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financial
l0 irtmide
The
SATURDAY, APRIL 9 1932.
VOL. 134.
financial Chronicle
PUBLISHED WEEKLY
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CHICAGO OFFICE —In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street, Telephone State oats.
LONDON Onricr —Edwards & Smith. I Drapers' Gardens. London. E. C.
WILLIAM B. DANA COMPANY, Publishers
William Street, Corner Spruce,New York.
Published everyilSaturday morning by WILLIAM B. DANA COMPANY.
President and Editor, Jacob Seibert: Business Manager, William D. Riggs;
Treas., William Dana Seibert: Sec.. Herbert D.Seibert. Addresses of all. Office of Co.
The Financial Situation.
Depression is still regnant—both in trade and in
the security markets. It appears that the various
relief measures which have been so liberally provided are not, after all, serving to bring about early
convalescence, though they may be accomplishing
much, nevertheless, and more time be needed to demonstrate their beneficial working. The Reconstruction Finance Corporation is certainly actively at
work in extending aid—sorely needed aid—in many
different directions. That appears very plainly
from the statement given out the present week showing that the Finance Corporation had authorized
loans aggregating approximately $238,740,000. The
Corporation has advanced $192,350,000 on the loans
is has authorized. Loans authorized thus far, it was
stated, numbered 974 and are distributed among 935
institutions. More than half of the amount, or $158,182,000, has been pledged or advanced to banks and
trust companies. The railroads, having taken $60,790,000, are the second largest class of borrowers;
$4,879,750 went to 30 building and loan companies;
$7,080,000 to 18 insurance companies; $775,000 to
two joint stock land banks;$496,990 to one live stock
credit corporation; $6,517,000 to eight mortgage
loan companies, &c., &c.
What is very disturbing is that no improvement is
taking place in security values on the Stock Exchange, and that instead further depreciation in
market values is still going steadily on. And the
remark applies to bond prices even more strongly
than it applies to share values. The way the lowpriced bonds have been sinking the last two weeks
is not only disconcerting, but furnishes occasion for
grave apprehension and anxiety. Some of these lowpriced issues—albeit they were high-priced issues
only three years ago—have been dropping 5 to 10
NO. 3485
and even 15 points a day, displaying marked weakness, often acting as if they were utterly devoid of
any intrinsic merit at all. And this has happened,
too,in the case of issues of railroads which are receiving liberal aid from the Reconstruction Finance
Corporation, perhaps, however, not getting quite as
much as they had requested. Rumor is ever busy,
and the least hint that a railroad may not receive
all it asked for is sufficient to send the prices of the
securities affected on a downward plunge.
It behooves the Reconstruction Finance Corporation to act, of course, with circumspection and
caution. It is being literally deluged with applications for new loans, and even such a large sum as
$2,000,000,000 which it has at its command is soon
exhausted when the whole world is tapping the
source of supply. The Corporation must give aid
with a liberal hand, while yet taking care that it
shall not be duped by designing people who have
no claim upon the vast resources which it commands.
It must act with the utmost discrimination, while
yet letting no really deserving applicant go without
the needed aid.
It appears, however, that in the case of loans to
the railroads, which must have the approval of the
Inter-State Commerce Commission, the latter is not
prepared to go as far as the Reconstruction Finance
Corporation. Final decision in the matter, under
the provisions of the law, rests unquestionably with
the Finance Corporation and the Commerce Commission has admitted this in some of its observations on
the cases before it, but finds it hard to forbear giving expression to its dissent, and moreover has a
penchant for "rubbing it in" where its views differ
from those of the Finance Corporation. This does
not escape attention on the part of the outside public,
which is inclined to magnify such incidents beyond
their due, thereby creating an impression that the
whole scheme of extending aid to the carriers is
about to fall to pieces, leaving the carriers once more
in an utterly holpless condition. This seems to explain why stocks and bonds of a given railroad suffer sudden collapse when there is apparently no good
reason for the action, and then it develops that some
remark or comment of a member of the Commerce
Commission has been the disturbing cause.
Besides this, the Commission shows unconcealed
antipathy to the bankers who engage in financing
the railroads. It never tires alluding to the profits
which the bankers are assumed to make or to have
made through such financing. This has happened
many times before, and it is now happening again
in the case of the Commerce Commission's considerations of applications for loans from the Reconstruction Finance Corporation.
A case in point is that of the Missouri Pacific RR.,
where the Commission has deemed it incumbent to
2582
FINANCIAL CHRONICLE
[Vat.. 134.
indulge in observations of the kind referred to and an extension or continuation of the loan he impairs
where as a result the securities of the road have to that extent his ability for the time being to engage
suffered extraordinary depreciation as if the con- in new financing, of which the country will always
dition of the road were absolutely hopeless. The have abundant need.
The Reconstruction Finance Corporation is enmatter is ably discussed by Thomas F. Woodlock in
the "Wall Street Journal," himself a former member gaged in relieving the carriers of some of their dead
of the Commerce Commission. 'Mr. Woodlock, in load. • But soon we may expect the carriers will be
in need of a great deal of new financing for the
his article on April 4, observes:
development and extension of their properties. If
"The lecture read to the bankers of the Missouri
the
bankers are not then in a state to conduct this
Pacific RR. by the Inter-State Commerce Commisfinancing
with freedom and expedition, if instead
Commisremarks
of
sion, further emphasized by the
sioner Eastman, is a highly interesting phenomenon they hold large amounts of "frozen assets," who then
which no student of 'utility' regulation should can be expected to pilot them through the new and
neglect to study. The Missouri Pacific had a loan expanding era? As a matter of fact, it would be a
with 'private bankers' which was due April 1. The great advantage if the bankers could do a lot of new
railroad applied to the Reconstruction Finance financing
for the carriers just now, since in that
Corporation for funds to liquidate the loan. The
Inter-State Commerce Commission took, at first, the event these carriers could dispense to that extent
ground that the bankers should continue the entire with aid from the Finance Corporation. The bankers
loan. The bankers took, at first, the ground that can always be depended upon to do their part in trythe entire loan should be repaid. Finally Commis- ing circumstances like those now existing, but it is
sion and bankers 'split the difference'; the bankers equally important for them to ever bear in mind that
agreed to extend half the loan for the first six months they must not cripple themselves in helping others
and the Commission 'reluctantly' approved the ad- or in tying up their liquid
funds for indefinite
vance by the Reconstruction Finance Corporation
periods.
of the other half. In doing so it said:
"'We are not convinced that the Reconstruction
The question of providing new sources of revenue
Finance Corporation should be expected to take up
bank loans of this character. . . . The 'bankers with which to balance the Federal budget is still the
who hold the loans are bankers for the carrier. As foremost topic of discussion. The taxation measure,
such they have profited largely in handling its as it passed the House of Representatives, is full of
finances in the past. It is often represented to us
objectionable features, and, besides, there is doubt
that the relation of a banker to a railroad is very
that
it will yield the additional revenue which its
valuable to it because of the banking assistance so
advocates
count upon. Decidedly a most vicious
available
railroad
in
time
that
a
of
stress;
rendered
can afford to compensate its bankers well in connec- proposition in the bill is the provision taxing the
tion with its regular financing in order to have such dividends on corporations, for that is double taxasupport available when it is needed. We have here- tion with a vengeance. Under existing law, divitofore thought that theory to have more merit than dends, like all other income, are subject to the surthis transaction appears to indicate.'
"And Commissioner Eastman,on his own account, taxes, but not to the normal tax. The reason for
added: 'No good reason has been shown for approv- the exemption in the case of the corporation is that
ing a Government loan to enable the applicant to the corporation now is obliged to pay a corporation
make a 50% payment on the bank loans maturing tax, which under the bill passed in the House is to
April 1. . . . The theory is apparently that a be raised to 13%. This corporation tax must be paid
Government loan . . . is necessary to prevent a before any dividends can be paid on the stock.
Missouri Pacific receivership. No such necessity
This corporation tax runs far in excess of the
exists. Morgan & Co., Kuhn, Loeb & Co. and the normal or primary tax on
the ordinary income of
Guaranty Trust Co. would not,so long as the interest
Under
existing
individuals.
law the normal tax
on these loans is paid, force a receivership by refusing an extension. The repercussions would be much runs to a maximum of 5%. Under the bill which
too dangerous in other quarters where the private the House has approved this maximum will be ininterests of these financial institutions are in- creased to 7%. To be strictly equitable as between
the two classes of income, the corporation tax ought
volved-'"
to be no higher than the normal tax on ordinary
would
case
acted
just
as
they
this
The bankers in
incomes,
and Mr. Mills, the Secretary of the Treasthe
such
cases.
They
met
in
act
be expected to
ury;
in
opposing the scheme for making diviaccommodating
Commission
in
an
the
contention of
dends
subject
to the normal personal tax as well
of
policy
to
be
matter
the
from
aside
spirit. But
as
the
surtaxes,
points out that originally the corporeagood
often
there
are
instances
such
pursued in
sons that justify the bankers in requesting full pay- ration tax was only 1%. In the course of years the
ment of the loan. The merit of right action is not discrimination against the corporation was steadily
all on one side. We were very much impressed with widened until now the maximum of the normal tax
the remark which Otto H. Kahn made in testifying is fixed at 7%, while the corporation tax is to be
recently before a Congressional Committee. He raised to 13%, as already stated. As Mr. Mills well
was asked if his firm held any of the foreign loans says:
which were under investigation. He remarked very
"The changed treatment of
properly that it was not the practice of a banking House bill would rest with dividends found in the
particular
house to hold any of the securities which it was en- small corporations. It is obvious that hardship on
in the case of
gaged in floating, because that would tie up some enterprises controlled by a few individuals, carried
of the capital which it needed in the conduct of its on in a corporate form, the change would mean that
business. The same point comes up in connection the income from the business having been subjected
with the loans which the Reconstruction Finance to the corporation income tax at an increased rate,
Corporation has been requested to take over. A would, when distributed as dividends, be subjected
to the normal tax; while, if the business were carried
banker can be expected to act with judgment and on
under the partnership form, the income would be
discretion in such cases, but when he consents to subject to the normal tax only.
APRIL 9 1932.]
FINANCIAL CHRONICLE
"Exemption of dividends from normal tax does
not fully equalize discrimination which has been
involved ever since the corporation income tax rate
was made to exceed the normal tax rate. Taking
away that exemption, however, materially increases
discrimination against the corporate form."
2583
barrel, as compared with $6 in 1919) the minimum
tax yield would be not less than $650,000,000, with
the possibility of $1,100,000,000 a year.
As we said last week, this shows what could be
accomplished without amendment or repeal of the
Eighteenth Amendment of the Federal Constitution.
We again ask, therefore, as we did a week ago, can
any valid reason be urged why this large source of
revenue should be left untouched, especially as the
subject of prohibition does not come up in connection with the matter?
Of course even more gratifying results could
be obtained if the Prohibition Amendment were
amended or repealed and a high scale of taxes be
levied on beverages and liquors, intoxicating as well
as non-intoxicating. But on that point any man can
be governed by the dictates of his own conscience.
He could still oppose any change in the Prohibition
Amendment. Professor Edwin R. A. Seligman, of
Columbia University, a tax expert, has reached the
conclusion that if the Prohibition Amendment were
repealed and the Government by high levies on distilled and fermented liquors obtained the revenue
which now the bootleggers get by illegitimate means
it would not only be unnecessary to levy many of
the indirect or nuisance taxes, but we might even
do away, if we so desired, with the Federal income
tax. On that point we can only express gratification
at the way in which public sentiment is crystalizing.
On Thursday of this week the Chamber of Commerce of the State of New York adopted resolutions
calling for the repeal of the Eighteenth Amendment,
immediate modification of the Volstead Act, and a
return to the States of the power to regulate the production and sale of liquor within their borders. The
daily papers says that the resolution was adopted
by an almost virtually unanimous vote, only 4 or 5
scattering "noes" being heard when the resolution
was put to the 311 members present.
One other point deserves to be mentioned: If
dividends are to be subject to duplicate taxation in
the way proposed, then there will be virtually a total
normal tax of 20% (13% plus 7%) in addition to
the maximum surtax of 40% to pay on amounts of
income in excess of $100,000, making 60% Federal
taxes which would have to be paid on any man's income running over $100,000. But that is not all.
Here in New York State the citizen must also pay
the State income taxes. The personal income tax
in this State has just been raised to 6% on amounts
running in excess of only $50,000, and he will also
have to pay the State corporation tax of 4/
1
2% which
applies on all amounts of income. In other words,
he would have to pay 10/
1
2% in State taxes in addition to the 60% of Federal taxes, making the total
tax 70/
1
2%. This not merely on incomes in excess
of $1,000,000, but on incomes running in excess of
only $100,000.
The proposition is indefensible. Besides being unjust, it would prevent the flow of capital into industry, since no one will assume the risks of business
if out of every $100 of profits he makes over $100,000
he is obliged to turn 70% over to the two governments combined. These are our own computations.
Mr. Mills also makes strong points against other
objectionable features in the bill, and also makes
some excellent recommendations which are well
enough as far as they go, but the greater part of
which would be eliminated if a tax ready to hand
were availed of. We have reference to a 4% tax
upon beer recommended by a subcommittee of the
Senate Committee on Manufactures. With an alcoholic content of only 4% the beer would be plainly
non-intoxicating and therefore come clearly within
The winter wheat crop to be harvested this year
the provisions of the prohibition amendment to the
does not now promise as well as was indicated at the
Federal Constitution, and therefore require no long
beginning of the winter, notwithstanding that the
delay in making the tax effective. The yield would
prospects then were considered much below previous
certainly be large and would permit the elimination
years. At the date of the Government report issued
of many of the new taxes now proposed, especially in
December last the area planted to winter wheat
the so-called nuisance taxes.
in the autumn was shown to be more than 10% lower
We know that the Republican party as a party is
and a comparatively low condition was reported.
committed to prohibition, and hence Secretary Mills
The progress of the crop during the past winter has
could not well argue in favor of the repeal of the Pronot been entirely satisfactory, and a reduced yield
hibition Amendment. Four per cent. beer, however,
is now promised. This may prove a blessing in disis to totally different thing. Being non-intoxicating,
guise in view of the mix-up created in the market
it would be clearly within the provision of the Proby the interference of the National Government with
hibition Amendment itself. And as the country is
the natural order of things. Certainly the situation
in sore need we cannot understand why anyone
at this time could not have been worse than it is
should object to the same as a pure question of
now, and has been for months past, if the politicians
economics.
at Washington had kept their hands off altogether.
As to the prospective yield from such a tax we can
The spring report issued yesterday afterno
on by
only repeat by again quoting what the majority of
the Department of Agriculture at Washington
shows
the subcommittee says on that point. The calculathe April 1 condition to be 75.8% of normal
. This
tions have apparently been prepared with great care,
compares with a condition of 79.4% of
normal in
and it is estimated that if the sale of 4% beer were
December last, just prior •to the beginni
ng of the
legalized the minimum consumption would be not
winter season, a loss during the winter
of 3.6 points.
less than 70,000,000 barrels and the maximum probThe decline was not so great as
some of the early
ably not more than 120,000,000 barrels. The tax
reports indicated. Both conditi
ons, that of Decemyield, figured on a basis of 2c. per pint bottle, would
ber last and the estimate issued
yesterday were very
be not less than $347,000,000 and probably not more low, however
. There have been a number of
years
than $800,000,000, it is stated.
in the past 10 or 20 in which the
April 1 condition
The subcommittee went further and said that with has
been even lower than this year, but
the area
a much higher tax of 4c. per pint (or nearly $10 per planted
was very much larger than was planted
2584
FINANCIAL CHRONICLE
for this year, and in most instances there was some
recovery later.
A year ago the April 1 condition of the winter
wheat crop harvested last year was very high, at
88.8% of normal, and the progress during the preceding winter had been very good. The harvest was
very heavy, far in excess of the earlier estimates.
The indications for this year's winter wheat crop
is now placed at only 458,000,000 bushels. Only in
two years out of the past 18 or 20 years has the yield
of winter wheat been below thatfigure. Lastyear was
an exception. As stated above, the area harvested
was very large, 41,009,000 acres, and the improvement was practically constant throughout the season. The April 1 estimate of yield was 644,000,000
bushels, but the harvest was 787,465,000 bushels, an
average yield per acre of 19.2 bushels. It may be
that this year's production will be much more satisfactory than is now indicated. Farm wheat stocks
on April 1 this year are now estimated at 159,942,000
bushels compared with 115,673,000 bushels a year
ago. These figures cover only stocks actually on the
farms, for all purposes, including seed. The April 1
condition of rye this year is indicated by the Department at 79.0% of normal against 81.6% a year ago,
and of pastures 73.8% against 76.1% on April 1 of
last year.
[VOL. 134.
$335,425,000 last week. The deposits held for foreign
Central banks are somewhat lower again, standing
at $29,712,000 this week against $31,249,000 last
week.
The Southern Railway Co.'s annual report for the
late calendar year has been issued the present week,
and, like the reports of all other great railroad systems, makes an unfavorable showing. The company
failed to earn its fixed charges in amount of
$5,922,842, this being the first year in the company's
entire history of failure to earn charges. It is,
of course, unnecessary to inform anyone as to the
reason for this unfavorable outcome, but as a graphic
indication going to show the extent to which this
great railway system's revenues have been reduced,
it is worth noting here that for the calendar year
1931 the company received from freight, passenger
and miscellaneous operations a total revenue of only
$97,715,111 as against $118,868,608 in the calendar
year 1930,$143,183,948 in 1929, $144,116,452 in 1928,
and $147,639,063 in 1927. In other words, in this
four-year period gross revenues have shrunk,roughly,
in amount of $50,000,000. A paragraph in the report
tells us that the Southern's freight revenue for 1931
was $27,880,000 below the. annual average for the
preceding eight years; and as that year was notable
for acute competition by automobile trucks, waterways and pipe lines with all the railroads in the
Southern's territory, an effort has been made "to
divide the explanation of the Southern's individual
loss between competitive transportation agencies
and reduced activity in production and distribution." "While no such division can be demonstrated
mathematically, an analysis of sources of revenue
during the period, made by the traffic organization
of the Southern, supports a deduction that approximately 70% of the loss may be assigned to reduced
business activity." "The remaining 30% of the loss
is thus suggested as the measure of the current competitive efficiency of the new agencies."
He would be a bold man who would undertake to
prophesy what the outcome for the current calendar
year will be, but at least two favorable features
stand out with more than ordinary prominence. The
report tells us that the increases in certain freight
rates authorized by the Inter-State Commerce Commission to be effective during the period from Jan. 4
1932 to March 31 1933 will, it is estimated, produce
for the company an increase of two million dollars
per year in gross revenue, and (2) that the wage
adjustment negotiated with the organizations of employees, effective for a period of one year from Feb.1
1932, together with reductions in the wages and salaries of unorganized employees and officers, will
result in a decrease in payroll expense of approximately four million dollars during the year 1932.
The report also tells us that since the turn of
the year the cash working capital has been replenished by a loan of $7,500,000 from the Reconstruction Finance Corporation, repayable in three years,
with interest at the rate of 6% per annum, secured
by the pledge of $18,750,000 principal amount of the
company's development and general mortgage 4%
bonds.
The feature of the Federal Reserve statement this
week is again the increase in the holdings of United
States Government securities, though this week the
increnqe in such holdings is larger than the contraction in the holdings of acceptances bought in the
open market and the contraction in the holdings of
discounts and of other securities. As a matter of
fact, there is this time no contraction in the holdings of discounts (which reflect member bank borrowing), but rather a small increase, the total of
such discounts having risen from $633,255,000
March 30 to $635,274,000 April 6. The holdings of
acceptances, however, have been further reduced
from $66,362,000 to $57,946,000, while the holdings
of "other securities" have fallen from $6,911,000 to
$4,321,000. As against this, the holdings of United
States securities have been further increased from
$871,618,000 to $885,014,000. The reader should note
the magnitude to which the total of this item has
now risen. The result of these various changes is
that the total of the bill and security holdings (which
constitutes a measure of the volume of Reserve credit
outstanding) is a little larger the present week than
it was last week, being $1,582,555,000 April 6 against
$1,578,146,000 on March 30; 12 months ago, on
April 8 1931, these bill and security holdings totaled
no more than $912,969,000.
ing
The amount of Federal Reserve notes outstand
from
risen
having
it
n,
also this time shows expansio
6.
$2,546,275,000 March 30 to $2,561,573,000 April
$3,017,from
increase
further
Gold reserves record a
the
757,000 to $3,032,202,000. However, owing to
likeincrease
some
and
on
circulati
expansion in note
wise in deposit liability, the ratio of total reserves
to deposit and Federal Reserve note liabilities combined is slightly smaller, being 70.8% against 70.9%
last week. While the amount of acceptances held by
the 12 Reserve institutions on their own account has
The stock market suffered a further collapse the
been further reduced in amount of $8,416,000, as
week. Prices have been almost continuously
present
of
account
for
already noted, their holdings of bills
day. The
foreign central banks show only a trifling change, weak, violent declines occurring day after
of Reprethe
House
of the tax bill which
being reported at $335,312,000 this week against character
A
1
APRIL 9 1932.]
FINANCIAL CHRONICLE
2585
sentatives at Washington finally put through on Fri- lips-Jones Corp. omitted the quarterly dividend on
day of last week, with the heavy tax levy proposed its 7% cumul. pref. stock. No less than 641 stocks
on stock transfers or sales, was perhaps the most touched new low figures for the year during the
important factor in the new downward splurge. The week. Call loan rates on the Stock Exchange again
1
2%.
break at the half-day session on Saturday last was remained 'unchanged all week at 2/
prominent
Trading
large.
At the half.
has
been
moderately
number
of
particularly violent. A large
day
session
on
on the New.
low
records,
Saturday
the
sales
new
last
to
down
stocks, as a result, sold
York
shares; on
Stock
points
Exchange
1,045,990
dropping
2
/
1
2
were
instance,
for
Central,
New York
Monday
they
were
Tuesday,
selling
shares;
on
Atchison
1,614,030
history,
its
in
price
lowest
the
to
down nearly 3 points to its lowest level since 1905, 1,483,230 shares; on Wednesday, 2,091,706 shares;
Union Pacific falling 4 points to its lowest price on Thursday, 1,795,077 shares, and on Friday,
since 1903, while numerous other stocks declined 1 2,126,005 shares. On the New York Curb Exchange
to 3 points, and Auburn Automobile fell off about 5 the sales last Saturday were 126,890 shares; on
points. The rails were especially weak on new Monday,237,335 shares; on Tuesday,248,045 shares;
rumors as to the policy to be pursued by the Recon- on Wednesday,306,825 shares; on Thursday,328,280
struction Finance Corporation in dealing with shares, and on Friday, 429,270 shares.
As compared with Friday of last week,prices again
future applications for loans. Bonds were likewise
weak, with United States Government issues, how- show declines all around. General Electric closed
4 on Friday of last
/8 against 171/
ever, an exception. The downward movement was yesterday at 147
1
2against 28½;Pacific
continued on Monday and succeeding days, with the week; North American at 24/
8; Standard Gas &
exception only of an occasional rally influenced by Gas & Elec. at 25% against 311/
against
201
/
4;
14%
Consolidated
Gas of
buying by bear operators to cover their outstanding Elec. at
;
against
57
/
1
2
Columbia
Gas
&
503
4
N.
Y.
at
Elec.
at
short contracts. Selling was persistent and proBrooklyn
Union
Gas
at
111
/
8;
70
against
against
67
/
8
Trade
abatement.
ceeded day after day without
accounts continued poor, and there was apparently 77; Electric Power & Light at 6 against 8%;Public
no inducement to buy stocks either for investment Service of N. J. at 40 against 50½; International
Harvester at 17% against 20½; J. I. Case Threshing
or speculative account.
On Wednesday quite a sharp rally occurred after Machine at 26 against 32½; Sears, Roebuck & Co.
1
2 ex-div. against 27%; Montgomery Ward &
further early declines, but the market succumbed at 20/
1
2 against
4 against 7%; Woolworth at 36/
again to fresh liquidation toward the close. On Co. at 63
/
4; Western
/8;Safeway Stores at 43% against 481
Thursday an early flurry with covering by shorts 397
8 against 35%; American
was followed by renewed liquidation, but towards Union Telegraph at 311/
111; International Tel.
at
1061
/
4
against
Tel.
&
Tel.
the close the pressure lifted sufficiently to bring an1
2
6
/
1
2
;
American
Can at 50/
&
Tel.
at
4%
against
other moderate upward rebound. On Friday the
Alcohol
at
States
Industrial
against
61%;
United
course,
with
sharp
market resumed its downward
Commercial
Solvents
at
5
7
/
8
21
/
1
2
against
22%;
list
carrying
stocks
to
new
declines throughout the
against
10%,
7%;
Co.
at
8
/
1
2
against
Shattuck
&
close
of
trading
levels
for
the
year.
Toward
the
low
/
8.
a slight recovery set in, with some stocks regaining and Corn Products at 33% against 407
Allied Chemical & Dye closed yesterday at 65%
some of their losses for the day. One of the distinctive features of the week was a further reduction against 73 on Friday of last week; E. I. du Pont de
8; National Cash Regisannounced on Tuesday in the dividend on the stock Nemours at 38% against 441/
/8; International Nickel at
1
2 against 97
of the Atchison Tokepa S: Santa Fe Railway. The ter A at 8/
2% to 1%, 5% against 7%; Timken Roller Bearing at 14%
quarterly payment was reduced from 11/
/
8; Mack Trucks at 13 against 13%; Yelaccompanied by an announcement saying: "The against 157
low
Truck
&
Coach at 17
continuing
decline.
The
/8 against 2%; Johns-Manearnings statement shows a
1
2 against 14%; Gillette Safety Razor at
continuance of dividends on common stock must de- ville at 12/
pend upon an improvement in the corporation's earn- 16% against 19%; National Dairy Products at 22%
/8; Associated Dry Goods at 3% against
ings." On March 1 the quarterly dividend had been against 257
/
s; Texas Gulf Sulphur at 17 against 207
/
8; Free1
2% to 1/
1
2%. In other words, the 41
reduced from 2/
dividend is now down to a basis of 4% per annum port Texas at 14% against 16; American & Foieign
against the previous 10%, with future dividends de- Power at 2% against 4; General American Tank Car
pending upon earnings. Another feature of the week at 18% against 28; United Gas Improvement at 15
4; National Biscuit at 31% against 371%;
was the weakness of numerous public utility stocks, against 181/
and as bearing on the utility situation a conference Coca Cola at 104 against 106%; Continental Can at
/8 against 35; Eastman Kodak at 63% against
held here on Thursday between Samuel Insull and 297
regarding
Middle
West
70%;
Utilities
Gold Dust Corp. at 13 ex-div. against 16%;
Owen D. Young
affairs attracted a good deal of attention. Another Standard Brands at 10 against 11%; Paramount1
2; Kreuger & Toll at
unfavorable development was cablegrams from Publix Corp. at 47
/8 against 6/
Stockholm, Sweden, April 5, from the accountants % against %; Westinghouse Elec. & Mfg. at 22%
engaged in investigating the affairs of Kreuger & against 24%; Drug, Inc., at 411/
8 against 45%; CoToll, saying that the company's balance sheet of lumbian Carbon at 27% against 28; American ToDec. 31 1930 "grossly misrepresented the true finan- bacco at 671/
4 against 75%; Reynolds Tobacco class
cial position of the company." Among the dividend B at 32% against 341/
8; Liggett & Myers class B at
omissions of the week may be mentioned the fol- 481% against 53%, and Lorillard at 13% against
lowing: The American Smelting & Refining Co. 14%.
The steel shares have tumbled with the rest.
omitted the quarterly dividend on its common stock,
United
the
Copper
Co.,
while
the
States Steel closed yesterday at 33% against
did
Cerro
Pasco
de
also
as
1
2on Friday of last week; Bethlehem Steel at 13%
Julius Kayser Co. on April 5 decided that considera- 39/
/
8; Vanadium at 81/
8 against 12, and Retion of dividends on the common stock be deferred against 167
until results for the year are ascertained. The Phil- public Iron & Steel at 3 against 4. In the auto
2586
FINANCIAL CHRONICLE
[VOL. 134
group Auburn Auto closed yesterday at 511/2 against not appear in any volume, and the aspect of the
1
4 on Friday of last week; General Motors at 12 market soon brightened. British funds recovered
66/
against 151/
8; Chrysler at 9 against 10%; Nash Mo- after a bad start and finished with small gains. In2; Packard at 21/
tors at 12% against 131/
8 against 3; dustrial securities also were in demand toward the
Hudson Motor Car at 4% against 5, and Hupp Mo- close, but the international list remained heavy
1
4 against 2%. In the rubber group Good- throughout. The improved employment figures
tors at 2/
year Tire & Rubber closed yesterday at 91/
2 against available at the opening, Tuesday, occasioned gains
10% on Friday of last week; B. F. Goodrich at 3 in almost all sections of the market during that sesagainst 3/
1
2 United States Rubber at 3 against 33
%, sion. British Governmentfunds advanced in a broad
and the preferred at 53% against 7.
market, and British industrial and the international
The railroad shares continued weak features. issues also moved forward smartly. The tone turned
Pennsylvania RR. closed yesterday at 12% against heavy Wednesday, however, owing to the publication
8 on Friday of last week ;Atchison Tokepa& Santa of the Kreuger charges. The securities directly con151/
1
2; Atlantic Coast Line at 151/
Fe at 52 against 63/
2 cerned were marked sharply downward, and recesbid against 20; Chic. Rock Isl. & Pac. at 4% against sions also appeared in most other departments.
6; New York Central at 21/
1
4 against 25; Baltimore British funds held close to earlier quotations. Prices
& Ohio at 91/4 against 12%; New Haven at 153
% drifted lower, Thursday, in the absence of any conagainst 182; Union Pacific at 57% against 68½; structive developments. Discouraging news from
Southern Pacific at 14/
1
2against 171/
8; Missouri Pa- New York and the continued influence of the Kreucific at 3% against 4/
1
4; Missouri-Kansas-Texas at ger report were the primary factors, and recessions
27
/
8 against 41/
8; Southern Railway at 5 against 63
%; were the rule. British funds also were slightly
Chesapeake & Ohio at 14 against 17%; Northern easier, owing to disappointment regarding the unPacific at 107
/
8 against 113
%,and Great Northern at changed bank rate. Recessions occurred in all sec111/
8 against 12/
1
4.
tions, yesterday, owing largely to the quite unsatisThe oil shares have moved with the general list. factory end of the Danubian conference.
Standard Oil of N. J. closed yesterday at 26 against
The Paris Bourse started with a brisk advance,
277
/8 on Friday of last week; Standard Oil of Calif. Monday, many issues showing surprising strength.
8 against 24; Atlantic Refining at 91/
at 211/
8 against All issues with the exception of metal shares joined
10%; Texas Corp. at 10% against 11%; Phillips in the gains, which continued throughout the session
Petroleum at 41/
2 against 5, and Pure Oil at 31/
2 despite unfavorable reports from other markets.
against 41/
8.
After a firm and active opening, Tuesday, prices on
The copper stocks continued to sag, notwithstand- the Bourse turned soft, owing to a lack of public
ing the low figures to which they have dropped. Ana- interest. Rentes remained firm, but share prices
conda Copper closed yesterday at 45
/
8 against 6 on generally declined with international issues espeFriday of last week; Kennecott Copper at 6 against cially weak. The Bourse was dull Wednesday, prices
67
/
8; Calumet & Hecla at 2/
1
4 against 21/
8; American drifting slowly downward owing to the unfavorable
Smelting & Refining at 8 against 10½;Phelps Dodge impression created by the Kreuger & Toll report.
at 5 against 5/
1
4,and Cerro de Pasco Copper at 6/
1
4 Losses in French stocks were quite unimportant,
against 7.
some even showing very small gains, but the international list was lower as a whole. Thursday's dealStock exchanges in all the important European ings on the Bourse were somewhat agitated, as wild
financial centers were somewhat irregular this week, rumors were current regarding the American monewith net changes for the series of trading sessions tary situation and the suspension of leading Amerrather small. The markets in London, Paris and ican banks. It was recognized in informed circles
Berlin swung in a narrow arc, with modest upward that such reports were absurd,Paris dispatches said,
and downward movements following each other in but they were published in a number of periodicals
quick succession. The most important single factor and served to unsettle the market. French bank
during the week was undoubtedly the official state- stocks were heavily sold, but industrial issues rement in Stockholm to the effect that Kreuger & Toll sisted the trend rather better. International securiaccounts had been manipulated. Stock markets ties dropped sharply. The general tone was again
everywhere turned heavy in the mid-week sessions, soft on the Bourse yesterday.
The Berlin Boerse was dull and generally lower
as a result of this revelation. Great comfort was
derived, on the other hand,from distinctly favorable in the initial session of the week, little interest being
indications in all the leading industrial countries taken in the proceedings owing to the imminence of
of Europe. These indications took the form of a the second ballot of the Presidential election. Imdecidedly improved trend in the employment indices. pending negotiations on international affairs also
Unemployment statistics for Great Britain, pub- caused hesitation among traders and investors, it
lished Monday, disclosed a decrease during March was reported. Prices recovered slightly, Tuesday,
of 146,000, to an aggregate of 2,567,332. French largely because of increased professional interest
official figures, published weekly, showed a drop in based on an easier money trend. An announcement
unemployment last Saturday for the first time this was made by Boerse authorities that when unreyear, the aggregate falling from 305,496 to 303,218. stricted trading is resumed April 12, 24 securities
Statistics for Germany were published in Berlin, will no longer be listed, while 107 will not be quoted
Thursday, when a decrease of 98,000 was disclosed temporarily owing to lack of dealings. The opening,
for the latter half of March, to an aggregate of Wednesday, was uneasy because of the Kreuger reslightly over 6,000,000.
port. Stocks were materially lower at first, but
The London Stock Exchange was quiet and de- modest improvement followed when reports were
pressed at the opening, Monday, owing partly to un- circulated of excellent dividend prospects
in I. G.
favorable week-end reports from New York. Liqui- Farbenindustrie and Siemens & Halske. The Boerse
dation was expected from the Continent, but this did was unsettled, Thursday, by disquieting rumors re-
APRIL 9 1932.]
FINANCIAL CHRONICLE
2587
ence at Geneva, next week, in the effort to enlarge
the scope of the gathering and improve the prospects
for a world treaty embodying some genuine steps
toward disarmament. He sailed on the steamship
Ile de France, last night, with the intention of proceeding directly to Geneva, where he will assume
official guidance of the American group of delegates. The Conference will be resumed Monday,
after an Easter recess of three weeks. It was started
on Feb. 2, but as yet little has been accomplished
Disquieting charges of the manipulation of the other than a series of formal statements of exceedaccounts of his companies by Ivar Kreuger, who com- ingly divergent views by the representatives of pracmitted suicide in Paris on March 12, were made in tically every nation of importance in the world.
Disclosure of Mr. Stimson's plans to visit Geneva
Stockholm, Tuesday, by a committee which is conducting an official investigation into the present at this time was first made at the White House in
status of the Kreuger & Toll Co. and its numerous Washington, last Saturday, and a formal announcesubsidiaries. A preliminary report of the Commit- ment was issued by the State Department later the
tee, reprinted in full in subsequent pages of this same day. It was explained at the White House,
issue, states there was "gross misrepresentation" in dispatches said, that Mr. Stimson's mission has no
the last published balance sheet of the parent con- other purpose than the work of the disarmament concern. A survey by qualified accountants, now in ference. The formal announcement of the State Deprogress, indicates that the Kreuger & Toll balance partment indicated similarly that he would spend
sheet of Dec. 31 1930, as well as the consolidated a short time at Geneva with the American delegabalance sheets accompanying it, are in agreement tion to the conference. "His trip to Europe is conwith the balances appearing on the books, the com- cerned only with the work of the delegation, and he
mittee reported, but such figures nevertheless will go direct to Geneva for a very brief stay," it
diverge materially from the true financial position was said. In Washington reports it was made clear
of the company. Publication of the charges created that the decision was reached after consultations
a sensation in Stockholm comparable to the shock of with President Hoover and Norman H. Davis of
Mr. Kreuger's death last month, a dispatch to the New York, a member of the American delegation,
New York "Times" said. A statement containing who reported at length on the progress of the conthe substance of the report was issued in New York ference. Mr. Stimson's desire for a sea voyage to
the same day by Lee, Higginson & Co. Securities of aid his recovery from an attack of influenza also
the Kreuger & Toll enterprises reacted sharply on influenced the decision, it was indicated.
Notwithstanding the emphasis laid upon the desire
all markets in the sessions that followed.
of
Secretary Stimson to discuss only disarmament
The Committee remarked in its report that much
much informal conjecture was indulged
problems,
additional time will be required to obtain a clear
week regarding the possibility of converearly
this
statement of the current position, and that a preliminary statement had therefore been requested of sations between the Secretary and European statesPrice, Waterhouse & Co. On the basis of such find- men on the reparations and debts questions. State
ings, it was stated that"under the personal direction Department officials insisted, last Sunday, that Mr.
of the late Mr. Kreuger, entries were made in the Stimson will not participate in any formal discusbooks which on the one hand eliminated substantial sion of reparations or other intergovernmental debts
balances shown to be owing to the parent company during his visit to Geneva. But it was commented,
by him and by subsidiary and affiliated companies, in a dispatch to the New York "Times," that it apand on the other hand entirely eliminated liabilities peared problematical how far he could escape an
to other subsidiaries purporting to represent assets informal exchange of views on the subject of debts
of substantial sums." Such evidence as is available in view of reports from abroad indicating that foris indicative that the balance sheet showed a much eign statesmen were anxiously awaiting his arrival,
better position than the real one, it was added. "In apparently in the hope that he would discuss such
some instances," the statement continued, "there is problems.
reason to believe that the assets so set up in the
A clarifying statement on the matter was issued
books were either greatly in excess of the items they by President Hoover, Tuesday, and again much empurported to represent, entirely fictitious, or a dupli- phasis was placed upon Mr. Stimson's intention to
cation of assets belonging or appearing on the books confine his activities to the disarmament conferof the associated companies. Moreover, even if some ence. The statement, made at a meeting with represubstance should lie behind these book assets and sentatives of the press, was intended partly to reafaccounts, there are instances where the description firm the United States position on the intergovernand classification in the balance sheet are entirely mental debts problem, Washington reports said.
misleading." The report concluded with the state- There was also a desire to prevent the impression
ment that the Committee and the Board of the com- that the disarmament conference is on the verge
pany "are trying to find some way in the first place of a sensational success, a dispatch to the New York
to liquidate the company in such manner that the "Times" added.
interests of creditors will be looked after to the
"Some two months ago," President Hoover said,
greatest possible extent, and in the second place to "I presented to our delegation to the arms confercontinue in some form the business of the industrial ence at Geneva certain ideas which I believe would
contribute to a solution of some of the problems beundertakings belonging to the Kreuger concern."
fore the conference, and which were incorporated
Secretary of State Henry L. Stimson will join in in the general program by our delegation to the conthe discussions of the General Disarmament Confer- ference. These ideas have been more fully discussed -
garding the Kreuger companies and by the reports
of downward trends on other markets. Authoritative indications of an impending reduction in the
Reichsbank discount rate offset these influences to
a degree, but not entirely. A rally near the close
of the session wiped out only a part of the early
losses. Although the Reichsbank rate was reduced
from 6% to 5/
1
2%, yesterday, prices on the Boerse
again declined.
2588
FINANCIAL CHRONICLE
and developed during the visit to Washington of
Mr. Norman Davis and in consultation with the
Secretary of State and our army and navy advisers,
with a view of enlarging their scope and application.
With the months that pass the economic burden and
menace to world peace have, if anything, increased.
The world needs the reduction of government expenditure and the spirit of peace that can come from
some degree of successful issue by the disarmament
conference at Geneva. I have, therefore, asked the
Secretary of State to go to Geneva in order to explore with our delegates and those of other nations
the possibility of taking more definite steps in that
direction. It is the American desire to produce some
concrete and definite results, even though they may
not be revolutionary. The world needs, both economically and spiritually, the relief that can come
from some degree of successful issue by the disarmament conference. This is the sole purpose of the
Secretary's visit. There will be no discussion or
negotiation by the Secretary on the debt question."
Several series of conversations were held in London this week by the statesmen of the leading European countries, with the problem of a Danubian
Union in the foreground of discussion. Prime Minister Ramsay MacDonald of Britain and Premier
Andre Tardieu of France conferred at some length
on this subject Sunday and Monday, but it was admitted readily that the informal talk also ranged
over many other matters. A second meeting of representatives of Britain, France, Germany and Italy
was convened, Wednesday, for discussion of the
Danubian question alone, but this gathering terminated rather abruptly yesterday. So far as outward
appearances go,little would seem to have been accomplished in these conferences, either in regard to the
Danubian Union or any other matter. In diplomatic
procedure, however, appearances are frequently
misleading.
The rather widely acclaimed visit of Premier Tardieu and Finance Minister Flandin to London was
the occasion for the usual protestations of good-will
and solidarity. A short formal discussion took place
last Sunday at 10 Downing Street, the official residence of the Prime Minister, and this was followed
by long informal talks at the French Embassy, both
on Sunday and Monday. Brief identical statements
were given out by the two statesmen after the first
day's discussion to indicate that no definite decisions
would be reached on the Danubian question in advance of the four-Power conference. In a press conference late in the day Mr. MacDonald expressed
keen pleasure over the renewal of his acquaintanceship with M. Tardieu, and reaffirmed his belief in
the efficacy of personal contacts between statesmen.
He maintained earnestly that the British Government is anxious to get the maximum amount of goodwill and international co-operation brought to bear
upon a solution of European problems. No preliminary agreement and no draft proposals on the Danubian problem would result from the meeting, he
added. M. Tardieu, in a similar press conference,
commented at length on the solidarity, the common
responsibility and the identic aspirations of Britain
and France.
After the conclusion of the visit, Monday, a joint
communication was issued indicating that the discussions bore chiefly on the economic and financial
difficulties of the Danubian States. "The Ministers
[VoL. 134.
of the two countries were of the opinion," the announcement said,"that the problems they examined
can be solved only by general agreements of an international character, and for this purpose close and
cordial collaboration is essential as between the four
Powers who meet on Wednesday. In view of the
pending meeting of this conference they did not
expect to reach any conclusions, but are convinced
that this comparison of views will facilitate the
work of the conference. The British and French
Governments share the hope it may be possible
speedily to agree on measures which, while respecting the legitimate interests of third parties, will
render possible an economic rapprochement between
the Danubian States and facilitate establishment of
conditions calculated to restore equilibrium and
stability in this part of Europe."
In a further talk to press correspondents, Monday,
Mr. MacDonald admitted that the conversation
ranged over a wide field. "In fact, it would be difficult to name any topic of world interest to-day which
was not touched upon in the course of our various
talks," he said. Other than this allusion, however,
no specific comment was made regarding any matter
other than the Danubian crisis. That problem was
explored very thoroughly, Mr. MacDonald said. As
a result of the exchange, Great Britain and France
understood each other perfectly, he added, and were
prepared to work in all possible ways for an agreement at the four-Power meeting. In a London dispatch to the New York "Times" the information was
added, without any authority being given, that the
meeting of the two Premiers was not uniformly
cordial. "If they had been ordinary citizens instead
of exalted heads of great Powers, their conversation
might have been described as an altercation," the
dispatch stated. There were sharp differences, it
was added, on such questions as a renewal of the
Entente Cordiale, the new French tariff on British
coal, and the possible effects of the Imperial Conference at Ottawa next June. On the Danubian question, however, similar views were said to have been
expressed with regard to several points. Both Governments believed, the "Times" dispatch indicated,
that the Danubian States to be invited to a conference of their own should be confined to Austria,
Hungary, Czechoslovakia, Rumania and Yugoslavia.
The view was also held in common that the four
great Powers shall not themselves be members of the
proposed Union or seek any economic advantages
from it, the report added.
The four-Power conference on the Danubian problem was started in London, Wednesday, with Prime
Minister MacDonald presiding. Finance Minister
Pierre Etienne Flandin headed the French delegation; Foreign Minister Dino Grandi the Italian
negotiators, and Dr. Bernhard von Buelow, Secretary of State in the Berlin Foreign Office, the German contingent. "The outcome of the first session
was a decided split, with Italy and Germany in opposition to Great Britain and France both as to procedure and as to the principle of the French proposal
that the States to be rescued improve their trade by a
preferential tariff arrangement among themselves,"
a London dispatch to the New York "Times" said.
The French plan called for a lowering of tariffs by
10%, as between the various Danubian States, while
import quotas and other devices now hampering international trade among them were to be abolished.
In order to place this plan in effect, other countries
4
APRIL 9 1932.]
FINANCIAL CHRONICLE
would have to renounce their rights under mostfavored-nation clauses of treaties. A supplementary
part of the plan calls for loans of $40,000,000 to the
Danubian countries, such advances to be guaranteed
by the four Powers *engaged in the London discussion. "This, in brief, is the French plan to which
the British Government refused to agree in advance
of the four-Power conference, but which it has now
evidently adopted," the "Times" report continued.
"It was the British Prime Minister himself who, as
Chairman of the conference, placed these proposals
before the delegates. Finance Minister Flandin
merely sat hack and indicated his approval of
them."
The opposition of Italy and Germany to the procedure and the plan was immediately made apparent.
Signor Dino Grandi insisted that there should be a
joint conference of the four Powers with the Danubian States, rather than two meetings. Bulgaria,
he added, should be included among the countries
to benefit from the proposed scheme. Dr. von Buelow held that the French plan was entirely inadequate to solve the Danubian economic problem. In
order to prove effective, the arrangement would have
to include Germany, Italy, Poland and possibly Bulgaria, he declared. Some doubts were expressed by
the German delegate regarding the advisability of
including Czechoslovakia in the scheme, on the
ground that she is chiefly an industrial State. A
subcommittee appointed to reconcile these views
made no progress whatever, and it was indicated
Thursday that the conference would end the following day without any agreement. The meeting was
virtually concluded Thursday, reports said, when
Germany and Italy refused to waive most-favorednation treatment in order to clear the way for the
Anglo-French plan. Further discussion of the Danubian problem will take place at the special League
Council meeting in Geneva next week, it was
remarked. After the conference adjourned, sine die,
at noon yesterday, a statement was issued by the
Foreign Office in London to the effect that each of
the four Powers had agreed to address to the other
three, as soon as possible, a statement of its views
on the points reserved and on the best means of
advancing the proposals considered.
Numerous specific recommendations designed to
alleviate the economic difficulties of Austria, Hungary, Bulgaria and Greece are contained in a report
of the League of Nations Financial Commission,
issued at Geneva late last week. This study summarizes the findings of a recent session of the Commission, held at Paris. In a general preliminary
statement, the Commission contends that the strain
on the four countries is a result mainly of world
causes. By inference it deplores the postponement
of the reparations and debts settlements, a dispatch
to the New York "Times" states. A previous report
of the Financial Commission, it is explained, was
based on the hope that there would be prompt action
on political debts, but instead "the Lausanne conference was postponed until June; meanwhile, the
world situation has seriously deteriorated and this
general deterioration has gravely affected the countries on behalf of which the Committee has been
working." Because of the uncertainty of present
conditions, a final solution of the problem presented
by the four countries is not now possible, the Commission adds. It is urged emphatically, therefore,
2589
that prompt action be taken "to gain breathing
space" and to "arrest the tendencies to disaster."
Creditor States are warned specifically that they
must cease raising tariffs if they wish to avert
additional national defaults. The world's trade, the
Commission complains, "is being submitted to progressive strangulation."
In the more detailed recommendations that follow
it is suggested that the salvation of the four countries depends largely on improved economic relations in Central Europe. The steps taken toward
this end recently are noted with satisfaction, and
general approval is expressed of the aim to create
some form of economic rapprochement among the
Danubian States. Bulgaria should be included in
any economic federation, it is contended,as the country will otherwise suffer isolation. The League
Council is urged by the Commission to appoint a
special independent adviser "to render assistance in
the technical discussions and negotiations" necessary for the elaboration of the scheme. The Commission urgently proposes "small help" to each of
the four countries, with a view to preventing "the
necessity for much more far-reaching and difficult
assistance later."
Austria should receive a $14,000,000 loan, of which
$8,000,000 would represent the unissued portion of
a $35,000,000 loan previously authorized, the Commission contends. For Greece a maximum loan of
$10,000,000 is recommended to solve that country's
transfer problem, but it is suggested also that
League control should be tightened in various ways.
It is recommended also that Greece be allowed to
suspend for one year the sinking fund payments on
her foreign debt, the full sum to be deposited within
the country in the meanwhile in drachmas. For
Bulgaria the Commission recommends the reduction
of foreign debt payments by 50% in the six months
from April to September, with a re-examination of
the position advisable thereafter. This suggestion
is contingent on suitable action by the Sofia Government, in accord with the Commission recommendations for a balanced budget and stricter
League control of finances. No need is seen for the
formation of a Bulgarian transfer committee, provided the country's reparations payments continue
to be suspended. With regard to Hungary the Commission makes few recommendations, as the Budapest regime has already declared a moratorium on
foreign debts. The proposal is made that all private
foreign creditors of Hungary follow the British example and grant "standstill" facilities. The Hungarian exchange and transfer position is. considered
"extremely grave," and it "threatens to become more
difficult until the next harvest."
These recommendations of the Financial Commission will be taken up by the League Council at a
special meeting scheduled to begin April 12. Serious consideration already is being given the suggestion for an independent adviser by the League Secretariat, a Geneva dispatch of Wednesday to the New
York "Times" said. The Financial Commission was
said to have had Norman H. Davis, of New York, in
mind as the envoy extraordinary who might be best
suited to foster the aims of the Commission. As
Mr. Davis is now a member of the American delegation to the General Disarmament Conference, some
doubt existed as to whether he would be able toengage in such activities.
2590
FINANCIAL CHRONICLE
The controversy between the London and Dublin
Governments regarding the oath of allegiance to
the British Crown and the Irish land annuities was
carried a step further, Tuesday, when the Free State
Government made a formal reply to a note of the
London regime. The documents have not been published as yet, but intimations of their contents show
clearly that the dispute will not be carried to the
length of an open breach. In the note now dispatched by the Free State Government of President
Eamon de Valera, objection is taken to further payments of land annuities, but the door is left open
for subsequent negotiations, a Dublin report to the
New York "Times" states. The oath of allegiance
is described in the note as a purely domestic problem, it is added, and the question of treaty violation
does not arise as the Free State Government does
not propose to delete it from the Anglo-Irish treaty.
The House of Commons in London was informed by
J. H.Thomas, Secretary for the Dominions, Wednesday, that the Irish note had been received and was
under consideration by the Cabinet. A statement
will probably be made next Monday,it was said. In a
Dublin dispatch of Sunday to the Canadian Press,
it was confidently asserted that the Free State Government contemplates no severance of the link between Ireland and the British Commonwealth of
Nations. Much interest was occasioned this week
by the receipt of notes in Dublin from the Australian,
New Zealand and South African Governments bearing on the,dispute. In every instance these member
States of the British Commonwealth expressed the
hope that the Free State Government will not pursue
any course that might jeopardize the Irish Free
State's continued association with the Commonwealth.
A grave movement against the Newfoundland
Government developed at the capital, St. John's,
last Tuesday, when a mob of 10,000 infuriated citizens beseiged the legislative building and belabored
Prime Minister Sir Richard Squires until he promised to resign. The affair began as a peaceful demonstration, organized by a committee of respectable
citizens. Marching through the streets behind a
band, this group gathered together a small army of
Newfoundlanders and proceeded to the Parliament
buildings for the purpose of submitting resolutions
demanding a full investigation of charges that Sir
Richard had falsified Council minutes in order to
conceal manipulations of public money. There was
a long delay during which the anger of the crowd
mounted, and the movement finally resolved itself
into a violent attack on the building. Sir Richard
was beaten and trampled upon, but he escaped despite the threats of the crowd that they would throw
him into the harbor. The crowd dispersed after
Peter Cashin,former Minister of Finance, announced
that Sir Richard had promised, to resign or else
ask dissolution of the Assembly within 48 hours.
The Prime Minister reappeared late Wednesday, and
immediately announced that he had "absolutely no
intention of resigning." Sir John Middleton, Governor of Newfoundland, declared Thursday that a
Royal Commission would be appointed to inquire
into "certain occurrences at the Colonial building."
Among the matters to be investigated, it is indicated,
will be the charges that Sir Richard falsified the
Council minutes. Mr. Cashin, who resigned his
portfolio Feb. 2 and severed his connection with the
[voL. 134.
Government party, preferred these charges in the
Assembly on Feb. 4 and again on Feb. 16.
Revolutionary movements in Latin American
countries, never far from the surface in recent years,
again broke into the open in Chile and Ecuador this
week. The Cabinet serving in Chile under President
Juan Esteban Montero resigned early Thursday,
after a run had started on the Central Bank of Chile
which threatened to grow to uncontrollable proportions. A sense of uneasiness pervaded Santiago, the
capital, dispatches said. Rumors of revolutionary
movements in various parts of the country were
circulated, guards at the Palace were reinforced,
army commanders swiftly changed, and President
Montero finally asked. the Congress to proclaim martial law. The Government was defeated in the Chamber of Deputies on the method of solving the nation's
monetary tronbles, it was indicated, and the run on
the central bank developed thereafter. In Ecuador
a small military revolt against the Government was
started Thursday, in opposition to the return to
the country of General Leonidas Gutierrez, former
President, who was exiled in 1925. The Ecuadorean
navy, consisting of two vessels, mutinied and captured a nearby fort when a ship carrying General
Gutierrez entered the harbor of Guayaquil. The
guns of the fort were turned on the vessel and two
sailors were wounded. The Government dispatched
troops against the rebels, and as the fort has scarcely
any land protection, it was believed the revolt would
quickly be ended.
Armistice negotiations between the Chinese and
Japanese have not yet been completed at Shanghai,
but there is at present a reassuring absence of belligerent utterances on either side and the peaceful conditions bid fair to continue. The Foreign Office at
Tokio again announced, Monday, that Japan will
not resume hostilities at Shanghai, even if the present conferences fail, unless the Chinese forces attack.
Difficulties encountered in the discussions relate to
the precise terms under which the Japanese troops
are to withdraw to the International Settlement.
Regarding the basic principle of such withdrawal
there is no dispute, it seems, so that the effort to
save "face," or national dignity, probably accounts
for most of the delay in reaching an accord. In the
meanwhile a serious movement is reported on foot
in Shanghai, supported by prominent American,
British and French interests, for the creation of a
free port at Shanghai under a charter from the Chinese Government. "The project has been drawn up
in elaborate detail," a dispatch of Tuesday to the
New York "Herald Tribune" states. "It provides
for the establishment of a free port which would include the Chinese-administered districts of greater
Shanghai, the International Settlement, the French
Concession and all bodies of water lying entirely
within the area, as well as a 20-mile neutral zone
surrounding the free port." Insurgent Chinese
troops continued their activities in Manchuria this
week, and the Japanese Government decided to send
additional forces to the area to cope with the irregulars. General Chiang Kai-shek, leading spirit in
the loosely organized Nanking-Loyang Government
of China, declared last Saturday that Manchuria is
still a part of China, and that any further attacks
by the Japanese would be resisted with arms.
APRIL 9 1932.]
FINANCIAL CHRONICLE
The Reichsbank on Friday (April 8) reduced its
discount rate from 6% to 51A% and its Lombard
rate from 7% to 63'%, both changes effective
Saturday (April 9). Rates are 11% in Greece; 8%
in Hungary; 7
in Lithuania; 7% in Austria,
Rumania, Finland, Portugal, and 63'% in Spain;
6% in Italy, Danzig, Czechoslovakia, India and in
Colombia; 5.84% in Japan; 51A% in Germany,
Estonia and in Chile; 5% in Ireland, Denmark,
Sweden and in Norway; 3
in England and Belgium; 3% in Holland; 23'% in France, and 2% in
Switzerland. In the London open market discounts
for short bills on Friday were 2 3-16@23j as against
2@21A% on Friday of last week, and 2 7-16®23'%
for three months' bills as against 2 3-16@21
/
1% on
Friday of last week. Money on call in London
on Friday was 15A%. At Paris the open market rate
continues at 1 8%, and in Switzerland at 1M%.
The Bank of England statement for the week
ended April 6 shows a gain of £5,569 in gold holdings
and as this was attended by a contraction of £738,000
in circulation, reserves rose £743,000. Gold holdings
now total £121,437,360 as compared with £147,023,368 a year ago. Public deposits fell off £17,238,000
while other deposits increased £24,239,138. The latter
consists of bankers accounts, which increased £24,976,651 and other accounts which decreased £737,513.
The reserve ratio is at 29.74%; a week ago it was
30.90%; and a year ago it was 46.56%. Loans on
government securities rose £15,415,000 and those on
other securities fell off £9,737,849. Other securities
include discounts and advances and securities. The
former increased £438,764 and the latter decreased
£10,176,613. The discount rate remains at 33
,%.
Below we furnish a comparison of the different items
for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1931
1930
1932
1929
1928
April 9.
April 10.
April 11.
April 8.
April 8.
Circulation_s
359,791,000
Public deposits
9,993,000
Other deposits
113,186.227
Bankers' accounts 79.542,470
Other accounts... 33,643,757
Governml securities 51,110,906
Other securities _ _ 53,074.407
Disct..4 advances 12,164,130
Securities
40,910,277
Reserve notes.4 coin 36,645.000
Coin and bullion _.121,437,360
Proportion of reserve
to liabilities
29.74%
Bank rate
3Si%
358,884,883
9,863,140
93.506,910
59.506,768
34,002,142
33,399,684
39.498,988
10,889.986
28,609,002
48,138,485
147,023,368
359,250,323
15,167,701
101,908,734
65.251,317
36,657,417
55.861,909
17,351.549
6,288.218
11,063,331
61,531,155
160,782,478
362,130,979
17.205,719
100,517,648
63,900,072
36,617.576
53,276.855
28,763,947
12,671,742
16,092,205
53,351,721
155.482,700
135,560.295
17,799,981
102,220.166
46.56%
3%
52.55%
354%
45.31%
347-%
414%
514%
33,110,447
62,689,493
41,892,884
157,703,179
a On Nov.291928 the fiduciary currency was amalgamated with Bank of England
note Issues, adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
The statement of the Bank of France for the week
ended April 1 reveals a loss in gold holdings (the
first in twenty weeks) of 45,528,344 francs. Total
gold is now 76,785,994,706 francs, as compared with
56,096,521,839 francs a year ago and 42,357,642,816
francs two years ago. Credit balances abroad gained
500,000,000 francs, while bills bought abroad declined
600,000,000 francs. Notes in circulation expanded
1,656,000,000 francs, raising the total of notes outstanding to 83,438,466,175 francs. Last year circulation aggregated 79,464,634,075 francs and the year
before 71,575,901,795 francs. French commercial
bills discounted and creditor current accounts decreased 1,073,000,000 francs and 1,999,000,000 francs
while advances against securities rose 143,000,000
francs. The proportion of gold on hand to sight
liabilities stands this week at 69.85%. Last year
the item was 55.33% and the year before 49.89%.
2591
A comparison of the various items for three years is
shown below:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as o
Changes
for Week.
April 11932. April 3 1931. Aprtl4 1930.
Francs.
Francs.
Francs.
Franca.
Gold holdings__ __Dec. 45.528,344 76,785,994,706 56,096.521,839 42,357,642.816
Credit bats. abed_Inc. 500,000,000 4,348,096,705 6,940.740.703 6,913,222,800
*French commercial
bills discounted_Dec 1073,000,000 3,746.620,486 5,991,147,783 5.110,044.250
bBills bought abedDec.600,000,000 8,183,857,344 19,372,294.259 18,757,508,904
Adv.agst.securs—Inc. 143,000,000 2.858,489,402 2,941,097,944 2,697,241.078
Note circulation_ _Inc.1656,000,000 83,438,466,175 79,464,634,075 71,575,901,795
Cred. curr. accts__Dec 1999,000,000 26,489,565,590 21,916,421,933 13,323,443,327
Proportion of gold
on hand to sight
55.33%
49.89%
Inc.
69.85%
liabilities
0.18%
a Includes bills purchased in France. b Includes bills discounted abroad.
The Bank of Germany statement for the last quarter of March reveals a gain of 1,562,000 marks in
gold and bullion. The Bank's total gold is now
878,650,000 marks, which compares with 2,323,403,000 marks a year ago and 2,495,931,000 marks two
years ago. The items of reserve in foreign currency,
silver and other coin, notes on other German banks,
investments and other liabilities record decreases of
369,000 marks, 69,633,000 marks, 5,016,000 marks,
2,000 marks and 53,152,000 marks, while deposits
abroad remain unchanged. Notes in circulation rose
225,177,000 marks, raising the total of the item to
4,231,073,000 marks. Circulation a year ago was
4,455,670,000 marks and the year previous 4,805,581,000 marks. Increases appear in bills of exchange
and checks of 98,532,000 marks, in advances of 155,005,000 marks, in other assets of 78,181,000 marks
and in other daily maturing obligations of 86,235,000
marks. The proportion of gold and foreign currency
to note circulation is this week 24.1%, which compares with 56.4% last year and 60% the year before.
Below we furnish a comparison of the various items
for three years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
Mar.31 1932. Mar.31 1931. Mar.31 1930.
for Week.
Reichsmark:. Reichsmarks. Reichsmark*.
Reichsmarks.
Assets—
Inc. _1,562,000 878,650,000 2,323,403,000 2395,931,000
Gold and bullion
Of which depos.abr'd.
No change
64,607,000 207,638,000 149,788,000
Ras'vein for'n curr
Dec.
369.000 141.819,000 188.055,000 386,600,000
Bills of exch.& checksinc. 98,532,000 3,317,855,000 2,249,093,000 2,067,462,000
Silver and other coin—Dee. 69,633,000 139,053,000 157,157,000 130,761,000
Notes on oth.Ger.bks.Dec. 5,016,000
2,797,000
10.144,000
3,918,000
Inc. 155,005,000 289,874,000 274,072,000 201,309,000
Advances
Investments
Dec.
2.000 361.751,000 102.802.000
93.245.000
Other assets
Inc. 78.181,000 910,635.000 476,560,000 529,839,000
1,4601/tties—
Notes in circulation Inc. 225.177,000 4,231,073,000 4,455.670,000 4,805.581.000
Oth.dally matur.oblig.Ine. 86,235.000 577.688,000 397.452.000 729,648,000
Other liabilities
Dec. 53.152,000 658,257,000 281,402,000 150.033.000
Propor. of gold & tor'n
60%
1.3%
56.4%
curr.to note circulnDec.
24.1%
The New York money market was a dull affair
this week, with rates unchanged in every department. In the Stock Exchange section of the market
call loans were quoted at the undeviating figure of
2/
1
2%, both for renewals and new loans. Banking
house funds were offered every day in the unofficial
outside market at 2% on stock market collateral,
this figure also having prevailed previously. Time
loans likewise were unchanged. Both the usual tabulations of brokers'loans were issued this week. The
New York Stock Exchange total at the end of March
indicated an increase of $8,439,301 during that
month. The Federal Reserve Bank of New York
figures for the week ended Wednesday night reflected a decrease of $9,000,000. Gold movements for
the same weekly period consisted of imports of
$2,023,000 and a net decrease of $2,985,000 in the
stock of the metal held earmarked for foreign account. There were no exports.
2.592
FINANCIAL CHRONICLE
Dealing in detail with call loan rates on the Stock
Exchange from day to day,21/
2% was the rate ruling
all through the week, both for new loans and renewals. The time money market continues unchanged. Rates are unchanged but nominal at
23
/
4@3% for all dates. The demand for prime commercial paper has shown some improvement this
week. More paper is available and the demand has
held fairly steady. Rates are unchanged. Quotations for choice names of four to six months' ma2%. Names less well known are
1
4@31/
turity are 3/
/
1@4%. On some very high class 90-day paper
33
occasional transactions at 3% were noted.
[VoL. 134.
the City recognizes that it was the presence of the
highly volatile short-term funds which was one of the
fundamental causes of London's weakness last summer. These funds are now flowing back and London
is taking all possible measures to prevent the position
of the City from being vulnerable to sudden withdrawals. Some banks report that London is willing
to accept Continental money for one year but sight
or short-term deposits are not so welcome as before
the September crash. In England it is felt that the
renewal of confidence in the London market and the
higher sterling rates are definitely depriving the
country of advantages which from the trading viewpoint might have been derived from the decline from
Prime bankers' acceptances have been in demand the old gold parity level. Efforts to revive British
this week, but first class paper has been very scarce trade under cover of sterling depreciation are conseand transactions were limited to the supply. Rates quently meeting with discouragement.
are unchanged. The quotations of the American AcThe British also point out that the instability of
ceptance Council for bills up to and including three sterling and the rapid fluctuations in the
rate are
months are 2/
1
4% bid,21/
8% asked; for four months, acting as a brake upon export business. As a result
2%70 bid and 2/
1
4% asked; for five and six months, of the higher sterling rates commodity prices have in
2%70 bid and 21/
2% asked. The bill buying rate of general declined sharply. The present strength
in
the New York Reserve Bank is 21/
2% on maturities sterling is attributed in some measure to the steady
from 1 to 120 days, and 3% on maturities from 121 repatriation
of British balances and to the continto 180 days. The Federal Reserve banks show a uance speculation for
of
a rise in the unit. The various
decrease this week in their holdings of acceptances,
influences pushing up the rate have temporarily at
the total having fallen from $66,362,000 to $57,least created a position which the Bank of England
946,000. Their holdings of acceptances for foreign
is more or less powerless to resist. There is little
correspondents decreased slightly from $335,425,000
doubt that as a result of the pronounced faith in
to $335,312,000. Open market rates for acceptances
England's financial position a large volume of foreign
are as follows:
money will continue to seek employment in London
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days— until such time as other countries are able to show
Bid. Asked.
Bed. Asked.
Bid. Asked. similar recovery
in their economic condition. The
Prime eligible bills
251
251
251
251
251
251
—90Days— —60Days— —30Days— Paris market is inclined to be critical of London's
Bid. Asked.
Bid. Asked.
Bid. Asked. attitude
toward sterling. The Bank of England
Prime eligible bills
251
231
251
251
231
231
maintains
close and cordial relations with the Bank
FOR DELIVERY WiFHIN THIRTY DAYS.
of
France.
Eligible member bank!'
The latter institution makes no secret of
251% bid
Eligible non-member banks
251% bid the fact that
if often operates in Paris in the exchange
market for account of the Bank of England, but the
There have been no changes this week in the redis- French say
that it is impossible to draw from such
count rates of the Federal Reserve banks. The fol- operations
any positive conclusion concerning the
lowing is the schedule of rates now in effect for the plans
which the Bank of England has conceived for
various classes of paper at the different Reserve intervention in the exchange
market. What is
banks:
thought in Paris to be most probable is that the
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
British Government, having as yet made no decision
AND MATURITIES OF ELIGIBLE PAPER.
concerning future stabilization of the pound, would
Rate In
like to prevent appreciation in sterling, but in comEffect on
Federal Reserve Bank.
Date
Precious
April 8.
Established.
Rate.
mon with the Bank of England is unwilling to accu351
Oct. 17 1931
Boston
251
mulate foreign exchange for the purpose.
3
Feb. 26 1932
New York
351
351
Philadelphia
Oct. 22 1931
3
According to Paris bankers, London is wrong both
351
Oct. 24 1931
Cleveland
a
Jan. 25 1932
Richmond
351
4
Nov. 14 1931
in ascribing the rise in sterling solely to speculation and
33-1
Atlanta
a
Oct. 17 1931
351
Chicago
251
Oct. 22 1931
St. Louts
33.4
234
in imagining that the speculators may be puzzled and
Sept. 12 1930
33-1
Minneapolis
4
Oct. 23 1931
Kansas City
3
334
discouraged by exertion of pressure on the market
Jan. 28 1932
4
Dallas
33.4
351
Oct. 21 1931
San Francisco
234
through intermittent intervention, yet that appears
to be why the Bank of England, whenever it succeeds
Sterling exchange fluctuated rather widely during in depressing the sterling market after an advance,
the week and while the high levels of last week were seeks to take advantage of the lower prices to buy
not touched, rates were firm and the pound was in back sterling bills previously sold. Such a procedure
demand both here and in Continental centres. The avoids accumulation of foreign exchange, but since
range this week has been from 3.74% to 3.813
% there are other factors than speculation which are
for bankers' sight bills, compared with 3.713' to tending to cause the rise in sterling intervention of
3.835
% last week. The range for cable transfers has that character is having only a psychological effect.
been from 3.75 to 3.813/2, compared with 3.72 to It has no power to put a complete brake on the ad3.833
4 a week ago. In the main the underlying fac- vance and therefore despite the recent alternation of
tors affecting sterling are unchanged. The steady advances and declines in sterling the curve in rates
Continental demand for sterling, though a favor- continues generally upward, which only serves to
able influence on British exchange, does not meet encourage the speculators. Gold continues to sell in
with favor in London banking circles. While the the London open market at around 109s. This week
English people feel highly gratified over the renewal the Bank of England shows an increase in gold holdof confidence in the London market by all centres, ings of £5,569, the total standing at £121,437,360 on
APRIL 9 1932.]
FINANCIAL CHRONICLE
April 6, which compares with £147,023,368 a year
ago.
At the Port of New York, the gold movement for
the week ended April 6, as reported by the Federal
Reserve Bank of New York, consisted of imports of
$2,023,000, of which $997,000 came from Canada,
$996,000 from Peru, and $30,000 chiefly from LatinAmerican countries. There were no gold exports.
The Reserve Bank reported a decrease of $2,985,000
in gold earmarked for foreign account. In tabular
form the gold movement at the Port of New York
for the week ended April 6, as reported by the Federal
Reserve Bank of New York, was as follows:
2593
slightly above the gold export point to Paris. The
high rates frequently quoted for the franc revived
discussion among foreign exchange brokers as to the
probability of renewed gold shipments to France.
The firmness in the unit was not due so much to
demand for francs here as to a certain apprehension
shown in foreign markets over the Federal legislative
programs here. Dollars were sold rather heavily in
some centres abroad. The true gold export point is
estimated here as about 3.9442, although it is not
believed that shipments of gold will be made much
below 3.9475. Yesterday Paris cable transfers went
to 3.95. There is little demand for forward francs
GOLD MOVEMENT AT NEW YORK, MARCH 31—APRIL 6, INCL. in New York because the exchange is so near the
upper gold point. There is a premium of about
Imports.
Exports.
$997,000 from Canada
13/
points above spot on 90-day francs, a quotation
996,000 from Peru
None
30,000 chiefly from Latinwhich is more or less nominal. The local market for
American countries
francs is so thin at present that the sale of 25,000,000
$2,023,000 Total
francs to purchase the necessary dollar exchange with
Net Change in Gold Earmarkedfor Foreign Account.
which to obtain approximately $1,000,000 in gold at
Decrease $2,985.000.
New York would at any time cause a sharp break in
The above figures are for the week ended Wednes- the franc rate. According to Paris dispatches the
day evening. On Thursday there were no imports weakness of the dollar on several occasions during the
or exports, but gold earmarked for foreign account week was due to the offering of dollars from New York
increased $1,399,700. Yesterday gold imports against sterling and to a lack of demand
on the
amounted to $2,022,800, of which $1,000,000 came French side. Several French bankers have
asserted
from Uruguay, $997,300 came from Canada and that there are no signs of nervousness on the
part
$25,500 came from Mexico. Exports amounted to of either the banks or the French
public with respect
$10,415,000, of which $10,400,000 was shipped to to the dollar. The current
statement of the Bank
France and $15,000 to Canada. There was an in- of France shows a loss in gold holdings 45,528,344
of
crease of $915,000 in gold earmarked for foreign francs, the total standing on April
1 at 76,785,994,706
account. During the week approximately $2,674,000 francs, which compares with 56,096,521,839 francs
of gold was received at San Francisco, of which on April 3 1931 and with 28,935,000,000 francs in
$1,703,000 came from China, and $972,000 came June 1928, when the franc was stabilized. However,
from Australia.
the Bank's ratio of reserves to liabilities is at record
Canadian exchange continues at a severe discount, high level, standing at 69.85% on
April 1, which
although the rate has been steadier this week and compares with 69.67% on March 25, with 69.81%
on average more in favor of Montreal. On Saturday on March 18, with 55.33% a year ago, and with
legal
last, Montreal funds were at a discount of 10%, requirement of 35%.
on Monday at 97
4%,on Tuesday at.97
/
3%,on WedThe present decline in gold holdings of the Bank
nesday at 9 5-16%, on Thursday at 9 9-16% and of France is the first perceptible
drop since July 3
on Friday at 9%%.
1931. On July 10 and again on Sept. 18 1931 the
Referring to day-to-day rates, sterling exchange Bank reported a decrease of 1,000,000 francs, but
on Saturday last was active and inclined to firmness. these changes were scarcely worthy of note, amountBankers' sight was 3.75/2@3.77, cable transfers ing to less than $40,000 each.
The current decline
3.75%@3.78. On Monday sterling was in demand amounts to about $2,000,000.
The present drop
and firmer. The range was 3.747
4@3.803/ for in gold holdings is not to be interpreted as a complete
bankers' sight and 3.75@3.80% for cable transfers. reversal of trend,
but it illustrates clearly the inOn Tuesday sterling was in demand but easier. ability of the franc to attract gold any longer from
Bankers' sight was 3.76/@3.783, cable transfers abroad, partly because
of inherent weakness and
3.76%@3.783. On Wednesday exchange on Lon- partly because of the almost universal abandonment
don was strong. The range was 3.78%@3.81/
38 for of the gold standard or the employment of exchange
bankers' sight and 3.78%@3.813/
2 for cable trans- control. France can still purchase gold in the open
fers. On Thursday sterling continued in demand. market or take gold from New York in exchange for
The range was 3.76%@3.79% for bankers' sight and its foreign balances, but gold movements under
3.77@3.80 for cable transfers. On Friday sterling normal exchange transactions have become noticeaby
was easier, the range was 3.77%@3.79 for bankers' few and far
between in recent weeks. During the
sight and 3.78@3.79 for cable transfers. Closing period in
which French gold holdings declined, the
quotations on Friday were 3.78M for demand and franc moved
from a position below parity to the upper
3.782 for cable transfers. Commercial sight bills gold point,
indicating that the release of metal from
finished at 3.77; 60-day bills at 3.753; 90-day bills earmark
by the Bank may have been used to
at 3.7432; documents for payment (60 days) at strengthen the weakening franc rate.
3.753j, and seven-day grain bills at 3.77%. Cotton
German marks are steady though rates are largely
and grain for payment closed at 3.77.
! nominal and transactions extremely limited. Local
I banking circles were particularly pleased with the
Exchange on the Continental countries, as during statement of the Reichsbank
for the week ended
the past few weeks, is generally firm. French francs March 31 showing the effects of the month-end rehave been exceptionally firm, although fluctuating quirements and of the first quarter. End of the first
rather widely. In Wednesday's trading the franc quarter requirements a year ago resulted in a drop
was strong and touched 3.94% in New York, or of 10.2% in the Bank's reserve ratio. This year the
2594
FINANCIAL CHRONICLE
decline was only 1.3%, or from 25.4% to 24.1%.
Gold holdings increased for the second successive
week, showing a gain of Rm. 1,562,000 on the week
and bringing the total to Rm. 878,650,000. This increase was partly offset however, by a drop in foreign
currency reserves of Rm. 369,000 to Rm. 141,819,000. Leading German authorities declare that the
German situation is one which "must be nursed
along." No particular concern is felt over the situation of the Reichsbank and the fact that no signs of
inflation either in notes or loans have appeared is
regarded as an encouraging factor. Large amounts
of German capital are being held abroad for safe
keeping which if returned would aid the Reichsbank
in its exchange problem. The return of this capital,
however, is held to be entirely dependent upon a
general recovery of business.
Austrian schillings are largely nominal. The new
President of the Austrian National Bank seems
determined to work toward restoration of gold parity
for the schilling. Energetic restrictions of credit are
being introduced to make possible a reduction in the
note circulation. In addition the greater part of
the Kreditanstalt finance bills, which amount to
679,000,000 schillings of the Bank's 832,000,000
schillings total bill holdings, are to be taken over as
a State debt, to be redeemed through internal loans.
The annual interest burden of the State, including
obligations to foreign countries, is estimated at 40,000,000 schillings.
Italian lire are steady. The statement of condition
of the Bank of Italy as of March 20 shows a slight
improvement in the reserve position of the institution
compared with the previous statement as of March
10. The proportion of reserves to sight liabilities
advanced to 46.92% from 46.61%, while the proportion of gold on hand to notes in circulation advanced
to 41.22% from 40.66%. A feature of the past year
with the Bank of Italy has been the steady decline
in foreign currency reserves, which now amount to
1,610,000,000 lire compared with 4,074,900,000 lire
a year ago. This drop, however, has been accompanied by a steady decline in circulation, which now
amounts to 13,651,000,000 lire, compared with 15,021,000,000 lire a year ago, while deposits at the
Bank have dropped similarly. On the other hand
gold holdings have increased to 5,626,000,000 lire,
compared with 5,310,400,000 lire a year ago, owing
to the purchase of metal with some of the foreign
currency reserves. Italy is on the gold exchange
standard and the Bank of Italy is entitled, therefore,
to sell either gold or foreign gold exchange upon demand and up to the present it has elected to sell
gold exchange to meet import requirements. The
drop in circulation and deposits is said to have been
caused largely by lire payment for foreign currencies.
It is for this reason that the Italian foreign trade
returns are watched so carefully by Italian circles.
Striking progress has been made in cutting down the
visible import surplus, and thus relieving the strain
on the exchange. In 1931 there was an import
surplus of only 1,584,147,740 lire for the year as
compared with an import surplus of 5,227,442,948
lire in 1930.
The London check rate on Paris closed at 95.78
on Friday of this week, against 96.37 on Friday of
last week. In New York sight bills on the French
centre finished on Friday at 3.94%, against 3.933/i
on Friday of last week; cable transfers at 3.95, against
3.94, and commercial sight bills at 3.94%, against
[vol.. 134.
3.93%. Antwerp belgas finished at 14.003/b for
bankers' sight bills and at 14.01 for cable transfers,
against 13.963/ and 13.97. Final quotations for
Berlin marks were 23.71 for bankers' sight bills and
23.73 for cable transfers, in comparison with 23.76
and 23.78. Italian lire closed at 5.15 for bankers'
sight bills and at 5.15 for cable transfers, against
5.18 and 5.183/2. Austrian schillings closed at
14.143/i against 14.14; exchange on Czechoslovakia
at 2.96 against 2.96; on Bucharest at 0.60M
against 0.59%; on Poland at 11.22 against 11.24,
and on Finland at 1.763' against 1.69. Greek exchanged closed at 1.283
% for bankers' sight bills and
at 1.28% for cable transfers, against 1.28% and
1.28%.
Exchange on the countries neutral during the war
presents no new aspects of importance. Holland
guilders and Swiss francs continue firm. The guilder
was exceptionally firm in Wednesday's market this
week, going as high as 40.513/ for cable transfers,
a gain of 63/ points on the day. As a seasonal matter
guilders should be firm with respect to the dollar
from now until the end of autumn, but the firmness
in the guilder in the last few weeks is due largely to
the flow of funds to Holland for safekeeping. Scandinavian currencies have fluctuated rather widely.
Exchange on Stockholm, however, was more erratic
an inclined to weakness following upon unfavorable
reports of the committee investigating the affairs of
the Kreuger companies in Sweden. Spanish pesetas
are ruling at close to the lowest of the year, but are
steadier. A dispatch from Madrid on Monday stated
that the central exchange bureau was seeking a
technical means to improve the position of the
peseta. The Spanish Treasury is offering a 532%
loan of 500,000,000 pesetas on April 12. Swiss francs
are firm. Advices from Paris state that the Swiss
banks do not intend to pay interest on deposits.
This step has been made necessary, due to the
tremendous inflow of foreign capital into Switzerland which, in the past few months, has assumed the
role of a "refugee nation" for timid foreign capital.
The extent of the movement is illustrated by the
changes in the condition statement of the National
Bank of Switzerland over the past year. Gold holdings of 2,458,261,000 Swiss francs were reported as
of March 7, an increase of 1,805,305,000 francs
during the year. Only 257,201,000 francs of this
increase is accounted for by conversion of the Bank's
foreign balances into gold. Foreign balances now
amount to 108,396,000 francs, compared with 365,597,000 francs a year ago. Most of the rest of the
increase is a direct result of the flow of capital into
Switzerland for safekeeping, where it remains in a
highly liquid condition. Currency circulation has
not shown a corresponding increase as compared with
gold. Notes outstanding amount to 1,481,306,000
francs, an increase of 545,956,000 francs during the
year. Thus, while gold holdings have increased
about 208% during the year, circulation has advanced less than 58%. Deposits of the national bank
afford a good index of the movement of capital to
Switzerland. This item stands at 1,162,853,000
francs, compared with 284,294,000 francs a year ago,
an increase of 878,559,000 francs, or 308%. When
conditions improve this capital may be expected to
move out of the country to centers where it can be
employed more profitably, while the new action on
interest rates is intended to check the influx. The
APRIL 9 1932.]
FINANCIAL CHRONICLE
2595
gathering in India and shipments of gold are being
made directly by the bullion dealers instead of by the
banks as heretofore. Japanese yen are showing a
firmer tone. The Japanese Government is making a
shipment of 7,000,000 yen gold to the United States.
Although the shipment of gold from Japan is prohibited the Government is buying the output of
Japanese mines and sending the new metal to this
side in order to create dollar balances. Partly as a
result of the premium on gold it is said that the output of the Japanese mines has increased substantially
in the past three months.
Closing quotations for yen checks yesterday were
333, against 333á on Friday of last week. Hong
Kong closed at 243'@24 3-16, against 24Yi@25 1-16;
Shanghai at 31%@32, against 32%; Manila at 49%,
3 ,against 44%; Bomagainst 49%; Singapore at 44%
Calcutta at 28.70,
and
Exchange on the South American countries con- bay at 28.70, against 28.70,
tinues depressed owing to moratoriums and the con- against 28.70.
trol of exchange by Government boards. The outPursuant to the requirements of Section 522 of the
look is indefinite in all these countries, not excepting
Act of 1922, the Federal Reserve Bank is now
Tariff
Sanfrom
Argentina. On Monday press dispatches
daily to the Secretary of the Treasury the
certifying
Deputies
of
tiago stated that the Chilean Chamber
for cable transfers in the different counrate
buying
the
temporary
for
project
approved the Government
world. We give below a record for the
the
of
tries
the
sent
and
standard
gold
the
abandonment of
measure back to the Senate. The chamber modified week just passed:
EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
the measure by permitting unrestricted sales of foreign FOREIGNBANKS
TO TREASURY UNDER TARIFF ACT OF 1922.
exchange, as originally contemplated by the GovernAPRIL 2 1932 TO APRIL 8 1932, INCLUSIVE.
ment, and abolished any difference between Chilean
Noon Buying Rate for Cable Transfers in New York
Value in United Mates Money.
Monetary
and foreign banks regarding withdrawal of gold Country and
Unit.
Ayr. 2. Apr. 4. Apr. 5. Apr. 6. Apr. 7. Apr. 8.
deposits. The Consul General of Colombia in New
$
$
3
6
EUROPEYork issued a statement on Wednesday that the 30- Austria,
139437 .139437 .139437 .139550 .139550 .139550
schIllIng
.139873 .139946
.139780
.139850
.139726
139584
belga
Belgium.
day term for presentation to the Exchange Control Bulgaria, lex,
007200 .007200 .007200 .007200 .007200 .007200
.029631 .029634
.029630
029634
029631
.029629
krone
Czechoslovakia.
from
originating
Office of statements covering debts
206815 .206784 .207076 .207715 .207030 .207076
Denmark. krone
pound
merchandise imported prior to Sept. 24 1931, to England.
3.759500 3.780750 3.770000 3.794250 3.781339 3.782500
sterling
markka
.016800 .016850 .016683 .016800 .016900 .017016
.039401 .039395 .039424 .039449 .039476 .039482
obtain permission for periodical payments not ex- Finland,
France,franc
Germany, reichamark .237596 .237328 .237121 .237221 .237042 .237153
012884 .012888 .012888 .012891 .012880 .012880
ceeding 20% of any debt as provided for by the Greece. drachma
404226 .404300 .404367 .404889 .405010 .405085
Holland, guilder
.174500 .174250 .174250 .174250 .174250 .174250
peugo
decree dated March 7, has been extended for another Hungary,
051735 .051707 .051620 .051626 .051613 .051546
Italy. lira
.197600 .197730 .197761 .197983 .197684 .197253
Norway. krone
30 days or until May 7. Article I of the decree reads: Poland,
zloty
.111625 .111833 .111833 .112000 .111833 .111687
.033800 .033325 .033925 .033750 .033875 .033875
escudo
"Purchases of foreign drafts for the payment of debts Portugal,
005954 .005964 .005958 .005970 .005960 .005962
Rumania, leu
075392 .075360 .075435 .075578 .075735 .075875
peeeta
originating from merchandise imported prior to Simla.
.202784 .203161 .202866 .202246 .200666 .198369
Sweden, krona
franc_ _ _ .194380 .194403 .194064 .194346 .194542 .194625
Sept. 24 1931, will be permitted by periodical install- Switzerland,
.017715 .017680 .017705 .017690 .017717 .017705
Yugoslavia, dinar
ASIAments not exceeding 20% of any debt. Within China333125 .333125 .330625 .331875 .327500 .326250
tact
30 days after date of this decree interested parties Chefoo
329375 .329375 .326250 .327500 .324375 .323125
Hankow tadl
tael
321718 .319375 .317343 .317968 .316093 .314687
Shanghai
should present to the Control Office a statement with Tientsin tadl
.335625 .336875 .333125 .334375 .330625 .329375
.239087 .239375 .239062 .238125
.242656
Hong
Kong
dollar
authentic proofs of the debts covered by this article." Mexican dollar.... .230625 .240937
.229375 .228437 .226875 .226875 .225625
Tientsin or Pelyang
for
Argentine paper pesos closed on Friday at 253
236250 .236250 .234375 .232500 .233750 .230000
dollar
Yuan dollar
I .231250 .231250 .229375 .227500 .228750 .225000
bankers' sight bills, against 253 on Friday of last India,
281750 .281000 .282060 .282090 .283250 .282875
rupee
Japan, yen
I 329700 .330250 .328625 .329975 .330325 .330750
week; cable transfers at 25.70, against 25.70. Brazil- Singapore
(8.8.) dollar .426250 .427500 .427500 .430000 .429375 .429375
NORTH AMER.ian milreis are nominally quoted 6.45 for bankers' Canada, dollar
I .898802 .900052 .900781 .903068 .905779 .902916
11.000500 1.000500 1.000375 1.000281 1.000031 1.000031
Cuba, peso
6.50
for
cable
and
bills
transfers,
against
5.95
.335400 .336400 .335900 .334066 .334433 .334966
peso(Sliver).
Mexico,
sight
.896250 .897750 .898250 .900875 .902870 .900250
Newfoundland, do
is
exchange
Chilean
nominally
AMER.
quoted
SOUTII
6.00.
and
.582473 .582473
Argentina, peso (gold) .58223.3 .579704 .579865 .579919 .063383
.0643S3
.062966 .063175 .063258 .063383
8. Peru is nominally quoted 28.00, Brazil, nillrels
%,against 123/
121
.120500 .120500 .120500 .120500 .120500 .120500
Chile. MO
.471166 .473333 .471666 .471666 .471666 .471666
Uruguay, peso
against 28.00.
952400 .952400 .952400 .952400 .952400 .952400
Colombia, peso
par of the Swiss franc is 19.30. Meantime the unit
is, strong around 19.48.
Bankers' sight on Amsterdam finished on Friday
2, against 40.43 on Friday of last week;
at 40.513/
2, against 40.44, and comcable transfers at 40.523/
mercial sight bills at 40.35, against 40.30. Swiss
francs closed at 19.473/2 for checks and at 19.48 for
cable transfers, against 19.433/2 and 19.44. Copenhagen checks finished at 20.73 and cable transfers at
20.75, against 20.83 and 20.85. Checks on Sweden
closed at 19.74 and cable transfers at 19.75, against
20.42 and 20.44; while checks on Norway finished
at 19.73 and cable transfers at 19.75, against 20.00
and 20.02. Spanish pesetas closed at 7.59 for bankers' sight bills and at 7.5932 for cable transfers,
against 7.5432 and 7.55.
Exchange on the Far Eastern countries presents
The following table indicates the amount of bulirregular trends. The Chinese units are slightly
lion in the principal European banks:
easier due to a softer tone in silver quotations and
April 9 1931.
April 7 1932.
lessened demand. Indian rupees are also displaying Baas of
Uver.
Gold.
Total.
rupee
Gold.
should
follow
the
Normally
an easier tone.
g
E
E
E
E
£
not
to
does
seem
this
present
sterling closely but at
121,437,360147.023,3681
England-- 121,437,360
147,023,368
614.287.957448.772.174
OP
(d)
France a__ 614.287,95
{448,772,174
should
follow
Calcutta
and
Bombay
the
case.
be
994,600 107,794 900
Germany b 40,702,15H c994,600 41.696,750106,800,300
____ 88,779.000 21.595,000110,374,000 96.772,000 28.471,000125.243.000
sterling since the value of the rupee is fixed at is. 6d. Spain
57,434,000 57.385,000
57.434,000
Italy
57,385.000
de 73,013,000 2,102.000 75,115,000 37,167,000 2,853,000 40,020.000
This fact, bankers explain, furnishes added impetus Nether!
71,777.000 41.125,000
Nat. Bela.. 71,777,000
41,125.000
66.030,000 25,712,000
SwItzer3d_ 66,030.000
25.712,000
11,440,000 13,335,000
to the movement of gold from India to London as Sweden ___ 11,440,000
13,335,000
8,032,000 9,547,000
8,032,000,
Denmark
9,547,000
6,561,000 8,134,000
exporters of the metal receive more paper rupees for Norway 6.561,000
8,134,000
1-Total week(1159493467, 24,691.6001184185067 991,772,841 32,318,6001024091442
the sterling derived from the sale of the gold. This Prey.
neele1173837026 24,467,6001 198304625989.100.10 32.237,6001021337705
gold movement is expected to last for as long as there
a These are the gold holdings of the Bank of France as reported in the new form
statement. b Gold holdings of the Bank of Germany arc exclusive of gold held
is any sizable premium on gold. It is reported in of
abroad, the amount of which the present year Is 23,230,350. c As of Oct. 7 1924.
reliable quarters that London bullion dealers are d Silver Ls now reported at only a trifling sum.
2596
FINANCIAL CHRONICLE
[Dor,. 134.
tuted has been largely due to the centralizing inThe Menace of Philippine Independence.
fluence of American authority, and that the diffiThe action of the House of Representatives on culty of preserving and developin
g what has been
Monday in approving the Hare bill granting inde- achieved will be greatly enhanced
once American conpendence to the Philippines is one of those Congres- trol is withdrawn. The political
outlook, moreover,
sional performances which it is impossible to justify cannot be divorced from the
economic outlook. At
on any grounds either of rational legislative pro- the present time trade between the
Philippines and
cedure or of sound national policy. To rush through the United States is free, with a
duty of about 20%
after only forty minutes of debate, and by a heavy imposed by act of Congress on foreign
imports into
majority of 306 to 47,a highly controversial measure the Philippines. The United
States takes virtually
the substance of which has been for years under dis- all of the Philippine exports of sugar,
cocoanut oil
cussion, suggests either ulterior motives on the part and dessicated cocoanut,and
embroideries, more than
of its promotors or a political crisis of some kind that 40% of the hemp, nearly 80% of the copra,
and about
had to be met without even an hour's delay. We are 43% of the tobacco. Once the
Philippines are indenot disposed to emphasize particularly the ulterior pendent, the free American market
will be closed
motives, whatever they were, that may have in- and Philippine products
will become subject to the
fluenced the majority in its action, but if any con- same tariff that is applied to
the products of other
siderable number of members of the House felt that foreign countries. The
most superficial look at the
there was a political situation in the Pacific which trade situation of the world
to-day, with its obstructhe grant of independence to the Philippines would tive tariffs impeding international
trade in every
relieve, we can only say that what has been done is direction, is enough
to show how serious will be
reasonably certain to make the Pacific situation the problem of
finding markets for the large proworse rather than better.
portion of Philippine products to which the AmerThere is nothing about the Hare bill that com- ican market is now
open.
mends it from any point of view. The bill authorizes
The international political outlook is even more
the Filipinos to adopt a Constitution and set up a threatening. Secretary Stimson's
letter to Senator
government for a Commonwealth of the Philippine Bingham,
dated Feb. 15 but not made public until
Islands, under which they will have complete it was read
in the House on Monday, expressed clearautonomy in domestic 'affairs, subject to certain ly and forcibly
the apprehension which many must
reservations intended to safeguard the sovereign feel. "Undoubt
edly," he wrote, "the outstanding derights and responsibilities of the United States dur- velopment,
for good or ill, in the foreign relations
ing the interval before independence becomes ef- of the United States during
the remainder of this
fective. During that interim period the importa- century will
be that of our relations with the countion of certain Philippine products into the United tries on the western
side of the Pacific Ocean....
States is to be limited by a quota system, and the Whether we
yet realize it or not, we are already a
immigration of Filipinos is not to exceed an annual great Pacific
Power, and as such will sustain a
maximum quota of fifty. On the July 4 immediately constantly
increasing interest in the affairs of the
following the expiration of a period of eight years Pacific." For
the United States to withdraw from
from the inauguration of the proposed new govern- the Philippin
es now, and leave the islands without
ment, American sovereignty is to terminate and the the help of American
leadership and a free American
independence of the islands formally recognized. The market, would
mean, in the "practically unanimous
United States, however, reserves the right to keep consensus of
all responsible observers, that economic
and maintain military and naval bases and other chaos and political and
social anarchy would rereservations in the islands.
sult,followed ultimately by domination of the PhilipThe abstract right of a people to political inde- pines by some foreign Power,
probably either China
pendence has little bearing upon the Philippine or Japan."
situation, although a good deal has been said about it
"It needs no imagination," Secretary Stimpson
by individuals and organizations in this country continued,"to grasp the effect which
such a result
who for years have been insisting that the Philip- would have upon the moral prestige
and material
pines ought to be free. A grant of independence to influence of the United States in the
Far East. To
a people who have not hitherto enjoyed it should, every foreign eye it would be a demonstra
tion of
if it is not to be a mere idealistic gesture, take ac- selfish cowardice and futility on our
part. No
count not only of the cultural state of the people matter under what verbal professions the
act of withconcerned, their experience with governmental insti- drawal were clothed, to the realist observers
of that
tutions of a modern type, their economic resources, part of the world it would inevitably assume
the asand their probable interest in maintaining and de- pects of abandonment of the wards we had
underveloping the new and independent government which taken to protect." What is more,
American withthey are invited to set up, but also of the probable drawal would alter the basis of
political equieffect of the creation of a new State upon interna- librium in the Far East, and "would
inevitably have
tional relations. Both of these considerations are an unsettling effect in the relations
to political
of weighty importance in the present instance.
thought of the various races or nations" in that part
The Philippines comprise more than 7,000 islands, of the world, both among
themselves and with
of which more than 4,600 bear no names. Eight others. "It would
not be in the interest of world
different languages and 87 dialects are spoken. Con- peace, but to the
contrary. . . . It would throw
ceding that the Filipinos, who constitute all but
a additional burdens upon the stability of practically
handful of the estimated population of over 12,000,all other governments in that vicinity, and it would
000, have made commendable progress in education
render more difficult the safeguarding of our own
and social life under a generation of American
rule, interests both in the Far East and throughout the
it will hardly be denied that the maintenance of orworld. 'Every consideration which I have enuderly government in a region so peculiarly constimerated," Secretary Stimson declared, "applies with
APRIL 9 1932.]
FINANCIAL CHRONICLE
2597
tenfold force at the present moment, when the state action which, if it is consummated, will bring Amerof affairs in the Far East is chaotic, when every ican foreign policy into contempt and expose the
element of stability is threatened, and when out Filipinos to perils which they may well contemplate
of the Orient may again come one of those historic with dread.
movements which will disturb the whole earth. Agitation of a change in the status of the Philippine
The Vanishing Farm Dollar.
Islands at this moment can only inflame most danWhat has happened to agriculture in the past 13
gerous possibilities."
years? It emerged from the war, just as industry
It is difficult to understand how a warning like did, with a capacity enormously expanded—that
is
this, based upon actualities in the Far East, many to say, a capacity created to meet a world-wide warof which are matters of general public knowledge, time demand for food. To make conditions worse
and dealing with possibilities of which every intelli- this same situation developed in practically every
gent reader of the newspapers must be aware, should country of importance throughout the universe,
so
have left the House of Representatives unmoved. that in the world at large the food supply
has risen
With the Sino-Japanese controversy at Shanghai faster than the population.
still almost as far from settlement as it was when
Most branches of industry are conducted so that
the League began its inquiries, with civil war threat- production stops when demand
ceases or prices beening to break out in China, with Japan pushing come so low as to be unprofitable
. That cannot be
relentlessly its occupation of Manchuria, and with done in agriculture.
In the farming industry proRussia preparing for hostilities which it evidently duction is in the
hands of so many million indifears even if it does not desire, the time seems ex- vidual units
that changes in volume of production
traordinarily ill-chosen for announcing that in a are
slow even though prices may be unprofitable, and
few years, if Congress has its way, the Philippines it must
go on regardless.
will be cut adrift and left to meet an ominous situaThe Jones resolution recently signed by the Presition in the Far East without American guidance.
dent, setting aside $10,000,000 for the Secretary of
Not much satisfaction is to be derived from the fact
Agriculture is to aid in the establishment of agrithat what was done on Monday was only the action
cultural credit corporations. This gesture, coupled
of the House, that the bill has still to be acted upon
with that part of the $200,000,000 farm loan fund
by the Senate, and that Mr. Hoover may conceivably
expected from the Reconstruction Finance Corporainterpose a veto. There is only too much reason to
tion, however, may be termed merely as palliatives
expect that the Senate will merely substitute its
which are necessary at the climax of a disease and
own measure, the Hawes bill, for the House bill,
not a cure for the disease itself.
and that since the two measures are substantially
In regard to the $200,000,000 loan, the Secretary
alike save that the Hawes bill fixes a time limit of
of Agriculture has stated that it is not humanly
15 years instead of eight, a compromise will be possible to extend aid in that
amount at this time,
easily reached. As for a veto, the Washington corre- even if it were available. He indicated
a better plan
spondent of the New York "Times" put the situation might be to employ the money in
cutting down farm
With all needful clarity when he wrote on Monday surpluses rather than stimulate
production.
that Mr. Hoover was reported to have "hesitated to
HIGHER FARM PRICES ESSENTIAL.
declare in advance his opposition to the indepentrouble apparently lies in the fact that
main
The
dence bills because he might be represented as an
aggressive imperialist." If the Senate majority the farmer's income has not kept pace with his incorresponds at all to the majority in the House, a creased cost of living. His crops and his live stock,
when converted into money, will not produce as
veto will be entirely futile.
much
of this world's goods as they did in 1914.
The country must apparently make up its mind to
The
big problem of the American farmer, thereseeing American interests in the Far East jeoparfore,
is
one of getting more money for his products,
dized and complicated,for the next eight or ten years
as
compared
with industry in general. Until that
at least, by the lowering cloud of Philippine indeis
accomplished
there can be no settlement of the
pendence. Spokesmen for the Japanese Government
may protest that Japan does not want the Philip- agricultural question. The prevailing low prices
pines and would gladly join in a treaty guaranteeing have been a staggering blow to the farmer's income.
their independence, but Japan is ambitious and pow- Wheat on the farm is now quoted at 44c. a bushel,
erful, and the prospect of a great territorial acqui- or nearly 44y2c. below the price at the beginning
sition which it could make with comparative ease, if of the World War. It is about 15c. below last year's
the intervention of other Powers were not forth- price; corn is 26c. lower; potatoes, 42c., and cotton
3c. a pound lower. The present price
coming, or of an alliance which would give it the more than 31/
of
butter
1/5cc
is
5
a pound lower than last year, and
benefits of an additional base without the responsiwool
is
selling
now
for approximately 31/
2c. a pound
bilities of government, will certainly not be lost
below
last
year's
price.
upon the Japanese mind. If the Philippines become
independent, the United States will have played
FARMER'S PURCHASING POWER REDUCED.
directly and deliberately into the hands of Japanese
Therefore the farmer who is compelled to sell
imperialism. It will have played no less directly his cotton for 5 4/5c. a pound and goes
to make
into the bands of any other Power that cherishes purchases naturally makes
comparisons such as
political ambitions in the Pacific. It may be too these: For the price of an
ordinary $20 suit of
late now for Mr. Hoover to do or say anything to clothes he must sell more than 345
pounds of cotton.
stop the progress of either the House or the Senate Or, putting it on another basis,
it takes over 4%
bill or prevent a compromise measure from becom- pounds of cotton to buy a
round of ice cream cones
ing law; the time to speak out was before the House for a farm family consisting
of five persons. The
started its pell-mell rush; but he should lose no wheat farmer would
have to sell more than 2%
time in clearing himself of all responsibility for an bushels of wheat before he
could buy enough stand-
FINANCIAL CHRONICLE
2598
ard-grade gasoline, with the State tax added, to
make a hundred mile trip in an automobile.
When the farmer gets to town and cares to indulge
in a movie, it takes a bushel of corn to defray this
inexpensive diversion. If he smokes nickel cigars
and desires to lay in a supply of five it takes the
proceeds of the sale of nearly two pounds of wool.
Going a little further, if he should care to buy himself or his wife a pair of five-dollar shoes, it would
take one hundred and twenty pounds of beef cattle.
If he should wish to pay for the shoes with potatoes
it would take the proceeds from the sale of over 11
bushels.
Similar comparisons can be made relative to the
purchasing power of other farm products. A 98c.
cotton shirt can be purchased with the money received from the sale of seven dozen eggs; while in
order to purchase a two-dollar bargain hat for his
wife the farmer would be compelled to take the proceeds from the sale of nearly nine bushels of oats.
Startling as these comparisons may seem, they do
not present a true picture of the seriousness of the
farmer's dilemma. The real situation is that when
the farmer is compelled to sell his commodities at
such ridiculously low prices he has nothing with
-which to buy other necessities, for the simple reason
that it has cost him more to produce the commodity
than he gets out of it.
Nevertheless, these comparisons aid greatly in
clarifying the situation when one takes the five-year
period 1910-14 as the standard and places the valuations of that period at 100, and then says that the
purchasing power of all farm products is approximately 51% of what it was previous to the war.
This figure is 32% below what it was in 1921, when
it reached the lowest point during the past two
decades. This comparison is sometimes generalized
by the statement that the farmer's dollar is now
worth 51c. During the year 1917 it was as high
as 118, declining thereafter each year to 1921. From
1921 to 1925 there was a gradual increase to 92%;
however, the latest figures show it at 51%. In other
words, the ratio of prices received for his goods to
the cost of operation is 51%, or a loss of 49% compared with the 1913 average. If 49% is taken out
of the net profits of any business in America to-day,
that business cannot stay out of bankruptcy very
long.
Until 1921 agriculture never received less than
20% of the annual national income. The latest
report of the National Bureau of Economic Research
estimates that only 9.3% of the national income of
all individuals was drawn by persons following agriculture as a livelihood. This situation constitutes
the farm problem in one brief paragraph.
THE FARM LABOR PROBLEM.
[VoL. 134.
sonal irregularity of employment appears to be the
chief excuse for many of them entering other industries where employment is less severe.
Following the beginning of the World War,farm
wages in this country rose from an index of 101 in
1914 to 239 in 1920, receded to 146 in 1922, and rose
to 170 during 1927. At present the average is 98..
During the same time the general wage level climbed
from 100 to 222, slumped only to 197 in 1922, and
at the present time is about 191. This situation explains the powerful attraction of non-agricultural
wages to dissatisfied farm workers. They like most
others, want to follow the dollar.
The total farm population in 1920 was 31,614,000,
whereas at the present time it is only 27,222,000, a
•decrease of about 4,400,000, or nearly 15%. These
millions of farmers have been forced into cities to
compete with urban labor for jobs. Consequently,
the wholesale abandonment of the farm is unquestionably a major factor in the present unemployment crisis.
FARM VALUE AND FARM INCOME.
The value of the properties of these 27,222,000 persons in our agricultural communities, together with
the income derived therefrom, are important economic factors facing the country to
-day.
In 1920 the United States Department of Agriculture estimated the value of farm property devoted
to agricultural production at nearly $79,000,000,000.
In 1930 it was reported as $54,000,000,000. This
indicates a loss of value by the agricultural industry
of approximately $25,000,000,000, or nearly '30%
from the 1920 value. This sum is almost as great
as the national debt of the United States at the end
of the World War.
In 1919 the farmer's gross income was slightly in
excess of $16,000,000,000, while in 1929 it was something less than $12,000,000,000, a shrinkage of more
than 25%. Moreover, during several years of the
decade since 1919 gross farm income declined more
than 30% under the income reported for that year.
The report for 1930 indicates that the gross income
for that year is $9,350,000,000, a drop of 22% as
compared with the preceding year. Considering the
great price decline that took place during the whole
of 1931, and with all of the crops marketed at the
lowest price levels in a generation, it is practically
certain that the farmer's gross income last year was
only about $6,920,000,000, which amount is considerably lower than that reached in the worst year of,
the 1921-22 depression.
Recent official estimates indicate that after deducting operating costs and expenditures, the average farmer had available $598 as a balance for labor,
management and capital investment. Any big reduction in farm income naturally reflects a corresponding shrinkage of that figure. It must not be inferred
that the farmer received this sum in actual cash.
The figure given includes the value of food and fuel
produced and consumed on the farm. It must therefore be emphasized that the $598 received by the
average farmer was in full payment not only of his
labor, but the labor of his wife and children, all of
which indicates clearly that our urban population
for years has been enjoying cheap food at the expense
of the unpaid labor of women and children on the
American farms.
The farm labor problem is now tied up with that
of agricultural overproduction. Disti.essing surpluses are now forcing retrenchment in production,
in farm expenses, and in farm labor forces. As a
consequence, a not unnatural cry of farmers caught
in this predicament is for cheaper labor, in or er
to cut down expenses and lower costs of producti n.
As a result of the move for cheaper farm labor,
farm hands are complaining about wages being
lower than elsewhere; that farm perquisites, such as
board, lodging, tenant houses, and farm products
allowed are poor or inefficient; that personal relaTAXES A CRUSHING BURDEN.
tions with their employers are unsatisfactory; and
Therefore while the farmers have been facing a
social life is limited by isolation. Above all, sea- terrible and ruinous deflation which has pushed
APRIL 9 1932.]
FINANCIAL CHRONICLE
2599
them closer and closer to bankruptcy and despair, secure equality for the industry it is essential that
their taxes have been increasing year by year, until the farmer adopt some of the basic principles of
they are now more than two and a half times as other industries.
great as in 1914. His direct taxation alone is now
A Railroad Fights Depression.
taking about one-third of the annual net rent of his
annual report of the Pennsyleighty-fifth
of
share
The
properties. He also pays a proportional
which
will
be presented to stockholders
collected
vania
RR.,
the billion dollars of taxes indirectly
deserves more than casual
April
12,
on
approval
about
for
to
amounting
through tariff and excise taxes
$230,000,000, making his total tax burden in all attention at this time because of the unusual conditions encountered by the management last year,
more than $1,130,000,000.
This tax is excessively high in comparison wik conditions adversely affecting both operation and
taxes paid by other economic groups. According financiering which as yet have not been palliated.
to a report issued by the Bureau of Internal Rev- Relief measures, however, are under way which it
enue, agricultural and allied industries paid taxes is believed will be of benefit not only to the Pennother than Federal income and excess profit taxes sylvania but to other large systems of carriers.
The official report discloses that the Pennsylto the extent of 65.3% of their profits. This ratio
management evidently has no intention of
other
any
vania
for
reported
that
was much higher than
of
abandoning
its purpose of making New England
16%
paid
trade
retail
and
Wholesale
industry.
their profits as State and local taxation, and all railroads an important factor of its enlarged system
if the tentative program for four trunk lines gains
manufacturers paid only 13.9%.
Assuming that the gross value of our agricultural approval by the Inter-State Commerce Commission.
production this year will not exceed $7,000,000,000, Ownership of common and preferred shares of the
which might be termed a conservative estimate, then New York New Haven & Hartford RR. has been
over one dollar and sixty cents out of every ten increased to 469,925, or about 23% of the combined
of all the wealth produced on our farms will go in total. These large holdings are owned either by
the payment of taxes. No other industry has been the Pennsylvania directly or by that company's
required to pay such a constantly increasing amount affiliated corporations. For some of its early holdof taxes while its resources have been so constantly ings the Pennsylvania paid $200 per share. Last
year the market value of New Haven common ranged
shrinking.
WHAT TO EXPECT.
from 94%8 in February to 17 on Dec. 14, closing the
2. The range on the market price of the
During the present year, farmers as a whole will year at 201/
be relatively worse off than the industrial and com- preferred was from 119% in February to 52 in Demercial population, because their aggregate gross cember. Purchases made last year, therefore, enincome available for expenditures will be consider- abled the Pennsylvania to average down the cost of
ably reduced, however, their net is likely to gain its large direct holdings of common, which were
through falling prices of equipment, clothing and increased 54,900 shares to 319,925.
other items they are compelled to buy. Here is an
The Pennsylvania RR. also increased its holdings
instance where the fall in commodity prices, which of stock of the Pittsburgh Cincinnati Chicago & St.
is looked upon with anxiety by the business world, Louis RR. by over $20,000,000, this important conis a real benefit to a large class in the community, trolled road being known as the "Panhandle."
comprising one-fifth of our population.
As is generally known, the falling off in traffic
When considering these facts, the demand for farm last year caused a decrease in net earnings which
relief is by no means confined to agriculture. Al- brought about a reduction in dividends, the final
most any plan that might seem economically sound declaration last year, which was disbursed in 1932,
would have the support of business. Neither is the being only 50c. per share, and the fiscal year's paysituation to any degree free from emotionalism. ments to stockholders were only effected by drawing
We are all constantly thinking of what agriculture largely upon the company's surplus. By reason of
ought to be, and thereby keep alive the delusion that the quarterly dividend already disbursed this year
there is something to be done, if only someone could it will be possible for the railroad to make no further
happily hit upon it—some plan to be conceived in payments to stockholders in 1932 and still not break
a second of inspiration—that would all at once ele- its long record of always paying some dividend
vate its economic condition.
yearly to the shareholders.
The time has evidently arrived when it is necesThis, the eighty-sixth year of the company's operasary for the farmer to show resourcefulness in meet- tion, presents features never encountered in the same
ing changes in world economic conditions. He needs degree, but there are encouraging indications. Gento adopt every economy of production. He needs to eral Atterbury, the President, pins his faith upon
recognize handicaps, natural and economic, that approval by the Inter-State Commerce Commission
foredoom him to failure.
of the four-system trunk line plan, which is the result
The day of the pioneer as a farmer has merged into of discussions and concessions on the part of trunk
the farmer as an industrialist. The pioneer was a line managements covering a period of 10 years.
dynamic figure. His life story was replete with
Probably no railroad in the country has on hand
drama and human interest. The story which he has a greater improvement undertaking than
the Pennwritten across the face of America is' heroic in de- sylvania has been pushing and is anxious
to bring
termination, in courage, and in accomplishment. to a conclusion so as to reap advantages in
operation.
Nevertheless, some of his effort was futile, some Largely for this reason the company
has asked the
tragic. In spite of the fact that in the aggregate his Reconstruction Finance
Corporation for a loan of
beneficent accomplishments have been great, agri- $55,000,000.
culture is to-day testing the bitter disappointment
A third measure of relief which is advocated is a
which has followed some of his misdirected and co-ordination of the newer
methods of transportation
over-abundant energies. Therefore, in order to with those of the railroads.
2600
FINANCIAL CHRONICLE
(VOL. 134.
One-quarter of the year has passed without any- banks, including the Guaranty Trust Co. of New York, and
thing definite being accomplished respecting the in that case the Commission suggested that they be asked
to carry_ half the amounts. It has since been learned that
above named three measures of relief for the carriers. $2,550,000
of this amount came due on February 29, and
Adequate aid for the railroads is one of most press- was renewed for another 90 days,
while $2,050,000 came
ing steps required not only to help the various man- due on March 29, and $950,000 was renewed in January
agements and the millions of investors in railroad until April 12.
Also the Denver & Rio Grande Western, which originally
securities, but to clear up the whole badly muddled
applied
for a loan of $4,000,000, withdrew its request as to
situation which brings distress to millions of house$1,500,000 of the amount representing a loan from the Chase
holds all over a land whose people ought to be pros- National Bank due April 1, and a loan of
$2,500,000 was
perous and happy.
authorized by the commission on March 21. It is reported
The Pennsylvania RR.management feels perfectly that the bank loan has been renewed to Oct. 1.
At present the commission must pass upon loans to the
justified in asking for the hearty co-operation of all
Federal authorities at this time because no stone railways after their authorization by the Reconstruction
Finance Corporation, and the commission indicated that
has been left unturned by the officers and directors It approved the Missouri Pacific loan, because
the Reconto afford self-help. Everything possible has been struction Finance Corporation had adopted a resolution
done to curtail operating costs without seriously im- setting forth that "all existing uncertainty as to the dispairing service for either passenger or freight traffic. position on the April 1 maturities of the Missouri Pacific
Operating costs were reduced over $74,000,000. All Railroad is detrimental to the general credit situation of
the railroads," and that it Was the
of the board
salaries were reduced 10%, and even payments to "that the Missouri Pacific is unable to opinion
obtain funds through
pensioners suffered a like cut. The railroad workers banking channels or from the general public in order to
made a voluntary reduction in wages and the stock- pay said loans."
Confronted with the opposition of the Commission to railholders have shared in a loss of income by reductions
roads borrowing government money to pay bank loans bein dividend payments. Wherever possible improve- fore
their private resources were exhausted, Senator Coument plans are being held in abeyance. Under such zens, who is Chairman of the Senate Committee
on Intercircumstances co-operation is asked not only of the state Commerce, has introduced a resolution in the Senate
public but of the public's representatives to whom asking that entire jurisdiction in such matters be transferred to the Interstate Commerce Commission.
authority has been delegated.
The measure proposed by Senator Couzens would set up
Prompt salutary action on the part of public
a revolving fund of $400,000,000 in the Treasury Departauthorities is needed t turn the tide in the right ment, out of which the Interstate Commerce
Commission
direction for 1932.
could make leans to the railroads at 6% interest, and all
An unusual number o changes has been made in sections of the Reconstruction Finance Corporation Act
the Pennsylvania board f directors during the past relating to loans to the railroads would be repealed.
In submitting its recent quarterly report for period
year. Vacancies cause by resignations have re- ended
March 31, to Congress
moved from the board Ch rles E.Ingersoll and M. C. Corporation stated that it had the Reconstruction Finance
already authorized $60,787,757
Kennedy, Levi L. Rue a d Charles Day died. The In loans to sixteen railroads, and of this amount has adnew members are Joseph Wayne, Jr., John E. Zim- vanced $56,113,757. Repayments •to date have aggregated
mermann, Thomas W. Mime, all of Philadelphia, $1,147,952, leaving the total amount of loans outstanding
and Donald R. McLennan, of Chicago. Charles D. at $54,965,805. These same carriers originally applied for
$184,836,723.
Young has been made a Vice-President.
The following tabulation sets out the list of loan applicaSuch are the conditions surrounding one of the tions approved by the Interstate Commerce Commission and
country's foremost railroads, whose balance sheet the Reconstruction Finance Corporation up to and includfoots up over two billion dollars, whose stock is ing April 5.
owned by 248,000 shareholders, the largest number LIST OF LOAN APPLICATIONS APPROVED BY THE INTER-STATE
COMMERCE COMMISSION AND THE RECONSTRUCTION FINANCE
in the company's history, and whose 28,000 miles of
CORPORATION.
Total
Amount
Amount
operated tracks extend into the most populous States
Amount
Approved by Advanced by
of
Loan
Inter-Slate Reconstruen
of the Union.
Applied
Commerce
Finance
anker-Railroad Relation Revealed by
"
Inter-State Commerce Commission.
/01
Can banking institutions refuse to renew railroad loans
after profiting from such business in more prosperous
times? This is the issue which recently came to light when
the Interstate Commerce Commission approved an advance
of $12,800,000 to the Missouri Pacific Railroad, of which
$5,850,000 was to repay one-half of a loan due April 1 to
J. P. Morgan & Co., Kuhn, Loeb & Co., and the Guaranty
Trust Co. of New York.
The issue has now apparently assumed new proportions
with the commission's recent authorization for the Baltimore
& Ohio Railroad to borrow $7,000,000 from the Reconstruction Finance Corporation to meet various forms of indebtedness during the next month. In authorizing this loan the
Commission, however, deferred action on the $1,000,000
requested to meet bank loans due April 26. The Baltimore
& Ohio approval covers various debts due up to April 15,
and $975,000 worth of equipment trust obligations due
April 26.
Commenting on the loan, the commission said consideration of the $1,000,000 should be deferred pending further
negotiations on the part of the applicant looking to additional financing.
Another case in which the commission deferred consideration of a loan to repay bank loans was that of the Erie,
wrhich had $5,500,000 of 90 day loans from large New York
yor.
Commission Corporation
$55,000,000 $7,000,000
33.000.000
9,300,000 $9.300.000
1.500,000
1,500,000
23.250.000 { 2.800.000
1 Pacific
2.800,000
12,800.000 12,800,000
Chicago & North Western
26,000.000
7,600.000
1,910,500
18.500.000
'Wabash
7.173,800
7,173,800
St. Louis-San Francisco
117,998,542
2.801,175
,
2.8(25,175
112.717.814
Minneapolis St. P. & S. S. Marie
15.329.609
2.300,000
1,318,082
Erie
10,350.000
4.458.000
4,458,000
Southern
10,000,000
7,500.000
7,500,000
Chicago & Eastern Illinois
7.196.436 13,629.500
3,629,500
82,080
,2,080
Denver & Rio Grande Western
2,500,000
2,500,000
Central of Georgia
2.583.322
1,418,700
1,418,700
Pacific
Western
2.102.000
2,102.000
2,102,000
New York Central
4,399.900
4,399,000
4,399,000
Florida East Coast.
*
918,375
Kentucky & Indiana Terminal
*
800.000
800.000
Mobile St Ohio
785.000
785.000
785,000
Alabama Tennetwee & Northern_
275,000
275.000
275,000
Gulf Mobile & Northern
770.000
*
260.000
Fort Smith & Western
250.000
250.000
162,000
Mississippi Export RR
100,000
100,000
100,000
Total
$244.825,098 $82,756.830
$84,518,837
* Indicates that no action on loan or portion of loan as yet.
Road—
Baltimore & Ohio
York Chicago & St. Louis-
1
9
The Course of the Bond Market.
It is impossible to assign any single definite cause motivating the continued rapid decline of the bond market,
where violent fluctuations with an increasingly sharp downward trend were recorded during the past week. Falling
corporate earnings, decreased railroad traffic, lower utility
output, the Insull difficulties, Congressional wrangling and
failure to attain a balanced Federal budget—all played
their respective parts in the unhappy drama. The price
index for the 120 domestic corporate bonds stood at 67.07
APRIL 9 1932.]
2601
FINANCIAL CHRONICLE
MOODY'S BOND YIELD AVERAGES.
(Based on Individual Closing Prices.)
on Friday night, as contrasted with 71.67 one week ago
and 91.53 on April 8 1931.
All classes of bonds shared in the demoralized drop, with
second-grade issues suffering most keenly. The only obligations that remained steady were U. S. Government certificates and bonds, and even this comparative strength
was due more to despair at the lack of investment stability
in corporate bonds than to optimism regarding the position
of the Treasury. The foreign list was weak, although with
little display of excitement. Swedish bonds were comparatively firm in the face of the latest unfavorable Kreuger
& Toll report.
Turning to the domestic market, scant encouragement
can be found in any classification. Municipals, it is true,
showed small change as contrasted with last week, but were
inactive. Detroit bonds were soft on Friday following the
refusal of bankers to extend additional loans to that city.
In the corporate section, rails, utilities and industrials all
receded heavily. Sharpest declines, however, were observed in the carrier obligations. This was particularly
true of the lower-rated issues, although many so-called
"gilt-edged" bonds also made startling dips.
• Erratic fluctuations both upward and downward occurred
among second-grade, short-term railroad liens. Conspicuous examples were Nickel Plate and Cotton Belt issues.
Within five hours one bond advanced from 28 to 38 and
yet closed two points below the previous day's closing.
Southern Pacific bonds were extremely weak as sentiment
blew hot and cold. There seemed, indeed, to be a complete
lack of strength in any section of the carrier list.
The market for secondary utilities has been demoralized
for the past two weeks. Over the last seven days almost
all second-grade utilities sold off violently but some of the
higher-rated bonds were comparatively firm. Marked
weakness was especially noticeable among all holding
companies, including Standard Gas & Electric, Columbia
Gas & Ellaric, and International Telephone & Telegraph.
It might almost be said that medium and lower-grade
utilities played leap frog over a cliff during the week just
past. The aierage yield for ten Baa utility bonds rose
from 9.14% last Friday to 10.45% at yesterday's close as
prices plunged downward.
The feature of the industrial market was the absence of
satisfactory bids for many issues and the marked discrepancy in quotations for issues of comparable quality.
On Thursday two Inland Steel bonds with virtually identical
security sold as far apart as eight points. Industrial obligations with Chicago antecedents were enrolled among the
poorest performers, reflecting the unhealthy Insull situation.
The industrial price index now stands at 71.38, against
73.65 one week ago.
Three substitutions were made in the domestic list last
week, and the usual adjustments made. The changes
follow:
All
1932
120
120 Domestics by Ratings.
Daily
DomesBeta.
Averages, tic.
A.
Aaa.
.40.
Apr. 8__
.
7-6-5__
4__
2__
1_
wealsMar.24__
18__
11_
4__
Feb. 26__
19_11-5__
Jan. 29__
22__
lb__
8__
2__
Yr. Ago
Apr.8 31
2 Yrs.Ago
Am.530
120 Domestics
by Groups.
RR.
40
For
P. U. Indus. eigns.
7.50
7.35
7.28
7.26
7.17
7.07
7.00
5.23
5.23
5.20
5.16
5.12
5.09
5.10
6.24
6.17
6.12
6.12
6.13
6.03
6.00
7.50
7.35
7.28
7.22
7.16
7.11
7.04
11.02
10.64
10.52
10.54
10.25
10.03
9.86
8.49
8.26
8.22
8.25
8.06
7.90
7.77
6.98
6.80
6.71
6.63
6.56
6.47
6.43
7.03
6.98
6.91
6.91
6.89
6.83
6.80
13.23
13.08
12.97
12.88
12.80
12.80
12.77
8.68
6.61
6.43
6.59
6.71
6.72
6.95
6.90
6.87
6.73
6.69
6.94
7.26
4.96
4.96
4.90
5.03
5.12
5.16
5.30
5.29
5.28
5.18
5.16
5.18
5.26
5.85
5.82
5.74
5.92
6.04
6.08
6.23
6.17
6.12
5.96
5.97
6.17
6.32
6.82
9.07
6.78. 8.89
6.64
8.42
6.83
8.58
6.94
8.74
6.99
8.63
7.20
9.05
7.11
9.02
7.12
8.98
6.96
8.80
6.85
8.78
7.12
9.30
7.47 10.00
7.16
7.05
6.78
6.87
7.00
6.99
7.25
7.16
7.10
6.96
6.95
7.38
7.93
6.71
6.15
6.67
6.12
6.56
5.93'
6.81
6.09
6.89
6.24
6.92
6.25
7.11
6.47
7.10
6.44
7.09
6.42
7.02
6.20
7.05
6.08
7.34
6.12
7.63
6.23
12.66
12.62
12.31
12.55
12.82
12.86
13.23
18.00
13.22
13.12
13.44
13.86
15.68
5.31
4.40
4.74
5.50
6.59
5.43
4.96
5.54
6.63
5.03
4.58
4.76
5.09
5.57
487
5.06
5.15
6.17
Constitutionality of Texas Anti-Trust Laws Upheld by
Texas Court in Over-ruling Exceptions in AttorneyGeneral's Action Against 15 Oil Companies.
The constitutionality of the Texas anti-trust laws were
upheld on March 29 by Judge J. D. Moore of the Travis
County (Texas) District Court in over-ruling exceptions in
the suit of State Attorney-General James V. Allred, who last
November brought ouster proceedings against 15 oil companies and two petroleum trade associations. The AttorneyGeneral, charging violation of the State anti-trust laws,
alleged the existence of "a Nation-wide conspiracy to control
and dominate the business of marketing gasoline and petroleum products and to destroy independent filling station
operators."
Regarding the District Court's ruling on March 29, the
Houston "Post" in Associated Press advices from Austin
March 29 said:
It was the fourth straight vistory for James V. Allred, Attorney-General,
Prosecutor of the suit, in which questions of law and constitution were
involved.
The defendants contended that the State's anti-trust statutes were
rendered unconstitutional when special exemptions were authorized by
the Texas Legislature in favor of farmers and stock raisers who were authorized to organize co-operative organizations.
The State alleges that 15 oil corporations and two petroleum associations
entered into conspiracy to dominate the marketing of gasoline and petroleum
products in Texas. Fines aggregating $17,850,000 and cancellation of
charters and permits to do business were asked.
Consideration of law questions started last Feb. 2 and have occupied
the Court's time intermittently since. Special exemptions were brought
up after the Court handed down its ruling on constitutionality of the antitrust laws and they were expected to occupy the tribunals' time the rest
of this week.
Other law points won by the State were that it had a right to compel
attendance of officers of the defendant or foreign corporations in Austin
to testify in the suit, that defendant foreign oil companies not doing
business in Texas either by charter or permit, but through subsidiaries were
within jurisdiction of the Court and that the State was within its rights
In suing all defendants jointly. The defendants had set up pleas in abateRating.
Bond Substituted.
Bond Removed.
ment and misjoinder, claiming they should have been sued separately.
RailroadsAttorney-General Allred said a date to start the testimony probably
A
Texas & Pacific 5s, 1977
Illinois Central col. tr. 4s, 1953 would be set soon. The Court appointed George E. Shelley, Austin lawyer.
a special commissioner to take testimony in the case, leaving it to the
L Untieshim should
Baa West Texas Utilities 5s, 1957
Iowa-Nebrasks Lt. & Pr. 5s '61 discretion of attorneys whether the witnesses appearing before
be brought to Austin or he go to them to suit their tionvenience. Allred
Industrialssaid he would insist on New York officials of defendant foreign corporations
Paramount Broadway 5%a,'57
Texas Corp. 5s, 1944.
coming to Austin.
The regular price indexes and yield averages are given
The defendants are:
below:
Socony-Vaeuum Corp. of New York.
Standard Oil Co. of New Jusey.
M OODY'S BOND PRICES..
(Based on Average Yields.)
Standard Oil Co. of California.
Shell Union Oil Corp.
AU
120 Demesnes
Humble Oil & Refining Co.
1932
120 Domestics by Ratings.
120
by Groups
Daily.
The Texas Co.
Domes
He.
Aaa.
Atz.
A.
Baa.
RR.
P. U. Indus.
Gulf Refining Co.
Apr. 8
67.07 92.68 79.68 67.07 45.15 59.29 71.87 71.38
Paso-Tex Petroleum Co.
7
68.40 92.68 80.49 68.40 46.87 60.97 73.65 71.87
Continental Oil Co.
o
69.03 93.11 81.07 69.03 47.44 61.26 74.57 72.55
5
69.22 93.70 81.07 69.59 47.34 61.04 75.40 72.55
Sinclair Refining Co.
4
70.05 94.29 80.95 70.15 48.70 62.48 76.14 72.75
Magnolia Petroleum Co
2
71.00 94.73 82.14 70.62 49.89 63.74 77.11 73.35
1
71.67 94.58 82.50 71.29 50.80 64.80 77.55 73.65
Simms Oil Co.
WeeklyMar.24
Shell Petroleum Corp.
74.88 96.70 84.35 73.45 55.42 70.15 80.72 74.57
18
75.61 96.70 84.72 73.85 56.58 71.19 81.07 74.98
Cities Service Oil Co.
11
77.55 97.62 85.74 75.29 59.80 73.85 83.35 76.14
4
Texas Pacific Coal & Oil Co.
75.82 95.63 83.48 73.35 58.66 72.95 81.42 73.55
Feb. 26
74.57 94.29 82.02 72.26 57.57 71.67 79.68 72.75
Texas Petroleum Marketers' Association.
19
74 46 93.70 81.54 71.77 58.32 71.77 79.56 72.45
The American Petroleum Institute.
1172.16 91.07 79.80 69.77 55.55 69.31 77.11 70.62
S
72.65 91.81 80.49 70.62 55.73 70.15 77.44 70.71
Under date of February 23 Associated Press advices from
Jan. 29
72.95 92.25 81.07 70.52 55.99 70.71 77.66 70.81
22
74.36 93.40 82.99 72.06 57.17 72.06 80.14 71.48 Austin said:
15
74.77 93.71) 82.87 73.15 57.30 72.16 81.54 71.19
Year Ago-Three major oil companies attacked in the anti-trust ouster suits of
April 8 1931
91.53 105.89 100.17 88.90 75.82 89.80 90.70 88.36 Attorney-General James V. Allred, barely escaped million-dollar fines
Two Year: Ago,
to-day
when they filed answers to the suits within a few minutes of the
April 5 1930
95.63 102.81 99.84 94.73 86.64 98.09 95.18 93.85
deadline set by District Judge J. D. Moore.
yields
on
the
basis
of
one
'Meal"
average
I
•Arete.-These Pr cm are competed from
The Standard Oil Co. of New Jersey. the Socony Vacuum Corp. of New
bond (431% coupon. maturing In 31 years). and do not purport to show either the York and the Standard Oil Co. of California responded after Judge Moore
average level or the average movement of actual price quotations. They merely !
had
upheld the validity of writs of attachment obtained by the State on
comprehensive
way
the
relative levels and the relative
serve to Illustrate In a more
stock owned by the defendants' subsidiaries doing business in Texas.
movement of yield averages, the latter being the truer picture of the bond market,
A
I
2602
FINANCIAL CHRONICLE
Judge Moore had announced that unless the answers were filed by 2 p. m.
he would grant a motion for default judgment in suits for penalties of
$1,074,000 against each of the defendants.
Advices from Austin to the "Wall Street Journal" of
April 4 said:
Trial of the case in District Court here against 15 major oil companies
and two National oil marketing associations for alleged violations of the
anti-trust law has been adjourned until May 2 to allow the State time to
amend its petition and the defendants time In which to prepare exceptions
to the amended pleadings.
[VOL. 134.
Presiding Judge J. D. Moore announced that R. C. Holmes, Prwident,
and other high officials of Texas Corporation, must appear in person in court
May 3 to give their testimony.
Judge Moore held that the State must amend its petition to make it
more specific and definite. He sustained numerous special exceptions of
the defense attacking the matter and form of the petition. Defense attorneys had complained the petition was vague and indefinite. Exceptions
that were in the nature of a general demurrer to the cause of action were
overruled by Judge Moore.
Items regarding the suit appeared in our issues of Nov. 21
1931, page 3335 and Feb. 6 1932, page 931.
The New Capital Flotations Dunng the Month of March and for the
Three Months Since the First of January.
New financing in the United States during the month of same diminutive character as in preceding months, and
March was on a somewhat larger scale than we have been with the general bond market again weak, as was the case
accustomed to see in more recent periods, the total of the during March, and all issues of securities suffering huge
new issues brought out during the month having approached depreciation on the New York Stock Exchange, no other
but not actually reached $200,000,000.. No erroneous deduc- result was to be expected. The total of the corporate issues
tions, however, should be made from that fact. The increase brought out during the month was only $57,344,470. No
is entirely due to the circumstance that the awards of foreign issues of any kind, were placed in the United States,
municipal bonds during the month were larger than usual. either corporate or governmental. This remark applies
Over half the total of the new issues represented State and also to new issues of the dominion of Canada.
Our compilations, as in other months, are quite inclusive
municipal issues, the contribution from that source, to be
precise, having been $107,270,155. As has been the case in all and embrace the stock, bond and note issues by corporaother recent months many issues of municipal obligations tions, by holding, investment and trading companies and by
foreign and domestic, and also
brought out during March failed of success, particularly in States and municipalities,
farm loan emissions—in fact everything except the obligaof
the
smaller
municipalities, not a few of which tions
the case
of the U. S. Government. The grand total of the
found themselves financially embarrassed and the total offerings of securities in this country under these various
of the municipal issues went above the $100,000,000 mark heads of the month of March reached $190,019,625, which
chiefly by reason of the floating of several large issues, compares with only $94,497,344 in February, though with
New York City having contributed $14,278,000 to the total, $193,938,800 in January. How small, after all, the new
appears when we contrast the
owing to the issuance of that amount of certificates of in- financing the present year
March total for 1932 at $190,019,625 with earlier years and
debtedness with which to make tax refunds to the banks
find that in March 1931 the new capital issues totaled
because of a U. S. Supreme Court decision holding in- $701,421,681, in March 1930 $821,754,968, and in March 1929
valid certain taxes collected from the banks between 1923 no less than $1,056,806,121.
Proceeding further with our analysis of the limited volume
and 1926. But while these certificates represent an addition
to the City's funded debt, they did not really come to of corporate offerings made during March, we observe that
market, having been turned over directly to the banks public utility issues at $51,096,720 accounted for the bulk
of the corporate total which was, as already stated, only
themselves at par and of course they are desirable obliga$57,344,470. The public utility total of $51,096,720 for March
tion since they bear 5 4% interest. However, there were compares with $34,900,775 shown in February. Industrial
several other issues of considerable size which did find a and miscellaneous flotations totaled only $2,822,750 during
market during the month, including Rochester, Jersey City, March as against $4,700,000 in February. Financing for
the account of railroads during March was limited to one
Allegheny County, Nassau County, Minneapolis, &c.
And here it seems desirable to point out that the market small offering, namely: $3,425,000 Reading Co.4% equipment trust certificates series K and L due Sept. 1 1932for municipal issues was stimulated during March by tax
April 1 1935, issued at prices to yield 4.50 to 5.25%, as
legislation in Congress. While such legislation involved compared with $4,950,000 for the month of
February.
many controversal features and much conflict of opinion
Of the total corporate offerings of all kinds during March
prevailed as to the best way of providing new sources of for amount of $57,344,470, long-term bonds and notes comrevenue, there was general agreement as to one thing, namely prised $49,005,000; short-term bonds and notes aggregated
that the personal income tax, and more particularly the $5,001,500, while stock issues totaled only $2,737,970. The
portion of the month's financing raised for refunding pursurtaxes, must be raised and as under the policy pursued
poses was $9,097,320 or 15% of the total. In February the
municipal
from
issues
Is
wholly
income
by Congress the
refunding portion was $5,688,000 or 12% and in January it
exempt from Federal taxation, this meant th'at the ad- was only $1,500,000 or slightly over 3%. In March 1931
vantage now possesed by municipal securities in that re- the amount for refunding was $132,199,200, or about 33%
spect would be further increased. The surtax rates in of the month's total. The $9,097,320 raised for refunding
particular are to be raised. The Secretary of the Treasury, In March (1932) represented $4,700,000 new long-term to
refund existing long-term; $2,500,000 new long-term to reMr. Mills, has proposed that the surtax scale is to run to
fund existing short-term and $1,897,320 new stock to retire
a maximum of 40% on the amount of income in excess existing short-term.
of $100,000, as against the existing maximum of 20% also
There were, as already stated, no foreign securities of any
on the incomes in excess of $100,000. And when the description offered in this country during March. It was
House of Representatives got so completely out of hand announced during the month, however, that the United
during the consideration of the taxation bill an amendment Fruit Co. had concluded an agreement with the Republic of
on March 8, whereby the former will lend $500,000
was even adopted for raising the surtaxes to a maximum of Colombia
to the latter. The United Fruit Co. will retain the national
65% on amounts in excess of $5,000,000, though this amendbanana export tax to amortize the loan with 6% annual
ment was subsequently rescinded. At all events these propo- Interest.
sitions for higher tax rates on the part of the Federal
Corporate financing during March, large enough to merit
Government had the effect of creating an extra demand special mention, was mainly for the account of public
for municipal issues. This made it easy to dispose of the utilities. The principal offerings were; $10,000,000 South$107,270,155 of municipal issues which came to market ern California Edison Co., Ltd. refunding mortgage 5s 1954,
Issued at 96 to yield 5.30%; $8,700,000 New York Steam
during the month.
first mortgage 5s, 1956, issued at 94 to yield 5.45%;
In addition $25,000,000 of Federal Intermediate Credit Corp.
$7,500,000 Public Service Co. of Indiana first mortgage and
1
2% debentures were brought out during the month. refunding "G" Os 1952, issued at 87 to yield 7.25%; $5,banks 4/
In other respects new financing during March was of the 000,000 Duquesne Light Co. first mortgage 4%s 1957, issued
FINANCIAL CHRONICLE
APRIL 9 1932.]
at 92 to yield 5.06% and $5,000,000 The Syracuse Lighting
Co., Inc., first and refunding mortgage 5s, "B" 1957, issued
at 95 to yield 5.35%.
Included in the month's financing was an offering of
$25,000,000 Federal Intermediate Credit Banks 4%1% collateral trust debentures dated Mar. 15 1932, and due in
three and four months, priced at par.
There was but one issue marketed during March et:ntaining a convertible feature, namely:
BONDS WITH CONVERTIBLE FEATURES.
$4.000,000 Virginia Electric & Power Co., convertible secured 5
1942. (Each $1,000 of bonds convertible into a like amount of let
ref. mtge. A 55 and $50 In cash on or after March 1 1933 and up to
10 days prior to redemption.)
There were but two new fixed investment trust offerings
in March. These were the following:
NEW FIXED INVESTMENT TRUST OFFERINGS.
First Commonstocks Corp. registered share certificates, offered by
Rackliff, Whittaker & Loomis, Inc., New York, at market.
"Forty Bond Syndicate" certificates, offered by McDonald-CallahanRichards Co., Cleveland, at market (initial price, 030).
UNITED STATES GOVERNMENT ISSUES.
The United States has become such a constant borrower
that it seems desirable now to take account of Government
issues also. The purpose would be mainly to note how
much of the new isues represent strictly new borrowing
and how much merely refunding to take care of matur'ng
issues. Tteaqury bills are all the time maturing, being
usually for 90 to 93 days, and have to be replaced with other
issues, while Treasury Certificates of Indebtedness are another form of short-term borrowing which has to be periodically renewed without swelling the outstanding aggregate
of indebtedness. So long as the Government was showing
huge budget surpluses, and the Government indebtedness
was as a result being steadily 'and largely reduced, the
matter was of little consequence, but now that there is a
deficiency rimning in the neighborhood of $2,000,000.000 a
year it is important to know the extent to Which the Government itself is obliged to have recourse to the investment and
money markets. During March the financing of tho t. S.
Government comprised both sale of Treasury bills and
certificates of indebtedness.
On March 6 1932, Sec. of the Treasury Mills offered in
the amount of $900,000,000 or thereabouts two new issues
of Treasury Certificates which were heavily oversubscribed.
The first, (Series TO-1932) maturing in seven months (Oct
15 1932), bearing interest at the rate of 3%%, the second,
(Series TM-1933) maturing in one year (March 15 1933),
bearing interest at the rate of 3%%. Both issues are
dated and bear interest from March 15 1932. Total subscriptions amounted to $3,403,225,500 of which $952,619,500
WAS for the seven months' issue and $2,450,606,000 was for
the 12-month certificates. The total amount of bids accepted for the 3%% or 7-month certificates was $333,492,500 and for the 3%% or 12-month certificates the
total amount of bids accepted was $660,653,500. Both issues
were offered at par. The financing provided for the refunding of about $624,000,000 Treasury Certificates of Indebtedness maturing March 15 1932.
On March 23 1932, a new issue of 91-day Treasury Bills
to the amount of $100.000,000 or thereabouts was offered
by the Treasury Department . The bills were dated March
30 1932, and mature June 29 1932. The total amount applied
for was $360,198,000. The total amount of bids accepted
was $102,169,000. The average offering price of the treasury
bills was 99.474, the average rate on a bank discount basis
being 2.08%. Issued to replace m'aturing bills.
Announcement was also made during March of the offering
of an Issue of 2% United States Certificates (first series)
with a view to attractink hoarded money and known as
"baby bonds" because of their issuance in small denominations. The certificates are dated March 15 1932 and mature
March 15 1933. Officials of the Treasury have issued no
statements whatever as to the amount of certificates sold.
UNITED STATES TREASURY FINANCING DURING FIRST QUARTER
OF 1932.
Date
Offered.
Jan. 7
Jan. 17
Jan. 25
Jan. 25
Jan. 31
Feb. 7
Feb. 16
Feb. 24
Mar. 6
Mar. 6
lure.. 9R
Dated.
Jan. 13
Jan. 25
Feb. 1
Feb. 1
Feb. 8
Feb. 15
Feb. 24
Mar. 2
Mar. 15
Mar. 15
mar, Ni
Duo.
Amount
Applied for.
Amount
Accepted.
91 days $169,337,000 $50,175,000
191,5.91,000 50,937,000
93 days
6 mos.
395,938,500 227.631,000
250.148.000 144.372,000
1 year
196,873,000 76,399,000
93 days
211,872,000 75,689.000
93 days
196,183.000 62,851,000
91 days
292,984.000 101,412,000
91 days
952,619,500 333,492,500
7 mos.
1 year 2,450,606,000 660,653,500
91 days
360.105.000 102.169.000
• Average rate on a bank discount basis.
Price.
Yield.
Aver. 99.272 *2.875%
Aver. 99.358 *2.40
100
3.125
100
3.75
Aver. 99.314 *2.65
Aver. 99.287 *2.76
Aver. 99.315 *2.71
Aver. 99.369 *2.50
100
3.125
100
3.75
Aver. 90.474 *205
2603
USE OF FUNDS.
Date Offered.
Jan. 7
Jan. 17
Jan. 25
Jan. 25
Jan. 31
Feb. 7
Feb. 16
Feb. 24
Mar. 6
Mar. 6
Mar. 23
Total Amount
Accepted.
Refunding.
$50,175,030
50,937,000
227,631,0001
144.372,0001
76.399,000
75,689,000
62,851,000
101,412,000
333,492,500!
660,653,500}
102.169.000
New
Indebtedness.
$50,175,000
50.937,000
50,000,000
76,399,000
75.689.000
62,851,000
101,412,000
$322,003,000
624,000,000
102.169.000
370,146,000
The point of importance with reference to these Government issues is, as already stated the extent to which this
new financing by the Federal Government represents new
issues, that is, new appeals to the investment market, and
from the foregoing analysis it appears that the $322,003,000
of the U. S. Government issues brought out in January
represented new indebtedness and $370,146,000 more in
March represented new indebtedness, the two together
making a total of $692,149,000. Turning now to our own
totals of new financing by corporations, municipalities &c.,
this account is actually greater than our own total for the
calendar year to March 31. Our total of new capital issues
for the first quarter of 1932 is no more than $483,419,641. To
the extent only that the U. S. Government issues represent
actually new debt, rather than the taking up of outstanding
issues about to mature, can such issues be considered additions to the Government debt. Even so, however, the amount
is found to be $692,149,000, or far above our own total.
Perhaps also the financing of the Reconstruction Finance
Corporation ought to be taken into consideration, though
thus far the entire capital of the Corporation has been
supplied by the United States Treasury: On that point
there is yet no data, though a statement has been given
out the present week Showing that up to March 31 the
total of the advances by the Reconstruction Finance Corporation for all purposes had been $238,740,000, and then
there is also the Railroad Credit Corporation, whiCh to date
has authorized loans aggregating $14,538,452.
The following is a complete summary of the new financing,
corporate, State and city, foreign government, as well as
farm loans issued for the month of March.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
1932.
MONTH OF MARCH—
Corporate—
Domestic—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporate
Canadian Government
Other foreign Government
Farm loan issues
Municipal, States, cities, &a
United States possessions
Grand total
3 MONTHS ENDED MARCH 31—
Corporate—
Domestic—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporateCanadian Government
Other foreign Government
Farm loan issues
Municipal, States, cities, dre
United States possessions
Grand total
New Capital. Refunding.
$
$
Total.
$
42,405,000
5,001,500
212.500
628,150
7,200,000
•
1.897,320
49,605,00C
6.001,50(
212,50C
2,525,47C
48,247,150
9.097.320
57,344.47C
5,000,000
106,959.655
405.000
160.611,805
20,000,000
310,500
25.000,00(
107,270,151
405,00(
190,019,621
111.950,000
12,751,500
6,775.275
2,296,900
29,407,820
9,138,000
5,250,000
1,897,320
121,088.001
18,001,501
6,775,271
4,194,221
.
133,773,675
16,285,329
150,058,99.
5,000,000
279.378.021
692,000
418,843,696
47,500,000
790.625
52,500.00
280,168,64
692.00
4f1:1 Ala eta
64.575.945
In the elaborate and comprehensive tables on the succeeding pages we compare the foregoing figures for 1932 with the
corresponding figures for the four years preceding, thus
affording a five-year comparison. We also furnish a detailed
analysis for the five years of the corporate offerings, showing separately the amounts for all the different classes of
corporations.
Following the full page tables we give complete details
of the new capital flotations during March, including every
issue of any kind brought out in that month.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND
MUNICIPAL FINANCING FOR THE MONTH OF MARCH FOR FIVE YEARS.
1932.
1931.
1930.
1929.
1928.
Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
otal.
New Capital. Refunding.
Total.
New Capital. Refunding.
7,200,000
49,605,000
218,011,300 126,511,700 344,523,000
367,883,500
10,45-1.500 378,338.000
222,906,100
50,825,000 273,731,100 183.425,800 252.758,000
5.001,500
32.017,500
2,687,500
34.735,000
25,000,000
4,600,000
29,600,000
7,378.700
3.271,500
212,500
10,650.200
16,170,000
6.870,000
10,000,000
6.870.000
55.320,236
55,320,236
1.897,320
131.964,810
307,500 132,272,310 109,449,142
2,525,470
85,160,000
2,600.500
2,600,500
67.686,127
382,000
68.068,127
305.816.635
3.923.000 309,739.635
47,255,060
13,324,750
0,500,000
9,500,000
5,000.000
5.000,000
39,000,000
39.000,000
2.500,000
3.000,000
3,000,000
9.097,320
20.000,000
310,500
29.407.820
57.344.470
25,000.000
107.270,155
405.000
190,019.625
110.000,000
269.029,300
3,685,000
132,199,200
2,000.000
401.228,500
5,685,000
15,000,000
278,574,381
933,800
135.133,000
566.288.681
110,000.000
3.000,000
15,436.500
15,000.000
279.508,181
630,889,863
4.000,000
22.000,000
20,000.000
122.583.042
2,845,563
616,326.363
4,000,000
26,000,000
20,000.000
125,428,605
701.421,681
799.472.905
22,282,063
821,754,968
4.000,000
2,500,000
3.000,000
52.010.000
52,010.000
35,000.000
100,827,200
10.550,000
882,453.445
250,000
10,000,000
58.327.000
100,827,200
19,550,000
940,780.445
250,000
10,000.000
11,202.000
405,002,002
104.143.843
1,631,833
105.775,676
996.847.288
Total.
436,183,800
26.170.000
194,609.142
60,579,810
59,958.833 1,056,806.121
85,750,000
1,800,000
126.052,114
110.000
618,714,116
35,000,000
361.242.750
3.780.750
365,023.500
11,202.000
766.244.752
85,750.000
1,800,000
129,832.864
110,000
983,737,616
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES
IN THE UNITED STATES FOR THE MONTH OF MARCH FOR FIVE YEARS.
1932.
1931.
1930.
MONTH OF MARCH.
1929.
New Capital. Refunding.
1928.
Total,
New Capital. Refunding.
New Capital. Refunding.
Total,
New Capital. Refunding.
Total,
Long Term Bonds and Notes—
New Capital. Refunding.
Total.
A
Railroads
110.966,300
60,051,700 200.018.000
214.495,000
6.018.000 920,513.000
Public utilities
41.500,000
20,000,000
7,200,000
48,700,000
20.000,000
37.915,000
39.240,000
97.627.000
36.960.000
136,867.000
74,875.000
131,563,500
3,836,500 135,400,000
Iron, steel, coal, copper, &c
60,800,000
50,400.000 111,200,000
45,273.800 100.670,0011 145.913,800
44,000.000
44,000,000
2,000,000
Equipment manufacturers
2,000,000
31,950.000
31.950,000
28.240,000
10.590.000
22,000,000
50,240,000
10.590.000
500,000
Motors and accessories
500,000
1.916.000
1,916,000
Other industrial and manufacturing
1.750.000
11,175,000
1,750,000
11,175.000
17,975,000
Oil
17,975,000
56,960.000
56.960,000
11,335.000
6,365.000
17,700,000
75,000,000
Land, buildings, &c
75.000,000
905.000
7,000,000
905,000
7,000,000
500,000
2,015.000
500,000
2,015,000
11,350,000
Rubber
11,330,000
68.006,100
425.000
68,431,100
37,616,000
25,346.000
62,962.000
Shipping
1,650,000
800,000
800,000
1.650,000
600,000
Inv. trusts, trading, holding, &c
600,000
Miscellaneous
47,000,000
47,000,000
17.500,000
9,200.000
17,500,000
500,000
9,700,000
29.400,000
600.000
30,000.000
22,200,000
Total
22,200,000
36,755.000
42,405.000
7.200.000
750.000
37,505,000
49,600,000
227,511.300 126.511,700 354.023.000
482.883,500
Short Term Bonds and Notes—
10.454,500 493,338,000
313,916,100
50.825,000 364,741.100 220,925.800 252,758,000 473,683,800
Railroads
.425.000
3.
3,425,000
Public utilities
2.500.000
2,500,000
1,500,000
1,500,000
16.662,500
2,687.500
19.350,000
10,000.000
Iron, steel, coal, copper, Ste
10,000,000
1,275,000
2,300.000
3,575,000
6,370,000
6,370,000
Equipment manufacturers
12,000,000
Motors and accessories
12.000.000
Other industrial and manufacturing
500,000
500,000
13,635.000
3.000.000
16.635,000
2,000,000
Oil
1,500,000
3,500.000
500,000
500,000
400,000
Land, buildings, Scc
600,000
1,000,000
1,006,000
1,006,000
1.750,000
10,000,000
10,000,000
1,750.000
100.000
Rubber
100,000
2.775.200
2,775,200
2,350,000
2,350,000
Shipping
Inv. trusts, trading. holding,
Miscellaneous
570.500
570,500
500,000
500,000
1,328,500
971,500
Total
2,300,000
6,950,000
5.001.500
6.950,000
5,001.500
32,047,500
5.687..300
37.735.000
25,000,000
Stocks-4,600.000
29.600,000
7,378,700
3,271.500
10,650,200
16,170,000
10,000,000
26.170.000
Railroads
Public utilities
499,400
1,897.320
2.396,720
11,414,400
44,500,000
7,168,000
55,914,400
7.168,000
83,081,452
Iron, steel, coal, copper. &c
83.081.452
201,486,900
201.486.900
45.119.122
35,800,000
80,919.122
Equipment manufacturers
34,296.490
315,000
34,611,490
9.650.000
9.650,000
Motors and accessories
Other industrial and manufacturing
1,071,200
1.071.200
6.144.500
341,250
6.144,500
341,250
2,225,000
1,250.000
3.475,000
12,884,711
Oil
12,884.711
81,383,350
3.801,100
85.184,450
35,756,449
11,274,750
47.031,199
2.052.500
2.052,500
Land, buildings, &c
4,594,348
4.594,348
2,451,890
2,451,890
Rubber
5,625.000
5.625.000
6,108.000
6,108,000
8,622,500
8,622,500
Shipping
9,364.366
684,000
9,364,366
684,000
Inv. trusts, trading, holding, &c_
6.212,500
250.000
6,212,500
250.000
1,595,000
Miscellaneous
1,595,000
132.998.588
132.998.588
24,339,241
24.339.241
18,749.000
382,000
19.131.000
84.782,103
114.400
Total
84.896,503
21.431.100
5,660.000
27.091,100
840.630
1.897.320
2,737,970
9,4,0,500
9,470,500
123,006.363
Total—
382,000 123.388,363
561,158,645
4,230,500 565,389,145 167,906,202
98,484,750 266,390,952
Railroads
3.425,000
3.425.000
110.966.300
89.051,700 200,018,000
214.495,000
Public utilities
8.518,000 223,013,000
21,500,000
41,999,400
21,500,000
9,097,320
50,654,400 142,127.000 192.781.400
51.096,720
61.745,500
39,647.500 101,393,000
Iron, steel, coal, copper, &c
224,644.952
3,836,500 228,481,452
263.561,900
52,700,000 316,261.900
96,762.922 136.470.000 233,232.922
44,000,000
44.000,000
Equipment manufacturers
2.000,000
2,000.000
66.246,490
315,000
66,561,490
37,890,000
22,000,000
59.890.000
10,590.000
10,590,000
12.500.000
Motors and accessories
12.500,000
1.916,000
1.916.000
Other industrial and manufacturing
1,071,200
1,071,200
6.644,500
341.250
6.644.500
3.975,000
341.250
1,250.000
24,810,000
5,225,000
3,000,000
27.810,000
32.859.711
Oil
34.359,711
1,500.000
138.343,350
3,801,100
142,144.450
47.591,449
17,639.750
65,231,199
2,052.500
2,052,500
land, buildings, ittc
75.400,000
76,000.000
600,000
11,594,348
1,911.000
11,594,348
2,951,890
10,000.000
1.911,000
12.951.890
3.765,000
3,765,000
Rubber
17,075,000
17,075,000
76,889,300
425.000
77,314.300
48,588.500
25.346,000
73.934.500
Shipping
9,364.366
1.484,000
9,364,366
1.484,000
1.650.000
1.650.000
Inv. trusts, trading, holding, &c.
600,000
600,000
6.212,500
6,212,500
250.000
250,000
1,595,000
Miscellaneous
1,595,000
179,998,588
570.500
179,998,588
41.839,241
570.500
41,839,241
9.200.000
500.000
9.700,000
48.649.000
982.000
49.631,000
108.310,603
1,085,900 109.396,501
Total corporate securities
65,136.100
6.410,000
71.546,100
48.247,150
9.097.320
57.344.470
269.029.300 132.199.200 401,228.500
630.889.863
15.436.500 646.326.363
882.453,445
58.327,000 940.780.445 405,002.002 361,242,750 766.244 752
arIDINOZIII0 rIVIDNVNIA
MONTH OF MARCH.
New Capital.
Corporate—
Domestic—
Long term bonds and notes42,405,000
Short term
5,001.500
Preferred stocks
212.500
Common stocks
628.150
Canadian—
Long term bonds and notes
Shortterm
Preferred stocks
Common stocks
Other foreign—
Long term bonds and notes_
Short term
Preferred stocks
Common stocks
Total corporate
48,247.150
Canadian Government
Other foreign Government_
Farm Loan issues
5.000.000
Municipal ,States, Cities, &c_
106,959.655
United States Possessions
405.000
Grand Total
160.611.805
0
5-4
1932.
Refunding.
3
111150,000
9.138,000
12.751,500
5,250.000
6.775,275
2,296.900
1.897,320
New Capital.
Total.
121.088.000
18.001,500
6,775.275
4.194.220
1931.
Refunding.
$
476,974.300 308.203.700
55,115.350
15,828,500
40.882,779
40,656,094
New Capital.
50,000,000
3,000,000
16.285.320
5,000.000
279,378.021
692,000
418.843.696
47.500,000
52,500.000
29,500.000
790.625 280,168,646
446,094.289
692.000
64.575,945 483,419.641 1,238.707.812
150.058.995
743.128.523
19.985,000
New Capital.
785.178.000 1.028.092.910
70.943,850
87,407.000
81,130.386
40,882,779
40.656.094
317.800,623
79,500.000
79.500.000
133,773.675
Total.
50,000.000
3,000,000
60.300.000
1930.
Refunding.
New Capital.
75,911.500 1.104,104.410
625,146,600
21.003.000 108,410,000
37,641,700
81.130,386
487,860,085
1,253.500 319.054,123 1.121,829,006
18,000,000
142.655.000
5.000.000
6,160,000
327,032,200 1,070.160,723 1,728,545.919
21,985,000
16,142.000
2,000.000
66.000.000
29.500,000
22,000.000
310,923.872
3.509.300 449,603,589
1.500.000
332.541,500 1,571.249.312 2,145.111,791
Total.
78,300,000
142,655.000
5,000.000
1929.
Refunding.
New Capital.
Total.
1928.
Refunding.
Total.
184.988.500 810.1;35,100
45.639.200
7,997.500
50,632.950 538.493.035
77,648,592 1,199,477,598
631101.500
54.436.400
259,555.542
146.905.812
542.525,300 1,174,326.800
29.836,100
84,272,500
101,555.300 361,110,842
34,079.598 180,985,410
66.100,000
66.100,000
25.622,000
25,622,000
10.400,000
10.400,000
91,010.000
600,000
100.827,200
22.550.000
2,563,964,591
1.750.000
35.750.000
6.160.000
116,168.000 1.844.713,919
3.158,000
19.300,000
4.000,000
70,000.000
22,000,000
5.906,063 316.829,935
246.379.689
1.500.000
1.495.000
129.232.063 2,274,343,854 2,849,339,280
93,010,000 116.131.500
19.618.500 135,750.000
600.000
3.000.000
3,000.000
100,827,200
22.550.000
15,477.000
15,477,000
323.267.542 2,887,232.133 1,252.929,754 727,614,798 1.980,544,552
5,750,000
8.840,000
8,840,000
4,000,000
35,750,000 203,315,500 WaT3:866 282,909,000
5.600,000
5,600,000
9.740.050 364,000,414
5.008.433 251,388,122 354.260.364
1,495.000
1.110.000
1,110,000
332.275.975 3.181,616.255 1,826,055,618 816,948.348 2.643,003,966
2.000,000
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE THREE MONTHS ENDED MARCH 31 FOR FIVE YEARS.
1932.
3 MONTHS ENDED MARCH 31. New Capital. Refunding.
Total.
New Capital.
Long Term Bonds and Notes-Railroad
241.126,300
Public utilities
109.770,000
212.506.000
9.138.000 118.908,000
Iron, steel, coal, copper, &c
59,250,000
Equipment manufacturers
10.890,000
Motors and accessories
Other industrial and manufacturing
61,667,000
Oil
Land, buildings, &c
1,980,000
1,980.000
9.205,000
Rubber
Shipping
1,650,000
Inv. trusts, trading, holding, &c
Miscellaneous
200.000
200.000
10.180,000
Total
111.950,000
606.474.300
9.138,000 121,088,000
Short Term Bonds and NotesRailroads
7,375,000
1,000.000
8,375,000
I'ublic utilities
750.000
4,150,000
4,900,000
34,537,500
Iron, steel, coal, copper, &c
100.000
100,000
Equipment manufacturers
Motors and amessories
Other industrial and manufacturing
13.935,000
Oil
709,000
Land, buildings, &c
4,056,000
4,056.000
5,833,850
Rubber
Shipping
Inv. trusts, trading, holding. &c_
Miscellaneous
570,500
570,500
100,000
Total
55,115,350
12,751,50
0
5,250,000
18,001,500
StocksRailroads
Public utilities
68,497.623
4.912,175
1,897.320
6,809.495
Iron, steel, coal, copper, 8.:c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
5,256.250
491,250
491,250
011
2.052.500
Land, buildings, &c
1.032,500
Rubber
2,168.750
2,188,750
Shipping
Inv. trusts, trading, holding, &c_
2,300,000
2.400,000
Miscellaneous
1,500,000
1,500.000
9.072.175
Total
1.897.320
10,969,495
81.538.873
Total7.375,000
1.000,000
8,375,000
241.126.300
Railroads
115.432,175
15.185,320 130,617,495
Public utilities
315.541,123
100,000
Iron, steel, coal, copper. &c
100,000
59,250,000
Equipment manufacturers
10.890,000
Motors and accessories
491,250
491,250
Other industrial and manufacturing
80,858,250
2.761,500
Oil
6,036,000
6.036,000
16.071.350
Land, buildings, &c
2,168,750
2,168.750
Rubber
1.650,000
Shipping
2.300,000
Inv. trusts, trading, holding, &c_
2,270,500
2,270,500
12,680.000
Miscellaneous
16,285,320 150.058,995
743.128.523
Total corporate securities_ --- 133,773.675
1931.
Refunding.
145,895,700
160.888,000
Total.
387.022,000
373,394,000
59.250.000
10,890.000
61,667.000
920,000
500.000
308,203,700
10,125.000
1930.
Refunding.
3
326,206,000
73.015,000
590,858,500
19,771.500
3.500,000
1.400,000
New Capital.
74,180.910
75.000.000
50,002,500
1,650.000
10,000.000
60.000,000
10.680.000
39.900,000
914,678,000 1.231,047,910
53,372,000
3,000,000
12,000,000
1.600,000
9,655,000
1,900,000
5,430,000
800.000
105,000
2,500,000
12.628,000
47,875,000
3.500,000
791,000
1,200,000
17,435,000
1,500,000
7,033,850
18,828,500
100,000
73.943.850
1.000.000
3,650,000
92,407,000
68.497,623
216,296,272
22,558,500
6-.256,250
2.052,500
1,032.500
2,063,950
90,086.021
7,274,804
7.185.000
871,500
2,300.000
2.400.000
81.538,873
20,235,000
39,391,462
405,091,009
382,000
1,253,500
387,022.000
489.766.623
59,250,000
10,890,000
3,500,000
791,000
2,120,000
84,358,250
3.552,500
18,191,350
1,650.000
2,300,000
13.180.000
500,000
327,032,200 1.070,160,723
399.221,000
610,630,000
3,500,000
1,400,000
74,285,910
75.000.000
50,002,500
10,000.000
60.000,000
1,020.000
40.920,000
93,911.500 1.324,959,410
13,337,500
145,895,700
174,225,500
7'etal.
4,900.000
600,000
375,000
2,500,000
66.000,000
3,000,000
12,000,000
1.600,000
14,555,000
2,500.000
5,805.000
800,000
1929.
Refunding.
3
73,531.000
19,777.000
166.467.500 151,640.000
67,713.500
3,186,500
New Capital.
87,260,000
t8,600.000
160.339.600
1,000,000
1,000,000
183,500,000
P 132.845,000
782,256.600
1,500,000
6.409,000
Total.
93,308,000
318,107,500
70,900,000
87,835,000
9,000,000
163,544,600
1,000,000
6.000.000
7,000.000
83,500,000
2.205.000 135,050,000
186,988,500 969.245,100
575.000
400,000
3.205,000
1928.
New Capital. Refunding.
3
3
80,928.500 165.305.500
269,116,400 258,524,400
57,662.700
45,527,300
2,416,000
4,770,000
780,000
85.417,100
29,143,900
500,000
20,000.000
136.808,000
27,161.000
800.000
40,750,000
94.386,300
773,555,000
Total.
246.234.000
527,640,800
103.190.000
2,416.000
5.550.000
114,561.000
20,500,000
163,969.000
800,000
40,750.000
15,701,700 110,088.000
562,143,800 1.335.698,800
1,500,000
12,490,000
13.500,000
16,330,000
17,000,000
400.000
30,500,000
16.730.000
500,000
9,000,000
500,000
9,000.000
13,699,200
13.699,200
1,200,000
3,183,900
2,080.000
7,442,500
2,316.100
10,120,000
1,200,000
5,500,000
12.200,000
7.442,500
6.081,000
1,000,000
3.650,000
113,410,000
7.133,500
38.241,700
1,916,500
7,997.500
9,050,000
46,239.200
400,000
13,300.000
57.436,400
29,836.100
400,000
13,300,000
87,272,500
216,296,272
22.558,500
460,954,556
62,038,480
14,365.000
16,142,500
475.319,556
78.180,980
15,689.400
99,654,172
25.410,725
53,796,400
57,188.448
1,200,000
69.485.800
156.842.620
26,610,725
30,179.120
263,934,458
138,676,180
86,919,330
35,204.366
10,100,000
20.235,000
612.296.138
39,773.462
43.163.663
406,344,509 1,743.466,291
2.340,950
75,281,920
15.085,272
408.500
32,520.070
339,216,378
153.761,452
87,327.830
35,204,366
10,100,000
612,296,138
4,657,400
47,821,063
128,281,542 1,871,747,833
2,225,000
70.957,149
3,126,890
28,866.000
11.362,975
6,212,500
67.879,443
90,554,100
421,938.354
1,250.000
11.274,750
3.475,000
82,231.899
3,126,890
29,301,000
12,405,375
6.212,500
67.879.443
100.002.000
557.573,252
326.206,000
75.515,000 401,721,000
75,031.000
860.526.772
32,399,500 892,926,272
633,831.056
29.058,500
29.058,500
129,751.980
13.400,000
13.400,000
3.663.950
3,663,950
30,679,120
173.921.931
5.876.500 179,798,431
360,194,458
84,174.804
600,000
84.774,804
147,276,180
62,617.500
375.000
62,992,500
260,958,130
800,000
800.000
36,204,366
10.000,000
10,000,000
11,100,000
-r 81,235,000
81.235,000
695,796.138
82,941,462
1,402.000
84.343,462
183,142,163
1.728.545.919 116,168,000 1,844,713.919 2,563,964,591
19,777,000
94,808.000
172.086,000 805,917.056
19,329.000 149,080,980
21,003,000
2,063.950
90.957,521
7.274,804
7,185.000
2,340,950
75,856,920
15,485.272
3.613.500
33,020.070
436,051,378
162,761,452
264,571,630
36.204,366
6.000,000
17,100,000
695,796,138
8,778.900 191,921.063
323,267.542 2.887,232.133
435,000
1,042.400
9.447,900
135,634.898
110,117,900 236,101,900 346.219,800
385,100,572 316.112,848 701,213.420
83,073,425
46.727,300 129,800.725
2.416,000
2.416,000
10,225.000
8.195,000
i.b10:666
159.558.149
42,734.750 202,292.899
35.826,890
5.706,890
30.120,000
173.116.500
2:4
000 200.712,500
27
1:0
59
46
12,162,975
13,205.375
6,212,500
6,212,500
109,029,443
109,029,443
198,240,400
26.11b:doo 223,390,000
1,252,929,754 727.614.798 1,980,544.552
['MI6 qnlaV
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE THREE MONTHS ENDED MARCH 31 FOR FIVE YEARS.
3 MONTHS ENDED MARCH 31.
CorporateDomesticLong term bonds and notes_
Short term
Preferred stocks
Common stocks
CanadianLong term bonds and notes_
Shortterm
Preferred stocks
Common stocks
F
Other foreignLong term bonds and notes_
Short term
Preferred stocks
Common stocks
Total corporate
Canadian Government
Other Foreign Government_
Farm Loan Issues
Municipal, States. Cities, &c_
United States Possessions_ _ _ _
Grand Total
2606
FINANCIAL CHRONICLE
[VOL. 134.
DETAILS OF NEW CAPITAL FLOTATIONS DURING MARCH 1932.
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Price,
Purpose of Issue.
Public Utilities2,000,000 Refunding, other corp. purposes--
91%
5,000,000 Additions, extensions
92
8,700,000 Capital expenditures
2,500,000 Add•ns, inlets., other corp. purp
7.500.000 Refunding, add•ns, extensions
10,000.000 Refunding, add'ns, e.xtensionks
95
2,000,000 Additions, betterments
93
4,000,000 Retire floating debt, capital exPen-
95%
2,000,000 Acquisitions, extensions, &c
78
Company and Issue, and by Whom Offered.
5.69 Blackstone Valley Gas & Electric Co. Mtge. and Coll Trust 55 B, 1952. Offered by Estabrook &
Co. and Stone & Webster and Blodget, Inc.
5.06 Duquesne Light Co. 1st M.434s, 1957. Offered by Chase Harris Forbes Corp.; Ladenburg, Thalmann & Co.; H. M. Bylle•by & Co., Inc.; W. C. Langley & Co.; Lee, HIgginson & Co.; A. C.
Allyn & Co., Inc., The Union Trust Co. of Pittsburgh; Hayden, Stone & Co.; J. Henry Schroder
Banking Corp., and The N. W. Harris Co., Inc.
6.45 New York Steam Corp. let M. 58, 1956. Offered by The National City Co.
5.35 Pennsylvania Power Co. let M. 58, 1956. Offered by Drexel & Co. and BonbrIght & Co., Inc.
7.25 Public Service Co. of Indiana let M.& Ref.650. 1952. Offered by Halsey, Stuart & Co.,Inc.
5.30 Southern California Edison Co., Ltd., Ref. M.58, 1954. Offered by Chase Harris Forbes Corp.;
E. H. Rollins & Sons. Inc., and The N. W. Harris Co., Inc.
5.35 The Syracuse Lighting Co., Inc., 1st & Ref. M. 65 B, 1957. Offered by .1. P. Morgan & Co.;
Bonbright & Co., Inc., and Schoellkopf, Hutton & Pomeroy. Inc.
5.55 Utica Gas & Electric Co. General M. 5s E, 1952. Offered by J. P. Morgan & Co.; Bonbright &
Co.,
and Schoellkopf, Hutton & Pomeroy, Inc.
6.10 Virginia Inc..
Electric & Power Co. Convertible Secured 531s, 1942. (Each $1,000 of bonds convertible
into a like amount of First & Ref. M. A 55, 1955, and $50 In cash on or after Mar. 1 1933 and up
to 10 days prior to redemption.) Offered by Stone & Webster and Bloclget, Inc.: Chase Harris
Forbes Corp.; Bancamerica-Blair Corp., and Brown Brothers Harriman & Co.
8.25 Virginia Public Service Co. 1st M. & Ref. 6s C, 1952. Offered by Halsey, Stuart & Co., Inc.
E. H. Rollins & Sons. Inc.; H. M. Byllesby & Co., Inc., and Blyth & Co., Inc.
94
95
87
96
5,000,000 Additions, betterments
t. 48,700,000
To Yield
About.
Land, Buildings,
E 755,000 Real estate mortgage
Placed privately Sears, Roebuck & Co. 15-Year 534% loan. Placed with the Metropolitan Life Insurance Co.
100
5.50 School Sisters of St. Francis of St. Joseph's Convent (Milwaukee) Debenture 530, 1937-38.
Offered by First Wisconsin Co., Milwaukee.
150,000 Real estate mortgage
905,000
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Price.
Railroads1,200,000 New equipment
To Yield
About.
Company and Issue, and by Whom Offered.
4.50-5.00 Reading Company 431% Equipment Tr. Ctfs., Series K, due Sept. 1 1932-Sept. 1 1933. Offered
by Drexel & Co. and Evans, Stillman & Co.
4.50-5.25 Reading Company 434% Equipment Tr. Ctfs., series L, due Oct. 1 1932-April 1 1935. Offered by
Drexel & Co. and Evans, Stillman & Co.
2,225,000 New equipment
3,425,000
Land, Buildings,
221,000 Real estate mortgage
100
300,000 Real estate mortgage
100
330,000 Real estate mortgage
100
155,000 Real estate mortgage
100
5.50 Northeast Corner of Harrison Ave. and Kingsland Place (Bronx, N. Y.)534% Guaranteed Mort-.
gage Ctrs., due Oct. 15 1936. Offered by Lawyers Mortgage Co., New York.
5.50 North Side of Winthrop Street, 405 Feet East of Flatbush Ave.(Brooklyn. N. Y.) 534% Guaranteed Mortgage Ctfs., due Feb. 8 1937. Offered by Lawyers Mortgage Co., New York.
5.50 Northwest Corner of Austin St. and 73d Road (Forest Hills, Queens) 534% Guaranteed Mortgage Ctfs., due Mar. 10 1937. Offered by Lawyers Mortgage Co., New York.
5.50 West Side of Monterey Ave., 113 Feet North of East Tremont Ave.(Bronx, N. Y.) 534% Guaranteed Mortgage Ctfs., due Mar. 5 1937. Offered by Lawyers Mortgage Co., New York.
1,006,000
Miscellaneous570,500 Working capital
.
5.00-6.00 Union Investment Co., Detroit, Collateral Trust Notes, due June 1 1932-Sept. 211932. Offered
by company.
STOCKS.
Par or No.
of Shares.
Purpose of IBM,
Public Utilities$
286,900 Payment of notes
•126488shs. Retire 434% notes
•5000shs. Additional working capital
Other Industrial & Mfg.
•105000shs. Working capital, expansion, &c_
aA mount Price
To Yield
Involved. Per Share. About.
$286,900
1,897,320
212,500
Company and Issue, and by Whom Offered.
25
16
4234
Brockton Gas Light Co. Capital Stock. Offered by company to stockholders
North American Light & Power Co. Corn. Stock. Offered by company to stockholders.
Telephone Bond & Share Co. 33 Preferred Stock. Offered by Telephone Securities
Co., Chicago,
33el
Alice Foote MacDougall, Inc., Common Stock. Offered by Pringle, Price & Co., Inc
2,396,720
341,250
FARM LOAN ISSUES.
Amount.
Issue and Purpose.
Price,
To Yield
About.
Offered by
Federal Intermediate Credit Banks Coll. Trust 434% Debentures, dated Mar. 15 1932
25.000.000
and due in three and four months (refunding, provide funds for loan purposes)_
1004.50Charles R. Dunn, Fiscal Agent, New York.
• Shares of no par value.
a Preferred stocks of a stated par value are taken at par, while preferred stocks 0100 par value and all classes of common stock are computed at their offering prima
I
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME.
Friday Night, April 8 1932.
Trade reports are still unsatisfactory. There is a slight
increase in the retail business, but the heavy manufacturing
industries are as dull as ever. The more seasonable weather
has helped the sale of clothing and some other merchandise.
But even the retail trade, though better, is smaller than at
this time last year. Wholesale and jobbing trade certainly
makes a poorer showing than then. Even then it was none
too good. Low priced automobile displays attract some attention and more or less buying. But it goes without saying
that there is plenty of room for improvement. What the
ultimate demand for automobiles will be is as yet purely
conjectural. Meantime in general trade banks are not lending money as freely as might be expected. The anti-hoarding
campaign does not seem to have been wholly successful,
though there appears to be some improvement. But credits
are none too readily given in many sections if we may judge
from current accounts. Collections throughout the United
States are still slow. Many of the big department stores
have been holding post-Easter special sales, but seemingly
with indifferent success. The wholesale millinery business
makes as good a showing as any and rather better than most.
Women's ready-to-wear goods are in fair demand. Usually
the sales of hardware, paints and house furnishings at this
time increase but the present showing is what is described
as "spotted." In fact Cleveland reports a decrease of 50%
in the sales of hardware. Some other cities report a fair
demand for this commodity. It is not easy as a rule to sell
men's clothing and furnishings or drygoods. Retail failures
in this country were larger than in tho previous week. Both
wholesale and jobbing houses seem to expect nothing better
for the time being than the old hand-to-mouth buying, which
has prevailed for at least a year past. It has really gone on
longer than that. Filling-in orders in other words are the
rule. Leather has been dull and tending towards lower
prices. The shoe production has fallen off sharply. Wool
has been quiet. In the East, textile manufacturing has decreased; there is a fair amount at the South, though even
there, there are complaints of unsatisfactory business including Charlotte, N. C. The big Amoskeag Co. at Manchester, N. H. has closed four of its cotton mills. The
tobacco industry is reported to be doing very well. It
makes a better showing than many others. Jewelry is still
naturally very quiet. It is a time when luxuries are apt to
be waved aside, and the buying confined to things actually
necessary. The steel industry is still quiet, and iron is also
dull. The feeling in the petroleum trade is better owing to
recent advances in prices and the time is approaching for a
larger consumption. Copper mining in Montana is very
slow, and some companies have closed down altogether.
In the copper districts general trade naturally suffers. Coal
has been in fair demand but strikes interfere with the industry. The glass manufacturing trade of Pittsburgh 18
APRIL 9 1932.]
FINANCIAL CHRONICLE
2607
still on a lower level than that of a year ago, except in special force. Both in Europe and in the United States the business
glassware, which makes a better showing than then. At tone is better even though actual sales are little if any
Spokane there has been some decrease in unemployment as larger. The financial ground work is stronger, however
the salmon boats make ready for the usual season's work.
unsatisfactory the situation in some respects still is.
On the 4th inst. stocks were irregular, declining early,
Wheat has advanced somewhat in spite of the decline in
stocks and disturbing rumors as to the possibility of Farm but later rallying and ending at small net declines in some of
Board's selling, for the crop reports from the Southwest the issues most traded in. Inactive stocks in a few cases
continued to be bad owing to drouth and dust storms. The fell 2 points. Lending rates to shorts were lower, with
Government report this afternoon estimated the winter stocks attracted by the premiums on 45 issues. Small net
wheat crop at only 458,000,000 bushels, or 42,000,000 advances occurred in American Telephone, New York
bushels less than the average private estimate, and about Central, U. S. Steel and du Pont. Sterling rose to $3.8014,
330,000,000 bushels less than the crop last year of 787,000,000 a rise of 5c., only to lose the advance later. Unaccountable
bushels. The condition of winter wheat is 5% under the declines in bonds in even the best issues overshadowed
10-year average, and 13% under that of a year ago. To-day stocks. Railroads fell 2 to 5 points. Railroad earnings and
there was a break of 3c. owing to the decline in stocks and traffic, to be sure, made no agreeable reading. But cotton
a fear that the activities of the Farm Board might be trans- ran up nearly $1 a bale and wheat also advanced, though
ferred to the Department of Agriculture at Washington it was mostly on bad crop news from Kansas and Nebraska.
preliminary to the liquidation of the Farm Board's big stock The trading in stocks was still restricted by the fear of
of wheat. Corn has dropped sharply, pulled down by oppressive taxes. It is said that some are inclined to go
wheat, and the dullness of the cash trade as well as an out of business. One firm is reported to have done so. It
increase in the crop movement. Cotton is off 10 to 20 points is declared in some quarters that a firm might as well cease
for the week under the liquidation of May cotton, and the doing business in stocks and simply retire, buy the most
disturbing effect of a steady decline in stocks for eight remunerative bonds and await better times. Of course,
days past, as well as other disquieting reports. Cotton there is nothing even approaching a general movement of
goods have been dull. Second hands out under mill prices. this sort. But there is undoubtedly a profound feeling of
One of the things talked about to-day was a rumor that disgust. On the 5th inst. prices declined here and there,
industrialists and bankers were coming to view prohibition mainly because the Atchison common dividend was cut from
in an unfavorable light. If this attitude continues it could 6% to 4, and dividends even on this basis will depend on an
conceivably have a marked effect on the grain trade, to go improvement in the company's earnings. The declines
no further. Modification of prohibition would tend to were most noticeable in American Telephone, Atchison,
help the grain business and this might react favorably on Auburn, United States Steel, Union Pacific, Peoples Gas,
other branches of trade. Sugar has fallen to new low levels Eastman, Allied Chemical and American Can, with a few
under the impact of steady selling by Cuba and other others. The total trading was in about 1,480,000 shares.
interests. Also the late returns seem to make it plain enough Bonds again declined. The shadow of the increased Federal
that the grinding of sugar cane in Cuba has run well ahead tax on stock transactions was again the most depressing
of the scheduled quotas. Refined sugar is down to 3.90c., factor.
and raw to 2.60c. delivered. Coffee has advanced 8 to 13
On the 6th inst., there was an irregular decline. A decline
points on Santos, with cost and freight quotations stronger in domestic bonds was also a feature. The decline in stocks
and with more or less buying attributed partly to Brazilian at the worst, as a rule, was moderate, that is an average of
interests and partly to shorts. Rubber has got down to a 19/i points. But domestic bonds fell in some cases 3 to 4
new low with a decline for the week of 6 to 10 points. May points. The trading in stocks rose to some 2,100,000 shares.
rubber sold below 3e. Prices have been weak in London United States Steel went to the new and seemingly incredible
and Singapore, as well as in New York. Overproduction is low of 343
4,closing at 35, a net loss of 1%. Stocks on the
still having its grim results. Hides have dropped 73 to 7th inst. again declined, but the downward drift was slower.
85 points, with spot hides quiet and a more or less persistent The sales were just short of 1,800,000 shares and the tone
long liquidation in futures. Cocoa has declined 7 to 8 still exhibited the blue complex. Yet the last prices generally
points. Silk is off 2 points. Silver is down no less than showed only a slight net decline. Yet there is no disputing
181 to 206 points, the sequel of what looks like an over- the fact that United States Steel sold at a new low and the
done bull speculation. One of the signs of the times is that same was true of American Can, Bethlehem Steel, LackaStock Exchange "seats" have dropped to $81,000, as against wanna, du Pont, Eastman, General Motors, New York
a high in 1929 of $625,000.
Central, Union Pacific and numerous others. But the net
In the stock market on the 2d inst. prices declined and drop after an upturn of an apparently oversold market at
then made some recovery with wheat advancing 23. to 3c. the end of the day was a not too impressive 30 cents. United
The taxation of stock sales, which hits Wall Street's trading States Steel,in fact, ended Yi point net higher, after touching
hard, evoked bitter comment. Of course no serious atten- a new low of 343, from which there was a rally of 13i•
tion was paid to talk of removing the Stock Exchange to American Can fell 2% net,Bethlehem Steel and Lackawanna,
Toronto or Montreal. It merely illustrates the deep resent- lYi; General Motors,% on common and 3 on the preferred,
ment felt at this new manifestation of the so-called "soak and Union Pacific, % on the common and 7 on the prethe rich" policy. The average prices of stocks at one time ferred. Du Pont advanced %, Eastman, 1%, and New
on the 2d inst. were down to the lowest, not merely for the York Central, %. In the bond trading the big feature was
present year, but for the past 10 years, though the average a rise of 2-32 to 1 11-32 points, the latter on Treasury :3s,
net decline for the day after considerable covering was small. with total sales of Government issues up to the imposing
But for all that, it was a grim day, hinting at worse to come. total of $4,143,000. There was good buying of tax-exempt
A straw not unimportant, was the sale of a Stock Exchange Government and high-grade municipal bonds. Long New
"seat" on the 2d inst. at $98,000, a decline of $3,000, or a York State bonds were on a 3.60% basis. Railroad bonds
drop in four days of $19,000. And it may be added here fell to new lows in a fair amount of trading. Absurd as it
that another sold on the 4th inst. at $83,000, a decline of sounds the prices of many domestic corporation bonds are
$15,000 over Sunday, or $24,000 in five business days or cheaper than bonds of foreign countries whose credit ratings
$92,000 since February when the highest price of the present are not first class. Public utility and industrial domestic
year was reached or $175,000. The trading on Saturday issues were lower without much rhyme or reason. Tobacco
was in some 1,045,000 shares, a total noticeably larger than products of New Jersey 6%s., due in 2022, were a refreshing
on some recent Saturdays. Bonds were generally lower on exception, advancing 13
4 points. Foreign bonds had a
domestic issues, especially railroads. Just why bonds should ragged decline. United Kingdom 5%s declined %. French
decline at this time was not altogether clear to many, and Belgian bonds declined a little. Austrian advanced
especially, as the fall was from levels already illogically low. 1% to 33( points.
Stocks to-day declined 2 to 13 points falling for the eighth
But lower they were. Yet the credit of the United States
Government is better. Railroads are being effectively consecutive day. Grain plunged down 3 cents. Cotton was
helped. Hoarding is decreasing. Banking resources are at one time lower. Sugar and silver dropped sharply. There
abundant. Bank failures have almost ceased and many was nothing stimulating in the other news. The decline
have resumed business. Business in England and Germany in Stock Exchange seats to
1,000, against the high of
is on the mend. In both, unemployment has decreased $625,000, in 1929 was hardly calculated to help matters.
slightly. The start towards better times may be more plainly Foreign exchange moved against the dollar. The trading
made in Europe than on this side, though the upward I in stocks was 2,100,000 shares. The government wheat
American momentum once it begins may prove the greater report after the close was bullish and since its real date
2608
FINANCIAL CHRONICLE
[VOL. 134.
April 1 the yield of winter wheat is believed to have fallen National City Bank of New York Finds General Course
of Business Disappointing-Sees Improvement in
below yesterday's estimate of 458,000,000 bushels which
Banking Position.
itself was some 40,000,000 bushels below the average private
estimate. There was a time when a poor crop like this,
In its April monthly letter the National City Bank of
some 330,000,000 bushels under last year's yield of 787,000,- New York states that "the failure of business to gain during
000 bushels, would have been hailed as a distinctly bearish the month is evidence of the formidable character of the
factor. But in the present glut of wheat the possible effect obstacles which still stand in the way of recovery. Howon prices of smaller crop is the chief consideration. The ever," says the bank, "some of the restraints upon the
reports that the prohibition law is viewed with drowing dis- 'spring rise' appear to have been more accidental than
favor by industrialists and bankers and covering in a short otherwise, including the unseasonable weather and the postmarket accounted partly for something of a rally towards ponement of automobile buying until the new Ford models
the close. In bonds prices were generally lower but U. S. are ready for inspection." The bank further says:
Government issues continued to rise led by Treasury 33
/
8s.
As time will remove these difficulties, the seasonal rise, to the extent
The total sales of all kinds of bonds rose to $15,720,000 which that they are factors, can be regarded principally as deferred. The automobile industry is of this mind, now that the air is being cleared by the inis a something new in recent trading. There is a persistent troduction
of the new Fords and Plymouths; and it is encouraging to note
demand for bonds in a widespread hegira from taxes or in that an organization of the importance of the General Motors Corporation
takes
the
view
that there is business to be done, and is employing a very
other words to get into something ex-Congress. One rumor
large appropriation during the first week of April in a national advertising
to-day Congressional quiz of Stock Exchange trading. It and selling
campaign and exhibition of its products.
would certainly seem far fetched especially at this time.
In surveying business and banking conditions the bank
Fall River, Mass., wired: "No activity in the cloths last states: '
week but sales will probably run larger than for the previous
The developments of the past month in the banking situation have been
week and prices have held fairly firm. Curtailment,however, favorable, but the general course of business has been disappointing In
the hopes raised by the financial improvement, and the usual seaview
has been heavy with the King Philip mills, Bourne mills, and sonalof
expansion has not been realized. In the steel industry,although March
Durfee mills completely closed and several other plants is frequently the most active month of the year, operations continue at
having shut down many of their looms, in the course of the about the same rate as in January and February, namely 24 to 27% of
capacity, and automobile output has similarly moved sidewise upon a low
week. The trading has centered in sateens, the wider con- level,
in contrast with the usual increase. Bank clearings and other general
struction being in the best demand and in both plain and business indicators have failed to improve, and retail trade reports are
fancy marquisettes. Print cloth 39-inch 40x32 was quoted mostly unsatisfactory, the decline of22% in the dollar sales of the New York
City department stores during the first twelve days of March, as compared
at 23 to 24c.; 33' -inch 56x52, 41 to 44e.; 27-inch 56x52, 3e. with
a year ago, being an illustration.
At Manchester, N. H., the Amoskeag Mfg. Co. on the 4th
An unfavorable showing has been made by the securities markets and
inst. closed four mills, the Amory, Jefferson, No.3 and No.8 in basic commodity prices. The stock market has elected to follow the
unsatisfactory trade reports, which imply unfavorable earnings statements
permanently retired 100 mechanics and dropped several to
come, rather than the financial improvement, and sentiment here, and
executives. The drastic curtailment went into effect follow- evidently abroad also, has been disturbed by the outbreak in the Rouse
the Government's fiscal proing rejection by workers of the management's wage reduction of Representatives over the tax bill, leaving depression
has demonstrated
gram uncertain
If the experience of the
plan. Other units will be shut down indefinitely as work anything
conclusively, it is that capital will flee a country which does not
runs out. Salaried executives are included in the list of 500 balance its budget. The threat of such a situation, which it is hoped has
been removed by the most recent turn of events, has been responsible for
employees just retired. The staff of the employment depart- the
fresh fears in evidence. The fall in prices of some of the most important
ment also was reduced, together with a number of clerks in raw commodities, including sugar, rubber, corn, lead and zinc, to new low
points
for the depression, and the renewed decline in wheat and cotton,
divisions.
Charlotte,
other
N. C., reports that new business
coming to Southern mills last week continued small, although have been other unsatisfactory features of the situation.
manufacturers declared that the inquiry was considerably
Loading of Railroad Revenue Freight Still Declining.
improved over the two previous weeks. Mills generally were
Lcading of revenue freight for the week ended on March 26
inclined to disregard the lower trend of cotton prices and
continued firm as to prices. On the 7th inst. Charlotte totaled 561,118 cars, according to reports filed by the railreported that the dull situation in textiles that had pre- roads with the car service division of the American Railway
vailed for the past several weeks, continued and mill men Association and made public to-day. This was a reduction
reported little buying interest with prices on about the same of 23,516 cars below the preceding week, 177,762 cars below
basis as heretofore, manufacturers feeling that even a sharp the corresponding week in 1931 and 324,206 cars under the
reduction in quotations would not stimulate buying at this same period two years ago. Particulars follow:
loading for the week of March 28 totaled 117,122 cars, a decrease
time. At Wilson, N. C., the Wilson Cotton Mills which ofCoal
13,945 cars below the preceding week,9,109 cars below the corresponding
had been closed for the past four months resumed operations week last year and 30.406 cars below the same week in 1930.
Miscellaneous freight loading totaled 186,842 cars, a decrease of 3,070
this week on medium and coarse yarns.
cars below the preceding week, 99,163 cars under the
London cabled April 3 that at Manchester the holidays, in 1931 and 168,734 cars under the same week in 1930.corresponding week
Loading of merchandise less than carload lot freight totaled 185,343 cars,
cheaper cotton, and the sterling exchange movement all
a decrease of 1,853 cars below the preceding week, 37,014 cars below the
proved adverse factors in textile trading, while bids in- corresponding
week last year, and 59,922 cars under the same week two
dicated that buyers have adopted lower price ideas and years ago.
Grain and grain products loading for the week totaled 27,107 cars,
these are irregularly met by manufacturers. Many New
cars below the preceding week, 9.808 cars below the corresponding
York selling agents left on the 4th inst. for Spartanburg, 2,760
week last year and 10,926 cars below the same week in 1930. In the Western
S. C., to meet executives of a number of the mills engaged districts alone, grain and grain products loading for the week ended on
in manufacture of print cloths and to discuss the feasibility March 26 totaled 16.827 cars, a decrease of 6,560 cars below the same week
last year.
of a much"sharper cut in production than now exists in
Forest products loading totaled 20,307 cars, the same number as loaded
order to keep it within the limits of demand. Providence, the preceding week this year, but 14,487 cars under the same week in 1931
35,354 cars below the corresponding week two years ago.
R. I., wired that with the rush of spring wear business now and
Ore loading amounted to 2,981 cars, a decrease of 286 cars below the week
a thing of the past‘and with the trend of now season prices before. 3,203 cars under the corresponding week last year and 6,273 cars
indeterminable, woolen and worsted mills here are running under the same week in 1930.
Coke loading amounted to 5,221 cars,1,618 cars below the preceding week,
well below the pace of a month ago.
1,771 cars below the same week last year and 5,210 cars below the IMMO
On the 4th inst., temperatures at New York were 31 to 51 week two years ago.
Live stock loading amounted to 16,195 cars, an increase of 16 cars above
degrees. At Boston they were 34 to 46; at Chicago, 32 to
the preceding week but 3,207 cars under the same week last year and 7,381
60; at Cincinnati, 30 to 64; at Cleveland, 26 to 50; at Kansas cars below the same week two years ago. In the Western
districts alone.
City, 60 to 78 de-rees, or 2 degrees above summer heat; loading of live stock for the week ended on March 26 totaled 12,857 cars a
compared
with
the
same
week
2,045
cars
decrease
of
last
year.
at St. Louis, 48 to 78, and at Winnipeg, 28 to 36. On the
All districts reported reductions In the total loading of all commodities
7th inst., the New York City temperatures were 37 to 62 compared
with the same week in 1931 and 1930.
degrees. The week has been springlike. The grass in the
Loading of revenue freight in 1932 compared with the two previous
parks has greened up until it looks almost like summer. years follows:
Shrubs are leaving out. Trees are taking on the faint greens
1932.
1931.
1930.
of early spring. On the 7th inst., Chicago had 50 to 66
2,209,875
2,873,211
Four weeks In January
3,470,797
degrees; Cincinnati, 56 to 76; Cleveland, 36 to 68; Detroit, Four weeks In February
2,245,325
2.834,119
3,506,899
2,280,672
2,930,928
3,515,733
34 to 54; Kansas City,48 to 60; Milwaukee,40 to 60; St. Paul, Four weeks In March
6.795.872
Tntn1
R.844.2M
10 463 429
40 to 56; Montreal, 34 to 44; Omaha,46 to 64; Philadelphia
40 to 64; Portland, Me., 42 to 60; San Francisco, 48 to 60;
The foregoing, as noted, cover total loadings by the railSeattle, 38 to 50; Spokane, 46 to 52; St. Louis, 60 to 64; roads of tho United States for the week ended March 26. In
Winnipeg, 30 to 46. To-day it was 44 to 51 degrees in New the table below we undertake to show also the loadings for
York. The forecast was fair for Saturday and fair and the separate roads and systems. It should be understood,
warmer for Sunday.
however, that in this case the figures are a week behind
2609
FINANCIAL CHRONICLE
RR., the Virginian Ry., the New York Ontario & Western
Ry. and the Montour RR. [The figures given in last week's
"Chronicle," page 2409, are those for the week ended
March 12.-Ed.]
those of the general totals-that is, are for the week ended
March 19. During the latter period, a total of only 16 roads
showed increases over the corresponding week last year, the
most important of which were the Chicago & Eastern Illinois
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)-WEEK ENDED MAR. 19.
Railroads,
1932.
Eastern DistrictGroup A:
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York N. H.& Hartford__
Rutland
Total
Group B:
x 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 & Shawmut
Pitts!). Shawmut & Northern
:Ulster & Delaware
Total Loads Received
from Conneaions.
Total Revenue
Freight Loaded.
1931.
1930.
1932.
1932.
1931.
432
2,648
2,729
267
2,129
5,516
5,833
3,765
3,778
3,317
9,964
12,098
10,191
11,657
8,149
961
1,657
2,971
849
747
3,652
2,408
3,061
3,895
2,568
14,094
15,636
12,340
11,241
13,321
724
999
1,109
647
591
_---------34,482
39,380
33,151
40,189
28,742
6,459
9,778
11,833
162
1,673
8,339
2,185
19,245
2,176
419
366
7,251
10,357
13,607
262
1,829
8,968
1.855
26,567
1,703
450
497
6,291
11.980
15,635
319
1,838
9,098
2,243
31,122
1,496
762
513
6,790
5,620
13,676
2,023
893
6,031
23
27,750
2,273
24
259
7,855
6.786
16,503
2,263
1,185
8,227
102
33,411
2,709
20
251
62,635
73,346
81,297
65,362
79,312
Group C:
Ann Arbor
543
Chicago Indianap.& Louisville_
1,575
Cleve. Cm. Chi. & Bt. LOWS- _
8,780
Central Indiana
52
Detroit & Mackinac
225
Detroit & Toledo Shore Ida°.
210
Detroit Toledo & Ironton
1,314
Grand Trunk Western
2,575
Michigan Central
6,387
Monongahela
3,954
New York Chicago & St. Louis
4,325
Pere Marquette
4,238
Pittsburgh & Lake Erie
3,115
Pittsburgh & West Virginia1,223
Wabash
5,195
Wheeling & Lake Erie
3,050
- Total
46,761
572
1,974
9,667
65
327
193
2,277
4,190
8,059
4,823
5,450
5,646
5,513
1,237
6,579
3,404
571
2,214
12,140
60
424
327
3,044
5,955
9,622
5,461
6,956
7,207
7.844
949
7,452
4,207
1,141
2,005
12,228
106
106
2,738
1,247
6,651
9,722
175
8,998
4,813
4,784
604
7,967
1,967
1,419
2,446
13,283
121
132
3,123
2,347
8,361
10,892
209
11,179
5,000
5,996
827
9,843
3,268
Total
Grand total Eastern District_
Allegheny DistrictBaltimore & Ohio
Bessemer & Lake Erie
Buffalo & Susquehanna
Buffalo Creek & GauleY
Central RR.of New Jersey....
Cornwall
Cumberland & Pennsylvania_
Ligonier Valley
Long Island
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas DistrictChesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
59,076
74,473
65,252
78.451
167,804
195,150
163,765
197,952
26,940
640
34,337 Ty42,615
1,589
2,773
13,882
953
18,204
1.595
*141
6,345
33
397
208
1,176
58,997
13,064
5,513
57
3,122
211
9,097
2
419
133
1,474
74,882
16,838
9,200
48
3.524
256
10,646
642
357
207
1,441
91,142
17,860
12,266
53
4,122
4
10,767
63
15
6
4,113
35,932
15,819
907
2
3,808
13,373
74
27
36
4,580
42,461
20,245
2,138
116,633
151,754
184,380
86.269
107,539
19,559
15,660
850
3,695
20,171
16,835
1,622
3,560
20,979
20,495
2.114
3,254
5,597
3,422
1,2.57
324
39,784
42,188
46,842
10,600
138,138
s
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
Railroads.
1931.
1930.
1932.
1931.
Group B
Alabama Tenn. & Northern___
192
245
223
221
333
Atlanta Birmingham & Coast_ _
1,080
944
761
1,001
696
AU.& W.P.-West RR.of Ala.
1,166
888
1,415
936
597
Central of Georgia
2,035
2,858
3,405
5.994
6.065
Columbus & Greenville
216
331
230
270
415
Florida East Coast
416
483
1.074
1,088
1,303
Georgia
1.469
1.228
1,529
1,286
725
Georgia & Florida
316
590
560
328
735
Gulf Mobile & Northern
941
929
762
1,446
685
Illinois Central System
23,388
8,369
10,843
19,270
29,186
Louisville & Nashville
17,245
22,125
24.678
3,429
5,450
Macon Dublin & Savannah_
114
237
453
331
197
Mississippi Central
225
154
412
254
357
Mobile dc Ohio
1,928
2,465
3,251
1,075
1,557
Nashville Chattanooga & St. L.
2,637
3,756
4,561
1.843
2,645
New Orleans-Great Northern__
813
579
297
1,166
286
Tennessee Central
629
456
598
509
608
-----------Total
66.084
31,492
50,397
22,918
77,873
Grand total Southern District..
89,899
122,785
142,042
49,942
69,092
Northwestern DistrictBelt Ry. of Chicago
894
Chicago & North Western
14,060
Chicago Great Western
2,355
Chic. Milw. St. Paul & Pacific_
17,244
Chic. St. Paul Minn. & Omaha
3,130
Duluth Missabe & Northern...
421
383
Duluth South Shore & Atlantic
3,973
Elgin Joliet & Eastern
Ft. Dodge Des M.& Southern_
280
7,830
Great Northern
611
Green Bay & Western
1,691
Minneapolis& St. LOUIS
4,834
?titan. St. Paul dz 5.5. Marie..
" 8,103
NorthernPacific
1,098
Spokane Portland dr Snaffle._
1,482
18,580
3.055
21,679
4,433
800
958
6,011
406
9,338
608
2,434
5,616
9,733
1,259
1,382
22,715
3,518
26,358
5,208
1,117
1,511
10,287
507
11,038
656
2,850
6,832
12,344
1,764
1,390
8,882
2,758
6,887
2,813
71
360
5,242
173
1,657
398
1,586
1.848
1,783
875
1,527
10,118
2,846
8,192
3,446
147
635
6,839
234
2,190
466
1,791
2.436
2,454
1.001
66.907
86,392
108,087
38,723
44,322
19,606
3,042
107
15,738
11,374
3,162
1,037
1,812
436
1,132
482
123
13,116
243
309
12,159
382
1,030
23.538
3,582
236
20,771
15,641
3,114
1,145
2,373
265
1,242
649
134
17,872
303
245
15.115
327
1.435
27,119
4,253
316
22,685
17,917
3,968
1,535
3,165
226
1,276
1,071
222
22,262
348
389
16,945
353
1,409
3,656
1,970
24
5,933
7,215
2,298
772
1,572
7
837
213
36
3,269
187
759
5,617
6
1,053
85,290
107,987
125,439
35,424
Total
Central Western Dist.ASeh.Top.& Santa Fe System.
Alton
Bingham & Garfield
Chicago Burlington dz QuincyChicago Rock Island & Pacific.
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western.
Denver & Salt Lake
Fort Worth & Denver City.....
NorthwesternPacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St.Joseph & Grand Island
Toledo Peoria & Western
Union Pacific System
Utah...
Western Pacific
Total
5,010
2,724
48 ,
7,067
8.945
2.720
1,056
2,155
6
951
260
27
4,087
229
846
6,626
.5
1,266
44,028
4,798
Southwestern DistrictAlton & Southern
Burlington-Rock Island
Fort Smith & Western
7,514 Gulf Coast Lines
4,601 Houston & Brazos Valley
1,940 International-Great Northern..
554 KansasOklahoma dr Gulf
Kansas City Southern
14,609 Louisiana & Arkansas
Litchfield & Madison
Midland Valley
Missouri & North Arkansas
7,585 Missouri-Kansas-Texas Lines__
1,590 Missouri Pacific
1,033 Natchez & Southern
407 Quanah Acme & Pacific
108 St. Louis San Francisco
1,604 St. Louis Southwestern
966 Ban Antonio Uvalde & Gulf
4,198 Southern Pacific in Texas & La.
4,400 Texas & Pacific
14,641 Terminal RR.Assn.of St. Louis
1,005 Weatherford Min. Wells & Nor.
37,600
Total
Southern District-Group .4:
Atlantic Coast Line
8,558
14,341
16,379
4,366
Clicehfield
1,569
1,143
1,012
1,280
Charleston & Wisdom Carolina
905
377
654
754
Durham & Southern
143
198
275
395
Gainesville & Midland
53
82
78
85
Norfolk Southern
2,527
1,587
1,964
993
Piedmont & Northern
483
570
512
914
Richmond Frederick.& Potom.
366
464
654
3,269
Seaboard Air Line
11,145
6,959
12,860
3,370
Southern System
25,803
28,459
19,779
10,824
Winston-Salem Southbound.
200
185
216
760
------------39,502
56,701
64,169
27,024
_ Total
Included in Baltimore & Ohio RR, y Estimated. a Included in New York Central. *Previous figures.
157
144
221
2,127
145
1,569
•163
1,453
1,244
479
.659
53
4,826
13,673
37
63
7,584
2,217
620
5,769
3,171
1,608
21
160
197
224
2,154
105
4,197
345
2,041
1,422
222
709
125
5,218
18,194
33
82
10,025
2,467
629
6,405
5,047
2,299
43
331
261
277
3,097
263
1,982
393
2,637
2,326
270
951
105
6,337
20,820
43
154
11,848
3,242
676
7,986
5,939
3,408
79
2,925
350
120
902
78
1,971
670
1,380
678
408
187
334
2,234
7,267
27
69
3,024
1,325
261
2.607
3,290
2,331
30
2,851
373
159
2,150
52
2,429
940
2,163
942
681
384
568
2,750
9.589
37
132
3,981
2,079
381
3,992
4,634
2,808
40
48,003
62,343
73,425
32,768
44,015
Small Business Regarded as Holding Advantages Over
Large-Opinion of Executive Manager of National
Association of Credit Men-Sees Improvement In
Certain Lines.
That this is a day of opportunity for the small business
and that the depression has brought this fact forcibly to our
attention, is the opinion expressed by Henry H. Heimann,
Executive Manager of the National Association of Credit
Mon in his monthly review of business being sent to the
association's 25,000 members on April 4. Mr. Heimann
says:
Analyzing the domestic situation the credit chief finds
that there has been some improvement in certain lines of
retail trade "but for the most part the situation in manufacturing and distribution has not shown the advancement
which had been hoped for." He adds:
With unusual faculties, small business establishments have cut their
overhead,reduced their costs of doing business,the while the giant businesses
lumber along, floundering on a sea of burden costs, and find it impossible
to speedily make the necessary readjustments to copo with the present
situation. The immediate future will find small Industries and independent
merchants once again coming into their own if management is competent.
Because of their ability to meet changing conditions and because they will
be favored with but slight burdens of overhead as well as taxation, they
are better able to pick up the tempo of the bargain hunters' tune in quick
fashion.
New York Federal Reserve Bank's Indexes of Business
Activity-Less Than Usual Spring Expansion
Shown.
In its April 1 "Monthly Review," the Federal Reserve
Bank presents as follows its indexes of business activity:
However, it is encouraging to see that our basic financial conditions,
which are so necessary as a foundation for progress, have an improved aspect.
Bank failures in recent weeks have not been more than normal. The bond
market has shown a greatly strengthened position and the Government
projects designed for the betterment of business conditions are being put
under way and are already showing good results.
The limited data so far available for March indicate that the general
level of business activity continued to show somewhat less than the usual
spring expansion. Car loadings of merchandise and miscellaneous freighs
2610
FINANCIAL CHRONICLE
during the first three weeks increased less than usually, and department
store sales in New York City and vicinity during the first half of the month
were 22% lower than in the corresponding period a year ago, a somewhat
larger year-to-year decline than has been shown in previous months.
Eastern business, however, should favorably affect the retail sales figures
for the second half of the month.
In February the distribution of goods and general trade activity declined
moderately after adjustment for seasonal changes, according to this bank's
indexes. None of the usual expansion took place in car loadings of merchandise and miscellaneous freight and in sales of chain grocery stores,
while less than the average increase occurred in other chain store sales and
In merchandise imports. Moreover, bank debits outside New York City
declined more than seasonally, and the adjusted indexes of wholesale trade,
postal receipts and life insurance sales were also lower than in January. On
the other hand, car loadings of bulk freight and exports of merchandise
Increased moderately, department store trade in the country as a whole was
little changed, after seasonal adjustment, and business failures diminished
somewhat.
(Adlusted for seasonal variations and usual year-to-year growth.)
Feb.
1931.
Primary DistributionCar loadings, merchandise and miscellaneous._
78
Car loadings, other
75
Exports
73
Imports
76
Waterways traffic
66
Wholesale trade
90
Distribution Co ConsumerDepartment store sales, Second District
97
Chain grocery sales
95
Other chain store sales
92
Mail order house sales
93
Advertising
80
Gasoline consumption
87
Passenger automottie registrations
65
General Business AeligitYBank debits, outside of New York City
82
Bank debits, New York City
75
Velocity of bank deposits, outside of N. Y. City
91
Velocity of bank deposits, New York City
87
Mares sold on New York Stock Exchange
190
Life insurance paid for
92
Pasta receipts
86
Electric power
85
Employment in the United States
80
Business failures
115
Building contractsr70r
New corporations formed in New York State_
85
Real estate transfers
61
General price level*
157
Composite index of wages*
218
Cost of living*
152
Preliminary.
p
r Revised. • 1913 averag
100
Dec.
1931.
Jan,
1932.
m man of February
1932.
65
55
51
67
45
87
82
58
569
83p
43
80
85
77
80
68
67
80
52
82
77
88
74
66
82
44p
80
73
84
78p
66
73
68
83
71
126
103
80
78
71
114
36r
80
54
140
205
142
73
67
90
73
96
108
78
74D
70
123
25r
83
66
82
81
70
82
92
73
-_
69
114
28r
82
155
203
140
155
201
137
Wholesale Price Index of National Fertilizer Association Again Touches New Low.
Wholesale prices for the second consecutive week declined
five fractional points according to the index of the National
Fertilizer Association. The latest number for that index
is 61.6, which is five fractional points lower than for the
preceding week and one full point lower than a month ago.
(The index number 100 is based on the average for the three
years 1926-1928.) Under date of April 4 the Association
continues:
Of the 14 groups listed in the index, six declined and four advanced and
the remaining five showed no change during the latest week. The advancing groups were metals, fertilizer materials, grains, feeds and livestock and
fuel. The declining groups were fats and oils, foods, textiles, mixed fertilizers, chemicals and grugs, and miscellaneous commodities The largest
gain was shown in the group of metals, due to the advance in prices for
finished steel and other metals. The largest loss was shown in the group
of fats and oils, due principally to weaknesses in the prices for lard and
butter.
During the latest week 19 commodities showed higher prices, compared
with only 13 commodities that showed higher prices during the preceding
week. During the latest week 24 commodity prices were lower. against
29 commodities that showed lower prices during the preceding week. Important commodities that declined during the latest week were lard, butter,
soya bean oil, cotton, wool, eggs, sugar, beef, pork, potatoes, apples, white
corn, rye, cattle, coal, alcohol and calfskin. Listed among the commodities that advanced were flour, burlap, silk, sulfate of ammonia,
cottonseed meal, wheat, hogs, finished steel, silver and petroleum.
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 Co the
Total Index,
23.2
16.0
12.8
10.1
8.5
8.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
100.0
Group.
Foods
Fuel
Grains,feeds and livestockTextiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural implements
All groups combined
Lalest
Week
Apr. 2
1932.
Preceding
Week.
Month
Ago.
Year
Ago.
61.8
58.5
46.6
47.7
81.2
89.2
73.4
72.2
81.2
42.4
87.9
70.0
78.5
92.3
63.8
58.3
46.0
48.5
61.3
89.2
73.4
71.2
81.2
46.2
88.6
69.2
77.3
92.3
64.3
57.3
47.7
49.9
62.9
89.2
72.7
71.1
81.4
46.4
88.8
69.2
76.9
92.7
77.5
64.4
71.1
64.7
69.4
87.8
83.6
80.7
92.2
65.3
90.7
84.4
90.4
95.4
61.6
62.1
62.6
74.3
February Chain Store Sales Declined.
According to a compilation issued by Merrill, Lynch &
Co. of this city, 39 chain store companies including two mail
order concerns show total sales for February 1932 of $222,318,254 compared with $250,927,597 in February 1931, a
decrease of 11.40%. The two mail order concerns show
total sales for February of $31,611,005 against $38,781,204
in February 1931, a decrease of 18.48%. Excluding the two
mail order concerns, 37 chains show sales for February 1932
of $190,707,249 against $212,146,393 in February 1931, a
decrease of 10.10%.
A slight upturn in business is evidenced by a comparison
of the sales of 37 chains. These companies showed a decrease
of 10.37% in January 1932 over January 1931, while sales
for the same companies for February 1932 showed a decrease
of only 10.10% over February 1931. Sales for the month of
February 1932 as reported by the 37 chain store companies
totalled $190,707,249, compared with $189,378,546 as reported in January 1932, an increase of 0.7%. A comparative
table follows:
Feb.
1932.
65
61
56
76
47
91
[Vol,: 134.
1931.
Dec.
First Two Months.
----1931.
Dec.
1932.
$
s
$
%
$
%
01. Atl. & Pac_ a69,860,876 a82.441.242 15.2 8138827 475 8161256
112 13.9
Sears,Roebuck__ el9,647,639 c23,536,229 16.5 a38,656,088
d413.578,500 17.0
F.W.Woolworth _ 18,793,418 19,385,731 3.0
36.783,941
Kroger Groc.&Bak a16,722,189 a19,553,785 14.4 833,389,241 38,625,576 4.7
638.738,093 13.8
Montgom'y Ward 11,063,366 15,244,975 21.5
23,991,420 31,865,213 24.7
J. C.Penney
9,586,397 9,526,559 *0.6
18,871,974 19,253,675 1.9
American Stores... a9,154,585 al1,165,671 18.0
19,272,239 23,662,781 18.5
8.8. Kresge
9,080,214 9,769,994 7.0
17.925,608 19,594,928 8.5
First National
e7,853,899 e8,145,764 3.5 115.568,558 116,210,113 3.9
National Tea..
a5,169,555 a6,068,465 14.8 810,916,982 812.646,625 13.6
W.T. Grant
4,838,564 4,347,485 *11.3
9,333,113 8,457,202 *10.3
S. H.Kress
4,697,867 4,487,051 *4.7
8,971,851 8,886.872 *1.0
Walgreen Co
3,974,953 4,148,699 4.1
8,192,543 8,598,042 4.7
McCrory Stores-. 3,066,752 2,945.965 *4.1
5,986,034 5,848,468 *2.3
Grand-Union
92,884,180 93,309,200 12.8
85,304,449 85,910.432 10.2
H. C. Bohack_
a2,588,0I4 a2,722,683 4.9
85,192,582
5,478,888 5.2
Daniel Reeves..
2,273,886 2,677.701 15.0
5,205,894 6.078,792 14.3
J.J. Newberry_ _ .. 2,002,555 1,695,270 *18.1
3,836.776 3,464,662 10.7
Dominion Stores- a1,857,574 a2,013,662 7.7
44,045.480 44,336,427 6.7
Waldorf System
1,180,578 1.210,123 2.4
2,404,072 2,504,691 4.0
Peoples Drug Sts- 1,354,024 1,363,033 0.6
2,734.565 2,793,923 2.1
Melville Shoe_ _ _ - 1,352,746 1,520,183 11.0
2,806,150 3,176.056 11.6
McLellan Stores
1,344,624 1,256,145 *7.0
2,621,571 2,546,114 *2.9
0. C. Murphy.. _
1,221,402 1,204.188 •1.4
2,332,195 2.425,502 3.8
Consol*d Retail_
1,167,401 1,493.983 21.8
2,201,723 2,942,105 25.1
Lerner Stores_ _ _ _
1,600.300 1,697,106 5.7
3,139,619 3,420,342 8.2
Inters. Dept. Sts_
1,140,832 1,346,715 15.2
2,190.582 2,642,480 17.1
Neisner Bros
909,796
943,531 3.5
1,751,888 1,978,915 11.4
Jewel Tea
a892,604 a1,107,352 19.3
b1,792,529 82,174,285 17.5
Lane Bryant
860,085 1,221,815 29.6
1.809,739 2,704,664 33.1
Bickford's
592.764
611.115 3.0
1,246,366 1,299.070 4.0
Western Auto Sup.
572.009
636,705 10.1
1,212,208 1,349,189 10.1
Rehiff Co
510,815
542,896 6.3
993,624 1,050,280 5.4
Winn &Lovett
421,798
414,425 *1.7
888,903
879,637 *1.0
Exchange Buffet_
370,278
442,675 16.3
785.030
954,822 17.7
Kline Bros
368,453
234.702 *57.0
666,035
505.932
31.6
Sally Frocks
221,447
303.360 27.0
491,014
683,522 28.1
M. H. Fishman- _
136,857
104,312 *31.2
252,084
200.405 *25.7
KaYbee Stores_ _ _
83,458
89,102 6.3
155,740
174,652 10.8
39 chain store dz
mail ord. cos_ 222,318,254 250,927,597 11.40 442.747.885 501,897,967 11.78
2 mall order cos
31,611,005 38,781,204 18.48 62,647,508 78,443,713 20.13
37 chain store cos_ 100.707.249212,146,393 10.10 380,100.377 123,454,254
10.23
Safeway Sts.. Inc. 18.130.501
j
--__ 36.620.814
____
J
a Four weeks ended Feb. 27. b Eight weeks ended Feb. 27. c Jan. 2 to
Feb. 26.
d Jan. 2 to Feb. 26. e Four weeks ended Feb. 20. f Eight weeks
ended
Feb. 20.
g Five weeks ended March 5. h Nine weeks ended March 5. 4 Nine
weeks ended
Feb. 27. J1931 figures not available. •Increase.
"Annalist" Weekly Index of Wholesale Commodity
Prices.
The "Annalist" weekly index of wholesale commodity
prices rallied to 90.6 on April 5 from its post-war low of
90.3 (revised) on March 29, rising 0.3 during the week; it is
now 17.0 below its level of a year ago, when it stood at
107.6. Continuing, the "Annalist" says:
The adverse developments in the security markets had surprisingly
little effect. The rise in the grains contributed chiefly to the
advance in
the Index, supplemented by gains in steers and in the petroleum
group;
offsetting movements were declines in hogs, the meats, butter,
eggs, some
of the fruits and minor vegetables, and in tin.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES (1913=100).
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
April 5 1932.
Mar, 291932,
A Pril 7 1931.
72.1
93.5
77.0
128.8
96.9
107.7
98.1
84.0
71.1
94.4
*77.2
125.4
97.0
107.9
96.1
84.0
98.3
114.3
100.7
126.5
104.8
123.0
101.1
85.8
90.6
*90.3
107 a
•Revised.
Decrease Noted in Weekly Wholesale Price Index of
United States Department of Labor for Week
Ended April 2.
The Bureau of Labor Statistics of the U. S. Department
of Labor announces that the index number of wholesale
prices for the week ended April 2 stands at 65.9 as compared
with 66.2 for the week ended March 26. The Bureau further
said April 6:
This index number, which includes 784 commodities or price series,
weighted according to the importance of each article and based on the
average prices in 1926 as 100.0, shows that a decrease of slightly less than
of 1% has taken place in the general average of all commodities for the
week of April 2, when compared with the week ended on March 26.
The accompanying statement shows the index numbers by groups of
commodities for the weeks ended March 5, 12, 19 and 26 and April 2:
APRIL 91932.]
FINANCIAL CHRONICLE
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF MARCH 5,
12, 19, 26 AND APRIL 2.
2611
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY PUBLIC
UTILITY POWER PLANTS IN 1931 AND 1932.
Week Ending1931.
.Kw. Hours.
Mar. 5 Mar. 12 Mar. 19 Mar. 26 Apr. 2
All commodities
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting
Metals and metal products
Building materials
Chemicals and drugs
Houseturnishing goods
Miscellaneous
66.2
50.9
62.7
77.9
59.1
67.9
80.6
73.4
75.2
78.6
64.6
68.5
51.0
62.9
77.9
59.0
68.7
80.8
73.4
75.3
78.6
64.8
86.5
51.6
62.4
77.7
58.8
89.1
80.7
73.4
75.1
78.6
64.7
66.2
50.5
62.4
76.3
58.7
69.1
80.6
73.3
74.9
78.6
64.6
65.9
49.5
61.7
75.8
58.4
65.5
80.2
73.1
74.4
78.3
64.7
January- -February --March
April
May
June
July
August
geptember.
-October --- November __
December_
1932.
KW.Hours.
7,946.776.000 7.558,991,000
7,159,882,000 7,009,205,000
7,875.967,000
7,643,278.000
7,639.075,000
7,5213,464.000
7,765,780,000
7,628,393,000
7,532,328,000
7,7134,641,000
7,40.5.950.000
7,773,286,000
1931
Under
1930.
1932
Under
1931.
8%
6%
4%
5%
5%
3%
2%
4%
3%
6%
4%
4%
5%
25%
Produced by
Wafer Power.
1931.
1932.
30%
30%
34%
41%
41%
38%
35%
32%
29%
27%
28%
35%
41%
42%
Production of Electricity Declined 11.9% During the
Total
4.5%
91,661,00",000
33%
Week Ended April 2 1932 as Compared with the a Adjusted to months of equal length.
The quantities given in the tables are based on the operation of all
Corresponding Period Last Year.
power plants producing 10,000 kwh. or more per month, engaged in genThe production of electricity by the electric light and erating
electricity for public use, including central stations, both compower industry of the United States for the week ended mercial and municipal, electric railway plants, plants operated by steam
Saturday, April 2, was 1,480,208,000 kwh., according to railroads generating electricity for traction. Bureau of Reclamation plants,
public works plants, and that part of the output of manufacturing plants
the National Electric Light Association. The Atlantic which is sold for public
use. The output of central stations, electric railseaboard, as well as New England taken alone, both show a way and public works plants represents about 98% of the total of all
decrease of 6.6% from the corresponding week last year. types of plants. The output as published by the National Electric Light
Association and the "Electrical World" includes the output of
The central industrial region, outlined by Buffalo, Pitts- stations only. Reports are received from plants representing overcentral
95%
burgh, Cincinnati, St. Louis and Milwaukee, registers as a of the total capacity. The output of those plants which do not submit
figures
therefore,
of
reports
output
the
is
and
estimated
fuel
consumption
whole a decrease of 15.7%, while the Chicago district alone as reported in the accompanying tables are on a 100% basis.
shows a decrease of 12.6%. The Pacific Coast shows a
[The Coal Division, Bureau of Mines. Department of Commerce, cooperates in the preparation of these reports.]
decline of 15.2% below last year.
Arranged in tabular form, the output in kilowatt hours
of the light and power companies for recent weeks and Business Conditions in Canada Show Slight Seasonal
for the month of January is as follows:
Gains According to S. H. Logan of Canadian Bank
of Commerce-Tourist Trade Expected to Be Im1932
portant Factor During Coming Summer.
Weeks
1932.
1931.
1930.
Under
1929.
Ended.
1931.
"The seasonal upward swing in manufacturing which
Jan. 2... 1,523.652.000 1,597,454,000 1.680,289,000 1.542.000,000 4.6% commenced at the first of the year has continued in most
Jan. 0.._ 1,619,265,000 1.713,508,000 1,816,307,000 1,733,810,000 5.5%
Jan. 16_ 1,602,482,000 1,710,822,000 1,833,500,000 1,730,729.000 6.7% branches, though again, as was the case in January and
Jan. 23_ _ - 1,598.201,000 1,712,786.000 1,825,959,000 1.717.315,000 0.7%
much slower pace than in former years"
Jan. 30- 1,588,967.000 1.687.180,000 1,809.049.000 1,728,203,000 5.8% February, at a
Feb. 6__. 1.588.853.000 1.679,018,000 1,781,583,000 1,726.161.000 5.4% states S. H. Logan, General Manager of The Canadian Bank
Feb. 13.._ 1,578.817,000 1,683.712.000 1,769.683,000 1.718.304.000 6.2%
Feb. 20.._ 1.545,459,000 1,680.029,000 1.745.978,000 1.699,250.000 8.0% of Commerce. "Basic conditions in primary industries,
Feb. 27... 1,512.158.000 1,633.353.000 1,744,039.000 1.706.719.000 7.4%
Mar. ___ 1,519,679,000 1,604.125,000 1,750,070,000 1,702.570.000 8.7% such as agriculture and fishing, have improved, and while
Mar. 12... 1,538,952,000 1.676.422.000 1.735.673.000 1,687,229,000 8.2% there has been a continued rise in the production of steel,
Mar. 19- 1.537,797.000 1.882.437,000 1,721,783,000 1.683.262.000 8.11%
Mar. 26- 1,514.553,000 1,689.907.000 1,722,587,000 1,679,589,000 10.3% automobiles and sundry products, which are always in better
Apr. 2... 1,480,208,000 1,679,764,000 1,708,228,000 1,663,291.000 11.9%
demand at this time of the year, the improvement has been
Monthssannsro
7014.086.000 7.439.888.000 8.021.749.000 7.585.334.000 5.7%
so slight as to keep operations well below capacity, except
Note.-The monthly flaurea shown above are based on reports covering approximately 92% of the electric light and power Industry and the weekly figures are in respect of some footwear factories and textile mills."
based on about 70%.
Under date of April 7, Mr. Logan further said:
One of the least favorable records for the current season is that of construction. While the volume of new contracts increased in January and
February, there was, contrary to the usual trend, a decline in March. and
taking the three months' figures as a whole the value of new work, after
allowing for lower building costs, is about 40% less than that contracted
for in the corresponding part of 1931.
Based upon an analysis of world economic conditions during the last
three months, the upturn In Canadian industrial operations has been sustained for a longer time than elsewhere, except probably in Great Britain.
It is true, of course, that the records compare poorly with those of preceding
years, that lacking some fortuitous event we are some distance front the
turn toward normal conditions, and that the deepening of depression In
Continental Europe since the opening of the current year and the failure
of American business to react favorably to the recent cheap money policy
are disappointing features in international affairs, which, as we have so
PRODUCTION OF ELECTRICITY FOR PUBLIC USE IN THE UNITED
often stated, have a profound influence upon Canadian economy. But
STATES (IN KILOWATT-HOURS).
at last there aro signs of a helpful spirit among some major nations whose
pollcies have a great effect upon world business. This semblance of a
Change in Oidout
change from purely nationalistic to Internationallstic views may be the
Division.
Total by Fuels and Water Power.
fromPresious Years.
progeny of sheer necessity, but it might check any further financial disDec. 1931.
Jan. 1932.
Feb. 1932. January. February. turbance in Continental Europe, and If allowed to develop fully, for which
considerable time would be required, It would prove to be one of the
550,465,000 547,756.000 499,338,000 -5%
New England
-4%
strongest factors in the restoration of world prosperity.
Middle Atlantic-. 2,193,509,000 2,050,219,000 1,920,226,000 -6%
-2%
An Important factor during the coming summer will be Canada's tourist
East North Central_ 1,750,346,000 1,730,190,000 1,571,365.000 -7%
-7%
West North Central_ 538,229,000 518,579,000 480.916,000 +4%
trade, the value of which now approximates $250,000,000 annually.
+6%
830,026,000 893,192,000 848,619,000 +5%
South Atlantic
+9%
East South Central_ 316,653,000 309,506,000 290.574,000 -7%
-8%
Want South Central_ 356.630.000 335,140,000 320,636,000 -11%
-4%
Industrial Activity in Boston Federal Reserve District
253,220,000 233,942.000 216.962.000 -13% -12%
Mountain
984,208.000 940,461,000 860.569,000 -6%
Pacific
-4%
During February Approximately the
Production of Electricity for Public Use in the United
States Fell Off Approximately 5% in February.
According to the Division of Power Resources, Geological
Survey, production of electricity for public use in the
United States totaled approximately 7,009,205,000 kwh.,
a decline of 5% as against 7,159,882,000 kwh. in the corresponding period last year. Of the total for the month
under review, there were produced by water power 2,977,976,000 kwh. and by fuels 4,031,229,000 kwh. The Survey,
in its statement, shows:
Same as in
Total for U. S.._ 7,773,280,000 7,558.991.000 7,009,205,000 -5%
-5%
January.
The average daily production of electricity in February was 241,700.000
The
Federal Reserve Bank of Boston in its April1 "Monthly
kwh., about 1% less than the daily product on in January. The decrease
in the average daily production of electric ty for public use in January Review" states that "in New England during February the
and February from 1931 to 1932 was considerably less than that from general level of industrial activity remained approximately
1930 to 1931.
the same as in January, and was about 17% lower during
The close interrelationship between the production of electricity by the
use of fuels and the production by the use of water power Is clearly indi- the first two months of the current year than in the correcated by comparison of the production by water power and by fuels for sponding months a year ago." The Bank further
reviews
January and February, 1931 and 1932. The daily production by the use
conditions in the First (Boston) Federal Reserve District as
of water power in January and February 1932 was 32% greater than in
1931, but the daily production by the use of fuels for these months in follows:
1932 was 21% less than in 1931.
The banking situation in this District, however,
which was acute in
The daily production of electricity by the use of water power in Feb- December 1931. has shown steady progress in
January and February, as
ruary 1932 was 40% greater than in October 1931. The daily production evidenced by the fact that the number of bank
suspensions In New England
of electricity by the use of fuels in February was 24% less than in October was restricted to three in January and one in
February; furthermore, the
1931. As the production of electricity by the use of water power Is affected volume of Federal Reserve notes in circulation
in this district declined
by precipitation conditions, and as the precipitation has returned to normal about $30,000,000 between Dec. 23 1931, and
March 18 1932, indicating
and in some regions is above normal, the production of electricity by the a return of confidence in the general financial
situation. During February
use of water power should tend to increase, probably reaching a maximum the volume of raw cotton consumed in New
England mills was about 7%
in April and May, with a somewhat corresponding decrease in output by larger than in January, but was less than in
the corresponding month a
the use of fuels. In October 1931 water power output was 27% of the year ago. Consumption of raw wool by mills
in this district usually intotal production of electricity. In February of this year it was 42% of creases considerably between January and
February. but this Year there
the total.
was a slight decrease between these months.
The rate of silk machinery
2612
FINANCIAL CHRONICLE
[VOL. 134.
_
activity In New England declined in February to an unusually low level.
Boot and shoe production in this district during February increased by
more than the usual seasonal amount, and preliminary figures for total
production for both January and February this year exceeded those for
the corresponding months a year ago. The building industry in this district, as well as in other districts, remained unusually quiet during February.
and in New England, when allowances were made for customary seasonal
changes, further declines took place between January and February in the
volume (square feet) of residential building and commercial and industrial
building contracts awarded. The total value of construction contracts
awarded in New England during February was $7,248,000, as compared
with $21,418,000 in February, 1931. In March there appeared to be some
improvement from the low level of February. According to the Massachusetts Department of Labor and Industries, increases occurred between
January and February in the number of wage-earners employed in Massachusetts manufacturing establishments, in the aggregate weekly payrolls,
and in the average weekly earnings per person employed, amounting to
4.8%, 6.3%. and 1.4%. respectively. The amount of new ordinary life
insurance written in New England during February was 5.2% less than in
the corresponding month a year ago. During February the number of
commercial failures in this district increased over the same month of 1931
by 2.4%, but total liabilities of these failures were 3.5% less this year.
Total net sales of reporting New England retail establishments during the
first two months of 1932 fell about 21% behind those of 1931.
countries until in 1931 only about 50% of the total rubber consumed was
used in the United States.
Crude rubber prices receded slightly again in early March and on
the
18th of the month were quoted 3% cents a pound as against
7.7 cents a
year ago.
In its survey of retail and wholesale trade conditions the
Bank says:
Retail Trade.
Retail sales at reporting department stores in the Fourth
District in
February increased more than seasonally on a daily average basis,
in fact
total sales for the month were 5.9% ahead of January. In
only one other
year for which figures are available, 1924, have February
sales exceeded
those of the opening month of the year. The seasonally
adjusted index of
sales was 70% of the 1923-25 monthly average,compared with 68 in
January.
Compared with a year ago, sales were down 18% in February, and
In the first two months and the declines in the two-month period 22%
in the
principal cities was fairly uniform, ranging from 20 to 27%. All individual
departments of any consequence, except sports wear and sporting goods,
showed declines from a year ago. Sales of women's apparel were off nearly
30%, and men's clothing sales were down about 20%. Furniture sales,
usually important in February, were 29% below a year ago.
The dollar value of stocks increased 4.4% in February, but this was less
than the average change of preceding years and the seasonally
adjusted
index dropped to 67.2%, compared with 71.4% at the end of
January.
value of stocks was 15% below a year ago.
Business Situation in the Industrial Field of the Cleve- The
This decline closely approximates the reduction shown in the
Fairchild
land Federal Reserve District Shows No Improve- retail price index which on March 1 was
17% below the corresponding date
ment-Wholesale and Retail Trade Better in Feb- in 1931. In relation to current sales, stocks appear ample, for the stock
rate in the first two months was below the same period last year.
ruary Than in January-Conditions in Rubber and turnover
A greater proportfor of February department store business consisted of
Tire Industry.
cash sales than a year ago, for charge sales amounted to only 57% of the
total, compared with 62% in February 1931. Collections on outstanding
According to the April 1 "Monthly Business Review" of the accounts,
however, were slow, the decline in February from a year ago being
Federal Reserve Bank of Cleveland: "
8%, the same as in January.
That part of the business situation having to do chiefly with developChain grocery sales in February, per individual unit operated, were
3.7%
ments in the industrial field cannot be said to have improved in the past below the same month last year and in the first two months
were down 7.7%•
month in the Fourth (Cleveland) Federal Reserve District. Failure of
Chain drug sales were off 7% in February and 8.8% in the first two
operations at many factories to expand seasonally was chiefly attributed to months from corresponding periods of 1931. They
amounted to only 76%
the disappointing showing made by the automobile industry, which has of the 1923-25 average in the latest month.
been confronted not only by reduced buying in general, but also by other
Wholesale Trade.
unfavorable conditions. This, of course, caused operations at parts and
accessory plants, steel mills, glass and rubber factories, &c., to be curtailed
The volume of February sales as given by 74 firms in four reporting groups
in the Fourth District was up slightly from January,contrary to the
at a time when they normally are producing at or near peak levels.
seasonal
change of preceding years. The combined index, which shows dollar
Continuing the Bank says as follows:
value
of sales to be only about half as large as the average of three years
1923-25.
Steel ingot production in the third week of March was only at about 25% was
53 in February, compared with 52 in January and 65 in February
1931.
about
which
capacity,
Is
half
of
the rate of last year. Normally at this
Of the four reporting lines wholesale drugs have made a better showing
season iron and steel production is at the highest level of the year, but lack than
other lines all during the depression. Sales in February were
87% of
of railroad orders and delays in automobile production have been very dis- the
1923-25 average and were only 9.5% below a year ago.
heartening to the steel industry.
Dry goods sales were up 24% in February from the preceding month, but
shown,
was
however. In a few scattered industries, and the were
Some progress
still very much below other years and amounted to only 34% of the
Improvement in sentiment commented upon last month has continued. In 1923-25
average. Compared with a year ago sales wore down 27%•
the first 29 days of March only three small bank failures occurred, as against
Hardware sales were 26% below February 1931, and up only 5% from
six in February and 18 in January. Member bank demand for funds from January. a
less-than-seasonal amount.
the reserve bank declined and note circulation contracted contrary to
Wholesale grocery sales were 1% smaller in February than in January,
seasonal tendencies.
and down 17% from last year. The January-to-February decline was !axe
The most noticeable improvement occurred in the shoo industry, output than the
average of preceding years.
in February being 18.6% above a year ago and 25% above January. The
Stocks in all lines were down sharply and collections have been rather slow
seasonally adjusted Index, however, was only 80% of the 1923-25 monthly
average.
Coal production increased sharply In February and the first part of
March, as unseasonably cold weather stimulated buying to replenish de- Decline Noted in General Business Activity in Philapleted domestic stocks. Industrial demand continues at very low levels.
delphia Federal Reserve District.
Reports of increased activity, greater-than-seasonal, in the china and
"While there has boon some slight improvement in busipottery industry, resulting from an upturn in orders, and also in the elecness sentiment in the Third (Philadelphia) Federal Reserve
trical supply industry were received in the past month.
Both wholesale and retail trade were better in February than in January, District in the last month, general business activity
has
contrary to the experience of past years, but partly because of the sharp
decline in prices In the period the comparison of dollar sales with a year ago declined instead of increasing as it should at this time," says
the April 1 "Business Review" of the Federal Reserve
was quite unfavorable, though better than a month ago.
We quote from the "Review" the Bank's further comments Bank of Philadelphia. "Production of manufactures in
February decreased contrary to the usual seasonal tendency,"
regarding conditions in the tire and rubber industry:
the "Review" continues, "and there was little evidence of
Rubber Tires.
Operations in the rubber and tire industry continued on a relatively higher upturn in early March." The Bank further says:
level, compared with 1931. than in many in the district. Employment at
concerns reporting to the Ohio State Bureau of Business Research increased
The gain in the output of coal was larger than usual for February, while
activity in building trades decreased. Retail and wholesale trade held up
fairly well in February, but in March sales were affected by bad weather
past five years. Compared with a year ago, employment was down 3% but, conditions. Business in all lines of trade and industry has continued at a
as against two years ago the drop was about 30%.
much lower level than in many years. Commodity prices have shown no
Based on consumption of crude rubber, as reported by the Rubber Manu- definite signs of strength. Collections have been lass satisfactory than a
February
was
in
the
in
activity
industry
more
than
Association,
facturers
year ago. Commercial failures decreased as usual in February but they
seasonally higher than a month earlier and also above a year ago. Con- were exceedingly large in comparison with other years.
sumption in February was 30,011 long tons, compared with 27,962 long tons
Member banks report a further decrease in loans on securities, but net
in January, and 28,797 long tons in February 1931. The contrary-to- demand and Bine deposits were steady after months of pronounced declines.
shown
of
3.5%
in
decline
prea
with
compared
seasonal increase of 7.3%
There were no bank suspensions in this district during the month and two
banks opened. The principal factor making possible a substantial reduction
ceding years.
Output of tires in January, the latest month for which figures are avail- in borrowings from this Bank was a gain in the settlements with other disable, Increased 30.9% from December, compared with an expansion of 31% tricts which reflected mainly the sale of securities by member banks.
in the same period last year, and about 20% in 1928 and 1929. In 1930 an
Manufacturing.
abnormal increase of 46% was reported. Output was 5.9% below January
There has been virtually no improvement in the market for manufactured
1931. The Board's seasonally adjusted index advanced from 68% of the
1923-25 monthly average in December to 92 in January and compared with products. While the demand for certain finished goods shows slight sea94 a year ago. Shipments expanded about 17% in January, but this was sonal gains over the preceding month, total sales have continued at an exnot quite enough to absorb all the production increase and inventories at ceptionally low level. Unfilled orders for various manufacturers have
the end of January were slightly higher than a month earlier, but still 12% declined, except for a few lines such as thrown silk, shoes, paper, and
cigars, which show small gains. In comparison with other years, current
below one year ago.
Manufacturers reported little change in operations in late February and business continues in a very much reduced volume.
seasonal
Wholesale prices of manufactured products declined a little further
normal
the first half of March. One large producer stated that a
In
increase in replacement business had occurred, but cancellations in some February and weakness was still apparent in March. In comparison
with
orders for original equipment, as automobile production failed to show the a year ago, quotations have been 9% lower. The sharpest
declines have
seasonal increase, were an offsetting factor.
occurred in textile products, house furnishings, and building material.
Imports of crude rubber to the United States in February were about on
Numerous increases were reported in stocks of finished goods during the
a par with the preceding month and slightly exceeded consumption. At month, probably reflecting seasonal influences. Compared with
a year
30,546 tons, however, they compared with 36,645 tons in February 1931. ago, however, they were smaller; plant holdings of raw
materials have doIn the first two months imports were off 16% from a year ago. Stocks dined more noticeably than those of finished commodities.
Collections
increased slightly in the month and, at 322,117 long tons, were 51% above are less satisfactory than they were last month. A great
majority of reports
last year. A recent survey of the industry revealed that world stocks of also indicate that settlements of accounts were relatively smaller than last
crude rubber increased about 130,000 tons in 1931, of which nearly 120,000 year.
tons were added to holdings of crude rubber in this country. This is parFactory employment In February showed a seasonal gain of 1%. while
ticularly significant in view of the decreasing proportion of total world wage payments continued at about the same level
as in January. The
consumption represented by takings of domestic corporations. In 1922 as largest gains in employment of Pennsylvania factories occurred
in transmuch as 75% of the rubber consumed in the world was used domestically. portation equipment, foods and tobacco, and leather products. Groups
This proportion has gradually declined as factories were established in other comprising metal, lumber, and chemical products, and paper and printing
1% in February, while there was practically no change in this period of the
APRIL 9 19321
FINANCIAL CHRONICLE
2613
reported smaller working forces than in January. All groups except metals in the tobacco sections was also in heavier volume than earlier in the year.
reported increases in payrolls, the largest gains taking place in textiles, Country merchants in some parts of the South reported that collections were
foods and tobacco, and leather and rubber products. The decline in wage hampered by interference with transportation occasioned by floods and
payments of the metal group was due chiefly to steel works and rolling muddy roads. Questionnaires addressed to representative interests in the
mills, and electrical apparatus. As these industries are the largest single several lines scattered through the district showed the following results:
industries Included in the Pennslyvania factory payroll index,they depressed
Fair.
Poor.
Good.
Excellent.
the average wage earnings most severely. In comparison with a year ago. February 1932
18.5%
28.8%
1.7%
51.0%
the number of factory workers declined 14% and wage earnings were reduced January 1932
20.8
18.2
61.0
0.0
by 28%.
February 1931
29.7
13.1
57.2
0.0
Factory output in February declined instead of increasing as is usual for
that month. Our preliminary index, which makes allowance for the number of working days and for changes in seasonal activity, stood at 67.5%
of the 1923-25 average, showing a drop of 4% from January as compared Only Seasonal Changes Noted in Volume of Business
with a decline of 3% for the country. Most pronounced decreases occurred
in Richmond Federal Reserve District During
in metals, building materials, textile products, and foods. Output of
February .as Compared with Recent Monthsmusical
instruments
printing,
and
radio
and
paper
and
products,
leather
Wholesale and Retail Trade Less Than in Febshowed marked increases.
Extra seasonal gains were reported in the output of knit goods, shoes.
ruary
1931.
boats.
Excepconstruction
of
ships
and
paper, and wood pulp, and in the
According to the Federal Reserve Bank of Richmond
tionally large declines, on the other hand, occurred in the output of steel
products, electrical apparatus, broad silk, cigars. cement,lumber and brick. "there were only seasonal changes in the
volume of business
The gain in the receipts of raw sugar at the Philadelphia Port was subdone in February in comparison with business in other
stantially smaller than it should have been for February.
Compared with February 1931, local production of manufactures was recent months, but the mental attitude of the people im17% smaller, as against a decline of almost 20% in the national output. proved distinctly, apparently as a
result of the creation
Most drastic curtailment took place in metals, building materials, and
of the Reconstruction Finance Corporation and the passage
radio and musical Instruments.
The output of electric power increased seasonally and was slightly larger of the Glass-Steagall bank bill. The Bank in its March 31
than in February 1931. Industrial consumption of electrical energy in- "Monthly Review," further says:
creased and was below the quantity used per working day in February 1931.
Since the beginning of February the strain on the banks of the Fifth
(Richmond) Federal Reserve District has lessened, with a reasulting decline
Business Conditions in St. Louis Federal Reserve Dis- in bank suspensions. A similar situation is noted over the entire country.
trict-Moderate Expansions Noted in Several Im- The marked decline in bank deposits which was in evidence through the
last half of 1931 has slowed down appreciably, and there is some evidence
portant Industries.
of money which had been boarded being returned to circulation. But in
"Trends in business and industry in the Eighth (St. Louis) spite of this partial restoration of confidence in certain basic factors, an
of February statistics in comparison with the figures for
Federal Reserve district during the past 30 days were irregular examination
January this year and February last year shows no noticeable improvement
and spotty," according to the Federal Reserve Bank of St. of a concrete nature. At the Federal Reserve Bank of Richmond, redisat a season when needs of agriculture
Louis in its "Monthly Review" released March 30. "Moder- counts for member banks declineddemand
for reserve bank credit. Howmight be expected to Increase the
ate expansion was noted in several important industries," ever, rediscounts held on March 15 1932, were nearly double those held on
continues the Bank,"and in certain lines of wholesaling and March 15 1931. The circulation of Federal Reserve notes declined seasonthe volume of notes outstanding at the middle of
jobbing,increased volume of dollar sales was reported as com- ally last month, butthe
effects of hoarding, exceeding the circulation on
March still showed
pared with the preceding month, and in a limited number of March 15 last year by 23%. Outstanding loans by reporting member
slightly
between
the middle of February and the middle of
a
year
ago."
Conunit
exceeded
that
of
declined
instances,
volume
banks
March, and deposits also declined during the same period, but by continuing the Bank says:
siderably less than the reduction in loans. Debits to individual accounts
In all lines investigated, however the dollar volume of February sales fell
for four weeks ended March 9 1932, totaled 8.4% less than debits
below that of the corresponding period in 1931 and the average during the figures
in the preceding four weeks, ended Feb. 10 1932. and 21.9% less than in
past ten years. In trade and industry as a whole gains were offset by deweeks ended March 11 last year. Business failures in the Fifth
the
four
creases, so that the 30-day period was marked by a further slight recession
district in February showed an increase over January failures, contrary to
in activities. As has been the case for the past several months, production
seasonal trend, and in fact made the worst record for any month since the
and distribution of goods for ordinary consumption made a considerably
1924. Labor conditions showed no material change during
better showing than commodities of the heavier and more permanent sort. spring of
February and the first half of March. Bituminous coal production in
Boots and shoes, dry goods, drugs and chemicals, some food products and
February exceeded January production, but was approximately 11% below
hardware developed a moderately upward trend. Distribution of autoproduction in February last year. The textile industry is about the only
mobiles was seasonally larger in February than January. On the other hand,
industry which is operating at a higher rate of production than a year ago.
Iron and steel, clay products,lumber, glass and the entire category of buildFifth District mills consumed more cotton last month than In either
and
ing materials showed no improvement over the dull conditions obtaining January 1932 or February 1931. Average spindle
hours of operation in
heretofore.
both the Carolinas and Virginia were higher in February than the National
Retail trade in the large cities and in the country was disappointing, and
average, and South Carolina led all States in number of hours of operation
failed to exhibit the usual seasonal pickup. The unusually high temperatures
per spindle in place. Most of the auction tobacco markets in the district
which had prevailed since last fall, continued through February. and served
during February. after selling smaller crops for much lower prices
closed
to hold down distribution of all descriptions of cold weather goods, particuthan were sold last year from the yield of 1930. Tobacco manufactured in
larly apparel and fuel. Clearances of such merchandise, even under induce- February was less than in
February 1931, but the decline in this industry
ments of price reductions and intensive sales effort, were incomplete and was
much smaller than decreases in output shown by nearly all other Indusheavy carryovers were the rule. The first real cold spell of the winter came
Building
work
tries.
provided
for in February permits issued and contracts
during the first half of March. too late to materially help the movement of
actually awarded was in smaller volume than in February 1931. and there
winter merchandise. On the contrary the freezing weather had the effect of
are no indications that point to much increase in construction work in the
slowing down Easter shopping and interfering with preparations for planting
near future. Retail trade last month, as reflected in department store
spring crops. Considerable damage was sustained by fruits and early truck
salts,
was 12.6% less than the dollar amount of sales in February last year.
crops from the March freezes, and apprehension is felt in some sections that
and
the entire winter was unfavorable for retailing, weather having been
the growing winter wheat crop, which was unusually far advanced for this
so unseasonally mild that the demand for heavy clothing and other winter
season, has been injured.
poorest experienced in years. Since March 1. cold weather
As against the failure of actual business to expand,reports from scattered goods was the
for the sale of Easter and early spring merchandise.
sections of the district reflect moderate improvement in sentiment, and that has been unfavorable
naturally experienced about the same unsatisfactory
have
since March 1 business has developed a more hopeful aspect. While pur- Wholesalers
business
as
the retailers, but most lines for which data are
volume
of
chasing of goods continues on an extremely conservative basis, there is more
moderate seasonal improvement in business during
of a disposition than heretofore to replenish depleted stocks and fill out available showed
but the outlook
assortments. Inventories of consumer goods in all lines are of small propor- February. Farm work is well advanced for this season,
uncertain on account of the price situation and other
tions, and while the trend of commodity prices was still downward, the for agriculture Is
decline was at a slower rate, and in certain classifications, noticeable progress factors.
has been made in stabilizing values. Further marked improvement has
Regarding conditions in wholegale and retail trade, the
taken place in the financial situation. The number of bank failures during
reports as follows:
Bank
smaller
than
during
recent
months,
and
this
record
has
much
February was
Department store sales in the Fifth Federal Reserve District in February
continued during the first half of March. The rate of withdrawals of deposits
from financial institutions receded, and for the first time in a number of 1932 averaged 12.6% less than sales in February 1931. but the decline is at
months, there was an increase during early March in deposits of reporting least partly accounted for by generally lower prices this year. Thirtymember banks. An important development for this general area was the three stores reported on their February business, and among the individual
fall in the stage of the Mississippi River and practical elimination of the cities from which three or more reports were received Richmond made the
beat record with an average decline of 9.7%. In total sales during the
flood threat from that stream and its tributaries.
As reflected by department store sales in leading cities, the volume of first two months of 1932, the 33 stores averaged a decrease of 15.7% in
retail trade In February was approximately 7% larger than In January, and comparison with sake in the first two months of 1931.
Stocks in the reporting stores increased seasonally during February,
12% less than in February 1931:for the first two months this year a decrease
of 14% was shown under the same time a year earlier. Combined sales of all rising by 8.4% over those on hand at the end of January. but on Feb. 29
wholesaling and jobbing firms reporting to this bank in February were 5.6% this year averaged 10.1% less than a year ago. Part of this decline was
larger than in January and•16.5% smaller than in February 1931; for the also due to price changes. The reporting stores turned their stock an averge
first two months this year their total sales were 21% smaller than for the of .264 time. during February, and between Jan. 1 and Feb. 29 stocks
same period a year ago. The dollar value of building permits Issued for new were turned .506 times, both of these averages being lower than those for
construction in the five largest cities was more than twice as large as in the corresponding periods in 1931.
The percentage of collections in February 1932 to total accounts receivJanuary. but 61% less than in February 1931. Construction contracts let in
the Eighth District in February increased 25% over the record small total able on Feb. 1 was lower than the percentage for February 1931. Washingof January, but were 50% smaller than in February 1931. There was a de- ton reported the highest collection percentege, while Baltimore reported
crease of 22% in charges to checking accounts In February as compared with the lowest chiefly because of a relatively large volume of installment acJanuary and of the same amount as compared with February 1931: for the counts included in the Baltimore figures.
first two months this year a decrease of 23% was shown as compared with
Wholesale Trade.
the same time in 1931. The amount of savings accounts held by selected
In February this year five lines of wholesale trade for which figures are
banks showed little change between February 3 and March 2, and on the
available sold less than they sold in February 1931. the decreases in perlatter date was 11% smaller than a year ago.
Generally throughout the district collections reflected little change as centage ranging from 10.2% in shoes to 18.2% in dry goods. Total sales
contrasted with the two or three months immediately preceding. Consider- in the first two months of 1932 show about the same decline, business in
able spottiness exists, both with reference to the several lines and localities. January having been slightly worse than in February in comparison with
In the cotton areas moderate improvement was indicated, and liquidation the earlier year. Dry goods, shoe and hardware sales in February showed
2614
FINANCIAL CHRONICLE
a seasonal increase over January 1932 sales, but groceries and drugs declined
during the later month.
Stocks of merchandise on the shelves of 24 reporting firms were lower
on Feb. 29 1932. than on Feb. 28 1931. but dry goods and shoe stocks
Increased over those on hand at the end of January.
Collections in February 1932 were better than collections in January in
hardware, exactly the same in groceries and dry goods, and slower in
shoes and drugs. Grocery and shoe collections were slightly better last
month than in February 1931, but dry goods and drug collections were
slower, while hardware was the same In both years.
Merchandise in Both Wholesale and Retail Channels
in Dallas Federal Reserve District at Stronger
Demand.
In its district summary, compiled March 15, the Federal
Reserve Bank of Dallas states that "a stronger demand for
merchandise in both wholesale and retail channels of distribution was in evidence in the 11th (Dallas) Federal Reserve
District during the past month. Sales of department stores
in larger cities reflected a gain of 11% over the previous
month, and while 22% below those of a year ago, they
showed a much better comparison than in January." The
district summary, as given in the Bank's "Monthly Business
Review" dated April 1 adds:
This bank's index of department store sales, adjusted for seasonal variation, rose from 65.8 in January to 73.8 in February. Distribution of
merchandise at wholesale reflected more than the usual seasonal increase
and comparisons with a year ago were much more favorable than in the
previous month. There has been a gradual strengthening of sentiment and
It is being reflected in better consumer buying. Retailers, however, show
no disposition to make purchases beyond immediate needs. Collections
continue generally slow.
Financial operations reflected no significant changes. Federal Reserve
bank loans to member banks, which amounted to $14,020,000 on March 15.
were slightly lower than a month earlier, but considerably larger than on the
corresponding date last year. The daily average of combined net demand
and time deposits of member banks totaled $665.682.000 during February
as compared with $664.954,000 in January, and $813.053,000 in February
1931. The loans, investments, and deposits of reserve city banks were
somewhat lower on March 9 than on Feb. 10. Subscriptions to the 344 and
3U% Treasury Certificates of Indebtedness, dated March 15, amounted
to $55,023,000 against which allotments of $19,245,500 were made.
Farm work, which had been retarded considerably during the first six
weeks of the year. proceeded fairly satisfactorily during the latter part of
February and early March, yet there is still much land which is not prepared
for spring planting. This situation was aggravated during the past 10 days
when severe freezes damaged considerably early planted crops. Fruit and
truck crops likewise suffered much injury. Although considerably behind
schedule, farmers should be able to overcome this handicap in a short
rime in the event favorable weather prevails. A good season obtains in all
sections of the district. Ranges and livestock showed a noticeable improvement in February and while ranges were set back by the March freezes,
livestock generally held up well.
The valuation of building permits issued at principal cities amounted to
$1,566.729 which was 6% less than in January, and 59% below February
1931. Production of cement declined to a new low level but shipments were
larger than in the previous month.
We also quote from the "Review" the following details as
to wholesale and retail trade:
[VOL. 134.
tellers are still buying to cover Immediate needs. Collections were smaller
than in either the previous month or the corresponding month last year.
Retail Trade.
Despite a smaller number of business days, a considerable improvement
characterized the past month's trade developments in retail channels of
distribution. February sales of merchandise were 11.2% greater than
those in the previous month, and while a decline of 22.2% was recorded as
compared with the corresponding month a year ago, this is much better
than the showing made in January. Distribution during the first two
months of 1932 was 26.1% less than in the same period last year. Although
demand for spring merchandise was retarded considerably during the
first
half of March by the low temperatures, business is now being stimulated
by favorable weather and the early date of Easter.
Inventories held at the close of February reflected a substantial seasonal
Increase of 10.2%, but were 18.1% less than those held on the same date a
year ago. The rate of stock turnover during January and February of
1932 was 40 as compared with .44 in those months of 1931.
A seasonal decline was evidenced in collections during the month. The
ratio of February collections to accounts receivable on Feb. 1 was
29.8%,
as against 31.3% in January, and 32.1% in February 1931.
Lumber Order Excess 20%-Production Still Curtailed.
Although comparable statistics indicate a decline of as
much as 44% in both lumber production and orders from
levels obtaining a year ago, the lumber movement continued
through the week ended April 2 to show a substantial excess
of orders over production. The excess was not to great as
it has been in many recent weeks, amounting to about 20%,
according to telegraphic orders to the National Lumber
Manufacturers' Association from regional associations covering the operations of 669 leading hardwood and softwood
mills. Production of these mills amounted to 116,568,000
feet. Their shipments exceeded the cut by 36%. A week
earlier 693 mills reported orders 35% above and shipments
37% above a production of 113,599,000 feet. Comparison
by identical mill figures for the latest week with the equivalent period a year ago shows, for softwoods, 435 mills,
production 44% less, shipments 28% less and orders 44%
less than for the week in 1931; for hardwoods, 167 mills,
production 49% less, shipments 44% less and orders 42%
under the volume for the week last year.
Lumber orders reported for the week ended April 2 1932
by 487 softwood mills totaled 128,199,000 feet, or 21%
above the production of the same mills. Shipments as
reported for the same week wore 145,704,000 feet, or 37%
above production. Production was 106,285,000 foot.
Reports from 198 hardwood mills give now business as
11,595,000 feet, or 13% above production. Shipments
as reported for the same week wore 12,910,000 feet, or 26%
above production. Production was 10,283,000 feet. The
Association further reports as follows:
Unfilled Orders.
Reports from 418 softwood mills give unfilled orders of 437,236.000
Wholesale Trade.
feet on April 2 1932, or the equivalent of 11 days' production. This is
A general Improvement in distribution of merchandise at wholesale was based upon production of latest calendar year (3(10-day year) and may be
in evidence during the past month. In four reporting lines of trade sales compared with unfilled orders of 479 softwood mills on April 4 1931, of
were larger than in the previous month, and the declines in all reporting 689,743,000 feet, the equivalent of 16 days' production.
The 388 identical softwood mills report unfilled orders as 427,354.000
lines as compared with the corresponding month a year ago were smaller
In February than in January. While the increased distribution was attribut- feet on April 2 1932, or the equivalent of 11 days' average production, as
necessitous
buying
the
following
to
compared
the
part
with 714,203,000 feet, or the equivalent of 19 days' average
small
able in
purchases made
in January, there is a stronger undertone of confidence and consumer de- production, on similar date a year ago. Last week's production of 435
mand is quickening in some localities. As retailers are still adhering strictly identical softwood mills was 101,427,000 feet, and a year ago it was 152,to the policy of limiting purchases to well defined immediate needs, any 344.000 feet; shipments were respectively 139.783,000 feet and 193,219.000:
improvement in consumer buying Is quickly reflected In wholesale channels. and orders received 122,463.000 feet and 218.803,000, in the case of hardInventories of wholesale firms showed but little change from the previous woods. 167 Identical mills reported production last week and a year ago
month, but were considerably smaller than a year ago. Collections In some 8.885,000 feet and 17,357.000; shipments of 11.204,000 feet and 19,955.000;
lines increased, but declined in other lines, reflecting largely seasonal trends. and orders 10.247.000 feet and 17.551.000.
Sales of wholesale dry goods firirs during February evidenced an exSoftwood Reports.
pansion of 6.7% as compared with the previous month, which was someThe West Coast Lumbermen's Association wired from Seattle the folwhat less than seasonal, yet the decline of 23.2% from the corresponding lowing new business, shipments and unfilled
orders for 217 mills reportmonth last year was smaller than in January. Merchants bought sparingly ing for the week ended April 2.
at the opening of the buying season, but have been making frequent reNEW BUSINESS
UNSHIPPED ORDERS
SHIPMENTS
orders as consumer demand materialized. Prices on most Items of merFeet
Feet
Feet
chandise have shown greater stability. Collections reflected a seasonal Domestic cargo
Domestic cargo
Coastwise and
delivery. _ __ 25,417,000
delivery__ __ 96,500,000
coastal
decline.
26,430,000
Export
11,280.000
52,749,000
Foreign
Export
15,971,000
Although the buying of farm implements is still at a low level. February Rail
23,017,000 Rail
68,867,000 Rail
24,947,000
sales were 42.5% larger than those in the previous month. Sales were Local
8,000,000
Local
8,005,000
comparison
yet
the
was
the
53.9% less than in the same month of 1931,
67,718.000
Total
Total
218,116,000 Total
most favorable shown since last August. Due to the low purchasing power,
75,352,000
Production for the week was 59,618.000 feet.
farmers are limiting their implement buying to actual necessities, and are
For the year to March 28, 171 identical mills reported orders 14.6% above
repairing old implements wherever possible to carry them through the
crop season. Collections showed an Increase over the previous month but production and shipments were 16.7% above production. The Ramo numwere considerably smaller than a year ago.
ber of mills showed a decrease in inventories of 6.8% on March 28 as comThe buying of groceries at wholesale during February was on practically pared with Jan. 1.
the same scale as in the previous month, but was 20.7% below that in
Southern Pine.
February 1931. The latter comparison, however, was better than in January.
The Southern Pine Association reported from New Orleans that for
Business was somewhat spotty with sales showing a substantial Increase 119 mills reporting, shipments were 16% above production
and orders 2%
In some sections but a decline in others. Collections were 3.6% larger than
above production and 12% below shipments. Now business taken during
in the previous month and showed a considerably higher ratio to outthe week amounted to 24,633,000 feet (previous week 29.274,000 at 123
standings at the end of January.
mills); shipments 28,077,000 feet (previous week 27,384,000); and ptodueFollowing the sharp decline in January, the sales of reporting wholesale
Lion 24,238,000 feet (previous week 23,666.000). Orders on hand at the
hardware firms showed a gain of 6.75;in February, which was considerably
101 mills were 65,751,000 feet. The 105 identical mills
larger than the usual seasonal increase. While sales were 24.8% smeller end of the week at
reported a decrease In production of 29% and in now business a decrease
than a year earlier, this figure was lower
than that shown for any month of 31% as compared with the same week a year ago.
since last summer. The improvement was fairly general
over the district.
Reports indicate that seasonal items were In good demand. Collections
Western Pine.
were
6.0% smaller than in the previous month.
The Western Pine Association reported from Portland. Ore., that for
The demand for drugs at wholesale during February continued
on 128 mills reporting, shipments were 81% above production and orders
practically the same level as in January. Sales were
15.5% lower than in 53% above production and 16% below shipments. New business taken
February 1931. yet there was a considerable improvement
over that shown during the week amounted to 33.500.000 feet (previous week :16.956,000
in December and January. Reports indicate that there has been a noticeable at 128 mills); shipments, 39,709.000 feet (previous week 38.599,000), and
pick-up in demand in some sections, but It continues slow In others. Ito- production 21,905,000 feet (previous week 19,385,000).
Orders on hand
APRIL 9 1932.]
FINANCIAL CHRONICLE
at the end of the week at 128 mills were 172,017,000 feet. The 106 identical
mills reported a decrease in production of 53% and in new business a decrease of 50% 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 1,792.000 feet and new business 1,634,000 feet. The same number of mills reported a decrease of 30% in new
business compared with the same week last year.
Northern Hemlock.
The Northern Hemlock & Hardwood Manufacturers' Association of
from 16 mills as 524,000 feet, shipproduction
Oshkosh, Wis., reported
ments 774,000 and orders 714,000. The 15 identical mills reported production 65% less and new business 23% less than for the same week a
year ago.
Hardwood Reports.
The Hardwood Manufacturers' Institute of Memphis, Tenn., reported
production from 182 mills as 9,273.000 feet, shipments 11,602,0011 and new
business 10.156.000. The 152 identical mills reported production 44%
less and new business 44% less than for the same week last year.
The Northern Hemlock & Flazdwood Manufacturers' Association of
Oshkosh, Wis., reported production from 16 milts as 1,010,000 feet. shipments 1,308,000 and orders 1,439.000. The 15 identical mills reported
a 75% decrease in production and a 13% decrease in orders, compared with
the corresponding week of 1931.
2615
foundation for the recovery of business. Discussing the
automobile outlook he said:
There never was a time when so many people needed cars as right now.
The streets are filled with old cars, many of which are prarUcally junk.
During the past two years many people failed to buy new cars became
they did not have the money or the credit. But many others with funds
or credit put off buying because they were worried about conditions in
general and did not want to commit themselves to future payments.
During the past six weeks that situation has changed considerably.
Business has improved,at least from the standpoint of stabilization. There
is no longer as much reason for people who have money put away or who
have regular incomes to be worried about the future. This means that
hundreds of families who have been putting off buying a new car for the
last two years may now be ready to go ahead.
Federal Motor Tax Proposal Assailed by S.D.Bryce, Jr.,
of National Automobile Chamber of Commerce—
Warns that Threatened Levies Will Retard Industry's Drive for Trade Recovery.
Inclusion of a sales tax on automobile products 'in the
Federal revenue program was assailed as "Governmental
folly" in a radio talk given by Stephen D. Bryce, Jr., manager of the Educational Department of the National AutomoLumber Output During the Four Weeks Ended March bile Chamber ofCommerce,over station WOR,on March 31.
26 1932, as Reported by an Average of 608 Mills, Mr. Bryce said:
Fell 48.6%Below the Same Period Last Year—ShipWhile Congress sits debating on methods to release the nation's Buffeting
ments Declined 36.2%, While Orders Were 38.4% our industry is swinging into action. Accepting the responsibilities of leadership in promoting trade recovery, automobile manufacturers have united
Lower.
in the most intensive campaign that the country has ever witnessed.
We give herewith data on identical mills for the four weeks
He declared that the action of the House of Representaended March 26 1932 as reported by the National Lumber tives last week in adopting the amendment calling for taxes
Manufacturers Association:
on automobiles,trucks and automotive parts and accessories
An average of 608 mills reported as follows to the National Lumber throws a serious wet-blanket on the industry's plans.
Trade Barometer for the four weeks ended March 26 1932:
For proof that added taxes would exert"a lethal influence"
Orders Received. on the sale of ears, Mr. Bryee referred to conditions in TenProduction.
Shipments.
nessee where one out of every three cars in the State has
1931.
1.932.
1931.
1931.
1932.
(In Thousand Board Fed.) 1932.
already been withdrawn from service following the enact374.377 728,947 .502,602 786.495 513,519 826,351
Softwoods
33.740 75,238 51,1321 62.645 47;942 85,106 ment of higher taxes. In two other States, he related, it has
Hardwoods
to relieve the ear owner's tax burden by per413,117 804,185 554,228 869,140 561,461 511,457 been necessary
Total..
mitting him to buy his automobile license on the down payProduction in the four weeks of March 1932 was 48.6% below corresMr. Bryce further said:
ponding weeks of 1931, as reported by these mills, and 69% below the record ment plan.
of comparable mills for the same period of 1930. 1932 softwood cut was
48.6% below that of the same weeks of 1931 and hardwood cut was 48.5%
below 1931.
Shipments in the four weeks ended March 26 1932. were 26.2% below
those of corresponding weeks of 1931, softwoods showing 36.1% decline.
and hardwoods. 37.5% decline.
Orders received during the four weeks ended March 26 1932 were 38.4%
below those of corresponding weeks of 1931 and 55.7% below orders for
corresponding weeks of 1930. Softwoods showed decline of38% and hardwoods decline of 43.7%.
The production of the reporting mills in the four weeks ended March 26
1932 was only 21% of their rated capacity and 39.5% of their three-Year
average production (same weeks of 1929-30-31).
On March 26 1932, gross stocks as reported by 384 softwood mills were
3,727.071,000 feet or the equivalent of 98 days' average production of the
reporting mills, as compared with 4,592,148,000 feet on March 28 1931,
the equivalent of 121 days'average production.
On March 26 1932. unfilled orders as reported by 561 mills (cutting
either softwoods or hardwoods or both) were 542,444,000 feet, or the equivalent of 13 days" average production, as compared with 823,112,000 feet on
March 28, 1931, the equivalent of 19 days'average production.
The lumber situation shows a slight Improvement In March over February
but the improvement Is far below the usual seasonal upturn.
President Hoover Urges Those Contemplating Purchasing Automobiles to Place Orders Now and Contribute to Relieving Unemployment Conditions.
In a statement issued April 1 President Hoover urged
those contemplating the purchase of a new automobile to
place their orders now as a "real contribution" to relieving
unemployment conditions. The President's statement
follows:
The motor manufacturing companies have all launched their spring
models. There is nothing that provides widespread employment more than
automobile construction.
Every person contemplating buying a new car this year can make a real
contribution to employment by putting in his order now, even though he
does not take immediate delivery.
The present proposal lists automobiles for excise taxes along with yachts,
furs, chewing gum, cosmetics, jewelry, sporting goods, beverages, candy,
radios, phonographs, mechanical refrigerators and safety deposit boxes.
Our industry would expect to pay its share of any general taxation program,
but we will object as vigorously as we legitimately can to being singled
out for additional burdens when the averge automobile is already carrying
more than 18% of its value in State and local tax levies.
Efforts to Curb Rubber Production Abandoned Due
to Difficulty of Regulating Dutch East Indies'
Output.
From London April 4 Associated Press advices stated:
Low prices for raw rubber for some time seem assured, as nature's laws
of supply and demand and the survival of the fittest are to have their
chance to operate almost unopposed in the industry.
After years of effort to draw up a method of restricting production
which would offset the two surest economic forces. British and Dutch
producers of most of the rubber in the world have agreed to quit trYing,
and to let happen what will.
The immediate consequence of collapse of the prolonged negotiations
will be that many plantations in the Malay States, Dutch East Indies and
Ceylon will shut down production and go on a care and maintenanne basis.
Perhaps 15% of the rubber plantations of the world will be affected in
this wise immediately, to remain dormant and unproductive until the
industry shall improve, perhaps a long while.
Efforts were made to bring all producers together in a restrictive scheme,
but after nearly four years these have been abandoned—for all time,
Official circles state—because of difficulties in regulating native production
in the Dutch East Indies.
Nearly half the world's rubber consumption is in the United States,
and about 80% of all the rubber manufactured in the world goes for motorcar tired.
See Rubber Output Cut--Symington and Wilson
Believe London Market Price Now at Bottom.
From its London bureau the "Wall Street Journal" of
March 31 reported the following:
Symington and Wilson state that the London rubber market seems to
have found a level around 2d. a pound spot, which is about half the cost
Allard Smith of Union Trust Company of Cleveland of production on average estates and that it is thus not unreasonable to
Believes Business Sufficiently Stabilized to Spur suppose that any further decline in price is unlikely.
They declare that It is too soon to judge the complete effect of existing
Drive for Increased Sales of New Automobiles.
prices on production. The recent closing of a few estates in the Dutch
by numerous other
Developments of the last six weeks have resulted in a East Indies probably wid be thillowed by similar action
companies within the next few weeks, bat any real reduction in shipments
sufficient stabilization of business and financial conditions is
unlikely to develop before May, they state.
to indicate success for the intensive drive for increased sales
They believe, however, that the influence of low prices on Dutch native
output is likely to become apparent at once and point out that in January
of new automobiles, declared Allard Smith, Executive Vice- and
February Dutch native exports totaled 11,452 tons, against 14.730
President of the Union Trust Co. of Cleveland and Chair- tons in
the like months of 1931. The effect on Malayan native output
man of the Industrial Development Committee of the Cleve- is more problematical, they state. but some decline is expected.
land Chamber of Commerce,in a radio address at Cleveland.
The Government program to restore financial confidence and Raw Silk Imports Declined in March—Approximate
Deliveries to American Mills Increased—Inventories
assist business in general is now in active operation, Mr.
Lower.
Smith pointed out, The Reconstruction Finance Corporation,
According to the Silk Association of America, Inc.,imports
the Glass-Steagall bill and the return of millions of hidden
money into circulation have all helped to provide a firm of raw silk received during the month of March 1932 totaled
FINANCIAL CHRONICLE
2616
38,866 bales, a decrease of 32.3% as compared with the
corresponding period last year, when imports amounted
to 57,391 bales. The current figures also is a decrease
from 53,574 bales, the figure for February of this year.
Approximate deliveries to American mills increased from
45,909 bales in February 1932 to 46,761 bales in March.
The latter figure is a decrease of 15.6% as compared with
55,383 bales delivered during March of last year.
Stocks at warehouses on March 31 1932 were 62,675 bales,
as against 47,407 bales a year previous and 70,570 bales on
Feb. 29 1932. The Association's statement follows:
RAW SILK IN STORAGE APRIL 1 1932.
(As reported by the principal public warehouses In New York City and Hoboken.)
European.
Japan. All Other.
Total.
Figures in Bales1,349
63.869
5,352
70,570
In storage March 1 1932
Imports, month of March 1932_x
1,548
36,648
670
38,866
Total available during March
In storage April 1 1932.z
2,897
2,132
100.517
55,921
6,022
4,622
109,436
62,675
Approximate deliveries to American mills
during March 1932.y
765
SUMMARY.
44,596
1,400
46,761
Imports During the Month.%
January
February
March
April
May
Juno
JUIY
August
September
October
November
December
Total
Average monthlY
1931.
1930.
1932.
1931.
1930.
52,238
53,574
35,866
49,294
47,827
57.391
29,448
42.264
46,825
37,315
68.411
48.040
70.490
67,999
50.617
43,175
42,234
39.990
37,515
22.596
22.369
47.063
51.147
58,292
65,594
55,293
64.616
62.905
70,570
62,675
51,814
45,399
47.407
35,497
32,688
37,352
29.921
41.878
36.099
49.921
67.275
69,460
76.264
68.646
57,773
53,704
35,477
28,450
35.565
44.978
47,621
51,278
49,238
58.430
144,678
48,226
605,919
50,493
549.884
45,824
65:5i5
45:565
50:4
.5
Approximate Deliveries
to American MiIls.y
1932.
1931.
58.793
45,909
46,761
otto to to
ONMOM.cOV,0200.,N
CONM 0/0000,1
,
January
February
March
April
May
Jung
July
August
September
October
November
December
Storage at End of Month.z
1932.
Approximate Amount of Japan
Silk in Transit Between Japan
and New York End of month.
1930.
1932.
1931.
1930.
57,683
49,852
50.863
41.584
40.823
29,396
39.948
41.734
55.649
61,937
57,333
55,424
48.500
31.000
28,800
___
__
____
____
____
37.700
37.700
21.300
24.800
36.900
33.400
41.600
40.500
53.200
59.700
50,800
53.900
37.000
24.000
17.800
8.000
7.700
16.300
31,200
41.700
51.600
46,400
45,500
35.600
____
____
____
Total
151,463 594,889 582.226
Average monthly_ - 50,488
49,574
48.519
36
.
.100
40;535 30;255
x Covered by European manifests Nos. 10 to 15 inclusive, Asiatic manifests
No,,. 47 to 67 Inclusive. y Includes re-exports. z Includes 1,663 bales held at
terminals at end of month. Stocks In warehouses include National Raw Silk
Exchange certified stocks, 5,400 bales.
Sales of Fertilizer in Six Cotton Growing States in Four
Months to March-Smallest in That Period for
More Than Ten Years.
Sales of fertilizer in six cotton-growing States during the
four months from December to March, inclusive, were the
smallest in that period in more than a decade, according
to the New York Cotton Exchange Service, which under
date of April 5 said:
They totaled only 483.000 tons against 1.059.000 last year. a maximum
of 2.071.000 In 1928 and a minimum In the peat decade of 996.000 In 1922.
The total sales in the six States in the month of March alone aggregated
only 259.000 tons compared with 626.000 In the same month last year and
984.000 two years ago. These sales are compiled on the basis of salmi of
fertilizer tags, sold by State control officials. The States covered by these
figures are North Carolina, Alabama. Mississippi, Tennessee, Louisiana,
and Texas.
Fall in Tin Price in Bolivia Prompts Central Bank to
Restrict Foreign Drafts to Conserve Gold Reserve.
From La Paz, Bolivia, April 5 a wireless message to the
New York "Times" stated:
In view of the new fall in the price of tin to £106 a ton the Central Bank
is adopting drastic measures to protect its gold reserves by restricting the
sale of drafts on foreign currency.
The new price of tin makes all work in Bolivian mines unprofitable and it
Is feared that the consequent cessation of balancing exports might permit
drafts on London to deplete the gold reserves enormously in the near future.
Under the emergency law of Sept. 23 1931 the Central Bank is authorized
to sell only foreign drafts bought from exporters and under no circumstances
to dispose of Its gold reserves If the low tin prices last without bettering
the worst situation on record is forecast for Bolivian import activities.
It Is hoped that mining circles will start soon to begin the exploitation of
other minerals, such as lead, tungsten, antimonium and zinc for the United
States market in order to avert increased unemployment.
Dutch, British and Other Tin Producers Said to Plan
Further Production Restriction.
From Amsterdam April 5 a wireless message to the New
York "Times" stated:
It is generally expected here that the Dutch. British and other tin producers will decide further to restrict production, as the present limitation
has proved insufficient to prevent a heavy drop in prices.
The syndicate is expected also to take still larger quantities of tin off the
market. So far 21,000 tons have been withdrawn.
[VOL. 134.
Declines in New York Cocoa Exchange Incident to
Tax Imposed on Trading on Commodity Exchanges.
The cocoa market moved along in a steady range during
the week ended April 1 until news came out that the House
of Representatives had passed the tax of Sc. per $100 on
commodities traded on produce exchanges. The effect, says
the Exchange, was to bring out liquidation from Wall
Street commission houses and prices declined on April 1.
Net declines for the week ended April 1 were 14 to 18 points.
New York Cocoa Exchange-Total Arrivals in March
624,252 Bags, Compared with 388,328 in February.
The New York Cocoa Exchange reports that total arrivals of cocoa for March were 624,252 bags, compared
with 388,328 bags in February and 266,170 bags in March
1931. Warehouse stocks on April 1 totaled 369,739 bags,
compared with 192,528 bags a year ago.
The volume of trading on the Exchange for March was
3,186 lots, or 42,692 tons, compared with 1,217 lots, or
16,308 tons, for March 1931.
Petroleum and Its Products-Crude Oil Price Advances
Spread Throughout Louisiana and ArkansasTexas Company Announces Retroactive IncreaseSeek Curtailment of Output in California.
The crude oil price advance continued this week, with
other companies joining in the general 15c. per barrel increase posted April 1, and with the extension of the advance
to include Louisiana and Arkansas oil fields.
The Texas Company on April 6 announced that, retroactive to April 1, it has raised Gulf Coast prices to conform
with the higher levels in the Mid-Continent and Texas.
The Texas Company boosted crude oil prices 10c. to 15c. a
barrel in all of its southwest territory. The top price in
Oklahoma, Texas and the Gulf Coast is now $1 for 40 gravity
and above, while a flat price of 98c. obtains in east Texas.
Effective on April 6, the Magnolia Petroleum Co. extended
its recent 15c. advance to Louisiana and Arkansas, making
the new price range 68c. for below 25 gravity to $1 on 40
gravity and above. Eldorado east field and Smackover
district, Arkansas, was advanced 10c. a barrel to 65c.
The California producing units have watched the advances in Mid-Continent and adjoining territories with much
interest. However, it is the opinion of Ralph B. Lloyd,
President of the Oil Producers Sales Agency of California,
that "any improvement in the California oil industry must be
predicated on curtailment of production to approximately
456,700 barrels daily." Last week's output averaged 497,100 barrels daily. Mr. Lloyd further states that "it is necessary that those in authority use their best endeavors to bring
about a more stabilized and satisfactory condition. On the
other hand, it is just as important that the producer do
his part in keeping curtailment within reasonable limits of
demand, for the purchasing companies have not the money
to buy and store crude oil at the present time."
The price advance in Southwestern oil fields has not been
met unanimously, some companies apparently taking the
attitude that such a sharp mark-up is not warranted under
present conditions. Wholesale gasoline prices have advanced about 2c. a gallon from the low point holding at the
close of last year, while quotations at refinery in the Group 3
(Mid-Continent) area are even lower than they were on
Nov. 2 of last year when the last previous crude advance
was posted. However, it is the general feeling in the trade
that as soon as the influence of mounting retail consumption
Is felt, the companies who have not met the advance will
fall in line.
The Humble Oil & Refining Co. has not posted a new price
for east Texas crude, but will pay on a basis of a flat price
of 83c. a barrel for all oil it purchases in the district. Heretofore Humble has paid the average price for east Texas
area products.
Price changes follow:
April 4.-Effective retroactively as of April 1, the Texas Company to
-day
posted higher crude oil prices as follow: 15c. advance par barrel in Oklahoma, north Texas. north central Texas, central Texas, west Texas. Gray
County. north Louisiana and Darst Creek 10c. advance in Smackover,
Carson and Hutchinson countries, east Texas on a flat basis of 98c. a barrel,
Gulf Coast prices advanced 10c. to 15c. a barrel, making the new schedule
in this area begin at 80c. for below 25 gravity, with a lc. advance for each
higher degree of gravity to 36 degrees at 92c., and thence 2c. advance for
each higher degree to 40 and above at SI.
April 7.-Magnolia Petroleum Co.. effective as of April 6. extends It.
15c. advance in crude oil prices to Louisiana and Arkansas Heide. New
prices range from 68c. on below 25 gravity to $I on 40 degrees and above.
Eldorado east field and Smackover district, Arkansas, advanced 10c. a
barrel to 65e.
APRIL 9 1932.]
2617
FINANCIAL CHRONICLE
April 7.-Humble 011 & Refining Co. will not post price for east Texas
crude, but will pay on basis of flat price of 83c. a barrel for oil purchased
In that area. Hitherto this company has paid the average price for east
Texas crude.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A.P. I. degrees are not shown.)
Bradford, Pa
5278
883
8.
$1.40'Eldorado. Ark., 40
Corning,Pa
.80 Rusk, Texas, 40 and over
Illinois
.80 Salt Creek, Wyo., 40 and over
Western Kentuelty
.90
.75 Darst Creek
Mid-Continent, Okla., 40 and above 1.00 Sunburat Mont
1.05
Hutchinson, Texas, 40 and over____ '
5.81 Santa Fe Springs, Calif., 40 and over .75
Spindletop, Texas, SO and over____ •.81 Huntington. Calif., 26
.72
Winkler, Tense
1.75
'.86 Patrons, Canada
macko ve r, Ark., 24 and over
.77 •Effective April 1 1932.
daily potential refining capacity of the United States,
indicate that 2,198,000 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, 46,519,000 barrels of
gasoline, and 124,110,000 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 2,922,000 barrels of cracked gasoline during the
week. The complete report for the week ended April 2 1932
follows:
REFINED PRODUCTS-GASOLINE PRICES UP IN TEXASKEROSENE FIRMER HERE-LIGHT FUEL OlLS STRONGER CRUDE RUNS TO STILLS, GASOLINE AND GAS AND FUEL OIL STOCK
WEEK ENDED APRIL 2 1932.
IN METROPOLITAN AREA.
(Figures In barrels of 42 gallons each)
Gasoline prices in Texas and Oklahoma were advanced this
week as a result of further extension of the higher postings
for crude oil. Gulf Oil Corp. and Humble Oil & Refining
Co. advanced gasoline lc. a gallon in Houston, Texas,
quoting 19c for Ethyl, service station; 16c. for regular, and
11c, for third grade, all including 4c. State tax.
Tank-wagon prices in Oklahoma have also been boosted,
many companies following the lead of the Continental Oil
Co. in posting a lc. per gallon advance, making the new
State structure 17c., 15c. and 12c. for the three grades
handled, all prices including State tax of 4c. Service station
prices are 19c., 17c. and 14c., respectively. Empire also
advanced tank-car prices at Tulsa Mc., making United
States Motor 43,c., 5c. and 5Mc. for the three grades.
Spot gasoline prices in Chicago are firm, but hold to last
week's levels. It is believed that the trade will await definite
action by several major purchasers on the matter of higher
crude prices before lifting the general market prices for
refined products. Chicago is expecting an advance in tankcar prices as soon as the $1 per barrel crude price becomes
definitely established.
Refined products have been firm and steady in the New
York area, although no further price changes were noted
this week. United States Motor gasoline, below 65 octane,
ranges from 53c. to 6c. a gallon, while above 65 octane is
Increased activity is reported in
held at 6Mc. to
export gasoline demand. Kerosene has been in better call
this week, and a more definite trend toward higher postings
noted. Tank-car price for 41-43 water white kerosene
holds to 53c. to 5c. per gallon at refinery. Grade C
bunker fuel oil at New York has not yet been advanced
from its 65c. per barrel position, although Philadelphia is
now firmly established at 70c. Diesel oil continues firm and
moderately active at $1.30 a barrel, refinery.
Due to the fact that stocks of light fuel oil are reported
to be comparatively small, prices are well maintained in
this group. Pennsylvania lubricating oils are in better
demand.
Price changes follow:
District.
Per Cent
Potential
Capacity
Report(no.
East Coast
100.0
Appalachian
91.8
Ind., Illinois, Kentucky 98.9
Okla., Kans., Missouri_ 89.6
Texas
91.3
Louisiana-Arkansas_
98.9
Rocky Mountain
89.4
California
96.7
95.1
Crude
Runs to
Stills.
Per Cent
Oper.
of Total
CapacUy
Report.
Gasoline
Stocks. a
3,072,000
628,000
2,217.000
1,499,000
3,496,000
1,117,000
212,000
3,145,000
89.3
65.3
73.4
49.2
65.2
69.2
21.1
50.8
7,015,000
1,858,000
6,510.000
3.953.000
8,764.000
1.901,000
2,027,000
14,491,000
5,848.000
1,114,000
4,040,000
2,986.000
8,700,000
4,287.000
637.000
98,498,000
Gas and
Fuel Oil
Stock,.
Total week Aprll 2Daily average
Total week March 26
Daily average
15,386.000
2,198,000
15,232.000
2,176,000
60.0
46,519,000
124,110,000
95.2
59.4
48,728,000
124,173,000
Total April 4 1931_ - _
Daily average
95.7
15,623,000
2,231,900
62.5
b45,803,000
126.433,000
c Texas Gulf Coastr T nnialana C:011 Onaat
99.8
100 0
2,825,000
017 0011
75.9
70 1
7,195,000
1 770 000
6,088,000
I 097 nnn
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 0 transit thereto. b This figure Is not entirely
comparable with current stocks due to revisions made since original publication of
this figure, from which revisions the basic information is not available by weeks.
If It were possible to have made the revision, the new figure would reflect somewhat lower stocks. c Included above for the week ended April 2 1932.
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."
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 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 ended 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 pollcy 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 cars, barges, pipe lines or the longer
haul tank 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.
April 4.-Continental Oil Co., Tulsa., advances gasoline lc. per gallon
throughout Oklahoma. New tank-wagon prices for the three grades
handled follow, service station being 2c. higher: 17c.. 15c. and 12c., all
Inclusive of State tax of 4c.
April 4.-Empire advances gasoline tank-car price structure at Tulsa,
Okla., 1(c. per gallon, new prices for three grades being 4;ic., Sc. and 511c.
April 4.-Gulf Refining Co. and Humble Oil & Refining Co. advance
gasoline prices lc. per gallon at Houston, Texas, new prices being 19c.,
16c. and 11c, for three grades, including 4c. State tax, thus meeting similar
advance posted April I by Magnolla Petroleum Co.
Gasoline, Service Station, Tax Included.
Cincinnati
5.17 Kansas City
$.1
$.149
New York
.195 Cleveland
.17 Minneapolis
.162
Atlanta
.159 Denver
.19 New Orleans
.118
Baltimore
Gasoline "in Transit."
Gasoline at "Bulk Terminals"
.175 Detroit
.13 Philadelphia
13
Boston
Figures End of Week.
Figures End of Week.
.183 Houston
18 San Francisco
17
Buffalo
District.
.19 St. Louis
15 Jacksonville
.129
Chicago
April 2 March 28 April 4
April 2 March 26 April 4
1932.
1931.
1932.
1931.
1932.
1932.
Kerosene, 41-43 Water White, Tank Car Lots, F.O.B. Refinery.
$.0274-.03H New Orleans, ex-30.0354
N.Y.(Bayonne)$.0514-.0511 Chicago
9,143,000 9,261.000 9,226,000 1,176,000 1,138.000 1,930,000
Tulsa
.045n-.035n East Coast
Los Ang.,ex- .044-.06
North Texas
.03
249.000
298,000
Appalachian
273,000
66.000
989.000
Fuel Oil, F.O.B. Refinery or Terminal.
Ind., Iii., Ky
2,139,000 2,137,000
893,000
944,000
Gulf Coast "C"-$.55-.65 Okla., MUM., MOCalifornia 27 plus D
N.Y.(Bayonne)196,000
18,000
289,000
Texas
166,000
5.75-1.00 Chicago 18-22 D..4234-.50
Bunker "C"
$.65
474,000
28,000
270,000
35.000
327.000
Diesel 28-30
1.30 New Orleans "C"___ .50 Philadelphia "C" ---- .70 La.-Ark
Rocky Mountain_
Gas OH, F.O.B. Refinery or Terminal.
N.Y.(Bayonne)TulsaTotal east of Calif_ 12,992,000 13.146,000 11.134,000 1,204.000 1,202,000 1,983.000
Chicago32-36 D Ind--$.0134-.02
28 D
33-361) Ind--$.0114-.02
171,000
194,000
Gulf
126,000
18,000
Octane)
Car
Lots,
F.O.B. Refinery. Texas
Gasoline, U. S. Motor, Tank (Above 65
450,000
28,000
214,000
Louisiana Gulf_ __
281,000
35,000
Chicago
5.0314-04
N. Y.(Bayonne)N. Y. (Bayonne)New Orleans. ex. .05-.0551
Standard 011, N. J.Pan-Am.Pet.Co. 5.08
,04-.0451
Motor. 60 ocShell Eastern Pet .0614 Arkansas
Crude Oil Output in the United States Falls Off.
California
.05-.07
tane
50514
Los Angeles. ex_ .045-1-.07
Motor, 85 ocNew YorkThe
American Petroleum Institute estimates that the
Gulf
Ports
.05-.053(
5.0814
tane
Colonial-Beacon.
.06
Motor,standard .06
.0414-.0514 daily average gross crude oil production in the United
Crew Levick-----0614 Tulsa
States
Stand. 011, N.Y. .0614
.0654 Pennsylvania_.0554
z Texas
for the week ended April 2 was 2,154,000 barrels, as com.06A
TidewaterOileo .0814
Gulf
.06
Richtield011(Cal) .0614
Continental
pared with 2,163,050 barrels for the preceding week, a de•.06
Warner-Quin. Co .0614
Republic Oil
*Below 65 Octane. z"Texaco" is .07.
crease of 9,050 barrels. Compared with
the output for the
week ended April 4 1931, of 2,252,100 barrels per day, the
Weekly Refining Statistics for the United States.
current figure represents a decrease of 98,100 barrels daily.
Reports compiled by the American Petroleum Institute The daily average production east of California for the
for the week ended April 2, from companies aggregating week ended April 2 1932 was 1,656,900 barrels, as compared
3,661,600 barrels, or 95.1% of the 3,852,000 barrel estimated with 1,670,950 barrels for the previous week, a decrease of
2618
FINANCIAL CHRONICLE
1VoL. 184.
"Unit operation of the oil pools offers the most substantial realizable
heals yet developed. for constructive handling of oil conservation. Authority
to permit this manner of operation was placed within the department by
legislation secured in the last session of Congress under the leadership of
Senator Thomas J. Walsh of Montana. It now seems wise to open the
public domain to oil development under this authority.
"The objective of the plan under which prospecting is again permitted
will be the protection of the corelative rights of all permitees, whether
large or small, through requiring the operation of fields as units with a
division of the output In proportion to holdings. Under the stipulations
that ge with the instructions, the bona fide prospector will find no difficulty, but the speculator will find little encouragement. The plan will
also require that every pemaitee on a structure has an equal opportunity
to recover the oil and gas underneath his land under conditions which
will protect the government and will insure against wasteful methods and
overproduction. with its unnecessary losses."
Oklahoma Commission Raises Oil Output LimitAllows 12,500-Barrel-a-Day Increase.
Associated Press advices to the New York "Times' from
Oklahoma City, March 31 state that an oral order calling for
an increase of 12,500 barrels a day in the allownble production of Oklahoma on fields to 443,000 barrels a day was
issued to-day by the Corporation Commission. Continuing,
the advices say:
Elimination of the 20% restriction on production of stripper wens
was ordered by the commission. Allowable for the Oklahoma City field
for the next fifteen days was set at 103,000 barrels daily, compared to
115,000 barrels for the last eight days of March, due to the fact that
the Sinclair Company which had been calling for 11,000 barrels daily,
-Week Ended-Week Ended-Oklahotna-Apr.2. Mar.28..
Apr.2_ Mar.26. made no nomination.
Southwest TexasBowlegs
11,550 12,400 Chapmann-Abbott
1,450 1,500
Bristow-Slick--- 11,.
11,400 Darst Creek
15,600 16,250
East Texas Oil Field Extended.
Burbank-___ ------- _
950 10,950 Luling
7,3.50 7.400
Carr City
35,500 15,300 Salt Flat
9.600 9,400
East Texas oil field was extended one mile east, gays
Earlsboro
14,000 13,400
North LouisianaEast Earlsboro
12,800 12,000 Sarepta-Carterville
800
800 Houston advices, March 30, to the New York Evening
"Post",
South Earlsboro
3,800 3,500 Zwolle
6,050 5,600
Konawa
5,050 5,250
Arkansas-when
Carroll-McIntyre
the
well
on
Charles
Dickerson
lease,
Little River
18,300 17,300 Smackover,light__ 2,900 2,900
Must Little River
2,000
1,900 Smackover. heavy
23,700 23,050 south of Overton, in Rusk County, was brought in for proMaud
2;050
2,100
Coastat TatarMission
6,750 7,500 Barbers Hill_
18,400 17,400 duction as yet ungauged. Total depth of the hole Is 3,672
Oklahoma City
53,050 111,750 Raccoon Bend________ 4,900 4,900 feet.
Forty feet of oil sand, with some broken shale was
St. Louis-Pearson
17,050 17,400 Renck: County____ 10.000 10,300
Searight
3,400 3,200 Sugariand
10,050 10,100 drilled.
Seminole
11,300 10,650
Coastal LouisianaEast Seminole
1,250 1,150 East rfacktterrr
7,650 4,800
KansasOld Hackberry600
600
Texas Oil Proration-Railroad Commission Asks Gulf
Ritz
10,500 /2,200
WoonsinpSedgwick County
14,500 14,500 Salt Creek
22,300 23,800
Coast Operators to Distribute Daily Allowable
Voshell
7,700
Montana7,950
Panhandle TutuKevIn-Sunburat---- 3.450 2,450
Among 40 Fields.
Gray County
28,500 28,200
New Mexico.
Hutchinson Cowaty
12,500 12,150 Hobbs Iligh_____-___ 31,300, 31,300
Austin (Texas) advices to The "Wall Street Journal",
North TexasBalance Lea County-___ 4,350 3,650
Archer County
10,900 10,900 CallforntaApril 1 state that operators in the 40 fields of the Gulf
North Young County
5,900 5,900 Elwood-Goleta.-16.700 15,800
Wilbarger County
9,650 9,850 Huntington Beech
21,900 21,700 Coast region have been requested by the Texas Railroad
West Central TutuInglewood
13,500 13,800 Commission to have the, 110,000-barrel daily allowable of
South Young County__ 3,800 3,700 Kettleman Hills
61,800 55,500
IVest TexasLong Beaeh
80,500 80,500 that area distributed among these fields and the figures
Crane & Upton Countlea 19,900 20,050 Mldway-Sunset
48,300 49,900
Ector County
5,550 5,500 PLaya del Rey
19,100 19,000 ready to be submitted to the commission for consideration
Howard-Glasscock
23,500 20,600 Santa F'e Springs
66,300 64,900 at a hearing
in Houston, April 15‘ The advices add:
Reagan County
22,400 33,350 Seal Beach
12,400 12,400
Winkler County
32,100 32,100 Ventura Avenue
The new proration order, which will be amended from time to time, will
30,400 30,400
Yates
65,000 56.300
give the state a maximum of approximately 860,000 barrels daily. Actual
Balance Pecos County
2,400 2,500' Pennsytranfa &radeEast Central TexasAllegany _ __........ 7,150 7,300 production at this time is approximately 852,000 barrels daily.
Van Zandt Cotmty
Beginning April 1, the daily well allowable of the East Texas field was
48,900 49,050 Bradford_
28,756 27,900
East TexasKane to Butler
8,000 6.850 cut one barrel, bringing it down 71 barrels daily a. well.
Rusk County: Joiner_ _106,500 105,900 Southwestern Penns
2,950 3,200
Kilgore._103,200 102,150 Southeastern Oblo
4,800 4,950
Gregg Co.: Longview__121,350 119,700 West Virginia-_____ 11,500 13,850
Increase of 9,304 Barrels in Daily Output of Oil in East
Texas Field.
The East Texas oil field continues its rapid drilling Campaign, the past week recording 90 new wells completed, six.
more than in the week preceding and bringing the total to
4,659 according to Houston advices April 4, to the "Wall
Street Journal."
Daily average production last week was 337,05& barrels,
a gain of 9,301 barrels daily over the week previous.
Secretary of Interior Wilbur Opens Public Lands to
Oil Prospectors-Issues Order Calling for Unit
Operation, After Shutdown Since 1929.
Authorization for reopening to oil prospectors the public
lands of the Federal Government under regulations requiring unit operation in the event of discovery of an oil pool
was announced on April 4 by Secretary of the Interior
Wilbur, in making public an order issued to the Commissioner of the General Land Office. A Washington dispatch,
Peru Plans Oil Monopoly-Bill in Congress Would
April 4, from which we quote, likewise said:
Authorize Seizure of Present Companies.
Unit operation is expected to discourage speculation in permits..
Secretary Wilbur's order recalled that no permits to prospect for oil or
The Peruvian Congress is considering a bill to create in
gas have been issued since March 13 tszs. In the resumption of prospectPeru a gasoline monopoly which would be required to build
ing, 80 days will be allowed for reapplication for persons who at that
refineries at Lima, said a cablegram, March 27, from Lima
time had on file applications for permits.
The. Administration's decision to reopen the public lands was based on to the New York "Times" which further said:
several months' experience under the Walsh bill authorizing unit operation
Under the bill companies now operating here would be compelled
to
under Government leases.
surrender their properties and the new corporation would be required
to
Basis of Exploration
sell at a price based upon cost in the United States plus
freight and
"Our experience under it," Secretary Wilbur declared in instructing other charges. Profit would be limited to 10% of the capital of 10,000,000
the general land office to issue permits, "affords a basis for renewed ex- solea plus a bonus for increased sales.
The bill would authorize the President to expropriate oil properties
ploration on the public domain without injuring conservation of our
here and to negotiate purchases abroad on a basis of "buy from
irreplaceable oil and gas resources."
those
The new regulations bind permitees to submit for approval of the Secre- who buy front us."
tary of the Interior within two years front the date of the permit an
The new corporation would be
e allowed to issue bonds up to 20,000,000
acceptable plan for the prospecting and development as a unit of the sales to indemnify the owners of expropriated property and
construct
pool, field' or area affecting the permit land, with evidence either that necessary new plants. The monopoly would be required
to guarantee
such plan has agreed to by the parties in interest and will insure effective to the treasury a daily payment of not less than its present
income from
unit operation if oil or gas is discovered, or that in the failure to so petroleum but ft would be freed of all other taxes and
customs duties.
agree the parties will conform to such plan as the Secretary may
Although the bill was introduced Wednesday it was not published
prescribe.
until today.
"The applicant is to agree that is. the event,
of a discovery he will
promptly apply for leases on the entire permit area,
anti that there will
be no production except under an approved unit or other co-operative Hobbs Townsite Firm Asks Damages Against Midwest
Refining Co.-Alleged Failure to Produce Well
plan. In addition, the applicant M to agree to abide by any State or
Federal laws including State limitations of production."
at Capacity.
In the "Wall Street Journal" Secretary Wilbur is quoted
as saying:
The Hobbs Tewnsite Co. of Denver has filed snit at
Lovington, N. M., against the Midwest Refining Co. (Stand.
APRIL 9 1932.]
2619
FINANCIAL CHRONICLE
ard of Indiana), seeking to collect $556,000 damages for
alleged failure to produce an oil well in the townsite at
capacity and to drill up the acreage on the basis of one
well to each 10 acres. Denver advices to the "Wall Street
Journal", April 5, from which the foregoing is taken add:
F. B. Balzar, Nevada; Arthur Seligman, New Mexico; James Rolph, Jr.,
California; Roland H. Hartley, Washington, and Julius L. Meier, Oregon.
Copies of the petition, drafted by the Arizona Copper Tariff Commission,
were mailed to the various Chief Executives for their approval by Governor Hunt.
The action, which indirectly hits at proration in the Hobbs pool, has been
transferred from the state court to the federal District Court at Santa Fe.
Thirty days were allowed for transcribing the records and 30 days for
pleading.
Subsequently additional Suits of the same natcut were filed by
royalty owners against the Skelly Oil Co., the Amerada Petroleum Corp.,.
the Shell Petroleum Corp. and the Landreth Production Co. More suits
by other royalty owners against other operators in the field are likely.
The issues raised may bring up for legal determination important questions
Affecting other fields in the country where the spacing of wells has followed a practice similar to that at Hobbs.
Wells in Hobbs pool have been produced under a proration agreement
between operators and the State of New Mexico since July 10, 1930, or
practically since the marketing of the output began.
Copper Production Cut-International Nickel Head
Reports 90% of Companies at 20% of Capacity.
The following, from Toronto, is from the "Wall Street
Journttl" of March 30:
Directors were re-elected at the annual meeting of stockholders of the
International Nickel Co. of Canada, Ltd.
R. C. Stanley, President, said that a week ago 90% of the World's copper
producers reduced output to 20% of capacity from 26%%.
Commenting on the distribution of International Nickel stock, the
President said that 43% was held in the United States against 46% a year
ago; 22% in Canada against 21%, while English holdings were unchanged at 32%. Distribution of shareholders was: Canada 44% against
47%, Great Britain 19% against 21%, and the United States 36%
against 31%. These figures showed that 54% of the outstanding stock was
held in the F,mnire by 63% of the tote shareholders.
Russian Soviet Reported Opposing Oil Output CurbWilling to Come in Line with Foreign Groups'
The Non-Ferrous Metals-Copper Reflects Weakness
Plan for Price Stabilization.
in Finance Market.
From the New York "Evening Post" we take the followin security markets and its emphasis
Another
sinking
spell
ing from London, April 5:
The Royal Dutch Co. and other interests are reported as urging the Soviet of disappointment over the general state of spring trade
Government to agree on a measure of stabilization of the oil industry. The (lid the non-ferrous metals market no good in the week just
agreement with the interests owned by the Soviet expired on April 1, since
closing, "Metal and Mineral Markets" states under date of
when Soviet products have been sold at competitive prices.
It is learned that while the Russian companies are prepared to come April 7, adding:
in line upon price fixing, they will not agree to any limitation of the
quantity to be marketed. Sir Henry Deterding of the Royal Dutch Company is the chief negotiator in behalf of the big oil groups.
Uruguay Raises Gasoline Tax.
Associated Press accounts from Montevideo (Uruguay),
March 31 stated:
The National Administrative Council has approved an additional tax
of two centavos a liter on gasoline to increase the public revenue.
Copper sold abroad yesterday on the basis of 6c., c.t/. terms, and the
metal was available here at 5.75c., delivered Connecticut, a decline of Yie.
Tin and silver declined as the result of liquidation by weak holders of
these metals. Lead, however, sold in fair volume at unchanged prices.
with the undertone steady in nearly all directions. Zinc was well maintained on confirmation of reports that production during the current
month will be rechiced by at least one producer. Antimony was dull and
somewhat lower. In quicksilver, competition for business resulted in some
scattered sales at concessions.
The weakness that crept into the copper market was largely in sympathy
with the unfavorable developments in financial markets. Producers appear
satisfied that they are making steady progress in bringing production below
the current rate of consumption. Stocks of refined copper declined by
approximately 3,000 tons during February, and another moderate reduction is expected for March. Actual demand for copper products
registered little or no improvement in the last few weeks, but operators at
this juncture are expecting little aid in reducing holdings from this score.
The uncertainty over what Washington may do in respect to a copper
tariff seems to be the only discordant note in the copper situation.
Newfoundland Plans Oil Import Monopoly.
It was announced March 24, by the Department of Commerce at Washington that a mettsure has been introduced
Into the Newfoundland Assembly providing for a petroleum
monopoly, according to a report to the Department from
Assistant Trade Commissioner Herbert W. Barrett, Ottawa. Slab Zinc Output and Shipments Slightly Higher in
The Department says:
March.
This legislation proposes to make it unlawful for any interest other
Accord to the American Zinc Institute, Inc., slab zinc
than the Petroleum Products Board to import petroleum products,
except under license, and license holders would be required to pay a output increased from 21,516 short tons in February 1932 to
royalty of a sum which when added to the landed cost per gallon will amount 22,493 tons in March. Shipments during the latter period
to the wholesale price as determined by the Governor in Council.
amounted to 22,576 tons of slab zinc as compared with
21,896 tons in the preceding month and 35,224 tons in
Humble Oil & Refining Co. Posts 83 Cents Crude Rate. March 1931. Inventories at March 31 1932 totaled 129,451
The following is from the New York "Evening Post" of tons as against 129,534 tons a month previous and 141,493
April 8:
tons a year ago. The Institute's statement follows:
Doubt whether conditions in the East Texas field warranted the recent
increase of 15 cents a barrel to 98 cents arose to-day following announcement
by the Humble 011 & Refining Co. of a flat rate of 83 cents for the field.
In other sections, however, the recent strength in prices spread. An
increase of 15 cents for crude oil and an upward revision in gasoline prices
were announced for Louisiana and Arkansas.
The Magnolia Petroleum Co.. a subsidiary of the Standard Oil Co.
of New York, posted the increased schedule which brought the highest
price for oil of40 degrees gravity to $1 a barrel. The rise was accompanied
by an advance of X cent a gallon for gasoline at wholesale in the MidContinent, fixing the new price at 4% cents.
Copper Price Changed to 5% Cents,
Equaling Record Low.
/0.
Custom smelter agencies are wilting to sell copper at 51
delivered, equaling the record low made in December 1931,
and 3Ytc. a pound below any price at which copper sold
prior to 1931. The price was 9c. in 1894, says the "Wall
Street Journal" of last night (April 8), adding:
Producers are out of the market and only limited tonnages are available
at 514c. delivered.
Electrolytic copper for domestic shipment is 5 1c. delivered to the end
of July. European destinations are unchanged at Sc. c.i.f. Hamburg.
Havre and London on special offerings. The official price of Copper
Exporters, Inc., remains unchanged at SY.i.c.
Governors of 12 States Urge President Hoover to
Propose Legislation for Tariff on Foreign Copper.
According to Associated Press advices from Phoenix
(Ariz.), April 5, Governors of 12 States Joined that day in
urging President Hoover to advocate immediate legislation
for a tariff on foreign copper. The dispatches said:
The Executives charged the domestic industry Is in "extreme distress
as a result of stagnating effects of cheap labor metal brought in from
Africa and South America."
Those signing the petition were George W. P. Hunt, Arizona; George H.
Dora, Utah; Henry H. Horton, Tennessee ; Wilbur M. Brucker, Michigan;
C. Ben Ross, Idatio; A. M. Clark, Wyoming; J. E. Erickson, Montana;
SLAB ZINC STATISTICS (ALL GRADES), 1930; 1931 AND 1932
(Tons of 2,000 Ebs.)
Produced
During
Month.
Shipped
During
Month.
52,010
44,628
48,119
44,435
44.556
43,458
40,023
41,012
40,470
40,922
32.097
32,733
40.704
41,298
41.820
40,597
38,681
36,448
3,5,389
31,901
32,470
32,430
30,285
34,25.4
Total for year 504.453
Monthly aver
42,039
436,275
36,356
Month.
1930.
January
February
March
April
May
June
July
August
September
October
November
December
1931.
January
February
March
April
May
June
July
August
September
October
November
December
32,522
29,562
32,328
29,137
25.688
23,483
21,365
21,467
21,327
21,548
20,548
21.868
31,064
30,249
35,224
27,418
25,851
27,604
28,460
23,599
20,860
21,181
19.963
23,041
Total for year 300,738
Monthly aver
25,062
314,514
26,210
pRetorts Unfille,
Stock at :Ain- Operarg, Orders. Daily
End of pertfor End of End of Aver.
11fonth. Ezport. Month. Month. Plea.
86,736
90,068
96,367
100,205
106,080
113,090
117,724
126,835
134,835
143,327
145,139
143,618
145,076
144,389
141,493
14.3,212
143,049
138.928
/31,833
/29,701
130,168
130,536,
131.015
129,842
20
6
17
26
31
37
31
17
11
0
0
0
59,457
57,929
51.300
50,038
52,072
52,428
46,030
48,004
42,574
38,604
35,092
31.240
39,017
32,962
29,330
29,203
30,515
28.979
34,135
28.972
27,108
29,510
24,481
26.651
1.678
1,594
1,662
1.48.1
1,437
1,449
1.291
1,323
1,349
1,32/
1.057
1,054
126
16
47,064
30.072
1,355
1
0
0
0
20
0
20
0
0
0
0
0
33,235
33,118
31,821
26,672
20,624
19,022
19,266
19,305
20,417
21,374
19,428
19,875
30.251
33,453
31,218
36,150
31,146
33,086
24.815
20,503
15,388
18,365
21,35.5
18,273
1.049
1,056
1,043
971
829
783
689
692
708
695
681
705
41
3
23,680 26.168
822
/932.
22,518
January
22,444 129.914
31 22,044 24,232
723
February
21,516
21,896 129,506
0 21.752 23,1t6
742
a Export shipments are included In total shipments.
Average Retorts During hfonth1932.
1931.
January
21,001
32.=
February
34,423
30,629
March
21,078
30,647
Nete.-Flgures for retorts operating have been revised In accordance with corrected data supplied by producers. These figures relate to horizontal retorts only.
The total production of zinc as reported Includes also the metal produced by con
tinuonsly operating vertical retorts and by the electrolytic method.
2620
FINANCIAL CHRONICLE
Steel Cartel Ends; Belgium Blamed-Demand for Larger
Quota Is Reported to Have Caused Powers to Drop
Union-New Agreement Sought.
A cablegram as follows from Paris April 1 is taken from
the New York "Times":
A great international industrial combination ceased to exist to-day when
the countries belonging to the European Steel Cartel allowed the day to go
by without renewing their agreement.
No official notice is being taken of the demise, however,for it is still hoped
that a new accord may be patched up and negotiations are continuing to
that end.
The Steel Cartel was created in 1926 by France, Germany, Belgium and
Luxemburg. It represented 29% of the world's production of steel, and its
members, taking the 1925 production and exports as a basis, worked out
quotas which, with changes,reductions and renewals,lasted until yesterday.
The pathway of the cartel was relatively smooth for the first three years,
despite complaints by Belgium and Germany that their quotas were too
small, but when the world economic depression started in 1929, troubles began, for competition was intensified and markets were restricted.
France, for instance, which did not even fill its export quota at first.
found its allotment too small later.
Things gradually went from bad to worse, until the cartel completely lost
Its ability to affect the price of steel in European markets, and, though
theoretically remaining in force, the agreement really meant little. Nevertheless, the critical state of the steel market led the members to make every
effort to revive the accord. Last year was an extremely bad one for steel
producers, being made worse for Europeans by the ability of Great Britain
and Sweden to sell cheaper after abandoning the gold standard.
The last important effort to get together occurred here In January, when
negotiations were under way to form a new international sales organization.
but nothing came of that conference, and since then efforts have continued
to be in vain.
It is generally charged that the Belgians are to blame for the inability to
reach an agreement. Belgium wants a larger quota than originally was
allotted to her.
Steel circles here hold out little hope for the present, foreseeing lengthy
negotiations at best.
(Von. 184.
General Post Office, which calls for 5,000 tons of steel, and the other a
building for the Insurance Co. of North America, requiring 4,800 tons.
The "Iron Age" compilation of structural steel awards for March Is 66,100
tons, against 40,550 tons in February and 40.100 tons in January.
Notwithstanding that the higher steel prices for second quarter are
firm, not many buYers took advantage of the opportunity to specify against
lower-priced first quarter contracts at the end of March. The aggregate
ofsuch specifications are surprisingly small, most buyers preferring to await
developments. A concession of $2 a ton has been granted at Cleveland
on bars used by drop forgers making automobile parts.
Pig iron has declined 50c. a ton at Chicago, bringing the "Iron Age"
composite down to 214.35 a gross ton from $14.43 last week. Finished steel
is unchanged at 2.087c. a lb. and steel scrap remains at $8.21 a ton. A
comparative table follows:
Htoh.
Low.
$14.81 Jan. 8
$14.35 Apr. 6
15.90 Jan. 6
15.79 Dee. 16
18.21 Jan. 7
15.90 Deo, 16
18.71 May 14
18.21 Dec. 17
18.59 Nov.27
17.04 July 24
19.71 Jan. 4
17.54 Nov. 1
21.54 Jan. 5
19.46 July 13
22.50 Jan, 13
18.96 July 7
Steel Scrap.
April, 5 1932, 58.21 a Gross Ton.
Based on heavy melting steel quo..
One week ago
$8.21 Lotions at Pittsburgh, Philadelphia
One month ago
8.25 and Chicago.
One year ago
11.08
High.
Lots
1932
313
11..3
39
3 j
Ja
n 18
an
2
19310
15.00 Feb. 18
92
DMecar: 229
5
188
1.:2239
5
1 Dec.
1929
17.58 Jas. 29
14.08 Dee. 3
16.50 Dee. 31
13.08 July 2
15.25 Jan. 11
22
14
3:0008
19211992262
7
217.25 an. 6
June
1925
0.83 Jan. 13
15.08 May 2
1932
1931
1930
1929
1928
1927
1926
1925
Steel Operations Unchanged-Pig Iron Output at
Lowest Point Since August 1921-Further Decline
Recorded in Price of Latter.
Steel ingot production is barely holding at 22%, which
was last week's rate, reports the "Iron Age" of April 7.
A slight gain has occurred at Cleveland, but the Pittsburgh
rate has declined to 20%, with Chicago only a little above
"Steel" of Cleveland, in its weekly summary of the iron
that.
Pig iron production in March fell to the lowest point and steel markets on April 4 stated:
pall of uncertainty overhanging the ste31 industry for months appears
since August, 1921, the daily rate of 31,201 gross tons having to Ahave
been lifted,
least partially, with the retail automobile sales drive
been only a little above the minimum of the 1921 depression, now being made by at
Ford, General Motors and Chrysler, on which the inwhich was 27,889 tons daily in July of that year. Last dustry's attention is focused. Steel-makers enter the second quarter in a
moderately cheerful frame of mind, convinced some improvement is immonth's loss, on a daily basis, was more than 6% from pending.
A number
factors are tending to stimulate automobile sales.
February. The February gain was not only erased, but the not the least of which of
is the prospective excise tax.
Early
this week, on receipts of definite sales reports from "key" cities,
March rate went 424 tons below that of last December,
will shape up a production program, which will be synchronized with
the previous low month of this depression period. The Ford
actual demand. Material requirements at the outset probably will be con"Age"further goes on to say:
servative, but even so represent some gain. on hand and partly fabricated
The loss in steel-making iron during March was almost 8%, thereby
confirming the apparent downward trend in steel ingot production. Merchant pig iron fell off only slightly-94 tons a day against 1906 tons a day
for steel-making iron. There was a net loss offour furnaces during the month
60 having been in service on April 1 against 64 on March 1. The Steel
Corp. bad a net loss of three furnaces, but independent companies gained
two, while merchant interests had a net loss of three. In the nadir of the
1921 depression 69 furnaces were in operation, but the rate pl.r furnace
then was about 408 tons against 485 tons on April 1 and 514 tons on March 1.
The March total production of coke pig iron was 967,235 gross tons,
only slightly above the 964,280 tons of February, although last month
had two more working days. In March, 1931, output was 2,032,248
tons. The total for the first quarter of this year was 2,904,299 tons, or
almost 47% below the 5.453,135 tons produced during the corresponding
Peziod of 1931.
Although conditions still seem to favor some rise in steel production this
month, the orders that are being depended upon to bring about such improvement have been delayed. This la particularly true of automobile
and railroad tonnage. Pig iron releases for the automobile industry have
gained at Cleveland and Detroit. and the Fisher Body plant at Cleveland.
after a shutdown of several days, has resumed production with the largest
schedule in several weeks. Otherwise, there is no significant change in
the automobile situation.
The chief difficulty in the Ford program Is the stepping up of production
of the 8-cylinder motor, output of which is running only 250 a day, while
stocks of parts have been built up considerably in excess of the number of
motors available for assembly. It now seems unlikely that volume production can be attained before May 1, in which case sizeable steel releases will
not be given out until after April 15.
The intense public Interest that has been aroused by the automobile
industry's spring sales drives may indicate a belated rise in automobile
Production. More than 5,600,000 persons visted Ford showrooms on the
first day of the public showing of the new cars. wille in the first two days
of the General Motors exhibits in 55 cities upwards of 1,250,000 visitors
were registered. In several cities the attendance ran ahead of that at the
regular automobile shows earlier in the Year.
Payrolls at the Rouge plant and branch assembly plants of the Ford
company now total about 100,000 men. First deliveries of the new cars
will be made in about two weeks. Orders are on hand for more than 200.000
mostly the 8-cylinder type.
Railroad buying is also dilatory. The New York Central. for example,
has 'issued a release of only 2,000 tons of rails against its 1931 contract
and has not signed a new contract for 30,000 tons, as was expected. Purchases may be confined to small lots from time to time. This road and
many others have unused rails lying along rights of way that will be laid
before important new orders are placed. The only railroad equipment
Inquiry is one for 100 steel underframes for the Pacific Fruit Express.
Building construction, which also has been backward, shows signs of
Improvement. Lettings of structural steel in the week have totaled 17.000
tons, and new work that has come into the market calls for 17,200 tons.
Two of the largest new projects are in New York, one an extension of the
are sufficient materials for 50,000 bodies, a carryover from last December
When the decision to concentrate on the eight instead of a four was made.
At the moment, Ford is releasing a moderate volume of parts business.
When Ford buys steel, the orders will be distributed widely.
Steelworks operations show considerable resistance to breaking through
23% at which rate they have held for two consecutive weeks. April
begins with operations 2 points below the level at the opening of March,
but from present schedules it appears this week will register a alight gain,
and prospects for immovement are considered much better. For the first
quarter, operations averaged 25.6%, compared with 27% in the fourth
quarter. and 46% in the first quarter, last year.
Although there were two more operating days in March than in February
pig iron production last month, 958,480 gross tons, was 2,070 tons, or
0.2% below that of February. Daily average output dropped 6.6%.
from 33,122 tons in February to 30,919 tons in March. Both in total and
daily average, March production was the lowest of any month since August,
1931. Output for the three months this year. 2,890,467 tons, represents a
loss of 48% compared with the first quarter of 1931. Four fewer furnaces
were active March 31 than Fe. 29, bringing the number operating to 60.
British and Dutch pig iron is becoming a more formidable rector in eastern
markets, with 15,000 tons entering at Philadelphia. Germans have booked
8,000 tons of steel for American importers, and 300,000 tom for Russia.
It appears American mills will not participate in the 150,000 tons for the
Trek pipe line, the distribution going to French, German and British producers. The Texas Co. is in the market for 75.000 boxes of tin plate for
export.
Structural steel projects are more impressive in prospect than in actual
awards, which for the week amounted to 9.395 tons, compared with 17,000
tons In the week preceding. Four pending projects will require 16.000 tons.
Bids are to be called fcr this summer on 60.000 to 70,000 tons of plates
for a tunnel at Hoover dam, Boulder City, Nev. In line pipe practically
the only new project of consequence Is that for the Southern Counties
Gas Co.. Los Angeles, bids being taken for 8,000 tons. New Haven has
placed 10,000 tons of rails.
Producers of heavy finished steel are making a determined effort to
obtain the new prices for the second quarter. On flat-rolled products these
efforts may be less successful. but producers believe
eve they will at least have
the effect of preventing concessions. One large buyer of steel has covered,
on the theory that price will go no lower.
"Steel's" iron and steel composite Is unchanged this week at $29.81;
the finished steel composite remains $47.62, but the steelworks scrap composite is down 6 cents to $7.87.
Steel ingot production in the week ended Monday (April 4)
is placed at about 223'% of capacity, according to the "Wall
Street Journal" of April 5. This compares with a shade under
24% in the previous week and a little below 25% two weeks
ago. The "Journal" further reports as follows:
U. S. Steel is credited with a rate of between 23ti% and 24%, against
around 25% in the preceding week and 26% a fortnight ago. Independents
APRIL 9 1932.]
FINANCIAL CHRONICLE
are at approximately 21;4%. compared with 223i% in the preceding
week and 24% two weeks ago.
A year ago at this time the trend also was downward. In the comparable
week of 1931 the average dropped about 3% to 52%, with U. S. Steel
showing a decline of 2 % from the previous week's peak to 54%, with
independents a drop of more than 3% to 51%.
In the 1930 week there was a decline 01 2% in the output of the industry
to 72%. U. S Steel showed a drop of 4% to 79%. while independents
actually recorded an increase of 1% to 70%•
For the like week of 1929 there were small increases ranging from fractions to 1%,the industry being at between 95% and 96%, U. S. Steel at
98% and independents around 94%. Gains of 1% also were shown in the
corresponding week of 1928 with the average at 85% to 86%. U. S. Steel
at 91% and the independents about 81%.
Steel Ingot Output Shows Decrease.
The American Iron & Steel Institute in its latest monthly
report places steel ingot output by all companies in March at
1,410,830 tons, being a decrease of 48,717 tons as compared
with February, when the output was 1,459,547 tons. In
addition there were 27 working days in March, while in
February there were but 25. As a consequence daily output averaged only 52,253 tons in March as against 58,382
tons in February. In March 1931 there were produced
2,993,590 tons, which was approximately 115,138 tons per
day for the 26 working days. Below we show the monthly
figures as given out by the Institute since January 1931:
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1931 TO
MARCH 1932-GROSS TONS.
Reported by companies which made 95.21% of the open-hearth and Bessemer steel
Ingot production in 1930.
Months.
1931.
Jan
Feb
March
OpenHearth.
Monthly
Calculated No.of
Output
Monthly WorkBessemer. Companies Output All tog
Reporting. Companies. Days.
298,620
296,974
346,137
2.340,918
2,382.503
2,850,197
3 mos....
6,633.887
939.731
ApriL
May
June
July
August....
Sept
Oct
Nov
Dee
2.275.404
2.083.833
1.730.109
1,570.776
1.462.720
1.274.321
1,320,158
1.276.908
1,069,468
318.668
801,639
246,365
225,030
174.380
199,151
195.943
240,441
170,546
Total
2,458,689
2.502.366
2,993,590
27
24
26
91,063
104.265
115,138
42.86
49.08
54.20
7,573,618
7,954.645
77
103,307
48.63
2,592.072
2,385.472
1.976.474
1,795,806
1,637.100
1,473.472
1,516,101
1,517,347
1,240,014
2.722.479
2,505,485
2,075.910
1,886,153
1,719.462
1.547.602
1.592,376
1.593,684
1,302,399
t.) Ia Ia Ia pa b2 pa
.0t.40>C0C0010aC0
2,044.298
2.085.529
2.504.060
Approx. Per
Daily
Cent.
Output OperaAll Cos. tion.a
104,711
98.365
79,843
72,544
66.133
59.523
58.977
83.747
50,092
49.29
4536
37.58
34.15
31.13
28.02
27.78
30.01
23.58
20,697.582 3,009,894 23,707,476 24,900,195 311
80,065
37.69
1932.
Jan
Feb
March......
1.230,661
1,232.568
1,149.307
3 mos
3.612_536
160,633
157,067
193.944
1,391,294
1,389.635
1,343,251
1.461,290
1,459,547
1,410,830
26
25
27
56,203
58.382
52,253
26.54
27.57
24.68
511.644
4.124.180
4.331.667
78
55.534
26.22
a The figures of "Per cent of operation" are based on the annual cap= ty as of
Dec. 31 1930 of 68.069.570 gross tons for Bessemer and open-hearth steel Ingots.
Pig Iron Output Declined in March.
Production of coke pig iron in March totaled 967,235
gross tons, compared with a February total of 964,280 tons,
according to returns gathered by telegraph and telephone
by the "Iron Age." The March daily rate, at 31,201 tons,
showed a loss of 6% from the February figure of 33,251
tons. Total output for the first quarter of this year was
2,904,209 tons, compared with 5,453,135 tons in the corresponding period last year. The "Age" adds:
Furnaces in operation on April 1 totaled 60, making iron
at the rate of
29,135 tons daily, against 64 on March 1, with a daily operating rate
of
32,880 tons.
Seven furnaces were blown in during the month and
11 furnaces were
blown out or banked.
Four furnaces have been abandoned by the Bethlehem Steel Co.:
Furnace 0 at its Lackawanna plant; Cambria D furnace at Johnstown,
Pa..
and two Worth furnaces, A and 0, at Coatesville, Pa. This leaves
the
total number of available furnaces in the country at 286.
The Steel Corporation started up a Farrell furnace in the Shenango
Valley. Among the furnaces it took off was a Joliet furnace, of Illinois
Steel, one Carrie, of the Carnegie company, one National Tube furnace
and its last in the Ensley group of the Tennessee company. Pittsburgh
Steel Co. and the Hamilton Coke & Iron Co. each put on a furnace. The
Republic Steel Corp., Bethlehem Steel Co., Wheeling Steel Corp. and the
Woodward Iron Co. each blew one in and took one off. Youngstown Sheet
& Tube Co., Shenango Furnace Co., Chateaugay Ore & Iron Co. each blew
out or banked one.
PRODUCTION OF COKE PIG IRON AND OF FERROMANGANESE.
(Gross Tons.)
Pig Iron.'
1931.
January
February
March
April
May
June
Half year
July
August
September
October
November
December
1,714.266
1,706.621
2.032,248
2,019,529
1,994.082
1,638,627
11.105,373
1.463,220
1,280.526
1,168.915
1,173.283
1,103.472
980,376
Ferromanganese.y
1932.
1931.
972.784
964,280
967.235
14,251
19.480
27.899
25,450
23,959
11,243
1932. •
11.250
4,010
4,90
122.288
17,776
12.482
14,393
14.739
14,705
15.732
Year
18.275.165
212.115
z These totals do not include charcoal pig Iron. The 1930 production of thle
Iron was 96,580 gross tons. y Included in pig iron figures.
2621
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS-GROSS TONS:
Steel
MetWorks. chants.* Total.
MetSteel
Works. chants.* Total.
1930-January _ 71,447 19,762 91,209 1931-March...... 54,975 11,481 65,558
February 81,850 19,810 101,390
April__ 53,878 13,439 67.317
March__- 83,900 20,815 104,715
May____ 51,113 13,212 64.325
A pill_
85,489 20,573 106,062
June__ 43,412 11,209 54,621
May.._._ 84,310 19,973 104,283
July
35,189 12.012 47,201
June___ - 77.883 19,921 97,804
August
31,739 9,569 41,308
July
66,949 18,197 85,146
Septemb'r 29,979 8,985 38.964
August
64.857 16,560 81,417
October
30,797 7,051 37,848
Septemb'r 63,342 13,548 75,890
Novemb'r 31,024 5,758 36,782
October
57,788 12,043 69,831
December 24,847 6,778 31.625
Novemb'r 49,730 12.507 62,237 1932-January _ 25,124 6,256 31,380
December 40,952 11,780 53,732
February 25,000 7.251 33,251
1931-January _ 45,883 9,416 55,299
March
24,044 7,157 31.201
February 49,618 11.332 60.950
•Includes pig iron made for the market by
steel companies.
DAILY AVERAGE PRODUCTION OF COKE
PIG IRON IN THE UNITED
STATES BY MONTHS SINCE JAN. 1 1927
-GROSS TONS.
January
February
March
April
May
June
First six months.._
July
August
September
October
November
December
12 months'average
1927.
1928.
1929.
1930,
1931.
1932.
100,123
10.5.024
112,366
114,074
109.385
102.988
107.351
95.199
95,073
92,498
89,810
88.279
86.960
99.266
92.573
100.004
103.215
106.183
105.931
II 2,733
101.763
99,091
101.180
102.077
108.832
110.084
108.705
103,382
111,044
114,507
119,822
122,087
125,745
123.908
119.564
122.100
121,151
116,585
115.745
106.047
91.513
115.851
91,209
101.390
104,715
106,062
104,283
97.804
100.891
85,146
81.417
75.890
69.831
62.237
53.732
86.025
55,299
60.950
65,556
67.317
64.325
54.621
61.356
47.201
41.308
38,964
37,848
36,782
31,625
50 one
31.380
33,251
31.201
All Miners Not Under Contract in Ohio and West Virginia Panhandle Involved in Strike Effective
April 1 as Plan of Joint Meeting with Owners Fails
-Five Ohio Coal Mines Close Till Strike Ends.
A strike of all coal miners not under contract in Ohio
and the West Virginia panhandle, effective Apr. 1, was
called by representatives of the United Mine Workers of
America says the "Ohio State Journal" of March 31..which
adds:
Lee Hall, President of District 6, United Mine Workers, said
the call
would be answered by approximately 25,000 miners, including 12,000
already
idle as a result of a wage dispute.
Of the 25,000 men, union officials said 3,500 were in the West Virginia
panhandle. They estimated that an additional 10,000 miners in both
the
panhandle and Ohio had drifted away from the union during recent years.
The union chiefs announced their decision after the mine owners in the
district had ignored an invitation to attend a joint conference here
March 30. The joint conference was called last week, by Hall, with a
view to settling the present strike which had its inception in the Hocking
Valley field where the operators put into effect a reduced wage scale of
$3 a day for laborers and 38 cents a ton for loaders.
The Hocking Valley miners walked out Feb. 1 and diggers in other
parts of the State declared sympathy strikes. A joint statement issued
by the signers of the new strike follows:
"We, the representatives of the miners of Ohio and the Panhandle
section of West Virginia, have been petitioned that a request
be made
at all mines to cease work on April 1, 1932, in the above districts
and
remain idle until a contract be made to govern wages and
working conditions with the United Mine Workers of America.
"We ask that all miners not under contract cease work in
compliance with the petition above mentioned and remain idle until
further
orders.
Adopted by the international and district officers and the
members of the scale committees of the United Mine Workers of America of District 6."
The union leaders waited patiently for more than 80 minutes after
the time for the joint conference to start, but no operators or their
representatives appeared.
The following from Columbus (Ohio) March 25 Is from
the New York "Evening Post":
The Ohio mines of the Sunday Creek Coal Company will be abandoned
for the duration of the Hocking Valley strike involving 7,000 men.
Charging the State failed to provide protection following recent disorders, George K. Smith, President of the company, announced that no
further attempts would be made to reopen the mines until the strike
ended. He said the situation was beyond the control of civil authorities
and it would be "sheer folly to further risk the lives and property" by
attempting to operate the company's five mines, which normally employ
more than 1,000 miners.
Mr. Smith added that other operators in the district probably would
adopt a similar attitude. He critized the State for not sending troops
into the district.
Simultaneous with the Sunday Creek announcement word came from
Bellaire last night that bituminous miners of Eastern Ohio and West
Virginia would seek a nationwide coal strike unless their wage demand,
were met by April .
At a mass meeting the miners voted to invite operators of the Cambridge
and Hocking Valley fields to meet with their leaders for discussion of
a
new wage scale.
Unless an agreement is reached, a strike will be called in Ohio
and
West Virginia and national officers of the United Mine Workers
will be
asked to call a general strike. Lee Hall, President of the
Ohio district
unions, presided at the meeting.
The Hocking Valley strike started Feb. 1 when
operators announced
a reduced wage scale of $3 a day for laborers and
38 cents a ton for
loaders. Spasmodic disorders followed the walk-out
and Governor White
threatened the district with martial law last Sunday
when a spur bridge
was dynamited and several mine officials were
stoned.
Associated Press advices from St. Clairsville,
Ohio, yesterday (April 1) said:
Reports to coal company officials here to
-day said practically all bituminous coal mines in the eastern Ohio,
Cambridge and West Virginia Panhandle fields were operating, in spite of
the general strike call issued by
the United Mine Workers.
2622
FINANCIAL CHRONICLE
•
Two mines, said to have been closed down when the miners went out to
celebrate the anniversary of the eight-hour day, will resume to-morrow,
company officials said.
Both operators and union officials agreed that full effect of the strike
call would not be known until to-morrow.
[Vol.. 134.
permit competition with the Kentucky and West Virginia fields, either
working on a non-union basis or under a lower union contract.
While the mine tie-up in the Illinois and Indiana coal fields
was complete April 1 negotiations for a settlement of the
wage dispute continued in Illinois says the Chicago "Journal
Operators Act to Cut Wages of Illinois Coal Mine of Commerce" of April 2, which adds:
There appeared, however, to be no deliberations between the Indiana
Workers 50%-50,000 Miners Strike as Contract producers and the union representatives of that State.
It was learned that Indiana is prepared to post a new scale at the pit
Expires.
heads of the shaft operations within a few days calling for a base rate of
A wage scale representing approximately a 50% reduction pay
at the bottoms of $4 a day. $3.50 a day at the top and 60 cents a ton
was offered to union representatives by the Illinois coal as the pick mining rate. This will represens a reduction of approximately
from the old scale,
33%
producers in the joint subcommittee wage conference of
producers and miners on March 22 according to the Chicago
"Journal of Commerce" of March 23. The subcommittee Coal Miners' Strike in Pennsylvania Ended Abruptly—
Insurgents Ordered Back to Work April 2.
which was formed on March 15 consists of W. J. Jenkins,
St. Louis; D. D. Buchanan, M. P. Peltier, G. H. Hamilton
Wilkes-Barre, Pa. advices, dated March 31, to the New
and F. H. Woods, all of Chicago; Paul Weir, Centralia; York "Times" of April 1 stated that the strike called by
F. S. Pfahler, Gillespie; and W. F. Davis and C. J. Sandoe insurgent miners three weeks ago ended abruptly March 31
of St. Louis, who represent the operators. J. D. Zook, when the insurgents' committee adopted a resolution orderPresident of the operators' association, was made an ex- ing the miners back to their posts April 2. There will be
officio member.
no work in any colliery April 1. The advices add:
The miners representatives are: John H. Miller, SpringThe collapse of the movement began March 29, when most of the
field; Fox Hughes, Herrin; Walter Nesbit, Belleville; John miners who had walked out in sympathy, or who had been intimidated,
from the ranks and resumed work.
Sampson, Hillsboro; Jack Reid, Springfield; Wilbur H. broke
The insurgents voted to call a meeting of miners from idle collieries
Leitch, Harrisburg; John Moulin Zeizler; William J. next week, when a new program will be mapped out.
District and company officials had assured the strllcers that while they
O'Brien, Peru, and John Taylor, West Frankfort. The
were doing everything to provide employment it was impossible at this
paper quoted adds:
time to re-open old workings.
The offer is the first announcement the producers have made of their
views on a new wage contract to take the plaee of the one expiring March
31. The unions are demanding an increase of about 50%.
In Effect in West Virginia.
Producers offer the union wage scale now in effect in Northern West
Virginia as a substitute for the existing agreement. About a year ago the
United Mine workers of America signed a wage contract with several of
the producers in Northern West Virginia, where non-union production
largely prevails.
Some time afterward the union modified the scale to meet competitive
conditions. A reduction of approximately 20% was voluntarily taken.
The Illinois coal producers' proposal is on the basis of the contract as it
stands to-day with the reduction.
From the Chicago "Journal of Commerce" of March 24
we take the following:
Union representatives of the Illinois miners had little to say March 23
on the proposal by the producers in the joint sub-committee wage negotiations on the substitution of the present scale in the state for the union
agreement now in effect in the northern West Virginia fields. A joint conference will be held to-day for a second discussion of the problem.
The producers made it plain that the offer of the northern West Virginia union agreement was not an arbitrary demand.
It was explained that the proposed scale, which is approximately 50%
less than the mine owners in Illinois are now paying, is more in the
nature of a yardstick on which to begin the actual negotiations for a
new contract to take the place of the one expiring March 31.
In its issue of March 25 the Chicago "Journal of Commerce" states that "the joint wage conference of Illinois
coal producers and miners had a second proposal before it
from the mine owners March 24. It followed refusal of the
union representatives to consider the offer by the producers
to substitute for the present agreement on wages the one
now in effect in northern West Virginia. The paper quoted
adds:
The new proposal offers the United Mine Workers of America in Illinois
a scale that is approximately 10% higher than the average wage paid
In all the competing fields, not including Indiana, which state is negotiating its own agreement.
The offer by the Illinois mine owners was given to another sub-committee
of the producers and union representatives when the full conference adjourned. The sub-committee has the problem of calculating the average
wage scales paid in the competitive districts, both union and non-union,
located east of the Indiana-Ohio state line and south of the Ohio River.
Although exact figures are not available, it is believed that such a
basis would result in a basic wage scale in Illinois of between $3.90 and
$4 a day, as contrasted to the present rate of $6.10 a day.
The new sub-committee, composed of W. J. Jenkins, St. Louis, Mo.,
and O. W. Buchanan, Chicago, for the producers; and John H. Walker,
President of the state miners' union and John Moulin, Zeigler, Ill., for
the miners, has full power to act. The committee was named with the
understanding that it would report back to the joint conference as promptly
as possible.
New Contract Expected.
Well informed observers feel that the action may finally result in a new
contract being made which will permit the Illinois coal industry to survive.
The agreement may not be reached by the end of the month, when the
Present contract expires, but it is thought that it will follow soon after.
While this means that a suspension of mining will take place April 1,
the shutdowns will probably not disturb Illinois coal consumers to any
great extent.
Thomas -Maloney, the insurgent leader, advised the general body to
take the action it did. He told the men their cause was hopeless in view
of the defection of many of the strikers. His own local union voted
this morning to return to work.
United Press advices from Wilkes Barre, Pa., March 12
to the "Wall Street Journal" stated that "a call for miners
in District No. 1, United Mine Workers of America, to go
on strike March 14, was issued by Thomas Maloney, insurgent leader. The advices added:
44 locals of the 120 in the district met and adopted a program of five
demands to the operators of the Glen Alden, the Pittston, the Lehigh
Valley, the Hudson and the Temple anthracite coal companies and several
independent operators.
The demands were:
1. Reopening of abandoned collieries and equalization of work.
2. Fulliillment of the five-year agreement by coal companies and discontinuance of wage slashing.
3. Restoration of wage scale where cuts have been made.
4. Abolition of the contract system -of mining.
5. A general strike for Monday, March 14, for the district, unless demands are met immediately.
The strike call is not sanctioned by the United Mine Workers of America.
According to Associated Press advices from Wilkes Barre,
Pa., March 14 "25,000 mine workers in Luzerne and Lackawanna Counties on that day ignored the general strike call
issued last week by anti-administration members of District
No. 1, 'United Mine Workers of America." Continuing the
advices said:
Less than 7,000 men who could have worked were idle, either as a
result of successful picketing by strike agitators or of their own volition.
The idle operators comprised four in Lucerne county and two in the
Scranton area, in addition to two mines in the Pittston field, which worked
with curtailed forces.
The following advioes from Wilkes Barre, Pa., March 15
are from the "Philadelphia Record" of March 16:
5,000 anthracite miners in Lucerne and Lackawanna counties March 16
joined the unauthorized strike led by insurgents, more than doubling the
number in the walkout.
The spread of the strike to Northumberland county looms with a meeting at Mahoney Plane of 42 of that district's 60 unions, called by John
Dusick, insurgent leader.
Union officials continued to minimize the results of the strike call.
Operators admitted growth of the strike, but declared sufficient forces
remained at work In the collieries to maintain a supply of coal sufficient
to meet consumers' demands.
Union leaders and coal operators claimed that the insurgent strike of anthracite miners in District No. 1, United
Mine Workers, virtually had collapsed said United Press
advices to the "Wall Street Journal" March 17:
The South Wilkes-Barre colliery of the Glen Alden Coal
Co., which had been idle two days, resumed operations.
"The number of men who heeded the strike call of the
insurgent leaders in Districts 1 and 9 of the United Mine
Workers of America was set on March 17" said Scranton
advices to the "Philadelphia Record," by union and comChicago advices, March 31, to the New York "Times" pany officials at 12,000. Leaders of the strike said 50,000
was closer to the correct number. Further revealing the
said:
About 150 mines of the Illinois Coal Operators Association, employ- advices said:
ing close to 50,000 men, suspended work at midnight with the miring
of the contract between the operators and District 12 of the United Mine
Workers of America.
The shutdown is not to be construed as a lockout or a strike, the
oi;erators asserted. They said the old contract was "written during a
time of inflation and high living costa and proved to be both inflexible
and mon•competitive."
The miners, sticking to resolutions passed at Springfield, insisted on an
Increase in the present scale. The operators demanded a reduction to
Michael Hartneady, acting chairman of the union's tri-district board,
issued a statement characterizing the insurgents as enemies of the miners
and appealed to the union members not to join the strike. He declared
the union was doing "everything in its power" to bring about equalization
of work, the chief demand of the insurgents.
The Philadelphia k Reading Coal & Iron Company announced that all
its collieries which had been scheduled to work March 18 were in production. The Maple Hill, Allan (low and the Kelley Run collieries were
closed.
APRIL 91932.]
FINANCIAL CHRONICLE
Associated Press advices from Scranton, Pa., on March 27
to the "Philadelphia Record" said:
The insurgent strike agitation in District No. 1, United
Mine Workers of America, appeared nearing the end as
additional local unions, made idle for brief periods by
persuasion of pickets, voted to return to their posts after
the Easter holiday.
Following custom, there will be no work at any of the
mines in the anthracite region Easter Monday, March 28,
but it Is expected that additional men will report for duty in
the strike region on March 29.
Weekly Bituminous Coal and Anthracite Output
Declines.
Ateording to the United States Bureau of Mines, Department .of Commerce, production -during the week ended
March 26 1932 amounted to 7,260,000 net tons of bituminous
coal and 1,060,000 tons of Pennsylvania anthracite, as compared with 7,509,000 tons of bituminous coal and 1,076,000
tans of anthracite during the corresponding period last year
and 7,738,000 tons of bituminous coal and 1,260,000 tons
of anthracite during the week ended March 19 1932.
During the coal year to March 26 1932 it is estimated
that a total of 357,839,000 net tons of bituminous coal were
produced as against 440,257,000 tons during the coal year
ended March 28 1931. The Bureau's statement follows:
BITUMINOUS COAL.
Production of bituminous coal in the week ended March 26 1932 registered another decrease, remaining, however,above the seven-million mark.
The total output,including lignite and coal coked at the mines.is estimated
at 7,260,000 net tons, a decrease of 478.000 tons, or 6.2%, from the preceding week. Production during the week In 1931 correspondeing with
that of March 26 amounted to 7,509,000 tons.
Estimated United States Production.of Bituminous Coat Wet Tons),
1931-32
1930-31
Coal Year
Coal Year
Week EndedWeek.
Week.
to Date.
to Date.a
Man% 12
8,046.000
342,841,000
8,371,000
425,338,000
Daily average-..,.._..,.,,.,_.....1,841,000
1,895,000
1,173,000
1.457,000
March 19
7,738,000
7,410,000
850,579,000
432,748,000
Daily average..
1,200.000
1,178,000
1,235,000
1,452,000
March 26b
7,260,000
7,509,000
357,1339,000
140,257.000
Deb,sverage1,210,000
1,176,000
1,252,000
1,448,000
a Minus one day's production first week In AP141 to eflualise
slumber
of
ellen in
She two years. b Subject to revision.
The total production of soft coal during the present coal year to
March 26
(approximately.304 working days) amounts to 3578394000 net tons.
Figures for.corresponding periods in other recent coal -years are given
below:
1930-31
440,257,000 net tons 1928-29
606,719,000
net
tons
1920-30
516,452,000 net tons 1927-28
474,945,000 net tons
As already indicated above, the total production of soft coal
for the
country as a whole during the week ended March 19 1932 Is
estimated at
7,738,000 net tons. Compared with the preceding week, when
output
was the highest since October,this shows a decrease of
308,000 tons,or 3.8%.
In Indiana, Ohio, Pennsylvania and northern West Virginia
the activity
of the preceding week was sustained, and substantial gains
were shown.
These were offset by decreases in practically all other sections of
the country.
2623
In Colorado, Wyoming and western Kentucky only, however, did output
fall below the average for the first two weeks of the month.
Estimated Weekly Production of Coal by States (Net Tons).
Week Ended
Mar. 192.3
March 19 March 12 March 21 March 22 Average.
State1932.
1932.
1931.
1930.
(a)
Alabama
178,000 194,000 246,000 290,000
423,000
Arkansas
25.000
31,000,
12,000
22,900
Colorado
121,000 184,000 105,000 136,000
195.000
Illinois
1,364,000 1,454,000 915,000 894,000 1,684,000
Indiana
365,000 813,000 303,000 294,000
575,000
Iowa
107,000 123,000
83,000
72,000
122,000
Kansas and Missouti-----. 131,000 162.000
91,000 108,000
144,000
Kentucky-Eastern
698,000 654,000 601.000 584,000
560,000
Western
177,000 258,000 175,000 190,000
215,000
Maryland
60,000
.37,000
42,000
40,000
52,000
Michigan
12,000
13,000
14,000
14,000
32.000
Montana
47,000
43,000
37,000
51,000
68,000
New Mexico
23,000
25,000
30,000
33,000
53,000
North Dakota
43,000
45,000
30,000
26,000
34,000
Ohio
886;000 351,000 416,000 349,000
740,000
Oklahoma
23,000
34,000
23.000
23,000
55,000
Pennsylvania (bituminois)._1,693,000 1,664,000 1.994,000 2.330.000 3,249,000
Tennessee
77.000
91.000.
118,000
.
Texas_
15,000
18,000
15,000
18,000
19,000
Utah
51,000
.54,000
48.000
54,000
68,000
Virginia
210.000 210.000 185.000 204,000
230.000
Washington
31.000.000
30,000
41.000
74,000
West Virgin1a--Southamb
1,430,000 1,508,000 1,336,000 1,384.000 1.172.000
477,000 448,000 497.000 595,000
Northem_c
7171000
Wyoming
89,000
72,000
88,000
93,000
136,000
Other States_d
11,000
12,000
1,000
5.000
7,000
Total bituminous coal
Pennsylvania anthracite.-Total all coal
7.738,000 8,046.000 7.410,000 7,932.000 10,784,000
1,260,000 1,170,000 1,287,000 951,000 2,040.000
_8,668,000 9,216,000 8,677,000 8,883,000 12,804.000
a Average weekly rate Tor the entire month. b Includes operations on the N.&W.
C. & 0., Virginian, K.& M.and B. C.& G. c Rest of State, including Panhandle.
S This group is not strictly comparable in the several years.
PENNSYLVANIA ANTHRACITE.
Production of Pennsylvania anthracite decreased in the week ended
March 26. The total output is estimated at 1,060,000 net tons-less by
200,000 tons, or 15.9%, than in the preceding week, which was the highest
for the year. The average rate for the two latest weeks in March is but
1% lower than for the same weeks in 1931. Production during the week
In 1931 corresponding with that of March 26 amounted to 1,076.000 tans.
Estimated Production of Pennsylvania Al.thracite (Net Tons).
1.932
1931
Week.
Week.
Daily Avge.
Daily Awe
Wee* Ended195,000
1,085,000
1 170.000
March 12
180,800
1,260,000
210.000
1,287,000
March 19
211,200
178,700
1,060;000
1,076,000
March 28
179,300
BEEHIVE COKE.
The total production of beehive coke during the week ended March 19
/932 is estimated at 21.400 net tons. This is in comparison with 20.500
tons produced during the preceding week and 34,800 tons during the week
in 1.931 corresponding with that of March 19. The following table apportions the tonnage by regions. The total production of beehive coke from
Jan.'l through March 1:9 amounts to 233,300 tons. Compared with 429,100
tons in 1931, this indicates a decrease,cloning the current year. of 45.6%.
Estimated Weekly Production of Beehive Coke (Net Tons).
Week Ended1932
1931
Mar.19 Mar. 12 Mar. 21
to
1932.
1932.
R.egion1931.
Date.
Date.a
18,600
Pennsylvania
17,500
26.900
197,300
340.200
1,200
West Virginia
1,300
3,700
13,600
41,900
Tennessee and Virginia
1,100
1,200
3,300
14,700
34,800
Colorado, Utah dr Washington 600
500
900
7,700
12,200
United States totaL
Daily average
21,400
3,567
20,500
3,417
34,800
5,800
233,300
3,431
429,100
6,310
a Minus one day's production first week In January to equalize number of days
In the two years.
Current Events and Discussions
The Week with the Federal Reserve Banks.
Changes in the amount of Reserve bank credit outstandThe daily average volume of Federal Reserve bank credit ing and in related items during the week and the year ended
outstanding during the week ended April 6, as reported by April 6 1932 were as follows:
Increase (+) or Decrease (-)
the Federal Reserve banks, was $1,600,000,000, an increase
Since
of $1,000,000 compared with the preceding week and of
Apr.6 1932. Mar.30 1982. Apr.8 1911.
$
3
$
$598,000,000 compared with the corresponding week in 1931. Bills discounted
+2,000.000 +492.000,000
835,000,000
Bills bought
58.000,000 -8.000.000 -114,000,000
After noting these facts, the Federal Reserve Board pro- Other
United States securities
885,000.000 +13,000,000 +286.000,000
Other Reserve Bank credit
+5.000,000
+5,000,000
21,000,000
ceeds as follows:
On April 6 total Reserve bank credit amounted to $1,599,000,000, an
increase of $12.000,000 for the week. This increase corresponds with inCreases of $10,000,000 in money in circulation and $31,000.000 in member
bank reserve balances, offset in part by increases of 28.000,000 in monetary
geld stock and 126,000.000 In Treasury currency. adjusted, and a decrease
of 25.000,000 in unexpended capital funds, non-member deposits. .kc.
Holdings of discounted bills declined $7.000,000 at the Federal Reserve
Bank of New York and
increased $9,000,000 at Cleveland. $4,000,000 at
Chicago and 12,004,000 at all Federal Reserve banks. The System's holdings of bills bought in
open market declined $8,000.000 and of United
States bonds 29,000,000,
while holdings of Treasury certificates and bills
Increased $22,000,000.
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 andeertain other items not included
in the condition statement, such-as-Menetary gold stocks,
and money in circulation. The Federal Reserve Board's explanation of the changes, together with the definition of the
different items, was published in the May 31 1930 issue of
the "Chronicle," on page 3797.
The statement in full for the week ended April 6, in
comparison with the preceding week and with the corresponding date last year, will be found on subsequent pages,
namely, pages 2671 and 2672.
TOTAL RES'VE BANK CREDIT-1.599,000,000
Monetary gold stock
4,398,000,000
*Treasury currency adjusted
1 8011,000,000
+12.000,000
+8,000.000
+26,000.000
+670.000,000
-307,000,000
+31,000,000
*Money in circulation
5,458,000,000 +19,000,000
Member bank reserve balances
1 942,000,000 +31,000,900
Unexpended capital rands, non-membeedeposits, gal
404,000,000 -5,000,000
+847.000,000
-147,000,000
-7,000,000
* March 30 figures revised (increased 3 milieus).
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
the statistics covering the entire body of reporting
member
banks in the different cities included cannot be got
ready.
Below is the statement for the New York City member
banks and that for the Chicago member banks, for
the current-week, as thus issued in advance of the full statement of
the member banks, which latter will not be available until
the coming Monday. The New York City statement of
2624
FINANCIAL CHRONICLE
course also includes the brokers' loans of reporting member
banks The grand aggregate of brokers' loans the present
week records a decrease of $9,000,000, the amount of these
loans on April 6 1932 standing at $516,000,000. The
present week's decrease of $9,000,000 follows an increase of
$1,000,000 last week. The low figure of $486,000,000 on
Feb. 10 1932 compares with the record low of $473,438,000
on Jan. 25 1928. Loans "for own account" decreased during the week from $438,000,000 to $430,000,000, and loans
"for account of out-of-town banks" fell from $82,000,000
to $80,000,000, while loans "for account of others" increased
from $5,000,000 to $6,000,000. The amount of these loans
"for account of others" has been reduced the past 21 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 others than
banks loans secured by stocks, bonds and acceptances.
CONDITION OF WEEKLY REPORTING MEMBER MANES IN CENTRAL
RESERVE CITIES.
New York.
Apr.6 1932. Mar. 30:1932. Apr.8 1931.
Loans and investments—total
6.455,000,000 6,541,000,000 7,858.000,000
Loans—total
3,992,000.000 4.074.000.000 5,302,000,000
On securities!
All other
1,979.000,000 2,043,000,000 3,066,000,000
2,013,000,000 2,031,000,000 2.236,000.000
Investments—total
2,463,000.000 2,467,000,000 2,556,000,000
U. S. Government securities
Other securities
1,596,000,000 1,810,000,000 1,423,000,000
867,000,000 857,000,000 1,133,000.000
Reserves with Federal Reserve Bank.— 700,000,000
Cash in vault
40.000,000
Net demand deposits
Time deposits
Government deposits
689,000,000
43.000.000
780,000.000
43,000.000
4 790.000,000 4,814,000,000 5,697,000,000
760.000,000 758,000.000 1,217,000,000
152,000,000 193,000,000
98,000,000
Due from banks
Due to banks
64.000,000
995,000,000
70,000,000
95.000,000
902.000,000 1,254,000,000
Loans on secur. to broker,& dealers;
For own account
430,000,000
For account of out-of-town banks
80,000.000
For account of others
6,000,000
438,000,000 1,277,000,000
82,000,000 300.000,000
5,000.000 245,000.000
Borrowings from Federal Reserve Bank_
Total
On demand
On time
Loans and investments—total
516,000,000
525,000,000 1,822,000,000
416,000,000 424,000,000 1,453,000,000
100,000,000 101,000,000 369.000,000
Chicago.
1 399,000,000 1,410,000,000 1,948,000,000
Loans—total
954,000,000
960,000,000 1,313,000.000
556,000,000
398.000,000
554,000.000
406,000,000
779,000.000
534,000,000
445,000,000
450,000,000
635,000,000
225,000,000
220,000,000
237,000.000
213,000,000
333,000,000
302,000,000
Reserves with Federal Reserve 13ank
Cash in vault
131,000,000
14,000,000
133,000,000
14,000,000
182,000,000
13,000,000
Net demand deposits
Time deposits
Government deposits
865,000,000
380,000,000
22,000,000
878,000,000 1,200,000,000
383,000,000 619,000,000
24,000,000
23,000,000
Due from banks
Due to banks
149,000,000
267,000,000
142,000,000
260,000,000
147,000,000
380,1300,000
1,000,000
2,000,000
1,000,000
On securities
All other
Investments—total
U. S. Government securities
Other securities
Borrowings from Federal Reserve Bank.
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 March 30:
The Federal Reserve Board's condition statement of weekly reporting
member hankie in leading cities on March 30 shows decreases for the week
of $49,000,000 In loans and investments, $33,000,000 in Government deposits and $29.000,000 In borrowings from Federal Reserve banks, and
increases of 398.000.000 In net demand deposits and $5.000.000 in time
&Posits.
Loans on securities decreased $37,000,000 at reporting member banks
In the Chicago district and $9.000,000
at all reporting banks, and increased $37,000,000 in the New York district. "All other" loans declined
$8.000.000 in the New York district, 57.000,000 in the Chicago district
and $34,000,000 at all reporting banks.
Holdings of United States Government securities declined $13,000,000
In the Chicago district, $11.000,000 in the Philadelphia district, 89,000,000
In the Cleveland district and $31,000,000 at all reporting banks. Holdings
of other securities increased 818,000,000 in the New York district and
$25,000,000 at all reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $305,000,000 on March 30, the principal changes for the
week being a decrease of $17.000,000 at the Federal Reserve Bank of Cleveland and of $9,000.000 at Philadelphia.
[VOL. 134.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
March 30 1932, follows:
Increase (+) or Decrease (—)
Since
Mar. 30 1932. Mar.231932. April 1 1931.
$
s
$
Loans and Investments—total
19,354,000,000 — 49,000,000 —3,579,000.000
Loans—total
On securities
All other
Investments—total
12,211,000,000 —43,000,000 —3,171,000,000
5,328,000.000 —9,000,000 —1,928,000,000
6.883,000,000 —34,000,000 —1,243,000.000
7,143,000.000 --8.000,000 --408,000,000
13.8. Government securities
Other securities
3,920,000,000 —31,000,000
3,223,000,000 +25.000.000
+143,000.000
—551,000,000
Reserves with Federal Reserve Banks 1.459.000,000 +13,000,000 —351,000,000
Cash In vault
215,000,000 +5,000.000
+12.000000
Net demand deposits
10,941,000,000 +08,000.000 —2,808.000.000
Time deposits
5.880.000.000 +5,000,000 —1,816.000,000
Government deposits
452,000,000 —33,000,000 +107,000.000
Due from banks
949,000.000 +32.000,000 —820,000,000
Due to banks
2,400,000,000 +21,000,000 — 1,589,000 000
Borrowingsfrom Federal Reserve Bks.
305,000,000 —29,000,000
+276.000,000
Andrew W. Mellon Arrives in London to Take Post
As Ambassador to Great Britain.
Former Secretary of the Treasury Andrew W. Mellon,
who sailed for England on the steamer Majestic April 1,
reached Southampton on April 7. Yesterday (April 8) he
arrived in London to take up his new post as Ambassador
to Great Britain. Associated Press accounts from London
yesterday said:
Hardly were the welcoming ceremonies at Southampton and London over
before the former Secretary of the Treasury got right to work at the American Embassy, and one of his first acts was to receive British and American
correspondents there.
Then the Ambassador called upon Sir John Simon. Great Ilritaln's
Secretary of Foreign Affairs, to find out about arrangements for presentation of his credentials to the King.
When the new Ambassador submitted to questions of the correspondents
their queries ranged over his social plans and incidental things, until a
reporter for one of the big London dailies told Mr. Mellon that Europe
regarded him as a special ambassador on war debts and reparations.
"Who did you say invented that story?" asked Mr. Mellon quietly.
"I have no special instructions to deal with financial questions.
"I realize I am fortunate in coming here at this time. Relations between
our two governments were never better and while we both face problems
of a most serious nature, arising largely out of the war, these problems are
not insoluble and must disappear if we approach them frankly with an
effort to understand each other's difficulties and a firm determination to
be of assistance where we can.
"It will be the greatest satisfaction to me if I can be of any help in promoting such a working understanding between this country and my own."
An item regarding Mr. Mellon's appointment to his new
post appeared in our issue of Feb. 20, page 1307.
F. B. Kellogg, Thomas W. Lamont Among Those
Sailing for Europe.
Besides Secretary of State Stimson, the passengers on the
French liner Ile de France, which sailed last night, April 8,
include Frank B. Kellogg, now member of the World Court,
and formerly Secretary of State, and Thomas W. Lamont,
partner of J. P. Morgan & Co.
Secretary of State Samson Sails for Geneva to Attend
Conference on Limitation of Armaments—President Hoover Says There Is to Be No Discussion
of War Debts.
Secretary of State Henry L. Stimson sailed for Europe
last night (April 8) from New York on the Steamer Ile de
France. Secretary Stimson will be Chairman of the American delegation at the Geneva Disarmament Conference,
which will resume its sessions on April 11, following the
Easter recess. Reports of the possibility that Secretary
Stimson might take up the question of war debts brought
the issuance of a statement by President Hoover on April 5
that "there will be no discussion or negotiation by the
Secretary on the debt question." The President further
said: "the world needs, both economically and spiritually,
the relief that can come from some degree of successful issue
by the Disarmament Conference. This is the sole purpose
of the Secretary's visit." President Hoover's statement
follows:
Some two months ago I presented to our delegation to the Arms Conference at Geneva certain ideas which I believe would contribute to a
solution of some of the problems before the Conference, and which
were
Incorporated In the general program by our delegation to the Conference.
These ideas have been more fully discussed and developed during the visit
to Washington of Norman Davis and in consultation with the Secretary of
State and our army and naval advisers, with a view of enlarging their scope
and application.
With the months that pass the economic burden and menace to world
pease have, if anything, increased. The world needs the reduction of
Government expenditure and the spirit of peace that can come from some
degree of successful issue by the Disarmament Conference at Geneva.
I have, therefore, asked the Secretary ot State to go to Geneva in order to
explore with our delegates and those of other nations the possibility of
taking more definite steps in that direction.
APRIL 9 1932.]
FINANCIAL CHRONICLE
It is the American desire to produce some concrete and definite results,
even though they may not be revolutionary. The world needs, both
economically and spiritually, the relief that can come from some degree of
successful issue by the Disarmament Conference. This is the sole purpose
of the Secretary's visit. There will be no discussion or negotiation by
the Secretary on the debt question.
Regarding the information made available on April 2
by the State Department the "United States Daily" of
April 4 said:
Secretary Stimson will remain in Geneva only a few days. when he will
return to the United States. His mission has no other purpose than the
work of the Conference, it was said.
Mr. Stimson succeeded to the Chairmanship of the American delegation
upon the resignation of Charles G. Dawes.
Is Nominal Head.
Although the American delegation in Geneva has been headed by the
American Ambassador to Belgium. Hugh S. Gibson, Secretary Stimson
still remains nominal head of the delegation. His appointment was announced just before the delegation sailed, at which time it was stated that
he would take up his duties in Geneva whenever the Far Eastern situation
and other duties in Washington permitted.
The decision to go abroad was reached by Secretary Stimson after he had
conferred at length with Norman II. Davis, one of the American delegates,
now visiting the United States, it was stated orally at the Department.
Mr. Davis gave Secretary Stimson a picture of the situation and reported
that It was encouraging. Mr. Davis also reported that the Conference
was going to convene again April 11.
Two New Members.
Due to the fact that the American delegation at Geneva has been overworked, two new members have been added, the Department announced.
They are Allen W. Dullts, of the firm of Sullivan & Cromwell. and Fred
Dolbeare, of the firm of J. Henry Schroeder & Co.
Formal announcements by the Department of Statc regarding the appointments and Secretary Stimson's trip follow in full text:
Formal Announcement.
The Secretary of State will sail this coming week to spend a short time
at Geneva with the American Delegation to the Disarmament Conference.
His trip to Europe is concerned only with the work of the Delegation, and
he will go direct to Geneva, for a very brief stay.
Frederic Russell Doibeare has been designated an advisor to the American Delegation of the General Disarmament Conference. The special
problems in the Disarmament Conference are dealt with by a number of
committees and Mr. Dolbeare's designation has been made in order that
advisory personnel may be adequate in number to follow the work of all of
these committees which meet simultaneously.
Mr. Doibeare has had a great deal of experience in our Foreign Service
and was Secretary of the American Delegation to the Conference for the
Limitation of Naval Armament held In Geneva in 1927. The delegation
has been fortunate in obtaining Mr. Dolbeare as an advisor.
Allen Welsh Dulles has been designated "legal adviser" to the American
Delegation to the Disarmament Conference. When the Delegation was
formed the position of legal adviser was not filled. It has become increas
ingly evident that the services of a legal adviser are needed and the delegation is fortunate in obtaining Mr. Dulles to fill this position
2625
deposits at central banks for account of others, which totaled 68.153,960
francs. or $13,630,793, as against 82,860,311 francs, or about $16,572,068.
The March 31 statement as contained in Associated Press
accounts from Basle, Switzerland, April 5, follows:
Following is the balance statement of the Bank for International Settlements. giving its condition as of March 311932. as made public here to-day.
Figures are in Swiss gold francs at par, 19.3 cents:
Assets—
March 31 1932. February 29 1932
I. Cash on hand and on current accounts with
banks
14,211,955.14
6.414.603.13
II. Funds employed at sight
74,384,533.62
82,317,735.81
Rediscountable bills and acceptances at cost:
(1) Commercial bills and bankers' acceptances
473,560,333.12 438.281,858.72
(2) Treasury bills
136,738,464.26 142,540.452.28
Total
610,298,797.38 .580,822,311.00
IV. Time funds at interest:
(1) Not exceeding three months
206,536.295 50 221,139,740 83
(2) 13stween three and six months
Total
V. Investments at cost:
(1) Maturing within three months
(2) Maturing between three and six mos_
(3) Maturing in over six months
174,278.178.30
35,851,527 56
788,743 95
Total
VI. Other assets
210,918,450.11
9,661.125.09
Total assets
Llatififtfes—
I. Paid-up capital
II. Reserves:
(1) Legal reserve fund
(2) Dividend reserve fund
(3) General reserve fund
Total
III. Long-term deposits:
(1) Annuity trust account
(2) German Government deposit
(3) French Government guarantee fund
Total
IV. Short-term and sight deposits:
(1) Central banks for own account:
(a) Between three and six months
(b) Not exceeding three months
(c) Sight
Total
(2) Central banks for account of others:
(a) Between three and six months_
(13) Not exceeding three months_
(c) Sight
Total
(3) Other depositors:
(a) Not exceeding three months_
(13) Sight
Total
V. Profits for distribution:
(1) Dividend
(2) Participation of long-term depositors_
VI. Miscellaneous items
Total liabilities
206,536,295.50
221,139,740.83
110,823,630.98
9,466,049.90
1126,011,108,84 1,010,984,111.65
108,500,000.00
108,500,000.00
559,326.10
1,094,189.17
2,188,378 35
559.326.10
1,094,189.17
2,188,378.35
3,841,893.62
3,841,893.62
153,622,762.50
76,811.381.25
68.648,520.43
153,768.617.50
76.884,308.75
68,648,520.43
299,082,664.18
299,301,446.68
145,154,854 74
463.030,162.56
158.376.205.72
321,570,448.71
608.185,021.30
479,946,654.43
68,153,969 04
21.314,916.01
61,545.425.49
68,153,969.04
82,860,341.50
7,822,525.85
5,936,372.33
7.822,525.85
5,936,372.33
30,425,092.8,5
30,597,403.09
1 126,011,156.84 1,010,984,111.65
Price of Silver Breaks in New York Under Sales by Bank for International Settlements to Consider
Credits to Austria and Hungary.
Speculators.
The following from Paris is from the "Wall Street JourThe following is from the Now York "Times" of April 8:
nal" of April 6:
The silver market broke sharply yesterday
on liquidation of speculative
holdings of silver futures on the National Metal Exchange. At the same
time bar silver declined 44 cent to 2844 cents an ounce, a new low price
for the year but well above the low quotation of 255( cents established
on Feb. 16 1931. In London the metal declined to 16 13-16d.
The break in futures on the National Metal Exchange amounted to
60 to 81 points. The October delivery sold at 29.20 cents, a low record
for the Exchange, which began trading in silver last June. The previous
low price was 29.30 cents, made last Nov. 30. Trading on the Exchange
totaled 2,625.000 ounces.
Brokers said distress selling of poorly margined holdings played an
important part in the decline.
A board meeting of the Bank for International Settlements has been
called for April 11 to consider renewal of the Austrian and Hungarian
credits. The board also will consider the question of issuing balance of
Its capital, which will be subscribed by central banks without a public
Issue. Total authorized capital of the Bank is 200,000 sharps of 2,500
Swiss francs par or 500.000.000 Swiss francs. At present 173 600 shares
have been issued, of which 25% has been paid up. or 108.500.000 Swiss
francs.
May Coin Cuban Silver in Philadelphia.
From the "Wall Street Journal" of April 5, we take the
From the New York "Sun" of last night (April 8) we take following from Philadelphia:
the following:
If negotiations under way are closed, the Philadelphia mint will
Liquidation in silver futures continued on the National Metal Exchange
here to-day with the May delivery selling down to 30 cents an ounce for a
new low. The July contract was the only one showing any improvement
by mid-afternoon. Volume of trading was the heaviest of the year with
total turnover of more than 3.200.000 ounces.
mint
upwards of 3.750.000 silver coins for Cuba. This would be the first coinage
executed here for that country in about 10 years. The inquiry calls for
two denominations—the "un peso" piece, which is about the size of the
American silver dollar, and the 20 centavo piece, resembling somewhat
the American quarter. The mint has furnished preliminary estimates
on the mechanical cost of the work. The silver is to be furnished by Cuba.
Details are being handled by the Director of the Mint at Washington.
Statement of Bank for International Settlements for
March 31—Cash on Hand Totals 14,211,955 Swiss Cuba Asks New Bids on Silver Coinage—Plans Minting
Francs Above Report at End of February.
of More Than 83,580,000 to Raise Total Circulation
The condition statement of the Bank for International
to $12,000,000—Previous Offers of Banks Rejected
Settlements as of March 31 shows several changes when
Because of Omission of Certain Details.
compared with the February statement. Cash on hand
Under date of April 5 a message from Havana to the New
and on current account increased to 14,211,955 Swiss francs, York "Times" said:
which was the equivalent of about $2,842,391,from 6,414,603
Bids for the minting of 3.550,000 silver dollars and $36,859.20 in 25c.
francs, or about $1,282,921, reported at the end of February. pieces authorized by Presidential decree under date of March 22, whereby
Cuba's silver circulation will be brought up to 312.000.000 as
Continuing, the New York "Evening Post" of April 5 said:
provided
in the currency law of Oct. 29 1914. were asked to-day by
Rediscountable bills and acceptances at cost declined to 610,298.797 Swiss
francs, or about $102,059.759 from the 580,82'2311 trance, or approximately $116,164,462. in February, while the total of time funds at interest
was 200.536.296 francs, or $41,307.259, against 221,139,741, which was the
equivalent of 544.227,958, in the February statement.
The statement as of March 31 showed a total of sundry Investments at
cost totaling 210,918,450 francs. which was the equivalent of approximately
$42,183,690. as compared with 110,823.630 francs, or about $22.164.726.
Total assets as shown in the statement increased to 1.126.011.157 francs,
or about $225,202,231. from the 1,101,984.112 franca, or $202,196,822,
shown in the February statement
On the liability side of the statement the principal changes were in shortterm and sight deposits in central banks for own account, which totaled
608 185.021 francs, or about 1121,657,005, and compared with 479.946.654
francs, or $95,989,330. at the end of February, and in short-term and sight
Secretary Ruiz
Mesa of the Treasury in a decree sent to the "Official Gazette."
Previous bide submitted by the Chase National Bank of
New York
and the Banco Comerelal de Cuba in conjunction with the
Continental
Bank & Trust Co. of New York under a decree published
in the "Official
Gazette" on March 23, and which were opened on
March 31. were found
to be faulty, due to the omission of necessary details that
would determine
the final cost of the entire issue, and were thrown
out by the commission
charged with the awarding of the contract. New
propositions were called
for, to be opened at 11.30 a. m.. April 7.
To-day's decree advertising for new bids
particularly specifies that each
bidder shall post with its bid a $10,000 bond and
stipulates that the silver
shall be delivered by the successful bidder to
the United States Mint
at Philadelpnia and that the finished coins shall
be delivered to the Cuban
Department of the Treasury free of all
costs. Final delivery of the new
Issue must be prior to June 30.
2626
FINANCIAL CHRONICLE
As to the bids originally made we quote the following
from Havana to the "Wall Street Journal" of April 2:
Chase National Bank and Banco Commercial de Cuba were bidders
to coin silver for Cuba, the Chase proposal calling for h.% commission,
lc. per pound of silver plus expenses, while the Banco Commercial proposed
7-16% commission and expenses of 854,382.
[VOL. 134.
forward contracts prevented the market from benefiting by the improved
statistical position. Much of this selling is now believed to be out of the
way.
Great Britain Completes Repayment of $200,000,000
Credit Obtained in United States Last August.
The bids previously called for were referred to in our issue
The final payment on the S200,000,000 advanced last
of April 2, page 2434.
August to the British Government by 110 American banks
was made on April 5 through the office of J. P. Morgan &
Mexico Orders $6,670,000 of Silver (23,000,000 Ounces) Co., which mailed $20.000,000 to the banks in the
American
to Coin—United States Smelting, Refining & consortium. In referring in its April 3 issue to
the proposed
Mining Co. Announces Contract.
payment April 5, the New York "Times" said:
This will complete in this market the extinction of the entire $321,000,000
The United States Smelting, Refining & Mining Co.,
announced on March 22 that it had contracted to sell a of indebtedness incurred by the British authorities last August in their attempt to prevent the fall of the pound sterling from the gold standard.
large amount of silver and that it was reported "that the
The Federal Reserve's $125,000,000 share of the $250,000.000 credit
purchaser will ultimately prove to be the Mexican Govern- to the Bank of England, opened on Aug. 1, was repaid on Feb. 1, having
been reduced 40% on Nov. 1. Of the private banking credit, $150,000,000
ment." "It is also reported," the statement continued, was
paid and canceled on March 4, and $30,000,000 was paid last
"that Mexico has contracted for 23,000,000 ounces of silver [March 29j. In the case of last Tuesday's repayment and that to Tuesday
be made
for coinage over a period of 12 months." The New York on next Tuesday [April 51, the line of credit is being kept open, giving the
British
Treasury
the
right,
up
to
to
borrow
Aug.
27
next,
as
much
as $50,"Herald Tribune" from which the foregoing is taken, also 000,000 on its bills.
said:
Half of the $200.000.000 credit advanced by the Paris market has been
The Mexican Government, it is understood, is also purchasing some
silver from other large mining interests in Mexico, including the American
Smelting ZS: Refining Co., the American Metal Co. and the Mexican Cor.
Deliveries of the metal are to be made at the rate of 2.000.000 ounces and
are to be spread over the next 12 months. At current market prices of
29c. for silver, the total order is worth approximately $6,670,000. It
was not indicated how payment would be made by the Mexican Government, whether in American or Mexican funds.
Purchases of silver by Mexico are designed,, according to a statement
recently by Alberto J. Pani, Minister of Finance, to relieve a shortage of
currency in Mexico and stabilize foreign commerce. He said that Mexico
also had hoarding to contend with, and that he believed this the reason
for the current shortage of the circulating medium. The coinage of more
silver, or the use of the metal as backing for new issues of'currency would,
he declared, tend to restore confidence and decrease hoarding.
Mexico abandoned the gold standard last summer. Its international
position at that time was handicapped by the abrupt fall in silver prices,
and, rather than attempt further to peg the Mexican currency, it was
decided to part with gold completely. The demand for and price of silver
have suffered so much that lately some of the larger producers in the
country have had to curtail operations, thus increasing unemployment in
Mexico. Purchases of the metal by the Government are calculated to
stimulate mining.
Although the order just placed by the Mexican Government is the
largest order for the metal in recent years, the market yesterday did not
respond enthusiastically to the news. The metal closed up hc. on the
day at 29e.
paid, and the other half, representing a public subscription to one-year
British Treasury notes, has been reduced by open-market purchases.
An item regarding the March 29 paymEnt appeared in
our issue of April 2, page 2427.
Bank of England in Exchange Market.
The following from Paris is from the "Wall Street Journal"
of April 6:
The Bank of England has resumed market operations to steady the sterling
exchange rate.
Holidays on London Stock Exchange.
The "Wall Street Journal" in advices from London on
April 7 observed:
London Stock Exchange will be closed on three consecutive Saturdays,
April 16, 23 and 30, so that certain structural alterations may be made
The usual holiday on May 1, a Sunday, will be taken on Monday, May 2,
so that the Exchange wilt be closed from April 30 to May 2, inclusive.
Re-elect Montagu Norman—Stockholders of Bank of
England Return Governor for 13th Time.
The following from London April 5 is from the New York
Plan of San Francisco Mining Exchange to Trade in "Times";
Bar Silver—Held Valid Under Securities Law.
For the thirteenth successive year Montagu Norman was elected GoverThe following from.San Francisco is from the "Wall Street nor of the Bank of England to-day. At the same time Sir Ernest Musgrave
Harvey was elected a Deputy Governor.
Journal" of March 28:
The polling place was a dark-paneled room guarded by an usher in a
In connection with the San Francisco Mining Exchange's proposal to
trade in bar silver. Attorney-General U. S. Webb has held that under
certain conditions the trading in bar silver is under the jurisdiction of
the Corporate Securities Act.
The Mining Exchange's plan follows: An operator purchases a certain
definite amount of bar silver and deposits that silver in a bank, receiving
therefor a non-negotiable certificate. Predicated on the amount of silver
so deposited. nemtiable certificates would be issued and traded in. Each
negotiable certificate represents a certain undivided interest in the mass
of bar silver held by the bank.
The Attorney-General holds that if the negotiable securities Moiled
represent an undivided interest to a portion of an entire lot of silver deposited with a bank, such certificates constitute securities under the definition of the Corporate Securities Act as being a transferable beneficial interest in title to property.
It was held, however, that if the securities entitle the holder thereof to
a definite bar of silver numbered and identified, such certificate would
not constitute a security within the purview of the Act, but would be in the
same category as a warehouse receipt.
Silver Bolstered by Sales to China—February Shipments 573,000 Fine Ounces Against 150,000 for
January.
In its issue of March 30 the New York "Evening Post"
said:
Improvement in the silver market, due principally to increased purchases
by China in the past few days, was reported to-day by observers. The
Chinese development is considered of the greatest importance because that
nation, once one of the biggest consumers of the metal, has recently been
a negligible factor.
Total shipment,: from New York to China in February amounted to 573.000 fine ounces, compared with 150,000 in January and 2,132.000 in Docember. Total shipments for 1931 amounted to only 20.695.000 ounces,
compared with 51.573.600 in 1930 and 61,102.000 the previous year.
In silver circles it is said that the undertone of the market is firm. Good
buying orders are making their appearance, based on consuniing demand,
and there is a great diminution in supplies. Mucl, stress is laid on the
recent announcement that the Mexican Government would purchase
approximately 23.000.000 ounces in monthly lots for coinage purposes.
This, it is pointed out, is roughly 3.500 000 ounces in excess of the entire
Canadian output in 1931 and will go far toward offsetting sales of the
Indian Government. which last year amounted to 35.000,000 ounces.
It is reported that Canada is contemplating a step similar to the Mexican which. if It materializes, would further dry up the supplies of available
silver. Cuba has announced that it plans the purchase of a small amount.
Germany is once again in the market. Total shipments from New York to
Germany in the first two months of the year amounted to 1.196.800 ounces,
In 1931, total German consumption Jumped to 28.200.000 ounces from
8,000.000 in 1930.
In the recent decline in quotations considerable forced liquidation wan
said to have appeared in the New York market and the steady liquidation of
resplendent uniform and a cocked hat. The accredited voters were persons
holding, £500 or more of Bank of England stock at least six months prior
to the election.
No one has ruled the Old Lady of Threadneedle Street so long as Mr.
Norman, who never mingles in London society and never participates in
official ceremonials, and is hardly known to every-day Londoners who
hurry by the bank building. His election was unanimous, as he was the
only candidate.
Great Britain Shows $1,383,000 Surplus—Increase in
Floating Debt Reported in Fiscal Year.
The British Treasury had a surplus of about S1,383,000
at the close of the last fiscal year, according to a Department of Commerce statement April 2, the full text of which
as given in the "United States Daily" of April 4 follows:
The British Government closed the fiscal year with a Treasury surplus
of £364.000. approximately $1.383.000 at the present rate of exchange.
according to a radiogram received in the Department of Commerce April 1
from. Commercial Attache William L. Cooper, London. Total revenue was
G770.963,000.
According to the radiogram, total revenue included only £12,750.000
from the dollar exchange account instead of the £23,000,000 provided
in the original estimate. Income front the surtax and income tax exceeded
the revised estimate of September by E19,000,000, and customs excise
exceeded the estimate by £3,060,000 largely because of new duties Imposed.
Estate duties and stamps were £18,000.000 and £3,000,000, respectively, under estimates.
Government expenditures of £770,599.000 included £32,500.000 for
sinking fund requirements on the Government's debt. Supply services were
£12,600.000 below estimates due largely to lower unemployment
demands
than were anticipated.
Great Britain's floating debt increased .£17.600,000 in the past
year.
Unemployment fund borrowings from the Treasury during the
year totalled
£39.600.(I00. bringing the total debt to the authorized limit of
S315.000.000The present policy of the Government will make expenditures oath's
account
a direct charge on the budget in the future, Mr. Cooper's report
said.
Dollar Status Sound, London "Economist" Holds—
Deploring Distrust, Says Unbalanced Budget in
United States Would Not Lead to Disaster.
Under date of April 2 London advicos to tho Now York
"Times" stated:
Distruct in the dollar last week was exaggerated and not Justified by
facts, in the opinion of Sir Walter Layton's Weekly "Economist,"
This Journal expresso the belief that nothing short of domestic flight
from the dollar could drive the United States off the gold standard and
that the United States could stand a succession of =balanced budgets
without disaster.
APRIL 9 1932.]
FINANCIAL CHRONICLE
2627
Hoarders of French banknotes here and abroad have withdrawn from
circulation about 20,000,000,000 francs !about 9800,000.0001 in bills of
large denominations, Stephane Lauzanne, Editor of "Le Matin," estimates
from statistics issued by the Bank of France. This amounts to about onefourth of the Bank's total circulation, which this week touched 83,500,000.000 francs.
The Bank of France statistics show that circulation has increased 31,000,000,000 francs since 1926. Of this increase only a slight amount is in 5, 10,
50 and 100-franc denominations. In 1926 the total amount of these bills
was 26,000,000,000 francs. Now the total is 31,500,000.000.
By far the greatest proportion of the circulation increase has been in 500
and 1.000 franc bills, which amounted to 23.000,000,000 francs in 1926 and
now have reached a total of 46,000,000,000. And the greatest increase coincided with the crisis years of 1930 and 1931.
Reasoning that nearly all daily business is done in bills ofsmall denominations and that 500 and 1.000 franc bus are seldom used in current business,
M. Lauzanne says, "Most of thes, big bills have sought refuge in private
safes and other hiding places." At least 20,000,000.000 francs have been
developed."
Lauzanne, who then asks the French public to guess the
In saying this, the "Economist" does not imply that the United States hoarded, thinks M.
if all this hoarded money one day came back
can afford, any more than other countries, to underrate the seriousness of riddle of what would happen
into circulation.
the situation.
which appears
"We can find little justification for the extreme pessimism
of Congress to face
to have been occasioned by the temporary failure
a country
such
of
case
the
"In
says.
it
up to the budgetary situation,"
on foreign payments acas the United States, with its creditor position imports
and its holdings
count, its surplus of exports over merchandise
from one or two
of well over $1,000,000,000 of free gold, it is a long step
press. During
printing
the
to
recourse
unbalanced budgets to enforced
enormously
the past decade the internal debt of the United States has been
about by
reduced, and such an expansion of credit as would be brought
alarming
be
necessarily
treasury borrowing for budget purposes would not
or even disadvantageous."
The "Economist" adds that oven if the present Congress, notwithstandfrom
ing the great untapped resources of the United States, should shrink
is
Imposing sufficiently drastic taxation fully to balance the budget, it
dollar
the
drive
would
which
situation
difficult to foresee "a resulting
off the gold standard, unless public opinion in the United States became
so alarmed for the future that wholesale domestic flight from the dollar
Daylight Saving Time in France.
Bank of England Abandons Effort for Present to Control Sterling.
From Paris April 2 a cablegram to the New York "Times".
The Bank of England may be said to have abandoned said:
France officially adopted Daylight Saving Time for the Spring and
for the time its efforts to control the sterling market, which is Summer at 11 o clock to-night, when clocks were advanced one hour.
now being allowed pretty much to take its own course according to London advices April 1 to the New York "Times"
Decline in French Railway Revenue.
which likewise said:
of French railways in the eleventh week of the
Receipts
So long as official intervention is thus withheld, the rise in sterling is
decrease of 39,000,000
likely to continue. It does not follow, however, that because the Bank year were 227,000,000 francs, or a
has withdrawn from the market and is allowing sterling to find its supply- from 1931, said a Paris wireless message April 1 to the New
and-demand value, therefore further future intervention to prevent an
York "Times."
unwanted rise is unlikely or has become unnecessary.
On the contrary, there is good reason for thinking that, as soon as son'e
of the causes which have led to the current uprush in sterling shall have
disappeared, the Bank of England will again secure control of the market.
It is expected to create an organization which would be able to handle the
exchange market much more effectively than has been possible in the past.
British Views Mixed on Budget iSurplus.
From London April 1 a wireless message to the New York
"Times" said:
The announced balancing of the British budget with a small surplus is
recognized in financial London as an achievement of which the country
is justly proud Satisfaction is tempered, however, by knowledge that the
current financial year is not likely to bring any material easing of the tax
burden, and that the task of maintaining budget equilibrium may be even
more difficult than before.
Stock markets are reflecting these uncertainties, safety of capital being
still the first consideration. Gilt-edge securities continue in unabated
New money for industry
demand, but Industrial securities languish
is still difficult to obtain, whereas funds for investment in Government
securities or equally well-secured stocks remain abundant.
Paris Market Skeptical of "Managed Currency" Theory
Divorced From Gold.
The following from Paris April 1 is quoted from the New
York "Times":
It is believed here that the idea of a "managed currency," divorced from
gold, has been losing ground. It is true that since the gold standard was
abandoned in England. Keynes's managed-currency theories have appeared
to have gained adherents. For a time, many English people appeared to
imagine that a "managed pound sterling," without any metallic basis,
would have to become the standard for all other currencies. The view of
responsible Paris financiers, however, has been entirely different.
No country. it is considered here, will find any advantage in linking its
own currency to another unstable currency. It is assumed that the British
Chancellor and the Governors of the Bank of England do not fired any such
Utopian Idza. Nevertheless, the belief still seems to be widespread in
England that no inconvenience will be incurred by postponing even for a
year. as Sir Josiah Stairp has declared, the ques,ion of stabilizing the pound.
In financial Paris, however, it is thought that such postponement is out of
the question, if it is desired to avoid violent fluctuations of sterling such as
would be greatly prejudicial to British trade.
London Loans in March Above Recent Months Nearly Bank of France Gold and Foreign Credits—Weekly
Up to 1931.
Increase in Reserve More Than Three Times ReFrom the New York "Times" of April 4 we take the
duction of Balances Abroad.
following from London April 1:
It was noted April 1 in a Paris cablegram to the New York
Issue of new loans in London during March aggregated just over f12,000,shown by its statement
000. This is the highest. monthly total since last June; it compares with "Times" that the Bank of France, as
el1.900.000 for February, with only £2,800,000 in January and with of March 31, sold the previous week only 95,000,000 francs
£12,400,000 in March. 1931.
of foreign exchange, but the gold reserve rose 322,000,000.
The aggregate for the three months is still only .06.900.000 as against
£45,300,000 in the corresponding first quarter of 1931. Arnong the impend- The cablegram continued:
ing new issues is a loan of £5.000,000 for New Zeniand in 5 per cents at 9834.
British Amusement Tax Brings Decrease in Attendance
at Motion Picture Houses,
Associated Press advices from London April 2 said:
During the first 12 weeks' operation of the new entertainment tax,
attendance to motion picture houses throughout Great Britain decreased
165.000,000 more than had been expected.
The cinema operators are pleading for a withdrawal of the tax, imposed
In the Government's program for balancing the budget.
The ratio of gold cover to bank liabilities fell from 69.81% to 69.67. The
bank return also showed increase for the week of 549,000,000 in bills discounted, which is explained by the approach of month-end maturities, but
loans against securities decreased 55,000,0110.
Circulation was reduced 147.000.000. but,on the other hand, the Treasury
and the Caisse d'Amortissernent disbursed about 300,000,000 Offsetting
such variations, private deposits increased 945.000.000. Money still continues extremely abundant on the market, with three mouths'loam against
defense bonds bringing only 134%.
French View of Sterling—Paris Believes Official London
Must Accumulate Foreign Exchange.
French Budget Voted—"Surplus" Is $153,950—Premier
In the best Paris financial circles the absolute conviction is
Tardieu Gets Several Confidence Ballots-13th held that the only means of preventing a rise in sterling is for
Legislature Ends Final Session,
the British authorities to intervene continuously on the marA Paris cablegram April 1 is quoted as follows from the ket, according to Paris accounts April 1 to the New York
"Times" which also had the following to say:
New York "Times":
On a note of challenge by Premier Andre Tardieu to the Opposition
Republicans, France's thirteenth Legislature ended its last session to-day.
All last night and this morning it had remained at work while the budget
passed back and forth between the Chamber of Deputies and the Senate to
be voted finally by 4M to 135, with a paper surplus at least of 3,831.000
francs ($153,940 at the present rate).
In those last hours, Premier Tardieu bad to ask for a vote of confidence
in the Chamber a half dozen times before lie could obtain agreement with
the Senate's changes in the measure. Ms majority remained steady at 40 to
50, but in both houses it was evident that the party spirit which had characterized the Legislature was growing in anticipation of the new campaign,
which will begin Wednesday with a speech in Paris by the Premier.
Though the Chamber voted a measure which would give former Premier
Poineare an annual pension of 200,000 francs, in the haste of the last
moments of the sitting its transmission to the Senate was neglected.
This they would have to do, without being too particular about the
amount of foreign exchange which the Bank would have to buy to obtain
desired results.
For that purpose, however,it would seem lobe necessary that a fixed idea
must first be arrived at as to the level at which stabilization will eventually
take place. At present, however, nobody in England seems to have such
an idea.
Financial Committee of League of Nations Advises
Loan to Austria and Greece—Recommendations
As to Bulgaria.
A recommendation that governments avoid intensification
of the world crisis by guaranteeing international loans to
eastern European countries which are facing financial
Editor of Paris "Matin" Says Hoarders Have $800,000,000 collapse was made on April 1 in the report of the Financial
In Francs.
Committee of the League of Nations, according to Geneva
April 2 is from the Now advices (United Press) April 1, published in the New York
cablegram
following
Paris
The
"Sun" from which we also take the following:
York "Times":
2628
FINANCIAL CHRONICLE
The report urged specifically that Austria be granted a short-term loan
of 100.000.000 schillings ($14.000.000), Greece a $10,000,000 loan plus a oneyear suspension of transfer service on her foreign debts, while it recommended that Bulgaria be allowed to reduce transfers on her external public
debt by 50% dieing the six months from April to September.
At the moment Austria and Greece are the most critical cases, the report said, but pressing needs of other countries must be provided for to
avert an even more Intense financial crisis.
The declaration of a moratorium on foreign obligations "is a very grave
matter likely to cause lasting damage to the credit and standing of the
county concerned," the report said.
Cites Dangers in Tariffs.
The Committee also cited danger to creditor countries which impose
obstacles to the free exchange of goods. The creditor States "must accept
the goods in which a major part of the debts alone can be paid," says the
report. "If they refuse to accept goods the debtors cannot continue to
meet their obligations."
The report, answering the appeals for assistance from Austria. Hungary, Bulgaria and Greece, expressed regret that the Powers had not yet
solved the question of political debts, since the Lausanne conference had
been postponed.
"The world situation has seriously deteriorated," the report said, dodaring that tariff reprisals and restrictions were submitting world trade
to "progressive strangulation."
The report complained that armament budgets were increasing the
crisis several-fold and pleaded for the most urgent action "to avert grave
consequences and further financial collapse in many parts of Europe."
[VOL. 134.
urged that currency be apportioned among Importers according
to the
essential and less essential character of the goods to be imported.
The Federation's announcement was calculated to reassure foreign
borrowers and Investors who were disquieted by recent rumors
that a moratorium was impending in Germany.
President von Hindenburg of Germany Issues New
Budget Decree Extending Fiscal Year to Coincide
with Termination of Hoover Moratorium.
United Press advices as follows from Berlin are taken from
the "Wall Street Journal" of April 1:
President Paul von Hindenburg has issued an emergency decree
extending by three months the budget expiring April 1, so that the end of
the
German financial year will coincide With the expiration of the Hoover
moratorium.
The decree ordered all expenditures lowered by 20% under 1931 appropriations. Government salaries, however, will cntinue on the basis of
the 1931 budget.
A subsidy of 75,000,000 marks was granted cities under the decree.
Federation of German Industry Bans Import Quotas—
Opposes Plan, but Would Give Preference to
Necessities in Allotting Exchange—Urges Eventual
Discontinuation of Amortizing Foreign Long-Term
Debts.
Linder League Supervision.
Loans should be granted, the report recommended, on conditions that the
countries involved accept league supervision to insure sound administraThe Federation of German Industry went on record at
tion of public finances and National banks.
It recommended the inclusion of Bulgaria in the proposed Danubian Berlin on April 1 against the adoption of a quota system
Union and suggested Bulgaria be allowed to borrow for one year not more for imports, said a Berlin cablegram on that
date to the
than 300.000,000 leva ($2,173,910) above the limit originally allowed in
New York "Times,"from which we also take the following:
1928, when the League Council approved a Bulgarian stabilization loan
The Federation merely advocates making a distinction among foreign
of $27,000.000 at 7%, New York furnished $9,000,000 of that sum
commodities according to their importance in allotting foreign exchange
In 1928.
for
their importation, so that those raw materials, foodstuffs and halfThe report suggested the League supervise reorganization of the Grecian
railroads. Norman Davis and Robert Olds of the United States partici- finished products that are vital shall receive preference.
The Federation emphasizes that the Government should be careful not to
pated in the work of the committee.
provoke any foreign reprisals that, by curtailing German exports, would
nullify the effect of the control of foreign exchange, namely,
that of proPlans of the National Bank of Austria to Meet the tecting the Reichsbank's reserves.
Existing Financial Difficulties.
From the New York "Times" we take the following from
Vienna, April 1:
The new President of the Austrian National Bank seems determined
to work toward restoration of gold parity for the schilling. Energetic
restrictions of credit are being introduced to make possible reduction
of the note circulation. In addition, the greater part of the Kreditanstalt
finance bills, which amount to 679,000,000 schillings of the bank's 832,000,000 total holdings of bills, are to be taken over as a State debt to be
redeemed through internal loans. The annual interest burden of the
State, including guaranteed obligations to foreign countries, is estimated
at 40.000.000 schillings.
The Austrian public budget for 1931 shows a deficit of 275,000,000 schillIngs or $38,500,000. Of this deficit 100,000,000 schillings were due to
operations for the Kreditanstalt and 98,000.000 for public works. Shortterm credits were employed to cover 200,000,000 of the deficit, the rest
being mot out of the cash balance. The original estimate of the expenditure for 1932, which was 1,900.000.000 schillings, is to be reduced to 1,600,000,000 by the new emergency budget.
To Tax Note Circulation in Austria.
The following (United Press) from Vienna, is from the
"Wall Street Journal" of April 5:
The National Bank has decided to tax banknotes in circulation because
the bank statement for the end of March showed that gold coverage had
gone below the legal limit of 23%.
Reason for Attitude.
The majority in the Federation does not advocate this
relative broadmindedness in Germany's foreign trade policy, because it feels especially
optimistic about the situation, but because It believes that
Germany has
a better chance to meet her foreign obligations by maintaining
her present
comparatively favorable balance of trade than by shutting off her markets.
It is asserted that if this attempt of more systematic
control of exchange
should fall, Governmental control of all foreign trade
would be the last
resort.
The Federation also calls attention to what it terms
the urgent necessity of obtaining from foreign creditors a reduction
of excessive interest
rates and eventually the discontinuance of amortization payments
on the
long-term debts.
A standstill agreement on sinking fund payments that would relieve
Germany of the payment of about 400,000.000 marks 395,200.0001 annually ljas been in the foreground of discussions among leading bankers
here recently.
While the Federation rejected a proposal to adapt imports by means of
distribution of foreign exchange, to the relative amount of Gorman goods
that foreign nations buy, calling attention to the difficulties inherent in
such differentiations, the Deutschebank und Diskonto-Gesellschaft in
its monthly report on the business situation observes that Germany has
no way of escaping these tendencies, which are spreading throughout the
world.
Apparently referring to the United States, the bank points out that Germany's balance of trace is especially unfavorable with the country that is
her chief creditor, adding: "We realize that it will be increasingly hard
to maintain this situation."
Rossia International Corporation Expected to Retain
German Insurance Holdings.
Austria Is Revealed Technically Off Gold—Note Issue
The "Wall Street Journal" of April 4 reported the followCover in Foreign Exchange Down to 22.98, Bank
ing from Hartford, Conn.:
Report Shows.
The following cablegram from Vienna April 4, is from the
New York "Times":
Austria's note issue cover in gold foreign exchange declined, according
to the March report of the National Bank, to 22.98. Thus Austria is
technically off the gold standard and the Austrian National Bank for the
first time in its history must pay a special tax to the Government as provided in its statutes.
This development was due to the failure of the Government to settle
the Kreditanstalt problem which increased bills discounted by $5.000,000.
There was an increase of $14.000.000 in note circulation and a decrease of
almost $500.000 in foreign exchange holdings.
"This is the warning signal," observes the "Extrablatt" to-night, "which
should urge the foreign powers who are meeting in London this week to
discuss the Danubian preference plan to provide speedy help to Austria."
Drastic Rationing of German Foreign Exchange Reported Urged by Manufacturers and Traders.
The following from Berlin is from the "Wall Street Journal" of April 1:
Drastic rationing of Germany's supply
of foreign currency was urged by
leading manufacturers and traders. The action
was urged to assure continuance of interest payments on foreign debts
and maintenance of essential imports of food stuffs and raw materials. It was
urged by the commercial committee of the German Federation
of Industries.
It was understood that the President of the Federation,
Krupp von
Bohlen. was to inform Chancellor Heinrich
Bruening of the Industrials'
decisions, which were expected to influence
the Government's commercial
policy.
Under present conditions each Importer is entitled to enough foreign
money to finance 55% of his importing program of 1930. The Federation
Thomas B. McDermott, Vice-President of Rossla Insurance Corp.,
who has been In Germany on business in connection with Remit' International Corp., which has large holdings In Germania General Life and Iduna
General Insurance companies, said on arrival home It was now doubtful
Rossla International would sell its holdings. He stated that investigations made by himself and Carl Sturhahn, President, who also was in Germany, found both companies to be well managed. Iduna General stockholders defeated the proposal considered at a recent meeting that unpaid
capital by canceled.
German Deficit for Year of 418,000,000 Marks Seen,
Partly Covered by New Taxes,
A Berlin wireless message April 2 to the Now York "Times"
stated:
Tax receipts of the Reich during the completed 11 months of the financial
year are reported at 7,073.000.000 marks. The estimate for the entire
12 months was 8.172,000.000.
These figures appear to foreshadow a deficit for the full year of 418.000.000
That deficit, however, may be partly made good by the new taxes
marks
payable after the middle of February.
German Credits at 7% Offered on Condition—American
Bankers in "Standstill" Agreement Would Limit
Rate if Others Did Same.
The American committee of bankers on "standstill" 'arrangements with German debtor bankers has agreed, in
response to requests from Germany, that, providing all other
foreign creditors of the German banks are in accord, a
maximum Inuit of 7% shall be placed on interest rates charged
APRIL 9 1932.]
FINANCIAL CHRONICLE
2629
on credits under the current standstill agreement. This Germany Planning Vast Public' Works—Contemplates
was noted in the New York "Times" of April 2, which also
Expenditure of $357,000,000 This Spring to Give
said:
1,800,000 Jobs.
The unanimous action of all creditors would be impossible to obtain,
Under date of March 30 Associated Press advices from
according to the views of some bankers here. Dutch and Swiss bankers,
It was remarked, have been charging their German debtors 8 and 9% Berlin stated:
and are unlikely to agree to a lower rate. In this market the average is
probably about 6%. bankers said, although the rates charged vary between
5 and 8%, depending upon the character of the indebtedness.
An item from Berlin stating that interest charges on the
$90,000,000 central bank credit to the Reichsbank had been
reduced to 6% from 8% appeared in our issue of April 2,
page 2428.
German Government Reported Arranging Financing
Plan on Theory that There Will Be No Further
Reparation Payments.
It was stated in Associated Press cablegrams from Berlin
April 5 that the German Government is going ahead with
its financing plans on the theory that there will be no more
reparations payments. The cablegrams continued:
The budget for the fiscal year 1932-33, now in preparation, makes no
provision whatever for war reparations, it was learned to-day. It is
the first time since the end of the conflict that this item has not bulked
large in the Reich's financial plans.
The action of the Federal Government in Ignoring reparations requirements in budget plans Is in accordance with the declaration of Chancellor
Heinrich Bruening last January that continuation of such payments Was
impossible and any attempt to maintain them "must lead to disaster not
only for Germany but for the whole world."
The whole problem is to be discussed at impending international conferences. As matters stand at present, however, Germany has no authority
to forego her payments after the conclusion of the Hoover moratorium
this summer.
The Government is trying to balance the budget at 8.500.000,000 marks
[about $2.040,000.0001. It is understood that the present budget year
will show a deficit of 550.000.000 marks about 5132,000,0001. About
the middle of the month the new budget will be discussed in the Reichstag.
Through a vast system of public works, more than three-fourths of which
will be revenue-producing, Germany hopes, with the seasonal demand for
labor this spring, to put a large part of her 6.200.000 unemployed back to
work.
Proposed by Adam Stegerwald, Minister of Labor, the scheme contemplates spending 1.500.000,000 marks [about 5357,000.0001 In expansion
and replacement programs for the German inland telegraph system, railways. canals, roads and housing facilities.
Under the plan construction orders aggregating 300.000,000 marks would
be placed by the railways: 100.000,000 by the post office, which also controls the telegraph system: 400,000,000 for the repair of roads and new road
construction; 300,000.000 in agricultural rehabilitation; 50,000.000 in
renovating and constructing new canals, and 200.000,000 in building small
houses.
This stream of money would be diverted Into productive channels, except in the case of the 400.000.000 mark expenditure for roads, which is
open to discussion as far as revenue-producing is concerned.
From all other expenditures the Government stands to make a profit,
or at least get its money back. This is particularly true of the postal
divisions, which annually return a net palance to the Reich's coffers.
The announcement of the Government's proposal has caused renewed
hope here, and coupled with the Reichsbank's announcement of cheaper
money is calculated to relieve conditions materially this spring when the
seasonal demand for additional workmen picks up.
Pumping this new blood into the veins of the German industrial and
economic system is regarded by the Government as affecting probably
triple the number of men for which it is planned. Originally, the program
called for placing 600,000 men, roughly one-tenth of the unemployed, back
to work. However, with much manufacturing to be done on the materials,
It is expected that two factory workers will return to work to supply each
man in the construction projects with materials.
Industries that should benefit from the proposal if it is adopted by the
Cabinet are heavy steel, electrical, cement, machinery and lumber.
Behind the plan stands one of Germany's foremost authorities on labor,
Herr Stegerwald, who rose to his place in the Cabinet from the ranks of
the Catholic trades union movement.
A definite decision, which is expected to be favorable, will be made by
the Cabinet as soon as the Presidential election is out of the way.
New Pact Reported Sought on German Debts—"Standstill" Agreement Discussed on Municipal ShortRenew Hungarian Treasury Bills.
Term Notes.
"Wall Street Journal" of April 2 we take the
the
From
From the New York "Evening Post" we take the followfollowing from London:
ing from Berlin April 2:
Representatives of British, Dutch, Swedish and Swiss banks have arrived
here for a discussion of a "standstill" agreement on short-term municipal
debts amounting to 250.000,000 reichsmarks. The American interest
Is negligible.
Under the decree on devisen, repayment is forbidden, but creditors are
asking for repayment of 10% similarly to the terms of the "standstill"
agreement on private debts. The Reichsbank is willing to accede to the
demands of creditors, but seeks a prolongation of all credits for one year
and,:a reduction in interest to 6%. An early agreement is probable.
Germany Fixes Quotas on Long Credits—Repayment of
These Foreign Debts Put on Same Basis as Standstill Obligations—Order Issued April 1 Aimed at
Satisfying Short-Term Creditors Who Feared Discrimination.
•
In a cablegram from Berlin April 4 to the New York
"Times" it was stated that all foreign unfunded long-term
credits, as well as foreign short-term credits not included in
the standstill agreement, will henceforth be treated, as far as
repayment of principal is concerned, like the standstill
credits, which means according to Clause 10 of the standstill agreement. The cablegram continued:
This is the essence of Governmental Instructions to the Department for
foreign exchange control Issued April 1, It was learned, to satisfy shortterm creditors on the question of non-discrimination.
This means that in any consecutive six-monthly period not more than
15% of the principal of a credit to a German commercial, Industrial or
private debtor and not more than 25% of a credit to a German bank debtor
may be repaid upon maturity into a blocked account. The same applies
to short-term credits not included In the standstill agreements. As to
credits to a public debtor, no quota has been fixed, the question of repayment to be decided In the individual case. Exceptions to this rule may be
granted In special cases only if the creditor agrees not to satisfy himself
out of property the debtor holds abroad.
This hardly changes the present situation, as the practice heretofore
has been to prohibit repayments on non-standstill short credits. while repayment of unfunded long-term credits has been permitted, but rarely
led to payments larger than the quotas because of the customary difficulties of the debtors.
The creditors are to have the same opportunity as the standstill creditors
to convert within Germany funds accumulated on blocked accounts into
five-year mortgagee.
The ultimate fate of credits to public debtors will be decided when present
negotiations for their full or partial consolidation have been concluded.
Contract was signed on Thursday, at offices of N. M.Rothschild & Son,
for renewal of the Hungarian Treasury bills which mature Feb. 22. The
bills amount to £1820000 in sterling, $5,000,000, and 12.500.000 in
Swiss franca. The new bills, which mature Aug.8,are for the same nominal
amount and the equivalent rate of discount and will be delivered In exchange for the old,l3U1s.
Notice of Hungarian Bank Dividend.
Hanover Bank & Trust Co. of New York,
Central
The
depositary on April 4 notified holders of Hungarian General
Savings Bank, Ltd., American shares, that the bank has
declared a dividend of 2.50 pengoes a share (equivalent to
12.50 pengoes per American share before charges and expenses). The dividend is payable to shares of record April
15. In its notice the trust company says:
Owing to the exchange restrictions instituted by the Hungarian Government. it is not possible at the present time to convert the pengoe dividend
Into United States dollars. The undersigned, as depositray, will, therefore. transmit to said Bank a list of the holders of record of American Shares
as at the close of business on said record date, instructing said Bank to hold
for the account and at the disposal of said holders of record their Proportionate shares of said dividend so declared, after deducting charges and
expenses of the undersigned as provided In said agreement.
CENTRAL HANOVER BANS AND TRUST CO.
Swedish Plants to Cut Match Production—To Operate
Only Four Days a Week from April 15.
In a wireless message April 3 from Stockholm to the
New York "Times" it was stated:
The Swedish Match Co. to-day decided to curtail the operation of its
factories from five to four days a week, beginning April 15.
It was explained the company during the prevailing depression throughout
the world wished to avoid an increase in the stock of matches. The present
stock was said to be large.
Swedish Business Interests Look to Department of
Commerce to Support Export Trade—Committee
of Experts Named.
Supporting the work of the Swedish Department of Commerce, a special committee has been appointed to carry on
extensive investigations regarding ways and means of
British Committee Representing Short-Term Creditors promoting Swedish exports, it is stated
in a report from
Makes Recommendation Regarding Interest on Trade Commissioner Basil D. Dahl,
Stockholm,
to the
Indebtedness Covered by German Credit Agree- U. S. Department of Commerce. This
committee consists
ment.
of 17 men, 15 of whom are experts from various
industries
The following from London is from the "Wall Stree and trades. The others are the Under
-Secretary of the
Journal" of April 2:
Department of Commerce and the Director of
the ComJoint committee of British short-term creditors has issued a recommends- mercial Bureau of
the Foreign Office. The further antion to its constituents that interest on indebtedness which is covered by
the German credit agreement of 1932 should be charged at 2% above the nouncement on March 28 by the U. S. Department' of
London bank rate, with a minimum level of 5%.
Commerce reports:
2630
FINANCIAL CHRONICLE
[Vor... 134.
A statement issued at the time the committee was named, said:
'With present conditions in commercial life, it is considered that commercial-political questions require closer attention and this caused the
Government to call to its side this advisory board. During the past few
months when abnormal conditions have prevailed in connection with
exchange and financial difficulties, a general isolation policy has become
noticeable in several countries, and the 17 exports will be of great assistance
to the Government in dealing with this situation.'
The board is also expected to follow closely current developments, carry
on special investigations, prepare statements concerning questions assigned
to it and otherwise make suggestions aiming at doing away with the difficulties of moderating the effects on Swedish commercial life of protective
commercial-political action in foreign countries.
Swedish importers are mid to take exception to the new board because
they contend their interests are not represented on it.
Salvador Bondholders Committee Under Chairmanship
of F. J. Lisman Will Accept Deposits Until April 30.
The Bondholders Protective Committee of the some $17,500,000 of the Customs Lien 8%, the 6% sterling, and the
7% sinking fund gold bonds of the Republic of El Salvador,
of which F. J. Lisman is Chairman, and Fred Lavis, President of the Latin-American Bondholders Association, and
R. W. Hebard, members, announce that a favorable response has been received from the Committee's request for
deposits on March 28 and that in view of this fact it has been
decided to limit the time for deposits to April 30 1932, when
it is expected that sufficient bonds will have been deposited
30,000 on Strike in Czechoslovakia—Coal Miners, to
proceed with the complete work of the Committee.
Averaging $2 it Week, Protest Dismissal of 12,000
The Committee has made application for listing the cerin Slump.
tificates of deposit for the series A bonds on the New York
The following Prague aclvices March 30 are from the Stock Exchange
and anticipates a conference in the near
York
New
"Times":
future with a representative of the El Salvador Government,
The critical condition of Czechoslovakia's industry has caused a strike of which proposed
sending an envoy to New York to negotiate
30,000 of the country's 83,000 coal miners, following a decision of the
mine owners to dismiss 12,000 men. Clashes of strikers and police in which with the bondholders. The New York Trust Co. is deshots were fired and a number on both sides wounded were followed by positary for the Committee, Hornblower
, Miller, Miller &
stormy debates in Parliament to-night.
Boston, counsel, and Douglas Bradford, 120 Wall Street,
On the outbreak of the strike, the leaders of which make their slogan
the withdrawal' of the dismissal notices to the miners, the Government Secretary. Reference to the Lisman Committee was made
issued stringent orders forbidding the assembly of crowds In the mining in these columns March 26,
page 2252 and April 2, page
areas. In the Ostrau district the Government proclamation was disre2433.
garded and crowds of strikers assembled
at the pit heads. Shots were
exchanged with the gendarmerie, and a number on both sides were badly
injured. There were minor clashes this afternoon in other areas.
In Parliament the Government was sharply attacked for failing to pre- New Salvador Projects—Minister of Finance Declares
vent the strike by deputies of various parties. A Hitlexite deputy. Herr
No Authority Has Been Given Eduardo Vargas to
Miksch. declared the strike was a comprehensivel act. of despair on the
Seek
Loans Therefor.
part of men whose weekly wage average $2. A Social Democratic deputy,
Herr Binovec. said the mine owners, who last year in one area alone made
With reference to an item, given in our issue of March 19,
$7.000.000. must cease provoking the workers and consent to nationalipage 2074, and which we indicated came from a New York
zation of the mines.
Minister of Labor Dostalek said late to-night he had. insisted that a paper, bearing on reported new projects
and an alleged loan
number of mines withdraw the notices to the miners. The strike commit- for
the furtherance of the same, we have received the followtee has agreed to continue deliveries to schools and charitable institutions,
but to deal with applications of industrial undertakings for coal on the ing cablegram from the Minister of Finance of the Republic
merits of each case.
under date of April 7:
Conditions in the Province of Ruthenia were the subject of interpellations by National Socialists to-day. They accused the Government of the Editor, Commercial and Financial Chronicle:
Province of misinforming the Government concerning a famine there.
Referring to news item published In your issue of March
19 (page
Eduardo Vargas has no authority from this ministry to seek funds 2074).
They said 15.000 children were threatened with death by starvation.
or loan,
much less for unnecessary or unproductive work_
lilINLSTBR OF FINANCE,
Republic of El Salvador.
New Treasury Bond Issue by Czechoslovakia.
The following from Faris is from the "Wall Street Journal"
Closing of De Beers Diamond Mines—Subsidy to
of April 8:
Announcement has been made of issue of 600.000,000 francs 5% five
Amsterdam Industry.
year Czechoslovakian Treasury bonds at 99%. Issue is under the guarantee
Associated
Press
advices from Amsterdam (Holland)
of the French. Government. The bonds enjoy a lien on net profits of the
Czech tobacco monopoly after requirements are met for service of the 8% March 31 stated:
external loan of 1922.
The De Beers diamond mines in South Atrial closed to-day. as It was
announced they would a month ago. but the diamond-cutting industry in
the Netherlands is keeping its skilled men on the pay roll in anticipation
of
a demand for large-sized stones.
Czech Banks Not to Support Shares.
From its Paris bureau the "Wall Street Journal" of
Under date of April 1 the New York "Times" reported
April 8 reports the following:
the following from Amsterdam:
The decision of four leading banks of Czechoslovakia to cease attempting
Unemployment in the diamond industry is increasing daily.
About
to hold up quotations of their shares In the market and their proposal to 80% of the workers are now idle.
cancel those shares which they have bought in during the last two years
The Government's plan to subsidize the industry is not expected
to
help
with a corresponding reduction in nominal value of capital is generally until there is a general economic improvement.
commended. The present total capital of the four banks, the 21vnostenska,
The following March 30 from Johannesburg, is also from
Bohemian Discount, Bohemian Union and Bank of Commerce & Industry,
aggregates 920,000,000 Czech crowns..
the "Times":
Spanish Treasury Offering.
The April 2 issue of the "Wall Street Journal" contained
the following from Madrid:
The Spanish Treasury is offering a 53% loan of 500,000,000 pesetas
as April 12..
The Central Exchange Bureau is seeking a technical means to improve
the position of the peseta.
Spanish Exchange Control.
In its issue of March 24 the "Wall Street Journal" reported the following from Madrid:
Control of foreign commercial bill payment ends Friday and bankers
hope soon to re-establish entire freedom of the foreign exchange market.
An internal Treasury issue of around 400,000,000 pesetas is scheduled
to be made on April 10. Savings banks are already asking for 200.000.000
Pesetas ol the total issue while oversubscription of the remainder is assured.
The new balanced budget is encouraging confidence on the part of the
public and should result in diminishing hoarding.
Recent weakne,sa of the peseta is believed to be the result of an easing
of the exchange control measures.
Spanish Budget Effective.
The following (United Press) from Madrid is from the
"Wall Street Journal" of April 1:
The new budget effective April 1
provided a 20% increase in the cost
of tobacco and a rise of 10 centimes per liter In the price of
gasoline.
Revenue was estimated at 4.550,248.192 pesetas
and expenditures at
4.469,862,488.
The great De Beers mines at Kimberley will be closed to-morr
ow, as
forecast. last month, and with this the main diamond
industry of South
Africa will come to a standstill.
Except for the throwing of 2,500 white workers and thousands
of natives
out of employment, however, the closing is not regarded as
a disaster.
The diamond companies regard It more as a necessary prelude to the
return
of prosperity. Thrice in the present century all or most of the
De Beers
mines have been closed—during the crisis in the United Staters
In 1908,
during the early years of the World War and throughout
the post-war
crisis beginning in 1921—and in each case their reopening
has ushered in a
period of prosperity for the industry.
On its present basis, the diamond industry Is dependent for
prosperity
on effective control of prices. The main producing interests
in South
Africa thus have been compelled to concentrate their attention on
the regulation of sales and through their organization,known as the
Diamond Corp.,
have managed to sell through a single channel at a single
price. But this
has been done only by buying up the production of others
and holding it
until it should become salable. This method requires
enormous financial
resources and is apt to result in an accumulation of
diamond stocks far
larger than a depressed market can absorb.
At present low prices there is estimated to be £20,000.000,
worth ($75,200.000 at current exchange) of rough goods in the bands of
the Diamond
Corp. and producers,excluding stocks owned by the South
African Government. Even if the sales position were to improve, it would
take two or
three years to reduce the amount of all this "sterilized" treasure.
The stoppage of production cannot affect sales while there is a two
or
three years' supply of stocks on hand. As the Government revenue from
diamonds depends on sales instead of output, the closing of the mines is
not expected to create new difficulties for the Treasury.
The best hope for stability in the industry is felt to lie in a. proposal
that the South African Government call a conference of all producing
countries to establish a system of world quotas. The Government has
just appointed a commission to inquire into the condition of the industry
and,some such reeommendation may be included in its report.
Reference to the proposed closing of the De Beers mines
was made in our issue of Feb. 20, page 1290.
APRIL 9 1932.]
FINANCIAL CHRONICLE
Report that Manchoukuo Government Will Take Over
Salt Revenues—To Accept Responsibility for Repayment of Foreign Loans Secured by These
Revenues.
Associated Press accounts from Tokio March 28 stated:
A Rengo News Agency dispatch from Changchun to-day said the new
Manchoukuo Government had announced it would take over administration of the salt revenues, at the same time accepting responsibility for the
repayment of foreign loans secured by these revenues.
U. S. Munitions Policy Unchanged—No Ban on Exports
to Japan—Du Pont Conference Details Withheld.
From Washington ad-vices to the "Wall Street Journal"
of March 29 said:
The policy of the United States Government in relation to export of munitions to.the Far East has undergone no change, it was said at the State
Department.
Officials of the department continued reticent regarding the conference
held between them and representatives of du Pont interests, their only
comment being that it was "private business" of du Pont's and that it
would be improper to discuss the matter.
There has been no ban on exports of munitions from this country to
Japan, but the polity of the Administration has been to prohibit munitions
shipments to China unless such shipments were covered by a license.
Tientsin and Peking Bank Notes Banned in Mukden.
By order of the nevr Provincial Government of Fengtien
province, Tientsin and Peking bank notes, which formerly
had free circulation in Mukden, have been banned and will
not be accepted by any local official organization, it is
stated in a report to the Commerce Department from Assistant Trade Commissioner Louis V. Venator, Mukden. It is
considered likely that the same practice will be extended to
the other provinces in Manchuria. The Department on
April 1 further reported:
In the past, notes Issued by certain of the more stable Tientsin banks
have enjoyed reasonably free circulation and a fairly low rate of discount
In Manchuria until the present order.
Mr. Venator stated that in financial circles It is said that the Japanese
program in Manchuria calls for the eventual circulation of Bank of Chosen
yen notes as the official currency, and the recent order may be one step
toward a reduced use of Chinese currency.
Another view of the development is that the order was issued in an effort
to increase silver holdings in Manchuria. There is an embargo upon the
exportation of silver from Manchuria, and ft is considered possible that the
ban upon Tientsin notes will result in the importation of additional silver.
New Manchurian Government Plans to Take Over
Customs Offices in Near Future.
The new Manchurian Government is arranging to take
over all customs offices, with the exception of the one at
Darien, in the near future, according to a. radiogram received March 31 in the Department of Commerce from
Assistant Trade Commissioner Carl E. Christopherson,
Mukden. Darien is located in Japanese territory, it was
noted April 1 by the Department which added:
According to.the radiogram ,.no change in duties is planned for the present.
The establishment of the capital at Changchun has resulted in increases
in the price of foodstuffs and luxuries ranging from 20% to 1007o, however.
The Dairen municipal council has approved the 1932 budget which calls
for expenditure of 1,083.00() yens. This is 90,000 yen lower than last year.
According to the report, freight carried by the Chinese Eastern railway
In January and February totaled 732,000 metric tons compared with 87,000
metric tons a year ago. Grain stocks awaiting shipment at all stations as of
March 1 1932, amounted to 296,000 tons compared with 490,000 tons a
year ago,
Japanese Consider Settling 500,000 Families in
Manchuria.
From Tokio, April 4, a wireless message to the New York
"Times" said:
2631
The Japanese Government is shipping 7.00c1,000 yen of gold to the United
States to-day (April 4) according to. a cablegram received in the Department of Commerce from Commercial Attache B. A. Butts, Tokio.
According to the cable, the 193233 budget draft indicates expenditures
amounting to 1.490.000,000 yen and revenues of 1,380.000.000 yen. This
deficit will be covered by bond issues, it was stated.
The Government expects to issue bonds to the extent of between 460.000,000 and 4711.000.000 yen in the next Fiscal year. This figure does not include bonds authorized at the last session of the Diet to meet the expenses
of military operations in China.
It is reported that the Bank of Chosen, the South Manchurian Railway
and the Oriental Development company will loan the new Manchurian
Government 20,00(1,000 yen.
Insurance companies are loaning Prefectures 4,000,000 yen at 634%
for 20 years. The Nisshin Flour Mills is issuing 2.500,000 Yen of6%
debentures, and the Kawasaki Dock Co. is issuing preferred stock in settlement of its debts.
The South Manchurian Railway is reported to be considering doubling
Its capital. If this plan is carried out, the company will be capitalized at
880.000,000 yen.
Shipping companies plan a new service to Dairen in anticipation of increased exports to Manchuria.
Japan had an unfavorable January trade balance of 156,000,000 yen.
(Yen equals about 33 cents at present exchange.)
Manchuria to Build Gigantic Sulphate of Ammonia
Factory.
The South Manchuria Railway Co. is to launch various
important enterprises in Manchuria and Mongolia as soon
as political conditions in the new State warrant, according
to information contained in a recent issue of the "Japan
Chronicle," Consul-General M. S. Myers, Mukden, China,
states in a report made public by the Department of Commerce. In indicating this April 4, the Department said:
The first project planned, according to the report,is the establishment o
a huge sulphate of ammonia,factory in Dairen. Nitrogen will be extracted
from the air. The enterprise will involve a cost of about 20.000.000 yen
($7.200.000 average exchange for January 1932). The company, has
already applied to the Tokio Government for formal approval.
To provide for the expenditure needed for various enterprises, the company bas arranged for a call on unpaid capital. The company now plans
issuing debentures totaling between 30.00.0.000 yen and 50.000,000 yen.
The matter is being discussed with syndicate bankers, particularly the
Japan Industrial Bank.
Australian Court Upholds Debt Law—Ruling Permits
Commonwealth to Seize Revenues of States on
Default in Payments—Affects New South Wales.
The following(Canadian Press)from Melbourne,Australis,
April 6 is from the New York "Times":
The Australian High Court to-day decided by a majority Judgment of
4 to 2 that the Commonwealth Government's new "financial agreement
enforcement act" is valid legislation
This is the drastic measure which shunts the responsibility for overseas
borrowings, whether on State or Federal account, to the Commonwealth
Government and, in turn, empowers the Commonwealth to seize the
revenues of States which default debt payments. It is aimed directly at the
State of New South Wales, which defaulted overseas debt payments on
Feb. 1 and again on April 1.
The validity of the legislation, which has been passed by the Commonwealth Parliament was contested by New South Wales, and the States of
Victoria and Tasmania assocl.ted themselves with the action. Premier
J. T. Lang of New South Wales requested the Commonwealth Government
to withhold proclamation of New South Wales's default,the first step under
she provisions of the new machinery, pending the court's decision.
Tense interest was evinced throughout Australia in the court's findings.
It was generally expected that Premier Lang would, continue to resist
enforcement of the Commonwealth act by every means in his Power,
although the next move is up to the Commonwealth.
The Commonwealth Cabinet hastily conferred as soon as the decision
was made known. Prime Minister Joseph Lyons, obviously delighted by
the action of the court in backing up his policy, said the proclamation of
default would probably be issued on Friday.
The next steps—following the provisions of the act—would be to designate
certain revenues of the State and,collect them on Commonwealth account,
Making them applicable so repayment of the amounts. the Commonwealth
has already disbursed to meet State debt payments. It is probable sufficient
revenues will be designated to cover the State's default until'at feast June30.
Those paying the designated taxes or levies will be liable to penalties if
they pay- them to the State instead of to the Commonwealth.
Plans for settling 500,000 Japanese families in Manchuria during the next
decade are being considered by the Overseas Ministry in co-operation
with the Ministry of Agriculture, directors of the South Manchurian
Railway. Oriental development companies and agricultural experts of
Japanese universities. It is believed the families can be settled in communities of 300 or 400 at a cost of 2.000 yen (about $660) per family.
The press and the public show great interest in these schemes but underestimate the practical difficulties.
The settlement of 500,000 families in ten years would coat 200,000,000
yen. Meantime. Japan's population is increasing at a rate of a million
annually.
Australia Pays State's Defaults—Commonwealth Meets
Interest on New South Wales's Bonds—£.200,000
Due in New York—Bars Moratorium Plan—Premier
Rejects Proposal for Plea to Foreign Holders.
Canadian Press advices from Sydney, Australia, in
stating on April 1 that the Commonwealth Government
of Australia made that day payments in London of £900,000
and in New York of £200,000 due as interest on bonds of
the State of New South Wales, which defaulted previous
China Pays Part of Duesin Arrears to League of Nations..
payments Feb. 1, added (we quote from the New York
The following (United Press) from Geneva, is from the "Times"):
"wan Street Journal," of March 30:
This undertaking, carried out at an additional cost of about 25%
for
China has paid the League of Nations Treasury $93.000 as the first instalment of arrears in League contributions which totaled $1,800,000 last
September.
Japan Ships More Gold to United States—To Meet
Deficit with Bonds.
An announcement April 4 by the U. S. Department of
Commerce said:
exchange. was made at the same time as the attempt of Premier J. T. Lang
of New South Wales to obtain a moratorium on interest
payments was
announced a failure.
When the State defaulted interest payments the
Commonwealth Government assumed them and at the same time passed
legislation which makes
the Commonwealth Government directly responsible
for all State loans,
In turn giving it the power to seize the revenues of
defaulting States. This
legislation is now the subject of an action by the State of
New South Wales,
and the validity of the measure will be ruled upon by
the high court of
Australia.
2632
FINANCIAL CHRONICLE
Prime Minister J. A. Lyons, head of the United Australia party government, has rejected a suggestion from New South Wales that the Commonwealth should intervene in an attempt to secure a moratorium from overseas
bondbolders. Announcement of the failure of the attempt to secure a moratorium on New South Wales loans was conveyed to Premier Lang by A. C.
Willis, New South Wales Agent-General in London.
Mr. Willis told Premier Lang by cable to-day that he had interviewed a
number of representatives of large bondholders who showed they relied on
the Commonwealth's acceptance of all liabilities. Mr. Willis expressed the
opinion that if the Commonwealth and all the States joined in representations with a view to securing suspension of interest payments and reduction
of the interest rates an advantageous arrangement could be made. Prime
Minister Lyons, however, states the Commonwealth Government's advices
from London contradict the expressions of Mr. Willis.
A Commonwealth proclamation of the New South Wales default, which
under the new legislation is a preliminary to resolutions annexing sufficient
of the State's revenues to meet the payments already carried out by the
Commonwealth on behalf of the State, is being held up pending the judgment
of the night court on the legislation's validity.
An item with reference to the payment of the New South
Wales interest appeared in our issue of April 2, page 2436.
[VOL. 134.
to the present $25,000,000 issue, Mr. Dunn reported that
the demand from institutional and other investors has been
sufficient each time to absorb the entire amounts offered
heretofore. In announcing on April 5 that books have been
closed on the new 825,000,000 issue, dated April 15, Mr.Dunn
stated that the debentures were publicly sold and the Reconstruction Finance Corporation was not called upon to take
any of the issue.
In his announcement of the offering Mr. Dunn said:
"The public reception of these issues is a very encouraging indication
with regard to the country's investment confidence, which continues to
be shown in this way in spite of condition of depression and business difficulties of various kinds. The situation of the Credit Banks, which have
proven of great aid to the co-operative marketing organizations of farmers,
is strong and unaffected by purely extraneous developments in other fields
of activity. The farmer's credit, as exemplified by the prompt repayment
of these loans, has proved to be remarkably good."
The entire capital of the 12 Credit Banks was subscribed for by the
United States Treasury. All issues of debentures must be secured by at
least a like face amount of cash or obligations discounted or purchased or
representing loans made in accordance with the provisions of the Act
under which the banks were established.
Proposed Cuts in Wages of Civil Employees in New
Zealand,
Canadian Press advices from Wellington, New Zealand,
Interest Rate Set by Secretary of Interior on Irrigation
April 6 said:
Loans—Water Users to Pay 5% Under Moratorium
cuts
in
are
civil
the
contemplated
servants in New
Further
wages of all
Zealand on a graduated scale ranging from 5 to 12%%,according to a report
Granted by Recent Act.
which up to to-day had not been officially denied. A 10% cut has already
Five
per cent was fixed by Ray Lyman Wilbur, the Secbeen effected.
The same report added that reductions in the rates of Interest, certain retary of the Interior, as the rate of interest which water
classes of pensions and rents were probable.
users on reclamation projects will pay under the moratorium
granted them in the Act passed by Congress and signed by
New Zealand Loan.
the President April 1, according to a statement issued by
From the "Wall Street Journal" of April 1 we take the the Department. The statement was given as follows in
following (United Press) from London:
the "United States Daily" of April 2:
Underwriting has begun here on a 5% New Zealand loan of £5,000,000
inked at 9834 and redeemable from 1956 to 1971.
Treasury Department Subscribed $63,243,740 to Stock
of Federal Land Banks, Increasing Capital to
$128,605,609—Acts Under Recent Congressional
Authority.
Acting under the recent authorization by Congress appropriating $125,000,000 to the United States Treasury for
subscription to stock in the 12 Federal Land banks, the
Treasury has increased the paid-in capital of the 12 Federal
Land banks by almost 100%, subscribing thereto $63,243,740, making the total stock of the banks 8128,605,609.
Annouhcement of this was made April 7 by the Federal Land
banks, the announcement further stating:
The Government subscription included $25,000.000 to be used to take
the place of funds of which the banks might be deprived by reason of
extensions granted under their mortgages, as provided by the Congressional
Act. The United States Treasury has received non-voting shares of
stock for the advances made to the 12 banks, and this fund must be repaid
to the Treasury in the same way that the original subscriptions to stock
in these banks were repaid to the Treasury.
When the Federal Land banks began business in 1917, the Treasury
subscribed $8,892.130 out of a total of $9.000.000 capital stock of the
12 institutions. The Act creating the banks provided that 25% of the
subscriptions to stock of national farm loan associations, through which
the loans made to the banks originate for the most part, above a stipulated
amount, must be applied to the retirement of Government-owned stock.
Under this provision, the Government's participation in stock on the first
of this year has been reduced to $204.698. of which $69,895 represented
stock in the Federal Land Bank of Springfield and $107.803 in the Federal
Land Bank of Berkeley.
The total subscriptions to the capital stock of the banks made by the
Treasury at this time are as follows:
$14,905.360
$1.425,080 St. Paul
Springfield
1.512,430 Omaha
3,499,810
Baltimore
8.958.770 Wichita
1,924.055
Columbia
Houston
3.000.980
3,290.965
Louisville
1,981,490
8,651,070 Berkeley
New Orleans
0.679,545
4,414.185 Spokane
St. Louis
The above subscriptions include those from the $25.000,000 fund which
are as follows:
$2,402.525
$1.117,780 St. Paul
Springfield
3.499,810
1.454,245 Omaha
Baltimore
1,924,055
1.168.820 Wichita
Columbia
3.290.965
2,558.660 Houston
Louisville
1,116,355
2,227,350 Berkeley
New Orleans
2,023,315
2,216.120 Spokane
St. Louis
Offering of New Issue of $25,000,000 of 4 Vi% Debentures of Federal Intermediate Credit Banks—
Issue Sold Publicly.
Charles R. Dunn, Fiscal Agent for the Federal Intermediate Credit Banks, announced on April 5 public offering
of a new issue of $25,000,0004 Yi%collateral trust debentures,
dated April 15 and due in three, four and five months, priced
on a 4% basis. This April financing of the Credit Banks,
follows the offering and public sale in March of $25,000,000
of 434% debentures priced at par. In February the financing
consisted of an issue of $15.000,000 of 5% debentures.
Although the Reconstruction Finance Corporation has
offered in each instance to take all or any portion of debentures remaining unsold on the issue dates, which are
15th of each month, and the same offer applied in regard
Secretary Wilbur to-day (April 1) set the rate of interest which water
users under reclamation projects should pay under tie) moratorium granted
by an Act recently passed by Congress, and signed by the President April 1,
at 5%. This Act, which prescribed relief for those reclamation projects
which see fit to avail themselves of it by application stipulates that interest
should be paid and requires the Secretary of the Interior to determine what
that interest should be.
According to regulations( issued to-day by the Reclamation Service,
any individual, under these reclamation projects, desiring to accept the
provisions of this Act should make application as follows:
"Application is hereby made for the relief authorized by the Act approved
April 1 1932. Application is also made for the deferment under Section 6
of that Act of the following charges (enumerating charges)."
The application should be made direct to the Bureau of Reclamation
with copies to the Chief Engineer and the District Counsel Recommendations by the Superintendent should ab3o be submitted concerning
any features covered by the application concerning which the exercise of
discretion by the Secretary is requested.
The Act of April 1 provides that any irrigation district, water users'
association or other water users' organization under contract with the
United &aces for payment of construction charges, under the Act of June
17 1902, or Acts supplementary thereto, may have his construction payments deferred and may until the end of the payment period of his contract
have one-half of his payment for the calendar year 1932 similarly deferred
Move to Abolish Federal Farm Board Defeated
in House.
The House of Representatives defeated yesterday (April 8)
an effort to abolish the Federal Farm Board, said Associated
Press advices from Washington, which added:
By a vote of 152 to 23 it rejected an amendment to the pending Independent Offices Appropriations bill to accomplish this purpose.
The amendment, offered by Representative Vinson, a Georgia farmer,
would have closed the Board after June 30. let the Department of Agriculture liquidate its affairs and discontinue assistance to agricultural
marketing co-operatives.
Before considering the proposal to abolish the Farm Board the Howe
defeated an effort to increase its appropriation for 1933 from $1,000,000 to
$1,380,000.
President Carey of Chicago Board of Trade in Letter to
Secretary of Agriculture Hyde, Discusses Recent
Rules of Board Affecting Deliverable Grades of
Wheat—Says Secretary's Recent Letter Does Not
Prove That Further Control of Board is Necessary.
With reference to the recent letter to Senator McNary
and Representative Jones, in which Secretary of Agriculture
Hyde criticized the Action of the Chicago Board of Trade
in increasing the number of deliverable wheat grades, Peter
B. Carey, President of the Chicago Board, has addressed a
letter to Secretary Hyde regarding the new rules, in which
he questions the price-fixing policy of the Federal Farm
Board. Mr. Carey's letter, in which he charges that the
cabinet member has attempted to make a scapegoat of the
Board of Trade in an effort to divert public attention from
"enormous expenditure and waste of public money" in his
department, follows:
Honorable Arthur M. Hyde,
Secretary of Agriculture,
Washington, D. 0.
Dear Mr. Secretary: I have your letter of March 29, and am very much
surprised that I should have read in the newspapers of the letter which
you sent to Mr. Jones and to Senator MeNary before I received your letter.
It seems to me that probably matters of this sort might well be considered
APRIL 9 1932.]
FINANCIAL CHRONICLE
2633
they made the following report to Congress: "based on the
carefully and thoughtfully in conference before they are tossed into the Chicago, presented, the
Committee is of the opinion that these transactestimony
hopper for newspaper discussion.
made with no intent by the Soviet Government to depress the
The change in our rules affecting deliverable grades of wheat, which tions were
members price of wheat." "These transactions in wheat by the All Russian Textile
our members voted upon on March 11, was mailed to all of our
the Syndicate constituted legitimate hedging." At that time it NM felt by
and to Dr. Duvel on Feb. 26. Surely there was ample time during
your telegrams were inspired by political considerations, and I
period from Feb. 26 to March 24 for a serious consideration of this subject many that
help but feel that your letters to Senator McNary and to Mr. Jones
cannot
conference.
In
becomes are not untinged with politics at this time, especially in view of the
I regret the lack of a conference all the more because it now
and oncoming election when it might be considered profitable politically for
necessary to demonstrate publicly that your advisors misinformed you
Trade the Department of Agriculture with its enormous expenditure and waste
that your letter does not prove or even indicate that the Board of
its of public money to have a football which It could kick around for the
needs further control by the Secretary of Agriculture with respect to
the diversion of the minds of Senators and voters.
rules. On the contrary, your letter unquestionably demonstrates
I have no hesitation in saying to you that the officers and members of
absurdity of having rules formulated for the governing of an industry that
who not the Chicago Board of Trade are completely tired by being kicked around
affects thousands of wage earners and tillers of the soil by one
the as a political football. We have endeavored to be courteous to you and
only is not a member of the industry but also does not understand
expenditure to your office. We have tried at all times to co-operate with you when
technical side of the industry sufficiently well to justify the
it was possible to co-operate with you. We, as citizens and as taxpayers,
of capital and labor by others in an industry so regulated.
country and as honest men, resent the continued implications as to our integrity
According to your letter, all of the prices paid to producers at
closing and as to our motives which emanate from the Department of Agriculture,
stations throughout the United States "are based primarily on the
and we resent, as taxpaying citizens of the United States, a trial by the
prices of futures, and especially the closing prima of futures on the
prices head of a bureau wherein we are arraigned and found guilty without even
the
Chicago Board of Trade." By the reasoning used in your letter,
of a hearing. Such der chamber trials and newspaper indictpaid at Southwestern country stations would not be based upon the cash the fairness
become the dignity of a member of the Cabinet of the President
market in Kansas City, let us say, but rather upon the closing prices of ments ill
Board, of the United States, and I hope that when the next important matter
Chicago futures. If this is so, may I ask why the Federal Farm
for consideration we will at least have the courtesy of a hearing
on Oct. 26 1929 fixed a price of $1.18 a bushel for No. 1 hard winter wheat comes up
bags before we are made the scapegoats in what appears to be a political
basis Chicago, and a price of $1.15 a bushel for the same wheat
Kansas City, and a price of $1.21 per bushel for the same wheat basis judgment.
Yours very truly,
freight
Galveston, and a price of $1.15 per bushel basis Omaha? The
(Signed) PETER B. CAREY, Presidznt,
bushel.
rate between Chicago and Kansas City in 1929 was 101hc. per
Chicago Board of Trade.
Why was not the price made in Kansas City at $1.07% ?
through
The Farm Board, of which you are ex-officio a member, knew
It advisors that the cash market at country stations tributary to Kansas Secretary of Agriculture Hyde Says His Department
markets
City is based upon the merchandising, manufacturing, and export
Is "Prize Boob in History of Finance"—Crop Loans
same
available in Kansas City to the producers in that territory. The
Not Based on Drouth or Storm "Unjustified" He
thing holds true in Galveston and in Omaha.
Your argument claims entirely too much, namely, that the price of
Says.
futures in Chicago governs the price paid by country elevators for the
According to Associated Press accounts from Washington,
entire wheat crop, and as an example let us say in the Southwestern
have been March 29 Government loans which serve to increase the
territory which is naturally tributary to Kansas City. There
hard winter
four times in the years 1930 and 1931 when Kansas City No. 2
cash farmer's surpluses and keep down his prices drew the fire of
wheat sold at less than a shipping difference under the Chicago
at greater Secretary of Agriculture Hyde on that day. The Associated
market, and there have been 590 times when Kansas City sold
difference
than a shipping difference under the Chicago market. This
Press also said:
the special
certainly could have been occasioned by nothing other than
Any crop loan which is not based on an actual need in a drouth or storm
parthose
at
market
City
Kansas
the
to
individual
factors peculiar and
disaster was called "unjustified" by the Secretary of Agriculture.
ticular times.
He termed his department—the lending agency for the $50.000,000 now
Your argument also states too much when you claim that the difference available for 1932 loans—the "prize boob in the history of finance" and
estimation
between new and old May contracts in 1931 measures only the
said it was "lending more money on thinner security and sustaining more
placed by buyers upon the danger that they might secure the delivery of losses than ever before in the history of money lending in the world."
yellow wheat. Please remember that the prices of old and new May futures
Soon afterward Senator Robinson, Democratic leader, said Mr. Hyde
contracts referred to in your letter reflect other factors in addition to
was "manifestly not in sympathy with the relief which the law provides
yellow wheat. You will recall that the new May features did not permit
should be administered through his Department."
the delivery of grain in carlota on the last three business days of the month
Crop loans are now being made through regional offices at the rate
on the same liberal terms as permitted on the old contracts. You will
$1,000,000 daily—the total from the $50.000,000 fund being in excess
also remember that the old May contracts contained all the hedges and of
$6.000.000 to date. Last year the Department loaned approximately
of
CorpoGrain
National
Farmers'
the
of
were cornered by the pit activities
and has collected approximately $27,000,000—almost half
ration acting for the Grain Stabilization Corporation. There was no free $48,500.000 by commodities held as collateral.
represented
market at that time.
"What farmers need most," Mr. Hyde said, "is a market. FundaIn a conference, such as our Committee suggested to you Sept. 18 1929,
it is a question of balancing production and demand.
you would have been advised of these very important factors working to mentally,
attitude toward crop loans can be expressed in the words of a
"My
new
certainly
and
and
contracts,
old
between
create a price difference
woman who wrote the Department: 'Lending money and
would have then understood that the difference was not occasioned solely South Dakota future of farmers and their children will never restore
by the fact that the new contracts did not permit the delivery of No. 1 mortgaging the
prosperity'."
and No. 2 yellow hard wheat.
Answering the Secretary, Mr. Robinson said in an interview:
The percentage of yellow bard wheat received in Chicago during the last
"Advances to aid agriculture are an essential if not an indispensable
five years is in Itself adequate proof to all fair minded men that the
of emergency legislation. Of course loans of the character confarmers of Illinois should have the protection of delivering yellow hard feature
production by their own nature cannot be
winter wheat in carlots on future contracts in their home market should templated to aid in agriculture
of commercial loans, either as to security or time of
they desire to market their wheat by carlot deliveries on the sales of made on the basis
payment."
futures.
Explaining why he considers his Department the "prize boob" in finance
You will recall, as you have stated in your letter, that we eliminated
Credit Corporations
yellow hard wheat at your suggestion. When harvest time came in July Mr. Hyde pointed out that rural bankers, Agricultural
basis"—knowing the in1981 in Illinois conditions were such that we had an unusual amount of and Federal Land Banks lend on a "selection
wheat which the Federal inspectors graded as yellow wheat. A great dividual needs of each borrower.
"We have to lend regardless of the farmer's economic position. Incomplaint arose throughout Central Illinois. We received many letters
from farmers and country grain shippers complaining of the discounts evitably we incur losses."
which yellow wheat was suffering in the Chicago market because of the
Secretary Hyde was further reported as follows in Assofact that that wheat could not be applied on futures contracts. Mr. Earl O.
29, published in the New
Smith, head of the Illinois Agricultural Association, told Mr. Clutton ciated Press accounts on March
one afternoon that at the State Fair he had run into many verbal com- York "Evening Post":
face the
plaints that were rather bitter. Many of the complaints on the elimination
"There isn't any way of getting out of it," Mr. Hyde said,"but
of yellow hard wheat reached the Department of Agriculture in Washington fact that we have gone into business over at the Agriculture Department.
cotton.
and
wheat
the
and
complainants were informed that the Department had made no I don't know what we are going to do with all this
change in its grading rules, and the intimation was given that the responsi- Nobody seems to want wheat and cotton any more, and everybody seems
bility for the elimination of yellow hard wheat from grades deliverable on to be raising it."
receipts for about
contracts lay entirely on the shoulders of the Chicago Board of Trade.
Mr. Hyde said the Department has on hand warehouse
This shirking of responsibility was very annoying to us, especially as our $16,000,000 in cotton and wheat taken in repayment of seed loans over
Committee had warned yori and Mr. Legge on Sept. 18 1929 that just the last two or three years.
such a situation would arise whenever we had a certain type of weather
Still Collecting 1921 Loans
at harvest time. However, in a spirit of co-operation with your ideas,
farmers who
we undertook by means of conferences with Mr. Olson to have his DepartLast year Congress appropriated $67,000,000 for relieving
ment see the wisdom of eliminating the sub-class of yellow hard wheat suffered drouth, storm and hall losses.
more for
millions
from the Federal standards. Mr. Olson's Department felt that they should
About $48,000.000 was loaned for crop production and
not eliminate the sub-class, and after the second conference Mr. Olson feeding livestock in dry areas.
department has coladvised us, without giving definite reasons, that his Department would not
Most of these loans were due last fall. To date the
eliminate the sub-class. We, therefore, in the interests of the producers lected 55.4% of the 1931 loans, including the farm commodities taken
of the great Central West, and particularly the producers of Illinois, and as collateral. The total is approximately $25,000,000.
at the request of organizations representing more than 50,000 of those
Meanwhile, the Department still is collecting loans made as long ago as
producers, reinstated No. 1 and No. 2 yellow hard wheat as deliverable 1921.
grades on futures contracts.
It now has available $50.000,000 from Reconstruction Finance CorIt would seem that if yellow hard winter wheat is so very unimportant poration funds and $25,000,000 more will become available in June.
from a production standpoint and from a milling standpoint, as you
A sum of $200,000,000 was set aside in the reconstruction bill for agrichoose to make it in your letters to Mr. Jones and Senator McNary, that cultural loans. Senator Smith of South Carolina is sponsoring a bill—
the welfare of the producers in the United States would not have suffered now before the House Agricultural Committee—to make the remaining
had the Department of Agricultural Economics been willing to remove $125.000,000 available immediately.
Mr. Hyde believes $75.000.000 more than ample for farmers' credit
the sub-class of yellow hard winter wheat from the Standards, and this
would seem to point all the more clearly to the desirability of discussing loans and,acting for the Administration, is seeking to have the $125,000.000
these matters frankly and fully before publicity is given since your Depart- appropriated for use in financing foreign sales of Farm Board wheat and
ment would not then have been placed in the unenviable position of so cotton.
grading wheat as to work against the best interests of all the producers.
From the Washington dispatch March 29 to the New
I am reminded of the series of telegrams which we received and which
"Herald Tribune" we take the following:
York
we
before
them
hours
office
received
to
your
newspapers
the
by
were given
The Secretary suggested that he was making agricultural loans instead
with respect to the Russian hedges placed in this market in 1930. After
Is
the Congressional Commiesion, headed by Mr. Hamilton Fish, Jr., ad of the Reconstruction Finance Corporation because "the corporation
examined into the facts of the matter, not only in New York but in doing business on a business basis and loans that are now being made under
2634
FINANCIAL CHRONICLE
the name of agriculture cannot by the furthest stretch be called good
business."
Stir Caused in Capital.
These declarations made by the Secretary as he left the White House
after the Cabinet meeting this noon caused a stir in Washington, where
the claims of farmers to Government aid have usually enjoyed a privileged
status. Mr. Hyde,however. stuck by his guns in an interview later in the
afternoon when he added to his denunciation of the present farm loan policy
by saying that it would stimulate the prodection of cotton and wheat
just at a moment when the nation is sated with surpluses.
Mr. Hyde pointed out that last year his department loaned 547,500,000
to 380.000 individual farmers. Of this amount the latter have paid back
$15.423.000 and the Government holds warehouse receipts for $10.413 000.
Thus about 50% has been returned. The Secretary declared that the moneY
this year made available for farm loans by Congress under the Reconstruction Finance Act may amount to 5200,000.000 which would be
enough for 550.000 loans to farmers.
"If these loans are made to small farmers, some thought must be given
to market conditions next year when these crops are harvested," Mr.
Hyde said. "The bulk of the money will go into wheat and cotton. We
already have huge surpluses of cotton and wheat. If we make loans to
large farmers we shall stimulate production of wheat and cotton and thus
defeat the aims of Congress. For that reason. I have suggested that extra
money be used to export the products rather than to stimulate their production.
Why Bad Loans Are Made.
"Farm loans are normally made through multitudes of local banks in
local areas, and are on a selective basis. We and no other government
department can make this selection. We can't determine security or
anything else except the matter of wheather the loan applicant has land
and is a farmer. Inevitably we make bad loans. Therefore, as I said, we
are the world's prize boob as a lender." . . .
"You don't think these loans were justified?" he was asked.
"No,I don't," he said,"but I am going to make them because lam under
orders." He added that $6,865,000 has been loaned to 48,000 farmers
under this year's new law.
Shearing of 1932 Wool Clip Under Way.
Shearing of the 1932 wool clip is under way in Northern
Hemisphere countries which annually produce between
950,000,000 and 1,000,000,000 pounds of wool or about 30%
of the world's total output of combing and clothing wools,
according to the Bureau of Economics of the U. S. Department of Agriculture in its current report on world wool
prospects. The Bureau on March 30 said:
There was a 2% increase in the number of sheep in the United
States
on Jan. 1 1932, as compared with Jan. 1 1931, but the bureau
says that
reported heavy losses in the western range States, principally of
old ewes,
will tend to reduce the number to .be shorn while below-normal
pasture
and sheep conditions will tend to reduce the yield of wool per head.
Increased holdings of breeding ewes in the United Kingdom and
France
are regarded as indicative of probable increases in the number of sheep
and in wool production in those countries this year. English
export trade
in tops and yarn is reported as having improved in recent months,
but piece
goods exports are said to be hampered by restrictions on commerce.
131.
Exchange, with a total market value of $24,501,826,280.
This compares with 1,276 stock issues aggregating 1,320,153,047 shares listed on the Exchange March 1, with a total
market value of $27,585,989,257. In making public the
April 1 figures on April'6 the Exchange said:
As of April 1 1932 New York Stock Exchange member
borrowings on
security collateral amounted to 11533,103.059. The ratio
of security
loans to market values ofaillistedstocks on this date was
therefore 2.18%.
As of March 1 1932 New York Stock Exchange member
borrowings on security collateral amounted to $524,663,758.
The ratio of security loans to market values of all
listed
stocks on that date was therefore 1.90%.
In the following table listed stocks are classified by leading industrial groups, with the aggregate market value and
average share price for each:
April 1 1932.
March 1 1932.
Market
Values.
Market
Values.
Aver,
PriCe,
Aver.
Fries.
$
$ ,
$
$
Autos and accessories
1,224,058;30 11.31' 1,528,343,815 14.18
Financial
705,746,294 12.18
778,001,589 13.42
Chemical__
2,003,150,248
30.01
2,254,863,835
33.44
Building
157,108,380 9.02
186.681,767 11.78
Electrical equipment manufacturing...
662473,195 16.29
752.042,091 18.49
Foods
1;837,020,146 25.72 1,976,657,339 27.67
Rubber and tires
131,262.
10.64
153;647,647 12.45
Farm muehiner,219,822,704 19.57
240,372,585 21.40
Amusempay,s_ __
_ _
144,008,187 7.18
171,444,406 8.62
Land and realty
49,242,9411 9.57
50,754.741 9.85
Machinery and metals
643,812,606 12.97 722;211,667 14.65
Mining (excluding iron)
507.645.971 8.65 603.691,218 10.28
Petroleum
2,078,860,
11.88 2,107,703,94, 1.2.05
Paper and publishing
173.677,048 10.83
190.299,546 11.86
Retail merchandizing
1,467,970.340 20.63 1,611,969,835 22.64
Railroads and equipments
2,514,363,538 21.90 2,885,867,416 25.12
Steel, Mon and coke1,029,26.5.207 26.24 1,225,683.948 81.25
Textiles
113,114.637 10.16
120,268,900 10.80
Gas and electric (operating)..
2,280,139.464 32.63 2,511,890,115 35.95
Gas and electric (holding)
1,533,741,009 16.00 1,785,748,772 18:66
Communicatians (oalik,tel. mod radio) 2,454,366.576 65.40
2,806,191,305 74.71
Miscellaneous Utilities, 161,964,829 15.96
170,749,001 18.82
tviation
82,039,358 4.59
108,006,815 6.10
Business and office equipment
159,288,458 15.21
176,074,036 16.81
Shipping services
13,932,533 6.67
14,725,635 7.05
Ship operating and building
13,994,799 3.98
16,056,993 4.56
Miscellaneous business
57,126,743 9.78
73,350,319 12.56
Leather and boots_
191,913,055 27.31i
199.440.193 28.39
Tobacco
1,164,023,118 44.27 1,256,370,303 39.47
Garments
10,584,980 9.01
12,400.831 6.50
U.S. companies operating abroad
309,372,8
8.85
880,849,404 10.90
Forekn companies(Inel.Cuba.* Can.) 400,650,400 8.82
512,769,402 11.29
All listed companies
. 24,501,828,280 18.64 27,585,989,257 20.90
Inquiry Into Stock Market Trading To Open Before
Senate Committee on Monday Next.
According to Associated Press advices from Washington
yesterday (April 8) the Senate Banking Committee suddenly
Farmers Plan to Grow Own Food to Be More Nearly launched its stock market investigation yesterday to deterSelf-Sustaining-April 1 Report on Farm Situation mine whether a "systematic bear raid" was responsible for
by Bureau of Agricultural Economics.
the collapse of prices this week. Associated Press advices
Farmers, especially in the South, are determined this from Washington yesterday indicating this added:
year to be more nearly self-sustaining as to food and feedstuffs
The Committee subpoenaed Richard Whitney, President of the New York
according to the Bureau of Agricultural Economies in its Stock Exchange. to appear on Monday at the opening of the inquiry.
Mr. Whitney Was directed to bring blore the Committee the record of
April 1 report on the farm situation, citing farmers' plans
to all sales on the New York Stock Exchange of to-day and to-morrow.
curtail unprofitable cash crops because of continued low
Brookhart Calls Meeting.
prices. The Department of Agriculture's advices in the
The stock market investigation was launched suddenly when Acting
Chairman Brookhart, Republican, of Iowa, called an "emergency meeting
matter April 1 state:
Plans of farmers in the spring wheat area to sow 3% more
spring wheat
acreage than was sown a year ago are interpreted by the
bureau as "a determination of the spring wheat territory to 'come
back' after its disasters
of last season." Farmers are planning to sow 4% more
oats than a year
ago, 7% more barley, but to make not much change
in acreages of corn
and potatoes. Substantial reductions are contemplated in planting
of rice,
tobacco, beans and flax.
The Bureau says that "the early growing season which was hailed a
month ago received a sharp setback from the storms and
waves of
March. The South suffered the brunt of the crop damage. cold
Tender truck
crops, such as beans, cucumbers, and tomatoes, were injured badlY• From
Texas to the Atlantic, many fields of these vegetables-and also early
gardens-were wiped out. Tree fruits were injured somewhat."
However, despite this damage, the Bureau considers it "unlikely that
the ultimate crop acreages will have been affected greatly by the March
freeze. Considerable replanting has been made necessary, however, and
the maturity and marketing of southern truck crops will be delayed."
The Bureau notes that in January heavy shipments of wheat from the
Southern Hemisphere were supplying a large part of the world's import
requirements so that there was little export demand for United States
Wheat, More than 100,000.000 bushels have been shipped out of Australia
and Argentina since Jan. I. this quantity representing more than one-half
the world's wheat exports during this period. Most of the remaining
shipments were from Canada. and relatively small quantities from Russia
and the Danubian countries.
Farm prices of all agricultural commodities listed by the Bureau are
below pre-war levels, ranging from a low of 50% of pre-war for cotton to
a high of 76% of pre-war for dairy products. The average index of prices
received by farmers in March was 61% of pre-war, or one point higher
than in February. Farm wages in January were 98% of pre-war, and industrial wages were 191% of pre-war.
Market Value of Listed Shares on New York Stock Exchange April 1 $24,501,826,280, Compared with
$27,585,989,257 March 1-Classification of Listed
Stocks.
As of April 1 1932 there were 1,269 stock issues aggregating 1,314,158,762 shares listed on the New York Stock
of the Committee."
Mr. Whitney also was instructed to bring with him the data to show
just what manner of sales were made to-day and to-morrow-whether
for liquidation, short selling or straight out purchases.
The investigation was ordered some time ago by the Senate but it had
been delayed pending disposition of the Glass banking bill.
Senator Brookhart announced also that the Committee would have
counsel ready to work with on Monday.
Senator Norbeck (R.) of South Dakota is Chairman of the Committee
but he was out of tho city to-day.
Foreign Campaign Menlioned.
A persistent foreign campaign against the American dollar was hinted
at by Senator Brookhart as one of the reasons for the sudden determination
to go into the stock situation. He named France as one of the places
against which complaints were voiced.
Mr. Brookhart himself said he had a confidential report purporting
to
show a campaign to put America off the gold standard.
"We are going to find out all the facts." he said. "We
believe Mr.
Whitney knows them. We are going to find out about the bears
and then
we are going to find out about the bulls."
Slight Increase Shown in Outstanding Brokers' Loans
on New York Stock Exchange-Total March 31
$533,103,059, Representing Increase of $8,439,30
1
Over February 29 Figures.
A further increase of ,439,301 was noted in outstandi
ng
brokers' loans on the New York Stock Exchange during
March, the March 31 total being reported as $533,103,059,
as compared with $524,663,758 for Feb. 29. This is the
second consecutive increase, the Feb. 29 total having been
$12,645,816 larger than the total at the end of January.
In the March 31 statement demand loans are shown as
96,577,059, compared with $482,043,758 on Feb. 29,
while time loans on March 31 are reported as $36,526,000,
against $42,620,000 on Feb. 29. The New York Stock Ex-
APRIL 9 1932.]
FINANCIAL CHRONICLE
2635
change made public the March 31 figures as follows on of the agricultural South. We quote from the dispatch as
April
follows:
Total net loans by New York Stock Exchange members on collateral
contracted for and carried in New York as of the close of business March
aggregated
The detailed tabulation follows:
Demand Loans.
Time Loans.
(1) Net borrowings on collateral from New York
banks or trust companies
$33,259,000
8358,093,690
(2) Net borrowings on collateral Mill private bankers, brokers, foreign bank agencies or others In
3,267,000
the City of New York
188.483,369
1932
31
2533,103,059.
84.96.577,059
$36,526,000
Combined totals of time and demand loans
$533,103,059
The scope of the above compilation is exactly the same as In the loan
report issued by the Exchange a month ago.
The compilation of the Stock Exchange since the issuance
of the monthly figures by it, beginning in January 1926,
follows:
Demand Loans.
1926—
Jan. 30
_52,516.960,599
Feb. 27
2,494,846.264
Mar.31
2.033,483,760
Apr. 30
1,969,869,852
May 28_ ______
.---- 1.987,316.403
June 30
2,225,453.833
July 31........_-_—___ 2,282,976,720
Aug.31
2.363,861,382
Sept.30
2,419,206,724
Oct. 31.......
2,289,430,450
Nov.30
2,329,536,550
Dec. 31
2,541,882,885
Ttms Loans
$966,213,555
1,04.0,744.057
966.612,407
865.848,657
780.084,111
700,844,512
714.782.807
778,286,686
799,730,288
821,746,475
799.825,125
751.178,370
Dotal Loans.
33,513.174.154
3,536.590,321
3.000.096,167
2,835,718,509
2.767.400.514
2,926,298.345
2,996,759,527
3,142,148.068
3,218,937.010
3.111.176.925
8,1.29,161,675
3,292.860,253
1927—
Jan. 31
Feb. 28
Mar.31
Apr. 80
May 31
June 30
July 31_
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
2,328.340,338
2,475,498,129
2,504,687,674
2,541,305,897
2,673.993,079
2,756,968,593
2,764,511,040
2,745,570.788
3,107,674,325
3,023,238,874
3,134,027,002
3,480,779,821
810.446,000
780,961,250
785,093,500
799.203,950
783,875,950
811,998,250
877,184,250
928,320,545
896,953,245
922,898,500
957,809,300
952.127,500
3,138,786,338
3,256.459,379
3.289.781,174
3,341.209,847
3,457.860,029
3,568.966.843
3,641.895,290
3,873,891,333
3.914,627,570
3,948,137,374
4.091.838,303
4,432,907.321
1928—
Jan. 31
Feb. 29
Mar.31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept.30Oct. 31-......-----___
Nov.30
Dee. 31
3.392,873,281
8,294,378,654
3,580,425,172
3,738,937,599
4,070,359,031
3,741,632,505
3,767,694,495
4,093,882,293
4,689 551 974
5.115.727,534
, 8 ,360
5,722,258,724
1,027,479.260
1,028.200,260
1,059,749.000
1,168,845,000
1,203,687,250
1,156.718,982
1,069,653,084
957.548,112
824.087.711
783.993,528
777,255,904
717,481,787
4,420,352,514
4,322.578,914
4.640,174.172
4.907,782,599
5.274,146.281
4,898.351.487
4,837.347,579
5,051,437,405
.5,513.839,685
5,879.721.082
6,391,844,264
6,439,740,511
752,491,831
730,398,507
594,458,888
571.218,280
585,217,450
828,762,195
803,651,630
719,641,454
717,392,710
870,795.889
719,305,737
613,089.488
6.735.164,241
6,678,545,917
8,804,457,108
6,774.930,395
8.665,137.925
7,071.221.275
7.173,794.294
7,881,619.426
8,549,383,979
6,108.824.868
4,018;598.769
3.989.510.273
456,521,250
457;025,000
604.141,000
700,212,018
780,958.878
747,427,251
6118,118,387
686,020,403
651.193.422
569,484,395
470,754,776
874,212,835
3,984,768.C85
4,167,588,352
4,656.302,339
5.063,131.359
4.747,831.912
3,727,711,289
3.889,482,297
3,598.638.069
3.481.452,761
2,556,124,087
2,162,249,002
1,893,612,890
1,365,582.515
1,505,251,689
1,629,863,494
1,389,163,124
1,173.508.350
1,102,285,060
1,041,142.201
1.069,280.033
802.153.879
615.515,028
591).919.108
502.329.542
354,782,803
334,504,369
278,947.000
261.965,000
261.175,300
289,039,262
302,950.553
284,787,325
242 254,000
180.753,700
130,232,800
84.830,271
1,720,345.318
1.839.756,058
1,908)310.494
1,851.128.124
1,434,883,650
1.391.324.922
1,344.092,754
1,354,087.350
1,044.407,879
798,268.768
730.151.e118
587.159,813
452,706.542
482.043.758
496,577,059
59,311,400
42,620,000
36,526,000
512.017.942
524.663,758
533,103,059
1929—
Jan. 31
5,982,872,411
Feb. 28
5,948,149,410
Mar.30----—__ 6,209,998,520
Apr. 30.....—___—_-_-.8.903,712.115
May 33.--------..„.....— 6.099,920,475
June 29
_ 6.444,459,079
July 31
6,870,142,664
Aug. 31
7,161,977,972
8e94-30.......------ 7.831,991.369
Oct.
Nov.30
2,2
9 7:223,032
31.
Dee. 31
3.376.420,785
1930—
Jan 31
3,528,246,115
Feb. 21
3.710,563,352
Mar.23—
.
Apr. 39_......___...... 4,362.919,841
May 29
3.966.873,034
June 30
2,980,284,038
July 21
3,021,363,910
Aug.24
2,912,612,668
Sept.20---...._____ 2,830.259,339
Oct. 3L
1,980,639,892
Nov.30
13391,494.226
Dec. 31.......----_—____ 1,510,400,054
1931—
Jan. 31
Feb. 28
Mar.81
AIM. 30
May 29
June 30
July 31
Aug.31„—....--____
Sept.30
Oct. 31
Nov. 30
Dee. 31
1932—
Jan. 30
Feb. 29
Mar.81
President Sykes of New York Curb Exchange in Letter
to Senate Committee Protests Against Tax on
Stocks.
Howard C. Sykes, President of the New York Curb
Exchange on April 8 sent to the Senate Committee on Finance a memorandum expressing opposition to the provision
in the pending Revenue bill imposing a stamp tax on transfer
of stock. The New York Curb Exchange it is stated is the
first trading instittition to protest against the proposed
34. of 1% tax on stock transfers.
Thirty-One Southern Banks Reopened This Year—
Nine in Mississippi Alone Since Jan. 1.
Associated Press adviees from Jackson, Miss., on April 1
reported that 31 banks have been reopened since the beginning of the year in the cotton, tobacco and potato belt
Mississippi has reopened nine since Jan. 1 and J. S. Love. State Superintendent of Banks, says their capital structure has been improved. Only
banks which were closed in the 1931-32 period still are inactive
in this State.
Arkansas has reopened four State banks with a total capitalization of
$185,000 and two National banks since January.
North Carolina banks at Blowing Rock, Colerain, Fayetteville, Stantonburg and Black Mountain have been reopened since last August. four of
them this year. Their total resources approximate
South Carolina has reopened three and another was scheduled to resume
business to-day (April. 1).
Five Louisiana banks, with deposits totaling
have reopened
this year, and another is expected to resume activity soon.
One Florida State bank has been reopened. Georgia also has reopened
one.
Virginia reopened a. National bank at L-uray thia year. Thirteen were
reopened In 1931.
33 of 75
21,177,000.
$2,243,000.
Governor Ely of Massachusetts Signs Bill to Aid
Depositors of Closed Banks.
From the Boston "Transcript" of March 31, we take
the following:
Governor Ely has signed the bill authorizing the Bank Commissioner to
borrow funds for the payment of dividends in the liquidation of certain
closed banks. The act is an emergency measure and will go into effect
immediately in order to afford relief to the depositors in closed banks.
The Act, in part reads: "For the purpose of paying dividends In the
liquidation of any such bank the Commissioner is hereby authorized in his
discretion to borrow from time to time, within a period of two years from
the passage of this Act,from such sources as he deems advisable, such sums
for such periods at such rates of interest and upon such terms and subject
to such provisions as he shall determine and as the Supreme Judicial Court
for the county of Suffolk or for the county in which such bank has its
principal place of business shall authorize, and as security therefor may
pledge and assign any or all the assets of such bank."
Organization of Westchester County (N. Y.) Clearing
House Association To Be Completed April 28.
The organization of a clearing house association for Westchester County will be completed at White Plains, N. Y.
on Apri128, when representatives of 25 of the 50 commercial
banks in this county will meet to act on the recommendations
of a special committee named at a preliminary meeting on
March 30. According to Associated Press accounts from
White Plains.
Arthur H. Titus, President of the County Trust Co.,
was selected as temporary Chairman.
Unified Bank System Not Unconstitutional, Says Federal Reserve Board—Administrative Structure to
Include All Financial Institutions Being Drafted
at Request of Senator Glass.
A plan to bring all banks of the country into one system
under Federal control is being drafted in the offices of the
Federal Reserve Board, in accordance with a request by
Senator Glass (Dem.), of Virginia, a member of the Senate
Banking and Currency Committee, it was stated orally,
April 4, at the Board's offices. Mr. Glass's request was said
to have been directed to Eugene Meyer, Governor of the
Board, says the "United States Daily" of April 5, from
which we also take the following:
No serious constitutional impediment stands In the way of unifying the
country's banking system under national authority, according to the statement. Considerable sentiment In Congress -was said to favor such a
co-ordination.
Essential to Sound Banking.
Additional information made available follows:
Unification would require two or three years and would awake much
discussion, but the Board believes that it is essential to sound banking in
the United States. Being one of those reforms which gradually became
recognized as necessary, it now has gathered much support in Congress
where the belief has been held that unification was unconstitutional.
During hearings before the Senate Banking and Currency Committee,
Senator Glass told Governor Meyer he favored unification and indicated
that the majority of the Committee concurred. Representatives Steagall
(Dun., of Ozark, Ala., and Stevenson (Dem.), of Cheraw, S. 0., members
of the Rouse Banking and Currency Committee, stated during hearings
that there is a powerful and growing idea that a unified banking system
under Federal supervision ultimately will come about.
Draft of Scheme Begun.
Work on the draft of a unification scheme began in Federal Reserve
Board after Governor Meyer had told the Senate Banking and Currency
Committee that the change was necessary and Senator Glass asked for
suggestions. The request, however, did not catch the Board unprepared
because the Board "had an idea in the back of its mind" at the time.
Whether the plan which the Board is working on will take the form
of a bill or a memorandum has not been decided. Work is not being
rushed because the project is considered too important and far-reaching.
The Board, moreover, does not consider the request one which set a definite
date for reply.
Usually opponents of unification have argued that the Federal Government, one of limited powers under the Constitution, has neither an expressed
nor an implied power which would permit unification of the banking system
under national supervision.
On Dec. 31 1931 there were 13,600 non-National banks in the country,
making up approximately seven-tenths of all the banks. The status of these
institutions Would have to be changed if a unifying law were plumed.
2636
FINANCIAL CHRONICLE
Attitude of Federal Advisory Council of Reserve Board
Toward Glass Banking Bill—Inopportune Time
for Measure.
Brief reference was made in these columns April 2 (page
2445) to the views on the Glass banking bill made to the
Federal Reserve Board on March 29 by the Federal Advisory
Council of the Federal Reserve System. The Council, as
we indicated, expressed the opinion that "the present is
an inopportune time to raise many of the issues presented
in this proposed legislative measure." "The effect of this
proposed measure," according to the Council, "Is likely to
destroy the benefits of the Glass-Steagall Act, the Reconstruction Finance Corporation Act and similar measures."
The Council also holds that "if the bill should be enacted
into law it would necessitate a wholesale liquidation of
securities which would most certainly cause a further decline in the prices of all securities." In making known its
views the Advisory Council issued the following statement:
There are attached recommendations respecting the Glass Banking bill
made to the Federal Reserve Board to-day by the Federal Advisory Council
of the Federal Reserve System. The recommendations have been transmitted by Governor Eugene Meyer to the Senate Committee on Banking
and Currency for consideration in connection with the Glass bill.
The Council is an official body, advisory to the Federal Reserve Board
on matters pertaining to the Federal Reserve System. Its membership
is coniposed of one banker from each of the twelve Federal Reserve
Districts. The members of the Council are:
Walter W. Smith, President, St. Louis ; Melvin A. Traylor, Vice-President, Chicago; Thomas M. Steele, New Haven; Robert H. Trernan, Ithaca;
Howard A. Loeb, Philadelphia; J. A. House, Cleveland; Howard Bruce,
Baltimore; John K. Ottley, Atlanta; Theodore Wold, Minneapolis; Walter
S. McLucas, Kansas City; J. H. Frost, San Antonio; Henry H. Robinson,
Los Angeles ; and Walter Lichtenstein, Secretary, Chicago.
The Federal Advisory Council has given careful consideration to Senate
Bill 4115. It is of the opinion that the present is an inopportune time
to raise many of the issues presented in this proposed legislative measure.
Reforms in our banking system may be desirable, but such should be
made at a time when the country has passed through the present crisis
and when there is no danger that legislative enactments will retard recovery and add to the existing difficulties with which banks are confronted.
The Council feels that the effect of this proposed measure is likely to
destroy the benefits of the Glass-Steagall Act, the Reconstruction Finance
Corporation Act and similar measures. If the bill should be enacted into
law it would necessitate a wholesale liquidation of securities which would
oat certainly cause a further decline in the prices of all securities.
Such deflation would work extreme hardship not merely upon banks but
upon all holders of securities in this country and especially upon those
who have borrowed from banks and who are finding difficulties even at
present in meeting their obligations.
It might also be pointed out that in the opinion of. the Council, the
thesis apparently underlying this measure that loans upon securities are
in general undesirable and should be drastically limited would undermine the customary system of capital financing which has been an inherent
part of the present industrial and financial system almost from its beginning. Without the flotation of securities which have been financed
dir.ctly or indirectly by banks, it would have been impossible to build
up the large enterprises which have contributed so much to the progress
of industrial development in this country.
In addition to the above general expression of opinion, the Federal
Advisory Council desires to point out, in scene detail, its specific objections to certain features of the bill.
1. Control of Affiliates. The Federal Advisory Council is in accord
with the purpose sought to be achieved in Section 20 and believes that
a control of affiliates is desirable.
The definition of affiliates in Section 2, however, is much too broad
and comprehensive. It brings within the provisions of the Act any
corporation regardless of its business which may happen to have a
majority of its Executive Committee, directors or managing officers,
directors of a member bank.
limits the sum which a parent member bank may lend to
Section
an affiliate to 10% of the capital and surplus of the parent bank and
such loans must be secured by 120% of listed exchange securities or 100%
of either eligible paper or savings banks' securities, neither of which
would be for the most part in the possession of an affiliate, unless it
happened to be a bank. Furthermore, this provision would seem to bar
the acceptance of real estate mortgages as collateral from an affiliate
upon the part of those banks located in States where there are no laws
regulating the investments of savings banks. Likewise, commodity or
upon the part of those banks located in States where there are no laws
not be used as collateral for a loan made to an affiliate.
The Federal Advisory Council also believes that the provision in Section
25, page 49, Paragraph 2, which refers to the sale for cash of the stock
of an affiliate within a three year period is not at all clear. If this means
that the stock of the affiliate held by the parent institution must be
sold for cash away from the bank, in other words divorcing the affiliate
from control by the bank, it will create a distinct hardship, as there are
large numbers of such affiliates in existence to-day whose compulsory
liquidation would cause serious financial losses. Apparently this section
is in conflict with some of the provisions of Section 20.
2. Centralization of Power. It was the original intention of the Federal
Reserve Act to decentralize the banking power in this country by establishing 12 autonomous regional Federal Reserve Banks. The Federal Reserve
Board itself was planned originally to be largely a supervising and coordinating body. The proposed Act, however, tends to increase radically
the power of the Federal Reserve Board at the expense of the individual
Federal Reserve Banks and to make of the Federal Reserve System in
effect a centralized banking institution. In support of this statement
attention is called to the following sections.
Section 3 delegates the power of direct action to the Federal Reserve
Board which, even if practical, would result in so embarrassing the
operations of member banks as to lead to the elimination of important
and necessary activities or to the virtual surrender
of individual bank
management to the Federal Reserve Board.
Section 8 gives power to the Federal Reserve Board to fix the percentage of the capital and surplus which any member bank may lend in
the form of collateral loans, and it is within the power of the Federal
Reserve Board to change this percentage at any time upon 18 days' notice
[Vol,. 134.
and to direct any member bank to refrain from an increase of its security
loans for any period up to one year. This would be a tremendous increase
in the powers of the Federal Reserve Board and would introduce an
element of uncertainty in the minds of those directing any given member
bank as to when the bank in question might be subjected to the direct
action authorized in this section.
The power of control by the Federal Reserve Board over the actions
of the Federal Open Market Committee, as authorized in Section 10,
might possibly tend to slow up open market operations at times when
quickness of action might be absolutely essential in order to bring about
desired results.
In Section 11 the Federal Reserve Board is empowered to cancel the
right of any member bank to borrow on so-called 15-day paper and to
declare existing loans due if such a member bank has failed to heed a
notice instructing it not to increase loans on collateral security. It
would appear to the Federal Advisory Council that this endows the Federal
Reserve Board with an arbitrary power which is highly undesirable entirely
aside from other features in this section to which reference will be made
hereafter.
The Federal Advisory Council believes that subdivisions F and 0 of
Section 13 give power to the Federal Reserve Board to regulate what is
a purely routine loan operation of a member bank. The ability of
member banks to trade in Federal reserve funds tends to maintain a
greater degree of liquidity in the general banking situation than would
otherwise be the case. In this connection attention is called to the ever
increasing restrictions upon, and to the diminishing scope of, loaning operations of banks. This results in increasing unnecessary balances on the part
of member banks and makes it more difficult for them to employ funds
profitably.
3. Liquidating Corporation. In general the Council endorses the idea
of a liquidating corporation. It is, however, not in harmony with the
provisions as set forth under Section 10 (Section 1213) of the proposed
Act. The Council is of the opinion that such a corporation as is proposed
should be financed entirely by Government money as is intended to be
done in the case of non-member banks. Furthermore, the Council believes
that it might be well to consider the possibility of creating 12 agencies,
one in each of the Federal Reserve districts, rather than seeking to create
a single body for the whole country. Such 12 agencies might then be
placed under the control and guidance of the Federal Reserve Board or
some other co-ordinating group. In no event does the Council believe it
proper to require member banks to furnish the funds needed for such
a corporation without at the some time giving the member banks control
of such a corporation for %%filch they are to furnish the capital from out
of their own resources. The Council, furthermore, suggests the possibility
of having the activities of a Federal Liquidating Corporation taken over
by the Reconstruction Finance Corporation.
4. Increase of Reserves. The Federal Advisory Council presumes that
the requirement of larger reserves as set forth in Section 13 of the proposed
Act is intended to provide for greater liquidity on the part of banks. The
Council believes, however, that the experience of the past 10 years has
clearly indicated that there is little or no relation between reserves and
liquidity. In the opinion of the Council liquidity is the result of careful
and prudent bank management and is measured by the character of the
assets held by the bank. Furthermore, the imposition of additional
reserves will reduce available resources in the member banks at a time
when these are largely needed, while at the same time they will bring
no advantage to the System, the resources of which have been and are
ample to take care of changing financial situations. The effect of this
requirement would also be to tie up an additional volume of gold as a
reserve against increased member bank deposits in the Federal Reserve
Banks without any apparent justification.
5. Segregation of Time Deposits. The Federal Advisory Council regards
the provisions in Section 14 of the proposed Act, intended to segregate the
assets behind time deposits from those against other deposits, as likely
to lead to undersirable results. In the opinion of the Council this provision will lead either to the withdrawal of demand deposits or the
diversion of demand deposits into time deposits. It believes that the
increase of investment in real estate forseen in this section will tend to
reduce the liquidity of banks. There is also imposed upon the Comptroller
of the Currency a duty which burdens frim with tremendous responsibility
insofar as he is required to specify the type of property and the securities
in which one-half of the time deposits of the member bank may be invested in the absence of State laws governing the investment of such funds
It has been the experience of a number of members of the Council that
the absence of restriction in respect to the investment of time deposits
has produced a greater degree of liquidity in banks than can be possibly
accomplished under the permissions granted in this section.
The Council feels that the views here set forth in regard to Section 14
might be much amplified. In its opinion the most important effect of
this section would be to bring about a disruption of the present credit
structure of the country. Many banks in this country having a large
percentage of time deposits use these funds for the purpose of aiding
commerce, industry and agriculture in their respective communities. These
would be compelled under the provisions of Section 14 to liquidate a
large proportion of these loans and invest the funds so obtained in real
estate or specified securities.
6. 15-Day Paper. Section 11 penalizes borrowers on so-called 15-day
paper. In the opinion of the Federal Advisory Council such a provision
would make Government bonds a much less desirable form of investment
for member banks. It would handicap the United States Treasury in its
necessary financing, increasing the rate on Government securities and
thereby the interCst rate on all other classes of securities and thus depreciate the market price of securities generally. It should also be
pointed out that the ability of member banks to borrow on their promissory
notes for a period of not exceeding 15 days is essential in periods of depression when sufficient eligible paper is not available for rediscount.
7. Limitation of Interest on Deposits. The limitation of interest which
member banks may pay upon deposit balances provided for In Section 24
of the proposed Act, places such banks in unfair competition with nonmember banks not so restricted. It should be remembered that money
is a commodity like any other and that member banks should be free to
pay the rates necessary to hold their deposits.
8. Branch and Group Banking. In reference to Section 21 and other
sections of the proposed Act referring to branch or group banking, the
Council begs leave to refer to the recommendations which it made on
Sept. 15 1931, a copy of which is appended hereto.
9. Collateral Loans and Securities. In the general statement the Federal
Advisory Council has already expressed its views regarding the desire to
limit collateral loans. It wishes here, however, to discuss somewhat
more in detal the provisions in Sections 8, 11, 13, 15, kc., all of which
deal in whole or in part with the control of the volume of collateral loans
and the volume of securities held by member banks. These sections give
arbitrary powers of control and the right to impose penalties to the
Federal Reserve Board. These sections deal with control of volume of
collateral loans and volume of securities held by member banks and place
APRIL 9 1932.1
FINANCIAL CHRONICLE
arbitrary powers of control and penalties in the Federal Reserve Board.
The enforcement of the mandatory provisions of these sections will result
In the enforced liquidation and to the detriment of general business. The
Council believes that such liquidation will retard if it does not entirely
defeat the beneficent effects that may be expected to be realized us a
result of the Glass-Steagall bill and the Reconstruction Finance Corporation Act. The Council does not share the view of the proponents of the
bill that the underlying cause of either bank disasters or depresstm is
directly related to the volume of collateral loans or the volume of securities
held by banks. These did not, and do not now, impair the ability of
member banks properly to care for those types of loans the proceeds of
which go more directly into commerce, industry and agriculture.
In conclusion the Council calls attention to the fact that the WI, If
enacted into law, would in effect place an undeserved stigma upon the
flotation and selling of securities and make it almost impossible for
banks to do business with dealers in securities. There would seem to
be no justification whatsoever for such drastic action.
Finally, the Council believes that it is not possible to promote activity
In commerce, industry and agriculture under an easy money and credit
policy and at the same time prevent people by admonition or restriction
from buying securities which are being made attractive by this very
activity.
2637
Mr. Elliott praised the present dual banking system and he does not
believe that any system can take the place on a basis of character and
capacity, on which the banking system has been established and developed,
in making a success of banking.
New York Federal Reserve Bank on Business Profits
in 1931—Net Profits of 719 Concerns 61% Below
1930 and 78% Less than in 1929—Beverage Concerns Only One of Industrial Groups to Report
Gain in Net Profits.
From the April 1 "Monthly Review" of the Federal Reserve Bank of New York it is learned that "annual earnings
statements of 719 industrial and mercantile companies show
aggregate net profits in 1931, after payment of fixed charges,
that were 61% smaller than in 1930, 78% less than in 1929,
and 74% below 1928." In indicating this, the Bank goes
on to say:
It appears from quarterly reports available for a smaller list of companies
that the trend of industrial earnings was downward as the year 1931 progressed, the percentage decline in profits for the full year being larger than
that reported for the first half-year.
Only one industrial group, the beverage concerns, reported slightly larger
net profits in 1931 than in the previous year, but the tobacco group showed
very little reduction, and profits of confectionery concerns were down only
7% from 1930. Comparatively moderate reductions of 15 to 25% in net
profits were indicated for the leather and shoe, bakery, retail store, food
products, and chemical and drug groups, and declines of more than 40 to
60%.or less than the average for all companies, occurred in such groups as
office equipment, and electrical equipment, and also in the automobile
group, including the General Motors Corp but not the Ford Co. Although the motion picture, automobile accessories, meat packing, railroad
equipment and realty groups suffered large reductions In profits, they still
The witnesses were: Ronald Ransom, Vice-President of the Fulton were able to show some net return for 1931. Eleven of the 33 groups of
National Bank of Atlanta, President of the Canton Bank of Canton, Ga., companies listed in the accompanying table, however, reported deficits
Vice-President of the Georgia Bankers' Association and former Register of varying amounts from 1931 operations; prominent among these were
of the United States Treasury, and Gordon L. Groover, Vice-President the oil, steel, rubber, copper, coal and coke, and heating and plumbing
companies.
of the Citizens Sr Southern National Bank of Savannah, Ga.
Net operating income of 171 Class I railroads, that Is, income before
Mr. Ransom testified that the guaranty proposal would penalize banks
deal
a
and
would
allowing for fixed charges, was reduced 40% from 1930 to 1931 and was
that are not members of the Federal Reserve System
States.
United
smaller than in 1929. In fact,in no year since 1920 has the net operthe
in
58%
banking
of
severe blow to the present dual system
Soundly managed banks ought not to be penalized, he continued, for ating income of the railroads been as low. Net income of a list of 76 railroads, after allowing for fixed charges, was reduced 78% between 1930 and
the benefit of weaker banks.
Chairman Steagall (Dem.), of Ozark, Ala., said depositors now often 1931. Telephone companies' net operating income on the other hand, was
come
out
with
and
slightly in excess of 1930 and only 2% less than in 1929. Net earnings of
trouble
in
find themselves forgotten when banks get
enormous losses due to the way banks are operated. Mr. Ransom asserted other public utilities in 1931 showed the comparatively moderate drop of
that only a relatively small percentage of depositors have lost in the 13% from 1930 and of 18% from the 1929 level.
banks of this country.
NET PROFITS (IN MILLIONS OF DOLLARS).
If the banks of the country are themselves made responsible for their
depositors, Mr. Steagall said, it would result in tightening up the manageNo.of
ment of the banks and increase their efficiency. He pointed out that an
Cos. 1928. 1929, 1930. 1931,
Corporation Group.
idea has been circulated that it is a Federal government guaranty of
22
22
21
18
5
bank deposits that is proposed, and said it ought to be made clear that Beverages
101
102
95
89
17
robacco
It is not the Government but the banks, through amendment of the bank- Confectionery
21
22
23
21
9
11
19
29
14
9
ing laws, that would provide the guaranty.
Leather and shoe
42
52
52
58
14
Bakery
products
Mr. Ransom insisted that it would be a burden on properly managed
82
100
165
161
37
Stores
and sound banks to be called upon to see that their brother banks run Miscellaneous food products
111
145
154
128
34
their institutions the same way. He praised the banking associations of Chemical and drug
82
110
131
109
26
10
30
35
31
18
the country, saying every association is committed to safe and sound Printing and publishing
29
9
equipment
14
24
87
banking and only a small proportion of banks ever have any trouble. Office
Mining and smelting (excl. coal, coke and
Small banks as a rule, he said, are just as solvent as large banks.
54
23
22
39
76
copper)
Mr. Elliott agreed with the views of President Ransom. Speaking, he Electrical equipment
148
113
23
47
95
21
408
69
162
355
said, as a country banker, whose bank has run for 40 years, "we are Automobile
3
11
11
10
7
Paper
opposed to the guaranty of deposits."
4
14
11
Shipping
12
19
"The guaranty plan proposed in the pending bill," he said, "is not Building supplies
4
37
39
76
70
3
fundamentally sound. tI is not fair to those banks that have built up Motion picture
28
45
24
9
2
22
75
65
46
strong institutions, that have weathered, as in our case, not only the Automobile parts at accessories (excl. tires)
1
34
41
42
12
Meat packing
present economic depression but every depression for the past 40 years, Railroad
1
equipment
47
67
49
18
to impose this burden upon us.
o
14
20
18
13
Realty
4
—
45
61
41
"We feel that to invoke a guaranty of deposits in this way would force Machinery
76
—18
160
861
222
27
all banks to join the reserve system or go out of business. It is not fair Steel
—44
151
336
262
011
39
to the country banks that are operating under State laws.
—2
4
19
15
15
Household equipment
—8
"It would require our institution, for example, to put up $10,000. Copper
16
73
59
15
—7
8
12
6
15
Where we are now operating soundly, it would put us in the red as a Coal and coke
—10
11
37
32
plumbing
9
Heating
and
country bank and would seriously impair our business and our existence.
—2
—12
19
22
31
Miscellaneous textile
•
"It would take the profits away. And you cannot run any bank or Silk
—3 —1
4
e
12
—20 —12
40
any business without profit. Many banks have shown losses for several Rubber
28
8
—5
— 1
8
10
5
Clothing
years past."
122
230
351
284
101
Mr. Elliott said that there are 275 State banks in Georgia and failures Miscellaneous
667
have been rare. The present dual banking system in the United States
719 2,542 3,006 1.704
Total 33 groups
Is desirable, he said, as some banks feel it best to operate under State
271
272
278
253
104
charters and others under Federal charters. Country banks should have Telephone (net operating income)
361
343
297
332
63
earnings)
opportunity to operate without being forced to come into the Federal Other public utilities (net
639
614
569
585
Reserve System, he maintained.
167
Total public utilities
opportunity to operate without being forced to come into the Federal
531
885
171 1,194 1,275
Reserve System?" asked Representative Brand (Dem.), of Athens, Ga., Class I railroads (net operating income)._
member of the Committee.
— Deficit.
"At least 250 of the 275 banks in the State," the witness replied, explaining that figures is subject to correction. "They would all have to
Analysis by Thomas B. Paton, General Counsel of
go into the system proposed or else go out of business," he said.
Guaranty of Deposits Opposed as Unfair at Hearing
on Steagall Bill—Would Penalize State Banks,
Say Two Georgia Bankers.
Representatives of the Georgia Bankers' Association,
appearing, April 2, before a subcommittee of the House
Committee on Banking and Currency on the Steagall bill
(H. R. 10241), to provide a guaranty fund for depositors
In national banks, voiced opposition to such legislation,
according to the "United States Daily" from which we
also quote the following:
Pears Carelessness.
'"One direct result of guaranty legislation here proposed," Mr. Elliott
said, "would be stimulation of laxity among bank officials who would
feel that the depositors could not lose anything; would be to promote
laxity on the part of depositors in selection and support of their banks;
and a laxity on the part of the business world."
Chairman Steagall asked if a citizen should not be able to trust his
funds in any bank where there is knowledge that the Government has
chartered it and is supervising it. Mr. Elliott said that would be
Utopian and added that there are 10 times more losses in other business
activities than have been suffered by bank depositors. He said that
there have been times when the Government has not been able to prevent
losses, citing, for example, holders of Liberty bonds who in time of need
have had to sacrifice them at a loss.
"Start Toward Socialism."
He said the proposal to guarantee deposits was a start toward socialism.
Chairman Steagall reminded him that the bill does not propose that the
Government guarantee the deposits, but would be under a system in which
the banks put up the guaranty money for the Federal guaranty fund.
American Bankers Association of Sixteen Bank
Deposit Guarantee Bills Introduced in Congress—
Declares They Would Encourage Unsound Banking
—Failure of State Guarantee Laws—Criticism of
Steagall Bill.
In the April issue of the Journal of the American Bankers
Association Thomas B. Paton, General Counsel of the Association discusses as follows the bank deposit guarantee
bills introduced in Congress:
13 bills have been introduced in the House of Representatives and
three in the Senate having for their purpose the guaranty of deposits in
National banks and in State bank members of the Federal Reserve System.
This large number indicates considerable sentiment among members of
Congress for legislation of this character. It would seem none too early
for bankers, before this sentiment becomes too deep-rooted, to point out
to their representatives that such a policy is wrong in principle and the
dangerous results which would ensue.
2638
FINANCIAL CHRONICLE
Guaranty of deposits has proved a failure under state, and it would
equally prove a failure under National, auspices. It is unfair to sound,
well-managed banks because it makes them contribute to a fund to make
good the mistakes of their weaker brethren. It encourages unsound banking because there is no need for a depositor, knowing that his deposit
is guaranteed, to discriminate between the bank which is carefully and
prudently managed, and one whose management is not so prudent and which,
with a deposit fund more easily augmented because of the guaranty, will
make loans and investments regarded as unsafe by the more carefully
managed bank. The inevitable result has been the failure of mismanaged
banks and the ultimate bankruptcy of the guaranty fund.
Since the disastrous bank guaranty law of New York of 1829 under
which the fund became bankrupt in 1837 and the law was abolished in
1842, the following States have enacted guaranty laws which in every
case proved disastrous because they have tended to detnoralize sound banking and accentuated rather than prevented losses to depositors,-Oklahoma
1903, Kansas 1909, Texas, 1909, Nebraska 1909, Mississippi 1914, South
Dakota 1915, North Dakota 1917, Washington 1917.
The disastrous results led to repeal in 1923 of the Oklahoma law, in
1927 of the Texas law; in 1929 of the Kansas, North Dakota and Washington laws, and in 1930, of Nebraska law, coupled with the enactment of
a Depositors' Final Settlement Fund, to be maintained for 10 years by an
annual assessment of 2/10 of 1% on average daily deposits. The South
Dakota law is still in effect, but a complete failure and there is a hopeless
deficit, constantly growing larger.
In the remaining state, Mississippi, Chapter 22 Laws of 1930 provides
for the suspension of the operation of part of the law until the outstanding
guaranty certificates are liquidated and at a special session in 1931 a
law was passed for the issuing of bonds to raise funds for the payment
of guaranty certificates.
The following are the bills introduced in Congress to date- All have
been referred to the Committees on Banking and Currency.
[Vol,. 131.
2. Eliminate the double liability of shareholders of newly organized
national banks except of those banks which operate a branch ;
3. Distribute net earnings of Federal Reserve Banks as follows:
(a) 0% cumulative dividends.
(b) 10% to surplus.
(c) one half remainder to Federal Guaranty Fund.
(d) Remaining one-half to member banks.
4. Permit member banks to make a reasonable charge not exceeding
2/10 of 1% for remitting checks.
5. Provide for immediate credit on checks and drafts received for
collection by Federal Reserve banks, with right to charge interest until
collection.
In that portion covering the guaranty, a federal fund for depositors
in member banks of the reserve system is established under control of a
Federal Bank Liquidating Board, consisting of the Secretary of the
Treasury, the Comptroller of the Currency and three presidential appointees.
There is to be paid into the fund
/. By the Government, the franchise tax heretofore paid to the United
States (stated to be) $167,000,000.
2. By Federal Reserve Banks, $350,000,000 of the surplus now in the
hands of the 12 Federal Reserve Banks, each bank to pay an amount
Width bears the same ratio to the said $150,000,000 as its surplus
bears
to total surplus of the 12 banks on Dec. 31 1931. $150,000,000.
3. By member banks, a total not to exceed (unless a less amount is
fixed by the Board) $200,000,000.
The above would make over $500,000,000. With respect to the maximum payment required of member banks, each bank must pay an amount
which bears the same ratio to $130,000,000, as its average deposits,
other than "time", during the preceding calendar year, bear to the average
deposits of all member banks; and each bank must pay a further amount
which bears the same ratio to $70,000,000 as its average "time" deposits
during the preceding calendar year bear to the total "time" deposits of all
member banks.
The demand deposits of all member banks on Dec. 31 were $15,925,000,000 and a payment of $130,000,000 would be equivalent to a payment
by all the banks of over 8/10 of 1% of their average demand deposits
The time deposits of all member banks on Dec. 31 were $11,428,000,000
and the payment of $70,000,000 by all member banks would be the equivalent of over 6/10 of 1% of their time deposits. As to individual banks
the percentage would be greater or less according to the amount of their
deposits. Each banker can do his own figuring upon the amount his
bank would be compelled to contribute.
If the board finds the above payments inadequate, it may after 12 months
snake an annual assessment upon member banks of the whole or any part
of $100,000,000, each bank to pay an amount which bears the same ratio
to the total as its net earnings will bear to the net earnings of all inernher
looks for the preceding calendar year. Sums payable by Federal Reserve
Banks or member banks are subject to call of the Board, in whole or in
part, at such times as it may fix. If the guaranty fund is found more
than adequate, the Board may refund to each Federal Reserve Bank and
to each national bank an amount which bears the same ratio to the excess
as the amount which each such bank contributed.
It is to he noted that the bill omits any provision for a refund to
state member banks, but this is an oversight.
This bill is not to be taken lightly; it calls for serious and constructive
criticism. There are many members of Congress who feel, in view of the
considerable losses to depositors through the failures of banks, that something should be done to correct the situation and, without full consideration,
a system of guaranty of deposits seems an effective remedy.
When, however, the full history of the disastrous results of state bank
guaranty laws is made clear, it must inevitable lead to the conclusion that
such a remedy is wrong in principle. It would seem, therefore, encumbent
upon all bankers who know by actual experience bow state guaranty systeins
have worked out, that they should, without delay, discuss with their
respective representatives, the actual facts.
Introduced in House.
Dec. 8 1931, H. R. 313, Howard (Neb.).-Would guarantee payment
of deposits in national banks by assessments levied by Comptroller.
Dec. 8 1931, II. R. 4512, Beam (I11.).-Would require surety bonds by
National banks for protection of depositors as a condition of doing business. Bonds to be for full amount of deposits.
Dec. 8 1931, H. R. 4572, Hastings (Okla.).-Would require furnishing
bonds by national and State bank and trust company members, Federal
Reserve System-to the extent of 25% of deposits, exclusive of deposits
otherwise specially secured and interest-bearing time deposits.
Dec. 9 1931, H. R. 5125, Hare (S. C.).-Would require so much of
net earnings derived by United States from Federal Reserve Banks as
necessary, be used by Board for payment of depositors in failed member
banks ; not to exceed 50% of any one deposit. If such net earnings
insufficient, additional amounts not exceeding total amounts paid to
United States authorized to be appropriated.
Dec. 17 1931, IL R. 6181, Lanmeek (Ohio).-Would establish Depositors Guaranty Fund under supervision Federal Reserve Board in each
Federal Reserve District. Member banks in district would be assessed.
Jan. 4 1032, H. R. 6705, La Guardia (New York).-Would establish
Depositors Guaranty Fund in each Federal Reserve District by assessment upon member banks in the District. State member banks not
required to comply after effective date of system of protecting depositors
established by State if in opinion of Federal Reserve Board state system
will protect.
Jan. 15 1932, H. R. 7806, Cable (Ohio).-Would establish Federal
Guaranty and Insurance Corporation to protect bank depositors with
capital of $100,000,000 and power to issue debentures to five times
capital. National banks must become stockholders and State banks, trust
companies, and building and loan associations eligible, whether or not
members Federal Reserve System. Stockholders to pay corporation annually 2/2000 of average deposits to constitute Reserve Deposits Guaranty
Fund.
Feb. 8 1932, H. R. 8989, Shallenberger (Neb.).-Would insure payment of deposits in national and member banks. Creates Depositors
Insurance Fund in each Federal Reserve District maintained by assessOffering of $75,000,000 or Thereabouts of 91-Day
ments on member banks.
Treasury Bills.
Feb. 20 1932, II. R. 9594, Jenkins (Ohlo).-Creates Depositors Guaranty
offering of 91-day Treasury bills
an
Announcement
of
and Insurance Fund in each Federal Reserve District to be maintained by
assessments upon member banks.
to the amount of $75,000,000 or thereabouts was made on
March 2 1932, H. R. 10040, Disney (Okla.).-Creates Bank Depositors
Secretary of the Treasury Mills. The new bills,
Insurance Fund to be administered by Federal Reserve Board into which Xi6 by
United States shall pay amount heretofore received as franchise tax. Into whiel will mature July 131532, will be dated AT)141 13-1932:
such fund each member bank shall deposit in trust United States securities The proceeds will be used to retire bills of $50,175,000
equal to 2% of deposits and also contribute to fund 50 cents per $1,000
which will mature on the latter daTe. Tenders for the new
of deposits each calendar year.
-s-er' v--e banks and
March 5 1932, H. R. 10,201, Cable (Ohio).-Would establish a Federal hilir7Vill be received at the Federal Ro
Guaranty Fund and Insurance Corporation to protect bank depositors. thoir
branches up to 2 p. m. Eastern sta7niiiiiii
-tim
-WMon-day-,
Revision of previous bilL
11. The bills, which are sold on a discount.basis to
March 7 1932, II. R. 10,241, Steagall (Ala.).-Would establish a April
Federal Guaranty Fund for depositors in member banks of the Federal the highest bidder, will be issued in bearer form only in
Reserve System.
nations of $1,000, $10,000, $160,000, $500;600 and
ilonomi
March 7 1932, II. R. 10,242, McClintic (Okla.).-Would create Na(maturity value). The face amouncislpayable
$1,000.000
tional Depositors Guaranty Fund in each Federal Reserve District under
tho maturity date without interest. The announcement
supervision Comptroller of the Currency to protect depositors in National
and State member banks. Fund to be maintained by assessment on banks. of Secretary Mills follows:
The Secretary of the Treasury gives notice that tenders are invited for
Introduced in Senate.
Treasury bills to the amount of $75,000.000, or thereabouts. They will be
Jan. 6 1932, S. 3324, Lewis (I11.).-Would establish a Bureau of 91-day bills; and will be sold on a discount basis to
the highest bidders.
Insurance to insure depositors in national and state member banks. Banks Tenders will be received at the Federal Reserve banks, or
the branches
receiving Government deposits would pay premium therefore, to provide thereof, up to two o'clock p.m., Eastern Standard time,
on Monday,
for expense of bureau. Levy authorized on banks of such sums as are April 11 1932. Tenders will not be received at the
Treasury Department,
necessary to insure deposits.
Washington.
Feb. 26 1932, S. 3826, Fletcher (Fla.).-Would establish and maintain
TheTreasury bills will be dated April 13 1932, and will mature on
July
a Bank Depositors Guaranty Fund. Each member bank would deposit 13 1932, and on the maturity data the face
amount will be payable without
and maintain 5% of its capital stock.
Interest. They will be issued in bearer form only, and in
amounts
or
March 7 1932, S. 3971, Fees (Ohio).-Would establish a Federal denominations of $1,000, $10,000, 3100,000,
8500,000, and 31,000,000
Guaranty and Insurance Corporation. Same as II. R. 10,201, Cable.
(maturity value).
Initial consideration of the subject of bank guaranty will probably
It is urged that tenders be made on the printed forms and forwarded
in
center around the Steagall bill, H. R. /0,241. Mr. Steagall, Chairman of the special envelopes which will be supplied by
the Federal Reserve banks
the House Committee on Banking and Currency, stated that his com- or branches upon application therefor.
mittee would begin consideration at the earliest date possible and a subNo tender for an amount less than 31,000 will be considered Each tender
committee of five (Chairman Steagall and Messrs. Brand of Georgia, must be in multiples of $1,000. The price offered
must ho expressed on the
Pennslyvania
and
Strong
Stevenson of South Carolina ; McFadden of
of basis of 100, with not more than three decimal
placed, mg.. 99.125. FracKansas) have been appointed to study the subject. When their study tions must not be used.
is concluded there will be open hearings.
Tenders will be accepted without cash deposit from incorporated banks
The Steagall bill, in addition to establishing a Federal Guaranty Fund, and trust companies and from responsible
and recognized dealers in investfollowing:
includes other features. It is also designed to do the
ment securities. Tenders from others must be accompanied by a deposit of
1. Inerease the minimum capitalization of newly organized national 10% of the face amount of Treasury
bills applied for sinless the tenders are
banks (and consolidations) to $50,000 and require an initial surplus of accompanied by an express
guaranty of payment by an incorporated bank
10% of capital for all newly organized banks;
or trust company.
APRIL g1932.]
FINANCIAL CHRONICLE
2639
Immediately after the closing hour for receipt of tenders on April 11 1932. ated from 1% on net incomes of more than $6,000 to 40% on net incomes
all tenders received at the Federal Reserve banks or branches thereof up over $100,000.
Rarnseyer amendment increasing the estate taxes retained in the bill by
to the closing hour will be opened and public announcement of the acceptable prices will follow as soon as possible thereafter, probably on the viva voce vote. The gift tax rates were previously amended, to conform
to
the new estate tax brackets.
reserves
the
expressly
Treasury
of
the
following morning. The Secretary
Committee amendments on imported oil and coal, malt, wort and grape
right to reject any or all tenders or parts of tenders, and to allot less than
the amount applied for and his action in any such respect shall be final concentrates, and domestic lubricating oils, retained in the bill by 204
Those submitting tenders will be advised of the acceptance or rejection to 188.
Higher Letter Rate.
thereof. Payment at the price offered for Treasury bills allotted must be
Increase of first-class postage from two cents to three cents retained by
made at the Federal Reserve banks in cash or other immediately available
viva voce vote.
funds on April 13 1932.
The Treasury bills will be exempt, as to principal and interest, and any
Committee amendment to raise $88,000,000 by applying normal income
exempt,
from
all
also
be
taxes to individual dividend income from stocks, irrespective of surtax.
gain from the sale or other disposition thereof will
taxation, except estate and inheritance taxes. No loss from the sale or adopted in Committee of the Whole by 180 Co 10,5, and retained by the
other disposition of the Treasury bills shall be allowed as a deduction, or House by viva voce vote.
otherwise recognized, for the purposes of any tax now or hereafter imCommittee amendment proposing tax of me-fourth of 1% of the sale
price, but not less than four cents a share, on stock transfers, retained by
posed by the United States or any of its possessions.
Treasury Department Circular No. 418, as amended, and this notice viva voce vote.
prescribe the terms of the Treasury bills and govern the conditions of their
Tax on Realty* Sales.
Jame. Copies of the circular may be obtained from any Federal Reserve
Committee amendment proposing a tax of 50 cents on each 8500, vrittr
Bank or branch thereof.
a $100 exemption, on real estate conveyances, retained by viva voce vote.
Committee amendment proposing 3% tax on automobiles, 2% tax on
trucks and 1% on accessories, retained by viva voce vote.
W. Kiplinger in Journal of American Bankers'
The House in rejecting finally the sales tax by 236 to 160 voted asfollowa:
Association Discusses Methods and Policies of Re- Sustaining the rejection. Democrats, 154; Republicans. 81, and FarmerLabor, 1;in favor of sales tax. Democrats, 50: Republicans, 110.
construction Finance Corporation.
Representative Ragon (Dem.) of Clarksville, Ark.., member of the Ways
Laboring day and night in plain workshop quarters, with and Means Committee, majority, told the House "whenever you tell me
you cannot reduce Government expenditures by more than $125,000.000.
"loan applications going through the mill at midnight," the as Secretary Mills said, then I disagree with that statement and I think
Reconstruction Finance Corporation, where hundreds of the business men, of the country will disagree with it." Ile said that he
million dollars of government loans are being made, is doing had been told by the chairman of a subcommittee on appropriations that
expenditures could be cut more than $200,000,000 and it should be
"a hazardous job exceedingly well, the results to date are the
cut that much.
overwhehningly good and dangers inherent in the scheme
Representative Crisp (Dem.) of Americus. Ga.,acting Chairman of the
have been minimized by careful administration," declares Ways and Means Committee, also told the House the Government expenses could be cut $200,000,000. "Secretary Mills furnished the Ways
Willard Kiplinger in the American Bankers' Association and
Means Cemmittee last night a revised set of estimates," Mr. Crisp
Journal. Mr. Kiplinger says:
said. "The Committee has based the bill on the doctrine that the GovPolitical liberals have made much of the claim that the Government is ernment expenses can be cut at least $200,000,000 and the Committee
solicitous of banks and other financial institutions but is indifferent to the has believed and still believes that can be done. In his estimates last
distress of individuals. The major purpose of this whole reconstruction night Secretary Mills only estimates for $125,000.000 of reduction of exprogram is not primarily to save banks for the sake of their officers, directors penses,which makes a deficit of $75,000,000 in that item. The total of the
and stockholders, but primarily for the sake of their depositors and their bill as it now stands, according to the Secretary of the Treasury, is $159.communities, which is not fully appreciated by the general public. This 000,000 short of balancing the budget."
Mr. Crisp offered a committee amendment to fill the gap by suggesting
motive appears frequently in the acts and deliberations of the Reconstruction
Finance Corporation. Borrowers have been reminded that they are not for the first time that dividends received by individuals from certain
particularly entitled to Government loans as bank owners, but that as domestic corporations be subjected to the normal income tax rates, which,
Mr. Crisp said, would produce $88,000,000 of additional revenue. Reprecustodians of community interest they deserve the loans.
sentative Treadway (Rep.) of Stockbridge. Mass., offered a substitute
Describing operations he says:
amendment which he said would avoid hardship to people of small incomes
The directors meet every afternoon—all of them. Seated about the long. and would raise $68,000,000 instead of 888,000,000.
Imitation mahogany table, they take each case and study it. They thumb
The Crisp amendment follows in full text:
through the papers. They talk and argue and scratch their heads. They
"On page 38 after line 16, insert a new paragraph as follows: For the
approve, or revise, or disapprove. Most applications have been well sifted taxable years 1932 and 1933 the credit allowed under this subsection shall
by processes down below. The speed and expedition of the thing have been be limited to the amount received as dividends from a domestic corporation
remarkable. Not only was the mechanism set up in short order, but it began which is subject to taxation under this title, the gross income of which for
to function with reasonable smoothness almost at once. It is not a loose the taxable year preceding the year in which the dividend was paid did
piece of machinery. This is due largely to the fact that much of the personnel not exceed $25,000."
was taken over from Reserve Banks and that many of the men have had
Crisp Amendment Adopted by House.
previous experience with the old War Finance Corporation. The CorporaThe Crisp and Treadway amendments, offered as an addition to the
tion has received nearly 50.000 applications for jobs. The personnel of the section dealing with credits of individuals against net Income, revealed
Washington headquarters is around 200, and the personnel in the various what Representative Treadway and others said was the first difference of
regional agencies is around 250; total, 450.
view that has developed in the Ways and Means Committee since the reconstruction of the measure had been undertaken following the contests
over the sales tax and other amendments. Mr. Treadway charged the
Tax Bill Passed by House—Total Yield Through New majority with partisanship. Mr. Ragon and others denied this charge.
Mr. Crisp said his amendment would result in the bill over-balancing
Sources of Revenue Over One Billion Dollars—
budget. He said that under existing taw dividends from stock are
Final Defeat of Sales Tax—Income Rates Increased the
excluded from the normal income tax, although it is different as to surtax.
—Dividends Subjected to Normal Rates—Surtax He pointed out the Committee regretted having to resort to it but it was
Schedule Submitted in Committee Bill Retained— necessary and the Committee is compelled to report that rather than a
and bank check tax.
Levy on Autos and Higher Tax on Estates Approved gasoline
Mr. Treadway's substitute would exempt up to $10,000, which would
—Increase in Postage Rates.
take off $20,000,000 from the $88,000,000 contemplated in the Committee
by
The new revenue bill providing for increased income and amendment. Representative Ragon appealed to the House to stand
the Committee, and said if the House stood by 100% it would be unnecescorporation taxes, and calling for an imposing array of new sary to worry any more about
the Treasury. Representative Hawley
taxes sufficient to yield over a. billion dollars, was passed (Rep.) of Salem, Ore., former Chairman of the Ways and Means Comamendment, saying it would be a.
mittee,
opposed
the
Crisp
Committee
by the House on April 1 by a vote of 327 to 64. As to the
direct invitation to people who have money invested or to invest in the
new revenue anticipated in the new levies, the New York industrial world to put their money into tax-exempt securities.
The Treadway substitute was rejected 120 nays to 92 yeas, and the Crisp
"Times" from Washington April I said:
teller vote by 180 ayes to
The measure is expected by the Ways and Means Committee to produce Committee amendment was then adopted by
voting with the ayes.
$1,032.400,000 in new revenues, and the House expects this to be supple- 105 nays, Speaker Garner
Plan Said to Overbalance Budget by $88,000.000.
mented by at least $230,500,000 in governmental economies and minor
postal increases.
Mr. Crisp said that his amendment as adopted, carried out the ComThe general revenue program Is thus estimated to afford $1,262,900.000, mittee's determination that it would leave no question of doubt about the
of $23,900,000 more than the $1,241,000,000 additional funds believed yield the bill would provide and that its adoption made the bill overneeded to balance the budget in the fiscal year 1933.
balance the budget by $88,000,000. He continued:
These figures were challenged by the Treasury in new estimates sent to
"Under existing law, dividends from stocks are exempt from paying the
the Ways and Means Committee this morning. The Treasury calculations normal income tax. Of course, they pay surtaxes if the income reaches the
indicated that the tax bill, as approved, would produce only $997,400,000; surtax class but under existing law they do not pay the normal tax. In
that the governmental economies and postal increases would amount to this emergency, for a period of about two years, until July / 1934, the
only $155,500,000, and that $88,100.000 more was needed to balance the Committee has recommended that dividends from !stock pay the normal
budget.
income taxes.
The challenge to the Ways and Means Committee estimates raised one
"Some say that is drastic. I regret the necessity, but we were compelled
of the few political issues that marked the progress of the bill through the to either bring that to you, or a tax on gasoline or a tax on bank checks.
House. Representative Crisp, acting chairman, said that the Committee When you analyze the equities running through the income tax, there is
intended to stand on its own estimates, which also were made by fiscal not the great injustice and hardship that this amendment at first blush
experts.
In indicating the proceedings on the bill in the House
on April 1, the "United States Daily" said:
There were separate votes demanded on a number of provisions acted
upon by the Committee of the Whole when the bill was reported back to
the House. The majority votes in the House were as follows:
Sales Tax Eliminated.
Action of the Committee of the Whole in eliminating sales tax sustained
236 to 160.
Swing amendment increasing surtax rates to war basis over the Committee provision, eliminated from the bill by a vote of 178 to 211. This
leaves the surtax rates as in the Committee amendment, which are gradu-
mi"T
ght
o-stra7,;
l"se
ntlem
, an has $100,000 worth of' bonds of the PennsyltA a
inige
vania Railroad Co. he has to pay the normal tax on the income derived
those
bonds,
but
if he has $100,000 worth of the capital stock of the
from
Pennsylvania Railroad Co. he does not pay the normal income tax on the
dividends derived from the stock.
"This amendment treats them, during this emergency, exactly alike.
Under this amendment, a man would pay the normal income tax rate on
dividends derived from stocks as well as from bonds.
"The amendment has this other provision in it: That where the income
from a corporation is less than $25,000, those who receive dividends from
that small corporation do not have to pay the normal rate of taxation on ft."'
Representative Vinson (Dem.), of Ashland, Ky., pointed out that the
$25,000 exemption is on gross income.
2640
FINANCIAL CHRONICLE
Discusses Provision for Valuing Estates.
The House then took up the section of the bill in which it was provided
that in the case of estate taxes. if death occurred between Sept. 1 1928.
and Jan. 1 1932. "the value of the gross estate and of the net estate shall
be computed based upon values as of a date 18 months after the decedent's
death, and the tax to be paid under this title shall bear the same ratio to a
tax computed without reference to this section as the subsequent value of
the net estate bears to the value of the net estate as of the date of the
decedents' death."
Mr. Crisp explained that this section was placed in the bill by the Committee because of the drop in value which some estates suffered because of
the break in stock markets and the general depression which took place
during that period.
He said the Committee at first believed this would affect only about 15
estates, but that later it was learned from the Treasury Department that
about 30,000 estates would be affected by this section, and that if adopted
this section would result in $40,000.000 being lost to the Federal Treasury.
Ile said the Committee estimates as to the yield of the bill have never
contemplated the striking out of this section. He said that if this section
should be stricken from the bill the entire estate would, in some cases, be
taken by the Government in taxes.
Deferred Valuation Date on Estates Retained.
Representative Whittington (Dem.), of Greenwood, Miss., offered an
amendment to strike the section from the bill, but this was defeated by a
teller vote of 130 ayes to 184 nays.
Representative Ragon (Dem.), of Clarksville, Ark., offered an amendment providing that in no case shall the reduction allowed be more than
40% of the value of the estate at the time of death. This amendment was
agreed to by a viva voce vote.
This concluded the reading of the bill for amendments, and the Committee then arose and reported the bill back to the House with the various
amendments.
Separate votes were asked for a number of the amendments. The first
of these to be taken up was the Doughton amendment which struck the
manufacturers'sales tax title from the bill. The motion was on the question:
"Shall the House agree to the Doughton amendment?" On a roll call vote
this motion was agreed to 235 answering "aye" and 160 answering "nay."
The next separate vote was that on the so-called Swing amendment increasing the surtax rates. The Committee's bill provided a rate of 1% on
net incomes of $6.000 or more, and graduated that rate upward. to 40%
on net incomes of $100.00. The Swing amendment would have increased
the surtax rates to a maximum of 65% on incomes over $5.000,000.
On a roll call vote, the House struck out the Swing amendment, and
restored the rates of the committee's bill. The vote was 178 ayes to 211
nays on the question of agreeing to the Swing amendment.
The House then voted viva voce to retain the Ramsoyer amendment,
Increasing the estate tax rates, in the bill. The Ramseyer amendment
provdes a 45% maximum rate on estates, whereas the original bill proposed
a 40% maximum rate.
Rates of Gift Taxation Adjusted Co Estate Levies.
The House in Committee of the Whole, March 31, adopted an amendment to the gift tax section. offered by Representative Ramseyer (Rep.),
of Bloomfield, Iowa, to make the brackets conform to the new estate taxes
written into the bill last week and making the rates for the gift taxes,
In each bracket, three-fourths of the rates of the estate tax, lie said his
amendment had been approved by the Ways and Means Committee.
Representative Crisp said that committee decided that If the Ramseyer
amendment to the inheritance taxes, increasing the committee rates 5%
and changing the brackets, is to become law, it is logical that the present
Ramseyer amendment to the gift taxes, increasing the rates of the gift
tax proportionately, should be accepted.
The Ramseyer amendment, both as to inheritance and estate taxes, Mr.
Crisp said, changes the committee bill by making the exemption $50.000,
instead of $100,000. If the Ramseyer estate tax is eliminated on separate
vote in the House, then the other should be.
Mr. Ragon said the committee's expert estimated the Ramseyor gift
tax amendment would raise $5.000,000 in addition to the amount the committee gift tax, in the original bill, would raise.
Mr. Crisp informed the House that the only retroactive provision in the
whole bill is the one dealing with valuation of estates, on account of the
great drop in the price of securities. A committee amendment to conform
with the Ramseyer gift tax amendment was adopted to take care of gifts
made in contemplation of death. If there is a gift made in contemplation of
death, this would take care of the additional estat, tax, explained Mr. Crisp.
Representative Stafford (Rep.), of Milwaukee. Wis., asked if the committee had considered at any time reducing the 80% tax til‘ Federal Government returns to States in inheritance taxes. Mr. Crisp said the committee
did not consider changing it.
"There was some general discussion," he said, "but the committee felt
that in levying the surtaxes it did not desire to disturb the present law at all.
A number of States passed income tax laws after Congress passed this law
Permitting them to participate up to 80%; and we did not consider it wise
to interfere with that at the present time."
Other Committee Amendments Adopted at Late Session.
Other committee amendments adopted during the late session, as explained by Mr. Crisp, Included the following:
To remove from the present law the provision that says that when gifts
are made within two years they are conclusively presumed to be made to
avoid the estate tax. That is the provision of law that the Supreme Court a
few days ago declared unconstitutional. This retains in the law the prima
facie evidence that such gifts were made in contemplation of death, and
with this amendment the Government will receive either the gift-tax rate
or the estate-tax rate on the estate of any decedent.
To provide that the additional excise import tax levied on imported
goods shall not be added to the cost for the, Tariff Commission to apply the
flexible clause lowering the rate in the tariff 507.•
To provide the regulations for the collection of the special taxes levied
In this bill on cosmetics, toilet preparations, automobiles, and sundry and
divers other articles. It carries out what has been done all through the bill,
provides that they shall cease by operation of law to be subject to the taxes
on July 1 1934, and the regulation provides that these taxes shall go into
effect 15 days after the approval of this Act. That includes all of the special
excise taxes.
To amend the section regarding extension of time. Under existing law,
when a person dies, the estate has six years in which to pay the tax, when
undue hardship would be inflicted on the estate if the tax were required
to be paid in a shorter time, discretion being left to the commissioner, with
the approval of the Secretary of the Treasury, to determine whether hardship would ensue.
On these deferred payments they have to pay 6% interest. On the
deficiencies they have, under existing law, two years. The deferred payments bear 6% interest, and a bond is required to guarantee that the
Government will collect the amount of the tax plus 6% interest.
[VOL. 1.4.
It has developed in some of these very largo estates that sometimes it
would destroy an estate if they were forced to throw it on the market,
especially estates consisting of large tracts of land where, possibly, they
can not sell the lands at all.
This amendment simply permits, In cases where it would be an undue
hardship on the estate to force the payment of the tax within the six years
as now required by law, an extension to eight years, giving two years additional within which the amount of the estate tax duo the Government
may be paid. But before that is done the Commissioner and the Secretary
of the Treasury must decide it would be at undue hardship on the estate.
Then the estate must give a bond for the payment of the tax, and the Government receives 6% interest.
To authorize designation the Secretary of the Treasury to designate
special disbursing agents for payment of all salaries and expenses.
The Comptroller-General has raised some question as to whether they
could have a disbursing agent pay these bills, contending that the collector
should be the disbursing officer.
This is in accordance with what has been done in the Treasury Department for years. The Treasury Department has recommended this so as to
remove any question that may arise with the comptroller as to whether
these revenue agents can be designated to act as disbursing officers for the
Treasury. Of course, they are under bond to account for their acts and for
any moneys handled or paid out.
SUMMARY OF PROVISIONS OF THE BILL.
Under the bill the normal tax on individual incomes
would be increased from 1
to 2% on the first $4,000 of
net income; from 3 to 4% on the next $4,000; on amounts in
excess of the last-named, the tax would be 7%. The
exemption in the case of single persons, at present $1,500,
is fixed in the House bill at $1,000, while the exemption of
married persons, now $3,500, is $2,500 under the House bill.
The New York "Journal of Commerce" of April 2 contained the following summary of the bill's provisions:
Increases to 13Si% the present 12% corporate net income tax and reduces
the present exemption of $3,000 in the case of corporations with a net
taxable income of $25,000 to one of $1,000 for the benefit of corporations
with a net taxable income of not above $10,000.
Provides a premium of 1 3.. % on the corporate rate to be paid by corporations desiring the benefits of the consolidated returns features of the
law.
Makes taxable future distributions of profits accumulated or increase
in value of property accrued before March 1 1913, now non-taxable, and
also the distribution of depletion reserves based on the discovery value
of mines. The depletion allowances also are modified.
Tax payments to foreign governments are to be allowed as an exemption
only to the extent to which they do not exceed an amount which bears the
same relation to the total tax as the net income from the country imposing
the tax bears to the total net income.
Dividends received by corporations from tax exempt corporations are
made taxable in the hands of the former.
Dividend distributions by corporations upon their outstanding stock
made subject to normal taxes, as well as surtaxes, the latter being also a
part of present law.
Provisions of existing law relative to stock losses and to wash sales are
amended in important particulars.
Gains and losses from short sales and options are denominated for tax
purposes as gains or lasses from the sale or exchange of stocks and bonds
held less than two years.
Gains from the sale by a foreign corporation of security transferred to
It by a domestic taxpayer and later accounted to the latter are made taxable
if the Commissioner of Internal Revenue believes such manipulation to
have been resorted to for the purposes of tax evasion. Under present law
such gains are not taxable.
The measure suspends for two years operation of the provisions of the
present law which permits a taxpayer to apply a net loss sustained in one
taxable year against his net income for the succeeding taxable year, or
for a second year if needed.
Normai taxes for individuals are to be 2% on the first $4,000 net: 4%
on the next $4,000, and 7% on all in excess of the latter. Surtaxes are to
begin at $6,000 and advance progressively to 40% on incomes in excess of
$100.000. The exemptions are $2,500 in the case of married taxpayers
and $1,000 in the case of single taxpayers. The allowance for earned income is reduced.
33%
Present estate tax rates are doubled and the gift tax minimum is made
Stock exchange transactions were made subject to a tax of one-quarter
of 1%, minimum 4 cents per share.
Bond transfers are made taxable at one-eighth of 1%.
Issues of capital stock and bonds are to be taxed 10c. per $100 of value.
The levy on transactions upon the commodity exchanges is increased
from the present rate of 1 cent to 5 cents per 3100 of value.
Conveyances covering transactions in real estate over $100 and not over
$500 will be taxed 50 cents, and a like assessment made on each additional
$500 of value or fraction thereof.
Admissions to places of public amusement in excess of 45 cents will take
a tax of 1 cent for each 10 cents of the amount charged.
A duty on coal of 10 cents per 100 pounds and of 1 cent per gallon on
Imported gasoline and crude oil is provided.
Special sales taxes of 4 cents per gallon upon lubricating oil, :35 cants per
gallon on brewers' malt and 40% on grape concentrates were voted.
Radio broadcasting and newspaper leased wires and newspaper press
dispatches are exempted, but a 10% tax on leased wires and 5 cents on
telephone, telegraph, cable and radio messages or conversations costing
between 30 cents and 50 cents, and 10 cents if costing 50 Cows or more will
be assessed under this measure.
The 10% manufacturers' sales tax will apply to cosmetics, furs, jewelry,
sporting goods, cameras, firearms; while a 5% tax is to be applied against
candy, chewing gum, radios and phonographs and mechanical refrigerators.
Theautomobile tax is to be 3% on passenger cars, 2% on trucks
and 1%
on accessories.
The tax on matches is fixed at 4 cents per 1,000.
The 1921 taxes on soft drinks will be restored.
A tax of 10% of the rental of safe deposit boxes and vaults is provided.
Yachts and boats, valued at over $15. take a 10% tax, and that tax
applies when yachts are obtained under lease.
Oil transported by pipe lines will be taxed 8% on the carrying charge.
The basic first class letter postage rate is increased to 3 cents.
Revaluation of depreciated estates, but only to a limited extent, is to
be permitted.
APRIL 9 1932.]
FINANCIAL CHRONICLE
Retroactive Tax Project May Yield $20,000,000—House
Adopts Program Restricting Carrying of Net Losses.
From the New York "Herald Tribune" we take the
following from Washington April 1:
The tax program as adopted by the House to-day contains a now provision relative to income tax returns, which is in a sense retroactive. Under
an amendment adopted by the House on Wednesday, generally known as
the "repeal of net loss provision," and calculated to yield the Treasury
$20.000.000 more in taxes, the net losses established by a taxpayer in
the year 1931. as well as in 1932 and 1933. may not be carried over to a
later year to reduce the incomes on which taxes are assessable.
"Under the existing law." Representative Fred M. Vinson, Democrat.
of Kentucky, author of the amendment, explained. "net losses may be
carried over one year. With the amendments which have been adopted.
and this amendment, net losses are eliminated from being carried over at
all. In other words, for the calendar years 1931, 1932 and 1933 net losses
cannot be carried over, but when 1934 comes, net losses can be carried
into 1935. Meanwhile, the net losses have to be taken in the year when
the losses occur."
taxation involved in discontinuing the exemption of dividends
from normal tax is unsound, resulting as it does in discrimination against the corporate form of doing business,
with particular hardship to the smaller corporation as compared with a partnership; that completely doing away with
the net loss provision is hard to justify in times like these;
that the stock transfer tax is excessive under existing conditions, and that the estate tax rates are too high." Secretary Mills went on to say:
"It must not be forgotten that the bill already provides for a sharp in-
Senate Passes Democratic Tariff Bill Curbing Power of
President to Change Rates.
On April 1 by a vote on 42 to 30 the U.S. Senate passed, in
amended form, the Democratic tariff bill which passed the
House on January 9 last by a vote of 214 to 182. According
to a dispatch April 1 to the New York "Times" the conferees
of the Senate and House will be faced with the difficult task
of harmonizing the Senate and House bills, which agree in
only two particulars. The dispatch continued:
They take from the President his power to raise or lower rates on recommendation of the Tariff Combussion and they recommend that the United
States call an international economic conference.
It has been made clear that whatever Democratic measure may be agreed
upon it will be vetoed by the President. Such a veto is certain to be sustained as the Democrats, even with the assistance of progressive Republicans, cannot command two-thirds of the House or the Senate.
In to-day's vote, with 94 votes accounted for in the roil-call, no Democrat
either voted or was paired against the substitute for the House bill. It was
supported by six progressive Republicans.
Changes Are Left to Congress.
The Senate bill, a substitute for the House bill in the form of an amendment introduced by Senator Harrison, provides that the Tariff Commission,
upon request "of any interested party," may investigate the importation
of any commodity or product, recommend an increase or decrease in duty
or, if the article is on the free list, recommend that a tariff be levied on it.
Thereupon. Congress would be authorized to change the duty through
passage of a bill that would require the signature of the President. Such leggislation would be expedited through provisions that amendments could not
be offered.
The Senate bill, like the House bill, provides for a considerably broader
investigation of comparative costs of production and transportation here
and abroad than are contained in the Hawley-Smoot tariff act.
As proposed by the House, the new flexible provision provided that the
Tariff Commission itself could raise or lower duties or impose them on
articles on the free list, subject only to Congressional veto within 60 days.
Under the Hawley-Smoot act. the President Is empowered to raise or
lower tariffs on dutiable articles 50% on recommendation of the Tariff
Commission, but cannot touch the free list.
Senator Vandenberg offered a compromise bill, designed to harmonize the
present act and both the proposed bills, but this was defeated, 28 to 43.
He proposed that Congress be empowered to change rates while it is in
session, but that the President retain his authority to revise rates when
Congress Is not in session.
The Senate bill also contains an amendment by Senator Norris, which
provides for the suspension of duties that "sustain monopolies" in the
United States. Under this amendment the President, upon recommendation
of the court of customs, after that court had held hearings on complaints,
would issue a proclamation suspending the collection of duties upon articles
of the class produced by the manopoly.
The International Economic Conference provided in the Harrison bill
would be called by the President to consider the elimination of excessive
or discriminatory tariffs and "providing fair, equal and friendly trade and
commercial relations between nations."
During the debate, Republican Senators charged that this would open the
way to a new discussion of international debts, which, they said, would be
detrimental to the United States.
The Senate bill also creates the office of "Consumers' Counsel," an
advocate of "the consuming public," who would be present at all tariff
commission hearings to examine witnesses and offer testimony or argument
In behalf of the public.
During the debate Senator Hatfield of West Virginia urged an increase
in tariff rates to "compensate for depreciation in foreign currency."
The passage of the bill by the House was noted in our issue
of Jan. 16, page 434.
Changes in Tax Bill Proposed by Secretary of Treasury
Mills in Statement Before Senate Finance Committee—Declares Corporation and Estates Taxes
Too High—Stock Transfer Tax Excessive—Says
Provisions Would Discourage Normal Flow of
Capital Into Industry and Commerce.
With the opening of hearings before the Senate Finance
Committee on April 6 on the new tax bill, Secretary of the
Treasury Mills was the first to be beard. Presenting his
views on the bill as passed by the House on April 1 Secretary
Mills expressed his opposition to certain of the taxes carried
in the bill, the corporation tax rate he declared to be "too
high"; he further said that there is no justification for compelling corporations to pay for the privilege of filing income
tax returns in accordance with their usual method of doing
business and keeping their books; that the concealed double
2641
crease in normal and surtax rates: that losses on the sale of so-called capital
assets are to be limited to any gains which happen to be derived from the
sale of capital assets in the same year; that the Treasury Department add
the Ways and Means Committee were ready to limit the net loss carry-over
provision to one year, and that very heavy taxes indeed were proposed in
the Ways and Means Committee bill on the issuance and transfer of securities
"The cumulative effect of all these provisions is very great. They tend
to converge the full weight of each of them upon capital actively employed
in business, and to discourage the normal flow of capital into industry and
commerce at a time when business men are hesitant and industry stagnant.
Their combined restrictive effect magnified by the deadening influence of
the depression will in my judgment tend to retard business recovery.
"What we want to accomplish above all else at the present time is to
break down the vicious circle of deflation of credit, industrial stagnation,
falling prices and loss of purchasing power. To put men to work capital
must go to work. Credit must be sought and freely offered. But capital
must see some chance of profit to compensate for the risk. Business men
will not borrow and banks will not lend unless the enterprise offers some
fair prospect of return."
As to the proposals made to the Senate Committee by
Secretary Mills, a dispatch April 6 to the New York "Times"
said:
Changes in the bill that would take more than $200.000.000 from its
revenue-raising capacity were urged by the Secretary, but he advocated as
substitute.; proposals submitted originally by the treasury, but not acted
upon, which it was estimated could be made to produce more than $500,000,000.
Recommendations for Changes.
Specific recommendations for changes were:
of 1% be reduced to four cents
1. That the stock of transfer tax of
per share, as recommended originally by the Treasury.
2. That the exemptions from normal Income taxes of dividends On stock,
repealed by the House bill for a period of two years, be restored.
3. That the penalty of 114% above the regular corporation income tax,
imposed on corporations filing consolidated returns for subsidiaries, be
stricken out.
4. That the net loss provision, permitting losses to be carried forward
for a year, repealed by the House unt 1July 11034, be restored.
5. That the normal corporation tax rate fixed at 1314% by the House,
be reduced to 13%, as carried in the supplemental Treasury recommendslions.
6. That the estate tax be reduced from the maximum of 45% adopted
by the House to 25%.
7. That the gift tax be reduced even in greater degree than the reduction
recommended for the estate tax.
8. That the bond-transfer tax of 1,
," of 1%, with a minimum of two cents
a bond, be stricken out.
Some Estimates Challenged.
The Secretary gave most of his statement in a running discussion with
members of the committee. They questioned him about this levy, they
argued with him about that recommendation, they discussed with him the
general proposition of balancing the budget, and some of the Democrats
disagreed with him over estimated savings.
Mr. Mills had no set substitute plan to offer. In answer to a request
from Senator Harrison he agreed to submit a definite plan. He said after
the meeting that he did not think the committee was in any hurry for it.
The substitutes recommended by the Secretary were all in the original
and supplemental Treasury proposals. He submitted them in the form of
a table and did not even discuss them. They included:
1 An increase of one-sixth in the present tobacco tax, to produce $58,000,000
2 Increases in the automobile excise rate of the House from
3. 2 and 1%, respectively, on passenger cars, trucks and
parts to 5, 3 and 2Si %,estimated to yield
44,000.000
3 Application of the 10% amusement tax to all admissions
above 10 cents. The House bill would apply to admissions
above 45 cents. The change was expected to produce an
additional
70,000.000
4 Enactment of a two-cent stamp tax on bank checks and
drafts, to yield
95,000.000
5 Imposition of a one-cent Federal gasoline tax, estimated
to yield
165.000,000
6 Addition of a 7% consumers' excise on electricity and gas
for domestic use, to produce
94.000.000
In citing his exceptions to the bill Secretary Mills pointed
to the situation forced by the railroads, saying:
For the purpose of illustration, consider the case of the railroads. Their
bonds are largely held by the great insurance companies. savings banks
and other fiduciary Institutions, or. In other words, the savings of the
American people are invested in them to a very great extent. These bonds
are much depreciated in value. A diminished earning power is of
course
largely responsible, though fixed charges are for the most part being
earned.
But the serious part of the situation is that the equities back of these
bonds
are gradually being eaten away. With the heavy taxes proposed
on future
possible railroad earnings and on railroad dividends, coupled
with the
inhibition on carrying Over losses from one year to another,
the restoration
of equity values essential to the restoration of the high
standing of the
underlying securities and of the ability of the railroads to
obtain necessary
capital, becomes more difficult.
In this connection it should not be forgotten that
railroads ordinarily
spend annually anywhere from $600,000,000 to $8
00,000.000 for capital
Improvements, giving employment directly to
thousands of men and Indirectly to many thousands of others through the
orders they place. Thesis
funds must be obtained from investors through
the security markets.
I do not want the committee to understand that
my criticism is directed
to the bill as a whole. There are, however, certain
important features with
which the Treasury does not agree, and which I trust
your committee will
either eliminate or modify.
2642
FINANCIAL CHRONICLE
Opposition to Increase in Federal Income and Surtax
Rates Voiced in Report to New York State Chamber
of Commerce—Favors Sales Tax to Balance Budget.
Strong opposition to the proposed increase in Federal
income and surtax rates to the war time level and to other
forms of taxation which tend to withdraw capital from business enterprises, is voiced in a report of the Committee on
Taxation which came before the Chamber of Commerce of
the State of New York at its meeting on April 7. As an
alternative, the Committee favors a manufacturers sales
tax as a means of balancing the Federal budget. The
report, presented by Jesse S. Phillips, Chairman of the
Committee, holds that the paramount consideration is that
any new or increased taxation should be of a nature least
injurious to domestic business and international trade. In
the present national emergency, the Committee feels, this
consideration can even transcend the question of the fairness
of placing the greatest burden of increased taxes on the
earnings of those with large taxable incomes.
Conceding the necessity of balancing the budget, the
report of the Committee says in part:
Your committee, however, believes that the proposed surtax increases
will materially fail of their purpose. The result will be that capital will
seek tax-free securities, to the detriment of private business. At the
same time, the taxpayer's income, owing to reduced dividends, defaulted
interest and small profits from business in general, has been radically depleted. Accordingly, the revenues which can be collected by high surtaxes will be exceedingly disappointing. The income surtaxes of war days
were collectible because it was a period of great business activity and large
Incomes. Those days will not return soon.
Your committee regrets that the House of Representatives failed to adopt
the manufacturers' sales tax which it rejected on March 24 1932. This
tax can be made to produce adequate revenue. There are no doubt objections to such a tax at this time. But this Ls true of any form of taxation.
The question Is largely one of selecting the least objectionable. Among
the merits of the manufacturers' sales tax may be mentioned the following:
It will produce the bulk of the needed revenue in a manner which will place
no undue burden on the people; it is a tax general in application, and does
not fall upon any particular class; it spreads the cost of government among
all the people who live under its protection; It does not have the irritation
of the nuisance taxes; it is comparatively easy to administer; and it has been
successfully used by other governments, notably Canada.
In conclusion the report says:
It is essential that the accumulation of capital
[Vol.. 134.
Limit on Incomes.
Senator Dill (Dem.). of Washington, asked if it would be possible to fix
a limit on the amount of income an individual might have, by means of
taxation, mentioning $5,000,000 a year in this connection. Senator Harrison
argued that such a course was impossible.
"I think it would be un-American in spirit." he added. "I have no disposition to participate in any such course as that. It is our tradition to
allow persons to make as much money as they can, and any limitation on
it would servo to stop the growth of our Nation. It is that sort of thing
that makes socialism."
New Revenue Raised by House Tax Bill During 1932-33
Estimated by Treasury at $1,030,000,000—Secretary
Mills Says Bill is :3200,000,000 Short of Balancing
Budget—Looks to Senate to Correct "Serious De-.
fects and Discriminations."
According to Secretary of the Treasury Mills, "the
Treasury estimates that the (tax) bill, during the fiscal year
1932-33, will raise approximately $1,030,000,000 of new
revenue, including increased postal charges, as against
an estimated $1,241,000,000 needed to balance the budget,
exclusive of the sinking fund requirements. It is apparent,
therefore," says Secretary Mills, "that there is a gap of
something over $200,000,000 which remains to be bridged."
The statement of Secretary Mills, issued April 2, had reference to the tax bill passed by the House on April 1. The
Secretary stated that "the bill contains serious defects and
discriminations" and he added, "I trust that these will be
corrected in the Senate and that the changes will ultimately
be concurred in by the House." Mr. Mills stated that
"there is but little further room for large economies through
administrative changes alone," and that to accomplish
a real reduction in cost there must be an elimination of duplication of effort through consolidation, the curtailment of
unnecessary functions, and the suspension of certain activities
during the period of emergency. To attain this goal," he
declared, "will require not only legislation, but close cooperation between the legislative and the executive branches
of the Government in carrying out such a program."
Secretary Mills' statement follows in full:
The bill which passed the House of Representatives will raise a
very large
amount of revenue What, however, is more important is that the
House
in passing it has recognized and affirmed the necessity of balancing
the budget. This is a great victory for sound financial principles.
There can bo
turning back.
In 1920, when a situation not unlike that of to-day existed, noThe
differences as to estimates of
are minor in character. The
the Chamber advocated a consumption tax (a sales tax Speaker seems to think the Treasuryrevenue
estimates are too low. I hope he is
right.
Only time will tell. All I can say is that the estimates
collected directly from the consumer) levied at a fixed rate
represent
our very best judgment.
of percentage on sales in excess of $I.
The bill contains serious defects and discriminations
I trust that
these will be corrected In the Senate and that the changes
will ultimately
be concurred in by the House.
The Treasury estimates that the bill, during the fiscal year
Two Senators State Position on Surtax—Minority
1932-33,
will raise approximately 81.030.000000 of new revenue,
including inLeader Robinson and Senator Harrison Oppose creased
postal charges, as against an estimated $1-241,000,000 needed to
High Level of Wartime.
balance the budget, exclusive of the sinking fund requirements. It is
The declaration that they were opposed to inclusion of apparent, therefore, that there is a gap of something over $200,000.000
which remains to be bridged.
income surtax rates as high as those operative during the
This the Ways and Means Committee and the House evidently plan
World War was made in the Senate April 4 by Senators to bring about by means of reduced expenditures There never was any
difference between the Ways and Means Committee and the Treasury
Robinson (Dem.), of Arkansas, minority leader, and Harrison Department
as to the imperative need of reducing the cost of government.
(Dem.), of Mississippi, ranking minority member of the but in my letter to Chairman Crisp I pointed out "the
extreme danger
of
to balance the budget except on the basis of either ascerattempting
Committee on Finance, which began hearings on the revenue
tained facts or of prospects sufficiently substantial to justify a confident
measure on April 6. The "United States Daily" of April 5 expectation of their realization."
added:
Unfortunately, neither the Ways and Means Committee nor the House
The bill (11. It. 10236) was transmitted to the Senate by the House in the had before them in preparing their estimates of needed revenue a concrete
program for definite reduction In expenditures. They were obliged
usual form and its reference to the Committee was ordered immediately by
the vice-President. The bill, therefore. was not before the Senate when to rely on more or less vague estimates.
It is now clear that if we are to have a balanced budget, the preparadiscussion began as to the revenue-raising policies enunciated in the form
tion and realization of such a concrete program is imperatively necessary.
of rates and sources.
This means that there must be substantial modifications of existing law
Position of Mr. Long.
law affecting the duties and obligations of the departments and independent
Senator Long (Dem.), of Louisiana. complained that the surtax and in- establishments of the Government. In view of the drastic cuts already
heritance tax rates laid in the House were not high enough to accomplish made in the 1933 budget as presented to the Congress, amounting to $370,a redistribution of wealth, and he urged "leaders" of the Senate to indicate 000,000, there is but little further room for large economies through admintheir course. He wanted to know also whether there was to be "a coalition istrative changes alone.
of forces" in the Senate as developed in the House.
To accomplish a real reduction in cost there must be an elimination
"I believe in taring according to the ability of the taxpayer to pay," of duplication of effort through consolidation, the curtailment of unnecSenator Ilarrison said in explaining his position. "But that position does essary functions, and the suspension of certain activities during the period
not mean that I favor taking away all of the wealth or all of the income of of emergency. To attain this goal will require not only legislation but
any person. I think there would be a tendency to withdraw wealth from close co-operation between the legislative and the executive branches of
Productive enterprise if we should put the rates too high. There Is no the Government in carrying out such a program.
There is no saving in mere temporary postponement of an
excuse, no reason, to kill off Government income that way."
appropria"Senator Couzens (Rep.), of Michigan, inquired how high Senator Hare- tion. In the discussion of savings much emphasis has been placed on
Senator
Mississippi
the reduction in the estimates of appropriations made by the Committee
SOD thought the rates should be placed. To this the
replied that it was a matter that must be given careful consideration. He on Appropriations of the House. The claim has been made that they represaid he wanted the facts and would welcome the 'reaction' of all those who sent an actual saving of as much as $113,000,000. As a matter
of fact.
found objection to the House rates, 'Tor that is the only way we can get only $27,000,000 of reductions can fairly be said to represent actual
savings.
The balance, In all human probability, merely represents
at the facts.'
deferred appro"There Is a tendency," Senator Robinson Interjected. "to place rates priations.
For instance, the largest single item of reduction is one of $50,000'000
so high that they vill force a rearrangement of investments. The high
rates may be the cause, indeed, when they are too high, they do cause for the adjusted service certificate fund. The committee reduced an
withdrawal of funds from industry and bring about their Investment in estimate of $150,000.000 to $100,000,000—to use Its own language—
tax-exempt securities. Thus, the owners of that wealth enjoy a liberal "upon the assurance of General Hines that an appropriation of $100,000,000
will take care of the obligations until the next session of Congress, when a
income without making any contribution to the cost of government.
:•• "Fairness and justice demand that the utmost care be used in arriving deficiency appropriation can be made if needed."
In other words, the $50,000,000 of supposed savings is tube appropriated
at the proper rate that will yield the best returns to the Treasury. Fairness
and justice demand that industry shall not be stunted by rates that will next December—in the middle of the very fiscal year for which we are
for
destroyed
lack
of
is
budgeting,
initiative
and will have to be paid for out of taxes collected during that
take the money away from it, so that
fiscal year.
capital to carry out expansion."
be allowed to proceed.
The incentive to invest in tax-exempt securities should be kept at the minimum. These objects should be borne constantly in mind, if it is desired
to promote the development and activity of business.
APRIL 9 1932.1
FINANCIAL CHRONICLE
This Illustrates one of the causes of confusion When the Treasury Department talks of a balanced budget. it means a balanced budget—not
one balanced on paper. When it talks of reduced expenditures, it means
an actual reduction In the cost of Government—not a postponement of an
of an appropriation for a few months.
There can be no question as to the willingness of the Treasury Department and other departments of the Government to co-operate with the
Congress in the development on a nonpartisan basis of a real program
looking to genuine reductions in the cost of Government. As a matter of
fact, the departments and independent establishments have already submitted suggestions to the appropriate committees for effecting substantial
reductions.
Treasury and House Committee Estimates of Yield
From Items in Tax Bill as Passed by the House.
When the House passed the tax bill on April 1, the Ways
and Means Committee estimated that $1,262,900,000 additional revenue had been assured for the 1933 budget, or
$21,900,000 above the $1,241,000,000 estimated to be
needed. The treasury (said a Washington dispatch to the
New York "Times") calculated the total yield of the new
revenue program at $1,152,900,000, or $88,100,000 short
of the goal.
Comparative estimates by the Ways and Means Committee and the treasury of the yield for the fiscal year 1933
as given in the "Times" follow:
INCOME TAXES.
Treasury
Revised
Individual Income Tax—
Estimates.
H. It. 10236 (Crisp bill)
$112,000,000
Amendment increasing highest normal rate (La
Guard)a)
3,000,000
Additional surtax brackets, beginning 56.000
7,000,000
Corporation Income Tar—
n. It. 10236 (Crisp bill)
21,000,000
Reduction In exemption from $2,000 to $1,000
6,000,000
Further increase in rate, 13% to 13(5%
8400,000
Additional increase to 15% for consolidated returns
8,000,000
ADMINISTRATIVE CHANGES.
$100,000,1300
H. R. 10236 (Crisp bill)
Repeal net loss provisions
6,000.000
Dividends (Section 115Th)
2,000,000
Dividends (Section 115D)
Revision of depletion allowance
. .
Application of normal tax to dividends (unofflelal)
88.000 000
ESTATE TAX.
H. it. 10236, as amended (Crisp bill)
GIFT TAX.
9rf13q
H.It. 10230. as amended (Crisp bill)
21,000,000
6.000.000
8,400.000
8,000,000
$100,000,000
. .
6,000,000
2,000.000
. .
88,000,000
rs
$20,000,000
$5,000,000
$10,000,000
t I
V MISCELLANEOUS TAXES.
gres of capital stock 04%. but not less than 4 cents
Os
.
per share. 4 cents to apply to loans of stock)
70,000,000
Sales of bonds(%%)
25,000,000
Issues of capital stock and bonds (10 cents per $100)-8,000,000
Conveyances (50 cents on $1004500, 50 cents per
$500 In excess)
10,000,000
Sales of produce (5 cents per $100)
6.000,000
Admissions (1 cent for each 10 cents over 45 cents).
40,000,000
Lubricating oh l (4 cents per gallon)
35,000,000
Imported gasoline, fuel oil, &c.(1 cent Per gallon)._
5,000,000
Malt and wort (35 cents per gallon), grape concentrates (40%)
46,000,000
Telegram and telephone messages, &c.. except Press
and radio services (5 cents on messages costing 31
cents to 49 cents and 10 cents on messages costing
50 cents or more, &c.)
33,000,000
Imported coal (12 ton)
500,000
Cosmetics, &c.(10% of manufacturers'sales)
20,000.000
Furs (10% of manufacturers' sales)
15,000,000
Jewelry (10% of manufacturers' sales)
15,000,000
Sporting goods and cameras (10% of manufacture&
sales)
6,500,000
Beverages (1021 Act rates)
10,000,000
Matches (4 cents per 1.000)
11,000,000
Chewing gum (5% of manufacturers'sales)
3,000,0(X)
Radios and phonographs(5% of manufacturers'sales)
11,000,000
Mechanical refrigerators(5% of manufacturers'sales)
6,000,000
Automobiles (3% of manufacturers' sales)
44,000,000
Trucks(2% of manufactifr(,3' sales)
4.000,000
Accessories(1% of manufacturers'sales)
8,000.000
Candy (5% of manufacturers' price)
12,000,000
Safety deposit boxes (10% of rental)
1,000,000
Yachts, motor boats. &c.(above 815 value, l0%).._
500,000
Oil transported by pipe line(8% of charge)
20,000,000
Firearms and shells (10% of manufacturers' sales)_._
2,500,000
Increased postage, &c. (revised estimate Post °taco
Department)
135,000,000
General budget cuts (estimated)
Minor postal increases
3,000.000
7,000,000
$20,000,000
"riAlg
Total In tax bill as passed to-day
Committee
Revised
Estimates.
$112,000,000
70,000,000
25,000,000
8,000,000
10,000,000
6,000,000
40,000.000
35,000,000
25,000,000
46,000,000
33,000,000
500.000
20,000.000
15,000,000
15,000,000
6,500,000
10,000,000
11,000,000
3,000,000
11,000,000
6,000,000
44,000,000
4,000,000
8,000,000
12,000,000
1,000.000
500.000
20,000,000
2,500,000
135,000,000
$907,400,000 $1,032,400,000
SAVINGS.
$125,000,000
30,500,000
$200,000,000
30,500,000
Tots 1 new revenue
81,152,900,000 $1,262,000,000
Additional funds needed for 1933 budget. $1,241,000,000.
President Hoover Would Abolish Shipping Board—Not
to Name Successor to Late S. C. Plummer, ViceChairman of Corporation.
Declaring that "the present Shipping Board should be
abolished," President Hoover, on April 1, expressed the
hopo "that Congress will pass the legislation necessary to
reorganize the whole of our merchant marine activities in
order that we may make drastic reduction of expenditures
in this session." The President pointed out that "we now
expend in aid and loans to the merchant marine services
directly and indirectly, about $100,000,000 per annum.
We cannot remedy the situation," he said, "without legislation." In his statement the President indicated that he
does not propose at the present time to fill the vacancy on
the Board created by the death of E. C. Plummer, ViceChairman of the Board. We give the President's statement
herewith:
26437
I do not propose to fill the vacancy on the Shipping Board, created by
the death of Mr. Plummer. for the present. I am in hopes that Congress
will pass the legislation necessary to reorganize the whole of our merchant
marine activities in order that we may make drastic reduction of expenditures In this session. If so, the situation as to membership of the board
might be greatly altered.
I have pointed out in messages and elsewhere on several oecrisions the
importance of this matter in production of sound economy. We have merchant marine activities in many different departments and independent
establishments. We now expend in aid and loans to the merchant marine
services, directly and indirectly, about $100.000,000 Per
annum- We
cannot remedy the situation without legislation.
The present Shipping Board should be abolished. Its administrative
functions should be transferred to the departments. This is not a criticism
of the Board, but a criticism of an impossible and expensive form of organization and divided responsibility.
The Board was designed originally for regulatory purposes and was set
up by Congress independent of the Executive. It has been subsequently
given enormous administrative and financial functions. The President
has no authority or control over Its activities.
With regional and bipartisan bases of selection, together with independence from all control except the indirect pressures of Congress, it has had
extreme difficulty in functioning cohesively and, in any event. no board
or commission can successfully function in executive work.
Moreover, the Board's authority in certain matters is divided with the
Postmaster General. We are, under the law, giving ship subsidies as well
as mail contracts. The Postmaster General necessarily looks at them as
a matter of mail, the Shipping Board as a matter of trade routes and a
matter of selling ships with a mail subsidy attachment. There can be no
adequate check or co-ordinated direction of expenditure or commitments.
There is a function in regulation of shipping rates which should be extended to intercoastal rates and to inland water rates, which is a muchneeded function for the development of shipping, and which could be administered at a comparatively small sum per annum by a new organism
comprised of the present members of the Shipping Board, for their experience is most valuable.
As I have said, there are many other merchant marine activities in the
Government and, if we are to secure real economies, we must have drastic
consolidation and more definite responsibility.
President Hoover Again Urges Upon Congress Necessity
of Economy in Governmental Expenditures with
View to Balancing Budget—Consolidation of
Government Bureaus Necessary.
A special message was addressed to Congress by President
Hoover on April 4 in which he urged anew the necessity of
reducing Governmental expenditures if the balancing of the
budget for the year beginning July 1 next is to be accomplished. The President pointed out that there must be "a
further reduction of expenditures for the next year of about
$200,000,000, in addition to the reduction of $369,000,000
in expenditures already made in the budget recommendations which I transmitted to the Congress on Dec.9. "Such
sum," says the President,"can only be obtained, however, by
a definite national legislative program of economy which will
authorize the consolidation of Governmental bureaus and
independent establishments."
Recommendation is made to Congress by the President
"that in order to secure this unity of effort and prompt
action, and thus insure the relief of the taxpayer and a balanced budget, at the same time protecting vital service of the
Government, that representatives be delegated by the two
Houses, who, together with'representatives of the Executive
should be authorized to frame for action by the present
Congress a complete national program of economy and to
recommend the legislation necessary to make it possible
and effective." The President's message to Congress on
April 4 follows:
To the Senate and House of Representatives:
I have in various measa.ges to the Congress over the past three years referred to the necessity of organized effort to effect far-reaching reduction
of Governmental expenditures.
To balance the budget for the year beginning July first next, the revenue
bill passed by the House of Representatives on April 1 necessitates that
there shall be a further reduction of expenditures for the next year of stout
$200,000,000 in addition to the reduction of $369,000,000 in expenditures
already made In the budget recommendations which I transmitted to the
Congress on Dec. 9.
It is essential In the interest of the taxpayer and the country that it
should be done. It is my belief that still more drastic economy than this
additional $200,000,000 can be accomplished. Such a sum can only be
obtained, however, by a definite national legislative program of economy
which will authorize the consolidation of Governmental bureaus and
Independent establishments; and, beyond this, which will permit the removai of long-established methods which lead to waste: the elimination of
the less necessary functions, and the suspension of activities and commitments of the Government not essential to the public interest in these times.
These objects cannot be accomplished without far-reaching amendment
to the laws The Executive is bound to recommend appropriations adequate to provide for the functions and activities of the Government as now
established by law. This is mandatory, and the opportunity for administrative savings is limited. The appropriations committees are likewise
bound and can only act within restricted limits. Therefore, to lessen the
burden upon the taxpayers in a substantial amount, it is necessary to
enter
upon other fields by amending existing laws which place
uitnecessary obligations on the departments and independent establishments.
We need repeal of existing laws which require carrying
on of functions
not absolutely essential for the present. This means that
we should undertake a definite, separate and co-ordinated program
of economy legislation which will enable the Executive and
appropriations committees to
achieve the results desired.
A clear indication that the limitation of Executive
authority to bring
about economies has about been reached is shown
by the fact that the total
2644
FINANCIAL CHRONICLE
expenditures estimated in the budget of $4.112.000.000 (Including postoffice deficit after deduction of receipts) presented to the Congress, except
for increased payments to veterans and expenditure on construction work
In aid of employment, was the lowest in over five years.
A further indication of the existing limitations is shown by the fact
that of the whole budget the appropriations bill passed by the House of
Representatives, together with those recommended by the House Appropriations Committee and the permanent appropriations, already cover about
75% of the budget, and do not yet include the army and navy. Yet the
positive reductions, including the urgency deficiency bill. so far made by
the House and by its committees, on information supplied to me by the Director of the Budget, are less than $35,000.000.
It is true that the Committee has reported reductions of a total of about
¶113.000.000, but of this about $78,000,000 are only postponements unfit
the next December session of the Congress, and must then be provided
for in deficiency bills.
I say this in no wise in criticism of the action of the Congress or of its
committees, but as demonstration of the fact that the latitude necessary
for real reduction of expenses can only be secured by a thoroughgoing
renovation of the law to bring about real national economy program.
The Appropriations Committee of both the Senate and the House have
given earnest consideration to these questions. Also a special economy
committee and the committee on expenditures in the executive department of the House have been engaged upon these problems. Many suggestions of opportunities for further material reduction in Governmental
expenditures have been made to these committ es by the executive officers
of the Government. but the major portion thereof require legislative action
and authorization.
It appears to me that with four different agencies of the Congress at
work on the problem, operating independently with the different departments, the time which has already elapsed and the short time ava labia to
us before the beginning of the new fiscal year, all point to the absolute
necessity of better organized unity of effort in all the branches of the government primarily concerned with the problem.
Recommendation to Congress.
Therefore, I recommend to the Congress that in order to secure the
relief of the taxpayer and a balanced budget, at the same time protecting
vital service of the Government, that representatives be delegated by the
two Houses, who, together with representatives of the Executive should
be authorized to frame for action by the present Congress a complete
national program of economy and to recommend the legislation necessary
to make it possible and effective. Such a course would expedite rather than
delay the passage of appropriation bills.
I am convinced that only by such unified, non-partisan effort, and by a
willingness on the part of all to share the difficulties and problems of this
essential task can we attain the success so manifestly necessary in public
interest.
HERBERT HOOVER,
The White House, April 4, 1932.
Supplementing His Message to Congress, President
Hoover Issues Statement Indicating Views as to
Economies Which May Be Effected in Governmental
Expenses.
Supplementing the message which he addressed to Congress
on April 4, in which he urged that "a definite, separate and
co-ordinated program of economy legislation" be undertaken with a view to effecting a reduction of $200,000,000
in expenditures next year, the President on April 5 issued
a statement in which he outlined three general directions
wherein expenses may be cut. The President's message of
April 4 is given above. He recommended therein that in
order to secure unity of effort and prompt action "and thus
insure the relief of the taxpayer and a baL9,nced budget,
at the same time protecting vital service of the Government,
that representatives be delegated by the two Houses, who,
together with representatives of the Executive, should be
authorized to frame for action by the present Congress a
complete National program of economy and to recommend
the legislation necessary to make it possible and effective."
With reference to the President's statement of April 5,
we quote the following from the Washington account on
that date said:
[VoL. 134.
"If Mr. Hoover has nothing to recommend," he said, "that is a different
matter, and it is mighty late in the session for him to try to get anything
done through a commission."
The Senate meanwhile continued its individual course on economy, a
subcommittee of the Appropriations Committee achieving a 10% cut
in the Interior Department bill in pursuance of Senate instructions. Resolutions attacking ocean mail contracts and ship construction loans were
introduced also.
The Economy Committee of the House sidetracked the Federal paycut issue, determining to explore all other fields of possible savings before
deciding on this delicate and highly controversial question. Elimination of
Army and Navy transport service was considered at a private hearing.
What I asked for in my message yesterday was organized, non-partisan
co-operation by all forces to reduce Government expenses in the national
emergency, which insistently demands relief for the taxpayer.
There are three general directions in which expenses can be reduced:
First: The direct reduction of appropriations within the authority of
existing laws creating and specifying various activities of the Government.
A definite program to this end was placed before Congress in the Executive budget proposals, in which there was a reduction of $369.000.000 for
the forthcoming year. I welcome and hope for further cuts by the Congress,
providing such reductions do not destroy essential functions and that they
are genuine and do not merely represent postponed appropriations until
deficiency bills next December.
Second: There are a large number of expenditures'within the bureaus and
departments which cannot be reduced without a change in the laws so that
the Executive or the Appropriations Committee can reduce such expenditures.
In this direction, the Department heads have appeared before many
different committees in Congress in the last months, and have pointed out
a multitude of directions which could be considered by these committees for
a reduction of expenditures, but most of them require repeal or amendment
of the laws which compel expenditures.
Seven departments alone have pointed out over 8.5 such different directions for consideration of those committees, and which offer a possibility
of very large reductions. There are still other areas which could, no doubt,
be developed.
Third: Those directions of economy which can only be accomplished by
reorganization and consolidation of Government functions so as to eliminate
overlap, useless bureaus and commissions, and waste.
Seven years ago, five years ago, as a member of a Cabinet committee on
the subject, and again three years ago, two years ago, five months ago,
four months ago, six weeks ago. I recommended authorization to the
Executive to make a wholesale reorganization of Government functions so
as to eliminate this overlap, abolish useless bureaus and commissions, and
do away with waste, but such reorganization in each case to be subject to
the approval of Congress. The action recommended has not been taken.
A dominant consideration is that all these items, methods and programs
concern a great number of committees in the Congress. They concern a
great number of departments and bureaus. If we take the 11 principal
spending branches of the Government, each of them working independently
with some part of over 30 different Congressional committees which are
concerned in these ideas and proposals, then, even if we have the very best
will in the world, without an atom of partisanship, the mere diffusion of
effort seemingly makes effective progress on important items impossible.
What 1 have asked for is not a commission but merely that the Senate
and the House should each delegate representatives to sit down with representatives from the administration and endeavor to draft a comprehensive,
general, national economy bill, covering the second and third areas of
possible reduction in expenses.
Thus one single economy bill, or a few bills could be presented to the
Congress embodying all the measures of economy proposed where change in
the laws are necessary. Without such action I see no way by which there
can be a maximum reduction in expenditures.
House Economy Committee Requests President Hoover
to Furnish It with Specific Recommendations for
Governmental Economies—Senator Byrnes' Resolution.
A letter in which he was asked to furnish specific recommendations to bring about Governmental economies was
addressed to President Hoover on April 6 by the Economy
Committee of the House. The Committee's letter to the
President follows:
The Economy Committee of the House of Representatives recognizes, an
you. too, must recognize, that the critical fiscal condition of the country not
only precludes partisan politics but demands political co-operation to the
end that the present crisis may be honestly and courageously met, and we
take this occasion to inform you of our sincere desire to work in the fullest
President Hoover responded to the storm of Congressional criticism over
co-operation with you.
the form of his proposal for a government economy program by insisting
With this in mind, we extend to you an invitation to participate In the
in a public statement to-day upon a board of Congressional and executive task of the
Economy Committee by sending to the Committee your specific
appointees to chart a cut in expenditures.
recommendations, or by sending your representative to present to the
Plainly aroused by the reception which his proposal received in Congress,
Committee your views and conclusions as to specific economies which might
the President struck back forcefully at his critics. Without co-operative
be effected, so that the country may have the benefit of a co-operative
action of the kind he had suggested, concentrating economy efforts now
effort.
maximum
which
a
reduction
in
way
by
no
was
there
diffused,
and
divided
expenditures could be effected, he said.
According to a Washington dispatch April 6 to the New
Confusion Blocks Progress.
Meeting objections that he was offering no special suggestions for cuts,
the President declared that his department heads had pointed to a multitude
of potential economies, but that the large number of Congressional commit,tees Involved and the intermingling of legislative and executive responsibilities blocked progress.
Capitol Hill greeted the President's statement with less turmoil, but no
more warmth, than that with which it had received his message yesterday
proposing the OCOnonly board. A resolution to carry out his program
was Introduced in the Senate by Senator Wesley L. Jones, Republican, of
Washington, Chairman of the Appropriations Committee.
Congress May Go Own Way.
Democratic leaders and some Republicans, however, asserted that It was
too late to obtain economy action through a still uncreated board. They
made it clear that Congress was likely to go its own way in attempts to
reduce expenditures, slashing into the President's budget where possible
and seeking to initiate economy reforms in the structure of the Government.
A deadlock with the President and the possibility of further exchanges was
indicated.
1 In the House. Speaker John N. Garner said that if the President had
pecific suggestions for cutting Federal outlays they would be followed.
York "Times," the letter was sent to the White House by
Chairman McDuffie after a long and spirited executive
session. The same account said:
The procedure was opposed by Representative Williamson of South
Republicans.
Dakota and Representative Raines:17er of Iowa. both
The action of the Committee followed a resolution offered in the Senate
by Senator Byrnes calling on the President to submit to Congress his specific
views on economy measures At about the same time Senator Harrison was
accusing Mr. Hoover of partisanship, and of "talking now as the campaign
specifying what he has
approaches of economy In general terms without
in mind." * 8 •
with the criticism exline
Leaders in the House said the letter was in
it was too late for the
pressed yesterday by Spgaker Garner when he said Committee to study
Executive
President to urge a Congressional and
guarantee enactment of any
economies, but that he personally would
suggestion sent by the President to the House.
President has suggested in
the
"We want to be as fair as we can, but
McDuffie said. "If he accepts
a vague way What he wants to do," Mr.
recommends, we will do everyour Invitation and tells us exactly what he
anything that
thing in our power to accomplish it. Isn't that as fair as
can be done?"
APRIL 9 1932.]
FINANCIAL CHRONICLE
2645
Action on the Byrnea resolution was delayed
on objection voiced by
Mr. McDuffie in his reply said:
Senator McNary. The resolution embodi
ed requests for recommendations
on the todowing subjects:
"In answer to your letter received. I beg to
advise that the Committee
"1. What specific Items of appropriation
heretofore recommended by welcomes an opportunity to confer with you at 11 o'clock Saturday morning,
him for the fiscal year 1933 can be reduced by the
April 9, and will be glad to receive your suggestions
Congress?
and to exchange ideas
"2. What specific existing laws require
the carrying on of functions not with you relative to a program of economy.
absolutely essential for the present?
"The Committee is, and has always been, very glad
to have constructive
"3. What specific departments, bureaus
or independent establishments and specific suggestions from any source, and especially do we welcome
of the government should be merged or
your willingness to co-operate with Us.
consolidated?
"4. What specific legislation should be enacted
"We will also be glad to have representative
s designated by you to present
to establish a complete
national program of economy?"
your suggestions and work with us in any
way through which the best
The speech of Senator Harrison, in
results
may
be
obtaine
d."
which he declared that the President
should apoligize to the America people,
n
precipitated a sharp exchange
between him and Senators Dill, Smooth
and Long.
"In times like these," Senator
Harrison said, "there is one question Hare Bill Granting Independen
ce to Philippine Islands
as to which there should be
no partisanship or political consideration:
it is economy in governmental expendi
Passed by House.
tures. It is because of the message
he sent to Congress day before
yesterday and his fulminations to the press
By a vote of 306 to 47 the House of Representatives at
at the White House in a stateme
nt yesterday that I am provoked into this Washington
passed on April 4 the Hare bill, which would
discussion this morning.
providefor theindependence of the Philippine Islands effecti
Accuses Hoover of Delay.
ve
"There has been created a sentime
nt for rigid economy and stringent eight years.after the date of the inauguration of a Philippine
retrenchment in Government expendi
tures. The President did not catch Government. With regard to the action
the idea until the last few days.
of the House on
The President's attitude is the same that April 3 in seekin
g to expedite the passage of the bill, we
has characterized him during the three
years he has been President: that is,
if he gets the idea he delays too
long: waits until the horse is out of the stable quote the following from Washington (April 3) to
the
before he locks the door. But he
has felt that sentiment has been aroused New York "Times":
with reference to retrenchment,
and now it is a daily occurrence that he
Under parliamentary strategy seldom resorted to in
sends a message to Congres
the House. Demos or calls in the newspaper boys and gives excratic leaders are planning to pass within an hour to-m
pression to his sentiments to the
orrow the Hare bill
country that he is for economy.
providing for Independence of the Philippine Islands
"He has been trying to create the impress
within eight years and
ion that for three years he has then send it to the Senate,
where it is generally agreed that it
been knocking at the doors of Congres
will not be
s and pleading with them to do some- accepted in its present form.
thing with reference to the reorganization
departm
of the
ents of the GovernFriends of the Hare bill, it was said to-night, will
ment.
offer objection when
Mr. Hare asks unanimous consent to take up the bill
"When the President of the United States
under the rules of the
is enthusiastic for a proposi- House, which would allow for two
tion, when he Is sold on an idea
hours' debate before the bill
and wants legislation, we know the methods open to amendment
would be
Their purpose in this manoeuvre
he employs.
will be to bring
about suspension of the rules and limit debate to only
"Some of us received telegrams this Summer asking
40 minutes, without
us to fly to Washing- opening the bill to amendments,
so that, as one of them said, "agricu
ton to breakfast with him in order that,
lture l
we might pass certain legislation and beet sugar Interest
s will not be permitted to shoot It full
he was sold on. We have seen him draw here influent
of holes in
ial leaders from all their own interest."
over the country, pry into business affairs and finance and bring
every kind
There appeared no doubt among leaders on both sides
of influence to bear upon members of Congress to do somethi
to-night that the
ng, in order bill would pass the House. The hopes
of opponents were confined to
to pass legislation.
the
conviction that the eight-year period specified in the
Hare
Breakfasts "to Sell His Idea."
bill would face
objection in the Senate. It is their belief that the bill
will
be
sent
to con"Before the Christmas holidays men high in financial circles of
New ference eventually, where certain features would be incorporated with parts
York came to certain members of the Senate and House.
called them of the Hawes bill, which specifies independence after 19 years.
into conference with spokesmen high In the financial counsel
s of the administration, and pleaded with us not to adjourn over the
Filipino Critizes Bill.
holidays until the Reconstruction Finance Corporation Act was passed;
Vicente Villaman, Filipino attorney and economist of
that it was
New York City,
necessary for the salvation of the country.
said to-day that the proposal to rush the bill through the House
to-morrow
"We know how the President cracks the whip and
employs these delight- "was legislative speed with a vengeance." He declared that the Philipp
ine
ful breakfasts and other means to sell his idea to us
and get us to pass question involves not only the welfare and destiny of 13.000.000 Filipino
s
the legislation.
but also the position and policy of the United States in the
Pacific and the
"Has he called anybody into conference with referenc
e to reorganiza- maintenance of an international stability and equilibrium in the Orient.
tion of the departments of the Government? Has he
"That the bill is hardly an expression of good-will to
ever called into
the Filipinos Is
conference a Democratic or Republican leader with
reference to retrench- shown by the fact that while it restricts the movement of Philippine product
s
ment in Government expenditure?
to the United States it does not impair the flow of America
n goods to the
"No. The President. has kept mum except in generali
ties, writing a Philippines." he declared.
message to the Congress at the beginning of each session
"The report says any plan for independence should afford
In which he said,
a reasonable
`we ought to effect some of this reorganization.' On
one occasion the time for the readjustment of existent trade relations. The backbon
e of the
President suggested that we ough. to create a public
works department. Philippine economic system is the present reciprocal free trade
with the
That but is on the House calendar and will be passed in
United States Abrupt termination of that relationship
a few days.
would destroy many
"He suggested a co-ordination of the Veterans' Relief
of the basic industries of the Philippines; it would seriousl
y imperil the future
passed that legislation. It was suggested that the PatentServices. We of the free Philippine nation
and forfeit much of the gains the
Office ought
people have.
to be taken out of the Interior Department and put
over into the De- made under the guidance of the United States.
partment of Commerce, and we effected that. But one
who would read
the papers and these messages to Congress and stateme
Sees Protection Need.
nts to the press
would think that everything depends on giving
"The bill embarks the Filipinos upon eight years of
the President blanket
authority to reorganize the departments of Government.
political speculations, the drafting of practically conventions, elections,
two Constitutions, the
"Still, he speaks in general terms. Why does he not tell
Congress how creation of a Philippine Commonwealth. which shall have a life of eight
we can pass legislation to suspend activities and repeal
commitments of years. and finally the establishment of a separate and sovereign Philippine
the Government which are not essential to the public
interest in these ltepublic. The Filipinos will have so little time and so limited opportunity
times? Ile is talking, as the campaign approac
hes, economy in general for the difficult work of economic readjustment and preparation as to render
terms, without specifying and offering suggestions."
the separation of the two countries not only
abrupt but ruthless.
"There are no provisions regarding the Internat
ional security of the
Philippines. That aspect of the question has
been studiously avoided at the
Congressional hearings. The geographical location
President Hoover Accepts Invitation of House Econo
of
islands, coupled
my with the prevailing conditi in the Orient, render thethe
security question of
Committee to Co-operate in Economy Program— the highest moment. It isonsbelieved
America has certain moral responsibilities in that connection. Deprived of America
To Meet Committee To-day.
the Philippines will be exposed to the overwhe 's international protection.
lming forces of mass immigraReplying on April 7 to the invitation of the House Economy tion from China, economic penetra
tion from Japan and communistic
Committee to suggest a program of economy in Federa infiltration from Russia."
l
expenditures, President Hoover indicated that he would be
Elsewhere in this issue of our paper we print a
letter
glad to confer with the Committee to-day (April 9).
The addressed by Secretary of State Stimson to Senator Bingham
President's letter follows:
giving his views on legislation for Philippine
independence
in which he pointed out the unsettling effect in
THE WHITE HOUSE.
the
which the withdrawal of United States sovere Far East
Washington, April 7 1932.
ignty
Hon. John McDuffie, Chairman Economy Committee,
the
Philippines would have. In recording the Housefrom
Rouse of Representatives, Washington, D. C.
proceedings on the bill on April 4, the "United
My dear Mr. Chairman:
States Daily"
said:
"I am in receipt of your
letter of April 6. I greatly welcome the response
of your Committee to my suggestion that the fiscal situation
necessitates
honest, courageous and non-partisan action
in the development of a national economy program and the preparation of definite
a
comprehensive
bill that will assure its accomplishment.
"With this purpose in mind, I would be glad if your
Commit
meet with me at this office at 11 o'clock on Saturday morningtee would
, April 9,
with a view to taking stock of the progress made
by your Committee in
the development of a program of economy, and according the Executi
ve an
opportunity to make suggestions.
'Through the Interchange ofideas we can thus
lay the foundation for the
development of such national program.
"It is my understanding that your suggestion carries with it the
thought
that in such development the representatives whom I may appoint
from
the executive branches of the Government will sit in and co-operate
with
your Committee.
"I shall continue to urge that a similar committee be appointed
by the
Senate In order that we shall not need to traverse the whole subject
again.
Yours faithfully,
HERBERT HOOVER."
When the House met, Mr. Hare asked
unanimous consent that the
be considered under the rules of the
bill
House with debate to be set at
one hour
on each side, but that request was
objected to. Later in the day,
Mr. Hare moved that the House suspend
however,
the rules to pass the
bill. Under
this procedure, debate is limited to
20 minutes to a side.
Mr. Hare opened the debate with
the statement that from
which had been given to the question
by his Committee and the studies
it was evident that the Islands not only
other bodies
are capable of, but
tablished a stable Government and
now have esare capable of
governing themselves
as an independent nation.
He told the House that the United
States had pledged
Islands freedom as soon as such a
condition was proven, itself to give the
and that it was the
duty of this country to itself as
well as to the Islands
to give them their
He pointed to the facts and figures
relative
to the
stating that they showed
conclusively the readiness position of the Islands
of the Islands to govern
themselves. Mr. Hare pointed
out that "while we are
our budget, they have a balance
trying to balance
d budget." The bill
had been written, he
said, with a view to taking care
of the United States as well
as the Islands
during the transition period.
2646
FINANCIAL CHRONICLE
Islands' Budget Balanced.
minority
Representative Knutson (Rep.), of St. Cloud. Minn., ranking
member of the Committee, told the House that he had favored Philippine
the
having
to
Independence for a number of years, but that he objected
House consider such an important matter in only 40 minutes.
offer
He said that opportunity should have been given for members to
under which
amendments to the bill, which could not be done under the rules
not
does
said,
the measure was considered The bill, in its present form, he
give adequate protection either to the 12.000,000 people of the Islands
nor adequate protection to American agriculture.
It was pointed out by Representative Cross (Dem.), of Waco. TeX.,
that the Philippine Islands are costing tels country millions of dollars
annually which would he saved by their being given independence, beside
the fact that this country was obligated to free the Islands when they were
Prepared, as they are now.
Opposed by Mr Cinderhill.
the
Representative Underhill (Rep.), of Somerville. Mass., declared that
granting of Philippine ind7pendence at this time would be a tragedy. He
unchrisunwise
is
country
said that by taking only 40 minutes to "found a
tian. unpatriotic and selfish," and that such action showed a disposition
on the part of the House to hold politics paramount to the welfare of the
world.
Representative Hooper (Rep.), of Battle Creek, Mich., told the House
that he favored Philippine independence and that he would vote for the bill,
although he did not like the limitation which had been placed upon debate. He said he thought it should be left open for amendment, and that If
the President should veto the measure he would vote to sustain the veto.
Others speaking in favor of the measure were: Representative Thurston
(Rep.). of Osceola, Iowa; Welch (Rep.), of San Francisco, Calif.; Jenkins
(Rep.), of Ironton. Ohio; Dyer (Rep.), of Si, Louis, Mo.: LaGuardia
(Rep.). of New York City. Gilbert (Dem.), of Sheibyville. Ky.. and Resident Commissioners Guerva (Nationalist) of Santa Cruz, Laguna. Philippine Islands, and Galas (Nationalist). Balaoan, La Union, Philippine
Islands.
Others speaking against the passage of the measure were: Representatives
Drumm (Rep.), of Minersville, Pa.; Stafford(Rep.), of Milwaukee, Wis.
ions.
"I have cabled to the Independence Mission: 'Heartiest congratulat
Confidently expect your labors to be crowned with complete success.'"
for
passing
House
the
Emilio Aguinaldo and other leaders, while praising
military
the bill, raised strong objections to the retention of American
bases in the islands
The American community naturally feels that the House failed to comprehend the situation in the islands and acted with irresponsibility.
Japan Would Sign Treaty with United States Guaranteeing Independence of Philippine Islands.
Associated Press accounts April 5 from Tokio said:
Japan would willingly sign a treaty with the United States guaranteeing
a
perpetually the independence of the Philippine Islands if they are freed,
government spokesman said to-day.
The action of the House of Representatives caused considerable surprise
In official circles here and the newspapers treated it as an event of first
pictures of Secretary
Importance. News articles were accompanied by
saying
Stimson, who opposed independece for the Philippines at this time,
some
that American withdrawal would be followed by domination "by
foreign power, probably either China or Japan."
t
asserted
Regarding this question. the Japanese Governmen spokesman
as it has
that Philippine domination "would be as great a liability to Japan
been to the United States."
The same paper said:
A two-thirds vote was necessary because the bill was passed under a
motion to suspend the rules which also prevented the offering of amendments.
A bill designed to accomplish the same purpose though providing different
procedure in some respects, is now pending before the Senate, having been
reported favorably to that body from its Committee on Territories and
Insular Affairs.
Salient Provisions of Bill.
The House bill contains the following salient provisions, according to Its
accompanying report:
"1. The Filipino people are authorized to adopt a constitution and
inatitute the government of the Commonwealth of the Philippine Islands
t
which will exist pending complete independence. Under such governmen
only to
they will enjoy complete autonomy as to domestic affairs, subject
and the
certain reservations intended to safeguard both the sovereignty
responsibilities of the United States.
Im"2. Pending final relinquishment of American sovereignty the free
shall not
portation of certain Philippine products into the United States
by estimated
exceed specified limits based upon the status quo as represented
Importations from existing investments.
States
"3. Pending independence, Philippine immigration to the United
is limited to a maximum annual quota of 50.
a
period
of
expiration
the
"4. On the July 4 immediately following
government of the
of eight years from the date of the inauguration of the
be withdrawn and
Philippine Commonwealth, American sovereignty will
recognized.
the complete independence of the Philippine Islands formally
become a
Thereupon the Philippines, to all intents and purposes, will
country foreign to the United States.
Right Reserved to Maintain Bases.
privilege, at its discretion,
"5. The United States reserves the right and
other reservations in
to retain and maintain military and naval bases and
the Philippine Islands."
announced on April 2 that
Speaker Garner (Dem.). of Uvalde, Tex.. had
Hare(Dem.).of Saluda. 8,0.,
on April 4 he would recognize Representative
Affairs, in charge of the bill. for
Chairman of the Committee on Insular
the purpose of calling up the measure.
to the New York
In a dispatch from Washington April 4
:
observed
was
it
"Times"
Knutson Switches Rhs Vote.
said it was unfair to pass the bill
Representative Knutson of Minnesota
for
then declared he would never vote
under suspension of the rules. He
after the roll-call, he switched his
the bill under such circumstances, but
vote from "nay" to "aye."
was made by Representative UnderA. dramatic appeal to defeat the bill
hill of Massachusetts.
the bill was, as
The vote to suspend the rules and pass
votes were those of
306
the
47;
to
306
above,
indicated
Farmer-Laborite.
186 Democrats, 119 Republicans, and one Republicans.
of
those
The 47 votes against the motion were
dence, but
Filipino Leaders Hail Vote for Indepen
to Retain
Clause
on
Bill
House
the
Attack
Some
Fortifications in Islands.
Under date of April 5 a wireless message from Manila
to the New York "Times" said:
The reaction hero to the passage by the House of Representatives In
Washington yesterday of the Hare bill to grant to the Philippines independence in 1940 Is difficult to determine, because the situation is so complex.
Doubtless most Filipinos are gratified at the recognition of their ability
to govern themselves as well as at the sympathy shown by the majority in
the House for their point of view.
At the same time the imminent prospect of increased economic difficulties
in the Philippines causes general sobriety and prevents the possibility of
there being any largo public demonstration.
Commenting on the passgae of the bill, Manuel Quezon, President of the
Philippine Senate, said:
"The action of the House confirms my statement that no strong opposition
It will be enacted
to independence exists, therefore the legislation granting
at this session.
[VOL. 134.
Reconstruction Finance Corporation in Report to
Congresss Indicates That Emergency Fund Was
Used to Assist 935 Institutions-Loans of $238,740,000 Authorized up to March 3I-Iowa Given
Largest Number of Advances-More Than Half of
Total Sum Granted to Banks and Trust Companies With Railroads Second Largest Borrowers.
Using up in the first two months of its operations a little
more than one-tenth of the $2,000,000,000 with which it is to
revive industry and commerce, the Reconstruction Finance
Corporation had authorized loans aggregating approximately
$238,740,000 up to the close of business on March 31, the
Corporation announces in its first quarterly report to Congress made public April 1. We quote from the "United
States Daily" of April 2, which also had the following to say
regarding the report:
authThe Corporation had advanced $192,350,000 on the loans It had
orized and had received back $7,472,000 in repayments, leaving a balance
In
report.
outstanding on March 31 of $184,870.000, according to the
as soon
addition to the loans authorized $6,817,500 more will be advanced
as applicants fulfill specified conditions, according to the report.
Bank and Railway Loans.
among
Loans authorized thus far number 974 and have been distributed
of the amount, or
935 institutions, according to the report. More than half
and trust companies,
$154,182.000, has been pledged or advanced to banks
second largest
the report says. Railroads, having taken $60,790,000. are the
class of borrowers.
and trust
858
banks
to
Loans were announced as follows: $158,182,242
companies.
s.
$4.879,750 to 30 building and loan association
$7,080,000 to 18 insurance companies.
$775,000 to two Joint Stock Land banks.
.
$496,990 to one livestock credit corporation
s.
$21,200 to two agricultural credit corporation
and,
$6.517.000 to eight mortgage loan companies,
$60,787,757 to 16 railroads.
explains,
$2,173,000 to aid
Include
report
The advances to banks, the
The Corporation
in the reorganization or liquidation of seven closed banks.
way.
Is permitted to use only $200.000.000 in this
Iowa. where 91 banks have been granted loans, has had the greatest
n, a total of 96, according to the
number of advances from the Corporatio
report; Illinois is second with 81 loans.
Number of Borrowers.
The number of borrowers by States and classes, as given in the report,
are as follows:
Alabama, 21 banks and trust companies. 1 building and loan association,
1 insurance company, and 1 railroad; total, 24.
Arizona,3 banks and trust companies; total, 3.
Arkansas,20 banks and trust companies,1 insurance company,1 railroad;
total, 22.
California, 38 banks and trust companies, 1 building and loan association, 1 Joint stock land hank, 1 railroad; total, 41.
Colorado, 2 banks and trust companies, 1 railroad; total, 3.
Connecticut, 11 banks and trust companies; total, 11.
Delaware. 1 bank and trust company; total. 1.
2
District of Columbia, 3 banks and trust companies, railroads; total, 5.
2.
Florida, 2 banks and trust companies; total,
Georgia, 26 banks and trust companies, 1 railroad; total. 27.
7.
Idaho, 7 banks and trust companies; total,
railIllinois, 76 banks and trust companies, 3 insurance companies, 2
roads; total. 81.
;
Indiana, 31 banks and trust companies, 1 building and loan association
total, 32.
5
96.
Iowa, 91 banks and trust companies. insurance companies; total,
12.
Kansas, 12 banks and trust companies; total,
14.
total,
companies;
trust
Kentucky, 14 banks and
Louisiana, 18 banks and trust companies; total, 18.
total, 2.
Maine. 2 banks and trust companies;
1
company; total, 3.
Maryland,4 banks and trust companies, insurance
Massachusetts. 11 banks and trust companies; total, 11.
9.
Michigan,9 banks and trust companies; total,
1
total. 18.
Minnesota, 17 banks and trust companies, railroad;
.) railroad; total, 9.
Mississippi, 8 banks and trust companies
companies,2 railroads; total, 41.
Missouri. 39 banks and trust
total, 14.
Montana, 14 banks and trust companies;
27.
Nebraska. 27 banks and trust companies; total,
companies; total, 4.
New Hampshire,4 banks and trust
1 building and loan assoNew Jersey, 22 banks and trust Companies,company; total, 25.
loan
ciation, 1 insurance company, 1 mortgage
total, 3.
New Mexico,3 banks and trust companies;
APRIL 9 1932.]
FINANCIAL CHRONICLE
New York, 21 banks and trust companies, 1 building and loan association, 3 mortgage loan companies,2 railroads; total, 27.
North Carolina. 15 banks and trust companies, 2 building and loan
associations. 2 insurance companies, 1 joint stock land bank; total. 20.
North Dakota. 10 banks and trust companies, 1 agricultural credit
corporation; total, 11.
Ohio. 15 banks and trust companies. 21 building and loan associations,
1 railroad: total. 37.
Oklahoma, 28 banks and trust companies; total. 28.
Oregon, 21 banks and trust companies; total, 21.
Pennsylvania, 45 banks and trust companies, 1 mortgage loan company;
total, 46.
South Carolina, 8 banks and trust companies, 1 insurance company;
total. 9.
South Dakota. 15 banks and trust companies; total, 15.
Tennessee, 13 banks and trust companies: total, 13.
Texas. 27 banks and trust companies. 1 building and loan association, 3
insurance companies, 3 mortgage loan companies; total, 34.
Utah, 13 banks and trust companies: total. 13.
Vermont, 3 banks and trust companies; total. 3.
Virginia. 30 banks and trust companies, 1 building and loan association;
total, 31.
Washington, 46 banks and trust companies, 1 agricultural credit corporation; total, 47.
West Virginia, 5 banks and trust companies; total, 5.
Wisconsin. 1 bank and trust company; total, 1.
Wyoming, 6 banks and trust companies, 1 livestock credit corporation;
total, 7.
Thirty-three regional agencies have been set up throughout the country
by the Corporation; each is under the direction of a manager and the total
membership of the regional ad dsory committees is 363, the report says.
The report follows in full text:
Sir: Pursuant to the provisions of section 15 of the Reconstruction
Finance Corporation Act, we have the honor to submit the first quarterly
report of the Corporation covering its operations to and including March 31
1932.
As the Act was approved by the President on Jan. 22 1932. and the board
of directors of the Corporation was organized on Feb. 2. the operations
reported herein cover a period of only two months. During this time.
the Board has set up its central organization in Washington and established
33 separate agencies in various sections of the country. These agencies are
located at:
Atlanta. Ga.; Birmingham, Ala.; Boston, Mass.; Charlotte, N. C.;
Chicago, Ill.; Cleveland. Ohio; Dallas. Tex; Denver, Colo.; Detroit, Mich.;
El Paso, Tex,
Helena, Mont.: Houston, Tex.; Jacksonville, Fla.; Kansas City, Mo.;
Little Rock, Ark.; Los Angeles, Calif.; Louisville. Ky.;
Memphis, Tenn.; Minneapolis, Minn.; Nashville, Tenn.: New Orleans,
La.; New York, N. Y.: Oklahoma City, Okla.: Omaha, Neb,
Philadelphia. Pa.; Portland, Ore.; Richmond, Va.: St. Louis, Mo.; Salt
Lake City, Utah; San Antonio, Tex.; San Francisco, Calif., Seattle, Wash.:
Spokane, Wash.
Each of these agencies is in charge of a manager, selected by the Board,
who receives applications for loans and transmits them to Washington
with his recommendations. Competent local advisory committees, the
members of which serve without compensation, also have been appointed
by the Board to assist the managers. The membership of these advisory
committees totals 363.
Methods by Which Corporation Functions.
The Reconstruction Finance Corporation functions solely through the
medium of loans. These loans, exclusive of acceptances referred to in
section 5a of the Act and of the direct loans or advances to farmers which,
under section 2. are to be negotiated by the Secretary of Agriculture, are
authorized to be made to banks, savings banks, trust companies, building
and loan associations, railroads and railroad receivers, insurance companies. mortgage loan companies, credit unions, Federal Land banks,
Joint Stock Land banks, Federal Intermediate Credit banks, agricultural
credit corporations, livestock credit corporations, and to aid in the reorganization or liquidation of closed banks. It Is provided by law that the
loans shall be fully and adequately secured.
Realizing that it was essential and in the public interest that its work
should be expedited as much as possible, the active loaning operations of
the Corporation were commenced and carried on while it was In the process
of building up its executive and administrative staffs. This threw an immense amount of work on that portion of the staff which was first assembled.
The Board expresses its appreciation of their accompilshment, which
necessitated incessant and continuing work on their part, night and day.
The Board is endeavoring to give prompt consideration to the many
applications which come to it each day and to make its decision without
undue delay,
Authorization Given For 974 Separate Loans.
Altogether, at the close of March 311932,the Corporation had authorized
974 separate loans in the aggregate sum of $238,739,939.06 to 935 institutions, as follows:
$15%182.242.06 to 858 banks and trust companies (including $2,173,000
to aid in the reorganization or liquidation of7 closed banks).
$4,879,750 to 30 building and loans associations.
$7.080,000 to 18 Insurance companies.
$775.000 to 2 joint stock land banks.
$496,990 to 1 livestock credit corporation.
$21,200 to 2 agricultural credit corporations.
$6,517,000 to 8 mortgage-loan companies, and
$60,787,757 to 16 railroads (including 27,335,800 to 2 railroad receivers).
In addition, the Corporation had outstanding on March 31 1932. as
Indicated in the attached tables, agreements to make loans totaling $6,817,..
500 upon the performance of specified conditions. The Corporation also
allocated $50,000.000 to the Secretary of Agriculture in accordance with
the provisions of section 2 of the Reconstruction Finance Corporation Act.
and agreed to take all or any part of the Feb. 15 and March 15 issues of the
Federal Intermediate Credit Bank debentures, aggregating $47,345,006,
which might remain unsold on the dates indicated. As all the Federal
Intermediate Credit Bank debentures were sold in the open market, it
was unnecessary for the Corporation to take any part of the issues in
question.
Of the total loans authorized, the Corporation at the close of March 31
1932, had advanced $192,346,308.01, and repayments amounted to $7,471,894.36, leaving $184,874,413.65 outstanding on the books of the Corporation.
The following tables giving the information required by the Act are
attached hereto:
(Signed Eugene Myer, Chairman, Governor of the Federal Reserve
Board; Charles G. Dawes, President; Ogden L. Mills, director, Secretary
of the Treasury; Paul Bestor, director, Federal Farm Loan Commissioner;
Jesse H. Jones, Harvey Couch, Wilson McCarthy, directors.
2647
AGGREGATE LOANS TO EACH CLASS OF BORROWER, FEB. 2 TO
MARCH 31 1932, INCLUSIVE.
*Authorized.
Advanced.
Repaid.
Outstanding.
$
$
zBanks& trust cos_ _ _ _158,182.242.06 125,417,141.01 6.249,542.36 119,167,598.65
Bldg.& loan assoens- 4,879,750.00 2,430.500.00
2,430,500.00
Insurance companies- - 7.080.000.00 6,635,920.00
74,400.00 6,561,520.00
Mtge.loan cos
6.517,000.00 1,277.000.00
1,277,000.00
Joint stock land banks_
$775,000.00
Livestock credit corps_
496.990.00
470,990.00
470.990.00
Agric. credit corps_ _ _
21,200.00
1.000.00
1,000 00
Ralleds(incl.receivers) 60.787,757.00 56,113.757.00 1,147.952.00 54.965.805.00
Total
238,739,939.08 192,346,308.01 7,471,894.36 184,874,413.65
•The Corporation agreed to take all or any part of the Feb. 15 and March 15
issues of Federal Intermediate Credit Bank debentures. aggregating $47.345.000.
which might remain unsold on the dates Indicated. As all the Federal Intermediate
Credit Bank debentures were sold in the market, It was unnecessary for the Corporation to take any part of the Issues in question. These agreements are not included In the above figures. In addition, the Corporation had outstanding on
March 31 1932. agreements to make loans (not included in the above figures) upon
the performance of specified conditions, as follows: Banks and trust companies,
58.202.500: Joint stock land banks. $615,000
x Loans to banks and trust companies Include $2,173,000 to aid in reorganization
or liquidation of closed banks.
STATEMENT OF CONDITION AS OF THE CLOSE OF BUSINESS
MARCH 31 1932.
AssetsCash
$116.278.163.72
Allocated to Secretary of Agriculture
50,000,000.00
Loans-proceeds disbursed (less repayments)*flanks and trust companies
$119,167.598.65
Building and loan associations
2.430,500.00
Insurance companies
6.561,520.00
Mortgage loan companies
1,277.000.00
Livestock credit corporations
470.900.00
Agricultural credit corporations
1,000.00
Railroads (including receivers)
54,965.805.00
$184.874,413.65
Loans-proceeds not yet disbursed*Banks and trust companies
$32.590,701.05
Building and loan associations
2,449.250.00
Insurance companies
444.080 00
Mortgage loan companies
5,241.000.00
Joint stock land banks
775.00(1.00
Livestock credit corporations
26.000.00
Agricultural credit corporations
20.200.00
Railroads (secluding receivers)
4.674.000 00
$46.219.231.05
Subscription to capital stock
150.000.000.00
Accrued Interest receivable
668,157.29
Reimbursable expense
170.00
Furniture and fixtures
34.182.97
Total
$548.074.313.60
Lia4littes and CapitalProceeds of loans not yet disbursed
$46.219.231.05
Cash receipts not allocated pending advices
1,420.983.94
Unearned discount
15,009.76
Interest refunds payable
3.98
Interest earned. lees expense
419,089.95
Capital stock
$350.000.000.00
Capital stock subscribed
150.000.000.00
500.000.000.00
Total
5548.074.315M
* Loans to banks and trust companies include $2,173,000 to aid in reorganisation
or liquidation of closed banks.
From the New York "Times" we take the following:
Number of Borrowers by Classes.
The number of borrowers, by States and classes, Feb. 2 to March 31 1932.
inclusive:
Banks & Building
Railroads
de Trust
& Loan Insurance Including
StateTotal.
Cot.(a) Assoc'ns. Contpan's. Rec'tirs(b).
Alabama
24
21
1
1
1
Arizona_
3
3
Arkansas
22
20
-1
California
41
28
-1
1
Colorado
3
2
1
Connecticut
11
11
_Delaware
1
1
1-District of Columbia
5
3
2
-Florida
2
2
Georgia
27
20
-1
Idaho
7
7
Illinois
81
2
76
3
Indiana
32
31
-1
Iowa
90
91
Kansas
12
12
Kentucky
14
14
Louisiana
18
18
Maine
2
2
Maryland
5
4
Massachusetts
11
li
Michigan
9
9
Minnesota
1
18
17
Mississippi
9
8
Missouri
41
39
2
Montana
14
14
Nebraska
27
27
New Hampshire
4
4
New Jersey
22
25
New Mexico
3
3
New York
21
27
2
North Carolina
2
15
20
North Dakota
10
11
Ohio
15
37
Oklahoma
28
28
Oregon
21
21
Pennsylvania
46
45
South Carolina
9
8
-1
South Dakota
15
15
Tennessee
13
13
Texas
34
27
3
Utah
13
13
Vermont
3
3
Virginia
31
30
Washington
47
48
_West Virginia
5
5
_Wisconsin
1
_Wyoming
6
7
-_
-Total
935
858
30
18
16
(a) Includes seven loans to aid in the reorganization or liquidation
of closed banks,
as follows: One each In Kansas, Kentucky, Louisiana, Nebraska,
Carolina and Texas. (b) According to location of main otficeS. New Jersey, South
The table also listed other types of borrowers, as
follows:
Joint Stock Land banks-California, 1; North
Carolina, 1,total, 2.
Live stock credit corporations-Wyoming. 1.
Mortgage loan companies-New Jersey, 1; New
York, 3; Pennsylvania,
1; Texas, 3; total, 8.
Agricultural credit corporations-North Dakota. 1; Virginia, 1; total, 2-
2648
Additional Railroads Seek Loans from Reconstruction
Finance Corporation.
Additional applications for loans from the Reconstruction
Finance Corporation have been filed with the Corporation
and the Inter-State Commerce Commission. The receipt
of these applications brings the total amount sought up to
approximately $360,000,000. The applications this week
are as follows:
$15,000
Fredericksburg & Northern By.(Texas)
40.000
Greene County RR
40.000
Jefferson & Northwestern By
1,500,000
Lehigh Valley
3,898,629
Minneapolis & St. Louis RR
Pittsburgh & West Virginia Ry. filed an amended application for a loan
increasing the amount from $7,541,032 to $7,608.582.
Fonda, Johnstown & Gloversville filed an amended application reducing
the amount asked from $315,000 to $179,250. explaining that it expected
to obtain the balance from the Railroad Credit Corporation.
Minneapolis & St. Louis.—W. H. Bremner, receiver, applied for a loan
of $3,898.629, including $1,200,00 to pay receivers' certificates and $950.000 to pay first mortgage bonds. As collateral he offers receivers' certificates.
Lehigh Valley applied for a loan of $1.500.000 for three years to enable
it to pay interest due on May 1 on its general consolidated mortgage bonds.
It offered as collateral general consolidated mortgage bonds.
Fredericksburg& Northern, asked for a loan of $15,000, stating that the
two banks in Fredericksburg, Tex., had failed and that it needed money
to pay a temporary loan of $7,500.
Jefferson & Northwestern applied for a loan of $40,000 for "current
expenses," offering as security a first lien on all its property.
Greene County applied for a loan of $40,000, including $6,000 to pay the
balance of the loan it received under Section 210 of the Transportation
Act, and amounts to pay bills and purchase equipment.
Separate Agency for Rail Aid Sought—Senator Couzens
Offers Bill to Take Loans from Hands of Reconstruction Finance Corporation.
Removal of emergency railroad financing from control of
the Reconstruction Finance Corporation to the Inter-State
Commerce Commission, and the creation of a revolving fund
of $400,000,000 in the Department of the Treasury aside
from Finance Corporation funds is provided in a bill introduced in the Senate, April 1, by Senator Couzens (Rep.),
of Michigan. The "United States Daily" of April 2, in its
account of the bill, also said in part:
The action followed criticism by the Michigan Senator recently in the
Senate of the administration of railroad loan provisions of the Finance
Corporation Act, and the proposal he now has put forward, he declared
in an oral statement, will do away with the divided authority existing
at present.
The new bill, Senator Couzens explained, repeals all of the railroad
provisions of the Finance Corporation Act, and provides for loans to be
made from the revolving fund "only for the purposes of paying maturing
bonds, debentures and equipment notes."
"No loans are permitted under this bill" Senator Couzens said, "when
the proceeds are to be used otherwise than for three purposes. In other
words, there can be no loan for payment of operating expenses, taxes, or
open accounts. It does away with a type of loan that has been made in
several instances."
Senator Couzens said he was going to ask the Banking and Currency
Committee of the Senate to take up the measure "right away." He said
there appeared to be no necessity for hearings on it, although he was not
aware of the sentiment in the committee that will have charge of it.
The machinery set up by the new legislation. Senator Couzens said,
would provide for applications direct to the Inter-State Commerce Commission when railroads seek financing. The Commission would pass upon
the merit of the application and, if it approved, a certificate of public
convenience and necessity would be issued. That certificate would be
transmitted to the Treasury which would pay over the money without
further delay, because the necessity for determining the adequacy of the
security rests with the Commission.
Applications would be received for a period of two years following enactment of the statute, and the money can be borrowed under its terms for
a time of three years. Renewals beyond the three-year period are not
authorized by the bill.
"It is to be readily observed." Senator Couzens added, "that there will
be no divided authority in this case, no buck-passing, as it were. There
will be no passing of a resolution by the Finance Corporation in advance
of a decision by the Inter-State Commerce Commission such as occurred
in the case of the application for the $12.800,000 loan that was granted
to the Missouri Pacific interests. The whole thing will be handled by
experts in one place."
The Michigan Senator referred to his speech in the Senate earlier in the
week when he declared the Finance Corporation board of directors had
adopted a resolution approving the Missouri Pacific loan prior to action
by the Commission. The Commission eventually approved that loan but
announced "reluctance" in doing so.
T. S. Mersereau of New York Real Estate Securities
Exchange Cites Some Factors Which Would Tend
to Alleviate Frozen Condition of Real Estate
Securities.
The "frozen" condition of millions of dollars worth of
real estate securities can be attributed in large measure to
the fact that up to 1929 no specialized public market place
existed where such securities could have been purchased
and sold at prices based on the laws of supply and demand
and under carefully scrutinized dealings, according to Truman S. Mersereau, Executive Secretary of the New York
Real Estate Securities Exchange. Mr. Mersereau, said in
part:
[Vol.. 134.
FINANCIAL CHRONICLE
In the past the market for real estate securities has been scattered with
no centralized public market place where actual sellers and buyers might
meet through their appointed broker representatives. As a result there
have been at times almost as many different prices for such securities as
there have been bids and offerings, and in consequence tittle on which to
base loan values which, obviously, must be determined with some reference
to what price such collateral would bring if the banker had to sell it on short
notice.
The importance of a centralized market place can be readily visualized
by considering what would happen if the New York Stock Exchange were
to close its doors temporarily. When this did happen during the World
War, the stock of one large industrial company, for example, dropped from
$30 to $5 per share. The company was sound and a leader in its field, and
the stock was worth Just as much as it had been, but without the public
market and in the absence of the daily newspaper quotations, the public,
scattered far and wide, became worried and large amounts of the stock were
offered for sale. Loans were called because the quick-sale value of the
stock had almost disappeared. Unscrupulous dealers sprang up over night
to prey upon the stockholders.
The liquifying of real estate securities is a great public necessity and the
means to that end are apparent and not too difficult to attain. Some of the
factors which would greatly alleviate the present "frozen" condition of
millions of dollars worth of sound real estate securities are:
(1) The listing of all important real estate security issues on an exchange
with current bid and asked prices quoted daily in the newspapers, as well
as prices at which the securities are purchased or sold.
(2) Public confidence would be greatly improved through the publication
of earnings statements and balance sheets at regular intervals. A central
clearing house for such information should be maintained, at no cost to the
public, similar to the statistical department of the New York Real Estate
Securities Exchange.
(3) The banker should not discourage prospective investors in real estate
securities because he does not have financial data on such investments at
hand. He should get the facts.
(4) We must have conservative appraisals and conservative loans based
on those appraisals. Bankers must be able to rely on selling such securities
on short notice if necessary by sheer force of buyer attraction.
The New York Real Estate Securities Exchange which opened its doors
Dec. 16 1929 is now in its third year of operation and is bending every effort
to meet these conditions. Despite the fact that the two years through
Which it has Just passed have been most distressing, the Exchange has
accomplished much in this direction.
Initial Report of Railroad Credit Corporation—Loans
Authorized $14,538,452—Loans Made $2,363,120
Total Assets $18,609,378.
The first monthly report of the Railroad Credit Corporation was filed with the Inter-State Commerce Commission
on April 1. It is announced that loans either actually made
or authorized by the Corporation as of March 31 to railroads to meet fixed interest obligations totaled $16,901,572.
It is likewise stated:
Of that amount loans so far made total $2,363,120, while loans authorized
amount to $14,538,452.
These are included in the loans from the Reconstruction Finance Corporation already approved by the Inter-State Commerce Commission and
actually made by the Corporation, because, pending receipt of funds by
the Railroad Corporation from the temporary emergency increase in freight
rates authorized by the Commission, it has been authorizing loans to railroads to meet interest charges and issuing irrevocable orders for the amounts.
These are used in turn as part collateral for the advance of the money
by the Government corporation, to be repaid when the Railroad Corporation
receives its money. The report of the Government corporation shows that
approximately $1,000,000 has already been so repaid. The Government
charges 6% interest, while the Railroad Corporation is limited to the rediscount rate.
Collection of rate increases for January, according to the report, totaled
$4,068,773. By the terms of the plan under which the fund is administered, the railroads have forty days after the end of each month in which
to file with the Corporation the amount received from rate increases during
that month and then are allowed ten days in which to turn the funds so
derived over to the Corporation.
Thus it will be April 19 before the Railroad Corporation will have the
February rate increase money, which will be slightly more than that received in January.
The Corporation has already accumulated $952.60 in interest receivable,
reserved $405.865 for taxes, and incurred administrative expenses to the
amount of $31,658.
The report made available April 4 follows:
THE RAILROAD CREDIT CORPORATION.
Report to Inter-State Commerce Comm'ssion and Participating Carriers as of
March 311932.
Assets.
Non-negotiable debt to
Investment in affiliated
affiliated companies
companies (loans made) $2,363,120.00 (collections
of rate in1,268,214.64
Cash
creases under ex parte
Pedal deposit (reserved
103)
406.865.86
$4,068,773.13
for axes
Deferred liabilities (loans
Miscellaneous accounts reauthorized—contra)
14,538,452.50
celvable (due from conIncome
from
114.45
funded
setributing carriers)
curities (interest accrued
952.60
Interest receivable
on loans to carriers).952.60
Deferred assets (loans
authorized—contra)___. 14.538,452.50 Capital stock
1,200.00
Expense of administration
Dec. 14 1931-Mar, 31
31,658.18
1932 inclusive
Total
$18,609,378.23
Total
$18,609,378.23
Survey by Edward B. Smith & Co. Reveals Many Corporations Sustain Losses Through Purchase of
Own Common Stocks.
The extent to which large corporations have purchased
their own common stocks, and the huge losses indicated on
these commitments, in the face of the declining markets of
the past two and one-half years, are disclosed in a tabulation
by Edward B. Smith & Co. "for investment," "to support the market," "for retirement," "for employee stock
APRIL 9 1932.]
FINANCIAL CHRONICLE
purchase plans," are some of the reasons given for these
purchases. It is stated that with but few exceptions operations carried on for the first three purposes have been extremely unprofitable in the light of present prices, and in
the case of the last, many corporations have found it necessary to assume the losses on employee subscriptions to
company shares contracted at considerably higher levels.
Of those companies whose annual reports have been reviewed,
the indicated losses run as high as 86,000,000; a loss of
approximately this amount is shown for Peoples Gas Light
& Coke Co. Edward B. Smith & Co. further report:
A few companies show a profit on their holdings even at existing low
levels for the averages. Alaska Juneau and R. J. Reynolds are outstanding in this respect. The latter does not reveal the number of shares held,
but cost of these shares has been written down, through profit made on
earlier transactions, to a value below that now prevailing.
Substantial reduction of capitalization is another result of such operations. In addition to shares now held, Congoleum-Nairn, Inc.. retired
251,026 shares of common stock in 1931, Petroleum Corporation of America retired 514,400 shares in 1930, and Commercial Investment Trust
Corporation retired 125,000 shares in 1931, together with large amounts
of prior capital.
The holdings as shown by recently published 1931 annual reports are
as follows:
. .
.
.
W
.
Caw
.
X
0
.
Ca
'Z1
Alaska Juneau
Allis Chalmers
American Chicle
American Ice Co
American Radiator
Barnsdall
Borg Warner
Burroughs Adding Machine
Canada Dry
C. I. T
Commercial Solvents
Congoleum-Nalrn
Congress Cigar
Continental Baking
Continental Oil
Cudahy Packing
du Pont
Drug, Inc
Eaton Axle & Spring
Electric Auto Lite
Foster Wheeler
General American Tank Car......._..-General Asphalt
General Foods
General Motors
General Outdoor Advertising
Gold Dust
Gotham Silk Hosiery
Hudson Motor
Hupp Motor
International Business Machines_ _ ..- International Shoe
Kresge (S. S.)
Lima Locomotive
May Department Stores
Montgomery Ward
Nash Motors
Penick & Ford
Peoples Gas Light & Coke
Petroleum Corp. of America
Pullman
Reynolds Tobacco
Spalding
Union Carbide
United Biscuit
United States Realty
Waldorf S3784.44471
Westinghouse Air Brake
Woolworth
Wrigley Jr
0,000,
W1.0..WWO
WOTA..0.0001,Q0.W46 NW..4..W.:e0
m mcowto,conw
mowc,..ompo
.pvw.wwvon:omv,auow.00.44,-.0.,0,..mo
W"..ioloM'oopwl-OW.gWo'soClo.1.1.;-.Wc.An.lo'cobbWo.;o.WWVW-c,
xwo...,,,,00=.
..44..,,.wowoo
coo.000n,mwowb‘.o..woo4.m.4.oN ca-4ow.c,
0,p.00wo.wo&oow0000taowo
..o,Not4-owool000ii.00w.omwo
cr
ti.
A pprorimate
No. of Shares Average Cost Market Price
Ifeld East of of Present
074
1931.
Holdings.
March 31.
13%
144
37%
23%
1(
g%
Not available
251.5
533.5
Not available
21
93-1
203.5
5434
2435
4334
633-5
613.5
1634
7534
193.4
50it
36%
55
3334
634
1734
1034
20
1034
114
4815
2434
2434
353.5
51
Not available
3234
187
5.85
76
Not available
22.18
503.4
3434
144
2135
2935
Not available
6834
15
9%
30
181.5
5%
43j
73(
91.5
103.5
1834
73-5
9
7
4
6
33
4535
48
6
203.5
7
29
1034
343-5
1595
33-1
1635
93.5
Sli
3
96
3635
14
934
16
73-1
1434
2334
8434
4
1735
34
10
2834
2434
75-1
1334
1234
403-5
4434
Plan Reported for Payment of Maturing Realty Guaranteed issues—Reconstruction Finance Corporation Said to Be Co-operating in Proposal—Will
Stop Invocation of Eighteen Months' Notice.
From the New York "Journal of Commerce" of April 6
we take the following:
A plan under which guaranteed mortgages will be paid off without delay,
thereby avoiding further resort to the "eighteen months' clause" in
cases
where building owners cannot refund maturing liens, is being rapidly
pm•[acted it was stated in guaranteed mortgage circles here yesterday.
The
Reconstruction Finance Corporation will co-operate in the arrangen ent.
As a result of the unsettled conditions prevailing in the real estate
field,
a number of guaranteed mortgage companies have invoked Oda clause,
which permits them for a year and a half to defer payment to the investor
where the building owner himself has failed to pay off the maturing
mortgage.
See Revival of Demand.
As a result of the plan, which will call for the use of funds of the Reconstruction Finance Corporation, marked improvement in conservative
Investment demand for guaranteed mortgages is anticipated. In turn
greater demand for guaranteed mortgages will lend to greater availability
of new mortgage money,it is said.
About two weeks ago, it was stated, New York agents of the Reconstruction Finance Corporation commenced a survey of the field. The Corporation is now setting up a special department to consider applications from
the guaranteed mortgage companies, it was stated. At the New York
offices of the Reconstruction Finance Corporation no statement was Issued,
however.
One of the guaranteed mortgage companies, the Prudence Co., separately flied an application for a loan with the Reconstruction Finance Corporation. A statement announcing the application, the proceeds of which
were reported to have been used to meet maturities, has been issued by
the company. "In order to increase its facilities for supplying funds to
Its clients in need of refinancing conservative mortgages, as well as to preserve the high public regard for the safety of guaranteed first mortgage
2649
investments," It was said. "the Prudence Co., Inc.. has obtained the cooperation of the United States Government through the Reconstruction
Finance Corporation."
Deny Report of "Poo:."
Reports circulated yesterday that the resources of the guaranteed mortgage companies would be "pooled" were denied by spokesmen for the strong
companies. Such action, it was pointed out, would not be acceptable to
the stronger companies.
Plans are being worked out, however, it was said, under which the
Reconstruction Finance Cirporation would set aside a specific sum which
would be devoted to advances to the mortgage companies These funds
would be loaned on the security of maturing mortgages which owners
cannot pay immediately, or other collateral. The mortgage companies
then would be enabled to meet maturing mortgages without delay in virtually ad cases, and under such conditions would be able to issue new mortgages with greater freedom.
Prohibition Repeal Urged by New York State Chamber
Committee.
Immediate modification or repeal of the 18th amendment
to permit state control of alcoholic beverages Is urged by
the Executive Committee of the Chamber of Commerce of
the State of New York in a report presented to the Chamber
on April 7. James S. McCulloh, Chairman of the Committee,
moved the adoption of the report.
This is the second time that the prohibition question has
come before the Chamber. On October 4 1923 the Chamber
adopted resolutions recommending to Congress "that the
Volstead act should be revised and modified so as to conform more nearly with public sentiment and on lines that
are more reasonable, just and practicable."
The report of the Executive Committee presented to the
Chamber on April 7 is based on an exhaustive study of the
whole question of prohibition by a sub-committee. The
results of this study, together with references, form a
pamphlet of about 100 pages of closely printed matter
which are made an appendix to the full Committee's report.
The appendix in its preface says, in part:
"Obviously, the tremendous increase in crime, the exactions of gangs
and racketeers from legitimate trade, the congestion in our courts from
prohibition cases, much of the malfeasance of officials in municipal,
State and Federal governments, political bribery in general, and increased
taxation are a serious detriment to legitimate business. Furthermore, the
nationwide discussion in the newspapers, in politics and society in general
of the prohibition problem keeps in the background other more constructive subjects. The evil ramifioations of this ill-conceived law are
so great that their enumeration and detailed description would require
volumes.
"The foul mess produced by our prohibition laws could hardly have been
dreamed of when these laws were enacted even by their most bitter
opponents."
The resolution offered by the Executive Committee at
the Chamber's meeting this week emphasized that the
Chamber is firmly opposed to a return of the licensed
saloon and expresses the belief that legislation can be
framed to effectively prevent its return.
The report of Mr. McCullob's committee says in part:
"Few, if any, deny that Prohibition has not had certain benefits. But
as conditions exist to-day the benefits are of very minor importance, and
the evidence against Prohibition, when taken in toto, is, in the opinion of
your C,onrmittee, quite sufficient to show its failure.
"The experience of the United States is similar to that in other countries
where laws to prohibit the use of intoxicating beverages have been enacted.
There, also, all such laws have been found a serious mistake, and have
accordingly been abrogated. Experience showed Prohibition produced more
evil than good irrespective of whether drinking was greater or less than
in pre-prohibition days.
"Furthermore, in all countries it has been found that legislation establishing prohibition at once resulted in the disbandment of temperance campaigns. The advocates of temperance as well as the Government concentrated upon law enforcement. Educational propaganda ceased, and
the entire discussion of intoxicating beverages was devoted to fines, jails
and enforcement affairs. History invariably shows that the best interests
of mankind can be attained in matters of this kind by patient preaching
and education. By this method alone can important progress be made
towards temperance.
"Many are fearful that a repeal of the Eighteenth Amendment will bring
back the saloon. It should be borne in mind, however, that we now have the
speakeasy. The reserch expert of the Wickersham Comtni,cinn in an
article in Current History, 1931, states that there are three speakeasies
for every saloon before Prohibition. Your Committee believes that the
speakeasies are more harmful than the saloons; but it does not approve
of the reopening of saloons. Insofar as our knowledge extends, no
substantial number on either side of the controversy favors this, not even
the former financial backers of brewery plants. It is the belief of
your
Committee that Congress and the Legislatures, by the light of the
vast
experience of Canada, Sweden and many other countries, can easily
solve
the problem of distributing alcoholic beverages in a way
satisfactory to
the great majority of citizens.
"It has been contended that our economic welfare should
not be considered in weighing the merits of prohibition. Nevertheless,
the advocates
of the 18th Amendment have all along laid tremendous
stress on its
economic advantages. But the fact should not be lost
sight of that economic
blunders can cause as much misery as intemperance.
"Probably the most important economic question
is the tax revenue
obtainable from alcoholic beverages, if the 18th
Amendment were repealed.
This cannot under existing conditions of
prohibition, be accurately esti•
mated. It lias always been recognized that
taxes on tobacco as the then
Secretary of the Treasury, Andrew IV.
Mellon, stated last
'year, are a
'very dependable and important source
of government revenue.' The
same is true of alcoholic beverages, as is
shown by long experience in this
and other countries. An examination of
their national finances reveals
that most countries collect from 15% to
00% of n11 revenue from such
2650
FINANCIAL CHRONICLE
beverages. This has occured in the face of a substantial deduction of 30%
to 50% in recent years in the consumption of hard liquors.
"In England, in 1930, the revenue was £129,427,014 ($629,856,544),
which equalled over 19% of the total revenue. This sum was collected
from a population of approximately 45,000,000.
"17 states in this country, with a population of 60,204,769, do not have
any form of state prohibition. It is probably a conservative estimate
that a revenue of $840,000,000 might be collected from these states
alone. As evidence of this is the fact that Great Britain in 1929 had a
per capita consumption of only 0.28 imperial gallons of hard liquor, and
16.42 gallons of beer, which compares with a per capita consumption in
the United States in 1916 of 1.35 gallons of hard liquor, and 17.59
gallons of malt liquors.
"All foreign countries have made decided advances in the rate of
taxation of alcoholic beverages, which is obvious from the mere fact that
the revenue obtained has remained comparatively constant in the face
of a decided reduction in per capita consumption. As all forms of
taxation have been advanced materially in recent years everywhere, it
would be reasonable and proper to raise, substantially beyond pre-prohibition days, Federal, state and local taxes on alcoholic beverages.
"In view of the various considerations herein outlined, and the extensive evidence detracting from the merits of prohibition as set forth in
the Appendix, your Committee with deep regret, is forced to conclude
that prohibition is an idealism impossible of realization."
[VoL. 134.
demonstrate before the eyes of all Far Eastern peoples and of all governments which exercise authority or influence in the Far East, American
ideas, ideals and methods. We show, and they see, how we organize, and
maintain, and administer agencies of government, agencies for establishing
and preserving order, agencies for the peaceful solution of the problems
of human contact, agencies for regulating, for adjusting, for safeguarding,
and for promoting the interests and welfare of the individuals, the groups,
and the whole people who make up a commonwealth.
This progress, however, has depended upon two things: first, the American
leadership and guidance which has been constantly and intelligently exercised and without which this progress would have been impossible; and,
second, the material assistance of a free market with the United States.
If these two agencies should be at present withdrawn, it is the practically
unanimous consensus of all responsible observers that economic chaos and
political and social anarchy would result, followed ultimately by domination of the Philippines by some foreign power, probably either China
or Japan.
It needs no imagination to grasp the effect which such a result would
have upon the moral prestige and material influence of the United States
In the Far East. To every foreign eye, it would be a demonstration of
selfish cowardice and futility on our part. No matter under what verbal
professions the act of withdrawal were clothed, to the realist observers
of that part of the world it would inevitably assume the aspects of abandonment of the wards we had undertaken to protect. In the Orient, far
more even than in the Occident, prestige is the measuring rod of success.
Such a change would be an irreparable blow to American influence.
Secretary of State Stimson in Letter to Senator BingUnsettling Effect of Withdrawal of American Sovereignty.
- ham, Says Withdrawal of United States SovereignAgain, our presence in the Philippine Islands has already contributed
gity from Philippines Would Have Unsettling Effect
to the deevlopment of a new base of political equilibrium throughout the
„ in Far East.
area of the Western Pacific and Eastern Asia. At present, or within any
Representatives
in
definite future, withdrawal of American sovereignty from the Philippines
Prior to the action of the House of
and
the termination of American responsibility in and for the islands would
passing, on April 4, the Hare bill granting independence to
profoundly disturb that equilibrium. It would inevitably have an unsettling
Secretary
of
addressed
by
letter
Islands,
a
the Philippine
effect in the relations to political thought of the various races, or nations,
State Samson to Senator Bingham, in which was voiced in the Far East, and in relation to the contacts of those races, or nations,
among
themselves and with the rest of the world.
opposition to bills proposing independence to the Philippines
It would not be in the interest of world peace, but to the contrary. It
was made public. Although made available only this week would not be to the political, economic, social, or moral advantage of the
Philippine Islands, or that
the letter bears date Feb. 15. Secretary Stimson declares United States or to that of the people of the
of any other country or people. It would throw additional burdens upon
withdrawal
future,
definite
that "at present or within any
the stability of practically all other governments in that vicinity ; and it
of merican sovereignty from the Philippines and the termi- would render more difficult the safeguarding of our own interests both
world.
nation of American responsibility in and for the islands in the Far East and throughout the enumerated
in this letter applies with
Every consideration which I have
would . . . inevitably have an unsettling effect In the tenfold force at the present moment, when the state of affairs in the Far
relations to political thought of the various races or nations East is chaotic; when every element of stability is threatened, and when
again come one of those historic movements which
in the Far East and relation to the contacts of those races out of the Orient may earth.
Agitation of a change in the status of the
will disturb the whole
or nations among themselves and with the rest of the Philippine Islands at this moment can only inflame most dangerous
world." "It would not," he adds, "be in the interest of possibilities.
to say that I am not advocating a repudiation of
world peace, but to the contrary. It would not be to the anyFinally, it is proper
pledges which may have been given to the Filipinos as to their ultipolitical, economic, social or moral advantage of the United mate status being depended on their own free will. For as GovernorStates or to that of the people of the Philippine Islands or General, during my residence in the islands, I formed the sincere conviction that, given the requisite patient, disinterested and Intelligent effort
to that of any other country or people. It would throw by the representatives of this country, a solution of the Philippine problem
practically
all
other
burdens
upon
the
stability
of
additional
could ultimately be achieved with the full consent of the Filipino people,
governments in that vicinity; and it would render more which would not only satisfy their aspirations for self-government, but
honorably and justly safeguard the Interests of the United States both at
difficult the safeguarding of our own interests both in the home and in the Far East.
Very sincerely yours,
Far East and throughout the world." The letter of SecreHENRY L. STIMSON.
tary Stimson was given out by Representative Robert L.
Bacon (Rep.), of New York, with the concurrence of Senator Bingham. The letter follows:
Governor Roosevelt of New York Signs Bill Creating
Feb. 15 1932.
State Banking Board of Nine Members.
The Hon. Hiram Bingham,
On March 7 Gov. Franklin D. Roosevelt of New York
United States Senate.
Dear Senator Bingham: I have received your letter of Feb. 9 inviting signed the bill passed by the State Legislature creating a
me to appear before an executive session of the Committee on Territories
nine members, of which the State Superand Insular Affairs in order to give my views on the subject of the bills banking board of
intendent of Banks is to be the Chairman and executive
now pending before your Committee relating to Philippine independence.
The Secretary of War, whose Department exercises jurisdiction over the head. The bill was sponsored by the Cheney Banking
affairs of the Philippine Islands, has already laid his views before your
regarding the passage of the bill by the
Committee, and it is unnecessary for me to add to what he has said in Committee. Items
Legislature appeared in these columns Jan. 16 page 432;
many particulars.
I can, however, give you my views on the effect which the present move- Feb.6 page 963;Feb. 13, page 1145, and Feb.27, page 1487.
ment for immediate independence in the Philippines, both in and out of
bill on March 7 Gov. Roosevelt issued a
Congress, is having upon our foreign relations. That is a matter within soy In signing the
jurisdiction, and as the stress of my other duties makes it very difficult memorandum on which he said that he approved it "in the
for me to appear before you in person, I will take the liberty of submitting belief that its possible merits outweigh its possible dangers."
them in this letter.
follows:
Undoubtedly the outstanding development, for good or ill, in the foreign The Governor's statement
relations of the United States during the remainder of this century will be
that of our relations with the countries on the Western side of the
Pacific Ocean. The opening of the Panama Canal revolutionized the conditions of our trade with them, and during the 10 years succeeding the
Great War that trade more than quadrupled—greatly exceeding the rate
of the growth of our trade in any other quarter of the world. Whether
we yet realize it or not, we are already a great Pacific Power, and as
such will sustain a constantly increasing interest in the affairs of the
Pacific.
• By a fortunate coincidence with this development, the United States
had, on the opening of the century, responded to an opportunity and
assumed a responsibility in the Far East by our entry Into the Philippine
Islands. Under enlightened leadership we framed our policy along no
selfish lines of colonial domination, but from the beginning undertook
the courageous experiment of trying to establish among an Oriental people
the practices of Western economic and social development and the principles of political democracy.
Thirty years ago the experiment was scoffed at as chimerical by the
colonial powers of Europe. To-day its emcees meets with their profound
(surprise and respect. Under American guidance the Malay population of
the archipelago have in 30 years made a progress in achieving a uniform
language, a Western system of education, a hitherto unknown national
feeling, and American methods of government which is extremely satisfactory. The Philippines to-day represent an islet of growing Western
development and thought surrounded by an ocean of Orientalism. They
are the interpreters of American idealism to the Far East. They are on
the way to become the base of our economic civilization in that hemisphere.
Philippine Islands a Physical Base for American Influence in Far East.
The Philippine Islands have thus become a physical base for American
inEuenco--political, economic and social—in the Far East. There we
I approve this bill in the belief that its possible merits outweigh Its
possible dangers. Among the objections are that, to a limited degree,
It violates the fundamental that representatives of objects of governmental
regulation should not do the regulating. This is answered by the fact
that only a minority of the proposed banking board must have had some
form of banking experience, and by the general theory that tho banking
board is to act primarily in only an advisory capacity, and not at all in
an executive or an administrative capacity.
It is objected that the members with banking experience can, by virtue of the two-thirds vote provision, block progressive and adequate rules
governing the conduct of banks; but it Is equally true that the other members who have no banking experience can, by the same two-thirds vote
rule, block an improper effort to subject the board to mere bank control.
I call attention also to the fact that the Governor does not have to
appoint any persons recommended to him by banks, and that the members of the board can be removed at any time by the Governor.
In the last analysis, this board is intended to exercise advisory functions and, as such, with complete flexibility, it should be a groat assistance
to the Superintendent of Banks and his staff. In this spirit the board
should organize and function.
If, in operation, the board does not so function—and if in any way it
becomes a hindrance to the proper supervision of banks and the proper
safeguarding of depositors—in that event this new law should be promptly
repealed.
Therefore, in signing it, I express the hope that the actual results will
measure up to our expectations.
The following is the bill as enacted into law; the matter
in italics is new, the matter in brackets is the old law to
be eliminated.
APRIL 9 1932.]
FINANCIAL CHRONICLE
An Act to Amend the Banking Law.in Relation to the Creation of a Banking
Board and to Defining Its Powers and Duties.
The People of the State of New York,represented in Senate and Assembly,
do enact as follows:
Section 1. Chapter 369 of the laws of 1914. entitled "An Act in relation
to banking corporations, and individuals, partnerships, unincorporated
associations and corporations under the supervision of the Banking Department, constituting Chapter 2 of the consolidated laws," is hereby
amended by inserting therein two new sections, to be Sections 10a and 10b,
to read as follows:
Sec. 10-a. Banking Board.—There shall be in the Banking Department a
Banking Board which shall consist of nine members. The Superintendent of
Banks shall be a member of the Board and its Chairman and executive head.
The remaining eight members shall be appointed by the Governor by and with
the advice and consent of the Senate, and any of them may be removed from
office by the Governor whenever in his judgment the public interest may require.
In case of such removal the Governor shall file with the Department of Stale a
statement of the cause of such removal. Two members shall be designated by
the Governor to serve until March 1 1933, and three members until March 1
1034, and three members until March 1 1935, and thereafter each member so
appointed shall serve for a term of three years and until his successor has been
appointed and qualified, and in case of a vacancy for any reason in the office
of any such member the Governor by and with the advice and consent of the
Senate shall appoint a member tofill the unexpired term of such vacant office.
Of the eight members appointed, four shall have had banking experience,
and of these four there slwl be one member whose banking experience shall
have been gained in group one, one in group two, one in group three, and one
in group four, of the banking groups hereinafter established. Of the original
eight members, the four specified to have had banking experience shall not be
appointed by the Governor until after the Superintendent of Banks shall have
submitted to him for his consideration a list of the names of those who have
been selected as hereinafter provided by the several banking groups as their
candidates for membership to the Banking Board to represent such groups.
All State banks, trust companies and savings banks shall be divided into the
following groups, and cach group shall be entitled to select one candidate for
membership to the Banking Board. Group one shall consist of all Slate banks
and trust companies located in the City of New York and having total resources
(as shown by the last call reports received by the Superintendent) of 150 million
dollars or more. Group two shall consist of all Slate banks and trust companies
located in the first, second, third, fourth,fifth, sixth or ninth judicial districts,
other than banks or trust companies in group onel.Group three shall consist
of all banks and trust companies located in the seventh and eighth judicial
districts. Group four shall consist of all savings banks located in the State of
New York. Within ten days after this section takes effect the Superintendent
of Banks shall give written notice to each corporation entitled to vote for a
candidate for membership to the Banking Board, to nominate a person to be
such candidate. All nominations must be received at the office of the Superintendent within 15 days after the mailing of such notice. Immediately
after the last day for the receipt of nominations, the Superintendent of Banks
shall classify the nominees as to groups of corporations by which they have
been nominated and shall mail to each corporation of each group a list of the
persons nominated by such group indicating by whom nominated. Such
elector corporation shall, within 15 days after such mailing of said list, certify
to the Superintendent of Banks its first, second and third choice for candidate
for membership to the Banking Board upon a ballot furnished by the Superintendent. No elector shall vote more than one choice for any one candidate.
All ballots for the nomination and selection of candidates shall be accompanied
by a certificate by the Secretary of the elector corporation that the person casting
such ballot has been duly authorized so to do by the board of directors of such
elector. Immediately after the last day for receiving such ballots the Superintendent shall count the votes and ascertain the first, second and third choices
of each group. Any candidate having a majority of all votes cast as first
choice shall be declared to be selected. If no candidate have a majority of all
the votes cast for first choice, then there shall be added together the votes cast by
the electors for such candidates for second choice and the votes cast for the
several candidates as first choice. If any candidate then have a majority of
the electors voting, by adding together the first and second choices, he shall be
declared selected, If no candidate have a majority of electors voting when the
first and second choices shall have been added then the votes cast for third
choice shall be added to the votes cast for the first and second choice, and the
candidate than having the highest number of votes shall be declared selected.
The Superintendent shall immediately submit to the Governor a list of the
names of the selected candidates and the groups by which selected, and at the
same time post a copy thereof upon the bulletin board in his office. The
Banking Board after its original appointment shall make rules to regulate
the method of selecting candidates for consideration by the Governor to fill
a vacancy in the office of any of the four members herein specified to have
banking experience. The members of the Banking Board shall receive no salary
but their expenses incurred in attending meetings shall be paid out of the
State Treasury, on certificate of the Superintendent of Banks, upon the audit
and warrant of the Comptroller. The Banking Board shall hold its regular
meetings at such times and places as shall be fixed by the Board. The Board
shall meet at any time on call by the Superintendent of Banks upon two days
notice. The Superinterulent shall call a meeting upon two days notice upon
the written request of any two members of the Board. The Board may by
resolution provide for a shorter notice of meeting by telegraph, telephone or
otherwise. The Banking Board shall keep a record of all its proceedings, and
shall elect a Secretary and such other officers as it deems necessary. For the
purpose of considering questions before it. the Board shall have access to all
the books and papers in the Department including all reports and confidential
communications, and the members of the Board shall treat such communications
as confidential.
Sec. 10-b. Powers of the Banking Board.—The Banking Board shall have
power, by a two-thirds vote of all its members, to make, alter and amend rules
and regulations not inconsistent with law which sha I be complied with and
enforced by the Superintendent and the employees of the Department, for the
following purposes;
(1) Por regulating the method and standards to be used in making the
examinations mentioned in Section 39, and for the valuation of the assets
of any persons or corporations subject to the provisions of this chapter.
(2) For defining what is an unsafe manner of conducting the business of
She corporations and persons to which this chapter is applicable.
(3) For defining what is,for such corporations and persons a safe or unsafe
condition for transacting business.
(4) For establishing safe and sound methods of banking throughout the
State, and safeguarding the interests of depositors and stockholders generally
in times of emergency. The Banking Board shall consider and make recommendations upon any matter which the Superintendent may submit to it for
recommendations, and pass upon and determine any matter which he shall
submit to it for determination. It shall submit to the Superintendent any
amendments to this chapter which it deems desirable.
Sec. 2. Section 23 of such chapter is hereby amended to read as follows:
Sec. 23. Investigation, by Supereintendent of Proposed Corporation.
2651
Private Banker or Personal Loan Broker; Refusal or Approval; Filing
Certificate.—When any such certificate shall have been filed for examination, the Superintendent shall thereupon ascertain from the best sources
of information at his command, and by such investigation as he may deem
necessary, whether the character, responsibility and general fitness of the
person or persons named in such certificate are such as to command confidence and warrant belief that the business of the proposed corporation.
private banker or personal loan broker will be honestly and efficiently
conducted in accordance with the intent and purpose of this chapter, and
whether the public convenience and advantage will be promoted by allowing
such proposed corporation, private banker or personal loan broker to engage
or continue in business. In the case of a private banker who has not
submitted with his certificate the affidavit specified in Section 160 of this
chapter or whose affidavit has been refused by the Superintendent as provided in Section 25 of this article, the Superintendent shall also ascertain
in like manner whether the facts stated in such certificate are true. In
the case of a proposed savings bank the Superintendent shall also ascertain in like manner whether greater convenience of access to a savings bank
will be afforded to any considerable number of depositors by opening a
savings bank in the place designated in the certificate, whe,her the density
of the population in the neighborhood of such place and in the surrounding
country affords a reasonable promise of adequate support for the proPosed savings bank, and whether the contributions to the initial guaranty
fund and expense fund have been paid in cash. After the Superintendent
shall have satisfied himself by such investigation [whether] that it is not
expedient and desirable to permit such proposed corporation, private
banker or personal loan broker to engage or continue in business, he shall
within 60 days after the date of the filing of such certificate for examination,
endorse upon each of the duplicates thereof over his official signature the
word ("approved" or the word]"refused," with the date of such endorsoment[. In case of refusal], and he shall forthwith return one of the
duplicates, so endorsed, to the proposed incorporators, private banker or
personal loan broker from whom such certificate was received. In case
the Superintendent shall have satisfied himself by such investigation that it is
expedient and desirable to permit such proposed corporation, private banker
or personal loan broker to engage or continue in business he shall submit to the
Banking Board at its next regular meeting such certificate for examination
and all other papers and correspondence, together with the results of his investigation and his recommendation in the matter, and the banking Board
after consideration shall vote for approval or refusal. If the Board vote for
approval, the Superintendent shall if he is still satisfied that it is expedient
and desirable to permit such proposed corporation, private banker or personal
loan broker to engage or continue in business, endorse upon each of the duplicates
of such certificate over his official signature the word "approved" with the
date of such endorsement. In case the Superintendent is not satisfied that
it is expedient and desirable to permit such proposed corporation. Private
banker or personal loan broker to engage or continue in business, or in case
the Banking Board votes for refusal, the Superintendent shall forthwith return
one of the duplicates, endorsed "refused" with the date of such endorsement
to the proposed incorporators, private banker or personal loan broker from whom
such certificate was received. In case of approval he shall forthwith give
notice thereof to the proposed Incorporators, private banker or personal
loan broker and file one of the duplicate certificates in his own office and the
other in the office of the Clerk of the county In which is located the place
of business of such proposed corporation, private banker or personal loan
broker.
Sec. 3. This Act shall take effect immediately.
Gov. Roosevelt of New York Signs Farm Credit Bills.
Four important measures, dealing with agricultural
credits, were signed on March 17 by Governor Franklin D.
Roosevelt of New York upon recommendation of Henry
Morgenthau, Jr., Chairman of the Governor's Agricultural
Advisory Commission. A dispatch from Albany, March 17,
to the New York "Times" said:
Generally speaking, the bills will open the way for farmers to obtain
credits through the Federal Intermediate Credit Bank at Springfield, Mass,,
to finance them for seed, fertilizer and other crop production purposes.
The Governor, in a memorandum filed with the new laws, said, in part:
"Of the four bills, one will permit banks to purchase stock in agricultural
credit corporations to discount farmers' notes and rediscount them with the
Federal Intermediate Credit Bank; the second will permit the formation
of agricultural credit corporations for the same purpose under the general
corporations law; the third will permit the formation of co-operative credit
corporations for the same purpose, and the fourth will permit existing
co-operative organizations of producers to form similar credit corporations
to accomplish the same end.
"I believe the enactment of this legislation will help very materially
to remedy a situation that threatened to paralyze the farming Industry in
some sections of the State and to ruin many individual fanners."
Report That W. C. Potter Named to Represent New
York City Banks on Newly Created State Bank
Commission.
According to the New York "Journal of Commerce" of
March 22, William C. Potter, head of the Guaranty Trust
Co. of New York, will be named to represent the large New
York City banks on the State Banking Commission which
was created by Legislature in Albany during the winter
session. No final confirmation of the report was received,
said the paper quoted, which added:
Association.
Stewart Raker. President of the New York State Bankers
banks in the western
appointed two committees to nominate representative
smaller banks
Part;eof theta
State and banks in the eastern section, including small
In New York ity.
The following committee was named to suggest nominees for the western
State banks:
Lewis G. Harriman, President of the M. & T. Trust Co., Buffalo; Fred
J. Coe, President of the Power City Trust Co., Niagara Falls, N. Y.:
Raymond F. Leiner. Vice-President of the Lincoln Alliance Bank & Trust
Co., Rochester, N. Y.; C. J. Neibank, Vice-President of Jamestown
Jamestown, N. Y., and George B. Booth Jr., President of the First Trust
Co., Wellsville, N. Y.
'This committee at a recent meeting suggested the following nominees
for the State Bank Board: Raymond N. Ball, President of the Lincoln
Alliance Bank & Trust Co., Rochester.
2652
FINANCIAL CHRONICLE
Walter W. Schneekenburger, Vice-President Marine Trust Co., Buffalo,
and Perry E. Wurst, Exec. Vice-President, M. & T. Trust Co., Buffalo.
The following is the committee representing the eastern State banks
and the smaller New York City banks:
Chairman, C. R. Dewey, Vice-Chairman of the First Citizens Bank &
Trust Co., Utica, N. Y.; J. S. Clute, President of the Manufacturers Bank,
Cohoes, N. Y.; B. A. Grey, President of the Northern New York Trust
Co., Watertown, N. Y.; Theodore Hertzler, President of the Fifth Avenue
Bank. New York City, and A. II. Treman, President Ithaca Trust Co.,
Ithaca, N. Y.
This group has nominated Harry P. Gould, Chairman of the Lewis
County Trust Co., Lowville, N. Y.; George Overocker, President of the
Poughkeepsie Trust Co.. Poughkeepsie, N. Y., and former Deputy Superintendent of Banks of New York State, and Fred W. Swan, President of
the Cbemung Canal Trust Co., Elmira, N. Y.
Bill Signed by Gov. Roosevelt of New York Permitting
Savings Banks to Invest in 3onds of Natural Gas
Distributing Corporations Approved by Wood,
Struthers & Co.—Viewed as Step Forward.
One of the most important new hills just passed by both
Houses of the New York Legislature, and signed on March
18 by Governor Franklin D. Roosevelt, is the "natural gas"
amendment to the New York banking law, as sponsored by
F. y. Henshaw, of Wood, Struthers & Co., which permits
the savings banks of the State to invest in the bonds of
corporations supplying natural gas if purchased from
another corporation, this to insure that bonds are not
secured, partly or wholly, by pledge of natural gas properties. A statement issued by Wood, Struthers & Co. says:
This amendment, drafted in 1930 at the request of the Savings Banks
Association of the State of New York, consists of a very simple modification of the definition of gas and electric companies, made necessary because
the former wording of the law did not carry out the intent of the framers
in that its literal interpretation excluded bonds of gas companies that
had found it desirable to purchase natural gas brought to them by the
extension of pipe lines adequate to furnish a supply of this excellent fuel.
The old law not only limited new investments which savings banks could
make in the gas industry to the issues of those companies supplying
artificial gas, but threatened the removal of a number of excellent bonds,
already legal investments, as a result of the constantly extending use of
natural gas in mixture with artificial gas by companies formerly furnishing
artificial gas only.
Consequently the "natural gas" amendment was designed with a two-fold
purpose of retaining on the legal list those bonds that were or might
otherwise be in danger of losing their legal position ; and to permit certain
companies, which already were purchasing and distributing natural gas
in substitution of or in mixture with artificial gas, to come within the
field of legality, provided they meet other requirements of the law.
Important bonds already on the legal list that were in danger of being
removed therefrom for the foregoing reason are those of: People's Gas
Light 8z Coke Co., Public Service Electric 5; Gas Co., and Consolidated Gas,
Electric Light, Heat & Power, of Baltimore.
Bonds that might become eligible for legality, but which have hitherto
"received no consideration for the reason above stated, are those of: Pacific
Gas & Electric Co., Los Angeles Gas & Electric Co., Dayton Power & Light
Co., and Cincinnati Gas & Electric Co.
As the possible loss of sound investments from the legal list on a
technicality was imminent, this amendment, which also may give the
benefit of several excellent additions, is of considerable importance to
having,s banks and trustees in the State of New York.
The amendment is one of those steps forward which from time to time
are made necessary by changing conditions, and consists simply of an
insertion in the first paragraph of Subdivision 12 of Section 239 of the
New York Banking Law, after the words "artificial gas," of the following:
"or natural gas purchased from another corporation and supplied in substitution for, or in mixture with, artificial gas."
Of the more than two billions of utility bonds which have become legal
since March 1928, when the public utility amendment to the New York
Banking Law was enacted, some $400,000,000 would be safeguarded by
the "natural gas" amendment. The list of legals could be still further
increased by $448,000,000 by another proposed amendment that Mr. Henshaw has submitted to the Savings Banks Association of the State of
New York, which would, under carefully drawn restrictions, admit certain
collateral trust and debenture issues of the Bell Telephone System.
[VOL. 134.
Governor Roosevelt also signed three bills to prevent bootlegging in
untaxed gasoline. The bills were sponsored by Senator Seabury C. Mastick,
Republican, of Westchester, Chairman of the Tax Revision Commission.
One imposes a $2 license fee on all filling stations, another requires the
filing of a bond, and the third requires periodic reports to the State Tax
Commission regarding all transactions.
From the Albany account (March 22) to the New York
"Times," we take the following:
According to estimates of the fiscal committees, the additional tax will
yield $6,700,000 with which to meet in part the heavy deficit in State
income expected this year and will help to balance the budget.
The new schedules are compared with those now prevailing in the following table;
—License Tax—
—License Tax—
Omnibuses
Present. New.
Omnibuses.
Present. /New.
$1u 00 $24.75 17 passengers
5 passengers
352.00 385.00
7 passengers
24.50 40.42 21 passengers
55 00 90.75
8 passengers
30.50
50.23 23 passengers
61.50 101.40
11 passengets
43.00
70.05 27 passengers
67.50 111.30
For buses with a capacity of 30 passengers or more the present tax is $2
extra for each passenger above 27. Under the new plan $3.20 will be
levied for each.
Electric Buses Raised 50%.
For electric buses there will be a 50% increase over the present rates for
all the classes listed.
The bill exempts buses operating under franchises over fixed routes
wholly within a city or cities where the holder of the franchise pays a
percentage of the gross earnings. Without regard to the seating capacity,
the State will levy an annual fee of $16.50 instead of $10 on such vehicles
where they operate beyond city boundaries.
Hearses and vehicles classified as light delivery vehicles of less than
1,800 pounds unladen must pay $19.80 instead of $12, as at present.
Such vehicles with an unladen weight of more than 1,800 pounds pay $1.24
instead of 75 cents for each 100 pounds additional.
For auto trucks weighing in excess of 1,800 pounds unladen, the new
rate will be $132 as compared with $80 at present.
A 50% increase is provided for trucks and vehicles operated wholly
with electricity. This is to compensate the State for the loss of gasoline tax.
While the bill becomes operative on July 1, the new rate will apply this
year only to new registrations. Normally, vehicles in the classes affected
would be required to obtain new licenses on Jan. 1, but a moratorium was
established so the new rates would not become payable until March 1.
Gov. Roosevelt of New York Signs Bill to Continue Tax
Relation Committee for Another Year.
The signing by Governor Roosevelt of the bill providing
for the continuation of the Tax Relation Commission for
another year, and the providing of funds with which to
continue the Commission's studies designed to reduce the
tax burden, is listed as one of the most important real
estate measures put through the Legislature this year by
J. Irving Walsh, President of the New York State Association of Real Estate Boards. This was noted in the New York
"Evening Post" of March 19, which also said:
Real estate boards and property owners all over the State are hopeful
that the next Legislature will give serious consideration to the overburden
of taxes now being borne by real estate and will enact some much-needed
remedial legislation.
Governor Roosevelt also signed the bill prohibiting the misrepresentation
of the political or territorial description of real estate in advertising.
A great number of amendments to the real property and tax laws are now
awaiting the Governor's signature. One provides for a combination form of
bond and mortgage for simplifying the use of these documents and lessen
the danger of misplacement. The amendment provides that members of the
committee must have been engaged in the real estate business in the State
for at least 10 years prior to their appointment. It also specifies the
method of call and term of appointment.
Only one of the bills designed to lower the cost of mortgage foreclosure
meet with favorable consideration, that being relative to service outside the
State. The other bills of the series reducing the fees of referees and the
number of publications met with organized opposition.
Among other bills passed was one amending the penal law to prevent the
removal, destruction or changing of a building or part of mortgaged realty
with intention to defraud the mortgagee by depreciating the value of real
property.
"Of particular interest to the residents of the four counties of Long
Island was the bill appropriating $75,000 for making engineering studies
of highway links to connect the Southern State Parkway with Linden
Boulevard; the Grand Central Parkway with Brooklyn by way of Interborough Parkway, and the Grand Central Parkway with the neva 'FriBorough Bridge," said George S. Horton, President of the Brooklyn Real
Estate Board.
"For the improvement of these important links the State is limited by
tile bill to a total expenditure of $5,000,000. The passage of this bill will
provide Brooklyn with two badly needed connections to the important
highways of Long Island."
Gov. Roosevelt of New York Signs Bill Increasing
Taxes on Motor Trucks and Buses.
On March 22 Governor Franklin D. Roosevelt signed the
bill for a 65% increase in the State tax on motor trucks and
omnibuses. This is the measure which caused the dispute
on the closing day of the Legislature, the Democratic members holding out against the Governor's plan to impose a
75% increase, said a dispatch from Albany on March 22 to
the New York "Herald Tribune," from which we also take Gov. Roosevelt of New York Signs Amendment to Bankthe following:
ing Statute—Bill Leaves Time of Two Annual
Technically the bill adds $6,720,000 to the State's revenues, but it will
Examinations to Superintendent's Discretion.
expire March 1 1933, before the entire amount is collectible under its
Franklin D. Roosevelt of New York on March 16
Governor
terms, unless renewed by the 1933 Legislature. The bill goes into effect
July 1, this year, when the higher tax will be required on new registrations signed the Sargent bill clarifying the
meaning of the proor re-registrations becoming due on and after that date.
Governor Roosevelt's original plan was to increase the truck and 'bus vision in the banking law requiring the Superintendent of
tax 100%, along with similar increases in the income and stock transfer Banks to examine every bank in the State "at least twice
taxes. This would have yielded approximately $12,000,000 in revenue.
year." An Albany dispatch, March 16, to the New
After a public hearing at which the 100% increase was vigorously opposed, In each
the impost was reduced to 75% by the legislative leaders. Democratic York "Herald Tribune" said:
members of both houses, backed by pressure from Tam:nany Hall, forced
the still further reduction to 65% in the closing hours of the session.
Completes Tax Rise Program.
The Legislature reduced the Governor's 100% gasoline
tax increase to
adding
one instead of two cents a gallon to the present tax of two
50%, by
cents. The signing of the truck and omnibus tax bill to-day completed
the Program of tax increases, which are estimated at $110,720,000 in total
increased revenues to meet the State's deficits and balance the
budget.
Until the failure of the Bank of United States, the construction put
upon this provision had been that the examinations might be made at any
time during the year. Critics of Joseph A. Broderick, Superintendent of
Banks, contended after the failure of the New York bank that he had been
negligent in not causing an examination to be made of that hank and others
once every six months. The amendment approved by the Governor to-day
gives the Banking Superintendent discretion as to the dates on which he
deems it proper that the two examinations should be made.
APRIL 9 1932.]
FINANCIAL CHRONICLE
2653
In approving the Sargent bill, the Governor said the construction that
the examinations should be made once every six months "is unsound from
the point of view of practical administration of the Banking Act, and also
from the point of view of the intention of the original statute."
and fats, including lard, and a discussion of the quantitative limitations
surrounding the potential increase in production of domestic oils and fats
to replace imports.
The importance of this investigation is indicated by the magnitude of
the consumption of oils and fats in the United States.
The Senate resolution named six imported vegetable oils together with
Gov. Roosevelt Signs Two Anti-Stock Fraud Bills to copra, the raw material from which cocoanut oil is produced, and whale oil.
The total consumption of the oils named, including the cocoanut oil
Strengthen New York Securities Law.
derived from imported copra, in the United States during 1929 was more
The following, from Albany (United Press), is from the than one billion
pounds, the most important items being cocoanut oil,
662 million pounds; palm oil, 231 million pounds; and palm-kernel oil,
"Wall Street Journal" of March 18:
Two bills passed by the Legislature, designed to strengthen the Martin 84 million pounds. The investigation covers not merely these specified
Anti-Stock Fraud Law, have been signed by Governor Roosevelt. One of foreign oils but also others of lees importance, as well as the domestic
the bills amended the general business law by authorizing the Attorney- oils and fats with which the foreign products compete. Thus there is a
General to apply to courts for permanent injunctions prohibiting defendants discussion of the relation of imported oils to butter, the consumption of
which is more than two billion pounds, and to lard, of which about one
in such actions from selling any securities Issued or to be issued.
The other measure amended the general business law by providing no and three-quarter billion pounds are consumed. The other principal
domestic
oils discussed are cottonseed oil, with consumption,in 1929 of
person shall be excused from attending an inquiry of the Attorney-General
and answering questions because witness fees or mileage were not paid, about 1,580 million pounds (including foots); oleo oil and related edible
payment of such fee or mileage not to apply to those whose conduct is being animal fats, 124 million pounds; inedible tallow and animal greases, 840
million pounds; corn oil, 138 million pounds; and peanut oil, 17 million
investigated.
The Governor also signed a bill amending the Agriculture and Markets pounds. There is also a discussion of the possibility of increased production
of
soy-bean, sunflower-seed, and other vegetable oils not now produced
Law for regulation of manufacture and sale of ice cream, iced milk or
in this country, or produced only in relatively small quantities.
sherbert.
The report takes up separately the position of the various imported
and domestic oils in the several manufacturing industries in which they
New York State Income Tax—Deduction of State's are principally consumed. The largest consumption is in the soap inShare of Employees' Tax by Withholding Agent or dustry, in which during 1929 there were used about 1,500 million pounds
of domestic and foreign oils. In the lard compound or lard substitute
Employer.
industry, the consumption was about 1,200 million pounds; in the marThe new law of New York State increasing rates of tax garine industry, about 300 million pounds; and in the paint and varnish
industry,
upon income for 1931 and 1932 does not affect a withholding of other about 450 million pounds; minor quantities are used in a number
industries. Besides this industrial use there is an immense direct
agent, or employer who deducts the State's share of an em- consumption of several oils and fats in their original form as food, as
well
as considerable direct consumption of some oils in non-food uses.
ployee's income tax, as to the amount to be deducted and
The report shows that in the soap industry there is approximately an
withheld for 1931, according to a ruling of the State Tax equal
consumption of domestic and of foreign oils,
leading domestic
Commission made public April 1 by Thomas M. Lynch, oils or fats used being inedible tallow and greasestheand cottonseed oil
President. The difference between the amount withheld and foots, and the leading foreign oils, cocoanut, palm and palm-kernel. In
the lard compound industry most of the oils consumed are of domestic
the tax due under the new rates will be collected direct from origin,
with cottonseed oil predominant. In the margarine industry, much
the employee. This ruling affects only non-residents of New more than half of the consumption of oils consists of cocoanut oil, but there
York who receive income here. The announcement by the is also a considerable consumption of domestic oleo oil, neutral lard and
cottonseed oil. In the paint and varnish industry the principal oils used
Tax Commission further says:
are linseed, partly of domestic and partly of foreign origin, and tong
Last September personal income tax rates were jumped from 1, 2 and oil, which is exclusively an imported arrouct.
3% to 1%, 3 and 4%%. respectively, and the Commission ruled
that
employers or withholding agents would deduct the increased amounts
from employee's salaries or wages, providing the employee was in
service
S. Tariff Commission's Report to Congress on Dead
after Sept. 23 1931. If he or she had left prior to that date the amount U.
or Creosote Oil—Finds No Warrant for Duty.
withheld was to be at the old rate.
The second jump in the tax rates was made by the Legislature this
Tariff Commission submitted to the Congress on
The
winter and the law became effective March 1. The new rates
are 2%
on the first $10,000 of net income, 4% on the next 110,000 and 6% on March 25 a report on dead or creosote oil, prepared in accordi
all net income above 850,000. The question arose as to the effect on ance with Senate Resolution No. 470, 71st Congress. Creowithholding agents and employees. Employers had already Paid salaries
present free of duty. The resolution of Congress
and wages for 1931 and had deducted at the rates effective in September. sote oil is at
The Commission decided that the amount due because of increased rate required the Commission to compare the cost of production
on 1931 incomes could not be taken out of income now being paid for in the United States with the cost in the principal competing
services performed in 1932. unless it was by mutual agreement between
country, which is the United Kingdom,and further provided:
employer and employee.
If this investigation discloses that the domestic cost of production exceeds
Therefore deduction was to be made at the rates effective last Fall if
the cost of production abroad in the principal competing country, the
the employee was working after that period.
The ruling made public to-day states that deducting and withholding Commission shall include in its report a statement as to the rate or rates
must be made at the new increased rates for 1932, except in the case of of duty necessary to equalize said cost difference based on the American
employees who left the service of a withholding agent prior to March 1 1932 selling price as defined in section 402(g) of the tariff act of 1930.
In its conclusions the Commission said:
United States Tariff Commission Submits to Senate
Report on Copra, Whale Oil and Certain Vegetable
Oils.
It was announced March 24 that the U. S. Tariff Commission hae submitted to Congress a report in accordance
with provisions of Senate Resolution No. 323, 71st Congress,
which reads as follows:
Resolved, That the United States Tariff Commission is hereby
instructed
and directed to prepare and submit to Congress a
detailed study of
costa of production and of transportation to the principal consuming the
markets of the United States of the following commodities,
namely:
oil and copra from the Philippine Islands and other principal Coconut
producing
regions, palm oil, palm-kernel oil, whale oil, rapeseed oil,
perilla oil, and
sesame oil. Also a statement of the principal uses of
these oils in the
United States and of the kinds and amounts of domestic
oils and fats
replaced in domestic industry by such imports.
As to its report the commission says:
The report presents a survey of world production and
world trade in
the oils named and in the other important animal and
vegetable oils.
The position of the United States with respect to these oils,
collectively
and individually, has been analyzed. Following the division
indicated
in the resolution the report then deals with the cost of the oils
named,
including transportation to the principal consuming markets.
Inasmuch
as the principal item in the cost of the several vegetable oils named in
the resolution consists of the cost of producing the raw material, and
inasmuch as the Commission found it impracticable to ascertain the cost of
producing the raw material, the invoice prices of imported oils have been
used as best available evidence of such costs.
The uses of the several oils named in the resolution, and of important
domestic oils with which they compete, are treated at length. This involves an analysis of their consumption in the soap, lard compound, margarine, and other manufacturing industries.
The report points out that no definite quantitative statement can be
made regarding the "kinds and amounts of domestic oils and fats replaced
in domestic industry by such imports." Two major sections of the report,
however, deal with facts bearing on this question of replacement. One
of these relates to the interchangeability of the several kinds of oils and
fats in different uses from the technical standpoint—that is, from the
standpoint of the chemical and physical characteristics of the several
oils and of the products derived from them. The second analysis covers
the economic factors involved, such as relative costs, prices, supply and
demand. The report includes a discussion of the degree to which imported
oils might be replaced by a reduction of the exports of domestic oils
On the basis of the facts shown by the Investigation with respect to the
differences in costs of production during the three-year period, including
transportation and delivery to the principal markets in the United States
in different years and by different methods of computation, some of which
differences show a very small excess of domestic over foreign costs and others
a very small excess of foreign over domestic costs. the Commission finds no
sufficient warrant on the basis of cost differences for a duty on creosote oil.
The findings of the Commission were as follows:
1. Dead or creosote oil is free of duty under paragraph 1651 of the
tariff act of 1930. It was also free of duty under the act of 1922 and previous
acts.
2. The domestic production of creosote oil increased from 28,864.000
gallons in 1921 (37.557,000 gallons in 1920 and 33,874,000 gallons in 1922)
to 126,779,000 gallons in 1928 and 127.750.000 gallons in 1929; it fell only
slightly—to 122,572.000 gallons in 1930 and to approximately 118,115.000
gallons in 1931.
3 The imports of creosote oil amounted to 33,239,000 gallons in 1921
and increased in nearly every year until 1927 when the total was 95.915.000
gallons. Since then they have declined in each year, amounting to 88,385,000 gallons in 1928, 79,301,010 gallons in 1929. 66,922,000 gallons in
1930. and 36,885.000 gallons in 1931.
4. On the average during the three-year period covered by the cost
Investigation, domestic production amounted to 125.700.000 gallons and
the imports to 78,203.000 gallons, the domestic product being 61.19% of
the consumption; in 1931 the domestic product was 76.23% of the total.
5. While there are many grades of creosote oil used for various purposes
the great bulk, both of that made in the United States and of that imported
from the United Kingdom, Is made to conform to specifications for use in
the preservation of wood: the domestic product, considered as an aggregate,
is like or similar to the grades manufactured in the United Kingdom for
export to the United States.
6. The Senate Resolution No. 470 specifically directed the
Comndasion
to ascertain the domestic and foreign costs for the years 1928,
1930: these years, taken together, constitute a representative 1929, and
period of
time, although the conditions as regards costs of production
differ during
the several years.
7. The principal competing country during the period
covered by the
investigation was the United Kingdom,
8. The markets for creosote oil are chiefly wood
-treating
plants
which are
widely distributed throughout the United States,
The Commission selected
for the purpose of cost comparison in this
investigation,
a
number
of towns
in which both the domestic and the foreign
product were sold, or towns
representative of areas in which both were sold.
9. By reason of the fact that creosote
oil is a joint product along with
other products of the distillation of coal tar,
as well as by reason of the fact
that coal tar is itself a by-product of the
coke and gas industries, there are
various methods of computing the cost of
production of creosote oil.
2654
FINANCIAL CHRONICLE
averaged
10. The cost of production of creosote oil in the United States
investigation.
10 82 cents per gallon for the three-year period covered by the
export to
The corresponding cost of production of creosote oil produced for
10.14 cents
the United States in the principal competing country was
Per gallon.
The cost of transportation and other delivery charges on creosote oil to
plants,
the principal markets in the United States from the domestic
2.19
weighted according to their respective shipments to each market, was
investigation.
cents per gallon during the three-year period covered by the
competing
principal
and the corresponding cost from the plants in the
country to the same markets was 3.33 cents per gallon.
transThe total cost of production of domes.ic creosote oil, includingUnited
portation and other delivery charges to the principal markets in the
the
and
gallon,
per
States, was thus, for the three-year period. 13.01 cents
corresponding cost of the product of the principal competing country was
13.47 cents per gallon.
The total cost of production of domestic creosote oil, including transportacents per
tion and other delivery charges to the said markets, was 13.71
gallon during 1928. 12.84 cents in 1929 and 12 70 cents in 1930. The
corresponding cost of the product of the principal competing country was
15.00 cents in 1928, 12.70 cents In 1929 and 12.34 cents in 1930.
The results of other methods of computing the domestic and the foreign
costs are set forth in the summary of information.
11. Beginning in September 1931 the United Kingdom went off from the
gold standard and the exchange of the pound sterling depreciated as compared with the dollar, the depreciation since that time having ranged from
about 20 to 30%. Inasmuch as the Senate resolution specified the three
years 1928 to 1930 as the basis for the cost investigation. the Commission
did not undertake to ascertain the effect of this depreciation of the pound
sterling upon costs, but it has examined the statistics of imports of creosote
oil into the United States from the United Kingdom since the depreciation
set In. During the four months. October 1931 to January 1932, the total
imports from all countries amounted to 11,948,000 gallons, or at the rate
of about 36,000,000 gallons annually. whereas the imports for the corresponding months in the preceding year were 13,992,000 gallons, or at the
rate of about 42.000.000 gallons annually. The Imports from the United
Kingdom from October 1931 to January 1932 were 5.09S.000 gallons as
compared with 0,529,000 gallons in the corresponding months of the preceding year.
[VoL. 134.
"The sort of co-operation I have in mind, would be in the form of
agreements between the manufacturer and retailer groups to establish the
price or the price range at which a product is to be maintained. For
example, the dealers in a city or neighborhood should be permitted to decide
with the manufacturer to set a minimum figure in that district at which
(through the manufacturer's right to refuse to sell) he is to maintain
an item ordinarily listed at 50 cents. To my mind this would not be
restraint of trade but a necessary step by which price maintenance could
be made an actuality.
"At the present time the manufacturer's control on his product is
weakened in two ways. With the jobber as his channel of distribution
to the dealer, even though he refuses to sell, he has no hold on the resale
since his contact with the ultimate sales point it through a third party—
the jobber. Where the manufacturer sells direct to the dealer he may refuse
to supply an objectionable cut rater, but still have no redress when
his merchandise is obtained through underground channels."
3-Cent Stamp in Effect April 1 in Foreign Countries.
There are no foreign countries to which the 2-cent stamp
constitutes sufficient postage, according to advices received
from the Post Office Department by G.Stanley Shoup,of the
Commerce Department's transportation division. Domestic
rates still apply, of course, to the non-contiguous territories
of the United States. The new rates, effective April 1 1932,
are indicated as follows by the Department:
Those countries requiring 3-cent postage are as follows: Argentine,
Bolivia, Brazil, Canada, Chile. Colombia, Costa Rica, Cuba, Dominican
Republic, Ecuador, Guatemala, Haiti, Honduras (Republic of) Labrador„
Mexico, Newfoundland, Nicaragua, Panama,Paraguay, Peru,Salvador,EL
Spain (including): Andorra, Alhucemas Island. Balearic Islands. Canary
Islands, Ceuta, Chaferinas or Zafarani Islands, Melilla. Penon de Velez de la
Gomera, Tangier, Uruguay, Venezuela.
For those countries not mentioned above the letter rate is 5 cents per
ounce and 3 cents for any additional ounce.
The postal card rate for the countries mentioned above is 2 cents single
and 4 cents double, while the postal card rate for countries not mentioned
Is 3 cents single and 0 cents double.
Short-paid letters and post cards inadvertently dispatched to the above
mentioned countries, and letters subject to more than one rate but prepaid
only 3 cents, will be subject to the collection of the amount of the deficient
postage from the addressee, except that on short-paid letters and post cards
to Canada,Labrador and Newfoundland, double the amount of the deficient
postage will be collected from the addressee, as is also the case for destinations to which the letter rate is 5 cents.
Also effective April 1. rates of postage on printed matter (including
second-class matter), samples of merchandise, commercial papers, and
8-ounce merchandise packages will be increased, information concerning
which may be had upon application to any post office (Including those of
the fourth class) or direct to the Division of International Postal Service.
Post Office Department, Washington, D. C. The new rates: were published
in "The Postal Bulletin" of Feb. 18 1932(Vol. IIII, No. 15834) which may
also be obtained gratis by writing to the Division of International Postal
Service. The subscription price for the Postal Bulletin, published daily
except Sundays and holidays, is $2 per year, obtainable from the Superintendent of Documents, Government Printing Office, Washington, D. 0.
Articles of the classifications mentioned in this paragraph must be fully
prepaid before dispatch, otherwise they will be returned to the sender.
Edward PIaut Announces Publication of Seligman Price
Maintenance Report—Views on Capper-Kelly Bill.
The final solution to price maintenance on trade-marked
products will be a matter of evolution, Edward Plant,
President of Lehn & Fink, Inc., said yesterday in making
public his opinions on Prof. Edwin B. A. Seligman's price
maintenance report, just published. The passage of the
Capper-Kelly price maintenance bill now before the Senate,
he said, will be the first step in this evolution. The bill
would permit manufacturers of trade-marked products to
make contracts with wholesalers and retailers who want to
kill predatory price cutting and thereby help create better
business conditions, Mr. Plant explained. Much more attention, Mr. Plaut said, will have to be given in the future
to unfair competition almost regardless of what form of
price maintenance legislation may be passed. Mr. Plant
New York Central RR. To Re-Employ:Approximately
further said:
7,000 Workers—West Albany Shops to Reopen
get
to
important
legislais
it
that
immediate
"While I am convinced
April 4.
tion to correct price conditions that menace trade, I do not believe that
any bill now introduced, except the Capper-Kelly bill, could possibly be
Approximately 2,400 men will return to work on April 4
passed quickly enough to give any help. We should make this bill a law. at the locomotive and ear departments of the New York
Try it out and after seeing how it works prepare at once for further
Central RR. at West Albany. About 3,700 who recently
legislation to correct any shortcomings that may develop.
"The need for co-operation between the retailers and the manufacturers were re-employed for two weeks will return at the same
is more urgent than ever. I hope that the retailer can be made to time to the passenger car shops at Beech Grove, Ind., and
understand that he cannot fight the manufacturer with threats of private
brand switching, but must earn the manufacturer's respect and co-operation Allston, Mass., and to the locomotive shops at Collinwood,
by proving that he can do his duty toward the advertised product. I Ohio; Beech Grove, Ind.; Jackson, Mich.; Bucyrus, Ohio;
also hope that the manufacturer can be made to give up his conviction West Springfield, Mass., and`St. Thomas, Ont.
retailer must sell his product whether he wants to or not, just
that the
because great sums are being spent on advertising. The retailer, too,
should understand how the manufacturer's hands are tied under present Will of Late George Eastman,7 Founder of Eastman
judicial decisions; and the manufacturer be made to realize that he has
Kodak Co.—Disposes of Estate of Over $15,000,000—
shown a deplorable lack of interest in his distributors. These things are
Bulk Goes to University of Rochester—Community
the first necessary steps toward the shining goal of fair trade.
"Prof. Seligman's report is interesting not only because it is the first
Chest Gets Bequest—Residence Given as Home for
for
because
but
made,
ever
subject
the
of
study
thorough and unhurried
of University.
Presidents
proper
their
in
placed
and
analyzed
has
economist
leading
the first time a
The will of the late George Eastman disposing of an estate
Proportions the arguments for and against price cutting. In sponsoring
to
bit
its
contributed
the survey Lehn & Fink is indeed glad to have
of more than $15,000,000, was offered for probate in the
assist the dreg industry which for so many years has given us its goodwill and co-operation. In this report for the first time, too, the orgy Surrogate's Court at Rochester, N. Y., on April 4. The
of price cutting is conclusively proven to be economically unsound. The Security Trust Co. of Rochester is named as executor.
bugbear of consumer ill-will, presumable caused by higher prices, he also
Mr. Eastman was a director of that company for something
shows to be entirely imaginary.
"Professor Seligman points out that every sort of price cutting is not over fifteen years and a member of the Executive Committee
entirely unjustified. Some kinds of leader price cutting are sound provided for a period of five years. He gave unstintingly of his
that they actually lead to increased sale on other products by bringing
counsel and reluctantly gave up his place when his worldMotile into the store; provided they are not done constantly on the same
products; and provided they do not lead to price cutting wars out of hand wide interests made such demands upon him. A summary of
and beyond the control of the originators themselves.
the will is taken as follows from the Rochester "Times"I am inclined to agree with Prof. Seligman when he says that few
manufacturers would be likely to take advantage of the right to make Union" of April 4:
resale-price contracts with retailers. The public has been led away from
The principal bequests to go to various Rochester institutions, the Unithe idea of full prices and cannot readily be educated back. It would versity of Rochester receiving the principal share.
bring a manufacturer too much loss of sales to be the only one in his
Mr. Eastman's palatial East Avenue home was given to the University
field to maintain prices. Nevertheless, I believe that many manufacturers of Rochester for use of Its Presidents, together with a fund of $2,000,000
would be willing to adopt a legalized sales contract plan if they became for its maintenance.
convinced that all retailers would do what some say can be done, and
The statement was given to the press:
have vainly promised to do in the past—co-operate to keep prices of
The Security Trust Co. of Rochester, executor named in the will of
nationally advertised items at profitable levels."
George Eastman, and Thomas J. liargrave and Milton K. Robinson,
attorneys named in his will to handle the legal affairs in connection with
Mr. Plant believes more complete co-operation is neces- the settlement of his estate, have announced that the will has been presary between manufacturer 'and retailer to make price sented to the Surrogate for probate to-day.
The following is a statement of the contents of the will, which was exemaintenance more fully operative than proposed in the cuted
July 17 1925, as modified by a codicil executed on the day of Mr.
Seligman program. He adds:
Eastman's death. March 14 1932.
APRIL 9 1932.]
FINANCIAL CHRONICLE
The bulk of the estate goes to the University of Rochester.
Rome to Oniversity.
The home on East Avenue, including afl the furnishings and the hunting
trophies and scientific exhibits in his museum, he gives to the University
for the purpose of a residence for its President, together with a fund of
$2,000,000 to provide for its upkeep, with the provision, however, that
if after ten years, the trustees of the University decide that such use is no
longer advisable, they may dispose of the property and of the fund in the
manner they deem best for the purposes of the University.
His hunting property known as "Oak Lodge" in North Carolina Mr.
Eastman devises to his niece. Mrs. Ellen Andrus Dryden, of Evanston, Ill.
The bequests to the University, exclusive of the home, amount to somewhat in excess of 212,000,000. All of these gifts, with the exception of
the fund of 32.000,000 for the upkeep of the home, above mentioned, and
of a fund of about $2.500,000 to be used for the Eastman School of Music,
are given without restriction as to the use either of principal or Income.
Other Beneficiaries.
Other institutions, all of Rochester, in addition to the University of
Rochester, share as follows:
Rochester Dental Dispensary
21,000,000
Rochester General Hospital
50,000
Genessee Hospital
50,000
Young Men's Christian Association
50.000
Rochester Orphan Asylum
50.000
Door of Hope Association
50,000
Friendly Home
50.000
Family Welfare Society of Rochester
50,000
Peoples Rescue Mission
25,000
His principal individual beneficiaries consist of his niece. Mrs. Dryden
and her children, Ellen Maria Dryden and George Eastman Dryden, and
his secretary, Mrs. Alice K. Hutchison, who has been with him since
almost the beginning of his business career. Mrs. Dryden shares to the
extent of $200,000. $100,000 of which consists of a fund for the upkeep
of the Oak Lodge property, and her two children each receive the income
from a fund of$100.000. The gift to Mrs. IIutchison amounts to $100,000.
2655
Convention Committee. Other cities who bid for the convention were Baltimore and Grand Rapids, Michigan. Charles
H. McMahon, First National Bank, Detroit, President of the
national body, announced that the convention will be held
about September 15.
Pacific Coast Trust Conference of A. B. A. to Be Held
Sept. 29-Oct. 1 at Los Angeles—Annual Convention
of A. B. A. at Los Angeles Oct. 3-6.
The tenth regional trust conference of the Pacific Coast
and Rocky Mountain States will be held at Los Angeles,
California, September 29-October 1 1931, under the auspices
of the Trust Division, American Bankers Association, it
is announced by President of the Division Thomas C. Hennings. The conference region embraces the states of Arizona,
California, Colorado, Idaho, Montana, Nevada, New Mexico,
Oregon, Utah, Washington and Wyoming.
The conference will immediately precede the annual convention of the American Bankers Association in Los Angeles,
October 3-6 1932.
Southern Trust Conference Under Auspices of A. B. A.
to Be Held at Nashville, April 29-30—Spring Meeting of A.B.A.at White Sulphur Springs, April 25-27.
The fifth southern trust conference, under the auspices of
the Trust Division, American Bankers Association, will
be held at Nashville, Tennessee, April 29 and 30, it is announced by President of the Division Thomas C. Henning&
The conference region embraces the states of Alabama,
Florida, Georgia, Kentucky, Louisiana, Mississippi, Tennessee, North Carolina, South Carolina and Virginia. The
conference will follow closely upon the annual spring meeting of the Executive Council, American Bankers' Association,
at White Sulphur Springs, West Virginia, April 25-27.
Annuity to Dr. Burkhart.
To Dr. Harvey J. Burkhart. director of the Rochester Dental Dispensary
and Mr. Eastman's personal representative in the establishment of the
dental dispensaries for children which he has established abroad. Mr.
Eastman has given the equivalent, of the income for life from a fund of
$50,000.
In addition, there are bequests to a number of his personal employees
at his home,including a bequest to his housekeeper. Miss Marie Cherbullez,
of $10.000; to his cook, Eliza De Lea, of $3,000, and to his butler, SOJOIII(111
C. Young. of $3,000. There are also a number of bequests in the form of
annuities to certain distant relatives.
Mr. Eastman's personal effects go to Mrs. Dryden, and his hunting and
camping equipment is bequeathed to her husband. Mr. George B. Dryden Western Regional Savings Conference to be Held in
of Evanston, Ill.
St. Louis April 21-22.
Codicil Revokes Gifts.
The
most
pressing
problems of the banking world will be
By the codicil to his will Mr. Eastman revokes bequests to the Young
Women's Christian Association of Rochester.Cornell University and Massa- analyzed and discussed at the two-day session of the Western
chusetts Institute of Technology. Between the date of xecution of his Regional Savings Conference,
which meets in St. Louis at
will and that of the codicil Mr. Eastman made substantial pledges to each
Hotel Jefferson on April 21 and 22,according to an announceof these three institutions.
The will provides that all of Mr. Eastman's existing unpaid subscrip- ment by H. H. Reinhard, Chairman of the Executive Comtions and commitments for educational institutions and philanthropies mittee. Mr. Reinhard
says:
will be carried out. In addition, he gives to the Rochester Community
The program has been planned to include up-to-the-minute topics
Chest 2100,000 for the first year following his death, and $50,000 for the
second year. He also provides for the continuance of his support to the and discussion periods following each address so that delegates may have
full opportunity to ask questions or inject new thoughts of their own.
Bureau of Municipal Research of Rochester for one year.
Every effort has been made to build a Conference of distinct benefit not
only to the savings bankers but to all bankers as well.
Security Trust Named.
Mr. Eastman names the Security Trust Co. of Rochester as executor
Some of the topics to be discussed are "What's Ahead,"
of his will, and designates Thomas J. Hargrave, Vice-President in charge
of the legal department of the Eastman Kodak Co., and Milton K. Robin- "Investment of Savings Funds," "Coming Out of The
son, associated with him In the legal department, as attorneys to handle Economic Woods," "How Shall We Advertise?" "Real
the legal matters in connection with the probate of the will and the settle- Estate Loans," "Bringing Out
the Hoarded Dollars,"
ment of the estate.
The witnesses to the will were Frank M. Crouch, Cashier of Eastman "Being Prepared for Emergencies," "Has the Public Lost
Kodak Co. and Mr. Eastman's close business associate for many years, Confidence in Banks?" "Reconstruction Financing," "FiMarion B. Folsom, Assistant Treasurer of the company, and Milton K. nancing
Agriculture" and "Meeting Public Fear."
Robinson.
Some of the speakers will include:
The witnesses to the codicil were Mr. Crouch and Mr. Folsom and
Dr. Albert K. Chapman, production manager of the company.
W.0. Woods, Treasurer of the United States.
Mr. Eastman's death was noted in our issue of March 19, William McChesney Martin, Governor of the Federal Reserve Bank, St.
Louis;
page 2078.
Jay Morrison, President Savings Bank Division of the American Bankers
Association and Vice-President Washington Mutual Savings Bank,
Seattle. Wash.
Annual Convention of New York State Bankers'
Wood Netherland. President Federal Intermediate Credit Bank of St.
Louis.
Association to Be at Rye, N. Y., June 13-15.
J. V. Holdalls, Assistant Vice-President First National Bank,Chattanooga.
The 39th Annual Convention of the New York State
Tenn.
Bankers' Association will be held at the Westchester R. S. Hawes, President Clearing House Association of St. Louis and VicePresident First National Bank in St. Louis.
Country Club, Rye, N. Y., on Monday, Tuesday and WednesW. R. Morehouse, Vice-President Security-First National Bank of Los
day, June 13th, 14th and 15th. Rye is about 50 minutes by
Angeles and former President of Savings Bank Division.
train from Grand Central Station. It is planned to have
three morning sessions as usual, the golf tournament on
Tuesday afternoon and the Banquet Tuesday evening. In
addition, there will be a Shore Dinner and entertainment
at the Beach Club on Monday night. W. Gordon Brown
is Executive Manager of the Association, the headquarters
of which are at 33 Liberty Street, New York.
Financial Advertisers Association to Hold Annual
Convention in Chicago About Sept. 15.
Directors of the Financial Advertisers Association at
their Mid-Year meeting in New York voted to hold the 1932
annual convention of the organization in Chicago. The
Invitation to come to Chicago was extended in behalf of the
Chicago Financial Advertisers, local chapter, by Edward
A. Hintz, Cashier of the Peoples Trust & Savings Bank,
Chicago, Treasurer of the Association and Chairman of the
One of the main features of the Conference will be the
banquet on Thursday evening, April 21, at which United
States Treasurer Woods will speak on the hoarding problem. It is announced that bankers who desire to make up
their own parties for the banquet may do so by writing to
W. A. Crockett, Cahirman of the Registration Committee,
care of Mississippi Valley Trust Company, St. Louis.
Negotiations are under way for reduced railroad fares to
the Conference. One passenger association has agreed to a
fare and a half rate for the round trip, provided 100 or more
delegates in attendance hold "certificate plan" receipts.
Other passenger associations are expected to offer the same
terms. Under the "certificate plan" the delegate must pay a
full fare to the Conference but at time of purchase of ticket
he must obtain a certificate receiptfrom his ticket agent. This
receipt must be validated on arrival at the Conference. If
100 or more present such receipts, the reduced fare will be
effective.
2656
FINANCIAL CHRONICLE
Prohibition—"5 and 10" Dry Law Repeal Killed in
House Committee.
An effort to repeal the Jones "five and ten" prohibition
law was killed on March 29 by the preponderantly dry House
Judiciary Committee, said an Associated Press dispatch on
that day from Washington to the New York "Herald Tribune," which likewise stated:
A show of hands behind closed doors was all that was necessary to defeat
the proposal. No record of the vote was taken, but committee members
said later that the rejection was overwhelming.
Members said that the vote was further evidence of the Committee's
determination not to bring any important prohibition legislation, either wet
or dry, before the House this session.
The "five and ten" law, sponsored by Senator Wesley Jones, Republican,
of Washington, is so called because it provides maximum penalties of five
years' imprisonment and $10,000 fine for prchibition offenders. It since
has been amended to lighten the penalties on minor and casual offenders.
The repeal bill was sponsored by Representative Ralph Horr, Republican,
of Washington.
Another prohibition proposal, to provide for ratification by State conventions of constitutional amendments giving added power to the Government over the people, was taken up to-day by a subcommittee of the Senate
Judiciary Committee. George H. Williams, former Republican Senator from
Missouri, urged the change in the law sponsored by Senator Hiram Bingham,
Republican, of Connecticut, contending that the people never actually
had approved the prohibition amendment. The legislation is part of the
Bingham campaign for referenda on prohibition.
Trust Fees Book Published by Trust Division of A. B. A.
A "Guide to Trust Fees, with Recommended Cost Accounting System," has been published by the Trust Division of
the American Bankers Association. It embodies the results
of three years' study by the Committee on Costs and Charges
of the Trust Division, of which Henry A. Theis, VicePresident Guaranty Trust Company of New York, Is Chairman. Regarding the publication the Association on Mar. 3
said:
The book contains a suggested comprehensive schedule of charges for
as many of the trust services as lend themselves to schedules, a description of a cost accounting system and the results of the application of
this system to nine trust institutions located in widely separated sections
of the United States. It is the first suggested nation-wide uniform
schedule of trust fees that has been published since the Division's first
schedule was distributed to members in 1920, and which has since been
rendered entirely obsolete by changing conditions.
The new schedules are based upon the costs of doing business, as determined by the application of a cost system to the trust departments of a
number of trust institutions located in different sections of the country.
While these schedules are not designed to be adopted in their entirety in
all of the 48 states, where at present there are about 48 varieties in
rates, both statutory and non-statutory, for services as executor, administrator, trustee, guardian, committee, etc., they are intended as a guide to
the adjustment of fees consistent with local practices and conditions.
As an accurate cost accounting system is essential to the determination
of whether or not a trust department is making adequate profits, the
tested coat accounting system presented by the committee is a particularly
valuable feature of the book. It also contains 13 tables setting forth the
application of the cost accounting system to the trust departments of
nine banks and trust companies and to the various individual divisions
of these trust institutions.
[VOL. 134.
of the Harriman National Bank. announced a plan for the exchange of
shares of the Liberty bank for shares of the Harriman National Bank.
The ratio of exchange was 180 shares of Liberty for one share of Harriman.
More than 75% of the Liberty stockholders have already deposited their
stock under this plan. This acquisition by the Harriman Bank does not
involve the issue by the Harriman Bank of any additional stock, since
Harriman stock, already outstanding, has been used to effect the exchange
of stock.
The State Banking Department at Albany to-day authorized the Liberty
National Safe Deposit Co. to open a branch at its uptown headquarters at
256West 57th St.. the Harriman Safe Deposit Co.withdrawing its application
to open a branch at the same address. In view of the merger of the Liberty
into the Harriman National Bank & Trust Co.to-day it is probable that the
Liberty National Safe Deposit Co. will be merged into the Harriman Safe
Deposit Co.
In connection with the consolidation of the Liberty Into the Harriman
the latter announced this afternoon that John J. Mulligan,former President
of the Liberty, had been elected Vice-President of the enlarged bank and
that the following had been appointed Assistant Cashiers: Eugene T.
Neville, Walter J. O'Toole and Alfred D. Cella.
Items regarding the proposed merger appeared in these
columns, March 5, page 1702, and April 2, page 2461.
A special meeting of the stockholders of the Columbus
Bank,of this city, will be held at the office of the corporation,
186 Grand Street on April 22,for the purpose of taking action
on the liquidation of the bank.
F. N. B. Close, a director and former sernior Vice-President of Bankers Trust Co. of New York, died yesterday
(April 8) at his home in Tenefly, N. J. Mr. Close was the
first clerk to be employed at Bankers Trust Co., when it
was organized in March 1903, and the first books of the
company were opened in his handwriting. With this institution, Mr. Close rose through the positions of Asst. Trust
Officer, Asst. Secretary and Secretary, until he became VicePresident in 1912, a member of the board of directors in
1915, and a member of the executive committee in 1923.
In the course of the growth of the company's affairs abroad,
he unselfishly relinquished his duties in New York to assume
the serious responsibility for the direction of its branches in
London and Paris. He served three extended terms abroad
and gave further effective demonstration of his executive
talent. A. A. Tilney, Chairman of the board of directors of
Bankers Trust Co., paid this tribute to Mr. Close:
"He was one of the wisest and most useful officers in the Bankers Trust
Co. To him is due great credit for the development of the company's
trust department.—for its sound principles, its conservatism, and its
sympathetic attitude in the interests of its clients. He was in large part
responsible for the creation of the corporate agency and reorganization
department. But it was not in departmental duties alone that his energies and ability were valuable. Ills advice was sought in all important
matters, and he never spared himself until serious illness made it necessary for him to withdraw from active work. Mr. Close was high in the
esteem of his fellow officers and directors of Bankers Trust Co."
Among his directorships were the International Paper &
Power Co., the International Agricultural Corp., Seaboard
The book may be obtained from the Trust Division, Airline By., and Northern Ohio Power Co. Mr. Close was
American Bankers Association, 22 East 40th Street, New born at Cranford, N. J., Feb. 26 1876.
York. The price is one dollar.
John J. Pulleyn retired on April 1 as Chairman of the
Emigrant Industrial Savings Bank of New York after having
Transamerica Corp. Elects New Board.
Directors of the Transamerica Corp., to replace tem- served as an officer of the bank 29 years. Mr. Pulleyn,
porary appointees selected at the annual meeting of stock- who is 72 years old, was elected Chairman in January 1931.
holders in Wilmington, Del., were chosen in San Francisco Mr. Pulleyn became connected with the bank in 1903 as
being formerly with the Now York Life Insuron April 6, according to San Francisco advices by the Comptroller
ance
Co.,
of
which he is now a trustee. He was elected a
went
on
to
say:
which
Press,
Associated
bank in 1906 and ten years later he was
trustee
of
the
A. P. Giannini, founder of Transamerica, who recovered control of the
huge banking concern from Ellsha Walker of New York, is Chairman of elected President, succeeding Thomas M. Mulry.
the new Board. Other members are John M. Grant, President of the
The Emigrant Industrial Savings Bank of this city plans
corporation; Chester H. Loveland, San Francisco; Theodore M. Stuart,
to move its mid-town branch office from 43rd St. and LexingFresno; Russ Avery, Los Angeles; P. A. Bricca, San Francisco; George
J. De Martini, San Francisco; G. Ferro, Ventura County; Gordon Gray, ton Ave. to larger quarters at 5-7 East 42nd St. and 12-14
San Diego; Dr. 0. G. Hamlin, Oakland; T. W. Harris, Oakland; Ercole East 43rd St. Walter H. Bennett, President, making the
H. Locatelli, New York; Senator Vittorio Scialoja, Italy; F. G. Stevonot,
Angeles Camp, Calif.; Herbert E. White, Sacramento. and A. P. Jacobs. announcement, said:
San Francisco.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
The Liberty National Bank & Trust Co.,of this city opened
yesterday as a branch of the Harriman National Bank &
Trust Co., the merger having been arranged following
meetings of directors of both banks late on April 7. The
New York "Sun" of last night (April 8) from which we
quote, also said:
The Harriman institution announced this morning that it had acquired
the banking business and assets of the Liberty and that it would operate its
two offices at 57th Street and Broadway and 50 Broadway.
The merger gives the Harriman a well equipped office in the heart of
the financial district, with safe deposit vaults, in addition to an office
in the Columbus Circle business district. The Harriman's head office is
at 527 Fifth Avenue. It also has an office at 59 Liberty Street.
The deposits of the Liberty National Bank are approximately $5,000,000
and its capital is $2.250.000 divided into 90,000 shares of the par value
of $25 each. This acquisition by the Harriman National Bank was foreshadowed some weeks ago, when the Harriman Securities Corp., an affiliate
"The number of accounts handled at the mid-town branch has increased
since last April to 85,894 from 75,693 and deposits in the same period to
$120,504,312 from $106,709,955."
The new quarters for the bank branch will not be ready
for some months.
Charles E. Millen, Vice-President of the American Surety
Co., 100 Broadway, New York, died of heart disease on
April 5. He was 58 years old. Mr. Millen, who entered the
employ of the American Surety Co. 44 years ago as an office
boy, worked his way up until his election as Vice-President
on June 18 1927. He was considered an authority in underwriting and fidelity bonding in New York State, and was in
charge of the American Surety Co.'s fidelity department.
According to the weekly bulletin of the New York State
Banking Department, issued April 1, the National City Safe
Deposit Co.. 17 East 42nd Street, New York, has filed an
APRIL 9 1932.]
FINANCIAL CHRONICLE
2657
application, dated March 23 1932, for permission to open a
branch office at 103-125 Eighth Avenue, in New York.
recently promoted to Treasurer, succeeding Henry West,
resigned. Mr. Nickerson has been with the bank for 23
years, becoming Assistant Treasurer in 1913. Mr. West,
The Morris Plan Co. of New York, 33 West 42nd Street, whose resignation was due to ill health, had been associated
has filed an application, dated March 24, with the New York with the institution for 43 years and its Treasurer since 1913.
State Banking Department for permission to open a branch
office at 32 Graham Avenue in Brooklyn. According to the
Samuel R. Ruggles, formerly Assistant Cashier of the
weekly bulletin of the Department, issued April 1, the com- Atlantic National Bank of Boston, Mass., was advanced to
pany is to discontinue the branch office heretofore author- the Cashiership on April 6 to fill the vacancy caused by the
ized to be maintained at 804 Manhattan Avenue in Brooklyn. recent death of Edgar F. Hanscom. After having been
employed for a short period in a bank,in Newtonville, Mass.,
An application, dated March 31, was filed by the Harri- Mr. Ruggles entered the employ of the old Atlantic National
man Safe Deposit Co., 527 Fifth Avenue, New York, with Bank as a clerk and messenger 31 years ago. His close
the New York State Banking Department on April 1 for application to business brought him steady advancement and
permission to open a branch office at 250 West 57th Street. he became in turn, Transit Manager, Receiving Teller,
Paying Teller, New Business Manager, and also served the
Philip J. Vogel, Vice-President and a director of the institution in the handling of the Liberty bond issues. In
International Acceptance Bank, Inc., of New York City, died 1919 he was promoted to Assistant Cashier, the office from
suddenly on April 5. Mr. Vogel was born at Frankfurt which he has now been advanced to Cashier. While Assistant
AIM., Germany, in 1866. He served his early banking Cashier, Mr. Ruggles also served for several years as Treasapprenticeship with the Disconto Maatschappy in Rotter- urer of a subsidiary of the bank.
dam, Holland, joining the organization in 1887. From there
The Middletown National Bank & Trust Co. of Middlehe went to London and assumed charge of the Foreign Exchange Department of the London agency of the Deutsche town, Conn., as of March 28 1932, changed its title to the
Bank. In 1900 he became associated with the organization Middletown National Bank.
which is now known as the London and Liverpool Bank of
The New Jersey Trust Co. of Long Branch, N. J., closed
Commerce. In 1907 he relinquished his position there as
Deputy Manager to become Manager of the Anglo-Austrian since Dec. 23 last, reopened for business on Monday of this
Bank in London. Following a merger of the latter institu- week, April 4. A dispatch from Long Branch to the Newark
tion, Mr. Vogel came to New York in 1919. When Paul M. "News," in reporting the reopening, said in part:
and county bankers, also President Hoover, extended greetings to
Warburg was forming the International Acceptance Bank, theState
New Jersey Trust Co. at its reopening to-day. . .
Inc., early in 1921, he invited Mr. Vogel to become associated
The bank starts with new capital and surplus of $126,000 and assets in
with him. His appointment as Vice-President followed. excess of $1,000,000. John W. Flock, President, other officials, directors
He was one of the bank's senior executives from its begin- and staff received many visitors at the opening.
Trenton, N. J. advices, last week, to the same paper, rening, and recently was elected a director. Mr. Vogel was
an expert in matters pertaining to credits, gold movements, garding the approaching reopening of the trust company,
and all other features of international banking, and was contained in part the following:
The plan under which the bank will reopen will give the depositors comparticularly active in the summer of 1931 in working out
plete access to their accounts 12 months after the date of opening. De'arrangements with other American banks for dealing with positors have signed an agreement permitting a 5% withdrawal
on opening
/
date, 21
2% more at the end of each of the two following months, when
the European financial crises.
the scale will graduate to 5% for the next two months. For the remainder
of the year, 10% withdrawals will be permitted from all accounts each
The New York State Banking Department, in announcing, month.
on March 30, that it had taken over the National Credit
Regarding the affairs of the closed Asbury Park and Ocean
Union at 381 Livonia Avenue, Brooklyn, N. Y., said:
Superintendent of Banks Joseph A. Broderick, pursuant to the provisions Grove Bank, Asbury Park, N. J., a dispatch by the Associated
of Section 57 of the Banking Law, as amended by Chapter 664 of the Press from that
place on April 2 said:
Laws of 1930, has taken
possession of the property and business of the
National Credit Union.
In view of the general unsatisfactory condition of the affairs of this
Credit Union, the Superintendent deems it unsafe and inexpedient to permit
It to continue in business, and has, therefore, pursuant to the authority
vested in him, taken possession of the said Credit Union for the purpose
of liquidation.
The amount due shareholders and depositors, as shown by the books of
the institution as at the close of business Oct. 26 1931, was $24,798.
The Brooklyn (New York) Trust Co.'s statement of condition as of March 28 1932, issued April 6, showed undivided
profits of $2,996,991 against $2,893,065 on Dec. 31 1931, an
Increase of $103,926. Surplus of $10,000,000 and reserves
of $10,210,342 were shown. Deposits were $101,987,519,
which total compares with $116,774,588 on Dec. 31 1931, a
seasonal decrease of $14,787,069. A dividend amounting to
$328,000 was declared during the first quarter, which, together with the increase in undivided profits, indicates earnings of $431,926. In the period between Dec. 31 1930 and
March 25 1931 a dividend amounting to $410,000
y'as declared and undivided profits increased $5,139, indicating
earnings of $415,139 for that period.
John B. Stetson, Jr., Philadelphia banker, in a signed statement to-day,
said he is ready to take over the reorganization of the closed Asbury Park
and Ocean Grove Bank, largest bank in 'Monmouth County.
Mr. Stetson, also President of the American Readjustment Corporation,
Is halting his activities rather than interfere with the Depositors' Protective
Committee. "However," Mr. Stetson said, "should Colonel William H.
Kelly, Banking Conrmissioner, fail to approve the plans of the local committee, the Stetson organization will try not only to reopen the Asbury
Park and Ocean Grove Bank, but also the Seacoast Trust Co., third
largest bank in the county."
Both banks closed last December.
The State Bank of Bergenfield, N. I., has been absorbed
by the Bergenfield National Bank & Trust Co. of that
place, according to Hackensack advices on April 4 to the
New York "Times," which went on to say:
All deposits and other liabilities of the State bank are reported to be in
sound condition, and its business will be carried on by the National bank.
Inability of the State bank to continue on a paying basis is the reason
given for the move.
The State bank was opened in 1912 as an offspring of the Bergenfield
National Bank dr Trust Co. Several directors of the latter institution were
interested in the State bank, but later relinquished their connections.
Concerning the affairs of the Glassboro Title & Trust Co.
of Glassboro, N. J., the closing of which on Sept. 28 1931
At a meeting of the directors of the Catskill
National was noted in our issue of Oct. 3 last, page 2208, Associated
Bank & Trust Co., Catskill, N. Y., on March 29, the following Press advices from Woodbury, N.
J., on April 2, contained
changes were made in the personnel of the institution: the following:
John H. Story, heretofore Assistant Cashier, was chosen
Thirty-three indictments charging him with illegally borrowing funds
of
President to succeed the late James P. Phillips, and
closed Glassboro Title dr Trust Co., of which he was Treasurer
Charles the
director, remained to-day (April 2) against Morgan W. Van Lohr, and
L. Van Loan, formerly 'a Teller, was advanced to Assistant was
who
found guilty on a charge of having borrowed $900 in
December 1930
Cashier to succeed Mr. Story. The bank's roster is now
as without authority.
A jury deliberated six hours last night to bring in a verdict
follows: John H. Story, President; Samuel C. Hopkins and
against Van
Lohr after the prosecution had charged the "directors
have shown the
Lyle B. Honeyford, Vice-Presidents; P. Gardner Coffin, loan was
not approved."
Cashier, and Charles L. Van Loan, Assistant Cashier.
The thirty-three counts remaining accuse Van Lohr
of borrowing $12,050
without approval of the board of directors during
--•—
the two years before
the bank closed last Sept. 28.
On March 24 the New York State Banking Department
Wesley Brown, another officer of the
indicted on a similar charge,
approved an increase in the capital stock of the Rensselaer testified yesterday that the $900 loan bank,
had the approval of the
Finance
County Bank at Rensselaer, N. Y., from $200,000 to $222,500. Committee of the institution. Prosecutor Summerill, in summing
up, said
this had not been proved.
Leonard C. Nickerson, heretofore Assistant Treasurer of
James M.Planten,former Assistant
Cashier of the People
the Institute for Savings in Roxbury, Boston, Mass., was Bank
of Hawthorne, N. J., was found
"guilty" by a jury
2658
FINANCIAL CHRONICLE
before Judge Joseph A. Delaney in Quarter Sessions Court
at Paterson, N. J., on April 6 of embezzlement and falsifying the bank's records. Paterson advices to the New York
"Herald Tribune," reporting the foregoing, continuing said:
It was charged by the State that on Feb. 13 1930, Planten had taken the
money and then falsified the records in the accounts of Daniel P. Ze11Iff
and Mrs. Bernadine V. Welle, attorney for Bernard Kearns, her uncle, to
cover the shortage.
Pianten was acquitted of similar charges on Jan. 5. In all the Passaic
County Grand Jury returned 12 indictments against Planten charging
defalcations of $44,500.
[VOL. 134.
the annual meeting of the directors held recently, according
to the "Commercial West" of April 2: William B. Watkins,
sales director of the J. R. Watkins Co.; Ralph G. Boalt
and D. C. Alexander, Secretary and Assistant Treasurer,
respectively, of the Watkins Co., and L. D. Allen, formerly
Cashier of the Bank, were appointed Vice-Presidents, while
W. F. Queisser, heretofore Assistant Cashier, was promoted
ot Cashier, to succeed Mr. Allen.
On March 28 the Comptroller of the Currency issued a
charter
for the Newton National Bank at Newton, Iowa,
Co.
Trust
Lancaster
closed
Concerning the affairs of t-he
of Lancaster, Pa., advices from that placd on April 6 to the capitalized at $100.000. II. C. McCardell is President and
0. L. Karsten, Cashier of the institution.
Philadelphia "Ledger" contained the following:
The State Banking Department to-night caused the arrest of Flyod H.
Evans. a former receiving teller in the Lancaster Trust Co., on charges of
embezzlement. . . . Evans failed to post $2,000 bail and was detained
at police headquarters. . . .
The complaint says:
"That on or before Jan. 11 1932, the defendant did unlawfully, as a
receiving teller of the Lancaster Trust Co., incorporated under laws of the
Commonwealth of Pennsylvania, embezzle, abstract and willfully misapply the moneys, funds or credits of the said Lancaster Trust Co. of the
amount of $7.500 and did willfully and unlawfully make, or cause to be
made, false entries In the books, reports or statements of the said Lancaster
Trust Co. with intent to injure or defraud the said institution and with the
Intention to deceive the officers of the said institution or the bank examiner
of the Commonwealth of Pennsylvania or other persons legally authorized
to examine the affairs of the said institution."
The Union Banking Co. of Marysville, Ohio, failed to
open for business on March 28, according to Associated
Press advices from that place, which added:
A new State bank has been organized in Washington,
Iowa., according to the "Commercial West" of April 18
has been announced tentatively as the opening date of the
institution, which will be k-nown as the Washinton State
Bank. It will have combined capital and surplus of $100,000. Officers will be as follows: Glenn Barclay, President;
R. F. Davis, Vice-President, and Lee Holland, Cashier.
The closing of a small Kansas bank, the Farmers' State
Bank at Bloom, was announced by the State Banking Department on March 29, according to the Topeka "Capital" of
the following day, which furthermore said:
The closing was by order of the bank's Board of Directors. "Frozen"
assets and depleted reserves were given as the reason. A. E. Von Trebra,
Deputy Bank Commissioner, was placed in charge.
A notice, posted on the door, said the directors of the company had
requested Ira J. Fulton, State Superintendent of Banking, to take over
the institution.
-4---
That the State Bank of Commerce, at Gate, Okla., and
the Farmers' State Bank at Knowles, Okla., had reopened
was reported in advices from Oklahoma City, Okla., on
Frederick Jesse Reynolds, Chairman of the Board of
April 1, printed in the "United States Daily," which said,
the First National Bank of Toledo, Ohio, died in that city in
part:
on April 2 at the age of 74. The decreased banker had been
Two Oklahoma State banks have been permitted to reopen by 0. G. Shull,
In ill health for four years. Mr. Reynolds, who was born in State Bank Commissioner, after a suspension of several weeks, and will
Jackson, Mich., began his career as a clerk in the office operate under the mcetorium plan devised by the State Banking Department officials to prevent closing of banks.
of the Reynolds Brothers Co., a Toledo grain house. In
Under the moratorium plan, according to M. B. Cope, attorney for the
1887 he became Vice-President and General Manager of the Banking Department, the banks operate under agreement with the old
depositors
not to withdraw any of their funds until bank officials can
office
the
until
Toledo & Michigan Belt RR. Co., holding
liquidate frozen or slow assets.
the company was taken over by the Michigan Central RR.
The banks, however, accept new deposits and pay funds out of these
deposits on demand of depositors and handle matters of exchange, but make
He was a member of the New York Produce Exchange.
no new loans.
Samuel A. Brown, former P- resident of the closed Iroquois
Effective at the close of b-usiness March 12 last, the NaCounty Bank at Cissna Park (Chicago), Ill., committed
tional Bank of Kaw City, Okla., went into voluntary liquidasuicide on March 29. His act was ascribed to despondency
tion. This bank, which had a capital of $25,000, was abbecause of financial matters. The decreased banker was
sorbed by the First National Bank in Kaw City.
65 years of age.
Herman H. Heins, Vice-President of the First National
Bank of Chicago, Ill., died March 29 at his home in Chicago
after a protracted illness. Mr. Heins was born in Monee,
Ill., May 5 1872, and had been continuously connected with
the First National Bank for more than 40 years, becoming
an official in 1909.
That the Arkansas Suprem-e Court on April 4 upheld the
conviction of A. B. Banks (reputed the foremost financier
in Arkansas before his chain of banks collapsed in the fall
of 1930) for being an accessory to tin, receipt of deposits
in the American Exchange Trust Co. of Little Rock (of
which he was President) when the institution was insolvent,
was indicated in Little Rock advices on April 4 to the Now
York "Journal of Commerce." Mr. Banks was sentenced
in the Circuit Court of Little Rock on Sept. 8 last to serve
a year in the State penitentiary, as noted in our Sept. 12
issue, page 1720.
The Farmers' & Merchants-'State Bank of Bushnell, Ill.,
recently assumed the deposit liabilities of the Bank of Bushnell, and the business of the latter institution was liquidated.
The Farmers' & Merchants' State Bank, which is capitalized
at $50,000, now has total deposits of $700,000. No change
Effective March 28 1932,
- the First National Bank of
was made in the personnel of the institution.
Jefferson City, Mo., was placed In voluntary liquidation.
The institution, which was capitalized at $200,000, was
State Auditor Nelson of Illinois on April 4 announced absorbed by the Exchange National Bank of Jefferson City.
that depositors of the Bryn Mawr State Bank, 2110 East Au item with reference to the proposed taking over of the
71st St., Chicago, and of the Brainerd State Bank, 8648 First National by the Exchange National appeared in our
South Ashland Boulevard, Chicago, would receive a divi- Feb. 27 issue, page 1509.
dend of 10%, probably at the end of the week, according
Two former officials ofthe defunct People's Bank & Trust
to the Chicago "Journal of Commerce" of April 5, which
went on to say:
Co. of Tupelo, Miss., were indicted, arraigned and released
These will be the first dividends paid by any of the closed banks of the under bond on March 31, and two other former officers were
Bain chain. There were 12 Bain banks which closed last June owing 114,Indicted on the same day for later appearance In connection
000 depositors 312.889,144.
with the closing of the Institution on Dec. 26 1930. AssociThe Princeton State Bank,
- Princeton, Wis., which had ated Press advices from Tupelo, reporting this,
went on
been closed for several months, reopened March 15 last, with to say:
H. J. Maxwell as Vice-President and Cashier, according to
S. J. High, President, was indicted on two charges of embezzlement, one
the "Commercial West" of March 26. Mr. Maxwell is also charge of obtaining a loan without consent of the Executive Committee
a Vice-President of the First National Bank of Ripon, Wis., and a majority of the directors, and two counts of receiving deposits
after the bank became insolvent.
It was stated.
He was released under bond along with 0. H. Dabbs, who was indicted
The Princeton State Bank, Princeton, Wis., after having
been closed for several months, reopened on March 15. The
new bank has combined capital and surplus of $60,000, deposits of $346,957, and total resources of $407,175.
on two counts of receiving deposits In the Insolvent bank. Both men
pleaded "not guilty."
The two others indicted were V. a Whitesides, Cashier, and J. If. Thomu,
Vice-President. They were charged with receiving deposits after the
bank was insolvent.
Robert F. Young, a Vice-P- resident of the Deposit GuarThe following changes were made in the personnel of the anty Bank & Trust Co., of Jackson, Miss., and one of the
Winona National & Savings Bank of Winona, Minn., at leading financiers of that city for more than 25 years, corn-
APRIL 9 1932]
FINANCIAL CHRONICLE
2659
Railway Signal 23/i points to 15, Romestake Mining 2%
points to 12331, National Lead 234 points to 60, Peoples
Gas 234 points to 80%, Union Pacific 2 points to 6634,
Worthington Pump 231 points to 1134 and Reading 234
points to 2034.
On Monday the stock market continued its downward
drift and railroad stocks and public utilities were again
The nervous breakdown of Mr. Young is directly attributed to his conspicuously weak. Active issues in every group sagged
worries over the affairs of the defunct First National Bank (Jackson), and losses ranging up to 5 or more points were registered at
which closed its doors more than a year ago, and of which he had been an
the close. Auburn Auto was particularly weak and at one
officer for 23 years.
A few days since formal notice was served by J. It. Stevens, receiver of period of the trading was off more than 6 points. There
irrespective
the First National Bank, on all former officers and directors,
was a very moderate rally late in the session that cancelled
of the time when their affiliations with the institution ceased, that they
part
of the early losses, but there remained a long list of
bank,
made
by
the
loans
certain
for
responsible
would be held financially
and suits instituted in due course of time.
active stocks that were fractionally down on the day. The
Although he had retired from the First National Bank in February 1929, principal changes on the down side included, among others,
more than three years ago, Mr. Young received one of these notices and
It is believed that this was the direct provoking cause of the nervous American Tobacco, 234 points to 73; Atchison pref., 234
breakdown.
points to 7234; Bangor & Aroostook, 28% points to 173.1;
Utah Copper, 334 points to 3634; Pacific Tel. & Tel., 3
The First National Bank of Goree, Tex., capitalized at points to 8934; National Biscuit, 2 points to 35; Delaware &
$25,000, went into voluntary liquidation on March 2 1932. Hudson, 234 points to 62; Louisville & Nashville, 2 points
It was succeeded by the First National Bank in Munday, to 15; Brooklyn Union Gas,234 points to 7434,and Brooklyn
Texas.
Manhattan Transit,3points to 39. The market broke badly
on Tuesday and a host of active issues dropped down to
of
National
Bank
As of March 15 1932, the Citizens'
new low levels. High priced railroad shares were parBrownwood, Tex., with capital of $100,000, was placed in ticularly hard hit, Atchison at one period showing a loss of
voluntary liquidation. It was succeeded by the Citizens' 7 points and Union Pacific closed at 6134, with a loss of 434
National Rank in Brownwood.
points. Specialties were down from 1 to 4 or more points
and Auburn Auto dipped 534 points to 56. The interesting
Reopening of the Southern Counties Bank of Anaheim, feature of the day was the cut in the quarterly dividend rate
Cal., and its branches in Cypress, Buena Park and El Monte, on the common stock of Atchison Topeka & Santa Fe from
closed the latter part of January 1932, has been authorized $1.50 to $1.00. The outstanding changes on the side of
by Edward Rainey, State Director of Banking for Cali- the decline were Allied Chemical & Dye, 33.1 points to 6834;
fornia, according to a dispatch from Anaheim on March 31, American Can, 24
3 points to 5634; American Tel. & Tel.,
printed in the Los Angeles "Times." The terms of the 334 points to 1074
3 ; J. I. Case, 234 points to 28; Conauthorization require that the bank and its branches shall solidated Gas, 234 points to 544
3 ; Detroit Edison, 2 points
furthermore
said
reopen by April 18 next. The dispatch
to 95; du Pont, 234 points to 429/8; Eastman Kodak, 33.4
In part:
points to 6834; Peoples Gas,64
3 points to 714
3 ; Norfolk &
Virtually all depositors have signed agreements to leave 60% of their
3 Studebaker, 2% points to 97;
points to 94%;
present commercial deposits in the banks for periods ranging from six to Western, 53.j
eight months. This money is to be transferred to the savings department. Standard Gas & Electric,23.1 points to 1731, and Coca Cola,
The bank expects to have $300,000 in available cash to start business. 2% points to 105.
Its capitalization has been increased from $130,000 to $175,000 and way
The market was decidedly irregular on Wednesday, with
exceed this figure when business actually is resumed, according to Mr.
Schumacher (one of the directors).
mixed changes throughout the list and while there was a brisk
Five members of the Board of Directors will be replaced and business is
rally for a brief period toward the close of the session renewed
to be resumed with a board of 15 members. A Manager will be selected
at the first meeting of the Board, which will be held immediately after selling developed in some parts of the list, which cancelled
the doors of the bank have opened.
a good part of the early gains. In the morning trading some
The Anaheim branch home is to be remodeled inside and out, giving
of the speculative favorites scored substantial advances,
the structure the atmosphere of a nrodem banking institution.
Air Reduction and Allied Chemical & Dye, but
including
The closing of the Southern Counties Rank and its
closing
branches was indicated in our issue of Feb.6 1932, page 969. the gains failed to hold in the later recessions. The
prices were again on the side of the decline and included
points
The First National Bank of Ontario, Ore., capitalized at among others, American Can, which slipped back 1%
off 2 points to
American
Water
to
5531;
fell
Works,
which
$50,000, was placed in voluntary liquidation on March 12.
to 35;
The institution was taken over by the Ontario National Bank 20; United States Steel, which dipped 134 points of
131
National Biscuit, which dropped to 32 with a loss
of the same place.
points and Peoples Gas, which tumbled 35% points to 683.4.
3 points to 5334; Bon Ami,
Other losses were Atchison, 14
THE WEEK ON THE NEW YORK STOCK EXCHANGE. 2 points to 46; Consolidated Gas, 231 points to 5234; HomeThe New York stock market met with a further severe stake Mining Co.,23.4 points to 120; Detroit Edison,4 points
setback this week as sharp declines were recorded all along to 91; Eastman Kodak,2% points to 658%, and Pacific Gas,
the line. New lows were registered day after day by many 134 points to 27.
of the active speculative favorites due to heavy liquidation,
Liquidation was again in evidence during the forenoon
and while there were numerous attempts to rally the market on Thursday, several popular issues being under heavy
they were not maintained for any very lengthy period and pressure during the morning. As the day advanced, the
the trend again turned downward. Railroad shares con- market steadied, due to short covering and stocks took an
tinued to show great weakness due to unsatisfactory earnings upward turn toward the close of the session. One of the
and dividend cuts. Public utilities have been weak and features of the day was the weakness of American Can,
industrial stocks and specialties have slipped back to new which slid off to 52% in the early transactions and finally
lows for the current movement. The interesting feature of closed at 5334, with a net loss of 234 points. Kresge was
the week was the cut on Tuesday in the dividend rate on the another noteworthy feature as it was driven sharply downcommon stock of the Atchison Topeka & Santa Fe Ry. Co. ward to a new low for the year at 834, with a loss of nearly
from $1.50 to $1.00. Call money renewed at 234% on 3 points. Other recessions recorded at the end of the session
Monday, remained unchanged at that rate throughout the included many preferred stocks, which closed with declines
week.
ranging up to 5 or more points. United States Steel sold
Liquidation dominated the trading during the short session down to the minimum and so did such stocks as Bethlehem
on Saturday and carried the averages down to new low levels Steel, Del. Lack. & West., General Motors, New York
for the current movement. Railroad shares were the weak Central, Union Pacific, Eastman Kodak, du Pont and a
issues owing to dividend uncertainties for the second quarter. host of others.
Utilities and industrials were also down, many active issues
Sharp declines in the railroad shares and public utilities
slipping to new lows for the year. Motor stocks moved was the outstanding feature of the transactions on Friday,
around without definite trend, the aggressive sales campaign and while the volume of sales were very moderate the
now in progress having little effect on the day's transactions. steady stream of liquidation forced prices downward, the
The outstanding changes on the side of the decline in- losses ranging from 1 to 3 or more points. Industrial
cluded among others such stocks as Allied Chemical & Dye issues were also down and new lows for the present decline
3 points to 1108%, Atchison 2 points to 61, Auburn Auto were recorded by such speculative favorites as U. S. Steel,
5 , General American Tel. & Tel., Consolidated Gas, American Can,
334 points to 6234, J. I. Case 234 points to 29%
mitted suicide in the bank building early on the morning
of April 2. Personal business worries, in no way connected
with the affairs of the bank, caused a nervous breakdown.
All of Mr. Young's affairs directly related to the Deposit
Guaranty Bank & Trust Co. were found in good shape. The
Jackson "News" of April 2, in reporting Mr. Young's death,
said in part:
t
[VOL. 134.
FINANCIAL CHRONICLE
2660
Sales at
Week Ended April 8.
Jan. 1 to April 8.
and a host of pivotal issues, General Motors broke to a
New York Curb
new low for the present common shares and du Pont moved
Exchange.
1932.
1932.
1931.
1931.
downward in sympathy with that stock. Toward the end Stocks-No,of shares_ 1,676,645 2,437,600
15,505,221
49,072,045
Bonds.
of the session the market staged a brisk rally, but the final
Domestic
$210,540,100
$19,275.000 $19,469,000
$242,788,000
quotations were not greatly changed. Among the prominent Foreign Government
7,731,000
449,000
756,000
14,914,000
corporate
676.000
929,000
10.185,000
12,292,000
Foreign
stocks closing on the side of the decline were such issues as
$228,456,100
$20.960,000 $20,594,000
$269,994,000
8; American Can, Total
Allied Chemical & Dye, 394 points to 659/
294 points to 5034; American Tel. & Tel., 234 points to
THE BERLIN STOCK EXCHANGE.
10614; American Tobacco, 29 points to 673,4; Atchison,
After having been closed since Sept. 18 1931. the Berlin
3 points to 62; Coca Cola, 234 points to 104; J. I. Case, 234
points to 26; Johns-Manville, 33
4 points to 833'l; Eastman Stock Exchange was reopened on Thursday, Feb. 25, for
4; Detroit Edison, 734 points to two hours of trading. The Commissioner of Exchanges has
% points to 633
Kodak, 25
3 and Peoples Gas, 3 not as yet authorized the publication of quotations.
82; Union Pacific, 29.1 points to 57%,
points to 64. The market was heavy at the close with
New York quotations for German and other foreign unfinal prices slightly above the day's lows.
listed
dollar bonds as of April 8:
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ended
April 8 1932.
Stocks,
State,
Railroad
Number of and MIsrell. Municipal &
Shares.
Bonds.
For'n Bonds.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
1,045,990
1,614,030
1,483.230
2.094,706
1,795.077
2,126.005
35,206,000
10,271,000
8,203,000
10,850,500
11.744.500
14.694,000
3413,000
1,957,000
852,000
2.269,500
4,143,000
6.138,000
10,159,038 330,948.500 314,248,000 $15.772.500 $60,969,000
Week Ended April 8,
Sales at
New York Stock
Exchange.
1932.
Jan. 1:0 April 8,
1932.
1931.
10,159,038
Stocks-No. of shares_
Bonds.
Government bonds_ __ $15,772.500
14,248,000
State & foreign bonds_
Railroad& raise. bonds 30,948.500
Total
$1,499,000
2,565,000
2,170,000
2,504.000
2.460,000
3,050,000
53,294,000
5,749,000
5,181,000
6,077,000
5,141,500
5,506,000
Total
Bond
Sales.
United
States
Bonds.
1931.
10,087.842
110.792,817
187,202,007
$1,848,000
13,534.000
38.748.000
$194,127.950
206,265,000
433,718,000
353,958.550
211,686,500
503.350.000
$60,969.000 354.130,000
3834,110,950
3768,995,050
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Week Ended
April 8 1932.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey_ wk. revised_
Boston.
Philadelphia.
Baltimore.
Shares. Bond Sales
Shares. Bond Sales
Shares. Bond Sales.
18,296
24,050
28.014
36.885
37.574
9,253
23,000
12,000
12,000
21,112
29.031
30,485
45.083
44,319
48,392
154,072
360,450
218,422
392,900
10,609
$18.000
140.022
5134.000
123.778
371.500
7.602
328.600
84,000
9,450
$27,000
19,000
22,400
24,500
1,145
1,942
925
1,843
1,535
3,219
34.000
5.000
1,000
3.000
5.000
THE CURB EXCHANGE.
Trading on the New York Curb Market was on a small
scale this week with most of the activity centered in a few of
the more important issues. Numerous weak spots were in
evidence among the industrial shares, electric issues and
miscellaneous specialties due to continued pressure among
the more active of the trading favorites and while there were
occasional rallies that served to check the downward movement, the trend, on the whole, was toward lower levels during
the greater part of the week. Urgent liquidation in the
public utilities was an added factor in the general unsettl(meat of the market. Oil shares were moderately firm and in
a number of instances showed small gains. The changes in
the general list, however, were within a narrow range. The
outstanding changes of the week were generally on the side
of the decline, the utilities and industrial stocks bearing the
brunt of the recessions which included among others, Commonwealth Edison, which broke from 8031 to 643/3; American
Gas & Electric, which tumbled from 2431 to 2294; American
Superpower, which dropped from 23.1 to 134; United Light &
Power, pref., which slipped down from 2534 to 1634; Electric
Bond & Share, which moved down from 16 to 10, and
American Light & Traction, which was down from 1734 to
1331. Industrial and miscellaneous stocks were represented
on the side of the decline by A. 0. Smith, which dropped
from 323
% to 3031; Newmont Mining, which slipped back
from 93.1 to 834; Pittsburgh Plate Glass, which dipped from
18 to 16; Sherwin-Williams, which receded from 28 to 26,
and Swift & Co., which declined from 16% to 1531•
A complete record of Curb Exchange transactions for the
week will be found on page 2691.
DAILY TRANSACTIONS AT THE NEW YORK CURB
EXCHANGE.
Week Ended
1932.
April 8
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Stocks
(Number
o
Shah,).
Bondi(Par Value)
Foreign
Foreign
Domestic. Government. Corporate.
Total.
126,890 $1,952.000
237,335 2,828,000
248,045 2,991,000
308,825 3,143,000
328.280 3,748,000
429,270 4,615,000
$56,000
77,000
75,000
147,000
115,000
288,000
3111.000 $2,119,000
99,000 3,002,000
217,000 3,283.000
137,000 3,427.000
191,000 4,054,000
174,000 5,075,000
1,676,645 $19,275,000
$756,000
$929,000 $20,960,000
Bid.
Anhalt 7s to 1945
22
Bavaria Bile to 1945
23
Bavarian Palatinate Cons. Cit. 7%,1945
20
Brandentemr Eleetrle 6%. 1963
28
British Hungarian Bk. 7 Xs. 1962
28
Brown Coal Ind. Corp.64. 1953
25
Dortmund Municipal Util. 634%. 1948
15
Dulabent 7%,1945
20
Dusseldorf 7s to 1945
20
East Prussian Power 6%. 1953
29
European Mortgage & Investment 7346. 1966
29
French Government 5Xs. 1937
10034
French National Mall S. S. Line 6%, 1952
99
Frankfurt 7s to 1945
21
German Atlantic Cable 7%, 1945
35
German Building & Landbank 614%, 1948
23
Hamburg-American Line 6345. 1940
30
Housing di Realty Imp. 75. 1946
38
Hungarian Central Mutual 7s. 1937
27
Hungarian Discount & Exchange Bank hi. 1963
20
Hungarian Italian Bank 734%, 1932
165
Koholyt 634.. 1943
24
Leipzig Overland Power 654%, 1946
31
Leipzig Trade Fair 7s, 1953
24
Marmhein & Palatinate 7$. 1941
24
Munich 7s to 1945
23
Municipal Bank Hessen 7% to 1945
20
Nassau Landbank 834%, 1938
27
National Central Savings Bank of Hungary 734s, 1982
38
Natl. Hungarian & Ind. Mtge 7%,1948
2734
Oberpfalz Electric 7% ,1946
34
Oldenburg-Free State 7%, 1945
20
Pomerania Electric 6%, 1953
25
Protestant Church (Germany) 7341. 1946
23
Provincial Bank of Westphalia 6%. 1933
31
Rhine Westphalia Electric 7%, 1936
34
Roman Catbolie Church 634%, 1946
46
Roman Catholic Church Welfare 7% 1946
34
Saarbruecken Mortgage Bank 65. 1947
54
Saxon State Mortgage 6%. 1947
27
Siemens & Reinke debentures 6%.2030
(Ex coupon)--165
Stettin Public Utilities 7%. 1946
29
Tucuman City 7s, 1951
18
United Industrial 6%, 1945
26
WUrtemberg 7a to 1945
25
Flat price.
I
Ask.
28
28
25
31
30
28
18
25
25
31
30
102
100
25
39
25
40
40
281.4
21
168
27
34
27
28
28
25
29
40
29
38
25
28
27
34
38
49
37
31
205
32
20
30
31
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 9), bank exchanges for all the cities of
the United States from which it is possible to obtain weekly
returns will be 39.9% below those for the corresponding
week last year. Our preliminary total stands at $5,208,613,407, against $8,660,070,413 for the same week in 1930.
At this center there is a loss for the five days ended Friday
of 44.7%. Our comparative summary for the week follows:
Clearings-Returns by Telegraph.
1Veek Ending Apr. 9.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1932.
1931.
32,608,753,950 54,882,963,267
211,632.501
330.053,614
259.000.000
302.000.000
189,000.000
372.000,000
53.170.065
68.153.850
54,200.000
73,500.000
83.744,000
114.319,000
No longer will re port clearings,
72,305,880
120,154,978
53,517,236
88,303,624
59,370,664
83,208.171
49,230,880
66,248,252
31,479,747
37,791,236
Per
Cent.
-44.7
-35.9
-14.2
-49.1
-22.0
-26.3
-26.7
-39.8
-39.4
-28.6
-25.7
-16.7
Twelve cities, five days
Other cities. five days
33,815.404.923
525,106.250
36,538.695,992
730,023,810
-41.6
-28.1
Total all cities, five days------All sales, one day
54,340,511,173
868,102.234
$7,269,319,802
1,390,750,611
-40.3
-37.6
35.208,613,407
88,660.070413
-39.9
Total all cities for week
Complete and exact detai s 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
APRIL 9 1932.]
FINANCIAL CHRONICLE
2661
results for the week previous-the week ended April 2.
3 Months
3 Months Inc.or 3 Months
3 Months
1932.
1931.
1929.
Dec.
1930.
For that week there is a decrease of 42.2%, the aggregate
Reserve Discs.
$
2
5
%
of clearings for the whole country being $5,658,849,243, Federal
1st Boston ____14 dtlee 3,502,880,819 5,391,966.503 -35.0 6,762,444,351 7.348,597.388
against $9,794,525,776 in the same week of 1931. Outside 2nd New York_ _14 " 46.906.956.751 74,444,682,824
-37.0 93,934,738.198 124,441,987.538
3rd
14 " 4.023,448,092 5,511,830,463 -27.0 7,884,519,309 8,278,202.542
of this city there is a decrease of 30.9%, the bank clearings 4th Philadelpla
Cleveland__15 " 2,837,770,848 4.290,938,917 -32.6 5.193.086.794 5,772,125,238
5th Richmond -10 " 1,462,325,265 1,889,759,311 -22.6 2.289,993,801 2.354.796.084
at this center recording a loss of 47.2%. We group the 6th
Atlanta,....56 "
1,289,434,823 1,758,681.351 -26.7 2,252,004,186 2,500,469.512
7th Chicago - __28 " 4,966,114,997 8.623.625.637 -42.1 11.504,704.072 14,586,721.370
cities now according to the Federal Reserve districts in 8th
St. Loula__10 " 1,288,569,380 1,747,178,737 -27.4 2,437,259,052 2,763,358.542
which they are located, and from this it appears that in the 9th Minneapolla13 " 919,042.873 1,248,548,285 -28.4 1.468,568,360 1,636,384,481
10th KansasCity 14 "
1,673,836,969 2,338,836.877 -28.4 3,102,322,373 3.348,936.896
New York Reserve District, including this city, there is a 11th
Dallas
12 "
869,081,228 1,164,085,044 -25.3 1,447,898,534 1,719,316,630
loss of 46.7%, in the Boston Reserve District of 40.0% 12th San 8'ran26 " 2616.294,840 3,510,028.170 -25.5 4,620,878,036 4.959.903.559
Total
186 cities 72.365,758,875 111,920,160,119 -35.3 142,461,266,761 176,779,242,162
and in the Philadelphia Reserve District of 5.1%. In the Outside
N.Y. City
26,853,452.658 39,228,041,368 -31.5 50,677,255,177 54,627,266,284
Cleveland Reserve District the totals are smaller by 33.0%,
32 cities 3.103.494.918 4.148.010.923 -25.0 4 952_191) og 8012.961.940
in the Richmond Reserve District by 17.8% and in the Canada
Our usual monthly detailed statement of transactions on
Atlanta Reserve District by 22.5%. The Chicago Reserve
the New York Stock Exchange is appended. The results
District suffers a contraction of 42.9%, the St. Louis Reserve for
March and the three months of 1932 and 1931 are
District of 35.5%, and the Minneapolis Reserve District given below:
of 22.6%. In the Kansas City Reserve District the deMonth of March.
Three Months.
crease is 33.0%, in the Dallas Reserve District 25.0% and
Description.
1932.
1931.
in the San Francisco Reserve District 32.6%.
1932.
1931.
Stocks, number of shares 33,031,499 65,658,034
Railroad & miscell. bonds 3133,785.500 3159,978,500
State, foreign, &c.. bonds 64,974.500 74,028.000
U.S.Government bonds_ 52,140,700
8.658,500
SUMMARY OF BANK CLEARINGS.
Week Ended Apra 21932.
1932.
1931.
Ine.or
Dec.
1930.
1929.
Total bonds
Federal Reserve Dists.
I
$
$
$
%
584,677,092
651.469.337
276,449,770
460,833,135 -40.0
19t Boston ----12 cities
2nd New York--12 " 3.729.600828 6,990,150.711 -48.7 9.150.374.360 9,871,563.821
3rd Philadelpla 10 .•
788.559,894
371,441,148
391,454,253 -6.1
621,441,598
4th Cleveland-- 8 "
485,474,957
439,504,293
219.275.484
327,144,205 -33.0
5th Richmond - 8 "
227.104.225
193,713.730
123.135,513
149.719,947 -17.8
8911 A tlanta.......11 "
171.481.840
197.496.816
90,580,443
116.935.631 -22.5
768 Chicago -__20 "
913.553.101 1.002.577.691
692.342.899 -42.9
395,422.640
8th St. Louls__- 5 "
192,733.118
203.350.340
88,397.132
138.944,540 -35.5
133,988,421
9th Minneapolis 7 "
113,835,056
65,517.915
84.613,208 -22.8
217427,004
10th KansasCity 10 "
194.023,175
133,613,850 -33.0
89,462,459
78,940.415
11th Dallas
65,174.634
38,304,079
48,426,336 -25.0
5 "
373,777,304
1268 San Fran 14 "
342,165.158
257,347,061 -32.6
173,361,654
Total
118 cities 5,658,849,243 9,794,525,776 -42.2 13,012.677,153 14,211,830,225
Outside N. Y. City
2,054.050,837 2,970,695,103 -30.9 4,067.179,165 4.547.925.532
(lana4la.
_
22 Arica
724 296 817
269.066.295 -38.5
429.094.927
$250,800,700 $242.665,000
99.110,149
3397.095,500
190,082,000
177,343,450
172,343,252
$449.046.000
193,496,500
45.814.050
3746.520,950
8688.356.550
The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 for the
years 1929 to 1932 is indicated in the following:
1932.
1931.
1930.
1929.
No. Shares. No. Shares. No. Shares, No. Shares.
Month of January
February-- ---March
34,362,383
31.716.267
23 nsi 499
42,423.343
64.181,836
es 115R n24
62.308.290 110,805.940
67,834,100 77,968.730
oa AS2 min 1041 ittli 41701
The following compilation covers the clearings by months
since Jan. 1 1932 and 1931:
MONTHLY CLEARINGS.
434,048,487
Clearings, Total AU,
Clearings Outside New York.
Month
1932.
1931.
We also furnish to-day a summary of Federal Reserve
1932.
1931.
%
%
districts of the clearings for the month of March. For
2
2
3
2
-- 26,483.613.804 39.676.379.968-33.2 9,799,279.675 14.375,919.731 -31.8
that month there is a decrease for the entire body of clearing JanFeb.-- 21.364.764.405 32,942,435,566 -35.1 8,146,220,677 11.719.161.974 -30.5
houses of 37.6%, the 1932 aggregate of clearings being Mar _ - 24,517,396,666 39,301,344,645 -37.6 8,907,952,306 13,132,959.663 -32.2
$24,517,396,666, and the 1931 aggregate $39,301,344,645. Sat qu. 72.365.756,875 111920160,119-35.3 26.853,452.658 39,228.041.368-31.5
In the New York Reserve District the totals register a
The course of bank clearings at leading cities of the country
diminution of 40.0%, in the Boston Reserve District of for the month of March and since Jan. 1 in each of the
38.8% and in the Philadelphia Reserve District of 23.2%. last four years is shown in the subjoined statements:
BANK CLEARINGS AT LEADING CITIES.
The Cleveland Reserve District suffers a loss of 35.4%, the
MarchJan. 1 to March
. 31-Richmond Reserve District of 26.0% and the Atlanta Re(000,0008
1932. 1931. 1930. 1929. 1932. 1931. 1930. 1929.
omitted.)
$
$
$
$
$
g
$
$
serve District of 26.1%. In the Chicago Reserve District New York
15,609 26,168 33,765 42,318 45.512 72,692 91,784 122.152
1,086 1,814 2.485 3,158 3.153 5,500 7,468 9.733
the totals register a decline of 42.1%, in the St. Louis Chicago
Boston
1.003 1,686 1,990 2,217 3,037 4,792 6,025 6.482
Reserve District of 28.0% and in the Minneapolis Reserve Philadelphia
1,327 1,705 2,398 2,580 3,747 5,124 7.432 7,733
St. Louis
277
399
535
616
852 1,243 1,612 1.871
District of 28.3%. The Kansas City Reserve District Pittsburgh
368
601
700
820 1,168 1,855 2.228 2.436
Francisco
463
628
983
952 1,414
1,880 2,617 2,714
suffers a loss of 24.5%, the Dallas Reserve District of 27.5% San
Baltimore
246
338
435
419
774
997
1,242 1.254
Cincinnati
186
and the San Francisco Reserve District of 27.5%.
248
280
331
574
759
850
983
Kansas City
283
388
554
March
1932.
March
1931.
Dec.
Dec.
March
1930.
March
1929.
Federal Reserve Diets.
$
I
3
%
lit Boston ____14 cities 1.150,471,186 1,880,972,014 -38.8 2,239,340.145
2nd New YOrk_..14 " 16,060,569,723 28,760,542.903 -40.0 34,481.125,214
3rd Philadelpla 14 "
1,411,463,210 1,839,121,901 -23.2 2,549,116,047
4th§Cleveland--15 "
905,993.935 1,402,252,072 -35.4 1,782.591531
6th Richmond -19 "
474,897,738
841.481,703 -28.0
759,840,178
6th Atlanta-___16 "
420,456,774
568,687,354 -28.1
763.476,859
7th Chicago ___28 "
1,682,782.896 2,904,667,684 -42.1 3,872,073,353
Louis_
86.
__10 "
89h
409,559,948
568,757,975 -28.0
811.538,958
9th Minneapolls13 "
312,239,587
435,335.525 -28.3
505,494.239
10th KansasCity 14 "
557,692,815
738,775,771 -24.5 1,074,968,873
11th Dallas
12 "
278,003,090
380,853,006 -27.5
469,601,446
12th San Fran 26 "
855,265,766 1,173,896,737 -27.5 1,660,272.442
186 cities 24,517,396666 39,301,344,845 -37.8
Total
50,794,648,413
Outside N. Y. City
8,907,952308 13,132,959,663 -32.2 17,029.588,286
Canada
32 eines 1.03i7s. 71i 1'
,RA ARA. 700 -OA A 1 AcIA 547 leo
$
2,499,085,829
43,078,275,080
3.751,780,228
2,704,349,623
793,077,104
832,242,497
4,842,626,440
682,018,652
584,961,153
1.183,441,529
575,270,995
1,732.733,482
60,737,074,060
18,418,225,383
., e....,
....
Cleveland
Minneapolis
New Orleans
Detroit
Louisville
Omaha
Providence
Milwaukee
Buffalo
St. Paul
Denver
Indianapolis
Richmond
Memphis
Seattle
Salt Lake City
Hartford
Total
Other cities
294
202
120
299
76
102
35
74
120
68
88
59
115
48
110
39
37
445
268
167
831
100
162
47
101
166
104
69
71
150
58
145
60
52
584
328
215
798
171
205
60
132
228
105
145
93
194
87
183
75
74
602
654
347
230
997
166
214
71
155
261
154
174
102
185
98
239
77
84
857
919
596
378
939
243
308
118
226
365
199
249
172
350
146
313
132
113
1,201
1,354
794
570
1.756
302
467
147
307
498
268
298
226
444
170
416
185
155
1,614
1,719
962
655
2,285
502
571
185
394
651
295
421
284
583
272
513
230
203
1.718
1.862
998
711
2,880
533
573
216
452
770
404
483
312
558
298
656
228
260
22,734 36,769 47,892 58,221 66,854 104,400 133,577 169,286
1.783 2,532 1,903 2,514 5,512 7.520 8.884 7.313
Total all
24.517 39,301 50,795 60.737 72,366 111.920 142.461 176.779
Outside N.Y.City_ 8,908 13,133 17,030 18,418 26.853 39,228 50.677 54,627
We now add our detailed statement showing the figures
We append another table showing the clearings by Federal
for each city separately for March and since Jan. 1 for
Reserve districts for the three months back to 1929:
two years and for the week ended April 2 for four years:
CLEARINGS FOR MARCH, SINCE JANUARY 1, AND
FOR WEEK ENDING APRIL 2.
Month of March.
Clearings at1932.
1981.
2
$
First Federal Rese rve District- BostonMaine-Bangor
1,811435
2,519.891
Portland
9,084,682
11,917471
Mass.-Boston
1,003,085,875 1,686,269,709
Fall River
3.217,879
4,679,719
Holyoke
1.753,218
2,109,024
Lowell
1,869,283
1.623,747
New Bedford
2.948,196
3.465,030
Springfield
18.982,505
13.649,473
Worcester
9,244,090
11,954.102
Conn.-ilartford
87.211,675
51.678,467
24,777.237
New RAM
23,832,038
Waterbury
4,965,700
7,368,800
R. L-Providence._
34,968,400
47,345,000
2.129.579
2,080,775
N.IL-Manchester
Total(14 citi95).- 1,150,471,188 1,880,972,014
Three Months Ended March 31.
Week Bnded April 2.
-
Inc.Of
Dec.
1932,
%
$
1931.
Inc or
Dee,
1932,
$
%
2
1931.
--II
-28.1
-23.8
-40.5
-29.7
-61.7
-13.1
-14.9
-28.1
-22.7
-28.0
-14.1
--32.6
-26.1
+2.3
5.744.155
30.607.095
3,036,609,736
9,786.465
5.537.847
3,956,616
8.581.934
43,800.096
30,168,448
112.672.381
76,107.757
14,973.900
118,114,300
6,220.079
7,436.061
39.196,890
4,792.347,784
12,350,980
6.625.720
5,961,125
10,572,167
58,238,106
37,394,336
155,376,858
87,826,263
23,768,600
146,802,700
8,068,913
-22.8
-21.9
-38.8
-20.8
-16.4
-33.6
-18.8
-24.8
-19.3
-27.5
-13.3
- 37.0
-19.5
-22.9
426.364
2,216,998
239,580.027
660,732
748,683
3,643,911
412,156,919
1,178,357
440.596
762,052
3,429.542
2,134.795
10,681,609
6,275.874
477,745
853.021
6,133,800
3.355,138
12,877.343
6,817.684
-384
3,602,880,809
6,891.986,603 -35.0
Inc. or
Dee
1930.
%
2
1929.
2
738.854
-43.1
4,583.806
-39.2
-41.9 515,855,222
1,815.914
-43.9
904.829
4,344.491
574.000.000
1.320.085
-7S
-10.7
-44.1
-36.4
-17.1
-7.9
970.347
964,996
6,549,388
4,064.129
23,101,370
9,460,312
1.397,804
1,315.815
7,107,461
4,199,991
28,396,138
10418,227
9,301.500
539,681
11,974,300 -22.3
616.234 -12.4
16,148 000
924.756
17,018.800
845,696
276,449,770
460,833,135 -40.0
584.677.092
651.469.337
[VoL. 134.
FINANCIAL CHRONICLE
2662
CLEARINGS-(Continued.)
Three Months Ended March 31.
Month 0/ March.
Week Ended April 2.
Clearings al1932.
1931.
Inc. or
Dec.
1932.
Inc. or
Dcc.
1931.
1932.
Inc. or
Dec.
1931.
1930.
1929.
5
Second Federal Re serve District -New York21,394.737
30,053,286
N. Y.--Albaay
4.637,613
3,377.996
Binghamton
165,930,890
Buffalo
120.001.117
4,335,683
2,919.050
Elmira
4,103,447
Jamestown
2,522,103
15,609,444,360 26.168,384.982
New York
33.010.319
39.562.832
Rochester
20,835,129
17,438,030
Syracuse
12,428,723
13,139,865
Conn.-Stamford_ _
2,303,327
3,086,393
N. J.- Montclair_
Newark
105,012,373
136,850,013
Northern N. J
125,099,599
163.393,503
5.519,989
6.224,237
Oranges
-----Total(13 cities)---- 16,060,569,723 26,760,542,903
72,487,119
--28.8
82,067,039 -11.7
7,111,239
5.794,589
--27.2
11,465,924
15,355,172 -25.3
895.619
1.627,294
493,104,914 -26.7
364.903,787
--27.7
38,711.877
52,258,595
13,770.334 -21.7
--32.7
10,788.317
927.458
1,209.643
13,278.488 -38.9
570.822
--38.6
8,119.476
1,229,123
--40.3 45.512,301.217 72,692,118,751 -37.4 3,604,798.406 6,823,830,673
104.464,430
123,656,077 -15.5
10,169,489
--16.5
13,305.780
64,558,807 -16.5
53,917,323
4.126.774
6,589,829
--16.3
35,424,039
39,415,794 - 10.2
2,550,000
3,750.976
712,244
-23.2
7,082,320
8,943,043 -20.8
782,182
395,611,784 -20.5
314.356,610
-23.2
27.454,020
35,646,396
394,220,480
478.956.059 -17.7
50.354,754
-23.4
33,472.810
17,419.709
18,816,562 -7.4
-10.8
---10.0 46,906,956,751 74,444,682.824 -37.0 3.729,500,826 6,995,150,711 -46.7 9,150,374,360 9.871,563,821
Third Federal Res erve District --Philadelph hi-3.096.741 --31.4
Pa.-Altoona
2,124,600
Bethlehem
11.724,112
13,929.162 --15.8
3.934,094 --55.4
Chester
1,755,081
14,749,403 --23.0
10,616,880
Harrisburg
Lancaster
4,646,643
11,259.417 --58.7
Lebs.non
1.477.328
2.379.160 --37.9
Norristown
1,965.720
2,877,370 --26 6
Philadelphia
1427.000,000 1,704.900,000 --22.2
9430,572
11.698,750 --15.1
Reading
Scranton
10.396,588
19408.209 --45.9
Wilkes-Barre
7,137.229
12,970,299 --45.0
York
7.883.296 --38.0
4,885.457
N.J.-Camden
5.093.000
7.837.000 --35.0
Trenton
12,710,000
22,599,000 --43.6
Total(14 cities)
6,475,661
33,614.494
6,333,063
32.507.149
15.619,691
5,134.139
5.907.975
3.747.000.000
32.482.956
36,033,192
24,156,061
15.513,111
15,382.000
47.307.700
12,774,105
41.031,543
12,046.975
45.640,140
24.910,382
6,650.283
8,228,155
6,123,200,000
35,129.895
56.599.261
40.713,228
23,328.496
25,102,000
58,456,000
4.023,448,092
5,511,830,463 -27.0
--38.2
--19.5
--25.4
--38.8
--4.7
--42.6
5,595,000
b
574.033,131
918,968.790
108.391,000
5.826,942
1,968,280
8,145,708
b
2,619,819
1,409,889
3.721,275
1,167,970,999
18.783,714
22,338,341
44,899,000
b
758,621,988
1,354,095,169
170,525,000
10,823,552
3,870,933
19,491,284
b
4,329,080
1,812,704
11,473,067
1.855.223,324
18,838.199
37.035,637
905,993,935 1.402,252,072 -35.4
2437.770,848
- 1,411,483,21
1,839,121,901 -23.2
Fourth Federal Re serve District -ClevelandOhio-Akron
d1.897,000
16.002,000
Canton
Cincinnati
185,878,973
243,444,630
Cleveland
294.062,720
445,454,232
Columbus
35,414,500
58,998,500
Hamilton
1,949,225
3.852,066
Lorain
641,922
1,198,150
Mansfield
6,953,334
c4,437.909
Youngstown
Pa.-Beaver Co
795,966
1.288,075
Franklin
455.275
565,536
Greensburg
1.227.312
1,644.956
368,173.367
Pittsburgh
601.232,667
Ky.-Lexington
3.811.484
4.000,000
W.Va.-Wheeling-7.248,282
12.617,926
Total(13 cities)
Fifth Federal Rese rye District- RichmondW.Va.-Huntington.
1,724,723
2,677,543
11,184.587
Va.-Norfolk
14,426.832
114,751.161
149.560,233
Richmond
3,150,232
7,906,720
N.C.-Raleigh
3.723,308
7,827,118
S. C.-Charleston_ _
4,129,724
8.896,442
Columbia
245,599.444
335.947,877
Md.-Baltimore
1,018,045
1,795,778
Frederick
89.616.464
112.443,160
D.C.-Washington_.
Total(9 cities)--
474,897,738
Total(16 cities)
-
420,456,774
--88.2
--25.2
--34.0
--40.0
--49.4
--46.4
--36.2
-35.6
-22.5
-23.3
-60.2
-52.4
-53.6
-26.9
-43.3
-20.3
641,481,703 ---26.0
AtlantaSixth Federal Rese rve DIstrict
5,670,820
Tenn.-KnorvlIle- _
*8400,000
43,249,998
58,772,754
Nashville
130.100,000
Ga.-Atlanta
167,082,38
3,442,700
Augusta
8.039,3'
2,103.019
3,187.61
Columbus
2.347.327
3,527,790
Macon
*53,000,000
61.651,038
Fla.-Jacksonville _
7.285,434
5,389,381
Tampa
39,628,587
61.943.98
Ala,-Birmingham.
4.048,543
6.528,288
Mobile
3,194,348
2.282.188
Montgomery
5,257.011
3,372,000
Mbs.-Hattlesburg
6.309,210
3,789,771
Jackson
1,541,792
1,762,794
Meridian
600,124
476,675
Vicksburg
120.008.973
167,525.296
La.-New Orleans- _ _
568.687.354 -26.1
1,289,434,823
1,682,782.896 2,904.667,684 -42.1
400,559,946
1,462,325,28
32.230.700
125,314,223
384,375.000
12.361,941
6,983,741
6,772,728
143.353.117
16,519,678
132,332.791
13.267.490
7,459.554
11,219.000
13.200,771
4.484,390
1,777,181
377,782,518
Eighth Federal Re serve District -St. LouisInd.-Evansville
b
b
_
New Albany
1,111,627 -48• .0
*600,000
Mo.-St. Louis
399,559,052 --30.7
276,963,532
Ky.-LoulsvIlle
100,302,337 -24.3
75,937,659
Owensboro
b
b
Paducah
5,677,999 --7.7
5,241.351
Tenn.-Menphis
58,244,444 --18.0
47.759,577
Tenn.-Memphis__ _ _
58,244.444 --18.0
47,759,577
111.-JacksonvIlle_ _ _
457,579
703,911 --42.1
Quincy
2,600,248
3,158,605 --17.7
Total(7 cities)
5,405,034
34,792.37
349.603.541
9.527.111
10.711,177
11,986,930
773,709424
3,309,725
263,279,745
-29.1
-26.4
--22.1
--43.2
--33.9
--33.5
-14.0
--26.0
--36.0
--38.0
--28.6
--35.9
--39.9
--12.5
--20.8
--28.4
Seventh Federal R eserve Dlstric t-Chicago-777,101 -24.0
590,284
Mich.-Adrian
3.438.057 -22.1
2,678,430
Ann Arbor
299,048.680
631.204.062 -52.6
Detroit
11,394471 -37.7
7,100,718
Flint
20,055,928 -39.8
12.078,926
Grand Rapids
3,330,199 -29.8
2,338,318
Jackson
12,167,252 -57.9
5.118,643
Lansing
10.321,58.3 -53.2
4,832,163
Ind.-Fort Wayne--16,180,404 -57.0
6,963,325
Gary
70.694,000 -16.0
59,364,301
Indianapolis
7,904.117 -27.7
.5.711.779
South Bend_
18,959,349
-20.5
15,072,707
Terre Haute
11,560,419 -53.2
5,411,434
Win.-Madison
100,888.622 -26.3
74,377,621
Milwaukee
3,218.284 -33.7
2,134,570
Oshkosh
11,567.461 -70.6
3,401,341
Iowa-Cedar Rapids_
-57.5
54,282,665
23,093,201
Davenport
32.171,461 -81.4
22,064,138
Des Moines
Iowa City
16,983,163 --33.2
11,348.182
Sioux City
4,021,099 --70.0
1,204,977
Waterloo
3,798,715 --54.1
1,743,895
1111nols-Aurora
7.372.675 --36.3
4.695,427
Bloomington
1,086,491,780 1,814,410,487 --40.1
Chicago
4,167,014 -33.2
Decatur
2.782,189
13,996,417 --19.9
11,209.145
Peoria
10,232,210
4,776,916
Rockford
9,569.684 -25.3
7.149,828
Springfield
Total(27 cities) _
+22.7
7,703,521
7,688,733
-45.0
1,891,133
1,892,045
-29.7
67,428,821
58,167,557
-23.3
1,264,346
1.012,617
-53.6
1.625,247
1,989.369
-47.2 8,945,497,988 9463.904.693
-23.9
19.992,134
13.833,463
-37.4
7,984,181
9,537,1177
-32.0
4,081,031
4,557.327
-8.9
061,111
1.270,405
-23.0
38.005,444
40.919.627
-33.5
66,331,862
54,396.649
568,757.975 -28.0
--49.3
--18.1
--47.4
--28.8
--37.3
--22.8
--28.2
--26.9
--7.6
--36.3
--40.7
--33.5
--38.7
--I6.2
546,011
2,724.112
452,621
755,473 --27.7
3475,288 --23.8
847,673 --46.8
1.235,543
5.177.181
1,394,969
1.626,746
5,349.985
1,377,537
2,298.777
5,318,647 -56.8
5,097,768
4,918,612
354.000,000
2,801,682
2,822.453
1,877,034
1,485,156
384,000,000 --2.7
2,998,417 --6.5
4.045,014 --30.2
2,967,537 --36.7
2,864,424 --48.2
687,000.000
5,180.470
5.535,512
3,797,045
2.866.110
727,000,000
5.715.175
7.840,445
4.631,179
3,091.558
2,430,300
371,441,148
4,031.700 -40.5
391,454,253
--5.1
4,157.000
7,008,657
821,441,598
768,559,894
--87.5
d373,000
3.855,000 -90.3
6.190.000
7.081,000
--24.3
--32.1
--36.4
--46.1
--49.2
--68.5
42,149,880
71.902,803
8,326,300
64.413.707 -34.6
110.409.444 -84.9
16,021,900 -48.0
69.210,184
151,345,362
18.881,400
81,809,827
164,211.733
19,395,100
c992,321
1,689,404 --41.3
1,933,738
2,089,567
--26 7
--67.6
--37.0
--0.3
--17.4
95,631,160
130.754,750 --26.9
191,943,609
210.887.730
4,290,936,917 -32.6
219,275,464
327,144,205 -33.0
439,504,293
485,474,957
572,161
4,257.747
34,857,146
1,816,653
-35.7
-43.7
-27.2
-45.0
1427,480
4,579.997
41.873.000
2,414,226
1,473,577
5,251.836
42,588.000
3.500.000
139.616,984
8,950.204
43,802.143
443,521,822
22,242,522
22,779,183
27,145,639
997,309.975
5,057.874
318,949,949
--39.6
-20.6
-21.2
-.57 2
-53.0
-55.8
-22.4
-34.6
-17.5
71,984,649
79,187.939
--9.1
111.876,856
22,021.795
29,028,301 --24.1
31,642,171
34.674.378
1,889,759,311 -22.6
123,135,513
149,719,947 --17.8
193,713,730
227,014,225
30,500.000
183.850,769
482.078,965
18.099,247
9.608,307
11.384,350
170,677,188
20,652,898
184,333,275
19.770.910
10,128,3137
17,421.000
22,115,153
5.713,052
2,087,620
670.260,310
+5.7
--31.8
--20.3
---31.7
--27.3
--40.5
--16.0
--20.0
--28.2
--32.9
--28 3
---35.6
--40.3
--21.5
--14.9
--33.8
867.786
2.396,170
25.365,113
*1,000.000
2,476,244
8,948.485
28,200.000
939.611
1.500,000
12.007,575
36,245,883
1,411,940
+65.1
-25.5
-22.2
-33.5
2,800,000
23,180,592
44,914,846
1,979,866
3,871,260
94,429.900
57,439,818
2,40.5.525
513,449
10,006,624
972,481
11,545,885 -13.3
1,677,007
16,491,856
1,948,388
19,518,223
8,474,165
883,940
936,000
14,419,679 -41.3
1,507,591 -41.4
1,314,000 -28.8
23,913.092
2,023.481
2,063,679
26,502,706
2.116.370
2.394,000
92,585
29,109,440
168,969 -45.2
85,841,648 -43.9
226,113
62,211,308
560,807
66,311.813
1.758481,351 -28.7
90,580,443
116,935,631 -22.5
171,481,840
197,498,816
188,574 -36.0
1,441,253 -27.0
145,125,027 -51.8
236,297
1,697.893
181,218,856
349.362
1,321,591
203.379,290
1.818,691
8.539,577
939,099,960
21,151.100
40,365.738
8,191,106
20.714.781
14.788,999
20,588.098
171,548,857
18,036.876
46,822,246
19.804,334
226.193.615
6.201,004
10,184.622
69,068,279
65.993,029
2,198,746
11,505,468
1,756,236,445
30,538.912
61,422,302
11,196.129
37.089.164
31,259,303
47,525.871
225,615,000
25.245.979
60,281.402
31.937.047
308,749,212
9.254,439
34.828.129
144.093,235
89.658,363
--17.2
--25.8
--48.5
--30.7
--34.3
--26.8
--44.1
--52.7
--56.7
--24.0
--28.6
--22.3
--38.0
--28.3
--33.0
--70.7
--52.1
--26.4
120,721
1.052,497
69,942,093
5,337,029
33422.719
4,679,708
5,560.526
13,268,266
3,152,731,570
8,004,772
33,949,103
13,251,847
21,759,574
50,127,642
10,985,351
11,338.492
18,984,120
5.500,139,129
12,176.109
43,875,809
30,149,031
29,238,808
--32.5
--57 4
--50.9
--30.
--42.8
--84.2
--22.6
--56.0
--25.6
2,996.160
336,127
4,996,114.997
8.623,025,837 -42.1
1.447,231
852,278.540
242.607,319
3,308,709 ---56.3
1.243.652,731 --31.6
301,680,079 --19.6
16.736,851
146,433,689
145.318,439
1,428,251
7,637,699
18,531.776
169,553,834
169.553,834 --14.3
1,952,197 --28.8
8.499,411 --10.1
1,268.569,380
1,747,178,737 -27.4
4,043,323
6,777,860 -30.0
7,890,990
10,435,858
890,200
1,018,822
2,761,319 -87.7
2,619,951 -81.1
3,897,960
3.452,500
3,524,554
4,366489
11,531,000
1,266.492
2,847,247
16,475,000 --30.0
2,192,621 --42.2
3,767,048 --24.4
21,931,000
3,033,104
4.028,059
24,357,000
3,570,783
5.283.503
15,801,480
25,542,212
32.837,430
36,365.901
628,065
2,700,473
3,985,669
3,410,720
7414,322 --29.
12,404,452
11,659,313
4,524,327 --33.8
1,049,643 --88.0
7,012,193
1,878,586
8,541,069
2,111,514
2460,413
641,815,476
1,310,070
5,344.744
4,131.387
2,886,042
2,880,306
665,370,560
1,279,713
6.411,909
5,008,870
3,079,804
972,118
270,929,628
592.513
2,891,717
1,101,230
1,624,178
2.123,730
458,915,912
987,018
3,477,244
2.606.606
2.553,259
395,422,64
692,342,890 -42.
-40.9
-40.0
-31.2
-31.2
-36.4
61,700,000
15.127,098
99,600,000 -38.1
24,778,189 -39.0
10,898,983
11.492,940
943,553,101 1,002,577,691
129,100,000
42,666,105
140,500,000
37,373,438
19,184,287
23.134.896
110,39
560.660
179,670 -38.6
893,741 -37.3
222,161
1,560,565
473,383
1.868,673
88,397,132
138,944,540 -35.5
192.733.118
203.350.340
-5.
2663
FINANCIAL CHRONICLE
..-sirmr, 9 1.932.]
CLEARINGS-(Conduded.)
1931.
1932.
Week Ended April 2.
Three Months Ended March 31.
Month of March.
Clearings atInc. or
Dec.
1932.
w
$
2
.0
Ninth Federal Res erve District -AlinneaP011 a18,109,357 -41.8
elinn.-Duluth
10.541.716
268,039.920 -24.8
Minneapolis
201,653,227
1,430.091 -31.7
Rochester
976,520
St. Paul
103,863,950 -34.4
68,156,486
2go. Dak.-Fargo_ _ - 8,933,538 -9.4
8,095.581
5,494,000 -13.9
Grand Forks
4,720,000
1.198.000 -29.6
Minot
843,352
3,765,697 -26.6
3. D.-Aberdeen
2,764,593
7,189,409 -50.2
Sioux Falls
3,582.731
2,408,687 -39.1
1.467,274
'font.-BIllings
3,284,820 -34.2
Great Falls
2.160,500
11,375.625 -37.5
Helena
7,108,862
242,431 -33.3
Lewistown
161,745
31.019.518
595,880,137
3.219.570
199,351.906
22.408,089
13,144,000
2,334.844
7,674.671
11,754,495
4,420,453
6.557.444
20,770,090
.507.856
435,335,625 -28.3
$
1931.
Inc. or
Dec.
$
1931.
1932.
1930.
%
$
$
$
%
Inc.or
Dec.
1929.
$
4.648,349
77.449,900
7.191.248
91,669,892
-40.7
-25.0
-23.4
-62.9
-7.2
-22.9
-32.9
-30.7
-484
-36.4
-33.2
-38.6
-31.4
2,235,853
45,590.184
3,758,060 --40.5
55.785,567 -18.3
15,306,775
19,198,703 -20.3
25,181.776
27,167.900
646,162
830,078 -22.2
1,082,200
1,401,062
301,649
564,733 -16.7
712.767
856,211
1,437,892
2,628,961 -45.3
2.769.462
3,415.000
019,042,873
1.248.548,285 -26.4
65,517,915
84,613.208 -22.6
113,835,058
133,988,421
Tenth Federal Res erve District -Kansas CU y1,308,071 -33.8
885,874
Keb.-Fremont
1,725,748 -57.7
730,381
Hastings
14,063,046 -30.8
9,737,291
Lincoln
162,091,308 -36.9
Omaha
102,278,297
10,259,819 -23.2
Kan.-Kansas City
7,876,597
12,314,595 -34.5
8,060.370
Topeka
21.591,595 -19.3
17,421,181
Wichita
2,323,654 -35.2
Missouri-Joplin __
1,505.267
387,564,591 -27.0
283,032.709
Kansas City
18,502,446 -32.0
12,575,000
FR.Joseph
28.637.739 -34.7
18.699,142
Okla.-Tulsa
4,335,718 -22.9
3,343,958
Colo.-Colo. Springs..
68,837.301 +27.7
87,921,293
Denver
5.220.140 -30.2
3.645.455
Pueblo
2.555.214
2.330,134
27,785.158
307,735,460
24.241,648
26,308.377
54,994,214
4,803.270
856.792,607
38.842,000
57,768.075
9,910.685
248,751.235
11,040.892
3.674.468
5,251.293
38,966,983
467,479,982
27.879.029
38.508.480
73.100,450
7,274,714
1,201,220,207
59,161,701
89.299.619
12,658.945
298356.185
16,204,821
-30.5
-55.6
-28.7
-34.2
-13.0
-31.7
-24.8
-34.0
-28.7
-34.3
-35.3
-21.7
-16.6
-31.9
181,893
153,999
2,062,572
21.502.280
351,146
442,149
3.258,376
34,583,403
-48.2
-85.2
-36.7
-37.8
419.605
569,969
4,016,831
44,584,166
463,627
769,631
5,228,388
46,913,368
1,403,352
3,667,932
2,312,473 -39.3
5,035,348 -27.2
3.630,938
7,424,633
4.774,598
8.517,633
56.982,836
2,308,773
81.824,603 -30.4
3,831,556 -39.7
125.002,807
5,749.403
139.867,611
7.415,501
440,596
a
758,426
643,657 -31.6
a
a
1,331,139 -43.0
1,038,740
a
1,586,083
1,687.000
a
1,889.649
738,775.771 -24.5
1,673.836.969
2,338.836.877 -28.4
89,482,659
133,613,850 -33.0
194,023,175
217,527,004
Total(13 clties)
Total(14 cities) _._ _
312,239,587
557,692,815
Eleventh Federal Reserve Distr ict-Dallas8,733,428 -33.6
4,467,727
Texas-A ustin
6.493.000 -36.2
4.139.717
Beaumont
156,058,354 -22.0
121,754.134
Dallas
22,060.061 -45.1
12.120,913
El Paso
34.100.000 -25.1
25,528,125
Fort Worth
12,479.000 -29.7
8,768.000
Galveston
-28.7
119.325.679
85.292.707
Houston2,002,651 -39.4
1.213,583
Port Arthur
5,507.000 -57.0
2.370.000
Wichita Falls
16,093,833 -35.7
10.348,184
La.-Shreveport
-----27.5
380,853,008
278.003,090
(10
Total
citlee)......_
12.485,987
15.503.380
376.214,497
35.046,947
79.221,795
30,339,000
274,272.192
4,009,060
8,023.000
33,985,370
869,081,228
52.340,926
794,165.596
4,203,983
267,937,639
24.148,554
17,057.000
3,480,777
11.072,489
22,790,230
6,950,442
9.813,808
33,846,418
740,423
-33.9
-28.1
-20.0
-46.8
-23.4
-18.7
-26.9
-39.3
-52.7
-29.4
--,
1,184,085,044 -25.3
18.854,159
21,548,931
470.251,634
85,896,414
103,374.848
37.310.000
375.154,583
6,609.615
16,951.000
48,133.860
1,422,330
1,695,190 -16.1
2.455,793
2,540,777
25,587,609
33,636,971 -23.9
41,443,770
52.336.755
6.703,811
1.755,000
7,290,301 -72-1.3
2,392,000 -26.6
10.414.400
4,402,000
13.746.781
4.485.000
1.835.629
3,411.874 -46.2
8.458.871
6.831,102
36,304.079
48,426.336 -25.0
65,174,634
78,9414415
21.033,769
5,653.000
419,009
29,625.048 -29.0
8,682.000 -34.9
889,568 -52.9
38,089.329
10,198,000
1,082,37r
47.247.806
11.674.000
1.583,677
16,977,324
25.725.504 -34.0
33,786.600
36.891,538
7.944,413
14,970,487 -46.9
17,801,472
19.452.847
6,905,188
5,350,149 -47.3
2.817.171
No Longer Will Report Clearin Bs
8,777,449
Twelfth Federal R eserve Distric t-San Franc ism-3,000,000 -30.3
2,091,000
Wash.-Bellingham._
145,089.083 -24.4
109,642,219
Seattle
41,146,000 -31.8
28,041,000
Spokane
4,169,324 -47.9
2,171,268
Yakima
5,005,485 -21,8
3,916.290
Idaho-BoLse
1,264,000 -35.5
815.426
Oregon-Eugene
117.991.965 -33.1
78,928,883
Portland
4,823,919 -58.0
2,026,398
Utah-Ogden
35.4
59,738.1355
38,590,483
Salt Lake City
13,672.000 -25.3
10.209,260
Arizona-Phoenix
4.048.059 -25.0
3.035.548
Calif.-Bakerstield__ +1.2
15,524.702
15,751,415
Berkeley
25,104.799 -42.8
14.353.024
Long lieach
No longer will report clearint s.
Los Angeles
28.7
2,515,720
1,792,710
Modesto
22,655.248 -30.5
15.743,699
Pasadena
3,623,060 +5.1
3.807.514
Riverside
31,581,482 -16.2
26,466,092
Sacramento
18.525,992 -29.0
13,152,606
San Diego
828,058,618 -28.2
San Francisco
463,225,914
10,249.722 -34.9
San Jose
6,678,501
7.878,832 -36.4
Santa Barbara
5,008,701
7.327,234 -38.8
Santa Monica
4,482,019
-22.7
6,902,600
5,337,787
Stockton
5.382,540
313.153,946
83,390,000
8,257.548
13,311.197
2.618.426
235301,231
6.237,308
132.011.833
32,239,486
9,400,604
49.868.219
46.686,768
8.609,000
416.404.772
121,448.000
11.878,923
16,590.188
3.672,000
337,718,221
15,181,506
185,458,863
41,509,000
12,569,863
48,532,681
78,068,530
-37.5
-24.8
-31.3
-47.3
-19.8
-28.7
-30.4
-58.9
-28.8
-22.4
,-25.2
+2.8
-41.5
5,800,637
50,025.073
13.454,513
86.854,161
43,070,887
1,414.304.83
22,309.985
16,0.33.335
13,304.035
16,439,273
7.901.327
69,104,517
11,481.198
84,328,801
61.03536
1,879,652.13
32,568.46
23,585.81
22,233.62
20,497,60
-26.6
-27.6
+17.1
+3.0
-29.4
-24.6
-31.5
-31.8
-10.2
-19.8
5,993.25:
2,558326
102.260,711
1.460,026
1,062,015
898,801
1,016,511
6,179.001
4,225,662
150,008,281
2,585,014
1,748,943
1,423,036
1,751,400
855,285,766 1,179.896.737 -27.5
2,616,294,840
3,510,028,170 -25.5
173,361,654
257.347,061 -32.6
Total(23 cities) _ _._
6,417,389
7,462.828
6.742.698
-3.0
5.794.786
-39.5
-31.8 206.479.206
3.229,398
-43.5
1.931.055
-39.3
1,848,558
-36.8
1,858,100
-42.0
6,373.635
6,156.801
216.722.843
3,591,044
3.283.853
2.041.184
2,618.300
842.165,156
373,777,304
4,182.988 -21.9
3.287,531
-42.2 13012677.153 14211830.225
Grand total(173 cities) 24,517.398,668 39.301,344.645 -37.6 72,365,756,875 111,920,160,110 -35.3 5,658.849.2439.794.525,776
-30.9 4.067,179.165 4.547,925.532
2.970.695,103
-31.5
2.054.050,837
39.228,041,368
28,853,462,658
Outside New York
8.907,952,306 13,132,959,663 -32.2
CANADIAN CLEARINGS FOR MARCH, SINCE JANUARY
Three Months Ended March 31.
Month of March.
Clearings at
1932.
Canada
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
Bt. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort 'William
New Westminster---Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
51oncton
Kingston
Chatham
Sarnla
Sudbury
1931.
1,
Inc.or
Dec.
1932.
1931.
AND FOR
WEEK ENDING MARCH
Week Ended March 31.
,
Inc.or
Dec.
31.
1982.
1931,
Inc.or
Dec.
1930.
1929.
%
-31.7
-29.6
-6.5
-20.4
-18.3
-28.0
-17.8
-16.6
-15.2
-20.4
-19.7
-2.4
-4.1
-7.0
-8.8
-13.2
-15.1
-26.5
-19.3
-11.5
-22.3
-18.6
-21.1
-24.0
-25.8
-33.4
-48.9
-8.8
-9.6
-20.4
+1.1
-33.0
$
997.425,557
996,501,125
383.373,791
161,274.378
63,719,677
51,290,555
29.501,260
48,428.332
61,059,791
22.913,585
18,527.143
32.561,654
49.692,952
89,889.770
4,029,835
3,932,056
17.112,413
7.619.622
9.716.869
6,849,819
5,886,809
2,272,829
7,397.013
7,116,298
10,450,058
29,013,491
3,851,491
8,757,375
8,380,265
5,751,841
5,165,157
6.232,919
$
%
1,479,716.981 -326
1,364,991,823 -27.0
403,655,033 -5.0
197.916.666 -18.5
76,417.573 -16.6
66,898.688 -23.3
36,179,668 -18.5
80.258.683 -19.6
85,871,819 -28.9
29,608,281 -22.6
23,880,270 -22.4
36,291.455 -10.3
55,984,400 -11.2
40,992,385 -2.7
4,911,112 -17.9
4,865,680 -19.2
21,474,138 -20.3
9,771,125 -22.0
12,260.235 -20.7
7.849.263 -15.3
7,888,928 -25.4
2,724,891 -16.6
9.491,795 -22.1
9347.939 -22.2
13,352.130 -21.7
40,050,468 -27.6
5,291,537 -27.2
8,867.155 -1.2
7,782.675 -18.0
7.741.282 -25.7
6,750,536 -23.5
9,158,517 -31.9
$
69.694,491
70.590,434
40,548,871
12.549,602
4,464.316
3.6.52,503
2.086,300
3,229,040
5.297.737
1,649.877
1.524.904
2.333,111
3,185,118
2,652.931
369.878
260,370
1,356,024
474,642
664,894
583,786
401,590
155,156
563,066
618,564
711.113
2,284,32
281.405
592,124
471,594
361.697
327.274
459,183
$
S
$
%
143,354.933 -51.4 146,281,880 148.162,792
119,835,245 -41.1 137,237,470 132,864.557
48.556.307
45,083,088
28,955,919 +40.0
21.742,791
19.675.003
17.087,342 -27.0
7,744,861
7.314,688
6,308.699 -29.2
6.284.413
6,935,167
5.868.032 -37.7
4,443.741
4,590,331
2,933,790 -28.9
6,161,488
6,192,105
5,055.625 -36.1
13,798,484
8,787.381
8.008,152 -11.8
2,990.048
2,512,936
2.226,895 -25.9
3,379.892
2.624.865
1.971,982 -22.7
3,677,437
3,319,811
3,004.377 -22.3
8,617,412
7,514,955
-43.9
5,679.381
5,435,341
4,992,188
6,148,598 -56.8
619,024
496.687
389,626 -5.1
658,521
613,976
450,000 -42.1
8,174,342
2,447,865
1,425,408 -4.9
1,023,844
611,704 -22.4
1.238.955
1,295.817
8.56,268
1.048.728 -38.6
921,372
844,043 -9.4
843.488
902.432
612.624 -34.4
825.815
424.647
209,371 -25.9
424.647
980.191
658.516 -14.2
922,983
1,241,483
768,198 -32.5
977.583
1,305.552
1,113,772 -36.2
1,173,363
565.826
2,764.371 -17.4
4.833.785
500,459
32.5,655 -13.6
422,655
1,003,894
680,922 -13.0
985,359
786,103
647,403 -27.2
1,000.784
728,154
546,617 -25.2
575.119
660.343
483.327 -32.3
622.082
901.928 -49.1
1305,821
1 MI ,KA .Ort 1 SAC IAA OW) --94 c
A lAq AO/ 01R
11411 nut 09n -98 9
234.295.917
369.086.295 -38_8
$
331,819,404
323.087.611
134,357,161
53,183,536
20,977,220
16.748,680
10,410.911
16,358,174
21,165,912
7,494,088
6.287,576
11,047,690
16.830,231
12,668.588
1.451,304
1,399,293
5,748,403
2,142.851
3,244,439
2,344,616
2.010,838
746,016
2,434.339
2,490.856
3,264,771
9,810,235
1,221,779
2,713,094
2,187,841
1,799,563
2.187,841
2,122,877
$
485.687,253
458.038.353
126,191,101
66,776,186
25,664,399
23,250.874
12,885,462
19.610,991
24,962,528
9,417.481
7,834.838
11,323,590
17,548.159
18,620,832
1,591,421
1,611,584
6,772,521
2,916.683
4,022,808
2,649,660
2,588,221
915,965
3.085,648
3,278,258
4,399,194
14,728.488
2,390.500
2,911,138
2,419.758
2,257,753
2,164,513
3388.062
420 1104 027
434 048.467
house not functioning at present. c Clearinghouse reopened in February. d Figures smaller due to merger
a NO longer reports weekly clearings. b Clearing
of two largest banks.
2664
FINANCIAL CHRONICLE
[VoL. 134.
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
The highest rate of exchange on Now York recorded
during the period
from the 17th. Inst. to 23d inst. was $3.66% and the lowest
$3.61.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)
Mar. 15. Mar, 7. Feb. 29.
Notes in circulation
18048
Apr. 2 Apr.4 Apr.5 Apr.6 Apr.7 Apr.8 Silver coin and bullion in
18071
17954
India
11061
1932. 1932. 1932. 1932. 1932. 1932.
11136
11221
Gold coin and bullion in India
bll
Francs. Francs. Francs. Francs. Francs. Francs. Securities (Indian Government
501
492
)
6076
Bank at France
13,400 13,200 13.200 12,900 12,900 Bills of exchange
6084
5941
Banque de Paris et Pays Bo
400
1,520 1,480 1,490 1,430 1,430
350
300
The
Banque de Union Parialenne
stocks
In Shanghai on the 19th inst. consisted of about
482
473
482
480
57.800.000
Canadian Pacitlo
357
344
361
320
-ii.5 ounces in sycee, 172.000.00u dollars and 5,460 silver bars,
as compared
Canal de Suez
14,575 14,475 14,500 14.505
__ __ with about 56,700.000 ounces in sycoe,
d'Electricitle
169,000,000 dollars and 5,760 silver
Cle Dlstr
2,410 2,390 2,390 2,300
Cie General d'Electricitie
2,690 2.630 2,660 2,580 2,530 bars on the 12th inst.
Citroen B
449
435
435
430
Comptolr Nationale d'Escompte
1,240 1,220 1,230 1,190 10
Cots,. Inc
ENGLISH FINANCIAL MARKET-PER CABLE.
270
260
270
250
250
Courrleres
455
450
475
475
---Credit Commerciale Is France
The daily closing quotations for securities, &c., at London,
710
766
805
800
Credit Fonder de France
5,410 5,280 5.330 5,150 5,180
Credit Lyonnais
2,090 2,030 2.050 1,990 1,970 as reported by cable, have been as follows the past week:
Distribution d'ElectrICItie is Par
2,410 2,320 2,400 2,340 2,330
Sat,
Mort.,
Tues.,
Wed.,
Eons Lyonnais
Thurs.,
2,350 2,390 2,340 2.270 2,260
Frt.,
Apr. 2.
Energle Electrique du Nord
Apr, 4.
Apr. 5,
Apr. 6.
680
Apr. 7,
689
687
689
Apr. 8.
Energle Electrlque du Littoral_
Silver,
per
oz__
175jd.
1,028 1,013 1,020 1,020
1754d.
1751(1.
17d.
--_
16 13-16d. 16 13-16d.
French Line
98
99
98
101
99 Gold, p.!Moos. 1088.11d. 1098.11d, 109s.5d. 109s.8d, 109s.
Gales Lafayette
1098.8d.
Boll101
101
101
101
101 Consols,2%%_ 603.(
6014
60%
6014
Gas Le Bon
day
6054
830
840
840820 BrItLih, 5%
603.4
Kuhlmann
_ -102.S4
10254
1023.4
470
440
102%
450
-4i0
420
10234
L'Air Liquids
870
860
1013.4
860
830
102
102
810 British, 434%_
102
10134
Lyon (P. L. M.)
1,250 1,255 1,245 1,250
French Rentes
Mines de Courrleres
450
450
460
440
.
iiii
(in Paris) 3%
Mines des Lens
540
530
530
520
510
Nord Ry
francs...... 77.80
1,810 1,780 1,810 1,780 1,780
77.70
77.70
77.50
77.50
Paris. France
1,430 1,400 1,420 1,400 1,370 French War L'n
Paths Capital
126
125
127
130
(In
Paris)
5%
Pechiney
1,380 1,340 1.360 1,290 1:27
-0
francs......
Routes 3%
102.00
102.10
102.00
77.80 77.70 77.70 77.50 75.50
102.00
101.80
Ratites 6% 1920
102.00 102.00 102.10 102.00 101.80
The price of silver in New York on the same days has been:
Rentea 4% 1917
94.90 94.20 94.70 94.30 94.20
Rentes 6% 1916
Silver
in N. Y.,
124.10 124.10 124.20 123.70 123.70
Rentee 6% 1920
105 20 105 00 105.10 105.20 105.20
Per oz. lets.) 2854
2934
29
2854
2834
Royal Dutch
2854
1.310 1.290 1.300 1,230 1,240
Saint Cobb. C.& C
2,460 2,350 2,315 2,310
Schneider & Cie
1,435 1,390 1,425 1,420
Societe Andre Citroen
450
430
440
430
-iiii
Societe General Fonciere
211
211
214
202
198
Societe Francalse Ford
120
122
122
117
111
Societe Lyonnais
2,355 2,325 2,330 2,330
Societe Marsellialse
600
600
600
650
Breadstuffs figures brought from page 2762.-All
Suez
14,600 14,500 14,500 14.200 14:20E1
Tubize Artificial Silk pre/
152
150
the statements below regarding the movement of grain149
150
Union d'Electricitle
920
920
930
900
-5E1
Union ties Mines
220210
220
220 receipts, exports, visible supply, &c., are prepared by us
Wagon-Llts
112
-ioi
113
116
(Commercialand Wascellanzons/term;
from figures collected by the Now York Produce Exchange.
First we give the receipts at Western lake and river ports
THE ENGLISH GOLD AND SILVER MARKETS.
for
the week ending last Saturday and since Aug. 1 for
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of each of the last three years:
March 23 1932:
Receipts at-1 Flour. I Wheat. I Corn. I
Oats. I
GOLD.
On the 17th inst. the Dank of England reduced its official rate
of discount
from 4% to 3%%•
The Bank of England gold reserve against notes amounted to
£120,804,085
on the 16th inst as compared with £120,801,751 on the previous
Wednesday.
The steamship Malwa which left Bombay on the 19th inst.
carries gold
to the value of about £735,000.
Fair quantities of gold, a large proportion of which was the
product of
old jewelry, were available in the open market during the
week: most of
the gold offered was taken for a destination not disclosed,
Quotations during the week:
Per Fine
Equivalent Value
Ounce.
of E Sterling,
March 17
114s. 5d.
14s. 10.2d,
March 18
114s. 4d.
145. 10.3d.
March 19
113s. 2d.
15s. 0.2d,
March 21
112s. 10d.
155 0.7d,
March 22
113s. Id.
15s. 0.3d,
March 23
113s. 2d.
15s.
0.2d.
Average
113s. 6d.
143. 11.6d.
The following were the United Kingdom imports and exports
of gold
registered from mid-day on the 14th inst. to mid-day on the 21st
inst.:
Imports.
Exports.
British India
£1,616,034 France
£2,270,211
British South Africa
1,233.402 Netherlands
109.504
Brazil
276.785 Switzerland
5,849
Australia
6.538 Other countries
2.843
New Zealand
26,350
Iraq
22.834
Other countries
15.798
£3,197,741
Barley. I Rye.
,
851:.196 lbs bush.60 tbs. bush.56 lbs. bush. 32 lbs. bush.4815s. bush.56l0s.
147,000
150.000
386,000
210.000
83.000
3,000
424,000
93.000
110.000; 183.000
30,000
74,000
2,000'
I
9.0004
33,000
20,000
20,000
52.000
71.000; 161.000,
3,000
118.000
37.000
426.000,
3,000
1,000
8,000
2.000
10,000
29.000
2,000
8,000,
22.000,
154,000
148.000;
148,000,
165,000'
48,000,
295.000,
36.000
37,000,
24.000
177.000
12.000
61
2,000
7,000'
121.000;
406,000
20.
55.000
82.000;
4,000
12.000
38,000.
56.000,
60,000
2,000
2.000
71,000'
47.000
96,000;
1,0001
1---Total wk. '32 367,000' 1.808.000 1,376.000 1.124.000 568.0001,
74.000
Same wk. '31
337.000 3.971.000 3.052.0001 1.327.000 380.000 144.000
Same wk. '30 411,000 3,076,000 5,215.000 2.254,00
582,000
52,000
----Since Aug.11931
14.717,000247,348,0001 94.093,0001 52.329,00026.141,000 5.232.000
1930
15.037,000338.082.000 I 51.447,000 86,408.00040,391.00018.250.000
1929
15.398,000303.604,000 193.844.000105.004.00056,277.00021.005.000
Chicago
MinneapolisDuluth
Milwaukee___
Toledo
Detroit
Indianapolis
St. Louis_ _ .._
Peoria
Kansas City
Omaha
St Joseph
Wichita
Sioux City_
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, April 2 follow:
Receipts at-
Flour. I
Wheal. I
Corn.
I
Oats.
Barley. I
Rye.
bls.196 Ihs'bush. 60 lbs.!bush.66 lbs. bush. 32 tbs. bush.481b5.l bu3h.5615s.
New York_
29.000
16,000
166.000
566,0001
1 °Wand, Me.
19,000
PIO ladel phia..
16,000
3.000
13.000
35,000
18,000
5,000
13altImore_.39,0
21,000
12,000
Norfolk
86.000
Mobile
1.00
New Orleans'
36.000
21,000
66,000
57,0001
8,000
Galveston__ -175.0
St. John
16.
135
4,000
Boston
W.St. John
215.
8,000
60.000
314.000
Houston
s.
Halifax
19,00
120,000
164.000
90.000
Total wk. '32 354,000 1,412.000
8.000 315.000
Since Jan.1'32 4,295.000 19.471,000; 1.025.000 1.627.000 466.000 1,643,000
75.000
71,000 195.000
Week 1931... 398.000, 1.564,000
10.00
Since Jan.1'31 5,595.000' 22,989,000 1,106.000' 1,224,000 1,177.000 150.000
• Receipts do not Include grain passing through New Orleans for foreign pork,
on through bil s of lading.
£2,388,407
SILVER.
Prices have again been affected by movements in the exchanges
and
during the week declined to 17%d. for cash and 17 13-16d. for two
months'
delivery, which were the quotations filed yesterday. To-day, however,
in the absence of selling, prices advanced sharply, cash rising
7-16d. and
two months' delivery
d., both positions being quoted at 18 3-16d.,
the rise being somewhat out of proportion to the amount of
business
transacted.
Eastern rates showing sealcness, occasioned some selling from
both
India and China, although the latter has also made purchases
to cover
bear sales. America has been more disposed to support the
market.
having been a buyer on most afternoons.
Following the lowering of the bank rate, the premium on sliver
for
forward delivery has disappeared, prices to-day being quoted level.
The following were the United Kingdom imports and exports of
silver
registered from mid-day on the 14th inst, to mid-day on the 21st
inst.:
The exports from the several seaboard ports for the week
Imports.
Exports.
Jugoslavia
ending Saturday, April 2 1932, are shown in the annexed
£180,399 British India
£41,916
France
35.039 United States of America_ _ _ 25.900 statement:
Australia
13.719 Germany
4,162
British South Africa
3.948 France
5.220
New Zealand
Corn.
Wheat.
Flour.
Oats.
Exports fromRye.
3.046 Denmark
Barley.
1,665
Belgium
2.325 Other countries
3,381
Aden and
Bushels, Bushels. Barrels. Bushels. Bushels, Bushels.
9
D
e
p
n
d
c
i
s
,240
Other countries
1,307.000
12,253
York
New
34.000
1,255
19.000
l'ortland, Me
13,000
Boston
£248,971
£8,,,244 Philadelphia
108,400
Quotations during the week:
264.000
Baltimore
IN LONDON.
17,000
34,000
12,000
IN NEW YORK.
Norfolk
Bar Sifter per Oz. Std.
86.000
Mobile
1,000
(Cents
per
Oz.
.999
Fine.)
Cash.
2 Mos.
194,000
2,000
18,000
New Orleans
14,000
Mar. 17---_18.0d.
18Sid.
301,000
Galveston
March 16
20,000
30
Mar. 18___18 1-16d.
183-16(1.
231.000
7,000
St. John, N. B
March
17
195,000
8,000
29Si
19----18
1-16d.
Mar.
18Sid.
314,000
Houston
March IS
29% Halifax
Mar. 21----17 13-16d. 174cl.
8,000
1.000
19,000
March 19
120,000
29%
Mar.22-17%d.
1713-16d.
March 21
29)i
Mar. 23-__-18 3-16d.
18 3-16d.
Total week 1932._ 2,727,000 101,000
89,253
March 22
14,000 366,000
62.000
29g e....e. mook 1031
Average----17.979d. 18.052.d.
1.409.000
12.000 230.801
11.000
334.000
Bale"
rrfaay
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
The destination of those exports for the week and since
July 1 1931 is as below:
Wheat.
Flour.
Exports for Week
and Since
Since
Week
July 110
April 2 July 1
1931.
1932.
Barrels.
United Kingdom_ 41,520
Continent
12,328
So.& Cent. Amer. 4,000
West Indies
22,000
Brit. No. Am.Col. 7,000
Other countries
2,405
Total 1932
89,253
Total 1931
230.805
Week
April 2
1932.
Corn.
Week
April 2
1932.
Since
July 1
1931.
Since
July 1
1931.
Bushels,
Barrels.
Bushels. Bushels. Bushels.
112,000
86,000
2,278,686
559,000 29,990,000
152,000
12,000
1,455,744 1,758.000 75,908,000
10,000
203,453
403,000 10,868,000
44,000
3,000
358,914
147,000
3,000
10,962
4,000 2,332,000
190,977
4.498,736 2,727,000 119,241,000
9.157.827 1.409.000 146.026.000
101,000
12.000
318,000
267,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, April 2, were as follows:
GRAIN STOCKS.
Rye.
Oats.
Corn.
Wheat.
bush.
bush,
bush,
bush,
3,000
28,000
1,000
2,326,000
1,000
5,000
1,859,000
9,000
52,000
46,000
3,774,000
30,000
37,000
77,000
6,954,000
294,000
1,000
37,000
60,000
2,046,000
2,685,000
2,000
308,000
303,000
5,782,000
280,000
932,000
12,354,000 3,583,000
293.000
491,000
5,000
244.000
191,000
4,328,000
279,000
190,000
32,000
24,000
12,000
267,000
20,868,000 12,279,000 3,924,000 1,493,000
1,548,000
256,000
2,051,000
217,000
396,000
663,000
6,249,000
1,890,000
2,088,000
106,000
17,849,000
67.000 3,397.000 3,713,000
27,811,000
70,000
30,000
1,580,000
8,000
484,000
6,322,000 1.328,000
58,000
64,000
336,000
37,814.000
1.789,000
77,000
5,414,000
703,000
257,000
5,724,000
639,000
26,000
64,000
348,000
1,479,000 1.552,000
20,000
453,000
390,000
18,162,000
-- ----Total Apr. 2 1932...196,526,000 21,640,000 14,805.000 9.310.000
Total Mar. 26 1932_202,269,000 21,910,000 15,930,000 9,190,000
Total Apr. 4 1932_201,832,000 20.447,000 16,966,000 12,104.000
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
" afloat
Toledo
" afloat
Detroit
Chicago
" afloat
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichlta
Hutchinson
St. Joseph, Ido
Peoria
Indianapolis
Omaha
Barley.
bush.
6.000
3,000
1,000
56,00
9,000
319,000
6,000
48,000
189,000
254,000
313,000
1,515,000
18,000
99.000
15,000
2,851,000
2,877,000
7,460,000
270
4051 4135
41
Firemans Fund Ins
3,103
454 6
434
Food Mach Corp corn....
230
634 654
655
Golden State Co Ltd
165
25
25
Hawaiian C & S Ltd
Hawaiian Pineapple
634 654 1,700
115
21
21
21
Home F & M Ins Co
1.505
7
6
6
Honolulu 011 Corp Ltd
100
28
28
28
Honolulu Plantation
625
635 654
655
Langendorf United Bak A.
848
834 935
Leslie Calif Salt Co
90
94
LA Gas & Elec Corp prat_ 9355 93
h 5,045
54
Magnavox Co Ltd
h
78
6055
60
Magnin & Co 16% pref. _ 60
532
154 155
Marchant Calif Mach corn_
10
59
59
Mere Amer Rlty 6% prof.140
334
3
No Amer Inv com
10
1235 1235 15
6% preferred
650
3
355
North Amer Oil Cons
3
824
455 434
Oliver United Filters A
554
134 135
134
475
B •
3
100
3
Paauhau Sugar
3135 30,277
2535 25
Pacific G & E corn
2435 2435 25
9,506
6% 1st pre
1,658
2151 2155 22
535% preferred
Pac Lighting Corp corn.- 3355 3331 3735 7,475
6% preferred
345
8255 8635
154 2
135
2,964
Pac Pub Serv non-vot
1231 5,186
10
10
Non-voting preierred
84
9231 2,241
84
Pacific Tel & Tel com
9935 9831 103
620
6% preferred
1355 1334 14
1,583
Paraffine Cos corn
500
1034
10
Rail Equip & Real 1st pref.. 10
4
4
4
100
Series I
Richfield 011 com
100
55
54
7% preferred
34 1,180
55
435 5
475
400
Roos Bros common
40
10
40
Preferred
9854 101
481
S J L & Pow 7% pr Prof... 100
9134
21
91
6% prior preferred
234 3
251
Shell Union 011 com
1,992
50
50
Sherman Clay & Co pr pf.
60
_
1435 1431 1734 3,681
Southern Pac Co
10
10
307
So Pac Golden Gt A
210
634 635
Spring Valley Water Co.-- -----Standard 011 Co of Calif._ 2135 2135 2455 11,943
454 434
-----100
Thomas Allec Corp A
2
2
255
965
Tide Water Assd Oil com
23
22
22
47
6% Preferred
355 335 42,947
335
Transamerica Corp
954 1055 2,680
935
Un Oil Associates
1035 1054 1134 1.961
Un Oil Coot Calif
40
184 185
184
Wells Fargo Bk dc U T
134
111
250
154
West Amer Fin Co 8% Pt.
1434 16
15
4,877
Western Pipe & Steel Co
5
5
200
Yel Checker Car Co A.-
Note.-Bonded grain not included above: Oats, New York, 1,000 busehs1;
total, 1,000 bushels, against 10,000 bushels in 1931. Barley, New York, 61,000
bushels; Buffalo, 465,000; total, 526,000 bushels, against 754.000 bushels in 1931.
Wheat, New York, 1,695.000 bushels; New York afloat, 296,000; Baltimore, 75,000;
Buffalo, 3,345,000; Buffalo afloat. 5.790,000; total, 11,201,000 bushels, against
9,777,000 bushels In 1931.
Oats.
Rye.
Barley.
Wheat.
Corn.
bush,
bush.
bush.
bush,
bush,
Canadian1,316,000 1.130,000 1,011,000
3,386,000
Montreal
2,689,000 7,606,000 3,103,000
Ft. William & Pt. Arthur_55,524,000
114,000
" afloat
71,000
408,000
108,000
5,815,000
778,000
Other Canadian
4,897,000
Total Apr, 2 1932_._.,64.798,000
5,094,000
Total Mar. 26 1932- _63,086,000
5,499,000
Total Apr. 4 1931..._ _65,290,000
SummaryAinerIcan
196,526,000 21,640,000 14,805,000
4,897,000
Canadian
64,796,000
8,844.000 4,522.000
8,831,000 4,556,000
10,814,000 20,561,000
9,310,000 2,851,000
8,844.000 4,522,000
Total Apr. 2 1932...261,322,000 21,640,000 19,702,000 18,154,000 7,373.000
Total Mar. 26 1932_265,355,000 21,910,000 21,024,000 18,021,000 7,433,000
Total Apr. 4 1931...267,122,000 20,447,000 22,465,000 22,918,000 38,021,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, April 1, and since July 1 1931 and 1930,
are shown in the following:
Corn.
Wheat.
Exports
Week
April 1
1932.
Since
July 1
1931.
r
.
1
Since
July 1
1930.
Week 1
April 1
1932.
Since
July 1
1931.
Since
July 1
1930.
I
Bushels.
Bushels,
Bushels.
tels,
Bushels.
Bushels.BInT
North Amer_ 6,114,000242.920,000280.225,I
152.000 1,951,000 1,357.000
Black Sea_
524,000 107,468,000, 97,118,000 1,802,000 24.674,000 28,271,000
Argentina.;- 4,154,000 99,296,000 67,931,000 5.878,000298,788,000181.503,000
Australia
3,927,000116,146.000 86,504,00
India
600.000 9,008
0th. countr's 800,000 26.982,000, 33.632,000, 161,000 16,432,000 36.529.000
Total
15.519,000593.412.000574,418,0001 7,993,000341,845.000 247,660.000
San Francisco Stock Exchange.-Record of transactions at San Francisco Stock Exchange, April 2 to April
8, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
ofPrices.
Par. Price. Low, High. Shares.
Range Since Jan. 1.
Range Since /an. 1.
High.
Low.
Jan
Apr
Jan
Apr
Apr
Mar
Apr
Apr
Apr
Jan
Apr
Jan
Apr
Mar
Mar
Apr
Feb
Mar
Apr
Jan
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Jan
Apr
Jan
Jan
Jan
Jan
Apr
Jan
Apr
Feb
1434 Apr
Jan
10
634 Mar
2155 Apr
454 Apr
Apr
2
20
Feb
235 Jan
Feb
10
1035 Feb
175
Feb
135 Apr
1435 Apr
5
Apr
40
454
534
25
634
21
6
28
634
634
93
35
60
155
58
3
12
3
455
135
3
25
2435
2151
3334
8234
134
10
84
9854
1334
10
4
35
34
351
40
9834
8955
234
41
4835 Mar
Feb
11
835 Feb
Jan
36
955 Jan
Mar
21
1031 Jan
Jan
38
934 Mar
935 Apr
Jan
100
155 Feb
6334 Jan
135 Jan
Mar
59
Feb
5
1534 Mar
555 Feb
Feb
8
254 Mar
Air
3
3634 Feb
2634 Jan
2435 Jan
4135 Feb
Jan
95
334 Mar
1454 mar
Mar
104
Jan
112
2534 Jan
1134 Jan
Apr
4
34 Feb
34 Feb
555 Jan
Jan
50
Jan
107
Jan
96
aoir
4
Mar
51
3754 Jan
1155 Mar
Jan
7
2755 Feb
435 Feb
334 Jan
2734 Mar
Feb
6
1255 Jan
Jan
14
Max
200
Jan
2
Feb
20
655 Jan
Los Angeles Stock Exchange.-Record of transactions
at the Los Angeles Stock Exchange, April 2 to April 8,
both inclusive, compiled from official sales lists:
Stocks
oases
x rway
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Associated Gas dr Elec A..•
151
10
Bola, Chico. 011 A
Broadway Dept St pfd_100
25
California Bank
Central Investment Co_100
Citizens National Bank.20 50
656
Claude Neon Elec Prod.-.
•
Chrysler Corp
Emsco Derrick & Equip_ •
Goody Tire & Rub pfd_100
Goodyear Textile pref__100 65
555
Hancock Oil corn A_ _ __ _25
Internat'l Re-insur Corp 10
Los Ang Gas & Elea pfd 100 9335
554
Los Angeles Invest Co_ _10
MacMillan Petrol Co_ _ _25
Mtge. Guarantee Co__ _100 76
Pac Amer Fire Insur Co_10
634
Pac Finance Corp com__10
Preferred series A_ _10
10
Series D
Pac Gas & Elea com____25 2534
25 2434
1st preferred
Pacific Lighting com
• 3354
Pao Mutual Life Insur_ _10 3235
2
•
Pac Public Serv corn
•
1st preferred
Pacific Western 011 Co__ •
Petrollte Corp
•
Republic Petroleum Co_10
•
Richfield Oil Co corn
25
Preferred
Rio Grande 011 corn__ _.25 _ 2
San Joaq L&P 7% pr pf 100 1003(
Seaboard Nat'l Bank__ _25 36
Security First Nat'l Bank
25 57
of Los Angeles
Shell Union 011 Co com_ _25
134
25
Signal 011 & Gas A
25 2334
So Calif Edison com
25
7% preferred
25 22
6% preferred
25 1955
535% preferred
So Calif Gas6% Pref.- -25
Southern Pacific Co...100 1434
• 2131
Standard 011 of Calif
Taylor Milling Corp
•
355
*
Trans-America Corp
934
Union Oil Associates_ _.-25
25 1035
Union Oil of Calif
Union Bank dr Trust Co 100
WaatisPn Al,' Fr nratan
Low.
Alaska Juneau Gold Min._
16
14
14
2,665 1251
Anglo Calif Trust Co
275 277
275
75 275
Anglo London P Nat Bk.. 10035 100 112
268 100
Assoc Ins Fund Inc
135 135
134
700
114
Bank of Calif N A
14635 14635 150
35 14235
Bond & Share Co Ltd
2
235
2
510
Byron Jackson Co
154
709
134 134
Calamba Sugar com
8
25
8
8
7% pre
955 10
9
55
955
Calaveras Coin Co 7%
10 46
4835 4831 4834
734
73‘ 83‘ 3,787
Calif Packing Corp
751
Caterpillar Tractor
634
633 755 12,168
654
1.293 1334
1335 1335 15
Clorox Chemical Co A_ _
76 83
90
83
Coast Cos G & E 6% 1st pf 83
355 13
1434 1434
Cons Chem Indus A
135
578
135 135
Crown Zell vot tr
134
9
205
14
13
13
Preferred A
9
40
1355
13
13
11
Preferred
934
265
934 9%
935
Eldorado 011 Works
200
335
334 4
Emporium Capwell Corp.. ......
100
35
34
34
34
Fageol Motors coin
2665
FINANCIAL CHRONICLE
APRIL 9 1932.]
ill
700
400
31
50
70
350
1,700
200
200
10
240
300
300
261
800
200
100
200
1,100
100
100
1,500
500
400
850
100
200
4,400
100
100
400
500
1,500
102
150
Range Since Jan. 1.
Low.
251
134
5031
5135
9
50
6
955
3
4334
62
5
18
9334
5
35
76
15
6
834
831
2435
2434
3351
3234
2
1134
4
10
34
55
2
2
100
21
2%
131
5331
57
1034
50
6
955
3
4335
62
535
21
9354
555
.ei
76
15
6
934
834
2435
2431
3354
3255
2
1154
4
10
134
54
2
2
100
36
234
151
5334
57
1055
51
735
10
3
4335
65
535
21
95
551
!‘i
85
1535
634
934
834
2954
2454
3634
36
2
1155
4
10
135
55
2
234
101
3755
57
3
134
2354
2635
22
1934
2255
1434
2134
5
354
914
1055
325
5835 1,800 57
3
200
3
134
231 4,100
2755 14.500 2355
600 2634
2655
2334 2,000 22
2055 2.700 1955
500 2254
2355
400 1451
1755
2134
9,200
2434
5
200
534
234
335 12.500
955
1035 2,600
1135 9,000 1054
184 325
325
5
100
6
A
High.
334
4
55
61
1335
55
1034
1535
334
5755
77
7
25
100
7
55
115
25
735
955
831
37
26
4035
39
234
13
655
11
134
55
34
255
108
32
Feb
Jan
Jan
Mar
Feb
Jan
Max
Jan
Feb
Max
Jan
Jan
Max
Jan
Fet
Jan
Jan
Jan
Jan
Api
Ars
Fet
Jar
Fet
Jan 65
4
Jan
555
Apr
Apr 3255
Apr 2734
Apr 25
Apr 23
Apr 2455
Apr 37
Apr 27
8
Apr
6
Jan
Apr 1255
Apr 1351
Jan 325
7
Jan
Mai
Mai
Mal
Fel
Jar
Ma
Jar
Jai
Jar
Fel
Jai
Fel
Jai
Jai
Jai
Ma
Apr
Apr
Jan
Jan
Feb
Apr
Apr
Apr
Jan
Apr
Apr
Apr
Jan
Jan
Mar
Apr
Apr
Mar
Apr
Feb
Apr
Apr
Apr
Apr
Jan
Apr
Jan
Jan
Apr
Jan
Jan
Apr
Jan
Apr
Feb
MS/
Mai
Mal
Jan
Mai
Fet
Jar
Mai
Mai
Jar
Mai
High.
• No par value.
Jan 1655
Apr 280
Apr 114
Jan
234
Feb 162
334
Apr
235
Apr
954
Mar
Feb 1255
Mar 65
Apr 1135
Apr 15
Apr 15
Apr 96
Jan 1731
Mar
235
Jan 1634
Jan 15
Jan 1035
Apr
434
Feb
55
Jan
Jan
Jan
National Banks.-The following information regarding
Feb
Jan National banks is from the office of the Comptroller of the
Feb Currency, Treasury Department:
Mar
CHARTERS ISSUED.
Jan
Capital.
Mar
$100,000
Mar Mar. 28-The Newton National Bank, Newton,Iowa
Karsten.
L.
0.
Feb
President, H. C. MeCardell; Cashier,
Jan
CHANGE OF TITLE.
Jan
Jan Mar. 28-The Middletown National Bank & Trust Co., MiddleFeb
town, Conn., to
Jan
"The Middletown National Bank."
Jan •
Jan
BRANCHES AUTHORIZED UNDER ACT OF FEB. 25 1927.
Feb
First National Bank of Pontiac, Mich.
Mar Mar.30-The
Location of branches: Corner South Saginaw St. and
Jan
Wilson Ave.;corner North Perry St.& Glenwood Abe.
2666
FINANCIAL CHRONICLE
VOLUNTARY LIQUIDATIONS.
Mar,28-The Citizens National Bank of Brownwood, Tex
100,000
Effective March 15 1932. Liquidating agent, F. S.
Abney, Brownwood, Tex.
Succeeded by the Citizens National Bank in Brownwood, No. 13588.
Efa.=
8
-The National Bank of Kaw25.000
Effective close of business March 12 1932. Liquidating
agent. L. M. Cline, Kaw City, Okla.
Absorbed by First National Bank in Kaw City, No.
10075.
National-Ink of Ontario. Ore
...TEr.-•
29-The First
50,000
Effective March 12 1932. Liquidating agent, C. R.
Emison, Ontario, Ore.
Absorbed by Ontario National Bank, Ontario, Ore.,
No. 9348.
-Mar,. 29-The First National Bank of Corm Tex
25,000
Effective March 2 1932. Liquidating agent, Roy
Jones, Dome, Tex.
Succeeded by First National Bank in Munday, Tex.,
No. 13593.
April 1-The First National Bank of Jefferson City, Mo
200,000
Effective March 28 1932. Liquidating agent, J. H.
Conrath, care of the liquidating bank.
Absorbed by the Exchange National Bank of Jefferson
City. No. 13142.
Name of Company.
(VOL. 134.
Per
When
Cent. Payable.
Books Closed.
Day: Inclusive.
Public Utilities f('snclud,11).
Edison Elec. III. Co. of Boston (quar.)-.. $3.40 May 2 Holders Of
MC, Apr. 11
Gen. Ital. Eifis. Elec. Amer. Shares
*32.06 Apr. 20 *Holders
rec. Apr. 13
Green & Coates Sts.lifilla.Pass. Ry.(qu.) *El% Apr. 7 *Holders of
of rec. Mar.23
Harrisburg Gas 7% pref (guar.)
•1% Apr. 15 *Holders of rec. Mar. 31
Honolulu Rapid Transit (guar.)
*20e. afar. 31 *Holders of rec. Mar. 23
Iowa Elec. Co.. 7% pref. A( guar.)
*1%% Mar. 31 *Holders of rec. Mar. 15
634% preferred B (quar.)
*14% Mar. 31 'Holders of rec. Mar. 15
Iowa Power & Light, 7% pref. (quar.)-- .31% Apr. 1 *Holders of
rec. Mar. 15
6% preferred
*13.i Apr. 1 *Holders
Iowa Railway & Light, 7% pref. A (qu.)'134% Mar, 31 *Holders of rec. Mar. 5
of rec. Mar. 15
634% preferred B (guar.)
*14% Mar. 31 *Holders of rec. Mar. 15
0% Preferred C (quar.)
•155% Mar. 31 *Holders of rec. Mar. 15
Iowa Southern utilities.
% 0% & 7% pref. stocks- Dividends passed.
Iowa Sou. Util.6%.634% and 7% prof. stocks -Divs. omitted.
Jamaica Water SUMAS% 73.5% Pf. (s.-a.)- *1% May 1 *Holders
Lincoln Tel. & Tel.6% pref. A (guar./- 4.1y.6 May 10 *Holders of rec. Apr. 9
of roe. Mar. 31
Maine Gas Co. common (guar.)
*50e. Apr. 15 *Holders of rec. Apr. 1
Preferred (guar.)
*31% Apr. 15 *Holders of rec. Apr. 1
Malone Light & Power comma'
*75e. Mar. 30 *Holders of rec. Mar. 15
$6 preferred (guar.)
•31% May 1 *Holders
ree. Apr. 15
Mich. Gas& Elec.,6% pref.(quar.).., .134 May 2 *Holders of
of rec. Apr. 15
$6 preferred (guar.)
•$134 May 2 *Holders of rec. Apr. 15
7% prior nen pref. (guar.)
4.1y, May 2 *Holders of
rec. Apr. 5
National Electric Power, A-Dividend o mitted
Natl. Electric Power class A-No action taken.
Auction Sales.-Among other securities, the following, Nat'l Tel. dr Tel., lot pref. (guar.)
*313I May
*Holders of rec. Apr. 16
A (quarterly)
•88e. May
*Holders of rec. Apr. 16
not actually dealt in at the Stock Exchange, were sold at auction New
Bedford Gas and Edison Light Co.
common (qua:.)
+75e. Apr. 15 *Holders of rec. Mar. 31
in New York, Boston, Philadelphia and Buffalo on WedNortheastern Public Service, prior pref a nd pre f stocks -Dividends
deferred.
Northwestern States Utility 6% pref.- Divide nd omit ted.
nesday of this week:
Pacific Public Service Co. $1.30 1st prof.
(guar.)
Adrian
*323-ge
H.
Muller & Son, New York:
May 2 *Holders of rec. Apr. 15
By
Philadelphia Electric (guar.)
+45c. May 2 'Holders of rec. Apr. 9
Shares. Stocks.
S per Sh. Shares. Stocks.
5 Per Sh. Potomac Eason, 7% pref.(guar.)
•1 U May 2 *Holders of rec. Apr. 30
300 American Telegraph-Typewriter
30 Nash New Rochelle, Inc., Of.;
6% preferred
'134 May 2 *Holders of rec. Apr. 0
Co., par 510: 120shs. Bias Water30 ohs Nash New Rochelle, Inc.
Standard Telephone pref.-Dividend om tied.
proof Fabric Co., par 5.50: 25 abs.
cote., no par
9 lot United Light & Rys. Co.. 7% prior pref.
Post Road Coal and Lumber Co.:
20 Aztec Export Corp
100 lot
(Monthly)
58 1-3c May 2 *Holders of rec. Apr. 16
750 abs. Santa Emilia Copper
6.36% prior preferred (monthly)
+53e. May 2 *Holders of ree. Apr. 15
Co.. Inc., par Si
$3 lot
6% prior preferred (monthly)
•50e. May 2 *Holders of rec. Apr. 15
No par preferred (guar.)
•87%e Apr. 15 *Holders of rec. Mar. 28
By Wise, Hobbs & Arnold, Boston:
United Public Utilities, 36 and 3534 Prof. stocks -Divid ends omitted
Shares. Stocks.
Bonds.
5 per Sh.
Per Cent. United Telephone (Kansas)6% pref._
Apr. 15 *Holders of rec. afar. 31
879 Worcester Consol. Street Ry.
Warren (Ohio) Telephone 7% pref.-D vidend passed.
Demand note for 310,552, given by
Co. 1st pref.. par $80
West Penn Electric, 7% prof.(quar.)
Frederick R. Moseley to The
$30 lot
'Si 34 May 16 *Holders of rec. Apr. 20
6 units First Peoples Trust
6% preferred (quar.)
9
A.1'. Stearnes Lumber Co.. dated
+$1% May 16 *Holders of rec. Apr. 20
100 Heywood-Wakefield Co.,corn._ 3
Feb. 12 1924, with Int. at 8%.
Waft Va. Water Service, $8 pref. (guar.)'81 34 Apr. 1 *Holders of roe. Mar, 21
7 units First Peoples Trust
9
pay. semi-ann., secured by 150
4special units First Peoples Trust
2
sits, of The A.T.Stearnes Lumber
Banks.
70 Cornstalks Products Co.; 16
Co
$50 lot Amsterdam City National Bank (AmSalem Briquette Co., class A:
Demand note for $9.000 given by
sterdam, N. Y.) (quar.)
.$3.% Apr. 30 *Holders of reo. Apr. 15
Route Producte. pref.: 3 Korite
Anniston Nat. Bk.(Anniston. Ala.)(qU.) •$2 Apr. 1 *Holders of rec. Mar.30
Frederick It. :Moseley to The
Products, common: 200 EuroAtlantic National Bank (Boaton)-Divid end o
A.T.Stearnes Lumber Co., dated
merican Cellulose Products; 50
Atlantic Nat. Bank (Jacksonville)(qu.), •10e. Apr. 1 *Holders of rec. Mar.24
Feb. 2 1931, with Int. at 6%,seBowman-Blitmore Hotels Corp..
Bank of California (N. A.)(quar.)
cured by 453 ohs. of The Cypress
*$234 Apr. 15 *Holders of rec. Apr. 8
1st preferred
$10 lot
Lumber Co
550 lot Bethlehem Nat.(Bethlehem, Pa.) WO.). .33 Mar. 31 *Holders of reo. Mar. 29
Bloomilehl(N.J.) Bk.& Tr. Co.(guar.) •50e. Apr. 1 *Holders of ree. Mar. 20
By R. L. Day & Co., Boston:
Capitol Nat. Bank & Trust Co. (Hartford,
Shares. Stocks.
$ per Sh. Shares. Stocks.
41% Apr, 20 'Holders of tee. Apr. 6
$ per Oh. Central Conn.) (guar.)
Home Trust Co. (Elizabeth, N.
55 Arlington Mills
40@10 200 Canada Cement Co. Ltd., corn. 5
J.) (quar.)
12 Dennison Mfg. Co. pref
*31 Apr. 1 *Holders of rec. Mar. 22
2534 75 Dominion Bridge Co. Ltd
1534 Coral Equit.
Title & Trust (Philadelphi a)-Di vidend passed.
4 Boston Real Estate Trust
40
300 McCall Frontenac Co. Ltd.. corn 8
Corn Exchange Bank Tr. Co. (guar.)
gel
10 Thompsons Spa pref
2934 150 National Breweries Ltd.. ord.- 13
May 2 *Holders of tee. Apr. 22
Fall
River (Mass.) Nat. Bank (s.-a.) *5234 Apr, 4
$70,000 Monarch Mines Co.8a Jan.
100 Massey-Harris Co.. corn
+1ifildere
3
Farmers & Mechanics Bank (SharpsbUrg. Pa.)-Action deferred. of rec. Mar. 28
1929 cl. C;$5,000 Monarch Mines
100 National Steel Car Corp
934 Fifth Ave. Bank
Co. corn.. par $10: $143 Boston(Pitts., Pa.)(quar.).
I Boston Athenaeum, par $300
'75e. Apr. 1 *Holders of rec. Mar. 31
400
First Mech. Nat. Bk.(Trenton) (qu.).
Okanogan Apple Co. nom.: $315
1,300 J. It. Horne & Sons Inc., corn.
- '$234 Apr, 1 *Holders of rec. Mar. 19
First
Boston-Okanogan Apple Co. 1st
100 lot First Nat. Bank (Amherst, Mass.) WO "$2 Apr. 1 *Holders of rec. Mar. 31
Nat. Bank Englewood, Ill. (quar.). n I
Ind.: $360 Boston-Okanogan ApBondsMar. 31 *Holders of rec. Mar. 31
Per Cent.
First Nat. Bk.(Galveston, Tex.)(qu.)
pie Co. 2nd pfd.;$3,600 Securities
52,0008. D. Warren Co., tat mtg.
*33 Apr. 2 *Holders of rec. Mar. 31
First
Bank (Medina, Pa.)(guar.)... .$3
Associates corn.. par $10_._$200 lot
Os, Feb. 1945
*Holders of rec. Mar. 21
Apr.
40 & Int. First Nat.
Nat. Bk (Middletown. Conn.)(qu.)
100 Canadian Car & Foundry 1st&
$1,000 Pittsburgh Valve Foundry
*Holders of rec. Mar. 29
*$1.% Apr.
Par 325
Construct'n Co.,68, Nov. 1942.634 flat First Nat.Bk.(No. Easton. Mass.) (qu.) *$2 Apr.
*Holders of roe. Mar. 28
1234
First Nat. Dank (Springfield. III.)(guar.)
*Holders of rec. Mar. 31
441% Apr.
First Nat. Bank of Wallingford (quar.). *32%
By Barnes & Lofland, Philadelphia:
Mar. 3 *Holders of rec. Mar. 31
First Tr.& Silk,(Pasadena, Cal.)(extra)
.'
*Holders of rec. Mar. 31
*12%c Apr.
. Shares. Stoats.
per Sh
$
Glasten Bank & Trust (quar.)
Apr.
*Holders of rec. Mar. 30
7 Philadelphia Nat. Bank, par 520_ 6834 15 Aberfoyle Mfg. Co , common_ _ _ 45
Hadley Falls Trust Co.(Holyoke, Mass.) •$134
20 Central-Penn Nat. Bank. par 510 35
11 John B. Stetson Co., Prof.,
(guar.)
*Holders of rec. afar. 27
.$1% Apr.
30 Corn Exchange Nat. Bank &
par $25
16
Holyoke (Mass.) National Bank (guar.) *El% Mar. 3 *Holders of rec.
Trust Co., par $20
Mar. 31
4934 10 United New Jersey RR.& Canal
Hunt. Nat. Bk. of Columbus
$2% Apr.
•Holdere of rec. Mar. 30
11 Union Nat. Bank it Trust Co.,
Co
17834 Illinois National Bank (qua:.)(quar.)._,*SI
Mar. 3 *Holders of rec. Mar. 31
Par $100
$1 lot
Bonds.
Per Cent. Indus. Bank (Toledo) liquidating
Mar.
29
Tradesmen's
'5534
National Bank dr
100
$2.200 mortgage, Sarah R. Charles
Lake Shore Trust & Savings Bank (Chico go)
- Divides d passed,
Trust Co.. par $100
13534
to Bernard F. Reilly;secured upon
Lake View Tr.& Say. Bk.(Chic.)(qu.). .$2 afar. 31 *Holders
44 Pennsylvania Co. for Ins, on
of rec. afar. 31
premises 4746 Paschall Ave.: reMcDowell
National
Bank
(Sharon, Pa.)
Lives, &c., par $10
corded In Mtge. Book J. M. IL
3934
(guar.)
•31.% Mar. 31 *Holders of rec. Mar. 31
5 Integrity Trust Co., par $10
No. 399. p. 122, dated July 3
1434
Mechanics Nat. Bk.(W()miter. Mass.). *33 Apr. 1 *Holders of
20 Integrity Trust Co.. par $10
1924
rec. Mei% 28
1434
$100 lot Merchants Nat'l Rank (Ind.: (quer.)
_ _ 412% Mar. 31 *Holders of rect. Mar.3
10 Real Estate-Land Title & Trust
$2,200 mortgage. Sarah R. Charles
Merchants Trust (Lawrence. Maas.)-DI videhd omitted
Co.. par $10
15
to Bernard F. Reilly;secured upon
Midland Nat'l Bank & Tr. Co.(Minn.), *30c. Mar. 31 *Holders of
rec. Mar. 31
premises 4748 Paschall Ave.: re3 Mutual Rendering Co., Inc..
Trust certificates. series A
*15.4e Apr. 1
5100 lot
corded In Mtge. Book J. M. H.
pref.: I common, no par
Modine Mfg. Co. common (guar.:
•15e. May 1 *lIolders of rec. Apr. 20
No.399. p. 158
5 BestonvIlle Mantua & Fairmount
$100 lot Mount Vernon (N. Y.) Trust-Divide
nd °mitt ed.
Pass Ry. Co. corn., par $50-. 10%
Mt.Trust(Northtown, Pa.)(quar.).
*25c. Apr. 15 *Holders of rec. Apr. 6
Nashua (N. H.) Trust (guar.)
*33
Apr. 1 *Holders of rec. Mar. 31
By A. J. Wright & Co., Buffalo:
Natl. Bank of America (Pitts.)(guar.)...'$1 34 Mar. 31 *Holders of
rec. afar. 31
$ per 88. Shares. Stocks.
Shares. Stocks.
$ per Sh. Nat. Bk. of Chambersburg (Pa.) (qu.)... •30c. Mar. 31 *Holders of rec. Mar. 31
10 Angel International Corp,
Nat'l City Bank of Troy (N.Y.) (quar.)_ •60e. Apr. 1 "Holders
13 Thermiodyne Radio Corp., no
of
tee.
Mar. 23
par
common, par $1
30.10
$0.01 Natl. Com'i Bank & Tr. Co. (Albany.
N. Y.) (guar.)
Apr. 15 *Holders of rec. Apr. 1
.$5
Nat. Metrop. Bk.(Wash., D. C.) (8.-a.) :1115 Apr. 15
+Holders of rec. Apr. 6
New Brunswick (N.J.) Nat. Bk.(quar.) .$3 Apr. I *Holders of
DIVIDENDS.
rec. Mar. 25
Northern Trust (Philadelphia) (quar.).,
Apr. 15
Dividends are grouped in two separate tables. In the Oak Park Tr. az Say. Bk.(Chicago)(qu.) +$1% Mar. 31 *Holders of rec. Apr. 14
'Holders of rec. Mar. 28
Pacific National Dank (Seattle) ((Mar.). '$1 34 Mar. 31 *Holders
of rec. Mar. 31
first we bring together all the dividends announced the S. S. Bank & Trust
(Scranton)(guar.).- 75e. Apr. 15 'holders of rec. Apr. 8
current week. Then we follow with a second table, in Security Nell. Bank (Pasadena. Calif.)
(quarterly)
.$334 Apr. 1 *Holders of rec. Mar. 31
which we show the dividends previously announced, but Trenton(N. J.) Trust Co.(guar.)
411% Apr. 11 *Holders of rec. Apr. 8
Uncas Mere. National Bank (Norwich,
which have not yet been paid.
Conn.)(guar.)
•13.4 Apr, 1 'Holders of rec.
afar. 31
Union Bank & Trust Co.(Montgomery.
The dividends announced this week are:
Ala.)(quar.)
•200. Apr. 1 *Holders of rec. afar. 31
Union Guardian Trust (Detroit) (guar.)
Mar.31 Holders of rec. Mar. 25
Union Savings Bank (Pitts.) (qua,'.)_
*31% Apr. 1 *Holders of rec. Mar. 31
Per
When
Books Closed.
Union Trust Co.(Ind.) (guar.)
*53 Apr. 1
Name of ComPaMI.
Cent. Payable.
Days Inclusive.
Union Tr. Co.(Springfield. Mass.)(qu.) •75o. Apr. 1 'holders of
rec. Mar. 31
U. S. Natl. Bank (Portland, Ore.) (qu.) +60c. Apr. 1
Railroads (Steam).
Washington Trust Co.(Pittsburgh)- - - - 311% Apr. 1 *Holders of
Atchison Topeka & Santa Fe. corn.(qu.) $1 June 1 Holders of rec.
rec. Mar. 31
May 8 -I';
Cinn. Sandusk.& Cleve.
RR. Pf. (s.-a.)- *31.W‘laY 2•11olders of rec. Apr. 15 M
Fire Insurance.
Cleveland. Cincinnati. Chicago
&
_St.
Fireman's Fund Insurance Co
$1% Apr. 15 Holders of rec. Apr. 5
Louis Ry. Co., pref. (guar.)
Lehigh & Hudson River BY.(quar.).•$I3. Apr. 30.Holders of rec. Apr. 20 _Lincoln Fire Ins.(N. Y.)(guar.)
*25c. Apr. 30 *Holders of rec. Apr. 15
•$2 Mar. 31•1iolders of rec. Mar. 22 W Standard
Insurance (N.J.) (quar.). •75c. Apr. 23
Fire
NI
Public Utilities.
W
Bell Telephone (Pa.) corn. (qua:.)
Miscellaneous.
*$2 Mar.31•1ifilders of rec. Mar. 31 _ _
BM. Col. Tel.,6% pref.
•134 Apr. 30•11olders of rec. Apr. 15 W Acme Staple common-Action deferred u nal Ap di 20
Calgary Power Co., Ltd.,(guar.)
Adams Millis Corp., common (qua:.)...
50c. May 1 Holders of rec. Apr. 19
6% pref. (qu.) 134 May 2 Holders of rec. Apr. 15 W
Central Power. 7% pref.
1st preferred (guar.)
$1.75 May I Holders of roe. Apr. 19
*134 Apr. 15*Holders of rec. Mar.31 _6% preferred (quar,) (guar.)
Allis-Chalmers Mfg. Co., corn.(quar.)_. 12%c. May 16 *Holders of rec. Apr,
23
'134 Apr. 15•11olders of rec. afar. 31. ...
Central dc South West Util. $7 pf.
50c. Apr. 30 Holders of rec. Apr. 15
(qu.) '$134 May 16•Holders of rec. Apr. 30 .- Amerada Corp., common (quar.)
ak $7 prior Ben Prof.(quar.)
411.I.I May 16•Holders of roe. Apr. 30 -- Amer. Bankstocks Corp., corn. (quar.)- - '734C. Apr, 15 *Holders of rec. Apr. 10
$6 prior lien pref.(quar.)
Apr, 18 Holders of rec. Apr. 14
838
*31% May 16•Holders of rec. Apr. 30 - - American Cigar, pref
Central States Power & Light,87
American Felt Co.. 6% pref. (guar.)
Apr. I *Holders of rec. afar. 23
.
pref.-Dividend omitted
M Amer. Mach. & Fdry.
Central States Util. Corp. 7% pref.-Action
Co. corn. (gnat.). *35c. May 2 *Holders of roe. Apr. 21
postponed.
Chesapeake dc Potomac: Tel. co.-.
American Motorists Ins. (Chicago)(PL) .450. Apr. 1 *Holders of rec. Mar. 31
Ni Amer. Reserve Insurance
7% cumulative preferred (quar.)
Co. of N. Y.
14%Apr. 15 Holders of rec. Mar. 31 M
Eastern Township Tel. common (guar.). *18e
common (guar.)
4.50c. Apr. 15'Holders of rec. Apr. 9
.Apr. 15+Holders of rec. afar. 31 M
Amer. Scour. Shares, corn. (guar.)
*130. Apr. 15 *Holders of rec. Apr. 15
Name of Company.
2667
FINANCIAL CHRONICLE
APRIL 9 1932.]
When
Per
Cent. Payable
Books Closed
Days Inclusive.
Name of ComPant,
.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Miscellaneous (Continued).
Oahu Sugar Co., Ltd.. corn. (monthly) •10c. Apr. 15 *Holders of roe. Apr. 6
Amer. Smelting & Rote. Co.. common- Divide nd omit ted.
*20e. Apr. 20 *Holders of rec. Apr. 10
Sugar (monthly)
Onomea
6
May
rec.
of
Holders
1
June
1,4
7% preferred (guar.)
May 2 Holder, of rec. Apr. 20
$1
Outlet Co. common (guar.)
13.4 June 1 Holders of rec. May 6
6% 2d preferred (Muir.)
$134 May 2 Holders of rec. Apr. 20
1st preferred (guar.)
20
Apr.
rec.
of
Holders
I
May
31%
Archer-Daniels-Midland. Pref. (guar.)
May 2 Holders of rec. Apr. 20
$14
preferred
2nd
(guar.)
29
Mar.
rec.
of
*Holders
1
Arrowhead Bridge Co.,7% 1st pf.(go.). '1,4 Apr.
Penna. Rubber6% 1st pfd.(quar. Initial) •142 Mar.31 *Holders of rec. Mar.30
•51,1 Apr. 1 *Holders of rec. Mar.29
Second preferred (guar.)
Penna. Whse.& Safe Deposit Co.(qu.). *$144 Apr. 1 *Holders of rec. Mar.26
Associated Portland Cement Mfg., Ltd.
Pinchin, Johnson dr Co.. Ltd.
x8 Apr. 13 Holders of rec. Mar.30
Ordinary registered
•30e. Apr. 7 *Holders of rec. Mar. 16
Amer. shs., efts. for ordinary regw8 Apr. 20 Holders of rec. Apr. 1
American dep. rec. ord registered
Pittsburgh United Corp., 7% cum. pref.-Divi dend n mitted
Athol Mfg., common-Dividend passed.
Apr. 20 "Holders of rec. Apr. 6
*$134
(guar.)._
coin.
Co..
Cordage
Plymouth
15
Apr.
'$334 May 1 *Holders of rec.
Atlantic Ice Mfg. Co., $7 prof. (s.-a.)
*30c. Apr. 1 *Holders of rec. Mar.15
Pfd. Auto Un'w't,6% pref.(s.-a.)
$1 34 May 2 *Holders of rec. Apr. 20
'
Atlas Powder, pret. (guar.)
June 15
(guar.)
pref.
Box,
dr
*$134
Pap.
Pollock
1
Apr.
rec.
of
*Holders
1
Apr.
Baird Machine Co..6% pref. (quar.) . •1l4
'$134 Sept.15
Preferred (guar.)
Bakelite Corp.. pref. A-Dividend omit ed
'$134 Dec. 15
Preferred (guar.)
fl5c. Apr. 20 *Holders of rec. Mar.31
Brun/int Petroleum (monthly)
Apr. 15 *Holders of rec. Apr. I
*$1
(guar.).
common
Mfg.
E.)
(G.
Prentice
deferred.
Bay State Fishing, prior pref. & Pref.-D video d action Holders of rec. Apr. 15
Raymond Concrete Pile, pref. (quar.)-- *750. May 2'Holders of rec. Apr. 20
Beatty Bros., Ltd., 6% pref. (guar.)- 1;4 May 2
Apr. 15 *Holders of rec. Apr. 9
*S1
pref.
Resources.
Reserve
(quar.)
15
Apr.
rec.
of
*Holders
30
Apr.
Beneficial Indus. Loan, common (gum.)•3744c
*2c. Apr. 1 *Holders of rec.Mar. 25
Rice Ranch Oil Co.(quar.)
*8744c Apr. 30 *Holders of rec. Apr. 15
5334 preferred A (guar.)
*60c. May 1 'Holders of rec. Apr. 15
Rich Ice Cream Co., Inc. (guar.)
Boots (P.) Drug Co.. Ltd.
6
Rumford Press (annual)
*16c. Apr. 6 *Holders of rec. Mar. 9
Amer. dep. rec. for ord. reg
San Carlos Milling Co., Ltd.(monthly). •20e. Apr. 15 *Holders of rec. Apr. 7
*75c. June 1 *Holders of rec. May 14
Borden Co., common (guar.)
Fire Protection EngineeringSchnebbe
15
Mar.
rec.
of
*Holders
1
Apr.
*144
Bristol Brass. 7% preferred
Class A and $3 pref.-Dividends peas ed
British Aluminum Co., Ltd.Segal Lock & Hardware 7% pref.(guar.) .8734c Apr. 25 *Holders of rec. Apr. 10
•13c. Apt. 8 *Holders of rec. Mar. 24
Amer. dep. receipts tor ord. tee
Apr. 20 *Holders of rec. Mar.31
(W. A.) Pen, pref. (guar.).- *$2
Sheatfer
British-American Tobacco Co.. Ltd.
Sliverwood's Dairies. 7% pref.-Action deferr ed
•14.8c Apr. 7 *Holders of roe. Mar. 3
Am. dep. receipts for ordinary rog
Investment Corp.pfd.(qu.) •$134 May 16 *Holders of rec. Apr. 15
Solvay-Amer.
3
Mar.
rec.
of
*Holders
7
Apr.
•14.8c
bearer
ord.
for
Amer. dep. receipts
Southland Ice Co., $7 pref. A (guar.) _ *$13.4 Apr. 1 *Holders of rec. Mar. IS
*60. Apr. 7 *Holders of rec. Mar. 3
Amer. dep. receipts for 5% pref. reg.Standard Oil Trust Shares, set. A reg.
Amer.dep. receipts for 5% pref. bearer •60. Apr, 7 *Holders of rec. Mar. 3
*31 6492e. Apr. 15 *Holders of rec. Mar. 31
(semi-annually)
18
Apr.
*Holders
rec.
of
May
*144
pf.(4u.)
1st
Broadway Dept. Stores. 7%
Ser. B coupon (coupon 4) (s.-a.)_•28 5477c Apr. 15
20
Apr.
Brown Shoe Co.. 7% preferred (guar.)- *144 May 2 *Holders of rec.
*51 34 Apr. 1 *Holders of rec. Mar.25
pret.(qu.)
lot
Flooring
Stedman Rubber
•50c. Apr. 1 'Fielders of rec. Mar. 15
Buckley-Newhall Co.. corn. (quar.)
Storkline Furniture Corp.. pref. (qtr.)._ *25c May 1 *Holders of rec. Apr. 20
May 2 *Holders of rec. Apr. 25
Bunte Bros., 7% preferred (guar.)
toed
oml
pref.-Dividend
F.).
(B.
Sturtevant
HurdIne's. Inc.. 24 pret.-Dividend pass ed
Sweets Co. of America (In capital stock) 725c May 2 *Holders of rec. Apr. 15
750. Apr. 15 *Holders of rec. Apr. 10
Calif. West. States Life Ina.(guar.).- •
I5c. May 2 Holders of rec. Apr. 15
Took-Hughes Gold Mines. Ltd
at% May 1 "Holders of rec. Apr. 15
Campe Corp., 63.4% pref.(guar.)
Thompson dr Co., Inc., pref. (guar.)._ .$2 Apr. 1 *Holders of rec. Mar.20
Can. Dredge dr Dock, Ltd..7% Pt.(0114 13.4 May 2 Holders of rec. Apr. 15
•2144 May 16 *Holders of rec. Apr. 16
(qua?.)
pref.
(ill.
Water
Tide
taken.
action
Carman & Co., Inc.. class A-No
Title Insurance (Minn.) common.-Dly1 dend a etIon de !erred.
•I 34 Apr. 30 *Holders of rec. Apr. 15
Cartier. Inc.. 7% Pref. (guar.)
3.4 Mar. 31 *Holders of rec. Mar.21
Union Stock Yards of Omaha,Ltd.(gu.)
Central Illinois Sec. Corp..$134 pf.(qu.) *3734c May 1 *Holders of rec. Apr. 20
$234 Apr. 10 Mar. 21 to Apr. 10
United Cos. of N. J. (quar.)
Century Co., pref.-Dividend omitted
Apr. 10 *Holders of tee. Mar. El
"30c.
(MOUnited Fin. & Realty Tr.,6% Pf.
Cerro de Pasco Copper, common-DIvId end pa seed.
*25e. May 1 *Holders of rec. Apr. 1.5
United Piece Dye Works (guar.)
Clan. Post Term. & Realty. Pref. 91110- "1,4 Apr. 15 *Holders of reo. Apr. 5
Apr. 1 *Hdders of too. Mar.30
'IfIc
(s.-a.)
pref.
Fuel,
S.
U.
Mar. 1
Chin. Wholesale Gros., corn. (IL-IL)- gi$3
U. S. Merchants & Shippers Insurance
'$1 34 Apr. 1 *Holders of rec. Mar. 15
Preferred
•$214 Mar. 31 *Holders of rec. Mar.31
York)
(New
Co.
25
(guar.)
Mar.
rec.
of
*Holders
1
Apr.
.25c.
Clove. Graph Bronze (guar.)
*lee. May 16 *Holders of rec. Apr. 30
Universal Cooler Corp., A
Apr. 4 *Holders of rec. Apr. 1
Cleveland Savings dr Loan, nom.(gu.)- *$2
Vick, Ltd., Amer.deP.rec.for ord.reg.- *3Ho Apr. 11 *Holders of rec. afar. 16
Cluett Peabody & Co., Inc., common.- 50c. May 2 Holders of rec. Apr. 20
pref.-DIvId end pa toed.
$3
Manufacturing.
Walker
Coats (.1. & P.) Ltd.. Amer. dep. receipts
•1,4 Feb. 10 *Holders of rec. Feb. 1
Wash. & Ill. Realty.6% prof
*Se. Apr. 7 *Holders of rec. Feb. 19
for ord. reg. (final dividend)
Washington Title Insurance (Seattle, W ash.) e om.& p ref. A-Diva.omitted.
•6244c Apr.
Coca Cola Bottling Corp.. A (guar.)
900. Jan. 12
Corp_
Holding
Westbrook-Thompson
*50e. Apr. 1 *Holders of rec. Apr. 5
Collins Co., common (guar.)
Western United Corp..634% Pref.(nu) *144 May 1 *Holders of rec. Apr. 18
CollYer Insulated Wire, common-Dlvid end o mltted. *Holders of rec. Apr. 15
•250. Mar. 31
corn.
(guar.)
Co..
Spice
Woolson
Columbian Carbon vet. tr. etre. (quar.).. *724. May 2
'$1 3.4 Mar. 31
Preferred (qua?.)
*Holders of rec. Mar.31
•1U Apr.
Coon (C. 0), Ltd., 7% pref. (quar.)
31
Mar.
rec.
of
*Holders
5
Apr.
fif134
6% preferred (guar.)
May 2 *Holders of rec. Apr. 21
Coned. Rend Co.,8% pref. (quar.).__.. *2
Below we give the dividends announced in previous weeks
Control. Okla. Rand dr Gray., 7% pf.-D vlden d deterr ed.
Cons& Water Power & Paper,corn.(gu.) •61/4 Mar. 31 "Holders of rec. Mar. 31
not yet paid. This list does not include dividends anand
Construe. Credit Secy.. Inc. (N. Y.)
25
Mar.
rec.
of
*Holders
I
Apr.
*40c.
this week, these being given in the preceding table.
nounced
Preferred (8.-a.)
144 June 15 Holders of rec. June 1
Cuneo Press, 63.4% prof.(guar.)
Curtiss Assets Corp.Books Closed.
When
Per
"$10 Apr. 1
CUB. of ben. Int., $70 paid
Days Inelastic
Cent. Payable
Nauss of CoulPalles
CurtIse-Wright Export Corti.*13.4% Apr. 15 *Holders of rec. Mar. 31
6% preferred (guar.)
Railroad (Steam).
Dennison Mfg. Co., deb. and pref. stock a-Div friends0 mItted.
*244 May 10 *Holders of reo. Apr. 22
Atlantic Coast Line Ms Prof
District Bond Co.,6% pref.(quar.)
" 3734c. Apr. 1 *Holders of rec. Mar. 30
*244 July 6
Augusta & savannah
Div. Tr. Shs., Amer. Tr. Shs. Corp.,
•250 July 5
4.1
Extra
8.6824 Apr. 15
series D (coupon 2.8.-a.)
*244 Jan5'33
Semi-annual
'Sc. Apr. 1 *Holders of rec. Mar.24
Dominguez 011 Melds
•25s. Jand*33
Extra
31
*Holders
15
Mar.
Mar.
*50o.
rec.
of
East Mag Talc Co.. Inc., Cont. (guar.).
Apr. 11 Holders of reo. Mar. 31a
1
Carolina ClInchfleld dr Ohio (guar.).- M32 May 28 *Holders of rec. Apr. 20
Electric Ferries, Inc.. prel
134 Apr. 11 Holders of rec. Mar. 310
Stamped certificates (gam.)
Electric Products (Pa.), corn.-Dividend passed
1 *Holders of rec. June 8
July
•334
pref.
Ohio,
(quar.)
&
Chesapeake
Exchange Buffet Corp., corn. (guar.).- '634c Apr. 30 *Holders of rec. Apr. 15
Cleve.,C1n.,Chic.4 St. Louis. pf.(quar.) '134 Apr. 30 *Holders of tee. Apr. 20
•144 Apr.
*Holders of rec. Mar.30
Fair (The)7% Preferred (guar.)
Holders of rec. Apr. 150
2
May
13.4
(guar.)
pref.
11R..
Cuba
21
Mar.
rec.
of
*HcIders
Apr.
*25c.
Fairmont Creamery common (quar.)-_
•244 Apr. 15 *Holders of rec. Apr. 1
Georgia RR.& Banking (guar.)
*11144 Apr.
*Holders of rec. Mar. 21
56.50 preferred (guar.)
Apr. 15 Holders of roe. Mar.31a
1
Kansas City Southern. pref. (quar.)____
Folio (-1. J.)& Co., Inc.,7% pre!.(guar.) *142 Apr. 1 *Holders of rec. Apr. 10
May 4
Mahoning Coal RR.,corn.(quar.)..... $12.50 May 2 Apr. 14 to
Fenton United Cleaning & DyeingMay 19 Holders of rec. Apr. 30a
Norfolk & Western. ar11. Pref.(quer.).-- I
*50o. Apr. 16 *Holders of rec. Apr. 10
Common (guar.)
4,234 Apr. 1 *Holders of roe. Apr. 1
*144 Apr. 16 "Holders of rec. Apr. 10
Philadelphia & Trenton (guar.)
7% preferred
Plash. Ft. Wayne & Chlo. oom.(an.)- •154 July I 'Holders of rec. June 1
First Fin Co. of Iowa. B (guar.)
•37)4c Apr. I *Holders of rec. Mar. 27
•14g Oct. 1 *Holders of rec. sent. 10
Common (guar.)
Ford Motor Co., Ltd., corn -Div.omitt ed.
•134 Jan 2'3 *Holders of rec. Dec. 10
Common 'guar.)
Ford Motor of France.-Dividend °mitt ed.
•184 July 5 *Holden' of rec. June 10
Preferred (guar.)
General Cigar Co., bro.. corn.(quar.)_., fif$1
May 2 *Holders of rec. Apr. 16
•154 Oct. 4 *Holders of rem Sept. 10
23
May
rec.
7% preferred (guar.)
(guar.)
of
Preferred
1
*Holders
June
'p4
'lie Jan FM *Holders of rec. Dee. 10
Preferred (guar.)
General Foods Corp.. common (quar.)-. *75e. May 2 *Holders of rec. Apr. 15
140
Reading Company,common (guar.).- 250. May 12 Holders of rem Apr. 24a
Georgian Inc. class A prat
•20c. Apr. 16 *Holders of rec. Apr. 8
50c. Apr. 14 Holders of rec. Mar.
Second preferred (guar.)
Gesellschaft fur ElektrIsche Unternehmungen (Gestuerel)
4
Public Utilities.
Gilmore OIL Ltd.(guar.)
•300. Apr. 30 *Holders of rec. Apr. 15
21.25 May 2 Holders of rep. Apr. 15
Alabama Power. 25 Prof guar.)
Great Amer. Ins. Co.(N. Y.) ((Mari-- *400. Apr. 15 *Holders of rec. Apr. 8
•75c. May 1 Holders of rec. Apr. 5
Amer. Cities Power & Light. cl. A (CAL)- .1
Gross. L. N. Co.7% pref.(guar.)
'
134 Apr. 1 *Holders of rec. Mar. 25
Apr. 15 *Holders of rec. Mar.15
corn.
Teieg.,
(qua?.)
Dist.
Amer.
Haverty Furniture $1 34 pref. (quar.).. *37,40 Apr. 1 *Holders of rec. Mar. 25
•14( Apr. 15 *Holders of rec. Mar. IS
Preferred (guar.)
Holler (Walter E.) & Co.(guar.)
•7,40. Mar.30 *Holders of rec. Mar. 28
May 2 Holders of roe. Apr. 9
$1.50
(quar.)
pref.
P.lectrie.
&
Gas
Amer.
28
Mar.
rec.
7% preferred (guar.)
of
*Holders
31
Mar.
•43,4c
154
Amer. Light & 17a°- common (qua?.;... 6234e May 2 Holders of rec. Apr.
Homestake Mining cam. (monthly).
•650. Apr. 25 *Holders of rec. Apr. 20
37%c May 2 Holders of rec. Apr. 15.1
Home T. Ins. (Bklyn.) (guar.)
Preferred (guar.)
•37}ic Mar.91 *Holders of rec. Mar. 26
12.1
Man
res.
of
Holders
15
Apr.
234
(guar.).
Telegraph
&
Telephone
(Tom)
Amer.
Huston
Peanut common.-DivId end o milted.
754. May 2 Holders of roc. Apr. 8a
Amer. Water Wks. dr El Co.. corn.(usu.)
International Clear Mach.capital(guar ) 62,4o. May 2 Holders of rec. Apr. 21
Co.
Elec.
&
Gas
Jantzen Knitting Mills, common
15
Apr.
tee.
of
Associated
*Holders
1
May
*3c.
May 2 Holders Of rec. Mar.31
Class A (I-80th share corn. stock)--Preferred (guar.)
•$144 June 1 *Holders of rec. May 25
*50c May 2 *Holders of rec. Apr. 11
Kayser (Julius, & Co. com.-DIvidend action deferred
Bangor Hydro-Elec. Co.. corn.(qua?.)
Apr. 16 Holders of rec. Mar.23
2
(goer.)
co.
Canada
of
Boll
Mule
Telephone
Knight-Campbell
Holders of rec. Mar. 19a
•144 Apr. 1 *Holders of reo. Mar. 15
7% preferred (guar.)
Bell TeleP of Pa., 644% prof. (qua?.)... 144 Apr. IA "Holders
of roe. Mar. 31
•40tr Apr. 15
Lazarus(F.& R.) Co.,81.4% pref.(guar.) •1,4 May 2 *Holders of rec. Apr. 20
Bridgeport Hydraulic Co. tquar.1
Holders of rec. Mar.31
15
Apr.
HO
Loew's Boston Theatres corn.(guar.).-- *15e. Apr. 30 *Holders of rec. I pr. 23
British Columbia Power. class A (on.)
•144 May 2 *Holders of rec. Mar.31
London & W.T. co.. Ltd.(guar.)
Broad River Power, pref. (guar.)
*$144 Apr. 2 *Holders of rec. Mar.22
Mar.Ela
McLennan, McFeely dr Prior 1st pf.(qu.) *$144 Apr. 1 *Holders of rec. Mar. 26
Brooklyn Borough Gas, corn.(gu.)...- 81.50 Apr. 11 Holders of rec. Mar.St
MoNeel Marble, pref.-Dividend Passed
Broadway & Newport. Bridge. Pret.(qtl.) •ty.i May 1 *Holders of rec.
15 Holders of roe. Apr. la
Apr.
$1
com.(qu.)
Mass. Bond & Insur., coin. (guar.)
Transit.
Brooklyn-Manhattan
9
Apr.
Apr.
rec.
of
*Holders
15
*50o.
$1.60 Apr. 15 Holders of roe. Apr. la
Melville Shoe common (guar./
Preferred A (guar.)
•40o. May 1 *Holders of rec. Apr. 15
1st preferred (guar.)
Buffalo Niagara & Eastern Pewee*Holders of rec. Apr. 15
"8134 May
May 2 *Holders of roe. Apr. 15
*S1.25
2nd preferred (guar.,
(guar.)
preferred
58
15
Apr.
*7%0 May 1 *Holders of rec.
144 Apr. 15 Holders of rec. Mar.31
Midwest 011 Co., $10 par corn.(guar.).- *40c. Apr. 1 *Holders of rec. Mar. 31
Calif.-Ore. Power 6% of '27 (am)
•1% Apr. 15 *Holders of rec. Mar.81
$1 par common (guar.)
7% preferred (qua?.)
*4e. Apr. 1 *Holders of rec. Mar. 31
•1% Apr. 15 *Holders of rec. Mar. 31
6% preferred (guar.)
$1 Par preferred (guar.)
•6o. Apr. 1 *Holders of rec. Mar.31
20c Apr. 23 Holders of rec. Mar. 31
Canada Northern Power. com.(qua?.)..
Miss. Valley mu. Inv.. 26 pref.-Divide nd oml ted
Holders of rec. Mar. 31.
1,4 Apr 1
Modlne Mfg. Co., corn. (quar.)
preferred
7%
20
Apr.
(guar.;
rec.
of
*Holders
May
•15o.
*Holders of rec. Mar.3/
•200
May
(qua?.)
E.,
coin.
Central Hudson G.&
Mooek Electric Supply Co.. pref.(guar)*UR Apr.
*Holders of rec. Mar.21
•1,4 Apr.
Central HI. Pub. Fiery., pref. (quar.)... •$1.60 Apr. 1 "Holders of rec. Mar.31
M.dr P.:Rm., Ltd.,7% pref.(guar./*Holders of rec. Mar. 31
Holders of rec. Apr. 15
134 May
Central Power & Light.7% pf.(guar.)
Myers Publishing co, A (Qom.)
•50o. Apr. 1 *Holders of rec. Apr. 1
•1% May
*Holders of rec. Apr. 15
6% preferred (guar.)
Nash Notors Co., common (guar.)
•60o. May 2 *Holders of rec. Apr. 20
Cent.& S.W.Utilltles,com.(in corn. stk.) 11,4 Apr. 1 Holders of rec. Mar.31
Natl. Guar.& Finance Co. fat prof.(OIL) *WI Apr. 1 *Holders of rec. Mar. 25
Chesapeake & Potomac Telep., pt. (gu.) •14‘ Apr. 15 *Holders of rect. Mar.31
2nd preferred (guar.)
•$134 Apr. 1 *Holders of rec. Mar. 25
*37,4c Apr. 1 *Holders of roe. Apr. 8
Chester & Philadelphia RV
Natl. Industrial Loan Corp
*32,40 May 15 *Holders of rec. Apr. 30
Newport & Cov.Lt.& Tr .com.(qu.) *$1.50 Apr. 1 *Holders of rec. Mu.31
24
CM.
Mar.
rec.
Nat. N.& E. Banking (gusr4
of
*Holders
414 Apr. 1
• 81.125 Apr. 1 *Holders of rec. Mar.31
Preferred (quar.)
Natl. Tea Co.. 634% Pref. (guar.)
13420. May 2 Holders of rec. Apr. 14
Cities Serv.Pow,& Lt. 27 of.(mthly.) _ 58 1-3c Apr. IS Holders of rec. Apr. la
Natl. Weaving, 7% 2d pref. (guar.)
*142 Mar.31 *Holders of rec. Mar. 31
60c. Apr. I Holders of rec. Apr. la
$6 preferred (monthly)
Nation-Wide Secur. Tr., Ms. A
*15.4e Apr. 1
4 1 2-3e Apr. 1 Holders of rec. Apr. 14
$5 preferred (monthly)
Neilson (Wm.), Ltd., pref. (quar.)
•8154 Mar. 31 *Holders of rec. Mar.23
•1yi Apr. 1 *Holders of rec. Apr.
(guar.).
pref.
7%
Works.
Water
Clinton
13
Apr.
rec.
of
*Holders
23
Apr.
Rosario
Honduras
1
*250.
Min.oom.(on)
NY &
*2
Commonwealth-Edison Co.(guar.)
May
*Holders of rec. Apr. lb
•25c. Apr. 23 *Holders ot rec. Apr. 13
Extra
Comiwoalth Tel.(Madison)6% 131. (QU ) •1,4 Apr. Id *Holders of rec. Mar. 31
•25c. May 2 *Holders of rec. Apr. 20
N.Y. Merchandise Co., cons. (quar.)..
COE00200viealth Utilities. $63.4 6f.(On.)
81.625 June 1 Holders of rec. May 14
Preferred (guar.)
*SIR May 2 *Holders of rec. Apr. 20
Y 1. pref. (guar.) $1.25 May 2 Holders of roe. Mar.31s
Consolidated Gas
Newcastle-Upon-Tyne Elec. Supply Co.,
Power
&
Dayton
(monthly)
Light,
rec.
of
*Holders
8
pt.
9
Apr.
Mar.
50c. May 1 Holders of rec. Apr. 20
*9e.
for
refits.
dep.
reg.
Amer.
Ltd.,
ord.
Detroit Edison Co.(Guar.)
2
•30c. Apr. 1 *Holders of rec. Mar. 19
Apr. 15 Holders of rec. Mar.21a
Nicholson File Co. (guar.)
Diamond State Telephone•25c. June 10 *Holders of rec. June 1
North River Insurance Co.(quar.)
•15i Apr. 15 *Holders of rec. Mar. 19
*15o. Apr. 15 *Holders of rec. Apr. 12
634% preferred (guar.)
Oahu By.& Land CO.(monthly)
2668
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
[VoL. 134.
Per
When
Name of Company.
Books Closed
Name of Company.
Cent. Payable.
Days Inclusive.
Public Utilities (Continued).
Public Utilities (Concluded).
Consumers Power Co.. 5% Pref• (quar.)- $1.25 July 1 Holders of rec. June
15
Southern Canada Power, corn. (guar.)-- r25c. May
6% preferred (guar.)
16 Holders of rec. Apr. 30
134 July 1 Holders of rec. June 15
Participating preferred (guar.)
14 Apr, 15 Holders of rec. Mar. 19
6.6% preferred (guar.)
1.65 July 1 Holders of rec. June 15
Southern
Counties Gas Co.. 6% Pf.(411.) *1% Apr. 15 *Holders
7% preferred (guar.)
of rec. Mar. 31
134 July 1 Holders of rec. June 15
Southern
N.
E. Telep. (guar.)
2
Apr. 15 Holders of rec. Mar. 31
6% preferred (monthly)
50c. May 2 Holders of rec. April 15
Stamford Gas Jr Elec. (guar.)
"234 Apr. 15 *Holders of rec. Mar. 31
6% preferred (monthly)
50c. June 1 Holders of rec. May 16
Standard
GaS
&
Elec.,
corn.
(guar.)
87 35e. Apr. 25 Holders of roc. Mar. 31a
6% preferred (monthly)
50c. July 1 Holders of rec. June 15
$6 prior preferred (guar.)
$1.50 Apr. 25 Holders of rec. Mar. 310
6.6% preferred (monthly)
550. May 2 Holders of rec. April 15
$7 prior preferred (guar.)
81.75 Apr, 25 Holders of rec. Max. 31a
6.6% preferred (monthly)
55c. June 1 Holders of rec. May 16
Standard
Pow.
& Lt.com.&com.B
50c. June 1 Holders of roe. May 11
6.6% preferred (monthly)
550. July 1 Holders of rec. June 16
Preferred (guar.)
$1.75 May 2 Holders of rec. Apr. 16
Duquesne Light. 1st pref. (guar.)
134 Apr. 15 Holders of rec. Mar. loa Tacony Palmyra
BridgeEl Paso Electric Co. pref. A (guar.)
14/ Apr. 15 Holders of rec. Apr. 1
Preferred (guar.)
•1}4 May 1 "Holders of rec. Apr. 10
Preferred B (guar.)
"14 Apr. 15 *Holders of rec. Apr. 1
Tennessee Electric Power Co.
El Peso Natural Gas, 7% pref. (gust.).. 5)4 June 1 *Holders of rec. May 22
5% first preferred (guar.)
13-1 July 1 Holders of rec. June 15
Electric Bond & Share6% first preferred (guar.)
13-6 July 1 Holders of rec. June 15
Common (In new $5 common)
114 Apr, 15 Holders of rec. Mar. 22a
7% first preferred (guar.)
$6 preferred (guar.)
14 July 1 Holders of rec. June 15
"51.50 May 2 "Holders of rec. Apr. 9
7.2%
first
preferred (guar.)
1.80 July 1 Holders of rec. June 15
$5 preferred (guar.)
'$1.25 May 2 "Holders of rec. Apr. 9
6% first preferred (monthly)
50c. May 2 Holders of rec. Apr.
Electric Power & Light. corn. (quar.)- -25e. May 2 Holders of rec. Apr. 6
15
6% first preferred (monthly)
50c. June 1 Holders of rec. May 15
Second preferred (guar.)
*$1.75 May 2 *Holders of rec. Apr. 5
6% first preferred (monthly)
50c. July 1 Holders of rec. June
Allotment certificates full paid (Cu.).- 1234c May 2 Holders of rec. Apr.
5
7.2% first preferred (monthly)
600. May 2 Holders of rec. Apr. 15
Allotment certificates 90% paid (qu.). 11 SI c May 2 Holders of
15
refl. Apr. 5
7.2% first preferred (monthly)
Empire Dist. El. Co..6% pf. (mthly)...
60c. June 1 Holders of rec. May 15
50c. May 2 Holders of rec. April 15a
7.2% first preferred (monthly)
Foreign Power Securities, pref. (guar.)._
60c. July
134 May 16 Holders of rec. Apr. 30
Toledo Edison Co.,7% pref. (monthly)..58 1-3c May 1 Holders of rec. June 15
Hamilton Bridge, I.td., lot pref.(guar.). 14
2 Holders of rec. Apr. 15a
May 2 Holders
6% pref. (monthly)
Hartford Electric Light, corn. (quar.)__ 684c May 2 Holders of rec. Apr. 15
50c. May 2 Holders of rec. Apr.
of rec. Apr. 15
5% pref. (monthly)
Havana Elec.& Utilities, 1st. pt.(qu.)
41 2-30 May 2 Holders of rec. Apr. 150
14 May 16 Holders of rec. Apr. 16
15a
Union
Telephone,
pref. (guar.)
042350 Apr. 15 *Holders of rec. Nfar. 31
Preference (guar.)
134 May 16 Holders of rec. Apr. 16
United Ohio Utilities-Illinois Comml Telep.. $6 pref. (qtr.).-•51.50 Apr. 15 *Holders
of rec. Mar. 31
6% prlor Prof. (guar.)
13-41
Illinois Northern Utilities. Pref. (qu•)
May
2 *Holders of rec. Apr. 9
(34 May 2 "Holders of rec. Apr. 15
United Telep. (Kansas) corn. (gust.)... .2
Junior preferred (guar.)
Apr, 15 *Holders of rec. Mar. 31
•$1.75 May 2 *Holders of rec. Apr. 15
Preferred (guar.)
Illinois Power Jr Lt.. $6 pref. (guar.).- $1.50 May 2
•13: Apr. 16 *Holders of rec. Mar. 31
Holders of rec. Apr. 9
Utica
Gas
&
Elec.,
$6
(guar.)
pref.
Internat. Ilydro-Elec. System"$1.50 May 2 *Holders of rec. Apr. 20
West Penn Power Co.. 7% pref. (CI
Class A (guar.)
1$4 May 2 Holden of rec. Apr. Sc
(n) Apr. 15 Holders of rec. Mar.250
6% preferred (guar.)
*3.50 preferred (guar.)
135 May 2 }folders of rec. Apr. 56
874r Apr. 15 Holders of rec. Mar. 25a
western
Union
Teleg. (guar.)
International Utilities, 57 pr. pf.
1
Apr. 15 Holders of rec. Mar. 18a
•$1.75 May 1 "Holders of tee. Apr. 15
Wichita Water, 7% pref.(guar.)
$3.50 prior preferred (guar.)
•13i Apr. 15 *Holders
"873-Ic May I 'Holders of rec. Apr. 15
Wisconsin Gas Jr El.. pref. C (guar.).- •14 Apr. 15 "Holders of rec. Apr. 1
$1.75 preferred (guar.)
of rec. Mar. 31
"434e Apr. 15 'Holders of rec. Mar. 31
York
Railways corn.(guar.)
Joplin Water Works,6% pref. (gust.).. •14 Apr. 15 'Holders
.51.50 Apr. 15 *Holders of rec. Apr. 5
of rec. Apr. 1
Kansas City Gas common (guar.)
.2
Apr. 10 'Holders o. rec. Mar. 31
Fire
Insurance
.
First and second preferred (quar.)
'134 Apr. 10 'Holders of rec. Mar, 31
CIty of New York Insurance
4
Kentucky Securities, preferred (guar.)_.
Apr. 15 Holders of rec. Apr. 1
Apr. 15 Holders of rec. Mar. 22a
Kentucky Utilities Co..6% Pref. (go.).. •134
1 4 Apr. 15 'Holders of rec. Mar. 26
ellocellancous.
KeystoneTelep. of Phila., pref. (gust.). *75c. May 2'holders
of rec. Apr. 22
Abraham &Straus, Inc., pref.(quar.)
Lake Superior Dist. Power, (guar.)
134 Apr, 30 Holders of rec. Apr. 15a
'2
Apr. 15 'Holders of rec. Mar. 15
Adams (J. D.) Mfg. (guar.)
Lexington Telephone, pr. pf. (guar.)._ _ '134 Apr. 15
*30c. May 1 *Holders of rec. Apr. 15
'Holders of rec. Mar. 31
Addrftsograph-Nlultigraph Corp. (go.)Lincoln Tel. St Tel. (guar.)
250. Apr. 11 Holders of rec. Mar. 28a
"14 Apr. 10 'Holders of rec. Mar. 31
Air Reduction Co.(guar.)
750. Apr, 15 Holders of rec. Mar. 3Ia
Los Angeles Gas Jr Elec., 6% pf. (go.). 14 May 16 Holders of
rec. Apr. 30
Max 011 Jr Gas, Ltd.(No. 1)
Louisiana Power & Light,$6 pf.
3e. Apr. 15 Holders of rec. Mar. 31
$1.50 May 2 Holders of rec. Apr. 16
Alaska Juneau Mining (guar.)
Louisville Gas & Elec. 7% pf. (guar.).-- 14 Apr. 15
"12
Sie May 1 *Holders of
Holders of rec. Mar. 31
Allied Chemical Jr Dye, corn. (qu.) - _ $1.50 Stay 2 Holders of rec. Apr. 9
6% preferred (guar.)
rect. Apr. 15
1)41 Apr. 15 Holders of rec. Aiar. 31
Alpha Portland Cement (guar-)
5% preferred (guar.)
.25c. Apr. 25 "Holders of roc) Apr. 4
14 Apr. 15 Holders of rec. Mar. 31
Aluminum Manufactures, cons. (qu.)Massachusetts fighting Cos.
*50c. June 30 "Holders of rec. June 15
Common
(guar.)
8% preferred (guar.)
•50c. Sept. 30 *Holders of rec. Sept. 15
*2
Apr. 15 'Holders of rec Mar. 31
Common (guar.)
6% preferred (guar.)
•50c Dee 31 *Holden of rec. Dec. 15
'134 Apr. 15 *IfoldeN of rec. Mar. 31
Preferred (guar.)
Mass. Utilities Associates, pf. (guar.) _ _ 624e Apr, 15
•15,1 June 30 *Holders of rec. June 15
Holders
of
rec.
NI
ar.
31
•15i Sept.30
l'referred (guar.)
Memphis Natural Gas, corn. (guar.)---"Holders of rec. Sept. IS
150. Apt. 15 Holders of rec. Mar. 31
Preferred (guar.)
Milwaukee Elec. sty. & Light, pt. (au.). 14 Apr.
•131 Dec. 31 *Holders of rec. Deo. 15
Holders of rec. Apr. 20
American Art Works,6% pf. (Mi.)
Missouri Public Service $0 pref. (rm.)._ •$1.50 Apr. 30
-.
135 Apr. 15 *Holders of rec. Mar. 31
15 "Holders of rec. Afar. 31
Amer. Asphalt Roofing 8% pref. IOU.)
Missouri Riv.-Sloux City Brice.. pf.(en.) $1.75 Apr, 15
•2
Apt. 30 "Holders to rec. Mar. $0
Holders of rec. Afar. 31
American Can, corn. (guar.)
Monongahela Valley Water,7% pt. (qu.) '134 Apr. 15
May 16 Holders of rec. May 2a
$1
"Holders of rec. Apr. 1
American Coal of Allegliany Co. (guar.)
Montana Power, $6 pref.(guar.)
50c. May 2 Holders of rec. Apr. 11
.$1.50 May 2 *Holders of rec. Apr. 11
American Envelope, 7% Prei• Rluar•/•1% June 1 'Holders of rem
Montreal I.., II. & Pow. Cons. (guar.)
37c. Apr. 30 Holders of rem Mar. 31
flay 25
7% preferred (gust.)
Montreal Telegraph (guar.)
Sept. 1 "Holders of rec. Aug. 25
80c. Apr. 15 Holders of rec. Mar. 31
7% preferred (guar.)
Montreal Tramways (guar.)
235 Apr, 15 Holders of rec. Apr. 7
'131 Dec. I 'Holders of rec. Nov. 25
Amer. Factors, Ltd., (monthly)
Mountain States Power. 7% pref. (gm). 134 Apr.
•15c. Apr, 10 "Holders
rec. Mar. 31
20 Holders of rec. Mar 31
American Fork Jr Hoe,6% pref.(MO
•1!ii Apr. 15 *Holders of
Mountain States Tel. & Tel. (guar.)
.-- "2
Apr. 15 'Holders of rec. Mar. 31
of rec. Apr. 5
American Furniture Co.. pref. A (go.),
Mutual Telv. (llawaP) (monthly)
*8c. Apr. 30 *Holders of rec. Apr. 18
•1!S Apr. 15 "Holders of rec. Apr. II
Amer.
Home
National Power & Light, $0 pt. (gu.)_ _ _ $1.50 May 2
Products (monthly)
35c. May 2 Holders of rec. Apr. 14a
American lee, corn. ((luar.)
Nevada-Calif. Flee Corp.. pref.(gust.). 14 May 2 Ilolders of rec. Apr. 5
50c. Apr. 2.5 Holders of rec. Apr. 40
Preferred (guar.)
Newark (0.) Telep. Co., 6% pref. (gu.) •134 Apr. 9 Holders of rec. Mar. 30a
$1.50 Apr. 25 Holders of roe. Apr. 4a
*Holders
of
rec.
Mar.
31
Preferred (guar.)
New England Power Assn. corn.(gust,).
$1.54) July 25 Holden of rec. July 80
50c. Apr, 11 Holders of rec. Mar. 31a
Preferred (guar.)
New England Public Service81.50 On. 25 Holden of rec. Oct. 7a
American Meter, corn. (guar.)
57 preferred (guar.)
•250. Apr. 30 "Holders of tee. Apr. 20
$1.75 Apr. 15 Holders of rec. Mar. 31
Amer. Rolling N1111. 6% pref.(guar.)._
$6 preferred (guar.)
51.50 Apr. 15 Holders of rec. NIar. 31
'134 Apr. 15 "Holders of rec. Mar. 31
A rnerican Shipbuilding, coin. (guar.).-$6 convertible pref. (guar.)
750. May 2 Holders of rec. Apr. 150
51.50 Apr, 15 Holders of rec. Mar. 31
Preferred (guar.)
Adjustment preferred (guar.)
.141 May 2 *Holders of rec. Apr. 15
8I.75 Apr. 15 Holders of rec. Mar. 31
Amer. Thermos Bottle. pref. (guar.).- .87 35c July 1
N. Y. Telephone 64% prof. (quar.)
14 Apr, 15 Holders of rec. Mar. 19
"Holders of rec. June 20
Aruoskeag Co., common
North Shore Gas, pref.(guar.)
•.$1
July 2 "Holders of rec. June 18
•14 July 1 "Holders of rect. June 10
Preferred
Preferred (guar.)
•$2.25 July 2 *Holders of rec. June 18
'134 Oct. 1 'Holders of rec. Sept. 10
Anglo-National Corp., class A (gust.)., •50c. Apr. 15 *Holders
Northern Indiana Pub.Serv.,7% pf.(au) 134 Apr, 14
of ree. Apr. 4
Holders of rec. Mar. 31
Associated Dry Goods, 1st pref. (gust.)..
6% preferred (guar.)
13-41 June 1 Holders of rec. May 13a
134 Apr. 14 Holders of rec. Mar. 31
Second preferred (guar.)
535% preferred (qua?.)
14 June 1 Holders of rec. May 130
14 Apr, 14 Holders of rec. Mar. 31
Associated Oil, common
Northern N. Y. Utilities, pref. (guar.).- 14 May 1 Holders
250. Apr, 15 Holders of rem Apr. 6
of rec. Apr. 11
Atlas Utilities Corp., $3 pf. A (gu.) _
Northern Ontario Power, corn. (guar.). 625c. Apr, 25 Holders of
a. June 1
rec. NIar. 31
Austin, Nichols Jr Co.. prior pf. A (gu.)- 37340 May I Holders of roc. May 20
6% preferred (guar.)
14 Apr. 25 Holders of rec. Mar. 31
Holders of rec. Apr. 150
Avondale
Mills
(preferred)
4
Nor. states Pow.(Del.), corn. A (qu.). _
Apr. 15
2
May 2 'folders of rec. Mar. 31
Baldwin Co.,6% pref. (guar.)
7% preferred (guar.)
'134 Apr. 15 "Holders of rec. Mar. 31
134 Apr, 20 Holders of rec. Mar. 31
Bayuk Cigars, Inc., 1st pref. (guar.).-14
Apr.
6% preferred (guar.)
15 Holders of rec. Mar. 31a
14 Apr. 20 Holders of rec. Mar. 31
BeldIng-Corticelli. Ltd. (go.)
Northwestern Bell Telephone-131 May 2 Holders of rec.
15
131rtman Electric Co.. corn. (guar.).
'1234c May 2 "Holders of rec. Apr.
6 % preferred (guar.).
14 Apr. 15 Holders of rec. Mar. 19
Apr. 15
7%
preferred
(guar.)
•6134 May 2 *Holders of ree. Apr. 15
Ohio Pub. Serv. Co.. 7% pref.(mthly.)- 58 1-3c May 2 Holders of rec. Apr. 15a
Block Bros. Tobacco, corn. (guar.)._ _ _ "37 Sic May 15
6% preferred (monthly)
'Holders
50c. May 2 Holders of tog. Apr. 150
roe.
of
Common (guar.)
'3734o Aug. 15 *Holden of res. May 10
5% preferred (monthly)
41 2-3c May 2 Holders of rec. Apr. I5o
Common (guar.)
373-410 Nov. 15 "Holders of rec. Aug. 10
Pacific Gas & ElectriC. corn. (guar.).- 50e. Apt, 15 Holders of rec. Mar. 3Ia
Nov. 10
Preferred (guar.)
yi June 30 *Holders
Pacific Ligh(ing, common (guar.)
75c. May 16 Holders of rec. Apr. 20
of rec. June 24
Preferred (guar.)
Sept.30 "Holders of refl. Sept. 24
$1.50 Apr. 15 Holders of rec. Mar. 31
$38 preferred (guar-)
Preferred (gum.)
•1
Dec. 31 *Holders of rec. Dec. 24
134 spr. 15 !folders of rec. Mar. 3I0 Bloomingdale Bros.,
Pacific Telep. & Teleg.. pref.(guar
Inc., pref. (qui
14 May 2 /folders of rec. Apr. 20a
Peninsular Telephone (guar.)
•350. July 1 'Holders of rec. June 15
Bon ArnI Co., cont. clans A (guar.)
$1
Apr. 30 Holders of rec. Apr. 15
Quarterly
.3.5e. Oct. 1 *Holders of rec. Sept. 15
Brantford Cordage. pref. (guar.)__
_ 1500, Apr. 15 Holders of rm. Mar. 20
"350. Jan 1 '33 "Holders of rec. Dec. 15
Quarterly
Briggs Manufacturing (guar.)
25o. Apr. 25 Holders of rec. Apr. 11
7% preferred (Mlar.)
'134 May 15 'Holders of rec. May 5
British United Shoe Machinery'134 Aug. 15 "Holders of rec. Aug. 5
7% preferred (guar.)
Am,dep, rots. for ord. reg. shares-74
Juno 8 Holders of rec. May 17
7% preferred (guar.)
'134 Nov. 15 'Holders of rec. Nov. 5
Buckeye Pipe Line (guar.)
$1
June 15 Holders of rec. Apr. 25
•1
2-15-33 "Holders of rec. Feb. 5
7% preferred (guar.)
Bullock's, bite.. pref. (guar.)
'134 May 1 "Holders of rec. Apr. 11
Pennsylvania Power Co., $6 pref. (qui. $1.50 June I Holders of rec. May 20
Burroughs Adding Machine (guar.)._ _
20e, Juno 4 }folders of rec. May
$6.60 preferred (monthly)
550. May 2 Holders of rec. Apr. 20
Bush Terminal Co., corn. (guar.)
62Sic May 1 }folders of rec. Apr. 3
$6.60 preferred (monthly)
550. June 1 Holders of rec. May 20
8
Debenture stock (guar.)
Apr, 15 Holders of
1341
Peoples Gas Light & Coke (guar.)
'2
Apr. 18 Holders of rec. Apr. 45 flyers (A. M.) Co , pref.(guar.)
14 May 2 Holders of rec. Apr. la
Peoples Telep. (Butler, Pa.). corn.
rec. Apr. I50
In
Apr. 15 'Holders of rec. NIar. 31
Calamba Sugar Estates, corn. (guar.)._
40c,
July
1
Holders
Philadelphia Co., corn. (guar.)
of
35e. Apr. 30 Holders of rec. Apr. la
rec. June 15
7% preferred (guar.)
6% preferred
$1.50 May 2 Holders of rec. Apr. la Calaverm Cement, 7% pref. (guar.)._ •350. July 1 *Holders of rec. June 15
'134 Apr. 15 *Holders of rec. N1
Philadelphia Electric Co.. $5 pref. (gu.)- 51.25 May 2 Holders of rec. Apr. 90 Canada Bud Breweries (guar.)
ar. 31
250.
Apr,
15
holders
Phila.Suburban Water Co.. pref.(o u.)- of rec. Mar. 31
134 June 1 Holders of rec. May 12a Canada Dry Ginger Ate (guar.)
30c. Apr,
Holders of tee. Apr. la
Power Corp. of Canada, corn. (gust.)-.
.50c. May 20 Holders of rec. Apr. 30
Canadian Bronze. Ltd.. corn. (guar.).- 31110. May 15
1 Holders of rec.
6% cum. preferred (guar.)
11 34 Apr. 15 Holders of rec. Mar. 31
20
Preferred (guar.)
14 May 1 Holders of rec. Apr.
6% non-cum. pref. (guar.)
Apr. 20
75c. Apr. 15 Holders of rec. Mar. 31
Canadian Car & }Ay. pref (guar.)
440. Apr. 9 Holders of roe. Mar.
Public Serv. Co.of Colo.7% pfd.(mthlY) 58 1-3c May 2 Holders of rec. Apr. 15a Canadian Fairbanks Morse,
'26
14
Pref.
(M1•).
Apr,
15
Holders of rec. Mar, 31
6% preferred (monthly)
50c. May 2 Holders of rec. Apr. 150 Canadian Industries, corn. (guar.)
.6240 Apr. 30 *Holders of rec. Mar.
5% preferred (monthly)
31
41 2-3e May 2 Holders of rec. Apr. 150
Common (extra)
•25c. Apr. 30 *Holders of rec. Mar. 31
Public Service of IndianaPreferred (guar.)
14
Apr.
15
Holders of rec. Mar. 31
S7 prior preferred (guar.)
Canadian Wineries, Ltd., corn.(guar.)._
$1.75 Apr. 15 Holders of rec. Mar. 31
Sc. Apr. 15 Holders of rec. Mar. 31
Pub. Serv. of N. J., 6% pref. (mthly.)30 Holders of rec. Apr. la Canfield Oil, common (guar.)
+$1
June 30 •Holders of rec. June 20
Pub.Serv. of No. III. corn. $100 par (on.) .250o. Apr.
May 2 'Holders of rec. Apr. 15
preferred (guar.)
131 Mar. 31 Mar. 21 to
Corn.(no par value) (guar.)
Mar. 24
May
2'Holders
'2
of
Apr.
15
rec.
7% preferred (guar.)
•144 June 30 *Holders of rem June
7% preferred (guar.)
20
•131 May 2'Holders of rec. Apr. 15
7% preferred (guar.)
6% preferred (guar.)
Sept. 30 'Holders of rem Sept. 20
•14
May
2
7%
"Holders
Apr.
rec'.
of
15
preferred
(guar.)
'134 Deo. 31 "Holders of rec. Dee.
Puget Sound l'ow. & Lt.,$6 pref.
20
(qui - '$1.50 Apr. 15 "Holders of rec. Mar. 2
Centrifugal Pipe (guar.)
$5 Preferred (guar.)
15c.
May
16
Polders of
.51.25 Apr. 15 "Holders of rec. Mar. 2
Quarterly
May
San Diego Consol. G.&
150 Aug. 15 Holders of rec.
rec. Aug. 0
E.. PI. (guar.)14 Apr. 15 Holders of rec. Mar. 3
Quarterly.
Seattle Gas. pref. (guar.)
150 Nov. 15 Holders of rec. Nov.
5
"14 Apr. 15 "Holders of rec. Mar.3
Century Ribbon Mills pref. (guar.)..._
Second & 3d Sta. (Phila.) Peas.
134 June 1 Holders of rem May 200
Ry.(gu.) 553
July 1 "Holders of rec. June
Cherry Burrell Corp.. pref. (guar.)
Quarterly
•I4 May 1 "Holders of rec. Apr. 15
Oct. 1 "Holders of rec. Sept.
"53
Cincinnati Stilling Machine, Pref. (go.). "1
Sedalia Water, pref. (guar.)
Apr.
15
'Holders 01 rec. Mar, 31
Cities Service Co., corn. (month)y)
South Pittsburgh Water.7% pref.(gu.). '134 Apr. 15 "Holders of rec. Apr.
62340 May 1
of rec. Apr. 15
14 Apr. 15 Holders of rec. Apr.
Coin. (payable In corn. stk.) (mthly,) dfSi May 1 Holders
6% preferred (guar.)
Holders of rec. Apr. 15
14 Apr. 15 Holders of rec. Apr.
Preferred 11 (monthly)
Southern California Edison. corn.
65e,
May
15
(riu.)_
50c. Stay 15 Holders of rec. Apr. 20a
Preferred Jr preference BB (monthly) 6500. May 1 Holders of rec. Apr.
554% preferred series C
1 Holders
rec. Apr. 15
(guar.)
344c Apr, 15 Holders of rec. Mar. 20
Coca Cola Bottling Co.of St. L.(guar.). •40e. Apr. 15 "Holders of
Original Prof.(au.)
of rec. Apr. 5
50c. Apr, 15 Holders of rec. Mar. 20
Quarterly
Southern Calif. Gas Co.. pt. & pf. A (gu.)
•40e. Judy 15 "Holders of rec. July 5
Quarterly
Southern Calif. Gas Corp., 56.50 pl. (gul '37 35c Apr. 15 "Holders of rec. NIar. 31
•40e. Oct. 1515Holders of rec. on. 5
$1.625 May 31 Holders of rec. Apr. 30
Consolidated Car Heating (guar.)
•144 Apr. 15 *Holders of rec. Mar. 31
APRIL 9 1932.]
Name of Company.
2669
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusiee.
Miscellaneous (Continued).
Colgate-Palmolive-Peet, corn. (on.)
6235c. Apr. 20 Holders of rec. Apr. 11
Preferred (quar.)
July 1 Holders of rec. June 10
Commercial Discount (Los Angeles)
8% preferred (quar.)
•20c. Apr. 10 *Holders of roe. Apr. 1
7% preferred (quar.)
"17 4c Apr, 10 *Holders of rec. Apr. 1
Community State Corp., class A (quer.).'1240 June 30 *Holders of rec. June 24
Class A (quar)
'124c Sept. 30 *Holders of rec. Sept. 26
Class A (quar.)
"124c Dec. 31 'Holders of rec. Dec. 27
Consol. Chem. Indus., pref. A (guar.)._ *374c May 2'Holders of rec. Apr. 15
Coasolldated Laundries. pref.(quar.)' $1.875 Slay 2 "Holders of rec. Apr. 15
Consolidated Royalty 011 (quar.)
"50. Apr. 25 *Holders of rec. Apr. 15
•1
Coon (NV. 13.) Co., pref.(guar.)
May 2 "Holders of rec. Apr. 12
Oorn Products Refg. Co., corn. (guar.).The. Apr. 20 Holders of rec. Apr. 40
Preferred (quar.)
144 Apr. 15 Holders of rec. Apr. 46
Creamery Package Mfg., cont. (quar.)
374c Apr. II Holders of rec. Apr. I
Preferred (quar.)
*14 Apr. 11 *Holders of rec. Apr, 1
Crum S, Forster (quar.)
•250. Apr. 15 *Holders of rec. Apr. 5
Cudahy Packing, corn. (quar.)
Si Apr. 15 Holders of rec. Apr. 50
6% preferred
3 May 2 Holders of rec. Apr. 20
7% preferred
34 May 2 Holders of reo. Apr. 20
Cuneo Press (quar.)
624c May d2 Holders of rec. Apr. 15
Dr. Pepper Co.(quar.)
.30c June 1 'Holders of rec. May 15
Quarterly
•300. Sept. 1 *Holders of rec. Aug. 18
Quarterly
•30c Dec. 1 'Holders of rec. Nov. 18
Dome Mines, Ltd.(quar.)
250. Apr. 20 Holders of rec Mar.31a
Dominion Bridge (quar.)
1624c May 16 Holders of rec. Apr. 30
Dominion Motors. Ltd
1100. May 2 Holders of rec. Apr. 15
Dominion Tar & Chemical, pref.(quar.) 1144 May I Holders of rec. Apr. 6
Dominion Textile. pref.(quar.)
114 Apr. 15 Holders of rec. Mar. 31
Du Pont(E. I.) de Nem.& Co.
Debenture stock (guar )
14 Apr. 25 Holders of rec. Apr. 9e
Eastern Bakeries, Ltd., pref. (quar.)_
•144 Apr. 15 "Hcsders of rec. Mar. 31
Eastern Dairies, Ltd., cons.(quar.)
25c. May 2 Holders of rec. Mar.31
*1% Apr. 15 *Holders of rec. Mar.31
Preferred (guar.)
Ragmen Food Corp.. class A (quar.)
750. July 1
(Eaton Mfg.(quar,)
12%c May 2 Holders of rec. Apr. 150
Economy Grocery Stores (quar.)
250. Apr. 15 Holders of rec. Apr. 1
Electrical Securities Corp.,$5 Pt.(qu.)_. "$1.25 May 2 *Holders of rec. Apr. 15
English Electric Co.(Canada) A (quar.)_
75o. Apr. 15 Holders of rec. Mar. 31
Eppene. Smith & Co
•2
Aug. I "Holders of roe July 25
Eureka Pipe line (quar.)
1
May 2 Holders of rec. Apr. 15
Eureka Vacuum Cleaner (quar.)
*50c. Apr. 15'Holders of rec. Apr. 1
Apr. 30 "Holders of rec. Apr. 15
Special
*52
Ewa Plantation (quar.)
•600. May 15 'Holders of roc. May 5
Finance Co.of Amer.(Balt.) A & B (qu.) *100. Apr. 15 *Holders of rec. Apr. 5
Apr. 15 *Holders of roe. Mar. 31
Class A & B (payable in class A stock)_ "e2
7% preferred (quar.)
"434c Apr. 15 *Holders of rec. Mar. 31
Apr. 15 "Holders of rec. Apr. 5
"854c
Preferred class A (quar.)
2.4c. Apr. 20 Holders of rec. Apr. 5a
Firestone Tire & Rubber, corn.(quar.)
•500 Apr. 15 *Holders of rec. Mar. 25
First Nat'l Corp.,Portland, Ore.(qu.).
Fishman(M.H.) Co., pref. A & B (au.). 14 Apr. 15 Holders of rec. Apr. i
'50c. Apr. 15 *Holders of rec. Apr. 10
Food Machinery, Preferred (monthly)
"500. May 15 "Holders of rec. Mar. 10
Preferred (monthly)
"500. June 15 *Holders of rec. June 10
Preferred (monthly)
Apr. 10 'Holders of rec. Mar. 31
*2
Foulds Milling, preferred (quar.)
Foundation Co. of Canada, cont. (quar.) 124c May 14 Holders of rec. Apr. 30
•iyi May I *Holders of rec. Apr. 20
Gardner-Denver Co., pref. (quar.)
25c. Apr. 25 Holders of roe. Mar. Ifto
General Electric(quar.)
15c. Apr. 25 Holders of rec. Mar. 18o
Special stock (quar.)
750. May 2 Holders of rec. Apr. 15a
General Mills, Inc.. common (quar.)
81.25 May 2 Holders of rec. A Jr 2.
General Motors,$5 ore! (guar.)
May 15 *Holders of me. May 5
•1
General Outdoor Adv.,6% pref. (qu.)
75e May 2 Holders of rec. Apr. 15
Gen. Stock Yards Corp., corn. (quar.)_ _
$1.50 May 2 Holders of rm. Apr. 15
$6 convertible preferred (quar.)
$125 May 2 Holders of rm. Apr. la
Gillette Safety Razor. pref. (quar.)
•25c Apr. 15 'Holders of rec. Mar. 31
Globe Discount & Finance (quar.)
•200 May 2'Holders of rec. Apr. 15
Globe Underwriters Exchange
400 May 2 Holders of rm. Apr. 9a
Gold Dust Corp.(quar.)
July 1 Holders of rec. June 1
Goodyear Tire & Rubber 1st prat.(guar.)
144 May 2 Holders of rec. Apr. 12a
Gotham Silk Hosiery, pref. (quar.).
July 1 Holders of roe. June 20
Gottfried Baking Co. Inc., pref.(quar.)144 Oct. 1 Holders of rec. Sept. 20
Preferred (quar.)
144 Jan 2'33 Holders of rm. Dec. 20
Preferred (quar.)
June 30 Holders of rec. June 29
Grace(W.R.)& Co..6% prof.(quar.). 3
3
Dec. 29 Holders of rec. Dec. 28
6% preferred
Preferred A & B (gnu.)
2
June 30 Holders of rec. June 29
Preferred A & B (quar.)
2
Sept.30 Holders of rec. Sept.29
Preferred A & B (quar.)
2
Dec. 29 Holders of rec. Dec. 28
Guarantee Co. of N. A.(qear.)
"$1.50 Apr. 15 *Holders of rec. Mar. 31
Extra
'$2.50 Apr. 15 *Holders of rec. Mar. 31
Harbison-Walker Refract.. pref. (lu.)
14 Apr. 20 Holders of roe. Apr. 90
Hardesty(R.) Mtg.,7% prat.(guar.)._ •14$ June 1 *Holders of rec. May 15
7% Preferred (guar.)
"14 Sept. 1 'Holders of rec. Aug 15
7% preferred (quer.).
.011‘ Dee. 1 'Holders of rec. Nov. 15
Hercules Powdor,,preferred (quar.)
144 May 14
Hershey Chocolate Corp., coin. (quar.)_ •51.50 May 15 "Holder" of rec. Apr. 25
Convertible preferred (quar.)
May 15 'Holders of rec. Apr. 25
Hewitt Bros. Soap. Weft (quar.)
"2
July 1 "Holders of rm. June 20
Preferred (quar.)
Oct. 1 *Holders of rec. Sept. 20
•2
Preferred (quer.)
Jan 133 *Holders of rec. Dm. 20
*2
Hibbard,Speacer, Bartlett & Co.(mthly
150 Apr. 29 Holders of rm. Apr. 22
Monthly
150 May 27 Holders of rec. May 20
Monthly
150 June 24 Holders of rec. June 17
Hollinger Cons. Gold Mines
(Sc. Apr. 21 Holders of rec. Apr. 7
Holly Development (quar.)
'240 Apr. 15'Holders of rec. Mar. 31
Honolulu Plantation (monthly)
*250. Apr. 11 *Holders of roe. Mar. 31
Horn & Harriett (N. Y.), corn.(quar.)
62).c May d2 Holders of rec. Apr. 11
Household Fin. Corp.,corn. A & ii (qu.)
900. Apr. 15 Holders of rec. Mar. 31a
Participating Preference(Quar.)
31.05 Apr. 15 Holders of rec. Mar. 3Ia
Co.
Bound
Howe
(quar.)
25c. Apr. 15 Holders of rm. Mar. 310
Indiana Pipe Line (quar.)
100. May 14 Holders of rec. Apr. 22
Imperial Chemical Industries, Ltd.
Amer. dep. refs. for ord. reg
*3
June 8 'Holders of rec. Apr. 15
Incorporated Investors(quar.)
25e. Apr. 15 Holders of rec. Mar.22
Stock divIdond
e254 Apr. 15 Holders of rec. Mar. 22
Industrial & Power SeourIttee (quar.).-250. June 1 Holders of roe. May
Quarterly
26o. Sept. 1 Holders of rec. Aug. 1
Quarterly
Ms. Dee. 1 Holders of roe. Nov 1
Inter-Island Steam Navigation (mthly.). •100. Apr. 30 'Holders of rm. Apr. 24
Monthly
•100. Slay 31 'Holders of rm. May 24
Monthly
•10c. June 30 *Holders of reo. June 24
Monthly
•100. July 31 *Holders of roe. July 24
Monthly
•10c. Aug. 31 "Holders of rec. Aug. 24
Monthly
•I0c. Sept.30 *Holders of roe. Sept.24
Monthly
•I0c. Oct. 31 *Holders of rm. Oct. 24
Monthly
•10e. Nov. 30 'Holders of rec. Nov. 24
Monthly
•1.0c Dec. 31 'Holders of rec. Dec. 24
Internat. Business Machinot (quer.)
$1.50 Apr. 11 Holders of rec. Mar. 22a
International Harvester, corn.(quar t)-•
450 Apr. 15 Holders of rec. Mar. 190
Internat. Nickel of Canada, 7% pf.(qu.) 14 May 2 Holders of rec. Apr. 2a
7% preferred ($5 par)(quar.)
'8'4e May 2 *Holders of rec. Apr. 2
Internat. Printing Ink, pref. (guar./- 14 May 1 Holders of rec. Apr. 16
International Shoe, pref.(guar.)
•541c. May 2 *Holders of roe. Apr. 15
Preferred (monthly)
*SOL June 1 'Holders of rec. May 14
Interstate Dept. Stores, Prof. ((man).- 14 Apr. 30 Holders of rec. Apr. 14
Investment Foundation, Ltd., Prof.(qu.) "370. Apr. 15 "Holders of rec. Mar. 31
Ivanhoe Foods, Inc., pref.(guar.)
• 87%e.July 1 'Holders of rec. June 10
Jewel Tea. Incl.. corn.(quar.)
Si
Apr 15 Holders of rm. Apr. la
Kalamawo Vegetable Parchment (qu.). •15c. Juno 30 *Holders of rec. June 20
Quarterly
•15o. Sept.30 *Holders of rec. Sept. 20
Quarterly
•15e. Dee. 31 'Holders of rec. Dee. 21
Kaufman Dept. Stores, man. (guar.)...
20c Apr. 28 Holders of roc. Apr. 9
Kemper-Thomas Co., cont.(quar.)
•12
July I •Holders of roe. June 20
•1234e Oct. I *Holders of rec. Sept. 20
Common (quar.)
•124c Jan 1'33 *Holders of rec. Dec. 20
Common (user.)
•I 54 June I *Holders of rec. May 20
Preferred (quar.)
•144 Sept. I "Holders of roe. Aug. 20
Preferred ((Mar.)
•I'4 Dec. I 'Holders of rec. Nov. 20
Preferred (pier.)
•111.25 Oct. 1 "Holders of rec. Sept.20
Keystone Cold Storage
Knudsen Creamery, class A & B (quar.)_ '37%e May 20'Holders of rec. Apr. 30
Kroger Grocery & Baking. 7% pr. (qtr.). •14 May 2 "Holders of rm. Apr. 20
14
14
Miscellaneous (Continued).
Kress (S. H.) & Co., common (quar.)___
250. May 2 Holders of rec. Apr. 11
Corn. (1-20th sh special pref. stock).May 2 Holders of rec. Apr. 11
Special preferred (quar.)
15c. May 2 Holders of rec. Apr. 11
Lamont, Corliss & Co.(quar.)
31.50 Apr. 10 Holders of rec. Mar. 23
Landers. Frary & Clark (quar.)
'6240 June 30 *Holders of rec. June 20
Quarterly
'6240 Sept.30 *Holders o tree. Sept 20
Dec. 31 'Holders of rec. Dec. 21
Quarterly
*62
Lane Bryant, Inc.. 7% pref. (quar.)
1f4, May 1 Holders of rec. Apr. 15
langendorf United Bakeries A (guar.).- •50c. Apr. 15 "Holders of rec. Mar. 31
Lawbeck Corporation, pref. (quar.).. "1
May 2 'Holders of rec. Apr. 20
Lefcourt Realty Corp.,corn.(quar.)- - 40c. May 16 Holders of rec. May 5
Convertible preference (guar.)
75c. Apr. 15 Holders of rec. Apr. 5
Lincoln Telep Securities, cl. A (qu.)
*50c. Apr. 10 *Holders of rec. Mar. 31
Class B (quar.)
*25c. Apr. 10'Holders of rec. Mar. 31
6% preferred (quar.)
"14 Apr. 10 *Holders of rec. Mar. 31
Link-Belt, corn. (quar.)
30e. June 1 Holders of rec. Mayd14a
Preferred (quar.1
•144 July 1 'Holders of rec. June 15
Liquid Carbonic Corp.(qua?.)
50c. Apr. 30 Holders of rec. Apr, 20
Loose-Wiles Biscuit, corn. (quar.)
65e. May 1 Holders of rec. Apr. 180
Common (extra)
10c. Slay 1 Holders of rec. Apr. 180
Lord & Taylor, 2nd pref. (Qum.)
May 2 Holders of rec. Apr. 160
2
Lucky Tiger Combination Gold Min.
Quarterly
•30. Apr. 20'Holders 01 roe. Apr. 9
Lunkenheimer Co , preferred (guar.)... •134 July 1 *Holders of rec. June 20
?referred (qua?.)
•144 Oct. I *Holders of rec. Sept. 20
Preferred (quar.)
"14 Jan 233 *Holders o roe Dec. 22
McCall Corp.(quar.)
624c May 2 Holders of rec. Apr. 20a
McColl Fro 'tenac 011, pref. (quar.)
114 Apr. 15 Holders of rec. Mar. 31
McCrory Stores, pref. (quar.)
14 May 1 Holders of rec. Apr. 20
MacAndrews & Forbes, corn. (quar.)
35e. Apr. 15 Holders of rm. Mar. 310
Preferred (quar.)
134 Apr. 15 Holders of rec. Mar.31a
MacKinnon Steel, tat pref.(guar.)
14 May 2 Holders of rec. Apr. 15
Macy (R. H.) & Co., corn, (quar.)_ _
50c. May 16 Holders of rec. Apr. 22e
Magma Copper Co. (quar.)
124c. Apr. 15 Holders of rec. Mar. 314
Magnin (I.) & Co.,corn.(quar.)
1256e. Apr. 15'Holders of rec. Mar.31
6% preferred (quar.)
'134 May 15 •Holuers of rm. May 6
6% preferred (quar.)
•1
Aug. 15'Holders of rm. Aug. 5
6% preferred (Quart)
1% Nov. 15 *Holders of roc Nov. 6
Margay Oil Corp.,(quar.)
"250. Apr. 11 'Holders of rec. Mar. 21
Masback Hardware, 1st pref. (quar.)
134 Apr. 15 Holders of rec. Mar. 310
Maxweld Corp.(quar.) 5 cts. cash or 1% etk
Apr. 15'Holders of roe. Apr. 1
Preferred (quar.)
*15c. Apr. 15 "Holders of rec. Apr. I
Mercantile Amer. Realty.6% prof.
•144 Apr. 15 'Holders of rec. Apr. 15
Merchants Aerie. of N. Y.. pref. (qu.)_ *144 May 2 *Holders of roc Apr. 22
Mexican Petroleum, pref. (guar.)
$2
Arr, 20 Holders of rec. Mar. 310
Minneapolta-Honey well RegulatorCommon (quar.)
75e. May 14 Holders of rec. May 4a
Mohawk Invest. Corp. (quar.)
'50c. Apr. 15 *Holders of rec. Mar. 31
1
Moloney Electric. corn. A (quar.)
Apr. 15 Holders of rm. Apr. 2
Morgan 011 Corp
25e. Apr. 11 Holders of rec. Mar.21
Nattorud Biscuit. corn. (Omar.)
790. Apr. 15 Holders of roe. Mar. 18a
2 May 2 Holders of rec. Apr. 200
National Carbon, pref. (quar.)
National Casket, corn
*S1.60 May 14 "Holders of rec. Apr. 30
50o. May 2 Holders of rm. Apr. 15
National Distillers Prod., corn. (quer.).
250. Apr. 15 Holders of rec. Mar.31
National Fuel Gas (quar.)
1
May 2 Holders of rec. Apr. 220
National Lead, pref. B (qua?.)
National Share Corp., class A (quar.) *4344c Apr. 10'Holders of rec. Mar. 31
Class A (extra)
'6(4c. Apr. 10'Holders of rec. Mar. 31
Apr, 1 Holders of rec. Mar. 24
Naurokeag Steam Cotton Co. (quar,).. SI
•I5c. June 30'Holders of rec. June 26
Nelson. Baker & Co.(qua?.)
•150. Sept.30 'Holders of rec. Sept.24
Quarterly
2
May 15 Holders of roe. May 1
Neptune Meter, pref. (quar.)
2
Aug. 15 Holders of rec. Aug. 1
Preferred (quart)
Nov. 15 Holders of ree. Nov. 1
2
Preferred (mum)
New England Grain Prod..$7 pref.(on.) •31.75 July 1 *Holders of rec. June 29
"31.75 Oct. 1 "Holders of rec. Sept.20
$7 preferred (guar.)
"31.75 Ja.2'33 *Holders of rec. Doe. 20
$7 preferred (guar.)
*31.50 Apr. 15 'Holders of rm. Apr. 1
$6 preferred A (qua?.)
*31.50 July 15 "Holders of rec. July 1
16 preferred A (guar.)
"31.50 Oct. 15 "Holders of rec. Oct. 1
$6 preferred A (qua?.)
•$1.50 Ja 1533'Hold, of rec. Jan. 1 '33
$6 preferred A (quar.)
50c. May 10 Holders of roe. Apr. 20a
New Jersey Zinc (qilier.)
10c. Apr. 15 Holders of rec. Mar. 25
New York Transit
Newaygo Portland Cement, Prof. (qu.)_ "134 Apr. I "Holders of rec. Mar. 25
Newberry (.1. J.) Realty, prof. A (qua?.) •14 May 1 'Holders of rec. Apr. 15
Preferred B (guar.)
'14 May 1 'Holders of rec. Apr. 15
Apr. 15 Holders of rec. Mar.31a
1
Ohio Brass. preferred (quar.)
Otis Elevator, corn (quar.)
50c. Apr. 15 Holders of rec. Mar. 31a
14 Apr. 15 Holders of rec. Mar.3I0
Preferred (quar.)
.$1.50 June I "Holders of roe. may 20
Package Machinery, (quar.)
•144 May 2 *Holders of rec. Apr. 20
tat preferred (quer.)
•1
Aug. 1 *Holders of rec. July 20
let preferred (quar.)
•14 Nov. 1 *Holders of rec. Oct. 20
First preferred (guar.)
Pan American Petroleum & Transport40e. Apr. 20 Holders of rec. Mar. 31a
Common and common B (guar.)
Parke, Austin & Llpscombe, pt. A (qu.)_
250 Apr. 15 Holders of rec. Apr. 4
Peck Bros. & Co., pref. (guar.)
'37%c Apr. 11 'Holders of rec. Mar. 31
Penmans, Ltd., corn.(quar.)
750. May 16 Holders of rm. May 5
Preferred (quar.)
1% May 2 Holders of tee. Apr. 21
Pennsylvania Salt Mfg.(quar.)
75c Apr. 15 Holders of rec. Mar. 310
Philip Morris & Co., Ltd.. (quar.)
25c Apr. 15 Holders of rec. Apr. la
Phoenix Finance Corp.. pref. (guar.).- *50c Apr. 10 'Holders of rec. Mar. 31
Pirelli Co., American shares
$2.58 Apr. 15 Holders of roe. Apr. 8
Plume & Atwood Mfg. Plum.)
•500 July 1 'Solders of roe. June 25
Quarterly
•500 Oct. I •Holders of roe Serfs. 25
Premier Shares. Inc. (qua?.)
10c Apr. 15 Holders of rec. Mar.31
Procter de Gamble.8% pref. pluar.)..-- - 2
Apr. 15 Holders of rec. Mar. 250
Prudential Investors, Inc.. pref.(quer.). *st.sn Apr. 15 *Holders of rec. Mar. 31
2 *Holders of roe. Mar. 31
Public Utility Investing, $5 pf.(qu.)._ - "S715.20
y 16
Holders of rm. Apr. 230
Pullman, Inc. (quar.)
May
Apr. 15 'Holders of rec. Apr.
Quaker Oats. common (Qum.)
*S1
*Holders
of rec. Apr. I
15
Common (extra)
"53 Apr.
•134 May 31 'Holders of rec. May 2
6% preferred (quar.)
874c Apr. 15 Holders of rec. Apr. la
Radio Corp. of Amer., Prof. A (quar.)__
Apr. 15 Holders of rec. Mar. 31
Railways Corp.(payable In stock(NO.1) e2
Holders of rec. Apr. 21
May
Reed (C. A.) class A (quar.)
I 'Holders of rec. Apr. 21
*12
54
°° M ay d2
Class B (quar.)
250 Apr. 10 Holders of rm. Apr. 1
Republic Stamping & Enamel (quar.).
'1234cApr. 15 'Holders of rec. Apr. 1
Republic Supply (oust.)
Rolls Royce, Ltd10 May 17 Holders of rec. Apr. 1
Amer. dep. rots, for. ord. reg. shares_
•10c May 1 *Holders of rec. Apr. 15
Roos Bros. (quar.)
1 *Holders of rec. Apr. 15
. Ma
Mayy 2
1.
50
62
05
Preferred (guar.)
• *
"Holders of rec. Apr. 15
Russell Motor Car, corn. (quar.)
sr% May 2 'Holders of rec. Apr. 15
Preferred (quar.)
Apr. 15 'Holders of roe. Apr. 5
'2
St. Croix Paper (qua?.)
1 *Holders of rec. Apr. 15
May 2
Salt Creek Producers Assn. (quar.)
Holders of rec. Apr. 160
Scott Paper. pref. A (oust.)
1(4 May
1(4 May 1 Holders of rec. Apr. 160
Preferred B (qua?.)
Sears Roebuck & CO., COM (quar)
824e. May 2 Holders of rec. Apr. Sc
1 Holders of me. Apr. 15
1/
141s
ay 2
Seeman Brothers. Inc. corn. (quar.)'$1.7575e. 14
•Holdere of rec. Apr. 20
Server, loc.. preferred'
Bluer.)
Preferred (near.)
*8
$7
17:
4 Aug.11 •Holdors of rec. July 20
Preferred (Outer)
41.75 Nov. 1 'Holders of rec. Oct. 20
Holders of rec. Apr. 15
Sharp & Dub me. pref.(quar.)
May
Shattuck (Frank G.) Co.(qua?.)
325c MayApr. 121 Holders of rec. Mar. 2Ia
Simpson (Robert) Co., Prof
Holders of rec. Apr. 15
Southern Franklin Process. pref.(quar.)_ '14 Apr. 11 'Holders of rec. Mar. 31
Southland Royalty (iller.)
'Sc. Apr. 15 *Holders of rec. Apr. 1
Southwestern Portland Cement, of. (qu.) '2 Apr. 15 "Holders of rec. Mar. 31
Spalding(A 0.)& Bros.. corn.(quar.)
25c. Apr. 15 Holders of rec. Mar.310
sparks, WithIngton Co..prof. (guar.).- '1% June 15 "Holders of rec. June 3
Spencer Kellogg & lions (quar.)
150. June 30 Holders of rec. June 15a
Spicer Mfg.. pref.(quar.)
750. Apr. 15 Holders of roc. Apr. la
Squibb(E.R.)& Sons. corn.(quar.)__
*25c. Slay 2 "Holders of rec. Apr. 15
1st preferred (quar.)
7
114
.50 :
N
ATI,
.
y 15
2'Holders of rec. Apr. 15
standard Coosa Thatcher Prof. (guar.).
'Holders of roe. Apr. 16
Standard 011 (Ohio). preferred (quar.)
14 Apr. 15 Holder, of rec. Mar. 31a
Stanley Works. prof. (guar.)
'37%c May 16 'Holders of roe. Apr. 30
Steel Co. of Canada, corn.(quar.)
(4344c May 2 Holders of roe. Apr. 7
Preferred (guar.)
t4344c May 2 Holders of rec. Apr. 7
2670
FINANCIAL CHRONICLE
Per
Name of Company.
When
Payable.
Books Closed.
Days Inclusive.
bifecalI n neous (Concluded).
State St. Investment
(Boston) (lU.) *75c. Apr. 15 *Holders of rec. Mar.31
Mix Baer & Fuller. 7% Pref.(guard...- '43c June 30•Holders of roe.
7% preferred (qual.)
•43 Mc Sept 30'Holders of rec. Sept
7% preferred (qual.)
.43Sic Dee. 31 •Holders of ree. Deo 15
Superheater Co. (quar.)
25e. Apr. 15 Holders of rec. Apr. 50
Superior Portland Cement, el. A (mthly) 27)9c May
Holders of rec. Apr. 23
Tack-Hughes Gold Mines. Ltd
0915c. May 1 *Holders of rec. Apr. 1.5
Telautograph Corp. (qua:.)
35c. May 1 Holders of rec. Apr. 15
Telephone Bond & Share. Part.Pref.03(u) *SI
Apr. 15 *Holders of rec. Mar. 21
Participating pref. (extra)
*50c. Apr. 15 •Holders of rec. Mar. 21
Class A (503. cash or 1-50sh.cl. A stk.)
Apr. 15 *Holders of rec. Mar.21
7% preierred (quar.)
Apr. 15 Holders of rec. Mar. 21
Thatcher Mfg. Co.. cony. pref.(quer.).90c. May 15 Holders of rec. Apr.
Toronto Elevators. Ltd., pref. (guar.).- •1% Apr. 15'Holders of rec. Apr. 30
1
Tuckett Tobacco. Ltd.. pref. (guar.).- 1•4 Apr. 15 Holders of rec. Mar. 31
Tung Sol Lamp Works,corn.(quar.)___. 25e. May 2 Holders of rec. Apr. 20
Preferred (qual.)
750. May 2 Holders of reo. Apr. 20
Union Storage (qual.)
6234c May 10 •Holders of reo. May
Quarterly
•6219c Aug. 10 *Holders of rec. Aug I
Quarterly
•82190 Nov. 10 •Holders of rec. Nov I
United Biscuit of Amer.,corn.(quar.)_
50c. June 1 Holders of rec. May 16a
Preferred (quer.)
1•1 May 1 Holders of rec. Apr. 16a
United Linen Supply. ci. B
*51.50 Apr. 20 Holders of rec. Apr. 1
(Jolted Piece Dye Wks., pref. (quar.)__
)9 July 1 Holders of rec. June 200
Preferred (qual.)
159 Oct. I Holders of tee. Sept. 20a
Preferred (qual.)
1,4 Jan 233 Holders of rec. Dec. 20a
United Profit-Sharing, pref
50c Apr. 30 Holders of rec. Mar. 3111
United Retail Chemists. pf. (qu.)
*8719c Apr. 15 Holders of rec. Mar. 23
United Securities. 1 td., corn
50c. Apr. 15 Holders of rec. Mar. 31
United Verde Extension Mining (quar.) 12)9c May 2 Holders of rec. Apr.
20
U.S. Capital Corp.Common A (payable In corn. A stock) •e134 Apr. 15 Holders of rec. Apr. 1
U. 8 Pine & FdY.. coin. (qua:.)
500 Apr. 20 Holders of reo Mar. 31a
Common (guar.)
50c July 20 Holders of rec. June 30a
Common (quar.)
50o Oct. 20 Holders of rec. Sepik 30a
Common (gnarl.
be Ja.2033 Holders of rec. Dec. 3I6
First preferred ((mar.)
30c A pr. 20 Holders of reo Mar. 31a
First preferred (CItlif.)
30c July 20 ELJdera of reo. June 30a
First preferred (quar.)
30o Oct. 20 Holders of reo. Sept. 300
First preferred (qual.)
130o Ja 20'33 Holders of rec. Dee.
U.S. Smelt.. Refit. & Mining,corn.(BI.) 25e. Apr. 15 Holders of rec. Apr. 3I0
4
Preferred (guar.)
87540 Apr. 15 Holders of rec. Apr. 4
Universal Leaf Tobacco, corn (guar.)700. May 2 Holders of rec. Apr. 180
Lipson Co.. class A & B (guar.)
•25c. Apr. 28 •Holders of rec. Mar. 15
Vickers. Ltd.Am.dep. rcts. for ord. reg.,ha
1405 Apr. 11 Holders of rec. Mar. 16
voiced) Dettuning. common
150c Apr. 20 Holders of reo. Apr. 7a
Preferred (guar
1•4 Apr. 20 Holders of rec. Apr. 7.
Wallace Sand Quarries, Ltd., pref
*1)9 Apr. 15 Holders of rec. Mar. 31
Western Cartridge,6% Pref.((Mari---May 20 Holders of rec. Apr. 30
Western Grocers. Ltd.. pref.(quar.)____
144 Mir. 15 Holders of rec. Mar. 20
Westinghouse Air Brake (guar.)
25c. pr. 30 Holders of rec. Mar. 31a
Westinghouse Elec. & Mfg.. (Iona (qU.). 25c. Apr. 30 Holders of reo. Apr.
11
Preferred (guar.)
87)9e Apr. 30 Holders of rec. Apr. II
Wilcox Rich Corp.class B
7isc. Apr. 30 Holders of rec. Apr. 20a
%Amsted Meier), Bluaid
*3
May 1 Holders of res. Apr. 15
Quarterly.
.2
•ug. 1 Holders of rec. July 115
Quarterly
*2
Nov 1 Holders of rec. Oct. 15
Worthington Ball. class A (qua:.)
•50e. Apr. 15 Holders of rec. Mar. 31
Wrigley (William) Jr. Co.(mthly.)
25e. May 2 Holders of rec. Apr. 20
Monthly
50c. June 1 Holders of rec. May 20
Monthly
25e. July 1 Holders of reo. June 20
WurlItzer (Rudolph) Co..7% or too
•119 July I Holders of rec. Jan. 19
co.
JUDO 16
16
1
• From unofficial sourced t The New York Stock
has ruled that
stock will not be quoted ex-dividend on this date and not Exchange
until further imam.
The New York Curb exchange Aseodadon has ruled that stock will
not be quoted
ex-dividend on thts data and not until further notice.
a Transfer books not closed for this dividend.
d Correction. e Parable 10 stock.
I Payable in common stock.
Payable In scrip. h On amount of accumulated
dividends. I Payable in preferred stock.
I Formerly Eaton Axle At Spring. Name
changed to Eaton Mfg. Co. In March
1932.
n Internat. Hydro-Elec. System class A dividend
is optional either 50c. cash
Cr 1-60th share class A stock.
I Payable in Canadian funds
u Payable In United States funds.
e Amer. Cities Power & Light class A dividend
Is optional either The. cash Of
142d share claes B.
w Less deduction for expenses of
deposited).
z Less tax.
[VoL. 134.
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 1:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH
THE CLOSING OF
BUSINESS FOR THE WEEK ENDED FRIDAY,
APRIL 1 1932.
NATIONAL BANKS-AVERAGE FIGURES.
Loans,
Other Cash Res. Dep.,IDep.
Disc. and Gold. Including N. Y. and BanksOther
and
Gross
Investments.
Bank Notes Elsewhere. Trust Cos, Deposits.
ManhattanGrace National_
17,578,187
2,200
86,599 1,555,003
BrooklynPeoples Nat'l_
6,460.000
5,000
93,000
393,000
913,120 14,982,619
19,000
5.720,000
TRUST COMPANIES-AVERAGE FIGURES.
Manhattan-Empire
Fulton
United States
BrooklynBrooklyn
Kings County
Loans,
Thee. and
Investments.
Cash.
$
8
Res've Dep., Depos.Other
N. Y. and Banks and
Gross
Elsewhere. Trust Cos. Deposits.
i
$
59,214,100 *3,459,000 6,969.000
18,080.300 *2,245,700
599,200
67,094,441 4,411,667 13,039,000
103,783.000
26,964,577
2,112,000 21,074,000
1,768,318 3,762,249
$
1,948,000 59,472,900
588,500 16,788,700
67,016,673
384,000 104,327,000
25,848,801
• Includes amount with Federal Reserve as follows:
Empire, $2,207,800; Fulton.
$2,099,700.
Boston Clearing House Weekly Returns.-In the following 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
April 6
1932.
Capital
Surplus and profits
Loans. disc'ts & I nvest'ts_
Individual deposits
Due to banks
Time deposits
United States depcults_..
Exchanges for Clg. House
Due from other banksRes've In legal deposit:les
Cash In bank
Res. In excess in F.R.Bk_
Changes from
Previous
Week.
IVeek Ended
March SO
1932.
Week Ended
March 28
1932.
$
.
11
$
$
91,776,000 Unchanged
91,775,000
91,775,000
82,328,000 Unchanged
82,328.000
82,328,000
887.119,000 +1,027.000 886,092,000 806,778,000
529.440.000 +8.192,000 621.248.000 521.P99,000
127,448,000 +15.591.000 111,857.000 114,562.000
203.114.000 -2,774,000 205.888.000 207.071,000
29,674,000 -4,796.000
34.470.000
30,787,000
16,311,000 +6,209.000
10.102.000
10,636.000
80.515.000 +6,463.000
74,052.000
75,677,000
68.985.000 +1,789.000
67.196,000
65,873.000
6,912,000
-247.000
7,159.000
7,333,000
-144,000
4.276.000
4,420.000
2.808.000
•
Philadelphia Banks.-Beginning with the return for the
Weekly Return of New York City Clearing House.ended Oct. 11 1930, the Philadelphia Clearing House
week
Beginning with March 311928, the New York City Clearing
House Association discontinued giving out all statements Association began issuing its weekly statement in a new
previously issued and now makes only the barest kind of form. The trust companies that are not members of the
a report. The new returns show nothing but the deposits, Federal Reserve System are no longer shown separately,
along with the capital and surplus. The Public National but are included with the rest. In addition, the companies
Bank & Trust Co. and Manufacturers Trust Co. are now recently admitted to membership in the Association are
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial included. One other change has been made. Instead of
Chronicle" of Dec. 31 1930, pages 3812-13. We give the showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
statement below in full:
designation "Legal Reserve and Cash."
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
Reserve requirements for members of the Federal Reserve
ASSOCIATION FOR THE WEEK ENDED SATURDAY. APRIL 2 1932.
System are 10% on demand deposits and 3% on time de*Surplus and Nd Demand
Time
posits, all to be kept with the Federal Reserve Bank. "Cash
Clearing House
*Capital.
Deposits.
Undirided
Deposits.
in Vaults" is not a part of legal reserve. For trust comAverage.
Profits.
Average.
Members.
panies not members of the Federal Reserve System the
$
$
8
Bank of N. Y.& Tr. Co-72,341,000
10,471.000 reserve required is 10% on demand deposits
9,730.700
8.000.000
and inlcudes
Bank of Manhattan Tr. •
224,924,000 38.124,000
22,250.000 44,436.700
National CItY Hank
124.000.000i 101,147.600 11947.402.000 176,098.000 "Reserve with Legal Depositaries" and "Cash in Vaults."
Chem. Batik & Trust Co-21,000.000' 44.759.800 204.922.000 21,409.000
Beginning with the return for the week ended May 14 1928,
Guaranty Trust Co
90.000,000 194.959.000 1,728.259,000 70,607,000
Manufacturers Trust Co
e32.935.000 e27,188,400 252,210.000 87,165,000 the Philadelphia Clearing House
A ssociation discontinued showCent Hanover Bk & Tr-21.000.000 79.10.3.200 380,377,000 39,199,000
Corn Exch Bank Trust
16.000,000 22.649.500 164,492,000 25,530.000 ing the reserve required and whether reserves
held are above or
First National Bank
10,000.000 112.637.200 251,302.000 23,352.000
Irving Trust Co
50.000,000
75,506.700 293,763.000 38,808,000 below requirements. This practice is continued.
27,310,000
3,743,000
Continental Bank
6.750,200
4,000,000
Co
& Tr
Chase Natiomd Bank
148,000 000
Fifth Avenue Bank
600.000
Bankers Trust Co
26,000.000
Title Guarantee & Tr Co10,000.000
Marine Midland Tr Co
10.000,000
Lawyers Trust Co
3.0110,000
New York Trust Co
12,500,000
Coni'l Nat Bk & Trust Co_
7,000,000
Harriman Nat Bk & Tr Co
2,000.000
Publio Nat Bk & Trust
CI
sasomo,
143,075,000 c985,644.000 106,061,000
2,616.000
30,454,000
3,405.800
75.020.400 4357,05.5.000 37,611,000
33,147,000,
711,000
21,201,100
0,173,000
35,780,000
7,019.000
1,150,000
12,473,000
2.400.000
173,556.000
18,278,000
26,559.200
2.453.000
40.686.000
9.235,600
25.141,000
4.789,000
2,863,200
34,969,000
28,428,000
7,876.400
-I 622.435.0001,017.630.600 5.276.207,000 742,776,000
Totals
• As per official reports: National, Dec. 31 1931; State, Dec. 311931; Trust Companies, Dec. 311931. e As of Feb.9 1932.
Includes deposits in foreign branches as follows:(a)$235,988,000;(b) 960.679,000;
(c) 5,52.004,000; (4) 519,603,000.
Week "fled
it Drli 2
1932
$
Capital
77,052,000
Surplus and profits
205,718,000
Loans, dints and invest_ 1,175,044,000
Each, for Clearing House
23,155,000
Due from banks
92.057.000
Bank deposits
138,663,000
Individual deposits
623,224,000
Time deposits
262,582,000
Total deposits
1,024,469,000
Res've with F. R. Bank 80.010.000
Changes from
Previous
Week,
Week Ended
March 28
1932,
Week Ended
March 19
1932.
$
$
$
Unchanged
77,052,000 '77.052,000
Unchanged
206,718,000 205.718.000
-10,688,000 1,185,732,000 1,191,172.000
+4,836,000
18,319,000
18,633,000
+9,694,000
82,363,000
88.072.000
+6,126,000 133,537,000 136,265,000
+9,632,000 613,692,000 621,505,000
+1,255,000 261,327,000 2110,443,000
+15,913,000 1,008,556,000 1,018.213,000
.1.1.001 Ot10
117 1128 (inn
xx AIM non
2671
FINANCIAL CHRONICLE
APRIL 9 1932.]
Weekly Return of the Federal Reserve Board.
7, and showing the condition
The following is the return issued by the Federal Reserve Board Thursday afternoon, April
the results for the System
present
we
table
first
the
In
Wednesday.
on
business
of
close
the
at
banks
Reserve
twelve
of the
week last year.
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding
The Federal Reserve Agents'
The second table shows the resources and liabilities separately for each of the twelve banks.
between the Comptroller and
Accounts (third table following) gives details regarding transactions in Federal Reserve notes
upon the returns for the
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment
latest week appears on page 2623, being the first item in our department of "Current Events and Discussions."
THE CLOSE OF BUSINESS APRIL 6 1932
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT
1932. Feb. 24 1932. Feb. 17 1932. Apr. 8 1931.
Apr. 6 1932. Mar.30 1932. Mar.23 1932. Mar. 161932. Mar. 9 1932. Mar. 2
3
$
$
RESOURCES.
2.037.032.000 2,053 930.000 1,733.114.000
Gold with Federal Reserve agents
2,181.947.000 2,188.647.000 2,192,547.000 2.187.147.000 2.092,347.0002.050.147.000
32,848.800
56.484,000
55.745.000
54,744.000
53,834,0001
50.340.000
44.895.000
48.410.000
43.201.000
Gold redemption fund with U. EL Tress2.092.777.000 2.110.424.000 1,765,962.006
Gold held exclusively agst. F. R. notes. 2,225.113.000 2.233,542.000 2,240.957,000 2.237,487.000 2.146,181.0001 2.110.891.000 285.549,000 270.787.000 540,763,000
Goldsettlement fund with F. It. Board_ _ 318.494.000 293.292.000 282.879.000 277.453.000 322,321.000 278.531.000
559.222.000 562.375.000 824,296,000
Gold and gold certificates held by banks_ 438,560.000 490.923.000 483.651.000 481.739,000 490.918.000 519.552,000
3,032,202.000 3.017.757.000 3.007.437.000 2,996.679.000 2,959.120.0002.938.974.000
212.544,090 216.810.000 210,896.000 209.294.000 207,869.0001 206.381.000
Total gold reserves
Reserves other than gold
1
3,139,762,000 3.145.544 000 3.309.013,000
3.244.746.000 3.234.567.000 3.218.383.0003,205.973.000 3,167.289,000 ,I45.35.5.000
78,100,000
77.067.000
75.546.000
•
76,575,000
75.158,000
•
79,131,000
74,082.090
45,700,000
473.165.000
319,796,000 318.935.000 341.647.000 342,452.000 397,340.000 462.142.000 471.180.000 372.616.000
96,885.000
315,178.000 314,320.000 323.936.000 318.340.000 350,639.000 366,260.000 364.063,000
845.781.000 142,585,000
635,274,000 633.255.000 665,583.000 660.792.000 747.979,000 828.402.000 835,243,000 146.382.000 171,729,000
66,362,000
81,696.000 105,714,000 137,584.000 115.640,000 133.382,000
57,946,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
Total bills discounted
Bills bought in open market
U. S Government securities:
Bonds
Treasury notes
Special Treasury certificates
Certificates and bills.
318,717.000
83.797.000
318.686.000
79.501.000
319.241,000
73.197.000
319.978.000
76,604.000
66.719,000
59,225,000
432,370.000
318.857.000
83,396.000
32,000.000
407.909.000
382.609.000
361,768,000
347.818,000
345.860.000
472,711,000
834,998.000
6,991,000
842.162.000
6,954,000
785.123,000
9,497,000
759.955.000
6,073.000
740.556.000
14,681,000
741,342.000
29,995.000
598,655,000
1,582.555.000 1.578.146.000 1.589.268.000 1,615.622.000 1.680.183.000 1.710.070,000 1.723.862.000 1,763.500.000
8.595.000
.
8.595.000
.
. •.
6.645.000
8.613.000
6.629.000
6.644.000
13,810.000
15.215.000
14.880.000
13.658 000
14.376.000
13.738.000
14,009.000
14.810.000
.
362,753.000 331.553.000 343.167.000 436.762.000 356,634.000 384.984.000 398.332,000 421.531.900
57.820.000
57.821.000
67.821.000
57,824.000
57,828,000
57,824.000
57,828.000
57.853.000
39.917,000
39.793.000
39.730.000
39,035,000
36,387.000
36,143,000
36.977,000
36.602.000
912,969,000
697,000
14,383.000
475.629.000
58,364,000
17,287,000
318.690,000
84,395.000
327,667.000
84,397,000
318,732.000
83.896,000
181,929.000
159,551,000
Total 31.8. Government securities- 885,014.000
4,321,000
Other securities
Foreign loans on gold
871.618.000
6.911.000
Total bills and securities
Due from foreign banks
Federal Reserve notes of other banks
Uncollected Items
Bank premises
All other resources
2.937.548,000 2.913.586.000 3,131.021,000
202.214.000 201.958.000 177.992,000
Total resources
F. R. notes in actual circulation
Deposits:
Member banks-reserve account
Government
Foreign banks
Other deposits
Total deposits
Deferred availability Items
Capital paid in
fkr[91113
All other liabilities
4,866,442,000
5,380,030,000 ,338,638.000 5,342,002,000 5,450,667,000 5,399,380,000 5,434.994,000 5,458.926,000 5,527.784.000
1.505,143,000
2,656.941.000
2.642.827.000
2.638.488,000
2.617,381.000
2,546,275.000
2,572,815,000
2,601,262.000
2,561,573,000
1.904.246.000 2,388.700,000
1,942,268.000 1.911.496.000 1,910.603,000 1,919.316.000 1,909.586,000 1.902.138.000 1,877.793,000
29.881,000
27.214.000
49,302.000
36.875.000
47.107.000
52.572.000
43.340.000
3.518.000
28.137,000
5,243.000
38.848.000
16.399.000
16.392.000
13,464.000
31.249.000
10.874,000
12.905.000
29.712,000
18,680,000
42.813.000
30.002.000
21.696,000
19,001.000
23,325.000
18,333,000
42.030.000
20,044.000
2,442,507.000
2,020.161.000 2.018.612.000 1.933.150.000 1.977.769.000 1,989358.000 1.977.101.000 1.973.196.000 2,013.121.000 460.439.000
353,218,000 329.416.000 311.612,000 426.833.000 317.564.000 375.058.000 396.426.000 412.877.000 168,713,000
157.915.000
155,558,000 155.624.000 156.027,000 156.233.000 156.385.000 156.6r•5.000 157.857.000
274.636.000
259,421.000 259.421.000 259.421.000 259.421.000 259.421,000 259.421.000 259.421.000 259.421 000
15,004,000
27.509.000
28.899.000
28.261.000
29,471,000
29.260,000
30.099.000
29,099,000
28.977,000
Total liabilities
5,380,030,000 5,338.638.000 5.342.002,000 5.450.667.000 5,399,380.000 5,434,994.000 5.458,926,000 5.627.784.000
Ratio of gold reserve to deposits and
63.0%
63.6%
83.6%
61.2%
66.1%
66.1%
F. It. note liabilities combined
65.4%
66.1%
Ratlo of total reserves to deposits and
67.4%
68.0%
68.1%
68.8%
70.9%
70.8%
F. It. note liabilities combined
70.0%
70.6%
Contingent liability on bills purchased
315.348.000
for foreign oorrespondents
335,312.000 335.425,000 334,851,000 336,057.000 317,113.000 311.640.000 313,281.000
4.866,442,080
80.2%
83.8%
429,536,000
Maturity DIstrtbutton of Rills and
Short-Term Securities1-16 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
81-90 Says bills discounted
Over 90 Says bills discounted
481,735,000
39,618,000
56.819.000
39,210.000
17,892,000
486,632.000
37,151,000
56.830,009
34.414,000
18.228.000
512,343.000
38.787.000
61.352.000
35.321.000
17,780,000
496.673.000
48.485.000
56.784.000
40,639.000
18,211.000
570.718.000 649.004.000
47,283.000
49.994.000
66.090.000
65.815,000
46.217.000
42.467.000
19.808.000
18,985.000
651.541.000
48.619.000
72,387.000
45,350.000
19,346.000
655.759,000
49.542.000
73.587.000
46.620.000
20.273.000
82,837,000
13.949,000
21,035,000
13.665,000
11.699,000
Total bills discounted
1-18 days bills bought in open market-16-30 days bill. bought In open market,.
31-60 days bills bought in open market__
61-90 days bills bought In open market_
Over 90 days bills bought in open market
635,274,000
26.913.000
8,349,000
12,871,000
9.574,000
239.000
633.255.000 665,583.000
28,602,000, 33,172.000
10.970.000'
8,554,000
15,810,000, 11.048.000
10.742.13001 28,678,000
238.000'
244.000
660.792.000
49.224.000
12,707,000
10.852.000
32.690,000
241.000
747.979,000 828.402.000
43.008.000
64,075.000
37,132.000
27,862.000
12.211.000
11.4.09.000
17,783.000
33,987.000
21,000
251,000
835.213.000
50,110.000
26,551.000
21.129.000
3.5,564.000
25,000
845.781.000
56.296.000
22.255.000
32.782.000
34.992.000
57.000
143.185.000
95,149,000
53.580,000
19,539.000
3,223.000
238.000
Total bills bought in open market
1-15 days U.S. certificates and bills
16-30 days U. S. certificates And bills
31-60 days U.S. certificates and bills
131-90 days U.9 certificates and bills-Over 90 days certificates and bills
66,362,000
6,143.000
3.800.000
66.916.000
89.550.000
293.195.000
81,6913.000
5.250.000
3 500.000
48.236.000
129.530.000
245,854.000
105.714.000
36,250.000
.3.500.000
24,625.000
101.591.000
273.943,000
137.584.000
56.645.000
4.250.000
6.300.000
106 060.000
209.348.000
115.640.000
67.546.000
4.250.000
6.300.000
54,814.000
228.856,000
113,382.000
22.338,000
61.295.000
7.050.000
38,136,000
218,999,000
146.382.000
41.818.000
61.295.000
7.050.000
20,025.000
215.672.000
171.726,000
57,946,000
3.500.000
3.800.000
109,916,000
74,300.000
290.113.000
Total U. B. certificates and bills
1-16 daye municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
61-90 clays municipal warrants
Over 90 Says municipal warrants
481,929.000
4,166.000
459,554.000
5.591,000
1,000.000
432.370.000
4.521.000
1,190.000
439,909.000
3,874.000
1,000.000
382,600.000
8,065.000
130.000
20.000
107.000
28.000
361.768.000
4.390.000
130.000
1.000
317.818.000
3.702.000
229.000
130.000
345.860.000
3.438.000
241.000
131.000
52.000
68.000
52.000
28.000
20.000
60.000
20,000
32.000
52,000
20.000
20.000
5.791.000
4.954.000
8.247.000
4.573.000
4,081.000
3,830.000
Total munic pal warrants
Federal Reserve Noteshawed to F. It. Bank by F. R. Agent.,
Reidby Federal Reserve Bank
In actual circulation
4.321.000
6.711.000
2.796.501,000 2,788.959,0002,822.755.000 2.855.883.005 2.876.745.000 2.887.961,000 2.908,345.000
234,928.000 212,684,000 249.940.000 254,621,000 259,364,000 249,473,000 265,518.000
6,000,000
24,500.000
134,726.000
307.485.000
472,711,000
2.923.836.000 1,911,513,000
266.895.000 406.376.000
2,561.573.000 2,546,275,000 2.572,815.000 2,601.262.000 2.617,381,000 2.638,488,000 2,642,827,000 2.868.941.000
1.505.143,000
Calalsral field by A mai as Security IVY
Notes issued to Bank623.134,000
861,567,000 854.067,000 854,007.000 849.567.000 825.567.000 748.967,000 737.952,000 752,250.000 1,109.980,000
By gold and gold certificates
1,320.380.000 1.334,580.000 1,338.480.1100 1,337,580.000 1,266,7310.000 1.307.180.000 1,299.0130,000 1.301.680.000 299,262,000
Gold fund -Federal Reserve Board
655 623,000 661,043,000 709.703,000 728.613.000 847,479.000 902.560.000 921.023.000 946.930,000
By eligible paper
2,032.376,000
2,837.570,0002.849,690.000 2.902,250.000 2.915.760.000 2.939 8211 000 2.968,707,000 2.958.055,000 3,000.860.000
Total
*Revised (tenses
A"RIL 6 1932
WEEKLY STATEmENT OF RESOURCES AND LIABILITIES OF EACH OP THE 11 FEDERAL RESERVE RANKS AT CLOSE OF BUSINESS
,
!
Two COM/re (00) omitted.
Kan.Ctty. Dalin. San Tram.
Taal. 1 Boston. . New York. Ma. ClowelancLIRIchmond Atlanta. Chicago. St. Louts. Minimax
Ardent Resew Bank of1
$
$
$
8
$
$
$
$
3
$
,
3
,
3
1
$
RRSOURCRS.
Gold with Federal Reserve Agents 2,181,947,0164.627.0, 493,217,0 193.300,0 220,970.0 74.170,0 99,275.0549,920.0 77,920,0 61,915,0 61,080,0 32,760.0 144,763,0
953,0 6.835,0
461,0 2,690,0
9,085,0, 6.192,0 5398,0 1,777,0 2,092,0 4,370,0 2,086,0
43,201,0 2,162,0,
Gold red*o fund with U.S. Treaa__
Gold held excl. agst. F. It. notes 2,225.148.0166.789.0: 507.302.0 199.492,0 226,468,0 75,947,0 101,367,0 554.290.0 80,006,0 62,106,0 66,770.0 33,713,0 150,598,0
6,365,0 23.644,0
Gold settle't fund with V.R.Board 318,494,0 15,597.0 119,475.0 18,546.0 30,372.0 5,919.0 10,572,012 6 ,575,0 8,834.0 9.060,0 7,535,0
0
21.656.0 7.180,0 7,796,0 27,867.0 12.228.0 2,640,0 13,136,0 3,577.0 28.019,0
Gold and gold Ws held by banks_ 488.560,0 19,812,0 330.305,0,
14284.01
3,032.202,0202.198,0 957.142,0232.322.0 278,496,0 89,046,0 119,735,0 644.732,0 101.068.0 74.106,0 87,441,0 43.655,0 202,261.0
Total gold reserves
212,544.0, 21.922.0, 55,210,0 28,349.01 17,287,0 12,439,0 5,903,0 25,506,0 10,581,0 5,056.0 7,044,0 10,469,0 12,778,0
affleITCO other than gold
3,244,746,0224.120,01,012.352.0 260,671,0 295,783,0 101,485,0 125,638.0 670,238,0 111,649,0 79,162,0 94.485,0 54,124,0 215,039.0
Total reserves
19,936,0 3,861,0 3.805,0 31.125,0 4,564,0 12.740,0 3,630,0 2,015,0 2.433,0 3,641,0 6370,0
74,062,0, 6.792,01
Non-reserve cash
I
1
131118 discounted:
639,0 70,973.0
319.796,01 18,285,0, 90,901,0 30.283,0 47,216,0 7,191,0 6,333,0 29,746.0 10.931.0 1,193.0 6,075,0
Hee. by U. S. Govt.obUsfations
44,174,0 46,747,0 23,733,0 28,153.0 19.441,0 7,229,0 8.055,0 27.359,0 10,179,0 44,452,0
40,347,0
15,309,0,
315,478,0,
discounted
Other 1)114
,
635,274,0 33,594.0 131,218,0 71,457,0 93,993,0 30,924,0 34,486,0 49,187,0 18.160,0 9.248,0 33.434,0 11.118,0 115,425,0
Total bills discounted
1 171)11 9 ass n 2 192 n 9.604.0
111 95110 3 497 n 3 122 0 2 891 0 3.667_0 8.323 0 2 302 n
a, nin n 9 M17 11
Rills bought In °nen market
2672
FINANCIAL CHRONICLE
pleo Csahers (00) Omitted.
Total.
Boston. New York.
[VOL. 134.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Iltnneap.
Kan.City. Dallas. San Fran.
3
5
5
5
5
$
$
$
$
318,690,0 23,399,0 109,414,0 22,998,0 25,945,0 7,772,0 5,231,0
53,939.0 11,674,0 15,790,0 7,695,0 16.989,0 17,844,0
84,395,0 6,509.0
32,638,0 7,154,0 8,698,0 1,452,0
1,451,0
481,929,0 26,248,0 243,284,0 39,346,0 46.221,0 9,857,0 5,920,0 10,426,0 3,188,0 2,327,0 2,693,0
1,977,0 5,882,0
42,595.0 12,925,0 9,572,0 13,548,0 8,398,0 24,015,0
Total U S. Govt. securities
885,014,0 56.156,0 385,336,0 69,498,0 80,864,0 19,081,0 12,602,0
106,960,0 27.787.0 27,689,0 23,936,0 27,364,0 47,741,0
Other securities
4,321,0
2,866,0 1,377,0
78,0
Total bills and securities
1,582,555,0 92,287,0 535,730,0 148.739,0 177,979,0 52,896,0
50.755,0 164,470,0 48,249,0 38,185,0 59,821,0
Due from foreign bunks
6,644,0
40,674.0 172,770,0
536.0
2,361,0
727,0
678,0
268.0
248,0
946.0
21.0
13,0
I. It. notes of other banks
195,0
14,810,0
215,0
188,0
4,025,0
463,0
342,0
811,0 1,178,0
859,0 2,259,0
408,0 1,194,0
Uncollected items
362,758,0 44,687,0
273,0 1,673,0
99,438,0 33,108,0 32,979,0 26,412,0 9,998,0 41,900,0 1,573.0
15,048,0
6,913,0 19,787,0 12,334,0 20,154,0
Bank premises
57,853,0 3,336,0
14,817,0 2,651,0 7,962,0 3,609,0 2,489,0 7,827,0
All other resources
36,602,0
1,002,0
14,566,0 1,098,0 1,783.0 5,027,0 3,715.0 3,259,0 3,461,0 1,834,0 3,649,0 1,785,0 4,433,0
1,512,0 1,380,0 1,154,0 1,264,0
842,0
Total resources
5,380,030,0 372,975,0 1,703,275,0 451,197,0 521,780,0 195,000,0
198,266,0 903,639,0 185,143,0 129,910,0 182,718,0
LIABILITIES.
114,233,0 421,844,0
R. notes in actual circulation.. 2,561,573,0 172.464,0 573,358,0 252,574,0 295,115,0
96,395,0 118,265,0 547,438,0 91,201,0 60,309,0 82,090,0
Deposits:
38,330,0 225,034,0
Member bank reserve account
1,942,268,0 118.626.0 867,167,0 118.203,0 141,790,0 51,814,0
48,807.0 247,070,0 57,881,0
Government
67,057,0 46,738,0 136,666,0
28,137,0 2,060,0
5,216,0
1,390,0 2,186,0 2,178,0 2,075,0 4,475,0 2,175,0 40,449,0
1,329.0
Forelgu bank
918,0 1,306,0 2,829,0
29,712,0 2,328,0
9,070,0 3,154,0 3,093,0
1,225,0 1,133.0 4,104,0 1,072,0
Other deposits
674,0
888,0
20,044,0
858,0 2,113,0
37,0
10,716,0
122,0 2,690,0
122,0
152,0
449,0
668,0
600,0
89,0
68,0 4,241,0
Total deposits
2,020,101,0 123,051,0 892,169,0 122,869,0 149,759,0 55,339,0
52,167,0
256,098,0
61,796,0
43,142,0
Deferred availability items
68,952,0 48,970,0 145,849.0
353,218,0 44,902,0
94,021,0 31,273,0 32,315,0 25,393,0 9,888,0 40,463,0
Capital paid in
155,558,0 11,531,0
59,179,0 16,245,0 14,258,0 5,291,0 4,937.0 17,447.0 16,302,0 6,625.0 18,643,0 13,276,0 20,117,0
4.490.0 2,938,0 4,101,0 4,005,0 11,136,0
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
6,356,0 8,124,0 7,624,0 17,707,0
Ail other liabilities
30,099,0
988.0
9,471,0 1,750,0 2,693,0
1,099,0 2.560,0 3.782,0 1,329,0
1,540,0
808,0 2,078,0 2,001,0
Total liabilities
5,380,030,0 372,975,0 1,703,275,0 451,197,0 521,780,0 195,000,0
198,266,0
903,639,0 185,143,0 129,910,0 182,718,0 114,283,0 421,844,0
Memoranda.
Reserve ratio (per cent)
70.8
75.8
69.1
69.4
66.5
66.9
73.7
83.4
Contingent liability on bills pur73.0
70.4
62.6
62.0
58.0
chased for foreign correspondle 335.312.0 25.493.0 109.231.0 34.549.0
33.879.0 13.417.0 12.411.0 44.948.0 11.740.0 7.379.0 9.728.0
9 392 n 92 (St n
FEDERAL RESERVE NOTE STATEMENT.
iRSOURCES (Concluded)
13. 8. Government securities:
Bonds
Treasury notes
'
Certificates and bWe
Federal Retiree Agent at—
2
Total.
$
Boston. . New York
Two Ciphers (00) Omitted.
5
5
isleral Reserve notes:
issued to F.R.Bk. by F.R.Agt. 2,796,501,0 193,330,0
field by Federal Reserve Bank_ 234,928,0 20,866,0
in actual circulation
2,561,573,0 172,464,0
;otlateral held by Agt. as security
for notes issued to bent:
Gokl and gold certificates
861,567,0 47,010,0
Gold fund—F. R Board
1,320,380,0 117,617,0
Eligible paper
655,623,0 33.768,0
Total collateral
5
2.837.570.0 198.395.0
$
phtla.
Cleveland. Richmond Atlanta. Chicaoo. .41. Louis. Minneap.
Kan.rity. Dallas. SanFran .
5
5
$
$
2
2
$
$
5
624,668,0 256,462,0 310,831,0 105,087,0 134,436,0 596,733,0
51,310,0 13,888,0 15,716,0 8,692,0 16,171,0 49,295,0 96,206,0 70,873,0 93.713,0 43,320,0 260,842,0
5,005,0
1,564,0 11,623,0 4.990.0 35,808,0
573,358,0 252,574,0 295,115,0 96,395,0 118,265,0 547,438,0
91,201,0 69,309,0 82,090,0 38,330,0 225,034,0
5
$
393,217,0 71,400,0 67,970,0 11,570,0 14,275,0
105,000,0 121,900,0 153,000,0 62,600,0 85,000,0 124,920,0 15,520,0 13,145,0 9,280,0 12,260,0
62,400,0 48,800,0 54,800,0 20,500,0
136,649,0 74,652,0 93,800,0 32,360,0 35,914,0 425,000,0
53,006,0 18,378.0 9,142,0 33,846,0 11,725,0
—
634.866.0 267.952.0 314.770.0 106.530.0 138 1000 ens 02e 0 962090
713107_0 97.926.0 44.485.0
81,000,0
63,763,0
122,383.0
267.146.
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal
Reserve Board, giving the principal items
of the resources
and liabilities of the reporting member banks from which
weekly returns are obtained. These figures
are always a week
behind those for the Reserve banks themselves. Definitions
of the different items in the statement
were given in the statement of Dec. 14 1917, published in the "Chronicle
" of Dec. 29 1917, page 2523.
The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Scents
and Discussions," on page 2624, immediat
ely preceding which we also give the figures of New York and Chicago
reporting member banks for a week later.
Rezoning with tile steternent of Jan. 9 1939. the loan figures
'mind@
s of other banks and bills of exchange or drafts sold with
all real estate mortgagee and mortgage ImIns held by the bank Previously "Acceptance
endorsement, and include
acceptances of
Of She banks included mortgagee in Investments. Loses secured by (.1 S. Government other banks and bills sold with eadorsernent were included with loans, and some
are no longer shown separately. only the total of Maus on
being given Furthermore, borrowing at the Federal Reserve is not any more subdivided toobligations
securities
show
the
amount
secured
by
3 obligations and those secured by commercial
VaDer.culiV a lump total being given, vie number of reporting banks is now omitted. In its
the number of cities Included (then 101). was for a time elven,
ning Oat.9 1929 even this Ilse been omitted. Tile figures have also heen revised to ecaluie aPlace
but beginbank In the San Francisco Outdo{ with loans
and
Investments of $135,009..009
011.1411.2 1929. wilinh Mad Illaarl renentlY inerged With a aon-rnern net bank. The figures are now given in
round millions instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS
IN EACH FEDERAL RESERVE DISTRICT AS AT
CLOSE OF
BUSINESS MARCH 30 1932 (In millions of
dollars).
Federal Reserve District—
Total.
Boston, New York
Loans and investments—total
3
19,354
I
1.271
Loans—total
12,211
838
4,757
5,328
6,883
324
514
2,337
2,420
On securities
All other
Investments—total
13,8. Government securities
Other securities
Reserve with F. R. Bank
Cash In vault
Net demand deDoelts
Time deposits.
Government deposits
Due from banks
Due to banks
Borrowings from P. It. Bank
$
7,629
7,143
433
2.872
3,920
3,223
226
207
1,752
1,120
1,459
215
10,941
5,680
452
949
2.400
305
73
14
688
419
36
69
112
7
736
56
5,286
1,208
203
109
957
48
Phila.
Cleveland. Richmond Atlanta. Chicago. St. touts. Ilinneap.
Ran.Citp Dallas, San Fran.
5
5
$
$
$
$
$
s
3
1,963
612
523
2,545
341
576
566
415
1,777
694
1,220
372
343
1,796
365
204
301
262
1,059
352
555
154
106
840
146
60
88
77
289
342
665
218
237
956
219
144
213
185
770
442
743
240
180
749
211
137
265
153
718
171
393
117
05
398
91
61
137
91
388
271
350
123
85
351
120
76
128
62
330
69
107
34
29
196
as
22
43
29
83
13
28
13
8
33
7
5
13
7
18
624
847
284
233
1,329
310
173
356
244
567
267
831
224
197
986
208
150
184
129
877
38
31
22
29
31
6
5
6
18
27
66
63
47
55
208
42
42
87
96
65
143
186
78
77
357
82
60
125
144
79
20
63
14
It
19
3
1
In
1
oo
S
1,136
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close
of business April 6 1932, In
comparison with the previous week and the corresponding date last year:
_
Apr. 6 1932. Mar.30 1932. Apr. 8 1931.
Apr. 6 1932..ilar.30 1932, Apr. 8 1931,
R.esourres-3
3
Retources (Concluded)—
$
$
5
Geld with Federal Reserve Agent
498,217,000 493.217,000 351,919,000
$
Due from foreign banks (see note)
2,361,000
2,362.000
Gold redemp. fund with (3.8. Tretotury.
223,000
13,300,000
9,085,000
9,855,000
Federal Reserve notes of other banks....
4,025.000
4.639.000
3,651,000
Uncollected items
99,438,000
89,114.000 123,456,000
Gold held exclusively agst. F. R. notes 507,302,000 503.072,000 365,219,000
Bank premises
14,817,000
14,817.000
15,240,000
Gold settlement fund with F. R. Board_ 119,475.000 144,265.000 126,372,000
All other resources
14,566.000
14,034,000
Gold and gold ctfo, held by bank
4,787,000
330,365.000 321,589,000 515,531,000
Total resources
1,703,275,00
0 1.703,816,000 1,542,500,000
Total gold reserves
957.142,000 971.925.000 1.037,122,000
Reserves other than gold
59,008,000
55,210,000
55,393,000
Total reserves
1.012,352,000 1,028.319,000 1.096,130,000
Non-reserve cash
24,001,000
19,986,000
21,094,000
Bills discounted:
Secured by (3.18. Govt. obits:Worm_
17,331,000
90,901,000
95.187,000
Other bills discounted
17,424,000
40,347,000
42,991,000
Total bills discounted
31,755,000
131,248,000 138.178,000
Bills bought in open market
57,544,000
16,280.000
21,079,000
IL 8 Government securities:
Bonds
109,414,000
22,523,000
109,414,000
Treasury tunas
32.638,000
39,158,000
12,578,000
Special Treasury Certificates
Certificates and bills,
243,284,000 216.327,000 147,612,000
Liabilities—
Fed. Reserve notes In actual circulation.
Deposits—Member bank reserve heel...
Government
Foreign bank (tee note)
Other deposits
573,358,000
867,167.000
5,216,000
9.070.000
10,716,000
563,352,000
849,988,000
25,110.000
22.175,000
14,474,000
Total deposits
Deferred availability Items
Capital Paid In
Surplus
All other liabilities
892.169,000
94,021,000
59,179,000
75.077.000
9,471.000
911,747.000 1,006,654,000
85,292.000 115,732,000
59,190.000
65,540,000
75,077,000
80,575,000
4,080,000
9,158.000
269,919,000
984,467,000
12,010,000
1,790,000
8,387,000
Total Illabi Mee__
1,703,275,000 1,703,816,000 1,542.500.000
-Ratio of total reserves to deposit and
Fed. Reserve note liabilities combined.
69.1%
69.7%
85.9%
Contingent liability ou Mlle purchased
Total bills and securities lees note)._
535.730.000 529,437,000 275,012,000
tor foreign correspondents
109.231.000 108.695,000 140,483.000
—NOTE.-=-BegtunIng with the staterneut of Oct.
17 1925.
foreign correspondents In addition, the emotion -All airier two new Items were added In order to dtIOW separately the amount of balances held abroad and amounts due to
&truing'
, assets." previously made up of
securities," and ,he caption, -Total earnings
assets" to "Total bills and securities." The latter term Federal Iuterrnedlat• Credit Bank debentures was changed to "Other
was adooted
acceptances and Securitles enquired under the provisions
a more accurate description of the total of the discount
of Seetious 13 and 14 of the Federal Reserve Act, Which Itas
Was stated are the only items Included therein.
Total U.S. Government securities
-.385,336,000
other securities (see note)
2.866.000
Foreign loans on gold
364.899,000
5,231,000
182,713,000
APRIL 9 1932.]
2673
FINANCIAL CHRONICLE
gatikere
Quotations for United States Treasury Certificates of
Indebtedness, &c.
Gazetk.
101.1.
Wall Street, Friday Night, April 8 1932.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page 2659.
Following are sales at Stock Exchange this week of shares
not represented in our detailed list on pages which follow:
STOCKS.
Week Ended Apr. 8.
Sales
for
Week.
Range Since Jan. 1.
Range for Week.
Lowest.
Highest.
I
Lowest.
Highest.
Railroads—
Par. Shares. $ Per share. $ Per share. Is per share.1$ per share.
Caro Clinch & Ohlo..100
Jan
Apri 69
50 55 Apr 7 55 Apr 7 55
Central RR of N .1.100
Jan
200 47% Anr 8 4734 Apr 8. 4734 Apr 78
Chic & East DI pref 100
Feb
Apr 2
900 1 Apr 5 1 Apr 5 1
Common
100
100
34 Apr 8
34 Apr 134 Jan
34 AIR 8
C010 & South let pf 100
Mar
Mar 14
12 Apr 2' 8
200 12 Apr
Hudson & Mash pf_100
Jan
4334 Apr 4 4034 Apr 48
400 40% Apr
Ill Cent leas line eV's 100
Jan
28 Apr 7. 23
Jan 36
20 28 Apr
Manhat Elev guar_ _100
Jan 4634 Mar
38 Apr 4 26
180 30 Apr
M St P & S S Merles—
Leased line
Star
100
Jan 14
360 834 Apr 4 9 Apr 4 7
Morris & Essex
Apr
Apr 55
50
55 Apr 4 50
110 50 Apr
Nash Chatt & St L_100
1434 Apr 8 1434 Apr 2734 Jan
10 14% Apr
Pacific Coast 2d pf_ 100
1% Apr 5 134 Mar 2% Feb
10 1% Apr
Phila Rap Tran pf..50
9 Apr 8 834 Mar 19% Jan
100 9 Apr
Pitts Ft W & C prcf_1015
Feb
Apr 136
115 Apr 4'114
50114 Apr
Rutland RR pref_ _ _100
534 Apr 7 SM Apr 7% Feb
300 534 AM'
St Louis Southwest rcts
434 Apr 4 434 Apr 73( Mar
200 434 Apr
South RY M &0 Ct18100
Feb
Apr 25
200 15 Apr
1654 Apr 2 15
Indus. & MIscell.—
Affiliated Products._* 18,600 734 Apr
Amalgam 1.eather
800
% Apr
3•
Am Aerie Chem (Coon)
Preferred
100 6 Apr
Amer Ice pref
2001 55 Apr
100
American News
70 24 Apr
Amer Radiator & Stand
Sanitary pref._ ..10O
120 98 Apr
Anchor Cap Corp p1100
50 6834 Apr
Art Metal Constr___10
200 5 Apr
Assoc D Gds 2d pref 100
400 26 Apr
Austin Nichols prior A •
60 14 Apr
Barker Bros pref___100
70 20 Apr
Barnet Leather
•
100
34 Apr
Bigelow-Sant Carpet__
100 11 Apr
Blumenthal & Co p1100
150 45 Apr
Brown Shoe pref__ _100
240 11434 Apr
Budd (E G) pret __ _100
260 8 Apr
Burns Bros class 13.. _ _•
100
34 Apr
30 651 Apr
Preferred
100
City Investing
210 65 Apr
100
Columbia Pict v t c--•
600 53.4 Apr
Corn Cred pref (7)...25
130 17 Apr
Comm Inv Tr pf(7)_100
10 98 Apr
Conn Ry & Ltg Pre' 100
10 5434 Apr
Comm! Cigar of (7).100
120 55 Apr
Consolidated Oil
• 43.000 454 Apr
Preferred
100
800 86 Apr
Crown Cork & Seal pf.•
400 1934 Apr
Curtiss Aeropl & Mot_*
10 5 Apr
Cu.shm Sons nt (7%)100
50 84 Apr
Preferred (8%)._-_•
40 70% Apr
Dresser Mfg cl A
•
600 1734 Apr
Class B
600 634 Apr
*
Eng Pub Serv pf an_ _.,
200 4634 Apr
Fash Park Assoc pref100
200 234 Apr
Foil Min & Smelt.100
100 20 Apr
Food Machinery
200 534 Apr
•
Fuller Co 2d pref
30 20 Apr
*
General Cigar pref..100160 8954 Apr
Gen Gas & El pf A (8)•
20 2534 Apr
Gen Steel Cast Of
60 9 Apr
•
Greene Cananea Cop100
120 634 Apr
Helmo (G W) pref._ 100
10 128 Apr
Indian Motorcy pf_100
20 11 Apr
Keith-Orpheurn p1_100
500 19 Apr
Kresge Dept Stores.- _•
90 134 Apr
Kresge (8 8) Co p1_100
280 96 Apr
Loose-34 ileaBis 1st pf100
10111 Apr
Nlallinsou & CO pf.100
20 555 Apr
Mesta Machine Co_ _ _5
200 934 Apr
McLellan Stores pf.100
160 30 Apr
Nat Distillers l'r of 40
400 2534 Apr
Newport Industries.1 1,300 234 Apr
N Y Shipbuilding
• 1.100 234 Apr
Preferred
100
210 4534 Apr
Outlet Co
*
140 3934 Apr
Preferred
100
110 102 Apr
Pao Tel & Tel pref. 100300 99 Apr
Penn Coal & Coke._.50
200 134 Apr
Phila Co 6% pf new._•
500 57 Apr
Pierce-Arrow Co p1..100
700 28 Apr
Pirelli Co of Italy
200 3134 Apr
Procter & Gamble of100
80 92 Apr
Revere Copp & lir p1100
20 1834 Apr
Scott Paper
•
230 34 Apr
filoss-Sheff St & 1r..100
200 5 Apr
Spear & Co pref--__100
100 1734 Apr
The Fair pre(
100
290 75 Apr
Underwood-ElliottFisher pref
100
40 95 Apr
United Amer Bosch..•
200 5% Apr
United Dyewood_ --100
280 1 Apr
Preferred
100
150 22 Apr
Univ Leaf Tob pref 100
40 80 Apr
Utah Copper
10
10 36% Apr
Van Raalte
•
10 2% Apr
1st preferred
100
90 26 Apr
Webster Elsenlohr pf 100
40 25 Apr 2
Wells Fargo & CO... _1
240
34 Apr
•No par value.
10% Apr 2
% Apr 4
6
55
28
7% Apr 16% Mar
34 Apr
34 Mar
Apr 6 6
Apr 7 50
Apr 4 24
100 Apr
68% Apr
534 Apr
26 Apr
1434 Apr
20 Apr
34 Apr
11 ,Apr
50 Apr
115 Apr
10 Apr
% Apr
(134 Apr
75 Apr
634 Apr
17 Apr
98 Apr
54% Apr
64 Apr
6 Apr
90 Apr
2034 Apr
5 Apr
84 Apr
7234 Apr
18 Apr
8 Apr
4834 Apr
3% Apr
20 Apr
5% Apr
20 Apr
9034 Apr
2534 Apr
9 Apr
834 Apr
128 Apr
11 Apr
20 Apr
134 Apr
10534 Apr
111 AK
6% Apr
1134 Apr
31 Apr
26 Apr
234 Apr
334 Apr
50 Apr
46 Apr
102 Apr
10134 Apr
2 Apr
60 Apr
31 Apr
3134 Apr
9334 Apr
18% Apr
3734 Apr
5 Apr
1734 Apr
75 Apr
95 Apr
5% Apr
134 Apr
24 Apr
82 Apr
3634 Apr
2% Apr
30 Apr
Apr
34 Apr
Apr 6
Jan 68
AP 33
Apr
Mar
Jan
Jan
Apr 120
98
4
Mar
Ap
arr 77
2 68
5% m
7
3-4 Feb
Mar
Apr
Jan
3
15
6
26
14
Jan
30
5 203I Mar
mfar5,1
Jan
4
Apr 1334 Mar
7 11
Jan
Apr 65
45
2 1434 Apr 11934 Jan
Jan
Apr 14
4 8
4
15 Feb 134 Jan
8 534 Mar 30 g Jan
Apr 85 94 Jan
4 65
2 534 Apr 734 Mar
Feb 2134 Mar
4 17
Mar
Feb 101
8 93
6 5434 Apr 5434 Apr
Feb
Apr 72
2 55
2 434 Jan 734 Jan
Mar
4 79
Feb 96
Jan
2 1934 Apr 24
8 5
Apr 75-4 Mar
Mar
8 7034 Jan 90
Mar
Jan 76
67
Feb
2 1734 Mar 23
4 634 Apr 1234 Jan
5 4234 Jan 6134 Mar
4 234 Apr 734 Jan
Mar
Apr 25
6 20
6 534 Apr 1034 Feb
Feb
Apr 32
6 20
Feb
4 8934 Mar 101
Feb
6 2534 Apr 40
Jan
4 8
Mar 16
Jan
8 6% Apr 19
Mar
4 12434 Jan 130
Jan
Feb 27
2 10
Feb
4 1934 Apr 25
Mar
4 134 Apr 5
Mar
Apr110
2 96
Feb11534 Jan
4 110
2 5% Apr 934 Mar
6 9% Apr 19% Jlall
r
6 2854 Jan 36
2 2554 Apr 3234 Feb
Jan 254 Mar
4 2
2 234 Apr Byi Feb
4 45% Apr 57
Mar
Apr
4 39% Apr 46
Apr110
7 102
Jan
5 99
Apr109
Jan
4 134 Feb 2
Apr
Jan
Apr 73
57
2 28
Apr 41
Jan
4 2634 Jan 3134 Mar
7 91
Mar103
Jan
6 15
Jan 1834 Apr
5 34
Apr 42
Feb
4 434 Slur 10
Feb
4 1634 Mar 30
Jan
4 75
Jan 85
Jan
7
7
2
6
6
4
4
6
8
7
95
534
1
22
77
36
234
26
2034
54
Apr101
Mar 634
Jan 134
Apr 3354
Jan 90
Feb 59
Apr 7
Apr 35
Jan 2854
Jan
34
Mar
Jan
Mar
Jan
Mar
Feb
Feb
Jan
Feb
Jan
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were
4
3.79 for checks and 3.78(0.7934 for cables. Commercial on3.7734
banks,
sight, 3.7755 03.78%; sixty days, 3.755(03.7654: ninety days, 3.74340
3.759-4; and documents for payment, 3.753403.7634. Cotton for payment, 3.7734, and sfrain, 3.7734.
To-day's (Friday s) actual rates for Paris bankers' francs were 3.94%0
7 for short. Amsterdam bankers' guilders
3.94%
were 40.51(o)40.52.
Exchange for Paris on London. 95.78: week's range. 96.43 francs high
and 95.50 francs low.
The week's range for exchange rates follows:
Sterling, Actual-Checks,
Cables.
High for the week
3.8154
3.8134
Low for the week
3.75
3.74%
Paris Bankers' Francs—
3.94 15-16
High for the week
3.95
Low for the week
3.9355
3.93%
Germany Hankers' Marks—
23.76
23.78
High for the week
23.70
23.72
Low for the week
Amsterdam Bankers' Guilders—
40.52
40.53
High for the week
40.42
40.38%
Low for the week
Maturity
Sept. 15
Mat. 15
June 15
Sept. 1$
Dee 15
1932._
1933...
1933.__
1932..._
1932 __
Int.
Maturiss.
Asked.
Rase.
Bid.
134%
2%
234%
3'S
:31-_(%
99Fln 99":: Aug. 1 1932__-_
.. Oct. 10 1932._
100
100,1, 100191, Feb. 1 1933____
100":: 1001/:: Mar. 15 1932_
100 21 1001tat
Rate.
Rid.
Asked.
334%
334%
331%
334%
100"n
10012,,
10022.3
10022,,
100un
1001.n
1002.e
1002.33
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,2 Apr.4 Apr.5 Apr.6 Apr.7 APT.8
First Liberty LoanHigh
334% bonds of 1932-47_11-ow.
Winn 354s) ______ — Class
Toni cedes in $1.000 units__
Converted 4% bonds of High
1932-47 (First 43),— Low.,
Close
Total sales In $1,000 units....
Converted 434% bond1HIgh
01 1932 47 (First 434(3) Low_
Close
Total sales in $1,000 units_ _.
Second converted 414%1High
(Second 4%si
1002,,
100
100
41
100
100
100
66
10019,,
100.3,
10019,,
23
----
1002,, 1001,, 1001,, 100.,, 100",,
1001,, 1002,, 100.31
100
100
1001,, 1001,, 1001,, 1001:
: 100":1
694
246
117
152
91
100-100
100
100
......
-____
100
100
-5
1009,, 1009,, 10012,, 10099,, 101
100.,, 1002,, 1002,, 10011,, 10019,1
100.,, 100,32 100n,, 100un 101
514
83
191
54
141
---------------
1002.,,
10021,,
1002231
80
1032,,
102o3,
102213,
41
10019,,
10023,
10023,
56
97",.
97"3
:
97un
38
9421n
9412,1
94293,
18
89",s
89,33
89,
8
54
95/3:
951,,
95.3,
5
95
9422,,
94283,
2
91.3,
911,,
91.3,
100on 10021,,
100123, 1001.,,
100,1,, 100"3,
546
305
1032,, 103
1022.,, 102,83,
10211,, 102,13,
100
143
100nn 100.3,
100
100.3,
100.,, 1001,1
32
309
97".2
---97/3:
---97"82
....402____
94293, 941,,,
19
94,,
94.,,
941.3, 94"3:
34
109
89.,, 89,,,
88,,
2.
89
89,,,
89
134
72
95/a: 95
94,
942.8
2.
95
95
24
95
94113
9439n
94,03 94,,
2,
942., 042.
27
4
9113, 911,,
90",,
90,
.
2
90,13
90",,
RAI
75
Close
Fourth Liberty Loan
(High
53t To boucle of 1933-38 I Low_
iClooe
(Fourth 45411)
Total sales in $1,000 units...
{High
Treasury
Low.
434a, 1947-52
Close
Total sales in $1,000 units_ _.
{111gh
40, 1944-1954
Low.
Close
Total sales in $1.000 units__ _
{High
354e, 1948-1956
Low
C1040
Tout sales in $1.000 units_
illIgh
3545, 1943-1947
Low_
Close
Total sates in $1,000 units__
(High
30, 1951-1955
Low.
Clime
Total ale, In $1,000 units...
(High
334s. 1940-1943
Low_
Close
TOW sales in 01.000 units_
{High
3%9. 1941-43
Low_
Close
Total sales in $1.000 unite...
(High
334s, 1946-1949
Low_
Close
'Mini .A,A• 1. e 1 /MI ...II.
f.
100103, 101193,
10011,, 10019,,
100",, 101.,,
723
518
103.,, 104
103,:: 1033,,
103/I: 103"3:
38
557
1001.3, 101
100.3, 10019,,
1001.,, 100..3,
219
144
97",, 08.
3
97":: 97"3:
97.7
9729,,
112
258
94S3,9521,
94143, psn,,
94"ag 95
102
418
8912,, 90223,
89.,, 8911,,
89.sg
902.,,
108
93
951/31 95//3:
95,,
1.
952,,
932,, 952.,,
156
220
951,
95/1:1
95
95"»,
9510,, 95233,
432
520
91,3, 92.3,
91
91.3,
9143, 92
?Mt
SG/
101 1.31
101,3,
101 1.31
2.111
1042.11
10330,,
104"31
241
102
100on
102
115
99
93
99
131
952..
35
92")).
901.,.
92.,,
825
972n
95",:
97
10i
97
95216
97
721
93
912.3
921.,
All
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 1st 44.8
13 4th 4/48
100
LO 100 115 Trees 4s
100203,to 100,93,
100un to 101's: 4 Tress 39-413 1943-47_ 94
to 941,,
The Curb Exchange.—The review of the Curb Exchange is
given this week on page 2660.
A complete record of Curb Exchange transactions for the
week will be found on page 2691.
CURRENT
NOTICES.
—Robert D. Cavanaugh, formerly resident manager of the Los Angeles
office of Bancamerica-Blair Corp., has become affiliated with the Los Angeles office of Geo. H. Burr, Conrad & Broom, Inc., in an executive capacity. Pierce R. Garrett, formerly with Bancanierica-Blalr Corp., has
been named manager of the firm's Los Angeles trading department, and
Charles M. Gooding and Richard W. Grigg, who were likewise with Bancamerica-Blair Corp., have joined the sales organization. The firm's Los
Angeles commercial paper department will be in charge of Allan W. Dickinson. for the past ten years the Pacific Coast representative for Hathaway
& Co.
—Ray T. Sterling and Gerald F. Barron announce the opening of Sterling,
Barron & Co., secondary market experts in all issues of municipal. Land
Bank and U. S. Territorial bonds, with offices at 120 South LaSalle St.,
Chicago. Mr. Sterling was formerly resident partner, in charge of the
Chicago office of Gertler, Devlet & Co., which he opened in November.
1929. Mr. Barron has been connected with the latter house, and prior
to that was in charge of trading for Albert E. Pierce & Co. A complete
counselor service is also offered in their specialties.
—Charles Thomas, formerly Vice-President and Los Angeles resident
manager of Geo. H. Burr, Conrad & Broom, Inc., was recently elected a
member of the board of directors of Pacific Co. of California. All other
members of the board of directors were re-elected at the annual meeting.
—Milton G. Hulme, President, Noble H. Metzel, Vice-President,
Charles D. Passavant, 3rd, Treasurer and C. E. McPherson, Secretary,
have formed the firm of Glover & MacGregor, Inc., to conduct a general
investment business in the Oliver Building, Pittsburgh.
—Samuel K. Cunningham, formerly Vice-President of Glover, MacGregor & Cunningham. Inc., has formed the firm of Cunningham & Co.
for the transaction of a general investment business, with offices in the
Commonwealth Building, Pittsburgh.
—DuBosque, George & Farrington, members of the New York Stock
Exchange, announce that Darton L. Babcock, formerly with Tooker &
Co., is now associated with them.
—Stanley M. Waldron. formerly with Lehman Brothers, has become
associated with Wertheim & Co. as Manager of the municipal bond department.
0.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages Page One
_
LI1r 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. 2.
Monday
Apr. 4.
$ Per share
60 4 6212
*7212 73
184 19
11 12 1234
1514 16
20
20
65
65
8
8
.714 8,4
*5212 55
4114 4214
*6612 694
1
1
1234 1338
*60
72
1638 1758
*212 253
718 738
14 2
212 24
54 6
*10
1934
55s 6
1012 1012
838 9
$ Per share
5733 6112
7212 73
1812 19
1012 12
1234 1412
1714 1714
.65
70
'6
10
7
lit
.5212 524
3713 4134
66
66,2
1
1
1318 144
72
'60
16
1738
212 212
7
74
14 14
2,4 212
533 6
.104
. 1934
Tuesday
Apr. 5.
Wednesday
Apr. 6.
Thursday
Apr. 7.
Friday
Apr. 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1932
On basis of 100-share lots
PER SHARE
Range fo Previous
Year 1931
-Lowest
Highest
Lowe,:
HigheSt
$ Per share $ per share $ per share 3 per share Shares
Railroads
Par $ per share $ per share $ per share $ per share
5334 5638 524 55
5212 54
5118 53
74.500 Atch Topeka & Santa Fe_100 51 18 Apr 8 94 Jan 14
7914
Dec
2033
8 Feb
6611 66,4 654 6514 65
6514 62
6212 1,000
Preferred
100 62 Apr 8 86 Jan 18 z75 Dec 10814 Apr
1818 1814 18
18
1712 1712 01512 1612 1.200 Atlantic Coast Line RR 100 1712 Apr 7 4112 Jan 14
25 Dec 120 Jan
1012 114
9
104
918 1034
914 104 43.300 Baltimore & Ohio
Mb
9 Apr 6 2138 Jan 21
14
Dec
877s Feb
13
1312 14
1412 1312 1312 1314 1312 2,400
Pre'erred
100 1234 Apr 4 4112 Jan 14
25 Dec
8012 Feb
*19
20
17,4 1834 *18
19
18
18
500 Bangor A Aroostook
.50 17 Apr 1 2412 Jan 14
6684 Feb
18 Dec
65
65
65
65 .654 70 .651a 70
80
Preferred
100 85 Apr 2 7912 Jon 15
80 Dec 113': Mar
.6
9
.6
8
.6
9
.6
9
200 Boston & Maine
100
7 Mar 31
1412 Jan 9
10 Dec
66 Feb
'634 7
300 Brooklyn A Queens Tr_No par
7
7
.634 7
'612 7
7 Apr 4 1014 Mar 8
64 Oct
1338June
5112 5212 .5238 5238 .45
400
55
55 .45
Preferred
No par 4614 Jan 7 58 Mar 5
46 Dec
6434June
3614 384 37
364 33
3814 3538 3778 35,400 Bklyn-Manh Tran•t 0 No par 3012 Jan 5 5014 Mar 8
3118 Oct
694 Mar
67
67
'654 69
664 6634 6538 66
900
Preferred v to
No par 654 Apr 8 7818 klar 5
63 Dec
9414 Feb
1 18
1 18
1
1
1
1
1
800 Brunswick Ter&Ry Set No par
1
1 Mar 18
2 Jan 15
188 Dee
912 Feb
1318 1333 1278 1314 12
46,400 Canrdian PacIflo
1278 1112 13
25 1078 Jan 2 2038 Mar 5
10
3
4
Dec
4538 Feb
*60
72 .60
72
53
55
58
58
40 Caro Clinch A Ohio stpd__100 53 Apr 8 70 Feb 8
72 Dec 102 Apr
1618 17
154 1638 1518 1618 14
1512 61,100 Chomueake At Ohlo
25 14 Apr 8 314 Jan 14
234 Dec
4612 Feb
212 212
213 212
2
238
14 2
3.100 Chicago Great Western___ 100
14 Apr 8
438 Jan II
212 Dec
778 Feb
64 7
Preferred
64 74
638 7
5.900
64 7'8
100
64 Apr 8 1512 Jan 22
2712July
712 Dec
2
2
158
178
112 134
112 14 8,400 Chicago Mllw St Paul & Pao__
1 13 Apr 7
314 Jan 14
112
Dec
87s
Jan
24 238
238 213
238 212
214 24 7,900
Preferred
24 Apr 4
514 Jan 13
1538 Feb
212 Dee
51
5
514 18,300 ChIcom A North Western_ 100
514
534 534
5
4
5 Apr 7 1238 Jan 15
4512 Feb
5 Dec
*10
1934 *10
194 1418 1418 .10
15
100
Preferred
100 14 Apr 1
31 Jan 22
1312 Dec 116 Mar
8
6
512 512
5
512
438 518 5.900 Chicago Rock DI A Pacifle. 100
438 Apr 8 1638 Jan 22
6512 Jan
74 Dec
1012 1012 1031 1034 1013 104 11 14 Illt
1014 1018
900
7% preferred
100 1014 Apr 8 2712 Jan 14
14
Dec 101 Mar
*6
9
712 712
714 74
7,2 712
6% preferred
614 734 1,700
100
64 Apr 8 244 Jan 14
1018 Dec
90 Ja13
.8
134 .8
13,4 *8
134 .8
134 .8
1314 .8
1314
Colorado A Soutriern
100
934 Jan 11
17 Mar 5
74 Deo
48 Jan
*8
812
8
8
713 8
712 712
7
713 '7
758 1.909 Coated Rig of Cuba oref..100
7 Apr 7 1112 Jan 2
10 Dec
4212 Feb
64
6412 6612 60
58
6034 56
.57
57
571.1 54
5614 3.709 Delaware A Hudson
100 54 Apr 8 8912 Feb 13
64 Dec 15714 Feb
1312 15
124 14
1312 1413 1312 1313 121 1 1313 11
12
8,800 Delaware Lack A Western .50 11 Apr 8 284 Jan 13
Jan
102
173
4
Dec
.378 5
3
378
•378 5
233 258 •3
4
3
3
709 Deny & Rio Or Wm. pref_100
24 Apr 6
9 Jan 15
454 Feb
34 Dec
5
512
438 54
412 478
412 44
44 412 8.100 Erie
413 458
190
44 Apr 8 10 Jan 22
3934 Feb
5 Dec
8
7
8
7
8
8
613 612 '5
5
5
7
1,100
First preferred
100
5 Apr 8 1312 Jan 28
4512 Feb
638 Dec
.4
8
.3
*3
41.
5
512 *---512 .
312 512 .1
Second preferred.
1112 Jan 6
._100
913 Jan 11
5 Dec
4012 Jan
1134 1218 1118 1212 1018 1112 10
1012 10
1118 18.000 Great Northern preferred.:100 10 Apr 6 25 Jan 14
104 10
6944 Feb
1538 Dec
1
'2
"2
8
4
.218 8 4 *214 8
4
*214 64 .2
Gulf Mobile A Northern_ _100
7 Jan 12
8 Jan 14
34 Dec
2714 Feb
8
8
*518 8
*54 8
.5
8
.5
100
8
'5
8
Preferred
100
8 Jan 13 1412 Jan 21
75 Jan
13 Dee
.1958 23
1913 1958 1933 1938 1914 1914 1918 1914
184 1918 1,509 Hudson It Manhattan
IGO
18 Mar 29 304 Jan 18
2614
Dec
4418
Feb
1012 1113 1012 1134 1012 1112 10,4 11 14 1014 1034 10
11
15.500 Illinois Central_
100
94 Jan 4 1814 Jan 22
918 Dec
89 Feb
*712, 812 *712 812 *712 812 .74 8,2 *712 813
100
7
7
RR Seo stock certificates. _
3 Apr 8 144 Jan 28
7 Dec
61 Jan
612
613
7
73
8
7
614
712
7,300
612
6
71 1
731 84
Interboro Rauld Fran v t o.100
.518 Jan 4 1438 Mar 7
438 1)(30
34 Mar
518 513 1,400 Kansas City Southern__.100
5
64 74
5
6,8 64
534 513
5 Apr 7 1314 Jan 22
45 Feb
64 14e2
14 .12
14
15
*12
.14
14 .12
1713 14
14
100
'12
Preferred
100 14 Apr 4 2334 Jan 18
Feb
15 Dec
64
.912 10
812 9
84 912
812 84
84 812 2,100 Lehigh Vallee
812 834
50
833 Apr 8 18 Jan 12
61 Jan
8 Dec
1212 14
15
1514
15
1513 15
1.900 Louisville A Nashville____ 100 1213 Apr 8 3234 Jan 14
15
15
15
17
17
2014 Dec III Feb
1
113
3
1018
12
113
8
934
9
12
12,600 Mannar. Elev modified guar 100
12
1234 104 11 2 10
7 Jan 5 2034klar 8
39 Feb
674 Dec
634 62,
sot 7
.634 9
200 Market St Ity prior prof..100
.634 25
.434 25
.64 25
634 Apr 8
9 Jan 26
54 Dec
22 Feb
14
34
'34
*4
14 '
*18
4
18
14'
*Is
Minneapolis It St Louts_ _ .1(14)
4
•18
4 Jan 12
38 Mar 2
44 Jan
4 Dec
118
118 .11s 3
134 •118 313 .118
312 *Do 312 1,000 Mtn St Paul A 88 Varte.100
1,i
1 Dec
314 Jan 16
118 Apr 2
114 Feb
34 4
334 34
338 378
312 378
314 34
24 313 5.800 Mo-Kan-Texas RR--..57., par
24 Apr 8
378 Dec
734 Jan 22
264 Jan
9
91s
913 912
91: 938
10
1014
9
9
9
1014 3.700
Preferred
100
9 Apr 2 2178 Jan 22
104 Dee
85 Intl
312 378
312 4
312 334
34 34 12.600 Missouri Paelfie
34 412
314 334
_100
314 Apr 2 11 Jan 22
638 Dec
4334 Feb
7
Preferred.
74 74 15.600
8,,
714 934
753 84
612 84
64 912
100
64
Apr 2 26 Jan 26
12 Den 107 Feb
•4
4
•4
4
•18
4
*18
32
*T8
33
•18
38
Nat Rye of Mecloo Morel.100
38 Jan 12
4 Feb 9
12 Jan
Oct
Is
2238 2518 2218 2413 224 2314 2138 2311 2114 2314 21
22,8 151.110 New York Central. _._100 21 Apr 8 3658 Jan 15
2478 Dec 132,4 Feb
512 '4
6
.4
4
4
600 N Y Chic It S: Louts_.
4
4
41, 41:
31
: 313
912 Jan 12
212 Dec
88 Feb
........
312 Apr 8
5131
412 6
6
*434
6
*512 7
54 6
1,300
6
612,
Preferred
413 Apr 7 1538 Jan 22
5 Dec
100
94 Mar
95 100
961., 97
96 100 .97 100
97
97
520 N Y It Harlem
10013 105
50 95 Apr 4 125 Jan 15 $1.01 Dec 227 Feb
164 1678 1512 1658 33,600 NY N 11& Hartford
16,4 1814 1614 174 1613 17
1634 18,1
17 Dec
100 1513 Apr 6 315s Jan 21
41478 Feb
3812 3812 3834 3834 35
3912 40
3758' 1.400
3934 42
394 40
Preferred
52 Dec 1194 F.1
35 Apr 8 7834 Jan 14
558 553
54 64
64 64
614 612
533 54 5,900 N Y Oaten° It Weetern-100
618 812
834 Jan 22
514 Oct
54 Apr 8
1378June
200 N Y Railways pret___No par
as
4
"a
*14
34
34
4
*It
34
2 .Y. b
'4
••e Feb 9
Is Dec
1 Feb 26
4
*38
*I, I
4/78 2
84 Dec
*78 2
.
73 2
.78 2
.
78 2
212 Jan 14
Norfolk Southern
84 :an
1 Mar 22
100
9113 87
91
9314 91
9213 8.300 :Norfolk It Western
10213 10412 9914 101 13 93 100
100 87 Apr 8 135 Feb 17 1054 Dec 217 Feb
.73
7734 *73
73
74
74
7734 74
140
77
77
6518 Dee
100 6712 Jan 2 78 Jan 22
93 Mar
Preferred
77
*74
19.200 Northern Paolflo
604 Jan
1412 Dec
100 1018 Apr 6 2314 Jan 22
1134 1034 1134 1012 1218 1018 1078 1018 1012 1018 11
11
112 Feb 18
24
214 "1
2,1 •1
24 *I
1 Mar 17
234 "1
Pacific Coast
100
7 Mar
114June
24 .1
•1
14
1413 1358 144 1258 14
35.400 Pennsylvanla
1614 Deo
60 124 Apr 8 2338 Jan 21
64 Feb
1478 1512 1433 1513 1438 15
3 Jan 14
44 '1
478
44 .1
14 Jan 4
44 'I
Peoria & Easter°
Ill Dec
912 Jan
100
44 *118 478 .1
"1
518 Apr 8 13 Jan 14
73:
.6
54 6
10
.6
8
400 Pere Marquette_ ___ .
4 Dec
.6
100
10
85 Feb
*6
10
.6
.734 84
19
Jan
14
Apr
4
83
4
92.4
712
831
50
*Ps
Feb
84
Prior
9
Deo
100
preferred__
7
,
4
7
3
4
8
713
*94 10
100
6 Jan 5 1714 Jan 14
54 I)ec
612 7
"7
80 Jan
10
230
'7
Preferred_
10
9
7
7
7
10
•7
Jan
11
15
11 Dec
86 Jan
9 Apr 2
100 Pittsburgh & Went Wriiinia 100
*5
8
8
*5
12
8
.5
.5
12
.9
9
9
30 Dccl 974 Feb
50 19 Apr 8 42 Jan 14
1,209 Eteadlng
*19
19
20 .1913 20
20
20
20
20
20
201
: 22
29 Dccl 46 Jan
50 204 Apr 4 33 Jan 29
100
lst preferred
204 204 .2034 30 '2034 28 '2034 28 .2034 28
30
.22
274 Dccl 47 Jan
_50 19 Apr 8 30 Jan 22
700
19
2d preferred
2412
25
25 •20
2018 *20
20
25
'20
2/
21
652 Jan 14
3 Dec
184 24 6.200 lit Louls-San Francteco_100
6234 Jan
134 Apr 8
213
2
213 24
23
4 3
3
3.
3
3
3
334
312
33,
3
94 Jan 22
214 Apr 8
318
100
1st preferred
214 34 2,200
76 Jan
414 Dec
3
,
4 4
313 312
3
4;' 7
11 12 Jan 20
.1
414 Deo
3312 Jan
4.4
64 Mar 31
St L01118 Southwastern_....100
.412 6
61i *413 6
.412 6
•5
...•2
7
a-2
614 Deo
60 Feb
Preferred
100 13 Mar 17 2012 Jan 26
1012 *84 10,2 *8,3 1012
*8
10
.84 1018 .8
11
*9
12 Deo
78 Jon 28
No par
Ii, Jan
13 Jan 2
14 3,700 Seaboard Air Line
14
33
*4
14
4,
41,
33
1.,
14
14
14
18 Dec
12
*14
4 Feb 2
24 Jan
12
Preferred
100
*14
14 Jan 4
12
200
12
I.
34
I.
*3,
*32
34
264 13e3 10912 Feb
100 1438 Apr 8 3732 Jan 21
1618 1438 1512 31,500 Southern Pacific Co
164 15
15
- 16
1714 1514
1518 17
638 Deo
100
5 Apr 6 13 Jan 14
6578 Feb
54 7,100 Southern RallwaY
5
54 5,2
6
5
6
6
534 61 1
614 6,3
10 1)ccl 83 Feb
Preferred
100
77s Apr 4 2012 JAR 22
813 8,2 1,300
813
8
8,4
8
8
8
778 8
*812 94
Texas & Pacific
22 Deol 100 Jan
109 20 Mar 8 33 Feb 2
30
"15
30
30 •15
*15
30
•15
30
30 •15
'15
54 Apr
100
712 Apr 6 14 Mar 8
1,100 Tided Avenue
1514 July
712 8
812
.8
•813 9,2
8
838 '
8i2
713 81
4 Jan 25
2 Dec
4.173 v.
,Rapid Transit_ 100
I's Apr 8
100 Twin CIL:
14
_
174 Feb
_, _ 14
r
•178 213 •178 212 .178 212 *Vs 2 2
114 Dec
Preferred.
100
94 Apr 8 2412 Jan 26
260
12 . ,
9,
2
62
Feb
12
13
s
13
13
14
13
14
22
14
'14
runte
100 5713 Apr 8 944 Feb 13
'
lrracIfte
7018 Dec 20518 Feb
34.7
300 (Triplo
5712 a9
61
5912 6231 59
6412 67,4 6314 6634 594 67
51 Dec
190 5112 Apr 8 68 Jan 18
87 may
53
5114
4
573
4
573
60
4
.523
61
*57
61
62 .57
57
4 Feb 2
I Jan 4
100
1:6
80
00
2
15
41 2
78 Dec
26 Jan
134
1 38
134 .
14
14 14
2
2
2
2
6 Jan 28
100
el8 24
1 12 Jun 2
W3
Prglebrred A
112 Deo
2
1:8
8
51 Jun
213 2,2
212 24
218 212
24 2,2
734 Jan 22
100
3 Apr 6
5 14.3c
7,200 Western kfsryisnd
1958 Feb
34
3
314
3
1
353 4
314 35s
34 34
3
3-2
'
818 Jan 22
100
3 Apr 6
2d preferred
800
3 Dec
20 Feb
34 3,4
34 3121'
3
3
5
3
"3
6 '
4
4
4
Punks
Apr
7
100
Jan
14
14
Western
300
OA
24
Dec
1
1478 Feb
24 24 '
100
215 Apr 5
134 2'. *131 2
658 Jan 22
Preferred
3 Dec
1,100
21g
*2-1s
IN
134 '
314 Feb
2'4
214
212
214
214
233 233
212 253
213 212 "34
Industrial 14c Nfleicellaneou
9
31 Feb 13
1Vss ,h3or 26
9
2 Dec
500 Abitibi Power A Favor _No 190a0
1414 Feb
Vs
158
14
153 IN
134
.153 2
'112 178 .133 2
Preferred
4 an 15
478 Dee
700
52 Feb
.51, 5,4 '
511
618
512 5112
512 512
54 51,
17 Apr 2 24 Jan 13
Abraham It Strains___No pa
514 1738
300
18
514
Dec
39
3
.16
Aug
20
.16
17
I
17
1738 .17
17 .16
20
17
1041 85 Feb '2 98 Mar 1
Preferred
150
96 Per 10612May
90
90
95
.85
98
98
93 .85
93
'93
93
93
No pa
534 Jan 11
318 Apr 8
8,600 Adams Exprese
Feb
318 De(
312
2312
34
312
312
353
312
34
33
3
37
8
353
34
334
Preferred
100 55 Jan 4 70 Mar 3
6012 Dee
92 Apr
100
65
.58
65
•58
*6231 64
65
67 '58
6234 624 .60
No pa
24 Feb 5 3033 Mar 8
200 Adams Millis
2218 Jar
3313 Aug
25
25
25
25
.2512 26 .25
27
*25
27 .2514 27
104 Jan 8 13 Feb 11
600 Addrrosograph Int CorpNo par
10 ()ct
2312 Feb
114 114 1138 1138 .114 1134 .1133 1212 114 1114 "Ills 11,4 4.200 Advance Rummy new_No par
'
312 Mar 7
'2 Apr 6
2 Sept
114 Mar
3
.2
212
2
2
2
212 213
213 213
24 212
Reduction Ino__ _No par 4114 Apr 6 6212 Mar 8
4738 Dec 1094 Feb
4634 4434 4512 22,900 Air
4714 4978 4658 48
4.514 474 4414 474 45
A Mar 3
1 Apr 4
114 Dec
104 Feb
1,300 Air-way Flee Appllanee No par
134
134 "1
14
138
.1
1
11 1
1
1
114
114
Juneau
Gold
4
163
8 Jan 21
2018June
min___te
1178 Jan
600 Alaska
7 Jan
1513 z1378 1478 121.9
15
1638 154 164 1512 16
154 1618 15
Paper Co
Apr 6
%V
A
P
No
par
4
Mar
214
9 Atli
15
24
Dec
*234 4
234 24
212 212
2,4 2,4 .214 34
214
114 Jan 5
No par
318 Jan 14
214
1234 Feb
14 Dec
17,400 Allegnany Corp
1
114
112
14
110
138
112
las
1 12 138
138 14
5914 Feb
Pret A with $30 Warr.._.100
738 Jan 22
2 Dee
2 Apr 8
238 4,800
2
212
2i4
2:4 234
284 278
24 238
234 234
Prof A with $40 warr____100
59 Feb
613 Jun 22
218 Mar 2
134 Dec
2
400
*214 3
*21 1
3
213 24
2,4
2,4
1
17
18
3 2:2
5512 Feb
172
33 :
Prot A wIthout warr__100
2
1212
3 2
184 Dec
614 Jan 15
14 Apr 7
200
212 4472 212
•14
*178 3
2
2
4614 Fob
Dee
20
10
Jan
Allegheny
13
Steel
Jan
10
7
Co
IVo
pa
,
10
___
_
•-___ 12 ...--- 12 .____ 12 •__
_ _ 1012 •___ _ 10
151.1
• BM and asked prices: no kale on this day. a Er-dIvldend and nn-rights
c AO': stunk dividend paid
a Er-dividend.
II Ex-rIgnt.
New York Stock Record-Continued-Page 2
2675
tarFOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SECOND PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday
Apr. 2.
Monday
Apr. 4.
Tuesday
Apr. 5.
Wednesday
Apr. 6.
Thursday
Apr. 7.
Friday
Apr. 8.
Sates
for
the
Week.
per share 3 per share $ per share $ per share 3 per share Shares
$ per share
70% 7214 67% 7134 6712 71,4 66% 6933 6714 69,4 6412 6814 133.200
105 105
200
11014 11014 "105 11734 "105 11734 "105 110 *105 110
912
914
913 934
878 9,4 8,300
933 934
934 934
933 978
638 634 2.400
712 712 2634 7'3
634 634 *658 634 "638 634
12
13
1214 1234 1218 1213 5.300
1238 13
13
13
14
*13
5
518
412 5,8
412 412 2,300
5,4 5,2 *513 5,2
512 5,2
1112 1038 107s 10
10
3.100
1212 12,2 1214 12,4 1134 12,3 11
3634 32
40
33
40
39,4 39,4 *3634 4214 34
190
*4238 47
*3
58
12
12
*32
12
•l2
34
100
*3s
12
38
*38
*2
3
*2
3
3
*2
3
"2
3
"2
*2
3
"913 10
*912 10
11
10
10
11
10,4 11
9
934 1,400
7612 7612 70
7134
110
80
80
85
7612 76,2 *7613 80
*80
55,4 5733 5212 5534 5014 5234 275,800
5914 6038 5712 6038 5618 59
200
120 120 *112 12434 *112 11914 *110 117 *107 117 *107 117
512 638
434 5
438 434
412 434 3,900
5
5's
2234 23
25
2014L 21
830
2634 2311 2412 2212 23
25
26
4
234 234 •3
318 318
4
234 3
4
3,4
500
*3
2834 30
2834 29
29
2814 29
2914 30
30
29
3.300
29
412 *4
412 412 *4
412
412 412 *413 5
200
*413 5
9
912
873 9
834 912
812 9
10,500
91s 912
834 918
218
218
2
2
600
*218 312 •218 3,4 *218 278 *21,3 278
418 414
4
4
412 41
312 4
513
412 412
4.300
5
258 3
234 338
213 234
213 333
214 234 19.700
338 4
8
10,
2
8
9
4.100
91s 10
1613 1618 14,4 1513 1214 131
512 51
5
5$4
434 518
4
412 3,100
534 612
61,3 7
9
10
1012 121
7
7
1434 1434 *1213 16
818 818 1,100
434 434 *414 478
434 434 *434 478
600
*434 478 *434 478
*113 212 •Ils 2,2 •1 18
112 11
134
300
*112 134
113 113
*918 1012 1033 1038 *018 10
1133
200
*10
913 9,2 sot, 101
4034 3934 4012 3852 3958 10.500
4334 4012 4214 40
4238 4338 41
1618 1418 15
1418 1412 1358 1414 5.100
x17
1718 15
1712 18
5
513
434 478
414 434 15,100
5,4 512
518 512
512 53s
% '
*14
*14
38
38
14
38
300
*14
*14
38
218 218 •112 312 •112 218
112 ' 112
30
*212 512 *218 313
51s 512
514 512
518 518
5
518 2,500
514 514
5,4 514
3612 3612 36
37
36
3713 3712 37
38
35
35
700
38
17
163
1712 1634
4 1634 1678 1713 16
1714 4.000
1734 1778 17
2
2
2
2
114
2,4 2,4
*134 2
134 1.600
234 234
312
213 212
3
212 258
313 312
213 27s 3.800
*3
334
1412 1412 *13
1412 •13
1418 *13
*1412 15
1418
10
*1413 15
8
833
32
3214
2438 2512
73g
8'
31
3112
253s 26
614 --7.7;
6,4 7
31
3112 31
31
2614 2614 *26
30
612
32
25
7
32
2614
47
473 -11;
6
--ii8
5
514
5
518
4,82 1
*72
1
.7,, --i34
ki
*31 1
788 814
758 778
738 8
738 8
738 81,3
21
1912 201
2114 21 14 21
1938 20
2114 22
238 "218 234
231 "2
2
21
214 214 *2
*14
38
*14
•14
as
14
14
1
38
181 •18
1812 181 *18
19
18
1812
19
•18
812 918
918 1038
814 83
8
831
912 10
51
52
5158 55 "5312 5512
501s 50,8 •sii2 52
35 •32
42
35
*33
42
33
33 I
35
*31
323
3112 317
31
311 *3012 3212
*32
32,4 32
*9512 103
*951
:103
*9513 103
*9512 101
9512 9512
53
70
34
19
•130
*334
534
514
70
70
3418 3314
19
1518
69
*5934
4
334
Indus. & Miscoll. (Con.) Pat
Ailled Chemical & Dye_No par
Preferred
100
Allis-Chalmers Mfg___ _No par
Alpha Portland Cement No par
Amerada Corp
No par
Amer Agile Chem (Del) No par
American Bank Note
10
Preferred
50
American Beet Sugar_No par
7% preferred
100
Am Brake Shoe & Fdy-No ear
Preferred
100
American Can
25
Preferred
100
American Car e4 Fdy___No par
Preferred
100
American Chain
No par
American Chicle
No par
Amer Colortype Co
No var
Am Comm'l Alcohol_ ...No par
Tiling_No
par
Amer Encaustic
Amer European Seca No par
No par
Amer & Fora Power
No par
Preferred
2d preferred
No par
No par
16 preferred
An, Hawaiian S S Co
10
Amer Hide dr Leather_ _No par
Preferred
100
Amer Home Products__No par
No par
American Ice
Amer Internet Corp__ _No par
Am L FranceatFoamite_No par
/00
Preferred
American L000motive_No par
Preferred
100
Amer Mach & Fdr uew_No Par
Amer Mach dr Metals_ _No par
Amer Metal Co Lid_ _No par
100
fl% preferred
Amer Nat Gas pref____Nt par
--i‘ --7l-4 38.805 am Power & LIght____No par
3134 33
No per
1.800
Preferred
No par
2634 2634 2.800
$5 Preferred
No par
Prof A atamped
434 4$ 55,300 Am Rad 84 Stand San'y _A/o par
7.3 78 600 American Republice No par
2'
7
733 15.200 American Rolling Mill
19
193
, 2.000 American Safety Razor_No pa
•112 4
700 Amer Seating V to
No Pa
800 Amer Ship & Comm._No pa
38
'
14
15
15
200 Amer Shipbuilding new No pa
734 814 18.300 Amer Smelting & Refg_No par
100
*5312 60
Preferred
1.100
"32
40
2d preferred 6% cum-100
200
2
3018 3012 1.300 American Snuff
108
Preferred
9434 9434
20
Amer Solvents & Chem.No va
No par
Preferred
_:1;20 _ Amer Steel Foundries-.No par
6213 63
100
53
Preferred
3278 3313 3.90 American Stores
No per
100
1512 16
4.00 Amer Sugar Refining
*.56
100
60
Preferred
100
318 318 1,900 AM Sumatra Tobacco_.No par
-lc
5
5
514
534 533
70
65
70
65
65
63
63
34
3312 34
3312 34
3314 3312
1818 1514 16
16
1614 1612 16
68
*60
69 •60
65
60
60
338
312
334
334 314
353 3$1
10938 11034 10734 11112 10638 11038 105% 10918 10618 10858 105 i074 394,012
7134 75
71
*7512 77
7:134 7033 7112 69
70
6612 68
6.600
77% 7412 7672 73,4 70,4 7111 7414 71
76
731
6912 721z 43.900
*10712 10778 107 10712 106 10634 103 10414 103 103
10134 10184 1.200
•1012 20 •1012 18 .12
*12
18
*12
18
18
12
12
100
20
2038
0
20
*19
1814 19
18
40
181 *18
40
160
2318 2434 2114 2214 1912 22
2413 25
1912 203
1912 2018 18,300
22
22
21 12 2112 20
21
20
21
20
20
20
20
5.700
6213 6212 "6234 6413 8234 6234 *51
6033 "40
623 *35
60
200
31s 3,8
8 334
3,4 3,4
333 31
318 318 3.500
318 314
2538 2618 2434 26
25
2514 2513 2658 2512 26,4 25
2513 27.300
12
*14
'33
12
38
38
100
*14
12
*14
1
*14
1.2
*212 9
4-213 20 "213
10
5
5
"213 7
0212 7
100
214 21
214 214 •214 212
2
112 2
2
2,4
2
1.600
2218 19
1918 •1738 21
•19
•1738 21
15
15
15
15
1.000
534 6
533 6
413 51s 123,110
5
534
5
51
478 538
6
*218 6
"2
614
416 418 *314 414 "3
614
100
13
1234 13
13
13,4 13,4 13/3 131
1234 13
1278 13
3,700
.212 5
*214 3
312 *2
"178 2
"2
3
2
2
400
838
812 83
8
8
8
8
814 814 2,000
8
713 8
*3714 38
3714 38
3714 38
35
3614 37,4 36
3612 34
1.700
14, 133
113 11/3
1,3 1,4
1
118
113 6,700
1
1
133
a
34
34
34
53
31 3,900
55
31
%
53
38
33
918 91
812 9'8
734 833 2,000
858 838
833 818 '8
814
*134 2
134 13
134
134
•134 21
300
*138 134
134
134
3
3
*3
51
*3
514 *3
GO
514 51
51
*3
5,4
112
•134 2
112 11
113 113 *113 134
112 1,30
*112 2
418 41
358 334 3.80
4,8 433
334 4
4
338 4
4
•7t2 25
*712 25
*714 25
*734 25
*734 25
*734 25
12
9
9
*9
12
.9
12
*9
100
*9
13
*9
12
1538 *14
1314 *1234 15
500
1533 *14
13
*14
1533 1312 14
9
934 14,600
1014
912 1014
1012 1033 10,4 1012 10
1058 10
1318 1434 2,000
15
16
16
15
16
16
16
15
15,2 *15
300
6812 69,2 6712 681
•71
72
70
71
70
70
*70
74
478 478 *412 5
478 478 *412 434 *438 47
500
v412 5
5734 5014 5614 150,300
02
6612 55,4 6334 5514 61
52,4 5834 55
34
34
*58
34
'8
*33
34
34
03
*58
38
31
14
14
12
•14
14
*14
4.14
12
14
•14
12
200
33
*7, 1
78
72
•78
1
*78
I
10
1
*78
*78
1
25R
258 10,800
233 234
238 234
234 278
278
234 3
238
414
4
414
3,4 4
7,600
114 478
4
438 412
4
438
15
370
.1518 17
16
1514 1512 15
1518 15
1618 16
16
50
*82
8412 82
85
83,2 8312 8312
82
•82
82 .82
85
•12
34
78
78
113 112
230
•134 2
*134 2
•112 2
4
418 13.400
412
4
414
4
4
4
4
414
4
4,3
•7
8
50
8
*7
8
8
812 "8
812 *8
838
45
45
150
46
"45
•17
52
*47
47
47
50
47
47
4
2414
8,900
8
233
2312 24
2452
237
8
243
24
2434 2334 2473 2378
510
77
*7412 7812 7818 78,3 "77
7818
7878 '77i 787s 7834 79
200
3778 3778
41
•3718 40
*3812 41
*3813 41
3813 3812 *38
4
4
334 378 2,300
4
4
4
4
*334 4
4
4
200
• 1,3 62,4 *6113 6214 6134 6134 .6178 631 *6134 6'214 6112 8112
714 734 41,700
888
738 734
812
714 8
*1
8
773 812
6,700
1534 1612 1512 16
1414 183
17,4 1834 1618 17,2 1618 17
1318 1412 64,200
16
14
16
1112 17
17
1618 1634 1538 161
4038 4034 40
4014 2,300
)12 441
3978 41
4014 4034 4018 403
618 "5
6
900
6
7
612 61
7
7
*934 7
14
*____
14
14
*____ 14 •._ __ 14
110
*55
55
55
*55
60
55
55
56
56
*14
8
914 6.700
933 1033
-1-172
11
1114 11
1112 11
11.4 123
46
45
500
46
46
46
49
"46
49,2 46
491 *46
"46
34
*33
3
*33
34
•
$1
*3a
•331
34
*33
758 233
*58 213
*52 212
*32 212
*1 8 21
*38 212
3438 3578 3234 3418 42,600
36
3558 3712 3531 3634 35
361 3 371
633 634 6.800
7
63
4
7
63
4
63
4
718
718
714
71 3 71
*14
34
*14
34
a
.8,
$4
*14
34
34
*14
*14
758 778
7
734 15,000
814t 814
7,2 818
313 512
83
Hid and asked Prima: no gales on thls day.
Ex-dividend.
p Ex-rig
PER SHARE
Range for Year 1932
Oa basis of 100-share lots
PER SHARE
Range for Previous
Year 1931
Lowest
_
per share
6214 Jan 5
105 Apr 8
878 Apr 8
658 Apr 8
12 Jan 25
412 Apr 7
10 Apr 8
32 Apr 8
12 Feb 19
2 Mar IS
9 Apr 8
70 Apr 8
5014 Apr 8
1l734 Jan 2
412 Apr 8
20,4 Apr 8
214 Apr 6
2814 Apr 8
412 Apr 4
8,4 Jan 29
2 Apr 8
312 Apr 8
214 Apr 8
8 Apr 6
4 Apr 8
7 Apr 7
434 Jan 28
112 Apr 4
9 Jan 4
3858 Apr 8
12 Jan 5
414 Apr 8
i4 Jan 6
112 Apr 8
5 Apr 8
3014 Jan 8
16 Apr 8
(ii Apr 8
212 Apr 6
1412 Mar 29
1
Jan 4
614 Apr 5
31 alar 31
2458 Apr 2
Lowest
STOCKS
NEW YORK STOCK
EXCHANGE.
100
Amer Telep & Teleg
American Tobacco new w I_ _25
Common class B new w I__25
100
Preferred
American Type Founden 100
1
Preferred
Am Water Wks & Eleo_No par
No par
Com vol tr ctfs
let preferred
100
American Woolen
100
Preferred
Am Writing Paper eitts.No par
Preferred certificates__ _1
Zinc Lead & Smelt_ No par
25
Preferred..
Anaconda Copper Minlog..50
Anaconda Wire & Cable No par
No par
Anchor Cap
Andes Copper Mining- No Par
Archer Daniels 34Icli'd_NO par
Armour & Co(DO pref___100
Armour of Illinois class A___25
25
Class B.
Preferred
100
Arnold Constable Corp_a74 par
Artloom Corp
No par
Amodated Apparel Ind_No par
Angle Dry Goods,
No par
Associated Oil.
25
Atl G & W I 88 LIne.. _No par
Preferred
100
Atlantic Refintog
25
Atlaa Powder
No Par
Preferred
100
Atlas Storm Corp
No par
Auburn Automobile__.No par
Austin Nichols
No par
Autosales Corp
No par
Preferred
50
Aviation Corp
No par
Baldwin Loco Works ...No par
Preferred
100
Bambenter (L)& Co oref 100
Barker Brothers
N. Par
Barnette! Corp elms A_-_ -- 25
Bayuk Mars lee
No par
1st preferred
100
Beatrice Creamery_-_ _50
Preferred
100
Beech-Nut Packing Co____20
Belding flem way Co. _No Par
Belgian Na; Rya part pre__
Bandit Aviation
No per
Best & Co
_No par
Bethlehem Steel Corp._No par
Preferred
7%
100
Blew-Knox Co.
No par
Bloomingdale Brothers_No pa.
Preferred
100
Bohn Aluminum & Br_ _No par
Bon Aral clam A
No par
Booth Fisheries
No par
let preferred
100
Borden Co
25
Borg Warner Corp
10
Botany Cone Mills elms A 50
Briggs Malitlfacturing-No Par
Highest
5 per share 3 per share
84 Dec
8712 Mar 8
100 Dec
119 Mar 11
1358 Jae 18
1012 Dec
738 Dec
10 Jan 11
14342.1er 8
1114 Dec
712 Jan 16
518 Oct
1214 Dec
1812 Jan 14
47 Feb 15
3.5 Dec
114 Jan 9
14 Dec
112 Dec
312 Jan 12
1512 Jan 15
1312 Dec
90 Feb 18
71 Dec
7372 Mar 8
5812 Dee
129 Mar 14
115 Dec
834 Mar 8
412 Dec
393, Mar 9
2038 Dec
6 Jan 13
5 Dec
3738Mar S
3014 Dec
8 Jan 13
5 Oct
11 Mar 22
5 Oct
5 Jan 9
238 Dec
101, Jan 16
75* Dec
914 Jan 14
618 Dec
3812 Jan 21
20 Dec
1714 Jan 14
10 Dv
33 Jan IS
18 Dee
8 Feb 17
4 Dec
212 Jan 7
1 Sep,
12 Jan 6
718 Der
5138 Mar 9
37 Oct
2158 Mar 8
1012 Oct
812 Feb 19
5 Dec
38 Jan 12
14 Dec
4 Feb 3
118 Dec
918 Jan 18
5 Dec
4458 Mar 7
2912 Dec
2214 Jan 14
16 Oct
334 Mar 9
1 14 Oct
638 Jan 11
472 Dec
1912 Jan 14
14 Dec
178 Jan II
1 Oct
1678 Jan 13
1134 Dec
58 Jan 14
4412 Dec
6934 Jan 14
35 Dec
812 Jan 8
438 Apr 8
5 Dec
12 Mar 17
4 Feb 19
114 Dec
7 Apr 8 13 Mar 3
738 Dec
19 Apr 8 z2914 Mar 7
191,Dee
2 Jan 13
212 Jan 21
Ps Dec
14 Jan 27
12 Jan 6
I, Dec
15 Apr 8 2518 Jan 14
20 Oct
17% Dec
734 Apr 8 1858 Jan 2
50 8 Apr 2 85 Jan 29
75 Dec
45 Dec
32 Mar 29 55 Feb 19
3012 Apr 8 3438MAX 3
28 Oct
103 Mar 14
9772 Dec
90 Jan II
12 Jan 14
14 Nov
IV Feb 15
as Dec
114 Jan 20
14 Feb 18
814 Jan 21
5 Dec
478 Apr 8
68 Dec
6212 Apr 8 80 Feb18
33 Dec
327a Apr 8 36$4 Mar 3
24% Oct
15a Apr 4 3914 Jan 13
8412 Dec
60 Apr 7 8818 Jan 13
314 Dec
6 Jan 7
312 Apr 7
105 Apr 8
65 Jan 5
6612 Jan 4
10134 Apr 8
12 Apr 8
18 Apr 7
1912 Apr 8
20 Apr 5
6212 Apr 2
212 Mar 18
1512 Jan 4
38 Apr 4
5 Apr 6
111 Apr 8
15 Apr 7
412 Apr 8
4, Apr 6
1234 Apr 4
2 Apr 7
712 Apr 6
32 Jan 4
1 Jan 2
fa Jan 7
638 Jan 2
134 Jan151
3 Apr 2
112 Apr 1
358 Apr
714 Mar
13738 Feb 19
8834 Mar 9
8934 Mar 8
11012 Jan 21
25 Jan 25
70 Jan 8
3412 Mar 8
31 Mar 8
75 Jan 15
538 Feb 25
aws Mar 7
34 Jan 11
5 Apr 6
338 Jan 9
23 Jan 18
1238 Jan 14
9 Feb 11
1712 Mar 2
434 Jan 8
12 Feb 16
44 Mar D
2 Mar 9
118 Mar 10
1414 Mar 9
3 Feb 1
51 1 Apr 4
Jan
1;
Pr
Jan
ii
ar 37 Ir,42
13 1%Ap
143
.Feb 9 127* Mar 9
1318 Apr 8 2512 Feb 2
6712 Apr 8 7942 Jan 13
514 Feb 18
412 Jan fi
5014 Apr 8 15134 Jan 14
34 Jan 12
4 Feb 19
hi Jan 8
14 Apr 1
2 Jan II
%Mar 30
312 Jan 2
212 Feb 23
Rh Jan 14
314 Apr 8
15 Apr 7 28/2 Jan 15
82 Mar 31 Iii) Feb 25
214 Jan 4
112 Apr 6
578 Jan 14
4 Jan 4
8 Apr 6 13 Feb 1
45 Apr 8 59 Jan?
23 Mar 31 4312 Jan 14
77 Apr 8 95 Jan 18
3772 Apr 8 4434 Mar 14
434 Feb 25
238 Jan 4
59 Feb 25 8238 Jan 18
714 Apr 6 1834 Jan 14
1512 Apr 8 2472 Feb 19
1318 Apr 8 245* Feb 19
4018 Apr 6 74 Jan 9
6 Apr 7
834 Jan 14
14 Feb 15 14 Feb 15
50 :Mar 31 61 Jan 6
8 Apr 8 22,4 Jan 14
45 Apr 8 5114 Mar 9
38 Mar 24
33 Feb 1
132 Mar 17
14 Jan 5
3234 Apr 8 4312 Mar 9
633 Apr 8 1238 Mar 5
12 Mar 24
118 Mar 9
7 Apr 8 1134 Mar 5
11218 Dec
8018 Dec
84 Dec
96 Dec
19 Dec
72 Dec
2318 Dec
2114 Dec
84% Dec
238 Dec
1514 Dec
Dec
21
:
1 Dec
212 Dec
1214 Dec
914 Dec
6 Dec
13 Sept
4 Dec
8 May
2014 geo
ct
Highest
per share
18234 Feb
128 Apr
4214 Feb
1878 Feb
23 Mar
2934 Feb
8234 Feb
6614 Feb
434 Jae
1774 Jan
38 Feb
12418 Mar
12934 Mar
15212 Apr
3814 Feb
86 Mar
4334 Feb
4834 Mar
2114 Feb
1412 Feb
16 Mar
3312 Feb
6134 Feb
100 Mar
791k Feb
90 Feb
1034 Jan
S Mar
30 Apr
84 Mar
8132 Feb
26 Feb
112 Jan
15 July
3034 Feb
8434 Mar
4348 Max
7 Mar
,Feb
231
894 Feb
3978 Jan
84% Feb
102 Mar
85 Apr
2112Mar
1218 Feb
3738 Feb
66 Feb
9 Feb
132 Feb
42 Jan
6812 Feb
13812 Mar
10234 Max
4214 Mar
11078 Jo!),
41r Feb
11% Feb
3114 Feb
113 Feb
4614 Mar
60 Mar
10812Mar
1112 Feb
2015* Feb
12834 Apr
13234 AV
132 May
105 Jan
11012 Feb
8034 Feb
8014 Feb
107 Mar
1172 Jan
40 July
Jan
1:
834 Feb
4518 Aug
4314 Feb
2614 Mar
38 Feb
1912 Feb
18 Feb
Jan
7,
112 j1
;
j,
IN Jan
47 Jan
9 July
1012 Feb
2878 Feb
2938Marec•
1E:31
31 Feb
39 Jan
5312 Jan
ir Irecer
2338 Feb
838 Dee
54 Feb
18 Dec
9978 Jan
7714 Dec
1312 Feb
214 Der
8412 Oct 39512 Apr
214 Mar
128eot
211 July
12 Dec
5 Feb
1 Dec
2 Dee
6's Mar
2774 Mar
438 Dec
15 Dec 10412 Mar
85 Dec 107 Feb
10 Jan
134 Oct
141,Feb
4 D
33 Jan
16 Dec
90 Mar
60 Dec
37 Oct
81 Mar
90 Dec 111 Mar
62 Apr
3712 Oct
Panne
Ws Aug
5472 Dec
8034 Jan
1258 Oct
2512 Feb
1934 Dec
4614 Mar
7038 Feb
1714 Dee
80 Dec 12372 Mar
29 Feb
6 Dec
15 Oct
21 Nov
95 Jan
75 Dee
21512 Dec
63 Aug
49 Oct z6814 Apr
8 Feb
4 Dec
1714 Feb
112 Dec
3512 Dec
7812 Mar
3034 Feb
9 Dec
July
71
1 Dec
e
33:4
Net
4
ts Oct
518 Dec
138 Dec
4 Oct
Dec
2676
.T FOR
New York Stock Record-Continued-Page 3
SALES DURING THE WEEK OF STOCKS NOT RECORDE
D IN THIS LIST, SEE THIRD PAGE PRECEDI
NG.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday 1
Apr. 2.
Monday
Apr. 4.
Tuesday 'Wednesday
Apr. 5.
Apr. 6.
Thursday
Apr. 7.
Friday
Apr. 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Rance for Year 1932
On Oasis of 100-share Lois
PER SHARE
Rance for precious
Year 1031
Lowest
Hichest
Lowest
Ilighes1
$ per share $ per share $ per share 1$ per share 3 Per share 3
per share Shares Indus.& Miscall.(Con.) Par 3 per share
3
per share 3 per share $ per share
9
9
*734 812 *7% 84
Ws 84 *734 84
734 734 2,100 Briggs & Stratton
739
No
par
Mar
29
104
Jan
14
.
58
38
12
8 Sept
*12
59
12
*58
2413 Mar
58
35
38
300 Brockway Mot Truck No par
*58
12
ea Mar 11
1 Jan 23
*178 3
*178 3
*178 3
*178 3
.134 3
33 Dec
*134 3
514 Mar
7% preferred
100
212Mar 30
578 Jan
*75
79
7418 75
7478 7034 7214 7014 7112 70
73
212 Oct
20 Feb
71
2,600 Brooklyn Union Gas___No par 70 Apr 8 8912Mar 9
8
34
34
34
34
3312 3312 *33
7233 Dec 12938 Mar
3312 3212 33
3213 3212
800
Brown
Shoe
Co
No
par 3212 Apr 7 36 keb 15
214 '
'2
213
2'
1 178 2's •17t, 2'9 '18 2
3234 Jan
•178
451 July
218
100 Bru n8-Ba1 ke-Co11end er _ NNN
857484 7342585
lip p ,)r r r 3
N0
3i 141jjjjInnnobnr 21544479
Feb
.00 pppP0
71 ,3
2
2288 AAAAAA
1,7.1 00:r 865311111,
33
2
.318 334
318 318 *3
334
733248,3
2
1:11i443
8D
314
DecDIDDD
12321:1553%77488
314 312
1403 2 tA}IFJ:recoet,
,:.
318 312 1,900 Bucyrus-Erie Co
618
6
64 618.
6
6
558 534
512 512
Feb
518 514 1,800
Preferred
Mar
•__
70 *-_ 70 *-___ 70 *____ 70 *____ 70
6612 8612
10
preferred
7%
100
Fs
118
1
1 14
14 14
1
114
1
14
1
1
4,900 Budd (E G) Mfg
218 214
2,4 234
218
2
2
2
112
112 2
15
5,000 Budd Wheel
2
2
173 178
D2 112 *112 218
1 13 113
112
112
700 Bulova Watch
412 412
438 438
4
418
4
4
378 378 *334 4
1,000 Bullard Co
No par
334 Jan 4
759 Mar 7
834 10
8
9
734 838
759 8
Feb
712 754
634 714 28,205 Burroughs Add Mach No par
634 Apr 8 13 Mar 7
1738 1738 1718 1714 1718 1714 1678 1718 17
10 Oct
17
31634 1718 2,600 /3usb Terminal
3214 Feb
No par 1534 Jan 4 2134 Mar 9
52
*5014 52
52
52
52
1538 Dec
51 12 52
*5014 5012 4913 5014
31 Feb
130
Debenture
100 494 Apr 8 65 Mar 9
.7514 81
*7514 80 .7514 80
49
1
*7514 80
Dec
104 Jan
75 4 7514 *--__ 75
10 Bush Term Illdfis pref
100 72 Jan 29 85 Jan 7
34
85 Dec 113 Mar
34
34
31
*34
78
34
34
34
34
900 Butte & Superior Mhalng___11)
*34
78
33 Jan 8
1
*78
72
78
%Mar 8
12
*12
7g
78
112
34
*12
%Mae
34
134 Feb
5
700 Butte Copper & Zinc
12 Apr 5
114 An 14
1 Dec
234July
*3
312 *3
313
3
3
•212 3
*213 24 *212 3
300 Butterick Co
No
par
Apr
3
5
43
8
Mar
7
1073 1138 10
11
10
3 Dec
1012
94 1012
2058 Feb
978 1014
914
94 12.900 Byers & Co (A M)
918 Apr 6 19 Feb 19
No par
04014 70 •40
1078 Dec
70
•40
698 Feb
644 *40
64% •40
6434 *40
6434
Preferred
100 60 Jan 26 61 Mar 19
812 859
OS Oct 10673 Feb
818 812
74 8
*715 859
758 74
7
712 2,800 California Packing____No par
Apr
7
8
117
2
Feb 13
8 Dec
•14
38
*59
is
14
la
53 Feb
14
14
*14
35
400 Callahan Zinc-Lead
*it
35
10
14 Feb 9
12 Jan 15
14 Oct
__ ____ _ __
138 Mar
_
____ _ _ _ _ ___ Calumet Ac Arizona Mining_20
218 218 *2
321 Oct
218
214
218 214
259
4338 Mar
23
23
8
2
2
14
2,300
Calumet
&
Herta
25
Mar
2
30
4
57
Jan 13
*514
3 Dec
514 514 *5
514
5
5
1159
Feb
412 412
4
4
400
Campbell
W .., C Fdy __No par
4 Apr 8
718 Jan 7
938 10
814 918
534 Dee
8
812
6% 8
634 712
1638 Mar
634 714 8,200 Canada Dry Ginger Ale No par
634 Apr 6 1313 Jan 14
•1913 1913 •1918 1913 19
1038 Dec
1918 1812 1878 18
45
June
1839 1778 177
1,500 Cannon Mille
No par 17 Jan 4 20 Mar 21
*5
17 Jan
532
5
484
*5
5
*4
6
25 Mar
44 418
218 314 1,100 Capital Adminis Cl A No par
218 Apr 8
64 Feb ill
*21 12 2512 *2213 2512 2112 23
412 Dec
*2214 23
16 Feb
2113 2112 2012 21
1,200
Preferred A
50 20.2 Apr 8 274 Jan 15
2859 3212 2738 31
24 Dec
2738 30
2678 2878 2718 2834 2559 2818 149,400 Can. (J 1) Co_.
Feb
3659
100 2518 Apr 8 433 Jan 18
*51
3314 Oct 13112 Feb
5134 61
5134 49
50
4612 4634 4612 4612 •---- 4612
370
Preferred nertlfirates. _100 4612 Apr 6 75 Jan 12
7
53
734
739 739
Sept 110 Mar
739
7
7
714
7
714
8,400
64
612
CaterpilLar
Tractor.
par
_..No
Apr
612
8 15 Jan 18
*2
314 *2
1014 Dec
314 *2
314 .2
314 *2
5213 Feb
314 *2
Cavanagh-Dobbs Ine__No par
314
112 Jan 7
4 Feb 11
•1513 18
*1512 18
12 Dee
1512 1512 r8
4 Feb
15
*8
15
*8
15
30
Preferred
100
759 Jan 12 2234 Feb 11
312 312
5% Dec
318 314
3
318 *3
26
Mar
4
3
*212 3
3
1,400
Celanese
Corp of Atn_ _No par
3 Feb 26
6 Jan 14
212 212 *212 3
2
5
8
Dee
212 212 *178 3
16
Feb
112 178
112 14
700 Celotel Cory
33 Jan 18
112 Apr 7
No par
•1
213 Dec
214 *1
214 *1
1438 Mar
15
1 18 •1
P4
158 *1
1 14
200
Certificate*,
No
Feb
par
1
8
214 Feb 29
•312 8
138 Dec
•312 7
133
4
*312 512
Mar
312 312 *312 478
313 313
40
Preferred
No par
312 Apr 0
712 Mar 15
738 Drc
9058 11
1038 1139 1039 1038 10
378 Mar
10
10
10
10
10
2,000 Central Aguirre Aare....No par 10 Apr 6 1212 Jan 4
11 Dec
412 44 .418 412
2334 july
418 413
44 418 •4 a 414 *4
459
400 Century Ribbon Mille_No par
418 Apr 5
614 Jan 9
213
Jan
814sept
•70
85
*70
85
*70
85
•713
72
72
*65
72
80
10
Preferred
100 70 Mar 16 85 Jan 23
50
May
7
Sept
90
712
718 712
1
65t 714
1
6 3 74
64
714
513 614 16,700 Cerro de Pasco Copper_No par
Apr
512
8
315
Jan
14
9
2
'8Sept
2
*2
212
2
3013 Feb
2
*2
218
2
2
2
2
1,200 Certain-Teed Produete_No par
2 Apr 1
339 Feb 17
214 Jan
•934 13
714
*934 18
Mar
*934 13
*934 15
1.914
959 *912 12
7% preferred
100 11 al ar 24 1512 Feb 23
11 Jan
24
2412 2413 2413 2434 2434 2334 2414 24
35 Aug
24
*2334 2418 1,200 City lee & Fuel
No par 234 Apr 0 2812 Feb 19
254 Dec
.62
63
Feb
6312 64
3759
62
62
61 12 62
61 12 6112 6014 61 14
150
Preferred
100 6014 Apr 8 68 Jan 5
6312 Dec
90 Apr
*6
613
554 6
534 6
578 6
534 6
512 534 4,900 Checker Cab
434 Jan 6
No par
7 Jan 14
3l4 Sept2314 Feb
1058 12
9
1038
94 10
914 10
838 939
9
8
10,400 Chempeake Corp
par
8
No
Apr 8 2038 Jan 14
1378 Dec
278 3
234 3
5418 Feb
212 212
212 234
272 3
.212 3
1.900 Chicago Pneumat Tool_No par
65 Jan 22
212 Apr 5
47
34 Oct
6
1518 Feb
5
5
5
518
473 48
434 5
*434 612 1,700
Preferred
434 Apr 7 1173 Jan 22
No per
638 Dee
•I012 1259 *1012 1112 1039 11 12 *1012 1114 *1012 1034 1012 1012
35 Feb
210 Chicago Yellow Cab
No par 10 Jan 20 14 M112 12
8
Sept
*7
23
8
7
Jan
7
*7
8
•6
8
*7
8
7
7
200 Cbickaeha Cotton 011
10
7 Mar 15
9 Mar 28
*238 3
8 Dec
.238 3
128g Mar
•212 3
.234 3
2% 378
24 234
700 Childe Co
No par
213 Apr 8
712 Jun 13
97 1059
1014 1078
54 Dec
3334 Feb
93 10,4
93 1018
959 934
88 912 124.600 Chrysler Corp
8.8 Apr 8 15% Jan 14
NO Dar
1134 Oct
.59
58
254 Mar
*58
34
*85
81
55
85
*35
85 1,500 City Stores new
34
85
% Jan 6
No par
218 Jan 14
8
8
14 Dec
8
3
*778 8
459 Feb
*77
8
712 759
800 Clark Equipment
714 714
No par
714 Apr 8
834 Jan 7
*1614 20
*1618 17
813
*1618 17
Dec
Mar
16
2273
1618 1512 1512 15
1512
900 Cluett Peabody & Co No par
15 Apr 8 22 Mar 5
•95 100
15 Dec
*95 100
95
95
3418 Feb
•95 100
95
95
95
95
40
Preferred
100
95 Jan 5 98 Feb 15
10518 107
02 Dec 105 July
10512 10734 10412 108
10333 106
104 10612 10212 105
28,500 Coca Cola Co
No par 971s Jan 5 120 Mar 8
*4812 4912 *49
974 Oct 170 Feb
4918 4918 4914 *49
4912 *49
4912 49
49
400
Clam A
par 453 Jan 6 50 Mar 22
4553 Dec
' 2518 26
2559 25,4 25
2534 25
5313June
25
2334 2434 2234 2378 4.300 Colgate-Palmolive-Peet No
No par 223 Apr 8 3112 Mar 9
24
Dec
501: Mar
I *8912 9018 .8912 901s 8912 8912 8812 8812 .89
8289
91
900
6% preferred
100 82 Apr 8 95 Mar 11
797 Dec 10418Sept
712 712
759 7,2
7
74
714
7
6% 718
518' 634 3,900 Collins & Alkxnan
No par
54 Apr 8 10% Mar 7
613 Dec
1712June
•75
9434 *75
9434 *75
9434 *75
943
7575
72 1 72
200
Non-voting preferred___100 714 Jan 19 80 Mar 17
68 Dee
•9
1012 1012 1012
95 Aug
10
912 10
1014 10 1 1012 1012 1012 3,100 Colonial Beacon 011 Co_No par
Mar
9
Jan
1012
11
8
7
12June
*54 6
*439
*518 6
518 514
1012 Nov
432 512
412 412 1,300 Colorado Fuel & Ir new_No par
6
412 Apr 8 1239 Jan 14
64 Dec
2838 2718 29
27
2714 29
191:Juno
2738 2959 2814 2914 2734 29
18,400 Columbian Carbon v t e.Ye par 27 Apr 2 417
Mar 9
32
1018 11
Dee
1034 11 14
1115
978 1012
8 Feb
918 10
918
61* 74 162,100 Columbia Gas & Elee No par
759
613 Apr 8 1618 Mar 9
1159 Dec
4538 Mar
68
68
66
66
*5934 65
59
59
roo
59
40
4912 3,200
l'referred
100 40 Apr 8 72 Jan 16
724 Dec 10212 Mar
Columbia Graphophone
312Sent
1614 Mar
Certificates of deposit
6 June
1 --Ws -II; --811 --1;!-2 --813 -814 --i- --8-1-2 -73- -1
11 13July
(
2 --g- -I1-s _ 3.000 Commercial Credlt____No par
8 Apr 6 11 Mar 5
8
Sept
*2334 2512 *2334 24
2314
Feb
2334 2334 2334 238
234 2334 *2234 2334 1,000
Clans A
50 1912 Jan 5 2614 mar 7
104 Dec
17
3578 Feb
*1612 17 .1612 17
17
1612 1612 •1612 17
16
1612
110
Preferred 13
25 16 Apr 8 2054 Jan 22
15 Oct
2412July
64% 62
63
64
64
0314 62
62
60
*60
62
82
170
6(8% let preferred
101) 50 Jan 6 687 Mar 14
52 Dec
1712 1839 1612 18,4 17
92 Sept
174 1634 1712 17
1712 1638 1714 10,150 Comm Invest Truit___No par 1512 Jan 2 277 Mar
3
1512Elept
34 Mar
71
69 .68
68
•69
71
*68
71
6714 6814 6612 6634 1,100
Cony preferred
No par 58 Jan 4 77 Mar 2
60
Dee
90
*924 95
Jan
*92,4 95
9412 9412 924 0238 5921.4 95
*9214 95
70
634% let preferred
100 89 Mar 2 95 Mar 11
94 1)ec 106 Aug
715
Vs
612 7'8
612 7
678 634
534 614 43,400 Commercial SolventsNo par
6,2
6
53 Apr 8 1014 afar 8
632 Dec
214 Feb
318 314
3
318
34
3
218 213 148.800 Commontelth & atou___Ne par
212 278
239 24
218 Apr 8
Co Jan 14
3 Den
12 Feb
5312 503 5112 49
54
52
54
5012 4818 4834 3,400
56
56
$6 preferred eerlee___No per 4813 Apr 8 8812 Mar 11
46 Dec 10053 Mar
13
*7
*7
13
13
*7
13
*7
13
*7
*7
13
Conde NEtet Publica'ne_No par
812 Mar 15 10 Jan 6
10 Deo
3414
Feb
84 9
834 9
834 9
838 812 5,400 Congoleum-Nairn Ine__No ear
839 84
812 838
8 Jan 2 11 Feb 13
673 Jan
1434 Aug
*7
812 *7
.634 9
7
634 634
84
7
5
5
300 Congress Cigar
No par
5 Apr 8
959 Mar 8
694 Dec
8034 Mar
•15
18
*15
17
15
•15
20
*15
15
18
14
14
200 Consoln. Med Clgar
No par
14 Apr 8 2413 Jan 8
20 Sept
3734June
50
50
50
50
50
5134 45 ! 5014 4714 4714
53
50
390
Prlor preferred
100 45 Apr 7 60 Mar 7
42 Dec
73 Mar
259 212
212 213 5238 239 *218 258
258 253
212 239
800 Consol Film Indus____No par
238 Apr 4
538 Jan 11
334June
15 Feb
712 832
812 839
753 739
718 712
839 83
Preferred
714 4.000
714
No par
7:8 Apr 7 1134 Mar 7
734 Oct
187 Feb
7
56
5312
524
5412
57
194.800
533
5118
52
50
Consol Gas N Y)
5634 57
4
553*
No par 50 Apr 8 6834 Mar 8
5714 Dec 10938 Mar
8912 89
89,4 86
8712 *8612 88
Preferred
86
84
2,300
8912 9012 89
No par 84 Apr 8 95 Mar 3
88 Dec 3107 July
73
8
818
713 4,300 Consol Laund Corp_
7
815 878
814 534
8
815 835
No par
7 Apr 8 1073 Jan 13
812 Dee
1573 Mar
14
14
14
14
14
14
4
14 4,800 Consolidated Textile
•14
%
14
14
No par
14 Mar 22
33 Jan 20
14 Jan
134 Mar
*114 2
*113 112
118 *1
1
*114 2
112
*114 2
200 Container Corp A vot No per
1 Apr 7
212 Feb 19
78 Dec
812 Jan
513
53
12
15
C1/188
voting
200
B
*22
84
"2
"2
41
84
No par
12 M ar 23
*12
34
14 Jan 18
14
Dec
3
Jan
7
37
334 334
339 378
359 34 2,400 Continental Bak Cl A No par
*378 4
4
378 *3
312 Apr 8
7 Jan 14
412 Dec
30 Feb
Class 13
58 5.200
55
N. par
59
38
58
53
55
38
55
55
59
39
12 Apr 7
1 Jan 8
Dec
Feb
3%
11
404 40
7,100
Preferred
4014 40
40
40
4018 40
4053 40
4018 40
100 40 Jan 29 4734Mar 5
40 Sept
771:Feb
35.800 Continental Can Inc___Ne par 2978 Apr ft 41 Mar 8
3434 3518 3212 343g 3118 33
3039 31,2 3012 317
2972 31
3014 Dec
6234 Mar
31, 338 .314
338
314
31 1 *314 378 2,000 Conti Diamond Fibre_No par
3
314 31 1
3
43 Feb 17
3 Apr 6
312 1)ec
167
8 Feb
1612 7,500 Continental Ins
19
1839 1712 1734 1578 1714 15
191s 1812 1878 18
10 15 Apr 8 2514 Mar 8
His Dee
517 Feb
118 4,400 Continental Motors...No par
1
1
1
1
1
1
1
1
1
1
1
I Jan 5
134 Jan 14
1
Dec
44
Feb
53
57
No par
6
5'5
Vs 538 24.800 Continental 011
588 6
A
538 Apr s
6
534 6
7 Mar 8
5 June
12 Feb
,,
3,
I,
38
12
12
12 1,600 Continental Shares
I.
Ne par
33 Jan 2
34 Jan 13
14 Dec
12
Feb
3
1tefining____
Products
Corn
37
3514
23,800
3318
3714
3539
25 3318 Apr 8 4732 Mar 8
*32
- 373
8 381% 36
39,
14
z 40% 3375312 3918
8614 Oct
8639 Feb
40
Preferred
114 114
120 120 *116 126 *116 124 *116 124
116 116
100 114 Apr 8 12913 Jan 11
118 Dec 1524 Apr
284 27g
212 4.300 Coty Inc
2
239
No par
3
3
3
3
273 28
239
2 Apr 8
434 Jan 16
27 Dec
18 Fab
1,300 Cream of Wheat
20
20
No par 194 Apr 1
20
*20
2012 20
20,4 •1034 20
21
21
20
23 Mar 9
20 Sept
8412 Mar
18
100 104 Jan A
18
1614 18
1612 1714 1712 1712 •1634 1712 17121 1712 3,400 Crex Carpet
1913 Mar 21
1014 Nov
1939 AV
Crosley
*3
Radio
Corp____Ne
400
par
314 53
213 Apr 8
212 213
359 *3
314
3
234 24
3
413 Jan 7
24 Dec
859 Feb
•113i 12
1134 113
1134 1134
1.300 Crown Cork & Heal____No Per 104 Apr 8 1578 Mar 5
1139 1153 1112 11% 1013 1114
1339 Dec
3814
Feb
•113 214
100 Crown Zellerbanh
No par
*113 214
*112 2
112 Jan 2
112 112 *113 214 *113 2
214 Feb 15
14 Dec
678 Jan
15
15
14
15
1212 1411 11
3,200 Crucible Steel of America...100 11 Apr 6 2314 Jan 14
12
1312 12
14
13
20
Drat
63
Feb
32
32
l'referred
30
140
100 25 Apr 6 4973 Jan 14
30
2812 25
27
2634 25
23
*25
25
3678 Dec 106 Jan
1
1
No par
1
% Apr 6
800 Cuba Co
1
*1
78
134 Jan 14
14
*34
78
"4
% 1
78 Dec
578 Jan
14
*18
14
14
*18
13
.13
14 Jan 5
400 Cuba Cane Products....No par
14
14
14
14
Is Jan 15
13
14 Dec
239 Jan
•1
188
1
1
*1
112
1
114
% Apr 8
78
1
1,900 Cuban-American Sugar____10
1
154 Jan 11
1
1 Dee
534 Mar
*6
8% *6
678
6
6
Preferred
6
100
6
6 Mar 31
150
813 Jan 18
*5
715 *5
712
6 Dec
35 Jan
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ------ Cuban-2)on:11n Sugar__Ne par
18Julty
Di Jan
33
33
32% 33
33134 313
50 30 Feb 8 3512 Mar 9 329 Oct
3112 3018 3018 30
31
3059 2,200 Cudahy Packing
4878 Mar
•1818 20
1812 1812 *184 19
Curtis Publishing Co___Nto par
18 Apr 6 31 Jan 15
18
800
1812
1812
18
18
18
20
Dec 100 Feb
*70
73
*70
7212 *70
No par 88 Apr 6 80 Jan 14
71
68
*68
71
70
68
400
Preferred
68
70 Dee 118% Mar
114
1
1
14
1
118
1
No par
118
1 Apr 2
234 Feb 2
118
1
113 28.600 Curtis -Wright
1
1 Dec
57 Fels
159 2
2
2
•131 2
33 Feb 1
Class A
•134 14
100
134 14
112 Mar 28
4,100
1% 2
138 Dec
84 Mar
7
7
634 64
684 634
688 648 *838 634
638 Apr 0 10 Jar, 21
700 Cutler-Hammer Mfg_ No par
639 658
Jan
7 Dec
41
3
359
234 234
273 27
212 27
212 212
21 1
214 3,400 DE4V11/011Cheruleal
No par
514 Jan 15
214 Apr 8
314 Doe
93 Feb
•134 5
.134 5
*134 5
*134 5
Debenham Securities_._5 Sell
*134 5
*134 5
138Sept
:Jan
121
77
77
8
8,8
*77
77
812
778
20
1,700 Deere A Co pre!
74 8
734 Mar 30 1514 Jan 16
78 8
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11014 Dec 195 Feb
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1,400 Devoe & Raynolds A._Ne Par 10 Apr 7 1314 Feb 24
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@FedFRASER