937,924 29,937.924
& franchises_231.683,631 231,061,450 Common
Inv. in securities 10,002,376 10,381,111 Sub. cos.' pref.. 30,727,296 30,932,524
5,638
6,083
Min.int.of subs.
Cash & secs. in
511,717 Funded debt _ _ _107,031,000 107,408,000
517,905
sinking fund_
assets 15,025,309 13,538,843 Cons. dep. and
Current
adv.for constr 3,763,828 3,865,929
Unamort. bond
9,347,079
&set. & exps- 6,277.334 6,335,565 Current Habil__ 8,038,416
416,980 Deprec. reserve 50,741,358 49,572,122
420,085
Miscellaneous._
Consumers chgs.
1,424,558
In controversy
Ins., &c., res ve 3,892.600 3,820,249
14,807,217 11,096,844
Surplus
263,926,621 262,245,888
Total
263,926,621 262,245,666
Total
x Represented by 1,608,631 no par shares. y Represented by 149,809
.-V. 134, p. 1015.
shares (no par)
-Earnings.
Peoples Gas Light & Coke Co.
For income statement for 3 and 12 months ended March 31 see "Earnings
-V. 134, D. 2721.
Department" on a preceding page.
-Earnings.
Philadelphia Co.
For income statement for 12 months ended Feb. 29 1932 see "Earnings
-V. 134, p. 2909.
Department" on a preceding page.
-To Pay Interest.
Pomerania Electric Co.(Germany).
The Chase Harris Forbes Corp., as paying agents, announce that the
above company has deposited funds sufficient to pay the May 1 interest
on its sinking fund gold 6s due 1953, of which $3,235,000 are outstanding.
V. 127, p. 3090.
3098
Financial Chronicle
Public Service Co. of Northern Illinois.
-Earnings.
-For income statement for 3 and 12 months ended March 31 soe "Earnings
Department"
April 23 1932
Southern California Edison Co., Ltd.
-Obituary.
-
ruled that the New Jersey proceeding had been filed prior to
suit and that the latter decree was therefore without effect onthe Illinois
the action
before him.
Mr. Umland had charged that the company had defaulted on interest
on its bonds and was operating at a loss and in a manner prejudicial to
the interests of its stock and bonds holders. He charged also that
holding
company had been unjustified in borrowing $5,000,000 from a the
subsidiary.
The Vice-Chancellor's decree stated that the court was satisfied that the
complainant's charges had been sustained.
-V. 134, p. 2910.
Southern Colorado Power Co.
-Dividend Halved.
-
The stockholders on April 20 approved the issue and sale of $4,000,000
10
-year
% secured cony. bonds.
-V.134, D.2911.
on a preceding page.
-V. 134. p. 2522.
Southern Bell Telephone & Telegraph Co.-Acquis.-
The L-S. C. Commission on April 4 approved the acquisition by the
company of the properties of the Mississippi Telephone Co.
-V.134,P.1783.
Chairman John B. Miller died in Los Angeles, Calif., on April 14.-V.
134, p. 2909.
The directors have declared a quarterly dividend of 25 cents a share on
the class A common stock, par $25 payable May 25 to holders of record
April 30. This compares with quarterly distributions of 50 cents per share
made on this issue from November 1925 to and incl. February 1932.
Earnings.
For income statement for 12 months ended Feb. 29 1932 see "Earnings
Department" on a preceding page.
-V. 134. p. 2909.
Southern Ice & Utilities Co.
-Earnings.
Calendar YearsOperating revenue
Operating expenses
Maintenance
Provision for retirements
Taxes
1931.
1930.
$2,712,126 $3,098,118
2,257,824
2,130,374
147,265
177,278
443,288
436,839
109,766
102.181
Operating income
Other income
1°84245,998
23,198
$251,443
23.139
Gross income
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense
10962222,800
273,262
2,165
43,219
$274.582
283,058
1,889
39,084
Net loss (transferred to surplus account)
$541,448
$49,449
Comparative Consolidated Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
Assets$
$
Liabilities$
$
Plant de property_ 13,580,497 14.325,807 Capital stock &
Investments
115,334 capital surplus_ x6.713,259 6,652,830
Cash & spec. dep'ts 182,360
274,567 Funded debt
3,254,500 4,670,500
Notes receivable_ _
68,508
179,573 Matured coupons
Accts.receivable__ 231,916
363,818 unpaid
32,321
Accts. reedy,from
Notes payable__.._ 170,000
5,084
sill. cos
592,371 Accts. payable _ _
.
97,561
90,729
Materials, supplies
Accr.taxes,int.&
de merchandise
220,671
190,743
miscall
128.613
158,794
Deferred charges..
20,277
33,150 Reserves
3,786,478 3,653,023
Surplus
101,499
844,401
Total
14,284,230 16,075,361
Total
14,284,230 16,075,361
x Represented by130,000 shares $7 cum. pref. stock (no par); 4,020 shares
$7 cum. panic. pref. stock (no par); 32,680 shares class It coin, stock (no
par)and 140.111 shares ofclass B common stock (no par).
-V.133.P. 3790 •
Southern Ohio Electric Co.
-New Control.
-
See Columbus Ry., Power & Light Co.above.
--V. 129, p. 2683.
-°
''Southwest Gas Utilities Corp.
-Stock Reduced.
The
stockholders have approved a reduction in the authorized capital
stock from 1,150,000 shares to 350,000 shares of no par value, consisting
of 50,000 preferred and 300,000 common shares. The purpose was to
educe the annual franchise taxes payable to Delaware.
-V.134, p. 2148.
Standard Gas & Electric Co.
-Earnings.
-
For income statement for 12 months ended Feb. 29 1932 see "Earnings
Department" on a preceding page.
-V. 134, P. 2909.
Tokyo Electric Light Co., Ltd.
-Earnings.
-
12 Mos.End. Nov. 30-1931.
1930.
1929.
1928.
Operating revenue
$53,814,844 556,046,834 $58,447.460 552,723,446
Oper. exp. (incl. maintenance & taxes
27,758,624 29,163,659 29,086.578 26,402,543
(Maintenance)
(4,459,331) (3.t50.431) (4.720,478) (3A93.023)
Operating income.. _ - -$26,056,220 $26,893,175 $29,360,882 $26,320,903
Other income
1,726,991
1,143,080 2,042,014
1,829,575
Total income
$77,783,211 $28,036.255 $31,402,896 $28,150,478
Deprec.(incl.legal res.)- 4,770,582 5.416,138 4,270,000 4.165,000
All int. & amortiz. of
bond disct. (less Int.
charged to construct'n) 14.418.468 12.745,188 10,400.600 10,603,629
Net Inc. carried to sur_ $8,594,161 $9,874,929 $16,732,296 $13.381,849
Surplus brought forward 2,105.802
1,842,402
1,719.357
1,723,611
Total surplus
$10,699.963 $11,717,331 $18,451,653 $15,105,460
Net adjustm'ts of surp- - Dr977,185 Dr.450.677 Dr.323,291 Cr.2,990,857
Dividends paid
7,367,915 9,160,852 16.285,960 16,376,960
Surplus carried forw'd $2,354,863 $2,105,802 $1,842.402 $1.719,357
Conversions from Japanese Yen into U. S. dollars at the rate of 1 Yen
=50c.(approximate parity of exchange).
-V. 133, p. 1928.
Twin City Rapid Transit Co.
-Earnings.
-For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 134, p. 1764.
Union Electric Light & Power Co. of St. Louis.Overruled.
-S. Corn, has overruled the motion of the company to
The Missouri P.
set aside the Commission's decision that Union Electric could not own voting stock in the Laclede Power & Light Co. A motion for rehearing the
-V. 134, p. 1957.
case also was overruled.
-Earnings.
United Corp.
For income statement for 3 months ended March 31 1932 see "Earnings
-V. 134, p. 1580.
Department" on a preceding page.
-Federal Receivers.
")United Public Service Co.
On motion of attorneys for Howard J. Umland, a holder of securities
of the company, and with the consent of the defendants, Judge Walter C.
Lindley. in Federal Court at Chicago has appointed Samuel W. White
receiver for United Public Service Co. and two of its subsidiaries, United
Public Utilities Co. and Southern United Gas Co., all of which are subsidiaries of Middle West Utilities Co.
Federal Judge Walter C. Lindley has approved a restraining order preventing Howard J. Umland, plaintiff in the receivership proceedings, from
further prosecuting an action 'brought by him against United Public Service
CO. in New Jersey and restraining him from taking further legal action
against the defendant other than in the Chicago court. The court further
ordered that the plaintiff appear on April 25 next to show cause why a
t porary injunction in this regard should not be issued.
Receiver Appointed in Jersey City.
The company was placed in receivership April 21 by Vice-Chancellor
John J. Fallon in Jersey City. Hurst F. Broom of Montclair and John
Milton. of Jersey City were named to take over the company's affairs.
The decree for which a petition had been made by Howard J. Umland,
a stockholder, ordered the Corporation Trust Co. of New Jersey, to turn
over the books and records of the company to the receivers. Stockholders
and creditors are required to show cause May 9 why the receivers should not
be continued.
Vice Chancellor Fallon granted also a requested injunction to restrain the
company from exercising its corporate franchises, holding meetings, paying debts or transferring any assets without approval of the receivers.
In the argument before the Vice Chancellor on April 20 lawyers for the
defendant company produced a copy of an order issued by an Illinois court
showing that a receiver had been previously named for the company in a
proceeding instituted by the same complainant. The Vice Chancellor
Virginia Electric & Power Co.
-Bonds Approved.
-
Wisconsin Public Service Corp.
-Earnings.
-
For income statement for 12 months ended Feb. 29 1932 see "Earnings
Department" on a preceding page.
-V. 134. p. 2911.
Wisconsin Valley Electric Co.
-Earnings.
--
For income statement for 12 months ended Feb. 29 1932 see
"Earnings
Department" on a preceding page.
-V. 134, p. 2911.
INDUSTRIAL AND MISCELLANEOUS.
Builders to Cut Pay.
-By order of the Board of Governors of the Building
Trades Employers Association the executives of 30 trade groups in the
association began posting notices announcing wage reductions of between
20% and 35% for 115,000 building trades workers beginning May 1. The
notice constitute the final statement of the employers to the 30 unions
that the new scale of wages will be in effect on May 1 and continue until
Dec. 31 1933. N. Y."Times," April 19, p. 23.
Matters Covered in the Chronicle of April 19.-(a) Ernst & Ernst find
corporations' financial position more liquid now than in last major depression. 1920-1921, p. 2801. (b) Passing of dividends by Ford European
Companies said to have been recommended by Henry Ford-but Head of
British Company says all except German branch earned them-Funds to
be conserved, p. 2807. (c) Salaries to be reduced 10% by Atlas Powder
Co.
-Five day week to inaugurated May 1. p. 2809. (d) Operations
resumed by International Paper Co., p. 2809. (e) Inquiry into stock
Exchange trading before Senate Committee-Bear raids on New York
Stock Exchange denied by President Whitney-Shrinkage of 56.000.000,000 in security prices in 10 days not due, he days. to short selling
Further Hearing April 18, p. 2832.
Adams-Millis Corp.(& Subs.).
-Earnings.
-
Calendar YearsNet sales
Cost, expenses & depreciation
1931.
1930.
1929.
56.972.955 $7,633,654 $6,962,009
5,941,506 6,598,280 6,049,602
Operating profit
Other income
$1.031,449 $1,035.374
80,279
62,531
$912,407
72,353
Total income
Other deductions
Federal taxes
81,111,728 $1.097,905
77,682
25,119
175.300
166.750
$984,760
20,930
154.500
Net income
1st preferred dividends
2nd preferred dividends
Common dividends
$858,746
91,875
234,000
$906,036
122,500
29,705
312,000
$909,330
122,500
33,688
312,000
Surplus
8441,142
$441,831
$532,871
Earnings per share on 156,000 shares
common stock (no par)
$4.82
$4.72
$4.83
Consolidated Balance Sheet December 31.
1931.
1930.
AssetsLiabilities-1931.
1930.
Plant & equip. _ _ x$1,727.598 $1,460,304 1st pref.stock _ .._ 51,750,000 $1,750,000
219,477
445.265 2nd pref. stock_
Cash
192,200
Marketable secur_ 1.676,567 1,682,920 yCommon stock... 156,000
158,000
Notes receivable
12,891
25,062 Notes payable._ __ 400,000
500.000
312,833 Accounts payable_
Accts.receivable.. 313,608
14,293
72,797
Inventory
591,814 Accrd.labor & tax. 180,933
606,167
216,508
Other assets
22.122 Reserve for conting
23,975
59,000
Deferred charges..
111,988
20,739 Dividends payable
22,034
Sinking funds_ _ _ _
1.226
458,004
Paid-In surplus_ __ 458,004
Earned surplus_ __ 1,525,583 1.140,840
$4,602,317 $4,541,059 Total
Total
$4,602,317 $4.541.059
x After depreciation of $1,076,265. y Represented by 156,000 no-par
shares.
-V.133, p. 1127.
Affiliated Products, Inc.(& Subs.).
-Earnings.
Consolidated Income Statement, 12 Months End. Dec. 31.
Net Sales
24,837,675
Cost of sales & expenses
3,575,158
Operating profit
Other income:(including interest received)
$1,262.517
22,099
Total
Other deductions: (including interest paid)
Depreciation
Provision for Federal income tax
$1,284,616
110,784
30,500
133.262
Net income
Surplus, total balance Jan. 1 1931
Surplus adjustments
-net
$1,010,089
497,857
Dr83,897
Total
Common dividends
Dividends minority interest
$1.443,848
612,480
4,175.
Surplus, Dec. 31 1931
x Surplus. Dec. 31 1931, Earned, $368,806.03; acquired, $445.066.19;
2 83
7 9
minority, $15,317.48.
Consolidated Balance Sheet, Dec. 31.
Assets
Liabilities
Cash
$128,411 Notes payable-bank (subsid). $25,000
Accounts & notes receivable.... 433,594 Accounts payable
251,872
Inventories
323,743 Current installments on mortFixed assets
401.016 gages & accrued Interest. _._
13,572
Deferred expense
88,350 Accrued Expense
423
Patents-less amortization.. _ _
56,650 Notes payable-bank
250.000
Good-will, formulae, tradeMortgages payable
81,500
mark, &c
1,758,112 Reserves for taxes
136,593
Capital stock (382,800 shs, no
par)
1,578.723
Capital stock of sub. held by
minority interest
25,000
Surplus
827.193
Total
$3,189,877 Total
$3,189,876
•Including $711.058.36 paid in cash since date of organizatton.-V. 134;
p. 2911.
Ainsworth Mfg. Corp.(& Subs.).
-Earnings.
Calendar Years
Gross profit on sales
Selling, administrative & gen. exps- -
1931.
5101.514
276,960
1929.
1930.
$636,131 81,601,053
447,291
334.550
Operating profit
Other income
loss$175,445
31,279
$301,581 $1,153,763
17,455
36.195
Total income
Provision for Federal taxes
1055$144,166
S237.776 $1,171,217
131,088
39,276
$144,166
3208,501 81.040,129
270,235
344,499
Net profit
Dividends paid
Balance surplus
Shares of common outstanding
Earns, per share
def$144,166 def$45,990
163,511
140.096
$1.83
Nil
$769,894
160.665
$6.47
Financial Chronicle
Volume 134
-Earnings.
American Hide & Leather Co.
Comparative Balance Sheet, Dec. 31.
1931.
1930.
Assets
$164,219
$76,537
Cash
U.S., municipal,kc 1,131,352 1,230 312
163,970
215,869
Accounts recely_
283,799
Inventories
466,415
Prepaid Insurance,
46,386
54,894
taxes, &c
Value of insurance
policies on lives_
28,332
of officers
26,980
1,280,247 1,370,890
Fixed assets
Total
For income statement for 36 weeks ended March 5 1932 see "Earnings
-V. 134, p. 678.
Department" on a preceding page.
1931.
1930.
Liabilities$67,305
Accounts payable_ $138,378
40,001
Federal income tax
Accr. wages, sala25,814
13,358
ries. taxes, &c__
Common stock_ __ 1,400,960 1,635,110
Res,for unconvert.
3,214
scrip
3,763
Surplus
1,529,940 1,682,361
$3,098,305 $3,441,899
Total
-Earnings.
American Home Products Corp.
For income statement for 3 months ended March 31 1932 see "Earnings
-V.134, p. 1765.
Department" on a preceding page.
-Tenders.
American International Corp.
The corporation is inviting proposals until noon on May 2 for the sale
to it of up to an aggregate of $5,000,000 face value of its 534% convertible
debentures. The corporation reserves the right to reject proposals in whole
or in part. On Dec. 31, last, there were outstanding $20,967,000 of these
debentures with an additional $4,020,000 in the treasury. The corporation
had on that date cash and call loans of $5,198,134.
Of the $4.020,000 debentures in the treasury $2,783.000 were acquired
during 1931 at an average cost of $76.13. The corporations' net assets
on Dec. 31 1931. were equal to $1,275 per $1,000 debenture. The de134, p. 1198.
benture. The debentures are quoted at about 64
$3,098,305 $3,441,899
-V. 134, p. 1373.
‘
NAllerton New York Corp.
-Committee Organized.
A protective committee for the 514% 1st mtge. loan certificates has been
announced by Edward C. Delafield, Chairman. Other members are:
William II. Class, Edward H. Crandall, Frederick W. Droge, Edgar
Kenny, Julian L. Maarx and Argyll R. Parsons.
-V. 133, p. 1618.
-Earnings.American Laundry Machinery Co.
1930.
1929.
1931.
Calendar YearsNet profit after provision for deprec.
$771,798 $1,849,465 $3,542,141
& Federal taxes
2,604.837
2,530,101
1,435,859
Dividends paid (cash)
Allied Kid Co., Boston, Mass.
-Cal. Year 1931.
-Earns.
Net sales
Cost of goods sold
General, administrative & selling expenses
$6,916.557
6,519,360
641,661
Net loss from operations
Adjustment of marketable securities to market
Other income and deductions
-net
Net loss
Dividends paid
def$664.061 loss$755.372 $1,012,010
Balance
17,722,481 18,559,830 17,975,934
Previous surplus
2,725,201
2,725,201
Surplus from sale of common stock.. 2,523,886
$244,465
96,258
67,750
$408,473
108,569
Total loss
$19,582,306 $20,529,659 $21,713.175
Total surplus
81,977
48.603
65,360
Proportion of patents charged off_
201,315
379,541
Stock dividends paid
106,696
Deducts.incl.prem.paid on stk.purch
$517,042
$19,410,250 $20,246,367 $21,285,031
Surplus Dec. 31
651,722
644.753
626.858
Shs. of cap.stk. outstanding ($20 par)
$5.43
$1.23
$2.87
Earnings per share
Sheet Dec. 31.
Balance
Balance Sheet, Dec. 31 1931.
Assets
LIabIlitIesCash
$124,983 Drafts against letters of credit_ $539,543
65,202
Marketablesecurities
592,466 Accounts payable
15,271
Notes. accounts & trade accepAccrued expenses
tances rec
714,493 Capital, $6.50 cumul. pref.
Merchandise inventories
a2,066,700
stock
2,132,415
b1,975,321
Value of life insurance
91,477 Common stock &surplus
Other assets
111,337
Permanent assets
873,089
Deferred assets
21,778
Total
24,662,037
1930.
1931.
Assets
626,517
701,067
Cash
157 794
1,347,907
U. S. securities
Notes receivable 13,182,266 14,982,861
4,118,206 4,784,373
receivable
Accts.
Notes receivable
loans to emprees
against co.'s stk.
285,494
as collateral.... 311,572
Accts. rec, from
132,912
41,376
empl'es stk.subs
2,516,326 4,274,321
Inventories
229,753
214,172
Investments
Stk. owned - for.
459,928
459,928
subsidiary cos
Land, bldgs. &
x5,464,753 5,699,307
equip
Unamortized book
val. of pats.,
trade marks, &c 2,800,000 2,850,000
204,319
187,121
Deferred charges_ _
$4,662,037
Total
a Represented by 20,667 shares (no par value).
195,000 shares (no par value).
-V. 133. p. 801.
b Represented by
-Earnings.
Allied Products Corp.(& Subs.).
Calendar YearsConsolidated net income
Depreciation
Federal tax
1931.
$30,922
126,079
1929.
1930.
$15,102 $1,030,155
138,149
153,830
90,594
Net loss
Class A dividends
Common dividends
$95,157
43,750
$138.728prof$801,411
175,000
175,000
75,000
37,500
$388,728 sur$588,911
$138,907
Balance, loss
-Earned surplus Jan. 1 1931, $176,285:
Surplus Account Dec. 31 1931.
life insurance received, $100,000; total, $276,285; deduct: Net loss for
1931. $95,157: dividends, $43,750; amortization of organization expense,
$23,380; other adjustments (net), $24,712; balance surplus, $89,286.
Consolidated Balance Sheet Dec. 31.
1931,
1530.
Liabilities1931.
1930.
Assets;
$46,757
275,393
securs $126,541 2431 328 Accounts payable_
Cash & Gov.
21,401
434,855
241,595 Accruals
13,251
Receivables
409,294
631,110 Divs. payable_
43,750
'Inventories
7,964 Land contr. pay__
2,509
3,467
18,396
Cash value Insur
Res. for conting__
9,923
9,923
*Inv. In Corcoran
:Class A stock... 1,927,200 2,200,000
Brown Lamp_ _ _ 1,097,697
750,000 2,040,846
2,603
750 yCommon stock__
Other investments
173,410
1,777,428 2,683,790 Capital surplus... 1,210,710
Fixed assets
128,709 Pr. & loss surplus_
176,285
80,739
89,286
Deferred charges
Licenses,contr., &c 102,082
619,230
Total
$4,049,635 $4,744,476
Total
1931,
1930.
Liabilities$
Notes payable____
800,000
421,844
Accounts payable_ 201,352
72,608
58,188
Accrued accounts_
Cust. deposits &
credit balances_
30,169
26,307
Res. for Fed. inc.
93,150
239,800.
taxes
12,537,166 12,895,076
Capital stock
19,410,250 20,246,367
Surplus
Total
32,344,694 34.687,582
32,344,694 34,687,582
Total
X After deducting allowance for depreciation of $3,312,399.-V. 134.
p. 1582.
-New Director.
American Machine & Foundry Co.
John R. Turner has been elected a director to fill a vacancy.
-V. 134.
P. 2724.
'"American Ship & Commerce Corp. ReclutGon
he stockholders will vote Afey+on ryucing the authorized capital stock
to 0,000 shares from 1,500,000 shares See also V. 134, p. 2913.
American Stores Co.
-March Sales.PeriodSales
-V.134, p. 2524.
-5 Weeks Ended3 Mos.Ended
Apr. 2'32. Apr.4'31. Apr.2'32. Apr.4'31.
$11,579,317 $13,677,062 $30,854,444 $37.339,843
$4,049,635 84,744,476
* Carried at net book value of assets which are accordingly eliminated
from consolidated blance sheet.
x Represented by 43,800 shares (no par) in 1931 and 50,000 shares
(no par) in 1930. y Represented by 75,000 shares (par $10) in 1931
and by 75,000 shares (no par) in 1930.-V. 134, p. 2724.
-Earnings.
Alpha Portland Cement Co.
For income statement for 12 months ended March 31 see "Earnings
-V. 134, p. 1567.
Department" on a preceding page.
Aluminum, Ltd.
-Preferred Dividend Decreqased.The directors have declared a quarterly dividend of 75c, per share on
the 6% cum. pref. stock, par $100, payable June 1 to holders of record
May 14. This compares with regular quarterly distributions of $1.50
per share made from Sept. 1 1930 to and incl. March 1 1932.-V. 133,
P. 3968.
American Cigar Co.
-New Directors.
Robert Lehman, John F. Fay and Maurice Newcomb have been elected
directors to represent the minority stockholders who last year solicited
support of other minority stockholders in ascertaining the plan of American
Tobacco Co. with regard to the American Cigar Co.
-V. 134, p. 2724.
American Cyanamid Co.
-Changes Par Value.
The stockholders have approved a cnange in the common stock to
shares of 210 par value from shares of no par value, which will effect a
substantial saving in franchise taxes to the company, as well as in transfer
taxes to stockholders
.-V. 134, p. 2150.
American District Telegraph Co.(N. J.).
-Earnings.
-
Calendar Years1931.
1930.
1929.
1928.
Gross oper. revenue-___ $8,813,408 $8,542,601 $8,230,654 $7,973,549
xOperating expenses_ -- - 6,968,767
6,767,403
6,583.242
6,262,880
Net oper. income.__. $1,844,642 $1,775,198 $1,647,411 $1,710,669
Income from divs.& int_
67,068
130.973
182,407
142,529
Total
$1.911,710 $1,906,171 $1,829,818 $1.853,198
Previous surplus
8,997,634
8,228,124
7,504,119
6,860.274
Pfd.stock purch.for red_
807,106
201,254
252,600
Pref. stk. converted into
common stock
19.500
Adjustment of surplus
570,103
Total surplus
312,286,553 $10,335.550 $9,586.537 $8,732,972
Dr.26.143 Dr.20,409
Adjust, of surplus (net)_
Cr.96.669
655,708
671.653
678,964
630,635
Divs.on new preferred..
399,368
399,368
399.368
399,120
Divs. on new common._
256,695
285,144
266,983
247,438
Approp. for red, of pref_
Profit & loss surplus_ -$10,971,407 $8,997.634 $8,228,124 $7,504,119
99,848
99,848
99,848
99,848
(no par) out.
Shs.of com.
$12.52
$11.60
$12.83
$11.76
Earned per share
Including repairs, reserved for depreciation, rent for lease of plant,
x
-V. 133, p. 1770.
taxes, miscellaneous interest, &c.
-Decreases Monthly Dividend.
.....---American Factors, Ltd.
A monthly dividend of 10 cents per share has been declared, payable
May 10 to holders of record April 30. Previously, the company made
monthly distributions of 15 cents per share on the stock. An extra divi-V. 133, p. 3969.
dend of 20 cents was also paid on Dec. 10 last.
3099
American Thermos Bottle Co.
-Earnings.
(Prior Years' Operations Adjusted for Subsequent Charges.)
Calendar Years1931.
1928.
1930.
1929.
Mfg. profit from sale of
merchandise
$618,868
$438,214
$608,300
$732,845
Oper. exp.(incl. advert.)
403.156
390,313
394,904
318,772
Operating profit
Other income
Deductions
Other income net....
-__
Profit before taxes
Est. Fed, income taxes_
$119,442
$46,817
40,641
$213.396
$51,880
40,137
$329,688
$75,841
43,341
$228,555
857,630
36,946
$6,176
$11,742
$32,500
$20,684
$125.618
14.566
$225.139
25,108
$362,188
40,961
$249,239
28,812
8220,427
$321,227
$200,030
Net profit
$111,051
Note.-Pref. and common dividends paid in 1931 and charged against
the year's earnings amounted to $157,366 (1930, $210,749)•
Comparative Balance Sheet Dec. 31.
1931.
AssetsCash and U. S.
Govt. bonds_ _ _ $612,273
Other sec.(at cost)
96,434
Accts.receivable__
10,816
Accrued int. recely
433,082
Inventories
257,028
Invest.affil. co's_ _
Land, buildings &
:902,004
equipment
30,425
Prepaid & deferred
Good-will, trademarks, patents &
copyrights
316,691
1930.
1931.
Liabilities$30,339
$37,600
Accounts payable_
Dividends declared
73,099
52,914
and payable _ _ _ _
7,926
6,923
Accruals
24,957
14,567
taxes
Fed'I Income
Preferred stock_ _ _ 1,033,279 1,146,079
Common stock_ _ _y1,089,678 1,089,678
326,658
329,087
Paid-in surplus_ _ _
145,159
94.706
931,255 Earned surplus_ _ _
39,592
1930.
8486,80.5
200,000
122,577
8,332
485,688
257,028
309,617
$2,658,755 $2,843,895
Total
Total
$2,658,755 $2,843.895
x After deducting reserve for depreciation of $485,638. y Represented
by 108,968 shares of no par value.
-V. 134, p. 2913.
-To Change Par.
----American Zinc, Lead & Smelting Co.
The annual meeting has been adjourned to April 26. At that time the
stockholders will vote upon a proposal to change the common stock from
no-par to $1 par. Under Maine laws majorities of both preferred and
-V.
common stocks are necessary for a change in the par value of a stock.
134, p. 2524.
Armour & Co. (Ill.).
-New Officials.
-
William S. Clithero has been elected Vice-President in charge of inventory control and product distribution, and Frank A. Becker has been
elected Assistant 'Treasurer. Mr. Clithero was formerly Comptroller of
Morris & Co. before it was taken over by Armour. Mr. Becker has been
in charge of Armour's banking and foreign exchange division since 1923.
-V. 134, p. 2524.
Artloom Corp.
-Defers Dividend on Preferred Stock.
-
The directors on April 21 voted to defer the quarterly dividend due .11.113e 1
on the 7% cum. pref. stock, par $100. Three months ago, the quarterly
payment on this issue was reduced to $1 per share from $1.75.
Earnings -For income statement for 3 months ended March 31 see
"Earnings Department" on a preceding page.
-V. 134. P• 1766.
3100
Financial Chronicle
Art Metal Construction Co.
-Earnings.
-
Calendar YearsNet shipments
Other income
1931.
1930.
1929.
1928.
$5,424,072 $7,918,624 $8,801.834 $8,011,985
44,925
88,705
62,394
33,165
Total income
$5,468,997 $8,007,329 $8,864,228 $8,045,160
Cost Ss expenses
5,922,038 7,416,468 7,684,467 7,196,721
Net profit before taxes def$453,041
$590,861 $1,179,760
$848,429
Estimated taxes
70,904
129.773
101,811
Res,for exch. losses..
105,671
Net profit
Dividends
def$558,712
304,541
$519,957 21,049,987
609,083
641,140
$746,617
480,855
Surplus
def$863,253 def$89,125
$408,847
$265,762
fibs. of cap. stk. outst'g
(par $10)
320.570
320,570
320,570
320.570
Earnings per share
Nil
$1.62
$3.27
$2.33
Consolidated Balance Sheet Dec. 31.
Assets1931.
1930.
Liabilities-1931.
1930.
a Plant & nrop.51,918,482 $1,964,097 Capital stock
$3,205,700 $3,205,700
Cash, ctfs. of dep.
Accounts payable_ 142,244
188,326
287,720
788,474 Res. for taxes_ _ _ _
26,859
122,475
Bllis & accts. rec 1,809,406 2,102,271 Res. for divs__ __ _
32,057
128.228
Inventories
1,452,549 1,865,136 Other res.
925,734
371,905
Investments
Investments_ _ 6659,945
b659,945
559,405 Surplus
2,338,025 3,305,362
Pats., goodwill,
1
1
Def. charges
44,516
42,612
Total
$6.170,619 $7,321,996 Total
$6,170,619 $7,321,996
a After depreciation. b Includes 28,270 shares of Art Metal Construction Co. amounting to $647,944, at cost.
-V.134, p. 1959.
Art Metal Works, Inc.
-Omits Stock Dividend.
-
The directors have voted to omit the dividend usually payable
May 1 on the common stock. Quarterly distributions of 2% eachabout
made on this issue on Feb. 1 1932 and on Nov. 1 1931, as compared were
15 cents per share in cash in each of the three preceding quarters.with
-V.
134. P. 675.
-,Asbestos Corp., Ltd.-To-Volfe-on-Plan.'rhe shareholders will meet on April 27 to pass formally on the schen of
r
anization which has already
been approved by the
majority of all classes ofsecurities have already been depositeddirectors A
in acceptance
of the plan.
Under the reorganization scheme 10 shares of the old preferred stock will
be exchanged for 114 shares of new common and 50
mon will be exchanged for 134, shares of the new shares of the old comcommon stock. (See
plan in V. 134, p. 1027.)-V. 134, p. 2725.
Associates Investment Co.
-Earnings.
-
For income statement for 3 months ended March 31, see "Earnings
Department' on a preceding page.
Condensed Balance Sheet March 31.
1932.
1931.
1932.
1931.
Assets
Cash
2,444,667 2,440,707 Collat.trust notes_ 6,980,200 7,053,900
Notes receivable 9,968,728 10,944,992 Accounts payable_
8,195
37,252
Repossessed cars_ _
60,968
62,769 Federal income tax
95,112
98,182
Notes rec.,secured
63,702
90,395 Reserves
214,707
481,956
Cash val.life 102_ _
2,770
2,078 Unearned disc, on
Office turn. & fixt_
40,624
43,295
notes receivable_ 516,559
563,428
Rome office bldg_ _ 295,000
295,000 Deferred liabilities 205,301
Prepaid int., comPreferred stock,. _ 1,300,000 1,300,000
mission & exp__
51,864
64,457 Common stock...x4,628,250 4,407,272
Payments on empl.
stock subscr's
1,703
.Total
12,928,324 13,943,691
Total
12,928,324 13,943,691
x Represented by 80,000 no par shares.
-V.134, p. 1027.
Associated Oil Co. of Calif.
-To Sell Tires.
-
The company has made arrangements with the Firestone and
Goodrich
rubber companies to market automobile tires through approximately
500
Associated service stations throughout its Pacific Coast territory.
Stations
are now being stocked with tires and sales service will be
inaugurated
immediately.
-V. 134, p. 2897.
Atlantic Fruit Co.-Certifs. of Deposit Off
The New York Stock Exchange has struck from its List.-'
list the stamped
and
certificates of deposit for -year s. f. cony, gold debenture
bonds,due Dec. 1 1934.-V. 124, p. 510.15
unstained
---Atlas Plywood Corp.
-Reduces Staled Capital.
The stockholders on April
15 approved
of authorized and issued shares, without (a) the reduction of the number
cellation of 20,660 shares returned to the reducing the capital, by the cancorporation by
the indenture securing the convertible gold debentures, the trustee under
said
no longer necary for the conversion of the entire amount shares being
of debentures
now outstanding;(b) the further reduction of the number
of authorized and
issued shares by the cancellation of 2100 shares purchased from
time to time
by the corporation, and the reduction of capital to the extent
of said shares: and (c) the reduction of the book value of the of the cost
from $3,418,355.52 to $1,643,168.11 by creating a capital capital stock
surplus and
transferring thereto the sum of $1,775,187.41.
After such reductions there will be 177,240 shares authorized, and 171,740
shares issued representing a book value
the issued
shares 40,640 are held by the trustee forof $3,418,355.52. Of debentures
future conversion of
into stock.
It is proposed to charge against capital surplus the book value
assets written off or depreciated to current values, and reserves of capital
cence, investments and contingencies, as the board of directors for obsolesmay
mine, the total of such adjustments being 11,775,187.41.-V. 134, p.deter2525
tlas Stores Corp. Ghoftge-itt-Par-Vohterrt-o,
The stockholders•on-ftril-90 appTved a proposal to change the name of
mpany to D ga Stores Corp
•
o approved t e reduction In the authorized prefered
s k by 100.000 shares and a change in the authorized common stock from
500,000 shares of no par value to 500,000 shares of 25 par value each present
share to be exchanged for one new share. Action was also t
to retire all
common stock now in the treasury.
-V. 134. p. 2342.
t
Aviation Corp. (Del.).
-Cord Acquires About 500,000
Shares of Stock.
See Cord Corp. below.
-V.134, p. 2726.
Babcock & Wilcox, Ltd. (London).
-Final Dividend.
-
The final dividend of 7% for the year 1931 will be payable on the American depositary receipts for ordinary shares on May 14 to holders of record
April 20.-V. 109, p. 1082.
-Dividend Decreased.
& Katz Corp.
The directors have declared a quarterly dividend of3734 cents per share on
the common stock, par $25,represented by voting trust certificates, payable
July 2 to holders of record June 18. This compares with quarterly payments of 75 cents per share made on this Issue from Sept. 27 1929 to and
incl. April 2 1932.-V. 132, p. 4246.
Bancamerica-Blair Corp.
-New Officers.
-
Elmer G. Burland has been elected a Vice-President.
-V. 133, D. 3793
.
-*Bank Shares Corp., Minneapolis.
-Reduces Class A Div.
A quarterly dividend of
recently declared on the
cents per share
class A common stock, par 10 payable April was holders of record March
$20,
1 to
19. Previously, the company paid regular quarterly dividends of 20 cents
per:share on this issue.
Bayuk Cigars, Inc.
-Earnings.
-
For Income statement for 3 months ended March 31, see "Earnings
Department" on a preceding page.
-V. 134, p. 2525.
April 23 1932
Barnet Leather Co., Inc.
-Earnings.
-
Calendar YearsLossfrom operation-Miscellaneous income__ _
1931.
$103,990
5,286
1930.
$193,910
2,286
1929.
$993,853
6,954
$ 305,002
Total deficit
Depreciation
Interest
Extraordinary charges _
Reduction of inventory_
Prov.for shrinkin invest.
values
Rent.exp.on unexp.lease
Inc. in res. for doubtful
accounts
Loss on tannery equip.&
officefixtures
$98,705
$191,624
$986,899
75,498
71,366
$285,286
80.499
Total deficit
Preferred dividends_
19,717
26,975
15,893
80,000
3,550
1928
50,000
10.000
42,692
$208,148
$284,316 $1,133,763
15,124
$392,760
70,000
Balance,deficit
$208,148
2284,316 $1,148,887
$462,760
Consolidated Balance Sheet Dec. 31.
Assets1931.
1930.
Liabilities1930.
1931.
Real estate, equipPreferred stock__ _ $864,200 $864,200
ment, &c
y$1,009.553 $1,012,808 Common stock_ .. _x2,000,680 2,000,680
Cash
192,050
148,342 Accounts Payable_
5,173
139
Notes&sem.rec_
42,982
97,077 Res. for taxes_ _ _ _
5,300
2,209
Inventories
49,086
173,481 Commissions, &c.,
Investments
122,500
202,500 accrued
4,490
1,348
Prepaid exp., &c-1,381
Deficit
1 452,403 1,244,256
Total
$2,868,575 $2,879,844 Total
$2,868,575 $2,879,844
x Issued 40,000 shares of no par value. y After deducting $987,755
reserve for depreciation.
-V. 133, P. 3793.
.'"--.Bayway Terminal (New York Harbor).
-Protective
Committee.
The holders of first mortgage 614% sinking fund gold
are advised that the committee has been proceeding to bonds, series A,
steps for the protection of the interest of bondholders. take appropriate
The committee
states:
Under the indenture securing the bonds the trustee is not required to
take any action with respect to any default unless requested so to do by
the holders of not less than 25% in principal amount of the bonds secured
thereby then outstanding and unless the trustee is furnished with indemnity
satisfactory to it against expense or liability. The committee, as the only
group representing the required amount of bonds, therefore has requested
the trustee to declare to be immediately due and payable the principal
amount of all the bonds outstanding under the mortgage and to institute
proceedings for the foreclosure of the mortgage and has furnished the
trustee with the necessary indemnity.
The committee invites other bondholders and groups of bondholders to
join in this request and understands that some groups have already done so.
The committee also has under discussion a tentative plan for the reorganization of the property and in that connection has employed Ford, Bacon &
Davis, who are now engaged in making an engineering report and survey
of the property to better enable the committee to complete such a plan.
As soon as such a reorganization plan has been formulated, notice thereof
will be given to bondholders.
-V. 134, P. 1198.
Beatrice Creamery Co.(& Subs.)
-Earnings
-Years EndedFeb. 29 '32. Feb. 28 '31. Feb. 28 '30. Feb. 28 '29.
Net sales
$64,059,036 $82,811,473 $83,681,636 $52,886,475
Selling & administrative
expenses
60,205,850 77,550,976 80,127,698 50,239,005
Depreciation
1,872,204
836,320
1,854,276
1,263,918
Net operating income- $1,980,983 $3,406,221 $2,290,020 $1,811,150
Other income
424.985
420,554
537,012
Total Income
$2,405,967 23.826,775 82,827,032 $1,811,150
Federal taxes
294,743
232,490
435,665
288,412
Minority interest
82
55,647
1,737
5.121
Net income
$2,111,143 $3,389,373 $2,533,499 $1,523,013
Divs. paid & accr, on
stks, of subs
10,573
35,348
44,146
Beatrice preferred divs_ 737,135
416,581
606,867
480.120
Common dividends
1,494,442
1,282,125
854,681
564.u1
Surplus for year
def$131,007 21,465,033 $1,154,552
$542,331
Prior prof. of cos. acquired during year _ _
52,708
713,615
280,376
-----Red. of purch. good-will
& adj. of sub, capital
asset values
230.010
648,044
315,433
290,265
Reduct. of miscell. sec.
229.220
to appraised val
-----Balance, surplus
def$642.945
$435,985
85&'3,911 def$105,715
Credit adjustments
13,716
274,768
39,492
79.738
Profit on sale ofstock_
389,488
3,338,764 2,863,289 2,199,640
Previous surplus
1,641,097
Profit and loss,surplus $2,709,534 $3.338,764 $2,863,289 22,199.640
Earned on common
$3.54
$6.31
$7.12
$7.31
Comparative Consol dated Balance Sheet.
Feb.2932. Feb. 28'31.
Feb.29'32. Feb. 28'3L
A ssetsLiabilities
2,435,171 2,396,358 Notes
Cash
500,000
3,506,548 4,155,360 Accounts payable_ 268,653
Accts.receivable_ 352,619
Notes receivable 1,650,0(19 1,726,751 Accrued wages__ _ 131,093
55,290
Marketable secure
30,390
30,789 Fed.& Dom.taxes 537,822
544,612
9,763
Life insurance_ _
20,437 Real estate mtge,
24,320
Interest receivable
8,799 notes of subs.._ 100,000
125,000
Inventories
1,639,357 2,011,837 Minority Interest. 185,775
208,212
Mise.notes& accts.
Preferred stock...10,879,100 10,399,600
receivable
230,218
39,941 Common stk. (par
Real estate for sale 230,118
198,517 $50)
18,885,950 18,812,050
U. S. Treas. ctfs.... 1,000,038
Prof. & loss surp__ 2,709,534 3,338,784
Investments
210,357 2,016,463
Land. bldg., mach
& equipment_ __20,333,738 19,067,045
Good-will purch__ 2,000,000 2,182,202
Deferred charges__ 397,841
281,847
Total
33,697,927 34,136,147 Total
33,697,927 34,138, 14
-V. 133. p. 2605.
Bellanca Aircraft Corp.
-Election Attacked.
-
A. D. Chandler Jr., of Wilmington. Del.. on
In Chancery
Court a petition asking a review of the electionApril 15 filed of the hoard
on March 2
of directors of this corporation,alleging the election was illegal, unauthorized
and void.
Mr. Chandler owns 2,600 shares of the corporation's stock. Four new
directors were named at the election.
The petition states that under the terms of a voting-trust agreement,
under which all the corporation's stock was deposited, a
trustees is necessary for election of the board. The majority of voting
trustees present at the meeting did not concur in the bill stated three
action taken.
V. 132, p. 4246.
Bing & Bing, Inc.(& Subs.).
-Earnings.
-
For income statement for 3 months ended March 31 1932 see "Earnings
Department" on a preceding page.
-V. 134. p. 850.
- Blauner's, Inc.
-Reduces Common Dividend.
-
The directors have declared a quarterly dividend
per share on
the common stock, payable May 16 to holders of of 25c,
2. This
compares with quarterly distributions of 50c. per record May on this
share made
Issue from Feb. 15 1930 to and incl. Feb. 15 1932. Stock dividends of
% were also paid in February and May 1930.
Volume 134
Financial Chronicle
Announcement of the above action was made in the following statement:
"In view of existing conditions, and the future developments that are
being undertaken by the corporation, and in order to maintain the high
cash ratio of the company which has proven so advantageous in conducting the affairs of the company in the past, it has been deemed advisable by the board of directors to reduce the quarterly dividends from
50c. to 25c."
The regular quarterly dividend of 75c. per share was declared on the
pref. stock, payable May 16 to holders of record May 2.-V. 134, p. 2525.
-Earnings.
Bohn Aluminum & Brass Corp.
For income statement for 3 months ended March 31 see "Earnings
-V. 134. p. 2915.
Department" on a preceding page.
-Protective Committee.
N.. Booth Fisheries Co.
A bondholders protective committee has been formed for 1st mtge. and
coll. trust 6%% sinking fund bonds. Holders are requested to deposit
bonds with April 1 1932 and subsequent coupons attached.
The committee chairman is J. Sanford Otis of the Central Republic Co.,
Chicago. Other members are: J. R. Murphy. President of the Midland
Paper Co., F. W.Pearson, President of Frank W.Pearson, Inc., and Louis
H. Schroeder, Vice-Chairman of the Central Republic Co.
The protective committee will attempt to reorganize the company in
co-operation with the management, and will only liquidate property
-V.
through judicial proceedings as a last resort, the committee states.
134. P. 2915
.
(J. G.) Brill Co.
-New President.
William H. Woodin President of the American Car & Foundry Co.,
has been elected President, succeding Samuel M. Curwen, deceased.
V. 134. p. 2526.
3101
Canadian Television, Ltd.
-Formed.
Announcement is made of the formation of this company, incorporated
under the laws of the Dominion of Canada to engage in the manufacture of
television transmitting apparatus for broadcasting stations, and the construction and sale of television receiving equipment for use in homes and
theatres. The company has acquired exclusive licenses for the Dominion
of Canada for the commercial exploitation of the television inventions of
Charles Francis Jenkins by an outright purchase and license agreement
with De Forest-Jenkins Television Corp. of Passaic, N. J. The company
will be given the exclusive use of all television and radio patents now
owned by this company, together with the exclusive Canadian rights to
all future inventions and patents developed or acquired by De Forest
Jenkins Television Corp. Research laboratories will be established in
Montreal for the purpose of carrying on extensive developments in the
television field.
The capitalization of the company consists of 350,000 shares of no par
value common stock, all of which will be presently outstanding.
The directors of Canadian Television, Limited, will comprise the following: J. Edouard Labelle, H. C., Montreal, director of Canadian National
Rys.: J. W. Ross, Montreal, Managing-Director of Viau Biscuit Corp.,
Ltd.; W.J. Jarrard, New York. Chief Engineer of Baird Television Corp.:
Ayme Lafontaine, K.C., Montreal, Secretary-Treasurer of Canadian
Television, Ltd., and formerly General Secretary-Treasurer of Montreal
Catholic School Board; Leslie S. Gordon, Passaic, President of Jenkins
Television Corp. and DeForest Radio Co.; Joseph H. Rainville. K.C..
Montreal, Chairman of Montreal Harbour Commission; Ernest Bayard,
Montreal, President of Montreal Exhibition Co., and Douglas L. West.
Montreal, President of Canadian Television, Ltd.. and formerly Chief
Engineer of Baird Television Corp. of America.
-Proffers New Plan.
Canadian Theatre Co., Ltd.
-year sinking fund gold
Cadet Hosiery Co.
-Sold.
The holders of the 6%% 1st (closed) mtge. 15
bonds, on April 30, will consider, and if deemed fit, pass, with or without
Complete control of the company has passed into the hands of the Simon's
Co., hosiery distributors, as a result of that company's purchase of all the
modifications, an extraordinary resolution or resolutions, for the following
Purposes, namely:
Cadet capital stock, it was announced recently. The Simon's Co., and the
Columbia, Tenn., recently
(a) To waive the default on the part of the company in the payment of
Massachusetts Knitting Mills of Boston and
the interest on the said bonds which fell due on March 1 1932. and which is
joined in and consummated the purchase of the Cadet assets.
Ralph Simon, Treasurer of the Simon's Co., indicated that the purchase
represented by interest coupons matured on that date.
price was approximately $20,000. He stated that the Cadet, once a factor
(b) To waive the default on the part of the company in respect of the
in the quality business, has been in the trade for 27 years, and during its
payment by way of sinking fund which fell due on March 1 1932.
$1,000,000 in National
active participation in the business spent more than
(c) To waive the sinking fund payments and the payments of interest
advertising.
on the said bonds which will fall due on Sept. 1 1932 March 1 1933 and
The purchasers,in addition to all the Cadet trademarks, have acquired
Sept. 1 1933, and any default which may result from the failure of the comvarious patent rights covering machines and appliances for the manufacture
pany to make such payments, or any of them, conditional upon the comof hosiery.
-V. 133, p. 646.
pany paying to the Montreal Trust Co., trustee: (1) the sum of $545 per
week, commencing from March 1 1932, and continuing until March 1 1934,
Cairo Bridge & Terminal Co.
-Protective Committee.
the moneys so paid to be applied by the trustee to the payment of interest
The committee for the 1st mtge. 6%% bonds (R. Miles Warner, Chairdue on the said bonds at such times, in such manner and in such amounts
man) in a letter to bondholders states:
as the trustee may, from time to time determine; and (2) such sum, by
As anticipated company was forced to default in the payment of interest
weekly instalments, commencing on March 1 1934, as will be sufficient to
due Jan. 1 1932 on its funded debt. Cash held by the company as of the
meet all sinking fund payments and all interest on the said bonds falling
-obviously insufficient to
latter date amounted to approximately $43,000
due subsequent to March 1 1934. the moneys so paid to be applied by the
meet first mortgage bond interest of $68,250 without giving any consideratrustee, first, to the payment of interest due on the said bonds at scuh times
In such manner and in such amounts as the trustee may determine, and the
tion to debenture interest of $17,500.
balance remaining to be added to the sinking fund under the trust deed.
Since Dec. 22 last this committee has been active in seeking the co-operation of the bondholders and is now pleased to report that it has over 68%
-V. 134, p. 2916.
of the total outstanding issue of bonds on deposit.
On April 6 1932 the company was placed in receivership in a proceeding
-Earnings.
Caterpillar Tractor Co.
in the U.S. District Courtfor the Eastern District of Illinois. Wesley E.CumFor income statement for quarter ended March 31 see "Earnings Demins and Walter H. Wood, both of Cairo, Ill., were appointed co-receivers.
-V. 134, p. 1029.
partment" on a preceding page.
Following their appointment, we directed the 1st mtge. trustees to intervene in the receivership proceedings, and have been advised that such action
-Earnings.
Century Ribbon Mills, Inc.
will be taken within the next few days. Thereafter, as soon as deemed
For income statement for quarter ended March 31 see "Earnings Deadvisable, a decree of foreclosure will be obtained in order that the proper-V. 134, p. 1585.
page.
partment" on a preceding
ties may finally be brought to sale for purchase by all parties approving
the reorganization plan.
Ns
*,
Just prior to the proceedings above described, a small group of preferred
-Reduces Common Distribution.
Charis Corp.
and common stockholders attempted to secure the appointment of receivers
A quarterly dividend of 37% cents per share has been declared on the
for the company and also to secure an injunction against the foreclosure of
common stock, no par value, payable May 1 to holders of record April 22.
committee
the 1st mtge. securing the bonds. It was apparent to this
Three months ago a quarterly distribution of 50 cents per share was made
that the appointment of receivers in such an action on behalf of stockholders
on this issue as compared with 25 cents extra and 50 cents regular in each
might be prejudicial to the best interests of the bondholders and impede
-V.134. P.853.
of the 13 preceding quarters.
the early reorganization of the company. Accordingly, this committee
took immediate steps to cause the stockholders' suit to be resisted, and suc-Earnings Better.
City Ice & Fuel Co.
cessfully aided the company in having the suit dismissed.
President Suhr has issued the following statement: "The net earnings for
We are convinced that it is to your advantage to deposit your bonds
the first quarter of this year are in excess of the net earnings for the first
represent you in the pending legal
without delay and permit us to
quarter last year. The condition of the company and its earnings for the
proceedings. Representing more than two-thirds of the bonds, this comfirst quarter do not warrant the low market price of the stock. the committee is clearly the logical means through which collective action for the
pany has carefully revised all of its salaries and expenses and has instituted
intenbenefit of all of the bondholders may best be secured. It is our firm
large savings. Assuming normal temperatures for the balance of the yeas
tion that, in the final reorganization, the senior rights of the first mortgage
we see no reason why earnings for 1932 should not again be satisfactory:
over and above the
bondholders as to assets and earnings shall be preserved
-V. 134, p. 2729.
rights of any other security holders who may receive recognition. Those
who deposit their bonds and accept the reorganization plan when submitted
-Earnings.
Clark Equipment Co.(& Subs.).
will receive, in exchange for their present holdings, new securities whose
value should be enhanced by any substantial improvement in the earnings
1929.
1930.
Calendar Years1931.
conditions. On
of the Bridge upon a return to more favorable economic
Gross earnings
$788,092 $1,470,383 $2,768,584
the other hand, those who fail to deposit their bonds will be confronted
845,151
633,858
497,985
Expenses, &c
with the danger of receiving only a small distribution on their securities
at the final foreclosure sale which will be necessary to acquire title to the
$836,525 $1,923,433
8290,107
Operating profit
property for the benefit of those accepting the reorganization plan. In
141.006
127,993
92,516
Other income
joining the majority of the bondholders without delay you will be adopting
the most reasonable method to safeguard your interests and doing your
$964,518 $2,064,439
$382,623
Total income
part to further the reorganization of the property.
569,493
575,337
411,197
Depreciation
Certain bondholders have hesitated to deposit their bonds because the
170.819
43.312
Federal taxes
protective agreement provides that notice of the adoption of a final reorgani14,613
Minority interest
zation plan need be given by publication only. We assure you that you
67.094
Loss on securities sold
need have no apprehension in this respect. The committee will submit the
25,797
Expenditure for development
plan, when adopted to each depositing bondholder by registered mail for
his acceptance or rejection under the terms of the protective agreement.
8345,869 $1.309,514
loss$121,464
Net profit
The depositary, Central Republic Bank le Trust Co.. 208 South La Salle
80.554
81,009
Street, Chicago.
81,226
-V. 133, p. 4334.
Preferred dividends
521,130
678.807
366,624
Common dividends
"'Calumet & Hecla Consolidated Copper Co.
-To Close
$413,947sur.$707,830
8569,314
Deficit
Ahmeek Branch.
Shares common stock out;landing
249.824
245,316
The company will close down as of May 1 its Ahmeek branch and confine
240,516
(no par)
$4.92
$1.07
operations to its conglomerate lode with a total production somewhat
Nil
Earnings per share
less than at present.
-V. 134. p. 2916.
Consolidated Balance Sheet Dec. 31.
1930.
1931.
1930.
1931.
' 'Camaguey Sugar Co.(Compania Azucarera de Cama$
$
LiabilitiesAssets
guey, S. A.).
-Bondholders' Protective Committee.
Cash
1,288,447 1,240,578 Current accts.PaY206.935
Company has failed to pay the semi-annual installment of interest due on
able & payrolls_ 134,705
948,401
Marketable incur 1.024,411
Taxes, royalties
April 15 1932. on its first mortgage sinking fund 7% gold bonds. The
Cash surrender val.
77,274
52,356
.
default is attributed by the company to the effects of the long continued
37,632 &c.,accrued _ _
of life ins.policies
41,252
Minor. interest in
and unprecedented depression in the Cuban sugar industry.
Bank claims
27,234
The following have consented to act as a bondholders protective comcapital & surplus
23,286
Notes receivable_ _
11,273
mittee to represent the interests of the holders of the bonds. In due course
of Frost Gear &
Accts.reedy.(net) 220,932
250,139
1,111
1,142
Forge Co
a request for the deposit of bonds will be made. Meanwhile, holders of
Accounts due from
1,158,800
.
such bonds are requested to communicate their names, addresses and the
7,963
employees
6,693 Preferred stock_ _ 1,157,300 7,915,448
address
Accrued int.& dive
Common stock-- y7,859,488
8,512
amounts of their holdings to the secretary of the committee, at the
7,028
686,932 1,256,277
Inventories
given.
1,585,828 2,157,747 Surplus
Invest An Buchanan
Committee.
-Arthur W. Loasby, Chairman, George N. Lindsay, Charles
Land Co
102,431
104,591
G. Meyer, James B. Guaraglia, Sec., 7 Hanover St., N. Y. City. ArmReal estate, buildstrong & Keith, Counsel.
-V. 133. P. 3 .
633
ings, mach.,&c x5,507,004 5,763,197
Deferred charges &
Canada Bud Breweries Ltd.-Sales Increase.68,118
75,069
Prepaid exps _ _
A letter to the stockholders on April 14 states.
'
Sales for the quarter ending March 31 show a substantial increase over
9,891,924 19.615,845
Total
9,891,924 10,615,845
Total
the first quarter of 1931. The increase for January. February and March
x After reserve for depreciation of $2,985,616. Y Represented by
gives us every reason to believe that with warm weather C,9116.9.g on, which
-V. 134. p. 2345.
240.516 no par shares.
really makes the beer season, our sales will continue to show a steady
Increase. Profits for January and February are in excess of the correspondClaude Neon Electrical Products Corp., Ltd.
ing months of last year. Figures for March profits are not as yet available.
As the sales were up somewhat, the profits will at least be equal to those
Dividends Earned.
of March last year.
Dividend requirements of this corporation, were covered by the firstCity Club sales are most satisfactory, showing an increase from month
quarter earnings, President Paul L. Howse stated on April 11. The dito month. We think this is a very good showing, as this brewery comrectors will meet early in June to act on the July 1, next, dividend. The
menced operations at the beginning of the winter months, against keen
common stock is on an annual basis of $1.60.
competition, and considering that sales of beer in the Province of Ontario
Within a month the company expects to be marketing its new developwere down 12%% during the period that City Club Breweries have been
ment in tube lighting which is 16 times as brilliant as the present Neon
In operation.
tube in general use. The management of the company expects a marked
We have made every preparation for taking care of a large summer
stimulation in sales through this new product.
-V.134, p.2729.
business.
-V. 133. p. 4163.
Financial Chronicle
3102
Columbia Phonograph
Elected.
-President, ctc.,
Co., Inc.
The company on April 19 announced the election of H. E. Ward of Chicago as President and of H. Curtiss Abbott of New York as Vice-President
In charge of sales, merchandising and advertising. F. J. Ames remains
as Treasurer. Messrs. Ward and Abbott also were elected directors.
The voting trustees of the company announced at the close of 1931 that
78,000 of the 82,524 shares of the company's stock had been sold to the
Grigsby-Grunow Co. of Chicago by an exchange of4 4-10 shares of GrigsbyGrunow stock for each share of Columbia stock.
In connection with the reorganization of its executive personnel the
Columbia company is entering into manufacturing and merchandising of
radio receiving sets. Mr. Ward announced that the company had no
debts, that cash on hand was sufficient for effective operation and that
-V. 134. p. 511.
there were no plant maintenance costs.
-Earnings.
Commercial Solvents Corp.
For income statement for quarters ended March 31 see "Earnings Depart-V. 134. p. 1586.
ment" on a preceding page.
Consolidated Mining & Smelting Co.of Canada, Ltd.
1931.
1932.
Production During First Three Months38,773
31,870
Lead (tons)
27,949
17.132
Zinc (tons)
157
217
Copper (tons)
1,930,575
1,501.483
Silver (ounces)
7,234
6,743
Gold (ounces)
Unsold lead increased during quarter, said President J. J. Warren, while
unsold zinc decreased, the total increase in stock of both metals being less
than 5,000 tons, not unusual for this time of year. Bear Lake properties is
Exploration and development of the Great
reported to be under way, and approximately 1.200 acres of coal land
have been staked in addition to locations previously reported. The coal
land will prove very valuable if estimated results from mineral develop-V. 134. p. 511.
ment are realized, Mr. Warren said.
-Earnings
Consolidated Oil Corp.(& Subs.).
(And Subsidiaries)
Calendar Years
13 Mos.End.
1929.
1928.
1930.
Jan. 31 '32.
PeriodGross earnings and misc.
income, excl. of interco. sales & charges for
140,478,284 212,808,154 198,986,422 183,564.995
transportation
Purchases, oper. & gen.
exp.. maint., insur.,
ordinary taxes, &c.- -131.766,366 161.933,515 155,556,900 143,414,543
8,711,918 50,874,639 43,429,522 40,150,452
Net earnings
Deduct-Int & discount 4,643.214 6,119,032 6,324,374 7,284,553
Res.for depr. St 0th. res. 26,078,876 22,541,605 20,506.111 19,418,552
Amount reserve for decl.
in value of invest, in
7.607.695
other companies
2.579.883
Adjustment of invest_
Income avail,for divsloss22010172 12.'26,424 16.599,037 13,447,347
1,214.664
1,131,648
1,305,000
Preferred dividends_ _ _ _ 1,343,140
1.496.748 9,898,378 14.759,810
Common dividends
624,563 12,142,347
996,398
Balance, surplus__ _loss24,850,060
40,363,852 41,008,323 40,814,501 32,786.483
Previous surplus
Adjustment prior years_ Cr483,973 Dr1.640.868 Dr430,741 Cr141,211
Approp. for unamort.
disc. & exp. on funded
Dr4,255,541
debt
Profit and loss,surplus 15,997,764 40,363,852 41,008,323 40,814,501
5,460,000 5,500.000
She. corn. out. (no par)_x14,218,835 6.152.404
$2.81
Nil
82.20
$1.77
Earns. per share on corn.
x These are the $5 par value shares to be outstanding after the conof agreement dated Jan. 14 1932.
summation
A balance sheet as of Jan. 31 1932 was published in V. 134. p. 2729.
-Earnings.
Consolidated Textile Corp.
Jan. 2 '32. Jan. 3 '31. Dec. 28 '29. Dec. 31 '28.
Years EndedGross sales, less returns
$7,473,446 $11,436.589 $16, 95,828
& allowances
7,227,940 11,897,188 14,981,307
Cost of sales
April 23 1932
-Earnings.
Continental-Diamond Fibre Co.(& Subs.).
1929.
1931.
Calendar Years1930.
Sales, less returns. allowances, &c- -- $4,362,534 $6,842,006 $10,597,441
4,966,549 6,835.518
Cost of sales, exclusive of depreciation 3,252.301
329,371
457,521
486,396
Depres. of bldgs., machnry. & equip1,309,866
Selling, administrative & gen. exps- -944,433
740,967
123,077
Write down of investments, &c
def8240,207
26,232
$473,502 $2,122,685
26,060
35,933
Total profit
def$213.975
Allowance for domestic & foreign
income taxes
3.338
$509,435 $2,148,745
Net profit
Balance, beginning of year
$446,621 $1,917,888
975,639
Operating profit
Other income (net)
def$217.313
591,010
Total surplus
Dividends paid
Organization exps., Stc.. written off_
Allow,for shrink,in assets of for. subs
Sundry prior period adjust
62,814
230,858
8373,697 $1,422,260 $1,917,888
787,500
251,132
831,250
154,748
61,500
11,232
Balance, end of year
$975,639
$49,832
$591.010
Shares capital stock outstand.(no par)
405,000
485,900
495,000
Earnings per share
Nil
$4.26
$0.88
Comparative Consolidated Balance Sheet Dec. 31.
1930.
Assels1931.
Liabilities1930.
1931.
Cash
$1.103,163 $886,451 Accounts payable,
vendors,&e_ _ _ _ 5184,360 5258,277
U.S. Liberty Loan
101.000101,000 Prov. for domestic
bonds
528,816 •672,284 & foreign Income
Notes & accts. rec
1,757,898 2,123,659 taxes
Inventories
93,434
8,551
Capitalstock
Notes & accts. rec.
c7,980,359 8,057,994
Earned surplus_
not due within
591,010
49,832
1 year
55,861
Deposits with insurance under46,881
writers
47,567
Advances to em14,945
ployees, &c_._ _
49,553
48,138
49,019
Sundry investmls
Prepaid insurance,
44.640
30,856
taxes, &o
Land, water rights,
bides., mach. &
b4.555,228 5,006,854
equipment
Patents & trade1
marks
$8,223,103 $9,000,715
$8,223.103 $9,000,715 Total
Total
a After allowance for doubtful accounts of 8485,900. b After allowance
for depreciation of $4,662,037. c Represented by 35,626 no par shares.
-V. 134, p. 2729.
-----Tenders.
Continental Paper & Bag Corp.
The Chase National Bank of the City of New York, as trustee, has
notified holders of Continental Paper & Bag Mills Corp. 1st & ref. mtge.
-year sinking fund gold bonds. series A, due Feb. 1 1944, that
6%% 20
$56 A06 in cash is available for the purchase for the sinking fund of so many
of these bonds as shall be tendered and accepted for purchase at prices
not to exceed 1053 and interest. Tenders should be submitted on or
before May 18 to the bank, 11 Broad St., N.Y. City. The right is reserved
to reject any or all tenders in whole or in part.
-V. 127, p. 3403.
Corn Products Refining Co.
-Earnings.
For income statement for quarters ended March 31 see "Earnings Department" on a preceding page.
-V. 134, e. 2729.
-Earnings.
Continental Shares, Inc. (and Sub.).
Earnings for the Year Ended Dec. 31 1931.
Dividends received
Interest
$2,555,607
103,647
Total Income
Interest
General expenses
$2,659,254
2,168,957
437,074
Gross profit
Other income
Not
$245,5C6 loss$460,598 $1,114,521
34,090
105.491
139,888 available.
$53,223
Net profit exclusive ofsecurity transactions
Note.
-Comparison of indicated market values and book values of the
corporation's investments at the beginning and end of the year ended
Dec. 31 1931, is set forth below:
Market depreciation Dec.31 1931
8106,855,652
Market depreciation Dec.31 1930
30,105,431
Total income
Selling & admin. exps---
$279,596 loss8355,107 $1,254,410
939.464
598,795
979,487
Change during period (decrease in market value)
Net loss on securities sold
Profitfrom operations--loss$319,199 loss$1294571
Prov.for deprec. offixed
255,039
220,828
assets
Int. on bonds, notes &
797,589
679.887
Interest receivable_ --Prov. In prior years for
int. on 6% inc. subordinated cony. deb.
converted into stock during year & now written
back
Excess book value of
plants sold over sales
2,034.694
value
$274,923
$715,193
249,252
248,592
890,297
878,233
Cr.1,757 xCr.108,766
$302,865
8862,869
$3,254,607 $2,347,199
Loss for year
Div. on 1st pref. stock of
Consolidated Selling
64.000
64,000
64,000
28,255
Co.,Inc
$366,865
$926,869
$3,282,862 $2.411,199
Loss for the year
longer
x Includes reserve provided in prior years for Federal taxes no
required.
Consolidated Balance Sheet Dec. 31.
[Including Consolidated Selling Co., Inc.]
1930.
1931.
1930.
1931.
3
$
LiaMlities$
$
Assets2,997,936
See b
27.230,197 9,570,979 Capital stock
Land, bldgs., &c.
bonds 3,100,778 2,750,000
1 1st M.8%
1
Good-will, &c_ _ _ -year 7% notes 7,341,183 6,569,500
1,137,631 1,896,404 5
Inventories
22,500
22,500
-year 6% notes.Accts. rec.. less res 995.088 1,872,476 5
733,064 Consol. Sell. Co.,
785,980
Cash
800,000
8% 1st pref.stk_
Cash & notes with
150.000
Notes payable.151,010
trustees
227,797
Accounts payable_ 133,532
Lay. B. B.& R. K.
604,886
9,588
Accrued Interest.1
1
Corp
49,692
22,747
Deferred charges_ _
284,926
Deficit
10,607,581 14,122,619
10,607,581 14,122,619 Total
Total
a Land, buildings, machinery, equ pment, &c., $9,488,061. less $2,257,b Authorized capital, 3,750,000 shares of
864 reserve for depreciation.
no par value: outstanding, 1,540,789 1-3 shares without par value (no value
given). c 26,974 shares of class B common stock, carried at nominal
value of $1.-V. 133. P. 1294.
Container Corp. of America (& Subs.).-Earnings.
For income statement for quarter ended March 31 see "Earnings De-V. 134, p. 2528.
-partment" on a preceding page.
.-Earnings
Continental Can Co., Inc.
For income statement for 12 months ended March 31 1932 see "Earnings
-V. 134. p. 1587.
Department" on a preceding page.
$76.750,221
7,254,263
Total shrinkage during period
584,004,484
Consolidated Profit and Loss Dec. 31 1931.
xProfit on
Other
Net
Dividends
Security
Surplus
Income
Provided
Transactions.
Net.
cit.
Deficit.
For.
Balance Jan. 1 1931- - -- 85,465,582 55,283,812-59,484.407 $1,264,986
Adjustments:
Charge resulting from
elimination of accrd.
dirs, on sec. owned
at Jan. 1 1931. due
to change in policy,
including amount of
$123,870 representing div. equimlent
on Youngstwn Sheet
8c Tube Co. stock
included as acct. rec
-661,812
-661,812
Prov. of res. for accrd.
int. on stock subscr _
-23,579
-23,579
Credit resulting from
restoration to siu'Pl.
of prov. previously
made for pref. diva.
to Dec.31 1930- -- 95.344
9g,344
Total
$5,465,582 5 .598,421-59.389,064
5674.939
4
Transact us for year end.
Dec.31 1931:
Net profit exclusive of
sec. transaction as
shown above
Cr53.223
Cr53,223
Res. prov. for purch.
commitment in excess of market value -863.543
-363,543
Res.prov.for notes rec.
-3,161.000
-3,161,000
Res, for purchase of
note -. Goodyear
Shares,Inc
-3,344,942
-3,344,942
Net loss on sec. sold--7,254,263
-7.254,263
Portion of res. prov.
-30,713.263
for investments_ _ --30.613,263
Bal. Dec. 31 1931_--$36,610,429 $1,490,644-$9,389,064-$44508849
x After deducting provision for Federal taxes.
Paid-in Surplus.
862,398.104
Bal. Jan. 1 1931
Credit in excess of $2.50 per share assigned to stated cap. arising
from issuance of 49% additional shares of common stock in
connection with acquisition of stock of International Share
1,564
Corp
Portion of res. provided for unpaid subscriptions to cap.stock.--1.212,932
-61,186,737
reserve provided for investments
Portion of
Balance Dec.31 1931
3103
Financial Chronicle
Volume 134
Consolidated Balance Sheet Dec. 311931.
LfabWUssAssets
$599,047 Notes payable to banks-colCash on deposit
$35,054,814
Deposits withheld from withlateral loans
18,853
Accounts payable
drawal by two banks hold552.443 Accrued interest
20,009
ing loans
Unpaid syndicate commitm'ts 2,517,657
Special fund (escrowed) reReserves:
serve provided:
1,132
For purchase of note
Cash
110,483
Goodyear Shares, Inc_ _ _ 3,344.942
U. S. Govt. securities
3.316,963
Notes & accounts receivable_ 3,482.032
For notes receivable
Invest.(at or below cost)_ __ _ x40,695,825
For unpaid stock subsoil's_ 1,298,155
Unpaid subscriptions to comFor purchase commitment
863.543
mon capital stock-41,894
in excess of market value
shame
1,298,155
163,231
For contingencies
Prepaid interest on bank loans
14,000
For special fund in escrow
111,615
(see contra)
For outstanding capital
stock of International
6,709
Share Corp
6% Preferred Stock:
Original Issue 29,620 shares 2,962,000
Series B 120,079 shares.-- 12,007,900
Convertible preferred stock 23,167,500
y6,408,073
Paid-in capital
Deficit-Dec.31 193E_ __ -.44,508,848
It is understood that Mr. Cord and one of his associates will be elected
members of the directorate and of the executive committee of Aviation
Corp. at the annual meeting of the latter company, late this month.
Present holdings of the Cord Corp. in the Aviation company give the
former by far the largest holdings In Aviation Corp., the interest amounting
to approximately 20% of Aviation's 2,800.000 shares outstanding. The
latter company's stock is widely distributed and purchase of the present
holdings by the Cord Corp. eliminates several investment trusts as the larg-V. 134, p. 2729.
est holders of the stock. ("Wall Street Journal.")
$1.026,447
$1.585,929
24,999
$1,536,823
1,032,996
$46,753,116
Total
$46,753,116
Total
x Total investmente as above, $132,495,825; aggregate indicated market
value of investments. $25,640,173; market depreciation (provided for to
the extent of $91,800,000 in above balance sheet). $106,855,652. y Represented by 2,559.229 no par common shares and 10.000 no par founders
shares (non voting).
-V. 134, p. 2154.
-The terms of a certain agreement provide that under certain
Note A.
contingencies, Continental Shares shall purchase a note of Goodyear
Shares, Inc., in the amount of $9,750,000 seucred by collateral having an
Indicated market value at Dec. 31 1931 of approximately $5,416,995.
In event of purchase by Continental Shares, a supplemental agreement
provides that 20% of such note shall be purchased by Commonwealth
Securities, Inc. At the date of this balance sheet Continental had deposited, as collateral to its said purchase agreement, securities having an
indicated market value of $880,500, and had provided a reserve for the
difference between t,0% of the amount of the note and 80% of the assets
of Goodyear Shares, Inc., as shown on the balance sheet of that company.
Note R.
-In December 1931, demand was made upon the corporation
to fulfill its commitment to purchase certain securities at a specified Price
of $2,195,950, which amount is $863,542 in excess of the indicated market
yalue of the securities at Dec. 31 1931. Reserve for this excess has been
provided for in the foregoing balance sheet.
Note C.
-Provision has been made in this balance sheet for the full commitments on syndicate participations and the market values used In respect
thereof in the attached schedule of investments represent the estimated
value of this corporation's participations after its commitments are fully
paid. As of the date of this balance sheet, the corporation had deposited
securities having an indicated market value of $86,125 with certain of the
syndicate managers as additional collateral.
Note D.
-The statutory liability equivalent to the par value of shares
owned in closed banks amounted to $100,100 at Dec. 31 1931.
Note B.
-Preferred dividends have been paid to Dec. 15 1930.
Note F.
-At Dec. 31 1931, 267,279 shares of common stock of Continental Shares, Inc. were reserved for conversion of convetrible preferred
stock and the issued common shares at that date included 41,894 shares
issued and held for unpaid stock subscriptions for which a reserve has been
-V. 144. D. 2134.
provided out of paid-in surplus.
$1,026,447
Total profit
270.624
Interest on bonds
Amortiz. of bond debt
28,115
discount & expense--
$1,610,928
272,189
$2,569,819 $2.069.713
329,795
279.511
-Receivership.
410
"torporation Securities Co. of Chicago.
-See Insull Utility Investments, Inc., below.
Ashcroft & Ashcraft have been appointed attorneys for receivers.
V. 134, p. 1587.
•
-New Directors, &c.Coty, Inc.
Alphee Dubois and John J. Rudolph have been elected directors succeeding Serge Heftier and Georges J. Sabran.
Francois Cotv has been elected President in addition to being Chairman
of the board. The office of President was vacant last year.
1929.
1928.
1930.
Calendar Years1931.
Gross profit
$3,853,246 $5,188,617 $7,919,244 $7,600,896
3,105,663
3,858,944
3,994,272
Gen.adm.sell. exps. &c_ 2,955.805
31,194,344
396.969
$4.060,299
614.703
$4,495.233
198,365
Total income
$1,186,196 $1,591,313
93,893
Depreciation
54,475
179,492
Federal taxes
140,000
Ad. of min.stkholders int.
$4,675.002
88,593
528,112
$4,693.598
82,192
563,591
Cr5,205
Balance
Other income
Net income
Dividends
Rate per share
Stock dividends
$897,441
288,755
x$991,721
$1,317,929 $4,058.297 $4,053,020
2,540,155
2,769,996
746,327
($6)
($2)
($0.50)
(3%)180,492 (6)302,039 (6)108.298
$986,262 $1,404,565
Surplus
$391.110
$991.721
Shares capitalstock out1,311,048
standing (no par)__ - 1,535,996
1,535,833
1,492,655
Earnings per share
$2.72
$3.09
$1.11
$0.64
x Proportion of profits and losses of foreign subsidiary and associated
companies for 1931. applicable to holdings of Coty, Inc., in these companies
amounted to a net loss of $424,424, including approximate taxes on proportionate profits.
Note.
-The 1929 figures are exclusive of company's equity in undistributed earnings of foreign subsidiaries for six months ended Dec. 31 1929,
amounting to $439,550. Including this latter amount the earnings for
1929 are equal to $3.01 a share.
Comparative Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
Assets$
$
Liabilities3
$
Building hunts._ _
105,466
124,545 Capital stock _ _ _ _x6,420,856 x6,420,175
Mach..equip.,&c. 139,634
168,438 Accounts payable_
39,3E0
32,945
Rent deposit
20,000
20,667 Accts.rec. cred.bal
11,628
Other dep.foreign_
4,203
4,214 10-yr. bonds
400,000
Call loans
900,000 Rea.for redemp.of
Notes receivable_
5,575
6,014
scrip certificates
6,695
1\itges. receivable_ 439,950
77,950 Accrued expenses_
179,994
330,449
Inv.Coty,Ltd.,Eng 5,244,507 5,241,908 Res. for Fed. taxes 140,000
179,492
Advances
4,992,525 1,424,427 Profit and loss
Marketable secure. 461.637
319,888
surplus
8,560,691 7,643.766
Good-will,formulae
1
d:c
1
1,060,489
Cash
564,640
Accts.receivable._ 868,245 1,719,118
Inventories
1,992,070 4,023,337
Fiscus. held as colL
411,554
22,728
Prepaid items_ _ ._
8,212
7,105
Sundry accts. rec_
15,358,564 15.013,523
0523
Total
Total
15,358,564 15,013
-V. 133, P. 3467.
x Represented by 1,535,996 no par shares.
-I'
'Nord Corp.
,
.
I
I
I
from.
LE. L. Cord and associates, through the Cord C07., have purchased
es
around 500.000 shares of Aviation Corp. of Delaware The total includes
e Aviation Corp. in
the 140,000 shares of stock recently acquired
exchange for the equipment of Century Air Lines and Century Pacific
Air Lines, which were to be discontinued, with the exception of the Los
Angeles-San Francisco run. Equipment taken over in the deal, which occurred early this month, included 27 planes.
Part of the additional stock now held by the Cord Corp. was acquired
from
In the open market, but the majority was purchased in large blocks
holding companies. Based on the present market price of the stock and the
basis on which the 140.000 block was acquired from Aviation Corp., it is
estimated that the holdings, including the equipment transferred, were acquired at a cost of around $1.750.000.
-Earnings.
Cream of Wheat Corp.
For income statement for 3 months ended March 31 see "Earnings Department" on a preceding page.
-V. 134. p. 1200.
-Earnings.
Crown Cork & Seal Co., Inc.(& Subs.).
1928.
1929.
1931.
1930.
Calendar Years$9,100,098 $9,690,709 811.734,847 $11,164,619
Net sales
Returns, cost of sales,
8,913.537
7,563.275
9,307,520
selling & general oxps- 7,510.116
449,467
486,197
417,339
489,728
Depreciation
246,035
1.,2.27.;
7(.1.41..)
Amortizatio not patents_
Other ord. exps. less net
36.532
77,337
Cr.28.110
130,361
of other ord. income_ Operating profit
xNet extraord. items_
27,793
$1,519,049
550,664
59.017
49,088
Prof. before profits of
3727,707 81,310,946 $2,231,290 $1.690,829
for.subs.& Fed.tax
Proport. sh. of profits of
for, subs, more than
301,798
50% owned
29,000
170,000
273.000
Allow. for Fed. inc. tax_
$698,707 $1,140,946 81,958,290 $1.992.628
Net profit
392,634
392.634
390,559
Preferred dividends_
342.152
809,544
Common dividends, cash
$4406,160 $1,565,656 $1,992,628
Balance, surplus
def$501,396
Shares com, stock out268,765
302.116
272,752
384,122
standing (no par).....
$5.95
$0.80
$2.48
$5.74
Earnings per share
x Including net profit on sales of inventory after deduction of losses on
sales of securities and on scrapping of machinery and equipment, moving
expenses and rental of vacant space.
Consolidated Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
LW:lilies$
$
$
Assets$
.
$2.70 cum. pf. stk.b6,180.355 6,190 355
Land, bides., machinery, Ste._ __a7,095,999 6,815,739 Common stock__ .c1,920,610 1,510,580
965.859 1,475,203 1st mtge. bonds_ __ 4,420,500 4,494,500
Cash
Accounts payable.. 260,998
230,862
II. S. Treas. notes 505,187
Accr.wages,int.,&c
57,366
74,772
Time deoosits_ .._
.
55,000
408.447
Notes & accts. rec 1.110,360 1,226 599 Fedtral taxes
492,253
Inventories
3,129,018 3,743,278 Employees'depos_
69,213
36,016
16,333 Accounts pay.(not
Accr. int. receiv.._
15,234
current)
148,893
Cash surr. value
27,360
39,650 Reserve for habil.
Insurance policy
54,245
28,304
insurance
Loans to employees
29,181
30,604
27,683
323.218 Capital surplus_ _ _ 670,422
Sundry investnfts 291,732
302,986
Earned surplus__ 2,079,939 3.321,840
.
Notes reedy. (not
63,489 Notes payable_
86,724
current)
58,445
Ser. bonds of subs.
Investin & adv.to
9,000
Crown Cork In(current)
Minority int. in
ternat. Corp. &
888
subs
1,755,676 1,874,571
subs
Invest, in dr adv.
387,085
to foreign subs_ 416,342
Employees' stock
161,574
289,490
account
1
Pats. & tr.-marks _
1
564,163
Deferred charges_ 574,140
Total
16,343,939 16,699,207
Total
16,343,939 16,699,207
a After depreciation. b Represented by 145,420 no par shares. c Represented by 384,122 no par shares.
-V. 134, p. 1031.
Crucible Steel Co. of America.
-Directors' Stock Holdings, &c.
Referring to preferred dividends, President Horace Wilkinson at the
annual meeting held on April 20, said:
"Stockholders will observe from the last annual report that these dividends
were not being earned but have been paid out of surplus. However, there
is no occasion for discussion of this matter at this time as action will not
come before the board until their regular meeting on May 18.
"The incoming orders, upon which present operations of the company
are based, are at the rate of about 21% of normal capacity.
"While up to the present this depression has lasted longer than any yet
experienced by the company in its history still I am confident that the steel
and tool steel business will return and give a good account of itself. Reports
received from all sections of the country show that many of the underlying
conditions are improving and that it is only a matter of time until this will
be true in the crucible steel industry.
At the annual meeting it was disclosed that Mr. Wilkinson held 161,492
shares of common stock and 9,310 shares of preferred stock when the records
were taken. The second largest stockholder was the Shenango Furnace Co.
of Pittsburgh with 44,260 shares of common. There are 450,000 shares of
Crucible Steel common outstanding.
Other directors' holdings as shown on the books follow:
Corn. Pref.
Corn. Pref.
10
8,388
M. C. Klock
J. B. Ayrers
300
400
500
J. A. Matthews
G. W.Davison
103
412
--R. B. Mellon
_
H. L. Gellinger
10,000
1.545
50
Geo, E. Shaw
7,725
Aug. Heckscher
2.472
780 H. W. Smith
F. B. Hufnagel
13,700
1.957
--Smith
301 W. L.
R. M. Kenne
6
-V. 134, p. 1
y570.
-Receivership.
Cuban Cane Products Co., Inc.
Charles B. Evans of Wilmington, Charles Hayden and George Roosevelt
of New York were appointed receivers by Federal Judge John P. Nielde.
April 21 at Wilmington, Del., upon the company's consent to the petition
of the Victor G. Mendoza Co., a Cuban corporation, Cuban Cane Products
Co., Inc., operates 12 sugar plantations and mills in Cuba and it was
alleged that its mills were mortgaged as security in whole or in part for a
$9,600,000 indebtedness, that its advances to planters aggregated more
than $12,000,000 and that it was believed to owe other unsecured creditors
8500.000.-V. 134, p. 2916.
Cudahy Packing Co.
-Moves Chicago Offices.
The company announces the removal of its Chicago offices from 111
West Monroe St. to 221 North La Salle'St. on April 25.-V. 134, p. 512.
Curtis Publishing Co., Phila.-Has Peak Circulation
New Director Elected.
All three magazines of the company started 1932 with the highest circulations in their history at that period of the year
-a condition which
continues to exist at this time, President Cyrus D. K. Curtis, said in his
report to stockholders at the annual meeting held on April 20.
A. J. Fernandez has been elected a director, taking the place of Myron
Douglas who resigned.
Mr. Curtis added:
"Revenues from advertising, upon which the profits of the company
must depend, showed a decrease of about 24% from the preceding year.
Numerous advertising campaigns planned by concerns whose success has
been built on magazine publicity were, in the face of greatly reduced
earnings. abandoned. The result was of course reflected in decreased
earnings by your company*. Under these conditions the directors believed
that to follow a conservative dividend policy with a view to conserving the
3104
Financial Chronicle
company's resources and reserves and to declare common stock dividends
only to the extent that they are justified by current earnings to be in the
best interests of the stockholders.
"At this time the management sees no immediate prospects of material
Improvement in the publishing industry. Policies which are being pursued
at this time, however, will preserve the outstanding.position which your
magazines have for many years occupied in that field."
Earnings.For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 134, p. 1031.
Curtiss-Wright Corp.
-Meeting Adjourned.
The special meeting of the stockholders, originally called for April 20
for the purpose of taking action on certain changes in capitalization, has
been adjourned until May 4.-V. 134, p. 2730.
April 23 1932
par value of $5 each. Of these, 134.5163 shares are to be presently issued
in exchange for outstanding stock of Dry Ice Holding Corp. and the Solid
Carbonic Co., Ltd., leaving the balance available for future needs of the
company.
-V. 134, p. 512.
(E. L) du Pont de Nemours & Co.
-Earnings.
-
For income statement for quarter ended March 31 see "Earnings Department" on a preceding page.
-V. 134, p. 2528.
Durham Hosiery Mills.
-50C. Preferred Dividend.
-
The directors have declared a special dividend of 50 cents per share on the
6% cum. pref. stock, payable June 1 to holders of record May 15. This is
the first dividend to be paid on this stock since the initial declaration of
$1.50 per share on May [1930.
Earnings.
-
For income statement for quarters ended March 31 see "Earnings DeDevoe & Reynolds Inc.
-Tenders.partment" on a preceding page.
-V. 134, p. 1202.
The Chase National Bank of the City of New York. as trustee, has notified holders of 1st preferred stock that approximately $30,063 in cash is
'.
available for the purchase for the sinking fund of so many of these shares ' -Eaton Crane & Pike Co., Pittsfield, Mass.
-Series A
as shall be tendered and accepted for purchase at a price not to exceed 115
Preferred Dividend Deferred.
'
and divs. Tenders should be made on or before May 20 to the bank, 11
The director Erecently decided to defer the quarterly dividend due April 1
Broad St., N. Y. City. The right is reserved to reject any or all tenders.
on the 7% cum. pref. stock, series A, par $100. The last regular quarterly
V. 134, p. 1032.
payment of 1%% was made on this issue on Jan. 2 1932.
Diversified Standard Securities, Ltd.
-Plan Ratified.
-
Preferred shareholders of this company have voted in favor of the reElectric Shareholdings Corp.
-Preferred Dividend.
organization plan and the scheme of arrangement whereby the three
The directors have declared the regular quarterly dividend of 44-1,000ths
Diversified Standard Investment Trusts will be merged into a new comof a share of common stock, or, at the holders' option (upon advice to the
pany, has now been passed on by all shareholders.
company by May 15) 31.50 in cash on the $6 pref. stock, payable June 1
The new company will have an authorized capital of 55,000 shares of
to holders of record May 5. A like amount was paid on March 1 last.
non-cumul. prof. stock of no par value, callable at $50 a share, and pref.
-v. 134. P. 1017, 1032.
as to divs. up to $2.50 a share in any one fiscal year, 160,000 shares of
class A common stock, no par value, pref. as to dive. up to 50c. a share N Elm City Cotton Mills.
-Dividend Reduced.
in any year over the class B stock, and 112,500 shares of double voting
The directors have declared a quarterly dividend of 1%% on the capital
class B stock of no par value.
stock, par $100, payable May 1 to holders of record April 13. A distribution
The reorganization of the three investment trust companies followed a
of 2% was made on Feb. 1 1932 and on Nov. 1 1931, as compared with 4%
heavy depreciation in market value of investments and a decline in income.
previously paid each quarter.
-V. 133. p. 2769.
The proposal to merge the three groups met with considerable opposition;
the two principel objections were that preferred shareholders were foreEmpire Brick & Supply Corp.
-Receivers.
going the cumulative dividend feature of their holdings, while they also
Attorney General Reuben Satterthwaite Jr., of Wilmin on, and Frank
lacked representation on the board of directors. Following representations
H. Tichenor, of Red Bank, N. J., have been appointed r ceivers for the
made by these dissenters the management agreed to alter the plan in
corporation
such a way as to give voting control to holders of the preferred and class A
The application for receivership was filed in Chancery Court at Delastock is the plan were approved. (See details of plan in V. 134, p. 1379.)
ware by United Collieries, Inc., of New York. The Empire corporation
admitted insolvency and consented to the appointment of receivers.
Diversified Utility Investments, Inc.
-Dive. Omitted.
Current liabilities of the company were listed at $150,000 and the comThe directors recently decided to omit the quarterly dividends ordinarily
pany has outstanding $682,5006% sinking fund gold debentures due in 1949.
payable about April 1 on the 7% pref. stock, par $50, and on the no par
value class A common stock. The last regular quarterly distributions --Family Financing Corp.
-Smaller Common Dividend.
of 873c. and 40c. per share, respectively, were made on these issues on
The directors recently declared a quarterly dividend of 5 cents per share
Jan. 1 1932.
on the common stock, no par value, and the usual quarterly dividend of
173 cents per share on the pref. stock, both payable April 15 to holders
Dome Mines Ltd.
-Extra Dividend of 20c
-Earns.of record March 31. Previously, the corporation made quarterly distribuAn extra dividend of 20 cents per share has been declared on the outtions of 10 cents per share on the common stock.
standing no par value capital stock in addition to the regular quarterly
dividend of 25 cents per share, both payable July 20 to holders of record
(I. G.) Farben Industrie Aktiengesellschaft (I. G.
June 30.
-Plan Dividend
Dyes), Frankfurt-on-Main, Germany.
The board made the following comment on the dividend action: "As an
Increase in profit has come to the company in the discount on Canadian
Cut and Reduction in Capital.
exchange which we cannot believe is permanent income, we deem it fair
The directors have decided to propose at a stockholders' meeting May 10
to the shareholders at this time to give them the benefit of their profit and
a dividend of 7% as compared with 12% In 1931. and to reduce capital by
of such other increased profit as may have come to the company through
110,000,000 marks to 686,000,000 marks.
-V. 133. P. 3837.
higher extraction from the ore.".
For income statement for three months ended March 31 see "Earnings
-Omits Dividend.
Federal Co-Operative Finance Co.
Department" on a preceding page.
The directors recently voted to omit the quarterly dividend of 1%% due
Calendar Years1931.
1930.
1929.
April 1 on the 7% pref. stock, par $10. The last quarterly payment on this
1928.
Earnings
$775,266 $3,590,189 $3.914,883
33.486.506
issue was made on Jan. 1 1932.
Non-operating revenue_
274,441
324,118
321,170
230,350
-Bankruptcy.-Federal Furniture Factories Inc.
Total income
$3.760.947 $1,099.383 $3,911,360 $4,145,233
A voluntary petition in bankruptcy Was been filed in Federal District
Oper. & maint. expenses 1,889,201
953,488
2.028,473
Court by the company, listing liabilities at $2,308,027 and assets at $551.2,111.117
Reserve for income taxes
180,921
28,000
89,457
604. The petition was signed by W. M. Hughes, Vice-President.
94,894
Reserve for depreciation
The principal creditors and their claims are Chicago Title & Trust Co..
of plants, &c
200,000
32,185
15,178
as receiver for Albert Barth Co., $751,908; Carolina Wood Products, of
445,340
Dividends
953,334
953,334
953,334
953.334
Asheville, N. C. $973,572; Federal Wood Products, Inc., $515.441, and
Federal Metal Bed Co., 359.742.
Balance, surplus
s$537,490 def$867.624
$824.918
8540.548
Earns. per sh.on 953,334
-Initial Dividend.
Federal Royalties Co., Inc.
shs. com. stk.(no par)
$1.56
$0.09
$1.86
$1.57
The company has declared an initial dividend of 10 cents a share, payable
x Before depletion of mining claims and properties of $500,000.
May 10 to holders of record April 30.
Balance Sheet Dec. 31.
-To Increase Capitalization.
Federal Screw Works.
1931.
1930.
1931.
1930.
Assets3
LiabilitiesThe stockholders will shortly vote on increasing the authorized common
$
$
Property account_z6,362,282 6,289,932 Capital stock
stock, no par value, to 250,000 shares from 200,000 shares.
-V.134. P. 1964•
y7,000,000 7,000,000
Div. assur. fund__ 2,929,415 2,785.427 Accts. pay., &c_
93,922
167,509
-Extra Dividend of $1.
Fidelity Fund, Inc.
Investments
2,198,934 2,130,810 Salaries & wages
Bullion
88,376
68,346
payable
The directors have declared an extra dividend of $1 per share in addi59,321
Cash
686,900
332,139 Accrued income &
tion to the regular quarterly dividend of $5 per share, both payable May 1
Accounts and Inother taxes
to holders of record April 15 1932.-V. 134. p. 2731.
165,299
33,151
terest recelv
81,837
85,489 Dividends payable 238,334
238,334
-$1 Dividend-New Director.
First Chrold Corp.
Inventories
203,083
189,535 Unclaimed dive
42,594
39,505
Deferred charges
61,039
The directors have declared a dividend of $1 per share, payable May 18
8,956 Reserves
2.809,587 2,128,162
to holders of record May 11. A similar payment was made on Feb. 18
Surplus
2,202,809 2,283,973
last and on Nov. 18 1931.
Total
D. II. Loeb has been elected a director, succeeding William H. Ebbitt,
12,611,867 11,890,634
Total
12,611,867 11.890.634
z After depreciation. y Represented by 953,334 no par shares.
- resigned.
The liquidating value of the stock on March 31 was $108,15 a share as
V. 134, p. 2730.
compared with $104.86 on Dec. 31 1931, and tae originu offered price of
Dominion Bridge Co., Ltd.
-Subsidiary Effects Agree- $100 in April 1930.
Investments consist of U. S. Treasury bonds, British 5%s of 1937 and a
ment with U. S. Company for Patent Rights in Canada.
small amount of French and Canadian gold dollar bonds. The company
P The Dominion Engineering Works, Ltd., a subsidiary, has effected an
has no speculative commitments at present.
-V. 134, p. 1033.
agreement with the Farrell-Birmingham Co. of the United States, for exFirst National Stores, Inc.
clusive rights to the Farrell designs and patents in Canada, and rights
-Tonnage Gains.
in other parts of the British Empire for machinery for rolling non-ferrous
5 Weeks Ended March 26-Decrease.
1932.
1931.
metals and for other concessions. The agreement covers machinery for
Sales
$586,705
39,765,483 $10,352.188
the rubber, linoleum and asbestos industries as well as stone crushers.
The Massachusetts Food Index Number is approximately 17.38%
The Dominion Hoist & Shovel Co., recently formed and controlled jointly
below a year ago, indicating increased tonnage sales of approximatelY
by the Dominon Bridge and Dominion Engineering companies, has not
11.71% for the First National Stores, Inc., for five weeks ended March 26
been as active as predicted, owing to the general recession in busin-ss.
1932. During the month of March 1932. 31 retail prices in our lino were
increased and 82 were decreased, indicating as a whole a downward trend
Sales during the past year amounted to only 855,000.-V. 134. p. 512.
in prices of the commodities which we sell.
-V. 134, p. 2917.
Dominion & Scottish Investments Ltd.
-Reduces Div.
The directors have declared a dividend of 1%. on the 5% cum. red.
preference stock, par $50, payable May 1 to holders of record April 20.
Previously the company made regular quarterly distributions of 1%%
-V. 133, p. 294.
on this issue.
-Earnings.
(S. R.) Dresser Mfg. Co.
For Income statement for 3 and 12 months ended March 31 1932 see
"Earnings Department" on a preceding page.
The balance sheet of the company as of March 31 1932 shows a strong
current position, with net working capital of approximately $2,000,000
of which more than $1,000.000 is represented by cash. The current asset
ratio at March 31 is over 14 to 1.-V. 134, p. 1032.
•
•
-Consolidation.Dry Ice Holding Corp.
-V. 129, p. 3499.
See Dry Ice Corp. of Amercia above.
Dry Ice Corp. of America.-Mfgrer7.
1A
malgamation of the Solid Carbonic Co. and the Dry Ice Corp. of
erica, twe-oe therpioneer manufacturers anti distributors of aol4ciified
-carhOn-diazider-poputarty known-as dry-Ice, has been announcedj The
combination, with manufacturing plants at Niagara Falls, N. Y.; De water
Pond, N. J., Elizabeth, N. J. and Peoria, Illinois, will control substantially
more than half of the entire capacity of the industry with a wide distribution
throughout the East and Middle West.
The merger, among other advantages, will provide the means for expanding activities of these units in territories showing the greatest promise of
increased sales. An adequate supply of raw material will be assured
through arrangements with Union Carbide & Carbon Co., E. I. du Pont
de Nemours & Co. and Commercial Solvents Corp.
The certificate of incorporation of Dry Ice Corp. of America s to be
amended so as to provide for an authorized capital of 150,000 shares of a
Food Machinery Corp.
-Reduces Notes Payable.
-
President J. D. Crtunmey, April 14, in a letter to the stockholders, says:
Since the beginning of this fiscal year. Oct. 1 1931, two dividendslhave
been paid, viz. Oct. 15. 37%c. and Jan. 15, 25c. At their last meeting.
March 21, the alrectors took no action on common dividend, being unanimous in the opinion that the stockholder's interest would be best served
by conserving a strong liquid position for the present and leaving definite
action until later in the year. Preferred dividends continue.
We have completed six months of our fiscal
with the assurance
that in spite of decreased volume it will be closed year a profit. Expenses
with
compared with one year ago have been reduced almost 40% through the
)1A co-operation of i 19 1
sll 11visi9
were
Notes payableon
andAW1 leeton.
ess
Ill., plants of Sprague-Sells division were consolidated' March 15 in a
P
beautiful new modern factory at Hoopeston. $50,000 in cashitoward the
cost of this factory was donated by the citizens of that city.
We are continuing a vigorous development programtand when general
conditions Improve our new goods and reduced expenses will have greatly
Improved our position. See also V 134 p 2348
gr
Fox Film Corp.
-Decreases Capital-Nata-Chaizman,The stockholders on April 19 approved a proposal to reduce capital
represented by outstanding class A and class B common stocks to $12,628.
300, or $5 per share.
Edwin ft. Tinker has been elected Chairman of the board of directors, succeeding Harley L. Clarke (President of General Theatres Equipment, Inc., which controls the Fox company). Mr. Clarke will remain a
director.
Sidney R. Kent, recently elected Executive Vice-President, was chosen
to the Pre.sidency, succeeding Mr. Tinker. Mr. Kent was elected also a
director, succeedliag Winfield R. Sheehan, who retains his post of V.-Pres.
Volume 134
3105
Financial Chronicle
The directors elected at the annual meeting of the stockholders follow:
Winthrop W. Aldrich, David K. E. Bruce, Matthew C. Brush, Harley L.
Clarke, Philip R. Clarke, Samuel W. Fordyce, Charles W. Higley Sidney
R. Kent, George M. Moffett, Edward R. Tinker, Cornelius Vanderbilt
and Frank 0. Watts.-V. 134, p. 2917.
-Dividend Deferred.
-` -Frost Steel & Wire Co., Ltd.
due May 1
The directors have decided to defer the quarterly dividend
last quarterly
on the 7% cum. red. s. f. 1st pref. stock, par $100. The which time the
distribution of 1Yr % on this issue was made on Feb. I last, at
dividend of 1 3i% was passed on the 7% class A cum. red. partic. pref.
stock, Par $100.-V. 134, p. 683.
--Earnings.
Fyr-Fyter Co.
For income statement for quarters ended March 31 see "Earnings De-V. 134, p. 514.
partment" on a preceding page.
-Transfer Agent.
General Automatic Lock Nut Corp.
The City Bank Farmers Trust Co. has been appointed transfer agent
for 800,000 shares common stock.
-Earnings.
General Electric Co.
For income statement for three months ended March 31 see "Earnings
-V. 134, p. 2918.
Department" on a preceding page.
General Foods Corp.
-Earnings.
For income statement for 3 months ended March 31 see "Earnings Department" on a preceding page.
"The 84 cents a share earned in the first quarter this year," says Pres.
C.M.Chester Jr.."does not include General Goods portion of undistributed
earnings of The Best Food,Inc., watch began business Jan. 2 1932. Comparison with 1931 figures is affected by exclusion of the Hellman operating
figures from the 1932 accounts.
"From the first quarter earnings of 1932 there has been deducted a reserve
for Federal tax at the increased rate of 1354%.as embodied in the tax bill
passed by the House of Representatives. The regular quarterly dividend
of 75 cents a share, payable May 2,has been declared on the common stock,
there being no preferred issues.
Gross profit, after cost of sales, including manufacturing expense, totaled
313,097,976. comparing with $16,100,877 for the first quarter of 1931. Selling. distributing, administrative and general expenses, and other charges,
including proportionate share in the results of operations of controlled companies, totaled $7,629,641, against $9,410.670 for the first quarter last year.
The provision for depreciation totaled $526,122 against $553,832 last year,
and total income, before provision for income taxes, was $5,145,573, compared with 36,329,082.-V. 134, p. 2918.
General Motors Corp.-Frigidaire Sales Increase.
Recent price reductions made effective by the Frigidaire Corp. have resulted in a large sales increase in the New York area, according to C. M.
Eakin, manager. During the first 14 days of April the number of household units sold was 82% higher than for the same period in 1931. Mr.
Eakin said.
"This figure does not include apartment house business which likewise
-V. 134, p. 2918.
shows a large increase," he said.
-New Contract.
General Motors Truck Corp.
The company has closed a contract of approximately $300,000 to supply
Chicago
60 passenger vehicles to be used in intramural transportation at the
Century of Progress Fair in 1933. This company and the Greyhound
1133.
-V.133. p.
Management Co. will install the bus system.
-Defers Dividends.
-General Public Service Corp.
"
cumulative dividends on
The directors on April 18 voted to defer the
the $6 and $5.50 pref. stocks, normally payable May 2. The last quarterly
dividends of $1.50 and $1.3734 cents per share, respectively, were paid on
Feb. 1 1932.
In submitting the quarterly financial statement as of March 31 1932 to
the stockholders, President S. B. Tuell made the following statement:
"Since that date the corporation has sold a substantial amount of the
$1.133,000 of
common stock then held and has purchased for retirementapproximately
Its gold debentures. The corporation's assets now include 1932
cash. As of the close of business April 16 the asset
33,850,000 in
value per $100 of outstanding debentures was approximately $129 and
the asset value per share of the pref. stocks (after deducting the face value
of said outstanding debentures) was approximately $89. stocks is $92.51,
"As the average paid-in capital per share of the preferred
there existed on April 16 1932 an impairment of capital represented by the
preferred stocks and under such condition the Delaware law prohibits the
payment of dividends."
Earnings.
For income statement for three months ednded March 31 see "Earnings
Department" on a preceding page.
Balance Sheet March 31.
1931.
1932.
1931.
1932.
$
$
Liabilities-$
$
Assetsc Preferred stock- 2,305,258 2,305,258
a Investmls (cost)
7,207,328 22,054,144 d Common stock_ 669,101 9,044,061
Stocks
19,620
1,627
147,375 Common stk. scrip
Bonds & notes 3,081.111
Certificates of dep. 250,000 3,000,000 Cony. debentures
3,660,000 4,972,000
5% 1953
3.493.201
1,548,750
Cash
5,220,000 9,999,000
66,866 1,235,943 534% 1939
b Treasury secur_
7.533
7.903
27,514 Accounts payable_
68,923
Int. & accts. rec. _
due1,896 Accts. not yet
Special deposits- _
181,629
116,316
Accr. deb. int
Unamort. debt disc.
4,285
14,109
Tax liability_
489,696
and expense__
37,345
1,009 Divs. declared
1,255
Unadjusted debits
13,448
8,828
Unadj. credits...,..
170,651 3,866,594
Earned surplus_ _ _
50,439
Paid in surplus
12,224,234 30,450,776
12.224,234 30,450,777 Total
Total
a The market value of investments. March 31 1932 was $9,792,330.
b Represented by: $34,000 principal amount convertible debentures 5%.
4%. 1939,
1953 and $57,000 principal amount convertible debentures 5;.
reacquired. c Represented by: 24,640 shares $6 dividend preferred and
280 shares $5.50 dividend preferred of no par value. d Represented by
669,101 shares common stock of no par value.
Mar. 31 '32. Mar. 3131.
NoteAfter deduction of $100 per share for pref. stock.
and the face value of debentures outstanding in
hands of public, the book value per share of
common stock at the end of the respective
$18.43
$1.05
periods was
Based on market values at end of the respective
periods and the same provision for preferred stock
and debentures, the value per share of common
$16.97
$0.31
stock was
Common shares, including scrip, outstanding at
670.728
670,728
dates indicated
-V. 134, p. 2732.
-Dividend Decreased.
.." -Gibson Art Co., Cincinnati.
on
The directors have declared a quarterly dividend of 50 cents per share
the common stock, no par value, payable July 1 to holders of record June
20. Previously, the company made regular quarterly payments of 65
-V. 133, p. 651.
cents per share.
necessitating a voluntary reorganization as a possible "salvation for the
noteholders and the means of preserving some equity for the preferred and
common stockholders."
Three committees are to be formed to represent the different securities,
-V. 134. p. 1204.
Mr. Yeiser said.
-Omits Dividend.
Goldsmith Sons Co.
The directors recently voted to omit the quarterly dividend ordinarily
payable about May 1 on the capital stock, no par value. On Feb. 1 last
a distribution of 10 cents per share was made as against 20 cents per share
on Nov. 1 1931, prior to which the stock was on a $1.20 annual dividend
-V. 134, p. 514.
basis.
-Earnings.
Graham-Paige Motors Corp.
For income statement for quarter ended March 31 see "Earnings Department" on a preceding page.
The first quarter earnings was•derived from the sale of 6.124 cars and
compares with a loss of $178,523 on 6,114 cars sold, in the corresponding
quarter of 1931.
"Even this slight increase in sales volume during a quarter when the total
for the industry showed a marked decrease, is significant, but still more
importance attaches to the improvement in earnings," says the company's
report. "This favorable showing has been made possible by our conservative operating policies and the substantial economies effected through
reduced manufacturing expenses, coupled with savings in material costs.
A contributing factor is the economy of concentrating on a single chassis
with relatively few body types. Almost the entire volume was made
up of the new Graham eight, which has met with a wide acceptance by our
dealer organization and by the public, and also, as indicated by the con-V.134, p.2919.
tinued increase in new dealer outlets, by the trade as well."
Granby Consolidated Mining, Smelting & Power Co.,
-For income statement for 3
-Quarterly Earnings.
Ltd.
months ended March 31 see "Earnings Department" on a
preceding page.
1929.
x1931.
x1930.
1928.
Calendar Years$3,429,620 $6.980,952 $11,828,725 $9,942.397
Gross earnings
1 3,283,451
5,740.7841 7,490,774
6,691.170
Operating costs
1
576,988
Expenses, taxes, &c.. __..J
521.395
Balance
Other income
$146.169 $1,240,168 13,760,963 12,729,832
236,116
134,185
418.132
253.259
Total income
Interest
Depreciation
Depletion
$280,354 $1,476,284 $4,179,095 $2,983,091
12,019
787,827
1,351,470
1,372,599
1,418,878
452,038
607,438
785.084
776,258
Net profit
Dividends
det$959,511 def$482,624 $2,021,412
668,361
2,362,341
3,149,787
$775,936
1,344,515
$1,627,872 $2,844,965 31,128,375
Deficit
3568.579
x The above statement of operations shows the gross values of mine
products, both sold and unsold, and the total net cost of production thereof.
Including administrative and general expenses, &c. In previous years
the statement showed the gross revenue from sales and other operations
and the relative costs after adjustment for inventories but before charging
administrative and general expenses, which were shown separately. For
comparative purposes the 1930 figures have been adjusted to the 1931
classification.
Consolidated Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
$
Liabilities-$
8
$
AssasCapital stock_ _ _ _c14,828,558 15,496,919
Mining dr timber
Accounts payable_ 166,359
453.330
82,789,438 3,241.477
lands
17,710
33,705
Plant & equipm't_b4,281,273 5,067,777 Accr. liabilities_ __
2.671,380 1.711,869
579,056 Deficit
561,908
Securities
Cash & call loans__ 2,470,652 3,160.542
1,913,550 2,047,235
Inventories
140,403
60,048
Accts. receivable
Treasury stock_ _ _ 234,671
Deferred Sr prepaid
35,595
29,706
charges
Total
12,341,248 14,272,085
12,341,248 14,272,085
Total
a After deduction of depletion reserve amounting to $13.893,975. b After
deduction of depreciation reserve amounting to $13,124,740. c Represented by 450,000 $100 par shares and is after deduction of discount on
capital stock of $22,208,876 and capital distributed to shareholders of
17.962,631.-V. 134, p. 2158.
-Earnings.
Gulf States Steel Co.
For income statement for three months ended March 31 see "Earnings
-V. 134. p. 2159.
Department" on a preceding page.
-New Manager.
Hamburg-American Line.
John Von der Heyde has been named New York Operating Manager for
Hamburg-American Line to succeed the late George Koetter, with whom he
-V.134, p. 2350.
was closely affiliated for 26 years.
-Extra Dividend.
Hannibal Bridge Co. of Miss.
An extra dividend of X of 1% has been declared on the outstanding
$850,000 capital stock, par $100. in addition to the regular semi-annual
dividends of 4%, both payable April 5 to holders of record April 1. Six
-V.133. p. 651.
months ago, an extra distribution of X of 1% was made.
-Omits Dividend.
"-Harbison-Walker Refractories Co.
The directors on April 18 voted to omit the quarterly dividend ordinarily
payable about June 1 on the common stock, no par value. On March 1
last, a distribution of 12 tic. per share was made on this issue as compared
with 25c. per share on Sept. 1 and Dec. 1 1931.
-For income statement for 3 months ended March 31 see
Earnings.
-V. 134, p. 1589.
"Earnings Department" on a preceding page.
-Earnings.
Hartman Corp.
For income statement for quarter ended March 31 see "Earnings De-V. 134, p. 2919.
partment" on a preceding page.
-Earnings.
Humble Oil & Refining Co.(& Subs.).
1928.
1929.
1930.
1931.
3
Calendar YearsGross operating income.102,992,559 161,563.842 199,357.302 169,653.139
Costs. oper. & gen. exp. 78,173,677 111.739,961 133,634,123 118.556,097
3,636.319
x2,145,942 x4,363,507 x5.444,845
Taxes
4.352.854
6,499,065 10,083.473
Intangible devel. costs..
5,184,169
4.543.570 4,070,729
Deple. & lease amortlz- - 6,376,178
Deprec., retirements &
other amortization....- 11.749.249 17,478,851 17.862,992 17,645.428
Net operating income_
Other income (net)
4.547.513 16,938,888 28.261,141 20,278,273
1,733,107
6,857.580
3,785,026
660,610
-Earnings.
Gillette Safety Razor Co.
Total income
5,208,123 20,723,913 35.118.721 22.011.379
Int. & disc, on funded &
2,718,273
2,581,464
2.440.934
2,437,133
long-term debt
15.960
199,489
2.176
5.897
Other interest
-New Directors.
Gimbel Brothers, Inc.
2,765,092 18,083,491 32,535,081 19,277,146
Net profit
96,432,161 87,482,968 60,361,295 46,997,344
Previous surplus
524.407
Adjust. of earned surp_ - 6,281,101 Dr1,707.849
For income statement for 3 months ended March 31 see "Earnings
-V. 134. p. 2530.
Department" on a preceding page.
Alexander 13. Royce of Chadbourne, Stanchfield & Levy, and Thomas H.
Mcinnerney, President of the National Dairy Products Corp., have been
-V. 134. p. 2530.
elected directors.
-Earnings.
Glidden Co.
DepartFor income statement for month of March 1932 see "Earnings
-V. 134. p. 1771.
ment" on a preceding page.
-Proposes Reorganization
"'-'"•Globe-Wernicke Co.
7% cony, coupon notes, $6 pref. stock and
In a letter to the holders ot C. Yeiser Jr., says the capital structure is
H.
common stock. President
company can no longer carry on,
such that under current conditions the
Total surplus
Dividends paid
105,478.355 103,858.610 93,420,783 66,274,490
5,926,726
5.937.816
7,426,448
5,913.195
Earned surp. Dec. 31- 99,551,629 96,432,161 87,482,967 60,361,295
Shs. capital stock outstanding (par $25)-- - 2,974,645
2,974,645
2,974,645
2.964.136
$0.93
Earnings per share
$6.08
$10.93
$6.50
x In addition to the amount of taxes shown above, there was paid (or
accrue I) for State gasoline taxes the sum of $2,341,322 in 1931. $2,452,309 in
11130 and $106a,520 in 1929.
3106
Financial Chronicle
Havana Docks Corp.
-Tenders.
-
The Old Colony Trust Co., Boston, trustee, will until noon on April
27
receive bids for the sale to it of let coll. lien 7% bonds, series A. to an
amount sufficient to exhaust $125,564, at a price not exceeding par and
interest.
-V. 133, P. 2770.
The directors have declared a quarterly dividend of 40 cents
on the common stock, no par value, payable June 1 to holders per share
of
May 18. A distribution of 50 cents per share was made on March record
1 last
as compared with 62% cents per share each quarter from March 1 1929 to
and incl. Dec. 1 1931.-V. 134, p. 1967.
International Cigar Machinery Co.
International Match Corp.-Volunatary
Holland Furnace Co.
-Earnings.
----
The stockholders on April 15 approved a proposal to
orized capital stock from 600.000 shares without par valuechange the authto 600,000
of $5 par value, each present share to be exchangeable for one new shares
share.
V. 134. P. 2159.
-V.134, p. 2920.
Independence Indemnity Co., Philadelphia.
-Proposed Consolidation.
Plans for the consolidation of the Public Indemnity Co.
and Independence Indemnity Co. of Philadelphia, Pa. of Newark, N.J.,
as of March 31,
have been completed and are subject to the approval
df
and insurance departments involved. Willard L. Case, the stockholders
former
dent of the Public Indemnity Co., nas been elected President Vice-Presiof toe new
company, which will operate as the Independence
Indemnity Co., from
its headquarters in Philadelphia.
Under the amalgamation, the Independence Indemnity Co.
gross assets, based on Dec. 31 1931 figures. of $17,332,000. Of will show
this amount
$774,000 will be real estate: $9,316,000. bonds and stocks; $1,158,000,
first
mortgages on real estate,and $871,000 cash. Net surplus will
be $3,442,000,
or based on values allowed by the National Convention of Insurance Commissioners, 64,442,000.-V. 134, p. 2351.
Industrial Rayon Corp.
-New Director.
H. V. Stinkers,
President of the National City Bank of Cleveland, has
been elected a director to succeed Frederick K. Rupprecht,
who resigned.
-V.134. P.2733.
Insull Utility Investments, Inc.
-Receivership.
--
Federal Judge Lindley at Chicago, April 16 appointed George
former justice of the Illinois Supreme Court. and Calvin Fentress A. Cook,
of Baker,
Fentress & Co., brokers, as receivers for Insult Utility Investments
, Inc.
Patrick J. Lucey, former Attorney General of Illinois and Raymond
J.
McNally were named receivers for Corporation Securities Co. of
Chicago.
Eugene V. R. Thayer, former chairman of the executive committee
Central Trust Co. of Illinois, was appointed receiver for Mississippi of the
Valley
Utilities Investment Co.
Insull Utility Investments, Inc. was placed in receivership on the
petition
of a bondholder in Iowa, filed by Sidney S. Gorham as attorney.
The
bill sets forth that the company has securities which cost more than
000,000, but whose market value is far less and which could not be $245,sold
present prices without injury to creditors and stockholders. It alleges at
the company has notes payable in excess of $45,000,000, of which that
$32,387,000 is payable on demand. $10,500,000 already has become due
and
the remainder will be due in June. These notes represent chiefly bank
loans secured by collateral.
The petition against Corporation Securities Co. of Chicago was filed on
behalf of a bondholder in Iowa, by Scott, McLeish & Falk, attorneys. It
alleges that the company has securities which cost more than $140,000,00
0
but have shrunk in market value to an extraordinary degree. It says the
company has notes payable in excess of $26,000,000, of which $20,000,000
is payable on demand and the remainder in June. These obligations also
represent bank loans secured by collateral.
Neither of these petitions alleged insolvency but only that the companies
had exhausted their cash resources and could not meet their obligations.
However, coincident with the filing of the petition against Insull Utility
Investments, Inc. an involuntary petition in bankruptcy was filed on
behalf of three bondholders by Jacobson, Merrick, Neirman & Silbert.
This petition alleges insolvency but stipulates that no action shall be taken
pending the outcome of the equity receivership.
The receivership proceeding against Mississippi Valley
ment Co. was filed on behalf of the First National Bank ofUtilities InvestChicago,
presented a loan claim of $1.050,000. This company was alleged towhich
have
Investments costing $45,000,000. The note was part of the assets of the
Foreman State National Bank, which was taken over by the First National
last June.
An order has been entered by Judge Lindley in the U. S. District Court
at Chicago approving the Continental Illinois Bank & Trust Co. as depository for funds of receivers of Insult Utilities Investment, Inc.
Debenture Holders' Protective Committee.
-The committee
in a notice to the holders of the debentures (series A and B),
says:
The holders of the debentures (series A and B)says:
That a reorganization of Insull Utility Investments, Inc., is imminent is
indicated by statements of certain of the officers of the company and by
financial statements published.
In view of the facts and other existing conditions affecting the rights and
interests of debenture holders, we have been requested to, and have agreed
to, act as a committee to represent and protect the rights and interests of
debenture holders. The Empire Trust Co.,_ New York City, has been
designated depositary of the committee. The committee is convinced
that the debenture holders will best conserve their interests by promptly
depositing their holdings and thus enable the committee to take any action
necessary promptly for their protection.
Commitiee.-John J. McDevitt Jr., Chairman. Philadelphia, Pa.; S. P.
Woodard. 37 Wall St. N. Y. City; T. Alan Goldsborough, Washington,
D. 0.•, Holmes, Roger;& Carpenter, 20 Broad St., N. Y. City are counsel
and Charles 0. Bartels. Sec., 20 Broad St., N. Y. City.
-V. 134, p. 2533.
Intercontinental Rubber Co.(& Subs.).
-Earnings.
-
International Business Machines Corp.
John R. Turner has been elected a director -New Director.
-V 134 p 2734
For income statement for 12 months ended Dec. 31 see "Earnings Department" on a preceding page.
-V. 133, p. 3797.
Hupp Motor Car Corp.
-Resignation.
w.S. Graham has resigned as Vice-President in charge of manufacturing.
income statement for quarters ended March 31
see "Earnings Department" on a preceding page.
-V.134 p. 1773.
-Earnings.
For income statement for quarter ended March
31 see"Earnings Department" on a preceding page.
-V. 134 p. 2533.
--Hobart Mfg. Co.
-Reduction of Dividend.
-
Howe Sound Co.
-Changes Par Value of Shares.
-
April 23 1932
Interlake Iron Corp.
-Earnings.
For
Bankruptcy.
A voluntary petition in bankruptcy has
Court at New York by the Corporation. been filed in the Federal District
The
pursuant to a resolution enacted by the board petition executed and filed
of directors and signed
Frederic W. Allen. President, states
the company holds debts itby
is
unable to pay in full and asked that that Irving
the
receiver in bankruptcy. No schedule of liabilitiesTrust Co. be appointed
and assets was filed.
V. 134 p. 2920.
International Printing Ink Corp. (&
Subs.).
-Earns.
Calendar Years1931.
1930.
1929.
1928.
Sales, less returns and
allowances
I12,028,638 516,135,646 $20,071,002 $18,565,809
Cost of goods sold
11.996,6985 10,158,125 z12.045,760 11,062,396
Sell., admin.& gen. exp_
1 5,374,808
5.908,025
5,021,126
Net earnings
$31,940
$602.714 $2,117,217 $2,482,288
Other income
195,439
123,981
231,938
190,821
Total income
$227,379
$726,695 $2,349,154 $2,873,109
Cash discounts on sales,
loss on exchange, int.
paid, &c
441,168
Prov. for emp. bonuses_
177,153
Provis'n.for Fed.inc. tax
18.500
230,000
225,000
aAdjustment of foreign
losses
390,750
'526,886
Adj.of marketable secur.
169,843
Combined prof for yr.loss$333,214
Profits prior to acquis. of
prop, and business acquired during year_
Previous surplus
533,795
Discount of pref.stk.red.
Total surplus
PreFerred dividends_ _ Common dividends
$200,581
199,368
$181,309 $2,119,154 $1,829,788
1 313,054
,
dr.15.600
355,018
dr.750,407
$1,539,963 $2,474,172 $1,079,381
409,766
415.950
280.000
580.802
715,168
444.363
$549,395 $1,343,054
$355,018
Earned surplus
31,214
Shs. of corn. stk outsVg
(no par)
262,521
273,388
273,163
270.173
Earnings per share
Nil
Nil
$6.23
$5.22
y Includes results of predecessor companies to May 31. z
Includes dePredation amounting to $344,106 in 1930, 1259,228 in 1929 and
$268,331
in 1928. a Adjustments for loss in exchange arising from
statements of foreign subsidiaries to basis of U. S. currency. conversion of
b To quoted
market values of Dec. 31 1931.
Surplus Resulting from Retirement of Preferred Shares as at Dec. 31
1931.
Balance, Jan. 1 1931 (represents discount on preferred shares
retired prior to 1931 after exkuding $200,000 earned surplus
previously appropriated and since restored to earned surplus)
$15,800
Discount on 6.115 preferred shares purchased and retired
during 1931
296,952
Total
Dividends on preferred shares, paid Nov. 1 1931. 194,153; $312,553
payable Feb. 1 1932. 192.593; total
188,747
Provision for retirement of preferred shares $100,000. Less
amount expended for purchase of preferred shares retired.
$84,620; balance
15,379
Surplus resulting from retirement of preferred shares at Dec.
31 1931
1110.428
Consolidated Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
A ssetsfiles
Cash & marketable
Accounts payable_
218,778
securities
2,464,032 2,222,101 Notes pay, to bks. 210,524
250,000
Notes & accts. rec. 2,370,356 2,926,306 Drafts, notes and
Notes & accts. rec.
accts. payable of
of ours & empl.
40,811
Argentine sub_ _ 214,306
322,419
Accr'd int. reedy.
19,029
16,434 Comm. & accruals
131,442
Inventories
2,254,920 3,044,275 Divs. decl. payable 137,782
92,593
101,766
Land, bldgs, maProv.for Fed.tax.
80,475
chin*y & equip.74,378,237 4,644,844 Prov. for Brit. tax
50,107
34,069
Mi80. invest., &c. 265,907
289,196 Empl. dep. under
Development exp.,
stock pur. plan- 414,432
390,141
formulae, &c_
1
Reserves
115,860
47,234
Unexpired 1nsur.,
6% pref. stock
6,172,900
prepaid exp., &c 101,213
139,134 Common stock.._x2,625,210 6,784,400
2,733,880
Paid-in surplus.-- 1,708,341 1,659,101
Earned surplus..._
1,214
549,395
Unearned surplus_ z110.426
Total
11,853,696 13,303,104
Total
11,853,696 13,303,104
x Authorized,400,000 shares (no par): of which
7,634 shares reserved for stock subscription 273,388 shares issued and
warrants and employee's
stock subscriptions. y After depreciation of
51,956,707. z Resulting from
retirement of preferred shares.
New Director-Expenses Reduced, doe.-
DuVal R. Goldthwaite, Vice-President, has
boon elected a director.
succeeding Edwin L. Wayman.
President John M. Tuttle, stated that through
drastic cuts in salaries
and wages and other economies in operation,
12.500,000 since 1929. Company's business expenses have been reduced by
in England is relatively better
than in other foreign countries, 3.1r. Tuttle
stated, and a small profit was
shown on operations in the Argentine during the
first two months of this
year, whereas a loss had been anticipated.
-V. 133. p. 1298.
Years Ended Dec. 311931.
1930.
1929.
1928.
Operating profit
loss$109.535 loss$33,930
$97,639
$427,091
Other income
45,750
91,411
146,616
132,296
Investors Equity Co., Inc.
-Proposed Merger.
-See Tr Total income
loss$63,785
$57.480
$244,256
5599.388
Corp. below.
-V. 133, p. 4348.
Expenses, &c
'Contieal
160,436
223,742
192,959
202,330
Depreciation
127,710
137,430
139,211
138.666
Joint Investors, Inc.
-Earnings.
Federal taxes
-28,042
Calendar Years1931.
1930.
Net deficit
1929.
1928.
$351,932
$303.692
Dividends and int. rec.$87,915 sur$190,349
$47,541
$49,657
Dividends paid
$39,743
$27,701
Net profit realized on
148,815
Balance, deficit- -- --- 1351,932
securities sold
x
$87,915 sur$41,534
5303.692
88,445
418,741
107.755
Earns, per share on 596,004 shares capital stock
Total income
$47,541
$138,102
$135,515
$458,485
(no par)
Foes and exp. of custoNil
Nil
N11
$0.32
dian,registrar & transBalance Sheet Dec. 31.
fer agent and gen. exp.
9,407
9,182
Assets1931.
5,817
4,606
1930.
LiaM/fttes1931.
Fee for manag't and ad1930.
Land, buildings,
Capital stock___b$5,960,040 $5,960,040
min. services
9,916
14,294
equipment. &c,a$5,358.913 $5,201,065 Draft & acct. pay.
17,766
32,033
Interest on bank loans_
82,999
991
Patents, trade
9,142
15,948
Federal tax reserve
State & oth.sundry taxes
1,428
1,507
names, &c
11,714
9,9501
128,703
128,703 Sundry reserve_
77,116
Provision for Fed.taxes
84,825
182
Cash
40.796J
20,180
50.634 Res. for property
Provision for contingen.
Marketable secur_ 572,477 1,001,950
187,250
value
299,727
299,727
Accts.& accnt. rec.
42,176
64,919 Min, interest in
Net income
$26.790
$110,053
$111,945
$180,957
Inventory
e355,896
390,064
subsidiaries
7,200
Dividends on pref. stks8,400
30,284
62,832
Adv. and claims
53.112
116,571
115,588 Surplus
357,791
Dividends on class A stkl
688,422
5,902
31,882(
Deferred charges_
16,341
137,271
160,770
Dividends on class B stk I
5,902
16.341
Treasury stock...
1,720
1,720
Retirement fund
35,068
63,922
24.556
Organization expenses
Total
36.733,007 $7,124,413
Total
$6,733,907 37,124,413
written off
9,634
a After depreciation and amortization of 51,150,929. b Represented
by
595,486 no par shares and 513 shares remaining to be issued to
Balance
complete
$31,241
$23,264
ded$7.326
$28.790
exchange under reorganization plan. c Less reserve adjusting
rubber
a There was a loss on sale of investments for 1931 of 1172.757 which is
inventory to market price.
-V. 132, p. 1297.
charged against reserves and surplus.
Volume 134
3107
Financial Chronicle
Reserve and Surplus Accounts Dec. 31 1931.
Surplus
Reserves
ContinRetirement
Earned.
Paid-in.
genctes.
Pref. Se-. A.
Balance at credit Dec.
$52,488
157,681
$128,856
31 1930
Paid-in surplus arising
reduct'n in stated
from
$384,521
capital
Net income for year (as
26,790
above)
179,279
$384,521
$57.681
Total
$128,856
Loss on sale of invest78,216
68,254
26.287
ments ($172.757 net)_
Additional N. Y. State
1,063
franchise tax
Balance at credit Dec.
1316,267
$31,394
31 1931
$128,856
Balance Sheet December 31.
1930.
1931.
1931.
/JabVides1930.
Assets$118,159 $283,313 6% cum. pref stock
Cash
500,000
500,000
Series A
Accrued interest &
547.200
547,200
375 Series B
7,226
dividends reedy.
410,773
b26,252
Investments at cost 1,607,907 1,508,905 Class A stock
50,000
c50,000
Class B stock
Accounts pay. and
accr. State fran14,178
1,905
chise tax
Reserve for accrued
dive.on preferred
stock series A &
31,416
31,416
Reserve for retirement of preferred
128,856
128,858
stock series A
Reserve for contin57,881
31,394
gencies (net)
52,488
316,267
Paid-in surplus_
-New President, &c.
(G. R.) Kinney Co., Inc.
At toe annual meeting of the stockholders held on April 20, James Wright
was elected President, succeeding E. H. Krom, who becomes Chairman
of the board. LeRoy R. Kinney, George L. Smith, Harry J. Wood and
Phoenix S. Frank; were re-elected Vice-Presidents, William H. Goodyear as
1st Vice-President, and Mr. Smith as Assistant to the President, and
Edward Holloway as Secretary. Mr. Wright also was elected Treasurer,
and Mr. Kinney Assistant Secretary and Assistant Treasurer.
Samuel Spiker, Frederick W. Thornhill and Mr. Wright were elected
directors, William Herbert and Floyd E. Tuttle retiring from the board.
V. 134. P. 2535.
-Tenders.
Kopper Gas & Coke Co.
-year 5% sinking
The Union Trust Co. of Pittsburgh, trustee of the 20
fund debenture bonds. wile receive tenders up to noon, April 27, for the
sale to it of bonds not exceeding in the aggregate $1,000.381.91 at prices
not in excess of 10231 and int. On the first business day of May the trustee
will purchase from the lowest bidders as many bonds as can be purchased
-V. 134, p. 2735.
from the amount then in the sinking fund.
-Prompt Deposit of 5% Debentures
Kreuger & Toll Co.
Depositaries Announced.
Urged-Sub-P. Murphy Chairman of the committee formed with the
Grayson M.
sinking
single purpose of protecting the interests of holders of 5% secured deposit
debentures of Kreuger & Toll Co. is urging the prompt taken.
fund gold
may immediately be
of these debentures in order that united action
only
The committee points out that steps have already been initiated not
in this country but abroad by other classes of creditors to investigate the
and failure on
confused situation which exists and to enforce their rights result in their
the part of debenture holders to take similar action may
position being prejudiced.
and
Guaranty Trust Co. of New York is depositary for this committeemade
is
in view of the wide distribution of the debentures, announcementNational
of the appointment of the following _sub depositaries; The
Shamut Bank of Boston, Boston, The Northern Trust Co., Chicago, and
-V. 134, p. 2921.
Guaranty Trust Co. of New York, in London.
-Earnings.
Lambert Co.
For income statement for 3 months ended March 31 see "Earnings De-V. 134, p. 1774.
partment" on a preceding page.
-Balance Sheet Mar.31
Laura Secord Candy Shops, Ltd.
1931.
1932.
LicatItties1931.
Assets
-1932.
$37,378 A cc'ts pay. & ac$191,233
Cash
$21,202
crued charges__ 524,626
Govt.,munic.,pubReserve for Dom.
lie util. bonds &
53,000
47,812
income tax
accrued interest 1,202,760 1,158,261
5,315
.
Accrued charges _
thy. In 11..SPOC. CO.
500
94,315 Preference stock....
79,730
& accrued int__
173,206 Common stock._ 904,464 y903,964
106,499
Inventories
848,804
923,460
Surplus
Land, bldg., plant
350,461
and equiprrent_ x312,504
tge. receivr-ble &
6,874
6,773
accrued interest
6.973
6,178
Deferred charges_ _
1
1
Good-will.
$1,905,679 $1,827,471
Total
81,905,679 $1,827.471
Total
,
x After reserve for depreciation of 1409,936. 3 Represented by 57,500
p. 1384.
-V. 134,
no par shares.
--Earnings.
Lehigh Valley Coal Corp.
For income statement for 3 months ended March 31 see "Earnings De-V. 134, p. 1968.
partment" on a preceding page.
51,833,291 $1,792,593
Total
$1,633,291 41,792,393 Total
a The estimated market value of the investments at Dec. 31 1931.
(including nominal values of one dollar each in respect of holdings in Chain
& General Equities, Inc., Chain Stores Investment Corp. and Yosemite
Holding Corp. carried at $235,028), amounted to 8514,819. b Represented
-V.
by 26,252 no par shares. c Represented by 50,000 no par shares.
133, p. 1622.
-Receivership.
Inter-Southern Life Insurance Co.
See Security Life Insurance Co.of America below.
Ky., April 16 placed the
Circuit Judge Church Ford at Frankfort,
Lieut.
company, temporarily in the hands of receivers. He appointed Trust
Columbia
Governor A B. Chandler, Versailles, and the Fidelity & Ford will hear a
Judge
Co. of Louisville as joint receivers. On May 21,
motion for a permanent receiver for the company. from doing business
A temporary injunction restraining the company
Insurance Comwas obtained April 8 by the Acting and Deputy State Auditor, J. Dan
missioner, Charles I. Brown, on the motion of the State
Talbott.
-Acquisition.
Kelvinator Corp.
of
The corporation has acquired all assets and patents of the Rightway
manufactured by the Matse Corp. of Detroit.
burner,
acquisition; George W. Mason, President of the
In commenting on the
Kelvinator Corp.. said:
-To Decrease Preferred Stock.
lip Cup Corp.
Rightway
"It is our belief that the purchase of an oil burner such as the teat our --Lily-Tu
to reduce
more even and
The stockholders will vote April 28 on approving a proposal -V. 134,
will serve to keep our production and sales curve will be in a position to
from 10,000 shares to 7,000 shares.
the authorized pref. stock
distribution organization, which is nation-wide,
D. 1968.
strengthen Rightway sales materially."
of
-Omits Common Dividend.
The Kelvinator Corp.. has just announced price reductions on all up
Lincoln Printing Co.
on commercial condensing units, ranging
Per
Its 17 domestic models and
The directors have voted to omit the quarterly dividend of 50 centsuarmodels in the
four groups
to $100 on the largest models. There arethe Pk, the Sof the DeLuxe
stock, ordinarily payable May 2. The regular
share on the common
and
Kelvinator domestic line, known as the K.
terly dividend of 8731 cents per share on the pref. stock has been deciareO
-V. 134. p. 2352.
models.
payable May 2 to holders of record April 28. Quarterly distributions of
-Earnings.
50 cents per share were made on the common stock from Aug. 1 1930 to and
Kennecott Copper Corp.(& Subs.).
incl. Feb. 1 1932.
1928.
1929.
1930.
1931.
Calendar YearsA dispatch from Chicago states that the statement for the first quarter
1148.501,416 $72,211,267 1110205,393($82,921,165
Copper
probably will show the preferred dividend covered. In the first quarter of
1 2.774,666
Gold and silver
last year the company earned 51.35 per share on 175.000 shares of common
5,347.922 5,923,447 6.168.059
RRs.,steamship & wharf 4,035,143
company is
stock after allowing for preferred dividend requirements. The activities in
reported to be taking aggressive steps to broaden its scope of
Total oper. revenue_ -$52,536,559 177,559,189 1516128,840 $91,863,890
for the reduced volume of financial printing
other fields to compensate
Cost of metal produc.
-V. 134. P. 2537.
currently available.
incl. mining, treatm.4
41,893,949 52.540,072 56,994.626 35,544,457
and delivery
-Common Div. Omitted.
W.) Lindsay & Co., Ltd.
& wharf
RR. steamship
The directors have decided to omit the quarterly dividend ordinarily
4,344,023 4.581,937
2,851,720 4,272,751
operating costs
value. Previously, the
payable about June 1 on the common stock, no par
company made regular quarterly distributions of 25 cents per share on
Net oper. revenue-- 87.790.890 820,746,366 854,790,190 151,737.497
this issue.
Other receipts-diva.,inThe directors, however, declared the usual quarterly dividend of 134%
terest and miscell_ ___ 2,286,323 3.920,522 8.609,247 4,756.150
on the 634% cum. red. pref. stock, par $100, payable June 1 to holders of
110.077.212 824.666,888 563.399.438 156,493.647
Total income
record May 14.-V. 132, p. 4073; V. 130, p. 3890.
6,230,936 6.365,599
1,950,506 3,933,810
Taxes
-Depreciation
4,083.333 4,842,926 4,412.033 3,900,026
-Earnings.
Link Belt Co.(& Subs.).
1928.
Minority int. in income
1929.
1930.
19.sj,
Calendar Years576.489
690.103
304.416
194,545
of subsidiaries
112,529,507 $20,303.901 127.519,339 $23,238,209
Sales
22,527,869 19,710.140
Net income applicable
Cost ofsales, Inc! deprec 12.024,014 17,766,792
to Kennecott stock
$505,492 12.537.109 53.991,470$,W)
Operating profit
301.731
$3,848,828 115,585,737 552,066,365 545,651.533
before depletion
282.640
360,426
348,813
Other income
10,568,829 y7,781.363 43.960,692 27.264.986
Dividends paid
$854,316 52,897,535 84,274.110 33.829.800
Total income
518,386.547
173.498
Balance
def$6,720,001 $7,804,374 $8,105,673
368,532
288,334
129.106
Sundry debits
123,628.965 132,117,468 131.939,920 122,388,743
414,479
420.892
x Earned surplus
298.869
86,236
Federal taxes
Shares of capital stock
,,686 53,241.823
12,310,332 $3.48
56.38,974
9,385,850 4,552,036
Net profit
outstanding (no par)_ 9,394,659 9.393.151
260,000
260,000
260,000
510.03
253,351
$5.55
51.66
Preferred dividends _ -50.41
Earned per share
1.481,550
2.196.221
1.843.860
1,474,102
Common dividends
on March 1 1913 values.
x Before deduction of any depletion basedsurplus
!estimated by editor
$206,472 $1,028,465 51,500,273
def$1.088,479
Surplus
y Exclusive of distributions charged to capital
year amounted to $3
Earns, per sh. on com.
at $20,212,210.1 Total distributions paid during 501 cents each in October
$4.21
$4.54
$2.89
$0.54
stock
share. viz: $1.25 in April .75 cents in July and
per
and January 1931.
Consolidated Balance Sheet Dec. 31.
-Balance Dec. 31 1930. 5132,117,468; net
Earned Surplus Account. total 8135.966,296. Charges for inventory
1930.
1931.
1930. 1
1931.
income for 1931, $3.848,827,
$
$
Liablltties$
to stockholders,
$
Assets787,103
and metal adjustments, &c. (net), $1,768,502; dividends
2,816,355 3,502,563 Accounts payable. 419,620
Cash
$10,568,829. Balance Dec. 311931, $123,628,965.-V. 134, p. 1384.
510,092
.
Notes& accts.rec 2.163,644 2,775.324 Accrued taxes_ _ _ _ 323,249
65,000
65,000
3,073,615 3,598,674 Dividends payable
-50c. Dividend.
Inventories
Kidder Participations, Inc.
270,945
423,018
on the 434% Marketable sees_ 5,717,136 5,625.362 Reserves stock 3,857,500 4.000,000
The directors have declared a dividend of 50 cents per shareto holders of
69 016 Preferred
78,307
Accrued Interest.$100, payable June 1
cum. 'Artie. cony. pref. stock, par
172,600 common stock_ _x10,584,739 10.584,739
Invest.In Mill. cos. 172,600
distribution of 23'% was made
record May 10. A regular semi-annualsince.
5,336,270 8,923,792
Surplus
Land,bldgs..mach.
none
-V. 133. p. 3100.
on this issue on Dec. Dec. 1 1930;
& equipment__ .y6,908,515 7,033,024
65.108
79,223
Deferred charges_ _
Kidder Participations, Inc., No. 2.-50c. Dividend.
- of 50 cents per share on the 434%
The directors have declared a dividendto holdersonof
21,009,397 23.141,671
Total
21,009,397 23,141,671
May 10. A
Total
pref. stock, par 1100, payable June 1 was made
recordissue on Sept. 2
this
.
e d.ollp%
3 np
div3
mi-gilualv 1id
es o
Represented by 709,177 no par shares. y After reserve for deprecie
liegPui.ulei
tion.-V. 134. p. 2352.
-For income statement for three months ended
Earnings for Quarter.
Dividend.
Kidder Participations, Inc., No. 3.-50c. share on the 50/
-V. 134,
March 31 see "Earnings Department" on a procoling page.
cents per
The directors have declared a dividend of 50 June 1 to holders of record
P. 2352.
stock par 1100. payable
m and panic. pref. payment of 234% was made on this issue on Aug 1
-Smaller Distribution.
Manchester Cotton Mills.
May 10. A semi-annual p. 3100.
-V. 133.
quarter y dIvidend of 1 Si% has been declared on the outstanding
1930; none since.
$500,000 capital stock, par 5100, payable May 1 to holders of record April
-Rights.
Ltd.
Kinner Airplane & Motor Corp.,stockholders of record May
13. Distributions of 2% each were made on Feb. 1 1932 and on Nov. 1
to
-V.133, p. 2773.
1931,as against 4% previously paid each quarter.
Warrants will be issued by the corporation shares of no par capital stock
an additional issue of 99,967
4, to purchase the basis of one new share for each two shares of old stock
-Dividend Reduction,
Marine Bancorporation.
at $1 a share on
The directors have declared a quarterly dividend of 15 cents per share on
held.
and General Manager,said that warrants would
Robert Porter, Presidentfractional warrants would be issued. The comthe initial stock and on the fully participating shares, both payable April 30
to holders of record April 20. In each of the three preceding quarters a
expire June 4, and that no 199.934 shares no par capital stock.
dividend of 25 cents per share was paid as against 45 cents per share
pany now has outstanding the stock will be used to liquidate debts.
-V.
Funds from the sale of
-V. 133, p. 492.
previously.
134. p. 2535.
3108
Financial Chronicle
Massey Harris Co., Ltd.
--To Discount Obligations.
To enable farmers to obtain equipment, much needed for new season's
operations, and to aid in liquidation of their present indebtedness, the
company announces a plan, effective immediately, whereby a 10% discount
will be made on all existing obligations to the company,and on all purchases
of implements to the extent of payments prior to the end of November.
President T. A. Russell states that favorable seeding conditions all over
Canada are more promising than for several years, but farmers are handicapped by being unable to obtain equipment to carry on operations economi-V. 132, p. 3898.
cally. The discount applies only to Canada.
Mathieson Alkali Works, Inc.
-Earnings.
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 134, D. 1207.
-Earnings.
Mesta Machine Co.
Calendar Years1931.
1930.
1929.
Gross profit
$2,914,573 $3,697.670 $2,685,340
Other income
132.776
168,975
181,445
Total income
Expenses
$3,047,349 $3.866,645 $2,866,785
559,842
567,350
523,070
Balance
Depreciation
Contingent reserve
Federal tax reserve
$2,487,507 $3,299.295 $2,343,715
225.475
213,220
325,009
200,000
250,000
376,900
221,465
Net profit
Preferred dividends
Common dividends
$2,012,032 $2,509,175 31.797,241
91,323
99,303
107.322
1,199,199
1,196,592
840,000
Surplus
$721.510 $1,213,280
Earn,per sh.on 600,000 shs. corn.stk
$33.20
$4.02
Balance Sheet Dec. 31.
1931.
1930.
1931.
AssetsLiabilities
Permanent assets_ 8,633,476 8,286,788 Preferred stock___ 1,455,300
1,106,551 1,621,174 Common stock___ 3,000,000
Cash
Spec. time deposits 1,300,000 1,600,000 Accounts payable_ 480,912
Accts.rec.,&c_ _ _ 2,546,999 b1,765,245 Dividends payable 321,621
Inventories
823,789
693,577 Accr. royalties, &c 347,433
Due from empl.for
Accr. Fed. taxes__ 250,979
a255,474
293,589 Prepayments
co. cora,stock
164,703
Deferred charges
6,648 Deprec.reserve
7.404
3,312,486
Contingent reserve
Other reserves_ ___ 176,885
Surplus
5,163,374
$849,919
$2.81
1930.
$
1,588,600
3,000,000
606,068
320,421
162,699
376,901
251,253
3,137,041
200,000
168,884
4,455,154
14,673,693 14,267.021
Total
Total
14,673,693 14,267,021
a Under contracts for sale of 13,632 shares of company's common stock,
together with 427 shares held for subscription. la Includes notes receivable.
-V. 134. p. 1593.
Mid-Continent Petroleum Corp.
-Earnings.
1931.
Calendar Years1930.
1929.
1928.
Net income
$1,606.486 $9,460,082 $15,400,168 $11,919,538
Provision for deprec___ _ 2,822,803
3,001,445
3,268,624
3,269,493
Depletion reserve
1,120,111
1.810,814
2.608,734
2,465,207
Leaseholds abandoned &
surrendered,&C
1,498,833
1,733,460
1,223.490
1,160,913
Interest Sc amortization_
739,210
Federal income tax
615,942
387,658
crude oil invent_ 1.127,149
Adrt.of
1,421.306
loss$4,962,411
Net income
Divs, on pref.stock929,588
Divs, on common stock-
$1.493.057 $7,683,378 $3,897,056
70.682
439.330
3,694.177
2,784,684
704.573
Balance, surplus..-def$5,891,999d132,201,120 $4,828,013 $2,753,153
Sim, corn, stock out1,857.912
standing (no par)- - -- 1,857,912
1,857,912 1,410.000
Nil
$0.80
Earnings per share
$4.09
$2.45
Consolidated Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
$
Assets$
Accounts payable_ 1,394,220 1,542,951
Oil res., und.leaseintang_a34,259,030 36,727,276 Accrued interest
holds &
and general
Renn's,casinghead
taxes
gasoline plants.
547,842
563,951
pipelines, storDeferred credit
items
age tanks, &c_b20,690,023 22,174,271
648,495
650,886
Stks. & bds. (cost) 2,526,470 2,340,370 Common stock_ _c55,261,652 55,261,652
6,122,394 8,249,523 Surplus from
Cash
U.S.Treas'y bills- 450,000
operations
17,032,576 23,928,160
Notes and accts.
rec., less reserve 2,773,774 2,047,004
Refin.& crude oils_ 6,057,300 7,825,223
Materials & supp_ 1,361,675 1,981,470
Def. debit Items
644,117
602,463
74,884,784 81,947,600
Total
Total
74,884,784 81,947,600
a After deducting $28,524,744 depreciation and depletion. b After depredation of $20,830,483. c Represented by 1,857.912 no par shares.
V. 133, p. 2938.
Midland Steel Products Co.
-Earnings.
For income statement for quarters ended March 31 see "Earnings Department" on a preceding page.
-V.134, P. 1970.
"-Millstead Mfg. Co.
---Dividend Rate Reduced.
A quarterly dividend of 1!i% ($1.50 per share) has been declared on the
capital stock, payable May 1 to holders of record April 13. Distributions
of 2% each were made on Feb. 1 and on Nov. 1 last, prior to which quarterly
distributions of 4% each had been made.
-V. 133. P• 2938.
Muskegon Motor Specialties Co.(& Sub.).
-Earnings.
Calendar Years1931.
1930.
Gross profit
$425.910
$462,293
Sell. & administration expenses
81.599
105,040
Operation profit
Other income
344,311
$
14.712
$357,253
7,627
Total income
Idle property, expenses, &c
Depreciation
Federal tax
$3359,023
27,813
248,227
18,300
$364,880
364.684
120,050
$181,765
130,091
245,759
Net income
Class A dividends
Common dividends
169.115
14.000
Deficit for year
$65.366
$194,085
$1.08
Earnings per share on class A stock
$3.00
Consolidated Balance Sheet Dec. 31.
Liabilities1930.
1931.
1931.
1930.
Assets$80,809 $140,335 Current liabilities_ $119,356 $267,189
Cash
aCapita I stock _ _ _ _ 2,205,130 2,204,463
U. S. Gov. securs_ 249,279
81,498 Conting. reserve__
5,000
Accts. received_ _
. 50.156
183,630 Minor. Interest__ _
314
3,761
136,479
Inventories
159,954
1,923,166 2,271.501 Surplus
Fixed assets
230,625
18.473
33.959
Investments
10.601
10.905
Deferred charges
Total
$2.489,754 $2,708,038
52,489 754 52,706.038
Total
Represented by 60,000 class A and 224,975 common in 1931, and
by 60,150 and 221,715, respectively, in 1930.-V. 132, P. 2404.
Mississippi Valley Utilities Investment Co.
-Receiver-
ship.
-V. 134, p. 2736.
See Insull Utility Investments, Inc., above.
April 23 1932
---'
1Vlissouri Portland Cement Co.
-Dividend Omitted.
The directors have voted to omit the quarterly dividend ordinarily
Payable about April 30. Distributions of 25 cents Per share were made
on Jan. 30 1932, and on Oct. 311031 as compared with 50 cents per share
in previous quarters.
-V. 134, p. 1593.
National Bellas Hess Co., Inc.
-Meeting Adjourned.
The special meeting of stockholders,scheduled
unti April 29. Only 237,930 shares of commonfor April 18, was adjourned
and pref. stock, or 36.8%
of the total outstanding amount, was represented either in person or by
Proxy. The requisite representation is 51%.
The meeting was called to act on various plans now
the directors to adjust the affairs of the company. being considered by
An action brought by certain stockholders for a receivership was dismissed in the New York Supreme Court by Judge Frankenthaler last week.
Another action of a similar character is still pending before Judge Dodd in
the Supreme Court of Brooklyn. A decision in the latter case is expected
any day. The company is hopeful of a dismissal, it was said to-day.
Until court actions are decided no plan to liquidate could be carried
out by the management, it was stated.
-V. 134, p. 2923.
National Biscuit Co.
-Earnings.
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 134, p. 668.
National Dairy Products Corp.
-Dividend
New Directors.
-
Outlook
-
Present indications are that the corporation will be able
present rate of dividend on its common stock this year,to continue the
said
Thomas H. McInnerey at the annual meeting of stockholdersPresident
held on
April 21.
"We have gone through a tough year but are elated with what we accomplished," said Mr. Mclnnerney. "Indications are that bottom was
struck early this year. Our February sales showed that losses had stopped
and that the trend turned upward that month. Returns in March were affected by bad weather but that month was on about a parity with February.
The unit of sales has improved but prices are low and in
come that factor we have concentrated on increasing plant order to overefficiency and
on economies. I expect the company to give a good account of itself this
year.
"Our company was never in a more liquid condition than it is now. Our
Policy has been to avoid contracting bank loans and we have none outstanding at present, either by the parent company or any subsidiary, we
have upwards of $23,000,000 in cash, part of it out on time loans. We have
retired about 31.000.000 in debentures during the last month."
Mr. Mclnnerney also announced that the company had expended approximately $10,000,000 in maintenance of its plants last year with the
result that they have been kept in excellent physical condition. He reminded the stockholders that the company's properties amount to about
$180.000,000. The sum of$10,000,000 had been written offfor depreciation.
In reply to an inquiry by a stockholder Mr. Mclnnerney said that the
common stock has a book value of about 315 a share.
Regarding the outlook for business this year he stated that the present is
an era of price declines. Another reduction in milk prices this summer is a
possibility. The company is concentrating on certain new products. The
introduction of National Dairy Products malted milk has been a big success, he said, to which he ascribed in part the company's good results last
year. The experiment with orange juice has been less successful.
In response to another inquiry by a stockholder regarding the acquisition
of Southern Dairies, Inc., Mr. Mclnnerney admitted that it has not been a
very profitable purchase. "We acquired Southern Dairies through Kraft
Cheese, which owned control." Mr. Mclnnerney explained. "It is a stepchild. Earnings of Southern Dairies have not been in proportion to other
properties. Moreover, we found ninny things to correct and had to spend a
lot of money in rehabilitating plants and consolidating properties. Many
necessary economies have been effected which we expect will bear fruit this
year:'
Mr. Mclnnerney further stated that the company has more than 61,000
stockholders, an increase of about 15,500 over the previous year.
J. F. Andre, President of the Telling-Belle Vernon Co., of Cleveland,
and H. B. Wilkerson, President of the Nashville Pure Milk Co. both
subsidiaries of National Dairy Products Corp., were elected directors to
'
succeed J. H.Remick.deceased and G.le. Rand,resigned.
-V.134, P.2538
National Lead Co.
-Dividend Outlook.
At the annual meeting of stockholders held on April 21, President Edward
J. Cornish stated that while earnings of the year were almost nil after
depreciation and insurance reserves, they covered common and preferred
dividends through income from other sources, including the company's
half of the judgment of $1,200,000 obtained by the United States Cartridge
Co., against the Federal Government.
Mr. Cornish said he could not imagine any condition that would cause
directors to destroy the good-will of investors by not paying the preferred
dividend. He added that the $5 rate on the common stock had been maintained thus far, and he had heard the board's future action discussed.
-V.134. p. 1777.
National Oil Products Co.(& Subs.).
-Earnings.
Calendar Years
1931.
1930.
Gross profit
$919,140
$827,175
Expenses
546,299
615,214
Profit from operations
$280,876
$303,926
Other income
8,055
10,605
Total income
$288,931
$314,531
Discount on sales, interest, &c
35,091
37,853
Federal taxes
30,241
31,049
Net income
$223,599
$245,629
Earns. per sh. on 30,002 shs. corn. (no par)
$6.36
$7.17
Consolidated Balance Sheet Dec. 31.
Assets1931.
1930.
Liabilities1931.
1930.
Land bldgs., mach.
Capital stock &
& equip
a5904,902 $860,661
surplus
141,459,219 51,396,489
Cash
92,568
65,249 Accounts payable_
73,836
116.554
Accts.receivable_
190,943
198,115 Letters of credit__
101,355
26,756
Notes receivable
565 Notes payable_ .. _
3,779
50,000
25,000
Advances
2,350 Accrued expenses_
.5,877
6,799
5,453
Investments
7,400 Accrued taxes__ __
20,300
30,941
33.288
Inventories
416,003
542,256 Dividends payable
38,185
67,566
Deferred charges.
56,741
67,919 Reserve for leakGoodwill, patents,
age insurance..
4,214
etc
2
2
Total
$1,601,118 $1,744,517 Total
$1,691,118 $1,744,517
a After depreciation of 3240.653. b Represented by 4,321 (no par)
sham of $7 cony. pref. stock and 30.002 (no par) shares of corn, stock.
V. 134, p. 1971.
National Tea Co., Chicago.
-Franchise Cancelled.
See Piggly Wiggly Corp. below-V. 134, p. 2737.
National Tile Co.
-Earnings.
For income statement for 3 months ended March 31 see "Earnings Department" on a preceding page.
-V. 133. p. 2939.
Nehi Corp. (& Subs.).
-Earnings.
Calendar Years
1930.
1931.
Gross profits
$1.033.145 $1,309,955
Selling & administrative expenses
834,155
683,331
Net profit
Other income
$349,814
4,263
$475,801
11.700
Total income
Deduct, interest & discounts
Allowance for uncolloctible accounts, notes & aoceptances & advanced commissions charged off_
Provision for Federal & state income taxes
$354,077
93,153
$487,501
125,213
150.922
15.898
60,390
44,083
Net income from operations
Discount on preferred stock acquired for treasury..
$94,104
16,125
$257,815
4,750
Total addition to surplus
Dividends paid
$262,565
$110,229
246.777 0360372.110
Assets
Cash on hand and
In banks
Accts. & notes rec.
& trade accept- _
Inventories
Rotes, mtges. and
other accts. rec.
Deterred charges &
prepaid expenses
Invest.In beverage
finance dt security co., at cost__
Invest,in cos. first
preferred
Miseell.investml_
Fixed assets
Good-will, &c
COnSaidatedjHalanrelSheetiLle
1931.
1
Liabilities1930.
1931.
1930.
Notes payable_-__ $255,000
-----$195,342 $350,387 Accounts payable,
26,326
arc
$21,394
424,760
259,920 Accrued taxes,
149,941
178,331
wages, etc._
16.337
Provision for Fed98,862
62,322
oral and State
47,474
income tax
15,898
122.460
163,506 Div. pay. on first
24,938
preferred stock_
Provision for con30,000
tingencies
20,000
20,000
30,000
Capital account_ _x2,841,375 3,038,250
60.000
78,750 Capital surplus___
60,000
362,218
1,000 Earned surplus___ 225,603
399,561
411,410
2,039,649 2,039,649
Total
33,460,575 83,574,275
Total
$3,460,575 $3,574,275
x Represented by 16,500 shares $5.25 preferred, 14,000 shares $8 con
vertible preferred and 142,000 shares common.
-V. 134, P. 144.
National Refining Co.
-Dividend Omission.
The directors have decided to omit the quarterly dividend ordinarily
payable about May 15 on the common stock, par $25. Quarterly distributions of 123c. per share were made on this issue on Feb. 15 1932 and on
Aug. 15 and Nov. 15 1931 as against 3734c. per share previously.
-V.134.
p. 1594.
.." -Neisner Brothers, Inc.
----Defers Preferred
Dividend.
-The
directors on April 22 deferred action on the quarterly dividend due May 1 on the 7% cum.cony. pref. stock, par $100.
The last regular quarterly distribution of 1%7 was made
0
on this issue on Feb. 1 1932.
President A. H. Neisner said tnat the company's English subsidiary,
British Home Stores, Ltd., showed an increase in sales of 6% during the
first three months of this year for its old stores, and an increase of 41% for
all stores.
Commenting on the deferring of the preferred dividend, he stated, "We
laid out a two-year expansion program in 1928, which carried us a year
beyond the start of this depression. The stores had been rented, and we
were compelled to open them, and by doing so during the decline in business
we were compelled to put into fixed assets a great deal of our capital
"Last year our inventories were liquidated to the lowest possible point
consistent with good business, and we have been very fortunate in securing
large rental reductions. Every possible overhead which would not interfere with the actual running of our business has been curtailed, and our
expenses for the first three months of this year were reduced $168,555. In
1928 our average unit sale amounted to 35 cents; in 1931 it amounted to
26 cents; in the first three months of this year it amounted to 22 cents:
therefore, with a decrease in business for the first quarter of only 6i%
You will see that we are now selling nearly twice as much merchandise as
formerly, and at the first turning point of busbies there is no question but
that we should be in a position to take advantage of our increased tonnage
at the present time."
He pointed out mat In view of the fact that the company did not earn
its preferred dividend in 1931, it was the opinion of the directors that the
interest of stockholders would best be protected by doing everything possible
-V. 134. p. 2737.
to strengthen the company's current position.
-Initial Dividend.
New Bedford Rayon Co. (Mass.).
The directors have declared an initial dividend of $1 a share on the class A
stock, payable April 15 to holders of record April 5. Payment will be made
from earnings accumulated before Jan. 1. The company is operating on
full time at present, it is reported.
-Earnings.
New York Dock Co.
x1929.
1928.
x1930.
Calendar Yearsx1931.
$3,648,034 $4,184,319 $3.954,470 $3,633,920
Total revenue
764.607
583,706
533,634
348,276
Maintenance
360,838
350,799
385,599
Deprec'n St retirement
396,959
1,038,598
956,825
1,122,242
Other expenses
993,793
836.928
851.267
940.100
895.996
Taxes
Net operating income- $1,013,010
Other income
802,163
$1.202.743
736,501
$953,497
1,154.900
$891,320
820,473
Gross income
$1,815,172 $1,939,244 $2,108,397 $1,711,794
502,000
502,000
502.000
Bond interest
502,000
481,250
351,388
450,250
Serial gold note interest_
431,250
317.920
97,560
242,422
Other deductoins
265.588
Net inc. N.Y.Dock Co. $616,334
Prof. dividends (5%)--500,000
$738,572
500,000
$807,228
500,000
$760,844
500.000
$307,228
$260,844
$238,572
Balance, surplus
$116.334
Shares of common out70,000
70.000
standing (par $100)._
70.000
70.000
$3.41
$3.72
Earns, per sh. on corn
$4.38
$1.66
x Includes New York Dock Trade Facilities Corp.
Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
Liabilities
Assets
Capital assets_ -x32,106,732 32,878,746 Preferred stock_ _ _10,000,000 10,000,000
Common stock7,000,000 7,000,000
Cash on deposit
23,020,000 23,560,000
with trustee.-3.385 Funded debt
3,409
Depreciation fund 4,239,728 3,952,452 Vouchers & Pay136,942
80,503
rolls
Compens.Ina.fund
31,286
31,767
Cash
79,172
57,863
1,004,547 1,152,947 Accounts payableLoanssee.by rl. est. 4,187,618 1,883,815 Accrued Federal &
273,901
0th.secs.& invest. 2,669,868 4,394,574
293,805
other taxes
See.adv.on mdse209,167
376,025 Accrued bond Int_ 209,167
Accts. receivable
193,377
138,072 Accrued serial note
Charges accrued
Interest
106,250
112 500
71,202
160,443
Marls & supplies_
47,440
65,979 Accrued other
Interest accrued.- 134,403
19,818
19,418
mortgage int.__
141,829
Special deposits...
64,912
250,000
41,819 Divs. payable__ _ _ 250,000
Deterred charges._ 427,621 1,011,138 Deferred liabilities
5,541
Deferred assets... 814.179
749,679
313,398 Deferred credits._ 937,319
N. Y. Dock Sty.;
728,302
Reserves
599,287
Current account 743,427
638,866 Profit and loss,
Property acct._ 291,834
4,458,293 4,407,436
346,906
surplus
Corn. cap. stock
300
300
Total
47,031,887 47,532,458
Total
47,031,887 47,532,458
x After reserve for depreciation of 35,768.803.-V. 133. p. 2923.
-
New York & Foreign Investing Corp.
-Defers Div.
The directors have voted to defer the quarterly dividend due April 15
on the (134% cum. pref. stock, par $100. A distribution of 6234 cents Per
share was made on this issue on Jan. 15 last as compared with 51.6234 per
share previously paid each quarter.
-V. 134, p. 519.
Niagara Arbitrage Co.
-Liquidating Dividend.
The directors have declared a liquidating dividend of 95 cents per share
on the common stock, par $10. Three months ago, a distribution of $2.50
per share in liquidation was made.
-V. 134, P. 519.
"-Noma Electric Corp.
"
--Defers Action on Common Div.
The directors at their meeting on April 19 deferred action on the common
stock dividend due to be declared at this time. From May 1 1931 to and
incl. Feb. 1 1932, quarterly distributions of 10 cents per share were made
on this issue as compared with 20 cents per share in each of the three pre-V. 132. p. 4255. 4075.
ceding quarters.
-Earnings.
North American Cement Corp.
For income statement for 12 months ended March 31 1932 see "Earnings
Department" on a preceding page.
-V. 134, p. 2540.
3109
Financial Chronicle
Volume 134
North Central Texas Oil Co., Inc.
-Earnings.
1928.
Calendar Years
1929.
1931,
1930.
$532,707
Income from all sources_
$605,138
$163,422
$424,812
Oper.and gen. expenses_
110,623
91,515
71,987
83,087
190,067
174,153
Depletion & depreciation
203,572
93,777
Federal taxes
44,918
30,464
Loss on sale of securs210,264
Net income
Preferred dividends_ _
Common dividends
loss$2,343 loss$72,411
50,102
24.175
119.871
$278,638
65,000
161,743
Surplus
$51,895
def$26,518 def$242,384
Shs.com.stk out.
(no par)
268,900
262,446
262,600
Earns. per sh.on corn__ _
Nil
Nil
$0.79
Surplus Account Dec. 31 1931.
General surplus, balance Jan. 1 1931
Net loss for 1931
Dividends on pref. stock in hands of public
Prov. for decline of inv, secur. to Dec. 31 1931 market values
Provision against accounts in litigation
Federal income taxes paid for prior years
Deficit Dec.31 1931
Capital surplus arising from reduction in value of 270,000 shares
of common stock from a stated value of $7.52 per share to a
par value of $5 per share
Appropriated for reserve for mineral rights of doubtful value..
Additionalreserve for depletion of appraisal values
Surplus arising from purchases of company's own stock-Excess
of par value over cost of preferred stock reacquired
Less excess of cost over par value of common stock reacquired
$227,466
27,397
161,908
$38,161
270.000
$0.75
$104.620
2.343
24,175
47,637
39,596
282
$9,414
681.440
415,487
265,952
82.698
27.042
Total surplus Dec. 31 1931
$46,241
Comparative Balance Sheet Dec. 31.
Assets1930.
1931.
1931.
Liabilities1930.
Mineral rights and
Preferred stock__ $343,500 $408,200
leases (less res.
Common stock_ _ _y1,312,230 1,975,792
for depletion)-31,322,191 31,996,106 Accounts payable,
Lease e(iuip. (leas
4,916
5,241
&c
res. for depree.)
11,989 Notes payable
8,455
15,000
Furn.,fiat.& auto.
16,250
5,582
Dividends payable
3,935 Surplus
161,136
(lessree.fordepr.)
2,085
46,241
Cash
22,274
26,718
Time loans
150,000
Securities owned
198,125
183,990
Accts., &c., rec_..
60,823
13,738
Deferred assets
158,907
118,781
Miscell.accts. rec_
2,021
13,952
Total
$1,727,794 $2,566,294
Total
$1,727.794 $2,566.294
y Represented by 262,446 no par shares.
-V. 133, p. 3472.
Northern Paper Mills.
-Dividends Deferred.
The directors have decided to defer the quarterly dividends due March 31
on the 7% cum. pref. stock and on the 6% pref. stock, par 3100. The last
regular quarterly distributions of 1%% and 134%,respectively, were made
on these issues on Dec. 31 1931.-V. 133. p. 300.
North Station Industrial Building, Inc.
-April 1
Interest on $2,166,000 1st Mtge. Bonds Not Met
-30 Days
Grace Period.
The North Station Industrial Building, Roston, put up in 1928 -29
forming one of the important structures of the Terminal Group
-on April 1
failed to meet the interest payment due on 32.166.000 6% bonds maturing
in 1948. This building was erected by Chicago interests and $2,200,000
of first mortgage bonds were originally issued. They were sold largely in
Chicago, but some were placed in New England.
The Boston & Maine RR. sold the land to the North Station Industrial
Building, Inc. and took back a second mortgage on the building. The
nil sinking fund payment to the Boston & Maine was met on March 15,
and the interest payment on the second mortgage was met at due date,
March 27
The building, since the Boston & Maine moved its general offices there
in 1930, is pretty well occupied, and in 1931 operated at a net profit of
approximately 527.000, after expenses, taxes and bond interest.
The difficulty with respect to meeting the April 1 interest on the first
mortgage appears to have been due largely to a bank loan, contracted by'
the Chicago interests. A 30
-day grace period, however, is allowed and
it is still hoped that the interest payment will be met within that time.
("Boston News Bureau.")
-V.126, p.3461.
Nova Scotia Steel & Coal Co., Ltd.
-Tenders.
The Eastern Trust Co., trustee, Halifax, N. S., Canada, will until noon
on April 22 receive bids for the sale to it of
mtge. s. f. gold bonds, dated
July 1 1909, to an amount sufficient to exhaust $101.175. Bonds accepted
must be delivered on or before April 29.-V. 132, p. 3542.
Oilstocks, Ltd. Stock Reclassified, &c.
The stockholders on April 15 approved the reclassification of the no-par
class A and class B shares, without par value, into one class of common
stock with a par value of $5 a share on the basis of one share of new stock
for each 234 shares of class A and class B stock.
The stockholders also approved a reduction in capital from $2,794,480
to $1,117,792, the $1,676,688 resulting from this write down to be transferred to surplus to create a reserve to cover depreciation in value of securities held by the corporation.
-V. 134, p. 2738.
Dividend
Omitted.
-The directors on April 19 omitted the declaration
of the quarterly dividend of 250. a share on the common
stock which ordinarily would have become payable on
May 15 next. A distribution at this rate was made on
Feb. 15 last, as against 50e. on Nov. 16 1931 and 75c. per
share previously each quarter. The company states:
-Common
--Oppenheim, Collins & Co., Inc.
The directors, after careful consideration, felt that under existing conditions the assets of the company should be conserved and the dividend
-V. 134,p.2738.
Passed until such time as conditions show an improvement.
-New Director.
(The) Outlet Co.
James Sinclair has been elected a director to succeed Robert Lehman.
V. 134, p. 2738.
Owens-Illinois Glass Co.
-Acquisition
Approved-New
Director-Earnings.
The stockholders on April 20 approved the purchase of the Illinois
Pacific Glass Co. at a price of $5,625,000. The stockholders of the latter
company had ratified the sale at their meeting last month. The settlemeat of the contract with the Michael J. Owens Estate for $515,264 also
was approved at the Owens Illinois meeting.
President William E. Levis stated that the company's two plants at
Newark. Ohio, and Evansville, Ind., will be ready to start operations
Immediately to make neer bottles, in the event Congress legalizes beer.
He added the company has kept production cost low during the last year
In order to avoid the necessity of wage cuts.
W. W. Knight of Toledo was added to the board of directors. He is
reported to represent Toledo and Cleveland banking interests who have
acquired considerable stock in the company. He was added to the board
of the Libbey-Owens-Ford Glass Co. last week.
As of April 19, the company had $4,530,000 in cash and government
bonds, without counting $498.000 in closed banks.
The company declared the regular quarterly dividends of 50 cents per
share on the common stock, payable May 15 to holders of record April
29, and $1.50 on the preferred stock, payable July 1 to holders of record
June 15.
Sales of bottles by the company during last year were 5% less than in
1930, although when measured in terms of dollars they were 10% lower.
For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 134, p. 2738.
Financial Chronicle
3110
Pacific American Fire Insurance Co., Los Angeles,
Calif.-S10 Liquidating Distribution.
The directors have declared a liquidating dividend of 610 per share on
the capital stock, par 610. Payable May 1 to holders of record March 25.
-V. 134, p. 519.
A similar distribution was made on Feb. 1 last.
-Smaller Dividend.
Pacific Clay Products, Los Angeles.
A quarterly dividend of 10 cents per share has been declared on the outstanding 99.157 shares of capital stock, no par value, payable May 1 to
holders of record April 20. This compares with 20 cents per share paid on
Feb. 1 last, 30 cents per share on Nov. 1 1931 and 60 cents per share each
quarter from Feb. 1 1929 to and incl. Aug. 1 1931.-V. 134, p. 2540.
-Reduces Capital.
Packard Motor Car Co.
The stockholders at the annual meeting held on April 18 approved the
transfer of $10,000,000 from capital to surplus account. The transfer will
return to surplus one-half of the $20,000,000 taken from it in June 1929,
when the outstanding stock was increased to 15.000,000 shares from
3.000.000.-V. 134, p. 2541.
Paramount Public Corp.
-Meeting Adjourned.
Due to the lack of a quorum, the special stockholders meeting scheduled
to be held on April 19 was adjourned until April 26.-V. 134. p.2924.
Penick & Ford, Ltd., Inc.
-Earnings.
For income statement for quarters ended March 31 see "Earnings Department" on a preceding page.
-V. 134, p. 2541.
Pennsylvania-Dixie Cement Corp.
-Earnings.
For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 134. p. 1210.
Pierce Oil Corp.
-Earnings.
-Calendar YearsDividends received from Pierce Petroleum Corp__
Interest earned
Other income
Total
Deficit Jan. 1
1931.
$110.342
2,607
15
8112.954
9.548.139
Deficit Dec. 31
1931.
$
22,706
1,891
1930.
$110,342
206
$110.548
9,658,687
89.435.175 89,548.139
Balance Sheet Dec. 31.
1930.
1931.
1930.
Ltabtltites$
$
$
110,514 Preferred stock_ __15,000,000 15,000,000
1,868 Common stock_ _ _29,622,831 29,622,831
Assets
Cash on deposit_ _
Certif. of deposit.
U.S. bonds
44,493
44,493
Treasury stock___
x34,917,817 34,917,817
Investment
9,435,175 9,548,139
Deficit
April 23 1932
Pittsburgh Screw & Bolt Corp.
-Earnings.
-
Calendar Years
Gross profit
Admin. S.; selling exps_
Operating income___ _
Other income
Total income
Other deductions
Depreciation
Interest
Prov. for Federal taxes_
Net income
Dividends paid
1931.
1930.
1928.
1929.
$879.732 $3,029.307 $5.104,868 $3,898,624
874.190
1.062,881
994,181
1.059.946
35,543
137.063
31,966,425 $4.044.922 $2,904,443
344,863
352,872
463,177
$142,606 $2,311,288 $4,397,794 $3,307,620
135,262
18,838
46.429
108,984
309.534
487,5S5
455,426
422.809
214,656
215,812
221,190
266.336
192,000
400,000
299,356
loss$516,846
71'.6.248
*1.397.053
2,091.166
$3,271.749 $2,270,135
1,572.543
Balance,surplus___def.$1,283,094 def$693,114 81,699,206 $2,270,135
Earns, per sh. on 1,500.000 abs.cap.stk.(no par)
Nil
$0.93
$1.51
$2.18
Balance Sheet as of Dec. 31.
1931.
1930.
1931.
1930.
Assets$
$
Liabilities$
$
Fixed assets
a8,877,394 9,127,677 cCapital stock__ -- 1,500,000 1,500,000
Cash
763,356 2,622,153 Accounts payable. 156,629
198,396
Accra. & notes rec. 379,979
441,244 Accrued interest__
17,930
17,994
Market. securs_. 2,457,178 2,286,503 Accrued tax, Ate_
296,188
88,567
Inventories
1,781.651 2,156,935 Dividends payable
515,366
Co. corn. stock... d825.502
507,244 Funded debt _____ 3,912,000 3,926,000
bPatenta
38,084
38,569 Paid-In surplus... 8,518,706 8,518.706
Deferred charges
42,774
47,505 Earned surplus__ 972,086 2.255,180
15,165,918 17,227,830
Total
Total15,165,918 17,227,830
a After depreciation of 31,779,658. b After amortization. c Represented by 1,500,000 (no-par) shares. d Consists of 61,797 shares.
-V.133.
P. 3266.
Printing Machinery Co.
-2% Extra Dividend.
-
The directors recently declared an extra dividend of 2% in addition to
the usual quarterly dividends of 2% on the common and pref. stock, payable
April 15 to holders of record April 14. Like amounts were paid on Jan. 15
last.
-V. 134, p. 688.
Public Indemnity Co. Newark, N. J.
-Proposed Merger.
See Independence Indemnity Co. above.
'
-V.130, p. 4622.
Public Utility Investment Co. (Kan.).
-Defers Div.
-
The directors recently voted to defer the quarterly dividend due April 1
on the $1,500,000 7% cum. pref. stock , par $100. The last regular quarterly
distribution of 1%% was made on this issue on Jan. 1 1932.
--Quincy Market Cold Storage & Warehouse Co.
Reduced Dividend on Preferred Stock.
-
44,622,831 44,622,831
Total
Total
44,622,831 44,622,831
z 1,103,4194 shares of capital stock of Pierce Petroleum Corp.
-V.133.
p. 2940.
Pierce Petroleum Corp.-Earns.Year Ended Dec.81 1981
The directors have declared a quarterly dividend of 50 cents per share on
the 57cum. pref. stock, par $100, payable May 1 to holders of record
April Si.2
Heretofore, the company, paid regular quarterly dividends of
$1.25 per share on this issue.
-V. 133, p. 3104.
Reserve Investing Corp.
-Reduces Preferred Dividend.
The directors have declared a quarterly dividend of $1 per share on the
pref. stock, no par value, payable April 15 to holders of record April 9.
Previously, regular quarterly payments of 14% were made on this issue.
This company is affiliated with Crum & Forster.
Income from dividends
Income from interest
$322.917
4,809
Total Income
General and administrative expenses
$327,726
63,559
Net income
Balance, surplus Jan. 1 1931
New York State tax refund
$264,167
563,273
1,299
Total surplus
-Contract Filtration Co. settlement
Expenses
Dividends paid
$828,739 Railway & Light Securities Co.
-Reduces Dividend.
16.753
The directors have declared a quarterly dividend of 374 cents per share
250,000
on the no Rar value common stock, payable May 2 to holders of record
April 20. This compares with 50 cents per share previously paid on.ithis
$561,987
issue each quarter.
Surplus. Dec. 31
1931
Balance Sheet Dec. 311931.
AssetsLiabilities
59,639 Common stock
Cash In bank
300,000 Surplus
Certificates of deposit
Invest. In 645,834 abs. of the
no par value com. stock of
the Sinclair Consol. Oil
Corps
19,386,867
Earnings.
3119,134,519
561,987
Total
$19,696,506
Total
$19,696,506
x Investment stated at cost to Pierce Petroleum Corp. plus profits of its
subs, to date of sale to Sinclair Consolidated Oil Corp. June 30 1930.
y 2.500.000 no par shares.
-V. 133, P. 2940.
Petrolite Corp., Ltd.
-Extra Dividend, &a.
The directors have declared an extra dividend of 25 cents per share in
addition to a quarterly dividend of 25 cents per share, both payable May 2
to holders of record April 22. Like amounts were paid on Feb. 1 last
V. 134, p. 688.
Phillips Petroleum Co.
-Earnings.
For income statement for 3 months ended March 31 see "Earnings
Department on a preceding page.
Reduces Bank Loans by S3,500,000.
Frank Phillips, President says that although book charges for reserves
caused a charge to surplus in the first quarter, the company to date this
year has reduced its bank indebtedness more than $3,500.000, leaving a
bank debt at present of approximately $9.000,000, compared with a peak
of $18,000,000 last year.
"During the quarter," Mr. Phillips says. "other current indebtedness
was materially reduced, thereby improving the current position. Prices
were exceedingly low during the quarter, considerably below the price
level during the same period last year, but they have improved since
April 1. The company is in splendid condition and is in shape to profit
by any further improvement in the industry.'
At the annual meeting. A. S. Woods was elected a director to fill a vacancy. C. P. Dimit, general superintendent of oil production, was elected
-V. 134, p. 1946.
a Vice-President.
-Oil Deliveries in March.
Pipe Line Statistics.
C. H. Pforzheimer & Co., specialists in Standard 011 securities, report
as follows:
Total deliveries of the leading pipe line companies of the Standard 011
group for March 1932 showed irregularity as compared with March a year
ago. National Transit Co.'s deliveries were 1,245,099 barrels against
1,075,789 barrels in March 1931, an increase of 169,310 barrels or approximately 15.7%. Eureka Pipe, Indiana Pipe and South West Pennsylvania
were among the other companies showing increases while Buckeye Pipe,
Illinois Pipe, Northern Pipe and Southern Pipe showed relatively small
declines.
The gathering business reflected some increases, particularly those of
Illinois Pipe and New York Transit. New York Transit's runs from wells
were 44,698 barrels for March against 28,393, while runs for the first three
months of 1932 were 129.613 barrels against 82,202.
The following table shows total deliveries (in barrels) in March, and the
first three months of 1932 and 1931:
Period End. Mar. 31- 1932
-Month-1931, 1932-3 Mos.-1931.
zBuckeye Pipe Line Co_ 2,796.663
8.599.898
3,339,881
8,597,062
Eureka Pipe Line Co..„
1,822.892
1,702,427
625,457
557.424
1,866.161
Illinois Pipe Line Co__ _
503,640
1,322,797
520.877
3,247.883
Indiana Pipe Line Co- _ 1,109.978
3,155,521
960,959
3,032.498
National Transit Co_ __ _ 1,245,099
3,617,540
1,075.789
529.753
New York Transit Co__
515.732
190,098
190.702
1,381.845
Northern Pipe Line Co_:
1,456,354
463.254
517.003
550.868
Southern Pipe Line Co_ _
368.079
114,594
131.807
2,300,847
2,435,475
South West Penna P. L_
971,153
960.698
-V. 133, p. 2610.
z Includes inter-company transfers.
Rhodesian Anglo American,Ltd.
-Definitive Debentures.
J. P. Morgan & Co. announce that on and after April 25 1932 they
will be prepared to deliver the definitive 74% gold debentures in exchange
for provisional scrip certificates now outstanding upon surrender of the
latter at their office, 23 Wall St., N. Y. City.
-V.133, p. 657.
For income statement for three months ended March 31 see "Earnings
Department" on a preceding page.
Balance Sheet March 31.
1931.
1932.
1932.
1931.
AssetsLlabilttes5
$
3
$
Bonds & notes. _.. 3,818,095 4,704,149 Preferred stock _. 2,113,600 1,530,200
Stocks
4,972,870 10,013,300 Pref. stock (par
Mlscell. securities_
910
22,695 $100) reserved
1,000
Ctfs. of deposit..
1,000,000
,or exchange_
Cash
870,150 1,578,402 Coll. tr at bonds.. 5,440,000 5,480,000
Accts. receivable
3,038
42,203 Accounts payable. 110,815
279,238
Bond Int. receiv (
57,189 Coup. Int. accrued 107,042
107,916
1
Note Int. recelv _ _ _I 93,662
9,697 Tax liability_ __ ..
2,260
18,984
M!seen.Int. receiv.
.
4,879 Suspense
50
1,572
1
Unamortlz. debt
Contract with R.St
disct. & expense 340,857
1,000
360,311
R.Sec.Co.(Me.)
Pre,. stock (par
Com.stk.(149,919
$100) acquired _
1,000
shs., no par)
2,146,447 7,994,682
Reacquired secure.
2,000
Special surplus_
61,023
Suspense
1 Earned surplus.._. 118,821 2,380,758
10,101,581 17,793,828
Total
Total
10,101,580 17,793,828
Henry G. Bradlee, President, says in part:
"Since the revaluation of securities owned, as of Feb. 10 1932, and the
reduction in capital represented by common stock, became effective with
more than a majority of pref. and com,shares consenting, certain securities
owned were sold for approximately $428,000, upon which $61,023 profit
on sales above Feb. 10 1932 book values was realized. This profit was
carried directly to special surplus account. The proceeds from the above
sales were partially Invested in high grade public utility bonds and the
balance was held in cash.
"The liquidation value of the common stock was $12.96 per share on
March 31 1932, compared with $13.61 per share on Dec. 31 1931.
"Interest and dividends received from securities owned by the company
have decreased in some cases, and after giving careful consideration to
present and prospective income, directors have thought it wise to reduce
the dividend on the common stock at this time to a rate which they hope
to be able to maintain during the year.
-V. 134, p. 1973.
Reo Motor Car Co.(& Subs.).
-Earnings.
-1931.
1930.
1929.
1928.
$17.043.957 $29.671.006 848.011,458 859.757.806
Calendar YearsSales (net)
Cost of sales
Sell., gen. & adm. exp
14.129,186 22,952.086 35,585,005 44.377,772
4,760.197 6,855,075
9,905.952 8.842,832
Operating profit___Ioss$1,845,425 loss$136.155 $2,520,500 $6,537.202
Other income
95.718
178.200
262,060
456.049
Interest received (net)
299,903
468,431
480,204
413,439
Total income
loss$1,449.804
8510.477 $3,262,764 $7,406,690
Depreciation
912,085
2,224,625
1,642,382
1,609,181
Prov. for Fed. taxes.__
196,857
713,919
Res. for contingencies..
275,000
350,000
Tool amortization
387.349
Net profit
loss$2.749,238loss$1989148 $1.073.524 $5.083.588
Previous earned surplus_ 6,823.191 10,361.223 11,295,661
9,104,985
Sundry credits
40,810
118.318
107,088
Taxable refunds
3,081
10,344
276.800
Total
Dividends paid
Sundry adjustments_
Total earned surplus....
Earned per share on cap.
• stock (par $10)
$4.077,035 $8,423.229
772,153
1.600,0(10
38
$12,764.303 814,295.661
2,400,000
3.080
3,000,000
$3,304,882 86,823,191 810,361,223 $11,295,661
$2.54
Nil
Nil $0.53
Financial Chronicle
Volume 134
Consolidated Balance Sheet Dee. 31.
1931.
1930.
1931.
1930.
AssdsMaidUttes$
$
3
S
Cash on hand &
Accounts payable_
768,239
979,310
3,865,415 4.185,481 Accrued payroll-- 212.202
In banks
58,997
Drafts outstand.
Federal taxes
g.
4,949
sight & foreign_ _
70,561
220,532 City, State, county
Not receivables_ _ 1,004,404 2,474,163
&c. taxes
24,478
24,064
Marketable secur_ 2,293,569 3,830,092 Miscell. payable
206,579
197,978
Inventories
5,200,344 6,675,169 Divs. decl. on corn 182,650
400,000
Land contr. & mime
Deterred credits._
13,236
26,131
accounts
1,017,651
941,559 Capital stock
18,105,130 20,000,000
Total fixed assets.x9,662,961 10,335,317 Earned surplus
3,304,882 6,823,191
Deferred charges
275,182
322,815 Capital surplus- _ _
472,509
508,690
Total
23,390,086 28,985,128
x After depreciation of $8.371,373
Total
23.390,086 28,985.128
New Director.
Walter S. Foster has been elected a director, succeeding William Robert
Wilson, recently resigned.
-V. 134, p. 2925.
Ruud Mfg. Co.
-Dividend Omitted.
-
The directors have decided to omit the quarterly dividend usually
payable about May 1 on the common stock, no par value. On Feb. I
last, a disbursement of 25c, per share was made, as compared with 50c.
per share in each of the two preceding quarters and 65c. per share pre-V. 133. p. 4340.
viously.
St. Louis Rocky Mountain & Pacific Co.
-Tenders.
-
The Manufacturers Trust Co.. successor to Metropolitan Trust Co.,
of the City of New York, trustee, will receive proposals for the sale to
it for the sinking fund on May 14 1932 of $12,386 of 1st 5% 50-year gold
mtge. bonds at a price not exceeding par and int.
Calendar Years1931.
1930.
1929.
1928.
Netsales
$1.600,529 $1.877,849 32,191.339 32,536.860
Cost of sales, operating
and gen. exp., &c
1,282,858
1,395,670
1,642,334
1,855,859
Gross revenue
Other income
$317,671
130,013
$482,180
122,711
3549,005
112,878
$681,001
92.313
Total income
Int. Federal tax. &c
Deprec. and depletion
$447,684
253,650
178,994
*604,891
245,500
207.481
*661.883
258,003
215,722
$773,314
290,000
225,233
$15,041
46.595
100,000
$151.910
50,000
175.000
*188.164
50.000
200,0.0
*258.080
50,000
200.000
Net income
Preferred dividends...._
Common dividends
Surplus
def.$131,554 def.$73,090 def.$61.836
Profit and loss surplus__
845,398
952,543
802.172
Earns. per sh. 00 100.000
shs.cotn.stk.(par $100)
Nil
111.38
$1.01
Consolidated Batoncc Sheet Dec. 31.
1931.
1930.
1931.
AssetsLtcOrtites-$
$
Cash
5290.662 $118,680 Accts. pay.& accr.
U.S. Govt.securs. 574,334
649,258
expense
73,255
0th. market. Inv._ 511,259
479,226 Int.seer.on let M .
Notes & accts. rec. 227,853
243.150
bonds, Incl. unMts. suppl. & coal
99,475
presented coups.
on hand
115,700
125,798 Diva, pay. on pref.
Prepaid expenses_
10,497
12,615
37,011
& corn. stock_ _ _
Investments
283,340
602.772 Taxesseen-Local
Sinking fund deP•
and Federal_ _ _ _
54,753
for redemp. of
let mtge.5% 50-yr
bonds
445
158
gold bonds
3.448,000
Dep. with Colo.
Reserves
3,576,391
New Mel. Coal
Common stock_ _10,000,000
Goer. Assn.__ _ _
1.482 Preferred stock_ _ _ 931.900
Prop.. contr. tr.surplus
845,398
mks., good-will
& development_ 17,052,097 17,258,277
Total
19,066,185 19,791,417
-v. 134. P. 2925.
Total
$8,080
1,070,127
52.08
1930.
$
102,303
116,600
36.725
51,613
4,194,000
3,488,003
10,000,000
1,000.000
802,172
19,066.185 19,791.417
Savoy-Plaza Corp.
-Offer Expires April 25.
-
No tender of debentures under the offer of the United States Realty
&
Improvement Co. will be accepted if presented after 12 o'clock noon April
25 1932.
The latter company recently offered to purchase a limited amount
of
Savoy-Plaza 10-year 534% debentures at the flat price
$1,000 principal amount of debentures. See. V. 134, p. of $450 for each
2545.
Scotten, Dillon Co.
-No Extra Dividend.
-
The directors have declared the usual quarterly dividend
of 30e. Per
share on the capital stock. payable May 14 to holders of
record May 6,
but omitted the declaration of an extra dividend. An extra disbursement
of 20c. per share was made on Feb. 15 last, as against 10c.
extra on Aug. 15
and on Nov. 14 1931.-V. 134, p. 864, 689.
ei+mwriSeaboard Oil Co. of Del.
-To Reduce Stated Value.
The stockholders
will vote May 18 on approving a proposal to reduce the
capital represented by outstanding capital stock from $7
to $4 per share.
V. 134. p. 2545.
Seagrave Corp.
-Earnings.
-
For income statement for 3 months ended March
31 see "Earnings
Department' on a preceding page.
-V. 134. p. 2545.
Sears, Roebuck & Co.
-Changes Fiscal Year.
-
Leasing J. Rosenwald. Chairman of the board.
on April 21 announced
that the company had changed its fiscal year to end on
Jan. 29 instead of
Dec. 31 to conform with the general practice of the
retail trade.
New Position Created.
-
J. M. Barker. Vice-President in charge of the company's
Eastern territory, has been appointed Vice-President in
a newly created position which will involve charge of retail administration,
minor structural changes in the
company's retail organization. Mr. Barker, who has
served about two
years as territorial officer for the Eastern territory with
headquarters in
Philadelphia. will establish headquarters as administrative
supervisor of
the entire Sears retail system in Chicago.
-V. 134, p. 2925.
Second Diversified Standard Securities, Ltd.
-Plan
of Reorganization Approved.
See Diversified Standard Securities, Ltd., above.
-V. 134. P. 1389.
Security Life Insurance Co. of America.
Federal Judge Walter 0. Lindley at Chicago April 19 -Receivership.
appointed
for the company and the Inter-Southern Life Insurance Co. receivers
John H.
Masser' was named receiver for the former concern and Fred
E. Hummel
for the other.
Mrs. Emma H. Rheinberger, a stockholder, charged that the
Life Insurance Co. has outstanding 50,000 shares of stock at $5 Security
outstanding insurance of $57,000,000. She also alleged that the par and
company
is required by law to maintain a reserve of $9.000,000 to insure sufficient
accrued values to the policy holders, and that the reserve on hand
is much
less than this amount.
J. H.Edwards, plaintiff in the other suit, charged that the Inter-Southern
company is insolvent and that real estate carried on its books as
worth in
excess of $2,000,000 with incumbrance of $1.200.000 produces an
income
of only 3150.000 annual rental.
Selected Industries, Inc.
-To Decrease Stated Cpaital, &c.
The stockholders will vote May 9 upon proposalas(a) to reduce the capital
of the corporation represented by outstanding shares of stock of each class
having no par value, as follows: Prior stock from $46.43 to $25 per share,
convertible stock from $10.75 to $5 per share, and common stock
from
$2 to $1 per share: (b) to credit the total amount of such reduction to
surplus on the books of the corporation. and (c) to provide that of the
consideration received therefor $1 or such greater amount per
share as
may be fixed by the board of directors shall be capital in respect of common
3111
stock which may hereafter be issued pursuant to common stock purchase
warrants and upon conversion of outstanding convertible stock and that,
any balance of such consideration shall be credited to surplus on the books
of the corporation.
The stockholders will also vote upon a proposal to change the shares
of prior stock, convertiole stock and common stock, all of which now are
without par value, into an equal number of shares thereof of the par value
of $25, $5 and $1 each, respectively.
Providing approval of the above is made, the total number of authorized
shares of capital stock will be 5,666,000. to consist of 700.000 shares of
$5.50 div. prior stock. par $25 each: 466.000 shares of convertible stock.
par $5 each, and 4.500,000 shares of common stock, par $I each. Each
share of stock without nominal or par value previously issued will be
changed into a share of stock of the same class with par value.
-V. 134.11)•
2925.
Shawmut Bank Investment Trust.
-Earnings.
-
For income statement for three months ended Feb. 29 1932 see"Earning&
Department" on a preceding page.
-V. 134. p. 520.
Simmons Co.(& Subs.).
-Earnings.-
Calendar Years1931.
1930.
1929.
Net sales
$28,679.210 542,795,611 *50.363,874 336, 29
199g
5 :08g
Cost of sales,incl. selling.
admin.& adv.turps- - 24,153.288 36.233.134 38.501,026 29.351.960
Balance
$4,525.921 $6,562,476 311,862.848 $7.247.128
Other deductions, &c--- 1,256.557
1.899,586
1,411,474
427.362
Res. for depreciation... 1,970,753
2,192,715
1.719,476
1,227,349
Maintenance of prop'ties
574,361
899,972
1,093,055
824,367
Reserve for taxes
595,678
865.775
1,233,164
932,856
Advertising
932,999
1,719,707
1,710,106
Foreign exch. shrinkage_
239,533
Net income
loss$1,043,9591oss$1015279 - . - 775 $3,835.194
$71,(795
Income from subs
440.177
Total income
loss$1,043,909loss$1015279 $44,695,572 $4.275,371
Pref. divs, ofsubs
53,674
180,271
69,011
Common diva. (cash).....
2,019,000
3,300.000
2,575.000
Rate
($1.50)
($3.00)
($3.50)
Balance,surplus_ __def.$1,097,633 d133214,550 $1.326,561 31,700,371
Shares of common stock
outstanding(no par)---- 1.133,236
1.133,236
1,115.737
1.100.000
Earned per share
Nil
Nil
$4.14
$3.88
Consolidated Earned Surplus Account
-Year Ended Dec. 31 1931.
Balance Dec.31 1930
$236,925
Discount on purchases of Simmons Co.Sand 15
-year debentures.
less applicable unamortized discount and expense
2,747,573
Excess of par values over costs ofsubsidiaries' preferred stocks..
126,715
Total
$33.111,213
Write-off of entire investment in and uncollected portion of
receivables from Berkey & Gay Furniture Co., less
operating losses absorbed in prior years
789,545
Allowances for possible losses on miscellaneous notes and
accounts receivable and investments
436,350
Write-down of inactive machinery and equipment of subsid- 300,000
Miscellaneous adjustments applicable to prior years
22,621
Net loss for 1931
1,097,633
Balance earned surplus Dec. 31 1931
Comparative Consolidated Balance Sheet As at Dec. 31.
1931.
21930.
1931.
Assets$
$
Liabilities-8
Cash
4,688,728 6,645.896 Notes pay., trade_
Notes rec., trade.. 362,131
630,193 Serial notes & bds.
Accts. rec., trade b 2,742,027 3,520,293
of subsidiaries-- 695,389
Inventories
4,721,129 7,525,975 Accts. pay., trade_ 233,402
Prepaid Ins., Int.,
Accrd. Int., wages,
taxes, &c
194,779
232,944
taxes,&c
1,028,277
Value of insurance 201,379
183,076 Res.for deprec. of
Misc. accts.& notes
fixed assets
20,277,649
rec. & Invests. c 781,098 1,059,351 Trade accepts_
by, In & rec.from
Res. for selt-insur.
Berkey & Gay
& contingencies_
168,774
Fern. Co
2,660,411 Fund. debt of subs. 3.916,979
Fixed assets
45,922,110 45,949,649 Gold debs. of SimDeferred charges
534,304
987,203
mons Co
6,592.000
Patents & tradeProf.stocks of subs 1,085,700
mks., less amort 268,075
323,533 Minority Int. in
Good-will acquired
com, stocks of
through purch of
subsidiaries_ _ _ _
7,979
subsidiaries.... 1,076,635 1,095,395 Capital stock d_ _ _25,746,785
Surplus: Excess of
book values of
subs, over costa
stocks,acquired,
less deprec
320,952
From appreclat'n
of fixed assets,
less applic. depredation-- 953,444
Earned
465,065
$465,065
al930.
37,999
174,420
368,786
1,445,970
18,304,748
68.369
174,144
5,316,401
15,100,000
1,622.900
8,360
25,746.785
1.180.147
1,027,963
236,925
Total
61.492,395 70,813,918
Total
61,492,395 70.813.918
a Inasmuch as the investment in and uncollected receivables from
Berkey & Gay Furniture Co. were entirely written off in 1931, the Dec. 31
1930 published consolidated balance sheet has been adjusted to eliminate
consolidation of the assets and liabilities of that company. b Including, at
Dec. 311931, $306,239 other accounts, and less allowance of $215.371 for
doubtful accounts and discounts. c Including, at Dec. 31 1931, $398,000
in stocks of affiliated companies. d Authorized 2,000,000 shares of no par
value, 1,133,236 shares issued and outstanding.
-V.134. P. 2740.
(Franklin) Simon & Co., Inc.
-New Director.
At the annual meeting of directors held on April 18 the following officers
were re-elected for the ensuing year:
Franklin Simon President; Arthur J. Simon 1st Vice-President: George
D. Simon Thomas J. Fitzharris Vice-Presidents: David Cronbach Secretary; William A. Matthews Treasurer and Charles R.Stoughton Assistant
Treasurer.
Mrs. Helen S. Lloyd was chosen a director in addition to the following
who were re-elected: Franklin. Simon Arthur J. Simon, George D. Simon,
Mr. Cronbach. Mr. Fitzharris, Mr. Matthews, Herbert H. Lehman, Walter
E. Sachs, Miss Maud Siegel, Victor D.Ziminsky and George E. Merrifield.
-V.133 p. 1627.
NSimpson's, Ltd.
-Defers Preferred Dibvidend.It was announced on April 19 that the company has voted to defer the
quarterly dividend due May 2 on the 63 % cum. pref. stock. Par $100.
,
6
The last regular quarterly payment of 1 % was made on this issue
on
Feb. 1 1932.-V. 133. p. 3106.
(Howard) Smith Paper Mills, Ltd.
-New Director.
-
Hon. Charles E. Dunning former Canadian Minister of Finance has
been elected a director to succeed the late J. A. Cameron.
-V.132 p.3903.
Socony-Vacuum Corp.
-Financial Statement.
Consolidated Income and Surplus for the Year 1931.
Gross earnings after deducting costs, operating expenses, and
foreign exchange and inventory adjustments
$61.373.974
Federal and other taxes
13.096.042
Interest on funded debt
4,508.507
Balance
843.769.426
Sale of capital assets in excess of book value
1.137.282
Income before providing reserves
$44.906.707
Reserved for depletion, depreciation and amortization
47.243.401
Self
-carried insurance
1.845.187
Loss for year 1931
Loss applicable to minority Interest
$4.181.880
-Net
12.632
Loss accruing to corporation
$4.169.248
"3112
Surplus Account Dec. 31 1931.
'Surplus Jan. 1 1931-Standard Oil Co. of New York and
Vacuum Oil Co.:
$52,057,815
Capital surplus
146,651.378
Earned surplus
11,218.067
Reserve for insurance
to book value at Jan. 1 1931 of investment In
.Adjustment
13,333,216
shares of foreign Vacuum 011 companies
$223,260,476
Total
1,056,376
'Adjustments-Net
4,169,248
loss for the year 1931
Combined
43,312.172
during year 1931
Combined cash dividends paid
Surplus of Vacuum Oil Co. capitalized as result of merger.- 88.030.128
486,692,551
Surplus Dec. 31 1931
for
x Capital surplus, $27.131,443; earned surplus. $50,112,868; reserve
Insurance.$9,448,238.
-In addition to the amount of taxes shown above there was colNote.
lected for and paid to States for gasoline taxes the sum of $43,226,436.
Consolidated Balance Sheet Dec. 31 1931.
Assets
$20.416,662
Cash
43,243,038
Marketable securities at cost (market value $42,475,488)- -68,765,777
Accounts and notes receivable
163.346,027
and refined products at lower of cost or market
Crude
11,185,878
Materials and supplies at cost
23,892,247
Investments in and advances to affiliates and others
-Real estate, producing properties.
assets
Fixed (capital)
pipe lines, refineries, vessels and distributing stations, incl.
good-will and appreciation of properties, $1,157,953,422;
less reserves for depletion, depreciation & amortization, 699,314,437
$458.638,985: total
8,437,669
Prepaid and deferred charges
which is sponsored by J. & W. Seligman & Co., will have net assets of
approximately $34,350,000, with securities at March 31 values.
In connection with the proposed plan, certain of the special interests
held by Investors Equity will be turned over to a new company, the stock
of which will be distributed to stockholders of Investors Equity, together
with the common stock of Tr -Continental to be issued under the plan.
V. 134, p. 2927.
-Tenders.
Trinity Buildings Corp.
The Guaranty Trust Co., 140 Broadway, N. Y. City, will, until 4 F• m•
on June 2 receive bids for the sale to it of 1st mtge. 20-yr. 555% s. f. gold
loan certificates, due June 1 1939, to an amount sufficient to exhaust
$50,012 at prices not exceeding 102 and Int.-V. 134, v.522.
-Common Dividend Omitted.
---Troxel Mfg. Co.
-
$1,038,601,735
Total
Liabilities
$40,056,138
Accounts payable
7,828,013
Taxes payable
Funded debt:
Standard Oil Co. of N. Y.-414% gold debentures
50,000,000
maturing in 1951
16,949,000
414% serial gold debs.-completely maturing in 1948--- -434% serial gold debentures
Magnolia Petroleum Co.
5,643,000
completely maturing in 1935
General Petroleum Corp. of Callf.-5% 1st mtge. sinking
17,263.500
-maturing in 1940
gold bonds
fund
White Eagle Oil CorP.-534% sinking fund debentures
3,185,000
maturing in 1937
2,387,343
Other funded debt
3,927,743
-3970,773 maturing in 1932
Purchase obligations
5,996,685
credits
Deferred
5,059.172
Minority interest in capital stock and surplus of sub. cos_
x793,613,588
Capital stock (par $25)
27,131,444
Capital surplus
50.112,869
Earned surplus
9,448,239
Reserve for insurance
$1.038,601,735
Total
-V. 134, P. 1974.
x Includes 152.85734 shares still to be Issued.
-Consolidation.
Solid Carbonic Co.
-V. 133, p. 3800.
See Dry Ice Corp. of America above.
-Div. Again Decreased.
....'‘Standard Corporations, Inc.
declared on the capital
A quarterly dividend of 5c. per share has been
stock, no par value, payable May 1 to holders of record April 20. In
each of the three preceding quarters a distribution of 7c. per sharewas
-V. 133, v. 3106.
made, as compared with 10c. previously.
-Reincorporated in Del.
Standard Oil Co. of Kansas.
This company was reincorporated in Delaware on April 16 with 320,000
,
shares of capital stock of $25 par value. Previously , it was a Kansas cor-V.134, v. 1975.
poration with a similar capitalization.
-""-- (A.) Stein & Co.-Common"Dividend Omitted.
The directors have decided to omit the quarterly dividend usually payable
about May 15 on the common stock, no par value. On Feb. 15 last, a
distribution of 25c. per share was made on this issue, as compared with
quarterly payments of 40c. per share made from Nov. 15 1929 to and
ncl. Nov. 16 1931.-V. 134. e. 2546.
-The
-Dividend Again Reduced.
Stone & Webster, Inc.
directors on April 20 declared a quarterly dividend of 12%c.
a share on the capital stock payable May 16 to holders
of record May 2. A dividend of 25e. a share was paid
on Feb. 15 last, 50e. a share on Oct. 15 last, 750. a share
on April 15 and July 15 1931, and $1 a share each quarter
from April 15 1930 to and incl. Jan.15 1931.-V.134,p.2926.
-Defers Div.
----Terre Haute (Ind.) Malleable & Mfg. Co.
The directors recently voted to defer the semi-annual dividends due
about April 5 en the 7% cum.series A and series B pref.stocks, par $100.V 123 p. 2405.
-Initial Dividend.
Texas Gulf Producing Co., Chicago.
In announcing an initial quarterly dividend on the common stock of
%. payable in stock, the directors on April 13 stated that the increase
in Gulf Coast crude prices posted on April 12 means an increase of $1,800,000
In the value of the company's proven oil reserves, being equivalent to an
increase of $2.27 per share in the value of the outstanding common stock.
The dividend will be paid May 10 to holders of record April 25.
-Earnings.
Texas Gulf Sulphur Co.
For income statement for three months ended March 31 see "Earnings
-V. 134, p. 1599.
Department" on a preceding page.
-ReorThird Diversified Standard Securities, Ltd.
ganization Plan Ratified.
-V. 134, v. 1391.
See Diversified Standard Securities, Ltd. above.
-Timken Roller Bearing Co. Earnings-Officers.
For income statement for quarter ended March 31,see"Earnings Department on a preceding page.
M. T. Lothrop has resigned as President and director, II. H. Timken,
Chairman, has been elected President. succeeding Mr. Lothrop, J. F.
Griffiths, President of Timken Steel & Tube Co., a subsidiary, was elected
a director, filling the vacancy caused by resignation of Mr. Lothrop.V. 133. v. 4341.
-Earnings.
Trico Products Corp.
For income statement for quarter ended March 31 see "Earnings De-V. 134. p. 1976.
partment" on a preceding page.
-To Acquire Investors Equity
,
- -----,Tri-Continental Corp.
Co., Inc.
,
Tr -Continental Corp. will acquire the assets of the Investors Equity
Co., Inc.. having a present market value of approximately 55,500,000,
latter company
under a plan to be submitted to the stockholders of the
for their approval at a special meeting May 18. Assets to be acquired
include approximately $4,750,000 in cash, call loans, government and short
term securities and dividends and interest receivable.
The Tr -Continental Corp. proposes to assume $5,128,900 of 5% debentures of Investors Equity due in 1947 and 1948, and to issue 290,469
shares of its common stock to stockholders of Investors Equity, which is at
the rate of one-half share of Tr -Continental for each share of Investors
Equity. These debentures will constitute the only funded debt of TriContinental Corp.
The Investors Equity Co.,Inc., was organized in 1927 under the sponsorin 1929 merged the Motion Picture
ship of Chas. D. Barney & Co., and acquisition, Tr -Continental Corp.,
Capital Corp. After the proposed
April 23 1932
Financial Chronicle
The directors have voted to omit the quarterly dividend usually payable
about May 1 on the common .stock, but declared the regular quarterly
dividend of $1.75 per share on the pref. stock, payable May 1 to holders
of record April 20. From Feb. 1 1931 to and incl. Feb. 1 1932 the company made regular quarterly distributions of $1 per share on the common
-V. 132, v. 677.
stock as compared with $2 per share previously.
-Earnings.
Tung-Sol Lamp Works, Inc.
Calendar YearsNet operating profitOther income
1931.
$570,361
63,924
1930.
1928.
1929.
$590,428 $1,249,660 $1,018,707
82.116
65,387
96,628
Gross income
Ded. incl. disc. & amort.
Federal tax provisions- -
$634,286
229,189
52,232
$672,544 $1,346.288 $1,084,094
250,996
214,788
210.676
51,563
88,417
129,907
Net income
Divs, on pref. stock_ _ _ _
Divs, on corn, stock_ _ _ _
$352,865
182,757
228,510
$406,193 $1,005,705
182,757
236,209
342,765
289,842
$744,681
345,000
195,000
def358,402 def$119,329
$204,681
$4479,654
Consolidated Balance Sheet Dec. 31.
1931,
Liabilities
1930.
1931.
1930.
Assets$284,150 $276,383 Notes payable_
$100,000
Cash
781,322 Accounts payable_ 540,687
74,481
Marketable secur- 683,594
878 Due subs. & still.
Trade accept. rec.
211,997 selling cos
95,368
6,299
5,715
Acc'ts receivable
Accr. sal., wages,
Due from affil. &
68,885 royal., bonuses,
subsid. sell. cos_ 137,232
taxes and exps
75,147
32,882
Mdse. inventories
Provision for Fed& mdse. on con362,661 eral income tax_
52,232
51,563
298,500
signment
2,746
2,599
209,839 Dividends payable
235,586
Other assets
842,634 Reserves
57,600
61,699
831,757
Fixed assets
Capital & surplus.,x3,471,508 3,548,842
Franch., licenses,
pat. rights, &c 1,087,011 1,151,341
14,691
10,174
Deferred charges
Total
$3,663,372 $3,920,631
$3,663,372 $3,920,631
Total
x Represented by 60.919 shares preference (no par value) and 228,510
-V. 133, p. 1628.
shares common (no par value).
Balance
-Earnings.
United American Bosch Corp.
61928.
b1929.
a1930.
a1931.
Calendar Years$6,323,085 410,901,870 $11,740,684 $13.446,178
Net sales
6,982,927 11,114,385 10,474,663 12,172,813
Costs and expenses
Pay. on Eisemann Fund
Cr78,789 Ce328,515
claim
233,110
335,240
400,164
292,141
Depreciation
574,039
Additional reserves
50,000
c81,471
Federal taxes
3365,635prof$880,781 pf$1040,255
Net loss
$1,447,253
a United American Bosch Corp. b American Bosch Magneto Corp.
c Federal taxes of Robert Bosch Magneto Co., Inc.
Balance Sheet Dec. 31.
1930.
1931,
Liabilities-Assets1931.
1930.
Capital stock_ -.A52,580,000 $2,580,000
Real estate, plant,
485,589
. 343,490
equipml, &c.-y$5,030,131 $5,055,588 A cc'ts payable_ _
225,000
625,000 Conting. res., &a_ 250,000
Pat. & trac., &c-- 625,000
81,471
698,818 Fed, tax reserve__
Cash
555.646
139,303
91,537
A ccr'd accounts__
Notes & acc'ts re427,612 1,035,883 Earned surplus___ 747,121 2,194,374
ceivable,
2,698,895 3,498,366 Capital surplus__ 5,843,450 5,843.450
Inventories
Cash surrender val.
50,572
62,329
In.sur. policies
445,960
343,010
Govt.claims,&c
139.000
charges-. 112,975
Deferred
59,855,598$11,549,187
59,855,598511,549,187 Total
Total
-V.133.
X Represented by 278,399 no par shares. y After depreciation.
3107.
D.
-Earnings.
United Biscuit Co. of America.
For income statement for 3 months ended March 31 see "Earnings De-V. 134, p. 1781.
partment" on a preceding page.
-Earnings.
United-Carr Fastener Corp. (& Subs.).
Calendar YearsGross profit from operations
General administrative and gelling expenses
1930.
1931.
31.044.941 $1,070,717
630,666
542,777
Balance from operation
Other income and deductions--not
Depreciation
Profits applicable to minority interest
Debenture interest
Income taxes
$502,163
95,667
178.547
2,119
105,697
25,257
3440,051
7,961
199,581
6.037
120,000
38,562
Net profit
Capital Jan. 1
Increasing treasury debs. purch, to par value
Net profit on debentured retired
-net.
Sundry charges and credits
$94,876
1,736,728
$67 909
1,789,385
22,702
37.743
695
6,715
Total
Dtv dends paid
Write down in value offoreign subs
$1,870,043 $1,886,711
149,984
74,994
66,159
Capital Dec.31
$1,728,889 31,736 728
36.27
Earns,per share on 250,000 shs.cap.stk.(no par).
30.37
Consolidated Balance Sheet Dec. 31.
1931,
1930.
1930.
Assets
Liabilities1931.
572,333
$247,750 $293,529 Accounts payable_ 572,991
Cash
Dividends payable
Acc'ts, notes, ac24,998
60,725
Accrued expenses_
cept. & drafts
59,004
285,122 Fed. & for. taxes,
receivable, net _ _ 289,454
20,364
810,957 estimated
Mdse.Inventories_ 655,081
24,641
200,256 10-yr. 6% cony.
U.S. Govt. oblig_ 150,632
Other investments 101,041
debentures
1,800.000 1,858,000
6.947
2,132 Minor. int. In sub.
Value of life insur_
65,632 companies
36,966
218,071
Other assets
34,443
Del. inc. on maLand, bides., machine rentals_ _ _
chinery dr equiv.
2,857
(less deprecia'n) 2,044,867 2,081,781 Capital stock and
surplus
x1,728,889 1,736,728
Licenses, patents,
3
3
good-will, &c
Deferred assets_ _ _
33,975
45,504
$3,747,825 33,785.118
Total
53,747,825 53,785,118 Total
-V.134. p. 1976.
x Represented by 250.000 shares of no par value.
-To Retire Debts, &c.
Union Tobacco Co.
-
A special meeting of the stockholders has been called for May 6 to vote
on a proposal to retire part of the 7% pref. stock and to cancel a stock
subscription by the North Virginia Corp. The plan is to use the 52,100,000
of 6%.debentures of Tobacco Products Corp. of New Jersey, received
(with 72,25o shares of common stock of Tobacco Products Corp. of
Delaware) in exchange for Union Tobacco's holdings of 61.100 shares of
class A and 372,250 shares of common stock of Tobacco Products Corp. of
Virginia. paying off all debts first and using the remainder of the debs.
(estimated at $1,700.000) to purchase the Union Tobacco preferred at
par pro rata from holders, valuing the debentures at par or market, whichever is higher; and to cancel the obligation of North Virginia Corp. to
purchase $1,000,000 of preferred stcok.
The Union Tobacco Co. has outstanding 40,000 shares of 7% Preferred
par $100. This stock was originally purchased by the North Virginia Corp.
More than a majority of your
The notice of the meeting in part says:
board of directors has an interest, direct or indirect, in the North Virginia
134, P. 1391.
-V.
Corp."
-Earnings.
United Dyewood Corp.(& Subs.).
1929.
1930.
1931.
Calendar Years$834,015
$575,985
$340,140
Operating profit
31.323
13,774
32.836
Other income
$865,338
$589,759
Total income
$372.977
150.829
138.243
Depreciation
98,574
83.816
73.365
73,388
Federal taxes
49,561
62,769
Miscell. deductions
45,700
22,644
19,575
General reserve
97.356
86.324
__
Other appropriations_
$461.132
$209.482
Net income
$155,314
21,116
13.576
Equity of min.int
9,245
276,500
275.112
7% preferred dividends_
268,485
$163.516
Surplus
def$122,416 def$79.206
Consolidated Balance Sheet Dec. 31.
1931.
1931.
1930.
$
Liabilities-Assets
$
Plant property.-- 2,020,155 4,230,357 Preferred stock.._ 3,774,000
Cash & ctfs. of dep 485.327
717,578 Common stock...13.918,300
Securities
416,234 Holding of mln.int.
530,289
in can. stocks of
Bills & accts. rec
1,155,684 1,844,240
89,076
.
subsidiaries_ _ _
Inventories
2,828,699 3,292,878
Sundry adv. pay._ 239,558
241,867 Bills & accts. pay_ 894,534
66,097
Cash for pref. div_
67,737 Pref. dlvs. pay ---66,098
5,150
18,217 Susp. cred. Items__
Suspend.deb. Items
24,378
Ree, for depree.,
Good-will, patents,
contlng., &c..-- 661.977
&e
957,615
953,111
Surp. from acquis.
Cost of securities of
of treas. pt. stk.
subsids., &c......13,798,502 13,837,652
Burp. U. D. Corp_ 2,692,667
Burp. of min. Int.
Total
22,101,801 25,624,373
-V. 133, P. 3643.
Total
all descriptions are not available for distribution except to a certain extent and this must be decided by the officers and directors who measure the
needs of the corporation and who are always working for its good.
William A. Irvin was elected a director on April 18 to fill a vacancy on
the board. On April 19, he was formally elected President, to succeed
James A. Farrel, resigned,'while Henry L. Austin was elected Comptroller.
The other directors whose terms expired this year were re-elected.
They are George F. Baker, William J. Filbert, Junius S. Morgan Jr., and
Thomas Morrison.
-V. 134. fo• 2628.
-Dividend Rate Decreased.
-...ev.Unity Cotton Mills.
1928.
$932,802
51.339
$984,141
121,773
125,110
44,758
28,363
114,414
6549,723
19,903
276.500
$253,320
1930.
$
3,870,000
13,918,300
78,661
1,695,311
67,737
5,045
2,477,536
87.042
3,410,226
14,515
22,101,801 25,624,373
-Earnings.
United States Hoffman Machinery Co.
For income statement for three months ended March 31 see "Earnings
-V. 134, p. 1113.
Department" on a preceding page.
--Earnings.
United States Oil & Royalties Co.
Income Account for the Year Ended Dec. 31 1931.
011 earnings, lass royalty payments
Ott royalties received
Miscellaneous income
Total income
Operating and field expense
Office expenses and salaries
General and legal expense
Taxes
Net operating income
Depletion and depreciation
Properties written off and adjustments
Balance, deficit
-V. 133, p. 1141.
639.568
28.792
11,398
$79,758
26,229
18.864
4,307
6,131
$24,226
29,848
24.802
$30.424
-Earnings:
U. S. Realty & Improvement Co.
For income statement for three months ended March 31 see "Earnings
Department" on a preceding page.
Current assets as of March 31 1932, including $4,167,538 cash, were
$8.480,158 and current liabilities (exclusive of sinking fund and mortgage
payments due within one year) were $1.165,455. On Dec. 31 1931, cash
amounted to 53,966,946, current assets $8,845.607 and current liabilities
(exclusive of sinking fund and mortgage payments due within one year)
were 63,473.094.-V. 134, p. 1045.
-New Director, &c.
United States Rubber Co.
Walter B. Mahony has been elected a director, succeeding Matthew C.
Brush, Mr. Mahony is President and editor of the "North American
Review" and formerly was director and counsel of the United States Rubber
Plantations, Inc.
President Francis B. Davis stated: "Our organization is now well in hand
and we are reducing our budget in line with general business conditions.
If we had a volume of business equal to last year, we would have fairly
-V. 134. P. 2361.
satisfactory results."
-Dividend Policy Upheld
United States Steel Corp.
Operations Now at 20% of Capacity.The stockholders at their annual meeting held April 18, overwhelmingly
rejected a resolution made on behalf of a small minority group to disthe action of the directors in reducing dividends on the com.stock.
The resolution urged that the reductions in dividends were improper
because undistributed net profits at Dec. 31 1931, aggregated more than
$1.200,000.000, exclusive of 6203,000.000 profits capitalized by a stock
dividend, but not distributed; net income for 1931 before depreciation and
depletion exceeded 665.000.000, sufficient to cover interest, preferred
dividends and dividends on the common stock up to 4%;current assets at
Dec. 31 were about $500.000,000, including $150.000.000 in cash and
marketable securities, and net current assets exceeded $430,000.000:
$60,000,000 capital expenditures made in 1931 should have been financed;
cash resources, surplus profits and current earnings which were the property
of tho stockholders, had been withheld from distribution in prosperous
years on the representation that they would be used to maintain dividends
in times of adversity, and tens of thousands of small stockholders were
to-day in greater need of dividends than ever before; the threat that the
dividend on Steel common would be wholly omitted had caused a new wave
of liquidation and business depression; in view of which, it was to be
'Resolved, That the stockholders disapprove the reductions of dividends
made in 1931 strongly urge the maintenance of dividends on the 2% rate
on the common stock and the speedy increase of dividends to at least the
77 rate.
The dividend policy was vigorously defended by Chairman Myron C.
'I aylor, who stated:
"The policy of the corporation as defined by its directors having regard
for the liquid position of the company and its earnings results, led to a
steady, but slow reduction of dividends. This was to conserve cash resources
and prepare for whatever emergency might lie before It in the future. That
future is unknown to any man and the first duty of the directors and officers
is to keep the company so strongly entrenched in its liquid position that it
cannot come to difficulties."
Proxies held by the United States Steel committee totaled 1,498,866
shares of preferred and 3,378,596 shares of common.
The next dividend meeting will be held on Tuesday of next week.
Mr. Taylor, referring to the statement of the stockholder, that the
corporation had fully earned its dividends in 1931 despite bookkeeping
charges which indicated otherwise,said: "As a matter offact the corporation
in 1931 showed a deficit from operations of $6,300,519." Mr. Taylor gave
figures showing that there had been a $68,000,000 deficit after dividends
as a result of 1931 operations and pointed out that the expenditures, extensions and betterments,sinking fund and sundry items caused an impairment of 676.939.217 in net liquid astets.
Mr. Taylor stated that operations thus far this year have been on a
lower basis than the last quarter of last year. Present operations are at
20% of capacity.
"We have been forced," Mr. Taylor said, "by events beginning in the
• summer of 1929 to retreat from one position to another always hoping to
entrench ourselves in a position that would mark the culmination of the
depression.'
Mr. Taylor pointed out that the quick assets of the corporation which
include cash, saleable securities, accounts receivable and merchandise of
approve
3113
Financial Chronicle
Volume 134
A quarterly dividend of $2 per share has been declared on the capital
stock, payable May 1 to holders of record April 13. This compares with
distributions of $3.75 each made on Feb. 1 last and on Nov. 1 1931, prior
-V.133. p.2942.
to which quarterly payments of$7.50 per share were made.
-Earnings.
Utah Copper Co.
1929.
1928.
1930.
1931.
Calendar YearsSales of
142,694,917 161,138,717 296,625.554 273,823.351
Copper, lbs
7.238 cts. 11.915 eta. 16,749 eta. 15,119 eta.
Average price
Gold, ounces (at $20)--- 54,123,770 64,239,879 116.087,182 104,292,119
917,226
563.330
1,050,074
481,251.20
Silver, ounces
60.3806
50.5328
60.5815
$0.2857
Average price
Operating Revenue
$10,328,264 $19,199,356 $49.681,950 541.400.365
Sales ofcopper
2,321,744
2,085.842
1,284,798
1.082,475
Sales of gold
559.525
214.431
533,397
137.506
Sales ofsilver
$11,548,245 520.698,585 552.563,219 $44,019,605
Total income
Expenses
9,297,512 13,988,336 11.453,501
Min., mill & strip.exps.- 6,569,055
1,448.607
1,587,427
995,766
912.778
Ore delivery
342.279
370,782
201,423
178,368
Selling expense
6.342.167
6.753.910
3,702,432
Treatment and refining 3.189.891
$14,197,134 $22,700,455 $19,586,554
$10,850.093
Total expenses
6,501,452 29,862,764 24.433,051
698,153
Net operating revenue_ 4.167,314
7.675.758
3.889.854
Miscellaneousincome.. 2,008,100
$2,706,25.3 $10,391.306 537,538.523 528.600.365
Total income
1.217,092
1.323.438
1,433,438
572,243
Depreciation
&equipLoss on plant and
138,982
119,306
68.486
106,861
et
me retired, c
2,368,045
2,435,400
Federal taxes, &c
$2,027,149 $88,889,381 $33,660,379 $24,876.246
Net income
Dividends (earnings).- 9,746,940 16.244 900 32.489 800 12,995,920
($8)
(20)
(i10)
($6)
Total rate
Balance, surplus_ __def$7.719.791df$7,355,519 $1,170,579 $11,880,326
1.624.490
1,624,490
1.624,490
Shs.cap.stk.out.(par$10) 1.624,490
$15.31
$20.72
$5.47
$1.25
Earms.per sh.on cap.stk.
-V. 134,9. 1392.
Vertientes Sugar Co. (Compania Azucarera Vertientes).-Bondholders' Protective Committee.
A protective committee has been formed to represent the holders of the
1st mtge. a. f. 7% gold bonds. The committee consists of Thomas L.
Chadbourne. Chairman; Edgar S. Bloom and Alfred J. Brosseau; H. C.
Hoffman, Secretary, 25 Broadway, N. Y. City; Chadbourne, Stanchfield
& Levy, counsel. Approximately $10200 000 of these bonds are outstanding. The committee in an announcement states:
Default by company is anticipated in the payment of the next semiannual installment of interest due June 1 1932, on its bonds.
In view of this anticipated default, we have consented to act as a bondholders' protective committee to represent the interests of the holders of
the above-mentioned bonds. In due course a request for the deposit of
bonds will be made. Meanwhile, holders of such bonds are requested to
communicate their names, addresses and the amounts of their holdings to
-V. 133 p. 3643.
the Secretary of the committee,at the address given.
-Earnings.
Virginia Iron, Coal & Coke Co.
For income statement for 3 months ended March 31 see "Earnings
-V. 134, p. 1782.
Department" on a preceding page.
-Earnings, &c.
Waco Aircraft Co.
Net operatina loss
Other income less other deductions
1931.
5578.423
458,406
203,323
1930.
$860.468
726.571
247,361
583,305
911
Calendar YearsNet sales
Cost of sales
Engineering, selling and administrative expenses
6113.464
6,913
6106.550
882.394
Balance Sheet Dec. 31.
1930.
1931.
Liahi:ities1930
Assets-1931.
512,798
$5,284
$7,410
53,827 A ccts. payable_ - _
Cash
9,717
5,601
124,715 A cer. payr.& taxes
43,855
U.B.treasury bds.
9,841
3,428
Other curr. Habil.
Accts. receiv. (less
16,417
12,128 Guar. dep.. by Ws
reserve)
19,500
17,600
tributors
295,812
294,786
Inventories
1,280
1,945
10,605 Reserves
Other cur't assets.
3,070 Cap,stock outst'g.
2,670
Investments
347,826
145,000 shs. no
329,811
Fixed assets
520,000
4,453
par value com_ _ 520,000
2,796
Deferred expense_
Surp.-Cap. and
229,322
143,967
earned
Net loss for the year
$697,825
Total
-V. 134. p. 2928.
$802,437
Total
S697,825
$802.437
-Earnings.
White Sewing Machine Corp.(& Subs.).
1928.
Calendar YearsNet after all expenses-- x Adjustment
1929.
1930.
1931.
$98,884 loss$370109 51.504,516
747.788
$98,884
Profit for year
440,041
Interest and amortiz_ _ _ _
307.516
Provision for depreciat'n
Prov.for Fed. taxes, &c_
125,993
Write off obsolete rnat'is
Prov, addit. res, for ro2.761.200
es. &c
Disc. real. on debs. purch Cr.279,894
51,714.012
$377.689 $1.5n4,516 $1,714,012
283,959
407,035
438,283
212,869
222.492
229,182
146,100
96,250
$778,739 $1.071,083
10843.255,973 loss$289,776
Surplus
(52)200,000 (64)400,000 (54)400,000
Divs, paid on pref. stock
6378.739
$671.083
Slurp. at end of year def$3,255,973 def$489,776
Earns, per share on 200,$1.89
$3.35
Nil
Nil
(no par)
000 shs. com.
x Adjustment to basis of providing currently an adequate reserve for
repossessions on instalments sales and
unrealized profit on anticipated
charging repossessions on prior years sales to reserves.
Consolidated Balance Sheet Dec. 31.
1931.
1930,
1931.
1930.
$
$
Assets-$
Property account c2,538.129 2,790,138 Preferred stock....b5.000.000 5,000,000
24,328 Common stock_ _ _ a750,000
13,173
Investments
750,000
1 Funded debt
1
4,607,000 5,089,500
Pate. & good-will_
56,941 Reserves
130,117
186,898
Cash
804,478
Surplus
Cash on dep. with
def678.4S7 2,07,484
3,793
1,123 Curr. liabilities_ _ _ 1,380,152 I.851.922
trustee for debts
622,760
Market.securities.
654,380
Notes & accts. rec_d 511.267
Install. accounts_ -e5,949,111 9,081,249
1,841,355 2,437,207
Inventories
185,253
Deferred charges.- 145,055
-Total
11,188.783 15,853,381
Total
11,189,783 1.5,853.331
a Represented by 200.000 shares of no par value. b Represented by
100.000 shares of no par value. c After depreciation of 51.449.202.
d After reserve for doubtful accounts of $100,000. e After reserve to•
repossessions, collection expense, bad debts, &c. of 54.193.595.-V. 133.
p. 4342.
z5`
3114
Financial Chronicle
April 23 1932
tarts and pommel-xis.
PUBLISHED As ADVERTMEMENTS
THE CHICAGO, ROCK ISLAND AND PACIFIC RAILWAY COMPANY
AND SUBSIDIARY COMPANIES
FIFTY-SECOND ANNUAL REPORT—FISCAL YEAR ENDED DECEMBER 31, 1931
To the Stockholders of The Chicago, Rock Island and Pacific Railway Company:
Your Directors submit herewith the Annual Report for year ended December 31, 1931:
INCOME ACCOUNT
YEAR ENDED DECEMBER 31, 1931, COMPARED WITH
1931.
Operating Revenues
$99,069,563.34
Operating Expenses
74.526,867.90
Revenues over Expenses
$24,542,695.44
Taxes
6,530.000.00
Uncollectible Railway Revenues
23.815.37
Railway Operating Income
$17,988,880.07
Rents from use of joint tracks, yards and terminal facilities
1.062,088.65
Hire of equipment—debit balance and rents for use of joint tracks, yards and $19.050.968.72
terminal facilities
6.126,962.02
Net Railway Operating Income
812.924,006.70
Income from investments and sources other than transportation operation
1.068.317.85
Total Income
$13.992,324.55
Deduct—Interest and Other Charges
14.378.869.52
Net Income from All Sources (Transferred to Profit and Loss)
*823136,844.97
*Deficit.
PREVIOUS YEAR
1930.
Increase.
$123,079,909.82
90,551,758.15
832.528,151.67
7,198,000.00
33.273.96
$25,296,877.71
1,185,654.35
$26.482.532.06
6.734.725.49
$19.747,806.57
1.375.258.51
$21,123,065.08
13.422.836.35
$7.700.228.73
$956,033.17
Decrease.
$24,010,346.48
16,024,890.25
$7,985,456.23
668,000.00
9,458.59
$7.307.997.64
123,565.70
$7.431,562'34
607,763.47
$6,823,799.87
306,940.66
$7.130,740.53
$8,086.773.70
We regret to inform you that the net income for the year fell short by $386,544.97 of meeting the fixed charges
including
taxes. The gross revenues for the year were $99,069,563, which are the lowest since 1917,and are approximately $24,000,000
under the gross revenues for 1930. This loss in revenue is attributable principally to the general business depression,
which
became worse throughout the year, the last two months being the lowest. It is attributable partly to the continually
increasing competition of the motor truck and to the loss of passenger traffic to the automobile.
We are giving constant attention to these problems and everything that can be done to minimize their effect is being done.
It was a matter of great regret that the Board was forced to defer the payment of dividends. We had hoped to avoid
this necessity, but the continued decline in revenues made it apparent toward the close of the year that the only sound
course was to defer dividends until conditions improved sufficiently to justify their payment.
NEW WORK
Necessarily, no new work has been undertaken during the year. The property has been operated as economically as
possible, and while maintenance of way and maintenance of equipment have been reduced as far as consistent with safe
and efficient operation, the property has not been allowed to deteriorate, and it is now in excellent condition for the traffic
which it is handling.
No new equipment was purchased.
TRENTON-KANSAS CITY LINE
This line was completed and placed in operation during the year, the total cost of its construction being approximately
$11,300,000. The Chicago, Milwaukee, St. Paul and Pacific Railroad Company has also relocated its line into Kansas
City, and the two lines are adjacent for thirty-seven miles between Polo and Birmingham. An arrangement has been
entered into for the operation of these two lines as one double track railroad, used by both companies. Our new line should
produce very substantial returns on the investment, through a reduction in the cost of transportation.
CONVERSION OF LOCOMOTIVES TO OIL BURNERS
We have continued the program of converting locomotives to oil burners wherever it is possible to effect a reduction
In fuel cost. During 1931, we completed the conversion of all locomotives on the Southwestern lines, and it is expected
that the saving in fuel cost will be well over a million dollars a year.
RATES AND WAGES
Notwithstanding the substantial decrease in income, there are several encouraging features in prospect for the immediate future. The Inter-State Commerce Commission, while denying the fifteen per cent increase in rates sought by the
carriers, has permitted increases on certain commodities until March 1, 1933, which will greatly benefit the railroads. It
is estimated that the Rock Island's share of this increase will be approximately $2,000,000 per year, based on the 1931 traffic
level. In January, the Supreme Court reversed an order of the Inter-State Commerce Commission prescribing lower rates
on grain and grain products, which had become effective August 1, 1931. These rates are being restored by tariffs effective
February 20, 1932, the revenues involved approximating for the Rock Island $1,500,000 a year. The Inter-State Commerce
Commission's general investigation into live stock rates should produce an additional $400,000 a year in revenue for us.
Another item of interest is the agreement with all the organized employees to accept a 10% reduction in wages for
one year, effective February 1. This was preceded by a similar reduction in the salaries of all officers and subordinate
officials, and is accompanied by a like reduction in the pay of all unorganized employees; the total reductions being approximately $4,500,000 a year. It is a source of great satisfaction to your management that the employees of this Company,
suffering like all of us from the depression in which the country finds itself, are willing to do their part toward restoring
prosperity, and that this result has been obtained by the most friendly negotiations and the most helpful co-operation of
all employees.
It may interest you to know that for the last two winters our employees have had a relief fund of their own,supported
by their voluntary contributions, to assist the men who were forced out of work by the reduction of force required by decreased
business.
SYSTEM UNIFICATION
The most constructive matter we now have before us is a unification of the properties comprising the Rock Island
System into one property, all to be owned by The Chicago, Rock Island and Pacific Railway Company, the operating company. The purpose of this unification is to provide a foundation for financing in 1934, when the First and Refunding and
two other mortgages mature. If the plan is consummated, any new mortgage to be executed hereafter can be made a direct
lien on all the railway properties of the system, and the Railway Company's corporate and financial structure will be much
simplified. In addition, we hope to eliminate the expense of maintaining separate corporate organizations, and, in some
instances, separate operating organizations.
The matter will be submitted to the annual meeting of stockholders May 5, 1932. The details are outlined in the
formal notice of that meeting. All the transactions set forth in this notice are purely intercorporate and involve no new
outlay by the Pacific Company, but merely a unification and consolidation of properties which it already owns through
stock ownership.
LOSS OF PASSENGER TRAFFIC
In previous reports we have advised you how seriously the railroads are affected by the loss of their passenger traffic
to the automobile. In order to illustrate this, we call your attention to our own figures, which we believe are typical of the
railroads in general. The table on page 54 pamphlet report shows the following:
•
1920
1929
1931
Passengers Carried
(Exclusive of Commutation)
15,620,116
3,839,498
1,734,945
Revenue
$34,311,423
17,870,894
9,475,460
Average Distance
Carried (Miles)
73
146
189
The figures show that the short haul passenger has gone
facilities for transportation are gradually extending their areato the motor bus or the private automobile, and that those
of competition.
We are doing all that we can in the way of a reduction of service to
the
other railroads in urging upon commissions and law makers generally the meet the lessened demand, and have joined
injustice of permitting unregulated and largely
untaxed competition by motor carriers on the highways, both passenger and freight; and we believe some relief will come
from the changed attitude of the public with respect to these matters.
3115
Financial Chronicle
Volume 134
TAXES
Another very serious matter with our company, as with all railroads, is the amount of taxes; not only Federal taxes,
but also those that must be paid to State and local governments. While you will see that our tax accruals decreased from
$7,198,000 in 1930 to $6,530,000 in 1931, the difference is practically all due to the decrease in Federal Income Tax resulting
from lower revenues. The amount of taxes which we have paid to State and local governments has shown no substantial
decrease, and the total constitutes a very heavy burden on the operations of the property. The total of such taxes paid
for the last ten years is as follows:
1922
1923
1924
1925
1926
Total State and Local
Taxes Paid by
Rock Island Lines
55,795.497.57
5,968,661.83
6,009,869.00
6,131,631.65
6,091,622.88
Percentage
of
GrossRevenue.
4.63
4.58
4.59
4.69
4.42
Total State and Local
Taxes Paid by
Rock Island Lines
86.457.104.47
6,518.314.94
6,853.570.61
6,832.702 28
6,641,373.26
1927
1928
1929
1930
1931
Percentag
of
GrossRevenue.
4.61
4.62
4.64
5.55
6.70
GENERAL
In previous years there has been submitted a comparison of certain selected statistics, and, for your information, the
1931 figures are added:
Total tons carried (thousands)
Average miles hauled per ton
Tons hauled per mile of road
Freight Service
Cars per train
Gross tons per train
Net tons per train
Net tons per loaded car
Net tons per mile of road per day
Per cent loaded of total car miles
Per cent east-bound of total loaded car miles
Per cent east-bound of total car miles
Car miles per car day
Pounds of coal per 1,000 gross ton miles (excluding locomotive and tenders)
Passenger Service
Passenger train cars per train
Ratio of passenger train to freight train mileage
Number revenue passengers per train
Number revenue passengers per passenger car
Pounds of coal per 100 car miles
1929.
1930.
1927.
1912.
37,972
33.322
34,335
18,969
261.18
254.54
250.17
242.46
1,222,864
1,036,467
1,066,730
572,340
1931.
27.435
259.93
861,007
39.9
1,451
555
22.3
3,296
62.3
55.3
49.7
34.3
160
25.8
840
348
18.6
2,016
72.6
46.9
48.9
24.6
*286
5.4
109.51
51.2
13.5
*2,051
39.1
1,456
563
23.6
3,710
61.1
56.3
49.5
38.7
165
40.7
1,517
571
23.3
3,119
60.2
56.2
48.8
34.1
158
40.0
1,494
546
22.9
2.544
59.7
59.5
49.7
29.1
152
6.6
92.05
47.6
11.1
1,506
6.5
80.32
43.6
10.4
1.540
6.3
89.30
38.6
9.5
1,535
6.1
95.53
31.6
8.1
1,592
*Based on year ended June 30, 1912.
Cheerful acknowledgment is made of the most competent counsel and assistance of Mr. E. N. Brown, Chairman of
the Executive Committee.
The Board acknowledges the faithful and loyal service of the officers and employees, and again urges you as stockholders to take an active interest in the affairs of the Company and in matters pertaining to railroads in general.
Respectfully submitted,
• By order of the Board of Directors.
J. E. GORMAN,President.
CHARLES HAYDEN, Chairman of the Board.
Telephone Franklin 0976
Chicago
New York
St. Louis
Hartford
Minneapolis
Cleveland
Atlanta
Detroit
Los Angeles
Resident Partners:
0. It. Whitworth, A.C.A., C.P.A.
R. C. Brown, C.A., C.P.A.
Cable Address Retexo
Affiliated with
George A. Touche & Co.,
London, England
George A. Touche & Co.
Canada (8 Branches)
Touche, Niven & Co.
Paris, France
TOUCHE, NIVEN & CO.
Public Accountants
10 South La Salle Street
Chicago
March 4, 1932
AUDITOR'S CERTIFICATE
To the Board of Directors, The Chicago, Rock Island and Pacific Railway Company:
We have made an examination of the books and accounts of The Chicago, Rock Island and Pacific Railway Company,
and Subsidiary Companies, for the year ended December 31, 1931, and, in our opinion, the annexed balance sheet and
relative income and profit and loss accounts present the financial position of the Company's system at that date and of the
operations for the year then ended.
TOUCHE, NIVEN & CO.. Public Accountant.
ROCK ISLAND LINES
1-INCOME ACCOUNT
YEAR ENDED DECEMBER 31, 1931, COMPARED WITH PREVIOUS YEAR
Increase.
1931.
Amount.
Operating Revenues:
Freight revenue
Passenger revenue
Mail revenue
Express revenue
Other transportation revenue
Miscellaneous revenue
Total railway operating revenues
Operating Expenses:
Maintenance of way and structures
Maintenance of equipment
Traffic
Transportation
Miscellaneous operations
General
Transportation for investment-Cr
Total railway operating expenses
Net revenue from railway operations
Railway tax accruals
Uncolledible railway revenues
Total railway operating income
Equipment rents-Debit balance
-Debit balance
Joint facility rents
Net railway operating income
Non-Operating Income:
Rentals
Interest and dividends
Miscellaneous income
Total non-operating income
Total income
Deductions from Income (excepting interest):
Rent for leased roads
Miscellaneous rents
Other income charges
Total
Balance before deduction for interest
Interest on bonds and long term notes
Interest on equipment notes
Interest on bills payable and accounts
Total interest
Net Income trom all sources(transferred to profit and loss)
Decrease.
1930.
Per
Cent.
Amount.
Per
Cent.
$79,518,094.97 $96,211,917.14
10,653,680.95 15,295,583.41
2,839,593.40
3.047,832.17
1,974,060.86
2,781,862.49
1,683,320.22
2,247,082.67
2,400,812.94
3,495,631.94
$16,693,822.17
4,641,902.46
208,238.77
807,801.63
563,762.45
1,094,819.00
17.35
30.35
6.83
29.04
25.09
31.32
$99,069,563.34 $123,079,909.82
824,010,346.48
19.51
$10,987,984.80 $15,319,812.55
17,717,462.46 21,224,498.25
3,022,549.14
3,240,043.38
37,553,757.36 45,447,900.09
1.316,506.05
1,663,793.04
4,240,508.76
4,375,243.55
311,900.67
719,532.71
$4,331,827.75
3,507,035.79
217,494.24
7,894,142.73
347,286.99
134,734.79
28.28
16.52
6.71
17.37
20.87
3.08
$407,632.04
56.65
$74.526,867.90 $90,551,758.15
$16,024,890.25
17.70
324.542,69544 632,528.151.67
6,530,000.00
7,198,000.00
23,815.37
33,273.96
87,985.456.23
668,000.00
9.458.b9
24.55
9.28
28.43
817,988.880.07 $25,296,877.71
$7,307,997.64
28.89
$590.129.08
13.23
86.823.799.87
34.55
------- -
8114,558.69
45,573.34
146,808.63
25.88
5.92
90.28
----
$306,940.66
22.32
---- 37.130.740.53
33.76
$3,871,992.58
1,192.880.79
$4,462,121.66
1,086,949.48
8105,931.31
9:75
812,924,006.70 819,747,806.57
8328,170.98
724,333.89
15.812.98
8442,729.67
769,907.23
162.621.61
$1,068,317.85
$1,375,258.51
313,992,324.55 821,123,065.08
8155.288.90
9,009.70
130,468.95
8155,334.04
5,088.55
134,909.75
$294,767.55
8295,332.34
564.79
.19
313,697.557.00 320,827.732.74
- 87.130,175.74
34.23
$45.14
.03
4,440.80
$3,921.15
Iii")
77.06
811.998,661.88 $11,114,389.70 8884,272.18
1.877,000.00
1,771,366.16
105,633.84
208,440.09
241,748.15
7.96
5.96
----
$14,084,101.97 $13.127.504.01
7.29
2336,544.27
37.700.228.73
8956,597.96
33,308.06
---- 88,086,773.70
_---
3116
Financial Chronicle
April 23 1932
2
-PROFIT AND LOSS
Deficit transferred from income
$386,544.97
Dividend appropriations of surplus:
Preferred 7%:
Payable June 30, 1931 (3)5%)
1,029,773.50
Preferred 6%:
Payable June 30, 1931 (3%)
753,819.00
Common:
Payable March 31, 1931 (1 lei %)
$929 475 00
Payable June 30, 1931 (1%)
743,580.00 1,673,055.00
Depreciation on equipment sold, dismantled, destroyed, etc_
13,590.47
Loss on tracks removed
374,406.15
Loss on structures sold, removed and destroyed
248,289.44
etc
Sundry debit adjustments,
153,683.48
Balance, December 31, 1931 (Credit)
31,256,733.08
Balance, December 31. 1930
$35,510,160.38
Profit on property sold, exchanged, etc
296,340.33
Miscellaneous credit adjustments, etc., not affecting current
fiscal year
83,394.38
535.889,895.09
$35,889,895.09
3
-CONDENSED GENERAL BALANCE SHEET
DECEMBER 31. 1931 AND COMPARISON WITH PREVIOUS YEARS
ASSETS.
1931.
Investments:
Investment in road and equipment:
Road. (See page 17, pamphlet report)
$363,824,822.62
Equipment. (See page 17, pamphlet report)
147,375,047.33
Improvements on leased railway property. (See page 18, pamphlet report)853,763.01
Miscellaneous physical property. (See page 34, pamphlet report)
2,182,422.45
Investments in affiliated companies. (See pages 32 and 33, pamphlet report ,
Stocks
2,133,449.72
Bonds
6.586,442.99
Notes and advances
8,298,751.59
Other investments. (See page 33, pamphlet report):
Stocks
2,184.00
Bonds
20,682.50
Notes and advances
592.303 48
Total investments
1930.
Increase.
$358,096.777.12
147,575,373.33
841,440.10
2,260,913.64
$5,728,045.50
2,195,824.72
6,586,442.99
6,535,023.96
$200,326.00
12,322.91
78,491.19
62,375.00
1.763,727.63
1.749,848.00
59,700.00
731,987.19
1,747.664.00
39,017.50
139,683.71
$531,869,869.69
Total unadjusted debits
$20,537,383.68
$43,394.08
240,222 66
$24,119.45
49,257.56
$356,993.75
Total deferred assets
$1,208,453.63
$67,513.53
289,480.22
Unadjusted Debits:
Rents and insurance premiums paid in advance
Other unadjusted debits
1931
Securities issued or assumed—
1930
Unpledged. (See page 33,pamphlet report)-$4,519,477.50 $22,567,477.5)
Securities issued or assumed—
Pledged. (See page 33, pamphlet report)__ _63,083,000.00
45,035,000.0 )
$4,585,736.80
2,000.000.00
118,856.03
13,212.97
1,458,619.59
632,460.96
2,631,022.67
8,326,172.47
185,322.35
65,088.00
521,491.84
$17,789,114.54
Deferred Assets:
Working fund advances
Other deferred assets
$5,236,538.64
100,999.17
126,519.11
684,149.74
565,591.92
2,582,672.23
7,148,313.84
225,609.88
117,218.89
443,849.33
Total current assets
$526,633,331.05
$5,794,190.43
Current Assets:
Cash
Time drafts and deposits
Special deposits
Loans and bills receivable
Traffic and car service balances receivable
Net balance receivable from agents and conductors
Miscellaneous accounts receivable
Material and supplies
Interest and dividends receivable
Rents receivable
Other current assets
Decrease.
$283,616.74
$73,377.01
$21,875.79
1,486,263.56
$126,664.71
1,542,690.87
113,306.14
$2,000,000.00
17,856.86
773,869.85
66,869.04
48,350.44
1,177,858.63
40,287.53
52,130.89
77.642.51
$2,748,269.14
$104,788.92
56,427.31
$1,508,139.35
$1,669,355.58
• $551,524,117.33
$549,123,687.05
$29,422,189.00
25,127,300.00
74,877.200.00
$29,422,189.00
25,127,300.00
74,877,200.00
$129,426,689.00
517,477.50
$329,426,689.00
517,477.50
$128,909,211.50
$128,909,211.50
$384,997,865.00
67,085.000.00
$389,064,235.00
67,085,000.00
$4,066,370.00
Total outstanding in hands of the public
$317,912,865.00
Non-negotiable debt to affiliated companies. (See page 31, pamphlet report)_
$321,979,235.00
2,100.00
$4,066,370.00
2,100.00
Grand total
$161,216.23
$2,400,430.28
LIABILITIES.
Stock:
Capital Stock:
7% Preferred
*6% Preferred
Common
Total
Less held in treasury. Common. (See page 33, pamphlet report)
Total outstanding in hands of the public
Funded Debt:
Funded debt unmatured. (See page 20, pamphlet report)
Less held in treasury. (See page 33, pamphlet report)
Total funded debt
$317,912,865.00
$321,981,335.00
$4,068,470.00
Total capital liabilities
$446,822.076.50
$450,890,546.50
$4,068,470.00
Current Liabilities:
Loans and bills payable. (See page 31, pamphlet report)
Traffic and car-service balances payable
Audited accounts and wages payable
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
Total current liabilities
Deferred Liabilities:
Other deferred liabilities
Total deferred liabilities
Unadjusted Credits:
Tax liability
Insurance and casualty reserves
Accrued depreciation—Equipment
Other unadjusted credits
Total unadjusted credits
Corporate Surplus:
Additions to property through income and surplus
Appropriated surplus not specifically invested
Profit and loss: Credit balance. (See page 13, pamphlet report)
Total corporate surplus
Grand total
$8,750,000.00
1,027,417.21
5,017,373.64
120,470.98
1,587,71j6.17
$8,750,000.00
4,000.00
2,777,084.00
389,818.00
473,988.19
$1,641,230.85
6,172.775.32
158,903.94
1,610.546.68
954.75
13,000.00
2,815.771.07
427,134.73
561,470.45
$20,147,858.19
$13,401,787.79
$613,813.64
1,155,401.68
38,432.96
22,840.51
954.75
9,000.00
38,687.07
37,316.73
87,482.26
$6,746,070.40
$861,263.29
$865,113.32
$3,850.03
$861,263.29
$865,113.32
$3,850.03
$4,770,542.98
4,793.47
43,344,652.66
2,313,857.44
38,680,439.38
2,560,330.57
$50,433,846.55
$46,726,290.71
$3,707.555.84
$1,800,703.27
201,636.45
31,256,733.08
$1,498.715.35
231,073.00
35,510,160.38
$301,987.92
$5,485,520.76
$33,259,072.80
$549,123,687.05
246,473.13
$29.436.55
4,253,427.30
$3,980,875.93
$37,239,948.73
$551,524,117.33
$714,977.78
4,793.47
4,664,213.28
$2,400,430.28
(See Pages 34 and 35. pamphlet report, for indirect obligations.)
*Under toe final decree in the receivership eiuse, $10,000,060.00 six per cent, preferred stock was reserved to be issued in settlement of such claims as
might be allowed by the Special Master. Up to December 31, 1931 $127,300 of this stock had been issued.
NOTE.—In stating the assets and liabilities of the companies forming the Rock Island Lines, the holdings of The Chicago, Rock Island and Pacific
'
Railway Company in the bonds and capital stock of the auxiliary lines, together with loans between the various companies, have been eliminated from the
liabilities and a like reduction made in the assets pertaining thereto; the figures shown, therefore, represent the book value of the assets and the liabilities
without duplication.
Financial Chronicle
Volume 134
3117
ATLANTIC COAST LINE RAILROAD COMPANY
SYNOPSIS OF ANNUAL REPORT FOR YEAR ENDED DECEMBER 31, 1931.
Richmond, Va., April 19, 1932.
Stockholders of the
To the
Atlantic Coast Line Railroad Company:
INCOME ACCOUNT.
1930.
1931.
54,088,004.97 63,019,956.88 Dec.8,931,951.91
43.188,470.55 49,685,460.01 Dec.6,496,989.46
Dec.2,434,962.45
Net operating revenues_ -- _10,899,534.42 13,334,496.87 Dec. 750,000.00
4,775,000.00 5,525,000.00
Railway tax accruals
Operating revenues
Operating expenses
Net operating revenues, less
6,124,534.42 7.809.496.87 Dec.1.684,962.45
taxes
29,850.87 Dec. 16,723.07
13,127.80
Uncollectiblerallwayrevenue
Dec.1,668,239.38
Total operating income__ _ _ 6.111.406.62 7.779,646.00 Inc. 837,870.57
Equipment rents-Net__(dr)1,395,248.01(dr)557,377.44
4,716,158.61 7,222.268.56 Dec.2,506,109.95
12.915.67
-Net.__ (cr)31,950.75 (cr)19.035.08 Inc.
Joint facility rents
Dec.2,493,194.28
Netrallwayoperatingincome 4,748,109.36 7.241,303.64 Dec.1,904,826.59
4,712.983.75 6,617,810.34
Non-operating income
9.461.093.11 13.859,113.98 Dec.4,398.020.87
Dividends declared from
2,470,281.00 Dec.2.470.281.00
non-operating income_
9,461.093.11 11,388,832.98 Dec.1,927,739.87
6.765.458.50 6,825.731.50 Dec. 60,273.00
2,695,634.61 4.563,101.48 Dec.1,867,466.87
Interest and rentals
Miscellaneous deductions
from income
674,777.11
778,791.38 Dec. 104,014.27
2,020.857.50 3.784,310.10 Dec.1.763.452.60
Net income
INTEREST AND RENTALS.
1930.
1931.
$6,322.207.00 $6,322.207.00
Interest on funded debt
5,404.00
5,404.00
Interest on certificates of indebtedness
Interest on equipment trust notes of January 103,135.25
128,653.25
15, 1920
Dividend on equipment trust certificates of
118.625.00
99,125.00
February 1, 1921
Dividend on equipment trust certificates of 153.011.25
168,266.25
February 1. 1926
82,576.00
82,576.00
Rentals
$6.765,458.50 $6,825,731.50
DIVIDENDS.
Dividends were declared as follows during the year:
$9,835.00
$4,528,848.50
To Preferred Stockholders, 5 per cent
To Common Stockholders, 53 per cent
OPERATING REVENUES.
1931.
$
41,390,424.28
Freight
7,488,761.82
Passenger
61,950.28
Excess baggage
1,641,955.82
Mail
1.689,362.98
Express
All other transportation.. 460,412.13
Incidental & joint facility 1.355,137.66
Decrease.
1930.
$
46,428.030.38 5,037.606.10 10.85
10,538,341.06 3,049.579.24 28.94
18,022.16 22.54
79,972.44
50.132.44 2.96
1,692,088.26
252.654.14 13.01
1,942,017.12
181,001.46 28.22
641.413.59
342,956.37 20.20
1,698.094.03
54,088,004.97 63.019,956.88 8,931,951.91 14.17
Total
OPERATING EXPENSES AND TAXES.
1931.
$
Maintenance of way and
7,956,880.69
structures
Maintenance of equipm t 10.862,487.62
1,770.544.77
Traffic
20,105.137.73
Transportation
Miscellaneous operations 477,520.54
2,031.084.25
General expenses
Transportation for invest15,186.05
ment
-Credit
1930.
$
Decrease.
$
9,787,464.79 1.830,584.10 18.70
12,513,107.69 1,650,620.07 13.19
244.509.38 12.13
2,015,054.15
22,643,244.93 2,538,107.20 11.21
177,711.07 27.12
655,231.61
68,725.41 3.27
2,099.809.66
98,452.82
13,267.77 46.63
43.188,470.55 49.685,460.01 6.496,989.46 13.08
Total
750,000.00 13.57
Railway tax accruals...., 4,775.000.00 5,525,000.00
Total
47,963,470.55 55,210,460.01 7.246.989.46 13.13
OPERATING REVENUES AND EXPENSES.
Operating Revenues decreased
Operating Expenses decreased
Railway Tax Accruals decreased
Net Railway Operating Income decreased
14.17
13.08
13.571,
34.43%
Tile Ratio of Operating Expenses to Operating Revenues
was 79.85%, as compared with 78.84% for the previous year.
GENERAL REMARKS.
At the close of 1930, the prevailing sentiment was that the
depression had about reached the bottom, but the retrograde
movement in the economic life of the entire world continued
with greater intensity and more serious consequences
throughout the year 1931. Despite drastically depressed
prices for all products of agriculture, animals, mines and
forests,the volume of purchases for domestic and foreign consumption steadily declined, and, with the output of manufactures greatly decreased, there followed the inevitable reduction in employment and the curtailment of wage payments, reduced profits and severe shrinkage in the value of
all property. Little new capital was available and only in
exceptional cases could funds be borrowed by the sale of
long term securities. These conditions rapidly intensified
the decline in business which had been in evidence since
1927 in the territory traversed by your Company's lines.
As the year advanced, it became apparent the anticipated
early reversal of the trend would not be realized and that
extreme economy in operation was necessary together with
postponement, wherever possible, of expenditures for additions and betterments to property.
The operating results of your Company for the first half
of 1931 were encouraging by comparison, largely due to the
heavy movement of Florida citrus fruit and road building
materials coincident with economies effected in all branches
of the service, excepting that rental payments for refrigerator cars increased because of the increased movement of
fruits and vegetables.
Railway Operating Revenues of your Company for 1931
were $54,088,004.97, a decrease from 1930 of $8,931,951.91, or
14.17 per cent, and were less than in any year since 1917.
In that year, with lower freight and passenger rates, Railway Operating Revenues amounted to $44,063,331.25. For
the year 1926 Railway Operating Revenues of your Company amounted to $97,086,517.07, which is the high record.
Operating Expenses for 1931 aggregated $43,188,470.55, a
decrease of $6,496,989.46, or 13.08 per cent., from 1930, being
lower than in any year since 1918. In that year Operating
Expenses amounted to $42,663,303.00, and in 1926 amounted
to $70,701,770.46, the high record.
The detailed statement of Operating Expenses, on page
58 [pamphlet report] reflects the continued application of
economies in each department of the service. The heaviest
decreases occurred in the Maintenance and Transportation
Departments, owing to reduced freight and passenger train
operations. Your Company's road property has been maintained during the year to its high standard and there is a
large surplus of power and cars in first class condition.
Notwithstanding the drastic decline in revenues, the ratio
of Operating Expenses to Operating Revenues was 79.85%
in 1931, compared with 78.84% in 1930.
Income Balance transferred to Profit and Loss at December 31, 1931, was $1.943,001.06, compared with $3,697,747.75 at December 31, 1930, a decrease of $1,754,746.69.
However, as extra dividends, amounting to $2,470,281.00 on
Common Stock were charged to Non-operating Income in
1930, and no such dividends were charged in 1931, the actual
decrease in the income balance before payment of dividends
was $4,225,027.69.
Income balance transferred to Profit and Loss of your
Company in 1931 was lower than the net income of any year
since 1903, excepting the year 1921. The operating results
of your Company and the United States Railroad Administration combined for the year 1920 showed a deficit, but
the operations for the years 1920 and 1921 were seriously
affected by post-war conditions.
Rates and Traffic: In the effort to stimulate passenger
travel, special reduced fares have been put into effect from
time to time without appreciable result. Faster schedules
for through passenger trains, with modern equipment, have
been maintained and every effort made to secure the patronage of the public by furnishing superior and more comfortable transportation. Unseasonably warm weather in the
North during the 1930-1931 season, and to a still greater extent during the 1931-1932 season, perceptibly affected travel
to Southern Winter resorts. Long distance bus lines and
coastwise steamships also have experienced a decline in
passenger traffic but competition with such carriers is
severe. Local passenger travel again decreased during the
year owing to economic conditions and competition of private
automobiles and local bus lines.
Freight rates have been reduced in many instances in an
effort to meet the serious competition of "contract trucks"
and "peddler trucks" and water carriers operating during
seasonal periods of commodity movements. These reductions were for experimental periods but generally have not
been successful in restoring traffic to your line.
Railroad Credit Situation: As the serious credit and financial situation of the railroads became increasingly manifest
during the year, the necessity of stabilization impelled the
carriers to apply to the Interstate Commerce Commission for
a fifteen percent. freight rate increase, which the carriers
estimated would, if granted produce between $400,000,000
and $500,000,000 additional revenues. The Commission de-
Financial Chronicle
3118
April 23 1932
nied this application but authorized certain conditional in- struction Finance Corporation, with authority to issue
creased rates on various commodities and services and esti- $500,000,000 of capital stock, to be subscribed for by the
mated same would provide between $100,000,000 and $125,- United States, and to issue bonds or notes to an amount not
000,000 additional revenues to the carriers as a whole, to be exceeding three times the amount of capital stock subscribed
pooled and used to avoid defaults in payment of fixed in- for. The Reconstruction Finance Corporation is authorized
terest obligations of needy carriers. The conditions sug- to make secured loans to aid in financing agriculture, commerce and industry in general, including banks, insurance
gested by the Commission were met tiy the promulgation of
a Plan for the Marshalling and Distributing of the fund companies and, with approval of the Interstate Commerce
arising from the increased rates, which was adopted by Commission, railroad carriers, whether or not in receiverpractically all of the Class I railroads of the country, ship, when unable to obtain funds on reasonable terms from
effective January 4, 1932, and by the formation of The Rail- other sources. The Reconstruction Finance Corporation is
road Credit Corporation to which each participating carrier to exist for not more than ten years from January 22, 1932,
will pay over monthly to and including March, 1933, the and loans made by it shall be for no longer than three years,
amount of additional freight revenues received from the inwith provision for renewals, so that the whole term shall
creases authorized by the Commission. Said increases be- not exceed five years.
The several means now organized and in operation under
came effective on interstate traffic January 4, 1932, to continue until March 31, 1933. The Railroad Credit Corporawhich assistance may be given to the Nation's railroad
tion will, so far as practicable, and not later than May 31, carriers have been distinctly helpful and warrant hope that
1933, make loans, secured by best available collateral, with further distress will be averted.
maturities of not more than two years, renewable for two
Salaries and Wages: The total payroll of your Company
years additional, to carriers which are not otherwise able charged to Operating Expenses for the year 1931 amounted
to meet their fixed interest obligations. Carriers in default to $27,940,453.30, compared with $30,904,020.68 for the year
January 4,1932, or then in receivership neither contribute to 1930, a decrease of $2,963,567.38, or 9.59%. In December,
nor will receive loans from The Railroad Credit Corpora- 1931, there were 19,003 employes in your Company's service,
tion. Said Corporation is chartered by the State of Dela- compared with 22,070 in December, 1930. The persistent deware to exist until December 31, 1937, and its net assets in cline in volume of freight traffic and passenger travel has
liquidation are to be distributed in proper proportion to the necessarily brought about lessened opportunity for employcontributing carriers. Your Company is a party to this
ment. Effective January 1, 1932, salaries of all officers and
plan and tlus additional freight revenue to accrue to it for
officials acting in supervisory capacities were reduced ten
1932, from the increased rates, is estimated will amount to
per cent., and, effective February 1, 1932, to continue for a
$750,000. The additional revenue, excepting a small per- period of one year, salaries and wages of all other employes
centage for overcharge claims,etc., will be paid over monthly
were reduced ten per cent. The reduction in Operating Expenses to be effected over a twelve month period by such
to The Railroad Credit Corporation, but any taxes paid by
your Company upon the additional revenue will be refunded
decreases in salaries and wages is estimated at $2,000,000.
The Board of Directors acknowledges its appreciation of
by the Credit Corporation. The amount which will ultimately
be repaid to your Company upon liquidation of The Railroad support by the patrons of the Company and of the services of
Credit Corporation depends largely upon how successful the its officers and employes, especially under the existing trycarriers borrowing from that Corporation are in meeting ing conditions.
their obligations.
GEO. B. ELLIOTT, President.
Reconstruction Finance Corporation: Subsequent to adop- LYMAN DELANO,
tion of the plan respecting the increased freight revenues
Chairman.
For comparative General Balance Sheet, Income Account, &c.
above mentioned, the Federal Congress created the Reconsee
"Annual Reports" in "Investment News" column s.
Westchester Fire Insurance Co.
-Defers Dividend.
Action has been deferred on the dividend ordinarily payable about May 1
on the capital stock, par $10. On Feb. 1 last a quarterly distribution of
50 cents per share was made, while during 1931 the company paid each
quarter a regular dividend of 50 cents and an extra of 10 cents per share.
-V.133, p. 2777.
Westinghouse Air Brake Co.
-New President, &c.
-
Charles A. Rowan has been elected President succeeding A.L.
who assumed the newly created post of Executive Director. Humphrey.
The change in officials was made as part of a program to consolidate the
managerial staff of this company and its subsidiary. the Union Switch &
Signal Co. Mr. Rowan formerly was elected Vice-President of both companies.
-V. 134, p. 2363.
(S
•
S.) White Dental Mfg. Co.
-Dividend Omitted.
-
The directors on April 22 omitted the declaration of the quarterly dividend
ordinarily payable about May 1. A distribution of 10 cents per share was
made on Feb. 1 last. 15 cents on Nov. 2 1931. 20 cents on Aug.
1 1931 and
30 cents per share previously each quarter.
-V. 134, p. 741.
(H. F.) Wilcox Oil & Gas Co.(& Subs.).
-Earnings.
Calendar YearsOperating earnings
061 income
1931.
1930.
$3,417,929 $5,412,561
67.601
Total income
Operating expense
Prop. & lease aban., &cInt. chsos., less int.e,arned
Cap.stk. sell. exp. amort
Sundry
Depl. & deprec, on cost_
Prov. for contingencies-
$3.417,929
3,244.412
278.995
54.647
909,656
Net profit before Fed.
taxes
def$1.069.783
Surplus Dec.31
2,362.013
Adjustments
Cash dividends paid_
1929.
1028.
$4,190,220 $2,666,016
91.131
42.127
$5,480,162 $4,281,352 $2,708,143
3.651.535
2.473,590
1.064.186
66.989
240.790
358.974
164.759
32,656
94.761
57,726
57.127
30.000
36.965
2,772
14.503
899.390
744,127
643,466
100.000
125.000
120,000
$502.797
1.859.217
$518.928
1.331.671
Cr8,616
$468,612
1,184,776
Dr231.716
Profit & loss surplus__ 51,292,231 $2,362,014 $1,859,216 31,331.671
Shares of capital stock
outstanding (no par)428.967
428.967
428.967
428,967
Earns, per sh.on cap. stk
Nil
$1.17
$1.21
81.09
Consolidated Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
AssetsLiabilities-.
$
5
Cash
58,152
191,304 Notes payable_ - - 874,111 1.025,000
U.8. Treas. notes_ 250,000
Accts. payable_ _ _
399,787
302,174
Accts.receivable._ :318,356 b283.200 Accrued taxes- _ _ 116,264
22,317
Inventories
67,500
734,403 1st mtge, note pay.
517,858
97,500
Advances
1,381,357
6% 1st mtge.bonds 1,794,500 1,800,000
Tress.stk. cost) 117,106
(at
328,550
79.236 Res. for conting_
98,562
Corporate bonds_
1,646,582
129,157 Preferred stock_
Sundry am.& adv 289,269
217,888 Common stock_ _a10,768,433 10,768,433
Sundry securities.. 102,945
Profit & loss Burp_ 1,292,231 2,362,014
Property emote__ y2,162,457 2.353,840 Sur. from app, in
Undev. lessee (at
val. of oil prop.
005t)
1,581,088 1,704,122 & leases,
Physical Propert z4,790,792 4,980,777
lees stk. dive_ 1,675,124 4,075,124
APPree. of leases- _ 7,260,845 9,660,845
Deferred meta_
132,857
216,354
Total
18,983,084 20,551,125
18,963,084 20,551,125
Total
z After deducting for doubtful accounts of $20,000. y After deducting
allowance for depletion of $4,315,917. z After deducting allowance for
depreciation of $4,649,267. a Represented by 428.967 no par shares.
b Includes notes receivable.
-V. 134, p. 2928.
(R. C.) Williams & Co., Inc.
-Acquires Capital Stock.
The directors have declared the regular quarterly dividend of 17%
cents
per share on the capital stock, payable May 2 1932 to holders of record
April 26.
The company announces it has retired 7,300 shard; of capital stock
acquired at favorable prices during the preceding year, reducing the amount
outstanding from 119,300 shares to 112,000.-V. 133, D. 2615.
Witherbee,Sherman & Co.
-Protective Committee Formed
Upon advises that the company, operators of iron mines and furnaces.
will be unable to meet the interest payment due May 1 on Its first mortgage
6% sinking fund bonds. series A. a protective committee for these bondholders has been formed with R. 0. Hayward of Dillon, Read Sc Co. as
Chairman. Other members of the committee are W. W.Ayres of Kean.
Taylor Sc Co. and John V. W. Reynders, consulting engineer. Paul M.
Strieffler is Secretary 65 Cedar St., N. Y. City, and cotton, Franklin.
Wright Sc Gordon,63 Wall St., N. Y. City, are Counsel.
The committee reports that a reorganization plan for the company
Is being formulated and will shortly be announced to bondholders. A
protective agreement for the deposit of bonds is being prepared but the
committee is not at this time requesting deposits.
(Wm.) Wrigley Jr. Co.
-Earnings.
-For income statement ended March 31 see "Earnings Department" on
preceding page.
-V. 134. p. 2363.
(L. A.) Young Spring & Wire Corp.
-Earnings.
-
For income statement for three months ended March see "Earnings
Department" on a preceding page.
-V. 134. p. 2928.
Youngstown Sheet & Tube Co.
-Obituary.
-
Richard Garlick, a director and a member of the executive committee,
died at Daytona Beach. Fla ,on April 15.-V. 134. p. 2711, 2741.
Zonite Products Corp.
-Earnings.
-For income statement for three months ended March 31 see "Earnings
Department" on a preceding page.
-V. 134, p. 2171.
CURRENT
NOTICES.
.-Gail Golliday has been appointed Manager of the Chicago office of
Bonbright Sc Co. to fill the vacancy created by the recent resignation of
William J. Wardall.
Alfred Rentz, formerly with Clinton Gilbert & Co., is now associated
with William B. Nichols & Co., Inc., as manager of their bank stock
department.
Dr. Max Winkler has become associated as Economist with Weingarten
Eleemann & Co., members New York Stock Exchange, 120
Broadway,
N. Y. City.
- J. Chadwick, formerly of Scott Sc Chadwick, has
T.
opened an office
at 15 William Street to conduct a brokerage business in municipal bonds.
-Benjamin A. Brooks has become associated with Swart, Brent Sc Co..
Inc., as manager of the trading department in their Philadelphia office.
-Halsey, Stuart Sc Co., Inc., have prepared a folder containing a resume
of earnings and mortgage debt of 45 Insull operating companies.
Edward B. Smith Sc Co.. have prepared a 20
-page booklet containing
a review of the growth of the Manufacturers Trust Co.
-N. S. Chadwick, formerly with the Standard Statistics Co., is now
associated with F. T. Sutton Sc Co., Inc., 70 Wall St., N. Y.
James Talcott, Inc., has been appointed factor for the Morrison
Mills, Tilton, N. H., manufacturers of woolens.
-Phelps Sc McKee, members New York Stock Exchange, have removed
their offices to 120 Broadway.
Financial Chronicle
Volume 134
3119
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-METALS
-DRY GOODS
-WOOL
-ETC.
COMMERCIAL EPITOME
The.introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter. in a department headed INDICATIONS OF BUSINESS ACTIVITY.
Friday Night, April 22 1932.
%
COFFEE on the spot was firmer at 93 to 97 e.for Santos
A
4s and 7% to 8e. for Rio 7s. Maracaibo, Trujillo, 93j. to
93404 Cucuta, fair to good, 103j to 10%c.; prime to choice,
3
11 to 11 Ac.; washed, 103/i to 10%; Oeana, 10% to 104c.;
1
Bucaramanga, natural, 10% to 103 c.; washed, 10A to lie:;
%
Honda, Tolima and Giradot, 11%c.; Modelin, 12
Mexican, washed, 14 to 15c.; Ankola, 25 to 34c.; Mandheling,
25 to 32c.; Genuine,Java,23 to 24c.; Robusta, washed,810.;
,
Mocha, 13 to 140.; Harrar, 12 to 123.4c.; Abyssinian, 93% to
10e.; Guatemala, prime, 103 to 11%c.; Bourbon,9% to 10e.
%
On the 18th cost and freight offers one or two shippers revised
their levels from asking prices of last week. For prompt
shipment,Santos Bourbon 2-3s were here at 9.65e. to 10.60c.;
3s at 9.45 to 9.90c. On the 19th cost and freight offers from
Brazil were scarce. For prompt shipment, Santos Bourbon
2s were here at 10.00 to 10.15c.; 2-3s at 9.65 to
3s
at 9.35 to 9.95e.; %a at 9.25 to 9.60c.; 3-5s at 9.20 to 9.40e.
10.20e.•9
Spot coffee in New York, 9H to 9%c. for Santos 4s and
75% to 77 c.for Rio 7s.
4
On the 20th cost
-and-freight offers were in moderate supply. For prompt shipment Santos Bourbon 2s were quoted
at 10e. to 10.20e.; 2-3s at 9.65 to 10.15e.;3s at 9.25 to 9.90e.;
3-4s at 9.35 to 9.85e.; Spot prices were slightly firmer at
/
93 to 97 3s. for Santos 4s and 73% to 8e. for Rio 7s. On the
4
20th it was stated by the Exchange here that an increase of
45,000 bags in the total world's visible supply of coffee took
place in March. The total world's visible supply, which
includes Brazilian warehouse stocks and all restricted stocks,
was 37,159,145 bags on April 1, compared with 37,114,920
bags on March 1 and 31,485,351 bags on April 1 1931,
according to the Exchange's statistics. On the 21st the
offerings of cost-and-freight coffee were only moderate.
Prompt Santos Bourbon 2s were 10.20c.; 2-3s at 9.65 to
10.15c.; 3s at 9.30 to 9.95c.; 3-4s at 9.35 to 9.85c.; 3-5s at
9.20 to 9.35e.; 4-5s at 9.10 to 9.25e.
The National Coffee Council for the week ending April
16 destroyed 112,000 bags of Santos coffee, 6,000 bags of
Rio coffee and 9,000 bags of Victoria coffee. To date at
Sao Paulo there have been burned 140,000 bags of coffee.
Total destruction to date, 3,150,000 bags of Santos coffee,
926,000 bags of Rio and 242,000 bags of Victoria, which,
with the 140,000 bags destroyed at Sao Paulo, makes a
total of 4,478,000 bags.
To-day some of the cost and freight offerings from Brazil
were lower, others unchanged, particularly for the more desirable descriptions. Prompt Santos Bourbon 2-3s were here
at 9.65 to 9.75c.; 3s at 9.35 to 9.95c.; 3-4s at 9.25 to 9.75;
3-5s at 9.10 to 9.40e. Some here say that a large percentage
of the coffee remaining in Brazil is of poor roasting quality
and undesirable grades while many of the bids cabled from
this market to Brazil are for highly described coffees. Later
to-day private cables received in the trade from Brazil in
response to a local bid for cost and freight coffee under the
market rejected the lower prices and said: "Exchange very
firm, higher prices sure to-morrow." The dollar buying
rate at Santos declined 30 points from Wednesday to 14$560.
The Santos exchange on London is 5-64d. higher than April
14 at 4 7-16d. On the 16th inst. Rio futures here declined 3
points but Santos advanced 3 to 5 points. Total sales of
both, 25 lots. Covering by home and European interests
was the only feature and this was not at all striking. On the
18th inst. Rio futures here closed net unchanged to 2 points
higher; sales, 7,000 bags. Sautes closed 1 to 3 points lower
with sales of 5,000 bags. It was a narrow trading market
with no striking features.
On the 19th inst. Santos futures here declined 2 to 7
points with sales of 17,250 bags on selling by Europe mostly.
Rio futures here ended 2 to 5 points higher after sales of
only 2,500 bags. The Coffee Institute of Sao Paulo reports
to the Exchange that coffee stocks in Sao Paulo interior
warehouses and at railways on March 31 were 16,310,000
bags, exclusive of the 9,851,000 bags the property of the
National Coffee Council. The stocks include Minas
Geraes. Total interior warehouse receipts during March
amounted to 1,541,000 bags. Receipts of coffee in Sao
Paulo warehouses and railways for shipment to Santos for
nine months in 1931-1932 amounted to 18,403,350 bags,
which compares with 9,305,550 in 1930-1931, 18,171,480
in 1929-1930 and 5,339,689 in 1928-1929, the cables reported.
On the 20th inst. Rio futures closed 2 to 6 points net higher;
sales, 1,000 bags. Santos closed 10 to 12 points higher with
sales of 2,000 bags. The trading, it will be seen, was very
small. Brazilian exchange was firmer; dollars were 30 reis
lower at 1495590. On the 21st inst. Rio futures here closed
1 point lower to 2 points higher with sales of 2,000 bags.
Santos closed 3 to 6 points higher with sales of 10,000 bags.
There was a holiday in Brazil, which kept down trading
here. To-day Rio futures here closed 1 to 2 points lower
with sales of 7,000 bags; Santos futures 3 to 6 points off
with sales of 8,000 bags. Final prices show an advance for
the week on both contracts of 2 to 8 points.
Rio coffee prices closed as follows:
Spot unofficial
May
July
Santos coffee
Spot unofficial
May
July
I September
7% I
6.45 nom December
6.30 nom March
6.240110M
6.21@nom
6.21@nom
prices closed as follows:
1)% Ql
8.55
8.69
September
December
March
8.69© --8.69(
8.69 nom
COCOA to-day closed unchanged to 2 points lower with
May 3.96c.; July, 4.25c.; Sept., 4.40c.; Dec., 4.56c., and
March, 4.73e. Final prices show a decline for the week of
8 to 13 points. To-day Liverpool futures opened 3 to 6d.
lower. Both the Liverpool and London spot markets opened
unchanged. The New York licensed warehouse stocks April
25th, 522,613 against 519,428 on the previous day,and 190,180 last year. Arrivals in New York since April 1st, 131,785
against 181,789.
SUGAR.
-On the 16th inst. futures advanced 2 to 3
points but reacted later and closed unchanged to 4 points
net higher with sales estimated at 9,950 tons. Licht's crop
estimate was expected to be sharply cut. Spot raws advanced 5 points to 2.70c. asked. Receipts at U. S. Atlantic
ports for the week were 56,474 tons against 74,688 tons in
the previous week and 61,327 in the same week last year;
meltings, 45,763 tons against 42,828 in previous week and
54,978 in the same week last year; importers' stocks, 183,798
tons against 171,638 in previous week and 152,869 in same
week last year. On the 16th inst. London closed firm at
34 to ld. advance. Liverpool closed firm and unchanged to
34d. higher. On the 18th inst. prices closed 4 to 5 points
lower as Licht's estimate of sowings of beet sugar in Europe
was larger than expected. It showed a decrease of about
8%. Also the estimate for Russia under the 5
-yeas plan
called for an increase of 13% over last year's,so that Europe's
total including Russia would show a slight increase over
last year. Wall Street and scattered interests were liquidating. Cuba sold on a moderate scale. Finally there was the
liquidation of May. Of actual sugar sales were 8,500 tons
of Philippines for late April and early May arrival, 4,150
tons Porto Ricos prompt and 1,500 of Porto Ricos prompt
at 2.63e.; also 5,000 bags of Porto Rico at 2.63c. F. L.
Licht's estimate on European beet sugar acreage for 1932
as received by the Exchange here said: "European sowings
exclusive of Russia are 1,405,000 hectares for 1932,compared
with 1,525,000 hectares for 1931. Sowings for Russia: are
1,690,000 hectares for 1932 compared with 1,495,000 for
1931." A hectare is 2.47 acres.
On the 18th Havana cabled the weekly Cuban sugar
statistics as follows: "Arrivals, 56,296 tons; exports, 77,264
tons and stock, 1,277,308 tons. The exports were distributed
as follows: to New York, 12,897 tons; Philadelphia, 2,354;
Boston, 3,555; Baltimore, 3,843; New Orleans, 18,503;
Savannah, 497; Norfolk, 6,159; Charleston, 961; Wilmington, 1,320; interior U. S., 102; Nassau, 589; Canada, 4,847;
United Kingdom, 11,538; Belgium, 1,132; Uruguay, 987;
Hongkong, 7,980 tons. Centrals grinding, 51, against 65 a
week ago." On the 19th inst. futures got down to a new low
for May,57e. early, but afterward came something of a rally.
A report that the Cuban House of Representatives is considering a bill prohibiting exports of sugar until the price reaches
le. in warehouse, Cuba, caused covering and the upturn.
The trading here was estimated at 17,400 tons. Of actual
sugar, 12,000 to 15,000 bags of Porto Rico prompt sold at
2.61e. On the 19th London opened 13 to 2d. lower and at
%
3:15 p. in. was steady and unchanged to 54d. higher than the
opening. Liverpool opened steady and unchanged. Vienna
cabled: "The First Croatian Savings Bank at Agram suspended payments. Bank has a capital of 75,000,000 dinars..
The failure has occasioned some consternation in Jugoslavia." On the 19th, Havana cabled: "Cuban Sugar Institute learns from Amsterdam that Java will not sell white
refined below 1.13 f.o.b. Java." Amsterdain cabled.
"Official estimate of Javanese sugar production for 1932 is
2,223,000 tons for Union of Producers and 275,000 tons for
non-associated mills. The final result is expected to total
2,400,000 tons."
On the 20th inst. futures declined 1 to 2 points under.
May liquidation. The first May notice day is on Monday
next. Spot raws were steady at 2.61c. for Cuban delivered.
Sales included 5,500 tons of Philippines in port, or about
2.61c.; 18,000 bags of Porto Rico clearing April 27 at 2.61c.;
and 2,000 tons of Philippines June-July shipment at 2.73c.
Refined was 3.90c. with a good business, mostly on orders
stipulating the 4
-payment plan. On the 20th London
opened 3 to 3/d. higher and at 3:15 p.m. was 34 to %d.
2
Financial Chronicle
3120
net higher. Deliveries of all United States beet sugar companies during March totaled 1,956,981 bags compared with
1,657,535 bags in March last year, according to the Domestic Sugar Bureau. Deliveries from Jan. 1 to March 31
totaled 5,819,204 bags as against 4,552,733 in the same
period a year ago. The Sugar Club of Havana reports production to April 15 of 2,433,000 tons as compared with
2,968,000 tons for the same period a year ago. On the
21st inst. futures closed unchanged to 1 point higher with
estimated sales of 38,100 tons. Trading in May sugar made
up a large part of the day's business. Cuban interests
bought May and sold later months. Liquidation of May
on the eve of May notices expected to be fairly large was
the leading feature. Of actual sugar 2,000 tons of Philippines for June-July shipment sold at 2.73e. to Philadelphia.
For nearby sugar 2.61e. it was understood was bid and little
or none offered.
On the 21st London opened easy at IA to 1%d. decline,
but firmed up later and at 3:15 p.m. was unchanged to
130. above initial prices. Liverpool opened quiet at
decline. Stocks of raw sugar in licensed warehouses in
New York are now 916,690 bags, against 585,962 last month
and 950,155 last year. To-day sales included 13,000 bags
due May 9 or early in May at 2.63c. Futures advanced 2
to 3 points on covering of hedges, but reacted on scattered
liquidation. It was 74 degrees here at 3 p.m. The warm
weather if it continues may cause larger consumption.
Futures here closed unchanged to 2 points higher with sales
of 40,250 tons. Final prices for the week show a decline of
2 to 4 points. To-day London cabled "Terminal market
firm. Yesterday parcel sold 4s. 3d. cargo Marseilles 4s.
55id• To-day parcels obtainable 4s. 4%d. Trade, new
business, practically nil." The C.& H. has reduced freight
selling basis in the Middle West to a level of 10c. under
New Orleans barge rates on all business. Other refiners, it
is said, are expected to meet this rate. To-day London
opened steady and unchanged to Md. advance and at 3:15
p.m. was firm, at advances of % to Id. from initial prices.
Liverpool opened quiet and unchanged.
Closing quotations follow:
Spot unofficial
May
July
September
December
0.63®
0 59(0.60'January
March
0.68@
0.75@0.76
0.83@ -- o.85@0.86
0.9000.91
-On the 16th inst. futures declined 2 to 8 points.
LARD.
On the 18th inst. futures ended 5 points lower. Declines
in grain offset a better market for hogs. Western hog receipts were 115,100, against 123,300 last year. Exports
of lard from New York on Saturday were 560,000 lbs. and
'for the week 3,500,000 lbs., against 3,029,000 the week previously. Cash prime Western, 4.80 to 4.90c.; refined to
the Continent, 5e.; South America, 53c.; Brazil, 6c. On
the 19th inst. futures closed 5 to 7 points lower. Hogs were
steady. Liverpool was 3d. to 6d. off. Cash lard was
lower; prime Western, 4.75 to 4.8504 refined 5c. for the
'Continent, 53o. for South America and 6e. for Brazil.
'Contract stocks of lard at Chicago in the first two weeks
.of the current month showed an increase of 3,545,303 lbs.,
against an increase of 3,553,045 lbs. for the same period last
year. On the 20th inst. futures closed unchanged to 5 points
higher. Hogs advanced 5 to 10e. Western receipts were
62,500, against 75,700 a week ago and 89,900 last year.
On the 21st inst.futures closed 5 to 8 points higher with hogs
5 to 10o. up. Cash lard was firmer at 4.85 to 4.95e. for
prime Western; refined to Continent,53,3c.; South America,
,
53ge.; Brazil, 6%e. To-day futures closed unchanged to
2 points higher. Final prices show a drop for the week of
2 to 8 points.
DAILY ()LOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Fri.
Mon. Tues.
Wed. Thurs.
May
4.35
4.35
4.35
4.30
4.27
4.25
July
4.45
4.50
4.47
4.40
4.47
4.40
September
4.62
4.57
4.62
4.50
4.60
4.55
Season's High and When MadeSeason's Low and When Made
May
Apr. 19 1932
4.22
Nov. 14 1931 May
7.00
July
Apr. 19 1932
5.50
4.35
Feb. 1 1932IJuly
PORK quiet; Mess, $16.75; family, $18.25; fat backs,
$12.75 to $14.75; Ribs, Chicago, cash 4.62e. Beef dull;
Mess nominal; packer, nominal; family, $13 to $13.50;
extra India mess nominal; No. 1 canned corned beef, $2;
,
No. 2 $3.50; six pounds, South America, $10.50; pickled
beef tongues, $45 to $50. Cut meats quiet and steady;
pickled hams, 14 to 16 lbs., 93'c.; 10 to 12 lbs., 103o.;
bellies, clear, f.o.b., New York, 8 to 12 lbs., 8%c.; 6 to 8
lbs., 8%o.; bellies, clear dry salted, boxed, 18 to 20 lbs.,
6103.; 14 to 16 lbs., 6%e. Butter, lower grades to higher
than extra, 18 to 213(e. Cheese,flats, 103/i to 1904 daisies,
11 to 160.; Young America, 113 to 173'c.; lower grades, all
%
kinds, 10 to 123.e. Eggs, medium to special packs, 11 to 170.
OILS.
-Linseed was quoted at 6.5e. carlot basis AprilAug. shipment, and concessions were understood to be
obtainable. Trading was small. Early Argentine cables on
the 21st inst. were He. higher for near seed delivery at
60%e. and Duluth declined Mc. early to $1.34%. Cocoanut, Manila coast tanks, 3%c.; tanks, New York, 33'o.
Corn, crude, tanks, f.o.b. Western mills, 3 to 33'c. Olive,
denatured, spot, 61c.; shipment, 560. Chinawood, N. Y.
drums, carlots, tanks, 5% to 5%c.; Coast tanks, 33" to
33t1e.; Pacific Coast tanks, 5 to 53'c. Soya bean, tank
ears, f.o.b. Western mills, 2% to 23'c.; carlot delivered,
N. Y., 334 to 4c.; L.c.I., 4% to Sc. Edible olive, $1.65
%
to $2.15. Lard, prime, 93 c.; extra strained, winter,
April 23 1932
N. Y., 7c. Cod, Newfoundland, 21 to 26e. Turpentine,
44 to 50e. Rosin, $3.15 to $6.20. Cottonseed oil sales
to-day,including switches,22 contracts. Crude S. E.,2%e.
bid. Prices closed as follows:
Spot
May
July
August
September
3.40©
3.45@3.52 October
November
3.54@
3.60@3.85
3.693.70
3.77©3.79
3.88 3.90
-There was a better jobbing demand for
PETROLEUM.
gasoline owing to the better weather of late. The market
was generally stronger. A sharp decrease in stocks last
week improved sentiment. Below 65 octane number in
tank cars at local refineries was unchanged at 63ic., while
above 65 octane was firm at 634 to 7c., same basis. Fuel
oils were steady. Grade C bunker fuel oil was also steady
at 650. at refineries. Diesel oil was still $1.30 same basis.
Kerosene was firm at 53j to 534c. for 41-43 water white in
tank cars refineries. Lubricating oils were well maintained.
Bright stock was in better demand. Warner-Quinlan Co.
advanced the price of bulk motor gasoline in tank cars at
/
refineries %c. and is now posting 63 0. The Tide Water
Co. raised bulk gasoline %c. at its deepwater terminals
along the Atlantic seaboard. Aviation gasoline is tending
upward owing largely to the strength of bulk gasoline.
Tables of prices usually appearing here will be found on an earlier page in
our department of "Business Indications," in an article entitled "Petroleum
and Its Products."
-On the 16th inst. futures advanced 4 to 6
RUBBER.
points and then reacted and closed unchanged to 2 points
higher; sales 180 tons. July No. 1 standard,3.07c.; Dec.,3.35
to 3.38e. On the 16th inst. London opened quiet and 1-16d.
lower to 1-16d. up and closed dull; April, 1 13-16d.; May and
A
June, 17 d.; July-Sept., 1 15-16d. Singapore closed unchanged to 1-16d. higher; April, 1 9-16d.; July-Sept., 134d.
Singapore market was closed on Monday, the 18th, in
observance of Han Rave Haji. On the 18th inst. prices
ended 2 to 4 points lower with sales of 360 tons of No. 1
standard. Spot rubber was firmer. Singapore was closed.
London ended unchanged. According to one view here
rubber production by the native in the Dutch East Indies
will cease almost entirely, a trend which is disclosed by the
important emigration of natives from the outer possessions
of the Dutch to Java. It is pointed out that the Dutch
government authorities stated as long ago as last fall that
native rubber production had already become a matter of
secondary importance. Production fell off from 869,000 tons
in 1920 to 797,000 tons in 1931, but this curtailment merely
reflected the elimination, it is stated, of the marginal producers and weekly financed companies. On the 18th inst.,
London closed dull, unchanged to 1-16d. off. April, 113-16d.;
May and June, 13/sd.; July-Sept. 2 1-16d. London's stock
decreased 298 tons last week to a total of 63,717 tons.
Liverpool's increased 470 tons to a total of 61,302 tons;
net change for the week, an increase of 172 tons compared
with unofficial estimates for an increase of 450 time
On the 19th inst. futures advanced early 5 to 7 points
closing with standard 2 points lower to 4 higher and the
sales of standard 810 tons, against 360 the day before,
closing with May, 30.• July, 3.07c.; Aug., 3.11c.; Sept.,
3.16e., and Dec., 3.31 to 3.34e. Outside prices: Spot,
April and May, 2 15-16 to 3 1-16c.; June, 3 1-160.; July-Dec., 33go.; spot, first latex thick
Sept., 3 3-16c.• Oct.
/
g
33/ to 3 15-164:.; clean thin brown No. 2, 13-160.; No. 2
4
and No. 3 amber, 2 15-160.; No. 4, 23 e. On the 19th
Singapore closed steady and unchanged May,1/d. London
at 3.37 p.m. was quiet, unchanged to 1-16d. up. On the
20th inst. futures closed unchanged to 7 points higher with
sales of 380 tons against 810 the day before. London was
rather firmer. No. 1 standard contract May here closed
at 3.00 to 3.03e.; Oct., 3.22c.; Dec., 3.34 to 3.35c.; March,
3.53c.; spot, 3o. Outside prices: Spot, April and May,
2 15-16 to 3 1-160.; June, 3 1-160.; July-Sept., 3 3-160.;
K
-Dec., 31 03.; spot, first latex thick, 334 to 3 15-160.;
Oct.
thin pale latex, 33/g to 3 15-16c.; clean thin brown No. 2,
/
/
27sc.; rolled brown crepe, 230.; No. 2 amber, 2 15-160.;
4
No. 3, 2 15-16c.; No. 4, 23 c. The earnings reports of
a batch of twelve rubber producing companies released in
London show that eleven of them sustained losses on 1931
operations. Only two made production costs known. The
Batu Tiga Rubber Estates places its average cost at 2.76d.
per pound, down 1.51d.from 1930. The Edinburgh Rubber
Estates estimates its per pound production cost at 4.94d.,
down 0.11d.
On the 20th London opened quiet and unchanged; at
3:35 p.m. was quiet and unchanged to 1-16d. advance;
June, 13/gd.; July-Sept., 2d. Singapore
April-May and closed steady and unchanged; May, July and Sept., PAd.
On the 20th London closed steady and unchanged to 1-16d.
A
higher; April and May, 17 d.; June, 1 15-16d.; July-Sept.,
2d.; Oct.-Deo., 2 1-16d. On the 21st inst. futures closed
6 to 13 points higher with sales of No. 1 standard up to
1,390 tons. The chief bull point was a drop in the foreign
shipments. It put new snap into a jaded market. The
estimate of the Malayan shipments cabled to the Exchange
for the first half of April at 17,000 tons, and for the full
month 35,000 tons, against 39,903 tons in March, 42,008
in Feb. and 42,638 tons in Jan. Malayan gross for April
1931 was 43,353 tons. All this tended to clear the atmosphere even if stocks are liberal and trade dull. It would
show the smallest Malayan exports of any month in about
four years, or since the Stevenson restriction was abandoned in 1928. No. 1 standard closed with April 3.02c.;
Volume 134
Financial Chronicle
May, 3.060.; July, 3.180.; Sept., 3.29 to 3.31c.; Dec.,
3.45e.; March, 3.60 to 3.61e. Outside prices: Plantation
R. S. sheets, spot, April and May, 3 to 33gc.; June, 3Mc.;
-Dec., 3 7-16c.; spot first latex,
July-Sept., 33'Ic.; Oct.
thick and thin pale latex, 4 1-16c.; Para upriver fine spot,
5Wic ; Acre fine spot, 5%c.
On the 21st London closed steady and unchanged to
1-16d. higher; April and May, 15-16d.; June,2d.; July-Sept.,
2 1-16d. Singapore closed steady and unchanged; May,
1Y3d. Malayan shipments for the first half of April are
unofficially estimated at 17,000 tons and 35,000 tons for the
full month. Actual shipments in March were 39,903 tons,
and in April last year shipments were 43,453 tons. Total
motor vehicle registrations in United States in 1931 was
25,814,103, a decrease of 2.8% from the 26,545,281 registered in 1930, according to the Department of Agriculture.
Trucks totaled 3,466,303 as compared with 3,486,019.
Total revenue of $344,337,654 was derived from license fees.
To-day London opened unchanged to 1-16d. off, and at
/
3:35 p. m. was quiet; April, 11 3d.; May and June, 1 15-16d.
/
London closed dull; April and May, 17 d.; June, 1 15-16d.;
July-Sept., 2d.; December, 2 1-16d. Singapore closed
%
steady, unchanged to 1-16d. advance; May, 15cl.; JulySept., 1 11-16d. To-day futures closed 4 to 6 points lower
with sales of 120 lots of No. 1 standard, which closed with
May, 3c.; July, 3.13 to 3.15c.; September, 3.24 to 3.27c.;
December, 3.40 to 3.42c.; and March, 3.56 to 3.57c. Final
prices show an advance for the week of 2 to 9 points.
HIDES.
-On the 16th inst. futures declined 5 to 20 points.
Futures closed with old June, 4.15c.; March, 5.70c.; Dec.,
5.350.; new June, 4.15c. Spot hides were in demand.
Common dry and country hides were quiet, but 13,000
Feb.
-March light native cows were sold at the unchanged
-March heavy native steers at lc.;
price of 4c.; 2,500 Jan.
also 2,000 Argentine March frigorifico extremes at 5 15-16c.
On the 18th inst. old contracts closed unchanged to 4 points
higher; new unchanged to 5 points up. June old closed at
4.15 to 4.25c.; Sept. old, 4.80 to 4.900.; Sept. new, 4.75c.;
Dec. old, 5.35 to 5.400.; new, 5.30 to 5.40c.; March old,
5.70 to 5.85e.; new 5.70c. On the 19th inst. prices on old
contract opened 14 to 20 points lower; new 10 to 15 lower,
closing after a rally 5 points loser to 5 higher on the new and
unchanged to 10 off on the old with total sales of 560,000 lbs.
Of packer hides, 76,300 domestic spot hides were reported
sold with prices not given out. Futures closed with June
old, 4.150.; Sept., old, 4.80c.; Dec. old, 5.25 to 5.30c.;
June new, 4.15 to 4.30c.; Sept. new, 4.80c.; Dee. new, 5.25
to 5.30c.; March old, 5.60c.; March new, 5.65c.; Outside
prices: packer, native steers, Sc.; Chicago light native cows,
-Dec., 4Mc. New York City calfskins, 9-12s, $1.35 to
Oct.
$1.45; 7-9s, 70 to 80c.; 5-7s, 55c. On the 20th inst. prices
closed 5 to 15 points higher on both old and new contracts
with sales of 1,640,000 lbs. June old ended at 4.30 to 4.40c.;
Sept. old, 4.860.; Sept. new, 4.85 to 4.90c.; Dec. old, 5.35c.;
new, 5.30 to 5.40c.; March new, 5.80c. It is said that 150,000 domestic packer hides sold at steady prices on the 20th.
Spot hides on the 21st inst. were quiet with native steers and
butt brands quoted at 443. and Colorados at 3Mc.; bulls, 3c.;
-Dec., 40., New York City calfskins,
Chicago light cows, Oct.
9-12s, $1.15 to $1.25.; 7-9s, 60 to 70c.; 5-7s, 45 to 50c.
Futures on the 21st inst. closed 10 to 11 points lower on old
contracts and 5 to 15 off on new with sales for the day of
720,000 lbs. June old ended at 4.20 to 4.250.; Sept. old,
4.75c.; new, 4.70 to 4.80e.; Dec. old, 5.25c.; new, 5.25c.;
March old, 5.65c. and new 5.70c. To-day futures ended
unchanged to 5 points lower with sales of 15 lots. May
ended at 3.65c.; June at 4.15 to 4.35c.; Sept. 4.75 to 4.85e.,
and Dec., 5.25 to 5.35c. Final prices show a decline for
the week on May of 15 points.
COAL was as a rule quiet except there was a fair business
in some directions where the temperatures were low. Power
plant consumption is generally somewhat smaller. Midvv esteyn consumers are slow in substituting southern coal
for Illinois and Indiana. West Virginia slack was quoted at
anywhere from 40 to 75e. Eastern inland prices on Southern
smokeless nut and slack were irregular. Beckley, 85c. to
$1.10, Pocahontas from 70 to 850. West of the Ohio some
await possible declines in prices in May. Buffalo's trade
increased somewhat owing to cold weather. Pittsburgh
reports are fairly cheerful. At current prices coal is consrlered to be 50 to 66% cheaper than natural gas. Later
sized smokeless coal was firmer in the West with egg, lump
and stove at $2, shipment to northwest docks. The West
thinks that within the next month that will be the inland
price a rise of 25 to 50c. Later trade in the East was better,
13ut in the West dull.
OCEAN FREIGHTS wore quiet. Later the trading
increased.
CHARTERS included: Sugar, Santo Domingo, April-May, recent about
15s.; April-May, United Kingdom-Continent, Santo Domingo, 13s. 6d.;
Cuba, 14s. 6d. Grain booked included a few loads Montreal Antwerp at
Sc.; 15 loads to Hamburg at Be.; 25 loads Montreal Antwerp, Sc.; some to
Rotterdam ex-New York, Sc.; 2 loads Hamburg, 6c.; 2 New York Antewrp,
63.c. Tankers: United States Gulf, April-May, Port Dubuc, Sc. 9d.,
part cargo, 4,000 tons, Gulf, May, London Birkenhead, 14s. (33. Trips,
spot West Indies round, Si.
TOBACCO has been in moderate routine demand at about
steady prices. Washington wired the "United States
Tobacco Journal": "A reduction of approximately 14% in
tobacco production last year in Europe, excluding Russia,
is not likely to result in increased takings from the United
States, consumption having decreased by about the same
3121
amounts as the crop, according to officials of the Unite&
States Department of Agriculture." Sales for the past
week are as follows: At Mayfield: 301,860 lbs., at an average of $2.19, or 24c. higher than in the preceding week.
At Paducah: 96,8.55 lbs., average $2.61, or 14c. higher'
than the week before. At Murray: 100,695 lbs. at an
'
average of $2.91, or 4c. higher. At Hopkinsville: 505,6904
lbs. of dark tobacco, at an average of $4.46, or 36c. higher
At Clarksville: 945,765 lbs., averaging $5.46 for the week,.
58e. higher. At Springfield: 1,009,515 lbs., at an average..
of $7.75, or 87e. higher. At Owensboro: 219,235 lbs. of'
dark, average of $2.90, and 75,705 lbs. of burley, average'
$3.75; dark, 54c., and burley, 30c. higher. At Henderson::
75,055 lbs., average $3.34, or 34o. lower. The other Soutliern markets are closed. At Lynchburg sales of the dark
loose leaf aggregated 34,660 lbs. and the market closed with
Friday's breaks. Total sales from the 1931 crop were
8,884,919 lbs., an increase of 2,063,041 over the 1930 crop.
A largo proportion of the crop was of inferior grades, the
crop being very disappointing to the trade. The sales of
leaf tobacco at auction for Virginia farmers during March
were 3,259,233 lbs., at an average price of $5.01. Last year
total sales for the same month 1,615,802 lbs., at an average
price of $4.89. At Havana they expect a resumption of
operations in Cuban cigar and cigarette plants soon; only
cigarmakers and strippers are still on strike. Although
the cigarmakers' union is still holding out for the wages
received before the strike was declared on Jan. 14, it is believed it will soon capitulate. It is said that 1,500 cigarmakers are willing to go back to work on the manufacturers'
terms.
-On the 16th inst. prices closed 5 points lower
SILVER.
to 7 points higher with sales of 375,000 ounces. July ended at
29.05c. and Oct. at 29.50 to 29.63c. On the 18th inst.
prices ended 23 to 44 points lower with sales of 1,250,000
ounces, closing with May, 28.37c.; July, 28.62 to 28.72e.;
Oct., 29.15 to 29.300. On the 19th inst. prices closed 15
points lower to 7 higher with sales of 1,125,000 ounces.
May closed at 28.250.; July at 28.54 to 28.65c.; Sept., 29e.;
Oct., 29.10 to 29.25e. On the 20th inst. the closing was
5 points lower to 12 higher *ith sales of 1,700,000 ounces.
May ended at 28.30 to 28.35c.• July, 28.65 to 28.70c.;
On
August. 28.75c.; Oct., 29.15c. ' the 21st inst. futures-.
closed 18 to 35 points higher with sales estimated at 1,450,000 ounces. May ended at 28.50 to 28.55c.; July, 28.896.;
Sept., 29.200.; Oct., 29.40 to 29.45c.; Dec., 29.80 to 29.83o.;
March, 30.25c. To-day futures closed 3 to 12 points lower
with sales of 1,625,000 ounces. May ended at 28.45 to28.46e.; July, 28.80 to 28.89c.; Sept., 29.150.; Oct. 29.38
'
to 29.45e. and Dec.,29.70c. Final prices are 15 to 25pointe
lower than a week ago.
COPPER sales during the week were 3,000 tons, the
best for a week since Jan. This some consider surprising
and hard to explain in view of the fact that stock market
prices have declined. About 60% of the sales were for
second half shipment. Producers it was reported were
more willing to sell for distant delivery. Export sales on
the 21st inst. were 475 tons, which brought the total up to
7,000 tons thus far this month. The domestic price was
unchanged at 53 c. and for export 6c. London advanced
%
13s. 9d. on spot standard to 230 5s. on the 21st.; futures
up 12s. 6d. to £30 12s. 6d.; sales, 50 tons spot and 175
futures; electrolytic bid advanced 10s. to £34 10s.; asked
unchanged at £35. On the 21st inst. futures here closed
unchanged; no sales. May ended at 4.300.; July, 4.450.:
Sept., 4.680.; Dec., 4.950.;'March,5.25c. nominal. To-day
futures ended with April 4.280.; May, 4.30 to 4.40c.; July,
4.30c.• Sept., 4.60 to 4.75c., with sales of 200 tons, all
switches.
TIN on the 21st. inst. advanced % to 203.c. Early in
the week the price was down to 189/80. The rise here was
attributed to further plans for curtailment and the strength
of London. At the first session in London on the 21st inst.
prices rose £6 12s. 6d.to £115 for spot standard; futures up
X6 17s.6d. to £117 5s.• sales 100 tons spot and 650 futures;
'
spot Straits rose £6 12s. 6d. to £119; Eastern c.i.f. London
rose£3 7s.6d.to£116 2s.6d., at the second session inLondon
standard tin fell 5s. or more. On the 21st inst.futures closed
60 to 85 points higher with May at 19.75 to 19.980.; July,
20c.; Sept., 20.35c.; Dec., 20.9543.; and March 21.50e.
To-day futures ended with April 19.40c.; May, 19.45e.; June
19.60c.; July, 19.750., and Sept., 20.10c.
LEAD was in good demand and steady at 3e. New York.
and 2.90c. East St. Louis. In London on the 21st inst. spot
rose 3s. 9d. to £11 10s.; futures up 5s. to £11 17s. 6d.; sales
350 tons futures; at the second session prices advanced 2s.6d.
on sales of 100 tons of futures.
ZINC was offered freely at 2.75c. East St. Louis. This
is the low point for a century. London on the 21st inst.
advanced on spot is. 3d. to £12 8s. 9d.; futures up 5s. to
£12 12s. 6d.; sales 25 tons futures; at the second session
prices fell is. 3d. on sales of 25 tons of spot.
STEEL has been quiet with one estimate of the production 20% of capacity against recent estimates of 21 to 22%.
According to the reports in general prices have been steady
except for steel scrap, the composite price of which is down
80. to $7.79 per ton. Heavy melting steel scrap is 25c.
lower in the Chicago district and ranges from $6.75 to $7.
Prices of some grades of scarp have also, it is said, been
reduced in the eastern Pennsylvania distriot. The output
3122
Financial Chronicle
of rails increased. The efforts of auto companies to push
business has had a certain effect even if trade on the whole
is as bad as ever. The Ford company has bought sheets
and strip steel exclusive of body requirements for 65,000 cars.
Birmingham wired April 18 that several thousand steel
workers were back at work to-day in the mills of Birmingham, Pittsburgh and Youngstown, Ohio. as stable prices
and an increase in orders gave encouragement to the steel
industry. In Pittsburgh employers said wages probably
would be maintained at their present level. A cut, they
.explained, would encourage buyers to withhold orders in
anticipation of price reductions. Here and at Youngstown
more mills plan to resume operations later in the week. After
the layoff of several weeks, more than 1,000 men returned to
the five open-hearth furnaces of the Tennessee Coal, Iron
& Railroad Co. at Ensley. The Ensley rolling mill also
went into operation to-day and the rail mill will be opened
later this week. By the end of the week ingot production
in this district is expected to be at 48% of capacity.
PIG IRON has still been quiet here. Cleveland has been
rather more active with recent sales there 4,000 tons. Dutch
iron played a less conspicuous part in the iron market here.
The demand fell. Holders, it is suggested, will not sell
freely at the current low prices. A small improvement was
reported in the Central West where there is a better demand
from the automobile castings industry.
WOOL.
-Boston wired a Government report saying:
"Waiting attitude generally prevails in the wool market.
Selling is practically at a standstill but members of the wool
trade are not attempting to force sales. Price situation
shows no change. Developments in the goods market are
watched closely for any clues they give as to the market value
of wool." Domestic, fleeces, unwashed Ohio and Penn.
fine delaine, 20 to 21e.; fine clothing, 16 to 17c.; 3/2-blood
combing,20 to 21c.; 3' -blood clothing, 17 to 18c.; %-combing
20 to 21c.; 'g-clothing, 17 to 18c.; 34-combing, 17 to 18e.;
low 3d-bloodz 16 to 17c. Territory clean, basis-fine staple,
48 to 49e.; fine, fine medium, French combing, 46 to 47c.;
34-blcod staple, 46 to 47c.; %
3 -blood, 42 to 43e.; 3i-blood,
35 to 37c.; low 3d-blood, 32 to 33c.; Texas, clean, basis
fine, 12 months, 47 to 48c.i 8 months, 41 to 42c.; fall, 32 to
33e. Pulled, scoured basis, A super, 42 to to 43c.; B,
37 to 38c.; C, 33 to 34c.; Mohair, original Texas adult,
22c.; fall kid, 48c.; spring kid, 40e. Australian, clean
basis, in bond, 64s combing, 32 to 34c.; 60s, 28 to 300.
In London on April 15 it was announced that the Colonial
wool auction will close on April 22nd instead of on April 28
as originally planned. Friday, April 15 offerings 7,213 bales
included 4,396 bales of South American wool; good general
buying. Withdrawals were less frequent and recent prices
fully maintained. Details:
, Sydney, 223 bales; scoured merinos, 8 to 14d. Queensland, 308 bales;
scoured merinos, 14 to 17d.; greasy. 8 to 834d. South Australia, 224 bales;
greasy merinos, 834 to lid. New Zealand, 1,894 bales;scoured crossbreds,
7 to 1634d.: greasy, 4 to 834d. Puntas, 3,791 bales; greasy merinos, 53?
to 734d.: greasy crossbreds, 534 to 11d. Falklands, 605 bales; greasy
crossbreds, 53!, to 103'd. New Zealand, slipe ranged from 5% to 9340.,
latter super halfbreds.
In London on April 18 offerings, 7,588 bales. Good buying
for Home and continent; prices hardening. Tasmanian
super greasy merionos marked "Scott" realized 17d. a
pound. Details:
Sydney,312 bales: greasy merinos,83( to 113id. Queensland, 224 bales;
scoured merinos, 17 to 18d.; greasy, 63.4 to 834d. Victoria, 496 bales;
greasy merinos, 93.1, to 1234d. West Australia, 106 bales; greasy merinos,
634 to 88. Tasmania, 232 bales; greasy merinos, 103'i to 17d. New Zealand, 4,413 bales; greasy crossbreds, 4 to 11'%d. Cape, 1,045 bales;
greasy merinos, 43 to 83d. Falklands. 708 bales; greasy crossbreds.
434 to 9d. New Zealand slipe ranged from 4 to 934d.,latter haflbred lambs.
In London on April 19 offerings 9,860 bales, including
mostly New Zealand and Puntas greasy crossbreds. Good
demand most of the New Zealand being taken by Yorkshire
and the Puntas by the Continent. Prices frequently in
sellers' favor. Details:
Victoria, 336 bales; greasy merinos, 8,34 to 1131d. South Australia, 241
bales; greasy merinos, 9 to 113id. West Australia, 400 bales; greasy
merinos, 634 to 93(d. New Zealand, 3,108 bales: scoured crossbreds,
7 to 16d.; greasy, 4 to 1034d. Cape,856 bales; scoured merinos, 8 to 15d.;
greasy,5% to 834d. Kenya. 145 bales: greasy merinos,4 to 534d. Puntas,
_4,773 bales; greasy merinos. 53 to 734c1.; greasy crossbreds, 53i to 11d.
New Zealand slipe ranged tom 5 to 934d., latter halfbred lambs,
In London on April 20 offerings of 11,070 bales included
4,000 bales of Australian greasy merinos, mostly speculators'
lots. Firm limits led to numerous withdrawals. Otherwise
the offerings sold well. Prices hardening. Details:
Sydney, 995 bales; scoured merinos, 8 to 1430.; greasy, 9 to lid.
Queensland, 298 bales; scoured merinos, 7 to 168.; greasy, 73 to 830
Victoria, 1,293 bales; greasy merinos,8 to 14d. South Australia, 320 bales;
greasy merinos, 73 to 934d. West Australia, 1,064 bales; greasy merinos.
634 to 93.4d. Tasmania, 34 bales; greasy merinos, 12 to 1430. New Zealand, 5,872 bales; scoured crossbreds, 8 to 16d.; greasy, 4 to 831d. Cape,
1,195 bales; scoured merinos. 12 to 15d.; greasy, 33i to 73id. New Zealand aline ranged from 5 to 10d.,1atter halfbz:ed lambs.
.
In London on the 21st inst. offerings, 6,480 bales, again
included a large selection of Australian merinos, mostly
sioeculators' lots. Withdrawals were frequent at firm limits.
Crossbreds sold well especially to Yorkshire and prices on
all grades favored sellers. Details:
Sydney, 810 bales; scoured merinos, 734 to 1534d.; greasy, 9 to 113(d.
Victoria, 766 bales; scoured merinos,8 to 16d.; greasY, 10 to 13d. Queensland, 140 bales; greasy merinos, 73 to 103(d. South Australia, 291 bales;
greasy merinos, 834 to 104d. West Australian 549 bales; greasy merinos,
734 to 814,d. New Zealand, 3,925 bales; greasy crossbreds, 4 to 934d.
New Zealand slipe ranged from 4 to 11d., latter haflbred lambs.
At Napier on April 15 4,200 bales offered and 2,300 sold;
selection of crossbreds representatvie; no merinos. Yorkshire and Japanese demand good; the Continent held aloof.
Coarse grades dull. Compared with Wanganui sales on
April 14, prices ranged from par to 5% higher. Prices paid:
Crossbreds, 50-56s, 63 to 73'd.; 48-50s, 43% to 6d.; 46-48s,
43% to 630.; 44-46s, 33 to 430.; 40-44s, 3 to 4d.
April 23 1932
At Melbourne on April 18, an indifferent selection, chiefly
second hand wool, met with moderate demand. Yorkshire
was the chief buyer. Compared with sales on March 17
prices were 5 to 73% lower, although equal to recent rates.
At Brisbane on the 18th, the seventh series of sales opened:
selection average to inferior. Demand fair. Japan, Yorkshire and Germany chief buyers. Compared with the close
of the Sydney sales, prices were unchanged, except on
inferior Continental pieces and belly wools, which were
5 to 10% lower. In Liverpool on April 19 the East India
carpet wool auction opened with prices 5 to 10% lower
compared with the previous auction. At Brisbane on April 21,
the seventh series closed; selection average; prices firm, and
Japan and Yorkshire the largest buyers, but Continental
demand increased.
WOOL TOPS.
-To-day futures closed quiet, unchanged
to 50 points higher, ending with May, 59.50c.; June, 59c.;
July, 60c.; August and September, 59.50c.; October, 60c.;
November, 59.50c.; December, 59 to 60c.; January, February and March, 60c. Boston spot, 65.50e. Roubaix was
20 to 30 francs higher at 17.50e. for May; 17.60c.for July;
17.70e.for September, and 18e.for December; sales 170,000
lbs. Antwerp, % to Md. up; sales 246,000 lbs.
SILK.
-On the 20th inst. futures closed 2 to 4 points
higher with sales of 1,550 bales. May ended at $1.40;
June at $1.39 to $1.41; July, August and September, $1.40
to $1.41. On the 21st inst. prices closed 2 points lower to
1 point higher with sales of 880 bales, ending with May at
$1.39 to $1.40; July, $1.38 to $1.41; September and October, $1.41; November, $1.40 to $1.42. To-day futures
closed 1 to 3 points lower with sales of 130 bales; April ended
at $1.34 to $1.40; May at $1.36 to $1.38; July,$1.36 to $1.39;
August, $1.38 to $1.39; September, $1.38, and November,
$1.38 to $1.39. Final prices are unchanged to 1 point
higher for the week.
COTTON
Friday Night, April 22 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
76,159 bales, against 62,040 bales last week and 93,799 bales
the previous week, making the total receipts since Aug. 1
1931 9,098,333 bales, against 8,203,280 bales for the same
period of 1930-31, showing an increase since Aug. 1 1931
of 895,053 bales.
Receipts atGalveston
Texas City
Houston
Corpus Christi
New Orleans
Mobile
Pensacola
Jacksonville
Savannah
Charleston
Charles
Wilmington
Norfolk
Boston
Baltimore
Tniutla thin %wink
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
1,239
1,436
4.229
2,129
1.509
422
58
1,810
1,862
934
1.138 2,190
15
214
5,921 17,802
438 3,957
1,216
35
6,940
877
947
130
2,923
256
984
31
---41
28
330
2.038
---58
11
10
39
460
- -Lake -57
12
---239
234
149
26
32
0 Al' 90 97A 12 1129
Ft %I/
Total.
in 72 1
,
263
102
---49
21
215
50
---132
17
1,744 12,286
2,881 2,881
2,407 8.320
--452
2,027 37,423
121 7,311
'10
2,070
2,913
149
363
119
58
569
569
A AAA
PIA 1 en
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:
1931-32.
Receipts to
April 22.
1930-31.
This Since Aug This Since Aug
Week. 11931. Week. 1 1930.
Stock.
1932.
1931.
Galveston
12,286 2,203.770 3,987 1.377,148 697,168 556,062
2.881 233,793
Texas City
37 111,118
44,984
31.598
Houston
8,320 3,115.597 5,155 2,808,489 1,349,952 1.058,780
332 572,748
452 427.733
Corpus Clutiti
59,974
43,489
25,171
Beaumont
24,515
159
New Orleans
37,423 1.819,071 12,964 1.350,668 1.062,613 729.772
Gulfport
7,311 447,155 6.218 568,780 180,184 248.792
Mobile
Pensacola
61,384
1,237
62.350
10
Jacksonville
26.780
493
---16,948
1.360
Savannah
2,070 310,106 2.073 691.701 251,062 363.613
Brunswick
29,776
49,050
2,913 123.518
Charleston
70 288.450 113,015 166.580
149 137,146
200
Lake Charles
59,418
59,273
Wilmington
363
311
50,074
81,541
18,832
12,372
Norfolk
119
63,370 1,327 151,733
57,267
82,673
N'port News, &c_
New York
1.175 205,904 227.278
56
Boston
152
923
4.588
12,561
3,173
Baltimore
589
387
22,889
21,305
2,893
1,230
Philadelphia
12
5,389
5,218
Totals
76,159 9.098,333 33.372 8.203.2804 127 000 2 521 005
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at- 1931-32. 1930-31. 1929-30. 1928-29. 1927-28. 1926-27.
12.286
3.987
5,034
9.803
33,846
12,762
8.320
5,155
4,896
12.264
13.625
16,566
37,423
12,964
17,136
18.565
19,036
21.078
7,311
8,218
2.791
4.906
4,940
2,940
2.070
2,073
3,631
3,310
8,763
11,104
2.913
70
945
1,588
3,737
7,453
363
311
338
1.048
3,737
4,819
119
1,327
2,421
1,214
2,735
5.326
5,354
1,267
13,249
4.421
1,959
8.488
Total this wk. 76,159
33,372
50.239
56.917
92,378
86.137
Galveston____
Houston
New Orleans..
Mobile
Savannah--...
Br unswick
.
Charleston
Wilmington- Norfolk
N'port News_
All others----
Since Aug.1-- 9.098.333 8.203.280 7.727.783 8,702,3947,654,224 11959762
Financial Chronicle
Volume 134
The exports for the week ending this evening reach a
total of 112,801 bales, of which 22,767 were to Great Briain,
13,354 to France, 28,960 to Germany, 9,420 to Italy, nil
to Russia, 29,477 to Japan and China, and 8,823 to other
destinations. In the corresponding week last year total
exports were 57,152 bales. For the season to date aggregate exports have been 7,201,864 bales, against 5,798,237
bales in the same period of the previous season. Below are
the exports for the week.
Exported to
Week Ended
Apr. 22 1932.
Great
GerExports from
- Britain France. many.
Galveston
Houston
Texas City
New Orleans__ _
Mobile
Jacksonville_ _ _ _
Pensacola
Savannah
Charleston
Wilmington_ _ _
Norfolk
Los Angeles_ _ _
San Francisco
Lake Charles_
4,695
4,729
958
9,395
2,463
50
303
24
5,426 6,447
2,286 2,353
1,100 1,952
4,362 10,406
Japan&
Italy. Russia. China. Other.
3,025
4,712
1,046
2,020
9,748
4,888
10,712
41
912
4;818
909
515
200
1,108
1,000
610
150
"iii
1.110
637
22,767 13,354 28,960
Total
Total 1930-31_ _ _
Total 1929-30_
9,420
29,477
8,823 112,801
2,403 7,938 1,115
2,365 14,717 10,176
28,866
35,970
7,782 57,152
8.916 76.829
9,048
4,685
From
ExPOnedt0-Aug. 1 1931 to
A.pr za issz.i urea" 1
.
Grer- IJapans,
Exportsfrom--I Britain.'France. many. Italy. Russia. China. Other.
'
Total.
12,14
142
1.842
--__
25,303
6,930
--- I ,898 256,73311,861.248
__-- 14,846 315,0 2.338.519
__-_ 41,403 20.1391 149.316
---- 139,205 37,821 329,319
-_ 4,325 3,132 22.133
____ 340,509 96,052 1,031,524
--- 193,095 23,755 442,469
122
-----11.163
---. 5:304 1,127 77,984
---. 195,475 11,893 379,503
450 29,776
200
------ 35,046 16.487 164,204
__ 1,858 29,707
-39,761
.
---- 7 863 2,261
2,104 24,847
-_ 18,97
2,229
---- 2,053
--45
_--_ 142,585 4:905 167,460
766 43,956
-- 41,669
685
--------8,882 56,081
1 066,129388,061 1,386,411 569.563
---- 985382806,3187,201,864
Galveston-Houston
Texas City.-Corpus Christi
Beaumont _ _
New Orleans
.
Mobile
Jacksonville...
Pensacola_ _ _ _
Savannah_
Brunswick__
.
Charleston_ _ _
Wilmington
Norfolk
New York...
Boston
BaltimoreLos Angeles
San Franclsc.
Seattle
Lake Charles_
Total
Total.
2,591 24,204
3,383 27,191
5,056
1,888 30,313
400 13.575
_
91
22 1,237
24
4,315
909
1,820
1,709
610
1.747
224,015 95,845
201,733 184,618
21,236 13,830
77.687, 17,744
8,1111 1.480
241,722 56,576
101,601 7,400
4,732 ---12,302 --12
81,770
---4,167
52,362 ---186 .--522
19,323
17
2,458
134 ---451
58
5,429
1.379 --5,749 9,157
216,676 163,0791
512,72 209,514,
41,804 10,899
27.492 29,370
5,035
172,344 124,32
110,084 6,53
-.- _
6,30
374
58,877
750
89,481
---24,95
--.
60,30
11,763 15:900
---_
9,792
-_-1,136
42 ----
Total 1930-31 993,119898,381 1,496,536 420,671 29,279 1314183646,068 5,798,237
Total 1929-30 1.191.227 782,692 1,642.546 616.107 78,040 1133088 628,485 6,072,185
-Exports to Canada.
-It has never been our practice to include in the
Note.
above table reports of cotton sh pments to Canada, the reason being that virtually
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
districts on the Canadian border are always very slow In coming to hand. In view,
however, of the numerous inquiries we are receiving regarding the matter, we will
say that for the month of March the exports to the Dominion the present season
have been 19,632 bales. In the corresponding month of the Preceding season the
exports were 15,848 bales. For the eight months ended March 31 1932 there were
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
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
OnShipboard Not Cleared for
Other CoastGreat
GerApr. 22 at
- Britain. France. many. Foreign wise.
Galveston
4,000
New Orleans... 15,724
Savannah
Charleston
Mobile
2,393
Norfolk
Other ports *
3.000
2,200
4,500 28,000
2,735 7,842
500
- --7.504
--
1.500
3.000 20,000
2.500
2,312
Total 1932
25,117 8.512 10,735 63,346
Total 1931.... 8,428 4,941 10,071 41,917
Total 1930... 10,609 10,061 10,213 43,020
* Estimated.
Total.
Leaving
Stock.
2.000 41,000 656.168
5,186 33,799 1,028,814
500 250,562
113,015
12,60 168,087
57,267
500 28,000 1,748,690
7,686 115,396 4,022,603
3.505 68,882 3,463.123
4,467 78,370 1,579,260
Cotton has declined $1.10 a bale this week or $2 in a
fortnight on May liquidation, a decline in stocks and grain
and dullness of cotton goods with sharper mill curtailment
impending. On the 16th inst. prices closed 5 to8 points lower
on further May liquidation and weak and unsettled market for stocks and grain. Also some rain fell in Texas and
the forecast was for unsettled conditions. The weekly forecast seemed rather favorable. In Liverpool liquidation and
hedge selling offset calling and the close was 4 to 5 points
net lower. For print cloths here there was a rather better
inquiry reported but actual sales were not encouraging.
Manchester was slow. There was some buying by the
trade, Liverpool, the Continent and Wall Street. Also
something over 1,000,000 yards of broad cloth were reported
to have been sold on the 15th. But most markets seemed
unnerved by the fear of legislation being passed at Washington that would have an injurious effect, throughout
wide ramifications of business. The present tax on cotton
trading is 1% per $100. A tax of five times that amount
it is pointed out would simply in the ordinary course of
things be passed on to the cost of distribution to be borne
by the farmer and the consumer. The Cotton Exchange
members are willing to pay a fair tax but they think that
Increasing it 500% is excessive. Small wonder.
On the 18th inst. prices fell 7 to 9 points with May liquidation on the first May notice day April 26th. Co-operatives
and supposedly Japanese interests sold. It is true that
In some cases sellers of May bought distant months. But
3123
leading stocks fell to new lows for the year. Wheat declined
Liverpool was lower than due. Manchester's business was
slow. Washington wired that a joint resolution had passed
the Senate authorizing the Secretary of Agriculture to investigate the methods of trading in cotton and wheat.
Beneficial rains fell in Texas, Oklahoma, parts of the
Mississippi Valley, Alabama and Georgia. May liquidation
is a more or less constant irritant. Worth Street was quiet.
Second hands still seemed to be doing most of the business.
In cotton futures the trade, Liverpool, Wall Street, the shorts
and local operators bought. Fossick reported that so far
as present rather confusing indications went they pointed
/
3
4
to a reduction in the acreage of 12 to 16 2/3%. Recent
estimates were in some cases around 7 to 10%, or, at most,
/
1
2
12%. But even a reduction of 12 to 16 2/3%, it is feared,
would not meet the requirements. Yet there are always
the smallness of the fertilizer sales to be considered, and
the mildness of the winter, the possibility of a large survival
of the weevil, and the chances and uncertainties of the
weather. Even a good sized acreage does not always produce a good sized crop. And May hedges were being covered
and switched to distant months. Spot houses, in fact, were
the best buyers of May. Trade interests were calling July
and October. For spot cotton the demand is steady enough
to lift the basis to the highest of the season. Merchants,
farmers and fertilizer companies are offering sparingly.
The spinning demand exceeds the offerings. The phenomenon confronts the trade of a vast carryover and a monumental visible supply on the one hand, and it is stated very
little for sale at the South on the other. A New York Cotton
Exchange "seat" sold at $12,300, an advance of $300.
On the 19th inst. prices closed a few points lower, with
stocks lower, beneficial rains in Texas and Oklahoma, some
Japanese selling, and more or less May liquidation. Early
prices were some 10 points higher, with a good deal of
fixing of prices by Liverpool and the Continent and some
buying of May by interests which were supposedly covering
hedges in that month and shifting them to distant months.
Wall Street and local operators bought. Liverpool reported
less pressure to sell. New Orleans told of an increased spot
demand at a higher basis. The very large relative consumption of American and a very small relative consumption
of Indian cotton by Oriental spinners was stressed by the
New York Cotton Exchange Service. Last season Japanese
spinners used about 60% Indian and 40% American. In
the first half of this season they used about half Indian
and half American. They are now using only about 25 to
30% Indian and 70 or 75% American. If this is continued
Japan will use about 300,000 more bales of American cotton
in the second half than in the first half of the season, or
around 930,000 bales compared with 630,000. Sales of yarn
and cloth by Japanese spinners during the past two or
three weeks are reported to be somewhat above current
production. Their mill activity is at a high level. Of all
kinds of cotton in the United States up to March 31, the
domestic consumption plus exports is very much larger this
season than last season, and it is somewhat larger than two
seasons ago. The total distribution to March 31 was
10,404,000 bales against 8,948,000 in the same period last
season and 10,131,000 two seasons ago. In the last big
crop season, 1926-27, the distribution to March 31 was
13,407,000 bales. It may be recalled that the same authority
put the world's consumption of American cotton in 1930-31
at only 11,113,000 bales against 13,021,000 in 1929-30, 15,226,000 in 1928-29, 15,576,000 in 1927-28, and 15,748,000 the
high for all time in 1926-27. Large forwardings of American cotton to mills of Great Britain indicate that British
mills continue to use the American staple at a much higher
rate than last year. Continental mills are also still taking
American at a substantially higher rate than at this time
last season. Goods were quiet, with mill curtailment estimated at 40 to 50%, the latter on fine goods. A New York
Cotton Exchange "seat" sold at $12,500, a decline of $100.
On the 20th inst. prices wound up 10 to 13 points higher,
regardless of recent weakness in stocks and wheat. The
fixing of prices was persistent by American, British and
Continental mills. And there was buying supposedly for
Japanese interests. The spot demand at the South increased. Further May liquidation was offset by buying of
May by spot interests, supposedly to cover hedges and
transfer them to other months. Some regarded as the paramount factor the reawakening of the spot demand at the
South from the Continent, especially at Montgomery, Ala.,
• and New Orleans wired that exporters there confirmed the
reports of a better demand from Europe. It was mostly
for May and June shipment, with the basis very high and
country offerings small. Montgomery, Ala., wired that Continental Europe was entering the market for spots on the
highest basis of the season. Due to difficulty in buying
from holders at these prices the sales are of small quantities
by shippers. Texas reported a somewhat improved spot
demand, especially for the lower grades. Savannah wired
that mills were bidding in Augusta at even with July for
%, and 10 points off July at Savannah. Growers' offerings were small. The weekly weather report, while in some
respects favorable, was not unqualifiedly so. It said:
"Cotton planting made some advance and was active in many
central and eastern sections, but, as a rule, only fair progress
was reported. In the central and eastern belt temperatures
were too low, especially at night, for satisfactory germination of early planted cotton, and moisture is needed in Central
Financial Chronicle
3124
Gulf districts. In the Western belt planting was irregular
in Texas, but some progress was made to the northcentral portion of the State. In Texas the condition of
cotton up in the South is only fair to good."
On the 21st inst. cotton ended a few points off. The Continent sold. It would be stretching the truth to call it a
very interesting market unless one noted a certain resistance to pressure. Spot firms bought May against sales of
distant months. There was further fixing of prices by
the mills of the United States, England and the Continent.
Wall Street bought distant months supposedly for long
account. Hedge selling kept within very moderate bounds.
Stocks and grain were somewhat higher. The South reported offerings small of % to 15/16 of an inch spot cotton
of medium and better grades. And growers and others still
demanded the highest basis of the season. New Orleans
wires even suggested the likelihood that shippers in some
cases would accept cotton on May contracts there. It was
noticed, too, that Liverpool prices were higher than due,
spurred by covering, Japanese buying and a drop in the
Bank of England rate of discount of % of 1%, to 3%, the
fourth reduction this year. The weather at the South was
good. But recently germination has been slow owing to
cold weather. Manchester, it is true, was pessimistic owing
to the unsatisfactory trade.
But to-day, prices, to the surprise of many, in the end
fell a dozen points or more. This was after an early rise
of 4 to 6 points on buying by the Continent, Liverpool and
apparently the Japanese and co-operatives. But local operators and other interests later took the selling side as stocks
and grain declined, and the weekly statistics of the New
York Exchange on their face looked rather bad, i.e., spinners' takings were figured as 219,000 bales against 258,000
last week and 253,000 last year, and the decrease in the
world's visible supply of American only 111,000 bales against
165,000 last week and 191,000 last year. New Orleans sold,
and later the Far East was supposed to be selling. Wall
Street sold May rather freely. Worth Street was reported,
in the main, quiet. One Manchester cable said that yarns
were steadier and cloths in better demand; others were still
gloomy. In the United States and England the trend is
apparently towards more drastic curtailment of output by
the mills in the presence of a reluctant market. Final prices
for the week show a decline of 22 to 23 points. Spot cotton
ended at 6.10c. for middling, a decline for the week of
29 points.
Staple Premiums
60% of aveiage of
six markets quoting
for deliveries on
April 28 1932.
15-16
Inch.
.10
.10
.10
.10
.10
.09
.09
Differences between grades established
for delivery on contract April 28 1932.
Figures from the April 21 1932 average
quotations of the ten markets designated
1-Inch &
longer.
by the Secretary of Agriculture.
Middling Fair
White
65 on Mai.
.26
.26
.26
.26
.26
.21
.20
.10
.10
.09
.26
.26
.21
.10
.10
.09
.21
.21
.21
.09
.21
.09
.20
.09
.09
.21
.21
62
Strict Good Middling- do
Good Middling
do
.38
.22
do
Strict Middling
Basis
Middling
do
Strict Low Middling__ do
22 off
49
do
Low Middling
.82
*Strict Good Ordinary-- do
1.12
*Good Ordinary
do
38 on
Extra White
Good Middling
do do
.22
Strict Middling
Middling
do do
Even
Strict Low Middling__ do do
.22 off
.49
Low Middling
do do
.22 on
Spotted
Good Middling
do
Even off
Strict Middling
.23 off
do
Middling
.49
*Strict Low Middling- do
.82
do
*Low Middling
Even off
Strict Good Middling_Yellow Tinged
.26
do do
Good Middling
.89
do do
Strict Middling
.62
do do
*Middling
.88
*Strict Low Middling._ do do
1.24
do do
*Low Middling
Light Yellow Stained- .89 off
Good Middling
.63
do
do do
*Strict Middling
do
.94
do do
*Middling
50 off
Yellow Stalned
Good Middling
.87
do do
Strict Middling
1 22
do do
Middling
.20 off
Gray
Good Middling
.89
do
Strict Middling
.61
do
Middling
.58 off
Blue Stained
Good Middling
.91
do do
Strict Middling
1.18
do do
Middling
do
do
do
Mid
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
.10
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
6.10c.
10.05c.
15.85c.
19.85c.
20.45c.
15.05c.
18.90c.
24.80c.
1924
1923
1922
1921
1920
1919
1918
1917
29.200. 1916
18.05c. 1915
27.30c. 1914
12.10c. 1913
41.75c. 1912
28.50c. 1911
30.45c. 1910
20.15c. 1909
12.10e. 1908
10.50c. 1907
13.15c. 1906
12.05c. 1905
12.00c. 1904
15.10c. 1903
15.15c. 1902
10.65c. 1901
10.100.
11.20c.
11.800.
7.80o.
14.00c.
10.45c,
9.500,
8.44c,
MARKET AND SALES AT NEW YORK.
SALES.
Futures
Spot Market
Market
!.
Closed.
Spot. Contr. Total.
Closed.
Saturday__ _ Quiet.10 pts. dec_ _ _ Barely steady_ _
800
800
Monday
uiet,5 pts. dec._ _ _ Barely steady..200
200
Tuesday
Met 5 pts. dec.. _ _ _ Barely steady..- 1,500
1.500
Wednesday_ Steady, 15 pts. adv.. Very steady-- 320
320
Thursday -- Steady, 5 pts. dec..- Barely steady_ _ 1,193
1,193
Quiet, 10 pts. dec... Barely steady__
FridaY
200
200
Total week_
4,213
4.213
Since Aug. 1
120,541 107,000 227,541
Saturday,
Apr. 16.
APrilRange_
Closing_
MayRange__
Closing_
June
Range__
Closing.
July
Range....
Closing_
A ug.Range__
Closing..
Sept.
Range__
Closing_
Range__
Closing_
voo.Range__
Closing.
7ec.Range__
Closing_
Ian.Range ._
Closing_
7e8.
Range__
Closing_
hatch
Range....
-1--•--•
Tuesday. Wednesday, Thursday,
Apr. 19. Apr. 20. Apr. 21.
Monday,
Apr. 18.
MI
Friday.
Apr. 22.
6.06- 5.99
-
5.97- 8.08
6.06
•/
6.12- 6.21 6.05- 6.10 6.00- 6.15 5.99- 6.13 6.09- 6.18 5.96- 6.15
6.12- 6.13 6.05- 6.00- 6.01 6.11- 6.13 6.09- 6.10 5.97-
6.21- 6.14- 6.09- 6.20- 6.18- 6.066.30- 6.39 6.22- 6.28 6.18- 6.33 6.18- 6.30 6.28- 6.37 6.15- 6.33
6.31- 6.23- 6.24 6.18- 6.19 6.30- 6.28- 6.29 6.15- 6.16
6.39- 6.31 - 6.27- 6.39- 6.36- 6.246.38- 6.43 6.49- 5.49- --6.35- 6.48- 0.46- 6.34-
6.46- 6.39
-
6.54- 6.64 6.47- 6.53 6.43- 6.58 6.43- 6.56 6.52- 6.61 6.39- 6.58
6.54- 6.55 6.47- 6.48 6.43- 6.44 6.56- 6.52- 6.53 8.40- 8.41
6.63- 6.55- 6.51 - 6.63
6.60- 6.48-
6.72- 6.79 6.63- 6.70 6.59- 6.73 0.58- 6.71 6.68- 6.77 6.56- 6.74
6.72- 6.63- 6.64 6.59- 6.60 6.70- 0.71 6.68- 6.56- 6.57
6.80- 6.86 6.72- 6.78 6.67- 6.81 6.67- 6.79 6.77- 6.84 6.64- 6.82
6.80- 6.72- 6.68- 6.89 6.79
6.77- 6.64- 6.65
6.88- 6.80- 6.78- 6.86
6.83- 0.72 --
6.97- 7.04 6.88- 6.93 6.84- 6.97 6.84- 8.95 6.90- 7.01 6.80- 6.97
a n••
0 00
a OA
A fl,_ a nm
A nn- a ni
A On a 01
•
•
Range of future prices at New York for week ending
April 22 1932 and since trading began on each option:
Ortion 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
Range Since Beg nning of Option.
Range for Week.
5.90 Apr. 22 6.21 Apr. 16
6.15 Apr. 22 6.39 Apr. 16
6.38 Apr. 20 6.49 Apr. 21
6.39 Apr. 22 6.64 Apr. 16
6.56 Apr. 22 6.79 Apr. 16
6.64 Apr. 22 6.86 Apr. 16
6.63 Mar.22 1932 0.99
5.89 Apr. 8 1932 11.40
6.62 Nov. 23 1931 9.74
6.08 Apr. 8 1932 9.15
6.35 Mar. 31 1932 7.57
6.38 Apr. 6 1932 7.68
6.31 Apr. 8 1932 7.67
7.32 Feb. 11 1932 7.32
6.48 Apr. 8 1932 7.77
6.57 Apr. 8 1932 7.84
Nov. 6 1931
June 27 1931
July 27 1931
Aug. 1 1931
Oct. 30 1931
Oct. 30 1931
Nov. 9 1931
Feb. 11 1932
Feb. 19 1932
Feb. 19 1932
6.80 Apr. 22 7.04 Apr. 16 0.72 Apr. 8 1932 7.16 Apr. 15 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.
Apr.22Stock at Liverpool
Stock at London
Stock at Manchester
Total Continental stocks
1932.
bales_ 646,000
1931.
889.000
20/,000
225,000
1930.
815,000
1929.
966,000
137.000
103,000
853,000 1,114,000
952,000 1,069,000
320,000
197,000
25,000
95,000
83,000
544,000
382,000
11,000
120,000
66,000
456,000
292,000
6,000
82,000
45.000
487,000
235,000
14,000
80,000
44,000
720,000 1,123,000
881,000
860,000
1,573,000
Total European stocks
40.000
India cotton afloat for Europe..
American cotton afloat for Europe 270,000
EgYPt, Brazil,Stc..afl't for Europe 63,000
637.000
Stock in Alexandria, Egypt
718.000
Stock in Bombay. India
4,137,999
Stock in U. S. ports
1,747,767
Stock in U. S. interior towns
21,072
U. S. exports to-day
2,237,000 1,833,000 1,929,000
114.000 194,000 180,000
172,000 220,000 269,000
94,000 106,000
63,000
671,000 531,000 . 391,000
1,054,000 1,308,000 1,217,000
3,531,985 1,657,630 1,427,720
1,175.730 980,279 615,322
5,370
75
9,207,838 9,024,085 6,817,909 6,135,117
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
302,000 437,000 351,000 654,000
Liverpool stock
123.000
91,000
69,000
Manchester stock
72.000
668.000 1,011,000 808,000 794,000
Continental stock
270,000 172,000 220,000 269,000
American afloat for Europe
4,137,999 3,531,985 1,657,630 1,427,720
U. S. port stocks
1,747,767 1,175,730 980,279 615,322
U. S. interior stocks
21,072
U. S. exports to-day
5.370
75
Sat. Mon. Tues. Wed. Thurs. Fri.
6.20 6.15 6.10 6.35 6.20 6.10
NEW YORK QUOTATIONS FOR 32 YEARS.
1932
1931
1930
1929
1928
1927
1926
1925
-The highest, lowest and closing prices at
FUTURES.
New York for the past week have been as follows:
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
The official quotations for middling upland cotton in the
New York market each day for the past week has been:
April 16 to April 22Middling upland
April 23 1932
•
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria. Egypt
Stock in Bombay. India
Total East India, &c
Total American
7,269,838 6.424,085 4,085,909 3,832,117
344,000
452,000
464,000
312,000
84.000 134,000
68,000
31,000
52,000 112,000
73,000
66,000
40.000 114,000 194,000 180,000
63.000
63,000
94,000 106.000
637,000 671,000 531,000 391,000
718,000 1,054,000 1,308,000 1,217,000
1,938,000 2,600,000 2,732,000 2,303,000
7.269,838 6,424,085 4,085,909 3,832,117
9,207,838 9,024,085 6 817,909 135,117
Total visible supply
4.95d.
5.62d.
8.74d. 6'10.23d.
Middling uplands, Liverpool._ _
6.10c.
10.15c.
16.25c. 19.75c.
Middling uplands, New York._ _ 9.50d. 15.25d. 19.150.
Egypt, good Sakel, Liverpool......7.90d.
14.50d.
Peruvian, rough good, Liverpool_
8.650.
4.64d.
4.53d.
6.30d.
Broach, fine, Liverpool
9.80d.
4.77d.
5.28d.
7.65c1.
Tinnevelly, good, Liverpool
Continental imports for past week have been 127,000 bales.
The above figures for 1932 show a decrease from last
week of 97,934 bales, a gain of 183,753 over 1931, an
increase of 2,389,929 bales over 1930, and a gain of
3,072,721 bales over 1929.
-that is,
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year, is set out in
detail below:
Week.
,...........,
Receipts.
Ship- Stocks
meats. Apr.
Week. Season.
Season. Week. 22
,
73.393
684 26,695 1,423 98,925
20 28.604
12,347
300 6,545
123 68,618
38,526
1511 58,578
142 98,876
86,824 1,119 63,247
3 76,725
119,663 1,840 42,329
307 14,812
33,637
502 17,856
149 41,460
77,431
533 40,916
59,397
804 12,373
20 32,275
21,021
140 2,905
7 26,370
410 101,648
186,540 2,143 65,140
61
27,720
48,502 1,212' 13,702
180 86,968
173,989 3,136 53,953
23,886
47,033
475 7,766
_ __ _
7,393
___ _
5,295
6 4,257
140 44,973
38,529
150 41,295
78,182 1,330166,340 2,890 205,493
178,861 2,072 115,302 1,354 325,138
150 49,330
57,987
---- 25,600
38 91,490
31,603
121 37,883
14,096
___ _
20,886
50 10.848
111,23
5,066 79,736
44 107,412
196,345 2,750 87,281
125 112,455
22,714
324 10,974
19 25,147
170,026 1,744 85.264
10 137,989
25,652
____ 28,785
93 60,720
12,420
13 5,502
100 12,292
41,046
298 13,394
13 35,053
47,162
442 19,507
5 32,875
128,490 1,695 1,144 5,328 216.161
18,964
63 20,705
545 44,506
Receipts•
Ala.,BirmIng'm
Eufaula
Montgomery.
Selma
Ark.,Blytheville
Forest City
Helena
Hope
Jonesboro_ _ _
Little Rock
Newport_ _ _ _
Pine Bluff_ _ _
Walnut Ridge
Ga., Albany _ .._
Athens
Atlanta
Augusta
Columbus_ _ _
Macon
Rome
La., Shreveport
MIss.,Clarksdale
Columbus_ _ _
Greenwood_ _
Meridian_ _ _ _
Natchez
Vicksburg
Yazoo City
Mo.,St. Louts.
N.C.,Greensb'o
Oklahoma
18 towns*
S.C.,Greenville
Tenn.,Memphis
Texas. Abllene
Austin
Brenham .
Dells
Paris
Robstown_ _ _
San AntonioTexarkana _ _
Waco
25
-_-_
80
425
121
38
33
48
15
2,334
91
1,852
13
1
175
689
928
401
129
115
251
489
158
300
---3
13
15
1,715
49
Skil - Stocks
mews. Apr.
Week.
24
1,086 33.400
60 13,683
328 61,598
1,393 42,855
736 18,443
655 4,935
1,098 13,664
804 3,706
78 2,343
2,526 29,703
689 4,833
889 15,974
20 2,606
8 3,764
900 27,712
1,710 165,678
3,363 83.515
200 14,450
1,078 30,841
400 11,102
911 65,896
2,039 28,825
1,314 9,089
1,922 42,397
636 21,279
436 6,977
932 11,357
556 8.952
7,73
7,543
1,140 35,850
1,301 616,18
3,358 49,815
309 531,915 2,452 35,341
3,137 155,966 2,391 84,379
645 135,164 1,918 56,340
25,929 1,920,916 33,77 385,072 13,201 1,263,679 23,965228,823
152
____
77
55,305
12
3
26,9
____
456
47 28,179
103
-___ 2.855
24,802
48 4.767
22
19,862
265 5.641
10 19,421
285 142,873 2,472 21.800
279 144,405 1,060 8,724
348
875
72. 8,608
5 63.505
249 97,42
54,781
6
9,678
51
780
31,12
---25,177
_ _ _ _ 1,340
6
74
____
27
17,87
228 3,648
329 12,718
20 34,576
87 64.30
221 4,616
75 61,301
16. 81,357 1,36. 9,177
a .......,. d1 92* 6 RaR 255 74 551117477671 28 2434 641 911 66.0821175730
The above total shows that the interior stocks have
decreased during the week 33,329 bales and are to-night
572,037 bales more than at the same period last year. The
receipts at all towns have been 13,586 bales more than the
same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
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:
----1931-32----
----1930-31----
Since
Week. Aug. 1.
Since
Week. Aug. 1.
1,695
54
7,738
2,970
27
3,569
5,919
133,753
24,218
468
7,746
139,818
359,764
-igi
3,556
9,695
222,620
52,395
1,509
16,331
142.317
475.535
11,264
665,767
24,143
910,707
Overland to N. Y., Boston, &c_-- 625
Between interior towns
311
Inland, &c.,from South
2,449
24,145
10,246
186,045
539
394
3,501
27,080
12,029
238,611
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, Arc
Total gross overland
Deduct Shipments
220,436
4,434
277,720
Leaving total net overland •
7,879 445,331
* Including movement by rail to Canada.
19,709
632,987
Total to be deducted
3,385
The foregoing shows the week's net overland movement
this year has been 7,879 bales, against 19,709 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 187,656 bales.
In Sight and Spinners'
Takings.
-1930-31
-1931-32
Week.
Since
Aug. I.
Week.
Since
Aug. 1.
Receipts at ports to April 22
76,159 9,098,333 33.372 8.203,280
Net overland to April 22
632,987
445,331
19,709
7,879
South n consumpt on to April 22--103,000 3,486,000 100,000 3.180,000
Total marketed
187,038 13,029,664 153,081 12,016,267
Interior stocks in excess
614,035
*33,329
957,540 *38,260
Excess of Southern mill takings
over consumption to April 1_
317.684
____
603,754
Came into sight during week--153,709
114,821
Total in sight April 22
12,947,986
- 14.590,958
North. spinn's' takings to Apr. 22 21,367
895,015
4,448
800,168
* Decrease.
Movement into sight in previous years:
Bales. I
Week-
1930
-April 26
1929
-April 27
1928
-April 29
Bales.
13,806,873
14,630.463
12,933,092
Since Aug. 1-
128,100 1929-30
210,190 1928-29
165,186 1927-28
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Week Ended
Apr. 22.
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. IVedvday. Thursd'y. Friday.
Galveston
New Orleans_ - Mobile
Savannah
Norfolk
Baltimore
6.20
6.18
5.90
6.13
6.20
6.35
Augusta
Memphis
Houston
Little Rock.._ --
6.13
5.50
6.15
Dallas
Fort Worth
5.42
5.75
6.15
6.12
5.85
6.05
6.10
6.20
6.06
5.45
6.10
5.35
5.65
5.65
6.10
6.08
5.80
6.00
6.05
6.15
6.00
5.40
6.05
5.30
5.65
5.67
6.20
6.18
5.90
6.13
6.15
6.15
6.19
5.50
6.15
5.42
5.75
5.75
Monday,
Apr, 18.
Saturday,
Apr. 16.
April
May
June
July
August..September
October _ _
November
December_
Jan.(1933)
February
March_ _ __
April
Tone
Spot
6.18
5.90
6.09
6.15
8.19
5.50
1:3§
6.10
6.11
5.80
6.06
6.00
6.20
6.13
5.40
6.05
5.28
5.60
5.60
Tuesday, Wednesday, Thursday,
Apr. 21.
Apr. 19. .rfpr. 20.
Fri ay.
Aix.22.
6.12- 6.13 6.07-6.03- 6.13- 6.13-6.0( 6.01
6.30- 6.24- 6.25 6.19- 6.31- 6.32 6.30- 6.11
6.53- 6.54 6.48- 6.42- 6.43 6.53- 6.54 6.52- 6.53 6.31
6.70 --- 6.64- 6.85 6.58 131d. 6.69 131d. 6.69- 6.708.51
6.6: Bid.
6.78- 6.72 Bid. 6.66 131d. 8.77 Bid. 6.77
inn.
Bid.
6.92- 6.93 6.87 Bid. 6.84- 6.85 6.94- 6.93 Bid. 6.8
Steady.
Steady.
Steady.
FlAralv atdo
Steady.
Steady.
Steady.
Steady.
Q*,let.
St,ady.
Steady.
Steady.
CENSUS BUREAU REPORT ON COTTON GINNING.
-This report, giving the final figures for the season, will be
found complete in an early part of our paper, in the department headed "Indications of Business Activity."
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph this evening denote that cotton planting has
many central and
made ctome advance and is active in
eastern sections of the cotton belt. Temperatures the last
half of the week have averaged above normal.
Texas.-Planting has been irregular in this State. Progress
has been made to the north central portion of the State.
-The weather has been favorable for
Memphis, Tenn.
planting, which has begun.
Rain. Rainfall.
dry
4 days 0.82 in.
dry
1 day 0.01 In.
dry
1 day 0.54 in.
1 day 0.14 in.
3 days 0.18 in.
1 day 0.74 in.
0.08 in.
1 day
1 day 0.02 in.
dry
dry
2 days 1.02 In.
3 daYs 0.17 in.
2 days 0.06 in.
2 days 0.78 in.
2 days 1.64 in.
2 days 1.13 in.
1 day 0.22 in.
2 days 0.14 in.
1 day 0.30 in.
3 days 0.75 in.
1 day 0.23 in.
1 day 0.72 in.
dry
1 day 1.27 in.
2 days 0.04 in.
1 day 0.24 in.
1 day 0.14 in.
1 day 0.48 in.
1 day 0.16 in.
1 day 0.37 in.
2 days 0.14 in.
dry
2 days 0.92 in.
1 day 0.07 in.
2 days 0.50 in.
1 day 0.01 in.
1 day 0.01in.
2 days 0.25 in.
1 day 0.04 in.
dry
2 days 0.23 in.
1 day 0.47 in.
2 days 0.07 in.
2 days 0.64 in.
dry
2 days 0.50
Galveston, Texas
Abilene, Texas
Brenham, Texas
Brownsville, Texas
Corpus Christi, Texas
Dallas, Texas
Henrietta, Texas
Kerrville, Texas
Lampasas, Texas
Longview, Texas
* Includes the combined totals of 15 towns In Oklahoma.
Apr. 22ShippedVia St. Louis
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Movement to Apr 24 1931.
.
Movement to Apr. 22 1932.
Towns.
3125
Financial Chronicle
Volume 134
Luling, Texas
Nacogdoches, Texas
Palestine, Texas
Paris, Texas
San Antonio, Texas
Taylor, Texas
Weatherford, Texas
Ada, Okla
Hollis, Okla
Olunulgee, Okla
Oklahoma City, Okla
Helena, Ark
Eldorado, Ark
Little Rock, Ark
Pine Bluff. Ark
Alexandria, La
Amite, La
New Orleans, La
Shreveport, La
Columbus, Miss
Greenville, Miss
Vicksburg, Miss
Mobile, Ala
Birmingham, Ala
Montgomery, Ala
Gainesville, Fla
Madison, Fla
Savannah, Ga
Athens, Ga
Augusta, Ga
Columbus. Ga
Charleston, S. C
Greenwood, S. C
Columbia, S. C
Conway, S. C
Charlotte, N.0
New Bern, N.0
Weldon, N.0
Memphis. Tenn
in.
Thermometer
high 76
high 90
high 88
high 86
high 78
high 82
high 94
high 86
high 90
high 90
high 88
high 84
high 86
high 84
high 92
high 86
high 88
high 86
high 90
high 87
high 85
high 84
high 87
high 87
high 88
high 91
high 84
high 85
high 86
high 92
high 88
high 87
high 85
high 86
high 86
high 84
high 85
high 81
high 85
high 83
high 86
high 75
high 80
high 80
high 80
high 78
high 77
high 78
high 85
low 65
low 56
low 60
low 68
low 66
low 60
low 56
low 56
low 54
low 58
low 62
low 56
low 58
low 56
low 60
low 60
low 56
low 55
low 49
low 47
low 54
low 52
low 55
low 52
low 53
low 58
low 50
low 60
low 58
low 49
low 53
low 57
low 55
low 56
low 49
low 53
low 51
low 49
low 44
low 43
low 44
low 52
low 40
low 44
low 36
low 40
low 38
low 29
low 48
mean 71
mean 73
mean 74
mean 77
mean 72
mean 71
mean 75
mean 71
mean 72
mean 74
mean 75
mean 70
mean 72
mean 70
mean 76
mean 73
mean 72
mean 71
mean 70
mean 67
mean 70
mean 68
mean 71
mean 70
mean 71
mean 75
mean 67
mean 72
mean 67
mean 71
mean 71
mean 72
mean 70
mean 71
mean 68
mean 69
mean 68
mean 65
mean 65
mean 63
mean 65
mean 64
mean 60
mean 62
mean 58
mean 57
mean 58
mean 54
mean 66
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:
Apr. 22 1932. Apr. 24 1931.
Feet.
Feet.
Above zero of gaugeAbove zero of gaugeAbov zero of gaugeAbove zero of gauge..
Above zero of gauge-
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
6.5
15.8
14.9
8.5
29.7
12.9
28.9
13.7
8.1
40.3
-The folRECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each week from
the plantations. The figures do not include overland re5
ceipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Week
Ended
Receipts at Ports.
1931.
1930. I 1029.
Stocks at Interior Towns,
1931. I 1930.
Receiptsfrom Plantations
1929.
1931. 1 1930.
-1
Dee.
1
31-- 218,440122.377,154.384 2.219,563,1,277.081 1,476,971 220.741
amr---------____
1932.
1932. i 1931
1930.
1932. 1931. 1 1930.
Jan.
8-- 353.602 115.570 137,699 2,208,968 1,750,859 1,477,345 841,014
15.. 274,657 06,805 104,523 2,198.0541.725.164 1.456,833 265,743
22._ 241,478 80.428, 98,388 2.175.40711.696,148 1,432,387 218.831
29_ 280,442 115.04& 87,594 2.158,4611.658.372 1.403.107 263.496
Feb.
5- 223.645 105,958 82.277 2,123.9441,627,316 1,311,825 189,128
12.. 249,848 106,106 53.506 2.102,990 1,588,762 1,326.078 228,894
19._ 175.417113.438: 65,886 2.0330,961'1,556,997 1,306.632 153,388
26.- 161.669 119.362, 55.748 2,032,31;1,514.682 1.288.139113,020
Mar,
1
4-- 184.065118.5711 50,312 1,997.904.461,836 1.256,075149,662
IL. 158,701 93.477 44.919 1,961,1161,420,753 1.228,666 121,908
18.. 125,715 68,139 46,415 l,908.510'1,379,378 781.667 73,109
2&.130,988 61,736 46.9061,872.8781,349,038 1,163,170 95,336
Apr.
I
1- 115,587 53,101, 49,351 1,847,15511,312,856 1113,592
__ 93,799 40,426 47,498 1, ,832 1,264,8451:066.544
812
15._ 62,040, 52,119 46,893 1,781,096 1,213,9901,024,125
22..- 76,1591 33,372 50,239 1.747,767 1,175.730 980,279
1929.
98.714 138.320
1931. 1930.
89.348138.073
81.110 84,011
51,412 73.942
77.269 58.314
74,897
67.552
81,673
77,047
34,791
23.972
46,440
37.255
65,725 18,248
41,083 17.510
26,762 20,692
31,378 7,133
89,864 16.93
59 47
, 6...
45f
1.264
4,274
6.39;
30,30
42,8301
NU
3126
Financial Chronicle
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1931 are 9,984,272 bales;
in 1930 were 8,807,478 bales, and in 1929 were 8,473,853 bales. (2) That, although the receipts at the outports the past week were 76,159 bales, the actual movement
from plantations was 42,830 bales, stocks at interior towns
having decreased 33,329 bales during the week. Last year
receipts from the plantations for the week were nil bales
and for 1930 they were 6,393 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.
1930-31.
Season.
Week.
Season.
Alexandria Egypt.
Apr. 20.
Receipts (Cantars)This week
Since Aug. 1
Export (Bales)
-
April 23 1932
1931-30.
1930-29.
1929-28.
80,000
6.446432
90,000
6,328.761
140,000
7.732,120
This Since
This Since
Week. Aug. 1. Week. Aug. 1.
This Since
Week. Aug. 1.
To Liverpool
4,000 171,272 5.000 109.611
125,223
-_
To Manchester, 6rc
129.090 4,000 99.132 10.086 128,778
To Continent and India_ 10,000 470,735 5,000 437,483 6,000 380.219
To America
10,000 34.200 1,000 15,145 13,000101,491
Total exports
24.000805.297 15.000661,371 29.000735,711
Note.
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending April 20 were
80,000 canters and the foreign shipments 24.000 bales.
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 112,801 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales.
PENSACOLA-To Bremen-Apr. 15
-Hastings, 912
912
To Liverpool
-Apr. 21-Wes1 Kyska, 67
67
To Manchester-Apr.21-West Kyska, 167; Aachen,69
236
To Rotterdam-Apr. 15
-Hastings, 22
22
HOUSTON-To Genoa-Apr. 14-Jolee, 2,256
2,256
To Venice-Apr. 14-Jolee, 559
559
To Trieste-Apr. 14-Jolee, 200
200
To Salonica-Apr. 14-Jolee, 25
25
To Piraeus
-Apr. 14-Jolee, 136
136
Total supply
9.561,481 24.992,052 9,420,554 23,289.900
To Patras-Apr. 15-Mongioia, 50
50
Deduct
To Genoa-Apr. 15-Mongiola, 1,697
1,697
Visible supply Apr. 22
9,207,838 9.207.838 9,024,085 9.024,085
To Liverpool-Apr.15
-Magician,2,381__Apr.20-Kallmba,
1.400
3,781
Total takings to Apr. 22_a
353,643 15,784,214 396.469 14,265.815
To Manchester
-Apr. 15
-Magician, 948
948
Of which American
268,643 11,837,214 279,469 9,930.915
To Bremen-Apr. 15
-Ilona Siemers, 2,353
2.353
Of which other
85.000 3,947.000 117,000 4,334,900
To Japan-Apr. 18-Speybank, 1,904_ _Apr. 20-Fernbank,
1.373
3.277
* Embraces receipts in Europe from Brazil, Smyrna. West Indies, acc.
To China-Apr. 18-Speybank. 180 .Apr. 20-Fernbank,
a This total embraces since Aug. 1 the total animated consumption by
6,291
6,471
Southern mills, 3,486,000 bales in 1931-32 and 3.180.000 bales in 1930 To Havre
-Apr. 19
-Deer Lodge. 2.266
-31
2.266
takings not being available-and the aggregate amounts taken by Northern
To Rotterdam-Apr. 19
--Deer
e, 449
449
and foreign spinners, 12,298,214 bales in 1931-32 and 11.085,815 bales in
To Barcelona-Apr. 19
-'-Carlton, 723
2,723
1930-31, of which 8,351,214 bales and 6,750,915 bales American.
GALVESTON-To Havre
-Apr. 15
-Aquarius, 1,369_ -Apr. 16Estimated.
Middleham Castle, 2,197; Deer Lodge, 1,370
4,936
To Dunkirk-Apr. 15
--Aquarius, 490
490
To Bremen-Apr. 15
-Craig, 2.843; Ilona Stainers, 3.604
6,447
INDIA COTTON MOVEMENT FROM ALL PORTS.
To Liverpool-Apr. 13--Gripple Creek, 293---Apr. 113
The receipts of India cotton at Bombay and the shipments
Magician, 3,037
3.330
To Manchester
-Apr. 13
-Cripple Creek, 459Apr. 18
from all India ports for the week and for the season from
Magician, 906
1.365
Aug. 1, as cabled, for three years, have been as follows:
To Rotterdam-Apr.16
-Deer Lodge,151
151
To Genoa-Apr. 16-Mongloia, 1,773- __Apr. 18-Jolee,861
2,634
To Ghent
-Apr. 16-Middieham Castle, 2,390
2,390
To Antwerp-Apr. 16-Middleham Castle, 50
1930-31.
1931-32.
50
1929-30.
To Venice-Apr. 18-Jolee, 292
Apr. 21.
292
To Trieste-Apr. 18-Jolee, 50
Receipts at
Since
Since
Since
50
To Naples
-Apr. 18-Jolee, 49
Week. Aug. 1.
Week. Aug. 1.
49
To Japan-Apr. 20-Speybank, 425
425
To China-Apr.20-Speybank, 1,595
Bombay
76,000 1,449,000 100,000 2,733,000 83,000 2.944.000
1,595
NEW ORLEANS
-To Liverpool
-April 14
-IN evision, 7,261
7.261
To Manchester-April 14-Nevision, 2,134
2,134
For the Week.
Since August 1.
To Dunkirk-April 15
-Topeka, 150_.-April 18-Gand, 300...
450
Exports
To Oslo-April 15
-Topeka,50
so
Great Conti- Japan&
from
Great
Conti- Japan &
To Gothenburg-April 15
-Topeka,700
700
Britain. nent. China. Total. Britain.
nent.
China.
Total
To Gydnia-April 15
-Topeka, 100
100
To Havre-April 15-Waban, 2,737___April 18-Gand, 1.175 3.
012
Bombay-To Rotterdam-April 15-Waban. 1,015
1,015
4,0
1931-32_
7,000 16.000 116,00 727.000 859,000
To Bremen-April 15-Syros, 4.133; Minden, 5,430
9,563
1930-31__
24,000 35,
106,000 558,
1,457,0002,119,000
To Oporto-April 15
-Minden, 100
100
1929-30_
13,000 36.
67.000 640,
1,214,0001,921,000
To Hamburg
-April 15
-Minden. 143
143
Other Imola
To Belize-April 14
-Choluteca,3
3
1931-32__ 1,000 2,
3,000 78,000 208,0
286,000
To Porto Colombia-April 13
-Suriname,300
300
1930-31_ 13,000 11,000
24,000 119,000 364.000
483,000
To Lapaz-April 13
-Suriname, 100
100
1929
-31- 1,000 16.000
17.000 127.000 505,000
632,000
To Antwerp-April 18-Gand, 200
200
To Japan-April 20
-Invincible, 4,282
4,282
Total 1U-WILMINGTON-To Bremen-April 16-Wildwood, 840
840
1931-32_ 1,000 5,000 4,000 10,000 94,000 324,000 727,0001,145.000
To Hamburg
-April 16-Wildwood,69
69
1930-31__ 13,000 22,
24,000 59,000 225,000 920,
1,457,0002,602,000
LOS ANGELES
-To India-April 13-Salawati, 559
559
13,000 53,000 194,0001,145,
1929-30-- 1.000 39,
1,2t4,000 2,553,000
To Liverpool
-April 18
-Steel Trader, 150
150
To Japan-April 18-Chichibu Meru, 1.000
1,000
FRANCISCO
-To Japan-(7)
-(fl, 210
According to the foregoing, Bombay appears to show a SANTo
210
India-(7)-(?),400
400
decrease compared with last year in the week's receipts of MOBILE-To Liverpool-April 12-Afoundria, 529
529
To Manchester-April 12-Afoundria, 1.934
24,000 bales. Exports from all India ports record a decrease
1.934
To Barcelona-April 15
-Cody, 400
400
of 49,000 bales during the week, and since Aug. 1 show a
To Japan-April 14-Speybank, 8,985
8,985
To China-April 14-Speybank, 1,727
decrease of 1,457,000 bales.
1.727
CHARLESTON-To Bremen-April 18
-Romney, 2,337
2,337
To Hamburg-April 18
-Romney, 1,978
1,978
MANCHESTER MARKET.
-Our report received by NORFOLK-To China-Apr. 20-Sliversandal, 1.105
1,105
To Havre
-Apr. 21-City of Norfolk, 200
200
cable to-night from Manchester states that the market in
To Hamburg-Apr.21-City of Norfolk,515
515
both yarns and in cloths is quiet. Demand for both India JACKSONVILLE-To Liverpool-Apr. 15-Tulsa, 50
50
To Bremen-Apr. 15
-Romney, 41
41
and China is improving. We give prices to-day below and SAVANNAH-To Glasgow-Apr. 18-West Celeron. 24
24
those of previous weeks of this and last year for TEXAS CITY-To Liverpool-Apr. 18-Cripple Creek,324
leave
324
To Manchester-Apr. 18-Cripple Creek, 634
comparison:
634
To Havre
-Apr. 15
-Aquarius, 1,100
1,100
To Bremen-Apr. 15
-Craig, 1.952
1,952
To Gonoa-Apr. 18-Jobe, 1,046
1930.
1931.
1,046
LAKE CHARLES
-To Genoa-Apr. 15-Monrosa,637
637
To Bremen-Apr. 15-Elmshorn, 1,110
831 Lb. Shirt- Cotton
Lb. Shirt- Cotton
1,110
8.4
32, Crop ings, Common Middrg 32s Cop ingo, Common Aficleg
Total
Uprds. Twist.
to Finest.
UMW:.
112,801
to Finest.
Twist.
Visible supply April 15
Visible supply Aug. 1
American in sight to Apr.22
Bombay receipts to Apr. 21_
Other India ship'ts to Apr. 21
Alexandria receipts to Apr.20
Other supply to Apr.21 _*_b__
9,305.772
9.152,733
6,892,094
153.709 14.590.958
76.000 1.449,000
286,000
3.000
16,000 1.337,000
7,000
437,000
d.
d.
5,302,014
114,821 12,947.986
100,000 2,733,000
24,000
483,000
18,000 1,296,900
11,000
527,000
d. s. d.
s. d.
d.
s. d.
d. s. d.
d.
Nov81-- 8440103i 80 0 8 4
5.39
8(@9( 85 0 g 1
gm
1932.
8%01034 8 0
8%01034 8 0
83401034 8 0
83(01034 8 1
084
08 4
084
084
5.33
5.41
5.52
5.50
1932.
8340 934 8 8
8340 994 8 6
8340 9% 8 4
8440 994 8 4
0g 1
09 1
090
090
6.40
5.41
5.63
5.83
89(01031
83(0103(
9 01034
9 01034
8 1 084
81 084
8 1 Ors 8 4
8 I 084
5.58
5.59
5.95
5.79
8340 9%
9 010
93401031
93401034
84
84
84
84
090
090
090
40 9 0
5.72
5.86
6.04
6.18
9 01031
89(0103(
83(01034
834010
81
80
80
80
0 84
08 3
0 83
08 3
5.73
5.51
5.51
5.15
93401031
9 010
9 010
9 01034
84
84
84
84
0 90
090
0 90
090
609
5.97
5.95
5.85
8340 934
83'10 994
83440914
8&401 94
80
80
81
8 1
08 3
08 3
08 4
08 4
4.81
4.73
5.00
4.95
9 01034
8340 934
83101014
135I@IO34
84
84
84
84
090
09 0
090
090
5.76
5.59
5.55
5.62
Jan.......
15-ra ---29.--Feb.
5---12
.-.
19-26 ---Mar.
4...11 .--18--25---Apr 1---8.--15---22
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
now receive a weekly cable of the movements of cptton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & Barrows, Inc., are
as follows, quotations being in cents per pound:
High StandDensity. arct.
.45*. .60*. Stockholm
ter .45o. .600. Trieste
Antwerp .450. .604. Flume
Havre
.31e. .460. Lisbon
Rotterdam .450.
Oporto
Genoa
.400.
Barcelona
Oslo
.650. Japan
• Rate Is open.
Man=
High Stand.
Density. Ord.
.600. .750. Shanghai
.500. .650. Bomber
.500. .650. Bremen
.450. .800. Hamburg
.800. .750 Piraeus
.350. .50o. Saionlas
•
• Venial
High &and
Derzisitg. ord.
•
•
.450.
.45o.
.750.
.750.
.150o.
.60e.
.60o.
.904.
90o.
650
LIVERPOOL. By cable from Liverpool we have the following statement of the week's sales, stocks, &c.,at that port:
Sales of the week
Of which American
Sales for export
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
Apr. 1.
Apr. 8. Apr. 15. Apr. 22.
43,000
662.000
310,000
58,000
42,000
145,000
74.000
60,000
645,000
294,000
39,000
16,000
148,000
79.000
56,000
696,000
300,000
72,000
50,000
106,000
50,000
60,000
646.000
302.000
47,000
25,000
100.000
48,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Financial Chronicle
Volume 134
Spot.
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Friday.
Market, I
12:15
Quiet.
A fair
business
doing,
Moderate
demand.
A fair
business
doing.
Quiet.
"P.M.
MId.Upl'ds
4.950.
4.86d.
Sales
4.89d.
4.908.
A fair
business
doing.
4.978.
4.950.
--_-
Futures.{
Quiet,
Firm,
Quiet, Quiet, on- St'dy, un- Quiet but
3 points 4 to 5 pts. ch'gd to 1 ch'gd to 2 st'dy, 7 to 3 to 5 pts.
Market
decline,
decline.
opened
pts. dec.
pts. adv. 8 pts. adv. advance.
Quiet,
Quiet,
Market, I
Steady,
Quiet but Quiet but
Steady.
4 to 5 p18.8 to 10 pts. st'dy,2to 3 steady, un- 9 points 3 to 6 pts.
4
P.M.
decline,
decline.
pts. adv. ch'gd to 2 advance, advance.
pts. dec.
Prices of futures at Liverpool for each day are given below:
Sat.
Mon.
Tues,
Wed.
Thurs.
Fri.
Netv Contract. d.
April
May
June
July
August
September- - __.
October
.._ _
November-__ _
December
__
January (1933) _ __
February
March
April
__
d.
4.64
4.62
4.59
4.59
4.58
4.57
4.57
4.59
4.61
4.63
4.65
4.67
4.69
d.
d,
4.56
4.54
4.52
4.51
4.50
4.50
4.50
4.52
4.54
4.55
4.57
4.60
4.62
4.56
4.53
4.50
4.49
4.48
4.48
4.48
4.50
4.52
4.53
4.55
4.58
4.60
d.
4.59
4.56
4.53
4.52
4.511
4.501
4.50
4.52
4.54
4.56
4.53
4.6
4.62
d.
d.
d.
4.58
4.55
4.53
4.52
4.51
4.51
4.51
4.52
4.54
4.55
4.57
4.61
4.62
4.60
4.57
4.54
4.53
4.52
4.51
4.51
4.53
4.55
4.56
4.58
4.60
4.62
4.58
4.55
4.53
4.52
4.51
4.51
4.49
4.51
4.53
4.54
4.56
4.58
4.60
cOOk$l
12.15 12.30 12.15 4.00 12.15 4.0012.15, 4.0012.15 4.0012.15 4.00
p. m.p. m. p. m.p. m.a. m.!p. m.p. m.lp. m.p. m.p. m.p. m.p. m.
c-tJ,otae
Apr. 16.
to
Apr. 22.
d.
4.67
4.64
4.62
4.61
4.60
4.59
4.58
4.60
4.62
4.63
4.65
4.67
4.69
d.
d.
4.70 4.71
4.67 4.68
4.63 4.65
4.64 4.65
4.63 4.64
4.63 4.63
4.63 4.63
4.65 4.65
4.67 4.67
4.68 4.68
4.704.70
4.72 4.73
4.74 4.75
BREADSTUFFS
Friday Night, April 22 1932.
FLOUR was quiet but steady, owing to bad crop reports
from the winter wheat belt and regardless of lower grain
prices. Later flour declined on a slow market.
WHEAT declined about 4c. on May and July under the
Influence of beneficial rains, a steady decline in the stock
market and long liquidation, partly on stop orders. On the
16th inst. prices closed 1 to 134c. lower on reports of showers
in Eastern Kansas and Nebraska. Also the prospects pointed
to further rains in the West and Southwest. Crop reports
were still bad. The plant suffered in the March freeze.
What is more, it was said on the 16th inst. that little or
no rain had fallen in the driest sections of the winter wheat
belt. The decline was checked by buying against bids and
covering. Export sales were stated at 500,000 bushels. The
co-operatives were supposed to be selling May and buying
September. The Southwest sold new crop months.
/
1c.,
On the 18th inst. prices declined % to 12 the latter on
July, with some beneficial rain in Kansas, Nebraska, Texas
and Oklahoma. Another reason for selling on the decline
was a report from Washington that the Senate had passed
a joint resolution authorizing the Secretary of Agriculture
to investigate the present system of trading in wheat and
cotton. Still another was a decline in stocks. In the main,
however, it was a weather market. Crop reports from the
winter wheat belt continued to be mostly bad. And the
United States visible supply decreased no less than 6,130,000
bushels against only 1,496,000 in the same week last year.
The total, however, is now 185,099,000 bushels against 197,731,000 a year ago. Export sales were in some quarters
estimated at 500,000 to 1,000,000 bushels, including a full
cargo to Greece of No. 1 hard winter.
On the 19th inst. prices ended / to %c. net higher. That
1
2
marked a rally from the low of the day of about 12 in a
/
1
c.
market. Early prices were off 1 to 134c. on good
short
in parts of Kansas and Oklahoma. But more rain is
rains
needed over a big area. Also Murray estimated the winter
wheat crop in mid-April at 440,000,000 bushels, or 18,000,000
under the Government returns on April 1 and compared
with 787,000,000 bushels harvested last year. He gave
Kansas, Nebraska, Oklahoma, Texas and Colorado 191,000,000 bushels against 207,000,000 estimated two weeks ago
and 444,000,000 harvested in 1931. The abandonment may
/
2
%. The Kansas weekly report
be heavy, possibly 201
indicated a condition of 20 to 25 on winter wheat against
40 on April 1 in some Southwestern counties. Liverpool
1
2
closed / to %c. lower, with May at lc. premium over
Chicago. Winnipeg was up % to %c., with light offerings.
Export sales in all positions were estimated at 600,000
bushels, largely Manitobas.
/
1
On the 20th Inst. prices fell 12 to 1%c., with persistent
liquidation of May a feature in addition to rains in parts
of Kansas, Nebraska and Oklahoma. A rally at one time
was due to reports of dust storms and high winds in Kansas
and Oklahoma. Export sales were 400,000 bushels.
1
2
On the 21st inst. prices ended / to %c. higher, with the
technical position better and talk of possible inflation of
the currency indicated in reports from Washington and a
proposal to appropriate $100,000,000 of the Reconstruction
Finance Corporation's funds to facilitate exports of wheat.
Rains fell in parts of the Southwest, but they had only a
temporary effect. Covering and rebuying by recently soldout bulls were the outstanding features of the trading.
/
2
To-day prices closed 1 to 11e. lower on long liquidation,
stop orders, a sharp decline in stocks, reports of good rains
in Western Canada, disappointing cables, and widespread
and heavy selling. Two cargoes of hard wheat, it was said,
were sold to Greece. Export sales were estimated at 600,000
to 700,000 bushels. The world's visible supply decreased in
3127
March 16,320,000 bushels, and totals 595,760,000 bushels
against 600,090,000 a year ago. Southern Hemisphere exports
are smaller this week than last year. The remaining Southern Hemisphere's surplus is estimated at 131,000,000 bushels,
or 75,090,000 less than at this time last season. The "Modern
Miller" says that irreparable damage has occurred to winter wheat over a large area in Western Kansas and Nebraska
and Eastern Colorado, and to some extent in Texas and
Oklahoma by drouth and the March freeze. Final prices
show a decline of 1% to 4c. for the week.
DAILY CLOSING PRICES OF BONDED WHEAT AT NEW YORK*
Sat. Mon. Tues. Wed, Thurs. Fri.
May
5934 59
5934 59
59
58
July
6134 6034 6134 61
61
60
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed, 7'hurs. Fri.
No. 2 red
7434 7134 71% 70% 70% 70%
PRICES OF WHEAT FUTURES IN CHICAGO.
DAILY CLOSING
Sat. Mon. Tues. Wed. Thurs. Fri.
May
58
58% 58
56% e7% 5634
July
61
60% 614 5934 6034 59
September
6434 63% 63
624 62% 6136
Season's Low and When Made
Season's High and When MadeNov. 9 1931 May
May
73
4834
Oct. 5 1931
Nov. 7 1931 July
49
Oct. 5 1931
July
7334
Apr. 14 1932 September
September
66%
5534
Jan. 4 1932
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
6334 6334 63% 63
May
63% 6234
July
6534 65
6534 65
65% 6434
October
V% 6734 68
67% 6734 66%
INDIAN CORN dropped something over 2e. under May
liquidation, the smallness of the demand for spot corn, and
the weakness of wheat. On the 16th Inst. prices closed %
to %c. lower, with wheat off and country offerings larger.
May got down to within one cent of the season's low. Cash
firms bought May and sold distant months. Charters were
made for 110,000 bushels. On the 18th inst. prices declined
% to %c. in company with lower prices for wheat. Chicago
was competing, however, with outside points in Illinois and
Ohio for the first time late last year. Chicago sold cash
corn to New England for the first time in months.
On the 19th inst. near months fell to a new low for the
season, ending % to / lower. May touched 32%c., with
1c.
2
wheat declining early. Country offerings were moderate.
Some think the Southwestern acreage is likely to be increased by abandonment of wheat. On the 20th inst. May
corn was down to 3134c., the lowest since October 1899, when
it was at 30%c. Liquidation, partly on stop orders, with
some sympathy with wheat, caused the decline of % to 1%c.,
led by May. There were export bids from the United Kingdom reported on the decline.
On the 21st inst. prices ended %c. lower to %c. higher
after an early decline to a new low level for the season.
It was said that a small export business had been done, but
supposedly at New York or New England points. The
price was said to be well below the Chicago level and 134c.
above the Argentine price on nearby months. The export
talk was not taken seriously. The influence of wheat's
rise was not negligible. To-day prices closed /to %c.lower,
1
2
reaching new low ground for the season on May liquidation
and local selling. The cash demand was fair. Country
purchases to arrive were moderate. Eastern shipping business was very dull. Final prices show a decline for the
week of 2 c.
/
1
2
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 yellow
49% 49% 4834 4734 47% 4734
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
33% 33% 33% 32% 32% 32
July
37
36% 36% 3534 35% 3534
September
3934 38% 383 3834 38% 37%
4
Season's High and When MadeSeason's Low and When Made
May
31%
Apr. 22 1932
5334
Nov. 9 1931 May
July
Apr. 22 1932
35
55
Nov. 9 1931 July
453.4
September
37%
Apr. 22 1932
Jan. 18 1932 September
OATS, like other grain, felt the effects of May liquidation,
with only a sluggish demand. On the 16th inst. prices closed
unchanged to %c. lower. Charters were made for 130,000
bushels of oats to Georgian Bay. On the 18th inst. prices
closed / to / lower, with other grain off. On the 19th
1
2
1
2
,c.
Inst. prices closed lfic. higher, with cash interests buying
i
and the Northwest taking May. On the 20th inst. prices
declined %c., with September down to the lowest on the
crop. On the 21st inst. prices ended % to / higher. To1c.
2
day prices closed / to %c.lower, under further May liquida1
2
tion in a dull market. May was down to the previous low
of the season. Final prices show a decline of 12 for
/
1c.
the week.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon.
Tues,
Wed.
Thurs. Fri.
No.2 white
35-35% 3434-34% 3434-34% 3334-3434 34-3434 3334-34
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat, Mon. Tues. Wed. Thurs. Fri.
May
23% 2334 23% 22% 23
22H
July
24% 23% 24
233' 2334 22
September
24% 2434 2434 23% 23% 23
Season's High and When MadeSeason's Low and When Made
May
313
Nov. 10 1931 May
2234
Apr. 22 1932
July
31
Nov. 10 1931 July
2284
Oct. 5 1931
y
tember
26
Feb. 19 1932 September
2334
Apr. 22 1932
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
325
/ 323
% 33
4
327 33% 33
July
33% 3334 3334 334 333
3234
RYE prices dropped sharply with May liquidation under
way and little support. Also there was little or nothing
said of an export demand. On the 16th inst. prices declined
% to 1%c., falling with wheat. On the 18th inst. prices
fell %c. On the 19th inst. prices ended / to lc. higher.
1
2
The purchase of 375,000 bushels to go to Chicago from
Financial Chronicle
3128
Duluth had little or no effect. On the 20th inst. prices declined % to 1%c., a decline in wheat neutralizing reports
of export business at the seaboard. On the 21st inst. prices
3
4c.
ended Y to / lower, regardless of the rally in wheat
4
and also despite reports of fair-sized sales to Antwerp
and Rotterdam late on the 20th inst. To-day prices declined
1% to 2c., with trading dull and more or less liquidation
under way. Final prices show a decline for the week of
3% to 4Mic.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs, Fri.
45% 44X 45X 44( 44
42
May
44%,
July
4734 46% 473
4634 46
September
49
4834 4934 48.j 48
46
Season's Low and When Made
Season's High and When Made
Nov. 9 1931 May
May
634
385
Oct. 6 1931
Nov. 9 1931 July
Dec. 10 1931
July
41
83
54
Feb. 26 1932 September
September
48
Jan. 18 1932
Closing quotations were as follows:
GRAIN.
Wheat, New YorkOats. New York
No. 2 white
No. 2 red, c.i.f.. Dom..-- 70x
3334(34
No. 3 white
Manitoba No.1,f.o.b. N.Y. 7534
t33
32345
Rye No. 2. f.o.b. bond
5834
Chicago. No. 3
Corn.New YorkNo. 2 yellow, all rail
4734 Barley
No. 3 yellow, all rail
N. Y.c.i.f., N.Y
50%
4634
Chicago, cash
4261156
FLOUR.
Spring pat high protein $4.80@$5.15 Rye flour patents
54.05 34.35
Spring patents --_-.--- 4.40( 4.60 Seminole. bbl., Nos. 1-2 5.40
6.20
Clears. first spring
4.2) 4.40 Oats goods
1.75i 1.80
Soft winter scraighis ._ 3.45
3.70 Corn flour
1.40
1.45
Hard winter straights _ 3.80
4.10 Barley goods
Hard winter patents_ ... 4 lOt 4.35
Coarse
3.200 -.Fancy pearl. NM. 2,
Hard winter clears
._ 3 351 3.85
Fancy Minn. patent.... 5 55
6.25
6.15@ 6.50
4 and 7
City mills ___._ - - ._ 5.55
6 23
For other tables usually given here see page 3347.
--
The exports from the several seaboard ports for the week
ending Saturday, April 16 1932, are shown in the annexed
statement:
Exports Poll.New York
Boston
Baltimore
Norfolk
Newport News
New Orleans _____ _ _
Galveston
Montreal
St. John, N. B
Halifax
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
1,486,000
1,000
14,720
60,000
512.000
328,000
69.000
80,000
1,000
245,000
3,000
7,000
381,000
1,00
320,000
349.000
7,000
7,000
Total week 1932-- 3,719.000
Same week 1931-- 2.634.000
73.000
4.000
37,720
116.715
60,000
187.11011
3 000
The destination of these exports for the weEk and since
July 1 1931 is as below:
F lour.
Exports for Week
Week
1Veet
and Since
Apr. 16 July 1
July 1 to1932.
1931.
Wheat.
IV,
,,k
April 16
1932.
Corn.
Since
Jule 1
1931.
Week
April 16
1932.
Since
July 1
1931.
Barre's. Barrels. Bushels.
Bushels. Bushels. Bushels.
United Kingdom _ 13,093 2,324,366
545,000 31,646,000
69,000
251,000
Continent
15,622 1,512,421 2,346,000 80,204,000
1,000
160,000
So. 11t Cent. Amer. 1,000
205,453 810,000 11,675,000
1,000
11,000
West Indies
8,000
377,914
6,000
161,000
2,000
47,000
Brit.No.Am.Cols_
---10,982
Other countries_---193,247
12,000 2,346,000
Total 1932.___ 37,720 4,629.363 3,719,000 126.032,000
Total 1931 __ 116 715 9.417.716 2.638.000 150.842.000
73,000
4.000
469,000
271.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, April 16, were as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
" afloat
Toledo
Detroit
Chic?go
.
afloat
Mllwaukee
Duluth
MinneapolLs
Sioux City
St. Louis
K811888 City
Wichita
Hutchinson
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
GRAIN STOCKS.
Oats.
Corn.
Wheat.
bush.
bush.
bush.
38,000
5,000
1,404,000
7,000
1,431.000
34,000
50,000
3,791,000
24,000
62,000
6,334,000
214,000
34,000
46,000
1,676,000
2,193,000
191,000
293.000
5,089,000
851,000
11,067,000 3,218,000
293,000
93,000
508,000
4,243,000
160,000
24,000
12,000
249,000
20,595,000 12,398,000 3,603,000
256,000
1,550,000
355,000
605,000
6,226,000
92,000 2,059,000
17,747,000
49,000 3,144,000
27,043,000
62,000
23,000
1,475,000
410,000
6,185,000 1,313,000
53,000
434.000
37,007,000
1,641,000
78,000
4,964,000
585,000
351,000
5,616,000
586,000
21,000
53,000
308,000
1,407,000 1,411,000
334,000
407,000
16,469,000
258,000
250,000
227,000
Rile.
hush.
Barley.
bush.
3,000
2.000
11,000
31,000
2,000
1,000
1,000
2,000
264,000
28,000
10,000
246,000
3,000
4,000
39,000
38,000
1,967,000
182,000
1,033.000
244,000
192.000
313.000
1,943,000
3,716,000 1,418,000
13,000
8,000
76,000
50,000
19,000
14,000
Total April 16 1932....185,999,000 21,532,000 13,761,000 9,281,000 2,592,000
Total Aprli 9 1932_-_192,129,000 21,835,000 14,106,000 9,268,000 2,657,000
Total April 18 1931-192,731,000 18,703,000 14,788,000 11,459,000 6.490,000
-Bonded grain not included above: Oats, New York, 1.000 bushels; total
Note.
1,000 bushels, against 4,000 bushels In 1931. Barley, New York, 1,000 bu.shein
Buffalo, 497,000; total, 498,000 bushels, against 453,000 bushels in 1931. Wheat,
New York, 1,769,000 bushels; New York afloat, 153,000; Baltimore, 54,000; Buffalo,
3.425,000; Buffalo afloat, 3,908,000; total, 9,309,000 bushels, against 8,145,000
bushels in 1931.
Barley.
Rye.
Oats.
Corn.
Wheat.
bush.
bush,
bush.
bush,
Canadianbush,
986,000
Montreal
1,191,000 1.123,000
4,453,000
Ft. William ex Pt. Arthur_57,206.000
2,622,000 7,690,000 3,154,000
" afloat
114,000
71,000
398,000
Other Canadian
104,000
4,707,000
649.000
Total April 16 1932_--66,437,000
Total April 9 1932-.65,667,000
Total April 18 1931-64,824,000
4,576,000 8,917,000 4,538,000
4,759,000 8,873,000 4,563,000
5,345,000 10,875,000 19,347,000
SummaryAmerican
Canadian
April 23 1932
Wheat.
Corn.
Barley.
Rol
Oats.
bush,
bush,
bush.
bush.
nush,
185,999,000 21,532,000 13,761,000 9,281,000 2,592,000
66,437,000
4,576,000 8,917,000 4,538,000
Total April 16 1932......252,436,090 21,532,000 18,337,000 18,198,000 7,130,000
Total April 9 1932-.257,786,000 21,835,000 18,865,000 18,141,000 7,220,000
Total April 18 1931_262,555,000 18.703.000 20,133,000 22,334,000 25.837.000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, April 15, and since July 1 1931 and 1930,
are shown in the following:
Wheat.
Corn.
Exports.
Week
April 15
1932.
Since
July 1
1931.
Since
July 1
1930.
Week
April 15
1932.
Since
July 1
1931.
Since
July I
1930.
Bushels.
Bushels.
Bushels. I Bushels. Bushels.
Bushels.
North Amer. 7.299,000255,064,000 289.179,000
34.000 2,029,000 1,402,000
Black Sea..,,., 208,000 107,916,000 98,654,000 1,480,000 27,013,000 29,470,000
Argentina_ 5.526.000109,896.000 76,039,000 6,335,000312.544,000 191,038,000
Australia _-- 3,144,000123,240,000 94,104,000
India
600.000 9,008,000
0th. countr's 640,000 28.262,000 34,658,000 187,000 17,333,000 37,822,000
___Total
16,817,000624,978,000601,640,000 8,036,000 358,919,000 259,732,000
WEATHER REPORT FOR THE WEEK ENDED
APRIL 20.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the influence of the weather for the week ended April 20,follows.
The week opened decidedly cool in the Eastern States, with rather wide
spread precipitation in the Northeast. Some snow occurred as far south
as the central Appalachian districts, and freezing temperatures to southwestern Virginia. Thereafter rainfall was of a local character, with subnormal temperatures persisting from the Mississippi Valley eastward, but
near the close of the period there was light to moderate rainfall over much
of the Southwest and the western Great Plains.
Chart 1 shows marked contrasts in temperature condittons during the
week. It was decidedly cold in the East. especially in the Ohio Valley
and lower Lake region where the temperatures averaged 8 dog. to 14 deg.
below normal. West of the Mississippi Valley temperatures were much
higher, with the weekly means ranging from 3 dog to 11 dog, above normal
In practically all sections. The relatively warmest weather occurred in the
northern Great Plains where temperatures wore as Much above normal as
they were below normal in the Ohio Valley. Notable contrasts for th
week are shown by r3cords at Wytheville. Va., where freezing weather
occurred, and at Mlles City, Mont., where the lowest temperature for the
week was 38 deg. Elkins, W. Va., N wthfield, Vt., and Sault Ste. Marie,
Mich.,reported temperatures 10 dog. below freezing.
Chart It shows that very little precipitation occurred In the more eastern
States, except in the extreme Northeast where the weekly totals were moderato to rather heavy. Also much of the Ohio Valley had very little rain,
and Mississippi Valley States had mostly light to only moderate amounts.
Moderate rains occurred in much of the droughty Southwest, more pronouncedly in western K tnsis and Oklahoma. West of the Groat Plains
there was very little rain, except in north Pacific sections whore substantial
falls extended as far south as the northern California coast.
East of the Mississippi River the growth of spring-planted crops and all
other veee tenon was retarded by abnormally cool weather. There was
some slight frost damage in central districts, but not of a serious nature.
In the trans
-Mississippi States temperatures wer3 decide:11y higher, especially in the north where the weather was unusually favorable for agricultural interests. In the northern Great Plains and northern Rocky Mountain sections the livestock situation has improved materially, with the
favorable warmth promoting growth of grass and range grazing now sufficient to sustain livestock In most places.
In the central and southern Plains it continued unfavorably dry until
near the close of the week, when beneficial rains occurred over a considerable
area from central Texas northward. Those orought temporary relief.
but the extremely dry co edition of the sell requires further moisture for
permanent benefit from Texas northward to Nebrask . including the
e..stern portions of Colorado and Wyoming,es well as much of New Mexico.
Rain Is needed also in central Gulf sections, Florida, and some central
valley States.
Farm work made generally good advance during the week, except that
the soil is still too wet to plow in some central sections, including northeastern Arkansas, the southern and eastern Ohio V 'Hey, the Northeast,
and north-central districts east of the Red River Valley. Seeding spring
grains advanced favorably, except in the wetter sections, and was especially active in the Northwest where the sowing of spring wheat made excellent advance. West of the Rocky Mountains conditions continued
favorable, except for dryness in California where most localities are showing marked effects from the lack of moisture.
-In the Ohio Valley it was rather too cool for best
SMALL GRAINS.
growth of winter wheat, but condition is generally fair to excellent; in some
western valley sections, where it had been dry, there were good rains
which relieved the drouthy conditions, although mere moisture is still
needed. In many parts of the central and southwestern winter wheat
belt recent showers were helpful, but there is a general need of rain, es-'
peclally in the western two-thirds of Kansas and most of Oklahoma; in
the former State wheat is fair in the eastern third, but deterioration continues in the western part, with further soil blowing in the extreme west.
Winter grains are generally looking well in most sections from the Lake
region westward to the Pacific States, although in the northwestern part
of the main belt, notably in Nebraska, condition is poor to only fair;
moisture is needed in parts of the Northwest. In California continued
dryness was detrimental, with some fields beginning to head short and
others burned beyond recovery. Winter cereals continue to improve in
the Southeast and are doing well generally in the East, with stooling noted
north to Virginia and some heading In the Southeast.
Outdoor work v,as favored generally in the spring wheat region and
plowing, disking, and seeding made rapid advance; sowing has been completed in parts of South Dakota; some lowlands are still too wet to work,
especially in the eastern belt. Winter oats are fair to good in the East,
but they need rain in most central and southwestern sections. Spring oat
and barley seeding has been completed locally in Iowa and e ebraska,
while the earlier seeded is doing well in more southern sections, except
for some local need of rain. It is too dry for rice germination in Louisiana.
CORN AND COTTON.
-The planting of corn is still inactive, principally
because of unfavorably low temperatures. In the western belt much
ground has been prepared, with about one-third of the plowing done In
southern and western Iowa, but not much planting was accomplished during
the week, oven as far south as Missouri. In Atlantic States considerable
was planted as far north as Virginia, and steady advance in preparation
was made in the western Ohio Valley; much land is still too wet in eastern
and southern valley districts.
Cotton planting made some advance and was active in many central
and eastern sections, but. as a general rule, cnly fair progress was reported. In the central and eastern belt temperatures were too low, especially at night, for satisfactory germination of early-planted cotton in
the South, and moisture is needed in central Gulf districts. In the west"
em belt planting was irregular in Texas, but some progress was made to
the north-central portion of the State. Very good advance was reported
from most parts of Arkansas. and some cotton was planted in eastern and
south-central Oklahoma.
The Weather Rureau furnishes the following resume of
the conditions in the different 8tateq:
-Richmond: Precipitation light and temperature considerably
Virginia.
in cenbelow normal, with two light frosts damaging to tender vegetationGrowth
tral counties and probably slightly to fruits in Great Valley. planted.
generally slow. Corn ground in preparation and considerable
Wheat excellent; stooling well. Oats being planted and doing Wed
southwest
southern sections. Planting cabbage and potatoes finished in bedded as
counties. Southern truck doing well, but not much tobacco
yet. Meadows and pastures good. No grazing yet in north.
Volume 134
Financial Chronicle
3129
the policy imposes on many mills. The principle is being
widely recognized that various artificial aids to trade revival, such as have been repeatedly attempted since the
depression began, can accelerate a revival only if fundamental conditions are ready for it. The excellent working
philosophy that the revival will come in its own good time,
and that the best that businessmen can do is to fortify their
position in the meantime, seems to be gaining increased
currency.
DOMESTIC COTTON GOODS.—Notwithstanding more
favorable weather, which not a few observers expected to
release a substantial volume of reordering of spring cotton
goods, the belated movement of which was predicted in more
than one quarter to run into heavy proportions, no immediate indication of any noteworthy rise in demand has become
manifest. Much the same dull trading is in evidence as has
existed with little interruption for the past two months.
While buying in quantity is more or less nil, that for small
amounts for filling-in purposes is very meagre. Reasons
for the protracted lull are conceded to be many, and it is
chiefly on the score of their relative importance as deterrents that opinions differ. However, the concensus of expressed opinion points to the situation in Washington, which
Is rife with uncertainties of which the projected but as yet
unformed revenue bill and the veterans' bonus bill are the
most emphasized. The uncertain trend in raw cotton is, of
course, cited as no negligible factor, disappointing business
at retail is a real thorn in the side of the industry, and
the general industrial deflation, credit stringency and
greatly deflated purchasing power are not being lost sight
of as fundamental causes. Meanwhile sellers are managing
to hold prices remarkably steady, considering that the current period is one of the most aggravating experienced in
c.
2
1
many years. Bids for goods at / under market prices
have been ignored in many cases, and this is the more noteworthy in view of the fact that this pressure for concessions
has been insistently in evidence for so long a period during
which no expansion in activity has occurred to strengthen
sellers' resistance to the temptation to move goods when the
opportunity offered. Narrow sheetings producers are
expected to follow the lead of print cloths producers in
adopting a general curtailment plan to apply during coming
months. Reports to the effect that increased curtailment
frequent
of fine goods is impending are being given morescattered,
expression. Inquiry for the latter is reported to be
while only occasional small lots are moving out of proand,
ducers' hands. The fact that the need of sustained
being generally
in many cases, intensified curtailment is
curacknowledged is regarded as the brightest spot in the
ves of imrent situation. Conferences among representati
cotton goods
portant constituents from all divisions of the
institution of furtrade are said to have as their object the
will be
ther restriction of output, on the theory that it
THE DRY GOODS TRADE
safeguarded
found necessary if the trade is to be adequately
reliable
New lark, Friday Night, April 22 1932.
against the exigencies of the future. There is no
Notwithstanding the reappearance of seast.mable weather, indication at present observable, it is contended, that any
marked expansion in activity will be experienced soon,
a short but very unbroken spell of which has been in evichandence over important areas in the past week or so, there
though the relatively good statistical position in all
nels would almost certainly make itself quickly felt should
has been no such vigorous expansion in retail activity
h
such as would have made immediate substantial replenishdemand suddenly resume strength. Print cloths 27-inc
-inch 64x60's
,fic., and 28
ment of depleted retail stocks imperative. Most jobbers 64x60's constructions are quoted at 27
report that the volume of reordering from retailers so far at 3c. Gray goods 39-inch 68x72's constructions are quoted
1c.
/
/
-inch 80x80's at 514 to 52
2
1
/
has shown little or no indication of pronounced betterment, at 4 c. to 4%c., and 39
though the hope for such a development has not been abanWOOLEN GOODS.—Some confusion exists respecting
doned. It is still thought likely that retail buyers will have
the cause of the American Woolen Co.'s naming of "defito come into the market for replenishment in the near
nite" prices as against "tentative" prices on fall offerings,
future, and in that event wholesalers will find it necessary
1c.,
/ and in
2
1
/
involving reductions of from around 2 to 72 suitings,
to place further orders in primary channels in order to be some cases, it Is understood, 10c., chiefly on worsted
able to fill the requirements of the retail market, since
coatings being not much affected, it is
stocks in the hands of wholesalers, like those in other staple suitings and the new prices the company expressed
reported. In naming
divisions of the market, are by no means adequate to a
that while it is hopeful that the prices
normal market appetite. While, on the one hand, immedi- itself to the effect
in point will be able to be maintained during the coming
ate indications are that the weather, which some quarters season, it is prepared to take due regard of such revisions
considered the worst deterrent to activity in recent weeks, In
market prices as may later appear, in order to protect
has been too greatly stressed, the fact that continued
its customers. The company is at present subject to rather
quietude finds most sections of the market in a relatively
stronger competition than it usually has to face, owing to
good statistical position demonstrates that the markets the fact that under current conditions some other mills are
were by no means relying entirely on the advent of spring
able to operate on a somewhat lower basis than the big
temperatures to solve their problems: With evidence of factor, It is reported. While this cannot be deemed a sufgeneral absence of confidence, and greatly depleted buying ficient reason for the action, a conclusive one is not at
power available on every hand, and nothing conslusive in
present available. It can only be remarked that the Amerthe outlook to show that material constructive change is ican Woolen Co. is no longer benefiting from the advantages
imminent, the textile trade has continued to apply itself of mass production which used to be a great reinforcement,
with a good measure of success to controlling production. and that it has to adopt a more definitely competitive basis
Print cloths producers, it will be recalled, continue to curtail in attracting buying. Meanwhile the market continues unioutput substantially, in accordance with the plans adopted formly dull, though somewhat better ordering of moderate
early in the year, which have had an undoubtedly con- quantities of fall goods Is reported. While prices are unstructive effect on prices, which have continued relatively
settled, business is too scattered and meagre to give any
stable. Fine cotton goods and heavy cotton goods are being conclusive idea about the true status of prices. With buyers
at less than 50% of capacity, it is estimated. showing little interest in preparation of fall women's wear
produced
Wool goods operations are below 40% of capacity pending
fabrics it is thought unlikely that fall showings of such
the inception of the fall season. Operations in the silk
goods will be made before the middle of next month.
goods Industries, meanwhile, are running around
and rayon
FOREIGN DRY GOODS.—Linen importers are expecting
capacity, respectively. Buyers of fine cotton
50 and 65% of
demand to develop in the near future, as the weather
and rayon cloths are finding that they are not being pro- renewed
encourages reordering, notably of dress goods and suitings.
duced except to fill actual orders, it is reported. The point
Statistical conditions continue favorable, and the good busiIs again made that banks which are financing textile mills ness done earlier in the year has fortified many
importers
have a hand in this growing curtailment of output to equality
. Burlaps continued quiet and featurewith actual demand, the influence of which, in tending to against emergencies but
persistently lower. Light weights
eliminate distress offerings and stabilize prices, is widely less, dragging slowly
are quoted at 3.22c., and heavies at 4.35c.
welcomed, notwithstanding the increased overhead which
North Carolina—Raleigh: Cool throughout week; rainfall light, except
and much
In southeast. Considerable land prepared, but season backward
slow;
planting delayed, awaiting warmer conditions. Growth of truck fair
many complaints of poor tobacco beds. Small grains and tree fruits
good condition.
to
South Carolina—Columbia: Truck, gardens, and potatoes improved
slowly, but are generally backward due to much replanting and persistently
low
cool nights. Scattered showers up-State and more rain needed in and
country. Winter cereals heading. Cotton and corn planting active
Spring plowing making seasonable
some early plantings germinating.
advance. Woods were generally green by the 15th. Pasturage fair.
Asparagus shipments continue and English pea harvest begun.
Georgia.—Atlanta: Week cool, with only light rains, and much field
work accomplished. Planting corn continues over State and cotton northward over central division; both crops coming up, but considerable comand
plaint of poor germination account cool nights. Cereals improving prooats heading in some sections. Planting truck, peanuts, and cane
gressing. Tobacco and sweet potato beds prepared.
Florida.—Jacksonville: Cool nights and dry soil delayed germination,
but moderately warm middays favorable. Corn only fair stand and much
replanting. Melons and truck fair to good, but backward. Planting
cotton continued in north and west. Citrus fair to good, but bloom backward. Potato shipments heavy from Hastings district. Need of rain
urgent on uplands and for ranges. Farm work well advanced.
showers
Alabama.—Montgomery: Temperatures averaged normal;
latter part. Farm work good progress, but still backward. Cotton plant
general in south; some coming up. but too cool and dry for satisfactory
ing
germination. Corn planting general and finished in localities of south;
some up. Progress and condition of oats mostly fair to good. Earlyplanted potatoes coming up. Condition of truck, vegetables, ranges, and
pastures poor to good; needing rain and warmth.
Mississippi.—Vicksburg: Generally dry, except light rains in interior
Sunday night. Nights slightly cool. Progress in planting cotton good,
but corn only fair; germination of both fair. Progress of fruit, gardens,
pastures, and truck mostly good, except rain needed in extreme south.
Louisiana—New Orleans: Averaged moderate, with scattered showers
plowin extreme north, otherwise dry. Excellent week for farm work andcotton
ing and planting made good progress, but too dry for germination of
fair
and rice in much of south. Cane made good progress, while oats arecorn
to good. Truck crops need rain in most sections. Cotton and
already up made good growth.
Tezas.—llouston: Moderate temperatures in coast sections and warm
elsewhere; very dry first of week, but beneficial, moderate to heavy rains
in many sections on last day. Cotton planting spotted, but some progress
as far as north-central; condition of that up in south only fair to good.
Wheat, oats, and barley made only fair progress, and condition, especially
oats, showing effects of dryness. Corn making slow progress. Pastures
mostly good to excellent, but dry.
temperaOklahoma.—Oklahoma City: Mostly clear, with seasonable
tures; light to heavy showers general latter part of week, but more rain
needed in all sections. Satisfactory progress in planting corn, with soil
mostly too dry for quick germination; early-planted generally good stand.
Progress of winter wheat and oats very poor to only poor, according to
soil moisture; condition poor to fair. Cotton planting just beginning in
east and south-central. Potatoes, gardens, and pastures late and mostly
poor as too
I
Arkansas:LLT:1We Rock: Weather very favorable for farm work and
growth of crops. Progress in planting cotton very good in south and central
and beginning In north; soil well prepared, but cold and in some northeastern localities too wet. Progress of corn planting excellent; considerable up and some being cultivated; growth very good. Wheat, oats.
meadows, pastures, potatoes, truck, fruit, and berries made excellent
progress.
Tennessee.—Nashville: Mostly light to moderate rain and below norinal temperatures, with light frosts. Progress and condition of winter
wheat very good; winter oats improving slowly, while spring oats made
good growth. Bedded tobacco plants coming slowly.
Kentucky.—Louisville: Temperatures low and unfavorable for growth
and germination; moderato, irregular rainfall. Good progress in plowing on drier soils, but much land too wet. Tobacco plants mostly up;
two weeks late. Potatoes coming up irregularly and seed rotting. Corn
planting beginning In small way; too cold. Condition and progress of
winter wheat very good to excellent, also rye and barley.
3130
Financial Chronicle
*tate and Txtg peparinteut
April 23 1932
County Collector, on an assertion that the 1929 taxes were
fraudulent and void because of the omission of billions of
dollars' worth of personal property from the tax rolls. The
Chicago "Journal of Commerce" of April 9 carried the following on the subject:
NEWS ITEMS
Arkansas.—Supreme Court Dissolves Rump Session of
House of Representatives.—According to Associated Press
dispatches from Little Rock on April 13 more than twothirds of the House of Representatives had refused to recognize Governor Parnell's order dissolving the special session
of the Legislature and met on that day to attempt to enact
legislation for governmental economy. The Senate had
accepted the Governor's proclamation adjourning the
session and disbanded. The rump session of the House
came to an end on April 14 after the State Supreme Court had
held that the Legislature automatically adjourned itself on
April 12 through failure of extension of the special session
after the completion of business under Governor Parnell's
call, reports the New York "Sun" of April 15.
Governor Parnell Signs Bill Refunding $47,000,000 Road
Improvement District Bonds.—Drafted by the special legislative session during five weeks of deliberation, a bill for refunding $47,000,000 of road impt. district bonds assumed
in part by the State in 1927, was signed on April 14 by Governor Harvey Parnell. The bill provides that the bonds shall
bear int. at 43'%,.and sets up a limitation of $1,000,000
annually for highway maintenance and $1,000,000 for
new construction during the term of the issue. The new
law pledges all the revenue of the State Highway Department
in excess of these amounts to the retirement of the funding
bonds. This provision will operate even should the excess
be more than maturities for any given year of the period.
The Chicago "Journal of Commerce" of April 16 carried
the following article on the refunding plan:
The Illinois Supreme Court at Springfield yesterday declared constitutional the 1929 Cook County tax assessment which had been challenged
by a group of taxpayers.
The High Court affirmed the action of the Circuit Court which sustained a demurrer filed on behalf of the county to the bill which attacked
the validity of the tax roll.
Will Seek Rehearing
The Association of Real Estate Taxpayers, which is fighting the assessment on the ground of fraud and Illegality, particularly in the failure
of the assessors to assess billions of personal property, announced that it
would seek an immediate rehearing and should that result unsatisfactorily it then would appeal to the United States Supreme Court.
James E. Mater and about 5,000 other taxpayers in the group had
sought to enjoin Joseph B. McDonough, County Collector, from taking
judgment against delinquent taxpayers for general assessments on their
real estate for 1929. The complainants charged that for many years,
particularly in 1929. the Board of Assessors deliberately, fraudulently
and illegally omitted to assessor underassessed, personal property and
thus discriminated against real estate.
Justice Frederic R. De Young, of Chicago, wrote the opinion of the
court in which he stated in part:
"The contention that assessments upon the parcels of real estate of the
appellants are void because there was discrimination in favor of personal
property is not tenable. It has been the uniform rule in this state that
neither the omission to assess nor the undervaluation of one kind or class
of property will invalidate the assessments upon other property in the
same jurisdiction.
Not Voided by Omission
"The framers of the constitution could not have designed that such
an omission should avoid the tax levied upon the property which is regularly assessed. They intended to require and did require that the law
should provide for a uniform mode of assessment and collection which
would not sanction exemptions from the burden of taxation, and they
Imposed the duty upon the officers acting under the revenue laws of executing them fairly and impartially, but it never could have been intended
that their omissions should render the whole tax void, and to suspend
judicial review.
"The appellants were required to allege facts from which it might be
determined whether the omitted property was liable to assessment. No
description of that property is given and in no instance is its sites or ownership disclosed. The allegations of the bill that the property was liable
to taxation were mere conclusions of law were insufficient.
"It is only where a valuation of taxable property has been fraudulently
made and the complaining taxpayer has not waived his right to relief
that the assessment is subject to judicial review."
Association's Statement
The Association of Real Estate Taxpayers in a statement issued by
John M. Pratt, Executive Director, said in part:
"It is true that this decision of our State Supreme Court holds that
each individual taxpayer must mandamus the Board of Review. However, the United States Supreme Court has, on several occasions very
clearly ruled that this is a public and not a private obligation.
"In conclusion, the association which stated that at best the Miter
Case was merely one stone in the structure that Is being erected and that
ultimately will provide a measure of protection for the taxpayers of Cook
County," declared its intention if necessary, to carry the tax litigation
to the United States Supreme Court."
Agitation for refunding of State of Arkansas road district bonds finally
resulted in a law, signed by Governor Harvey Parnell Thursday,
whereby a new issue of revenue bonds, junior in claim to the present State
of Arkansas highway and toll bridge bonds, will be exchanged for those of
the road districts.
A summary of the new legislation, which removes the apprehension that
full faith and credit obligations might be used to refund the road district
bonds or that substantial public financing might be attempted, is presented below. Quotations are extracts from the new law.
Interest Rate 4 %.
"Issuance of bonds,to be known as revenue bonds, bearing interest
rate of 43i% per annum from date until paid, interest payable at the
,
semiannually and evidenced by attached interest coupons, is hereby authorized
in an aggregate sum equal to the aggregate face value of the
outstanding
road district bonds on which the State has heretofore been paying interest
under Act No. 11 (Martineau Act) of 1927 and Act No. 65 of the Acts
State Supreme Court Rules Valid 1928 and 1929 Tax Assessof 1929, hereinafter called road district bonds. Such revenue bonds shall
only be issued as and when road district bonds are deposited in trust under
ments.—In a decision handed down on April 20 the State
the provisions of this act.
Supreme Court ruled that the real estate assessment rolls
"Said revenue bonds shall be payable, both prin. and int., solely from
the avails of the gasoline and motor vehicle fuel taxes, motor registration
of 1928 and 1929 for this county were valid, and, by imRlifees and such other revenues from the State as are now paid into the State
cation, upheld also the tax levies of 1930 on property. By
highway fund,and the avails of said revenues are hereby irrevocably pledged
this decision, made known in an oral opinion, the Court
to the payment of said revenue bonds, subject, however, to prior pledges
of said revenue for the payment of highway notes or bonds issued under
reversed a ruling given on Dec. 31 1931 by County Judge
the provisions of Act 11 of the Acts of 1927 or Act 85 of the Acts of 1929
Edmund K. Jarecki to the effect that the real estate assessor Act 5 of the Extraordinary session of 1928."
ments were illegal because personal property was not being
Provides for Payments.
In the law, the State covenants that as long as these revenue bonds
taxed sufficiently—V. 134, p. 354. It is expected that this
are outstanding, it will not repeal or amend the gas tax and other vehicle
decision will break the long strike of Chicago taxpayers
laws in any manner to reduce the revenue therefrom. It also agrees to
levy a tax or substitutes for motor fuels, if such items reduce revenues
and will pave the way to restoration of the city's financial
to a point below the amount required for bond interest on maturities. The
standing. A special dispatch from Chicago on April 20 to
full faith and credit of the State, however, is not pledged.
the New York "Times" reported as follows on the Supreme
Refunding bonds are to be issued only to holders of road district bonds
issued and sold prior to adoption of Act 11 of 1927 and for 60 days no
Court ruling:
revenue bonds shall be issued for road district bonds sold less than one year
The taxpayers strike, which has complicated the financial difficulties
prior to the adoption of Act 11 of 1927. The law further provides that
of the local governments, received a setback to-day when the Illinois
the validity of any or all road district bonds may be tested in court to
Supreme Court upheld the legality of Cook County's 1928 and 1929 real
determine whether they come under the provisions of this act and that if
estate tax levies and reversed County Judge Edmund K. Jarecld's ruling
such test suit is pending no revenue bond can be exchanged for such disin the Ciser case.
trict bond until the legality is determined.
Spokesmen for the groups who have protested against paying the two
Highway Fund Pledged.
years' taxes said they would carry their battle to the United States Supreme
As security for prompt and full payment of the revenue bonds, the
Court. They face a penalty of 1% each month on their unpaid tax bills.
State of Arkansas. In the new law, covenants that the highway fund,
The State's highest court ruled that the failure of tax officials to assess
including all revenues, shall be set aside semi-annually and disbursed as
personal property amounting to 516,000,000,000 did not invalidate the
follows:
real estate assessments. Hundreds of thousands of realty owners who
refused to pay their 1928 and 1929 levies or paid only 40 to
1. To pay maturing State highway notes or bonds and interest which
of the totals
are now liable for the full amount with added penalties. 60%
bonds are hereby declared a prior lien on all gasoline and motor vehicle fuel
With the 1030 tax delinquency date at hand, the decision makes the
taxes and motor registration fees.
balance on 1928 and 1929 immediately due. A rush of realty owners to
2. To pay maturing principal and interest on toll bridge bonds issued
pay is expected, which will relieve the financial condition of the local
Under Act 5 of the Extraordinary session of 1928, which bonds also are
governments.
declared a prior lien.
County Treasurer McDonough said the decision would result in increased
3. To pay principal and interest on revenue bonds issued under this act,
cita tss the 1930 taxes, as well as payments of overdue 1927, 1928 and
nxe of
and interest on road district bonds due on or before Sept. 1 1932, where
1929
such bonds have been deposited in trust.
table prepared by the county collector shows a total of $72,881,845
4. To pay salaries and expenses of the State Highway Audit Commission;
in unpaid 1927, 1928 and 1929 taxes, protected by court injunction or
$1,000,000 annually or part thereof for maintenance of State highways,
otherwise, and many more taxpayers delinquent.
and $100,000 annually or a part thereof for expense of State Highway
Penalties against 192,945 properties, the sale of which
Department.
a court injunction, now aflaount to more than $8,000.000.was stopped by
5. To pay principal and interest on legal certificates of indebtedness
In addition, nearly $200,000,000 Is due on the 1930 taxes prior to the
issued by the Highway Commission under Act8 of the Extraordinary Session
penalty date.
of 1928 and Act 85 of the Acts of 1931.
Mayor Cermak declared that the back of the taxpayers strike Was
6-10. These items provide for payment of sundry charges, including
broken and that Chicago would be able to meet its obligations promptly.
Interest on undeposited road district bonds, $1,000.000 for new construc;
"Tax dodgers will not be willing to bear the penalties to be assessed,
tion and sinking funds.
the Mayor said, adding that the Supreme Courts decision should have
Bonds to Be Deposited.
the effect of "causing the tax strikers to repudiate the influences which
Holders of the present road district bonds, eligible for exchange may
have led them to protest payments,
deposit their bonds with the State Treasurer after clipping off coupons to
Sept. 1 1932, and receive in exchange a like amount of revenue bonds
Coral Gables, Fla.—Bond Refunding Plan Approved by
having a maturity 10 years later than the district bonds. In this manner
Freeholders.—According to news dispatches from this city
a holder of a district bond due in 1934 would receive a revenue bond maon April 18 the freeholders have approved by a count of
turing in 1944. District bonds maturing in 1916 and thereafter are an
exception and will receive revenue bonds with maximum maturities in 1956.
330 "for" to 22 "against," a proposal to issue refunding
The road district bonds turned in for exchange will be deposited in trust
bonds and corporate stock for outstanding obligations of the
under the terms of the act and held as collateral security for the revenue
bonds. If the revenue bond of any holder is in default over 90 days that
city. The proposal is stated to call for the issuance of
holder may procure his old road district bond from the State Treasurer
$4,000,000 in 40
less coupons to date on surrender of his revenue bond.
-year bonds at 6% interest, and corporate
has
yar
Cook County, 111.—State Supreme Court Upholds 1929
Tax Assessment.—On April 8 the State Supreme Court
handed down a decision upholding the constitutionality of
the 1929 county tax assessment. The opinion was written
by Justice Frederic R. De Young of Chicago and was given
on an application for an injunction to prevent the sale of
real estate for delinquent taxes. The suit had been instituted
by about 5000 taxpayers, members of the Real Estate
TaxpayersAssociation, against James B. McDonough,
stock for the remainder of the present $9,246,000 debt.
Approximately 75% of the bondholders are said to have
joined with the Protective Committee and to have approved the plan.
California.—State Supreme Court Decision Upholds Par
Sale of State Bonds.—In a decision just handed down by the
State Supreme Court the validity of an act prohibiting the
sale of State bonds below par was upheld. The Court also
ruled that the sale of such bonds at par is illegal if any
Volume 134
Financial Chronicle
commission is paid to the purchaser. A dispatch from
Sacramento to the "United States Daily" of April 19 gave
the following account of the decision:
"The State Supreme Court has sustained the validity of an act prohibiting
the sale of State ponds at less than par, and held that the sale of such bonds
at par when accompanid by the payment of a commission to the buyer is
illegal.
"The case came before the court in a test suit involving the sale of $1,000.000 worth of State harbor bonds. They were sold by the State Treasurer, under precedent and a special statute, the State Harbor Commissioner
agreeing to pay the purchaser a commission of $54,200 out of its funds.
'In order to test the legality of the deal the purchasers filed a writ of
mandate suit to compel the State Controller and State Treasurer to pay
the commission. The writ was denied.
"Attorney General U. 8. Webb said the decision would not affect the
legality of other harbor and State building bonds sold under the commission plan because of superior court decisions and the running of the
statute of limitations.
Everglades Drainage District, Fla.
-Federal Court
Decision Rendered Favoring Holders of Defaulted Bonds.
The New York "Herald-Tribune" of April 16 carried the
following report on a decision recently handed clown by a
special Federal Court in Pensacola, protecting the interests
of the holders of bonds of this district which were defaulted
on Jan. 1 1931, by holding invalid legislation passed subsequent to the issuance of those bonds which lowered their
rating:
A legal decision favorable to holders of $9,000,000 bonds of the Everglades
Drainage District has been handed down by a special Federal Court of three
judges at Pensacola, Fla. The case resulted from a default by the district
on its bonds in January, 1931.
The securities were issued under legislative acts providing for the levy
of fixed acreage taxes. These, when collected by the State Treasurer, were
to be applied to payment of bonds and interest, while the district was required to set up and maintain a sinking fund. Subsequently, co-terminous
districts were set up and acts passed to be applied to the operations of to
divide the proceeds of taxes, part such districts and the balance to the payment of debts. The default in interest on the drainage district bonds
followed.
The opinion now handed down holds the provisions of the legislative act
wheretmder the bonds were issued are a part of the contract with the bondholders. Acts passed by the Legislatures of 1929 and 1931 lowering taxes
and dividing them into two funds were held invalid. It was also established
that the bonds are entitled to payment in preference to other debts of the
district, that other debts cannot share in the provisions for the drainage
taxes and that the district must continue to levy at rates not less than those
fixed in the acts of 1923 under which the bonds were issued.
North Carolina.
-Governor Reports on Operation of Local
Government Commission.
-The Local Government Commission of North Carolina, a central State agency created by
an act of the 1931 Legislature to exercise supervisory power
over municipal borrowing and finances, closed its first year
of operation on March 18 1932. Following a conference on
April 2 with Charles M. Johnson, Director of the Local
Government Commission, Governor 0. Max Gardner
announced his gratification with the successful operation
of the Commission in its direction of the financial affairs of
the units of local government in the State. The following
statement was sent to us on April 13 by Edwin Gill, Secretary
to the Governor, and gives the text of Governor Gardner's
comments:
I think it would be of interest to the people of the State, the Governor
said,"if they knew something of the administration and the economies that
have been effected through the operation of the Local Government Commission. There is no branch of the State government rendering a more
constructive or withwhile service to the people of this State than this Commission and no law was ever more needed.'
As an illustration of the operation of the Lcaol Government Commission,
I cite the instance of the trend of reduction in the issuance of new bonds
since the law went into operation. The law went into effect March 18
1931, and for the one-year period only $810,500 of new bonds have been
issued by the counties, cities and towns of the State, all local units, and of
this amount $220,000 was Issued for a new courthouse in Waynesville.
Contrast this shrinkage in the issuance of bonds with the period
nds
inning
March 18 1930 and ending March 18 1931. During this period, when we
had little or no restrictions, counties, cities and towns new issued bonds in
the amount of $6.147,412.50. This shows an important trend in the decreased debt of the State, but the most important thing that has taken
place since the new law has been in effect is that the debts of the counties,
cities and towns have been reduced by payment of principal and interest in
the sum of $24,025,522.85. In the past three years there has been paid
around $15,000,000 in retirement of State bonds. It is well known that
the debt of the counties, cities and towns is considerably larger than the
the debt of the State, and it is very significant that these units have reduced
their debt in a greater amount than the State.
It will be remembered that under the act of 1931 creating the Local
Government Commission no county, city or town can issue tax anticipation notes or bonds without the approval of the Local Government Commission, but if the Local Government Commission disapproves, the people in
the community may, by direct vote, issue the bonds. Therefore, the Local
Government Commission does not deny the coounties, cities and towns the
right to contract a debt, provided the majority of the qualified voters in an
election called for that purpose express a desire to levy the debt and issue
the bonds. Instead of the act creating centralization, in its effect it decentralizes.
Another item of real interest is the large savings that have been effected
in the system of auditing established by Mr. Johnson since 1929. The
General Assembly of 1929, passed an act requiring contracts for all auditing
done in the counties, these contracts to be approved by Mr. Johnson. as
well as the payment for the service rendered. Prior to this time many
counties had paid as much as $25.000 for a county audit and after the audit
was completed there was no provision to prevent a recurrence of abuses.
The first year of the operation of the 1929 act affecting auditing resulted in a
saving of $89,897 and the auditing was done on a uniform basis and a permanent value to the community. In 1931 the General Assembly moved
forward and made the auditing act applicable to cities and towns and special
charter school districts, and there will be a saving to these units of at least
$85,000 the first year of the operation of this law.
These economies effected by the Local Government Commission are
direct savings to the tax payers: and while they are not spectacular and
generally unknown to the public, they have a most direct and positive
bearing on the pocket-book of the public.
Florida.
-Additional Supplement to Analysis of Bond
Situation Issued.
-An additional supplement (No. 2) to the
booklet issued in January 1931, by John Nuveen & Co. of
Chicago, which analyzed the bond situation from its inception up to that time
-V. 132, p. 884
-has recently been
issued by that firm. The first supplement to the original
analysis was made public in November 1931-V. 133, p.
3283, and revised some of the.county statistics contained in
the original booklet to take into account the provisions
passed by the 1931 Legislature. This present supplement
presents a set of debt statistics on Florida cities and in
summarizing the city bond situation, it is stated by the
above firm that about 90% of the municipal bond defaults
3131
are with city bonds, and goes on to say that about 90% of
the defaults in city bonds have resulted in large measure
from the issuance of short-time special assessment bonds
as general obligations of the cities, said class of bonds not
requiring a vote of the people and therefore being issued
freely to improve new subdivisions. The following table
of statistics is given in this latest supplement so as to reflect
the extent of the debts which have been incurred:
1920
1930
Winter
U's. ti's. Popl'n
Census Census. (Est.)
3,066
3,479
715
890
4,203
Name of City.
Total
Bonded
Debt.
Per
Per Capita
Special Capita Debt
Assessin't Debt Based.
on
Bonds.' Based
on '30 Winter
Census. Popin.
3,150 3,400 Apalachicola
264,000 185,000
4,082 5,000 Arcadia_c
1,187,458 307,000
1.849 2,100 Auburndale_a
1.368,000 490,900
1,104,245 191,000
3,355 5,000 Avon Park_c
5,269 6,000 Bartow
1,342,000 222,000
212 2,000 Bellealr_c
1,114,000 457,000
None
-863 1,270 Same Blountstcwn
50,000
447 1,000 Boca Raton
594,000 340,000
15,750
1,230 1,292 Same Bonifay
71,750
673,000 353,000
455 1,053 1,500 Boynton Beach
692 1,025 Same Bowling Green_c
297,000 144,000
2,776,000 1,075,500
3,868 5,986 8,500 Bradenton
1,011 1,405 1,500 Brooksville
76.000
329,500
115,400
14,400
1,806 1,878 Same ChipleY
2,427 7,607 12,000 Clearwater_ b
6,270,200 2,565,200
496 1,086 1,200 Clerment_b
927,800 476,000
1,445 2,164 3,000 Cocoa_b
850.500 162,500
8,282.000 1,719,000
5,697 8,000 Coral Gables_ a
1,296 1,811 Same Dade CIty_c
580,000 171.500
None
195,000
762 1,674 2,000 Dania_c
117
318,000 185,000
750 Davenport_c
650
3,536,974 550,756
825 16.598 30,000 Daytona Beach
1,483 Same Deerfield
346,000
132,500
2,097 2,636 Same De Funiak Springs.....
48,500
3,324 5,246 11,000 Deland
983,666 190,000
1,219,645 235,225
1,051 2,333 4,000 Delray Beach_ a
140,000 140,000
615 Same Dundee
1,342,000 883,500
642 1,435 2,500 Dunedin_ a
230,500 122,000
600 Same Eagle Lake_c
871 1,000 Eau GaIlle_c
507
11,000
489,000
844.540 249,700
1,193 2,835 4.000 Eustis
78,000
3,147 3.023 Same Fernandina
2,065 8,666 16,000 Fort Lauderdale_a_- 5,611,200 676,000
344,000
2,029 1,981 Same Fort Meade_c
42,000
2,966,000 196,000
3,678 9,082 15.000 Fort Myers_c
3,372,000 612,500
2,115 4,803 7.000 Fort Pierce_ b
1,406 2,500 Frostproof_b
713,200 284,200
&AO 10,465 15,000 Gainesville
1,292,900 224,900
501,354 204,100
2,093 1.719 2,000 Green Cove Springs_c_
851 1,200 Gulfport_ b
913,000 471,000
470 Same Groveland_b
286,000 113,000
651 3,037 5.000 Haines City_c
941,500 383,000
673 Hastings
673
194,000 144,000
761
874,700
2,600 4,600 Hialeah
70,000
1,i19 1,864 Same High Springs
75,000
1,351,500
2,869 5,000 Hollywood
1,363,284 111,400
1,307 2,319 3,000 Homestead_c
521,307 108.000
1.132 1,215 Same Inverness_c
13,225,000 2,050,000
91,558 129,549 150,000 Jacksonville
409 Special Jacksonville Beach_ - 357
345,000
None
120,800
1,260 1,748 Same Jasper
1,389,400 692.000
18,749 12,831 14,000 Key West_c
29,000
929,500
2,722 3,163 3,500 Kissimmee
200,000
377
397 La Belle
397
629
317
413,000 250,000
700 Lake Alfred_c
48,000
305,000
3,341 4.416 5,000 Lake City
8,911,500 1,630,500
7,062 18,554 23,549 Lakeland
1,587,500 711,000
796 3,401 6,000 Lake Wales
4,307,227 2,253,217
1,106 5,940 7,600 Lake Worth_ a
1,068,786 857,000
599 1,429 1,600 Largo
1,835 4,113 4.500 Leesburg
485,100
73.600
3.103 2,734 Same Live Oak
928 Lynn Haven
928
874
313,600
180,800 135,000
1,952 2.189 Same Madison
738,588 429,700
1,076 3,219 3,400 Manatee.b
63,800
180,000
2,499 3,372 Same Marianna
753.900 319,900
533 2.677 4,000 Melbourne_ b
32,164,811 7,939,000
29,571 110.637 165,000 Miami
5,520 000 1,748,000
644 6,494 35,000 Miami Beach
36,500
129.500
1,704 1,901 Same Monticello
420,100 176,000
725 1,613 3,000 Mount Dora
92,000
178,200
1,499 2,029 Same Mulberry
603,000 304,000
758 1,000 New Port Richey_c_
901,000 139,000
2,007 4,149 4,200 New Smyrna
7,28 1 7,50 Ocala
4,914
1,191,000 336,000
43,000
667.500
900 1,795 Same Okeechobee..c
5,992,000 2,487,000
9,282 27.330 40,000 Orlando
663,000 207.000
1,292 1,517 2,000 Ormond
0
1,368,500 520.000
5.102 6,500 7,000 Palatka
None
2,113.500
1,136 1.707 12,000 Palm Beach
1,164,500 875.000
2,046 3,043 3,225 Palmetto_b
1,766,200 780,200
1,722 5,402 5,50 Panama City_ b
3,259,500 275,000
31,035 31,579 34,500 Pensacola
N0.
930,000 120,000
3.729 6,800 7,000 Plant city
390,000
636 2,614 3,000 Pompano_c
2
941:000 411,200
51500
1,295 1,833 2,00 Punta Gorda_b
158.000
1,956 2,744 Sam Perry_c
Non
151.000
3,118 3.788 4,000 Quincy
3 9 900
8;
3,255.00 828 0
6,192 12,111 20,000 St. Augustine
1,102.600
1,863 2,500 St. Cloud_ a
2,011
24,187,6009,808.000
4
14,237 40,425 80,00 St. Petersburg_a
90000
771,000
765 1,00 Safety Harbor_a
429
6,260,000 1.423,000
5,588 10,100 12,000 Sanford_ a
9
2
5 50
5.742,300 2,84 :m
2,149 8,398 15,000 Sarasota_ b
99
3, 33:600 1,140,000
118 3
812 2,912 3,50 Sebring _ a
1,023 1,339 Sam Starke
74,000
860,545
778 1,924 2,400 Stuart _c
36.819
911,319
5,637 10,700 Sam Tallahassee
8
14 :000
14,357,000 3,624 000
51,608 101,161 130,00 Tampa
248,000
359 1,090 1,20 Tavares_ c
2,488,500 1,236,000
2,105 3,414 4,000 Tarpon Springs_b_ _
829,000 357,000
1,361 2,089 2,500 Titusville_ b
1,598,012 595,200
793 2,268 3.500 Vero Beach_c
1,162,000 330.000
2,081 2,574 2,700 Wauchula_c
16,329,000 7,101,000
8,609 26,610 50,000 West Palm Beach_a
308,000 178,000
480 1,409 Sam Wildwood
437,000 160.000
1.021 2,023 Sam Winter Garden
2,173,166 1,317,666
1,597 7,130 10,00 Winter Haven_c
1,733,500 768,000
1,078 3,686 5,200 Winter Park
77
83
237
289
651
739
220
329
223
254
570
5,377
39
39
594
1,328
66
55
442
639
289
289
326
463
219
234
61
61
522
824
773
845
283
393
1,453 1,036
312
320
97
116
424
489
117
214
233
233
50
50
89
187
304
522
227
227
536
935
384
384
489
561
211
297
25
25
350
647
173
173
197
326
481
702
285
507
86
123
250
291
660
1,070
608
608
188
310
228
228
190
336
37
37
270
471
454
587
429
429
88
102
843 Special
69
69
so
108
266
293
603
503
590
656
610
690
379
482
264
466
566
725
667
747
369
403
177
177
337
337
82
82
217
229
63
53
188
223
194
290
157
850
es
68
40
260
87
8
603
79
214
217
158
16
371
37
149
21
331
43
195
21
176
1.23
361
382
321
32
94
10
132
13
130
14
470
51
187
18
87
3
162
26
441
59
241
59
771
1,00
521
61
382
68
890
1,07
99
9
358
44
85
85
110
141
206
227
622
728
331
396
452
704
430
451
326
613
218
218
216
216
217
304
336
474
Explanation.
The table of Information on Florida cities published in our original analysts of
the Florida situation, used statistics which obtained during the boom, and was
arranged to illustrate the tact that per capita debt Is generally a more accurate
index of municipal security than the ratio of bonded indebtedness to the v.-Psed
valuation.
Following that hypothesis, the principal information included in this table pertains to per capita debt. It must be observed that the 1930 U. S. Census shows
only the permanent all-year-round population, whereas many Florida cities experience a considerable influx of population during the winter months. As many
of these winter residents own property and pay taxes, It Is only proper that they
should be taken into account in figuring per capita debt. The winter populations
shown in the table are based in most cases on official estimates which have been
conservatively revised. The 1920 Census figures are shown as a means of indicating
comparative growth.
3132
Financial Chronicle
One column, it will be noted, shows the amount of special assessment bonds included in the total debt. As it was the issuance of these bonds that in so many
places was the prime cause of trouble, the proportion of them to some extent indicates the seriousness of a city's refunding problem.
The symbols after the names of the cities have the following meanings:
a a separate bondholders committee has been organized (information in regard
thereto will be furnished on request).
b the bonds of these cities have been called for deposit on the "first call" of the
Florida Municipal Bondholders' Protective Committee (we will advise the name of
the depositary for any particular issue upon request).
c Present indications are that the bonds of these cities will be called for deposit
on subsequent calls of the Florida Municipal Bondholders' Protective Committee.
This list is only tentative and is subject to revision: others may also be included.
The rapidity with which subsequent calls are made will depend upon the promptness with which bonds already called are deposited. Precedence will doubtless
be given in making calls to those cities where prompt action will accomplish the
greatest results, which will not necessarily mean those cities whose financial problems
are the most serious.
In order that bondholders may avoid the necessity for constant vigilance, we will
be glad to advise those who care to send US a list of their holdings, at such time as
any of their bonds shall be called for deposit.
Ohio.
-U. S. Supreme Court Declines to Hear Appeal on
-On April 14 the United States
Allen County Bond Case.
Supreme Court indicated it would not disturb the final
decision handed down last June by the Ohio Supreme Court
holding that all property in the county in which assessment
bond-i were issued could be taxed to pay their principal and
interest.
-V. 133, p. 4001. This action on the part of the
Supreme Court serves to establish the validity of millions
of dollars of special improvement bonds issued in Ohio.
The highest court declined to review the case on the appeal
of the Board of Commissioners of Allen County, in which
county the question was raised following the original decision
rendered by the State Supreme Court in February, 1931, to
the effect that a county cannot lawfully issue bonds as full
general obligations of the county in anticipation of the collection of assessments from a special district if they are for
improvements solely within that district. The "United
States Daily" of April 15 carried the following on the closing
of this important case:
The Supreme Court of the United States declined on April 14 to hear the
appeal ofcounty officers and a taxpayer of Allen County, Ohio,in which they
challenged the validity of bonds issued for sewer and water improvement
districts, and the statutes of Ohio under which the districts were created.
The court's refusal to hear arguments on the merits in the case leaves in
force the ruling of the Supreme Court of Ohio holding valid the bonds
totaling over $1,000,000 in face value, and ordering the county officers to
appropriate moneys on hand and to collect taxes on all taxable property in
the county for the purpose of paying the principal and interest installments
on the bonds.
In the brief filed in the case by Attorney General Gilbert Bettman, in
support of the lower court's ruling, it is stated similar bonds in the aggregate
amount of more than $50,000,000 have been issued by other counties under
the statutes which were challenged.
Danger of Credit Claimed.
"This appeal," according to the Attorney General,"endangered the credit
and standing of Ohio in the financial world. This case is, therefore, of the
gravest concern to the entire State of Ohio.'
It was also asserted in the brief of Mr. Bettman that "the untenable
position of appelants has seriously affected the marketability of Ohio
municipal bonds; much needed improvements have been perforce daleyed
by reason of lack of means of financing. It is only by the final decision of
this court that the financial equilibrium of Ohio's taxing subdivisions will
be restored."
H. E. Darling, counsel for the county officials and the taxpayer in the
case of Board of Commissioners of the County of Allen, etc., et al., v. State
of Ohio, ex rel. Bowman, No. 553, began the presentation of arguments.
But the court upon being advised of the principal claims upon which the
attack on the Ohio statutes and the bonds in question was based, announced
through Chief Justice Hughes that it did not care to hear further arguments
in the case. The hearing was thereupon terminated.
Grounds of Challenge.
Mr. Oarling stated, in response to questions of the Chief Justice, that the
statutes were challenged principally on the grounds that the credit of the
county may be pledged thereunder for a sewer improvement in one single
district of the county which will benefit merely the district and not the entire
county, and that the county commissioners are given compensation, in
addition to their regular salaries, if they find in favor of the creation of the
district, which compensation is not paid if their decision is against the
making of the improvement.
It was further contended that the statutes permit the creation of the
improvement districts without proper notice of hearings.
The county commissioners in this case were charged to have granted the
petition of real estate operators toprovide for the improvements in suburban
territory. "They received $4,500 extra compensation, Mr. Darling said.
"which they would not have received had they rejected the petition.
We know of no other statute of this kind. We feel that this provision
alone vitiates the entire act."
Public Benefit Questioned.
Mr. Justice McReynolds brought out that the bonds were issued in 1925
but their validity was not challenged until 1930. Counsel replied in the
affirmative to the inquiry of whether the bonds in the meantime had passed
into the hands of innocent, good faith purchasers.
The court was told that the improvements for the cost of which the bonds
were issued were not of any public use or benefit. The sower districts in
question, it was stated, consisted of a comparatively small acreage of farm
lands upon which only a few farm residences were located. It was alleged
that the improvements were "strictly a private enterprise and of no benefit
to the public.'
Mr. Garling agreed, however, that the Supreme Court of Ohio had
recognized these facts but nevertheless had upheld the statutes which provide that the credit of the entire county can be pledged to pay the cost of
the bonds issued for the improvements, and had ordered the county to pay
principal and interest on the bonds with funds raised by taxation of all
property in the county.
In connection with the closing of the above case, we have
received the following communication, written on April 20
by Squire, Sanders & Dempsey of Cleveland, attorneys, who
have figured prominently in the litigation:
The Commercial and Financial Chronicle
New York City.
Board of County Commissioners of
the County of Allen in the State of
Ohio et al. Appellants cm. the
State of Ohio ex rel. J. Charles
Bowman.
Dears Sirs:
The Supreme Court of the United States having just dismissed the appeal
of Allen County from the decision of the Ohio Supreme Court sustaining
the Allen County bonds and the constitutionality of the Ohio county sewer
and water improvement laws, we will now be able to resume approval of
Ohio county bonds of this character.
Very truly yours.
SQUIRE,SANDERS & DEMPSEY.
-On April 19
Rhode Island.
-Legislative Session Ends.
the regular 1932 session of the General Assembly came to
an end after a stormy scene in the closing hours attendant
upon the passage of two bills designed to extricate the city
of Pawtucket from its financial difficulties, according to the
Providence "Journal" of April 20. The first of the bills in
April 23 1932
question provides that Pawtucket may by ordinance prescribe the duties of a budget-director to control municipal
financing and provides that the City Council shall elect a
director forthwith for a term ending in 1938. The accompanying bill provides for the funding of $1,200,000 of
outstanding notes, which have covered construction work
financed on short-term borrowing. It is stated that both
bills were defended and passed by the Republican majority.
-City Adopts Plan to Refund $2,501,000
Tampa, Fla.
-The New York "Evening Post" of April 19 carried
Bonds.
the following report on the adoption of a refunding plan
(see V. 134, p. 2955) covering $2,501,000 of bonds of the
above city in order to enable it to maintain its good credit
rating:
The city of Tampa, Fla., in order to preserve its unbroken record of
6
,
debt payments. has evolved a plan for refunding $2.501,000 of 43 , 43(
and 5% bonds due from July 1 1932 to Dec. 31 1935, it was announced
to-day by B. J. Van Ingen & Co., as fiscal agents in New York of the
community.
Current revenues of the cityapplicable to the maturing obligations
have been reduced under the terms of a law passed by the Florida Legislature and approved by the voters of Tampa in November 1931, the announcement said. City officials have decided in favor of refunding the
bonds, since it appeared doubtful if higher tax rates would prove effective.
"Assessments were formerly Rpyable in 10 annual installments and are
now payable in 20 installments, said the announcement, "and the city is
required, upon demand,to reimburse those property owners who have made
-payment plan or to
payments in excess of the amounts due under the 20
credit the excess against future installments when due.
"Under the plan,the $2,501,000 of bonds will be refunded with issues due
In about 15 years, bearing an interest rate about 3. of 1% higher than the
figure on outstanding bonds. A sinking fund will be created to retire the
new bonds within a alien term of years and the city will be required to call
er are
ne of Yuzis m ncuatimlesatiecin Florida.or b purp e.
boV whele
pr, was affected relatively
T
little by the boom of 192g and 1926. Gross funded debt of the city is
from which is deductible $2,355,000 of self-supporting
about J13,878.000,
water debt. Full details of the refunding plan are expected within about
10 days."
BOND PROPOSALS AND NEGOTIATIONS.
ABERDEEN SCHOOL DISTRICT NO. 5 (P. 0. Aberdeen), Grays
-Sealed bids will be re-BOND OFFERING.
Harbor County, Wash.
ceived until 10 a. m. on May 6, by Asa B. Wilson, County Treasurer, for
the purchase of a $28,000 issue of school bonds. Int. rate is not to exceed
each. Dated
6%, payable semi-annually. Denoms. in multiples of $100maturities will
May 20 1932. Bonds to run for a period of 20 years. The Prin. and int.
second year after the date of issue.
commence with the
payable at the office of the County Treasurer, or at the fiscal agency of the
State in New York. A certified check for 5% of the amount bid is required.
AKRON CITY SCHOOL DISTRICT, Summit County, Ohio.
-In conSTATEMENT TO BONDHOLDERS REGARDING DEFAULT. coupons
nection with the reiported default in payment of bonds and interest of the
due on April 1 1932, Irene Moses Deatherage. Clerk-Treasurer
District, under date of April 13 issued a statement to bondholders declaring
that the temporary delay in payment came about because of the fact
that (on Apr,I 1) "the Court of Common Pleas has granted an injunction
bonds or
restraining the Board of Education from using, for redeeming operating
paying interest charges, any money derived from the tax levy for
expenses." However, the statement added, interest payments probably
will be made about April 20, even though redemption of maturing bonds
the
is delayed. The statement concluded with the announcement that this
Board "has ordered all bonds and interest paid prior to the filing of
Court of Appeals."
suit and is carrying the case to the
ALBION UNION FREE SCHOOL DISTRICT NO. 1 (P. 0. Albion),
-The $390,000 coupon or
-BOND SALE.
Orleans County, N. Y.
-were awarded
registered school bonds offered on April 19-V. 134. p. 2949
as 5.80s to the Guaranty Company of New York, at a price of 102.25, a
basis of about 5.78%. Dated April 1 1932. Due April 1 as follows: $5,000
from 1926 to 1942 incl.; $10,000, 1943 to 1950 incl.; $15,000 from 1951 to
1961 incl.. and $10.000 from 1962 to 1972 incl. The bankers announced
that the issue would be placed privately.
-BOND
ALEPPO TOWNSHIP (P. 0. Aleppo), Greene County, Pa.
-At an election to be held on April 26 the voters will pass
ELECTION.
upon a proposal providing for the issuance of $18,000 funding bonds.
According to report, the assessed valuation of the township is 3752,640
and the existing debt amounts to $16,492.
-The $60,000
-BOND SALE.
ANDERSON, Madison County, Ind.
5% coupon certificate funding bonds offered on April 18-V. 134 p. 2574were awarded at a price of par to the Old First National Bank of Fort
Wayne,the only bidder. Dated Feb. 18 1932. Due $6,000 annually.
-BOND OFFERING.ARKANSAS CITY, Cowley County, Kan.
Sealed bids will be received until 10 a. m. on April 27, by Grant M. Acton,
City Clerk, for the purchase of a $3,822 issue of general impt. bonds. Int.
rate is not to exceed 454%, payable M. & N. Rate of interest is to be
stated in multiples of Rs' of 1%. Denom. $375, one for $447. Dated May
10 1932. Due on May 10 as follows: $822 in 1934, and $375, 1935 to 1942,
incl. A certified check for 2% of the bid is required.
-TEMPORARY LOAN.
ARLINGTON, Middlesex County, Mass.
The United States Trust Co. of Boston has purchased a $100,000 temporary
loan at 3.55% discount basis. Due on Nov. 4 1932. Bids received at
the sale were as follows:
Rate of Discount.
Bidder3.55
United States Trust Co. (successful bidder)
3 58
Faxon, Dade & Co
3.75
Shawmut Corporation
3.90
Second National Bank of Boston
3.99%
F. S. Moseley & Co
-At a
AUTHORIZED.
ASHLAND, Ashland County, Wis.-BONDS
meeting of the City Council held on April 13 a resolution was passed authorizing the issuance of $60,000 in 5% street impt. funding bonds. Denom.
$1,000. Dated July 1 1932. Due $10,000 from July I 1938 to 1943 incl.
Interest payable J. 3c J.
-BOND PAYMENTS DUE JAN.
ASTORIA, Clatsop County, Ore.
-We are informed by the City Manager that suf1 1932, TO BE MADE.
ficient funds have been sent to the fiscal agency, the Chase National
Bank in New York City, to pay in full the princical on the city's water
bonds which wore due on Jan. I 1932; also the interest on such bonds from
Jan. 1 to May 1. It is stated that although the payment of principal and
Interest on general obligation bonds has been defaulted since Nov. 1 1931.
the city has so far paid the interest on water bonds and will continue to
pay the principal and interest on these bonds as they become due.
-ADDITIONAL
ATLANTIC COUNTY (P. 0. Atlantic City), N. J.
-The $1,550,000 coupon or registered tax revenue bonds
INFORMATION.
seeduled for award at 11 a. m.(daylight saving time) on April 26, previous
-are further described as
mention which was made in-V. 134. P. 2950
follows: Dated May 1 1932. Denom. $5.000 or $1,000 at option of purchaser. Due Nov. 1 as follows: $500,000 in 1933 and 1934, and $550,000
in 1935. Bonds are being Wined against delinquent taxes for 1931. Prin.
and interest (M. & N.) will be payable at the County Treasurer's office.
Rate of interest is not to exceed 6% and must be expressed in a multiple
of 1-100th of 1%. Bidder to bid for all of the bonds to bear interest at the
same rate. A certified check for 2% of the amount of bonds bid for, payable
to the order of the County Treasurer. E. L. Johnson, to whom bids should
be addressed, must accompany each proposal. The approving opinion
of Clay, Dillon & Vandewater, of New York, will be furnished the successful
bidder.
-WARRANTS CALLED.
BACA COUNTY (P. 0. Springfield), Colo.
on
-The County Treasurer is stated to be calling for paymcnt on May 1,
interest shall cease, various school and county warrants.
which date
Volume 134
Financial Chronicle
BAILEY COUNTY(P.O. Muleshoe), Tex.
STERED.-BONDS REM'
The following two issues of 53 % serial bonds were registered by the State
Comptroller on April 14:
kre -cps
$43,600.00 road and bridge funding, series 1931 bonds. Denoms. $1.000.
one for $600.
20,060.26 general funding, series of 1931 bonds.1Denorns. $1,000, one
for $1,060.26.
BARBERTON, Summit County, Ohio.
-BOND OFFERING.
-Floyd
S. Dutt, City Auditor, will receive sealed bids until 12 m. on May 9 for
the purchase of $3,916.74 5% special assessment Inapt. bonds. Dated
June 1 1932. One bond for $516.74,others for $425. Due Oct. 1 as follows:
$516.74 in 1933, and $425 from 1934 to 1941 incl. Prin. and int.(A.& O.)
will be payable at the office of the City Treasurer or at the Central Hanover Bank & Trust Co. New York. Bids for the bonds to bear int, at a
rate other than 5%. expressed in a multiple of X of 1%. will also be considered. A certified check for 2% of the amount bid for, payable to the
order of the City Treasurer, must accompany each proposal. Bids to
be made subject to approval of the issue by the attorney for the bidder;
said opinion to be paid for by the successful bidder.
BATESVILLE, Independence County, Ark.
-BOND ELECTION
REPORT.
-We are informed that because of an error the $5,000 issue of
6% swimming pool bonds was not placed on the ballot on April 5, as had
been scheduled.
-V. 134. p. 2198.
BEAVER FALLS, Beaver County, Pa.
-BONDS AUTHORIZED.
The city council has adopted an ordinance providing for the issuance of
$90,000 4X% bonds,including a $60,000 funding issue and a $30,000 street
improvement issue.
BEDFORD (P. 0. Katonah), Westchester County, N. Y.
-BOND
OFFERING.
-Edward P. Barrett, Town Supervisor, will receive sealed
bids until 2 p. m. (daylight saving time) on April 29 for the purchase of
$24,000 not to exceed 6% interest coupon or registered Katonah Water
District bonds. Dated May 1 1932. Denom. 81,000.
May 1
from 1934 to 1945 incl. Rate of interest to be expressedDue $2,000 of %
in a
or 1-10th of 1% and must be the same for all of the bonds. multiple and
Principal
interest(May and Nov.) are payable at the Mount Kisco National Bank &
Trust Co., Mount Kisco. A certified check for $500. payable to the order
of the Supervisor, must accompany each proposal. The approving opinion
of Clay, Dillon & Vandewater,of New York, will be furnished the successful
bidder.
BOGALUSA, Washington Parish, La.
-LOAN RESOLUTIONS
APPROVED.
-The City Council is reported to have passed resolutions
authorizing the City to borrow a total of 5187,000 at 53%. It is stated
the revenues for 1932 have been pledged to meet the loan on Dec. 31 1932.
.
BOISE, Ada County, Ida.
$4,276.19 issue of
-BOND SALE.
Local Impt. Dist. No. 1 bonds is reported to -A been purchased by
have
Sudler, Epperson, Grubb. & Co„ Inc, of Boise.
BOSTON METROPOLITAN DISTRICT (formerly known as Metro,
politan Transit District), Maas.
-Negoti-$24.000,000 l3ONDS SOLD.
ations for the purchase of $24.000.000 bonds to provide funds for the retirement of $23,500,000 district notes, due April 1.4 1932, which were temporarily defaulted as to the payment of principal, although interest on the
issue continued to be paid at the rate of 6%-V. 134, p. 2950
--were finally
concluded on April 21 when it was announced that the bonds had been
successfully bid for by a syndicate headed by the Chase Harris Forbes Corp.
of New York. This group paid a price of 94.57 for $20,855.000 bonds as
4(s and $.3.145,000 as 44s, the net interest cost of the financing to the
District being about 5.17%. The 4(% bonds mature serially on March 1
from 1940 to 1966 incl.. and the 43s on March I from 1933 to 1939 incl.
All of the bonds are dated March 1 1932 and are redeemable at the option
of the District at 102.50 and interest on any interest payment date or dates.
on or after March 1 1937, upon 30 days published notice. If less than all
of the bonds outstanding at any time shall be called for redemption, they
shall be called in the inverse order of their maturities. Originally, the
bankers had bid for the bonds callable at a price of 105 and interest on or
after March 1 1940. It was this feature of the conditions of sale that was
objected to by the Department of Public Utilities of the State. whose approval of the sale was necessary.
-V. 134. p. 2950.
BONDS PUBLICLY OFFERED.
-Members of the purchasing syndicate,
in addition to the Chase Harris Forbes Corp.. include the Guaranty Co.
of New York; the National City Co.; the First National Old Colony Corp.;
Bankers Trust Co.; F. S. Moseley & Co.; R. L. Day & Co.; Kidder. Peabody & Co.; Stone & Webster and Blodget, Inc.; Brown Bros. Harriman &
Co.; Shawmut Corp.of Boston; First Detroit Co., Inc.; R. H. Moulton &
Co., Inc.; Paine, Wbber
.fic Co.; Estabrook & Co.; Hemphill, Noyes & Co.;
White, Weld & Co.; Edward B. Smith & Co.; Jackson & Curtis; Arthur
Perry & Co., Inc.; and G. M.
-P. Murphy &
Public re-offering of the
bonds was made on April 21 at prices to yieldCo.
about 4.25% to 5%• Bonds
are available in coupon form in denorns. of $1,000, registerable as to principal only and exchangeable for fully registered bonds, the latter In denoms.
of $1.000 and multiples thereof. Prin. and int.(M. & S.) will be payable
in Boston or New York. Legality to be approved by Ropes, Gray, Boyden
& Perkins of Boston. The official offering advertisement of the bankers
contains the following further details:
These bonds are a legal investment
banks in Massachusetts, and in the opinion of counselby statute for savingslegal investment
they will qualify as a
for savings banks in New York, Rhode Island, Maine and New Hampshire.
Boston Metropolitan District,
Massachusetts
by
Legislature, includes the City ofincorporated theact of the adjacent
Boston, and
following
cities
and towns: Arlington. Belmont. Brookline, Cambridge. Chelsea.
Everett.
Malden, Medford, Milton, Newton, Revere, Somerville and Watertown.
In the opinion of counsel, the bonds
secured by its full faith and credit, are general obligations of the District
and taxes on behalf of the District are
to be levied on an ad valorem basis through the Treasurer of the
Commonwealth of Massachusetts. The act incorporating
provides that the "territory and inhabitants shall the District expressly
be jointly and severally
liable for the debts and obligations
(The bankers' advertisement of the thereof."
bonds will be found on page vi of this
Issue.)
BOSTON, Suffolk County, Mass.
-FINANCIAL STATEMENT.A brief summary of the condition of the city
treasury
years 1930 and 1931, as prepared by the Real Exchange at the close of the
Bulletin of Boston,
Is as follows:
1931.
1930.
1931.
1930.
$79,040,825.04 $76,238,775.80
76.013,100.33 77,348,520.18
1,109,744.38
3,027,724.71
1,254.025.52
982,057.62
Total current obligations
Total receipts
Excess of receipts over obligations
Excess of obligations over receipts
Unexpended balance of appropriations
Cash surplus
$2,363,769.90
Cash deficit
$2,045,667.09
Uncollected taxes at end of year
13,344.000.00 10.963,000.00
BROOKHAVEN (P. 0. Patchogue), Suffolk County, N. Y.
-BOND
OFFERING.
-Claude C. Neville, Town Supervisor, will receive sealed bids
until 11 a. m. (eastern standard time) on April 29 for the purchase of
$33,000 not to exceed 6% interest coupon or registered Port Jefferson
Sower District Extension No. 2 bonds. Dated Feb. 1 1932. Denom.
$1.000. Due Feb. 1 as follows: $1,000 in 1933, and $2,000 from 1934 to
1949, incl. Rate of interest to be expressed in a multiple of
or 1-10th
of 1% and must be the same for all of the bonds. Principal and interest
(F. & A.) will be payable at the office of the Town Clerk. A certified
check for $1,000, Payable to the order of the Town. must accompany each
proposal. The approving opinion of Clay. Dillon &. Vandewater, of New
York, will be furnished the successful bidder.
Financial Statement.
Valuations: Assessed valuation, real estate and special franchise
1931-32
541,119,852
Actual valuation, estimated
97,904,400
Debt: Total bonded indebtedness outstanding Mar. 1 1932-261,000
This issue
33.000
Total bonded debt,including this issue
$294,000
$33.000.00
Sewer District Bonds incl. above (this issue)
None
Water District Bonds incl. above
14,609.12
Certificates of indebtedness outstanding
Tax data:
Total Budget Raised
Total Budget Raised I
by Taxation.
by Taxation.
I YearYear$1,365,889.84
1931
$1,430,337.56
1929
1,435,081.10
1930
3133
Total amount of unpaid taxes front allyprior levies to Feb. 1 1932$469,278.91.
Population: 1920 Federal Census, 21,847: 1930 Federal Census, 28.291.
• -.44mM
BROOKLINE, Norfolk County, Mass.
-TEMPORARY LOAN.
-The
$300,000 revenue note issue offered on April 18-V. 134, p. 2950
-was
awarded to the Boston Safe Deposit & Trust Co., of Boston, at 2.75%
discount basis, plus a premium of $7. Dated April 18 1932 and due on
Nov. 2 1932. Bids received at the sale were as follows:
BidderDiscount Basis.
Boston Safe Deposit & Trust Co.(Plus $7 premium)
2.75
Webster and Atlas Corp. (Plus $7.75 premium)
2.86
Jackson & Curtis (Plus $3.30 premium)
2.95
Atlantic National Bank (Plus 1.3 Premium)
2.99
Newton, Abbe & Co
3.01
Boulevard Trust Co
3.09
Rutter & Co
3.23
Washburn, Frost & Co
3.29%
State Street Trust Co
3.33
Faxon, Gade & Co
3.35
Day Trust Co
3.38
Blake Bros. & Co.(Plus $.50 premium)
3.44%
Grafton Co
Salomon Bros. & Hutzler
3.59%
CALDWELL COUNTY ROAD DISTRICT NO. 7 (P. 0. Lockhart),
Tex.
-BOND ELECTION.
-It is reported that the voters will pass on
the proposed issuance of $7,000 in 5% road bonds at an election on May 7.
Due in 30 years.
'" CARROLL COUNTY (P. 0. Delphi), Ind.
..
-WD OFFERING.
Irvin M. Flora, County Treasurer, will receive sealed bids until 2 p. m.
on April 27 for the purchase of $9,500 4%% bonds, divided as follows:
$6.700 Clay Township road impt. bonds. Denom. $335. Due one bond
for each six months from July 15 1933 to Jan. 15 1943.
2,800 Washington Township road impt. bonds. Denom. $140. Due
one bond each six months from July 15 1933 to Jan. 15 1943.
Each issue is dated April 14 1932.
CASS COUNTY (P. 0. Walker), Minn.
-Sealed
-BOND OFFERING.
bids will be received until 1 p. m. on May 10, by A. A. Cater, County
Auditor, for the purchase of a $20,000 issue of refunding bonds. Interest
rate is not to exceed 5%, payable (J. & D.). Dated June 1 1932. Due
$5,000 from June 1 1935 to 1938 incl. Prin. and int. payable at the office
of the County Treasurer.
CHARLEROI SCHOOL DISTRICT, Washington County, Pa.
CERTIFICATE OFFERING.
-The Secretary of the Board of School
Directors will receive sealed bids until May 3 for the purchase of $45,000
6% certificates of indebtedness, to mature in 1934.
CHATTANOOGA, Hamilton County, Tenn.
-BOND OFFERING.
Sealed bids will be received until 11 a. m. on May 3, by Mayor E. D.Bass.
for the purchase of an issue of $100.000 Brainerd sewer bonds. Int. rate
Is not to exceed 6%, stated In multiples of X of 1%. Denom. $1,000.
Dated May 1 1932. Due on May 1 as follows: $2.000. 1933 to 1937;$4,00(),
1938 to 1947. and 55,000, 1948 to 1957, all incl. Prin. and int.(M.& N.)
payable in lawful money at the National City Bank in N. Y. City. The
approving opinion of Caldwell & Raymond of N. Y. City, will be furnished.
These bonds are issued under authority of Chapter 48, Private Acts of
Tennessee, Second Extra Session. No bids at less than par and accrued
int. will be considered. A certified check for 2% of the face value of the
bonds, payable to F. K. Rosamond, City Treasurer, must accompany the
bid.
CHICAGO, Cook County, 111.
-WARRANT CALL.
-The City
Comptroller has announced that the following described tax anticipation
warrants, issued account of 1930 taxes, will be paid, on presentation
through any bank, to the City Treasurer or the Guaranty Trust Co., of
New York, on or before April 26,after which date interest accrual will cease:
Sinking fund for bonds and interest on bonds, Nos. F-206 to F-210, for
$25,000 each. dated Nov. 1 1930;
Public Library No. 2, for $25,000, dated Aug. 6 1930.
Municipal tuberculosis sanitarium, No. 13, for $25,000. dated July
31 1930.
Firemen's pension fund, No. 296, for $25,000, dated July 31 1930.
Lewis E. Myers, President of the Board of Education, has called for
payment, on or before April 26, on presentation to the City Treasurer,
Halsey, Stuart & Co.,of Chicago, or the Guaranty Trust Co., of New York.
of the following warrants:
Building fund. 1930. Nos. B-449 to B-478, 5%. for $5,00 each.
0
Dated Sept. 1 1930.
Playground fund, 1930, Nos. P-267 to P-273, 4%, for $1,000 each.
Dated Dec. 1 1931.
The following additional city warrants have been called for redemption
on or befbre April 28:
Sinking fund for bonds and interest on bonds, Nos. F-211 to F-231.
for $25,000 each. Dated Nov. 1 1930. Public library, Nos. 3 and 4, for
*25.000 each, and No. 5 for $12.000, dated Sept. 6 1930. Public library
building, No. 11, for 525,000, dated Dec. 1 1931. Municipal tuberculosis
sanitarium, Nos. 18 to 22, and Nos. 24 and 26, for $10.000 each, dated
July 311930. Firemen's pension fund. No. 297, for $25,000, dated July 31
1930.
The following additional Board of Education warrants are being called
for redemption on or before April 28:
Building fund. 1930, Nos. B-479 to B-483, 53j%. for $5,000 each.
Dated Sept. 1 1930.
Playground fund, 1930, Nos. P-292, 4%,for $1,000 each. Dated Dec.
1 1931.
-The $100,000
-BOND SALE.
CLAIRTON, Allegheny County, Pa.
-were
5% coupon refunding bonds offered on April 19-V. 134, p. 2950
awarded to the First National Bank. of Clairton, at par plus a premium of
31.213.80, equal to a price of 101.213. a basis of about 4.88%. Dated
Feb. 1 1932. Due Feb. 1 as follows: $5,000 from 1938 to 1945 incl.. and
510.000 from 1946 to 1951 incl. Singer, Deane & Scribner, Inc., of Pittaburgh, bid par plus a premium of $450 for the issue.
-Ira L. Mac-BOND OFFERING.
CLOSTER, Ber.gen County, N. J.
Donald, Borough Clerk, will receive sealed bids until 8.30 p. m.on May 12
for the purchase of $182,000 414. 4%. 5. 5y. 531, 5I or 6% coupon or
registered bonds, divided as follows:
$101,000 assessment bonds. Due Nov. 15 as follows: $8.000 in 1933:
$9.000 in 1934, and 512,000 from 1935 to 1941 incl.
81.000 public impt. bonds. Due Nov. 15 as follows: $7,000 from 1933
to 1935 incl., and $10,000 from 1936 to 1941 incl.
Each issue is dated Nov. 15 1931. Denom. $1,000. Prin. and int.
(M. & N. 15) are payable at the Closter National Bank & Trust Co..
Closter. No more bonds are to be awarded than will produce a premium
of $1,000 over the amount of each issue. A certified check for 2% of the
amount of bonds bid for, payable to the order of the Borough, must accompany each proposal. The approving opinion of Reed. Hoyt & Washburn
of New York will be furnished the successful bidder.
(These bonds were unsuccessfully offered on Dec. 10 1931. at which time
the rate of int, was limited to 5%.-V. 133, p. 4355.)
COLUMBUS, Franklin County, Ohio.
-NOTE SALE.
-The $84,486
promissory notes offered on April 18-V. 134, p. 2950
-were awarded
as 65 to the Huntington Securities Corp., of Columbus, at par plus a
premium of $18. equal to 100.02. a basis of about 5.99%. Of the issue,
$80,000 will be dated Feb. 15 1932 and mature on Aug. 15 1933, and 54,486
will be dated May 1 1932 and mature on Nov. 1 1933.
CUYAHOGA FALLS, Summit County, Ohio.
-BOND EXCHANGE.
E. Preston, City Auditor, states that the four issues of 6% improvement bonds aggregating $439,489.79. bids for which were asked until
March 25-V. 134. p. 2003
-were issued in exchange for a like amount of
notes previously sold in anticipation of the issuance of bonds. The offering comprised:
$303.198.01 impt. bonds. Due Oct. 1 as follows: $33,198.01 in 1933, and
$30,000 from 1934 to 1942 incl.
129,236.18 impt. bonds. Due Oct. 1 as follows: $12,236.18 in 1933. and
$13.000 from 1934 to 1942 incl.
5,691.26 city's portion improvement bonds. Due Oct. 1 as follows:
$1,191.26 in 1933, and $500 from 1934 to 1942 incl.
1,364.34 impt. bonds. Due Oct. 1 as follows: $564.34 in 1933. and
$200 from 1934 to 1937
Each issue is dated April 1 1932.
3134
Financial Chronicle
April 23 1932
DALLAS, Polk County, Ore.
-BOND ELECTION.
-It is stated
at a price-of par to the Union Savings Bank & Trust Co., of Morrisville,
that an election is to be held on June 6 to submit to the voters a charter
the only bidder. Due Dec. 1 as follows: $1,000 from 1932 to 1950 incl.,
amendment which would authorize the issuance of $22,000 in 6% city
and $2,000 in 1951.
hall bonds. Due in 20 years.
EMMET COUNTY (P. 0. Estherville), Iowa.
-BOND SALE.
-The
DALLAS COUNTY (P. 0. Dallas), Tex.
-BOND AND WARRANT
$12,000 issue of refunding bonds offered for sale on April 18-V. 134. p.
PAYMENTS.
-The following account of payments recently made on
2951-wasl:purchased by the White-Phillips Co. of Davenport as 45.1s,
bonds and warrants of this county is taken from the "Wall Street Journal"
paying a premium of $95, equal to 100.79, a basis of about 4.62%. Dated
of April 18:
May 1 1932.1(aDue from May 1 1937 to 1941. Interest payable M.& N.
"Holders of bonds and warrants of Dallas County were paid $832,294
interest and principal April 9. This payment brought about a reduction
ENGLEWOOD, Bergen County, N. J.
-BONDS NOT SOLD.
-The
of Dallas County and of Dallas County Road District No. 1 debt to $12.issue of $850,000 5% coupon or registered school bonds offered on April 19
475.000. The bonded indebtedness of all taxing units in the county,
-V. 134, p. 2768
-was not sold, as no bids were received. Dated July 1
including the county and city of Dallas, all incorporated towns, school
1931. Due July 1 as follows: $20,000 from 1933 to 1957 incl., and $25,000
districts, levee districts and fresh water districts, amounts to $62,934,649,
from 1958 to 1971 incl.
Auditor Gross said."
Financial Statement.
Indebtedness
DAVENPORT SCHOOL DISTRICT (P. 0. Davenport), Scott
Gross Debt
-Bonds(outstanding)
$3,012,500.00
County, Iowa.
-BOND DETAILS.
-The 350.000 school bonds that were
Float. debt (incl. temporary bds. outstdg)
726,764.65
purchased by Glaspell, Vieth & Duncan of Davenport, as 4: s, at a price
1
4
33.739,264.65
of 100.94-V. 134. p. 2951-is due $10,000 from May 1 1935 to 1939 Incl.,
Deductions
-Water debt
None
giving a basis of about 4.55%.
Sinking funds,other than for water bonds_ - - $328,968.65
DE KALB COUNTY (P. 0. Auburn), Ind.
-BONDS NOT SOLD.
328,968.65
The issue of $6,300 4% road construction bonds offered on April 1-V. 134.
p. 2199
Net debt
-was not sold, as no bids were received. Bonds were to be dated
$3,410,296.00
April I 1932 and mature $315 semi-ann. from July 15 1933 to Jan. 15 1943.
Bonds to Be Issued
School bonds of 1931
$850,000.00
DETROIT, Wayne County, Mich.
-OBLIGATIONS OF CITY FURFloating debt to be funded by such bonds.. _ - 445,235.82
THER STRENGTHENED.-01oligatIons of the city were further strength404,764.18
ened as a result of a resolution adopted recently by the common council.
declaring that sinking fund and interest charges represent prior liens on
Net debt,incl. bonds to be tweed
$3,005,531.82
taxes during the current fiscal year. it was reported on April 21. The
Assessed Valuations
resolution, it was said, dispelled any doubt as to the priority of bond reReal property including improvements, 1932
$35,772,263.00
quirements over operating charges of the city.
Personal property. 1932
3,066,783.00
Real property, 1931
DOUGLAS COUNTY SCHOOL DISTRICT NO. 116 (P. 0. Rose35,559.1,13.00
Real property, 1930
burg), Ore.
-BONDS OFFERED.
-Sealed bids were received until 7.30
35.004 9119.00
z
Real property, 1929
p. m. on April 20, by Lawrence Hercher, District Clerk, for the purchase
33.151159.00
Population: 1920 census, 11,627: 1930 census. 17.805.
of a 36.000 issue of 6% school bonds. Denom. $500. Dated May 11932.
Tax Rate: Fiscal year 1932. S40.80 per 1.000.
Due 31,000 from May 1 1935 to 1940 incl. Prin. & int.(M. at N.) payable
at the office of the County Treasurer, or at the fiscal agency of the State
FLORENCE TOWNSHIP (P. 0. Florence), Burlington County,
In New York.
N. J.
-BOND SALE.
-The $40,000 5% coupon street improvementilbonds
DULUTH, St. Louis County, Minn.
offered on April 20-V. 134, p. 2951-were awarded at a price of par to
-BOND SALE.
-A $250,000
the First National Bank of Florence. Dated April 1 1932. Due S4.000
issue of 4y% public works bonds Is stated to have been disposed of to local
ue in 20 years. These bonds were voted on Oct. 13 1931. It
banks.
on April 1 from 1933 to 1942 inclusive.
is also stated that an issue of $100,000 refunding bonds will be purchased
FLORIDA, State of (P. 0. Tallah
).-BOND NOTICE.
-The
for investment by the various city funds. These bonds have been approved
holders of bonds of the cities of Dundee, Lake Wales, Haines City and
by Chapman & Cutler of Chicago.
Frostproof are urged to write to the Secretary of the Ridge Bondholders'
DUMAS INDEPENDENT SCHOOL DISTRICT (P. 0. Dumas),
Protective Committee, at Babson Park, Florida. The Committee consists
of August Elecksher, Thomas N. McCarter, and Roger W. Babson.
Moore County, Tex.
-BONDS REGISTERED.
-On April 15 an issue of
(The official advertisement of this notice appears on page v of this
*148.0005% school bonds was registered by the State Comptroller. Denom.
MO. Due serially.
issue.)
DYERSBURG, Dyer County, Tenn.
-BOND SALE.
FRANKLIN COUNTY (P. 0. Ottawa), Kan.
-A $20,000
-BOND SALE.
-An
issue of 6% revenue bonds is reported to have been purchased by Little,
$85,000 issue of road bonds is reported to have been jointly purchased by
Wooten St Co. of Jackson. Dated March 1 1932. Legality has been apStern Bros. & Co. and the Commerce Trust Co., both of Kansas City.
proved by Benjamin H. Charles of St. Louis.
GLEN RIDGE SCHOOL DISTRICT, Essex County, N. J.
-BOND
EAST BETHLEHEM TOWNSHIP SCHOOL DISTRICT (P. 0.
SALE.
-The $36,000 54% coupon or registered school bonds offered on
Clarksville), Allegheny County, Pa.
April 15-V. 134, p. 2576
-W. K.
-BOND OFFERING.
-were awarded to the Fidelity Union Trust Co.
of Newark, at par plus a premium of 336.36, equal to a price of 100.101,
Buckingham, Secretary of the School Board, will receive sealed bids until
a basis of about 5.48%. Dated April 15 1932. Due $3,000 on April 15
7.30 p. m. (Eastern standard time) on May 2 for the purchase of $28,000
from 1933 to 1944 Incl. The Glen Ridge Trust Co. bid a price of par
% school bonds. Dated Oct. 1 1931. Denom. $1,000. Due Oct. 1
for the issue.
as follows: $3,000 from 1937 to 1943 incl.; $4,000 in 1944, and $3,000 in
1945. Interest payable in A. & 0. A certified check for $1,000 must
GRAND RAPIDS AND KENT TOWNSHIPS FRACTIONAL
accompany each proposal. Sale of the bonds will be subject to approval
SCHOOL DISTRICT NO.3 (P.0. East Grand Rapids),Kent County,
of issue by the Department of Internal Affairs of Pennsylvania.
Mich.
-BOND SALE.
-The $334,000 refunding bonds offered on April 18EASTCHESTER (P. 0. Tuckahoe), Westchester County, N. Y.
V. 134, p. 295I-were awarded as 5s to Stranahan, Harris & Co., Inc. of
-The following issues of coupon or registered bonds aggregatBOND SALE.
Toledo, at a discount of $1,391, equal to a price of 95.60, a basis of about
ing $126 400 offered on April 20-V. 134 p. 2951-were awarded as 548
6.00%. This bid was made subject to approval of the bonds by attorney
to Graham. Parsons & Co.,of New York at par plus a premium of $518.24.
of the bankers. The sale consisted of $18.000 bonds, dated May 1 1932
equal to a price of 100.41, a basis of about 5.18%:
and due $2,000 on May 1 from 1933 to 1940 incl., and $16,000 bonds.
$101,400 series A street impt. bonds. Due May 1 as follows: $1,400 in
dated June 1 1932 and due $2,000 on June 1 from 1933 to 1940 incl.
1934, and $10,000 from 1935 to 1944 incl.
GRAY COUNTY (P. 0. Pampa), Tex.
-BONDS NOT SOLD.
-The
25,000 series J sewer bonds. Due $1,000 May 1 from 1933 to 1957 incl.
two issues of 5% semi-ann. special road bonds aggregating $300,000,
Each issue is dated May 1 1932. Bids received at the sale were as follows:
offered on April 18-V. 134, p. 2768
-were not sold as there were no bids
Int. Rate. Amount Bid.
Bidderreceived. The issues are as follows:
Graham,Parsons& Co.(successful bidder)
$126,918.24
53i%
$120,000 Series E bonds. Dated Feb. 10 1932. Due from Feb. 10 1943
Rutter & Co
534
127,425.10
to 1952.
Batchelder & Co
534
127,188.64
180,000 Series F bonds. Dated May 1 1932. Due from May 1 1933
Phelps, Fenn & Co
534%
127,051.00
to 1942.
George B.Gibbons& Co.,Inc
5
127,550.24
M.& T.Trust Co
5
127,460.50
GREENBURGH (P. 0. Tarrytown),Westchester County, N. Y.Wachsman & Wassail
6
127,411.07
BOND OFFERING.-WIlllam C. Duell, Town Supervisor, will receive
sealed bids until 3 p. m. (daylight saving time) on April 28 for the purEASTHAMPTON, Hampshire County, Mass.
-TEMPORARY LOAN.
chase of $131,000 not to exceed 6% int. coupon or registered highway impt.
-George F. Evans, Town Treasurer, reports that Faxon, Gade & Co.
bonds. Dated May 1 1932. Denom. $1,000. Due May 1 as follows:
of Boston have purchased an additional issue of $25,000 tax anticipation
¶5,000 from 1936 to 1940 incl.; $6.000 in 1941 and $10,000 from 1942 to
basis. Due on April 3 1933. Last week the
notes at 5.75% discount
1951 incl. Rate of int. to be expressed in a multiple of 4 of 1% and must
company bought a block of $100,000 notes, due Dec. 1 1932, at 5.95%
be the same for all of the bonds. Prin. and int. (M. & N.) are payable
basis.
-V. 134, p. 2951.
at the Washington Irving Trust Co., Tarrytown. A certified check for
EAST INDEPENDENT SCHOOL DISTRICT NO.2(P.O. Anahuac),
53.000. payable to the order of the Supervisor, must accompany each
-BONDS REGISTERED.
Chambers County, Tex.
-The State Compproposal. The approving opinion of Clay, Dillon & Vandewater of New
troller registered on April 11 a $25,000 issue of 5% school bonds. Denom.
York will be furnished the successful bidder.
$1,000. Due serially.
GREENE COUNTY (P. 0. Bloomfield), Ind.
-The
-BOND SALE.
-The 345,000 5%
EASTON, Talbot County, Md.-BOND SALE.
$9,365 44% highway construction bonds offered on April 16-V. 134.
coupon (registerable as to prin.) Easton Water Co. redemption bonds
p. 2577
-were awarded at a price of par to the Martindale Bond Co., of
-were awarded to the Baltimore-Gillet
offered on April 15-V. 134. p. 2768
Scotland. the only bidder. Dated March 15 1932. Duo on May and
Nov. 15 from 1933 to 1941 incl.
Co. of Baltimore, at a price of 101.653, a basis of about 4.90%. Dated
May 11932. Denom. 31,000. Due $1,000 annually on May 1 from 1943
GREENSBORO, Guilford County, N. C.
-NOTE SALE.
-A ¶30,000
to 1987 incl. Int. is payable semi-annually. Bids received at the sale
issue of notes was purchased on April 19 by the North Carolina Bank &
were as follows:
Trust Co.. of Raleigh, as 6s, at par, Due in 3 months.
Rate Bid.
Bidder
101.653
GREENVILLE, Hunt County, Tex.
Baltimore-Gillet Co.(successful bidders)
-BONDS REGISTERED.-Two
94.50
issues of bonds were registered by the State Comptroller on April 11. The
Union Trust Co.,
90.00
issues are as follows:
Maryland Trust Co., Baltimore
5192,5005 and 5).(% schoolhouse refunding. series A of 1932 bonds.
Financial Statement (As Officially Reported).
Denom. $1,000 and $500. Due serially.
1929.
1930.
1931.
248.500 5% waterworks & sewer refunding, series E of 1932 bonds.
Assessed val.(80% of actual val.)34,279,339.27 $4,570,214.00 $44,636,771.87
Denom. $1,000 and $500. Due serially.
$1.08
$1.10
$1.00
Tax rate, per $100
Amount of taxes produced by the
GREENWICH TOWNSHIP (P.0. Gibbstown) Gloucester County,
49.230.16
47,072.72
46,367.72
above levy
N. J.
-FINANCIAL STATEMENT.
-In connection with the Proposed
None
11,500.00
7,500.00
NIoney due banks on notes
award on April 29 of $110,000 coupon or registered general improvement
265,000.00
274,000.00
254,000.00
Amount ofoutstand. bond issues_
bonds, notice and description of which appeared in-V.
134. p. 295I-we
have received the following:
-BOND SALE.
-A syndicate
EAST ORANGE, Essex County, N. J.
Financial Statement.
composed of Lehman Bros., Stone Sr Webster and Blodget, Inc., both of
Estimated valuation of property of the Township of Greenwich is as
Edward B.
New York; J. S. Rippel & Co., of Newark; Kean, Taylor & Co.,
follows: Municipal buildings, 325,000: water plant, $140,000; sch.
Smith & Co., R. W. Pressprich & Co., and Hannahs. Bailin & Lee, of
property
consisting of school buildings, furnishings, lands and real estate, $300,000.
New York, purchased privately on April 19, at a price of par, an issue
Assessed valuation 1932, real property $5,576,350; personal property
of $1,411,000 6% sewer and street improvement bonds. Public reoffering
51,455,475.
was made on the following day at prices to yield 5.5g. The bonds are
Total bonded debt (including this issue), $309,600; $193,600 being
dated May 1 1932. Coupon in denoms. of $1,000, r storable as to both
school bonds.
principal and interest. Due May 1 as follows: $99. , 1933: $115,000,
Other debt: In addition to the temporary notes of $110,000 which will
$162,000, 1938;
1934; $425,000. 1935; $100,000, 1936; 3465,000. 1937;
be funded by this issue of bonds there are $52.000 temporary notes of which
$35,000 in 1939, and $10,000 in 1940. Principal and interest (M. & N.)
$20,000 will be paid by special assessments on property benefitted.
are payable at the office of the City Treasurer. Legality. to be approved
Population: ILI. B. Census 1920. 1.751; U. S. Census 1930, 2,361.
by Hawkins, Delafield & Longfellow, of New York. Bonds, according
to the bankers, are legal investment for savings banks and trust funds
GREGG COUNTY (P. 0. Longview), Tex.
-The
-BOND SALE.
obligaIn the States of New York and New Jersey. and are direct general
3200.000 issue of 5% courthouse and Jail, aeries of 1931 bonds that was
tions of the entire city, payable from unlimited ad valorem taxes against
registered on Feb. 29-V. 134, P. 2200
-has since been purchased by
property therein.
all the taxable
Geo. L. Simpson & Co.of Dallas.
Financial Statement (as officially reported).
HANCOCK AND TOMPKINS CENTRAL SCHOOL DISTRICT
5135,743,684
Assessed valuation (1932)
NO.6 (P.0. Hancock), Delaware County, N. Y.
Total funded debt, including this issue
13794,571,
.-BOND OFFERING
Less water debt
P. J. Wheeler. District Clerk, will receive sealed bids until 8 p. m. on
31,634,000
Less sinking fund
April 26 for the purchase of $400,000 not to exceed 6% interest coupon or
646,134
Net funded debt
registered school bonds. Dated May 1 1932. Denoni. 31,000. Due
11,524,437
Population, 1930 United States census. 68,020.
May 1 as follows: 35.000 in 1934: 38,000, 1935: 510,000. 1936 to 1940
There is no school district or other overlapping district debt.
$11.000, 1941: 312,000. 1942: 313.000, 1943; 314.000 in 1944 and 1945
15,000 in 1946: 316,000, 1947: $17.000, 1948: $18,000. 1949 and 1950
EL CENTRO, Imperial County, Calif.
-At
-BONDS DEFEATED.
19,000, 1951: 520,000. 1952: 319,000, 1953: $18.000, 1954: $17,000, 1955
the city election held on April 11-V. 134. p. 2768
-the voters rejected
16,000, 1956: 515,000 in 1957 and 1958: $14,000, 1959: 313.000, 1960
the proposal te issue $185,000 in bonds to provide sewage disposal facilities.
12,000 in 1961, and $11.000 in 1962. Rate of interest to bo expressed
ELMORE, Lamoille County, Vt.-BOND SALE.
in a multiple of 34 or 1-10th of 1% and must be the same for all of the
-The 321,000 5%
coupon refunding bonds offered on April 18-V.134, p.2768
bonds. Prin. and int.(M. & N.) are payable at the First National Bank,
-were awarded
I
Volume 134
Financial Chronicle
Hancock. or at the Chase National Bank, New York. A certified check
for $8.000, payable to Raymond A. Forester, Dsitrict Treasurer, must
accompany each proposal. The approving opinion of Clay, Dillon &
Vandewater, of New York. will be furnished the purchaser. (These
bonds were unsuccessfully offered on Feb. 9-V. 134, P. 1229.)
HACKENSACK, Bergen County, N. .11. BOND SALE NOT CONSUMMATED
-ADDITIONAL BONDS OFFERED.
-The award on Feb.
15 of $298,000 6% Improvement bonds at par to M. F. Schlater & Co.
Inc., and II. L. Allen & Co., both of New York, jointly
-V. 134, p. 2380not consummated.
was
BOND OFFERING.
-William Schaaf, City Clerk, will receive sealed
bids until 8 p.m. on May 2, for the purchase of $263.000 4%.4%, 5. 551.
5% or 8% coupon or registered bonds, divided as follows:
5.
$191,000 public improvement bonds. Due Feb. 1 as follows: $8.000 from
104 to 1939, incl.; $12,000, 1941; $2,000. 1942; $7,000. 1943;
312,000 from 1944 to 1946: $2.000 in 1947, and $12,000 from
1948 to 1954. inclusive.
72.000 assessment bonds. Due Feb. 1 as follows: 36.000 in 1933 and
1934: $8,000, 1935; 39,000,from 1936 to 1939;$7,000 in 1940, and
$9,000 in 1941.
Each issue is dated Feb. 1 1932. Denom. $1,000. Prin. and int. (February and August) are payable at the City National Bank, Hackensack. No
more bonds are to be awarded than will produce a premium of 31,000 over
the amount of each issue. A certified check for 2% of the amount of bonds
bid for, payable to the order of the city, must accompany each proposal.
The approving opinion of Reed, Hoyt & Washburn. of New York, will be
furnished the successful bidder.
HARRISBURG, Dauphin County, Pa.
-PROPOSED BOND SALE
CANCELLED.-Oharles W. Burtnett, Director of Finance, reports that
the proposal to call for sealed bids until April 21 for the purchase of $175,000
451. 44 or 4%% coupon bonds
-V. 134. P. 2951-was rescinded owing
to the fact that the sale proved unnecessary as a result of the favorable
bids received for the improvements contemplated.
HAVERFORD TOWNSHIP (P.0. Upper Darby), Delaware County,
Pa.
-BOND OFFERING.
-H. A. Fritschnoan, Secretary of the Board of
Commissioners, will receive sealed bids until 6 p. m. (Eastern standard
time) on May 9 for the purchase of $368,000 4.4% coupon refunding
bonds,in amounts of$268,000 and $100,000. Dated May 11932. Denom.
$1,000. Due May 1 1952. Prin, and int. (M. & N.) are payable at
Drexel & Co., Philadelphia. A certified check for 2% of the amount
bid, payable to the order of
accompany
propal. Legality of the bondsthe Township, must the approvaleach Saul.
will be subject to
of
Erring, Remick & Saul, of Philadelphia, and Lutz, Ervin, Reeser & Fronefield, of Media.
Financial Statement.
Assessed valuation, real estate. 1931
$29.723,461
Real value (estimated)
90.000,000
Bonded debt
1,780,000
Floating debt
55,000
Sinking fund
51,278
Population, 1930 Federal census, 21,236.
Sinking fund account is set up yearly in budget to take care of payment
of principal and interest and State tax on all bond issues.
-BOND CALL
HENDERSON COUNTY (P. 0. Lexington), Tenn.
NOTICE.
-The holders of bonds maturing on April I are being advised by
New York paying agents for the county to present their bonds or coupons
to the State Trust Co.at Hendersonville, N.0. It is reported that on April
16 about 50% of the April 1 maturities had been paid.
HIGHLAND PARK SCHOOL DISTRICT, Wayne County, Mich.
BOND OFFERING.
-Mabel G. Herald, Secretary of the Board of Education, will receive sealed bids until 8 p. m.(Eastern standard time) on May 3
for the purchase of 3420.000 not to exceed 6% I tit. refunding bonds. Dated
June 1 1932. Denom. $1,000. Due 335.000 on Juno 1 from 1933 to 1944
incl. Prin. and semi-ann. int. are payable at the Highland Park State
Bank. Highland Park. A certified check for $4,000, payable to the order
of the District Treasurer, must accompany each proposal. Purchaser
to pay for legal opinion required and furnish bonds ready for execution.
The assessed valuation for 1931-1932 is $114,895.950: tax rate, $11.40 Per
$1,000 of valuation. The Distrct is retiring $180,000 bonds of a $600.000
issue due June 1 1932. The net bonded debt, after giving effect to the
present borrowing, will amount to $2,883,985.
HILLSIDE TOWNSHIP (P. 0. Hillside), Bergen County, N. J.
BOND OFFERING.-Iloward .1. Bloy, Township Clerk, will receive sealed
bids until 8.30 p. m.(daylight saving time) on April 27 for the purchase of
31.438.000 4%,5. 551,5,
531 or 6% coupon or registered bonds, divided
as follows:
3822,000 assessment bonds. Due Dec. 15 as follows: $$0,000 from 1932
to 1934 incl.; $100,000 from 1935 to 1939 incl.. and $82.000 in
1940. Prin. and int. of this issue will ae payable at the Hillside
National .dank, Hillside.
616.000 general impt. bonds. Due Dec. 15 as follows: $15,000 from 1933
to 1957 Incl.; $20,000 from 1958 to 1968 incl. and $21,000 in
1969. Prin. and int. of this issue will be pay dile at the Hillside
Trust Co. Hillside.
Each issue is dated Dec. 15 1931. Denom.$1,000. Int. will be payable
semi-annually on June and Dec. 15. No more bonds are to be awarded
than will produce a premium of $1,000 over the amount of each issue. A
certified check for 2% of the amount of bonds bid for, payable to the
order of the Township, must accompany each iproposal. The approving
opinion of Hawkins, Delafield & Longfellow of New York will be furnished
the successful bidder.
INDIANAPOLIS, Marion County, Ind.
-BOND OFFERING.
William L. Eider, City Controller, will receive sealed bids until 11 a. m.
(Central standard time) on April 29 for the purchase of $187,388.40 bonds,
divided as follows:
3100.000.00 track elevation bonds (1932). first issue. Int. rate 4%7e•
Denom. 31.000. Due $5,000 on July 1 from 1933 to 1952 incl.
87.388.10 thoroughfare funding bonds of 1932. first issue. Int. rate
Is not to exceed 4%7
0. One bond for $388.40, others for
$1,000. Due July 1 as follows: 34,000 from 1933 to 1944 Incl.;
$5,000 from 1945 to 1951 incl., and $4,388.40 in 1952.
Each issue will be dated May 2 1932. Prin. and int. (J. &
1) will be
payable at the office of the City Treasurt r and shall constitute an obligation
of the City.
INDIANAPOLIS Marion County, Ind.
-LOAN OFFERING.
William P. Elder,(,ity Comptroller, will receive sealed bids until 11 a.m.
on May 5 for the purchase a a $50,000 temporary loan, to bear int. at a
rate not to exceed 6%. Dated May 5 1932. Payable July 5 1932 at the
office of the Treasurer.
INGLEWOOD, Los Angeles County, Calif.
-BOND OFFERING.
Sealed bids will be received by the City Clerk according to report until
8 p. in. on May 9, for the purchase of a $38.000 issue of Acquisition and
Improvement District No. 1 bonds.
IRONTON, Lawrence County, Ohio.
-BOND OFFERING.
-C. C.
()ranee. City Auditor, will receive sealed bids until 12 m. on May 4 for the
purchase of $40,000 67 coupon refunding bonds. Dated April 1 1932.
0
Denom. $1,000. Due $4,000 on Oct. 1 from 1933 to 1943, incl. Prin.
int.(A.& 0.)are payable at the First National Bank,Ironton. Bidsfor the
bonds to bear interest at a rate other than 6%,expressed in a multiple of 11
of 1%, will also be considered. A certified check for 3400, payable to the
order of the City must accompany each proposal.
Ist(These are the bonds mentioned in-%. 13.4, p. 2769.)
•
JACKSON COUNTY (P. 0. McKee), Ky.-BOND OFFERING.
Sealed bids will be received until May 16. by John Fowler. Clerk of the
County Court, for the purchase of a 320,000 issue of coupon funding
bonds. Int. rate is not to exceed 6%, payable semi-annually. Denorns.
to be not less than $500 and not greater than $1,000. Bonds to be payable
not less than 5 nor more than 15 years from date of issue. These bonds
were authorized by the County Fiscal Court.
(These are the bonds that were offered on April 12-V. 134, p. 2201.
They were not sold at that time.)
JACKSON COUNTY ROAD DISTRICT NO. 1 (P. 0. Edna), Tex.
-It is reported that an election will be held on May 7
BOND ELECTION.
In order to have the voters pass on the proposed issuance of 390,000 in road
bonds.
-It is reported that
JASPER, Pickens County, Ga.-BONDS VOTED.
•
at!an election held recently the voters approved the issuance of $24,000 in
bonds for water works improvements.
3135
JEFFERSON COUNTY SCHOOL DISTRICT NO.47(P.O. Golden),
Colo.
-BOND DETAILS.
-The $37,000 issue of 6% school building bonds
that was purchased subject to an election by Geo. W.. Vallery & Co. of
Denver
-V. 134. p. 2380
-on April 13 was approved by the voters. The
bonds were purchased at a price of 97.14, a basis of about 5.505'. Due
as follows: $1,000 on April 1 1937 and $1,000 on Oct. 1 1938 and $7,000
from Oct. 1 1939 to 1943 incl. Prin, and int. (A. & 0.) payable at the
office of the County Treasurer,
JOHNSTOWN, Cambria County, Pa.
-ADDITIONAL INFORMATION.
-The $200,000 sewer bonds authorized recently by the city council
-V.134.p.2952
-will bear interest at 5%,be dated June 1 1932and mature
on June 1 as follows: $13,000 from 1937 to 1946 incl., and 814.000 from
1947 to 1951 incl. Interest to be payable in June and Dec. Bids for the
issue will be received some time in June.
JOINERVILLE SCHOOL DISTRICT (P. 0. Henderson), Rusk
County, Tex.
-BONDS VOTED.
-The voters are reported to have recently approved the issuance of $75,000 in school building bonds.
KANSAS CITY, Jackson County, Mo.-BOND OFFERING.
Sealed bids will be received until 2:30 p.m. on April 26, by A. L. Darby.
Director of Finance, for the purchase of the following issues of 431%
bonds, aggregating $1,700,000:
$100.000 traffic way improvement bonds. Due on May 1 as follows
$1.000, 1934 to 1936; 82.000. 1937 to 1955; 83,000. 1956 to 1966;
$4.000, 1967 to 1970. and $5,000 in 1971 and 1972. all incl.
500,000 sewer, 3rd issue bonds. Due on May 1 as follows: $1,000,
1934 to 1936; 86,000. 1937; $7,000, 1938 to 1940; $8,000, 1941 to
1944; 310,000, 1945 to 1951; $12,000. 1952 to 1956: $15,000, 1957
to 1961; $8,000, 1962 to 1964; $20,000. 1965 to 1967; $23,000,
1968 to 1970, and $25,000 in 1971 and 1972, inclusive.
250,000 Blue River improvement, 2nd issue bonds. Due on May 1 as
follows: $1,000, 1934 to 1936; $4,000. 1937 to 1944; 35,000.
1945 to 1951: 86.000. 1952 to 1956; 17,000, 1957 to 1961; $9.000.
1962 to 1964; $10,000. 1965 to 1968, and $12,000, 1969 to 1972,
all inclusive.
400.000 park and boulevard, 4th issue bonds. Due on May 1 as follows:
31,000, 1934 to 1936; $5,000, 1937; $6.000. 1938 to 1944; $8,000.
1945 to 1951; 310.000, 1962 to 1956: 312.000. 1957 to 1961;
814.000. 1962 to 1964: 816.000, 1965 to 1967; $18,000, 1968 to
1970, and $20,000 in 1971 and 1972, all inclusive.
450,000 Brush Creek improvement bonds. Due on May 1 as follows:
51.000. 1934 to 1936; 35.000, 1937 and 1938: 36,000. 1939 and
1940: 37.000, 1941 to 1943: $8,000, 1944 to 1946; 89.000, 1947 to
1950: 310,000. 1951 and 1952; 312.000, 1953 to 1957; $14,000,
1958 to 1960; $16,000, 1961 to 1963; 318.000. 1964 to 1968;
$20.000, 1969 and 1970, and $22,000. 19'i 1 and 1972.
Denom. $1,000. Dated May 1 1932. Prin. and int.(M.& N.) payable
at the office of the City Treasurer, or at the Chase National Bank in
N. Y. City. The approving opinion of Benj. H. Charles of St. Louis, will
be furnished. No bid will be received which is in whole or in part less than
par. Bids must be made on a blank form furnished by the city. Delivery
of the bonds will be made on or about May 2, or as soon thereafter as said
bonds can be executed, at the office of the
of Finance. A certified
check for 2% of the par value of the bonds bid for, payable to the Director
of Finance, is required.
KIRKLAND, NEW HARTFORD, WHITESTOWN, MARSHALL,
WESTMORELAND, VERNON AND PARIS (TOWNS OF) CENTRAL.
SCHOOL DISTRICT NO.1),(P.O. CLINTON). N. Y.
-BOND OFFERING.
-Robert I. Williams, Clerk of the Board of Education, will receive
sealed bids until 8 p.m.(Eastern standard time) on May 2 for the purchase
of 3350.000 not to exceed 5% interest coupon or registered bonds. Dated
Dec. 1 1931. Donom.$1,000. Due Dec. 1 as follows: $4,000 from 1932 to
1934, incl.; $5,000, 1935 to 1932; 36,000, 1939 to 1941: $7,000. 1942 to 1449
58.000, 1945 to 1947;$9,000,1948 and 1949:810.000. 1950and 1951:811,000,
1952 and 1953; 312,000, 1954 and 1955; 313.000, 1956; 314,000. 1957 and
1958: $15,000 in 1959' 316.000. 1960; 317.000, 1961 and 1962: $18,000,
1963; 319.000. 1964; $20,000 in 1965, and $8,000 in 1966. Rate of interest
to be expressed in a multiple of % of 1-10th of 1% and must be the same
for all of the bonds. Principal and interest (June and Dec.) are payable
at the Hayes National Bank. Clinton. A certified check for 37.000. payable
to Robert V. Hayes, Treasurer of the Board of Education, must accompany
each proposal. The approving opinion of Clay. Dillon & Vandewat,er.
of New 1 ork, will be furnished the successful bidder.
Financial Statement.
Valuations
Actual valuation
Assessed valuation, 1931-1932
884.903038,588603
DebtCentral School District bonded debt (this issue)
350.000
Other bonded debt
Outstanding bonds of districts included in the Central
School District
$7139:000500
Outstanding bonds of the Village of Clinton
of which total $3,000 are water bonds.
Population, 1931, 5.040.
KNOX COUNTY (P. 0. Vincennes), Ind.
-BONDS NOT SOLD.
The Issue of 53,100 4 % Widner Twp. road construction bonds offered
on April 14-V. 134, p. 2576
-was not sold, as no bids were received.
Dated Feb. 5 1932. Due one bond each six months from 1933 to 1937.
Incl. Denom. $310.
LAKE COUNTY (P. 0. Painesville), Ohlo.-BOND OFFERING.
L. J. Spaulding, Clerk of the Board of County Commissioners, will receive
sealed 'olds until 11 a.m. on May 9, for the purchase of $81,029.46 6%
bonds, divided as follows:
$28,994.36 road bonds. Dated June 1 1932. Due semi-annually as
follows: 3994.36 April 1 and $1,000 Oct. 1 1933. and $1,000
April 1 and $2,000 Oct. 1 from 1934 to 1942, inclusive.
27,340.37 Willoughby Sewer District No. 1 bonds. Dated Oct. I 1931.
Due semi-annually as follows: $340.37 April 1 and 31.000
Oct. 1 1933:$1,000 April 1 and 32,000 Oct. 1 from 1934 to 1937.
incl.: $1,000 April and Oct. 1 1938. and $1,000 April 1 and
MHO Oct. 1 from 1939 to 1942, inclusive.
24,694.73 road bonds. Dated June 1 1932. Due semi-annually as follows:
$694.73 April 1 and $1,000 Oct. I 1933; 31,000 April 1 and
$2.000. Oct. 11934; $1,000 April and Oct. 11935; $1,000 April
and $2,000. Oct. 11936; $1.000, April and Oct. 1 1937; 31.000
April 1 and 32,000, Oct. I 1938;$1,000, April and Oct. 1 1939;
$1,000, April land $2,000 Oct. 1 1940: 51.000, April and Oct. 1
1941, and $1,000, April 1 and 82.000, Oct. 1 1942.
Principal and interest (April and October) will be payable at the office
of the County Treasurer, Bids for the bonds to bear interest at a rate
other than 6%,expressed in a multiple of % of 1%, will also be considered.
A certified check for $2,000 (for each issue), payable to the order of the
County Treasurer, must accompany each proposal.
LAKEWOOD, Cuyahoga County, Ohio.
-BOND SALE NOT CONSUMMATED.
-The award on March 26 of $125,000 531% hospital construction bonds to the McDonald-Callahan-Richards Co. of Cleveland.
at 100.66, a basis of about 5.18%-V. 134, P. 2577
-was not consummated,
as Squire, Sanders & Dempsey of Cleveland, attorneys for the bankers.
refused to certify the issue, because of certain discrepancies in tee maturity
of the bonds as given in the bond resolution and the election notice. Dated
April 1 1932. Due Oct. 1 as follows: $5,000 from 1933 to 1939 incl., and
36.000 from 1940 to 1954 incl.
LANCASTER, Fairfield County, Ohio.
-BOND SALE.
-The issue of
$75,000 5% water works system impt. bonds recently authorized-V. 134,
p. 2380-will be taken for investment by the City Natural Gas Dept.
Dated April 1 1932. Due $5,000 on Oct. 1 from 1933 to 1947 incl.
LA SALLE, La Salle County, III.
-BOND REPORT.
-The city council
has adopted a resolution approving of the sale of $60,000 refunding bonds
to C. W. McNear & Co. of Chicago, which are to take 330,0M bonds
Immediately and the remaining $30,000 within 30 days,
LASSEN COUNTY WATER WORKS DISTRICT NO.1(P.O.Susanville), Calif.
-BOND ELECTION.
-It is reported that an election will be
held on May 2 In order to have the voters pass on the proposed issuance of
$10.000 in fire protection and water supply bonds.
LAWRENCE, Nassau County, N. Y.
-BOND SALE.
-The $75.000
coupon or registered street improvement bonds offered on April 18V. 134, p. 2952-were awarded as 53s to the Peninsular National Bank,
of Cedarhurst, at par plus a premium of $65.25, equal to a price of 100.087.
3136
Financial Chronicle
a basis of about 5.49%. Dated May 1 1932. Due $5,000 on May 1 from
1934 to 1948 incl. Bids received at the sale were as follows:
Int. Rate.
Premium.
BidderPeninsular National Bank (successful bidder)
5S7
$65.25
5.60%
George B. Gibbons & Co.. Inc
157.50
Batchelder & Co.
5.70%
308.25
M.& T. Trust Co.(Buffalo)
5.75%
315.00
Sherwood & Merrifield, Inc
5.90%
7.00
Par
6.00
Lawrence-Cedarhurst Bank (for $10,000 only)
-BOND SALE.
-The Somers
LINWOOD, Atlantic County, N. J.
Point National Bank and the Pleasantville Trust Co.. jointly, have purchased an issue of $40,000 improvement bonds. e0o
-BOND OFFERING.
-Frank Ayres,
LORAIN, Lorain County, Ohio.
City Auditor, will receive sealed bids until 12 m. (Lorain city time) on
May 2 for the purchase of $102,689.43 6% special assessment bonds.
divided as follows:
$64,432.50 street impt. bonds. One bond for 5432.50, others for $1,000.
Due Sept. 15 as follows: $6,432.50 in 1933; $6,000 from 1934
to 1938, incl., and $7,000 from 1939 to 1942, incl.
38.256.93 sewer construction bonds. One bond for $256.93, others for
$1,000. Due Sept. 15 as follows: $6,256.93 in 1933 and $8,000
from 1934 to 1937. incl.
Each issue is dated May 15 1932. Prin. and int. (March and Sept. 15)
are payable at the office of the Sinking Fund Trustees. Bids for the bonds
to bear interest at a rate other than 6%.expressed in a multiple of 3i of 1%.
will also be considered. A certified check for 2% of the amount of bonds
bid for must accompany each proposal. Transcript of proceedings will
be furnished the successful bidder. (These are the bonds mentioned in
V. 134, p. 2952.)
LOS ANGELES COUNTY SCHOOL DISTRICT (P. O. Los Angeles),
-BOND OFFERING.
Calif.
-Sealed bids will be received until 2 p. m. on
May 2 by L. E. Lampton, County Clerk, for the purchase of two issues of
school bonds aggregating 51.600,000, divided as follows:
$1,100,000 Loa Angeles City High School District bonds. Due $44,000
from June 1 1932 to 1956 Incl.
500,000 Los Angeles City School District bonds. Due $20,000 from
June 1 1932 to 1956 incl.
Int. rate is not to exceed 4;4%, payable (J. & D.). All of said bonds
shall bear the same rate of interest, and bids for varying rates of interest
for portions of such bonds will be rejected. Denom. $1,000. Dated
June 1 1931. Prin. and int, payable at the County Treasurer's office, or
at the fiscal agency of the County in New York. A certified check for 3%
of the bonds, payable to the Chairman of the Board of Supervisors, must
accompany the bid.
The official offering circular furnishes the following information:
Los Angeles City High School District has been acting as a high school
district under the laws of the State of California continuously since July 1
1900.
The assessed valuation of the taxable property in said high school district
for the year 1931 is $2,147,525,810.00, and the amount of bonds previously
issued and now outstanding is $27,349,161.28.
Los Angeles City High School District includes an area of approximately
1.047.52 square miles, and the estimated population of said high school
district is 1,420,317. Los Angeles City School District has been acting as
a school district under the laws of the State of California continuously since
July 11900.
The assessed valuation of the taxable property in said school district for
the year 1931 is 52,056,179.450.00, and the amount of bonds previously
Issued and now outstanding is $35,541,970.00.
Los Angeles City School District includes an area of approximately 696.43
square miles,and the estimated population ofsaid school district is 1,391,436.
-BOND OFFERING.
MADISON COUNTY (P. 0. Anderson), Ind.
Walter F. Jones, County Treasurer, will receive sealed bids until 10 a. m.
on May 16 for the purchase of $25,500 4 % bonds, divided as follows
$13,000 Pipecreek Twp. drainage improvement bonds.
12,500 Pipecreek Twp, highway improvement bonds.
One bond of each issue will mature each six months from July 15 1933 to
Jan. 15 1943. Legal opinion to be paid for by the successful bidder.
-BONDS °PEERED.
MADISON COUNTY (P. 0. Jackson), Tenn.
It is reported that sealed bids were received until April 20 by Mel W.
Wilkes, County Judge,for the purchase of an issue of$100,000 road bonds.
MADISON HEIGHTS SANITARY DISTRICT (P. 0. Amherst),
Amherst County, Va.-BOND ELECTION.
-An election is reported to
be scheduled for May 17 in order to have the voters pass on the proposed
Issuance of $62,500 in water system bonds. This district was established
recently by the County Circuit Court
-V. 134, p. 2769.
MALVERNE SCHOOL DISTRICT (P. 0.Malverne), Nassau County,
N. Y.
-BONDS VOTED.
-Frances G. Zitzmann, Clerk of the Board of
Education, reports that tne $345.000 school construction bond Issue submitted for consideration of the voters at an election on April 18 was approved by a vote of 322 to 154.
MANCHESTER, Hartford County, Conn.
-We
-BONDS VOTED.
are advised that the town is contemplating the sale of $310,000 floating
debt refunding bonds, not $250,000 as given in V. 134, p. 2769. The
measure was submitted for consideration of the electors at a meeting on
April 19 and was overwhelmingly endorsed. It is planned to limit the rate
of interest to 5% and retire the issue in yearly amounts of 331,000.
-TEMPORARY LOAN.
MARBLEHEAD, Essex County, Mass.
A $100,000 temporary loan, due on Nov. 3 1932, was sold on April 20 to
the Second National Bank of Boston at 3.37% discount basis. Bids
for the loan were as follows:
Rate of Discount.
Second National Bank (successful bidder)
3.37%
3.46
Merchants National Bank of Boston
3.62
Faxon, Gade & Co
3.83
F.S. Moseley & Co
4.25 0
Shawmut Corp
-BOND AND NOTE
Ind.
MARION COUNTY (P. O. Indianapolis),
-Charles A. Grossart, County Auditor, will receive sealed
BIDS ASKED.
bids until 10 a.m. on May 6 for the ppurchase of $356.000 6% poor relief
notes, divided into two series of 5178,000 each, maturing respectively on
May and Nov. 15 1933. Principal and interest (May and Nov. 15) are
Payable at the office of the County Treasurer. A certified check for 3%
of the notes bid for, payable to the order of the Board of County Commissioners, must accompany each proposal. Legal opinion to be furnished
by the successful bidder.
-The Auditor will receive bids until 10 a.m. on
BOND OFFERING.
May 9 for the purchase of $146,020 not to exceed 53. % interest refunding
bonds. Dated May 1 1932. One bond for 51.020, others for $1,000.
Due $48,000 on July 1 in 1934 and 1935, and $50,020 on July 1 1936.
Principal and Interest (Jan. and July) payable at the Treasurer's office.
A certified check for 3% of the bonds bid for, payable to the order of the
Commissioners, is required. No conditional bid will be accepted and the
successful bidder is to furnish the legal opinion.
-The
-TEMPORARY LOAN.
MELROSE, Middlesex County, Mass.
-was
5300.000 revenue note loan offered on April 20-V. 134. p. 2952
awarded to the Merchants National Bank of Boston, at 3.87% discount
basis. Dated April 21 1932 and payable $100.000 Oct. 21 1932 and $200,000
on Nov. 21 1932. Bids received at the sale were as follows:
Discount Basis.
S
Bidder3.87%
Merchants National Bank successful bidder)
3.925
First National Old Colony corp
4.12
Faxon, Gade & Co
4.25
Grafton Co
MERIDIAN CONSOLIDATED SCHOOL DISTRICT NO. 320 (P. 0.
-The 510.000
-BOND SALE.
Bellingham), Whatcom County, Wash.
-was
issue of school bonds offered for sale on April 16-V. 134, p. 2769
Purchased by the State of Washington as 6s at par. Dated May 1 1932.
Due in from 2 to 11 years.
-An
MILL HALL SCHOOL DISTRICT, Pa.
-BOND ELECTION.
election has been called for April 26 on which date the voters will pass
upon a proposal providing for the issuance of $20.000 school building construction bonds.
MILWAUKEE COUNTY (P. 0. Milwaukee), Wis.-BOND SALE
-We are informed by the County Treasurer that of the $297,REPORT.
717.78 Issue of 6% semi
-aim. Honey Creek Parkway 81343C. assessment
land acquisition bonds offered for sale without success on Jan. 19-V. 134,
IL 885-a total of $106,417.78 bonds has been sold over-the-counter.
April 23 1932
MINNEAPOLIS, Hennepin County, Minn.
-BOND OFFERING.
Both sealed and auctionthids will be received until 11 a. m. on April 30.
by Geo. M. Link, Secretarytof thelBoard of Estimate and Taxation, forthe purchase of a $250,000 issue;of public relief bonds. Interest rate is
not to exceed 6%, payable semi-annually. Rate of interest is to be in a•
multiple of y of 1%. Dated May 1 1932. Due from 1933 to 1937.
i
Bids for less than par cannot be accepted. The bonds will be accompanied by the approving opinion of Thomson, Wood & Hoffman of New
York. 'Further information and forms on which to submit bids will be
furnished on request. A certified check for 2% of the amount of bonds
bid for, payable to C. A. Bloomquist, City Treasurer, is required. (This
report supersedes the preliminary notice given in V. 134. p. 2953.)
MINNESOTA, State of (P. 0. St. Paul),
-BOND SALE REPORT.
In connection with tentative reports stating that • ids would be received
up to May 10 by the State Treasurer, for the purchase of $10,000,000 of
nighway bonds, it was announced on April 21 by Julius A. Schmahl, State
Treasurer, that the State Highway Board will not convene for the authorizing of a bond issue until the Supreme Court passes on a Ramsey County
appeal from an award of highway funds made several months ago. It is
said that this court action will probably not take place until about April 29.
-The
-BONDS VOTED.
MISSOURI, State of (P. 0. Jefferson City).
following issues of bonds have been recently approved by the voters:
$60,000 of West Walnut Grove school building bonds by a count of622 to 19:
$30,000 Thayer school buidling bonds by a vote of 347 to 0:520,000 Crocker
school bonds by 273 to 17; $20,000 Appleton City school bonds by a count
of365 to 20:520,000 Weaubleau school imilding bonds by 375 to 61;520,000,
bonds by a vote ob2o tob
St..Tames school fonds ly a 20 to 1 count, and 517,000 Thomasville school
BONDS CALLED.
-The following bonds are being called for payment:
Nos. 30 to 33 of Appleton City School District 5% bonds of May 15 1915
are called for May 15; Nos. 36 to 40 of Boone County 4 % hospital bonds
of Nov. 1 1927 are called for May 1; bonds numbered 46 to 68 of Columbia
School District 5% bonds of June 1 1916 are called for June 1, and Nos. 1
to 8 of
School District 6% bonds of May 1 1920 are called for
M
Also N08. 1 to 14, for $500 each, and Nos. 15 to 22, for $1,000 each, or
Webb City School District 5% bonds of May 1 1922.are called for May 1.
-BIDS REJECTED.
MONONGAHELA, Washington County, Pa.
The issue of 515,000 4% improvement bonds offered on April 18-V. 134,
P. 2963
-was not sold, as all cf the bids submitted were rejected.
-The $2,600
MORRISTOWN, Shelby County Ind.-BOND SALE.
-were
'
5% judgment payment bonds offered on April 15-V. 134. p. 2578
awarded to the Gwynneville Bank of Gwynneville, at par plus a premium of
$5, equal to a price of 100.23. a basis of about 4.94%. Dated April 151932.
Due July 1 as follows: $100 in 1933. and $500 from 1934 to 1938 incl.
MOUNT PLEASANT (P. 0. North Tarrytown), Westchester
-Edward F. Hennessey, Town
-BOND OFFERING.
County, N. Y.
Clerk, will receive sealed bids until 3 p. m. (Daylight saving time) on
April 26 for the purchase of $360.000 not to exceed 6% interest Hawthorne
Water District coupon or registered water bonds. Dated April 1 1932.
Denom. $1,000. Due $10,000 on April 1 from 1937 to 1972 incl. Prin.
and int. (A. & 0.) are payable at the First National Bank, North Tarrytown. A certified check for 2% of the amount of bonds bid for, payable
to the order of the town, must accompany each proposal. The approving
opinloi of
Hoyt & Washburn, of New York, will be furniahed the
successful bidder.
(These bonds were previously offered on March 29, at which time no
award was made, although a bid for the issue was submitted by the M.&
Trust Co., of Buffalo. Report was captioned Hawthorne Water Dist.,
N. Y.
-V. 134, p. 2576.)
-BOND ELECMULTNOMAH COUNTY (P. 0. Portland), Ore.
-At the primary election to be held on May 20 the voters will pass
TION.
on a proposal to issue $1,000,000 in road bonds, for the relief of the unemployed, according to resolutions adopted on April 11 by the County
Commissioners.
-BOND OFFERING.
MULTNOMAH COUNTY (P. O. Portland), Ore.
-Sealed bids will be received until 11 a. m. (Pacific time) on May 9, by
A. A. Bailey. County Clerk, for the purchase of a $500,000 issue of road.
series C bonds. Int, rate is not to exceed 5%, payable M.& N. Denom.
$500. Dated May 20 1932. Due 550.000 from May 20 1938 to 1947 Incl.
Prin. and int. payable in gold at the office of the City Treasurer. The
Boston,
approving opinion of Storey, Thorndike, Palmer & Dodge, of
or
will be furnished. These bonds may be sold to the highest bidder
of $5,000 each or mulbidders for cash for blocks of bonds in the amount
instaltuples thereof, and maturing as to each such block in equal annual
but the
ments from the 6th to the 15th year from the date of said bonds, bonds
right is reserved to reject any and all bids and to award as many bids
All
as the County Board of Commissioners may deem advisable.
nds
ooo
must be submitted on forms furnished by the County Clerk.
b,
0
h
are part of an authorized issue voted on April 10 1931, of which $50 o
certified check for 5% of the bid.
have been sold-V. 134, p. 2770. A
payable to the County Clerk, is required.
NO. 42
MULTNOMAH COUNTY JOINT SCHOOL DISTRICT received
-Sealed bids will be
-BOND OFFERING.
(P. 0. Sylvan), Ore.
Purchase
until 8 p. m. on April 28, by Enda Barrel), District Clerk, for the payable
of a $15,000 issue of school bonds. Int, rate is not to exceed 6%,
5500, 1935 and
J. & D. Dated May 1 1932. Due on Dec. 1 as follows:$2,000 in 1947.
1943 to 19-16, and
1636: $1.000, 1937 to 1942; $1,500. the County Treasurer. Those bonds
office of
Prin. and int. payable at the
certified check
were authorized at an election held on Dec. 12 1931. A
for sale
for $200 must accompany the bid. (These bonds wore offered
without success on l'ob. 25-V. 134, p. 2578.)
-ADDIDISTRICT, Mich.
MUSKEGON HEIGHTS SCHOOL
-The issue of $75,000 school bonds mentioned
TIONAL INFORMATION.
according
In V. 134. p. 2770, was purchased at par by school employees,
Int.
to W. R. Booker, Superintendent of Schools. Dated Feb. 1 1932.
at 6%. payable semi-annually in 'F. & A.
rate
-BOND OFFERING.
NASSAU COUNTY (P. 0. Mineola), N. Y.
bids until
Philip F. Wiedersum, County Comptroller, will receive sealed 55,000.000
12.30 p. m.(daylight saving time) on May 3 for the purchase of
not to exceed 5% coupon or registered bonds, divided as follows: in
$2,500,000 land purchase oonds. Due May 1 as follows: $25,000to 1048;
1955:
540.000. 1949: 5162.000, 1950; 5210,000 from 1951
$205,000 in 1956 and 1957; 5210.000 in 1958 and 1959; 5180,000
in 1960 and $213,000 in 1961.
$100.000 in
1.660,000 general hospital bonds. Due May 1 as follows:
1948; $110,000 in 1949; 5100.000 from 1950 to 1955; $150,000
from 1956 to 1960 incl., and $100,000 in 1951.
590,000 county road bonds. Due May 1 as follows: $250,000 in 1944
and 1945, and $90,000 in 1947.
250,000 tuberculosis hospital bonds. Due May 1 as follows: $10,000
from 1948 to 1951 Incl.; $20.000. 1952 to 1955' $5,000 in 1956
a61
19nd. 1957; 540.000 in 1958 and 1959, and $20,000 in 1960 and
in a
Dated May 11932. Denom.$1,000. Rate of interest to ho expressedmay
of 1% and must be the same for all of the bonds. Bids land
multiple of
be submitted for the entire 55,000,000 or for only the 52.500.000 sold.
purchase and $250,000 hospital bonds. If only these two issues are
11932.
the remaining bonds will not again be offered for sale prior to Aug.payable
Principal and semi-annual interest (May and November) will be
The bonds will be prepared under the
at the office of the County Treasurer.
supervision of the Nassau County Trust Co., Mineola, which will certify
as to the genuineness of the signatures of county officials and the seal.
Impressed on the bonds. A certified chock for 2% of the amount of bonds
each
bid for, payable to the order of the County Treasurer, must accompany Now
proposal. The approving opinion of Reed, Hoyt & Washburn, of
York, will be furnished the successful bidder.
-The
-BOND OFFERING POSTPONED.
NEW JERSEY (State of).
State Sinking Fund Commission decided on April 19 to defer until June
the proposed offering of $21,000,000 highway _and institutional building
bonds, originally intended to be held about May 21.-V. 134. p. 2953.
-As a means of providing funds
$20,000,000 BOND ISSUE PROPOSED.
for poor relief purposes during the fiscal year beginning July 1 1932 State
officials have taken under consideration a proposal to submit a bond issue of
$20,000,000 at the general election in November of this year, financing
activities in the meanwhile through the imposition of a temporary additional gasollne tax of 2 cents a gallon. A conference between Governor A.
Harry Moore and Chester I. Barnard, State Relief Director, will be had OD
April 26, at which time definite action on the proposal will be taken.
Volume 134
Financial Chronicle
3137
-The
Financial Statement As of April 1 1932(As Officially Reported).
-TEMPORARY LOAN.
NEWPORT, Newport County, R. I.
Gross funded debt (outstanding)
$29,153,364
'Newport Trust Co. has purchased an issue of $100,000 tax anticipation
Floating debt(including temporary bonds outstanding)
7.371.904
cotes at 4% discount basis. Due on Aug. 25 1932. Ladenburg, Thalmann
.& Co., of New York, bid at 4.8561%, and Salomon Bros. & Hutzler, of
Gross debt
$36,525,264
Boston, bid at 5.21%.
Deductions
-The
NEWPORT, Campbell County, Ky.-BONDS APPROVED.
Water debt
$13,995,000
Board of Commissioners approved on April 13 an issue of $125.000 reSinking funds,other than for water bonds
2,621.374
funding bonds. The Commissioners are also reported to have authorized
Cash on hand
323,000
the borrowing of $25,000 to meet current expenses.
1931 uncollected taxes (1931 tax revenue notes
have been included in above gross debt)
-BORROWING NEEDS FOR BALANCE OF 1932
2,074,631
r NEW YORK, N. Y.
19,014,005
-Comptroller Charles W. Berry announced on April 19 that
ARRANGED.
arrangements have been made with local banks to provide the city with
Net debt
$17,511,259
funds during the remainder of 1932 to complete improvements already
contracted for. Under this plan the banks have purchased an initial issue
Bonds Maturing Within Seven Years.
% tax notes dated April 20 1932 and due on June 201933.
YearTerm Bonds.a Serial 13onds.b
of $6,000,000
Total.
Reoffering of the notes was made on a 5% yield basis. The nature of the
1932
$167,000
$727.500 $259,000)c
$894,500
210,000
plan agreed upon is set forth in the following letter, made public by the
1933
727.000 259,000)
937,000
Comptroller on April 19:
1934
205,000
730,000 259,000)
935,000
1935
285,000
746,000 259.000)
1.031,000
THE CITY OF NEW YORK
1936
10,000
751,000 264,000)
761,000
Office of the Comptroller.
110,000
1937
781,000 294,000)
891.000
Chase Harris Forbes Corp. The National City Co. and Associates:
10.000
1938
815,500
805.500319,000)
Dear Sirs:
-At the time arrangements were made in January by a group
a The term bonds are payable out of the sinking_fund, as to the conof New York City banks for the issuance of $100.000,000 New York City
dition of which see financial statement above. b The serial bonds are
6% special corporate stock notes, and provision made for a revolving credit
payable out of the annual tax levies. c The amounts in parentheses are
not to exceed a maximum of $1M,000,000 to finance the city pending the
serial water bonds included in the listed amounts of serial bonds. Such
-collection of taxes during the year 1932 it was understood that the city
water bonds,and interest thereon, will be paid out of revenues of the Passaic
would be in need of additional funds during the year to complete improveValley Water Commission.
ments already contracted for.
Assessed Valuations, Tax Collections, Tax Rates and Population.
Recent conferences between the Comptroller and representatives of the
Real.
banking group have resulted in the determination upon a policy of providing
Assessed ValuationsPersonal
Total
these additional funds through the medium of notes of the city maturing
$170,318,452
1927
$200,464.419
$30,145,967
in approximately one year. While no definite agreement has been made to
176,065,688
1928
23,687,682
199,753,370
supply all of the funds needed, a banking group has indicated a willingness
184,057,497
1929
23.252,480
207,309.977
to purchase such notes from time to time as moneys are required by the
188,471,346
1930
22,866,990
211,338,336
city, subject to market conditions being satisfactory. This understanding
184,227,082
1931
27,361,165
211,588,247
Is based upon the city continuing to adhere to the terms of the resolution
183,340,526
1932 a
20,686,990
204,027,516
of the Board of Estimate passed in January whereby the city agreed to use
a Drop in ratable due to Paterson's purchase of Passaic Consolidated
best efforts to reduce the cost of government and not to engage m any
its
Water Co. now operated for city by Passaic Valley Water Commission,
further public improvements except those already under contract.
which has assumed all water debt service.
The application of this plan definitely disposes of the necessity of issu'ng
Total Levy
another block of $100,000.000 of special corporate stock notes with maturiBalance
(Exclusive of
Uncollected
Uncolties up to five years. A part of the obligations to be issued must be reSpecial
Close of
lected to
Tax
deemed through appropriations in the 1933 budget, the balance will be of a
UncolLevy Year.
Collections- Assessments).
April 1 1932. laded. lected.
character properly fundable into long-term corporate stock or serial bonds.
$7,467,312.94 $1,746,157.58
1927
When market conditions are favorable to the Issuance of long-term bonds
234,029.18
3.13 96.87
1,868.302.34
1928
129,210.09
more in keeping with the level at which the city has been able to dispose
1.61 98.39
2.227,733.36
8,840,530.07
1929
164,376.78
of its securities in the past, such funding operations will undoubtedly
1.85 98.15
9,077,179.88
2.391,757.83
1930
590,242.52
take place.
6.5 93.50
2,503,769.19
8,198.101.17
1931
2,074,631.40 20.3
Under the plan of financing outlined above, Chase National Bank, Na79.70
7,934,806.36 (One-half of the taxes for 1932 are due on
1932
Venal City Bank and others have underwritten the sale of $6,000,000 of
June land one-half on Dec. 1.)
% tax notes to be dated April 20 1932 and to mature June 20 1933.
Tax rates, per $100 valuation, 1927, $3.69; 1928, $3.96: 1929, 4.23:
-TEMPORARY LOAN.
NORFOLK COUNTY (P. 0. Dedham), Mass.
1930, 4.26: 1931, 3.84; 1932, 3.87.
-The $100,000 tax anticipation loan offered on April 15-V.134, p.2770
Population, Federal census: 1910. 125,600; 1920, 135,875; 1930, 138,513:
was awarded to Bond & Goodwin, of Boston, at 3.43% discount basis.
1931 (estimated). 140,000.
Dated April 15 1932, and due on Nov. 10 1932. Bids received at tit,sale
Information Concerning the Water System Bond Issue.
were as follows:
The water system bonds for which bids are requested in this circular
Discount Basis.
Bidder
3.43
by the City of Paterson are to fund outstanding temporary bonds of like
Bond & Goodwin (Successful bidders)
amount issued for the financing of the city's share of the cost of acquisition
3.54
Jackson & Curtis
and construction of certain improvements of the Passaic Valley Water
3.80
Boston Safe Deposit & Trust Co
System which supplies water in Paterson and other municipalities. The
3.82
Second National Bank (Boston)
total amount of the city's share of such cost is $9,958,000. of which $8,3.84
F. S. Moseley & Co
000,000 was funded in the autumn of 1930 into two to forty-year permanent
Faxon. Gade & Co
3.85%
serial bonds. The City of Paterson joined with the neighboring municiShawmut Corp
palities of Passaic and Clifton in the acquisition of the Passaic Consoli3. %
Merchants National Bank (Boston)
. 7
88
92
dated Water Co. in 1930.
Salomon Bros. & Hutzler
395%
The Passaic Valley Water Commission, which is the legislative agent of
Dedham National Bank
3.98%
the three municipalities, has under existing laws complete charge of the
NORTHAMPTON, Hampshire County, Mass. - TEMPORARY
operation of the water works and the distribution of water to consumers.
LOAN.-Albina L. Richard, City Treasurer, reports that a $175,000
Commission is empowered to promulgate adequate rates and is a
temporary loan was purchased on April 20 by F. S. Moseley & Co.. of
corporation of the State of New Jersey, created under authority of Chapter
Boston, to bear interest at 3.29%, payable at maturity of loan, which
195 of the New Jersey State Laws of 1923. The members of the original
is Nov. 22 1932. Bids received at the sale were as follows:
commission were appointed by Supreme Court Justice Charles C. Black
BidderInt..Ra
3 2914.
upon the request of the cities of Paterson, Passaic and Clifton for the
F. S. Moseley & Co. (successful bidder)
purpose of acquiring by purchase or condemnation, the property of the
Merchants National Bank of Boston
3.62%
Passaic Consolidated Water Co.
W. O. Gay & Co
4.71%
PEM1SCOT COUNTY DRAINAGE DISTRICT NO. 18 (P. 0.
NORTH ATTLEBORO, Bristol County, Mass.
-TEMPORARY
Caruthersville), Mo.-BOND SALE.
-A $31,000 issue of 6% refunding
-The First National Bank, of Boston, has purchased a $50.000
LOAN.
bonds is reported to have been purchased by the Bank of Caruthersville.
revenue anticipation loan at 6% discount basis.
Legality has been approved by Benjamin H. Charles of St. Louis.
• OAK HARBOR, Ottawa County, Ohio.
-BOND OFFERING.
-R.F.
PENNS GROVE, Salem County, N. J.
-BONDS NOT SOLD.
-The
Gratop, Village Clerk, will receive sealed bids until 12 m.on May 3 for the
Issue of $41,000 6% street impt. and construction bonds offered on April 19
purchase of 52,000 5% ditch improvement bonds. Dated April 1 1932.
-V. 134, p. 2954
-was not sold, as no bids were received. Dated June 1
Denom. $500. Due one bond annually on April 1 from 1934 to 1937, incl.
1932. Due Dec. 31 as follows: $3,000 from 1933 to 1935 incl.: $4,000.
Interest is payable in April and October. Bidsfor the bonds to bear interest
1936 to 1939: $5,000 in 1940 and 1941, and $6.000 in 1942.
at a rate other than 5%,expressed in a multiple of X of 1%, will also be
considered. A certifiod check for $100 must accompany each proposal.
PLEASANTVILLE, Atlantic County, N. J.
-BOND OFFERING.
Nehemiah Andrews, City Clerk, will receive sealed bids until 8 P.
OCEAN COUNTY(P.O.Toms River), N.J.
-NOTES AUTHORIZED.
(Daylight saving time) on May 2 for the purchase of $78,000 6% coupon
-The Board of Freeholders on April 10 authorized the sale of $19,635.99
or registered bonds, divided as follows:
emergency notes, to be dated April 11 1932 and payable June 3011932 at
$35.000 street and sewer assessment bonds. Due Jan'1follow
the First National Bank, Toms River.
$17,000 in 1933. and $18,000 in 1934.
OCEAN TOWNSHIP (P. 0. Oakhurst), Monmouth County, N. J.
34,000 street and sewer assessment bonds. Due Jan. 1 as follows: $3,000
BOND OFFERING.
-William B. Jeffrey, Township Clerk, will receive
from 1933 to 1938 incl., and $4,000 from 1939 to 1942 incl.
sealed bids until 8 p. m.(Daylight saving time) on May 6 for the purchase
9,000 general impt. bonds. Due Jan. 1 as follows: $2,000 from 1933
of $69,000 6% coupon or registered general improvement bonds. Dated
to 1936 incl., and $1.000 in 1937.
May 10 1932. Denom. $1,000. Due May 10 as follows: $5,000 from
Each issue is dated Jan. 1 1932. Prin. and int. (J. & J.) will be payable
1933 to 1945 incl., and $4,000 in 1946. Prin. and int. (M. & N. 10) are
at the First National Bank, Pleasantville, or at the Chase National Bank,
payable at the Long Branch Banking Co., Long Branch. No more bonds
New York. No more bonds are to be awarded than will produce a premium
• are to be awarded than will produce a premium of $1.000 over $69,000.
of $1,000 over $78,000. A certified check for 2% of the amount of bonds
A certified check for 2% of the amount of bonds bid for, payable to the
bid for, payable to the order of the city, must accompany each proposal.
order of the Township, must accompany each proposal. The approving
The approving opinion of Caldwell & Raymond, of New York, will be
opinion of Hawkins, Delafield & Longfellow, of New York, will be furfurnished the successful bidder.
nished the successful bidder.
-BOND OFFERIING
PLEASANTVILLE, Westchester County, N. Y.
ONEIDA COUNTY (P. 0. Rhinelander), NA is.
-BONDS AUTHOR-Charles J. Laire, Village Clerk, will receive sealed bids until 7 p.m.
IZED.
-At a recent meeting the County Board passed a resolution author(daylight saving time) on May 3 for the purchase of $121,000 not to exceed
izing the issuance of $400,000 in 5% coupon highway bonds. Denom.
6% interest coupon or registered bonds, divided as follows:
$1,000. Dated May 1 1932. Due on May 1 as follows: $40,000. 1940.
$90,000 water bonds. Due July 1 as follows: $2,000 from 1934 to 1936,
and $60,000, 1941 to 1946, incl. Prin. and int.(M. & N.) payable at the
incl. and $3,000 from 1937 to 1964, incl.
office of the County Treasurer,
31,000 public impt. bonds. Due July 1 as follows: $4,000 from 1933 to
1935, incl.; $2,000 from 1936 to 1944, incl. and 51.000 in 1945.
O'NEIL, Holt County, Neb.-BONDS VOTED.
-At the primary
Each issue is dated May 1 1932. Denom. $1,1)00. Rate of interest
election held on April 5-V. 134, p. 2382
-the voters approved the proto be expressed in a multiple of m. or 1-10th of 1% and must be the same
posal to issue $6,000 in fire truck bonds.
for all of the bonds. Principal and interest (Jan. and July) will be payable
OSSINING, Westchester County, N. Y.
-BONDS NOT SOLD
at the First National Bank of Pleasantville. A certified check for $2,500,
FURTHER BIDS ASKED.
-Lewis H. Acker, Village Clerk, reports that
payable to the order of the village, must accompany each proposal. The
the $109,000 coupon or registered bonds offered at not to exceed 5% int.
approving opinion of Clay, Dillon & Vandewater of New York will be
on April 19-V. 134, p. 2770
-were not sold, as no bids were received.
furnished the successful bidder.
Mr. Acker adds that further bids for the issue will be received until 8 p. m.
Financial Statement.
(daylight saving time) on May 3. Bidders, however, are privileged to name
Assessed valuation, real property and special franchise, 1932__$14.930.035
an int, rate up to 5X %,expressed in a multiple of X or 1-10th of 1%.
Actual valuation, official estimate
20,000,000
Total bonded debt,including these issues
1,250.885
OVALO, Taylor County, Tex.
-BONDS REGISTERED.
-A $30,000
Water bonds, included above
Issue of 5% Rural Independent High School District No. 19 bonds was
211.600
Net bonded debt
1,039,285
registered on April 11 by the State Comptroller. Denom. $1,000. Due
Population: 1920 Federal Census, 3,590; 1930 Federal Census. 4.558:
serially.
1932, estimated, 4,700.
PAMPA, Gray County, Tex.
-CORRECTION.
-We are informed by
Tax Collections
the City Clerk that a $9,000 issue of refunding bonds has not been sold
Tax Levy.
Year.
to Apr. 1 Yearly.
Rate Collected.
recently, as reported in V. 134, p. 2770.
1929
$192,552.55
$178,192.72
92.5%
1930
217,750.00
199,364.18
PARK RIVER, Walsh County, N. Dak.-BOND ELECTION.
91.5%
-It Is
1931
241,659.20
209,442.24
reported that an election will be fold on May 17 in order to vote on the
86.6%
Total amount of unpaid taxes outstanding as of April 1 1932. $15,840.93.
proposed issuance of$8,000 in water tower and tank bonds. Due $500 annually for 16 Years.
r'POLK COUNTY (P. 0. Des Moines), Iowa.
-BOND SA Lth.rie
$144,000 issue of coupon primary road impt. refunding bonds offered for
PATERSON, Passaic County, N. J.
-OPTION GRANTED7r-ko bids
sale on April 19-V. 134, p. 2954
-was purchase by the Iowa-Des Moines
were received at the offering on April 21 of $2,471,000 6% coupon or
National Bank & Trust Co. of Des Moines. Dated May 11932. Due
registered improvement bonds (V. 134. p. 2954). Subsequently an option
from May 1 1944 to 1946.
on $1,971,000 of the bonds was granted to B. J. Van Ingen & Co. of New
York, the nature of which was not made public. The bonds involved
PORTLAND, Multnomah County, Ore.
-BOND OFFERING.
com rise the $825.000 improvement issue due from 1934 to 1952, incl.,
Sealed bids will be received until 11 a.m. on April 27 by George R. Funk,
00
the 146.0 school, due from 1934 to 1963, and $1,000,000 water system
City Auditor, for the purchase of a $67,000 issue of 5% emergency relief
bonds, due from 1934 to 1972, inclusive.
fund bonds. Denom. $1,000. Dated April 1 1932. Due on April
1
3138
Financial Chronicle
as follows: 621.000, 1945; $22,000. 1946, and $24,000 in 1947. Prin. and
int. (A. & 0.) payable in gold at the office of the City Treasurer or at the
fiscal agency of the city in New York. Legality has been approved by
tho City Attorney. Said ponds will not be sold for less than par,and accrued interest. Bidders are requested to submit separate or alternative
bids based upon the place of delivery of the bonds. If delivery is demanded
outside the City of Portland, delivery shall be at the expense of the purchaser. A certified check for 5% of i he face demount
,
t
bonds bid for.
the
payable to iio ofcity,w
13
0
ot
T
remireg
6- l
thevhalgee.
p
which total
sold o B
e onn A
was.0
April
Dutchess County, N. Y.
-BOND OFFERING.
George A. Dee', City Treasurer, will receive sealed bids until 11 a. m.
(daylight saving time) on April 27 for the purchase of 3150.000 not to
exceed 6% int. coupon or registered, series of 1932, refunding bonds.
Dated May 1 1932. Denom. $1,000. Due May 1 as follows: $5,000 from
1937 to 1943 incl.; none in 1914; $5,000 from 1945 to 1952 incl ,.• $10,000
from 1953 to 1959 incl.. and $5,000 in 1960. Prin. and int. (M. & N.)
are payable at the Fallkill National Bank & Trust Co., Poughkeepsie.
Rate of int. to be expressed in a multiple of let or 1-10th of 1% and must
be the same for all of the bonds. A certified check for 2% of the amount
of bonds bid for, payable to the order of the City, must accompany each
proposal. The successful bidder will be furnished with the opinion of
Hawkins, Delafield & Longfellow of New York, that the bonds are binding
and legal obligations of the city.
v ,
77113
pouGHKEEpsiE,
Financial Statement as of Jan. 1 1932.
Indebtedness.
Gross Debt
Bonds (outstanding)
33.690,150.00
Floating debt (including temporary bonds outstanding)
2,195,804.57
$5,885,954.57
Deductions
Water debt
$766,000.00
Sinking funds, other than for water bonds
Indebtedness included above provided for in 247,634.87
1932 budget
384,462.66
$1.398.097.53
Bonds to Be Issued
Refunding bonds. series 1932
$150.000.00
Bonds included above to be refunded by such
bonds
150.000.00
Net debt
$4.487,857.04
Assessed Valuations.
Beal property, including improvements, 1932
$50,568,621.00
Special franchises, 1932
2,232.790.00
Population, Census of 1930, 40,123. Tax rate fiscal year 1930, 35.459.123
per thousand.
PRESTON, Franklin County, Ida.
-BOND SALE.
-The $75,000
ssue of 5% semi-ann. refunding water works bonds that was authorized
by the Vilge Council last January
-V. 134.). 1231-has since been purchased by Edward L. Burton & Co. of Salt Lake City. Denom. $1,000.
Dated Jan. 1 1932. Due on Jan. 1 as follows: $3,000, 1934 to 1937;
$4,000. 1938 to 1940; 35,000, 1941 to 1944; 36,000. 1945 to 1948, and
$7,000 In 1949.
QUINCY, Norfolk County, Mass.
-TEMPORARY LOAN.
-The
$400,000 temporary loan offered on April 18-V. 134, p. 2955
-was awarded
to the Shawmut Corp., of Boston, at 4.75%. discount basis. Dated April
20 1932. Due 3150,000 on Jan. 20 and on Feb. 20 1933, and $100,000 on
March 20 1933.
RARITAN TOWNSHIP (P. 0. Flemington), Hunterdon County,
N. J.
-BOND SALE.
-The Metropolitan Cement Co. has purchased at
a price of par *60,0006% bonds,comprising 630,000 of 1932 tax anticipation
bonds and 630,000 of 1931 tax revenue bonds.
ROYAL OAK, Oakland County, Mich.
-OFFER TO PURCHASE
BONDS.
-The city will receive tenders at the office of the City Treasurer
for the purchase of the following named past due bonds, all bearing interest
at 4H %,according to a notice, dated April 22,and signed by Catherine T.
Currier, Director of Finance: $3,000 Northwood Ave. paving; $3,000
sanitary lateral sewer 64: $1,000 water service program No. 5: $1.000 water
service program No. 6:81.000 sanitary lateral sewer No. 61:81.000 sanitary
lateral sewer No. 02 and No. 66, and 81.000 Park Ave. paving and curb
bonds. All of the bonds became due on April 11931.
SAINT BERNARD PARISH ROAD DISTRICT NO. 1 (P. 0. Arabi),
La.
-CERTIFICATES AUTHORIZED.
-A resolution was recently passed
by the Police Jury authorizing the District to borrow $40,000 in 6% certificates of indebtedness, to be used for road construction. Due $8,000 in
from 1 to 5 years.
ST. JOSEPH, Buchanan County, Mo.-BOND SALE.
-The $120,000
issue of 5% seml-ann. refunding boucle offered for sale on April 15 (V. 134.
p. 2579) was jointly purchased by the Harris Trust & Savings Bank of
Chicago and the Empire Trust Co. of St. Joseph, paying a premium of
$5,227. equal to 104.35, a basis of about 4.54%. Dated May 1 1932. Due
from May 1 1937 to 1952, incl. The other bide were as follows:
BidderPremium.
City Bank & Trust Co. of Kansas City
$3.151.24
Commerce Trust Co., Kansas City
2,496.00
Mississippi Valley Co. of St. Louis
2,136.00
Fidelity National Bank & Trust Co., Kansas City
1.527.60
BOND OFFERED FOR INVESTMENT.
-The above bonds were re
by the above purchasers for public subscription at prices to yield
offered
4.40% on all maturities. Legality to be approved by Chapman & Cutler
of Chicago. They are reported to be legal investments for savings banks
in New York, Connecticut and other States. They are also said to be
eligible as security for postal savings deposits.
-BOND ELECTION.
ST.LOUIS PARK,Hennepin County, Minn.
On May 2 the voters will pass on a proposal to issue $50,000 in 4%
funding bonds, at an election to be held at that time.
-TEMPORARY LOAN.
SALEM, Essex County, Mass.
-F. S. Moseley
& Co., of Boston, purchased on April 18 a $150.000 temporary loan at
3.43% discount basis. Due on Nov. 3 1932. Bids received at the sale
were as follows:
Discount Basis.
Bidder
F. S. Moseley & Co. (successful bidders)
3.43
Merchants National Bank, Salem
3.90
Day Trust Co.
4.18
Second National Bank of Boston
4.27
Brown Bros. Harriman & Co.
4.30%
-TEMPORARY LOAN.
SALEM, Essex County, Mass.
-The 3150,000
temporary loan offered on April 18-V. 134, p. 2955
-was awarded to
F. S. Moseley & Co. of Boston at 3.43% discount basis. Dated April 20
1932 and due on Nev. 3 1932.
SANFORD. York County Me.
-BOND REPORT.
-The town may
offer for sale an issue of $92,000 refunding bonds, Which was authorized
by the voters on April 2. Issue would be dated April 1 1932 and mature
Oct. 1 as follows: 631.000 in 1933 and 1934, and $30,000 in 1935. Denom.
$1,000. Prin. and int. (A. & 0.) payable at the Fidelity Trust Co., Portland. Attorneys for the trust company will certify as to the legality of the
bonds. M. E. Bennett is Chairman of the Board of Selectmen.
-BONDS NOT SOLD.
SAN FRANCISCO (City and County), Calif.
The $2,000,000 issue of 4 % coupon or registered semi-ann. Hetch }tetchy
water bonds offered on April 18-V. 134. p. 2771-was not sold as there
were no bids received. Dated July 1 1928. Due $50,000 from 1938 to
1977 incl.
-BOND OFFERING.
SAN FRANCISCO (City and County), Calif.
Sealed bids will be received until 3 p. m. on April 25 by J. S. Dunnigan
Clerk of the Board of Supervisors, for the purchase of a 5400,000 issue oi
4 4% coepon or registered public parks and squares bonds. Denom.
3
$1.000. Dated Feb. 11931. Due $16.000 from 1936 to 1960 incl. Prin.
and semi-annual int. payable in gold at the office of the Treasurer of the
York. The
city and county or at the fiscal agency of the city in New
approving opinion of Thomson, Wood & Hoffman of New York City will
be furnished. Bidders may bid for the whole or any part of the bonds here
offered, and when a less amount of the whole amount offered Is bid on the
bidder shall state the year or years of maturity thereof. No bids for less
than par and accrued interest will be received. Delivery will be made to
the purchaser within 10 days from the date of award. A certified check
April 23 1932
for 5% of the amount bid, payable to the above-named Clerk, is required.
These bonds are part of an issue of $1,400,000 authorized at an election
held on Feb. 6 1931.
Comptroller's Financial Statement.
The outstanding bonded debt of the city and county as of April 18 1932
was:
Spring Valley, 1928 (exempt from Charter limit)
639.000,000
Water. 1910 (exempt from Charter limit)
33,000,000
Hetch Hetchy, 1925 (exempt from Charter limit)
9.250,000
Hetch Hetchy, 1928 (exempt from Charter limit)
21,142,000
Exposition, 1912 (exempt from Charter limit)
1,600.000
Other bonds (not exempt)
$143:43 1
09 9 2 0
9
0
Total
The city has no floating indebtedness nor debt created in$al5o3ti,o142pa4,t0Oion0
of taxes. The assessment roll for the current fiscal year is:
City and county non-operative property
$1,203,343,830
State operative property
396,358,633
Total assessment
$1,599,702,463
Property assessed at approximately 50% of its value.
SARATOGA COUNTY (P. 0. Saratoga Springs), N. Y.
-BOND
OFFERING.
-George 0. Slingerland, County Treasurer, will receive
sealed bids until 10 a. m. (daylight saving time) on April 26 for the purchase of 650,000 not to exceed 6% int. coupon or registered bridge bonds.
Dated March 1 1932. Denom. 61,000. Due $5.000 on March 1 from
1935 to 1944 incl. Prin, and int. (M. & S.) are payable at the Saratoga
National Bank, Saratoga Springs, or at the Chase National Bank of New
York,at the option of the holder. Rate of int. to be expressed in a
of 34 or 1-10th of 1% and must be the same for all of the bonds. multiple
A
fied check for $1,000, payable to the order of the County Treasurer, certimust
accompany each proposal. Approving opinion of Clay,Dillon & Vandewater of New York, will be furnished the successful bidder.
Financial Statement.
Valuations
-1932
Assessed valuation-Real estate
578.811,450.57
Special franchise
2,935,100.00
Total assessed valuation
,550.57
Debt
-Total bonded debt outstanding as of April 15 1932.. 31,166.000.00
This issue
50,000.00
Total bonded debt,including this issue
Floating debt outstanding, not including certificates to be $1,216,000.00
refunded by this bond issue
50.000.00
The total bonded debt of the county will be about 1% of the assessed
valuation upon the issuance of these bonds.
Tax Data.
Amount Collected
Total
As of April 1
Collection
Year
Tax Levy.
Each Year.
Ratio.
192
31,605,987.74
$1,527,353.79
95
1929
1.814,743.60
1.718.886.67
94%
1930
931
1,998,239.78
1,895,240.34
94 %
1,971,369.17
1.865,725.73
94
Total amount of unpaid taxes outanading as of April 1 1932 for all years.
$383.133.76.
Population: 1920 Federal census. 60.029; 1930 Federal census, 63,314.
SCARSDALE, Westchester County, N. Y.
-BOND SALE.
-The
$531,000 (series 1932) consolidated water supply system impt. bonds
offered on April 19-V. 134, p. 2955
-were awarded to Estabrook & Co.,
of New York, and the M. & T Trust Co., of Buffalo, jointly, which bid
for $302,000 bonds as 55 and 3229.010 5lis, and paid a price of par plus a
.
premium of $902.70, equal to 100.17_, the net interest cost of the financing
to the village being about 5.10%. The $302,000 5% bonds mature May I
as follows: $21,000 from 1948 to 1950 incl.; $20.000, 1951; $21,000, 1952;
$22,000, 1953 and 1954; $21,000. 1955; 614,000 in 1956 and 1957, and
$7,000 from 1958 to 1972 incl. The $229,000 5lis mature on May 1 as
follows: $20,000 in 1937 and 1938, and $21,000 from 1939 to 1947 incl.
All of the bonds are dated May 1 1932.
BONDS PUBLICLY OFFERED.
-The successful bidders are re-offering
all of the bonds for general investment at prices to yield 5%. They are
legal investment for savings banks and trust funds in New York State
according to the bankers.
SCARSDALE UNION FREE SCHOOL DISTRICT NO. I, Westchester County, N. Y.
-BOND SALE.
-The $60,000 coupon or registered
school bonds offered on April 19-V. 134, p. 2955
-were awarded as 531s
to Dillon, Road & Co., of New York, at par plus a premium of $347.40.
equal to a price of 100.579. a basis of about 5.18%. Dated May 11932 and
due on May 1 as follows: $4,000 from 1939 to 1950 incl.; $5,000 in 1951:
$4,000 in 1952, and $3,000 in 1953.
Boasts-Vilage
5u%
School Dist. No.1 Bonds.
BidderAmt. Bid.
Rate of Int. Amt. Bid. Rate ofInt.
Estabrook & Co., and M.& T.
Trust Co., jointly
$531,902.70 1 937-47
514%)•$60.528.00 5X%
11948-72 5%
National City Co
536,623.29
Bancamerloa-Blair Corp..
Dewey, Bacon & Co., and
George B. Gibbons & Co..
Jointly
534,564.00
534%
a60.126.00 534%
Dillon, Read & Co
534,260.49
53‘%
60,347,40 534%
Scarsdale Nat. Bank & Trust
Co., Caleb Heathcote Trust
Co., and Hartsdale National
Dank, jointly
532,933.00531%
60,273.00 514%
Halsey. Stuart & Co., B. J.
Van Ingen & Co., and Batchelder & Co., jointly
531,743.40
534%
60,780.00 534%
First Detroit Co.. Phelps, Fenn
& Co.,and Graham,Parsons
& Co., jointly
535,124.00
534%
Same group (alternative big) 531,000.00 {19513 63.1%{ 60,000.00 5H%
1 9 7 0 5%
3 2
Chase Harris Forbes Corp.__ 531,408.87
534%
Wallace, Sanderson & Co., and
E. It. Rollins & Sons, jointly 535,258.62
4%
3/
• if awarded both issues, the bankers offered to take the
860,000 bonds as 531s,
at par plus a premium of 830.
a On the basis of receiving award of both Issues, offered
to take issue as MI.
for a premium of 8403.
FINANCIAL STATISTICS OF VILLAGE AND SCHOOL DISTRICT.
In connection with the above offerings, a comprehensive
financial condition of the village and of the school district statement of the
has been prepared.
from which is extracted the following data:
Village.
Assessed valuation (1931)
S 1.59 °
ti(iD N ,691I.
. 0
Total bonded debt (including current bonds) $65,723,200
132,244,000
3,069,550
Less water bonds (incl. $75,000 of these bonds
now offered)
Net bonded debt
a2.159:870 0
9
09 5
0
a Per cent of net bonded debt to assessed valuation,
3.29% •
b Per cent of total debt to assessed valuation, 3.64%.
Description of Community.-Scarsdale comprises
square miles and has a population estimated to an area of about 6 1-3
be over
village was incorporated in 1915, with the same boundaries 10.700. The
as the Town of
Scarsdale, which was organized in 1788. This identity of village and town
boundaries, which is unique in New York State, has
made Possible Considerable saving in governmental expellee. The entire bonded debt of
the community is represented by bonds of the Village of Scarsdale and the
Board of Education of Union n•oe School District No. 1 (a separate municipal corporation); the Town of Scarsdale has no funded debt not included in the figures contained herein.
Growth in Population and Assessed Valuation.
Assessed Valuation
Population
of Taxable
July 1
(Approximate)
Real Estate.
1927
$42,977.075
7,100
1928
3449:391565:800225
8.000
92
0
9
193
98:690400
62,191,100
1931
65,723,200
10700
.
Volume 134
Financial Chronicle
-Village Bonded Debra
- -School Bonded Debt
Amount
% of Assessed
End of
Amount
% of Assessed
Fiscal Year.* Outstanerg.
Outstand'g.
Valuation.
Valuation.
$1.151,497
1927-28
2.68
$1,840,500
4.61
1928-29
1,428,9412.91
2.317,000
5.03
1,406,145
1929-30
2.56
2,273,000
4.42
1,702.040
1930-31
2.74
2,219,000
3.80
1931-32
1,762.550
2.68%
2,201,000y
3.57 o
•Tho fiscal year of the Village of Scarsdale ends on Feb. 28. The fiscal
year of Union Free School District No. 1 for the years prior to 1930-31
ended on July 31 and for subsequent years ends on June 30.
z Exclusive of water bonds.
y Feb. 29 1932.
The bonded debt of the Village of Scarsdale (excluding water bonds) will
be $2,159.800 on May 1 1932, after giving effect to the issuance of these
bonds. This is equivalent to 3.29% of the total assessed valuation of
taxable real estate within the village and represents less than one-third
of the amount of debt permitted by law. Water bonds (which are not
subject to the legal debt limit) will be outstanding in the amount of $909,750
on May 1 1932, after giving effect to the issuance of $75,000 water bonds
included in the proposed issue of bonds.
-Total taxes levied on property within the village for
Tax Collections.
a five-year period and the percentage of such taxes collected within the
corresponding village fiscal years are summarized below:
-Village Fiscal Years (Ending Feb. 281927-28. 1928-29. 1929-30. 1930-31. 1931-32.
Village taxes levied
$407,028 $464.615 $506,961 $521,624 $556,802
Per cent collected within
village fiscal year
96.87
96.69'
96.49'
94.3%
96.39'
State & Co. taxes levied $207,595 $237,780 $224,950 $240,886 $271.578
Per cent collected within
village fiscal year
97.8%
97.8%
98.2%
97.5%
96.8%
School taxes levied (Districts Nos. land 2)
$354,756 $460,457 $527.710 $588.296 $671,744
Per cent collected within
village fiscal year
96.1%
96.3%
94.9%
95.7%
93.3%
General Improvement.
-General improvement bonds of the Village of
Scarsdale to be outstanding May 1 1932. after giving effect to the issuance
of 3206,000 bonds for general improvement purposes, included in the proposed issue of bonds, are classified as follows:
Amount.
Highway
$621,650
Park and playground
624,400
Municipal waste disposal
76.418
Fire equipment, drainage, &c
183.500
Total
81.505.968
Of the above highway bonds. $111.032, and of the above park and playground bonds, $63.222, will be payable as to principal and interest from
special assessments and are also general obligations of the Village of Scars
The only bonds of the Village of Scarsdale to be outstanding May 1
1932 in addition to the above general improvement bonds (after giving
effect to the issuance of these bonds) will be 8653.832 sewer bonds (payable
as to principal and interest from annual assessments and also constituting
general obligations of the village) and water bonds.
Sewer District No. 2.
-Sewer District No. 2 comprises approximately
40% of the area of the Village of Scarsdale and includes taxable property
with an assessed valuation, as at July 1 1931, of $11.732.100. Sewer
District No. 2 bonds in the amount of 3250.000. included in the proposed
issue of bonds, will be the only bonds for this district presently outstanding and will be payable as to principal and interest from annual assessments upon real property within the district, and are also to be general
obligations of the Village of Scarsdale.
-The Village of Scarsdale owns and operates its own
Water Department.
water system, purchasing its requirements of water from the City of New
York and (or) the New Rochelle Water Co. The Water Department has
shown a net profit since completion of construction, notwithstanding
reductions in rates from time to time. Present rates for water in the
village are believed to be the lowest prevailing in Westchester County.
Union Free School District No. 1.-860.000 school bonds of the Board
of Education of Union Free School District No. 1. Included In the proposed
issues of bonds, will be part of an authorized issue of 31.145.000 school bonds.
The district lies wholly within and comprises nearly the entire area of
the Village of Scarsdale. Its school bulloiings, consisting of a combined
senior and junior high school and three grade schools, are of fine, modern
construction. The assessed valuation of taxable property within the district represents approximately 92% of the total assessed valuation of
taxable property within the village. Giving effect to the issuance of the
above-mentioned $60.000 school bonds, the bonded debt of the district.
adjusted to May 11932, will be 82.244.000. This is equivalent to 3.64%
of the total assessed valuation of taxable property within the district and
represents less than one-fourth of the amount of debt permitted by law.
Union Free School District No. 2. which includes the small section of the
village not comprised within Union Free School District No. 1, has no
bonded debt.
SCHENECTADY COUNTY (P. 0. Schenectady), N. Y.
-BOND
OFFERING.
-William A. Dodge, County Treasurer, will receive sealed
bids until 10 a. m. (Daylight saving time) on April 28 for the purchase of
$460.000 not to exceed 5% interest (series of 1932) coupon or registered
county road bonds. Dated May 1 1932. Denom. $1.000. Due Nov. 1
as follows: 830.000 in 1943 and 1944: $35,000 from 1945 to 1948 incl.:
$65.000 from 1949 to 1952 incl. Rate of interest to be expressed in a
multiple of M or 1-10th of 1% and must be the same for all of the bonds.
Prin. and int.(M.& N.)are payable at the Citizens Trust Co., Schenectady,
or at the Chase National Bank, of New York, at the option of the holder.
A certified check for $10.000, Payable to the order of the County Treasurer,
must accompany each proposal. The approving opinion of Clay. Dillon
& Vandewater, of New York. will be furnished the successful bidder.
Financial Statement,
Assessed valuation, 1932:
Real property
$242,596,123
Special franchise
8.652.987
Total assessed valuation
8251,249,110
Debt:
Bonds outstanding
$1.904,000
This issue
460,000
Total bonded debt
2,361,000
Funds on hand to meet 1932 bond maturities
38,000
Net bonded debt
2.326,000
There are also outstanding $125,909 certificates of indebtedness.
Tax Data.
Amount
Amount
Collected
Uncollected
Total Tax
as of
as of
Levy,
YearApril 1 1932.
April 1 1932.
$1,176,150.91
1929
$1,170,656.88
$5,494.03
1,118,654.54
1930
1,108,171.24
10,483.30
1.116,010.44
1931
1.089,867.77
26.142.67
Total amount of all outstanding unpaid taxes as of April 1 1932,$82.345.56
-1920 Federal census, 109.363 1930 Federal census, 125.021.
Population.
SCHENECTADY, Schenectady County, N. Y.
-BOND SALE.
-The
000,000 coupon or registered general city bonds offered on April 21-were awarded as 58 to a group composed of Phelps, Fenn
2955
V.
& Co., F. S. Moseley & Co. and Wertheim & Co., all of New York, at par
plus a premium of $500, equal to a price of 100.10. a basis of about 4.97%.
Dated April 15 1932. Due $125,000 annually on April 15 from 1934 to
1937 incl. Bids received at the sale were as follows:
Int. Rate. Premium.
BidderPhelps, Fenn & Co.; F. B. Moseley & Co. and Wertheim
5%
$500.00
& Co. (successful bidders)
Halsey, Stuart & Co., Inc., and the First National Old
Colony Corp., jointly
5.10%
101.00
5.40%
125.50
M. & T. Trust Co
Tax Collection Statement.
Collected to
Sold to
Sold to
UncolDate of Sale. ' Investors.
City.
Levy.
lected.
Year.
None
1927 ----$4,220.271.55 $4.170.773.99 $24,832.23 $24,665.33
4,439,750.61
34,510.56
22,172.48
None
---_ 4,496,433.65
1928
4,435,835.37
50,992.98
39,354.27 $407.20
1929 ---- 4,526,589.82
4,421.086.22
53,658.30
None
39,876.28
1930 ____ 4,514,620.80
4,388,791.77
52,578.96
89,388.17
818.37
1931 ---- 4,531,421.12
3139
Fiscal year is the calendar year. Beginning with 1929, city taxes are
Payable one-half Jan. 1 and one-half July 1, and each installment becomes
delinquent 30 days after due date. Penalty is M of 1% per month during
period of delinquency. Property on which taxes remain unpaid is
in November of the current year to toe bidder who will pay the taxes sold
and
incidental expenses of the sale and accept a tax sale certificate to run for
the least number of years. Tax sale certificates bear interest at the rate
of 10% per annum. The owner of real estate may redeem it by payment
of the amount for which it was sold, plus 109' interest, at any time within
one year from date of sale. Property not bid for by other bidders at such
tax sales is purchased by the Corporation Counsel in the name and for the
benefit of the city. Tax levy for the year 1932 is $5.055.593.78.
Comparison of actual tax levy collections for the first 82 business days
of the past three years (Including April 8 of 1932) indicates the following:
1930
81,969,752.27
1931
1,907.619.19
1932
2,033,627.01
SCHROON CENTRAL SCHOOL DISTRICT NO. 1 (P. O. Schroon
Lake), Essex County, N. Y.
-BONDS NOT SOLD.
-The issue of $320.000
coupon or registered school bonds offered at not to exceed 6% Interest on
April 19-V. 134, p. 2955
-was not sold, as ne bids were received. Dated
April 1 1932. Due April 1 as follows: $5,000 from 1936 to 1955 incl.;
$10.000. 1956 to 1964: $15,000 from 1985 to 1970, and $20,000 In 1971
and 1972.
SCOTT COUNTY (P. 0. Davenport), Iowa.
-BOND SALE.
-The
$89.000 issue of refunding bonds offered for sale on April 18-V. 134.
p. 2955
-was purchased by the White-Phillips Co. of Davenport, as 43s,
paying a premium of $1,128, equal to 101.267, a basis of about 4.38%.
Dated May 1 1932. Due on May 1 1947.
The other bids received are officially listed as follows:
BidderPremium.
Harris Trust & Savings Bank
81.124
Carleton D.Beh Co
565
Stifel, Nicolaus & Co
441
Geo. M.Bechtel & Co
118
Glaspell, Vieth & Duncan
110
SEATTLE, King County, Wash.
-CONTEMPLATED BOND SALE.
-It is reported that the Finance Committee of the City Council has decided
to call for bids on May 18, for bonds to the amount of $600,000. It is
stated that the $80.000 issue of bridge bonds that was offered for sale
also
on Feb. 19 without success
-V. 134, 9. 2008
-will be included in the above
total.
SHAKER HEIGHTS, Cuyahoga County, Ohio.
-OFFERING DATE
CHANGED.
-The date for the reception of sealed bids for the purchase of
the $171,000 6% various improvement bonds, comprising four issues.
fully described in-V. 134. p. 2955
-has been advanced from May 3 to
May 12. Bids should be addressed to E.P. Rudolph. Director of Finance.
SHELBY, Richland County, Ohio.
-BOND OFFERING.
-Bert Fix.
Director of Finance and Public Record, will receive sealed bids until 12 M.
on May 9 for the purchase of$85,000 5% electric light plant extension bonds.
Dated April 1 1932, Denom. 31.000. Due April 1 as follows: $8,000
from 1934 to 1942. incl., and $13,000 in 1943. Interest is payable in April
and October. Bids for the bonds to bear Interest at a rate other thin 5%,
expressed in a multiple of M of 1%. will also be considered. A certified
check for 5% of the amount of bonds bid for, payable to the order of the
City, must accompany each proposal.
SIOUX CITY, Woodbury County, Iowa.
-BOND ELECTION.
-It
Is reported that an election will be held on May 9 in order to have the voters
pass on a proposal to issue 3200.000 for unemployment relief bonds.
SOLANO COUNTY SCHOOL DISTRICTS(P. O. Fairfield),
BOND OFFERING.-Sealed bids will be received until 11 a. m. onCalif.2.
May
by G. G. Halliday, County Clerk, for the purchase of two issues of 43§%
school bonds aggregating $230.000, as follows:
$180.000 Vallejo High School District bonds. Due on May 1 as follows:
35.000. 1933 to 1937; $10,000. 1938 to 1947. and $11.000. 1948
to 1952.
50,000 Vallejo School District bonds. Due on May 1 as follows: $2,000.
1933 to 1947, and $4,000, 1948 to 1952, all incl.
Denom. 31,000. Dated May 1 1932. Prin. and int.(M. & N.) payable
in lawful money at the office of the County Treasurer. The approving
opinion of Orrick, Palmer & Dahlquist of San Francisco, will be furnished.
These bonds were authorized at an election held on Sept. 29 1931. A certified check for 2% of the total amount bid, payable to the County Treasurer,
is required.
SOMERS, Westchester County, N. Y.
-BOND OFFERING.
-George
Turner, Town Supervisor, will receive sealed bids until 3 p. m. (Eastern
standard time) on April 28 for the purchase of $100,000 not to exceed
6%
interest coupon or registered Amawalk-Shenorock Water District bonds.
Dated May 1 1932. Denom. $1,000. Due May 1 as follows: 51,000
in 1937. and $3,000 from 1938 to 1970 incl. Rate of interest to be expressed
in a multiple of
or 1-10th of 1% and must be the same for all of the
bonds. Prin. and int. (M. & N.) will be payable at
National Bank & Trust Co., Mount Kisco. A certified the Mount Kisco
check for $2,000,
payable to the order of the town, must accompany each proposal. The
approving opinion of Clay, Dillon & Vandewater of New York will be
furnished the successful bidder.
Financial Statement.
Assessed valuation 1931
55,590,000
Funded debt-Highway bonds
340,000
Town house bonds
15.000
Total funded debt (not including this issue)
$355,000
Population, 1930 census. 1,514. not including a large summer population.
The eqmallzation table prepared by the County of Westchester shows
that the Town of Somers assesses its property on the basis of 60% of the
real valuation compared with an average of 82% in all of the municipalities
of the county. Of the total assessed valuation of 35,590.000, the City of
New York owns property assessed at $883,000.
SOMERSET COUNTY (P. 0. Somerset), Pa.
-BOND SALE.
-The
$70.000 5% coupon bonds offered on April 20-V. 134. D. 2771-were
awarded to Singer, Deane & Scribner. Inc.. of Pittsburgh, at par plus a
premium of $201. equal to a price of 100.28. a basis of about 4.96%•
Dated April 1 1932. Due on April 1 as follows: $10.000 in 1940, and
$20.000 from 1941 to 1943 incl. Although a bid of 101.27 was tendered
by E. H. Rollins & Sons of Philadelphia, the offer was not considered
inasmuch as it did not comply with the terms of sale.
SOUTH CAROLINA, State of (P. 0. Columbia).
-LOCAL BOND
OFFERING.
-We quote as follows from the Columbia "State" of April 17
recazaignsan
wilin bon:on.
l
ty
traWfdta=0°13 be
opportunity by the State
nI
finance committee to invest their savings in the oonds of their own State
Wednesday, April 20, according to an announcement made by the committee yesterday.
"The total amount of the securities to be issued is $4,000,000 and proceeds from the sale of the securities are to be used in paying amounts due
in pensions to Confederate veterans and widows and for discharging the
State's obligations to the school teachers under the 6-0-1 school law.
"The notes are to be issued in denominations of $100 and multiples
thereof and will bear interest at 6%. They will be payable in April 1933.
"Ordinarily the State finance committee borrows this money each spring
In New York. This year it is making an opportunity to secure it from the
people of the State, The impression has been created that the people look
with favor on investments in securities of their own State, and during
the recent session of the legislature an act was passed authorizing the
issuance of bonds of small denominations so that they would be available
to people who have small amounts, as well as large, in savings.
1Delivery of the securities to subscribers will be made at the office
of the State Treasurer or through any bank, at request of the purchasers.
Subscriptions are to be mailed to the State Treasurer for delivery by noon
April 20 and from day to day thereafter until all are disposed of.
"If all are not sold promptly a campaign directing attention to the securities may be conducted.
"These notes for $4,000,000 have nothing whatever to do with the State
deficit of $5,000,000, but are for pensions and teachers' salaries.
"Members of the State finance committee are I. C. Blackwood, Governor: A. J. Beattie, Comptroller General, and J. H. Scarborough, State
Treasurer."
SOUTH NORWALK, Fairfield County, Conn.
AUTHORIZED.-The common council has voted to borrow -LOAN from local
$50,000
banks, in the form of a temporary loan, to provide funds for the payment
of sewage disposal bonds which mature on May 1 1932.
3140
Financial Chronicle
SOUTH PLAINFIELD, Middlesex County, N. J.
-BONDS NOT
SOLD.-The four Issues of tax anticipation and tax revenue bonds aggregating $150,000. offered at not to exceed 6% interest on April 18-V. 134.
p. 2771-were not sold, as no bids were received. Bonds were to be dated
April 1 1932 and mature from Dec. 1932 to Oct. 1935.
SPRINGDALE, Allegheny County, Pa.
-BONDS RE
-OFFERED.The issue of $50,000 coupon borough bands unsuccessfully offered as 4s
-is being re-offered for award on May 3. Sealed
on Dec.29-V.134, p. 166
bids should be addressed to It. J. Barnes. Borough Secretary. Bidders are
privileged to name an interest rate of either 4,1 or 5%. Bonds will mature
as follows: 55.000 in 1936: 310,000 in 1939: $15,000 in 1942, and $20,000
In 1946
Bids will be received until 8 p.m. (eastern standard time) on
Bonds will be dated May 1 1932. Denom. $1 000. Purchaser to pay for
the printing of the bonds. A certified check for $1 000 must accompany
each proposal.
• SUNNYSIDE IRRIGATION DISTRICT (P. 0. Sunnyside), Yakima
-BOND ELECTION.
-It is reported that an election
County, Wash.
will be held on April 30 in order to have the voters pass on the proposed
issuance of $108,000 in refunding bonds. Due annually in from 5 to 20
years.
SUPERIOR, Nuckolls County, Neb.-BOND DESCRIPTION
.-The
34,000 issue of Paving District No. 18 bonds that was purchased by Ware,
-V. 134. P. 2772
Hall & Co. of Omaha.
-was awarded as 4s,at a Price
of 97.50, a basis of about 5.31%,to optional date. Coupon bonds in denomination of 31,000 each. Dated March 1 1932. Due on March 1 1942 and
optional after 5 years. Interest payable M. & S.
TELL CITY,Perry County, Ind.
-BOND REDEMPTION NOTICE.
The city has served notice of its intention to redeem on July 1 1932 all of
its outstanding 4%, electric light improvement bonds In the original sum
of $17,000. dated July 1 1914. Payment of prin. and int. up to July 1
1932 will be made at the office of the City Treasurer, after which date interest accrual will cease. 441e,C.tiim
43-111
..4.4
TENNESSEE, State of (P. 0. Nashville).
-BOND SALE REPORT.
The following report on the sale of bends aggregating $17,000,000 on April
11 (see V. 134, p. 2955) is furnished to us on April 14 in response to our
inquiry regarding the negotiations attendant upon the sale of the 39,000,000
issue of refunding bonds:
The Commercial & Financial Chronicle, New York, N. Y.:
Gentlemen)• In reply to your inquiry of March 28, I beg to advise that on April 11,
the Funding Board of the State of Tennessee sold bonds in the amount
of $17,000,000.
b Highway Bonds in the amount of $9,000,000 were sold to renew the same
amount of obligations maturing April 29 1932. These bonds were sold
for par"and accrued interest to date of delivery, interest at the rate of 6%
per annum,all dated April 15 1932,and $4.000,000 maturing April 15 1946.
and $5,000,000 maturing April 15 1947,to the synficate as per attached list.
General Fund Obligations Bonds in the amount of 55,000,000 were sold
to renew the same amount of obligations maturing June 1 1932. These
bonds were sold for par and accrued interest to date of delivery, interest
at the rate of 6% per annum. 32,635,000 to be dated June 11932. and due
June 11933.51.150.000 dated May 11932.and due May 1 1940 and $1,215,000 dated May 1 1932,and due May 11941. to the syndicate as per attached
list.
New bonds in the amount of $3,000,000 called State of Tennessee Bonds
were sold, dated April 1 1932,and maturing 3400,000 Oct. 1 1932. $400.000
Jan. 1 1933. 3400,000 April 1 1933. $500.000 July 1, 1933, $500,000 Oct. 1
1933. $400,000, Jan. 1 1934 and $400,000 Apr. 1 1934. to the syndicate
as per attached list for par and accrued interest to date of delivery, interest
at the rate of 6% per annum.
Very truly yours,
Idalee Richardson.
Assistant-Secretary, State Funding Board.
Syndicate Purchasing the $9,000,000 Tennessee Highway Bonds.
-Chase
Harris Forbes Corp., The National City Co., Chemical Bank & Trust Co.,
Lehman Bros., Keen, Taylor & Co., Phelps, Fenn & Co., R. W.Pressprich
& Co., R. H. Moulton & Co., Hannahs, Bailin & Lee, Wallace. Sanderson
& Co., William R. Compton Co., Inc., Foster & Co. Inc.. G. M.- P.
Murphy & Co.. New York, N. Y.; American National CO., Third National
Co., Equitable Securities Corp., Robinson, Webster & Gibson, J. W.
lakes & Co., Cumberland Securities Corp., Commerce-Union Co.. Nashville Securities Co.. Craig, Parkes & Co., Nashville, Teen.' First Securities
Corp., Union & Planters Co., Memphis, Tenn.; Foiger,'Nolan & Co. of
Washington, D. C.
Syndicate Purchasing the $3.000,000 State of Tennessee Bonds and the
$5.000.000 General Fund °Moan= Bonds.
-Chase Harris Forbes Corp.,
National City Co., Chemical Bank & Trust Co., New York, N. Y.•
Hamilton National Bank and East Tennessee National Bank, Knoxville,
'
Teen.; First National Bank, Hamilton National Bank, American Trust
& Banking Co. Chattanooga, Tenn.; Bank of Commerce & Trust Co.
,
First National}Yank, Union Planters National Bank & Trust Co., Memphis,
Tenn.; American National Bank, Third National Bank, CommerceUnion Bank,Broadway National Bank. National Life & Accident Insurance
Co., Nashville. Tenn.
TYLER, Smith County, Tex.
-BOND ELECTION.
-An election will
be held on May 16, according to report, in order to have the voters pass on
the proposed issuance of $100,000 in sewer bonds.
UHRICHSVILLE SCHOOL DISTRICT, Tuscarawas County, Ohio.
-BOND SALE.
-The State Teachers Retirement System, of Columbus,
purchased on April 1 an issue of $15,000 6% refunding bonds at a price of
par. Dated April 1 1932. Denom. $1,500. Due one bond annually
from 1933 to 1942, incl. Interest is payable in April and October. This
sale was reported to US by W. R. Treadway. Clerk of the Board of Education.
ULYSEES, COVERT AND HECTOR CENTRAL RURAL1 SCH.
DIST. NO.1(P. 0. Trumansburg), Tompkins CountyN. Y.
-BOND
-B. H. Duddleston, Clerk of the Board of 'Educations will
OFFERING.
receive sealed bids until 7:30 p. in. on May 4 for the purchase of $60,000
5%•coupon or registered school bonds. Dated Jan. 1 1932. Denom.$1,000.
Due $10,000 on July 1 from 1949 to 1954 incl. Bids for the bonds to bear
interest at a rate other than 5%, expressed in a multiple of M; of 1%, but
not in excess of6%,will also be considered. Principal and interest (Jan. and
July) will be payable at the Chase National Bank, New York. A certified
check for 2% of the amount of bonds bid for, payable to the order of the
District Treasurer, must accompany each proposal. The approving opinion
of Thomson, Wood & Hoffman, of New York, will be furnished the successful bidder.
VALLEY COUNTY SCHOOL DISTRICT NO. 2 (P. 0. Frazer),
-The $15,000 issue of not to exceed 6%
-BONDS NOT SOLD.
Mont.
semi-ann. school bonds offered on March 28-V. 134, p. 2008
-wan not
sold as there were no bids received. Dated May 1 1932.
-BOND SALE.
VALLEY STREAM, Nassau County, N. Y.
-The
05.000 coupon or registered street improvement bonds offered on April 20
-were awarded as 5.408 to the M.& T. Trust Co. of Buf-V.134. p. 2772
falo at a price of 100.89, a basis of about 5.37%. Dated May 11932. Due
May 1 as follows: $4,000 from 1934 to 1949 incl. and 31.000 in 1950. Blds
received at the sale were as follows:
Dd.Rate. Rate Bid.
Bidder100.89
Trust Co. (successful bidder)
M.
5.40%
100.11
5.50%
Batchelder & Co
100.179
5.80%
Wachsman & Wassail
100.24
5.70%
George B. Gibbons & Co., Inc
100.182
5.75%
Phelps, Fenn & Co
-BOND SALE.
VANDERBURGH COUNTY (P.O.Evansville) Ind.
The $25,800 43-% highway improvement bonds offered on April 16-were awarded at a price of par to H. L. Johnson, of
V. 134, p. 2772
Evansville. Due two bonds annually on May 15 from 1933 to 1952 incl.
-The
VERNON TCOUNTY (P. 0. Viroqua), Wis.-PRICE PAID.
$100,000 issue of 5% highway bonds that was purchased by the Central
awarded for a premium of
-was
Republic Co. of Chicago
-V. 134. p. 2956
$750, equal to 100.75. a basis of about 4.80%. Due on May 1 1936.
-BOND OFFERING.
VIGO COUNTY (P. 0. Terre Haute) Ind.
J. F. Shandy, County Treasurer, will receive sealed bids until 10 a. m. on
May 4 for the purchase of $12,000
% Harrison Twp. road impt. bonds.
Dated April 30 1932. Denom. $600. Due one bond each six months from
July 15 1933 to Jan. 15 1943.
st T.
April 23 1932
WASHINGTON SCHOOL TOWNSHIP (P. 0. Avon), Hendricks
County, Ind.
-BOND OFFERING.
-Charles M. Roark. Trustee, will
receive sealed bids until 10 a. m. on May 6 for the purchase of 337,500_5%
school addition construction bonds. Dated June 1 1932. Denom. 3500.
Due semi-annually on January and July 1 from July 1 1933 to Jan. 1 1947.
Principal and interest (Jan. and July) will be payable at such banking Institution designated by the successful bidder.
iVAYNE COUNTY(P.O. Goldsboro), N. C.
-BONDS AUTHORIZED.
-The County Board of Commissioners have authorized the sale of $125,000
In road and bridge refunding bonds. It is stated that the sale has been
approved by the Local Government Commission. Due in 15 years.
WAYNE COUNTY (P. 0. Detroit), Mich.
-BORROWING AUTHORIZED.
-Authorization has been granted the Board of
to borrow $5,000,000 against delinquent taxes to provide County Auditors
ing expenses during the remainder of the current fiscal funds for operatyear. It is not
believed that more than 32,000,000 of the authorization will be necessary.
Re-payment will be made within 30 days.
WESTCHESTER COUNTY (P. 0. White Plains), N.
OFPERINO.
-Jere Milleman. County Comptroller, will receive sealed bids
until 12 M.(daylight saving time) on May 11 for the purchase of $12,002,000
bonds,to bear interest at a rate not less than 4% and not in excess of
4M %.
expressed in a multiple of M of 1%. The offering includes:
$3,793,000 park and boulevard bonds.
1,900,000 county office building bonds.
1,650,000 Saw Mill River Valley sewer bonds.
1,140,000 hospital building bonds.
1,050,000 Mamaroneck Valley sewer bonds.
744,000 highway acquisition bonds.
525,000 highway construction bonds.
500,000 Hutchinson Valley sewer bonds.
250,000 Upper Bronx Valley sewer bonds.
250,000 South Yonkers sewer bonds.
200,000 county jail construction bonds.
In the case of the sewer issues bidders must name a uniform interest rate,
while different rates may be named for each of the other
same
rate, however, to apply to all of the bonds of each issue. issues, the
WEST HARTFORD,Hartford County, Conn.
-BOND OFFERING.
Sealed bids addressed to the Town Treasurer will be received until
for the purchase of 5573.000 4M % coupon school bonds, dated April 26
May 2
1932 and due on Nov. 1 from 1933 to 1955 incl.
WEST HARTFORD, Hartford County, Conn.
-BOND OFFERING.
-Richard J. Goodman, Chairman of the Board of Finance, will receive
sealed bids at the Hartford-Connecticut Trust Co., Hartford, until 230
p. m. on April 26 for the purchase of $573,000 4M% coupon (registerable
as to principal) school bonds. Dated May 2 1932. Denom. $1,000.
Due Nov. 1 as follows: $25,000 from 1933 to 1954, incl., and $23,000 in
1955. Prin. and int.(M.& N.) are payable at the Hartford National Bank
& Trust Co., Hartford. A certified check for 2% of the amount of bonds
bid for, payable to the order of the Town Treasurer, must accompany each
proposal. The approving opinion of Robinson, Robinson & Cole, of Hartford, will be furnished the successful bidder.
WHEATLAND, Platte County, Wyo.-BOND ELECTION-An
election is reported to be scheduled for May 10 in order to submit to the
voters a proposal to issue $13,000 in fire house construction bonds.
WHITE BEAR LAKE, Ramsey County, Minn.
-BONDS NOT SOLD.
-The $13,000 issue of not to exceed 53-i% coupon semi-ann. impt. bonds
offered on April 5-V. 134, p. 2009
-was not sold as a local taxpayer file
an injunction suit on the bonds. Due from 1935 to 1946, inclusive.
WICHITA, Sedgwick County, Kan.
-OTHER BIDS.
-The following
is an official list of the other bids received for the $27,353.34 issue of 4M %
coupon semi-ann. paving and sewer bonds awarded to the Wheeler-KellyHagny Trust Co. of Wichita, at a price of 100.45, a basis of about 4.66%V. 134, p. 2956:
IiiddeerPrice Bid.
Southwestern National Bank of Wichita
100.441
Branch-Middlekauff Co. of Wichita
100.405
Central Trust Co. of Topeka
100.278
Stern Bros.& Co. of Kansas City
100.111
Prescott. Wright, Snider Co. of Kansas City
100.09
City Bank & Trust Co.of Kansas City
100.032
Fidelity National Co. of Kansas City
95.20
F WILLIAMSBURG, Clermont County, Ohio.
-BOND REPORT.
A Chicago investment house has informed the village council that as soon as
certain legal matters have been attended to, it would be willing to purchase
the issue of 340.000 water works system construction bonds unsuccessfully
offered as 54 on Oct. 8-V. 133, p. 2632. Dated Aug. 1 1931 and duo 3800
on March and Sept. 1 from 1933 to 1957 incl.
WINSTON-SALEM, Forsyth County, N. C.
-A
-NOTE SALE.
$47,000 issue of bond anticipation notes was purchased on April 19 by the
Wachovia Bank & Trust Co. of Winston-Salem, as 68 at par, according to
Charles M. Johnson, Director of Local Government.
WORCESTER COUNTY (P. 0. Fitchburg), Mass.
-TEMPORARY
LOAN.
-Jackson & Curtis of Boston, purchased on April 18 a $200,r00
temporary loan at 3.09% discount basis, plus a premium of$1.25. The loan
matures on Oct. 20 1932 and was bid for by the following:
BidderDiscount Basis.
Jackson & Curtis (plus $1.25 premium)
3.0
Webster & Atlas Corp.(plus $7.75 premium)
3.22
Faxon, Gade & Co
3.30
Mechanics National Bank, Worcester (plus $5 premium)
3.35
Rutter & Co
3.35
Shawmut Corp
3.35
Day Trust Co
3.48%
F. S. Moseley & Co
3.49%
WYANDOTTE, Wayne County, Mich.
-NOTES NOT SOLD.
-The
three delinquent tax note issues aggregating $124.800 offered on March 29V. 134, p. 2386
-were not sold, as no bids were received. Rate of interest
was optional with the bidder. Notes were to mature from Dec. 1932 to
April 1 1934.
YOUNG COUNTY (P. O. Graham), Tex.
-BONDS REGISTERED.
Oa April 13 the State Comptroller registered a $24,000 Issue
courthouse refunding bonds. Denom. $1,000. Due serially. of 53-(%
y.
-BOND
CANADA, its Provinces and Municipalities.
GREENFIELD PARK, Que.-BOND OFFERING.
--E. Allwright Sec.Treas., will receive sealed bids until May 2 for the purchase of $46,000 6%
bonds, to be dated May 1 1932 and mature serially in from 1 to
10 Years.
Payable at the Banque Canadienne Nationale at St. Lambert or Montreal.
GUELPH, Ont.-BOND SALE.
-Wood, Gundy & Co. of Toronto,
have purchased a block of $50,000 bonds of a 3195,000 53-i% impt. issue
at a price of 95.31, or a basis of about 6.13%, and have obtained an option
to purchase the remaining 3145.000 bonds. All of the bonds are to mature
on May 11942. Bids received were as follows:
Bidder
Rate Bid.
Wood,Gundy & Co
95.30
Cochrane, Murray & Co., option at
95.30
Dominion Securities, option on all
95.079
Dominion Securities, option on part
95.279
Griffis, Fairclough Norsworthy, for $100,000,option for rest
94.57
Bell, Goulnlock & Co.; Fry, Mills, Spence & Co.,option at
94.50
A. E. Ames & Co., option at
04.25
Harris, McKeen & Co., option at
94.000
Harris, McKeen & Co., bid at
92.51
Dyment,Anderson & Co
94.41
NEWMARKET, Ont.-BOND SALE.
-An issue of $36,000 6% Improvement bonds has been purchased by the Bank of Toronto at a price
of 96.85. a basis of about 8.43%. Due serially in from 1 to 18 years.
NEW WESTMINISTER, B. C.
-Victor W. Odium.
-BOND SALE.
Brown & Co., of Vancouver, recently purchased an issue of $80,166 5%
Improvement bonds, due in 5, 20 and 30 years.
POINTE CLAIRE, Que.-BOND SALE.
-The Dominion Securities
Corp., of Montreal, has purchased an issue of $16,000 6% bonds at a price
of 97.10. a basis of about 6.84%. Due serially from 1933 to 1939. incl.
@FedFRASER