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Me.
tillimercatt
Volume 135
financial
omit)
New York, Saturday, August 27 1932.
Number 350S
The Financial Situation
HE SECURITY markets act well. There has
been a prodigious rise in prices since the early
part of July in the case of both stocks and bonds—
one of the most notable in Stock Exchange history,
and whether one believes that this great appreciation in market values is warranted or not it must in
any event be admitted that the market acts naturally.
While the general trend remains all the time unchanged, that is strongly upward, there are larger
or smaller recessions from time to time, the result
evidently of sales to realize profits or perhaps the
putting out of new lines of short selling, and these
offerings from all indications appear to be readily absorbed. After each temporary setback prices quickly
resume their upward course. Many believe that
big financial interests are staging a recovery with
a view to helping President Hoover in his campaign
for re-election as President (though candor compels
the statement that financial and industrial interests
have shown no great partiality for Mr. Homier
since the stock market panic of the autumn of 1929),
but if that be the case and the market is moving
forward by reason of manipulation the traces of
such manipulation are being carefully concealed.
On the surface, certainly, the indications are strong
that normal buying on an extensive scale is responsible for the accelerated pace at which prices are
moving upward and for the sustained character of
the recovery.
Whether the recovery will in the end prove justified and proceed still further, are matters of pure
conjecture regarding which one man's guess is as
good as another's. Skepticism as to the permanence
of the rise grows mainly out of the twofold consideration that it has been of such great magnitude—of
unparalleled magnitude would perhaps be none too
strong—and that the country still remains in the
depths of business and trade depression, to which
no equal can be found in the past, and that signs
of genuine trade revival remain completely lacking
if we except the textile trades, where greater animation has been apparent in recent weeks. Sentiment
most assuredly is better everywhere in trade circles,
though tangible results in the way of increased
business are not yet forthcoming. In no small part
this improvement in sentiment is to be attributed
to the better behavior of the stock market. When
buoyancy becomes a feature in Wall Street hope
revives everywhere throughout the land. The stock
market often foreshadows coming events in the business world, especially in times of depression, and
in the present instance should the market
maintain its prevailing good tone, trade and business will sooner or later feel the quickening impulse
T
and themselves gradually and perhaps quickly
expand.
Here again however caution must be exercised
so as to guard against hasty conclusions. In many
respects circumstances now are widely different
from those prevailing in previous periods of gloom
and depression. For some time we have been depending altogether upon artificial devices,largely Government aid, to carry the business world along, and
these while perhaps well enough as relief measures
necessarily lack enduring character and hence cannot be regarded as possessing the elements of permanence needed to bring about sustained activity
in trade and business. Yet this cannot be deemed
as militating against actual recovery under proper
conditions and may be helpful to that end. It is
impossible to ignore the fact that the country seems
to have reached bedrock in the long downward
turn in business affairs. When steel production
gets down to 14% of capacity for the country at large
and to only 10% in some districts, as happens to be
the case the present week, any change must perforce
be a change for the better, and it may not be long in
coming, though recovery for a time may be slow.
As to the magnitude of the rise which has occurred
within the space of a few weeks, during which many
stocks have doubled and even trebled their low figures of the year, it is to be said that this possesses
less significance than would ordinarily be the case.
and hence is to be viewed with correspondingly less
apprehension. The reason is that in the long-continued drop on the Stock Exchange prices were
carried to abnormally and unjustifiably low levels.
These low prices were as abnormal and unreasonable as the inflated market values of 1920.
The country wept from one extreme to the other extreme --from absurdly high prices to absurdly low
Take New York Central stock for illustraprice
/
tion. As against 2561 2 Aug. 30 1929, this stock on
.June 2 sold down to. 8%. It sold the present week
as high as 29%, and closed yesterday at 27%. The
New York Central is one of the foremost railroad
systems of the country, and is never likely to be
'blotted out of existence no matter what happens in
the industrial and financial world. To be able to
purchase the stock of such a system at less than $9
a share constituted one of the opportunities of a lifetime, even though evil times should persist and the
property should have to be reorganized and as assessment clapped on the shares. But in the prevailing
gloom very few persons were willing to buy the stock
even at $10 or less a share. Bearing that fact in
mind, there seems to be nothing startling in the circumstance that this stock, so undervalued. should
1364
Financial Chronicle
Aug. 27 1932
now, with a return of confidence in the stock market, Corporation and its subsidiaries by charter probe selling in the neighborhood of $30 a share.
visions are expressly prohibited from purchasing
In the last analysis the course of the stock market commodities. Thus the movement is only another
will be dependent upon recovery in trade and busi- step in the process of providing adequate credit faciliness, and the probabilities in that regard, as already ties of one kind or another and within distinctively
stated, are a matter of pure conjecture. In the mean- local fields may cover some ground previously overtime, it is to be noted with satisfaction that as far looked, though we do not count ourselves, among
as relief measures can prove of any avail in bringing those who are ever apprehensive lest a shortage of
about a return to the normal in the course of trade, credit facilities should develop somewhere.
all is being done that can be done. President Hoover
-4--is indefatigable in his efforts to inaugurate genuine
HE statement on British monetary policy made
trade revival. The National Conference of leaders
by Neville Chamberlain, British Chancellor of
in the business world "for the purpose of organizing the
Exchequer, before the Currency and Finance
a concerted program of action along the whole eco- Committee
of the Imperial Economic Conference at
nomic front," was initiated yesterday, in accordance Ottawa on
its adjournment last week is in many
with previous arrangements, and it seems likely respects
a quite remarkable document, and 'because
that much good will grow out of the movement, of its internationa
l bearings should not pass unthough recent experience has been that such plans noticed.
In this statement Mr. Chamberlain sets
usually fall far short of what is expected of them. forth
Great Britain's attitude on the question of the
At the same time, the Commodities Finance Corpora- restoration
of the gold standard and other aspects
tion, which contemplates the extension of additional of the currency problem.
Mr. Chamberlain's statecredit facilities for the financing of operations in ment was
in reply to declarations made before the
commodities,has also taken definite form the present conference committee by
representatives of the Doweek. Mortimer N.Buckner, Chairman of the Board minions and India outlining
their respective finanof the New York Trust Co., was elected President cial positions and making
suggestions for coping
of the Corporation. This Corporation will raise the with the money problem and the
task of stabilizing
funds required for the purpose through a $50,000,000
prices.
note issue to be subscribed, to the extent needful, by
The burden of Mr. Chamberlain's remarks is that
the banks active in the movement. This movement the British Government does
not contemplate an
is not open to the objection to which early reports of early return of
Great Britain to the gold standard—
the scheme appeared to make it liable. These early that there are many
obstacles in the way which'must
reports hinted that the new organization would in- first
be overcome, that it is beyond the power of, the
dulge in the wholesale purchase and holding of huge United Kingdom
to undertake the task all alone, and
amounts of surplus cotton, surplus wheat and other that
as a consequence it is incumbent upon the Britcommodities. Nothing of the kind is intended. This ish Government await
the outcome of outside conto
is clear from the announcement made by Mr. Buckditions and changes and improvement in the same
ner in reporting the completion of the organization before
definitely venturing upon the undertaking,
of the Corporation and which is to function through in the
meantime proceeding with the utmost caution
two subsidiary organizations, namely, the Commodi- lest the effort
prove premature and result in a new
ties Acceptance Corporation and the Commodities setback. Mr. Chamberlain
declared that it was "not
Credit Corporation, both New York corporations, desirable to embark
upon any rash experiments in
organized under the Investment Companies Article currency policy,"
and that "the central position of
of the New York State Banking law. It is expressly the United
Kingdom in world commerce and 'finance
stated the object is to extend additional credit facili- and the widespread
use of the sterling bill as a
ties to finance the purchase, carrying and orderly medium of
international trade will always require
marketing of commodities on the part of commodity us to proceed with
great circumspection." He said
users. Mr.Buckner in his announcement stated that the British Government
saw no prospect of a speedy
"the plan of organization and operation of the Com- return to the gold standard,
nor was it prepared to
modities Finance Corporation has been formulated say, at present,"at what parity
such a return should
and put into effect by the New York subscribing be effected if and when it takes
place." While the
banks for the sole purpose of extending additional British Government would continue,
to do its utmost
credit facilities to users of basic commodities to prevent wide fluctuations in
the value of sterling
throughout the country." He also said that "the arising from speculative movements,
the existing
Corporation, through its subsidiaries, will supple- situation made the prospect of
immediate stabilizament the usual sources of credit ordinarily available tion doubtful, Mr. Chamberlain
said.
to mills and other manufacturers desirous of purOn the whole, Mr. Chamberlain's remarks wear a
chasing and carrying commodities." He explained pessimistic aspect, and this is the
more noteworthy
further that "the New York City banks, which are inasmuch as his conclusions are
based upon a worldparticipating in this effort to assist general business, wide outlook upon affairs. Thus
we find him saying:
will through this organization, be in a position to "I think we all realize that the
measures of Imperial
facilitate commodity purchases on the part of com- co-operation in the economic
and monetary field
modity users who, owing to local credit conditions, which we are considering here—even
if they were
may be unable to obtain necessary loans for such pUr- put into execution immediately
—will not restore to
poses in their own communities." Furthermore, the empire the measure of prosperity
it enjoyed be"through the operation of the Commodities Finance fore the crisis. That prosperity can
return to us
Corporation, mills and other manufacturers using only if and when the production
and trade of the
basic commodities for consumption purposes will world as a whole have been restored.
And that realso be enabled to carry their purchases for a longer quires, among other things, the re-establishment of
period than would otherwise be possible." Mr. Buck- an international monetary system
which can be
ner also points out that the Commodities Finance relied upon to assure all reasonable conditions
of
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Volume 135
Financial Chronicle
stability, both in regard to the purchasing power of
money in terms of commodities and in regard to the
exchanges."
He expresses sympathy with the universal desire
to bring a higher level of wholesale prices. This he
is careful to point out is different from seeking to
establish a rise in retail prices, saying,"I agree with
those delegates who have indicated the view that it
is possible to contemplate a substantial rise in the
one without a corresponding movement in the other,
seeing that the fall in wholesale prices has been accompanied by no equivalent drop in the cost of the
articles concerned to the consumer." He then takes up
the question of the measure of value which should be
ultimately adopted. And on that point he indicates
concurrence with the views expressed by so many
of the delegates in attendance at the conference,
namely, that whatever the change in the British
unit, the unit itself must be based on gold.
What then are the bstacles in the way? These
are outlined in the following:
"They (the United Kingdom delegation) would be
very glad to discuss any proposals which may be put
forward with this object in view, but they must submit that present world conditions are singularly
unfavorable to stability. One of the most alarming
features of the world situation is that vast accumulations of capital have been formed which instead of
seeking investment in normal fashion on a long-term
basis are held for safety in short form. This international short-term capital is moved from one financial center to another with extraordinary rapidity
whenever distrust as to the future of an important
currency or the prospect of a quick profit suggests
a transfer, and its volume is so great as entirely to
outweigh, for considerable periods of time, the effect
of ordinary trade factors on the course of the
exchanges.
"The United Kingdom has had experience of the
working of this factor both ways, in the summer of
1931, very great withdrawals of short-term money
from Great Britain took place, whereas this year
we have had equally sudden and undesired inflows
of short-term foreign money seeking a refuge in London and these facts emphasize that, while the difficulties caused by big movements of short-term capital are usually minimized or ignored by theoretical
economists, they present a formidable problem to
the people who actually have to handle exchange."
It will be noted from the foregoing that Mr. Chamberlain describes the situation in Great Britain in
lunch the same way as we know it to exist in the
United States, namely, that there is a superabundance of funds for short-term investment—"vast accumulations of capital . . . which instead of
seeking investment in normal fashion on a long-term
basis are held for safety in short form." But what
is the explanation of these excessive supplies of
short-term capital? Are they entirely the result of
a lack of confidence and a desire "for safety"? It
may be admitted that these are factors in the situation, but must we not also take account of another
circumstance—a circumstance pretty generally overlooked by studies into the matter—that is, the creation of superabundant supplies of new credit in a
floating form and the creation of new credit instruments. In this country our Federal Reserve banks
through their open market operations in the purchase of United States Government securities have
indulged in the putting out of vast additional
amounts of Federal Reserve credit. The Federal Reserve statement for the present week (Aug. 24)
shows holdings of United States Government securi-
1365
ties aggregating $1,851,061,000 as against only $727,998,000 12 months ago on Aug. 26 1931. Total holdings of bills and securities are now $2,319,249,000 as
against only $1,156,636,000, while the amount of Federal Reserve notes in circulation is reported the
present week at $2,824,805,000 as against only
$1,945,507,000 on Aug. 26 of last year. Would the
United States be deluged by the present masses of
short-term funds if these vast new credit supplies
had not been created?
As far as Great Britain is concerned, one cannot
help reflecting how different the situation would be
if the United Kingdom in November 1928 instead of
amalgamating the fiduciary currency to amount of
£230,400,000 (in round figures, $1,150,000,000) with
the Bank of England notes had actually retired the
whole or the greater part of the fiduciary currency.
We may be sure that in that event Great Britain
would never have lost its hold over the gold currents
—the hold it had in former days when the mere advance in the Bank of England rate of discount sufficed to bring gold to Great Britain from all parts
of the world.
Mr. Chamberlain points out that the British Government "has devised important new machinery for
dealing with this problem, so far as practicable, in
the shape of the Exchange Equalization Account."
He is frank to admit, however, that "it would be
going too far to say that even now we would give a
definite undertaking that we could keep exchange
constantly at one uniform level." What,then, is the
remedy? Mr. Chamberlain says: "Clearly, the ultimate remedy for the fluctuations in the exchange is
the restoration of confidence in the world at large.
In proportion as the various forces—political, monetary and economic—which have undermined that
confidence are overcome, there will be diminution
of the extent and the rapidity of irrational and speculative movements of short-term capital." In his
further consideration of the matter Mr. Chamberlain
find that—
"Financial causes are closely linked with the political. Lack of confidence, owing to political insecurity, prevents the free flow of investment capital
between the nations of the world and dries up the
sources from which industry may be maintained and
replenished. Frozen credits constitute at once a
barrier and a menace, and they lead to that restriction of consumption which is the precursor of the
lowering of price levels.
"On the economic side, there is disequilibrium between production and consumption, and while it
may be a matter of controversy whether too much
is being produced or too little consumed, the effect
is the same in both cases.
"Surely, after consideration of these matters, it
cannot be contended that the world can be put right
or even that prices can be restored merely by an
alteration in the monetary factor."
On the favorable side what does the British Chancellor find? He naturally considers the conversion
of the British 5% war loan for £2,000,000,000 into a
/
31 2% issue as an advantageous move and also says:
"We may, however, fairly claim that not only is
there now no monetary obstacle to a rise in wholesale prices, but that monetary conditions have been
established which,failing any serious setback, should
play an effective part in promoting recovery. Among
these factors are the successive reduction of bank
rate to a figure equal to the lowest ever recorded and
an extraordinary abundance of short-term money.
1366
Financial Chronicle
-It may reasonably be assumed that banking policy
in the United Kingdom will be directed toward providing an adequate supply of credit at moderate
rates to meet the requirements of expanding production and industry, provided that no unwise speculative movements occur in Great Britain or elsewhere."
•
Here Mr. Chamberlain talks in much the same
strain as our own Federal Reserve authorities, and
it is not very convincing. The reliance is upon an
abundance of banking credit and low rates of accommodation,both of which elements have been the dominant characteristics in the banking and economic
situation for over two years without advancing the
world a single iota towards the desired goal, of new
trade activity. The truth is that Mr. Chamberlain
himself seems to be skeptical as to whether the panacea referred to will prove any more effective in the
future than in the immediate past, for we find him
summarizing the outlook in the way already indicated at the beginning of our remarks on the British
position and attitude, as follows:
"I am now in a position to summarize the views I
have put before you. In the opinion of the United
Kingdom delegation, it is not desirable to embark
upon any rash experiments in currency policy, for
the central position of the United Kingdom in world
commerce and finance and the widespread use of
the sterling bill as a medium of international trade
will always require us to proceed with great circumspection. We do not see any prospect of a speedy
return to the gold standard, nor are we prepared to
say at the present time at what parity such a return
should be effected, if and when it takes place.
"We are doing, and • shall continue to do, our
utmost to prevent wide fluctuations in the value of
sterling caused by speculative movements, and we
believe that we have now established effective machinery for this purpose. While desiring to see the
stabilization of exchange within the empire and
anxious to pursue further discussions upon this subject, we have to recognize that there are important
features in the situation to-day which render any
prospect of the immediate establishment of stability
somewhat doubtful."
There is nothing very encouraging in the thought
that Great Britain's return to the gold standard may
be indefinitely delayed, as would appear from Mr.
Chamberlain's frank discussion of the subject. However,satisfaction is to be derived from the knowledge
that the British Government's faith in the gold
standard remains unimpaired. At one point in his
remarks we find him saying: "I venture to express
my agreement with Mr. Bennett's observation (Mr.
Bennett is the Canadian Premier) when he said that
he failed to see how we would carry on business with
the world unless there were some universal yardstick, and I am not disposed to differ from him when
he said that he was unable to see a yardstick other
than one based on gold which would be universally
acceptable."
Belief in the gold standard is also growing strong
in many other quarters. And on that point some
remarks made by the French statesman, Paul Reynand, on his arrival here the present week, are pertinent. M. R,eynaud is a member of the Chamber of
Deputies for the Second Arrondissement of Paris
and former Minister of Colonies and Minister of
Finance in the Cabinets of Premiers Tardieu and
Laval. Asked if France would remain on the gold
standard, he replied: "I have every belief that she
will." When questioned as to whether countries
Aug. 27 1932
\\ Rich had left the gold standard would return to it,
Mr. Reynaud said: '"So long as France and the
United States maintain the gold standard there is
•
every, expectation that it will eventually prevail in
countries no longer functioning on such standard."
It is worth noting that Doctor Hans Luther,President of the Reichsbank, in addressing the Congress
of co-operatives at Dortmund, Germany, on the world
financial outlook, expressed himself to much the
same effect in indicating his confidence and reliance
upon the gold standard. Germany, said Dr. Luther,
needed the gold standard because she was dependent
upon international trade. She needed an international standard of value,and "no other such standard
than gold thus far has been discovered." Faulty distribution of gold, he pointed out, could be corrected
only by sound policies of world trade and worle
credit. "The contention that the credit stringency
of Germany is due to the fact that Germany has so
little gold is a fairy tale," he continued. "Nor is
it made truer by being maintained by persons who
ought to know better. German industry and business can perform the enormous tasks facing them
oktly if their currency is safe against unforeseeable
fluctuations—briefly, only if Germany maintains
the gold standard."
-4-
HE Federal Reserve statements this week are
colorless, that is, show no changes of very
essential importance. Such changes as appear are
along the lines of those observed in recent previous
weeks. There have been no further acquisitions of
United States Government securities, at least as far
as the total of such holdings is concerned, the amount
the present week, Aug. 24, being reported at $1,851,061,000 as against $1,851,046,000 last week (Aug.
17). At the same time the discount holdings of the
12 Reserve institutions have fallen from $442,860,000
to $426,704,000. The holdings of acceptances remain
substantially unchanged. The final result is that
the volume of Reserve credit outstanding, as measured by the bill and security holdings, is found to
liftve been reduced in amount of $16,566,000 during
the week, the aggregate of such holdings being reported at $2,319,249,000 Aug. 24 against $2,335,815,000 Aug. 17.
The Reserve institutions were also able further to
enlarge their gold holdings as a result of large importation of the metal or the release of foreign gold
from earmark. The total of the gold reserves increased during the week from $2,727,457,000 to
$2,753,393,000, though at this latter figure the
amount is still $732,000,000 smaller than it was 12
months ago, on Aug. 26 1931, when the item stood at
$3,485,546,000. Federal Reserve notes outstanding
were further reduced during the week from $2,838,772,000 to $2,824,805,000, which is natural considering that according to. the Federal Reserve authorities $48,000,000 new National bank notes were put
out up to Aug. 22 under the provision of the Borah.
Glass amendment authorizing the use of United
States Government bonds bearing 3%% interest or
less as security for National bank circulation, and
which will permit altogether new circulating notes
to the extent of almost $1,000,000,000. The amount
of Government securities pledged as part collateral
for Federal Reserve notes is reported at $594,800,000
this week as against $615,600,000 last week. Ciwing
to the increase in the gold holdings along with the
reduction in the amount of Federal Reserve notes in
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Volume 135
Financial Chronicle
circula tion, but allowing or an increase in the deposit liabilities during the week of $28,715,000, the
ratio of total reserves to deposit and Federal Reserve
note liabilities combined stands at 58.9% this week
as against 58.4% last week; a year ago, however, on
Aug. 26 1931 this ratio stood at 79.9%. While there
was, as stated, little change in the amount of acceptances held by the Reserve banks for their own account, the holdings for account of foreign central
banks were further reduced from $60,254,000 to $55,009,000; a year ago the holdings of.acceptances for
account of foreign correspondents stood at $229,970,000. Foreign bank deposits with the Federal
Reserve institutions are a little larger this week at
$12,051,000 as against $10,418,000 last week; a year
ago these foreign bank deposits aggregated $182,921,000. Brokers' loans by the reporting member
banks in New York City, as figured by the Federal
Reserve Bank of New York, are a little larger this
week, but remain very small at $355,000,000.
IVIDE ND reductions or omissions by railroad
and other corporations still constitute a feature in affairs, though, as was to be expected, they
are becoming less numerous, since so many corporations have already passed off the dividend list. The
International Harvester Co. has reduced its quarterly dividend on common from 45c. a share to 30c. a
share. The Standard Oil Co. of Ohio has reduced
its quarterly dividend on common from 621 2c. a
/
/
share to 371 2c. a share. The National Transit Co.
has cut the quarterly dividend on its capital stock
from 25c a share to 20c. a share, and the Douglas
Aircraft Co. has reduced the semi-annual dividend
on its common share3 from 50c. a share to 37Y a
2c.
share. The General Asphalt Co. has suspended quarterly dividends altogether on its common shares.
The Commercial Credit Co. has suspended dividends
on its common stock by omitting declaration of the
quarterly dividend due next month.
HE stock market this week has continued its
upward course—and in a very unmistakable
fashion, too. There have been times of very severe
reaction, during which some sharp downward turns
occurred, following sharp advances, but there has
been no abatement at any time of the inherent
strength of the market, and after each recession in
prices the upward movement was resumed, and generally with increased vigor. Encouraging news from
the business world was lacking, as it has been all
along, outside the textile trades (accounts regarding
which latter have been favorable as a rule), but the
market ignored this feature, probably on the idea
that it reflects a past situation which it is assumed
must sobn change for the better. The "Iron Age"
reports steel production at slightly less than 14%
of capacity, and in the valleys at not above 10% of
capacity, and also says: "Advance evidences of the
expected upturn in September steel orders and production are slow in making an appearance, yet
throughout the industry there is a belief virtually
amounting to a conviction that an improvement of
at least moderate proportions will make itself felt
soon'after Labor Day." It added, "that the lack of
• any considerable volume of supporting data has not
chilled this confidence." The price of copper abroad
has stiffened a trifle. Accounts say that due to the
continuation of the Empire preference boom in copper buying by British and Continental speculators,
1367
the price of copper abroad is higher, with sales ranging from 5.60 to 5.75c. a pound c.i.f. Hamburg, Havre
and London, but, after all, this is an exceedingly
low price for the metal. On domestic account, it is
/
stated, copper is more difficult to obtain at 538c. a
pound, though it is believed that copper is still avail/
/
able at 538 to 512c. a pound delivered to the end of
/
1932, with first quarter of 1933 shipments at 51 2c.
The copper stocks on the Stock Exchange have moved
higher, however, on an increased volume of trading—
on the idea that the tariff of 4c. a pound on foreign
importations of the metal must in the end work to
the advantage of domestic producers of the metal.
In any event, there has been greatly increased trading activity in the copper shares on the Stock
Exchange.
The low-priced rails have been one of the strong
features in dealings on the Stock Exchange, yet the
income statements of the railroads for the month of
July, which have been coming in during the present
week, have made it evident that during that month
results were fully as bad as in any of the months
preceding. The grain markets were weak until
Thursday, and hence the stock market did not derive
any advantage from that quarter. On Thursday,
however, wheat prices recovered 2c. a bushel, and this
added new zest to the rise in stocks in the afternoon
of that day. Cotton, on the other hand, has continued its upward course, thereby adding to the
buoyancy in stocks, more especially as accounts regarding the cotton goods trade spoke of greater
activity in that industry. Middling upland spot
cotton in New York was marked up to 8.65c. yesterday (Friday); as recently as Aug.2 spot cotton here
in New York was quoted as low as 5.90c.; here was
/
an advance of 234c., or $13.75 a bale.
This rise in the main money staple of the South, if
maintained, should have a powerful influence in
reviving general trade in the South. On the whole,
however, the recovery on the Stock Exchange is to
be attributed to a widespread feeling that the tide
has definitely changed in the security markets, and
that the downward course carried prices to abnormally low levels; as a consequence, that a recovery
from these abnormally low levels is only natural
and reasonable whether an early revival in trade is
to be definitely counted upon or not.
There has been very extensive selling to realize
profits, but the market absorbed this selling in good
form and without suffering any drawback beyond
temporary recessions in prices.. Selling has also
been conspicuous in the bond market, perhaps more
so than in stocks, the rise in the low-priced bond
issues having been fully as conspicuous as in the
stock market. Despite all this, the security markets
have continued their upward course and have gained
new support thereby, both from the ordinary trader
and those who buy for investment. The volume of
trading in bonds has been very heavy, and on Tuesday transactions were so numerous that a supplement to the official record of the bond market had
to be issued to cover the whole of the day's transactions—a supplement being very unusual in the case
of the bond sales. It is worth noting, too, that bond
sales on the New York Curb Exchange on the same
day reached a total of $9,715,000, the largest for any
day in the history of the Curb Exchange. Interborough Rapid Transit bond issues have been depressed all week, and the reason for this appeared
on Friday, when the property was placed in the
1368
Financial Chronicle
hands of receivers. This news led to sharp declines
in the stock market Friday morning, but in the afternoon the prices again surged upward, stress being
laid on President Hoover's declaration at his conference with business leaders that the country's
major financial crisis had been overcome. No less
than 309 stocks recorded new high levels of prices
for the year on the New York Stock Exchange the
present week, while there was only one instance
where a new low level for the year was reached during the week. The call loan rate on the Stock Exchange again remained unaltered at 2%.
Trading has been of growing volume. At the halfday session on Saturday last the sales on the New
York Stock Exchange were 661,350 shares; on Monday they were 3,175,208 shares;on Tuesday,4,571,965
shares; on Wednesday, 3,691,811 shares; on Thursday, 4,169,800 shares, and on Friday, 3,117,015
shares. On the New York Curb Exchange the sales
last Saturday were 112,975 shares; on Monday they
were 309,275 shares; on Tuesday, 522,860 shares;
Wednesday, 386,530 shares; on Thursday, 562,828
shares, and on Friday, 446,925 shares.
As compared with Friday of last week, prices show
substantial further advances in nearly all cases.
General Electric closed yesterday at 193 against 18
/
4
on Friday of last week; North American at 36 against
294; Standard Gas & Elec. at 23% against 21;
1
/
Pacific Gas & Elec. at 3214 against 29%; Consolidated Gas of N. Y. at 6178 against 57½; Columbia
/
Gas & Elec. at 17 against 14%; Brooklyn Union
/
1
2
Gas at 81% against 79; Electric Power & Light at
1034 against 978; Public Service of N. J. at 5134
/
/
/
against 483
/ International Harvester at 303
4;
/
4
against 2878; J. I. Case Thre•ling Machine at 60
/
against 51%; Sears, Roebuck & Co. at 2378 against
/
20%; Montgomery Ward & Co. at 13 against 10%;
Woolworth at 39 against 3512; Safeway Stores at
/
53 against 47½; Western Union Telegraph at 4238
/
against 31%; American Tel. & Tel. at 1177 against
/8
109%; Int. Tel. & Tel. at 121 8 against 11; American
/
Can at 58% against 52%; United States Industrial
Alcohol at 34 against 27%; Commercial Solvents at
10 against 9 ; Shattuck & Co. at 102against 10,
/
1
4
/
1
4
/
1
and Corn Products at 49 against 423 .
/
4
Allied Chemical & Dye closed yesterday at 84%
against 75% on Friday of last week; Associated
Dry Goods at 9 against 6 bid; E. I. du Pont de
/
1
2
Nemours at 40 against 34%; National Cash Regis/
1
2
ter A at 14 against 12; International Nickel at 10
/
1
2
against 8%; Timken Roller Bearing at 183 against
4
1878; Johns-Manville at 2712 against 24; Gillette
/
/
Safety Razor at 211 8 against 19%; National Dairy
/
Products at 231 8 against 20½; Texas Gulf Sulphur
/
at 24 against 214; Freeport Texas at 25% against
/
1
21; American & Foreign Power at 1078 against 9%;
/
United Gas Improvement at 197 against 19; Na8
tional Biscuit at 42 against 3878; Coca-Cola at
/
1
2
/
101 against 94; Continental Can at 343 against
/
4
29 ; Eastman Kodak at 59 against 50%; Gold Dust
/
1
2
/
4
Corp. at 183 against 16%;Standard Brands at 171
1
%
/
1
4
against 15 ; Paramount Publix Corp. at 8 against
6%; Kreuger & Toll at % against 14; Westing/
house Elec. & Mfg. at 381 4 against 37%; Drug, Inc.,
/
at 4678 against 40%; Columbian Carbon at 3378
/
/
against 29; Reynolds Tobacco class B at 3614 against
/
33%; Liggett & Myers class B at 591 8 against 557/8;
/
Lorillard at 16 against 16; American Tobacco at
77% against 75, and Yellow Truck & Coach at 4
against 3%.
Aug. 27 1932
The steel shares have also displayed exceptional
strength. United States Steel closed yesterday at
47% against 40% on Friday of last week; Bethle/
hem Steel at 21% against 1734; Vanadium at 1878
/
against 162 In the auto group Auburn Auto closed
/
1
.
yesterday at 72 against 63 on Friday of last week;
4
General Motors at 16 against 1358; Chrysler at 153
/
against 13; Nash Motors at 1678 against 14%;Pack/
ard Motors at 378 against 3%;Hudson Motor Car at
/
778 against 678 and Hupp Motors at 3% against 3 .
/
/
1
2
/,
In the rubber group Goodyear Tire & Rubber closed
yesterday at 2034 against 18 on Friday of last week;
/
B. F. Goodrich at 918 against 6 ; United States
/
/
1
4
Rubber at 6% against 5, and the preferred at 15
against 11.
The railroad shares have again been leaders in the
upward movement. Pennsylvania RR.closed yesterday at 183 against 16% on Friday of last week;
/
4
Atchison Topeka & Santa Fe at 5634 against 4814;
/
/
Atlantic Coast Line at 33% against 26; Chicago
Rock Island & Pacific at 11 against 818; New York
/
1
4
/
Central at 2734 against 25%; Baltimore & Ohio at
/
161 8 against 13%; New Haven at 2314 against 19;
/
/
Union Pacific at 803 against 69%; Missouri Pacific
4
at 8% against 534 ; Southern Pacific at 243 against
/
4
22%; Missouri-Kansas-Texas at 8% against 6½;
Southern Railway at 14% against 10%; Chesapeake
& Ohio at 27% against 24; Northern- Pacific at 221 8
/
against 201 and Great Northern at 193 against 16.
4,
4
The oil shares have also moved higher this week.
standard Oil of N. J. closed yesterday at 351 4
/
against 332 on Friday of last week; Standard Oil
/
1
of Calif. at 291 against 26%; Atlantic Refining at
4
19% against 17 , and Texas Corp. at 1678 against
/
1
4
/
1578 In the copper group Anaconda Copper closed
/.
yesterday at 114 against 878 on Friday of last
/
1
/
week; Kennecott Copper at 133 against 10½;
/
4
American Smelting & Refining at 2014 against 1718;
/
/
Phelps Dodge at 9 against 7; Cerro de Pasco Cop/
1
2
per at 13 against 11, and 'Calumet & Hecla at 4
/
1
2
against 3%.
RICE movements were favorable this week on
stock exchanges in the leading European financial centers, notwithstanding the numerous political
and economic uncertainties prevalent in all markets.
Persistent reports of improvement at New York encouraged investors and speculators in London, Paris
and Berlin to extend their commitments, reports
indicated. Speculative issues were in favor in all
centers. The advances were restrained in other sections of the respective markets, owing to disquieting
developments. A general strike in the Lancashire
cotton industry of England impends to-day, as
negotiations on wage reductions have failed. The
employers demanded a 10% wage cut, but 'representatives of the workers declined to accept a reduction of more than 6 %, and it is indicated that
/
1
2
200,000 operatives are prepared to strike to-day. An
official notice by the French Ministry of Finance,
Wednesday, that all salaries and wages in the Department will be lowered 5% beginning Oct. 1,
sobered French financial sentiment. The Berlin
Boerse was less active than other exchanges, owing
to the acute unsettlement of the German political
situation. Indications of industrial improvement
are still lacking in all the leading European countries. Financial improvement continues, however,
with money rates low. London bankers are said to
be chafing under the unofficial but nevertheless
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Volume 135
Financial Chronicle
effective embargo of the British Treasury on new
capital issues, which has been in effect since the war
loan conversion was announced. The embargo will
probably be maintained until mid-September, reports
state, and after it is lifted only refunding issues are
likely to be permitted for a time.
The London Stock Exchange was cheerful in the
opening session of the week, prices advancing in
almost all departments excepting British funds.
There was little interest in British Government
issues, which dropped sharply. Industrial stocks
moved forward on good 'buying, while Anglo-American stocks attracted much interest in consequence
of excellent advices from New York. Business expanded in Tuesday's session, and prices advanced in
all sections of the London market. A rally developed
in British funds, and home rail stocks also were
firm. British industrial shares maintained their
advancing tendency, which was aided by further
good reports from New York. Dealings were even
heavier Wednesday, with reports of encouraging developments in American trade a factor. British
funds improved steadily, while speculative buying in
the industrial section caused some unusually large
advances. Textile issues overcame earlier reluctance
and joined in the movement. International stocks
were in good demand. In a further active session,
Thursday, quotations were again marked up, especially in the Anglo-American group of stocks. British
funds were irregular, but most issues closed with
small gains. Numerous good features were noted in
the domestic industrial list. The trend was downward yesterday in a less active market. Textile
stocks were quite weak owing to the labor troubles,
but other securities also declined.
The Paris Bourse was quiet, Monday, and prices
declined slightly in most departments owing to lack
of public interest. Rentes were firm, but the small
advances in these issues proved an exception to the
general rule of slow recessions. French and international issues alike drifted lower. The trend improved sharply Tuesday, clearly as the result of
favorable reports from London and New York. Business did not expand greatly on the Bourse, but the
few transactions were all at distinctly better levels.
After a dull opening Wednesday, buying increased
on the Paris market and prices advanced. International stocks showed the largest gains, but French
issues also were in demand. A firm trend prevailed
in all groups on the Bourse Thursday, with the
volume of trading greatly increased. Professional
speculators were credited with most of the transactions, but some investment buying also was reported.
French stocks were in better demand than international securities. The tone was again favorable in a
quiet session yesterday.
Political uncertainties exercised a depressing
effect on the Berlin Boerse as trading was started,
Monday,and prices receded in all departments of the
market. Public interest waslacking, dispatches said,
and• professional operators preferred to sell stocks,
which declined readily in the thin market. The
opening Tuesday was again dull and weak, with declines large in some of the more speculative securities. Prices recovered as the session progressed,
owing to extensive purchases by banks in Berlin.
Steel shares and mining issues were in best demand,
with some inquiry for Dutch account also reported.
The cheerful tone was maintained Wednesday, as a
good impression was made by advances in com-
1369
modity prices and reports of a favorable trend at
New York. Steel stocks and artificial silk issues
led the advance. The Berlin market turned listless
and weak Thursday, owing to greater nervousness
over the domestic political situation. Turnover was
small, but prices dropped sharply. After a weak
opening, prices turned firm on the Boerse yesterday, and net changes were unimportant.
IN the course of a brief ceremony in the Canadian
.I. House of Commons at Ottawa, early last Saturday, representatives of the nine British nations
gathered at the Imperial Economic Conference
signed a series of twelve bilateral trade agreements
which will doubtless prove of supreme historic importance. They constitute an effort to mold the
British Empire by means of treaties into a more
definite and distinct economic unit. Although not
all of the eminent negotiators at Ottawa were content with the achievements, obviously enough
great strides were taken toward this goal. For the
rest of the world as for the British Empire, these
agreements are of profound significance, since they
will affect in some measure the trade and commerce
of all countries with the United Kingdom and the
other units of the Empire and we discuss them at
length in a separate article on a subsequent page.
Taken in the aggregate, the twelve agreements are
considered by Ottawa observers as a new Imperial
system. Summaries of ten of the twelve commercial
treaties were issued at Ottawa last Sunday, and
they reveal, according to the correspondent of the
New York "Herald Tribune," that the British Empire has taken a long stride toward economic integration. The single thread that runs through the agreements and makes them one coherent whole is a matter
of policy, it is stated. The lands of the Commonwealth are to strive to make each other not only more
prosperous, but more self-sufficient as against dependence on other countries.
Of the twelve documents signed at Ottawa, seven
are treaties negotiated by the United Kingdom with
Canada,Australia, New Zealand, South Africa, Newfoundland, Southern Rhodesia and India. Canada
signed three separate agreements with the Irish
Free State, South Africa and Southern Rhodesia.
Two agreements, which were not covered by official
interpretations, were signed by South Africa with
New Zealand and the Irish Free State. These documents are in every case subject to ratification by the
Parliaments of the United Kingdom and the Dominions, but no difficulties are looked for on this score
and it is believed that the agreements will become
operative before next Winter. The twelve parts may
operate separately and independently of each other,
the correspondent of the New York "Times" reports.
The series of agreements is said to be tentative in
large measure, and subject to change if the actual
working of the system proves to be too much in conflict with popular political opinion and traditions,
or with the respective industrial interests of the
participants. The whole thing, or any of its parts,
may be scrapped in 1937, it is said, if it does not
prove to be the blessing that was expected before
the conference began, or if it sets up barriers to
foreign trade that involve greater losses than can
be offset by the advantages of closer Imperial relations.
"Great Britain has surrendered the chief economic
weapon against the Dominions which she brought
1370
Financial Chronicle
to Ottawa," a dispatch of Sunday to the New York
"Times" remarks. "That was the right to impose
'upon imports from the Dominions after next November the duties against foreign goods provided for in
the new British tariff law. That is the main contribution of the United Kingdom to the conference
results which applies alike to all the Dominions.
Also for the benefit of Dominion agriculture she has
abandoned the tradition, dating back to the days of
Cobden and the corn law repeal, against tariffs on
food products. But in agreeing to put tariffs on
foreign foods or restrict its importation by quota the
United Kingdom provides safeguards to protect itself in two directions against both the popular cry
about the increased cost of living and the protests
of the British agriculturalists themselves against too
much competition from the dominions. In the matter
of eggs, poultry and dairy products Britain has imposed a tentative limit of three years on free entry
from the Dominions, retaining the right to readjust
the arrangement after that period if it is considered
necessary to do so in the interests of United Kingdom
producers. As a precaution against retail food
prices going too high in the British Isles, all preferences to the Dominions are contingent upon their
being able to give the consumers of the United Kingdom an adequate supply at world price levels.
Failure on the part of the Dominions to do that
would release Great Britain from her Ottawa obligation to impose tariffs on food materials from foreign countries."
Signatures were attached to the agreements last
Saturday at a ceremony over which Prime Minister
Richard B. Bennett of Canada presided, as the host
of the conference. The other representatives were
Stanley Baldwin, of the United Kingdom; J. G.
Coates,of New Zealand; Sean T.O'Kelly, of the Irish
Free State; Sir Atul Chatterjee, of India; Stanley
M. Bruce, of Australia; N. C. Havenga, of South
Africa; F. C. Alderdyce, of Newfoundland, and H.
U. Moffat, of Southern Rhodesia. Felicitations were
exchanged at the ceremony, and appropriate messages were passed by the delegations as a whole with
King George V. It was a weary group of statesmen
who assembled for this ceremony, dispatches said, as
the agreements were not concluded until 3 o'clock
that morning. Soon after the ceremony, the British
and Indian delegations departed in order to board
the Empress of Britain at Quebec for the return
journey. They were accompanied to Quebec by Prime
Minister Bennett.
Just before the vessel sailed, Mr. Baldwin described the treaties as "agreements that in my judgment have paved the way to a greater degree of prosperity and to an increased share in each other's
markets." The United Kingdom delegation came to
Ottawa, he added,"determined in consultation with
your Government and with the Governments of the
other parts of the Empire, to work out a policy that
would increase our trade with one another and one
that, by the removal of restrictions on trade, would
give encouragement to other nations of the world."
J. H. Thomas, who was the chief lieutenant of Mr.
Baldwin, and who holds the portfolio of Dominions
Secretary in the London Cabinet, declared that the
conference is not a triumph for any one Dominion,
but rather an "illustration to the rest of the world
that the nations of the Commonwealth,imbued with
our ideals,are prepared in their hour of trial to make
sacrifices for all." Sir Atul Chatterjee remarked
Aug. 27 1932
that "the exchange of views and agreements arrived
at are certain to result in close liaison among the
distant parts of the Empire." J. G.Coates expressed
confidence that the conference will be the "turning
point of what to-day appears to be a somewhat sad
and troubled world." N. C. Havenga gave voice to
some dubiety. "For ourselves," he said, "it would
be futile to pretend that we return rejoicing, bringing in the sheaves." Sean T. O'Kelly remarked that
the Irish Free State delegation would do everything
in its power to create closer bonds of friendship between the Irish and Canadian peoples. "The great
thing that emerged from the conference," according
to Stanley M. Bruce, "is the demonstration that
people of varied interests, when they come together
in a spirit of determination to succeed, can reconcile
all differences, and overcome all obstacles by a spirit
of mutual good-will and by a determination to aid
each other rather than to try to gain advantage."
BRIEF analysis of the series of agreements
indicates that the United Kingdom surrenders
to all the Empire units with which agreements were
signed its right to impose duties on the imports from
British countries now placed on foreign goods. The
Irish Free State is the conspicuous exception, as no
agreement was made with the Dublin representatives. Britain will continue to be a free market for
the natural products of the Dominions, while the
London delegation agrees to place tariffs or establish.
quotas on corresponding commodities from foreign
countries. "The effect will be, for example," a dispatch to the New York "Times" states, "to give to
wheat from Canada and Australia an advantage of
6c. a bushel over foreign wheat in the United Kingdom market. Native wines and some fruits from
Australia and South Africa will gain a similar
assistance. Dairy products, pork, poultry and eggs
from Canada,Australia and New Zealand are to have
new advantages under duties to be imposed hereafter
on such foodstuffs, now largely supplied by Denmark
and other European countries. The chief benefit to
New Zealand and Australia is the British agreement
to restrict or tax the imports from foreign countries
of mutton,lamb and beef. India is to receive greater
preferences than she now has on such products as
carpets, rugs, tanned hides, jute manufactures and
sandalwood oil. In return, the Dominions undertake to give new preferences to the manufactured exports of Great Britain and in many cases to put
them on the free list while continuing to impose a
tariff on similar goods from foreign countries. This
part of the new arrangement applies particularly
to Canada because it is the most industrially developed of all the Dominions. Canada now agrees to
let in 220 different British commodities either duty
free or with added preferences to enable them to
compete not only with foreign goods but with some
of the steel and other factory products which Canada
is making."
Some vital facts were withheld in the summaries
of the agreements made public at Ottawa, notably
the list of the 220 commodities which will be admitted into Canada from the United Kingdom on
more favorable bases. The regulations which are to
govern United Kingdom importations of foreign
meats, according to an "agreed-upon program," also
were not specified. It was indicated unofficially,
in the latter connection, that there will be very little,
if any, restriction of Argentine meat exports to the
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Volume 135
Financial Chronicle
United Kingdom. There are said, moreover, to be
some important omissions in the treaties themselves
regarding certain products and industries. Thus,
Great Britain is said to have refused to increase
her 10% tariff on lumber from foreign countries at
the behest of the Canadians. The British formula
to prevent dumping is reported to have caused grumbling among the Canadian representatives, owing to
the omission of.any specification of Russian products. The text of the British formula follows:
"This agreement is made on the express condition
if either government is satisfied that any preferences
hereby granted in respect of any particular class of
commodities are likely to be frustrated in whole or
in part by reason of the creation or maintenance
directly or indirectly of prices for such class of commodities through State action on the part of any
foreign country, that government hereby declares
that it will exercise the powers which it now has or
will hereafter take to prohibit the entry from such
foreign country directly or indirectly of such commodities into its country for such time as may be
necessary to make effective and to maintain the preferences hereby granted by it."
The agreement on meat imports into the United
Kingdom, as contained principally in the treaty between the United Kingdom and Australia, is said
in a dispatch to the New York "Herald Tribune" to
be of major moment. "The nations of the Commonwealth are embarking," it is stated,"on nothing less
than an attempt to correlate the world's supply of
frozen meats to the capacity of the one greatest
market, so as to achieve a rise in the general price
level. The whole meat agreement to lift prices of
meats in favor of the producers is linked definitely
with the advice which Neville Chamberlain gave to
the Empire in his report on financial policy, in which
he said that while world action would be necessary
to improve the levelg of commodities sold at a world
price,the Governments of the British Commonwealth
could act on commodities of which the principal market was in sterling. Such a commodity is frozen and
chilled meat. The Governments concerned now are
tackling the job of lifting those prices, and a clear
indication is given of the line of discussion which
will be pursued at the coming world economic conference this autumn."
Agreements made between the Dominions, as
apart from those made between the United Kingdom
and the Dominions, were given only briefest consideration in the Ottawa summaries, but it appears
that they will affect the trade of the United States
with some of the Dominions materially. The trade
pact between Canada and South Africa, which is the
first ever made between those countries, is expected,
according to some estimates, to divert $20,000,000
in trade from the United States. Details were not
revealed at Ottawa, where it was announced that
the treaty "is especially designed to facilitate trade
in those commodities in which each Dominion is
especially fitted by its natural resources and its
industrial development to supply the needs of the
other." Of a similar nature is the trade agreement
between Canada and Southern Rhodesia. The Irish
Free State and the Dominion of Canada concluded
an agreement to "facilitate and extend still further
their mutual relations of trade and commerce."
Results of the conference generally were viewed
with favor in the press of the British Commonwealth
of nations. It was accepted quietly in London, according to a report to the New York "Times," that
1371
the Ottawa agreements signalize the permanence of
the tariff policy on which the National Cabinet embarked less than a year ago. There were some protests, however, among free-trade adherents. "Protectionism is now entrenched at Westminster for
the next five years at least, until about the time when
the present National Government expects to leave
office and seek a new tariff mandate from the people," the dispatch said. In Canada the trade agreements were considered satisfactory as far as they
went, but it was firmly maintained in some quarters
that they did not go far enough, especially in the
case of lumber. In Australia it was suggested that
the agreement on meats may not prove altogether
satisfactory, but other achievements were praised.
In South Africa, Southern Rhodesia and India the
hope was general, reports to the New York "Times"
said, that important benefits will flow from the
treaties. There were no comments on the treaties
in official circles in Washington, where the Ottawa
conference was regarded as strictly a "family affair."
No diplomatic overtures of any kind are likely to
be made, it is reported in an Associated Press dispatch of Wednesday.
VISIT to the United States by Montagu C.
Norman, Governor of the Bank of England,
invariably arouses widespread comment and conjecture on both sides of the Atlantic. The arrival of
the eminent British financier at Boston, last Saturday, after a journey on the steamship Britannic,
made under the name of "Professor Clarence Skinner," was promptly followed by the customary crop
of rumors regarding his plans and the purpose of
the visit. There are many financial questions of
international importance at present which would
benefit from an exchange of views between British
and American financial leaders, and it may well be
that Mr. Norman had such conferences in mind. It
is quite possible, however, that his trip is largely
for vacation purposes and for the ocean crossings
which he is known to enjoy. On his arrival in Boston he is said to have stated that his trip merely
was a vacation jaunt during which he might go to
New York. From Boston he went to Bar Harbor,
Maine. In a London report of Monday to the Associated Press, it was remarked that Mr. Norman's
visit to the United States is almost as much of a
mystery in the British center as in New York. In
British Government circles it was denied that the
journey had any official significance. "In the same
quarters," the dispatch added, "it was said his trip
might be connected with international efforts to free
currencies by releasing frozen assets credits, and by
other measures. It was suggested also that he probably wanted to learn the real meaning and basis of
the present bullish tendency of the American
market."
A
ERMAN politics have reached a stage of almost
unparalleled confusion, and there are no indications as yet that a Cabinet will be formed which
can hope for support from the newly-elected Reichstag when that body assembles next Tuesday. Antagonism between the von Papen-von Schleicher
Cabinet and the National-Socialist party of Adolph
Hitler remains acute, giving ample assurance that
Chancellor Franz von Papen and his associates will
go down to defeat if a test vote is permitted in the
Reichstag. The breach between the Cabinet and the
G
1372
Financial Chronicle
Nazis or Fascists was widened this week, as the
latter decided to make an issue of a court sentence
of death,imposed on five Nazis by a special court for
the murder of a Communist workman under atrocious circumstances. Reports indicate that there
was no doubt of the guilt of the five Nazis, who were
tried at Beuthen, Upper Silesia, and condemned to
die under the emergency decree of Aug. 9, designed
to suppress political disorders. Herr Hitler
launched a venomous attack against the Cabinet,
Tuesday, and at the same time assured the five convicted Nazis that their liberty would be made a question of Fascist honor. The von Papen Government
met the challenge by an official announcement that
it would not permit political pressure to affect legal
decisions. The emergency decree will be enforced,
it was added, regardless of party or person.
While this dispute was raging, efforts were made
by National-Socialist leaders and members of the
Centrist party of Dr. Heinrich Bruening to arrange
a coalition for Cabinet purposes. They were unsuccessful, however, and were discontinued Thursday,
according to reports current in Berlin. It was questioned in the German capital whether the Reichstag
will be allowed to cast a vote of non-confidence in the
Junker Cabinet. "It is known," a United Press report said, "that the Government is considering dissolving Parliament indefinitely and postponing elections. Such a move would be tantamount to a coup
d'etat on the part of the von Papen Cabinet. Wellinformed politicians, however, ventured the opinion
that President von Hindenburg would not attempt
to violate the Constitution because such a precedent
would encourage Hitler and his followers to inaugurate new and more violent demands and to resort
to illegal methods."
Reassuring, on the other hand, were several statements by political and financial leaders regarding
the firm intention of Reich authorities to continue
full payments of principal and interest on private
external long-term debts. The statements were
called forth by persistent rumors that Chancellor
von Papen favored a reduction in the interest rate
paid on such external loans. Dr. Hermann Warmbold, Minister of Economics in the von Papen Cabinet, denied emphatically last Saturday that the Government is considering a one-sided reduction in private debt service, or that the Reich was about to
send a special debt mission to the United States.
"The German Government always took the standpoint," he added,"that it is solely up to the German
private debtors to negotiate with American and
other foreign creditors whenever they believe they
no longer can meet service on their debts." Dr. Hans
Luther, President of the Reichsbank, took the same
position in an address at Dortmund, Wednesday.
Referring to the declaration of the Minister of Economics, Dr. Luther stated that he wished to emphasize "the recent official declaration that the German
Government will not interfere between Germany's
private debtors and their creditors abroad." The
Reichsbank head denounced in unsparing terms the
many schemes of currency inflation now under discussion in Germany. The Reich needs the gold standard, he said, because of German dependence on international trade. All the world's financial leaders
are agreed that the crisis "cannot be overcome by
means of currency manipulations," Dr. Luther
remarked.
Aug. 27
1932
APANESE policy in regard to Manchuria was exj plained and defended, Thursday, in a speech delivered by the Foreign Minister,Count Yasuya Uchida,
before the House of Peers at the opening of a special
session of the Imperial Diet. Formal recognition of
the puppet Government of Manchukuo was promised
at an early date by the Foreign Minister, who expressed the hope that Japan, Manchukuo and China
will soon be able to co-operate as closely linked, independent powers for the advancement of peace and
prosperity in the Far East. The speech was regarded
throughout the world as in part an answer to Henry
L. Stimson, American Secretary of State, who implied in a recent speech in New York that the Japanese occupation of Manchuria violated the KelloggBriand Treaty. Count Uchida, it is believed, also
anticipated in his address the criticisms of Japanese
action which, it is understood, are contained in the
report of the League of Nations investigating commission, soon to be laid before the League Assembly.
The declaration by Count Uchida was prepared with
infinite care, and it was approved in advance by
Emperor Hirohito. The importance attached to the
statement by the Japanese Government is indicated
by the care exercised in making the full text available in world capitals.
Count Uchida again detailed in his address th
now familiar Japanese explanation that the measures taken after the incident of Sept. 18, last year,
were necessitated by the confusion and turmoil in
China and by repeated provocations. "There are
those who argue," he remarked, "that the action of
Japan is a violation of the Kellogg-Briand Pact, but
such contentions have no foundation in fact. As I
have stated, Japan has been forced to adopt necessary measures for the prevention of wanton attacks
upon the important rights and interests vital to her
national existence. The anti-war pact does not put
restraint upon exercise of right of self-defense in
such a case. The pact does not prohibit a signatory
Power from taking at its own discretion whatever
steps it finds imperative in order to remove immediate menaces to its territory and its rights and interests of whatever kind. And obviously the exercise
of the rights of self-defense may extend beyond the
territory of the Power which exercises that right.
Japan's action is essentially identical with the action
that other Powers have taken elsewhere in similar
circumstances."
Manchukuo, the Japanese statesman maintained,
came into being as the result of forces within China
making for division by fissure. He considered "incomprehensible," for this reason, the views expressed
in certain quarters that the recognition of the new
State thus created would constitute a violation of
the Nine-Power Treaty. Recognition of the Manchukuo Government was described by Count Uchida
as the sole effective means of solving the Manchurian
problem. Anticipating the League inquiry commission's report, Count Uchida remarked: "It appears
in certain quarters that a plan is being considered
to reach a solution by patching up matters for the
moment by investing China with authority over
Manchuria. That such a plan would only serve to
reproduce the situation preceding the incident of
Sept.18 is only too plain. The people of Japan never
would consent to such a solution. It is clear that
the investing of China with power over Manchuria,
under whatever guise, would be totally irreconcilable
Volume 135
Financial Chronicle
with the political creed enunciated in the declaration
of independence and other statements of the Manchukuo Government, and, therefore, the scheme has
no chance of being accepted by the Manchurians."
These statements by the Japanese Foreign Minister aroused the keenest interest in Washington,
London, Geneva and other international listening
posts. It was suggested informally in Washington,
reports indicate, that the declaration contains
nothing new, although it is a concrete and positive
exposition of the Japanese attitude. "The address
is regarded here," a Washington dispatch to the New
York "Times" said, "as in the larger sense a defense
of Japanese policies before the world,and in a special
sense as intended primarily for the League of Nations." There were few comments in London, but
it has been known for some time that the British
Government considers the situation embarrassing.
The Earl of Lytton, who heads the League inquiry
commission,is British, and as the commission report
is expected to indict Japanese policy in Manchuria,
the whole matter is considered a grave inconvenience
in view of the traditional British policy of avoiding
disputes with Japan over Manchuria. League officials in Geneva, after studying the speech by Count
Uchida, predicted that Japan would withdraw from
the League of Nations, owing to the expectation that
the inquiry commission report will indict Japan as
a violator of the Kellogg-Briand Pact and the League
Covenant.
Conditions in China and Manchuria, meanwhile,
remain in a most unsatisfactory state, with additional trouble the only certainty. There have been
numerous anticipatory reports in the last month of
Japanese intentions to occupy Jehol, the Chinese
Province southward of Manchuria. Japanese troops
finally advanced into Jehol last Monday, when they
penetrated some 30 miles into the area with armored
motor cars and airplanes. Chinese troops offered
little resistance and casualties were few in number.
Japanese headquarters at Mukden immediately ordered withdrawal of the troops, and it was explained
that the penetration resulted from a misunderstanding. In Tokio Foreign Office circles it was intimated
the same day that favorable autumn weather probably will see a determined Japanese military action
in Jehol. Effective resistance by China to any such
movement is altogether unlikely, as the Nanking
Government is weak and disorganized. Communist
armies continue to make great gains in the Yangtze
Valley area, and Nanking is unable to combat the
extension of this influence. The situation is further
complicated by a revival of Chinese boycott activities, directed against the Japanese.
1373
bills as against 11-16@%% on Friday of last week.
Money on call in London on Friday was /%. At
Paris the open market rate continues at 1%%, and
in Switzerland at 13/2%.
HE Bank of England statement for the week
ended Aug. 24 shows a loss of 0,387 in bullion,
but as this was attended by a decrease of £2,076,000
in circulation, reserves rose £2,069,000. The Bank's
gold holdings now aggregate £139,595,682, as compared with £134,644,807 a year ago. Public deposits increased £12,397,000, while other deposits fell
off £9,843,252. Of the latter amount £9,808,102
was from bankers' accounts and £35,150 from other
accounts. Proportion of reserves to liabilities is
36.29% last week and in comparison
at 37.13% from.
46.12% a year ago. Loans on Government
with
securities expanded £1,115,000, while those on other
securities fell off £617,681. The latter consists of
discounts and advances which decreased £1,418,954
and securities which increased £801,273. The discount rate is unchanged at 2%. Below we show a
comparison of the different items for five years:
T
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1929.
1928.
1931.
1930.
1932.
Aug. 28.
Aug. 29.
Aug. 26.
Aug. 27.
Aug. 24.
a363,880,000 350,310,627 360,868,170 364,044,884 135,441,400
Circulation
22,203,000 26,323,458 18,172,678 20,517,890 19.228.730
Public deposits
114,375.557 102,301,162 96,398,547 94,130,977 95,303.604
Other deposits
Bankers' accounts 79,946,387 53,593,207 62,599,815 57,990,151
Other accounts... 34,429,170 48,707,955 33,798,732 36,140,826
Governm't securities 71,278,993 50,175,906 49,141,247 73,276.855 29,140,627
32,775,748 37 348,475 28,646,876 26,018,431 43,443,802
Other securities
Disct. ec advances 13,265,850 9,296,455 6,459,675 3,752,639
19,509,898 28,052,020 22,187,201 22,265,792
Securities
Reserve notes & coin 50,713,000 59,334,180 55,019,526 33,588,793 60,175,962
Coin and bullion...139,595,682 134,644,807 155,887,696 137,633,677 175,887,362
Proportion of reserve
37.13%
46.12%
48.02%
29.29%
5214%
to liabilities
%
434%
2%
3%
335%
Bank rate
a On Nov.29 1928 the fiduciary currency was amalgamated with Bank of England
that time £234,199,000 to the amount of Bank of England
note issues adding at
notes outstanding.
HE Bank of France statement for the week ended
Aug. 19, records a decrease in gold holdings
of 24,134,477 francs, The total of gold is now
82,201,919,327 francs, which compares with 58,561,324,037 francs a year ago and 47,194,608,679 _francs
a
two years ago. Credit balances .... broad Jell off
13,000,000 francs and bills bought abroad remain
unchanged. Notes in circulation show a contraction
of 643,000,000 francs, reducing the total of notes outstanding to 80,127,550,980 francs. A year ago circulation amounted to 77,767,365,000 francs and. the
year previous to 72.016,512,205 francs. French
commercial bills discounted and advances against
securities decreased 8,000,000 francs and 20,000,000
francs, while creditor current accounts rose 718,000,000 francs. The proportion of gold on hand to
sight liabilities stands at 76.82% in comparison with
55.65% last year and 52.51% the previous year.
N Tuesday (August 23) the Bank of Chile Below we furnish a comparison of the various items
reduced its rate from 53/2% to 43/2% and the for three years:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
National Bank of Austria on the same day reduced
&anis as of
Changes
for Week.
Aug. 19 1932. Aug. 21 1931. Aug. 22 1930
its rate to 6% from 7%. Rates are 10% in Greece;
Francs.
Francs.
Francs.
France.
83/2% in Bulgaria; 7% in Rumania, Portugal and Gold holdings_ --Dec. 24.134.477 82,201,919,327 58,561,324,037 47,194,608,679
Credit bats. abed.Deo. 13,000,000 3,316.189,964 14,141,974,579 6,805,683,987
commercial
Lithuania; 63/2% in Spain and in Finland; 6% in FrenchdiscountedaDeo. 8,000,000 3,010,945,639 4,938.205,662 5,226,870,941
bills
Colombia and in Austria; 532% in Estonia; 5% in BIM bought abr'db Unchanged. 2,083.266,796 14,010,522,444 18.801,642,521
Adv. agt. secure—Deo. 20,000,000 2,776,306,631 2,729,849,397 2,737,783,102
643,000,000
Note
Germany, Italy, Hungary and Czechoslovakia;432% Cred.circulation...Dec.718,000,000 80,127,550.980 77,767,365,000 72,016,512,205
cur?. accts.—Inc.
26,878,032,604 27,470,250,003 17,864,138,977
Proportion of gold
in Norway and in Chile; 4.38% in Japan; 4% in
on hand to sight
Dec.
52.51%
liabilities
0.08%
76.82%
55.65%
Sweden, Denmark, Danzig and India; 33/2% in
a Includes bills purchased In France. is Includes bills discounted abroad.
Belgium and in Ireland; 23/2% in France and in
•
HE Reichsbank's statement for the third quarter
Holland, and 2% in England and in Switzerland.
of August records an increase in gold and bullion
In the London open market discounts for short bills
on Friday were YIWK3 as against /®11-16% on of 5,039,000 marks. The Bank's gold now aggrerweektand3/
8
(4)1% for three months gates 768,143,000 marks in comparison with 1,365,.
Friday of lastA
T
O
T
1374
Financial Chronicle
861,000 marks last year and 2,618,999,000 marks the
previous year. Increase appear in reserve in foreign
currency of 6,927,000 marks, in silver and other coin
of 55,598,000 marks,in notes on other German banks
of 3,145,000 marks and in other daily maturing obligations of 14,485,000 marks. A loss in notes
circulation of 126,194,000 marks reduces the total
to 3,616,930,000 marks. Circulation a year ago was
4,049,813,000 marks and two years ago 4,049,763,000
marks. The item of deposits abroad remains unchanged. Bills of exchange and checks, advances,
investments, other assets and other liabilities register
decreases of 154,427,000 marks, 14,354,000 marks,
4,000 marks, 25,614,000 marks and 11,981,000 marks
respectively. The proportion of gold and foreign
currency to note circulation rose to 25.2% from 24%
last week. Last year it stood at 41.5%. A comparison of the various items for three years is furnished below:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
for Week.
Aug.23 1932. Aug. 23 1931. Aug. 23 1930.
Assets—
Reichsmarks.
Reichsmark:. Reichsmark:. Retchsmarks.
Gold and bullion
Inc. 5,039,000 768,143,000 1,365,861,000 2,618,999.000
Of which depos.abr'd. Unchanged.
99,553,000 149,788,000
56,387,000
Res've in for'n cum_ _Inc. 6,927,000 143,585,000 313,751,000 356,065,000
Bills of exch. dr checksDec. 154.427,000 2,783,734,000 2,951,460,000 1,346.737,000
Silver and other coln_Inc. 55,598,000 304,429,000 119,276,000 179,380,000
Notes on oth.Ger.bks.Inc. 3,145,000
23,227,000
15,058,000
12,108,000
Advances
Dec. 14,354,000
57,130,000
99,126,000
92,495,000
Dec.
102,677,000
Investments_
4,000 365,052,000 102,971,000
Other assets
Dec. 25,614,000 775,134,000 846,334,000 685,239,000
LiabilUles—
Notes in circulation—Dec. 126,194,000 3,616,930,000 4,049,813,000 4,049,763,000
Oth.dally matur.oblig.Inc. 14,485,000 352,974,000 532,540,000 600,782,000
Other liabilities
Dec. 11,981,000 707,350,000 744,153,000 224,972,000
ProDor.of gold & for'n
cur.to note circurn_Inc.
1.2%
25.2%
41.5%
73 5
.%
RIME bankers' acceptances have been in good
demand this week, but there is still a shortage
of paper. Rates are unchanged. The quotations
of the American Acceptance Council for bills up to
and including three months are %% bid, 4% asked;
3
for four months, 1% bid, and 3870 asked; for five
and six months, 13.1% bid and 13/8% asked. The
bill buying rate of the New York Reserve Bank is
1% for 1-90 days; 13/8% for 91-120 days, and VA%
for maturities from 121-180 days. The Federal
Reserve banks show a trifling decrease in their
holdings of acceptances, the total Aug. 24 being
$35,433,000, as compared with $35,890,000 a week
ago. Their holdings of acceptances for foreign correspondents also decreased, dropping from $60,254,000
to $55,009,000. Open-market rates for acceptances
are as follows:
P
SPOT DELIVERY.
--180 Days— —150 Days— —120 Day,—
Bid.
Asked. Bid.
Asked. Bid.
Asked.
Prime eligible bills
13t
1.54
13t
1
134
34
—90Days— —60Days— —30Days—
Bid.
Asked
Bid.
Asked.
Asked. Bid.
Prirce eligible bills
74
Si
74
31
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
134% bid
Eligible non-member banks
% bid
'THERE have been no changes this week in the
.1 rediscount rates of the Federal Reserve Banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve Banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
HERE have been no changes of any consequence
in the New York money market this week.
Demand for accommodation has remained light,
while the supply has been immense owing to the
easy money policy of the Federal Reserve authorities.
Call loans on the New York Stock Exchange held
undeviatingly at 2%, both renewals and new,loans
being arranged at this figure. Transactions in call
money have been reported every day in the unofficial
street market at 1%. Time loans held unchanged
at vii@lm%. Award of an issue of $62,350,000
Treasury bills due in 91 days was made Monday at
an average discount of 0.42%, as compared with
0.48% on a $75,000,000 issue a week earlier. Brokers
loans against stock and bond collateral increased
$11,000,000 in the week to Wednesday night, according to the usual statement of the Federal Reserve
Bank of New York. Gold movements for the same
weekly period consisted of exports of $6,051,000,
imports of $1,598,000, and a net decrease of $17,430,000 in earmarked stocks.
T
EALING in detail with call loan rates on the
Stock Exchange from day to day, 2% was the
ruling quotation all through the week both for new
loans and renewals. The time money market has
shown no movement this week. Some inquiries
have been made but no actual loaning has been
reported. Rates are quoted nominally at 131@13/2%
for all dates. The demand for prime commercial
paper continued good this week but trading has been
greatly restricted on account of the scarcity of firstclass paper. Quotations for choice names of four to
six months' maturity are 234@23/2%. Names less
well known are 234%. On some very high class
90
-day paper occasional transactions at 2% are
noted.
D
Aug. 27 1932
Boston
New York
Philadelphia
Cleveland_
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Wed on
Aug. 26.
Date
Established.
Previous
Rate.
334
234
334
33.4
334
334
234
334
334
334
33'4
334
Oct. 17 1931
June 24 1932
Oct. 22 1931
Oct. 24 1931
Jan. 25 1932
Nov. 14 1931
June 25 1932
Oct. 22 1931
Sept. 12 1930
Oct. 23 1931
Jan. 28 1932
Oct. 21 1931
234
3
3
3
4
3
33.4
23.4
4
3
4
234
TERLING exchange and the entire foreign exchange market is more lifeless than at any time
in several months. Exchange on London fluctuated
this week within narrow limits, but is on average
easier than a week ago. The range this week has
%
been between 3.453 and 3.473/i for bankers' sight
bills, compared with a range of between 3.46% and
3.49 last week. The range for cable transfers has
been between 3.45% and 3.473 , compared with a
4
range of from 3.47 to 3.49% a week ago. In the
main there is no essential change in the foreign
money situation from the trend of the past few
weeks. From now on the support which sterling
and the European currencies have been deriving from
tourist requirements must rapidly subside and by
the middle of September this support will come to
an abrupt end. Under normal conditions exchange
turns against Europe and in favor of the United
States with the end of the tourist season. At present
tourist requirements are negligible and since the
upturn in the New York security markets and the
return of confidence on the part of Europeans with
respect to the strong position of the American dollar,
funds have been flowing from London and the
European centers to this side for investment in the
security markets here. Should the advance in
securities on this side be maintained for a fairly
reasonable period, it is to be expected that the
European demand for dollar exchange will far outweigh all demands for sterling or European currencies
S
1375
Financial Chronicle
e traders both here and abroad
from this side and may even aggravate the normal weeks foreign exchang
the Con- have hesitated to take a technical position in the
seasonal pressure against the pound and
conclusion of the British Empire
tinental units. At present the market is largely market until the
to determine on a trade conference at Ottawa, as it was generally behesitant as bankers are unable
nts having an important bearing
positive technical position with respect to sterling lieved that agreeme
of British currency and fiscal problems
exchange. There is no way of knowing what may on the future
Ottawa. The conference failed
develop with regard to the British plan for stabiliza- might develop at
agreements of this• nature. Gold contion of the pound,though. Neville Chamberlain,the to make any
open market in response
British Chancellor of the Exchequer, at the Ottawa tinues to flow to the London
the high premium, but this week, contrary to the
Imperial Conference last week, reiterated that there to
apparently neither the
is no likelihood of Great Britain's early return to practice for many weeks,
British Treasury nor the Bank of England took any
the gold standard.
present American and
Despite the low rates at present prevailing for of the open market gold. At
be the only purchasers
sterling and the fact that the autumn drain on London Continental interests seem to
week gold seems to have
is immediately ahead, bankers generally feel that of open market gold. This
market at from 118s. 9d.
the market should look for firmer quotations on sold in the London open
stated, money is
sterling within the next few weeks. The ease with to 119s. 1d. per ounce. As just
in the London open market,
which sterling quotations can be manipulated at the abundant and cheap
of a slight
pleasure of London through the Exchange Equaliza- although there are indications at present
due in all probability to end-of-month
tion Account is an effective barrier against any wide- firmness
against
spread speculation in the unit. The market seems requirements. On Thursday call money
on that there bills was in demand at Yi%, whereas last week call
to have settled down to the convicti
former
will be no further reduction in the rate of rediscount money was in supply at M% to Yi%, the
Bank of New York or of rate generally prevailing. Two-months bills are
of the Federal Reserve
/% to 11-16%
the Bank of England, although the money markets 11-16% to %%, compared with
3
are 4%,compared
in both centers show great abundance of funds and on Wednesday;three-months bills
ths bills are %% to
3
day-to-day quotations are far out of line with central with 11-16% to 4%;four-mon
13(%,
rates. Despite the drift of foreign funds to 1%,compared with %%;six-months bills are
bank
13/g%. This week the Bank of Engthe American market, which accounts in part for compared with
holdings of £6,387,
the current ease in sterling quotations, money con- land shows a reduction in gold
standing on Aug. 25 at £139,595,682, comtinues to flow to London from nearly all quarters as the total
26 a year ago.
a result of the restoration of confidence in the British pared with £134,644,807 on Aug.
for the large Despite the slight loss in gold, the Bank's ratio imposition and prospects, which accounts
volume of funds and ease of money rates in the proved 0.84% and stood on Aug. 25 at 37.13%, as
London market. Part of the dullness in trading this against 46.12% a year ago.
At the Port of New York the gold movement for
week is due to the fact that this is the height of the
holiday season for the banking fraternity in London the week ended Aug. 14, as reported by the Federal
and on the Continent. Bankers are greatly aroused Reserve Bank of New York, consisted of imports of
,
over the fact that Montagu Norman, Governor of $1,598,000, of which $884,000 came from England
and $170,000 chiefly from
the Bank of England, arrived in this country during $544,000 from Mexico
the last week-end and has, of course, been engaged Latin American countries. Exports totaled $6,051,in private conferences with American bankers. Mr. 000 to France. The Reserve Bank reported a deNorman's visit is as much a matter of speculation crease of $17,430,000 in gold earmarked for foreign
among London bankers as it is on this side, but there account. In tabular form the gold movement at
is no possible way to discover the true purport of the Port of New York, as reported by the Federal
his mission. Rumors are rife regarding the object Reserve Bank of New York, was as follows:
of these conferences, but the truth probably lies in GOLD MOVEMENT AT NEW YORK,AUG.18-AUG.24,INCLUSIVE
Exports.
Imports.
the consideration that Mr. Norman is seeking first$6,051,000 to France
$884,000from England
544,000 from Mexico
hand information as to business trends on this side
170,000 chiefly from Latin American countries
and desires to familiarize himself by consultation
with those who ought to know as to the exact meaning $1,598,000 total
$6,051,000 total
and bearing of the financial measures recently
Net Change in Gold Earmarked for Foreign Account.
Decrease, $17,430,000
inaugurated here.
figures are for the week ended WednesThe above
The London market is greatly elated over the sucwas
cess of the British Treasury war loan 5% conversion day evening. On Thursday, $1,294,700 of gold
of the project and the received at New York, $1,037,300 coming from
to a 332% basis. The success
relief which the money market will gain as a conse- Uruguay and $257,400 from England. There were
quence is expected to have a stimulating effect upon no exports on that day but gold held under earmark
sterling exchange quotations in the near future. for foreign account increased $937,300. Yesterday
Thus far the embrago placed on capital issues by the $224,200 of the metal was received from Mexico.
Treasury in order to promote the war-loan conversion There were no exports or change in gold held earweek
plan has not been lifted, but the London market marked for foreign account. During the
00 of gold was received at
expects that the embargo will be removed soon, approximately $2,953,0
though at first only for the purpose of permitting San Francisco from China.
Canadian exchange continues at a severe discount
issues for refinancing projects. The Treasury natof new offerings but is somewhat more favorable to Montreal than
urally wished to prevent any lush
attributed
until it has finally completed the war-loan conver- in recent weeks. The improvement is
in lifting the embargo largely to the improvement in grain prices and the
sion. However, the delay
Advance in wheat
does not disturb London, as new issues are rarely approach of the shipping season.
vacation season. For many and other grain prices is sure to have a sympathetic
launched during the
Volume 135
1376
Financial
effect on Dominion exchange. On Saturday last
Montreal funds were at a discount of 12 13-16%, on
Monday at 123'%, on Tuesday at 11%%, on
Wednesday at 11 8%, on Thursday at 113 %, and
4
on Friday at 11 9-16%.
Referring to day-to-day rates, sterling exchange on
Saturday last was steady. Bankers' sight was
3.46%®3.473'g, cable transfers 3.467 @3.473. On
4
Monday the market was dull and easier. The range
was 3.46@3.463 for bankers' sight and 3.463/s@
3.463 for cable transfers. On Tuesday the market
4
was lifeless with sterling steady. Bankers' sight was
3.46 3-16@3.463', cable transfers 3.463@3.46%.
On Wednesday the pound showed softness in dull
trading. Thu range as 3.45%@3.453( for bankers'
sight and 3.45%@3.469/ for cable transfers. On
Thursday the market continued quiet and steady.
Bankers' sight was 3.46 ®3.46%, cable transfers
3.463/8@3.46%. On Friday the range was 3.463.I@
3.46% for bankers' sight and 3.46%@3.46% for
cable transfers. On Friday sterling was slightly
firmer. Closing quotations on Friday were 3.463
4
for demand and 3.46% for cable transfers. Commercial sight bills finished at 3.463', 60
-day bills at
/ -day bills at
3.453s, 90
,
3.4538 documents for payment (60 days) at 3.453, and seven-day grain bills
at 3.463/s. Cotton and grain for payment closed
at 3.46%.
EXCHANGE on the Continental countries presents
no new features. German marks, though nominally quoted and under the strict control of the
Reichsbank, continues to display firmness. This is
due almost entirely to the Reichsbank's policy of
limiting the quantity of marks abroad. Dr. Hans
Luther, President of the Reichsbank, said in a
recent speech before the Congress of German Cooperatives, one of the Reichsbank's most important
tasks is constant watchfulness and over-careful
husbanding of its exchange resources and the augmentation as soon as possible of its holdings of gold
and foreign bills of exchange. He pointed out that
apart from special repayments in recent months the
Reichsbank has been able to keep its holdings of its
own gold and its own bills of exchange in equilibrium.
At the same time he emphasized that the Reichsbank's
present holdings would in the long run be insufficient
for remittance traffic if freed from the fetters of the
"standstill" agreement and exchange restrictions.
Dr. Luther asserted that "currency is not a subject
for experimental tinkering." On the question of a
lower rediscount rate for the Reichsbank, which is
agitating business circles in Germany, Dr. Luther
indicated that a reduction is desirable and that the
Reichsbank is ready for it and is endeavoring to have
the legal obstacles to its freedom of action removed
as soon as possible. The present Reichsbank rate
of 5% is far out of line with central bank rates in
all the larger centers and, of course, private interest
rates in Germany are correspondingly far in excess
of those charged in the other major markets. The
Reichsbank statement for the week ended August 23
shows an improvement in its ratio of 1.2%, the figure
standing at 25.2%, as compared with 41.4% a year
ago. According to the current banking law the
Reichsbank cannot reduce its rediscount rate without
permission of the Bank for International Settlements
so long as the ratio is below 40%. The bank's total
gold holdings on August 23 stood at 768,143,000
marks,an increase over the previous week of 5,039,000
Chronicle
Aug. 27 1932
marks. Present holdings compare with 1,365,861,000
marks a year ago. French francs continue to display
the firmness which developed about ten days ago,
though the market for francs on this side is extremely
thin and now the seasonal support which the unit
receives from tourist traffic is rapidly declining. At
its peak this support was lower this season than in
many previous years. The firmness in the franc is
attributed in part to official support. For the past
few weeks the Bank of France has released much of
its earmarked gold with the New York Federal
Reserve Bank and these releases have had a firming
effect on the franc-dollar rate. This week the Bank
of France shows a decrease in gold holdings of,
24,134,477 francs, the total standing on August 19
at 82,201,919,327 francs, as compared with 58,561,324,037 francs on Aug. 21 1931 and with 28,935,000,000 francs in June 1928, following stabilization
of the unit. The Bank's ratio stands at 76.82%. It
was at record high in the last statement, when on
August 12 it stood at 76.90%. These ratios compare
with 55.65% on Aug. 21 1931 and with legal requirement of 35%.
Italian exchange continues firm. According to
recent advices, Premier Mussolini is considering the
conversion of the Italian public debt after the
example of England. The total involved would be
75,000,000,000 lire, approximately $3,840,000,000.
It is said, however, that there is no intention of
immediate conversion. Austrian exchange is, of
course, only nominally quoted and fluctuates within
narrow limits. Interest attaches to the unit at this
time in view of the rediscount rate reduction by the
Bank of Austria on Thursday from 7% to 6%.
The London check rate on Paris closed at 88.35 on
Friday of this week, against 88.43 on Friday of last
week. In New York sight bills on the French centre
finished on Friday at 3.92, against 3.923 on Friday
of last week; cable transfers at 3.92%, against 3.928 ,
%
and commercial sight bills at 3.92, against 3.92.
Antwerp belgas finished at 13.89 for bankers' sight
bills and at 13.893/ for cable transfers, against
13.883/2 and 13.89. Final quotations for Berlin
marks were 23.79 for. bankers' sight bills and 23.79A
for cable transfers, in comparison with 23.81 and
23.82. Italian lire closed at 5.12 for bankers' sight
bills and at 5.123/i for cable transfers, against 5.12
2
and 5.123/ Austrian schillings closed at 14.113/
.
2)
against 14.113/;on Czechoslovakia at 2.963/, against
2
s
2.963'; on Bucharest at 0.60%, against 0.603.; on
Poland at 11.223/, against 11.23, and on Finlaiad at
2
1.50, against 1.523/ .Greek exchange closed at
2
.
0.61% for bankers' sight bills and at 0.62 for cable
transfers, against 0.63 and 0.633i.
on the countries neutral during the
EXCHANGEsterling and the Continentals, is dull.
war, like
There
is nothing of particular interest pertaining to
the neutral exchanges at this time. The Scandinavian currencies are fluctuating within narrow
limits, but follow the trend of sterling, to which
they are practically anchored. Swiss exchange is
somewhat lower. There is a large accumulation of
capital in the Swiss banks unable to find employment. This fact accounts for the news just published that a consortium of Swiss banks has extended
a loan to Rumania of $14,000,000 for 23/b years.
This is the first loan of importance and of such a
character to a foreign government from private
lenders since some time before the German crisis of
Financial Chronicle
Volume 135
a year ago last June, and is the first international
loan extended by Swiss interests in a 'still longer
period. Holland guilders continue to rule slightly
above par, though on average the guilder is fractionally easier than a week ago. The comparative
weakness in the guilder with respect to the dollar is
attributed largely to the flow of Dutch funds to the
New York security markets. Spanish pesetas are
steady. The Bank of Spain continues to show an
improvement in its statements of condition. The
statement for Aug. 20 shows an increase of 200,000
pesetas in gold holdings, the total standing at 2,256,500,000 pesetas, which compares with 2,275,500,000
pesetas a year ago. Meantime its circulation is held
in check. On Aug. 22 1931 Spanish circulation
totaled 5,294,300,000 peseats. At present circulation stands at 4,821,300,000 pesetas.
Bankers' sight on Amsterdam finished on Friday
2
at 40.243/, against 40.273/2 on Friday of last week;
cable transfers at 40.25 against 40.28, and commercial sight bills at 40.20 against 40.22. Swiss
francs closed at 19.433 for checks and at 19 433/2
.
for cable transfers, against 19.483/2 and 19.48%.
Copenhagen checks finished at 18.463/ and cable
2
transfers at 18.47, against 18.523/ and 18.53.
Checks on Sweden closed at 17.813/i and cable
transfers at 17.82, against 17.823/ and 17.83; while
checks on Norway finished at 17.413/i and cable
transfers at 17.42, against 17.413/ and 17.42.
Spanish pesetas closed at 8.05 for bankers' sight
bills and at 8.053" for cable transfers, against 8.05
and 8.05%.
-9--
South American countries is
EXCHANGE on thequoted and all foreign trade
only nominally
1377
be reversed in the near future. There was, however,
a sharp recovery in Thursday's market when yen
went to 23.00. The rally was due primarily to short
covering and an oversold condition rather than to
any fundamental improvement in the exchange situation. Bankers in New York look for a renewal of
the decline unless conditions in Manchuria suddenly
clear, as appears most unlikely. The Chinese units
have been steady owing to improved silver expectations. Silver was officially quoted in New York this
4
week at from 277 cents to 283/i cents, with the
average quotation nearer to 28 cents an ounce.
Closing quotations for yen checks yesterday were
/
22%, against 221 2 on Friday of last week. Hong
%
4
Kong closed at 233 ©237 , against 23/©23 11-16;
4
8
Shanghai at 313/@31 7-16, against 307 @31 1-16;
/
%
Manila at 49M, against 491 2; Singapore at 408 ,
against 403'; Bombay at 26.20, against 26%, and
Calcutta at 26.20, against 263.
the requirements of Section 522
PURSUANT to Act of 1922, the Federal Reserve
of the Tariff
Bank is now certifying daily to the Secretary of the
Treasury the buying rate for cable transfers in the
different countries of the world. We give below a
record for the week just passed:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
AUG. 20 1932 TO AUG. 26 1932. INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Aug.20. Aug.22. Aug.23. A IV.24. Aug.25.
i
EUROPE.139650
Austria,schilling
138782
Belgium, belga
007200
Bulgaria, lev
Czechoslovakia, krone 029596
184841
Denmark, krone
England, pound
3.469041
sterling
.015280
Finland, markka
039207
France, franc
Germany. reichismark 237992
006339
Greece, drachma
402600
Holland, guilder
.174500
Hungary. pengo
.051223
Italy, lira
173953
Norway, krone
.111825
Poland, zloty
.031500
Portugal, escudo
.005979
Rumania,ieu
.080492
Spain. peseta
.178092
Sweden, krona
Switzerland, franc_ _ _ .194664
.016925
Yugoslavia, dinar
ASIAChina318666
Chefoo teal
.312083
Hankow tadl
.305000
Shanghai tool
.322083
Tientsin tad
.233125
Hong Kong dollar
Mexican dollar..-.209062
Tientsin or Peig.
ng
212500
dollar
.209166
Yuan dollar
260500
India, rupee
228250
Japan, yen
Singapore (S.8.) dollar .400625
NORTH AMER.871614
Canada, dollar
999100
Cuba, peso
Mexico, peso (silver) .286466
Newfoundland. dollar .869625
SOUTH AMER.Argentina, peso (gold) .585335
.076225
Brazil, milreis
.060250
Chile. peso
474166
Uruguay. Peso
Colomb1a. nom
952400
8
.139650
.138808
.007200
.029596
.184341
8
.139650
.138794
.007200
.029598
.184208
8
.139650
.138780
.007200
.029598
.184223
$
.139850
.138794
.007200
.029597
.184161
Aug.26.
$
.139900
.138807
.007200
.029598
.184190
3.461583 3.462750 3.460333 3.460750 3.464791
.014980 .014980 .015000 .015083 .014933
operations continue to be seriously hampered by
.039210 .039203 .039191 .039203 .039206
.238000 .237921 .237903 .237919 .237857
government boards. Meantime the internal trade of
.006333 .006308 .008259 .006228 .006214
.402460 .402450 .402275 .402471 .402439
• the republics seems to be improving despite political
.174250 .174500 .174250 .174500 .174250
.051255 .051238 .051230 .051233 .051242
disturbances in many of the countries. A recent dis.173346 .173469 .173508 .173446 .173569
.111825 .111750 .111950 .111650 .111650
patch from Buenos Aires states that at a mass meet.031466 .031300 .031366 .031300 .031400
.005979 .005972 .005970 .005979 .005975
ing at Concordia representing commerce, industry,
.080412 .080407 .080375 .080432 .080442
.177723 .177853 .177769 .177638 .177892
farmers and breeders of the rich provinces of Corri.194430 .194321 .194342 .194396 .194351
.016925 .016900 .016900 .016975 .016975
entes and Entre Rios have demanded that the Argen.317916 .318125 .318750 .318541 .319791
tine Government declare a moratorium on both
.313333 .313541 .314166 .313958 .315208
.305937 .306408 .307500 .307343 .308908
foreign and internal obligations, the emission of
.322916 .323125 .325000 .324791 .326458
.233437 .233906 .233750 .233906 .235468
currency against mortgage bonds, and the cancella.210625 .210937 .212500 .212187 .212500
tion of farm leases signed prior to January, 1930.
.213333 .214166 .215833 .215833 .215416
.210000 .210833 .212500 .212500 .212083
There is a growing demand, it would seem, through.261000 .260700 .260625 .260575 .260900
.226500 .224062 .220700 .228400 .225825
out the country for a moratorium as one of the first
.400000 .400625 .399375 .399375 .400000
measures. It seems very doubtful that the Argentine
.872968 .878020 .883541 .880885 .883279
.999037 .999037 .999037 .999037 .999037
Government will give heed to these solicitations. The
.286166 .285933 .284800 .284966 .284933
.870250 .875500 .881125 .878500 .880620
National Bank of Chile has lowered its rediscount rate
.585335 .585335 .585335 .585335 .585335
from 532% to 432%.
.076225 .076225 .076225 .076225 .076225
.060250 .060250 .060250 .060250 .060250
.474166 .474166 .474166 .474166 .474186
Argentine paper pesos closed on Friday nominally
.952400 .952400 .952400 .952400 .952400
at 253 for bankers'sight bills, against 253 on Friday
of last week; cable transfers at 25.80, against 25.80.
HE following table indicates the amount of gold
Brazilian milreis are nominally quoted 7.20 for bankbullion in the principal European banks as of'
ers' sight bills and 7.25 for cable transfers, against August 25 1932, together with comparisons as of the
7.20 and 7.25. Chilean exchange is nominally quoted corresponding dates in the four previous years:
63/8, against 63/8. Peru is nominal at 21.00, against
1932.
1931.
Banks of1930.
1928.
1929.
21.00.
T
XCHANGE on the Far Eastern countries is
featured this week by wide fluctuations in yen
exchange. It will be recalled that yen broke last
2
are& to 223/, record low. Par of the yen is 49.85.
IniWednesday's market yen dropped to a new low
level of 22 3-16. Japanese officials asserted that the
exchange is "insanely low." New York exchange
traders do not see any reason why the trend should
E
g
g
England.... 139.595,882 134,844,807
France a_ _ _ 657,615,354 468,490,592
35,587,800
Germany b
63,315,400
90,249,000
91,023,000
Spain
61.540,000
58,093,000
Italy
85,306,000
Netherlands
53,390,000
75,097,000
45,187,000
Nat. Beig'm
32,274,000
89.164,000
Switzerland
11.443,000
13.206,000
Sweden
7.400.000
9,544,000
Denmark _.
Norway
7,911,000
8,129,000
£
155,887,696
377,556,869
123,460.550
98,935,000
53,845,000
32,553,000
34,522,000
25,149,000
13,475.000
9,567,000
8,142,000
E
137,633.677
310,429.924
108,851.111
102,568,000
55,793,000
36,931,000
28,928,000
20,274,000
12,967,000
9,585,000
8,153,000
E
175.867,362
242,893,385
107,764,150
104.341,000
53,261,000
36,245,000
22,983.000
17,980,000
12,767,000
10,100,000
8.166,000
Total week 1,260.909,016 977,296,799 932,893,115 832,113,712 792,367,897
Prey. week 1.260.125.779 977.445,039 930.334.458 829.140,500 791.113,455
•These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £2,819,350.
1378
Financial Chronicle
The Results of the Ottawa Conference.
Until the full texts of all the agreements concluded at Ottawa shall have been published, it will
be impossible to say precisely what the Imperial
Economic Conference did or to gauge with assurance the probable effects of the policies to which
it gave assent. Of the twelve separate bilateral
agreements that were signed by representatives of
the United Kingdom and the Dominions and India,
we have as yet only the prepared official summaries
of ten, those between the Union of South Africa on
the one hand and New Zealand and the Irish Free
State on the other being withheld. The official summaries are at some points detailed and apparently
complete, but a good many other details are obviously
lacking. The most important omission, perhaps,
occurs in the summary of the agreement between
the United Kingdom and Canada, where it is stated
that Schedule E, "of which details will be published later, sets forth 220 items of the Canadian
tariff in respect of which new or increased margins
of preference will be granted by Canada to the
United Kingdom. The schedule," the summary continues, "covers a very wide range of commodities
and includes, inter alia, a large number of items
previously dutiable at the British preferential rate
which are now transferred to the free list. In all
other cases the present margin of preference has been
increased either by lowering the British preferential
rate or by raising the intermediate and general
rates."
Some light on the general nature of these proposed changes, however, is thrown by the further
statement that "unofficial understandings between
the iron and steel interests of the two countries are
used as the basis of tariff adjustment on many items
of the steel schedule, including not only the primary
forms but such processed and fabricated steels as
cutlery, machinery and wire products. Revision in
the textile items relates chiefly to linens and to the
major classifications of cotton and woolen fabrics.
Other commodities embraced in the schedule include
a very wide and important range of chemicals,
flat glass, toilet accessories, gums, tableware and
leather." For some reason that is not stated the
provisions of Schedule F,which refers to preferences
to be accorded by Canada to certain of the British
non-selfgoverning colonies and protectorates, "are
not being published or summarized at present."
Taking the agreements in the summary form in
which they have been made public, it appears that in
general Great Britain gives up the right to impose
the duties which, under the Import Duties Act of
1932, would otherwise have been laid after November 15 next upon such Canadian products, grown or
manufactured, as are now entitled to free entry, and
undertakes to impose higher duties than at present
(where there are such duties) upon foreign imports
which compete with the Canadian products. Moreover, the general ad valorem duty of 10% which is
now imposed upon certain foreign products is not
to be reduced without Canada's consent. The duties
which are to be laid upon wheat in grain, copper,
zinc and lead may, however, be removed if at any
time Empire producers "are unable or unwilling to
offer these commodities on first sale in the United
Kingdom at prices not exceeding the world prices
and in quantities sufficient to supply the requirements of the United Kingdom consumers." The conditions now imposed upon the importation of live
Aug. 27 1932
cattle into the United Kingdom are to be modified
in favor of Canada,and free entry of Canadian bacon
and hams "of good quality" is to be accorded up to
a minimum of 2,500,000 cwt. per annum. A conditional preference for ten years is also given to
Canadian manufactured tobacco over foreign tobacco.
Canada, in return, undertakes to extend its own
tariff protection against United Kingdom products
"only to those industries which are reasonably assured of sound opportunities for success," and agrees
that "all existing surcharges on imports from the
United Kingdom shall be completely abolished as
soon as the finances of Canada will allow." The
Canadian tariff is to be "based on the principle that
protective duties shall not exceed such a level as
will give United Kingdom producers full opportunity
of reasonable competition on the basis of the relative cost of economical and efficient production, provided that in the application of such principle special
consideration shall be given to the case of industries
not fully established." The Canadian tariff board
already provided for by an act of 1931 is to be set
up, and it is agreed that "no existing duty shall be
increased on United Kingdom goods except after an
inquiry and the receipt of a report from the tariff
board and in accordance with the facts as found by
that body." The general agreement, with the exception regarding tobacco already noted, is to continue
for five years, save that the free entry accorded to
Canadian eggs, poultry, butter, cheese and other
milk products is to continue for three years.
On the question of dumping, Premier Bennett of
Canada, it was reported, desired an agreement
specifically applicable to Russia and involving some
modification of the British commercial treaty with
that country. This demand Stanley Baldwin,
head of the British delegation, was unwilling to concede, and the result was a statement at once general
in terms and vague in the obligations of its application. The statement provides that "this agreement
is made on the express condition that, if either
Government is satisfied that any preferences hereby granted in respect of any particular class of
commodities are likely to be frustrated in whole or
in part by reason of the creation or maintenance
directly or indirectly of prices for such class of
commodities through State action on the part of any
foreign country, that Government hereby declares
that it will exercise the powers which it now has or
will hereafter take to prohibit the entry from such
foreign country directly or indirectly of such commodities into its country for such time as may be
necessary to make effective and to maintain the
preferences hereby granted by it."
The same principle of reciprocal preference with
safeguards runs through the other agreements. Australia receives some preference for its meat, dairy
and fruit products, and Newfoundland some favors
for its fish and oil, but a great deal of the detail is
withheld. South Africa is accorded a preference for
dairy products and 2d. a pound on copper, together
with a promise of privileges in the importation into
the United Kingdom of mutton and lamb. The preferences to New Zealand on produce are similar to
those granted to South Africa, and New Zealand
"undertakes that no reduction shall be made in the
margins of preference of 20% ad valorem (or its
equivalent) or less, now enjoyed by United Kingdom
goods over those of any foreign country, and that
Volume 135
Financial Chronicle
where the margin of preference now exceeds 20%
(or its equivalent) it shall not be reduced" below
that figure "except with the consent of the United
Kingdom." Rhodesia's preference, on similar lines,
extends to foodstuffs, tobacco and other primary
products. The agreement with India has not been
completed, but it appears that India will receive a
10% preference in the United Kingdom on a considerable list of articles, among them cotton, and a
corresponding preference on linseed through the inclusion of foreign linseed in the list of imports to
which the British 10% tariff will apply. A. brief
statement regarding the Irish Free State announces
that a five-year agreement with Canada "secures for
all goods the produce or manufacture of Canada imported into the Irish Free State the benefits of the
lowest rates of duty accorded to similar goods the
produce of any country," and that "in return, goods
the produce of the Irish Free State, when imported
into Canada, will be accorded the same tariff
treatment as similar goods imported from the
United Kingdom of Great Britain and Northern
Ireland."
The progress of the Ottawa Conference was marked
by sharply expressed differences of opinion, and no
one of the nine Governments represented got all that
it desired. The United Kingdom received no assurance that dominion purchases of British goods would
be increased notwithstanding that its own markets
are open to primary dominion products. The benefits
extended to Canadian stock raisers are considerable,
but the Canadian lumbering interests were unable
to induce the United Kingdom to increase its duty
of 10% on foreign lumber, and both the Canadian
and the Australian wheat growers are reported to
be doubtful about the extent to which a United
Kingdom preference of about six cents a bushel on
their wheat will help the grain trade. On the other
hand, while the list of American products that will
or may be adversely affected by the agreements is
large, an estimated loss of $50,000,000 in sales of
iron, steel and textiles is hardly ground for excitement when it is remembered that American exports
to the various parts of the British Empire last year
were more than twenty times that amount.
The one thing that stands out most conspicuously
in the Ottawa agreements is their definite commitment of Great Britain, for the next five years at
least, to the policy of protection. If there was any
reason to expect that Great Britain would abandon
before long the protective tariff policy upon which
it has embarked, and return to its historical policy
of free trade, the hope was blasted at Ottawa. The
preferences that are to be established within the
Empire will of course mean a considerable volume
of intraimperial free trade, but the preferences
themselves are carefully hedged about with restrictions, and all are conditioned upon the imposition
of duties upon competing imports from foreign
countries. Moreover, the protective structure which
the agreements have erected can be altered only with
the consent of the dominions which are severally
affected,and in Canada and Australia, as far as their
own duties are concerned, only with the approval of
tariff boards which the Governments of those dominions are to establish, and which may be expected to
look out at least as carefully for the interests of
their own countries as for those of the United Kingdom. Great Britain is thus doubly bound, first by
acquiescence in protection as a general policy, and,
1379
second, by binding itself against change unless the
dominions consent.
There can be no question of the right of the British
Empire to create for itself a comprehensive trade
organization based upon a composite system of
preference and free trade, and to develop its industrial, commercial and other resources to as high
a point as it can under the arrangement. The questions of commercial treaties with foreign countries
and of most-favored-nation privileges, if they are
raised, will doubtless be settled amicably by diplomacy. But in the coming economic and financial
conference which the League of Nations has called,
Great Britain will be at a disadvantage. Prime
Minister MacDonald and others have been outspoken
in their criticism of high European tariffs as obstacles to international trade, and the tariff issue is
certain to play a large part in the deliberations of
the conference. In the meantime, however, Great
Britain itself has not only gone over to protection,
but has now committed itself at Ottawa to the maintenance of protection for at least five years, and in
the commitment the dominions, which rank as virtually independent States in the League, have joined.
As far as European tariffs are concerned the Ottawa
Conference is a serious setback. Even if the dissensions which appeared in the Conference prove more
lasting than now seems probable, and the agreements
work less smoothly than is expected, it will be difficult to convince Continental States that they ought
to lower their tariffs in the interest of world prosperity while the British Empire, as against the rest
of the world, holds to tariffs and discriminating
preferences. The report that France is considering
the desirability of a similar arrangement between itself and its overseas possessions is a hint of the kind
of regional trade policy into which the world may
find itself drawn.
Not a Political Question—The Costrpf Water
Transportation.
Why the public should cling so tenaciously to the
idea that any sort of water transportation is cheaper
than rail service, especially in the face of both local
and foreign experience, is a puzzle indeed. The
obsession has cost the United States in useless State
and Federal expenditure sums running into the hundreds of millions. Nevertheless, the popular demand
for a labyrinth of artificial waterways persists, receiving at the same time the whole-hearted support
of the present Administration.
In the days of commercial leadership in continental Europe, Germany was generally regarded as having shown the world how to make use of inland water
transportation. Statistics as far back as 1905 reveal, however, that that year's deficit on 3,832 miles
of German river, canalized river and canal, after
interest and sinking fund, was $13,500,000, or 7.8%
of the capital cost of the works. Yet Germany had
long favored the canals by subsidy and regulation,
even to the extent of compelling *certain classes of
traffic to move by water.
It is not necessary to look at Europe's or Germany's experience to prove that the advisability of
waterway construction on a large scale is wholly an
economic question.
In our own country between 1883, when the tolls
were abolished, and 1899 about $22,000,000 was expended on the so-called Barge Canal in New York
State, so that there remained at the beginning of
1380
Financial Chronicle
the construction in 1904 a balance to the result of
the Erie Canal of a little over $20,000,000.
The Barge Canal, including terminals, grain elevators, repairs, maintenance, operation and payment
of claims for damages has cost the people since 1905
up to date more than $215,788,000; between 1905,
when the first canal bonds were sold, up to 1930 inclusive, interest payments have aggregated $57,329,000, making the cost of the Barge Canal to date
more than $273,117,000. This total is exclusive of
any costs prior to 1905, when work on the barge canal
improvement began. The net cost over and above all
income received previous to 1902 was about $73,p00p0. Adding this sum to the $273,117,000 of
costs already shown, makes the total cost of the
canals to the people of New York State down to date
aggregate $346,117,000.
In 1931 it cost $3.92 a ton for all freight floated
on the canal, regardless of the length of haul. From
these figures it is evident that it would have been
cheaper for the State of New York if all the freight
carried on the canal had been put on railroad cars
and the State had paid the freight bills.
Under the most favorable traffic conditions the
cost of transportation per ton-mile through the
Barge Canal would be 1.500 cents, while the average
rail charge for freight service in the Eastern Dis
trict, where the canal is located, was only 1.063
cents in 1931.
Inasmuch as a large proportion of the total cost
of the canal transportation is made up of relatively
stable charges—such as interest on construction
costs, and the cost of maintaining the canal—the
considerable growth of traffic from 1922 to 1929
tended to reduce the cost of transportation per unit
of traffic—that is, per ton-mile. In 1922 canal costs
of transportation were about two and one-half times
as great as rail costs of transportation; in 1931 the
canal cost was nearly twice as great as rail cost.
Such a financial aspect of canal and rail operation
is practically general throughout the United States,
and it is quite enough to prove that the advisability
of waterways construction on a large scale is wholly
an economic question, and that it never should be
allowed to degenerate into a political issue. Taxpayers,especially those of New York State, can speak
from sad experience on that danger.
Aug. 27 1932
tracts which now contribute largely to the growth
and prosperity of the country. The development of
the steam roads assured stability; stability instilled
confidence; confidence attracted capital; capital
was accompanied by settlers; settlers created communities and built cities. The interest of the railroads and of the public are interdependent, and it is
impossible to impair the efficiency of the one without endangering the welfare of the other. Therefore, in sheer self-defense the public, through the
regulatory commissions, must adopt at an early date
such measures of protection for the railroads against
automobile competition as will insure the continuance of rail transportation service without diminution.
The Paucity of Supplies.
tag% Revere in the weekly circular for Aug. 27 of Muncie, Winslow & Potter.]
Although it will be conceded by many that the spectacular
rise in prices this week has had a strong speculative tinge,
we doubt if it is advisable to emphasize this feature too
much. It must be kept in mind at all times that the shortage
in textile fabrics—cotton, silk, wool and rayon—is worldwide. Our attention was called this week to a striking
Incident in Chile. This country, as we all know, has been
going through a period of tragic depression due to the market for nitrates and copper. In the Southern Hemisphere
wintry weather of April the shortage of clothing became
acute. Merchant stocks of goods were practically exhausted
and the people were reduced to a state of privation on account of depleted wardrobes. The Government took the only
possible step to replenish supplies. They passed a decree
ordering the pawn shops to release all clothing pledged by
needy borrowers, and the situation was temporarly relieved
by this measure.
This episode is illustrative of two things—the extreme
shortage of goods and the widespread prevalence of low
buying power. The helpful intelligence of the entire world
Is now concentrated on the problem of restoring confidence
and reviving purchasing power. This aim is worthy of the
co-operation of every public-spirited citizen. Improving
commodity prices will do much to attain this end, and with
an upward tendency in raw materials, a demand for finished
goods is bound to follow. The behavior of the raw material
group, therefore, will furnish the key to the situation.
What Has Already Been Accomplished in the
Way of Railway Pooling in this Country.
The following letter is self explanatory:
NORTHERN PACIFIC RAILWAY COMPANY
Accounting Department
St. Paul, Minn., Aug. 18 1932.
To the Editor, The Commercial and Financial Chronicle,
New York, N. Y.
P Dear Sir.—The article on "Railway Pooling" which appears on page
1048 of your issue of August 13, seems to imply that pooling in this
country has been considered but not accomplished. It may have escaped
your notice that passenger pools have been in operation between Portland
and Seattle since 1925 and between Twin Cities and Duluth since 1928.
Assuming your interest in the matter, and for convenient reference,
I hand you clipping from the "Railway Age" of Feb. 25 1928 reciting
the facts concerning the two pools and editorial comment thereon.
Very truly yours,
E. T. DAKIN, Gen. Auditor.
Motor Transportation Must Be Regulated.
There is no question but that the day is rapidly
approaching when it will be absolutely essential for
regulatory authority to restrict the operation of
automobile transportation lines in direct competition with and paralleling railroad service.
The necessity for the regulation of the motor
The clippings to which Mr. Dakin refers—one giving the
vehicle is daily becoming more acute. At the outset editorial comment of the "Railway Age," and the
other,
the public mind was apparently not prepared to Mr. Dakin's own article on the subject of the Pooling of
acquiesce in the adoption of a policy which to some Passenger Trains, both appearing in the "Railway Age"
appeared to result in the creation of monopolies. A four years ago on Feb. 25 1928—are as follows:
POOLING PASSENGER SERVICE.
large portion of the public sincerely opposed regulaOne of the provisions of the original act to regulate commerce made
for this reason. Some took up the cry merely It unlawful for carriers to pool or divide among themselves any portion
tion
of their gross or net earnings. While this provision was
out of demagoguery. But time and experience have to prevent harmful financial juggling, it also had the effectintended only
of preventing
from
amply demonstrated the wisdom not only of regula- the railwayspermit pooling their service. This provision was amended
the carriers to pool their service or earnings if
In 1920, to
the
tion, but of restriction, and it will only be the matter Inter-State Commerce Commission felt that it was in the interest of better
economies.
of a year or so until there will be a tightening up of service to the public or effected operatinghave taken It is true that,
with the ban removed, so far few railroads
advantage of this
regulation which will preclude economic waste inci- opportunity to effect economies. Many joint facility arrangements
exist throughout the country whereby duplication of fixed improvements
dent to dual operation over competitive and parallel or of switching, with the attendant carrying, maintenance and operating
costs, are avoided. There is no essential difference between
lines.
pooling
facilities and pooling train service and it would seem that more of the latter
The railroads blazed the trail of pioneer civiliza- should be done. Elsewhere in this issue, the general auditor of the
Northern Pacific describes how his road, with
tion and made possible the development of vast desert the Great Northern, consolidated train service the Union Pacific and
between Portland
and
Volume 135
Financial Chronicle
Seattle, and also how the Northern Pacific, the Great Northern, and
the Soo Line devised a similar arrangement between St. Paul-Minneapolis
and Duluth-Superior. The savings effected are large and indicate that
a spread of the practice elsewhere would react similarly to the benefit
of the railways concerned. These are impelling reasons why such steps
should be taken, as more and more hard-surface highways are being
built, paralleling the railways. Finally, and most important, it should
not be overlooked that the saving effected from one of the pools alone,
referred to in the article, is somewhat more than half a million dollars
a year.
POOLING OF PASSENGER TRAINS.
By E. T. Dakin, General Auditor, Northern Pacific.
By pooling passenger train service between Portland, Ore., and Seattle,
Wash., and also between St. Paul, Minn.,—Minneapolis and Duluth,
Minn.,—Superior, Wis., the carriers involved are saving more than
half a million dollars a year. This saving has been effected without
sacrifice of revenue or impairing the service to the public. In fact the
service has been improved.
The original act to regulate commerce, passed in 1887, made it unlawful
for carriers to pool or divide among themselves any portion of their gross
or net earnings. In 1920, this provision was amended so that now the
Commission may authorize carriers to pool their tariff or earnings when
in the interest of better service to the public or to effect economies in
operation, and when competition will not be unduly restrained. Except
In the cases referred to later, the Commission has been asked to authorize
but one pooling arrangement (74 I. C. C. 444).
The Northern Pacific, the Union Pacific and the Great Notrhern
applied for and were granted authority to pool their local and through
train earnings between Portland and Seattle, the arrangement becoming
effective on April 1 1925. On June 13 1926 the Northern Pacific and the
Minneapolis, St. Paul 6t Sault Ste. Marie established a passenger train
pool for through business only, between St. Paul-Minneapolis and
Duluth-Superior, which arrangement was modified in November 1927
to admit the Great Northern.
The physical and operating conditions in these two territories differ
somewhat. On the coast the Northern Pacific owns and maintains the
property from just outside Portland north to Tacoma, and the Union
Pacific and the Great Northern enjoying running rights thereon as
tenants; from Tacoma to Seattle, the Great Northern operates over
Northern Pacific tracks, while the Union Pacific operates jointly with the
Chicago, Milwaukee & St. Paul. Between St. Paul-Minneapolis and
Duluth-Superior the Northern Pacific, the Soo Line and the Great
Northern own and operate their own properties.
The purpose sought to be effected by the two pools was also different.
On the coast, the three roads each operated two trains daily; this was
sufficient to serve the public, but there was an insistent demand for faster
service. Obviously none of the lines was willing for either of the others
to run a fast train alone with the attendant traffic attraction, yet all
realized the results of entering upon a fast service war in the face of the
rapidly declining passenger business. Hence the executives decided to
take advantage of the law and pool the business. As a result, not only
did the carriers avoid the expense of three additional fast trains, but
they actually discontinued one and effected a material saving in expenses;
at the same time, by speeding up one train, service to the public was
actually improved.
Between St. Paul-Minneapolis and Duluth-Superior the Northern
Pacific, the Soo and the Great Northern operated a total of 10 trains
each way daily; this was recognized as more service than the traffic
warranted, yet obviously none of the roads was willing to reduce train
service and lose business to its competitors. Hence again, resort was
had to a pooling arrangement. The immediate result of the Northern
Pacific-Soo pool in June 1926 was the reduction of one train each way
daily; when the Great Northern joined in November 1927 two more
trains were discontinued. As a result, substantial economies have been
effected, while at the same time service has in no way been impaired.
In one respect, conditions in the two pool territories are alike. Hard
surface highways parallel the railroad lines for the entire distances, and
here, as elsewhere, the motor coaches and private automobiles have
made serious inroads into passenger traffic, not only to and from intermediate points, but between the terminals.
It might be interesting briefly to trace the terms and conditions agreed
to be the members of these pools and which were found by the Commission in each case to be just and reasonable, as required by the law. In
each case, as to revenues, the pool is treated as a fourth road, the accountants agreeing upon methods whereby each class of revenue is allocated
to the pool territory. The Portland-Seattle pool plan contemplates
that each member line shall share in the revenues earned by the pool
trains in the same proportion as its own revenues bore to the total revenues
of the three roads in the corresponding month of 1923, selected as a test
period. The procedure between St. Paul-Minneapolis and DuluthSuperior is simpler in that each member participates in the pool passenger
and baggage earnings on stated agreed percentages; the division of the
other revenues is based on test period relationship percentages established
by the experience of the year preceding the pool. In both cases the
collections made by each member in the first instance are adjusted in a
monthly equalizing statement to the agreed or test period basis, by which
each member line receives the same proportion of current revenues as
it would have earned independently.
As to expenses, under the Portland-Seattle arrangement, the accountants agreed upon the items to be considered as pool train costs and how
they should be determined and allocated to the pool territory. The
proportion of such items incurred by each company to the total expenses
of the three roads in each month of 1923, established the test period
ratios which are used to adjust the expenses incurred by each member
in the first instance during each month of the pool period. Subsequent
experience has shown this plan to be not only cumbersome and expensive,
but inequitable and it is now plain that where a pool results in the diecontinuance of a train of only one member, as in this case, all that is
necessary,so far as expenses are concerned, is for the savings thus effected
by the pool to be divided equally among the pool members,each absorbing
the costs of the pool trains it operates.
Through the experience gained on the coast, the expense division of
the pool between St. Paul-Minneapolis and Duluth-Superior was made
extremely simple. The pool accomplished the discontinuance of three
trains, one by each member; each secures its share of the pool benefits
by absorbing the savings of its own trains; each absorbs the costs, without
adjustment, of the pool trains operated by it, which is fair inasmuch as
each secures its pre-pool proportion of revenues. When a special or extra
section of a pool train is operated under the Portland-Seattle pool, the
expense is recorded and charged to the pool; in the other pool, the line
haul member receives a flat stated allowance.
It is strange that carriers have not availed themselves more freely of
the opportunity to pool and thus minimize the expense incident to
duplicate train service. Duplication of fixed improvements and of
1381
switching, with the attendant carrying, maintenance and operation
costs, are In large measure avoided by carriers all over the country by
joint facility arrangements, and there is no essential difference between
the joint use of fixed property and a joint interest in train service. In
either case (assuming the pools are operated along lines similar to those
described) each carrier receives the same revenues as it would under
independent operation, yet shares in the substantial savings. When one
considers that operating expenses (not to mention other costs) consume
a large percentage of passenger train earnings (on some roads over 100%),
the pooling provision of the law seems to offer one measure of relief.
Further, it is possible that where duplication of freight service exists,
costs may similarly be reduced.
The Course of the Bond Market.
Following the steady advance of the past week, the bond
market finally began showing signs of tiring and, although
prices in many cases went to new high levels for the year,
the advances over the previous week are small. On Thursday prices declined slightly, but on the whole this market
acted well in that it gave ground slowly and unwillingly.
Friday morning quotations were down but in the afternoon
there was a broad rallying movement in bonds which carried
them above their lows for the day. Junior rail bonds moved
about sharply. Utility bonds presented a united front on
the rise, while industrial obligations were mixed. United
States government obligations remained practically unchanged, from the week before. Foreign bonds improved
somewhat. The price index for 120 domestic corporation
bonds computed by Moody's was 80.95 on Friday compared
with the figure of 80.14 for a week ago and 76.67 two weeks
ago.
The obligations of the United States Government were
more or less at a standstill during the week in that they
neither moved up or down very much. The predominating
factor in this group at the present time is the maturities
that the Treasury will have to meet on Sept. 15 which will
amount to close to three quarters of a billion dollars. This
sum, plus new money needed to the amount of probably a
quarter of a billion dollars, will have its influence on bond
prices. There is some talk of long term financing which is
aided by the recent eligibility of the low coupon bonds for
national bank note currency. However, it must be remembered that at present banks apparently are not desirous
of holding large amounts of long term government obligations
and are not likely to change this policy as long as the Federal
budget remains essentially unbalanced. The price index for
eight long term Treasury bonds on Friday was 101.22 as
compared with 101.12 a week ago and 101.61 two weeks ago.
All classes of railroad bonds were strong, particularly the
second grade issues, until Thursday, when profit taking and
liquidation resulted in substantial reactions for several of
the weaker liens. On Friday afternoon however, rail bonds,
along with issues in other groups, rebounded somewhat but
did not get up to the levels of the preceding close. Obligations subjected to selling were the 'Frisco junior issues,
Baltimore & Ohio 4
1933, St. Paul 5s, 1975, Rock Island
junior obligations and the Missouri Pacific issues. Poor
railroad earnings and a petition for receivership for the
'Frisco were factors which undoubtedly led to the reactionary
move on Thursday. Moody's price index for 40 railroad
bonds at the end of the week on Friday was 76.25, as compared with 76.35 a week ago, and 71.38 two weeks ago.
Public utility bonds have been strong during the week with
the exception of the minor setback on Thursday and Friday.
All grades continued the advance and there were outstanding
performers in almost every classification. Among issues to
show large gains were New York State Gas & Electric 53's,
1962, which advanced 12 points on Tuesday, Minneapolis
Gas Light 43zs, 1950, which gained 9 points on the same day,
Power Corporation of New York which registered a gain of
12 points on Wednesday and Rochester Central Power 5s,
1953, which jumped 20 points on Tuesday. Talk of a
receivership for Interborough Rapid Transit caused New
York tractions to become extremely weak on Wednesday and
this trend continued through Thursday, but on Friday following the announcement of the receivership for the Interborough Rapid Transit all New York traction issues snapped
back with fair sized gains. The price index of this group,
as computed by Moody's, rose to 85.87 on Friday, as compared with 84.85 a week before, and 81.66 two weeks ago.
In the industrial group oil bonds have been firm during
the week, but they did not show a very strong advancing
tendency. Better trend in the commodity market had a
stimulating effect on metal issues of the secondary grade.
American Metal 53's, 1934, and General Cable 53's, 1947,
showed wide advances. In the automobile group, Dodge
Bros. 6s, 1940, was somewhat higher, whereas the Murray
Corporation 63/2s, 1934,gained 8 points in four days. Rubber
bonds have been particularly strong, selling close to their
highs for the year. Issues of B. F. Goodrich Co. have been
especially buoyant. Armour 44s, and 53's and Wilson 6s,
among packing bonds, advanced while Swift 5s and Cudahy
58 and 53s held their gains of the preceding weeks. Paramount 6s and 5s also extended their gains of the previous
week. Remington Rand 53/25 rose sharply to over 70 on top
of its spectacular rise of the preceding fortnight. This
group, after hesitating on Thursday, sold off slightly op
Friday and Moody's price index for this group finished on
that day at 81.18 as compared with 79.45 a week ago and
77.66 two weeks ago.
The foreign bond market has given evidence of considerable
strength during the week, advances being recorded in practically every group. Chilean bonds have shown the biggest
rise on a percentage basis, while Finnish bonds, Argentines
and Australians have also appreciated noticeably. The
general strength also found reflection in improved prices for
Japanese government obligations, a trend which, however,
did not extend to the Japanese public utility bonds. German
government issues are higher, while an irregular, though
slightly upward trend has been evident in corporate issues.
Scandinavians have been strong, particularly Norwegian
obligations. The bond yield average for this group on
Friday was 10.99%, as compared with 11.19% a week ago
and 11.30% two weeks ago.
Municipal obligations have been firm for the week, holding
previous gains, and in some instances they have advanced
moderately. Canadian issues have been strong. Traction
and political uncertainties appeared to have no effect on the
position of New York City obligations.
Moody's computed bond prices and bond yield averages
are shown in the tables below:
MOODY'S BOND YIELD AVERAGES.
(Based on Individual Closing Prices.)
MOODY'S BOND PRICES.*
(Based on Average Yields.)
1932
Daily
Averages.
Aug. 26
2524
23
22
20
19
18
17
16
15
13
12.
11
10
9
is
a
4
3
2
1
Weekly
July 29
22
15
8
1
June 24
17
10
3
May 28
21
14
7
Apr. 29
22
15
8
1
Mar. 24
18
11
4
Feb. 26
19
11
Aug. 27 1932
Financial Chronicle
1382
AU
120 Domestics by Rat nos.
120
DomesBoa.
A.
Au.
Ann.
tic.
120 Domestics
by Groups.
RR.
P. U. Indus.
87.96
87.96
88.23
88.23
87.83
86.77
86.38
85.48
84.97
84.60
84.22
83.97
83.85
83.35
83.23
82.14
81.90
81.07
80.72
80.60
80.37
80.14
80.03
76.67
78.10
78.55
78.21
77.66
76.14
75.61
74.88
74.57
73.65
72.55
72.45
72.26
71.67
71.00
70.24
69.77
69.13
68.67
68.58
68.31
67.86
67.86
65.79
66.38
67.33
67.86
87.60
66.13
65.54
64.31
63.74
62.56
61.56
60.67
61.11
60.97
59.80
58.11
57.10
55.55
54.61
53.94
53.58
52.99
53.22
76.25 85.87
77.22 86.25
78.55 86.38
78.99 86.51
78.99 85.74
77.33 84.97
76.35 84.85
74.98 83.97
74.15 83.72
72.95 82.87
71.98 81.90
71.00 81.66
71.88 81.66
70.81 81.30
69.77 80.37
68.13 79.68
67.60 79.11
66.30 77.99
65.45 77.55
65.71 76.89
65.37 76.78
64.96 76.46
65.37 76.35
81.18
81.54
81.66
81.30
80.95
79.80
79.45
78.77
78.66
78.44
77.77
77.77
77.66
77.55
77.44
76.46
76.03
75.29
74.77
74.25
73.75
73.35
73.15
70.43 94.29 79.45
66.98 93.26 77.88
64.71 91.81 76.46
62.87 90.83 74.67
62.48 90.13 74.77
63.27 90.27 75.82
63.90 90.55 76.78
63.11 90.13 76.35
60.97 89.04 73.45
59.01 86.64 73.55
62.02 89.45 77.00
63.98 92.10 78.88
66.55 93.26 80.95
68.40 93.85 81.90
69.86 94.58 82.62
68.49 92.82 80.95
87.07 92.68 79.68
71.67 94.58 82.50
74.88 96.70 84.35
76.61 96.70 84.72
77.55 97.62 85.74
75.82 95.63 88.48
74.57 94.29 82.02
74.46 93.70 81.54
72.16 91.67 79.80
72.65 91.81 80.49
72.95 92.25 81.07
74.36 93.40 82.99
74.77 93.70 82.87
82.14 99.84 88.23
67.57 85.61 71.88
93.65 106.96 101.64
62.56 87.96 76.03
67.42
63.27
60.16
58.73
58.52
59.36
59.94
59.80
58.04
56.12
58.52
60.31
63.19
65.62
67.07
66.64
67.07
71.29
73.45
73.85
75.29
73.35
72.26
71.77
69.77
70.62
70.52
72.06
73.15
78.55
54.43
92.97
59.87
51.85
47.63
45.60
43.58
43.02
43.62
44.25
43.02
41.03
38.88
41.44
42.90
45.46
47.44
49.22
47.73
45.15
50.80
65.42
56.58
59.80
58.66
57.57
58.32
55.55
55.73
55.99
57.17
67.30
67.86
37.94
78.55
42.58
64.15
59.87
56.32
54.86
54.73
55.61
56.32
55.61
52.47
49.53
52.24
54.55
57.64
59.94
62.56
60.82
59.29
64 80
70.15
71.19
73.85
72.95
71.67
71.77
69.31
70.15
70.71
72.06
72.16
78.99
47.58
95.18
53.22
75.82
73.05
72.16
69.40
69.13
69.59
70.52
69.68
68.68
66.73
71.09
72.95
74.46
75.92
76.68
74.98
71.87
77.55
80.72
81 07
83.35
81.42
79.68
79.56
77.11
77.44
77.66
80.14
81.64
86.51
65.71
96.85
73.55
72.26
69.31
67.25
65.96
65.12
66.04
66.21
65.62
63.90
63.35
65.29
66.64
79.40
70.90
71.48
71.00
71.38
73.65
74.57
74.98
76.14
73.55
72.75
72.45
70.62
70.71
70.81
71.48
71.19
81.66
62.09
90.55
63.74
80.95
81.54
82.14
82.14
81.78
80.60
80.14
79.11
78.66
77.88
77.00
76.57
76.67
76.35
75.61
74.57
73.95
72.95
72.26
72.06
71.67
71.29
71.38
99.36
99.52
99.84
99.68
99.52
99.04
98.73
97.94
97.78
97.47
96.85
96.70
96.70
96.70
96.23
95.93
95.93
95.33
95.18
95.18
96.03
95.03
95.03
AU
1932
120 Domestics by Ratings.
120
Daily DomesBaa.
tic.
Aa.
Averages
Amt.
Aug.26..
25__
24__
23._
22._
20-19._
18__
17-16--
6.13
6.08
6.03
6.03
6.06
6.16
6.20
6.29
6.33
6.40
6.48
13-- 6.52
6.51
11_- 6.54
10-- 6.61
6.71
6.77
6.87
6.94
4. 6.96
7.00
7.04
1-- 7.03
Weekly
July 29__ 7.13
22._ 7.51
15-- 7.78
8.01
1._ 8.06
June 24._ 7.96
17-- 7.88
10-- 7.98
8.26
May 28_- 8.53
21.._ 8.12
14__ 7.87
7.56
Apr. 29.._ 7.35
22__ 7.19
15._ 7.34
7.50
7.00
Mar.24.- 6.68
18__ 6.61
11_ 6.43
6.59
Feb. 26_ 6.71
6.72
6.95
6.90
Jan. 29._ 6.87
22._ 6.73
15._ 6.69
Low 1932 6.03
High 1932 8.74
Low 1931 6.17
High 1931 8.05
Yr.AgoAug.28•31 5.75
2Yrs.Ago.
Aug.23•30 4.96
120 Domestics
by Gro ps.
RR.
7.20
7.27
7.82
7.33
7.86
7.41
7.41
7.65
7.58
7.47
7.41
7.44
7.61
7.68
7.83
7.90
8.05
8.18
8.30
8.24
8.26
8.42
8.68
8.81
9.05
9.20
9.31
9.37
9.47
9.43
6.55
6.46
6.34
6.30
6.30
6.45
6.54
6.67
6.75
6.87
6.97
7.07
7.03
7.09
7.20
7.38
7.44
7.59
7.89
7.66
7.70
7.75
7.70
7.46
7.96
8.37
8.67
8.60
8.48
8.40
8.42
8.67
8.96
8.60
8.35
7.97
7.67
7.50
7.55
7.50
7.04
6.82
6.78
6.64
6.83
6.94
6.99
7.20
7.11
7.12
6.96
6.85
6.34
9.23
5.21
8.41
9.67
10.48
10.94
11.39
11.53
11.38
11.23
11.53
12.05
12.67
11.94
11.56
10.95
10.52
10.16
10.46
11.02
9.86
9.07
8.89
8.42
8.68
8.74
8.63
9.05
9.02
8.98
8.80
8.78
7.41
12.96
6.34
11.64
7.85
8.41
8.93
9.16
9.18
9.04
8.93
9.04
9.56
10.10
9.60
9.21
8.73
8.40
8.05
8.28
8.49
7.77
7.16
7.05
6.78
6.87
7.00
6.99
7.25
7.16
7.10
6.96
6.95
6.30
10.49
5.06
9.43
4.79
4.78
4.76
4.77
4.78
4.81
4.83
4.88
4.89
4.91
4.95
4.96
4.96
4.96
4.99
5.01
5.01
5.05
5.06
6.06
5.07
5.07
5.07
5.57
5.57
5.55
5.55
5.58
5.66
5.69
6.76
5.80
5.83
5.86
5.88
5.89
5.93
5.94
6.03
6.05
6.12
6.15
6.16
6.18
6.20
6.21
6.51
6.38
6.34
6.37
6.42
6.56
6.61
6.68
6.71
6.80
6.91
6.92
6.94
7.00
7.07
5.12
5.19
5.29
5.36
5.41
5.40
5.38
5.41
5.49
5.67
6.46
6.27
5.19
5.15
5.10
5.22
5.23
6.10
4.96
4.96
4.90
5.03
5.12
5.16
5.30
5.29
5.26
5.18
5.16
4.76
5.75
4.34
5.57
6.26
6.40
6.53
6.70
6.69
6.59
6.50
6.54
6.82
6.81
8.48
6.31
6.13
6.05
5.99
6.13
6.24
6.00
5.85
5.82
5.74
5.92
6.04
6.08
6.23
6.17
6.12
5.96
5.97
5.65
7.03
4.65
6.57
7.16
40
ForP. U. Indus.(signs.
6.11 10.99
5.73
6.08 10.98
5.70
6.07 11.06
5.69
6.10 11.10
5.68
6.13 11.18
5.74
6.23 11.19
5.80
6.28 11.19
5.81
6.32 11.26
5.88
6.33 11.28
6.90
6.35 11.28
5.97
6.41 11.33
6.05
6.41 11.37
6.07
6.42 11.30
6.07
6.43 11.87
6.10
6.44 11.87
6.18
6.53 11.87
6.24
6.57 11.36
6.29
6.64 11.48
6.39
6.69 11.53
6.43
6.74 11.53
6.49
6.79 11.64
6.50
6.83 11.70
6.53
6.85 11.64
6.54
6.59
6.86
6.95
7.24
7.27
7.22
7.12
7.21
7.33
7.54
7.06
6.87
6.72
6.58
6.50
6.67
6.98
6.43
6.15
6.12
5.93
6.09
6.24
6.25
6.47
6.44
6.42
6.20
6.08
5.68
7.66
4.95
6.81
6.94 11.73
7.25 12.02
7.48 12.16
7.26 12.13
7.73 13.76
7.62 13.92
7.60 14.80
7.67 14.75
7.88 15.29
7.95 15.28
7.71 14.82
7.55 14.03
7.24 14.10
7.08 13.70
7.02 13.81
7.07 13.39
7.03 13.23
6.80 12.77
6.71 12.66
6.67 12.62
6.56 12.31
6.81 12.55
6.89 12.82
6.92 12.86
7.11 13.23
7.10 13.00
7.09 13.22
7.02 13.12
7.05 13.80
6.07 10.98
8.11 15.83
6.57
5.38
7.90 16.58
Jan.- 29
22
,
15
i
High 1932
Low 1932
High 1931
1.ovt 1931
Year Ago
8.75
6.00
5.03
6.20
7.67
5.99
4.90
4.42
85.61 05.54 97.62 82.62 65.62 80.14 95.63 82.50
Aug. 26 1931
0.36
5.12
, 2 Years Ago
4.91
4.84
5.71
4.09
4.67
94.29
4.45
96.70 05.03 101.31 96.23 86.12 98.57 97.47
Aug. 23 1930
in 31 years and do not purport to show either the
of one "ideal"
are computed from average yields on the basismerely serve tobond (494% coupon, maturing
•Note.-Theee prices
illustrate in a more comp ehensive way the relative levels and the relative moveThey
averagelevel or the Average movement of actual Price quotation.s. market.
ment of yield averages, the latter being the truer picture of the bond
Record of Provident Loan Society Described in
Russell Sage Foundation Publication.
A tribute to a remarkable record of service and accomplishment, extending over almost 40 years, is contained in a
pamphlet recently published by the Russell Sage Foundation which describes the organization and history of the
Provident Loan Society of New York. Founded in 1894, with
a capital of $100,000, the Society is now the largest agency
in the world lending on personal property and serves 500,000
borrowers annually. In 1931, with assets of more than
$32,000,000, its loans exceeded $36,000,000, or 10 times the
annual volume of business done by the Credit Municipal de
Paris.
Of the 15 men who constituted the original Board of Trustees, the only one still active in the affairs of the Society
Is James Speyer. It was he who furnished the chief inspiration for the formation of the organization. Shortly before
the panic of 1894 Mr. Speyer had made an intensive study
of the operation of municipal pawnshops in Europe, and he
became convinced that such institutions performed a valuable service of assistance to the poor in times of temporary
need. His enthusiasm was largely responsible for the char-
tering of the Provident Loan Society of New York under a
bill passed by the legislature early in 1894.
Those who contributed funds received certificates which
entitled the holder to interest on earnings which should not,
however, be greater than 6% in any case. In the event of
liquidation, certificate holders would be entitled only to the
face value of their certificates and any surplus would be
distributed to charity. At the present time surplus amounts
to more than $8,500,000. The Society thus combines features of both a business and a semi-philanthropic institution.
Throughout its history the Society has followed the principle that the "philanthropic impulse to ameliorative agencies should be guided and directed by business methods."
With a few exceptions, the interest charged on loans has
been I% a month. The bulk of the lending is done in small
denominations, and in 1931, 62% of the loans were for less
than $50.
A surprising feature of the Society's record, to one unfamiliar with the details of its operations, is the fact that
failures to redeem articles left as pledges for loans are comparatively insignificant. In normal times 99% of the loans
are paid or renewed, while the smallest proportion has
been 97%, in 1931.
Volume 135
Financial Chronicle
According to the pamphlet,customers represent a veritable
cross-section of society. Among the amusing incidents cited
Is that of a fish peddler who for years borrowed money each
week to finance his stock of herring and regularly redeemed
his wife's jewelry at the end of the week in order that she
might wear it to the synagogue.
Prominent among the names of those who have been associated with the work of the Society during various periods
1383
in its history are Jacob H. Schiff, Mortimer Schiff,
J. P. Morgan Sr., Dwight Morrow, and Cornelius Vanderbilt Jr.
"The Society stands to-day," the pamphlet concludes, "as
a monument to an ideal of community service, witnessing
that even a despised business can be raised to high standards
of excellence and usefulness if ability, vision, and the will
to serve are combined in the effort."
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Aug. 26, 1932.
A remarkable advance in cotton has been one of the
features of the week, the rise ranging on some days from
$1.50 to $3 a bale under the spur of a large and persistent
trade demand, home and foreign. The speculation in cotton
has also increased until there is something more than a
suggestion of old times. The activity in cotton goods has
reached a point where mills are beginning to quote "at value"
because of the rapidity of the advance in raw cotton. Stocks
have been rising with increased activity. Bonds have also
been active and advancing. Wheat has likewise been rising
of late under the stimulus partly of the rise in cotton and
stocks, but still more because of persistent rumors that a
powerful pool is operating on the bull side. Rubber has
been active. Coffee has advanced with the spot situation
considered decidedly interesting with supplies dwindling in
this country as the war in Brazil continues and future
supplies for the United States more or less problematical.
In fact spot coffee is difficult to quote. Raw sugar has
been quiet.
Trade reports in general are more cheerful. It is true
that the heavy industries remain generally dull, but they are
not without signs here and there of some improvement, even
if slight. But the wholesale trade in some cases is looking
better and some light manufacturing lines, it is stated, have
become really active. The retail trade has gained slightly,
though it is still described as "spotty." Collections, too,
though a little better than they were in the early summer,
are still slow. It has been remarked that the rise in the
stock market this summer has not been accompanied by any
real revival of trade, but stocks in the past more than
once after a period of depression, have led the way upward
and after a time, even though sometimes tardily general
trade has taken the cue and moved upward into normal
activity. Meanwhile it is certain that the tone of business
in the United States is better.
Steel producers are more optimistic even if actual trade
remains dull, as railroads and automobile companies are
not buying. Steel scrap is higher. Detroit reports that
auto makers are very cheerful. At Pittsburgh the tire
and glass trades are dull. Retail buyers of men's and
women's clothing are taking hold more freely. Shoe factories as a rule are running on full time. Clothing manufacturers are beginning to increase their output. In the
South and in New England cotton mills are having a better
business. The demand for fall goods has increased, as the
time approaches for reopening the schools. Silk goods have
been scarce and advancing. Woolen goods have been
strong. The threshing of spring wheat is nearing completion
in the Northwest, with yields of 7 to 15 bushels per acre.
The farmers' strike against low prices in Iowa and adjoining States is not expected to have any great effect.
Lard shows an advance for the week of 17 to 30 points.
Sugar is 1 point lower to 2 points higher. Rubber advanced
30 to 57 points, hides 15 to 70 points, cocoa 2 to 4 points,
oil 23 to 24 points. Coffee shows a decline for the week of
6 to 12 points except on September, which is 97 points
higher.
Stocks on the 20th inst. advanced a trifle on such issues as
United States Steel common, Allied Chemical, Consolidated
Gas, Pennsylvania Standard of New Jersey, and American
Telephone. Bonds were 2 to 3 points higher with trading
on $8,100,000. They were the cynosure eagerly watched by
everybody since they had been advancing some four weeks
longer than stocks had. Car loadings though still fax less
than last year, weue in the second week of August the heaviest
since the middle of June, whereas a decrease often occurs at
the same time in August. After an average advance in stock
prices since early July of nearly 30% some were not at all
surprised at the slowness of the market on the 20th inst.
4
On the 22d inst. stocks in a rise of 2 to 93 points furnished
renewed evidence of a rising business morale in the country
at large. Bonds for sixteen consecutive weeks have been
rising. The average upturn is reckoned at nearly 40%.
On the 22d inst. the range of the advance was 1 to 10 points
and the sales were close to $17,000,000. Of stocks, they were
3,175,208 shares or 1,000,000 more than on the last full day,
Friday. Shorts were anxious to cover. The market was in
better shape technically. On the 23d inst. stocks advanced
2 to 5 points but ran into heavy realizing later and reacted.
The trading expanded sharply, the total being up to 4,571,965 in the most widely distributed business in point of
the number of different shares involved of any this year.
Commodities were generally higher or firm. Bonds were
active and higher. Closing irregular with transactions of
$19,447,000.
On the 24th inst. stocks declined 1 to 3 points on profit
taking, then swung round, and advanced 1 to 3 net on the
average on renewed buying,the total sales aggregating 3,700,000 shares. But a few railroad shares ran upward 5 to 12
points. The market in other words took selling well. Cotton
advanced $2.50 a bale or $10 since Aug. 8th. In bonds the
effect of profit taking was plain in declines in many cases of
1 to 5 points with total sales $16,200,000. But the combative
nature of the market for both stocks and bonds was clear
enough all along the line. On the 25th there was a sharp
advance early to new high levels on this movement and the
total business was 4,169,800 shares but later profit-taking
caused a setback and the close was at an irregular fractional
decline on some favorite stocks. But the average net decline
was only about a quarter of a point. All this did not preclude
some worth-while advances in such stocks as J. I. Case,
New Jersey Central, Pere Marquette, National Lead, Eastman, Columbian Carbon and International Business Machines. And most of the day the tone was firm; there was
little give to the market. Bonds, it is true, gave way 1 to
3 points but United States Government issues were steady
and foreign were higher with the total sales down to $14,750,000. Cotton was at one time $1.50 higher and wheat 1%
to 20 up. Stocks to-day after early weakness and irregularity
suddenly shot upward in the last hour of trading with oldtime favorites as U. S. Steel and American Telephone taking
the lead. 'New highs were made on this movement. The
news generally was cheerful. The receivership proceedings
against the Interborough had only a momentary effect.
Pivotal stocks showed a rise of a fraction to 6 points. The
Washington conference of business leaders with Administration officials helped some. Bonds rallied sharply after
early selling had depressed prices 1 to 5 points. Sales approximated $14,000,000. Railroad issues were particularly
strong at the close. New York City traction bonds were
weak particularly Interborough Rapid Transit due to heavy
selling on the announcement of the receivership. Government bonds were dull.
Electric output for the week of Aug. 20 totalled 1,431,910,000 kwh., the National Electric Light Association reports, a decrease of 12.9% from that of the like 1931 period.
In both of the two preceding weeks, production was 13.1%
below that of a year ago. Production for the week of
Aug. 20 slightly exceeded that of 1,415,122,000 reported for
the preceding week. While the figures for the week of
Aug. 13 indicated that the improvement shown in that
week was entirely confined to the Pacific Coast, it was the
Atlantic seaboard that provided the favorable data for
the past week, while the important central industrial area
also contributed moderately to the somewhat better showing
for the country as a whole. New England taken alone
showed a drop of 9.1% for the past week, against a decrease
of 11.2 recorded for the week of Aug. 13.
1384
Financial Chronicle
Aug. 27 1932
Skowhegan, Me., wired that Maine woolen mills, con- lachian Mills Co. is operating from 80 to 90% of normal,
sidered as a group, are running approximately 80% of though the mills desire a better price for products.
capacity, textile leaders in this section of the State estimate.
At Dallas, Tex.for the last two weeks wholesale merchants
This represents a sharp pickup from the lull of a few weeks have been conducting their twenty-fifth annual fall buying
ago. Generally there were few plants here then which were season, and they report that the volume of merchandise
operating over 25% of full time. Many were closed en- purchased has been the largest in a like period within the
tirely. At Biddeford, Me., practically all of the employees last five years. The largest hosiery factory in the Southwest
of the Saco-Lowell Shops, Inc., are affected by the order has reopened on a day and night schedule after being closed
for shutting down the plant this week until Sept. 6. While for some months. Additional textile mills have reopened
it is customary for the company to shut down for a time at within the last week, and other industrial plants report inthis season, the period is somewhRt longer this yerr on creased orders and the necessity for additions to workers and
account of the condition of business.
longer working hours. Permission has been obtained from
Philadelphia reports about woolen textiles were favorable the State Labor Department for the Dallas Cotton Mills
with a better trade in shoes, dry goods, men's clothing and to operate on Sunday. The plant is now working night and
even, it appears, in jewelry. At Chicago the demand for day giving employment to 500 persons.
The American Woolen Co. announced that all prices on
some textile items is exceeding the supply available for
immediate delivery, and one large wholesale house is booking worsted goods handled by Departments 1 and 2 have been
orders only for Sept. 15 or later. Ready-to-wear houses withdrawn. This includes the men's wear lines.
As to the weather, on the 21st inst. it was 64 to 79 degrees
have recalled their old employees and report some difficulty
in obtaining workers and materials. Salesmen catering to here. Berlin had 98 degrees, the highest in 67 years. At
this class of trade are booking orders four to five times the one time last week it was 99 in London. All Europe was
weekly average of two and three months ago. Retail very hot. It was 70 to 82 degrees in New York City on the
buying has been fairly good. The heavy industries remain 23d. Boston had 60 to 74; Chicago, 67 to 86; Cincinnati,
stagnant. Orders for steel have been disappointing and 58 to 90; Cleveland,64 to 80; Detroit,68 to 86; Kansas City,
76 to 92; Milwaukee, 66 to 82; St. Paul, 70 to 92; Montreal,
building permits are still running below last year.
At St. Louis signs of improved conditions are reported in 54 to 74; Omaha, 58 to 88; Philadelphia, 70 to 88, and
many lines in the Southwest. The advance in the price of Winnipeg, 52 to 86. On the 25th inst. it was 65 to 87
livestock and of farm production has had a beneficial effect, degrees here. Boston had 64 to 90; Chicago, 72 to 90;
although industry still lags. Shoe manufacturers report a Cincinnati, 66 to 90; Cleveland, 72 to 88, and Kansas City,
slight improvement, with indications that it will increase as 74 to 92.
To-day the temperatures here were 66 to 82 with a forethe season progresses. Wholesale houses have increased
orders, chiefly from rural sections. Department stores cast of local showers to-night or to-morrow, but not much
which have gone entirely on a cash basis are having a satis- change in temperature. Overnight Boston had 66 to 86;
factory trade. Unemployment continues large. At Cleve- Philadelphia, 66 to 88; Portland, Me., 66 to 82; Chicago,
70 to 90; Cincinnati, 68 to 90; Cleveland, 70 to 88; Detroit,
land textiles and clothing trades were better.
Boston wired that a survey of developments reported 72 to 90; Milwaukee, 66 to 88; Kansas City, 68 to 92; St.
within the past week in the textile, shoe and other industries Louis, 68 to 90; Portland, Ore., 60 to 84; Montreal, 70 to
of New England, made public on the 21st inst. by the New 86, and Winnipeg, 54 to 74.
England Council, showed continued trend toward better Loading of Railroad Revenue Freight
Slightly Larger.
business. Among the textile plants which have brought
Loading of revenue freight for the week ended on Aug. 13
operations to capacity or near capacity, were the Fitchburg
totaled 512,431 cars, according to reports filed by the
(Mass.) Weaving Co., the Madison (Me.) Woolen Co., the
Woolen Co. and the American Woolen Co. railroads with the Car Service Division of the American
Camden (Me.)
Railway Association and made public on Aug. 22. This
of Dover-Foxcroft, Me. The Fall River Chamber of Com- was an
increase of 16,398 cars above the previous week,
merce announced that several textile plants there were rebut a reduction of 231,195 cars under the same week in 1931
suming operations after shutdowns. At Lowell, Mass., the and
410,392 cars under the same period two years ago.
the Suffolk Mills, the Lowell plant of the Nashua Manu- Details
are outlined as follows:
facturing Co., have increased production 20% this week.
Miscellaneous freight loading for the week totaled 181,898 cars, an
At Lumberton, N. C., the National Cotton Mills, Inc., Increase of 6,115 cars above the preceding week, but 102,197 cars under
which has been running for a number of months less than the corresponding week in 1931, and 178,803 cars below the same week
in 1930.
50% of normal has started full-time operations. At FayetteLoading of merchandise less than carload lot freight totaled 167,835
ville, N. C., after a six months' period of curtailment, the cars, an increase of 864 cars above the preceding week, but 44,936 cars
below the corresponding week last year, and 66,256 cars under the
Tolar-Hart Cotton Mill has resumed full-time operations
same
week two years ago.
again. At Columbia, S. C., the Hampton division of the
Grain and grain products loading for the week totaled 40,886 cars,
3,717
Pacific Mills, including the Capital City, Granby, Olympia cars above the preceding week, but 5,125 cars below the corresponding
and Richland plants, is now operating on a day and night week last year and 21,426 cars below the same week in 1930. In the
Western districts
products
for the week
schedule of 55 hours each. At Marion, S. C., under new ended on Aug. 13 alone, grain and graindecrease ofloadingcars below
totaled 26.938 cars, a
4,388
the
management the Blue Ridge Hosiery Mills, formerly the same week last year.
Coal loading
Novelty Hosiery Mills, began full-time operations last week preceding week,totaled 79,760 cars, an increase of 1,356 cars above the
but 33,056 cars below
after running on a curtailed schedule for several months. and 57,908 cars below the same week inthe corresponding week last year
1930.
Forest products loading totaled 15,435 cars, an increase of 1,167 cars
In Richmond, Va., textile plants were active and employabove the preceding week. but 12,297 cars under the same week in
1931
ment at the mills was increasing.
and 25,368 cars below the corresponding week two years ago.
Ore loading amounted to 8,051 cars, an increase of 2,098 cars
Atlanta, Ga., wired that cotton mills reported a large
above the
week
increase in orders and many of them are employing two 49,582before, 27,252 cars under the corresponding week last year, and
cars under the same week in 1930.
shifts daily. Continued improvement in general business
Coke loading amounted to 2,808 cars, an increase of 257 cars
above
conditions was noted in the Southeast. The volume of the preceding week, but 1,815 cars below the same week last year and
increase, com- 5,607 cars below the same week two years ago.
department store trade showed a material
Live stock loading amounted to 15,758 cars, an
824
paring favorably with that of a year ago. Merchants are above the preceding week, but 4,517 cars below the Increase of last cars
same week
year
optimistic and predict a heavy fall season. Further gains and 5.442 cars below the same week two years ago. In the Western
districts alone, loading of live stock for the week ended on Aug. 13
totaled
in other lines of both retail and wholesale trade were re- 12,088 cars, a decrease of3,444 cars compared with the
same week last year.
ported. Several small factories reopened throughout the
All districts reported reductions in the total loading of all commodities
district and others announced plans to resume operations compared with the same week in 1931 and 1930
Loading of
within the next two weeks. In several instances companies years follows: revenue freight in 1932 compared with the two previous
restored reductions in wages ranging from 10 to 15%.
1932.
1931.
At Greensboro, the Mary-Leila Cotton Mills, which have
1930.
been running only part time daily for several months, have Four weeks In January
2,209,875
2,873,211
3,470,797
Four weeks In February
2,245,325
2,834,119
3,506,899
resumed full time day and night shifts, putting 150 workers Four weeks In March
2,280,672
2,936,928
3,515,733
Five
2.772,888
3,757,863
4,561,634
who had been unemployed since a shutdown in April to work. Four weeks In April
weeks In May
2,958,784
2,087,756
3,650,775
weeks In June
1,966,355
2,991,950
At Eatonton, Ga., the Imperial Cotton mill, a plant of the Four weeks In July
3,718,983
Five
2,422,134
3,692,362
4,475,391
chain of the Cannon Mills Co. of Kannapolis, N. C., is Week ended Aug.6
496,033
734,730
904,157
Week ended Aug. 13
512,431
743,626
922,823
working a full day and night schedule. At Montezuma,
Total
17.osn 480
23 52:IA73
28 797 In,
Ga., the Montezuma Knitting Mills, Inc., are on a full-time
The foregoing, as noted, cover total loadings by the railschedule and orders have been received to insure this schedule
for an indefinite period. At Knoxville, Tenn., the Appa- roads of the United States for the week ended Aug. 13. In
Financial Chronicle
Volume 135
the table below we undertake to show also the loadings for
the separate roads and systems. It should be understood,
however, that in this case the figures are a week behind those
of the general totals-that is, are for the week ended Aug. 6.
1385
During the latter period only seven roads showed increases
over the corresponding week last year, the most important
of which were the Spokane Portland & Seattle By. and the
Rutland RR.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
-WEEK ENDED AUG. 6.
Total Revenue
Freight Loaded.
Railroads.
1932.
Eastern District
Group A;
Bangor & Aroostook
Boston dr Albany
Boston & Maine
Central Vermont
Maine Central
New York N. H. & Hartford__
Rutland
Total
Group B;
y Butt. Rochester & Pittsburgh.
Delaware Sc Hudson
Delaware Lackawanna & We:st _
Erie
Lehigh & Iludson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western..
Pittsburgh & Shawmut
Pittsb. Shawmut & Northern ._
x Ulster & Delaware
Total
Group C;
Ann Arbor
Chicago I ndlanap & Loulsville _
Cleve. Cin. Chi. & St. Louis.
Central Indiana
Detroit & Mackinac
Detroit & Toledo shore Line_ _ _
Detroit Toledo de Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia__ _ _
Wabash
Wheeling & Lake Erie
Total
Grand total Eastern District_
Allegheny District
Baltimore & Ohio
Bessemer & Lake Erie
y 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 District
Chesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern District
Group .4;
Atlantic Coast Line
Clinchfleld
Charleston & Western Carolina
Durham & Solthern
Gainesville dr Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. & Potom.
Seaboard Air Line
Southern System
Winston-Salem Southbound
Total
Total Loads Received
from Connections.
1931.
1930.
737
2,634
6,917
604
2,477
9,267
647
804
3,529
9,777
785
3.885
13,654
611
898
3,736
10,878
681
4,584
14,847
674
201
3,983
8,243
2,144
1,472
9,898
1,021
291
5.648
11,142
3,403
1,748
14,419
1,224
23,283
33,045
36,298
26,962
37,875
4,538
7,337
10,316
140
1,344
6.579
904
16,19i
1,975
431
250
5,986
9,675
13,011
212
1,508
8,532
2,169
26.359
2,245
441
393
8,554
11,700
15,863
216
2,251
10.207
2.390
32,639
1,667
515
419
5,449
4,686
10,959
1,635
670
5,294
20
20,656
1,731
71
181
7,525
6.156
15,205
2,341
1,057
7.602
48
30,133
2,032
29
269
50,008
70,531
86,421
51.352
72,397
416
1,596
6,940
23
454
151
1,277
2,002
4,672
2,678
4,742
3,577
2,930
1,014
5.032
2,755
581
2,116
9,748
69
284
268
1,534
3,311
7,528
3,961
5,987
5.620
4,555
1,272
6.641
4,578
842
1,584
8,645
48
112
1,163
584
3,791
5,657
160
6,699
3,104
2,650
431
5,301
1,658
1,161
2.151
12.197
201
178
2,042
1,096
6,110
8,164
225
8,878
4,341
5,408
788
8,357
2,950
40,259
58,053
71,411
42,429
64,247
113,550
161,629
194,130
120,743
174,519
22,012
1,056
31,897
3.858
z42,522
7,315
9,837
625
16,951
1.767
93
5,200
1
150
58
1,020
47,491
10,485
3,208
36
2,163
135
7,313
632
267
74
1,447
73,708
14.535
6,313
37
3,227
135
10,565
468
355
199
1,354
90,599
17,237
12,238
42
3,653
5
8,009
36
31
12
2,175
26,492
11,133
804
5
11,462
40
26
26
3.631
43.339
17.139
3.462
2,370
143,443
186,682
61,429
102,088
16,847
12,895
632
2,858
22.002
19,525
998
3,313
25,860
20.849
870
3,828
5,957
2,354
846
387
8,419
3,885
1,471
611
33.232
46,738
51,407
9,544
14,286
5,743
547
350
121
46
1,372
417
281
5,501
15,904
161
7,939
1,276
435
146
47
2,085
555
384
8.200
22,444
181
9,638
1,348
585
153
49
1,926
434
418
9.395
25.183
209
3,186
819
515
218
48
707
527
2.554
2,167
7,624
463
5,157
1.289
1.006
301
104
1.128
704
4.270
3.945
13,873
886
531
2,382
11,017
78
421
264
2,665
4,246
8.554
5,596
7,106
7,7891
7,356J
1,797
7.283,
4,320
1932.
1932.
1931.
30,443
I Included in New York Central.
,
G ouP B;
Alabama Tenn. & Northern_ _ _
Atlanta Birmingham & Coast _ _
-West RR.of Ala.
Atl.& W.P.
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah.._ _
ississippi Central
Mobile & Ohio...
NashJille Chattanooga & St. L.
New Orleami-Great Northern..
Tennessee Central
The increased seasonal activity in the canning and preserving industry
was reflected by pronounced gains in both employment and earnings from
June to July, and the building construction group also reported substantial
increases in both employment and payrolls over the month interval. Two
additional groups, crude petroleum producing and hotels, reported gains
in number of workers from June to July, coupled with declines in earnings.
The remaining 12 industrial groups reported decreases in both employment and payrolls from June to July. Decreases in employment of 1%
1931.
1930.
172
635
640
3,017
169
297
709
243
609
15.882
14,017
103
93
1,543
2,247
355
233
290
1.312
919
4,934
216
428
1.042
563
764
22,631
19,677
186
175
2,014
2,821
755
520
286
1,238
819
4,913
328
581
1,132
817
874
25,499
23.816
199
308
2,520
3.912
811
613
1932.
119
295
759
1,694
117
298
835
193
527
6,837
2,621
172
233
912
1,561
189
423
1 1931.
169
550
1,085
2,698
250
489
1.492
429
794
9,991
5,564
274
415
1,214
2,894
330
607
40,964
59,247
68,666
16.785
29,245
Grand total Southern District__
71,407
102,939
118,004
35,613
61.908
Northwestern District
Belt fly, of Chicago
Chicago dr North Western
Chicago Great Western
Chic. Milw. St. Paul & Pacific_
Chic. St. Paul Minn. & Omaha
Duluth .Missabe & Northern_ _ _
Duluth South Shore & Atlantic
Elgin Joliet & Eastern
Ft. Dodge Des M.& Southern_
Great Northern
Green Bay & Western
Minneapolis & St. Louis
Minn. St. Paul & S. S. Marie_ _
Northern Pacific
Spokane Portland & Seattle_ _ _ _
1,156
13,870
2,246
14,377
3,280
2,244
436
2.305
311
8,302
440
1,951
4,378
6,873
1.168
1,550
21,297
3,025
22,461
4,135
11,865
1,157
4,460
393
14,030
649
2,689
6,301
9,474
1,118
1,428
28,591
3.622
27,278
5.388
20,088
1,544
7,911
563
21,592
618
3.706
8,665
11,441
1,290
1.792
6,806
1,996
5.796
3.455
117
342
2.774
115
2,010
335
1,075
1,786
2,143
747
2,394
11.373
2.620
7,739
4.119
111
483
4,155
205
2,503
481
1,583
2,454
2.562
1.058
63,337
104.604
143,725
31,289
43.750
18,993
2,942
174
13,202
11.585
2,232
624
1,722
183
928
533
237
15.006
249
326
10,159
154
1,261
26,049
3,842
214
19,789
15,609
2,854
984
2,544
477
1.164
1,004
162
19,881
335
305
14,313
278
1,665
30,143
4,497
317
26,411
19,581
3,606
1,057
2,674
359
1,356
1,521
267
27.172
410
408
16,830
309
1,905
3,456
1,668
15
4,728
4,680
1,422
662
1.699
13
672
376
12
2,386
330
767
5.702
5
1,472
4,787
2,178
26
6.985
8,152
2,553
1,106
2.128
19
988
335
19
3,705
330
942
7.334
10
1.932
80,510
111,469
138.823
30.065
43,529
116
115
107
1,098
104
1.664
137
1,238
976
90
512
33
4.253
11,437
31
77
7,339
1,746
325
4,718
3,369
1,514
25
195
121
176
1,323
11
6,229
473
1,821
2,006
195
953
89
5,274
18,316
26
80
9,105
3,151
417
7,048
5,118
1.747
34
252
264
229
2,448
127
1.987
418
2.852
1,735
220
1,294
138
6.106
21.419
41
127
12,098
2.733
563
8,342
5.226
2,716
51
2,215
287
145
946
39
1.139
626
1,042
971
358
176
200
2.081
5.733
14
67
2,484
893
258
2.283
2,279
1,724
36
2.744
343
155
2,066
7
2,128
1,173
2.989
908
775
235
355
2,671
9.363
43
94
3.791
1,452
212
3,659
4.114
2.538
38
41,024
63,908
71.386
25.996
41,851
Total_ -
Total
Central Western Dist.Atch. Top.& Santa Fe System.
Alton
Bingham & Garfield
Chic ago Burlington dz Quincy -Chicago Rock Island & Pacific_
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western.
Denver & Salt Lake
Fort Worth & Denver City_ _ _
Northwestern Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island
Toledo Peoria dr Western
Union pacific System
Utah
Western Pacific
Total
Southwestern District
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
Houston de Brazos Valley
International-Great Northern..
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Litchfield & Madison
Midland Valley
Missouri & North Arkansas _ _ _ _
M issouri-Kanss.s-Texas Lines..
Missouri Pacific
Natchez tir Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
San Antonio Uvalde dr Gulf _ _
Southern Pacific in Texas & La
Texas & Pacific
Terminal RR.Assn. of St. Louis
Weatherford Min. Wells & Nor.
43.692
49.338
18,828
32.663
Total
y Ii eluded in Baltimore & Ohio RR. z Estimated.
Trend of Employment in United States During July
Decreases Reported in Employment and Payrolls
of 16 Industrial Groups by United States Department of Labor.
The Bureau of Labor Statistics of the U. S. Department
of Labor reports the changes in employment and earnings
in July, 1932, as compared with June, 1932, based on returns
made by 63,417 establishments in 16 major industrial
groups having in July 4,100,425 employees, whose combined earnings in one week were $79,141,481. The combined totals of those 16 groups show a decrease of 3% in
employment and 6.1% in payrolls. Continuing, the Bureau
also said as follows on Aug. 20:
Total Loads Received
from Conneaions.
4,240
92,973
Total Revenue
Freight Loaded.
Railroads.
or loss were reported in the quarrying and nonmetallic mining, wholesale
trade, laundries, and telephone and telegraph groups, and decreases or
less than 2% were reported in the power and light, and electric railroad
groups. The bituminous coal mining and the dyeing and cleaning groups
reported losses in employment of slightly more than 3% each, while the
retail trade group reported a decrease of 6%. Employment in the metalliferous mining group declined 8.3% from June to July. The most pronounced falling-off in employment over the month interval (16.1%) was
reported in the anthracite raining group.
lanufacturing Industries.
Employment In manufacturing industries decreased 4.0% in July as
compared with June, and payrolls decreased 7.9%.
Those changes are based on reports made by 17.873 establishments in
89 of the principal manufacturing industries in the United States, having in
July 2,474,141 employees whose combined earnings in one week were
$42.855.560.
Of the 14 groups of manufacturing industries, the leather group alone
reported increases in employment and payrolls from June to July, the remaining 13 groups reporting decreases in both items.
Increases In employment from June to July were shown in 14 of the 89
manufacturing industries included in the Bureau's monthly survey and
increased earnings were reported in 11 industries. The most pronounced
gains in number of workers were in the cottonseed oil, cake and meal;
woolen and worsted goods; marble-granite-slate; and fur-felt hat industries.
Smaller increases in employment were reported in electric and steam railroad car building, beet sugar, cast iron pipe, boot and shoe, turpentine,
Financial Chronicle
1386
Aug. 27 1932
cane sugar refining, men's clothing, butter, silk goods, and flour industries.
The greatest declines in employment over the month interval were shown
In the women's clothing, gas and electric fixture, clock, textile machinery,
men's furnishings, pottery, millinery, carpet and rug, Jewelry, plated ware.
stove, machine tool, dyeing and finishing textile, and agricultural implement industries.
Employment in the electrical machinery industry declined 7% from
June to July, the iron and steel industry reported a loss of 5.7% in number
of workers, the foundry and machine shop and cotton goods industries
reported decreases in employment of 3.3% each, and the automobile industry reported 2.9% fewer employees in July than in the previous month.
wholesale prices for the week ended Aug. 20 stands at
65.4, as compared with 65.2 for the week ended Aug. 13.
The Bureau also said as follows on Aug. 24:
INDEX NUMBERS OF EMPLOYMENT AND PAYROLL TOTALS IN
MANUFACTURING INDUSTRIES.
(12 Month Average 1926=100.)
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF JULY 23, 30.
AND AUG. 6, 13 AND 20. (1926=100.0.)
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 an increase of .3 of 1% has
taken place in the general average of all commodities for the week of Aug.
20, when compared with the week ended on Aug. 13.
The accompanying statement shows the index numbers of groups of
commodities for the weeks ended July 23, 30, and Aug. 6, 13 and 20:
Week Ended
Payroll Totals.
Employment,
Manufacturing Industries.
General Index
Food and kindred products
Slaughtering and meat packing.
Confectionery
Ice cream
Flour
Baking
Sugar refining, cane
Beet sugar
Beverages
Butter
Textiles and their products
Cotton goods
Hosiery and knit goods._
Silk goods
Woolen and worsted goods....
Carpets and rugs
Dyeing and finishing textiles._ Clothing, men's
Shirts and collars
Clothing, women's
Millinery
Corsets and allied garments
Cotton small wares
Hats.fur-felt
Men's furnishings
Iron and steel and their products.
not Including machinery
Iron and steel
Cast-iron pipe
Structural ironwork
Hardware
Steam fittings
Stoves
Bolts, nuts, washers and rivets.
Cutlery and edge tools
Forgings, Iron and steel
Plumbers' supplies-Tin cans and other tInware._
Tools, not including edgo toolsWirework
Lumber and allied products
Lumber, sawmills
Lumber, millwork
Furniture
Turpentine and rosin
Leather and its manufactures
Leather
Boots and shoes
Paper and Printing
Paper and Pull)
Paper boxes
Printing, book and job
Printing, newspapers& periodicals
Chemicals and allied products....
Chemicals
Fertilizers
Petroleum refining
Cottonseed oil, cake and mealDruggists' preparations__
Explosives
Paints and varnishes
Rayon
Soar.
Stone, clay and glass products...
Cement
Brick, tile and terra cottaPottery
Glass
Marble, granite, slate. ‘Sec
Nonferrous metals and their prod.
Stamped and enameled ware-Brass, bronze and copper prod.
Aluminum manufactures
Clocks, clock movements, &c....
Gas and electric fixtures
Plated ware
Smelting and refining copper,
lead and 'Inc
Jewelry
Tobacco manufactures
Chewing and smoking tobacco
and snuff
Cigars and cigarettes
Transporiation equipment
Automobiles
Aircraft
Cars,electric and steam railroad
Locomotives
Shipbuilding
Rubber products
Rubber tlres and inner tubes
Rubber boots and shoeS.Rubber goods, other
Machinery, not including transportation equipment...
Agricultural implements
Electrical machinery.apparatus
and supplies
Engines and waterwheels
Cash registers and calculating
machines
Foundry & mach.shop prods
Machine tools
Textile machinery and parts
Typewriters and supplies
Radio
Railroad repair shops
. Electric railroads
F Steam railroads
July
1931.
June
1932.
July
1932.
July
1931.
June
1932.
July
1932.
71.7
57.5
55.2
60.3
39.3
36.2
88.3
89.1
69.2
94.5
90.5
92.5
84.2
39.8
97.5
116.3
76.5
76.2
79.9
63.6
84.8
75.2
82.7
76.3
71.4
74.1
67.9
99.3
90.5
83.9
68.7
80.9
86.2
65.2
84.7
82.8
82.4
74.7
39.7
82.1
103.4
58.6
57.4
74.7
41.2
49.2
52.0
71.5
55.9
55.0
64.8
55.7
99.0
71.6
56.4
56.8
79.4
85.2
58.7
83.4
83.2
81.6
75.8
40.8
79.8
104.7
55.3
55.5
67.5
41.4
56.9
44.4
64.1
56.4
51.3
45.4
47.1
90.9
69.3
.59.4
46.6
86.3
89.5
59.8
90.7
86.7
88.8
86.8
41.6
95.7
106.3
64.5
65.8
64.4
55.6
78.6
60.4
73.7
62.1
.59.4
57.2
51.4
85.0
79.7
60.4
60.9
69.0
73.5
51.2
70.9
68.3
71.4
66.7
35.7
74.8
89.0
35.2
35.2
49.1
24.9
32.6
26.2
49.5
25.9
34.1
36.6
35.2
71.6
47.9
27.7
35.7
66.8
69.9
43.2
69.0
68.8
68.8
69.4
33.1
70.0
87.2
32.1
32.9
40.4
25.8
38.4
23.3
37.8
26.0
30.5
25.6
28.5
63.2
44.8
32.6
28.4
69.6
69.7
58.0
71.9
64.4
53.2
54.8
78.0
72.9
63.7
77.2
86.7
86.2
97.8
52.2
49.3
53.1
58.5
56.2
83.6
79.2
84.7
89.5
81.1
80.1
88.1
104.5
83.0
95.2
41.3
73.7
26.0
79.6
98.3
80.9
156.5
100.5
64.0
64.5
50.9
71.7
69.1
82.6
67.3
70.8
66.3
75.9
58.1
88.0
70.5
54.9
54.9
31.3
47.7
52.4
33.7
46.3
64.1
68.9
58.2
63.6
76.7
65.3
93.7
37.8
35.8
36.5
43.0
44.0
69.7
63.4
71.3
79.9
73.3
69.1
75.1
97.7
69.3
83.6
32.5
64.7
23.8
70.5
71.3
72.3
93.4
95.7
43.5
41.5
29.8
58.1
57.8
42.1
53.7
61.8
51.9
46.7
42.5
68.5
60.6
51.6
51.7
32.1
45.2
47.6
32.5
40.7
62.6
62.2
54.8
61.4
75.1
59.2
87.3
36.4
34.7
34.8
40.7
44.7
70.8
63.1
72.7
78.4
72.2
66.5
73.9
96.0
68.0
82.1
30.4
64.1
28.1
66.1
66.6
68.9
92.9
93.1
41.8
40.6
29.4
48.3
54.5
47.5
48.9
56.7
49.8
44.4
30.6
48.3
53.3
50.3
48.3
48.6
61.0
44.3
38.5
39.4
58.6
59.7
47.1
63.5
57.7
61.3
87.3
41.4
38.7
44.6
43.6
58.3
70.2
74.2
69.0
86.8
68.1
76.9
85.2
104.8
81.0
81.6
40.7
73.8
28.8
86.9
80.8
78.2
157.0
96.9
51.7
56.3
34.6
48.9
61.3
72.3
53.4
55.6
52.2
60.5
46.8
76.5
51.2
26.9
23.3
17.5
27.1
26.9
20.5
25.1
35.7
46.4
31.0
37.3
46.8
37.6
65.9
29.9
10.3
22.3
22.1
36.4
43.4
46.6
42.5
67.7
49.9
57.8
62.8
88.4
60.4
61.6
25.1
59.4
26.4
70.6
45.5
61.8
78.3
90.5
27.0
26.6
13.8
31.6
43.9
27.2
34.4
40.6
30.7
23.9
26.1
50.7
36.3
23.1
19.7
17.1
25.0
21.6
18.5
21.7
31.7
40.4
30.2
30.9
43.5
29.1
53.4
19.1
17.8
20.8
19.2
39.1
44.7
45.9
44.3
64.2
45.9
52.8
59.9,
85.1
56.5
58.6
24.0
56.8
28.3
64.2
42.8
53.0
71.2
82.6
24.8
24.1
13.1
24.3
37.6
32.3
29.9
33.8
28.6
21.8
19.0
34.2
31.8
69.3
48.8
81.3
60.5
35.8
71.1
58.0
31.0
70.3
51.7
33.9
71.4
40.1
22.9
55.5
36.7
19.6
54.6
80.7
81.4
67.5
68.8
274.2
26.5
28.8
94.8
74.7
71.1
67.0
89.0
89.4
68.7
59.0
61.0
196.6
19.0
18.0
83.9
67.6
65.8
55.8
80.5
87.7
68.1
56.8
59.2
180.5
19.7
16.6
76.2
65.5
65.0
50.6
77.5
76.8
70.8
51.9
51.8
281.2
16.4
26.1
84.0
61.6
60.2
51.1
72.5
73.3
53.3
44.6
45.8
202.6
11.3
14.3
86.2
51.1
53.9
35.4
53.5
69.9
52.8
41.4
42.3
181.3
11.4
12.1
63.7
43.8
45.1
28.8
50.1
68.8
35.2
50.1
22.1
47.3
19.8
53.8
27.6
30.6
16.4
27.4
14.0
79.7
64.9
59.6
45.0
55.5
41.7
68.9
48.7
40.9
27.6
37.0
23.9
77.0
64.6
61.1
67.5
78.5
90.6
60.3
77.0
59.0
71.1
46.9
34.5
52.0
58.9
63.9
48.3
69.4
46.7
70.4
45.3
30.7
41.5
57.2
62.5
47.1
68.2
45.5
63.1
46.9
49.1
56.5
18.3
84.4
56.6
73.2
55.8
47.5
26.1
20.3
27.4
31.6
54.0
38.3
60.9
36.5
47.0
23.3
17.8
21.6
28.9
47.8
34.2
57.1
32.4
Slight Increase Noted in Wholesale Prices During
Week Ended Aug. 20, According to United States
Department of Labor.
The Bureau of Labor Statistics of the United States
Department of Labor announces that the index number of
July 23. July 30. Aug. 6. Aug. 13. Aug. 20.
All commodities
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous
64.5
47.8
61,0
68.5
52.3
72.8
79.0
69.5
73.0
75.6
64.3
65.4
49.9
61.8
70.6
53.7
72.8
80.1
69.6
73.5
74.9
64.7
65.2
49.4
62.5
70.2
53.0
72.9
79.4
69.4
73.4
74.9
64.7
64.8
47.9
61.9
69.9
52.5
73.0
79.2
69.6
73.4
74.9
64.5
64.7
48.4
61.5
69.3
52.3
72.8
79.1
69.5
73.2
75.0
64.5
Monthly Indexes of Federal Reserve Board-Industrial
Production Unchanged from June to July.
The Federal Reserve Board, under date of Aug. 25 issued
as follows its monthly indexes of industrial production, factory employment, &c.:
BUSINESS INDEXES.
(Index numbers of the Federal Reserve Board 1923-2.5=100).a
Without
Seasonal Adjustment.
Adjusted for
Seasonal Variation
1932 1932
July. June.
Industrial production, total
Manufactures
Minerals
Building contracts, value 0
-Total-- Residential
All other
Factory employment
Factory payrolls
Freight-car loadings
Department store sales
p59
p58
p85
526
p11
p38
58.3
Li
p66
1932 1932
July. June.
1931
July.
59
59
63
27
11
39
60.0
82
82
86
61
35
82
75.1
52
71
78
7
91
1931
July.
80
79
85
68
36
94
73.8
64.4
78
65
60
59
61
32
12
47
59.1
42.6
52
67
p58
p57
p63
p29
pll
p44
57.2
39.6
51
p47
INDUSTRIAL PRODUCTION-INDEXES BY GROUPS AND INDUSTRIES.°
(Adjusted for seasonal variations.)
Mining.
Manufactures.
Group and
Industry.
1932.
1932.
Industry.
1931.
Iron and steel
Textiles
Food products
Paper and printing _ _
Lumber cut
Automobiles
Leather and shoes__
Gement
Petroleum refining...
Rubber tires
Tobacco manufae......
25
p68
D84
__
27
D33
p76
50
__
-_
114
25
63
83
p89
28
47
D82
52
146
107
118
1931.
July. June. July.
July. June, July.
Bituminous coal
Anthracite coal
Petroleum
Iron ore
Zinc
Silver
Lead
58
100
87
109
42
60
98
90
180
114
121
45
42
105
3
37
r45
49
46
55
p105
8
34
40
31
74
70
123
56
49
47
62
-INDEXES BY GROUPS
FACTORY EMPLOYMENT AND PAYROLLS
AND INDUSTRIES.
Payrolls.
Employment.
Group and Industry.
Adjusted for Sea- WithoLt Seasonal IVithout Seasonal
Adjustment.
Adjustment.
sonal Variations.
1932.
1931.
1932.
1931.
1932.
1931.
July. June. July. July. June. July July. June. July.
Iron and steel
Machinery
Textiles, group
Fabrics
Wearing apparel
Food
Paper and printing
Lumber
Transportation equipment..Automobiles
Leather
Cement, clay & glass
Nonferrous metals
Chemicals, group
Petroleum
Rubber products
Tobacco
52.1
48.3
56.9
58.6
52.9
79.4
81.4
36.1
49.3
58.1
71.9
43.1
46.0
74.7
75.7
64.6
70.2
54.8
51.0
58.5
58.7
58.1
81.1
82.8
37.9
50.0
58.0
74.3
43.4
48.7
76.4
77.4
67.0
69.4
72.1
70.3
79.6
80.0
78.8
88.1
93.0
52.0
60.2
67.6
84.8
62.7
64.2
89.4
87.1
73.8
81.4
51.4
48.4
53.9
56.4
47.5
70.3
80.5
36.3
49.2
57.9
71.6
43.4
45.4
72.3
77.4
65.0
68.4
54.8
51.3
57.2
58.2
64.7
80.9
82.0
37.8
50.8
59.6
70.5
45.0
48.6
74.2
78.1
67.0
69.0
71.1
70.4
75.2
77.1
70.6
87.8
92.0
52.2
60.2
67.2
84.6
63.7
63.4
86.2
80.0
74.1
79.4
22.2
28.8
32.5
34.4
28.6
68.3
69.1
19.0
37.3
43.4
46.2
24.4
29.4
60.0
68.9
45.9
51.4
26.0
32.3
35.8
37.0
33.4
71.4
72.9
20.9
40.7
47.1
45.0
27.3
32.0
63.2
72.1
55.1
52.2
52.4
67.4
65.9
67.0
63.4
88.2
93.6
41.7
52.7
63.2
72.6
49.4
54.5
82.9
89.6
64.0
67.5
a Indexes of production, car loadings, and department store so es based on dally
-month moving
averages. D Preliminary. r Revised. bRevlsed Index based on 3
averages. centered at 2nd month. See Federal Reserve Bulletin for July 1931.
Small Decline Noted in Weekly Wholesale Price Index
of National Fertilizer Association During Week
Ended August 20.
Wholesale prices as measured by the weekly index of
The National Fertilizer Association during the week ended
Aug. 20, lost a small part of the large gain of the preceding
week. During the latest week the index number declined
two fractional points, receding from 62.3 to 62.1. The
latest index number is exactly one full point higher than it
was a month ago. It is 23'2 points higher than the record
low of 59.6 reached on June 11, 1932. A year ago the index
number was 67.5. There has, therefore, been a decline of
only 5.4 points during the latest 12 months. During the
preceding 12 months there was a decline of about nine
points. Under date of August 22 the Association also
reported as follows
Of the 14 groups listed in the index, three advanced, four declined and
seven showed no change during the latest week. Textiles, miscellaneous
commodities and fertilizer materials were higher. Fats and oils, foods,
grains, feeds and livestock, and mixed fertilizer were lower. The advancing groups showed only fractional gains. Fats and oils, and grains,
feeds and livestock each declined more than one full point.
Although a greater number of commodities (30) showed price gains
than the number of commodities that showed price losses (25) during
the latest week, the general index number receded because the declining
commodities made greater recessions. In several cases also, they were
very heavily weighted commodities such as lard, butter, grains, and potatoes. During the preceding week there were 49 advances and 11 declines.
Among the commodities that advanced during the latest week were cotton.
wool (for the first time in many months,) silk, vegetable oils, milk, sugar,
lead, hides, sulphate of ammonia, and cottonseed meal. Lower prices
were noted for lard, butter, flour, potatoes, dried fruits, practically all
grains, cattle, hogs, pig iron, silver and rubber.
-BASED ON 476 COMMODITY
WEEKLY WHOLESALE PRICE INDEX
PRICES (1926-1928=100)
Per Cent
Each Group
Bears to the
Total Index.
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
-
'non
Latest
Week
Aug.20
Group.
Pre
ceding
Week.
Month
Ago.
61.1
67.8
45.5
45.2
60.3
89.0
71.5
68.6
77.7
42.2
87.4
68.5
71.0
92.1
62.0
67.8
46.8
44.6
60.0
89.0
71.5
68.6
77.7
43.3
87.4
68.1
71.8
92.1
61.7
67.6
43.9
40.1
59.5
87.7
72.1
67.8
78.2
40.1
87.4
67.2
71.8
92.1
62.1
62.3
1932.
Foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural Implements
All srouns combined
Jan. 2 ____
1932.
1931.
(revised) the week before, and now stands at the same level
as two weeks ago. The "Annalist" further states:
Lower grain and livestock prices more than offset advances in cotton,
sugar and the meats. The farm products index dropped to 74.5 (1913=
100) from 75.3 (revised); the food products index, with an advance of
0.8 point to 98.8, now stands as high as any time since the beginning of
the year; the metals and miscellaneous group indices declined, the former
-line in crude
because of weaker steel prices, and the latter owing to a der
rubber.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
(Unadjusted for seasonal variation)
(1913=100)
Aug. 23 1932. Aug. 16 1932. Aug. 25 1931.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
A ii •Annosell•IAAA
74.5
98.8
•70.3
143.5
95.8
106.6
95.2
79.5
05 n
x75.3
98.0
x70.3
143.5
96.1
106.6
95.2
79.7
.01.1 9
86.3
113.1
90.4
121.9
101.8
114.9
96.6
84.1
101 !A
•Provisional. x Revised.
3L1
Year
Ago.
69.3
57.9
57.6
54.0
68.9
88.6
76.8
77.0
89.3
59.8
86.8
75.7
81.2
95.2
675
Production of Electricity for Week Ended Aug. 20 1932
Approximately 12.9% Below Same Period Last Year.
The production of electricity by the electric light and
power industry of the United States for the week ended
Saturday, Aug. 20, was 1,431,910,000 kwh., according to
the National Electric Light Association. The Atlantic seaboard shows a decrease of 8.8% from last year, while New
England, taken alone, shows a decrease of 9.1%. The
Central industrial region, outlined by Buffalo, Pittsburgh,
Cincinnati, St. Louis and Milwaukee, registers as a whole
a decrease of 16.3%. The Pacific Coast shows a decline
of 12.4% below last year.
Arranged in tabular form, the output in kilowatt hours
of the light and power companies for recent weeks and by
months since the beginning of 1932 is as follows:
Weeks
Ended.
1387
Financial Chronicle
Volume 135
1930.
1932.
1932
Under
1931.
1,523,652,000 1,597.454,000 1,680,289,000 1,542,000,000
4.6%
5.5%
1,736,729,000 6.7%
1,717,315,000 6.7%
1,728,203,000 5.8%
1.726.161,000 5.4%
1,718,304,000 6.2%
1.699.250.000 8.0%
1,706,719,000 7.4%
1,702,570,000 8.7%
1,687.229.000 8.2%
1,683,262,000 8.6%
1.679.589,000 10.3%
1.663,291,000 11.9%
1.696,543.000 11.1%
1,709,331,000 9.8%
1.699,822,000 12.3%
1,688,434,000 11.5%
1,698,492,000 12.7%
1,704,426,000 13.1%
1.705,460,000 12.7%
1,615.085,000 112.2.7
1,689,925,000 I
1,699,227,000 11.5%
1,702,501,000 10.5%
1.723,428,000 11.9%
1,592,075,000 1
1,711.625,000 512.8%
1,727,225,000 13.9%
1,723,031,000 13.17
1,724,728,000 12.4%
1,729,667,000 13.1%
1,733,110,000 13 1%
Gas Utility Revenues Down in First Six Months.
During the first six months of the current year revenues of
manufactured and natural gas utilities declined 7.2%,
dropping from $374,229,461, in the first half of 1931 to
$347,288,325 in the corresponding period of 1932, it was
announced by the American Gas Association. Customers
of the 409 reporting companies aggregated 13,931,649 on
June 30 1932 as compared with 14,224,242 on the same date
of the preceding year, a drop of 2.1%. This loss in number
of customers amounting to nearly 300,000 for the year ending
June 30 was the most severe reported by these companies
since the onset of the current depression. The Association
further states:
The manufactured gas companies reported revenues of $194,617,810
for the first half of 1932, or 5.2% less than for the corresponding period of
the preceding year, while revenues of the natural gas utilities amounted
to 8152,670,515 for the same period, a decline of nearly 10%.
Sales of manufactured gas reported for the half year totaled 183,750,567.000 cubic feet, a loss of 4.8%, while natural gas utility sales were
350,706,029,000 cubic feet. a decline of 10.7%•
This decline in sales and revenues of both manufactured and natural
gas utilities characterized practically all sections of the country during
the first half of 1932. An outstanding exception however was the State
of California, where operating revenues of gas utilities gained nearly 14%
during the period, rising from 831,197,785 in the first half of 1931 to 835.548.179 during the corresponding interval of 1932. This was the result.
In large part, of an increase of 21% in sales to household or domestic customers, and a gain of more than 60% in sales to commercial establishments,
such as hotels, restaurants, acc.
Sales of Ordinary Life Insurance in New York City
During July.
The Life Underwriters Association of New York City
announces that sales of ordinary life insurance for the month
of July 1932 in the Metropolitan area are estimated at
$69,561,000.
Jan. 9 __- 1,619,265,000 1,713,508,000 1,816,307,000 1,733,810,000
Jan. 16 ____ 1,602,482,000 1,716,822,000
Jan. 23 ____ 1,598,201.000 1,712,786,000
Jan. 30 ____ 1,588,967,000 1,687,160,000
Feb. 6 ____ 1,588,853,000 1,679,016,000
Feb. 13 __-_ 1,578,817.000 1,683,712,000
Feb. 20 ____ 1,545,459.000 1,680,029,000
Feb. 27 ---- 1.512,158,000 1,633.353,000
Mar. 5 __-_ 1,519,679,000 1,664,125.000
Mar. 12 __-_ 1,538,452,000 1,676,422,000
Mar. 19 ____ 1,537,747,000 1,682,437,000
Mar. 26 __. 1,514,553,000 1,689,407.000
Apr. 2 __-_ 1,480.208,000 1,679.764,000
Apr. 9 ____ 1,465,076,000 1,647.078.000
Apr. 16 ____ 1.480,738.000 1,641.253,000
Apr. 23 ____ 1,469,810,00
1,675,570,000
Apr. 30 __-_ 1,454,505,000 1,644,437,000
May 7 ____ 1,429,032,000 1,637,296,000
May 14 ____ 1,436,928,000 1,654,303,000
May 21 ____ 1,435,731,000 1.644,783,000
.
May 28 __ _ 1,425.151,000 x1,601,833,000
June 4 -___ x1,381,452,000 1.593,622,000
June 11 ____ 1,435.471,000 1,621.451.000
June 18 ____ 1.441,532,000 1,609,931,000
June 2.5 -__ 1.440.541.000 1,634.935,000
July 2 __-_ 1,456.961,000 z1,607,238.000
1,603,713.000
July 9 --__ *1,341.730,00
July 16 ---- 1,415,704,000 1,644,638,000
July 23 ---- 1,433,993.000 1.650,545.00
July 30 ---- 1.440,386.000 1,644,089,000
Aug. 6 ---- 1.426,986,000 1,642,858,000
1.415,122,000 1.629.011.00
Aug. 13
Aug. 20 --__ 1,431.910,000 1.643.229,000
Months7,014,066.000 7.439,889,000
January-__
February__ 6.518.245,000 6,705,564,000
6,781.347,00 7,381,004.000
March
6.303.425.00 7.193,691.000
A pill
6,212,090,000 7,183,341.00
May
6,130,077,00 7,070.729,000
June
1.833,500,000
1,825,959,000
1,809,049,000
1,781,583,000
1.769,683,000
1.745,978,000
1,744,039,000
1,750,070.000
1,735,673.000
1,721,783.000
1,722,587,000
1,708,228,000
1,715.404,000
1,733.476,000
1,725,209,000
1,698,389.000
1,689.034,000
1,716,858,000
1,723,383,000
1,659,578,000
1,657,084,000
1.706,843,000
1,607,800,000
1,703.762,000
1,594,124,000
1,625,659,000
1,666,807,000
1,686,467,000
1.678,327,000
1,691,750,000
1,677,115,00
1,691,261,000 1,750.055,000 12.9%
8,021,749.000
7,066,788,000
7,580,335,00
7,416.191,000
7,494,807,000
7,239,697.000
7.585,334,000
6.850.855,000
7,380.263.000
7,
285,350.000
7,486.635.000
7.220,279.000
5.79
y6.19
8.29
12.49
13.59
13.32
z Including Memorial Day. y Change computed on basis of average daily reports
z Including July 4 holiday.
Note.-Tho monthly figures shown above are based on reports covering approximately 92% of the electric light and power industry and the weekly figures are
based on about 70%.
Annalist Weekly Index of Wholesale Commodity
Prices-Downward Movement.
the absence of now factors in either the general business
In
situation or in the field of the individual commodities, the
"Annalist" weekly index of wholesale commodity prices
slipped downward 0.2 point to 9.40 on Aug. 23, from 94.2
United States Department of Labor's Survey of Building
Operations in the United States-Decrease Noted
in Cost of New Residential Buildings and Cost of
New Non-Residential Buildings Between June and
July.
The Bureau of Labor Statistics of the United States
Department of Labor has received reports of building permits issued from 351 identical cities of the United States
having a population of 25,000 or over for the months of
June 1932 and July 1932. The estimated cost of building
for which permits were issued in these cities during July
was $35,247,658. This was 30.5% less than the estimated
cost of building operations in these cities during the month
of June. The number of all building operations decreased
14.0% comparing these two periods. Comparing July 1932
with June 1932, there was a decrease of 14.4% in the number
and a decrease of 29.0% in the estimated cost of new residential buildings. New non-residential buildings decreased
20.3% in number and 34.6% in indicated expenditures.
Additions, alterations and repairs decreased 11.7% in number
and 19.7% in estimated cost. During July 1932 family
dwelling units were provided for 1,944 families. This is a
decrease of 22.3% as compared with June. The Bureau's
survey, issued Aug. 22, further states:
Various agencies of the United States Government awarded contracts
during July for buildings to cost $9,833,134. This is less than the value
of contracts awarded for Federal buildings during June, but slightly greater
than during July 1931.
Comparing permits issued in 341 identical cities in July 1932 and July
1931. there was a decrease of 67.6% in the number and a decrease of 80.5%
in the estimated cost of new residential buildings. New non-residential
buildings decreased 45.9% in number and 64.8% In cost. Additions,
alterations and repairs decreased 21.5% in number and 58.0% in estimated cost. Total building operations decreased 34.7% in number and
68.4% in estimated cost.
1388
Financial Chronicle
Permits were issued during July 1932 for the following important building
projects: In New Haven for a dormitory at Yale University to cost
$900,000; in Boston for a pathological building at the city hospital to
cost $650,000, and for a high school for girls to cost $920,000: in Buffalo
for an armory to cost nearly $900,000; in the Borough of The Bronx for
a school building to cost $602,000; in Rochester for an office building to
cost $400,000; in Union City, N. J., for a store building to cost 8300,000:
in Milwaukee for a school building to cost $1,000,000. Contracts were
awarded by the Supervising Architect. Treasury Department, for a post
office in Bridgeport to cost $465,000; for a post office in Minneapolis to
cost nearly $2,300,000; and for a central heating plant in Washington,
D. C., to cost over $1,000,000.
ESTIMATED COST OF NEW BUILDINGS IN 351 IDENTICAL CITIES,
AS SHOWN BY PERMITS ISSUED IN JUNE AND JULY 1932, BY
GEOGRAPHIC DIVISIONS.
New Residential Buildings.
Geographic Division. Cities.
Estimated
Cost.
June 1932.
New England
Middle Atlantic
East North Central
West North Central_
South Atlantic
South Central
Mountain and Pacific
Total
July 1932.
$1,048,605
3,129,415
1,315,795
817,445
1,192,427
436,234
1,612,410
$894,607
1,701,723
1,000,874
570,880
882,886
517,573
1,216,540
253
680
272
217
312
214
554
191
401
263
189
233
233
420
351
$9,552,331
$6,785,083
-29.0
2,502
1,944
-22.3
Geographic Division. Cities.
New Non-Residential
Buildings,
Estimated
Cost.
June 1932.
Total
June 1932.
54
68
94
25
40
32
38
Per cent of change__ _
New England
Middle Atlantic
East North Central_ _
t.
West North Central_
South Atlantic
South Central
Mountain and Pacific
July 1932.
Families Provided for in
New Dwellings.
54
68
94
25
40
32
38
351
Per cent of change__ _
$2,408,534
8,987,748
2,758,284
2,225,574
11,024,460
1,218,027
2,149,170
July 1932.
$3,703,687
5,587,939
2,549,543
2,844,736
3,013,338
1,310,407
1,128,914
Total Construction
(Including Alterations
and Repairs),
Estimated Cost.
June 1932.
$4,574,229
15,725,147
5,585,022
3,825,930
13,601,941
2,245,677
5,133,189
July 1932.
$5.730,723
9,624,338
5,059.670
4,099,134
5,001,775
2,248,911
3,482,907
130,771,897 $20,138,564 850,691,135 $35,247,658
-30.5
-34.6
Retail Food Prices in Buffalo Decreased 2% During
Period from July 15 to August 15, According to
University of Buffalo.
The index of retail food prices in Buffalo, computed
monthly by the Bureau of Business and Social Research of
the University of Buffalo, declined the past month, the
prices of August 15 being 2% lower than those of July 15.
The Bureau in reporting this on August 19 also said:
The greatest loss was shown in the miscellaneous group (19%), the
smaller losses in meats and groceries. Dairy products gained 6% due
chiefly to higher prices for eggs. In comparison with the prices of Aug. 15
1931 there was a decline of 15%. Dairy products suffered the greatest
loss (21%), a result of the milk war of last fall, and meats were next with a
decline of 16%.
The figures below show the cost in Buffalo to an average family of a year's
supply of the 41 articles included in the list only, and do not represent
the total cost of food for a family:
Aug. 151931. July 15 1932. Aug. 151932.
Dairy products
Meat products
Grocery products
Miscellaneous
Total
$99.71
75.10
112.04
25.77
$74.22
64.25
103.84
28.81
578.52
63.01
100.87
23.26
$312.62
$271.12
$265.69
Wage Schedule for Builders Agreed Upon-New York
State Association and Labor Leaders Work Out
Scale for Various Centers.
Completion by the New York State Association of Builders
in the week of August 20 of the long-awaited schedule of
wages applying to leading trades serving the principal construction centers of the State makes it much safer for local
contractors to bid on out-of-town public and private work,
says Allen E. Beals in the current "Dow Service Daily
Building Reports." The Now York "Herald Tribune" of
August 22 noting this continued:
One of the outstanding present characteristics of the building construction
industry here is the increasing interest contractors indicate in construction
work reported to them as contemplated or calling for bido within easy
reach of their New York City establishments. Until Harry 0. Taylor,
Secretary of the New York State Association of Builders, completed the
task of officially registering the final agreements between organized employers and organized employees as to the lowered rates of wages to be paid
skilled building construction artisans, bidders here often experienced
trouble in finding out what they would have to pay their employees in the
communities in which the operation they were bidding on was located.
In the case of reported New Jersey private and public building projects,
official tabulations have not been completed. In that State the Commissioner of Labor is required by Chapter 230 of the Laws of 1932 to decide
concerning prevailing rates of wages in disputed cases, but Commissioner
Charles It. Blunt informed the Dow Service last week that no such disputes
having so far been brought to him under this new law he did not contemplate
setting up a schedule of prevailing rates of wages on public work In that
State. Negotiations are still pending in many New York communities
between organized employers and organized employees, and therefore no
official wage schedule covering that part of the metropolitan district of
New York is at present available.
The first figures in the following schedules represent the New York State
wage rate paid leading trades an hour in districts shown under Bulletin
No. 53, dated Aug. 15 1932. The other figure is the rate current under But
Aug. 27 1932
letin No. 52, dated July 15 1930, with the exception of tile and marblesetters and ironworkers, two branches of the organized building track'
currently reported but which did not appear in Bulletin No. 52, published
two years ago.
BricklayersAlbany
Buffalo
Newburgh
New York
Poughkeepsie
Rockland
Suffolk
Westchester
Plasterers
Albany
New York
Poughkeepsie
Rockland
Suffolk
Westchester
Plumbers-Steamfitters
Albany
Buffalo
New York
Poughkeepsie
Suffolk
Westchester
Painters
Albany
Buffalo
New York
Poughkeepsie
Suffolk
Westchester
Iron lVorkersAlbany
Westchester
CarpentersAlbany
Buffalo
New York
Poughkeepsie
Suffolk
Westchester
New.
$1.37
1.25
1.65
1.37
1.25
1.50
$1.37
1.50
1.37
1.25
1.50
$1.25
1.25
1.40
1.12
1.00
1.40
$1.07
1.00
1.00
1.00
1.00
1.25
New.
$1.12
1.00
1.40
1.00
1.00
1.25
Old.
$1.75
1.50
1.71
1.92
1.65
1.75
1.92
1.75
Tile & Marble Setters New.
Buffalo
$1.43
New York City:
Tilelayer
1.43
Marblmetter
1.50
Rochester
1.25
Suffolk
1.60
Syracuse
1.25
Westchester
1.68
Electricians$1.75 Albany
$1.20
1.92 Buffalo
1.30
1.65 New York
1.40
1.75 Poughkeepsie
1.12
1.92 Suffolk
1.00
1.75 Westchester
1.40
Sheet Metal Workers
$1.50 Albany
$1:?0
1- 65 New York
.
1.40
1.31 Poughkeepsie
1.12
1.65 Suffolk
1.25
1.65 Westchester
1.25
Roofing
$1.30 Albany
$1.25
1.25 Buffalo
1.10
1.65 New York
1.28
1.12
Slate
1.57
1.50 Poughkeepsie
1.00
1.50 Syracuse
1.00
Old. Suffolk
1.25
$1.30 Westchester
1.25
1.65
Laborers
Albany
$0.60
$1.37 Buffalo
42 to .60
1.25 New York
1 00 to 1.06
1.65 Poughkeepsie
40 to .60
1.25 Suffolk
0.50
1.65 Westchester
62, .87
1.50
and 1.12
Old.
_- _-_-$1.35
1.37
1.65
1.25
1.65
1.65
$
:
1g
Bufalo
1.65
1.31
1- 65
.
$1.43
1.37
1.65
1.85
1.31
.
1-65
1.65
---
Contractors submitting bids on all work in New York State are reminded
of the recent amendment to the Workmen's Compensation law which
requires that all employers shall produce proof of workmen's compensation
insurance coverage in a form satisfactory to the Commissioner. No permits
will be granted in the future, Commissioner Perkins says, unless the Commissioner is satisfied that the employer has secured workmen's compensation
insurance, and building bureaus throughout the State have been so advised.
The recent wage agreement reached in the building trades
was referred to in our issue of July 2, page 26.
Bureau of Business Research of Indiana University
Finds Trade and Industry in Indiana at New Low
Levels for July.
Basic industries are lagging behind the improved psychological attitude in business and general business for Indiana
showed trade and industry at new low levels for July, according to the current Indiana Business Review prepared
by the Indiana University Bureau of Business Research
and published monthly by the Fletcher American National
Bank of Indianapolis.
The "Business Review" shows the preliminary July
index as 57.4 as compared with 59.2 in June and 73.4 a year
ago. General business activity in Indiana since the first
of this year has averaged 23.4% under the corresponding
period a year ago and 46.3% under the first seven months
in 1929, according to the business survey, which was issued
August 20. A summary of the business findings for July
is as follows:
Department store sales the lowest of any month in recent years, now
car sales 48.3% under normal, used car sales 8.3% under a year ago and
31.9% under normal, hardware sales 37% under a year ago and 43%
under July 1930, steel mills operating at 14 and 15% capacity, limestone
shipments 46.2% under normal, employment at a new low level during
July but with a slight increase in percentage of workers on part time schedules, slight decrease in operating schedules of textile manufacturers, furniture production at a new low level with representative firms reporting
employment 33.4% under a year ago, building trades quiet with total
construction 76.5% under normal, bank clearings 39.3% under a year ago,
increase in number of business failures but decrease in amount of assets
and liabilities involved, cost of living in Indianapolis down 5.8% during
first half of this year.
Lumber Mills Report Some Improvement in Order Files.
Lumber mills experienced the most favorable flow of now
business in several months during the week ended Aug. 20,
it is indicated in telegraphic reports to the National Lumber
Manufacturers Association from regional manufacturers
associations covering tho operations of 624 leading hardwood
and softwood mills. Orders received by these mills amounted
to 144,780,000 feet-this favorable ratio of 32% above the
cut being partly accounted for by continued curtailed
production. Production was 109,956,000 feet. Shipments
amounted to 133,940,000 feet, or 22% above the cut.
While continuing below in other regions, for the first
time this year one of the major lumber groups showed a
higher percentage of orders received as compared with last
year-98 mills in the Southern Pine territory reporting
orders for the week this year 45% above those of corresponding week a year ago. Southern Pine orders for 109
mills were reported as nearly double their production. The
Association further reports as follows:
Stocks at the lilts.
On Aug. 20. softwood stocks at the mills were the equivalent of 90 days'
average current production of the reporting mills, compared with 108 days
Volume
135
Financial Chronicle
the first of the year and 118 days a year ago. This indicates a substantial
reduction but even in the face of this, inventories have not been reduced
to the desirable "normal" relationship of stocks to consumption as given
in the recent Timber Conservation Board report. On the corresponding
date in 1929, when relationship of stocks to consumption was considered
"normal," the softwood industry showed stocks the equivalent of 75 days
of its then average production. An increase in demand which would accompany an upturn in building or in wood-consuming industry revival would
tend to correct the stock situation materially.
Lumber orders reported for the week ended Aug. 20 1932 by 463 softwood
mills totaled 134,407,000 feet, or 30% above the production of the same
mills. Shipments as reported for the same week were 124,170,000 feet,
or 20% above production. Production was 103,611,000 feet.
Reports from 179 hardwood mills give new business as 10,373,000 feet,
or 63% above production. Shipments as reported for the same week were
9,770.000 feet, or 54% above production. Production was 6,345,000 feet.
Unfilled Orders
Reports from 399 softwood mills give unfilled orders of 331,789,000
feet, on Aug. 20 1932, or the equivalent of 9 days' production. This is
based upon production of latest calendar year-300
-day year—and may
be compared with unfilled orders of 492 softwood mills on Aug. 22 1931,
588.432,000 feet, the equivalent of 12 days' production
of
The 372 ident'cal softwood mills report unfilled orders as 327,465,000
feet on Aug. 20 1932,, or the equivalent of 9 days' average production,
as compared with 524,332,000 feet, or the equivalent of 14 days' average
production, on similar date a year ago. Last week's production of 423
identical softwood mills was 98,587,000 feet, and a year ago it was 168,685,000 feet; shipments were respectively 118,683,000 feet and 184,164,000;
and orders received 130,265,000 feet and 186,301,000. In the case of
hardwoods, 168 identical mills reported production last week and a year
ago 5,785,000 feet and 11,435,000; shipments 9,213,000 feet and 16,184,000;
and orders 9,687,000 feet and 16,889,000 feet.
West Coast lovement.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 216 mills reporting
for the week ended Aug. 20:
UNSHIPPED ORDERS.
NEW BUSINESS.
SHIPMENTS.
Feet.
Feet.
Fe,
t.
Domestic cargo
Domestic cargo
Coastwise and
19,334,000 delivery
delivery
67,051,000 intercoastal_ _21,762,000
10,278,000 Foreign
48,361,000 Export
Export
13,570,000
23,387,000 Rail
43.667,000 Bail
Rail
19,743,000
5,282.000
Local
Local
5,282.000
58,281,000 Total
158,979,000 Total
60.357,000
Production for the week was 49.580,000 feet.
Southern Pine.
The Southern Pine Association reported from New Orleans that for
109 mills reporting, shipments were 49% above production, and orders
93% above production and 29% above shipments. New business taken
during the week amounted to 38,550,000 feet (previous week 30,138,000
at 114 mills); shipments 29,774,000 feet (previous week 25,595,000); and
production 20,004,000 feet (previous week 19,566,000). Orders on hand
at the end of the week at 98 mills were 60,820,000 feet. The 98 identical
mills reported a decrease in production of 22%, and in new business an
increase of 45%, as compared with the same week a year ago.
Western Pine.
The Western Pine Association reported from Portland, Ore., that for
113 mills reporting, shipments were 2% below production, and orders 9%
above production and 12% above shipments. New business taken during
the week amounted to 35,912,000 feet (previous week 34,275,000 at 120
mills); shipments 32,206.000 feet (previous week 32,510,000); and production 32,982,000 feet (previous week 33,020,000). Orders on hand at the
end of the week at 113 mills were 117,132,000 feet. The 100 identical
mills reported a decrease in production of 44%, and in new business a
decrease of 37%, as compared with the same week a year ago.
Total
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minn., reported
Production from 7 mills as 868,000 feet, shipments 1,447,000 feet and new
business 1,238,000 feet. The same number of mills reported a decrease
of 64% in production and a decrease of 63% in new business compared
with the same week last year.
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 18 mills as 177,000 feet, shipments 386,000 and orders 426,000 feet. The 17 identical mills reported
production 89% less and orders 37% less than for the corresponding week
a year ago.
Hardwood Reports,
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
production from 161 mills as 5,845,000 feet, shipments 9,028,000 and new
business 9,888,000. The 151 identical mills reported production 49% less
and now business 41% loss than for the same week in 1931.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 18 mills as 500,000feet, shipments
742.000 and orders 485,000. The 17 identical mills reported production
58% less and new business 65% less than for the same week last year.
Far Eastern Rubber Production.
Production of crude rubber on large and small estates in
British Malaya totaled 35,356 tons during July, the Rubber
Exchange of New York, Inc., was advised on Aug. 23 in a
cablegram. This compares with a production of 30,701
tons during June. Outputs last month were 14,736 tons on
small estates, against 11,182 tons in June,and on large estates
20,620 tons, against 19,519 tons in the previous month.
The Exchange also states:
Estate stocks were 20,591 tons at the end of July, compared with 21,053
tons at the close of June, and dealers' holdings totaled 21,008 tons, compared with 22,941 tons at the end of the previous month.
Tire and Tube Prices to Be Advanced by India Tire &
Rubber Co.—Increases Ranging from 11 to 15%
to Care for Federal Excise Tax.
Under date of Aug. 24, Associated Press advices from
Akron, Ohio, to the New York "Times" of Aug. 25, stated:
1389
The India Tire & Rubber Co., which recently announced restoration to
workers of a 15 to 20% pay cut, stated Aug. 24 that effective Sept. 3 it
will increase prices on all tires and tubes from 11 to 15% to care for the
Federal excise tax.
The majority of rubber companies announced such a raise in June, but
offset it with a policy of additional discounts and reductions when mail
order tire sellers and one large manufacturer refused to go along on the
Increase.
Crop Conditions in Canada.
The Dominion Bureau of Statistics at 4 p. m. Aug.23
issued the thirteenth of a series of 15 weekly telegraphic
reports on crop conditions in the Prairie Provinces. This
service is based upon the co-operation of 35 correspondents
composed of agriculturists of the Dominion and Provincial
Departments of Agriculture as well as a number of selected
private observers. Conditions are summarized as follows:
SUMMARY.
Harvesting is under way in the three Prairie Provinces. During the
past week good progress has been made in spite of the delays caused by rain
in some areas. In general Manitoba and Saskatchewan need rain to improve
the feed and pasture situation. In Manitoba pastures are reported very dry
and potato crops will be benefited by rain. Recent weather has been favorable for crops in northern Alberta and heavy stands are maturing. Cutting
is under way and will be general next week.
Wheat cutting is practically completed in Manitoba and good progress
Is being made with coarse grains. Threshing is general throughout the
province. In general yields are reported as satisfactory over the province
as a whole but are quite low in some sections of southwestern Manitoba.
In Saskatchewan the weather during the past week has been favorable
for harvesting and about 50% of the wheat crop is now cut. In addition
good progress has been made in cutting coarse grains. Threshing and combining have commenced but are not general. Rains over the week-end
have delayed harvesting for a few days in some areas but the additional
moisture will be helpful to late crops and pastures. Crops in northern
Saskatchewan are maturing rapidly and good yields are anticipated.
Hot, dry weather in recent weeks has resulted in considerable grasshopper
damage to late crops and wheat stem sawfly is prevalent.
Crops in northern Alberta are maturing rapidly with the ideal weather
of the past week. Light showers in the Peace River district have benefited
crops. Cutting has commenced but will not be general until next week.
Rains have delayed harvesting in some areas in central and southern
Alberta but the moisture has been beneficial to pastures. In general the
outlook continues favorable in Alberta although some damage is reported
to late crops as a result of recent hot, dry weather.
MANITOBA.
Harvesting and threshing have progressed in a satisfactory manner in
manitobalduring the past week. Wheat cutting is completed and the
cutting of coarse grains is well advanced. Threshing is general in Manitoba
at the present time. Yields appear to be about average although low yields
are reported from the southwestern portion of the province. In general
the quality of the wheat crop is reported good although some damage is
apparent resulting from hot, dry weather during the filling period. Late
crops of coarse grains are reported to be light. In general Manitoba needs
rain to improve the feed situation, pastures and the potato crop. Practically
all points report that pastures are drying seriously.
SASKATCHEWAN.
Favored by dry warm weather, harvesting made good progress in Saskatchewan during the past week. About 50% of the wheat is cut and good
progress is being made with other crops. Threshing and combining are
commencing but are not general. While rains over the week-end will delay
harvesting for a few days, feed crops and pastures will be benefited. Crops
in the northern areas are maturing rapidly and average yields are anticipated. In the southern areas of the Province where harvesting is more
advanced, it is apparent that yields will vary greatly, ranging from very
low to average.
ALBERTA.
The weather in Alberta during the past week has been varied with ideal
harvesting weather prevailing in some districts and rains delaying harvesting
in other areas. In northern Alberta cutting is under way and will be general
next week. Showers in the Peace River district have been helpful and the
wheat crop is maturing rapidly. In the Edmonton district harvesting is
general and good yields and quality are in prospect. Heavy rains have
delayed harvesting in the Calgary area. While the outlook in Alberta
continues very favorable, it is apparent that recent hot, dry weather has
reduced the probable outturn of late crops and coarse grains in many districts. Very little hail damage is reported. Grasshoppers are reported
spreading and the pest is a serious threat in local areas in southern Alberta.
The Bank of Montreal on Canadian Crop Conditions.
The Bank of Montreal in its weekly crop report says:
Grain cutting is rapidly nearing completion in Manitoba, and in Saskatchewan over 50% of the wheat has been cut. In Alberta and Northern
Saskatchewan operations have been delayed by fairly general heavy rains.
Threshing is now under way in all three provinces and is general in Manitoba.
In Quebec harvesting of grains is becoming general with good yields indicated; and later crops are progressing satisfactorily. In Ontario grain
threshing is well under way; and all crops are developing normally. In
the Maritime Provinces crop prospects generally are favorable. In British
Columbia heavy rains have been beneficial to crops, though damage is
reported in some districts. Prospects continue good.
Cut in Flour Prices at Montreal.
From the "Wall Street-Journal" Of Aug. 20, we take the
—
following from Montreal:
Local wholesale prices of all grades of wheat flour have been cut 10 centsi
a barrel, following a decline in wheat prices in the last few days. New list
prices are: first patents, $4.80 a barrel;second patents,$4.20; third patents
$4.10. No change has been made in mill feed prices.
Financing of Canadian Wheat—Government Reported
As Guaranteeing Banks Against Loss.
Canadian Press athices from Ottawa, Ont., August 25,
said:
An agreement. it is understood, has been reached on the financing of the
marketing of Canada's 1932 wheat crop. The Provinces of Manitoba,
1390
Financial Chronicle
Alberta and Saskatchewan, it is intimated, will waive their securities on
the current assets of the pools as the first margin of security. The Dominion Government, it is understood, will guarantee the banks against
any loss.
Intimation of the agreement was given late today.
France to Buy Wheat Direct From Farmers.
United Press advices from Paris, August 26, to the New
York "Sun" said:
The Government decided to-day to buy a year's wheat supply for the
army directly from farmers in an effort to stabilize wheat prices and assure
the farmers profits usually made by middlemen.
Italian Government Subsidizes Silos and Grain
Storehouses.
An announcement August 18 by the United States Department of Commerce said:
The Italian Government is now subsidizing the building of silo and grain
storehouses for farmers, and when expedient it may order the formation of
obligatory consortiums of farmers for the construction of such grain storehouses, according to a report to the Commerce Department from Assistant
Trade Commissioner John M. Kennedy, Roma.
In order to encourage the erection of grain warehouses and silos the
Government may contribute as much as 25% of the cost. In cases where the
prospective builder must make recourse to credit in order to carry out his
intentions, the necessary funds up to 50% may be loaned him by the Government at 23 % interest per annum.
Government contributions may be paid to individual farmers or to groups
of them, to agricultural organizations, to land and irrigation consortiums.
to chambers of commerce and to bonded warehouses.
The Minister of Agriculture and Forestry may in exceptional cases, after
having consulted the regional agricultural inspector of the area concerned,
order the formation of unions of farmers to build silos. Those farmers able
to show they were already properly equipped with such storing places would
be dispensed from such compulsory groupings.
Russian Soviet Harvest Figures.
In a wireless message from Moscow Aug. 20 to the New
York "Times" it was stated that harvest figures for the third
five-day period of August have been more satisfactory and
the total now is only 4,000,000 acres behind that of the
middle of August last year. The message added:
The deficit lathe result of rains in the north Caucasus, which is 6,000,000
acres behind its schedule.
Especially successful are the machine and tractor stations, which have
completed 80% of their program. Their number has greatly increased as a
result of Soviet production of 25,000 tractors in the first half year. There
are now 3,000 of these stations with nominally 25 machines each and with
their own service stations and mechanics.
State grain collections improved 30% over the previous five-day period
but are still behind the monthly plan. Last year's collections approximated
23,000,000 tons of all grains and the fear that the current year's figure would
be materially reduced is now lessening.
The cotton harvest began yesterday in Central Asia and the prospects
are reported as excellent.
50% of North Manchurian Crops Destroyed by Floods
-May Prohibit Bean Exports.
Fully 50% of the crops in North Manchuria has been
destroyed by the recent floods, according to a radiogram to
the Commerce Department at Washington on August 13 from
Commercial Attache Julean Arnold, Shanghai, in which he
forwarded information reaching him from Mukden. The
Department further reports:
All telegraph and mail communications between Mukden and Harbin have
been disrupted since August 2.
The radiogram states that the damage in South Manchuria has been
negligible to date.
A dispatch from the American Minister at Peiping dated August 11 states
that the flood has reached a critical stage in North Manchuria. Fuchiatien
the Chinese section of Harbin is inundated and tens f thousands of tons
of beans stored at Harbin, Sansing and other points along the Sungari river
have been lost, he said.
News from Habarovsk indicates that the lower Amur River has overflowed, but loss of life so far has been small although property damage has
been enormous.
There is little hope held for the bean crop, and there is some talk of
prohibiting bean exports in order to relieve the exporters' responsibility
on forward contracts.
This dispatch says that Harbin is completely isolated as there are no
through trains operating on any of the three branches of the Chinese Eastern
Railway.
Steers at Chicago at Top Price.
From the Brooklyn "Daily Eagle" we take the following
from Chicago, Aug. 26:
A top Price of $10 a hundred pounds was paid Thursday on the Chicago
live stock market for heavy fed steers, or the highest on the current crop
and the best price since January of this year.
The market, was strong, advancing upwards of 25 cents a hundred on
all classes.
Mexico Reported as Facing Sugar Crisis with Expected
Surplus of 100,000 Tons at End of This Year.
From the New York "Times" we take the following from
Mexico City Aug. 12:
Mexico faces a severe sugar crisis, according to Leon Salinas, head of the
Sugar Bank here. He says that after a three year's accumulated surplus
the end of 1932 will see the Nation with more than 100.000 tons on hand.
Producers say that to throw on the home markets such a quantity would
result disastrously, while selling at present prices for export would work
out equally so. Government aid is likely to be sought.
Aug. 27 1932
1931-32 Philippine Sugar Crop 26% Greater Than
Previous Season's Yield.
The Philippine Sugar Association, in its final report on
the 1931-32 sugar crop, announces a 26% increase over the
previous year, according to a radiogram received in the
Commerce Department Aug. 13 from Trade Commissioner
E. D. Hester, Manila. The total yield was given as 984,024
long tons, says the Department, which also states:
The Association Issued an estimate that the 1932-33 crop would be about
the same size. It is the opinion of producers and central managers, the
radiogram stated, that the 1932-33 crop, which will be harvested in September, will yield more than 1,100,000 long tons centrifugal unless unforeseen typhoons destroy part of the crop.
-General Advance
Du Pont Advances Rayon Prices
by Rayon Manufacturers Expected.
The following is from the New York "Times" of Aug. 22:
The du Pont Rayon Co. will put into effect to-day an increase of 10 cents
a pound on 75 and 100 denier yarns in all put-ups. The advance brings
-deniers to 90 cents.
the 100-denier styles to 75 cents a pound and the 75
All the other leading mills withdraw their quotations on yarn, preparatory
to advancing them, and additional announcements are expected to be forthcoming to-day. Cloth converters have also withdrawn prices on future
deliveries, and advances in rayon hosiery and underwear are expected to
be made within a few days.
The New York "Evening Post" of last night (Aug. 26)
said:
A general price advance for all grades of rayon yarn is expected to be
announced by leading producers in the immediate future, it was learned
to-day.
Already, du Pont and Tubize Chatillon have advanced prices and other
manufacturers are expected to follow this lead owing to the heavy demand
which has developed.
Due to low stocks of rayon throughout the industry the sudden demand
for yarn has caught producers unprepared following their summer shutr
down and as a result deliveries cannot be obtained on many important
numbers sooner than October and November.
Rayon plants, while unwilling to commit themselves too far in increasing
operations, are nevertheless stepping up production as rapidly as possible
to capacity and can see good business for at least several months ahead.
Tubize Chatillon Corporation Announces Advance in
Rayon Prices.
The Tubize Chatillon Corporation announced this week its
first advance in the prices of rayon yarns since the downward swing of prices began two years ago with the start of
the business depression. The advance averages about 10
cents a pound above the low prices for the depression period,
which were announced on June 21. As a result of the advance
effective Aug. 25, the corporation's new schedule of prices
is as follows:
SKEINS.
Samonize (Semi
Denier50
75
100
125
dull-Nltro Cellulose).
1st.
2d. Cones.
1.05
.90
1.00
.95
.85
.90
.80
.70
.75
.70
.60
.65
75
100
125
150
200
300
Lustre, Sent-dull and Dull
(Viscose Process).
.90
.85
.75
.70
.65
.60
.60
.57
.55
.52
.50
.47
.95
.80
.70
.60
.55
.50
Review of Cotton Manufacturing in Texas by University
of Texas-Cotton Goods Sales Increased Sharply
During July.
Cotton goods sales by the 21 cotton mills reporting to the
University of Texas Bureau of Business Research made a
sharp gain during July, probably as a result of the jump
in unfilled orders during the previous month, says the
University under date of Aug. 23, adding:
Sales rose from 2,447,000 yards in June to 3,141,000 yards during July,
the highest monthly total for any month since January.
Production was held well within demand, only 2,485,000 yards being
produced during the month. This total was about one-fourth below
that for June and also for July a year ago, and was 656.000 yards under
sales for the month. Unfilled orders dropped 17% from the high reached
at the close of June to 3,265.000 at the end of July; forward bookings
were about half what they were at the end of July a year ago.
British Cotton Mill Workers and Employers Fail to
Agree-Impending Strike.
According to Manchester (Eng.) press cablegrams Aug. 26,
200,000 weavers in the Lancashire cotton mills are scheduled
to go on strike to-day (Aug. 27) because yesterday afternoon
mill owners and employees came to no agreement in a conference over wages and working conditions. The cablegrams (Associated Press) added:
This conference was regarded as the last hope of averting a general strike
in the cotton industry. A general walkout would involve half a million
workers and create one of the gravest crises the cotton mills over encountered.
On Aug. 1 200,000 workers went on strike at Burnley and efforts to
end that walkout failed. A general strike was averted, however, when
both owners and union officials agreed to further parleys.
The industry has been upset for many months. Business is bad and
the employers want to reduce pay. They also have attempted to install
In their mills a more modern system which has come to be known as the
"more looms per weaver" system. This would require each weaver to
be responsible for two more machines than he now operates The owners
offered to increase pay under those circumstances but the employees as-
Volume 135
Financial Chronicle
serted that installation of the system would reduce the number of jobs
by several thousand.
The prospective strike was referred to in our Aug. 20
issue, page 1236.
Texas Cotton Co-operative Association Creates Five
New Pooling Agencies.
The following from Dallas is from the "Wall Street
Journal" of Aug. 25:
13€1
The wage dispute was referred to in these columns Aug. 13,
page 1072.
Rochester, N. Y., Printers on Five-Day Week Schedule.
Under date of Aug. 16 Associated Press accounts from
Rochester, N. Y., said:
Commercial and newspaper plants employing members of Rochester
Typographical Union 15 began on a five-day-week schedule yesterday. A
special referendum last Friday gave a vote of 197 to 69 in favor of the
change, which Is expected to relieve unemployment in the union ranks.
Texas Cotton Co-operative Association has created five separate pooling
agencies for handling cotton placed with it this season, according to R. J.
Murray, General Manager.
In addition to the usual seasonal pooling plan whereby members ship
their cotton and are paid the season's average price based upon the particular quality of cotton delivered, the Association will also maintain an
optional pool, a valuation pool, a call pool and an immediate fixation pool.
The optional pool permits the grower member to ship his cotton, draw
an initial advance and reserve the right to fix the price thereon at some
later date, at which time settlement will be made on the prevailing basis.
The call pool enables the shipper to ship and draw an initial advance,
with the basis fixed and reserves the right to fix the price at some later date.
The valuation pool enables the shipper to ship his cotton as in the seasonal
pool, draw an initial advance and receive at the end of the season a price
in proportion to prices prevailing at time of shipment.
The immediate fixation pool provides the shipper with facilities to secure
Immediate and full settlement at time of shipment.
Petroleum and Its Products-Oklahoma Military Super-.
vision of Production Again in Courts-Texas Holds
Illegal Producers Punishable by Fine-Standard of
New Jersey Credits Strong Control of Crude Output in Reviewing Industry's Progress.
Military supervision of the Oklahoma City oil fields has
again become a subject of litigation. The Oklahoma County
District Court this week issued a temporary restraining order
preventing the military authorities from molesting lines of
the Union Transport Corp. Governor Murray has made no
public comment on this move, beyond declaring that the State •
Corporation Commission's control over proration had broken
down and that it became imperative to invoke the military
Activity in the Cotton Spinning Industry for July 1932.
authority or there would have been a lapse of regulation.
The Department of Commerce announced on Aug. 20
Reports from Texas on the State's fight to halt illegal
that, according to preliminary figures compiled by the production of crude oil in the East Texas fields reveal that
Bureau of the Census, 31,708,510 cotton spinning spindles violations of the order of the Railroad Commission calling
were in place in the United States on July 31 1932, of which for detailed reports on production and distribution of crude
19,758,252 were operated at some time during the month, are punishable by fine. This is the opinion of Attorney
compared with 20,561,914 for June, 21,639,352 for May, General James V. Alfred, and is expected to have a salutary
23,409,246 for April, 24,818,008 for March, 25,189,748 for influence upon illegal producers who are believed to have
February, and 25,825,718 for July 1931. The aggregate been supplying refineries at prices as low as 50c. a barrel, as
number of active spindle hours reported for the month was against the regular posted price of 98c.
3,659,198,582. During July the normal time of operation
All pipe line operators in the East Texas field have in-.
was 25 days (allowance being made for the observance of stalled proper meters and other checking devices, and are
Independence Day) compared with 26 for June, 2554 for reported as ready to co-operate to the fullest extent with
/
May,253i for April, 27 for March, and 24 2-3 for February. State authorities in stopping illegal flows of oil.
Based on an activity of 8.93 hours per day the average
Several of the major companies, as well as a group of indenumber of spindles operated during July was 16,390,587 or pendents, have expressed themselves as favoring the adoption
at 51.7% capacity on a single shift basis. This percentage of a new proration system which would combine well allowaTe
compares with 57.7 for June, 63.3 for May, 70.7 for April, with acreage. It is pointed out that the new plan would dis90.1 for March, 92.5 for February, and 86.0 for July 1931. courage drilling of small tracts and serve to slow down develThe average number of active spindle hours per spindle in opment as a whole.
place for the month was 115. The total number of cotton
Completed wells in the East Texas area now number 7,400,
spinning spindles in place, the number active, the number of
and with more than 400 new ones under way, the imperative
active spindle hours and the average hours per spindle in need of a new plan to keep the field's output below the legal
place, by States, are shown in the following statement.
maximum of 325,000 barrels daily becomes apparent.
In line with the industry's general belief that continued
Aaioe Spindle Hours
for July
Spinning Spindles.
improvement rests upon strict supervision of crude producSlate.
Arerage per
Active DurIn Plata
tion, the Standard Oil Co. of New Jersey declares that the
Total.
July 31.
Spindle in Place.
fog July.
improvement made during the first six months of this year
115
United States
31,708,510 19,758,252 3,659,198,582
has been due mainly to the strong control of crude which has
160
Cotton growing States 19,137,558 15,220,742 3,066,258,226
been achieved.1
New England States 11,373,712
45
3,951,178
516,951,950
All other States
586,332
63
1,197,240
75,988,406
"In the light of facts," declares the company, "it will be
-prThra n.
seen that nothing but the results obtained under
Alabama
178
1,871,410
1,623,244
332,382,199
48
1,066,892
Connecticut
51,515,934
454,508
would have saved the industry from demoralization. Even
168
3.312,314
Georgia
2,520,204
557,081,030
981,580
Maine
50,971,399
52
439,758
now there is too much oil being produced and too much of it
41
6,167,728
Massachusetts
255,275,549
1,955,768
25,662,153
216.768
118
Mississippi
138.440
runs to gasoline for a.71ealthy competitive situation. Yet
85
New Hampshire
578,216
1,188,406
100,826.717
there has been such progress in controlling the crude supply
37
8,664,592
235,520
New Jersey
160,528
43
26,664,688
152,980
616,912
New York
in the past two years as to support the belief that further
138
851,671,484
6,191,600
4,826.776
North Carolina
58,359,351
522,928
32
1,851,842
Rhode Island
improvement along the same line can be realized. It is
4,792,868 1,030,371,057
181
5,695,656
South Carolina.. _
110,790,998
462,542
593,544
Ha
Tennessee
evident that the degree of stabilization secured in crude
33,349,068
170,522
118
282,096
Texas
production has not been matched by the refining branch of
87.208,027
522,048
678,462
129
Virginia
78,401,336
436,922
757,780
103
All other States
the industry, which is all the more strange because the large
refiners are as a rule important factors in production.
"It needs but a small excess of crude and products to pull
Cent. Wage Increase by Gonic Mfg. Co. Mills down the price structure and put operators and refiners alike
Ten Per
at Rochester, N. H.
in the red. Perhaps the lesson of past years will serve to
According to Associated Press advices from Rochester, protect the industry's present position and result in a reN. H., Aug. 20, 500 employees of the Gonic Mfg, Co. Mills covery from the calamitous showing for 1931." this week,
No changes in posted crude prices were made
here were notified on that day of a 10% wage increase, and prices continue as follows:
effective immediately. Improved conditions in the textile
Prices of Typical Crudes per Barrel at Wells.
trade was asserted to have made the wage increase possible.
(All gravities where A.P.I. degrees are not shown.)
Settlement of Wage Dispute in Butte, Mont., Between
Printers and Publishers-Employees Accept $1 a
Day Cut in Pay.
Associated Press advices from Butte, Mont., on Aug. 13
stated:
An agreement was reached here last night In the wage dispute between
printing crafts and publishers and job printing shop proprietors, with the
employees accepting a reduction of fil a day in the basic wage.
Publication of newspapers will be resumed Sunday morning by the
"Montana Standard" and Monday afternoon by the Butte "Daily Post."
These newspapers as well as the Anaconda "Standard", seven job printing shops and one weekly paper, suspended activities Aug. 1. Members of
the Typographical. Stereetypers, Pressmen's, Mailers' and Bookbinders:
unions were affected.
$2.02
Bradford,Pa
1.05
Corning, Pa..
.80
Illinois
.90
Western Kentucky
Mid-Continent. Okla.,40 and above 1.00
Hutchinson, Texas, 40 and over-- .78
Spindletop, Texas. 40 and over.- .78
.86
Winkler, Texas
.77
Smackover, Ark., 24 and over
80.78
Eldorado. Ark., 40
.83
Rusk, Texas, 40 and over
.04
Salt Creek, Wyo.,40 and over
.00
Darst Creek
.85
Midland Dist., Mich_
1.05
Sunburst, Mont
Santa Fe Springs. Calif.,40and over 1.00
1.00
Huntington, Calif.. 26
1.75
Petrolia. Canada
-ERRATIC CHANGES IN GASOLINE
REPINED PRODUCTS
PRICES MADE IN VARIOUS SECTIONS AS LOCAL COMPETI-NO C1IANGE3INITANIC CAR
TIVE CONDITIONS DEVELOP
AND
STRUCTURE-IMPROVEMENT NOTED IN KEROSENE.
HEATING OILS.
Erratic price changes in tank wagon and service station
gasoline prices were made in various sections of the country
1392
Financial Chronicle
during the week. These changes-reflected for the most part
a local competitive condition, and are not indicative of any
general market trend.
Most important was the announcement made effective
August 24 by Standard of New York. This was an advance
of 1Mc. a gallon in tank wagon and service station prices in
greater New York. Including the 3e. tax, the service station
price now is 15c. a gallon. This is the first important
change in this area since the 4c. reduction on May 21, with
the exception of the new Federal tax of lc. a gallon last
month.
Standard of New York at the same time advanced gasoline
prices lc. a gallon in Boston and Providence. The price at
Albany, however, was reduced 1Mc. Prices throughout
Maine were also fractionally lower.
The advance in the New York territory was met by Consolidated Oil Corporation, Warner-Quinlan, and other major
marketers.
On Tuesday, August 23, Standard of California initiated
the Pacific Coast move toward reduction of third grade
gasoline by marking down its retail price 1.6c. to a new
posting of 11.9e. a gallon at company stations. This new
price affects only the company's "Flight" product. The
reduction was immediately met by Union Oil, Rjchfield, and
other major companies.
All grades of gasoline in Denver, Colorado, were reduced
2c. a gallon on the same day, making the new price 190. for
regular grades, including taxes of 5e. a gallon.
Operators in Detroit are meeting competition by announcing a 2c. reduction on gasoline purchases of 100 gallons or
more per month. Kerosene and naphtha were advanced 40.
a gallon on August 22 by Standard of Indiana to cover a
state tax made effective on that date. The state already had
in effect a 4c. tax on gasoline, but passed the new bill to
insure collections on blended materials. The tax will be
refunded on all purchases for purposes other than propulsion
of motor vehicles on motor highways.
Demand•for kerosene and heating oils in the New York
area showed considerable improvement this week, with 41-43
water white kerosene displaying steadiness at 5Mc. tank car,
at refineries. Grade C bunker fuel oil is firm and fairly
active at 85c. a barrel, while Diesel is steady and unchanged
at $1.65 per barrel, refinery.
Contrary to general expectations, there has been no change
as yet in the tank car price structure here. Jobbers are still
pursuing a hand-to-mouth buying policy in bulk lots, but the
advances this week in tank wagon and service station prices
here would indicate that there will be no downward revision
of bulk prices at this time.
Price changes of the week follow:
Aug. 22.
-Standard Oil Co.of Indiana,advances kerosene and naphtha
prices 4c. a gallon in Indiana to cover new State tax of this amount.
Aug. 23.
-Standard Oil Co. of California initiates move toward lower
prices on third grades by posting reduction of 1.6c. in company's "flight"
grade, making new price 11.9c. Union 011, Richfield, and other major
companies met cut.
-Standard 011 Co. of New York advances tank wagon and
Aug. 24.
service station gasoline prices 1)4c. a gallon throughout Greater New York;
posts lc. advance in Boston and Providence; Albany prices cut 134c. a
gallon; Maine structure reduced from a fraction to one cent per gallon.
Greater New York advance met by Consolidated, Warner-Quinlan, and
other operators.
Gasoline, Service Station. Tax Included.
New York_
3.15 Cleveland
5.185 New Orleans
1.128
Atlanta
195 Denver
Philadelphia
14
Baltimore
1.4 Detroit
13 San Francisco:
Boston
18 Houston
11.9
17
Third grade
Buffalo
175 Jacksonville
.19
Above 65 octane- .18
Chicago
17 Kansas City
Premium
.155
21
Cincinnati
.185 Minneapolis
167 St. Louis
144
Kerosene, 41-43 Water White, Tank Car Lots, F.O.B. Refinery.
N.Y.
(Bayonne)
-----05)4 I Chicago
$.02)4-.0334 New Orleans, ex-a. .0334
North Texas
03 I Los Ang.,ex... .0454-.06
,
Tulsa.
0434-.0334
Fuel 011, F.O.B. Refinery or TermInall
N. Y.(Bayonne)California 27 plus Di
Gulf Coast C--.-- 3.70
Bunker C
1 .85
8.75-1.00 Chicago 18-22 D-4234-.50
Diesel 28-30 D
1.65 New Orleans C
.60 Philadelphia C
.70
Gas Oil, F.O.B. Refinery or Terminal.
N. Y.(Bayonne)Chicago1Tulsa28 plus 03 0-5.03%-.041 32-36 0 0
8.01% I
8.03114
dasoune, U. S. Motor, Tank (Above 65 Octane), Car Lots, F.O.B. Refinery,
N. Y.(Bayonne)
N. Y.(Bayonne)
Chicago
1.05)4-.05g
Standard 011, N. J.
Sinclair
8.07X New Orleans, ex. .05-.0514
Pan-Am. Pet. Co- .06
Motor, 60 ocArkansas
.04-04)4
Shell Eastern Pet- .0734 California..__
3.08g
tane
.05-.07
New YorkMotor, 65 ocLos Angeles,as .04)4-.07
0834
tane
Colonial-Beacon...LOW Gulf Ports- .05-.0534
Crew Levick
Motor,standard .08g
.0834 Tulsa.06-.054(
Texas
*•
Stand. Oil. N. Y.
03)( Pennsylvania.05)4
Gulf
Tide Water Oil Co .08g
08g
Richfield 011(Cal.) .0834
Continental
.0334
Republic 011
Warner-Quin. Co- .0334
•.08
*Below 65 octane. x "Fire Chief" .0834,
**Standard Oil of N. Y. now quoting on basis of delivered price not more than
50. per gal, under company's posted service station price at Point and date of delivery but in no event less than 8340. a gal., f.o.b. New York Rarbor. exclusive
of taxes.
Aug. 27 1932
Improvement in the Oil Business.
During July the oil business took a definite and decided
turn for the better, it was stated in the monthly report on
the petroleum industry prepared by the Bureau of Business
Research at the University of Texas. The optimism resulted from a number of favorable factors, which are enumerated as follows:
"First," the report said, "the mid-year financial reports
of the oil companies showed a great inmprovement over a
year ago, as shown by the following figures of their earnings
for the tow periods; Amerada Corporation, $552,000 as compared with a $478,000 deficit for the first half of 1931; Associated Oil, $1,358,000 as compared with $1,111,000; Atlantic
Refining, $3,185,000 as compared with $4,013,000 deficit;
Continental Oil, $256,000 deficit as compared with $6,528,000 deficit; Mid-Continent Petroleum, $731,000 deficit as
compared with $2,901,000 deficit; Pecific Western, $235,000
deficit a compared with $688,000 deficit; Phillips Petroleum,
$812,000 deficit as compared with $2,674,000 deficit;
Plymouth Oil, $946,000 as compared with $219,000; Sun
Oil, $2,030,000 as compared with $1,049,000; Texas Pacific
Coal and Oil, $416,000 as compared with $690,000 deficit;
Tide-Water Associated, $2,099,000 as compared with
$1,077,000 deficit.
"Second, a Federal court order upheld the legality of proration as practiced in East Texas, showing that production
can be controlled. Third, production was slightly less than
consumption by refineries, indicating a draft on domestic
stocks. Foruth, Consolidated Oil Company,a Sinclair Company, and Standard Oil Company of California both did
large sums for Richfield Oil Company, a financially embarrassed oil concern operating in California. The Standard
Oil Company of California offered $17,000,000; the Consolidated Oil Company paid $22,000,000. These hugh amounts
of money asserted clearly a strong confidence by these large
companies in the future of the oil business.
"The only unfavorable factors to cool the air of optimism
during July was a continued decline in exports, particulraly
of gasoline, and an increase in the number of new refineries.
Export movement of all the major refined products showed
a decline. July 2 exports amounted to 220,000 gallons, and
July 6 exports were down to 75,000 gallons. During the
last few months, at least twenty refineries have been erected
in East Texas, and tend to increase the production of gasoline locally.
"Production decreased, drilling was curtailed, and no new
discoveries of major interest were announced during the past
four weeks. The most interest was caused by a wildcat well
which struck only a show of oil in the Woodbine sand in
Franklin County. The news, however, was sufficient to
cause a large number of scouts and lease-men to travel to
the new prospect. Although not yet proving to be a new
field, it indicates more interest in new production than has
been shown for some time. A wildcat well drilled by Stimolind Oil and Gas Company in San Patricio County in South
Texas also struck oil and gas and furnished indications of a
new pool in the Coastal district. Developments in other
areas were insignificant."
Net Crude Oil Stock Changes for July.
Pipe line and tank farm net domestic crude oil stocks east
of the Rocky Mountains decreased 2,150,000 barrels in the
month of July,according to returns compiled by the American
Petroleum Institute from reports made to it by representative companies. The net change shown by the reporting
companies accounts for the increases and decreases in general
crude oil stock, including crude oil in transit, but not producers' stocks at the wells.
Crude Oil Production in the United States Again Falls
Off-Stocks of Gasoline Decline Sharply.
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
Aug.20 1932 was 2,110,800 barrels, a decline of 33,400 barrels
as compared with the preceding week. The daily production for the week ended Aug. 22 1932 was 2,608,250 barrels.
For the four weeks ended Aug. 20 1932 there were produced
an average of 2,141,100 barrels per day. Withdrawals of
gasoline from storage declined 1,119,000 barrels during
the week ended Aug. 20 1932, motor fuel stooks at the latter
date amounting to 57,974,000 barrels as compared with
59,093,000 barrels at Aug. 13 1932.
Reports received for the week ended Aug. 20 1932 from
refining companies controlling 95.1% of the 3,852,000 barrel
Financial Chronicle
Volume 135
estimated daily potential refining capacity of the United
States, indicate that 2,128,300 barrels of crude oil daily
were run to the stills operated by those companies and that
they had in storage at refineries at the end of the week
37,051,000 barrels of gasoline and 134,100,000 barrels of gas
and fuel oil. Gasoline at bulk terminals amounted to 14,399,000 barrels and 1,299,000 barrels were in water-borne
transit in or between districts. Cracked gasoline production by companies owning 95.6% of the potential charging
capacity of all cracking units averaged 448,500 barrels
daily during the week. The complete report for the week
ended Aug. 20 1932 follows in detail:
DAILY AVERAGE PRODUCTION OF CRUDE OIL.
(Figures in Barrels.)
Week
Ended
Aug. 20
1932.
Average
4 Weeks
Ended
Aug. 20
1932.
Weak
Ended
Aug. 22
1931.
390.600
93,300
53,150
49,700
24,700
172.550
56,250
328,850
53,900
29,050
34,200
118,950
31,500
100,550
22,500
34,500
7,950
2,800
31,700
474,100
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
SoUthweet Texas
North Louisiana
Arkansas
Coast TexasCoastal Louisiana
Eastern (not including Michigan)
Michigan
Wyoming
Montana
Colorado
New Mexico
California
Week
Ended
Aug. 13
1932.
417,350
92,950
56,050
50,000
24,500
173,350
56,250
322,100
54,800
29,200
34,050
125,350
32,050
101,950
21,700
31,450
7,500
2,650
31,750
479,200
408,550
94,000
55.350
49,900
24,450
175.700
57,000
327,700
55,400
29,350
34,150
122,050
31.600
102.900
20,650
35,750
7.600
2,800
33,550
472,650
289,850
104,400
57,800
55,500
22,750
204,550
51,550
848,450
87,350
29.750
37,450
130,750
22,450
99,800
10,150
85,500
7.850
8,950
43,100
515,300
2.110,800 2,144,200 2.141,100 2,808.250
Total
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS, OAS AND FUEL OIL
STOCKS AND CRACKED GASOLINE PRODUCTION, WEEK ENDED
AUG. 20 1932.
(Figures in barrels of 42 gallons.)
Daily Refining Capacity
of Plants.
District.
Reporting.
Potential
Rate.
East Coast
Appalachian _ _ -Ind., Ill, HY --..
Okla..Kan.,Mo_
Inland Texas
Texas Gulf
Louisiana Gulf
-Ark
North La.
Rocky Mountain
California
633,700
149,600
438.300
485,700
305,700
532,500
147,500
85,600
160,900
914,500
Total.
%
Crude Runs
to Stills.
%
Daily °perAverage. ated.
a Motor
Fuel
Stocks.
Gas and
Fuel Oil
Stocks.
633,700 100.0 472,900 74.6 17,952,000 8,507,000
137.400 91.8
86,600 63.0 2,168,000 1,014,000
431,500 98.9 284,400 65.9 7,718,000 4,349.000
435.200 89.6 223,100 51.3 4,967,000 3,366.000
233.900 76.5 101,900 43.6 1,499,000 2,316,000
531,500 99.8 346,300 65.2 4,525,000 9,018.000
147,500 100.0
98,100 66.5 1,673,000 4,626,000
153.000 97.0
41,600 50.1
219,000
640.000
143,800 89.4 49,100 84.1 1,808,000
576.000
884,100 96.7 424,300 48.0 15,445,000 99,688.000
Totals week:
Aug. 20 1932_.3,852,000 3,661,600 95.1 2,128,300 58.1 c57974000 134,100,000
Aug. 13 1932.__ 3,852,0003.661.600 95.1 2.163.300 59.1 59.003000 133 735.000
a Below is set out an estimate of total motor fuel stocks on U. S. Bureau of Mines
basis for week of Aug. 20 1932.compared with certain August 1931 Bureau figures:
A.P.1.estimate B.of M.basis week Aug.20 1932.13
59.485,000 barrels
U.S. B. of M. motor fuel stocks Aug. 1 1931
56,265,000 barrels
U.S. B. of M. motor fuel stocks Aug. 31 1931
50,810.000 barrels
b Estimated to permit comparison with A. P. I. Economics report, which is on
Bureau of Mines basis.
c Includes 37,051,000 barrels at refineries; 14,399,000 at bulk terminals;
1,299.000
barrels in transit, and 5,225,000 barrels of other motor fuel stocks.
Lead Price Advanced to 3.50 Cents a Pound at New
York-St. Louis Price 3.35 Cents.
For the fourth time since Aug. 16, the American Smelting
& Refining Co.advanced the price of lead 10 points, the latest
increase occurring yesterday (Aug. 26). This change brings
the price to 3.50 cents a pound. The St. Joseph Lead Co.
advanced the price of lead at St. Louis at the same time, 10
points to 3.35 cents a pound.
Export Statistics Issued by International Tin
Committee.
The following communique of the International Tin
Committee was made public Aug. 22 at the New York office
of the International Tin Research and Development Council:
1. The International Tin Committee met at The Hague,Friday, Aug. 19.
2. The monthly statistics as to export are as follows:
CABLED INFORMATION FROM PARTICIPATING COUNTRIES FOR
THE MONTHS OF APRIL, MAY,JUNE AND JULY 1932.
Quotas.
From
Jan. to
For
May 1932. June 1932,
1,405
376
1,610
2,534
833
Export.
From
July 1.
April. May.
June. July.*
1,801
N. E. I
1,068
1,279 1,736
988
573
482
423
288
Nigeria
355
356
51
2,063
1,224
Bolivia
1,977 2,760 1,670
998
3,248
1,927
3,467 2.370 2,596 1,603
Malaya
833
833
761
831
Slam
686
637
• Those exports which are subject to the provisions of the modified Byrne scheme
have been dealt with in accordance with that scheme.
1393
World Zinc Output Off in July.
World production of slab zinc in July totaled 68,949
tons, against 70,293 tons in June and 88,668 tons in July
1931, according to figures released by the American Bureau
of Metal Statistics and given in the "Wall Street Journal."
United States production in July was 14,771 tons, against
16,410 tons in June.
The following table gives in short tons production of
slab zinc in the leading countries, but with output unallocated as to the source of the ore:
Month of-
July.
June.
May.
April. Jan.-Julp.
United States
Mexico
Canada
:Belgium
France
Germany
Italy
Netherlands
xPoland
Spain
Anglo-Australian
yElsewhere
14,771
2,845
7,584
8,255
4,449
3,796
1,499
1,425
7,558
896
7,371
8,500
16,410
2,800
7,361
8,154
4,112
3,708
1,371
1,424
8,332
879
7,242
8,500
18,642
2,988
7,624
8,508
4,210
3,853
1,390
1,444
8,717
902
7,409
8,500
20,620
2,801
7,222
9,492
4,389
3,818
1,370
1,411
8,810
860
7,234
7.800
136,968
19,993
51,949
67,090
30.776
26.213
9,382
9.950
61.481
6,096
48,810
57,200
68,949
World's total
74,165
70,293
75,827 525,588
Foreign
54.178
55.523
53.883
55,207 388,920
x Includes salable zinc dust y Partly estimated; includes Norway. Jugoslavia,
Czechoslovakia, Russia, Indo-China and Japan.
Note.-ZInc stocks of cartel were in short tons, at end of months:January,210,753;
June, 184,941: July, 179.914.
No Improvement in Steel Output.
-Pig Iron Demand
-Price of Finished Steel Lower, While That
Gains.
of Steel Scrap Advances.
Although there has been a moderate seasonal increase in
orders for some steel products from miscellaneous sources,
the aggregate has not been enough to make any impression
against the almost complete stagnation in buying by such
important consuming groups as the automobile industry and
the railroads, The "Iron Age" of Aug. 25 reports steel ingot
output is barely holding its own this week at 14% of the
country's capacity. In the Valleys, where motor car steel
requirements are such an important factor, production is
not above 10%. The Age further states:
Advance evidences of the expected September up turn in steel orders
and production are slow in making an appearance, yet throughout the
industry there is a belle amounting virtually to a conviction than an improvement of at least moderate proportions will make itself felt soon after
Labor Day. The lack of any considerable volume of supporting data
has not chilled this confidence
The Ford Motor Co. will resume operations on Sept. 7, and, while some
other large automobile plants will not increase activities until October,
when they are to start work on new models, a resumption of steel buying
by the motor car manufacturers is expected by mid-September. Cutrtallment in the motor car field has brought corresponding readjustment of
working schedules in numerous stamping and forge shops.
Railroad buying has not developed but several roads are expected to,
enter the market next month for rails and track supplies, notably the Northern Pacific, Great Northern, Cheasapeake & Ohio and Louisville & Nashville, and several Western roads are planning to recall men to repair shops
early in September for rehabilitation of equipment.
The Pennsylvania and the Baltimore & Ohio are the only roads which
have made known an intention of applying for loans from the Reconstruction Finance Corporation for equipment programs, but there is hope that
President Hoover's economic conference in Washington on Friday will
serve to expedite these and other projects that are dependent on Government financing.
Numerous construction projects, as well as the railroad program, come
within this category. Some are in readiness for the beginning of work
as soon as R. F. 0.loans have been approved. For example, the contract
for 72,000 tons of fabricated structural steel made with the McClintonMarshall Corp. a year ago for the Golden Gate bridge at San Francisco
has been extended by the authorities for six months, presumably with the
hope of starting construction as soon as financing has been arrange.
Structural steel lettings of 17,500 tons in the week were the largest since
the last of June. New projects call for only 8,080 tons, of which nore
than 6,400 tons is for bridges. Outstanding awards were 4,100 tons for
a municipal auditorium in St. Louis, 2,400 tons for an armory at Jamaica,
N. Y., and 2,000 tons for a Cunard Line pier in New York.
Of major interest as favorable factors are increases in sales of an inquiries
for pig iron in several centers and further strengthening of scrap prices,
but offsetting these are declines in several grades of sheets and in foundry
coke.
Pig iron sales at Cleveland were the largest in many months,and inquiries
are heavier there and elsewhere, although in some markets the increased
interest in iron has not yet resulted in an important gain in bookings.
Most of the inquiries are for fourth quarter, with a few for the first quarter
of 1933, but the disposition of most buyers and sellers is not to speculate
on business that far ahead. Price advances on pig iron would undoubtedly
accompany any important improvement in the demand, as present quotations are generally below costs of production.
Declines in sheet prices have affected No. 24 hot-rolled annealed, galvanized, light and heavy cold-rolled and automobile body grades, and
brought down The "Iroh Age" finished steel composite price to 1.964c. a
pound from 1.976c.. where it has stood since the last of June,and the lowest
level since last March. The pig iron composite remains at $13.64 a gross
ton, while the heavy melting scrap composite has gone up to $7,the highest
since the second week of June, because of a 25c. advance at Pittsburgh,
where other steel-making grades are also higher owing to scarcity rather
than increased consumption. Many holders of scrap are unwilling to
sell at present prices.
The ultimate effect upon the flow of American steel to Canada of the
agreement reached at the Empire Conference cannot yet be appraised.
The "Iron Age" cable from London notes some reservation in the steel
Industry there as to the probable outcome, while Canadian industrall
opinion is that purchases of steel in this country will not be greatly curtailed.
1394
Financial Chronicle
Finished Steel.
(Based on steel bars, beams, tank plates
Aug. 23 1932, 1.964o. a Lb.
1 976c. wire rails black pipe and sheets.
One week ago
1.9760. These products make 85% of the
One month ago
2 014c. United States output.
One year ago
1.9260. Feb. 2
1 9760. June 28
1932
1.9410. Dee. 29
2.037c. Jan. 13
1931
2.0190. Dec. 9
2 273c. Jan. 7
1930
2.273o. Oct. 29
2.3170. Apr. 2
1929
2.217e. July 17
2.286c. Dec. 11
1928
2.2120. Nov. 1
2 402c, Jan. 4
1927
Pig Iron.
Based on average of basic iron at Valley
Aug. 23 1932,$13.64 a Gross Ton.
$13.64 furnace foundry irons at Chicago,
One week ago
13.76 Philadelphia, Buffalo, Valley and BirOne month ago
15.50 mingham
One year ago
Low.
High.
$13.64 Aug 16
$14.81 Jan. 5
1932
15.79 Dec. 15
15.90 Jan. 8
1931
15.90 Dec. 16
18.21 Jan. 7
1930
18.21 Dec. 17
18.71 May 14
1929
17.04 July 24
18.59 Nov.27
1928
17.54 Nov. 1
19.71 Jan. 4
1927
Steel Scrap.
Based on heavy melting steel quoAug. 23 1932, $7.00 a Gross Ton.
$3.92 tattoos at Pittsburgh, Philadelphia
One week ago
6.58 and Chicago.
One month ago
9.08
One year ago
Low.
High.
$3.42 July 5
$8.50 Jan. 12
1932
7.62 Dec. 29
11.33 Jan. 6
1931
11.25 Dee. 9
15.00 Feb. 18
1930
14.08 Dec. 3
17.58 Jan. 29
1929
13.08 July 2
16.50 Dec. 31
1928
13.08 Nov.22
15.25 Jan. 11
1927
By further commitments for scrap, producers of steel
are exhibiting a substantial measure of confidence in an
improved market situation-an earnest which has not yet
been required of consumers, states "Steel" of Cleveland
Aug. 22, which further reports as follows:
With credit easier, the price of scrap rising and its current production
limited, steelmakers are disposed to accumulate it. Three miles in the
Detroit. Cleveland and Youngstown districts have made sizable purchases
In the past week; another Valley mill is in the market.
But consumers of steel, lacking actual increase in demand for their products and being under no compulsion of price or supply to build up inventories, still are placing only their immediate requirements. Hence, producers are more optimistic in their purchasing than their selling departments.
Led by a moderate expansion in production, market developments of the
Past week were predominantly favorable. Slight gains at Pittsburgh.
Chicago and Youngstown put the steel rate up one point to 1546% In
the week ended Aug. 20, with prospects of holding that rate this week.
A variation of a point is not conclusive, but the drift is in the right direction.
At Detroit there has been a noteworthy accrual of sentiment. Automobile manufacturers, convinced that retention of a large share of recent improvement in the stock market will stimulate demand for new cars, are
expediting work on new models. Decisions to advance introduction of
1933 cars several months are pending, with steel needs probably moved
forward proportionately.
Much of the recent activity in pig iron has originated with foundries
on railroad supply work, and the undercurrent of hope for railroad business
Persists. The Baltimore & Ohio application for a Reconstruction loan,
following the Pennsylvania bid for $2.000,000, may be significant. The
1.500 all-steel freight cars contemplated by the Pennsylvania may take
less than the estimate of 19,000 tons of steel if old trucks are placed under
them.
Prospective structural work has taken a tremendous stride, due to two
bridges at San Francisco. A legal technicality overcome, the Golden
Gate structure, for which the McClintic-Marshall Corp. was provisionally
awarded 72,000 tons of shapes and the American Cable Co. 28,000 tons
of cable, may now proceed. For the Oakland bridge. 115,850 Wm of
shapes. 17.910 tons of cable and 4,206 tons of reinforcing bars will be required. Immediate action Is contingent upon an R. F. C. loan for both.
Including 4,000 tons for an auditorium at St. Louis and 3,300 tons for the
North Dakota capitol, actual awards last week totaled 15.715 tons, an
average week.
Releases for September delivery have lifted tin plate production at Pittsburgh five points to 40%. Plate mills at Pittsburgh report some barge
work is maturing and at Chicago note improved inquiry for oil tanks.
Jobbers tributary to Pittsburgh sheet mills are replenishing their inventories.
Widespread increased interest in pig iron requirements is characteristic
of all markets. A 3.000-ton inquiry at Pittsburgh will be closed shortly.
At Cleveland, where sales the past two weeks total 14.000 tons, 10,000
tons of inquiry is current. Royal Dutch iron from Holland, which has
been Plaguing the Atlantic coast markets,is now offered in the Lake region.
By-product coke is moving better at Pittsburgh and Chicago.
Semi-finished steelmakers are considering new extras, passing to consumers certain charges for inspection, cutting and chipping. Bar iron is
off $1 at Chicago to 1.60c. An irregular situation in sheets continues,
reducing the iron and steel composite of "Steel" 8 cents to 829.28, and the
finished steel composite 20 cents to $47.31. Maintaining its recent upward tendency, the scrap composite has risen 13 cents to $6.29.
Steel ingot production for the week ended Monday Aug.
22, was at a little over 133/3% of theoretical capacity, according to the "Wall Street Journal" of Aug 24. This
compares with a shade under 14M% in the preceding seven
days and with a little under 14% two weeks ago. The
"Journal" adds:
The U. S. Steel Corp. is credited with a rate of 12%%, a drop of 1%
during the week. In the previous period the rate was 13%%, and two
weeks ago it was 13%. Independents are down to 143 %,againts a fraction
over 15% in the week before and a shade under 15% two weeks ago. “A
S.
Production of Pig Iron and Ferro-Alloys in the
United States in the First Half of 1932.
The American Iron and Steel Institute has this week
issued a bulletin showing the production of pig iron in the
United States during the first six months of 1932, from
-which we take the following comparative figures:
Aug. 27 1932
-YEARLY PRODUCTION OF PIG IRON BY STATES.
HALF
Blast Furnaces.a
States-
In
blast,
Dec. 31
1931.
Production of Pig Iron Not
Ind. Ferro-Alloys-Gross Tons.
1st Half 25 Half lot Half
Total. of 1931. of 1931. of 1932.
June 30 1932.
In,
Out.
1
__
1
__
Massachusetts.-- 19
New York
16
3
5
2
2
New Jersey
98
86
14
Pennsylvania
ii
3
2
5
2
Maryland
7
7
Virginia
2
west Virginia
i
3
2
2
-Kentucky2
1
1
Mississippi
-....
6
Tennesseee
25
21
4
Alabama
e
58
45
Ohio
13
11
25
19
Illinois
7
6
Indiana
e
18
13
5
8
Michigan
2
e
3
3
Minnesota3
-----Iowa
1
1
Missouri
-...
5
Colorado5
1
__
1
Utah
1
1 580.288 569,409 394,323
3,382,840 1,674,832 1,222,353
792,594 627,393 384,310
1.017,287 623,564 430,402
2,352,606 1,768,004 1,285,222
1,229,434 735,301 587,485
11.487.309 840,530 662,582
1 200,011
96,397
114,711
288 11,022,349 6,935,430 5,081,388
239
49
Total
56
a Completed and rebuilding pig iron furnaces.
HALF
-YEARLY PRODUCTION OF' PIG IRON AND FERRO-ALLOYS
ACCORDING TO FUEL USED.
StatesCoke pig iron
Charcoal pig iron
Production of Pig Iron Not
Blast Furnaces.x
Ind. Ferro-Alloys--Gross Tons.
June 30 1932.
/n
lot Half 25 Half 1st Half
blast,
Dec. 31 /n. Out. Total. of 1931. of 1931. of 1932.
1931.
284 10,979,146 6,932,420 5,068,805
218
46
55
3,010 14,783
6
43,203
6
1
--
Total pig iron
56
46
224
270
11,022,349 6,935,430 5,081,388
Totalferro-alloys
5
3
15
18
y288,354 7200,221 7148,251
49
239
Grand total_.._ _
288 11,290,703 7,135,651 5,229,639
61
Completed and rebuilding pig iron furnaces y Includes ferro-manganese,
splegeleisen, ferro-stlicon and other ferro-alloys made in blast furnaces or in electric
furnaces.
Mine Wage Parley to be Held in New York September 6
-Reduction of About 20% to be Sought by Opera-More Than
tors in Present $10 Union Scale.
160,000 Miners in the Anthracite Belt Would be
Affected.
A committee of operators and miners will meet September
6 in New York to consider the operators' demand for a
general slashing of the present wage scale. Advices from
Wilkes-Barre, Pa., August 22 to the Philadelphia "Record",
in noting this, also stated that the operators will demand
a reduction of at least 20% in the present $10 union scale.
The advices add:
The proposed reduction, long sought by the operators, would affect
more than 160,000 miners in the anthracite belt.
Thousands of mine workers who have not worked more than six or seven
days in the past two years, will vote for the reduction. Others, however
especially in the lower region, will fight any cut.
The latter have been working every time the collieries opened to fill
orders and, while this has not been much as in years gone by, they have
received the $10 scale.
The operators, however, will bluntly tell the miners that if they do not
take the cut they will close the mines.
Strike Threatened,
A strike was threatened within the past 10 days when union officials
learned that thousa nds of miners, near starvation from lack of work
during the past year, had gone back to work for $5.98 a day-representing
a 40% reduction under the union scale.
Arbitration succeeded in having this scale raised to $8.96 a day Pending a future wage conference. Yesterday's announcement of the date,
Sept. 6, is the outcome.
Announcement of the conference was made by Major W. W. Inglis,
president of the Glen Alden Coal Co.,spokesman for anthracite operators.
The committee will consist of six operators and six mine workers. The
meeting, Inglis said, will be held at the Anthracite Institute.
He represented the operators in presenting the request for the conference to John L. Lewis, international president of the United Mine Workers
of America. The details for the meeting were arranged by Major Inglis
and Lewis to-day. The operators in asking for the meeting are exercising
the privilege accorded to either side under the terms of the present contract and are invoking the machinery provided for that purpose.
List Of lembers of Committees.
The mine workers will be represented at the conference by John L.
Lewis, International President; Philip Murray, International Vice-President, and Thomas Kennedy, International Secretary-Treasurer of the
U. M. W. of A., and by John Boylan, Michael Hartneady and Martin
F. Brennan, Presidents of the three Anthracite districts of the Union.
Operators' representatives will be Major Inglis, A. J. Maloney, President of Philadelphia & Reading Coal & Iron Company; J. B. Warriner,
President of Lehigh Navigation Coal Company; Micheal Gallagher, President of Pittston Company; E. H. &lender. General Manager of MaderaHill & Company, and R. F. Grant, President of Lehigh Valley Coal Corp.
Bituminous Coal Output Increased During Week Ended
-Anthracite Production Off.
Aug.13 1932
According to the United States Bureau of Mines, Department of Commerce, 4,695,000 net tons of bituminous coal
and 666,000 tons of Pennsylvania anthracite were produced
during the week ended Aug. 13 1932 as compared with 4,465,000 tons of bituminous coal and 760,000 tons of anthracite
during the previous week and 6,989,000 tons of bituminous
Financial Chronicle
Volume 135
coal and 771,000 tons of anthracite during the week ended
Aug. 15 1931.
During the calendar year to Aug. 13 1932 output of bituminous coal amounted to 171,501,000 net tons as against
232,467,000 tons during the corresponding period last year,
while anthracite production totaled 28,609,000 net tons as
compared with 42,250,000 tons during the calendar year to
Aug. 15 1931. The Bureau's statement follows:
The total production of bituminous coal during the week ended Aug. 13
1932 is estimated at 4,695,000 net tons, an increase of 230,000 tons, or 5.2%,
over the preceding week. Production in the same week of 1931 was 6,989,000
tons. The latest figures of bituminous consumption cover the three months
April to June 1932, during which the total of consumption plus exports
averaged 4,884,000 tons a week.
Anthracite production in Pennsylvania during the week of Aug. 13
amounted to 666,000 net tons, a decrease of 94,000 tons, or 12.4%• Production in the corresponding week of 1931 amounted to 771,000 tons.
Total beehive coke produced during the week of Aug. 13 is estimated at
9,500 tons.
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (Net Tons.)
Week Ended.
Aug. 13
1932.c
Aug.6
1932.d
Calendar Year to Date.
Aug. 15
1931.
1932.
1931.
1929.
BUuntinous
Coal. a
Weekly total_ _ 4,695,000 4,465,000 6,989,000 171,501,000 232,467,000 317,035.000
Daily average_ 783,000 744,000 1,165,000
896,000 1,215,000 1.656,000
Penna.
Anthracite. b
Weekly total__ 666,000 760,000 771,000 28,609,000 37,141,000 42,250,000
Daily average_ 111,000 126,700 128,500
151,000
196,000
223,000
Beehive Coke
9,500
Weekly total_ _
7,600
14,500
457,900
867,400 4,293,600
1,583
1,267
2,417
Daily average_
2,373
4,494
22,247
a Includes lignite, coal made into coke, local sales, and colliery fuel b Includes
Sullivan County, washery and dredge coal, local sales, and colliery fuel. c Subject
to revision. d Revised.
ESTIMATED PRODUCTION OF COAL BY STATES(Net Tons).(000) Omitted)
Slats.
Week
Monthly Ouput.
Ended
Aug.6 July
June
rtav
1932. 1932. 1932. 1931.
Alabama
Arkansas & OklahomaColorado
IMnols
Indiana
Iowa
Kansas and Missouri
Kentucky-Eastern
Western
Maryland
Michigan
Montana
New Mmdco
North Dakota
Ohio
Pennsylvania (bit.)
Tennessee
Texas
Utah
Virginia
Washington
West. Va.-Southern_b_
Northern_c
Wyoming
Other States_d
Total bituminous coal_
129
11
56
196
134
45
77
454
203
15
2
16
18
10
171
1,196
41
10
28
127
16
1,133
320
55
2
506
75
175
770
653
175
322
1,764
755
66
8
69
63
43
657
5,015
186
52
79
526
71
4,288
1,344
175
20
550
68
209
612
678
237
322
1,740
642
67
7
98
78
55
405
5,050
200
58
90
547
93
4,295
1,382
246
20
894
194
280
2,850
871
198
388
2,767
510
144
8
126
102
86
1,876
8,069
308
70
111
766
112
6,862
1,905
290
3
Cal. Year to July 31.
1932.
1931. 1929.a
4,630
935
2,763
16,747
6,252
2,083
2,905
13,171
4,774
807
206
944
660
886
6,344
41,754
1,652
370
1,438
4,415
825
33,654
11,938
2,136
156
7,278
1,393
3,320
25,245
7,880
1,888
2,793
18,295
4,664
1,142
223
1,134
890
770
12,379
59,214
2,495
454
1,541
5,578
956
42,430
14,936
2,651
38
10,519
2,725
5,162
33,122
10,285
2,264
3,845
25,720
8,047
1,516
445
1,774
1,498
862
12,515
82,500
3,089
644
2,725
7,238
1,454
56,895
20,801
3,494
107
4.465 17,857 17,749 29,790 162,445 219,587 299,226
Pennsylvania anthracite_
760 3,021 2,550 3,954 27,183 35,496 40,327
Total all coal
5.225 20.878 20.299 33.744 189.628 255.082 ma ma
a Figures for 1929 only are final. b Includes operations on the N.& W.; C.
Virginian; K.& M.: and B. C.& G. c Rest of State, including Panhandle. d& 0.;
This
group is not strictly comparable in the several years.
Further Development in Illinois Coal Miners Strike
Situation-Peabody Coal Co. Re-opens Mines at
Taylorville as Invading Miners Withdraw-Miner
Killed in Clashes at Zeigler-Invasion of Miners in
Southern Illinois Coal Fields Rebuked-New Invasion Planned.
It is learned from special advices from Taylorville, Ill.,
Aug. 20 to the Chicago "Tribune" that a state of uneasy
tension prevailed in the Taylorville region on that day. All
but a few hundred of the 10,000 strikers who picketed the
Peabody mines for two days were gone, but the local miners
were picketing themselves to see that none went to work.
None did. The advices continuing, said in part:
The next move is uncertain. It was reported here to-day (Aug. 20)
that the mining company will open its mines Aug.22 and that Sheriff Charles
Wieneke of Cirisitain County will guarantee protection to any miners who
wish to work under the new $5 per day wage scale which the strikers oppose.
The Peabody Company has large contracts which must be filled. Two
of these are said to call for a total of 160 cars of coal daily to two leading
railroads in the middle west. It is the belief of a number of townspeople
that a strong attempt will be made to operate at least one of its four mines
here at full strength as quickly as possible-probably the first of next week.
Renewed picketing at Peabody mine No. 19 and Old Orient
mines here this morning failed to prevent these mines from
working, said the Chicago "Tribune" of Aug. 21 according
to advices from West Frankfort, Ill., Aug. 20. Orient reported a full crew, despite the presence Of scattered pickets.
The Peabody mine was hoisting coal with a crew about onefourth normal size. The paper quoted continued in part:
The picket lines included scores of strangers believed to have come into
Franklin County yesterday (Aug. 19) to attend the funeral of Joe Colbert,
1395
slain Secretary of local union 303, who had been active in opposing union
officials and the new wage scale.
The Peabody mine resumed normal operations Aug. 17 after two days
of picketing.
4
Several hundred miners went to Bell and Zoller mine No.2 at Zeigler this
morning (Aug. 20), but less than 50 braved the crowds of pickets to go to
work. The picket lines included scores of women and children, who hurled
verbal condemnation upon men of newly organized locals who went to work
or approached picket lines. All other mines in the bounty are working with
normal crews.
Special advices from Galesburg, 111., Aug. 20 said that
2,000 union miners from that city, Peoria, Farmington,
and Canton, who formed a solid picket line at the Shuler
mine at Alpha this morning, prevented the 80 men who had
voted to start work there on that day from entering the
works. In part, the advices also said:
The picketers assembled here at 5 a.m. and drove to Alpha in a caravan
containing over 300 automobiles. State police and Sheriff Fred Swanson of
Henry County were on hand, but the crowd was orderly.
Charles Shuler. Jr., mine owner, told the union committee that he would
not close the shafts. He said he had contracts to supply coal for the Galesburg brickyards and Davenport Soldiers' home and intended to operate at
the new $5 scale. He urged the strikers, for their own good, to leave his
men alone and get back to their own jobs. Shuler said his men would report for work Monday morning. A picket line was left at the Shuler plant
while the caravan moved on to Coal Valley to stop a non-union mine that
has been in operation there.
The following special account to the Chicago "Tribune"
of Aug. 21 is from Peoria, Ill., Aug. 20:
All mines in Peoria area are closed to-day,following a subdistrict meeting
Friday at which time miners decided to remain idle rather than accept the
new contract.
Illinois's mine disorders shifted from Central to Southern
Illinois on Aug. 22 as one miner was killed and at least six
other miners and a child were slightly wounded in two clashes
Zeigler, near Benton, said Associated Press advices from
Benton, Ill., Aug. 22 to the New York "Times" of Aug. 23.
The advices, in part, also said:
Dominic Lauranti, 32 years old, who had dug coal in this district for
11 years and who opposed the new reduced wage scale over which the
troubles have arisen, was slain in the first clash which occurred at the Bell
& Zoller No. 1 mine at Zeigler at 1 a.m. when Sheriff's deputies dispersed
picketers. Lauranti's back was filled with shotgun pellets and his neck
was broken in some undetermined manner. Two other miners were shot
In the back as they ran.
In the second clash, which occurred on the streets of Zeigler about 5 a.m..
-year-old boy were shot and another man slugged with a
three men and a 10
.rifle. In this attack a marhine gun was fired, presumably over the heads
of the miners.
1
Taylorville, Ill. advices dated Aug. 22 to the New York
"Times" stated that although mining operations were resumed by the Peabody Company on that day, only a thin
trickle of coal was hoisted from one of its four large mines in
the Midland tract. Continuing, the advices further said.
as follows:
The other three continued idle. Just 48 of the 1,500 miners who ordinarily work the pits braved picket lines and reported for duty.
The demonstration involved no violence, but five pickets charged with
using abusive language to men who wished to work were arrested.
In other sections no trouble was reported. W.C. Argust, General Manager of the Peabody mines here, was informed this afternoon that four
mines in Saline County and two at Sandoval were working full strength.
According to special advices from Galesburg, Ill., Aug. 22
to the Chicago "Tribune," a permanent picket line was
posted around the Knoxville Mining Company property on
that day when strikers learned that six men had gained
access to the shafts and were working. Strikers said that
any attempts to hoist coal would be prevented. The mine •
normally employs about 50 men, and is non-union. At
Alpha the Galesburg picketers found but two men attempting
to work. Both were persuaded to leave. No picket line
was left.
The following account is from Canton, Ill., Aug. 22:
Every coal mine in Fulton County was closed to-day after a visit of
pickets. More than 200 carloads of men asked the aid of men working in
independent mines, all of whom agreed to quit work until such time as an
amicable adjustment of the present wage controversy is made.
Two hundred miners employed at the Pyramid strip mine
near Pinckneyville, said special advices from Duquoin, M.,
Aug. 22, voted that afternoon to go back to work the next
morning after several weeks' strike after ratification of the
new wage scale. Two hundred men of the United Electric
Coal Company strip mine west of Duquoin resumed work.
The advices as noted in the Chicago "Tribune" of Aug. 23
also said:
These actions restore normal labor situation in Perry County and no
further interruption is anticipated. The only mine in the Duquoin area
striking is Traux-Traer strip mine at De Soto,
Franklin County coal mines were operating peacefully on
Aug. 23, with pickets withdrawn and with no violence reported for a period of more than 24 hours, according to
Associated Press accounts from Benton, Ill., Aug. 23 to the
Chicago Evening "Post," which added:
While several hundred special deputy sheriffs were ready for call in case
of emergency and more than the usual number of peace officers were on
duty, Sheriff Browning Robinson said he did not expect any trouble to-day.
1396
Financial Chronicle
He said, however, he would meet at the county line and use all means
to keep out of Franklin the "army of miners" scheduled to assemble tomorrow morning at Staunton to begin a march to the Franklin County
mines.
A full shift of 200 diggers on Aug. 23 was working mine No. 1 at Zeigler,
where Dominic Lauranti, a picket, was slain about midnight Sunday, and
at mine No. 2 a crew of 300 men was employed to-day, with the number
expected to be increased to-morrow. Orient mines No. I and No. 2 also
had full shifts on duty.
Additional Associated Press advices to that paper, from
Atkinson, Ill., Aug. 23 said:
The Midland Electric Coal Company was operating normally on Aug. 23
after local union miners voted last night against joining the strike movement
of downstate groups.
There was an air of uncertainty at the scene of operations, however, as
pickets from the Galesburg and Peoria district were expected to return in
an effort to stop operations.
Under date of Aug. 24, Associated Press advices from
Benton, Ill., said that Sheriff Browning Robinson on that
day sent 200 armed deputies to Pinckneyville, west of Benton,
in an effort to stop the caravan of striking miners in Perry
County and turn them east. The advices continuing also
said:
He also sent a squad of deputies to the Mount Vernon road in the north to
keep a small group of strikers from entering Franklin County there.
denial Law Talked.
Talk of martial law entered a conference on Aug. 24 of Illinois National
Guard Officers and Franklin County officials conferring over the mounting
problem presented by the impending invasion of strike-agitating coal miners
from other sections.
A:conflict loomed between civil officials determined to keep the invaders
out of the county and military men bent on keeping the peace.
State's Attorney John Hanson of Perry County, which is adjacent to
Endres is prepared to act promptly in case of any difficulty in maintaining
law and order.
A motor caravan four miles long, carrying striking miners,
left Staunton, Ill. on Aug.24 for an invasion of the southern
Illinois coal fields, where they will attempt to dissuade their
fellow miners from working under the new $5 wage scale,
said Associated Press advices from Staunton, Aug.24 adding:
Mine leaders prophesied the protest parade would be the largest labor
march in the history of the country. They estimated that at least 25,000
persons would be in the line before they camped to-night at Dowell.
When word came from Franklin County that authorities would not
permit the dissenting miners to enter, the strike leaders said, "It's all a
bluff. Christian County officials said the same thing last week when we
marched on Taylorville. They withdrew their guards, didn't they?
Franklin County will do the same."
Aug. 27 1932
United Press advices from Duquoin,Ill., Aug.25,contained
the following:
A bedraggled army of miners, with bruised heads and bandaged arms,
wandered northward to-night in battered automobiles, after a night of
terror and a day of near-starvation.
Their siege upon the southern Illinois coal mines which are operating
under a $5 daily wage scale, had failed. They had been repulsed by machine guns on every front. At least four of them had been wounded seriously.
Scores more picked buckshot from their arms, bandaged their clubbed
heads and rubbed liniment on their bruised legs. Nearly 200 of their automobiles were wrecks, with broken windows, slashed tires and stolen accessories.
Their five moving vans loaded with food had been confiscated, and their
fervor of the day before had vanished, despite the exhortations of agitators
who urged them to remass for another attack.
A majority of 8,000 miners nursing their hurts at Coulterville decided to
go home. Five thousand more decided similarly in a field at Duquoin.
So did 7,000 who had fallen back to Pinckneyville.
Their parade of 18,500 miners which had set out so bravely Aug. 24 in
1,650 automobiles and trucks with the Gillespie Municipal Band playing
martial airs at the front of the 20
-mile column, did not repeat itself Aug. 25.
Bombing of a striking mine leader's home on Aug. 26 was
the ominous prelude of another announced invasion of the
southern Illinois coal field, said United Press advices from
Taylorville, Ill., Aug. 26, adding:
Leaders declared reinforcements had been promised from mine regions
in Oklahoma,Indiana and Kentucky for the next drive into "Little Egypt,"
where an army of 18.500 invaders was routed Wednesday night by bullets.
Associated Press advices from Gillespie, III., Aug. 26, as
reported to the New York "Sun" of that date said:
A new invasion of southern Illinois coal fields in protest against the new
$5 a day basic wage scale by a select group of quick moving pickets was
planned to-day by the Franklin County line by gunfire and clubs of deputy
sheriffs.
The miners' policy committee announced mass meetings were being held
in subdistricts throughout the State to-day to map the new drive.
Franklin county officials, having repulsed the invasion of
striking miners from northern and central Illinois who sought
to force the closing of coal mines in this region following the
acceptance of.a wage reduction for union miners, said to-day
they were prepared to direct attention toward alleged "radical" activities within the county, it is learned by the New
York "Sun" from Associated Press advices dated Aug. 26
from Benton, Ill.
Previous items regarding the coal strike were given in our
issue of Aug. 20, p. 1240 and Aug. 13, p. 1076.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ended Aug. 24, as reported by
the Federal Reserve banks, was $2,336,000,000, a decrease
of $16,000,000 compared with the preceding week and an
increase of $1,161,000,000 compared with the corresponding
week of 1931. After noting these facts, the Federal Reserve
Board proceeds as follows:
On Aug. 24, total Reserve bank credit amounted to $2,321,000,000, a
decrease of $23,000,000 for the week. This decrease corresponds with
decreases of 822,000,000 in money in circulation and $14,000,000 in unexpended capital funds, non-member deposits, &c., and increases of
$18.000.000 in monetary gold stock and $31,000,000 in Treasury currency,
adjusted, offset in part by an increase of $62,000,000 in member bank
reserve balances.
Holdings of discounted bills decreased $6.000,000 at the Federal Reserve
Bank of San Francisco, $3,000,000 at Cleveland and $16,000,000 at all
Federal Reserve banks. The System's holdings of bills bought In open
market declined $1,000,000 and of Treasury certificates and bills $12.000.000
while holdings of United States Treasury notes increased $12,000,000.
a
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain other items not included
in the condition statement, such as monetary gold stocks
and money in circulation. The Federal Reserve Board's explanation of the changes, together with the definition of the
different items, was published in the May 31 1930 issue of
the "Chronicle," on page 3797.
The statement in full for the week ended Aug. 24, in
comparison with the preceding week and with the corresponding date last year, will be found on subsequent pages,
namely, pages 1447 and 1448.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
Aug. 24 1932, were as follows:
Bills discounted
Bills bought
U. S. Government securities
Other Reserve Bank credit
Increase 1-1-) or Decrease (—)
Since
Aug.24 1932. Aug. 17 1932. Aug. 26 1931.
$
427,000,000 —16,000,000 +185,000,000
35,000,000 —1,000,000 —146,000,000
1,851,000 000
+1,123,000,000
8,000,000 —6,000,000
—41,000,000
Increase (+) or Decrease (—)
Since
Aug.17 1932.
Aug.26 19
$
I
—23,000,000 +1,122,000,000
+18,000,000 —928,000,000
+31,000,000
+99,000,000
Aug.241932.
I
TOTAL RES'VE BANK CREDIT2,321,000,000
4,064,000,000
Monetary gold stock
1,819,000,000
Tresury currency adjusted
5,684,000,000 —22,000,000
Money in circulation
Member bank reserve balances
2,142,000,000 +62,000,000
Unexpended capital funds, non-member deposits, .ko
378,000,000 —14,000,000
+690,000,000
—200,000,000
—197,000,000
Returns of Member Banks in New York City and
Chicago—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal Reserve Board also commenced to give out the figures
of the member banks in New York City, as well as those
in Chicago, on Thursday, simultaneously with the figures
for the Reserve banks themselves and for the same week,
instead of waiting until the following Monday, before
which time the statistics covering the entire body of reporting member banks in the different cities included cannot
be got ready.
Below is the statement for the New York City member
banks and that for the Chicago member banks, for the
current week, as thus issued in advance of the full statement of the member banks, which latter will not be available
until the coming Monday. The New York City statement,
of course, also includes the brokers' loans of reporting member banks. The grand aggregate of brokers' loans the present week records an increase of $11,000,000, the total of these
loans on Aug. 24 1932 standing at $355,000,000, as compared with $331,000,000 on July 27 1932, the low record
for all time since these loans have been first compiled in
1917. Loans "for own account"increased from $320,000,000
to $330,000,000 and loans "for account of out-of-town banks"
from $17,000,900 to $18,000,000, while loans "for account of
others" remain unchanged at $7,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New 'York.
Aug. 24 1932. Aug. 17 1932. Aug. 25 1931.
4
6,473,000,000 6,501,000,000 7,641,000,000
Loans and Investments—total
Loans—total
On securities
All other
3,454,000,000 3,482,000,000 5,009,000,000
1,651,000,000 1,662,000,000 2,655,000.000
1,803,000,000 1,820,000,000 2,354,000,000
Financial Chronicle
Volume 135
Aug. 24 1932. Aug. 17 1932. Aug. 25 1931.
3,019,000,000 3,019,000,000 2,632,000,000
Investments—total
2,067,000,000 2,073,000,000 1,615.000,000
952,000,000
946,000,000 1,017.000,000
U.S. Government securities
Other securities
_ 862,000,000
38,000,000
Reserve with Federal Reserve Bank _
Cash in vault
789,000,000
37,000,000
811,000,000
64,000,000
Net demand deposits
Time deposits
Government deposits
5,025,000,000 4,957,000,000 5,657,000,000
830,000,000 827,000,000 1,108,000,000
98,000,000 112,000,000
15,000,000
Due from banks
Due to banks
67,000,000
81,000,000
75,000 000
1,156,000,000 1,157,000,000 1,029,000 000
Borrowings from Federal Reserve Bank_
Loans on secur. to brokers & dealers
For own account
For account of out-of-town banks_
For account of others
Loans and Investments—total
330,000,000
18,000.000
7,000,000
320,000,000
17,000,000
7,000,000
355,000,000
Total
On demand
On time
8,000,000
344,000,000 1,349,000,000
960,000,000
223.000.000
166,000,000
257,000,000
247.000,000 953,000,000
98,000,000
97,000,000 396,000,000
Chicago.
1,237,000,000 1,254,000,000 1,792,000,000
846,000,000
870,000,000 1,239,000,000
481,000,000
365,000,000
498,000,000
372,000,000
724,000,000
515,000,000
391,000,000
384,000,000
553,000,000
211,000,000
180,000,000
213,000,000
171,000,000
318,000,000
235,000,000
Reserve with Federal Reserve Bank_
Cash in vault
190,000,000
17,000,000
186,000,000 196,000,000
16,000,000 14,000,000
Net demand deposits
Time deposits
Government deposits
792,000,000
331,000,000
9,000,000
803,000,000 1,195,000,000
334,000,000 527,000.000
10,000,000
3,000,000
Due from banks
Due to banks
195,000,000
238,000,000
184,000,000 146,000.000
243,000,000 288,000,000
Loans—total
On securities
All other
Investments—total
U. S. Government securities
Other securities
Borrowings from Federal Reserve Bank_
5,000,000
5,000,000
1,000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements 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 Aug. 17:
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on Aug. 17 shows decreases for the week
of $42,000,000 in loans and investments, $52,000.000 in Government
deposits and $5,000,000 in time deposits, and increases of $25,000,000
in net demand deposits and $15,000,000 in reserve balances with Federal
Reserve banks.
Loans on securities declined $10,000,000 at reporting member banks
in the New York district, $11.000,000 in the Chicago district, and $26,000,000 at all reporting banks, and increased $6,000,000 in the I3oston district.
"All other" loans declined $11,000,000 in the Boston district, $8,000,000
In the San Francisco district, and $23,000,000 at all reporting banks.
Holdings of United States Government securities increased $10,000,000
in the New York district, $11,000,000 in the San Francisco district, and
$17,000,000 at all reporting banks. Holdings of other securities declined
$11,000,000 in the New York district, and $10.000,000 at all
reporting
member banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $162,000,000 on Aug. 17, little change being shown
for the week.
A summary of the principal assets and liabilities of weekly
reporting
member banks, together with changes during the week and the year
ended Aug. 17 1932 follows:
Increase 1+) or Decrease (—)
Since
Aug. 17 1932. Aug. 101932. Aug. 19 1931.
I.oans and investments—total__....18,580,000,000
—42,000,000 —3,421,000,000
Loans—total
10,909.000,000
—49,000.000 —3, 29.000,000
4
4,583,000,000
6,326,000,000
On securities
All other
Investments—total
U.S. Government securities...
Other securities
Reserve with F. R. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. banks
7,671,000,000
—26,000.000 — 1,870,000,000
—23,000,000 — 1,550,000,000
+7,000,000
+8,000,000
4,499,000.000
3,172,000,000
+17,000,000
—10,000,000
+468,000,000
—460,000,000
1,633,000,000
201,000,000
+15,000,000
—7,000.000
— 181,000,000
—35,000,000
10,819,000,000
5,633,000.000
252,000,000
1,278,000,000
2,744,000,000
162,000,000
+25.000,000 —2,377,000,000
—5,000.000 —L425,000000
—52,000,000
207,000,000
+33,000,000 — 148,000.000
+31,000.000 —475,000,000
—1,000,000
+72,000,000
Otto H. Kahn Returns from Abroad—J. P. Warburg
Also Returns.
Otto H. Kahn of Kuhn, Loeb & Co., banker, returned
on Aug. 21 on the North German Lloyd liner Europa from
a three months' trip to England and France.
The New York "Times" observes that another passenger
on the Europa was James P. Warburg, son of the into Paul
1397
Warburg, banker, and nephew of Felix Warburg of New
York, who returned from a vacation trip. While in Hamburg
he saw his uncle, Max Warburg, one of the leading bankers
n Germany.
Count Uchida on Policy of Japanese Government
Toward Manchuria—To Recognize Manchukuo—
Action Toward China Not in Violation of Kellogg.
Briand Pact.
Before the Japanese Diet at Tokio, on Aug. 25, Count
Yasuya Uchida, the Japanese Foreign Minister, indicated
that early extension of formal recognition to Manchukuo (in
Manchuria) was planned, the Japanese Government being
"convinced that the recognition of this new State is the only
means of stabilizing conditions in Manchuria and of establishing conditions of permanent peace in the Far East."
In his speech Count Uchida, in depending Japan's actions
towards China, said:
There are those who argue as though the action of Japan were a violation
of the Kellogg-Briand anti-war pact. But such contention has no foundation in fact. As I have stated, Japan has been forced to adopt necessary
measures for the prevention of wanton attacks upon the important rights
and interests vital to her national existence. The anti-war pact does not
put restraint upon exercise of right of self-defense in such a case. . . .
Japan's action is essentially identical with the action that other Powers
have taken elsewhere in similar circumstances.
From the Tokio message to the New York "Times" anent
the Foreign Minister's speech, we quote:
Count Uchida did not refer in any way to the Monroe Doctrine, but he
said he anticipated the time when Japan, Manchukuo and China, as three
independent Powers closely linked by cultural and racial affinities, would
co-operate for the peace and prosperity of the Far East.
Origin of Independence.
"Manchukuo's independence," he said, was the act of her own leading
citizens, who, resenting the tyranny of Chang Hsiao-liang and the dragging
of Manchuria into China's wars, took advantage of Marshal Chang's fall
last September to found the new State.
"Manchukuo came into being as a result of the fissiparous tendencies
in China, and those who hold Japan responsible for Manchuria's revolution
are ignorant of the facts," he added.
[Fissiparous is a biological term meaning separation by fissure, or spontaneous division of a cell or organism into new cells or organisms.]
A permanent solution, he said, could only be reached by rejecting sentimental propositions and abstract theories and founding it on the realities
of the situation. It should fulfill the legitimate aspirations of the Manchurian people, Count Uchida declared, and also guarantee Japan's rights and
prevent recrudescence of anti-foreign movements.
He warned the Lytton Commission that Japan would never consent to a
solution investing China with authority over Manchuria, because such a
solution would only restore the intolerable conditions previously existing.
From the same paper we give as follows the speech of
Count Uchida, as made public by the Japanese Embassy at
Washington:
At the June session of the Diet my predecessor took occasion to report
upon and discuss the outstanding foreign relations of this country. To-day,
in view of the importance of the developments in Manchuria that have
taken place since then, I desire to review the questions regarding Manchuria
and China proper and to describe in some detail the policy of the
Japanese Government.
We are all gratified to note that Manchukuo has entered upon a career
of sturdy and healthy progress. The Japanese Government is convinced
that recognition of this new State is the only means of stabilizing conditions in Manchuria and of establishing conditions of permanent peace
in the Far East. And it is with a view to the early extension of formal
recognition of Manchukuo that we are making various arrangements, upon
the expected completion of which in the near future our plan will be
carried through.
Reasons for Recognition.
However, there are those in other countries who do not fully comprehend
the attitude of Japan toward China nor the measures she has taken since
the incident of Sept. 18 last year [the seizure of Mukden, Manchuria, by
the Japanese following the tearing up of a section of railway allegedly
by Chinese soldiers] and who, in default of a correct conception of the
advent of Manchukuo, look upon any recognition of Manchukuo by Japan
as an illegitimate procedure.
In view of such misunderstanding as still persists, I avail myself of this
opportunity to clarify Japan's position and to expound to you the reasons
why the Government considers recognition of Manchukuo to be the only
means of solving the Manchurian problem, although, in doing so, I may
have to repeat what has already been set forth in successive declarations
and statements issued in the past by the Japanese Government.
It is an indisputable fact that the chaotic condition of China and the
so-called revolutionary policy carried on by China under the enthralling
influence of extravagant political dogma have been principally responsible
for the unfortunate turn that international relations have taken of recent
years in the Far East.
"Intolerable Indignities" Seen.
Although Japan has been the chief victim of the abnormal state of affairs
in China, other countries have also suffered intolerable indignities and
incalculable material loss. At the same time, it is admitted by those
conversant with actual conditions in China that no remedy can be effected
by having recourse either to the covenant of the League of Nations or to
any other organ of what may be termed "machinery of peace." In fact, it
has been the practice of the Powers, as has been demonstrated on innumerable occasions, to repair or prevent injuries to their important rights
and Interests in China by direct application of force without relying upon
those instruments of peace.
For over 20 years Japan continued to exercise the greatest patience and
moderation in the hope that some day China might soberly undertake the
task of rehabilitating her fortunes and playing her proper role in the
maintenance of peace in the Far East. China failed, however, to show any
sincere desire to reciprocate our good-will and kindly sentiments, but
Increased more than ever in her arrogance and intolerance.
1398
Financial Chronicle
Danger Was Pointed Out.
Our Government took pains time and again to point out to China the
running in trying too far the patience of the Japanese
danger she was
people. But -China did not heed our warnings.
The incident of Sept. 18 occurred in Manchuria, the very region regarded
as the first bulwark of Japan, at the precise moment when the feeling
of our people had been wrought up to the highest pitch by repeated provocations. We had no alternative other than to resort to a measure of selfdefense.
There are those who argue as though the action of Japan were a violation
of the Kellogg-Briand anti-war pact. But such contention has no foundation
in fact. As I have stated, Japan has been forced to adopt necessary measures for the prevention of wanton attacks upon important rights and interests
vital to her national existence.
The anti-war pact does not put restraint upon the exercise of the right
of self-defense in such a case. The pact does not prohibit a signatory Power
from taking at its own discretion whatever steps it finds imperative in
order to remove immediate menaces to its territory and its rights and
interests of whatever kind.
Right of Self-Defense.
And, obviously, the exercise of the right of self-defense may extend
beyond the territory of the Power which exercises that right. Japan's
action is essentially identical with the action that other Powers have taken
elsewhere in similar circumstances.
Following upon this action legitimately taken by Japan in the face of
Chinese attacks, officials of the regime presided over by Chang Hsiao-liang
either fled or resigned, as you know, with the result of a practical extinction of that regime. In the meantime, among the leading' people of
Manchuria who had long resented the tyranny of the Changs and were
opposed to plunging their land into the civil turmoil of China proper, a
project for political reform was already under way.
It is in every way natural that these leaders should have taken, as
they did, advantage of the opportunity afforded by the downfall of Chang
to launch out upon an active movement. A "Peace Maintenance Committee" was accordingly organized at Mukden, Harbin and other centers.
In view of our own responsibility in respect of the maintenance of peace
and order in Manchuria, we extended necessary co-operation to these
committees.
Separatist Move Is Pictured.
It was the Manchurian leaders connected with these committees who
decided that the hour had struck for funding the new State. The establishment of Manchukuo was the outcome of a separatist movement having for
its background the geographic and historical peculiarities of Manchuria as
well as the psychological characteristics of the Manchurian people.
Those who seek to place upon Japan the responsibility for the Manchurian revolution by tracing the independence of Manchukuo directly to
our military operations simply labor under ignorance of the facts and
their opinions altogether miss the point. Again, as regards those who
fancy they detect a secret connection of some sort on the part of Japan
with the foundation of the new State, basing their suspicions on the fact
that there are, in fact, a number of Japanese in the employ of the Manchukuo Government, I need only point to the existence of many precedents
for the enlistment by the young Government or newly-founded States of
the services of foreigners.
Foreigners Employed by Japan.
•
Our own Government since the Meiji restoration have employed many
foreigners as advisers or as regular officials; their number, for instance,
in the year 1875, or thereabout, exceeded 500. Those who misconstrue the
presence of Japanese in the Manchukuo Government in the fashion alluded
to are placing the responsibility where it does not belong.
Manchukuo has come into being, as I have already remarked, as a result
of separatist movements within China herself. Consequently, the view
expressed in certain quarters that recognition of the new State thus created
would constitute a violation of the stipulation of the Nine-Power Treaty
is, in my opinion, incomprehensible. The Nine-Power Treaty does not
forbid all separatist movements in China or debar Chinese in any part of
the country from setting up, on their free will, an independent State.
Hence, should Japan extend recognition to the existing Government of
Manchukuo, founded by- the will of the people of Manchuria, she would
not thereby, as a signatory Power to the Nine-Power Theaty, violate in any
way the stipulations of that treaty.
Annexation Aim Is Denied.
Of course it would be a different matter on the assumption that Japan
was seeking to annex Manchuria or otherwise satisfy her thirst for land.
Only, I hardly need to waste words in once more disclaiming at this
juncture any territorial designs on our part in Manchuria or anywhere else.
'Thus far, I have elucidated the theses that the attitude maintained by
Japan toward China, and especially the measures we have taken since the
Incident of Sept. 18, have been just and proper, that the independence
of Manchukuo has been achieved through the spontaneous will of Manchurians and should be regarded as a consequence of a fissiparous movement in China, and that recognition by Japan of the new State thus
created cannot violate the stipulations of the Nine-Power Treaty.
Now let me proceed further and dwell upon the reasons why the Japanese
Government consider the resognition of Manchukuo as the sole effective
means of solving the Manchurian problem.
Guarantee for Japan's Rights.
With regard to the question of finding a solution for the Manchurian
problem, the Japanese Government attach the greatest importance to the
following two points:
First, that, in seeking a satisfactory solution we should aim at the
fulfillment of the legitimate aspirations of the Manchurian people, at
adequate guarantees for the rights and interests of Japan, at prevention—
in order to make Manchuria a safe place to live in, alike for Manchurians
and foreigners—of any recrudescence of erstwhile anti-foreign policy and
movements and, finally, at bringing not only stability to Manchuria, but
permanent peace to the Far East.
Second, that such solution should be effected by rejecting all sentimental propositions and abstract theories and arrived at upon the solid
basis of realities of the situation.
In view of the circumstances that led to the outbreak of last September
and of the immense sacrifices our country has been compelled to make in
the past, the Japanese Government feel the imperious need of arriving at a
fundamental solution of the Manchurian problem on the lines of these two
propositions and of eliminating for all time the causes of a secular Chino.
Japanese conflict.
On the other hand, it appears that in certain quarters a plan is being
considered to reach a solution by patching up matters for the moment by
Investing China proper in one form or another with authority over Manchuria. That such a plan would only serve to reproduce the situation
preceding the incident of Sept. 18 is only too plain to us who have been
taught by bitter experience in the past.
Aug. 27 1932
The people of Japan can never consent to a solution of that kind. Moreover, it is as clear as day that the investment of China proper with power
over Manchuria under whatever guise is totally irreconcilable with the
political creed enunciated in the Declaration of Independence and other
public statements of the Manchukuo Government and therefore that the
scheme in question has no chance of being accepted by Manchurians.
The imposition upon Manchuria of what is not wanted by Manchurians
would be as unjust as ill-advised in that it would only end by sowing seeds
of future trouble in that land.
"Realities" Are Insisted Upon.
The plan to invest China proper with authority over Manchuria, and all
measures of a similar temporizing kind, will never fulfill the object of
making Manchuria a safe and happy land for both natives and foreigners,
nor do they accord with our principle of finding a solution. Certainly
it is not the way in which to bring stability to Manchuria or permanent
peace to the Far East.
Manchukuo has set out upon an honest program that is open and aboveboard. It has declared its intention to pursue a policy of justice, peace
and friendship toward other countries, to take over obligations of existing
treaties according to international law and usage, to respect vested rights
and interests of foreigners and to protect their lives and property, to welcome
all aliens and to accord them equal and equitable treatment irrespective
of their racial origin, to adhere to the principle of the Open Door, to
promote international trade and to contribute to the economic development
of the world; and Manchukuo's sincerity of purpose has been definitely
established.
Results of Recognition.
It is plain, therefore, that to extend to Manchukuo formal recognition
and assist its Government to carry out their sound policy above referred
to will be a notable step toward making Manchuria a happy and peaceful
land for natives and foreigners alike on the basis of the realities of the
situation. And it is plain, too, that such is the only way to secure a
permanent solution of the Manchurian problem.
As long as Manchukuo retains the sterling spirit in which it was founded
and perseveres in its high purpose it is assured of a future full of promise.
Here and there we find persons entertaining exaggerated fear of the perils
of banditry in Manchuria, or making gloomy forecasts regarding the
finances of the country. But we refuse to join the company of these
pessimists. Upheavals brought about by lawless elements are universal
phenomena, to be observed in newly-established States anywhere in the
world. Whereas in most of such cases it takes some considerable time to
put unrest down, it is only fair to say that in Manchuria the suppression
of banditry is making comparatively rapid strides.
Financial Condition Lauded.
As for the financial status of Manchukuo, I have been told that it is
good, really far better than was anticipated at first by the Manchurian
authorities. In view of the vast territory, the thriving population and
immense natural resources in its possession, there can be no doubt that
Manchukuo, given a good government, will emerge as a rich and prosperous
country and come to be a great market for the world.
It is my hope that the healthy development of Manchukuo will not only
bring happiness and prosperity to the 30,000,000 inhabitants of the country, but will serve as a good example for the rehabilitation of China proper.
As regards the conditions prevailing in China proper, I regret to say that
the growing disturbance in her domestic administration, coupled with
rampant activities of Communist bandits throughout an extensive area in
the Yangtze Valley and South China, is casting a gloomy shadow on the
path of the National Government.
More Complications Feared.
Besides, as an anti-foreign, especially an anti-Japanese, movement still
continues unabated, further complications are likely to arise in the foreign
relations of China, which, in turn, will make her internal confusion worse
confounded. Truly, our deep sympathy is due the Chinese people, who have
to suffer under these troubled conditions. To allow such conditions to
persist as they are, I am firmly convinced, will not only be deplorable for
China herself but will constitute a constant danger of bringing about a
serious menace to the rights and interests of foreign Powers. On the
contrary, the whole world will rejoice should China realize the gravity of
the situation, cast aside her ill-advised foreign policy and adopt in earnest
a constructive program of devotion to the task of internal readjustment.
It goes without saying that Japan, always conscious of the general
interests of the Far East, will spare no effort to afford all possible
assistance to China. Indeed, it is my fervent hope that the day is not
far distant when Japan, Manchukuo and China, as three independent
Powers closely linked together by a bond of. cultural and racial affinities,
will come to co-operate, hand in hand, for the maintenance and advancement of the peace and prosperity of the Far East, as well as for the peace
of the world and the civilization of mankind.
Deposits of Gold in Denver Mint During July Largest
on Record.
From Denver August 19 Associated Press advices stated:
The Denver Mint had reported to-day the receipt in July of 320 deposits
of gold, the largest number on record. The increase of placer mining in
the State's streams was largely responsible.
July deposits weighed 60,226 ounces, worth $1,244,944.93. In the
early gold mining days the monthly deposits sometimes were of greater
value, but the individual number did not compare with those last month.
Transvaal's July Gold Output Surpasses All Past
Record.
From the New York "Times" we quote the following from
London August 12:
Gold output of the Transvaal in July, amounting to 981,160 ounces,
constitutes a new high record for all time, and compares with 959,011 for
June, 916,843 for July last year. and with the previous high record of
965.644 reached last May. The seven months' output at 6.666.442 ounces
compares with 6,272,720 for the corresponding period in 1931
Every month this year has shown a substantial increase over last year
and last year's record of 10,874,145 ounces should easily be surpassed
this year.
Twelve Trade Agreements Signed at Ottawa Imperial
Economic Conference—Great Britain Enters Seven
Accords with Dominions—Canda Joins Four Pacts.
The Imperial Economic Conference was brought to a
conclusion on Aug. 20 at Ottawa in tho Canadian House
Volume 135
Financial Chronicle
of Commons, with a plenary session at which 12 separate
bilateral trade agreements were signed by the plenipotentiaries
of the nine British countries concerned. With regard thereto
a dispatch to the iNiew York "Times" from Ottawa Aug. 20
reported:
In seven of these agreements the United Kingdom is a party and the
dominions signing them are Canada, Australia. New Zealand, Union of
South Africa, New Foundland, India and Southern Rhodesia. Canada
also signed three separate agreements with South Africa, the Irish Free
State and Southern Rhodesia. South Africa signed two more with New
Zealand and the Irish Free State.
No Empire Accord Reached.
There is no multilateral arrangement covering the whole empire as a
result of the conference.
An official statement "Indicating the nature and scope" of these agreements will be made tomorrow.
It was not until 3 o'clock this morning that the Canadians and the
British delegates finally reached the form of agreement that both sides
would consent to sign, and it was not until breakfast time that the Canadians and Africans could turn their attention to the completion of the
negotiations with the Irish Free State delegates, who had given up hope
of getting anything done at the closing session.
So it was a weary group of statesmen who assembled for the ceremony of
the signing which was held in the glare of seven spotlights and with crowds
of spectators in the galleries. A long table had been placed in the broad
aisle that separates the Government from the Opposition benches in the
Chamber of the House of Commons.
Bennett Presides atMeeting.
Prime Minister Bennett of Canada, Chairman of the Conference, sat at
the head of this table with Stanley Baldwin, head of the United Kingdom
delegation, at his right. Stanley M. Bruce, the Australian leader, was on
his left. The others at the central table were J. G. Coates of New Zealand,
N. G. Havenga of South Africa, Sean T. O'Kelly of the Irish Free State,
F. 0. Alderdice, Prime Minister of Newfoundland: Sir Atul Chatterjee of
India. and H. W. Moffat, Prime Minister of Southern Rhodesia. Lesser
delegates of the nine countries sat on the benches on each side.
Two gift salvers gave some suggestion of a silver lining to the clouds that
have been hanging over the warring delegates for the month. One of these
silver platters, which had been concealed in a blue bag, was pulled out by
Mr. Bennett immediately after the twelve agreements had been signed and
presented to Mr. Baldwin, much to his surprise, as a gift from all the delegates in recognition of the fact that his 61st birthday had fallen within the
period of the Conference.
Later in the proceedings another silver salver in a blue bag was secretly
smuggled in by a secretary who tiptoed up behind Mr. Baldwin with It at
the proper moment of his speech, and then Mr. Baldwin presented it to
Mr. Bennett, much to his surprise, as a gift from all the delegates. . . .
As a part of the brief proceedings outside the felicitations, the Conference
Indicated its approval of the following prearranged resolution:
The nations of the British Commonwealth having entered into certain
agreements with one another for the extension of mutual trade by means of
reciprocal preferential tariffs, this conference takes note of these agreements
and records its conviction.
That by the lowering or removal of barriers among themselves provided
for in these agreements the flow of trade between the various countries
of the empire will be facilitated and that by the consequent increase of
Purchasing power of their peoples the trade of the world also will be stimulated and increased.
Further, that this Conference regards the conclusion of these agreements
as a step forward which should in the future lead to further progress in the
same direction and which will utilize protective duties to insure that the
resources and industries of the empire are developed on sound, economic
lines.
Prime Minister Bennett in his final address admitted that none of the
countries had got all that it wanted, but declared that nevertheless this
Conference had accomplished more than any preceding assembly of empire
delegates. He said that the agreements had affirmed in principle the
Canadian proposals and that Great Britain had gone as far as it could at this
time toward the principle without getting "abnormally out of step with its
traditional Policy."
But the Prime Minister said that only a beginning had been made and
that there should be another Conference soon.
Noting that official statements were issued on Aug. 21
upon the joint authority of the nine British countries participating in the Imperial Economic Conference to indicate
the scope and character of 10 of the 12 bilateral trade
agreements which were signed the previous day at the
final session, the "Times" account from Ottawa (Aug. 21)
went on to say in part:
The two explanatory memoranda that are missing are those covering
the arrangements which South Africa has made with New Zealand and the
Irish Free State. They may be forthcoming later.
The ten compacts that are covered by the official interpretations are
those that the United Kingdom has made with Canada, Australia, New
Zealand, South Africa, Newfoundland, Southern Rhodesia and India and
the three that Canada has framed with the Irish Free State, South
Africa
and Southern Rhodesia,
The Outstanding Concessions.
Analysis of the series of agreements shows that the following outstanding
concessions were made:
Groat Britain surrenders—except to the Irish Free State—her
right to
Impose duties on the imports from British countries that she now places on
foreign goods. In other words, Great Britain will continue to be a free
market for all the natural products of all the dominions. More than that,
Britain will put a tariff on corresponding commodities from foreign countries.
The effect of this will be, for example, to give to wheat from Canada
and Australia an advantage of six cents a bushel over foreign wheat in the
United Kingdom market. Native wines and some fruits from Australia and
South Africa will gain a similar assistance.
Dairy products, eggs, poultry and pork products of Canada. Australia
and New Zealand are to have new advantages under duties to be imposed
hereafter on such foodstuffs, now largely supplied by
Denmark and other
European countries, The chief benefit to New Zealand and Australia is the
British agreement to restrict or tax the imports from foreign countries of
mutton, lamb and beef.
India is to receive greater preferences than she now has on such products
as carpets, rugs, tanned hides, Jute manufacturers and sandalwood oil.
1399
In return, the Dominions undertake to give new preferences to the manufactured exports of Great Britain and in many cases to put them on the free
list while continuing to impose a tariff on similar goods from foreign countries. This part of the new arrangement applies particularly to Canada
because it is the most industrially developed of all the Dominions. Canada
now agrees to let in 220 different British commodities either duty free or
with added preferences to enable them to compete not only with foreign
goods but with some of the steel and other factory products which Canada is
making.
Lumber Interests Disappointed.
There are, however, many disappointments over the net results of the
Conference. The chief of these is that of the Canadian lumbering interests
because Great Britain has refused to increase her 10% tariff on foreign
timber and also because the Canadians are not satisfied with Britain's
assurance that she will prevent the dumping of Russian lumber.
Although some vital facts are withheld, these statements, thanks to
the insistence of Great Britain and despite the protests of some of the
Dominions, contain a wealth of detailed information, with actual figures
of tariff duties and preferences, about the new economic plan by which
the British Empire as a whole hopes to increase the trade and prosperity
of its various parts over a trial period of five years.
The new system will go into effect as soon as the Ottawa agreements
can be ratified by the Parliaments of the United Kingdom and the Dominions. No difficulty is anticipated in this respect so the experiment should
be in full swing before the beginning of winter.
The 12 parts may operate separately and independently of each other,
but taken in the aggregate they constitute a new imperial system which
In essence is a compromise between the free trade and recently adopted
low competitive tariff policy of the United Kingdom on the one hand and
the high protective tariff practices of the Dominions. notably Canada.
Both sides have left loopholes for themselves if the actual working of the
system proves to be too much in conflict with popular political opinion
and traditions or with the industrial interests of their respective populations.
The whole thing or any of its parts may be scrapped in 1937 it if does
not prove to be the blessing that was predicted before the Conference
began or if it sets up barriers to foreign trade that involve greater losses
than can be offset by the advantages of closer imperial relations.
Ottawa Imperial Economic Conference Postpones De..
cision on Empire Content—Committee Recommends
Inquiry by Governments as Rapidly as Possible—
Report Says Lowering or Removal of Trade Barriers
Would Promote Flow of Commerce—United States
Plants Had Warned Against Increase in Ratio of
Empire Content.
The committee considering the questions of Empire
content and export bounties at the Imperial Enomonic
Conference made the following report on Aug. 20, according
to Canadian Press advices from Ottawa, Ont., to the New
York "Times":
The Committee have carefully considered the general questions placed
on their agenda concerning general trade and tariff policy and administration as affecting trade within the Commonwealth. Many of these questions
were also discussed in the course of the bilateral negotiations.
In considering the determination of the percentage of empire content
necessary to secure preferential tariff treatment, the Committee have
briefly examined the statement submitted by his Majesty's Government
in Canada summarizing the various regulations at present in force within
the Commonwealth governing the percentage of empire content necessary
to qualify for tariff preferences and the report of the imperial economic
committee on "the definition of empire goods." The question was further
examined by a subcommittee under the chairmanship of Walter Runciman.
Asks Rapid Action.
The committee suggests that the Conference should draw the attention
of the several Governments of the Commonwealth to the importance of this
subject and should recommend each of the Governments of the Commonwealth to investigate, as rapidly as possible, the standard of empire content
which should be required by them for the import under preferential rates of
the different classes of goods, bearing in mind the following principles:
(a) That though it must rest with each Government to decide what
standard it will require, a greater degree of uniformity throughout the
Commonwealth is desirable:
(b) The standard required should not be such as to defeat or frustrate
the intention of the preferential rate of duty conceded to any class of goods.
On the question of export bounties and anti-dumping duties within the
Commonwealth, the committee recommend° for the consideration of the
Conference the following resolution:
This Conference, recognizing that export bounties and exchange depreciation adversely affect the tariff preferences within the Commonwealth,
expresses the hope that with a rise in the level of commodity prices and with
stabilized exchanges such bounties and the special duties which have been
adopted as a means of adjusting the situation so created may be withdrawn.
At an early stage in its deliberations the committee was informed that
negotiations were in progress between the various delegates for the conclusion of trade agreements and accordingly a drafting committee, under the
chairmanship of Neville Chamberlain, was appointed to prepare a resolution
to record and present the bilateral trade agreements so negotiated during
the Conference. The drafting committee presented the following resolution which is recommended by the committee to the Conference for consideration:
Would Remove Barriers.
The nations of the British Commonwealth having entered into certain
agreements with one another for the extension of mutual trade by means of
reciprocal preferential tariffs, this conference takes note of these agreements
and records its convictions:
That by the lowering or removal of barriers among themselves provided
for in those agreements the flow of trade between the various countries of
the empire will be facilitated and that by the consequent Increase of put'
chasing power of their peoples the trade of the world will also be stimulated
increased.
and
Further, that this Conference regards the conclusion of these agreements
as a step forward which should in the future lead to further progress in the
same direction and which will utilize protective duties to insure that the
resources and industries of the empire are developed on sound economic
lines.
The warning to Canada that United States branch plants
would leave the Dominion if the "Empire Content" ratio
was raised was referred to in these columns Aug.20, page 1243
1400
Financial Chronicle
South Africa Hopeful as to Results at Imperial Economic Conference—Awaits Exchange Stabilization
to Get Benefits of Ottawa Pacts.
From Cape Town, South Africa, Aug. 20 Canadian Press
advices stated:
The proceedings of the Empire Parley at Ottawa have been followed with
the deepest interest in the newspapers of South Africa. Many of them point
out that the Union is the only gold-standard country in the Commonwealth
at present and that all her principal exports complicated by heavy subsidies
aimed at offsetting adverse exchange rates.
k
ofi, There is a considerable body of opinion here that South Africa will not
secure the full benefit of concessions in the British market until the present
exchange disability is removed. The Conference resolutions regarding
stabilized exchange, the withdrawal of bounties and special duties has a
special significance here and in some quarters far outweighs the question
of preferences.
Trade Agreement Between Great Britain and Canada
Signed at Imperial Economic Conference at Ottawa
—What Canada Gets and Gives.
As we indicate elsewhere in this issue of our paper, twelve
trade agreements were concluded at the Imperial Economic
Conference which held its final session at Ottawa on Aug. 20.
With reference to the accord between Great Britain and
Canada, we quote the following from the Toronto "Globe"
of Aug. 22:
1Vhat Canada Gets by United Kingdom-Canada Agreement.
Preferences in the United Kingdom market, as follows:
Wheat in grain: Two shillings per quarter or about six cents a bushel at
par.
Butter: Fifteen shillings per hundredweight (112 pounds), or about
$3.75 at par.
Cheese: 15% ad valorem.
Raw Apples: Four shillings sixpence per hundredweight, or $1.08 par.
Raw pears: Four shillings sixpence per hundredweight, or 61.08 par.
Canned apples: Three shillings sixpence per hundredweight, or 85 cents.
Dried fruits: Ten shillings sixpence per hundredweight, $2.52 par.
Eggs in shell: From one shilling (24 cents) to one shilling ninepence
(43 cents) per hundred (ten dozen), according to grade.
Condensed milk, whole sweetened: Five shillings per hundredweight,
$1.20 par.
Copper, =wrought, whether refined or not, in ingots, bars, blocks, slabs,
cakes and rods: Twopence per pound (four cents).
Free entry for Canadian eggs, poultry, butter, cheese and other milk
products for three years certain, with possible revision after that period.
Continued free entry to the British market under the Import Duties
Act. This Act imposed the U. K.general tariff on a number of commodities.
These duties would have become applicable to those commodities from
Canada after Nov 15 but for the agreement.
Continuation of the present 10% duty on foreign lumber, fish (both
fresh and sea), canned salmon, other canned fish, asbestos, zinc and load,
with Canadian products free.
Modification of restrictions against Canadian live cattle on agreed lines.
This, it is estimated, will mean at least $3 more per head to the Canadian
shipper.
Bacon and ham quota up to a maximum of 2.500,000 hundredweight per
annum.
Existing margin of preference on Canadian tobacco to continue for
ten years.
While potatoes are not specifically mentioned, Great Britain will consider
lifting the embargo against the Canadian product.
What Canada Gives in United Kingdom-Canada Agreement.
New or increased margins of preference on 220 items in the Canadian
tariff. Many items which were subject to preferential rates transferred
to the free list.
These changes are understood to be in the iron and steel, textile, chemical,
glass, and other schedules, but details are withheld for the time being.
Protection against United Kingdom products to be given only those
Industries which have sound opportunity for success.
United Kingdom producers to receive full opportunity of reasonable
competition in Canadian markets.
Canada will appoint the Tariff Board, which will review tariffs on request
of the United Kingdom.
Duties against United Kingdom products not to be increased except on
report of the Tariff Board.
Existing surcharges on United Kingdom products to be abolished as soon
as finances of Canada will permit.
Sympathetic consideration to be given to reducing, and ultimately
abolishing, the exchange dumping duty.
Modification of regulations on the importation of pedigree stock from
the United Kingdom.
The text of the agreement was given as follows in the
Toronto "Globe":
ARTICLE 1.
His Majesty's Government in the United Kingdom undertake that orders
shall be made in accordance with the provisions of Section 4 of the Import
Duties Act, 1932, which will ensure the continuance after Nov. 15 1932,
from any
of entry free of duty into the United Kingdom of goods consigned
manufactured in
part of the British Empire, and grown, produced or
free of duty,subject, however,
Canada, which by virtue of that Act are now
to the reservations set forth in Schedule A, appended hereto.
Schedule A.
products, free
As regards eggs, poultry, butter, cheese and other milk
years certain. Ills
entry for Canadian produce will be continued for three
to themMajesty's Government in the United Kingdom, however, reserve
years, if they consider
selves the right, after the expiration of the three
Kingdom producer to do so,
it necessary in the interest of the United
to the articles above
to review the basis of preference so far as relates
Government in Canada,
enumerated and, after notifying His Majesty's
produce while maintaining
either to impose a preferential duty on Canadian
Government to
preferential margins, or in consultation with the Canadian
into operation for
bring such produce within any system which may be put
supplies from all sources in the 'United
the quantitative regulation of
Kingdom market.
Aug. 27 1932
ARTICLE 2.
His Majesty's Government in the United Kingdom will invite Parliament
to pass the legislation necessary to impose on the foreign goods specified
in Schedule B appended hereto, the duties of cpstoms shown in that
schedule in place of the duties (if any) now leviable.
Schedule B.
25. per quarter.
Wheat In grain
158. per cwt.
Butter
15% ad valorem.
Cheese
4s 6d. per cwt.
Apples, raw
4s 6d. per cwt.
Pears, raw
35. 6d. per cwt in addition to
Apples, canned
the duty in respect of sugar
content.
Dried fruits, now dutiable at 7s
10s. 6d. per cwt.
Eggs in shell: (a) Not exceeding 14 lbs. In weight per
Is per great hundred.
great hundred
(b) Over 14 lbs. but not exceeding 17 lbs
Is. 6d. per great hundred.
(c) Over 17 lbs
Is. 9(1. per great hundred.
is. per cwt. In addition to duty
Condensed milk, whole, sweetened
in respect of sugar content.
Copper, unwrought, whether refined or not,in ingots,
bars, blocks, slabs, cakes and rods
2d. per lb.
ARTICLE 3.
Ills Majesty's Government in the United Kingdom undertake that the
general ad valorem duty of 10% imposed by Section 1 of the Import Duties
Act, 1932, on the foreign goods specified in Schedule 0 shall not be reduced,
except with the consent of His Majesty's Government in Canada.
Schedule C.
Timber of all kinds imported into the United Kingdom in substantial
quantities from Canada, in so far as now dutiable.
Fish, fresh, sea.
Salmon. canned.
Other fish, canned.
Asbestos.
Zinc.
Lead.
ARTICLE 4.
It is agreed that the duty on either wheat in grain, copper, zinc, or lead.
as provided in this agreement, may be removed if at any time Empire
producers of wheat in grain, Copper, zinc and lead, respectively, are unable or unwilling to offer these commodities on first sale in the United
Kingdom at prices not exceeding the world prices and in quantities sufficient to supply the requirements of the United Kingdom consumers.
ARTICLE 5.
His Majesty's Government in the United Kingdom will invite Parliament to pass the legislation necessary to modify the conditions at present
governing the importation into the United Kingdom of live cattle from
Canada on the lines already agreed upon in principle between themselves
and his Majesty's Government in Canada.
ARTICLE 6.
His Majesty's Government in the United Kingdom declare that it is
their intention to arrange, as soon as possible, after receiving the report
of the Commission now sitting on the reorganization of the pig industry
in the United Kingdom, for the quantitative regulation of the supplies
of bacon and hams coming on to the United Kingdom market and undertake that, in any legislation which they may submit to Parliament for
regulating the supplies of bacon and hams from all sources into the United
Kingdom provision will be made for free entry of Canadian bacon and hams
of good quality up to a maximum of 2.500.000 cwt, per annum.
ARTICLE 7.
His Majesty's Government in the United Kingdom will invite Perlis,
moot to pass legislation which will secure, for a period of 10 years from the
state hereof to tobacco consigned from any part of the British Empire
and grown, produced or manufactured in Canada the existing margin of
preference over foreign tobacco, so long, however, as the duty on foreign
=manufactured tobacco does not fall below 2s. 045d. per pound, in which
event the margin of preference shall be equal to the full duty.
ARTICLE 8.
Ills Majesty's Government in the United Kingdom will invite the Governments of the non-self-governing colonies and protectorates to accord
to Canada any preference which may for the time being be accorded to any
other part of the British Empire, provided that this clause shall not extend
to any preferences accorded by Northern Rhodesia to the Union of South
Africa, Southern Rhodesia and the territories of the South African High
Commission by virtue of the customs agreement of 1030; and, further, will
invite the Governments of the colonies and protectorates shown in Schedule
D to accord to Canada new or additional preferences on the commodities
and at the rates shown therein.
Schedule D.
This schedule, which refers to preferences which certain non-self-governing colonies and protectorates will be invited to extend to Canada, is not
being published or summarized at present.
ARTICLE 9.
Ills Majesty's Government in Canada will invite Parliament to pass the
legislation necessary to substitute for the duties of customs now leviable on
the goods specified in Schedule E the duties shown in that schedule. Provided that nothing in this article shall preclude his Majesty's Government
In Canada from reducing the duties specified in the said schedule so long
as the margin of British preference shown in that schedule is preserved,
in
or from increasingrates under the intermediate or general tariff set out
the
Schedule E.
This schedule, of which details will be published later, sets forth 220
Items of the Canadian tariff, in respect of which now or increased margins
of preferences will bo granted by Canada to the United Kingdom. The
schedule covers a very wide range of commodities, and includes, inter elle,
a largo number of items previously dutiable at the British preferential rate
which are now transferred to the free list. In all other cases the present
margin of preference has been increased either by lowering the British
preferential rate or by raising the intermediate and general rates.
Unofficial understandings between the iron and steel interests of the two
countries are used as the basis of tariff adjustment on many items of the
steel schedule, including not only the primary forms but such processed
and fabricated steels as cutlery, machinery, and wire products. Revisions
in the textile items relate chiefly to linens and to the major classifications
of cotton and woollen fabrics. Other commodities embraced in the schedule
include a very wide and important range of chemicals, flat glass, toilet
accessories, gums, tableware and leather.
ARTICLE 10.
His Majesty's Government in Canada undertake that protection by
tariffs shall be afforded against United Kingdom products only to those
Industries which are reasonably assured of sound opportunities for success.
Volume 135
Financial Chronicle
ARTICLE 11.
His Majesty's Government in Canada undertake that during the currency
tariff shall be based on the principle that protective
of this agreement the
duties shall not exceed such a level as will give United Kingdom producers
full opportunity of reasonable competition on the basis of the relative cost
of economical and efficient production, provided that in the application
of such principle special consideration shall be given to the case of industries
not fully established.
ARTICLE 12.
His Majesty's Government in Canada undertake forthwith to constitute
the Tariff Board, for which provision is made in the Tariff Board Act 1931.
ARTICLE 13.
His Majesty's Government in Canada undertake that on the request of
his Majesty's Government in the United Kingdom they will cause a review
to be made by the Tariff Board as soon as practicable of the duties charged
on any commodities specified in such request in accordance with the principles laid down in Article 11 hereof, and that after the receipt of the report
of the Tariff Board thereon such report shall be laid before Parliament,
and Parliament shall be invited to vary wherever necessary the tariff on
such commodities of United Kingdom origin in such manner as to give
effect to such principles.
ARTICLE 14,
His Majesty's Government in Canada undertake that no existing duty
shall be increased on United Kingdom goods except after an inquiry and the
receipt of a report from the Tariff Board, and in accordance with the facts
as found by that body.
ARTICLE 15.
His Majesty's Government in Canada undertake that United Kingdom
producers shall be entitled to full rights of audience before the Tariff Board
when it has under consideration matters arising under Articles 13 and 14
hereof.
ARTICLE 16.
His Majesty's Government in Canada undertake that Customs administration in Canada shall be governed by such general principles as will ensure
(a) the avoidance, so far as reasonably possible, of uncertainty as to the
amount of Customs duties and other fiscal imposts payable on the arrival
of goods in Canada; (b) the reduction of delay and friction to a minimum;
and (c) the provision of machinery for the prompt and impartial settlement
of disputes in matters appertaining to the application of tariffs.
ARTICLE 17.
His Majesty's Government in Canada undertake that all existing surcharges on imports from the United Kingdom shall be completely abolished
aa soon as the finances of Canada will allow. They further undertake to
give sympathetic consideration to the possibility of reducing and ultimately
abolishing the exchange dumping duty in so far as it applies to imports
from the United Kingdom.
ARTICLE 18.
His Majesty's Government in Canada undertake to modify the existing
regulations governing the importation of pedigreed stock from the United
Kingdom into Canada in a manner already agreed upon in principle between
themselves and his Majesty's Government in the United Kingdom.
ARTICLE 19.
His Majesty's Government in Canada undertake to accord to those non-governing colonies. protectorates and the mandated territories to which
self
the benefits of the British preferential rates are at present accorded, and
also to Zanzibar, the preferences on the commodities and at the rates shown
n Schedule P, and also any preferences for the time being accorded to
the United Kingdom. Provided that His Majesty's Government in Canada
shall not be bound to continue to accord any preferences to any colony
or protectorate which, not being precluded by international obligations
from according preferences, eigher (I) accords to Canada no preferences or
OD accords to some other part of the Empire (in the case of Northern
Rhodesia, excepting the Union of South Africa. Southern Rhodesia and
the territories of the South African High Commission) preferences not
accorded to Canada.
Schedule F.
This schedule, which refers to preferences which Canada will accord to
certain non-self-governing colonies and protectorates. is not being published
or summarized at present.
ARTICLE 20.
Nothing in this agreement shall prejudice or diminish any of the benefits
enjoyed by any of the parties thereto under the Canada-West Indies trade
agreement dated July 6 1925.
ARTICLE 21.
This agreement is made on the express condition that, if either Govern
ment is satisfied that any preferences hereby granted In respect of any particular class of commodities are likely to be frustrated in whole or in part
by reason of the creation or maintenance, directly or indirectly, of prices
for such class of commodities through State action on the part of any
foreign country, that Government hereby declares that it will exercise the
powers which it now has or will hereafter take to prohibit the entry from such
foreign country, directly or indirectly, of such commodities into its country
for such time as may be necessary to make effective and to maintain the
preferences hereby granted by It.
ARTICLE 22.
This agreement between His Majesty's Government in the United
Kingdom and His Majesty's Government in Canada is to be regarded as
coming into effect as from the date hereof (subject to the necessary legislative or other action being taken as soon as may be practicable hereafter).
It shall remain in force for a period of five years, and if not denounced
six months before the end of that period, shall continue in force thereafter
until a date six months after notice or denunciation has been given by
either party.
ARTICLE 23.
In.rthe event of circumstances arising which, in the judgment of His
Majesty's Government in the United Kingdom or of His Majesty's Governmentlin Canada, as the case may be, necessitate a variation in the terms
of the agreement, the proposal to vary those terms shall form the subject
of consultation between the two Governments.
Address of Premier Bennett of Canada at Closing
Session of Imperial Economic Conference at Ottawa
—Sees Definite Advance Toward Closer Empire
Economic Association.
Premier Richard B. Bennett of Canada, in his address
at the closing session of the Imperial Economic Conference
at Ottawa on Aug. 20, summed up as follows what he re-
1401
garded as the achievements of the conference. We quote
from a dispatch to the New York "Times":
The agreements signed to-day constitute a definite advance toward closer
empire economic association. Because of this we may fairly lay claim
to an achievement greater than that of which any other conference can
boast.
Clvief Difficulty "Removed."
The fundamental difficulty heretofore preventing the consummation of
an agreement founded on the principle for which we have stood has now
been removed. We have commonly acknowledged that empire association can be based advantageously upon the principle of reciprocal preferences, and by our several agreements have evidenced our belief that these
preferences insure the greatest benefits when they are predicated upon a
general empire tariff plan.
The agreement between the United Kingdom and Canada has affirmed
In principle the proposals made by the Government of this country upon
the opening day of the conference. On the one hand Canada maintains
existing preferences in the United Kingdom and secures the extension of
that principle to our natural products. On the other hand Canada balances
these advantages by granting such tariff concessions as will place the
United Kingdom manufacturers on a basis of fair competition with dotnestic industries, having regard, of course, to such factors as the relative
costs of production.
The operation of this principle is assured through the employment of
the tariff board created last year by the Parliament of Canada, the function of which it will be to conduct such inquiries as will enable Parliament to adjust tariffs on this basis, so that, compatible with reasonable
protection to our industries, the consumer will enjoy the maximum benefits
ensuing upon a broader exchange of empire products.
"Unfair Competition" Barred.
We have, moreover, decided upon the principle that this agreement
must be safeguarded from unfair competition from foreign countries, and
the United Kingdom, by the exclusion of such unfair competition, insures
effective operation of this agreement. These provisions offer an assurance against further attack upon our standards of living.
The Dominion Government has therefore succeeded, through reciprocal
concessions, in manifesting the principle that protection, as we see it in
this country, can be used as an instrument of national policy to secure an
equalization of benefits as between natural and manufactured products.
With frank agreement upon these principles and with the tangible benefits
which the terms of the agreement indicate will follow upon them we should
now be content.
This Government does not pretend that it has secured all the advantages it desired, nor does any delegation. Nor did it at any time
venture to hope that at this first empire tariff conference an agreement
would be reached so comprehensive in nature as to provide a panacea
for all our ills. To do so would have been unreasonable.
Stresses Reciprocal Factor.
To do so, moreover, would have implied the acquiescence by the United
Kingdom in a proposal which would have been so abnormally out of step
with its traditional policy as to threaten the effective operation of the
agreement. And no Canadian is prepared to ask for concessions which,
similarly situated, he would be unprepared to grant, having regard to the
adverse consequences which might follow on them.
The agreements signed to-day proclaim not only a growing spirit of
co-operation within the empire but as well the nature and extent of our
material resources. We have so marshaled these resources that in many
commodities we will hereafter be self-sufficient. We have taken steps to
develop, to the common advantage of the empire countries, other commodities which heretofore were gathered from world sources.
We have, indeed, convinced ourselves that, with sound management and
just division of responsibilities, we are each equipped to advance the
interests of one another and collectively to take a commanding place in
the economic world.
We are therefore encouraged to proceed along the course that we have
chosen; but this propitious beginning must not blind us to the fact that
it is but a beginning, and that, if this scheme of closer empire association is to endure and bring to each one of us the benefits we hope for,
further action must be taken at a not too distant date.
I do not need to say to the delegates to this conference and to their
ladies and to their faithful and able advisers, how happy we have been to
welcome them here. That I have already done.
I could have wished that their many engagements might have left them
the opportunity to journey through this great country, to meet our people
and to see the vast natural resources which support the determination
of Canadians to take their place among the great nations of the earth.
Perhaps that opportunity may come another time, and if it does, you may
be sure, whether I am in an official position or otherwise, that I shall be
glad indeed to welcome those whom I have met at this conference and to
offer them any hospitality that is in my power.
Bay Faith Has Pointed Path.
I have said that I do appreciate the honor that you have done to this
Dominion in electing me your chairman. The duties have been light. They
have not in the least degree been onerous, for the simple and obvious
reason that every member of every delegation has been inspired by a real
and determined desire to serve the cause, not only of his own country but
of all this vast commonwealth that has for so long been known as the
British Empire.
May I close with this thought. At the opening of the conference I
suggested to the delegates that we follow the way pointed out by faith
and hope. That we have done. By our combined efforts we have shown
that one-quarter of the world's population, of many different racial origins,
professing many religious faiths, but maintaining common allegiance to
one sovereign, and with one citizenship, can so harmonize their views as to
agree to promote their connnon prosperity.
In the days to come millions of men and women, proud of that citizenship, with the aid of what man has achieved in science will look upon the
closing scene of this conference and hear what has been said, and then,
as they go about their tasks, fresh from seeing this empire sign these
agreements as we have done, they will be inspired with higher courage
and with grimmer determination to undertake the discharge of their worldwide responsibilities, responsibilities which they owe not only to their own
country, but to the world at large, and they will appreciate as they have
never done before the proud boast, though made in no boasting spirit, which
the citizen of the old empire of Rome made, a boast that we too can
make, the proudest boast that any man can make in all of this world, the
-9 am
boast of a citizen of any of the individual dominions of this empire
a British subject."
1402
Financial Chronicle
Farewell Message Addressed to King George V of
Great Britain by Imperial Economic Conference
at Ottawa and Reply Thereto.
Incident to the conclusion of the Imperial Economic Conference at Ottawa the delegates sent to King George V of
Great Britain the following message on August 20:
To his Majesty the King, Emperor of India:
The representatives of the Governments of the British Commonwealth,
who have been assembled in conference at Ottawa during the past few
weeks, desire at the conclusion of the conference again to present their
respectful duty.
They pray that Divine Providence may continue to give to your Majesty,
and to her Majesty the Queen, health and strength to preside over the
destinies of all the nations of the Commonwealth, and they renew the
assurance of devotion and affection of your peoples.
The reply follows:
The following reply was received from the King:
I appreciate very much the message which the representatives of the
Governments of the British Commonwealth have sent to me on the
termination of the Ottawa conference. The Queen and I thank them all
most sincerely for their expression of devotion and good wishes.
Your work has been arduous and intricate, but I rejoice to think that
your achievement has justified the high expectations with which the conference began, and that you have been able not only to conclude important practical agreements for the promotion of trade within the British
Empire but also to adopt principles to help its future development.
I am confident that the results of your labors, and the spirit of cooperation and mutual helpfulness which has brought about their success,
will be of real benefit to my peoples.
I wish you ell godspeed and a safe and happy journey homeward.
GEORGE R. I.
Departure from Ottawa of United Kingdom Delegates
to Imperial Economic Conference—Viewed as
"Victory for Empire."
"A victory for the empire and a triumph for democracy"
was the characterization placed on the Imperial Economic
Conference by J. H. Thomas, British Dominions Secretary,
in a speech delivered on board the Empress of Britain prior
to the sailing of that ship from Quebec on Aug. 21 with the
United Kingdom and Indian delegations. Canadian Press
accounts from Quebec are further quoted as follows:
"Agreements'that in my judgment have paved the way to a greater degree of prosperity and to an increased share in each other's markets" was
how Stanley Baldwin described the results achieved.
"We came to Ottawa determined, in consultation with your government
and with the governments of the other parts of the empire, to work out
a policy that would increase our trade with one another and one that, by
the removal of restrictions in trade, would give encouragement to other
nations of the world," Mr. Baldwin said.
From the Indian delegation came an expression of sadness at leaving
a country whose hospitality had left a lasting impression. Sir Atul Chatterjee believed that "the exchange of views and agreements arrived at
are certain to result in close liaison among the distant parts of the empire."
The British and Indian delegations left Ottawa on Saturday immediately
after the second plenary session; they at once boarded the special train and
journeyed to Quebec. They were accompanied by Prime Minister R. B.
Bennett of Canada.
"The conference is not a triumph for any one dotninion," said Mr.
Thomas. "It is an illustration to the rest of the world that the nations
of the Commonwealth, imbued with our ideals, are prepared in their hour
of trial to make sacrifices for all."
"I have confidence," said J. G. Coates, head of the New Zealand delegation, "this conference will be the turning point of what to-day appears to
be a somewhat sad and troubled world."
The results of the conference should not be measured by dollars and
cents, said N. C. Havenga of South Africa. "I do not know whether the
results manifest vision on our part or whether they augur well for the
people. For ourselves it would be futile to pretend that we return rejoicing, bringing in the sheaves."
"Nothing can ever make us forget our debt to Canada," said Sean T.
O'Kelly of the Irish Free State, "and whatever changes the future may
bring for us, one very certain result of the conference, as far as the
delegation of the Irish Free State is concerned, is a determination to do
everything in our power to create closer bonds of friendship between the
Irish and Canadian peoples."
"I trust that by the example which we have given here," said former
Premier Stanley M. Bruce of Australia, "we have demonstrated that
peoples of varied interests, when they come together in a spirit of determination to succeed, can reconcile all differences, overcome all obstacles
by a spirit of mutual good-will and by a determination to aid each other
rather than to try to gain advantage. That, to my mind, is the great
thing that has emerged from this conference."
Imperial Economic Conference Fund Has Surplus.
Canadian Press accounts from Ottawa Aug. 22 said:
The Dominion Government has paid the whole "shot" of the Imperial
Conference, the hotel bills of the delegates and their staffs, motor transport and many lines of incidental expenses, including printing.
It was learned to-day, however, that after paying everything there
will be a neat surplus out of the $350,000 which was originally appro.
priated for the purpose.
Trade Agreement with Great Britain Pleases Australia
—Home Producer and British Consumer Said to
Gain $2,250,000.
A wireless message from Canberra, Australia, Aug. 22 to
the New 'York "Times" said:
Prime Minister Lyons, commenting on the United Kingdom-Australian
accord at Ottawa. said that, considering the empire's varied interests, the
Australian agreement "is a tribute to the able and energetic manner in
which we have been represented at the conference, and the agreement it
received with the greatest satisfaction."
Aug. 27 1932
The Federal Department of Commerce estimates the preference in the
United Kingdom-Australian agreement, excluding meat, is worth $2,250,000,
divided between Australian producers and British consumers. The Australian Association of British Manufacturers regards the results at Ottawa
favorably and welcomes Australia's definite undertaking not to impose
duties exceeding the recommendations of the Tariff Board. It believes no
important Australian industry will suffer.
J. W. Paterson, deputy leader of the Federal Country party and author
of the "Paterson butter plan," said he was gratified with the measure of
success achieved regarding preferences in the British market, but was
apprehensive as to the statement of Stanley M. Bruce, Australian leader
at Ottawa, regarding the Tariff Board.
"Since the Government will not reduce the duties against Great Britain
without the Board's report, but increases the British preference margin
without a report, the only conclusion is that foreign duties will be still
further increased. Those who had hoped for further preferences to Britain,
achieved by lowering duties against British goods, will be profoundly disappointed."
Denmark to Seek Trade Agreement with Great Britain.
The following from Copenhagen, Aug. 24 is from the New
York "Times:"
The Danish Government has made preparations to begin Immediately
negotiations for a trade agreement with Great Britain to protect Danish
farmers.
Danish agricultural interests seem to feel that the effects of the Ottawa
agreement will not be serious for Denmark although a setback in Danish
egg exports to Britain seems inevitable. A more hopeful view is taken of
the butter trade, while it is believed that Canada cannot supply the 250,000,000 pounds of bacon needed for the next six months.
The Danish Government to-day denied a report that Denmark, in eonsequence of the Ottawa accords, would undertake considerable reductions
in her import duties.
General Smuts Sees No Material Benefit to South
Africa in Treaties Signed at Imperial Economic
Conference.
Canadian Press advices from Cape Town (South Africa),
Aug. 23 said:
Former Prime Minister Smuts said to-day that the Ottawa concessions
to South Africa could not be expected to bring about "any material improvement in the country's economic position at the present time or for
many years to come."
He asserted he spoke in no disparaging sense but, on the contrary,
appreciated fully the concessions made by the United Kingdom, but that
other preferences on more important products would have been more valuable.
Bank of
Montreal's Views on ImperiallEconomic
Conference.
"The Imperial Economic Conference at Ottawa has overshadowed all other events of the past month," says the Bank
of Montreal in its current review of business and economic
conditions. "It is not exaggeration, indeed, to describe it
as the most momentous meeting in the history of the British
Empire in relation to the material prosperity of its people."
The bank adds:
"A precedent having been established, not for the last time will Britain
and her Dominions have met to consider and conclude measures for mutual
advantage of mutual interests, and it is this phase of the event which
gives it high importance, second only to the actual accomplishments. Of
the latter there are many calculated to promote the trade and enhance
the prosperity of the British Empire by tariff preferences.
"Wider markets will be provided in Great Britain for natural products
of Canada and other Dominions, such as wheat, live stock, lumber, copper,
meats, fruits, while to many manufactured commodities of Great Britain,
entry to Dominion markets will be made more easy in competition with
those of foreign countries. A matter of consequence is that when the
agreed tariff legislation becomes operative, it will have a degree of
durability, giving opportunity for the enlargement of old and the development of new channels of trade within the Empire.
"Preferences introduced in the tariff of Great Britain a few months ago
will continue until supplanted by wider concessions. The delicate and
difficult question of money and the mechanism of exchange, and other
matters such as standardization of products and percentage British content of goods to qualify for preferential tariff treatment, have been relegated to further consideration. Yet a tremendous step has been taken
towards enlargement of inter-Empire trade, and a new conception created
of the desirable application of Empire patriotism to practical uses.
"A little time must pass before the agreements reached are translated
into law, as these require the approval of the Parliaments concerned, and
It is probable the full details of intended action will not be disclosed until
the confirmatory measures are submitted to the Parliaments.
"Although no definite improvement• has yet appeared in the volume of
Canadian trade, a better tone pervades business circles, and elements of
greater activity are coming into sight. Among these is the assurance
of full average crops, taking the country as a whole.
"Manufacturing industries continue slack save for a few .exceptions.
Tourist traffic has been disappointing, for while many cars
have come to
Canada from the United States, their stay has been short and the expenditure made by owners small compared with former years. The shipping
trade is somewhat better than last season ; more grain
has passed out
through the port of Montreal, more British coal has been imported, passenger traffic 'has held up fairly well, and a livelier autumn business is
a nticipa ted."
Trade Agreement Between Great Britain and Australia
Signed at Imperial Economic Conference at Ottawa.
We give herewith the text of the trade treaty between the
United Kingdom and Australia, signed on August 20 at the
concluding session of the Imperial Economic Conference:
We, the representatives of His Majesty's Government in the United
Kingdom, and of Ills Majesty's Government in the Commonwealth of
Australia, hereby agree with one another, on behalf of our respective
Governments, as follows:
Volume 135
Financial Chronicle
ARTICLE 1.
His Majesty's Government in the United Kingdom undertake that
orders shall be made in accordance with the provisions of Section 4 of the
Import Duties Act, 1932, which will ensure the continuance after Nov. 15
1932 of entry free of duty into the United Kingdom, of Australian goods
which comply with the laws and statutory regulations for the time being in
force, affecting the grant of Imperial preference, and which, by virtue of
that Act, are now free of duty, subject, however, to the reservations set
forth in Schedule A, appended hereto.
ARTICLE 2.
His Majesty's Government in the United Kingdom will invite Parliament to pass the legislation necessary to impose on the foreign goods specified Schedule B, appended hereto, the duties of customs shown in that
schedule in place of the duties (if any) now leviable.
ARTICLE 3.
His Majesty's Government in the United Kingdom will invite Parliament to pass the legislation necessary to secure to Australian goods of the
kinds specified in Schedule 0, appended hereto, which comply with the law
and statutory regulations for the time being in force affecting the grant of
Imperial preference, the margins of preference specified therein over
similar
foreign goods.
ARTICLE 4,
His Majesty's Government in the United Kingdom undertake that
the
general ad valorem duty of 10% imposed by Section 1 of the Import
Duties
Act, 1932, on the foreign goods, specified in Schedule 13 shall not be
reduced
except with the consent of His Majesty's Government in the
Commonwealth of Australia.
ARTICLE 5.
The duties provided in this agreement on foreign wheat in
grain, conPer,
lead and zinc on importation into the United Kingdom are
conditional
In each case on Empire producers of wheat in grain, copper,
lead and
zinc, respectively, continuing to offer those commodities on
first sale in
the United Kingdom at prices not exceeding the world price.
ARTICLE 6.
His Majesty's Government in the United Kingdom, and His
Majesty's
Government in the Commonwealth of Australia, agree that
arrangements
shall be made for the regulation of imports of frozen mutton
and lamb
and frozen and chilled beef into the United Kingdom in accordance
with
the declaration by His Majesty's Government in the United
Kingdom,
which is appended as Schedule H.
ARTICLE 7,
His Majesty's Government in the United Kingdom will invite the
Governments of the non-self-governing Colonies and Protectorates
to accord
to Australia any preference which may for the time being be accorded
to any
other part of the British Empire, provided that this article shall
not extend to any preferences accorded by Northern Rhodesia to the
Union of
South Africa, Southern Rhodesia and the Territories of the South
African
High Commission by virtue of the Customs Agreement of 1930,
and further will invite the Governments of the Colonies and Protectorat
es shown
In Schedule E to accord to Australia new or additional
preferences on
the commodities and at the rates shown therein.
ARTICLE 8.
His Majesty's Government in the Commonwealth of
Australia will invite Parliament to pass the legislation making the tariff
changes necessary
to give effect to the preference formula set forth in Part 1 of Schedule
appended hereto, subject to the exceptions
indicated in Part II, of that
schedule, and further undertake that existing
preferential margins which
exceed those laid down in this formula shall be
maintained subject, however,
to the right of His Majesty's Government in the
Commonwealth of Australia to reduce the existing margins of preference
in the case of goods of
the kind specified in Part III of that schedule to an extent
not exesedteg
the amounts shown therein.
ARTICLE 9.
His Majesty's Government in the Commonwealth of
Australia undertake that protection by tariffs shall be afforded only to those
industries
which are reasonably assured of sound opportunities for
success.
ARTICLE 10.
His Majesty's Government in the Commonwealth of
Australia undertake that during the currency of this agreement the tariff
shall be based
on the principle that protective duties shall not exceed such
a level as will
give United Kingdom producers full opportunity of reasonable
competition
on the basis of the relative cost of economical and efficient
provided that in the application of such principle special production,
may be given to the case of industries not fully established. consideration
ARTICLE 11.
His Majesty's Government in the Commonwealth of
Australia undertake that a review shall be made as soon as practicable by the
Australian
Tariff Board of existing protective duties in accordance
with the principles laid down in Article 10 hereof, and that after the
receipt of the
report and recommendation of the Tariff Board the
Parliament shall be invited to vary, wherever necessarr, Commonwealth
the tariff on goods
of United Kingdom origin in such manner as to give effect to such
principles.
ARTICLE 12.
His Majesty's Government in the Commonwealth of Australia
undertake that no new protective duty shall be imposed and no existing duty
shall
be increased on United Kingdom goods to an amount in excess of the
recommendation of the Tariff Tribunal,
Article 13.
His Majesty's Government in the Commonwealth of
Australia undertake that United Kingdom producers shall be entitled to full
rights of
audience before the Tariff Board when it has under consideration
matters
arising under Articles 11 and 12 hereof.
ARTICLE 14.
His Majesty's Government in the Commonwealth of Australia undertake in so far as concerns goods the produce or manufacture of the United
Kingdom:
(a) to repeal as soon as practicable the Proclamation published in Commonwealth Gazette No. 46 of May 19 1932, prohibiting the importation
of
certain goods;
(b) to remove as soon as practicable the sur-charges imposed by resolution introduced into the Parliament of Australia on May 24 1932; and
(c) to reduce or remove primage duty as soon as the finances of Australia
will allow.
ARTICLE 15.
His Majesty's Government in the Commonwealth of Australia undertake to accord to the non-self-governing Colonies and Protectorates and
the Mandated Territories of Tanganyika, the Cameroons under British
1403
Mandate, and Togoland under British Mandate, preferences on the
commodities and at the rates shown in Schedule G and also any preferences
for
the time being accorded to the United Kingdom if His Majesty's Government in the United Kingdom so request.
Provided that His Majesty's Government in the Commonwealth of
Australia shall not be bound to accord any preferences to any Colony or Protectorate which, not being precluded by international obligations from
according preferences, either (I) accords to Australia no preferences or
(11) accords to some other part of the Empire (in the case of Northern Rhodesia, excepting the Union of South Africa, Southern Rhodesia, and
the
territories of the South African High Commission) preferences not accorded
to Australia.
ARTICLE 16.
This agreement between His Majesty's Government in the United
Kingdom and His Majesty's Government in the Commonwealth of Australia is to be regarded as coming into effect as from the date hereof (subject
to the necessary legislative or other action being taken as soon as may be
Practicable hereafter). It shall remain in force for a period offive years,
and
if not denounced six months before the end of that period shall continue
in force thereafter until a date six months after notice of denunciation has
been given by either party.
In the event of circumstances arising which, in the judgment of His
Majesty's Government in the United Kingdom or of His Majesty's Government in the Commonwealth of Australia, as the case may be, necessitate
a variation in the terms of the agreement, the proposal to vary those terms
shall form the subject of consultation between the two Governments.
SCHEDULES
-(IN THE AGREEMENT BETWEEN THE UNITED
KINGDOM AND AUSTRALIA).
Schedule A.
As regards eggs, poultry, butter, cheese and other milk products,
free
entry for produce of Australia will be continued for three years
certain.
His Majesty's Government in the United Kingdom, however,
reserve to
themselves the right after the expiration of the three years,if they consider
it
necessary in the interests of the United Kingdom producer to do
so, to
review the basis of preference, so far as relates to the articles enumerated,
and after notifying His Majesty's Government in the Commonwealth
of
Australia either to impose a preferential duty on produce of Australia
whilst maintaining existing preferential margins, or in consultation with
the •
Commonwealth Government to bring such produce within any system which
may be put into operation for the quantitative regulation of
supplies
from all sources In the United Kingdom market.
Schedule B.
Wheat in grain
2s, per quarter.
Butter
158. per cwt.
Cheese
15% ad valorem.
Apples, raw
4s. 6d. per cwt.
Pears, raw
4s. 6d. per cwt.
Apples, canned
3s. 6d. per cwt. In add'n to duty
In respect of sugar content.
Other canned fruits
15%ad valorem in add'n to duty
In respect of sugar Content.
Dried fruits, now dutiable at 78
IN. 6d. per C771.
Eggs in shell: (a) Not exceeding 14 lbs. In weight per
great hundred
Is. per great hundred.
(I) Over 14 lbs. but not exceeding 17 lbs
ls. 6d. per great hundred.
(c) Over 17 lbs
15. gd. Per great hundred.
Condensed milk, whole, sweetened
5s. per cwt, in add'n to duty in
respect of sugar content.
Condensed milk, whole, not sweetened
6s. per cwt.
Milk powder and other preserved milk, notsweet'd--5s. per owt.
Honey
7s. per cwt.
Copper, unwrought, whether refined or not,in ingots,
bars, blocks, slabs, cakes and rods
2d. per lb.
Oranges, raw
3s. 6d. per cwt. from April 1 to
Nov. 30.
Grapefruit, raw
5s. per cwt. from April 1 to
Nov. 30. ,
Grapes (other than hothouse)
1y4c1. per lb. from Feb. 1 to
June 30.
Schedule C.
Margin of preference.
Wine, not exceeding 27 degrees of proof spirit
2s. per gallon.
Schedule D.
Leather, tallow, canned meat, zinc, lead, barley, wheat flour, macaroni,
dried peas, dressed poultry, casein, eucalyptus oil, meat extracts
and
essences, copra, sugar of milk, sausage casings, wattle bark, asbestos,
dried
fruits, other than currants, not specified in Schedule B.
Schedule E.
(Details to be published later.)
Schedule F.
This schedule contains a formula, which will be published later,
under
which increased preferences will be granted to the United Kingdom
over a
very wide range of commodities.
Schedule G.
be published later.)
Schedule II
-Declaration by United Kingdom Government.
1. The present wholesale prices of frozen meat are at a level which
has
resulted in grave depression in the live stock industries of the
United
Kingdom and the Dominions. This depression is likely, if continued,
to
bring about a serious decline in production and consequent
ultimate injury to the consumer.
2. Such a position is so serious that it is essential to take
whatever steps
may appear feasible to raise the wholesale prices of frozen meat
in the
United Kingdom market to such a level as will maintain efficient
production.
3. With a view to the earliest possible improvement of the
position, His
Majesty's Government in the United Kingdom will, during the
currency of
the Ottawa Agreement, arrange for the regulation of
importations of meat
into the United Kingdom, the regulation, in view of
the close interrelationship of all kinds of meat in determining the price
level, to be applied to all
the meats referred to in Section 5.
4. The policy of His Majesty's Government in the United
Kingdom in
relation to meat production is, first, to secure developmen
t of home production; and secondly, to give to the Dominions an expanding
share of
imports into the United Kingdom.
5. In order to co-operate with His Majesty's Governmen
t in the United
Kingdom in the carrying out of this policy, His Majesty's Governmen
t in
the Commonwealth of Australia agrees to limit the
export of frozen mutton
and lamb to the United Kingdom for the year 1933 to an amount
equivalent
to the total imports from Australia during the year ended
June 30 1932,
In consideration of the United Kingdom Government
.
(a) Arranging for the regulation of the importation of foreign meat
in accordance with a program (hereinafter referred to as the "agreed program")
agreed between His Majesty's Government in the United Kingdom
and
HIS Majesty's Government in the Commonwealth of Australia and including
within its scope frozen mutton and lamb, frozen beef and chilled beef.
(b) Arranging, as soon as possible after receiving the report of the
Commission now sitting on the reorganization of the pig industry in the
united
(Details to
1404
Financial Chronicle
and hams
Kingdom,for the quantitative regulation of the supplies of bacon
coming onto the United Kingdom market.
the importation
(c) Undertaking that no restriction will be placed upon
agreed program
of any meat from Australia during the period named in the
referred to in Section 5 (a) of this declaration.
experience gained, His
, 6. During the year 1933, and in the light of the
in consultaMajesty's Government in the United Kingdom will consider,
of Australia,
tion with His Majesty's Government in the Commonwealth
and the more
the best means of ensuring an improved price situation
orderly marketing of supplies.
result of the con7. Should no permanent policy be agreed upon as the
in the United
sultation referred to above, His Majesty's Government
in the agreed
Kingdom undertakes, after the expiry of the period named
and during the
Program referred to in Section 5 (a) of this declaration,
remainder of the period of the agreement concluded at Ottawa:
otherwise agreed between
(a) To arrange for the continuanace, unless
imports of foreign
the governments concerned, of the regulation of the
in the agreed
meat at the rates in force at the end of the period named
program.
the United Kingdom,
(b) In any action affecting the imports of meat into
of United
which the United Kingdom Government may take on behalf
in Section 4
Kingdom agriculture, to have regard to the policy set out
hereof.
United Kingdom,
8. Should it appear to His Majesty's Government in the
upon forafter enquiry, that, at any time in consequence of a restriction
to meet the
eign imports, the supplies of meat of any kind are inadequate
Kingdom, then His Majesty's
requirements of consumers in the United
are again
Government may remove any such restriction until supplies
adequate.
by
The agreed program, referred to in Section 5 (a) of the declaration
United Kingdom Government—Details to be published later.
The above is from the Toronto "Globe" of August 20.
Trade Agreements Signed at Ottawa Imperial Economic Conference Between Great Britain and
Southern Rhodesia and Canada and Southern
Rhodesia.
From the Toronto "Globe" we take as follows the text of
the trade agreement signed Aug. 20 at Ottawa, at the
Imperial Economic Conference, between Great Britain and
Southern Rhodesia:
We, the representatives of his Majesty's Government in the United
Kingdom and of the Government of Southern Rhodesia, hereby agree with
one another, on behalf of our respective Governments, as follows:
ARTICLE 1.
His Majesty's Government in the United Kingdom undertake that orders
shall be made in accordance with the provisions of Section 4 of the Import
Duties Act, 1932, which will ensure the continuance after the 15th of
November, 1932, of entry free of duty into the United Kingdom of Southern
Rhodesian goods which comply with the law and statutory regulations
for the time being in force affecting the grant of Imperial preference and
however, to
which by virtue of that Act are now free of duty, subject,
the reservations set forth in Schedule A appended hereto.
ARTICLE 2.
His Majesty's Government in the United Kingdom will invite Parliament to pass legislation which will secure for a period of ten years from
and statutory
the date hereof to tobacco, which complies with the law
of Imperial
regulations for the time being in force affecting the grant
tobacco, so long,
preference, the existing margin of preference over foreign
foreign unmanufactured tobacco does not fall
however, as the duty on
shall be
below in. 034d. per lb., in which event the margin of preference
equivalent to the full duty. They will further endeavor to take such
to
steps as may be practicable, on the lines which have been discussed,
assist the marketing of Southern Rhodesian tobacco.
ARTICLE 3.
His Majesty's Government in the United Kingdom will invite Parliagoods speciment to pass the legislation necessary to impose on the foreign
shown in that
fied in Schedule B appended hereto the duties of customs
schedule in place of the duties, if any, now leviable.
ARTICLE 4.
ParliaHis Majesty's Government in the United Kingdom will invite
Southern Rhodesia
ment to pass the legislation necessary to secure to
time being
for
coffee which complies with the law and statutory regulations
of preference
in force, affecting the grant of Imperial preference, a margin
ht over foreign coffee.
of nine shillings and four pence per hundredweig
ARTICLE 5.
that the
His Majesty's Government in the United Kingdom undertake
Import Duties
general ad valorem duty of 10% imposed by Section I of the
C shall not be reduced
Act, 1932, on the foreign goods specified in Schedule
Rhodesia.
except with the consent of the Government of Southern
ARTICLE 6.
on the
The duty on copper provided in this agreement is conditional
on first
Empire producers of copper continuing to offer this commodity
world price.
sale in the United Kingdom at a price not exceeding the
ARTICLE 7.
His Majesty's Government in the United Kingdom will invite the Governments of the non-self-governing Colonies and Protectorates to accord
be acto Southern Rhodesia any preference which may for the time being
invite the
corded to any other part of the British Empire, and further will
Governments of all Colonies and Protectorates which are free to grant
preferences so to adjust their customs duties chargeable upon cigarettes
upon such
and manufactured tobacco that a lesser duty shall be chargeable
tobacco grown
articles when manufactured within the Empire from
manufactured from
within the Empire than upon such articles when
foreign tobacco.
ARTICLE 8
to pass
The Government of Southern Rhodesia will invite Parliament
of the kinds
the legislation necessary to secure the United Kingdom goods
schedule,
that
specified in Schedule D the margins of preference shown in
of the kinds specified
and to amend the existing duties upon foreign goods
alternative specific duties as shown in
in Schedule E, so as to provide for
that schedule.
ARTICLE 9.
when
The Government of Southern Rhodesia will favorably consider,
extension of
economic and budgetary considerations permit, the further
Preferences accorded to United Kingdom goods.
Aug. 27 1932
ARTICLE 10.
accord
The Government of Southern Rhodesia will invite Parliament to
to the non-self-governing Colonies and Protectorates and the Mandated
Mandate, and
Territories of Tanganyika, the Cameroons under British
and at
Togoland under British Mandate, preferences on the commodities
preferthe rates shown in the Schedule F, appended hereto, and also any
Kingdom, if his Majesty's
ences for the time being accorded to the United
Government in the United Kingdom so request.
ARTICLE 11.
KingThis agreement between his Majesty's Government in the United
as comdom and the Government of Southern Rhodesia is to be regarded
necessary legislative
ing into effect as from the date hereof (subject to the
It
or other action being taken as soon as may be practicable hereafter).
six
shall continue in force for a period of five years, and if not denounced
thereafter
months before the end of that period, shall continue in force
given by
until a date six months after notice of denunciation has been
either party.
of his
In the event of circumstances arising which, in the judgment
Government of
Majesty's Government in the United Kingdom or of the
in the terms
Southern Rhodesia, as the case may be, necessitate a variation
subject
of the agreement, the proposal to vary those terms shall form the
of consultation between the two Governments.
)
SCHEDULES—(UNITED KINGDOM-SOUTHERN RHODESIA.
Schedule A.
As regards eggs, Poultry, butter, cheese and other milk products, free
years
entry for produce of Southern Rhodesia will be continued for three
however,
certain. His Majesty's Government in the United Kingdom,
if they
reserve to themselves the right, after the expiration of three years,
as reconsider it necessary to do so, to review the basis of preference so far
of
lates to the articles enumerated, and, after notifying the Government
of
Southern Rhodesia, either to impose a preferential duty on produce
or
Southern Rhodesia, while maintaining existing preferential margins,
bring such
in consultation with the Government of Southern Rhodesia, to
produce within any sustem which may be put into operation for the quanKingdom
titative regulation of supplies from all sources in the United
market.
Schedule B.
10% ad valorem.
Maize, flat white
16s. per cwt.
Butter
15% ad valorem.
Cheese
great
Eggs in shell: (a) Not exceeding 14 lbs. in weight per
ls. per great hundred.
hundred
Is. 6d. per great hundred.
(b) Over 14 lbs. but not exceeding 17 its
is. 9d. per great hundred.
(c) Over 17 Ms
Copper, unwrought, whether refined or not, in ingots,
2d. per lb.
bars, blocks, slabs and rods
35.(id. per cwt.from Aprll
Oranges, fresh
1 to Nov. 30.
Ss. per cwt. from April 1
Grapefruit, fresh
to Nov. 30.
Schedule C.
Asbestos, ground nuts, kaffir corn and meal, potatoes.
Schedule D.
Margin of Preference.
Description of Goods.
Tariff Item.
119 (b)
Batteries, electrical, wet or dry, primary or secon16% ad valorem
dary, including accumulators
15% ad valorem
ex 149
Typewriters and parts thereof
10% ad valorem
ex 119 (a) Electrical material (except cable and wire)
Wireless telegraphy and telephony Instruments and
164
apparatus used in the working thereof, except
15% ad valorem
batteries
129 and Motor Cars, The grant of increased preference to
the United Kingdom will be considParts and
130
ered when the present advantage to
Accessories
exporters caused by the state of the
exchanges has ceased.
20% ad valorem
99
Cutlery, not gold or silver, nor gold or silver-plated_
Glassware (except bottles and Jars and plate and
172 00
15% ad valorem
window glass)
Schedule E.
Revised Rates.
I
Description of Goods.
Tariff Dem.
at
Piece goods, not including blanketing: Ad valorem rates to remain as
Of silk or artificial silk or mixtures present, but alternative specific
76 (a)
thereof with any other material_ __ duties of 11id. per yard on cotton
and 3d. per yard on silk and rayon
All other n.e.e.
76 (9)
to be imposed.
Schedule F.
Margin of Preference.
Commodities.
2d. per pound.
Tea
Id. per pound.
Coffee, raw
Id. per - -pound.
Cocoa, raw
2s. per pound.
Cigars
3s. per Imperial proof gallon.
and bitters
Rum
Canada-Southern Rhodesia Pact.
According to Canadian Press advices from Ottawa Aug. 21
to the Montreal "Gazette," the following is the official
summary of the agreement entered into between Southern
Rhodesia and Canada:
Agreement between his Majesty's Government in Canada and his
Majesty's Government in the Colony of Southern Rhodesia:
The trade agreement signed on behalf of the Dominion of Canada and
of the Colony of Southern Rhodesia is designed to increase the opportunities for commercial relations between the signatory countries. In its main
lines it incorporates an exchange of preferential treatment on selected lists
of commodities. Imports into Canada of the principal products of Southern Rhodesia—tropical fruits and agricultural produce—are granted preferential treatment. In return, Southern Rhodesia will accord particularly favorable treatment to a selected list of Canadian products, while
assuring on the great bulk of unenumerated articles rates not less favorable
than are accorded to similar goods the produce of the United Kingdom.
The agreement is subject to the approval of the appropriate legislative
authorities in the contracting countries. It is concluded for a period of
five years and may be denounced after the expiration of that period by'
six months' notice.
Trade Treaty Signed at Ottawa Imperial Economic
Conference Between Great Britain and South
Africa—Accord Between Canada and South Africa.
Among the trade pacts signed on Aug. 20 at the closing
session of the Imperial Economic Conference are two in
which South Africa was the signatory—one between it and
Great Britain, and the other between Canada and South
Africa. As given in the Toronto "Globe" the text of the
agreement between Great Britain and South Africa follows:
Volume 135
Financial Chronicle
UNITED KINGDOM-SOUTH AFRICA.
We, the representatives of his Majesty's Government in the United Kingdom and of his Majesty's Government in the Union of South Africa, hereby
agree with one another, on behalf of our respective governments, as follows:
ARTICLE 1.'
His Majesty's Government in the United Kingdom undertake that orders
shall be made in accordance with the provisions of Section 4 of the Import
Duties Act, 1932, which will ensure the continuance after Nov. 15 1932 of
entry free of duty into the United Kingdom of South Africa goods which
comply with the law and statutory regulations for the time being in force
affecting the grant of imperial preference and which by virtue of that Act
are now free of duty, subject, however, to the reservations set forth in
Schedule A appended hereto.
ARTICLE 2.
His Majesty's Government in the United Kingdom will invite Parliament
to pass the legislation necessary to impose on the foreign goods specified in
Schedule B appended hereto the duties of Customs shown in that schedule
in place of the duties (if any) now leviable.
ARTICLE 3.
His Ifajesty's Government in the United Kingdom will invite Parliament to pass the legislation necessary to secure to South Afgrican goods of
the kinds specified in Schedule C appended hereto which comply with the
law and statutory regulations for the time being in force affecting the
grant of Imperial preference specified therein over similar foreign goods.
ARTICLE 4.
His Majesty's Government in the United Kingdom undertake that the
general ad valorem duty of 10% imposed by Section 1 of the Import
Duties Act, 1932, on the foreign goods specified in Schedule D shall not be
reduced except with the consent of his Majesty's Government in the Union
of South Africa, and that the existing preferential margin on sugar and
wine (except as otherwise provided in this agreement) shall not be reduced
without the like consent.
ARTICLE 6.
The duty on copper provided in this agreement is conditional on the
Empire producers of copper continuing to offer this commodity on first
sale in the United Kingdom at a price not exceeding the world price.
ARTICLE 6.
His Majesty's Government in the United Kingdom will invite Parliament to pass legislation which will secure for a period of 10 years from
the date hereof to tobacco, whiah complies with the laws and statutory
regulations for the time being in force affecting the grant of Imperial
preference, the existing margin of preference over foreign tobacco, so long,
however, as the duty on foreign unmanufactured tobacco does not fall
below 2s. 0%d. per pound, in which event the margin of preference shall
be equal to the full duty.
ARTICLE 7.
His Majesty's Government in the United Kingdom in applying any
powers which they may obtain from Parliament for the quantitative regulation of imports of mutton and lamb into the United Kingdom will make
provision for the importation of South African mutton and lamb.
ARTICLE 8.
His Majesty's Government in the United /Kingdom will invite the Governments of the non-self-governing Colonies and Protectorates to
accord to
the Union of South Africa any preference which may for the time
being be
accorded to any other part of the British Empire.
ARTICLE 9.
His Majesty's Government in the Union of South Africa will invite
Parliament to pass the legislation necessary to secure to United Kingdom
goods
of the kinds specified in Schedule E the margins of preference
over similar
foreign goods shown in that schedule.
ARTICLE 10.
His Majesty's Government in the Union of South Africa will
invite Parliament to impose on foreign goods of the kinds specified in
Schedule F the
specific duties shown in that schedule and undertake not to
make, or to
invite Parliament to pass legislation involving any
alterations in the
existing rates of duty on similar United Kingdom goods
which would
result in a decrease in the margin of preference now
accorded.
ARTICLE 11.
His Majesty's Government in the Union of South Africa
undertake not
to lower the existing margins of preference over similar
foreign goods now
accorded to the United Kingdom goods of the kinds
specified in Schedule G.
ARTICLE 12.
His Majesty's Government in the Union of South
Africa undertake to
accord to the non-self-governing Colonies and
Protectorates and the Mandated Territories of Tanganyika, the Cameroons under
the British Mandate
and Togoland under British Mandate, preferences on
the commodities, and
at the rates shown in Schedule H, and also any
preferences for the time
being accorded to the United Kingdom if his
Majesty's Government in the
United Kingdom so request.
Provided, That his Majesty's Government in the
Union of South Africa
shall not be bound to accord any preferences to any
Colony or Protectorate
which, not being precluded by international obligations
from according
preferences, either (I) accords to the Union of South
Africa no preferences
or (ii) accords to some other part of the Empire
preferences not accorded
to the Union of South Africa.
ARTICLE 13.
For the purposes of this agreement the Mandated Territory
of South West
Africa shall be deemed to be part of the Union of South
Africa.
ARTICLE 14.
This agreement between his Majesty's. Government in the
United
and his Majesty's Government in the Union of South Africa Kingdom
is
regarded as coming into effect as from the date hereof (subject to be
necessary legislative or other action being taken as soon as may to the
be practicable hereafter). It shall remain in force for a period of
five years,
and if not denounced six months before the end of that period shall
continue
in force thereafter until a date six months after notice of
denuncation
has been given by either party.
In the event of circumstances arising which, in the judgment of
his
Majesty's Government in the United Kingdom or of his Majesty's
Govern.
ment in the Union of South Africa, as the case may be, necessitate a
variation in the terms of the agreement, the proposal to vary those terms
shall
form the subject of consultation between the two governments.
SCHEDULES
-(UNITED KINGDOM AND UNION OF SOUTH AFRICA).
Schedule A.
As regards eggs, poultry, butter, cheese and other milk products, free
entry for produce of the Union of South Africa will be continued for three
1405
years certain. His Majesty's Government in the United Kingdom, however,
reserve to themselves the right after the expiration of three years, if they
consider it necessary in the interests of the Unitd Kingdom producer to
do so, to review the basis of preference, so far as relates to the articles
enumerated, and, after notifying his Majesty's Government in the Union
of South Africa either to impose a preferential duty on produce of the
Union of South Africa, whilst maintaining existing preferential margins,
or, in consultation with the Union Government, to bring such produce within
any system which may be put into operation for the quantitative regulation
of supplies from all sources in the United Kingdom market.
Schedule B.
Oranges, raw, 3s. 6d. per cwt. from April 1 to Nov. 30.
Grapefruit, raw, 5s. per cwt. from April 1 to Nov. 30.
Peaches and nectarines, raw, 14s. per cwt. from Dec. 1 to March 31.
Plums, raw, 9s. 4d. per cwt. from Dec. 1 to March 31.
Grapes (other than hothouse), 1%d. per lb. from Feb. 1 to June 30.
Apples. raw, 4s. 6d. per cwt. throughout the year.
Pears, raw, 4s. 6d. per cwt. throughout the year.
Dried fruits, now dutiable at 7s., 10s. 6d. per cwt. throughout the year.
Apples, canned, 3s. 6d. per cwt. in addition to the duty in respect of
sugar content.
Other canned fruits, 15% ad valorem in addition to the duty in respect
of sugar content.
Maize, flat white, 10% ad valorem throughout the year.
Butter, 15s. per cwt. ad valorem throughout the year.
Cheese, 15% ad valorem.
Eggs, in shell: (a) Not exceeding 14 lbs. in weight per great hundred,
Is. per great hundred throughout the year. (b) Over 14 lbs., but not
exceeding 17 lbs., Is. 6d. per great hundred throughout the year. (c) Over
17 lbs., Is. 9d. per great hundred throughout the year.
Condensed milk, whole, sweetened, 5s. per cwt. in addition to the duty on
sugar content.
Condensed milk, whole, not sweetened, 6s. per cwt.
Milk powder and other preserved milk, not sweetened, 5s. per cwt.
Copper, unwrought, whether refined or not, in ingots, bars, blocks,
slabs, cakes and rods, 2d. per lb.
Schedule C.
Wine, not exceeding 27 degrees of proof spirit, 2s. per gallon preference.
Schedule D.
Wattle bark and tanning extracts made therefrom.
Maize products.
Asbestos.
Dried fruits, other than currants, not specified in Schedule B.
Fruit preserved by chemicals or artificial heat other than fruit preserved
in sugar.
Fruit juices.
•
Whale oil and whale products (other than whale oil and whale products
Produced or manufactured in floating factories which are British concerns).
Grayfish; hake, fresh; oyster shell grit; ground nuts; goatskins; lucerne
seed; kaffir corn and meal; boxwood; potatoes; sausage casings; ostrich
feathers.
Schedules E. F. G. H.
(Details to be published later.)-The Government of the Union of South
Africa have agreed to continue the existing preferences and to increase the
preferential rates on certain selected article, mostly in the iron and steel
and machinery classes.
Minimum specific duties will be applied to particular classes of textiles
In order that more adequate protection may be afforded to the British
manufacturer in the cheapest ranges where an ad valorem preference is of
little avail. Preference is also to be given on two important commodities
which are produced by non-self-governing Colonies.
CANADA-SOUTH AFRICA.
The following official summary of the agreement entered
Into between South Africa and Canada was contained in a
Canadian Press dispatch from Ottawa, Aug. 21, to the
Montreal "Gagette":
Agreement between his Majesty's Government in the Dominion of Canada
and his Majesty's Government in the Union of South Africa.
The trade agreement signed on behalf of the governments of the Dominion
of Canada and the Union of South Africa, for the first time in the history
of these two Dominions, places their commerce upon a treaty basis. It is
especially designed to facilitate trade in those commodities in which each
Dominion is best fitted, by its natural resources, and its industrial development, to supply the needs of the other. Accordingly, it has followed the
Principle of dealing with the main commodities only, and is, therefore,
in comparison with the trade agreements recently concluded with Australia
and New Zealand, scmewhat limited in scope. It has, however, secured
a considerable extention of the list of commodities on which preferences
have hitherto been extended to Canada. Special consideration has been
given by administrative regulation to the position of Indian corn or maize
from South Africa and to motor cars from Canada.
It is subject to the approval of the parliaments of the respective Dominions and is concluded for a period of five years and may be denounced,
after the expiration of that period, by six months' notice.
Trade Agreement Signed at Imperial Economic Conference at Ottawa Between Great Britain and
Newfoundland.
One of the 12 trade agreements signed at Ottawa on Aug.
20 at the concluding session of the Imperial Economic Conference is the following between the United Kingdom and
Newfoundland, the text which we give herewith being taken
from the Toronto "Globe":
We, the representatives of his Majesty's Government in the United
Kingdom and of his Majesty's Government in Newfoundland, hereby agree
with one another, on behalf of our respective governments, as follows:
ARTICLE 1.
•
His'Majesty's Government in the United Kingdom undertake that orders
shall be made in accordance with the provisions of Section 4 of the Import
Duties Act, 1932, which will ensure the continuance after the 15th November, 1932, of entry free of duty into the United Kingdom of Newfoundland
goods which comply with the law and statutory regulations for the time
being in force affecting the grant of Imperial preference, and which by
virtue of that Act are now free of duty, subject, however, to the reservations
set forth in Schedule A appended hereto.
Financial Chronicle
1406
ARTICLE 2.
His Majesty's Government in the United Kingdom will invite Parliament
to pass the legislation necessary to impose on the foreign goods specified
in Schedule B appended hereto the duties of customs shown in that
Schedule in place of the duties (if any) now leviable.
ARTICLE 3.
His Majesty's Government in the United Kingdom undertake that the
general ad valorem duty of 10% imposed by Section 1 of the Imports
Duties Act, 1932, on the foreign goods specified in Schedule C shall not
be reduced except with the consent of his Majesty's Government in
Newfoundland.
ARTICLE 4.
His Majesty's Government in the United Kingdom will invite the Governments of the non-self-governing Colonies and Protectorates to accord to
Newfoundland any preference which may for the time being be accorded
to any other part of the British Empire, provided that this clause shall not
extend to any preferences accorded by Northern Rhodesia to the Union of
South Africa, Southern Rhodesia and the Territories of the South African
High Commission by virtue of the Customs Agreement of 1930.
ARTICLE 5.
His Majesty's Government in Newfoundland will invite Parliament to
pass the legislation necessary to secure to United Kingdom goods of the
kinds specified in Schedule D the margins of preference over similar foreign
goods shown in that schedule, with effect from July 1 1938.
ARTICLE 8.
•
His Majesty's Government in Newfoundland will undertake a general
revision of the customs tariff to come into force as from July 1 1933, and, if
and in so far as budgetary considerations permit, will incorporate in the
legislation which Parliament will be invited to pass giving effect to such a
revision, provision for new and more favorable conditions in ,regard to
the valuation of the pound sterling for customs purposes.
ARTICLE 7.
His Majesty's Government in Newfoundland will invite Parliament to
pass the legislation necessary to accord to the non-self-governing colonies
and protectorates and the mandated territories of Tanganyika, the Cameroons under British mandate and Togoland under British mandate, preferences on the commodities and at the rates shown in Schedule E, and also
any preferences for the time being accorded to the United Kingdom if his
Majesty's Government in the United Kingdom so request. Provided that his
Majesty's Government in Newfoundland shall not be bound to accord any
preferences to any colony or protectorate which, .not being precluded by
international obligations from according preferences, either (i) accords to
Newfoundland no preferences or Oil accords to some other part of the
Empire (in the case of Northern Rhodesia, excepting the Union of South
Africa, Southern Rhodesia arid the territories of the South African High
Commission) preferences not accorded to Newfoundland.
ARTICLE 8.
If under the terms of the Newfoundland-Jamaica agreement at present
in force either party would be entitled to any greater margin of preference
than is hereby agreed the parties to that treaty shall continue during its
currency to enjoy the benefits therein provided.
ARTICLE 9.
This agreement between his Majesty's Government in the United Kingdom and his Majesty's Government in Newfoundland is to be regarded as
coming into effect as from the date hereof (subject to the necessary legislative or other action being taken as soon as may be practicable hereafter).
It shall continue in force for a period of five years, and if not denounced
six months before the end of that period shall continue in force thereafter
until a date six months after notice of denunciation has been given by
either party.
In the event of circumstances arising which, in the judgment of his
Majesty's Government in the United Kingdom or of his Majesty's Government in Newfoundland, as the case may be, necessitates a variation in
the terms of the agreement, the proposal to vary those terms shall form
the subject of consultation between the two governments.
SCHEDULES—(UNITED KINGDOM AND NEWFOUNDLAND).
Schedule A.
As regords eggs, poultry, butter, cheese and other milk products, free
entry for produce of Newfoundland will be continued for three years certain.
His Majesty's Government in the United Kingdom, however, reserve to
themselves the right, after the expiration of the three years, if they consider it necessary in the interests of the United Kingdom producer to do so,
to review the basis of preference, so far as relates to the articles enumerated,
and, after notifying his Majesty's Government in Newfoundland either to
impose a preferential duty on produce of Newfoundland, while maintaining
existing preferential margins, or in consultation with the Newfoundland
Government, to bring such produce within any system which may be put
Into operation for the quantitative regulation of supplies from all sources
in the United Kingdom market.
Schedule B.
Cod-liver oil, Is. 4d. per gallon.
2d.
/
Chilled or frozen salmon, 11 per pound.
Schedule C.
Codfish.
Marine shell.
Schedule D.
This schedule consists of a list of 61 items of the Newfoundland tariff
upon which a preference will be given normally of 10% ad valorem. The
schedule covers a wide range of items.
Schedule E.
This schedule consists of five items of the Newfoundland tariff upon
which a preference will be given of special importance to British Colonies.
Trade Agreement Between Canada and Irish Free
State Reached at Imperial Economic Conference.
From Ottawa. Aug. 21, the Montreal "Gazette" printed a
Canadian Press -dispatch giving as follows the official summary of the agreement entered into between the Iri§h Free
State and Canada:
Agreement between his Majesty's Government in Canada and his Majesty's
Government in the Irish Free State.
The trade agreement signed on behalf of the Dominion of Canada and of
the Irish Free State is designed to facilitate and extend still further their
mutual relations of trade and commerce.
Aug. 27 1932
The agreement secures for all goods the produce or manufacture of
Canada imported into the Irish Free State the benefits of the lowest rates
of duty accorded to similar goods the produce of any country. In return,
goods the produce of the Irish Free State when imported into Canada will be
accorded the same tariff treatment as similar goods imported from the
United Kingdom of Great Britain and Northern Ireland.
It is subject to the approval of the Parliaments of the respective Dominions and is concluded for a period of five years, after which period it
may be denounced by either government on six months' notice.
New
Zealand.
The text of the trade agreement between Great Britain
and New Zealand, signed at Ottawa Aug. 20, at the final session of the Imperial Economic Conference, was published
as follows in the Toronto "Globe":
Trade Agreement Between Great Britain and
We, the representatives of his Majesty's Government in the United Kingdom
and of his Majesty's Government in New Zealand, hereby agree with one
another, on behalf of our respective governments, as follows:
ARTICLE 1.
His Majesty's Government in the United Kingdom undertake that orders
shall be made in accordance with the provisions of Section 4 of the Import
Duties Act, 1932, which will ensure the continuance after the 15th November, 1932, of entry free of duty into the United Kingdom of New Zealand
goods and the goods of the mandated teritory of Western Somoa, which
comply with the laws and statutory regulations for the time being in force
affecting the grant of Imperial preference and which by virtue of that Act
are now free of duty, subject, however, to the reservations set forth in
Schedule A appended hereto.
ARTICLE 2.
His Majesty's Government in the United Kingdom will invite Parliament
to pass the legislation necessary to impose on the foreign goods specified in
Schedule B appended hereto the duties of customs shown in that schedule
In place of the duties (if any) now leviable.
ARTICLE 3.
His Majesty's Government in the United Kingdom undertake that the
general ad valorem duty of 10% imposed by Section 1 of the Import Duties
Act, 1932, on the foreign goods specified in Schedule Cl shall not be reduced
except with the consent of his Majesty's Government in New Zealand.
ARTICLE 4.
In regard to frozen mutton, lamb and beef, the understanding between
the governments concerned is set out in the letter dated Aug. 19 1932,
addressed by the Right Hon. J. G. Coates, M. P., to the Right Hon. Stanley
Baldwin, M. P.
ARTICLE 5.
His Majesty's Government in the United Kingdom will invite the governments of the non-self-governing Colonies and Protectorates to accord to
New Zealand any preference which may for the time being be accorded
to any other part of the British Empire, provided that this article shall not
extend to any preferences accorded by Northern Rhodesia to the Union of
South Africa, Southern Rhodesia and the Territories of the South African
High Commission by virtue of the Customs Agreement of 1930.
ARTICLE 6.
His Majesty's Government in New Zealand will invite Parliament to pass
the legislation necessary to substitute for the duties of customs now leviable
on the United Kingdom goods specified in Schedule D the duties shown
In that schedule and to exempt all United Kingdom goods from the application of the surtax of nine-fortieths or one-twentieth of the customs duty,
as the case may be.
ARTICLE 7.
His Majesty's Government in New Zealand undertake that protection by
tariffs shall be afforded against United Kingdom products only to those
industries which are reasonably assured of sound opportunities for success.
ARTICLE 8.
His Majesty's Government in New Zealand undertake to institute an
inquiry into the existing protective duties and where necessary to reduce
them as speedily as possible to such a level as will place the United Kingdom producer in the position of a domestic competitor; that is, that the
protection afforded to the New Zealand producer shall be on a level which
will give the United Kingdom producer full opportunity of reasonable
competition on the basis of the relative cost of economical and
.
eficnprodut.
ARTICLE 9.
His Majesty's Government in New Zealand undertake that United Kingdom producers shall have an opportunity of putting forward their views
In connection with the inquiry referred to in Article 8 hereof.
ARTICLE 10.
His Majesty's Government in New Zealand undertake that no reduction
shall be made in the margins of preference of 20% ad valorem (or its
equivalent) or less now enjoyed by United Kingdom goods over those of
any foreign country, and that where the margin of preference new exceeds
20% ad valorem (or its equivalent) it shall not be reduced below 20% ad
valorem (or its equivalent) except with the consent of his Majesty's
Government in the United Kingdom.
ARTICLE 11.
His Majesty's Government in New Zealand undertake that the existing
primage duty of 3% ad valorem now levied on United Kingdom goods
which are otherwise duty free shall not be Increased and shall be abolished
as soon as financial conditions permit.
ARTICLE 12.
His Majesty's Government in New Zealand undertake to accord to t4e
Colonies and Protectorates and the mandated territories
non-self-governing
of Tanganyika, the Cameroons under British mandate, and Togoland under
British mandate, preferences on the commodities and at the rates shown
In Schedule E and also any preference for the time being accorded to the
United Kingdom. Provided, That his Majesty's Government in New Zealand
shall not be bound to continue to accord any preferences to any Colony or
Protectorate which, not being precluded by international obligations from
according preferences, either (i) accords to New Zealand no preferences
or (ii) accords to some other part of the Empire (in the case of Northern
Rhodesia, excepting the Union of South Africa, Southern Rhodesia, and
the Territories of the South African High Commission) preferences not
accorded to New Zealand.
ARTICLE 13.
This agreement between his Majesty's Government in the United Kingdom and his Majesty's Government in New Zealand is to be regarded as
Volume 135
Financial Chronicle
coming into effect as from the date hereof (subject to the necessary legislative or other action being taken as soon as may be practicable hereafter). It shall remain in force for a period of five years, and if not
denounced six months before the end of that period shall continue in force
thereafter until a date six months after notice of denunciation has been
given by either party. .
In the event of circumstances arising which, in the judgment of his
Majesty's Government in the United Kingdom or of his Majesty's Government in New Zealand, as the case may be, necessitate a variation in the
terms of the agreement, the proposal to vary those terms shall form the
subject of consultation between the two governments.
SCHEDULES—(AGREEMENT BETWEEN UNITED KINGDOM AND NEW
ZEALAND).
Schedule A.
As regards eggs, poultry, butter, cheese and other milk products, free
entry for New Zealand produce will be continued for three years certain.
His Majesty's Government in the United Kingdom, however, reserve to
themselves the right after the expiration of the three years, if they consider
It necessary in the interests of the United Kingdom producer to do so, to
review the basis of preference so far as relates to the articles enumerated,
and, after notifying his Majesty's Government in New Zealand, either to
impose a preferential duty on New Zealand produce, while maintaining
existing preferential margins, or in consultation with the New Zealand Government to bring such produce within any system which may be put into
operation for the quantitative regulation of supplies from all sources in the
United Kingdom market.
Schedule B.
Butter, 15s. per cwt; cheese, 15% ad valorem; apples, raw, is. 6d. per
cwt.; pears, raw, 4s. Od. per cwt; eggs in shell: (a) not exceeding 14 lbs.
In weight per great hundred, is. per great hundred; (b) over 14 lbs., but
not exceeding 17 lbs., is. 6d. per great hundred; (c) over 17 lbs., Is. 9d. per
groat hundred.
Condensed milk, whole, sweetened, 58. per cwt. in addition to the duty
In respect of sugar content.
Condensed milk, whole, not sweetened, Os. per cwt.
Milk powder and other preserved milk, not sweetened, (is. per cwt.
Honey, is. per cwt.
Schedule C.
Tallow, canned meat, sausage casings, casein, meat extracts and essences,
dried peas, seeds, grass and clover, leather, copra, sugar of milk; gums,
other than gum arable, gum tragacanth, shellac, sticklac and seedlac.
Schedules D and E.
Details to be published later. These schedules contain a limited number
of articles of importance to United Kingdom and Colonial export trades
on which the New Zealand Government is ready to increase preferences.
New Zealand Curbs Duty to Aid Great Britain—To
Put Latter on Basis of Domestic Competitor in
Case of Certain Goods—Iron and Steel Benefit—
South Africa Will Increase Preferential Rates in
Return for British Concession—Pact Between
Great Britain and Southern Rhodesia.
While we are giving elsewhere in these columns to-day
the text of the trade agreements between Great Britain,
South Africa, New Zealand and Southern Rhodesia, we
quote from the New York "Times" the following from Ottawa, Aug. 21:
•
Continuation by Great Britain of the preference granted in the British
Tariff Act of 1932 is the basic principle of treaties concluded
by the
United Kingdom with South Africa, New Zealand and Southern Rhodesia.
Reservations are made in certain schedules. In return, the two mentioned Dominions and the Crown Colony will obtain preferences
hitherto
accorded to Great Britain. South Africa has agreed to increase
the preferential rates on certain selected British articles, mostly in the iron
and steel
and machinery classes.
Minimum specific duties will be applied to particular classes of
textiles
In order that more adequate protection may be afforded to the
British
manufacturer in the cheapest ranges where an ad valorem preference
is of
little avail. Preference is also to be given on two important
commodities
which are produced by non -self-governing colonies.
Revision Is Provided For.
The agreement with South Africa is for five years, subject to six
months'
notice of abrogation or change of schedules.
As regards eggs, poultry, butter, cheese and other milk
products, free
elitry for produce of the Union of South Africa will be continued
for three
years. The United Kingdom, however, reserves the right after
the expire.
tion of the three years, if it considers it necessary in the interests
of the
United Kingdom producer to do so, to review the basis of preference
and,
after notifying South Africa, either to impose a preferential duty on
produce
of the Union of South Africa, while maintaining existing preferential margins, or, in consultation with the Union Government, bring such
produce
within any system which may be put into operation for the
quantitative
regulation of supplies from all sources in the United Kingdom
market.
Preference on Copper.
A preference of two pence a pound on copper is granted to South
Africa,
conditional on the Empire producers of copper continuing to
offer this
commodity on first sale in the United Kingdom at a price not
exceeding
the world price.
Provision will be made for the importation of South African mutton
and
?knit), subject to the regulations that may be passed by Parliament affecting the importation of these products.
New Zealand receives the same preferences on produce accorded to South
Africa. In return, New Zealand undertakes that "protection by tariffs
shall be afforded against United Kingdom products only to those industries
which are reasonably assured of sound opportunities of success."
Protective duties will be reduced as speedily as possible to "such a level
as will place the United Kingdom producer in the position of a domestic
competitor."
United Kingdom producers will receive an opportunity to express their
views in an inquiry to be instituted for this purpose.
Margin to Be Maintained.
New Zealand undertakes that no reduction shall be made in the margins
20% ad valorem (or its equivalent) or less, now enjoyed by
of preference of
United Kingdom goods over those of any foreign country, and that where
the margin of preference now exceeds 20% ad valorem (or its equivalent) it
1407
shall not be reduced below 20% ad valorem (or its equivalent) except with
the consent of the United Kingdom.
New Zealand undertakes also that the existing primage duty of 3% ad
valorem now levied on United Kingdom goods which are otherwise duty
free shall not be increased, and shall be abolished as soon as financial
conditions permit.
Like the agreement with South Africa, that with New Zealand is for
five years, subject to the same notice of abrogation or change.
The agreement with Rhodesia, covering mainly the same points as
regards foodstuffs, tobacco and other primary products, follows closely
those with South Africa and New Zealand.
Trade Agreement Between Great Britain and India—
Britain to Continue General Free Trade Policy—
Measures in Behalf of Cotton Trade.
A condensation of the agreement reached at Ottawa at
the Imperial Economic Conference between the United Kingdom and India was contained in a Canadian Press dispatch,
Aug. 21, to the Montreal "Gazette":
Apart from a few revenue duties, the policy of the United Kingdom in
the past has been one of free trade, but by the Import Duties Act, 1932,
a general duty of 10% ad valorem was imposed on all imports with the
exception of certain essential foodstuffs and raw materials. The operation of this duty was suspended as regards Indian and Dominion products
pending the result of the Ottawa Conference.
As a part of the agreement reached at Ottawa the United Kingdom
will continue to give free entry to all Indian goods within the scope of
the general 10% duty. These goods will thus receive a preference of
10% over all competing foreign goods to which this general duty applies.
In addition the duties on certain foreign goods have been, or will be,
raised to higher levels and the preferences enjoyed by Indian goods
correspondingly enhanced.
The principal commodities affected are—Indian cotton manufactures,
coir manufactures, Indian carpets and rugs, jute manufactures, tanned
hides and tanned skins, non-essential vegetable oils, sandalwood oil, oilseed
cake and meal, rice, groundnuts, coffee, tobacco, tea, spices, castor-seed
bran and pollards, rice meal and duet, teak and other hard-woods, pig
lead, magnesite, Indian granite and magnesium chloride.
Further discussions will take place in London regarding the terms
on which Indian pig iron and semi-finished steel may be admitted free
of duty into the United Kingdom.
Contingent on the arrangement come to with other countries of the
British Commonwealth of nations, existing preferences will also be retained on barley, peas, beans, other pulses and millets, manures, goatskins and asbestos.
Foreign supplies of one commodity which has hitherto been duty free
in the United Kingdom, viz., linseed, will in future be subject to a 10%
duty and Idian linseed will enjoy a corresponding preference. This change
has been made because of the importance of linseed to Indian agriculture.
Stimulation of Indian Cotton Trade.
The Indian delegation has discussed with his Majesty's Government in
the United Kingdom and representatives of the United Kingdom cotton
trade means by which the greater use of Indian cotton in the United
Kingdom might be stimulated and these discussions are still proceeding.
His Majesty's Government in the United Kingdom have intimated that
they would co-operate in any practicable scheme agreed between the
United Kingdom cotton industry and the Indian grower for promoting
the greater use of Indian cotton in Lancashire whether by research, propaganda or improved marketing.
India will give 71
/
2
% tariff preference on certain classes of motor
vehicles. On other articles covered by agreement rate of preference will
preferences may be given either by increase of the duties
be 10%. These
on foreign goods or by reduction of the duties on United Kingdom goods or
by a combination of both methods. The 10% preference extends to the
following classes of manufactured goods:
Building and engineering materials, chemicals, drugs and medicines,
earthenware and porcelain, furniture and cabinet ware, hardware, instruments, apparatus and appliances (electrical, musical, photographic, scientific.
surgical, wireless and miscellaneous), leather manufactures.
The following metals—Aluminium, copper, lead, Genrnan silver, zinc,
brass and similar alloys and manufactures thereof. Paint and painters'
materials, paper and stationery, rubber types and other manufactures of
rubber vehicles not mechanically propelled and cycles.
In these classes of goods the preference is subject to certain specified
exceptions which will be announced later, and also to the general reservation that it does not extend to commodities to which protective duties are
applicable, to those which are free of duty at present, or to those on which
on grounds of national policy a specially low rate of duty has been Imposed.
Miscellaneous Products.
The 10% preference is also applicable to the following miscellaneous
manufactures: Asbestos manufactures, boots and shoes of leather, cutlery,
firearms, cartridges and cartridge cases. Articles of food and drink: ale
and beer, cocoa and chocolate, confectionery, tinned or canned fish,
canned or bottled fruit.
In the class of iron and steel goods the 10% preference extends only
to those commodities which are not subject to protective duties, and in
the class of machinery only to those articles which pay the ordinary
revenue rate (25% ad valorem) and not to those which in the interests of
agriculture and industries are free of duty or are subject only to the
temporary duty of 10%. In the class of textiles it extends only to
articles of apparel, haberdashery and millinery, which are dutiable at
25% ad valorem and to woolen manufactures with specified exceptions
in each case.
No decision is possible as regards goods made of cotton, silk and artificial silk until the recommendations of the Indian Tariff Board on the
cotton textile industry have been received and considered, but it has
been agreed that when decisions have been reached the 10% preference
will he extended to these goods with the exception of artificial silk yarn
and articles on which protective duties may be imposed.
With a view further to develop the external market for Indian manufactures
and agricultural products, arrangements have been made for the exchange
of preferences with colonies and protectorates which will, generally speaking, extend to India the full benefits of their preferential tariffs.
The agreement between his Majesty's Government in the United Kingdom and the Governmet of India shall continue in force until a date six
months after notice of denunciation has been given by either party.
An Ottawa dispatch Aug. 21 to the New York "Times"
contained the following additional information bearing on
the agreement:
1408
Financial Chronicle
Aug. 27 1932
With a view further to develop the external market for Indian manufactures and agricultural products, arrangements have been made for the
exchange of preferences with colonies and protectorates which will, generally
speaking, extend to India the full benefits of their preferential tariffs.
When these exchanges become effective this will involve the grant of
as
preferences to India on cotton manufactures and on such commodities
tea, coffee, oil seeds and vegetable oils, paraffin wax, carpets and rugs.
foreign wheat and guarantee the tariff's effectiveness by taking the necessary steps to deny entry to "dumped" grain.
In agricultural circles, which hailed preferences on Empire wheat,
Cheese, apples and butter along with the quota on bacon as "a victory
for the Canadian farmer," it was estimated that from 75,000,000 to1100,in the
000,000 bushels of prairie wheat would be assured a market annually
British Isles.
Reciprocity Is a Factor.
,
The agreement also provides for grant by India of preferences on eel
tam commodities which are staple exports of the Colonial Empire, including
specified gums and resins, oil seeds, vegetable and essential oils, unground spices, coconuts and coconut products, fish, fruit and vegetables,
sago and tapioca, rum and unmanufactured tobacco, but excluding sugar.
The agreement between the United Kingdom and the Government of
India shall continue in force until a date six months after notice of deof
nunciation has been given by either party, provided that, in the event
circumstances arising which in the opinion of either party necessitate a
settled by the agreechange in the rates of duty or margins of preference
ment on any particular description of goods, that party shall notify and
upon.
consult with the other party with a view to adjustments being agreed
If no agreement is reached within six months of the date of such notice
party six
It shall then be open to the original party to give to the other
in
months' notice of his intention to carry into effect the change desired
named
the rate of duty or margin of preference on goods of the description
in the original notice and to bring the revised rate or rates into operation
at the expiration of this period.
Early Re-Establishment of Canadian Tariff Board
Looked for as Result of Anglo-Canadian Trade
Treaty.
Canada will re-establish its Tariff Board as a result of
the Anglo-Canadian trade treaty negotiated at the Imperial
Economic Conference, said. a Canadian Press dispatch
Aug. 21 from Ottawa, which also stated:
Conversations For
Trade Agreement Between
and India.
Canada
The following Canadian Press dispatch from Ottawa
August 21 is from the Montreal "Gazette":
Conversations have been opened for a trade agreement between Canada
and India. A statement issued by the Dominion Government follows:
"Advantage has been taken of the presence of the Indian delegation at
Ottawa to initiate conversations with respect to the desirability of a
to be
trade agreement between the two countries. There have been found
a considerable number of openings for mutual trade, and it is hoped that
the
these conversations will shortly lead to direct negotiations between
benefit
two governments, for a trade agreement, which will be of substantial
to the development of trade between Canada and India."
Trade Pact Concluded at Ottawa Between Canada and
South Africa Aids Latter's Corn Position—Treaty
Expected to Divert $20,000,000 Trade in Various
Goods from United States to Canada—Covers
Period of Five Years—Agreement of Canada and
Southern Rhodesia Relates Especially to Agricultural Products.
The trade agreement concluded between Canada and
South Africa in negotiations running parallel with the proceedings of the Imperial Economic Conference is the first
in the history of these two Dominions, and places their
commerce upon a treaty basis, said an Ottawa dispatch
Aug. 21 to the New York "Times" which also had the
following to say:
Details of the compact were not revealed in the official summary, which
stated merely that "it is especially designed to facilitate trade in those
commodities in which each Dominion is best fitted by its natural resources
and its industrial development to supply the needs of the other."
"Accordingly, it has followed the principle of dealing with the main
commodities only, and is, therefore, in comparison with the trade agreements recently concluded with Australia and New Zealand, somewhat
limited in scope," the summary states. "It has, however, secured a
considerable extension of the list of commodities on which preferences
have hitherto been extended to Canada. Special consideration has been
given by administrative regulation to the position of Indian corn or maize
from South Africa and to motor cars from Canada.
Pact Runs for Five Years.
"It is subject to the approval of the Parliaments of the respective Dominions and is concluded for a period of five years and may be denounced,
after the expiration of that period, by six months' notice," it adds.
According to some estimates, this treaty may divert about $20,000,000
of South African purchases annually from the United States to Canada.
The trade agreement between Canada and South Rhodesia is designed
to increase the opportunities for commercial relations between the signatory
countries. In its main lines it incorporates an exchange of preferential
treatment on selected lists of commodities. Imports into Canada of
the principal products of Southern Rhodesia—tropical fruits and agricultural produce—receive preferential treatment. In return, Southern
Rhodesia will accord particularly favorable treatment to a selected list
of Canadian products, while assuring for the great bulk of unenumerated
articles rates not less favorable than are accorded to similar goods produced
In the United Kingdom.
Treaty May Be Denounced.
The agreement is subject to the approval of the appropriate legislative
authorities in the contracting countries. It is concluded for a period of
five years and may be denounced after the expiration of that period by six
months' notice.
Advantage has been taken of the presence of the Indian delegation at
Ottawa to initiate conversations with respect to the desirability of a trade
agreement with Canada. It was stated that "there have been found
hoped
to be a considerable number of openings for mutual trade, and it is
that these conversations will shortly lead to direct negotiations between
the two Governments for a trade agreement which will be of substantial
benefit to the development of trade between Canada and India."
Action of Imperial Economic Conference Respecting
Wheat Tariff, &c., Gratifying to Canadian Farmers.
Under date of Aug. 20 Associated Press advices from
Ottawa said:
Canada with Australia looked forward to-day to a virtual monopoly
of the United Kingdom wheat and flour market as a result of Great Btitain's
-cent tariff on
promise at the Imperial Economic Conference to place a 6
The former Board was disbanded shortly after the present Government
took office and the constitution of a new board was established at the
next session of Parliament. No appointments were made, however.
It is expected that the appointments to the new board will be announced
soon, possibly before the special session of Parliament at which ratification
of the treaty will be sought.
$28,500,000 of Gold to New York Federal Reserve Bank
-Lyons-MediterEarmarked for Redemption of Paris
ranean Railroad Company's 6% Bonds.
With reference to the increase on Aug. 15 in the Federal
Reserve Bank's holdings of gold, it is learned that Kuhn,
Loeb & Co. sold to the Federal Reserve Bank $28,500,000
gold out of the gold earmarked for them in connection with
the redemption Aug. 15 of the Paris-Lyons-Mediterranean
Railroad Company 6% Bonds.
With reference thereto the New York "Herald Tribune"
of August 16 said:
The large sale of gold by the Bank of France was in connection with the
redemption yesterday through Kuhn, Loeb & Co. of about $.34,000,000
6% bonds of the Paris-Lyons-Mediterranean RR. The railroad delivered
to the Bank of France francs to the equivalent amount of the dollars
necessary for the redemption. It was assumed that around $6,000,000
of the bonds were held in France. having been purchased here and repatriated, and so dollar balances here to the full amount of the bonds outstanding were not necessary.
By providing dollars here in exchange for franca in Paris the Bank of
France was able to relieve strain on franc exchange, for otherwise the
railroad would have had to buy dollar exchange in the market, which
would have forced the franc down, possibly to the lower gold point. The
Bank of France still has a considerable amount of gold tinder earmark
here and the belief is that it will sell more gold here on Sept. 15 as $14,500.000 Paris-Lyon-Mediterranean RR. bonds are redeemed in accordance
with notice already given.
On Aug. 20 gold to the amount of $6,001,300 was removed
from earmark at the Reserve Bank by the Bank of France
and shipped to Paris. This, it was noted in the New York
"Times," was the fifth of a series of six transfers of about
$6,000,000 each of earmarked gold planned by the French
bank of issue.
Paul Reynaud, of French Chamber of Deputies, Arrives
Return of Gold
in United States—Looks for
Standard With Its Maintenance by United States
and France.
•
Paul Reynaud, member of the Chamber of Deputies for
the Second Arrondissement of Paris and former Minister
of Colonies and Minister of Finance in the Cabinets of
Premiers Tardieu and Laval, arrived in New York on August
23 on the French liner Ile de France en route to Washington
to attend the annual convention of the American Bas Association from Sept. 12 to 15. Mr. Reynaud was met at the
French Line pier by Jules Henry, Counsellor of the French
Embassy and acting Charge d'Affaires, and Maurice Leon,
international jurist, according to the New York "Times,"
of Aug. 24, which also had the following to say:
When Mr. Reynaud was informed by reporters on the ship that there
was a general sentiment here somewhat adverse to France's seeking security
prior to an agreement on disarmament, he said:
"I am afraid that the spirit of peace in Europe is not controlled as we
would like. It is a serious question, requiring great thought and mediation. We never peak of peace in France except with enthusiasm. We
suffered too much from the war. The love of peace is just as great in
France as it Is here. The American and the French views are the same
on this question.
Holds France Feels As We Do.
"President Hoover but recently declared, when the issue arose as to
reduction in effectives, that America should never be left in such a position
as to make her susceptible to the invasion of foreign troops. We in France
have the same feeling. It is the feeling of the peasant, and the spirit of
the peasant of France is the soul of France."
Asked if France would remain on the gold standard, he replied: "I have
every belief that she will." When questioned as to whether countries
which had left the gold standard would return to it, Mr. Reynaud said:
"That all depends upon altered conditions. So long as France and
the United States maintain the gold standard, there is every expectation
that it will eventually prevail in countries no longer functioning on such
standard. I am here to study not alone the question of the gold standard,
but the enlarged use of silver as well."
Declines to Discuss Germany.
Queried on political unrest in Germany, his answer was:
"I would not like to discuss the internal affairs of a great country. I
am interested, as a Frenchman should be. in the affairs of France."
Volume 135
Financial Chronicle
With regard to the frequent changes of Mlnisteries in France in recent
Years. Mr. Reynaud said:
"France is governed by fact. However, many changes in Ministries
may take place, the policy of France, which is influenced alone by fact
remains the same. The transition from one party leadership to another
is scarcely observable."
Mr. Reynauld is a conservative and a leader of the present opposition in
the Government, but he declined to admit that he dominated it.
At the convention the French statesman will deliver a speech as a member
of the Paris bar and he also will attend the laying of the cornerstone of
the new Supreme Court Building at the close of the meeting on Sept. 15.
Mr. Reynaud said that before going to Washington he would travel to
Mexico City, where he would stop several days. Before returning to
France he will travel about the United States for a month to study conditions. He has visited the United States several times. His young
daughter, Mlle. Collette Reynaud, who is with him, is making her first
visit to this country.
France Cuts Wages in Finance Ministry—Reduction of
5% Announced for Oct. 1—Saving of $4,000,000 in
Prospect—Taxation Falls Off $43,080,000 in Four
Months.
In a Paris message Aug. 24 to the New York "Times"
it was stated that setting an example to other departments,
the French Ministry of Finance would publish on Aug. 25
an official notice that from Oct. 1 all salaries and wages
in the department will be cut 5%. In this Ministry alone
the saving effected will be $4,000,000 a year,said the message,
which went on to say:
Loans by German Reichsbank to State in Dispute—
Pressure for Larger Grant of Credit Opposed by
Bank's Authorities.
From the New York "Times" we take the following from
Berlin, Aug. 19:
Part of the German Financial Press is demanding that the Government,
instead of borrowing for public works, should attempt to secure reduction
in the Reichsbank discount rate so that the proposed increase in the volume
But the Governof credit should go to private and not public employers.
the
ment has not yet come to agreement with the Reichsbank, either as to
amount or nature of its credits.
to
Under the bank law the Reichsbank is in power to grant limited credits
credits have to be
the Reich; but this method is inconvenient, because such
Financial circles are somewhat nervous over
repaid within three months.
who has shown
the outcome, especially since Reichsbank President Luther,
atgreat firmness in opposing inflationary plans, is now being personally
desire tinkering with the
tacked by the Nazis and other interests who
currency.
Notification of similar cuts to be effective from Oct. 1 will be made later,
affecting all payments to the civil and military personnel of the country
and achieving a saving of more than 825,000,000 a Year.
According to the official taxation figures for July, published to-day,
revenue for the first four months of the financial year is now 1,077.000,000
francs (about $43,080,000) below the estimated figures. In July alone the
deficit was nearly 400,000,000 francs. Compared with the first four months
of the fiscal year 1931, there was a falling off in revenue of 2,356,000,000
francs. The turnover tax, which yields the largest revenue of all the indirect
taxes In this country, showed a decline from 735,000,000 francs in July
1931 to 605,000,000 francs for July of this year and is indicative of the
decline in business.
Direct taxation showed an even greater comparative decline. In the
first four months of this year only 1,862.000,000 francs was collected by
the Treasury, against 2.952.000,000 francs last year.
Edouard Daladier, Minister of Public Works, outlined to-day before a
Cabinet council the economy plan he expects to apply to the French railroads. He said the State railways continued to show a deficit, which,
according to official estimates, has now reached about 12,500,000 francs
(about 8500,000] daily. It is learned that the economy program does not
include any reduction in rates but will include reduced service and schedules
on some lines.
Meeting of Advisory Committee of German Creditors
With Representatives of Debtors on "Standstill"
Agreement Expected to Take Place in New York
Oct. 1.
In a Berlin cablegram, Aug. 24, to the New York "Journal
of Commerce" it was stated that the next meeting of the
Committee of German Debtors under the Standstill Agreement will take place in New York on Oct. 1. The cablegram
continued:
Previous meetings have been held in Europe and the shift In place has
attracted widespread comment.
One view which prevails here is that the German Delegation will take
up the matter of adjustment of Germany's long-term bonds under consideration.
A strong agitation has arisen in many quarters, but until now opposed
by the Reichsbank, for adjustment downward of Germany's foreign debt
service in view of the dwindling favorable trade balance of the country and
the very low level to which the Reichsbank's gold and foreign exchange
reserve has fallen.
To Discuss Bond Service.
In any event, it is understood that the present German movement will
not attempt any such adjustment without extended negotiations with the
creditors. The Committee that will travel to New York for the standstill
negotiations is expected almost certainly at least to discuss the long-term
debt problem with bankers that were instrumental in floating bond issues in
the American and other markets.
The chief delegates of the German Committee will be Otto Jeidels,
Director of the Berliner Handelsgesellschaft; Ludwig ICastl, Secretary of
the Federation of German Industry, and Gustaf Schlleper, Director of the
Deutsche Bank-Disconto Gesellschaft.
With regard to short term debts, the Committee is expected to stress the
need for a cut in the interest rate from the present average a little below
6% to below 5% in view of the decreasing ability of Germany to make payments abroad as her export surplus declines. Foreign creditors are expected
to press for completion of the 10% reduction in credit lines under the standstill agreement agreed on at the previous meeting and probably ask for
another similar cut.
Bankers here indicated that the choice of New York as the meeting place
of the Committee of German Creditors to negotiate another extension of the
standstill agreement may not have any special significance with regard to
Germany's long-term debts. It was held likely, however, that the subject
would be informally discussed with investment houses here.
Wigain Heads Group.
The Foreign Creditors' Committee, representing bankers of countries
of the Governing Board of the
is headed by Albert II. Wiggin, Chairman
Chase National Bank, The March 1 meeting of the Committee took place
in Berlin, but the July 1 meeting was in London.
The July meeting decided on a 10% general reduction in the short-term
credit lines, but this has not been accomplished in every case. Meetings
every three months on Germany's short-term debts is provided for in the
standstill arrangement.
1409
German Reich Cabinet Cuts Budget $8,330,000—
Also Reaches an "Agreement in Principle" With
Reichsbank Head on Obtaining Funds—Plans to
Cope With Unemployment Problem.
Meeting on Aug. 19, the German Cabinet cut the Federal
Budget by lopping off 35,000,000 marks (about ,330,000),
in addition to the 75,000,000 marks that it decided recently
to forego. It also turned its attention to the unemployment
problem, said a cablegram, Aug. 19, to the New York
"Times"from which we also quote:
has been
It is announced this evening that an "agreement in principle"
upon how
reached with Dr. Hans Luther, President of the Reichsbank,
details being left for further consideration. In
money can be obtained, the
The agreement
such a matter, however, the details are most important.
marks which, with
in principle apparently applies only to the 200,000,000
needed.
135,000,000 in sight, is to provide the 335,000,000 total initially
and where the rest
The trouble seems to be that this is only a beginning,
is a problem that the
will come from when a continuation is necessary
out against further
Cabinet and the Reichsbank—the latter standing
time comes to
extension of the currency—are glad to postpone until the
meet it.
Consults von Papen on Scheme.
to-night.
On ust what principle the agreement is based is not ascertainable
which proposes to
The President of the Association of Local Communes,
banks, called upon Chancellor
borrow money without interest from savings
unable afterward to say
von Papen to-day to discuss this scheme, but was
consideration, so apthat he had obtained a promise even to take it into
parently the banks are safe.
the Government has
What has been a stumbling block hitherto is that
to discount
proposed that the Reichsbank discount its bills as it is permitted
Government bills, however,
first-class commercial bills payable in 90 days.
and if the Reichsbank by accepting them, tied up
are extendable five times,
when business improved and
its funds difficulties undoubtedly would arise
enterprise.
the Reichsbank needed the money for private
except that the Socialists
The political situation is virtually unchanged
intention, immediately the Reichstag meets, of
announced to-night their
during the von
moving for revocation of the Presidential decrees adopted
Papen regime
Under date of Aug. 24, the same paper reported the following from Berlin:
von Papen would see Dr.
It was announced to-night that Chancellor
Federation of German InGustav Krupp von Bohlen, Chairman of the
program, which
dustrialists, to-morrow to discuss the Government's latest
Peasants' Congress before the
will be fully revealed at the Westphalian
Reichstag assemblies.
provides for the simultaneous
The program is now virtually settled. It
employment of from 200,000 to 250,000 of Germany's more than 5,000,000
345,000,000 marks
unemployed in a continuous program at an initial cost of
(about $88,750,000 at current exchange rates).
50,000,000 on canals,
It is proposed to spend 100,000,000 marks on roads,
building and
50,000,000 on apartment building, 60,000,000 on cottage
of old
colonization, 50,000,000 on repairs, 15,000,000 for clearing harbors
to spend 23.000,vessels and so on. The Federal Railways, which planned
compelled to withdraw its offer,
000 marks on harbor clearance, has been
owing to its difficult financial position.
Rise in Dole Asked by German Socialists—Caucus Also
Decides to Demand Rent Subsidies, Cut in Bigger
Salaries and Shorter Hours—Decree Rule Gains
Favor.
From the New York "Times" we take the following Berlin
cablegram Aug. 20:
The factions in the Reichstag are beginning to hold their caucuses to
hence.
decide the positions that they will take when it meets 10 days
"At last there is a ray of light," cries one bewildered newspaper to-day.
and the
There is scarcely that yet, but it may dawn in the next few days,
between
likeliest quarter whence it may come is from the negotiations
Grass, the
Hans Kerr!, the National Socialist leader in Prussia, and Dr.
Centrist leader, over the Prussian Diet situation.
for reThe negotiations, after making some progress, adjourned to-day
hope of
sumption Tuesday. and once that tangle is cleared up there will be
difficult
extending such an understanding as is reached to the larger and more
field of the Reich itself.
the Socialist caucus, for example, it was
It is not all so hopeful. In
these:
decided that the party's demands in the new Reichstag should be
the Nazis
The cancellation of the Presidential decree that permitted
for apartment
to wear their uniforms, an increase in the doles, subsidies
banks, the
rents, shortened working hours, the Government acquisition of
pensions
confiscation oflarge estates,and the reduction of larger salaries and
any—these last in Germany are already on a modest scale inconceivable
where else.
Fear Economic Effects.
Germans who are not Socialists are asking whether anything could be
conditions that are at
less calculated to mend the financial and economic
in excuse
3he root of Germany's troubles than this program. It is pleaded
1410
Financial Chronicle
that It is put forth to draw the fire of the NazisIthereby
putting them
n the wrong: but truly, when it is said that democracy is on
trial here
and is having hard sledding, it is no idle simile.
"All these," says the "Deutsche Aligemeine Zeitung"
to-day, referring
to the various negotiations, caucuses and plans ending in futility,
"are the
last tremors of a dying parliamentarianism. It would
be a historical
mistake for the present Government even to try to establish
a Parliamentary
basis for its existence.
"The immediate necessities regarding internal economics
and foreign
policies are 10 times more important and must by all means
be effec.ed,
even against the Reichstag. Should it dare to deny its aid
to the President
of the Reich, then without hesitation it must once more
be dissolved and
the Parliamentary system liquidated once and forever.
More than ever
the leadership of the Reich lies with the President."
German Company for Public Works, an
Unemployment
Organization, Pays Dividends.
A 5% dividend was declared for the year
ended March 31
of this year by the German Company for Public Works,
founded in August 1930, by the German Government, which
is sole owner, to admi- ister all old loans and to grant all
,
new loans given by the Government to subsidize public
works to relieve unemployment, according to a report by
Vice-Counsel C. W. Gray, Berlin, made public by the Department of Commerce on Aug. 18. The Department states:
Total loans on the company books at the close of the year
were about
$99.225,000, of which the company itself had granted $17,055,0
00 since
its foundation. During the last business year:an average
of about 25,000
persons were employed on the works subsidized, as
well as an additional
25,000 who are estimated to have found employment in industries supplying
m terials and equipment for such works.
Germany Not to Ask Cut in Private Debt,IDeclares
President Luther of Reichsbank—Tells Germans
They Must Deal Directly with Creditors—To Safeguard Exchange—Favors Reduction in Discount
Rates—Sees Need of Gold Standard.
Dr. Hans Luther, President of the Reichsbank, addressed
the Congress of Co-operatives at Dortmund, Germany,
on Aug. 24 on the world financial outlook and .his speech
was frankly optimistic, said a cablegram to the New York
"Times" from which we also quote further as follows:
Dr. Luther thinks the destructive force in the
world business crisis has
spent itself and, although it is impossible to say yet
whether the turning
point has been actually passed, he believes things
look better and constructive measures which formerly would have
been engulfed in a down-.
ward movement can now be launched with a
prospect of accomplishing
something.
The speech. incidentally, was notable for its
outspoken statements
"emphasizing the recent official declaration that
the German Government will not interfere between Germany's private debtors
and their foreign
creditors."
"Regarding German debts abroad." said Dr. Luther,
"I would like to
refer here to a recent interview given by Dr. Warmbold
, the Minister of
Economics, in which any idea of unilateral interferen
ce by the Government in German interest obligations was unequivocally
repudiated. Constant watchfulness and ever-careful husbanding of the
Reichsbank's exchange resources and the augmentation as soon as possible
of its holdings
in gold and foreign bills of exchange is, of course, one
of my most important tasks."
Pledged Effort to Serve Debt.
In the interview here mentioned Dr. Warmbold
declared the Government would do everything in its power to p rovide for
service of the
Reich's debts and private German debtors would do the
same. While it
was true that, with he continuation of deflation, the
disproportion between the value of money and the value of goods would
grow worse, thus
making the matter of private debts an international question,
he added,
the German Government had felt it was for the private debtors
themselves
to get in touch with their individual creditors in the United
States, and
elsewhere, should they face difficulties.
All that the Government could do, the Minister of Economics said,
was
to halt deflation through proper economic measures and to
eliminate the
legal and other obstacles which stood in the way of a settlement.
Dr. Luther, in another part of his speech to-day, said the
present state
of things in Germany was such that, apart from special credit
repayments
in the last months, the Reichsbank had been able to keep
its holdings
of its own and its own bills of exchange in equilibrium. It
need hardly
be emphasized, however, that its present holdings would be
insufficient
in the long run for remittance traffic if freed from the
fetters of
the "standstill" agreement and exchange restr ctions.
Dealing with world economic conditions generally, the Reichsban
k
head said. "I shall not say that the economic crisis actually
has passed the
turning point, but the elemental force of the economic
shrinking process
is no longer so great as to prevent our now making
the utmost efforts to
re-encourage enterprise. It is now not only permissibl
e but necessary that
Government and the Reichsbank essay well-thought-out,
decisive measures
to help along the process of natural recovery.
Sees Time Ripe for Endeavor.
"Much which, in the former phase of the crisis, would
have been engulfed by the weight of events can now be undertaken with the
prospect
of success, especially since Lausanne has de facto eliminated the
superpressure of reparations.
"In view of the idea intoxicating so many that
only something totally
new can remedy the evils of our times, it is necessary
to hold in mind that
it is always perilous to follow that line of least resistance which
results
from popular moods. Economic decisions are long-term decisions,
and
if they are false, their evil consequent es will still make themselve
s felt
long after the political currents reponsibile therefor run in totally
different
a
direction.
"The essential thing is economic freedom for all productive
'forces.
No conditions must be imposed on free enterprise that would imperil
its
freedom. Forms of economy theoretically hatched out
will never furnish
soil for a prosperous Germany."
Dr. Luther declared himself against autarkie (economic self
-containment)
because it would mean "misery and death for over-many."
Aug. 27 1932
He also opposed the new German idea of a Government
-planned economy.
"It would in practice be impossible to develop an organizati
on capable of
transforming our highly developed economic system without
making
fatal mistakes of which millions of Germans would be the victims,"
he said.
He also asserted that "currency is not a subject for experiment tinkeral
ing." More than a thousand currency projects had been submitted
to
the Reichsbank, he said, but the heads of all banks of issue everywher
e
were agreed that the crisis could not be overcome from the currency
side.
Opposes Inflation in Any Form.
"This does not mean, however, that the Reichsbank cannot come
to
the aid of business by means of such credit as the circumstances warrant,"
he hastened to add. "But any sort of inflation, open, masked or
dosed
with camphor to gain popularity—a popularity which surely
would soon
change into eternal condemnation—that, as President
of the Reichsbank.
I must decline."
There was widespread error. Dr. Luther said, about so-called credit
expansion. The Reichsbank had not, since the banking crisis terminate
d,
refused economically legitimate credits, but "a bank
of issue cannot create
capital by magic." Capital was created out of
the savings of the population, he added.
Nor Could the Reichsbank modify the fundamental law that the
circulation of money was determined by the circulation
of goods and services,
he said. A bank of issue could make only short-term
loans.
"The Reichsbank stands ready to place its credit resources
at the disposal of all sound economic purposes, in so far as
these involve genuine
business transactions," he declared, "above all, for movement
s of goods
with payment, and thus redemption of drafts on short
term.
"But the stagnation of business can be overcome
only by the will of
business men no longer to stagnate. Even if the Governmen
t's economic
program seems to be a way toward vigorous co-operati
on, what matters
in the last analysis is that those called upon to conduct
private enterprises should now really be minded to set them going"
Says Reich Needs Gold Standard.
Germany, said Dr. Luther, needed the gold standard
because she was
dependent on international trade. She needed an internatio
nal standard
of value, and "no other such standard than gold thus
far has been discovered." Faulty distribution of gold, he pointed out, could
be corrected
only by sound policies of world trade and world
credit.
"The contention that the credit stringency of Germany
is due to the
fact Germany has so little gold is a fairy tale," he continued.
"Nor is
it made truer by being maintained by persons who ought to know
better.
German industry and business can perform the enormous
tasks facing
them only if their currency is safe against unforeseeable fluctuati
ons—
briefly, only if Germany maintains the gold standard."
On the burning question of lower interest rates, Dr. Luther did
not
announce the actual course to be followed, declaring discussions
of this
subject were now in progress between the Government and the Reichsban
k.
The decision, he said, would be governed by consideration for
the greatest
possible economic development of the country, and at the same
time by
"the most consideration for the Interest of creditors and savers."
While not going as far as to announce the Reichsbank would
presently
lower its discount rate, he indicated, however, that this was desirable,
and the Reichsbank was ready for it and was endeavoring
to have the
legal obstacles restricting its freedom of action removed
as soon as possible.
L. B. Sheldon Appointed By League of
Nations Council
As Trustee For Bulgaria's Post-War Loans.
Associated Press accounts from Geneva stated that Lewis
B. Sheldon of New York accepted appointment on Aug.
20
by the League of Nations Council as trustee for Bulgaria's
post-war loans.
Suit in New York Supreme Court Against Eight
Budapest Banks.
The following is from the New York "Times" of August
13:
The New York Trust Co. applied in
the Supreme Court yesterday for
an attachment for 8340,000 against the property
of the Hnugarian Italian
Bank of Budapest, which was sued
with seven other Budapest banks.
The complaint alleges that the trust
company agreed to discount drafts
drawn on it by the Hungarian banks
and that they had failed to furnish
funds since last December.
Anglo-Czechoslovakian Bank.
The following Paris adviees are from the "Wall
Street
Journal" of Aug. 11:
Shareholders of the Anglo-Czechoslovakian Bank
of Prague have approved
reduction of capital to 120,000,000 crowns from
235.000.000 and of reserves
to 18,000,000 crown from 143.000.000 to write off
depreciation of assets.
Net profits of the bank amounted to 527,000
crowns last year.
Failure of Reforms Reported in
Estonia—Defeat of
Proposals for a President and a
Smaller Diet Laid
to Labor.
From Royal, Estonia, Aug. 19, the New York
"Times"
reported the following:
The result of the Estonian plebiscite on constituti
onal reform, including
the establishment of the office of President and the
reduction
of seats in the Parliament from 100 to 80, giving a majority of the number
of 10.000 votes
against the amendments, has caused tremendous
surprise all over Estonia.
It is expected the outcome will mark the beginning
of a lively political
campaign.
While the bourgeois parties supported the reforms.
the Laborites showed
firm opposition, believing the country does not need a
President and prefaring the present arrangement with the Speaker of
the Diet being the
chief executive. The Laborites feared the President
would have excessive
power which might be used against democracy.
The influential veterans' societies comprising the
Estonian Fascist elements also voted against the reforms because they
demand the more substantial constitutional changes that the plebiscite
proposed, including
the number of Diet members to 50.
The failure of the proposals to win is said to be
chiefly due to the bourgeoLs parties' inadequate propaganda before the
plebiscite.
It is reported a number of peasants supported the
amendments in the
belief the intention was to place Estonia under
Swedish rule, which the
peasants in Western Estonia greatly desire.
Volume 135
Financial Chronicle
Report That Union Bank of Belgrade, Yugoslavia Asks
Appointment of Receiver By Government.
From the New York "Times" we quote the following from
Belgrade, August 20:
The Union Bank, largest in Yugoslavia, has found itself in difficulties
and has asked the Government to appoint a receiver.
Whether this action means merely, as was the case a few months ago
with the First Croatian Savings Bank, that the institution wishes to take
advantage of the recent Government regulation granting a sort of temporary
moratorium to banks burdened with uncollectible agrarian debts is not
yet clear,
The Union Bank, which is affiliated with the Anglo-International Bank,
and the Creditanstalt, has been a pillar of Yugoslav finance. It was formed
in 1928 by the amalgamation of the Bosnian Bank of Belgrade and the
Agrarian and Commercial Bank with the Yugoslav Discount and Mortgage
Bank. Its capitalization is $3,000,000.
Austrian Parliament Ratifies League of Nations Loan—
Protocol Approved as Schober, Chief Opponent, Is
Honored at Funeral.
Under date of Aug. 23, a wireless message from Vienna
to the New York "Times" stated:
While 60,000 Viennese were watching the funeral procession of Johann
Schober, the Austrian Parliament to-day ratified the Lausanne protocol
and the accompanying Austrian loan by 82 votes to 80. Herr Schober
would have been the chief opponent of the measure.
"We are deciding actually to-day between France and Germany,"
cried the leader of the Pan-German Opposition and he accused the government, amid cries of repudiation by its supporters, of "frivolously and
Irresponsibly selling Austria into slavery to France."
"The two greatest statemen of this country had to die," he said (referring
to the fact that Mgr. Ignaz Seipel and Herr Schober had voted for the
protocol) "and the Opposition had to be robbed of a mandate by means of
back-stairs politics" (the reference being to the refusal of the election
authorities under government pressure to accept the resignation of another
Deputy, whose successor would have opposed the protocol) "to obtain a
majority in this Parliament. It is a European scandal."
The previous ratification of the Lausanne protocol by the
Austrian Parliament was noted in our issue of Aug. 20,
page 1246. On Aug. 19 the upper house of the Austrian
Parliament rejected the Lausanne protocol and the Austrian
loan which it provided. This action had been expected, said
a message to the "Times" Aug. 19 from Vienna, from which
we also take the following:
The government will resubmit the protocol to the lower house, in the
expectation that it will be passed again by that body and become law.
Meanwhile,however,one of the Pan-German Deputies, who by abstaining
from voting enabled the bill to be passed in the lower house Wednesday
(Aug. 17), by 81 to 80 votes, announced he would resign and that his
successor would vote against the bill when it was resubmitted. An eleventhhour defeat of the measure is therefore still possible.
The death of Mgr. Seipel was referred to in these Columns
Aug. 13, page 1086.
Johann Schober, twice Chancellor of Austria and Chief
Commissioner of State Police from 1918 until his death,
died on Aug. 18, after a lengthy illness. He was 58 years
old, according to a Vienna cablegram Aug. 19 to the New
York "Times" from which the following is also taken:
As Chancellor in the years 1921-22 he concluded a reconciliation treaty
with Czechoslovakia, and went out of office, curiously enough, as the result
of hostility it excited upon Austria's Pan-Germans, whose chief partisan
he became later. As the Chancellor again in 1929-30, he made a reconciliation treaty with Italy, and it was this treaty which made it possible for him
to free Austria from all reparations at the second Hague conference.
He probably will be remembered chiefly, however, for the part (realized
in the light of later history to be unfortunate) which he played in concluding
with the German Foreign Minister, Dr. Curtius, the draft of the AustroGerman customs union pact. The hostility excited by these proposals
was indirectly responsible for the collapse of the Credit-Anstalt. When
the French Foreign Office later asked for his head. Austria dared not refuse
it. This was a bitter blow, which was as much responsible as anything
for his early death. •
In purely domestic affairs, Dr. Schober may be remembered as a man of
compromise and the strongest bulwark against what was at one time the
very real menace of a Heimwehr "putsch." His Pan-German and anticlerical attitude brought him into conflict with the policy of the late Mgr.
Seipel, but they were later reconciled and exchanged telegrams of mutual
encouragement from their respective bedsides. It is probably safe to class
Dr. Schober as Austria's leading post-war political figure.
Two Partners in Austrian Banking Concern of Alma
& Co. Reported Arrested Incident to Alleged Loss
By Upper Austria Through Pledge of Bonds For
Loans.
From Vienna, Aug. 23, a wireless message to the New
York "Times" said:
Katl Egon Alma and Dr. Fritz Alma, partners in the banking concern of
Alma & Co., were arrested today in connection with alleged embezzlement
in the placing of Upper Austria bonds on the New York market in 1925.
Dr. Hans Alma, the chief one of the accused could not be apprehended,
as he was abroad.
Hans Alma raised a loan for Upper Austria in New York, but is charged
with having pledged, entirely without authorization or knowledge of the
Provincial Government, $5,300.000 worth of Upper Austrian oglibations
against an amount of $1,500,000 in a $5,000 transaction and not having
redeemed them. Consequently, it is claimed that Upper Austria suffered
a loss of more than $3.000,000.
The following is also taken from the "Times" of Aug. 24:
Bonds Were Priced at 92H.
The bond issue of the Province of Upper Austria referred to is that of
$5,000,000 secured 7s, due June 1 1945. offered publicly here in June,
1411
1925, by a syndicate comprising Blyth, Witter & Co., Baker, Kellogg &
Co., Inc.; Morgan, Livermore & Co.. and Eastman, Dillon & Co. The
bonds were priced at 92H. They are listed on the New York Stock Exchange and the last transaction, which was on Monday, was at 383g.
The loan, in addition to being secured by revenues of the real estate tax,
a fundamental tax of the province, and by a first closed mortgage on real
estate owned by the province, then valued at $13,000,000, is also secured
by pledge of certain property mortgages held by the Provincial Mortgage
Bank, and by the province's entire stock holdings in Wolfsegg-Traunthaler
Coal Company, Upper Austria Hydroelectric Power Company, and the
Stern tk Hafted Hydroelectric Power Company, then estimated as worth
$1.500,000.
Through the operations of the sinking fund about $1,000,000 of the bonds
have been retired. The issue is callable in its entirety on thirty days'
notice on any interest date. The interest payment dates are June 1 and
Dec. 1.
The only other dollar bond issue of the province outstanding is that of
$7,500.000 secured 6s, due June 15 1937, marketed here in June, 1927.
by Myth, Witter & Co., at a price of 93
These bonds are current,
quoted on the New York Stock Exchange at 283i. This issue is secured
electric current, on revenues received by the province from its
by taxes on
municipalities and by certain other revenues.
Reported Plans of Italy for Debt Conversion.
Under date of Aug. 24, Associated Press accounts from
Rome (Italy) said:
It was learned to-day from a reliable source that Premier Mussolini is
considering conversion of the Italian public debt after the example of
England.
The total involved would be 75.000,000,000 lire (variously estimated at
from $3,750,000,000 to $3,947,250,000) at the current rate.)
The Stefani News Agency, a semi-official bureau, denied this report
recently, but now it is learned that the Government is still investigating
the possibilities.
There is no intention of immediate conversion, for money is too dear in
Italy just now and redemption of the bonds would require 6,000,000,000
to 7,000,000,000 lire cash. Bondholders unwilling to convert represent
about that amount, but it is believed that the ground will be prepared for
a time when conditions shall have improved.
The bulk of the bonds to be converted would be composed of the littorio
5% consols, totaling 61,470,000,000 lire. This loan resulted from the
1926 conversion, which was compulsory for ordinary five-year and sevenyear bonds and optional for nine-year bonds.
Others would be the 33i and 3% renditas, totaling 9,100,000,000 lire;
the Venetian bonds running from 3% to 5%. which were taken over by the
National Government, and small redeemable issues from 3 to 4%%,
totaling 921,000,000 lire.
Interest to be offered in conversion of the bonds would be 3H%,it was
said, but this might be accompanied by a huge lottery feature to make it
more attractive to the public.
The Government is reported to be uncertain whether to include the
nine-year Treasury 5% bonds in the operation. These include two outstanding issues and one to be redeemed in November. The first is due
in 1934 for a total of 2,915,000,000 lire; the second, due in 1940, totals
5,000,000,000 lire.
No Italian Conversion.
With reference to the above, we take the following from
the New York "Evening Post" of Aug. 26:
Reports that the Italian Government is considering conversion operations for the national debt are stated in high quarters to be groundless.
No stock is convertible before 1936.
Value of Confiscated Property in Spain Estimated at
$16,000,000.
Associated Press advices from Madrid, Spain, Aug. 20,
stated:
Confiscation of monarchist property as a result of last week's rebellion
will bring a yearly income of $16,000,000 to the Government, and this
will be applied to agrarian reform, the newspaper "El Liberal" said to-day.
Jeronimo Bugeda, director of properties for the Government, indicated
that this estimate was exaggerated, however, for he placed the total value
of the confiscated property at about $16,000,000.
Turkey Orders Curb on Imports—Curb on
United States Exports.
A cablegram from Istanbul, Aug. 20, to the New York
"Times" stated:
A Turkish Government decree published to-day Prohibits all imports
outside of quota goods from Sept. 1. From Oct. 1 exporters may import,
outside of the quota, goods to the value of 50% of their exports from
Turkey, which are to be certified by spezial commissions established at
the principal Turkish ports.
The same paper reported the following from Istanbul
Aug. 22:
The new trade quotas, which will be effective between Oct. 1 and Feb.
15, include automobiles, trucks, chasses, spare parts, tires, agricultural
implements, petroleum products, all machinery, electric batteries, pumps
and unexposed films. Most of these items come from the United States.
Turkish exporters of wool, mohair, figs, raisins, rugs, olive oil, filberts,
rose oils and live stock may import beyond the quota, goods worth half
the value of their exports.
Increase in Brazil's Note Circulation Rises.
It was stated in Associated Press advices from Rio de
Janeiro (Brazil), Aug. 15 that Treasury Department figures
issued that day showed that on July 30 note circulation
totaled 2,702,577 contos, an increase of 106,442 from June
30. A °onto is about $67.
Financial Chronicle
1412
Paris Group of Bankers to Take Over Control of Santos
(Brazil) Docks.
In its August 25 issue the New York "Times" reported
the following from Rio de Janeiro, Aug. 24:
A group of international financiers headed by the Banque de Jess of
Paris will take over control of the Companhia Docas de Santos, a Brazilian
capitalized concern controlled by the Guinle family.
The Brazilian management will be unchanged. The company operates
at the Santos docks, the most important in Brazil because of the heavy
coffee movement.
Brazil Makes Temporary Tariff Cuts.
A Rio de Janeiro message Aug. 19 to the New York
'Times" said:
The Government decreed to-day a 50% reduction in customs duties on
importations of cement, electric wire, copper cable, aluminum sheets and
jute thread, efective until Nov. 20.
An announcement August 23 by the Department of Commerce said:
The Brazilian Government has granted a reduction of one-half the import
duty on cement, wire or cable of copper or copper alloy, thin aluminum
sheets, and raw or dyed Jute yarn for weaving, on imports of these products
entered befeire Nov. 20 1932, according to a cable to the Department of
Commerce from Commercial Attache Carlton Jackson, Rio de Janeiro.
The existing import duty on cement is 0$101 paper milreis per kilo,
with a tare allowance of 10% if packed in barrels or cases; on electric wire
and cables, if uncovered, 1$890 per kilo, with tare of 10% in casks, and
20% in cases; covered, 106.88% ad valorem; aluminum sheets, 4$726 paper
milreis per kilo, with tare allowances ranging from 5 to 80%. depending
on the container; raw jute yarn, 0$676 paper milreis, and dyed jute yarn,
1$621 paper milreis per gross kilo. These rates will be cut in half until
Nov. 20 1932.
The rates given above are the actual minimum rates, applying to coun
tries on a most
-favored-nation basis with Brazil, including the United
States.
Bolivia
Congress
Approves
Banking Laws to
Revision
of
Kemmerer
Help Combat Depression.
Under date of Aug. 14 a wireless message from La Paz,
Bolivia, to the New York "Times" said:
Congress approved to-day revision of the Kemmerer banking laws after a
short debate.
le The laws went into effect in July 1928, initiating a central banking
system, although some opposition developed as expected. Last year,
however, due to the depression, certain circles opened a strong drive against
the Kemmerer system, urging the necessity of modification to combat
the financial crisis. For this reason emergency laws were voted by the
sat Congress, modifying temporarily a few sections of the banking law.
$10,000,000 in Bills to Be Issued by Chile—Money to Be
• Used for Relief of Unemployment and Other
State Projects.
A cablegram as follows from Santiago, Chile, is from the
New York "Times":
The Government put through a law to-day creating a $10,000,000 issue
of treasury bills, rediscountable at the Central Bank of Chile.
The funds obtained are to be used to finance emergency relief for unemployment,cover theexpenses of the Institute of Foreign Trade, organize
a state mining corporation, create new national industries and assist old
ones, cut down imports and attempt to increase exports.
The program is based on strictly socialist Ideas, giving the State control
of production sources and transportation and control of prices. The
treasury notes are to be issued instead of an issue of mortgage bonds recently suggested by Senator Enrique Zarartu, former Minister of Finance,
whose plan met with widespread opposition.
Cuba Will Accept 33% Silver in Payment of Taxes.
Special correspondence from Havana, Aug. 17, was
printed as follows in the New York "Times" of Aug. 21:
Tax collectors have been authorized by the Secretary of Treasury to
accept up to 33% silver in payment of taxes, with the exception of certain
dues affected by foreign obligations. Also, payments up to $10 may be
made entirely in silver. Until now only 20% silver has been accepted by
the Government in payment of taxes, the balance being payable in American
currency.
This ruling has been made in response to numerous complaints by merchants who are forced to accept silver as the bulk of their daily receipts
and have heretofore been unable to use this type of money in the liquidation
of their various governmental obligations.
Cuba Pays $250,000 on Loan in Advance—Government
Meets Half of Second Monthly Installment of
$600,000 Due to New York Banks Aug. 31.
A cablegram from Havana to the New York "Times" reported that the Cuban Government on Aug. 20, anticipated
the second $500,000 monthly payment due on Aug. 31 on
the $2,375,125 loan from the Chase National Bank and
other American banks by depositing $250,000 with the
Chase National Bank. The cablegram went on to say:
The remainder, with interest, it is understood, will be met on the date
-day advance payment was given by Louis
due. Confirmation of this 10
El. Rosenthal, vice-President of the Chase National Bank, late this afternoon.
The short-term loan was obtained on June 30 to make up a deficit in
meeting foreign obligations due on that date and is to be repaid prior to
1)ec. 1, next.
A recommendation of the National Economic Commission proposes that
eba's floating indebtedness should be met by a $50,000,000 5%% bond
Aug. 27 1932
issue, to be amortized from 30 to 50 years. It has not been received with
favor by the Government, it was said there to-day.
The Commission proposed that these bonds be paid out of revenue
obtained by increasing the 134% gross receipts tax to 234%. While it
is becoming increasingly imperative that some provision be made by the
administration to take care of this large debt, it is not yet plain that it
has been decided by the officials.
Cuba Increases Import Duties on Various Products
and Creates Many New Consumption Taxes—Part
of Emergency and Financial Program.
Under date of Aug. 16, the Department of Commerce at
Washington, said:
A Cuban decree effective Aug. 19 1932, as a part of the emergency and
financial program, recently enacted by the Cuban Congress, increases
the rates of import duty on various products including glass and glasswares, safety razor blades, aluminum foil (reducing the duty on aluminum
foil when lithographed), most textiles and made-up articles of cotton,
linen and other vegetable fibers, and rayon, oleaginous seeds, codfish
and hake, condensed and evaporated milk, cheese, garbanzos, cocoa and
Products prepared with cocoa, hats for women and children and hat shapes
and forms, and newsprint paper except when imported by newspapers for
their own use, and establishes a series of consumption taxes affecting
safety razor blades, chocolate, smoked ham, butter and cheese, oleaginous
seeds, soaps, and articles of knit cotton, silk and artificial silk or rayon,
whether imported or of domestic manufacture, according to a cable received by the Deaprtment of Commerce from Commercial Attache Albert
F. Nufer, Havana,
Cuba Will Float $50,000,000 in Bonds—Treasury Plans
to Amortize Issue in 100 Years Through Sales Tax
Increase.
From the New York "Evening Post" we take the following
(Associated Press) from Havana, August 26:
The Government Economic Commission, studying an internal loan
project, decided last night to recommend an issue of Treasury bonds up to
$50,000,000, to pay off the floating debt, estimated at $30,000,000 to
$40,000,000.
The issue would be amortized in 100 years through an increase of the
present sales tax from 134% to 234%. The bonds would bear 53.5%
interest and would be acceptable by the Treasury in payment of obligations
to the Government incurred prior to June 30, 1932.
Banco de Puerto Rico.
Under date of Aug. 22 the Government of Puerto Rico,
Bureau of Commerce and Industry, New York City says:
Latest advices from the Island are to the effect that this new institution
will open its doors for business on Sept. 15, starting with a paid-in capital
of $1,000,000. As previously stated the new bank will take over the
liquidation of the Banco Comercial, and it is expected that the first Payment to preferred creditors will be 25% of their claims, and thereafter payments will be made every three months.
The bank was referred to in these columns Aug. 13,
page 1088.
Chilean
Nitrate
Sales
Corporation
Cuts
Prices
of
Nitrate.
The Chilean Nitrate Sales Corporation, American selling
outlet for the 8260,000,000 Chilean nitrate combine known
as Cosach, announced yesterday (August 26), a out of $11 a
ton in the price for nitrate of soda for August-September delivery to $25 a ton. From the New York "Evening Post" of
last night (August 26), we quote:
The announcement came as a surprise to Wall Street generally, for
M.G.B. Whelpley is now,or soon will be presenting to the Chilean Government the terms of tentative agreements which were arrived at between
various Cosach interests both here and in Europe, looking to a reorganimtion of the company and also to a tentative world nitrate sales agreement.
In some quarters the formal announcement was taken to indicate that a
part of the sales agreement might call for downward revision of prices for
nitrates in addition to lining up production schedules and apportioning
selling areas.
The formal statement as issued by the Chilean Nitrate Sales Corporation
read:
Chilean Nitrate Sales Corporation announces prices for nitrate of soda,
subject to change without notice, for August
-September delivery only, on
basis ex-vessels, usual ports, $25 per ton of 2,000 pounds, if packed in 100
pound bags, and $24.30 per ton of 2.000 pounds, if packed in 200 pound
bags, a reduction of $11 a ton from the prices prevailing throughout the
1931-1932 season.
Chile Reported Seeking Wheat for Nitrate.
Under date of August 20 Associated Press advices from
Santiago, Chile, said:
Barros Jarpa, Finance Minister, said to-day that negotiations had been
resumed for the exchange of Chilean nitrate for American wheat an that
favorable results were expected.
It is understood that Chile needs 40,000 to 100,000 tons of wheat to
relieve a shortage expected this Winter, and might take more if satisfactory
arrangements could be made.
It was reported that the Cosach nitrate interests and the United States
Farm Board were interested. The initiative was entirely local, but the
Americans were said to be receptive.
On the same date (August 20) it was stated in Associated
Press dispatches from Washington:
Farm Board officials said to-day that there had been discussions with
Chilean interests of a deal involving the exchange of board wheat for nitrate,
but that no definite offer had as yet been made by Chile.
The negotiations are continuing, but officials refused to express an opinion
on whether they would result in an exchange.
Financial Chronicle
Volume 135
Nicaraguan
Sought
Board
of
Awaits
Advance
for
Loan
Action—Approval
Payment
of
American
Electoral Mission.
The following is from the "United States Daily" of Aug.22:
Funds to be supplied the American Electoral Mission in Nicaragua
are awaiting the approval by the Nicaraguan Congress of a loan to Nicaragua
of $1,500,000 according to an oral statement on behalf of the Department
of State August 20.
Approval of this loan has been given by the lower chamber of the Nicaraguan Congress but is now in a committee of the Senate, according to
information obtained at the Department. Of the total, $350,000 is to
refund an outstanding debt of the Nicaraguan Government to the bank.
Election expenses also are to be paid from the loan, and it is to provide
$30.000 a month for various kinds of construction, it was explained. Railroad construction is to be benefited by $25,000 a month, highway construction $25,000 a month, while $25,000 a month is to be used for ordinary
expenses of the Government because of falling revenues.
The American Electoral Mission is to be paid by Nicaragua rather than
the United States, it was stated at the Department of State, and after
the loan is approved, it is expected that the mission will be paid.
China Releases Boxer Indemnity—Japanese Portion of
Installment Had Been Held Up by Nanking Officials.
The following Associated Press advices from Nanking,
China, Aug. 2, are from the New York "Evening Post":
The Japanese portion of China's present installment of the Boxer indemnity. which has been held up because of seizure of Manchurian customs
receipts, was released by the Ministry of Finance to-day.
The order to release the money was given when it was learned that a
remittance of 843,875 taels (about $254,000) had been received from
Dairen by Sir Frederick Maze, Inspector of Chinese customs. This sum
epresented one-third of the Manchurian customs revenue seized.
A cablegram from Shanghai July 30 to the New York
"Times" said:
-Japanese crisis of the utmost gravity was precipitated late
A new Chino
to-day when T. V. Soong,the Finance Minister, announced that the Chinese
Government was withholding payment of the Japanese portion of the Boxer
indemnity due to-morrow, amounting to about $150.000.
Mr. St ong, defending China's action, points out that regular monthly
Indemnity instalments have been paid to Japan hitherto, despit4 the fact
that the Japanese -instigated" the seizure of the Manchurian customs,
which were pledged to meet loans and indemnities. Now, because of
revenue shortage, Chine is unable to meet all commitments and hence feels
justified in withholding thJindemnity due to Japan.
The customs revenu s of Manchuria hitherto have brought into Nanking's
coffers 2,800,000 Mexican dollars a month or about $583,000.
In printing the above the "Times" said:
The Boxer indemnity, totaling $333,000,000. was assessed upon China
by Japan. Russia, the United States, France, Germany and Britain following the capture of Peking in 1900 by troops of those powers aggregating
18,000 men.
This resulted from widespread violence against foreigners in North China
and a two months' siege of foreigners in the Mash Legation quarters in
Peking by the patriotic volunteer militia called "The Fist of Righteous
Harmony," which was freely translated as the "Boxers."
The Boxers had sprung up as a result of the Chinese fear of further
aggression, such as had already been shown in the seizure of large section
of Chinese territory by several powers.
gig
Payment of the indemnity was distributed over a long period. Soon,
however, the United States notified China that, instead of receiving the
payments due to her, she would prefer to have them converted into a
fund for the education of promising Chinese youths in this country.
Chinese Government Orders Suspension of Minting
of Coins by Provincial Mints in Preparation for
Minting of Silver Dollar at Shanghai Mint.
• The Department of Commerce at Washington announced
on Aug. 22 that the Chinese Government of Nanking has
issued orders prohibiting further minting of coins by provincial mints, according to a radiogram received in the
Commerce Department on Aug. 20 from Commercial Attache
Julean Arnold, Shanghai. It is stated that the order was
issued as a preliminary step in the plan whereby the Nanking
Government will supervise the minting of a standard silver
dollar in the central mint in Shanghai. This mint is a very
modern one, it is added, being built and the equipment installed under the direction of experts from the United States.
Nanking Raises Duties to Meet Debt Charges—Increases, Effective Aug. 1, Made to Cover $7,000,000
Monthly Loss of Manchuria Customs.
To raise funds to meet foreign and domestic loan obligations pending a settlement of the Chino-Japanese-Manchurian customs dispute, the Nationalist Government on July 31
ordered an increase in customs duties on certain commodities
effective Aug. 1, according to Associated Press advices from
Nanking July 31 published in the New York "Times." The
cablegram continued:
The details of the increase are not yet available., but it is understood
that medicines and luxuries, such as wines, tobaccos. artificial silk and
Japanese toys will be affected, some being taxed as high as 80%,
The Government expects the new duties to bring in $7.000,000 in gold
each month, which will about cover the lack in revenues through the loss
of Manchurian customs. The action is expected to increase the cost of
living further, especially among foreigners.
To-days announcement came within 24 hours of a statement by Finance
Minister T. V. Soong that China was withholding for the time being the
instalment of the Boxer Indemnity payments due to-day, amounting to
about $150,000.
1413
Chinese Customs Surtax to Be Continued
Temporarily.
The flood relief surtax equivalent to one-tenth of the
present import and export duties, effective in China since
Dec. 1 1931, will be continued at the present rate for an
additional period not exceeding one year from Aug. 1, it is
made known in a radiogram received in the Department of
Commerce from Commercial Attache Julean Arnold, Shanghai. It had originally been intended to reduce the surtax to
one-twentieth of• the duty from the latter date, says the
Department, whose announcement in the matter is dated
August 1.
Present
$100,000 Is Cost to League of Nations of Report on
Clash in China.
A wireless message as follows from Geneva Aug. 8, is
taken from the New York "Times":
-Japanese clash 6y the League of Nations InThe report on the Chino
quiry Commission headed by the Earl of Lytton, which is expected here In
mid-September, will be one of the costliest volumes ever printed, the expense involved in arriving at it being estimated at $100.000.
This fact came out in the secretariat to-day along with the information
that in May the Council asked China and Japan each to pay $50,000 in
advance for the expenses of the investigation. China paid the League
$25,000 two weeks ago. Though Japan proposed the creation of the
Lytton Commission, Tokyo has not yet contributed toward its expense.
It is hoped here that both payments will be completed before the report is
published.
Chinese Cotton Mills Said to Face Ruin Unless United
States Extends Credit.
From the New York "Times" of Aug. 7 we take the following correspondence from Shanghai, July 15:
Chinese cotton mill owners must be granted an enormous loan from the
Central Government in order to purchase 400,000 bales of cotton from the
United States this year. The alternative is bankruptcy for the 82 nativeowned mills in this country, according to Chiang Tihhsiun, Secretary of
the Chinese Cotton Mill Owners' Association.
The mills, which employ nearly half a million laborers, cannot operate
this year on the meager yield which the cotton fields will produce for the
1932 season. In spite of the serious plight of the mills, the Nanking
Government will not be able to afford any substantial relief. The industry's
main hope is to buy cotton from America on long-term credits, as flood
relief wheat was bought in 1931.
Effective Date of Chinese Consular Invoice Requirements Postponed.
The Chinese customs on Aug. 17 received instructions from
the Minister of Finance to inaugurate the consular invoice
system for imported goods leaving the points of embarkation on and after Sept. 1 1932, instead of for merchandise
imported into China from Sept. 1, as previously announced,
according to a radiogram received in the Department of
Commerce from Commercial Attache Julean Arnold, Shanghai. The announcement by the Department, on Aug. 18,
further said:
Shipments made in September and October without consular invoices will
not be subjected to fine provided the invoices are produced within three
months. Goods shipped during November and December of this year without
consular invoices will be subject to a fee double that of the stipulated five
gold units ($2 United States). Goods shipped after Jan. 1 1933, without
consular invoices, will be subject to a fee three times that of the original,
or 15 gold units ($6 United States).
[Merchandise imported into China valued at or above 200 yuan (at
present approximately $41.80 United States) is required to be accompanied
by a consular invoice issued by the Chinese Consulate at or near the port
of embarkation. Parcel post packages and such goods as are admitted duty
free are excepted from this requirement. Chinese consuls in the United
States are located at New York, Chicago, New Orleans, San Francisco,
Portland and Seattle.]
(The Chinese yuan equals, approximately, $0.209 United States.)
(The customs gold unit equals $0.40 United States.)
The intention of the Chinese Government to require consular invoices was noted in these columns July 2, page 47.
In its issue of Aug. 21 the New York "Times" carried the
following special correspondence from Shanghai, July 25:
The abrupt announcement from Nanking that after Sept. I all shipments
of cargo to China must be accompanied by Chinese consular invoices has
caused consternation in import circles in all Chinese ports. Chinese and
foreign firms alike are protesting, not only against what amounts to a new
Import tax of about 10%, but primarily because the new regulations will
seriously hamper trade.
The new ruling specifies that Chinese consular invoices must be issued
for every valuation of $100 in Chinese currency, and that for each such
Invoice the consular officials abroad are to charge five gold customs units.
If goods arrive unaccompanied by consular invoices the consignee will be
fined 15 gold customs units for each missing invoice.
At present rates of exchange $100 in Chinese currency is equivalent to a
little less than $21 in American money. Five gold customs units equal
exactly $2 in American money, therefore the tax is approximately 10%.'
A fine of 15 gold customs units would equal $6 in American money.
Presumably the new regulation is designed to raise enough money to
meet the salaries and maintenance expenses of Chinese consulates abroad.
These institutions have received no remittances from Nanking for many
months, and in some cases have been closed because of non-payment of rent,
while the consular officials have sold the furniture in order to obtain money
to pay passages to their homeland.
1414
Financial Chronicle
Manchurian Authorities Not to Apply Recent Chinese
Duty Charges.
The following advices were made public Aug. 16 by the
Department of Commerce at Washington:
Officials of the present Administration in Mandiuria have announced
that the increased import duties imposed by the Chinese Government on
Aug. 4 on all silk and rayon products (except bolting cloth), medicines,
dyes, indigo, spices and condiments, toys, and articles- not otherwise specified
in the tariff will not apply in Manchuria and that no change is contemplated
in the present tariff, according to a radiogram received in the Department
of Commerce from Assistant Trade Commissioner Carl E. Christopherson.
Mukden,
Nanking Finance Ministry Orders Uniform Tax in
China's Salt Districts.
The following special correspondence, from Shanghai,
July 25, is from the New York "Times" of Aug. 21:
Once more the Nanking Finance Ministry is attempting to equalize the
tax in all the salt districts in China. At the instance of T. V. Soong,
Finance Minister, the Central Political Council has ordered that only one
rate be levied.
The Government does not expect to have the order obeyed in all districts,
for many militarists support their troops by excess salt taxes, remitting
to Nanking the legal tax and keeping for themselves the excess levies.
The salt tax around Shanghai, for instance, is $3.05 for every measure
of 133 pounds. In one adjoining province it is $7.10; in Anhui it is $9.10,
and further up the Yangtsze River it ranges from $10.90 to $12.
salt
Chinese Coal Mine Owners Settle Labor Troubles.
From the New York "Times" of Aug. 21 we take the following special correspondence from Tsingtao, July 25:
Fear of serious labor trouble has prompted the Chinese owners of coal
mines in Shantung Province to yield to the demand of more than 7,000
miners, and to premise to pay them 25% of their wages even while the
mines are shut down. The mines in the Foshan district, which had been
operating at a loss because of high provincial taxes and higher freight
rates, decided to cease operation. The laborers .immediately threatened
sabotage unless they were paid 50% of their regular wages while the
mines were closed. A compromise was expected.
Japanese Yen Goes to New Low In Exchange Market.
The Japanese yen, which has in recent weeks suffered a
decline, dropped on Aug. 19 to a new low figure. From the
"Wall Street Journal" of that date, we quote:
In a wide-open break, yen exchange cracked 1.42c. to a new record low
at $.2275. The current quotation represents a depreciation of 54.4% from
parity. Traders state that there is practically no market for the exchange
and spreads of as much as 95 points were reported between bids and offers.
A new factor is now entering the situation. Heretofore Japanese importers
have been placing heavy orders abroad to offset, as far as possible, the
declining value of the yen. These orders over-balanced support derived
.
from payment of exports.
But now,it is reported, Japanese exporters are refraining from converting
export devlsen into yen in the expectation that in the future the dollars,
sterling and other currencies so obtained will buy a greater amount of yen.
In the meanwhile, the governor of the Bank of Japan states that it is useless
to attempt to control the exchange through artificial measures and that it is
better to permit the exchange to find its own level.
From Tokio the same paper on Aug. 19 reported the
following:
No Japanese Yen Control.
Commenting on the slump in yen exchange, Governor Hijikata, of the
Bank of Japan, asserted that artificial control of the exchange is useless and
that it is better to allow the exchange to find its own level. He descried the
''malicious propagania" abroad regarding the financial difficulties attending the Manchurian situation.
A balanced budget, Governor Hillkata suggested, and popular domestic
support are the only two fundamental measures which are likely to prove to
be an effective check to the decline. Bond issues for the current fiscal year
are likely to exceed y. 700,000,000.
Heavy pressure against the yen is reported from Shanghai and Dairen,
where it is reported that Chinese merchants are buying silver against sales
of yen.
In its issue of Aug. 21, the New York "Times" said:
Yen exchange made a recovery of half a cent on the New York market
yesterday after having fallen 13i cents on Friday. The close for the week
was 23.19 cents, a drop of 2 cents from the Saturday before.
We likewise quote from the "Times," Aug. 23, as follows:
The Japanese yen declined NI cent yesterday, but this did not entirely
wipe out Saturday's gain of 4 cent and left the exchange at 2274 cents,
still 3i cent above the record low made last Friday.
The statement of the Bank of Japan for the beginning of last month
showed note circulation of 981,900,000 yen and gold holdings at 429,000,000 yen, indicating that circulation is 447,100,000 yen below the
statutory maximum fixed by the recent law increasing the banks' fiduciary
Issue from 120,000,000 yen to 1,000,000,000 yen. Thus far no expansion
of currency has occurred under the new law.
During the first six months of this year public borrowings of the Japanese
Government increased by 217,600.000 yen, or about $50,048,000 at the
current rate of exchange.
The following is from the "Times" of Aug. 17:
Inflationary Steps Not Taken.
Yen exchange has been steadily weakening for several weeks and during
the latter part of last week and the first two business days of this has
Penetrated further into record low ground each day. Yesterday the
exchange dipped 13 points to a new low of 24.37 cents, as compared with
the year's high of 37.87 cents, attained on Jan. 15.
The decline has been accelerated by widespread fears that Japan is embarking upon a policy of currency inflation induced by the recent legal
increase in the fiduciary Issue of the Bank of Japan to 1,000,000,000 yen
and by the promulgation of severe restrictions against the flight of capital.
Aug. 27 19:12
Despite the increase in the fiduciary issue, the outstanding circulation
reported by the Bank of Japan has shown no expansion in recent weeks but
has actually declined. Neither has there been any expansion of government
or private deposits with the bank or other indications of actual inflation
measures.
As of June 18, the note issue of the bank was 960,448,000 yen, as compared with 1,007,483,000 yen on the corresponding date of 1931. when the
yen was still on a gold basis. Government deposits as of the latest date
were 372,050,000 yen and private deposits 148,163,000, as compared,
respectively, with 383,298,000 and 236,150,000 a year ago.
Yen Exchange at Insane Price, Says Tokio's Finance
Minister.
A cablegram from Tokio, Aug. 20, is taken as follows from
the New York "Times":
Present yen exchange, Finance Minister Takahashi said to newspaper
men to-day, was a temporarily insance price. Asked whether the Government would support the exchange, he answered that there were no funds
abroad available for that purpose and that the Government did not intend
to control the exchange in any way.
Foreign Banks Assist Bond Issue by Soviet Russia—
State Institution in Moscow to Get Subscriptions
Through Correspondents in Other Countries.
From Moscow, Aug. 13, the New York "Times" reported
the following:
Some misunderstanding has arisen abroad regarding the new Soviet
3,200,000,000 ruble internal loan for concluding the Five-Year Plan.
As In the case of the preceding two loans there is a clause permitting
foreigners to subscribe on a gold basis with a proviso that 10% interest be
Paid in gold. But now there is a novelty in that the principal will be repaid
in gold at any time on demand.
The Soviet State Bank is the sole issuer but it has made arrangements
with correspondent banks abroad to transmit subscriptions. Beyond this
thereis not organized campaign for the Soviet loan abroad.
United States Concludes Treaty With Egypt—Ratifications of Conciliation Compact Exchanged.
Ratifications of the general arbitration treaty between the
United States and Egypt were exchanged Aug.. 24, the
Department of State announced on that date. The announcement as given in the "United States Daily" of Aug. 25,
follows:
i$ Ratifications of the general arbitration treaty and the treaty of conciliation between the United States of America and Egypt, both signed at
Washington on Aug.27 1929 were exchanged to-day by the Acting Secretary
of State and the Egyptian Minister at Washington.
These treaties are similar to the other general arbitration treaties and
conciliation treaties of the United States signed and brought into force
within the past four years. Such general arbitration treaties are now in
force between the United States and 26 other countries, including Egypt.
and such conciliation treaties are now in force between the United States
and 18 other countries. including Egypt.
In addition, there arc in force arbitration treaties with six countries
concluded in 1908-09 by Secretary of State Root, and conciliation conventions with 19 countries concluded in 1913-14 by Secretary of State Bryan.
New Zealand Not to Enter Into Negotiations for
Tariff Treaty With United States.
From the New York "Evening Post" we take the following
from Wellington, N. Z., Aug. 24:
The Government announced to-day that It had no intention of entering
negotiations for a tariff treaty with the United States. The announcement
was made by Premier Forbes.
Economic Conference at Warsaw of Eight Countries of
Eastern and Central Europe in Agricultural Bloc.
The following Warsaw cablegram August 24 is from the
New York "Times":
Representatives of Poland, Czechoslovakia, Hungary, Yugoslavia,
Bulgaria, Rumania, Estonia and Latvia met in Warsaw to-day at an
economic conference of the eight countries of Eastern and Central Europe
belonging to the agricultural bloc formed two years ago with the obJect
of defending the special International interests of those countries. The
conference's main aim is to decide the policy to be taken in the international
economic conference next month.
Welcoming the 24 delegates, the Polish Vice-Premier said there were
two means of overcoming the depression—one is the selfish way of high
tariffs and trade restrictions and the other is International trade co-operation
and breaking the tariff war. lie advised following the second course.
Saskatchewan Takes Wheat at 70 Cents for Debt
Payments.
The following from Winnipeg, is from the "Wall Street
Journal" of Aug. 20:
In an effort to aid the debt-ridden farmers of Saskatchewan, whose
crops have suffered so much from drouth in the past three years, the provincial government has planned to accept grains at "pegged" prices in
payment of relief debts. Wheat will be accepted at 70 cents per bushel,
No. 1 Northern in store Fort William, while top grade oats will be worth
34 cents, barley 31 cents, rye 42 cents and flax 82 cents. These prices
represent premiums of 1 to 5 cents over current market quotations, and
will rule from now until Nov. 1 1932.
Farmers who received seed grain will now be able to repay under this
plan of enhanced values Instead of on the bushel for bushel arrangement
made earlier, and the Government expresses the hope that other concerns
will follow this example and permit farmers to reduce their indebtedness
In this way.
Volume 135
Financial Chronicle
Declines Appointment as Member of
Federal Farm Board.
According to Associated Press Advices from Washington,
Aug. 19, President Hoover, Aug. 19, received and announced the declination of Ernest B. Thomas of Rushville,
Ind., to accept his recent appointment as a member of the
Federal Farm Board. The dispatches added:
E. B.
Thomas
One of the President's secretaries said that Mr. Thomas, who was named
bylMr. Hoover several days ago, had informed him that "other business
affairs" kept him from accepting the appointment. He would have filled
the vacancy left on the board by Samuel McKelvie, who retired more
than a year ago.
Asked about a possible further appointment, it was said at the White
House that with the declination of Mr. Thomas "the vacancy still exists."
Farmers' "Strike" Movement Which Originated in
Iowa Extended into New Areas—Attitude of Governors of Various States.
The farmers' "strike" movement, which had its inception
in Iowa, and to which reference was made in these columns
Aug. 27, p. 1273, found new adherents this week. It was
indicated in Associated Press accounts from Des Moines on
Aug. 23 that Wisconsin, previously aloof to the drive to
achieve higher prices for farm produce which has blockaded
the Sioux City and Omaha markets, as well as many lesser
trading centres, took steps on that day toward organizing
a State unit of the Farmers' Holiday Association. The
Des Moines dispatch also said:
Dairymen, meeting at Madison with the State Council of Agriculture,
voted appointment of a committee of three to call a State-wide organization
mass meeting.
A movement aimed at the important South St. Paul (Minn.) livestock market,the largest of that State, was also under way with the forming
of a Dakota County unit of the Association.
Other major developments in the farmers' strike on its expanding battlefronts included:
Negotiations at Omaha looking to the free passage of milk shipments
through farmers' picket lines in Southwestern Iowa.
A letter from Milo Reno, President of the Association, who called the
strike in Iowa two weeks ago, to Governor Turner, urging a conference
between the Iowa Executive and Governor Olson of Minnesota. The
Minnesota Executive yesterday proposed martial law as an aid to the
farmers' movement.
A marked decline of rail shipments of produce into Sioux city, point of
origin of the strike, and no shipments by truck.
Refusal of Sheriff H. T. Wagner of Black Hawk County in Northeastern
Iowa, to permit any picketing of roads in that vicinity.
Farmers participating in the blockade of Sioux City again interferred,
authorities said, with transportation of live stock by train to-night. About
50 men unloaded a carload of hogs in the yards at Danbury, about 40
miles from there.
Referring to the stopping of a railroad train at Emerson and Nacora,
Neb., last night, leaders of the strike instructed that the farmers do no
more than picket the highways peaceably. A statement from the Association relative to the train incident said:
"We deplore and regret the situation and feel sure that none of our
active membership participated. The Farmers' Holiday Association has
continually advised against such procedure, and will continue to do so."
p
On Aug. 20 advices (Associated Press) from Sioux City
said:
The holiday movement leaders stated that it was spreading rapidly
in Iowa, Nebraska and South Dakota, with nearly all counties in Northwestern Iowa, Northeastern Nebraska and Southeastern South Dakota
organized for participation.
In Chariton, Boone, Blencoe and other Iowa towns, the picketing
movement gained material headway and confidence was expressed by
farmers that the increase in milk prices at Sioux City would be followed
by higher quotations for other farm products.
In our issue of a week ago (p. 1251) we gave the "holiday"
resolutions of the National Farmers' Holiday Association
adopted at Des Moines and indicated that six states were
represented at the conference at which the resolutions were
adopted.
From Associated Press accounts from Sioux City, Aug. 21
it is learned that as the farm strike entered its second week,
blocking highways leading into Sioux City, Mayor W. 0.
Hays in a st tement that day urged a conference of Governors
to consider the situation. The statement said:
For the past week Sioux City has been the centre of a movement that
threatens to sweep the Middle Western States like a prairie fire. Here have
occurred the first demonstrations in the so-called farmers' holiday, or strike
against buying and selling.
It is no exaggeration to say that thousands of farmers and owners of
property throughout the farming regions will be unable to pay taxes this
year. Due to diminishing income from taxes, many schools will not be
opened in these States this Fall. Others will be operated on limited schedules.
In my opinion, an emergency of first magnitude exists, one in which I detect
a potential threat of serious consequences to the nation. To minimize the
seriousness of this situation would be a grave mistake.
The Mayor was further reported as stating that the "situation transcends any question of merely local interest" and
should be dealt with by the Governors of the States in which
the movement has gained headway.
In a St. Paul dispatch Aug. 22 to the New York "Times"
it was reported that Governor Olson of Minnesota, the only
Farmer-Labor Governor, on that day expressed himself as in
favor of the movement of the Iowa farmers and as willing to
join with other Governors in an "arbitrary plan" of declaring
1415
martial law to aid the cause. The following is also taken
from the same despatch:
"I am in sympathy with the strike," he [Gov. Olson] said. "Unless the
farmers of the Middle West can secure fair prices for their products and
thereby restore their buying power we might as well give up. The national
government offers no hope to the farmer. The State of Minnesota alone is
-State competition.
powerless to fix prices because of out-of
"I would be willing to join with the Governors of the other agricultural
States, in any plan, however arbitrary, which would tend to raise the prices
of farm commodities."
Asked what he meant by "arbitrary." he explained:
"Supposing the Governors of these States—Wisconsin, Minnesota, North
Dakota, South Dakota, Iowa, Nebraska, Kansas and Montana—should
declare martial law, that is what I mean.
"If these States went under martial law they should make provision
for assuring a milk supply for children and hospitals, and the strike could
be applied to grains and other commodities which are selling at levels far
below the cost of production."
He said he was willing to join a conference as proposed by the Mayor
of Sioux City, but the understanding would have to be clear that he was in
sympathy with the farmers.
From Bismarck, N. Dak., Aug. 22 Associated Press advices said:
Governor Shafer of North Dakota to-day declined to comment mill suggestion by Governor Olson of Minnesota for a plan to widen the farmers'
strike, even to the extent of declaring martial law. Neither would he comment on the suggestion of Mayor Hayes of Sioux City, Iowa, for a conference of Governors.
According to Associated Press accounts from Norfolk,
Neb., Governor Bryan on Aug. 22 frowned on the idea of a
Governors' conference to consider the farm strike situation.
He was quoted as saying:
As a rule conferences do not develop practical plans nor solve great
problems. In Nebraska, I believe, local people are able to handle the
situation thus far themselves.
In Associated Press despatches Aug. 22 from Sioux City
it was stated that,successful in curbing all truck shipmentsin
Sioux City, leaders of the strike turned their attention to the
nation's second largest livestock market and set up a barricade
across the two main highways from Iowa into Omaha. The
dispatch continued:
More than 400 farmers near Lewiston. Idaho, agreed not to sell any
their 5.000.000 bushels of wheat for 60 days except at a profit.
A state-wide meeting of South Dakota officials was called to determine
their senitment on starting a strike in that State.
Farmers gathered in Le Mars, Cherokee, Boone and other Iowa cities
to plan further extensions of their campaign and to demand that creameries,
produce houses and other markets be closed during the holiday period, or
until they get better prices.
Five hundred farmers of Cherokee and Plymouth counties, in northeast
Iowa, met on the County line and then paraded through three counties
and 11 towns near here. At Sioux Center they staged a meeting to-night
to recruit others to their cause.
Strikers re-established picket lines on all roads into Spencer, Iowa. No
trucks, wagons or automobiles bearing farm goods were allowed to enter.
There, as in other places, law enforcement officials said they were powerless
to interfere.
Possibility of United States Intervention.
Possibility that the United States Government might take action was
foreseen by A. 0. Epperson, Assistant United States Attorney. at Omaha.
He said that the United States might intervene on the grounds that the
farmers had "entered a conspiracy in restraint of inter-State commerce
by hindering, delaying or preventing shipments." The farmers also
might be accused of operating a combination in restraint of inter-State
commerce, he said.
Two hundred and fifty farmers used torpedoes and danger signals to
halt two trains near here on Sunday night. One was allowed to proceed
when the farmers found it was hauling only milk, but the other, carrying
livestock, was held for an hour.
Officials of the Milwaukee RR, said that their train held up by the
strikers carried mail. Northwestern RR. officials here reported to their
Chicago headquarters that a freight train, bearing livestock, was stopped
at Moville, Iowa; they charged that such action was interference with
inter-State commerce.
The Associated Press reported on Aug. 25 that in a statement issued in Des Moines Governor Dan Turner held that
the farm strike situation does not warrant use of National
Guard troops. The Governor's statement read:
Sheriff Lalnson is handling the situation in Pottavrattamie County
and it does not in my judgment demand troops.
This picketing proposition Is bringing new problems. but I have faith
in the good judgment of the farmers of Iowa that they will not resort to
violence in this farmers' holiday movement.
In citing the developments during the week the Associated
Press had the following to say in part in a dispatch from
Council Bluffs Iowa on Aug. 25:
When 1,000 angry farmers threatened to storm the jail, county officials
to-night released on bonds 55 men who had picketed nearby highways
In an effort to blockade the Omaha market.
Farmers from Western Iowa communities invaded Council Bluffs late
to-day and besieged the county jail, which was guarded by about 200
deputy sheriffs and police, armed with machine guns and shotguns.
F Raymond Snyder of Kingsley. Iowa, a leader in the movement to
increase farm prices by blockading markets, had warned Sheriff P. A.
Lainson that if the pickets Were not released to-night the farmers would
raid the all and free them.
Mr. Lainson conferred with other county officials and it was agreed to
release the prisoners on $100 bonds each and bring them in later for trial.
Property bonds covering bail were presented for 43 men whose cases
were to be heard Wednesday. Earlier 12 men, who had been sent to
jail for 30 days for failure to Pay $100 fines, were liberated.
Charged with unlawful assembly, the pickets were arrested last night
while attempting to keep live stock and produce trucks from reaching
the important Omaha market. Only one road was being picketed to-day
in Iowa.
1416
Financial Chronicle
As the imprisoned farmers left the jail the crowd of several hundred
spectators and farmers dispersed. The heavy cordon of officers which
has been on guard at the court house and jail retired slowly into the court
house
The Associated Press accounts yesterday (Aug. 26) from
Council Bluffs stated:
The leaders of 2,000 adherents of the farmers' holiday strike for higher
farm prices to-day decided that picketing of Pottawattamie County roads
would be done with smaller forces.
A committee of eight who said they represented strikers from Woodbury.
Plymouth, Sioux and O'Brien counties issued a statement criticizing
Sheriff Lainson and declaring that the large group would leave the Council
Bluffs area at once.
"These 2,000 men came down here to get the boys out of jail. We were
victors in a way," the committee said.
They referred to the strikers who had been arrested on chagres of unlawful assembly and who were released on bond yesterday.
"Dollar-Wheat" Drive Reported Spreading.
Sioux City (Iowa) advices (Associated Press) on Aug. 20:
From Bismarck, N. D., came word that asurvey of the State indicated
farmers were withholding wheat from markets hi increasing volume because of the "dollar-wheat" drive and low prices.
Below normal stores were reported in several of the larger centres and
the Devil's Lake "Journal" said that reports from 20 elevators revealed a
sharp decrease in selling. Railway men stated that wheat loadings in
some instances were only half the amount for the same period last year.
The "dollar-wheat" campaign, in effect since Monday (Aug. 15), seeks
to have producers hold back their grain from market until the price has been
raised to $1 per bushel at Winnipeg.
The "Dollar Wheat" movement was referred to in our
issue of Aug. 20, p. 1252.
Efforts to
Effect Settlement of
Milk Price War in
Iowa—Reported Agreement.
Indicating that the milk war between producers and distributors in Iowa had been adjusted, Associated Press
advices Aug. 19 from Sioux City said:
An agreement granting dairy farmers an increase of 55 cents per 100
pounds of milk of 3.05% butterfat content was concluded late to-day.
It opened to milk trucks the highways blockaded by the joint picketing
of milk producers and farmers, officers of the Sioux City Milk Producers
Association said.
The new scale gives the dairy farmers $1.80 per hundredweight of milk
and will become operative Sunday. The milk strike, an independent
effort of the producers to obtain higher prices, started on Aug. 10, two
days after the Farmers' Holiday Association proclaimed a "no selling"
campaign to compel higher prices for all farm products.
Under the agreement reached in the dairy controversy, the price of
retail milk was raised from 8 to 9 cents a quart.
At the same time a move to end the farmers' strike was taken late to-day
by Sioux City business men, who communicated with Governor Dan
Turner and offered to arrange an arbitration meeting.
Further Associated Press accounts from Sioux City
Aug. 20 are quoted herewith:
Leaders of the National Farmers' Holiday Association, sponsoring the
strike for higher farm-produce prices, said that loads of milk would be
allowed to lumber through the tightly-drawn picket lines. Many of
their followers, however, insisted that the blockade should be continued
against all farm produce, including milk.
Several of the county officers expressed fear that trouble might occur
to-morrow if a settlement of the new disagreement were not reached.
Among the milk producers, whose dispute with distributors here had
run concurrently with the farm strike contributing to the blockade until
last night, all was not satisfaction. Some producers not parties to the
agreement announced last night, which set a new price of $1.80 a hundredweight, declared that the Producers' Association should have held
out for the original demand of $2.17.
The new rates, effective to-morrow, raise the price of milk 1 cent retail
here, from 8 to 9 cents a quart.
From the same source (Associated Press) the following
was reported from Des Moines Aug. 23:
Despite threats of farmers, the Sioux Center (Iowa) Co-Operative
Creamery decided to continue business. Picketing dwindled in Plymouth
County, one of the first Iowa centers of the outbreak, and leaders went to
Sioux City with requests for aid from other strikers. In Sioux City milk
producers and distributers met in an attempt to smooth out difficulties
over a projected price increase of 80 cents a hundredweight to $1.80.
The milk price war was referred to in our issue of Aug. 20,
page 1273.
Settlement of Milk Price Controversy in Nebraska.
On Aug. 23 Associated Press advices from Omaha (Neb.)
said:
Milk price controversies were settled to-night by agreements in Omaha
and Lincoln. eliminating possibility of strikes in both places for higher
prices.
After an all-day conference, officials of the Iowa-Nebraska Co-Operative
Milk Association at Omaha and distributors' representatives agreed on
a price of $2 per hundredweight. The top quotation has been $1.45.
Bottled milk will be advanced from 8 to 9 cents per quart to consumers.
In Lincoln the Co-Operative Milk Producers Association and milk
dealers agreed on a price of $1.80 per hundredweight as compared with
a previous price of $1.40.
To permit free entry of milk here, news of the settlement will be carried
to the more than 1,000 picketers In impromptu camps along roads leading
to Omaha. The men lack leaders and one farmer said they were there
because they had had "too much leadership already."
Without food, beds, shelter or funds, they had come, some for 80 miles,
to join the blockade on marketing. Most of them were tenant farmers,
a few were sons of farmers and a few were jobless hired helpers.
Aug. 27 1932
Distribution by American National Red Cross of
Federal Farm Board's Wheat—First Allotment of
40,000,000 Bushels for Relief Reported Practically
Disposed of—Over 3,000,000 Families Aided.
The American National Red Cross has almost disposed of
the first consignment of 40,000,000 bushels of wheat for
relief of the needy, it was explained orally Aug. 16 at the
National headquarters of the organization, according to
the "United States Daily" of Aug. 17, which further reported:
A total of 37,050,401 bushels actually have been distributed in the form
of flour, stock feed and freight charges, it was explained, and more than
3,000,000 families have been aided directly. The second allocation of
40.000,000 bushels, it is believed, will amply meet all anticipated needs for
the fall and winter. The following additional information was supplied:
A total of 25,099,845 bushels of wheat have been used for flour. 11,190,550
bushels for stock feed and 760.000 bushels for railroad freight.
3,364,928 Families Aided.
This first allotment of wheat has been distributed among 3,364,928 families. A total of 1,844,685 families have been aided this way in the eastern
division of the country, 1,051,157 in the mid-western division and 469,086
in the Pacific division. In addition, the wheat has been distributed among
more than 22,000 Indians.
Pennsylvania received the largest single amount, totaling 537,000 barrels
of flour. Among cities, New York received the greatest amount, about
150,000 barrels. Chicago and Pittsburgh ranked next, with approximately
72,000 barrels each.
Requisitions for wheat and flour have increased somewhat in recent weeks.
This is due in a large measure to the fact that when original estimates were
made the actual needs of many communities were underestimated and
additional requisitions had to be made. It was originally intended that
the supplies would be issued on a 90
-day basis. However, since the operation of the relief organization, the estimates are more satisfactory with a
better understanding of the needs.
The Red Cross is preparing to receive the additional 40,000,000 bushels
of wheat along with 500,000 bales of cotton which will be distributed
In the form of cloth and other textiles. Chairman John Barton Paine
Is of the opinion that the second allotment of wheat will be sufficient to
care for the needy throughout the approaching winter and next spring.
The Red Cross is assisting more than 3,000,000 individual families and
is rendering service in many individual communities where distress is
extreme. Through its organization and co-operation with public and
private agencies, a great service has been rendered the unemployed by
distributing the flour made possible by the allotment.
Bond Sales on New York Curb Exchange Reach New
All Time High Record of $9,715,000.
The bond sales on the New York Curb Exchange reached
$9,715,000 on Aug. 23, the largest figure in the history of
the Exchange. The previous high record was
,087,000
established on Dec. 17 1930.
H. J. Case Resigns As Director of Records and Investigations of New York Stock Exchange.
Henry Jay Case, Director of Records and Investigations,
New York Stock Exchange, for twelve and one-half years,
has tendered his resignation, to take effect September 1.
It is stated that Mr. Case plans to form a bureau of confidential inquiry and investigation in Wall Street. It is
understood that he will leave soon for England and the
Continent to make a study of private protective organizations, working in conjunction with Scotland Yard and
the
Surete Generale, Paris. The announcement by the Stock
Exchange August 24 also said:
Before coming to the Exchange, where he organized the
division of records
and investigations, Mr. Case was secretary to and later
Deputy Commissioner with Colonel Arthur Woods, who was New York
Police Commissioner in Mayor Mitchel's administration. Mr. Case
also was an
examiner for George McAneny, President of the Board of
Aldermen, and
previous to that, a reporter and special writer on the staff of
the
Post." During the War he was in Washington attached to the "Evening
Office of the
Allen Property Custodian, Bureau of Public Information and
the Treasury
Department.
Advance in New York City Bank Stocks to Highest
Levels Since March According to Holt, Rose &
Troster.
The New York City bank stock market advanced sharply
during the week of Aug. 20 and registered the highest prices
since last March, based upon records compiled by Boit,
Rose & Troster, specialists in bank and insurance company
stocks. The firm says:
The aggregate value of 16 leading issues at the close of the week
of
August 19 was $1,724,140,000, which total represented a net gain of
$213,335,000 or 12% for the week, and $794.245,000 or 84% above the
total
of $929,895.000 reported on May 31, which was the lowest total recorded
since the 1929 decline started. On March 19 last, the aggregate
value
was $1,766,466,000.
The average yield of the 16 stocks on August 19 was 6.64%, which
compared with an average yield of 7.57% recorded at the close of
the
previous week, and a record yield of 13.24% on May 31. Based upon
the August 19 figures, 16 issues now are selling at 12.7 times their known
current earnings, against 11.1 times on August 12 and 6.9 times on May 31.
the record low. The current market value of the 16 issues is 1.04 times
known book value against 0.91 times on August 6 and 0.53 times on May 31.
The stocks on the average are quoted in excess of their book value for the
first time since last March.
Volume 135
Financial Chronicle
Normal Conditions by 1934 Predicted by Roger W. Babson—Tells Halifax Business Men, However, That
Stock Rise Exceeds Real Gain—For Joint Tariff
Board—Would Have Supervision of United StatesCanada Duties.
A prediction that conditions would be "back to normal
by 1934" was made by Roger W. Babson, Business Statistician, in an address before members of the Board of Trade
at a luncheon at Halifax, N.S., Aug. 23, it is learned from a
despatch to the New York "Times" from which we also
quote as follows:
Mr. Babson said that a turn for the better might be expected any time
now, but held that actual business statistics, such as car loadings, bank
clearances and building permits, did not justify the recent stock market
improvement.
"But there has been a vast improvement in sentiment in the last six
weeks throughout the United States," he added. He gave as his reasons
for optimism the fact that business had gone down out of "all proportion."
"More goods are being hauled, or transported, now than are being produced, and more is being consumed:than is being produced," he explained.
"Like a disease, the depression develops its own antitoxin that cures
itself. During the boom period we had just the opposite condition, that
of more being produced than being consumed."
Mr. Babson held that the depression was something which no legislation
could control. The cyclical slump, he predicted, would be eliminated
through "a moral awakening." When people made up their minds only
that
they could not get something for nothing, that they must go to work
and
earn a living, then prosperity would return, he argued.
Declaring that the world had nipped the 1913 depression
in the bud,
Mr. Babson said that there was a trade cycle depression every 20 years
and that, because we waited 40 years for the present one, it was
a more
serious one.
Referring to the imperial economic conference at Ottawa, Mr. Babson
said that he did not know as much as he would like to know about it.
"But one thing I will say—if the United States loses anything by
virtue
of that conference, and I estimate that she will lose business to the amount
of $100.000,000 or more, then it is her own fault," he declared.
Mr. Babson held that the matter of tariffs between Canada and the
United States should be placed in the hands of a small joint commission,
which would be a final authority.
"But this tariff business is all bad business, and some day the world
is
going to see it," he went on.
"The American people are being educated to lower tariffs, and, no
matter
which party wins at the coming Presidential election, I expect general
a
lowering of tariff walls. That was the general feeling throughout
the land."
Discussing the political situation in the United States,
Mr. Babson said
that, as the result of reports compiled in his offices, he has come
to the
conclusion that the election would be close.
"Had the election been held last June, Governor Roosevelt
would have
won hands down," he stated. "Were it held to-day, it would
be fifty-fifty.
The tide now seems to be running in Hoover's favor."
"It is quite evident," Mr. Babson declared,
"that the depression is felt
much less here than in any part of the United States.
One thing I like to
see in this part of the country is the number of
little industries you have.
It means a lot. The big industry was a prominent
factor in creating the
depression. When a large industry makes a
mistake, it affects many, but a
number of small industries cannot all make the same
mistake, can they?"
Transfer of Over $25,000,000 to Reserves of First
National Bank of New York—Amount Now in
Excess of $60,000,000—Reduction of Surplus and
Undivided Profits to $85,049,400 from $110,273,300
Results in Greatest Fund in Its History—Action
by Other Banks.
Attention to the fact that the First National Bank of New
York, following the practice of other large banks in recent
years, has increased its reserves by readjusting its surplus
and undivided profits account, is drawn by the New York
"Herald Tribune," which points out that this is shown in
the statement of the bank incorporated in the weekly summary of the New York Clearing House Association on
the
positions of its member institutions. Commenting on
the
action of the bank, the "Herald Tribune," in its Aug.
21
issue, said:
The Clearing House statement shows reduction of the
First National
Bank's surplus and undivided profits from $110,273,300 as
of Aug. 13 to
$85,040,400 as of Aug. 20, and the transfer of the
$25,000,000 thereby
released to reserves. The transfer to reserves took place as of
Aug. 17. As
of June 30 1932 the institution's cash and legal reserve
item stood at
$35,463,761. With the increase of reserves by the
amount taken from
surplus and undivided profits the item now stands at
about $60,000,000,
the highest it has been in the bank's existence since 1863.
No explanation accompanied the notation of the change
on the Clearing
House statement, but the transfer was presumably made
for
reason that such transfers have been made by other banks; the same
provide for the depreciation in securities held or to anticipate namely, to
for future
contingencies.
Obtained Additional Funds.
This is the second change this year relating to First
National Bank's
interests, although it is the first change of the kind relating
to the bank
directly. On Jan. 12 it was announced by Jackson E. Reynolds,
President
of the bank, that the First Security Corporation, owned by the
stockholders
of the First National Bonk, obtained additional funds through the
medium
of a corporation formed for that purpose by a group of the company's
directors. This action was taken so that the company would not
have to
sell any of its long-term security holdings at the then prevailing low prices.
Mr. Reynolds explained that when the company last paid a dividend,
on
March 10 1931, the market value of its assets exceeded its indebtedness
by
somewhat more than $38,000,000, but in January the market value of
the
assets was less than its indebtedness by about $6,000,000. The only
financial interest the First National Bank had in the security corporation
then was a secured loan of $9,900,000, Mr. Reynolds said.
Operations similar to that reported for the First National Bank by
the
Clearing House yesterday have been undertaken by other large banks in
1417
order to fortify their position. The Chase National Bank decreased its
surplus from $148,000,000 as of Dec. 31 1930 to $124,000,000 as of
Dec. 31 1931, and to $100,000,000 as of June 30 1932. Undivided profits
were reduced from $61,791,141 as of Dec. 31 1930 to $19,075,093 as of
Dec. 31 1931, and to $17,381,150 as of June 39 1932, with the funds released
being used to counterbalance declines in security values, &c. Stockholders
of the Chase Securities Corp., identical with stockholders of the bank,
voted on Jan. 12 1932 to reduce the capitalization of the corporation from
$95,000,000 to $40,000,000, this action being taken to provide for the
depreciation of security holdings.
Surplus of the National City Bank was reduced from $90,000,000 as of
Dec. 31 1931 to $76,000,000 as of June 30 1932, while undivided profit
was reduced from $24,554,299 as of Dec. 31 1930, to $11,347,466 as of
Dec. 31 1931, and to $5,444,513 as of June 30 1932. Reserves for contingencies were increased from $8,495,846 as of Dec. 31 1931 to $25,-534,155
as of Dec. 31 1931, and to $81,253,259 as of June 30 1932.
15
-Day Business Moratorium Declared in Macon,
Pending Reorganization of Bank.
Mo.
The following (United Press) from Macon, Mo. Aug. 19,
is from the Rocky Mountain "News" of Denver Aug. 20:
Mayor Frank P. Briggs to-day declared a 15
-day business moratorium
in Macon after the First Bank & Trust Co. closed its doors, pending
reorganization.
During the period of the moratorium the Mayor asked that all persons
as much as possible refrain from usual business transactions.
Scrip as Substitute for Money Appears in Iowa incident
to Farmers' "Holiday."
The New York "Evening Post" reports the following
(Associated Press) from Malvern, Iowa, Aug. 19:
Scrip, a substitute money for use in Mills County during the farmers'
holiday, has made its appearance. The first supply was put into circulation
by the Malvern Cold Storage Co.
H.H.Lisle of Hastings, Chairman of the Mills County Farmers' Holiday
Association, said: "It is more money, not credit, that the farmers of this
county need. The purpose of our scrip is to supply farmers with substitute
money as a matter of convenience until the holiday is over."
Federal Reserve Board's Summary of Business Conditions in the United States.—Seasonal Reduction
in Industrial Production —Advance in Wholesale
Prices.—Decline in Employment.
The Federal Reserve Board reports, in its monthly summary of business conditions that "the volume of industrial
output declined seasonally from June to July while factory
employment and pay rolls decreased by more than the usual
seasonal amount. In July the general level of wholesale
prices was about 1% higher than in June, and in the first
half of August prices of many leading commodities advanced
considerably" The Board also states that "Reserve Bank
credit declined somewhat in the four weeks ended Aug. 17,
reflecting chiefly a substantial growth in the country's stock
of monetary gold." The Board's summary, issued August
24, continues:
Production and Employment.
Industrial production declined by about the usual seasonal amount
in
July, and the Board's index, which is adjusted to allow for
the usual seasonal variations, remained unchanged at 59% of the 1923-1925 average.
Activity decreased seasonally in the steel industry; by slightly
more than
the usual seasonal amount in the lumber, cement, newsprint and meat
packing industries; and by substantially more than the seasonal amount
in the
automobile and lead industries. Output of show, which ordinarily
increases in July, declined.
At woolen mills, activity increased by a substantial amount, and
at silk
mills there was a seasonal increase in production. Activity at
cotton
mills decreased, as is usual in July, while sales of cotton cloth by
manufacturers increased considerably. Output of coal increased from the
low
level prevailing in June.
Reports on the volume of factory employment and pay rolls showed
substantial declines fron the middle of June to the middle of
July. In
the machinery, women's clothing, and hosiery industries,
and at railroad
repair shops, the number employed decreased by considerably more
than
the usual seasonal amount, and at shoe factories the increase reported
was
smaller than usual. In the woolen goods industry a substantial
increase
In employment was reported.
Value of building contracts awarded, as reported
by the F. W. Dodge
Corporation, continued at a low level during July and the
first half of
August.
Prospects for many leading crops, including corn,
Spring wheat, potatoes,
and tobacco, were reduced somewhat during July, according
to the Department of Agriculture.
The estimated total wheat crop based on Aug. 1
conditions,is 723,000.000,
a decrease of about 175,000,000 bushels from
last year's large crop, reflecting a reduction of 350,000,000 bushels in
the Winter wheat crop, offset
in part by an estimated increase of 175,000,000
in the Spring wheat crop.
The first official cotton estimate, as of
Aug.1, was 11,300.000 bales,
as compared with crops of 17,100,000 last season
and 13,900,000 the year
before. The indicated production of corn is
2.820,000,000 bushels, substantially larger than the crops of the last two seasons and slightly
larger
than the five-year average.
Distribution.
Volume of freight traffic decreased somewhat
from June to July, and
value of department store sales was substantially
reduced.
Wholesale Prices.
The general level of wholesale prices, as measured
by the monthly index
of the Bureau of Labor Statistics, advanced from 63.9%
of the 1926 average
in June to 64.5% in July. Between the middle of July and the third
week
o 1August prices of livestock and meats, which had
previously advanced
considerably, declined somewhat, while price increases were reported
for
many other leading commodities, including wheat, textile
raw materials
and finished products, nonferrous metals, hides,
sugar, coffee and rubber.
1418
Bank Credit.
The total volume of Reserve Bank credit outstanding, which had inweek
creased by $850,000,000 between the end of March and the third
and in the
of July, declined by $95.000.000 in the four weeks to Aug. 17,
same period member banks increased their reserve balances by $45,000,000.
These changes reflected chiefly the addition of 395,000,000 to the country's
in curstock of monetaty gold and an inflow to the banks or $30,000.000
rencY•
Total loans and investments of reporting member banks in leading cities
Total
were $250,000,000 larger on Aug. 17 than four weeks earlier.
while
loans of these banks continued to decline throughout the period,
holdtheir investments increased substantially, reflecting an increase in
Treasury
ings of United States Government securities in connection with
and net
financing operations. Time deposits increased by $95,000,000
demand deposits by $85,000,000.
Money rates in the open market remained at low levels. Successive
a
reductions brought the prevailing rates on prime commercial paper to
range of 2-2%% in the first part of August.
Federal Reserve Board Reviews Recent Legislation
on National Bank Note Circulation.
Discussing "Recent Legislation on National Bank Note
Circulation," the Federal Reserve Board in its August
"Bulletin" says:
has been
A substantial increase in the amount of national bank notes
Loan Bank
made possible by a provision incorporated in the Federal Home
Act makes
Act, which was approved by the President on July 22.(a) This
years all
eligible as security for national bank notes for a period of three
4 or less,
8
bonds of the United States Government bearing interest at 3. %
issued during the
both those now outstanding and those which may be
eligible by this
period. More than $3,000,000,000 of bonds are made
privilege. In
Act, in addition to those which already had the circulation
three issues of
recent years the circulation privilege has been confined to
of these bonds has
2% bonds, aggregating 3675,000.000, and the amount
of the large
determined the limit on note issues of national banks. In view
privilege under the
volume of bonds which have acquired the circulation
circulation of
terms of the recent Act, the maximum amount of authorized
volume of bonds
national bank notes will not be limited by the outstanding
n capital of
having the privilege but will depend upon the amount of paid-i
issue notes in excess
the banks, since the banks are not permitted by law to
of new notes
of their paid-in capital. With existing capital the maximum
which may be issued is about $920,000,000.
bonds for a period of three
The circulation privilege Is extended to these
and notes issued
years, and at the end of that time the privilege ceases,
(b) The conditions
against them must be retired man appropriate manner.
recent
governing the issue of notes are in most respects unchanged by the
at which
Act, with the exception of the absence of any limit on the rate
these additional notes may be retired from circulation.
Conditions of Issue.
on
At the present time circulating notes are issued to national banks
t
depositing with the Treasurer of the United States Governmen bonds
with a redemption fund in lawful
bearing the circulation privilege, together
issue is made
money amounting to 5% of the value of the notes. The
the notes bear an annual
on the basis of the par value of the bonds, and
course of
tax of X of 1%. The notes go into circulation in the regular
remain in the hands of
bank business, and ordinarily are paid out freely and
which choose to withthe public as long as they are fit. National banks
to cover the amount
draw their notes from circulation deposit lawful money
bonds held in trust
of the outstanding issue, and the Treasurer releases the
retired in any one month
as security. The amount of notes which may be
This limitation does not apply
has hitherto been limited to $9,000,000.
to notes issued under the Federal Home Loan Bank Act.
Bonds Bearing the Circulation Privilege.
only three issues
Prior to the passage of the Federal Home Loan Bank Act,
There are
of 2% bonds had the national bank note circulation privilege.
, all of which have been callable,
3675.000,000 of these bonds outstanding
Act extends
at the option of the Treasury, since April 1930. The recent
or less, aggrethis privilege to eight other issues bearing interest of 351%
is now possessed
gating $3,089,000,000, so that the circulation privilege
outstanding Is
by 33,763.000,000 of bonds. The amount of each issue
shown below.
OUTSTANDING
BONDS BEARING THE CIRCULATION PRIVILEGE
JUNE 30 1932.
Issue—
Prior to Federal Home Loan Act:
2% Panama Canal loan of 1916-1938
2% Panama Canal loan of 1918-1938
2% United States consols of 1930
Total
Authorized by Federal Home Loan Bank Act:
24% Postal Savings bonds (3d to 42d series)
3% conversion bonds of 1946-1947
3% Panama Canal loan of 1981
3% bonds of 1951-1955
31.i% bonds of 1948-1949
4% bonds of 1940-1943
3/
394% bonds of 1941-1943
% bonds of 1943-1947
Amount.
$48,954,000
25,947,000
599,724,000
8874,825,000
$36,247,000
28,895,000
49,800,000
800,422,000
821,403,000
352,994,000
544,917,000
454,135,000
Total
33,088.813.000
Total, all Issues
33.763,438.000
by national
For some years almost all of the 2% bonds have been absorbed
banks as security for their note issues. On June 30 1932 all but 35,000.000
way, and the limof the 5675,000.000 outstanding were being used in this
amount of national
ited amount of bonds prevented an increase in the
might increase their
bank notes in circulation, although individual banks
their bonds. Beissues as other banks retired their notes and disposed of
bonds have
cause of their monopoly of the circulation privilege, the 2% consols of
2%
rarely sold below par, and on June 1 the bid price for the
1930 was 101l.
Loan Bank
Since June 1, and particularly since July 16, when the Home
On Aug. 1 they
Act was passed, prices of 2% bonds have declined sharply.
of the five
were all below par, with bids for the 2% consols at 98. Prices
on the other
leading issues which have been given the circulation privilege,
Government bonds
hand, have advanced more rapidly than those of other
against which notes cannot be issued.
relates to the
a For the full text of this bill (H. R. 12280) see p. 527. See. 529
issue of national bank notes.
of the Attorney-General on the retirement of national bank notes
b The ruling
healed under this Act appears on p. sm.
Aug. 27 1932
Financial Chronicle
Paid-in Capital of National Banks the Limitation on Note Issue.
With $3,763,000.000 in bonds bearing the circulation privilege, there
will be no lack of collateral for notes, and the amount which may be issued
by the banks at any time will be limited by their paid-in capital, which
was $1.569,000,000 on June 30 according to figures from the condition rePort made to the Comptroller of the Currency. The banks' liability for
national bank notes outstanding -at that time was $652,000,000, leaving a
potential issuing power of $917,000,000.
This unused issuing power is not evenly distributed over the country.
In general, country banks in the smaller cities have used their privilege to
a much greater extent than the banks in Central Reserve and Reserve
cities, and can issue fewer new notes.
The potential issuing Power of different classes of banks on June 30 1932
is shown in the following table:
UNUSED ISSUING POWER OF NATIONAL BANKS, BY CLASSES OF
BANKS. JUNE 30 1932.
Paid-in
Capital.
Class of Bank—
Central Reserve city banks
Reserve city banks
Country banks_a
Liability
for
National
Bank Notes.
Unused
Issuing
Power.
8338,429.000 332,901,000 8303.528,000
537.686,000 177,267,000 360,419,000
•894,868,000 442,000,000 252,888,000
31.568.983.000 S652.188.000 3916.813.000
All National banks
a Includes five National banks in Alaska and Basra I.
banks,
Less than 30% of the unused issuing power was held by country
other Reand the remainder by banks in New York City, Chicago, and
serve cities. New York City and Chicago banks together had the power
to issue $304,000,000 in new notes, other Reserve cities about 3360,000,000.
and country banks $253,000,000. Complete statistics for individual
the
national banks are not available for June 30, but on Dec. 31 1931
paid-in capital of
36 largest national banks in the country, all of which had
and
85,000,000 or more, held over half of the unused note-issuing power;
of the new notes.
8 of these large banks had power to issue more then 40%
the privilege to issue additional notes is
By Federal Reserve Districts,
of four Federal Reserve Disconcentrated chiefly in the national banks
which togeher
tricts—New York, Boston, Chicago and San Francisco,
in notes. This
will have the authority to issue 69% of the potential increase
is shown in the following table:
BY FEDERAL
UNUSED ISSUING POWER OF NATIONAL BANKS,
RESERVE DISTRICTS, TUNE 30 1932.
LiabilUy Unused Issuing Poteer.
for
Paid-in
%
National
Capital.
Total.
Bank Notes. Amount.
District—
11
$140,150,000 $43,616,000 $96,534,000
Boston
36
419,630,000 91,329,000 328.301,000
New York
6
124,062,000 65,241,000 58.821,000
Philadelphia
4
112.638,000 74.867,000 37,971,000
Cleveland
3
70,806,000 45.818.000 24,988.000
Richmond
3
75,285,000 45,508.000 29,777,000
Atlanta
11
170,395.000 74.462,000 95,933,000
Chicago
3
54,594,000 26.934.000 27,880,000
St. Louis
3
57.210,000 28.299.000 30.911,000
Minneapolis
6
81,233.000 30,938,000 50,295,000
Kansas City
3
78,892.000 45.239,000 31,453,000
Dallas
11
182.883,000 78,855,000 104,008,000
San Francisco_
51.383.558.000 8648.906.000 8918.852.000 100
Tntill
in Alaska and Hawaii.
Note.—Does not include five National banks
Cost of the Note Issue.
year on
The fixed costs of noes issue are somewhat less than 1% Per
an annual tax of X of 1%,
the face amount of notes issued, and include
and the loss of interest on the
the cost of engraving, printing and shipping,
with the Treasurer. In addition,
5% cash redemption fund deposited
amortization of any premium paid
the issuing bank must take into account
recent Act, computation of the
on the bonds. Before the passage of the
national banks issuing notes
Comptroller of the Currency indicated that
about X of 1%,even when
secured by 2% bonds realized an annual profit of
about 1.55%. On Aug. 1,
the bonds were purchased at a price to yield
of the 3%% bonds recently
ten days after the approval of the Act, some
Thus, they could be
given the circulation privilege were selling at par.
profit on notes taken
bought on a yield basis of 39 , and the margin of
that realized in recent
out on these bonds as security would be higher than
years on notes based on 2% bonds.
Effect on Circulation.
Increase in the
Since there is nothing in the new law to bring about an
will tend to replace
demand for currency. National bank notes issued
Federal Reserve
other forms of currency in circulation, and particularly
Federal Reserve system
notes. The total volume of currency under the
public for use in retail
varies in response to the cash requirements of the
s when cash is
trade and pay rolls, except at times of banking disturbance
amount required
hoarded. When the amount of currency exceeds the
the commercial
for these transactions, surplus currency is deposited in
cannot be
banks and returned by them to the Reserve banks. Currency
by the public. When,
kept in circulation in larger volume than is required
by the
on the other hand, there is an increase in the demand for currency
banks, which
public, it is reflected in withdrawals of cash from member
banks
obtain additional supplies from the Reserve banks. The Reserve
no
have always been in a position to meet all demands for currency, and
at the Reserve banks has
member banks with assets eligible for discount
experienced difficulty in meeting its customers' demands for cash. There
nt
has been no shortage of currency in this country since the establishme
of the Federal Reserve system.
Issue of additional bank notes will result
In these circumstances, the
In the retirement of other forms of money, The volume of all other kinds
notes and Federal
of Currency, including gold certificates, United States
notes
Reserve notes, in particular, will tend to decrease. National bank
out of circulation, rather than be driven,.
will drive other forms of currency
be put.
out themselves, because circulation is the only use to which they can
notes it gives full
When a Federal Reserve bank receives national bank
eserve cash—and
credit for them, but the notes are a dead asset—non-r
from note liabillites.
cannot be counted as a part of reserves or be deducted
the Reserve bank, therefore, to pay national bank
It is in the interest of
or to send them to the
notes back into circulation as quickly as possible,
issued to the
Treasury for redemption, in which case new notes will be
receives gont
public by the national banks. When a Federal Reserve bank
States notes, on the other hand, it can could
or silver certificates or United
It can retire them
them as reserves, and if it receives Federal Reserve notes
the currency
and diminish its own liabilities. Thus the mechanics of
circulation and to let
system will operate to keep national bank notes in
them displace other forms of currency.
were outstanding,
At the end of June $737,000,000 in national bank notes
active national banks
including in addition to the 3652.000,000 for which
Volume 135
Financial Chronicle
were liable, about $85,000,000 in notes which were a liability of the Unilted '
r
States Treasury. Of the total of $737.000,000 outstanding, 8791,000,000
were in circulation, that is, were held outside the Federal Reserve banks
and the United States Treasury. They formed 12% of the total vaolume
of money in circulation, which on that date was $5,696,000,000.(c) Under
the new law this proposition may rise to 30% on the basis of the existing
volume of currency outstanding.
c The amount of each kind of currency in circulation on June 30 1932 is shown
In the table on p. 486.
National Bank Receivers Ordered by Comptroller of
Currency to Suspend Foreclosure Proceedings on
Home Mortgages for 60 Days—Announcement by
Chairman Fort of Federal Home Loan Bank Board.
Following the address of President Hoover yesterday
(Aug. 26) at the conference of business and industrial committees of the Federal Reserve Districts, the Administration,
through Franklin W. Fort, Chairman of the Board of the
Federal Home Loan Bank, announced that Comptroller of
the Currency Pole had agreed to order every National bank
receiver to suspend foreclosure proceedings for 60 days.
A dispatch from Washington to the New York "Evening
Post" indicating this further reported:
State bank supervising authorities have been requested to telegram to
Issue similar instructions to State bank receivers.
The plan is for the Reconstruction Finance Corporation to take over
mortgages held by banks in receivership and advance the money so that
depositors can be paid for the 60
-day period until the Home Loan banks
can be placed in effective operation.
Mr. Fort, in outlining the polleies of his organization, said that one of the
major evils of the present situation was the foreclosure of existing mortgages.
The refusal to renew such mortgages has been accentuated, he declared, by
the "tremendous number of receiverships of banks and other lending institutions."
"Many of the receivers," he said, "In their proper effort to pay dividends
to depositors and creditors, have been demanding payment of mortgages
and bringing foreclosure proceedings. The Reconstruction Finance Corporation can loan to these receivers against the mortgages funds with which
to pay out depositors. Therefore, such foreclosures must stop until the
Home Loans banks are functlining and pouring new funds into the mortgage investment field.
"I am very happy to be able to say that upon our request, Comptroller
Pole yesterday instantly agreed to order every National bank receiver to
suspend foreclosure proceedings for 60 days. We are to-day wiring every
State supervising authority requesting like action. We want your help
to see not only that receivers generally grant this 60
-day respite but that
other lenders do likewise.
"There are times when forced liquidation of indebtedness is indefensible—
certainly—if any other means of procuring funds exists. Payment may be
nominated in the bond, but, as Portia proved, it may not rightfully be
exacted when payment drains the life blood. And these days the courage
and hope of men and women are the life blood of our recovery. It would
be shameful,if, with relief in sight so soon, their courage and hope should be
extinguished by taking away their homes and their life's savings."
In describing the policies of the Home Loan Banking Board, Mr. Fort
declared that it would have $134,000.000 available by Octo.15 for loaning
on mortgages. He said there were two types of loans which the public
must have and which, if made, will speed the general recovery—loans to
make repairs to pres3rve the value of property and loans to pay taxes.
Be announced that the Home Loan banks would be ready to rediscount
mortgagee in 60 days.
"The normal lending institutions," he said, "should begin to make new
or additional loans for repairs and taxes at once. Fine work has been
done in this direction by some of your committees already. We earnestly
Lope it will be expanded."
Tenders of $347,816,000 Received to Offering of $60,000,000 or Thereabouts of 91
-Day Treasury Bills—
Bids Accepted $62,350,000—Average Rate 0.42%.
The amount of tenders received to 019 offering of $60,000,000 or thereabouts of 91-day Treasury bills, dated Aug.
24 1932 was $347,816,000 according to the announcement on
August 22 made by Acting Secretary of the Treasury Ballantine. The amount of bids accepted was $62,350,000, and
the average price of Treasury bills to be issued is 99.894, the
average rate on a bank discount basis being about 0.42%.
Mr. Ballantine's announcement (Aug. 22) of the results of
the offering (which was referred to in our issue of August 20,
page 1261), follows:
Acting Secretary of the Treasury Ballantine announced to-day that the
tenders for $60.000,000, or thereabouts, of 91-day Treasury bills, dated
Aug. 24 1932, and maturing Nov. 23 1932. which were offered on August 18.
were opened at the Federal Reserve Banks on August 22.
The total amount applied for was $347,816,000. The highest bid
made
was 99.897, equivalent to an interest rate of about 0.41% on an
annual
basis. The lowest bid accepted was 99.894, equivalent to an interest rate
of about 0.42% on an annual basis. The total amount of bids accepted was
$62,350,000. The average price of Treasury bills to be issued is 99.894.
The average rate on a bank discount basis is about 0.42%.
Last week (page 1261) we gave the results of an offering
of $75,000,000 of 91-day Treasury bills, the average rate in
that case being 0.48%.
New Offering of $100,000,000 or Thereabouts of
Treasury Bills.
91-Day
A new offering of 91-day Treasury bills, to the amount of
'$100,000,000 or thereabouts, was announced on August 24
by Acting Secretary of the Treasury Ballantine. They are
designed to meet a maturing issue of a like amount. The
new bills will be dated Aug. 31 1932 and will mature on
1419
Nov. 30 1932. Tenders for the bills will be received at the
Federal Reserve Banks and their branches up to 2 P. M.
Eastern Standard time on Monday August 29. The bills
will be issued in bearer form only, and in amounts or denominations of $1,000, $10,000, $100,000, $500,000, and
$1,000,000 (maturity value). The face amount will be payable on the maturity date without interest. The bills are
sold on a discount basis to the highest bidder. Acting
Secretary Ballantine's announcement also Says:
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples of $1.000. The price offered must be expressed
on the basis of 100, with not more than three decimal places, e. g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Secretary of Treasury Mills Confers at New York Federal
Reserve Bank on New Treasury Financing—At
Least $800,000,000 Will Have to Be Raised by September 15—Reported as Favoring 5 or 10
-Year
Issue to Cut Floating Debt—Financing of Reconstruction Finance Corporation Also Considered.
Secretary of the Treasury Ogden L. Mills conferred with
leading bankers and officials of the Federal Reserve system
at the offices of the Federal Reserve Bank of New York on
August 23, to consider Government financing plans for the
balance of the year. In particular, new Treasury financing
on September 15 next was considered, said the New York
"Journal of Commerce," from which we likewise quote:
There are two issues of certificates of indebtedness coming due the middle
of next month. These are $314,279,500 of 1 l % certificates and $398,225,000
of 3%. This total of more than $712,000,000 will be swelled by additional
Treasury needs, arising out of the deficit and the financing of the Reconstruction Finance Corporation, so that $800,000.000 or more will be raised.
Dislike Huge Floating Debt.
Strong sentiment is known to exist both here and in Washington for conversion of part of the floating debt, which now aggrecates approximately
$3,500,000,000 into longer term bonds. The favorable state of the money
market at the present time, and prospects of further increases in the total
national debt owing to the financing of the Administration's relief program
have strengthened the demand for such a program. Accordingly, it was
reported in the financial district that a substantial issue. perhaps $500,-year notes, or even 10
-year bonds, would be put out next
000,000, of 5
month, in addition to a 1-year issue maturing September 15 of next year,
on which date there is no maturity at the present time.
A5
-year note issue could be sold on a 33. or 3X% basis, it is felt, while
a 10
-year bond Issue would have to bear a 33 % rate at least.
,
i
Another problem taken up at the conference on fiscal affairs of the
Government here yesterday was the desirability of calling in the outstanding issue of $535,983,300 of converted 43(% bonds of the First Liberty
Loan still outstanding. This issue is clllable on thirty days' notice on
each interest date, so that notice would have to be given by September 15
If it is to be paid off on December 15. If it is not redeemed this year the
4 Xs would have to be called for payment July 15 of next year.
An important factor discouraging the calling of the issue, it was explained
here yesterday, is the maturity of $600.446,200 of Treasury 3
notes on
December 15. so that with the additional financing that may be required
for the relief program then, the total issue at that time might prove excessive. This danger is all the greater in view of possible charges in conditions and the large existing floating debt of the Treasury, which tend to
limit buying oflong term issues because of prospects offurther large offerings
whenever the floating debt is funded.
R. F. C. Financing Discussed.
Considerable sentiment exists here for the financing of the further requirements of the Reconstruction Finance Corporation through direct issue of
Its debentures in the market instead of continuing the present arrangement
of sale to the Treasury, which then sells its own bonds to the public. This
would check the increase in the national debt, it is pointed out, which is now
rapidly approaching the $20,000,000,000 mark. On the other hand, it is
generally admitted that the present arrangement keeps down the cost of
financing the relief program, as the bonds of the Reconstruction Finance
Corporation would probably bear at least one-half of 1% higher interest
coupons than similar Treasury issues, despite the strong indirect Government guarantee on the bonds of the corporation.
The conferences with Mr. Mills yesterday were attended,it is understood,
by R. C. Leffingwell of J. P. Morgan St Co., Ernest C. Wagner. President
of the Discount Corporation of New York, large dealer in Government
bonds, and D. H. Mills, Vice-President. Governor George L. Harrison of
the Federal Reserve Bank of New York and Eugene Meyer, Jr., governor
of the Federal Reserve Board, also attended, while several headA of local
banking institutions are reported to have participated also.
Address by President at Economic Conference with
Business and Industrial Committees of Federal
Reserve Districts—Major Financial Crisis Overcome—Says Confidence and Hope Have Reappeared
—Urges Co-ordinated Effort on Economic Front.
Addressing, yesterday (Aug. 26), the conference of
representatives of business and industrial committees in all
the Federal Reserve Districts, President Hoover indicated
that the purpose of the gathering was that its participants
might be given an "opportunity to organize for action," and
enable them to "join in stimulation of organized private
initiative of America." "The reason for calling this conference at this particular moment," said President Hoover, "is
1420
Financial Chronicle
that we are convinced that we have overcome the major
financial crisis. . . .and that with its relaxation confidence
and hope have reappeared in the world." "The problem
before this conference," the President stated, "is not to
settle great questions of the future, or to establish artificialities, but rather by practical steps to-day, or organization, to make more effective the activities of every agency
which can promote the recovery of the Nation." "Definite
projects," said President Hoover, "will be laid before you
affecting the better distribution of credit, of employment
and commodities." He added:
What I wish is that banking and industry and business generally should
they
In this new setting, assume further initiative and responsibility; and
should co-operate with agriculture and labor and the Government agencies
to organize and develop every possible avenue of co-ordinated effort on the
economic front.
Your committees have in different districts already made positive contributions; these tried methods need spread and more definite national
organization; they need co-ordination with our Governmental programs.
You can assist to make that great program more effective. In so doing
cottage
you will bring hope and added security to every farmhouse and every
door.
President Hoover's address follows in full:
We have asked you, the members of the twelve Federal Reserve District
Banking and Industrial committees,to confer together and with the officials
problems of the
of the Government agencies which are engaged in the
depression. The purpose of the conference is to better organize private
governmental activities so as to further
initiative and to co-ordinate it with
aid in the progress of recovery of business, agriculture and employment.
The committees of the different Federal Reserve Districts were created
of
some time since and have already been of great service in the solution
many local problems.
projects have been advanced by them. We wish to
Many constructive
expand the ideas and solutions developed in the different districts over
other areas where they may be adaptable, to co-ordinate private and governmental agencies, to initiate steps for organization of groups to undertake
special and immediate problems in credit, in industry, In agriculture and
In employment as they arise in the different districts.
Financial Crisis Overcome—Reason for Calling Conference.
In other words, this is a meeting not to pass resolutions on economic
questions but to give you the opportunity to organize for action. It is
not proposed that you shall have authority from the Government, but
that you should join in stimulation of organized private initiative of America.
The reason for calling this conference at this particular moment Is that
we are convinced that we have overcome the major financial Crisis—a crisis
In severity unparalleled in the history of the world—and that with its relaxation, confidence and hope have reappeared in the world. We are now
able to take further steps in solution of the industrial and agricultural
problems with which we are still confronted.
To have overcome this stupendous crisis is not alone a tribute to the
courage of American people but a proof of our resources. A moment in
review of the magnitude of the forces we have overcome should strengthen
our confidence for the future and the steps we now propose.
You will recollect that after a year of world-wide depression we came into
the first quarter of 1931 with strong evidences of our recuperation. During
those early months of 1931 the failure of banks decreased by 70% from the
previous quarter. The hoarding of currency, practically disappeared. The
signs of resumption of industrial activity and employment gave us the
right to hope that the country was righting itself.
Demoralization Abroad.
Then there came to us a concentration of catastrophes from abroad such
as we have not experienced in the whole of our economic history. The
economic and political demoralization in foreign countries, weakened
by the Oreat War and the treaties, together with the general depression
Itself, loosened a host of new forces of destruction.
The first evidence of the impending financial collapse abroad was the
difficulties of the largest bank of Vienna in April a year ago. In rapid
succession were the difficulties of the national banks of Austria, of Jugoslavia, and finally of the Reichsbank, in the month of May. The general
panic began in Germany in June and finally culminated in drastic governmental decrees suspending exchanges, closing of all banks and accompanied
took place
by the failure of important instl'utions. Similar suspensions
in other important areas in Central Europe.
in Spain and
The difficulties were further increased by the revolution
revolutions in Peru and other South American countries, the latter adding
many further defaults upon foreign obligations.
On August 1 evidence of distress in the Bank of England was indicated by
by
heavy borrowing from abroad, further emphasized at the end of August
the large foreign loans by the British Government in an effort to protect
gold standard was
exchanges. But the strain proved too great, and the
abandoned by England at the end of September, followed in October and
November by similar action in Sweden, Norway, Denmark, Finland,
Australia, India and Egypt, with restrictions upon exchange in many other
countries, which equally disrupted international payments and foreign
trade.
Conflict in Far East.
In September the conflict in the Far East began, and was followed by the
suspension of the gold standard in Japan in December and the disturbing
military operations of last winter. During the early months of this year
we witnessed more revolutions in smaller countries and further defaults
upon their obligations.
Effect on United States.
In even normal times any one of these many shocks to economic stability
would have seriously impaired our economic life and created falls of prices
invasions were
and unemployment. The effects upon us of each of these
instantaneous. American securities held abroad were dumped upon our
commodities were conmarkets. The prices of our stocks and bonds and
tinuously undermined. Huge foreign deposits in our banks were frantically
withdrawn.
for
Our own borrowers on commodities and on securities were called upon
on
more margins. The necessity of meeting these drains brought pressure
a bank or bank's customer, a
every borrower in America, whether it be
manufacturer or a farmer, a home owner or a merchant.
Paralyzing fears spread into every quarter of our country. These fears
added fuel to the fire through nation-wide hoarding of currency. This
the German colhoarding increased to $70,000,000 a week at the time of
moratorium, but rose to
lapse, but stopped temporarily with the German
demand for goods
$150.000.000 a week after the failure in England. The
Aug. 27 1932
slacked over the whole world and agricultural prices gave way entirely.
Unavoidable delays and difficulties in legislative action added to the fears
and apprehensions of our people.
As we look back over the depression now we find over $2,400,000,000
was withdrawn from us by foreign nations and their citizens, and a total
of $1,600,000,000 of currency was at one time withdrawn by our own citizens from our own banks. You know and I know that this foreign exchange.
the gold shipped abroad, the currency and gold hoarded in our own country,
is taken from the base of the inverted pyramid of our credit structure and
translates itself into a strangulation of the volume of credit from two to
ten times even these huge amounts. Let no man believe that these are
questions which are of interest solely to big business. They are the origins
of millions of human tragedies of losses, unemployment and distress.
The whole of this eighteen months has been a period of constant defense
and counter-attack against these invading forces. The German moratorium, the German stand-still agreement, the advances of our banks to
the national banks of foreign countries, the creation of the National Credit
Corporation, the Reconstruction Finance Corporation, the increased Powers
to the Federal Reserve System, the balancing of the budget, the financial
aids to the farm loan banks, and above all, the unity and courage of our
people, represent our incessant action in defense and counter-attack.
Cessation of Foreign Withdrawals—Confidence Returning.
To-day that picture has greatly changed. We can look with assurance
upon the cessation of foreign withdrawals from our country simply because
they have substantially removed their holdings and we have successfully
accommodated ourselves to R. Our strength has proved equal to the shock,
although with many casualties. Confidence is returning. A return flow
of gold from abroad has begun. Europeans are again investing in our
markets.
With the large prevention of bank failures and with relief from foreign
pressure and its constantly renewed fears, the domestic hoarding of currency has ceased and 18 now returning at the rate of nearly $20,000,000 a
week. The demands for banking assistance from the Reconstruction
Corporation have diminished by $170,000,000 from the previous month.
That our financial foundations are unimpaired is indicated by the fact that
measured in amount of their trusts, 98% of our banking and fiduciary
obligations to the public are intact. Seventy million insurance policies
and 25,000,000 depositors have been saved from jeopardy.
Foreign Countries Placing Houses in Order.
It is not alone our country that is making a successful fight for the return
ofstability. Foreign countries have not been idle in rlacing their own houses
in order. The Lausanne agreement has contributed to return of confidence.
But while we thus see growing improvement in the financial sector, we
must continue the battle upon the industrial and agricultural fronts.
There is, however, a new setting of the depression, which offers opportunity through this confidence to set up machinery for wider-spread cooperation of private forces and to co-ordinate them with our Government
agencies for aid and action in industrial and agricultural fields.
Urges Co-ordinated Effort on Economic Front.
Definite projects will be laid before you affecting the better distribution
of credit, of employment and commodities. What I wish is that banking
and industry and business generally should in this new setting assume further
initiative and responsibility, and they should co-operate with agriculture
and labor and the Government agencies to organize and develop ever/
possible avenue of co-ordinated effort on the economic front.
Your committees have in different districts already made positive contributions; these tried methods need spread and more definite national
organization; they need co-ordination with our governmental programs.
You can assist to make that great program more effective. In so doing
you will bring hope and added security to every farm-house and every
cottage door.
It is not proposed to engage in artificialities. Nor is it proposed that
you attempt to settle here in a day great economic problems of the future.
It is simply proposed that you organize for action in the problems immediately before us. Great future problems will occur to you as they are in
the minds of all of us. You will no doubt seek the co-operation of national
groups of business, agriculture and labor to put such questions on the road
to investigation and consideration.
I should like to suggest to you some general directions of thought.
We have a powerful governmental program in action for aid to recovery
formulated and organized upon a non-partisan basis. I am in hopes you
will familiarize yourselves with its possibilities so as to co-ordinate your
activities with it.
Need for Better Distribution of Credit.
We need a better distribution of credit. Credit is available, but in many
sections it is flowing inadequately in directions which would stimulate consumption of goods and employment. It needs resolution to use our banking
and governmental resources and co-ordination to make them effective.
There can be no question that there are in certain sections large numbers
of businesses, particularly small business, which have been unable to find
the credit facilities to buy raw material and to employ labor on goods which
they can sell. There are difficulties in livestock and farm credits. There
are foreclosures of home and farm mortgages because of inability to secure
renewals. Yet credit is available if it be properly directed.
Unemployment and Shortening of Hours.
In the furtherance of business recovery it is clearly necessary that there
be co-ordination of eff
ort in hastening the return of unemployed to employment in their natural industries. It is doubtful whether any action we
could take at this time would so greatly accelerate our progress, serve the
welfare of our unemployed millions, or so quickly give us as a nation the
benefit of widespread spending power as further spread of equitable plans
of sharing the available work.
As a matter of national policy, the shortening of hours is necessary not
alone to meet the need of the moment but it may be necessary to take up the
slack in the future from the vast and sudden advance in labor saving devices.
As the remit of conferences similar to this nearly three years ago may
industries realigned their operations by shorter hours to retain hundreds of
thousands of workers who would otherwise have been dismissed.
Nevertheless the still further spreading of available work in industrial,
commercial and service activities, especially with every recovery of employment, would be a vital contribution. Your committee in the twelfth district
recently inaugurated a drive for this spread of work. Already it is a great
81.1CCe88.
Many methods have been proposed by labor and industrial leaders to
systematically shorten hours. While I heartily favor the purpose of these
plans, I agree with both the employers and the leaders of labor whom I have
consulted that its direction is not properly the function of Government,
except as applied to the operation of Government service.
Moreover, with all the various phases of employment and operation
to be met in private business, no general rule can be applied. Results must
be achieved through co-operation on the part of employers and employees
Financial Chronicle
Volume 135
suited to each locality and industry. I suggest you should consider the
effective part which you can play in forwarding organization to this end.
Problems of Agriculture.
I do not need to remind you that the distressing problems of agriculture
are not alone the problems of the farmer and the Government. Its relief
is one of the primary foundations of all progress in our country, and upon
it does the progress of your business depend. It is as much your problem
as it is the problem of the farmer, and co-operation of your committees
With the leaders of agriculture and the agencies which affect their welfare
cannot but be helpful.
The other speakers will compass these many questions in detail, and I
have but one final word. Now as always recuperation of the country will
be result of the multitude of activities of our citizens and the sustained confidence of our people in its great future.
Problems Before Conference.
The problem before this conference is not to settle great questions of
the future, or to establish artificialities, but rather by practical steps today or organization contribute to make more effective the activities of
every agency which can promote the recovery of the nation.
The great war against depression is being fought on many fronts in
many parts of the world. One of the most stupendous actions of this great
front has been the long battle of the last 18 months to carry our financial
structure through the world-wide collapse. That battle may be likened to
the great battle of Chateau Thierry. That attack on our line has been
stopped. But I warn you that the war is not over, we must now reform
our forces for the battle of Soissons.
Mortimer N. Buckner Elected President of Commodities
Finance Corporation—Other Officers Elected—
List of Subscribing Banks.
• The organization of the Commodities Finance Corporation,
which will extend additional,credit facilities to finance the
purchase, carrying and orderly marketing of commodities
on the part of commodity users, was completed on Aug. 23
at a meeting of the directors representing 20 New York City
banks which .have agreed to subscribe to the notes of the
Corporation and sponsor its activities. Announcement of
this was made by Mortimer N. Buckner, Chairman of the
Board of the New York Trust Co., who was elected President
of the Corporation at the directors meeting on Aug. 23.
The other officers of the Corporation named this week are:
Vice-President.—H. E. Ward, President, Irving Trust Co.
Asst. Secretary.—RussellP.Merrick, Asst. Sec., The New York Trust Co.
Asst. Treasurer.—H. F. Littlejohn, formerly Asst. Cashier, National
Bank of Commerce.
Alfred A. Cook was elected Counsel.
The Executive Committee, also elected at the Aug. 23
'meeting, includes the following:
Chairman.
-0.A. McGain,Chairman of the Board, Chase National Bank
G. S. Rentschler, President, National City Bank.
W. C. Potter, President, Guaranty Trust Co.
G. W. Davison, President, Central Hanover Bank & Trust Co.
J. E. Reynolds, President, First National Bank.
H. E. Ward, President, Irving Trust Co.
S. Sloan Colt, President, Bankers Trust Co.
H. P. Howell, President, Commercial National Bank & Trust Co.
M. N. Buckner, Chairman of the Board, The New York Trust Co.
The names of those who are to serve as directors of the
newly organized Corporation (to which reference was made
in these columns Aug. 20, page 1261) was made known by
Mr. Buckner on Aug. 19; the directors are all officers of
institutions which will subscribe to the $50,000,000 note
issue of the Corporation.
The subscribing banks to the Commodities Finance Corporation and the directors representing these banks on the
board of the Corporation are as follow:3:
J. 0. Traphagen, President.
Bank of New York & Trust Co
F. A. Goodhue, President
Bank of Manhattan Trust Co
G. S. Rentschler, President.
National City Bank
P. H. Johnston, President.
Chemical Bank & Trust Co
W. C. Potter, President
Guaranty Trust Co
H. D. Gibson, President.
Manufacturers Trust Co
Central Hanover Bank & Trust Co..G. W. Davison, President.
Corn Exchange Bank Trust Co- _ - D. B. Sherer. President.
J. E. Reynolds, President.
First National Bank
H. E. Ward, President.
Irving Trust Co
F. E. Hasler, Chairman of Exec. Corn.
Continental Bank & Trust Co
C. S. McCain, Chairman of the Board.
Chase National Bank
Theodore Hetzler, President.
Fifth Avenue Bank
S. Sloan Colt, President.
Bankers Trust Co
J. G. Blaine, President,
Midland Trust Co
Marine
M.N. Buckner, Chairman of the Board
The New York Trust Co
Commercial National Bk. & Tr. Co_H. P. Howell, President.
Public National Bank dr Trust Co_ _E C. Gersten, President.
G. V. McLaughlin. President.
Prooklyn Trust Co
L. W. Baldwin, President.
Empire Trust Co
Nineteen directors and subscribing banks were embraced
in .the list given out by Mr. Buckner on Aug. 19, the addition since made to the list being that of the Empire Trust Co.
as a subscribing bank and its President, L. W. Baldwin, as
a director of the Corporation.
In the New York "Times" of Aug. 20 it was noted:
One Bank Not in Clearing House.
The list, comprising representatives of all the subscribing banks, 19 in
number, includes one institution outside the Clearing House, the Brooklyn
Trust Co. Three Clearing House members, the Title Guarantee & Trust
Co., the Lawyers Trust Co. and Harriman National Bank & Trust Co. are
not included among the subscribers.
1421
In his announcement of Aug. 23 Mr. Buckner said:
The Corporation whose charter was filed at Wilmington, Del., on Aug. 20,
will function through two subsidiaries: Commodities Acceptance Corporation and Commodities Credit Corporation, two New York corporations
to be organized under the Investment Companies article of the New York
State banking law. Certificates of incorporation of these two subsidiaries
will shortly be filed with the Superintendent of Banks for his approval.
As soon as the Superintendent of Banks has given his approval, the
directors of these two subsidiaries will meet for organization purposes.
It is probable that the same directors and officers will serve all three corporations.
The plan of organization and operation of the Commodities Finance
Corporation has been formulated and put into effect by the New York
subscribing banks for the sole purpose of extending additional credit facilities
to users of basic commodities throughout the country. The Corporation
through its subsidiaries, will supplement the ususal sources of credit ordln
arily available to mills and other manuafcturers desirous of purchasing and
carrying commodities.
The New York City banks, which are participating in this effort to Waist
general business, will through this organization be in a position to facilitate
commodity purchases on the part of commodity users who owing to local
credit conditions may be unable to obtain necessary loans for such purposes
in their own communities.
Through the operation of the Commodities Finance Corporation, mills
and other manufacturers using basic commodities for consumption purposes
will also be enabled to carry their purchases for a longer period than would
otherwise be possible.
The Commodities Finance Corporation and its subsidiaries by charter
provisions are expressly prohibited from purchasing commodities. The
offer of credit facilities to commodity users will, of course, proceed on sound
banking and business principles.
The Corporation and its subsidiaries expect to be ready to function in a
few days. The Executive Committee will meet from day to day and the
details of the ways and means by which credits will be available to borrowers
on commodity loans will be announced later.
Under date of Aug. 20, a dispatch from Dover, Del. to
the New York "Times" said:
A charter Was filed at the State Department to-day for the Commodities
Finance Corporation. Capitalization is $1,000. The Corporation is to
deal in securities. C. S. Peabbles, W. F. Ross, L. H. Herman, all of Wilmington, are the incorporators. The papers were filed by the Corporation
Trust Co.
At the same time the "Times" stated:
The capital stock of the Corporation, which is purely nominal, consists
of 10 shares, each with a par value of $100. The Corporation will get its
funds through the sale to subscribing banks of $50,000,000 of notes.
From the same paper Aug. 20, we take the following:
Commodities Credit.
Substantial as is the $50.000,000 fund which the Commodities Finance
its disposal, it by no means represents the limit
Corporation will have at
of the lending power of the organization and its operating subsidiaries.
The subsidiary acceptance corporation will be able to accept bills to an
amount many times its capital, a ratio of 10 to 12 times capital being decreed
by custom as the proper limit of credit extension by such organizations.
On this basis the acceptance corporation will be able to extend $12,000,000
of acceptance credits for every $1,000,000 of capital supplied to it by the
parent company, and, since the latter can supply capital to its subsidiary
to the full limit of its own $50,000,000 note issue, it is evident that a powerful
source of credit to borrowers against commodities has been created.
President Hoover's Economic Conference with Business
and Industrial Committees of Federal Reserve Districts—Statement by Secretary of Treasury Mills.
In advance of the conference held in Washington yesterday
(Aug. 26) between President Hoover and representatives of
the business and industrial committees of all the Federal
Reserve Districts, a preliminary meeting was held on Aug. 25,
Action was taken thereat toward the appointment of a permanent executive committee which would be delegated to
draft a definite program of activities. At the conclusion of
the preliminary meeting on Aug. 25 a statement was issued
as follows by Secretary of the Treasury Mills:
A meeting was held to-day in the Treasury Department attended by the
following gentlemen and presided over by Henry M. Robinson:
Secretary Mills.
Secretary Chapin.
Secretary Doak.
Governor Meyer.
Governor Harrison of the New York Federal Reserve Bank.
Atlee Pomerene, Chairman Reconstruction Finance Corporation.
C. H. Miller, President Reconstruction Finance Corporation.
Franklin Fort, Chairman, Federal Home Loan Bank board.
Carl Williams, of the Federal Farm Board.
Owen D. Young,
L. B. Williams, of Cleveland.
G. H. Houston, of Philadelphia.
Sewell Avery, of Chicago.
A. W. Robertson, of Pittsburgh.
J. E. Reynolds, of New York.
C. P. Dennett, Boston.
E. O. Graham, Washington.
G. S. Harris, Atlanta.
R. E. Maddox, Atlanta.
J. W. Harris, St. Louis.
G. D. Dayton, Minneapolis.
J. F. Porter, Kansas City.
Frank Kell, Dallas.
K. R. Kingsbury, San Francisco.
Walter Teagle, New York.
Daniel Willard, Baltimore.
T. N. Perkins, Boston.
At that meeting a full report was submitted by each of the 12 Chairmen
of the banking and industrial committees of the several Federal ReserveDistricts as to the work of their committees, the problems dealt with and
the general conditions existing in their districts.
In addition to these reports statements were made by the President and
Chairman of the Reconstruction Finance Corporation, the Governor of
1422
Financial Chronicle
the Federal Reserve Board, the Governor of the Federal Reserve Bank of
New York, Mr. Willard, Mr. Teagle and Mr. Robertson.
For some weeks past informal meetings have been held, attended by
members of the banking and industrial committees and government officials,
at which the possibility of setting up a central committee of the banking
and industrial committees was discussed,such a committee to act as a central
point of contact in those matters regarding co-operation between various
Public and semi-public agencies and the several banking and industrial
committees, and to be of assistance to voluntary committees formed for
the purpose of carrying out definite undertakings.
Those attending these informal meetings had also considered some definite
proposals looking to the stimulation of business activity and of employment.
A full report was submitted to the conference to
-day covering the discussions
of and recommendations made by the informal group.
At the conclusion of the session it was the sense of those present that
they would recommend to the conference that is to meet to-morrow the
setting up of a central committee of the banking and industrial committees
to meet the purposes above described, and would submit, as well, a definite
program of activities that might be undertaken either through the banking
and industrial committees proper, or through sub-committees to be appointed with their co-operation.
In its Washington account of the meeting on Aug. 25 the
New York "Times" had the following to say in part:
Broadcast Is Called Off.
Robert P. Lamont,former Secretary of Commerce, also sat in at to-day's
meeting.
A nation-wide radio broadcast of to-morrow's proceedings was canceled
to-day at the instance of the planning committee.
The radio broadcasters had intended to put the conference on the air,
particularly the President's speech, as a "public service" program. Mr.
Hoover had agreed, and had expected, up to this afternoon, that his address
would be broadcast.
Following a policy of keeping down all "ballyhoo" of the conference, the
planning committee, which includes Secretary Mills, decided to-day against
the broadcast. Its members felt that the gathering was strictly a "business
proposition" that should not even be recorded on sound movies in the conference hall.
An item noting the calling of the conference appeared in
our issue of Aug. 20, page 1.62. Elsewhere in our issue
to-day we give the address made by President Hoover at
the conference yesterday.
Secretary of Treasury Mills Recommends Six-Point
Program for Promoting Economic Improvement—
Proposals Made at President Hoover's Economic
Conference.
Secretary of the Treasury Mills, who issued a statement
at the conclusion on Aug. 25 of a preliminary meeting of
President Hoover's Economic Conference, recommended at
the Conference yesterday (Aug. 26) six specific endeavors for
promoting economic improvement—plans to be co-ordinated
by a central committee of business chieftains. According
to the Associated Press, the six-point program of business,
industrial and agricultural endeavors was outlined by Secretary Mills as follows:
1. The problem of making available credit affirmatively useful to
business.
2. To increase employment by the railroads and stimulation of industry
through expansion of maintenance of equipment and purchase of new
equipment in co-operation with the Inter-State Commerce Commission and
the Reconstruction Finance Corporation.
3. Increased employment through the sharing work movement.
4. The stimulation of the repair and improvement of home movement.
5. Assistance to home owners With maturing mortgages.
6. Active co-operation of all banking and industrial committees with
the Reconstruction Finance Corporation in working out the problems
incident to the making of self-liquidating loans for public and semi-public
projects and for slum clearance and housing projects as provided in the
emergency relief act; in the aiding of livestock loans by the Reconstruction
Finance Corporation and agricultural credit corporations provided for
in the relief act and in facilitating the adequate functioning of the new
home loan banks.
The Associated Press also said:
He told the assembled banking and industrial committeees of the 12
Federal Reserve districts that this program has been presented to their
Chairmen in yesterday's all-day meeting and believed "worthy of consideration" by the conference.
"We are not setting up an economic council to endeavor to direct the
economic policies of the country," the Treasury Secretary assured the
gathering.
"We are creating a central organization for the purpose of contact and
co-operation to assist in the task to be performed by the Reconstruction
Finance Corporation, Federal Reserve Banking System, the Home Loan
banks, the banking and industrial committees and such voluntary groups
as may associate themselves with the latter, with a view to developing
helpful steps looking to gradual economic rehabilitation and more immediately an increase in employment."
Mr. Mills said that since first discussions of a central clearing house
organization and a definite plan for business and employment betterment,
progress has already been made. Ile cited as examples creation of the
commodity finar.ce and American securities corporations and the development of a capital-expenditures movement among corporations.
Loans Totaling $46,711,056 Authorized by Reconstruction Finance Corporation Under Emergency Relief
and Construction Act—Report Made Public by
Clerk of House—Atlee Pomerene Disapproves
Publicity—President Hoover's Position.
In accordance with his decision announced on Aug. 18,
South Trimble, Clerk of the House, made available to public
inspection, on Aug. 22, details of loans authorized by the
Reconstruction Finance Corporation under the Emergency
Aug. 27 1932
Relief and Construction Act, which became a law on July 21
1932. The report made public by Mr. Trimble, covering the
period from July 21 to JUly 31 1932, was filed Aug. 22 with
the Clerk of the House and the Secretary of the Senate by
Atiee Pomerene, Chairman of the Corporation. The report,
according to the "United States Daily," is dated Aug. 16,
but Mr. Trimble withheld its inspection until Aug. 22, the
date of the expiration of one month after the enactment of
the Relief Act of 1932, which the President approved July 21.
In his letter transmitting the report, Mr. Pomerene indicates that of the total loans authorized of $46,711,056, $32,990,180.23 was authorized to banks and trust companies (including $284,900 to aid in the reorganization or liquidation
of closed banks); $104.309.58 to Agricultural Ciedit Corporations; $3,088,650 to building and loan associations;
$2,247,500 to insurance companies; $90,000 to a Joint Stock
Land Bank; $580,716.29 to Live Stock Credit Corporations;
$747,000 to mortgage loan companies, and $6,862,700 to railroads. The report and Mr. Pomerene's accompanying letter
appear elsewhere in this issue of our paper. From the
"United States Daily" of Aug. 23 we quote the following:
Loan Made to State.
During the 11 days the report covers from the date when the Act became
effective as law, the Corporation made available $3,000,000 to the State of
Illinois at 3% interest, allocated $5,000,000 to the Secretary of Agriculture
(making a total of $97,500,000 altogether so far allocated to the Secretary
from Feb. 2 to July 31, inclusive), and conducted other financing arrangements set forth in the report.
During the period covered by the report loans were made to various
banks and trust companies in all States except Maine, New Hampshire and
Rhode Island. . . .
Rate of Interest Charged.
All loans to the banks and trust companies, and insurance and building
and loan associations, were at 51%,except that loans were made at 5% in
/
2
four instances: To a bank at Victorville, Cal. to two banks in receivership
at Gary and Rewanna, Ind., and a bank in rec;ipership at Gasport, N. Y.
President's Position Discussed.
Walter Newton, one of President Hoover's Secretaries, stated orally at
the White House, Aug. 22, in response to inquiries, that the President's
position in the matter of giving publicity to loans of the Reconstruction
Finance Corporation was well known at the time the bill creating the
Corporation was passed by Congress.
"It seems," said Mr. Newton, "that one end of the Capitol thought the
bill as passed did not require publication of loans, but apparently the
custodian thinks otherwise."
Mr. Newton said that so far as he knew no representatives of the Government had protested to Mr. Trimble against publication of the loan figures.
The statement of the condition of the Corporation at the end of July,
embodied in the report, shows that since it began functioning it has loaned
$806,047,522 and has authorized $223,882,599 in loans which have not
been disbursed. The total so far in loans to banks and trust companies
amount to $505,129,668; to credit unions, $369,684; building and loan
associations, $56,867,230; insurance companies, $49,142,115; Federal Land
Banks, $9,000,000; Joint Stock Land Banks, $1,126 " . Livestock Credit
Corporations, $6,846,287; mortgage loan companie- ° 2,801.896; agricultural credit corporations, $681,553; and to railross.7, including receivers,
$164,082,597.
Of the loans authorized but not yet disbursed, $118,681,810 is to banks
and trust companies; $8,816,528 to building and loan associations; $16,187,612 to insurance companies; $17,000,000 to Federal Land Banks;
$5,306,343 to mortgage loan companies, and $57,075,532 to railroads.
Atlee Pomerene, Chairman of the Reconstruction Finance Corporation,
after a conference with President Hoover at the White House, Aug. 22,
expressed his disapproval of the action of Mr. Trimble, in making public
figures as to loans made by the Corporation.
Tells of Request for Secretary on Borrowings.
"In my judgment," said Mr. Pomerene, "it would have been a good deal
better if the figures as to loans had not been given out."
Mr. Pomerene, in response to inquiries, stated that the Reconstruction
Finance Corporation had, in several instances, received requests from clients
not to make public the loans requested by them, but he explained that the
Board had no power to guarantee this.
Mr. Pomerene expressed the opinion that reports can be expected from
time to time from clients as to the effect of the publicity of loans made
by the 'Corporation.
The conference with President Hoover, Mr. Pomerene explained, had to
do with matters pertinent to the affairs of the Corporation. He declined
to say whether the question of publicity of loans had been discussed between
himself and the President.
The intention of Mr. Trimble, Clerk of the House, to make
the figures of loans under the Relief Act available to the
public was noted in our issue of Aug. 20, page 1265.
A. P. Giannini of Bank of America Denies that California Branch Borrowed from Reconstruction
Finance Corporation—Corporation Says Authorizations Only Announced.
Associated Press advices, Aug. 22, from San Francisco,
said:
A. P. Giannini, Chairman of the Board of Bank of America, denied to•day
that the California branch banking system had borrowed $3,800,000 from the
Reconstruction Finance Corporation.
"The Bank of America did not receive any money as reported," Mr.
Giannini said. "We had applied for a loan some time ago, and the report
probably covers the old application. However, since we applied, conditions
changed for the better, and we decided we did not need the money."
The Washington report named the Bank of America National Trust &
Savings Association as the recipient of the loan.
In a Washington dispatch, Aug. 23, to the New York
"Herald Tribune," it is stated that a situation similar to
Volume 135
Financial Chronicle
the above is understood to be true in a number of other cases.
From the."United States Daily" of Aug. 24 we take the
following:
Authorizations Only Announced.
It was stated orally, Aug. 23, on behalf of the Corporation, that the
official report transmitted to the Clerk of the House and Secretary of the
Senate listed "authorizations" of loans, and not necessarily cash advances.
This statement was made in explanation of oral inquiries with respect to
statements attributed to A. P. Giannini, of San Francisco, Chairman of the
Board of the Bank of America National Trust & Savings Association, denying
that the bank had received a loan of $3,800,000 listed in the report made
public Aug. 22 by the Clerk of the House; and to Robert E. Sweeney, President of the State Life Insurance Co., at Indianapolis, Ind., denying that his
company had received a loan of $400,000 from the Reconstruction Finance
Corporation. Both the bank and the insurance company were listed in the
report sent to the House.
South Trimble, Clerk of House Denies Report that
Publicity of Loans by Reconstruction Finance
Corporation Was Designed to Gain Favor of
Speaker Garner--Takes Exception to Representative Treadway's Stand.
Denial that his decision in favor of publicity for Reconstruction Finance Corporation reports was influenced by a
desire to gain favor with Speaker Garner was made on
Aug. 22 by South Trimble, Clerk of the House, in a statement accompanying the publication of the first of the reports.
This is learned from a Washington dispatch, Aug. 22, to the
New York "Times," which gives as follows Mr. Trimble's
statement:
My attention has been called to the press report of a statement
of Representative Allen R. Treadway, issued through the Republican
Committee in
Massachusetts, that my decision to make public the reports of the
Reconstruction Finance Corporation was made to gain favor with Speaker
John N.
Garner.
Such a charge is ridiculous. The law gives me no discretion
in the
matter. Speaker Garner has never attempted to influence me in the
discharge of my duty. I have considered every objection raised to the publishing of the reports and no one has cited to me a single decision of
a court
to support such objections.
My attorney, South Trimble, Jr., cited Supreme Court decisions
to support his opinion. If Mr. Treadway did not consider the opinion sound,
why
did he not advise me ol the defects instead of making charges
through the
Republican Committee?
Treadway Called Inconsistent.
I am greatly surprised to learn that Mr. Treadway has questioned
my
conclusion that the purpose of the amendment was publicity.
I cannot
understand such inconsistency, as he stated on the floor of the
House that
this was a publicity amendment.
The Congressional Record shows that when the amendment
was first
considered on July 13 Mr. Treadway urged the House to
vote it down,
stating, "no bank is coming to the Reconstruction Finance
Corporation
and ask for a loan when it knows its name and the amount
borrowed will
be broadcast over the country."
On July 15 Mr. Treadway still regarded this a publicity
provision. He
stated to the House:
P "Mr. peaker: I shall vote for the conference report, not because I approve all
of its provisions, but I think when you are beaten the
best thing to do is to acknowledge It, take your medicine and go
Is absolutely in the right. If the sessionalong. I feel that the minority in this case
had not been
would not have yielded to the publicity provisions andin its last stages the Senate
the conference would have
remained in deadlock.
"Before making any further statement I wish to say
report upon the part of the Rouse is directly contrary tothat the acceptance of this
the
opinion of the Reconstruction Finance Corporation. . advice and unanimous
.Mr. Speaker, it
will therefore become necessary for me to read
has to do purely with the publicity item, whichextracts from this statement, which
was the only one in which the conference was in final disagreement."
Cites Treadway's Argument.
Mr. Treadway read to the House the letter
stating the objection of the
Reconstruction Finance Corporation to the monthly
publication of its
reports. He then stated:
"Mr. Speaker, that shows that the responsible financial
body to whom you are
entrusting this extra billion and three-quarters dollars of the
people's money does
not approve of this publicity item. . . .
Over such objections by Mr. Treadway and others, the
House accepted
the amendment. Certainly Mr. Treadway does not expect
me to reverse
the decision of the House, which was concurred In by the
Senate.
Ten minutes before the hour I had set to announce
my decision on
Aug. 18 I received a telephone call from a high official in the
asking what my decision would be. I advised him of the Achninistration
conclusion I had
reached after reviewing the legislative history of the law.
lie stated that my decision was contrary to the wishes of the
President
and was not authorized by law. I told him that I would
announce my
decision that day, but the report was not to be opened to
inspection until
Aug. 22 (being one month after the passage of the Act).
He said that was a fair way to handle the matter, as it
any interested person who did not agree with my construction would give
of the law
an opportunity to petition the court for a restraining order.
Report of Reconstruction Finance Corporation
Showing Loans of $46,711,066 Under Emergency Relief
and Construction Act.
In another item we refer further to the report of the
Reconstruction Finance Corporation, which ,shows loans
authorized by the latter from July 21 to July 31 1932 of
$46,711,056 under the Emergency Relief and Construction
Act. The figures were made available for public inspection
on Aug. 22 by South Trimble, Clerk of the House, following
the filing of the report with the latter and with the Secretary
of the Senate by Atlee Pomerene, Chairman of the Corporation. Mr. Pomerene's report follows in full:
Sir —Pursuant to the provisions of Title 2, Section 201 (B) of the Emergency Relief and Construction Act of 1932, approved July 21 1932, the
Reconstructiofl Finance Corporation submits this report of its activities
1423
and expenditures during the period from July 21 1932, the date the Act
became a law, to July 31 1932, inclusive, together with a statement of
the loans authorized during the period mentioned showing the name,
amounts and rate of interest in each case.
Under the provisions of Section 5 of the Reconstruction Finance Corporation Act the Corporation during this period authorized 437 loans
aggregating $45,057,556.10 and authorized increases aggregating $1,653,500
In loans authorized prior to July 211932, making a total of $46,711,056.10.
as shown in Table 1.
Of this amount $32,990,180.23 was authorized to banks and trust companies (including $284,900 to aid in the reorganization or liquidation of
closed banks); $104,309.58 to agricultural credit corporations; $3.088,650
to building and loan associations; $2,247,500 to insurance companies;
$20.000 to a joint stock land bank; $580,716.29 to live stock credit corporations, $747,000 to mortgage loan companies, and $6.862,700 to railroads.
Applications for loans received at the Washington office of the corporation under Section 5 of the Act during the period numbered 422, as
follows: 360 from banks and trust companies (including 12 applications
from receivers or liquidating agents of closed banks); 41 from building
and loan associations; 4 from insurance companies; 1 from a joint stock
land bank; 9 from live stock credit corporations; 3 from mortgage loan
companies, and 4 from railroads (including 1 from a railroad receiver).
Under the provisions of the Emergency Relief and Construction Act of
1932, approved July 21 1932, the Corporation made available $3,000,000
for the purpose of relief and work relief during the period from July 1 to
311932. inclusive, as shown in Table 2.
Formal applications received under this Act during the period mentioned numbered thirty, of which ten were for relief under Title 1 and
twenty were for loans under Title II. A great deal of preliminary work
was accomplished in order that the Corporation might go forward with its
additional duties under this Act as rapidly as possible.
By the close of the period all except $25,000.000 of the $250,000,000
second series 33 % notes authorized by the board of directors on June 16
1932, had been sold to the Secretary of the Treasury.
On July 23 the board of directors authorized the issuance of a third
series of notes up to an aggregate amount of $250,000,000, maturing Oct.
27 1932, and bearing interest at the rate of 3 % per annum. The notes
will be purchased by the Secretary of the Treasury as the funds are required
by the Corporation.
During the period the corporation allocated $5,000,000 to the Secretary
of Agriculture in accordance with the provisions of Section 2 of the Reconstruction Finance Corporation Act, making a total of $97,500,000 allocated
from Feb. 2 to July 31, inclusive. Of this sum 875,000,000 had been paid
over to the Secretary of Agriculture as of July 31.
The following tables are attached as a part of this report:
Table 1—Statement of loans authorized from July 21 to July 31 1932.
Inclusive, under Section 5 of the Reconstruction Finance Corporation Act.
showing the name, amount and rate of interest in each case.
Table 2—Amount made available under Title I, Section 1 of the Emergency Relief and Construction Act of 1932, showing name, amount and rate
of interest.
Table 3—Reconstruction Finance Corporation statement of cash receipts
and expenditures, July 21 1932 to July 31 1932, inclusive. Corporation's
accounts with Treasurer of the United States.
Table 4—Statement of condition of the Corporation as of the close of
business July 311932.
Respectfully,
ATLEE POMERENE, Chairman.
' Table 1.
Statement of loans authorized from July 21 to July 31, 1932
inclusive, under Section 5 of the Reconstruction Finance Corporation Act, showing the name, amount and rate of interest in
each case:
BANKS AND TRUST COMPANIES.
ALABAMA.
City and Borrower.
Boaz—The Boaz Bank
Decatur—Tennessee Valley Bank
Decatur—Tennessee Valley Bank
Grove Hill—Bank of Grove Hill
Haleyville—Traders & Farmers Bank
Moundville—Bank of Moundville
Tallassee—The Bank of Tallassee
Vernon—Bank of Vernon
ARIZONA.
Tucson—United Bank & Trust Co
Amount
Authorized
at 554%.
$8,500.00
25,000.00
25.000.00
30,000.00
25,000.00
20,000.00
7.000.00
10.000.00
60,000.00
ARKANSAS.
Gillett—Citizens Bank
Gurdon—Clark County Bank
Hope—First National Bank of Hope
Judsonia—Bank of Judsonia
Kensett—Bank of Kensett
Lake City—Lake City Bank
Washington—Washington State Bank
16,000.00
5,000.00
25,000.00
10,000.00
5,000.00
2,000.00
1,500.00
CALIFORNIA.
Long Beach—California-First National Bank
200,000.00
Los Angeles—Wilshire National Bank
15,000.00
Monrovia—Citizens Bank of Monrovia
25,000.00
Rialto—First National Bank
25,000.00
Sacramento—California National Bank
463,000.00
Sacramento—California Trust & Savings Bank
85(3000.00
San Francisco—Bank of America Nat. Trust & Say. Assoc--- 3,800.000.00
Santa Ana—Farmers& Merchants Savings Bank
275,000.00
Santa Ana—First National Bank
475,000.00
Santa Rosa—Exchange Bank
58,000.00
Victorville—First National Bank (receiver)
(at 5%)
8,500.00
Willows—Bank of Willows
140,000.00
COLORADO.
Brush—Farmers State Bank
50,000.00
Denver—American National Bank
450,000.00
McClave—McClave State Bank of McClave
15,000.00
Meeker—First State Bank of Meeker
(a)9.950.00
Montevista—Wallace State Bank
60,000.00
Peyton—Fartners State Bank of Peyton
13,500.00
a Total amount authorized, later canceled.
CONNECTICUT.
Bridgeport—Commercial Bank & Trust Co
Broadbrook—Broadbrook Bank & Trust Co
Hartford—Park Street Trust Co
Waterbury—Waterbury Trust Co. of Waterbury (savings
departments)
DISTRICT OF' COLUMBIA.
Washington—Prudential Bank
Washington—Commercial National Bank
Washington—The Franklin National Bank
a $195 of amount authorized, later canceled.
20,000.00
6,000.00
200,000.00
50,000.00
(a)15.000.00
600,000.00
120.000.00
Aug. 27 1932
Financial Chronicle
1424
FLORIDA.
MISSISSIPPI.
Amount
Authorized
at.5%%.
11.000.00
15,000.00
City and Borrower.
Crescent City—Peoples Bank
Tarpon Springs--First National Bank of Commerce
GEORGIA.
Lakeland—Farmers & Merchants Bank
Madison—First National Bank
Milan—Bank of Milan
Millen—First National Bank
Pembrooke--Pembrooke National Bank
Quitman—Peoples-First National Bank
Reynolds—First National Bank
IDAHO.
Boise—National Bank of Boise City
State Bank
Moscow—Moscow
ILLINOIS.
Batavia—Batavia National Bank
Beecher—Farmers State Bank
'Bloomington—First National Bank & Trust Co. of
Chester—Buena Vista State Bank
Chicago—Lakeview Trust & Savings Bank
Chicago—Mid-City Trust & Savings Bank
Cicero—Western State Bank
Cicero—Western State Bank
Dundee—First National Bank
Evanston—City National Bank & Trust Co
Freeport—Union Bank & Trust Co
Galena—First State & Savings Bank
Gridley—State Bank of Gridley
Lomax—Commercial Trust & Savings Bank
Oak Park—Avenue State Bank
Quincy—State Savings Loan & Trust Co
Quincy—State Street Bank & Trust Co
Wheaton—Wheaton Trust & Savings Bank
INDIANA.
Auburn—City National Bank of
Carlisle—Peoples State Bank
Columbia City—Farmers Loan & Trust Co
Crothersville—Union State Bank
(at 5%)
Gary—First National Bank (receiver)
(at 5%)
Kewanna—American Nat. Bank of Kewanna (receiver)
Noblesville—Citizens State Bank
South Bend—St. Joseph Loan & Trust Co
IOWA.
Andrew—Andrew Savings Bank
Armstrong—First Trust & Savings Bank
Belle Plaine—Corn Belt Trust & Savings Bank
Charles City—First Security Bank & Trust Co
Craig—Farmers Savings Bank
Dee Moines—Valley National Bank
Garner—Farmers National Bank of Garner
Goldfield—Goldfield State Bank & Trust Co
Hanlontown—Citizens Savings Bank
Harcourt—Harcourt Savings Bank
Keota—Farmers Savings Bank
Lakeview—Farmers State Bank
Mallard—Mallard Trust & Savings Bank
Maxwell—Farmers State Bank
Mondamin—Mondamin Savings Bank
Morley—Jones County Savings Bank
Mount Pleasant—Henry County Savings Bank
New London—Farmers State Bank
Pocahontas—Pocahontas State Bank
Quimby—State Trust & Savings Bank
Reinbeck—First Savings Bank of Reinbeck
St. Ansgar—First National Bank
West Branch—Citizens Savings Bank
West Branch—West Branch State Bank
Williamsburg—Williamsburg Savings Bank
Winterest—Citizens National Bank
KANSAS.
Dodge City—State Bank of Dodge City
Protection—Protection State Bank
KENTUCKY.
Campbellsville—Bank of Campbellsville
Edmonton—Peoples Bank of Metcalfe County
Germantown—Bank of Germantown
Irvine—Union Bank & Trust Co
Lewisport—Bank of Lewisport
Lexington—Bank of Commerce
Lexington—Citizens Bank & Trust Co
Russell Springs—First National Bank
Smith's Grove—Farmers Bank
Wheatley—Farmers Deposits Bank
Williamstown—Grant County Deposit Bank
LOUISIANA.
Baton Rouge—Citizens Bank & Trust Co
Baton Rouge—Louisiana National Bank
Columbia—Caldwell Bank & Trust Co
Donaldsonville—Ascension Bank & Trust Co
Jonesboro—Jonesboro State Bank
Minden—Bank of Minden & Trust Co
Montpeller—Farmers Bank
Pontchatoula—Merchants & Farmers Bank & Trust Co
3,000.00
25,000.00
5,000.00
3,000.00
10,000.00
20,000.00
4.500.00
City and Borrower.
Belzoni—Citizens Bank & Trust Co
Benoit—Bank of Benoit
Calhoun City—Peoples Bank
Duckhill—Duckhill Bank
Holly Springs—First State Bank
Lambert—Bank of Lambert
Philadelphia—Bank of Philadelphia
Raleigh—Bank of Raleigh
Sardis—Panola County Bank
Vaiden—Vaiden Bank
Amount
Authorized
at 534%•
22,500.00
30,000.00
24,000.00
18,000.00
12,500.00
32,500.00
22.500.00
10,500.00
6,750.00
22,500.00
MISSOURI.
30,000.00
Appleton City—Citizens Bank
3,000.00
Bland—Farmers & Traders Bank
40,000.00
Columbia—Boone County Trust Co
5,800.00
Faucett—Bank of Faucett
7,000.00
Pattonsburg—Pattonsburg Savings Bank
29,000.00
7,000.00
Seymour—Bank of Seymour
20,000.00
190,000.00
•
'St. Louis—Lowell Bank
50,000.00
.85,000.00
St. Louis—Shaw Banks& Trust Co
40,000.00
170,000.00
MONTANA.
320,000.00
50,000.00
Deer Lodge—Larabie Brothers' Bankers, Inc
35,000.00
80,000,00
Great Falls—Conrad Banking Co
45,000.00
4,500.00
Reserve—First National Bank
72,500.00
415,000.00
NEBRASKA.
3,478.60
94,000.00
Ashton—Ashton State Bank
7,000.00
15,000.00
Bladen—State Bank of Bladen
9,617.80
12,000.00
Blair—Farmers State Bank
10,000.00
15,000.00
Bloomfield—Farmers & Merchants State Bank
10,000.00
280,000.00
Clarkson—Farmers State Bank
8,976.15
75,000.00
Danbury—Bank of Danbury
3,500.00
56,000.00
Ewing—Farmers State Bank
3.500.00
97,000.00
Hazard—Hazard State Bank
7,000.00
Bank
Holdrage—Phelps County
11,500.00
Hooper—Hooper State Bank
60,000.00
6,735.01
Hordville—First State Bank of Hordville
8.000.00
5,000.00
Imperial—Farmers & Merchants Bank
190,000.00
12,250.00
Liberty—State Bank of Liberty
19,000.00
4,800.00
State Bank
Saronville-Farmers
235,000.00
9,051.99
Taylor—Bank of Taylor
22,000.00
116,000.00
NEVADA.
30.000.00
8,000.00
Elko—Henderson Banking Co
61,600.00
Elko—Henderson Banking Co
141.000.00
Reno—Reno National Bank
60.000.00
152,000.00
Reno—Reno National Bank
22,000.00
400,000.00
Reno—Reno National Bank
20,000.00
50,000.00
Reno—Riverside Bank
75,000.00
40,000.00
Winnemucca—First National Bank
10,000.00
250,000.00
NEW JERSEY.
6,000.00
45,000.00
Barrington—Suburban Commercial Bank
20,000.00
8,000.00
Camden—North Camden Trust Co
180,000,00
26,000.00
Clifton—Clifton Trust Co
60,000.00
12,000.00
Dunellen—Peoples Trust Co
160,000.00
32,000.00
East Orange—First National Bank
30,000.00
25,000.00
Elizabeth—Union County Trust Co
11,500.00
55.000.00
Irvington—Chancellor Trust Co
60,000.00
300,000.00
Newark—Clinton Trust Co
30,000.00
0
30,000.0
Orange—Orange Valley Bank
5,000.00
470,000.00
Passaic—Peoples Bank & Trust Co
0
170,000.00
100,000.0
Paterson—Labor National Bank
36,000.00
90,000.00
Verona—Verona Trust Co
5,000.00
25,000.00
NEW MEXICO.
18,000.00
2,500.00
Artesia—First National Bank
5,000.00
8,000.90
Las Cruces—First National Bank
.7,000.00
NEW YORK.
30,000.00
90,000.00
15,000.00
Bellerose—First National Bank
16,000.00
37,000.00
Depew—Bank of Depew
19,400.00
(at 5%)
(receiver)
Gasport—First National Bank
50,000.00
Ilion—Manufacturers National Bank
23,905.94
26,000.00
Mahopac—Mahopac National Bank
17,500.00
12,842.01
Newfane—State Bank of Newham)
70,000.00
Sodus—First National Bank
35,000.00
NORTH CAROLINA.
23,000.00
70,000.00
Aberdeen—Page Trust Co
38,500.00
4,000.00
of Conway
Conway—Bank
23,000.00
4,000.00
Four Oaks—Bank of Four Oaks
12,000.00
2,000.00
Yanceyville—Bank of Yanceyville
177,000.00
NORTH DAKOTA.
59,000.00
8,500.00
15,000.00
Aneta—Peoples State Bank
30,000.00
8,500.00
Dickinson—Liberty National Bank
2,200.00
10,000.00
Gascoine—First State Bank
12,000.00
40,000.00
Marxnarth—First National Bank
51,000.00
Rugby—Citizens State Bank
20,000.00
Sterling—Sterling State Bank
60.000.00
10,000.00
Wishek—First State Bank
110,000.00
OHIO.
15,000.00
30,000.00
245,000.00
Attica The Sutton State Bank
21,000.00
25,000.00
Canfield—Farmers National Bank
200,000.00
100.000.00
Chagrin Falls—Chagrin Falls Banking Co
1,500,000.00
10.000.00
Cleveland—Union Trust Co
33,500.00
165 000.00
Coldwater—Peoples Bank Co
1,700,000.00
Dayton—Winters National Bank & Trust Co
MARYLAND.
87,500.00
Napoleon—Commercial State Bank
25,000.00
18,000.00
Orrville—Orrville National Bank
Easton—Farmers & Merchants Bank
25.000.00
92,000.00
Steubenville—Peoples National Bank
Hancock—First National Bank
75,000.00
110,500.00
Tiffin—Tiffin National Bank
Rockville—Farmers Banking & Trust Co.of Montgomery Co_
27,000.00
Toronto—Union Savings Bank
MASSACHUSETTS.
20,600.00
West Manchester—First State Bank
100,000.00
Framingham—Framingham Trust Co
OREGON.
MICHIGAN.
17,750.00
Beaverton—Bank of Beaverton
67,000.00
75,000.00
Allegan—First State Bank
Bend—Lumbermen's National Bank of Bend
23,000.00
28,500.00
Bronson—First State Savings Bank
Klamath Falls—American National Bank
6,000.00
50,000.00
Grand Lodge—Grand Lodge State Bank
Pendleton—First Inland National Bank
29,000.00
49,400.00
Greenville—Greenville State Dank
Portland—Montavilla Savings Bank
14,000.00
6,500.00
Hillsdale—First National Bank
Scapoose—First National Bank
260,000.00
10,500.00
Holland—First State Bank
Wallowa—Stock Growers & Farmers National Bank
150,000.00
31,000.00
Hudson—Thompson Savings Bank
Woodburn—Bank of Woodburn
350,000.00
Jackson—Union & Peoples National Bank
).... _ _ _ _
PENNSYLVANIA.
68,000.00
Lansing—Peoples State Savings Bank
110,000.00
loo:000Too
—
Allentown—Liberty Trust Co
Midland—Chemical State Savings Bank
6,000.00
60,000.00
Trust Co
Altoona—Central
Newberry—Newberry State Bank
40,000.00
300,000.00
Bethlehem—Bethlehem National Bank
Ontonagon—First National Bank of Ontonagon
25,000.00
100,000.00
Blairsville—Blairsville Savings & Trust Co
Bank of Ortonville
Ortonville—State
375,000.00
365,000.00
Chester—Chester-Cambridge Bank & Trust Co
Pontiac—First National Rank
107.000.00
91.500.00
Clairton Union Trust Co
Port Huron—First National Trust & Savings Bank
125,000.00
161,000.00
Coraopolis—Coraopolis Trust CO
..
Wyandotte.:—FiTst National Bank
20,000.00
16.800.00
Dale, Johnstown Post Office—Dale National Bank
Zeeland—State Commercial & Savings Bank
65,000.00
Du Bois—Union Bank & Trust Co
MINNESOTA.
157,500.00
Duquesne—Duquesne Trust Co
11,000.00
Adrian—Adrian State Bank
500.000.00
Erie—Erie Trust Co
10,000.00
Cambridge—First National Bank
34,000.00
Glassport--Glassport Trust Co
12,500.00
Clarks Grove—State Bank of Clarks Grove
94,000.00
Grove City—First National Bank
15,000.00
Foley—State Bank of Foley
753,810.13
Lancaster—Farmers Trust Co
5.000.00
Franklin—State Bank of Franklin
1713,500.00
McKeesport—National Bank
9,000.00
Bank
Goodhue—Goodhue State
81,000.00
Old Forge—Old Forge Discount & Deposit Bank
6,000.00
Hewitt—First State Bank
60,000.00
Parsons—Citizens Bank of Parsons
(a)15,000.00
Hutchinson—Farmers & Merchants State Bank, Inc
445,000.00
Philadelphia—Real Estate-Land Title & Trust Co
70,000.00
Kenyon—The State Bank of Kenyon
341,000.00
Pittsburgh—Allegany Trust Co
20,000.00
Lismore--State Bank of Lismore
55,000.00
Pittsburgh—Pennsylvania Trust Co
13.000.00
Lyle—Farmers State Bank
15,000.00
Scranton—Green Ridge Bank
8,000.00
Magnolia—Magnolia State Bank
75,000.00
Trust Co
Scranton—Pennsylvania
11,000.00
75,200.00
Porter—First National Bank of Porter
Shamokin—National Bank
15,000.00
Vern.
Vergas—Farmers State Bank of
275,000.00
Sharpsburg—Farmers & Merchants Bank
18,000.00
Zumbrota—Farmers Security State Bank
138,000.00
Turtle Creek—Turtle Creek Savings & Trust Co
a $3,000 of amount authorized later canceled.
25,000.00
4,-020.00
ILLINOIS.
OKLAHOMA.
Amount
Authorized '
at 5)4%.
28,000.00
8,390.60
15,000.00
18,250.00
City and Borrower.
Antlers—First State Bank
Boise City—Citizens Home Bank
Tishomingo—First State Bank
Wewoka—Security State Bank
SOUTH CAROLINA.
Charleston—South Carolina State Bank
Columbia—Central Union Bank of South Carolina
Columbia—Central Union Bank of South Carolina
Sumter—National Bank of South Carolina
SOUTH DAKOTA.
Hoven—Bank of Hoven
TENNESSEE.
Adams—Farmers & Merchants Bank
Banking Co
Benton—Benton
Brownsville—First State Bank
Centreville—Farmers & Merchants Bank
Cottage Grove—Cottage Grove Banking & Trust Co
Greenville—Citizens National Bank
Huntingdon—Farmers State Bank
Knoxville—East Tennessee National Bank
Lenoir City—Merchants & Farmers Bank
Livingston—Farmers Bank
Nashville—Commerce Union Bank
White's Creek—White's Creek Bank & Trust Co
TEXAS.
Blanco—Blanco National Bank
Bloomington Grove—First National Bank
Brownwood—Citizens National Bank
Clarendon—Donley County State Bank
Edinburg—American State Bank & Trust Co
Enloe—Enloe State Bank
Marfa—Marfa State Bank
Memphis—Citizens State Bank
Miles—Guaranty Bond State Bank
Muleshoe—Muleshoe State Bank
Munday—First National Bank
North Zulch—Guaranty Bond State Bank
Ranger—Commercial State Bank
Robert Lee—First State Bank
Wallis—Wallis State Bank
Wellington—First National Bank
UTAH.
Eureka—Eureka Banking Co
of Heber City
Heber City—Bank
Kamas—Kamas State Bank
Lewiston—Lewiston State Bank
Provo—State Bank of Provo
VERMONT.
Richford—Richford Savings Bank & Trust Co
Windsor—Windsor County Trust Co
VIRGINIA.
Cherrydale —Peoples State Bank
Mill—De Priest Bank
Massie's
Prince George—Prince George County Bank
Richmond—American Bank & Trust Co
Waverly—Bank of Waverly
Waynesboro—Citizens Waynesboro Bank & Trust Co
Winchester—Farmers & Merchants Nat. Bank & Trust Co_
WASHINGTON.
Anacortes —Bank of Commerce
nk of Commerce
Anacortes—Ba
Chelan—Miners & Merchants Bank
Davenport—Lincoln County State Bank
Ion—Ione State Bank
Seattle—West Seattle State Bank
Wenatchee—Wenatchee Valley Bank
WEST VIRGINIA.
Bluefield—Flat Top National Bank
Charleston—Peoples Exchange Bank
Clarksburg—Merchants National Bank of West Virginia.- -Elizabeth—Wirt County Bank
Parsons—Tucker County Bank
Petersburg—Grant County Bank
Romney—Bank of Romney
St. Mary's—Pleasants County Bank
Summersville—Nicholas County Bank
WISCONSIN.
Athens—The Bank of Athens
Brulo—Brule State Bank
Centuria—State Bank of Centuria
Coon Valley—Coon Valley State Bank
Fon du Lac—The Commercial National Bank
Germantown—The Germantown State Bank
Grafton—Grafton State Bank
Hurley—Iron Exchange Bank
Kenosha—United States National Bank & Trust Co
Kiel—State Bank of Kiel
Linden—Bank of Linden
Madison—Security State Bank
Milwaukee—Badger State Bank
Milwaukee—Columbia Savings Bank
Milwaukee—North Avenue State Bank
Mishicot—The State Bank
Neosho—The Neosho State Bank
Potter—Farmers State Bank of Potter
Rewey—The Rewey State Bank
Rhinelander—The First National Bank
Star Prairie—Star Prairie State Bank
Sun Prairie—Bank of Sun Prairie
Tony—Bank of Tony
Two Rivers—Bank of Two Rivers
Wauwaposa—First National Bank
West Bend—Bank of West Bend
Woodford—Woodford State Bank
275,000.00
180,000.00
175,000.00
100,000.00
10,000.00
1,500.00
7,500.00
17,500.00
7,500.00
5,000.00
85,000.00
10,000.00
500,000.00
25,000.00
10,000.00
25,000.00
15,000.00
8,000.00
2,000.00
32,500.00
40,000.00
70,000.00
8,000.00
25,000.00
5,000.00
9,000.00
17,000.00
12,500.00
15,000.00
30,000.00
20,000.00
20,000.00
3,000.00
9,700.00
12,000.00
8,600.00
10,412.00
29,370.00
22,000.00
86,000.00
47,000.00
10,000.00
5,000.00
295,000.00
40,000.00
45,000.00
38,000.00
25,000.00
7,000.00
7,970.00
5,210.00
5,410.00
10,000.00
10,530.00
53,000.00
170,000.00
90,000.00
19,000.00
6,000.00
40,000.00
50,000.00
27,000.00
39,000.00
37,000.00
8,500.00
20,000.00
100,000.00
265,000.00
16,000.00
20,000.00
12,000.00
160,000.00
47.000.00
16,500.00
100,000.00
225,000.00
40,000.00
475,000.00
65,000.00
16,000.00
23,000.00
20,000.00
44.000.00
12,000.00
40,000.00
7,500.00
170,000.00
240.000.00
50,000.00
24,000.00
AGRICULTURAL CREDIT CORPORATIONS,
COLORADO.
$16,885.79
Rocky Ford—Arkansas Valley Agricultural Credit Corp
OREGON.
990.00
Hood River—Hood River Agricultural Credit Corporation_ _
1,350.00
Hood River—Hood River Agricultural Credit Corporation...
N.
WASHINGTO
10,000.00
Wenatchee—Columbia Agricultural Credit Corporation
9,502.52
Wenatchee—Columbia Agricultural Credit Corporation
Wenatchee—Columbia Agricultural Credit Corporation
3,640.00
9,982.00
Wenatchee—Wenatchee Fruit Credit Corporation
21,882.83
Wenatchee—Wenatchee Fruit Credit Corporation
14,850.86
Yakima—American Agricultural Credit Corporation
15,225.58
Yakima—Yakima Credit Corporation
BUILDING AND LOAN ASSOCIATIONS.
ARKANSAS.
Dardanelle—Dardanelle Building & Loan Assn., perpetual_ _
Little Rock—Capital Building & Loan Association
CALIFORNIA.
Inglewood—Peoples Building & Loan Association
Francisco—Home Mutual Deposit Loan Co
San
CONNECTICUT.
Bridgeport —Federal Building & Loan Association, Inc
1425
Financial Chronicle
Volume 135
13,700.00
20,000.00
35,000.00
80,000.00
27,000.00
Amount
Authorized
at 534%
17.500.00
20,000.00
City and Borrower.
Batavia—Batavia Savings & Building Association
Chicago—Kedzie Building & Loan Association
INDIANA.
Oakland City—Home Economy Building & Loan Association
LOUISIANA.
Amite—Security Homestead Association
Hammond—Florida Parishes Homestead Association
New Orleans—Continental Building & Loan Association_ _ _
15,000.00
45,000.00
40,000.00
40.000.00
NEW JERSEY.
Cranford—Cranford Mutual Building & Loan Association
Elizabeth—Workmen's Building & Loan Association
Elizabeth—Young Men's Building & Loan Association
Garfield—American Building & Loan Association
Hoboken—Jefferson Building & Loan Association
Jersey City—Central Building & Loan Association
Jersey City—Columbia Building & Loan Association
Jersey City—Greenville Heights Building & Loan Assn
Jersey City—Security Building & Loan Association
Lakewood—Lakewood Building & Loan Association
Newark—Branford Building & Loan Association
Newark—Sixth Ward Building & Loan Association
Newark—Universal Building & Loan Association of the City_ _
Newark—Woodside Building & Loan Association
New Brunswick—Relief Building & Loan Association
Passaic—Acquackanonk Building & Loan Association
Woodbridge—Colonial Building a.z Loan Association
NEW YORK.
New York—Serial Building & Loan & Savings Institution...
New York—West Side Mutual Building Loan & Savings Association of the City
40,000.00
175.000.00
33,000.00
50,000.00
250,000.00
125,000.00
50,000.00
81,950.00
100,000.00
100,000.00
70,000.00
35,000.00
75,000.00
100,000.00
30,000.00
325,000.00
24.000.00
200,000.00
50.000.00
NORTH CAROLINA.
Dunn—Home Building & Loan Association of Dunn
Greenville—Greenvilig Building & Loan Association
Huntersville—Huntersville Mutual Bldg. & Loan Association
Elkin—Elkin-Jonesville Building & Loan Association
Rockingham—Richmond County Building & Loan Association
NORTH DAKOTA.
Grand Forks—Grand Forks Building & Loan Association.. _ _ _
100,000.00
OHIO,
Cleveland—Aetna Savings & Loan Association
Loan & Building Association
Hamilton—Home
Toledo—United Savings Association
Toledo—United Savings Association
West Jefferson West Jefferson Building & Loan Co
50,000.00
75,000.00
112,000.00
250.000.00
33,000.00
12,000.00
6.500.00
5,000.00
10,000.00
15,000.00
TENNESSEE.
Dyersburg—Dyer County Building & Loan Association
VIRGINIA.
Petersburg—Petersburg Mutual Bldg & Loan Assn., Inc— _
WEST VIRGINIA.
Wellsburg—Brooke County Building & Loan Association_ _ _ _
Wheeling—Wheeling Savings & Loan Association
WISCONSIN.
New London—New London Building & Loan Association_ _
INSURANCE COMPANIES.
Montgomery, Ala.—All States Life Insurance Co
Ind.—State Life Insurance Co
Indianapolis,
New Orleans, La.—Union Indemnity Co
Chatfield, Minn.—Security Mutual Fire Insurance Co
St. Louis, Mo.—Missouri State Life Insurance Co
JOINT STOCK LAND BANKS.
Columbia, S. C.—The First Carolinas Joint Stock Land Bank
Col.—The San Luis Valley Agricultural & Live
Montevista,
Stock Credit Corp
MontevLsta, Col.—The San Luis Valley Agricultural & Live
Stock Credit Corp
Boise, Idaho—Loan Company of Idaho, Inc
Boise, Idaho—Loan Company of Idaho, Inc
Havre, Mont. Northern Live Stock Co
Baker, Ore. Eastern Oregon Credit Co
Cheyenne, Wyo.—Wyoming Discount Corp
Cheyenne, Wyo.—Wyoming Discount Corp
Cheyenne, Wyo.—Wyoming Discount Corp
Cheyenne, Wyo.—Wyoming Discount Corp
MORTGAGE LOAN COMPANIES.
New Orleans, La.—Hibernia Mortgage Co., Inc
Shreveport, La.—Abraham Lincoln Home Founding Co.,Inc_
Baltimore, Md.—Arundel Mortgage Co
Baltimore, Md.—The Sun Mortgage Co
Butler. Mo.—Denton-Coleman Loan & Title Co
Houston, Texas—Home Mortgage Co
15,000.00
25.000.00
25,000.00
76.000.00
12,000.00
125,000.00
400,000.00
850.000.00
22,500.00
850.000.00
90,000.00
67.000.00
87,250.00
75,000.00
40.309.29
35.000.00
39,942.00
88.940.00
44,300.00
60,000.00
42,975.00
500,000.00
25,000.00
80.000.00
100,000.00
2.000.00
40,000.00
RAILROADS.
Buffalo Union-Carolina RR
Denver & Rio Grande Western RR.Co
Minneapolis St. Paul & Sault Ste. Marie Ry. Co
New York Chicago & St. Louis
Texas Oklahoma & Eastern RR, Co
SUMMARY OF TABLE 1.
Banks and trust companies (including receivers)
Agricultural credit corporations
Building and loan associations
Insurance companies
Joint Stock Land banks
Live stock credit corporations
Mortgage loan companies
Railroads
6% Interest.
$53,960.00
1,000,000.00
5,000,000.00
700.000.00
108.740.00
$32,990,180.23
104,309.58
3,088,650.00
2,247.500.00
90,000.00
580,716.29
747,000.00
6.862.700.00
$46,711,056.10
Total
Table 2.
——
Amount made available under Title 1, Section 1, of the
Agency Relief and Construction Act of 1932, showing name
and rate of interest.
Name.
State of Illinois
Amt. Made Available. Rai , of Interest.
3%
$3,000,000
Table 3.
Statement, cash receipts and exepnditures July 21 1932 to
1.3775T. 1932, inclusive, corporation's accounts with Treasurer
of United States.
Cash balance at close of business July 20 1932, as per the '.—...$41,278,463.30
books of the Treasurer of the Corporation
Additional deposits credited to the Corporation's account
with the Treasurer of the United States, prior to July 20
1932, but not reported to Treasurer of Corporation until
14.969.83
after July 20 1932
Adjusted cash balance as of July 20 1932
$41,293,433.13
1426
Financial Chronicle
RECEIPTS.
Sale of "second ser es'' notes
Loan repayments:
Banks and trust companies (including receivers)
Building and loan associations
Insurancecompanies
Joint Stock Land banks
Live stock credit corporations
Mortgage loan companies
Agricultural credit corporations
Railroads (including receivers)
nterest and discount collected
Reimbursable expense collected
Collections on collateral to rediscount
Refund of general expense
Unallocated—pending advices
Total
Grand total
$50,000,000.00
3,683.293.78
143,215.62
76,361.13
200.00
53,765.30
6.788.47
1,082.20
2,600,000.00
142,834.66
• 1,409.95
8,139.02
33.25
5,193,728.88
$61,910,852.26
$103,204,285.39
EXPENDITURES.
Loan disbursements:
Banks and trust companies (including receivers)
S36,054,280.57
Building and loan associations
6,828.707.57
Insurance companies
1,891,074.49
Joint stock land banks
286,592.54
Live stock credit corporations
518,086.66
Mortgage loan companies
4,718,046.94
Agricultural credit corporations
169,655.80
Railroads (including receivers)
13,103.000.00
Refunds of interest on account of overpayment
1.36
Refunds of unearned discount
2,411.27
Furniture and fixtures
15,773.06
General expense
54,069.88
Loan agency expense
107,636.71
Custodian expense
39,848.50
Reimbursable expense
6,318.73
Adjustment of deposit made by custodian in prior period.._
12,300.00
Total
$63,807,804.08
Cash balance at close of business July 31
i39.396.481.31
(Note—In addition to funds on deposit with the Treasurer of the United
States, custodian banks held in suspense funds which amounted to $2,892,080.10 at the close of business July 20 1932 and $1,494,565.32 at the close
of business July 31 1932.1
Table 4.
Statement of Condition as of Business July 31 1932.
ASSETS.
Cash on deposit with Treasurer of United States
Funds held in suspense by custodian banks
Petty cash funds
Allocated to Secretary of Agriculture
Made available to States & Territories, not yet disbursed
Loans—proceeds disbursed (less repayments):
Banks and trust companies
a$505,129,665.56
Credit unions
369,684.00
Building and loan associations
56,867,230.38
Insurance companies
49,142,315.17
Federal Land banks
9.000,000.00
Joint Stock Land banks
1,126,294.66
Live stock credit corporations
6.846,287.38
Mortgage loan companies
72.801,896.33
Agricultural credit corporations
681,552.63
Railroads (including receivers)
164,082,596.76
$39,396.481.31
1,494.565.32
2,000.00
97,500,000.00
3,000,000.00
Aug. 27 1932
tion has been favorable," he added. "The publicity of loans has had
restorative effect in most instances."
The most notable instance was that of Charles G. Dawes, former President
of the Corporation, he said, adding that when the Dawes bank in Chicago
needed ready cash the former Vice-President and Ambassador to England
"rushed into print" with news of an $85,000,000 authorized loan. •
Mr. Hancock said that "publication of the information about the Reconstruction Corporation's activities should be constructive and not destructive,
and any one can afford to say that the best evidence of a bank's soundness
is its ability to borrow from the Corporation."
"I believe the psychological effect of the publication of the figures will
be good," he said.
Administration opponents of loan publicity, as well as Reconstruction
Corporation officials, were silent on the action of South Trimble, Clerk of
the Democratic House, in releasing the figures under the publicity provision of the Relief Act. It was pointed out at his office to-day that from
the report there was no way of determining whether the listed borrowers
had received the loans reported as authorized.
Reconstruction Finance Corporation Announces Plans
for Establishment of Eight Regional Agricultural
Credit Corporations.
Plans for the establishment of eight Regional Agricultural
Credit Corporations, under the Emergency Relief and Construction Act, were announced on Aug. 19 by the Reconstruction Finance Corporation. The Credit Corporations will
be located in Land Bank Districts 4, 6, 7, 8, 9, 10 11 and 12,
and later two additional Credit Corporations will be established in Land Bank Districts 3 and 5. The cities in which
the new Corporations will be set up are:
Columbus, Ohio, with a branch at Louisville, Ky.
St. Louis, Mo., with branches at Chicago, Ill.; Kansas City, Mo., and
Little Rock, Ark,
Minneapolis.
Sioux City, with a branch at Omaha, Neb.
Wichita, Kan., branches at Oklahoma City and Denver.
Fort Worth, branches at Houston and San Angelo.
Salt Lake City, brandies at San Francisco, Ca., and Phoenix, Ariz.
Spokane, Wash., branches at Helena, Mont., and Portland, Ore.
The announcement of the Reconstruction Finance Corporation was given as follows in the "United States Daily":
The Reconstruction Finance Corporation decided to-day to establish eight
Regional Agricultural Credit Corporations as follows:
Land Bank District No. 4, comprising States of Ohio, Indiana, Kentucky
and Tennessee. Main office, Columbus, Ohio; branch office, Louisville, Ky.
Land Bank District No. 6, comprising States of Illinois, Missouri and
Arkansas. Main office, St. Louis, Mo. ; branch offices, Chicago, Ill. ;
Kansas City, Mo.; Little Rock, Ark.
Land Bank District No. 7, comprising States of Michigan, Wisconsin,
866,047,522.87
Loans—proceeds not yet disbursed:
Minnesota and North Dakota. Main office, Minneapolis, Minn.
Banks and trust companies_a
$118,681,810.86
Land Bank District No. 8, comprising States of Iowa, Nebraska, South
Credit unions
31,648.00
Building and loans associations
Dakota and Wyoming. Main office, Sioux City, Iowa; branch office,
8,816,528.72
Insurance companies
16,187,611.68
Omaha, Neb.
Federal land banks
17,000,000.00
Land Bank District No. 9, comprising States of Kansas, Oklahoma, ColoJoint stock land banks
269,190.88
rado and New Mexico. Main office, Wichita, Kan.; branch offices, OklaLive stock credit corporations
435,181.13
Mortgage loan companies
homa City, Okla.; Denver, Colo.
5,306,343.37
Agricultural credit corporations
78,752.03
Land Bank District No. 10, comprising State of Texas. Main office,
Railroads (including receivers)
57,075,532.50
Fort Worth, Tex.; branch offices, Houston. Tex.; San Angelo, Tex.
223,882,599.17
Accrued interest receivable
Land Bank District No. 11, comprising States of Arizona, Utah, Nevada
8,409.776.39
Reimbursable expense
13,988.06 ' and California. Main office, Salt Lake City, Utah; branch offices, San
Furniture and fixtures
182.718.37
Francisco, Cal.; Phoenix, Ariz.
Land Bank District No. 12, comprising States of Montana, Idaho, Oregon
Total assets
$1,239,929,651.49
and Washington. Main office, Spokane, Wash.; branch offices, Helena,
LIABILITIES AND CAPITAL.
Mont.; Portland, Ore.
Payable to Secretary of Agriculture
$22,500,000.00
Two additional Regional Agricultural Credit Corporations will be estabPayable to States and Territories
3,000,000.00
Proceeds of loans not yet disbursed
lished later, one in Land Bank District No. 3, comprising the States of
223,882.599.17
Cash receipts not allocated pending advices
5,570,166.45
North Carolina, South Carolina, Georgia and Florida, and one in Land
Suspense
162,340.10
Bank District No. 5, comprising the States of Alabama, Mississippi and
Liability for funds held as cash collateral
1,530,807.16
Louisiana.
Unearned discount
25,879.02
Interest refunds payable
The immediate work which calls for the creating of these Corporations
124.48
Interest accrued
2,713,900.70
at the present time is for the purpose of inaugurating a program of feeder
"First series" 334 notes
$250,000,000.00
livestock loans.
"Second series" 3 % notes
225,000,000.00
The Board of Directors of the Reconstruction Finance Corporation will
475.000,000.00
Capital stock
500,000,000.00
proceed as rapidly as possible toward actual establishment and the beginning of operations of the Agricultural Credit Corporation. It is the hope
Total liabilities and capital
$1,239,929,651.49
of the Board of Directors of the Reconstruction Finance Corporation that
a Loans to banks and trust companies include $29,502,250 to aid in
the Regional Agricultural Credit Corporations will move promptly, enerreorganization and liquidation of closed banks.
[Note.—In addition to the loans shown on the statement of condition,
getically and sympathetically for the benefit of agriculture.
the corporation had outstanding on July 31 1932 agreements to make loans
The same paper, in its issue of Aug. 20, also said:
totaling $875,000 upon the performance ofspecified conditions. The corporation May 17 1932 agreed to make loans within ninety days up to an
aggregate of $30,000,000 to the several land banks. Of this $26,000,000
Northwestern Corporation Urged.
was authorized and is reflected in the above statements of condition. Of
A series of conferences have been held between State delegations and
loans authorized to railroads 36.677387.50 is reimbursable from the Railroad Credit Corporation when, as and if funds are available.)
directors of the Corporation during the last 10 days relative to the creation
of these institutions, it was asserted, and plans are now nearing completion.
Under the terms of the Act, the Corporation is authorized to set up
Representatives Steagall and Hancock See Beneficial regional corporations with a minimum capital of $3,000,000. These CorpoEffect on Depositors with Publicity of Loans Made rations may make loans or advances to farmers and stockmen for agricultural or livestock purposes.
by Reconstruction Finance Corporation.
The Corporation's announcement was preceded by a conference between
According to Associated Press advices from Washington, Wilson McCarthy, a director of the Corporation, and Governor George F.
Shafer of
Aug. 23, two Democrats on the House Banking Committee, corporationNorth Dakota, who presented a proposed plan for the regional
to be established in the Northwest.
Chairman.Steagall of Alabama and Representative Hancock
Following the conference, Governor Shafer declared orally that his plan
advocated that Minneapolis-St. Paul be chosen as the location for the
of North Carolina, expressed the belief that the publicity
Corporation. The
of loans to banks and other institutions would have a bene- . Wisconsin, North territory to be served would include Minnesota, Michigan,
Dakota, part of South Dakota and Eastern Montana,
effect on depositors of borrowing institutions. The he said.
ficial
Larger Capital Proposed.
Associated Press said:
Mr. Shafer stated that he recommended that the minimum capital to be
Both Mr. Steagall and Mr. Hancock said the fact that the banks could
subscribed for by the Regional Corporation be larger than the $3,000,000
borrow showed the soundness of their security. They are members of the
minimum specified under the provisions of the Emergency Relief and
group that formulated the original bill creating the Reconstruction Finance
Construction Act at 1932 which authorizes the creation of regional corporaCorporation.
tions in any of the Federal Land Bank Districts.
"Many banks that have let it be known that they have borrowed from the
The Corporation had previously discussed plans for the Regionals with
Reconstruction Corporation have re-established themselves in public conrepresentatives of various Northwestern States and livestock interests from
fidence," Mr. Steagall said.
all over the West. At these conferences it was proposed that the minimum
"I have personal knowledge of banking institutions making known that
capital of the institutions be Increased to $10,000,000 and that broader
they had secured loans from the Reconstruction Corporation and the reacpowers be given them.
Financial Chronicle
Volume 135
1427
Farmers
Reported Repaying Loans Not Yet Due—
Return of Funds on Crop Production at High
Level, Says Agriculture Loan Office.
The Board's announcement containing the list of bank
districts and the States which constitute them was given
as follows in the "United States Daily":
Farmers already have repaid $643,000 of the Federal crop
production loans made to them this year, although none
of the loans are due until Nov. 30, and these repayments are
far above the level of any previous year at a corresponding
period, according to an oral statement, Aug. 19, by Henry S.
Clarke, chief of the 1932 Crop Production Loan Office, Department of Agriculture. We quote from the "United States
Daily" of Aug. 20, which also said:
•
Under the law creating the Federal Farm Loan Bank System, the first
duty of the Board is to divide the country into not less than eight nor
more than 12 Districts and to assign a minimum capital to the bank to
be located in each District, which minimum capital shall be not less than
$5,000,000.
The law prohibits dividing any State between two Districts. It further
provides that immediately upon the institution of the Districts, books
are to be opened for subscriptions to stock, which stock may be purchased
only by institutions eligible to borrow from the system—namely, building
and loan associations, savings and loan associations, co-operative banks,
homestead associations, insurance companies and savings banks.
Each of these types of institution may subscribe to the stock at the rate
of 1% of the home mortgage loans owned. It will be noted, therefore,
that the law makes the basis of subscription to capital stock not the location of the property mortgaged but the location of the institution owning
the mortgage.
Home Mortgages Surveyed.
Repayments are steadily rising as the farmers begin to realize cash from
their crops, and within the next few weeks the return flow of money is
expected to reach very large proportions, Mr. Clarke said. The total
loans this year were about $65,000,000, he added. The following additional •
information was provided:
The repayments made so far are from the proceeds of such products as
truck, berries, and garden crops, which are harvested and marketed early
is the season. The heavy marketing season for wheat and cotton is now
beginning, and there should be a considerable upturn in repayments within
the next week or two.
The loan office has about 600 men in the field checking up on farmers
to see that they do not market their crops without paying off the Government's liens. A few instances of attempts to evade payment have been
found. Several persons in Alabama recently were convicted of frauds in
connection with Federal crop loans and have been sent to the penitentiary,
and this appears to have had a wholesome effect on those who might have
contemplated attempts to defraud the Government.
The collections this year probably will add considerably to the repayments on loans made in 1931. In many cases, particularly in the Northwest, where severe drouth continued last year after the disastrous dry
season of 1930, farmers who had been unable to pay their 1931 loans
applied for and received loans in 1932. These were required to give liens
against their crops covering not only the loans made in 1932, but also
the loans of 1931. When payment is made, both debts will be retired.
Repayments On the 1931 loans continue to reach the Farmers' Seed Loan
Office, which handled this operation. When the last compilation was
made, about a month ago, payments were coming in at the rate per week of
about two-tenths of 1% of the total amount loaned. About $47,000,000
was loaned on 1931 crops. Repayments have reached slightly more than
60% of the amount loaned, although the percentage repaid in the drouthstricken Northwest has been only about 10%.
Designation of Districts in Which Federal Home Loan
Banks Will Be Created—System Expected to Be
in Operation by Oct. 15—Total Capital $134,000,000
—Bank in New York District to Have $20,000,000
Capital—Mortgages in This District Approximate
$9,500,000,000.
The designation of the districts in which the 12 new
Federal Home Loan banks will be established was announced
on Aug. 24 by Franklin W. Fort, Chairman of the Federal
Home Loan Board. Mr. Fort states that it is the purpose
to have all of the 12 banks in operation by Oct. 15. The
total capital of these institutions will be $134,000,000. In
the case of District No. 2 (comprising the States of New
York and New Jersey, together with Puerto Rico and the
Virgin Islands) it is stated that eligible institutions therein
hold approximately $9,500,000,000 of mortgages of all
types; a capital of $20,000,000 has been assigned to the
Bank in this district. The "United States Daily" notes
that Mr. Fort, in making known the determination of the
districts, said orally on Aug. 24 that the States assigned
to each district fell "naturally" into the alignment decided
upon as the final form of the district upon analysis of the
available eligible mortgage paper held within the boundaries.
The law prohibited splitting of States by district lines, so
the areas announced range from a minimum of two States
to seven. The "Daily" also says with regard to the statement issued by Mr. Fort:
Selection of Cities.
Mr. Fort called attention to the provision of the law requiring books
for subscriptions to the bank stock to remain open for 30 days, from which
he said it might properly be deduced that cities in which the regional banks
will be located must be selected within the next two weeks.
The Chairman reiterated that no decision for or against any city seeking
a bank site has been made, and he said he wanted to emphasize that there
would be no hearings in Washington concerning these applications.
District Arrangement.
Arrangement of the District lines was accomplished only after long and
tedious study of resources of the several States, together with examination
of transportation and other requirements of the areas. Absence of accurate
data forced approximations in some of the calculations, Mr. Fort said,
but it was represented as the opinion of the Board that the results would
stand the test of any reasonable criticism.
Mr. Fort said in reply to inquiries that the Board was aware that some
of the Districts as finally outlined presented necessity for dealing at great
distance. This, however, was described as unavoidable. The statute
requires that a minimum capital of $5,000,000 be provided in each District
and contemplates that the Federal Government will retire from participation
in the Banks at the earliest possible time when private subscriptions have
supplied the amount.
Balancing of Districts.
The Board sought, he added, to balance the Districts wherever possible
and to align them in the interest of the potential beneficiaries of the system
as well as in the interest of good administration and contemplated Govern..
went retirement.
The Board has, therefore, caused to be made as accurate and complete
an approximation as possible of the amount of home mortgages owned
by the institutions located in each of the States of the Union. This produced such wide disproportions as the ownership of $6,500,000,000 of
mortgages by institutions located in the State of New York and $2,800,000
of mortgages owned by institutions located in the State of Nevada.
The wide stretches of territory to be served by some of the banks preclude
the possibility of raising the minimum capital of$5,000,000 from institutions
eligible to purchase it without enlarging the Districts to an extent which
would make them unworkable.
At the same time, such surveys as the Board has been able to make, in
the effort to determine the sections having particular and instant need for
relief of their mortgage situation, have disclosed that in some respects,
naturally, the need runs absolutely counter to the actual financial resources
located in the district.
Balanced Districts Sought.
We have,therefore, set up a group of districts possessing as nearly as may
be the elements of convenience and of uniformity of law, and mortgage
practice, and then have allocated to those districts such minimum capital
structure as seems to us urgently necessary for the maximum immediate
benefit.
In so doing, we have also considered the probability that wisely managed
home loan banks will foster the development of long-term mortgage lending institutions at moderate rates of interest in each district, which should
within a reasonable time strengthen the capital resources of such institutions
to the point where their subscriptions for stock can take up the initial
advance from the Treasury.
The Board is entirely conscious that no such set-up can be made with
complete satisfaction to any local interest, nor are the statistics available
to the Board of a nature to be regarded as conclusive upon any point. The
Board has felt, however, that the overwhelming importance of getting the
institutions established at the earliest possible moment overbalances any
need for technical accuracy, either regionally or in capital structure.
Operation by Od. 15 Planned.
It is our definite hope and purpose that every one of the 12 banks shall be
In operation and doing business by Oct. 15. It is our belief that, with the
certainty that this s istem will be functioning by that date, local lending
institutions should immediately begin to provide mortgage credit in their
neighborhoods, at least for emergency needs. To accomplish this purpose
we have necessarily to use many short cuts and we shall not hesitate to use
them.
There is hereto appended a list of the districts with a statement of the
mortgages owned therein by the institutions eligible to purchase stock in
the home loan bank and of the minimum capitalization fixed by the Board.
and approved by the Secretary of the Treasury, for the banks of the districts.
District No. 1.—The States of Maine, Vermont,New Hampshire, Massachusetts, Rhode Island and Connecticut. Eligible institutions in this
District hold approximately $3.600,000,000 of mortgages of all types. We
have assigned a capital to this District of $12,500,000.
District No. 2.—The States of New York and New Jersey, together with
Puerto Rico and the Virgin Islands. Eligible institutions in this District
hold approximately $9,500,000,000 of mortgages of all types. We have
assigned a capital to this District of $20,000,000.
District No.3.—The States of Delaware. Pennsylvania and West Virginia.
Eligible institutions in this District hold approximately $1,600.000.000 of
mortgages of all types. We have assigned a capital to this District of
$12,500,000.
District No.4.—The States of Maryland, Virginia, North Carolina, South •
Carolina, Georgia, Florida and Alabama, with the District of Columbia.
Eligible institutions in this District hold approximately $520,000,000. We
have assigned a capital to this District of $10,000,000.
District No. 5.—The States of Ohio, Kentucky and Tennessee. The
eligible institutions in this District hold approximately $1,250,000,000 of
mortgages of all types. We have assigned a capital to this District of
$15,000,000.
District No. 6.—The States of Michigan and Indiana. The eligible
institutions in this District hold approximately $575,000,000 of mortgages
of all types. We have assigned a capital to this District of $8,000,000.
District No. 7.—The States of Wisconsin and Illinois. The eligible
institutions of this District hold approximately $825,000,000 of mortgages
of all types. We have assigned a capital to this District of SI5.000,000.
District No.8.—The States of North Dakota, South Dakota, Minnesota,
Iowa and Missouri. The eligible institutions in this District hold approximately $350,000,000 of mortgages of all types. We have assigned a capital
to this District of $7,500,000.
District No. 9.—The States of Arkansas, Mississippi, Louisiana, Texas
and New Mexico. Eligible institutions in this District hold approximately
$340,000.000 of mortgages of all types. We have assigned a capital to
this District of $10,000,000.
District No. 10.—The States of Nebraska, Kansas, Oklahoma and Colo
redo. Eligible institutions in this District hold approximately $400,000,000
of mortgages of all types. We have assigned a capital to this District of
$7,500,000.
District No. 11.—The States of Montana, Washington. Oregon, Idaho,
Utah and Wyoming, together with Alaska. The eligible institutions in
this District hold approximately $200,000,000 of mortgages of all types.
We have assigned a capital to this District of $6,000,000.
District No. 12.—The States of California, Nevada, and Arizona, with
the Territory of Hawaii. The eligible institutions in this District hold
approximately $650,000,000 of mortgages of all types. We have assigned
a capital to this District of $10.000,000.
1428
Financial Chronicle
(Signed) Franklin W. Fort, Chairman; W. E. Best, John M. Grim,
Nathan Adams, Morton Bodfish.
In its Aug. 23 issue the "United States Daily" said in
part:
Members of the Federal Home Loan Bank Board returned from their
visits to the several sections over the week-end with the oral statements.
Aug. 22, that reception of the Home Loan Bank Syatem had "exceeded
expectations," and that their problems in organization of the system had
been somewhat mitigated as a result.
Franklin W. Fort, Board Chairman, asserted that throughout New
England everything that could be done was being done to insure a favorable
start for the system in that section.
William E. Best, Board member, who conferred with leaders of institutions eligible for membership in Pennsylvania and West Virginia, told of
active operations in those two States. Chambers of commerce and civic
organizations, he said, are behind a movement to list subscribers for the
District bank of the area in which they eventually are to be placed.
State laws, restricting the types of investments which building and loan
associations of like character may make, constitute the chief difficulty for
many corporations otherwise eligible to qualify as bank members, Mr.
Fort explained. There are movements under way, however, in all of the
States visited, according to Mr. Fort, to correct that condition.
Modification of State Laws.
In this connection, he said, Massachussets lending agencies desirous of
affiliating with the system are gathering forces to obtain needed legislation
from an extra session of the State Legislature to be convened soon.
H. Morton Bodfish, Board member, who conferred with groups from
territory contiguous to Chicago. returned with "enthusiasm" over the
prospects in that part of the country. He feels, as do the other two members
who visited the "field" over the week-end, that more institutions than
anticipated will use the resources of the new Government financing unit.
Effect Already Beneficial.
Chairman Fort declared that the potential liquidity which will be given
real estate mortgages by making them, or many of them, eligible for discount, is already having an effect. He said that there is a feeling, especially
in the New England area, that new loans may be made safely now without
tying up all available resources of the lending institutions.
Chairman Fort foresees a strong urge on the part of those desirous of
utilizing the loan bank facilities to accomplish the necessary changes in
State laws.
"The extremely favorable reception with which the system is being
received, particularly in New England," said Mr. Fort. "seems to assure
prompt enactment of the necessary legislation."
"Some of the States, like New Jersey, for example, have already made
the correction in their statutes in anticipation of the establishment of the
loaning system. While life insurance companies in New Jersey may not
invest in the Home Loan Bank stock, the building and loan associations
may do so. That provides a unit of great importance with which to start."
Laws to Be ContPiled.
• The Board is having a compilation made of all State laws relating to
investment of such funds in the stock of a bank of the type of the Home
Loan Banks. With that information available, it can calculate rather
closely, according to the Chairman, what limitations are faced in prescribing the District lines.
•
Baltimore & Ohio to Receive Additional Loan of
$31,625,000 from Reconstruction Finance Corporation to Finance Maturity of Bonds.
Approval of a further loan of $31,625,000 to the Baltimore
& Ohio RR, from the Reconstruction Finance Corporation
to finance maturing bonds, was granted by the Inter-State
Commerce Commission Aug. 19. The money is to be used
to pay off one-half of 20
-year 4
convertible gold bonds
amounting to $63,250,000 which mature March 1 1933. the
remainder of the bonds to be financed by issuance of refunding & general mortgage bonds to the holders of the maturing
-year bonds. The Baltimore & Ohio desires that 86,325,000
20
be paid to it immediately, the remaining $25,300,000 to be
paid on or about Dec. 15 this year. Authority to issue
$63,250,000 of refunding & general mortgage bonds, one-half
of which are to be delivered to the holders of the 20-year
• bonds, and the remainder to be pledged as collateral for the
instant loan has been sought by separate application to the
Commission.
Two loans of $7,000,000 and $25,500,000 respectively have
heretofore been approved to the company by the Commission,
bringing the total advances approved to the road to date to
$64,125,000. The total loans approved to date from the
Reconstruction Finance Corporation to 62 roads amounts
to approximately $297,261,199. The text of the Commission's report approving the loan follows:
On Aug. 9 1932 the Baltimore & Ohio RR, filed an application to the
Reconstruction Finance Corporation for an additional loan under the
provisions of Section 5 of the Reconstruction Finance Corporation Act,
approved Jan. 22 1932 as amended. Under that Act our approval is a
condition precedent to the granting of a loan by the Finance Corporation
to a railroad company or the receivers thereof. We have made the required
investigation of this application.
The Application.
The applicant seeks a loan in installments aggregating $31,625,000, for
the maximum term permitted by the statute. The dates upon which it is
desired that the installments of the loan be made available and the amounts
thereof are as follows:
Upon approval
$6,325,000
On or about Dec. 15 1932
25,300,000
Total loan sought
$31.625,000
The purpose of the loan is to refinance in part an outstanding issue of
the applicant's 20
-year 43, % convertible gold bonds in the principal
amount of $63,250.000, maturing March 1 1933.
Aug. 27 1932
The applicant asserts that no agreement has been or will be made by it
to pay any person, association, firm or corporation, either directly or indirectly, any commission or fee for the loan sought, and no payments have
been or will be made by the applicant in connection with the loan.
The applicant is a party to the "Marshalling and Distributing Plan 1931"
of the Railroad Credit Corporation, but has neither applied for nor received
any loan for any purpose from that Corporation.
Applicant believes that it will be unable to obtain upon reasonable terms
through other sources sufficient funds to pay at maturity the principal of
Its 20
-year 4 % convertible gold bonds, as aforesaid, or to effect a retirement of the entire issue through a refunding operation. The question of
the ability of the applicant to obtain funds upon reasonable terms through
banking channels or from the general public is committed by Section 5 of
the Reconstruction Finance Corporation Act primarily to the Reconstruction
Finance Corporation.
We have heretofore certified our approval under the Reconstruction
Finance Corporation Act of loans to the applicant of $7,000,000. March 30
1932, and $25,500,000. May 16 1932—a total of $32,500,000.
The application upon which our approval of these loans was granted
was accompanied by statements showing such facts in detail as are required
by Circular No. 2 of the Reconstruction Finance Corporation and as reeuired by us with respect to the physical situation, ownership, capitalization,
Indebtedness, contract obligations, operation and earning power of the
applicant. The supplemental application now under consideration incorporates by reference these statements of facts.
The applicant consents to such examination as may be required for the
purposes of the Reconstruction Finance Corporation Act or that reports
of such examinations by constituted authorities may be furnished upon
request therefor.
Necessities of the Applicant.
On March 1 1913 the applicant issued and sold $63,250.000, principal
amount, of its 20
-year 435% convertible gold bonds. These bonds were
convertible, at the option of the holders thereof, at any time on or before
Feb. 28 1923. at face value, into the applicant's common stock at the rate
of $110 per share of stock of $100 par value, and thereafter the entire issue
of these bonds then outstanding was redeemable at the option of the applicant at 102%% of the principal amount thereof. None of the bonds of this
Issue was converted into common stock on or before Feb. 28 1923, and since
that date the applicant has not exercised its option to redeem the bonds,
the principal of which, by the terms of the indenture under which they were
Issued. is due and payable March 11933. and there is no provision in the
Indenture permitting the applicant to extend the maturity of the bonds or
to postpone the payment of the principal thereof.
In the indenture of March 1 1913 securing its 20
% gold bonds,
-year
the applicant covenanted and agreed that it would not make, nor suffer
to be made, any new mortgage constituting a lien upon any of the lines of
railroad directly owned by it on that date, or upon any of the lines of railroad
covered by any of the applicant's mortgages existing at that date without
making effective provision in and by such new mortgage or other instrument
creating such lien or charge whereby all the bonds then outstanding under
the indenture of March 1 1913 would be secured, pani passu, with the
obligations issued under such new mortgage or instrument creating such
lien or charge.
On Dec. 1 1915 the applicant created its refunding and general mortgage
In which it fulfilled the covenant expressed in the indenture of March 1 1913
by the inclusion therein of the following provision:
. . . it is hereby expressly understood and agreed, and
railroad
company hereby covenants and agrees with the Central Trust the of New
Co.
York. trustee, and with the respective holders from time to time of said
20
-year 4% 4 0 convertible gold bonds, that all of said 20
7
% con-year
vertible gold bonds from time to time outstanding are and shall 4 j.$secured
be
part passu with the bonds issued and to be issued hereunder, as and to the
extent required by the covenant above recited.
In addition to this covenant, the applicant's refunding and general
mortgage contained the following provision:
$63,250,000, face amount, of the bonds to be issued hereunder shall be
reserved to be executed by the railroad company and to be authenticated
and delivered by the corporate trustee from time to time for the purpose
of exchanging, redeeming, purchasing, retiring, refunding or paying before.
at or after maturity the 20-year 4 % convertible gold bonds issued under
an indenture dated March 1 1913 . • •
The applicant's refunding and general mortgage bonds so reserved have
never been issued in whole or in part and still remain to be issued In the
manner and for the purpose specified in the mortgage.
Subject to our approval for the purpose of the issue of the reserved refunding and general mortgage bonds and of the loan herein applied for, and the
granting of such loan by the Finance Corporation, the applicant proposes
to offer to pay to the holders of the 20
-year convertible 455% gold bonds
,
at or before their maturity, and upon the surrender thereof, 50% of the
principal amount of those bonds in cash, with interest thereon to maturity.
For the remaining 50% of the principal amount of the surrendered bonds,
the applicant proposes to deliver to the holders thereof an equal principal
amount of its refunding and general mortgage bonds of series F, due in
1995 and bearing interest at 5% per annum from March 1 1933.
As evidencing their acceptance of the applicant's plan of refinancing,
the holders of the maturing bonds will be asked to present their bonds to
be stamped with an appropriate legend. As an inducement for prompt
assent the applicant proposes to pay to the holders of the maturing bonds
which are presented for stamping, on or before an early date to be fixed
by the applicant, 10% of the principal amount thereof In cash. Moreover,
should bonds In an amount satisfactory to the applicant be so presented
and stamped by Dec. 1 1932 it is the purpose of the applicant to pay to the
holders thereof, on Dec. 15 1932, the additional 40% necessary to make
the full 50% cash payment, as aforesaid.
Security.
As security for the loan the applicant offers, in addition to the collateral
heretofore pledged to secure loans to it by the Finance Corporation, the
following decribed securities:
(a) $31,625,000, principal amount, of the applicant's refunding and
general mortgage, series E,6% bonds, due April 1 2000;
(b) 250,000 shares of the capital stock of the Alton It It., less a sufficient
number of such shares necessary to qualify directors of that company;
(c) 52.582 shares of the common capital stock and 52,519 shares of the
preferred capital stock of the Cincinnati Indianapolis & Western RR.,
less a sufficient number of shares necessary to qualify directors of that
company; and
(d) Certificates of beneficial interest for 159,050 shares of the common
capital stock, 8,000 shares of the second preferred 4% non-cumulative
stock, and 165,544 shares of the first preferred 7% cumulative stock of the
Western Maryland ItailwaY•
The $31,625,000 of the applicant's refunding & general mortgage,
series E,6% bonds, due April 1 2000, represent 50% of the total principal
amount of such bonds which, under the terms of the mortgage, are reserved
for the retirement of the 20-year 434% convertible bonds of 1933. The
refunding & general mortgage, series E. bonds have not as yet been listed
on exchange and, therefore, have no established market value. The closing
market prices as of Aug. 10 1932 and the price ranges since the beginning
of the current year of bonds of other series issued under the same mortgage
were as follows:
Volume 135
Financial Chronicle
Aug. 10'32. Since Jan. 1 '32
24( - 713
47
Series A 5s of 1995
- 79U
30
54
Series C 6s of 1995
- 71
25
45
Series D 5s of 2000
under the
Facts bearing upon the issue of the various series of bonds
applicant's refunding and general mortgage and the character and value
of the property underlying the same, as well as the record of the applicant's
earnings, were fully discussed in our previous reports. The actual results
of the applicant's operations for the first six months of the current year
and estimates based thereon of the results for the full year 1932 follow:
6 Mos. to 6 Mos. July Year 1932
June 30 '32 to Dec. '32 Actual and
(Actual). (Estimate). Estimate.
$
$
$
65,350,012 62,650,000 128,000,012
Gross revenues
4,200,000 10,111,537
5,911,537
of way expenses
Maintenance
9.080,000 21,536,791
Maintenance of equipment expenses_ 12.456,791
24,808,905 20,630,000 45,438.905
Transportation expenses
7,110,p85 5.975,000 13,085,985
Other expenses
It advised the bankers not to make loans to countries which
had not funded their debts to the United States, thereby
speeding up the negotiations which resulted in the debt
agreements." Gov. Roosevelt in his Columbus speech said:
"I promise you that it will no longer be possible for international bankers or others to sell to the investing public of
America foreign securities on the implied understanding
that these securities have been passed on or approved by
the State Department or any other agency of the Federal
Government." The reply of the State Department to this
statement of the Governor's appears elsewhere in this issue
of our paper. Below we give in full Gov. Roosevelt's
speech at Columbus, as given in the New York "Times":
$50.288,218 $39.885,000 $90,173.218
Total expenses
15,061,794 22,765,000 37,826.794
Net operating revenue
Taxes, hire of equipment, joint fa6.019,622 6,000,000 12,019,622
cility rent
Net railway operating income
Other income
$9,042,172 $16,765.000 825,807,172
5,904.185
2,909.000
2,995.185
$12,037.357 $19,674,000 $31,711,357
Total income
Fixed charges & other deductions__ -- 16,789,656 17,050,000 33.839,656
def$4:752.299 $2,624,000df$2,128.299
Netincome
The capital stocks of the Alton RR., the Cincinnati Indianapolis &
Western RR. and Western Maryland By., as aforesaid, constitute the
applicant's entire holdings of the voting rights in those carriers; and, in
the case of the first named company, the entire outstanding issue of its
capital stock. The capital stocks of the Cincinnati Indianapolis & Western
RR. are not listed on exchange and, therefore, have no established market
value. The common and second preferred capital stocks of the Western
Maryland By, are listed on the New York Stock Exchange where the
closing prices as of Aug. 10 1932 and the price ranges since Jan. 1 1932
were as follows:
Aug.10'32. Since Jan. 1 '32.
5
Common
2
6
preferred
Second
Conclusions.
Upon consideration of the application and after investigation thereof
we conclude:
1..(That we should approve a loan to the applicant by the Reconstruction
Finance Corporation,of not to exceed $31,625,000 for terms of not exceeding
three years from the dates of the advances thereon, for the purpose hereinbefore set forth;
2. That the applicant should pledge with the Reconstruction Finance
Corporation as collateral security for the loan herein conditionally approved
and the aggregate loans of $32,500,000 heretofore approved by us under
the Reconstruction Finance Corporation Act the securities offered by it,
as enumerated above under the heading Security, and in addition thereto
$2,995,550, par value, of the common capital stock of the Buffalo & Susquehanna Railroad Corp., all of which, together with the collateral security
for said loans of $32,500,000, shall apply equally, ratably and without
preference as the security for all of said loans;
3. That the applicant should agree to pledge from time to time, as
additional security for its loans from the Reconstruction Finance Corporation such other and additional securities as the Corporation and we may
require;
4. That the applicant should be required to report to the Corporation
and to us, within 30 days from the dates of the respective advances thereon,
the expenditure of the proceeds of the loan for the purposes for which it
is approved; and
t. 5. That the Corporation will be adequately secured under these
conditions.
In the order of logic I should devote this address to the Republican
platform and the speech of acceptance of my opponent. I find it necessary,
therefore, not only to discuss these statements but to consider them in the
light of Republican policies and promises of the past few years. To do so
without severe criticism is impossible.
I regret that necessity, for destructive cricticsm is never justified for its
own sake. And yet, to build, we must first clear the ground. We must
find out why the Republican leadership—and mind you, all the way through
this campaign, I am not talking about the millions of fine men and women
who make up the Republican Party, I am addressing my remarks to the
Republican leadership—why that Republican leadership built so unwisely.
We must determine the causes that made the whole structure collapse.
We must take borings to determine the necessary character of the foundation. To justify our right to build we must show not only a sound plan
but why, in contrast, this plan leads to hope of better things.
Both platforms and the speeches of acceptance of both candididates at
least have agreed upon one thing: that the major issue in this campaign is
the economic situation. The people are now asked to judge whether the
present administration has been wise in its economic policies, as revealed
in the President's statements and actions. Only in this sense is this criticism directed at an individual.
I propose to show that this leadership misunderstood the forces which
were involved in the economic life of the country, that it encouraged a vast
speculative boom, and that when the reckoning came the administration
was not frank—not honest—with the people and by blundering statementeN
and actions postponed necessary readjustments.
Governor Roosevelt of New York, in Presidential Campaign Speech at Columbus, Offers Nine-Point
Program to Restore Confidence and Effect Economic Recovery—Would Restrict Use of Federal
Reserve Bank Funds and Provide for Increased
Supervision of National Banks—Also Proposes
Federal Regulation of Stock Exchanges--Policies
as to Foreign Loans—Republican "Magic Formula"
of 1928 Likened to "Alice in Wonderland."
Governor Franklin D. Roosevelt of New York, in furtherance of his campaign as Democratic candidate for
President, delivered a speech at Columbus, Ohio, in which
he offered a nine-point program, embracing remedies he
proposed to restore confidence and bring about economic
recovery. The major part of Gov. Roosevelt's speech was
devoted to a recital of allegations as to the ineffectiveness
of Republican policies to deal with the country's economic
ills. The nine-point program proposed by Gov. Roosevelt
was summarized as follows in a Columbus, Ohio, dispatch
to the New York "Times":
1. Efforts to prevent the issue of "manufactured and unnecessary"
securities, and to insure full information to the investor in legitimate issues
concerning the use of his money,including a demand that the sellers disclose
their bonuses and commissions.
2. Full use of Federal power for regulation of holding companies.
3. Federal regulation of the Stock Exchange and other Exchanges.
4. More rigid supervision of National banks.
5. Discouragement of the use of bank deposits for speculation.
6. Complete separation of investment and commercial banking.
7. Barring the use of Federal Reserve funds for speculation.
8. A pledge against implied approval by the State Department of foreign
flotations in this country.
9. No Government attempts to influence the stock market by "misleading statements."
The remarks which Gov. Roosevelt made anent the foreign
loans brought from cie State Department at Washington
on Aug. 21 a statement in which it declared that "the Department of State has never approved a single foreign loan.
1429
"Promotion" by Hoover Termed "Defective."
Much of our trouble came from what the President described as "a new
basis in Government'relation with business; in fact, a new relationship of
Government with its citizens."
The fact that he believes this policy definitely affects business he has
asserted many times. For example, in taking credit for the expansion of
export trade, he said. "It is not chance. . . . Things like this don't
happen."
Here is the case summed up in the President's own words. At St. Louis
in 1928 he said,"Without the wise policies which the Republican Party has
made effective through the past seven and a half years, the great prosperity
we now enjoy would not have been possible."
Remember this, my friends, in the face of present assertions that Government cannot affect business conditions. He even claims he must take the
responsibility of what the Army does and where it goes.
This mobilization of business as the President practices it by promotion
and advertising methods will always be defective. His power to influence
public opinion is great, but this driving will, as it has been well put, always
be backseat driving—ineffective and dangerous.
Apart from the futility and danger of such interference the President's
thought is a wide department from the Republican tradition as voiced by
President Harding's slogan of less Government in business. Republicans
everywhere should understand and see this in this year 1932. It is completely alien to the traditions of his party. The co-incidence of the two
'policies is as dangerous a mixture as fire and powder. This is the tragic
folly of the past four years.
Even before the election of Mr. Hoover a terrible race began between
the rising tide of bubble fortunes in the stock market and the rising tide
of
of unemployment. Mr. Hoover's own records in the Department
Commerce showed that there were 2,000.000 fewer men at work in the four
principal fields of employment in 1925 than there had been six years previously, although the population and production had vastly increased
and many new industries had appeared.
'New Economics" Branded as "Dangerous Doctrine."
Despite huge profits in a handful of large corporations, the fact remained
that more than half the corporations of the Country were reporting no net
income. Nevertheless we were, said Mr. Hoover in that campaign, on
the verge of the "greatest commercial expansion in history."
High wages would create new consuming power, accelerated mass and
machine production would lower costs. Buy morel Owe morel Spend
morel This was the program. This caused the deluge of high-pressure
selling, lavish extravagance, head-on plunges into debt and yet more debt,
and all this, coupled with the President's idea of Government sponsorship
of the whole headlong plunge, was the dangerous doctrine called "the
new economics."
It was the heyday of promoters, sloganeers, mushroom millionaires,
opportunists, adventurers of all kinds. In this mad whirl was launched
Mr. Hoover's campaign. Perhaps foreseeing it, a shrewd man from New
England, while in the cool detachment of the Dakota hills, on a narrow
slip of paper wrote the historic words,"I do not choose to run."
It was already obvious even to the Administration that the forced
production of our industry was far too great for our domestic markets. The
President had to meet this fact and he did meet it by an audacious and
fateful suggestion. We were to sell what he called "the constantly increasing surplus." We were to sell it abroad.
But how could this be done in the collapsed state of world finance? He
answered, "It is an essential part of the further expansion of our foreign
trade that we should interest ourselves in the development of backward
or crippled countries by means of loans."
Obedient to this suggestion, the United States, which had already loaned
year.
14 billions abroad, was lending overseas at a rate of two billions per
Thus was produced, my friends, in fact the crop of foreign bonds which
American investors know to their cost to-day. The old economics had
gone out of business. To the suggestion that mass and machine production ultimately destroys employment, the President simply observed, and
again I quote his words, "This is the re-echo of a century ago."
Markets "Sealed" by "Grundy Tariff."
And the new economics went merrily on. The agitation had already
begun for the raising of protective tariffs according to good Republican
1430
Financial Chronicle
principles. There were protests, of course, protests that you could not
Increase protective tariffs, preventing foreigners from selling, and at the
same time expect a greater expansion of our foreign trade.
Said the President: "This theory was sound enough in the old days
of direct barter." And after discussing polyangular trade, he concluded
in these words: "This, I believe, finally extinguishes the already depleted
importance of the theory that our tariff seriously damages the buying
power offoreign countries."
I think the President himself knew better; but behind him was the insistent Mr. Grundy. They had let the President have his foreign loans—
not unnaturally, in view of the huge banking commissions which were
being made out of these loans.
But Mr. Grundy and the Republican leaders, looking for something
more substantial than the fanciful promises from abroad that were being
sold to American investors, asked for a copper-riveted American market,
sealed by the highest tariff in the history of the world.
The President hesitated, because he must have seen at that time the
awful nature of the choice. But his courage failed. Grundyism had its
way; and American industry, accelerated to a pace never before known,
suddenly found the brakes locked on a slippery road. The law of gravity
did the rest.
Back in 1928, when the Republican candidate told us that our prosperity
was permanent and safe, red flags of warning were already flying unheeded.
For some years the collapse of farm prices had prostrated agriculture.
with nothing done to help. In industry the number of corporations reporting net income was steadily diminishing.
In banking, Paul Warburg, a great financial authority and a great man,
who had given years of his life to the original building up of the Federal
Reserve System, issued early in 1929 a public warning that speculation
had gone wild and that the country would have to pay for it.
"Alice in Wonderland" Llarreling at Magic.
Notwithstanding the appearance of prosperity, unemployment was
steadily increasing. Months before the American Federation of Labor
had sounded an alarm with regard to the rapid decrease in the number of
jobs.
And the Federal Reserve Board saw the clouds, too, but did little to help.
The Administration lined up with the stock market and the warnings
went unheeded. The President apparently forgot that in 1922 he himself
had written as follows: "Thirty years ago our business community considered the cyclic financial panic inevitable. We know, now, that we have
cured it through the Federal Reserve Board." And yet in 1929 he took
the opposite course, nullifying the Board's effort.
It has been suggested that the American public was apparently elected
to the role of our old friend, Alice in Wonderland. I agree that Alice was
peering into a wonderful looking-glass of the wonderful economics. White
Knights had great schemes of unlimited sales in foreign markets and discounted the future ten years ahead.
The poorhouse was to vanish like the Cheshire cat. A mad hatter
invited every one to "have some more profits." There were no profits,
except on paper. A cynical Father William in the lower district of Manhattan balanced the sinuous eel of a pool-ridden stock market on the end
of his nose. A puzzled somewhat skeptical Alice asked the Republican
leadership some simple questions:
"Will not the printing and selling of more stocks and bonds, the building of new plants and the increase of efficiency produce more goods than
we can buy?"
"No," shouted Humpty Dumpty, "the more we produce the more we
can buy."
"What if we produce a surplus?"
"Oh, we can sell it to foreign consumers."
"How can the foreigners pay for It?"
"Why, we will lend them the money."
"I see," said little Alice, "they will buy our surplus with our money.
Of course, these foreigners will pay us back by selling us their goods?"
"Oh, not at all," said Humpty Dumpty. "We set up a high wall called
the tariff."
"And,"said Alice at last."how will the foreigners pay off these loans?"
"That is easy," said Humpty Dumpty, "did you ever hear of a moratorium?"
And so, at last, my friends, we have at the heart of the magic formula of
1928. Stange as it may seem, the road to abolition of poverty was a constantly Increasing maze of machine production. The absorption of the
surplus was to be through what I quoted before the "development of backward and crippled countries by means of loans."
The "lift yourself up by your own boot straps" theory was believed. Yes,
It appeared to work. People voted the exponent of the new economics Into
office and rushed into the marekts to buy. Under the spell of this fable they
sacrified on the altar of the stock market the frugal savings of a lifetime.
Business men sincerely believed that they has heard expert advice and
risked their solvency by a new burst of expansion. Common sense was
hushed before the spell of an economic necromancy sponsored by Washington
Itself.
Between that day when the abolition of poverty was proclaimed, in
August 1928, and the end of that year, the market balloon rose. It did not
stop. It went on, up and up, up and up for many fantastic months. These
were as the figures of a dream. The balloon had reached the economic
stratosphere, above the air, where mere man may not survive.
Then came the crash. The paper profits vanished overnight; the savings
pushed into the markets at the peak dwindled to nothing. Only the cold
reality remained—the debts were real—the only realities in the cold dawn of
deflation amid a nebulous welter of magnificently engraved certificates not
worth the cast of the artistic scroll work upon them.
Hiding of Truth Charged as "Republican Crime."
And now came what I believe to be the real crime of the Republican
Administration. They had a sea of statistics at hand, but the administration did not tell the truth. On Oct. 26 1929—the day after the big break—
the President observed: "The fundamental business of the country, that is,
production and distribution of commodities, is on a sound and prosperous
basis."
And further he insisted, and these are his words: "There is no reason why
business could not be carried on as usual."
On Dec. 3 1929, the President sent a message to Congress as follows:
"The sudden threat of unemployment and the recollection of the economic
consequences of previous depressions under a much less secure financial
system, created unwarranted pessimism and fear. We have re-established
confidence."
And again, with what seems now like ghastly humor, the speech contined:
"I wish to emphasize that during the past year (1929) the nation has continued to grow in strength. Our people have advanced in comfort."
Meanwhile common citizens in their family affairs, and industrial and
commercial agencies, began to trim their sails, but the President disapproved of this prudence.
Aug. 27 1932
Final Prophecies Ending in "Silence."
"I have," said he, "instituted systematic and voluntary measures
of
co-operation with the business institutions and with the State and municipal authorities' to make certain that the fundamental business of
the
country shall continue as usual."
On March 7 1930, came the classic remark of the whole depression. Said
the President to the press: "All the evidence indicates that the worst
effects of the crash and unemployment will have passed during the next
60 days."
On May 1 1930, the White House once more insisted, "We have now
passed the worst." In October 1930, after the false start and the disastrous
aftercrash of that fateful Summer, proclaimed the White House: "The
depression is but a temporary halt in the prosperity of a great
People. The
Income of a large part of our people has not been reduced."
On Dec. 2 1930, it was announced that "we have already weathered the
worst of the storm." And then, my friends, as the depression steadily
continued, all was silence.
That was the measure of gepublican leadership.
Finally, when facts could no longer be ignored and excuses had to be
found, Washington discovered that the depression
came from abroad. In
October of last year, the official policy came to us as follows: "The depression has been deepened by events from abroad which
are beyond the
control either of our citizens or our government"—an excuse, note well my
friends, which the President still maintained in
his acceptance speech last.
week.
Not for partisan purposes but in order to set
forth history aright, that
excuse ought to be quietly considered. The records
of the civilized nations
of the world prove two facts: First, that the
economic structure of other
nations was affected by our own tide of speculation,
and the curtailment of
our lending helped to bring on their distress; second, that
the bubble burst
first in the land of its origin—the United States.
The major collapse in other countries followed.
It was not simultaneous
with ours. Moreover,further curtailment of our
loans, plus the continual
stagnation in trade caused by the Grundy tariff,
has continued the depression throughout international affairs.
Blame on Four Counts Laid to Party in Power.
So I sum up the history of the present administration
in four sentences:
First, it encouraged speculation and overproduction,
through its false'
economic policies.
Second, it attempted to minimize the crash and
misled the people as
to its gravity.
Third, it erroneously charged the cause to other
nations of the world.
And finally, it refused to recognize and
correct the evils at home which
had brought it forth; it delayed relief; it forgot
reform.
So much for a dispassionate review of the
facts of history. I have placed
the blame. But to place the blame is not enough.
The logical question before us now Is this: What
stops have been taken
to recognize the errors of the past? What concrete
remedies have been
proposed to prevent them from happening in the
future?
The real point at issue is this. Have the leaders
of the Republican Party,.
under a captaincy distinguished during the past
four years by errors of
leadership, unwillingness to face facts, whose whole
theory of curing the
country's ills has been to call his leading sufferers
together in conference to
tell him how they may be helped, has this
Party, I ask, under this leader,
suddenly become the Heaven-sent healer of the
country who will now make
well all that has been ill?
In other words, has the Republican elephant,
spotted with the mire'
through which he has wandered blindly during these
last four years,suddenly
by miracle overnight become a sacred white elephant
of spotless purity.
to be worshiped and followed by the people, or has he merely
been scrubbed
and whitewashed by cunning showmen In the hope that
they can deceive a
credulous electorate for four years
more?
Let's look at the records. The Republican platform provides
the familiar
explanation that the length and depth of the depression came from
abroad.
But there is no recognition of the part played by unsound
investing policies.
under a lax and Indifferent leadership. That caused, as we know,
a very
considerable part of the losses sustained by the people of this country.
Lack of Remedy Charged lo Lack of Leadership.
The only constructive suggestion regarding investments is
an evasion.
It says that serious problems have arisen from uniting
Investment to commercial banking; but it does not have the courage to
suggest a separation
of the two. It provides no remedy.
The acceptance speech of the distinguished gentleman
who Is runningagainst me is equally empty of hope on this subject.
There is an eloquent
description of the storm through which we are passing;
glimpses through the
clouds, of troubled officers pacing the deck wondering
what to do.
He speaks with feeling of a soil poisoned by speculation
in which grew
ugly weeds of waste, exploitation and the abuse of financial
power, but he
speaks not of the beneficent rays of the sun of
administrative approval
under which these weeds sprouted and flourished.
The only approach to the protection of the investing
public
temporary and immediate loans is a vague reference to a stronger beyond
banking
system which will not, he says, "permit the credit of
the country to be
made available without adequate check for wholesale
speculation in securities."
He adds that "for seven years I have repeatedly warned against
credit
loans abroad for non-productive purposes," whatever that may
be.
I have sot forth thus in the words of Republican leaders the
rise, the
decline and the fall of the administration. We now come to the
philosophy
which, the President maintains, is behind all this. Here we
have a strange
contrast. We have in many utterances, ending with the
acceptance speech,
an exposition of the doctrine of American individualism.
Set over against
that theory is an actVal policy that Is directly in conflict with
it.
Wealth "Concentrated" With Millions Jobless.
Appraising the situation in the bitter dawn of a cold morning
after, what
do we find?
We find two-thirds of American industry concentrated in a few
hundred
corporations, and actually managed by not more than five
human individuals.
We find more than half of the savings of the country invested in
corporate
stocks and bonds, and made the sport of the American stock market.
We find fewer than three dozen private banking houses, and
stockselling adjuncts of commercial banks, directing the flow of American
capital.
In other words, we find concentrated economic power in a few hands,
the precise opposite of the individualism of which the President speaks.
We find a great part of our working population with no chance of earning
a living except by grace of this concentrated industrial machine; and we
find
that millions and millions of Americans are out of work, throwing upon the
already burdened government the necessity of relief.
We find a tariff that has cut off any chance of a foreign market for
our products, that has had the effect of cutting the earnings of the farmer
to the extent of threatening him with foreclosure and want.
Volume 135
Financial Chronicle
We find the Republican leaders proposing no solution except more
debts, more conferences under the same bewildered leadership: more
government money in business and no government attempt to wrestle
with basic problems. And we have a stirring appeal to the intrepid soul
of the American people.
Now I believe in the intrepid soul of the American people: but I believe
also in its horse sense. I am going on now to outline my own economic
creed, and a substantial part of the constructive program that I hope to
Initiate.
Economic-Political Creed of Franklin Roosevelt.
I, too, believe in individualism; but I mean it in everything that the
word implies.
I believe that our industrial and economic system is made for individual
men and women, and not individual men and women for the benefit of
the system.
I believe that the individual should have full liberty of action to make the
most of himself; but I do not believe that in the name of that sacred word a
few, powerful interests should be permitted to make industrial cannonfodder of the lives of half of the population of the United States.
I believe in the sacredness of private property, which means that I
do not believe that it should be subjected to the ruthless manipulation of
professional gamblers in the stock markets and in the corporate system.
I share the President's complaint against regimentation; but unlike
him. I dislike it not only when it is carried on by an informal group, an
unofficial grout), amounting to an 'economic Government of the United
States, but also when it is done by the Government of the United States
Itself.
I telleve that the Government, without becoming a prying bureaucracY,
can act as a check or counter-balance to this oligarchy so as to secure the
chance to work and the safety of savings to men and women, rather than
safety of exploitation to the exploiter,safety of manipulation to the financial
manipulator, safety of unlicensed power to those who would
speculate
to the bitter end with the welfare and property of other people.
Yes, the word "individualism" is a bitter word in the mouth of Republican leaders, who have fostered regimentation without stint or limit.
Opposition to financial exploitation is a ghastly sham in men who have created,
encouraged and brought into being the very power of exploitation.
We
must get back to first principles; we must make American individualism
what it was intended to be—equality of opportunity for all, the
right of
exploitation for none.
Some of the Democratic policies I have already set forth.
To-day I lay before you another,and I do so in direct and plain
English.
New Deal Demanded for American People.
Let me ask you a practical question: If by manipulation or as the
result
of economic law a definite even though partial improvement in industrial
production and commodity values were to begin in the near future,
would
the people of this country be satisfied to have a continuance of the same
governmental policies toward speculation that were definitely
practised
before the crash?
Would the people of this country welcome a return of practices
in banking, in the sale of foreign securities, in the flotation of mergers
or in concealed and unsound practices of corporate finance to which the
Nation was
treated in the years prior to 1929?
For every.sane man and woman in this country I answer no.
I now ask
one further question, a question to which current
history also answers no.
Does the Republican platform or do the Republican nominees
and leaders
promise concrete and immediate remedies to prevent a return
of what has
so largely been instrumental in bringing us
where we are to-day? A thousand times no.
In contrast to a complete silence on their
part, and in contrast to the
theories of the year 1928, which I have shown that
the Republican leaders
still hold, I propose an orderly, explicit and practical
group of fundamental
remedies. These will protect not the few but
the great mass of average
American men and women, who, I am not
ashamed to repeat, have been
forgotten by those in power.
These measures, like my whole theory of the
conduct of government,
are based on what? Based on telling the
truth.
Government cannot prevent some individuals from
making errors of
judgment. But government can prevent to a very
great degree the fooling of sensible people through misstatements and
through the withholding
of information on the part of private organizations,
great and small, which
seek to sell investments to the people of the Nation.
First—Toward that end and to inspire truth telling, I propose that every
effort be made to prevent the issue of manufactured and
unnecessary
securities of all kinds which are brought out merely for the purpose
of enriching those who handle their sale to the public; and I further
propose
that with respect to legitimate securities the sellers shall tell
the uses to
which the Money is to be put. This truth-telling requires that
definite
and accurate statements be made to the buyers in respect to the
bonuses
and commissions the sellers are to receive; and furthermore, true
information as to the investment of principal, as to the true earnings,
true liabilities and true assets of the corporation itself.
Second—We are well aware of the difficulty and often the
impossibility
under which State Governments have labored in the regulation
of holding
companies that sell securities in inter-State commerce. It is
logical, it is
necessary and it is right that Federal power be applied to such
regulation.
Third—For the very simple reason that the many exchanges
in the
business of buying and selling securities and ccmmodities can
by the practical expedient of moving elsewhere avoid regulation by any
given State.
I propose the use of Federal authority in the regulation of these
exchanges.
Fourth—The events of the past three years prove that
the supervision
of National banks for the protection of the public has been
ineffective.
I propose vastly more rigid supervision.
Fifth—We have witnessed not only the unrestrained use of
bank deposits
In speculation to the detriment of local credit, but we are
also aware that
this speculation was encouraged by the Government
itself. I propose
that such speculation be discouraged and prevented.
Sixth—Investment banking is a legitimate business.
banking is another wholly separate and distinct business. Commercial
Their consolidation and mingling is contrary to public policy. I
propose their
separation.
Seventh—Prior to the panic of 1929 the funds of the Federal
Reserve
System Were used practically without check for many
speculative enterprises. I propose the restriction of Federal Reserve banks in
accordance
with the original plans and earlier practices of the Federal Reserve
System
under Woodrow Wilson.
"Fair and Open Dealing" Proposed as Policies.
Finally, my friends, I propose two new policies for which
legislation
is not required. They arc policies of fair and cpen dealing on the part
of the officials of the American Government with the American investing
public.
In the first place, I promise you that it will no longer be possible
for
International bankers or others to sell to the investing public of America
foreign securities on the implied understanding that these securities
have
1431
been passed on or approved by the State Department or any other agency
of the Federal Government.
In the second place, I assure you that high public officials in the next
administration will neither by word nor deed seek to influence the prices
of stocks and bonds. The Government has access to vast information
concerning the economic life of the country, but the present Administration
has all too often issued statements that have had no relation to the scientific
information which it possessed. That has shaken public confidence and
it is going to stop.
My friends, these assurances which I am here giving you are to my
mind greatly important in the long list of remedies that we propose. Restored confidence in the actions and statements of executive authority is
indispensable. This Administration during these four years has risked
the lives and property and welfare of the people of the Country through
a policy of disastrous Governmental speculation.
It is no wonder that stagnation has resulted—a stagnation born of fear.
But this is a distrust not of ourselves, not in our fundamental soundness,
not in our innate ability to work out our future. It is a distrust in our
leaders—in the things they say and the things they do.
Therefore, the confidence that the Administration has asked us as
individual citizens to have in ourselves is not enough. The kind of confidence we most need is confidence in the integrity, the soundness, the liberalism, the vision and the old-fashioned horse sense of our National leadership.
Without that kind of confidence we are forever insecure. With that
kind of confidence in the leadership of America, represented by the Government in Washington, the future is ours to conquer and to hold.
State Department at Washington Issues Statement
Bearing on Attitude Toward Foreign Loans in
Answer to Assertions of Governor Franklin D.
Roosevelt of New York.
The State Department at Washington took occasion on
Aug. 21 to issue a statement bearing on its attitude toward
foreign loans, the issuance of the statement having been
prompted by a reference thereto by Gov. Franklin D.
Roosevelt of New York in a speech delivered in Columbus,
Ohio, r n Aug. 20. In taking cognizance of Gov. Roosevelt's
remarks the State Department on Aug. 21 said:
In his speech on Saturday [Aug. 201 Mr. Roosevelt said that if he were
elected he promised "that it will no longer be possible for international
bankers or others to sell to the investing public of America foreign securities
on the implied understanding that these securities have been passed on
or approved by the State Department or any other agency of the Federal
Government."
This is an insinuation that the Department has thus assisted the bankers
In the past. It would be interesting to know whether Mr. Roosevelt
intends to revive this long since discredited story and whether he will
assert that the Department has actually thus assisted the bankers.
The facts have repeatedly been stated. The Department of State
has never approved a single foreign loan. It advised the bankers not to
make loans to countries which had not funded their debts to the United
States, thereby speeding up the negotiations which resulted in the debt
agreements.
At one time the Department warned bankers planning to advance loans
to Germany of the dangerous overextension of credit to that country and
of the probable difficulties of collection due to the provisions of the Treaty
of Versailles. It undoubtedly through its advice thus prevented many
loans.
On the other hand, it has never encouraged the issuance of any loans
whatsoever. Any assertion to the contrary is untrue and is so understood
by the people of the United States.
The following from Washhagton Aug. 22 is from the New
York "Times":
Officials said to-day that the State Department statement issued yesterday, taking exception to "insinuations" by Governor Roosevelt as to its
foreign policy and denying that it had ever "encouraged" the issue of "any
loans whatsoever," was dictated to the Department from Camp Rapidan
by Under-Secretary Castle, who was a week-end guest there of President
Hoover.
Whether Mr. Castle discussed the statement with the President was
not disclosed, but he discussed it by telephone with Secretary Stimson, who
is spending a vacation in the Adh-ondacks, and obtained his approval of it
Representative Snell in Answer to Governor Roosevelt's
Criticisms of President Hoover's Administration
Declares Governor Could Have Initiated in New
York State Reforms in Security Dealings and Stock
Exchange Regulation.
The criticisms made by Governor Franklin D. Roosevelt
of New York of President Hoover's Administration (contained in the Columbus, Ohio, speech Aug. 20 of Mr. Roosevelt) have brought from Representative Bertrand H. Snell,
Republican leader of the House, a statement in which the
latter points to reforms "which could have been initiated
by the Governor of the State of New York any time during
the last four years." Representative Snell says "the
Governor should know that there is no Constitutional basis
for Federal Government regulation of the Stock Exchange
or the issuance of securities by business concerns." "There
are no legal barriers to State regulation," says Mr. Snell,
whose statement issued at Washington Aug. 21 follows:
It is Mal to expect a good deal of license from the Presidential candidate
of the party out of power seeking to get in. Without responsibility the
road is open for general assault upon the Administration. It is more
or less easy for him to appeal to the supposedly disaffected elements and
'capitalize discontent. And it is equally easy for him to sow the wind
with promises as to what he would or would not do if once elected.
Tho e candidates in fact are so free from restriction that it is not often
one can be checked up. It is difficult for them to go too far. Mr Roosevelt, however, seems to present an instance of one who has.
1432
Financial Chronicle
The first part of his Columbus speech was devoted to distorted and
Inaccurate criticism of Mr. Hoover. He not only had many of his facts
wrong, but by reversing the sequence of events, by the unfair use of spoken
words and by the disingenuous Joining of unrelated facts, he sought to
make the President responsible for the mad speculation long under way
before his administration began and for a depression that started three
months after.
But it is not worthwhile to straighten these facts out. If a strict adherence to the facts were compelled there would simply be no Democratic
campaign and the Democratic argument, which is wholly based on a halfbaked presentation of them, would bog down.
Nor is it necessary to dwell upon Mr. Roosevelt's charming, if somewhat clouded, Alice in Wonderland similes or his uncandid denunciation
of the tariff law that could not have been enacted without the Democratic
vote cast for it in the Senate and which was enacted two years after the
depression began.
Neither is it worthwhile emphasizing Mr. Roosevelt's obvious, though
thinly disguised, fear of "a definite even though partial improvement in
Industrial production of commodity values," prior to election, a fear that
will hardly be shared by men seeking employment, or by an agricultural
population with crops to sell.
These phases of the Roosevelt speech are unsound, but not really important. They are more or less typical of the candidate whose eager heart
Is set on catching votes with any bait at which they might bite. And
while he goes farther and is more recklessly disregardiess of the facts than
most men in his position, this may be set down to the heat of his desire
and a congenital inability to think clearly.
However, when Mr. Roosevelt, having exhausted his stock of accusations that the President is lacking in courage and consistency, comes to
the concrete statement of his own economic remedies, then I think we
are entitled to ask him a few questions—questions, too, which he has
no right to evade answering by hiding behind the attenuated excuse that
he will reply to no one except the President, or by depending upon the
party publicity director and his little group of Senatorial mouthpieces.
Regulation of Stock Exchange.
Governor Roosevelt would regulate the Stock Exchange so as to curb
harmful speculation. He would control the issuance of securities and
provide for greater publicity in connection with security issues. He
would compel the separation of commercial and investment banking.
He promises better supervision of banks. He proposes a reform of the
Federal Reserve System.
Leaving aside the last point, which is altogether too large a subject to
be dealt with in a brief statement, the amazing fact Is that all of these
reforms could have been initiated by the Governor of the State of New
York any time during the last four years, and that the Governor should
know that there is no constitutional basis for Federal Government regulation of the Stock Exchange or the issuance of securities by business concerns.
The principal Stock Exchange of the country is in New York. It is
much more amenable to State regulation than to National. There are
no legal barriers to State regulation. The Governor's feeble alibi that
rather than to submit to reasonable regulation the New York Stock Exchange would move from one State to another borders on the absurd.
As to the issuance of securities, New York City is the great securities
market of the country. All the important issues have their origin there.
The principal investment banking houses are there located. The State
has jurisdiction over them. If Governor Roosevelt really wants to stem
the flow of unsound securities and control banking commissions, could there
be a more effective place to apply his theories than at the source?
When it comes to separating the commercial end of banking from dealing
In securities, it is well known that the powers granted under their charters
to State banks and trust companies are, in so far as security dealings
are concerned, infinitely broader than those vested in National banks.
Moreover, all of the so-called affiliates, of even the National banks, operate
under State charters. For all the years the Governor has been in Albany
the State government has had complete authority to bring about this
reform in its own banking system and in the financial and banking center
of the Nation.
The abuses to which Governor Roosevelt refers have, according to
him, long since been obvious. If his program be sound, if it would cure
the economic his of the Nation, why has the Governor of New York. a
State situated as to be able to institute and carry them through with
surer authority and greater effectiveness than the Federal Government,
remained silent and inert until to-day, when he speaks, not as an executive
clothed with power, but as an eager seeker for a higher office? In his
position and with his views, why, in the name of common sense, has he
done nothing at all about it in four years?
Finally, as to his promise of better banking supervision. Alice in Wonderthrow
land could have told him that people in glass houses should not
gold bricks. Has the Governor forgotten that one of the most evil-smelling
York City, a failure
bank failures in the United States took place in New
followed by indictment and conviction? Does he promise the country the
kinds of supervision that preceded the failure of the Bank of United States,
a State institution supervised by the State Banking Department?
0Speaking of forgotten men, the Governor himself seems to be forgetful
of the 400,000 depositors in this particular bank.
The truth is that the Federal Government has been of Immense assitance
to the bank depositors of the country, including those in New York State.
The protection afforded the 15,000,000 depositors in banks that have
fact
received help from the Reconstruction Finance Corporation is a cold
which the:Governor chooses to ignore.
The Governor's most recent program and promises are just another
example of what will haunt him and his party through this campaign—
promises nullified by a stark and Inescapable record.
Richard'Whitney of New York Stock Exchange on
Senate Inquiry Into Exchange Practices—Says
Investigation Disproves That Short Selling Caused
Price Declines.
•
Richard Whitney, in a report on Aug. 24 to the Governing
Committee of the New York Stock Exchange (of _which
—the-investigation by
he. is President) went at leicgth-iiito
the Senate Banking and Currency Committee into Stock
Exchange practices. In submitting the report, Mr. Whitney
expresses regret that "the many pressing matters which,
engaged the attention of the Committee prevented them
from giving me an opportunity to make a further statement
on behalf of the Exchange, because there is much testimony
it'Tthe record which is incomplete or misleading."
Aug. 27 1932
Mr. Whitney makes the statement that "the investigation, I believe, has proved the popular conception that
short selling forced prices to unwarranted levels to be false
and fanciful. It has also proved that the real cause of the
decline was the liquidation of securities rendered inevitable
by inflated values in the period of prosperity." In part we
give as follows what Mr. Whitney has to say:
When the investigation started it was generally believed that its primary
purpose was to determine what effect, if any, short selling had in causing
the decline in securing prices and also whether, as many people supposed.
bear raids were an important factor in creating the economic depression. A
considerable amount of testimony was taken in regard to this subject and all
of the statistics of the Exchange were introduced into evidence. These
statistics are the most complete record in regard to short selling that any
security market in the world has ever collected and they supply the only
accurate evidence available for testing the many theories that have been
propounded in regard to the advantages or disadvantages of short selling.
The position of the Exchange has always been that short selling is a nacos
sary part of a free market for securities. Our insistence upon this point has
often been misinterpreted and many times in the course of the investigation
statements were made to the effect that the Exchange maintained that short
selling had no influence on the price of securities. That, of course, has
never been the position of the exchatrte. We recognize that short selling,
and particularly a large volume of short selling in inactive securities, affects
prices, but we know that any effect of short selling is of a purely temporary
character, and that short selling alone cannot cause declining prices. Our
statistics amply support the position taken by the Exchange and prove that
short selling Is only one of many factors which influence security prices.
The effect of short selling, however, has been greatly exaggerated in the
popular imagination, and, therefore, quite naturally, attempts were made
during the investigation to prove that it was the dominant factor in the
events of the last few years. While it is impossible to enumerate all of the
factors which have contributed to the decline in security prices, the outstanding fact developed in the investigation was the relation between the
decline in prices and the decline in earnings of corporation. This, of course.
Is logical. If a company is making substantial earnings the price of its
securities will rise and no ordinary or even large volume of short selling can
prevent an appreciation in price. On the other hand,if the earnings decline,
the price of securities will fall. A large volume of short selling may temporarily hasten this process, but it does not control the ultimate result.
Furthermore, the temporary effect of short selling is offset by the compulsory purchases of the short sellers. It Is for this reason that short
selling is a useful and necessary part of a great security market. A study
of the relative size of the short interest and the price level of securities shows
that there is no direct relation between them. . . •
to
During one of the hearings counsel for the Senate Committee referred
a magazine article in which the author undertook to prove that short selling
was the principal cause of declining prices. This article was predicated on
the price movement and the volume of the short interest in American and
Foreign Power common stock. The author selected the statistics covering
only the months of August and September 1931 and completely disregarded
the action of this stock during other periods. His theory, which superficially
seemed supported by the statistics to which he referred, is untenable when
the statistics for the whole year from May 1931 to May 1932 are studied.
There are just as many, if not more, occasions when the short interest
decreased while the price also declined as there aro occasions when the short
interest increased and the price went down. . . .
All the evidence taken before the Senate Committee supports the contention of the Exchange that short selling was not a dominant cause in
bringing about the decline in security prices. The real reason for the
decline became more and more obvious as the investigation progressed.
The great period of speculation which lasted from 1924 to the fall of 1929
brought about an inflation of security prices; during the boom days speculation had become rampant; it was indulged in by citizens in every walk of
life and the desire to buy securities and reap a profit became so prevalent
that the price of securities rose to unwarranted heights. At the time the
fact of inflation was not recognized. On the contrary, our foremost students
of economics believed that changes in industrial development had brought
about a new era of prosperity and that mass production and the extensive
use of credit in installment purchasing would make prosperity permanent.
Not only students of economics but also leaders of business and Industry
and persons prominent In public life asserted that American Prosperity
was an enduring and certain thing. In consequence, the public believed
that rising security prices resulted from a new basis of value and that
corporate earnings on an ever increasing scale waffled the levels at which
stocks were selling. None of us, I am sure, appreciated the extent of the
Inflation or fully anticipated the grave consequences which would follow
In its wake.
In the fall of 1929 the panic occurred. The fact that corporate earnings
had ceased to rise and, on the contrary, had definitely turned downward
by July 1929 was not generally known or accepted until October. When
this fact was appreciated the very basis on which securities had been valued
disappeared and a great liquidation became inevitable. This liquidation,
in so far as brokers' loans were concerned, was carried out with groat
rapidity in October and November 1929. By the end of the year a new
wave of optimism swept the country. People felt that the program of
reconstruction urged by the Government would immediately revive the
era of large earnings and high security prices. Our economists, leading
business men and politicians gave their support to this belief. A secondary,
but somewhat smaller boom occurred. This rise in prices was, in some
ways,more unjustifiable than the inflation of 1928 and 1929. In the earlier
period security prices were rising at a time when both earnings and business
activity were increasing. In the spring of 1930, however, security prices
were rising when the volume of business was definitely declining and corporate earnings were decreasing. This secondary inflation was of brief
duration and gradually through the fall of 1930 and the whole course of
1931 security prices declined under the tremendous pressure of liquidation.
It was liquidation not only of speculative credit but of all forms of credit,
and even of securities owned outright, which overwhelmed the market
with selling orders. When it became impossible to sell real estate and other
investment holdings, when loans on real estate were unobtainable, when
farm land prices collapsed and the price of commodities reached levels
which were substantially below the cost of production, persons who were
forced to raise money sold their securities because they were the only
form of property which was salable.
The one great duty of the Stock Exchange throughout the period from
1929 to the middle of 1932 was to maintain a market place in which securities
could be sold for cash. If it had failed and the market had closed, a moraThe
torium of one kind or another would, I believe have been inevitable.
enormous liquidation which flowed into the Exchange was due to selling
not only by speculators but by investors located allover the country and,
Intact, all over the world. It was impossible for this vast mass of securities
saw a
to be sold without causing the decline in prices which took place. We
Volume 135
Financial Chronicle
huge amount of our capital liquidated and we finally approached a period
where further liquidation seemed impossible. Even if security prices have
fallen to a fraction of what they were in 1929,the fact that during the entire
Period owners of securities were able to sell them and realize cash means
that the securities listed on the Exchange retained a liquidity which had
ceased to exist in regard to other forms of property.
It is important to note that it was the market for stocks which furnished
this safety valve, and I believe that it was because short selling existed
that our stocks have remained liquid. In the bond market, where short
selling is almost nonexistent, the situation has been quite the contrary.
While stock prices have declined enormously, but in an orderly manner, the
decline in bonds has been even more drastic. In the latter part of 1931 and
again this spring there were moments when the liquidation of even a small
number of bonds brought about great declines in price and the liquidation
of any substantial block of bonds was simply impossible. In the month
of May 1932 the total value of bonds listed on the Exchange declined by
over two billion dollars, and this figure does not give a complete picture of
the situation, because there were many issues in which the sale of even a
few bonds would have brought about a further decline of anywhere from
five to ten points. Until the flood of bond liquidation subsided there was
grave danger that our bond market would be completely frozen. If further
proof were needed of the necessity of short selling for the maintenance of a
security market, I think our recent experience in regard to the bond market
is conclusive.
The investigation, I believe, has proved the popular conception that
short selling forced prices to unwarranted levels to be false and fanciful.
It has also proved that the real cause of the decline was the liquidation of
securities rendered inevitable by inflated values in the period of prosperity.
I cannot leave this subject of short selling without pointing out the way
in which short covering has saved the market in periods of crisis. I have,
on a number of occasions, referred to the deliberate use made of the short
position during the English crisis in September 1931. At that time a ban
on short selling for the brief period of two days brought about covering
purchases of more than a million shares of stock and gave the market a
stability which absorbed the first shock of the sudden announcement that
England had gone off the gold basis. In the Spring of 1932, In the period
from March to May, security prices declined with great rapidity. In the
same period the short interest declined by about 1,400,000 shares, This
covering undoubtedly prevented a complete disorganization of the market
and a collapse of all security values. The market at that time was extremely
thin and nervous. Tho volume of transactions was so small that the absence
of even this limited amount of buying would have had serious consequences.
Had we banned short selling in 1930. or 1931, or 1932, as we were urged to
do, we would not have had the necessary buying power to help us through
what seems now to have been the last stages of the great depression.
Another popular misconception which received great consideration during
the investigation was the subject of bear raids. This, of course, was at
times confused with the general question of short selling, but I think the dis
tinction between a normal short sale made by a person who believes that
securities are over-valued and a bear wraid which is the sale of securities in a
manner calculated to force a decline in prices was clearly brought out.
Bear raids were, as I say, carefully investigated by the Senate Committee.
In fact, the immediate cause of the first hearing was apparently a report
to the effect that foreign influences were conspiring to force the United
States off the gold standard by a gigantic raid on the stock market. I have
never seen the text of this communication, but from references made to
it in the course of the investigation it apparently indicated that resources
totaling a billion dollars were to bo made available for a raid on the stock
market which would make the classic "Black Friday" pale into insignificance. The subpoena which summoned me to Washington demanded all
of the records of the Exchange in regard to short sellers, including a list
of the persons who had open short positions as of April 8 1932 on which
day the subpoena was issued. As soon as these records could be prepared
they were furnished to the Senate Committee. The names of all short
sellers were carefully scrutinized and, in fact, the name of every person
having a short position in excess of 1.500 shares was made public. Individuals who had large open short positions were summoned as witnesses
and were examined publicly by the Senate Committee. Every effort was
made to find out whether bear raiding, as such, had actually taken place.
Not one item of evidence tending to support this oft repeated accusation
was disclosed. No evidence of any kind tending to show concerted action
among short sellers was brought before the Committee and a number of
witnesses testified that they had never known of a "bear" combination.
The facts developed by the Senate investigation confirmed the experience
of the Exchange. Ever since the panic of 1929, we have endeavored by all
means at our disposal and through the power vested in the Governing
Committee under the Constitution and Rules of the Exchange, to
discover
and prevent bear raiding or any combination of short sellers seeking to
bring about a decline in prices. The fact that we were unable to find any
evidence of such a conspiracy compels us to believe that the rumors of
such activities were false. The Senate Committee with its sweeping power
of investigation and with its right, which was freely exercised,
to subpoena
persons who had short Interests and to question them not only as to
their
motives but also as to what arrangements they had with other short sellers,
investigated bear raiding to the very fullest extent. The result furnished
conclusive proof that tho stock market was not depressed by deliberate
bear raids.
The three pool transactions investigated by the Senate Committee prove
that the success or failure of this kind of activity depends upon the general
movement of security prices or upon some development which
directly
affects the prospects of the particular company. Success is due not to a
false appearance of activity but to the fact that a pool is launced at a
moment when prices are appreciating. Failure awaits those who
undertake pool activities when the market is unfavorable. The inference which
was given over and over again in the course of the
investigation that these
pools amounted to manipulations is, to my mind. false. Manipulation in
the sense of controlling the movement of prices cannot be accomplished
except when, in violation of the rules and regulations of the Exchange, a
stock has been cornered or false or fraudulent statements have been issued
in regard to the affairs of the company. In ordinary pool operations it is
not the activity of the pool but the trend of the market which makes for
profit or loss.
The Exchange has long recognized the danger of nefarious pool operations
and a few such cases have occurred in the past. In 1927 there was a pool in
Manhattan Electrical Supply Company stock. It was formed by a group
of individuals who were not members of the Exchange and apparently
Included some of the principal officers of the company. The evident intention of the pool was to corner the stock and by fictitious quotations, to make
it sell at an unwarranted price. There is some question whether, as a part
of this effort, false and misleading statements in regard to the company's
earnings and prospects were made. The activity of this stock was soon
noticed by the Committee on Business Conduct and the subsequent investigation Instituted by the Exchange brought about a collapse of the pool.
When it appeared that the active members of tho pool were not subject to
the jurisdiction of tho Exchange, all the information which we had collected
1433
was turned over to the Attorney General of the State of New York. I
understand that an investigation was made by the Attorney General, but
no action was ever taken against the participants in this pool.
Three years later there was a second and rather similar pool in Manhattan
Electrical Supply Company stock. At one of the early hearings before the
Senate Committee it was suggested that the Exchange should have prevented the second pool operation because it had knowledge of the preceding
transaction. We had no justification in proceeding with any action in this
case since we took it for granted that our previous suspicions were unfounded.
The second operation was conducted, in part at least, by officials of the
Company. This time it is clear that midleading statements as to the company's condition were issued, "wash sales" undoubtedly took place and
many of the quotations on the Exchange for this stock did not represent
bona fide transactions. The Attorney General's office initiated an investigation and sought the co-operation of the Exchange. Through our joint
activities we were able to disclose the nature of the operations, and the
Attorney General promptly instituted proceedings. The Exchange on its
part suspended the member through whose office the "wash sales" had
been executed, not because this member had participated in the pool or
had knowledge of what was taking place, but solely because he had not been
sufficiently diligent in the conduct of his office to notice the nature of the
transactions.
These are examples of nefarious pools which the Exchange and everybody
else condemns. Unfortunately it is not always possible to prevent activities
of this kind because they are conducted in almost every instance by organized groups who are not subject to the jurisdiction of the Exchange. To
the extent that the Exchange has power to prevent them it has endeavored
to do so and expulsion would be the penalty imposed upon any member who
did participate in any such pool.
To complete the picture of the Manhattan Electrical Supply transactions.
I should perhaps remind you that when the second pool finally collapsed
and it was established that responsible officers of the company had participated in it, the Exchange through its power to strike the stock from its
list was able to force the resignation of the guilty parties. The company was
ultimately reorganized and put in responsible hands in an effort to save its
assets for the stockholders who were the innocent victims of the officials
they had previously elected.
There were constant references in the investigation to the work of specialists. In many instances a lack of knowledge of the work of specialists gave
rise to mistaken notions as to the information at their disposal and their
ability to use this information for personal profit. The Committees counsel
seemed to be convinced that a specialist had full knowledge of all the buying
and selling orders in a particular stock and therefore was in a position to
trade for his own advantage with perfect safety. This, of course, is not
true, but nevertheless the statement was made, although witnesses including
myself had been careful to point out that a specialist has knowledge of only
the orders that have been entrusted to him by other members of the Exchange and that rarely, if ever, does a specialist receive all of the orders in
any stock. I think this mistaken idea as to the knowledge at the disposal
of a specialist is responsible for many of the critical remarks which now
appear in the Committee record.
Counsel for the Committee failed to comprehend the restrictions which
the Exchange has imposed upon specialists. In June when the rules were
amended so as to require a specialist to bid at least an eighth above his order
before taking stock for his own account and contrariwise to offer stock an
eighth below before supplying stock, counsel for the Committee, in attempting to describe the effect of this rule, stated that prior to the amendment
there was no limitation on the right of a specialist to buy or sell for his own
account except that the price had to be justified by the market. This, of
course, overlooks the fundamental safeguards contained in the rules of the
Exchange which are, that a specialist cannot buy for his own account to the
disadvantage of, or before the execution of,an order which has been entrusted to him, and that a specialist, before taking or supplying stock on
orders in his possession, must send for the broker who entrusted the order
to him, disclose the transaction and secure his approval of it. It is the independent approval of the broker who has entrusted the order to the specialist
which is the surest safeguard against misconduct by specialists. . . .
It is unfortunate that the record of the investigation is replete with misstatements and misquotations. I will mention only a few of the many
instances of this kind which I have noted, but they will be sufficient, I
think, to indicate that the record as it stands to-day is in need of correction.
At the very first hearing Senator Brooklart stated that the United
Corporation had been organized in 1921 and at the time of organization
had a value of $105,000,000. He added that in 1929 the market value of the
securities of this corporation had equalled $1,400,000,000 and asked what
possible explanation there could be for such a stupendous appreciation in
value. These figures. incidentally, were substantially the same as those
quoted by Congressman La Guardia at an earlier hearing before the Committee on the Judiciary of the House of Representatives. At the time I
told Senator Brookhart that I was convinced the figures which he quoted
were incorrect. but I did not have in Washington with me the data necessary to correct his statement. Since then I have had the matter investigated and find the facts to be as follows:
The Corporation was organized in January 1929 and not in 1921. Its
original listing application, which is on file with the Exchange, shows that
its assets, which cost $221,500,000, had a market value at the time of listing
of $242.500,000.
In order to determine the highest price at which the securities of the
United Corporation sold in 1929 wo had to consider the value of both the
preferred and common stocks and also the value of certain outstanding
option Warrants. The highest market value of the combined common and
preferred stocks was reached on Sept. 23 1929. On that date the aggregate
value of the common stock was approximately $542,000.000 and the aggregate value of the outstanding preferred stock approximately. $86.000.000,
or the total of both $628,000.000, and not $1.400.000.000 as was stated to
the Committee. The market value of the assets of the corporation on the
same date was nearly $546.000,000.
If we assume that the value of the option warrants should be included in
determining the price at which United Corporation sold in the market—and
this assumption is open to serious question because the option warrants
could not affect tho company's assets until exercised—we must add to the
value of the common and preferred stocks approximately $176,000,000.
This would make the highest total value of all securities of the company
almost exactly $804,000.000. However, if we add the market value of the
option warrants to the market price of the corporation securities we must
also add to the assets of the corporation $104,500,000. which is the amount
of cash which the corporation would have received upon the exercise of the
warrants. If this is done the total portfolio value which is directly comparable to the highest market price of $804.000.000 would be $650,000.000.
I have endeavored to discover what method of Computation could have
been used to arrive at the figure of $1.400,000,000 which was referred to by
both Senator Brookhart and Congressman LaGuardia. The only possible
explanation is that the total number of shares outstanding in 1932 have been
multiplied by the highest price which each type of security reached during
1929.
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Financial Chronicle
In 1929 the United Corporation had outstanding approximately 7,178,000
shares of common and 1.779,000 shares of preferred stock. In 1932, due
to additional stock issued for cash or the acquisition of properties, the corporation had outstanding 14,529,000 shares of common and 2,488,000 shares
of preferred stock. By multiplying all the stock outstanding in 1932 by the
highest price which the common and preferred stock reached in 1929, a
value of approximately $1,400,000,000 is indicated. The error of this computation is so obvious that it hardly seems neressary to discuss it in detail.
since more than 7,000,000 shares of common stock were assumed to have had
the highest value which the stock reached in 1929 although these shares had
not then been issued. There is, of course, no justification whatever for such
a calculation.
It is true that in 1929 the total market value of the outstanding securities
of United Corporation exceeded the value of the securities held in the portfolio of the company. In periods of rising prices and optimism people are
willing to pay a premium above asset value, just as in times of depression
they refuse to buy securities even when they are selling for less than asset
value. The degree of inflation, if that be the correct term, of the market
value of United Corporation's securities was not, as Senator Brookhart and
Congressman LaGuardia implied, five or ten times the asset value. The
fact is that for each dollar of market value the corporation had 80 cents of
actual asset value.
Frank M. Gordon of Chicago Nominated for Presidency
of Investment Bankers' Association—Annual Convention at White Sulphur Springs,W.Va. Oct 22-26.
Frank M. Gordon, Vice-President of the First National
Bank and of the First Union Trust and Savings Bank, both
of Chicago, has been nominated by the Board of Governors
of the Investment Bankers Association of America as President of the association, subject to election at the organization's coming annual convention Aug. 22 to 26 at White
Sulphur Springs, W. Va. Announcement of the nomination
was made at Chicago on Oct. 26 at the Association's office
where it was also said that such nominations had always
been followed by election at the conventions since the Association was founded in 1912. Mr. Gordon is the third Chicago banker to be selected for this honor. He will succeed
Col. Allan M. Pope of New York, President of The First
of Boston Corporation.
Mr. Gordon entered the banking business as a messenger
for the First National Bank of Chicago and his entire business
career has been with that institution and its affiliated organizations. He is Vice-President and a director of the
National Safe Deposit Company and of the First Trust
Joint Stock Land Bank of Chicago. He is also Treasurer
of the University of Illinois, Treasurer of the Board of the
Lincoln Park Commissioners, Chicago, and President of the
Investors Protective Bureau of Chicago, an organization
maintained by investment banking and brokerage houses and
banks in Chicago to prevent fraud in the sale of securities.
In the Investment Bankers Association Mr. Gordon has
served as a Vice-President and as a member of the board
of governors and on various technical and administrative
committees.
Other nominations by the Board of Governors of the
Association were announced as follows:
For executive Vice-President. Alden H. Little, Chicago.
For Vice-Presidents: George W. Bovenizer. Kuhn, Loeb & Co., New
York; James H. Daggett, Marshall & Daley Bank, Milwaukee; Edward
Hopkinson, Jr., Drexel & Co.. Philadelphia; Donald O'Melveny, Union
Company, Los Angeles; C. T. Williams, C. T. Williams & Company', Inc.,
Baltimore.
For Treasurer, E. C. Wampler. Lawrence Stern and Company, Chicago.
For Secretary, C. Longford Felske, Chicago.
For members of the Board of Governors for one-year terms:
Allan M.Pope, The First of Boston Corporation, New York.
Theodore F. Smith, Chase Harris Forbes Corporation, Pittsburgh. to
fill the unexpired term of Donald O'Melveny, nominated for Vice-Presidency.
George H. Nusloch, Hibernia Securities Company, Inc., New Orleans.
Otho C. Snider, Prescott, Wright, Snider Company, Kansas City, to
fill the unexpired term of George W. Bovenizer, nominated for Vice-Presidency,
Harry B. Wagner, First Securities Corporation, Grand Rapids.
For members of the Board of Governors for two-year terms:
E. Gerald Hanson, Hanson Bros.. Inc., Montreal.
Claude G. Rives, Jr., Whitney Trust and Savings Bank, New Orleans.
For members of the Board of Governors for three-year terms:
F. Seymour Bart, Barr Brothers & Co., Inc., New York.
Pierpont V. Davis, National City Company, New York.
William T. Bacon, Bacon, Whipple & Co., Chicago.
Sydney P. Clark, E. W. Clark & Co.. Philadelphia.
Henry Hart, First Detroit Company, Inc., Detroit.
Lewis II. Williams, Hayden, Miller and Company, Cleveland.
John It. Longmire, I. M. Simon & Co., St. Louis.
Albert P. Everts, l'aine, Webber & Company, Boston.
John C. Legg, Jr., Mackubin. Goodrich & Co.. Baltimore.
George P. Hardgrove, Ferris & Hardgrove, Seattle.
-ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
Arrangements were made on Aug. 23 for the sale of two
New York Stock Exchange memberships; one at $150,000,
unchanged from the last previous sale; Aug. 16, and the
other at $160,000, an increase of $10,000.
•--A New York Cocoa Exchange membership was sold
Aug. 23 by H. V. Landsberg to Jerome Lewine for another,
at $2,000, an advance of $100 over the last previous sale
(Aug. 10).
Aug. 27 1932
The extra membership in the New York Rubber Exchange
of Marcus Rothschild was sold Aug. 25 to Clifford C.
Johnston for another, at $900 and the membership of E.
Kenneth Hebden was sold to Arthur L. Dunn for another,
at $1,000. The last previous sale of a membership in
this Exchange was Aug. 19, at $950.
Arrangements were made on Aug. 23 for the sale of two
National Metal Exchange memberships at $750 and $850.
The last previous sale of a membership was Aug. 16, at $800.
The membership in the New York Coffee and Sugar
Exchange of H. Volkening was sold Aug. 23 to E. J.
Schwabach for $5,500, an increase of $900 over the previous
sale, Aug. 9.
Effective Aug. 16 1932, the Farmers' National Bank of
Adams, N. Y., was placed in voluntary liquidation. The
Institution, which was capitalized at $100,000, was absorbed
by the Citizens' Trust Co. of Adams, the latter changing its
title to the Citizens' & Farmers' Trust Co. On Aug. 15 last
the New York State Banking Department approved a reduction in the capital stock of the Citizens' & Farmers' Trust
Co. from $300,000 to $150,000, and a reduction in the par
value of the shares from $100 to $50 each.
That a 10% dividend, amounting to nearly $2,300,000,
will be paid to depositors of the closed Federal National
Bank of Boston, Mass., as soon as checks can be made out
and approved at Washington, was indicated in the Boston
"Transcript" of Aug. 20, from which we also quote as
follows:
The payment was ordered by John W.Pole, Comptroller of the Currency.
through whose office the checks will go before they are mailed.
The date on which the 30.000 depositors in the savings and commercial
departments of the banks whose claims have been approved, will receive
payment has not been announced.
Our last previous item to the affairs of the Federal Nations
Bank, which was closed in December last, appeared in the
"Chronicle" of July 30, page 730.
Depositors in the savings department of the Charlestown
Trust Co. of Boston, Mass., which closed its doors on
Dec. 26 1931, will probably receive a dividend of about
25% within the next few weeks, according to the Boston
"Transcript" of Aug. 18, which went on to say:
Leo M. Harlow, liquidating agent of the bank, following a visit to the
State House to-day [Aug. 181 stated that he intends to file the necessary
papers with the Court for the purpose of distributing a part of the banks.
assets to the savings department depositors. The distribution will be the
first made.
Regarding the affairs of the Leominster National Bank
of Leominster, Mass., the closing of which in May of this
year was indicated in our May 21 issue, page 3769, an
Associated Press dispatch from Leominster, on Aug. 23,
contained the following:
An assessment on the stockholders of the closed Leominster National
Bank for 8150,000 to be paid by them on or before
Sept. 25 was posted
at the bank this morning by William G. Roelker,
the bank's receiver. The
notice was received by him from J. W. Pole, Comptroller
of the Currency.
at Washington.
Further referring to the affairs of the City Bank & Trust
Co. of Hartford, Conn., which was closed on Jan. 2 of the
present year, a plan to separate the commercial and savings
departments of the institution, by which assets of $13,506,646 are set aside for the savings depositors, was approved
on the night of Aug. 16 by Judge Arthur F. Ells of the
Superior Court, who conducted a hearing on the proposal
during the morning of that day. The foregoing is learned
from the Hartford "Courant" of Aug. 17, from which we
quote in part as follows:
The Court fixed the amount of the present deficiency
of these assets
to meet claims of depositors at $1,392,384.84 and the
present value of
the contingent claim against the general assets based upon
this deficiency
at $1,050,000. In addition to confirming the trawler of
assets of S1.150.000 from the commercial to the savings department when
the bank
was solvent, the cancellation of a debt owed by the
savings department
to the general funds of the bank and the cancellation of any
debt arising
from the expenses of the receivership, the Court confirmed as
a savings
department asset the accrued but uncollected income on assets in
the savings
department, the transfer to the savings department of income
actually
received on its assets, amounting to $338,898.63, the total value
of those
Items being set as 5550,000 and ordered a further sum of
$500,000 to be
paid into the savings department assets.
One of the most important steps made during the receivership
the plan
had the unanimous approval of all interested parties represented
at the
hearing, as well as the indorsement of Arthur D. Johnson.
Vico-President
of the Phoenix State Bank & Trust Co., former Bank
Commissioner
John B. Byrne, Vice-President of the Hartford Connecticut
Trust Co.,
James W.Knox,President of the First National Bank, Bank
Commissioner
George K. Bassett, and Henry H. Conlon& Chairman of the
voluntary
committee of savings department depositors, who were called
as witnesses to give their opinion.
Volume 135
WAR who testified said they believed that separation of the two departments was absolutely essential for the benefit of the depositors of both
classes. Their recommendation was that the commercial department be
sold as a whole and that the savings department be held for liquidation
as a trust. Judge Ells was told that with the segregation of the assets
of the two departments there will be enough to pay a dividend of between
15 and 20% to depositors of both departments. Total liquid asses of the
savings department after the transfer of assets from the commen4a1 department will be more than $3,000,000.
Hearing on Holden's Motion.
The hearing of this phase of the bank's affairs over, Judge Ells fixed
Sept. 1 as the date for further hearing on Attorney Benedict M. Holden's
motion for declaration of a 10% dividend to savings depositors, after
Attorney Alexander W. Creedon. representing a group of depositors.
asked for more time to continue with a plan which will be submitted to
the Court for reorganization of the savings department.
In its issue of Aug. 23, the New Haven "Register" carried
the following with reference to the affairs of the closed West
Haven Bank & Trust Co. of West Haven, Conn.:
As a result of the recent mass meeting of West Haven Bank & Trust Co.
depositors, called upon request by the West Haven Rent & Taxpayers'
League,'a large number of those depositors who want immediate dividends
on their deposits have signed a petition to the Court asking that the
receiver be allowed to proceed with his plans at once. The petition will be
presented to Judge Booth in Superior Court, to-morrow (Aug. 24) morning
by Attorney Claude B. Maxfield, upon whose advice the move was started.
The execution of the receiver's plan was continued by a recent action of
the Court in behalf of an appeal by the Depositors' and Re-organizations
Committees, for an extension of time, in which to launch plans for reopening the bank on a plan to insure 75% against the receiver's 20%
dividends on savings accounts. The opposing factions of depositors have
worked enthusiastically for the past few weeks, each in behalf of its
own cause.
Asked if the depositors' or reorganization committees would appear in
Court against the petition, Charles G. Chamberlain, Chairman of the depositors' committee, said yesterday (Aug. 22): "We will not oppose the
action of those depositors who favor the receiver's plan, despite the fact
that we may have signatures to the agreement blanks for the reopening of
the institution on a safe and sound plan which would insure 75% on savings
and 15% on commercial deposits. It is all up to the depositors themselves.
If they want the receiver's plan we will help them toward that end." One
of the main issues which is feared under the receiver's plan is the liquidation of $1,100,000 in mortgages, which would inflict hardship to many
local property holders and greatly undermine real estate activities in
the town.
Our last previous reference to the affairs of this bank
appeared Aug. 13, page 1108. The institution closed its
doors on Dec. 24 last.
On Thursday of this week, Aug. 25, the Comptroller of
the Currency announced the award of a charter to the Fourth
National Bank of Plainfield, N. J., with capital of $200,000,
according to Associated Press advices from Washington,
D. C., on that date. Additional information regarding
the new institution is contained in a Plainfield dispatch
to the New York "Times" on Aug. 25, which said:
Judge Walter L. Hetfield Jr., of the New Jersey Court of Errors and
Appeals announced to-day (Aug. 25) that a stock issue of $400,000 for a
new National bank here had been subscribed for and paid for. The bank,
he said, would have $200,000 capital and $200.000 surplus.
Judge Hetfield is attorney for the organizers of the bank, who are
Horace A. Staples, Chief Engineer of the British-American tube division
of the Phelps-Dodge Copper Products Corp. in Elizabeth; William W.
Cohen, a cotton broker in New York; Albert M. Zabriskie, Assistant
Chief Engineer of the Central RR. of New Jersey; Henry W. Bower of
Laidlaw & Co., New York, and Arnold A. Schwartz, President of the
Art Printing Co., Dunellen.
Mr. Coriell has been elected President; Mr. Schwartz. Vice-President;
and Mr. Staples, temporary Cashier.
W. Lindley Jeffers, Judge of the Atlantic City, N. J.,
District Court, was made President of the Bankers Trust
Co. of Atlantic City at the last meeting of the directors, it
was announced on Thursday of this week, Aug. 25. Atlantic
City advices to the Philadelphia "Ledger," reporting this,
furthermore said:
Mr. Jeffers succeeds State Senator Emerson L. Richards, who was made
Chairman of the Board. Dr. Alfred W. Westney and Oliver C. Core will
continue as Vice-Presidents. The directorate will be enlarged by the
election of additional members in the near future.
—4,—.
J. Franklin Haas, Vice-Chairman of the Board of Directors
of the Summit Trust Co. of Summit, N. J., and formerly
President of the institution for many years, died at his home
In Summit on Aug. 22 after a long illness. Mr. Haas, who
was 76 years old, was born in Philadelphia, but moved to
Summit in 1874. After working for a time in New York
City, he joined the Summit Trust Co. as Cashier in 1893.
In 1913 he was made President of the institution, an office
he held until 1926, when he became Vice-Chairman of the
Board. The deceased banker was also President of the
Summit Building & Loan Association, a director of the Summit Title & Trust Co., and Treasurer of the City Sinking
Fund.
The Citizens' National Bank of Rahway, N. J., capitalized
at $100,000, was placed in voluntary liquidation on Aug. 10
last. This bank, as noted in our issue of July 2 1932, page
1435
Financial Chronicle
72, was taken over
Rahway.
by the Rahway National Bank of
Governor A. Harry Moore of New Jersey announced on
Aug. 22 that plans were afoot for the reopening of the
Asbury Park and Ocean City Bank of Asbury Park, N. J.,
which was closed last December by the State Department of
Banking and Insurance, according to the Trenton advices
on that date to the New York "Herald Tribune," which
added:
The Governor said that the plan to reopen the bank contemplated making
partial payments to depositors, but making such arrangements with the
depositors as would make certain that rush of withdrawals would not
strip the bank of funds before it had a chance to get re-established.
Our last reference to the affairs of this bank, which had
deposits of more than $10,000,000, appeared in our June 4
issue, page 4100.
The Philadelphia "Ledger" of Aug. 23 reported that depositors of the Roxborough Trust Co. of Philadelphia (which
closed Oct. 13 1931) were to receive a second payment of
5%, totaling $64,029, on Aug. 25. The first dividend, it was
said, was
a 15% disbursement.
On Aug. 15 1932 the First National Bank of Mansfield,
Pa., capitalized at $50,000, went into voluntary liquidation.
It was succeeded by the First National Bank in Mansfield.
According to the Philadelphia "Ledger" of Aug. 23, Dr.
William D. Gordon, State Secretary of Banking for Pennsylvania, has announced that the defunct Olney Bank &
Trust Co. of Philadelphia will make a second payment of
10% to its depositors on Aug. 31, amounting to $366,459.
According to the Philadelphia "Ledger" of Aug. 19, suits
to recover $156,280 for the use of the depositors of the
defunct Franklin Trust Co. of Philadelphia were instituted
on Aug. 18 on behalf of Dr. William D. Gordon, Secretary
of Banking for Pennsylvania. The actions, taken in the
Court of Common Pleas, were against three individuals and
one corporation. The Franklin Trust Co. closed Its dome
Oct. 6 last with deposits of $19,500,000. Our last previous
reference to its affairs appeared in the "Chronicle" of
July 9 1932, page 244.
Mobilization of $20,000,000 in cash by the Union Trust
Baltimore, Md., early on the morning of Aug. /9
ended a "run" on the institution which had agitated the
bank's business the previous day. United Press advices
from Baltimore on Aug. 19, reporting the matter, went
on to say:
Co. of
For the first hour to-day [Aug. 19], withdrawals from the central office
of the bank and its 19 branches were heavy but slowed down later.
Early to-day nine steel armored trucks backed up to the Federal Reserve
Bank and were loaded with crisp new bills. Escorted by motorcycle officers
and guarded by armed men, these trucks carried over $5,000,000 to the
central office of the Union Trust Co.
And, in the Federal Reserve Bank $15,000,000 more was on hand readyto be rushed to any of the branches as soon as a Union Trust Co. official
asked for any part of it.
The money was made available by the Reconstruction Finance Corporation after Baltimore banking officials had notified them of the withdrawal
from the local bank.
Bank officials said there was absolutely no reason for the alarm which
caused hundreds of depositors to take their money out yesterday.
•
Two Gate City, Va., banks, the People's National Bank in
Gate City and the First National Bank, capitalized, respectively, at $50,000 and $28,500, were consolidated on Aug. 15.
The new organization is known as the First & People's National Bank of Gate City and has combined capital and
surplus of $80,000.
The Boston National Bank of South Boston, Va., last week
made its first payment to depositors since the closing of the
Institution last fall, distributing $108,000, representing a
dividend of 12%%,according to a press dispatch from Richmond, Va., appearing in the "Wall Street Journal" of Aug.
20, which went on to say:
This makes a total of $443,000 paid out to depositors of the two closed
South Boston banks within a month, the Planters' & Merchants' First
National Bank recently distributing $335,000 to depositors.
William E. Gary, President of the Gary-Wheaton Bank at
Wheaton, Ill., committed suicide on Aug. 23. Mr. Gary, who
was a distant relative of the late Judge Elbert H. Gary, who
founded the Gary-Wheaton Bank, had been despondent because of ill health. The Chicago "Post" of Aug. 23, in reporting the banker's death, also said in part:
"The bank is in somai financial condition," said H. L. Wilson, VicePresident. "We are convinced Mr. Gary' act was motivated only by ill
health. Mr. Gary's personal affairs, we are sure, also were in good
shape." . . .
1436
Financial Chronicle
William E. Gary was associated with the bank for 45 years, and was
still its President at the time of his death, although he had not been actively
connected with it for six months, having retired because of his illness.
No member of the Gary family held a controlling interest in the bank,
and Mr. Wilson said that it was a "community bank in every sense."
The holdings of Judge Gary in the bank at the time of his death were
passed on to his sons-in-law, Robert Campbell and Dr. H. W. Sutcliffe,
both of California. Mr. Campbell has since disposed of his holdings, but
Dr. Sutcliffe remains the largest single stockholder.
The bank has deposits of over $1,000,000, has been in continuous active
existence since its founding in 1874.
W. E. Gary was born in Wheaton, and was 84 year old last week. His
father and the late Judge Gary were cousins.
Depositors of the defunct Second North Western State
of
Bank of Chicago, Ill., were notified on Aug. 19 by Oscar
Nelson, State Auditor for Minois, that they would receive
a second dividend amounting to 10% of their deposits on
Sept. 1, according to the Chicago "Post" of that date,
which went on to say:
The checks to depositors wil hotel $190.000. The bank closed on June 10
1931, and two weeks later the first disbursement amounting to 10% was
made.
L. W. Newcomer, Treasurer of the Consolidated Paerp
Co. of Monroe, Mich., was chosen President of the reorganized Monroe State Savings Bank of that place on Aug. 13
by the newly elected directors, according to Monroe advices
on Aug. 15, appearing in the New York "Herald Tribune."
The dispatch named other newly appointed officers as
follows: W. H. Riecks, Vice-President; J. D. Cook, VicePresident and Cashier, and Robert Meier and Fred Fischer,
Assistant Cashiers. Mr. Cook, who was the receiver for
the institution, was formerly connected with the Michigan
State Banking Department, the dispatch stated.
Depositors of the People's State Bank for Savings, Muskegon, Mich., closed Oct. 2 1931, will receive their first
dividends in the near future, as the result of an order issued
last week by Judge Vanderwerp, according to the "Michigan
Investor" of Aug. 20, which furthermore said:
More than $135,754 will be distributed to more than 6,000 depositors,
principally in Muskegon and Grand Haven. Payment of the dividend will
not affect plans for reorganization, the receiver asserts.
The Detroit "Free Press" of Aug. 20 contained the following with reference to the affairs of the closed Wayne Savings
Bank of Wayne, Mich.:
Members of the citizen's committee in charge of reopening the Wayne
Savings Bank, hope to have the bank operating again within 60 days,
George Gerbstadt, Village President and member of the committee, said
Friday night (Aug. 19).
It was discovered at a meeting of the committee Friday evening that
they now have agreements from owners of 87% of the deposits to accept
payments over a period of six years. Such an agreement is required of 85%
before the bank can be reopened.
Deposits of those who have agreed to the six-year repayment total
approximately $1,200,000, Mr. Gerbstadt estimates.
A committee, composed of Mr. Gerbstadt, William Rice and Rollo Reiser,
was appointed Friday night (Aug. 19) to draw up a petition for presentation to Federal Court, asking for permission to reopen the bank, which
failed a year ago.
The closed Miners' State Bank of Iron River, Mich., is to
be reopened by Sept. 30 next, according to the "Commercial
West" of Aug. 20. The closing of this bank on June 9 last
was recorded in our June 18 issue, page 4440.
A small North Dakota bank, the First National Bank of
Fingal, with capital of $25,000, was placed in voluntary liquidation on Aug. 13 1932. It has been succeeded by the Fingal
State Bank of the same place.
Effective Aug. 3 1932, the Cedar Rapids National Bank
of Cedar Rapids, Iowa, capitalized at $600,000, was placed
In voluntary liquidation. The institution was absorbed by
the Merchants' National Bank of the same place.
Charles Hobbie (heretofore Vice-President) has been
made President of the Farmers' State Bank of New London,
Iowa, to succeed the late W. D. Wallar, according to the
"Commercial West," which named the other officers as
follows: William Vance, Vice-President; V. Z. Breneman,
Cashier, and R. C. &key, Assistant Cashier.
A dispatch by the Associated Press from Jefferson City,
Mo., on Aug. 16 reported that on that day the Farmers' &
Merchants' Bank of Owensville, Gasconade County, Mo.,
had been closed by its directors and turned over to the
State Finance Department. The advices added:
The bank's last statement showed total resources of $561.706, deposits
of $455.801, loans of $312,869, capital and surplus of 06.000, and bills
PaYable $131,000.
•
.4,
Aug. 27 1932
Associated Press advices from Hermann, Mo., on Aug. 22
stated that the three Hermann banks, which had been closed
for a month on that date, had reopened for business on
Aug. 22. The institutions, which were closed by proclamation of Mayor L. R. Wentzel, are the Hermann Savings Bank,
the Farmers' & Merchants' Bank, and the People's Bank.
The dispatch furthermore said:
E. F. Rippstein, Cashier of the Hermann Savings Bank, said nearly all
of the hank's depositors had waived 80% of their deposits, making possible
the reopening.
The depositors were asked to waive 30% of their deposits in order to
eliminate from the assets of the banks certain bonds which have depreciated
considerably in value. If, however, the bonds increase in value, as is
expected, the increase will be credited to the depositors.
__•__
Temporary closing of the Commercial Bank at O'Fallon,
Mo., by its directors, on Aug. 22, was reported in the St.
Louis "Globe-Democrat" of Aug. 23, which said in part:
A notice, pasted on the window, stated the bank was closed for a week's
"moratorium."
Associated Press dispatches from Jefferson City, Mo., stated the bank
had been closed by the directors and taken over by the State Finance Department. No reason for the closing was given.
Dr. L. H. Glosemeyer, President, and J. F. Sigmund, Cashier of the
bank, could not be reached for statements yesterday afternoon.
The last statement of the bank showed deposits totaling $95,412, total
resources $124,577, and loans totaling $54,279.
The Commerce Bank & Trust Co. of Memphis, Tenn.,
announced on Aug. 15 that an audit of the bank's accounts
had revealed irregularities of nearly $100,000 ascribable to
A. B. Lewis, former Vice-President of the institution. The
official announcement, as printed in the Memphis "Appeal"
of Aug. 16, from which the above information is obtained,
was as follows:
Mr. A. B. Lewis ia no longer connected with this bank in any capacity.
Irregularities in certain accounts ascribable to Mr. Lewis have been
discovered.
An audit reveals that the amount of the irregularities is less than $100,000
and is fully covered by a surety bond in the sum of $300,000—many times
in excess of the amount involved.
The bank will, therefore, suffer no loss whatever.
While the bank is fully protected and will suffer no loss whatever, we
deeply regret the occasion or necessity for this statement.
T. 0. VINTON, President;
R. BRINKLEY SNOWDEN, Vice-President.
Organization of a new bank in Johnson City, Tenn., with
resources of $5,000,000, has been announced by C. M. Preston,
President of the Hamilton National Bank of Knoxville,
Tenn. Johnson City advices to the New York "Journal of
Commerce" on Aug. 23, from which this is learned, went on
to say:
The new institution, to be known as the Hamilton National Bank of
Johnson City, will assume the deposit liabilities of the insolvent Unlike &
City National Bank, and its capital stock will be increased from $400,000
to $550,000. Incorporators include citizens of Johnson City, Mr. Preston
and T. R. Preston, Chairman of the Board of the Hamilton National Bank.
'
That a new plan is being advanced for the reopening
shortly of the Commercial National Bank of High Point,
N. C., is indicated in the following dispatch from that
place on Aug. 17, which appeared in the Raleigh "News &
Observer":
Developments looking toward early reopening of the closed Commercial
National Bank are being shaped here by a group of large local
depositors
who were not stockholders in the old bank. The proposition
connection with any previous plan advanced and calla for levyinghas no
of the
$1,000,000 stock assessment which has been withheld pending efforts of
other groups to effect a satisfactory reorganization set-up.
The Comptroller of the Currency was advised to-day [Aug. 171 of the
tentative proposition advanced by the depositors' group which designated
a committee to continue work on details In connection with it and to
place before him the completed set-up which it is believed can be successfully carried out with local investors furnishing all the money.
The closing of a small Wyoming bank on Aug. 19 was indicated in Cheyenne, Wyo., advices by the Associated Press,
on Aug. 20, which said:
The only bank in Riverton, Wyo., the Riverton State Bank, closed its
doors yesterday, Aug. 19, State Bank Examiner John A. Reed was advised
to-day. He expects to take over the affairs of the bank next Monday.
The last statement by the bank showed it had deposits of $265,000. It
was capitalized at $50,000.
According to the "Commercial West" of Aug. 20, the
Turner State Bank at Turner, Mont., according to a recent
announcement by its President, H. P. Thomson, is to be
moved to Harlem, Mont., before the first of the coming
year, enabling it to serve a larger area from a more central
location. The institution has had the same officers
ever
since its establishment in 1917. In addition to Mr. Thomson,
they are: K. 0. Sattre and C. C. Thomson, Vice
-Presidents,
and B. E. Johnson, Cashier.
It is learned from the San Francisco "Chronicle"
of
Aug. 14 that the Bank of America National
Trust & Say-
Volume 135
Financial Chronicle
1437
& Hudson 634 points to 7034, Delaware, Lackawanna &
4
Western 234 points to 243 , Eastman Kodak 334 points to
643, Drug Inc. 234 points to 4334, duPont 434 points to
3634, Gillette Safety Razor pref. 6 points to 72, Loews Inc.
pref. 434 points to 7234, New York & Harlem 3 points to
116, Norfolk & Western 334 points to 101, New Haven 334
/
/
points to 233g, Union Pacific 93% points to 783s, United
%
assets in excess of $3,500,000. Consolidation
States Steel 334 points to 443 and Worthington Pump
The acquired banks have
5
with the Sonora branch of the Bank of America was effected Saturday.
234 points to 19/s•
in the
The combined institution will open for business Monday morning
The market moved sharply forward during the early
quarters of the First National Bank with the same staff to serve customers.
trading on Tuesday and gains ranging up to 4 or more
The staffs will be retained and C. H. Segerstrom, President of the
Sonora banks, will be in charge, with the title of Vice-President of the
points were registered by many prominent stocks. As the
Bank of America.
session progressed, increasing profit taking checked the
irregular. Railroad shares
A press dispatch from Hemet, Cal., on Aug. 18, printed in advance and the market turned
day, though public utilities, oil
the Los Angeles "Times," stated that control of the First were the strong stocks of the
demand and were,
National Bank of Hemet by the Citizens' National Trust & shares, steel stocks and coppers were in
in many instances, bought in large blocks. Specialties were
Savings Bank and the Security Savings Bank, affiliated
in evidence in
banking institutions of Riverside, Cal., was announced on also in demand and wide fluctuations were
it was said, was expected to mean stocks like Western Union, Case Threshing Machine,
that date. The union,
Tobacco B, A. M.Byers,
much to the financial security of the Hemet-San Jacinto Allied Chemical & Dye, American
advances
We quote further, in part, from the advices, as Vanadium Steel and International Harvester. The
Valley.
among others, Wrigley Jr., 234 points to 3934;
included
follows:
United States Steel pref., 2 points to 84; Union Pacific, 1
Heading the new Board of Directors is Charles E. 13rouse, President of
been a director and Vice.
the Citizens' National, who for many years has
%
point to 793 ; Foster Wheel, 2 points to 1234; Bethlehem
President of the Hemet bank, and associated with him are W. G. Fraser,
Steel pref., 334 points to 44; Houston Oil, 234 points to
• President of the Security Savings Bank; R. B. Hampson, Cashier of the
2234; Loews, Inc. pref., 1 %points to 74; Pacific Lighting,
Citizens' National; Dr. V. Van Zwaluwenburg and Frank A. Tetley, directors
of the two Riverside banks.
134 points to 42; Standard Gas & Elec. 6 pref., 634 points
Charles W. Howard of Hemet remains as President of the reorganized
to 62; United States Steel pref., 2 points to 65, and Western
institution, and W. N. Parkhurst of Hemet continues as Cashier
Hemet
and Manager.
Union Tel., 134 points to 36%.
Railroad shares were firm on Wednesday, though the
The Los Angeles "Times" of Aug. 17 1932 stated that F. W. market as a whole was irregular. In the final hour a moderHeathcote, receiver for the Walnut Park National Bank, ate rally cancelled some of the early losses. Specialties
Walnut Park, Cal. (P. 0. Los Angeles), has obtained author- also showed moderate strength, but there was practically
ity to pay an initial dividend to depositors and other credi- no trend in evidence during the session. The close was
tors with proven claims amounting to 22%. The paper men- about evenly balanced, those ending the day on the side
tioned furthermore said:
of the advance including among others, Air Reduction 134
The dividend is being paid from funds acquired by the receiver in the
points to 6034, American Can pref. 2 points to 100, American
ordinary course of liquidation, supplemented by a loan from the Reconstruction Finance Corporation. Dividend checks will be delivered on receipt
Type & Foundry 4 points to 15, Atchison 234 points to 5734,
of receiver's certificates, it was stated.
%
4
Atlantic Coast Line 33 points to 343 , Delaware & Hudson
points to 8534, Delaware, Lackawanna & Western 10
1234
234 points to 89, Industrial
THE WEEK ON THE NEW YORK STOCK EXCHANGE. points to 34, Detroit Edison
4
Rayon 4 points to 2934, Lehigh Valley 53 points to 1934,
Improvement was again the noteworthy feature of the
45%
National Lead 334 points to 68, National Steel Corp.
stock market this week. Brisk upturns took place nearly
& Western 8 points to 110, Reading
2734, Norfolk
all around, and while there were occasional periods of points to
points to 48, United States Steel pref. 334 points to
profit taking, the frequent rallies kept prices on the upward Co. 10
%
and New York & Harlem 33 points to 1123 . The
trend during most of the week. Railroad shares generally en- 873/2
market continued strong on Thursday, though selling was
joyed further gains and oil stocks have shown moderate
fairly large volume. Specialties and industrials were in
advances. Call money renewed at 2% on Monday and in
good demand at advances ranging from 1 to 3 or more points.
continued unchanged at that rate on each and every day
day progressed the market turned slightly reactionary,
of the week. The market was narrow and inactive during As the
though on the whole, the losses were not especially notethe early trading on Saturday, but showed some improveAmong the gains at the close were Western Union
ment as the day advanced. Public utilities attracted con- worthy.
points to 4034, United States Tobacco 2 points to
siderable speculative interest and so did the railroad shares Tel. 134
Pacific pref. 334 points to 7134, Sloss,-Sheffield
and the specialties. Market leaders like Amer. Tel. & Tel. 61, Union
points to 15, Pittsburgh & West Virginia 634 points to
were irregular and moved near the previous close during the 2
& Western 4 points to 114, National Lead 5
first hour. Other volatile 'stocks like Amer. Tobacco B, 2134, Norfolk
points to 73,Eastman Kodak 23.4 points to 5734, Continental
Corn Products Refining and Northern Pacific met moderate
Columbian Carbon 234 points to 34,
selling, but regained most of their losses before the end of Can 234 points to 3434,
Central RR. of N. J. 634 points to 84 and Detroit Edison
the session. The principal changes of the day were on the
side of the advance and included among others, Amer. & 134 points to 9034•
On Friday the market moved downward during the early
Foreign Pow. pref., 2 points to 25; Amer. Pow. & Light 6
losses
pref. 434 points to 52; General Cable pref. 3 points to 16; trading and a number of active stocks registered
1st pref., 234 points to 5334; Jewel Tea, 134 ranging from 1 to 3 or more points. • As the day progressed,
Goodyear
gains
%
points to 268 ; Standard Gas & Elec. pref., 3 points to 34; the market reversed itself, and as trading increased the
%
United Fruit, 23 points to 3034, and Wright Aero., 134 ranged up to 4 or more points. The early selling movement
points to 11%. Trading was light throughout the day extended to practically all parts of the list and was started
and the volume of sales dropped to the lowest point in by the decline in the traction shares following the announcement that a receiver had been appointed for the Interborough
nearly a week.
On Monday stocks moved up from one to four or more Rapid Transit Company. In the final hour practically all
points, following what was considered a very satisfactory leaders rebounded, railroad shares leading the upward swing,
railroad carloading report. Railroad stocks, as a group, followed by United States Steel which crossed 46 from its
made the best showing and large scale buying orders appeared early low at 4334 and Amer. Tel. & Tel. which broke through
on the
for such market favorites as New York Central, Atchison, 117 from 11334. The final changes were generally
Adams
Southern Pacific, Union Pacific, New Haven and Canadian side of the advance and included such active stocks as
Atchison pref.
Pacific. Pennsylvania also was active. Steel shares, rails, Express which moved up 5 points to 60 and
gained 2 points to 73. Other advances were Atlantic
public utilities and specialties were all higher and so were which
points to 72;
many smaller units throughout the list. Prominent among Coast Line, 2 points to 3334; Auburn Auto, 7
day were such market favorites as Air Reduc- Bethlehem Steel pref. 334 points to 4734; Corn Products,
the gains of the
20; Delaware &
tion 33 points to 5634, Allied Chemical & Dye 6 points to 2 points to 49; Crucible Steel, 234 points to
Ice pref. 234 points to 45, American Tobacco Hudson, 234 points to 2434; Homestake Mining, 5 points
82, American
International Business Machine, 3 points to 10534;
534 points to 793/s, American Water Works 1st pref. 5 points to 119;
%. The market
%
70, Atchison 6 points to 5434, Canadian Pacific 234 points and United States Tobacco 28 points to 623
to
7 points to 25, Coca-Cola 33% was strong at the close and prices were near their best for
/
to 167s, Rock Island 7 pref.
4
points to 9834, Consolidated Gas 3 points to 603 ,Delaware the day.
lags Association has acquired the First National Bank of
Sonora, Cal., and the Tuolumne County Bank of that place,
affiliated institutions, announcement to that effect having
been made on Aug. 13 by Charles H. Segerstrom, President
of both the acquired institutions, and A. P. Giannini, Chairman of the Board of the Bank of America. The paper mentioned, continuing, said:
1438
Financial Chronicle
TRANSACTIONS AT THE NEW YORK STOCK EXCHA
NGE
DAILY. WEEKLY AND YEARLY.
Week Ended
Aug. 26 1932.
Stocks,
Railroad
State
Number of and Miscell. Municipal ct
Shares.
Bonds.
For'n Bonds
Saturday
Monday
Tuesday
Wednesday__ _ _
Thursday
Friday
Total
661,350
3,175,208
4,571,965
3,691,811
4,169,800
3.117,015
81,190,000
2,548,000
2,737,000
2,525.000
2,680,000
2,058,000
19.387.149 871.218.000 813,736.000
Sales at
New York Stock
Exchange.
Week Ended Aug. 26.
1932.
Stocks
-No.of shares_
Bonds.
Government bonds_ -State & foreign bonds_
Railroad & misc. bonds
Total
86.403.000
13,797,000
15,567,000
12,577,000
11,499,000
11,375,000
1931.
Untud
States
Bonds.
Total
Bona
$517,000
625,000
1,143,200
1.105.500
571,500
328,850
$8,110,000
16.970.000
19,447,200
16,207,500
14,750.500
13,757,850
84.288.850 $89,242,850
Jan I to Aug. 26.
1932.
1931.
19,387,149
4,705,663
269,892,600
389,158,001
$4,288,850
13,736,000
71,218,000
$2,720,650
13,900,000
30,181,000
2469,579,400
511.068,100
1,104,438,000
$103,810,050
530,053,600
1,174,957,700
889.242.850 $48,801,850 $2,08°,085.500 $1,808,821,350
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA
AND
BALTIMORE EXCHANGES.
Week Ended
.409. 26 1932.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey. wk. revised_
Boston.
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
5.958
$1,000
8,681
$1,000
313
$3,000
35,497
5,000
39,353
1,000
2,389
7,000
59,226
13,000
57,301
4,000
2.328
11,700
50,151
3,000
41.788
8,200
3,943
32,000
55,137
3,000
53,781
30.500
3,105
11,000
10,155
5,000
8,660
2,395
7,000
216,122
$30,000 209,544
$42,700
14,473
$71,700
224,643
837.050
153.728
845,000
6,151
Aug. 27 1932
sharp gains were registered by Deere & Company, Crocker
Wheeler, New Jersey Zinc and Walgreen Drug.
Curb stocks were weak during the opening hour on Friday,
but gradually improved toward the end of the session.
In the morning dealings market favorites, particularly of
the utility group, were off and lost ground rapidly, the
recessions ranging up to 2 or more pbints. Later in the day
stocks again turned upward and a goodly part of the early
losses was canceled. Aluminum Co. of America dropped 3
points during the first hour, but regained its early loss and
added 2 points before the market closed. The changes for
the week among the active stocks were generally on the side
of the advance and included among others, Amer. Beverage,
63 to 7; Aluminum Co. of America, 543 to 62; Amer.
%
Gas & Elec., 30% to 38; Amer. Light & Traction, %
21 3
237 ; Amer. Superpower, 4% to 5%; Atlas Corp., 7 to to
%
73;
Brazil Traction & Light,8% to 97/8; Commonwealth Edison,
793/i to 83; Consolidated Gas of
Baltimore, 573 to 63; Deere
4
& Co., 11 to 133'; Electric Bond & Share, 22 to 37; Ford of
Canada A, 73. to 93'; Gulf Oil of Penna., %
373 to 38%;
Hudson Bay Mining, 23/i to 27 ; Humble Oil, 48
%
to 52;
New York Tel. pref., 1103' to 114; Niagara Hudso
n Power,
17 to 187'; Parker Rust Proof, 227,( to 29; Pennroad
Corp.,
3
23/i to 3%; A. 0. Smith, 323/i to 383.1; Standard Oil of
Indiana, 24 to 245 ; United Gas Corp., 23.(
%
to 33., and
United Shoe Machinery, 353..1 to 373.1.
DAILY TRANSACTIONS AT THE
NEW YORK CURB EXCHANGE.
87.000
Week Ended
Aug. 26 1932
Stocks
(Number
of
Shares).
Bonds (Par Value).
Foreign
Foreign
Domestic. Government. Corporate.
THE CURB EXCHANGE.
Total.
Saturday
112.975 23,699,000
$49,000
298,000 $3,844,000
Under the leadership of the public utilities, stocks on the Monday
309,275 8,314.000
152,000 8,534,000
68,000
522,880 9.464,000
curb market fought their way slowly upward this week. Tuesday ay
195,000 9,715,000
56,000
Wednesd
386,530 7,108,000
123,000
108,000 7,337,000
Thursday
Trading at times was particularly heavy and profit-taking Friday
562,828 6,201,000
127,000 8,425,000
97,000
446,925 5,974,000
72,000
190,000 6,238,000
was frequently apparent, but there was no special pressure
Total
2,341.393 $40,758.000
against the market and the realizing was generally absorbed
2465.000
$868,000 $42,091,000
Stiles at
without holding up the advance to any appreciable extent.
West Ended Aug. 28
Jan. Ito Aug. 26.
New York Curb
Public utilities have been uniformly strong throughout the
Exchange.
1932.
1931.
1932.
1931.
week and there has been considerable speculative interes
t Stocks-No,of shares_ 2,341,393
991,463
75,712,396
34,627,975
Bonds.
manifested in the oil stocks, though industrial issues also Domestic
received a goodly share of the attention. On Saturday the Foreign Government.. $40,758,000 $14,076,000 $553,511,100 $597,479,000
485,000
418,000
21,282,000
19,888,000
868,000
528,000
curb turned slightly reactionary and, for a while, practically Foreigncorporate
44,273,000
28,121,000
Total
$42,091,000 215,022,000
the entire market shared in the declines. As the day
8819,088,100
$643.286,000
progressed prices steadied and some of the early losses were
canceled. The industrial group was slightly stronger and
COURSE OF BANK CLEARINGS.
substantial gains were recorded by Aluminum Co. of America
Bank clearings this week will again show
a decrease as
and Singer Manufacturing Co. Electric Power & Light compared
with a year ago. Preliminary figures compiled
2d pref. was one of the strong spots of the day and jumped by us,
based
ahead 53% points on a single sale. Consolidated Gas of of the countrupon telegraphic advices from the chief cities
y, indicate that for the week ended to-day
Baltimore was also strong and closed with a gain of 2 points. (Satur
day, Aug. 27), bank exchanges for all the cities
of the
Public utilities of the preferred class were sharply higher United
States
and small advances were made in the oil stocks. The curb returns will from which it is possible to obtain weekly
be 28.7% below those for the correspondin
market followed the big board on Monday and additional week last
g
year. Our preliminary total stands at $4,070
,gains were registered in all sections of the list. Public 830,847,
against $5,709,389,832 for the same week in
1931.
utilities were again the outstanding feature of the upturn At this center
there is a loss for the five days ended Friday
and stocks like Electric Bond & Share and American Gas & of 25.6%
. Our comparative summary for the week
follows:
Electric moved sharply against the short interest, while
Okartses--Returne bg Telegraph.
some of the more volatile industrials and utilities were
Per
Week Ending Aug. 27.
1932.
1931.
strong on the upwide. A typical case was Florida Power
Cent.
New York
$2,131,317,775 $2,883,934,097 -25.8
7% pref., which moved briskly upward 8 points to close Chicago
149,500,717
224,345,128 -33.4
at 60. International Hydro was also a strong spot and Philadelphia
184,000,000
307,000,000 -40.1
Boston
128,000.000
210,000,000 -39.0
gained 4% points. American Gas & Electric was in in- Kansas City
43,988,759
63,363,355 -30.6
St. Louis
39,200,000
creasing demand and forged ahead about 3 points, while San Francisco
88.000,000 -40.8
72,584,000
90,000,000 -19.4
Los Angeles
No longer will report clearings.
Metropolitan Edison pref. at 75 was 5 points higher.
Pittsburgh
54,031,165
85.751,300 -37.0
Detroit
The curb list broke into new high ground on Tuesday, Clevelan
44,182,491
84,264,501 -47.8
d
44.355,532
75,354,129 -41.1
despite the large amount of realizing during the early trading
Baltimore
41,581,478
. New Orleans
47,325,493 -12.2
20,442.189
Public utilities were prominent in the dealings and Gulf,
29,554,717 -30.8
Twelve cities. 5 days
$2.953,144,104 $4,148,894,718
Humble Oil and Standard Oil of Indiana featured the oil Other cities, 5 days
-28.8
439,214,935
543,730,825 -19.2
shares. Industrial stocks were represented on the up side
Total all cities, 5 days
$3,392,359,039 $4,690,625,543
by Aluminum Co. of America which gained 5 points and All cities. 1 day
-27.7
678,471,808
1,018,7134,289 -33.4
A. 0. Smith which was higher by 2 points. Pivotal issues
Total all cities for week
$4,070,830,847 85,709,389,832
-28.7
like Electric Bond & Share registered moderate gains on
Complete and exact details for the week
covered by the
Wednesday, though American Gas & Electric and some of foregoi
ng will appear in our issue of next week.
We cannot
the other speculative favorites sagged in the face of the furnish
them to-day, inasmuch as the week ends to-day
selling. Oil shares were firm, though prices were not greatly (Satur
day) and the Saturday figures will not be
available
changed.
until noon to-day. Accordingly, in the above the
last day
Electric Bond and Share was the outstanding feature of of
the week has to be in all cases estimated.
the curb market on Thursday as it forged ahead more than
In the elaborate detailed statement, however,
which we
5 points to 3432. American Gas & Electric, American presen
t further below, we are able to give final and
complete
Super-power pref., Cities Service pref. and Columbia Gas & results for
the week previous, the week ended Aug.
20.
Electric cony, were also active throughout the day. Ohio For that
week there is a decrease of 39.6%, the aggregate
Oil pref. and senior shares of Pure Oil Co. established new
.
of clearings for the whole country being $4,153
,902,533,
tops though most of the other issues failed to get very far.
against $6,874,823,608 in the same week in 1931.
Outsid
Industrials and miscellaneous shares were fairly buoyant and
of this city there is a decrease of 35.7%, the bank clearin e
gs
at this center recording a loss of 41.8%. We group the
cities according to the Federal Reserve districts in which
they are located, and from this it appears that in the New
n
Reserve Distri7,7 cludins city, the totals show
a loss of 41.5%, in the Boston Reserve District of 45.2f,
and in the Philadelphia Reserve District Of 38.8%7 111
the Cleveland Reserve District the totals are smaller by
District by 17.9% and in
in,the-Rcehmonc
the Atlanta Reserve District by 27.6%. The Chicago
Reserve District has suffered a contraction of 417777tre
St. Louis Reserve District of 34.2% and the Minneapolis
Reserve District of 22.9%. In the Kansas City Reserve
District the decrease is 34.4%,in the Dallas Reserve District
25.1% and in the San Francisco Reserve District 30.5%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Aug. 20.
Opartnas at
1,86.0'
Dec.
1930.
1929.
$
$
$
%
$
Federal Reserve Diets.
360,710,491 -45.2
421,160,558
535.532.531
197,640,974
Est Boston- --.12 cities
2,622,809.369 4,482675,752 -41.6 6372.9133.246 8,595,347,085
2nd New Yerk_12 "
407,359,194 -38.8
473,893,231
562,851,579
249,169,434
3rd Philadel la_ 10 "
854,609,906 -34.8
337,5E6,715
421.071,602
172,614,152
4th Cleveland__ 6 "
159,549,748
125,058,021 -17.9
145,377,829
102.628,034
5th Richmond _ 6 "
130.574,339
161,814,925
105.208,658 -27.6
75.209,660
11 "
6th Atianta
491,993,866 -41.0
705,868,395 1,041,537,048
250.496,006
7th Chicago ___19 "
118,287,943 -34.2
152,991,358
178,143,433
77,812,048
Louls-__ 5 "
8611 St.
112.464,370
140,418,363
86,911,481 -22.9
67,021,684
9th Minneapolis 7 "
135,562,473 -34.4
217,014,494
177,826,778
88,912,417
10th KansaaCity 10 "
43,926,131 -25.1
32,880,676
77,265,223
49.882760
5 "
11th Dallas
378,605,977
252,700,692 -30.5
301.205,616
175,708,079
12th San Fran--14 "
117 cities
Total
Outside N. Y. City
4,153,902,633 6,874,823,608 -39.6 8,181,7E6,195 13,469,123,998
1,609,256,405 2503,253,874 -35.7 3,135,607,624 4,050,504,370
32 cities
331,077,977
250,587,702 -60.6
355,162567
1932.
1931.
Inc. OT
Dec.
1930.
1929.
$
-Boston
First Federal Reserve Diet let
427,713
646,173
583,009 -26.6
622,209
Malne-Bangor_.
1,927,451
2,800,939 -31.2
4,038,018
3,078,460
r• Portland
-Boston _ - 167,771,826 323,905,172 -48.2 378.318,438 477,936,152
Mass.
663,517
763,620
919,184 -27.8
1,170,193
Fall River--_
267,521
504,752 -47.0
1.103,405
516,966
Lowell
1,003,260
526,673
887,689
781,166 -32.6
New Bedford
5.496,382
Springfield_ _ _
2,505,648
3,713,053
3,485,93.5 -28.1
1,566,368
3,059,483
Worcester
8,060.325
2,858,989 -45.2
9,056,272 +24.5
17,606,312
11,277,483
10.882,675
Conn.- Hartford
3,359,111
8,769,706
New Haven-.
6,227,988 -46.1
7,033,629
13,919,300
R.I.-Providence . 6,978,500
9,168,700 -23.9
11,797,900
808.111
369,163
N.H.-Mitnches'r
461,630
418,385 -11.8
Total(12 cities)
197,640,974
360,710,491 -45.2
Second Feder al Reserve D Istriet-New
-Albany..
4,219,422
5,397.004
N. Y.
856,809
690,888
Binghamton._
33,023,831
Buffalo__
22,120,475
844,634
514,429
Elmira
829,475
438,358
Jamestown_
New York_ _ _ _ 2,544,646,128 4,371,569,734
6,950,242
5,117,196
Rochester_ .__
3,917,108
3,133,279
Syracuse
3,264,031
2,817,901
-Stamford
Conn.
462,221
358,767
N. J.-Montclalr
26,752,364
16,272,205
Newark
28,808,299
25,298,195
Northern N. J.
421,160,558
535,532.531
York
6,466,219
5,691.764
-21.8
1.077,045
1,253,092
-19.4
44,385.539
71,004,118
-33.0
713,385
-39.1
868,919
-47.2
1.002,879
1,200,864
-41.8 5,043,177,571 8,418,619,628
8,116,864
-26.4
14.621,993
-20.0
4.086,732
6,235,123
-13.7
3,439,322
4,304,576
-22.4
526,220
597,098
-39.2
27,773,228
31,869,296
-12.2
32,218,24
38,979,714
Total(12 cities) 2,622,809,369 4,482,675.752 --41.5 5,172,983,246 8,595,347,085
Third Federal Reserve Dist rict-Phllad elphia
598,088 -52.2
285,784
-Altoona.._
Pa.
e1,617,417
2,809,450 -42.4
Bethlehem_ _
329,360
761,895 -56.8
Chester
886,111
1,844,818 -52.0
Lancaster
Philadelphia-- 236,000,000 386,000,000 -38.9
2,336,739
2,351,279 -0.6
Reading
1,868,832
3,911,589 -52.2
Scranton
1,481,919
3,159,879 -53.1
Wilkes-Barre_ 1,055,272
1,847,196 -42.9
York
3.308,000
4,074,000 -18.8
-Trenton __
N.J.
1,366,783
3,711.904
894,621
1,644,383
451,000,000
2,649,866
4,385.631
3,284,210
2,032,833
2,923,000
1,508,437
4,742,519
973,204
1,827,846
536.000,000
2,663,808
5,847,895
3,538,725
1,919,737
3,829,408
562,851,579
407,358,194 -38.8
473,893.231
Fourth Feder al Reserve D istrict-Clev eland
d317,000
3,453,000 -90.8
Ohio-Akron_Canton__ --37,716,266
49,369,631 -23.6
Cincinnati__ _ _
93,610,611 -36.1
59,800,000
Cleveland
9.933,700 -34.3
6,524,000
Columbus __ _
1,371,423 -32.7
e923.066
Mansfield
11
Youngstown.
67,333,820 106,871,541 -37.0
-Pittsburgh _
Pa.
4,388,000
8,607,000
52.136,663
112,098,906
12,170,600
1,762,493
155,050,053
67,287.275
143,415,276
15,098,700
2,343,180
11
186,320.171
264,609,906 -34.8
337,556,715
421,071,602
Fifth Federal Reserve Dist riet-Mehra ond555,108 -40.0
333,062
W.Va.-Hunt'g'n
2,775,242 -29.4
1,960,600
Va.-Norfolk.
32,545,839 -28.8
23,170,458
Richmond __
1,166,914 -47.9
607,749
S.C.-Charleston
67,258,618 -9.0
61,220,016
Md.-Baltimore20,756,300 -26.1
15,336,149
D.C.-Washing'n
988,209
3,390,095
40,243,000
1,569,547
78,477,153
20.709,825
1.088.607
3,547.857
41,444,000
1,813,473
88,568,852
23,086,959
Total(10 cities)
Total (6 cities).
249,169,434
172,614,152
125,058,021 -17.9
145,377,829
159,549,748
Sixth Federal Reserve Dist rlet-Atlant a3,552,000 -40.8
2,103.030
-Knoxville
Tenn.
10,474,672 -20.4
8,342,887
Nashville
33,600.000 -24.4
25,400,000
-A tianta__
Oa.
944,126 -14.5
807,203
Augusta
539,145 -25.0
404,597
Macon
9,149,508 -23.8
6,967,926
-Jacksonville
Fla.
11,407.190 -33.5
7,589,364
Ala.-Birmingh'm
955,919 -17.7
786,901
Mobile
1,071,000 -31.3
736,000
-Jackson_ _
Miss.
90,98 -12.0
80,099
Vicksburg
33,424,11 -31.2
22,991,653
-New Orleans
La.
2,000,000
18,760,685
42,123,088
1,447,679
1,282,281
9,892,096
14,091,593
1,590,885
1,683,769
111,480
37.590,783
2,825,674
21,394,444
52,266,017
1,661,532
1,364,578
12,542,817
21,627,437
1,921,888
1,835,290
252,347
44,322,901
105,208,658 -27.6
130,574,339
161,814,925
Total(6 cities) -
Total (11 tittles)
102,628,034
76,209,660
1930.
1929.
290,496,006
491,993.866 -41.0
705.868,395 1,041,537,048
Eighth Federe 1 Reserve Die trict-St.Lo ale13
b
b
nd.-Evansville_
88,500,000 -40.8
52,400,000
-St. Louis
i10.
19,656,929 -18.5
16,022,008
Cy.-Loulsville_
b
b
b
Owensboro.. _
9,313,843 -4.3
8,911,235
['ann.-Memphis
136,261 -35.9
87,384
IL-Jacksonville
6t0,910 --42.5
391,421
Quincy....._ _
b
105,558,606
32,673,233
b
13,572,379
161,770
1,025,370
b
126,800,000
32,881.037
b
16,626,742
370.297
1,465,357
118,287,943 -34.2
Total(5 cities) _
Ninth Federal
dinn.-Duluth
Minneapolis _
St. Paul
st. Dak.-Fargo.
-Aberdeen.
5. D.
VIont.-Billings
Helena
152,991,358
178,143,433
Reserve Die trict-Minn eapolis5,797.720
3,013,418 -31.4
2,065,485
76,300,976
59,641,547 -21.0
47,094,961
24,006,703
18,947,054 -26.2
13,978,806
1.874,130
1,844,369 -17.0
1,531.359
1,004,569
703,047 -17.5
579,894
497,272
422,782 -42.6
242,592
2,983,000
2,339,264 -34.7
1,528,587
6,507,534
102,454,319
24,129,945
1,923,283
1,181,357
615,915
3,606,000
77,812,048
112,464,370
140,418,353
Tenth Federal Reserve DI. tact Kens as City226,709
240,073 -54.3
109,819
Neb.-Fremont_ 450,000
106,426
295,520 -64.0
IlastIngS
2,714,164
2,700,788 -43.8
1,518,634
Lincoln
40,928,835
38,814,559 -49.4
19,641,202
. .
Omaha _
2,967,719
2,048,723 -24.8
1,541,347
-Topeka
Kan.
6.372,597
4,703.434 -23.6
3,595,336
Wichita
80,549,328 -27.0 116.665,500
%Ie.-Kan. City. 58,836,311
4,689,454
3,989,201 -38.7
2,444,200
St.
1,327,796
1.089,982 -44.8
557,530
7olo-Colo. SPgs
Joseph_a
a
a
Denver..a
1,484,004
1,130,865 -49.9
561,612
Pueblo
337,479
495.119
3,276.437
47,369,175
3,216,331
8,564,515
143,442,849
7,221,565
1,321,102
a
1.769,922
Total(7 citi66).
Week Ended Aug. 20.
Dec.
1931.
$
$
$
$
%
Seventh Feder el Reserve D istrIct-Chi cago251,392
185,990
157,875 -53.1
74,030
Iich.-Adrian647,313
818,984
711,753 -4.5
679,452
Ann Arbor-59,217,674 112,497,973 -47.4 163,729,040 244,763,676
_ _
7,352,582
4,706,335
3,956,458 -27.4
2,871,467
Detroit__...
Grand B.aplds
3,295,530
4,517,939
2,519,510 -45.7
1,367,500
Lansing
4,132,682
3,020,138
1,401,153 -36.0
897,022
nd.-Ft. Wayne
18,260,000
22,750.000
13,795,000 -31.2
9,474,000
Indianapolis
2,744,154
2,272,471
6.846,874 -87.2
875,938
South Bend _ _ _
4,881,861
5.089.471
3,702,962 -33.6
2,457,307
Terre Haute
32,531,579
26,641,566
19,729,403 -39.1
12,024,912
Fis.-Milwaukee
3,294,439
3,134,821
2,294,225 -75.2
569,510
owa-Ced. Rai).
9,334,376
6,900,137
5.574,014 -22.3
4,332,769
Des Moines .
5.214,993
6,809,537
3,939,839 -53.9
1.817,934
Sioux City
1,441,331
1,191,200
601.348____
1
Waterloo
1,828,712
1,575,101
1,328,655 -34.7
867,369
IL-Bloomington
189,240,180 306,463,265 -38.3 450.264,171 681,440,971
Chicago
1,170,866
1,075,067
855,674 -48.7
438,563
Decatur
5.5.50,045
3,877,109
2,478,101 -30.5
1,723,327
Peoria_
3.705,593
2,6.54,250
414,462
1,244,053 -66.7
Rockford
2,216,329
2.133,692
1,895,731 -39.2
1,152.590
Springfield_ _
446,80%614
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Clearings at
Inc. or
1932.
Total(19 cities)
1931.
1932.
Week End. 4140. 20 1932.
Canada
1439
Financial Chronicle
Volume 135 •
67,021,684
86,911,481 -22.9
135,562,473 -34.4
177,826,77E
217,014,494
-Da HasEleventh Fede ral Reserve District
1,235,241 -52.7
584,139
reicas-Austin.
31,090,881 -24.0
23,623,025
Dallas_
6,294,248 -24.9
4,725,857
Fort Worth_ _ _
2.217.000 -12.7
1,935,000
Galveston._
3,088,761 -34.8
2,012,655
-Shreveport..
[.a.
1,249,279
33,328,585
8,962,394
2,484,000
3,858,502
1,274,484
52,756,977
12.657,054
5.490.000
5,807.708
43,926,131 -25.1
49,882,760
77,266,223
Total(10 cities)
Total(5 fittes)_
88,912,417
32,880,676
Twelfth Feder al Reserve D istrict-San Franci sco-53.684,845
36,594,909
30,306,160 -31.9
20,628,816
Wash.-Seattle_ _
13,303.000
10,839,000
8.058,000 -38.6
4,948,000
Spokane__ _
1.480.057
906,595
686,736 -41.0
404,890
Yakima
40,740,158
34,286,768
25,586,944 -38.4
15,768,148
-Portland.. _
Ore.
19,894.807
15,769,728
12,735,877 -41.0
7,510,150
L. City
Utah-S.
8,730,733
6,842.463
4,553,175 -63.3
2,668,839
-L.Beach Calif.
.
Los Angeles_ _ No longer will report clearin gig.
4,971,605
4,465,728
3.890,909 -40.7
2,306,352
Pasadena
7,363,754
5,753,041
8,386,305 -13.5
7,256,047
Sacramento
5,649,830
4,580,504
3,544,478 -29.0
2,517,483
Dlego__
San
-27.4 172,563,000 212,385,000
San Francisco_ 107,387,000 148,016,000
3,754,188
2,723,726
2,431,706 -38.9
1,485,054
San Jose_ _ _
1,870,574
1,994,347
1,437,214 -40.0
862,307
Santa Barbara_
2,245,426
1,97.5,007
1,595,688 -50.5
790,014
Santa Alonica,
2,633,000
1,910,800
1,471,500 -20.2
1,174,979
Stockton
Total(14 cities) 175,708,079 252.700,692 -30.5 301,205,616 378,606,977
Grand total (117
4,153,902,533 6,874,823,608 -39.6 8,181,785,195 12469 123,998
Cities)
OutsideNew York 1,609,256,405 2,503,253,874 -35.7 3.138.607,624 4,050,504,370
Week Ended Aug. 18.
_
1932.
1931.
Inc. or
Dec.
1930.
1929.
$
$
$
%
$
Canada71,743,546 101,486,239 -29.3 123,016,378 145,023,617
Montreal
87,943,289 -16.0 109,399,292 133,415,752
73,877,937
Toronto......__
64,768,329
38,919.781
35,756.012 -0.1
35,743,362
Winnipeg_ __ ..__
23,119,182
18,764.496
13,698,180 -20.3
10,912,731
Vancouver_ _ _ ._ _
8,233,756
7,367,819
6,272,589 -42.9
3,578,917
Ottawa_
6,914,404
5,946,520
5,215,433 -23.2
4,007,659
Quebec
3,260,821
2,933,634
2,534,494 -20.8
2,907,768
Halifax
6,619,571
5,240,615
4,191,405 -22.3
3,256,837
Hamilton.....
12,086,204
6,809,818
5,472,487 -14.8
4,664,289
Calgary
2,847,960
2,116,810
2,101,26 -25.2
1,571,908
St. John_
2,815,207
2,175,775
1,751,53 -27.3
1,274,143
Victoria
3,634,039
3,601.109
2,814,42 -30.5
1,956.156
London
6,696,013
6,204,266
5,065,73 -36.0
3,240,285
Edmonton
5,877,716
4,846,233
-18.7
3,092,030
2,514.682
Regina
696,961
507,722
394,888 -18.4
322.055
Brandon__ ......
813.269
558,730
388,714 -12.5
340.005
Lethbridge
2,860.467
2,302,359
1,506,256 -15.3
1,275,596
Saskatoon
1.555,388
1,029,980
411.918
574,223 -28.3
MooseJaw
1,360.887
927,543
648,572
821,709 -21.1
Brantford
1,036,729
833,131
600,895
678,594 -11.5
.
Fort William-- 1,001,905
798,488
429,719
751,536 -42.8
Westminster
New
492.174
313,753
165,451
219,279 -24.5
Medicine Hat_ _ _
931.256
817,927
486,401
795,709 -36.0
Peterborough.-_
1,000.255
728,414
-28.9
540,504
759,974
Sherbrooke.._
1,327,254
1,053.687
723,589
811,147 -10.8
.....
Kitchener
4,679,844
3,244,046
2,283,791
2,381,405 -4.1
Windsor- _
447,338
473.960
241.260
337,691 -28.6
Prince Albert_
948,937
989,763
546,902
696,391 -21.5
Moncton
878.228
974,496
526,229
597.224 -11.9
Kingston
657.151
554,857
380.151
351,431 -8.2
Chatham
800,000
652,451
347,163
425,077 -18.3
Sarnia
1,263,714
457.456
701,342 -34.8
Sudbury- -......
Tntal (32 cities) 231.077.977 290.587.702 -20.5 355,167.567 446.800.614
a No longer reports weekly clearings. b Clearing house not r012000010g at Presentc Clearing house reopened in February. d Figures smaller due to merger of two
largest banks. e Due to merger of two leading banks. this figure represents the
exchange of checks between fewer Institutions. I Only one bank open. No clearings figures available. 5 Estimated.
1440
Financial Chronicle
Aug. 27 1932
Condition of National Banks June 30 1932.
-The statement of condition of the
National banks under the Comptroller's call of June 30 1932 has just been issued and is summari
zed below. For purposes of comparison, like details for
previous calls back to and including March 25 1931 are included.
ABSTRACT OF REPORTS OF CONDITION OF NATIONA
L BANKS IN THE UNITED STATES ON MARCH
25, JUNE 30, SEPT. 29 AND
DEC. 31 1931 AND JUNE 30 1932.
Resources
Loans and discounts (including rediscounts)-a
Overdrafts
United States Government securities owned
Other bonds, stocks, securities, &c., owned
Customers' liability account of acceptances
Banking house, furniture and fixtures
Other real estate owned
Reserve with Federal Reserve banks
Cash in vault
Due from banks
Outside checks and other cash items
Redemption fund and due from United States Treasurer
Acceptances of other banks and bills of exchange or drafts sold
with
dorsement
Securities borrowed
Other resources
Total
march25 1931. June 30 1931, Sept. 29 1931.
6,935 Banks. 6.805 Banks. 6,658 Banks. Dec. 31 1931, June 30 1932,
6,373 Banks. 6,150 Banks.
$
$
$
$
$
13.722.072.000 13.177485.000 12.479,935.000
11,921.389.000 10,281.676,000
7,037.000
7,790,000
7.596,000
5.439,000
4.701,000
3.192,718,000 3.256.268.000 3,289.267.000
3.176,475.000 3,352,666,000
4,469.659.000 4,418.569.000 4,380.016.000
4,024,950,000 3,813,984,000
539,284.000
434,717.000
344,459.000
389,399.000
262,943,000
810.789.000
795.866.000
790,324.000
770,454,000
760.057,000
124,662,000
125.681,000
124.092,000
132,415,000
143,585,000
1.441.387.000 1,418,096,000 1,365,334,000
1.137.747,000 1.150.575.000
334.122,000
368,549.000
389,741,000
379.900.000
338,404,000
2,942.432.000 3.146.951.000 2,207.530,000
2,293,328,000 1,956,154,000
32.304.000
61.559,000
33,344.000
88,127.000
40,728,000
32,427.000
32,165.000
31,688,000
31.536.000
32,711,000
in215,326.000
168.137,000
98.601.000
106.263.000
7,182,000
14.910.000
11.986,000
9.534,000
7,951,000
9,003.000
247.338,000
218,839,000
194.603.000
184,392.000
195,861,000
28,126,467.000 27,642.698.000 25,746.064
.000 24,662,286,000 22,367,711,000
Liabilities
Capital stock paid in
1,716.254,000 1.687.663,000 1.656.374.000
Surplus fund
1.529.896.000 1.493.876,000 1,470.291.000 1.621,449.000 1,568,983,000
Undivided profits-net
1,381.612,000 1,259,425,000
532,759.000
Reserves for dividends, contingencies, &c
443,592,000
455,474.000
351,597,000
302,521,000
Reserves for interest, taxes, and other expenses accrued
113.568,000
130.599,000
115.942.000
and unpaid
171,109.000
148,919,000
National-bank notes outstanding
82.145.000
62.881,000
82,976.000
52.604.000
49.439.000
Due to banks_b
645,523.000
639.304,000
631,569,000
627,490,000
652,168,000
Demand deposits
3,282,226.000 3.277.539,000 2,527,514.000
2,301,018,000 2,041,333,000
Time deposits (including postal savings)
10,046.037.000 10,105.885,000 9,393.194.
000
United States deposits
8.711.402.000 8.579,590.000 8,150.285.000 9,071.452,000 7,940,653,000
7,610,436,00C 7,265,640,000
304.501.000
Total deposits
235.226,000
308,391.000
261.441,000
213,287,000
22,344,166,000 22.196.240,000 20,379,384.000
Agreements to repurchase United States Government or other
securities sold
19,244,347,00( 17,460,913,000
Bills payable and rediscounts
13.857.0 0
0
10,266,000
17,752.000
51,126.00(
39.535.000
Acceptances of other banks and bills of exchange or drafts sold
194,466.000
153,533.000
324.198.000
with 1
506,890,000
555,365,000
dorsement
215,326.000
Acceptances executed for customers
168,137,000
98,601,000
7,182,000
106,263,000
Acceptances executed by other banks for account of reporting banks
554.8_.
88 000_
442,235.000
354,464,000
279,220,000
397,600,000
8,627.000
Securities borrowed
5,874,000
6,257.000
3,098,000
5,528,000
Other liabilities
14,910.000
11.986.000
9.534.000
7,951,000
9,003,000
160.104.000
194.512,000
143.248,000
81,467,000
87.193,000
Total
28,126,467,000 27,642.698,000
25,746,064.000 24.662,206.000 22,367,711,000
Details of Cash in Vault
Gold coin
13,651.000
Gold certificates
13,372,000
13,589.000
12,372,000
12,973.000
All other cash in vault
38 300 000
. .
39,628,000
26,188,000
44,466,000
36,785,000
284.171.000
Details of Demand Deposits
315,589.000
299,844,000
331,686.000
330,142,000
Individual subject to check
8.679.422.000 8.660,076.000 8,170.599.000
Certificates of deposit
7,843.567,000 6,709,556,000
130.095,000
State, county and municipal deposits
132,953.000
118,246.000
115,031,000 • 100,236,000
1.105.744.000 1.162,450,000
Other demand deposits
970,861,000
975,366,000 1,005,930,000
130.776.000
Details of Time Deposits
150,406.000
14,931.000
133.483.000
137,488,000
State, county and municipal deposits
Certificates of deposit
78. .
3 057 000
372.022,000
247,980,000
311.269.000
289,999,000
1.343.567.000 1,311,535,000 1,237,252.
Deposits evidenced by savings pass book
998,172.000
000 1.078,731.
6.097.531.000 6,031,314,000 5,708,071.000 5.557.766,000 5,202,948,000
Time deposits, open accounts. Christmas saving accounts, &c
000
Postal savings
500 804 000
. .
509.365.000
324,429,000
523.016,000
285.293,000
184,491.000
Deposits of other banks and trust companies located in United
207,205.000
266,066,000
450.275,000
35.1,825.000
States
91,621.000
Foreign countries
70.468,000
48,585.000
39,093,000
48.585.000
101.531.000
Percentages of Reserve
77.681,000
56,026,000
4,743,000
58,026,000
Central Reserve cities
11.17
Other Reserve cities
11.38
11.48%
11.77%
11.84
7.01
All Reserve cities
7.00
6.94%
6.78
6.90
8.53
Country banks
8.58
8.59%
8.52
8.32 ‘,
4.80
Total United States
4.79
4.76%
4.77
4.72
6.871
6.89
8.87%
6.854
6.72
a Includes customers' liability under letters of credit.
b Includes certified and cashiers' checks, and cash letters of credit and
travelers' checks outstanding.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Aug. 10 1932:
GOLD.
The Bank of England gold reserve against notes
on the 3rd inst. as compared with £137,725,916 onamounted to £138,563,480
the previous Wednesday.
About .C1,750,000 bar gold, of which £560,000 was for delivery
has been sold in the open market during the past week to the next week,
Continent
and America. Quotations during the week:
Per Fine
Equivalent Value of
Ounce.
i Sterling.
Aug. 4
1178. 5d.
14s. 5.6d.
Aug. 5
1188. 6d.
145. 4.1d.
Aug 6
1198. 3d.
145. 3.0d.
Aug. 8
1195. Id.
14s. 3.2d.
Aug 9
1185. 7d.
14s. 3.9d.
Aug. 10
118s.2d.
148. 4.5d
Average
1188. 6.0d.
145. 4.05d.
The following were the United Kingdom imports and exports
of
registered from mid-day on the 30th ult, to mid-day on the 8th inst.: gold
Imports.
Exports.
British India
£935,858 France
£819,693
France
110,810 Netherlands
595.220
British South Africa
1,935,648 Belgium
31,960
British West Africa
58,752 Germany
9,725
Egypt
174.176 United States of America- 225,737
Straits Settlements & Deis
41,557 Other Countries
768
Anglo-Egyptian Sudan__
23.665
United States of America21,120
Iraq
13,850
Other countries
3,382
.£3,318,818
£1,683,103
The SS. Corfu which sailed from Bombay on Saturday last carries
gold
to the value of £572.000 consigned to London and £27,000 consigned
to
Holland.
SILVER.
Speculative purchases from America, which have been
feature of the
past week, were so heavy as to prevent movements in thesterling-dollar
exchange exerting much influence on the price. After risesthehd.
and 3-188.
on two successive days to 175 d.and 17 11-16d. quoted forof
%
cash and
respectively on the 6th inst., prices receded ;id. on the 8th inst. forward
and then
continued upward with a rise of 5-16d. yesterday and 1-164. to-day, when
quotations are 171.1. and 17.15-188.
The Indian Bazaars have been active, fresh bull positions having been
opened and closed during the week, and older bull commitments
have also
been largely covered. Speculators in general have sent good orders. China
has again worked both ways whilst the Continent has sold.
Present circumstances render the market highly dangerous. Ifspeculation
continues upon the present scale there would seem
further upward movements, but the rise has been so nothing to prevent
rapid as to suggest
that a reaction may be overdue.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 30th ult. to mid-day on the 8th inst.:
Imports.
Germany
British India
Soviet Union (Russia)
Belgium
France
Mexico
Australia
Canada
Other countries
Exports.
£36,744 Yugoslavia
39,699 Other countries
£63,553
5,966
10,80028,120
3,787
26,868
14,418
15,556
975
£176.967
/69,519
Quotations during the week:
IN LONDON.
IN NEW YORK.
Bar Silver per Or. Std.
(Cents per Ounce .999 Fine.)
Cash Del.
vfos. Del.
Aug. 4----17.3-16d. 2171id.
Aug. 3
27.3-16
Aug. 5----17.7-188,
17144.
Aug. 4
27)( 4
Aug. 6----179id,
17.11-16d. Aug. 5
275j
Aug. 8----1714d.
17.9-188. Aug. 6
27.11-16
Aug. 9-....17.13-188.
Aug. 8
1714d.
27)(
Aug. 10----1714d.
17.15-164. Aug. 9
2834
Average- - -17.573
17.6354.
The highest rate of exchange on New York recorded during
the period
from the 4th inst. to the 10th inst. was $3.5114 and the
lowest $3.44 A.
INDIAN CURRENCY RETURNS.
(7n Lacs of Rupees)
Aug. 7.
July 31.
July 22.
Notes in circulation
17.435
17,423
17,320
Silver coin and bullion in India
11.452
11,439
11,380
Gold coin and bullion in India
1,086
1,086
1.078
Securities (Indian Governmen
4.897
t)
4,898
4,862
The stocks in Shanghai on the 4th inst. consisted of
bars, as compared with about 92,400,000 ounces in about 10,000 silver
sycee, 240,000,000
dollars and 3.720 silver bars on the 30th ult.
ENGLISH FINANCIAL MARKET
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat.,
Aug. 20.
Silver, p. oz-d. 17 15-16
Gold, p.flneos.118s. 9d.
Consols, 2%s__ 71
British be.....
British 4%s..._
French Rentes
(In Parls)3% tr.
French War L'n
(In Parls)5% fr. -___
Mon.,
Aug. 22.
17 15-16
119s. ld.
7034
10134
98
rues.,
Aug.
1834
1188. lid.
7034
10134
102
•.
Aug. 24.
18 1-16
118s. lid.
71
102
9834
urs.,
Aug. 25.
1834
119s. Id.
71
102
9834
Frt..
Aug. 26.
18 5-16
119s. id,
704
102
0834
82.90
83.80
83.00
83.40
83.30
100.10
100.10
100.10
100.40
100.30
283i
2834
The price of silver in New York on the same days has been:
Silver In N. Y.,
per oz. (cts.) 2734
2734
28
28
Volume 135
THE BERLIN STOCK EXCHANGE.
The Berlin Stock Exchange resumed trading on Friday,
April 29 1932 after having been closed by Government decree
since Sept. 18 1931. Prices suffered heavy declines. Closing
prices of representative stocks as received by cable each day
of the past week have been as follows:
Aug. Aug. Aug. Aug. Aug.
20.
23.
25.
22.
24.
Per Cent of Par
127
128
128
127
Relchsbank (12%)
89
89
89
89
Berliner Handels-Gesellschaft (4%)
53
53
53
53
Commerz-und-Privat Bank A. G.(0%)
75
75
75
75
und Disconto-Ges.(0%)
Deutsche Bank
62
62
62
62
Dresdner Bank (0%)
33
32
32
32
Allgemeine Elektrizitaets Ges.(AEG) (0%)
Hull- 65
65
65
65
Gesfuerel (4%)
day 129
130
130
130
Siemens & Halske(9%)
88
88
88
88
I. G. Farbenindustrie (7%)
173
172
172
170
Salzdethfurt (9%)
180
180
178
180
Rheinische Braunkohle (10%)
71
71
70
70
Deutsche Erdoel(4%)
45
44
43
44
Mannesmann Roehren (0%)
14
15
14
13
Hapag (0%)
15
16
14
14
North German Lloyd (0%)
Aug.
26.
129
89
53
75
62
34
66
135
89
174
180
74
44
14
15
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of Aug. 26:
Anhalt 7s to 1946
Argentine 5%. 1945. 5100-pieces
ALM:quilt 8%, 1946
Bank of Colombia 7%, 1947
Bank of Colombia 7%, 1948
Bavaria 6468 to 1945
Bavarian Palatinate Cons. Cit. 7% to 1945
Bogota (Colombia) 615%, 1947
Bolivia 6%, 1940
Brandenburg Electric 6%, 1953
Brazil Funding 5%, 1931-1951
British Hungarian Bank 715s, 1962
Brown Coal Ind. Corp. 63.4s, 1953
Call (Colombia) 7%. 1947
Callao (Peru) 715%, 1944
Ceara (Brazil) 8%, 1947
Central German Po: of Magdeburg 6%. 1934
City Savings Bank, Budapest, 7s, 1953
Dortmund Municipal Util. 615%, 1948
Dulsberg 7%, to 1945
Dusseldorf 78, to 1945
East Prussian Power 6%. 1953
European Mortgage & Investment 735s, 1966
French Government 515s, 1937
French National Mall SS. Line 6%, 1952
Frankfurt 70, to 1945
German Atlantic Cable 7%, 1945
German Building & Landbank 645%, 1048
Hamburg-American Line 615s, to 1940
Hanover Harz Water Works 6%, 1957
Housing & Realty Imp. 7s, 1946
Hungarian Central Mutual 7s, 1937
Hungarian Discount Ss Exchange Bank 7s, 1963
Hungarian Italian Bank 715%, 1932
Koholyt 635s, 1943
Land Mortgage Bank, Warsaw, 8%, 1941
Leipzig Overland Power 614%, 1946
Leipzig Trade Fair 78, 1953
Luneberg Power, Light & Water 7%, 1948
Mannheim & Palatinate 78, 1941
Munich 7s, to 1945
Municipal Bank, Hessen, 7%, to 1945
Municipal Gas & Elec. Corp., Recklinghausen, 78, 1947
Nassau Landbank 616%, 1938
National Central Savings Bank of Hungary 715s, 1962
National Hungarian & Ind. Mtge. 7%, 1948
Oberpfalz Electric 7%, 1946
Oldenburg-Free State 7%, to 1945
Pomerania Electric 6%, 1953
Porto Alegre 7%, 1968
Protestant Church (Germany) 78, 1946
Provincial Bank of Westphalia 6%, 1933
Rhine Westphalia Electric 7%, 1936
Roman Catholic Church 615%, 1946
Roman Catholic Church Welfare 7%, 1946
Saarbruecken Mortgage Bank 68, 1947
Salvador 7%, 1957
Santa Catharine (Brazil) 8%, 1947
Santander (Colombia) 7%, 1948
Sao Paulo (Brazil) 6%, 1947
Saxon State Mortgage 6%, 1947
Siemens & Halske debentures 6%, 2930
South American Railways 6%, 1933
Stettin Public Utilities 7%, 1946
Tucuman City 78, 1951
Vamma Water 515%. 1957
Vosten Electric Railway 7%, 1947
Wurtemberg 78, to 1945
Bid.
ii
2
2534
42
30
/173.
1 35.1
45
28
138
42
111
f 63.4
f 2%
45
130%
29
30
Ask.
Li
34
2834
44
33
1934
434
4815
32
38
44
__ -50
32
31
33
4
%5
f3335
103
103%
31
55
3615
41
26
43
136%
12734
171%
36
52
45
30%
33
42
43
30
31
49
/3834
130
37
2915
3614
1 614
3715
49
41
51
4815
62
117
1 435
11215
TP
i
3415
105
104
34
f421.5
300
37
37
13
63
24
33
r715
325
38
40
17
65
26
43
563;
46
31
47
38
2815
74
39
5315
49
32
36
44
45
33
34
51
40
3134
40
323'4
383.4
8
4034
52
46
53
5045
65
19
e
1515
Flat price.
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:
Aug.20 Aug.22 Aug.23 Aug.24 Aug.25 A ug.28
1932.
1932.
1932.
1932,
1932.
1932.
Francs. Francs. Francs. Francs. Francs. Francs.
11,430 11,500 11,500 11,500 11,800
France
Bank of
1,660
1,690
1,650
Banque de Paris et Pays Bas
1,700
1,730
480
488
493
499
Banque de Union Parisienne_
421
360
425
431
"iai
Canadian Pacific
13,905 14,065 14,360 14,600
Canal de Suez
-2,190
2,145
2,160
2,250
Cie Distr d'Electricitle
2,180
2,200
2,190
2,250
2:270
Cie General d'Electricitle
82
83
80
82
_
Cie Generale Transatiantlque_
450
444
435
475
---Citroen B
1,183
1,175
1,200
1,218
Comptoir Nationale d'Escompte
220
220
210
- 113
210
Coty Inc
361
361
370
372
Courrieres
749
760
740
762
Credit Commerciale de France
4,490
4,480
4,460
4,490
Roll.
4,526
Credit Fonder de France
2,110 2,130
2,080
2,070
day
2,140
Credit Lyonnais
2,190 2,230
2,160
2,140
2,250
d'Electricitio la Par
Distribution
2,330
2,370
2,340
2,390
2,410
Eaux Lyonnais
619
608
606
627
Energie Eleetrlettle du Nord _ _ .
1,018
1,014
1,008
1,020
__ -Energie Electrleitie du Littoral
82
83
80
82
83
French Line
86
87
87
87
89
Lafayette
Gala;
770
770
770
770
Gas Le Bon
520
510
530
550
501
Kuhlmann
870
852
897
852
L'Alr Liquid°
999
995
999
999
Lyon (P. L. M.)
370
370
360
380
360
de Courrieres
Mines
480
480
470
480
460
Mines des Lens
1441
Financial Chronicle
Nord By
Orleans fly
Paris, France
Paine Capital
Pechiney
Rentes 3%
Rentes 5% 1920
Rentes 4% 1917
Rentes 5% 1915
Rentes 6% 1920
Royal Dutch
Saint Cobain C. & C
Schneider & Cie
Societe Andre Citroen
Societe Francalse Ford
Societe General Fonciere
Societe Lyonnaise
Societe Marselllaise
Suez
Tubize Artificial Silk, pret
Union d'Electricitie
Union des Mines
1
'3,'agon-Lits
Aug.20 Aug.22
1932.
1932.
Francs. Francs.
1,480
910
1,080
114
1,360
82
124
96
100
101
1,570
1,765
Roll1,200
day
430
113
186
2,340
605
13,900
208
850
230
85
Aug.23
1932.
Francs.
1,480
932
1,080
113
1,360
83
125
97
100
101
1.600
1,770
1,200
440
114
191
2,330
605
14,100
214
870
230
87
Avg.24 Aug.25 Aug.26
1932.
1932.
1932.
Francs. Francs. Francs.
1,490 1,500
1.500
932
1:iOo 1,060 1.100
118
116
1,450
1,400
1,390
83
83
83
125
124
125
97
97
96
100
100
100
101
101
101
1.640 1,670
1,630
1,785
1,775
1,205
1.205
"ioo
470
450
• 112
118
112
199
192
195
2,390
2,390
601
601
14,400 14,600 14.600
228
220
"gio
870
870
230
230
230
90
89
Toratmercialand pliscellatteonsBZras
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, Aug. 20 to Aug. 26, both
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low, High Shares.
400
35
33
*
American Stores
400
914 10
Bankers Securities Corp_50
300
50
1034 103-4
Preferred
400
107 109
pref _100 109
Bell Tel Co. of Pa
1,500
134
•
134 1%
Budd (E G) Nita Co
100
10
10
100
Preferred
500
235 234
245
*
Budd Wheel Co
140
3115 3134
50
Cambria Iron
500
Camden Fire Insurance_ 50 1315 1315 1434
200
115
114
•
Central Airport
60
25
23
Consol Traction of N J.100 25
97
2834 2935
Electric Storage BatterY100
400
10
734 8%
Fire Association
100
25
25
(NY)corn_ *
Horn & Hard
900
35
3634
_10
Insurance Co of N A
10,135
1015 13
Lehigh Coal& Navigatn_ _• 13
985
1334 2134
50
Lehigh Valley
600
19-4 2
Mitten Bank Sec Corp_ _25
215
100
214
234
25
Preferred
•
23-4 335 13,000
334
Pennroad Corp v t c
1634 1934 11,500
50
Pennsylvania RR
200
3615
34
50
Penna Salt Mfg
25
70
70
Phila Dairy Prod pref _25
270
of Pa 85 pref___* 9815 9715 99
Phila Elec
1,000
25 2934 2934 31
Phila Elec Pow pref
900
334
434
57,4
_
Phila Rapid Transit_. _50
650
9
1134
50 1135
7% preferred
800
434 534
Phlla & Read Coal & Iron_•
26% 27%
250
Philadelphia Traction_ 50
500
135
115
•
Railroad Shares CorP70
50
393-5 44
Reading RR
4
535
500
10
Reliance Insurance
10
24
24
•
Scott Paper
400
14
11
•
Sentry Safety Control_
500
134
I%
Shreve El Dorado Pipe L 25
65
31
3315
Tacony-Palmyra Bridge_ -" 3315
50
6
6
Telephone Sec Corp pref_50
1,200
1114 14%
50 14%
Union Traction
1835 2034 65,700
United Gas Impt com new • 20
5
300
4
Victory Insurance Co__ 10
42
58
42
West Jersey & Seashore_50
30
29
29
preferred
York Rys
BondsElec & Peoples tr ctfs 45'45
Phila Elec (Pa) 1st 53_1966
23
104
:
in,
Range Since Jan. 1.
High.
Low.
June 3615 Feb
20
Aug
34 Apr 10
Apr 1015 Jan
7
Mar
9635 May 113
235 Jan
15 Apr
Jan
475 June 15
415 Jan
June
1
Feb
3134 Aug 38
July 1434 Aug
8
Jan
2
Jan
1
Aug
18 June 25
1234 June 3334 Feb
915 Jan
711 June
Aug
June 25
15
Apr
June 40
19
515 June 1434 Jan
535 June 2145 Aug
234 Jan
14 Aug
315 Jan
% June
375 Jan
June
1
634 June 2234 Jan
1934 June 3634 Aug
Mar
55 June 72
Aug
June 99
86
2234 June 3834 Feb
13-4 Apr
634 Jan
Jan
434 June 18
175 June
57,4 Feb
June 2834 Jan
13
534 Apr
46 Apr
Aug
103-4 June 44
535 Aug
Apr
2
June 42% Mar
19
% Jan
14 Aug
Jan
3
7
4.1 Apr
25 June 3514 Apr
Jan
7
Aug
6
734 July 17% Jan
9% June 2134 July
Aug
5
1% July
Jan
Aug 55
42
Aug
July 29
20
26 533,000 16
105% 19,000 100
anon no
Inn
Feb
June 29
Feb 10534 Aug
Am.
Tnna use
•No par value.
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange, Aug. 20 to Aug. 26, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last IVceles Range for
Week.
ofPrices.
Sale
Par. Price. Low, High Shares.
22
19
" 22
Arundel Corporation
2534 28
Atl Coast Line (Conn)50 28
43,4 434
415
•
Black & Decker corn
Ches & Pot of 13alt pref.100 11434 11315 115
1815
18
Commercial Credit pref1325 1815
70
70
635% 1st preferred__100 70
18
18
7% preferred
64
Consol Gas, E L S: Power_• 62% 55
10434 105
Preferred see D__100
6%
100 10034
515% pref w I ser E_ _100
9734 98
100 98
5% preferred
20c 20c
Consolidation Coal__ _100
4
4
*
Eastern Rolling Mill
to 1015
& Guar Fire cp.io
Fidelity
4634
39
50 45
Fidelity& Deposit
415 415
Finance Co of Am class A__ ______
411
411
Finance Service Co com___ ______
6
445 63-4
Houston Oil preferred
445 534
546
Maryland Casualty Co
23
18
Merch & Miners Tramp_ _•
2
2
Mort Bond & Title iv i_-_
2045 2234
Mt Vern-Woodb Mills pref
18%
1534 10
New Amsterdam Can Ins__
Penne Water & Power___. 4731 4414 4915
30c 50c
United Rys & Electric_ 50 50c
534 7
7
TJ S Fidelity & Guar new 10
Bonds
Baltimore City
9931
4s sewerage impt___1961
9934
1956
4s water loan
1956 9915
993-4
2d sewer cpn
4s
Bali Sparrows Point &
20
Chesapeake 434%...i953
95
Comml Credit 5153_1935
1939 10316 10315
Consol Gas 1st 53
5
Wash Balt & Annan 531941
415
United It St El fd 5s__1936
1431
1949 21
1st 6s
14
1949 21
1st 4s
2
Tnrnvrto filt
• No par value.
Range Since Jan.
Low.
High.
July 2634 Mar
2,210 14
Feb
May 32
11 11
515 Aug
Mar
I
460
38 1093-4 July 11614 Feb
Jan
June 20
150 11
Aug
Slay 70
197 50
181; Aug
225 1234 July
June 6815 Mar
332 39
June 111% Jan
30 103
Jan
May 107
7 97
Jan
59 9215 June 100
25 20c July 75c Fel:
May
I
474 Fe'.:
25
Jan
7 June 15
241
467 281; May 853-4 Jar
735 Mat
Apr
3
87
47' Aug
431 Aug
61
634 Au::
2 June
1,371
2,238
274 June
814 Jar
Aug
Aug 23
770 17
Jan
2
2)4 Mat
22
July 2231 Aug
12
151
Apr 2134 Jar
950 12
June 5314 Jar
160 31
134 Mai
2.005 30c May
Aug
7
231 Slay
5,375
9934 61,000
1.000
9934
2,000
9935
Feb
90
Feb
90
9915 Aug
20
3.000 12%
95
1.000 9015
103%
3,000 100
414
2,000
5
3
714
7,700
18,000 12%
21
28,000 10
21
1:4
a 000
2
9911 Aug
9934 Aug
9934 Aug
Aug 20
July 95
Jan 10315
7
June
June 12
Aug 30
June 19
June 2
MD
Aug
Au/
Api
Jaz
Jat
Ate
Slw
1442
Financial Chroniule
National Banks.
-The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
Name of Company.
Capital.
VOLUNTARY LIQUIDATIONS.
Aug. 15-The Cedar Rapids National Bank,Cedar Rapids,Iowa
Effective Aug. 3 1932. Lie. Committee: Glenn M.
Avert11, Van 'Vechten Shaffer, E. J. Carey and F. A.
Beals, care of the liquidating bank. Absorbed by the
Merchants National Bank of Cedar Rapids.% Iowa,
No. 2511.
Aug. 17
-The Citizens National Bank of Rahway, N. J
Effective Aug. 10 1932. Liq. Committee: Paris R.
Forman, James M. Pettit and Freeland J. Gibbons,
care ofthe liquidating bank. Absorbed by the Rahway
National Bank, No. 5260.
Aug. 18
-The Farmers National Bank of Adams, N. Y
Effective Aug. 16 1932. Liq. Agents: D. F. Griggs
and H. W. Hannahs, both of Adams, New York.
Absorbed by the Citizens Trust Co. of Adams, N. Y
Aug. 18
-The First National Bank of Fingal, N. Dak
Effective Aug. 13 1932. Liq. Agent: G. L. Hollanitsch, Fingal, N. Dak. Succeeded by the Fingal State
Bank, Fingal, N. Dak.
Aug. 19
-The First National Bank of Mansfield, Pa
Effective Aug. 15 1932. Liq. Agent: Chas. W. Ross,
Mansfield, Pa. Succeeded by First National Bank in
Mansfield, Pa., Charter No. 12618.
$600.000
100,000
100,000
25,000
50,000
CONSOLIDATIONS.
Aug. 15
-The Peoples National Bank in Gate City, Va
$50,000
The First National Bank of Gate City,-Va
28,500
Consolidated to-day under the Act of Nov. 7 1918, as
amended Feb. 25 1927, under the Charter,of the
Peoples National Bank in Gate City. No. 13502 and
under corporate title of"The First & PeoplesiNational
Bank of Gate City," with capital stock of $50,000 and
surplus of $30,000.
BRANCHES AUTHORIZED UNDER ACT OF FEB. 25 1927.
Aug. 16
-First Wisconsin National Bank of Milwaukee, Wis_ _ _
Location of Branch: 135 West Wells St., Milwaukee,
Wisc., Certificate No. 746A.
Aug. 20
-The First National Bank of Boston, Mass.
Locations of Branches: 88 Summer St., Certificate
No. 747A; 10 Post Office Square, Certificate No.
748A: 112 Dudley St., Certificate No. 749A; 238
Huntington Ave., Certificate No. 750A; 1199 Washington St., Certificate No. 751A;98 Canal St., Certificate No. 752A and 41 Bedford St., Certificate No.
753A.
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Shares. Storks,
Per Cent.
$ Per Sh. Bonds200 Be Vier & Co., Inc., pref., par
$1,000 The Iron Steamboat Co. of
5100
200 lot
N.J.,4% second lien gold bonds,
51 312-400 Middle West Utilities
due July 11932; 200Tacific Tin
Co., common
30 lot
Corp.. special stock, no Par:
759 Agricultural Insurance Co. of
62,200 Northern Indiana RailWatertown, N. Y., par $25
way, Inc., 1st dr ref. mtge. 5%
33
5 Reliance Bond & Mortgage Co..
bonds, 1960, certifs. of dep.:
preferred, par $100
8 lot $3,000 Texas Electric Ry., 1st dc
35 Direct Control Valve "A," no par15 lot
ref. mtge. 30 year 5% bonds.
150 Southern Natural Gas, corn.,
dated Jan. 11917, certifs. of dep.:
no par
15 lot
814.500 Guanajuato Reduction &
2,400 County Trust Co. of New
Mines Co., 1st mtge. 6% bonds,
York
due July 1 1924. Extended to
1731
80 Herring Realty & Development
July 1 1944. Ctfs. of:deposit-600 lot
Co., Inc.(N. Y.)
10 lot
30 Herring Construction Co., Inc.,
Class A (N. Y.)
50 lot
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per Sh.
30 National Rockland Bank,
Boston, par 20.20 at 51%. 10 at 5231
$ Merrimack Mfg. Co., pref. 100__ 2131
14 Arlington Mills, par 100
1331
8 Plymouth Cordage Co., par 8100
1st 4431, Sat 44
Shares. Stocks.
8 Per Sit,
62
48 Bay State Mortgage CorP
50 Lynn Gas & Elec. Co., V. t. c.,
par 25
25 at 9134, 25 at 9131
305 Saco Lowell Shops, common
5 at 1%,50 at 2, 15 at 2%,235 at 1%
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ Per 371.
$3,000 Third Mortgage. Reduced
by payments to 51.700. Premises
No.6,606 N.Eleventh St., in the
42nd Ward, Philadelphia, with a
frontage of 85 feet and a depth of
123 feet 131 inches. Jerome A.
Barnett et ux to John Andrew
Scheel Jr. Dated May 10 1929.
Record in mortgage book J. M.H.
6625, D. 269
10 lot
30 Central-Penn National Bank,
par $10
3331
20 Philadelphia National Bank, par
$20
70
25 Chase Nat. Bank, New York,
par $20
40
60 Delaware County Nat. Bank,
Chester, Pa
15
20 Corn Exchange National Bank
& Trust Co., par $20
4834
7 Tradesmens Nat. Bank & Trust
Co., par $100
155
12 Girard Trust Co., par $10
90
Shares. Stocks.
Per 57s.
35 Integrity Trust Co., par $10--- 18
46 Pennsylvania Company for Insurances on Lives and Granting
Annuities, par $10
453(
20 Real Estate-Land Title dc Trust
17
Co., par $10
12 Atlantic Guarantee & Title Insurance Co., Atlantic City, N.J..
Par S100
25 Reliance Insurance Co.. par 510- 5
4 Crystal Oil Refining Corp., corn. 3 lot
2 lot
4 Engravograph Corp., pref
5 Pennroad Corp., vot. tr. ctf
234
Per Cent.
Bonds$2,000 Wayne Coal Co., 1st 13s 1937 6 lot
$1,000 Hestonville, Mantua and
Fairmount Passenger Ry. Co..
514%. Extended, consolidated.
5331
Due 1934
81.000 Darby, Media and Chester
St. Railway Co.,4%% first mtge.
30
Due 1936
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
10 Angel International Corp
$ Per Sh.iShares. Stocks.
15c. I 500 Adargas Mims
8 Per Sh.
$0.50 lot
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Railroads (Steam).
Columbus & Xenia RR
$1.10 Sept. 10 Holders of rec. Aug. 2.5
Erie & Pittsburgh RR. Co
87%c. Sept. 10 Holders of rec. Aug. 31
St. Joseph. South Bend & So. Ry. 11.-a.) 75c. Sept. 15 Holders of rec. Sent. 10
(
Preferred (8.-a.)
8234 Sept.15 Holders of rec. Sept. 10
Aug. 27 1932
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities.
Alabama Water Service, $6 pref.(qu.)
- $135 Sept. 1 Holders of rec. Aug. 19
Amer.Superpower Corp. 1st pf
/43 Oct. 1 Holders of rec. Sept. 1
Arizona Power 8% pref. thy.action defer red.
Bell Telephone Co. of Can., corn. (qu.)
$131 Oct. 15 Holders of rec. Sept.23
Bell Tel. of Permit, 634% Pref.(quar.)- - 134 Oct. 15 Holders of rec. Sept. 20
Boston Elevated Ry. corn. (quar.)_
8131 Oct. 1 Holders of rec. Sept. 10
British Colum biaPower Cl A (quar.)---- 50c. Oct. 15 Holders of rec. Sept. 30
Cal. Elec. & Generating, 6% Pref. (qu.) 134 Oct. 1 Holders of rec. Sept. 6
Can.North. roferr
P
m twn. p ew.Corp., Ltd., corn.(qu) 120c. Oct. 25 Holders of rec. Sept.30
Quar)
134 Oct. 15 Holders of rec. Sept. 30
Can pref.N dticiuar) Ht.& Pow.6
4West rrea Gas. t.,
e
L
136 Sept. 1 Holders of rec. Aug. 15
Central Indiana Pow. Co.. 7% pf. (ou.) I% Sept. 1 Holders of rec. Aug. 20
Coast Cos. Gas de Elec., 1st pt.(quar.)
$134 Sept. 15 Holders of rec. Aug. 25
Connecticut Elec. Serv. Co., corn. (qu.) 75c. Oct. 1 Holders of rec. Sept. 15
Consol.Gas of N.Y.5% pref.(quar.)_
131 Nov. 1 Holders of rec. Sept. 30
Diamond State Tel. Co.13%% pf.(qu.)
134 Oct. 15 Holders of rec. Sept. 20
6 pc Pow.dc L uart
Elytrireferred (gigh.)Corp.,$7 9.(eu.) $131 Oct. 1 Holders of rec. Sept.
1
8134 Oct. 1 Holders of rec. Sept. 8
Empire Power Corp., $13 pref. (quar.)
$134 Oct. 1 Holders of rec. Sept 16
FlorIda Pow Corpuar% pref. A (quar.)- 156 Sept. 1 Holders of rec. Aug. 12
7% preferied w ., 7)
.
8736c. Sept. 1 Holders of rec. Aug. 12
Gas Securities Co., corn. monthly
Moil Sept. 1 Holders of rec. Aug. 15
Preferred (monthly)
50c Sept. 1 Holders of rec. Aug. 15
Gt % esW mteerred wer (C11.) 7% Pt.(qu.)
6
.
efrn Po oluar
134 Oct. 1 Holders of rec. Sept. 6
134 Oct. 1 Holders of rec. Sept. 6
Gulf Power Co.,$6 pref.(guar.)
$136 Oct. 1 Holders of rec. Sept. 20
Hackensack Water Co.cl A pref.(qu.)-- 4331c Sent.30 Holders of rec. Sept. 16
Illinois Bell Telephone Co.(guar.)
$2
Sept.80 Holders of rec. Sept.29
Illinois Power Co.,6% pref.(quar.)._
134 Oct. 1 Holders of rec. Sept. 15
7% preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 15
Illinois Water Service, 6% Pref.(Qum) 134 Sept. I Holders of rec. Aug. 19
Ind. Hydro-Elec.Pow. Co.,7% pt.(qu.) 134 Sept. 15 Holders of rec. Aug. 31
Kings Co. Lighting Co., corn. (quar.)... $154 Oct. 1 Holders of rec. Sept. 19
7% preferred (guar.)
156 Oct. 1 Holders of rec. Sept. 19
8% preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 19
5% preferred (guar.)
136 Oct. 1 Holders of rec. Sept. 19
Lewiston Traction Co.(Main.) (s
$5
-a)
Sept. 1 Holders of rec. Aug. 31
Long Island Lighting Co.
7% series A preferred (guar.)
131 Oct. 1 Holders of rec. Sept. 16
6% series B preferred (final%)
134 Oct. 1 Holders of rec. Sept. 16
Maritime Tel. & Tel. Co., 7% pf. (qu.) 1734c Oct. 1 Holders of rec. Sept. 15
(Quarterly)
20c Oct. I Holders of rec. Sent. 15
Memphis
( Lt.. Co., $7 pf.(guar.) $131 Oct. 1 Holders of reo. Sept. 17
dz
quar)
$tl preferredPow.
$134 Oct. 1 Holders of rec. Sept. 17
Missouri Utilities Co.7% Pref.(guar.)-- 134 Sept. 1 Holders of rec. Aug. 20
Mutual Telep.(Hawaii)(monthly)
8c Sept.20 Holders of rec. Sept. 10
Nassau Suffolk Ltg. Co., 7% Pf.(MO
131 Oct. 1 Holders of rec. Sept. 16
New England Gas & Elec. Association
$536 preferred (quar.)
8131 Oct. 1 Holders of rec. Aug. 31
6
New Yorer tear Go.,$7 pref.(qu.)_ $131 Oct. 1 Holders of rec. Sept. 15
6 prefk Ld quaxrp
.)
$135 Oct. 1 Holders of rec. Sept. 15
New York Telep. 636% pf.(guar.)-154 Oct. 15 Holders of rec. Sept. 20
North Amer. Co., corn.(quar.)
/234 Oct. 1 Holders of rec. Sept. 8
Preferred (quar.)
794. Oct. 1 Holders of rec. Sept. 6
Northern Ontario Pow. Co., Ltd., coin_
150c. Oct. 25 Holders of rec. Sept. 30
6% cum. preferred Wiwi
134 Oct. 25 Holders of rec. Sept. 30
Ohio Edison Co., $5 Pref.(Qum.)
$134 Oct. 1 Holders of rec. Sept. 15
$8 preferred (guar.)
$134 Oct. 1 Holders of rec. Sept. 15
$6.60 preferred (quar.)
$1.65 Oct. 1 Holders of rec. Sept. 15
$7 Preferred (guar.)
$131 Oct. 1 Holders of rec. Sent. 15
57.20 preferred (guar.)
$1.80 Oct. 1 Holders of rec. Sept. 15
Peoples Telephone Corp., pre!. (guar.)- $131 Sept. 1 Holders of rec. Aug. 31
Ponce Elec. Co., pref.(quay.)
144 Oct. 1 Holders of rec. Sept. 15
Queens for. Gas & El.6% pref.(quar.). 134 Oct. 1 Holders of rec. Sept. 1(3
San Joaquin Light & Power Co.
7% preferred class A (guar.)
I% Sept. 15 Holders of rec. Aug. 31
7% preferred class B (guar.)
131 Sept.15 Holders of rec. Aug. 31
6% preferred (quar.)
134 Sept.15 Holders of rec. Aug. 31
6% preferred class A (quar.)
134 Sept.15 Holders of rec. Aug. 31
United Gas Corp., $7 pref.
$131 Sept. 1 Holders of rec. Aug. 25
United Gas & Elec. Corp.,(guar.)
pref. (quar.) 131 Oct. 1 Holders of rec. Sept. 15
Washington Water Pow.Co..$6 pf.(q11.) $13.6 Sept. 15 Holders of rec. Aug. 25
West Coast Telephone,8% pref.-Divid end at tion del erred.
Wisconsin Michigan Power Co.
6% preferred (guar.)
131 Sept.15 Holders of rec. Aug. 31
Banks.
Nassau County Trust Co. (guar.)
Oct. 1 Holders of rec. Sept. 20
$1
Fire Insurance,
North River Ins.(quar.)
15c. Sept.10 Holders of rec. Sept. 1
Miscellaneous.
Abraham & Straus. Inc., corn.
Holders of rec. Sept.
- 30c. Sept.
Affiliated Products(monthly)(guar.). •1336c. Oct. 30 Holders of rec. Sept. 21
1
19
Alpha Portland Cement, pf.
$IM Sept.15 Holders of rec. Sept. 1
((Man)
Aluminum Co.of Amer, pref.(guar.)
750. Oct. 1 Holders of rec. Sept. 15
American Bakeries 7% pref.
Oct. 1 Holders of
16
American Chicle Co.(guar.)(quar.) _ - - 134 Oct. 1 Holders of rec. Sept. 12
50c.
rec. Sept.
Extra
294. Oct. 1 Holders of rec. Sept. 12
American Factors Ltd.(monthly)
merira n
xt ca
I00. Sept.10 Holders of rec. Aug. 31
American Home Prod.(monthly)
350. Oct. 1 Holders of rec. Sept. 14
American News Co.,corn.
294. Sept. 15 Holders of rec. Sept. 5
(guar.)
American Safety Razor (quay.)
75c.
Holders of
American Shipbuilding Co., com.(quar.) 50c. Sept.30 Holders of rec. Sept. 10
Nov. I
rec. Oct. 15
Associated Rayons. pref.(guar.)
$134 Sept. 1 Holders of rec. Aug. 25
Baldwin Co., pref., class A (quay.)
$134 Sept. 15 Holders of rec. Aug. 31
Beneficial Loan Society, tom.
8
Sept. 1 Holders
Black & Clawson. pref.(quar.) (quar.).... $134 Sept. 1 Holders of rec. Aug. 20
of rec. Aug. 25
Briggs& Stratton Corp.(quar.)
294. Sept.30 Holders of rec. Sept. 20
Brit. Amer.011 Co., Ltd., cap.stk.(qu.) 1200. Oct. 1 Holders of rec.
Sept. 14
Canada Cement Co.,cum. pref., div.actl On deterred.
Canada Permanent Mtge.(quar.)
$3
Oct. 1 Holders of rec. Sent. 15
Canada Vinegars, Ltd.(guar.)
40c. Sept. 1 Holders of rec. Aug. 20
Case (3.1.) Co., pref.(quar.)
$131 Oct. 1 Holders of rec. Sept. 12
Chicago Transfer & Clearing, pf.(qu.)
8134 Oct. 1 Holders of rec. Slept. 15
Preferred (quar.)
$14 1-2-33 Holders of rec. Dec. 15
City of Paris Dry Goods,7% pref.-DIA dend p used.
Clark Equipment 7% pref.(quar.)
131 Sept.15 Holders of rec. Aug. 31
Clorox Chemical, class A (guar.)
50c. Oct. 1 Holders of rec. Sent.20
Colts Patent Fire Arms(quar.)
25e. Sept.
Columbus Auto Parts Co., wet. (qu.).. f550c. Sept.30 Holders of rec. Sept. 10
Commercral Cre(ci ugaro r. oin. div. action not ta ken. 1 Holders of rec. Aug. 24
i e fre red lt Co l
rer erd 6
ua
.
134 Sept. 30 Holders of rec. Sept. 10
634% p
7% pre
131 Sept. 30 Holders of rec. Sept. 10
8% Preferred Cl B(guar.)
2 Sept.30 Holders of rec. Sept. 10
794. Sept.30 Holders of rec. Sept. 10
Co1n massia1Invest. Tr Corp., corn.(qu) 50c. Oct.
$% Ist Areferred(quar
7 clerc p
3
.
Holders of rec. Sept. 6
134 Oct.
Holders of rec. Sept. 6
636% 1st preferred (quar.)
134 Oct.
Holders of rec. Sept. 6
Convertible pref.(quar.)
ni$136 Oct.
Holders of rec. Sept. 6
Commercial Solvents Corp., corn. (s.
-a.) 30c. Dec. 3 Holders of rec. Nov.21
Conservative Financial pref. (8.
40c. Sept.
-a.)
Holders of rec. Aug. 15
Crowell Publishing(quar.)
25c. Sept.24 Holders of rec. Sept. 4
Crown Cork & Seal, corn.
-Dividend pas sod.
Crunden Martin Mfg., pref. (8.-11.)
$334 Aug. 2 Holders of rec. Aug. 2
Dominion Glass Co., corn. (qu.)
al% Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
% Oct. 1 Holders of rec. Sept. 15
Dominiguez 011 Fields
1230 Sept. 1 Holders of rec. Aug. 24
Dominion Stores, Ltd.,corn.(guar.)30e. Oct. 1 Holders of rec. Sept. 15
Douglas Aircraft Co.. Inc. (s-a)
3734c. Sept. 23 Holders of rec. Sept. 3
Draper Corp.,corn.(quar.)
50c. Oct. 1 Holders of rec. Aug.:27
Edwards Dental Supply, com.-Dividen d passed.
Electric Controller & Mfg Co. (qu.)- -- 294. Oct. 1 Holders of rec. Sept. 20
Ewa Plantation Co.(guar.)
60c. Nov. 15 Holders of rec. Nov. 5
Faber. Coe & Gregg-Div.omitted.
Financial Institutions, Inc., corn. div. Pa ssed.
First Holding Corp..6% pref.(qu.)
I% Sept. 1
Aug.'20
First Nat.Stores, Inc., 7% 181 pf. (qu.)_ 151 Oct. 1 Holders of rec. Sept. 12
Holders of rec.
Fester Wheeler Corp.. prof. Mar.).- - $131 Oct. 1 Holders of rec. Sept .12
Franklin Co.(semi-annual)
82 Aug. 1
Name of Company.
1443
Financial Chronicle
Volume 135
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
.
Railroads (Steam) (Concluded,
Miscellaneous (Concluded).
Pittsbg Ft. Wayne & Chic.,com.(qui-- 14( Oct. 1 Holders of ree. Sept. 10
50c Aug. 15 Holders of rec. Aug. 13
Galveston Wharf Co.(monthly)
194 Jan 2'33 Holders of rec. Dec. 10
Common (guar.)
-Dividend passed.
General Asphalt Co.
194 Oct. 4 Holders of rec. Sept.10
Preferred (Quer.)
25c. Oct. 1 Holders of rec. Sept. 10 1
Gen. Ry. Signal Co., corn. (quar.)
143 Jan 3'33 Holders of rec. Dec .10
Preferred (guar.)
$133 Oct. 1 Holders of rec. Sept. 10 1
Preferred (guar.)
50c. Sept. 8 Holders of rec. Aug. 18
Reading Co., 1st preferred (guar.)
25c. Sept.30 Holders of rec. Sept. 6
Gillette Safety Razor (guar.)
50c. Oct. 13 Holders of rec. Sept. 22
2d preferred (guar.)
$14.3 Nov. 1 Holders of rec. Oct. 1
$5 preferred (guar.)
134 Oct. 1 Holders of rec. Sept. la
Union Pacific RR. Co., corn.(guar.)._
200. Aug. 25 Holders of rec. Aug. 22
Gilmore Gasoline Plant No. 1 (mthly.).Oct. 1 Holders of rec. Sept. la
2
Preferred (s-a)
o3733c Oct. 1 Holders of rec. Sept. 10
Goldblatt Bros.. Inc., corn. ((Mari
- 233 Oct. 10 Holders of rec. Sept. 20
$133 Sept.30 Holders of rec. Sept. 17 i United N. J., RR. Ac Canal (guar.).
Dust Corp., pref.(quar.)
Gold
- 250. Sept. 5 Holders of rec. Aug. 25 1
Hawaiian Corn. & Sugar (monthly).
Public Utilities.
Hiram Walker-Gooderham & Worts,Ltd.
Alabama Power Co.,$7 pref.(gust.).... 3134 Oct. 1 Holders of rec. Sept. 15
125c. Sept.15 Holders of rec. Aug. 27
Redeemable pref.(guar.)
$133 Oct. 1 Holders of rec. Sept. 15
$6preferred (guar.)
25e. Sept. 10 Holders of rec. Aug. 31
Honolulu Plantation Co.(monthly)__.
$IX Nov. 1 Holders of rec. Oct. 15
$5 preferred (guar.)
50c. Oct. 1 Holders of rec. Sept. 1
Humble 011 & Refg. Co.(guar.)
234 Oct. 15 Holders of rec. Sept. 20
American Telep. & Teleg.(guar.)
Imperial Tobacco Co. of Canada. Ltd.
American Water Works& Elec. Co.. Inc.
114( Sept.30 Holders of rec. Aug. 31
Ordinary shares (interim)
$134 Oct. 1 Holders of rise. Spot. 9
$6 1st preferred (guar.)
Sept.30 Holders of rec. Aug. 31
13
Preferred (s-e)
lit Oct. 1 Holders of rec. Sept.10
Bangor Hydro-Elect. 7% prof. (qua?.)..
Importers & Exporters Ins. Co.(guar.). 25c. Sept. 1 Holders of rec. Aug. 20
1% Oct. 1 Holders of rec. Sept. 10
6% preferred (guar.)
30c. Oct. 1 Holders of rec. Sept.30
International Harvester, corn. (guar.).$134 Sept. 1 Holders of ree. Aug. 15
Baton Rouge Elec.,$6 pref.(guar.)
International Proprietaries, Ltd
.1 1.5634 Sept. 1 Holders of rec. Aug. 20
Binghamton Gas Wks..634% pf.(gr.)
650. Sept.1 Holders of rec. Aug. 2
4
Class A (guar.)
194 Sept.15 Holders of rec. Sept. 1
Birmingham Water Wks.6% pf.
Investment Corp. of Phila.-Div.omitted.
e2 Sept. 1 Holders of rec. July 30
Brazilian Traction, Light & Power
Jones (J. Edw.) Roy Tr.
600. Sept.30 Holders of rec. Sept. 16
Bridgeport Gas Light (guar.)
$4.54 Aug. 25 Holders of rec. July 31
Series A panic. trust ctfs
12 Sept. 1 Holders of roe. Aug. 9
Brooklyn Edison Co. (guar.)
$533 Aug. 25 Holders of rec. July 31
Series B partle. trust ctfs
Queens Transit Corp.
$9.41 Aug. 25 Holders of rec. July 31 I Brooklyn &
Series C partic. trust ctfs
$133 Oct. 1 Holders of rec. Sept.15
$6 preferred (guar.)
100. Sept. 1 Holders of rec. Aug. 25 I
Ilekaha Sugar Co.(monthly)
$13( Oct. 1 Holders of rec. Sept. 1
Brooklyn Union Gas (guar.)
Sept. 15 Holders of ree. Sept. 1
50
Lake Shore Mines, Ltd.(guar.)
Buffalo, Niagara & Eastern Pow. Corp.
Landis Machine, pref. (guar.)
$134 Sept.15
$IX Nov. 1 /Holders of reo. Oct. 15
$5 preferred (guar.)
3141 Oct. 1 Holders of rec. Sept.12 I
& Myers Tob.Co., prof.(Qui
Liggett
40e Oct. 1 Holders of rec. Sept. 15
Preferred (quar.)
1734c. Sept.26 Holders of rec. Sept.10 1
Lindsay Light Co., pref.(guar.)
194 Sept. 15 Holders of ree. Sept. 1
Lord de Taylor (guar.)
$233 Oct. 1 Holders of rec. Sept.19 1 Butler Water Co.7% pref.(guar.)
Canadian Hydro-Electric Corp.. Ltd.
Loudon Packing (guar.)
6233c. Oct. 1 Holders of rec. Sept.15
134 Sept. 1 Holders of ree. Aug. le
6% 1st preferred (guar-)
'
M-A-C Plan Co.(Hartford)(guar.).500. Sept.15 Holders of rec. Sept.10
$134 Sept. 1 Holders of rec. Aug. 15
Central Arkansas Pub.Set.. prof.(qui
Mathieson Alkali Wks., Inc. corn.(gu.)_ 3733c. Oct. 1 Holders of rec. Sept.12
El.Prop.6% pf.(qua. 134 Sept. 1 Holders of ree. Aug. 15
Cent. Miss. Val.
Preferred (guar.)
$151 Oct. 1 Holders of rec. Sept.12
Citizens Gas(Indiana) 5% Pref.(gust.). 134 Sept. 1 Holders of rec. Aug. 20
Maui Agricultural Co., Ltd
5c. Sept. 1 Holders of rec. Aug. 21
Holders of rec. Aug. 15
Cleveland Elec. IlluninatIng, pre!.(qui $134 Sept.
Mayflower Assoc.,Inc.,(guar.)
50c. Sept. 15 Holders of rec. Sept. 1
Commonwealth & Southern Corp.
McCahan (W. J.) Sue. Ref. & Molasses
UM Oct. 1 Holders of ree. Sept. 9
$6 preferred (guar.)
Co., 7% cum. preferred (guar.)
Sept. 1 Holders of rec. Aug. 23a
134
Commonwealth Utilities-Meyer Packing, 634% preferred (guar.) $144 Sept. 1 Holders of rec. Aug. 20
200 Sept.30 Holders of rec. Sept. lb
Common, class A & B (guar.)
2 Oct. 1 Holders of rec. Sept.20
Midland Steel Prod.,8% prof.(guar.)
$154 Oct. 1 Holders of rec. Sept. 15
Preferred A (quar.)
Midvale Co., capital stock
75
Oct. 1 Holders of rec. Sept. 17
1134 Oct. 1 Holders of rec. Sept. 15
Preferred B (guar.)
Monsanto Chemical Works(guar.)
3134c. Oct. 1 Holders of rec. Sept. 10
61% Dec. 1 Holders of rec. Nov.15
Preferred C (guar.)
Montreal Breweries, Ltd., corn.(guar.). 44c. Oct. 1 Holders of rec. Sept. 15
143 Sept. 1 Holders of rec. Aug. 15
Connecticut Light & Pow 543% Pt.(gu)
Montreal Cottons, Ltd., corn. (quar.)._ $133 Sept.15 Holders of rec. Aug. 31
143 Sept. 1 Holders of rec. Aug. 15
634% preferred (guar.)
Preferred (guar.)
$134 Sept. 15 Holders of rec. Aug. 31
6244e Sept. 1 Holders of rec. Aug. 15
Connecticut Power Co. (guar.)
25e. Aug. 31 Holders of rec. Aug. 24
Motor Finance Corp.(quar.)
$1 Sept. 15 Holders of ree. Aug. 9
Consolidated Gas (N. Y.). (guar.)
Mutual Finance Corp., Ltd., pref.-Div blend omitted
Consol. Gas., Elec. Lt.& Pow .(Balt.)National Breweries, Ltd., corn. (guar.). 40c. Oct. 1 Holders of rec. Sept. 15
900. Oct. 1 Holders of rec. Sept. 15
Common (guar.)
Preferred (guar.)
440. Oct. 1 Holders of rec. Sept. 15
Holders of rec. Sept. 15
$134 Oct.
Preferred A (guar.)
Nat. Casualty Co.(Det.)(guar.)
10e. Sept.lb Holders of rec. Aug. 31
Holders of rec. Sept. 15
3133 Oct.
Preferred D (guar.)
National Gypsum Co., pref. (quar.)_
$134 Oct. 1 Holders of rec. Sept. 20
Holders of rec. Sept. 15
$143 Oct.
Preferred E (guar.)
National Transit CO., corn.(gum%)
20c. Sept. 15 Holders of rec. Aug. 31
Holders of rec. Sept .15
14( Oct.
Consumers Power Co..$5 prof.(gust.)..
North Central Texas 011 Co., prof.(qui 3134 Oct. 1 Holders of rec. Sept. 10
Holders of rec. Sept. 15
134 Oct.
6% preferred (guar.)
Oneida Community, Ltd., pref.-Div. o mitted .
1.65 Oct. 1 Holders of ree. Sept. 15
6.6% preferred (gust.)
Onomea Sugar Co.(monthly)
200. Sept.20 Holders of rec. Sept. 10
IN Oct. 1 Holders of rec. Sept. 15
7% preferred (monthly)
Pacific Indemnity (guar.)
35c. Oct. 1 Holders of rec. Sept. 15
50e. Sept. 1 Holders of rec. Aug. 15
6% preferred (monthly)
Pacific Truck Service, pref.-Dividend o mined .
50c. Oct. 1 Holders of rec. Aug. 15
6% preferred (monthly)
Photo-Engravers dr Electro-Typers, Ltd. corn. -Div. action deferred.
550. Sept. 1 Holders of rec. Aug. 15
6.6% preferred (monthly)
Pinchln, Johnson az Co.(Amer. shs.)....
733 Sept. 15 Holders of rec. Aug. 24
550. Oct. 1 Holders of rec. Sept. 15
6.6% preferred (monthly)
Ordinary registered
734 Sept. 15
1
Dayton Power & Light pref.(monthly).. 50e. Sept. 1 Holders of rec. Aug. 20
Plimpton Mfg. Co. (guar.)
$133 Sept. 1 Holders of rec. Aug. 24
Holders of ree. Aug. 20
W.Co.7% pf.(au.) 144 Sept.
H.St. L.&Inter'ban
Powell River Co., Ltd., 7% pref.(guar.) 144 Sept. 1
134 Sept. 1 Holders of rec. Aug. 20
6% preferred guar
Publication Corp., orig. pref.(guar.). _ $141 Oct. 1 Holders of rec. Sept. 20
Eastern Minn. Power $6 pref (guar.)... 11)4 Sept. 1 Holders of rec. Aug. 15
V% preferred (guar.)
13( Sept. 15 Holders of rec. Sept. 1
$143 Sept. 1 Holders of rec. Aug. 12
East. Shore Pub. Serv. $834 prof
Common-Dividend omitted.
El% Sept. 1 Holders of rec. Aug. 12
$6 preferred (guar.)
Rapid Electrotype(guar.)
50c. Sept. 15 Holders of rec. Sept. 1
194 Oct. 15 Holders of rec. Sept.30
prof. (guar-)
Ruberold Co.(guar.)
25c. Sept. 15 Holders of rec. Sept. 1 El Paso Elec., 7%
1 Holders of rec. Aug. 22
El Paso Natural Gas 7% prof.(gust.)... 194 Sept. 15 Holders of rec. Sept. 6
Rubinstein (Helena), corn. (guar.)25c Sept. 1 Holders of rec. Aug. 22
Electric Bond & Share Co.,corn.(quar.). ./133 Oct. 1 Holders of rec. Oct. 5
San Carlos Mill (monthly)
200 Sept. 15 Holders of rec. Sept. 7
$133 Nov.
$6 preferred (guar.)
Schine Chain Theatres, Inc., $3 pt.(qu) 75c Sept. 1 Holders of rec. Aug. 22
e134 Nov. 1 Holders of ree. Oct. 5
$5 preferred (guar.)
Scott Paper Co., corn. (guar.)
35e Sept.30 Holders of rec. Sept. 16
Holders of rec. Aug. 20
Empire dt Bay State Tel.,4% guar.(qui $1 Sept. 1 Holders of rec. July 29
Bcovill Mfg. Co.(guar.)
250 Oct. 1 Holders of rec. Sept. 15
1% Sept. 1
Empire Gas & Elect.6% pref. Cl. A (gr.)
10e Sept. 15 Holders of rec. Sept. 1
Seaboard Oil Co.of Del.(quar.)
134 Sept. 1 Holders of rec. July 29
preferred, class C (guar-)
7%
20c Sept. 6 Holders of rec. Aug. 31
Second Twin Bell, Inc.(monthly)
134 Sept. 1 Holders of rec. July 29
6% preferred. class D (guar.)
Smith Alsop Paint dr Varnish Co
134 Nov. 1 Holders of rec. Oct. 27
Escanaba(Mich.)P & Tr.,6% pf.(qui _
7% preferred (guar.)
8733c. Sept. 15 Holders of rec. Sept. I
& Traction. pref. guar.). $134 Sept. 1 Holders of rec. Aug. 15
Federal Light
Oct. 1 Holders of rec. Sept. 15
$1
Southw. Penna. Pipe Lines(qui
16e. Sept.29 Holders of rec. Sept. 15
Fifth Avenue Bus Securities Corp.(qua
30e Oct. 1 Holders of rec. Sept. 6
Standard Brands, Inc., coin. (quar.)
- 87340. Sept. 1 Holders of rec. Aug. 10
Florida Pow.& Light 7% prof.(gU.).751% Oct. 1 Holders of rec. Sept. 6
$7cum. class A pref.(guar.)
$134 Sept. 1 Holders of rec. Aug. 10
Preferred class A (guar.)
3743e Oct. 1 Holders of rec. Sept. 15
Standard 011 of Ohio, corn. (guar.)
Aug.
Green Mountain Power $6 prof.(gust.). $114 Sept. 1 Holders of rec. Sept. 15
$134 Oct. 15 Holders of rec. Sept. 30
Preferred (guar.)
Gulf States Utilities. 6% prof. (guar.).- 134 Sept. 15 Holders of rec. Sept. 1
Thew Shovel
-Dividend of June 15 rendl nded.
1
$144 Sept.15 Holders of rec.
$533 preferred (guar.)
25c Sept. 1 Holders of rec. Aug. 27
Welding. corn. (guar.)
Thompson Elect.
Holders of rec. Aug. 20
Huntington Water Corp.7% pref.(qe.). 154 Sept.
25c Sept.20 Holders of rec. Sept. 6
Todd Shipyards Corp.(guar.)
Holders of rec. Aug. 20
114 Sept.
6% preferred (guar.)
$i4( Sept. 1 Holders of rec. Aug. 24
Traders Bldg. Assoc.. Ltd. (guar.)
Holders of rec. Sept. 12
Indianapolb Water Co.,5% pref. (on.). 134 Oct.
10 Sept.16 Holders of rec. Sept. 1
Triplex Safety Glass Co., ord. reg
10
Sept.23 Holders of rec. Sept. 1 Ironwood & Bessemer Ry.& Lt.
Amer. deli. rec. for ord. reg
Holders of rec. Aug. 15
13( Sept.
7% preferred ((ivar.)
Trustee Standard 011 Shs. series B-----2 1295c. Sept.18 Holders of rec. Aug. 1
Holders of rec. Sept. 14
Ran. City Pr.& Lt. Co.cl. B pf.(qui- $134 Oct.
Sept. 6 Holders of rec. Aug. 31
$2
Twin Bell Oil Syndicate (monthly)
$154 Sept. I Holders of rec. Aug. 15
30e Oct. 1 Holders of rec. Sept. 2
Key West Elect. Co.. Prat. (guar.) -- Union Carbide & Carbon Corp.(quar.).
Holders of rec. Aug. 22
Keystone Telep Co.(Phila.) $4 pt.(qui $1 Sept.
10c Oct. 1 Holders of rec. Sept. 6
corn. (quar.)
United Corp.,
Sept. 1
Laclede Gas Light Co.common (guar.)... $144 Sept. 15 Holders of rec. Aug. 15
75c Oct. 1 Holders of rec. Sept. 6
$3 cum. preferred (guar.)
Holders of rec.
Sept.
14(
Oct. 31 Holders of rec. Sept. 30a Lake Sup. Dist. Pow.Co..7% Pf.(en.)
5
-a.)
United Profit Sharing Corp., pf.(s.
25e. Sept. 1 Holders of rec. Aug. 20
Lehigh Power Securities Corp
7e Sept. 1 Holders of rec. Aug. 17
U.S. Banking Corp.(monthly)
194 Seri. 1 Holders of rec. Aug. 20
Lexington Water,7% pref.(guar.)
1S( Oct. 1 Holders of rec. Sept. 10
U. S. Leather Co., prof. (guar.)
j16e. Sept. 30 Holders of rec. Sept. 15
Lone Star Gas common (guar.)
U.S. Stores Corp., 1st pref.-Dividend o mitte d.
G.& E.(Del.) el. A.com.(gu 434(e. Sept. 24 Holders of rec. Aug. 31
Louisville
1 Oct. 1 Holders of rec. Sept. 17
Ward Baking Corp.. pref.(guar.)
43940. Sept.24 Holders of rec. Aug. 31
Class B common (guar.)
Wesson 011 At Snowdrift Co., Inc.,
15e. Aug. 31 Holders of ree. Aug. 20
Malone Light & Power corn. monthly
25c Oct. 1 Holders of rec. Sept. 15
Common (guar.)
150. Sept.30 Holders of rec. Sept. 20
Common (monthly)
Western Canada Flour Mills pf.(quar.) - $134 Sept. 15 Holders of rec. Aug. 31
75e. Sept. 1 Holders of rec. Aug. 26
Middlesex Water (guar.)
6233c Sept.30 Holders of rec. Sept. 20
Wilcox Rich Corp.,class A (guar.)
Milwaukee El. Ry. & Light Co.
15c Sept. 10 Holders of rec. Sept. 2
Zonite Product Corp.(guar.)
1 )4 Sept. 1 Holders of rec. Aug. 15
6% preferred(1921)(guar.)
134 Sept. 1 Holders of rec. Aug. 20
pf.(gu.)_
Below we give the dividends announced in previous weeks Minneapolis Gas Lt.(Del.)7%
134 Sept. 1 Holders of rec. Aug. 20
6% preferred (guar.)
144
pf.(gr)
Pub.
and not yet paid. This list does not include dividends an- Mississippi ValleyPow. Serv.7% ((Mari S144 Sept. 1 Holders of rec. Aug. 20
Nov. 1 Holders of ree. Oct. 15
Corp. Pt.
Mohawk Hudson
1194 Oct. 1 Holders of rec. Sept. 15
nounced this week, these being given in the preceding table. 2nd preferred (guar.)
Monongahela West Penn Publ Sere. Co.
154 Oct. 1 Holders of rec. Sea.15
7% preferred (guar-)
When
Per
Sept. 15 Holders of rec. Sept. 1
2
Books Closed.
Muncie Water Works Co.8% of.(gu.)
Name of Company
Cent. Payable,
Days Inclusive.
National Power & Light Co.corn.(guar.) 25e. Sept. 1 Holders of rec. Aug. 22
134 Sept. 1 Holders of rec. Aug. 16
Nebraska Power Co.,7% pref.(qu.)
134 Sept. 1 Holders of rec. Aug. 16
Railroads (Steam).
6% preferred (guar.)
434 Sept. 1 Holders of tee. Aug. 20
Atlanta & Charlotte Air Line Hg.
Sept.80 Holders of rec. Sept.10
New Engl. Telep. & Teleg. Co.(guar.)... $2
Augusta & Savannah HR.(s-e)
234 Jan 5'83
New Rochelle Water.7% pref.(gust.).. 194 Sept. 1 Holders of rec. Aug. 20
25o. Jan 6'33
Extra
New York Power & Light Corp.
14( Oct. 1 Holders of coo. Sept. 15
Bangor Sr Aroostook RR.Co..from.(gu.) 500. Oct. 1 Holders of tee. Aug. 316
7% preferred (gust.)
8131 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
134 Oct. 1 Holders of rec. Aug. 31a
$6 preferred (guar.)
2
Sept. 30 Holders of roe. Aug. 31
Boston & Albany RR.(oust.)
New York & Queens Electric Light &
$144 Sept. 14 Holders of rec. Sept. 2
2% Oct. 1 Holders of rec. Sept. 20
Boston & Providence RR. Co.(guar.)._
Power CO. (guar.)
3134 Sept. 1 Holders of rec. Aug. 19
Oct. 1 Holders of rec. Sept. 1
-- 2
Canadian Pacific Ry.Co.. prof.
Preferred (guar.)
650 Sept. 1 Holders of rec. Aug. 15
500. Oct. 1 Holders of rec. Sept.
corn. (guar.)--Corp. (guar.)
Chesapeake
New York Steam Corp.
30e Sept.30 Holders of rec. Aug. 24
Chesapeake & Ohio ley. Co.,corn.(gu.). 6244e. Oct. 1 Holders of rec. Sept.
Niagara Hudson Pow. Corp. corn.(qui _
344; 1- 1-33 Holders of rec. Dec.
Preferred (s-a)
North American Edison Co., pref.(go.). $134 Sept. I Holders of rec. Aug. 15
Chestnut Hill RR.(guar.)
75e. Sept. 6 Holders of rec. Aug, 2
194 Oct: 1 Holders of rec. Sept. 10
North Shore Gas. pref. (truer.)
111
Sept. 12 Holders of rec. Aug. 1
Chic. N.0.& Tex.Pee. RR.5% pf.(qu) 134 Sept. 1 Holders of rec. Aug. 1
Northern Liberties Gas (c-a)
$134 Sept. 1 Holders of rec. Aug. 20
Power (Wis.) pf.(qui
Ry.Co.,reg. guar.(qui- 8733o. Sept. 1 Holders of rec. Aug. 1
Cleve.& Pitts.
Northern States
Special guar. (guar.)
50e. Sept. 1 Holders of rec. Aug. 1
Northw. Public Serf.. 7% pref.(guar.). 194 Sept. 1 Holders of rec. Aug. 20
134 Sept. 1 Holders of rec. Aug. 20
134 Sept.20 Holders of rec. Aug. 2
Delaware & Hudson Co
6% preferred (guar.)
24( Sept. 1 Holders of tee. Aug. 20
Fort Wayne & Jackson RR. pref.(s.-a.)_
Nova Scotia Lt.& Pr.Co.. Ltd.. Pf.(ra.) $134 Sept. 1 Holders of rec. Aug. 16
Hartford & Conn. Western RR., 2%
1)4 Sept. 1 Holders of rec. Aug. 8
Ohio Power Co.6% prof.(guar.)
1 Aug. 31 Holders of rec. Aug. 20
gtd. (s-a)
Ohio Public Service Co.7% Pr.(inthlY.) 58 I-3c Sept. 1 Holders of rec. Aug. 15
50c. Sept. I Holders of rec. Aug. 15
2
Sept. 1 Holders of rec. Aug. 31
Norfolk & Western COM (guar.)
6% preferred (monthly)
412-3c Sept. 1 Holders of rec. Aug. 15
Holders of rec. Aug. 20
Sept.
Northern RR.of N.J.,4% lad.(guar.).
5% preferred (monthly)
prof.(MI.). 1% Sept. 15 Holders of rec. Aug. 31
Holders of rec. Sept. 26
15( Oct.
Oklahoma Gas & El. Co.6%
Peterborough RR.(semi-ann.)
le( Sept. 15 Holders of rec. Aug. 31
Holders of rec. Aug. 20
3 Sept.
7% preferred (guar.)
Phila. Germant'n & Norrist'n RR.(qu.)
Holders of rec. Sept. 28
144 Oct.
Oregon-Wash. Water Serv. $6 Cf.(qui _ $114 Sept. 1 Holders of rec. Aug. 15
Pittsburgh Bessemer & Lake Erie,cam._
$194 Sept. 1 Holders of rec. Aug. 15
Holders of rec. Aug. 20
Otter Tail Power (Minn.). common
Pitts., Ygst'wn & Ashta. Ry. Co.. pref._
134 Sept.
1444
Financial Chronicle
Per
When
Books Closed.
Nome of Company.
Cent. Payable.
Days Inclusive.
Public Utilities (Concluded).
Pacific Northwest Public Service
16 lot preferred (quar.)
$134 Sept. 1 Holders of rec. Aug. 15
7.2% 1st preferred (monthly)
1300. Sept. 1 Holders of rec. Aug. 20
Peninsular Telephone corn. (guar.)
35e. Oct. 1 Holders of rec. Sept. 15
Common (guar.)
350. Jan 1'33 Holders of rm. Dec. 15
7% preferred (guar.)
1( Nov. 15 Holders of rec. Nov. 5
7% Preferred (guar.)
134 2 16 '33 Holders of rec. Feb. 5
Pennsylvania Power Co.
$6.60 preferred (monthly)
550. Sept. 1 Holders of roe. Aug. 20
$8 preferred (guar.)
$134 Sept. 1 Holders of reo. Aug. 20
Penna. State Water Corp..$7 pref.(lr.)- $134 Sept. I Holders of roe. Aug. 20
Penmylvania Water St Pow. Co.(guar.) 750. Oct. I Holders of rec. Sept. 15
Philadelphia Co.,5% Pref.
25o. Sept. 1 Holders of rm. Aug. 10
$5 cumulative preferred (guar.)
El% Oct. 1 Holders of roe. Sept. 1
$6 cumulative preferred (guar.)
134 Oct. 1 Holders of roe. Sept. 1
Philadelphia Elec. Pow. Co.8% pf. (t111.) 50o. Oct. 1 Holders of roe. Sept.10
Phila.Suburban Water Co.. pref.(gu.)... 114 Sept. 1 Holders of rec. Aug. 12a
Potomac Elec. Power Co.6% M.
(01.).. 134 Sept. 1 Holders of roe. Aug. 16
534% preferred (guar.)
134 Sept. 1 Holders of rm. Aug. 16
Public Electric Light, pref. (guar.)
$134 Sept. 1 Holders of rec. Aug. 20
Pub. Serv. Co. of Colo., 7% pf.(mthly.) 58 1-3c Sept. 1 Holders of tee. Aug. 15
6% preferred (monthly)
50c. Sept. I Holders of rec. Aug. 15
41 24e Sept. 1 Holders of rec. Aug. 15
5% Preferred (monthly)
Public Service Corp.of N.J.. corn. (tin.) 800. Sept.30 Holders of rec. Sept. 1
$6 preferred (guar.)
$134 Sept.30 Holders of rm. Sept. 1
7% preferred (guar.)
IA Sept.30 Holders of tee. Sept. 1
8% preferred (guar.)
2 Sept.30 Holders of roe. Sept. I
6% preferred (monthly)
500. Aug. 31 Holders of rec. Aug. 1
6% preferred (monthly)
50e. Sept.30 Holders of rec. Sept. 1
Public Serv. El.& Gas.7% pref.(guar.).
134 Sept.30 Holders of rec. Sept. 1
$5 preferred (guar.)
$134 Sept.30 Holders of rec. Sept. I
Rochester Gas az Elec.,7% Pref.B (cu.). 134 Sept. 1 Holders of rec. July 29
6% preferred C (guar.)
1)4 Sept. 1 Holders of rec. July 29
6% preferred D (guar.)
134 Sept. 1 Holders of rec. July 29
Rochester Telephone Corp. (quar.)___.. $134 Oct. 1 Holders of rec. Sept.20
634% preferred (gum)
134 Oct. 1 Holders of rec. Sept.20
Savannah E .& Pow. Co.,6% pf.(s-a).
3 Oct. 1 Holders of rec. Sept. 2
8% preferred A (guar.)
2
Oct. 1 Holders of rec. Sept. 2
7)4% preferred B (guar.)
I% Oct. 1 Holders of rot. Sept. 2
7% preferred C (guar.)
1% Oct. 1 Holders of rec. Sept. 2
634% preferred D (guar.)
) 134 Oct. 1 Holders of roe. Sept. 2
Second & 3d Sts.(Phlla.) Pam.By.(qU.
$3 Oct. 1 Holders of ree. Sept. 1
Shenandoah Vary Water Co.6% pr.(qr)
134 Bedt. 1 Holders of rec. Aug. 20
Shenango Valley Water 6% pref.(guar.) 154 Sept. 1 Holders of rec. Aug. 20
South Carolina Power Co.$6 pref. (gr.)_ $134 Oct. 1 Holders of roe. Sept. 15
Southern Calif. Edison
7% preferred series A (guar.)
43340 Sept.15 Holders of roe. Aug. 20
37310 Sept. 15 Holders of tee. Aug. 20
6% Preferred series B
Southern Calif. Gas Co..834% pf.(gni. $134 Aug. 31 Holders of rm. July 31
Southern Colo. Pow. Co.. 7% pf.
134 Sept.15 Holders of rec. Aug. 31
Southern Indiana Gas & Electric Co.
7% preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 15
6% preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 15
6.6% preferred (quar.)
1.65 Oct. 1 Holders of rec. Sept. 15
Standard Gas & El. Co.$4 Cum. pf.(tin.) $1 Sept. 15 Holders of rec. Aug. 31
Standard Power & Light Corp.
Common and common B (guar.)
/00. Sept. 1 Holders of roe. Aug. Ila
Susquehanna Utilities Co. let pt.(ea.).- $134 Sept. 1 Holders of rec. Aug. 20
Tampa Gas Co.,8% pref.(Qum)
2 Sept. 1
7% preferred (guar.)
1% Sept. 1
Tennessee Electric Power Co.
6% preferred (guar.)
134 Oct. 1 Holders of roe. Sept. 15
6% preferred (guar.)
134 Oct. 1 Holders of roe. Sept. 15
7% preferred (guar.)
1 Holders of roe. Sept. 15
Oct.134
7.2% preferred (guar.)
1 4-5 Oct. 1 Holders of tee. Sept. 15
6% preferred (monthly)
50o. Sept. 1 Holders of roe. Aug. 15
6% prefe Ted (monthly)
50e. Oct. 1 Holders of rec. Sept. 15
7.2% pre:ered (ninth 39
.
60e Sept. 1 Holders of rec. Aug. 15
7.2% preferred (.sontoP1
600. Oct. 1 Holders of rec. Sept. 15
Terre Haute Water Wks.7% pl.(tin.)... 134 Sept. 1 Holders of roe. Aug. 20
Texas Utilities Co. pref.(guar.)
$134 Sept. 1 Holders of rec. Aug. 20
Tide Water Power Co. $6 pref.(gUar.)
S/ % Sept. 1 Holders of rec. Aug. 10
Toledo I. ilson Co 7% Pref.(mthl.)... 58 I-3c Sept. 1 Holders of roe. Aug. 15
6% poeferred (monthly)
500. Sept. 1 Holders of rec. Aug. 15
5% preferred (monthly)
41 2-30 Sept. 1 Holders of roe. Aug. 15
Tri-State Tel. & Tel. wet(qual.)
160. Sept. 1 Holders of roe. Aug. 15
U. ted Gas Impr. Co..Coln.
300. Sept.30 Holders of tee. Aug. 31
$5 preferred (guar.)
$134 Sept.30 Holders of rec. Aug. 31
Jolted Light & Rye.(Del.)
7% preferred (monthly)
58 140 Sept. 1 Holders of tee. Aug. 15
8.38% preferred (monthly)
530. Sept. 1 Holders of tee. Aug. 15
6% preferred (monthly)
500 Sept. 1 Holders of rec. Aug. 15
Virginia Elec.& Power.6% Pref. (guar.) 134 Sept.20 Holders of tee. Aug. 31
Washington R. El.Co.5% pref.(qU.) 131 Sept. 1 Holders of roe. Aug. 18
&
Prti rred (guar.)
,
134 Sept. 1 Holders of rec. Aug. 18
West Ob. Gas Co.7% pref.(guar.).
-)
- 134 Sept. 1 Holders of roe. Aug. 15
Wheeling Electric 6% pref.(guar.)
134 Sept. 1 Holders of rec. Aug. 8
Williamsport Water $6 pref. (luar.)
$134 Sept. 1 Holders of roe. Aug. 20
Wisc. Pub. Say. Corp.. 7% pf. (guar.). 194 Sept.20 Ho dere of rec. Aug. 31
634% preferred (guar.)
154 Sept.20 Holders of rec. Aug. 31
5% preferreo (guar.)
134 Sept.20 Holders of rec. Aug. 31
Banks.
Grace National Bank (guar.)
234 Sept. 1 Holders of tee. Aug. 29
Fire Insurance.
Boston Insurance Co
Pectic Amer. Fire Ins. (liquidating). Tale ins. Corp.01St. Louis(guar.)
Miscellaneous.
Abbotts Dairies, Inc. corn. (guar.)
& 2nd,7% preferred (qual.)
Affiliated Products, Inc- 00E0. (QU.)-- Agnes,Surpass Shoe Stores, Ltd., pf.(qu)
Allegheny Steel Co., pf. (guar.)
Moe (11. G.) Co.. pref. (guar.)
Aluminum Manufactures. corn. (qu.)
Common (guar.)
Preferred (guar.)
Preferred (guar.)
Amorican Arch Co.(guar.)
Amer. Bank Note Co.. pref.(quiz.)....
American near Co., corn. (guar.)
Preferred (guar.)
Amer. Crayon Co.. 6% pref. (guar.).
American Dock 8% pre!.(guar.)
American Envelope
7% pref. (cm.)
7% preferred (guar.)
Amer. & Gen. Secur. Corp., cum.(qu.)Preferred $3 ser. (guar.)
Amertcan Hardware Co.,common (gal.)Common (guar.)
American Home Products (monthly).
American Hosiery. corn.(guar.
American Ice Co.. pro!.(guar.)
American Investment Co.(Ill.), B
American Laundry Machin.(guar.)____
Amer. Natl. Co.(Toledo). pref. A (q11.).
Preferred A (quarterly)
Preferred B (quarterly)
Preferred B (quarterly)
American Radiator & Standard Sanitary
Corp.. preferred (guar.)
Amer. Steel Foundries. pref.
(gum.)
American Stores Co.
American Sugar Refining Co.. corn.(gu.)
Preferred (guar.)
Amer. Tobacco Co.. corn.& own.B (qu.)
Archer-Daniels-Midland Co.
Common (guar.)
Armour & Co.7% gtd. pref.(guar.).---
$4 Got. 1 Holders of roe. Sept.20
51
Sept. 1 Holders of rec. Aug. 16
123.4o. Aug. 31 Holders of reo. Aug. 31
50o. Sept, 1
$lit Sept. 1
13 1-3c Sept. 1
154 Oct. 1
$151 Sept. 1
$134 Oct. I
50e. Sept.30
50c. Dec. 31
134 Sept.30
114 Dec. 31
25e. Sept. 1
750. Oct. 1
2
Sept. 15
134 Oct. 1
1)4 Nov. 1
2
Sept. 1
134 Sept. 1
154 Dee. 1
10c. Sept. 1
75e. Sept. 1
50c. Oct. 1
50e. Jan 1'33
350. Sept. 1
50c. Sept. 1
$1.50 Oct. 25
150. Sept. 1
30e. Sept. 1
134 Oct. 1
134 Jan 1 33
.
134 Oct. 1
134 Jan 1'33
Holders of Teo. Oct. 7a
Holders of reo. Aug. 20
Holders of roe. Aug. 22
Holders of rec. Sept.20
Holders of rm. Dec. 20
Holders of too. Sept.20
Holders of rec. Dec. 20
134 Sept. 1
$134 Sept.30
50o. Oct. 1
50e. Oct. 3
154 Oct. 3
Sept. 1
5
Holders of tee. Aug. 15
Holders of rec. Sept. lb
Holders of rec. Spot. 15
Holders of tee. Sept. 6a
Holders of ree. Sept. 60
Holders of roe. Aug. 10
Holders of tee. Aug. 6
Holders of tee. Aug. 5
Holders of tee. Aug. 18
Holders of rec. Sept. lb
Holders of rec. Aug. 15
Holders of rec. SePt.21
Holders of tee. Sept. 15
Holders of rec. Dec. 15
Holders of rec. Sept. 15
Holders of rec. Doe. 15
Holders of reo. Aug. 20
Holders of ree. Sept. 12
Holders of rec. Sept. 3
Holders of rec. Sept. 20
Holders of rec. Oct. 20
Holders of rec. Aug. 20
Holders of rec. Aug. 25
Holders of roe. Nov.25
Holders of tee. Aug. 15
Holders of rec. Aug. 15
Holders of rec. Sept. 15
Holders of tee. Dec. 16
Holders of roe. Aug. 15e
25o. Sept. 1 Holders of ree. Aug. 20
134 Oct. 1 Holders of roe. Sept. 10
Name of Company.
Aug. 27 1932
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Associated Invest. Co.,cont.(quar.).... $1
Sept.30 Holders of rec. Sept. 20
Preferred (guar.)
$134 Sept.3 Holders of rec. Sept.20
Atlantic Refining, common (guar.)
250. Sept. 1 Holders of rec. Aug. 22
Atlas Corp.$3 pref.series A (guar.)
75e. Sept.
Holders of rec. Aug. 19
Automotive Gear Works, pref. (qual.).. 454e. Sept.
Holders of rec. Aug. 20
Baird Machine.6% prof. (guar.)
134 Sept.
Bomberger(L.)& Co..834% pref.(tiu.)Holders of rec. Aug. 12
134 Sept.
Beaton & Caldwell (monthly)
1234c Sept.
Holders of too. Aug. 31
Monthly
1214o Oct.
Holders of rm. Sept.30
Beech-Nut Packing Co.,corn.(guar.).Holders of rec. Sept. 12
750. Oct.
Belding-Corticelli. Ltd.. prof.(guar.)
154 Sept. 1 Holders of too. Aug. 31
Block Bros. Tobacco, corn.(guar.) - 3734o. Nov.1 Holders of rec. Nov. 10
Preferred (guar.)
134 Sept.3 Holders of rec. Sept.24
Preferred (guar.)
134 Dec. 3 Holders of rec. Dec. 24
Blue Ridge Corp, prof. (guar.)
1750. Sept.
Holders of rec. Aug. 50
Bon Ami Co.. class A (guar)
Oct. 30 Holders of roe. Oct. 15
$1
Class B (guar.)
Holders of roe. Sept. 24
500. Oct.
Borden Co.,common (guar.)
50c. Sept.
Holders of rec. Aug. 15
Bovril, Ltd.
Amer dep. roe. 734% ord. reg. she__ __ ztv334 Sept.
Holders of rec. July 25
Amer. dep. ree, deferred reg. shares-- zro4
Sept.
Holders of toe. July 25
Deferred reg. shares
zusi
Aug. 8 Holders of toe. July 21
734% ord reg.shares
zto3% Aug. 8 Holders of tee. July 21
Brach (E. J.) & Sons (guar.)
100. Sept.
Holders of too. Aug. 13
Brennan Packing 8% pref. cl. A (guar.). 1
Sept.
Holders of tee. Aug. 20
Brill Corp.. pref.(guar.)
1% Sept.
Holders
rec.
British Amer.Tobacco Co.,Ltd..ordinstry 105. Sept.3 Holders of rm. Aug. 19
Sept. 3
of
5% preferred
6d. Sept.3 Holders of tee. Sept. 3
Amer. dep. ree, for ord. shares
tolOd. Oct.
Holders of rec. Sept. t.
Amer. dep. rec. for 5% pref. tog
stolid. Oct.
Holders of rm. Sept.
Amer. dep. rec. for 5% pref. bearer-- zw6d. Oct.
Holders of rec. Sept. 2
Brown Shoe Co.(guar.)
750. Sept.
Holders ot rec. Aug. 20
Buckeye Pipe Line Co.(guar.)
750.
1 Holders
Aug. 1$
Burma Corp. Ltd., Am. dep. rm.(final) el an. Sept.2 Holders of tee. Sept.15
Oc...
of rm.
Burroughs Adding Machine Co
20e. Sept.
Holders of rec. Aug. 6
Byllesby Engineering & Management
Corp.. preferred (s-a)
250. Sept.
Holders of reo. Aug. 10
Calamba Sugar Estates. eom• (quiz.)....
40e. Oct.
Holders of rec. Sept.15
7% preferred (guar.)
35o. Oct.
Holders of tee. Sept. 16
Canada Bread Co.. M. B. pref. (quiz.).. 500. Sept.
Holders of roe. Aug. 15
Canada Iron Foundries, Ltd.. Pt.
13.-a.)- $134 Sept. 1 Holders of rec. Aug. 31
Canada Wire & Cable Co., Ltd.(
Preferred (guar.)
$134
1
Canadian Car & Fdy. Co.. com.(qu.).- 115e. Sept.3 Holders of tee. Aug. 31
Aug.
Holders of rec. Aug. 15
Canadian Gen. Elec. Co.,Ltd..com.(qu.) til
Oct.
Holders of rec. Sept. 15
Preferred (guar.)
Oct.
Holders of roe. Sept.15
Canadian Oil Co., Ltd., pref. (quar.).. (134 Oct.
$2
Holders
Canadian Silk Products Corp., class A. 13734 Aug. 3 Holders of tee. Sept.20
of moo. Aug. 15
Canfield Oil. 7% preferred (guar.)
134 Sept.30 Holders o. rec. Sept.20
7% preferred (guar.)
134 Deo. 3 Holders of ree. Dec. 20
Caterpillar Tractor Co. (guar.)
12)4e. Aug. 3 Holders of rec. Aug. 15
Centrifugal Pipe (guar.)
150. Nov.
Holders of roe. Nov. 5
Century Ribbon Mills. Inc., pref.(tin.). $154 Sept. 1 Holders of rm. Aug. 20
Chartered Inv.5% pref.(guar.)
Holders of roe. Aug. 1
134 Sept.
Chesebrough Mfg. Co. (guar.)
Sept.3 Holders of rec. Sept. 8
$1
Extra
50c. Sept.3 Holders of rec. Sept. 8
Chicago Yellow Cab Co., Inc. (guar.).Holders of rec. Aug. 19
50c. Sept.
Chrysler Corp.. common (guar.)
250. Sept.
Sept. 1
Holders
Cincinnati Wholesale Grocery Co.(s-a). $3 Sept.3 Holders of roe.
of rec. Aug. 15
City Ice & Fuel Co.. common (guar.).
- 50o. Aug. 3 Holders of rec. Aug. 15
614% preferred (guar.)
Holders of roe. Aug. 15
I% Sep'.
Cleveland Quarries Co.(quar.)
Holders of reo. Aug. 15
100. SW.
Coats (J. & P.), Ltd.ord. reg.(guar.).
rad Oct. 3
Amer.deposited receipts for ord.reg... mad.
Oct.
Holders of rec. Aug. 19
Coca-Cola Bottling Co. of St. L.
40c. Oct.
Oct. 5
Coca-Cola Co., common (gum) (guar.) Ill% Oct. 1 Holders of rec. Sept. 14
Holders of too.
Extra
25o.
Holders of rec. Sept. 14
Coca-Cola Intl Corp., corn. (quit.).... $334 Oct.
Oct.
Holders of me. Sept. 14
Extra
500. Oct.
Holders of tee. Sept.14
Collins dr Aikman Corp.. pref.(gum).
Holders of roe. Aug. 19
- 1% Sept.
Columbia Pictures Corp., Prof. (guar.).
75o. Sept.
Holders of rec. Aug. 18a
Commonwealth Loan Prof.(gum)
11154 Sept.
of rec.
Community State Corp., Cl. A (quiz.).. 1234c. Sept.30 Holders of rec. Aug. 20
Holders
Sept.26
Class A (guar.)
12)40. Dec. 3 Holders of roe. Dec. 27
Compo Shoe Machinery (initial)
1234 Sept.
Holders of rec. Aug. 10
Compressed Industrial Gases(guar.).350. Sept. 1 Holders of rec. Aug. 81
Congoleum-Nairn, corn. (guar.)
250. Sept. 1 Holders of reo. Sept. 1
Preferred (guar.)
$134 Sept.
Holders of rec. Aug. 15
Conservative Financial. Pref.
400. Sept.
Holders of too. Aug. 1
Consolidated cigar Corp.,7% pref.(Wt.)
1st Sept.
Holders of tee. Aug. 150
Consolidated Litho. Corp., pref.(guar.) $114 Sept.
Holders of rec. Aug. 22
Consolidated Paper Co. 7% pref.(guar.) 1734e Oct.
Holders of rec. Sept. 20
Continental Chicago Corp.. prof.(guar.) 50c. Sept.
Holders of rec. Aug. 15
Comb Mills, common (guar.)
250.Sept.
Holders of rec. Aug. 20
Common (guar.)
25e.
Holders of too. Nov. 19
Cottrell(C.B.) az Bons,6% pref.(qu.).- 134 Dec.
Oct.
Creameries of Amer.,$354 M.
Holders of roe. Aug. 10
Crown Cork & Beal Co., Inc., cl. A (eu.) 3734e Sept.
67e. Sept. 1 Holders of rec. Aug. 31
Crown Willamette Paper Co., pf.(guar.) hal
lst pfd--Oct.
Holders of reo. Sept. 13
Crown Zeilerbach Corp.
Clam A & B preferred (guar.)
Sept.
Holders of too. Aug. 13
Crows Nest Pass Coal Co.(Toronto)(qu.) 3734c Sept.
al
Holders of rec. Aug. 10
Crum & Forster Insurance Shares
Common A & B (guar.)
100 Aug. 3 Holders of rec. Aug. 20
Cuneo Press., Inc., preferred(quiz.),
$134 Sept. 1 Holders of reo. Sept. 1
Curtis Publishing Co., pref.(guar.)
$104 Oct.
Holders of rm. Sept. 20
Cushman. Sons, Inc., corn. (quar.).--°
500. Sept.
Holders of rec. Aug. 15
s8 preferred (guar.)
$2 Sept.
Holders of rec. Aug. 15
7% preferred
154 Sept.
Holders of roe. Aug. 15
Daniels & Fisher Stores634% PE.(qui- 1% Sept.
Holders of roe. Aug. 20
Dartmouth Mfg Co.,5% prof.
Holders of tee. Aug. 8
guar.).- 134 Sept.
Davega Stores Corp., cons. (guar.)
15e. Sept.
Holders of roe. Aug. 15
De Long Hook & Eye (guar.)
500. Oct.
Holders of rec. Sept.20
Deere & Co., new pref.(guar.)
10c. Sept.
Holders of rec. Aug. 15
Old preferred (quar.)
500. Sept.
Holders of rec. Aug. 15
Diamond Match Co., common (qual.).. 250. Sept.
Holders of rec. Aug. 15
Preferred (8-a)
750. Sept.
Holders of roe. Aug. 15
Dictaphone Corp.. preferred (quiz.).,.. $2 Sept.
Holders of rec. Aug. 19
Doctor Pepper Co.(guar.)
80o. Sept.
Holders of roe. Aug. 18
Quarterly
30c. Dec.
Holders of reo. Nov. 18
Dominion Bridge, Ltd.(guar.)
50c. Nov. 1 Holders of rec. Oct. 31
Drug. Inc. (guar.)
$1 Sept.
Holders of
Du l'ont (E.I.)de Nem.& Co.,com.(gu) 500. Sept. 1 Holders of rec. Aug. 15a
rec. Aug. 24
Debenture stock (quar.)
154 Oct. 2 Holders of ree. Oct. 10
Durham-Duplex Razor, pref. (quar.)--25e. Sept.
Holders of rec. Aug. 22
Eastern Theatres. Ltd.. corn. (qual.)... 50e. Sept.
Holders of roe. July 30
Eastman Kodak Co • common (quar.).. 75o. Oct.
Holders of rec. Sept. 3
Preferred (guar.)
SIM Oct.
Fielders of rec. Sept. 3
El Dorado 011 Works (guar.)
37340 Sept. I
Electric Ferries, Inc.. preferred (guar.)._ $2 Aug. 2 Holders of rec. Aug. 31
Holders of rec. July 27
Equitable Office Bldg.,corn.(guar.). _
37340 Oct.
Holders of tea. Sept. 15
Preferred (guar.)
194 Oct.
Holders of roe. Sept. 15
Faber. Coe & Gregg. prof.(guar.)
5194 Nov.
Holders of roe. Oct. 2
Preferred (guar.)
5134 Feb.
Holders of roe. Jan. 20
Farmers & Traders Life Ins.Co.(guar.)_ $234 Oct.
Holders often. Sept. 9
Faultless Rubber. common (guar.)
500. Oct.
Holders of roc. Sept. 15
Finance Service Co.,corn. ol. A & B (qu.) 200. Sept.
Holders of tee. Aug. 15
Preferred (guar.)
17)40 Sept.
Holders of roe. Aug. 15
Firestone Tire & Rub., pref. A (quiz.).. 1134 Sept.
Holders of tee. Aug. 15
First National Storm common (guar.)._ 6234c. Oct.
Holders of ree Sept. 12
Ms Simons & Connell Dr.& Dk.
(guar.) 25e. Sept.
Holders of ree. Aug. 20
Florsheim Shoe Co., $6 pref.(guar.).
- $134 Oct.
Holders of rec. Sept. 15
Food Mach., pref.(monthly)
50o. Sept.1 Holders of rec. Sept. 10
Freeport Texas Co.. corn. (guar.)
50e. Sept.
Galland Mere. Laundry Co.. pref.(qu.). 87/4e Sept. 1 Holders of roe. Aug. 15
Holders of rec. Aug. 15
Gamewell Co., pref. (guar.)
$134 Sept. 1 dHolders of rec. Sept. 3
Gas Light & Coke Co.. Ltd.. Amer. dep.
rec. & 4% guaranteed
_zto 24-5
Holders
Gates Rubber Co., 7% prof.(quiz.)..., 134 Sept. 1 Holders of rec. Aug. 5
of rec. Aug. 15
Gob.Amer.Inv. CO..Inc..6%
3034 Oct. 1 Holders of rec. Sept.20
6% preferred ((Man)
4134 Oct. 1 Holders of reo. Sept. 20
Financial Chronicle
Volume 135
Name of Company.
Per
When
Cent. Payable.
Books Closed
Dave Inclusive.
Miscellaneous (Conrinued).
$l( Sept. 1 Holders of roe. Aug. 23
General Cigar Co., preferred (quar.)250. Sept. 12 Holders of reo. Aug. 13
General Motors Corp.. common (guar.)
$114 Nov. 1 Holders of rec. Oct. 10
$5 preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 16
Glidden Co., pref. (guar.)
40e. Sept. 10 Holders of rec. Aug. 31
Golden Cycle Corp. (guar.)
Goodyear Tire & Rubber Co., st Pf.(gu.) $13‘ Oct. 1 Holders of rec. Sept. 1
25c. Sept. 1 Holders of reo. Aug. 15
Gorham Mfg. Co., corm (guar.)
1M Oct. 1 Holders of rec. Sept. 20
Gottfried Baking Co.,leo., pref. (guar.)
114 Jan 233 Holders of rec. Dec. 20
Preferred (guar.)
3 Dec. 29 Holders of rec. Dec. 25
Grace(W. R.) & Co.,6% prof.(s-a)
2 Sept.30 Holders of rec. Sept. 29
Preferred A and B (guar.)
2 Dec. 29 Holders of ree. Dec. 28
Preferred A and B (guar.)
750. Sept. 1 Holders of rect. Aug. 10
Grand Union. pref. (guar.)
Great Atlantic & Pacific Tea Co. of Am.
2134 Sept. 1 Holders of rec. Aug. 5
Common (guar.)
25o. Sept. 1 Holders of rec. Aug. 5
Common extra
$114 Sept. I Holders of rte. Aug. 12
1st preferred
600. Sept. 1 Holders of rec. Aug. 20
Great Northern Paper Co.(guar.)
Aug. 27 Holders of rec. Aug. 6
Greater Loulsv. Say. dr Illcig.Assn.(3.-a.) $3
150. Sept. 1 Holders of rec. Aug. 15
Hale Bros.. Stores, Inc
Hamilton United Theatres, pf. (quar.)- 3114 Sept.30 Holders of rec. Aug. 31
10c. Sept. 1 Holders of rect. Aug. 15
Hancock 011 Co. of Cal.(Del.) cl. A (qr.)
100. Sept. 1 Holders of rec. Aug. 15
Class B (guar.)
1 m Sept. 1 Holders of rec. Aug. 15
Hardesty(R.) Mfg.,7% pref.(guar.). _
1M Dec. 1 Holders of rec. Nov. 15
7% preferred (guar.)
toz5
Harrods, Ltd.(Interim)
Sept. 16 Holders of rec. Aug. 15
American deposit receipts (interim).- rox5
Sept.23 Holders of rec. Aug. 15
Preferred (semi-annually)
334 Sept.16 Holders of rec. Aug. 15
Hathaway Bakeries,Inc.,class A
37140 Sept. 1 Holders of rec. Aug. 15a
Preferred (guar.)
3134 Sept. 1 Holders of reo. Aug. 15a
Hayden Chemical Co.. corn.(guar.).250. Sept. 1 Holders of rect. Aug. 22
Preferred (guar.)
$1 M Oct. 1 Holders of reo. Sept.22
Hewitt Bros. Soap, preferred (quar.)-..
2 Oct. 1 Holders of rec. Sept.30
Preferred (guar.)
2 Jan 1'33 Holders of roe. Dec. 20
Hibbard. Spencer. Bartlett & Co.(mtbly) 100. Sept.30 Holders of rec. Sept.23
Hickok Oil, class A (semi-ann.)
50c. Sept.15 Holders of rec. Sept. 15
Hires (Chas. E.) Co.,from. class A (qu.)
. 500. Sept. 1 Holders of rec. Aug. 15
Common class A (guar.)
50e. Dec. 1 Holders of reo. Nov. 15
Common elms B (guar.)
$1
Sept. 1 Holders of reo. Aug. 15
Hobart Mfg. Co., corn. (guar.)
300. Sept. 1 Holders of rec. Aug. 22
Hollinger Consolidated Gold Mines, Ltd.
(monthly)
15c. Sept. 8 Holders of rec. Aug. 25
Holt(Henry)& Co..elan A (guar.)
22340 Sept. 1 Holders of reo. Aug. 11
Horn & Hardart(N.Y.), Prof.(guar.)
MA Sept. 1 Holders of rec. Aug. 11
Hoover & Allison Co., pref.(guar.)
$134 Sept. 1 Holders of rec. Aug. 15
Imperial 011 Ltd.(guar)
112140. Sept. 1 Holders of rec. Aug. 15
Imperial Tobacco of Great Britain & Irel andOrdinary registered
zw6S4 Sept. 1 Holders of reo. Aug. 16
Amer. dep. rec, for ord. reg
xio6S4 Sept. 9 Holders of rec. Aug. 16
Industrial & Power Sees. Co.(guar.)._
250. Sept. 1 Holders of rec. Aug. 1
25o. Dec. 1 Holders of rec. Nov. 1
(quarterly)
Ingersoll-Rand Co., corn. (guar.)
500. Sept. I Holders of rec. Aug. 12
Inter-Island Steam Navigation (mthly.)
10e Aug. 31 Holders of rec. Aug. 24
Monthly
10c. Sept.30 Holders of rec. Sept. 24
Monthly
10c Oct. 31 Holders of rec. Oct. 24
Monthly
Mo. Nov.30 Holders of rec. Nov. 24
Monthly
10o. Dec. 31 Holders of rec. Doe. 24
Internat. Business Mach. Corp. (guar.) $134 Oct. 10 Holders of rec. Sept. 22
International Harvester Co., pref.(quar.) $134 Sept. 1 Holders of rec. Aug. 5
International Milling 7% 151 p1. (guar.) 134 Sept. 1 Holders of rec. Aug. 20
6% 1st preferred (guar.)
134 Sept. I Holders of
International Petroleum Co., Ltd.(qu.)_ u25c. Sept.15 Holders of reo. Aug. 20
Aug.
International Salt Co.. cap.stock (guar.) 3734c. Oct. 1 Holders of reo. Sept.31
150
rec.
.
Internat!Safety Razor Co., el. A. (Qtr.) 60c. Sept. 1
Internat'l Shoe preferred (monthly)
500. Sept. 1 Holders of rec. Aug. 15
Preferred (monthly)
50e. Oct. 1 Holders of rec. Sept. 15
Preferred (monthly)
500. Nov. 1 Holders of rec. Oct. 15
Preferred (monthly)
50o. Dec. 1 Holders of rec. Nov. 15
Intertype Corp., 1st pref.(guar.)
$2
Oct. 1 Holders of rec. Sept. 15
Iron Fireman Mfg. Co.(guar.)
100. Sept. 1
Jantzen Knitting Mills, pref. (guar.)._ $1M Sept. I Holders of rec. Aug. 20
Holders of reo. Aug. 25
Jewel Tea Co. (guar.)
$1
Oct. 15 Holders of rec. Oct. 1
Jones & Laughlin Steel Corp. p1.(qua:.).
75c. Oct. 1 Holders of rec. Sept. 13
Kalamazoo Vegetable Parchment (guar.)
15c. Sept.30 Holders of rec. Sept.20
Quarterly
•
15o. Dee. 31 Holders of rec. Doe. 21
Katz Drug Co., corn.(guar.)
50o. Sept.15 Holders of rec. Aug. 31
Preferred (guar.)
8194 Oct. I Holders of rec. Sept. 15
Kaufmann Dept. Stores, Intr.. prof.
(o.) $1
Oct. 1 Holders of rec. Sept. 10
Kemper-Thomas Co., corn.(guar.)
12140. Oct. 1 Holders of rec. Sept. 20
Common (guar.)
1234o. Jan1'33 Holders of reo. Dee. 20
Preferred (guar.)
154 Sept. 1 Holders of rec. Aug. 20
Preferred (guar.)
134 Dee 1 Holders of rec. Nov. 2
Kendall Co., class A pref.(guar.)
$1
Sept. 1 Holders of rec. Aug. 10
Keystone Cold Storage
$1.25 Oct. 1 Holders of rec. Sept. 20
Klmberly-Clark Corp., corn.(qual.)
25c. Oct. 1 Holders of ree. Sept. 12
Preferred (guar.)
$1.14 Oct. 1 Holders of roe.Sept.12
Klein (Emil), coca. (guar.)
25c Oct. 1 Holders of
Knudsen Creamery, class A & B (gum.). 3734c Nov.20 Holders of rec. Sept. 20
rec. Oct. 31
Kroger Grocery & Baking, corn. (guar.) 25e Sept. 1 Holders of rec. Aug. 10
preferred guar.)
134 Sept.30 Holders of rec. Sept. 20
*
7% 2d preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 20
Landers, Frary & Clark (guar.)
6234c.Sept.30 Holders of rec. Sept.20
Quarterly
62340 Dec. 31 Holders of roe. Dec. 21
Lan.ston Monotype Machine, (guar.).- $134 Aug. 31 Holders of
tee. Aug. 19
Lehigh Coal & Navigation (guar.)
200 Aug. 31 Holders
Lehigh Perth Cement Co.(Pa.), pf.(gu.) 8154 Oct. 1 Holders of tee. July 80
Lehn & Fink Products Co.. corn. (guar.) 500 Sept. 1 Holders of reo. Sept. 14
of reo. Aug. 16
Liggett & Myers Tobacco Co.Common and common B (guar.)
Sept. 1
$1
Lily-Tulip Cup Corp.,common (qual.).. 3734c.Sept. 15 Holders of reo. Aug. 15
Holders of rec. Sept. 1
Lincoln Stores. Inc.. corn. (guar.)
25c Sept. 1 Holders of rec. Aug. 25
Preferred (guar.)
$154 Sept. 1 Holders of reo. Aug. 25
Lindsay (C. W.) & Co.,634% Pt.(gu.). 134 Sept. 1 Holders of rec.
Aug. 15
Link-Belt. common (guar.)
20c. Sept. 1 Holders of rec. Aug. 15
634% preferred (guar.)
134 Oct. 1 Holders of To.. Sept. 15
Loblow Groceterlas Co.. Ltd.Class A & 11 (guar.)
f200. Sept. 1 Holders of tee. Aug. 12a
Lock Joint Pipe Co., corn.(monthly).67c. Aug. 31 Holders of rec. Aug. 31
Common (monthly)
66c. Sept.30 Holders of rec. Sept.30
Common (monthly)
67c. Oct. 3 Holders of rec. Oct. 31
Common (monthly)
67c. Nov.80 Holders of rec. Nov. 30
Common (monthly)
66e. Deo. 31 Holders of rec. Dec. 81
Preferred (guar.)
$2
Oct.
Holders of rec. Oct. 1
Preferred (guar.)
$2
Jan 1'33 Holders of rec. Jan. 1
Loose-Wiles Biscuit, pref.(guar.)
$154 Oct. 1 Holders of rec. Sept. 19
Lord & Taylor. 1st pref.(guar.)
$114 Sept.
Holders Of reo. Aug. 17
Lucky Tiger Combination Gold Mines
Common (guar.)
3c. Oct. 20 Holden of roe. Oct. 10
Ludlow Mtg. Associates (guar.)
$134 Sept.
Holders of reo. Aug. 6
Lunkenheimer Co., pref.(guar.)
134 Oct.
Holders of reo. Sept.20
Preferred (guar.)
134 Jan 2'3 Holders of re*. Dec. 22
Magnin (I.) & Co.,6% pref.(quar.)._
114 Nov. 16 Holders of rec. Nov. 6
Manh3chewits (S.) Co., common (guar.) 25e. Sept.
Holders of roe.
Marine Midland Corp..corn.(guar.).20e. fiept.3 Holders of rec. Aug. 20
May Dept. Stores Co.,common (guar.). 250. Sept. 1 Holders of ree. Sept. 1
Aug. 15
May Hosiery Mills, Inc.. pref. (guar.)._
250. Sept. 1 Holders of roe.
McColl Frontenae Oil corn. (qua:,)..._ 1150. Sept. 15 Holders of roe. Aug. 18
MeClotchy Newspapers. 7% pref. (qu.) 4354o. Sept. 1 Holders of rec. Aug. 15
Aug.
McIntyre Porcupine Mine, Ltd
u25e. Sept. 1 Holders of rect. Aug. 30
2
Extra
141234c Sept. 1 Holders of rec. Aug. 2
McLeod Building Ltd., pref.(guar.).-- $134 Oct. 1
Mergenthaler Lino. Co.cap.stk.(qu.)_
35e. Sept.30 Holders of rec. Sept. 70
mesta Machine Co. common (guar.)- 25e. Oct. 1 Holders 01 rec. Sept.16
Preferred (qua:.)
2134 Oct. 1 Holders of rec. Fspt. 16
Metal Textile Corp.. pref.(guar.)
81140. Sept. 1 Holders of reo. Aug. 20
Meteor Motor Car Co. (guar.)
Me. Sept. 1 Holders of tee. Aug. 20
Metro-Goldwyn Pictures Corp., pr.(qu.) 134 Sept. 15 Holders of rec. Aug. 26
Metropolitan fee Co., pref.(guar.)
$134 Oct. 1 Holders of rec. Sept. 15
Extra
80o. Oct. 1 Holders of rec. Sept.15
Miller & Hart, Inc., $334 pref. (guar.)._ bib°. Oct. 1 Holders of rec. Sept. 15
Mo.River Sioux City Bdge Co.. Pf. Mu.) 2114 Oct. 15 Holders of roe. Sept.30
Name al Company.
1445
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Mohawk Mining Co., cap.stock
25e. Aug. 30 Holders of reo. July 80s
22
Aug. 30 Holders of ree. July 300
Capital stock (extra)
Monroe Loan Society, Cl. A, pref.(qu.).- $154 Sept. I Holders of rec. Aug. 20
750. Sept. 15 Holders of rec. Aug. 31
Montreal Loan & Mtg. Co.(guar.)... _ Morrell (John) & Co., Inc. corn. (qu.)-. 50e. Sept. 15 Holders of rec. Aug. 27
Sept. 1 Holders of rec. Aug. 25
$1
Morris Plan Ins. Society (quar.)
50e. Oct. 1 Holders of rec. Sept.20
Motor Products Corp. (guar.)
Mt. Diablo 011, Mining dr Devel.0050. Sept. 1 Holders of rec. Aug. 24
opment Co.(guar.)
40c. Sept. I Holders of rec. Aug. 22
Murphy (G. C.) Co., common (guar.).15-4 Sept. I Holders of rec. Aug. 16
Muskogee Co.6% prof.(guar.)
Mutual Chemical of Amer., pref.(qu.)
$134 Sept.28 Holders of rec. Sept.15
$134 Dec. 28 Holders of rec. Dec. lb
Preferred (guar.)
700. Oct. 15 Holders of rec. Sept.15a
National Biscuit Co., corn.(guar.)
$134 Aug. 31 Holders of rec. Aug. 12a
Preferred (guar.)
250. Sept. 15 Holders of rec. Aug. 31
National Bond & Share Corp.. cap.stock
National Dairy Prod. Corp., corn. (qu.) 50c. Oct. 1 Holders of rec. Sept. 5
Class A Sz B preferred (guar.)
$114 Oct. I Holdsrs of rec. Sept.
50e. Oct. 1 Holders of rec. Sept. 15
National Distillers Products, pref
$134 Sept.30 Holders of rec. Sept.16
National Lead, corn. (guar.)
$134 Sept. 15 Holders of rect. Sept. 2
Preferred cl. A (guar.)
Preferred Cl. B (guar.)
$114 Nov. I Holders of rec. Oct. 21
40tr. Sept. 1 Holders of rec. Aug. 20
National•Life & Accident Ins.(guar.).National Linen Service, $7 Pref. (s-a)..
$334 Sept. 1 Holders of ree. Aug. 20
1200. Oct. 1 Holders of rec. Sept.20
National Steel Car Corp.(guar.)
50c. Oct. 1 Holders of rec. Sept. 1
National Sugar Ref. Co.of N.J.(qu.)
15c Sept.80 Holders of rec. Sept.24
Nelson, Baker & Co.(guar.)
Nov.15 Holders of rec. Nov. 1
2
Neptune Meter. pref.(guar.)
New Bedford Cordage common (guar.)._ 1234e Sept. 1 Holders of rec. Aug. 12
$134 Sept. I Holders of rec. Aug. 12
Preferred (guar.)
New England Grain Prod.,$7 prof.(qu.) 3114 Oct. 1 Holders of rec. Sept.20
$134 Jan 2'33 Holders of rec. Dec. 20
$7 preferred (guar.)
$134 Oct. 15 Holders of rec. Oct. I
$6 preferred A (guar.)
$1 14 Jo 1533 Holders of rec. Jan 1'33
$6 preferred A (guar.)
New York Shipbuilding Co., pref.(au).. $114 Oct. 1 Holders of rec. Sept.20
New York Transportation Co.(guar.).50e Sept. 28 Holders of rec. Sept. 15
Newberry (J. J.) Co., common (guar.)._ 2734c Oct. I Holders of rec. Sept. 16
$134 Sept. 1 Holders of rec. Aug. 16
7% preferred (guar.)
Niagara Shares Corp.(Md.)$114 Oct. 1 Holders of rec. Sept.16
Class A, preferred (guar.)
$114 Jan 3'33 Holders of rec. Dec. 16
Class A preferred (guar.)
& South America Corp., class A
North
Holders of rec. Aug. 8
(r)
partial liquidating
Norwalk Tire & Rubber Co., pref.(qu.). 87340. Oet. 1 Holders of roc. Sept.=
Ogilvie Flour Mills, Ltd., pref.(quar.).. 12134 Sept. 1 Holders of rec. Aug. 22
20c. Sept. 15 Holders of rec. Aug. 20
Ohio Oil Co., common (guar.)
$134 Sept. 15 Holders of rec. Sept. 6
Preferred (guar.)
250. Oct. 1 Holders of rec. Sept. 15
Old Line Life Ins. Co. of Am.(guar.).Oct. 1 Holders of rec. Sept. 15
$2
Omnibus Corp., pref.(guar.)
Owens Illinois Glass Co.. pref. (guar.)._ $114 Oct. 1 Holders of rec. Sept.15
Package Machinery (guar.)
$13.4 Sept. 1 Holders of rec. Aug. 20
134 Nov. 1 Holders of rec. Oct. 20
First preferred (guar.)
Pan American Petroleum & Trans. Co.
20c. Sept. 15 Holders of rec. Aug. 16
Common and class B (guar.)
Patterson-Sargent Co., common (guar.). 250. Sept. 1 Holders of rec. Aug. 15
Ponder (David) Grocery Co., el. A (qu.) 8734c. Sept. 1 Holders of reo. Aug. 29
25e. Sept. 15 Holders of reo. Sept. 1
Penick & Ford, Ltd.(guar.)
25c. Sept. 15 Holders of rec. Sept. 1
Penick & Ford (quar.)
Peoples Drug Stores common (guar.).- 250. Oct. 1 Holders of rec. Sept. 8
6114 Sept.15 Holders of rec. Sept. 1
0 Yi% preferred (guar.)
100. Aug. 31 Holders of rec. Aug. 70
Perfection Stove Co., corn.(monthly)...
$134 Oct. 1 Holders of reo. Sept.10
Pet Milk Co., prof. (guar-)
$134 Sept. 1 Holders of reo. Aug. 20
Pfaudier Co., pref. (guar.)
Pillsbury Flour Mills, Inc., corn.(guar.) 30c Sept. 1 Holders of rec. Aug. 15
5. Sept. 1 Holders of tee. Aug. 19
Pioneer Mill Co.. Ltd. (monthly)
50c. Oct. 1 Holders of rec. Sept.25
Plume & Atwood Mfg.(guar.)
3114 Sept. 15
Pollock Paper & Box, pref.(guar.)
3134 Dee, 15
Preferred (guar.)
Sept. 1 Holders of rec. Aug. 20
$3
Pratt Food Co. (guar.)
15-4 Sept. 15 Holders of rec. Aug. 25
Procter & Gambia 5% prof.(guar.)
134 Oct. 1 Holders of reo. Sept. 9
Pure 011 Co.. 514% prof. (guar.)
13-4 Oct. 1 Holders of ree. Sept. 9
6% preferred (guar.)
Oct. 1 Holders of rec. Sept. 9
2
8% preferred (guar.)
Dec. 1 Holders of rec. June 80
$4
Puritan Ice Co., pref. (semi-ann.)
25e Sept. 1 Holders of rec. Aug. 15
Purity Bakeries Corp
$1 Oct. 15 Holders of rec. Oct. 1
Quaker Oats, common (guar.)
$134 Aug. 31 Holders of rect. Aug. 1
Preferred (guar.)
134 Nov.30 Holders of rec. Nov. 1
6% preferred(Oran)
Raybestos-Manhattan Co., Inc. (guar.) 15o Sept. 15 Holders of refs. Aug. 31
8734c Sept. 15 Holders of rec. Aug. 31
Reeves (D.) Inc., corn. ((Mar.)
134 Sept.15 Holders of rec. Aug. 31
634% preferred (guar.)
$134 Sept. 15 Holders of reo. Aug. 31
Reliance Grain, pref. (guar.)
International Corp.33 Pt.(att.) 50c Sept. 1 Holders of rec. Aug. 20
Reliance
260 Sept. 1 Hold re of reo. Aug. 150
Reynolds Metals Co. (guar.)
134 Sept.30 Holders of rec. Sept.15
Rich's Inc..6H% preferred (guar.)
$134 Oct. 1 Holders of rec. Sept. 23
Bike Kumler Co., pref. (guar.)
Sept. 1 Holders of rec. Aug. 15
Rolland Paper Co.. Ltd.. pref.(guar.).- 1
$5.85
St. Louis General Investment,Initial
fr. Sept. 15 Holders of rec. Aug. 81
Schiff (The Co., common (guar.)
$134 Sept. 15 Holders of roe. Aug. 31
Preferred (guar.)
750. Sept. 1 Holders of rec. Aug. 15
Second Invest. Corp.(It. I.)$3 Pt.(GSM 75c, Sept. 1 Holders of rec. Aug. 16
Secord (L.) Candy (guar.)
SIM Nov. 1 Holders of rec. Oct. 20
Servel, Inc., preferred (guar.)
Sherwin-Williams Co.6% prof.(quar.). 134 Sept. 1 Holders of roe. Aug. 15
Simon (Franklin) & Co., pref. (qua:.).. $154 Sept. 1 Holders of rec. Aug. 17
Simon(H.)&Sons. Ltd. pref.(qual.)... $134 Sept. 1 Holders of rec. Aug. 20
200. Sept. 15 Holders of ree. Aug. 19
Socony-Vaouum Corp. (guar.)
15c. Sept. 1 Holders of rec. Aug. 16
Southern Plpe Line Co
15e. Sept. 30 Holders of rec. Sept.15
Spencer Kellogg & Sons, Inc.(qu.)
60c. Sept. 15 Holders of rec. Aug. 15
Standard 011 Co.of Calif.(guar.)
25c. Sept. 15 Holders of rec. Aug. 13
Standard 011 Co.(Indiana)
25c. Sept.20 Holders of rec. Aug. 27
Standard 011 Co.of Nebraska (quar.)--25c. Sept. 15 Holders of rec. Aug. 15
(N.J.) cap.stk.(gu.)- Standard Oil Co.
$1
Sept. 15 Holders of reo. Aug. 16
$100 par capital stock (guar.)
25e. Sept. 15 Holders of rec. Aug. 16
Extra (on $25 Par Shares)
SePt.15 Holders of rec. Aug. 16
Extra (on 5100 par shares)
$1
75c Oct. 1 Holders of rec. Sept. 9
Standard Steel Const. Co. Ltd. A (gu.)
43 M c Sept. 30 Holders of rec. Sept.15
&Ix Baer & Fuller 7% prof.((IMO
43Si c Dec. 31 Holders of rec. Dec. 15
7% preferred (quar.)
Strawbridge & Clothier 6% pref.(qu.)._
1.S4 Sept. 1 Holders of rec. Aug. 15
Stromberg-Carlson Tel., Mfg. Co.
1M Sept. 1 Holders of tee. Aug. 22
614% preferred (quar.)
Studebaker Corp.. prof.(guar.)
$154 Sept. 1 Holders of tee. Aug. 10
250 Sept.15 Holders of rec. Aug. 25
Bun Oil Co.. common(guar.)
$114 Sept. 1 Holders of rec. Aug. 10
Preferred (guar.)
Sunshine Biscuits. pref.(guar.)
8134 Oct. 1 Holders of rec. Sept. 19
Superior Portland Cement Co.,(mthly.) 2714e. Sept. 1 Holders of rec. Aug.23
Taoony-Palmyra Bridge Co.corn.(qr.)_ _
750. Sept.30 Holders of rec. Sept. 10
75e. Sept.30 Holders of rec. Sept. 10
Class A (guar.)
Holders of rec. Aug. 20
20c. Sept.
Telephone Invest. Corp.(monthly)._
Holders of rec. Sept. 2
250. Oct.
Texas Corp (guar.)
Texas Gulf Sulphur Co.(guar.)
50c. Sept.15 Holders of reo. Sept. 1
Tex-O-Kan Flour Mills Co..7% pt.(qua 134 Sept. 1 Holders of reo. Aug. 15
Timken Detroit Axle Co.. pref.(guar.)
- 134 Sept. 1 Holders of rec. Aug. 20s
25c. Sept. 6 Holders of tee. Aug. 19
Timken Roller Bearing Co.((max.)
Me. Sept. 15 Holders of rec. Sept. 1
20th Century Fixed Tr.Sharesser.Boom).
300. Sept. 1 Holders of rec. Aug. 15
Series A Fixed Trust shares (s. a.)
Underwood Elliott Fisher Co.. com.(qu.) 1234c Sept.30 Holders of rec. Sept.12
Preferred (guar.)
3154 Sept. 80 Holders of reo. Sept.12
Unexcelled Mfg. Co., Me
Sc. Sept. 1 Holders of rec. Aug.22
6234e. Nov. 10 Holders of rec. Nov. 1
Union Storage (guar.)
Union Tank Car Co.(guar.)
35o. Sept. 1 Holders of rea. Aug. 15
United Aircraft & Transport Corp.
75e. Oct. 1 Holders of rec. Sept.10
6% preferred (guar.
United Biscuit of Amer., corn. (guar.).50c. Sept. 1 Holders of rec. Aug. 16
United Common Trust Shares
1 3.808e Sept. 1 Holders of reo. July 81
Series A-2 tell
1 3.808c Sept. 1
Series A 2 cony
10e Sept.24 Holders of rec. Sept. 9
United Elastic Corp. (guar.)
50c. Oct. 1 Holders of rec. Sept. 1
United Fruit Co. (guar.)
Milk Crate Corp., class A (01.). 50c. Sept. 1 Holders of rec. Aug. 15
United
Financial Chronicle
1446
Name of Company.
Per
When
Cent. Payable.
Miscellaneous (Concludued).
United Piece Dye Works, Prof.(guar.)-- 19 Oct. 1
Preferred (quar.)
194 Jan.2'33
United States Dairy Prod., 1st pref.((lu.) $1% Sept. 1
2d preferred (guar.)
$2
Sept. 1
United States Envelope Co., pref. (8.-a.) $335 Sept. 1
U.S. Gypsum,common (guar.)
40o. Oct. 1
Preferred (quar.)
$1,4 Oct. 1
11.5. Pipe & Fdy., corn.(Qum.)
50e. Oct. 20
Common (quar.)
50o. Jn.20'33
First preferred (quar.)
300. Oct. 20
30c. Jn.20'33
First preferred (quar.)
United States Playing Card Co.,(Quar.).
250. Oct. 1
United States Steel Corp., pref.(qua?.).. $1,/ Aug. 30
United Stores Corp.. pref. (quar,)
81940. Sept. 15
Viking Pump preferred (quar.)
60e. Sept. 15
Vortex Cup Co.. class A (quar.)
62340. Oct.
Common (quar.)
250. Oct.
Vulcan Detinning Co., pref. (quar.)..... 184 Oct. 20
12340. Sept.
Wagner Electric Corp.corn.(quar.)
500. Sept.
Waitt & Bond,Inc.. class A (guar.)
Waldorf System Inc. (quar.)
37340. Oct.
Warren (Northam) Corp., pref. (guar.).
750. Sept. 1
$4 Sept. I
Weill(Raphael)& Co., Pref.(s-a)
250. Aug. 31
Welch Grape Juice, corn. (quar.)
Preferred (qua?.)
$1/I Aug. 31
Wellington 011 Co., Ltd.(guar.)
2o. Sept. 15
$1 Sept. 1
Wesson Oil& Snowdrift. pref.(guar.).
Western Auto Supply Co.of K.C.
25o. Sept. 1
Class A and class B (quar.)
Western Dairy Products Inc., el. A (qu.) 81% Sept. 1
Western Pipe & Steel Co.of Calif
25c. Sept. 5
Common (quar.)
200. Oct. 1
Westmoreland, Inc
IR Sept.30
White Motor Securities, Prof.(guar.)
2
Nov. 1
Winsted Hosiery (quar.)
Wolverine Tube pref.(guar.)
$1% Sept. 1
Woolworth (F. W.) Co.(guar.)
600. Sept. 1
25c. Sept. 1
Wrigley (William), Jr. (monthly)
(Monthly)
250. Oct. 1
(Monthly)
25e. Nov. 1
250. Oct. 1
Yale & Towne Mfg. Co.(Qum.)
Books Closed.
Days Inclusive.
Holders of rec. Sept. 20a
Holders of rec. Dec. 22
Holders of rec. Aug. 19
Holders of rec. Aug. 19
Holders of rec. Aug. 15
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of roe. Sept. 300
Holders of rec. Dec. 310
Holders of reo. Sept.300
Holders of roe. Dec. 310
Holders of roe. Sent.20
Holders of rec. Aug. la
Holders of roe. Aug. 25
Holders of rec. Sept. 1
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Oct. 7a
Holders of rec. Aug. 10
Holders of rec. Aug. 15
Holders of rec. Sept. 20
Holders of reo. Aug. 15
Holders of roe. Aug. 1
Holders of rec. Aug. 15
Holders of rec. Aug. 15
Holders of rec. Aug. 31
Holders of rec. Aug. 15
Holders of roe. Aug. 20
Holders of roe. Aug. 10
Holders of reo. Aug. 25
Holders of reo. Sept.15
Holders of res. Sept. 12
Holders of rec. Oct. 15
Holders of rec. Aug. 15
Holders of rec. Aug. 10
Holders of rec. Aug. 20
Holders of rec. Sept. 20
Holders of rec. Oct. 20
Holders of rec. Sept. 10
t The New York Stock Exchange has ruled that stock will not be Quoted
dividend on this date and not until further notice.
0:
-
Aug. 27 1932
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House, The Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ending Aug. 19:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING OF
BUSINESS FOR THE WEEK ENDED FRIDAY, AUG. 19 1932.
-AVERAGE FIGURES.
NATIONAL BANKS
Other Cash Res. Dep.. Dep. Other
Loans,
Gross
Disc. and Gold. Including N. Y. and Banks and
Bata Notes Elsewhere. Trust Cos. Deposes,
Investments,
8
8
8
i
Manhattan
Grace National_ 16,417,900
2,100
78,000 1.368,100
Brooklyn
Peoples Nat'l.-
5.000
82,000
5,870,000
357,000
i
8
517.300 13.878.500
20,000
5,185,000
-AVERAGE FIGURES.
TRUST COMPANIES
Loans.
Disc'ts and
Investm'ts.
ManhattanEmpire
Fulton
United States
Cash.
R4S. Dep., Dep. Other
N. 7. and Banks and
Elsewhere. Trust Cos.
$
$
$
52,821,600 .2,781,400 15,249,200
17,270.900 *2,160,300 1,032,700
66,348,236 6,384,103 18,678,470
(7ross
Deposits,
$
$
1,958,100 61.349,100
874,500 16,620,200
63,583,880
Brooklyn
The New York Curb Exchange Association has ruled that stock will not be Brooklyn
353,000 101,792,000
96,329,000 2,513,000 23.834.000
Quoted ex-dividend on this date and not until further notice.
24.476,366
Rings County
24,089,885 1,541,539 5,448,000
a Transfer books not closed for this dividend.
•Includes amount with Federal Reserve as follows: Empire. $1,546,500; Fulton,
d Correction. e Payable in stock.
$2,023,800.
fPayable in common stock. g Payable in scrip. ?a On account of accumulated
dividends. .1 Payable in preferred stock.
Blue Ridge Corp. will pay a dividend of 1-32nd of one share of common stock,
or at the option of the holder. If written notice is received by the Corp. on or before
Aug. 15. 1932, 750. per share in cash.
-In the folBoston Clearing House Weekly Returns.
w Commercial Invest. Trust Corp. Convertible pref. stock, optional series of
1929 dividend at the rate of 1-52 of one share of common stock or in cash at the lowing we furnish a summary of all the items in the Boston
option of the holder.
n The Columbus Auto Parts Co. dividend is in accordance with the guaranty Clearing House weekly statement for a series of weeks:
agreement with the Electric Auto-Lite Co.
o Goldblatt Bros. Common dividend payable at the rate of 25-1,000 of a share
BOSTON CLEARING HOUSE MEMBERS,
of common or in cash.
p American Superpower dividend covers the regular quarterly distributions for
Week Ended Changesfrom Week Ended Week Ended
Quarters ending June 30 and Sept. 30.
Aug. 10
Aug. 17
Aug. 24
Previous
r North dr South Amer. Corp. (el. "A"). Partial liquidating dividend to the
1932.
Week.
1932.
1932.
extent of one share of preferred stock of the Columbian Holding Corp.(new co.)
for each share of class "A" stock held.
$
$
8
2
$ Burma Corp., Ltd.(Amer. dep. rec.). final div. for the year ended June 30 Capital
79,900,000
79.900,000 Unchanged
79,900.000
1932, of one (1) anna per share, plus a cash bonus of one (1) anna per share, free Surplus and profits
66,666,000
66,660,000 Unchanged
66,666,000
of British and Indian Income taxes, but less deduction for expenses of depositary. Loans, dIsc'ts & invest'ts. 829,510,000 -3,243,000 550,188,000 821,886.000
Individual deposits
546,821.000 -3.367,000 139,732,000 545,155.000
I Payable in Canadian funds.
Due to banks
134,488,000 -5.244.000
13,314,000 141.486.000
U Payable in United States funds.
Time deposits
212,481,000
-351,000 212,832,000 212.241.000
w Less deduction for expenses of depositary.
United States deposits...
15.691.000
11,161.000 -2,153,000
8,877,000
Less tax.
Exchanges for Clg. House
7,932.000
-945,000 127,521,000
9,766,000
Due from other banks... 119,745,000 -7,776,000
8,053,000 127,728,000
t Payable In Canadian funds.
Reeve in legal deposIt'les
84,148,000 +3,003,000
81.145,000
89.151,000
United States funds.
u Payable in
Cash in bank
7,930,000
-123,000 832,753,000
8,232,000
w Less deduction for expenses of depositary.
Res.In excess in FR,Bk.
19.099.000 +2.927.000
16.172.000
24.372.000
s Less tax.
Weekly Return of New York City Clearing House.
Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now make only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, pages 3812-13. We give the
statement below in full:
Philadelphia Banks.
-Beginning with the return for the
week ended Oct. 11 1930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition, the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY. AUG 20 1932
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash
in Vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System the
reserve required is 10% on demand deposits and includes
"Reserve with Legal Depositaries" and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserve required and whether reserves held are above or
below requirements. This practice is continued.
Clearing House
Members.
Bank of N.Y.& Tr. Co_
Bank of Manhat. Tr. Co.
National City Bank__
Chemical Bk.& Tr.Co-Guaranty Trust Co
Manufacturers Tr. Co
Cent. Hanover Bk.& Tr.
Corn Exch. Bank Tr. Co.
First National Bank_ _-Irving Trust Co
Continental Bk.& Tr. Co
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar.& Trust Co
Marine Midland Tr. Co_
Lawyers Trust Co
New York Trust Co
Comm'l Nat. Bk.& Tr
Harriman Nat. Bk.& Tr.
Public Nat.Bk.& Tr. Co
*Capital.
*Surplus and Net Demand
Deposits, •
Undivided
Average.
Profits.
$
$
$
77,279,000
8,970.700
6,000,000
21.4,028,000
22,250,000
34,447,900
124,000,000
81,444,500 a914,779,000
216.139,000
45,260,600
21.000,000
90,000.000 180,495,700 1,772,623,000
236,646,000
32,935.000..
429,098,000
70.119,500
21,000,000
164.102,000
15,000.000
22.696,500
271,525.000
10,000.000 x85,049,400
277,920,000
50,000.000
75,137.200
20,115.000
4,000,000
6,752,800
148.000.000 117,382,000 c1,012,992,000
35,832,000
500,000
3,573,500
25.000.000
76.847.800 d434.308.000
26.515.000
10.000,000
21.266.900
40.017.000
10.000.000
7,050,900
11,609 000
3.000,000
2,528,500
175,096.000
12,500,000
21,837,500
42,132.000
7.000.000
8,490,300
23.210.000
2,000.000
2,209,900
34,326,000
8,250.000
4,274,300
Time
Deposits,
Average.
$
11.516,000
41.132.000
182.518.000
26,746.000
60,853.000
86,835,000
53,337.000
22,775,000
30,986.000
41,481,000
2,755.000
132,493,000
3,111,000
43.325.000
1.104.000
5,562.000
1,079.000
24,500,000
2.358.000
6,198,000
27,234,000
622.435.000 t97082.inn 5.430.291.000 807,898,000
As per official reports: National, June 30 1932 State, June 30 1932: Trust
1932.
Companies, June 30
Includes deposits in foreign branches as follows: (a) 1203.902.000:(b) 250,071,000:
(c) $57,625,000; (d) $20,515,000.
A As of Aug. 17 1932, after transferring $25,000.000 from urplus to reserves.
q.....1.
nek Ended
Aug. 20
1932.
Chandesfrom Week Ended
Previous
Aug. 13
Week.
1932.
no* Ended
Aug.8
1932.
$
$
$
$
77,011.000 Unchanged
Capital
77,011.000
77,011,000
201,324,000 Unchanged
Surplus and profits
201,324.000 201,324,000
Loans, dints. and invest_ 1,131.047.000 -2,425,000 1,133.472,000 1,139,132,000
13,459,000
Exch. for Clearing House
+635.000
13,669.000
12.824,000
115,371.000 -2,458,000 117.829,000 111,526,000
Due from banks
168.380.000 +1,063.000 167.317.000 164,993,000
Bank deposits
592.783,000 -5,072.000 597,855.000 597,587,000
Individual deposits
268,305,000 +1.193,000 265,112,000 264.864,000
Time deposits
1,027.468,000 -2,816,000 1,030,284,000 1.027,444,000
Total deposlta
87.091.000
59 AM non
-305.000
89.265.000
stes've with F.R.Bank-
1447
Financial Chronicle
Volume 135
Weekly Return of the Federal Reserve Board.
afternoon, Aug.25,and showing the condition
The following is the return issued by the Federal Reserve Board Thursday
the first table we present the results for the System
of the twelve Reserve banks at the close of business cn Wednesday. In and with those of the corresponding week last year.
as a whole in comparison with the figures for the seven preceding weeks of the twelve banks. The Federal Reserve Agents
The second table shows the resources and liabilities separately for each Federal Reserve notes between the Comptroller and
Accounts (third table following) gives details regarding transactions in
The Reserve Board's comment upon the returns for the
Reserve Agents and between the latter and Federal Reserve banks. of "Current Events and Discussions."
week appears on page 1396, being the first item in Our department
latest
BANKS AT THE CLOSE OF BUSINESS AUG. 24 1932.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE
Aug.26 1931.
Aug. 24 1932. Aug. 17 1932.Aug. 10 1932. Aug. 3 1932. July 27 1932. July 20 1932. July 13 1932. July 6 1932
$
$
$
5
5
$
5
I
1,929,862,000 1,926.767.000 2,152,013,000
2,077,192,000 2,046.992,000 2,018,692.000 1,987.282,000 1,959.552.000 1,954.312,000
29,889,000
62.864.000
81,256.000
53,628,000
83.643,000
62,986,000
61,476.0001 62,173,000
58,861,000
I
2.023.195.000 2,017,940.000 1,992,720.000 1,988.023.000 2,181,902,000
2,050.268.000
Gold held exclusively agst. F.R. notes_ 2,136,053,000 2,108,468,000 2.080.865,000 245,805.000 249.735.000 245.086,000 280,356,000 250.643,000 441,211,000
236,798,000 261,792.000 256,673.000
Gold settlement fund with F. R. Board_ _ 380.542,000 357,197,000 342.888,000 347,780,000 348.212.000 345.836,000 335,015,000 339.784.000 852,433,000
Gold and gold certificates held by banks.
3,485,546.000
2,753,393,000 2.727.457,000 2,680.426,000 2.643.853,000 2.621,142.000 2.608.862,000 2,588,097,000 2.578,450,000 172.213,000
Total gold reserves
206,016,000 202,259.000 200,706.000 201,505.000 205,214,000 200,314.000 199,705,000 189,359,000
Reserves other than gold
3,657,759,000
2,959,409,000 2,929,716,000 2,881,132,000 2.845,358,000 2,826.356,000 2,809.176,000 2,787.802,000 2,767,809,000
72,111,000
Total reserves
76,901 000
67,836,000
74,980.000
77,666,000
70,714,000
72,842.000
70,813,000
78,097,000
Non-reserve cash
98,782,000
Bills discounted:
201.921,000 190,828.000
154,186,000 161,837.000 166,543,000 182,088.000 202,161,000 213,130.000
142,930,000
Secured by U. S. Govt. obligations
272.518,000 281,023,000 285,395.000 305.095.000 323,219,000 324,435,000 313,649,000 308.998,000
Other bills discounted
525,380.000 537,565,000 515,570.000 499.826,000 241,718,000
426,704,000 442,860,000 451,938.000 487.183,000
Total bills discounted
61,621,000
77.353.000 180,518,000
51,902,000
39,700.000
40,693.000
38.720.000
35,890.000
35.433,000
Bills bought in open market
U. S. Government securities:
420 890,000 413.927,000 429.004.000 291,977,000
420.865,000 420.815.000 420.853.000 420,934.000 421,021.000
Bonds
32,297.000
380,721,000 369,084,000 351,027.000 323,078,000 268.474.000 268,551,000 266,477,000 274,746.000
Treasury notes
Special Treasury certificates
1.140,728,000 1,097.315,000 403,724,000
1,049,475,000 1,061,147,000 1,079,126.000 1,102,123,000 1.151,696,000 1,146,734.000
Certificates and bills
1,838,175.000 1,821,132,000 1,801,065.000 727,998,000
Total U. S. Government securities. _ 1,851,061,000 1.851.046,000 1,851,011,000 1,846,135.000 1,841,191,000
6,402,000
5,993,000
5,935.000
5,787.000
5,961,000
6,028,000
6,009,000
6,019.000
6.051,000
Other securities
Foreign loans on gold
2.404.258.000 2.384.237,000 1,156,636,000
2,319,249,000 2,335,815.000 2,347,678,000 2,380,039,000 2,412.232,000 2.431,429,000
Total bills and securities
2,709,000
38,378,000
2.655.000
2,712.000
2.887.000
2,667.000
2,668,000
2,891,000
2,732.000
Due from foreign banks
16,010,000
15,150,000
13.082.000
18,482,000
16.427,000
13,248.000
13.636.000
14,764,000
15,016,000
Federal Reserve notes of other banks
376,672,000 391,960.000 407,424.000
293.841,000 345.865.000 299,398.000 328,222.000 326.793.000 350.389.000
Uncollected items
58.114,000
59,083.000
58.113.000
58,115.000
58.119.000
58,119,000
58,121.000
58,121,000
58,119.000
Bank premises
47,175,000
33,462,000
46,251.000
48.029,000
48,098.000
45,223,000 "48,067.000
47,811,000
46,050,000
All other resources
5,768,787,000 5,731,943,000 5,440,863,000
5.772.451,000 5,802,994.000 *5,723,601,000 5,746,402,000 5,768.578,0005,793,312,000
Total resources
1
LIABILITIES.
2,835,750.000 2,868.163.0001,945,507.000
2,824,805,000 2,838,772.000 2,843,605,000 2.857,805.000 2,834,157,000 2.861,948,000
F. R. notes in actual circulation
1
Deposits:
2.014.604.000 1.962,989,000 2,341.998,000
2.141.701.000 2,079,658,000 2,062.455.000 2,012,134,000 2.072,164.000 2,035,517,000
Member banks—reserve account
50,150,000
82,604.000
40.336.000
54.0343100
45,099,000
29,512.000, 48,503,000
55,972,000
26.175,000
Government
9.862,000
8.752,000 182,921,000
11,423,000
11,658.000
10.807.000
10,402,000
12,057,000' 10,418.000
Foreign banks
33,236,000
26,812.000
32,915,000
34,461.000
36,428,000
19,265,000
36,422,000
35,241,000
35,587.000
Other deposits
RESOURCES.
Gold with Federal Reserve agents
redemption fund with U. S. Tress
Gold
00
. .
2.202,535,0002,173,850.500 "2.134.619.000 2,115,335,000 2,185,347.0002.135,435,000 2,108 852 000 2.044.992.0002,634.335.0
294,679,000 340,799,000 293,275,000 323.232.000 319,454.000 346,896.000 367.055.000 370.623,000 403,634.000
154,757.000 154.788.0001 167,194,000
153.339.000 153,430.000 151,582.000 153,700,000 153,791,000 154,113,000 259,421.00
0 259,421,0007 2 4,636,000
259,421,000j 259,421.000 259,421,000 259.421.000 259,421,000 259,421.000
34.952,000
15,557,000
33,956,000
35.499,000
36.408,000
36,909.000
37,672,000j 36,752.000
39.102.000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
5.772,451,000 5.802,994,000 "5,723,604,000 5.746,402,000 5,768,578,000 5.793.312.000
Total liabilities
Ratio of gold reserve to deposits and
52.2%
52.4%
53.1%
54.4%
54.8%
53.8%
F. It. note liabilities combined
Ratio of total reserves to deposits and
56.2%
56.5%
58.9%
57.2%
57.9%
58.4%
F. It. note liabilities combined
Contingent liability on bills purchased
57,494.000 65,735.000
59,496.000
59,528,000
55.009.000
60,254,000
foreign correspondents
for
5,708,767 00015,731,943.000 5,440,863,000
.
52.0%1
52.4%
56.3%
50.3%
79.9%
68,541,000
73.775.000
229.970.000
76.1%
$
Maturity Distribution of Bub and
Short-Term Securities
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
295,875,000
32,797,000
51,812,000
34,461,000
11,759.000
309.585,000 312.232.000
32,739.0001 33.531.000
52.513.000
50,944,000
36.970.000
36.857,000
12,735,000
16,683,000
342.342.000
33.661,000
51,988.000
42,152.000
17,040,000
370,062.000
38,281.000
53,992.000
42.733.000
20.312.000
377,066.000
40,690,000
54,418.000
44,295,000
21 .096.000
360,919,000
34.475.000
55.700.000
42,977.000
21,499,000
347.952,000
31,666,000
56.940,000
41,029,000
22,239,000
155,446,000
17.768,000
37,689,000
23,327,000
7,488,000
Total bills discounted
1-15 days bills bought In open market...
16-30 days bills bought in open market._
31-60 (lays bills bought in open market..
61-90 days bills bought in open market..
Over 90 days bills bought in open market
426,704,000
8,111,000
8,529.000
8,447,000
10,346,000
442.860,000
8,353.000
10,455,000
10,532.000
6.550,000
451,938.000
9,438.000
6,404.000
11,012.000
11,866,000
487.183,000
9.910.000
7,769.000
10,632.000
12,382,000
525.380,000
7,663,000
7,241.000
12.122.000
12,674,000
537,565.000
18.192.000
5,087,000
11,474.000
17.149,000
515,570.000
28,002.000
5,552.000
11,670,000
16,397.000
499,826,000
42.528.000
6.767.000
6.249.000
21.796,000
13,C00
241,718.000
29,120,000
25,181.000
2,128.000
124,051,000
38,000
Total bills bought in open market
1-15 days U.S. certificates and
16-30 days U. S. certificates and bills
31-60 days U.S. certificates and bills
61-90 days U.S. certificates and bUis..
Over 90 days certificates and bills
35,433,000
65,441.000
179.425,000
217,690,000,
112,100,000
474,819,000
35.890.000
125.442.000
206,910.000
202.089.000
84,600,000
442,106,000
38.720.000
132.459.000
80,442.000
249,650.000
218.588.000
597,987.000
40.693.000
58,600,000
140,442,000
290,411.000
218.588,000
384.082.000
39,700,000'
66,150.000
112,600.000
341.833.000
193,089.000
438,024,000
51.902.000
102,354,000
60.600.000
387,302,000
194,488,000
393,990,000
61,621.000
83.625,000
79,150.000
194.042.000
308,381.000
475,550,000
77.353.000
81,475.000
109,320.000
216.041,000
231,861.000
458,618.000
180,518,000
21,425,000
24,000
32,950.000
97.150,000
252,175,000
.
1,049,475,000 1,061,147.000 1,079.126.000 1.102.123,000 1,151,696.000 1,146.734,000 1,140.728,000 1 097.315.000
5.801,000
5,684,000,
5,225.000
.733.000
5
5,423.000
4,811.0011
5.637,000
4,03.000
157,000
116,000
137,0001
461,000
1,018.000
388,000
236,000
1,116,000
31,000
35,000i
35.000
35.000
35,000
45.000
35,000
35,000
25.000
25.000
150,000
10,000
(
195,000
66,000
130,000
130,000
120.000
584,242,000
5.993.000
52,000
Total U. S. certificates and bills
1-15 days municipal warrants
16-30 (lays municipal warrants
31-60 days municipal warrants
61-90 (lays municipal warrants
Over 90 days municipal warrants
6.051,000
Total municipal warrants
6.019,0001
6.009.000
6.028,000
5,961,000
5,787,000
5,935,000
10,000
42,000
Federal Reserve Notes—
3,093,935,000 2,335,943,000
Issued to F. R. Bank by F. R. Agent._... 3.071,449,000 3,078,279,000 3,084,596,000 3,080,974.000 3,072.08,000 3,102,222.000 3,073,262.000
246.644.0001 239.507,0001 240,091,000 223,169.000 237,911,000 240.274,000 237,512.000 225,772.000 390,436,000
Heldby Federal Reserve Bank
2.824.805,000 2,838,772,000 2,843.605.000 2.857,805,000 2.834,157.000 2.861,948,000 2,835,750.000 2,868,163.050 1,945,507,000
In actual circulation
Collateral Held by Agent as Security for
1
1
Notes Issued to Bank—
1,039,927.000 1,046,127,000 1,019.627.000 999,167,000 976,637.000 972,447,000 964,997,000 944.252,000 737,683,000
By gold and gold certificates
1,
037,265 0
. 00,1.000.865.000 999.065.000 988,115.000 982.915.000 981.865.000 964.865,000 982,515.000
Gold fund—Federal Reserve Board
411.358.0001 427.769.000 434,307.000 471.796,000 508.963.000 534,112,000 520,397.000 522.675.000 1,414,330,000
By eligible paper
594,800,0001 615.600,000 644,100.000 635,450,000 623.900,000 632,400.000 839,900,000 682.000.000 291,347,000
U. S. Government securities
1—
0
3,083.350.000 3,090.361,000 3.097.099.000 3.094.528.000 3.092.415.000 3.120.824.000 3,090.159.000 3.131.442.00 2,443,360,000
Total
figures
• iteviged
RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUG. 24 1932
WEEKLY STATEMENT OF
Two Ciphers (0(0 omatea.
Federal Reserve Bank of—
Total.
Boston.
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis, Minneap. Kaman,. Dallas. San Fraft.
$
$
RESOURCES.
163,227,0
Gold with Federal Reserve Agents 2,077,192,0 3,141.0
58,861.0
Gold redo fund with U.S. Tress--
$
$
$
$
$
$
S
$
$
$
$
503,677.0 150,400,0 188.970,0 69,700,0 36.000.0 614,945,0 62.110,0 36,835,0 59,680,0 23,335,0 148,263.0
12,710,0 6,375,0 6,247,0 2,594,0 3,820,0 8,719,0 2,028,0 2,194,0 2,664,0 1,098,0 7,271,0
0 166.368,0
Gold held excl. nest. F. R. notes 2,136.053. 10,941.0
Gold settle't fund with F.R.Board 236,798,0 16,525,0
380,542,0
Gold and gold ars. held by banks.
516,387,0 156,775,0 195,217.0 72,294.0 59,820.0 623,664,0 64,138,0 39,029,0 62.344,0 24.483,0 155,534,0
80,340.0 1,015,0 23,357,0 10,354,0 6,223,0 55.434,0 7,268.0 6,823,0 10,681,0 6,592,0 17,770,0
241,093,0 9.199,0 18,248,0 7,391.0 8,451,0 28,921,0 5.970,0 3,436,0 10.751,0 3,923,0 26,634,0
.
2,753,393.0 193.834 0
206,016,0 19,171,0
837.820.0 166,939,0 236,822.0 90,039,0 74.494,0 708.019.0 77,376,0 49,288,0 83,776,0 34,998,0 199,938,0
56,549,0 34.453,0 19,061,0 8,673,0 5.545.0 25,748,0 9,404.0 4,070,0 6,062,0 7,536,0 9,694.0
—
894,369,0 201,442,0 255.883,0 98,712,0 80,039,0 733,767,0 86,780,0 53,358,0 89.838,0 42.584,0 209,632,0
20,057,0 4,529,0 4,210,0 3,990,0 5,648,0 13,508,0 4,236.0 2,316,0 2.341,0 3,475,0 8.332,0
Total gold reserves
Reserves other than gold
2,550.409.0 213,005,0
Total reserves
78,097,0 5,455,0
Non-reserve cash
Bills discounted:
154,186.0 8,032.0
See. bd U. S. Govt. obligations.
272,518,0 10,167,0
Other bills discounted
Total bills discounted
Bills bought In open market
426 704,0 18,199.0
'
0s433 0 2.343.0
55,267,0 19,599,0 14,052,0 4,469,0 4.935,0 9.442.0
35.655,0 41,888,0 18,589,0 22.122.0 27.422.0 21. .
492 0
6,253.0 1,201,0 1,457.0 2,527,0 26,952.0
4.993.0 12,389,0 18,866,0 13,296,0 45.639,0
90,922,0 61,487,0 32,641,0 26,591.0 32,357.0 30,934.0 11,246,0 13 590,0 20,323,0 15,823.0 72,591.0
881.0 3.239.0
601.0
'001 is
1 201 n 4 1120 0 1 n9g n
9 760 n
5 1119A
11.372.0 3 252 n
1448
Financial Chronicle
Two Ciphers (00) omitted.
Total.
Boston. New York.
Aug. 27 1932
Cleveland. Richmond Atlanta. Chicago. Si. Louis. Minneap. Kan.City.
Dallas. San Fran.
$
$
$
3
$
5
$
5
9
420.865,0 20,350.0 190,273,0 31,229,0 36,493,0 9,648,0 9,594,0
380,721,0 21,837,0 145,778.0 30,860,0 40.479,0 10,701.0 10,622.0 40,775,0 13,938.0 17,277.0 11,777.0 14,242,0 25,269,0
1,049,475.0 79,041,0 375,241.0 77,236,0 101.310,0 26,784,0 26,459,0 49,126,0 14,908,0 10.695,0 12,983.0 4,705,0 28,027,0
184,909,0 37,310.0 26,756.0 32,507,0 11,774,0 70,148,0
Total U.S. Govt. securities 1,851,061.0 121,228,0 711,292,0 139,325,0 178,282,0
47,133,0 46,675,0 274,810.0 66,156,0 54.728,0 57,267.0 30,721,0
)ther securities
123,444,0
6.051.0
4,318,0 1,603.0
130.0
Total bills and securities
2,319,249,0 141,770.0 817,904.0 205,668.0 214,025.0 76,490,5 80,333.0
310,370.0 78,430.0 69,079.0 78,481,0 47,425.0 199,274,0
Due from foreign banks
2,668,0
211,0
960,0
287,0
269.0
106,0
98,0
373,0
3'. R. notes of other banks
18.0
11,0
74,0
77,0
184,0
15.016,0
329.0
3,850.0
354,0
910.0
977.0
762.0 1,787,0
1,290.0
Uncollected items
734.0 1,487,0
234,0 2,302,0
293.841,0 33,430,0
79,666.0 26,544,0 29,238,0 22.219.0 7,390.0 31,779,0
Bank premises
58.121,0 3,336,0
14,817,0 2,901.0 7,968,0 3,617,0 2,489,0 7,828.0 11,875,0 7.282,0 15,397,0 10,127.0 15,894,0
3,461,0
411 other resources
46,050,0 1,427,0
27,240,0
738,0 1,237,0 3,268,0 3,748,0 2,515,0 1,166,0 1,835.0 3,649.0 1,787,0 4,433,0
1,602,0
875,0 1,299,0
935,0
Total resources
5,772,451,0 398,963,0 1,858,863,0 442,463,0 513,740,0 209,379,0 180,507,0
1104,927,0 187,256,0 136,217,0 192,145,0 107,005,0 440,986,0
LIABILITIES.
P. R. notes in actual circulation_ 2,824,805,0 200,311,0 589,343,0
252,585,0 291,438,0 111,557,0 108,535,0 713,284,0 100,482,0 79,312,0
Deposits:
94,820,0 37,513,0 245,627,0
Member bank reserve account... 2.141,701.0 130,388.0 1,027,912,0 117,007.0
142,704.0 52,085.0 42.314,0 289,716,0
Government
29.512,0 1,620,0
6,563,0 1,609,0 2,034,0 2,754.0 2,887.0 3,125,0 52,806.0 37,226.0 66,914,0 42,405.0 140,224,0
3,093,0 1,123,0
Foreign bank
1,705.0 1,793,0 1,202,0
12,057,0
821,0
4,778,0 1,112,0 1.091,0
432,0
400,0 1,447,0
378,0
Other deposits
238,0
302,0
313,0
745,0
19.265,0
224,0
7,288.0
57,0 2,275.0 2.524,0
366,0
321,0
840.0
320.0
232,0
71,0 4,747,0
Total deposits
2,202,535,0 133.053.0 1,046,541,0 119.785,0 148.104,0 57.799,0
45,967,0 294,609,0 57,117.0 38.907.0 69,164,0 44,571,0 146,918,0
Deferred availability Items
294,679,0 33,664,0
77,472,0 25,141,0 29,134.0 21,799.0 7,931,0
2acha' paid in
153,339,0 10,911,0
59,172,0 16,145,0 14,221,0 5,170.0 4,861,0 34,991.0 13,874.0 7.055,0 15.156,0 11.094,0 17.368,0
16,966,0
3urplus
259,421.0 20.039,0
75,077.0 26,486,0 27.640.0 11,483,0 10,449,0 38,411,0 4,456,0 2,920.0 4,068,0 3,912,0 10,537,0
Ill other liabilities
10,025,0 6,356,0 8,124,0 7,624,0 17,707,0
37,672,0
985,0
11,253,0 2,321,0 3,205,0 1,571,0 2,764,0
6,666,0 1,302,0
1,667,0
813,0 2,291,0 2,829,0
Total liabilities
5,772,451.0 398,963,0 1,858,863,0 442,463,0 513,740,0 209,379,0
180,507,0 1104927,0 187,256,0 136,217,0 192,145,0 107,005,0 440,986,0
femoranda.
leserve ratio (per cent)
58.9
63.9
54.1
54.7
58.2
58.3
51.8
72.8
3ontingent liability on bills pur55.1
45.1
53.4
54.8
51.0
01,....5 ,, f,,ralon "nrroQnAnrrta
SS (100 (1 4. 1290
17 09.1 n .
Rfi7 11
A 5670 9 901 n 9 WV: A = .17, II 1 non n 1 nit-, n
1 •nn n .1 e..1 n '5 90v n
FEDERAL RESERVE NOTE STATEMENT.
RESOURCES (Concluded)U. B. Government securities:
Bonds
Treasury notes
Certificates and bills
$
Federal Reserve Agent at-
$
Total.
$
Boston. New York.
Two Ciphers (00) omitted.
$
$
Federal Reserve notes:
Issued to F.R.lik. by F.R.Agt. 3.071,449.0 221.555.0
Held by Federal Reserve Bank_ 246.644.0 21,244,0
In actual circulation
2,824,805,0 200,311,0
Collateral held by Agt, as security
for notes Issued to bank:
Gold and gold certificates
1,039.927.0 47,010,0
Gold fund-F.R. Board
1,037,265.0 116,217,0
Eligible paper
411,358,0 18,083.0
U. S. Government securities
594,800,0 40,600,0
Total collateral
3.043.350.0 221.910.0
Phila.
3
Phila.
Cleveland. Richmond Atlanta, Chicago. Si.
Louis. Minneap, Kan.City. Dallas. San Frana
3
$
$
$
$
$
$
662.763.0 266,296,0 304.910,0 116,538.0 127.539,0
749,485.0 108,870,0 81,998,0 103,931,0 43,027,0 284,537,0
73.420,0 13,711,0 13,474,0 4,981,0 19,004,0
36,201,0 8,388,0 2,686.0 9,111,0 5,514,0 38,910,0
589,343,0 252,585,0 291,436,0 111,557,0
108,535,0 713,284,0 100,482,0 79.312,0 94,820,0 37,513,0
245,627,0
$
431,677.0
72.000,0
88.506.0
72,000,0
$
a
76.320.0 71.970,0
74.080,0 117.000.0
60.965.0 32,591,0
55,000,0 85,000,0
12.920.0
56.780,0
28.093.0
19.000,0
13.500,0 249.945,0
42.500.0 365,000.0
31.119.0 30,889.0
41,000,0 108,000,0
20,810.0
41.300,0
10.535,0
36.300,0
a
12,635,0 9,880.0 12,260,0 81,000,0
24,200.0 49.800,0 11,125,0 67,263,0
12.780,0 20,258,0 15,798.0 61.741,0
32.900.0 26,000,0 4,000,0 75,000,0
664.183.0 266.365.0 306.561.0 116.793.0 128 I In n 755 ens nine
nix n 29 SI q A lnr: n10 A An tag (1926 004 0
Weekly Return for the Member Banks of the
Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve
Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly
behind those for the Reserve banks themselves. Definitions of thereturns are obtained. These figures are always a week
ment of Dec. 14 1917, published in the "Chronicle" of Dec. 29 different items in the statement wore given in the state1917, page 2523. The comment of the Reserve Board upon
the figures for :he latest week appears in our department of "Current
Events
ceding which we also give the figures of New York and Chicago reporting and Discussions," on page 1397,immediately premember banksfor a week later.
Beginning with the statement of Jan. 9 1929, the loan figures exclude
"Acceptances of other banks and
all
estate
real
bills of exchange or drafts sold with endorsement, and include
mortgages and mortgage loans held by the bank. Previously acceptances
of
of the banks included mortgages In investments. Loans secured by U. 5. Government other banks and bills sold with endorsement were incluctod with loans, and some
obligations are no
being given. Furthermore, borrowing at the Federal Reserve is not any more
subdivided to show the amount longer shown separately, only the total of loans on securities
paper, only a lump total being given. The number of reporting banks is now
secured
omitted. In Its place the number of cities by U. S. obligations and those secured by commercial
ning Oct. 9 1929 even this has been omitted. The figures have also been revised
Included (then 101). was for a time given, but beginon Jan.21929. which had then recently merged with a non-member bank. The to exclude a bank In the San Francisco district with loans and Investments of 9135,000,00
figures are now given in round millions
0
instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING
MEMBER BANKS IN EACH FEDERAL
RESERVE DISTRICT AS AT CLOSE OF
BUSINESS AUG. 17 1932 (In millions of dollar).
Boston. New York
Phila.
9
18,580
,
10.909
On securities
All other
Investments-total
$
7,504
$
1,096
767
4,104
626
4,5831
6.326
Loans and investments
-total
Loans
-total
$
1,218
293
474
1,922
2,182
311
315
7.671
Reserve with F. R. Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Rnrrnvolnyci frnm V Ft RanIr
451
3,400
470
4,499
3,172)
1,633I
2014
10,819
5,633
252
1,278
2,744
1A2
U. S. Government securities
Other securities
263
188
2,221
1,179
201
260
95
15
719
427
15
134
139
9
840
48
5,388
1,257
121
125
1,213
96
72
11
629
271
21
100
178
10
Cleveland. Richmond Atlanta, Chicago,
Si. Louis. Ifinneap. Kan.Ctly, Dallas. San Fran.
$
3
$
$
$
I
$
$
$
1.916
580
495
2.303
524
317
522
377
1.728
1,147
323
323
1,631
301
188
263
236
1.000
519
116
105
114
750
•
55
77
73
248
628
207
218
881
187
133
186
163
752
257
769
172
672
223
129
259
141
728
434
132
89
377
96
65
140
397
335
125
83
295
127
64
119
331
108
34
27
245
36
20
45
85
25
13
7
35
7
5
13
16
830
275
213
1,194
277
162
353
559
819
229
196
910
201
138
179
879
19
8
14
3
17
2
4
18
82
64
65
254
69
36
132
139
208
86
72
329
92
47
148
164
19
9
IR
2
2
1
4
el
0
CO
Total.
04
Is,
NI
44000.00,0
Federal Reserve District-
Condition of the Federal Reserve Bank of
New York.
The following shows the condition of the Fed ral Reserve Bank of New
York at the close of business Aug.24 1932,in
comparison with the previous week and the correspor ding date last year:
ReSOUCTPS-
Aug. 24 1932. Aug. 17 1932. Aug.26 1931.
$
$
$
Gold with Federal Reserve Agent
Gold redemp. fund with 1,1. 8. Treasury_
503,677.000
12.710.000
485.677.000
13,186.000
501.468,000
12,592,000
Gold held exclusively agst. F. It. notes
Gold settlement fund with F. R. Board_
Gold and gold ctfs. held by bank
516.387.000
80.340.000
241.093.000
498.863.000
84.024.000
227,409.000
514.060,000
134.396,000
538.632.000
Total gold reserves
Reserves other than gold
837.820,000
56.549.000
810.296,000 1,187,088,000
54.914.000
51.224.000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U.S. Govt. obligations
Other bills discounted
894.369.000
20.057.000
865.210.000 1,238.312,000
23,514,000
19.258.000
Resources (Concluded)
Due from foreign banks (see note)
Federal Reserve notes of other banks
Uncollected items
Bank Premises
All other resources
Total bills discounted
Bills bought In open market
U. S. Government securities:
Bonds
Treasury notes
Special Treasury Certificates
Certificates and bills
Total resources
55.267.000
35,655.000
54,793.000
36.181.000
29.216.000
19,150,000
90.922.000
11.372,000
90,974.000
11,448.000
6:000 0
68;318 00
48 8 6
190.272.000
145,778,000
190.272.000
141.356.000
375,242.000
379.664,000
711.292.000
4,318.000
711.292.000
6.325,000
97 660 00g
1 99
:5:
Aug. 24 1932. Aug. 17 1932. Aug.26
1931.
960.000
960 000
31.761,000
3.850.000
3.478.000
5,062,000
79.666,000
93.310.000 106,680,000
14.817.000
14.817.000
15,240,000
27.240,000
26.020,000
17,018,000
1,858.863,000 1.841.092,000 1,783.976,0
00
LtabintiesFed. Reserve notes In actual circulation_ 589.343.000
Deposits-Member bank reserve acol-- 1,027.912,000
Government
6.563.0(10
Foreign bank (see note)
4.778.000
Other deposits
7.288.000
Total deposits
Deferred availability items
Capital Pldd in---.
Surplus
All other nobilities
598.951.000 398,105,000
959.471.000 1,001,282.000
17,773.000
55,502,000
3.139.0(6)
62.412,000
26.095.000
11,051.000
1 046.541.000 1,006.478.000 1,130.247.0
00
77.472.000
90.5(33.000 104.921.000
59.172.000
59.175.000
64.808,000
75.077.00075.077.01)0
80.575,000
11.258.000
10.848.000
5.320.000
124,936,000 1
' Total liabilities
1,158,863,000 1,841.092.000 1,783,976,00
224.555,000 1
0
4,650,000 Rath, of total reserves to deposit and
Fed. Reserve note liabilities combine&
54.7%
53.9%
81.0%
Contingent liability on bills purchased
Total bills and securities (see note)
I
817.904.000 818.039,000 346,389,000
for foreign correspondents
17.923.000
20.153.000
75.712,000
-Beginning with the statement of Oct. 17 1925, two new Items were added in order
NOTE.
to show separately the amount of balances held
foreign correspondents. In addition, the caption "All other earnings
abroad and amounts due to
assets," previously made UP of Federal Intermediate Credit Bank
securities,- and the caption, -Total earnings assets- to
debentures, was changed to -other
'Total bins and securities." The latter term WM adopted sea more accurate description
acceptances and securities acquired under the provisions
of the total of the discount
of Section 13 and 14 of the Federal Reserve Act, which it was stated are the only
items included therein.
Total U. B. Government securitiesOther securities (see note)
Foreign loans on gold
Volume 135
Financial Chronicle
sinanrint
irir
071-re . t
Tam-not
-1W
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of all. Office of Co.
Wall Street, Friday Night, Aug. 26 1932.
Railroad and Miscellaneous Stocks.—The review
of the
Stock Market is given this week on page 1437.
Tile following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week. Ending Aug. 26.
Sales
for
Week.
Range for Week.
Lowest,
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Railroads—
Par. Shares. $ per share. I S per share.
Central RR of N J.100 1,100 70 Aug 22 84 Aug 25 $ Per share.$ per share.
25
June 84
Aug
Chic & East 1111nols..100
600, 131 Aug 20 231 Aug 26
34 July 2% Aug
Preferred
100 2,600 234 Aug 20 5 Aug 25
34 May 5
Aug
Colorado & Southern—
100
lot preferred
470, 20 Aug 22 25 Aug 24 8
Mar 25
Aug
Cuba RR pref
100
70 15 Aug 22 164 Aug 26
4
July 17
Mar
Duluth S S & A
100
3001
54 Aug 20
34 Aug 23
34 Ap
Preferred
34 Aug
100
900,
31Aug22 14 Aug 23
34 Apr 14 Aug
Ill Cent preferred_ 100
600 254 Aug 22 30 Aug 25
Aug
Leased lines
106
110 35 Aug 20, 45 Aug 23 934 July 30
154 June 45
.
Aug
lilt Rye of Cent Am.100 234 Aug 22 234 Aug 22
4
Jan
Preferred
10
50 6 Aug 24 6 Aug 24 34 June 3
June 94 Jan
Iowa Central
100
90:
ki Aug
34 Aug 25
% Aug
% Aug
Manhat Elev guar_ _100 1,230 20 Aug 25
2, 34 Aug 23 20
Aug 46% Mar
Minn StP & SSM p1100
200, 44 Aug 23 44 Aug 23
34 May 4% Aug
Leased line
100
130 134 Aug 2* 17 Aug 24
Nash Chad & St L.100
Aug
260 20 Aug 26, 25 Aug 26 634 July 17
734
New On Tex & Nlex 100
101 20 Aug 24 20 Aug 24 954 May 274 Jan
Aug
Aug
Pacific Coast 1st p1_100
50 44 Aug 25' 431 Aug 25 24 May 20
4'4 Aug
2d preferred
100
40, 334 Aug 2* 331 Aug 25 1
May 34 Aug
Pitts Ft W & C
100 125 Aug 25 125 Aug 25 105
July 136
Feb
Roussel & Saratoga.l00
p1.101
30 100 Aug 24 100 Aug 24 75
May 100
Rutland RR pref
Aug
100 2,600 834 Aug 22 1434 Aug 25 3
May 144 Aug
South Ry M &0ctfs100
500 15 Aug 20 20 Aug 22 334 June
25
Feb
Industrial & !Wised!.
Affiliated Products_ __• 14,4001 9
Aug 20 10% Aug 23 434 May 164 Mar
Am Aerie Chem (Conn)
Preferred
•
200 10 5 Aug 25 12 Aug 26 4
,
July
Amer Chain pret___100
Aug
300 15 Aug 24 15 Aug 24 7 June 12
26
American Ice pref._100
Jan
500 45 Aug 22 48 Aug 23 40 June
68
Am Mach & Mets ctts_•
Mar
1% Aug 26 134 Aug 2
1
Apr 14
American News
•
so 21 Aug 25 24 Aug 2 14 July 83 Aug
Anchor Cap Corp pre(_*
Jan
20 ea Aug 23 66 Aug 23 40
May 74
Mar
Art Metal Construct..10
500 4 Aug 26 5 Aug 22 4
May 74 Feb
Asso Dry Gds lot p1100
300 3034 Aug 23 33 Aug 24 20
July
Austin Nichols prior A •
10 154 Aug 24 15% Aug 24 114 July 344 Apr
16
Jan
Barker Bros pref___100
10 14 Aug 24 14 Aug 24 10
Apr 30
Budd (E G) pref___100
Jan
90 8 Aug 24 10 Aug 24 334
July 14
Burns Bros class A_ _ •
Jan
200 1% Aug 23 1% Aug 23 1
Apr 231 1
Class A ctts
Feb
,
200 1
Aug 23 1
Aug 23 1
Jan 1%n
Chile Copper
25
370 10% Aug 23 1534 Aug 26 6
June 1534 AugA
Cob Fuel & Iron p1100
j
10 35 Aug 25 35 Aug 25 20
May 35
Columbia Pictures vte • 12,700 11% Aug 22
Aug
1434 Aug 25 434 May
Comm Cred pref (7).25
1434 Aug
40 18 Aug 20
Crown Cork & Seal pf.• 1,000 234 Aug 24 18 Aug 20 1134 June 2131 Mar
25 Aug 20 1734 June
Cuslini Sons pf(7%)100
Aug
10 82 Aug 24 82 Aug 24 604 June 25
Mar
Preferred (8%)____•
10 72 Aug 25 72 Aug 25 494 June 90
76
Davega Stores
Mar
5 1,300 634 Aug 20 734 Aug 22 4
May 734 Aug
Devoe& lbw lot p1_100
10 74 Aug 22 74 Aug 22
Dresser Mfg el B
Feb
• 1,000 44 Aug 22 5 Aug 26 5931 June 95
235 June 1234 May
Durh llos Mills P1.100
30 1434 Aug 22 144 Aug 22 14
July 18
Elk Horn Coal pref_ _50
Apr
900
4 Aug 22,
34 Aug 22
%Jan
Eng Pub Serf ef(6)._.
200 484 Aug 22 52 Aug 24 25 June
61% Mar
4 A ug
Fash Park Assoc pfd 100
140 334 Aug 23 4 Aug 23
Fed Mill & Smelt.
.100
100 25 Aug 24 25 Aug 24 "
13 Ju l Y 27
j e 5% Mar
un
Food Machinery
•
100 7 Aug 241 7 Aug 24
3
4 May 104 Feb
Fuller Co 2d Prof
70 7 Aug 22 734 Aug 24 3
General Cigar pret_100
Feb
50 95 Aug 25 95 Aug 25 75 June 32
June 101 'Feb
Gen Gas & Elec et A(7)*
920 13 Aug 20 30 Aug
53/ July 30
Preferred A (8)
Aug
•
650 144 Aug 22 30 Aug 24 5
24
Grand Stores pref..100
20 14 Aug 23 14 Aug 23 14 July 40
Mar 334 Mar
Greene CananeaCop100
150 16 Aug 22, 18 Aug 24
634 Apr 19
Guantanamo Sug p1100
Jan
90 6 Aug 20, 8 Aug 22 3
June 8
Harb Walk Refrac pf._
Aug
10 75 Aug 20 75 Aug 20 75
Aug 75
Aug
Hat Corp class A
1
180 234 Aug 20' 234 Aug 20 1
June 3
Indian Motocycle p1100
Aug
20 6 Aug 26 6 Aug 26 6
Aug 27
Jan
Inter Dept St pre( 100
70 34 Aug 23 3514 Aug
8m
17
u
Ju
Kelly-SprIngfld T ctfs • 1,200 14 Aug 24 14 Aug 23 1734 JAuuunl 55 • A a
22
May(
8% pref ctts
100
100 164 Aug 25 17 Aug 23
AAuugg
6% pref ctts
100
200 424 Aug 26, 4234 Aug 26 16
May 424
Kresge(S SO Co p1..100
160 92 Aug 24' 95 Aug 23 88
May 110
Mar
Loose-WIlesBisIster 100
10 Aug 22 110 Aug 22 96
July 11531 Jan
McLellan Stores Pfs100
280 20 Aug 23 214 Aug 26 10
July 36
Mar
MallInson & Co pref100
50 934 Aug 22 934 Aug 22 4
Aug 931 Aug
Maytag pref ex wars_ _•
200 434 Aug 231 434 Aug 23 2
Jun 38jaung
Aug
Mengel Co pref.—_100
320 21
Aug 2* 34 Aug 25 20
May 4%
Mesta Machine
5 3.000 814 Aug 20, 154 Aug 25
534
Nat Distillers Prod p140 1.400 28 Aug 25' 294 Aug 20 2014 May 194 Jan
Newport Industries___1 1,700 24 Aug 241 334 Aug 26 134 May 324 Feb
334 Aug
• 2,500 334 Aug 23 334 Aug 25 14 Jun
N Y
June 334 Aug
Shipbuilding--100
Preferred
140 364 Aug 241 48 Aug 26 20
June 57
Mar
Norwalk T & K pret 100
40 2334 Aug 23, 2334 Aug 23 15
Apr 2331 Aug
1449
STOCKS.
Week Ending Aug. 26.
Sales
for
Week.
Range for Week.
Lowest.
Range Since Jan. 1.
Highest.
Lowest. jHighest.
Indus. & Misc. (Conc.) Shares. S per share. $ per share.
$ per share.IS ver share.
Omnibus Corp pref_100
200 70 Aug 24 70 Aug 24 54
June 71
Mar
Outlet Co
•
180 32 Aug 22 394 Aug 25 25
Apr 46
Apr
Preferred
100
3011434 Aug 2411431 Aug 22 98
June 11431 Aug
Pac Tel & Tel pref_100
20 100 Aug 23 100 Aug 23 854 June 109
Jan
Panhandle P&R pret100
30 9 Aug 23 934 Aug 23 34 Apr, 10
July
Phila Co 6% Pf new—.
200 65 Aug 23 70 Aug 26 48
June, 73
Jan
Phoenix Hosiery pfd 100,
160 294 Aug 23 304 Aug 24 25
May, 41
Jan
Pierce-Arrow Co pfd 100
200 1434 Aug 22 1534 Aug 22 14
May 41
Jan
Pirelli Co of Italy
100 2434 Aug 22 2434 Aug 22 21
June 31,4 Mar
Pitts Term Coal____100 1,900 134 Aug 20 234 Aug 26
34 July i 24 Aug
Preferred
100
100 9 Aug 26 9 Aug 26 6
July! 124 Mar
Proctor & Gamble pf100
40 924 Aug 22 94 Aug 23 81
July 103
Jan
Revere C & B pref 100,
10 17 Aug 24 17 Aug 24 10
July 1831 Apr
Scott Paper
*i
40 26 Aug 25 26 Aug 25 18
Mayl 42
Feb
Shell Transp & Trad £2,
410 15 Aug 23 15 Aug 23 8
Apr 1534 Mar
Sloss-Sheff St & In.
.100 1,500 94 Aug 23 15 Aug 25 334 June' 15
Aug
Preferred
100
460 18 Aug 24 2134 Aug 26
Julyi 2134 Aug
Snider Packing new.__I
100 234 Aug 26 234 Aug 26 24 Aug, 24 Aug
The Fair pref
100,
10 50 Aug 25 50 Aug 25 38
July' 65
Jan
Underwd-E-Fish pfd100
170 85 Aug 22 87 Aug 2 75
Aug 101
Mar
United Amer
200 6 Aug 24 7 Aug 25 34 May, 7
Itosch___*1
Aug
United Business Pub..81
10 2 Aug 26 2 Aug 26
3.4' Aug 5
Jan
United Dyewood _ _ _100
ISO 134 Aug 23 1% Aug 2
34 Apr 2
Aug
U 8 Tobacco pref _ _ _ 1001
4012034 Aug 25 12134 Aug 23 115
June 130
Mar
Van Raalte lot pref_100,
130 33 Aug 22 34 Aug 23 15
July 35
Jan
Vulcan Detin pret_100,
50 SO
Aug 22 so Aug 22 62
May SO
Aug
Walgreen Co prof_ 100
100 67 34 Aug 24 6734 Aug 24 60
June 72
Apr
• No par value.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Ira.
Rate.
Bid.
Asked.
Sept. 15 1932_
June 15 1933._
Mar. 15 1933_
May 2 1933._
Aug. I 034._
Sept.I5 1932_
May 2 1,
134
14%
134%
2%
2%
24%
o
3 3,
,
1003.1
10 Wit
1.00usi
100wii
100I4,
100..,
101.
0,,
June 15
10014, Oct. 15
Dec. 15
101
Aug. 1
100 11 n Feb. 1
Max. 15
101
'W.
Maturity.
1935._
1932___
1932_
193b___
1933_
1933_
Rate. Bid.
3%
34%
334%
334%
351%
334 %
1011,,
100141,
100§,,
10113
,
101 1.si
1012,,i
Asked.
1011:1
100,
.3,
101 11 u
1014,,
10117,,
101 21ii
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 bonds and Treasury certificates on the NewYork
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. Aug.20IAug.22 Aug.23 Aug.241 Aug.25
Aug.26
First Liberty Loan
High 100"as, 10033ss 10025si 10025sr, 100,532 1002.83
34% bonds of 1932-47„{Low_ 100"n 10033.1 1003Isi 1002121: 1002..2
100”s2
(First 33.45)
Close 1002
'n 10020u 10014.2 100.331 IGO,
'" 100ust
Total sales in $LOW units__ _
9
25
136
40
146
25
Converted 4% bonds of High
_--1932-47 (First 4s)......(Low.
____
Close
Total tales in $1,000 Untli._
Converted 44% bondailligh
10 .;;;
-1101- ar;
of 1932-47 (First 434s) Low_
10110,, 101nr: )01
'b,1001a 101nir
Close
101"n 101.1ri 1011$ss
101"n
Total sales in $1,000 units_ _ _
114
48
9
30
40
Second converted 44%Imgh
bonds of 1932-47(First) I,ow_
---(Second 44s)
Close
__-Total sales in $1,000 units....
Fourth Liberty Loan
{High 103
- 1,; 103'n 113Tfc 103
-;1034; 103,
1
-1,
434% bonds of 1933-38
Low_ 1021Isi 102"n 102"n 103',, 103'n 103'n
(Fourth 4 W s)
Close 103
102"n 103'n 103'n 103'n 103'n
Total sales in $1,000 units.-__
121
116
211
217
25
47
Treasury
101'n
107,
"n 1070n 107,
'" 107"n
{HighLow_ 103"n 107.012 107"n 107842 1071'n 107"n
434s, 1947-52
Close 103"n 107", 107,,n 107.n 107"n 107"n
Total sales in $1,000 units....
5
34
20
184
27
10
High 102'n 101'n 101'n 101,
4: 1012:1 101'n
4e, 1944-1954
{Low. 10!":4 101
101'31 103"41 101
103"n
close 102'n 101 4: 101,
,
12 101
101'n 103"n
Total sales in $1,000 units_ __
73
135
34
54
34
36
{High 10013,1 102 n 102'n 102
,
102'n 102'n
3345. 1946-1956
Low_ 100Ioss 101": 102
101": 101":, 102
Close 10010,2 102,
11 102
102
102'n 102
Total sales in $1,000 units....
10
89
85
42
28
14
{High
100u,31 10020s WO'',, 100"n
354 . 1943-1947
Low_
,
100":1 100"n 100,42 100.13, 100".:
Close
100on 100"s 100'',, 100 32
.
Total sales in $1,000 units_ _.
2
77
94
1
36
{H igh
974,
97
9Vrr
97
38, 1951-1955
Low_
96",
96253
97
9614
96 eir 963.ir
,
Close 96",
97
97lir
96wir 96,,u
Total sales in $1,000 units— _
201
1
220
8
120
24
{High
---- 100", 10011ir 100.i 1000si 1000,8,
334s, 1940-1943
Low_
100", 10011ir 100 14 100P'ir 100..11
Close
100.s 1001,31 100,13 100,,
” 100"11
Total sales in $UN units.....
55
33
4
14
{High
100", 100.., 100"si 100,
"” 1002.13
3345, 1941-43
Low. 100"n 100''n 100 1 , 100.12 1001131 100“is
Close 100"81 100,
h2 10011
, 10011:, 100"n 100..11
Total sales In $1,000 units__
50
16
III
32
52
22
{High 0729,,
98'n
98'n
93
334s, 1946-1949
Low. 97241, 972132 97":
_
972,n 97".1 9727,2
,,
Close 9721
98
97 "n 97".
,
9728,2
Total sales in $1000 units __
16
47
144
315
104
16
Note,—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 1st 4%s
1013n
13 4th 4%s
1 Trees 449
Foreign Exchange.—
'" To-day's (Friday's) actual rates
to 101311
10223rs to 103
1073,1 to 107'n
for sterling exchange were 3.46310
3.4634 for checks and 3.4634®3.4631 for cables.
Commercial on banks,
sight, 3.46®3.463.4; sixty days.
3.45.14(4)3.455 . ninety days, 3.4534®
4
3.45 44, and documents for payment,
3.45 Xi ® 3.46Si
. Cotton for payment, 3.4634. and grain, 3.4634.
To-day's (Friday's) actual rates for Paris
bankers' francs were
3.9234 for short. Amsterdam bankers' guilders were 40.2431@40. 3.92®
253-4.
Exchange for Paris on London, 88.35;
week's range, 8834; francs high
and 88.22 francs low.
Sterling. Actual—
Checks.
Cables.
High for toe week
3.47 34
3.4734
Low for the week
3.4534
3.4534
Paris Bankers' Francs—
High for the week
3.92K
3.92 5-16
Low for the week
3.9134
3.92
Germany Bankers' Marks—
High for the week
23.80
23.82
Low for the week
23.77
23.773.'
Amsterdam Bankers' Guilders—
High for the week
40.27
40.28
Low for the week
40.1934
40.223x
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
lo- FOR
PRECEDING.
NOT RECORDED IN THIS LIST, SEE PAGE
SALES DURING THE WEEK OF STOCKS
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Friday
Thursday
Wednesday
Tuesday
Monday
Saturday
Aug. 26.
Aug. 25.
Aug. 24.
Aug. 23.
Aug. 22.
Aug. 20.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1932
On basis of 00-share lots.
Highest
Lowest
PER SHARE
Range for Pre01.041$
Year 1931.
Lowest
Highest
Par $ per share $ Per share $ per share $ Per share
Railroads
8
per share $ per share Shares
7914 Dec 2033 Feb
8June 28 94 Jan 14
_100 177
$ Per share $ Per share $ per share $ per share $
4
8 533 .5818 135.300 Atch Topeka & Santa Fe_ 100 35 July 9 86 Jan 18 x75 Dec 10814 Apr
8
4 5512 583
8 527 573
4 5314 565
4
4734 4834 483 543
Preferred _
3,100
73
7112 72
71
72
25 Dec 120 Jan
70
72
451ay 26 4112 Jan 14
93
4
643 703* 70
100
63
64
4
333 14,000 Atlantic Coast Line RR__
32
8
36
4 34
343
14 Dec 877 Feb
8 30
4
8
303 317
43une 1 213 Jan 21
31
26
33
4
253 26
100
8
1514 165 112.000 Baltimore & Ohio
17
16
1614
25 Dec 8012 Feb
8
6 June 3 4I 12 Jan 14
4
133 1414 1414 1513 153 1614 15
100
Preferred
4
2614 2314 243 12,400
4
25
25
18 Dec 663 Feb
912June 2 3512 Aug 23
8 2212 2414 23
4 217
193
1912 20
50
1,800 Bangor & Aroostook
34
34
35
35
35
3512 34
80 Dec 11312 Mar
34
100 50 June 1 80 Aug 19
3312 3312 3414 35
Preferred
91
*81
91
*81
95
*81
10 Dec 68 Feb
95
*81
4 July 13 1412 Jan 9
95
*81
98
100
*80
1,300 Boston & Maine
14
13
141 1 1312 1312 *12
612 Oct 1338 June
8
133 14
8July 8 1014 Mar 8
12
27
11
8
95 10
400 Brooklyn & Queens Tr_No par
*412 514
5
5
4
6
5
46 Dec 643 June
4 *5
4 53
*518 6
53
*518 6
Preferred _ ___ __ _No par 2314June 28 58 Mar 8
300
43
4412 *40
8
*41
45
4
3118 Oct 693 Mar
4
443 443 *40
42
42
45
1113June 8 5014 Mar
*30
.4
243 96,600 Bklyn-ManhTran v t c No par
63 Dec 9414 Feb
8Mar 5
8 2718 2812 2512 2714 2212 2518 22
5 273
2512 2818
Preferred v t C------No par 3112June 8 783 Aug 11
12.800
60
6118 5712
912 Feb
59
64
8
13 Dec
6512 62
218
12 Apr 13
5912 635* 63
8
*605 61
SecNo par
,
178 3,300 Brunswick Ter & 113
158
8
8 17
15
8
8
112 15
4
4
112 13
103 Dec 453 Feb
8Mar 5
4
13
8
15
8
714May 31 205
15
8
15
25
Canadian Pacific
8
8
72 Dec 102 Apr
4 161 4 1714 1718 1814 167 177 390,400 Caro Clinch & Ohio stpd 100 39 July 26 70 Feb 6
8
163 173
8
143 1714
1414 15
10
65
*60
65
*60
*60
65
65
8
233 Dec 4612 Feb
4Juiy 6 3112 Jan 14
93
6212 6212 6212 *61
*55
25
8 2612 2814 173,700 Chesapeake & Ohio
8
8
213 Dec
77 Feb
8 2513 2712 273 285
8
5 Aug 25
4
114June 2
8
235 2412 243 2614 283 277
8
414 45 15,500 Chicago Great Western___100
412 5
4
412
414
712 Dec 2712 July
4
314 414
*318 314
212May 25 1512 Jan 22
100
Preferred
4
113 27,100
1212 11
11
5
8
9 8 12
87 Jan
3
10 4
112 Dec
412 Aug 25
1014 10
9
34June 1
814 9
8
5
3 8 43 26.700 Chicago Sillw St Paul & Pac__
5
3 8 412
8
212 Dec 1538 Feb
314 35
8 Aug 25
312
3
213 3
118May 26
8 212
23
Preferred
8 712 111,000
63
8 8
57
4 6
43
5 Dec 4513 Feb
412 5
1412 Aug 25
4
312 43
3
2 May 31
314 3 4
8
1412 117 1378 167.300 Chicago & North Western_ 100
8 13
1312 Dec 116 Mar
8 1112 137
3
113 123
914 1114
5 June 29 31 Jan 22
913
8
100
Preferred
2.600
26
25
8 2514 27
247
8 24
4
243 247
8
77 Dec 8512 Jan
8
23
18
112May 25 163 Jan 22
18
18
1114 25,900 Chicago Rock Isl & PacIfic_100
14 Dec 101 Mar
8 1112 1214 10
3 1014 115
8
105 117
26 2712 Jan 14
912 1114
8
93
414May
8
100
7% preferred
4,200
2112 22
2412 2312 25
1018 Dec 90 Jan
2518 2313 2714 22
20
18
18
2 May 25 2412 Jan 14
100
6% preferred
17
3.900
1912 *14
19
19
19
1812 19
1514 19
1414 15
7r3 Dec 48 Jan
412June 29 25 Aug 16
100
200 Colorado & Southern
20
20
28
*2413 35 .22
10 Dec 4212 Feb
30
*23
25
1112 Jan 2
25
25
8July 21
i20
27
100 Consul lilt of Cuba pref_100
7
.6
512 513 *578 7
64 Dec 15714 Feb
13
*512 7
4 *513 7
*512 83
100 32 July 8 8912 Feb
18,000 Delaware dr Hudson
86
579
Jan
4
4
173 Dec 102
4
653 7012 7012 7314 733 8612 8312 87
64
812June 1 3513 Aug 25
64
8
347 60,800 Delaware Lack & Western_50
3112 3512 30
3
4
4
312 Dec 453 Feb
4 233 2514 243 35
243
9 Jan 13
2212 22
112May 28
22
2,700 Deny & Rlo Or West pref.. 100
712 8
9
4
8
8
5 Dec 393 Feb
712
712
7
8
ô'z
6
5512 8
2 May 31 107 Aug 25
100
Erie
1018 18,400
9
8
107
8
83 1014 10
8
63 Dec 4512 Feb
8 87a
83
3
4 8'2
73
3
74
*7
8May 19 157 Aug 2a
25
100
First preferred
8
8 1414 147 11.700
4 1412 157
133
8 12
117
8 11
8 013
5 Dec 4012 Jan
..,7
934 107
2 May 25 1012 Aug 2b
100
Second preferred
4 2.700
914 93
1012
8 10
814 87
4
8 73
75
4
714 714
155s Dee 693 Feb
8
8 63
63
512May 28 25 Jan 14
100
pref__
8
8
1881 1853 2014 185 197 80,600 Great Northern
4 17
8
313 Dec 2714 Feb
3 173 183
1612 1614 183
8 Jan 14
16
2 May 3
4
800 Gulf Mobile & Northern__ _100
614 63
614 614
Jan
7
*5
13 Dec 75
512 6
4
1412 Jan 21
*312 53
3 June 1
100
Preferred
3,000
14
11
11
1012 11
10
*1112 13
11
10
2614 Dec 4413 Feb
10
.8
4
8 May 31 303 Jan 18
100
2013 221s 3,100 Hudson & Manhattan
8
8 2112 2158 2012 2118 205 22
213
Dec 89 Feb
*21
918
21
.20
20 Aug 25
4June 1
43
100
1714 10'4 79,400 Illinois Central
8
3 183 20
Jun
8 1718 187
4 1714 183
173
7 Dec 61
8 16
1412 163
4 Slay 5 1412 Jan 28
320
RR See stock certificates....
912 10
12
12
10
*912 1112 10
11
912 11
458 Dec 34 Mar
*6
8
214June 10 145 Mar 7
8 414 160,300 Interboro Rapid Tran v t c_100
27
4
4 53
43
512 7
8
7
7 13
7
8
8
4 67
67 Dec 45 Feb
63
8
135 Aug 25
214June 1
100
4 7,700 Kansas City Southern
8 1112 123
8 127 135
8
8 1112 127
8 1112 117
3
15 Dec 64 Feb
10 4 1034 1018 117
5 June 9 21 Aug 25
100
Preferred
1,800
2118 22
24
4 24
223
21
Jan
23
22
22
2012 20
8 Dec 61
*20
5 June 8 2134 Aug 24
50
1734 2014 36.000 Lehigh Valley
4 1814 2114
Feb
4
8
133 1312 133 1513 1438 1512 1412 213
2014 Dec 111
8
7127tay 26 323 Jan 14
100
& Nashville
4 2514 2818 15.700 Louisville
8
8 2312 2514 235 2512 233* 2913 2818 293
*2118 227
8
67 Dec 39 Feb
3
20 4 Mar 8
4 June 8
512 631 48,100 manhat Elev modified guar100
613 9
4
4
83 103
4
4
103 113
1014 11
8
97 10
512 Dec 22 Feb
9 Jun 26
314180e 2
100
100 Market St Ry prior pref
8
8 57
57
8
8 *512 57
8 57
34 Jan
s *47
18 Dec
7
8 .413 5 8 •413 57
57
.4
8
5 Aug 11
18 Jan 12
12
12
12
12
8 2.300 Minneapolis & St Louis...... 100
5
12
12
12
12
2
.3
12
8
*3
I Dec 1112 Feb
378 Aug 25
14May 13
7
4 1,500 Minn St Paul & SS Marle_100
4 33
33
8
8 37
5
3
212 313
3 312
33
,
312 3 2
*212 314
4
263 Jan
8
37 Dec
812 Aug 25
114May 26
8
712 83 20,900 Mo-Kan-Texas RR_ ___No par
812
8
,
7'2 8 3
Jan
3
75s 83
1012 Dec 85
s 8344
67
4
612 63
8
314June 1 227 Aug 25
100
Preferred
2114 9,800
8 19
2218 2114 227
8 20
4
8
65 Dec 423 Feb
1918 1914 1912 2214 2012 225
22
112May 25 11 Jan
100
8
8 85 25,700 Missouri Pacific
75
91 1
8
8
77
7
3
714 7 8
12 Dec 107 Feb
61s 7
4 6
53
212MaY 26 26 Jan 26
100
Preferred
58,600
16
8 1418
8 1553 173
8
13 Jan
8 1414 1512 133 157
18 Oct
1012 1018 1118 143
8
3 Jan 12
Is Feb 9
1,000 Nat Rys of Mexico 2d pref.100
8
3
"4
8
3
"4
14
14
14
*14
14
8
8
3
247 Dec 13214 Feb
*14
8
3
4June 2 3658 Jan 15
83
100
8
2618 283 292,500 New York Central
8 2612 2812 2738 29
8
8 275 293
213 Dec 88 Feb
8 2634 283
263
912 Jan 12
25
119Slay 18
100
7
812 11,800 NY Chic & St Louts Coglz 012
812
7
714 8
8
5 Dec 94 Mar
7
8
8 7
*67
2 June 2 155 Jan 22
100
Preferred
8
135 10,900
8
1218 1312 125 1314 1358 1412 12
Feb
13
4 11
4
103 103
50 821451a7 18 12712 Aug 16 x101 Dec 227
160 NY & Ilarlem
1123 115
11412 115 *11012 120
4
4
8
17 Dee 947 Feb
116 116 .1133 118
113 113
6 May 26 315* Jan 21
100
8 2212 2414 86.300 N Y N II & Hartford
8 2318 247
4
8
2318 2214 2438 213 243
52 Dec 1195 Feb
Jan 14
4
1912 2012 2012
8July 6 783
117
Preferred
4,400
41
41
43
41
41
8
8
4112 415 4312 40
514 Oct 137 June
4 38
8July 12 1013 Aug 25
4
373 373
35
8
912 97 24,200 N Y Ontario & Western__.100
8
918 103
3
9 4 1012
3
8
87 10 8
2 Feb
18 Dec
812 1014
1 Feb 26
4
*812 83
14 Apr 19
2
7
*12
8
7
100 N Y Railways pref---.No par
8
7
8
7
8
*5
8
7
8
*5
8
7
8
*5
8
7
8
*8
814 Jan
34 Dec
212 Jan 14
12June 1
100
2
2
700 Norfolk Southern
2
178
178
178
113
138
178
8
*138
8 2
•13
100 57 June 27 135 Feb 17 1055 Dec 217 Feb
3,000 Norfolk & Western
110 111
104 110
112 114
102 103
98 101
99
6512 Dec 03 Mar
*55
100 65 July 5 78 Jan 22
Preferred
10
75
7514 *7012 7514 7012 7012 *74
7511 •70
8
1412 Dec 607 Jan
•7034 751 4 *70
512May 26 2312 Aug 25
100
Northern Pacific
8
8
8 2118 2312 207 225 109,900
1914 215
7 Mar
8
214 Aug 25
114 June
2018 197 2118 2018 22
19
1 Mar 17
100
80 Pacific Coast
,
22
4 214 *1
13
4
13
4
*1
13
4 .1
13
*18
134 *1
3
1614 Dec 64 Feb
612June 1 23 8 Jan 21
50
19 168,800 Pennsylvania
18
8
4
8 183 193
4 1712 187
4
173 183
1814
912 Jan
113 Dec
17
5 Aug 26
1612 17
8MaY 27
7
100
2,300 Peoria & Eastern
414 5
312 412
3
312 312
318 *2
3
4 Dec 85 Feb
3
4June 30 18 Aug 25
*2
13
100
4,800 Pere Marquette
17
17
18
16
4
4 1014 1113 103 15
813 Dec 9214 Feb
812 93
312June 2 26 Aug 25
100
4 918
*73
Prior preferred
1,190
23
23
26
23
1514 1613 1514 20
15
513 Dec 80 Jan
1312 13
•11
212June 1 21 Aug 25
100
Preferred
2,050
20
18
8
197 24
s
127 18
13
8 13
8
*812 10$4 113 113
11 Dec 86 Jan
8 July 22 2112 Aug 25
1,000 Pittsburgh & West Virginia 100
2114
8
197 2112 *20
15
15
25
30 Dec 9712 Feb
*13
*1513 25
15
912June 10 44 Aug 24
15
_50
8,200 Reading
4212 45
4412 48
48
39
Jan
40
28 Dec 46
*2812 3412 3412 3912 38
50 15 July 11 33 Jan 29
1st preferred
200
*2712 3318
30
30
30
4
Jan
3
*2412 30 .253 30 .28
273 Dec 47
52412 30
50 15 Slay 2 31 12 Aug 25
2d preferred
2,200
29
*25
3112
3 Dec 6234 Jan
2712 2712 2813 2913 29
8
65 Jan 14
8May 28
5
29
2912 *25
.20
.
St Louis-San Francisco_ _ _100
8
314 43 20,300
8 5
37
Jan
3
3 4 418
4
934 Jun 22
314 33
414 Dec 76
4 31a
23
I May 2
234
234
100
1st preferred
4
8 53 21,800
35
618
518
4 51
414 Dec 3312 Jun
4 533' 43
43
4
43
3 May 21 13 Aug 21,
4
8
3
3 4 37
300 St Louis Southwestern__ _100
13
*10
13
13
13
•10
13
614 Dec 60 Feb
1312 *9
9 Apr 15 2012 Jan 26
*812 1312 *9
100
Preferred
*1512 26
*1512 26
40
138 Jan
*12
78 Jan 28
18 Dec
40
18 Jan 2
*12
18Ig •1218 40
•11
No par
12 22.400 Seaboard Air Line
12
12
12
12
218 Jan
I8 Doe
1 1 1 Aug 24
12
14 Jan 4
13
3
3
12
100
12
12
8
*3
Preferred
900
114
114
114
114
114
2612 Dec 10912 Feb
8
7
612June 1 375 Jan 21
3*
8
7
"8
3*
100
8
8
s
144,200 Southern Pacific Co
8
8
8
8
63 Dec 657 Feb
4
4 2318 2512 235 2512 223 2518 61.300 Southern Railway
8
212May 16 153 Aug 25
237 233
2153 2338 2314 25
100
8
4
4 123 145
4
10 Dec 83 Feb
4' 1153 1312 143 153
123
3 July 1 22 Aug 25
1212 12
4
103 1118 11
100
Preferred
1814 1912 17,800
2012 22
4
22 Dec 100 Jan
163 193
4
1812 173 19
15 May 12 33 Feb 2
4
1538 1538 153
100
100 Texas & Pacific
37
*17
37
*17
512 Apr 1514 July
37
.17
33.1ay 28 14 Mar 8
33
33
37
37
*33
100
.613 42
618 2,200 Third Avenue
6
678
3
8
412June 10
2 Dec 1778 Feb
712 77
713 753
3
13* Apr 20
.100
718 712 .712 7 4
200 Twin City Rapid Transit.
8 3
25
313
.3
1113 Dec 62 Feb
4
*3
3
7 June 16 2412 Jan 26
3
*212 3
.212 3
100
Preferred
240
1514
15
8
3
7018 Dec 20518 Feb
1512 1514 15'4 153 167
8July 11 9412 Feb 13
1512 15
*13
17
100 275
•13
Union Pacific
4 7512 8212 110,000
51 Dec 87 May
3
7158 Aug 25
4 763 8114 7912 823
4 7713 803
8 6913 783
697
100 40 May 31
68
Preferred
7012 1,000
8 70
8
715 715
8
7 Dec 26 Jan
711
4 Feb 2
%June 2
6818 *68
100
63
63
6512 6512 67
4 7.000 Wabash
312 33
8
33
3
112 Dec 51
Jan
6 Jan 28
8 31
3
27
1 June 1
3
4 3
23
3 23
8
23
100
Preferred A
3 0,200
4 53
43
8
8 55
47
5 Dec 195 Feb
8
87 Aug 2(1
8
414 41
112May 28
4
414 43
100
8 414
37
3 312
33
4 873 43,900 Western Maryland
73
812
714
8
5 Dec 20 Feb
8 75
65
8 73
8
67
8
618 73
2 May 26 10 Aug 25
731 618
5
100
24 preferred
8 3,900
8 93
83
10
8
8
4 8'4
75
73
7
8
7
75
7
•5
4
13 Dec 147 Feb
4
43 Aug 25
8
12June 9
100
414 2.700 Western Pacific
4
4
414 43
8
312 4
314
878 Aug 25
3 Dec 315 Feb
312
4May 31
3
314
3
*214 3
100
Preferred
4
878714 73 19,300
8
67
518 7
3 518
4 14
43
5
512
4
Industrial & Miscellaneous
2 Dec 1414 Feb
3 Feb 13
8July 11
5
13.600 Abitibi Power & Paper_No pa
8 2
17
4 17
13
8
178
4 214
21s
13
914 Jan 15
478 Dec 52 Feb
153 134
8
15
112June 14
158
100
Preferred
1,400
*512 7
7
6
8
18 Dec 39 Aug
7
5
*4
6
10 June 1 24 Jan 13
*412 5
5
No par
500 Abraham & Straus
22
22
2253 23
96 Dec 106I Slay
23
20
20 .18
100 68 July 1 98 Mar 1
•1514 20 .1514 20
Preferred
10
4
4
712 Aug 23
318 Dec 2313 Feb
85
85 .80 105 .80 1043 *80 1043
8May 31
15
.____ 85 *__ __ 85
No par
8 7 108,100 Adams Express
65,
8
73
5012 Dec 02 Apr
7
612 71
67
8 712
512 718
22 June 24 70 Mar 3
512 512
10
Preferred
90
60
60
_
*60
2218 Jan 3312 Aug
8
55
55
55 .50_
553
12 June 1 303 Mar 8
55
*51
No par
Mills
2014 11,900 Adams
19
3
22214 20 4 223
21
1914 - -1
4 2018 - 3
10 Oct2312 Feb
912July 20 13 Feb 11
par
2018 2112 21
1073 2,400 AddressograPh Int CorpNo pa
8
8 113 1112 113 113 *10
11
117
8
8
8
8
47 Aws 11
2 Sept113 Mar
114June 8
1012 1012 1012 11
418 412 2,700 Advance Rumely new.No par 30s July 1 6212Mar 8
41 4
4
4758 Dec 10938 Feb
312 313
'2 *313 312
,
32 3
314 314
No
8
4
8 587 617 44,700 Air Reduction Inc
617
212 Aug 12
8 60
114 Dec 1053 Feb
I2June 6
8 573 5973 5712 607
8
4
8 533 563
5218 533
600 Alr Way Elec Appliance No par
214
212 *2
218 218
218 218 *2
8
7 Jan 2018 June
4June 0 165 Jan 21
4 2
13
73
*213 214
Alaska Juneau Gold Mill.....10
8
4
4 1112 1214 113 1214
113 1218 117 1214 22,000 A P W Paper Co
4
9 Aug
4 Mar 15
4
23 Dec
1 July 27
8 1113 113
1112 115
No par
4
23
234 *1
23
4 .13
4 23
4 *1
4 51
8 23
318 Jan 14
4
Ns par
38May 31
118 Dec 123 Feb
4, *15
8 23
*15
Allegheny Corp
72,600
234 3
3
278
23
4 3
23
8
4 3
214 25
8
77 Aug 2 I
2 l)ec 5918 Feb
8
214 23
34513Y 31
Pref A with $30 wart_ ___100
712 12,200
714
8
753 77
67
s 714
8
713 77
134 1)ec 59 Feb
4 61s
43
712 Aug 28
s
%June 3
4 47
*43
Pref A with $40 warr____100
712 5,300
7
7
7
7
7
7
6
614 Jan 15
14June 11
4
13 l)ec 5513 Feb
4 6
43
4
*414 43
Pref A without warr_ _ _100
200
618 618
7
*6
.834 8
7
*6
5
10 1)eC 4614 Feb
5 May 27 1478 Aug 10
*414 43
5
4
160 Allegheny Steel Co__ -..No par
13
11
13
13
13
.11
14
1212 12
12
*1212 13
* Bid and asked prices: no sales on this day. z Es-dividend. y Ex.rights
New York Stock Record-Continued--Page 2
1451
lar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Aug. 20.
Tuesday
Aug. 23.
Monday
Aug. 22.
Wednesday
Aug. 24.
Thursday
Aug. 25.
Friday
Aug. 26.
Sales
for
the
Week.
$ per share $ Per share $ per share $ per share $ per share S per share Shares
8 8014 84
83
743 764 764 824 8112 847
83
4
815 86 111,200
8
4
.114 1173 •115 1173 •115 1173 *115 1173 11612 11612 11612 11612
4
4
4
200
8
113
8 1112 1318 12
4 115 1214 111g 117
11
103 1114
4
127 21,800
8
•63
*65
4 8
8 8
8
*612 8
8
*7
*64
10
100
8
8 20
1912 197 203
*19
193
4 19
203
2038 20
8 20
20 4 3,500
,
9
9
814 9
8
912 113
*7
8
8
4 1012 1414 8,100
8 18
177 1812 177/4 1812 4.000
8
171s 1734 1712 185
163 17
18
8
42
424 4314 45
42
*4012 42
*4012 42
45
*4312 447
8
110
212 23
4
212 212
2
214
25
8 27
214
2
8
25
8 25
8 2,100
83
4 93
77
8 84
4
8
93
4
912 93
7 8 712
3
4
9
780
914
8 15
1418 143
8 1434 157
1314 1314
15
15
16
143 143
8
8 3,500
7512 7512 *7512 80
83
•75
83
*7512 80
*75
*7512 80
20
517 565s 5612 5814 5514 584 5718 595
,2
8
515 53
8 5618 5914 195,000
120 120 *119 150 .120 126
118 118 *118 120
*117 118
200
9
10
1014 1138 11 18 117
93
8 94
8 1134 123
4 12
127
8 8,900
397
8 39
417
8 4218 4912 45
8 38
8 3612 377
367
36
46
3,900
5
414 414
5
512 6
*34 5
6
54 53
6
4
800
3112 333
4 323 3414 3434 343
4
3014 30,
4 3012 31
4 3413 3412 2,300
*312 4
*3
312
*3
4
312 312 *35
8 4
*312 4
100
195
8 1917 203
4
3
1918 19
8 183 20 8 1914 2018 1914 203 22,400
19
4
*234 3
3
3
*3
.212 3
312
258 318 1.100
31g
314
912 9I2 10
912 10
1018 1012
9
9 14
1018
912 912 1,600
95 103
8
11
4 10
1014 103
94 93
4 1014 11
4
87,000
94 11
3112 3412 33
27
32
25
25
333
4 31
31
27
28
5,650
1414 1812 1614 19
1412 15
1612 1712 1712 1712 1412 163
4 3,500
30
31
2014 22,
4 2412 27
30
30
25
25
25
2612 1.700
*412 5
48 5
5
*412 5
*412 5
5
5
5
5 12 1.300
4
5
412 47
8
47
8 47
8
4
33
4 33
5
5
*412 43
4 1,100
14
143 15
4
1518 153
14
4
4 153 157
1612 1612 1618 1,500
8 16
8
40
383 3834 387 40
4
4112 4118 415
8 4112 4214 4018 423 17,600
4
9 9
9
9 13
87
s 94
,
87
8 914
9
10
93
8 95 12.900
8
812 878 878 934 94 10
8
918 93
4
914 10
87 10
,,
48,800
•24
,
3
1
12
5, 2,300
*3
8
12
'2
13
'3
12
3
*2
31
3
*2
312 *2
4
*2
4
4
4
110
93 10
8
10
938 11
11
1112 113 123
912
4
4 1218 13
12,900
35
35
35
36
*34
44
36
37
4414 45 2 *44
,
4712 1,500
1412 1514 15
1618 1512 16,
4 1511 16113 1512 1714 143 153 31.100
4
8
21
212
*214
*214 212 *214
12
212
212 318 •214
1,100
518 512
5
318
518 518
5 14
6
65
8
512 614
614 63 11,900
4
17
1612 173
17
*16
17
177 19
8
20
225
8 22
23
1,270
_
- 8 104 "ii"
97
12's 1313 12
13
-1214 13
1118 1212 98.100
547
5218 55
52
4812 52
48
52
49
51
46
48
5,300
437 46
8
45
42
405 42
8
4114 4418 404 4112 •37
4112 7,600
814
98
22
•112
*3
8
15
165
8
50
*35
*3118
*100
83
8%8 -1)4 -711 -12
64 4
1-
-161- 10' 1215
4
2213 2312 2334
2
*112
*2
8
'2
•15
15
175s 17
5012 *50
4 363
353
4
32
3114
103 •100
1234
2434
*112
4
12
•3
8
17
17
1812 183
4
56
*53
363
4 3814
323
4 33
103 •10012
133
4 131.1
247
8 243
8
4
•1I2
17
*3
8
17
17
203
3 1812
60
52
3912 •3812
33
•323
4
103 •101
S3
98
_
8
-14
3873
6312 *62
6312 6312
3212 3212 33
333
4
297 30
29
8
3178
00 .86
90
*87
87
8
84 912
914
10
--OT2 1034 -1o12 -17117i
631.2 *6212 64
64
64
35
3412 3412 3412 354
32
3112 3218 32
3212
90
*87
90
*87
90
973
94 10
95 1014
8
10812 1103 11018 11638* 11514 11818 113 1173 11514
8
4
1174
73i2 74
7514 7918 78
80
783 791
4
78
79
75
767
8 7714 82
8012 834 785 817
8
80
8112
•11118 118 .1111g 118 .11318 118
11312 115 •11318 120
*11
1412 *1018 15
*13
15
15
15
20
22
25
25
25
25
2758 28
29
30
36
37
25
26's 2612 28
2712 285
8 2738 28118 2718 287
8
.203 217
4
8 213 223
4
4 227 2317 223 2314 2318 233
8
8
8
*65
6612 6612 70
*71
*7112 76
72
72
518 53s
53
8 638
57
8 64
513 614
53
4 6
3012 313
8 31
331 1 3218 3314 3118 324 32
33
12
5
8
53
5
8
13
8
*4
138
7
8
7
8
112
4
4
*418 20
*418 6
*5
10
.514 93
4
*312 412
4
4
414
458
412 47
43
8 43
4
s
*20
243
4 2434 243
4 243 2512 *20
4
2512
251 2 •20
85
8 9
85
8 912
934 103
8 10
103
4 103 1138
4
*8
9
.8
9
9
9
9
10
•10
15
10
101, 10
11
1112 12
1118 113
4 1012 1112
*412 7
*4
5
*4
5
*412 6
*412 6
*125 131, 1212 125 *1234 14
8
8
*1234 13
13
13
*49
5012 5058 53
533 55
4
54
54
5612 5812
218
2'1
218 24
218 214
2
218
2
24
1
118
1
118
1
118
138
118
114
114
•12
1338 13
1212 12
1317 123 131
4
1212 1314
2
*2
238
238 23
8
218
212 23
213
•278 3
*27
8 3
.27
8 3
*27
8 3
.27
8 3
158
13
4
2
2
218 214
2
212
218 21
6
66
-_
14 613
612 714
712 83
8
838 103
8
*13
*13
14
*14
17
*14
17
•14
15
*9 1
312 *9
131
*9
1312 *9
13
*9
1312
*10
*9
18
18
•10
18
*8
12
9
9
17
1712 21712 1818 1818 1014
183 1958 1918 20
4
.1112 12
12
•1012 12
1212 1212 15
153 1612
4
68
*677 70
68
8
70
•68
*69
70
69
69
4
234 312
23
4 23
27
8 3
*27
8
312 .234
3l1
6112 63,, 6312 69
66
7112 6414 69
66
6912
1
118
1
11
1
114
1
1
1
118
8
*62
*32
29
8
.837
88
7
617
•22
*80
.2
534
*6
.43
4
193
•78
*41
.43
8
.6114
97
8
1012
173
4
3818
8
4
*C3
8
*40
1112
*45
*3
3
.38
2818
913
.
3
8
54
612
23
90
218
6
10
54
20
8434
44
478
62
1018
1012
1814
383
4
84
9
1 13
4
48
73
25
8
29
018
1
53
8
438
3
67
2218
*80
*1
53
4
*6
43
20
*793
4
*42
*43
8
•6114
10
1112
1818
39
*878
.038
*4()
124
*4518
5
8
*12
283
4
918
*5
8
53
4
74
237
8
90
212
6
10
43
2134
813
4
45
478
62
4
103
127
8
20
49:3
9l2
43
713
23
.80
213
57
8
*6
*44
213
8
844
*43
*412
*613
8
107
8
1314
1914
9
g17
*9
*63
8
.40
-- 13's 1312
•46
48
by
3
3
258 *1
30
30
978
97
8
•ss
j
614
63
8
48r4
7
73
3
237
8 233
4
90 •80
212
3
4
618
612
10
*6
54
•44
224 2178
843
4 8412
44
45
47
8 *412
62
•6112
4
113
4 103
1412 1412
2012 1938
43
134
93
4
9
_
•40
-11 1334
*4612
49
•‘2
1
23
8 •112
3114 3012
058
1012
*2
8
1
614
74
838
47;8155
--G;(8 - -
147k
143 1
3 .
514 1312 1534 99.800
2514 2414 25
2312 243
8 3.100
4
*112 4
•112 4
13
12
3
8
53
200
`38
17
•18
25
*20
27
30
2012 1912 2012 1814 203 55,900
4
52
*534 58
55
55
600
41
41
41
4314 4312
7
34
33
34
34
34
1,100
103 *102 103
103 103
50
438
75
8
2712
*80
*1
6'
8
*7
44
247
8
85
44
412
*6112
1118
1612
20
44
03
4
*65
8
.40
1414
*4612
•4
2
*84
31 12
94
3
1
.
5
8
67
8
634
73
8
245
8
90
3
,2
638
12
50
2438
8512
44
47
8
62
113
4
1614
2014
4434
93
4
9
_
1438
49
34
22
8
3212
103
8
-18
593
8
30,
4
85
312
612
11
44
2612
8678
44
45
8
62
1158
18
203
4
46
97
s
9
1-434
49
3
4
212
323
8
1014
1
7
- 1033
6512
35
313
8
•87
93
4
- 1118
6512
35
3214
90
10
70
2.300
3.300
9.800
PER SHARE
Range for Year 1932
On basis of 100-share lots.
Lowest
Highest
PER SHARE
Range for Precious
Year 1931.
Lowest
Highest
Indus. & NTiscell. (Con.).Par $ per share $ per share $ Per share $ per share
Allied Chemical & Dye_No Par 4212June 27 8712 Mar 8
64 Dec 18234 Feb
Preferred
100 9612 Apr 14 119 Mar 11 100 Dec 126 Apr
4 June 1 133 Aug 11
Allis-Chalmers Mfg _ _ _ _No par
4
1012 Dec 4234 Feb
412July 7 10 Jan II
Alpha Portland Cement No par
75 Dec 187 Feb
8
8
No par 12 Jan 25 2012 Aug 10
Amerada Corp
114 Dec 23 Mar
312June 2 1414 Aug 26
Amer Agile Chem (Del) No par
518 Oct 293 Feb
4
American Bank Notes
10
1858 Aug 23
5 May 31
1214 Dec 623 Feb
4
50 28 June 21 47 Feb 15
Preferred
35 Dec 6614 Feb
14 Apr 29
27 Aug 25
8
American Beet Sugar_.No par
434 Jan
14 Dec
1 Apr 29
934 Aug 25
100
7% preferred
112 Dec 1778 Jan
612June 2 16 Aug 25
Am Brake Shoe & Fdy-No par
1312 Dec 35 Feb
100 40 July 11 90 Feb 18
Preferred
71 Dec 1243 Mar
8
8June 27 7378 Mar 8
American Can
25 295
5818 Dec 12934 Mar
100 9312June 2 129 Mar 14 115 Dec 15212 Apr
Preferred
3i8June 2 127 Aug 26
8
American Car & Fdy_..No par
412 Dec 383 Feb
4
100 16 June 30 4912 Aug 21,
Preferred
203 Dec 86 Mar
8
17 Apr 22
8
No par
American Chain
6 Jan 13
5 Dec 433 Feb
4
No par 18 June 1 373s Mar S
American Chicle
3014 Dec 485 Mar
8
2 July 13
Amer Colortype Co_ _ _ _No par
6 Jan 13
Oct 2114 Feb
5
Am Comni'l Alcohol new _ _ 20 11 May 26 2034 Aug 26
1 Nfay 26
Amer Encaustic Tiling _No par
5 Jan 9
238 Dec 16 Mar
Amer European Sec's_No par
23 Apr 11 1012 Jan 16
4
75 Dec 3318 Feb
8
2 May 31 115 Aug 12
Amer & For'n Power_ No par
8
618 Dec 512 Feb
4
No par
Preferred
3812 Jan 21
5 May 31
20 Dec 100 Mar
2d preferred
23
4NIay 26
19 Aug 23
10 Dec 7912 Feb
4June 1 33 Jan 18
No par
56 preferred
33
18 Dec 90 Feb
3 Nifty 27
Am Hawaiian S S Co
10
6 Feb 17
4 Dec 103 Jan
8
1 NIay 31
Amer Hide & Leather_ _No par
5 Aug 22
1 Sept
8 Mar
712 Dec 30 Apr
100
47
8May 3 1612 Aug 25
Preferred
Amer Home Products__No par 25 June 1 5138 Mar 9
37
Oct 64 Mar
75 Aug 4 215 Mar 8
8
No par
American Ice
8
8
1012 Oct 315 Feb
No par
Amer Internat Corp
212June 2 1012 Aug 12
5 Dec 26 Feb
58 Jan 12
Am L France & FoamiteNo Par
14 Jan 6
1 12 Jan
14 Dec
1 July 20
4 Feb 3
100
Preferred
118 Dec 15 ..11.1,9
35
8July 1
American Locomotive_ No par
13 Aug 26
5 Dec 303 Feb
4
100 19 July 5 4512 Aug 25
Preferred
2912 Dec 8434 Mar
mimic 2
2214 Jan 14
Amer Mach & Fdy new _No par
16
Oct 433 Mar
4
1 June
33 Mar 9
4
Amer Mach & Metals_ _No par
114 Oct
7 Mar
112June
Amer Metal Co Ltd__ No par
47 Dec 233 Feb
4
8
63 Aug 26
4
23 Aug 26
612June
100
6% preferred
14 Dec 8912 Feb
1 Jan
17 Jan 11
8
Amer Nat Gas pref _ -No pref
1
Oct 3978 Jan
167 Jan 13
8
Am Power & Light----No Par
3 June
115 Dec 647 Feb
8
8
1514June 30 58 Jan 14
No pa
Preferred
4412 Dec 102 Mar
No pa
10 July 6 493 Jan 14
4
55 Preferred
No pa
Fret A stamped
35 Dec 85 Apr
Am Had & Stand San'y_No Pa
3I8June 1
1018 Aug 18
5 Dec 2112. Mar
4 Feb 19
American Republics_ _.No Pa
14 Dec 1238 Feb
14 ADC 29
3 May 25 153 Aug 26
2
4
American Rolling NIill
718 Dec 374 Feb
8June 27 22914 Mar 7
133
A merisentSag v 1 azor_No pa
Am r caa Safety
in
194 Dec 66 Feb
No pa
34June 20
212 Jan 21
15 Dec
8
9 Feb
18 Apr 22
12 Jan 6
Amer Ship & Comm.. No pa
15 Feb
8
Is Dec
10 June 22 2518 Jan 14
Amer Shipbuilding new_No pa
20
Jan
Oct 42
203 Aug 26
518May 31
4
Amer Smelting & Refg_No pa
1712 Dec 5812 Feb
100 22 June 21 85 Jan 29
Preferred
7.5 Dec 13812 Mar
100 15 July 5 55 Feb 19
2d preferred 6% cum
45 Dec 1023 Mar
4
4June 1 343 Mar 3
2
213
American Snuff
8
28
Oct 4214 Star
100 90 Jan 11 103 NIar 14
Preferred
977 Dec 1107 July
8
8
18 Feb 15
Amer Solvents & Chem_No pa
12 Jan 14
412 Feb
14 Nov
No pa
Preferred
114 Jan 20
14 Fab 18
3 Dec 1112 Feb
8
1218 Aug 2,1
3 May 31
Amer Steel Foundries_ _No pa
5 Dec 31 14 Feb
34 July 6 80 Feb 18
10
Preferred
68 Dec 113 Feb
20 May 31
No pa
American Stores
363 Mar 3
4
33 Dec 4814 Mar
13 June 2 3914 Jan 13
10
Amer Sugar Refining
3412 Oct 60 Mar
45 May 31 8818 Jan 13
10
Preferred
8412 Dec 10812 Nfa23 Apr 29 1014 Aug 25
4
Am Sumatra Tobacco_.No pa
312 Dec 1118 Feb
1137 119 306,709
8
100
*Amer Telep & Teleg
7712 5,500 American Tobacco new w i_ _ 25
76
.1_new w L _25
Common class 11
3
784 813 56,000
115 115
400
100
Preferred
22
1,000 American Type Founders_ _ 100
20
36
266
37
Preferred
100
2612 283 35,400 Am Water Wks & Elec_No par
4
23
No par
2312 4,600
C0111 vol tr ctfs
.71
73
600
1st preferred
53
4 6
18,500 American Woolen
No par
31
33
Preferred
12,500
100
112 15
8 2,500 Am Writing Paper ctfs.No par
.418 93
4
Preferred certificates_ 100
50
414 45
8 3.300 Am Zinc Lead & Snaelt._No par
.20
2512
Preferred
500
25
1012 113 167,000 Anaconda Copper Mlning_50
8
*10
15
200 Anaconda Wire & Cable No par
11
1134 8,800 Anchor Cap
No par
*417 6
Andes Copper Mining_No par
133 133
8
8
600 Archer Daniels MidI'd_No par
*5912 62
1,203 Armour dc Co (Del) pref_ _100
2
214 12,000 Armour of Illinois class A..25
128 114 7.100
Class B
25
125 131
8
5,500
Preferred
100
278
31
3.100 Arnold Constable Corp_No par
•27
8 3
Artloom Corp
No par
218 21
3,300 Associated Apparel Ind_No par
918 95 25,400 Assoc Dry Goods
No par
1478 15
30 Associated Oil
25
9
9
100 AtI G & W I SS Line__ _No par
*912 13
100
Preferred
100
1812 193 91,700 Atlantic Refining
25
95 4 16
,
3,000 Atlas Powder
No par
•67I2 70
30
Preferred
100
•23
4 31
600 Atlas Tack Corp
No pa
6712 743 136,200 Auburn Automobile__ No pa
•119
11
3,200 Austin Nichols
No pa
Autosales Corp
No pa
Preferred
50
438 -18 19.700 Aviation Corp
5No pa
83 1014 42,200 Baldwin Loco Works._ No par
4
28
30
1.750
Preferred
100
•80
85
Bamberger (L)& Co pref100
*I
212
100 Barker Brothers
No pa
6
61, 25,400 Barnsdal Corp class A
5
103 103
4
4
100 I3ayuk Cigars Inc
No pa
54.5
54
20
1st preferred
100
245 2514 37,400 Beatrice Creamery
8
50
8713 88
900
Preferred
100
*42
44
200 Beech-Nut Packing Co
20
412 7
9,300 Belding Hemlnway Co_No par
• 8 62
615
Belgian Nat Rys Part
105 113 80.600
8
8
Aviation
pref-.Bndix No par
1614 1712 19.300 Best & Co
No par
1912 22
52,400 Bethlehem Steel Corp_ _No par
4313 4712 11,000
7% preferred
100
•
818 912
600 Blaw-Knox Co
No par
9
9
30 Bloomingdale Brothers_No par
.40
Preferred
100
134 - - .1- 10,800 Bohn Aluminum & 13r_No par
15 4
.4612 49
Bon Ami class A
No par
.12
3
4
300 Booth Fisheries
No par
*5
4 22
,
ist preferred
100
30, 3178 48,500 Borden Co
8
25
912 10
21,400 Borg \Varner Corp
10
•5
8
1
Botany Cons Mills class A_ _ 50
65
4
75 52,200 Briggs Nfanufacturing_No par
8
• Bid and asked prices' no sales on this day. C Ex-dividend. p Ex-rights.
-- :200
25
STOCKS
NEW YORK STOCK
EXCHANGE.
693
4July 11
4012June 1
44 June 1
9514June 2
4 June 3
1012July 6
11 May 26
11 May 27
26 June 2
8Nfay 25
15
1512 Jan 4
14May 10
2 July 9
114May 25
10 June 1
3 June 30
3 Apr 11
514May 2
138Nfay 31
7 Apr 18
24 May 31
8June 2
5
38June 7
312Nlay 31
1 May 3
212 Apr 19
58June 30
3 May 16
612July 9
6 June 8
618July 25
85 Feb 9
8
7I2July 8
4512June 29
1 July 25
4May 16
283
12 Feb 19
18May 17
7 NIar 30
8
112June 1
2 May 31
8 May 27
62 July 8
12 Apr 9
8June 1
33
4 June 2
35 July 29
16'sMayl7
70 May 20
29'*May3l
25 Jan 4
8
57,2isnne
43 iay
8J
2
53
4June 2
7'siune28
1614 July 1
35
8June 1
614June 13
50 Apr 22
47
8June 2
31 June 1
IgNfay 13
I25fay 11
20July 1
33
8May 26
14 Apr 26
27
2June 1
1373 Feb 19 11218 Dec 2013 Feb
8
4
4
863 Mar 9
4
6012 Dec 1283 Apr
893 Mar 8
4
64 Dec 1323 Apr
4
115 Aug 21
96 Dec 132 May
25 Jan 25
Jan
19 Dec 105
70 Jan 8
72 Dec 11012 Feb
3412 Mar 8
2318 Dec 803 Feb
4
31 Mar 8
213 Dec 903 Feb
4
4
75 Jan 15
6412 Dec 107 Mar
612 Aug 22
25 Dec 117 Jan
8
8
3314 Aug 22
1514 Dec 40 July
158 Aug 26
Jan
4
12 Dec
5 Apr 6
18 Feb
214 De
8
47 Aug 12
212 De
834 Feb
2512 Aug 23
4518 Aug
1912 De
1238 Jan 14
4314 Feb
94 De
10 Aug 21
2614 Mar
6 De
1712NIar 2
13 Sept 36 Feb
6 Aug 4
4 Dec 1912 Feb
137 Aug 10
8
18 Feb
8 May
5812 Aug 25
Jan
20
Oct 72
212 Aug 11
418 Jan
4 Dec
12 Oct
114 Aug 11
28 Jan
1414 Mar 9
518 Dec 47 Jan
312 Aug 26
9 July
158 Dec
54 Apr 4
Oct 1012 Feb
4
25 Jan 7
8
114 Dec 287 Feb
8
10 8 Aug 25
3
8
53 Dec 295 Mar
4
1612 Aug 11
83 Dec 31
4
Feb
121, Aug 16
Jan
10 Dec 39
143 Jan 22
15 Dec 5312 Jan
4
20 Aug 25
85 Dec 2338 Feb
8
2512 Feb 2
18 Dec 54 Feb
7912 Jan 13
8
774 Dec 997 Jan
112 Dec
37 Aug 10
3
312 Jan
1514 Jai:114
8412 Oct 29512 Apr
114 Aug 19
24 Mar
12 Sept
78 Jan 8
211 July
12 Dec
2 Jan 11
5 Feb
1 Dec
518 Aug 19
618 Star
2 Dec
1014 Aug 26
45 Dec 2778 Nf ar
8
3014 Aug 25
15 Dec 10412 Mar
99 Feb 25
85 Dec 107 Feb
312 Aug 24
Jan
13 Oct 10
4
63 Aug 12
4
4 Dec 1412 Feb
13 Feb 1
Jan
14 Dec 33
59 Jan 7
60 Dec 90 Star
4312 Jan 14
37 Dec 81 Mar
95 Jan 18
90 Dec 111 Mar
443 Mar 14
4
2
37, Oct 62 Apr
618 Aug
7 Aug 26
13 June
4
4
6212July
8
547 Dec 803 Jan
183 Jan 14
125 Oct 2512 Feb
4
8
247 Feb 19
8
4
193 Dec 4614 Mar
8
243 Feb 19
8
1714 Dec 703 Feb
8
74 Jan 9
60 Dec 1237 Mar
10 Aug 11
6 Dec 29 Feb
Oct 21 Nov
14 Feb 15
15
Jan
61 Jan 6
75 Dec 95
2214 Jan 14 21512 Dec 63 Aug
Oct 26614 Apr
5114 Mar 9
49
3 Feb
1 Aug 23
4 Dec
112 Dec 1714 Feb
114 Jan 5
4318 Nfar 9
3518 Dec 7612 Mar
9 Dec 303 Feb
4
125 Mar 5
8
33 July
4
l's Mar 9
12 Dec
712 Dec 223 Mar
4
1134 Mar 5
1452
w.FOR SALES
New York Stock Record-Continued-Page 3
DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Aug. 20.
Monday
Aug. 22.
Tuesday
Aug. 23.
Wednesday
Aug. 24.
Thursday
Aug. 25.
Friday
Aug. 26.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1932
On basis of 00
-share lots.
Lowest
Highest
PER SHARE
Range for Previous
Year 1931.
Lowest
Highest
$ Per share $ Per share $ Per share $ per share $ per share $ per share Shares Indus. & Miscall. (Con.) Par $ per share $ per share $ per share $ Per share
4 May 26 1012 Jan 14
8 Sept 2412 Mar
No par
Briggs & Stratton
912
*9
93
17
93
4
319
9 12 *9
93
4 .9
4 .814 93 .
4
514 Mar
3 Dec
8
14Ju1y 1
118 Aug 10
Brockway Mot Truck No par
578 Jan 9
212 Oct 26 Feb
100
113 Apr 22
7% preferred
---- ---- ---- ---- ---- --- - ---- ---- ---- --------- ---- ---723 Dec 12938 Mar
8
7,200 Brooklyn Union Gas___No par 46 June 2 8912Mar 8
82
8314 8112 8112 8018 82
8112
81
79
76
77
76
323 Jan 4512 July
4
No par 23 July 9 36 Feb 15
300 Brown Shoe Co
3212
8
8 317 317
3
3 3212 3212 .32
.31
3712 32
32 .313 317
314 Aug 10
218 Dec 15 Feb
14July 8
Bruns-Balke-CollenCer_No par
4 27
s
27
8 *2
318 .23
.24 318 *2
*24 318 .218 3
8
112June 2
5 Jan 9
314 Dec 207 Feb
10
Co
700 Bucyrus-Erie
5
5
5
5
45
8 458
412 412
412 47
4 518
8 .43
43 Dec 347 Feb
8
8
818 Mar 7
10
212May 31
Preferred
4 2,500
6
6
6 18 618
612 65
8
6
63
4 63
612
63
4 73
4
75 Dec 114 Apr
100 35 June 16 75 Feb 4
7% preferred
10
80
*70
80
65 65
.56
80 .62
80 .65
80 .70
113 Dec
55 Feb
8
12 Apr 9
2 4 Jan 14
3
15
No par
8 4,600 Budd (HG) Mfg
17
113 112
158
13
4
13
4 13
4
113 13
4
153 134
%May 26
412 Jan 14
253 Dec 13 Feb
No par
214 212 2,800 Budd Wheel
214 214
214 23
3
212 212
212 212
212 213
314 Dec 1534 Jan
118 Apr 11
312 Jan 25
No par
Bulova Watch
312
*213 312 .212 311 *212 313 .212 313 .2
312 .2
218May 28
3 8 Dec 23 Feb
5
73 Aug 16
4
No par
8 1,800 Bullard Co ,
653 65
4
4
63
4 63
55
8 55
8
7
7
63
4 7
63
4 63
10
Oct 3214 Feb
614June 1 1313 Aug 21;
1228 1278 1213 1314 35,000 Burroughs Add Mach No par
113
8 107 12
3
107
8 11
10
97 10
8
4
153 Dec 31 Feb
8
No par
312June 23 211 Mar 9
4
77
8 83 11,500 Bush Terminal
714 8
77
8 812
813 9
612 6 8
5
612 714
Jan
19 Dec 104
100
714July 14 65 Mar 9
Debenture
780
26
297
8 29
297
8 2612 2712
1918 20
2014 23
2413 26
100 1214 July12 85 Jan 7 . 85 Dec 113 Mar
460 Bush Term Bldgs prcf
4912 4913
48
49
493 50
4
1338
43
41
45
46
47
114 Aug 2.5
1% Feb
1 May
4
12July 5
900 Butte & Superior Mining_ _10
118 114
118
118 114
*1
118 *1
118
118 118 .1
5
12 Apr 5
23 July
4
1 Dec
114 Jan 14
500 Butte Copper & Zi3..
114
114
118 118 31118 114
118
Ils
*118 114 .118 114
458Mar 7
3 Dec 2058 Feb
8June 10
13
No par
312 312
312 312 1.400 Butterick Co
338
3
314
.212 314 *23
314 37
4 314
4
19 Feb 19
107 Dec 693 Feb
8
7 May 16
No par
1512 15i2 1534 12378 1713 1814 165 17723 1718 18
8
163 183 40,400 Byers & Co(AM)
8
8
Oct 1067 Feb
3
68
Preferred
100 3514May 23 61 Mar 19
10
53
*52
•52
53
*52
53
53 53
53
1352
53 .52
8 Dec 53 Feb
114June 1 1253 Aug 25
1258 1218 1218 3.100 California Packing__-_No par
12
103
4 103 12
4
10
912 10
13912 10
13 Mar
8
1 Aug 12
18June 17
14 Oct
10
.12
38
12
1
4 1.500 Callahan Zinc-Lead
12
12
12
%
3
8
3
4
3
4
14
8
x21
Oct 433 Mar
Calumet & Arizona MInIng_20
412 Aug 8
3 Dec 113 Feb
8
112May 27
25
43
8 412 7,800 Calumet & Ilecia
33
4 412
4
43
8
3 4 34
3
3
414 412
.33
8 33
4
4
718 Jan 7
53 Dec 1658 Mar
212June 1
300 Campbell W & C FdyNo par
5
*4
5
314
5
5
5
*3
5
5
*3
5
1038 Dec 45 June
6 June 2 1412 Aug 16
1212 13
11,700 Canada Dry Ginger Ale No par
1318 123 133
8
4
1218 1253 123 133
8
4 1318 1418 13
17 Jan 25 Mar
1018June 2 20 Mar 21
No par
4 2,000 Cannon Mills
4
4
8 193 193
8 173 1712 173 1812 1812 193
8
8 19
197
•155 173
8
8 Aug 25
413 Dec 16 Feb
218 Apr 8
7
712 1,700 Capital Adminis el A_ _ _No par
68 7
*512 57
8
58 6
7
63
4 63
4
7 12 8
24 Dec 363 Feb
8
50 19 June 16 32 Aug 25
34
Preferred A
600
•19
30 •19
30
2912 32 .30
•19
30 .19
30
3314 Oct 13112 Feb
4June 9 6312 Aug 11
100 163
8
8
8 5714 6214 575 613 338.800 Case (J I) Co
4958 5314 523 573
4
3 5614 5913 5414 585
53 Sept 116 Mar
Preferred certificates100 30 May 17 75 Jan 12
220
*6712 73
73
70
7213 .665
8
677 .6512 6614 6614 72
8
.64
8June 2 15 Ja.218
1014 Dec 5212 Feb
43
11
113 28,900 Caterpillar Tractor_-__No par
4
12
11
9
53 10
93 11
8
1012 1112 1014 11
4 Feb
4 Feb 11
12 Dec
112 Jan 7
------ ------ ---- --- --- ---- ---_ ____ ------ ------ Cavanagh-Dobbs Inc_ _No par
8
53 Dec 26 Mar
8
7 8 Jan 12 22 Feb 11
5
100
Preferred
- - -- - - - ---- - -- --- - - -- ---- - -- -- -- Celanese Corp of Am__No par
-- --25 Dec 16 Feb
8
514 Aug 24
114June 21
5:600
5
47
8 5
4i8 112
.
i
48 7
-4
8
.
54 113
47
514
8
78 Aug 10
218 Dec 143 Mar
33 Jan 18
8
No par
500 Celotex Corp
212 212
214 214 *112 213
212 212
2 4 23
3
2 28s
4
23
34 Aug 11
13 Dec 133 Mar
8
4
214 Feb 29
Certificates
No par
500
*1
114
118 118
114 114
112 112
114 114 *113 114
738 Dec 373 Mar
4
712 Mar 15
13
4June 17
No par
Preferred
6
210
.5
6
6
6
6
57
8 6
53
4 5 4 *5
3
6
4
4
11 Dec 253 July
3
7 8June 2 193 Aug 1/
1 •183 1914 183 19
1,200 Central Aguirre AssoNo par
4
4
*1812 1933 183 183
4
4 183 183
4
4 183 18 4
4
212 Jan
8124 Sept
614 Jan 9
2 8Jtme 2
3
414 414
33
4 414
2,000 Century Ribbon Mills_No par
414
4
43
4
4
4
4
4
414
50 May 90 Sept
100 60 July 11 85 Jan 23
Preferred
190
*6012 69
61
61
61
603 6612 61
4
.6612 69 .6613 69
9 8 Sept 3018 Feb
7
312June 2 x15 Jan 14
3
1314 1218 13 8 1238 1314 1218 1314 30,500 Cerro de Pasco Copper_No par
11
113
4 12
107 11
8
21i Jan
714 Mar
1 May 26
33 Feb 17
3
400 Certain-Teed Products_No par
23
4 24
3
28 27
8 *23
4 3
.2 4 3
3
*23
4 27
8
23
4 24
3
11
Jan 35 Aug
,
8 May 24 1 358 Aug 23
100
7% preferred
181
.6
100
8 •612 1838 .8
1812
8 185 185
8
*612 185
.6
1833
8
2512 Dec 373 Feb
1118July 12 2812 Feb 19
No par
& Fuel
14
3,200 City Ice
4
14
1314 14
•1212 1314 12 8 1318 1238 1258 123 13
5
6312 Dec 90 Apr
100 50 July 8 68 Jan 5
Preferred
*54
20
58
*54
58
58
58
5712
.54
58
58
*58
59
3
2.500 Checker Cab Mfg Corp -___5 1612 Aug 19 197 Aug 23
1713 17323 19g 1812 181 *1812 195
1812 19
8
.167 1714 1714
8
137a Dec 5418 Feb
8June 28 205 Jan 14
47
8
8
17
183
8 183 195
8
8 175 1914 43,900 Chesapeake Corp ___No par
1712 187
1512 1618 1618 18
311 Oct 1518 Feb
84 Jan 22
1 May 2r
4
41
5,000 Chicago Pneumat Tool_No par
418 41
418 45
8 *4
43
23
44 412
413 423
8
63 Dec 35 Feb
3
714 2,500
213100e 17 117 Jan 22
773
734
Preferred
No par
74
3
712 8
73
4 8
78
*7
71
713
8 Sept 23 Jan
612July 15 14 Mar 12
No par
11
11
11
11
60 Chicago Yellow Cab
11
*1013 11
.1012 11
•10
12
*10
8 Dec 1234 Mar
9 Mar 28
10
5 June 10
77
3 77
100 Chickasha Cotton 011
.814 10
.812 10
.8
10
.714 77
10
•8
518 Dec 333 Feb
4
424
712 Jan 13
112June 23
No par
4
43
8 1.400 Childs Co
3
4
43
8
4
4
4
48 4 3
5
*33
4 4'2
113 Oct 253 Mar
4
4
5 June 2 18 Aug 25
1414 157 271,900 Chrysler Corp
No Par
4
s 14
147
143 15'4 1414 15'2 148 16
8
127 137
3
43 Feb
3
14 Dec
218 Jan 14
No par
14July 5
34
118
1
1
City Stores new
78
1
7
8
1
118 8,000
34
3
4
1
812 Dec 228 Mar
83 Jan 7
4
314 July 12
•614 8
No par
*814 8
Clark Equipment
8
*6
8
.614 8
*6
8
.6
15 Dec 3418 Feb
10 Apr 14 22 Mar 5
15
13
1412 15 .15
15 .14
600 Cluett Peabody & Co_No par
.12
14
13
1612 15
92 Dec 105 July
100 90 June 1 96 Feb 15
95
.90
96 .90
95 •90
10
Preferred
90 90
.90
96
•92
96
9712 Oct 170 Feb
7418July 11 120 Mar 8
9914 101
101 1024 9812 10118 12,400 Coca-Cola Co
No par
988 98
997
951
96
94
153 Dec 5312 June
8
8July 9 50 Mar 22
Class A
47 .4612 471 .4612 4712 4613 4712
300
46
No par 415
*4413 47
*4412 47
11 June 30 3112Mar 9
24 Dec 5012 Mar
1658 1614 177
3 17
177 47,600 Colgate-Palmolive-Peet No par
3
1434 14s 143 1518 147 1512 15
4
8
797 Dec 10418 Sept
8
825 8253 83
8
8212 83
835
8 1,200
0% preferred
100 65 June 1 95 Mar 11
814 813 82
4
81
*75
82
3264
734 8
7
4May 31 107 Mar 7
8
612 Dec 1712 June
7 3 6.100 Collins & Alkman
7
23
714 78
No par
712 8
7
7
8
1
68 Dee 95 Aug
943 .60
943 *80
Non-voting preferred_ _100 55 June 9 80 Mar 17
943 .
60
94 4
*6614 94
3 *6614 943 .60
712 June 1012 Nov
9 Jan 11 12 Aug 19
•9
15
*9
*9
*9
- -- -.... Colonial Beacon 011 Co_No par
119 - _
.9
1233 Jan 14
612 Dec 1912 June
10
913 TO%
912 --1118 9:200 Colorado Fuel & Ir tiew_No par
27
8July 1
10 -- 7
9% 1014
9
7i2 - 7
13612 _- 7
7
3314 3134 33
32
3558 32 4 3414 38.200 Columbian Carbon v t o No par 1311May31 417 Mar 9
8
32 Dec 1113 Feb
8
32
32
2912 293
4 29
1183 Dec 45% Mar
4 1618 il1s 1712 184 1612 18 219,500 Columbia Gas & Elee_No par
414June 2 1813 Aug 25
8
13
7 143
8 1414 l5a 155 165
7218 Dec 10912 Mar
2,200
Preferred series A
76
7612 7653 77
7712 7713 78
100 40 Apr 8 79 Jan 16
74
72
71
.6912 71
2363
4 7
gra 7
8 Sept 2314 Feb
613 711
612 6%
612 714
513 614 19,400 Commercial Credit----No par
3 8June 2 11 Mar 5
7
8
s 23
23
24
24
24
24 12
Class A
194 Dec 357 Feb
900
4July 19 2614 Mar 7
50 113
2212 22lz 2212 2212 2272 227
41612 18
3,1612 18
*1612 18
15
Oct 2412 July
1613 1612 18
18
220
Preferred B
4
25 1012June 14 203 Jifi 22
*1612 18
52 Dec 92 Sept
•70
73
73
73
70 70
200 6Si% first preferred_ -_100 40 June 7 73 Aug 25
70 70
70
6912 69'l 70
3
3
1523 Sept 34 Mar
3
223
4 213 22 4 7,800 Comm Invest Trust--_No par
2June 2 277 Mar 3
1958 20'4 20 8 2hz 2018 20 4 21
4
,
107
187 19
8
60 Dec 90 Jan
77
77
77
77
77
77
77
Cony preferred
1,000
No par 5512June 2 77 Mar 2
.744 75
75
7533 75
6 M % 1st preferred
98 •95
98
*95
98
•95 98
94 Dec 106 Aug
1195
98
98
3195
100 88 June 3 95 Mar 11
*96
97 10'4
1038
934 1014 92,500 Commercial Solvents _No par
9 4 1058 10
3
68 Dec 2113 Feb
958
9
10
312May 28 1033 Aug 24
9
414
4
4 14
414 136,200 Commonwlth & Sou-No par
4
418 414
4
3 Dec 12 Feb
4 418
Panne 2
33
7
48 Jan 14
34 3
3
65
6614 2,300
gg
6712 65
$g preferred series___No par 273
65
67
63
46 Dec 100% Mar
593 60
4
8June 2 6812 Mar 11
5714 571
91
*9
11
.9
10
*9
10
Conde Nast Publica'ns_No par
.8
10 Dec 3414 Feb
*612 91
5 May 25 10 Jan 6
*614 91
8
103 1114 105 103
8
8
4 7,500 Congoleum-Nairn Ine_No par
4
67 Jan 143 Aug
2
3
131014 104 10 4 104 1012 1112 107 11
612June 2 1112 Aug 17
9% 912
300 Congress Cigar
934 934
*93 1012
4
914 Aug 16
68 Dec 3034 Mar
912 912 .913 10
No par
4 May 28
*9 4 111
5
*g
1112
500 consolidated Cigar_ _ _No par
*9 1034 10 10
4
10
3
010
9
20 Sept 373 June
11
4
1310
43 Aug 13 2413 Jan 8
12
49 .42
49
50 .42
110
Prior preferred
5018 501 •39
42 Dec 73 Mar
50
50
50
100 17 June 2 60 Mar 7
50
8
55 Jan 11
314 314
312 312 *33
8 34
800 Consol Film Indus
4June 15 Feb
314 324
33
318 323
No par
1 June 1
*318 312
613 63
4 4,500
612 7
Preferred
7 4 Oct 188 Feb
3
614 612
612 64
23
612
6'4
No par
4June 14 11114 Mar 7
6
*6
2
8 603 6214 5912 6212 177,300 Consol Gas(NY)
604 6134 594 613
607
5812 583
8 58
5714 Dec 1095 Mar
No par 3112June 2 683 Mar 8
4
95
95
95
9418 954 2.400
Preferred
88 Dec z107 July
95
9412 95
No par
7212June 2 9518 Aug 26
•93
95
9412 95
812 Dec 157 Mar
3
52
8 52
8
534 658
613 67
2
614 612
612 64
5% 633 7,800 Consol Laundry Corp No par
484 Aug 13 10% Jan 13
77
4
813 812 66,300 Consol Oil Corp
418 Dec 158 Feb
83
8 83
814 883
8
53
4 June 1
9 Aug 11
8'8
8
No par
75* 8
200
8% preferred
64 Dec 103 Mar
100 79 Feb 6 1004 Aug 24
*97 1001 *97 1001 1397 10014 10014 10014 .100 102 .100 102
134 Mar
1
118 50.200 Consolidated Textile-No par
14 Jan
118
th
14 Aug 25
3
4
%mar 22
5
8
3
4
%
5
8
5
8
33 • 3
600 Container Corp A vot- _No par
812 Jan
7 Dec
8
212 .214 212
s 2
*2
2% Feb 19
17
*13
8 15
113 13
8
1% 15
8
38June 18
*7
8 1
3 Jan
3,000
Class B voting
14 Dec
118 Jan 18
14May 4
3
4
3
4 1
No par
3
4
3
4
•523
.%
3
*5
8
1
714
758 7,100 Continental Bak class A No par
78
67
2 712
7
413 Dec 30 Feb
672 714
2 8May 31
7
733 Aug 223
618 673
614 6'4
12 Dec
33 Feb
8
114 8.900
114
Class B
1 1 2 Aug 24
113 114
118
114
118
12 Apr 7
1
1
1
No par
1
11
4412 4412 2,500
40 Sept 7712 Feb
Preferred
44
4
4012 4112 4212 43
40
40
40
40
442
100 247
8June 2 473 Mar 5
8
3014 Dec 62% Mar
2984 294 3114 313 323
353
4 3212 347 32.900 Continental Can Ine._No par 175
8June 27 41 Mar 8
8
4 33
29
4
4 313 323
312 Dec 168 Feb
4
53 Aug 25
4
512 53
512 512 1,400 cont'l Diamond Fibre_.No par
.413 5
5
5
5
514
514 514
3 Apr 6
23
20
22
11,400 Continental Insurance
2222 22
8
1818 Dec 517 Feb
8 21
4May 25 2514 Aug 23
2212 233
63
18% 22
10
1812 19
411 Feb
4 5.100 Continental Motors___No par
1 Dec
153 13
5813.1ay 27
14 Aug 24
4
1% 14
113 123
113 13
4
1% 13
4
113 13
71
75
8
64,500 Continental Oil
5 June 12 Feb
8 Aug 2
,
8
5
3 8June 2
5
6% 7
714 7 8
No pa
6% 713
3
74 7 4
___
_ _ „ __ _
_. ___
------ Continental Shares_ _ _ _No par
14 Dec 12 Feb
84 Jan 13
'*June 15
8
36% Oct865 Feb
4518 4538 4514 1112 4718 483
7
- 4 4i -49% 4713 49% 36.500 Corn Products Refining___25 2484July 6 4312 Mar 23
413 43
4
Preferred
•125 127 .125 127 11125 127 11125 128 .125 128 .125 128
100 9912June 2 12912 Jan 11 118 1)ec 15212 Apr
37
43
4
8
112May 31
47 Aug 23
8
21 Dec 18 Feb
412 45
8
45* 47 16,900 Coty Inc
37
2 3
7
44 45
8
413 47
No par
2.900 Cream of Wheat
1312June 27 23 Mar 9
20 Sept 3412 Mar
1814 1814 19
19
1914 193 194 193 20
8
4
No par
183 1914 10
4
1958 Apr
26
9.400 Crex Carpet
1014 Nov
213 23
4
2012 22
2212 2512 244 263
8 25
4 2514 263
100 1014 Jan 5 264 Aug 24
7,300 Crosley Radio Corp---No par
5
214May 3
218 Dec
83 Feb
4
63 Aug 22
8
*5
114 424
4% 63
2
5 2 63
7
514 57
8
47
e 512
4
x77
8May 31 157 Mar 5
133 Dec 3814 Feb
1212 1212 1.500 Crown Cork & Seal____No par
2
1218 1212 13
13
13
13
1212 1212 1212 13
118 Dec
672 Jan
234 Aug 26
4 1,500 Crown Zellerbach
12June 9
212 23
No par
.13
4 2
.13
4 2
2
•13
4 2
218
212 212
1.200 Crucible Steel of Amerlea_100
20 Dec 63 Feb
20
6 May 31 2314 Jan 14
.13
18 .15
23
019
22
18
1814 177 17% 18
k
Jan
450
Preferred
3672 Dec 106
2812 2913 30
100 15 June 29 497 Jan 14
33
3718 3812 40
.2718 30
3414 35
35
578 Jan
12JA ne 16
8 u pr 9
114 114
138 2
282 Aug
11
2
No pa11Dec
*114 1%
23
214 212 .214 212 2,20 Cuba Co
Cuba Cane Producta_ No par
14 Dec
2 3 Jan
3
A ag 2b
Jun 1
8
224 212
%May 25
3 Aug 25
6.000 Cuban-American Sugar__ _ _10
1 Dec
5 4 Mar
27
3 3
*2
214
2
4 212
212 25
212 3
340
Preferred
312May 28 24 Aug 25
6 Dec 35 Jan
20
22
20
20
22
20
21
10
20
22
233 24
4
*15
112 Jan
14 July
50 20 May 26 3513 Mar 9 329 Oct 487 Mar
8
8
3412 343 343 .33141,000 Cudahy Packing
.32
34
3
4
34
34
34
3
4
8.200 Curtis Publishing Co _No par
7 June 29 31 Jan 15
20 Dec 100 Feb
1614 1612 1714 1714 1818 173 1853 173 18
4
4
*143 1513 15
4
47 June 1 86 Jan 14
70 Dec 11858 Mar
Preferred
No pa
71
71
73 .72
70
75
7212 73 .72323 7212 1.00
80
*67
5 8 Feb
7
24 Feb 2
1 Dec
218 67.000 Curtiss-Wright
2
%May 5
213 233
24 23*
24
214
No par
24
2
2
2
812 Mar
372 Aug 23
35
15,800
Class A
113 Mar 28
153 Dec
353 333
4
100
34
3
312 33
4
358 37
8
333 33
312 35
Jan
900 Cutler-Hammer Mfg_ _ _No par
312May 28 10 Jan 21
7 Dec 41
9
9
.8
9
9
94 918 *8
9
8
*73
4 8
314 Dec 23 Feb
8.500 Davison Chemical
1 May 28
533 Jan 25
54 51
No par
4 8 55*
7
114 114
413 43
8
413 41
4
4
47
8
Debenham Securities--5 Srh
1 June 30
13
4May 25
181 Sept 1212 Jan
3
•13
4 3
•15
8 3
.18
.153 3
*15
3 3
•15
8 3
6'4June29 1514 Jan 15
135 Dec 22 Jan
8
11
1118 1112 1178 11% 12
3.500 Deere & Co prat
20
1112 11 1
*1014 11
*1014 11
4,500 Detroit Edison
100 54 July 8 122 Jan 14 11014 Dec 195 Feb
891
*83
84l2 8414 8612 8513 88
88
8914 89
90 4 89
3
812 Dec 194 Feb
12
100 Devoe & Reynolds A__No par
12
•12
15
12
15 .12
•12
7 May 26 1314 Feb 24
15
12
.9
•10
103 Dec 23 Mar
8
8 3,000 Diamond Match
No par 12 Apr 9 1778 Aug 25
8
3 174 1713 1714 1712 173 17% 173 177
8
•163 17
4
163 173
4
*243 26
1912 Dec 2812 Aug
300
Preferred
3
25 2012May 13 2412 Mar 18
*2412 20
•233 2412 *2313 2412 24 3 2412 .2413 28
4
• Bid and asked prices no sales on his day. z Ex-dividend.
ar FOR SALES DURING THE
New York Stock Record-Continued-Page 4
-PER SHARE, NOT PER CENT.
HIGH AND LOIVISALE PRICES
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Tuesday
1Vednesday
Monday
Thursday
Friday
Saturday
Aug. 24.
Aug. 25.
Aug. 23.
Aug. 22.
Aug. 26.
Au/. 2P
g per hare I per share $ per share $ Per share $ Per share $ Per share Shares Indus. & Miscall. (Con.) Par
3 1038 1012 1012 1012 103
8
4 1012 108 103 1038 1012 1038 4,100 Dome Mines Ltd
No par
17
1712 17% 1718 17
173
4 1612 173
157 1612 1612 17
5,500 Dominion Stores
No par
84 9
84 83
4
87
8 9
812 812
814 814
9
9
1,900 Douglas Aircraft Co Inc No par
7 4314 4412 4712 4514 47
1 47
453 4712 45
4
4014 4114 41
53,000 Drug Inc
No par
4 23
8 •13
4 212 *2
*13
2
2
,4 2
13
212 *2
212
200 Dunhill International .No par
8
•97 197 *1014 197 *1014 197 *1014 197 *11
8
*97 197
8
15
Duplan Silk
No par
3 9612 *95% 10712 *957 08
95
*9514 98
8
98
'95
98
98
30 Duquesne Light 1st prof.. _100
*114
,.;
3
314 *23
4 33
4
3% 33
*34 312
No par
500 Eastern Rolling Mill
34 34
553 62
5512 5312 55
5414 54
5614 6012 38,900 Eastman Kodak Co
4914 5112 51
No par
__ .11112 - __ •112
•11112
__ •112 - __ •
112
_ _ _ -_ _
6% cum preferred
100
73
612 - 8
73
7 _7%
712
73 _8
712
7
7 12
7
- 8 9.100 Eaton Mfg Co
73
No par
8
335 343
39
38,
8
4 387 407 z3812 403
4118 385 4114 238,560 El du Pont de Nemours_ __20
34
10518 10518 103 103
.9912 1034 *9914 117 .100 110 *100 110
200
6% non-voting deb
100
4
3
4
8
4
4
%
54
%
7
8
3
4
7
8 3.600 Eitingon Schild
No par
10
*514 8
*5
9l8
.514 712 *5
8
8 *6
100
64i% preferred
1712 1918 1914 203
19% 20
2014 2178 193 213 105,400 Electric Autolite
161 17
4
4
No par
85
85 85
*72
87
85
87
.72
*87
96 .75
96
20
Preferred
100
•114
112 *114
112
112 112 *I%
112
114
112 *114
112
500 Eleetrlc Boat
No par
27
27
318
s 314
27
23
3
4 3
23
4 3
2%
Vs 30,400 Elec & NI us Ind Am shares-1114 11
10
1134 103 113
8
8 105 113
914 10
8
4
97 11 127.000 Electric Power & Light No par
8 5112 55
8
52
45 _ 46% 477 493
553
8 433 52
4
4112 46
8,500
Preferred
No par
4014 4014 43
47
457 48
8
453 49
4
3012 43
37
38
6,400
36 preferred
No par
2812 2918 28
2812 28
2812 3,300 Elec Storage Battery .No par
2733 2712 2712 28
2812 28
.14
3
8
14
*14
14
0
4
3
8
3
8
*la
200 Elk Horn Coal Corp .No par
3
8
*14
3
8
Emerson-Brant Cl A.
..No par
-- ___
---- - - ---- ---- ---- ---- ---- ---- ---- -----32
32
32
32
327
8 32
.30 - 32
*29 33
*32 -3
212
900 Endicott-Johnson Corp__50
.10112
__ *10112
- *10112 _
•1011
__ •10112
-•
100
10112
Preferred
4--2
12 1- *1212 1334 1218 1218 1233 - 1258 1112 1- .11
212
1214
800 Engineers Public Serv_No par
40
40
40
413 43
4
*39
44
43
*45
50
.43
50
No par
700
$5 preferred
44
*41
44
45
*39
45
46
46
*44
60
*46
200
85A preferred _...No par
GO
•I6
1012 1612 17
1612 .16
17
17
*17
1712 *1714 173
4
300 Equitable Office 131dg_No par
*4
412 *43
4 5
5
5
*47
8 5
*412 5
438 453
400 Eureka Vacuum .Clean.No par
•112 2
*13
4 2
13
4 2
*112 17
8
11
4
13
4
500 Evans Auto Loading
13
4
13
4
-- 5
103 .10
*10
103 *10
4
103
4 10
10
*10
103 *10
4
20 Exchange Buffet Corp_No par
103
4
*12 1
•12
1
•12 1
*12 1
*12
1
•12 1
Fairbanks Co
25
•112 514 *112 514 *112 514 .112 514 •3
514 *3
100
Preferred
514
*4
6
57
*5
6
514 514 *54 6
6
*512 53
4
300 Faabanks Morse
No par
*2212 30
*2212 30
2212 2212 *24
30
*24
30
23
24
80
100
Preferred
.
7
8
1
114
1
*1
114 *1
114 *1
114
1
400 Fashion Park Assoc_ _ _ _No par
1
.1412 1512 *15
16
1514 16
.1412 16
1512 16
*15
17
15
500 Federal Light & Trite
*54
•48
58
58
56
56
5612 58
57
57
*57
66
90
Preferred
No par
*214 212 *214 212
2 4 23
3
4 *212 27
8
25
8 25
8 •212 27
500 Federal Motor Truck_ No par
23
212 *2
•2
*2
212 *2
238
134 214
1% 218
900 Federa. Screw Works No par
64
6% 714
6
4
5 4 53
3
612 67
8
612 675
614 65 10,100 Federal NS ater Serv A_ _No par
8
1212 13
1238 125
11
11
11
11
8 1212 1412 *1212 1414
1,703 Federated Dept Stores_No par
217
8 2112 2234 2012 2212 2138 22
19
1818 19
203 22
8
11,800 Fidel Phen Fire Ins N Y_ _ _ _10
*612 8
8
*6
*6
.612 8
8
.714 8
*714 8
No par
Fifth Ave Bus
*812 1612 *812 1612 *812 1612 *812 1612 *12
1612 *12
No par
Filene's Sons
1612
•75
85 .7712 85
*7712 85
85
*75
*7712 85
*7712 85
100
Preferred
4
4 1314 14
123 123
1318 137
8 14
•1212 13
1512 14% 1512 4,400 Flrestone Tire & Rubber_..10
*67
5718 5718 574 5813 59
60
60
*61
65,
8 62
02
1,500
100
Preferred
7
4912 504 50
5112 49
5014 50
50,
4 50
5112 50
5112 13,000 First National Stores__No par
14
3
8
3
8
3
8
%
3
3
3
3
3
3
3
8
12
3
3
No par
12 11.000 Fisk Rubber
1
I
•1
114
114 *1
1
1
1
1
100
2,440
1st preferred
%
1
*1 18 2
.118 2
.1 18 2
*118 2
*118 2
118 14
100
50
1st prof convertible
*612
__ .712
__ •714
__
*714
73
- _ •718 ___
734
100 Florsheim Shoe class A_No par
*6412 -80
80
*6412 i0
*6412 *6412 -80 .6412 80
100
*6412 80
6% Preferred
412 412
43
4 6
514 5 8
53
4 57
5
o
512 512 *514
512 2,300 Fohansbee Bros__ _ No par
97 10
104 1112 1214 1312 123 13
s
1218 13% 1138 1212 18,200 Foster-Wheeler
No par
7
434 434
4
54
53
8 53e *412 5
*43
4 5
No par
5
63
8 2,500 Foundation Co
19
198 20
19
20
203
8 2014 2012 204 207
1
2018 2038 3,000 Fourth Nat Invest w w
414 438
412 43
4
43
4 47
412 47
No par
5
48 514
512 37,700 Fox Film class A
21
21
2 5 22
08
223 2314 2212 24
3
No par
243 253
s
4 2412 254 38,300 Freeport Texas Co
1
1
*1
13
8
114
14
1
114
112
112 *112 15
8
800 Gabriel Co (The) cl A_ _No par
•I2
13
*12
13,, 12
12
•12
13
*12
13
*12
No par
10 Gamewell Co
13
---- ---- ---- ---- ---- - -- --- . _ ____
5
Gardner Motor
37
37
37
8 37
8
4
412
414 33
412
334 - .
412
3 4 7:000 Gen Amer Investors___No par
3*432
68
68
68
68 68
68
68 .62
100
74
500
.55
Preferred
68
1614 1612 1612 175
8 1712 1812 1712 177
177 19
1712 1812 43,700 Gen Amer Tank Car__ _No par
1014 1012 1012 113
97 1112 1014 11
8 1033 12
1014 113 21.000 General Asphalt
No par
8
15
15
15
1514
157 163
4 1614 17
1618 173
4 143 1614 12,400 General Baking
4
5
*103 104
103 103
104 104 *103 104
103 103 *1023 104
4
No par
$8 preferred
90
318 33
8
314 4
418 43
4
4
5
412 5
414 5
No par
14,500 General Bronze
*218 214
37
24 214
214 214
212 4
4
4
414 2,400 General Cable
No par
*43
8 5
43
4 5
514 0
612 8
*712 8
*712 8
Class A
No par
1,600
16
18
18
2012 1812 2012 187 20 8 203 23
8
3
8
217o 2312
100
620
7% cum preferred
*3214 34
3314 34
*3214 34
3314 3312 33
33
33
No par
900 General Cigar Inc
333
4
173 183
4
8 18
19 8 1912 2014 1918 2014 194 2014
5
1853 20 341.500 General Electric
No par
•11
11 18 .11
11 18 11
1114 *11
11 18 11
1118 111s 1118 3,800
10
Special
2738 28
2833 293
8 2918 30
2918 304 30
307
2933 305 33,400 General FOods
No par
8
15
8 13
4
133 214
1% 214
2
214
2
24
30,000 Gen'l Gas & Elec A__ No par
2
2
•10
13
13
13
13
1714 18
2
04 187 1873 •
15
18
2,700
Conv pref series A_ _.No par
*2012 22
217 217
5
2 22
22
.2134 2212 2278 23 .223
4
500 Gen Rat Ed.son Elee Corp.__ _
4012 41
413 427
4
434 443
8 427 44
8
4 447 4512 4414 _- -1- 10,200 General Mills
44 2
No par
*9112 933 .89
4
93 4 *9012 933
3
4 91
91
*91
94
*91
94
100
100
Preferred
1312 137
8 14
154 15
153
4 147 164 1512 1612 15
8
163s 436,000 General Nf otors Corp
10
*7712 79'2 79
7914 784 793
4 7814 804 793 8112 81
4
81
2,600
$5 preferred
No par
6
*5,
*5
6
518
•5 ii111 A.
6
Sls
512 512
514 514
460 Gen Outdoor Ads A_ _.No par
•3 98 315 *3
318 *3
3 5 *3
,
318 *3
318 .3
318
Common
No par
77
77
77
77
8 ; 8
*7
77
77
8
77
*7
150 General Printing Ink .No par
73
4
*4754 '__,, *48
.48
60 .473 4
*4734 60
*473 60
4
No par
$6 preferred
414 _-- 8
454% 4%
4% - -7
4; 412 514
412 433 7.100 Gen Public Service
No par
8 1012 173
8 1714 1712 16
1712 173 1912 18
157 157
1812 6,700 Gen Railway Signal
No par
*6812 77
77
*7014 77 .67
.67
77
*67
77
*67
77
6% preferred
100
114
13
114
1 18
14 14
Ds
114
113 114
118
11
4,300 Gen Realty & Utilitles_No par
19
*10
*10
19
*8
17
*8
19
10
10 .10
15
200
56 preferred
No par
93
5 11
11
93
4 1012 1012 10
11
1012 1012 1012 11
1,500 General Refractories_ _ _No par
_ .25
_ .26
60
•26
- .25
_ *25
__
Gen Steel Castings prof No par
2118 2015 -- 20
2112 20 - 8 20 - -14 20% - - 66,800
19% 1912 .25-- 205
21
211;
Gillette Safety Razor_ _No par
69
7212 *6712 70
•675 70
8
66
*69
66
70
69
69
1,700
Cony preferred
.No par
8
25
8 23
8 25
23
8 25
*212 258 *23
8
212 23
4
23
4 23
4 2,300 Gimbel Brothers
No par
4
*123 1412 *1114 1412 1412 1412 15
•1114 15
1518 1412 1412
500
Preferred
100
88
4 63
4
67
8 7
64 63
7
74
718
738
7
714 4,700 Glidden Co
No par
.61
65
65
65
63
65
6312 65
65
65
67
68
220
Prior preferred
100
vs
53,
812 55
8
5 4 53
,
4
53
4 612
612 714
73 21,100 Gobel (Adolf)
63
4
No par
4
8 1633 1753 173 187s 184 194 183 195o 173 1918 56,300 Gold Dust Corps
16% 165
4
4
No par
Ic
.
91
_ --, .61
..
•91
-___ *91
99 .91
99
*91
99
$6 cony preferred._ _ _No par
71
95
733 77
718 8
718
612 614
.6
93 34.000 Goodrich Co (B F)_ _ _ _No par
814
25
25
8
4 255 26
233
25
2312 22
26
020
2612 27
2,000
Preferred_
100
18
s 197 21
4
1838 197
184 18
1812 203
19
8
19% 2112 36,300 Goodyear Tire & Rubb_No par
5834 5912 573 59
5714 58
12 5312 53
5612 59
55,2
4
52
1st preferred,
5,600
No par
2312 2612 272
274 27
25
26
24
s 2434 273 39,900 Gotham Silk Hose
2414 26
4
No par
*65
80 .65
80
*70
75
85
*65
85 .65
.65
75
Preferred
100
5
8
58
12
.
1
5s
5
8
12
2 ---- ---- -,...- - _ _
700 Gould Coupler A
No par
14 35
27
2
% 31-t
3
%
25
;
314
333
3
3
2% 3
90,600 Graham-Paige Motors_No par
74 753
7% 8%
612 7%
8
614 63
712 8
6 4 614
,
8,900 Granby Cons NI Sm & Pr_ _100
- ---- ---- ---- ---- ---- ---- ---- - _
Grand Silver Stores__ No par
.
"...u .;;
8
87
8 018
,-:.
8% 93
8t2 ;is lu- m., Grand Union Co
,
82 9
11
--ii -- - --- -- -53 3314 3312
8
8 8
No par
3312 3438 343 35
8
3234 3278
34
325 33
8
35
3.200
Preferred_
No par
16
4
.1412 16
4
*133 1412 *133 1412 *133 1412 1412 1412 *14
4
100 Granite City Steel
No par
21 12 221 1
217
8 2012 21
22
1912 193
4 21
4 1912 203
2212 4,900 Grant (W T)
No par
4 *914
933
9 2 11 12 10
,
.814 812
814 812
812 93
11
7.200 Gt Nor Iron Ore Prop_ _No par
1058 10% 1014 11
10
103 II% 11 12 113 16.300 Great Western Sugar_No par
4
1038 1018 11
4
83
8212 8212 8212 83
82
82
78
78
82
7811 80
290
Preferred
100
15
2
2 15
1ot 2
2
1%
158
112
8
1,2 15
215 37,800 Grigsby-Grunow
NO par
58
"8
%
*3
8
%
5
8
5
8
53
5
8
*3
3
"8
5
8
1,000 Guantanamo Sugar_ _ _No par
.
4
912 93
978
*618 73
4
734 918
9 2 10
5
912
9
1112 5,400 Gulf States Steel
No par
30
*1812 26
*20 . __ •181
26
25
*20
*1812 26
_
90
Preferred
100
20 8 .20
3
197 19% 20
8
8
2038 •193 2 3
4
20 .193 207 *20
4 - 8
2- 6
200 Hackensack Water
25
25 .25
*25
2514 2514 2514 *25
2533 2514 2514
2514 25
60
7% preferred class A
25
3
214
23
8 253
24 2 8
214
218 212
218 214
212 233 12,500 Hahn Dept Stores
No par
8
•17
185 1858 1912 24
181:, 1833 185 •18
24
197
5
8
2412 1,000
Preferred
100
57
.4
6
6
*4
5
5
5
6
6
*53
800 Hall Printing
612
10
•P
• 111,1 and asked prlees: no sales on this day.
7
1453
WEEK OF STOCKS NOT RECORDED'IN THIS LIST, SEE FOURTH PAGE PRECEDING.
Ex-dIvIdend. ti Ex-rights.
PER SHARE
Range for Year 1932
On basis of 100
-share lots.
Lowest
$ per share
712 Jan 4
1114June 2
5 June 2
23 May 31
34July 25
512June 1
87 May 31
1 June 1
3514 July8
99 Jan 22
3 June 27
22 July 19
42une 2
803
18June 17
214Nlay 9
812June 1
61 June 1
%Juice 22
%June 30
23
4July 1
104 July 9
87s July 8
125
8June 2
ls Jan 13
16 July 7
98 May 31
4 June 2
16 July 6
18 July 7
12 June 27
2 June 9
12May 26
4
93 Jan 30
1 June 30
23 July 22
4
15 July 26
12June 13
918 Apr 20
30 June 16
112May 26
12May 25
3 May 31
612June 17
6 May 28
4June 2
53
7 Star 31
75 June 24
1012June 14
45 July 7
35 July 8
Is Feb 1
14 Feb 2
14 Feb 3
414 Apr 29
63 July 19
2 June 2
3 May 25
1 July 5
1014Ju1ie 1
1 July 8
10 May 31
14June 11
4May 31
53
12June 9
26 June 9
912June 27
4June 8
43
1012June 2
90 June 2
12June 2
14Nlay 31
112NIay 14
4June 1
33
20 June 1
812May 31
5July 1
105
8May 31
195
3
8July 14
3 June 28
1818 Apr 29
28 Stay 28
76 July 15
75
8June 30
5614 July9
4 June 28
23 July 15
4
2'z July 1
2712June 27
1 May 4
O's July11
65 July 30
14May 19
5 June 10
13
4June 29
8 Mar 28
103 Jan 5
8
45 June 28
7
8June 24
8 May 31
318June 3
35 Apr 28
25
8May 14
814May 31
70 July 1
214May 28
7 May 31
512May 31
r193
4June 1
714 Jan 5
5014 Jan 11
14 Aug 9
1 May 27
23
8June 14
I8June 17
312June 1
22 June 1
63
4June 1
14125fay 28
5 June 23
314 Apr 5
48 June 1
12 Apr 13
Is Mar 7
212June 8
12 July 23
15 Stay 27
19 May 27
3
8July 11
74 July 5
312July 19
Highest
PER SHARE
Range for PreriouS
Year 1931.
Lowest
Highest
$ Per share $ per share $ per share
1138 Mar 5
658 Oct z1312 Mar
18 Star 5
11
Oct 24 Apr
137 Feb 1
8
77 Dec 2114 June
8
57 Feb 13
423 Oct 784 Mar
4
2 Aug 11
112 Dec
814 Mar
1018 Jan 23
10 Sept 144 Feb
98 Aug 20
924 Dec 10712 Aug
514 Mar 5
212 Dec 1314 Mar
4
873 Jan 14
77 Dec 1854 Feb
11912 Feb 18 103 Dec 135 Sept
8 Fen 19
538 Dec 217 Mar
8
5934 Feb 19
50 Dec 107 Mar
94 Dec 1243 Aug
10518 Aug 25
4
114 Jan 6
12 Dec 1118 Feb
1212 Jan 6
712 Dec 69 Feb
3234 Mar 7
20
Oct 743 Star
8
94 Dec 110
10014 Feb 16
Jan
212 Jan 6
412 July
3 Dec
4
4 Jan 8
212 Sept
9 8 July
7
1538 NIar 9
9 Dec 604 Feb
64 Jan 14
41 Dec 10818 Mar
32 Dec 9814 Mar
5512 Jan 14
3314 Mar 7
23 Dec 66 Star
14 Jan 13
114 Feb
13 Dec
4
23 Mar
14 Dec
3618 Feb 15
2312 Dec 453 Sept
10714 NIar 17 z983 Dec 115 Aug
8
15 Dec 49 Mar
25 Feb 16
51 Feb 23
42 Dec 87
Jan
42 Dec 91 Star
57 Star 16
19 Jan 4
1818 Oct 353 Jan
8
714 Mar 29
314 Dec 1214 Mar
214 Mar 5
85 Feb
8
1 Dec
113 Jan 11
4
10 Dec 25
Jan
12 Sept
3 Mar
4 Aug 11
2 Dec 13 June
6 Aug 11
312 Dec 293 Mar
8
4
473 Mar 8
40 Dec 1097 Feb
8
13 Jan 25
4
1 Dec
612 Feb
22 Jan 25 z1512 Dec 497 Feb
64 Mar 11
48 Dec 92 Mar
35 Feb 6
8
24 Dec
733 Feb
23 Aug 12
8
118 Dec 1512 Feb
10% Mar 16
3 Dec 30 Jan
1412 Aug 23
1012 Dec 2718 Aug
274 Jan 15
20 Dec 5614 Feb
812Mar 8
518 Oct
9 Feb
8 May 19
1514 Oct 24 Aug
94 Jan 18
8514 Feb 104 May
1512 Aug 25
127 Dec 20 June
8
02 Aug 26
4938 Dec 6618 June
53 Afar 7
41
Jan 63 Aug
12 Aug 9
4 Sent
7 Feb
8
2 Aug 9
12 Sept
3 Feb
112 Apr 13
% Sept
312 Mar
10 Feb 20
7% 1503 3512 Jan
8212 Apr 14
80 Dec 10212 Star
7125tar 7
4 Dec 194 Feb
1312 Aug 23
8 Dec 6412 Feb
638 Aug 2(1
212 Dec 1612 Mar
2112Mar 9 z155 Dec 3212 Feb
8
512 Aug 26
212 Dec 333 Feb
8
253 Aug 25
4
1314 Oct 4314 Star
17 Jan 4
s
1
Dec
63 Feb
8
17 Jan 11
15 Dec 60 Feb
3 Oct
8
23 Mar
8
412 Aug 23
24 Dec
77 Mar
8
68 Aug 22
45 Dec 88 Mar
353 Mar 8
4
28 Dec 7318 Feb
95 Sept 47 Star
1512 Jan 15
195 Mar 4
8
912 Dec 2533 Apr
4
95 Dec 114 Mar
1053 Mar 11
5 Aug 24
14 Dec
912 Feb
112 Dec 13 Feb
414 Aug 26
212 Dec 2512 Feb
8 Aug 24
2312 Aug 20
1112 Dec 65
Jan
383 Mar 10
8
25
Oct 4812 Feb
2618 Jan 14 z227 Dec 543 Feb
8
4
1114 Jan 14
107 Dec 1218 Jan
8
4012 NIar 9
2814 Dec 56 Apr
114 Dec
24 Feb 17
812 Feb
143 Dec 763 Mar
243 Jan 14
4
4
4
25 Mar 11
4
2033 Dec 353 Mar
4512 Aug 25
2918 Dec 50 Mar
9314 Aug 12
85 Dec 10014 Sept
2138 Dec 48 Mar
245 Jan 14
8
8714 Mar 12
793 Dec 10338 July
54 Oct 28 Jan
9 Feb 13
4 Jan 5
314 Oct 1014 Feb
14 Jan 28
1014 Oct 31 Mar
4312 Sept 76
Jan
60 Feb 18
514 Aug 25
228 Dec 23 Feb
285 Jan 14
8
21 Dec 8418 Mar
81 Dec 114 Mar
90 Jan 13
4
5 Dec
13 Aug 11
8
912 Mar
1612 Feb 19
135 Dec 7418 Mar
8
4
12 Dec 573 Feb
143 Jan 9
8
14 Dec 65 Apr
20 Aug 10
914 Oct 383
2414 Mar 3
4May
7212 Aug 22
45 Dec 767 Stay
8
3 Aug 15
13 Dec
4
77 Feb
8
2618 Dec 52 July
31 Jan 13
412 Oct 1618 Feb
73 Aug 26
8
68 Aug 20
40 Dec 82 Aug
35 Oct
73 Aug 25
97 Mar
8Nfar 9
1412 Dec 4215 Star
195
95 Feb 6
85 Dec 117'2 May
33 Dec 207 Feb
93 Aug 25
27 Aug 2r
10 Dec 63 Feb
2112 Aug 2'
133 Dec 5212 Feb
4
61 Afar 10
35 Dec 91 Feb
2412 Aug 24
4
33 Sept 133 Apr
4
6512 Mar 1
Jan 72 Apr
50
1 Jan 11
63 Feb
8
3 Dec
4
45 Jan 12
612 Stay
17 Sept
S38 Aug 25
514 Dec 2233 Feb
112 Dec 2512 Mar
3 Jan 22
8
9 4NIar 4
3
7 Oct 187 Mar
21 Dec 46 May
3514 Mar 7
1412 Aug 21
113 Dec 294 Feb
4
2412 Dec 42 Aug
30 4 Star 8
,
1314 Jan 14
10 Dec 2312 Apr
8
1134 Aug 25
4
53 Oct 117 Jan
73 Dec 9612 Jan
83 Aug 24
Dec
634 Mar
1
218 Aug 25
112 Jan
18 Dec
%July 12
4 Dec 3712 Feb
1112 Aug 26
15 Dec 80 Mar
30 Aug 21
22 Dec 3012 Mar
23 Jan 12
2614 Sept 30
Apr
28 Apr 26
93 Mar
4
1 14 Dec
318 Aug 11
14 Dec 637 NIar
2112 Aug 20
11 Sept 193 Mar
1118 Jan 7
8
New York Stock Record-Continued-Page 5
1454
FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Aug. 20.
Monday
Aug. 22.
Tuesday
Aug. 23.
Wednesday
Aug. 24.
Thursday
Aug. 25.
Friday
Aug. 26.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1932
-share lots.
On basis of 100
Lowest
$ per share $ per share $ per share Shares Indus. & Mlscell. (Con.) Par $ per share
Hamilton Watch prof
*20
40
100 30 Mar 7
•20
40
*20
40
20 Hanna prof new
*55
58
60
*58
No par 33 May 28
60
60
1512 16
7 May 26
153
4 1312 1312 1,600 Harbison-Walk Refrac_No par
*14
12 84 1,600 Hartman Corp class B_No par
14June 22
"4 1
*7 1
8
Class A
%June 27
*112 3
4 *112 23
*112 23
No par
4
*54 614 *512 614 *512 614
Hawaiian Pineapple Co Ltd_20
3
3 4May 9
118
114
114 2 4 4,401 Haye Body Corp
3
pa
14June 7
114
No par
400 Helme (G W)
*60
70
75
*65
69
70
25 50 June 2
100 Hercules Motors
*43
4 54
54 54 *512 612
No par
43
4June 8
1,600 Hercules Powder
*1712 20
25
22
1812 20
137 Aug 4
No par
*82
90 Hercules Powder $7 cum pf 100 7012June 1
90
*83
90
89% 90
4 3,600 Hershey Chocolate.... No par 4312July 13
574 61
6712 693
65
68
700
76
Preferred
76
73
76
7712 7712
No par 57 June 14
100 Hoe (R) & Co
112
*I
114 *1
*1
5
14 Apr I
No par
11,000 Holland Furnace
1018 11
1114 113
4 10% 12
712 Aug 1
No par
1,700 Hollander & Sons (A)_ _No par
6
6
6 8 612
3
618 614
3 July 8
1,600 Homestake Mining
1123 1123 114 114
4
119 119
4
100 110 Feb 15
4,900 Houdaille-Hershey el B No par
23
4 3
27
3
3
1 May 25
212 2 4
*49
4914
50
200 Household Finance part pf_50 424June 3
50
*49
*49
7
20 4 233
3
23 s 32,400 Houston Oil of Tex tern ctfs 100
4 223 24
4
2314 24% 214
83
4May 31
Voting trust ctfs new____25
4
412
414 45
8
44 5
412 48 20.400
118May 4
10
1012 10
2,000 Howe Sound
1012 1012 11
1012 11
5 June 2
No par
75
21,600 Hudson Motor Car...., No par
3
74 7%
8
714 7 4
714 8
278May 31
35
37
35
3
33
8 3 4 12,100 Hupp Motor Car Corp____ 10
334 37
34
112May 26
7
2
7
2
*72
1
300 Indian Motocycle
*78
72
1
7
2
No par
3
8June 1
138 2
*112 2
8 14 1,200 Indian Refining
158
15
8 *15
10
1 Apr I
244 263
4 265s 29% 275 29% 263 29% 21.200 Industrial Rayon
4
8
74June 27
No par
17,200 Ingersoll Rand
33
3614 333 3512 347 36
4
4
4
333 383
4
No par 143 Apr 29
21
2112 2214 23
20
243
4 227 2412 6,400 Inland Steel
10 June 25
No par
314 4
4
412
412 5
43
8 47
7.100 Inspiration Cons Copper_20
%May 25
3
3
*23
4 3
338 312
s 1.100 Insuranshares Ctfs Inc_No par
33
3 33
1 June 1
3 4 July 15
6
6
6
612 712
6
612 64 6,400 Insuranshares Corp of Del_ _1
15
g
14
17
2
2
2 18
214 214 3,50 Intercont'l Rubber_
4 Apr 6
No par
54 512
512 53
53
8 5 4 5,500 Interlake Iron
4 *53
3
8 54
No par
l5o July13
13
8
112 14
15
112
I%
1% 312 3.100 Internet Agricul
14 Apr 7
No par
Prior preferred
9
10
11
1212 1,060
74 712
612 612
33 Apr 16
4
100
9412 98
97
9812 9812 1024 10218 10512 11,900 Int Business Machines_No par 5212July 8
43
8 412
4
4 438
4 43
4 8.200 Internal Carriers Ltd_ _No par
43
4 5
43
114May 31
1112 117
8 11
124 1214 134 123 1214 9.300 International Cement- _No par
8
35
8June 3
1 12
114
112
114
112
114
18
14 5,500 Inter Comb Eng Corp_No par
12May 2
12
1212 *1112 12
1012 II% 1038 103
s 1.200
Preferred
4% Jan 6
100
8
30 4 3312 29% 334 293 31% 356,400 Internal Harvester____No par
3
30
33
103
8July 8
95
95
95
95
97
9518 9514 97
*9212 95
•9212 95
Preferred
700
100 683
4June 15
3
4
8
87
26,900 Int Hydro-El Sys cl A_ _No par
8
74 9
8% 83
714 74
938
4
9
9
9
23
8June 10
International Match pref._ _35
---- ---- ---- ---- ---- .--- ---- --- ___ ___ -__ --__
14May 2
*212 318 *23
4 314
312 38 2.600 Int Mercantile Marine atfs..100
4
3
3 14 *3
8 33
3
%
33
%June 30
912 1014 371.650 Dit Nickel of Canada_No par
93 10%
4
94 1012
4
818 8%
8 8 93
7
83
8 8%
312May 31
*70
80
85
076
80
•70
80
75
*70
*70
100
75
Preferred
80
100 50 June 28
*614 612
714 8
5 4 53
3
938 11
612 714
812 9
320 Internal Paper 7% pref-100
8June 2
13
214
*2
214 214
214 *2
24 212
700 Inter Pap & Pow Cl A_ _No par
318 318
212 212
12June 9
*1
114
114 *1
114 *114
114
I% *112
100
Class B
138 *112 17
No par
1415Iay 25
*4
1
*4
1
4
4
*4
I
*78
1
Class C
14
118 1.800
14 Apr 14
No par
*64 64
64 7
63
107
8 712
8 2,800
10
Preferred
10
77
8 8
9
2 May 31
100
•512 7
*57
8 7
*53
4 7
*57
Int Printing Ink Corp_No par
818 *54 818 *54 818
4 June 2
*3133 38% *363 383
4
4
4 384 394 *38
42
4
*363 42
Preferred
50
*364 42
4
100 x 243 Jan 15
*15
1512 *1512 1614
1618 1612 1612 163
2,200 International Salt
8
4 16% 1714 165 17
93
4June 2
100
28
284 29
28
*263 28
4
29
2,300 International Shoe___No par 2014July 7
2918 2
29
914 2938 29
184 187
8 1912 194 1912 2012 19
19
214 5,300 International Silver
19
19
19
712July 9
100
41
41
43 43
43
48
54
280
49
52
7% preferred
50
51
51
100 26 May 7
1038 1114
1038 117
8 1112 124 114 1212 118 12% 1112 12% 182,800 Inter Telep dr Teleg___No pa
25
8May 31
55
*4
1
*412 5
5.
1,500 Interstate Dept Stores_No par
5
5
514 514
512
5
112May 31
3012 3012 30 4 30 4 *304 35
3
3
34
210 Preferred ex-warrants
*3512 36
34
36
34
100 18 June 24
7
4
4
54*34 514 ____
5
512
512 512 *412 5
1,000 Intertype Corp
*3
_ __
_
No pa
314June 14
__ ____
___
Investors Equity
%May 27
No pa
iiii, 1512 15% 15
.
1,500 Island Creek Coal
-12 1512 153
18
18 4 154 16
i63 -8 1i
1014 Apr 18
1
263 2718 28
284 2914 30
30
3014 31
8 4,600 Jewel Tea Inc
3118 333
32
No par 1518May 31
24
2412 2412 2612 254 273
8 253 2718 263 287
4
8 253 2812 95,400 Johns-Manville
4
No par 10 May 31
*7018 75
*7014 744 *7014 7412 *7018 7412 *7018 7412 7014 7412
40
Preferred
ioo 45 July 21
63
63
63
65
65
6412 65
220 Jones & Laugh Steel pref _100 30 July 6
65
6312 63 63
65
*951_2 _139_9_!_ _98
...
28_ _ ... •_9_8__ 1!_0 .
.
9!
08
„ 92? 1!)0__ . . 1120
.
_
. •
1.20 Kar3taa Rsdoipw B_No pa
K PdtLt lutpl ser
0
9012 Apr 8
3 Apr 11
8
5
5
*5
514
5
5 12
54 64
618 6% 3,200 Kaufmann Dept Stores 512.50
6
64
3 May 21
93
16,400 Kayser (J) Co v t c_ _No par
8% 8%
812 10
914 10
94 93
4
98
3
4July 23
98 1112
43
112 I% 3,600 Kelly-Springfield TIre_No par
138 I%
13
4
13
4
14 13
4
15
13
4
134
138
12June 1
*1612 18
*1614 18
8% preferred
171
1612 1718 *17
500
1718 1718 *1614 1712
8June 27
65
100
42
*3214 36
6% preferred
*33
100
*373 60
3712 42
8
*3712 60
*375 60
100 20 Jan 2
2
218
2
258
2%
3
25
8 2 4 10,600 Kelsey Hayes Wheel_No par
214 23
258 23
8
4
24
3
1 Apr 8
53
57
438 458
434 47
Kelvinator Corp
5
37,700
614
55
8 612
23
4May 16
55
8 6
No par
*30
31
40 Kendall Co pref
307
8 31
307 •30
8
31
31
393
4
*31
393 *31
4
No par 17 July 21
1014 11
144 185,200 Kennecott cooper
1038 1114 113 1234
8 13
13 8 143
5
8June 30
123 14
4
No par
47
Kimberley-Clark
*1212 1512 *13
151 *13
15 .13
15
•1414 1514
*13
15
No par 10 July 7
Kinney Co
*2
4
*2
*2
4
*2
4
4
*2
*2
4
4
4 Apr 4
No par
10
Preferred
10
10
10
.85 10
8
110
103 103
8
8 11
11% 1212 1212
3 June 2'
No par
1118 1118 1114 113
s 1314 1312 134 1312 51,400 Kresge CS 13) co
123
4 1212 133
4 12
10 658July 5
4,31
337 *32
2
100 Kress Co
337
34
337 337 *32
334 *32
3312 *32
18 June 30
No par
5 370,500 Kreuger & Toll
8
14
14
4
3
8
14
14
14
',,May 25
12
14
12
3
8
1514 1558 155 163
8
8
4 164 1718 1612 174 1612 1712 163 1714 41,600 Kroger Groe & Bak_No par 10 May 31
437 13,700 Lambert Co
8
405 413* 403 427
8
4
3838 40
3838 39
427 4514 42
8
No par 25 May 31
400 Lane Bryant
•218 234 *214 3
23* 3
2 May 26
4
4
*4
6
*44 512
No par
3,100 Lee Rubber & Tire_
13 Apr 12
4
No par
5
4
312 4
318
3
34 *3
*3
34
34 *3
*812 9
*812 912 1,000 Lehigh Portland Cement _50
87
87
8
814 9
338 Apr 6
9
9
9
9
7% preferred
55
240
*52
•52
53
523
/3
4 53
90
100 47 June 15
53
53
53
53
4,700 Lehigh Valley Coal_No par
412 43
I May 14
3
3
*3
334 358
312
314 314
35
8 412
Preferred
*4
7
*4
7
*4
8 2.200
114July 16
74 17
50
7
712
*4
7
7
4958 5012 474 493 12,800 Lehman Corp (The)___No par 3012June 16
4
*45
46
454 4612 4678 5012 4712 50
1914 4,400 Lehn & Fink
6 May 26
•163 17
No par
4
17
1712 173 18
4
1914 1938 19
183 19
4
33
4May 13
712 3,700 Libby Owens Glass
No par
712
612 64
714
714
612 612
64 71
638 73*
573 18
2,100 Liggett & Myers Tobacco...25 3214June 2
573 60
•5312 55
55
59
58
55
58
59
Series B
593 32,000
4
554 56
25 3418May 31
5612 59
6014 58
583 607
8 59
8 5812 593
Preferred
100 100 May 31
•115 1427 *115 126 *115 12518 *115 12518 *114 12518 *114 12518
8
14 June 21
400 Lily Tulip Cup Corp No par
1814 1814 1812 19
.173 1812
4
1818 1818 *1712 181 *18
1812 4
814 Apr 4
400 Lima Locomot Works_No par
*1358 1518 *133 14
8
144 1518 .15
161 *1518 1612 *154 1714
No par
612June 2
400 Link Belt Co
4
*11
4
12
114 12
123 123
*11
12
12 .11
12
12
9 May 3
6,800 Liquid Carbonic
No par
17
155 173
8 16
8 16
17
1614 173
1612 177
1612 17
80,200 Loew's Incorporated_ _No par I314May 31
297 3038 31
4
323 35
313
4 317 331
3312 35
32
333
Preferred
800
No par 39 July 7
.69
72
727 724 74
8
75
7812 754 7512
75
75
*7512
17
8June 2
No par
27
3
318 4,800 Loft Incorporated
27
8 3
3
27
8 3
318
3
27
3
Long Bell Lumber A No par
',May 20
2
*1
*1
21
2
*I
21
*1
*1
215 *1
2
25 1618July 1
8 8,900 Loose-Wiles Biscuit
2514 2514 2634 27
4 293
271.1 2834 28
28% 2912 273
291
9 May 31
No par
17
71,700 Lorillard
154 163
8 153 1714 163 173* 163 173* 1612 1714 16
4
100 7318 Jan 5
600
•100 1021 1024 1023 103 103
7% preferred
8
4
10312 10312 *103 105 *103 1047
12June 2
No par
*14
11
•13
8 11
17
8 4,700 Louisiana 011
14
*114
112
114
114
13
158
Preferred
8 May 18
100
15
50
18
18 .10
*10
.10
15
15
15
*10
*10
15
8121150e 2
4 195s 201
193 193
4
2012 7,000 Louisville 0 dr El A___No par
2012 2118 21
2012 2114 20
21
43
1 12 Jan 5
5
514
7
63
4 74
714 814 7.500 Ludlum Steel _____ _ -No par
714 7 4
3
718 71
Preferred
612 Jan 5
No par
25
400
25
25
.22
25
*22
*20
25 .22
25
2012 22
914June 16
MacAndrews & Forbes_No par
12
*10
13
13
.10
*10
13
*10
12
*10
12
*10
100 5712May 3
6% preferred
*60
85
•60
85
*70
85
85
*60
85
*70
85
•70
10 June 2
No par
194 191
194 22
4 2018 2218 11,200 Mack Trucks Inc
2114 223
20% 213
4 214 22
3
17 June 14
Macy Co
25,800
No par
36% 377
383* 4012 40
3514 35
4i8 414 4418 4214 45
37
37
24 Jan 8
No par
200 Madison Sq Garden
37
4
37
4
*3
*3
*3
4
*3
3
7
44 Apr 14
93 10
7,600 Magma Copper
No par
71
712 812
*7
812 9
8
812 9
*7
13 Jan 6
114 138
8
112 11s
I%
*112 15
14 1,800 Mallinson (H R) dr Co_No par
4
13
14
4
Ps 13
2
2
4
as
3
8
3
2
3
8
*4
12
14
4
*14
18 Mar 2
5
8 1,300 Manati Sugar
100
Preferred
112
100
1 1 Apr 13
270
17
8 *Ds 2
17
13
8
4
112 173
13
13
4
8
13
8 13
14June 3
Mandel Bros
No par
*25
8 412 *25
*23
8 5
8 5
*238 4
*238 5
*258 5
5
312June 2
25
700 Manhattan Shirt
*54 6
*54 6
6
6
6
61
*5
7
*25
8 5
118
3
8June 28
112 1,000 Maracaibo Oil Explor_No par
138 *138
118
112
118
112
11
112
13
*3
4
612June 2
8
1314 13% 13.800 Marine Midland Corp -10
1214 13% 133 143* 134 l4's
13% 14
114 12
912 912
*84 912
4May 31
912 oi
.84 91
912 10
94 912
53
1,300 Marlin-RockwellNo par
5
12 Apr 21
8.700 Marmon Motor Car-No par
212 2
23
8
258 21
4
23
s 2%
2
212 23
258 24
3 July 6
8
812
83
8 9
914 10% 21,300 Marshall Field & Co__No par
714 8
1018
9
*7
71s
*12 I
2 1
*12 1
•I2 1
0
14 Apr 19
*12 1
Martin-Parry Corp_ -No par
.12 1
$ Per share $ per share
.._ _ _ _ 40 *__
1
40
*52
55
56
56
157 154 1514 1514
8
*12
3
4
%
3
4
•I
3
*14 3
.512 7
*54 7
14
118
1
1
*60
70
•60
70
*4
518 *4
518
*16
1814 *1512 20
*8314 90
*831
_ ..
*55
5712 *56 451i12
*73
747 *73
8
747
8
•12 1
*4
1
10
1018
9 4 1012
3
*6
612
612 612
*115 12212 *11612 119
212
214 23
2'4
*49
4918 494 4918
1812 19
1912 2058
34 34
34 4
*9
9 4 *912 10
3
3
612 6%
63
4 74
38
314
33
4 4
*2
2 I
*7
8
1
112
*114
158 •114
20
2012 2078 228
29
29
31
32
*1612 18
1812 1912
314
314
34 312
212 24
24 24
57
6
6
6
4 2
*15
8 2
•13
*4
43
8
43
8 514
13
*1
8
112 *118
712
*54 74 *57
93%
92
90
90
4
4
4
414
*1014 1012 1012 1112
118
118
118
112
12
*9
113
8 12
28
284 285 30
8
$ per share
*20
40
*55
58
1512 165
8
%
3
4
*112 3
*512 64
14 14
*63
70
*4
518
*1512 1814
•833 90
4
58
5814
76%
*74
1
1
8
1014 105
6's 612
11412 116
2l2 238
4812 4812
• Bid and asked nriees• no *ales on this day, z Ex-dividend. n Ex-rights .
Highest
PER SHARE
Range for Previous
Year 1931.
Lowest
Highest
$ per share $ per share $ per share
30 Mar 7
94 June 103 Jan
67 Dec 94 Feb
70 Jan 14
17 Aug 17
1112 Dec 4414 Feb
4 Dec
8
17 Jan 15
8
75 Feb
8
14 Dec 105 Feb
4 Mar 8
814 Nov 4212 Jan
10 Jan 12
8 Mar
1 Dec
231 Aug 26
Oct 100 Feb
60
78 Mar 9
5 Dec 1.8 Mar
812 Jan 15
26 Dec x58 Mar
2818 Feb 18
95 Dec 11912 Mar
95 Jan 12
4
83 Mar 9
68 Dec 1033 Mar
7012 Dec 104 Mar
83 Mar 8
812 Mar
13 Dec
8
13 Jan 12
1212 Aug 1
1014 Dec 37 Feb
103 Mar 10
8
514 Dec 1918 Apr
Jan 138 Dec
81
1313
4June 4
914 Mar
4 Mar 5
212 Dec
5212 Sept 65 Mar
5718 Jan 5
Dec 684 Feb
154
247 Aug 25
518 Mar 8
3 Dec 1418 Feb
1112 Dec 2912 Feb
1612 Jan 12
Jan
73 Oct 25
4
113 Jan 8
3
14 Oct 1318 Feb
5 8 Jan 11
3
43 Feb
4
7 Dec
8
13 Jan 9
8
8
45 Feb
14 Dec
2 Aug 23
Oct 86 Feb
21
3838 Mar 7
Jan
253 Dec 182
4
3912 Feb 19
Feb
2434 Aug 25
197 Dec 71
1138 Feb
5 Aug 21,
3 Dec
37 Jan 7
93 Feb
8
214 Dec
4
414 Dec 123 July
8 Jan 12
412 Feb
214 Aug 26
14 Sept
27 Dec 15 Jan
5 4 Aug 24
3
514 Feb
1 Dec
Aug 26
44 Dec 5114 Feb
1212 Aug 26
4
Oct 1793 Feb
92
117 Mar 9
8
3 Dec 123 Feb
512 Jan 13
16 Dec 6212 Feb
183 Jan 14
4
12 Oct
4 Feb
1% Jan 15
4
312 Dec 393 Feb
21 Jan 15
223 Dec 6012 Mar
8
3418 Aug 11
108 Jan 8 105 Dec 14312 Mar
Feb
918 Dec 31
115 Mar 9
8
11 Dec 7314 Mar
2412 Feb 19
Dec 1612 Jan
212
4 Jan 7
7 Dec 2018 Feb
1012 Aug 24
80 Dec 123 Mar
86 Mar 7
7 Dec 42 Mar
11 Aug 26
8
17 Oct 1014 Feb
318 Aug 26
Jan
6
4 Dee
112 Aug 11
12 Oct
44 Feb
118 Aug 12
614 Dec 4312 Mar
11 Jan 15
414 Dec 1614 Feb
83 Mar 10
4
40 Apr 15
25 Dec 6912 May
18 Dec 42 Feb
2312 Feb 17
37 Dec 54 June
443 Jan 15
8
8
24% Mar 10
157 Dec 51 Mar
50 Dec 9018 Mar
65 Feb 13
8
1238 Aug 21
718 Dec 333 Feb
8
8 Dec 213 Feb
11 Jan 9
5212 Jan 8
524 Dec 6712 Mar
7 Apr I
438 Dec 1812 Feb
114 Dec
23 Jan 14
94 Feb
Jan
143 Dec 31
4
18 Jan 14
24
Oct 5712 Feb
35 Feb 13
3
Dec 80 4 Mar
247 Aug 21
8
1538
993 Jan 22
4
8314 Dec 126 Apr
84 Jan 5
68 Dee 1234 Mar
1133 Jan 23 11114 Oct 11512 Apr
4
4 Dec
7 Jan
111 Jan 6
914 Mar 7
512 Dec 18 Feb
s
714 Deo 243 Mar
Ills Aug 26
34 May
27 Mar 7
8
3 Oct
4
2278 Mar 8
54 Oct 26 Mar
45 Mar 9
10 Sept 45 Mar
3 Dec 293 Feb
4
414 Jan 14
6 Sept 1512 Mar
103 Feb 19
8
20
Jan 60 Apr
38 Feb 23
143 Aug 25
8
93 Dec 3112 Feb
8
Jan
137 Dec 41
1912 Jan 9
214 Aug 11
112 Dec 2012 Jan
Jan
6 Dec 70
1318 Jan 23
15 Dec 2958 Aug
19 Jan 14
Feb
2614 Deo 11
37 Jan 21
94 Jan 26
414 Dec '2731 Mar
187 Mar 8
8
1212 Dec 354. Slay
4018 Oct 2877 Moir
563 Jan 14
8
4
4 Apr I
314 Dee 1718 Jan
43 Mar
5 Aug 26
17 Oct
11 Aug I
5 Dec 183 Feb
72 Dec 10112 Feb
75 Jan 12
43 Aug 26
I% Dec
Ps Jan
9 Jan 9
6 Dec 30 July
35
Oct 693 Feb
5012 Aug 23
2414 Mar 7
1812 Oct 343 Feb
8 Jan 20
8
512 1)ec 207 Apr
60 Aug 23
39
Oct 91
Feb
613 Mar 8
40
Ott 913 Feb
125 Aug 11 110 Dec 146 May
21 Mar 8
16 Sept 2612 June
165 Jan 14
123 Dec 345 Feb
14 Mar 9
14 Dec 33 Feb
22 Mar 8
1312 Dee 554 Feb
35 Aug 25
237 Dec 6312 Feb
7112 Aug 26
56 Dec 99 Mar
43 Mar 12
8
612 Apr
24 Oct
27 Aug 12
Jan
4
4
3 July
36% Feb 17
297 Bee 547 Mar
173 Aug 23
8
10
Oct 214 July
10312 Aug 24
743 Dec 10212 Aug
4
214July 27
412 Feb
1 Dec
18 Jan 9
Jan
20 Dec 55
233 Mar 8
8
3
1778 Dec 35 8 Feb
814 Aug 26
4 Dec 19 Mar
25 Aug 22
10 Dec 5214 Feb
1514 Feb 17
13 Dec 25 Feb
05 July 22
Sept 1004 Apr
6
223 Aug 23
4
8
12 Dec 437 Feb
6012 Jan 14
50 Dec 1064 Feb
4 Aug 11
712 Mar
2 Sept
10 Aug 25
8
718 Oct 273 Feb
43 Mar
I% Aug 1;
12 Dec
1 Jan 11
5 Mar
3 Nov
8
2 Jan 25
8
4
3 Dec 127 Jan
4 A'.t IS
3 Sept8 June
7 Jun 15
412 Dee 12 Feb
i's Aug 5
12 Sept3% Feb
143 Aug 23
8
914 Dec 2414 Feb
1112 Mar 8
958 Dec 32% Feb
2% Aug 25
14 Dec 10 Feb
5
912 Dec32 8 Feb
1312 Jan 14
318 Jan
12 De
54 Mar 23
New York Stock Record-Continued---Page 6
1455
ar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SIXTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Aug. 20.
Monday
Aug. 22.
Tuesday
Aug. 23.
Wednesday
Aug. 24.
Thursday
Aug. 25.
$ Per share
•153 163
4
8
*93
973
4
*14
143
4
*3
4
*53
8 8
•____ 2918
*1514 1558
*7
154
13
*8
4312
41
*43
4 5
16
16
4512 454
3
314
8
314
•17
8 2
12
*10
*3
314
•18
1912
318 318
65
8 678
54 5
42
*39
16
16
218 218
*11
14
*812 912
2218 2218
1012 103
4
*3014 34
.3
8
12
*12
3
4
18
1818
414 414
712 712
17
17
*712 10
414 414
*10
1412
1414 147
8
*312 ____
---- ----
5 per share
4
153 1612
973
4
*93
143 15
4
37
8
*3
8
*6
*1518 2918
1512 1512
*718 22
13
*8
43
42
*43
4 5
16
18
4914
46
314 4
83 1012
8
2
2
12
*10
314 314
*1812 1912
*318 312
7
7 18
7,2
614
42
44
*1514 1718
218 23
8
*11
14
10
10
23
23
103 1112
8
*3014 34
*3
8
12
*12
3
4
1812 19
414 43
4
8
9
187 193
8
4
*8
10
414 43
4
*10
1412
1414 157
8
312 3 2
,
---- ----
3 per share
1612 174
*93
973
4
1512 175
8
*3
37
8
7
7
2918
*16
153 1714
4
*77 12
8
1112 1112
4312 4312
43
4 43
4
154 16
494 504
4
512
12
1312
2
2 14
12
12
34 43
8
1912 1912
318 338
7
75
8
73
4 814
50
50
*157 1718
8
23
8 212
*11
14
*1014 1012
2312 24
1112 1214
*31
34
*3
8
12
3
4
3
4
193 204
8
•43
8 43
4
9
912
20
207
8
*812 10
45
8 47
8
*11
1412
153 1612
8
312 33
4
,--- ----
3 per share
174 184
*93
973
4
17
1712
*3
4
7
7
no 2918
16
163
4
*7
22
*1012 13
4312 4412
*412 5
154 1614
4912 5018
44 518
123 14
4
2
214
113 113
4
4
4
43
8
*1912 20
33
8 418
7
75
8
75
8 8
50
50
1718 1714
258 2 4
3
*12
143
8
1018 1014
23
2314
1134 1278
*3014 34
•8
3
12
3
4
3
4
191 1 20,
4
43
8 43
8
812 85
8
*17
20
812 812
45
8 47
8
*10
1412
1514 163
8
33
4 33
4
---- ----
S per share
1834 193
4
973 973
4
4
1712 1814
3
3
*714 8
.21
2918
16
1612
*718 22
*912 13
4412 45
*47
8 5
1614 163
8
5038 5218
47
8 538
123 1312
4
214 23
4
12
12
43
8 43
8
.195 20
8
414
434
712 73
4
74 8
*50
53
173 173
8
8
23
4 27
8
*12
143
8
1014 1014
2318 2412
125 1312
8
*31
34
3
8
3
8
3
4
7
8
2014 225
8
43
8 43
8
87
8 9
*16
20
9
912
47
8 514
*10
1412
153 1612
4
37
8 4
---- ----
Friday
Aug. 26.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1932
On basis of 100
-share lots.
Lowest
S Pe sha e Shares Indus. & NIisLell. (Con.) Par 3 Per share
9 June 1
1712 1918 47,800 Mathicson Alkali WorksNo par
*93
___
4
50
100 893 Apr 13
Preferred
157 17
8 25
912June 30
9.500 May Dept Stores
*318
1 July 13
334
300 Maytag Co
No par
3 Apr 14
*714 8
No par
Preferred
800
No par 27 Aug 10
.21
34
Prior preferred
16
16
No par
10 May 31
4,100 McCall Corp
*718 22
7 June 18
McCrory Stores class A No par
*912 13
No par
7 June 30
10
Class B
43
44
100 21 June 2
640
Preferred
212May 13
5
5
200 McGraw-Hill Publica's No par
163 1612 3,800 McIntyre porcupine Mines__5 13 May 25
8
4914 5118 17,400 McKeesport Tin Plate_No par 28 June 2
43
118June 1
4 5
15,500 McKesson & Robbins_ _No par
12
318May 31
123
4 7.100
50
Preferred
214
No par
3
8July 6
212 8,400 McLellan Stores
12
1218
No par
8 May 25
900 Melville Shoe
*4
418 2,800 Mengel Co (The)
1 July 20
No par
.19
100 Metlo-Goldwyn Pict pref__27 14 June 9
20
418 412 5,700 Miami Copper
5
112June 1
73
8
712 11,700 Mid-Cont Petrol
No par
33 Apr 9
4
714 8
2 June 9
8,600 Midland Steel Prod.--No par
52
100 25 June 2
52
8% cum 1st pref
600
*1414 17
11 June 3
400 Minn-Honeywell Regu_No par
8June 8
23
4 23
4 5,500 Minn Moline Pow Impl No par
*12
5 May 27
143
8
No par
Preferred
512June 24
104 104
700 Mohawk Carpet Mills_No par
233 233
8
4 5,700 Monsanto Chem WksNo par 1338May 31
1214 1314 324,900 Mont Ward Co Ill Corp No par
312May 31
•293 34
4
No par 20 May 14
Morrel (J) & Co
12
par
18May 20
12
300 Mother Lode Coalition_
14 Apr 22
5
8
3
4 2,400 Moto Meter Gauge&Eq No par
21
738June 27
2318 15,300 Motor Products Corp No par
No par
2 June 10
44 418 1,700 Motor Wheel
812 918 3,200 Mullins Mfg CO
2 June 1
No par
16
No par
5 June 1
16
260
Preferred
93
4 93
No par
7 Aug 17
4
400 Munsingweat Inc
No par
2'o July 1
47
8 6
28,700 Murray Body
.10
718June 30
No par
1412
Myers F & E Bros
1512 167 36.900 Nash Motors Co
No par
8 NIay 31
8
114May 25
34 4
2,200 National Acme stamped__ _10
518 Jan 5
---- __ _
.
Nat Air Transport___ _No par
No par
14 Star 17
Nat Beilas Hess
1
*2
1
100
18Nlay 25
Preferred
433
8 403 427 35,700 National Biscuit new
4
10 2014 July 1
8
11912 125 125
100 101 May 31
300
7% cum pref
143
4 1312 1518 35.000 Nat Cash Register A w i No par
612June 30
2414 223 237 142,000 Nat Dairy Prod
No par 143
8June 29
4
8
1
1
14June 30
114
1,900 Nat Department Stores No par
1112 *718 13
100
2 June 23
10
Preferred
243
8 2314 245 20,500 Nat Distil Prod ctfs___No par
13 June 1
8
718
33
8July 8
718
718
200 Nat Enam & Stamping _..100
73
*72
100 45 July 8
400 National Lead
80
11012 *10512 110
100 87 July 12
240
Preferred A
85
.85
100 61 July 7
86
90
Preferred B
183
8 16
65
8June 2
No par
174 93,700 National Pr & Lt
Highest
PER SHARE
Range for Previous
Year 1931.
Lowest
Highest
$ Per share $ per share $ Per share
204 Mar 10
12 Dec 3112 Jan
105 Jan 13 104
Oct 1253 Mar
8
20 Jan 13
155 Dec 39 Mar
8
4 Aug 15
112 Dec
87 Feb
8
814 Jan 13
5 Sept 243 Mar
8
3514 Jan 7
35 Dec 7112 Star
21 Jan 14
1512 Dec 36
Jan
16 Apr 18
15 Dec 513 Feb
4
19 Jan 14
1412 Dec 515 Feb
8
62 Fen 18
54 Dec 9312 Mar
712 Jan 7
6 Dec 29 Feb
183 July 21
4
12
Oct 2612 Mar
6214 Feb 19
3812 Oct 10312 Apr
512 Feb 15
33 Dec 17
8
Jan
23 Feb 13
15 Dec 373 Feb
8
4 Mar 5
112 Dec 1012 Mar
18 Jan 9
1412 Dec 34 Star
43 Aug 23
8
2 Sept
812 Feb
15 Dec 27 Apr
2214 Jan 14
43 Aug 24
23 Sept 104 Feb
4
77 Aug 11
8
5
Oct 1634 Jan
10 Jan 14
7 Oct 3112 Feb
52 Aug 26
3514 Oct 94 Feb
2312 Jan 18
15 Dec 5812 Feb
27 Aug 11
8
712 Feb
114 Dec
145 Aug 11
8
618 Dec 48 Mar
103 Jan 20
8
4
73 Dec 215 Mar
4
303
4
4151ar 8
1614 Oct 283 Aug
1312 Aug 25
6138 Dec 2914 Feb
3514 Star 12
28 Dec 58 Feb
14 Sept
34 Aug 1r.
3 FebNo
4
1 Jan 9
5 Dec
8
412 Mar
2612Mar 2
15
Oct 475 Apr
8
612 Jan 14
5 Dec 194 Feb
133 Jan 13
8
814 Dec 364 Mar
27 Jan 13
20 Dec 7212 Mar
15 Feb 25
11 Dec 3114 Jan
97 Mar 2
8
5
Oct 183 Nlar
4
19 Feb 13
Oct 4512 Mar
20
1918 Jan 14
15 Dec 407 Mar
8
4 Aug 11
218 Dec 103 Mar
4
712 Jan 21
4 Sept 13 Mar
118 Jan 5
78 Dec 10 Feb
*i
1
•1
5
*2
5
*2
.
1
•i
5 Feb 17
37 Dec 32 Feb
8
4 3912 4018 4018 4112 405 423
334 383
8
4 413
4
467
8Mar 7
363 Dec 833 Feb
8
4
•11012 125 *11912 123 *11912 125 *11912 125
119
130 Feb 19 11912 Dec 15314 Slay
1258 124 131 1 13
12
113 1214
4
147
8 1312
147 Aug 2
8
,
718 Dec 39 4 Feb
3
8
207 2212 223 23
8
20 8 21
3
2212 24
2314
313 NS ar 8
8
20 Dec 503 Mar
4
1
118
1
5
8
1
4
1
1
1
1 14 Aug 2,
712 Feb
12 Dec
*312 6
*312 6
6
6
*718 1112 *718
8 Jan 2
47 Dec 60 Jan
8
22 8 233i 234 2412 2312 2412 2312 24
5
2314
274 Aug 12
16 Dec 3638 Feb
*514
712 712 *7
718 *5
718 *6
9
8 Jan 21
514 Dec 277 Feb
8
*65
77
*68
•643 77
4
77
68
68
7014
92 Jan 8 27812 Dec 132
Jan
109 10912 10714 110
110 110
110 110
110
125 Mar 11 111 Dec 143 June
8312 8312 84
.80
84
8418 8534 853
4 85
105 Jan 13 100 Dec 120 4 July
3
8
1614 167
8 165 185
8 173 183
4
4 1712 1812 1714
183 Aug 2:
4
1014 Dee 444 Feb
18 Ma)
118 Feb
,-- ---- ---- --,,
-- ,,- _„.. ____
___ ____
_ _ __ _
No par
Preferred
218 Jan
12 Sept
2014 203
4 207 2218 2238 -8
2314 23 274 2712 2914 27 -3112 61,100 Nat Steel Corp
1312July 8 3112 Aug 2
No par
1812 Oct 5818 Feb
.718 9
*812 9
9
9
9
9
83 12
4
312June 2 12 Aug 25
50
1012 1012 2.200 National Supply
5 Dec 7014 Feb
8
•30
397 .30
33
•30
397 .31
8
397
8 314 3114 •3114 397
100 1312NIay 26 34 Star 5
8
10
Preferred
20 Dec 111
Feb
1214 13
1314 1412 144 1512 14
153
8 1514 16
412July 8 1758 Aug 2f 210 Dec 7612 Mar
15
1758 9,900 National Surety
10
*73
4 83
4
84 914
914 914
9
9
9
9
312May 26 107 Aug 2
8
No par
,
614 Dec 247 Mar
9
107
8 4,600 National Tea Co
8
314 33
8
35
8 412
412 5
5
5
5
538
112 Apr 26
4
No par
412 4,100 N.eisner Bros
512 Jan 14
3 Dec 2514 Feb
*514 54
54 512
55
8 64
63
8 7
63
4 78
3
212May 31
74 Aug 25
612 7
43 Dec 143 Feb
4
15,000 Nevada Consol Copper No par
4
No par
1012 June 204 Star
50
41 June 5514 Oct
Class A
358 358
312 312
338 - -7
38
4
1
14
L
14
3L
15
8June 29
512 - ,465 Newton Steel
6
53 Aug 25
4
No par
214 Dec 24 Feb
*83 1312 *83 12
4
4
•83 15
4
*9
15
83
4 83
4 *812 9
83 Aug 25
4
414June 13
412 Dec 25 Jan
100 NY Air Brake
No par
4.6
10
*6
10
*6
10
*6
10
*6
10
4 June 17
814 Aug 17
100
*6
714 Dec 3734 Jan
New York Dock
10
*20
29
*25
29
28
28
*20
27
*20
27 .20
100 20 Apr 9 30 Aug 1:
20 Sept 80
27
100
Jan
Preferred
112 112
15
8
13
4
15
8
15
8
158
13
4
2
2
178
2
2 Jan 14
12June 2
118 Dec 1218 Jan
No par
1,000 NY Investors Inc
*80
85
•85
90
*8612 90
*88
90
888
90
*88
No par 70 May 28 98 Feb 5
N Y Steam $6 pref
8018 Dec 1073 Mar
90
4
*98 100
.98 100
100 100 *100 103 *10012 103 *10012 103
No par 90 June 4 10918 Mar 14
94 Dee 118 Apr
$7 1st preferred
50
165 165
8
8 163 1714
4
1714 1878 18
1918 185 20
8
18
• 103 ay 31 20 Aug 25
10
4N1
Oct 2912 Slay
1912 80,907 Noranda Mines Ltd
283 2912 2914 3112 3212 345
4
8 3314 3434 3458 3512 3312 36 148,700 North American Co_-_No par
133
4June 2 40 Feb 19
26
Oct 904 Feb
*4318 443 *44
4
443
4 443 45
8
45
46
*453 4712 45
4
46
4
4012 Dec 57 Star
900
50 2512July 11 473 Mar 3
Preferred
312 3 8
5
312 33
4
312 33
4
312 33
31
4
5
33
4 9,900 North Amer Aviation
312 33
15*may 31
414 Feb 1
4
Apr
23 Dec 11
8
*81
85
*83
84
83
84
*82
865 *82
8
87 .84
79 Dec 10712 Aug
87
.No par 49 July 13 8612 Jan 18
300 No Amer Edison pref.
*5
618 *512 614
512 512 *55
8 64 *53
8 6
*538 6
25
4 Dec 3538 Apr
8June 20
8 Jan 21
100 North German Lloyd
*24
3012 •26
3012 3012 3012 *26
333 *21
4
333 *19
4
333
4
10 Northwestern Telegraph _ 50 15 June 3 3012 Aug 23
21 Dec 4712 May
13
8
13
8 *138
112
112
15
8
15
8 2
2
214
12 Jan
13
4 2
2 Nov
8,800 Norwalk Tire & RubberNo par
214 Aug 25
3 Feb 9
4
9
,2 94
94 97
8
97 107
8
8 10
103
4 104 103
4 10
1014 36.300 Ohio Oil Co
518 Dec 1912 Jan
No par
5 Jan 5 11 Aug 10
214 214
214 214
238 212
212 212
24 27
8
23
4 27
12 Apr 28
8 6,000 Oliver Farm Equip new No par
5 Dec
8
53 Feb
4 Aug 6
8
*53
8 612
612 612
63
4 64
74 714
718 1014
94 912 3,700
No par
Jan
Preferred A
212Nlay 24 104 Aug 25
218 Dec 26
*27
8 318
.
3
3
3
318
3
37
8
312 34 5,400 Omnibus Corp
612 Mar
434Mar 8
112 Jan 4
14 Oct
No par
512 512 *512 8
*55
8 8
*53
4 8
512 6
6
614
1,000 Oppenhelm Coll & Co_ _No par
3 June 7
818 Dec 2812 Feb
97 Jan 21
8
*93 12
4
*1012 12
*1012 12
*1012 1112 1112 1112 11, 1112
2
110 Orpheum Circuit Inc pref _100
314June 16 1414 Jan 13
43 Dec 72 Mar
8
1612 1612 167 174 1712 1812 1712 183
8
8 1812 1912 18
19
24,300 Otis Elevator
9 May 31 2212 Jan 8
1618 Dec 5818 Jan
No par
*96 10312 *9612 10312 *97 10312 *9712 10312 9712 9712 *97
10312
20
97 Dec 12912 Mar
100 90 May 26 105 Jan 15
Preferred
314
35*
312 4l2
412 434
2
43
4 5
45
8 54 23,700 Otis Steel
114May 27
8
312 Dec 163 Feb
514 Aug 26
No par
*712 9
9
133
8 12
127
8 1212 133
8 1212 13
1212 1312 4,245
318May 19 14 Jan 16
8 Dec 6912. Feb
100
Prim preferred
*243 26
4
25
2512 2514 2612 2514 2512 25
26
2412 2512 4,900 Owens-Illinois Glass Co25 12 June 2 2712 Aug 11
20 Dec 393 Jan
4
2914 2912 293 307
8
8 31
3112 31
32
313 324 3114 3214 17,100 Pacific Gas & Electric_ __25 167
8
295 Oct 5478 Mar
8June 1 37 Feb 13
8
4012 4112 43
3914 3914 40
42
44
44
45
423 45
4
11,400 Pacffic Ltg Corp
35
4June 2 45 Aug 25
Oct 6912 Mar
NO par 203
.818 012
97
8 97
8 104 11
1018 1018 1018 1014 1014 1012 1,290 Pacific NI
7 4 Dec 2614 Nlar
3
100
314May 26 11 Aug 23
ills
*77
7812 7814 80
8014 81
81
8212 817 837
8
8 82
8414 3,390 Pacific Telep & Telog
4
4
100 58 June 1 1043 Mar 5 29314 Dec 1313 Mar
312 3
4
3
4 414
4
44
34 4
37
8 418
37
8 4
72,100 Packard NIotor Car__ _No par
112July 8
514 Jan 11
34 Dec 114 Feb
*1112 12
*1112 14
12
1212 *1112 14
*1112 14
*1112 14
200 Pan-Amer Petr & Trans_ - -.5
1212 Aug 23
6 July 11
12,
12 1212 1212 *123 13
1112 1112 •12
4
13
13
•1112 13
1,100
5
Class B
738July 15 13 Aug 25
714
714
74
,
74
712 8
814 812 *8
818 814
812
1,400 Park-Tilford Inc
812 Aug 24
2 Apr 28
3 Sept 11 Mar
No par
.7
8
118
.7
8
I
3
4
1
*1 18
114
1
1
114
114
1,400 Parmelee Transporta'n No par
2 Jan 8
14June 1
1 Dec
47 Jan
8
•1
14 *1
114
111
11 1
•112
114
Ps
114
1 18
118
400 Panhandle Prod & Ref_No par
5 Dec
8
414 Feb
114 Jan 15
12 Jan 23
612 67
8
63
4 74
64 712
7
7 12
73
8 818
712 818 194,000 Paramount Publix
112Nlay 28 1112 Jan 14
No par
512 Dec 5014 Feb
1 18
113
1
Us
1
1
1
1
1 18
118
118
118 2,100 Park Utah C M
7 Sept
8
2
8
1
214 Star
114 Jan 4
1
3 Apr 14
8
1
1
7
8
1
7
8
1
7
8
1
1
1
6,600 Pathe Exchange
14 Dec
27 Feb
4
,3l2 35
14N1ay 12
118 Aug 5
8
No par
8
312 4
312 4
33
4 4
37
8 44
4
4
7,200
Class A
118 Dec
838 July
No par
114June 1
53 Feb 17
4
6,8 6,
8 *54 6
6,
8 63
4
63
8 7
65
8 7
7
734 4,300 Patin° Mines & EnterprNo par
418 Sept 1512 Feb
9 Feb 13
318July 14
112 2
Us
114
2
214
2
212
2
218
2
218 4.600 Peerleis Nfotor Car
2
Oct
45 Feb
43 Apr 12
8
4
4June 8
3
3
26
*25
243 243
4
26
4 25
25
263
4 263 273 *2614 2612
4
8
16 June 8 323 Mar 8
22
Oct 4612 Feb
4
No par
2018 203
8 2018 2118 2158 2214 22
2414 2312 254 223 2412 5,000 Penick & Ford
4
139,900 Penney (J Cl
No par
13 May 31 3412 Mar 8
263 Dec 4434 Aug
4
85
85 .80
*80
85
*80
843 85
4
85
85
853 853
4
4
900
Preferred
100 60 June 1 91 Mar 5
4
793 Dec 1001 Sept
4
112
112
15
8
14
•13
8 112
112
112
15
8
13
134 2
par
12 Apr
512
2 Aug 2,
4
*514 12 *Ws 12 *614 15 *514 12 *8 15 4 *6 12 5,000 Penn-Dixie Cement___No 100 312June 14 6 Mar 22 212 Dec 29 Feb
Jan
Preferred
Dec
9
*15
1712 .15
1712 15
15
15
15
15
1518 15
16
800 Peoples Drug Store_No par 1212June 1
1612Nlay 17
15 Dec 3512 Mar
6.5
65
65
4
*664 743 *6612 743 *6612 744 *6612 743
65
4
40
6 yi% cony preferred_ __ _100 5018July 8 95 Feb 25
4
78 Dec 1044 Aug
4.7558 7102 7512 78
77
8012 78
84
823 8414 82
4
85
12,100 People's G L & C (Chic).-100 39 July 9 121 Jan 15 107 Dee 250 Feb
.
7
712 •7
712
712 712 *7
7 4 *7
3
73
4 *7
73
4
100 Pet MilkJan
No par
712 Aug 9 1212 Jan 7
9 Dec 1712
4
6
612 64
6
6 14
614 63
6
63
4 714
63
4 67 26,900 Petroleum Corp of Ain.No par
8
8
23
45ay 5
27 Dec 107 Feb
8
714 Aug 25
67
8 7
678 7
714 818
712 9
834 94
812 912 46,800 Phelps-Dodge Corp
25
37
8
57 Dec 255 Feb
8June 1
8
912 Aug 21
-5312 ---- -- -- ---- ---- - --- ---- ---- ---- -- -- ---- --._ _ _
-Philadelphia Co (Pittsb) 5i
150 May 155 June
3312 343 36
37
4
373
4 38
3814 3814 3814 3712 38
2 300
,
6% preferred
50 18 June 3 41 Mar 10
30 Dec 5612 Mar
418 41 1
44 5
4
4 514
47
8 5
518 57
8
54 67 49,500 Phila & Read C & I__ _No par
8
2 June 27
23 Dec 1214 Mar
4
67 Aug 26
8
13
1112 12
12
117 12
8
12
13
12
1218 117 117 10,200 Phillip Morris & Co Ltd_10
8
8
8
7 June 1
8 Dec 125 Aug
13 Aug 22
.312 83
4 *412 83
4 *412 8
*412 8
.412 8
*4 12 8
312 Apr 25
Phillips Jones Corp____No par
8
912 Dec 147 Nov
94 Jan 5
14
.14
14
34
.14
•1038 14
34
*16
22
•16
22
10 Phillips Jones pref
Jan
100 10 Apr 26 32 Feb 10
30 Dec 52
64 67
8
71 1
63
4 7
73
8
718
734
714
74
718
712 31,000 Phillips Petroleum
2 June 1
8
No par
4 Dec 163 Jan
778 Aug 9
74 878
8
87
8
712 812
73
4 83
8
814 9
8
87
8 2,670 Phoenix IlosierY
312Nlar 23
5
312 Dec 1014 Apr
9 Aug 25
6
*3
6
*4
*3
6
*4
*34 6
6
*4
6
Pleree-Arrow class ANo par
114June 1
518 Oct 2714 Feb
9 Jan 13
3
8
ss
3
5
12
12
N
12
12
12
12
12
13 2.800 Pierce Oil Corp_
14 Dec
25
14 Jan 2
112 Feb
12 Jan 8
*712 8
84 84 *712 83
*712 84
4 *712 83
4 *8
83
8
300
Preferred
100
312 Jan 5
312 Dec 233 Feb
4
9 Aug 9
l's
1,t
114
114
1 14
*1
11 1
1
114
1
118
114 5,000 Pierce Petroleum
12 Dec
12May 17
33 Feb
8
No par
13 July 26
8
1712 *17
17
174 17
1612 17
1558 1614
18
17
1712 4,100 Pillsbury Flour MillsNo par
9345lay 31
193 Dec 87 Mar
4
2212 Jan 9
•
• Bid and Iskral priers. 41 sale, on this day a 1 N-dividend at (I ex-rights.
,
New York Stock Record-Continued-Page 7
1456
ra FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SEVENTH PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Aug. 20.
Monday
Aug. 22.
Tuesday
Aug. 23.
Wednesday
Aug. 24.
Thursday
Aug. 25.
Friday
Aug. 26.
$ per share $ per share $ per share 8 per share $ per share $ per share
812 9'2
84
*6
84 914
/
1
8
8
*6
712 *
612 8
2812 2812
25
25
29
29
*22
25
*22
25
25
41
*312 412 *4
43
4 43
4
47
8
4 *4
412 412 *412 43
22
22
*2014 22
*2014 22
*18
22
20
20
*1612 20
8
/
4
2
/ *11 25
1
4
8 *2
8 25
8 *112 25
2 8 212 *23
3
*11 212
/
4
8
3514 377
4
4 373 373
8
*35
/ 384 3812 3812 38s 387 *3514 383
1
4
/
1
*3
8 3
*3
8 3
s3
2 3
*3
2 3
my 3
*3
8 3
8
43
4 47
43
4
4 *4
4
/ 412 *312 43
1
4
*33
4 5
'
312 5
51
412 518
*312 412
5
434 5
514 514
5
5
218 218
218
2
218 *2
2
2
11 2
/
4
*112 2
12
1014 1212 10
97 10
8
10
1014
95 10
8
9
9
84 9
/
1
"812 9
812 812
*8
97
8 *812 9
*8
9
8
*117 1218
1112 115
8 113 12
4
8
*1118 118 *1118 117 *1112 12
212 212
238 212
2
/ 212
1
4
8
214 214
*218 214
23
8 23
*918 12
*938_
9
9
8
*812 95
712 8
*61 712
/
4
/
1
324 3318
3218 34
32
3212 14
8
297 3014 303 3114 31
8
8
8
/
1
4
3
4
8
4
3
4
*1
/
4
8
4
3
4
N
/
1
4
*1
/
4
3
4
*3
6
*318 6
6
*3
*314 73
4 *318 5
*418 8
52
50
505 52
8
4714 4812 4812 5012 50 8 52
50
52
5
87
*8512 87
/ 87
1
4
873 874 85 85
4
85
86
*82
86
/
4
/
4
*98 10018 10018 10018 1001 10018 *10012 1011 10218 10218 101 101
*106 11018 *109 11018 11018 11038 *110 11212 11212 11212 11212 11212
•118 130 *118 130 *118 130 *120 130 *120 130 *120 130
/
4
*9714 10312 *9714 10312 *9714 10312 *971 100
97 97
95
95
24
267
8
27
/
1
/ 2414 264 25
1
4
7
4
2158 217
8 213 22 e 2312 25
514
*79
98
5
812
*25
1412
514
*83
8
54
3
•18
*
/
1
4
*214
41
/
4
18
•17
2
/
1
4
54
3
1612
*23
4
*412
814
.3t2
33
/
1
4
•65
3
4
3
*8
6
/
1
4
*2012
10 8
3
464
*8214
9212
*44
/
1
212
1412
14
•13
8
20 8
3
*158
*33
*2
4
2
/
1
4
104
/
1
27
8
518
*1914
68
3
*4514
*8
4
78
5
63
8
/ 512
1
4
5
514
80 80
82
3
1014 1014 10 4
83
4 912
8
/
1
4
25 8 *2514 2818
3
147 165
8
8
15
514
512 5 4
3
83
4 912
88
5
8
5
/ 614
1
4
54
191
/
4
193
4 18
"
/
1
4
/
1
4
12
412 •214 418
418 5
43
8
/
1
4
1812 19
18
*1612 35
30
258 2 8
7
3
3
64 7 8
/
1
6
/
1
4
22
16N 17
3
4 34
3 4 *28
3
*412 1212
12
814 814
/
1
4
8
*312 5
5
5
33 8 33 8 35
7
*65
67
67
3
4
3
4
3
4
2
/ 3
1
4
3
88
7
9
/ *8
1
4
64 8
/
1
67
s
/ 20 4
1
4
207
8 20
3
3
8
103
8 10 8 107
8
473
8 4712 485
*8214 90
90
3
9212 9214 93 4
44 412
/
1
412
212 *212 3
16
1412 *14
8
/
4
141 1418 155
8 15
4
13
4 *15
/
4
2118 221
21
8 13
4
15
4
13
3712
3712 *35
12
*2
8
12
318
3
27
8
104 1014 11
/
1
4
312 33
3
/
1
4
5
/ 63
1
4
8
6
4
193
4 193 21
4
61 63
/
4
612
8
/ 453
1
4
473
4 45
8
4
8
4
7
8
7
/ 10
1
4
7
/
1
4
64 64
63
8
*43
8 4
/
1
4
•29
30
412 43
4
2912 29
/
1
4
53
8
78
10 4
3
9N
*26
16
58
5
918
614
1812
*3
8
*214
45
8
20
181
/
4
278
7
/
1
4
22
*23
4
.452
8
/
1
4
*312
348
*65
/
1
4
3
*814
838
207
8
103
4
483
4
*8212
9214
412
212
14
154
/
1
13
4
2212
2
*35
/
1
4
12
3
1012
3
/
1
4
54
3
22
618
45 4
3
8
4
4
93
64
618 612
5
/ 6
1
4
/
1
4
6
76
77
77
*76
79
1114 1118 1214 12
12
/
1
4
94
3
9
87
s 93
8
94
3
28
2814 28
2818 27
8
/ 165
1
4
8 1512 173
167
8 15
55
8 618
3
512 5 4
6
9
9
9
9s
98
612 6
/
1
4
8
612 67
658
25
25
22
182 20
*4
/
1
/
1
4
12
*1
/
4
12
418 *214 418 *214 41
47
8
518 57
45
8 47
8
21
24
*185 21
8
20
22
22
22
1912 *19
234 278
8
2 4 27
3
27
83
8 9
812
8
818
24'
235
8 22
2312 22
8
33
4 41
/
4
4 3
/
1
4
3 4 *23
712 712
*45 1212
8
12
103
8
1014 10
9
912
8
*312 47
*3t2 5
5
3514 3612 3512 3612
36
67
/ *65
1
4
664 66
/
1
67
72 1
3
4 1
7
8
/
4
8
31 33
3
/ 3
1
4
/
1
4
314
*814 11
*812 11
9
812 9
84 9
/
1
/
1
4
912
2114 2114 2112
2112 21
8
/
4
4 101 117
111 1118 113
/
4
/ 524
1
4
/
1
48
/ 493
1
4
4 49
50
*83
95
*8212 95
92
96N 97
95
95
94
412
55
8 5
/
1
4
4
/ 5
1
4
/
1
4
5
212 2 8
212 2
/
1
4
212
16
*14
14
14
14
/
4
/
1
161 1512 1618 151 164
/
4
/
4
/
4
/
4
14 "11 11 *11 11
/
4
8
8
2314 225 2414 2314 247
2
2
2
-- 12
12
- *36--12
318 3
/
1
4
3
/
1
4
105
8
111 10
/
4
412 514
41
/
4
5
/ 6
1
4
6
/
1
4
2312 2212 23
6
/ 63
1
4
4
63
4
4818 4714 4714
12
8
4
3
4
8
11Is 107 123
4
63
4 714
6
/
1
4
485 43
8
4 4 47
3
30 4 *30
3
35
30
218
36
12
33
8
101
/
4
.514
518
24
612
48
84
113
4
67
8
6
75
114
83
4
*25
151
512
9
614
*22
12
'214
55
8
23
2312
2
/
1
4
8
2118
*314
1212
912
•312
351
/
4
*65
7
2
3
*814
75
8
211
/
4
11
5112
*83
96
5
/
1
4
*2
/
1
4
*15
151
/
4
*15
8
2212
24
/
1
218
3618 *32
58
12
3
38
5
105
8 1018
5
53
4
53
8
61
/
4
*21
24
64
/
1
7
4814 48
3
4
7
8
127
8 114
63
4
/
1
74
43
4 5
*301 35
/
4
Sales
for
the
Week.
Shares
1,100
900
200
. 50
200
150
300
1,300
800
6,800
900
900
1,100
300
26,000
500
51,000
600
500
400
200
59,400
618 20,700
360
77
1318 32,000
9 184.800
/
1
4
300
28
1614 30,100
53 12,600
4
2,800
9
684 7,100
150
293
4
200
/
1
4
41
/
4
8
73 47,800
24
900
25
60
23
4 5,700
9
/ 74,600
1
4
2312 14,900
200
412
1212
200
10
10,000
5
3614 110,500
67
10
1
18,100
3 18 8,700
11
84 10,300
/
1
211 4,200
/
4
117
8 9,100
533 43,200
4
87
360
96
57
8 3,100
3
1,000
16
130
161 90,700
/
4
11
/
4
100
2414 126,400
214 1,500
200
--- 8 2,500
8
314 24,800
1012 11,300
51 2,400
/
4
57 17,200
8
241 1,300
/
4
63 44,300
4
48
3,800
3
4 1,300
123 76,400
4
7
7,300
44 43
/
1
4
*3014 35
2,200
1,300
____ ___ ---- ---- ---- ---- ---- ---- ---- ---- ---- ---/
4
1078 1178 111 1178 1112 117
4
8 1118 113 61,700
8
8 103 11
1014 105
*62
65
*62
65
*62
65
*62
65
*5514 65
*5514 65
18
1658 1618 17
1614 167 23,600
8
1614 16
164
/
1
8
8 155
15 8 157
5
110
109 109 *109 ---- *109 ____ 109 109
*107 109 *107 109
29
2812 293 12,400
8
2912 281 30N
8
/
4
*2712 277
8 2712 2818 283 29
*15
8 5
*158 5
*11 8
/
4
*158 7
*158 7
7
*11
/
4
9
*6
*6
9
9
*6
9
*6
*512 9
*514 9
*50
60
50
50
*45
50
50
*45
30
50
*45
•45
50
8 818 *458 818
*45
8 818 *45
*45 11
8
*45 11
8
*44 11
/
1
*29
33
*29
33
*29
33
33
029
•10
33
•10
32
3
3 / 3,500
1
4
3
318
27
8 3
2
/ 3
1
4
2
/ 24
1
4
/
1
*212 258
*10
11
*10
11
/
4
200
*91 11
*91 10
/
4
/ 10
1
4
912 94 .9
/
1
6
6
*514 6
300
*514 6
*514 6
*5
6
*5
6
14
14
14
14
14
300
*13
15
15
15
*14
*14
15
4
4 14
414
414
8
700
*3 4
3
47
312
38
5
312 32 *3
3'2
1618 173 149,200
8
157 17
8
/
1
/ 154 16
1
4
144 1514 15
/
1
158
4 1514 15
*120 122 *120 122 *120 122 *120 122 *120 12214 *120 12211
•2
7
11
/
4
.72
Ps
138
.
7
1,
*7
18
8
*7
8
8
8
8
4
4 2214 2414 2318 2414 2112 233 113,000
2038 211 2134 23
/
4
/ 2312 243
1
4
37
11,500
4 36
3612 383
4
39
/ 373 40
1
4
32
345
4 36
381 39
/
4
1,100
54
55
61
6212 *55
48
62
62
5018 53
5512 62
71
1,300
7012 *65
694 7014 68
70
68
583 61
4
69
68
15
8
13
4 3,600
134 218
14 214
138 14
11
/
4
114
114
114
95
951 1.200
/
4
*93
/ 95
1
4
*93 8 95
5
4
4 923 94
*92
923
4 9234 923
4
3014 2814 293 53,300
265 27
8
4
4 29
8 283 293
263 273
8
/ 297
1
4
4 27
1514 1612 1538 1612 14
12.900
1412 155
8 1414 15
15
1512 14
/
1
/
4
8 341 354 05,500
8
3314 333
4 335 344 344 363
35
/ 353 363
1
4
/
1
8 35
8
/
1
____
*65
8 8
sot, 8
100
*612 8
8
8 *6
5
/ 55
1
4
*512 712
118 2,900
7
8
1
118 *1
1
1
/
1
4
/
1
4
1
1
1
4 2,300
25s 23
258 23
4
258 25
8
214 21/4
11 2
/
4
*172 24
/
1
24
2518
s2312 25
900
25
223
25
211 *23
/
4
21
.20 4 23
3
18.400
7
614
5
/ 512
1
4
518 51
/
4
558 714
5 8 512
5
/ 5
1
4
/
1
4
3
8
127 60,900
/
4
1414
1112 1358 1214 131 12
1212 1312 1212 1414 13
714 84 20,200
/
1
72
4
714
712
73
7
7
/
1
4
6
/ 7
1
4
6
/ 612
1
4
10
*651 75
/
4
75
62 62
•131
75
*1351 75
/
4
*6512 70
*61
400
8
/
4
*315 3312
/ 32
1
4
*311 3314 3314 33
32
3212 3314
3314
*32
360
*90
91
88
88
87
87
87
8712 88
*86
87
*86
600
123
4 1214 1312 13
/ 1314 1312 131 1314 1314
1
4
/
4
*113 1212 .12
4
112 10,100
114
114
114
11 114
/
4
118 118
11
/
4
"1
1
1
2,300
7
5
518
/
4
5
/ 5
1
4
5
/ *41 514
1
4
5
*4
*312 5
*4
*314 8
/
1
*4
8
8
*4
8
"4
1012 *314 104
500
8
4
"4 1
*12
"4
1
3
4
3
2
*3
4 1
•18
8 112
112 13
13
4 13
4 1,500
4
11
/
4
13
11 112
/
4
4
13
4 *15te
1
1
93
8 938 1,000
9 8 95
5
8
94 912
/
1
912 94
/
1
912 9 4
3
/
1
918 94
3
3
3
3
3
3
/
1
4
318
31, 1,300
314 314
*27
s 3
8
1614 167 54,200
/
4
8
/
4
165 1714
/
4
153 157
8
8 151 161 1614 171 1612 17
8
29,600
4
4
2212 223 2314 222 2312 2312 2418 227 24
21
20 8 21
5
3,000
27
8 3
318
3
314 *3
27
8 3
/
1
4
3
3
*23
4 3
'Bid and asked prices: no sales 051 his day.
7
h.x-dIvIdend. u Ex-rights.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1932
On basis of 100
-share lots.
Highest
Lowest
PER SHARE
Range for Previous
Year 1931.
Lowest
Highest
Indus. & Miscall. (Con.) Par 8 per share $ per share $ per share $ per share
4 Dec 2812 Jan
912 Aug 26
3 May 4
Pittsburgh Coal of Pa
100
273 Dec 80 Jan
4
Preferred
100 18 June 28 40 Jan 28
3 Dec 1514 Feb
47 Aug 16
8
2 Apr 12
Pittsb Screw & Bolt-_ _No par
217 Dec 87 Jan
8
9I2June 29 24 Jan 18
Pitts Steel 7% cum pref
100
1 Dec 15 Feb
2I2Mar 8
N July 8
Pittsburgh United
25
40 Dec 995 Feb
Preferred
100 14 May 17 40 Jan 21
5 8 Dec 1814 Jan
5
2 June 1
114 Aug 11
Pittston Co
No par
4
Oct 133 Jan
3
518 Aug 16
112May 25
Poor & Co class B
No par
2 Sept 27 Feb
514 Jan 15
1I4May 27
Porto Rican-Am Tob cl A _ _100
8 Feb
/ Sept
1
4
23 Aug 16
4
58May 6
Class B
No par
4 Dec 3912 Jan
4July 6 1212 Aug 25
Postal Tel & Cable 7% Dref 100
13
/
1
4
41 Dec 20 Feb
/
4
9 Aug 21
Prairie 011 & Gas
312June 2
25
57 Dec 2612 Feb
Prairie Pipe Line
512June 2 1218 Aug 12
25
7'8 Feb
114 Dec
27 Aug 1
8
4June 1
Pressed Steel Car
3
No par
8
512 Dec 475 Feb
8June 13 11 Jan 14
Preferred
25
100
361 Dec 7114 Mar
/
4
4
8June 30 423 Jan 14
Procter etc Gamble
No par 197
1 Dec
6 Feb
11 Mar 9
/
4
18May 25
Producers & Refiners Corp_ _50
3 Dec 16 Feb
9$4 Mar 30
1 May 10
50
Preferred
4918 Dec 9612 Mar
Pub Ser Corp of N J___No par 28 July 11 60 Mar 7
78 Dec 10212 May
June 30 8734 Aug 23
$5 preferred
No par 62
92 Dec 1201 Aug
8
/
4
6% preferred
100 71I2June 2 1105 Mar 11
4
7% preferred
100 9212May 27 114 Mar 10 112/2 Oct 1393 Aug
8% preferred
100 100 July 8 13014 Mar 5 118 Dec 16012 Aug
873 Dec 10714 Aug
4
Pub Set El & Gas pf $5_No par 83 June 3 97 Aug 22
154 Dec 5812 Feb
/
1
Pullman Inc
No par 10I2June 2 27 Aug 25
/ Jan 2
1
4
2 Jan
14 Aug
'8 Feb 17
Punta Alegre Sugar
50
8
6 Aug 25
/
1
4
314 Dec 117 Jan
sJune 2
27
Pure 011 (The)
25
5312 Dec 1011 Jan
/
4
8% preferred
100 50 Jan 5 80 Aug 22
8
8May 25 157 Mar 7
103 Dec 5514 Mar
4
43
Purity Bakeries
No par
5N Dec 2712 Feb
/
1
4
2I2May 26 10 Feb 19
Radio Corp of Amer_ No par
20 Dec 5518 Mar
8
Preferred
50 10 June 2 327 Jan 12
8
912 Dec 60 Mar
3 8May 31 187 Jan 14
3
Preferred B
No par
23 Dec
4
7 Jan 14
4 Deo
112June 1
Radio-Keith-Orph
No par
812 Dec 2912 Mar
8
8July 11 115 Feb 15
43
Raybestos Manhattan_No par
8
678 Aug 24
11 Dec 307 Feb
/
4
2'* July 18
Real Silk Hosiery
_-_10
5 Dec 90 Feb
7 June 23 25 Aug 25
Preferred
100
/ Dec
1
4
/ Jan 12
1
4
17 Jan
8
/ Apr 12
1
4
Reis (Robt) & Co
No par
414 Aug 8
6 Sept 13 Apr
4
13 Apr 15
let preferred
100
738 Aug 26
1 May 28
4
11 Dee 193 Feb
/
4
Remington-Rand
No par
Jan
61 Dec 88
/
4
4 Juna 3 24 Aug 25
1st preferred
100
Jan
10 Dec 98
5 June 14 25 Aug 26
2d preferred
100
7
2 8 Dec 1018 Feb
38 Jan 8
1
112 Apr 4
Reo Motor Car
10
418 Dee 253 Feb
938 Aug 28
8
11June 2
/
4
Republic Steel Corp---No par
818 Dec 54 Feb
5 June 28 24 Aug 25
6% cony preferred
100
218 Dec 13 Jan
418 Aug 25
1 July 6
Revere Copper & Brasa_No par
6 Dec 30 Jan
2I2May 3 1212 Aug 26
Class A
No par
/
1
4
7 Sept 22 Mar
5
5 8July 20 1038 Aug 25
Reynolds Metal Co_
No par
/
4
212 Oct 181 Mar
55 Jan 14
8
3 Feb 23
Reynolds Spring new No par
324 Dec 5412 June
/
1
Reynolds (11J) Tab ewes )3_10 2612June 30 40N Jan 14
69 June 7512 Feb
Class A
10 64 May 2 7118June 13
63 Jan
8
/ Dec
1
4
11
/
4July 26
I4June 23
Richfield 011 of Calif_ __No par
3 Aug 10
/
1
4
114 Nov 1014 Feb
4May 28
13
Rio Grande 011
No par
8 Jan 9
4
53 Dec 413 Mar
4
4 July 12
Ritter Dental Mfg._ __No par
314 Dec 26 Feb
912 Aug 23
112May 28
Rossia Insurance Co
10
8
13 Dec 425 Feb
Royal Dutch Co (NY shares) 1218 Apr 21 23 Mar 4
8
3
7 Dec 30 8 Feb
8July 13 117 Aug 16
45
10
St Joseph Lead
385 Jan 6912 Aug
8
Safeway Stores
No par 30's July 8 5914 Mar o
/
4
6314 Dec 981 Sept
100 60 May 26 84 Mar 8
6% preferred
71 Dec 10812 Aug
7% preferred
100 69 June 2 97 Aug 25
73 Feb 1
8
35 Dec 2014 Feb
8
114July 14
Savage Arms Corp_ ___No par
4 Jan 13
3 Dec 1118 Mar
/
1
4May 31
Schulte Retail Storee_No par
30 Dec 65 Mar
8 May 28 30 Jan 5
Preferred
100
3
512 Oct 20 4 Apr
68 Apr 12 1612 Aug 25
8
Seaboard 011 Coot Del_No par
24 Dec 11
/
1
23 Jan 21
4
Feb
1 Apr 12
Seagrave Corp
No par
301 Dec 63 Feb
/
4
8June 28 37313 Jan 18
/
1
4
97
Sears. Roebuck & Co No par
214 Aug 26
12July 5
612 Feb
Second Nat Investors
1
8 Dec
4
27 Dec 5818 Feb
Preferred
1 2114June 22 3618 Aug 25
N Aug 25
18May 4
154 Feb
14 Sept
No par
Seneca Copper
312 Dec 113 Apr
53 Jan 13
8
4
112June 25
No par
Bervel Inc
4
814 Dec 2912 Feb
5 May 28 123 Mar 8
No par
Shattuck (F G)
7
2 Dec 13 Feb
/
1
4
5 Aug 25
/
1
4
112July 1
Sharon Steel Hoop
No par
318 Oct 21 Mar
6 Aug 22
/
1
4
8June 13
17
Sharpe & Dohme
No par
/
1
28 Des 6112 Mar
Preferred
No par 1112July 21 304 Jan 18
212 Apr 23
212 Dec 1014 Jan
718 Aug 8
Shell Union 011
No par
/
4
15 Dec 78 Feb
Preferred
100 18 May 31 481 Aug 25
11 Aug 10
/
4
I8June 2
93 Mar
4
Itt Dee
Shubert Theatre Corp_No par
1278 Aug 25
67 Dec 233 Feb
8
4June 1
4
23
Simmons Co
No par
34 Dec 11 Feb
/
1
712 Aug 25
314 Apr 8
Simms Petroleum
10
7 Jan 7
/
1
4
8
41 Dec 157 Feb
/
4
414 Jan 4
Sinclair Cons 011 Corp_No par
64 Dec 103 Mar
Preferred
100 79 Feb 6 96 Mar 24
8
2 Dee 127 Jan
212 Feb 8
Skelly Oil Co
5 Aug 10
25
10 May 62 Jan
4
Preferred
100 12 Jan 4 303 Aug 23
Snider PackIng
1 Jan 11
4 4 Feb
8
13 Apr 18
No par
3 Sept
4
2 Oct 1558 Feb
Preferred
414 Jan 11
1 June 13
No par
Socony Vacuum Corp
83 Dec 21 Aug
8
8
514May 31 117 Aug 11
25
Solvay Am Invt Tr prof_ _100 35 June 28 6518 Aug 16
40 Dec 95 Mar
So Porto Rico sugar_-.No par
634 Dec 1712 Jan
412 Apr 12 17 Aug 25
Oct 11212 July
Preferred
87
100 8612May 27 109 Aug 23
283 Oct 5412 Feb
8
Southern Calif Edison
4
4June 2 323 Feb 19
25 153
5 Mar
Southern Dairies cl 13-No par
212 Sept
3 Feb 26
114May 28
Jan
Spalding Bros
8 Dec 36
412 July 7 12 Jan 12
No par
1st preferred
94 Dec 11512 May
100 32 June 3 95 Jan 9
4
Spans Chalfant&Co IncNo par
93 Dec 2712 Feb
93 Mar 3
4
83 Mar 7
4
4812 Oct 9212 Jan
Preferred
/
4
100 29 Aug 9 481 Jan 2
8
2 Dec 135 Mar
Sparks Withington_ __No par
312 Jan 14
1 May 28
Spencer Kellogg & gins No par
9 Sept 1612 Mar
8 May 4 10 Jan 16
4
Spicer Mfg Co
6 Sept 173 Feb
6 Feb 19
/
1
4
5 Apr 20
No par
/
4
1114 Dec 331 Feb
Preferred A
9I2June 1 15 Mar 22
No par
Spiegel-May-Stem Co_No par
3 Dec 1712 Mar
41 5 Aug 25
5
8May 31
1012 Dec 2012 Feb
standard Brands
8
8June 2 173 Aug 26
83
No par
Preferred
No par 110 June 2 11912 Jan 22 114N Dee 124 July
4 Feb
Stand Comm Tobacco.No par
13 Dec
4
2 Jan 4
8July 20
7
/
1
4
2518 Dec 88 Mar
/
4
Standard Gas & El Co_No par
7 8June 2 341 Mar 8
5
/
4
297 Dec 641 Mar
8
/
4
Preferred
9 June 2 411 Jan 14
/
1
4
No par
86 cum prior pref.---No par 21 July 19 6212 Aug 24
40 Dec 101 Mar
$7 cum prior pref_ _ _ _No par 28 June 3 75 Jan 15
55 Dec 1094 Mar
41 Feb
/
4
Stand Investing Corp_ _No par
214 Aug 25
8 Dec
8
14June 24
8718 Dec 106 Sept
Standard 011 Export prer_100 a 81 June 9 9512 Aug 26
4
Standard 011 of Ca1lf
2318 Des 513 Feb
No par 1518June 2 3014 Aug 25
Jan
73 Dec 19
4
/
4
7 Apr 7 161 Aug 20
Standard 011 of Kansas
25
Standard 011 of New Jersey_25 194 Apr 23 363 Aug 8
26 Dec 5212 Feb
4
/
1
Standard Oil of New York_ _25
137 June 26 Feb
8
6 Dec 3414 Feb
Starrett Co (The) L S__No par
7 Jan 22
/
1
4
3 July 12
Dec3748
9
114 Jan 9
Sterling Securities cl A_No par
12May 21
Feb
Preferred
13 Decec
8
3 Mar 5
12
5
8July 11
Prefeed
No par
1618 Dec 40 Mar
/
4
Convertible preferred_ __5() 1312June 2 251 Aug 2(3
.
8
43 Sept 217 Mar
4
Stewart
71 1 Aug 21,
11
/
4May 26
-Warner Speed Corp 10
Stone & Webster
9 Dec 5412 Mar
/
1
4
8July 8 1558 Mar 10
45
No par
Oct 26 Mar
9
/
4
212May 28 131 Jan 14
Studebaker Corp (The) No par
/
4
75 Dec 1181 Apr
/
4
Preferred
100 32 May 25 1041 Mar 31
263 Oct 4514 Feb
4
Sun Oil
4 Apr 13 3314 Aug 16
No par 243
75 Dec 10412 Feb
Preferred
100 68 July 13 81 Aug 24
5
11 Dec 40 8 Feb
1312 Jan 18
Superheater Co(The)_No par
7 June 11
IN Feb
Superior 011
14 Dec
112 Aug 21
14 Jan 5
No par
/
1
27 1)ec 184 Mar
8
Superior Steel
712 Feb 13
214May 26
100
8
1012 Dec 157 Aug
Sweets Coot America
35* July 19 11 Jan 4
50
218 Feb
/ Dec
1
4
Symington
7 Aug 19
8
14Mar 31
No par
64 Jan
/
1
Oct
1
Class A
2 Jan 19
12May 26
No par
1118 Dee 2112 Mar
4
6 July 20 133 Mar 23
Telautograph Corp_ _ _ _No par
94 Jan
/
1
2 Dee
314 Aug 10
1 May 25
Tennessee Corp
No par
/
1
/
1
4
9 Dec 354 Jan
Texas Corporation
8
914June 29 173 Aug 10
25
4
1912 Dec 553 Feb
Texas Gulf Sulphur_ __No par
4
12 July 6 263 Feb 17
IP Jan
,
17 Dec
8
4 Aug 5
Texas Pacific Coal 42112 Apr 12
011._ _10
re- FOR SALES
New York Stock Record-Concluded-Page 8
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Aug. 20.
Monday
Aug. 22.
Tuesday
Aug. 23.
S Per Share 5 per share $ per share
Wednesday
Aug. 24.
Thursday
Aug. 25.
Friday
Aug. 26.
S per share
524
624
*55
8 6
*2518 29
53
*5
•2
212
.16
1612
*10
1212
8
83
s
13
4
13
4
*1312 35
47
5
51
51
*912 12
*57
60
4
418
4
177 193
$ per share
57
614
6
9
*2518 29
53g
53
214
27
8
*16
1612
1212 1212
*8
83
8
12
4
13
4
*1312 35
43
4 5
51
51
*912 12
*55
GO
55
414
1814 20
5 per share
534 64
63
4 63
4
29
29
6
6
212 23
4
16
16
1212 1212
8
8
112
112
*1312 35
5
518
*5014 51
10
10
*s5
60
5
53
4
1713 1914
Sales
for
the
Week.
Shares
30,500
1,200
100
700
9,900
700
500
1,400
1,900
STOCKS
NEW YORK STOCK
EXCHANGE.
Indus. & Nfisce11. (Cond.) Par
512
614
24
Texas Pacific Land Trust ___ _ 1
.33
5
*33
4 44
4 512
3
43
Thatcher Mfg
No par
*25% 29
*2518 29
*2878 29
Preferred
No par
53
52
*5
9
524 512
The Fair
No par
214
212
21, 27
212 224
Thermold Co
No par
15
15
*15 - 16
16
1612
Third Nat Investors
1
*1012 13 .1012 122 *107 12
4
25
Thompson (J R) Co
*75
8 812
812 812
72
4 8
Thompson Products IneNo par
*12
112
112 112
13
4
17
's
Thompson-Starrett Co_No par
*12
25
*12
25
*1312 35
No par
63.50 cum pref
45
424
434
5
47
8 518
29,800 Tidewater Assoc 011_ -No par
49
49
50
50
50
5112
100
1,100
Preferred
*912 12
.912 12
*912 12
100
300 Tide Water Oil
*52
5912 55
55
57
57
100
Preferred
300
312 31.2
4
4
32
4 32
4
10
14,500 Timken Detroit Axle
1813 1918 183 197
4
8 1914 2012
38,700 Timken Roller Bearing_No par
Tobacco Products Corp No par
No par
Class A
• 512 53
5% 57
4
8
53
4 6
618 612
612 63
No par
4
57
6% 83,100 Transamerica Corp
*312 513 *312 5
5
512 *43
4 512 *5
512
600 Transue & Williams St'INo par
514 6
318 33
8
33
8 4
418 413
418 412
412 43
4
418 412 29,100 Tri-Continental Corp No par
*64
69
64
64
6412 6512 *64
67
No par
*64
67
8
643 67
1,300
6% preferred
.2434 254 2512 253
4 2584 27
2634 271s 2714 2714 263 263
4
4 2.100 Trico Products CorpNo par
*1
112 *1
112 .1
112 *1
No par
1 12
Truax Traer Coal
*118
112 *118
113
57
6
6
63
4
63
4 7
67
3 7
10
678
2,800 Truscon Steel
714
67
8 7
*13
4 2
2
2
2
218
2
2
No par
2
2
134 2
1,400 then & Co
*16
17
17
1712 177 18% 1812 21
1812 2012 19
3,800 Under Elliott Fisher Co No par
21
*612 912
9
9
9
97
8
97 11
8
103 1112 1118 1112 5,700 Union Bag&Paper CorpNo par
4
2434 2534 2514 27
2633 28
2512 27,
4 268 275
25% 273 142,900 Union Carbide & Carb_No par
1224 123
3 1234 13
1278 1312 1318 137
8 14
25
1412 1314 1414 11.500 Union 011 California
13
13
1312 1312 1434 143
4 1512 1512 16
No par
*15
16
1612
500 Union Tank Car
1618 1678 1713 183
8 18
1914 175 183
4 18
1914 1714 19 205,700 United Aircraft & Tran No par
•48
49
49
49
4713 49
4612 48
4612 48
4612 48
50
Preferred
3,000
•18
19
19
19
19
19% 193 20
4
20
2018 20
No par
20
2,100 United Biscuit
*8912 09
*8912 95
.8912 95
95
95
•93
100
95
50
93
Preferred
93
•123 133
4
4 133 1413 14
4
1412 14
1414 14
164 15
No par
1524 14,800 United Carbon
7
8
1
1
1
1
118
1
114
114
%
1
1
76,500 United Clear Stores__ _No par
*6
16
*614 10
.7
16
*612 16
*7
100
16
Preferred
100
624 634
08 1018 1014 11
103 113
4
3 1034 1118 1012 1114
No par
1024 1114 229,400 United Corp
348 3518 3512 3714 3734 38
3714 38
3714 383
No par
Preferred
8 37 3 3812 9.700
7
5
5
5
5 14
5
514
45
8 5
No par
47
8 5
5
53
4 5,600 United Electric Coal
27
3112 3018 323
8 3018 32
293 304 2912 30
4
273 297 30,800 United Fruit
4
3
No Par
18% 19
187 193
8
4 193 2014 193 20% 20
4
4
2012 1914 2
014 59,100 United Gas Improve-No par
*9412 957
8 957 957
8
9514 96
.95
96
Preferred
*95
No par
*95
96
300
957
"4
1
.1
114
*14
1
*14
*14
1
100
1
United Paperboard
•14
1
*8
0
*8
9
*8
9
*8
9
•S
9
United Piece Dye Wits_No par
*8
9
*112 134
I% 13
4
178
2
212
218
2
2
2
2% 3,000 United Stores class A__No par
*37% 38
38
393 .38
4
45
*4018 4212 24213 4212 *3712 44
Preferred class A__ _ _No par
300
*22
2314 2314 2314 .23
2313 23
23
2312 2312 24
2418
600 Universal Leaf TobaccoNo par
.32% 3912 *3218 3912 *3218 391 .33
3912 35
35
35
35
20 Universal Pictures 1st pfd 100
•114
13
4 *114
13
8 *1 14
13
8
114
112
15
8
124
112
112
600 Universal Pipe & Rad__No par
*1112 12
1214 1312 135 141z 13
8
1312 1313 1434 133 16
20
4
35,400 US Pipe & Foundry
•1313 14
14
14
1412 1413 1412 147
8 15
1512 1513 16
No par
1st preferred
1,100
•I.
12
.1
12
.2
12
*I
12
12
*2
No par
U S Distrib Corp
*2
12
*14
7
8
*14
7
s
.14
7
3
*14
100
%
U S Express
*14
%
*14
78
*813 9
9
9
9
91
.813 9
*8% 812
No par
400 US Freight
8
8
412 45
43
4 5
5
53
4
5
518
No par
5
6,400 U S & Foreign Secur
514
47
8 5
*543 644 .55
59
59
6018 58
No par
5813 *57
60
Preferred
*57
400
597
2112 2112 2112 2212 227 2314 23
3
2414 24
20
25
24
24
7,500 U S Gypsum
3
3
324 312 *23
4 4
*23
37
4 4
4
4
1,200 US Hoff Mach Corp_ _No par
4
273 28
8
2714 283
4 283 313
4
4 30
318 3013 3214 31
343 67,800 U S Industrial Alcohol_No par
8
5
5
512 57
3
57
57
8 6
534
No par
524 57
8
4 3,500 U S Leather
514 53
912 912
912 1113 1 124 1224
11
12
1112 125
Class A
8 12
1314 13,700
No par
*65
69 .65
69 .6314 69
*64
69
*64
100
70
Prior preferred
*64
6712
7
718
73
4 8
7% 818 *712 73
712 712 2,400 U S Realty & Impt____No par
4
734 77
518 518
513 514
53
8 53
4
512 55s
No par
53
4 614
618 68 22,600 U S Rubber
11
1118 11
1112 1112 1214
113 1218 12
4
127
8 13
15
100
1st preferred
10,900
1812 1914
1912 1012 1912 21
20
2012 19
203
4 183 2 14 5,800 U S Smelting Ref & NIin_ - _50
4 0
*40
42
*38
42
42
42
42
42 .4112 45
*4112 45
50
Preferred
200
397 41
8
404 45
4312 4534 4312 457
3 443 464 4334 4818 517,400 LI S Steel Corp
4
100
78
70
7914 83
8312 85
84
8818 85 4 8914 85
9012 31,800
3
100
Preferred
587 58% 587 50
8
7 5914 583 59
8
58 o
8
59
613
4 5912 623 12,200 US Tobacco
No par
4
614 65
8
612 714
7
712
7
714
734
No par
8
73
4
753 40,800 Utilities Pow & Lt A
67
It
3
1
54
31
5
8
31
3
4
3*
3
4
6,800 Vadsco Sales
3
1
3
4
No par
3
4
*10
30
*10
30
•10
30
*10
30
*10
30
*10
30
100
Preferred
1524 16% 1612 173
4 1714 1812 1713 1818 173 1812 17
1914 63,700 Vanadium Corp
8
No par
•114
112
13
3 112
214
13
3 17
2
218
2
233
214 16,200 Virginia-Carolina ChemNo par
*614 734 .714
734
734 934
93 1114 1012 1114 10
4
1012 4,500
100
65' preferred
*53
59
*5518 59
59
64
6312 65
64
6414 61
61
100
1,600
7% preferred
*765 82
8
*77
82
82 82
.80
8212 8212 83
8412 8412
70 Virginia El & Pow $6 ph No par
24
253
247 3012 3014 3314 3018 343
8
8 3018 3318 30
327
8 3,455 Vulcan Detinning
100
*123 123
8
4 1234 1234 124 123
4 123 123
4 1284 123
4 1212 1212
900 Waldorf System
No par
17
8
234
17
8
2
8
2% 27
37g
27
8 314
318
314 33 11,200 IValworth Co
4
No par
62
8
*514 612 *534 613 *55
6% 612
7
7
*53
3 87
8
400 Ward Bakeries class A_No par
134
15* .113
15
8
15
8
17
13
4
134
2
214
13
2
Class 13
5,200
No par
•22
3212 .2214 2412 *2314 28
2312 24
24
25
26
26
900
Preferred
100
312 4
318 324
37
,
334 3 2
4
33
4
4
334 4
97,300 Warner Bros Pictures_ _No par
•10
117 *10
8
12
*10
1312 .10
13
1212 1212 12
12
2013
Preferred
No par
.3
4
114
.34
1
114
113
15
8 153
III
112
112
13
4 1,500 Warner Quinlan
No par
512 512
534 6
6
67
8
6,
8 612
614 6 2
,
6
63
3 3.300 Warren Bros new
No par
•127 1312 1218 127
8
8 13
1312 12
1334 *12
1312 •11
127
8
270
Convertible pref _ _._No par
•10
1012 1118 1112 1112 1158 107 1114 *103 11
8
4
1012 1114
1,400 Warren Fdy & Pipe
No par
2
2
2
2
*13
4 2
13
4 2
2
2
.134
17
8
900 Webster Eisenlohr
No par
*133 14
4
1414 1412 1412 15
8
1418 1414 1414 143
15
15
2,900 Wesson Oil & Snowdrift No par
*47
51
.47
51
51
*50
50
50
*50
51
.50
51
300
Preferred
No par
30
3112 33
37
393
4 3913 42
348 3534 40
3834 427 84,900 Western Union Telegraph_100
8
1412 15
144 1518 1512 1714
1634 17
1618 1714 16
3534 373
4 37'2 3934 3812 4024 3712 3934 3812 4012 363 1718 8,400 Westingh'se Air Brake_No par
3924 239,900 Westinghouse El & Mfg----50
*69
70
6914 70
70
70
7014 7014 7012 72
*73
97
290
1st preferred
*7
73
4
73
4 73
4 *612 712 •613 7
67
8 714
712 7% 1,100 Weston Elec Instruml.No 50
•10
par
17 .10
17
*10
17 .10
17
*10
17
*10
17
_____ _
Class A
.60
No par
62
62
64
66
66
68
68
63
68
70
70
110 West Penn Elee class A_No par
80
.08
*68
80
*70
80
73
73
*73
80
75
75
40
Preferred
•52
.58
58
100
60 .62
65
6114 63
63 63
63
63
120
6% preferred
101 101
1007 101
10112 10112 1013 102
8
100
4
102 102
102 10212
210 West Penn Power pref
98 .00
.90
100
98
.92
OS
92
02 .911 98 .92
08
10
6% preferred
612 612 *812 63
100
4
65
8 74
,
712 9
84 83
4
83
4 83
4 1,300 West Dairy Prod Cl ANo par
*2
218
218 214
218 218
2% 27
8
2% 3
3
3
.612 714
4.000
714 714
C18.89 B
75
83
No par
8
813 87
812 9
812 9
2.700 Westvaco Chlorine ProdNo par
824 814 *812 - - - • ,
8 2- - *812 200 Wheeling Steel Corp -No par
1112 - -12 1212 12
11
.12 13
1314 127 13
8
- 12 13
124 13
1324 3.300 White Motor
-- No par
8
*1712 181 1 *173 18
17
17
*1712 18
*17
18
*1612 1814
100 White Rock Min Spring ctf_50
"8
3
1
"8
"a
3
4
3
4
%
%
5
8
5
8
3
4
1
1.700 W bite Sewing Machine_No par
•1
134
13
4
13
8
112 13
4
17
8
I%
17
8
17
17
8
2
700
6
Preferred
612
614
67
No par
4
63
8
614 63
653
4
6
43
4 618 19,100 Wilcox 011 &
653
Gas
No par
2312 *20
*16
2312 *1613 2312 *1612 2312 *1612 2312 *1612 2
312
wHeax_itieh el A conv _No par
153
13
4
13
4 2%
17
218
2
2 18
2
2 18
2
2% 23,200 Willys-Overland
5
•9
123 15
*1212 13
13
4
(The)
*1412 18
1514 18
15
15
800
Preferred
100
13
*114
12
8
lls
13
8
114
113
112
138
112
118
13
5,100 Wilson dr Co Inc
4
No par
314 33
8
314 4
3
37*
3 z 33
,
4
313 33
4
314
353 8,400
Class A
No par
21
*2012 21
2212 213 2212 22
4
22
21
22
203 21
4
4,600
Preferred
100
4
354 3714 37,2 383
3512 36
8 373 39
39
4012 33
3912 83.400 Woolw9rth
10
(F NV) Co
1918 207
1712 18
8 19
20
18
205* 1912 215
8 1814 21
26,700 Worthington P dz NI
100
343 *25
.25
4
*2813 33
3434 .2812 32
31
34
*32
33
400
Preferred A
100
32
*24
33
30 .24
*24
*25
35 .25
343 *25
4
30
Preferred B
100
4 11
12
11
11
113 113
11
4
1114
1118 12
11
11
170 Wright Aeronautical_ _No par
.
37
3924 3913 39%
37
391 3 .39
3714 3714 3
3918 *37
9
1,400 Wrigley(Wm)Jr (Del)_No par
14
111 4 *10
11
•10
1034 1013 1 1 1 I 1213 *13
20
*12
20
400 Yale & Towne
25
334 4
37
37
324
4
324
37
38 414
4
4
10.800 Yellow Truck & Coach Cl B.10
29 .27
*27
32
29
•27
•27
32
*27
32
*27
32
Preferred
77
100
*712 8
8
814 814
814
824
812 914
812 812 2,500 Young Spring & Wire_ _No par
213
1612 20
4 1913 2
20
1412 17
0% 1912 205
8 18
207 17,800 Youngstown Sheet & T_No par
8
13
8 112
*lit
112 112
112 113
Pt
13
4 2
13
4 2
3,700 Zenith Radio Corp__ - _No par
67
7s
3
7
712
63
4 6%
733 73
4
714
753
714 8
30.400 Zonite Products Corp
1
• Bid and asked prices; no sales on this day. z Ex-dividend. t Ex-rights. 2 Ex-warrants.
814
812
1457
DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE EIGHTH PAGE
_._
PRECEDING.
514
PER SHARE
Range for Year 1932
On basis of 100
-share lots.
Lowest
Highest
$ Per Share 5 per share
6I2 Mar 8
212June 2
2 Apr 5
9 Aug 25
2218 Apr 19 29 Jan 21
4 May 17
7 Jan 12
78June 2
3 Jan 12
10 May 31
1612Mar 3
814 July1
163 Mar 5
4
23
4June 3 10 Feb 29
%June 11
124 Aug 23
12 June 2 15 Aug 17
2 Apr 8
514 Aug 10
20 Feb 3 5112 Aug 23
5 June 6
10 Aug 26
30 Feb 9 5812 Aug 5
2 July 6
52 Aug 26
4
7 4July 8 23 Jan 9
3
27 Jan 5
8
63 NIar 5
3
63 Jan 4
8
9 Mar 3
2% Jan 2
64 Aug 25
214 July 13
6 Aug 26
112Nlay 26
43 Aug 25
4
427 Jan 2 67 Aug 26
8
193
8May 31 3112Mar 0
14Nfay 27
318 Jan 14
2 Apr 19
714 Aug 25
12Nlay 4
3 Jan 13
3Jul1 7 231251ar 7
73
512June 2 1112 Aug 25
15125lay 31 362 Mar 7
8
8 July 8 1412 Aug 25
113
4June 30 1914 Jan 2
612May 28 1914 Aug 23
3014Nlay 13 5018 Aug 1
11 July G 2812Nfar 4
75 July 8 103 NIar 23
8June 1
65
1034 Aug 25
% Apr 5
134 Jan 11
218Niay 21 20 Jan 11
312June 2 1124 Aug 2?
20 June 2 384 Mar 7
23 J aly 8
8
534 Aug 17
1014June 2 3238 Aug 22
914June 2 2134 Mar 8
70 June 2 93 Aug 23
31 Aug 8
3 Aug 8
4
33
8June 28 11 Jan 6
34May 23
3 Jan 28
27 Jan 4 4814 Mar 9
11 May 31
2418 Aug 26
23 June 2 50 Jan 27
13 Apr 7
2 Aug 11
714June 2 16 Aug 2
1112June 22 16 Aug 26
2 June 9
5 Aug 17
14 Jan 15
3 Jan 23
8
3121s1ay 27 10 Aug 8
8June 16
13
53 Aug 23
4
26 June 2 6018 Aug 23
1012June 2 2514 Mar 5
3 Apr 29
4
4 Feb 19
3
1314June 2 34 Aug 26
1147stay 31
6 Aug 15
314June 13 1314 Aug 20
4414June 30 65 Mar 14
2 June 2 10 Aug 8
114June 2
67 Aug 26
318June 10 15 Aug 26
10 June 2 223 Aug 11
4
31 July 6 457 Aug 11
8
2114June 28 525 Feb 10
8
5112June 28 113 Feb 19
55 June 2 66 Apr 27
ltsMay 25 1038 Jan 14
14 Mar 3
3 Aug 11
4
12 June 1
20 Jan 9
514May 31
191 1 Aug 26
12 Nlar 14
233 Aug 25
31 Feb 26
1114 Aug 24
20 Apr 12 65 Aug 24
60 June 9 887 Jan 22
8
714July 11
3434 Aug 24
718May 31
10 Jan 2
37 Aug 25
24June27
214May 14 1014 Jan 13
3
47.lay 7
25* Jan 14
12 May 31 4012 Mar 16
43 Jan 13
12June 2
4 June 2 20 Feb 1
12May 26
4
13 Aug 26
114Nfay 28
7 Feb 19
2 June 2 1712 Jan 14
712Nlay 13 14 Feb 3
5 ay 4
8NI
2 Jan 18
8%July 1
1512 Jan 14
423 July29 51 Aug 8
4
1238June 29 50 Feb 19
914 Apr 8 1714 Feb 13
8June 29 4058 Aug 23
155
5212June 2 723 Jan 20
4
212 Apr 8
914 Feb 19
1314 Apr 8 19 Jan 19
25 May 27 70 Feb 14
22 June 1
76 Jan 11
20 June 2 70 Jan 12
80 June 10 110 Mar 17
6612June 10 1013 Mar 28
4
35
8June 25 1612 Mar 3
1 June 1
43 Mar 4
3
3 June 1
125 Mar 9
8
5 June 15
814 Aug 12
678June 2 14 Aug 11
11 July 7 2812 Mar 7
14 Apr 8
1 Jan 2
3 Apr 8
4
2 Aug 21
4Nfay 4
23
814 Aug 12
1312June 2 2012 Nfar 17
8Ni
5 ay 26
3 Jan 13
6 June 7 25 Jan 26
%June 2
13 Mar 14
4
15
8May 31
434 Mar 9
11 June 2 31 Mar 10
22 June 2 455 Mar 8
8
5 May 31
233 Feb 19
8
1412June 2 41 Jan 15
12 May 27 3012 Jan 11
37 Apr 8 12 Aug 22
25143une 1 57 Jan 18
612July 5 1212 Aug 24
8June 1
13
5 Jan 14
12 May 17 31 Aug 0
3 June 2
912Mar 8
4 Stay 25 2134 Aug 23
12May 17
2 Jan 22
8June 25
45
97 Mar 8
8
PER SHARE
Rance for Previous
Year 1931,
Lowest
Highest
$ per share $ per share
414 Dec 175 Feb
8
37 Dec 22 Feb
245 Dec 41 Mar
8
52 Dec 23 Jan
112 Dec
9 Feb
1114 Dec 27 Feb
12 Dec 35 Mar
628 Oct 18 Feb
7 Dec
3
83 Mar
1413 Dec 3414 Mar
21 Dec
9 Jan
2012 Oct 68
Jan
97 Nov IS Mar
8
30 Dec 83 Feb
312 Dec 12 Feb
1612 Dec 59 Feb
15 June
8
412 Nov
6 Dec 14 Apr
2 Dec 18 Feb
27 Dec 1712 Mar
8
2 Dec 113 Feb
4
3612 Dec 9414 June
24 Dec 4534 Feb
I Dec 10
Jan
5% Dec 24 Feb
2 Dec 213 Mar
4
133 Dec 753 Feb
8
4
5 Dec 14 Aug
2718 Dec 72 Feb
11 Dec 2624 Feb
16 Dec 2518 Jan
97 Dec 387 Star
8
s
40 Oct 6114 Aug
18 Dec 413 Mar
4
90 Dec 122 Mar
618 Oct 283 Feb
4
11 Dec
713 Apr
20 Dec 276 Apr
712 Dec 3114 Mar
2618 Dec 5218 Mar
3
Jan
12 Feb
1712 Dec 673 Feb
4
1524 Dec 3712 Mar
83 Dec 1063 Aug
4
2 Sept
314 Jan
914 Dec 313 Feb
4
12 Dec
8
95 Apr
21
Oct 52 Apr
157 Oct 411 Apr
8
24 May 5713 Aug
12 Oct
4 Feb
10 Dec 3718 Mar
133 Dec 2014 Mar
4
4 Dec 10 Mar
2 Dec
3
134 Jan
412 Dec 3013 Mar
178 Oct
1212 Feb
40 Dec 00 Feb
1412 Dec 50 Mar
212 Dec 1224 Apr
203 Oct 772 Feb
8
134 Dec 1034 Mar
314 Dec 1578 Mar
5714 Dec 8612 July
512 Dec 3614 Feb
312 Dec 203 Mar
8
618 Dec 361 Mar
1234 Sept 2534 Nov
35 Sept 47 Apr
36 Dec 1523 Feb
8
94 Dec 150 Mar
53 3 Dec 717 Mar
7
77 Dec 31
Feb
33 Dec
2 Feb
14 May 28 Feb
11 Dec 763 Mar
4
314 Feb
lz Oct
234 Dec 17 Feb
34 Dec 7134 Jan
81 Dec 109 May
2014 Dec 7134 Feb
1734 Oct 278 Feb
112 Dec 15 Feb
614 Apr 2712 Mar
112 Dec
85* Jan
Apr 5712 Jan
24
218 Dec 20 8 Feb
3
812 Dec 4012 Jan
73 Feb
7 Dec
3
33 Dec 463 Feb
4
8
1214 Dec 497 Feb
1314 Dec 32 Feb
14 Dec
6 Feb
12 Dec 2614 Mar
44% Oct 5718 Feb
3813 Dec 1503 Feb
4
11 Dec 3618 Feb
2212 Dec 1073 Feb
4
6014 Dec 11912 Feb
6 Dec 28 Feb
x19 Dec 3614 Jan
50% Dec 10514 Apr
55 Dec 112 Mar
4912 Dec 103 Mar
9314 Dec 120 Feb
88 Dec 11312 July
814 Dec 4412 Feb
218 Dec 128 Mar
734 Dec 40 Mar
9 Dec 2014 July
734 Oct 2614 Jan
20 Dec 473 Star
4
7 Dec
8
5 Apr
1
Dec 103 Apr
4
93 Star
24 Dec
1714 Dec 30 Mar
8 Mar
13 Oct
4
1412 Oct 5614 May
5 Oct
8
4 Feb
13 Oct 1034 Feb
4
4
Oct 513 Jan
15
35 Dee 723 Aug
4
8
1514 Dec 1067 Feb
3814 Dec 95 Mar
23 Dec 83% Star
718 Dec 27 Feb
46 Dec 803* Afar
814 Dec 30 Jan
3 Dec 15% Star
1513 Dec 76 Mar
6 Dec 29 Feb
12 Dec 78 Feb
58 Dec
514 Feb
4
63 Dec 14 June
1458
New York Stock Exchange -Bond Record, Friday, Weekly and Yearly
now "and interesr-except for income and defaulted bonds.
On Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 26.
"'-'.
7.. L'
',Of,
Price
Friday
Aug. 26.
Week's
Range or
Last Sale.
:3
%72.
o
si.1
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 26.
:.
3
"
Price
Friday
Aug. 26.
Range
4'1Since
.E.A
Jan. 1.
5Z
4
High
High No. Low
Week's
Range or
Last Sale.
Ask Low
High
Bid
Cundinamarca (Dept) Colombia
33 17
30
8
15
1959 MN
External s I 65is
8
125 1512 1212
401 94732101 1232
98
8
4
673 100
---- 961321011333 Czechoslovakia(Rep of) 85_1951 A 0 9718 9712 97
70 10012
Sinking fund 85 ser B
96 Aug'32 ---1952 A 0 95
96
263 971133102732
4
64 a653 90
90
8
1942 1 J 88 Sale 867
____ 10033[1017n Denmark 20-year extl6s
59
4
853
4 38
823
8
1955 E A 8112 Sale 795
External gold 5s
,
7112 213 a4718 7112
External g 4468__Apr 15 1962 A 0 7014 Sale 6814
1023421035n 301 981321034n.
8
865
57
8
833 255
4
4
Bk Am part at65_1932 M 5 6773 sale 773
107732 1071.32 356 9823n 1071333 Deutsche
55
9
364 r62
52
1037732104233 393 94 1041232 Dominican Rep ('not Ad 53-s '42 M S 494 55
50
50
2d series St 5(-s
____ 3912 June'32 ---1912 M S _
1011032 102.32 331 8911321021781
4412
30
13
lot ser 5;0 of 1926
50
1940 A 0 LO_Sale 45
100232100'°n 240 877332101332
2853 a50
2d series sink fund 5)o_ _1940 A 0 50 Sale a50
3
a50
997532 97.32 668 8242 9817.
4
243 50
3
454
10014321001732 115 872 3210032 Dresden (City) external 7s..,1945 M N 45 sale 45
4
7912 973
19
97
1947 1 J 9896
_
1001°3210077n 272 88421002132 Dutch East Indies extl 6s
7514 9714
40-year external 65
14 36
1962 M S 9714 Sale 9512
97
977.32 93732 643 83 991732
7412 93
-year ext 5ais____Mar 1953 M S 95
30
_ ___ 93 Aug'32 ____
4
913
75
-year extl 5.tis_ _Nov 1913 M N 95
30
4
____ 913 Aug'32 ---State and City Securities.
65
20
____ _ _ _ El Salvador (Republic) 8s
9
Nov30 ____
65
1948 J J 64 Sale 60
NY C 31is Corp stk.-Nov 1954 M N --------92
45
40
J 1
Certificates of deposit
45 Aug'32 ____
4
933 Apr'31 - -- ---- ---1955 M N
3355
3212 4312
__ Estonia (Republic of) 7s____1967 J 1 48- Sale 48
4812 15
1936 M N ____ ____ 10012 Apr'31 ---4s registered
85
41
18
65
___ Finland (Republic) extl Os...1945 M 5 65 Sale .58
1955 M N --------9912 July'3I ---45 registered
69
42
10
____
External sinking fund 7s 1950 M S 69 Sale 63
69
1957 M N -------- 102 May'31 ---4% corporate stock
4018 63
6
63
External sink fund 6ais__1956 M 5 65 sale 5812
MN _____ 9812 Dec'31 ---- ---- ---434% corporate stock__. _1957
354 59
17
59
External sink fund 534s..1958 F A 58 Sale 56
1957 M N --------109 May'31 ---- _-__ ____
434% corporate stock
9
404 5
5
59
1958 MN --------10012 Apr'31 ____ ____ ____ Finnish Mun Loan 6345 A..1954 A 0 59 Sale 55
4% corporate stock
544
40
External 610 series B.._ _ _1954 A 0 56
____ ____
60
48 Aug'32 ---1959 MN ____ ____ 10012 Sept'31 ---4% corporate stock
1418 33
3114 21
____ Frankfort(City of) St 6 Sis_.1953 M N 30 Sale 30
1960 M 9 ____ ____ 9912 Oct'31 ---4%% corporate stock
8
____ ____ French Republic extl 7 yis, _1941 J D 12112 Sale 12018
30 ____
12112 64 1105 12312
4 Yi% corporate stock _ ... _1963 M S --------10614 Dee,
8
19491 0 1133 1133 11314
External 78 of 1924
4 20 a1087 118
4
1133
8
_1965 1 D __ ____ 10512 Dec'30 ---- ---_ ____
434% corporate stock
Jan'31 ---- ---- ---1963 M 5 -------- 112
New York State 434s
German Government Interne5112
24
tional 35-yr 534s of 1930,,i965 1 D 4614 Sale 435
4714 729
8
Foreign Govt. & Municipals.
4
3612 German Republic exti 75
22
3612 11
1949 A 0 r684 Sale 6512
76912 182 a413 73
1947 F A 33 ____ a344
Agric Mtge Bank St 6s
2
2212 3118 German Prov dc Communal Bks
3518
354
Sinking fund 65 A_ _Apr 15 1948 A 0 33
3312
14
4
313 114
1958 J D 3018 Sale 30
(Cons Agric Loan) 65is
67
5
494 67
62
8 68
1963 MN 635 Akershus (Dept) ext 5s
2818 60
2
4 _ _ 3714
373
1951 M N
8
373
1612 Graz (Municipality) 8s
3
1518 22
Antioquia (Dept) coil 70 A._1945 J 1 1618 Sale 13
235 08912 10614
154 Gt Brit 43 Ire(U K of)5 345. _1937 F A 1043 Sale 1045
105
3
8
4 .
8
8
135
1312 16
13
1945 J J
External s f 7s ser B
F A _ _
Registered
10414 July'32 ---- 100 1044
334 15
3
14
1312 143 114
19451 J
4
External of 75 ser C
8
1 *a56 *a775
3
'4% fund loan £ opt 1960_1990 M N *ii
3
2 4 15
73
(173
1414 26
73 3
-1414 Sale 1114
19451 J
External s t 7s ser D
3
4*a773
20 .a653
3
'
131 1
5% War Loan £ opt 1929_1947 1 D 3,6918 70 *a69
4
1314 35
70
9
1957 A 0 13 Sale
External s f 7s lot ser
9912
70
9912
4
1
994
418 143 Greater Prague (City) 7).0_1952 M N 95 100
1212 27
14
834
0 13
External sec of 75 2d ser 1957 A
6312
17
2
34
Greek Government of ser 78_1964 MN 34
14
4
13
34
37
11
9
18
External sec of 7s 3d ser_1957 A 0 13
48
12
3
Sinking fund sec Os
85
20
1968 F A
6 a64
20
8
227 20
88 a84I2 685
Antwerp (City) external 58_1958 J D 85
72
52
3418 61
Haiti (Republic) st 68
1952 A 0 68
4512 17
704 70 Aug'32 ---Argentine Govt Pub Who 65.1960 A 0 4512 Sale 4012
1614 3712
8
354
Hamburg (State) 6s
1946 A 0 357 Sale 35
8
Argentine Nation (Govt of)4418
20
2
6712 Heidelberg(German)extl 71is'501 . 33
3712
35
1,
4512 55
3712
37
1925-1959 J D 45 Sale 41
Sink funds 65 of June
55
34
5
3418 67
55
Helsingtors (City) ext 6 ais 1960 A 01 55 Sale 53
4512 46
1959 A 0 4514 Sale 43
Esti 81 Os of Oct 1925
1018 254
3418 68
2214 24
Hungarian Munic Loan 7 tis 1945 J J 221 1 24
8
463 115
4
4
203
3
Externals I 65 series A___.1957 NI 5 45 4 Sale 413
94 25
22
3414 67
External 5 1 7s.. _ __Sept I 1946 J J _ _ 2312 22
23
4512 57
J D 45 Sale 4012
External 65 series B._Dec 1958
17 735
2
3418
8 _ _ _ 3418
8
343 67
Hungarian Land 56Inst 734s '61 M N 5i2
4512 43
Exits f 65 of May 1926...1960 M N 4512 Sale 41
4
143 35
5
Sinking fund 7 ais ser IS
46
1961 M N 33 gale 33
8
343
344 68
45
4012
External s f 68 (State Ry)-1960 51 S 4514 46
1812 55
7
4412
4412 Sale 42
(RIngd of) s t 7 .4s.1944 F A
8 87
3118 6712 Hungary
453
..1961 F A 443 Sale 42
4
Exti 68 Sanitary Works.
7913
Irish Free State extl s f 55_. _1960 M N 75
3418 67
33
45
4514 40
43
8
755 7612 Aug'32 _-__ a69
Extl Os pub wks May 1927 1961 M N
4
953
9112 92 an
9114 Sale 9012
8
305 593 Italy (Kingdom Of) extl 7s...1951 J D
4
8 78
415
8
Public Works extl 5148_ _1962 F A 413 Sale 39
95
2
804 100
67
Italian Cred Consortium 7s A '37 M B 95
41
95
96
8
1945 Si 5 455 4912 4913 Aug'32 ---Argentine Treasury 55 .e
4
7013 913
211
External sees f 75 ser B_ _1947 M 13 88
4612 80
4 24
913
80
4
9212 87
15
Australia 30-yr 55._ _July- 1955 J .1 773 Sale 7312
79
55
13
75
4612 CO
200
Italian Public Utility extl 7s_1952 1 J
80
8
7104 7518 74
External Soot 1927. _Sept 1957 51 5 773 Sale 7312
5212 84
6314 162
72
232
41
Jananese Govt 30-yr 5f 6 Si5.1954 F A 62 Sale 6112
72
7078 Sale 665
8
External g 4 SO of 19281956 MN
4318 7314
107
Ext1 sinking fund 5345_1965 M N
6238 98
53
61
89
19432 D 873 Sale 8678
4
4
503 Sale 5014
Austrian (Govt) s f 7s
55
20
Jugoslavia (State Mtge 13ank)15
41
1957 J .1 4012 Sale 3912
Internal s I 75
4312
29
17
Secured s I g 78
1957 A 0 34 Sale 34
39
1612 394
5
8
398
4
51
393 Sale 3818
LeipzIg (Germany)5 t 75. _ I947 F A
22
47
49
Bavaria (Free State) 6(is.._i945 F A 4614 Sale 474
50
32
2
Lower Austria (Prov) 7145_1950 J D 383 397 3718
3712
83 101
71
4
1949 M 5 9912 Sale 99%
8
100
Belgium 25-yr extl 6,t, s
4
80 7'973 Lyons (City of) I5
11
994 105
105
9634 132
-year 65-.1934 M N 105 Sale 10112
1955 .1 J 963 Sale 9618
4
Externals f 65
4
913 10553
171
105
1955 J D 10412 Sale 104
-year of 75
External 30
4710514
983
9114 105
8
Marseilles(City et) 15-yr 65_1934 51 N 105 Sale 10412 105
8 63
1956 M N 10412 Sale 104
1047
Stabilization loan 75
1812
7
Medellin (Colombia)6 itl..- _1954 J D
20
12
8
12 Sale 105
Bergen (Norway)55
70
70 Aug'32 ___
86
218 3 4
Mexican Irrig Asstng 4340. _1943 M N
218 Feb'32 -- -3
____
Extl sink funds 50__Oct 15 1949 A 0 65
70
Mexico (US) extl .58 of 1899 E '45 Q J
46
I
_ _ _ 26
Apr'30 ---- ---- - .7 sinking fund 55...1960 M 5 70 Sale 70
External
2
8
155 3512
3512 21
Assenting .58 of 1899
212 _2 May'32 .......
1945 ---Berlin (Germany)5 f 6 ais__ _1950 A 0 34 sale e3312
3378
112 5
Assenting 58 large
15
12
4 2 112 May'32 --,
- -13
33
External s 1 Os_ _June 15 1958 J D 32 Sale 314
_
5
114
10
5
Assenting 45 of 1904'
34
4
63 a22
1812 24
1 88___ A.945 A 0 1812 Sale 1514
Bogota (City) extls
438
218
5
4
Assenting 4s of 1910
314 10
3
9 8 52
8 Sale
314 612 4
54
---Bolivia (Republic of) extl 85.1947 M N
5
2
818
__
21g
Assenting 4s of 1910 large---- ---59
3 Aug'32. _
____
8
7 Sale
514
secured 78 (f/a4)_1958 J .1
External
158 418
812
__---- 3 Aug'32 ____
Assenting 48 01 1910 small_2
-,--, ___48
7
434
612 Sale
1969 M S
External s t 75 Mal)
258 3
Tress 68 of'13 assent(large)'33 .0 1
8 3 June'32 ____
93
3
983 105
5
4
Bordeaux (City of) 15-yr 65_1934 51 N 105 Sale 10412 105
214 5
Small
4 Aug'32 ____
_
- . __
5718 764
84
72
3118 Milan (City, Italy) extl 6345 1952 A 0 714 Sale 70 4
3
16
1
45
20
1912 Sale 1812
Brazil (U 9 of) external 85-1941 . D
1814 19
1312 T2512 Minas Guam (State) Brazil
,
External 5 f 615s of 1926 I957 A 0 18 Sale aI74
1612
8
37
2538
12
External 5 f 01
8
1958 m S 105 Sale 105
8
23 a14
-is
18
Externals 1 6)4001 1927..1957 A 0 18 Sale 17
812 17
Exti sec 634s series A....1950 M 5 10___ 1012.
8
23
1112
1218 25
16
1538 Sale 14
1952 .1 D
78 (Central Ry)
614 2814
13
16
1952 11 D 16 Sale 1373
Montevideo (City of) 75
6512 86
4 17
733
7153
73
7%s(coffee secur) £ Wat)-1952 A 0 71
614 25
6
49
External s f Os series A._19.59 m N
1713
26
1712 Sale 16
39
49
1935 M 5 47 Sale 47
Bremen (State of) extl 70
3012 7313
New So Wales(State) extl 5s 1957 F A
7312 189
334 63
73 Sale 68
36
66
1957 M S .5914 6.512 5914
Brisbane (City) s I 55
8
297 7312
68
66
External s 1 55
32
66
7312 192
Apr 1958 A 0 7234 Sale 6818
7
1958 F A 62 8 Sale 58
Sinking fund gold 55
87
70
Norway 20
21
73
1943 F A 833 Sale 834
37
-year exti 65
87
34
4
73
19502 D 73 Sale 6512
20
-years 1 6s
20-year external Os
7118 874
8
1944 F A 85 Sale 8218
1112 2918
8714
2918 83
exti of 65..1962 1 D 2612 Sale 2612
Budapest (City)
85
30-year external 6s
70
37
5812
1952 A 0 8214 Sale 813
85
33
8
8 22
393
8
393 35 4
3
Buenos Aires (City)6 As 2 B 1955 J 1 36
6418 80
42
40-year s 1 534s
80
50
31
1965 1 D 80 Sale 77
External 5 f 65 ser C-2___ A960 A 0 3314 .... 31 Aug'32 --- 6314 7611
2
19
55
External 5 1 5s. .Mar 15 1963 M 13 75
7612
28
8
807 7612
35
0 3314 3612 32
External s I 68 ser C-3_ _ 1960 A
2
594 743
3714
1
21
Munleipal Bank ext.'s f 5s_1967 J D 7312 80
7312
7312
2612 111
Buenos Aires (Prov) extl 65_1961 M S 26 Sale 2414
4
643 80
Municipal Bank extl 5 f 58_1970 J D
80 July'32 ____
2118 37
7312 80
4 31
263
1961 F A
2612 Sale 244
External 81 6351134
15
14
34
32
Nuremburg (City) esti 6s...1912 F A
10
3118 3014
3
30
25
2312 23
Bulgaria (Kingdom) s 1 78.1967 J J -3
8
363 72
8 27
485
4
483 46
1 a1412 4112 Oriental Dove!guar 65
1953 m 8 48
25
25
27
Stabil'n of 7 hs__Nov 15 1968 MN 25
35
6814
Ext1 deb 534s
1958 51 N 4514 Sale 4212
8 55
477
78
60
6
2014 Oslo (City) 30
1955 M N
8
78
7412
90
76
-year 8 f 6s_
8 16
155
15 Sale 1312
Caldas Deptof(Colombia)730'46 1 J
8518
71
8
853 119
30-yr 45_1960 A 0 8458 Sale 8218
Canada (Dom'n of)
99
87
89
85
Panama (Rep) extl 534s. .1953 1 D 963 Sale 9614
24
9712
99
97
4
sale 9714
1952 M N 984
55
N
7218
45
7218 Sale 6312
Extl Of he ser A_ _May 15 1963 M
7218 27
93
86
32
98
1936 F A 98 Sale 9714
41-40
8
97
3
90
8 18
97
94 Sale
715
61
Pernambuco (State of) extl 75'47 111 8
1
75
7014 7812 75
1954 .1 J
Carlsbad (City) s 1 8.5
8
4
33 143
17
1959 51 5 12 Sale 11
12
1912 Peru (Rep of) external 7s
518
17
14
1612 11
-is
Cauca Vol (Dept) Colom 73 '46 A 0 15
834
3
8 Sale
Nat Loan exti s f Os lot ser 1960 1 11
5
3
8 4 160
(Germany)Central Agric Bank
212 81z
73 Sale
4
Nat loan extl 5 t 65 26 ser_ 1961 A 0
812 57
3
58
47 a2518 75034
4714
Farm Loan 5 f 75_ _Sept 15 1950 M S 4612 Sale a4614
44
Poland (Rep of) gold 6e....1940 A 0 5312 Sale 525
8
604
537
8 IS
204 46
75
4414
Farm Loans f 6s_July 15 1960 J J 42 Sale 4138
3912 5812
87
8
53
Stabilization loans f 7o...1947 A 0 52 Sale 515
61 a2118 45
45
Farm Loans f 65...Oct 15 1960 A 0 4212 Sale 64214
4312 64
21
4712
External sink fund g 83__ _1950 1 1 5712 Sale 5714
59
23
8 68
463
8
Farm Loan 6s ser A Apr 15 1938 A 0 443 Sale 4438
1961 J £1
814 16
412 19
Porto Alegre (City of) 88
12
8
157 12 Aug'32 __._
8 45
147
8
13 Sale 107
Chile (Rep)-Ext1 5!7s_..1942 M N
1012 Sale
512 111 2
Exti guar sink fund 734s._1966 1 1
8
65
1012 12
318 15
143
13
8
93
External sinking fund 68 1960 A 0 12 Sale
37
17
4
92
143 Prussia (Free State) esti 63is '51 51 5 34 Sale 31
3
36
1212 89
834
1234 Sale
External sinking fund 65_1961 F A
33
1952 A 0 3312 sale
1512 37
External s t 65
4
313 123
312 15
1212 40
1212 Sale 10
J
1961 1
Ry ref external 5 1 65
1514 Queensland (State) exti of 751941 A 0 9212 Sale 90
45
6014 95
4
95
60
1278
812
External sinking fund 135...1961 51 5 12 Sale
85
1947 F A 83 Sale 7918
25
47
42
-year external 6s
338 1412
85
4 53
133
912
External sinking fund 6s 1962 M S 1112 ____
3
33 1412
130
13
8
External sinking fund 6s_ _1963 M N 6115 Sale 10
55
Rhine
20
-Main-Danube 78 A..1950 m S 494 Sale 4812
24
4
494 18
49
13
94
Chile Mtge Ilk O3 June 30 1957 1 D 13 Sale
-4s
9 1414 Sale 1314
21
8
Rio Grande do Sul extl of 85_1946 A
4
8
85 r32
16
7
1514
,
8
S I 614s of 1926__June 30 1961 1 D 1218 157 144
412 rI3
External sinking fund 85_ _1968 J " 1078 Sale
44
9
1512
r13
4
84
1212
Guar 5 I 6s
Apr 30 1961 A 0 1214 Sale 10
1414
5
1534
12 Sale
External 5 1 75 of 1926.. _.1966 m N
3
4
83
1212 42
1212 17
4
12 Sale 103
1962 M N
Guar s f 85
13
5
External s f 75 munic loan _1967 J D 1018 12
1178 22
914
212 13
8 29
107
8
1960 51 5 107 Sale
8
Chilean Cons Munic 75
18
7
Rio de Janeiro 25
-year s I 85.1946 A 0 14 Sale
13
13
912
10
7
3
12
12
1114 12
Chinese (1Iukuang Ry) 5s_ _1951 1 D
1953 F A
4
123
5
53
12 Sale
Externals f 6 Ms
74
12
75
63
66 Aug'32 ..-90
Christiania (Oslo) 20-yr s t 65 '54 M 9 66
804
1952 A 0 77 Sale 7614
62
Rome (City) °KU 63
49
78
-is
96
4
843 69712
7
16 r3812 Rotterdam (City) extl 65_1964 MN 954 96
371 i
27
9535
Cologne(City)Germany6%51950 M S 36 Sale 36
4
283 56
7
4312
4312 Sale 41
8
137 3914 Roumania (Monopolies) 75_1959 F A
3914 52
1961 1 J 3914 sale 3512
Colombia (Republic) 65
1953 J J 60 Sale 59
60
30
Saarbruecken (City) Os
3
60
1312 39
72
'39
1961 A 0 39 Sale a35
External 5 1 Os of 1928
23
7
Sao Paulo (City)s f 85_ _Mar 1952 MN
14
23
12 Aug'32 ____
1812 28
7
28
Mtge Bank 6 SO of 1947 A 0 2612 Sale 2612
Colombia
6 rI7
External s 1 634o of 1927_1957 MN
15
12 Sale
12
28
9
18
• 10
28
2512
30
Sinking fund 7s of 1926.__1946 M N 25
50
21
San Paulo (State) extl of 85_1936 J 1 27 Sale 21
3
27
19 • 30
30 112
Sinking fund 7s of 1927...A947 F A 30 Sale 25
25
19502 J
8
2
Exteriull sees 1 8s
161 1
1614
1812 ___
5512 74
32
74
1952 1 D 67312 Sale a70
Copenhagen (City) 55
18
External of is Water L'n_1956 NI 5 13
10
3
69
13
___ _ 12
46
14
69
1953 M N 68 Sale 65
-year g 4.40
25
17
7
1988 J 1 a12 Sale
External 5f Os
31
14
4
83
84 34
1512 [20
144 Sale 12
(City) extl of 78.__1957 F A
Cordoba
1940 A 0 47 Sale 4512
4512 65
Secured 5 t 75
52
49
1512 46
6
20
17
1318
24
External s t 7s_ _ __Nov 5 1937 51 N
3
a16 4 4512
Santa Fe (Prov Arg Rep) 75_1942 M 5 20 Sale 1812
17
22
20. 42
19
34
Cordoba (Prov) Argentina 751942 1 .1 3212 Sale 2118
7
1612 45 8
Saxon Pub Wks(Germany) 75'45 F A 74212 Sale 4015
8 41
433
2412 T45
18
2714
2714 Sale 26
Costa Rica (Repub) extl 75_1951 M N
8
457
13
1951 M N 394 Sale 39
Gen ref guar Baia
4112 55
8
783 r96
8
9114
91
92
Cuba (Republic) Soot 1904..1944 M S 91
5612
25
D
2
5612
9218 Saxon State Mtge last 75._ _1915 J
5512 60
5612
83
___ 80 Aug'32 ____
55 of 1914 ser A 1949 F A 90
External
2
2112 5
1
Sinking fund go ais...Dec 1916 J D 5012 52
52
52
81
52
12
A 8012 Sale 8012
8012
External loan 41-4s ser C 1949 F
50
311
3812 27
Serbs Croats dc Slovenes 85_1962 M N
8
82
3712 Sale 367
66
29
82
Stoking fund 53.4s Jan 15 1953 1 J 8112 Sale 7812
47
25
344 43
External sec 75 ser 13_ _ _ _1962 M N
46
33
3318 sale 31
101
46
8
Public wks 5545 June 30 1945 J D a447 Sale 41
r Cash sale. a Oaferred dslivary. • At the exchange rate of $1. 615 to the £ Sterling.
Ask
Bid
U. S. Government.
First Liberty LoanJ D 1002432 Sale
314% of 1932-47
J D 100 102
Cony 4% of 1932-47
J D 101"31 Sale
Cony 4K % of 1932-47
1 D 1001.32 _--[
2d cony 41(% of 1932-47
Fourth Liberty LoanA 0 103132 Sale
4%% of 1933-38
1947-1952 A 0 107,532 Sale
Treasury 4Ms
1944-1954 1 D 103345 Sale
48
Treasury
Sale
1946-1956 M 9 102
Treasury 33is
1943-1947 J D 1001532 Sale
Treasury 3535
'32
Treasury 38_ __Sept 15 1951-1955 M 8 962 Sale
Treasury 345 June 15 1940-1943 J D 1001632 Sale
1941-1943 m S 13311527 Sale
:
Treasury 332s
Treasury 3As_June 15 1946-1949 J D 971732 Sale
Low
High No. Low
3
100' 221002332
1001032 Jne'32
1011°32101"n
10032June'32
New York Bond Record—Continued—Page 2
1459
v,
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 26.
Foreign Govt. & Municipals.
Silesia (Prov of) extl 75
1958 ID
Silesian Landowners Assn 6s_1947 FA
Soissons (City of) exti 65....1936 MN
Styria (Prov) external 7s
1946 FA
Sweden external loan 510..1954 MN
Switzerland Govt esti 50_1946 AO
Sydney (City) of 510
1955 FA
Price
Friday
Aug. 26.
Bid
40
33
105
95
095
10412
6414
Ask
44
Sale
Sale
Sale
Sale
Sale
Sale
Week's
Range or
Last Sale.
Low
42
33
10418
3012
94
10414
62
,
2
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 26,
.41:
Price
Friday
Aug. 26,
TWeek's
Range or
Last Sale,
Range
Since
Jan. 1.
High No. Low
47
10
254
3
33
1312
3 97
105
35
13
22
9614 95
75
1043
8 37 101
6412 45
34
High
Bid
Ask Low
High No. Low
High
47
Chic Burl & Q—Ill Div 310_1949 Si 8412 8514 8514
8514
41514
73
34
Registered
Si 8114 Sale 8114
8114
10
78
8114
10612
Illinois Division 4s
1949 Si 92 Sale 9112
9312 30
76
93
- 12
42
General 45
1958 MS 9112 Sale 9112
33
93
93
74
941 1
1st & ref 410 ser B
1977 FA 8512 Sale 8512
86
3
74
8314
10512
1st & ref 5s ser A
1971 FA
93 Sale 923
8
95
58
68
9912
643 Chicago & East III 1st 6s
4
1934 A0 45
77
7
Aug'32
4112 7012
C & E III Ry (new co) gen 5s_1951 MN
2112 Sale 1478
25
411
6
25
Taiwan Elec Pow s 1 550_1971 J J 46 Sale 43
47
28
364 673 Chicago & Erie 1st gold 5s 1982 MN 88
4
93
89 Aug'32
797 89
8
Tokyo City 5s loan of 1912_1952 MS 3512 36
35
35
1
29
4512 Chicago Great West 1st 4s_1959 56 S 5112 Sale 50
148
56
24
563
4
External of 5145 guar._ 1961 AO 463 Sale 4514
4
49
19
36
70
Chic Ind & Loulsv ref 65
1947 Si 56
56
65
60
13
32
60
Tolima (Dept of) esti 7s_ 1947 SIN
12
1412 12
1218
6
5 2 18
,
Refunding gold 5s
1947 Si 50
5912 50
55
14
35
55
Trondhjem (City) lot 554s_1957 MN 623 66
8
60
62%
6
4114 623
8
Refunding 4s series C
1947 Si
91
Apr'31
Upper Austria (Prov) 7s
I)
1945
3814
3
3812
16
41
lot & gen 55 series A
4312 Sale 35
1966 MN
4312 37
-2
17 131Externals 1 654s_June 15 1957 JD 2818
2818
30
12
153 3812
4
let & gen 65 series B_Nlay 1966 J J 4312 75
37
46
51
18
46
Uruguay (Republic) esti 8s 1946 FA 3912 Sale 3714
7
29
3912
50
Chic Ind & Sou 50-year 45_1956 Si 60
6312 80 Nlar'32
80
80
Externals f 65
1960 MN 29 Sale 2714
2912 67
2018 3514 Chic L S & East 1st 410
9914 93 _Thec'S
1969 J D 77
__
External s f 65
May 1 1964 MN
2814 Sale 2714
29
72
22
347 Chi NI & St Peer 4s A.May 1989 J J 66 Sale 66
8
71
49 - .
70
ff
Venetian Prey Mtge Bank is '52 AO 875 Sale 875
8
8
875
8
1
8012 9112
Gen g 310 ser B___May 1989 J J 63
6014
65
4814 6014
6014
3
Vienna (City of) esti of 6s__1952 MN 49 Sale a4712
4912 16
31
643
4
Gen 430 ser C
73
72
70
May 1999 55 68
25
57
72
Warsaw (City) external 7s__1958 FA
41 Sale 40
42
21
2458 4514
Gen 410 ser E
May 1989 J J 7012 Sale 70
72
38
52
72
Yokohama (City) esti 6s___1961 JO 50721 Sale 4812
51
17
40
75
Gen 414s ser F
May 1989 J J 68
76
76
7214
21
57
76
Chic Milw St P & Pee 5s____1975 FA
3612 Sale 3314
4
413 984
137 42
8
Railroad
CODY MO 55
Jar 1 2000 AG al23 Sale
912
4
1412 3227
278 144
Ala Gt Sou 1st cons A 5s___ _1943 JO
105 Sept'31
Chic & No West gen g 310_1987 MN
56 Sale 56
17
57
4012 61
1st cons 4s ser B
1943 JD 45
83
8012 Feb'32
78
833
3
Registered
4178 Aug'32
Q F
Alb & Sus(' 1st guar 3145_1946 AG
75
75
8
6712 75
General 4s
6812 673
1987 MN 65
4
70
25
38
70
Alleg & West lot g gu 4s....1998
0 36
65 Aug'32
65
71
Stpd 4s non-I) Fed the tax '87 MN 6518 Sale 6518
70
4614 70
13
Alleg Val gen guar g 48
1942 MS 8712 95
90
6
90
78
99
Gen 48 s stpd Fed ire t-sx_1987 MN
%
74
7912 5812 Aug'32
Ana Arbor 1st g 45_ _ __July 1995 Q J 38 Sale 35
50
72
48
39
1312 39
Ger 55 stpd Fed inc tax..._1987 MN
75
75
3
50
Atch Top & S Fe—Gen g 4s..1995 AO 91 Sale 903
S3
4
92
207 a7412 92
Sinking fund deb 55
1933 MN 75 Sale 75
80
17
51
Registered
85
AO 8712 Sale 87
8712 12
77
8712
MN
Registered
_
60 Aug'32
GO
75
Adjustment gold 4s__July 1995 Nov 83
95
89
89
1
70
89
I5
-year secured g 654s...1936 MS 794 Sale 78
Stamped
5212 87
83,
4 50
July 1995 MN 83 Sale 8238
8412 27
63
85
1st ref g 55
May 2037 JD 47 Sale 423
4
53
67
17
Registered
57
MN 75
81
80 Aug'32
72
80
let ez ref 450
May 2037 SD 393 Sale 393
4
4
463
8 45
Cony gold 45 of 1909_ _1955 J
1512 46 8
3
79
_ 79 Aug'32
_
60
84
let & ref 410 ser C_May 2037 SD 40 Site 377
8
4638 120
Cony 4s of 1005
16
463
8
1955 JD 79 Sale 79
7912 15
60
8314
Cony 4;4's series A
N 03214 Sale 2712
199
3714 2433
Cony g 45 issue of 1910
818 39
D 77 Sale 77
1960
77
74
7
77
Cony deb 4145
D 90 Sale 89
1948
92
71
68 094
65
Chic R I & P Ry gen45
71
713
4
1988 is
7214 32
53
Rocky Mtn Div 1st 4s_ 1965
SO
J
79
79
75
3
79
82
is
Registered
68
68
4
68
68
Trans-Con Short L 1st 48_1958'Ii 837 89
8
887
8
4
887
773 89
8
4
Refunding gold 4s
e1934 A 0 -66- g;l- 4612
59
593
19
73
Cal-Arlz 1st & ref 410 A.1962 MS 90 Sale 90
3
80
90
A0
9214
Registered
9614 Apr'31
All KOOXV & Nor 1st g 5s_1946 JO 75
80 10312 Feb'31
_
43 Sale 4012
Secured 410 series A
1952 M
5012 153
18 - -1All 8c Chart A I. 1st 410 A 1944 J J
63 4
74
7314
7314
80
6114 85
3
Cony g 450
1960 MN a34 Sale 23
43
571
10
50
1st 30
-year 55 series B
1944 J J 81
8514 85
85
60
3
90
7114 73
Ch St L & N 0 5s_June 15 1951
D
70 Aug'32 _ _
46
75
Atlantic City 1st cons 4s_ 1951 J J
D
Registered
6412 May'32
6412 6412
Atl Coast Line let cons 4s July '52 MS 78 Sale 89 Mar'31
80
75
87 -6014
Gold 330
June 15 1931 J D 4038
8512 May'31
General unified 4545
1964 JD 65
74
4412 82
74
4
74
Memphis Div 1st g 45____1951 JO 60
70
60
2 -4513 1660
L & N coil gold 4s___ _Oct 1952 MN 60 Sale 5978
25
65
65
67
Ch St L & P 1st cons g 55-193 A0 993 ____ 997 July'32 ____
4
s
9914 10014
2
Atl & Dan 1st g 4s
1948 J J 3814 Sale 313
4
15
40
52
40
A0 _
Registered
97 June'32
97
_
2d 45
97
1948 Si 2012 Sale 2012
9
1
2012
30
Chic T 11 ez So East 1st 55-1960 JO 55 Sale 54
59
53
30
59
Atl & Yad 1st guar 48
1949 AO 39 Sale 39
7
2
40
40
Inc gu 5s
465 Sale 423
Dec 1 1960 NI
8
4
49
152
1212 49
Austin & N W 1st gu g 55 1941 Ii
104 Mar'31
Chic Un St.s'n 1st gu 4345A_1963 Si 97 Sale 95
97
2
83
97
1st 5s series B
1963 J J 102 Sale 1007
8
104
25
Bait & Ohio let g 4s___July 1948 AG 817
90 be
8 Sale 817
8418 85
58
8
8612
1944 JO 974 Sale 935
Guaranteed g 55
9812 30
92
99
Registered
July 1948 Q J
763 Sale 763
4
55
4
5
81
763
4
4
1st guar 6145 series C
1963 J J 1093 Sale 1094
11012 11 100 1113
20
4
-year cony 410
1933 MS 70 Sale 6512
31
77
893
8
87
1952 Si 697 Sale 6912
Chic & West Ind con 4s
13
76
55
79
Refund & gen .5s series A.1995 JO 554 Sale
497
243 71,
8
4
6112 257
lot ref 510 series A
1962 56 S 84 Sale 7912
2
85
10
55
873
4
1st gold 5s
July 1948 AO 90 Sale 8912
6312 96% Choc Okla & Gulf core 55
9234 47
8212 65 Aug'32
65
1952 M
GO
65
Ref & gen 6s series C._ __1995 JO 62 Sale
2712 793 Gin11 & D 24 gold 410
4
59
7012 244
1937 ii 6612 _ _
90 May'32
90
P L E & NV Va Sys ref 4e_ _1941
90
N
7312 Sale 7314
76
19 a45
80
C I St L & C lst g 45_ _Aug 2 1936 Q F 724 95
7018 July'32 _ _
70
95
Southw Div 1st 5s
1950 J J
7412 Sale 7212
4018 8212
81
Q F
117
Aug 2 1936
85 July'32 _ _ _
Registered
85
85
Tol & Cin Div 1st ref 45 A.1959 J .1 60 Sale
313 6212 Cm Lob & Nor 1st con gu 45_1942 SIN
4
6212 32
77 May'32
75
77
Ref & gen 5s series D......2001) MS 56 Sale 5812
49
25
9212 9212
71
Cin Union Term 1st 4145___2020 Si 86
6112 358
9212
3
8314 95
Cony 430
1960 FA 4514
5272 856
4212
15
59
1st mtge 55 series B
2020 J J 9812 Sale 964
9812 90
933 993
8
4
Bangor & Aroostook 1st 55._1943 J J 90 Sale
7712 9814 Apr'31
100
85 Aug'32
70
88
Clearfield & Mali lot gu 55-1943 is _
Con ref 4s
1951 J J
7614 79
7212
48
75
74
76
Cleve Cin Chi & St L gen 4s_1993 J D
7
7712 75
7712 10 -66- 771
Battle Crk & Slur 1st gu 3s_1989 JO
61
Feb'31
1993 J D
97 Nov'31
General 58 series B
Beech Creek 1st gu g 48
88
14 87
88 Aug'32
9212
—.
J 67
1941
7614 65 Aug'32
1936 J J
48
Her & impt Os ser C
99
2d guar g 6s
1936 J J
93 100
Jan'30
81
1963 J J 62
623 Aug'32
8
40
84
Ref 41 11719t 5s ser D
Beech Crk ext lot g
83 Mar'31
'S 5912 Sale 5914
Ref & impt 450 ser E___ _1977
350-195_1 AO
663
8 45
2814 713
4
Belvidere Del cons gu 3501946 J J
86
Cairo Div 1st gold 4s_ _ 1939 is
86
5
75
86
Big Sandy 1st 4s guar
D
1944
85'4 881;
__ -85 4 -Jar1 2
3
-757
Cm W & NI Div 1st e 4s-1991 J J 66
75
60 Aug'32 _
594 70
Boston & Maine let 5s A C.1967 MS 74-73
43
80
724
79
52
80
N
St L Div let coil tr g 4s_ _1990
68 Aug'32
7412
65
let M 58 series 2
1955 MN 73
45
7812 7312
98
SO
80
Spr & Col Div 1st g 4s
1940 56 S
71 June'32 _ _
617 7112
8
lat g 430 ser JJ
1961 AO 70
46
73
72
7512 31
7512
1940 Si 55 106
5618
5618
W Val Div 1st g 45_
1
5618 58
Boston & N Y Air Line let 45 1955
A 603 70 60
4
2
70
511z 75
Bruns & West 1st gu g 458312
_ 8312
1
8312 8312 CCC&Igenconsg 65
1938 J J 8512
1934 J J
102
102
3
94 102
Butt Roeh & Pitts gong 5s__1937 M
84
95
70 Aug'32
7
0
90
94
Clev Lor & w con 1st g 55-1933 A 0
96 June'32
90
97
Consol 410
1957 MN 60 Sale 5478
2612 61
78
74
Cleveland & Mahon Val g 55 1938 .1 J 50
90 101 Sept'31
Burl C it & Nor 1st & coil 55_1934 AO 73 Sale 73
40
833 ciev & mar 1st gu a 410_ 1935 M N
4
7812 14
9912 Oct'31
91 June'32
410 ser B 1942 A 0
Clew & P gen au
91
91
Canada Sou cons gu 55 A. 1962 AO 8514 90
88
90
21
72
90
Series B 310
1942 A 0 8234 ___ 97 Mar'29
Canadian Nat 450 Sept 15 1954 M S 867 Sale 8412
8
723 87
8
75
87
Series A 450
8
1942 .1 J 903 ____ 98 Dec 30
30
-year gold 410
873 110
4
4
1957 J J 863 Sale 8414
7318 873
Series C 310
4
1948 MN
7614 ____ 763 June'32
4
764 Vei4
Gold 410
1968 JO 8614 Sale 8412
723 874
4
874 38
1950 A F 75 ____ 8618 Apr'30
Series D 310
Guaranteed g 55_ _July 1969 J J 9114 Sale 90
9214
80
17
9214
Ger 430 ser A
1977 F A
793 Aug'32
4
-7984
Guaranteed g 5s____ Oct 1969 AO 92 Sale 893
4
9238 64
8018 923 Cleve Sho Line 1st gu 430_1961 A 0 82
87
8112
82
80
20
8718
Guaranteed g 5s_
__ _1970 FA 907 10714 8934
8
903
4 10 a793 90 4 Cleve Union Term let 550_1972 A 0 83
3
88
85
25
89
63 10312
Guar gold 4 he_ _June 15 1955 JD 8918 Sale 873
75
4
8918 37
894
lot of 5s series Ii
1973 A 0 81 Sale 79
847
537g 93
8 59
Guar g 410
1956 F A 8612 Sale 845
8
8718 50
73
8718
1st s I guar 410 series C 1977 A 0 7312 75
7312
6
75
55
8412
Guar g 410
8
Sept 1951 NI S 867 Sale 8414
8712 120
75
8712 Coal River Ry 1st gu 4s_ _1945 J D 70
82
82 May'32
82
Canadian North deb a 1 75_1940 JO I '33 Sale 10212
8812
8
10312 198
9038 104
Colo & South ref & ext 450_1935 M N 83 Sale 8212
53
88
25-year of deb 654s
60
93
1946 J J 1023 Sale 1015
4
911 10312
8
10312 105
General nage 410 ser A..1980 M N 60 Sale 6012
89
65
35
10-yr gold 4 As...Feb 15 1935 JA
707
e
9714 Sale 9212
9714 25
83
9714 Col & H V 1st ext g 4s
1948A 0 6812
75 Feb'32
75
75
Canadian Pac Ry 4% deb stock
J J 7312 Sale 6778
74
104 .24714 74
Col & Tol 1st ext 40
I
1955 , A 8012
__ 80
Apr'32
Coll tr 410
77
80
1946 SI S 80
88
73 Aug'32
54
81
Conn & Passum Rh' 1st 4(4_1943 A 0
90 Dee'30
5s equip tr etre
1944 J J 863 Sale 82
4
873 156
4
63
88
Consol Ity non-cony deb 48..1954 J J
-iL- 1645 Aug'32
Coll tr g 55
Dec 1 1954 JO 83 Sale 8012
8312 104
6112 8312
Non-cony deb 48
1955 J J 50
56
46 July'32
40
Collateral trust 450
J J 80 Sale 7612
5714
1960
56
80
52
8014
Non-conv deb 45
1955 A 0
Car Cent 1st cons g 4s_
44 Dee'31
1949 J J
17
70
17 July'32
17
_
21
Non-conv deb 48
1956 J J
Caro Clinch .320 1st 30-yr 55_1938 J I) s612 95
_
6614 45 Dec'31
86
86
75
1
90
Cuba Nor Ity 1st 5345
1942 J D 3112 Sale 2712
let & eons g 65 ser A_Dec 1552 JO 78 Sale 78
3212 77
3212
88
53
12
94
Cuba RR 1st 50
-year 55 g_ _1952 J J
393 Sale 30
4
Cart & Ad 1st au g 4s
18
44
79
45
1981 JO
77
7478
75
7478 7.5
7
1st ref 710 series A
19365 13 404 50
Cent Branch U P 1st g 48
45
25
45
1
45
66
-19
48
55
55
1
3014 55
1st lien Az ref 6s ser 13._ 1936 J D
Central of Ga let g 5s__Nov 1945 I' A 6818 _
4012 10012 40
24
1
40
40
67 Aug'32
5.5 r81
Consol gold 55
1945 MN 46 Sale 46
52
16
34
55
Del & Hudson 1st & ref 48_ _1943 M N 823 Sale 82
Ref tic gen 530 series B._ _1959 AG 3778 Sale 374
8312 189
8
63
37
393 116
4
127 41
8
30
-year cony 55
Ref & gen Ss series C
1935 A 0 8614 93
1959 AG 2812 Sale 28
85 Aug'32
8212 91
37
112
1112 38
15
-year 510
Chatt Div pur money g 45_1951 J 1)
1937 M N 94 Sale 9112
26
94
7412 95
75
75 Sept'31
D RR & Bridge lot gu g 48..1936 , A 8514
Mac & Nor Div 1st a 55_1946 J J 35
1
Oct'31
7478 9314 June'31
- - 90
Den & R G 1st cons g 4s___ _1936 J J 53 Sale 50
Mid Ga & All Div pur m 55'47 J J
587 219 -29- 668
10212 Nov'30
Consol gold 410
Mobile Div lot g 5s
1936
1946 ii 42
J
65
40 Aug'32
-40- 1612 Den & It G West ger 55 Aug 1955 .1 A 56 64 5614 58 17 3112 70
F
26 Sale 22
3312 413
6
38
Ref & impt 5s ser B_ _Apr 1978 A 0 28% Sale 27
Cent New Eng 1st gu 48....196l J J 6673 68
37
84 49 4
89
7338
3
4912 75
16
Dee M & Ft D 1st gu 4s
Cent RR & Mg of Ga coil 55_1937 MN 35
1935 J J
212 8
8 Feb'32
49
8
8
55 Aug'32
3312 55
Certificates of deposit
Central of NJ gen gold 55.. _1987 J J 93
J J
3
4
4
Feb'32
4
9412 9114
5
75
98
933
4 60
Des Plaines Val lot gen 430_1947 M S
Registered
1987 Q J 45 Aug'32
45
90
51
78 July'32
71 r94
Det & Nlac 1st lien g 45
General 4s
1955i D
2512 30
1987 J J 723,
24
Apr'32
24
30
7318
7318
5
65
82
Gold 45
1995 J D
Cent Pac 1st ref gu g 48_ _ _ _1949 IF A 8212 gale 81
20
25
25 Nlar'32
25
25
88
48 a4712 88
Detroit River Tunnel 450 1961 MN 79
F A
Registered
85
85
89
85
71
10
9914 July'31
Dui Missabe & Nor gen
Through Short List gu 4s _1951 AO 72
J J
98 100
763 6512 Aug'32
4
-66- WI; Dul & Iron Range let 5s 58....1941 A 0 98 Sale 100 July'32
1937
Guaranteed g 55
1960 F A 703 Sale 697
98
98
4
94 100
20
8
7614 38
30
79
Dul Sou Shore & Atl g 5s
1937 J J 21
Charleston & Say'h 159 78_1936 is
27
27
31
17
7
3212
ill June'31
East Ry Minn Nor Div 1st 48'48 A 0 81
(lies & Ohio 1st COP g 5s_ _ _1939 MN ioYis gal. 10234
90
70 July'32
70
70
104
37 -66- lOs
East T Va & Ga Div let 58_1956 SIN
8218 83
Registered
1989 MN 9918
77
87
65
Aur'32
100 July'32
977 10014 Elgin Joliet St East lot g 55_1941 M N 82
3
General gold 4)45
90
1992 MS 9412 Sale 94
87
95
SO
31
9512 107
90
7018 9512 El Paso & S NV 1st 5s
1965A 0
MS 85
Registered
93 Sept'31
_
87 Aug'32
83
87
Erie 1st cony g 4s prior
1996 i J
7518 Sale 75
Ref & Impt 450
1993 AO 87 Sale 85
7714 51 -66- -firs
87
6012 87
18
Reglst Ted
,
1996 J J
Ref & impt 410 ser 13_1995 J J 865 Sale 8412
_
5712 June'32
8
572 6612
88
6()
90
88
let consol gen lien a 4s...1996 J J 553 Sale 5534
Craig Valley 1st 5s_May 1940
4
J _
59
.51 a2812 6314
9778 993 Feb'32
4
993 993
4
4
Registered
1996 J J
J 62
Potts Creek Branch let 49.1946
.58
50
39
5
50
85
945 Aug'31
8
Penn coil trust gold 4s.._..1951 F A
99 Sale 99
99%
R & A Div 1st con g 48_1989 J J 8314 87
99
1
99
81 Aug'32
-. 11 811:
7
50-year cony 48 series A 1953 A 0 3618 4578 46
24 consol gold 4s
20
1989 J J
5112
5012 43
78
84
81
81
64
5
81
Series B
1953 A 0 4314 Sale 4314
Warm Spring V 1st g 58_1941 MS
4912
22
4912 29
100 1043 Mar'31
4
Gen cony 45 series D
1953 A 0
Chic & Alton RR ref g 35_ _1949 A 0 47
5712 Aug'31
50
46
50
.3
95 -56 8
Ref & impt 5s
1967 MN 373 Sale 34
4
14 49 4
7912
Railway first lien 354s... _ 1950 J J
467 -13E - - .346
7918 June'32
75
7914
Ref & impt 58 of 1930_
1975 A 0 372 Sale 34
4
1314 49
531
46
Erie & Jersey 1st s f 65
1955 S J
67
2
93
85
85
Genesee River 1st s 1 6s_ _1957 5 J
81
85
75
6
91
84
85
r Cash sale. a Deferred delivery.
-
ia-
New York Bond Record-Continued-Page 3
1460
•, .
Price
Friday
Aug. 26.
BONDS,..,:t''''
N. 'Y. STOCK EXCHANGE t.tt
Aix,
Week Ended Aug. 26.
Week's
Range or
Last Sale,
Range
Since
Jan. 1.
4,7
_.,..Z1
, ...
.
.t i, Price
BONDS
N. Y. STOCK EXCHANGE - . . . r.
34
,
Week Ended Aug. 26.
I
F-1 " .—.
1 n.1
.'
1
•
3212 75
814 18
2018
15
293 , 63
4
___ ____
7414 a90
4
8
923 1033
3
8712 100 4
_
3
-4V2 164
----61 15
3812 85
435s 7812
40
8
737
7412
38
____ ____
2
712
90
90
20
50
20
50
22
40
92
06
2
I
I
g
,
,s' :4. :2"242il
,
$—$
$ .14
I
I
i
1
•
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,
1 1
88
75
a8012 a8518
8334 89
90
4
943
93 096
89
60
64
27
1
1
1
1
001
75
60
84
1933 A 0 70
Gall, Hous & Hend let 5s
12
1018
1012 53
Ga & Ala By 1st cons 5s Oct 1945 J .1
Ga Caro & Nor 1st go g 55 192920
Extended at 6% to July 1 1934 J J --------20
39
1946 A 0 3812 Sale 38
Georgia Midland lot 3s
Jan'31
Gouv & Oswegatchle 1st 55_1942 J D --------100
82 Aug'32
7512 94
Gr R & Text tat gu g 4 Ms_ _1941 J J
4
Grand Trunk of Can deb 78_1940 A 0 1023 Sale 10212 103
4
1003
8
1936 NI 5 1005 Sale 99
-year s I 68
15
Grays Point Term 1st 5s_._1947 J D --------96 Nov'30
92
Great Northern gen 7s serA.1936.7 J 8512 Sale 83
J J ____ ____ 9712 Oct'31
Registered
8234
8
1st & ref 4145 series A____1961 J J 825 Sale 82
8
817
General 5 14s series B____1952 J .1 77 Sale 7218
74
1973 J J 71 Sale 67
General 55 series C
69
General 4145 series D...._1976.7 .1 65 Sale 65
69
General 454s series E___ .1977.7 J 63 Bale 6218
6712 Apr'31
40
Green Bay & West deb ctfs A___ Feb 20
Feb
8
35 10
712
712
Debentures MN B
90
90
90
Greenbrier Ry 1st gu 4s____1940 NI N 87
48
4
473
58
Gulf Mob & Nor 1st 5145_1950 A 0 38
45
1950 A 0 43 Sale 40
lot mtge 58 series C
22 May'32
Gulf & S I lot ref & ter 5sFeb1052 J J 2112
92
Hocking Val 1st cons g 4165-1999 J J 89 100 92
1999 J .1--------10012 Apr'31
Registered
7612 Aug'32
88
Housatonic Sty cons g 5s... 1937 M N 80
8518 Apr'32
H dr '1' C lot g 55 int guar_ _ _1937 J J 8512 90
4
833 Aug'32
Houston Belt & Term 1st 5s_1937 .1 J ____ 84
- 90 June'32
Houston E & W Tex 1st g 55_1933 M N
9212- - 1933 M N 95 10012 93 Aug'32
1st guar 58 redeemable
87
8
8
Bud & Manhat 1st 5s ser A.1957 F A 845 Sale 845
60
7
Adjustment Income 5s Feb 1957 A 0 55 Sale 53 a
Low
High
88
83
8612 8612
4212
30
60
43
712
3
212 612
17
5
514 912
0612 9612
9312
81
8014 96
I
0
High
Ask Low
1384
8612
8612
83
93
--------8612 July'32
40 Aug'32
__ 40
5312 Aug'32
5018 65
712
4
6
53
8
5
5
5 Sale
10
--------7
8
7
412 5
--------9612 Aug'32
9312 Aug'32
9418 99
88
85 Sale 84
. . .
i • •
Erie & Pitts g gu 35s ser B 1940.7 1
1940 J J
Series C 3(.s
Fla Cent &Pen lot cons g 5s 1943 J J
Florida East Coast lot 41i8-1959 1 D
1974 M 5
lot & ref 5s series A
_
Certificates of deposit ____
__Fonda Johns dr Glov 188 4145 1952 MN
(Amended) lot cons 4 14s 1982 M N
Fort St U D Co 1st g 410_1941 J J
Ft W & Den C 1st g 5)4s.._1961 J I)
Frem Elk & Mo Val 1st 65-1933 A 0
72 a88
6518 6518
•
___ 7314 July'32
Illinois Central 1st gold 48_1951 J J 761
6518 July'32
80
1951 .1 J 72 3lot gold 3155
8614 June'31
J .1
Registered
____ 6518 Aug'32
Extended 1st gold 310_ _1951 A 0 72
____ 73 Mar'30
1951 M S 25
1st gold 3s sterling
70
1952 A 0 62 Sale 57
Collateral trust old 45
1955 MN 6612 Sale 647
68
8
1st refunding 40
1952.7 J
4912
5312 63
4912
Purchased lines 314s
8
557
1953 NI N
50 Sale 49
Collateral trust gold 45
65
1955 NI N
6934 64
65
Refunding 5$
81
7512 Sale 7512
-year secured 654e g__ _1936 J .1
15
Aug I 1966 F A
48 Sale 45
5312
40-year 414e
1950 J 0 62 ____ a50 June'32
Cairo Bridge gold 4s
45 ____ 70 Sept'31
Litchfield Div 1st gold 38.1951 .1 J
61
61
Loulsv Div &Term g 310 1953.7 J 6012 __
42 June'32
45
Omaha Div 1st gold 3s. 1951 l' A
45 June'32
75
St Louis Div & Fermg 35_1051 J J
1951 J J
50 May'32
4934 66
Gold 354s
7812 7812 Aug'32
Springfield Div 1st g 3145_1951 J J 54
68
8
677 68
Western Lines 1st g 45_1951 F A 58
F A ---- ---- 90 July'31
Registered
Ill Cent and Chic St L & N 060
Joint lot ref 58 series A....1963 J D 5212 Sale 4912
56
1st & ref 410 series C_ _1963 J D 4912 Sale 47
___ 80 Dec'31
West 1st ext 4s 1940 A 0 70
Ind Bl o
1950 J 1 76 1514 61 June'32
Ind III & Iowa 1st g 4s
56
56 Sale 56
Ind & Louisville 1st gu 48__ A956 J J
9914 85 Aug'32
Ind Union By gen 5s ser A 1965 J J 90
1965 J J 65
.. 10318 Oct'31
ref 5s aeries B
Gen &
4612
Int & Grt Nor 1st (is ser A..1952 J .1 38 Sale 38
16
8
103
Adjustment 6s ser A_July 1952 A 0 1214 13
1956 J J 30
35
3614
36
1st 5s series B
37
1956 J .1 30
38
34
lot g 5s series C
42
Int Rys Cent Amer lot 5s 1972 M N 41 Sale 90
44
40
45
1941 M N 44
lot coll trust 6% notes
35
1947 F A 2918 347 35
8
lot lien & ref 610
512
512
7
514
1933 J 13
5s
Iowa Central 1st gold
5
J D
3
2 4 878 5
Certificates of deposit
58 July'32
1951 PA S ____ ____
1st & ref e 45
t
e
•
•
01
• 0 1 P.1
, • 1
:2 0
Iola
1
1 3 I 1
I
1
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,
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100 Sept'31
52 Aug'32
51 A1111.32
80 Aug'32
8712 Aug'31
,,,,,
ttttt
11110
ttttt
101
60
5
583
85
____
•
70
53
5014i
____
____
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r Cash sale. a Deferred delivery.
.1
N
N
D
J
c•1
76
Lake Erie dr West lot g 55..1937 .1 J 76 Sale 75
47 Aug'32
56
1941 J .1 52
2d gold 5s
79
76 Sale 7514
Lake Sh & Mich So g 310_1997 J D
72
72 Sale 72
1997 J D
Registered
9012 NIar'32
83
26
Leh Vol Harbor Term go 55 1954 F A
83
80
83
,
Leh Val N Y 1st gu g 4155_1910 .1 .1 65
60
Lehigh Val (Pa) cons g 4s 2003 M N 4914 Bale 4914
33 Aug'32
M N ____ 90
Registered
6112
5712 5612
2003 M N 52
General cons 410
4
673
2003 M N 60 Sale 59
General cons 5s
84 Aug'32
89
Leh V Term sty 1st gu g 55..1941 A 0 80
9514 Aug'31
Lehigh & N Y 1st gu g 45_1945 NI 5 ____ 80
75 Aug'32
90
Len & East 1st 50-yr 5s gu_1965 A 0 83
___ 9112 May'31
I962 M N 58
Little Miami gen 45 sores
9914 Aug'32
1935 A 0 ____ 99
Long Dock consul g 65 A..1962Long Island88 Aug'32
92
1938.7 D 88
General gold 45
78 Aug'32
1949 M S 82
Unified gold 4s
92
1934 ./ D 9212 9312 92
Debenture gold 59
90
8
1937 M N 90 Sale 867
20
-year p m deb 55
8714
8412
1949 PA S 85 4 86
3
Guar ref gold 45
8
Nor Sh B Ist con gu 58 Oct 1932 Q J ____ 997 10018 July'32
47
8
Louisiana & Ark 1st 55 ser A.1969 J J 425 Sale 3914
Louis &Jeff lodge Co gd g40 1945 M S 6012 _ _ a60 Aug'32
89
1937 PA N 91 16 89
Louisville & Nashydle 5s
89
5
1940 J J 851 s Sale 85 8
Unified gold 45
Registered
J J --------80 May'32
8
8
80,
refund 510 series A__2003 A 0 80 Sale 727
lot
7513
2003 A 0 705 75 6912
5
lot dr ref 58 series B
73
2003 A 0 64 Sale 64
1st & ref 410 series C
95
94
94
1941 A 0 92
10-year see g 5s
68 Aug'32
70
Paducah & Mem Div 45_1946 F A 45
50
45
50
Louis Div 2d gold 35..1980 M S 47
St
__ 84
81
Mob s, Nlentg 1st g 410_1945 M 5 85
55
5912
49
South By joint Monon 45_1952 J J 4518 - ____ 70 Aug'32
Atl Knoxv & Cin Div 45_1955 M N 78
1934.7
Mahon Coal RR 1st 55
Manila RR (South Lines) 48 1939 M
1959 1V1
1st ext 45
Manitoba S W Coloniza'r 53 1931 .1
Man GB & NW lot 314s._1941 .1
I
4
763
Mar'3.
Aug'32
6112
3
687
4
703
8
897
75
Aug'31
July'31
Apr'30
I
0
I
I
4
8
7214 765 763
--------103
66
6713 74
53 Sale 4812
69 Sale 6112
6778 Sale 6212
87 Sale 87
75
75
74
84
____ 80
--------894
89
c.,t-
D
.1
0
0
0
J
.1
J
J
.1
J
,,,,e, ..• ot..00 ,:e e
0 ,,,oo •
111
1
James Frank & Clear 1st 45 1959 J
1938 J
Kal A & G R 1st gu g 55
1990 A
Kan & M 1st gu g 45
K C Ft S & NI By ref g 45_ _1936 A
1950 A
Kan City Sou 1st gold 38
Apr 1950 J
Ref & impt 55
_
Kansas City Term lot 451960 J
Kentucky Central gold 40_1987 .1
Kentucky &Ind Term 4%5_1961 1
1961 .1
Stamped
1961 1
Plain
6118
____
29
35
4912
25
37
35
19
50
_
Lo
42
45
50
7812
4818
_....
6515
__
i0
68
50
8
557
65
4
823
5312
56
__-61
45
45
57
7812
e8
_--
Mex Internat I st 4s asstd___1977 M 5
Nlich Cent-Mich Air L 4s__1940 1 J
Jack Lens & Sag 3 Jis____1951 M 5
1952 M N
1st gold 314s
1979 J J
Ref & !rapt 4355 ser C
1940 A 0
Mid of NJ lot ext 55
Mil & Nor lot ext 4 Jis (1880)1934 J D
1934 J 13
Cons ext 414s (1884)
Mil Spar & NW 1st gu 4s,.1947 M S
NIllw & State Line 1st 310_1941 J J
Minn & St Louis 1st cons 59_1034 M N
1934 M N
Ctrs of deposit
lot & refunding gold 48_1949 PA S
Ref dr eat 50-yr 59 ser A 1962 Q F
Certificates of deposit
Q F
M St P & SS M con g 45 int gu'33 J J
193S.7 J
1st cons 5s
1st cons 59 gu as to int_ _...,1938 J J
1946.7 J
1st dr ref 65 series A
1949 M S
25
-year 510
1978 J J
1st ref 510 ser B
1st Chicago Term s f 95 1941 /11 N
Friday
Aug. 26.
Week's
Range or
Last Sale.
43
,..`..,,'
az ,,
Range
Since
Jan. 1.
High
High No. Low
Ask Low
Bid
--------213 Dec'30 ____ ---- --____ 98 Aug'31 -----------81
--------79 May'26 ____ - --- - - - 7038 77
8
77_ 713 July'32 ___
60
45
61
60 - . 60 July'32 __
47
40
4
47
47
49
40
87
75
87 June'32 ___
84
70
7112
50
50 Apr'32 ____
75
,
69 8
40
7
6212
59
61
55
--------90 Apr'28 -----------238 5
512 7
5 Aug'32 ____
6
4
3
5
4
314 11
212
f1
7
1
214
--------214
8
5
Mar'32 ____
5
78 8
5
5
8
5
5
____ 14
8
507
35
8
507 112
4
473 Sale 4918
5014
13
8
5014
36
47
36
60
35
29
60
8
5718 Sale 487
37
14
31
37
8
347 19
25
31
12
5
26
1812 21 al8
70
40
12
70
65 Sale 65
955 Dec'30 ------------------8
85
Mississippi Central 1St 55 1949 J J 72
1959 1 J 32
40
Mo-III RR 1st 5s ser A
Mo Kan & Tex lot gold 45..1990 J /3 75 Sale
Mo-K-T RR pr lien 5s ser A_1962 J J 7418 Sale
1962 J J 65 Sale
40
-year 4s series B
1978 J J 69
71
Prior lien 434s ser D
Cum adjust 55 ser A_Jan 1967 A 0 a46 Sale
1965 F A 43 Sale
Mo Pac 1st & ref 55 ser A
1975 IVII S 28 Sale
General 4s
1977 M S 40 Sale
1st & ref 5s series F
1978 M N 40 Sale
1st & ref 55 ser G
1049 M N a28 Sale
Cony gold 510
1980 A 0 3812 Sale
1st ref g .55 series II
1981 F A 38 Sale
1st & ref 55 ser I
4
Mo Pac 3d 7s ext at 4% July 1933 NI N 28
933
Mob & Blr prior lien g 55.-1915 J 1 ____ 95
J J
90
Small
1945 .1 J ___ _
1st NI gold 4s
Small
--- 55
J
J- 8
Mobile & Ohio gen gold 45...1938 M 5
90
5
8
397
Montgomery Div 1st g 58_1947 F A
9
7
1977 NI 5
Ref & impt 4545
6
1938 M 5
9
Sec 5% notes
4
753
Mob & Mal lot gu gold 45_1991 NI 6 58
Mont C 1st gu 65
94
86
7
3
193 J 1 9212 87
1st guar gold 5s
Morris & Essex 1st gu 310_2000 J D 72
7334
1955 M N
Constr NI 55 ser A
7212 00
78
80
1955 M N
Constr NI 41is ser B
72
72 June'32 ____
1412
5
35
29
5514
62
80
75
38
14 83
73
75
3118
37
65
62
36
45
70
69
90 a12
50
41
2212
92
49
39
7
776
34
2412
21
4512 550
36
22
208
45
38
a5
34 1247
22
22
421
45
35
2112
735
4512
3514
53
55 July'32 __-95 Aug'31 __-- ---97 Sept'31 --- ---25
53 Aug'32 ____
81 July'31 --- - H1
20 July'32 ____
6512 Sept'31 --.---6
112
93, 21
2
0
9
8
67
2
70
70
88
91
86 Aug'32 ___
82
4
86
62
21
73
72
80
86 Feb'32 __
65
2
77
76
80
42
80
79
68
70
60
6312
4112
60
60
4618
60
60
55
-- --- -57
---20
---2312
28
4
753
,
93 4
90
733ti
86
7914
7012
46
8
65
Nash Chatt & St L 48 ser A 1978 F A 65
7212 65
81
68
I
81
81
1937 F A ____ 83
N Fla & S lot gu g 55
Nat By of Mex pr lien 454s 1957 J J -------- 18 July'28 --- ---- ---4
July 1914 coupon on
J_ 183 July'28 ---- --,..- --,z 1 11 4
Assent cash war rct No. 4 on . r
2
114 - -12118 Apr'32 -- -0 ____ _ _ 123 July'3 ---- ---- --...Guar 45 Apr'14 coupon _ __I977 A4
Ps 4
5
15
2
2 Aug'32
Assent cash war rct No. 5 on _--3
-0
--:- -- - ,
114
3512 July'28
4
Nat RR Mex pr lien 410 Oct '26 J J
2
.
1 '
Apr'32---1
Assent casts war rct No. 4 on ---- -------1951 A0
1st consol 45
_ _ _ 22 Apr'28 ---- -- -- - y
,-8
I
118 May'32 --114
8
17
Assent cash war ret No.4 on --2
5212 52,
5212 June'32 __
72
Naugatuck RR 1st g 48__1954 MN 53
_ 100 Sept'31 ---- ---- -New England RR cons 5s 1945 J .1
1905.7 . 30-.- 90 Sept'31 ---- ---- -1 58
8912
Consol guar 48
-- 2314 59
NJ June RR guar 1st 45,.. _1986 F A -------- 92 Nov'30 --i5 1413
NO dr NE 1st ref & impt 4.15s A'52 J J
3
37
50
5812
2212 56
75
60
m
50
&
o
5
64
.._ - New Orleans Term lot 4s___1953 J 1 64 Sale 62
____
45
20
4
45
45
61
N 0 Tex & Mex n-c Inc 55 -1935 A 0 3014 39
11
1612 45
60
1951 A 0 38 Sale 37
45
56
15
1st 58 series 0
18 8 45
9
45
1956 F A 4012 Sale 40
90
1st 55 series C
79
8
443
16
47
40
37 Salo 3112
1956 F A
1st 410 series D
501 /
19
5014 131
1954 A 0 40 Sale 38
1st 534s series A
1514 60
8912
80
8912 8912 Aug'32 __-N & C lidge gen guar 4145 1945 J J 70
30
2
9412 95
95
1
95
1312 50
N Y B & NI 11 1st con g 58-1935 A 0 ____ 95
1312 9812
3518 02
8314 165
2458 64
N Y Cent RR cony deb 65 1935 M N a75 Sale 7212
8073
56
8
807 157
1998 F A 77 Sale 7512
50,
23
4
Consol 4s series A
72
32
6312 476
4
35
Ref & impt 4145 series A 2013 A 0 663 Sale 5318
18
72
31
641
64
5712 Sale 53
8 512
25
When Issued
4
3312 783
7034 416
C____2013 A 0 64 Sale 5912
8 5
25
Ref & impt 5s series
4
7834 69 a6712 783
7714 Sale 7514
12 112 N Y Cent & IIud Ely M 334s 1997 ..1 J
6712 72
15
1997 J J 6818 7614 72
72
Registered
9212
51
310
1934 M N 8478 Sale 8212
86
85
Debenture gold 45
75
8212
63
8212 46
8212 82
30-year debenture 4s -__ _1942 J J 75
___-- 7312
60
74
6812
7018 30
Lake Shore coll gold 3145_1998 F A 68
57 17
6814
59
1998 F A 62
68
70
59 May'32 ____
34
Registered
71
61
3
71
75
71
Mich Cent coil gold 310_1998 F A
3514 70
1998 F A
_ 8212 Mar'31 -----------8
287 711s
Registered
6318 82
6112 74 Aug'32 -___
807s NY Chic & St L 1st g 45-.1037 A 0 78 78
1937 A 0 _ _
9314 hlar'30 -----------75
54
Registered
il 747ti
1932 A 0
6312
gale 49
6% gold notes
---- --1414 4612
248
46
Refunding 5165 series A 1974 A 0 37 Sale 3412
____ ___ 1212 40
1978 M 5 3212 Sale 31
3912 491
Ref 410 series C
88
75
79 ____ 82
2
8312
N Y Connect lot gu 4145 A_I953 F A
4
673 93
1953 F A 85
____ 85 Aug'32 --- 8312
lot guar 55 series B
50
_..._ ...____ 84 Dec'31 - - - _
69
32
N Y dr Erie 1st ext gold 4s 1917 M N 81
1933 M ---------100 Sept'31 ---- ---- --3d ext gold 41.0
70
66
72
67
40
40
3 40 June'32 --__
75
9012 N Y & Greenw L gu g 5s_ _1946 M N 50
83
6814 77
N Y & Harlem gold 310...2000 M N 78
8012 7118 July'32 ____
81
55
75 r82
74 78 July'32 ____
NY Lack & W ref 410 B_1973 M N
2712 60
8412 Dec'31 __- - _ -- _ -N Y & Long Branch gen 45_1941 NI 5 ____ ___
33
33
--N Y & N E Bost Term 48.„1939 A 0 --------9521 July'29 -- -- --63
35
69
56 60 Aug'32 ____
70
4
8
355 673 N Y N II & 11 n-e deb 45__1947 WI S
51 r67
-- 51
Apr'32 ___
Non-cony debenture 310_1917 M S
90
80
61
34
51
Non-cony debenture 3148_1954 A 0 51____
80
50 July'32 __- 4
663
40
11
Non-cony debenture 45_1955 J 1 85 Sale 62
66
12
61 /6
68
40
Non-cony debenture 45...1956 PA N 65 Sale 05
6518 20
____ ___
53
61
57
1956 J J 55
2
,
37 2 58
Cony debenture 310
95 101
4
1948 .1 .1 89 Sale 87
493 95
Cony debenture 6s
8 93
917
GM 92
Registered
821 1 89
3 3 --------75 Aug'32 ____
94
55
1940 A 0
12
Collateral trust 60
f Sale 8712
90
7014 80
59
30
27
1957 M N 47
Debenture 48
51
55
58
95
80
77
42
7518 85
lot & ref 414s ser of 1927_1967 J 0 71 Sale 70
8
605 90
83
C8
1
Harlem It & Pt Ches 1st 45 1951 M N 82
97':
83
70
83'2 83
99 10014
3834 60
142
1992 NI 5 54 Sale 5312
60
NY 0 & W ref g 4s June
1518 50
49 12
34
4912 196
General 4s
55
75
1055 J D 43
46'2 44
8512 96
- NY Providence & Boston 431942 A 0 78
00 loIar'31 _ - -i7 -18
i(il
3
74
00
76
N Y & Putnam 1st con gu 40_1933 A 0 71
89
66
54
18
11
4314
,
7612 82 2 N Y Susq & West 1st ref 55_1937 J J 40 Sale 39
--1937 F A __ 55
2d gold 410
50
84
75 May'30 ---393
39
15
35
1 ----- 4
56'
1910 F A 39
45
78
General gold 59
9212
02
1943 M N 60
7518
Terminal 1st gold 55
40
9212 June'32 ____
90
62
28
73
60
NY W Ches & B 1st ser r 4 Yis'.16 J J 5112 Sale 5112
95
93
s
4
963 1063
60
8612 Nord By ett'l sink fund 63451950 A 0 106 Sale 10512 106
68
2012
4
89
11
4478 56
52
7
Norfolk South lot & ref A 59_1961 F A
,2 10
9
1214 50
24 Aug'32 ____
40
81
81
Norfolk & South 1st gold 55_1911 MN 30
5912 Norf & West RR impt&ext 65 '31 F A 103 105 103 Aug'32 __ _ 100 10312
20
4
783 96 5
9618 99
81
N & W By 1st cons g 4s__ _1996 A 0 9312 9458 91
70
8018 80
86
j _3 _
O _9_,8 6;1w 93 May'32 ____
1,16
199 1
Registered
4
4
863 933
4 38
933
___
DWI 1st lien & gen g 45._
9212
2 079
9212
9212
91
50 --64
1911 J D 91
Pocah C & C blot 48
4
993
87
1
87
65
51
North Cent gen & ref 53 A 1971 PA S 87 Salo 87
85
85
10
85
1971 PA S 80
80
9912 85
80
Gen & ref 414s ser A
k
New York Bond Record-Continued-Page 4
BONDS
N. 1, STOCK EXCHANGE
Week Ended Aug. 26.
1.1
'Eg
-4r
.....:
Price
Friday
Aug. 26.
Week's'.,L",
Range or
Eze;
Last Sale.
c41,
Q
Range
,Since
Jan. 1,
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 26.
,3
2
i ..
.... .1
.,
1461
Price
Friday
Aug. 26.
Week's
Range or
Last Sale.
,7....
Range
42
,
Jan. 1.
Bid
Ask Low
High No. Low
High
Bid
Ask Low
High No. Low
High
North Ohio 1st guar g 55_1945 A 0 38
50
50
50
4
35
50
Seaboard All Fla 1st gu 6s A 1935 F A
53 Sale
8
212
612 49
1
612
North Pacific prior lien 45_1997 Q J 8414 Sale 84
86
73
65
82
Certificates of deposit
..
6
2
5
412 5
114 6
Q .1
7818 SO
Registered
7812 Aug'32
Series B
L
533 7812
4
112 6
ir 55 174
5
5
1
118
5
Gen lien ry & Id g 3s.Jan 2047 Q F 62 Sale 6114
633
4 73
48
65
Certificates of deposit ____ ..__ _
112 ___
312 Feb'32 ____
212 212
Jan 3047 Q F --------56 July'32 __ -Registered
50
56
Seaboard & Roan 1st 58 extd1931 J J -___ .60
9012 Aug'31 ____ - __
_ _
Ref & Rapt 41is series A__2047 J .1 '.512 Sale 73
7614 47
38
761 1 So de No Ala cons gu g 5s
1936 F A 87
___ 85 Aug'32 ____
75 - 2
8f12
Ref & impt6s series B____ 047 J J 87 Sale 85
00
302
45
9012
Gen CODS guar 50
-year 5s_1963 A 0 ____ 85
85
85
18
85
85
Ref de impt 58 eerie, C____2047 J .1 75 Sale 75
7714
3
48
78
So Pac coil 4s(Cent Pac coil) k '49 J D 67 Sale 64
73
20
29
74
series D____2047 J J 76 Sale 76
Ref & impt 55
08112 18
4812 08112
1st 43s (Oregon Lines) A 1977 M S 71 Sale 70
75
222
4812 813
4
Nor Pac Term Co 1st g 6s___1933 J 1
105 10012 June'32
10012 10012
20
-year cony 5s
1934 J D 8018 84
83
85
6
58
97
Nor Ry of Calif guar g 5s ___1938 A 0 --------9514 Oct'31 ____
_ _ __ _
Gold 410
1968 M S 6012 Sale 58
70
77
31
7312
46
48
Og & L Chars 1st gu g 45_1948 J J
4812
50
7
28
.
50
Gold 4145 with warrants 1969 M N 58 Sale 5514
65
247
29
74
Ohio Connecting Ry 1st 4s__1943 M 5 85 ____ 97 Mar'31 ____
_
__
Gold 434s
1981 MN
5812 Sale 5558
66
474
2812 7212
1936 J I)
___ 87 June'32 ____
Ohio River RIt 1st g 5s
86 90
San Fran Term 1st 45.1950 A 0 85
86
- 8418 17
597 8418
8
1937 A 0 ________ 80
70 July'32
General gold 55
70
7838 So Pac of Cal let con gu g55 1937 M N 100 ____ 98 June'32 ____
98 100
Oregon RR & Nay corn g 45_1946 J D 8712 Sale 87
8712
2
77
8712 So Pac Coast 1st gn g 48_
I937 J J --------96
Jan'30 ____
____
_
2
97
Ore Short Line 1st cons g 55_1946 .2 J 9912 ____ 9614
88
99
So Pac RR 1st ref 4s
1955.2 J 803 Sale 8034
4
8312 72
50 - -12
86
1946 J J
9612-Guar stpd cons 55
9918
10014
3
8812 10014
Registered
1961 1 J
8012 81
Oregon-Wash let & ref 45
81
84
42
6012 81
Stamped (Federal tax2___1955 J J --------9212 May'30
Southern Ry 1st cons g 55_1994 J J 8212 Sale 8012
83
46
597 - 8 8
612
Pacific Coast Co 1st g 5s.__1946 J D 26
40
2314
30
3
173 30
4
J J75
Registered
____ ____
75
10
75
75
Pac RR of Mo lot ext g 43
-1938 F A 85
88
7912
85
2
72
90
Devel & gen 45 series A__ _1956 A 0 383 Sale 363
4
4
46
365
12
54
1938.2 J 80
26 extended gold Is
94
85
85
1
74
93
Devel & gen 68
1956 A 0 497 Sale 47
8
5912 96
1512 67
70
Paducah & 1115 Ist 5 f g 410_1955 J J
90
75 Mar'32 ___
93
9512
Devel de gen 615s
8
1956 A 0 533 Sale 503
4
6012 703
18
72
Paris-Lyons-Nied RR ext 75_1958 NI S 10314 1033 10314
8
10314
8
98 1045
8
Mem Div 1st g Is
1996.2 J ____ 9614 48 July'32 ____
48
55
Parts-Orleans ItR ext 534s....1968 M S 10212 Sale 10212 103
29
8812010412
St Louis Div 1st g 48
1951 J J 49
60
60 Aug'32 ____
41.
673
4
Paulista Ry 1st & ref s f 75 1942 M S 35
453 453 Aug'32 --_4
4
41
65
East 'Penn reorg lien g 5s-1938 M 5 ____ 90 101 Sept'31 ____ ____
_
Pa Ohio & Dot 1st de ref 4145 A'77 A 0 77 Sale 77
7712
8
60
8
Mobile & Ohio coil tr 4s 1938 M $ 40 Sale 363
787
4
433
4 42
1118 -45
Pennsylvania RR cons g 45_1943 M N
94
__
93
93
1
88
9318 Spokane Internat lot g 55 1955 J J 31
36
31
40
27
19
40
1948 M N 953 Sale 94
Consol gold 48
8
967
8 16
8514 967 Staten Island BY 1st 418s 1943 J D -------- 60 May'32 ____
5
60
60
48 sterl sptd dollar May 1 1948 M N 94 Sale 94
96
9
85
91
Sunbury de Lewiston 1st 45A936 J .1 --------9714 Noy'31 ___ ____ ____
Consol sinkleg fund 4185_1960 F A 9612 Sale 9614
97
29
867 98
s
General 4145 series A-1965 J D 8314 Sale 8038
8514 90
5014 8712 Tenn Cent let Os A or B
43
1947 A 0 35
45
51
17
11
51
General Is series 11
1968 J 0 90 Sale 8934
93
51 r5412 93
Term Assn of St L 1st g 4155 1939 A 0 9412 96
9212
115
13
894 95
1936 F A 100 Sale 99
15-year secured 6145
100
139
7514 10218
1st cons gold 5s
9112 95
1944 F A
93
93
10
85
96
Registered
F A
833 Mar'31 ___
4
___
Gen refund s f g 45
80
1953 J J 75
8012
8012
1
70
8
40
-year secured gold 55___1964 NI N 827 Sale 7818
012
8
833
8 35 -E5" 88
Texarkana & Ft S 1st 5345 A 19.51, F A 73 Sale 73
78
38
513 78
4
1970 A 0 6612 Sale 68
Deb g 4158
74
232
3212 7434 lea & NO con gold 55
70
1943.2 J
80
70 Aug'32 ____
70
70
General 4185 ser I)
1931 A 0 77 Sale 76
81
37
47
81
Texas & Pax 1st gold 5s
2000 J D
8918 94 873
4
89
4
75
92
Pa Co gu 3155 coil tr A reg1937 M 5 70 ____ 87 Nov'31
_ _
_
2d Inc 5s(Mar'28 cp on)Dec 2000 Mar --------95 Mar'29 ____
__ ._
_
Guar 314s coil trust ser 13_1941 F A
70 ____ 807 Aug'32 ___
8
g57 8 811977 A 0 57 Sale 567
Gen & ref 58 series B
8
6412
8
28 - 7g
1942 J D 60
Guar 3345 trust ctts C
8558 Jan'32
853 853
2
4
Gen de ref 55 series C
1979 A 0 5212 58
5712
6518 37
25
7012
Guar 330 trust Ws D..,...1944 J 0 76 78
76
76
1
76
8078
Gen & ref 55 series 13
1980 J D 5212 6412 6412
6412
2
28
7012
Guar 45 ser E trust ctfs
1952 M N 65 ____ 6518 July'32 ____
6518 78
Tex Pac-Nlo Pac Ter 518s 1964 Si 5 65
78
57 Aug'32 ____
40
1963111 N 83 Sale 8238
Secured gold 434s
89 2
,
85
43
5514 83 Tel de Ohio Cent 1st gu 5s...1935 J 1 75
897 87 Aug'32 ____
8
70
Peoria & Eastern 1st cons 45_1940 A 0 44 Sale 44
923
4
5412 15
28
Western Div 1st g 5s_1935 A 0
55
75
0--2
7
75
96
April 1990 Apr
Income 4s
5
712 412
10
14
258 10
Genesi gold 58
1935 J D ____ 85
95 Sept'31 ____
____ _ _ __
Peoria & Pekin Un 1st 514s...1974 I' A 70
75
65 July'32 ____
65
78
Tol St L & W 50
-year g 45_1950 A 0 5512 61
56
56
2
553 60
4
Pere Marquette 1st ser A 55-1956 3 J 65 Sale 6018
71
28
30
Tol W V &0 gu 410 ser B 1933 J J 94
71
____ 10018 Oct'30 ____ ____ ____
1956.2 J 45 Sale 45
1st 48 series 13
45
1
3112 55
1st guar 45 series C
1942 Si 5 85 ____ 9618 Apr'31 ____ ____ __ __
1980 M S 55 Sale 55
let g 4145 series C
60
22
36
phi Bait 4 Wash 1st g 4s.._1943 NI N
!
,
60
Toronto Ham & Buff lstg 451946 J 13 --------88 Dec'31 ____ ____ ____
8
__ 9412
9412
3
86
9412
1974 F A 95-General 5s series 15
81
90
80 Aug'32 ____
80
84
Ulster & Delaware 1st 5s
1928
1977 .1 J
Gen. g 4345 ser C
'
73 _
77
Jan'32
:
,
.
Ctrs dep stpd as to Dec 1930
77
8014
Philippine Ry 1st 30-yr s f 4s '37 .3 .1
23 Sale 2034
2512 iS
1D4 and 5570 ret of prin_._ _ ,___
14
WS 2512
20
153 July'32 ___
8
1518 7712
Union Pac 1st RR & Id gr 45 1947 J .1 95 5a13 9312
953
4 96 a8412 9554
1932 J D --------100 July'32
Pine Creek reg let 65
J J 9014 92
100
Registered
90 Aug'32 ____
1940 A 0
86
91
P C C & Si L gu 414s A
____ 9358 Aug'32 ____ a9212 100
96
1st lien & ref 45
June 2008 M 5 85 Sale 845
8
87
70
70
1942 A 0 95 _
87
Series II 4385 guar
95 Aug'32
1967 J J 8712 Sale 86
9112 9678
Gold 4345
8812 37 05718 8512
1942 MN 93 ____ 90
Series C 410 guar
June'32
1st lien & ref 55
911
94
June 2008 M 5 99 100
9912
100 ____
1945 M N 8718 _
85 10012
Series 1) 45 guar
86 June'32 ___
86
90
46
793 Sale 7914
4
-year gold 45
1968 1 D
84
83
1949 F A
565 84
8
Series E 414s guar gold
7878 ____ 95 Mar'30 ____
____ ____ U N J RR & Can gen 4s.._,1944 M S 92
96
89 June'32 ____
89
Series F 45 guar gold
9312
1953 J 1
3 82
98 Sept'31
Utah & Nor 1st ext 45
1933 J 1 --------100 July'31 ____ ____ ____
Series a 45 guar
1957 MN 82 __
8114 May'32
5114 -8314
Series II COW guar 4s
1960 F A 8218 ____ 80 Apr'32
Vardalia cons g 4s series A 1955 F A
80
807 87
8
80
80 June'32 ____
80
Series I cons guar 4101963 F A 9012 ____ 8612
80
Cons s f 48 series B
8414 90
1957 M N 7953 _ __ 9312 Sept'31 ____ ____ _ __
Series J cons guar 4 As1964 M N 9012 ____ 88 Aug'32
87
93
Vera Cruz & P asst 43.4s..,.,..,1933 J 1
0
4 4
114 June'32 __
General 51 55 series A
1970 J 13 00 Sale 87 June'32 ____
114 - ,
14
90
25
5212 9212 Virginia Midland gen 5s
1936 M N 78
95
88 Aug'32
75
95
Gen mtge guar 55 ser B 1975 A 0 90 Sale 863
4
90
18
55
73
9412 Va & Southwest let gu 5s._2003 1 J 65
6518
6012
Gen 410 series C
7
55
80
1977 J .1 80 Sale 80
82
79
58
8518
1st cons 50 year Is
1958 A 0 57 Sale 5214
60
44
23
60
Pitts MoK & V 2d Cu 69---1934 J
-- ---- 9912 May'32 - -Virginian Ry 1st 5s series A_1962 M N 92 Sale 90
99 100
943
8 55
8
7014 943
Pitts Sh de L E let g 55
1940 A 0 -------- 99
i-Oct'31 __-__ ____ ___
1st mtge 418s series 13__1962 M N 8412 87
84
85
let consol gold Is
7
70
85
1943.2 J _ _ ____ 10014 Aug'28 ___
Pitts Va & Char 1st 45
1943 MN ;
i15
_
73
-__
'76- - - -- Wabash RR lot gold 5s
73
1939 M N 70
72
72
76
28
5214 79
Pitts & W Va Ist 41 Is ser A.1958 J 0 55 gale 5314 June'32
1
55
7
38
56
1939 F A
2d gold 5s
46
56
57
57
6
1st NI 4185 series 13
21
59
1958 A 0 50
61
53
55
8
36
85
Deb 6s series 13 registered 1930.2 J
25 ____ 9818 May'29 ____ ____ ____
1st NI 414s series C
1960 A 0 5012 Sale 5012
54
14
32
1st lien 50
45_1954 .1 J 45 Sale 45
5634
47
5
-year g term
35
47
Pitts Y & Ash 1st 45 ser A 1948 ./ D 83 ____ 9514 Sept'31
-_ _
Dot & Chic ext lot 5s_.....1941 J 1 65
75
65 Aug'32 ____
52
73
1st gen 5s series B
1962 F A 00 ____ 00 July'32
8812 96
Des Moines Div let g 45-1939 1 J 30
3978 28 Aug'32 _
28
46
Providence Scour deb 45_1957 M N
_
7134 July'31
_ _:
Omaha Div 1st g 334s
40
194 I A 0 15
79 Aug'31 ___-_
Providence Term 1st ds_1056 M S 75
__
____ 75 June'32
7412 .ISToledo & Chic Div g 4s..1941 M S 58
68
5712 Aug'32 ____
50 -6
0
Wabash Ry ref & gen 518s A 1975 M 5 15 Sale 113
4
Reading Co Jersey Con coil 448'51 A 0 76 Sale 73
1612 34
23 19
4
76
18
5712 79
Ref & gen 5s(Feb'32 coup)B '76 F A
1218 14
12
Gen & ref 434s series A
15
23
312 19
1997 1 J 81
813
84
8638 20
57
Ref & gen 418s series C-1978 A 0 1218 Sale 121g
8314
23 1612
8
Gen & ref 410 series 13
82
15
1997 J J 84
87
8412
8312 19
5514 8312
Ref & gen 55 series 13
1980 A 0 1212 Sale 1112
Rensselaer & Saratoga 65_1941 M N --------113
14
114
23
s
Oct'30
_
warren 1st ref gu g 3 yig_ _2000 F A -------- 78 July'31 ____ -__- 1612
Rich & Merch 1st g 411
_ _
1948 NI N ____ 4
_ Washington Cent 1st gold 4.s1948 Q NI -------- 56 Mar'32 __
Richm Term Ry 1st gu 5s 1952 J .1 6018 9612 7912 Sept'30 ____ _ _
56 - 56
963 APr'32
5
53- --9612 Wash Term 1st gu 334s,__1945 F A 81
Rio Grande June 1st gu 55..1939 J D 50
8512 88 Aug'32
771 8812
4
90
85 Sept'31 ____
_
1st 4
1945 F A 88
Rio Grande Sou 1st gold 45.1910.2 .1 --------214
____ 90 Aug'32 ___ -_
8312 90
-------- ---- Western-year guar 4s
--___
1952 A 0 607 Sale 6012
Guar 48 (Jan 1922 coupon) '40 J J --------712 Juna'31
Maryland 1st 4s
8
6612 116
3712 8312
Apr'28
1st & ref 514s series A__..1977 J 1 63 Sale 63
Rio Grande West 1st gold 45_1939 J J 64 70
693
4 77
28511 613
4
64i8
66
17 -, L" -is' West NY de pa 1st g 55._1937 J J 963 98
I
4
1st con & coil trust 45 A.
.1949 A 0 46 Sale 46
965
8
963
4 28 08918 98
51
23
3018 56
General gold 4s
1943 A 0 7812 95
RI Ark & Louis lot 434s
1934 M S 44
7812
7212 9138
80
6
5012 40
58
29
20
70
Western Pac 1st 55 ser A-1946 M S 46 Sale 42
Rut
-Canada let gu g 45
4912 247
1949 J .1 __ 8012 54
217 491
s
:
59
3
30
59
West Shore 1st 4s guar
0361 J J 77 Sale 7634
Rutland 1st con 4185
24
65
78
77
1941 J J 45
65
50 Aug'32
35
50
Registered
2361 J J 7018 72
72
74
30
62
72
Wheel & I. E ref 4145 ser A_1966 M 5 69 Sale 69
1947 .1 J 71
69
11
50
69
St Jos & Grand Isl 1st 4s
8412 72 July'32
61
84
Refunding 5s series 13
1966 MS 59
1996 J .1 40
____ 9712 Aug'31
St Lawr & Adr lst g 5s
87
95 Apr'31 __
RR 1st consol 45
1949 M 5 693 Sale 68
17
70
2d gold 65
5
1996 A 0
5212 - 5i68
85
897 Feb'32 __-_-_ -66% - , WIIk & East 1st go g 5s
8
gg 8
-1942 i D 30
33
31
St Louis Iron Mt & Southern
3512 31
II
3512
Will & S F 1st gold 55
Riv & G DIN 1st g 95
1933 M N 6912 Sale 68
1938 i D --------913 Oct'31 -----------8
74
179
3534 8312 Winston-Salem 5 13 1st 45-1960 J J ____ 8912 68 June'32 _
68
80
$t L-San Fran lw lien 95 A-1950 J J
153 Sale 1514
4
2212 569
9
34
Wis Cent 50-yr let gen 45_1949 J J 45 Sale 42
Certificates of deposit
473
4 20
14
25,a 473
4
17
Sup Se Dul dlv & term 1st 45'36 M N 3418 3812 34
1978 51 S 123 Sale 1212 ----- --,- - -Con M 434s series A
38
11
16
38
4
2012 1224
-8 - - Wor & Conn East 1st 434s_1943 3 .1 ____ -___ 8814
gl4
Registered
J 13 11 Sale 11
Sept'31-14
9
1312 1312
Certificates of deposit--_
_ _ 1312 May'32
9
14
Prior lien 5s series 11
INDUSTRIALS.
1555 J .71
iiT2 gale 1712
27
.,5§
912 42
Abitibi Power & Paper 1st 5s1953 1 13 3038 Sale 2212
Certificates of deposit --- 7--3218 335
1414 41
13
14
--- ---- - _ _ Abraham de Straus deb 5145_1943
50
St L Peor & N W 1st gu 68_1948 3 J
63
64
64 - 6
64
64
With warrants
st. L SW 1st IC 48 bond Ws-1989 111 N 62
A 0 8510 Sale 85
85 5
8 11
6812 853
8
70
70
70
5
4714 71
Adams Express coil tr g 4s__1948 M S 64
25 g 45 Inc bond ars Nov-.1989J j 60 sale 60
70
6312
6312
1
4714 70
65
6
37
65
Adriatic Elec Co extl 7s_1952 A 0 8318 80
1st terminal de unifying 58_1952 .1 J 48 Salo 45
6612 90
86 Aug'32 ____
52
79
15
55
Ajax Rubber 1st 15-yr s f 85.1936 J D
1990.2 J
Gen & Ref g 55 ser A
234 14
40 Sale 3818
218 June'32 ____
218 6
433
4 36
15
4334 Albany Pertor Wrap Pap 65.1948 A 0 32
St Paul & K C Sh L 1st 4185.1941 F A 50 Sale 50
40
29 Aug'32 ___
24
41 ,
32
55
13
243 60
4
Allegany Corp coil Cr 5s____1944 F A
34 03212 3015
St P & Duluth 1st con g 4s 1968 .1 I) 50
37
417
8
73 Mar'32
4112
73
73
Coll & cony 5s
1949 1 D 3012 Sale 24
St Paul E Cr 'Irk 1st 4345.1947.2 J _ _ 3112 368
512 40
85
9818 Aug'30
____
Coll de cony 5s
Minn ha Man coo 45_1933 J j 55
1950 A 0 a25 Sale 22
9612 90 Aug'32
2812 719
0312 33
St Paul
0
97
Allis-Chalmers Mfg deb 5s 1937 M N 90
1933.2 .1 9
1st consol g as
9812 100
91
88
66
91
91
66
9814
99
43
92 10014 Alpine
-Mouton Steel let 75_1955 hil S 4218 Sale 4218
65 reduced to gold 4145_1933 J J 8012 96
4218
1 030
5112
93
96
1
85
9814
Registered
.1 I) --------100 Apr'31
_
__ Amer Beet Sug cony deb 65_1935 F A
35
1937 .1 D 85
Mont ext 1st gold 4s
4712 40
46
5
16
46
894 85
85
2
ioT2 -92
American Chain deb s f 6s1933 A 0 6718 7412 6712 Aug'32 ____
est gu 4s (sterling)J940 J J 7712 ____ 76 Aug'32 ____
Pacific
90
8738
68
81
Amer Cyanamid deb 5s
1942 A 0 77
7812 75
80
32
St Paul Ua Dep 1st & ref 55_1972 J .1 99 Sale 97
8
763
4
99
16
87
99
Am de Foreign Pow deb 5s2030 M S 46 Sale 41
1943 J -1 68 Sale 67
1514 51
689
51
5 A & Ar Puss 1st gu g 4s
7314 75
44
8012 American Ice 5 I deb 58
1953 1 D 70 Sale 6412
6038 75
7034 22
Santa Fe Pres & Phen 1st 58.1942 M 5 0512 07
9314
9314
2
80
9312 Amer IC Chem cony 5.185 1949 M N 079 Sale 7614
1934 A 0 95 ____ 95
5414 80
65
80
Say Fla & West 1st g 6s
100
1
94 100
Am Internat Corp cony 5185 1949 J J
7314 Sale 773
1934 A 0 ...... ____ 01
6314 8112
4
8112 178
1st gold 5s
Oct'31
_
_ Amer Mach & Fdy s t 6s
1939 A 0 10012 Sale 1025
4 10214 10312
8
10234
Scioto V & N E 1st gu 48_1989 MN $31.---_ 8418
8412
i
ioi's 15
Amer M
Metal5% notes___ _1934 A 0 72 Sale 6478
18
72
37
72
23
93
Seaboard Air Line 1st g 45_1950 A 0 12
10 Aug'32 __ _
10 725
Am Nat Gas 6148(with war) 1942 A 0
414
378 Sale
al
3
1950 A 0 1212 Sale 10
Gold 4s stamped
914 36
1512 27
43 193 Am SOS & It 1st 30-yr 55 ser A1947 A 0 90 Sale 00
8
4
96
9112 51 a72
A0
Certificates of deposit
813
_ 1038
14
1
5 5 14
,
Amer Sugar Ref 5-year 6s,
1937 J J 10312 Sale 103
98 105
Oct 1949 F A
33
104
3 _- 4 3
55
Adjustment
12 July'32
12
112 Am Telep & Teleg cony 4s 1936 M S 10014 ____ 1003
9412 100313
.5
8
1003
8
1959 A 0
RefundIng 1s
212 6
6
6
2
118 6
30-year coil tr 55
6
1946.2 0 1303 Sale 10312
8
__ . 7
9738 1013
1043
4
4 60
Certificates of deposit ____ ___
6
I
114 7
35
-year 5 f deb 5s
1960 J 3 1017 Sale 100
8
4
913 102
209
102
1945 NI 5
7 Sale
7
let & cons Os series A
58
7
77 191
8
2
77
8
20
-year 5 f 5185
1943 MN 10518 Sale 10518
99 107,
10712 81
2
Certificates of deposit- __ --- ____
7 Sale
514
7
68
15
8 7
Cony deb 4145
1939 J 3 106 Sale 106
9518 10712
10712 77
Atl &131r1i1 30 yr 1st g 4s_d1933 NI 5 1358 18
1314
1314
1
815 20
35
-year deb 55
1965 F A 101 Sale 100
9112 10214
10214 379
r Cash sale. d Due May. k Due Aug. a Deferred delivery.
New York Bond Record-Continued--Page 5
1462
-
Price
BONDS
' Friday
N. Y. STOCK EXCHANGE
-.. 4 Aug. 26.
Week Ended Aug. 26.
IVeek's
Range or
Last Sale.
High
Bid
Ask Low
65
AM Type Found deb 6s____1940 A 0 65 sale 65
9434
Am Wat Who & El coil tr 5s_1934 A 0 9212 Sale 9212
7912
4
1975 M N
79 Sale 763
6s series A
Deb g
40
39 Sale 38
Am Writing Paper 1st g 6s_1947 1 J
18
91,
758 16
Anglo-Chilean at deb 7s_ _ _ _1945 NI N
_
412
412 Aug'32
Antilla Sugar Co 7%s ser A-1939 J J
78
ii 78
Ark & Mem Bridge & Ter 58_1964 M S 65 81
4
Armour & Co (Ill) 1st 455s-1939 1 D 80 Sale 763
72
Armour dr Co of Del 5 35s_..1943 J .1 71 Sale 6712
70
70
91
Armstrong Cork cony deb 55_1940 J D 72
10218
Associated 011 8% g notes_ _1935 M 5 10214 __ 1021$
___ 95 June'32
1947 J D 95
Atlanta Gas L let 50
3814
Atl Gulf & W 1 SS L coil tr 53 1.959 J J 38 Sale 35
4 10014
Atlantic Refining deb 55___1937 J 1 100 Sale 993
7
:
4
g
t
co ,
Range
Since
Jan. 1.
High
No. Low
4
8
483 973
5
95
66
81
844
48
41
40
12
55
1
62
18
412 412
____
80
75
5
5712 AI
79
72
45
144
70
50
2
9418 10218
3
954
95
---44
29
47
854 10014
80
Baldwin Loco Works let 5s..1940 M N
Baragua (Comp Aroe) 7348_1937 J J
Batavian Petr guar deb 430_1942 .1 J
1936 1 J
Belding-Heminway 88
Bell Telep of Pa 5s series B__1948 J J
1960 A 0
lot & ref 55 series C
Beneficial Indus Loan deb 65 1946 M S
Berlin City Elec CO deb 64s 1951 J 0
Deb sinking fund ilms___ _1959 F A
1955 A 0
Debenture Gs
Berlin Elec E1& Undeng 634s 1956 A 0
Beth Steel 1st & ref 5s guar A '42 M N
-year pm & impt s I 5s_1936 J J
30
1950 M S
Bing & Bing deb 6 Ms
Botany Cons Mills 6;is_ _1934 A 0
Bowman-Bilt Hotels 1st 7s_ _1934 M S
Wway Jr 7th Ave 1st cons 5s_1943 .1 13
.7 D
Certificates of deposit
Brooklyn City RR 1st 58_ _ _ _1941 J 1
Bglyn Edison Inc gen 53 A_ _1949 J J
1952 -1 J
Gen mtge 5s series E
13klyis-Matth R T sec 68_ _ _ _1968 J J
Bkiyn Qu Co & Sub COD gtd Ss'41 M N
1941 J J
1st 58 stamped
Brooklyn It Tr lot CODY g 48_2002 .1 J
Bklyn Union El 1st g 5s_ _ 1950 F A
8
Bklyn Un Gas let cons g 5 -1945 M N
let lien & ref 68 series A 1947 M N
1936 J J
Cony deb g 53is
1930 1 D
Debenture gold 58
1st lien & ref 5s series B_ _ _1957 M N
Buff Gen El 455s series B_1981 F A
1952 A 0
Bush Terminal let 45
1955 1 J
Consol 58
Bush Term Bides 55 gu tax ex '30 A 0
By-Prod Coke tat 53.s A....1945 MN
89 10112
4
9314 923 Aug'32 ---92
712
5
10
15
5 Apr'32 ---_
34 07012 92
92
92 Sale 9012
90
76
7612 Aug'32
88
80
4
983 10512
10512 14
10412 Sale 10412
4
983 10512
10512 31
10514 Sale 1043
4
81
64
20
go
078 Sale 079
2012 4712
4518 Sale 433
4518 47
4
2012 4478
67
43
4214 Sale a4112
8
1912 417
4134 167
41 Sale 40
2312 40
28
38
3812 28
3718
97
9314
69
4
Sale 91
9112
724 98
9412 69
8
9234 Sale 925
30
13
1714 25
174 Aug'32 --,18
18
6
28
13 Sale 13
50
30
4
40
40 Sale 40
1
14 44
212
214 414 212
112
1
112 412 112 Aug'32 ---8
665
50
63
75
60 Aug'32 --,97147105
28
105
10412 Sale 104
9912 105
57
105
10478 Sale 104
9114
68
377
90
8
857 Sale 8212
58
55
32
55 may, ____
_ _ 55
5518
55
:16
5518 Apr'32 ---60
65___ 9212 June'29 --------- ___
8014
60
8014 15
4
793
4 82
793 10614 16 100 107
10614 Sale 106
103 111
5
1115 ____ 10712 Aug'32 -._
i 147 U734
15724
_ _ 1873
150
4
8912 100
28
100
99 gale 98
10212 171 10018 10212
1013 Sale 10112
4
3
91 100 4
4 21
1003
100 10114 100
80
54
4
72
72 Sale 72
71
26
23
63
61 Sale 52
74i2 28
3514 90
74 Sale 6812
56
3412 60
3
48
8212 56
Cal G & E Corp old & ref 5s_1937 kl N
1940 J 1
Cal Pack cony deb 5s
Cal Petroleum cony deb 8 f 58'39 F A
1938 M N
Cony deb of g 5.1s
Camaguey Sug 1st 51 78_ _ _ _1942 A 0
Canada SS List & gen 6s_ _1941 A 0
Cent Dist Tel 1st 30-yr 5s1943 J 0
Cent Foundry 1st s f 6s-hlaY 1931 F A
Cent Hudson G dr E 58_Jan 1957 M S
Cent III Elec & Gas lot 55-.1951 F A
Central Steel lot g s f 8s_ _ _1941 M N
Certain-teed Prod 5)45 A_ _ _1948 M S
Cespedes Sugar Co lst s t 7)4s 39 NI S
Chesap Corp cony 5s May 15 '47 M N
Chic City & COD Rye 5s.Jan 1927 A 0
1
Ch G L & Coke 1st gu g 58-1937. -1
Chicago Rys let 93 stpd rcts 15%
principal and Aug 1931 lot.... F A
1943 A 0
Childs Co deb Ss
1947 J .1
Chile Copper Co deb 5e
1968 A 0
Cln G & E let 5145 A
1
Clearfield Bit Coal 1st 4s_ _ _1940 .1 .
1938 J J
Colon Oil cony deb 65
Colo Fuel & Ir Co. gen 51 5s_1943 F A
Col Indus lot & coil 58 gu__ _1934 F A
Columbia G & E deb 55 May 1952 M N
Apr 15 1952 A 0
Debenture S.
Jan 15 1961 J J
Debenture 5s
Columbus Ry P & List 4;is 1957 J .1
104 ---70 Sale
026 Sale
9312
318 10
32 gale
10312 106
99
75
8
1025 Sale
74 Sale
84
88
47 Sale
8 Sale
a6718 Sale
914 _ __
10138 Sale
Commercial Credit 41 1 6o..,.1934 MN
1935 J .1
Coll tr s f 534% notes
Comm'i Invest Tr deb 530_1949 F A
Computing-Tab-Rec s 1 65_1941 J J
CODD Ry & L 1st & ref g 4;is 1951 J J
1951 J .1
Stamped guar 4355
Consolidated Hydro-Elec Works
of Upper Wuertemberg 75_1956 .1 J
Cons Coal of hid lot & ref 5s.1950 1 1)
Consol Gas(NY)deb 5;is_ _1945 F A
1951 1 D
Debenture 434s
Consumers Gas of Chic gu Ss 1936 J D
1952 MN
Consumers Fewer 1st 5e
1946 1 1)
Container Corp lot 68
-year deb 5s with warr 1943 .1 I)
15
Copenhagen Telep 5s-Feb 15 1954 F A
Corn Prod Refg 1st 25-yr 8f 5s'34 M N
Crown Cork & Seals f 65___ _1947 .3 D
Crown Willamette Paper 0_1951 1 J
Crown Zellerbach deb Sow w 1940 M S
.
Cuban Cane Prod deb 68_ _.1950 J J
Cuban Dom Sugar let 7;0_1944 SIN
Stpd with porch warr attached ____
Ctfs of dep stpd and unstpd_ _ _ „--,
Comb T & T lot & gen 5s---1937 1 2
9812
95
9412
10512
87
92
Sale
Sale
Sale
106
---____
98
95
9312
10512
9012
90
8
427 Sale
1012 Sale
10414 Sale
9512 Sale
101 Sale
101 Sale
50 Sale
32 Sale
71 Sale
103 104
go
85
8914
80
06812 Sale
578 Sale
314 ____
314 ____
312 ____
10314 Sale
4158
9
10312
9312
100
101
45
2612
68
104
84
79
6012
258
5
3
4
103
Del Power & Light lot 434s1971 J 1
1969 .1 .1
let & ref 434s
1969 .1 J
let mortgage 4345
Den Gas & El L let & ref of 55'51 M N
Stamped as to Poona tax_1951 M N
Detroit Edison lot coil tr 5s_1933 ..1 2
1949 A 0
Gen & ref Ss series A
1955.1 1)
Gen & ref Ss series B
,
1962 1 A
Gen & ref 53 series C
Gen dr. ref 414s series D__ _1961 F A
Dodge Bros cony deb lis_ _ _1940 M N
Dold (Jacob) Pack 1st 6s1942 SIN
1942 J .1
Donner Steel lst ref 7s
Duke-Price Pow let 65 ser A_1986 M N
Duquesne Light 1st 4;is A_ _1967 A 0
1957 M S
1st M g 4348 series 13
90
97
92
93 Sale 85
9312 9412 93
8514
90
88
4
88 1033 8514
8
1013 Sale 101
102 Sale 10112
102 Salo 101
4
10212 107, 102
96 Sale 96
08712 Sale 86
5612-- 59
554
77
70 6314 Sale 58
9978 Sale 9978
101 Sale 100
5112
38
58
9212
____
4
463
58
4218
59
Sale
Sale
Sale
74
Sale
Sale
55
8412 Sale
86 Sale
8412 Sale
4
883 gale
East Cuba Sug 15-yr of g 734o'37 M S 1012 Sale
Stamped as toe f guar
4
Ed El Ill 13klyn 18t cons 4s_1939 1 .1 993 Sale
Ed Elec(NY) let con.s g 55_1995 J J 11134 Sale
El Pow Corp (Germany) 6358'50 M S 45 Sale
1953 A 0 41
45
1st sInkliag fund 634s
Ernesto Breda Co 1st M 7s_ _1954
5912
With stock purchase warrants_ F A 55
Federal Light Jr Tr lot Se_ _ _1942 01
lot lien s 1 Ss stamped.. ..l942 M
1942 M
1st lien 85 stamped
-year deb 6s series 13- _ _1954 J
30
r Cash sale. a Deterred delivery.
s
S
S
D
75
76
7212
4
623
94
Sale
80
68
4
023 Aug'32 --__
7218 10
a6938
9212 21
91
9418 17
9112
412 Aug'32 ---29
11
34
10312 Aug'32 ____
99 June'32 ---4 12
1023
10238
3
75 4 62
73;
1
88
88
74
48
43
4
8
8
7012 631
8512
912 Aug'32 -10
10112 103
50
38
55
92
77
45
56
39
84
85
8312
8642
714
5
4
993
4
1113
4412
45
5314
7312
70
7118
6012
994 1023
4
04912 724
6112 9212
9418
84
6
1
3614
14
4
993 10312
4
853 799
4
963 10234
77
54
97
60
234 48
8
5
3412 76
612 912
97 103
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 26.
,4
r
27, ci,
_
Price
Friday
Aug. 26,
Week's
ti'....
Range org -4"..,
ar)t
Last Sale.
Range
Since
Jan. 1,
High
High No. Low
Ask Low
Bid
55
6
8412
8412
8
1939 .1 D 8412 Sale 697
Federated Metals 51 7s
84
60
12
81
1946.1 J 81 Sale 81
Flat deb of g 75
44
16
83
44
1941 M 5 44 Sale 42
Fisk Rubber 1st s t 89
4
81% 963
9
4
963
4
Framerican Ind Dev 20-yr7;58'42 .1 .1 963 Sale 96
20
15
15 July'32 --1814 30
Francisco Sug 1st s f 7 Ms._.1942 M N
.
76
69
8
72
7014
73
71
1943 F A
Gannett Co deb 88
9818 9818
Gas & El of Berg Co cons g 5s1949 .1 D 9812 _ ___ 9818 June'32 ---,
254 4914
15
47
Gelsenkirchen Mining 6s
1934 M S 47 Sale 46
82
67
6
7712
7712 Sale 76
Gen Amer Investors deb 55 1952 F A
8912 96
8
9512
4
Gen Baking deb 51 515s_ _ _ _1940 A 0 95 Sale 943
63
25
46
83
Gen Cable 1st of 534s A__ _ _1947 .1 1 83 Sale 56
,
98 2
3
9
98 Aug'32 __98
,
Ger Electric deb g 3%8
1942 F A 95
8
267 5112
i
8
487
4
4
Gen Elec (Germany) 7s Jan 1545 J J 473 Sale 473
49
28
10
45
44 Sale 44
D
1940
Sfdeb6;4s
8
225 43
4112 34
3818 Sale 384
20
1948 M N
-year of deb 68
4
973 103
177
Gen Mot Accept deb 613
8
1937 F A 1027 Sale 10212 103
,
4
953 102 2
10212 26
10112
Gen' Petrol 1st 81 5s
1940 F A 10218 Sale
7212 84
75 Aug'32 --__
85
J 82
Gen Pub Serv deb 54.0
1939
74
38
31
74
7212 71
Gen Steel Cast 5;is with warr '49 J .1
71
734
1
3
7
6
5
Gen Theatres Equip deb 0_1940 A C 0518 Sale
3
112 5 e
5
8
45
358
358 Sale
Certificates of deposit
1218 042,4
33
40
3912 38
Good Hope Steel & Ir sec 70_1945 A 0 36
8912
60
23
8912
Goodrich(B F) Co 1st 8368_1947 J J 8814 Sale 85
,
3414 9912
5912 170
Cony deb (le
1945 .1 D 57 Sale 56
6112 84
162
84
Goodyear Tire dr Rub 1st 55_1957 M N 81 Sale 80
72
81
81 Aug'32 ---Gotham Silk Hosiery deb 63_1936 J D 814 85
2512
11
11
14
1814 14
11
Gould Coupler 1st 5168
1940 F A
3314 69
4 17
473
Gt Cons El Pow (Japan) 78,_1944 F A 444 4612 4414
60
30
50
43
let & gen 8 f 6 SO
1950 J .1 42 Sale 4118
,
45 2
21
4512 27
Gulf States Steel deb 55s._1942 .1 D 44 Sale 39
1
90
Hackensack Water 1st 4s_ _ _1952 .1 J 90 Sale 90
2812 13
Hansa SS Lines 6s with warr_1939 A 0 273 2812 27
4
Harpcn Mining 68 with stk purch
30
47
war for corn stock of Am shs'49 1 .1 46 Sale 434
20 Aug'32 ____
26
20
1952 F A
Havana Elec consol g 58
1
6
6
6 Sale
Deb 5)4s series of 1926_ _ _1951 M 5
2012 30 Aug'32 --__
Hoe(R)& Co lst 6;is ser A.1934 A 0 20
3
1912
_ 17
17
Holland-Amer Line 6s (flat).1947 M N
4 53
683
6
6 74
Houston 011 sink fund 5 As_ _1940 MN 6514 - - . 6538
5014 269
Hudson Coal lot a f 55 ser A_1962 1 D 45 Sale 4112
4
4
Hudson Co Gas 1st g 5s
1919 M N 1013 1023 103 Aug'32 --- 43
103
Humble 011 dr Refining 55. _1937 A 0 102 Sale 102
Illinois Bell Telephone 5s,._1956 1
Illinois Steel deb 4;is
1940 A
Ilseder Steel Corp mtge 65._1948 F
Indiana Limestone 1st 8 f 68.1941!M
Ind Nat Gas & Oil ref 58
1938 M
Inland Steel let 4;is
1978 A
1st M 5 f 434o ser B
1981 F
47
106
D 10412 Sale 104
9812 66
4
0 98 Sale 973
3212 24
A 31 Sale a2918
16
10
9
104 14
N
9118 Apr'32 --,95
N 90
53
88
0 85 Sale 83
4 32
833
8312 Sale 81
A
397
58
Interboro Rap Tran lot 58_1966 .1 .1 48 Sale 4112
610
58
Stamped
.1 ,1 4612 Sale 4112
8
343 444
8
10
-year 68
A 0 0195 Sale 194
1932
240
72
10-year cony 7% notes__ _1932 M 5 a65 Sale 5712
4918 33
4
8
Interlake Iron 1st 58 B
1951 M N 467 Sale 463
Int Agric Corp lot de coil tr 55
-13
52
Stamped extended to 1942 ___ . M N 52 Salo 40
85
74
Int Cement cony deb 5s
1948 M N 070 Sale 67
262
60
3
Internat Hydro El deb 641. _1944 A 0 5214 Salo 43 4
1212 190
712 Sale
712
Internat Match of deb Se__ _1947 M N
8
3
4
123 193
Cony deb 5s
1941 J J 055 Sale 05 8
7
48
44
50
Inter Mere Marines 1 68__ _1941 A 0 43
56
59
Internet Paper 58 ser A &13.1947 J .1 5712 Sala 31
3212 70
29 Sale 28
1955 M s
Ref 8163 series A
4934 228
2
Int Telep & Teleg deb g 4)45 1952 1 J 4814 Sale 423
584 577
Cony deb 4)4s
1939 J J 415212 Sale 4714
8
525 389
4
473 Salo 46
31
4
543
Deb 58
4 20
1955 F A
543
8512 77
48
14
Investors Equity deb 514 A-1947 1 D 80 Sale 80
51
40
8
3
62
85 8
20
382
Deb Is ser B with warr_ _1948 A 0 8
3 ---- 83
62
,
4
823 795
58
1948 A 0 78 2 ____ 7712 Aug'32 -___
Without warrants
93
-----------Dec*30
36
98
K C Pow dr Lt 1st 4SO ser B.1957 J J 9712 Salo 9634
4814 65 02618 60
120
98
4
67
58
38
let M 434o
3
1981 F A 963 Salo 9634
8912 79
4
4
65
13
J D 863 Sale 863
Kansas Gas & Electric 4340_1980
8
52
4
213 105
8
597 8512 Karstadt (Rudolph) let 68_1943 M N 2078 Sale 2012
,
88 2 80
19
45
4414 43
8812 Keith (B F) Corp 1st(is
60
1946 M S 41 Bale 584
8812 28
66
3
6512 24
8712 Kendall Co 534s with warr_1948 M 5
58
8712 144
1
6212
79
9
92 Keystone Telep Co let 58_ __1935 J J 6212 64 6212
go
8__ 10312 Aug'32 ---Kings County El L & P 5s_ _1937 A 0 1045
2
12712
0 125
-9812
88
1997 A 0 12414 12
Purchase money 6s
9812 15
1
66
66
83
8312 9512 Kings County Elev 1st g 45..1949 ' A 66
,
I
9512 19
8
101
3
95 4 Kings Co Lighting 1st 58_ _ _ _1954 .1 .1 100 Sale 100
79
3
95 4 135
First and ref 634s
Aug'32 _-__ 104 10612
1954 J J 110 112 108 July'32 --,32
99
8
8612 9012 Kinney (GR)& Co 734 %notes'36 J D 096 Sale 847
Aug'32 --__
7712 51
4
923 Kresge Found'n coil tr 6s_ ..A936 J D 774 Salo 7412
89
Aug'32 ---1712 251
Kreuger & Toll sec s f 5s_ _1959 M S 01714 Salo 1518
7
15
47
22
M S 15 Sale 12
20
Certificates of deposit
44
5
2214
1012 31
8
88; 13
6
8
s
8
1053 178 a99 1053 Lackawanna Steel 1st 55 A_ _1950 M S 887 93
9112 42
8
987 Laclede G-L ref & ext 55_ _ _ _1931 A 0 90 Sale 89
87
8
987 199
8
7212 7
Coll & ref 53 series C_ _ _1953 F A 69 Sale 68
9012 102
6
-is
102
7212 21
964 101
8
Coll & ref 53 series D_ _ _1960 F A
705 Salo 6812
10358 35
-Is
50
LaMar° Nitrate Co cony 68_1954
20
15
50
1514 243
1112 Sale 1012
32
5
Without warrants
93
.1 .1
32
3
4
873
4
873 8612
5018 7214 Lehigh C & Nay of 434s A..1951 J .1 86
11
71
5
8612
8612
88
Cons sink fund 4348 ser C_1954 .1 2 86
8
4 1005 104
104
31
84
8512 Lehigh Valley Coal 1st g 5s_ _1953 .3 .1 8312 Sale 74
62
8512 25
1st 40-yr gu int red to 4%.1933 .1 .1 51
9712 94 Dec'31 ---80
56
10
80
1st & ref s t 55
1934 F A 100,8 - .10018 Aug'32 --4414 69
18
69
lot & ref Of 58
9712
35 - - 42 Aug'32 --,1944 F A
4 6
3
285
6
14
8
427 34
43
27
__
1st & ref of So
1954 F A
Dec'31 ____ ____
24 July'32 ---3
1 .1st & ref s f 58
1984 F A - - 42
_
Aug'32. __
lot & ref s t 58
4
3212
3912 3212
34
118 4
1974 F A
Aug'32 - - _ _
11812 10
9712 103; Liggett & hi yers Tobacco 7s_1944 A 0 118 Sale 118
4 29
1033
53
4 25
10-13
1951 F A 104 Sale 104
go
38
Locw's Inc deb s f as
1941 A 0 89 Sale 89
93
85
2
9112
8 10
92
703
70
Lombard Elec 75 without war '52 .1 D 7012 93
78
Aug'32 ____
With warrants
J D --------69 Nov'31 ---8578 9458
9
8
945
11
111
9212 Lorillard (P) Co deb 75
75
6
1944 A 0 11012 Sale 110
87
8
53
10012 107
1951 F A 100, Sale 9814
8
797 93
4 11
863
Louisville Gas & El (KY) 50_1952 M N 102 Sale 10012 1023 116
4
10112 19 10018 102
4
9512 1023 Lower Austria Hydro El Pow
4 15
1023
33; 11
3
333 Salo 30
lst s 1 634s
0
1944 1 A
94 7104
12
102
96 1025s
10212 13
8
McCrory Stores Corp deb 5Sis'41 .1 D 753 Sale 753
813
4
97
4
87
42
96;
301
55
4
8912 kIcKesson & Robbins deb 534o'51 M N 49 Sale 453
8912 290
66
1212 8 Aug'32 --6
8
503 8014 Manati Sugar tots 1 7343....1942 A 0
4
6014
i
6
6
8612
6 Sale
Stamped Oct 1931 coupon 1942 A 0
50
Aug'32 ____
8
53
Certificates of deposit
3712 81,
284
2
68
391 2 322
,
100 2 Manhat Ity(N Y) cons g 45_1990 A 0 2812 Salo 23
9314
10012 130
2812 18
281a 237
8
2d 4s
2013.1 1) 20
98 102
44
102
2
70
70
Manila Elec RR & Lt s f 55_ _1953 M S 70
87
1112 klfrs Tr Co ale of partic in
3
1112 23
7
70
70
A I Namm at Son lot 65.._ _1943 J D 68
76
5
5
July'32 ---,
7
55
94 100
Marion Steam Shovel s f 6s_ _1947 A 0 55 Sale 4512
9
4
993
7842 14
75
78
77
3 10412 111; Market St Ity 78 ser A_April 1940(4 J
11134
14
60
4614 Mead Corp 1st 6s with warr_1945 M N 58 Salo a49
20
45; 51
19
79
4
773
79
1834 4612 Merldionale Elec 1st 7s A_ _ _1957 A 0 78
4512 12
169
100
Metr Ed let & ref 58 ser C_ _1953 J .1 9812 Sale 90
128
87
5712
35
1st g 4 SO series D
1968 M s 86 Bale 80
5712 34
53
65
Metrop Wat Sew & Dr 5348_1950 A 0 64 Sale 63
2
2012
2012
4
193 29
Met West Side El(Chic)4s_1938 F A
76
53
4
76
10
32
5312 7612 Shag Mill Mach lots 1 75_1956 1 D 3112 3414 32
18
76
51
95
82
46
39
Midvale St &0 Coll tr 8 1 50 1936 M S 9414 Sale 93
SO
66
41
6012 11
7814 90
2918
11
8
183
1412
3
6's
13
44
2614
98
94
47
5
2
8
30
8
197
4
70,
5014
1044
103
9612
4
903
8
153
5
91
61
59
100
,
99 2
33
18
96
88
4
833
3114
3112
4
103
44
30
9
5
59
4
443
79
GO
32
42
19
2
18
30
28
11
1478
1714
16
55
55
65
52
74
60
8212
64
5454
59
3838
51
99
5412
8512
3
85 8
2
77,
98
90
9012 98
7212 89 2
,
255s
12
63
24
41
05,
2
5812 70
9812 10312
11618 127 2
,
76
57
92 101
109 1094
99
a25
2
91,
40
5912
6
15
0
53
71
45
4
443
924
98
78
3
75 8
14 154
90
81
8014 90
93
48
-____
-- ,
9612 100 4
8
397 44
43
18
43
24
41
30
115 120
4
9012 1043
9038
64
5334 7212
____
8 --1015 111
8114 10012
4
1023
91
20
46
91 ,
52
2518 60
10
:3
6
2
-22
4312
1212 3538
85
70
83
60
55
21
654 92
60
25
88
58
75 100
87
67
3313 85
1514 3804
35
14
7312 97
New York Bond Record-Concluded-Page 6
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 26.
'4
'0'/
t...
....
'.... a;
Price
Friday
A ug. 26.
Week's
Range or
Last Sale.
"
1:'3?.
r4,5
3
Range
Since
Jan. 1.
'4
z''g
BONDS
N. Y. STOCK EXCHANGE •N V_
E
Week Ended Aug.26.4;
1463
Price
Friday
Aug. 26.
Week's
Range or
Last Sale.
"
l'.!
,
cot53
Range
Price
Jan. 1.
High No. Low. High.
Ma
Ask Low
Bid
Ask Low
High No. Low
High
74
8
91
7312 9412 finch & Pitts C & I p m 5s_1946 M N --------85 Dee'30 ____ ____ _ _ _ _
Milw El fly & Lt lot 55 B__ _1961 J D 87 Sale 867
893
8 47
8
1971 J J 863 Sale 85
72
Royal Dutch 45 with warr .1945 A 0 8518 Sale 85
95
105
86
65
86
1st mtge 55
89
1948 A 0 3512 Sale 33
37
Is A_ _ _ _1943 J J 88 Sale 8712
3512 11
60
9512 Ruhr Chemical a 168
Montana Power 1st
17
3612
7012 14
1962 .1 D 7012 75 69
54
823
Deb 58 series A
4
8512 27
_1941 M N 8512 8912 84
Montecatini Min & Agric66
St Joseph Lead deb
91
514s_68
90
823 St Jos Ry Lt IR & Pr lot 5s_1937 MN 87 Sale 8312
8
Deb 78 with warrants_ _ _ _1937 J J --------77 July'32 ____
70
90
9
882 85
4
J J 81
85
I
35 Aug'32 ____
67
Without warrants
35
42
St L Rocky Mt & P58 stpd_1955 J J -__- 38
87
8514 28
2
50 Aug'32 ____
75
7514 8514 St Paul City Cable cons 55.1937 J J
Montreal Tram 1st & ref 58_1941 J .1 85 4 8912 85
50
50
50
7612 74
74
5
50 June'32 ____
69
1937 1 j 60
675 74
8
90
Guaranteed Is
53
Gen & ref s t 5s series A..1955 A 0 75
4
.__1955 A 0 7414 ____ 633 July'32 ____
8612
6314 6314 San Antonio Pub Serv lot 6s_1952 J J 8612 Sale 8314
7
70
93
Gen & ref 8 f 55 ser B.
_ 60 Feb'32 ____
1
3812
3812
28
43
1946 J J
26
Schulco Co guar 6%s
60
60
Ger & ref 51 4)1° ser C._1955 A 0 671
5012
2- _70 Aug'32 ____
61
48
82
Guar 51 6345 series B...1946 A 0 50
___
Gen & ref s f 58 ser D _ _ _ _1955 A 0 7414 9112 9312 May'31 ____ ____
1939 J J 7512 Sale 75
7612 92
43
23
43
61
Morris & Co 1st 81430
44
Sharon Steel Hoops 2 5348..1948 F A 40 Sale 32
78
4014 5014 4014 Mar'32 ____
4014 4014 Shell Pipe Line 51 deb 55---1952 MN
8612 74
8612 Sale 844
Mortgage-Bond Co 48 ser 2_1966 A 0
567 8612
8
1934 J D 85 Sale 8014
86
12
Murray Body 1st6;is
47
8414 102
68
9512 Shell Union Oil s f deb 5s._.1947 M N 8312 Sale 8312
8414
98
9712
975
8
3
8914 85
Mutual Fuel Gas 1st gu g 58_1947 MN 97
Deb 5s with warrants_ __ _1949 A 0 8312 Sale 8312
9012 100
47
8414
86
86
86
1
86
32
397
8
4112 22
Shinyetsu El Pow 1st 6;is_ _1952 J D ____ 40
Slut Un Tel gtd 65 ext at 5% 1941 M N 8618 92
594
4 Sale
114 r4,
9
33
4
4
Shubert Theatre 6s_June 15 1942 J D
4
Namni(Al)& Son_ _See Mfrs Tr
537
8 23
____ 70 Aug'32 ____
3014 53 8 Siemens Sr Halske s f 7s_ __ _1935 .1 J 67
Nassau Elec guar gold 4s----1951 .3 .1 494 Sale 9712
42
78
7
1942 J D 55
54 July'32 _
80
Acme 1st s 1 6s
27
44
4
54
4
Debenture s 1 630
1951 M S 523 Sale 523
Nat
54
60
5914
8
9318 335
6
95
Nat Dairy Prod deb 53.45_1948 F A 9214 Sale 915
80
9518
7112 9512 Sierra & San Fran Power 55_1949 F A 93 Sale 93
1956 A 0 81 Sale 8012
83
249
29
60
83
Nat Steel 1st coll 53
10
38
35 Aug'32 ____
35
Silesia Elec Corp s f 6;is_ _ _ _1946 F A
Consol Gas cons 55.1948.3 D 9914___ 99 Aug'32 ____
Newark
24
37
20
4118
35 Sale 2938
Silesian-Am Corp coil tr 78..1941 F A
95 100
8
9018 250
725 9812
8
NJ Pow & Light 1st 43is_ _ _1960 A 0 88 §ale 807
9812 185
77
95 4 Sinclair Cons Oil 15-yr 7s....1937 M 5 9812 Sale 9318
3
5312 8114
80
12
Newberry (J.1) Co 534% notes'40 A 0 80 Sale 7812
1938 J D 85 Sale 93
9612 177
68
9612
1st lien 6345 series B
10612
New Eng Tel & Tel 5s A.-1952 J D 106 Sale 106
1023 150
4
8
6
913 1023
9712 10612 Sinclair Crude 0115;is ser A_1938 J J 1023 Sale 102
4
9
9912 Sale 9914
1961 M N
91 1(012 Sinclair Pipe Line of 5s
10014 55
1st g 934s series II
1942 A 0 1003 Sale 100
10012 35
8
8918 10012
7614 36
New Orl Pub Serv 1st 5s A _ _1952 A 0 75 Sale 7012
1939 M 5 7612 Sale 7412
773
4 80
Skelly 011 deb 5355
4612 82
43
773
4
7412 Sale 7112
1955 J D
First & ref Is series B
7612 36 4514ale 10012
8
9512 10112
10112 37
805 Smith (A 0) Corp 1st 630_ _1933 M N 1007 S
8
697
8 19
N Y Dock 50-year 1st g 48_1951 F A 69 Sale 66
1942 M S 86 Sale 86
45
8912 16
697 Solvay Am Invest 5s
66
8
8912
5% notes
4334
53
Serial
1938 A 0 50
54
32
30
54
1033
South Bell Tel & Tel 1st sf 55 '41 J J 103 Sale 103
973 10412
4
4 49
NY Edison 1st & ref 63 A_1941 A 0 111 Sale 11014
-Is
11112 78 10612 11112 S
1043
8 72
4
9612 10438
.west Bell Tel lot & ref 5s_ _1959 F A 1033 Sale 10314
1st lieu & ref 55 series B
1944 A 0 104 Sale 1037
8
1053
4 16
85
8
64
3
9712 1053 Southern Colo Power 6s A..1947 J J 837 Sale 84
9
9312
1st lien & ref 5s series C._ _1951 A 0 10414 Sale 10414
1043
4 47 100 105
4
4r1027
8
1023 135
4
Stand Oil of NJ deb 5s Dec 15'46 F A 1023 Sale 10212
983
NY Gas El Lt H & Pow g Is 1948.1 D 10714 Sale 107
10714 13 10014 1074 Stand Oil of NY deb 4 Ms_ _1951 J D 95 Sale 9412
82
140
96
96
9712 Sale 9512
Purchase money gold 48..1949 F A
9814 42
24 Sale 153
8713 98 Stevens Hotel 1st 68 series A_1945 J .1
14
4
24
10
14
28
NY L E & W Coal & ER 5143'42 M N ____ 100
80 June'32 ____
214 25
8
8 27 Aug'32 ____
Sugar Estates (Oriente) 7s 1942 M S
80
SO
12 8
NY L E & W Dock & Imp 5s '43.3 J ____ 101 100 June'31 ____
_
M S
12 June'32 ____
1
9
Certificates of deposit
3
8
1
2 Sale
NY Rye Corp inc (is_ _Jan 1965 Apr
13
4
214 81 ---5 -- 1- Syracuse Ltg Co 1st g 5s__1951 J D 10418 ____ 10218 Aug'32 ____
8 i2
984 103
Prior lien 68 series A
1965 J J
43 Sale 40
44
18
28
50
9214
__ 92 Aug'32 ____
N Y & RIchrn Gas 1st 68 A._1951 M N
5
100
93 10112
Tenn Coal Iron Sr RR gen 58_1951 J .1 100 Sale 100
8514 98
2 _412 512 July'32 _
NY State Rya 1st cons 4348.1962 NI N
3
4 512 Tenn Copp & Chem deb es B 1944 M S 533 6614 6012
4
62
39
4
63
M N
Certificates of deposit
2
5
5 July'32 _ _ -_
1947 .1 D 9912 Sale 89
1
101
512 Tenn Elec Pow lot 6s
100
855 102
8
4
ser B__1962 NI N
4
5
50-yr 1st cons 6340
4
1
1949 A 0 92 Sale 90
2
a93
7112 a93
388
73 Texas Corp cony deb 5s
4
2
Certificates of deposit
6
518 Aug'32 _-__
1960 .1 j 4512 Sale 4512
51
2
33
51
46
514 Third Ave Ry 1st ref 45
N Y Steam 1st 25-yr 6s ser A 1947 M N 10518 Sale 10334
1051s
3412 455
Aell Inc 5s tax-ex N Y_Jan 1960 A 0 284 Sale 2712
16
1812 392
9912 106
4
1951 M N 96
1st mortgage 5s
99
9712
99
Third Ave RR 1st g 55
9014 99
24
1937.1 J 9014 91
3
91
91
84
91
1956 MN
9712 Sale 96
1st M 55
98
155
95
183
75 4 9512
3
Tobacco Prods(NJ) 63'45_2022 MN 93 Sale 9238
88
98
& gen of 430_1939 MN 10112 Sale 101
NY Telep 1st
10112 81
527
8 11
8
3912 68
9518 10214 Toho Elec Power 1st 75 1955 M S 527 ____ 5218
1946 J D 56
70
N Y Trap Rock 1st 6s
61
68
4
38
70
Tokyo Elec Light Co LtdNiag Lock &0 Pow 1st 58 A_1955 A 0 97 Sale 9812
99
9
1953.3 D 383 Sale 375
8618 99
8
41
4
50
26
62
1st 6s dollar series
MN 71 Sale 6712
1950
Niagara Share deb 5348
71
77
____ 10014 July'32 ____
39
99 10014
Trenton G & El 1st g 5s_ _ _ _1949 M S 100
71
Norddeutsche Lloyd 20-yr 5168'47 MN 03614 Sale 36
37
27 Sale 2412
33
32
27
8
27
1653 3712 Truax-Traer Coal cony 630_1943 MN
Nor Amer Com deb 63.48 A.1940 M S 3212 Sale 30
33
25
20
65
38
Trumbull Steel lst s t 6s_ _ _1940 MN 6212 Sale 6012
1112 37
65
North Amer Co deb 5s
1961 F A 86 Sale 86
89
10 Feb'32 ____
143
Twenty-third St Ry ref 5s 1962 .1 J ____ 68
53
89
10
10
No Am Edisor deb 55 ser A._1957 M S 89 Sale 89
4
15
90
397
8
25
53
9
65
Tyrol IIydro-Elec Pow 7548_1955 M N 393 Sale 3714
91
Deb 534s ser B___Aug 15 1963 F A 90 Sale 8958
38 Sale 37
1952 F A
38
9
22
Guar sec 5f 7s
51
94
60
9
9112
Deb 58 series C___ Nov 15 1969 MN 85 Sale 85
89
103
57
89
Nor Ohio frac & Light 6s
1947 M S 9918 Sale 99
.
10012 63
56
16
425 71
8
TJ,Ilgawa Elec Power s f 7s_ _1945 M S 53 Sale 53
9934 101
Nor States Pow 25-Yr Is A 1941 A 0 994 Sale 9912
1005 107
8
100
9912 101
8
89 1e04 Union Elec Lt & Pr(Mo)58_1932 M S 100 10014 100
1st Sr ref 5-yr Gs ser IL _ _ _1941 A 0 104 Sale 10234
104
4
1933 M N 10114 1013 1013
8
11 100 1053
1015
8
5
99 102
Ref & ext Is
4
North W T 1st fd g 43 gtd_1934 J J 82
-is
91
91 May'32 _ _
103
23
9814 103
80
9712 UnE LA P (III) lot g 53is A 1954 .1 j 103 Sale 102
Norweg Hydro-El Nit5 As 1957 M N 062 Sale 60
63
1714 48
110
Union Elev Ry (Chic) 58_ _1954 A 0 194 ____ 1714 Aug'32 ____
4118 65
6
9212 102
Union Oil 30-yr 6s A_May 1942 F A 10112 Sale 10012 10112
Ohio Public Service 730 A..1946 A 0 10214 1033 102
4
102
9612 21 290
2
9812
73 10614
1st lien s f 5s ser C__ _Feb 1935 A 0 96 Sale 95
lot & ref 7e series B
1947 F A 100 Sale 9914
100
27
98
66
89
7
Deb 55 with warr_ __Apr 1945 J D 8712 Sale 86
71 10414
Old Ben Coal lot 6s
1944 F A
20
30
955 97
8
25
25
96
96
3
857 9912
3
8
United Biscuit of Am deb65.1942 MN
6
25
Ontario Power N F 1st 5s_ _ _1943 F A 96
_
9514
1953 M S 85 Sale 7312
90
9514
68
Hotted Drug 25
-year 55
83
96
623 93
8
Ontario Power Serv 1st 5 As_1950 J J 60 8 Sale 573
3
34
34 Sale 34
3
8
22
617 136
8
40
United Rys St List g 4s_ _1934 J J
21
64
Onrio Transmission 1st 55.1945 M N 95
ta
9612 0512 Aug'32 ___
55
232
28
5912
80
9512 US Rubber 1st & ref 55 ser A 1947 .1 j 55 Sale 50
Oslo Gas & El Wks exti 58-.1963 M
8
73 4 ____ 725 Aug'32 ____
3
8
72
8412
5014 7114 United SS Co 15-year 6s_ _ _1937 MN
71
'8
3
7634
Otis Steel lot M 65 ser A._ 1941 M S 68 Sale 67
4012
35
45
135 32
5
323
4 73
139
15
4
Un Steel Works Corp 6 As A_1951 .1 D 32 Sale 2914
50
Owens-Ill Glass s f g Is
1939.3 J 9312 Sale 00
2912 Aug'32 ____
1951 J D __ 34
147 3214
8
9313
90
9312
9
Sec a 1 6 Ms series C
32
64
1012 323
8
Sink fund deb 63Is ser A_ _1947 J J 3212 Sale 3018
Pacific Gas & El gen & ref 58_1942 J J 10212 Sale 10212 ^,,,,--4 . 9414
1,13
6...
10334
Pae Pub Serv 5% notes
1936 M S 96 s 9712 9612
,
United Steel Wks of Burbach98
78
98
7
Pacific Tel & Tel 1st 5
5
1937 2 j 1043 sale 1043
4
4
105
1
9012
1951 A 0 _--- 98
9012
19 a97 105
63
Esch-Dudelange s t
927
s
Ref mtge 58 series A
1952 M N 1024 Sale 10278
10312 13
75_963 10312 Universal Pipe & Bad deb65 1936 J D __ 1912 20 Dee'31 ____ ____ ___ _
4
Pan-Am PetCo(ofCal)conv Os '40.3 D 3012 Sale 30
3714 57
4034 11
2212 404
4
712 3714 Unterelbe Power & Light 68.1953 A 0 403 Sale 39
Certificates of deposit
3012 32
28
31
72
75
16
5514 SO
Utah Lt & Trac 1st & ref 514_1944 A 0 6512 76
4
31
5
Paramount-Irway 1st 5lis_ _1951 J J 65 Sale 5912
6512 44
8312 Sale 8012
82
84
34
60
9112
82
Utah Power & Light 1st 55..1944 F A
Paramount-parte...Lasky 05_1947 j 0 41 sale 40
5014 66
97
Jan'32 ____
97
13
605 Utica Elec L & Plot St g 55_1950 J J -- -- ____ 97
8
Paramount Publix Corp 530-1950 I A 4212 Sale 39
47
,
303
2
10318
9812 103 4
1012 55
,
Utica Gas & Elec ref & ext 501957.3 J 103 Sale 103
Park-Lox 1st leasehold 6348_1953 J .1
1312 Aug'32 ____
10
15
10
Dm power & Light 5;is__ _1947 .1 D 44 Sale 41
26
1212 5134
513 169
4
Certificates of deposit
12
12
48
10
48
426
Deb 58 with warrants_..1959 F A a41 Sale 38
12
11
3
Parmelee Trace deb 6s
12 Aug'32 _
618 9
1944 A 0
Without warrants
2
2312
Pat & Passaic G & El cons 5s 1949 M S 9914 103 100 July'32
994 100
_-Pathe Exch deb 75 with warr 1937 M N 6578 Sale 06114
GS
14
49
GI
8012 Vanadium Corp of Am cony 5s '41 A 0 59 Sale 50
30
75
193
Penn-Dixie Cement lot 68 A.1941 M S 55 4 60
56
3
47
25
318 14
24
1
10
212 July'32 ____
Vertlente.s Sugar 1st ref 78..1942 J D
56
Pennsylvania P & List 4;0_1981 A 0 8914 Sale 8734
9012 171
17
5 5
15
418 8
5
5
Certificates of deposit
73
9012
Peep Gas L & C lot cons 65_ _1943 A 0 1045 107 104 July'32 __
8
10
14
8
1953 J .1
1012 10 Apr'32 ____
4
r- 100 1073 Victor Fuel 1st 5 f 5s
Refunding gold 5s
1947 M S 100 Sale 9818
100
21
86 100
89
98.12 47
9812
Va Elec & Pow cony 530_1942 M S 9812 Sale 9612
SI S _ _ _ 96 Apr'32 __„.
Registered
40
96
40 Aug'32 ____
65
96
693
4
Va Iron Coal & Coke 1st g Is 1949 M S 45
Phil,, Co sec 55 series A
1967.3 D
9618 101
101 ..5S
Va Ity & Pow lot & ref Is...1934 J .1 10014 Sale 994
68
90
05
Phila Nice Co lot & ref 430_1967 MN 101 102 1007
8
101
23
9212 101
lst & ref 4s
1971 F A
9214 Sale 92
934 36
10
22
1
22
83
934 Walworth deb 6345 with warr '31 A 0 22 Sale 22
Phila & Reading C dr I ref 55.1973 i J
70 Sale 6412
70
30
23
1012 23
1
23
35
52
A 0 20
Without warrants
70
Cony deb Os
1949 M S 58 Sale 99
58
243
29
1014 37
80
37
58
1st sinking fund Os ser A..1913 A 0 30 Sale 28
Phillips Petrol deb 514s
1939 J D 7614 Sale 76
774 69
232
35
95
94 40
Warner Bros Pict deb 6s_ _ _ _1931 M S 03014 Sale 3012
78
Pillsbury Fi'r Mills 20-yr 68_1943 A 0 9912 Sale 9834
100
11
90 101
38
30
1
66
38
50
Warner Co 1st 58 with warr _1944 A 0 40
Pirelli Co (Italy) cony 7s_ _ _ _1952 MN
9212 100
96
5314 67
78
911
3
96
54 Aug'32 ____
63
A 0 40
Without warrants
32
18 014
29
Warner-Quinlan Co deb Os_ _1939 M S 28 Sale 25
Pocah Con Collieries let s f 5s '57.3 .1 60
80 Mar'32 _ _ __
75
80
89
9712 10612
5
8
143
4
8
Warner Sugar Refill 1st 7s_ _11
141 J D 1043 Sale 1093
Port Arthur Can & Dk 65 A.1953 F A 63
75
615
8
697
8
8
4978 80
Warner Sugar Corp let 7s__1939 J J _ _
712 712
77
8 712 Slay'32 __
1st M 68 series B
1953 F A 62
7412 55 Aug'32 _ 22
5012 55
6
6
6 Feb'32 ____
-35
Stamped July 1931 coup on '39 1 J
Port Gen Elm 1st 4 Sisser C_1960 A1 9 6114 Sale 61,
4
6614 i 17
38
22
6614 Warren Bros Co deb 65
21
56
56
1941 M S 55 Sale 54
Portland Gen Eke 1st 58_
9212 10
1935 .1 J 92 Sale 00
837 983 Wash Water Power s 1 5s_..1939 J .1 10018 Sale 1004
8
954 10112
4
4
1017
8
Porto Rican Am 'lob cony 681942J J 41 Sale 39
9214 35
1458 4212 Westchester Ltg 55 stpd gtd_1950 J D 105 Sale 105
4 100 10514
105
Postal Teleg & Cable coil 58_1953 J J 40 Sale 3612
42
320
14
42
8 20
West Penn Power ser A 5s 1946 M S 103 Sale 10212 1035
963 1035
4
8
Pressed Steel Car cony g 5s_ _1933 J J 59 Sale 584
59
7
40
1st 5s series E
797
8
9412 1035
8
7
1035
8
1963 M S 10112 ____ 102
Pub Serv Ni & G 1st & ref 450'67 J 0 10038 Sale 9912
1003
8 19
9114 100 8
1st sec Is wiles G
5
1956 J D 10314 Sale 1023
95 1033
4 1033
4 19
4
1st & ref 434s
1970 F A 100 Sale 99
100
91 100
5
Western Electric deb 5s_ _ 1944 A 0 993 Sale 9912 101
89 101
118
4
1st & ref 45
1971 A 0 9212 Sale 913
4
9314 4
4
83
9314 Western Union colt trust 55_1938 J J 84 Sale 7918
847 106
8
50
8614
Punta Alegre Sugar deb 78 1937 J J
6
612 5
2
5
4
5
34
697 Sale 697
8
Funding & real est g 4345_1950 M N
49
80
8
73
Pure 0115 / 534% notes
1937 F A 8512 Sale 83
87
30
6012 87
91 Sale 9012
15-year 630
1936 F A
61
92
50
97
S 1 534% 1 0108
,
1940 M 5 8412 Sale 8012
85
87
5912 85
21-year gold 55
1951 J D 7012 Sale 70
36
75
7412 66
Purity Bakeries 51 deb 55_1948 i J 71 Sale 70
73
80
51
1960 M S 683 Sale 68
79
4
30-year 5s
35
7218
137
72
30 Sale 2912
Westphalia Un El Power 634_1953 .1 J
72
31
112 32
8
Radlo-Keith-Orpheum part paid
83
Ws for deb 65 & cotn stk1937 M N 79
78
81
50 10412 Wheeling Steel Corp 1st 5;0 1948 J .1 68
7
6812
9
80
40
77
68
70
Remington Arms 1st s f 65_1937 M N 69
76
82
10
40
853
4
65
1st & ref 434s series 11.......1953 A 0 59 Sale 5612
30
33
60
8
7112 188
Rem Rand deb 534s with war '47 M N 0687 Sale 63
2814 7112
8
8
Repub 1 & S 10-30-yr Is at,1940 A 0 765 797 73
82
45
95
85
White Eagle Oil & Ref deb 5348'37
8
Ref Sr gen 53is series A._1953 J J 645 Salo 63
65
13
29
65
9612 103
4
With stock perch warrants__ __ M S 1027 Sale 10212
10278
8
50 Aug'32 ____
Revere Cop & Brass 6s_July 1948 IA S 654 70
44
57
1014 36
812 21
White Sew Mach 65 with warr '36 .1 J
1
1714
1714
1946 J J 3612 Sale 343
Union:1 7s
4
Rheinelbe
375
8 31
1418 41
J J ____
Without warrants
74 21
10
_ _ 21
21
Rhine-Ruhr Water series 6..1953 J J 3012 Sale 282
4
3013 52
12
1940 M N
1614 -Panic s f deb 65
313
8
81s 20
6
20
22
20
Rhine-Westphalia El Pr 7s 1950 M N 49
537 4912
8
4912
9
28
6812 Wickwire Spencer St'l 1st 75.1935 J J
312 312
312 Feb'32 ____
112 1952 M N 424 Sale 42
Direct mtge 55
43
46
21
2
45
- -8 118 June'32 _--97
Ctf del Chase Nat Bank__ _ _
118
118
1953 F A 92 Sale 42
Cons M 65 of 1928
37
43
183 44
4
112 312 212 June'32 _--234 212
75(Nov 1927 coup on) Jar 1935 MN
Con NI 6802 1930 with war 1955 A 0 42 Sale 4113
43
62
3
4 312
185 44
8
2
Ctf dep Chase Nat Bank___ MN
138 July'32 ___
7
2612 Sale 264
1944 M N
Richfield Oil of Calif 65
27
20
5 4 31
Willys-Overland s 1 6;is__ _1933 M S 7618 80
3
6118 92
1
724
723
8
M N 25 Sale 2312
Certificates of deposit
2612 32
5
27
27
Wilson & Co 1st 25-yr of 62_1941 A 0 85
6414 8512
85
8612 84
1955 F A ____ 38
, Rims Steel 1st s t 7s
38 Aug'32 ...._
26
39
1 'tech G & El gen M 5 Ma ser C'48 SI S 102 Sale 10112 10312 24
55 '78 J J
90 10312 Youngstown Sheet & Tube
42
7212 Sale 7038
44
75
75
1977 M S 90 ____ 94
series D
94
1
Gen Mtge 4;48
5
1970 A 0 73 Sale 71
75
7312
45
7312 25
1st mtge sf Is ser B
97
iii sale 857,
r Cash sale. a Deferred delivery. d Union 0115/8 series C 1935 sold on Jan. 5,51000 at 73"deferred delivery."
1464
Financial Chronicle
Aug. 27 1932
Outside Stock Exchanges
-Record of transactions at
Boston Stock Exchange.
the Boston Stock Exchange, Aug. 20 to Aug. 26, both inclusive, compiled from official sales lists:
1,875
214
313 35
912 28
2,047
5
152 18
43 79
95 1491
859 119
913
3
180 10
75
2
2,068 1014
150
134
305 10
1,081
291
100 200
25
7
1,402
134
165 1991
17 Sc
300 300
10 45
10 55
1
30
740 6591
1,289
3
519
3%
2,426
434
758
7
315 22
50
731
%
2,271
1.895 2291
41 2391
44 33
1.247 100
915 200
8
92
1,570
134
May
June
June
May
June
July
Apr
June
June
June
Apr
Jan
July
June
June
June
June
June
July
Jan
May
Aug
Aug
Apr
July
May
June
July
June
June
May
July
June
June
May
Apr
July
June
May
100
260
630
40
50
670
55
50
1,550
800
205
2,470
1,150
3,960
5
134
134
1091
34
9
15
34
150
31
4
34
40c
20c
Aug
May
Apr
May
July
May
Slay
Apr
June
Apr
June
May
Apr
June
5934 $9,000
40
5.000
10,000
91
2,000
3091
1,000
91
1,000
78
10291 2.000
40
31
81
3091
91
60
9234
June
June
June
Aug
Aug
May
June
igggggrIPlitggiggilgNNgggit W
g Agggi>
4gg t. '
X=
XXX XXX=
XX
= XX X
0000
.!.
00fMN0 1--..N
00=.00.
[44
N
0 1,
5.00. 0.0.WNmo.
,
0 ,4
00 ,p10
.cr..MMNO.N N
.NM.
COsret.
N.
77g70 75gggggg
,
XX
X4'gX
X
g77
42g
54
40
90
3091
91
78
10291
X4;!
1191
13
35
11
234
3591
30
40
51
450
10
5%
• No par value.
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange, Aug. 20 to Aug. 26, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Ilieek's Range for
Sale
ofPrices.
Week.
Par. Price. Low, High. Shares.
Abbott Laboratories, corn_
Acme Steel Co
25
Adams (J D) SIM corn. •
•
Allied Motor Ind com_
Allied Products class A. •
Amer Pub Serv Co pref 100
Art Metal Works corn......
Assoc Tel ULU common__•
•
56 cony pref A_
•
S6 cum prior pref
•
$7 cum prior pre
Balaban & Katz v t c com_
Bastian-Blessing corn__ _*
Bendix Aviation corn-...'
Binks Mfg CIA cony pfd. •
Borg-Warner Corp corn.10
Brown Fence & Wire
•
Class A
•
Bruce Co (E L) corn
20
Butler Brothers
Canal Construe cony pf_ •
Cent Illinois Sec Co
Convertible preferred- •
•
Central Ill P S pref
.100
Central Ind Pow prof.
27%,
33.4
331
554
11%
934
3
27%
15%
7
%
8
16
334
131
734
634
13
10
5%
10
1%
934
694
631
234
254
7
54
27
50
27%
350
16
30
7
300
31
8
100
80
16%
200
311
4
9,150
40
734
10
6%
10
13
10
10
534
50
11% 15,950
131
320
10% 27,700
6%
714
3
234
50
350
2,700
110
7%
65
x30
100
330
60
Range Since Jan.l.
Low.
1811 June
May
9
531 June
% Feb
331 June
4% July
134 July
June
1
4 June
6% Aug
Aug
7
June
3
2 May
434 May
131 July
3% Slay
534
2
1
34
June
June
Slay
Apr
5 June
15
Slay
19% Aug
High.
31%
17%
12
24
50
331
12%
35
654
43
26
8
18%
5%
1231
Jan
Jan
Jan
Jan
Aug
Jan
Aug
Jan
Feb
Aug
Jan
Mar
Feb
Jan
Jan
Mar
831 Feb
Jan
14
334 Aug
214 Aug
15
6934
50
Jan
Jan
Jan
34
1134
211
12
7
431
535
2%
334
291
1034
934
454
.%
54
Monroe Chemical corn...'
Preferred
•
Muncie Gear Co CIA
•
Common
•
A
Muskegon M Spec cony A 5
National Battery prof_
*
National Leather corn_ __10
34
Nat Secur Inv Co com
I
134
0% preferred
100
National Terminal Pt Pf--•
Natl Union Radio Corp..
34
Noblitt-Sparks Ind corn..• 17
North American Car corn...
434
Nor Amer Gas & El A.,..'
No Amer Lt & Pr com
_•
N'west Util 7% pr lien.100
Parker Pen corn
10
Penn Gas & Elec A Corn..'
Pines Winterfront
331
Process Corp common_ _ _ _•
251
Public Service of Nor 111
Common
45
Common
100 45
7% preferred
100
Quaker Oats Co
-Common
• 8854
Railroad Snares common_.
Rath Packing common.
.10 16%
Ratheon Mfg corn v t c •
Reliance Mfg Co corn..100
9%
Sally Frocks Inc corn....'
34
Seaboard ULU Shares_
•
Signode Steel Strap pf__ _30
Southern Union Gas corn.'
Standard Dredge
Convertible preferred. •
Swift International
15 23
Swift & Co
25 1351
Thompson (J R) corn..
.25
Union Carbide & Carbon.• 2734
United Gas Corp corn____.
231
20 24%
US Gypsum
Preferred
100
U B Radio & Telev corn...5 1331
Utah Radio Prod cona____•
34
Util & Ind Corp com___.•
2%
Convertible preferred..•
731
Util Pow & Lt corn n v-- •
Vortex Cup common
•
•
Class A
Walgreen Co common....' 18%
Purchase warrants
3
Ward (Slontg) & Co A__.• 55
Williams 011-0-Mat corn_•
Wisconsin Bank Sirs corn 10
3%
Yates-Amer Mach pt pfd.'
Zenith Radio common.._•
134
Bonds
Chic City Rys 5s ctf__1927 50%
Chicago Rys 1st 5s...1927 5234
Commonwealth Edison
1st mtge 530 g___ _ 1962 100%
734 8
34
34
9
9
1
1
31
1
11
1211
134 211
5% 691
12
1251
554 7
254 33,4
314 451
1%
1% 1%
535 535
7
7
1094 1034
19
19
334 4
734
34
2%
351
2
1034
231
754
4
23
634
28
28
7
134
5
34
234
134
6
755
34
2%
3%
231
1074
2%
1011
43,4
2694
634
28
7
2
5
N.
334
134
6
8
8
6
6
9
9
10
10
254 3
334
334
34
34
a -;
.
9
64
64
7
2635
80
2091
172
691
1891
3
2134
23.4
15
991
31
734
2
29
25c
900
45
55
2
104
1091
%
1491
1391
38
1154
291
38
30
40
154
1
11
631
6%
234 2%
18
1934
6
631
334 431
6
6
29
32
7
8
4% 7
000000000 00000000000000000
00 0000000C
000.V 40.00, .000.4000000.N00000. 0.00..0C
3
..
..0n0
M0l.0N.400 ,
4N
.11.
443
7
61
58
6
25
80
1931
160
531
17
3
1991
2
12
7.34
54
734
131
26
25c
75c
45
55
2
953,4
9
234
19%
631
4%
6
.CO. .
Cl..7
Apr
May
June
July
May
June
Aug
July
June
514
li
85
194
3
2091
31
6
3%
1%
16
1491
11
534
34
85
22
4
2
m
134
4
134
7091
114
6
58
534
2
134
1391
14
234
1891
26
6
394
151
15
8%
10
434
51
7734
22
4
2
.-
2,050
55
10
9,172
360
140
10
330
235
134
234
.
794
1331
294
11891
5
14
60
1091
734
0 P0m0M0
,
ggggggg 5Ugiggg
4
1154
234
108%
334
1191
60
10
534
0
gg
July
July
July
June
June
June
June
May
July
June
July
June
June
July
m
6
10
25
8
287
3
5
100
241
3
241
534
80 12
6 40c
274
934
2,148
6
13 60
10 45
634
1,792
6 63
XX
5954
91
5094 July
June
59
13
12
18
2194
22
34
42
550
1391
2491
86
85
1934
90
Mining
5
5
Adventure Cons Cop Co_ 25
25
391 434
Calumet & Heels
234 334
25
3
Copper Range
18
18
18
Island Creek
25
191 191
Isle Royal Copper
25
Mohawk Mining
1034 1291
15
15
1591
New River Co pref
1
1
Nipissing
550
50c
500
North Butte
134
25
134 13,4
Old Dominion Co
5% 7
Pond Creek Pocahontas___ ______
1
2
14
Quincy Stifling
A
5
A 1
Utah Apex Mining
40e
1 490
49c
Utah Metal & Tunnel
BondsArnoskeag Mf,g Co 63_1948
Caned InternatPapCo6s'49
Chicago Junction 5s_ _1940
European Invest 7s___1067
Mass Gas Co 594s____1946
Pond Creek Pocoh 78_1935
1944
Swift & Co 5s
128
364
High.
..NNM0= .000N0
Miscellaneous
754
Amer Continental Corp_ -Amer Pneumatic lot pt.... 1391
2d preferred
100 11734
Amer Tel & Tel
5
Arnoskeag Mfg Co
13
Bigelow Sanford Carpet__*
Preferred
Boston Personal Prop trust
Brown Co pref
791
East Gas & Fuel Assn
•
834
Common
100 64
434% prior pref
100 6291
6% cum pref
Eastern S S Lines corn Inc*
691
2
Preferred
691
1st preferred
Economy Stores
2034
Edison Elec Ilium-----100 170
Employers Group Assn
534
1831
General Capital Corp
3
Georgian Corp pfd
Gillette Safety Razor.
...° 21
______
Hathways Bakeries Cl B
Hygrade Sylvania Lamp Co 15
Internet Hydro Elec Co-- _ -----Jenkins Television
25
Loew's Theatres
Mass Utilities Assoc v t c_.
2
Mergenthaler Linotype 100 28
National Leather
10
National Service Co
New Eng G & E Co cl A__
554% preferred
New Eng Pub Serv corn...
New Eng Tel & Tel_ _ - _100 104
Pacific Mills
100 1091
Shawmut Assn tr ctfs----.
73.5
•
Stone & Webster
Swift & Co new ____ • 1391
Torrington Co
* 35
Union Twist Drill
United Founders com----*
231
U S Shoe Mach Corp___25 3751
25 30
Preferred
Utilities Equities Corp pfd_
Venezuela Holding Corp__
1
Venezuela Mexican 011.100
10
Waltham Watch pref
6%
Warren Bros Co new....5
101
74
Low.
0
=
mt-
Railroad
95
Boston & Albany
100 101
Boston Elevated
100 7391 7234
Boston & Maine
Common
1291
10
Preferred stpd
100
15
1st pref CIA stpd_ -100
18
1st pref Cl B stud_ ___100 2191
20
1st old cl C stpd.....100 22
28
1st pref Cl D stpd___100 34
35
Prior pref stpd
40
East Mass St Ry com_100
550
1031
Maine Central
19%
NY N H & Hartford-100
86
Norwich & Worces pfd 100
85
100
Old Colony
50 1831
Pennsylvania RR
163-1
90
100
Vermont & Mass
Range Since Jan. 1.
Cent Pub Serv class A_ __ _.
Cent S W Utll corn new..
Preferred
•
Prior lien preferred____*
Cherry Burrell corn
•
Chicago Electric Mfg A.°
Chicago Investors corn...'
Convertible preferred..*
Chi & N W Ry Corn...100
Chicago Yellow Cab caP- *
Cities Service Co corn_ ___*
Club Aluminum Uten Co.*
Commonwealth Edison 100
Community P dc L $6 pf •
Construe Mat'l $334 pre *
7% cum pref
100
Continental Chicago CornCommon
5
Preferred
5
Cont Steel Corp com
•
Cord Corp
5
Crane Co common
9
5
Preferred
100
Deep Rock Oil cony pf___*
El Household Util Corp_10
FitzSimons & Connell
Dock & Dredge Co corn*
Foote Bros G & Si Co_ _5
Gardner-Denver Co core.*
Godchaux Sugars el B___.•
Great Lakes Aircraft A..'
Great Lakes D & D
*
Grigsby Grunow Co corn_*
Hall Printing Co corn__ _10
Hormel & Co corn A
•
Houdaille-Hershey Corp
4,
Class A
Class B
•
Illinois Brick Co
25
Invest Co of Amer corn..
Iron Fireman Mfg v t c- -_*
Jefferson Electric corn...*
Kalamazoo Stove com.__*
Katz Drug corn
1
Kellogg Switchboard com10
Keystone St & Wire corn.*
Common
100
La Salle Ex Unlv tom.. _10
Libby McN & Libby com10
Lincoln Printing com____•
Lindsay Light common__10
Lynch Corp common_ __*
Manhattan-Dearborn COLLI•
Marshall Field common_ _ 5
McGraw Electric com____•
McQuay-Norris Mfg
.
McWilliams Dredging.
Mapes Cons Mfg cap....
Mercantile Discount cl A_•
Mer & Mfrs Sec A com_ 5
Mickelberry's Food Prod.1
Middle West UM new----*
$0 conv prof A
•
Midland United common_•
Convertibel pref A
•
Midland Utilities Co
-6% prior lien
100
7% pref CIA
100
7% prior lien
100
Miller ,Sz Hart cony pref--*
Miss Val Util Inv pr in_.
•
•
$7 preferred
Mo-Kan Pipe Line com__5
000000000000000
0 00000000 000000000
0MMM.000M0000NO. 00m,
00,4[4-0 00,1000000
t,..mcc,
Cl
W . .=NOM.mm .
.
t-C
0
-000N
" .."0
1
Cl
.COl-0.4 0
.COaaa
N
Stocks-
bates
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Stocks (Continued)
Friday
Sales
Last Weeks. Range for
Sale
Week.
ofPrices.
Price. Low, High. Shares.
Range Since Jan. 1.
Low.
High.
4 May
394
31 May
634
4
May 44
8
June 55
5
July
10
2
Jan
4
34 June
231
934 July
1794
8% Aug 14%
13
63,4 July
151 May
691
31 Slay
1
4891 June 122
22
Aug 22
1
June
634
1
June
635
Jan
Feb
Jan
Jan
Feb
Mar
Jan
Jan
Aug
Mar
Jan
Feb
Jan
Aug
Feb
Feb
34
734
154
2
234
15
7
234
June
June
June
June
June
June
Aug
May
234 Jan
21
Jan
711 Aug
834 Jan
13
Jan
64
Jan
8
Aug
8
Jan
7
31
834
1
51.
53.1
35
334
11
Aug
Feb
June
Aug
July
June
Apr
July
May
16
%
15
2
2%
1334
231
113.4
15
Feb
Feb
Jan
Jan
Jan
Jan
Aug
Jan
Jan
391
1
334
114
274
37,4
534
10
34
July
Slay
Aug
Jan
May
Aug
May
July
Apr
1154
4
6
2
7
12
1034
2234
5
Mar
Mar
Aug
Feb
Aug
Jan
Feh
Mar
Aug
3
34
34
2
131
10
2
3
2%
203.4
3
28
634
134
3
14
1
34
1
Apr
Mar
May
Slay
July
Aug
July
July
June
June
May
Aug
Feb
May
July
Apr
Aug
July
Aug
834
1
4%
14
1014
1834
434
13
534
35
1054
37
7
6
63,4
7
54
634
1534
Aug
Pet
Jar
Jar
Jar
Pet
Jar
Jar
Jar
Fel
Jar
Mar
Aug
Jar
Mai
Jar
Jar
Jar
Jar
2
2
3
334
234
334
%
May
June
AP
Aug
Aug
Aug
Apr
1
1834
31
%
3%
11
34
34
23
34
54
10
234
34
4%
811
3
454
1
2%
July
May
Mar
Mar
Slay
June
June
July
July
July
Jan
Mar
Apr
Aug
Apr
May
June
June
May
Aug
45
Jar
4831 Jar
.50
Jar
1034 Mal
503.4 Jar
50
Jar
2
Jar
Jan
434 Feb
3234 Feb
2
Feb
91 Feb
10
Feb
20
Aug
35 Mar
2
Jan
45
Jan
1
June
Jan
17% Aug
6
Jan
Jan
24
Jan
60
Feb
5% Jan
731 Mar
631 Jan
494 Jan
3
25
54
31
5
20
34
1
2891
34
34
1554
4
211
9
2034
.5
7
3
231
3
25
1
54
534
20
34
1%
2854
91
34
17
43,4
234
9
2031
5
7
3%
211
70
20
650
150
80
10
1300
950
100
70
50
850
100
100
100
10
100
250
200
350
44
42
83
47
4531
84%
3,610
1,330
30
22
27
55
July 125
July 115
July 114
Jan
Feb
Jan
8734 8831
1
134
1634 17
2% 2%
734 934
34
35
1
134
5
5
1
154
880
1,200
100
150
550
5,600
1,750
50
350
5011
11
13
34
5
35
51
44
h
June 103
June
144
June 1734
Apr
3
June
974
July
234
May
134
May
May
2,14
Mar
Jan
Feb
Aug
Aug
Jan
Jan
Jan
Mar
2%
23%
1334
13
27%
2%
2431
100
14
31
2%
7%
33.1
87%
19
18%
3
58
21
%
3%
,31
2
50
16,600
10,200
550
23,000
250
6,850
50
11,250
900
3,100
5,250
200
450
250
38,1100
80
270
50
1.500
150
2,950
1
931
7
8%
20%
31
10%
85
5
31
34
2
31
531
14
834
1
22
2%
2
35
34
Apr
394
May 25%
May 19
July
1531
Aug 32
June
231
June 25
June 114
Mar 14
134
June
Jan
254
1134
July
331
May
June 1451
June 2334
Apr In%
3
May
July 73
3%
June
Apr
4
134
May
Ma
2
Jan
Mar
Mar
Mar
Jan
Aug
Mar
Feb
Aug
Jan
Aug
Feb
Aug
Jan
Jan
Aug
Aug
Jan
Feb
Jan
Jan
Aug
2%
2134
1231
12
24%
231
21%
99%
10%
54
151
534
8
1834
11%
3
55
2%
3
51
131
50
51% $10.000
5214 53% 6,000
locoq
101
12,000
33% June
35
Apr
95
5134 Aug
Aug
53
Aug 101
Aug
Financial Chronicle
Volume 135
Friday
Sales
Last IVeek's Range for
Sale
ofProes.
Week.
Stocks (Concluded) Par. Price. Low. High.
Grigsby-Grunow 6s._1936
37
37
5.000
335
Insult HUI Inv 6s_ __ _1940
234 5 214,000
Metr W S Elev 4.9-1938
19
20
3,000
1938
Extension 4s
19
19
1,000
Peoples G L & Coke Os 1957
100 100
10,000
Pub Service 6348 g---1937
9834 99
12,000
* No par value. z Ex-dividend. y Ex-rights
Range Since Jan. 1.
Low.
34%
35
1034
12%
98
9834
High.
June 37
May 38%
July 37
July 29%
Aug 100
Aug 99
Aug
Jan
Mar
Apr
Aug
Aug
Toronto Stock Exchange.
-Record
of transactions at
the Toronto Stock Exchange, Aug. 20 to Aug. 26, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High Shares.
McColl Frontenac 011 nom*
Preferred
100
North Star 011 corn
5
Prairie Cities Oil A
*
Supertest Petroleum ord..*
Common
*
Union Natural Gas Co__ •
* No par value.
High.
1034
68
2
1635
474
934
67
2
2
1635
1634
454
1035
68
2
2
1735
1635
5
690
40
25
35
221
30
215
Range Since Jan. 1.
Low.
7
58
135
2
935
16
134
Apr
July
Mar
Aug
June
Mar
June
High.
1054
68 II
235
2
18 34
1835
5
Aug
Aug
Jan
Aug
Jan
Mar
July
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, Aug. 20 to Aug.
26, both
inclusive, compiled from official sales lists:
Range Since Jan. 1.
Low.
1465
Friday
Saks
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price, Low. High. Shares.
Stocks-
Friday
Sate,
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Mar Aluminum Goods Mfr_
*
8
25
8
8
Aug 1035 Jan
Aug Ark Natl Gas Corp pref_10
4
4
434
2
139
July
5% Feb
July Armstrong Cork Co
8
7
8%
1,240
3 June 10
Jan
Feb Blew-Knox Co
975
9
10
2,027
3% June 10
Aug
Jan Clark (D L) Candy Co...*
7%
7
734
534 Apr
155
835 Mar
Mar Columbia Gas & Electric.* 17
15
17% 3,671
4% June 1734 Aug
Mar Devonlan Oil
10
8% 834
70
4
Mar
9
Aug
Aug Independent Brewing ..50
2% 274
100
2
Jan
334 July
Preferred
Aug
50
334 334
110
2
Jan
334 Aug
Aug Jones & Laughlin Stlpf_100
63
63
10 37
July 80
Jan
Mar Koppers Gas& Coke pf 100 69
58
69
485 30 June 69
30
Aug
Jan Lone Star Gas
•
835
7% 835 22,278
335 Jftne
4
93.1 Jan
Aug Mesta Machine Co
5 15
934 15
405
6
May 1935 Mar
Jan Phoenix Oil
25
8c
70
8c
550
Sc Aug
8c Aug
20
Jan Pittsburgh Brewing
50
634 635
100
335 Jan
7
435
Aug
Mar
Preferred
50
10
11%
250
6
Feb 1134 Aug
27
Jan Pittsburgh Forging
235
2% 2%
30
2
July
8
335 Jan
Aug Pittsburgh Coal Co- _100
9
9
100
9
Aug
Aug
Mar Pittsburgh Plate Glass_ _25
18% 183,1
20 1234 June 20
431
Mar
May Pitts Screw & Bolt Corp..
4%
•
4% 435
39
2% June
534 Aug
631
Apr Plymouth 011 Co
5
9
10
2,150
6
Apr 1035 Aug
65
Jan Ruud Manufacturing---•
7
7
100
7
Aug
934 Apr
Mar Shamrock 011 & Gas
•
300
134 1%
1
Mar
2
10%
Aug
Mar United Engine & Fdy__ • 14
14
14
26
12
May 2334 Jan
5531
mar Westinghouse Air Brake..
16% 15.
17%
1,756
9% Jan 1734 Aug
231
Aug Westinghouse El & Mfg_50 38% 35% 40% 2,06
16
Jan 4034 Aug
11
Unlisted
Mar
1934
Mar General Motors Corli.---10
13% 1634
1,51
734 July 16% Aug
Leonard 011Developm't_25
Aug
.500 50c
500 15c May 75e July
531
Jan Lone Star Gas pref.--.100 72% 70
7235
3
42
75
July 7234 Aug
50
Aug Pennsylvania RR
16% 19% 1,060
6% Jun
19% Aug
166
Aug Penroad Corp v t c
•
334
234 334
447
% Jun
334 Aug
Aug Standard Oil (N J)
25
33% 36%
553 2231 Jun
1934
3634 Aug
United States Steel--..100
Aug
3834 44%
1,615 2134 Jul
1131
45% Aug
Mar Western Public Service v t c
5%
5
54 2.689
274 Jun
535 Aug
Feb
•No par value.
Mar
431
Cleveland Stock Exchange.
Aug
-Record of transactions at
Aug Cleveland Stock Exchange, Aug.
13.4
20 to Aug. 26, both inAug
Mar clusive, compiled from official sales lists.
Aug
Friday
11%
%not
Aug
Last Week's Range for
Range Since Jan. 1.
Aug
Sale
ofPrices.
Week
Aug
StocksPar. Price. Low. High. Shares.
38
Low.
High.
Aug
1134
Aug Aetna Rubber corn
•
1134
2
2
50
135 July
3
Aug
Aug Allen Industries com
•
234
331
235
235
50
134 Aug
234 Aug
Mar Amer Vitrified ProduCts_50
34
34
50
34 Aug
34 Aug
Jan Apex Electrical Mfg
5
•
5
5
75
5 June
634 Apr
Aug City Ice & Fuel
* 1434 1234 1434
351 1234' July 28
Feb
Jan Cleve Elec III6% pref _ _100
9835 1003'
159 9135 Apr 10334 Jan
Jan Cleve Railway ctts of dep.
41
45
64 35
Apr 45
Aug
Feb Cleve Worsted Mills com-•
435 434
56
100
3 May
43.4 Jan
Jan Cleve & Sandusky Brew- •
7
10
7
20
235 Jan
735 Aug
Mar
Preferred
100
7
7
7
95
3
Jan
7
Aug
Mar Cliffs Corp v t c
:
5
40
5
4
July
9% Jan
Mar Dow Chemical corn
32
3634
364 2135 July 3634 Aug
Aug
Preferred
100 91
91
91
50 88 June 100
Jan
Jan Fedl Knitting Mills corn.*
25
25
59 1834 June 25
Aug
Mar Firestone T & R6% pf _100
60
60
2134
20 45
July 60
Aug
Mar Foote-Burt corn
•
7
7
25
534 Jan
834 Mar
Jan General Tire & Rub com25
35
35
10 18
73.4
July 4954 Jan
Aug
6% pref series A
53.5
100
44
4735
20 30
July 60
Jan
Feb Geometric Stamping
•
134 134
10
1
Aug
335 Mar
Aug Glidden prior pref
100
65
13 38
July 65
Aug
Aug Goodyear T & R com--* 2134 65
1834 2134
838
534 May 2135 Aug
May
lot preferred
5134 5174
10 2335 June 5175 Aug
Aug Halle Bros Co
10
634 635
200
4 May
7
Jar
Banks
Higbee 2d pref
100
935 934
16
934 Aug
935 Aug
Commerce
India Tire & Rubber corn_•
100 161
160 165
434 5
133 121
70
134 July
5
July 191
Fel
Jan Interlake Steamship com_•
Dominion
100 158
150 158
2
36 125
45
034 2034
934 May 26
July 194
Jar
Jan Kelley Island L & T nom.* 1134
Imperial
100
156 156
11
6 130
1134
135
8 May 15
July 193
Jar
Feb Lamson Sessions
Montreal
100
200 202
634
*
42 150 June 225
34 534
170
334 June
7
Jar
Jan Medusa Cement
Nova Scotia
100
•
260 260
2 238 June 274
7
734
75
5 June 1234 Fel
Jan Mohawk Rubber corn
Royal
100 169
...
5
167 171
4 120
2
2
307
May 171
1
Jan
234 Jar
Aug National Acme com
Toronto
100 175
166 175
10
34 125 June 193
334 335
50
134 Jul)
4
Aui
Feb National Carbon pref 100
107 111
59 100
June 120
Jar
Loan and Trust
National Refining com__25
534
534 535
156
335 July
834 Fel
Canada Permanent__ _100
National Tile corn
155 155
•
3
30 135
334
150
134 June
July 186
334 Fel
Jan Nestle-LeMur class A__ --•
Huron & Erie Mtge__ -100
105 105
93
% 1
670
July 105
% Aug
Jar
Aug Ohio Brass class B
1
Toronto General Trusts 100 160 Y 146 160
•
835
1 140
389
734 9
July 210
535 July 13
Jai
Feb Richman Stamp & En_ _ _ • 27
25
2751
959 14
• No par value.
July 31
Fel
SelberUng Rubber cons_ _ ..•
334
3
335
630
1
May
435 Jai
Sherwin-Williams com__25 26
26
Toronto Curb.
2835
440 193.4 July 35
-Record of transactions at the Toronto Sparks-WIthIng'n cv pt..100
jai
88
88
88
50 75
July 10035 Jai
Curb, Aug. 20 to Aug. 26, both inclusive,
Thompson
6
834
120
compiled from Thompson Aeronaut Corp•
4 June
84 Au,
Products Inc..'
official sales lists:
835 834
100
23.4 June
94 Fe'
Weinberger Drug
•
8
8
50
5
July 10
Jo
YOtMeNtnwn SI A,'T` nrpf 100 RR
Friday
RR
40
210 14
Jima 47
Sales
Fa
Last Week's Range for
• No par value.
Range Since Jan. 1.
Sale
ofPrices.
Week.
Cincinnati Stock Exchange.
StocksPar. Price. Low. High. Shares.
-Record of transactions
Low.
High.
at Cincinnati Stock Exchang
e, Aug. 20 to Aug. 26, both
Biltmore Slats corn
4
4
25
2
Feb
4
Aug inclusive, compiled from official sales
Can Bud Breweries cora •
8
8
8
lists:
40
635 Apr
9
• 1434
Jan
Canada Malting Co
1335 15
1,382
934 July 15
Friday
Aug
Canada Vinegars corn_
15
Sales
14
1535
295
974 May
16
Last Week's Range for
Mar
•
Wineries
Canadian
2
Range Since Jan. I.
234
150
1
May
234 Jan
Sale
ofPrices.
Cosgrove Expt Brewery_10
Week.
3
3
3
100
234 July
StocksPar. Price. Low. High. snares.
334 Mar
Distillers Corp Seagrams.*
634
Low.
6% 7
High.
590
3% Apr
7% Aug
• 19
Dominion Bridge
1834 1934
105
9 June 1935 Aug Am Laundry Mach com_20
14 1334 15
Dorn Motors of Canada_10
225
23(
834 May 17
Jan
200
234 235
135 July
5
Feb Amer Rolling Mill com_ _25 154 10% 0.534
•
Goodyear T & R cons_
685
76
33.4 May 1534 Aug
80
80 38
June 82
3
Mar Amer Thermos Bottle A_ _•
3
3
Hamilton 13ridgesono. •
20
3% 334
June
1
335 Feb
200
2
Apr
7
•
Feb Churngold Corp
134
1
135
Imperial Tobacco ord..- _5
25
834
8
34 Aug
2
Jan
834
115
6
June
8% Jan Cin Gas & Elee prof..._100 82
8235
Montreal L, H & P Cons.• 36% 34
191 62
July 9034 Jan
37% 2,060 21
June 38
50
834 ., 734 834
Jan Cin Street Ay
National Steel Car Corp • 10%
190
4
July 17% Jan
9% 10%
235
6
July
12% mar Cm n & Sub Tel
50
60 4(6034
457 49 June 69
Power Corp of Can com- •
10
Jan
90
1035
6
June 10% Aug City Ice & Fuel
•
12% 12%
100 12
5%
Service Stations corn A •
July 28
Mar
4
6
2,095
3
July
7
•
Jan Crosley Radio A
4
634
Preferred
405
235 Apr
100
634 Aug
25
25
5 20
Eagle-Picher Lead com__20
Aug 46
435
434 434
Feb
425
Shawinigan Water & Pwr_• 17
6
3 June
14% 1834
Aug
395
735 May 33
•
Feb Formica InsulatIon
8
8
20
•
2
Stand Pay & Matls corn..
5 June 12
i Jan
1% 2
45
135 Aug
• 18
3
r 17
Jan Gibson Art nom _
18
91 11
Tamblyns Ltd 0 prof..100 99
Aug 30
99
.Jan
99
10 93
Hobart Mfg___ _1July 10
•
1334 1334
034 Jan
210 10 June 24% "Jan
United Fuel Invest pref 100
8% 8%
40
3
July 15
• 17
1534 17%
Jan Kroger corn
1,161 10
May 1835 Mar
Procter dr Gamble new__ •
430 4 32
1,084 20 June 4234 tJan
011
Richardson coin
•
*4
4
4 June
4
• 10%
7 1Jan
British-American 011
1034 £11
6,075
834 June 113( Aug United Milk Crate A
•
1334 1335
Jan 1335 Aug
10 12
•
2
Crown Dominion Oil Co..
2
2%
160
2
Aug
10 17
164 17%
3
Jan US Playing Card
140 10 June 24
• 11
1Jan
Imperial On Limited
974 11
US Print & Lith Pref.-50
13.726
7% June 1134 Aug
53514 535
4
70
July 10
International Petroleum_ _• 1234 12
Jan
12% 2.570
935 June 12% Aug
•No par value.
Abitibi Pr & Paper corn *
Alberta Pacific Grain A.-•
*
Beatty Bros corn
100
Bell Telephone
Ribbon CD 635% p150
Blue
Brantford Cordage lot p125
Brazilian T L & Pr com *
•
B C Packers corn
•
B C Power A
•
Building Products A
•
25
Burt(F N) Co nom
Canada Bread nom
"
100
lot preferred
B preferred
100
Canada Cement corn
•
Preferred
•
Can Steamship pref._ __100
Can Wire & Cable B
•
Canadian Canners corn...
•
Convertible preferred-*
lot preferred
loo
Canadian Car & Fdy pref25
Can Dredging & Dock cm •
Can General Elec pref_.59
Canadian Indus Alcohol A•
Canadian Oil corn
*
Canadian Pacific Ry____25
Cocksbutt Plow corn
•
Consolidated Bakeries •
Cons Mining & Smelting 25
100
Consumers Gas
Crow's Nest Pass Coal_100
Dominion Stores corn---•
Ford Co of Canada A__ - _•
General Steel Wares corn.*
Goodyear T & R pref._100
Great West Saddlery com_•
Ham Un Theatres corn._25
Hinde & Dauche Paper__•
•
Hunts Limited A
Internat'l Milling 1st p1100
International Nickel corn-*
•
Int Utilities A
•
Laura Secord Candy com•
Loblaw Groceterias A- -*
*
Maple Leaf Milling corn..*
Preferred
10
*
Massey-Harris corn
Moore Corporation Corn. 5
.
A
100
Mulrheads Cafeterias corn •
Page-Hersey Tubes com__*
Photo Engravers & Elea.*
Pressed Metals corn
•
Riverside Silk Mills A_ _ __•
Simpson's Limited B
•
Preferred
100
Stand Steel Cons corn__ _
Steel Co of,.Canada corn..'
Preferred
25
•
Walkers, Hiram corn
I
Preferred
Western Can Flour Mills.*
Weston, Ltd., GeoPreferred
100
Winnipeg Electric corn_ _ _•
234
635
5
107
2
234
635 6%
9
9
97 110
17
18
18
18
931 1134
1%
135
25% 28
6% 7
15% 15%
2734 31
3
4
80
80
20
20
4% 54
27
38
534 8
11
1134
4% 434
6% 7
57
65
14% 15
1035 11
55
5531
234 235
11
11
1631 2031
674 735
535
70
75
165 166
15
15
173.4 20
9
II%
134 1%
91
92
3% 434
2
235
1% 1%
8
8
80
80
934 1151
7
10
2% 3
38
40
1134 1131
1031 1134
3% 334
17
17
431 534
7% 8
70
71
3-1
1
5035 57
10
11
7
7
11
11
9
9
30
30
235 2%
1914 21%
27
27
735
734
9% 9%
8
8
20
20
67
70
3% 3%
54 July
1,230
331
4
50
June
635
335 Apr 1034
5
1,423 75 • June 119
30
831 July 25
51 173.4 Jan 26
5,599
735 May Hu
100
1
May
134
65 1535 June 28
10
7
334 Apr
70 10
July 20
565 17
May 32
200
131 July
4
2 80
Aug 85
10 20
Aug 25
790
234 July
7
75 2035 June 66
18
131 June
8
26
5
Aug 13
7
I% June
571
58
334 July
9
40 June 80
5
21
1034 June 1574
3
7 June 17
10 50
Aug 59
585
34 May
235
65
7 June 13
30,720
835 May 2275
950
334 June
735
1,070
334 July
8
2,569 25
June 75
37 142
May 166
7
8
May 15
2,965 13 June 20
12,336
534 June 1631
235
35 July
234
13 70 June 9335
427
35 July
431
65
% Feb
234
10
May
2
25
635 Aug1734
100 77
July 80
60,951
4 June 1134
70
2
Aug 10
107
35 July
3
155 36
Aug 40
750
9 June 1135
250
8 June 1134
5
2
Feb
5
15
8
July 2035
1,57
231 May
531
16
435 June 10
. 13
62
Aug 93
210
% Aug
2
1,000 35 June 66
50
9 June 1934
25
5
July 10
60
635 July 12
5
9
Aug
9
30 12
July 5574
25
134 May
331
712 1031 June 2331
50 20 June 29
4,084
235 Apr
8
3,452
9 June 12
115
534 June
8
25 1635 May 20
25 65 June 70
125 • 2
May
334
Financial Chronicle
1466
-Following is
Milwaukee Grain & Stock Exchange.
the record of transactions at the Milwaukee Grain & Stock
Exchange, Aug. 20 to Aug. 26, both inclusive, compiled
from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Briggs Stratton
Bucyrus Erie
Firemens Insurance
Heels Mining
Line Material
Outboard Motors A
9% 9%
4%
93.4 9%
3% 3%
4%
4
1% 1%
14
34
85c
84c
3
3%
1%
%
100 100
•
10
5
25c
4
•
•
•
50c 840
100
2
United Inv A
Wisc Bankshares
Wise Investment A
100
Wise Tel prof 7%
*No par value.
Range Since Jan. 1.
High.
Low.
5% Aug 10%
50
1% June
100
4%
4% July 1131
200
July
5
550
2
6
125
3 May
2%
1% July
100
1
% July
400
Aug 1.38
700 820
4
2 June
700
1 June
231
550
1
34 July
50
8 may 110%
45 9
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Feb
Jan
Jan
Jan
Jan
-Record of transactions at
St. Louis Stock Exchange.
St. Louis Stock Exchange, Aug. 20 to Aug. 26, both inelusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Miscellaneous
• 33
Brown Shoe corn
Coca-Cola Bottling Co- _1
Hamilton-Brown Shoe_ _25
4%
International Shoe pref-100
•
Common
Key Boiler Equlpt
•
Laclede Steel Co
20
Meyer Blank°, pref___100
Mo Portland Cement___25 10
National Candy corn__ _•
534
Rice Stix Dry Goods
2d preferred
100 60
5
s
Common
Sowest Bell Tel pref-__10
St Louis Pub Serv com- •
Wagner Electric com__100
•No par value.
Range Since Jan. 1.
High.
Low.
31% 33
12% 12%
3
434
10034 101%
27% 29%
5
5
11
11
50
50
8% 10
5
6
230
35
860
7
275
20
10
10
372
160
24
10
2
99%
20%
5
6
40
5
3%
July 36%
July 20
4%
June
July 105
July 43%
Aug
June 15%
June 50
July 15
9
May
Mar
Jan
Aug
Mar
Jan
Jan
Mar
Aug
Feb
Mar
60
60
4 • 5
108% 111
50c
50c
834
8
10 50
2
140
32 100
200 50c
4%
42
May 60
5
July
June 115
131
Aug
July
Aug
Aug
Mar
Feb
Feb
-Record of transacSan Francisco Stock Exchange.
tions at San Francisco Stock Exchange, Aug. 20 to Aug. 26,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High Shares.
Anglo Calif Nail Bk of S
Atlas Imp Diesel Eng A_....
Bank of California
Bond & Share Co Ltd
Byron Jackson
Calamba Sugar
California Copper
California Cotton Mills
California Packing
Calif West Sts Life Ins cap_
Voting Plan
Caterpillar
Clorox Chemical
Coast Cos G & E6% 1st Pf
Consol Chem Indus A
Crocker First Nail Bank
CrownZellerbach vtc
Preferred A
Preferred B
Eldorado Oil Works
Emporium Capwell
Firemans Fund Indemnity
Firemans Fund Insurance_
Food Machine Corp
634% preferred
Galland Mere Ldry
General Paint B
Golden State Co Ltd
Hawaiian Pineapple
Home F & M Insur
Honolulu 011 Ltd
Honolulu Plant
Langendorf Baking A
Leslie Calif Salt
Los Angeles Gas pref
Lyons Magnus A
Magnavox
Magnin
Merchant Calif
No Amer Inv
6% preferred
No Amer 011 Cons
Oliver United Filters
22%
5%
334
31
4
12%
34
11%
20
14%
2%
18%
18%
33.1
43%
831
85
30
8
6%
22
13%
10%
9334
534
1%
4
5
2
Pacific Gas
31%
6% 1st preferred
23%
534% preferred
44%
Pacific Lighting Corp
91
6% preferred
Pacific Pub Serv non-vot
134
12%
Non-voting preferred..
Pacific Tel
85%
6% Preferred
Paraffin° Co
Ry Equip & Rity 1st pfd_ _
6
Rainier Pulp & Paper
831
Richfield
7% preferred
San Joaq L & P7% pr pfd_ 102
Schlesinger Sons
51
Preferred
Shell Union
6%
Pacific Elec 6% M.
Sierra
11%
SoconY
Southern Pacific
2431
21% 23
531
4
150 150
231 3%
1% 2%
1034 12
31
%
2% 4
13
10
333( 35
34% 34%
11%
10
20
20
89% 90
14%
14
230 230
2%
2
17% 19
17% 18%
13% 13%
3% 334
18
18
42% 44
8%
7
85
75
30
30
541
6% 8
6%
6
22
22
14
11
25% 2534
934 934
10
10%
92% 9331
5%
5
31 1%
6
6
1%
4
3
12
15
4% 434
434 5
3
2
2934 32%
23% 24
21% 22
40
45
91
89
1% 1%
12% 12%
78% 85%
9734 102
12
13%
534 6
8% 8%
34 1
3i
100 102%
11
31
134 134
634 631
68
66
1134 11%
25%
23
Range Since Jan. 1.
High.
Low.
July 23
Aug
680 16
531 Aug
134 Jilin
2,454
Jan
20 99 May 162
33‘ Feb
1 June
200
Aug
34 June
4,469
Aug
6 June 12
160
34 Jan
54 Mar
500
4
Aug
Apr
1
120
434 June 13 Aug
10,964
July 35
Aug
338 30
July 34% Aug
20 30
Jan
4% May 15
12,590
Aug
438 11% June 20
Jan
23 70 June 96
8% May 17% Feb
953
Jan
5 181 June 245
2% Aug
1 June
6,253
834 May 19
Aug
673
Aug
8 June 19
403
9% June 13% Aug
260
Mar
2 June
300
121 10 June 20% Jan
650 18 June 48% Mar
Feb
4 May 11
5,035
Jan
Aug 85
10 75
Feb
120 24 May 35
1
Aug
34 AD
717
Feb
3% June
3.630
934 Jan
2,640 13334
Aug
May 22
110
4.31 May 14
Aug
1,196
38
Jan
so
165 JuneA pr 11
Aug
175
6% Jan 10% Aug
500
Jan
150 65 May 100
5% Aug
234 Jan
m
610
Feb
Jan
49,965
6
Mar
2% June
150
2
July
1% June
100
5
July
Feb
2
175
JunejAuJune 15% Mar
25
Aug
3
234
1,360
8
Feb
334
3
Aug
T June
375
17,195 16% June 36% Feb
4,167 19% June 26% Jan
1,087 17% June 24% Jan
Aug
5,199 21% May 45
Jan
205 63% May 95
331 Mar
31 May
1,978
5 June 14% Mar
4,517
Mar
1,114 5834 June 104
Jan
164 85 May 112
5 May 25% Jan
890
3% July 11% Jan
154
914 Jan
5% June
240
July
34 May
4,100
1
July
31 Jan
830
Jan
406 63 June 107
1
Jan
N May
1,350
Feb
May 11
1
75
Aug
234 Apr
3.618
Feb
Jill) 76
,
10 54
5% May 11% Aug
291
631 June 37% Jan
5.956
Aug. 27 1932
Sales
Friday
Leaf Week's Range for
Week.
ofPriced.
Sale
Stocks(Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
High.
Low.
5%
1,485
6% 8
3
390
431 6
Standard 011 of Calif
29% 26% 29% 13,285 15%
2
Tidewater Associated OIL..
431 534 3,530
534
309 20
6% Preferred
4934 51
2%
Transamerica
5% 6% 180,369
7
Union 011 Associates
13% 11% 13% 7,791
731
Union Oil of Calif
14
12% 14% 13,299
Wells Fargo Bk & U T_ _ _ _ 200
52 139
188 200
West America Fin 8% pref
90
%
%
N
7
Western Pipe Steel
9% 10% 1,373
9
Sou Pac Golden Gate
------
Aug 11%
May 10%
June 29%
534
Apr
Feb 51
63/
Jan
July 13%
July 14%
May 200
2
June
July 20
Mar
Mar
Aug
Aug
Aug
Aug
Aug
Aug
Mar
Jan
Feb
-Record of transactions
Los Angeles Stock Exchange.
at the Los Angeles Stock Exchange, Aug. 20 to Aug. 26,
both inclusive, compiled from official sales lists:
Stocks-.
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares.
Associated Gas & Elec A_•
Bolsa Chins Oil A
10
Byron Jackson
*
California Bank
25
California Packing Corp_ _•
Chrysler Corp
•
Citizens National Bank_20
Claude Neon Elec Prod...'
Douglas Aircraft Co Inc_ _*
Emsco Derrick & Equip_ _*
Farm & Merch Natl Bk 100
Globe Grain & Mill com_25
Goodyear T & R pref_100
Hancock 011 com A
*
Internati Re-in.surance._10
Los Ang Gas & El pref_100
Los Ang Investment Co_10
Mtge Guarantee Co___100
Pacific Finance Corp com10
Pacific Gas & Elec com_ _25
6% let preferred
25
534% 1st preferred
25
Pacific Lighting com
•
Pacific Mutual Life Ins_10
Pacific Pub Serv N V corn *
Pacific Tel dx Tel corn...100
Pacific Western 011 Corp..'
Republic Petrol Co Ltd_10
Richfield 011Co com
•
Preferred
25
4.
Rlo Grande(Alcorn
San JOIICI L&P 7% pr pf 100
Seaboard Dairy Cr Corp A
preferred
100
Seaboard Natl Sec Corp_25
Secur 1st Natl Bk of L A.25
Shell Union 011Corp com..*
Signal Oil& Gas A
•
So Calif Edison Ltd com_25
Original preferred__ -25
7% Preferred A
25
6% preferred B
25
534% preferred C_ __ _25
Southern Pacific Co___100
Standard 01101 Calif
•
Transamerica Corp
•
Union Oil Associates__ __25
UnInn (111 nf Ooll•
OK
•No par value.
5534
12%
1454
8
250
40
73
1
,
93
3
8
3254
2354
32
534
134
34
34
3
102
59
6%
2834
2634
21%
24%
2934
634
1334
..ase
434 454
231 234
13-4 1%
55
55%
12% 12%
14% 15%
44
44
631 8%
831 831
3% 3%
240 250
8% 871
35
40
7%
7
11
1134
94
93
3
3
20
25
554 8
3154 3234
23% 2331
2134 2134
4254 4234
3034 3231
154 134
83% 8334
5
0N
134 154
N
N
34
34
2% 334
100 103
35
2754
51
634
214
2734
3934
2634
23
2034
2334
27
534
1131
1911L
Range Since Jan. 1.
High.
Low.
July
200
1
131 Apr
800
31 Jun
200
150 36% July
July
7
25
6 May
400
50 35 June
331 June
2,600
100
531 June
Jan
100
3
20 210 May
734 July
100
122 21
July
4% May
1,000
July
200
8
30 66 May
Aug
3
100
105 io June
3% June
1,600
400 17 June
500 20 May
100 20% July
200 2134 May
800 25 May
MAY
100
1
100 8334 Aug
3,000
3 June
N Jan
400
1,100
N June
34 June
300
2,700
1% May
995 64 June
10
35
20
2754
1,900
60
500
6%
200
234
2,800
30
25
3954
26% 1,200
23% 2,000
700
2174
2514 1,000
8.800
30
6% 51,000
1334 4,100
late in Ran
2234
25
3631
234
131
1654
31
2134
18%
1734
634
1531
2%
7
75e
4% Aug
Jan
4
Mar
2
Mar
61
12% Aug
15% Jan
Jan
55
10% mar
13% Feb
3% Aug
250
Jan
9% Feb
5734 Mar
8% Aug
25 May
Jan
100
Feb
7
Jan
115
Aug
8
Feb
37
Jan
26
2234 Mar
4234 Aug
39
Mar
234 Mar
96% Mar
635 Jan
1% Feb
14 July
% Mar
334Aug
Jan
108
Mar
June
June
Apr
Apr
June
June
May
May
June
June
June
Jan
July
IIIlly
35
37%
65
6%
534
3231
43
2734
25
23
37
30
6%
1334
14%
July
Jan
Mar
Aug
Mar
Feb
Jan
Jan
Mar
Jan
Jan
Aug
Aug
Aug
Aug
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Excnange Securities Market, Aug. 20 to Aug. 26,
both inclusive, compiled from sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Range Since Jan. 1.
High.
Low.
Andes Petroleum
10c 1,500 30
100
5 100
Bancamerica Blair
31
100
2% 234
1
Castle Tretheway
13e
500 130
1
130
34
Continental Shame
31 2,000
•
34
Corporate Trust Shs AA_ ------ 1.82
100 1.80
1.82
Fade Radio
2
1
334
234 331 23,400
Fuel 011 Motors
%
10
34 7,700
14
Golden Cycle
8
100
10% 1034
10
Hendrick Ranch Roy----•
34
1% 2,400
1
1%
Howey Gold
100 300
55c
550
1
H Rubenstein pref
3
350
5
•
5%
534
Huron Holding C
34
1% 2,100
-D
134
1
Internist Rustiess Iron
310 4,000 150
260
1 310
IronrIte Ironer
%
700
1
•
1%
Jenkins Television
100 45e
34
•
34
Kildun Mining
3.00 1,500 1.30
1 3.00 2.50
Macaws Mines
200
220 15,000 120
1 200
30 12
Macfadden pref
13% 1334
•
1
Magnavox
100
1
1
•
Natl Belles Hess new_ _ _1
1%
5,200
1% 2
2
1
1,500
Petroleum Conversion.....5
2%
2
Railways
300
534 531
•
31
100
1
Rhodesian &lea Tr_ _ _5 sh
1
1
100
4
Seaboard Fire & Mar.. _10
4
42c 1,000 250
Sherritt Gordon
37o
1 42e
34
34
34 1,000
Shortwave & Television.._1
100 580
580
58e
Ventures
Western Television
34
3454 9,500
1
100
York Penn G & Rtil
34
34
34
1
7-4
180 2,500 So
Zenda Gold Mines
16e
1
Bonds
8531 $2,000 85
Penn Elec 1st ref 5s H.1962
85
• No par value.
Jan 100
231
June
Aug 139
N
Aug
Mar 1.82
3%
Aug
4
June
June 11%
134
Jan
Feb 600
June 10%
134
May
June 420
1%
Mar
131
May
July 3.40
May 370
July 30
1
Aug
2
Aug
334
June
8%
June
131
May
June
434
Apr 420
May
2
Aug 580
June
234
Aug
2%
Feb 24c
Aug
Apr
Aug
Aug
Aug
Aug
Aug
Feb
Jan
Mar
Aug
Mar.
Mar
Feb
Aug
Jan
Aug
Mar
Feb
Aug
July
Feb
Apr
Aug
Jan
Aug
Jan
Aug
Jan
May
Apr
8531 Aug
-See page 1441.
Philadelphia Stock Exchange.
-See page 1441.
Baltimore Stock Exchange.
New York Curb •Exchange-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last(Aug.20 1932) and ending the present Friday (Aug.26 1932). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bonds, in
which any dealings occurred during the week covered.
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Week Ended Aug. 26.
Stocks
Indus. & Miscellaneous.
Acetol Products cony A.. •
Adams Millis 7% pre-100
534
5
6731 70
300
50
Range Since Jan. 1.
Low.
4
59
IHigh.
July
June
6% Jan
Jan
81
Sales
Freddy
Last Week's Range for
ofPrices.
Wet*.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Aero Supply Mfg CLB- •
Agfa Ansco Corp new____1
Alexander Industries
•
1% 1%
3
1
3-16 3-16
200
1,100
300
Range Since Jan. 1.
Low.
I
% Julyl
1
AugI
1-32 Jan
High.
254 Feb
3
Aug
3-16 Aug
Financial Chronicle
Volume 135
Friday
Sates
Last Week's Range for
Week.
ofPrtces.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
t Air Investors Inc v t c •
Convertible preferred_*
'hued Mills, Inc.Aluminum Co common_ _•
100
6% preference
Aluminum Goods Mfg-- *
Aluminum Ltd com
Class D warrants
Amer Austin Car
•
Amer Beverage Corn
*
Amer British & Cont'l
Amer Capital Corp
*
Common class B
•
$3 preferred
$5.50 prior preferred_ *
Amer Cyanamid corn IL.*
Amer Dept Stores Corp *
•
Amer Equities Co
AMP/ Founders Corp.- --*
Amer Investors new com_ _1
Class B option warrants
Amer Laundry Macy_ _20
Amer Maize Products_ •
100
Amer Mfg Co
Amer Salarnandra Corp_50
5
Amer Thread, pref
Amer Util & Gen cl Byte'
*
Amer Yvette Co corn_
Amoskeag Mfg Co
Anglo Chile= Nitrate_.*
Arcturus Radio Tube new 1
•
Armstrong Cork com
Art Metal Works new_ 5
Assoc Elea Industries
Am dep rcts ord shs__£1
•
Associated Rayon
Assoc Laundries of Amer_*
Atlantic Securities
Atlas Utilities Corp com *
•
$3 preferred A
Warrants
Auto Voting Mach cam._*
Babcock & Wilcox Co_ 100
Beneficial Industrial Loan'
Bickford's common
Blue Ridge Corp
•
Common
50
6% opt cony pref
Bohack (II C)7% pref_ 100
Bourjois Inc
•
Bridgeport Machine
•
Brillo Mfg class A
British Celanese Ltd
Am dep refs ord roe shSlittlova Watch Co Inc
.33% cony pref
iiiirco warrants
Burma Corp
Am den rents roe
20
Butler Bros
62
56
21
734
131
431
1%
4
1231
2
255
12
455
3155
3%
35
255
2%
22
3331
84
3%
154
%
234
la
Jan
May
Apr
May
July
July
June
Apr
Jan
Jan
Slay
z5.5 Jan
2% May
27
July
1% June
% Jan
135 June
54 June
154 June
55 Feb
835 May
Apr
9
5% Jan
3 June
131 July
535 Mar
31 May
431 Aug
54 June
Aug
1
3
May
154 Aug
3%
300
2%
1,300
700
N
934
200
755 28,800
35
100
2
6,000
2%
400
38
200
12
900
6
100
254
34
31
2
4%
32
1
1%
20
8
6
May
Apr
June
Apr
Jan
June
June
May
July
July
Slay
a255
434 31,900
26 n3135 4,000
85
85
25
355 4
500
300
.4
55
19
19
100
55
1655
64
135
May
July
Apr
May
Aug
May
N
1455
19
12
634,
2%
N
1
7
2%
3%
134
7%
Low.
1%
200
300
7
36
100
455 12,800
500
3%
400
2% 12,400
4% 8,800
1,100
14%
125
19
100
12%
75
631
100
255
300
3,100
N
700
100
434
7,800
135 1,000
8%
950
3%
500
1%
7
36
4%
336.
335
1%
3
451
55
155
8
331
Cable Radio Tube v t 0_ •
Can Indus Alcohol A
•
Carnation Co corn
iiirrler Corporation
• 1034
Celanese Corp 7% or pf 100 33
100
7% partic pref
Celluloid Corn
131
Centrifugal Pipe Corp..'
3
Childs Co. pref.
100
Cities Service common_
534
Preferred
• 2935
Preferred B
•
Pref. BB
Claude Neon Lights
1
1%
Cleveland Tractor com
•
ClInchfield Coa Corp _ _100
Club Aluminum Utensil..'
1
olombla Syndicate
1
Columbia Pictures corn...'14
Consol Aircraft common..'
Consol Automatic
3„
Merchandising v t c____*
Continental Shares Inc
Converted preferred_ 100
Cooper-Bessemer Corp •
$3 pref A with war_ __100
Cord Jorp
4
5
Connote, & Reynolds
2%
$6 preferred A
•
Crane Co corn
25
Crocker Wheeler Flee._ __.
951
Crown Cork Internet A...
231
Cuneo Press Joe
Common
Curtis Mfg class A
•
6
Deere & Company
• 14
De Forest Ruffin mom
*
Detroit Aircraft Corp_ _ -..*
Dixon (Jos) Crucible_..i00
I low Chemical Co
Preferred
100
Draper Corporation
Driver-IIarris Co.
10
Dubber Condenser new _ _1
134
East Util. Invest. Cl. A__•
Easy Washing Mach dB.*
3
Eisler Electric Corp
1%
•,
Elect Power Assoc cum...*
ON
Claris A
•
751
illectric Shareholding
Common
$6 pref. with warrants..' 51
1%
Fairchild Aviation
Fajardo Sugar Co
100
•
Fanny Farmer Candy_
Fansteel Products
•
Fedders Mfg ci A
Federated Capital Corp..'
1655
Federated Metals
Flintokote Co el A corn. •
Ford Motor Co LtdA mer dep rcts ord reg.£1
Ford Motor of Can cl A_ __• 1031
Class B
Ford of France receipts_ _ _ _ -----Foremost Dairy Prod....'
•
4%
Foundation Co new
•
155
Franklin (II II) Mfg
•
Garlock Packing
•
1 51
General Alloys Co
3
General Aviation Corp_ _ _*
Gen Elee Co (Ca Britain)
7
Am dep rcts ord reg_ _ £1
General Fireproofing corn.'
Gen Theatres Equipment
11,
*
$3 cony preferred
Gerrard (S A) Co
(A C) Co cam_
Gilbert
20
Glen Alden Coal
Globe Und'write Ex neve.2
3%
Goldman-Sachs Trading..'
100
%
2% 3%
200
455
434
100
11,450
53% 63
58
300
56
100
ON
935
500
20% 22
1%
3
135
600
A
735 3,200
ON
100
35
31
Range Since Jan. 1.
9%
ON
35
134
254
3555
9%
6
18
1%
300
51 June
9% 11%
5% Apr
N Feb
1
155
34
55
400
200
1%
2%
1%
234
3
100
400
51
June
Apr
300
%
2
600
12
300
12% 2,200
33
675
24
475
154
400
3
300
15
110
5% 86,900
29% 22.100
3
200
23
240
1% 7,200
3
3
200
5
5
2'
1
1
100
110 5,000
int
700
1134 14
100
135 1%
% June
1% Aug
ON June
231 June
17
July
8
July
1% Aug
155 July
5
July
IN May
10 May
1
July
9
July
% June
1% June
Aug
5
.4 Jan
118 Jan
435 May
1
July
he
500
In Feb
2% 351
3% 4
531 631
355 4%
2% 2%
15% 1731
6
6
4% 10
2% 354
1,000
400
200
8,900
200
700
100
3,000
1,100
55
1%
1155
934
30
21
155
3
12
5
26
234
2055
116
300
14
15
11,500
54 6
11
1535 35,600
3,500
1,900
Ill
34
40
32
30
200
3454 36
50
88% 8835
22
50
22
600
731 10
200
74
N
100
1%
151
600
3
3
135 4,700
1%
ON 8% 2,400
6% 7% 3,500
55
1%
335
2
1
7
3%
IN
131
July
June
June
May
June
June
May
June
Jan
July
12
55 June
355 June
35 June
1i• Aug
22
July
21% July
88% Aug
1835 Feb
IN Jan
54 July
3i« July
Aug
2
35 June
251 June
231 Jun
900
300
200
50
100
100
100
100
4,300
400
1%
19
55
9%
4
Si
2
55
4
151
331 5% 17,800
734 10% 8,900
100
1955 20
454 431
100
100
3i
4% 4%
300
1
800
134
200
ON
634
134
3,900
131
2% 3% 6,100
254
5
855
355
%
331
Slay
Stay
June
June
Jan
June
g' July
4% July
% Jan
1% June
1,400
700
5% June
2% June
555 7
,
52
50
1% 1%
49
49
4
4
1%
135
5
5
1
1
11
16%
3
4
7
5
7%
5%
11,
1
3,70
100
1%
135
20
2
2%
12% 20% 10,200
100
331 355
2% 355 30,600
55
55
2
6
3
1
May
Mar
Jun
Jun
Au
Jul
Apr
Feb
June
May
June
Mar
Aug
June
June
June
High.
1467
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares
1
'16
Gold Seal Elec new
'16
516
Gorham Inc $3 cumul
7
8
preferred with warrants*
1355 1335
•
Crayinur Corporation_
Gt Ati & Pac Tea
140 146
Non NU cam stock._ __. 145
11751 11931
7% 1st pre:erred. _100 118
154
1
134
Greenfield Tap & Die _ _ _ _*
%
35
Happiness Candy Stores_ _•
li
Horn & Harden corn__ _ _* 2535 2455 2531
635
6
655
Hydro-Electric Seeur _ _ _ _•
•
435
335 455
Hygrade Food Prod
1334 1355
111 Aug HYgrade Sylvania Corp_ _* 1331
%
35
51
855 Mar 'mull Util Investment_ •
34
51% Feb Insurance Co of No Aral() 36
3734
134
155
10
54 Mar Insurance Secur
19
20
% Mar Internet Cigar Mach....'
% 1
1
34 Aug Interstate Equities Corp.*
15
16
• 1534
255 Aug
$3 cony preferred
5
6
*
431 Aug Interstate Hosiery
•
3%
2% 331
% Aug Irving Air Chute
35
55
A
Jan
18
Warrants
*
31
1
19
Aug Jonas & Naumburg
Aug Kaufman(L S) pref
13
234 255
7
Mar Kolster I3randes Ltd
1
135
£1
3
Jan
Amer shares
4
yi
34
Jan Lakey Foundry & Mach_ _*
2
234
*
195 Feb Lefcourt Realty com
•
7
7
454 Aug
Preferred
11
•
1231
N Aug Lehigh Coal az Nay
3
3
1% Aug Lerner Stores common..-'
231 235
9
Jan Libby McNeil & lAbby_10
54
55
355 Aug Louisiana Land & Expl_ •
2534 26
Mapes Consol Mfg Co...'
2
2
Mar Marion Steam Shovel_ _ •
4
55
.35
2% Aug Mavis Bottling cl A com--5
55
47% 4734
*
55 Jan Mead Johnson & Co
10
10
951 Aug Mercantile Stores Co_--*
27
27
735 Aug Mergenthaler Linotype..'
6
631
6
36
Mar Midland Steel Products..'
2
2
*
2
Jan Midland United Co
3% Aug Moody's Investors Service
1351 14
•
Participating pref
Mar
45
51
1
1
•
12
Aug National Amer. Co
331 434
•
435
10
Jan National Aviation
26
2755
Nat Bond & Share Corp _ _• 27
454 Aug Nat Dairy Prod Prof A 100 9931 9934 99%
234 3
_1
e31% Aug Nat Investors com
234
26
26
100
86
Feb
555% preferred
31 1%
1%
434 Jan
Warrants
51
1% Feb Nat Leather Co
35
51
*
255 3
2054 May Nat Rubber Mach corn..'
1
1
Nat Steel, warrants
2434 2534
1% Feb National Sugar Refining--•
51
.51
Nat Union Radio new_ _1
154
*
134
14% June Neill Corp
1234 14
34 Aug Neisner Bros pref_ ___100
5
.5
Nelson (Herman) Corp _5
8% 8%
1.31 Mar New York Merchandise_ _*
3% Aug New York Shipbuilding
234
335
•
Founders shares
9
1234
1% Mar Niagara Share of Sid c111_5 1055
755
7.35
2
•
-Pond
Aug Niles-Bement
18
Jan Nitrate Corp of Chile53a
31
12% Aug
Ctfs for ord B shares_ _ __ -----32% 33
Jan Northam Warren pref...*
42
Aug
24
451 454
5
434
Mar Oilstocks Ltd new
3
4
35
4% Feb Outboard Stotor cl B corn_*
2
2
•
Class A cony pref
Jan
30
ON Feb Pan Amer Airways. new 10 2354 2055 2335
5% 631
•
655
5358 Mar Paramount Motors
1755 18
e434 Feb Parke, Davis & Co-..-•
2234 28
-Proof com ___•
Mar Parker Rust
45
33.5
251
335
1% Jan Pesuaroad Corp com v t c__•
2934 35
100 35
Aug Pepperell Mfg Co
4
455
3
355
5
Aug Philip Morris Inc new_10
16
1655
25 16
1
Class A
Aug
55 Feb Phoenix Securities
51
1
55
Aug
"is
14
Common new
955 1134
255 Jan
New $3 pf ser A___ _ _10 1131
1% 2
2
Pilot Radio & Tube class A•
54 Feb Pitney-Bowes Postage
•
235
335
334
Meter
51
45
3% Aug Pittsburgh & Lake Erie_50
Aug Pitts Plate Class corn._ _25
18
4
18
13
13
954 Jan Pratt & Lambert Co
. 13
855 Jan Prancer NT erInthIrn corn..'
334
1
334
2;5 Mar Prudential Investors
•
4% 6%
6
18
Mar Pub Util Holding corn
•
7
Mar
g 1
Without warrants
10
Aug
31
831
Warrants
331 Aug
335 435
4%
53 cum preferred
•
255 2%
Pyrene Mfg coin
10
255
19% Mar Quaker Oats 6% pf...S00
104 104
_
13
Mar Railroad Shares Corp....'
1
154
1555 Aug Rainbow Lumin Prod el A
55
55
1% Jan Ry & UM Invest cl A__ _10
155
151
1%
55 Feb Reliance Internet coin A_*
66
UV,
Jan Reliance Management_ _ -•
134
36
Aug Republic Gas Co
•
34
8835 Aug ReYborn Co Inc
2%
155
10
•
2255 Mar Reynolds Investing
31
55
10
Aug Rossia Intermit Corn- -.•
51
134
134
6
ON
651
74 Aug Royal Typewriter
2
20% 22
Aug Ruberold Co
21
3
22
Aug Safety Car Heat & Lt_ _100 2134 20
23-5 Jan St. Regis Paper corn....10
355 531
4.34
8% Jan
35
100 40
40%
7% pref
55
651 Feb Schulte Real Estate Co..*
55
154 1%
155
Seaboard Util Shares_ _ •
7
6%
Aug Securities Allied Corp- ---•
6
655
50
Aug Securities Corp Gen corn.*
6% 9
8
155 Mar Seeman Bros corn
•
2655 2635
Aug Segal Lock & Hardware...
49
r155
1
151
755 Slay Selected Industries Inc
2
Mar
1
2%
155 3
New common
5
Aug
52
49
New $5.50 prior 91k._.ZS 51
Jan
3
52
45% 52
New allotment ctfs
16% Aug Selfridge Provincial
4
£1
Mar
Amer dep rents
34
/
14
Sentry Safety Control...'
34
35
654 Jan Sheaffer(W A) Pen
955 935
15
Mar Shenandoah Corp
•
25
3%
Mar
33,1
2
Common
14% 19%
50 19
6% Mar
6% cony Prel
27
51 Aug Sherwin-Williams corn_ _25 27
27
4% Aug Silica Gel Corp v t c
1
135
1
•
2
115 122
Jan Singer Manufacturing_ _100
3355 41%
8% Jan Smith (A 0) Corp
• 38%
Apr Southern Corp
3
•
1% 2
334 Jan Spanish & General Corp
35
la
Amer dep rcts bearer shs
% Mar Standard Investing Corp
10
13
7% Jan
$555 cum cony met _ _
31
1
Starrett Corporation
1% Jan
2% 234
50
6% preferred
2
17
• 18
Jan Stutz Motor Car
2135
6% Jan Sun Investing $3 pref....'
22% 25
2234 Jan
155 3
Common
•
1235 13%
335 Aug Swift & Co
25 13
331 Jan Swift Intenaanional__ __ _15 23% 2155 2355
2%
4%
4%
63
07
10%
22
10
Aug
Jan
Jan
Aug
Jim
July
Feb
Jan
116 Jan
731 Aug
51 Jan
14
Range Since Jan. 1.
Low.
3;600
N July
800
100
335 July
1035 July
High.
% July
Jan
Mar
9
17
170 10351 May 150
Jan
July
June 120
120 108
402
1
Aug
134 Aug
34 Jan
% May
300
Jan
900 1531 May 29
3,900
431 June 1134 Mar
2,100
14 June
454 Aug
Feb
100 1055 Apr 21
Jan
6,100
6
35 May
Mar
1,800 1855 May 40
255 Jan
400
55 May
Jan
June 30
300 12
1% Feb
xi., Apr
1,800
Aug
5 June 14
700
Apr
7
July
5
900
4% Feb
1,500
2 June
% Feb
200
sii June
31 Aug
35 Aug
500
1
235 Aug
335 Aug
200
200
500
200
1,300
100
100
2,600
200
200
2.500
200
300
150
300
100
'4
34
1
5
555
2
1
%
25
%
54
2974
8
1934
134
1
June
May
May
July
May
July
Slay
Mar
June
Jan
July
July
July
June
May
Mar
14
131
6
1855
12%
731
4
1
43
231
4
61
15
32
855
2
Mar
Jan
Feb
Feb
Jan
Feb
Jan
Aug
Feb
July
Aug
Mar
Jan
May
Feb
Aug
14
600
Aug
594 Jan
354 July
800
34 Aug
1,100
235 Jan
434 Aug
3,000 18 June 2755 Aug
Apr
50 8034 July 101
331 Jan
June
3,100
1
Aug
25 1555 Apr 26
1,700
35 June
14 Aug
54 June
1.300
54 Aug
300
354 Mar
131 July
1% Jan
35 June
100
1,200 x10
June 2534 Aug
100
51 Aug
'16 July
235 Mat
100
1% Apr
635 May 2254 Mai
125
100
Fet
3
Mar
7
8% Aug
100
8
May
1,700
3,300
200
131 July
4
June
June
4
534 Fel
12% Am
1335 Aul
3,500
200
1,6 May
26
June
% jai
37% Mal
300
700
100
2,100
2,500
700
1,100
32,635
300
2,800
600
2,200
400
2,100
2
51
131
1334
2
1131
14
1
17%
2
14
June
June
May
July
June
Apr
Aug
June
July
June
May
514 July
July
8
.34 June
1,700
1,400
100
100
GOO
4,100
134
18
1231
9
1
2
6,400
9,900
1,500
300
20
900
500
100
600
1,000
5,600
4,500
700
4,100
400
700
875
22,600
370
600
200
1,500
600
100
3,300
35 June
28% June
28
June
100
1,300
100
31 July
31 July
July
9
Aug
Aug
Jan
Aui
Aug
Jai
Mal
Mai
Mal
Mai
Aug
34 Jul)
1134 Aug
334 Jai
Ma
Au
Me.
Jai
Au
Aug
35
5/3i
14
2%
99
x
34
%
55
34
55
18,400
900
1,700
455
134
234
2355
634
19
55
351
3655
431
1635
12,000
2,900
100
1,700
190
3,6.50
400
1,400
800
400
800
3,300
200
800
6,500
11,000
June
May
June
June
Slay
July
335
51
1935
19
334
635
1
Aug
July
Apr
13.4 Aug
Jan
6
Jgine
235 Aug
Apr
Aug
July 104
131 Aug
May
55 Aug
Apr
Jan
June 1
June
155 June
254 Aug
June
Apr
% Jan
g Jan 2 Aug
M Jan
55 Aug
135 Aug
34 Apr
255 May
831 Mar
14
May 38
Feb
1234 June 3135 Feb
5% Feb
I% June
Apr
14% July 50
31 Apr
135 Jan
g May 144 Jan
431 June
755 Jan
a2
Apr
9
Aug
Jan
2134 July 29
2
Jan
55 June
55
435
20
34
75
11
1
3
52
52
Aug
Aug
Aug
34 July
1
Jan
Jan
20
351
June
June 19%
July 3455
1%
Apr
May 134
July 59
2
Mar
Aug
Aug
Jan
Aug
Jan
Jan
Aug
% Feb
51
Jan
June
Mar
June
June
June
May
May
May
13
1
351
21%
25
3
22
26
Aug
Aug
Aug
Aug
Aug
Aug
Mar
Slat
3
51
55
835
18
1
7
10
II
1468
Financial Chronicle
Friday
Sales
Last Weelc's Range for
Sale
Week.
ofPrices.
Stocks (Concluded) Par. Price. I,ow. High Shares.
Taggart Corp
Tastyeast Inc class
•
Technicolor Inc corn__ ___•
Tcbacco & Allied Stocks_ •
Tobacco Prod of Del
Transcont Air
•
Trans Lux Daylight
Picture Screen com_ .•
TM-Continental Corp
Warrants
Tubize Chatillon com_ _ _ _1
Union Tobacco Co
Union Twist Drill
5
United Aircraft & Transp6% pref without warr_ 50
United Dry Docks
•
United Founders tom_ _•
United Shoe Mach corn_ _25
United Stores Corp v t c•
U S Finishing Co
•
U S Foil class B
US & Intl Securities
•
Common
151 pref with warr
•
U S Lines pref
TJ S Playing Card
10
Universal Pictures
Utility Equities corn
•
Priority stock
Utility & Indus Corp
Common
•
Preferred
Van Camp Pack corn
•
25
7% Preferred
Vick Financial Corp-----5
Waltt & Bond c113
•
Walgreen Co corn
•
Walker (H) Gooderham de
Worts common new._ .•
New cum prof
•
Wayne Pump Co
Western Air Express_ _ _ _10
WesternCartrldge6% Pf100
Western Dairy Prod pf_ •
Westvaco Chlorine Prod
$7 preferred
1013
Wil-low Cafeterias
•
Preferred
•
Woolworth (F W) Ltd
Amer dep rcts for ord shs
Youngstown Sheet pref_ 100
233
235
Range Since Jan. 1.
Low.
May
June
June
June
May
June
3%
35
3%
24
34 June
2%
1
;i
35
15%
34
1%
Feb
Feb
Aug
Mar
Jan
31
331
2% 34
23% 23%
34
31
334 3%
2%
3,300
1% 2%
5
8
'is
34
10% 1031
3,100
300
700
50
31
31
'16
1035
May
June
Jan
Aug
231 Aug
Aug
8
Jan
1031" Aug
'
41
200
4135
SOO
X
36
231 66,600
al%
325
3531 3731
2,000
35
31
134 131
300
331 431
1,100
37%
%
5-16
2131
31
1
2%
Aug
May
May
June
June
June
Apr
41%
%
235
40%
34
2%
4%
800
3,600
100
125
800
1,400
50
31
9%
%
10
1
31
26
Jan
June
June
June
July
July
July
% Aug
Aug
31
1% Aug
Jan
23
Jan
5
2% Aug
4931 Feb
7%
34
131
434
1,700
700
1,700
500
700
1
234
31
54
331
June
July
June
May
May
235 Feb
11% Feb
Jan
2
233 Jan
434 Mar
131 134
13
1831
200
7,700
34 June
834 Apr
434 Mar
183,1 Aug
at
635
831 8%
34
31
10
10
48
4931
22% 22%
400
100
300
100
75
50
2%
8
%
4%
4131
22%
May
June
July
June
July
Aug
6% Aug
8% Aug
1n
AugA
J
10
48
50
131
1%
12
12
3
100
1,200
6,900
100
7.100
1,500
50
100
25
42
Aug
31 June
10
May
6631 Mar
2% Jan
Feb
20
931 10%
37% 3734
8,300
1,000
7% Jan
3734 Aug
10% Aug
Feb
47
1%
231
8
fie
41
34
233
36
31
14
34
1734
2%
235
34
34
23% 31
1
I
16% 17%
2
3%
2% 2%
43
43
2%
6
34
1
431
1831
6%
%
10
1033
3734
Public Utilities
Alabama Power $i Pref.- -• ------ 79
180 51% July
82
Am Cities Pow & Lt New Cony class A_ .25
1,300 19% July
3934
35
131 July
New class B
1
354 534 18,200
535
Amer Com'wealth Power
1,400
Class, A common
•
31
34 May
.%
A
H Mar
Class B common
•
31
34 5,000
A
1
1
Aug
$6.50 1st pref
1
50
Apr
Amer & Foreign Pow warr
554 634 5,000
6%
30% 39% 101,100 14% June
Amer Gas & Elec com_ _ _ _ • 38
July
Preferred
400 60
91%
• 91 34 87
May
Amer L & Tr corn
25 23% 21% 24% 7,500 10
231 Feb
100
2% 2%
Ara Sts Pub Serv corn A.,*
4% 631 121,300
131 Jun
531
Am Superpower Corp corn •
5731 66
1,000 28% Jun
First preferred
• 66
33
40
400
9 Jun
• 40
$6 cumul pref.
Appalachian El Power
91
10 82% July
91
•
$7 cumul pref
3% 534
1,500
Assoc Gas & Elec com_ _ _•
34 Jun
1
July
331 4% 21,900
Class A
•
331
20
Au
6
$5 preferred
• 1435 14% 14%
Si,
lit 11,800
31 mar
Warrants
1% 4% 12,100
1 Jul
431
Assoc Tel Utilities
•
86
94
225 653.4 Jui
100
Bell Tel of Canada_
10935 10935
50 98
Bell Tel of Pa 635% Pf-100
May
831 1031 4,900
May
7
Brazilian Tr L & P ord.._•
9%
22% 23%
Buff Niag & East Pr pf--25
1,100 15% May
Canadian Marconi-See M arconi Wireless Tele graph o I America.
Cables & Wireless Ltd
11, 11,
Am dep rcts A ord ohs Ll
300
51,1 Jun
Am dep refs B ord
54
'Is 1,600
May
131 Jun
100
Am dep rcts pref shs__ Ll
234 233
75
2' 62
Aug
75
Carolina P & L $7 pref •
100 12 June
1331 13%
Cent Flud 0& E corn t c•
31
31
20 2534 Aug
Cent Ind Pow 7% pref 100 31
1
135 3,600
31 Feb
131
Cent Pub Serv corn
•
% July
1% 1%
9,100
131
Class A
3
3
100
Cent & So'west Utilcom_
% June
2% 4
29,300
z34 May
335
Cent States Llec corn__ _•
12% 12%
3% Aug
100
6% pref without war_100
June
27% 31
900 19
Cleve Elec Ilium cora__ • 35
100 10131
40 92% Apr
6% preferred
100
Columbia Gas & ElecMay
9231 3,52' 40
80
Cony 5% pref.
100 91
2,600 49% July
7935 85
Commonwealth EdLson_100 84
Common & SouthernCorp32,200
Vie June
Warrants
X
1
31
375
1634 25
Aug
7
Community P&L 1st pf_. 21
33 May
1% 14
Community Water Serv__•
300
131
56
Consol G E LAP Bait corn* 63
6335 3,500 3731 June
50 93 June
Pref class A
9535 9531
100
% Aug
Consol Gas Util cl A_
500
331
2
*
150 z42
July
64% 73
Contl G & E 7% pr pf_ _100
Duke Power Co
10
East 08.9 & Fuel Assoc_
_
835
6% preferred
160
East States Pow com B_•
3
$7 pref series A
22%
$6 preferred B
•
East UM' Associates
Con, stock
•
Elec Bond &Share new corn 5 39%
$5 cumul pref
• 54)1
$6 preferred
• 63 ,
Elec Pow & Lt 20 rd A _•
Warrants
434
Empire Dist Elec6% p1100
Empire GaS & Fuel
7% preferred
100
8% preferred
100
Empire Pow part stock_ •
10
European Elec ci A
2%
Optional warrants
34
Florida P dr L $7 pref _ ___• 58
14
Gen 0 & E $5 Pref
Gen Pub Serv $6 pref. •
Georgia Power $6 pref_ •
Gulf States Utll $5.50 pf_*
•
$6 preferred
Hamilton Gas corn v t
31
•
IilinOlaP& L $6 pre'
100 51
6% preferred
Indpls P &,L $6.50 pref 100
Internet Hydro-Elec•
$3.50 cony pref
Internal Superpower
1 12%
New corn stock
High.
331
Jan
Aug
Jan
Jan
Mar
Jan
Mar
Aug
223% Mug
53
A ar
93
Jan
3931
634
Aug
AUR
%
31
431
731
39%
91%
24%
331
631
66
42
Jan
Jan
Jan
Aug
Aug
Aug
Aug
Jan
Aug
Aug
Jan
Aug
91
Feb
7
5% Aug
Jan
59
Aug
11% Jan
Mar
100
Mar
112
13% Mar
23% Aug
% Mar
Aug
231 July
28131 Mar
16
Jan
31
Aug
4
Jan
33.4 Jan
414 Jan
/
Aug
12% Aug
35
Aug
103
Jan
0231 Aug
122
Jan
1
25
1%
6931
9533
331
76
Aug
Aug
Jan
Mar
Aug
Aug
Jan
6331
731
59
234
18
11%
65
831
60
331
2231
19%
10
1,20
50
3,700
100
225
31
2%
30%
31
17%
531
July
June
June
Jun
Jan
July
7331 Jan
8% Mar
Jan
68
331 Feb
2231 Aug
22% Jan
3,!‘
213(
474
52%
27
434
1634
1,200
4
3934 483,400
5934 2,600
9,400
65
250
32%
1,800
5%
19
100
1;4
6
1631
19
634
1%
8
May
Jun
July
May
June
May
July
531
3931
5931
65
45
6
20%
Jan
Aug
Aug
Aug
Mar
Jan
June
22%
24
10
231
31
52
12
30
72
54
49
31
53
.51
75
100
2431
150
2631
12%
800
3,100
3
31 3,800
1,275
62
1,15
19
5
43
25
7535
2
54
12
50
% 22,700
32
55
5
54
100
75
6
7
7%
1
33
25
331
10%
47
50
49
M
21
23
65
May
May
May
May
Apr
July
July
May
May
Jan
Aug
May
June
Jun
Au
48%
52%
18
8
%
7931
25
50
82
54
50
1
63%
61%
75
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Aug
Aug
Jan
Mar
Mar
Aug
17% 2734
350
12% Jun
1031 12%
3,900
434 Jul
27% Aug
12
Aug
Public Utilities
(Concluded).
Aug. 27 1932
Friday
Sales
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares.
Internat Util class A
Class B
3
Warrants
Italian Superpower A____.•
2%
Warrants
Long Island Ltg com....*
6% preferred _____ _ _100
7434
7% preferred
100 87
Marconi Wirel Tot Can _1
131
Mass Util Assoc corn v t I -•
5% cony partic oref_50
Memphis Nat Gas co __ -----Met Edison $6 pref
75
Middle West Util corn_ •
31
$6 preferred ser A
2%
Mohawk & Stud Pow lstpf* 8911
20 preferred
•
•
Montreal L II & Pow
National P & L $6 pfd- -• 74
New England Pow Assn
6% preferred _
-_ _100 55%
New York PAL 7% pfd100
56 preferred
• 83
NY Steam Corp Com4934
N Y Telep 635% pref_ _100 114
N Y Water Serv 6% p1_100
Niagara Hud Pow
New corn WI
15 1835
Cl A opt warr new
131
CI B Opt warr new
4
Iti
,
Class C warrants new__ _
Nor Am Util Sec corn_ _ _ •
131
Nor States Pow com A_100 71
7% preferred
100
Pacific G & E 6% tat p125 24
Pacific Ltg 86 pref
•
Pa Pow & Lt $7 pref
•
Pa Water & Power Co. •
Philadelphia Co corn
1333
Phi a Elec $5 pref
99
Puget Sound PAL $5 p1..'
$6 nreferred
• 39
Ry & Light Secur com_
*
R Pub Sery pref
•
Sou Calif Edison
25
6% Pref series B
534% pref class C.._.25
Southern Nat Gas corn.._*
3.4
Sou New Ellg Tel
100
So'west G & E 7% prof.100
Sou'west Gas Util com _•
Standard Pow & Lt corn. •
•
Common class B
Preferred
• 65
Stand Pub Serv part A •
334
Swiss Amer Elec pref
Tampa Electric corn.....
•
Union Gas of Can
United El Serv Am shs_
United Corp warrants.....
United Gas Corp coin_ _ _•
Pre( non-voting
Option warrants
United Lt & Pow corn A._•
Corn class 13
$6 cony 1st pref
US Klee Pow with warr...*
Stock Perch warrants_
Utah Pow & Lt pref
•
Utli Pow & Lt com
_•
ClassB vt c
•
7% preferred
100
West Massachusetts Co's •
Former Standard Oil
Subsidiaries
Buckeye Pipe Line
50
Chesebrough Mfg
25
Cumberland Pipe Line
Liquidation rcts Ws_ - Eureka Pipe Line
100
Humble 011 & Refining_25
Imperial 011 (Can) MM..
*
Indiana Pipe Line
10
National Transit
12.50
New York Transit
5
Ohio 0116% Fret
100
Penn Mexico Fuel
25
South Penn 011
25
Standard Oil (Indiana)..25
Standard Oil(Ky)
10
Standard 011 (Neb)
25
Standard 011 (Ohio)._ _ _25
5% Preferred
100
Swan Finch 011Corp.....25
Other Oil Stocks
Amer :Maracaibo Co
1
Arkansas Nat Gas corn...°
Com class A
•
Preferred
100
Carib Syndicate
25c
Columbia Oil& Gas v t O.
•
Colon 011 Corp Corn
Consol RoyaltY011
10
Cosden 011 Co common_ _*
Certificates of deposit-Preferred
110
Creole Petroleum Corp__ .•
Crown Cent Petroleum-.•
Darby Petroluem corn _ _
.
Derby 011 & Ref com--__•
Gulf Oil Corp of Penna..-25
Indian Terr Ilium Oil
•
Non vot class A
5
1ntercont Petroleum
Petroleum-*
International
•
Kirby Petroleum
•
Lion Oil Refining
•
Lone Star Gas Corp
Magdalena Syndicate.- _.1
•
Margay(MCorp
•
Mexico Ohio 011 Co
Mich Gas & 011 Corp___ _•
Middle States Petrol
•
Class A vtc
Mo-Kansas Pipe Line ...5
Mountain Producers_ ---10
National Fuel Gas......
_5
New Bradford 011 Co_
5
Nor Cent Texas 011
North European 011
1
•
Pacific Western 011
Pantepec 011 of Venez_.•
Petrolum Corp of Amer
Stock Purch warr
Plymouth 011 Co
5
Pure 011 Co 6% pref. _100
Reiter Foster 011
•
•
Prior pref
9
1%
34
134
74
1635
7434
78
133
14
25
333
70
35
231
83
SO
30%
6631
46%
95
68
4731
11031
29
17
135
4
11a
if
5833
74
23%
87
9731
4331
11%
9831
44
38
9
23
1,000
1031
3% 15,600
200
34
2% 4,700
200
74
300
1734
76
100
530
90
1% 8,200
14
100
125
28
400
4
78
350
31 11,600
4
600
91
825
86
75
31
200
7734 2,550
55%
9631
85
4935
114
32
890
150
700
300
500
100
1935 31,000
1%
2,500
431
600
2,500
131
700
75
3,500
80
350
24% 3,400
87
25
9731
100
47
400
13%
400
99
100
240
53
45
500
125
1131
23
100
Range Since Jan.l.
Low.
High.
233 May 1033
331
31 July
May
34
2%
31 June
31 July
34
13
194
July
45
July 86
July 101
50
135
34 May
1% May
234
1431 June 28
1% July
531
35 June 80
31 Apr
7
Aug 5131
1
5631 June 93%
48
June 86
2034 June 31
35
June 77%
Aug
Aug
Jan
Aug
Aug
Jan
Mar
Mar
Aug
Jan
Aug
Jan
Aug
Jan
Jan
Mar
Aug
Aug
Aug
12
66
65
28
98
29
June 5931
May 100
July 85
July 56
June 114
Aug 32
Jan
Jan
Apr
Mar
Mar
Aug
731
31
131
%
33
39
46
1931
81%
65
35
6
90
31
38
4
1935
136
493
1%
1%
83
9434
2654
9334
9935
53
17
99
5531
58
20
23
Aug
Aug
Aug
Aug
Aug
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Aug
Apr
Feb
Jan
Aug
531
3
40
31
7%
13
38
234
57
335
28
52
931
931
5
2435
13%
2534
2
231
2%
4
31
136
131
2%
6%
231
3931
10%
734
34
*is
43
,
1
1335
135
31
531
lit
2331 23%
21% 2151
%
31
107 107
60
60
5is
36
12
14
13
15
47
70
2% 3%
36
36
100
400
700
10
10
1,100
700
600
1,100
1,400
50
1731
1735
7.•
SO
27%
31
6
631
20
%
26
Jun
25
Jan
Jun
22% Jan
Jun
34 , Jan
Jun 107
Aug
Jun
Jan
70
May
X Jan
Apr 20
Jan
Apr 20
Jan
June 70
Aug
May
3% Mar
5435 Mar
July
27
30*
431
4
2% 2%
531
5
231 3%
3731 x45
31
31
731 9
1131 13
27% 40
I% 231
31
%
54
GO
2% 331
931 936
3731 50
30
33
3,800
300
100
3,600
61,300
17,600
12,300
31,000
200
28,600
9,900
500
400
30,100
300
600
50
18
131
231
131
%
834
15
I%
4
8%
715
June
June
Mar
June
May
June
May
May
JUIY
June
June
Apr
35
July
31 May
13-6 July
12
June
19
July
85
334
1331
61%
3431
24
2431
8934 8935
29
16%
July
June
July
July
July
JUIY
June
July
June
June
Jun
Jun
July
July
Aug
July
May
400
100
1731 July
53 June
35
90
Jan
Mar
6
100
28
400
6334 3,700
2,400
934
500
935
4%
100
835
300
531 1,200
79
600
7%
200
1531
600
24,700
25
1434 8,000
100
16
350
2631
2
87
10
2
6
18
3534
63(
631
2%
6
234
60
4
9%
1331
8%
10%
1531
75
1%
Aug
June
June
June
May
June
June
June
Jan
Apr
Jan
Apr
June
July
AP
July
June
831
35
5331
10
9%
731
1035
333
79
8%
1634
25
15;1
19
3031
87
2
May
Mar
Aug
Aug
Aug
Feb
Feb
Aug
Aug
July
Aug
Aug
Mar
Jan
Aug
Aug
Apr
5,20
34
233 2% 1,10
2% 7,70
2
800
4
431
80
31
31
131 2,20(
134
1% 2,400
1
1,100
133 2
1,500
1% 2
1,100
1%
131
400
6
4
3.100
211 331
1,400
34
34
6%
1,600
5
1,40
2
3
3734 4031 13,700
34
31
31
131
31
31
34
1
31
31
2
131
34
1 34
1
23
Jan
May
May
July
Jan
May
Jun
Jan
May
May
Ma
Jan
Apr
Jan
Jun
June
51
231
234
534
31
136
1%
2
2
1%
6
333
31
631
3
41
Apr
Jan
Jan
Jan
July
Jan
Aug
Aug
Aug
Aug
Aug
Aug
July
Aug
Aug
Aug
100
3% 331
1,400
1034 1131 10,20
10
74
31
334 331
10
7% 831 2,40
'IS
31 17,60
7
7
10
20
2% 3
1
1%
80
133
31t
8
54
131
331
11a
33(
133
34
June
Mar
June
Jan
May
Apr
Jan
Jan
June
Jan
433
31
1131
1
334
931
34
7
3
2
Jan
Jan
Aug
Aug
Aug
Jan
Jan
Aug
Aug
Jan
13(
134
31
34
434 431
13% 1431
31
1
134
34
34
531
5
34
33
50
2,80
1,70
1,600
30
1,100
1,80
1,60
400
35 Apr
31 Apr
234 Apr
8 June
31 Jan
31 Jan
*is June
3 June
11, June
131
231
434
1434
74
134
54
6%
31
Aug
Jan
Aug
Aug
Aug
Aug
Jan
Jan
AUK
71
31
934 934
5331 5831
34
34
431 5
300
1,000
40
200
900
31 Aug
Apr
6
40
July
June
14 Apr
71,
10%
5831
34
5
Aug
Aug
AU4
Jan
Aug
6
27
48
9
831
431
831
4%
78
631
1431
2331
12
16
25
87
2
32
431
535
331
55
9%
13
5331
2%
Jan
Jan
Feb
Aug
Aug
Jan
Jan
Aug
Aug
Jan
Aug
Aug
Jan
Aug
Jan
Jan
Jan
Financial Chronicle
Volume 135
Friday
Sales
Last 1Veek's Range for
Sale
ofPrices.
Week.
Other Oil Stocks
Par Price. Low. High. Shares.
(Concluded)
Salt Creek Consol OIL _ _10
Salt Creek Prod Assn__ _ _10
Southland Royalty new...5
5
Sunray Oil Corp
Texon 011 & Land_ __ -_-- •
Union Oil Associates_ .25
•
"Y"011& Gas Co....
34
'is
12
Mining Stocks
Bunker Hill & Sullivan_ _10
11'wana M'Kubwa Copper
American shares
Comstock Tun it Drain__1
34
Consol Copper Mines_ _ _ _5
Cresson Consul G M & 55i
,
10
CUBI Mexican Mintiag__50c
34
25c
ilecia Mining Co
Hollinger ConsolG M....5
24
Mud Bay Min & Smelt
4 -----Kerr Lake Mines
254
Lake Shore Mines Ltd.__
Newmont Mining Corp_ 10 184
New Jersey Zinc Co__ _25
5
NipissIng Mines
.1
'is
Ohio Copper Co
314
Pioneer Gold Mines Ltd._ 1
Premier Gold Mining_ _ _ _1
).
Roan Antelope Copper
3•
American shares
,.
St Anthony Gold -----._ _ I
2
Denn Mining__ _•
Shattuck
314
Teck Hughes Mines_ .___.
Tonopah Mining
I
United Verde Extersu•It de
314
Utah Apex :kilning On_ _ _5
Wenden Copper NI inIng._1
34
Wright Hargreaves Ltd._ .• ------
300
54
34
1,500
43.4 5%
414 434
100
3-4
3-4 600
714 7%
1,400
12
12
200
500
14
34
20
Lair.
14
24
34
h
: Si
734
%
Jan
June
June
Feb
May
July
Feb
High.
14
5%
5
14
fi
12
14
Aug
Aug
July
Aug
Aug
Jan
June
25
100
15
July
25
Aug
1
ZOO
1,600
2,600
1,900
1,100
1,100
500
4.700
.500
:,300
31
34
14
h
34
2
314
Si
1,0
214
May
Aug
June
Jan
Junc
July
June
May
June
June
1
15
14
3-4
14
54
5
3
3-4
264
Aug
Jan
Jan
JUIY
Aug
Jan
Jan
Aug
July
Mar
11135 14,800
:!1M :013.
800
1
100
34
18,200
34 8,000
1,000
34
414
144
710
71.
234
4
May
Apr
June
Jan
Apr
May
194
324
14
'is
4
11
Aug
Aug
Aug
Jan
Mar
Aug
334
'is
14
214
11
135
710
11$
14
May
Jan
June
May
Mar
Apr
Mar
Jan
Apr
73‘
•i•
2%
44
14
414
1
11
24
Aug
Jan
Aug
Jan
Jan
Jan
Aug
Jan
July
3(
5'i
31 30, , 3%
414 z5
215
,
4
5-4
70 214
614
144
114
311
33.4
1
14
234
74
2
3%
'15
334
1
4
2%
1,000
4,100
1,100
7,000
100
1,200
200
5,000
4,800
Bonds (Continued)
Cleve Elee ill 1st 55....1939
Gen 5s series A
1954
1961
59 series B
Commander-Larabee 6s '41
Commerz und PrivatBank 5145
1937
Commonwealth Edison
1st NI 53 series A.
..1953
1st M 53 series B__ _1954
1st 44s series C...1956
1st M 410 series D_1957
4545 series E
1960
1st M 43 series F...1981
510 series 0
1962
Com'wealth Subsid 530'48
Community Pr & Lt 5s1957
Connecticut Light it Power
1st it ref 73
1951
4143 series C
1956
55 series D
1962
ConsolGEL&P 4431935
Consol Gas El Lt it P(Balt)
1st ref s f 45
1981
1st it ref. 534s ser 1(1952
let it ref 43Is ser G.1969
414s series H
1970
Consol Gas Co (Bait City)
Is
1939
Con Gas N Y Is..., _1957
Consol Gas Util Co1st & coil Os ler A__1913
Deb 64s with warr 1943
Consol Publishers610 1936
Consumers Pow 410-1956
1st it ref 5s
1936
Cont'l B it El 55
1958
Continental Oil 543._1937
Cont'l Securities Is ser A'42
Crane Co 53__ _ _Aug 1 1940
1940
Crucible Steel 53
Cuban Tel 7145
1991
Cudahy Pack deb 548 1937
Sinking fund 5s_ -1946
Cumberland CoP&I.4346'56
BondsAlabama Potver Co964 28,000 84 June 9931 Jan
96
1946 96
st
' & ref 53
944 12,000 75 June 9515 Mar
1951
91
lot es ref 5s
9234 18,000 78
1956 924 89
1st & ref 5s
June 964 Jan
1957 80
784 81
79,000 70
101 & ref 434s
May 84% Jan
89
1968
894 5,000 75
Iot&rri be
May 91
Jan
75
Water Service 55_1957
75
1,000 53
July
75
Aug Dallas Pow it Lt 6s___1949
094 91,000 81
95
.,,,alleurn Cos r deb 5s 1952 98
May 9934 Aug Dayton Pow it Lt 55..1941
41,000 45
0Inum Ltd deb 55_1948 6411 644 69
July 74
1941
5. new
,
Mar
5
4
5
_
50,000
r Com'Ith Pr Is... 19411
114 May 11
Jan Del Eiec Pow 510
1959
34 4% 21,000
‘1)enture 550,- -1953
14 Apr
Jan Denver Gas it Elec Is 1949
8
84 10
7.000
Community P 5101953
24 May 19
Jan Denver-Salt Lake My (is '50
58
58
& Continental 53_1943
21,000 47
Jan 60
1960
6s
Aug
35
46
59.000 18
'iii El Pow Corp deb 65_457 40
July 46
Aug Derby Gas it Eke 54_1946
88% 386.000 62% May
_2028 8434 84
mer G & El deb 5s_
8814 Mar Des Moines Elec 5s_ _1938
3714 47
62,000 134 July 47
AM Gas de Pow deb 6[5_1939 38
Aug Det City Gas Os ser A 1947
294 34% 120,000 114 July 3711 Jan
1953 33
Secured deb Is
(is 1st series B
1950
81% 49,000 38
.114 Pow & Lt deh as_ _2016 7434 73
May 824 Jan Det & Int Bridge 7s_ _1952
93
Radial. deb. 4101947
93
12,000 79
July 93 sJuly
1952
650
hs_1948 584 57
624 144,000 30
, Amer Roll Mill deb
July 67
Mar Dixie Gulf Gas 610 __1937
734 233,000 46
70
44% notes..._ Nov 1933 72
Apr 76
With warrants
Mar
36
41
Amer Seating cone 65_1936 41
23,000 17
July 47
1967
Mar Duke Power 410
90
Appalachian El Pr 5s__ 1956 91
93
29,000 724 May 93
1945
Aug Duquesne Gas 6s
Appalachian Gas 63__-1945
334 124 33,000
2
16
July
Jan
1945 11
65 B
1234 49,000
7
Jne
, deb
1334 Jan East Utilities Invest
14 Apr
80
Appalachian Pow 65_ _2024
87
33,000 54
June 87
55 with warrants_ .._ _1954
Aug
1941 102
10011 1024 36,000 96% Ant 10234 Aug Edison Elec III (Boston)- 53
4% notes Nov 1_ _1932
Arkan.3as Pr & Lt 55_ _1956 88% 86
89% 73,000 67
1933
May 8934 Aug
454% notes
Arnold Print Works 6s 1941
39
44
21,000 39
Aug 60
1933
5% notes
Mar
Associated Elec I 4s- _1953 58
52
67
56,000 17 June 67
1934
2 year Is
Aug
Associated Gas& Flee Co
b.% notes
1935
Cony deb 543
1938 34
29
45
51,000
9
45
1950
July
Aug El Paso Electric
Cony deb 410
1948 3734 324 45
93,000
45
934 July
Aug El Paso Nat Gas 610 1913
Cony deb 4,45
1949 34
29% 43
229000
with warrants
July 43
Aug
Cone deb 53
1050 3734 324 49
70,000 z10
Aug
1938
deb 610
July 49
Deb 5s
1968 364 314 46
280000
4 July 46
Aug Elec Power & Light 55.2030
Registered
35
35
10,000 134 July 35
Feb Elec Pub Serv 545 C_1942
Cony
510
1977 3914 344 51
49,000
9% July 51
Aug Empire Dist El 5s_ _ _ _1952
Assoc. Ray In deb. 55 1950
384 314 39
50,000 19
June 404 Jan Empire Oil& Refs 5451942
Associated simmons HardCreole Marelli Elec Mfg
ware 6341
14
15% 6,000 10
1933
July 37
Mar
61
0 with warrants_1953
,
Assoe T & T deb 510 A '55 40
40
4634 03,000 144 July
72
1967
Feb Erie Lighting 5s
Assoe Telep Utll 5 45.1944 314 26% 36% 37,000 12
Jan European Elec 6401_1965
July E4
6% notes
50
554 09,000 25 June 7
1933 50
Without warrants
5% Feb
Atlas Plywood 543_ _ _1943 29
29
29
4.000 29
Aug 3735 Jan European Mtge Inv 7s C'67
Baldwin Loco Wks5143_'33 8214 8234 89
01,000 45
July 93
Aug Fairbanks Morse deb 5s.'42
Bell Tel of Canada 53_1957 9634 944 97
85,000 834 Jan
97
Aug Farmers Nat Mtge 75_1963
1956 9614 94% 9614 19,000 84
13t NI 55 ser A
Jan 9611 Aug Federal Sugar Ref 65_ _1033
1st NI 53 ser C_ _.. _1960 954 95% 96% 18,000 8314 Jun 96% Aug Federal Water Sere 51054
784 79% 50,000 65
Birmingham Elect 445 TR
79
June 8131 may Finland Residential Mtge
Birmingham Gas 55.
614 68
.1959 63
56,000 39% July 7514 Jan
Banks as
1961
Blackstone Valley G & E
Firestone Cot NI111.3 5s AS
10111 1014 2,000 100
1st & gen mtge. 50_1939
Apr e1014, Aug Firestone T it Rub Is 1942
9934 101
35,000 914 June 101
Baden Conant Gas 53_1947
Aug First Bohemian Glass
Boston & Main RR 65_1933 10034 100 100% 57,000 80 June 1004 Aug
Works 73. _ _ _Jan 1 1957
65
62
Broad River Pow Is,.1954 55
14,000 384 July 68
Mar Fisk Rubber 534s-----1931
1034 1044 7,000 9854 Feb 101% Aug
Buffalo Gen El 53. -1956
Certificates of deposit...
Fla Power Corp 530 _1979
100% 102
9,000 94
Canada Nat My eq 75.1935
Aar 102
Aug Florida Power it Lt 5s_1954
90
1,000 79
90
1955
Can Natl S S Is
Jan 90
Aug
68
72
Nor Power 53.1953 72
Canada
46,000 54
72
July
Aug Garlock Packing 6s_ _1939
Capital Admin 55_ ....1953
Gary El & Gas 55 ser A 1934
75
75
4,000 64 June 80
Without warrants
Apr Gatineau Power 1st 53 1950
804 864 82,000 56
Carolina Pr & Lt 55_ _ 1956 81
July 864 Aug
Deb gold 6s June 15 1941
90
14,000 794 Ntay 91
Caterpillar Tractor 53_1935 894 88
Mar
Deb Its ser B.
1941
8754 04
5s.1960
26,000 74
Cent ArIzonal.
June 94
Aug Gen Bronze deb 63_ _ _ _1940
102 102% 10,000 984 June 1024 Aug
1943
Central Ill Light 53
General Cigar 65
1932
Central III Pub Service
as
1933
80
824 10,000 6214 July 8211
1st mtge 5s ser E.1956
6s
Aug
1934
74
79
87,000 53 June 79
1st & ref 410 ser F_1967 76
Aug
Os
1935
80
83
19,000 57
1st nage Is ser G__1968 82
July 85
Jan Gen Motsrs Accept Corp
72
79
1981
9,000 55 June 79
410 series 11
Aug
5 % serial notes_ _1933
Central Maine Power
5% serial notes
1934
9214 50,000 74
924 91
1955
Is series A
May 9234 Aug
5% serial notes
1935
88
85
5,000 74
1957
445 series E
May 8954 Jan
5% serial notes
1936
71
4,000 54
77
1950 76
Cent Ohio I.& P 53
July
77
Aug Gen Pub Service 55._ _1953
74
76
17,000 514 May 76
Central Pow loser D...1957 78
Aug Gen Pub Util 614s A _1956
Cent Pow It 1.1 1st 55_1956 6734 664 76 134,000 42 June 76
Aug
634s
1933
Cent Pub Sere 510.-1949
Gen Refractories 55_ _ .1933
914 20% 1432000
17
With warrants
54 June 2734 Jan Gen Vending Corp 6.3.1937
164 10
20 124,000
warrants
1% July
Without
Aug
20
With warrants
51
5634 244,000 17
June 56% Aug Gen Wat Wks it 511 55 1943
Cent States Elm 55__ _1948 53
Deb 514s Sept 15, 1954
1944
65 series B
57 725,000 18
5254 51
May 57
with warrants.
Aug Georgia Power ref 55..1967
53
74,000 20 July 59
Cent States P & L 510'53 48% 42
Feb Georgia Pow it I.t 5.3._1978
1953
Gesture! deb 65
764 82
66,000 544 Apr 82
Aug
Chic I31st Eiec Gen 410'70 78
Without warrants
July 8534 Aug Gillette Safety Razor 58 '40
Deb 5145 Oct. 1, 1935 834 824 8514 40,000 42
45
45
1,000 1854 July 504 Jan Glen Alden Coal4s___ .19415
Chic Pneu Tool 545 1942
49
5314 55,000 34
Apr 5334 Aug Glidden Co 5145
Chic Rys cas of deps_1927 53
1935
Cigar Stores Realty Holding
Gebel (Adolph) 610_1935
18% 30 116,000 104 June 40
Deb 5145 series A_ _ _1949 20
With warrants
Mar
4,000 394 June 62
60
57
mar Godchaux Sugars 7345 1941
Cincinnati St Ry 5145 A '52 57
7,000 4311 June 67
63
60
1955
Mar Grand Trunk fly 610.1936
Os series B
43% 49
68,000 16
1056 48
May 49
Aug Grand Trunk West 48_1950
Cities Service 55
Aug 46
46
46
10,000 46
Registered
Aug Great Nor Power 55-1935
1950 4914 a4414 4914 1484000 z17
May 524 Jan Great Western Pow Is 1946
Cony deb 58
62 134,00
33
52
May 62
Aug Green Nit Pow Is
1948
Cities Service (las 640 '42 62
Aug Greenwich Wit S 53 A 1952
Cities Serv 058 Pipe L '43 6514 644 6614 63,000 494 May 68
Cities Sere P it L 5345 '62 5474 514 56 243,000 26% July 5814 Jan Ground Gripper Shoe Co '44
1469
Friday
Last Week's Rang
of Prices.
Sale
Price, Low
High
Range Since Jan. 1.
Sales
for
Week.
Low.
104
104 10414 16,000
10234 105
19,000
1034 1034 1034 5,000
35
1,000
35
49
49
100
994
984
98
914
90%
91
844
10034
774
60%
94
854
101%
784
6234
1024
Range Since Jan. 1.
High.
99% Jan 10434 Aug
Feb 105
99
Aug
99
Feb 1034 Mar
25
Jan 37
Feb
2
5314 75,000 z 93-4 June
101
10034
94
95
94
89
1014
83
69
22,000
128,000
19,000
13,000
28,000
201,000
708,000
162,000
88,000
86
8234
78
78
78
694
94
40
38
110 110
1,000 1084
n104 n104
2,000 90
10194 10214 91,000 9514
102 102
4,000 1004
92% 9114 94
65,000 82
106% 10514 10614 10,000 102
103% .0314 104
10,000 96
101% 9814 10114 6,000 94
Aug
57
June 101
June 1004
June 94
June 95
may 94
May 89
Aug 10134
May 83
June 69
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
110
e9454
10211
102
Aug
July
Aug
Aug
July
July
July
Aug
Jan 94
Aug
June 108
May
June 10434 May
Feb 10114 Aug
1(.214 1023-4104
3,000 10214 Aug 10434 Aug
9734 994 800,000 94
July 993.4 Aug
354
26
30
40
194 29
55
55
97
0614 9814
103
103 10334
6814
6314 61
944 94
95
47
52
74
75
75
68% 62
684
78
81
884 87
89
97
99
99
85% 8514 8514
66,000 1614 May 40
Aug
4
96.000
Aug
May 29
1,000 45
Feb
July 81
97,000 87% Feb 9814 Aug
75,000 1004 Mar 10414 Aug
515,000 35
May 6814 Aug
112,000 804 Apr 9534 Aug
38,000 32
July 52
Aug
12,000 514 July 89
Jan
17,000 39
June 77
Mar
7,000 55 June 83
Jan
31,000 59
June 97
Mar
36,000 95
June 99
Mar
2,000 71
June 86
May
104
10214 104
994 993410034
984 100
99
76
75
80%
95
94
96
85
85
3314 364
7154 70
72
9754 9734
92
684 92
81
87
2
2
5
5
24,000
29,000
297,000
15,000
13,000
3,000
4.000
34,000
7,000
33,000
38,000
1,000
4,000
8314
93%
7
304
101%
1014
101%
854
83
85
36,000
904 934 25,000
6 r12
15,000
2554 35
10011 1004
1014 1014
10134 1014
10114 1014
10114 10114
78
8614
594
59
58
444
574
22
504
4914
62
58
6731
22
60
59
9714
56
97
51
31
50
31
61
5714
604
177,000
97
95
9811
55
92
80
25
53
96
70%
6414
3-4
5
June 104
Jan 101%
Aug 100
June 8014
Apr 96
May 85
May 434
June 72
July 984
May 974
May 89
Feb
2
Mar
714
46
June
85
June
34 May
8
July
Aug
May
Aug
Aug
Aug
Aug
Mar
Aug
Aug
Feb
Mar
Aug
Star
85
Aug
9414 Mar
r12
Aug
35
Aug
1,000 9S
Jan 101% May
5,000 100% July 1014 July
27,000 98% Jan 102% May
67,000 994 July 10114 Aug
09,000 98
May 10114 Aug
30,000 61
July 864 Aug
11,000
27,000
816,000
1,000
118,000
97,000
58
43
29
20
36
26
June
June
June
Slay
July
May
60
98
9,000
47,000
42
90
June 634 Mar
June 100
Aug
52
32
35,000
24,000
38
19%
64%
Apr
Apr
70
60
6731
27
654
59
Apr
Mar
Aug
Apr
Jan
Aug
52
35
Aug
Jan
55
18,000
65
34% 3414
1,000
3% 33.4 3,000
534 a4934 56 119,000
34
14
2
21
July
May
Jan
July
65
3435
5
56
Aug
Aug
Mar
Aug
45
26
62
68
Jan
Jan
July
48
SO
83
Mar
Aug
Aug
32
104
8
45
50
Jun
Apr
AD
Jul
May
60
37
364
68
78
Jan
Aug
Aug
Aug
Feb
1,000 553,4
62
90,000 49
a83
754 213,000 5434
6214 95,000 374
61% 65,000 37
25,000 20
60
1,000 100
10114
10154 8,000 100
1,000 9834
102
1024 6,000 98
Jul
Jul
Ma
June
June
June
Feb
Apr
Jan
Jan
62
85
7514
70
68
60
10114
1014
102
102%
Apr
Feb
Aug
Mar
Mar
Aug
Aug
June
Aug
Aug
101%
1014
10014
1004
75
44
52
70
Aug
Aug
Aug
Aug
Apr
Aug
Aug
Jan
8234
3814 48
80
76
83
82
54,000
80,000
12,000
44
364
3514
67
74
44
354
354
61
72
44
37
36
68
77
1,000
40,000
72,000
64,000
234,000
62
7414
7011
58
57
53%
1014
1014
102
10214 102
8054
7114
6134
61
5434
1014 10014 10114
101
100% 101
99% 100%
1004 997 10034
4
65
65
38
44
34
4414 52
.50
60
65
60
11,000
9,000
27,000
13,000
1,000
73,000
13,000
22,000
98
964
94
93%
62
19
24
29
Jan
Jan
may
Jan
Apr
May
June
July
464
22
8534
62%
314
4011
1514
85
62
334
48%
24
89
64
8,000
95,000
10.5,000
164,000
16,000
1
22%
z614
6311
4514
Apr
May
June
May
June
Jan
8
434 Aug
24
Aug
Jan
90
654 Mar
4514
96%
57
874
44%
9511
56
8514
48
65,000
964 99,000
594 226,00
8714 19,000
23
77
4214
62
June
May
July
May
48
9614
60%
874
Aug
Aug
Aug
Aug
58
58
87
45
9014
0%
75
53
1
May 75
June 8634
Jan 101
June 69
July 100%
Feb 9934
June 85
July
71
5
Aug
Aug
Jan
Aug
Mar
Mar
Aug
Apr
Aug
Jan
70
75
74
74
99% 101
61
6451
100 1004
100
9934 994 9914
7814 83
70
71
231 24
,
74
9934
32.000
2,00
31,000
26,00
22,00
23,00
4,00
6,00
1,000
Financial Chronicle
1470
Bonds(Continued)
Sales
Friday
Last Week's Range for
Week.
Sate
of Prices.
Price. Low. High. $
Guantanamo West 6s_1958
Guardian Investors 58 1948
With Warrants
1937
Gulf Oil of Pa 53
Sinking fund deb 58_1947
Gulf States Util 5s_ -1956
1st & ref 4)44 ser BA961
Hamburg El & Und 514s'38
Hood Rubber 10-yr 58%s'36
1936
7s
Houston Gulf Gas6101943
With warrants
1st mtge & coil 65___1943
Hone L .Sr P 1st 414s E_1981
1st & ref 4)44 ser D_1978
1953
1st 55 series A
Hudson Bay M & S 68_1935
Hungarian-Ital Bk 7)44'63
Hydraulic Power (Niagara,
1951
Ref & imp 58
1950
1st & ref 58
Ilygrade Food 68 tier A 1949
1949
• 65 series B
1947
Idaho Power 55
Illinois Central RR 4148'34
Ill Nor Utilities 55-1957
Illinois Power Co 55_ _1933
III Pow & L 1st 6s ser A '53
1st & ref 5145 ser 8_1954
1st & ref 55 ser C___1956
S f deb 5145_MaY 1957
Independent0& G tis 1939
Indiana Electirc Corp
1947
68 series A
1957
55 series C
Indiana Hydro Elec 55 1958
Indiana dr Mich Elec1955
1st & ref 55
1957
5s
Indiana Service 5e.,__1963
1950
1st & ref 55
Indianapolis Gas 55 A_1952
Ind'polis P & L 58 ser A '57
Inland Pow & Lt 6s C_1957
Insull Util Invest 65_ _1940
With warrants
1949
Deb 5s ser A
Internet Pow Sec 610B '54
Secured 6145 ser C_1955
Secured 78 series D.1936
1957
75 series E
1952
7s series F
International Salt 5s- A951
Internet Securities 5E1_1947
Interstate Iron & Steel
1st M 5348 ser A_ 1946
Interstate Power 5s_ _ _1957
Debenture 65
1952
Interstate Public Service
6148 series B
1949
&series D
1949
434s series F
1958
Interstate Telep 55 A_1961
Invest Co of Amer 511.1947
With warrants
Without warrants
Iowa-Neb L & P 5s_ _ _1957
1st & ref 55 series B 1961
Iowa Pow & Lt 4)44-- 1958
Iowa Pub Service 55.-1957
Isere° Hydro-Elec 75_1952
Italian Superpower of Del
Debs 68 without war '63
29
97%
70
53
52
57%
89%
91
45
44
5.534
92
82
78
•703
65%
34% a40
99% 10014
96% 98%
79% 8134
70
75
50% 53
50
60
71
67
42 a46
58
52
9134
87
88
91
92% 95%
74% 74%
39
41%
1,000
Low.
13
29
Aug
9,000 24
31,000 90
110.000 83
5,000 56
28,000 55%
62.000 z23%
65.000 35
28,000 43
June z3434 Aug
June 10034 Aug
June 98% Aug
Jan
July 84
Jan
July 75
Aug
May 53
Aug
Jan 60
Aug
Apr 71
4,000
58,000
79,000
3,000
7,000
16.000
12,000
1734
21
73
75
85%
55%
26
Jan
June 50
Aug
May 58
May 9134 Aug
Aug
May 91
June e9534 Aug
Aug
May 76
Mar 48% Feb
102
103
46%
46
21,000
10,000
18,000
10,000
95%
98%
21%
25%
Feb 103
Feb 103
May 4914
June 46
Aug
Aug
Jan
Jan
94
50%
90
9934
7634
73
68
62
88
97
61
92
998%
88
82
77
68
88
16,000
84,000
5.000
20,000
201,000
42,000
168,000
78,000
3,000
88%
5014
72%
96
56
50
4814
30%
64
Feb
Aug
Apr
Apr
June
June
June
June
Jan
97
61
92
99%
911.4
88
83
74%
88
Aug
Aug
Aug
Aug
Jan
Jan
Jan
Feb
Aug
90
79
71
Mar
Mar
Jan
7634 84
77
72
71
70
10,000
36,000
5,000
63
55
57
June
Jan
June
91% 94
97% 100
36% 49
50
36
79% 82%
93
9434
23
22
9.000
5,000
65,000
46,000
16,000
98,000
9,000
82
91
16
16%
71
72
10
June 91
May 100
July 62
JU1Y 63
JulY 86
6
May
May 36%
3%
2% 5% 582,000
44,000
6
334
103
100% 103% 23,000
7314 19,000
72% 70
97% 97% 98% 71,000
78% 78% 7834 2,000
66% 68% 21,000
68
4,000
77
76
17,000
5114 60
%
34
77
52
80
62
52%
57%
36
May 38% Jan
Jan
May 27
June 103% Aug
Jan
June 78
June 98% July
June 87
Jan
Apr
Jan 74
June 77
Aug
Aug
July 60
44%
46%
80
93
5,000
201.000
204,000
Aug
Aug
Feb
Feb
May
Jan
Jan
Aug
28 June 60
4634 July z69% Mar
Aug
19 May 52
65%
49
60
60
63% 69
48% 52
82%
75
67
82%
72
63%
62
82% 1,000
36,000
80
71% 25,000
1,000
62
70
57
5134
42%
June 95
July 80
Apr 75
June r68
Mar
Aug
Feb
May
7134
69%
77
85
75
60
7114
68
77
79
85
75
57
71% 3,00
6934 4,00
44,000
82
2,000
80
3,000
85
26,000
77
61% 27,000
6834
47%
64%
66
75
61
48
Apr
Apr
June
June
June
May
June
71 34
6914
82
80
85
8234
62
Aug
Aug
Aug
Aug
Aug
Jan
Aug
3734
36
38% 84,000
2111 May
42%
Jan
84%
53
6334
98
32,000
14,000
286,000
2,000
3,000
18,000
15,000
3,000
3,000
21,000
40
79%
7434
923.4
80
64
61
8014
6334
40
July 66
May 9814
May 90%
June el01
June e96
June 90
July 90
July 95
July 84
Aug 45
Feb
Aug
Aug
Mar
Jan
Jan
Jan
Jan
Jan
Aug
16,000
80
16,000
93
83' 1,000
28,000
80
1,000
83
85 123,000
99,000
89
10,000
91
1,000
84
60
6614
62
58%
80
46
52
80
708%
June
June
June
June
June
June
June
May
July
Jan
Jan
Jan
Jan
Aug
Mar
Mar
Jan
Jan
62
98%
90%
100
88
89
82
9134
84
45
2,000
71
70
49% 49% 1,000
87% 131,000
83
53
74
61%
80%
97
81%
6,000
55
11,000
75
25,000
67
80% 3,000
10,000
98
83% 6,000
38 June
Feb
32
48% June
28
5414
4214
76
7334
68
6.000 82
9434 95
91% 9434 5,000 90
98
98% 18,000 95
89% 87% 91 34 120,000 68
1,000 100
100 100
Manitoba Power 5%5.1951 6134 60
63% 15,000 36%
Mansfield Min & Sm is '41
1,000 15
With warrants
28
28
4,000 15
Without warrants
30
30
30
Mass Gas Co 5345_ _ _1946 9134 89
9134 87,000 65
Sink fund deb 55__1955 88
87
88% 62,000 64
Mass Util Assoc 5s.--1949
81% 26,000 65
81
McCord Rad dr Mfg 65 '43
534
With warrants
5,000
30
30
a20
Melbourne El SuPp 754s'46
7914 80% 7,000 60
Memphis P & L 5s A_1948
95
96% 5,000 9132
45,000 65
Metropolitan Edison 4s '71 78
7314 80
1962 93% 88
55 series F
9434 261,000 85
4,000 50
Mich Assoc Tel 5s- --1961
68
70
8,000 24
Middle States Pet 614s_'45 35
35
37
Middle West Utilities
1932
9
Cony 5% notes1034 72,000
2
Cony 5% notes---_1933
9
10% 116,000
9%
9
Cony 5% notes----1934
1014 86,000 z2
834 10% 136,000 z2
Cony 5% notes---1935
9%
53,000 88
9$3.4 95
Milw Gas Lt 4145- --1967 94
31,000 62
a8314 89
Minneap Gas Lt 4145_1950 85
Minn General Elec 55_1934 10134 10134 1013.4 7,000 100
3,000 70
8534 87
Minn P dr L 1st 53.-1955
17,000 67
1978
80% 83
55 1st & ref 434s
,
Mississippi Power 55.-1955 7434 6914 74% 7,000 50%
66,000 56%
79
84
Miss Power & Light 58 '57 79
Miss River Fuel 65.-1944
5,000 61
78
78
Without warrants
Apr
Bonds (Continued)
High.
101%
103
41%
43
Jacksonville Gas 55_--1942 5934 52%
Jer C P & L 1st & B_ _1947 9554 9534
1st 4145 series C__1961 8634 85%
100
Jones .1: Laugh'n Steel 55'39
88
Kansas City Gas 6s__ _1942
85
Kansas Gas & El 6,3-2022 89
80%
1947
Kansas Power 55
Kansas P & L fis ser A_1955 9134 86
82
1st mtge 58 ser B_--1957
Kelly Springfield Tire 6s'42 • 4234 40
Kentucky Utilities Co
1961
79%
1st M 5s
1948 92
87%
614s series D
83
1955
514s series F
77
1969 77
55 series I
83
Kimberly-Clark 55_ _ _1943
8014
Koppers G dr C deb 581947
85
Sink fund deb 534s 1950
91
Kresge(88)Co 55.._ _ 1945 91
84
Ctfs of deposit
Laclede Gas Light 5345 '35
Larutan Gas Corp 6%s '35
Lehigh Pow Secur 68.2026
Leonard Tietz 7345 1946
Without warrants
Lexington Utilities 55_ 1952
Libby McN & Libby &'42
Lone Star Gas 55
1942
Long Island Ltg 6s___1945
514s series A
1952
Los Angeles Gas & Elec1st & general 55_ __ _1961
Louisville G & E 4%5_1961
65 series A
1937
Louisiana Pow Sr Lt 5s 1957
Luzerne Co Gas & El 6s '54
29
Range Since ,Tan. 1.
June
June
May
June
June
July
82
96%
84
82
8734
88
908%
95
95
Aug
77
50
Aug
87% Aug
55
78•
81
9334
99
85
June 96
May 94%
Aug 98%
May 93
Aug 100
Aug
Jan
Mar
Mar
Jan
Mar
Mar
Aug
Aug
Mar
Aug
June
63% Aug
May
June
June
June
June
33
30
9714
90
90
Jan
Jan
Jan
Mar
Jan
June
Feb
May
June
Aug
June
Apr
30
82
9634
80
94%
70
37%
Aug
June
Aug
Jan
Aug
Aug
Aug
May 89% Jan
Jan
May 69
Jan
May 65
May 62% Jan
Mar
June 96
Aug
June 89
May 102% Aug
June 90% Apr
June 83
Aug
July 7734 Mar
May 84
Aug
June
84
Mar
Aug. 27 1932
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Price. Low. High.
Mies Riv Power 1st 5s 1951
Missouri Pr ar Lt 5345_1955
Missouri Public Serv 5s '47
Monon West Penn Pub Set
1st lien & ref 5348 B 1953
Montreal L H & P Con
1st & ref 58 ser A--1951
55 series B
1970
Morris Plan Shares 6s_1947
Munson S S Lines 6345 '37
With warrants
High.
Low.
8614 June
68
JUIY
50
July
9934 Aug
Aug
90
Aug
66
78% 29,000
54% May
8034 Mar
197,000
4
9 % 9 51 49,000
9 % 3
0
2
7,000
41
45
82% Feb
8134 Feb
41
Aug
9414 Aug
93% Aug
Mar
65
98%
90
9834 99% 77,000
2,000
89
90
1,000
66
66
74
74
92%
42%
Range Since Jan. 1.
7%
734
1,000
4% June
89%
9634
%
20
52%
40%
5%
17
60%
88
75
15
55%
40%
40
41
29%
30
35%
36
June
Aug
June
May
June
June
June
Aug
June
Feb
May
June
June
Apr
Apr
Apr
June
June
July
June
14
Jan
99
98%
4634
34%
88
80
45
2214
8031
94
98
37
77
70%
70
72
6711
7534
80%
77
Aug
Aug
Jan
Jan
Aug
Jan
Jan
Aug
Mar
Mar
Mar
Aug
Jan
Aug
Aug
Aug
Jan
Aug
Jan
Aug
Narragansett Elec 55 A '57 97% 9536 9834 79,000
1957
9614 98% 10,000
5s series B
6
514 8% 87,000
Nat'l Elec Power 55- _1978
11,000
32
30
Nat Food Prod 65.._ _1944
42,000
82
88
Nat Pow & Lt 6e A_..2026
2030 7534 70
80 277,000
Deb 58 series B
22% 2614 1215000
Nat Public Service 55 1978 24
218% 21% 2234 4,000
Certificates of deposit_ 80% 15,000
1935 8034 a78
Nat Tea Co 5s
8,000
93% 94
Nebraska Power 4345.1981
93% 10,000
91
2022
Deb 6s series A
37
8,000
33
Neisner Bros Realty 65 '48
73% 87,000
70
Nevada-Calif Elec 58_1956 71
N E Gas & El Assn 55_1947 6834 a6234 70% 75,000
70 186,000
61
1948 66
Cony deb is
1950 6534 6134 72 222,000
Cony deb 55
5834 6714 221,000
New Eng Pow Assn 5,3_1948 63
61
75% 138,000
1954 65
Deb 53-4s
62
26,000
New Orl Pub Serv 65 A '49 6034 58
1935 7234 68% 77 112,000
Gen lien 4345
N Y & Foreign Invest
2,000 38 June 60
60
60
5348 with warrants_1948 60
92
88,000 73 May 92%
NYP&L Corp 1st 410'67 908% 90
N Y State G & E 430_1980 84% 8334 86% 191,000 6614 June 8634
Aug 100
10,000 84
84 100
1962 96
534E1
1,000 78% Apr 87
87
87
NY & Westch Ltg 45_2004
Niagara Falls Pow 65_1950 10534 104% 10514 42,000 101% Mar 10534
28,000 30 June 59
39
37
Nippon El Pow 6345-1953
No American Lt & Pow
6,000 8714 May 97
95% 97
1933
5% notes
6,000 6034 Feb 92
85% 92
1934 91
5% notes
7,00
July 85
55
8414 85
1935
5% notes
4734 July 86%
86% 27,00
.83
1936
5% notes
May 42%
35% 42% 69,000 21
39
Nor Cont TRII 5145...1948
Northern Indiana P S7,000 62 June 87%
80
80
lat & ref 55 ser C_ -1966
1969 80% 8034 80% 2,000 64% June 88
Is series D
79% 8% 10,000 6234 May 82%
1st & ref 434s ser E_1970
Nor N. Y. Utilities
5,000 86%* Aug 94
90
94
6s series C
1943
86
82% 6,00
78
1st lien & ref 5s ser E-'55
9654
38,00
85 Jun
Nor Ohio Pr Lt 53'je 1951 95% 94% 96
Jan 90
30,000 79
89% 90
Nor Ohio'Frac dr Lt 55 1956 90
30,000 75 May 92
89% 92
92
No StatesPr 514 %notes'40
Apr 91
1961 90% 8834 91 123,000 79
Ref 4145
85
4,000 50 Jun
84
84
Nor Texas Utilities 78_1935
19,000
8 May 4334
20
2534
N-western Pow Os A -1960
.
9514 41,000 80 May 95%
91
Ohio Edison 1st 55
1960 95
97
21,000 83 Jun
95% 97
Ohio Power 1st 55 B 1952 97
93%
1st & ref 4Maser D-1956 9114 9134 93% 71,000 74 Jun
July 88
1,000 70
88
2024
Debenture fis
88
Ohio Public Service Co-88%
88% 8834 2,000 70 Jun
1st & ref 65 series C1953
88%
16,000 65 Jun
82% 87
1st & ref 55 ser D_..1954 87
87% 22,000 70 June 87 34
84
1st & ref 5345 ser E.1961
49,000 67 May 89
89
8834 87
Okla Gm & Elec 55_
21,000 60 June 83
7714 83
65 deb series A
1940 82
65
6934 17,000 43 June 69%
Okla P & Wat 59ser A.1948
Osgood Co deb 68_ _ _ _1938
50
2834 2836 2,000 24 Jun
With warrants
64,000 35 Jun
58%
47% 52
1941 52
Oswego Falls 6e
Pac Gas & El Co1941 10634 106 10734 24,000 100 June 107%
lst 6s series B
10234 104% 69,000 94% June 104%
1st & ref be ser C_ .1952 103
72,000 91
May 100
98% 100
55 series D
1955 99
31,000 82% May 95
94
95
1st dr ref 434s E
1957 94
94% 52,000 82 May 94%
93
1st & ref 434s F..1960 93
3,000 56
Jan 76%
70
70
Pac Invest deb 5s
1948
103% 103% 2,000 100 Jun 10314
Pac Ltg & Pow 5s _ _1942
85
Pao Pow & Light 5s...1955 7331 7314 7914 123,000 50% Jun
Pacific Western Oil 634a'43
71%
68
with warrants
70% 82,000 z47 Jun
69
45
Park & Tilford 6s_ _ _ _1936
July 60
2,000 39
45
91,000 61% July 85
78% 85
Penn Cent L & P 4%5_1977 79
4,000 68 Jun e86
83 n89
58
1979
7014 74% 180,000 64% July 76
Penn Elec 4s ser F._ _ _1971 73
81% 24,000 41
Penn Ohio Ed 53.45 13_1959 80% 75
May 83%
84%
82% 30,000 55 Jun
Deb 6s series A. -.1950 82% 80
22,000 84 May 100%
Penn-Ohio P & L5145 '54 9714 95% 98
9434
Penn Power 55
9434 61,000 81% Jun
1956 9334 92
94 100
Penn Pub Serv 68 C 1947 97
99.000 813 Jun 100
55 series D
21,000 82
1954 89 • 8834 92
July 92
92
95
Penn Teiep 55 C
95
5,000 85% Jul
1960
Penn Wat & Pow
1st mortgage 5s. _1940
Apr 102%
10134 10254 17,000 100
Peoples Gas Lt dr Coke
85
45 series B
1981
87% 35,000 68 May 8734
9934 9954 15,000 99
1934
43
-is
Au 100
65 series C1957 991•4 9814 10034 1408000 97% Aug 10014
5
3% 634 62,000
Peoples Lt dc Pow 55.-1979
6%
1 June
Phi% Electric Co 5s. 1966
Phila Elec Pow P 348_1972
Phlia Rapid Trans 68_1962
Phlla Suburban G & RIM dr ref 4345
1957
Piedmont Hydro El Co
1st & ref 63.4a el A..1960
Piedmont dc Not Ry 65,54
Pittsburgh Coal 6s.,_..1949
Pittsburgh Steel 13s_ _ _1948
Poor & Co 68
1939
Potomac Edison be E.1956
414s series 1'
1961
Potomac Elm Pow 58.1936
65 series B
1953
Power Corp(Cani414511'59
Power Corp(N Y)5345.'47
1942
6%seer A
Procter dr Gamble 4345 '47
Prussian Elec deb 65....1954
Pub Serv of N H 4145 B '57
Pub Serv of N J 6% etfs.
Pub Serv of Nor Illinois
1st dr ref 58
1956
1st dr ref 5s ser C 1966
1st dr ref 4%riser D_1978
1st & ref 434s ser E_1980
1st & ref 43-4s ser F_1981
1937
6 Ms series G
Pub Serv of Oklahoma
1961
55 series C
1957
5s series D
Pub Serv Sub 5148 A -1949
Puget Sound P & L 1349 '49
1st & ref 55 ser C-1950
1st dr ref 434s ser D.1950
Queensborough Gas dc El
1952
534 series A
52
105
105
47
Feb
Aug
July
Aug
Apr
Aug
Feb
Aug
Aug
Aug
Aug
Aug
Jan
Jan
Aug
Aug
July
Mar
Aug
Jan
Mar
Mar
Mar
Aug
Aug
Aug
Aug
Apr
Jan
Aug
Aug
Aug
Aug
Jan
Mar
Aug
Aug
Aug
Aug
Aug
Aug
Aug
May
Mar
Feb
Aug
Jan
Mar
Apr
Mar
Mar
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
10534 10,000 10134 Apr 10534 Aug
10514 28,000 98 June 10534 Apr
55
24,000 38
Aug 68% Jan
98% 99%
6,000
94
Jan
56% 61%
67
67
84
84
60
60
60
53
53
88
88
89%
79
79
10234 102%
106 106
55
60
a65
79
80
95
98
10034 100% 100%
40% 42%
82
82
82%
10834 109
48,000
3,000
1,000
1,000
5,000
7,000
4,000
1,000
1,000
7,000
14,000
13,000
30,000
24,000
10,000
14,000
34%
50
68
• 55
40
70
68
10134
104%
37
42%
67
96%
15%
70%
10014
May
May
June
July
May
July
July
July
June
June
July
June
Feb
June
July
Apr
79%
80
99%
86% n92
84% 90%
78
82
78% 82
78% 8334
98
99%
26,000
9,000
17,000
33,000
109,000
1588000
70%
70
60
60
58
98
June e89% Aug
June 90% Aug
Aug
July 82
Jan
June 84
My 8334 Aug
Aug 9954 Aug
80
73%
80
76
6734
75%
73
73
78%
72%
6934
2,000
12,000
75,000
116,000
11,000
96,000
56
55%
38
56%
53%
5214
May
May
June
June
July
June
99%
57
67
89
75%
80%
78
82
76%
71%
8534 86
3,000
68
Aug
99% Aug
63%
703i
90
85
70
90
81
102%
106
60
80
98
104%
44
85
109
Mar
Aug
Jan
Jan
Mar
Mar
Mar
July
Aug
Mar
Aug
Aug
May
July
Jan
Aug
7534
80%
78
82
77%
73
Aug
Aug
Aug
Aug
Mar
Mar
86
Aug
Financial Chronicle
Volume 135
Bonds (Continued)
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
Radio-Keith-Orpheum
1941
6s fun paid
Reliance Slanagem't 55 '53
With warrants
Remington Arms5 34s 1933 88
Republic Gas es June 1545 21
Ctfs of deposit
Rochester Cent Pow 051953 55
Rochester G & E 5s E1962 9635
Rochester Sly & Lt 55_1954 101
Ruhr Gas Corp 6lis....1953 35%
Ruhr Housing ft %a A_1958 3135
Ryerson (Jos T) 5s_ __1943 80%
St. Lords0 di Coke 65_1947
1944
St Paul Gas Lt 5s
Safe Harbor \Vat Pr 4355'79
San Antonio Pub Serv
1st m & ref 5s ser B.1958
San Joaquin L & Pow
1952
6s series B
1957
5s series D
Sauda Falls Os ser A1955
Saxon Pub Works 55_ _1932
Os
• 1937
Schulte Real Estate 65_ 1935
Without warrants
&Sup (E W)deb 5355 1943
Seattle Lighting 55-.1949
Servel Inc 55
1948
Shawinigan W & P 435s '67
1st 4%s series B.__ _1968
1st 5s series C
1970
1st 434s series D
1970
Sheffield Steel 534s_.1948
Sheridan Wyo Con Os '47
mime Gel Corp 635'32
with wa.rants
aouth Carolina Pr 59--1957
Southeast P & L es_.2025
Without warrants
Sou Calif Edison So.,_1951
1952
Refunding Os
Refunding Os June 1 1954
Gen & ref Is.
1939
Southern Calif Gas Co
1957
1st &ref Ss
1961
1st & ref 435s
Sou Calif Gas Gorp 55_1937
Sou Counties Gas 435s 1968
Southern Gas Co 6355_1935
Without warrants
Sou Indiana G & E 5355 '57
Sou Jersey G & E& Tr 5s'53
Southern Natural Gas 65'44
With privilege
Without privilege
Southwest Assoc Telp 5561
Southwest0& 1158 A.1957
1st mtge. Os ser B _ _ _1957
Sou'west Lt & Pow 55_1917
So'west Nat Gas es__ 19-15
So'west Pow& Lt es...2022
S'west Pub Serv es A_1945
Staley (A E) Mfg 65..1942
Stand Gas & Elea 65_ _1935
1935
Cony es
Debenture es
1951
Debenture 6s _Dec 1 1966
Stand Invest Se
1937
1939
5149
Stand Pow & Lt 6s___1957
Stand Telephone 5345 1943
Stinnes (lingo) Corp
76 without warr Oct 1 1936
7s without ware ___ _1946
Sun 011 deb 535s._ _1939
5% notes
1934
Sun Pipe Line Os
1940
Super Pow of 111 4348. '68
let M 4Sis_ _ _
1970
1st Ill Gs
1961
Swift & Co 1st m s f 59 1944
5% notes
1940
Syracuse Lt 58 ser B 1957
Tenn Elec Power 55_1956
Tenn Pub Serv Os_ _1970
Tern'Hydro Elec 63481953
Texas Cities Gas Os...1948
Texas Elec Service 65.1960
Texas Gas UM es_ _1945
Texas Power & Lt 58_ _1956
1937
Ss
2022
Debs Gs
1934
Thermold Co 65
With warrants...
Tide Water Power 58 1979
Toledo Edison 54
1947
Tri-State Tel & Tel 53..is '42
Tri-Utilities deb 55 ___1979
Twin City Rap Tr 5356 '52
8135
7.000
4,000
59
88
11,000
2534 107,000
24 496,000
64 173,000
9734 481,000
25,000
101
36% 14,000
3234 53,000
3,000
80%
23
99
50,000
1934 24
98
99
7,000
9534 9734 52,000
8234
81
103
93
98%
5434 5235
51
50
1234
65
70
69
79
68
75
31
44
83
8634
4534
5034
60
7835
35
74
60
74
76
67
67
70
64%
44
40
May
48
53
7
7
13%
94%
92
13
15
5834
July 8834
88
May
May 25%
June 24
June 04
Aug 97%
Aug 103
May 37
May 34
84%
Jun
106
Jan
Jan
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Jan
5
may
95
July
87% Jun
Jan
23
May
99
97% Aug
6134 Aug
85
Apr
Aug
Aug
Feb
Aug
Aug
10
5234
54
50
55
55
61
52
48
13%
42
Jul
70%
Jun
Aug 06%
May 75
Aug 76
Aug e76
Aug 86
June 75
Aug 75
July
35
Feb
Mar
Aug
Feb
Mar
Mar
Mar
Mar
Aug
Mar
24
47
June
June
50
70
Aug
Mar
208,000
62,000
42,000
102,000
29,000
44
94
9334
93
98%
June
Feb
Feb
Feb
Feb
86%
102%
rIO2
102
105
Aug
Aug
Aug
Aug
Aug
93
1,000
8734 8,000
8734 23,000
85%
2,000
82
70
7114
8534
July
May
June
Aug
93
87%
88%
85%
Aug
Aug
Mar
Aug
86%
10235
102
102
105
93
93
9434 98
100 103
45%
50
50
78
78%
70
34
73
63
60
67
6734
65
62%
69%
70
59
41%
High.
Alb 103
July 93
May 99%
58
Jan
July 5134
1335
68
6634
65
74
7435
82
74
75
35
93
86
8634
85%
Low.
93
81%
84%
25%
3735
7,000
9,000
16,000
1,000
198,000
35,000
95,000
96.000
13,000
42,000
4135 49% 11,000
7,000
64
66
80
10035
100%
10035
104
97
33,000
103
5,000
93
7,000
99
2,000
24,000
58
51% 7,000
12%
66
60
65
68
68
73%
68
72%
28
8134
10134
10134
10034
10434
2,000
396,000
19,000
5034 186,000
52
19,000
60
9.000
80
14,000
7835
1,00
5,30
79
39
38,00
69
90,000
67
3,00
60
2,000
8334 260,00
83 145,00
7734 74,00
73
44,00
70
6,00
70
2,00
70 135,000
44
5,000
62 June 93
93% Aug 98
95
July 103
Aug
Aug
Aug
25%
2635
30
58
7334
47)4
11%
35%
GO
45
32%
35
30
30
50
50%
26
27
July
July
June
Apr
Aug
June
May
June
Aug
July
June
Jun
Jun
May
Jun
May
Jun
May
5031
52
00
80
78%
79
39
81
67
70
8334
83
77;4
73
70
70
70
51
Aug
Aug
Aug
Feb
Aug
Aug
Aug
Jan
Aug
Jan
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Jan
33
32
98%
99%
94
93
72
74
7635 7635
86
10134 10134
92%
93
98%
99
3434
33
100
100
943‘
80
79
86
103
93%
99%
5.000
29,000
52,000
13,000
17,000
56,000
54,000
1,000
7,000
54,000
109,000
22
17%
86
86
SO
54%
52
77
92%
67
84
Mar 35
Jun
33%
Jan 100
Fe
100
Jul
9435
,
Jul
80
AD
79
Jun
8734
June 103
May 95
Apr 9934
Aug
July
Aug
Aug
Aug
Aug
Aug
Mar
Aug
Mar
Aug
85
81
5534
55
85%
2035
88
98%
82
87
82
60
58%
8934
25
92
99%
85%
3,000
8.000
24,000
7,000
110,000
68,000
38,00
35,00
7,00
78
67
42
3254
63
8
67
90
70%
June
July
May
June
May
Apr
June
June
July
92%
86
61
58%
89%
25
92%
9934
94
Mar
Mar
Feb
Aug
Aug
Aug
Feb
Aug
Mar
35
65%
88
101%
1%
34
3935 35%
47
6734
88
10135
1%
44
22
Rib
32,00
47
July 68
46
31,00
81
July e88
1,00
5,00 101% Aug 101%
34 Apr 23%
182,000
88,000 2435 May 41
Aug
Aug
Aug
Aug
Jan
Aug
3235
9935
57
86
23
91
47
67
Ulen Co deb Os
1944 34
Union RI L & P,illo)55 1957 9835
Os series 11
1967 98%
Union Gas Utilities 634s'37
With warrants
234
Un Gulf Corp 5s.July 1 '50 98
Un Terminal (Del) 55_1942
United Flee(NJ)4s_ _1949 •9634
United Industrial 634s 1941 42%
151 es
1945 .45
United Lt & Pow 8s...1975 65
1st 5345____April 1 1959
1974 67
Deb g 6%s
l234
Un Lt & Ry 53411
1952
1952 84
6s series A
1973 64
Os series A
8%
United Pub Serv 6s_ _ _1942
Un Rys of Havana 734s '36
U S Rubber
-year 6% noteS___ _1933 92
3
634% serial notes _1933 9834
635% serial notes_ _1934
634% serial notes _1935
635% serial notes-1936
% Serial notes _1937 55
635% serial notes_ _1938 55
634% serial notes_ _1939 5135
634% serial notes._ _1940 50
Utah Power & Lt es A.2022
1944
435s
Utica Gas & Flee 55....1952 97%
Van Camp Pack 6s_ _ _1948 2534
Van SwerIngen (is 1935
28
With warrants
Va Elec & Power 50...1955
Virginia Power 55... _ _1942
Va Public Serif 5355 A 1946 73
1950 69
let ref 5s ser B
1946 62
-year deb 65
20
80
a58
87
19
22
1,38
,t19534
..1.00
34%
31
080
Range Since Jan. 1.
3034 35% 48,00
9735 100 293,00
37,00
0634 99
10
94
90
June 37
Aug 100
Feb 100
Aug
Aug
Mar
2%
9635
86
9534
40
4434
63
7835
65
59%
79%
60
7
39
234
98%
86
9635
45
45
70
82
7134
66%
85
68
10
3954
2,000
47,000
2,000
11,000
13,00
8,00
67,00
4,00
22,000
178,000
57,000
13,000
16,000
2,000
234
84
75
9135
14%
19
30
52
34
3235
5935
34
2
15
Aug
2% Aug
May e98% Aug
Jun
86
May
June 9634 Aug
May 45
Aug
May 45
Aug
May 70
Aug
July
85
Jan
Jun
7135 Aug
Jun
68% Jan
July 88
Mar
Jul
Aug
68
Apr 29
Jan
Jun
3934 Aug
8634
97
60
50
46
45
44
42
50
6734
74
97%
24
9234 235,000
9835 36,000
64
8,000
63
47,000
5834 19,000
55
18,000
55
15,000
5134 31,0(10
10,000
50
10,000
76
75% 9,000
99
51.000
2535 67,000
5934
66
35
2735
2534
21%
24
21
2234
46
65
88
18%
Jan
Jan
May
May
Jul
Jun
Apr
Apr
Apr
June
Aug
June
July
92%
9835
64
63
58%
55
55
0135
50
76
83
99
4034
Aug
Aug
Aug
Jan
Aug
Aug
Aug
Aug
Aug
Aug
Jan
Aug
Apr
2735
90
9634
73
69
5934
28
9035
96%
80
76
65
2,000
16,000
1,000
25.000
23,000
20.000
10
79
90%
5235
50
3435
May
July
July
July
July
June
49
1)7
96%
8
0
76
7034
Jan
Jan
Aug
Aug
Aug
Feb
1471
Friday
Sales
Last Week's Range for
Week.
ofPrices.
Sale
Bonds (Concluded) Par. Pri cc. Low. High Shares.
Waldorf-Astoria Corp
9
1st 78 with warr_ _ _ _1954
Wanainaker(Phila) 530'49 87
Ward Baking Co 6s_..1937 88
Wash Water Power 5s_1960 96
West Penn Elec 5s____2030
West Texas Utll 5s A _ _1957 54
Western Newspaper Union1944 30
Cony deb 65
Western United Gas & Elec
1955
1st 535sser A
Westvaco Chlorine Prod10-yr deb 5343
1937 102
Wise Elec Power 5s_ _1954
Wise-Minn L & P 5s_ _1944
Wire POW & Lt 5s F._ _1958 84
1st & ref 5s ser E___1956 84
Wisconsin Pub Serv 65 '52 90
Yadkin Riv Pow 5s_ _ _1942
York Ice Mach Gs_ _ _ _1947
York ItY8 58
1937
Foreign Government
And MunIcip,illtlesAgric Mtge Bk (Colombia)
7s
1947
Baden (Consol) 7s_
1951
Buenos Aires(Prov) 734E1'47
Ext 75
April 1952
Cauca Valley 7s
1948
Cent Bk of German State &
Prov Banks 6s B_ _ _1951
6s series A
1952
Danish 534s
1955
Danzig Port & W'ways
July 1 1952
634s
German Cons Music 7[3.'47
1947
Secured 6s
Hanover(City)78_ _ __ _1939
Hanover(Prov)63413..1949
Indus Mtge Bk (Finland)
let mtge coil s f 75_ _1944
Lime (City) Peru 634s '58
Maranhao 7s
1958
Medellin Munic 7s_ _ _ _1951
Mendoza (Prov) Argentina
External 734s s f it_ _1951
Mortgage Bank of Bogota7s Issue of May'27__1947
7s issue of Oct'27_ _ _1947
Mortgage Bk of Chile 6531
Parana (State) Brazil 78'58
Ftio de Janeiro 635s __ _1959
Russian Govt 6355-1919
Certificates 6358.-1919
535s
1921
Certificates 535s_ _ _1921
Saar Basin Counties 761935
Saarbruecken (City) 7s '35
Santa Fe City 7s,
1945
Santiago (Chile) 7s._ _1949
8
87
88
92
65
51
18,000
10
87
2,000
89
5,000
8,000
96
6834 9,000
62 106,000
30
32
9,000
86
8734 12,000
Range Since Jan. 1.
Low.
High.
2034
93
9034
9734
6835
65
Jan
May
Mar
Jan
Aug
Feb
1435 Apr
35
Aug
6234 May
8734
Aug
335
87
73
83
3534
25
May
Aug
June
July
May
July
102
9334
75
83
8235
88
87
50
87%
10234 12,000
9334
1,000
1,000
75
4,000
84
8434 25,000
3,000
90
9035 6,000
2,000
50
8834 3,000
99
90
75
6934
7134
75
78
50
72
Aug
Feb 103
June 95% May
July 76 34 Aug
Jan
June 91
June 89. Jan
Apr
Slay 95
Jan
June 93
Aug
Aug 60
July 8831 Aug
34
39
3135
3134
3034
9
2,000
39
3135 9,000
34
30,000
3054 6,000
1034 19,000
21
1634
2634
2434
3
June
May
June
June
May
Aug
39
33
July
Apr
44
4334 Jan
1534 Jan
3934
3234
37
30
75
3934 59,000
3374 26,000
7535 5,000
May
23
1134 May
Jan
53
4034 Feb
3634 Feb
July
77
3634 363-1
2,000
3334 3634 27,000
32% 3535 48,000
2134 June
15
May
1334 May
4435 Jan
3754 Aug
3734 Aug
31
33
6,000
2834 29% 11,000
1634 June
14
June
35
31
70
8
70
23,000
66
7,000
554 8
735 734 2,000
1735 1734
3,000
49
334
434
934
70
API
934 Mar
Fet
10
Jar
18
29
29
39
3554
33
26
2535 25
11
1034
8
635
13
234
134
134
1%
8
9634 96%
10234
133
%
9
9
33
2634
2634
12
8
14
2%
2
134
2
97
103
14
9
June
Feb
July
July
30,000
2031 May
3,000
5,000
14,000
11,000
4,000
6,000
45,000
23,000
10,000
4,000
19.000
2,000
5,000
2035
2034
9
354
3
%
35
34
34
83
88
1334
34
41
Jan 37
Jan 37
June 16
June 1134
June ele
July
3
Apr
3
May
354
July r 3
Jan 9834
Mar 10334
Aug 3834
Apr 13
Jar
Jar
API
Jar
Jar
Fet
Jar
Jar
Au)
Aug
Au)
Ain
Ain
Juni
Miu
Fe]
r No par value. a Deferred delivery. 0 Correction. n Sold under the rule.
r Sold for cash. al When issued. x Ex-dividend. c-o-d Certificates of deposit.
cum Cumulative. cons Consolidated. yte Voting trust certificatts, cony convertible w. w. with warrants.
Sales on the common stock of the Air Investors, Inc. was incorrectly reported
in the "Chronicle" of Aug. 13th. There were no sales of the common stock and the
preferred stock should have read 200 shares at 235.
e See alphabetical list below for "Under the Rule" sales affecting the range for
the year.
Agricultural Mortgage Bank 75, 1946, July 14, 81,000 at 36.
Blackstone Valley Gas & Elec. Es, 1939, May 19, $1,000 at 102%.
Blue Ridge Corp.6% opt, cony. pref.. Aug. 26, 100 at 334.
Cities Service, pref. B, Jan. 11, 10 at 5.
Connecticut Light & Power 435s, series C, 1956, Aug. 25, 52,000 at 104.
Dallas Power & Light (is, 1949, April 5, 51,000 at 105.
Houston Light & Power 5s. series A, 1953, May 3, 53,000 at 96.
Interstate Telephone Os, series A, 1961, May 9, $2,000 at 64.
Jones & Laughlin Steel 58, 1939, March 31, 53,000 at 10354.
Kansas City Gas 65, 1942, Starch 1, 54,000 at 98.
NipissIng Mines, March 23, 100 at 134.
Penn Central Light & Power 55, 1979, Aug. 24, 52,000 at 89.
Public Service Co. of No. Illinois 434s, 1978, Feb. 8, 51,000 at 85.
Public Service Co. of No. Illinois 55, 1956, Aug. 24, 51,000 at 92.
Pure 011 Co.6% pref., Aug. 3, 10 at 53.
Rio de Janeiro 635s, 1959, Jan. 18, 512.000 at 1634•
Russ an Government 53is ctfs., 1921, Feb. 4, 51,000 at 134.
Shawinigan Water & Power 4355, series B, 1968, March 10, 82,000 at 78.
Sylvanite Gold Mines, Jan. 27, 100 at 34.
Toledo Edison 56, 1947, April 26, 51,000 at 94.
United Light & Rys. deb. 6s, 1973, March 9, $2,000 at 65%.
Welch Grape Juice common, Jan. 27, 25 at 37%.
Wheeling Electric 5s, 1941, May 18, 51,000 at 101.
z See alphabetical list below for,"Deferred Delivery" sales affecting the range
for the year.
American Capital Corp. common class B, June 14, 700 at 34.
American Solvents & Chemical 634s, w. w., 1936, March 17, 51,000 at 1435.
Associated Gas & Electric 5s, 1950, July 14, $3,000 at 8.
Bell Telephone of Canada Is, 1957, March 7, $9,000 at 9434.
Central States Electric common, June 1, 100 at Si.
Cities Service deb. 5s, 1950, May 28, 51,000 at 1635.
Commerz-and-Privat Bank 535s, 1937, May 28, $1,000 at 29.
Commonwealth & Southern warrants, June 15, 500 at 34.
Continental Gas & Electric 7% prior pref., July 22, 25 at 42
Edison Elec. III. (Boston) 435%, 1932, July 5, 52,000 at 10134.
Employers Reinsurance Corp., June 28, 100 at 14.
General Water Works & Elec. es. series B, 1944, June 6, 510,000 at 6.
Guardian Investors 5s, series A w w, 1948, Aug. 24, $5,000 at 40.
Hamburg Elev., Underground & St. Sty. 53is, 1938, May 25, 55,000 at 2334.
Interstate Power 55, 1957, March 10, 55,000 at 70.
Interstate Equities Corp., May 21, 200 at 34.
Iowa Public Service 5358, 1959, Feb. 1, $1,000 at 84.
Sliddle \Vest Utilities 5s, 1934, May 28, 51.000 at 134.
Middle West Utilities 5s, 1935, May 28. 55,000 at 1%,
New Bradford Oil, Feb. 8, 500 at 34.
Pacific Western 01103-4g. w. w., 1943, June 7, 51,000 at 4634•
Public Service of Northern Illinois 7% pref., April 6, 75 at 68.
Securities Corp. General, April 9, 300 at 2.
Super Power Co. 6s, 1961, June 7, 51,000 at 77.
TM-Utilities Corp. deb. 55, 1979, Feb. 1, 82,000 at 334.
Union Terminal (Dallas) 5s, 1942, June 14, 52,000 at 75.
1472
Financial Chronicle
Aug. 27 1932
Quotations for Unlisted Securities
Public Utility Bonds.
Am Com'th P 534s'53_M&N
Amer S PS 5345 1948_M&N
Appalach Pow 58 1941_J&D
Appalach P deb 68 2024.J&J
Atlanta 0 L 55 1947 _ _J&D
Broad Rh P58 1954__M&S
,
Cen 0& E 534e 1933_ F&A
1st lien coil tr 5355'46J&D
let lien coil tr 68 '46.1VIAS
Cen Ohio L & P 58'50..A&O
Derby G az E 55 1946_F&A
Fed P S 1st 6e 1947___J&D
Federated Util 5345'57 M&S
Gen Pub Util 630'56 _A&O
Houston Gas & Fuel 5s_1952
III Wat Ser 1st 55 1952_Jda
Iowa So UM 530 1950-1&J
Jamaica W 55348 1955-16a
Lexington ULU 58 1952_ F&A
Louis G & E 434s 1961_ FlkA
A&O
Deb s f 6s 1937
Louis Light 1st 5s 1953_A&O
New On P S 6s 1949_ _ _J&D
Bid Ask
5
2
6612 6912
10112 102
81
85
95
5612 57 4
.3
36
4011
4812
45
4614 50
75
72
7012 7212
2512 2912
56
51
42
40
47
___
Newp N & Ham 58 *44-MI
NY Wat Ser 58 1951...M&N
NY & Wes L 4s2004 _ _J&J
N Am L&P sf deb5358 56J36 1
.
.
Okla G & E 5s 1940_ _M&S
Old Dom Pow 58_May 15'61
Parr Shoals P65 1952_ _A&O
Peoples L & P 530 1941 J&J
Pow Corp NY 634s42 M &N
Pow Sec coil tr 6s 1949.F&A
Queens G az E 434s'58_M&S
Roanoke W W 55 1950...I&J
Sierra & S F 5s 1949_J&I
Tide Water Pow 58'79.F&A
United L Sr Ry 6s 1973.J&J
United Wat Gas & E 581941
Virginia Power Is 1942 _Jac D
70
64
68 Wash Ry & E 45 1951__J&D
9314 9614 Western PS 5348 1960_ Fath
72
77 Wheeling Elec 58 '41_M&N
Wichita Ry & L Is 1932_ _ _ _
9014
Wise Elec Pow 5e 1954_ F&A
95
971
_ Wise Minn L&P 55'44.M&N
60 02 Wise Pow & Lt Ss'56. M&N
-
Investment Trusts (Concluded).
Bid
75
83
85
54
80
71
6912
4112
9614
742
86
65
85
60
60
80
95
81
68
96
831
93
7712
8112
Public Utility Stocks.
Par Bid
_100 81
Alabama Power $7 pref.
Arizona Power 7% pref _100
iE
11
• - Ark Pow & Lt $7 pref
Assoc Gas & El orig pret_.
• 20
$6.50 preferred
• 23
$7 preferred
Atlantic City Elec $6 pref..' 92
Bangor Hydro-El 7% pf_100
Binghamton L 11 & P $6 Pr *
Birmingham Elec 7% pref.•
Broad River Pow 7% p1.100
Buff Niag az E pr pref_ _ _25
Carolina Pow & Lt $7 pref_"
Cent Ark Pub Serv pref.100
Cent Maine Pow 6% pf _100
100
7% preferred
Cent Pow & Lt 7% pref..100
Cent Pub Serv Corp pref_ _•
Cleve El Ilium 6% pref_100
Col Ry P & L 6% 1st p1_100
634% preferred 13_ _ 100
Como'Traction N J_ _ _ _100
Consumers Pow 5% pref__*
100
6% preferred
100
6.60% preferred
Coal Gas dzElec 7% pf _100
Dallas Pow & Lt 7% pref 100
Dayton Pow & Lt6% pf _100
Derby Gas & Elec $7 pref _
Essex-Hudson Gas
100
Foreign Lt & Pow units_ __
Gas & Elec of Bergen _ _ _10
100
Hudson County Gas
Idaho Power 6% pref
100
7% preferred
Illinois Pow & Lt8% pf.100
Inland Pow & Lt 7% pf_100
Interstate Power 87 pref_ _•
Jamaica Water Supply pf _50
Jersey Cent P az L 7% pf 100
Kansas City Public Service•
•
Preferred
Kansas Gas & El 7% pf _100
Kentucky Sec Corp com_100
100
6% preferred
Kings County Ltg 7% pf 100
Long Island Lt 6% pref _100
100
Preferred A
Los Ang Gas az El 6% pf 100
Ask
Par
85 Memphis Pow & Lt $7 pf..•
64 Metro Edison $7 pref B..*
80
$6 preferred C
13 Mississippi P & L $O pref-'
Miss River Power pref _ _100
26
Mo Public Serv 7% pref_100
95 Mountain States Power__ _ 3
.
100
7% preferred
9312
Nassau & Suffolk Ltg pref_ _
85
Nat Pub Serv 7% pref A 100
74
if Nebraska Pow 7% pret_100
28
Newark Consol Gas_ _ _ _100
223 2384 New Jersey Pow & Lt $6 pf *
4
New Orleans P87% p1.100
74
88 N Y Queens E L P pf100
65 Nor States Pow (Del) com A
75 50
Preferred
84
88
58
62 Ohio Edison $6 pref
412
$7 preferred
99 101 Ohio Pub Serv 6% pref....
75
100
7% preferred
65
Okla Gas & El 7% pref_ _100
2212 25 Pac Gas & El $1.50 pref_ _85
76
78 Pacific Northwest Pub Sul
,
94
97
6% preferred
92
Prior preferred
69
74 Pac Pow & Lt 7% pref_ _100
Pa Power & Light 7% oref
9212
Philadelphia Co $5 pref.92
Piedmont Northern Ry_100
37
Pub Serv Co or Col 7% p1100
Puget Sound Pow & Lt pr pf
130
Rochester G E 7 pf 1510
%
0
35
30
100
6% preferred C
90
95 Sioux City G E 7% pf_100
130
Somerset Un Md Lt_ _ _ _100
64 . South Calif El $1.50 prof 25
68
.25
85
$1.75 preferred
25
52
55 So Colo Power corn A
7% preferred
100
6
South Jersey Gas & Elec_100
46
49 Tenn Elec Pow 6% pret_100
7% preferred
45
48
100
76
89 Texas Pow & Lt 7% pref 100
Toledo Edison pref A _ _ _100
3 United G & E (Conn) pt _100
8
3 United G & E(N .1) pref 100
80
United Public Service pref_ _
225 Utah Power & Lt $7 pref. _•
fi
Utica Gas Sr El 7% pref _100
Util Pow & Lt 7% pref_ _100
89
100
Virginian Ry corn
74
76
Wash Ry & Elec corn_ _ _100
100
87
91
5 Preferred
%
90
Western Power 7% prof.100
Bid
80
77
76
55
75
5
Ask
78
85
87
5812
_-
Par
Bid Ask
Par
Petrol & Trad'g Corp el A 25 46
10 Trust Shares of America_ ___
Public Service Trust Shares
312 Trustee Stand Investment C
Representative Trust Shares 7.43 7.93
Royalties Management....
14
Trustee Standard 011 Sin A
75
Second Internet Sec Corp A
d4
6% Preferred
18
Securities Corp Gen $6 prof 627
35
Selected American Shares.. 2.15 2.25
SelectedCumulative She_
57
8 614
44
98
78
89
69
88
68
65
99
83
_-
Standard Collet Trust SW..
44
,
Standard Invest 534% pf... 10
W
. Standard 011 Trust Shares A
4
81
Class B
33
4
88
State Street Inv Corp
4412 4612
Super Corp of Am Tr She A 3.05
AA
1.80 1.91
BB
1.81 1.95
Bonds3.15
Shawmut Bank Invest Trust
Ask
434s
5.20 5.70
1942
85
55
4.90 5.40
1952
80
60
Continental Securities pref_
Corporate Trust Shares
214
Series AA
1.99
Accumulative series
1 96
Crum dr Foster Ins Shares
10
Common B
7
100 66
7% preferred
11
Crum & Foster Ins com_ _ _ _
78
8% preferred
Cumulative Trust Shares... 3.25
Deposited Bank Shs ser N Y 3.20
3
Deposited Bank She ser A _
318
Deposited Insur Shs A
812
Diversified Trustee She A
635
2.55
4
3ii
41564
70
3
5
98
87
69
64
67
96
72
78
78
83
88
89
57
61
66
73
23 24
10
15
24
29
65
70
97
9812
55
18
24
60
52
54
89 .92
82
55
71
76
72
79
2.13 204
23
24
2
412
76
130 135
74
84
86
74
45
44
112
.
-5
6T 62
90
49
EE43
250 325
821 8612
65
Ask
1.34
2.65
38
738
7
114
1612
2715
7
Par Bid
Adams Millis $7 Prof
• 85
Aeolian Co $7 pref
100 d 20
Aeolian Weber P & r co_100
Preferred
100
Alpha Port! Cement pf 100
American Book $7
100 62
Amer Canadian Properties-.
American Cigar pref_ _ _ _100 500
Amer Hard Rubber
100 87
American Hardware
25 19
Amer Manufacturing com1(3)
9
Preferred
100 45
American Meteor new
9
•
Ask
Babcock dr Wilcox 2%_ _100
Baker (J T)Chemical com_•
Bancroft(J)&Sons corn...'
Preferred
100
Bliss(E W)1st pre!
50
2d preferred B
10
Bohn Refrigerator 8% pf 100
Bon Ami Co 13 com
•
Bowman-Biltmore Hotels..
1st preferred
100
2d preferred
100
Brunsw-Balke-Col pref.- •
Bunker Hill & Sull corn..10
Burden Iron pref
39
12
4
40
20
711
55
30
12
2
1
Canadian Celanese com__ _ _
Preferred
100
Carnation Co $1.50 com__ _•
Preferred
100
Chestnut Smith corn
Preferred
Childs Co pref
100
Clinchfield Coal Corp__ _100
Preferred
100
Color Pictures Inc
Columbia Baking com.---*
1st preferred
•
2d preferred
Colts Pat Fire Arms Mfg_25
Congoleum-Nalm $7 pf _100
Crosse & Blackwell COM_ --Crowell Pub Co $1 corn new
$7 preferred
De Forest Phonotilm Corp..
Dictaphone Corp coin
"
$8 preferred
100
Dixon (Jos) Crucible 34.100
Doehler Die Cast pref.. 50
Preferred
•
Douglas Shoe pref
100
Draper Corp
100
Driver Harris 87 pref
100
Dry-Ice Holding Corp
Eisemann Magneto corn.
Preferred
100
Franklin Ry Supply
•
Gen Fireproofing $7 pt--100
Graton & Knight com
•
Preferred
100
Gt Northern Paper $2.40_25
If
Safe.100
Ilowe Scale
Preferred
100
Industrial Accept corn_
•
Preferred
100
Internal Textbook
100
Lawrence Peal Cem $4_100
42
,
-31;
478
28
3
2.65
11
34
8
9
1712
3,15
9
2;i5
44
44
2.44
2.58
/3
2
17
2914
43
5
23
4
3161
3.0g
10
468
Par
Am Dist Tel of NJ $4
•
7%preferred
100
Bell Tel(Can)7% pref. 100
Bell Tel of Pa 634% pref _100
Cin & Sub Bell Telep._ _50
Cuban Telephone
7% preferred
Empire & Bay State Tel.100
Franklin Teleg $2.50._ __100
Int Ocean Teleg 6%.....100
Lincoln Tel & Tel 8%
Mountain States Tel & Tel_
New England Tel & Tel_100
25
21
26
25
a
Par Bid Ask
Liberty Baking corn
13
•
412
Preferred
100
3
Locomotive Firebox Co.....'
412 812
3
85 Macfadden Public'ne com_5
67
$6 preferred
•
212 Merck Corp $8 pref
100
11
21
15
55
13
id
36
4
5
43
47
812 10
78 83
2
4
10
11
15
Lb
29
12 112
14
4
114 15
1
3
11
9
98 101
2
18
24
90
80
212 4
12
16
63
68
National Casket $3
• 34
$7 preferred
• 80
National Licorice COM.-100 18
National Paper & Type Co_
New Haven Clock pref_ _100
35
New Jersey Worsted pref.
Northwestern Yeast...100 102
_100
Ohio Leather
1st preferred
2d preferred
Okonite Co $7 pref
11
70
50
100
Petroleum Derivatives
Publication Corp $3.20 corn•
100
$7 1st preferred
Riverside Silk Mills
•
Rockwood & Co
Preferred
100
Rolls-Royce of America.....
Preferred
100
Boxy Theatres unit
Common
Preferred A
Rubel Corp corn
Preferred
Ruberoid Co $1
100
1
23
80
15
3
10
27
2
10
20
6
15
4
ao
4
106
14
80
56
41,
23
_
45
2
4
2
12 14
5
17
23
20
so
70
14
2
6
22
24
24
20
30
1012 11
35
Safety Car Heat & Ltg_100 19
Scovill Manufacturing_ _ _25 14
Singer Manufacturing_ 100 117
Solid Carbonic Ltd
1
34
Splitdorf Beth Elec
Standard Cap & Seal_...2.40 26
Standard Screw Co
100 24
Standard Textile Pro-100
Class A
100
Class B
100
Stetson GI B) Co corn
5
33
512 712
25
$2 preferred
8
57
65
32 Taylor MIll Corp corn
26
•
Taylor Wharton Ir&St com•
412
312
8
Preferred
100
7
12 Tenn Products Corp pref_50
21 TubizeChatillon 7% cu Pf100 022
ii
38
48 Unexcelled Mfg Co 40c._ 10
114
30 United Business Pub pref100
.100 13
United Publishers pref.
U S Finishing pref
100
7
11
39
Walker Dishwasher corn...'
Welch Grape Juice prof _100
W Va Pulp & Pap $1 corn_•
$6 preferred
100
White Rock Min Spring
$7 1st preferred
100
$10 2d pref
100
Willcox & Gibb mom
Woodward Iron
100
Worcester Salt $5
100
43
Young (J 5) Co cora-. _100
Preferred
100
22
16
121
2
1
68
29
1
6
4
8
13
8
414
6
10
3312
214
8
15
60
74
21: 4l
70 85
12
10
70
75
70
70
20
30
5
50
Bid
41
84
94
10712
5912
36
30
25
65
95
100
102
Ask
95
87
98
10912
6112
25
43
40
32
75
103
105
Par Bid Ask
New York Mutual Tel_100 a 16
Northw Bell Tel p1634% 100 104 1118
Pac & Atl Teleg U S 1%_25 a 11
Peninsular Teleph $1.40„.• 14
ci
7% preferred A
100 74 80
Porto Rico Telephone
100
Roch Telep $6.50 lst pt_100 99 102
So & Atl Teleg $1.25
25 4 13
16
So & N E Telephone 8% _100 115 117
SW Bell Tel 7% reef_ _ _100 ill 115
Tri States Tel & Tel 36.--• 406
. _
$0.60 preferred
10
8
9
Wisconsin Telep 7% prof 100 99 101
Sugar Stocks.
2:55
2 30
40
5
212
37
8
2
20
25
Telephone and Telegraph Stocks.
Fajardo Sugar
Haytian Corp Amer
Savannah Sugar corn
7% Preferred
* No par value. 6 Last reported market. X Ex-stock dividend. z Ex-dividend. is Ex-Manta.
114
-
Industrial Stocks.
5
Par Bid
Ask
1.24
214 Equity Corp com stamped_ _
2.40
11 Equity Trust Shares A
10
34 Federated Capital Corp com
33
8
Five-year Fixed Tr Shares
•
73
8
Fixed Trust Shares A
53
4
312
Fundamental Tr Shares A._
312
Shares B
10e.
Guardian Invest coin
2
212
Preferred with warrants_ _
4 8 Guele-Winmill Trad corp..* 425
6
1
Huron Holding Corp
Incorporated Investors__ _ _• IS
1
Incerporated Invest Equity.
IndependenceTrust Shares_ 2.15
73 Internet Security Corp(AM)
4
11
% preferred
1312
11
3 2 6% preferred
,
14
Investment Co of America
7% preferred
1.65
3
20 Investment Fund of N J.- 4
2 Investment Trust of N Y.468
176 Investors Trustee Shame8
118
318
of Industry A
3 Leaders
2.36
50
2.50
314
3-16 Low Priced Shares
42
2 Major Shares Corp
16
Investors Trust
Mass
28
Mohawk Investment Corp-38
3
Mutual Invest Trust class A
2.20 Mutual Management corn."
2.20 Nat Industries Shares A.... 2.30
1 12
National Re-Investing Corp.
3212
10 National Shawmut Bank
538
National Trust Shares
15 Nation Wide Securities Co.. 2.95
9
Votingtrust certificates_
83
418
- N Y Bank Trust Shares--2.11
No Amer Trust Shares
2 17
338
Series 1955
2.17
312
Series 1956
36
Northern Securities
214
Oil Shares Inc units
dl
2.80 Old Colony Inv Trust coin_
934 Old Colony Trust Assoc Sh • 49
Ask
318
2.10
2.05
fi-
Investment Trusts.
Par Bid
Amer Bank Stock Corp.....
Amer Brit & Cont $6 pref _• 46
318
Amer Composite Tr Shares_
Amer & Continental Corp_ _
Amer Founders Corn
18
6% preferred
18
7% preferred
6
Amer & General Sec com A.
30
6% preferred
112
Amer Insuranstocks Corp."
44
Assoc Standard 011 Shares..
All Sr Pao Inter'l Corp units 4121e
Common with warrants
618
Preferred with warrants_ _
12
Atlantic Securities pref.__ _• 20
Bancamerica-Blair Corp_ _ _ _
214
Bankers Nat Invest'g Corp• (02
Bancsicilla Corp...
3
214
Basic Industry Shares
•
British Type Invest
• 1.40
Central Nat Corp class A__
17
Class B
Century Trust Shares
166
8
Chain & Gen'l Equities Inc •
Chartered Investors com_ _ _ cll
Preferred
d45
Chelsea Exchange Corp A..
414
Class B
d1-16
Consolidated Equities Inc..
112
Selected Income Shares...318 312
Selected Man Trustees Shs
414 43
4
Shawmut Association com_ 714 712
Shawmut Bk Inv Trust....
1
Spencer Trask Fund
8
• 123 1314
Standard All Amer Corp___ 3.70
Standard Amer Trust Shares 3.25
Bid
38
4
1.90
1.85
4
37
Trustee Amer Bank Shares. d34
Series A
41314
Trusteed NY City Bk Sin..
48
3
20th Century class A
2
Series B
2.35
912
Two-year Trust Shares
Trust Fund Shares
ass
United Bank Trust
43
4
United Fixed Shares ser Y..
268
United Ins Trust
412
U S & British International
Preferred
U S Elec Lt & Pow Shares A 17
3.05
Voting trust ctfs
812
Un N Y Bank Trust C 3...
4
43
Un Ins Tr She ser F
414
U S Shares ser H
414
Un Com 'Pr She A 2
4
Universal Trust Shares....
Par Bid
100 45
•
100
50
73
Ask
Par Bid
50 Sugar Estates Oriente pf 100
2 United Porto Rican corn...
60
Preferred
83
Ask
1
8
Financial Chronicle
Volume 135
1473
Quotations for Unlisted Securities-Concluded-Page 2
Chicago Bank Stocks.
Chain Store Stocks.
Par Bid Ask
33
Bohack (H C) Inc corn_• 27
100 70
7% let preferred
2
Butler (James) common___
-312 7
100
Preferred
52
Diamond Shoe pref with war 42
35
Edison Bros Stores pref..100
20
Fan Farmer Candy So pf__* 16
18
Fishman(H M)Stores corn.
90
Preferred
Gt At! & Pac Tea pref__100 116 116
15
Kobacker Stores pref___100 _
934 1012
Kress (S H)6% pref
_
40
Lerner Stores 634% pref w w
105
100 0_
Lord & Tylor
100 450
80
let preferred 6%
100 410 80
Sec preferred 8%
Par
Melville Shoe Corplst p ref6% with warr _100
Miller (I) & Sons Dref__100
MockJuds&Voehringerpf100
Murphy (S C)8% pref-100
Bid
Ask
50
60
15
35
90
Nat Shirt Shops corn
*
3
1
Preferred
100
_
35
Newberry (J) Co 7% pf _10 d
- 76
NY Merchandise let pf _100 70
Plggly-Wiggly Corp
*
4
Reeves (Daniel) pref_ _100 90
Rogers Peet Co com____ 100
49
Schiff Co pref
100 45
80
Silver (Issac) & Bros pf_100
15
U S Stores let pref
100
31
Federal Land Bank Bonds.
Bid
Ask
4s 1957 optional 1937_M&N 8515 84
48 1958 optional 1938.M&N 8512 84
43(8 1956 opt 1936_ ___J&J 8712 88
J&T 8712 88
4348 1957 opt '37
43433 1958 opt 1938___hl&N 8715 88
963 9714
4
561941 optional 1931_M&N
J&D 100 10012
4348 1933 opt 1932
434s
434s
434s
4345
430
4345
43.4s
Bid
1942 opt 1932__M&N
93
1943 opt 1933____J&T 93
1953 opt 1933____J&J 903
4
1955 opt 1935_ _ _ _J&J 903
4
1956 opt 1936____J6eJ 9334
1953 opt 1933____J&J 9314
1954 opt 1934____J&I 9314
Ask
9312
9312
9114
9114
9114
933
4
934
New York Bank Stocks.
Par Bid Ask
Bank of Yorktown
10035
20 -421- 4414
Chose
2
20 5312 5512
City (National)
Comm'l Nat Bank & Tr _100 178 183
100 1150 1250
Fifth Avenue
First National of N Y 100 1690 1790
100
Flatbush National
80
Grace National Bank- _1111 -_-.._ 600
-__ 50
Harbor State Bank
ii_
Harriman Nat Bk & Tr _100
Kingsboro Nat Bank _ _100 Ill
25
7
Lafayette National
10
Par Bid Ask
Manhattan Company_ _ __20 3512 3712
Merchants
100
70
Nat Bronx Bank
50 38
46
National Exchange
17
20
Nat Safety Bank rSe Tr.....25
5
8
Penn Exchange
25
5
9
Peoples National
100
200
Public Nat Bank & Tr ___25 ii3Ti 353
4
Sterling Nat Bank & Tr_ _25 10
13
Textile Bank
3412 3712
Trade Bank
100 28
38
Washington Nat Bank 100
h 6
Yorkville(Nat Bank of)
.100 20
30
Trust Companies.
Par
Banca Comm Italiana Tr100
Bank of Sicily Trust_ _ _ _20
Bank of New York & Tr_100
10
Bankers
20
Bronx County
Brooklyn
100
20
Central Hanover
Chemical Bank de Trust 10
100
Clinton Trust
100
Colonial Trust
10
Coot Bk & Trust
Corn Exch Bk & Trust 20
25
County
Bid
Ask
146 165
15
17
325 345
6912 7112
14
19
202 217
159 163
40
42
22
37
23
28
2014 2214
7434 7734
17
19
Par Bid Ask
Empire
20 29
31
Fultein
100 230 260
Guaranty
100 332 337
Irving Trust
10 26
27
Kings County
100 2000 2100
Lawyers Title & Guar_ -100 61
66
Manufacturers (new)_ _25 327 3478
8
Mercantile Bank de Tr w I
5
3
New York
25 99 102
Title Guarantee & Trust_20 52
55
Trust Co of N A
100
75
Underwriters Trust
20
6
9
United States
100 1500 1600
Bid Ask
52
57
783 83
4
92
5812
Bid
Loew's New Brd Fronds 1945
J&D
Merchants Refrig 88 1937__
N 0 Gr No RR 58 '55_F&A
NY 63Hob Ferry 55'46 J&D
58
40 60 N Y Shipbldg 55 1940_M&N
Piedmont & No Ry 5.5'54JdeJ
7412 7812 Pierce Butler 63 P 630 1942
30
Realty Assoc Sec 63'37_J&J
82
___ Securities Coot NY 4s_ _ _ _
15.._ 61 Broadway 5345 '50_A&O
8
13 So Indiana Ry 48 1951_ F&A
88
Stand Text Pr 6348 '42 M&S
6112 65 Struthers Wells Titusville
_ 20
6 Ms 1943
7
10 Tol Term RR 434s'57 MdeN
60
U S Steel 5s 1951
75
80 Ward Bak 6s '37__J&D 15
40
45 Witherbee Sherman 65 1944
30
32 Woodward Iron 58 1952 _J&J
Insurance Companies.
Par Bid
Aetna Casualty & Surety-10 43
Aetna Fire
10 3315
10 2012
Aetna Life
25 3712
Agricultural
American Alliance
10 1212
American Colony
10
American Constitution_ _ _20
734
American Equitable (new)_5
6
American Home
20
912
American of Newark ....23.4
American Re-insurance_ _10 19
6
American Reserve
10
2
18
American Surety
1
1612
Automobile
80
Kansas City Life
Knickerbocker (new)
Par Bid
_100 350
4
5
Lincoln Fire (new)
Lloyds Casualty
Voting trust certits
5
5
5
Majestic Fire
5
Maryland Casualty
5
Mass Bonding & Ins
25
Merchants Fire Assur com10
Merch & Mfrs Fire Newark 5
Missouri States Lffe
10
Morris Plan Insurance_10
Ask
450
7
44
3
13
4
2
64
3
24
3
8
2
5
512 712
22
27
22
17
414 714
10
11
5
41
414
29
18
11
8
40
10
133
4
12
32
73
7
43
534
34
20
13
13
43
12
954
14
39
80
Pacific Fire
25
Phoenix
10
Preferred Accident
5
Providence-Washington _ _10
Public Fire
5
Public Indemnity (formerly
Hudson Casualty)
5
15
46
10
21
ih
40
48
12
23
312
5
Eagle
Excess Insurance
5
10
Federal Insurance
Fidelity & Deposit of Md_20
20
Firemen's
Franklin Fire
312
5
3512
4312
1014
1538
415
6
3812
4615
113
4
173
8
6
8
General Alliance
31
10 29
Glens Falls Fire
8
11
Globe de Republic
10
Globe & Rutgers Fire new.. 115 125
10 1512 17
Great American
5
7
Great Amer Indemnity_ ___5
Halifax Insurance
10
Hamilton Fire
50
10
Hanover
10
Harmonia
10
Hartford Fire
Hartf St'm Boller Ins&Ins 10
5
Home
Home Fire Security
10
Homestead
10
Hudson Insurance
12
14
80
24
26
1012 1212
41
43
43
47
18
1914
2
3
7
9
--_. 17
6
2s
7
3
4
13
4
124
Reliance Insur of Phila._ _10
214
Rhode Island
10
Rochester American
25 _ _
St Paul Fire & Marine.._ _25 102
Security New Haven
10 24
Springfield Fire & Marine 25 65
Standard Accident
50 15
Stuyvesant
25
9
Sun Life Assurance
100 385
28
7
414
80
107
Travelers Fire
70
45
1212
435
100 433 448
U S Fidelity & Guar Co_..2
U S Fire
10
Westchester Fire new.,. .10
7
9
173 193
4
4
127 1478
8
48
7
Ask
75
89
17
573
4
82
67
512
4012
40
5412
50
10
Ask
45
3512
2214
45
1512
6
8
103
4
8
1012
24
8
20
1812
318 43 National Casualty
8
10
BaltImoreAmerInsurance2 3-4
45 National Fire
Bankers & Shippers
25
10
2
10 360 385 National Liberty
Boston
National Union Fire
5
11
13 New Amsterdam Casual__10
1
Carolina
10 100 110 New Brunswick
10
City of New York
1
6
8 New England Fire
Colonial States Fire
10
Columbia National Life_100 110 135 New Hampshire Fire
10
46
49 New Jersey
Connecticut General Life.1
20
23
4 33 New York Fire corn
Consolidated Indemnity_ - _
10
4
612
9 North River
10
5
Constitution
9
11
Northern
10
Continental Casualty_
25
___ Northwestern National 25
Cosmopolitan Insurance 10 15
Importers & Exp of N Y__25
Independence Indemnity_10
Industrial and Railroad Bonds.
Adams Express 4s '47.J&D
American Meter 65 1946___
Amer Tobacco 48 1951 F&A
Am Type Fdrs 65 1937 M&N
Debenture 68 1939.M&N
Am Wire Fab 78 '42__M&S
Bear Mountain-Hudson
River Bridge 75 1953 Adz0
Biltmore Comm 7s '34 M&S
Chicago Stock Yds 55 1961
Consul Coal 430 1934 MeeN
Consol Mach Tool 78 1942
Consul Tobacco 48 1951_ __ _
Equit Office Bldg 56 1952_
Fisk Tire Fabric 830 1935
Haytian Corp 85 1938
Hoboken Ferry bs '46141&N
Internet Salt 58 1951.A&O
Journal of Comm 6346 1937
Hans City Pub Serv 68 1951
Par Bid Asks
Par Bid Ask
Central Republic
100
8
9 Harris Trust & Savings_100 300 325
Chic 13k of Commerce
9
10 Northern Trust Co
100 450 475
Continental III Bk & Tr_100 100 10112 Peoples Tr & Say Bank_ _100
First National
100 234 237 Strauss Nat Bank & Tr 100 60
19
73
10
60
60
54
47
88
114
86 •9012
6
371 40
Realty, Surety and Mortgage Companies.
Par Bid Ask
Bond & Mortgage Guar__ 20 3314 3114
40
Empire Title & Guar.._ _ _100
150
Guaranty Title & Mortgage_
18
Home Title Insurance_ __ _25 13
Par Bid
International Germanic Ltd
15
Lawyers Mortgage
20 13
National Title Guaranty 100
State Title Mtge(new) __100 18
Ask
20
15
9
25
Aeronautical Stocks.
Bid
Alexander Indus 8% pref__ _
American Airports Corp_
.
Aviation Sec of New Engl &
Central Airport
Cessna Aircraft common_ _ _
Curtiss Reid Aircraft corn
2
Ask
40 Khmer Airplane & Mot new
Sky Specialties
3 Southern Air Transport....
4 SwallowAirplane
112 Warner Aircraft Engine__
112 Whittelsey Manufacturing..
Ask
1
3
2
Quotations for Other Over-the-Counter Securities
Short Term Securities.
Bid
90
92
7018
92
72
72
91
92
95
95
87
Ask
903
4
94
7012
94
73
73
93
9214
96
93
8715
Allis-Chal Mfg 58 May 1937
Alum Co of Amer 55 May'52
Amer Metal 5345 1934 A&O
Amer Rad deb 4348 May'47
Am Roll Mill deb fe Jan '48
434% nOtes 1933_M&N
Amer Thread 5348 '38_1\16eN
Amer Wat Wks 581934 A&O
Bell Tel of Can Ss A Mar '55
Baldwin Loco 5348'33 M&S
Cud Pkg deb 5345 Oct 1937
Edison Elee Ill Boston
4% notes Nov 1 '32 MdeN 1001 101
5% notes Jan 15'33_J&J 101'4 1013
4
Gulf 011 Corp of Pa
Debenture 58_Dec 1937 lOO'z 101
971 98
Debenture Es_ _Feb 194
General Motors Accept
5% ser notes-__Mar 1933
5% ser notes___Mar 1934
5% ser notes__ Mar 1935
5% ser notes_ __Mar 1938
Koppers Gas & Coke
Debenture 5e__June 1947
Mag Pet 43s Feb 15 '30-'35
Mass Gas Cos 5348 Jan 1946
Proc & Gamb 4348 July 1947
Swift & Co
5% notes 1940
M&S
Union 011 55 1935_ F&A
United Drug deb 56'33 A&O
Railroad Equipments (Concluded).
Bid
Ask
101
100
100
100
10112
10012
10012
10012
84
85
10014
8914 168
3
99 2 9912
3
9212 93
9614 98
100
Railroad Equipments.
Atlantic Coast Line (is
Equipment 834s
Baltimore & Ohio 65
Equipment 431s & 5s___ _
Buff Roch & Pitts equip 88_
Canadian Pacific 4365 & 65
Central RR of N .1 68
Chesapeake at Ohio 65
Equipment 63.45
Equipment 55
Chicago & North West 68
Equipment 6348
Bid
8.50
8.50
8.23
8.25
7.50
7.50
550
5 50
600
5.50
9.00
9.00
Ask
5.75
5.75
6 75
6 75
6.50
6.50
450
4.50
5.00
4.75
800
8.00
Chic RI & Pee 4348 & 55___
Equipment 631
Colorado & Southern 88
_
Delaware & Hudson 65....
Erie 4348 Ss
Equipment 88
Great Northern 85
Equipment 58
Hocking Valley 5s
Equipment 68
Illinois Central 434s & 5s
Equipment 6s
Equipment 75 & 634s..
Kanawha & Michigan 6s_Kansas City Southern 5348_
Louisville & Nashville Ga.__
Equipment 8348
Minn St P SeSSM 4345 & 5.5
Equipment 6348 & 78---Missouri Pacific 6348
Equipment 6s
Mobile & Ohio 58
New York Central 4345 & 5s
Equipment 6s
Equipment 78
Bid
9.50
9.50
6.50
6.50
9 50
9.50
8.50
6.50
6 00
6.00
9.50
9.50
9 10
Ask
8.50
8.50
5.50
5.50
8.50
8.50
5.25
5.25
5.00
500
5.00
8.00
8 no
Water Bonds.
Alton Water Ss 1956_ _A&O
Ark Wat 1st 5s A 1956_&60
Ashtabula W W 55'58.A&O
Atlantic Co Wat 55'58..M&S
Birm W W1st 5368A'54A6e0
1st m 5.5 1954 ser B._J&I3
1st 5s 1957 series CF&A
Butler Water Is 1957 .A&O
City W (Chat) 5s B '54 J&D
1st 58 1957 series C_M&N
Commonwealth Water
F&A
1st 58 1958 B
1st m 58 1957 ser C F&A
Davenport W 55 1961J&J
E S L & Int W 58'42_ J&J
1st m 68 1942 eer B J&J1
F&A
1st 55 1960 ser D
• No par value, a And dividend. 4 Last reported market, e Flat price. z Ex-dividend. is Ex-rights.
Bid Ask
Bid
Ask
7.25 8.00 Norfolk & Western 4 Ms-- 4.75 4.00
Northern Pacific 78
6.50 5.75
9.00
Pacific Fruit Express 78
5.40 5.00
5.26 4.50
Pennsylvania RR equip Ss
108 5 5.5270 Pittsburgh & Lake Erie 610 7.50 8.75
0.0 7 550
8 5
5:.
5.25 4.25
10.00 8.50 Reading Co 43.4s de 58
9.50 8.50
10.00 3.60 St Louis & San Fran 58
10 00 8.50 Southern Pacific Co 4345... 6.75 5.75
Equipment 75
6.50 5.50
10.04)5.50
7.25 5.50 Southern Ry 434s & 5s
9.50 8.50
Equipment 8s
950 8.50
7.25 5.50
7,25 5.50 Toledo & Ohio Central (is
7 00 6 °0
5 25 4.25
Union Pacific 75
Bid
70
8315
76
75
90
83
83
76
83
83
33
83
75
80
90
76
Bid
Ask
75 Hunt'ton W let es '54_M&S 93
1st m 5s 1954 ser B__M&S 8512
86
77
5s 1962
80
__: Joplin W W 5s '57 ser AM&S 72
Kokomo W W 58 1958 _J&D 71
___ Monm Con W 1st 5.5'56 J&D 78
___ Monon Val W 535s 5
'
0-Jaa 80
Riehm W W181 58'57_M&N 76
81
86
St Joseph Wat Ss 1941-A&O 90
South Pitts Water Co
86
F&A 93
1st 55 1955
lst & ref 55'60 ser A_ .1da 89
let & ref 55'60 ser B.J&J 86
ii- Terre H'te WW 6s'49A J&D 90
83
1st m 55 1956 ser B.. J&D 80
Texarkana W 1st 55'58 F&A 71
6
(5- Wichita Wat 1st 8s '49 M&S 92
1st m 58 '56 ser B__ _F&A 81
1st m 5s 1960 ser C.M&N 81
Ask
88
75
82
86
92
•Current
filontbip,
earittn5
uartertp attb fief
party.
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND PREVIOUS ISSUE.
Below will be found all returns of earnings,income and profits for current periods, whether monthly, quarterly or half
-yearly,that have appeared the present week. It covers all classes of corporate entities, whether railroads, public utilities,industrial concerns or any other class and character of enterprise or undertaking. It is all
inclusive in that respect,and hence constitutes an invaluable record.
The accompanying index, however,is not confined to the returns which have come to hand the present week.
It includes also some of those given in our issue of Aug. 20. The object of this index is to supplement the information contained in our "Monthly Earnings Record,' which has been enlarged so as to embrace quarterly and
semi-annual statements as well as monthly reports. The "Monthly Earnings Record" was absolutely complete
up to the date of issue, Aug. 19, embracing every monthly,semi-annual and quarterly report which was available
at the time of going to press.
The index now given shows the statements that have become available in the interval since then. The figures in most cases are merely for a month later, but there are also not a few instances of additions to the list, representing companies which had not yet made up their returns when the Aug.number of the "Monthly Earnings
Record" was issued.
We mean to continue giving this current index in the "Chronicle" each week,furnishing a reference to every
return that has appeared since the last preceding number of the "Monthly Earnings Record." The latter is
complete in and by itself, and for most persons will answer all purposes. But to those persons who are desirous
of seeing the record brought down to date every week, this further and supplementary index in the "Chronicle"
will furnish an invaluable addition. The"Chronicle"index in conjunction with the"Monthly Earnings Record"
will enable any one at a glance to find the very latest figures of current earnings and income,furnishing a cumulative record brought down to date each and every week-an absolutely unique service. A further valuable feature
is that at the end of every return,both in the"Chronicle" and the "Monthly Earnings Record," there is a reference
line showing by date and page number the issue of the "Chronicle" where the latest complete annual report
of the company was published.
Issue of Chronicle
Name of CompanyVhen Published. Page.
Akron Canton & Youngstown
Aug. 27__I474
Alabama Great Southern
Aug. 27__1475
Alabama Power Co
Aug. 27._1477
Allied Mills, Inc
Aug. 27__1494
Alton Ry
Aug. 20.-1318
Alton & Southern
Aug. 20..1318
Aluminum Industries Inc
Aug. 20.-1318
American Capital Corp
Aug. 20-.1319
American Fu rnitureMartBldg.Corp.Aug. 27..1494
American Hide & Leather Co
. 20..1332
American Safety Razor Corp
Aug. 27._1477
American Thermos Bottle Co
Aug. 20__1319
American Woolen Co
Aug. 20..1319
Ann Arbor RR
Aug. 27...1475
Art Metal Construction Co
Aug. 20-.1319
Associated Co
Aug. 27..1494
Associated Gas & Electric
Aug. 27- _1477
Atlantic Refining Co
Aug. 27.-1477
Aviation Corp., Delaware
Aug. 27..1477
Backstay Welt Co
Aug. 27.-1495
Baldwin Rubber Co
Aug. 27- _1495
Barnet Leather Co
Aug. 27- _1477
(Ludwig) Bauman & Co
Aug. 27__1495
Bearings Co. of America
Aug. 27_1495
fielding Heminway Corp
Aug. 27__I477
Boston & Maine RR
Aug. 27..1475
Brooklyn-Manhattan-Transit Sys_ _Aug. 27.-1477
Brooklyn & Queens Transit System_Aug. 27..1477
Bulova Watch Co
Aug. 20-.1320
Cabot Mfg. Co
Aug. 27__I495
Central Vermont Ry. Inc
Aug. 20- _1318
Checker Cab mfg. Corp
Aug. 20__1320
Chesapeake & Ohio Lines
Aug. 20..1318
Chickasha Cotton Oil Co
Aug. 27..1496
Cin New Orleans & Texas Pacific.._.Aug. 27_ _ 1475
Aug. 27..1496
(D. L.) Clark Co
Claude Neon Electrical Products
Co
Aug. 27_ _1478
Cleveland Worsted Mills Co
Aug. 27__1496
Clorox Chemical Co
Aug. 27__1496
(Dan) Cohen Co
Aug. 27.-1496
Cohn & Rosenberger, Inc
Aug. 27__1496
Colon Oil Corp
Aug. 20..1320
Commonwealth & Southern Corp Aug. 27..1477
Conemaugh & Black Lick RR
Aug. 20-1318
Consolidated Rock Products Co.---Aug. 27..1497
Consumers Power Co. (The Commonw'th & Southern Corp. Sys.)Aug. 27_1477
Continental Roll & Steel Fdry Co..Aug. 27_1497
Crown Willamette Paper Co
Aug. 27..1477
Crown Zellerbach Corp
Aug. 27..1478
Crows Nest Pass Coal Co
Aug. 20-.1321
Dayton Power & Light Co
Aug. 27__1478
Deep Rock Oil Corp
Aug. 27__I478
Delsel-Wemmer-Gilbert Corp
Aug. 20_1321
Aug. 27..1475
Delaware & Hudson
Detroit Gray Iron Foundry Co
Aug. 27- _1498
Detroit Steel Products Co
Aug. 27..1498
Devonian Oil Co
Aug. 27..1499
Dinkier Hotels Co.,Inc
Aug. 27__1499
Dolese & Shepard Co
Aug. 27..1499
Dolphin Paint & Varnish Co
Aug. 27__1499
Driver-Harris Co
Aug. 27__I499
Drug Inc
Aug. 27-.1478
Duplan Silk Corp
Aug. 20__1335
Eastern Utilities Associates
Aug. 20.-1321
Eddy Paper Corp
Aug. 27-.1499
Issue of Chronicle
Name of CompanyWhen Published. Page.
Edmonton Radial Ry
Aug. 27 1478
Engineers Public Service Co
Aug. 27__1478
80 John Street Corp
Aug. 27...1500
Electric Power & Light Corp
Aug. 27__1478
Erie RR. Co. (incl. Chicago & Erie
RR. Co.)
Aug. 27__1475
Evans Products Co
Aug. 20..1321
Exeter Oil Co
Aug. 20..1321
Fall River Gas Works Co
Aug. 20__1321
Fansteel Products Co.Inc
Aug. 20..1321
Federal Screw Works
Aug. 27..1478
Federal Water Service Corp
Aug. 27..1478
First National Stores, Inc
Aug. 27__1478
Fonda Johnstown & Gloversville RRAug. 27_1475
Foundation Co., New York
Aug. 20 1321
Gabriel Co
Aug. 20.-1321
Galveston Wharf
Aug. 27__1475
General Asphalt Co
Aug. 27..1478
General Gas & Electric Corp
Aug. 20__1321
General Motors Corp
Aug. 27__1479
Geberal Rayon Co., Ltd
Aug. 27..1501
Georgia Power Co
Aug. 27__1478
Georgia Southern & Florida
Aug. 27._1475
Golden State Co. Ltd
Aug. 27_1501
(B. F.) Goodrich Co
Aug. 27-1479
Gotham Silk Hosiery Co. Inc
Aug. 20._1321
Hancock Oil Co. of Cal
Aug. 27..1502
Haverhill Gas Light Co
Aug. 20_1321
Hayes Body Corp
Aug. 27__I479
Heels Mining Co
Aug. 27..1479
Holly Oil Co
Aug. 27__1502
Honolulu Rapid Transit Co. Ltd ...Aug. 27..1479
Hudson & Manhattan RR. Co
Aug. 27__1479
Illinois Central System
Aug. 27_ _1475
Illinois Commercial Telephone Co.-Aug. 27__1488
Indiana Associated Telephone Corp.Aug. 27..1489
Industrial Rayon Corp
Aug. 20..1322
Insuranshares Certificates Inc
Aug. 27__1479
Inter. Hydro Electric System
Aug. 27..1479
Jewel Tea Co. Inc
Aug. 27__1479
Kansas City Southern Ry. Co
Aug. 20..1318
Kayser (Julius) & Co
Aug. 20__1325
Keith.Albee-Orpheum Corp
Aug. 27_ _1479
(B. F.) Keith Corp
Aug. 27__1480
Lane Bryant Inc
Aug. 27__I503
Lehigh Valley
Aug. 27._1475
Ludlum Steel Co
Aug. 20..1322
McLellan Stores Co
Aug. 20- _1322
Manitoba Power Co., Ltd
Aug. 27..1480
Maine Central
Aug. 27...1476
Mallinson (H. R.) 8c Co. Inc
Aug. 20..1322
Mayflower Associates, Inc
Aug. 27__1480
Mead Corp
Aug. 27_ _1480
Minneapolis & St Louis
Aug. 27__1475
Minn. St. P. & S. Ste Marie RR- -Aug. 27_1477
Missouri-Kansas-Texas Lines
Aug. 27..1476
Mother Lode Coalition Mines Co. -Aug. 20..1322
Moto Meter Gauge & Equip. Co_ -Aug. 27..1480
National Battery Corp
Aug. 27__I503
National Grocers Co., Ltd
Aug. 27..1504
National Power & Light Co
Aug. 27_ _1480
National Railways of Mexico
Aug. 27_ _1476
National Supply Co
Aug. 27__I480
Neisner Bros
Aug. 27__ 1480
(The) Nevada-California Elec. Corp.Aug. 27..1480
Newburgh & South Shore
Aug. 27__I475
New Jersey Power & Light Co
Aug. 27_ _1480
Latest Gross Earnings by Weeks.
-We give below the
latest weekly returns of earnings for all roads making such
reports:
Name
Canadian National
Canadian Pacific
Georgia Sr Florida
Minneapolis & St Louis
Southern
St Louis Southwestern
Western Maryland
Period
Covered.
3d wk of Aug
3d wk of Aug
2d wk of Aug
2d wk of Aug
2d wk of Aug
3d wk of Aug
2d wk of Aug
Current
Year
2,494,240
2,614,000
12,000
185,360
1,704,604
186,800
177,262
Inc.(+) or
Previous
Year
Dec.(-).
$
3,163,175 -668,935
2,331.000 -283,000
-25,500
37,500
239,450
-54,090
2,512,480 -807,876
329,231 -142,431
-99,824
277,087
Issue of Chronicle
Name of CompanyWhen Published. Page.
New Orleans & Northeastern
Aug. 27_1475
New York Air Brake Co
Aug. 27__1480
New York Chicago & St Louis
Aug. 27_ _1475
New York Ontario & Western
Aug. 27..1475
N. Y.,Westchester & Boston Ry. Co.Au g. 27..1480.
New York Telephone Co
Aug. 27__1480
(The) N. Y., N. H. & Hartford RR-Aug. 27.-1476
North American Aviation, Inc
Aug. 27-.1480
North Central Texas Oil Co
Aug. 27-.1480
Northam Warren Corp
Aug. 27-.1505
Northern Alabama
Aug. 27.-1475
Norwich Pharmacal Co
Aug. 27__1505
Ohio Edison Co
Aug. 27_1480
Oise Sugar Co., Ltd
Aug. 27-1505
Onomea Sugar Co., Honolulu, Haw..Aug. 27-1505
Orange & Rockland Electric Co
Aug. 27.-1481
Orpheum Circuit, Inc
Aug. 27-1481
Pacific Gas & Electric Co
Aug. 27__1481
Parmelee Transportation Co
Aug. 27-.1481
Pennsylvania Gas & Electric Co_ _ _Aug. 27-.1481
Pennsylvania RR. Regional System_Aug, 27.-1476
Pet Milk Co
Aug. 27__1481
Phillips-Jones Corp
Aug. 27-.1481
Porto Rican-American Tobacco Co_Aug. 20-1323
Public Utilities Securities CorpAug. 20..1323
Radio-Keith-Orpheum Corp
- Aug. 20-.1323
Reading Co
Aug. 27..1475
Reliance International Corp
Aug. 27_ _1481
Remington Rand Inc
Aug. 27-1481
Reynolds Metals Co
Aug. 27..1481
Richmond Fredericksb'g & Potomac_Aug. 27- -1475
Rochester Gas & Electric Corp
Aug. 27-1481
St. Louis-San Francisco Railway Co.
(Including Subsidiary Lines)
Aug. 27-1476
Schumacher Wall Board Corp
Aug. 27.-1506
Sears. Roebuck & Co
Aug. 20-.1324
Sierra Pacific Electric Co
Aug. 20-1324
Soo Line System
Aug. 27..1477
Southern Bell Tel. & Tel. Co. Inc. Aug. 20-1324
Southern Calif. Edison Co., Ltd
Aug. 27..1481
Southern Pacific Lines
Aug. 27._1476
Southern Ry Co
Aug. 27_1475
Southern Ry System
Aug. 27_1475
Standard Gas & Electric
Aug. 27..1481
Standard Telephone Co
Aug. 27_1493
Sun Investing Co
Aug. 20._1324
Sweets Co. of America
Aug. 27..1482
Tampa Electric Co
Aug. 20_1324
(The) Tennessee Electric Power Co_.Aug. 27_ _1482
Texas & Pacific Ry
Aug. 27_ _1476
Timken-Detroit Axle Co
Aug. 20..1324
Union Pacific System
Aug. 27..1476
Union Tank Car Co
Aug. 27..1482
United Aircraft & Transport Corp.
.Aug. 27..1482
United Gas Coro
Aug. 27- _1482
Universal Pipe & Radiator Co
Aug. 20._1324
Utility 8c Industrial Corp
Aug. 20_1324
Vanadium-Alloys Steel Co
Aug. 27-.1508
Vanadium Corp
Aug. 27_ _1482
Van Raaite Co. Inc
Aug. 20- _1325
Wabash Ry
Aug. 27..1476
Walalua Agricultural Co
Aug. 20.-1342
Walluicu Sugar Co
Aug. 27.-1509
Weston Electrical Instrument Corp.Aug. 27..1482
White Motor Co
Aug. 27-- 1482
Winnipeg Electric Co
Aug. 27._1482
Wolverine Tube Co
Aug. 27__1509
Net Earnings.
Month.
1932.
January
February
March
April
May
June
1931.
$
45,940,685
57,375,537
67,670,702
58,263,320
47,429,240
47,008,035
$
72,023.230
66,078,525
84,706.410
79.185.676
81,052,518
89,688,856
Inc. (-I-1 or Dec.(-).
Amount.
$
-26,082,545
-8,702,988
17,035.708
-22,922,356
- J % 7•2%,
-42,680,821
Per Cent.
-38.21
-13.17
-20.11
-28.94
-41.48
-47.58
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class I roads in the country.
Oresd Earnings.
Length of Road.
Month.
1932.
January
February
March
SF
June
274,976,249
268,892,520
289.633.741
287,473,938
254.382.711
245,860,61'5
1931.
365.522.091
336,182,295
375,617.147
369,123,100
368,417,190
369,133,884
Inc. (+) or
Dec.(-).
1932.
Miles.
-90.545,842 244,243
-69.289,775 242.312
-85.983,406 241,996
-101,649,162 251,876.
-114,034.479 211.995
-123,273,269 242,179
1931.
Miles.
242,365
240,943
241,974
241.992
242.163
242,527
Gross from railway__ _
Net from railway_ _ __.
Net after rents
From Jan. 1
Gross from railway...
Net from railway_ _ _ _
Net after rents
$231,921
28,721
1,863,718
34,760
931.
$322,635
25,304
17,942
1930.
$397,788
98,422
41,162
1929.
$531,130
115,567
62,547
2,445,511
397,945
61,030
2,933,429
638,318
271,058
3,648,894
965.972
582,524
Volume 135
Delaware & Hudson1930.
1929.
1931.
--"" 1932.
JulyGross from railway---' $1,731,790 $2,537,098 $3,050,613 $3,405,652
710,613
444,940
608,309
Net from railway_ __ _ -32,531
486.030
593.228
379.021
IL-13.737
Net after rents
From Jan. 1
13,590,711 18,270,750 21,696,536 23,418,256
Gross from railway__ _
417,553 2,366,857 3,724,338 4,633,435
Net from railway_ _ -1,861,977 2,825,330 3.945,814
-215,396
Net after rents
Galveston Wharf1931.
1930.
1929.
1932.
July$199.024
$192,334
$210,427
$117.460
Gross from railway
85,384
89,502
92,471
37,549
Net from ra ilway---62,552
64,013
75,085
14,669
Net after rents
From Jan. 1
965,858
918,599 1,206,480
1,005,425
Gross from railway
301,327
260,091
451,853
373,500
Net from railway.-- 141,892
319,817
212.092
97,820
Net after rents
Illinois Central System1930.
1932.
1931.
1929.
JulyGross from railway__ _ $6,524,892 $9.612,573 411,370,118 $14,114,605
1.944,537
2,109,601
2,477,941
Net from railway_
1,317,015
617,021
1,116,616
1.486,071
Net after rents --- From Jan. 1
Gross from railway_ _ _ 51,349.709 70.445,558 89,803,321 103,146.621
11.730,728 18,589.730 22,313,305
Net from railway_
Net after rents ____ 5,456,847 4,509.385 11.342,452 14,342,882
•
Lehigh Valley1932.
1930.
1931.
1929.
JulyGross from railway__ _ $2.674,370 $3,873,937 $5,155,501 $5,640,032
1,212.915
130,802
479,831
1.157,045
Net from railway....
77,281
802,107
-196,047
760,785
Net after rents
From Jan 1
Gross from railway__ _ 22,665,880 30,664,425 35.889,236 40,723,754
Net from railway---- 3,706.086 5.727,749 7,299,732 9,597.765
Net after rents
1,268,882 2.930,502 4.507,679 6,502.449
Minneapolis & St LouisJuly1930.
1932.
1931.
1929.
Gross from railway__ _ $564,874 $1,062,882 $1,091,459 $1,231,264
Net from railway_ ___ -62,833
159,314
208,983
404,561
Net after rents
-128,714
121,742
46,841
752.251
From Jan. 1
Gross from railway_.. 4,261,686 6,238,920 7,098,392 8,035,653
Net from railway_ - -153,182
657,745
698,332
1,293,269
Net after rents
-611,285
102,407
-50,179
970,428
New York Chicago & St Louis1931.
July1932.
1930.
1929.
Gross from railway.-- $2,252,943 $3,093,767 3,751,658 $4,915,411
502,756
704,203
Net from railway_ --867,059
1.453,912
191,625
102,351
Net after rents
339,240
915,328
From Jan, 1
17,376,333 22,353,680 28,048,874 32,767,675
Gross from railway
Net from railway- __ - 3,675,417 5,410,742 6,675,458
9,797,243
1,884,694 3,575,059 6.327,084
667.737
Net after rents
New York New Haven & Hartford1932.
July1931.
1930.
1929.
Gross from railway--- $5,503,331 $8,343,497 $9,698,276 411.886,038
Net from railway--- _ 1,256,140 2,236,048 2,875,710 3,928,837
Net after rents
413,797
1,244,357
1,740,375 2,777.171
From Jan. 1
Gross from railway.-- 45.309,593 60,137,353 70,546,751 79,272,063
Net from railway_
13,233,391 18,755,071 22,285,805 25,383,151
Net after rents
6,801,503 10,973,364 13,643,056 16,942,096
Newburgh & South ShoreJuly1932.
1931.
1930.
1929.
Gross from railway_ _
$34,901
$70,749
$117,852
$187,382
Net from railway_--- -14,353
494
14,355
55,441
rents
Net after
-22,907
2,884 -140,445
409,143
From Jan 1
Gross from railway__ 363,689
645,727
840,144
1,148,386
Net from railway.. _ - _ -49,957
-3,114
286,732
315,956
Net after rents
-107,035
-60.944
186.192
238,865
Richmond Fredericksburg & PotomacJuly1932.
1931.
1930.
1929.
Gross from railway__ _
$437,010
$700,005
$798,266
4894,498
Net from railway_ _
74,528
169,690
116,947
232,653
Net after rents
10,751
82,819
28,397
151,986
From Jan. 1
Gross from railway__ _ 4,220,755 6,039.556 6,763,143 7,558,049
Net from railway_
1,882,341
982,207
1,684,840 2.468,757
Net after rents
392,711
1,065,225
921,122
1,623,449
Southern Ry System
Southern Ry CoJuly1932.
1931.
1930.
1929.
Gross from railway__ - $5,030,091 88,185,701 $9,466,962 $11,496,610
Net from railway_ __ _
241.134
1,580,285 2,802,444 3,127,545
Net after rents
-392,807
739,494 2,001,970 2,371,984
From Jan. 1
Gross from railway- _ _ 42,391,833 59,483,004 71,130,931 83,382,070
Net from railway_ _ _ _ 5,119,395 10,743,426 16,232.934 23,474,896
Net after rents
242,183 4,699,669 9,933,644 17,287,599
Alabama Great SouthernJuly1932.
1931:
1930.
1929.
Gross from railway... _ $287,643
$518,643
$600,799
4825,262
Net from railway_ _ -19,088
63,394
55,636
206,196
Net after rents
-53,237
39,715
41,800
169,514
From Jan. 1
Gross from railway__ _ 2,400,095 3,748,039 4,887,662 6,014,024
Net from railway
-48.707
410,172
893,623
1,716,135
Net after taxes
-317,952
197.227
672,266
1,418,604
Cin New Orleans & Texas PacificJuly1932.
1931.
1930.
1929.
Gross from railway....- $760,485 $1,311,866 $1,528,437 $1,901,494
Net from railway_ _.151,204
338,010
423.334
502,495
Net after rents
101,128
251,413
333,058
415,938
From Jan. 1
Gross from railway--- 6.107,718
9,062,597 11,172,469 13,447,317
Net from railway_ _ 1,154,451
1,709,943
2.679.237
2,720,579
Net after rents
799,583
1,159,925 2,003,365
1.923.779
Georgia Southern & FloridaJuly1932.
1931.
1930.
1929.
Gross from railway__ _ $161,657
$256,613
$302,560
8330,894
Net from railway_ _ - _
43,458
46,117
76.250
51,747
34,152
Net after rents
25,875
56.014
20,083
From Jan. 1
1,896,762
Gross from railway_ _ _ 1,199,100
2,283,298
2,652,677
169,507
317,996
Net from railway _ _ _ ..'
417,604
469,666
79,393
149,781
Net after rents
210,596
42,885
New Orleans & Northeastern1932.
1931.
1930.
July1929.
$245,871
$326.213
Gross from railway... $141.798
$446,402
17,148
60,550
Net from railway_ _ _ - -10,454
137,947
-47,850
739,494
after rents
2,001,970 2,371,984
Net
From Jan. 1
1.874,915 2.613,119 3,250,697
Gross from railway__ _ 1,198,826
153,983
1,478
649,790
Net from railway_ _ _ _
1,091,949
-288,325 4,699,669 9,933,644 17,287,599
Net after rents
Northern Alabama1931.
1930.
1932.
July1929.
$24,157
$50,710
$69,876
Gross from railway__ _
$91,113
2,744
20,915
11,747
from railway_
Net
36,579
13,965
-10,052
-3,606
Net after rents
13,644
From Jan. 1
410,415
268,069
620,139
718,046
Gross from railway__ _
210,975
88.783
76,656
304,919
Net from railway_ _ _ _
50,898
32,260
121,976
Net after rents
1475
Financial Chronicle
New York Ontario & Western1929.
1930.
1931.
1932.
JulyGross from railway__ - $854,081 $1,250,438 $1,186,271 $1,379,953
407,465.
455,755
376,991
210,015
Net from railway_ _ _
293,854
282.667
341.179
154,984
Net after rents
From Jan. 1
Gross from railway_ _ _ 6,052.792 6,630,182 6.167,789 6,801,226
1,066,886
976,575
1,824,265
Net from railway.... 1,754,507
367,643
370,755
1,428,802 1.061,151
Net after rents
Pennsylvania System
Pennsylvania RR1929.
1930.
1931.
1932.
JulyGross from railway_ _ _$24,158,230 $38,285,176 $49,534,962 $61,844,901
Net from railway_ _ _ _ 5,854,932 8,298.923 13,703,372 19,556,993
1,357,522
9,046,611
1,955,543 4,115.871
Net after rents
From Jan. 1
Gross from railway__ _194,004,170 272,435,237 344,247,422 397,142.566
Net from railway_ __ _ 45,110,659 53,052,192 84,285,641 111,256,925
21,739,071 26,755,218 55,681,210 5.102,413
Net after rents
Reading Cu1929.
1930.
1931.
1932.
JulyGross from railway.... $3,400,169 $5,381,905 $6,815,103 47,796,030
1,575,077
822,325
366,523
746,809
Net from railway_ __
1.244.780
574.500
136.335
-649,779
Net after rents
From Jan 1
Gross from railway_ _ _ 30,581,609 42,484,267 51,297,836 55,608,361
6,095,982 4,643.857 8,296.993 11,392,608
Net from railway
9.019,542
6,345,008
-5,102,563 2,896,411
Net after rents
Texas & Pacific1929. •
1930.
1931.
1932.
JulyGross from railway_ _ $1,746,700 $2,751,854 $3,329,952 $4,387.684
1.619,272
1,054,523
959,250
534.796
Net from railway_ _ _ _
1,196 ,757
663,825
539,947
261,842
Net after rents
From Jan. 1
Gross from railway_ _ 12,273,988 18,653,866 22,870.291 27,102,797
Net from railway_ _ _ _ 3,381,176 6,076,893 6,803,192 8,319.794
5,078,186
1,608,903 3,618,365 4,103,209
Net after rents
Wabash1929.
1930.
1932. ' 1931.
JulyGross from railway_ _ _ $3,003,806 $4,650,087 $5,039,615 27,025,554
1,760,603
1,165,208
797,590
railway_
Net from
1,152,755
94,952
697.513
103,096
Net after rents
From Jan. 1
Gross from railway.... 22,331,526 30,422,136 37,397,871 44.076,036
5,756,462 8,159,368 11,187,522
Net from railway_
4,038,591
6,904,667
1,460,058
624.712
Net after rents
-In the for
Other Monthly Steam Railroad Reports.
lowing we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, &c., or where they differ in
some other respect from the reports of the Commission.
Ann Arbor RR.
1932.
$231,921
228.036
Month of July
Operating revenues
Operating expenses
1931.
$322,634
297,331
1930.
$322,635
299,366
1929.
$397,788
415,563
$41,162 . $62,547
Net ry. oper. income -$28,721 -$17,942
7 Mos.End. July 31
Operating revenues _ _ $1.863,719 $2,445,511 $2,933,429 23,648,894
1,639,428 2.065,566
2.295311
2.682,922
Operating expenses
Net ry. oper. income
-434,761
$61.029
$271,058
$582,524
Boston & Maine RR.
1931.
1929.
1932.
1930.
Month of July
$945,961 31,006,536 $1,280,750
Net ry. oper. income_ -- $455,911
-990
-1,226
-964
-2.403
Net misc. oper. income103.479
119,684
122,154
129,278
Other income
4558,164 $1,064,655 $1,127.726 $1,407,625
Gross income
653,000
641,614
667,762
692,623
Ded.(rentals, int., &c.)_
$459,964
$423,041
$715,002
-494,836
Net income
7 Mos.End. July 31
Net ry. oper. income_ _ _ 84,076,252 $6,147,982 46,770,970 $7,578,774
13,114
-3,026
-2,287
10,204
Net misc. oper. income717,911
725.411
648,424
Other income
766.796
$4,722,389 $6,862,867 $7,509,495 $8,355,774
Gross income
4.618,520 4.611,840 4,787,859
Ded.(rentals, int., &c.)_ 4,538,279
$184,110 $2,244,347 $2,897,655 83,567,915
Net income
Financial Chronicle Apr. 2, '32, p. 2516
10
-Last complete annual report in
Erie Railroad Co.
(Including Chicago & Erie RR. Co.)
1929.
1931.
1930.
1932.
Month of July$5.712.935 $7,586,833 $9,171,478 $10,745,466
Operating revenues
7,572.754 8.725,800
Oper. expenses & taxes_ 4,949,464 6,579,844
Operating Income...... _
Hire of equip. and joint
-Net debit
facil. rents
$763,471 $1,006,988 $1,598,724 $2,019,666
380,832
418,670
321,815
394,060
$588,318 41,204,663 $1,697,850
Net ry. oper. income. $382,639
7 Mos. End. July 31
Operating revenues...... 42,682,120 54,220,938 64.211,558 74,123,235
Oper. expenses & taxes_ _ 36,263,053 45,235.959 53,672.781 59,587,290
Operating Income...... 46,419,067 $8,984.978 $10,538.777 $14.535,945
Hire of equip. and joint
2,313,549
2,435,337
2,357,298
fedi. rents-net debit 2,296,721
Net ry. open income- $4.122.345 $6,671,429 $8,103,440 $12,178,647
W'Last complete annual report in Financial Chronicle Apr. 30 '32, p. 3264
Fonda Johnstown & Gloversville RR. Co.
Month of JulyOperating revenues_ _ _ _
Operating expenses
1932.
$38,689
39,197
1931.
858,406
54,929
1930.
860,907
59,334
1929.
$77,124
62.708
Net revs,from oper'ns
Tax accruals
-1507
4.000
$.3,477
4,500
$1,573
4.800
414.416
7.840
Operating income__ _ _
Other income
-84.507
6.710
-41,022
9,190
-43,226
8.856
$6,576
12,274
Gross income
Deduc. from gross inc.. _
32.202
17.459
$8,167
28.427
35,629
29,846
$18,851
30,371
Net income
-$15,256
7 Mos. End. July 31
3363,266
Operating revenues
Operating expenses
:337.027
-820,259
-$24,217
-$11.520
$493,951
404,731
$545,624
437.036
$593,655
451,488
Net revs,from oper'ns
Tax accruals
$26,239
28.000
389.219
:31.500
$108.587
33.600
$142,167
54,880
Operating income_ _ _ _
Other income.....
-$1,760
15.986
$57,719
28,913
$74,987
47.189
$87,287
79.902
Gross income
Deduc. from gross inc_ _
$14,226
124,827
$86,633
204,582
$122,176
218.777
3167.189
225.193
Net income
-$110,601 -2117.948 -$96,600 -$58,018
tgrLast complete annual report in Financial Chronicle Mar. 26 '32, p. 23:6
Financial Chronicle
1476
Maine Central RR.
Month of July1929.
1932.
1930.
1931.
Freight revenue
$887,564 81,079,054
$619,902
Passenger revenue
289,335
230.812
122,232
Railway oper. revenues_
1,525.462 1,637,214
1,249,007
846,924
100.941
Surplus after charges... -108,466
24,621
9.045
7 Mos.End. July 31
Railway oper. revenues_ 6,919,645 9.134,989 11,377.634 11.479,473
819,912
613,208
48,592
Surplus after charges.... -305.393
W*Last complete annual report in Financial Chronicle Apr. 2 '32, p. 2514
Missouri-Kansas-Texas Lines.
1929.
I
onth of July1930.
1931.
1932.
Mileage operated (aver.)
3,294
3,294
Operating revenue
$2,150,119 $3.229.657 $4,288,367 $5,001,014
Operating expenses
1,540,209 2.249,637 2,592,440 3,297,382
1,230,201
Available for interest__ _
1,211.771
298,075
557.284
Interest charges,includ'g
420.566
406,202
adjustment bonds_ _-405.248
405.714
$809,635
Net income
$805,569
$151,570
def$107.173
7 fonths Ended July 31
3.9'
3,204
Mileage operated (aver)
$15.448,r A *19.810.558 *25,849.363 $31,710,322
Operating revenue
Operating expenses
11.654
15,316.080 18,591,431 22,242,379
Available for interest.-- 1,467.,.k.
4.635,353 6,648,839
1,973,261
Interest charges,includ'g
adjustment bonds_ _ -- 2,836,247 2,840.209 2.861,055 2,992,641
def$1,369.421 def$866,347 $1,774,297 S3,656.198
Net income
VEPLast complete annual report in Financial Chronicle May 7 632, p. 3444
National Railways of Mexico.
(Ferrocarriles Nacionales de Mexico)
-Month of June- -6 Mos. End. June 301931.
Period1932.
1932.
1931.
Railway oper. revenues.. $6,243,211
$37,365,194
•
Railway open expenses_ 5,628,491
33.871,710
Net oper. revenue_ __ _ $614,720
Percentage, expenses
(90.15%)
to revenue
Tax accr. and uncollect.
3
revenues (deduction)_
32,440
'
Non-oper. income
Deductions
482.335
53.493,484
*
.,.
(90.65%)
•
•
*
*
1,951
224,540
2,355,913
*
*
*
Balance
$164.821 $1,760,297 $1,360,160 $8,608,128
Kilometers operated_ _ _ _ 11.533,619 11,520,219 11,533,619 11.520,219
4 Due to changes in classification, figures not available.
,
'Last complete annual report in Financial Chronicle Jan. 9 32, p. 323
(The) New York New Haven & Hartford RR. Co.
Month of July1932.
1931.
1929.
1930.
Gross tOtal oper. rev.)_ - $5,503,331 $8,343,497 S9,698,276 $11,886,038
Net ry. oper. income__ _
413,797
1,244,357
1,740.375 2,777,171
*Net after charges
-595,495
580,667
7 Mos. End. July 31
Gross (total oper. rev.)445,309,593 *60.137.353 $70,546,751 879.272.063
Net ry. oper. income.... 6,801,503 10,973,364 13,643.056 16.942,096
*Net after charges
403.29.) 5,699,507
* Before guarantee on separately operated properties.
arLast complete annual report in Financial Chronicle Apr.2 1932, p.2513
Pennsylvania .R. Regional System.
.4
Period-- f nth of July--7 los. End. July 31Revenues1C,2.
1932.
1931.
1931.
Freight
516,626,284 $27,579.320$134,967.261$191,881,855
Passenger
4.734,436 7,100,069 37,356,777 53,976,989
Mail
337.505 1,020,212 6,992,705 7,374,722
Express
350,218
5,260,249
414,884 3,807,181
All other transpG:tatio.._
588,726
810,229 4,271,017 • 5,354,584
Incidental
955,748 1,413,882 6,791,881
8.751,096
37,279
Joint facility-Credit.-283,048
431,958
49,364
Joint facility-Debit..-4,
843
6,869
64,558
47,107
Railway °pc-. revz_- 424,225.353 338.381,091$194,405.31^SZ ,984,346
ExpensesMaint. of way & struct. 81,949,132 $4.540,362 816,569.655 $34,445,000
Maint of equipment.... 4,711.713 7.910,360 40,105.667 58.337,771
Traffic
580,770
752,350 4,520,293 5,578,758
Transportation
9,570,016 14,765,841 75,647,048 106.520,951
Miscellaneous operations
334,965
563,776 2,710,951
4,002.971
General
1,290.827 1,567,776 10,088,570 11,211.802
Transp. for inv.-Credit
79.057
32,753
355,535
135.116
Railway oper. exp---318.358,366 $30,067,712$149,286,649$219,962,137
Net rev,from ry. oper__ $5,866,987 88.313.379 *45.118.663 *53.022,209
Railway tax accruals..... 2,781,900 3,079,500 16.991,700 18,322,900
Uncollectible ry. revs.- _
13,522
6,737
43,189
56,712
Railway oper. ine-ome_ $3,071,565 $5,227,142 828,083.774 $34.642,597
Equip. rents
987,365
-Debit bal.
1,113.645 5,878,144
7.076.428
Joint facility rents
928,449
Debit balance
134,230
540,743
1,801
Net ry. oper. income_ $1,949.970 $4,111.696 $21,664,887 $26,637,720
Rev, shown above excl.
emergency charges
amounting to
4,499,256
548,409
127 Last complete annual report in Financial Chronicle Apr.9 1932, p. 2703
St. Louis-San Francisco Ry.
(Ineuding Subsidiary Lines)
Month of July- -7 Ifos. End. July 311932.
1931.
1931.
1932.
Operating mileage
5,890
5,890
5,890
5,889
Freight revenue
$2,848,915 $4,070.570 $20.392,702 $28,178,090
Passenger revenue
1,961,724 3,445,823
457.082
281,608
Other revenue
394,324 2,241,378 3,080,372
285.190
Total oper. revenue... $3,415,714 84_,921,978 824,595,804 *34.684.285
Maint.of way and struc_ $488,153
S537,619 3.576,756 3,883.126
Maint. of equipment__ _
875,936 5,540.826 6.221,370
770,195
Transportation expenses 1,243,675 1,803,273 9,142,091 12,774.317
Other expenses
373,535 2,134.138 2.669.241
283.029
Total oper. expenses-- $2,785,054 $3,590,365 820,393,812 825,548,056
Net railway oper.income
1,127,392 6,011.677
955,151
180,677
Balance available for int.
1.197.440 6,613,273
205.689 1.029,948
Balance
def$925,755 def$95.567 $6,684,215df$1,120,074
a'Last complete annual report in Financial Chronicle June 18 '32, p. 4485
Wabash Ry.
Month of JulyOperating revenues
Operating expenses
1929.
1932.
1930.
1931.
$3.003,806 $4,650,086 85.039.615 87.025,554
2,543,237 3,852,496 3,874.407 5.264,951
8697,513 81.152.755
Net ry. oper. income -$103,096
$94,952
7 Mos.Encl. July 31
22.331,326 30,422,135 37,397.871 44,076,036
Operating revenues
Operating expenses
18.988,466 24,663,673 29,238,503 32,888.514
Net ry. oper. income -$624,712 81,460,058 34.038,591 86,904.667
Li-Last complete annual report in Financial Chronicle Apr. 23'32, p. 3089
Aug. 27 1932
Southern Pacific Lines.
Month of July
1930.
1931.
1929.
1932.
Aver. miles of road oper_
13,811
13,596
13,846
13,701
Revenues
Freight
8,877,173 13,61.3.684 16.633,285 20,538,004
Passenger
2,022,274 3,034,062 3,907,876 4,563,552
Mall
670,650
406,210
386,285
361,952
Express
606,764
569.991
372,383
155.769
All other transportation_
469,424
399.365
439,935
274,071
Incidental
715,530
566,125
452,044
318,031
Joint facility-Cr
31,238
20,385
20,500
11.630
Joint facility
-Dr
118,722
89,834
101.025
91,100
By. oper. revenues_ -- 11,929,799 18,284,869 22,413,855 27,476.442
ExpensesMaint. of way & struct_ 1,343,692 2,093,577 2,802,524 3,389,277
'
Maint. of equipment_
.082,170 2,770,912 3,648,252 4,410,659
Traffic
658.586
563,369
488,721
448,440
Transportation
4,545,728 6,422,844 7,438,342 8,696,455
Miscellaneous
570.391
422,254
223,821
328,152
General
983.062
918,262
778.668
860,727
Transp. for invest.-Cr_
136,930
187,663
35,104
16.394
By. oper. expenses..... 9,406,126 12,929,831 15,605,343 18,571,502
Income-Net rev,from ry. oper_ _ 2,523,673 5,355.038 6,808,512 8,904,940
Railway tax accruals..... 1.248,116
1.705,008 1,997,324
1,442,701
lYncollectible ry. revs_ _ _
5,930
18,173
3,897
3,826
Equipment rents (net)...
865,187
845,358
725,300
903,453
Joint facility rents (net)_
8,329
'45,704
24,330
52,456
Net ry. oper. income..
6,028.168
500,657 2,952,599 4,215,641
7 Mos. Ended July 31
Aver. miles of road oper_
13,612
13,722
13,842
13,821
Revenues9
$
$
$
Freight
62.510,925 89,643,381 111,310,033 131,485,475
Passenger
13,726,701 20,799,984 26,571,480 29,719.19
4
Mail
2,553,266 2,748,699 2,852,260 3.703.133
3,113,102 3.783,849 4,539,828
Express,,
All other transportation_ 2,152.926 2,860,529 2.922.201 4,627,691
Incidental
2,137,793 2,972,344 3,871,796 4,694,390
Joint facility--Cr
213,375
168,685
79,001
133,800
Joint facility
843,346
-Dr
516,810
628.510
800,132
Ry. oper. revenues... 84,679,592
ExpensesMaint, of way & struct_ 10,257,550
Maint. of equipment... 16,269,605
Traffic
3,115,165
Transportation
32,797,164
Miscellaneous
1,576,610
General
5,692,077
Transp. for invest.-Cr..
121,032
121,643,333 150,680,173 178,139,743
15,656,193 20,680,093 22,838,996
21,860,474 28,266,429 31,675,042
3,838,343 4,456,054 4,472,520
44,836,280 52.604,831 59,372,792
2,211,612 2,896.730 3,389,314
6,134,862 6,795.408 6,719,278
802,747
1,040.833
410,901
By. open expenses_ _ _ 69,587,139 94,126,865 114,658,715 127.685,198
Income
Net rev. from ry. oper__ 15,092,453 27,516,467 36,021.458 50,474,544
Railway tax accruals_ .. _ 9,475,144 9,957,706 11,105,863 12,987,135
51,802
Uncollectible ry. revs......
51,657
37,436
36.007
4,803,023
Equipment rents (net)_ _ 4,116,379 4,913,167 4,606,241
Joint facility rents (net)_
234,674
94,589
292,654
50,391
Net ry. oper. income_ 1,170,841 12,559.194 20,073,105 26,892,528
r."
Last complete annual report in Financial Chronicle May 7 1932,P.3446
Union Pacific System.
Month of July1929.
1932.
1930.
1931.
Operating Revenues
Freight
87,207,475 810,497.923 812,554,600 $13,803,041
Passenger
2.150,779 2,655,960
989.799 1,629,257
Mail
408,188
380,603
339,893
586,804
Express
397,949
166.490
398,582
249,899
All other transportation_
576,459
280.755
377,521
673,383
Incidental
425,236
143.384
421,901
264,744
Ry.oper. revenues-- - 89.127,796 313.399.947 816,586,049 $18,266,833
Operating ExpensesMalnt,of way & struct _
2,300,538 2,914,550
935.417
2,337,468
Maint. of equipment-- - 1,536,370 2,587,942 2,946,985 3,465,855
Traffic
423,746
408,815
371.476
257.477
Transportation
5,122,340 5,192.377
3,057,680 4,232,876
Miscellaneous operations
479,935
342,682
283.619
152.092
General
692.152
660,317
689,110
525,359
Transp. for invest
.-Cr _
415
1,035
By.operating expenses $6,464,395 $10,501,456 $11,781,675 813,158,200
Income Items
Net revenue fr. ry. oper_ 2,663,401
5,108,633
2,898,491 4,804,374
Railway tax accruals_ _ - 1.079,681
1.417.910
1,237,754
1,191,797
Uncoll, railway revenues
389
393
220
2,910
By.operating income_ 81.583,327 81.703.784 83,566,400. $3.690.334
Equipment rents
-net.. -616,569 -693,629
559,274
627,297
Joint facility rents-net.. -47,593
76,934
57,749
-40.662
Net ry. oper. income_ $919,165
$969.493 $2,881.354 83.054,126
Aver. miles of rd. oper_ _
9.857
9,843
9,864
9,864
Ratio of exps. to revenue
71.03%
78.37%
70.82%
72.03%
7 Mos. End July 311929.
1930.
1932.
1931.
Operating Revenues
Freight
$50,642,019 $71,391,065 $78,221,818 $90,626,343
Passenger
9,913.738 12,776,260 15,513,539
6,475,878
Mail
2,923,064 2,953,036
2.817.612
2,560,186
Express
1,705,830 2,292.912
2,313,572
1,106,618
All other transportation_ 1,858,282 2,255,345 2,944,900 3,049.623
Incidental
1.725,369
2,277,350
1,039,667
1,807,036
Ry.oper. revenues- __$63,682.650 $89,808,959 $100965,990 8116,733,463
Operating ExpensesMaint.of way & struct__ 6,334.241 13,323,126 13.044,229 17,438,021
Maint, of equipment.. _ _ 11,355,915 18,225.772 20.382,588 22,347.867
Traffic
2,047,304
2,839,303
2,944,304 2,922,184
Transportation
22,101.213 28,779.117 32.366,881 34.625,522
Miscellaneous operations 1,061,188
1,773,238 2,000,018
2,583.150
General
4,039,152 4,779.701
4,675.712 4,849,740
Transp. for invest.Cr _ _
Dr642
5,997
2,645
By.oper. expenses_ ...$46,939.655 $69,514,260 $76,313,732 684,763.639
Income Items
Net revenue fr. ry.oper- 16.742,995 20,294.699 24,652,258 31,969,824
Railway tax accruals..... 7,539.228 8,649,249 9,278.063 9,547,621
Uncoil, railway revenues
6,082
8,239
7.361
4,961
Railway oper. income_ $9,197,685 $11.637,211 $15.368,334 $22.414,852
Equipment rents-net.. _-3,189.399 -3,711,555 2,832,903
2,617.160
Joint facility rents-net_ -342,610 -329,015
542,770
345,984
Net ry. oper. income- 65,665,676 $7,598,841 $12,189,447 $19,254,922
Aver. miles of rd. oper-9,842
9,860
9 857
9,878
Ratio of exps. to revenue
73.71%
72.111%
77.40%
77.39%
WLast complete annual report in Financial Chronicle Apr. 30 '32, p. 329
Texas & Pacific Ry.
Month of July1932.
1929.
1931.
1930.
Net ry. oper. income_ _ _ $261,842
8539.947
$683,825 51,196.756
Net income
de125,913
992,808
363.896
217,714
7 Mos. Ended July 31
Net ry. oper. income
$1,608,903 $3,618,365 64.103.209 65,078.188
Net income
def616.385
1,380,514 2,013.157 3,607.002
ta"Last complete annual report in Financial Chronicle Apr. 30 '32, p. 3267
Financial Chronicle
Volume 135
Soo Line System.
(Minneapolis St. Paul & Sault Ste. Marie Ry. Co.)
1931.
1932.
1930.
1929.
Month of JulyDr$208.532 C4228,445 C4385,718C41,068,839
Net after rents
Dr80,920
Dr145,176
Dr42,774
Dr39,903
Other income-Net_
Int. on funded debt_ _ _ _ Dr527,942 Dr574.670 Dr563,410 Dr561,805
Dr$881,649 Dr$427.145 /74220,466 C4467.130
Net deficit
Div. of net del'. between:
Dr$621,286 Dr$407,263 Dr$163,972 Cr$193,846
Soo Line
Dr19,882
Dr56,493 Cr273,283
Wis. Central Ry. Co_ Dr260,364
Dr$881,649 D4427,145 1)4220,466 C4467,130
Total system
1932.
1931.
1930.
Ion.
7 Mos.End. July 31Net after rents__ _ _ --/741,881,136 C4103.794 C4891,973C44,004,514
Dr649,460 Dr227,597 Dr113,822
Dr33,553
Other income-Net:_
Int. on funded debt__ _Dr3,660,619 Dr3,981,745 Dr3,907.118 Dr3,895,241
1)46,191,215 Dr4,105,548 Dr3,128,966 C475,719
Net deficit
Div. of net def. between:
D44,148,011 1)42,458,856 D41,689,310 Cr$194,735
Soo Line
Wis. Central Ry. Co_Dr2,043,204 Dr1,646,692 Dr1.439.656 Dr119,016
Dr$6,191,215 D44,105,548 D43,128.966 D475.719
Total system
10rLast complete annual report in Financial Chronicle May 14 '32, p. 3628
Earnings of Large Telephone Companies.
-The Interstate Commerce Commission at Washington has issued a
monthly statement of the earnings of large telephone companies having an annual operating revenue in excess of
$250,000. Below is a summary of the return:
June 1932
June 1931
6 mos.end. June 30 1932
6 mos.end.June 301931
No. of Co.
Stations in
Service.
16,108,700
17,185.113
Operating
gperating
Expenses.
Revenues.
I
i
86,725,483 58,477,437
97,754,687 65,239,620
538,164,612 366,009,289
586,571,672 390,526.499
Operating
Income.
$
19,056.710
23,709,944
117,860,349
141,802,234
INDUSTRIAL AND MISCELLANEOUS CO'S.
Alabama Power Co.
(And Subsidiary Companies)
(The Commonwealth & Southern Corporation System)
-Month of July- -12 Mos. End. Jul 311932.
Period
1931.
1932.
$1.183,857 $1,462,25 $16,452,129 $17,9431g18
Gross earnings
,
Operating expenses, incl.
507,705
taxes and maint
722,897
7,086,882 7.513,864
Gross income
Fixed charges
$675.852
Net income
Provision for retirement reserve
Dividends on preferred stock
$739,328 $9,365,247 $10,429,954
4.582,469 4,297.682
$4,782,778 $6,132,273
934,050
928,575
2.337,701
2,162,156
Balance
$1,511,026 $3,041,542
farLast complete annual report in Financial Chronicle Apr. 16 '32, p. 2898
American
Safety Razor Corp.
(And Wholly Owned Subsidiaries.)
Period End. June 30- 1932-3 Mos.-1931.
1932-6 Mos.-1931.
Net profit after deprec.,
Federal taxes, &c-- $159,645
$287,695
$304,802
$505,744
Earn's per sh.on 200,000
shs. no par stock ____
$0.80
$1.52
$1.44
$2.53
lerLast complete annual report in Financial Chronicle Mar. 5 '32, p. 1765
Associated Gas & Electric System.
Consolidated Statement of Earnings and Expenses of Properties Since Dates
of Acquisition (Actual).
Decrease.
12 Mos.Ended July 31Amount.
1932.
1931.
Electric
$76.256,121 $77,841.771 $1,585,650
1
Gas
17,133,504 18,677,805
1,544,301
8
Ice
3,453,901
4,257.665
803.764
19
Transportation
1,883,418 2,007,359
123,941
6
Heating
1,519,662
1.705,581
185,919
11
Water
1.272,054
1,496,030
223,976
15
Total gross operat. revenue$101,518,660$105,986,211
4
Oper.exps., maint.all taxes, &c 56.439,546 56.551,353 $4,467,551
111.807
__
_rev. for retirements (deprec.) 9,996,103 7,691.437 52,304,666
x30
Operating income
$35,083,011 $41,743,421 $6,660,410
16
x Increase.
-The above figures include the results of operations of substantially
Note.
the same properties in both periods.
arLast complete annual report in Financial Chronicle July 9 32, p. 285
Atlantic Refining Co.
(And Subsidiaries)
8 Mos. End. June 301932.
1931.
1930.
1929.
$41,579.019 $50,966,346 $65,460,944 175,855.645
Gross income
Operating charges
30.590.181 54,231,674 56.458.830 59,161.277
Net income
110.988.8381'43,265,328 19,002.114 $16,694,368
263,175 Dr319,739 1,048,146
Other income
841,459
Total income
$11,252.0131'43,585,068 $10,050,260 $17,535,827
Interest, disc., &c
424,876
427,895
377,004
393.084
Adjust. of invent
929.031
Insur.& other reserves....
319.651
260.841
314.261
& depletion_ _ _ 5.060,129
Deprec'n
5,123,833 5,618,068
Fed. taxes (estimated)._ 1,262,403
881,330 1,803.651
Intangible devel. costs71,097
588,429
544,354
$3,184,8241 44,012,963 $2,818,823 $8,862,409
.
Net income
dividends_
Preferred
700,000
1,348,321
1.348,321
Common dividends
2,689.657 2,333,333
$1.836.503def$5361.284
Balance, surplus
$129,166 $5,m337
5
8
Previous surplus (adj.)- 59.803,014 61,876,574 64,608.436 46,
Adj. of sur. not incident
Dr87,070 Cr333,744 Dr480,615 Dr3.476,998
to current period
-paid-in
Surplus
Cr219.015 Cr9.999,510
P.& L.sur. June 30_461,552.447 $56,849.034 $64,476,002 $58,585,046
Refining Co. interest, $61,550,730; minority interest
x The Atlantic
$1,717.
f"Last complete annual report in Financial Chronicle Feb. 27 '32, p. 1567
Barnet Leather Co.
1932-6 Mos.-1931.
Period End. June 30- 1932-3 Mos.-1931.
loss after deprec.,
Net
$11,239
$15,100
421,683
$69,747
taxes & other charges_
lc Before deducting $875,648 loss on sale of Little Falls Tannery and
write-down of investments.
p. 3100
'Last complete annual report in Financial Chronicle Apr. 28
rar
1477
(The) Aviation Corporation (Delaware).
(And Subsidiaries)
6 Months Ended June 301932.
1931.
1930.
Loss from operations
$574,272 prof$39,621
$983,0:76
Depreciation
718,956
640,651
801.804
Loss
$1,293,227
$601,030 31.784,880
Other income-interest earned... _ _ _ _} 224,9665
171,152
261.976.
Dividends
1
168,173
178,231
Profit on sale of securitim
1,389,1811°68243,244
42.104
Total loss
$2,457,443
Expenses of parent company
78,799
Extraordinary charge-offs and provision for special losses incl. adjust.
relating in part to prior periods_ _ _ _
29,129
$504,948 $1,302,568
231.948
320,826
1.095,815
xProporti • n of profits of controlled
$2,565,371
'ated)
M
$736,895 $2.719,207
7,415 loss517111
Les
e period
$729,480 $2.236,318
$2.565,371
x Ope:ating results of American Al.;lane & Engine Corp. (formerly a
part of Fairchild Aviation Corp.). no,, -•helly owned but previously
included in this caption, are now included with the operating figures.
W'
Last complete annual report in Financial Chronicle Apr. 9 '32, p. 2726
Belding Heminway Co.
1932.
1931.
1929.
6 Mos. End. June 301930.
Operating loss
$203,802
$377.682 pf$384,315
$40,930
Depreciation
94,‘• 2,,
106,212
30,069
85.988
Int.and amortization__ _
18.750
93,238
55,575
98,194
Inventory adjust. (net) _
8578,249
Res. for loss on Belding
Savings Bank account
25,000 '
Net loss
Preferred dividends
1252,621
$207.493 $1,155.381 pf$191,296
3.736
3,825
Deficit
$252.621
$207,493 81.159.118 pf$187.471
Earns, per sh.on 415.032
Nil
Nil
shs.(no par)common _
Nil
$0.45
x Inventory write-down and obsolescence amounted to $828.249. from
which $250,000 was charged against reserve for contingencies created
therefor at Dec.311929.
ta'Last complete annual report in Financial Chronicle Feb. 27 '32, p. 1584
Brooklyn-Manhattan Transit System.
(Including Brooklyn & Queens Transit System)
1932.
Month of July1931.
1930.
Total operating revenues
$4,505,218 $4.841.635 15.003.577
Total operating expenses
2,946,476 3,165,317 3,271.069 •
Net revenue from operation
Taxes on operating properties
$1,558,742 $1,676,318
350,390
334.292
Operating income
Net non-operating income
$1,208,352 $1,342.026 11.394,836
68.036
72,793
95,370
Gross income
Total income deductions
$1.276.388 $1,414.819 $1,490,206
805,208
783,028
769,904
$1,732,518
337,682
Net income
•$471.180 *9631.791
$720,302
*Accruing to minority interest of B.
$94,585
& Q. T Corp
162.079
lairLast complete annual report in Financial Chronicle Sept. 5'31, p. 1611
Brooklyn & Queens Transit System.
Month of July1932.
1931.
1930.
Total operating revenues
$1,805.135 $1,893.414 $1.917.119
Total operating expenses
1,407.031
1,430,066
1,495,714
Net revenue from operation
$398.104
$463,348
$421,405
Taxes on operating properties
137,710
120,831
108,180
Operating income
$260,394
1342,517
$313.225
Net non-operating income
18,070
17.151
14,299
Gross income
$278.464
$359,668
$327.524
Total income deductions
143,832
132,656
124,091
Net income
$134,632
$227,012
$203.433
t "Last complete annual report in Financial Chronicle Sept.5'31, p.1610
(The) Commonwealth & Southern Corp.
(And Subsidiary Companies)
-Month of July- -12 Mos.End.July 3lPeriod1932.
1931.
1932.
1931.
Gross earnings
$8.668,151 $10,194,277$121,279,438$134,713,585
Oper. exps., incl. taxes
and maintenance
4,104,118 5,094,262 54,714,059 84.046.111
Gross income
$4,564,032 $5,100,014 $66,565,379 $70.667,474
Fixed charges, incl. int., amort. of debt disct. &
exPs. & earns, accruing on stock of subs, not
owned by Commonwealth & Southern Corp_ __ _ 39.058,710 35.762.882
Net income
Provision for retirement reserve
Dividends on preferred stock
$27.506.668 $34,904.591
9.561.331 9,555,440
8,995,555 8,913.975
Balance
$8,949,782 16,435.175
la"Last complete annual report in Financial Chronicle May 14 '32, p. 3634'
Consumers Power Co.
(The Commonwealth & Southern Corp. System.)
Month of July- 12 Mos. Ended July 31
Period1932.
1931.
1932.
1931.
Gross earnings
$2,105,570 $2,354,987 $29,420,560 $31,539,018
Operating expenses (incl.
taxes & maintenance)_
933.141
1,098,563 11,908,189 13.575,409
Gross income
Fixed charges
11.172,429 $1,256,424 $17,512,370 $17,963,609
4.276,005 3.603.213
Net income
Provision for retirement reserve
Dividends on preferred stock
$13.236,364 114.380.395
2.784,000
4.189,180
2,782.333
4,010.253
Balance
16.283.184 $7,567,808
tarLast complete annual report in Financial Chronicle July 9 '32, p. 294
Crown Willamette Paper Co.
(And Subsidiary Companies)
Quer.End.July 311932.
1931.
1929.
1930.
Gross profit
11,448.515 12,199.822 11,840.646 12,503.780
Depreciation
671.546
591.317
896.376•
Depletion
115.716
154.343
118.577
217.530
Interest
307.733
325,297
335.396
346.467
Federal taxes
70.378
99.083
148.465
152.676
Min. int. Pacific Mills
3,666
14.742
14.173
8.075
Net profit
$279.476
3639.352 11.191.926
3856,958
-Above figures include company's proportionate share of Pacific
Note.
Mills. Ltd. earnings.
tar'East complete annual report in Financial Chronicle Jan. 80 '32, p. 824
Financial Chronicle
1478
Claude Neon Electrical Products Corp., Ltd., of Del.
(And Subsidiaries.)
Si Months Ended June 301930.
1932.
1931.
Net profit after charges & Fed. taxes_ $246,764
$362,760
$356,281
Shs. corn,stock outstand.(no par)___
256,526
269,523
262.550
$1.34
Earnings per share
$1.29
$0.89
WLast complete annual report in Financial Chronicle Mar. 12 '32, p. 1962
Crown Zellerbach Corp.
(And Subsidiary Companies)
1929.
1931.
1930.
Quarter Ended July 31- 1932.
$1,858,829 $2,966,431 $2,856,876 $3,864,588
Profit after charges
816,164
914,457
934,970
968,568
Depreciation
217,530
118,577
154,490
Depletion
115.716
349,875
488,223
473,664
436,896
Interest
236,774
150,5.33
93,545
186,727
Federal taxes
419,575
426,242
283,108
425.769
Minority interest
$758,844 $1,644,670
6757,213
Net profit
loss$5,406
391,947
389,024
193.749
Preferred dividends_ _ _ _ Not avail.
$369.820 $1,252,723
Surplus
loss$5,406
$657,041
Shares corn. stk. out1,991,077
1,868,122. 1,991,680
standing (no par) _ _
1,868.122
$0.63
Nil
$0.18
$0.25
Earnings per share
Chronicle July 30 '32, p. 825
10 Last complete annual report in Financial
Dayton Power & Light Co.
Earnings 12 Months Ended July 31 1932.
„_ $7,251,076
-electric
Gross earnings
3.208,119
Gas
581,308
Other
Total
Other income
$11.040,503
5,177
Total income
Operating expenses
Maintenance
Local taxes
511.045.680
5,152,895
506,287
769.866
Engineers Public Service Co.
Gross earnings
Operation
Maintenance
Taxes
(And Subsidiary and Affiliated Companies)
June 30 '32. Mar. 31 '32.
12 Months Ended$13,295.755 $13,149,374
Gross earnings
11,231.597 11,640,566
Operating expenses, maintenance and taxes
$2,064,158 $1,508,808
Net earnings
OrLast complete annual report in Financial Chronicle May 7'32, p. 3466
Drug Incorporated.
x1929.
1931.
1930.
6 Mos. End. June 30- 1932.
530.477.442 535,780,215 $36,606,828 $30,758,340
Gross profit
Merchandising and oper20.275.508 23.602,908 24,821.448 21,773,647
ating expenses
$10,201,934 $12.177,307 $11.785,380 $8,984,693
Operating profit
1,358,794
1.961,939 2,011,657
1,061,669
Other income
511.263.603 314,139.248 513,797.038 $10,343,488
Total income
971,698
1,151,171
839.777
1,171,658
Depreciation
1,146,816
1,192,714
1,091,250
1.065,750
Interest
1,132,738
877,120
1,342,173
1,240,771
Federal tax reserve
3,544
3.778
3,741
3,324
Divs.on subsid.stocks_ $7,880,697 $10,652,510 $10,542,006 $7,430,135
Net income
5.789,212 4,774.522
7.002,998 7.002.998
Dividends paid
$677,699 $3,649,512 $4,752,795 $2,655,613
Surplus
3.501,499 2,394 011
Shs.cap.stk.out.(no par) 3.501.499 3,501,499
$3.01
$.10
$2.19
$3.04
Earnings per share
$25,652,482 as compared with
Earned surplus June 30 1932 amounted to
$24.974,783 Dec. 31 1931.
x Excludes Household Products, Inc., and Vick Chemical Co.
rZPLast complete annual report in Financial Chronicle Feb. 20 '32, p. 1379
Edmonton Radial Ry.
PeriodRevenue
Passenger
Advertising
Special cars
Police
Mail carriers
Other revenue
-Month of July- -7 Mos. End. July 311931.
1932.
1931.
1932.
$53,123
312
17
233
371
319
$55,498
465
37
233
337
1,179
$433,613
2,403
101
1,674
2,598
3,252
$421,902
3,243
233
1.621
2,362
4,758
Total
Expenditure
Maintenance Of track &
overhead
Maintenance of cars__ _ _
Traffic
Power
Other transp. expenses_
General & miscellaneous
*54,378
557,752
5443,643
$434,121
3.537
4,648
301
5.090
20,761
3,889
3,422
6.922
310
5,441
22,960
3,446
22,969
45.414
1.684
43,435
152,219
28,640
23,018
51.750
1.691
42,947
162,499
34,044
Total operation
Operation surplus
Fixed charges
Renewals
$38,229
16.149
17,506
$42,503
15,248
18,080
1,000
$294,363
149,280
122,544
19,000
6315,952
• 118,169
123,309
22,000
Total surplus or deficit def$1,357
def$3432 surp$7,736 def$27,140
(And Constituent Companies)
Month ofJuly- -12 Mos.End.July 311932.
1931.
1931.
1932.
$3,657,415 $4,323,520 647,616,165 552.567,868
1.839,593 19,327.357 22.781.015
1.488,206
255,439 2.707,413 3,166,926
204,688
351,459 4,003,446 3.928,768
363,089
Net oper. revenue_ ___ $1,601.431 $1,877,028 $21,577,948 $22,691,155
993,333
Inc. from other sources96,702 1,345,148
112,986
Balance
51,714,417 51,973,730 322,923,096 $23,684,489
Int. & amortization_ _
754,609 8.607,703 8,037,537
724,922
Balance
$989,494 $1,219,121 $14,315,392 315,646,951
4,679.750 4,941,100
Reserve for retirements (accrued)
$9.635,642 810,705,851
Balance
4,329,272 4,418,491
Divs. on pref, stock of constituent cos.(accrued)Balance
$5,306,369 56.287,359
Amount applicable to common stock of constituent
63,429
41,782
companies in hands of public
Balance for dividends and surplus
$5.264,587 $6.223,930
Dividends on pref. stock of Engineers Public Ser2,323,547 2,231.015
vice Co. (accrued)
Balancefor common stock dividends and surplus $2.941,039 $3,992,914
Common shares outstanding at end of period
1,909,758 1,909,716
662.09
Earnings per share
a$1.54
a After deducting 9.8% of gross earnings for retirements. b After
deducting 9.4% of gross earnings for retirements.
Note.
-During a period averaging about 27 years for which records are
available, the companies in the Engineers group have expended for maintenance a total of 9.6% of their entire gross earnings for the period, and
in addition have set aside for reserves or retained as surplus a total of
10.2% of such earnings.
.Last complete annual report in Financial Chronicle Mar. 5 '32, p. 1752
Federal Screw Works.
Net earns, before prov.for renew.& replace.,int.& Fed.taxes $4.616,632
Deep Rock Oil Corp.
Aug. 27 1932
(And Subsidiaries)
Period End, June 30-- 1932-3 Mos.-1931.
1932-6 Mos.-1931.
Net loss after all charges
$65,712
and depreciation
$238,760
$137,291
$28,090
la"Last complete annual report in Financial Chronicle Mar.12 '32, p. 1964
Federal Water Service Corp.
(And Subsidiaries)
Consolidated Statement of Earnings from Properties Now Owned.
[Disregarding dates of acquisition.]
12 Months Ended June 301932.
Operating revenues
$16,944,972 $17,431,490
Operation expense
4,951,876 5,219,109
758,568
Maintenance
717,013
905,750
Reserved for retirements & replacements
924,194
1,276,717
General taxes
1.311,502
170,000
Reserved for contingencies
170,000
Net earnings from operations
$8,870,388 $9,101,347
Consolidated Statement of Income
-Per Books.
[Including earnings of properties only during period owned]
Operating revenues
$16,959,703 $16,799,386
Operation expense
4,9 ,
717,156
'
739:261
Maintenance
Reserved for retirements & replacements
844,948
925,378
General taxes
1,248.690
1,313,634
Reserved for contingencies
170,000
Net earnings from operation
$8.877,621 $9,036,601
Other income
698,754
345,333
Gross corporate income
$9,222,954 39,735,355
Charges of Subsidiary Cos.
Interest on funded debt
5,072,259 4,732,854
156.377
Amortization of debt disc., miscell. int., &c
318,216
Dividends on preferred stock-Paid or accrued_ __ _
1,283,719
756.664
Dividends on preferred stock-Not declared
583,226
Provision for Federal income tax
320,929
258,588
Balance
Charges of Federal Water Service Corp.
Interest on debentures
Miscellaneous interest & other charges
$2,234,000 $3,241,475
386,073
275,648
384,767
77,883
Net income
$1,572,280 $2,778,825
Dividends paid on Federal preferred stock
247,278
981,803
Dividends on Federal preferred stock-not declared
750,415
Balance
$574.586 $1,797,221
Shares of class A stock outstanding
567,308
567,253
Earnings per share
$2.59
$1.01
OZ
Plast complete annual report in Financial Chronicle April 2 '32, p. 2516
First National Stores, Inc.
Quarter EndedJuly 2'32. June 27 '31. June 30 '30. June 30 '29.
Net profit before deprec.
and Federal taxes_ _ _ - 31.560,412 31,646.367 $1,522,485 31.491,257
Depreciation
177.147
243,898 • 210,881
139,743
Federal taxes
166,040
195,131
178.010
163.016
Electric Power & Light Corp.
(And Subsidiaries)
[Intercompany items eliminated.]
1932.
1931.
12 Months Ended June 30-Subsidiaries
$75,930,973 $83,597,850
Operating revenues
36,898,846 40.623,326
Operating expenses, including taxes
Net profit after deprec.
and Federal taxes_ _ 31.138,504 $1,240,355 $1,179,298 $1,188,498
811.786
815,785
827,634
Shs.com.stk.out.(no par)
774,898
Earned per share
$1.30
$1.41
$1.33
$1.42
I6'Last complete annual report in Financial Chronicle June 11'32, p. 4318
$39.032,127 $42,974,524
1,325.077
1.903.701
(And Subsidiaries)
12 Months Ended June 30-1932.
1931.
Gross sales
37.666,969 $10,811,358
Net loss after depreciation, taxes, &c
281,338 prof. 578.197
'Earnings per sh. on 413,333 no par common shs
Nil
$1.40
larLast complete annual report in Financial Chronicle Apr.2 1932, p. 2529
Net revenues from operation
Other income
540.357,204 $44,878,225
Gross corporate income
16.745,954 15,881,065
Interest to public & other deductions
7.915,537 7,649,667
Preferred dividends to public
Retirement (deprec.) & depletion reserve approp_ 5,982,869 6,851,800
1,423.754
166,955
Portion applicable to minority interests
$9,545.889 $13,071,939
Balance applic. to Electric P. & L. Corp
Electric Power 19. Light Corp.c.e of subshitaries income applicable to Flee9,545,889 13,071,939
Power & ljght Corp. (as shown hbove)
180,880
279:213
Other income
59.816.102 $13,252,819
income
Total
564,59
522,885
Expenses, including taxes
1490.364 1,791.94
Interest to public & other deductions
37,702,853 $10,896,256
Balance applicable to preferred stocks
5,123,550 4,888,598
Dividends on $7 and $6 preferred stocks
Divs. on 2d pref. stock, series A ($7). applicable to
764.582
763.333
respective 12-mo. periods, whether paid or unpaid 2,126.975
1,874,673
Dividends on common stock
def$311.005 $3,368.403
Balance
tairLast complete annual report in Financial Chronicle Mar. 5 '32, p. 1759
Balg
General Asphalt Co.
Georgia Power Co.
(And Subsidiary Companies)
(The Commonwealth & Southern Corporation System)
-Month of July- -12 Mos. End. Ju 311932.
Period1931.
1932.
1931.
Gross earidhgs
- $1,731,631 $1,978,360 $23,514,184 $25,652,035
Operating expenses,Incl.
772.941
taxes and mainten nce
1.007.380 10,579,957
1g.803.954
Gross income
Fixed charges
$958,689
Net income_ -- _____ Provision for retirement reserve
Dividends on first preferred stock
3970.980 512,934,227 $12,848,081
5,577.030 5,052,229
$7,357,197 $7,795,852
1,326,187
1,306,157
3.369,216
3.446,261
Balance---------------------------------- $2.604,779 $33,100,448
10
-Last complete annual report in Financial Chronicle July 9 '32, p. 294
•
General Motors Corp.
Consolidated Income Aceourd for Three and Six Months Ended June 30.
1932-6 Mos.-1931.
-1931.
1932-3 Moo.
PeriodSales of cars and trucks-units:
Retail sales by dealers to con593,564
345,574
361,683
202,060
sumers-United States
General Motors sales to dealers
625,674
341,751
369,677
175,447
United States
General Motor sales to dealers,
incl. Canadian sales and over724,197
419,650
394,915
197,659
seas shipments
$
$
$
$
147,134,818 305,946,760 296,798,534 524,193,532
Net sales-value
Profit from oper. ds income from
inv., after all exp. incident
thereto, but before providing
for deprec. of real estate, plants
16,987,658 78,632,857 40,000,428 126,316,610
and equipment
Provision for deprec. of real
9,269,873 9,547,401 18,576,835 19,064,983
estate, plants and equipment
7,717,785 69,085,456 21,423,592 107,251,627
Net profit
Less provision for:
254,995 2,878,273 2,438,360 5,603,474
Employees'say. ds invest. fund
Guar. settle of 1927 investment
866,640
1,537,792
fund class
Deduct profit on inv. fund stk.
596,348
4,887 1,175,681
reverting to Gen. M.Corp Dr.241.708
Empl.say. & inv. fund-net__ 1,363,343
Payment to Gen. Mot. Management Corp.(in 1929 prov.
for employees' bonus dr amt.
due Managers Securities Co.)
Special payment to employees
224
under stk.subscription plan_
1,363,567
Total
2,281,925
3,971,265
5,907,000
4,312,000
114
6,594,039
4,427,793
36,082
55,380
4,007,347 10,390,173
Net income before income taxes 6,354,218 62.491.417 17.416,245 96,861,454
996,000 7,199,000 2,373,000 11,040,000
Lees prov.for U.S.& for.inc. tax
5,358,218 55,292,417 15,043,245 85,821,454
Net income
Gen.Mot.Corp.propor.of net inc. 5,326,377 55,335,717 15,019,404 85,864,754
Preferred, $5 series
2,344,208 2,343,970 4,688,415 4,687.539
*Amt. earned on com. cap.stk. 2,982,169 52,991,747 10,330,989 81,177,215
*Inci.Gen.Mot.CorP. equity in
the undivided profits or losses
of cos. below (x), the amount
earned on common stock is
2,982.169 52,778.797 10,330,989 79,434,637
$1.22
$1.83
$0.07
Earned per share on common__
$0.24
x Including the General Motors Corp.'s equity in the undivided profits of losses
of Yellow Truck & Coach Mfg. Co.. Ethly. Gasoline Corp.. Vauxhall Motors,Ltd.,
Adam Opel A. G., Bend's Aviation Corp.. General Aviation Corp., General Motors
Radio Corp., and Kinetic Chemicals, Inc. (since Jan. 1 1931).
Summary of Consolidated Surplus.
1932-3 Mos.-1931.
1932-6 Mos.-1931.
$
$
$
$
Surplus at beginning of period_ _286,865,302 339,825,743 301,266,482 344,265,275
General Motors Corp.'s proportion of net income, per summary of consolidated income__ 5,326,377 55,335,717 15,019,404 85,864,754
Total
Preferred stock-$5 series
Common stock
292,191,679 395,161,460 316.285,886 430,130,029
2,344,208 2,343,970 4,688,415 4,687,539
10,875,000 32,625,000 32,625,000 65,250,000
Surplus at end of period
278,972,471 360,192,490 278,972,471 360,192,490
larLast complete annual report in Financial Chronicle April 23 '32, p. 3086 and
Mar. 19 '32, p. 2136.
(B. F.) Goodrich Co.
(And Subsidiaries)
6 Mos. End. June 30.- 1932,
1931.
1930.
Net s lea
$47,183,722 $59,878,342 $78,007,291
Manufactur'g,&c.exp
44,464,559 56.218.014 74,870,803
Net profit
$ 2,719,163 $3,660,328 $3,136.488
Miscellaneous income...._ x2,863,947
855,821
628,902
Total net income
$5,583,110 $4.516,148 $3,765,390
Depreciation
2.765,465 2,800,127 2,932,688
Inventory adjustment- _ 1,732,991
Federal tax reserve
2.086,572
Interest
1,792,344
1,999,464
5.041
39,036
3,131
Profit applic, to subs--Net loss
Pref. dividend (334'7, Q)Common dividends ($2)-
$710.821
1929.
$75,375,872
67,742,297
$7,633.574
1,241.011
$8,874,586
1,803,742
633,000
1,328,704
38,621
$288,483 31,292,906 45,070,519
1,165.990
1,082,830
1,124,410
2.220.780
1,699.548
$710,821 $1,371,313 $4,638,096 y$2,204.981
Balance, deficit
953,638
1,167,142
1,132,388
&is. corn. outst.(no par) 1,167,142
Nil
Nil
Nil
$4.09
Earns, per sh. on cella
y surplus.
x profit.
Ki"Last complete annual report in Financial Chronicle Mar. 26 '32, p. 2329
Heels Mining Co.
- 1932-3 Mos.-1931.
1932-6 Mos.-1931
Period End. June 30
40,303
57,917
121,513
Tons mined
91,619
Pounds lead produced- 8,208.550 11,868.750 18,841.201 24,476.155
$2.92
$4.03
Average lead price
$4.27
$3.13
181,951
108.798
Pounds zinc produced
423.160
279.565
$2.67
$3.48
$2.75
Average zinc price
$3.75
205.750
318.223
Ounces silver produced_
481.947
706.525
$0.27
$0.28
Average silver price
$0.28
$0.28
$164,652
8360,924
Gross Income
8425,171
3783.807
163.065
229,346
Operating expenses
358,166
514.789
8,109
11,100
Taxes accrued
15,808
24,800
16,534
23.138
Depreciation
37,088
48.269
Net income
$97,340
df.$23,055
$14,109
$195,947
Earns, per sh. on 1.000,000shs. of(par 25 cts.)
Nil
stock
capital
$0.10
$0.01
$0.19
tar"Last complete annual report in Financial Chronicle Apr. 2 '32, P. 2532.
Honolulu Rapid Transit Co., Ltd.
-Month of July- -7 Mos. Ended July 311932.
1931.
1932.
1931.
$71,185
385,552
$526,236
$584,105
46,978
50,791
352,836
352,106
$24,207
Net rev, from transp_
$34.761
$173,400
$231,999
1,496
2.255
Rev, other than transp_
10,532
8,596
$25,703
$37,017
Net rev, from oper__ _
$183,931
$240,595
Deductions
6,812
7,337
Taxes assign, to ry.oper.
62,115
55,898
10,504
Depreciation
10,457
73,530
73,198
565
Profit and loss
880
845
Replacements
1,833
1,347
1.882
$17,881
$19,627
Total deduc.from rev.
$137,871
$131,824
PeriodGrpss rev. frem transp_ _
Operating exPenses
$17,389
$7,822
Net revenue
$46,061
$108,771
OrLast complete annual report in Financial Chronicle Mar. 19 '32, p. 2145
1479
Financial Chronicle,
Volume 135
Hayes Body Corp.
Period End. June 30-Gross earnings
Operating costs
1932-3 Mos.-1931.
$312,211 $1,077.860
1,118,478
334,967
1932-6 Mos.-1931.
$488,489 $1,411,653
1,493,176
558,398
Operating loss
Other income
$22,756
5.958
$40,618
30,341
$69,909
10,251
$81,523
38.461
Loss
Other charges
Depreciation
Interest
$16,798
8,094
54,313
3,525
$10,277
11
59.019
794
$59.658
8,094
108,622
6.953
$43,062
1,719
117,467
1,188
$163,436
$183,327
$70,101
$82.730
Net loss
iarLast complete annual report in Financial Chronicle Apr. 16 '32, p. 2920
Hudson & Manhattan Railroad Co.
-7 Mos. End. July 31AIwith of July
1931.
1932.
1931.
1932.
Period
$852.655 $5,595,512 $6,468,287
Gross operating revenue.. 3702.728
470.918 3.046.885 3.392.845
392,789
Oper. expenses & taxe,s__
Operating income_ ___
Non-operating income__
$309,938
27.389
$381.736 $2,548,626 $3,075,442
203,206
302,666
44,555
Gross income
Income charges
$337,328
313,345
$426,292 $2,751,832 $3,378,108
335,004 2,210.573 2,346,179
$541.259 $1.031,928
$91,288
$23,983
Net income
ItO'Last complete annual report in Financial Chronicle Apr. 2 '32, p. 2513
Insuranshares Certificates, Inc.
6 Months Ended June 30Dividends on securities
Interest on bank deposits
1932.
$133.933
448
1931.
$225.184
472
Total income
Expenses
Interest paid and accrued
Loss on sale of securities
$134,381
21,528
22,211
$225,656
21,535
21,299
106,738
890.642
352.806
$76,084
426,427
$443,448
$502,511
568
163,960
Net income
Previous surplus
Total surplus
Adjustment of reserves for accounting fees
Dividends paid or accrued
Adjustments (net)
41,745
1,851
$337.983
$399,852
Earned surplus June 30
IZPLast complete annual report in Financial Chronicle June 4 '32, p. 4166
International Hydro-Electric System.
(And Subsidiary Companies)
Period End. June 30- 1932-3 Mos.-1931. 1932-12 Mos.-1931.
Gross Revenues
13,986.077 11.460,902 59,233,423 47,005,367
From operations
From other income and
917.638 5.482,269 3,637.267
on exchange__ _ 1,384,877
profit
From profit on bonds re31.326
107.423
54,306
deemed
15,425.260 12.378,540 64.823.115 50.673.960
Total gross revenue
Oper. exp., taxes, &c_ 6,028,786 4,248,115 25.415,637 18,588,703
801,163
794,413 3,666,573 3,161,730
aintenance
Int. on fund. debt and
other int. of subs...... 3,428,381 2.854,198 13.062.864 10,763,269
Int. on funded debt of
1.800.000
450,000
450,000 1.800.000
Int. Hydro-El. Sys._
1.047,828 4.735,970 4,196.093
1,229.445
Depreciation
795.220
1.072.427
286.661
223.012
Amort. of disc. & exp
689.965
472,229
1.661,610
314,095
Reserve for income tax_
Divs, on pref. & class A
1,560,397 8.435,343 6.232,062
stocks of subsidiaries_ 2,138,989
Minority interest in earn1,608,212
263,884
1,150.375
241,007
ings of subsidiaries..
622,598 3,364,479 3,296,542
348,598
Balance added to sum.
1.926.190
5,803.022 5.877,635
surplus beginning 7,231,961
Earned
Increase in surplus arising from acquisition of
bonds of sub. at less
than par value thereof,
2,806,788
& minor surplus adjus.
8,029,520
7,580.559 6,425,620 9,242,114 Total surplus
Divs, on stocks of Int.
Hydro-Electric Sys.:
500,612
499,807
124,952
124.952
Preferred stock
1.651,273
423,034
1,286,699
See x
Class A stock
5,877.635
7.455,608 5,877,635 7.455,608
Earned surplus
x Unpaid cumulative dividends on the class A stock from April 1 1932 to
June 30 1932 amount to $429,098.
-In the above statement income and expenses of Canadian subNote.
sidiaries have been taken at parity of exchange without adjustment between
foreign and United States currencies. All profits and losses actually realized in transactions involving exchange have been included in the above
results.
tgrLast complete annual report in Financial Chronicle June 4 1932, p.4157
28 Weeks EndedNet sales
Cost of sales, exp., depreciation, &c
Jewel Tea Co., Inc.
July 16 32. July 11 '31. July 12 '30. July 13'29.
$6,083,198 87,609.861 18,574.681 $9,055,287
5.460,560 6.833.718 7,688,660 8,315,830
Operating profit
Other income
$622,638
84,220
$776,143
117,288
$886.021
122,641
$739,457
171,255
Total income
Res. for Federal taxes_
8706.858
147,580
$893,431 $1,008,662
121,039
107,212
$910,712
109,285
Net profit
Previous surplus
3559,278
2,404,357
$786,219
2,320,189
$887,623
1,991.110
3801,427
1.704.314
82,963.635 $3,106,408 $2,878,733 $2,505,741
Total surplus
530.000
694,431
544,636
Common dividends
533.151
4120.000
Stock dividend........
Represent funds used to
acquire certain assets
and to provide working capstal for Jewel
1,000.000
Food Stores, Inc
5
-,
5 - 036
Recap. expenses, ,Itc_
110
Profit & loss surplus_ _ $1,430,484 $2,561,772 $2,184,302 31,800,710
Earns. per sh. on 2817,000
v32.70
(no par) shares
$2.81
2
$
f
43
x 75% of 160,00 si7iares outstanTipg at assigned value 03 17 y Based on
0.
prdsdlit share basis but after allowing for preferred dividends.
garLast complete annual report in Financial Chronicle Feb. 13 '32, p. 1206
Keith-Albee-Orpheum Corp.
(And Subsidiaries)
.-1931
1932-6 los
Period End.June 30-- 1932-3 Mos.-1931.
Net loss after deprec. &
amortization
$733,986
$709,826 41.119,051 protS91.124
x Includes credit adjustment of $324,761 for deprec. and amortiz. as of
Jan. 1 1932, of book value of assets of the corporation and its subsidiaries.
.
Vgl .ast complete annual report in Financial Chronicle Mar. 19'32, p.2160
and Mar. 12 '32, p. 1968.
1480
Financial Chronicle
(B. F.) Keith Corp.
Period End.June 30-- 1932-3 fos.-1931.
1932-6 Mos.-1931.
Net profit after taxes,
deprec., amortiz. &c_ $146,669 1085864,845 4233,423
8406,566
x Includes credit adjustment of 8151.599 for depreciation and amortiza'
tion, giving effect to revision as of Jan. 1 1932 of book value of assets of the
corporation and its subsidiaries.
PrLast complete annual report in Financial Chronicle May 21 '32, p. 3832
Manitoba Power Co., Ltd.
-Month of June- -6 Mos. End. June 301932.
1931.
1932.
1931.
$121.667
$106,793
8745,795
$613,046
20,884
27,230
152,101
146,872
Net earnings
$100,783
$79,563
$593,694
$466.174
lt3rSast complete annual report in Financial Chronicle May 31 '32, p. 3824
PeriodGross earnings
Operating expenses
Mead Corp.
(And Subsidiaries)
Earnings for 6 tfonths Ended July 3 1932.)
Net loss after deprec., int., taxes & minority interest
8131,706
tarLast complete annual report in Financial Chronicle Apr. 30 '32, p. 3287
(The) Nevada-California Electric Corp.
Month of July- -12 Mos.End.Jul 31Period
1932.
1931.
1932.
1931.
Gross operating earnings $484,871
$585.408 $5,252,311 $5,801,365
Maintenance
14,015
21,142
194,711
213,629
Taxes(incl. Fed.inc. tax)
38.654
45,513
417.537
453,273
Other oper. & gen. exp..
191,887
207,851
1,915,337 2.104,190
Total oper. and general
expenses and taxes_ $244,557
$274,507 32,527,586 $2,771,093
Operating profits
240,313
310,900 2,724,724 3,030,271
Non-oper.earns. (net)
2.551
129,032
116,250
3.453
Total income
Interest
$242,864
129,779
$314,354 $2,840,975 $3,159,304
129,802 1,560,870 1,491,431
Balance
Depreciation
$113,085
8184.552 $1,280,105 $1,667,872
69,890
720,036
69,456
649,018
Balance
$43.194
$115,095
$631,086
$947,835
Dlsct.& exp.on sec.sold
8,965
100,199
8,643
107.197
MIscell.add'ns & deduc's
(net credit)
34,878
4,104
696
110,355
Surplus avail, for rodem.
of bonds, dive., &c_
69.107
110,555
848,332
634,244
rg'Last complete annual report in Financial Chronicle Apr. 16 '32, p. 2907
Mayflower Associates, Inc.
New Jersey Power & Light Co.
(And Subsidiaries)
Earnings for 6 Months Ended June 30 1932.
Net income before losses on investments
Previous earned surplus
$75,600
1,300,779
Balance
Cash dividends paid
Losses on investments
$1,225,179
250,923
771.475
Total deficit
Paid-in surplus
$2,247,577
9,988,127
Balance
$7,740,550
Wiast complete annual report in Financial Chronicle Feb. 6 '32, p. 1039
Moto-Meter Gauge & Equipment Corp.
(And Subsidiaries)
6 Months Ended June30-1931.
1930.
Net sales
$817.$12 81 178.066 82,174,153
Cost of sales
1,776.882
1990.059
Selling and service expenses
902,136
264,407
156,388
General and administrative expenses}
99,116
197,871
Depreciation
88,818
68,221
74,007
Net loss from above operations_ .._ - 8173,342
$135.719
$139.014
Discounts allowed
6,079
12,279
Interest paid
48,567
1.247
7,434
Other expenses
-vacant prop., &c }
54,090
42,659
Total loss
Other revenues
8221,909
$197,135
$201,385
5.176
6,821
24,811
Net loss for six months
$190,315
8216.733
$176,575
IZF'Last complete annual report in Financial Chronicle Mar. 12 '32, p 1970
National Power & Light Co.
(And Subsidiaries)
(Intercompany Items Eliminated.
12 Months Ended June 30Subsidiaries1932.
1931.
Operating revenues
874.556,525 878,823.375
Operating expenses. including taxes
38,929,019 42.966,069
Net revenues from operation
335,627,506 835,857,308
Other income
459,126
667.786
Gross corporate income
$36,086,632 $36,525,092
Interest to public and other deductions
13.006.451 12,556,172
Preferred dividends to public
5,844,570
Retirement (deprec.) & depletion reserve approp_ 6,055,345 5,881,296
5,703,888
Portion applicable to minority interests
48,618
52,629
Balance applicable to National Power & Lt. Co_811,272,330 512,190,425
National Power & Light Co.
Balance of subsidiaries' income applicable to National Power & Light Co. (as shown above)__ --$11,272.330 $12.190,425
Other income
391,063
391,523
Total income
Expenses, including taxes
Interest to public and other deductions
811,663,393 $12.581,948
140,713
191,610
1.356,740
1,354,076
Balance applicable to preferred stock
Dividends on preferred stock
Dividends on common stock
$10,165.940 $11,036,262
1,678.236
1.715,524
5.449,842 5,447,369
Balance
83,037,862 $3,873.369
rarLast complete annual report in Financial Chronicle Mar. 5 1932, p. 1761
National Supply Co. of Delaware.
(And Subsidiaries)
1932-3 103.-1931.
Period End.June 30-1932-6 103.-1931.
Consol. net loss after
deprec., int., taxes,
subs. pref. divs., &c__ 1798.235
8785,222 82.218,996 $1,971,433
larLast complete annual report in Financial Chronicle Mar. 19 '32, p. 2164
Neisner Brothers, Inc.
6 los. End.June 30-- x1932.
51031.
x1929.
x1930.
Sales
36.685,831 *7.356.753 $6,932,251 $5,739,132
Cost of sales
y6,497,933 4,855,457 y6,625,246 3,787,647
Gross income
8187,897 $2,501.296
$307.005 81,951.485
Other Income
84,960
181.915
88,637
113,987
Total income__
$272,859 82.589.933
$420,992 82,133,400
Oper. & gen. expenses
See y
2,193.394
Bee y
1,664.426
Interest
87.174
86,312
98.279
Deprec. & amortlz
110,271
121,557
107,626
95,071
Miscell. deductions
111,188
11.701
Reserve for Fed. taxes
10.000
36.400
26.000
22,000
Net profit
*41.399
3202.642
8144.106
*238.637
Ste. corn. stk. outstand206,234
206.234
206,233
12.393
Earnings per share
80.01
x Includes Neisner Brothers Realty, Inc. 3 6032 t of sales includes $2
opercludes;
3
,03
1
ating and general expenses.
Consolidated Surplus June 30 1932.
-Balance Jan. 1 1932. 81,270.178:
surplus arising from retirement of debentures, $135,000; net profit for six
months (as above), $41,399; total surplus, 31,446,577; preferred dividends.
$38.635; balance, $1,407.942.
farLast complete annual report in Financial Chronicle Mar. 19 '32, p. 2164
New York Air Brake Co.
Period End. June 30-- 1932-3 Mos.-1931.
1932-6 Mos.-1931.
Net lose after all charges
and depreciation
3176.501
467,449
$17,915 4195.071
it Depreciation for both periods was *137.140.
rifrLast complete annual report in Financial Chronicle Mar. 5 '32, p. 1777
Aug. 27 1932
12 Months Ended June 30Electric revenues
Gas revenues '
1931.
1932.
$4,528,339 84,528.948
208,287
200,628
Total operating revenues
84.728,967 $4,737,235
Operating expenses and maintenance
Provision for retirement (renewals, replacements) 2,381,165 2,273.835
offixed capital, depreciation, &c
310,050
749,480
Taxes (incl. provision for Federal income taxes)
364,873
308,591
Operating income
81,289.730 31,788.477
it Other income
44.486
14,753
Gross income
$1,304.483 $1,832,962
Interest on funded debt
512,410
393,359
Interest on unfunded debt to public
15,399
13.198
Amortization of debt discount and expense
39.519
38,128
Interest on advances
77.282
182,248
Net income
$663,464 31.202,437
x Excludes interest from temporary
terest during construction, now added investments, &c., and credit for indirect to surplus.
IZPLast complete annual report in Financial Chronicle Mar. 5 1932, p. 1761
New York Telephone Co.
Month of July- 7 Mos. End. Julg 31Period1932.
1931.
1931.
1932.
Telep. oper. revenues__ _815,510,519 817,659,014 3117567,902 8125387,652
Telep. oper. expenses..__ 11,390,948 12,745,336 82,606,750 88,182,397
Net telep. oper. revs__
Uncoil. oper. revenues.._ 84,119,571 $4,913,678 834,961,152 $37,205,255
189.352
759,193
99,333
1.136,217
Taxes assign, to oper- 1,303,896
1.136,683 9,103,889 8,702,300
Operating income,...,. 32,626,323 83,677.662 824.721,046 $27,743,762
WLast complete annual report in Financial Chronicle Mar. 5 '32, p. 1761
New York Westchester 8c Boston Ry. Co.
Income Account.
- onth of July- -7 fos. End. July 31if
Period1932.
1931.
1932.
1931.
Railway oper. revenue... *156,415
*195.461 81,105,825 $1,297,184
Railway oper. expenses_
118.420
123.560
872,414
805,542
Net oper. revenue---837.995
571,901
$424,770
8300.283
Taxes
28,055
23,260
188,616
162,920
Operating income___
$9,939
848,641
8261,850
*111.667
Non-oper. income
1,909
2,043
16,276
15,667
Gross income
$11.848
350.684
$127,943
$277,517
Deductions
Rents
333.537
836,261
3235,846
8262,651
Bond, note, equipment
trust ctf. int. (all int.
on advances)
204.015
199,644
1,414,628
1,384,001
Other deductions
2,130
3.360
16.381
16,490
Total deductions
*239,682
*239.265 *1,666.854 $1,663.142
Deficit
$227,834
3188.581 51.538,912 81,385,625
W*Last complete annual report in Financial Chronicle Apr.2 1932, p.
2522
North American Aviation, Inc.
(And Wholly Owned Subsidiaries)
Earnings for Six Months Ended June 30 1932.
Gross income from operations
Selling and general expenses
Depreciation
Research and development expenses
Operating loss
Other Income
3693,456
496.659
223.048
93,578
8119,829
146,474
Gross income
826.645
Other deductions
211.656
Provision for taxes
11,677
Deficit
8196.689
Previous surplus
2,899.594
Miscellaneous adjustments (prior years)
10,341
Total
$2.713.246
Losses in security transactions
50.734
Balance, June 30 1932
32,662.513
ta'Last complete annual report in Financial Chronicle Mar. 19 '32, p.
2165
North Central Texas Oil Co., Inc.
Period End.June 30-- 1932-3 Mos.-1931. 1932-6 Mos.-1931.
Net profit after depletion
Fed.taxes,&c
813,288 108381,915
$21,202
$5,616
tarLast complete annual report in Financial Chronicle April 23'32, p.3109
Ohio Edison Co.
(The Commonwealth 8c Southern Corp. System.)
-MentholJuly- 12 Mos, Ended July 31
Period1932.
31.
Gross earnings
$1,132,736 81,345;862 $16,601,547 518.746,395
Operating expenses,Incl.
taxes & maintenance.
598,178 6,336,912 7.250,028
505.189
Gross income
$627,546
Fixed charges
Provision for retirement reserve
Dividends on preferred stock
Balance
8747,684 $10,264.735 811,496,366
3.652,100
1,200,000
1.865,327
13,547,307
Financial Chronicle
Volume 135
(The) Orange
& Rockland Electric Co.
Period
Operating revenues
Oper. exps.,incl. taxes
Depreciation
Month ofJuly- -7 Mos. End. July 311932.
1931.
1932.
1931.
$64,443
863,409
$757,944
$773,949
34,068
33,166
407,814
421,057
7,386
7,233
87,863
84,939
Operating income_ _ _
Other income
$22,989
3,232
$23.010
1,361
$262,267
27,813
3267,953
20,889
Gross income
Interest on funded debt_
Other interest
Amortization deductions
Other deductions
$26,221
5,208
36
1,148
333
$24,371
5,208
1,052
333
$290,080
62,500
1,203
12,914
4.336
$288,842
62,500
2,749
12,627
4,483
Balance
Divs,accr. on pref. stock
$19,496
7,836
$17,778
6.135
$209,127
79,489
$206,483
70,925
Balance
Fed. inc. taxes, incl. in
operating expenses
$11,660
$11.643
$129,638
$135,558
3,100
2.450
34,947
33,307
Orpheum Circuit, Inc.
(And Subsidiary Companies.)
-3Mos.Ended- 6 Mos.End.
PeriodTar. 31 '32. June 30'32. June 30'32.
Loss from operations
$375,706
$584,792
$960,498
Loss from other sources
20,034
20.034
Deprec. and amortization
319.001
216,078
x399,280
Net loss
$694,706
$820,904 $1,379,812
x Depreciation and amortization in amount of $135,798 has been
on a basis of giving effect to the revision-as of Jan. 1 1932 adjusted
-of book
values of assets of the corporation and its subsidiaries.
10 Last complete annual report in Financial Chronicle Mar. 19 '32, p. 2166
and Mar. 12 '32, p. 1972.
Pacific Gas & Electric Co.
(And Subsidiaries)
Period End. June 30.- 1932-3 vfos.-1931. 1932-6
Mos.-1931.
Net income after int., deprec., Fed. taxes, etc._ $5,272,256 $6,217,612 $10,872,4
23 $11,956,276
Average she, corn. stk.
outstand.(par $25)--- 6,235,948 6,217,612 6,236,117
5,966,995
Earns, per share
$0.52
$0.68
$1.09
tgrLast complete annual report in Financial Chronicle May 28 '32, $1.34
p. 3976
Parmelee Transportation Co.
(And Subsidiaries).
Period End. June 30
1932-3 Mos.-1931. 1932-6
Mos.-1931.
Net loss after interest,
depreciation, &c
$370.510
$69,837
$713,947
$149.411
farLast complete annual report in Financial Chronicle May
28 '32, p. 3993
Pennsylvania Gas & Electric Co.
(Controlled by American Electric Power Corp.)
Month of Jul
12 Mos. End. July 31Period1932.
1931..1932.
1931.
Gross earnings
$101.899
$112,152 $1,265,916 $1,318,244
Oper. exps.& taxes
49,977
55,478
631.699
702,120
Net earnings
$51.922
$56,674
$634.217
$616.124
Subsidiary company charges & preferred dividends
14,854
17.816
Bond interest
278.359
269.665
Other deductions
21,270
22,299
Balance
$319,734
$306.344
Preferred dividends
105.000
104.975
*Balance
$214,734
$201.369
• Before provision for retirement reserve.
rarLast complete annual report in Financial Chronicle Apr. 30
32, p. 3273
Pet Milk Co.
(And Subsidiaries)
Period Ended June 30-- 1932-3 Mos.-1931,
1932-6 Mos.-1931.
Net loss after all charges$47,682 pf.$247.647
$119,848 pf.$204.209
farLast complete annual report in financial Chronicle Mar.
19 '32, p. 2167
Phillips-Jones Corp.
(And Subsidiaries)
Six Months Ended June 301932.
1931.
1930.
Net profits after all taxes
$85,786
Earnings per share on 85,000 shares 10883437,021
$110,325
common stock (no par)
Nil
$0.59
itarLast complete annual report in Financial Chronicle $0.34
Mar. 5 '32, p. 1777
Reliance International Corp.
Earnings for 6 Months Ended June 30 1932.
Net loss after all charges & deductions
$1,274,242
Loss from sales of securities
1,426.961
ra'Last complete annual report in Financial Chronicle Jan.
23 '32, p. 668
Remington Rand, Inc.
(And Subsidiaries).
3 Months Ended June 301932
1931.
1930.
Net wiles
$5,745,805 $9,032,730 $12,764,9
49
Costs & expenses
6,151,552 9,409,526 11,699,47
5
Operating loss
$405,747
$376,796pf$1.065,474
Other income
187.629
212,155
398,723
Loss
$218,118
$164,641 pf$1,464.197
Depreciation
187.500
309.950
346.301
Interest
278,630
297,055
313,900
Federal taxes
70,485
Minority interest
3
146
Net loss
$684,248
$771,649 pf$733,365
1st preferred dividends
276,589
277,749
2nd preferred dividends
37,108
45,130
Deficit
$684,248 $1,085,346 sur$410.4
86
pirLast complete annual report in Financial Chronicle June 25'32,
p.4673
Southern California Edison Co., Ltd.
----Month of July
--12 Mos. End. July 311932.
1931.
1932.
$3,316,864 33,661,622 $38,888,168 1931.
582,057
784.985 8,129,074 $41.247,713
9,089,609
367,253
312.172 4,056,586 4.045,896
Total net income___ 32,367.555 32,564.465 326.702,507
Fixed charges
601.730
585,127 6,944,162 $28,112,208
6,997,150
41.764.825 31.979,338 $19,758,345 $2
Balance
1,115,058
complete annual report in Financial Chronicle Mar. 19 '32,
reLaSt
p. 218
Gross earnings
Expenses
Taxes
1481
Reynolds Metals Co., Inc.
(And Subsidiaries)
6 Months EndedJuly 2'32. June 27'31. June 28'30.
Netsales
Cost of sales, selling & administrative $4,141,596 $5,598,080 $5,692,093
expenses before depreciation
3.190,576 4,285,833 4,491,158
Depreciation
233,429
236.492
203.413
Operating profit
$717,590 $1,076.753
$997.523
Otherincome
15.995
22.526
29,522
Totalincome
$733,586 $1,099,279 $1,027,046
Interest paid
45,622
66,044
50.495
Experimental,patent expenses,&e--28,268
29,596
24,739
Miscellaneous deduction
60,707
86,939
83,152
Reserved for Federal income taxes__ _
93,770
107.180
3104,239
Net profit
$505.218
$809,520
3764.419
Dividends paid
571,039
768,353
921,579
Dividends paid minority interest of
subsidiaries
102
452
Surplus
$41,065 def$157,612
Shs.capitalstk. outstanding(no par)- def$65,821
766,736
768,424
766.253
Earnings per share
$0.66
$1.05
$0.99
Consolidated surplus July 2 1932 after deducting $400,000
reserve for
possible losses on disposition of investments and deficit
of $65,821 was
22,259,236.
ggrLast complete annual report in Financial Chronicle April 2 '32,
p. 2544
Rochester
12 Months Ended June 30Electric revenues
Gas revenues
Steam heating revenues
Total operating revenues
Operating expenses
Retirement expense
Taxes
Gas & Electric
Corp.
1932.
1931.
$9,150,692 $9,526.145
4,237.347 4,456,923
706,175
803.353
$14,094,214 $14,786,420
6,240.659
7.150,542
986.057 1,045.514
1,777,849 1,587.989
Operating income
Other income
$5,089,648 35,002,374
174,043
175,129
Gross income
Interest on funded debt
Other deductions
Interest during construction
$5,263,691 $5,177,504
1,501,259
1,602.025
109,366
160.654
Cr43,121
Cr92.939
Net income
Preferred stock dividends
33,696,187 $3.507.764
1,473,226
1,473,226
Balance
$2.222,961 $2.034.538
11:4 Last complete annual report in Financial Chronicle Mar. 12
32, p. 1956
Standard Gas & Electric Co.
(And Subsidiaries)
12 Months EndedJune 30 1932. Mar, 31 1932.
Gross earnings:
Public utility companies
Deep Rock Oil Corp. and its subsidiary and$138,670,764 $142,128,332
affiliated companies
13,295,755
13.149.374
Total
$151.966,519 3155.277,706
Operating expenses, maintenance and taxes:
Public utility companies
72.096.847
Deep Rock Oil Corp. and its subsidiary and 71,032,750
affigated companies
11,231,597
11.640.566
Net earnings:
Public utility companies
Deep Rock Oil Corp. and its subsidiary and 367.638,014 370.031.485
affiliated companies
2,064,158
1.508,808
Total
Other income, net-Interest and dividends on $69,702,172 371,540.293
outside investments, profits on engineering
and supervision fees (Incl. those capitalized
by subsidiary and affiliated companies). &c_
3,985.569
3,944,437
Net earnings incl. other income, before
appropriation for retirement of property
and for depletion
$75,484,730
Interest (less interest charged to construction), 373.687.741
amortization of debt discount and expense,
rent of leased properties, miscellaneous
charges and appropriation for retirement of
property and for depletion (except Deep
Rock Oil Corp. and its subsidiary and affiliated companies for which no appropriation
is made in the 12 monhts period ended March
31 1932)
43,544,032
43.355,583
Net income
330,143,709 $32.129.147
Dividends on capital stocks of subsidiary and
affiliated companies held by public
18,035.800
Undistributed net income accrued to capital 17.975.864
stocks of subsidiary and affiliated companies
held by public
465,935
940.300
Net income of Standard Gas & Electric Co.
and undistributed net income accrued to
capital stocks of subsidiary and affiliated
companies held by Standard Gas & Electrice Co
Dividends paid and accrued on Standard Gas & $11,701,910 $13.153,047
Electric Co. preferred stocks
6.553.219
6.566,359
Surplus before deduction for dividends on
Standard Gas & Electric Co. common
stock
$6,586.688
Shares of common stock outstanding at end of $5.148,691
period
2,162,607
2.162 607
Earnings per share
$2.38
a After deducting (in 1932) contingent reserve withdraws
and $130,000 extraordinary expenses to be amortized and in ' of $154,206
1931 $231,309
and $245,000, respectively.
Note.
-Other income for 12 months ended June 30 1932 includes net
profits of parent company from sales of securities of subsidiary
and affiliated companies.
Earnings of Standard Gas Rz Electric Co., not including its proportion of
undistributed surplus earnings of subsidiary and affiliated companies for
,
the same periods compare as follows:
12 Months EndedJune 30 1932. Mar. 31 1932.
Gross revenue
316.562,638 $16.786,696
l• et revenue
16.507.166
Interest charges and amortization of debt dis- 16,297.305
count and expense
4.862.611
4,826.331
Net income
$11.434.694 311.680,835
Preferred dividends
6.553.219
6,566,359
Balance
$4,881,475
$5,114,476
Shares of common stock outstanding at end of
period
2,162,607
2.162,607
Earnings per share
$2.25
$2.36
arLast complete annual report in Financial Chronicle May 7 '32, p. 3444
Financial Chronicle
1482
Co. of America, Inc.
1931.
1932.
6 Months Ended June 30$22,337 prof.$71,726
Net loss after charges and taxes
$0.72
Nil
(par $50)Earns, per share on 100.000 shs. cap. stk.
July net profit was $27 after charges and taxes.
annual report in Financial Chronicle Mar. 12 '32, p. 1975
IZPLast complete
Sweets
(The) Tennessee Electric Power Co.
(And Subsidiary Companies)
(The Commonwealth & Southern Corp. System)
-Month of July- -12 Mos.End.July 311931.
1932.
1931.
1932.
Period$910,287 $1,125,262 $12,635,781 113.957,736
Gross earnings
includ'g
Oper. expenses,
7,216,752
6.056,017
559,783
435,463
taxes & maintenance_
$474,824
Gross income
Fixed charges
$565,479
$6.740,984
2,211.696
$6,579,764
2,562,423
$4.017,341 $4,529,288
1,260,419
1,260,000
1,476,682
1,550,953
Net income
Provision for retirement reserve
Dividends on preferred stock
$1.792,187
51.206.388
Balance
Union Tank Car Co.
1932.
1929.
1930.
1931.
6 Mos. End. June 30Profit from operations
(after depreciation)_
Other income
$714,011 51,264,621 51,629.116 $2,072,725
282.489
230,506
212,104
171.904
205,791
158.936
67,812
17,460
Netincome
Dividends paid
$524,647
940,536
Weston Electrical Instrument Corp.
1930.
1931.
1932.
6 Mos. End. June 30-$566,752
$84,634
$62.243
Net loss after deprec'n__
55,056
5,379
37,211
Other deduct. (net)____
62,812
8,599
Federal taxes
Net profit
Class A dividends
Common dividends
Balance,surplus
Previoussurplus
Adjustments
$984,705 $1,239,674 81,584,445
778.967
1,003,238
1,003,238
86,939,521
$7.970,637
$805,478
4,905,970
$236,436
6,970.807
def$415,889 der$18,533
7,999,665
7,355,410
10,494
$7,207,243 55,711,448
Surplus June 30
Shs.cap,stock outstand412.062
1.254.048
1,254,048
1.254,048
ing(no par)
$5.08
$0.98
$0.78
$0.41
Earnings per share
x Par $100.
Chronicle Mar. 19 '32, p. 2170
12FLast complete annual report in Financial
United Aircraft & Transport Corp.
Earnings for Six Months Ended June 30 1932.
Operating revenues & sales
Costs & expenses
Depreciation
$11,083,647
9,077.013
1,297,015
$709,619
342,133
Profit
Other income
$1,051,752
111.379
3,933
Total income
Federal taxes
Min. proport. of losses of subs
4944,306
360,000
Net income
Preferred dividends
$584.306
Surplus
$0.28
Earns, per sh. on 2,084,393 shs. corn. stk. (no par)
common
x This compares with $1,648,104 or 61 cents a share on 2,083,791
shares in first half of 1931.
after
For the quarter ended June 30, 1932, net income was $502,861
shares.
charges and taxes, equal to 15 cents a share on 2,084,393 common shares
2,084,319 common
comparing with $441,445 or 13 cents a share on
2,083,791 common
in preceding quarter and 5841.456 or 31 cents a share on
shares in the June quarter of 1931.
'32, p. 2547
complete annual report in Financial Chronicle Apr. 2
125FEast
United
Gas Corp.
(And Subsidiaries.)
1931.
1932.
12 Months Ended June 30Subsidiaries
$23,129,237 $27,430,477
revenues
Operating
10,277,174 11,557,731
Operating expenses, including taxes
512,852,063 $15,872,746
787,849
738,779
Net revenues from operation
Other income
113,590,842 $16,660,595
Gross corporate income
1.963,675
1,525,541
d
Interest to public and other deductions
53,458
27,444
to public
Preferred ividends
2.364.000
2,059.000
Retirement (deprec.) & depict. res. approp
50,367
47,449
applicable to minority interests
Portion
59,931.408 $12,229,095
Balance applicable to United Gas Corp
United Gas Corp.Corp.,
Bal. of subs. Income appllc. to United Gas
59,931,408 $12,229,095
(as shown above)
182,048
48,565
Other income
$9,979,973 $12,411,143
Total income
129,756
120,000
Expenses, including taxes
2.663,679
3.131,918
Interest to public & other deductions
$6,728,055 $9,617,708
Balance applicable to stock
2,915,070
3,128,831
Dividends on $7 preferred stock
respective
Divs.on 57 2nd pref. stock,applicable to
4,512,760
5,474,093
-month periods, whether paid or unpaid
12
def$1874,869 $2,189,878
Balance
p. 3975
May 28
Last complete annual report in Financial Chronicle
1'
Vanadium Corp. of America, Inc.
6 Mos.End. June 30Net sales
Cost and expenses
(And Subsidiaries)
1931.
1932.
$639,231 $1,572.8521,
1,535,063f
1.184,226
Profit after expenses_loss$544,995
39.882
Other income
77,976
Prof. on debs. retired_
$37,789
69,091
Total income_ _ -__loss$427.137
216.934
epr., depict., taxes, &c
g
111.844
45,682
Loss on sale of secs
$106.880
159,589
77.127
Net income
Dividends
10ss5801,627 1°888129,836
274,977
1929.
1930.
Not available.
$835,883
x743,045
81,387496
126,388
$1,8_7NT $1,E2:18t
$1,250,237
538,705
$1,177,688
564,955
$612,733
$711.532
def$801,627 def$404.813
Surplus
3,791,543
4,210,299
2,809,851
1,039,691
Profit and loss
Cap, stock outstanding
376,637
378.367
378,367
378,367
(no par shares)
$3.12
$3.30
Nil
Nil
Earnings per share
profit on resale of company's own stock.
x Includes
Apr. 30 '32, p. 3304
Chronicle
,
10 Last complete annual report in Financial
loss$99,454
34,800
$448,884
50,087
73.300
$70,656
34,800
78,500
1929.
$534,258
8,130
64,206
$461,922
$42,644 sur$325,497 sur$461,922
$134,254
Deficit
-Last complete annual report in Financial Chronicle Apr. 30 32, p. 3304
KN
White Motor Co.
(And Subsidiaries)
1930.
1931.
6 Mos. End. June 30-1932.
Gross sales
19.843.534 513,059,849 121,207,952
Net prof. after inventory
1,048,710
adjust & Fed. tax_ _ _ loss1,427.707lossl.004,910
800,000
354,750
Dividends
loss$1,427,707loss$1359,660
6,991,031
7,979,238
Surplus
Previous surplus
1929.
$1,404,575
400.000
$248.710 $1,004,575
6.802,165
8,577,531
Profit & loss surplus
$6,551,531 $5.631,421 $8,826,241 $7,806,740
Earns, jper sh.on 800,000
$1.75
31.31
Nil
shs.(par $50) cap.stk.
Nil
10 Last complete annual report in Financial Chronicle Mar. 26 '32, p. 2329
$439,538 $1,030,456 $1,388,179 $1,771,312
301,413
240,937
234,165
274,474
Totalincome
Interest deductions
Federalincome tax
Aug. 27 1932
Winnipeg Electric Co.
PeriodGross earnings
Operating expenses
-Month of June- -6 Mos. End. June 301931.
1932.
1931.
1932.
3457,137 32.910,271 12,974.616
$427,820
2.060,767
1,996,183
331,187
311,521
$913,849
$914,088
Net earnings
$125.950
$116,299
larLast complete annual report in Financial Chronicle Apr. 16 '32, p. 2911
FINANCIAL REPORTS.
General Motors Corp.
(Semi-Annual Report-Six Months Ended June 30 1932.)
President Alfred P. Sloane Jr. Aug. 22 wrote in substance:
Net earnings of General Motors Corp.,including equities in the undivided
profits or the losses of subsidiary and affiliated companies not consolidated,
for the second quarter ended June 30 1932 amounted to 15,326,377. This
compares with earnings of $55.122,767 for the corresponding quarter a
Year ago. After deducting dividends of $2,344,208 on the preferred
stock, there remains $2.982.169, being the amount earned on the common
shares outstanding. This is equivalent to $0.07 per share on the common
stock and compares with $1.22 per share earned in the second quarter
of 1931.
Net earnings for the six months ended June 30 1932 were $15,019,404,
or the equivalent, after the deduction of $4,688,415 for preferred dividends,
of $10,330,989 or $0.24 per share on the common stock. This compares
with earnings of $84,122,176 for the corresponding six months of last year.
after the deduction of preferred dividends, amounted to $1.83 per share
earned on the common stock.
Cash, united States Government and other marketable securities at
June 30 1932 amounted to $215,897,767, compared with $205,029.119
at Dec. 31 1931 and $245,856,668 at June 30 1931. Net working capital
at June 30 1932 amounted to 3259.632,638, compared with $273,915,923
at Dec. 31 1931 and 8328,651,750 at June 30 1931.
During the second quarter ended June 30 1932, General Motors dealers
in the United States delivered to consumers 202.060 cars, compared with
361,683 cars in the corresponding quarter of 1931. Sales by General
Motors Operating Divisions to dealers in the United States during this
Period amounted to 175.447 cars, compared with 369,677 cars in the second
quarter of 1931. The excess of deliveries to consumers over sales to
dealers during the second quarter of 1932 therefore resulted in a decrease
Of 26.613 cars in dealers' stocks in the Vnited States. Total sales to
dealers, including Canadian sales and overseas shipments, amounted to
197.659 cars, compared with 419.650 cars in the second quarter of 1931.
For the six months ended June 30 1932. General Motors dealers in the
United States delivered to consumers 345,574 cars, compared with 593,564
cars in the corresponding period of 1931. Sales by General Motors Operating Divisions to dealers in the United States during this period amounted
to 341.751 cars, compared with 625,674 cars in the first six months of 1931.
The decrease of 3,823 cars in dealers' stocks during the first half of 1932
compares with an increase of 32,110 cars during the comparable period of
1931. Total sales to dealers, including Canadian sales and overseas shipments, amounted to 394.915 cars, compared with 724.197 cars in the
corresponding period of 1931.
For income statement for 3 and 6 months ended June 30
see "Earnings Department" on a preceding page.
CONDENSED CONSOLIDATED BALANCE SHEET JUNE 30.
1930.
1931.
Assets1932.
Cash
$183,673,186 $145.483.609 $131,048,483
31,429,791
84,635,399
United States Government securities_
51,991,981
13,215,508
15,737.860
Other marketable securities
232,600
7.000,000
Gen. Mot. Man. Corp.serial 8% deb
7,000,000
Sight drafts with bills of lading at10.323,260
9,856,407
2,075,728
tached, and C.0.D.Items
2,183,695
3,641,514
Notes receivable
3,531,567
39,572,735
34.606,277
x Accounts rec.& trade acceptances
28,858.381
159,772,802
113.624,3 9
71.297,952
Inventories
2.369,410
2,417,588
2,044,750
Prepaid expenses
213,061,359
210.154,415
Inv. In sub. & Mill. cos. not consol
211,182,937
43,000,000
36,000,000
Gen. Mot. Man.Corp.serial6% debs
39,875,000
y General Motors Corp. stocks held
7,073,347
6,407,422
in treasury for corporate purposes_
11,109,737
616,605,819
620,158,486
Real estate, plants and equipment...... 599,138,746
18,336,230
15,994,361
12,342,171
Deferred expenses
53,271,638
51,940,264
51,839,804
Good-will, patents, dm
$1,247,190,538 $1,357,747,751 $1,348,263,877
Total assets
Liabilities
$32,255,505
$17,063,041
$27,317,431
Accounts payable
28,492,142
15,475,390
23,786.875
Taxes. payrolls & sundry accr. Items_
28,067,641
U.S. and foreign Income taxes
9,651,419
19,726,255
7,814,380
10,140,834
Empl,say,funds, pay. within 1 year.
18,318,850
Contractual liability to Gen. Motors
8,106,000
5,907.000
Manage.Corp., due March 10 1931
1,562.858 .1,602,582
1,562,805
Accr. divg. on pref. and deb.cap.stks
Reserves:
207,043,02
236,280,767
Deer. of real estate, plants A: equip 254,541,807
5,094,840
4,403,943
1,40,678
'
Employees Investment fund
35,628,473
16,30.207
35,527.094
Pawl,say,funds, pay,sub. to 1 yr.
4,423,328
8,942,504
7,813,376
Sundry contingencies
100,b38
S
7% Preferred stock
1.289, 11
6% preferred stde
1,784.600
6% debentere KtpCS
K
26,303,200
x187,538,6(30
a187,536,600
$5 preferred stock
435,000,000
435,000,000
435,000.000
Common (00 Par)
Interest of minorty stockholders in
443,800
2,552,428
2,360,676
subs, with resimct to cap.& surplus
415,375,774
360,192,490
278,972,471
Surplus
$1,247,190.538 31,357,747,751 81.348,263,877
Total
I Less reserve for doubtful accounts In 1932, 82,343,225: in 1931, $2,280,685:
In 1930, 51,813,732. y In 1932 496,701 shares common stock and 36,222 shares
$5 series no par preferred stock and In 1931, 137,775 shares common and 11,117
shares $5 series no par preferred. a Authorized, 6,000,000 no par shares; issued.
1,875,368 shares. a Par value $10.-V. 135, p. 1170.
Financial Chronicle
Volume 135
1483
enerat Corporate anti 31nbe5tinent gnus.
STEAM RAILROADS.
I.
-Cotton shippers
-S. C. Commission Sanctions Cut In Cotton Freights.
in the lower Mississippi Valley this year will ship their cotton at the lowest
freight rates on record. For the first time they will have carload rates and
the Federal barge lines on the Mississippi will meet the railroad rates.
N. Y. "Times," Aug. 25, p. 34.
Fewer Surplus Freight Cars in Good Repair -Class I railroads on July 31
had 763,560 surplus freight cars in good repair and immediately available
for service, the car service division of the American Railway Association
announced. This was a reduction of 6,071 cars compared with July 14,
at which time there were 766,631 surplus freight cars. Surplus coal cars
on July 31 totalled 303,600, a decrease of 5,947 cars below the previous
period, while surplus box cars totalled 387,448, a reduction of 739 cars
compared with July 14. Reports also showed 30,621 surplus stock cars,
an increase of 498 cars above the number reported on July 14 while surplus
refrigerator cars totalled 13,793, an increase of 77 for the same period.
-Class I railroads on Aug. 1 had
More Freight Cars in Need of Repairs.
245.749 freight cars in need of repair or 11.5% of the number on line according to the car service division of the American Railway Association. This
was an increase of 11.434 cars above the number in need of repair on July 1
at which time there were 234.315 or 11.0%. Freight cars in need of heavy
repairs on Aug. 1 totalled 174,532 or,8.2%, an increase of 6,769 cars compared with the number on July 1, while freight cars in need of light repairs
totalled 71,217 or 3.3%, an increase of 4,665 compared with July 1.
Locomotives in Need of Repairs Increase.
-Class I railroads of this country
on Aug. 1 had 8,291 locbmotives in need of classified repairs or 16% of
the number on line, according to reports just filed by the carriers with
the car service division of the American Railway Association. This was an
increase of 58 compared with the number in need of such repairs on July 1,
at which time there were 8,233 locomotives or 15.8%. Class I railroads
on Aug. I had 11,637 serviceable locomotives in storage compared with
11.660 on July 1.
Matters Covered in the "Chronicle" of Aug. 20.-(a) Gross and net earnings
of United States railroads for the six months ended June 30. p. 1215;
(b) Pennsylvania and Baltimore ,k Ohio RR.to ask maintenance loans from
Reconstruction Finance Corporation, p. 1267; (c) No Joint action by railroads on maintenance loans from Reconstruction Finance Corporation,
each railway to decide its own maintenance financing. p. 1267;(e) Loans to
three additional railroads aggregating $10,547,700 approved. Boston &
Maine to receivee $10,000,000. Loan of $3,750,000 to Waco Beaumont
Trinity & Sabine Ry. denied, p. 1268; (f) Clerks asked to accept 5
-day
week by New York Central, p. 1277 (s) Delaware & Hudson RR. adopts
new wage plan-provides 240 hours work a month, p. 1277; (h) President
Green of American Federation of Labor urges fight against railroad wage
-day week and 6
-says 5
cut
-hour day must be adopted, p. 1278; (i) Freight
charges reduced on cotton in South-Rail carriers to try lower rates for
year to meet truck competition,says South Carolina officer, p. 1278.
Baltimore & Ohio RR.
-Loan of $31,625,000 from
Reconstruction Finance Corporation Approved by I
C.
-Proceeds to be used to Refinance in Part MaCommission.
turing $63,250,000 4
Convertible Bonds Due March 1
1933. For full details see under "Current Events" on a
preceding page. V. 135, p. 1326, 1160.
Boston & Maine RR.
-Loan
of $10,000,000 from
Reconstruction Finance Corporation Approved by I
C.
Commission.
-See last weeks' "Chronicle" page 1268.
V. 135, p. 1326, 980.
Canadian National Rys. Salary Reductions Announced.
Salaries of company officials are being reduced as of Sept. 1 on a sliding
scale ranging up to 40% in the case of certain higher executives. This will
bring salaries of C. N. R. officials below the scale
States for corresponding railroad positions despite prevailing in the United
the fact that the
dian National is largest railroad in world in point of mileage and itsCanagross
earnings are exceeded by only two systems on the continent. In addition
to income cuts, some 55 positions are to be abolished.
The current salary reductions follow the general reduction
of 10% in
salaries of officials put into effect a year ago.
These latest salary changes will save this Government-owned railway
system approximately $750,000 a year, it is estimated. During the past
two years staff curtailment measures and salary adjustments have cut
the railway's supervisory expense by more than one-third. ("Wall Street
Journal.")
-V. 135, p. 627.
Canadian Pacific Ry.-Listing of Additional Stock.
The New York Stock Exchange has authorized the listing of additional
ordinary capital stock not exceeding in the aggregate 500,000 shares (par
$25)on official notice of issuance In exchange for such amount of$12,500,000
convertible 10
-year 6% collateral trust bonds as may be converted pursuant to the terms of a trust agreement providing for the issue of the bonds
and dated as of March 15 1932, making the total amount applied for
13,900,000 shares.
-V. 135, p. 1160.
Central of Georgia Ry.-No Interest on Inc. Bonds.
The directors declare that for the fiscal year ended June 30
were no net earnings or income applicable to the payment of 1932, there
interest on
the first preference, second preference and third preference income bonds,
or any of them, and have determined that no interest is payable thereon.
-V. 135, p. 1160.
Chesapeake & Ohio Ry.-Notes Offered.
-A new issue
of $3,950,000 2
-year 6% gold notes are being placed privately by Paine, Webber & Co. at par. Notes are a direct
obligation of the company, and with the exception of
$758,000 of divisional -bonds due in 1936, the company
has no maturities of mortgage bonds prior to 1939. The
only issues maturing prior to these notes are serial payments
on equipment trust obligations.
The notes have been issued by the company to provide funds for
the
purpose of acquiring certain capital stock and interests in the securities of
other railroads, in accordance with its plan for railroad consolidation.
They are redeemable in whole at the company's option upon 60 days'
notice at the following prices and accrued interest: Until and including Feb. I
1933, at 100.25%, and thereafter to maturity at 100%. Dated Feb. 1
1932, they are due Jan. 31 1934.
Earnings of the Chesapeake & Ohio have held up unusually well throughout the depression. Total fixed charges amounted to $10,774,291 in 1931.
whereas net income applicable to these charges amounted to $37.598,665.
equal to over 33.1' times total fixed charges, including the interest on this
Issue of two-year 6% notes.
The company operates 3.119 miles of railroad, extending from the coal
fields of West Virginia eastward to the Atlantic Seaboard at Newport
News, Va., and westward to Louisville, Ky., Toledo, Ohio. and Chicago,
p
III. It alsoives Tamen& lnd,; Cincinnati anlPortsmopth, Ohio;
i
and lot Springs, Wen Va.; Riehth d and Lyntlibull,
Whl
ySulph
.
d
ort, y. °tithe
operoketi, 2, Q9 miles are owned.
les are leased and 212 nines ate uaW jointly with other lines.
239
V. 135, p. 627, 122.
Chicago & Burlington & Quincy RR. Cuts Fares.
Effective Sept. 1 the company will reduce passenger fare from Chicago
to Denver and various other Colorado points to $21, according to A. Coats
Jr., passenger traffic manager. This is a cut of $16.28 from the
worth
present fare of $37.28.
The new slash brings the rate more than a dollar under the lowest prewar figure of 322.66, when passenger fares of the country were on a twocent a mile basis. The new fare tickets will be confined to coaches.
V. 135, p. 1160.
Chicago Great Western RR. Abandonment & Operation.
The I.
-S. C. Commission on Aug. 11 issued a certificate, (1) permitting
the abandonment by the company of the operation of that portion of its
line of railroad extending from Altura to Rollingstone, 8.68 miles, in
Winona County. Minn.• (2) authorizing the construction by it of a line of
railroad extending from s, point on its main line about 5.804 feet west of its
'
freight depot at Utica to the main line track of the Chicago & North Western
Ry., about 560 feet; and (3) authorizing the operation by it under trackage
rights (a) over the line of railroad of the North Western extending from a
point approximately one mile west of Utica eastward to the east line of
Lafayette St. in the city of Winona,about 23.89 miles, (b) over the line of
railroad of the Chicago Burlington & Quincy RR., in said city,extending
'
from the east line of Lafayette St. eastward 1.21 smiles to its junction with
the tracks of the Winona Bridge Ry., and (c) over the tracks of the lastnamed company in said city from their westerly terminus 0.063 mile to
the eastern terminus of the applicant's tracks, all in Winona County,
Minn.
-V. 135, p. 1160.
Del Rio & Northern Ry.-Proposed Construction of
132-Mile Line Denied.
-
The I.-S.C. Commission has denied the company permission for authority
to construct a line of railroad extending from Del Rio northerly to Sonora
and from Del Rio southerly to Quemado, a total distance of 132 miles, all
in Val Verde, Edwards, Sutton, Kinney and Maverick Counties, Tex.
The report of the Commission says in part:
"The applicant was incorporated on Oct. 6 1931, for the purpose of
building the proposed line, which would be operated either by the applicant
or under lease. The northerly section, extending from Del Rio, on the Rio
Grande River, to Sonora, about 95 miles, would connect at Sonora with a
line of the Santa Fe system. The southerly section. extending from Del
Rio to Quemado, parallel with and near the Rio Grande, was intended to
connect with the line of the Winter Garden Belt Ry., which was projected
to run from Quemado southeasterly through Eagle Pass to Carrizo Springs
and Asherton. The application of the latter company for authority to
build its line was denied on Feb. 16 1932.
The main line of the Southern
Pacific runs through Del Rio and a branch line therefrom runs from Spofford, a station 37 miles east of Del Rio. southerly 32 miles to Eagle Pass.
For some 15 miles east from De Rio the Southern Pacific line is within
three or four miles of the applicant's proposed line, and Spofford is apparently about 15 miles therefrom.
There is a good highway, although not hard-surfaced, extending from
San Angelo through Sonora and Del Rio to Eagle Pass. Between Sonora
and Del Rio it is west of the proposed line and for much of the distance
from three to 15 miles therefrom. From Del Rio to Quemado the proposed
line is close to the highway.
Except for a few miles south of Sonora, the country between that town
and Eel Rio is generally rough and is used exclusively for raising sheep,
goats, and cattle on large ranches.
The combined area of the five counties through which the proposed
line would run is 5,850,000 acres, of which in 1929 about 12.730 acres were
in crops, the rest being mostly pasture land.
The cost of the proposed line is estimated at $4,688,637, being $4,493,237
for road and $195,000 for equipment. Included in the cost of road is an
Item of $420,000 for "organization, discount on bonds, &c. Funds would
he provided by selling $1,000,000 6% non-cumulative preferred stock at
85. $4.200,000 53 % 40 year 1st mtge. gold bonds at 90, and $195.000 6%
,
10 year serial equipment notes at 100. This would provide for $136,763
working capital.
The record does not indicate any urgent need or at present any great
public convenience to be served, to justify at this time the construction
of the proposed line of railroad. Del Rio and Eagle Pass and the districts
surrounding those municipalities are served by the Southern Pacific, and
the service is generally satisfactory. Applicant's estimates of traffic and
revenue are not persuasive. The record leads Us to the opinion that they are
too optimistic. It is not satisfactorily shown that the applicant is, or will be,
able to finance the proposed construction. The present financial situation
affords no justification for the prices at which the applicant indicates its
securities can be sold. An" extension of railroad mileage in this territory
could be constructed more economically by the Southern Pacific, and that
carrier indicates its readiness to build such mileage as soon as needed.
Denver & Rio Grande Western RR.
-Offers
Line to Any Operator.
Branch
The company has notified the Colorado State P. U. Commission that
-mile branch between Saperino and Lake City. Colo. to
It will give its 39
any one who will operate it and pay the taxes. Or the road will lease the
'
branch for $480 a year and throw in free use of a locomotive and coach.
The branch at one time was one of the thriving feeder lines of the Rio
Grande system, but with the decline of mining in the section the road has
become such a burden that the company is willing to give it away to avoid
the expense of taxes and operation.
-V.135. P. 1160.
Duluth Missabe & Northern Ry. Protests Recapture.
The company has filed exceptions with the I. C.Commission to findings
-S.
of a tentative report by the Commission's examiners holding that the
road had $14,866,371 in excess net railway operating income during the
period March 1 1920 to Dec. 31 1923. Of the total excess one-half or 37,433,185 is payable to the Government.
The road has already made payments to the Commission on this account
but there is $4,582.185 still outstanding. Oral argument before the full
Commission is requested preliminary to final decision in the case.
-V. 134.
P• 4655.
Franklin & Pittsylvania RR.
-Abandonment.
The receivers have asked the I.
-S. C. Commission for authority to abandon outright 21 miles of line extending from Rocky Mount to Angles. Va.
because the road is without resources to absorb further operating losses
Involved in its continued maintenance.
-V. 124, p. 106.
Kansas City Mexico & Orient Ry.-Control.'--A supplemental order has been entered by the I.
-S. C. Commission
authorizing the acquisition by the Atchison Topeka & Santa Fe Ry. of
control, under a substitute lease, of the railroad and property of the
Kansas City Mexico & Orient Ry.-V. 132, p: 2577; V. 133. p. 2263.
Lehigh & New England RR.-Recapturable Income.
The I.
-S. C. Commission has issued a tentative report holding that the
company had $1,503,397 excess net railway operating income in the period
Sept. 1 1920 to Dec. 31 1927. Of this amount one-half or $751,698 is
recapturable by the Government. Excess accrued in the years 1920, 1923.
1924, 1926 and 1927.-V. 134, p. 3632.
Louisville & Nashville RR.
-Abandons 77 Miles.
The I.
-S. C. Commission on Aug. 17 issued a certificate permitting
abandonment by the company of a part of its line of railroad extending
from Cliffside. about 1 mile east of Frankfort. southeasterly to Irvine,
about 77 miles, all in Franklin, Woodford, Jessamine. Madison and Estill
counties, Ky.-V. 134. p. 4486.
Minneapolis St. Paul & Saulte Ste. Marie Ry.-
Security Pledge.
The company has :aged
C. Commission for authority to pledge
$6,250.000 1st & ref. mtgb. 5% bonds a:s collateral secnrity for a loan:rem
the Railroad Credit Corporation in the amount of $3,217,890 ThP pledo
will be subject to the prior Pledgb of these bonds with the Ifeconatructioli
Finance CorPnraticon.-V. 134, p. 4320.
Minnesota Western RR.
-Sale.
II. E. Pence, Aug. 22, bought the road for $100,000 at a court sale conducted at Minneapolis.
Mr. Pence, acting in the name of the Pence Automobile Co., was the sole
bidder. He put up $400.000 in bonds of the road as security for the $100,000
bid. The automobile company was owner of approximately 65% of the
bonds.
Mr. Pence said a new company would be formed to operate the road.
"The commission will not let UB halt operations on the road," he said,
"because there are too many farms, elevators, coal yards and towns served
by it. Were we able to scrap it, we would not be able to get enough for the
equipment to pay to have the work done.
1484
Financial Chronicle
"We will continue to operate the line, which is 112 miles in length, and
hope for an improvement in conditions to make it a paying proposition."
V. 134, p. 3269.
Missouri & North Arkansas Ry.-Loan of $400,000
from Reconstruction Finance Corporation Approved by 1.-S. C.
Commission.
-See last week's "Chronicle," page 1269.V. 134, p. 1020.
-Application to Issue Receiver's
Mobile & Ohio RR.
Certificates Dismissed.
The I.
-S. C. Commission on Aug. 18 dismissed the application of the
receiver for authority to issue $1,070,599 receivers' certificates which it
was proposed to pledge as collateral security for a loan from the Reconstruction Finance Corporation. In dismissing the application the report
of the Commission states as follows:
"We.are of the opinion that under the provisions of Section 5 of the Reconstruction Finance Corporation Act it is unnecessary to procure our
authority under Section 20a to issue receiver's certificates either as direct
obligations for a loan from the Finance Corporation or as collateral security
-V. 135, p. 1326, 981.
for other securities issued to evidence such loan."
Northern Pacific Ry.-President Sees Decided Improvement in Sentiment in Northwest.
President Charles Donnelly is quoted as follows:
"The good crop in itself has caused a decided improvement in sentiment
in the Northwest. Depending on different days we are moving two or three
times as much grain now as we did at this time last year. This movement Is
happening despite the fact that a large amount of the crop is being held back
for higher prices. With higher prices for wheat the movement should pick
up considerably.
"Other classes of loadings are running substantially behind a year ago and
our total loadings are still considerably under 1931 figures. Total operating
revenues for July were $1,850,000 under the figure for the corresponding
month last year. In July we suffered an operating deficit of $206,000. This
-V.134, p. 4486.
was $581,000 worse than in July last year."
Oil Fields & Santa Fe Ry.-Control.-
-S. C. Commission
A supplemental order has been entered by the I.
authorizing the acquisition by the Atchison Topeka & Santa Fe Ry. of
control, under a substitute lease, of the railroad and property of the 011
Fields & Santa Fe Ry.-V. 130, p. 3534.
-Stockholders Pass Quarter Million
Pennsylvania RR.
Mark.
mark,
Stockholders of this company have passed the quarter-million
according to a statement issued on Aug. 19, which shows that 251,951
holders of capital stock of the company were registered on the books on
Aug. 1. This is an Increase of over 12,000 as compared with the previous
year. There are 13,167,614 shares of stock outstanding, whica means
an average individual holding of 52.26 shares.
The Keystone State continues to predominate in the total number of
shareholders. Over 102,900 Pennsylvanians hold 5,581,749 shares of
Pennsylvania stock, which is an increase of 292,616 over last year. New
York State ranks second, with about 44,000 holders, who own almost
3.000,000 shares; then New England, where there are 31,392 shareholders
with 1,515,231 shares of stock, equal to 11.5% of the total stock.
There are 108.663 women recorded, with a total of 4,323,372 shares to
-V.135.P.1327.
their credit,representing 32.83% of the stock outstanding.
St. Louis & O'Fallon Ry.-Road Asks Data on Valuation
Practices in Examiners' Findings.
-S. C. Commission to the
The company has filed exceptions with the I.
conclusions of a tentative report by the Commission examiners ascertaining
road's recapture liability in the reopened proceedings following the
the
decision of the U. S. Supreme Court in this case.
The protest was lodged against the tentative conclusion of the Commission examiners "since all information is withheld with regard to weight
given reproduction and original cost."
The Commission was told that the carrier is entitled under decisions of
the court to know how its rights have been adjudicated.
The road asks for oral arguments and reasserts its claim that its road
and the Manufacturers Ry. should be treated as a single system for recapture purposes. No objection was voiced against the examiner's conclusion that the latter road had no excess, but the carrier states the amount
-V. 135.
of net income arrived at should have been lower than found.
p. 1160, 815.
St. Louis-San Francisco Ry.-E. N. Brown, Chairman,
-E.N.Brown, Chairman,
Says Receivership Plea Is Baseless.
has issued the following statement in connection with the
receivership suit filed at St. Louis Aug. 25 by owners of
$3,500 series A prior lien bonds:
We have been advised by telephone from St. Louis that a holder of
$3,500 prior lien bonds has filed a petition in the Federal Court at St. Louis
asking for the appointment of a receiver for the railway company.
The action will be vigorously opposed. Counsel for the company states
that there is no basis on which a bondholder can secure appointment of a
receiver at the present time and that they have no doubt that the applicaprior lien
tion will be dismissed. There is no default existing under the lien bonds
mortgage or any other mortgage. /No interest is due on the prior
readjustment plan
• until Jan. 1. If adequate deposits are received under the case, the company
prior to Sept. 1, which the company believes will be the
expects to be able to pay the interest on the consolidated bonds due on that
day and to be able thereafter to carry out the readjustment plan."
-Receivership Suit Filed in St. Louis.
Dora and Charles Gans, owners of 33,500 prior lien bonds, have filed a
petition in U. S. District Court at St. Louis asking for appointment of a
receiver for the road. The petitioners state they are residents and citizens
of Baltimore, Md.
Protective Committee. for Holders of Prior Lien and Consolidated Mortgage Gold Bonds.
mortgage gold bonds,
A committee has been formed for the prior lien
Series A and B and consolidated mortgage 4 % gold bonds, Series A, consisting of Harold E. Mellon, Chairman, (Investment Securities), Boston,
Mass.; Sylvan M.Barnet (Barnet, Fuerst & Co.). New York; Henry Carter
(Banker), St. Louis, Mo.•, Cornelius A. Sullivan (C. A. Sullivan Co.), New
York;Harry H. Woolard (Capitalist), Boston, Mass.'S. E.Starr, Secretary,
170 Broadway, New York City; McManus, Ernst, Ernst & Lynch, Esqs.,
New York City, Counsel.
For the time being deposit of bonds is not called for by the committee.
Deposits of Securities Urged.
The readjustment managers in a letter dated Aug. 18, to holders of prior
lien and consolidated bonds of the company, and refunding bonds of
Kansas City, Fort Scott & Memphis Ry. states:
"The time for deposit under the plan and agreement of readjustment,
dated July 6 1932. has been extended to Aug. 29 1932. Holders of about
$110,000,000 of bonds or over 42% of the bonds affected by the plan have
already become parties to the plan.
"On Sept. 1 interest of $2,436,000 on consolidated bonds, series A,
will be due. The company is without funds to pay this interest. the sub"The plan cannot, and will not, be consummated without
stantially unanimous assent of bondholders and unless deposits indicating
1, the comreasonable prospect of such asseni are obtained prior to Sept. this interest
pany will have no alternative but to default in the payment ofIf, however,
consent to the appointment of receivers of its property. Sept. 1, it is
and
there is a substantial volume of additional deposits before
believed that It will be possible to pay this interest (Including interest on
deposited bonds) with the aid of money borrowed from the Reconstruction
Finance Corporation or the Railroad Credit Corporation, and thus extend
-V. 135, p. 1327.
the time within which the plan can be carried out.
Tennessee Central Ry.-Loan of $147,700 from Recoh•
struction Finance Corporation Approved by 1.-S. C. Corn-See last week's "Chronicle" page 1270.
mission.
Aug. 27 1932
The I.
-S. C. Commission on Aug. 12, authorized the company to issue
not exceeding $120,000 6% 1st mtge. bonds, series A, in partial reimbursement for capital expenditures heretofore made,the bonds to be pledged and
repledged as collateral security for short-term notes.
-V.134, p. 4656.
Texas-Mexican Ry.-Recapture Report.
Division 1 of the I.
-S. C. Commission has issued a tentative recapture
report finding $299,622 of excess income for the years 1924 to 1926, inclusive, accompanied by an order directing the company to pay half that
amount to its recapture fund unless a protest if filed by Sept. 19.-V. 130,
p. 4602.
Wabash Ry.-Reduces Salaries 10%.
Effective as of Aug. 1, the company has reduced by 10% the pay of'
all its salaried employees drawing more than $300 monthly.
-V. 135,
p. 1161.
Waco Beaumont Trinity & Sabine Ry.-Loan of
83,750,000 from Reconstruction Finance Corporation Denied
by I.
-S. C. Commission.
-See last week's "Chronicle" page
1270.-V. 134, p. 1020.
PUBLIC UTILITIES.
American Superpower Corp.
-Resumes Dividends on
1st Preferred Stock.
The directors on Aug. 25 declared a dividend of $3 a share on the no
par $6 cum. 1st pref. stock. This amount covers the regular quarterly
dividends for the quarters ending June 30 1932 and Sept. 30 1932. The
dividend will be payable Oct. 1 1932 to holders of record Sept. 1 1932.
This payment covers all dividends accruing on this stock up to Oct. 1 1932.
-V. 135, p. 292.
American Water Works & Electric Co., Inc.
-Output.
The power output of the electric subsidiaries of the company for the
month of July totaled 111,013,401 kwh., against 142,678,079 kwh. for
the corresponding month of 1931.
For the seven months ended July 31 power output totaled 855,142,082
kwh., as against 1,014,891,903 kwh. for the same period last year.
-V. 135,
p. 627.
Annapolis & Chesapeake Bay Power Co.
-Sale Ordered.
The sale of the company was authorized Aug. 23 by Judge William
G. Coleman in United States District Court at Baltimore.
The company was offered for sale last July, but no bidders appear
because a minimum price of $3,750,000 had been fixed by the Court.
The second order of sale handed down by Judge Coleman fixes no minimum price, but stipulates that the purchaser must assume liability for
$1,428,600 of 1st mtge. bonds of the company and must purchase for
cash at the time of sale, at par plus accrued interest, $560,000 in series B
and C bonds of the company.
The purchaser also must assume a debt of $37,500 to the Mayor and
City Council of Laurel, making the total liabilities of the purchaser $2.
046.100.
The sale will be held at Annapolis at a date to be named by Albert G.
Towers, receiver for the company.
--V. 135, p. 627.
Arizona Power Co.
-Defers Div. on 8% Preferred Stock.
The directors have decided to defer the quarterly dividend due Oct. 1
on the 8% cum. 1st pref. stock, par $100. The last regular quarterly
distribution of 2% was made on this issue on July 1.-V. 134, p. 4155.
Associated Gas & Electric Co.
-Debts Paid by Associated
System-847,529,800 Obligations Due During 1932 Are Paid.
The financial position of companies in the Associated Gas & Electric
System has been strengthened by the payment of the $47,529,800 of obligations payable in 1932 with which they were faced on Jan. 1 of this year.
The step that completed this financing was taken Aug. 15 when the
balance of the $2,382,000 maturity of General Gas & Electric Corp. was
met. Just before this, on Aug. 12, the financing of the $7,500,000 note issue
of Staten Island Edison Corp. was completed.
The largest maturity in companies of the New England Gas & Electric
Association (which is one of the two major units of the Associated System)
was the $4,460,000 note issue of New Bedford Gas & Edison Light Co. These
notes, due June 15 1932 were paid at maturity with funds obtained from
bank loans. The loans are to be repaid out of earnings over a period of
two years.
Associated Gas & Electric Company Owed $10,440.153 on January 1.
At the beginning of the year, the Associated Gas & Electric Co. itself was
faced with the necessity of paying $10,440,153 in bank loans and purchase
money obligations contracted during the company's period of expansion.
This figure was a reduction from $23,831.793 outstanding at the beginning
of 1931. All these obligations were paid by June 16 1932, leaving the
Associated Gas & Electric Co. without further obligations of any importance
which had been unprovided for, maturing before 1948.
Obligations of Subsidiaries Financed.
Obligations of three major subsidiary companies, Staten Island Edison
Corp., $7,500,000; Rochester Gas SZ Electric Corp., $10,000,000, and
Pennsylvania Electric Co., $9,000,000 were also financed.
This financing was accomplished with proceeds from the sale of Associated Gas & Electric Corp. 8% 8
-year gold bonds, of mortgage issues of
operating subsidiary companies, with loans from bankers, and through
exchange of securities.
Indebtedness to the banks incurred by the Rochester maturity ha- been
met by the sale of an le!u,i f $8.478.000 of Rochester Gas & Electric Corp.
gen. intge
cbid bom.s, oi.e 1962, Series E.
New Business Advance Under Way.
Th- fact that the management of the Associated Gas & Electric System
;
is no longer concerned with pressing problems offinancing during 1932 leaves
it free to devote more attention to an intensive development of electric, gas,
and other services. A step that has already been taken in this direction is
the recent organization of a business-building plan wherein all employees
co-operate.
A survey just completed of conditions in Associated areas indicates that
business of industries of all kinds is definitely on the up-grade. This improvement in general business conditions should result in a rise in the consumption for industrial purposes of Associated electric and gas services. Use
of services by domestic customers has increased steadily, being almost unaffected by general business conditions. These factors, plus the Associated
System's program of intensive new business development, should allow the
System to go forward as confidently and as successfully as in the past.
Security Holders Increase.
-
The number of registered security holders in the Associated system is
increasing more rapidly this year than during 1931, according to a tabulation just released by the Associated Gas & Electric Securities Co., Inc.
The total of security holders on July 1 1932 was 252,899, a gain of 15,784
since Jan. 1. The gain for the whole of 1931 was 23.837.
Associated registered security holders are found in every State, the
District of Columbia, in all United States Possessions and in 29 other
countries and their dependencies. Investors in continental United States
are 242,005, a gain of 14,955 since the first of the year. Among the States
New York leads with 93,051 security holders, followed by Pennsylvania,
f 1,81a,9 v
5 rn5 : Marachusetts, 15,443; Illinois, 11,612; New Jersey, 10.944; Call
o
0
There are 6,703 investors in Holland, the largest number in any other
country. Greatest percentage of gain was recorded in the Philippines,
where the total increased in six months from 834 to 1,218, a growth of
46%
.
Or the total number of security holders, 116,882 are customers residing
in areas served by the Associated system. This represents an increase of
11,847 since Jan. 1. New customer-investors during 1931 numbered
13,856, so that almost as many new customer-investors were gained during
the first half of 1932 as during the whole of 1931.
Earnings.
-For income statement for 12 months ended July 31 see
"Earnings Department" on a preceding page.
-V. 135, p. 1161.
-Stockholder Files Receivership Suit.
Birmingham Gas Co.
Receivership suit has been filed in the U. S. District Court of Birmingham
against the company (controlled by American Gas & Power Co.) by S.
Roger Mitchell, a New York stockholder. The complainant also asks
Volume 135
Financial Chronicle
an injunction restraining the company from paying further funds to Ameri-
can Gas & Power Co.
The suit charges wrongful diversion of funds from the Birmingham
company to both the holding company, American Gas & Power Co.,
and its parent concern, American Commonwealth & Power Corp. The
bill also alleges that a dividend of 25c. a share was paid on the common
stock, all of which is owned by American Gas, when there was not sufficient
profits to provide payment. which action was contrary to directors' recommendations.—V. 135. IL 816.
Central Gas & Electric Corp.—Offer to Noteholders, &c.
The company in a letter to the holders of the 3
-year 53'5% gold notes,
due Feb. 1 1933, states in substance:
The impending maturities in Feb. 1933 of the company's $10,000,000
notes (for which no specific collateral is pledged) and
3
-year 5 0 gold no
$20,809,5 secured purchase money note, have been matters of concern
and constant consideration to the management for some months, and it
became increasingly evident that the refunding of these issues was impossible
under present market conditions even at probihitive cost. The only practical method of meeting the situation was to secure an extension of the
purchase money obligation and arrange for a desirable exchange for the
3
-year 5t1 gold notes. Under the plan of Central Public Service Corp.,
the $20,809,500 secured purchase money note due Feb. 1933 has been replaced by a long term secured note of Consolidated Electric 80 Gas Co. of like
principal amount and an exchange offer has been arranged, which in the
opinion of the directors of the company, affords the holders an opportunity
to exchange their notes for a more attractive security, bearing a higher
rate of interest. This exchange offer, which is extended to all holders of
Central Gas & Electric Co.3
-year 53 % gold notes, due Feb. 1 1933,follows:
-year 5 % gold note due 1933 of Central Gas & Electric Co.
For each 3
(with all unmatured coupons attached) there is offered in exchange an
equal principle amount of Consolidated Electric & Gas Co. 5
-year 6%
secured gold notes. due Aug. 1 1937.
The Consolidated Electric & Gas Co. is the principal subsidiary of
Central Public Utility Corp. both of which are new corporations formed
under a "plan for readjustment of the affairs of Central Public Service
Corp. and its subsidiaries" dated as of Aug. 1 1932 (see latter company
for details) which was recently put into effect.
Holders of the Central Gas & Electric Co. 3
-year 53 % notes due 1933
may obtain the full benefits of the plan by taking advantage of the exchange
offer.
The plan as now presented is believed to have effected a satisfactory
method of averting the serious financial complications of the Central Gas
.dr Electric Co. For that reason and because the holders of the Central
-year gold notes due 1933 are offered a note with a
Gas & Electric Co. 3
higher interest rate, secured by deposit, as elsewhere described, of collateral
trust bonds, it is urged that the exchange be made promptly.
Consolidated Electric & Gas Co. 5
-year 6% secured gold notes due 1937
are issued pursuant to an indenture between Consolidated Electric & Gas
Co. and Harris Trust & Savings Bank, Chicago, trustee, dated as of Aug. 1
1932. These notes are secured by the direct pledge of $6,000.000 collateral
trust gold bonds 6% series due 1957 of Consolidated Electric & Gas Co.
and by a further pledge of an additional $4,000,000 of collateral trust gold
bonds subject to a prior lien securing the obligations of a subsidiary of
Consolidated Electric & Gas Co., the security for which obligations, in the
opinion of the company. is ample without recourse to the additional $4,
,000.000 collateral trust bonds. Upon the retirement of $4,000,000 of the
obligations, the $4,000,000 of collateral trust bonds will be released from
the lien created in favor of the obligations and the holders of such 5
-year
6% secured gold notes will be offered the privilege of exchanging them for
An equal principal amount of such collateral trust gold bonds 6% series
1957 of Consolidated Electric & Gas Co.
due
The holders of Central Gas & Electric Co. 3
-year 5Si% gold notes of
1933 are requested to forward, by registered mail, their notes to The Baltimore Trust Co., Baltimore, Md., with all unmatured coupons attached.
The notes will be exchanged without any Interest adjustment.
There has been deposited with The Baltimore Trust Co. for the account
of noteholders an amount of Consolidated Electric & Gas Co. 5
secured gold notes due 1937, sufficient to effect the exchange of -year 6%
the notes
due 1933 on the basis above mentioned. The period during which exchanges
may be made extends to May 1 1933 inclusive. The Baltimore Trust Co.
will forward upon receipt of notes, these new 6% secured gold notes due
1937,for the aggregate amount to which the noteholders are entitled by the
terms of the above offer of exchange.
A digest of the readjustment plan of the Central Public
Service Corp. is given below.—V. 133, p. 3629.
Central Kansas Power Coe—Common Div. Omitted.—
The directors recently voted to omit the quarterly dividend usually
payable about July 15 on the no par value common stock. Quarterly
distributions of $2 per share were previously made on this issue.—V. 125.
p.2524.
Central Public Service Corp.—Voluntary Readjustment
of Financial Structure.—The corporation,a$357,000,000 public
utility organization, has announced a comprehensive plan
for voluntary readjustment of its corporate and financial
structure. Under the plan two new companies have been
formed and have acquired certain assets of the existing
system, which enable the corporation to accomplish a
scaling down of fixed charges and at the same time arrange
for the solution of its major financial problems for some
years:
Over $100,000,000 of bonds and notes of Central Public Service Corp.
and its various subsidiaries are affected through exchange or new guarantees, all the corporation's class A and preferred stock is to be exchanged
for stocks of one of the new companies, corporate relations of most of the
subsidiaries are entirely changed and the capital structures are greatly
simplified.
In making public the plan, the corporation issued the
following press statement:
The plan has already been adopted and put into effect, with the constructive co-operation of the banking group which has been identified in recent
years with the financing of Central Public Service System, together with
those banks which have loans owing to them by the corporation.
To that extent the plan of readjustment is unique in American finance.
It follows the English system, of anticipating flannels' difficulties and voluntarily correcting the governing conditions, rather than awaiting the full
development of the problem and allowing responsibility for its solution to
fall upon security holders and outside interests, which usually proves costly.
That the plan is constructive and eminently fair is attested by disinterested
engineers and accounting firms. It safeguards and • protects the relative
rights and interests of the various security holders affected.
The officers and directors believe that in view of all circumstances,
particularly the downward trend in gross and net earnings, this method
of procedure constitutes a distinctly construe Ivo step and one that eventually should redound to the benefit of all Central Public Service Corp.
security owners.
The adoption of this plan of readjustment, which is entirely voluntary,
was made possible by the assent of holders of a substantial Ewan of our
outstanding senior securities, notably the owners of large blocks of Central
Public Service Corp. debentures and notes.
The adoption of the plan has enabled Central Public Service Corp. to
arrange:
I. Payment of the Aug. 1 1932 interest coupons on its debentures.
2. A satisfactory extension and gradual decrease of its bank loans, such
loans being guaranteed by one of the newly formed companies.
3. A satisfactory extension and like gradual decrease of an obligation
of $2500,000 owed by the Islands Gas & Electric Co., one of its subsidiaries.
4. To replace a $20,809.500 secured purchase money note due Feb. 1
1933 (of a principal subsidiary company) with a long-term secured note
amount.
due 1957 of a like of the plan should also facilitate taking care
of maturiThe completion
ties of two subsidiary operating companies during 1933.
The two new companies formed are the Central Public
Utility Corp. and the Consolidated Electric & Gas Co.
The former becomes the new holding company, to own
1485
the entire equity in the Central Public Service System, as it
existed heretofore. Consolidated Electric & Gas Co. has
acquired most of Central Public Service Corp.'s interest in
or securities of its various operating subsidiaries.
The ultimate effect of the plan is a change in the equity ownership in
the properties. On the basis of the proposed exchange for bonds and a
common stock bonus, holders of Central Public Service Corp. debentures
and notes will come into control of approximately 65% of the entire equity
of the utility system. Central Public Service Co. of Delaware, which
heretofore has owned all of this equity, is reduced to a 35% ownership.
A circular letter issued to the debenture holders and
noteholders states-in part:
In the early part of this year it became apparent to the officers and
directors of Central Public Service Corp., with the downward trend in
gross and net earnings of gas and electric companies and with the difficulties
Increasing in connection with new financing, that Central Public Service
Corp. was faced with a very serious situation on account of obligations
Which mature during the latter part of 1932 and the early part of 1933.
In order to meet this situation the plan was adopted by the board of
directors of Central Public Service Corp. and carried into effect for the
purpose of protecting the relative interests of the holders of the various
securities of the corporation and its subsidiaries. As soon as it was formulated, the plan was presented to the banking group which has been identified
In recent years with the financing of Central Public Service System, and
after independent study, this banking group has stated to the company
that they believe the carrying out of the plan will benefit the security
holders and that they recommend the exchange offers be accepted. As a
part of their examination, the banking group has had the plan reviewed
independently by Stone & Webster, Inc., who have advised the bankers
that in their opinion, all circumstances considered, the plan is fair and just.
The adoption of the plan has enabled Central Public Service Corp. to
arrange (1) payment of the interest coupons due Aug. 1 1932, on its debentures; (2) a satisfactory extension and gradual decrease of its bank loans,
such loans having been guaranteed by Consolidated Electric & Gas Co.; and
(3) a satisfactory extension of an obligation of $2,500.000 owned by Islands
Gas & Electric Co., one of its important subsidiaries. The completion of
the plan should also facilitate taking care of other maturities of subsidiaries.
The directors and officers of Central Public Service Corp. have been in
communication with the holders and distributors of large blocks of its
debentures and notes who have approved the plan and have agreed to make
or recommend the exchange. The officers and directors of Central Public
Service Corp. believe that the plan which has been adopted and put in
course of compeletion, is constructive and eminently fair and that it safeguards and protects the relative rights and interests of the various security
•
holders affected by the plan.
In order, however, to obtain the full benefits of the plan, it is necessary
that the various security holders co-operate by immediately forwarding their
securities to the Baltimore Trust Co. for exchange under the plan.
PLAN FOR READJUSTMENT OF AFFAIRS OF CENTRAL PUBLIC
SERVICE CORPORATION AND ITS SUBSIDIARIES.
Formation of Central Public Utility Corporation and Consolidated
Electric & Gas Co.
Pursuant to the plan there was formed under the laws of
the State of Delaware a corporation known as Central Public
Utility Corp. with the following capitalization:
Authorized,
20
-year
% income bonds, due Aug. 1 1952
$43,000,000
$4 preferred stock (no par)
a550,000 slur.
(no par)
Class A stock
62.200,000 shs.
Common stock (par $1)
e1,325,000 shs.
a Non-voting except as otherwise specified in the certificate of incorporation; non-cumulative; entitled to annual dividends at the rate of $4 Per
share in preference over class A stock and common stock: participating with
class A stock in earnings to the extent of $1 per share on a share for share
basis; redeemable at $70 per share and entitled to $65 per share in liquidation in preference over class A and common stock. b Non-voting except as
otherwise specified in the certificate of incorporation; entitled to annual
dividends at the rate of $1.75 per share of which $1 per share is paid in
participation with $4 preferred stock, in preference over the common stock
participating on a share for share basis with common stock after common
stock receives dividends at the rate of $1.75 per share per annum; entitled
to $30 per share in liquidation in preference over common stock and participating equally with common stock on a share for share basic after common stock receives $30 a share; non-cumulative. c Voting and to be
deposited in a voting trust.
At the same time there Was also formed under the laws
of the State of Delaware a new company known as Consolidated Electric & Gas Co. with the following capitalization;
To be Presently
Authorized
Outstanding.
Common stock (par $1)
1,000.000 she.
1,000.000 shs
x Class A stock (no par)
2,500,000
1,480,000
$6 Cumulative preferred stock (no par)
500,000
183,000
x Non-voting except as otherwise specified in the
ificate of incorporation; entitled to annual dividends of $1.75 per shr
in preference over
common stock. After common stock receives $1.7F. r share, participatec
with common stock in additional dividends on a aare for hare basis;
entitled to $25 per share In liquidation in prefereAce cver common stock and
participating with common stock on a share for sham basis after common
stock receives 525 a share; non-cumulative.
Non-voting except as otherwise specified in the certificate of incorpoeat:on; nrcleemable at $105 per
share and entitled to $100 per share in liquiCation in preference over eines A
and common stock.
Funded Debt to Be Presently Outstanding.
Collateral trust gold bonds. Open. (See note 1)6% series due 1957. $10,000,000, to be used as collateral for
-year 6% secured
long term debt, including the issue of 5
gold notes due 1937.
3-6% A series and B series due 1962. Convertible at the
option of the holder into $6 cumulative preferred stock on
the basis of 12 shares of $6 cumulative preferred stock for
each $1,000 bond
$20,659,000
5
-year 6% secured gold notes due 1937
10,000,000
Central Gas & Electric Co. (closed)—
First lien collateral trust 6s. due 1946
4,444,000
First lien collateral trust 5Xis, due 1946
8,134,700
Southern Cities Utilities C •. (closed)
1st lien & collateral trust Si due 190g_.
9,100,000
Central Public Service Corp. coll. trust 6% gold notes due 1936.
guaranteed and assumed (closed)
6,663,200
Note (1).—Additional bonds may be issued from time to time to reimburse the company for the cost of additions, betterments, improvements,
acquisitions, for refunding underlying and divisional securities and for other
corporate purposes, subject to the limitations and restrictions contained In
the indenture.
The Public Utility Holding Corp. of America has subscribed to 23.000
shares of Consolidated Electric & Gas Co. $6 cumulative preferred stock,
and 1,000,000 shares of ConnAl -fated Electric & Gas Co. common stock
(par $1) and delivered in aymnt therefor its participation of $2,765.000
in the $5.5' 0.000 6ti% ••ebenture syndicate of Electricitaetswerk Suedwest A.
-G. of which Deutsche Bank und Disconto Gesellschaft, Berlin, is
the manager, and pursun nt to the terms of the subscription agreement has
delivered t' e 1,000.003 ..hares of Consolidated Electric & Gas Co. common
stock, to Central Public Utility Corp.
Plan of R mr7aniretion and Readjustment and Transfer of Assets
he
of Thee of. Main Subsidiaries of Central Public Service Corp.
(1) Southern Cities Public Service Co.
Central Public Service Corp. purchased from Southern Cities Public
Service C•. all or substantialy all of Its assets and paid therefor as follows:
(r / are assumption of the $17,500,000 Southern Cities Public Service
0.. hi% C nvertible gold debentures due 1949.
(..) .100.000 shares of Consolidated Electric & Gas Co. class A stock.
(c) Sur ender of certain intercompany debt due to Central Public Service
C rperaton.
• outho n Cities Public Service Co. joined in the supplemental indenture
pr vidn for the assumption of the convertible 6% gold debentures by
1486
Financial Chronicle
Central Public Service Corp. for the purpose of guaranteeing the payment,
principal and interest, of the 6% convertible gold debentures. Central
Public Service Corp. has also deposited in escrow with Baltimore Trust Co.,
Baltimore, Md., $17,500,000 Consolidated Electric & Gas Co. collateral
Trust gold bonds, 3%-67 A series, due 1962, to be held for exchange for a
like principal amount of Southern Cities Public Service Co.6% convertible
gold debentures.
Interest on the Consolidated Electric & Gas Co. collateral trust gold
bonds, 3%-6% A series, is payable as follows:
(a) The first coupon which matures on Nov. 1 1932 is for $15 on each
$500 principal amount of bonds: (b) thereafter to and including Nov. 1
1933, at the rate of 3% per annum; (c) thereafter to and including Nov. 1
1934, at the rate of 4% per annum;(d) thereafter to and including Nov. 1
1935, at the rate of 5% per annum; (e) thereafter to maturity, at the rate
of 6% per annum.
Notice will be given in due course to the holders of Southern Cities
Public Service Co.6% convertible gold debentures of the time during which
this exchange can be made and the method of effecting exchanges.
(2) Central Gas & Electric Co.
Central Public Service Corp. purchased from Central Gas & Electric Co.
all or substantially all of its assets and paid therefor as follows:
(a) The assumption of $12,578,700 first lien collateral trust sinking fund
gold bonds of Central Gas & Electric Co. and $10,000,000 3
-year 531%
gold notes of Central Gas & Electric Co.
(b) An undertaking to cause Consolidated Electric & Gas Co. to assume
the payment of$12,578,700 first lien collateral trust sinking fund gold bonds
(c) 160,000 shares of 86 cumulative preferred stock of Consolidated
Electric & Gas Co.
(d) 600,000 shares of class A stock of Consolidated Electric & Gas Co.
(e) Surrender of certain intercompany debt due to Central Public
Service Corp.
Central Gas & Electric Co.joined in the supplemental indenture providing
-year 534% gold notes by Central Public Service
for the assumption of the 3
Corp. for the purpose of guaranteeing the payment, principal and interest,
of the 3
-year 534% gold notes. Central Public Service Corp. has also
deposited in escrow with Baltimore Trust Co., Baltimore, Md.,$10,000,000
Consolidated Electric & Gas Co. 5
-year 6% secured gold notes due Aug. 1
1937, to be held for exchange for a like principal amount of Central Gas
& Electric Co.3
-year
% gold notes.
Notice will be given in due course to the holders of Central Gas & Electric
Co. 3
-year 534% gold notes of the time during which this exchange can be
made and the method of effecting exchanges.
(3) Southern Cities Public Utility Co.
Central Public Service Corp. purchased from Southern Cities Public
Utility Co. all or substantially all of its assets and paid therefor as follows:
(a) The assumption of $9,100,000 Southern Cities Utilities Co. 30
-year
57 first lien and collateral trust gold bonds, series A, due 1958 and $3,159,00O Southern Cities Utilities Co. 30
-year 6% sinking fund gold debentures,
series A, due 1958.
(b) An undertaking to cause Consolidated Electric & Gas Co. to assume
the payment of the $9,100,000 30
-year 5% first lien and collateral trust
gold bonds, series A.
(c) 60,000 shares of Consolidated Electric & Gas Co. class A stock.
(d) Surrender of certain intercompany debt due to Central Public
Service Corp.
Southern Cities Public Utility Co. joined in the supplemental indenture
-year 6% sinking fund gold debenproviding for the assumption of the 30
tures, series A. due Feb. 1 1958. by Central Public Service Corp. for the
purpose of guaranteeing the payment, principal and interest, of the 30
-year
8% sinking fund gold debentures, series A. Central Public Service Corp.
has also deposited in escrow with Baltimore Trust Co., Baltimore, Md.,
$3,159,000 Consolidated Electric & Gas Co. collateral trust gold bonds,
3%-6% B series, due 1962, to be held for exchange for a like principal
amount of Southern Cities Utilities Co. 30
-year 6% sinking fund gold
debentures.
Interest on the Consolidated Electric & Gas Co.collateral trust gold bonds
3%-6% B series, is payable as follows: (a) To and incl. Feb. 1 1934, at
the rate of 3% per annum;(b) thereafter to and incl. Feb. 1 1935, at the
rate of 4% per annum; (c) thereafter to and incl. Feb. 1 1936, at the rate
of 5% per annum;(d) thereafter to maturity at the rate of 6% per annum.
Notice will be given in due course to the holders of Southern Cities
Utilities Co. 30
-year 6% sinking fund gold debentures of the time during
which this exchange can be made and the method of effecting exchanges.
Consolidated Electric & Gas Co. purchased from Central Public Service
Corp. certain assets, consisting of stocks, bonds, notes, open accounts, &c.,
and paid therefor as follows:
(a) The assumption and guarantee of $5,650,000 of bank loans extended
over a period of three years payable in installments, and the assumption or
guarantee of $23,745,274 of purchase money (long term) and other secured
obligations of Central Public Service Corp. and its subsidiaries. The
maximum liability of Consolidated Electric & Gas Co. on said $23,745,274
of obligations may be fully discharged by payment of $10,702,774. of which
$7,767,000 matures in 1957 and the balance of $2,935,774 in installments
over three years. In connection with the above transactions Consolidated
Electric & Gas Co.issued and delivered its 3
-year promissory notes aggregating $256,500 principal amount.
(b) The assumption of $4,444,000 Central Gas & Electric Co. first lien
collateral trust 6s.
(c) The assumption of $8,134,700 Central Gas & Electric Co. first lien
collateral trust 5345•
(d) The assumption of $9,100,000 Southern Cities Utilities Co. first
lien and collateral trust 5s.
(e) The guarantee and assumption $6,663.200 Central Public Service
Corp. collateral trust 6% gold notes.
-year 6% secured gold
(f) $10,000,000 Consolidated Electric & Gas Co. 5
notes, due 1937.
(g) $20,659,000 Consolidated Electric & Gas Co. collateral trust gold
bonds,3%-6% A series and B series, due 1962.
(h) 160,000 shares of $6 cumulative preferred stock of Consolidated Electric & Gas Co.
(I) 1,480,000 shares of class A stock of Consolidated Electric & Gas Co.
Offers of Exchange by Central Public Utility Corp.
Central Public Utility Corp. acquired all of the authorized common stock
of Consolidated Electric & Gas Co., consisting of 1,000,000 shares: and for
463,015 shares of its authorized common stock Central Public Utility Corp
has acquired or will acquire from Central Public Service Co. all of the outstanding common stock of Central Public Service Corp., consisting of
1,250,000 shares and all the outstanding common stock consisting of 10
shares of Central Securities Transfer Co. Central Public Service Co. will
deposit the common stock of Central Public Utility Corp. in a voting
trust.
Central Public Utility Corp. thereupon agreed to make the following
offers of exchange with the holders of the debentures, notes and stocks of
Central Public Service Corp.:
(a) For each $1,000 debentu're or 5
-year gold note with all coupons
maturing after Aug. 1 1932 attached of Central Public Service Corp. there
will be offered in exchange $1,000 Central Public Utility Corp. 20
-year
534% income bonds and voting trust certificates representing 20 shares
of common stock of Central Public Utility Corp. A proportional offer has
been made to the holders of each $500 debenture.
(b) For each share of$7 cum. pref. stock of Central Public Service Corp.,
14 shares of $4 pref. stock of Central Public Utility Corp. For each share
of $6 cum. pref. stock, 14 shares of $4 pref. stock of Cestral Public
Utility Corp. For each share of $4 cum. pref. stock, one share of $4 pref.
stock of Central Public Utility Corp.
(c) For each share of class A stock of Central Public Service Corp., one
share of class A stock of Central Public Utility Corp.
Further data regarding Central Public Utility Corp. and
Consolidated Electric & Gas Co. and the exchange offers to
Central Gas & Electric Co. Southern Cities Public Service
Co., and Southern Cities Public Utility Co. are given under
these companies respectively.—V. 135, p. 1162, 983.
Central Public Utility Corp. (Del.).—Organized, &c.—
The Central Public Utility Corp. was recently organized
in Delaware pursuant to the plan of readjustment of the
affairs of Central Public Service Corp. (see above). The
Central Public Utility Corp. owns the entire authorized
and outstanding common stock of Consolidated Electric &
Aug. 27 1932
Gas Co. and owns, or will own, the entire authorized and'
outstanding common stock of Central Public Service Corp.
It has no debt obligations other than its 20-year 53/7o.
income bonds due Aug. 1 1952, $42,994,308 principal amount
of which will be outstanding after the exchanges detailed
in the plan are completed'.
In addition to owing all of the common stock of the Consolidated Electric & Gas Co. the Central Public Utility Corp. (Del.) also owns or will'
own all of the common stock of the Central Public Service Corp, which
'
corporation controls subsidiary companies, consisting of(a) Pacific Northwest Public Service Co.which owns and(or) controls Portland General
Electric Co.. Seattle Gas Co., and various other operating subsidiaries:
(b) Central Public Utility Corp.(Maryland);(c) Central Gas & Electric Co.;
-Co.
(d)Southern Cities Public Service Co.;(e) Southern Cities Public Utility
Financial Statement of Corporation and Subsidiaries (Excluding Canary
Island Companies.)
Pro Forma Summary of Capitalization as of June 30 1932.
. [And after giving effect to all transactions and exchanges contemplated'
in the plan for readjustment of the affairs of Central Public Service Corporation and its subsidiaries.'
Central Public Utility Corp:
$42,994,308
2 -year 5.4% income bonds, due Aug. 1 1952
0
x$4 preferred stock (no par)
x494,703 shs.
a
yClass A stock (no par)
2,136,430 15-80 shs.
Common stock (par $1) voting and to be deposited in
Co
voting trust
1,322,901 shs.
es:
:
.
du$,986,265
SubsFund debt (par value)
idiaried
180
15,300,390.
Preferred stocks (par or stated value)
Secured bank loans and purchase money obligations
e
Aug. 1 1935, sinking fund payments beginning April 1933
8,550,000'
(bearing interest at 6%)
256.500
Unsecured notes payable (bearing interest at 6%)
Minority interest in common capital stocks
a6
x Non-voting except as otherwise specified in the certificate of inctr3pol6
tion: non-cumulative: entitled to annual dividends at the rate of $4 nm*
share in preference over class A stock and common stock; participating with
class A stock in earnings to the extent of $1 per share on a share for share
basis;redeemable at $70 per share and entitled to $65 per share in liquidation
in preference over class A and common stock.
y Non-voting except as otherwise specified in the certificate of incorporation; entitled to annual dividends at the rate of $1.75 per share of which
$1 per share is paid in participation with $4 preferred stock in preference
over the common stock: participating on a share for share basis with common
stock after common stock receives dividends at the rate of $1.75 per share
per annum; entitled to $30 per share in liquidation in preference over
common stock and participating equally with common stock on a share for
share basis after common stock receives 830 a share; non-cumulative.
Excludes 35,000 shares owned by a subsidiary.
aPro Forma Summary of Consolidated Income.
$37,194.584
Gross operating revenues
22,249,827
Operating expenses, including maintenance and taxes
.
$14,944,756
Net operating revenues
Non-operating revenue--Ann.in & dive, based on fixed annual
rates, either paid or accumulated, on secs.owned at June 30'32
784,793
.
Net earns, before provision for retirements c, interest, &c_ _ _$15,729,550
Annual interest and preferred dividend requirements of subs.:
Interest on funded debt
$9,042,071
Int. on secured bk.loans & purch. money oblig'ns
513,000
Interest on unsecured notes payable
15,390
Preferred stock dividend
898,084
Federal and State taxes on bond interest
i30868
995
Income, before retirements and before interest on income bonds
$5.130,135
of the Central Public Utility Corporation_b
a Before retirements and before interest on income bonds of Centre
Public Utility Corp. for year ended June 30 1932 on the assumption that
all transactions and exchanges contemplated as outlined in the plan have
been consummated.
b Interest on the income bonds is payable out of "surplus income" as
defined and determined in the income bond indenture and will be payable
only from income received from securities of Central Public Service Corp.
and Consolidated Electric St Gas Co. owned by Central Public Utility
Corp. and from any other income received.
c Provision for retirements, on the basis of the maintenance and replacement requirements of the trust indenture dated Feb. 1 1929 under which
the convertible gold debentures of the Central Public Service Corp. were
Issued, would be $2,423,749.
Clarion River Power Co.—Sale Halted—Federal Trade
Commission Demands All Facts in Transfer of Company—
Forbids Stock Disposal—Jurisdiction Assumed for the First
Time Over Companies Not Licensed Under Federal Act.—
Aiming to "safeguard the financial health and physical well-being o
its licensed companies," the Federal Power Commission made "an un
qualified demand" Aug. 23 upon the Clarion River Power Co. and thePennsylvania Electric Co. for a complete report on the latter's reported
purchase of the Clarion River properties.
The Commission's order, served on the New York offices of each company, stipulated that the report was to be filed in 10 days and instructed
them that they were not to issue or sell any securities without the approval
of the Commission.
The Commission asked for proof that the reported transfer of one subsidiary of the Pennsylvania Electric Corp. to another was not designed
"to impair or destroy the value of the $4,453,000 of preferred stock outstanding of the Clarion River Power Co."
Involved in the case is the assumption by the Commission of jurisdiction
over power companies which are not licensed under the Federal Act.
Its demand for the records of an unlicensed company is the first since
publication of its report on a year's investigation of public utility ownership, in which it strongly urged Federal regulation of utility companies
and their holding affiliates.
Holds Two Are Subsidiaries.
The Commission holds both the Clarion River company and the Pennsylvania Electric CO. to be subsidiaries of Pennsylvania Electric Corp.,
which is under holding company control. Among these the Clarion River
Co. alone is a Federal licensee.
The Commission's announcement of its action follows:
"Conferences last week at Harrisburg between representatives of the
Federal Power Commission and the Pennsylvania Public Service Commission have resulted in definite action relative to the financial conduct
of the Clarion River Power Co., a licensee under the Federal Water Power
Act. The Federal Commission to-day adopted three orders: One making
an unqualified demand upon the Clarion River Power Co. for facts, requiring it to file within 10 days a complete report on the purported sale
on its property to the Pennsylvania Electric Co.; another ordering the
Clarion River Power Co. not to issue or sell any securities without prior
approval by the Federal Power Commission, and a third serving similar
notice upon the Pennsylvania Electric Co., either as customer or successor
of the Clarion River Power Co.
"This formal assuming of jurisdiction over the issue or sale of securities
by a Federal licensee in the State of Pennsylvania is indicative of the
Federal Power Commission's decision to do everything *within its authority
to safeguard the financial health and physical well-being of its licensee
companies.
"Confusion and complications may be introduced into the situation by
holding companies and interlocking directors, but it is believed this need
not prevent carrying out the purpose of the Congress as embodied in the
Federal Water Power Act.
Revocation of License Possible.
"The longer order addressed to the Clarion River Power Co. sets forth
the facts that have come to the attention of this Commission to the effect
that this company made a purported sale under a deed of trust without
the intervention of any court, of all its property under Federal license
to the Pennsylvania Electric Co. but without any application for the
Volume 135
Financial Chronicle
approval of either the State or the Federal Commission; that the Federal
law requires prior approval of voluntary ransfer of license and provides
the possible penalty of revocation of license for wilful failure to comply
with provisions of the Act or terms of license.
The call for facts includes: A detailed statement of the transaction; copies of all documents connected therewith; description of inter
corporate relationship between the Pennsylvania Electric Corp- the Clarion
River Power Co. and the Pennsylvania Electric Co.; detailed statement
of items in the open account which it is understood was converted into
a demand note with a deed of trust on all the property of the Clarion
River Power Co. as collateral, and through which the reported sale is said
to have been consummated; proof that the purported transfer of property
from one subsidiary of the Pennsylvania Electric Corp. to another subsidiary was not designed to impair or destroy the value of the $4,453,000
of preferred stock outstanding of the Clarion River Power Co.
The other orders serve notice that neither company shall issue, sell,
or otherwise dispose of any securities without first making due application
he
to the Commission for the approval thereof and receiving approval.
companies have been notified by wire of the Commission's action."V. 135, p. 1162.
Commonwealth & Southern Corp.
-New Director.
-V. 135, p. 816.
Wendell L. Willkie has been elected a director.
Consolidated Electric & Gas Co.
-Organized, &c.
The company was incorporated July 29 1932 in Delaware pursuant to
the plan for readjustment of the affairs of Central Public Service Corp.
(see above). Company owns or controls subsidiaries operating electric
power and light, gas, water, heating, ice and (or) transportation properties
in 20 States of the Union, two Provinces of Canada, Philippine Islands,
Puerto Rico, Haiti, Santo Domingo, and the Island of Mallorca. The
subsidiaries of the company serve a combined population of approximately
4,200,000 in 587 communities. Customers number 133,274 electric, 281,680
gas, 7.180 water, and 320 heating, or a total of 422,454 customers. Among
the important cities are Atlanta and Macon, Ga.; Manila, Philippine
Islands: Rockford and Freeport, Ill.; Mobile and Montgomery, Ala.;
Roanoke and Lynchburg, Va.; Muncie, Marlon, and Anderson, Ind •
Charleston, S. C., and Durham, Asheville. and Raleigh, N. C.
Pro Forma Consolidated Summary of Net Income Available for Retirement
and Class A Stock for the Year Ended June 30 1932.
Gross operating revenues
$22,802,966
Operating expenses, including maintenance and taxes
13,882,912
Net operating revenues
$8,920,054
Non-operating revenues:
Annual interest on participation of $2,765,000 in the 6%%
debenture syndicate of Electricitaetswerk Suedwest,
of which Deutsche Bank und Disconto Gesellschaft. Berlin,
is manager
179,725
Dividends based on fixed annual rates either paid or accumulated:
Washington & Suburban Companies
-$6 cum. pref. stock,
70,000 shares
420,000
Pacific Northwest Public Service Co. preferred stocks- -- 952,726
-Rents, dividends, &c
Miscellaneous
77,037
Net earnings
$10,549543
Annual int. and pref. div. requirements on secs, of subsidiaries:
'
-Funded debt
Interest
2,147
purchase money obligation of Islands Gas &
Secured
'
527
Electric Co., $2,500,000-6%
150,000
Preferred dividends
32,148
Federal and State tax on bond interest
29,750
Remainder
$8,190,117
Annual interest requirements on securities of Consolidated Electric & Gas Co.(incl. those to be assumed by that company):
Central Public Service Corp. collateral trust 6% gold notes
due 1936(par $6,663,200)
399,792
Central Gas & Electric Co. 1st lien collateral trust sinking
-due 1946: 6%-$4,444,000
fund gold bonds
266,640
5% %-$8,134,700
447,408
Southern Cities Utilities Co. 1st lien coll. trust 5% gold bonds,
series A-due 1958: $9,100,000 (lees $551,000 inter-company owned)
427,450
New issues-Consolidated Electric & Gas Co.:
5
-year 6% secured gold notes,due 1937-$10,000,000
600,000
Collateral trust gold bonds
-3%$% due 1962:
A series-$17.500,000 (requirement at 6% per annum
for the first three months and 3% per annum for the
next nine months)
656,250
B series-53,159,000 (requirement at 3% per annum for
next 12 months)
94,770
Secured bank loans and purchase" money obligations
$6,050,000
-6%
363,000
Unsecured notes payable-$256,500---6%
15,390
Remainder
$4,919,416
Annual dividend requirements on 183,000 shares $6 cum. pref.
stock of Consolidated Electric & Gas Co
1,098,000
Remainder-net income available for retirements and class A
stock of Consolidated Electric & Gas Co
$3,821,416
Requirement for retirements, in accordance with indenture
securing collateral trust gold bonds
$1,478,397
Pro Forma Consolidated Balance Sheet June 30 1932.
Assets
Plant and franchises
$164,458,773 Preferred stock-Company. 818,300.000
Investments (pledged $11,Subsidiaries
499,300
239,920)
14,427,627 Cl. A stock (1,480,000 shs.)_ 25,900,000
Sinking funds and special
Common stock
1,000,000
deposits
469,785 Capital surplus
9,644,009
Cash
1,147,135 Min. stockholders' int, in
Accts. rec., consumers:
corn.stock & enrol of subs.
140,361
Service
2,005,940 Funded Debt-Company-- 58,449,900
Merchandise and jobbing_
Subsidiaries
2,031,301
41,324,665
Other accounts and notes
Secured bank loans and purreceivable
1,437,276
chase money obligations_
8,550,000
Mdse., materials & supplies_
2,399,296 Unsecured notes payable
Prepayments-Ins, prams..
due Aug. 1 1935
256,500
taxes,&c
218,943 Accounts payable
1,513,781
Impts. to leased property_
280,990 Accr. int, and pref. dive- 1,378,419
Sundry deferred debit items_
454,385 Accrued taxes
.682
Deferred liabilities
2,153,601
Deferred credit items
125,468
Reserves
19,421,767
Total
$189,331,455
Total
$189,331,455
Pro Forma Schedule of Consolidated Funded Debt and Preferred Stocks.
June 30 1932.
No.
Par Value of
of Shares. Funded Debt.
Subsidiaries:
Central Illinois Electric & Gas Co.: 1st & ref.
mtge. gold bonds: 5% series. due Feb. 1 1951
$15,000,000
6% series. due June 1 1952
746,000
Rockford Electric Co.: 1st and ref. mtge. 5%
bonds, due March 1 1939
gold
2,156,000
Central Indiana Gas Co.: Ref. & imp. 5% bonds,
due Sept. 1 1957
1,281,000
4.926
6%% pref. stock-($100 par)
Federated Utilities, Inc.. 1st lien coll. trust 535%
•
bonds.due March 1 1957
7,767,000
Athens & Sayre Gas Co.: 6% pref. stock-($100
par)
6
-----Portsmouth Gas Co.: 6% pref. stk.($100 par)_ _ _
5
-----Waynesboro Gas Co.: 1st mtge. 5% bonds, due
1 1943
Feb.
185,200
IIagerstown Light & Heat Co. of Washington
County: 1st mtge.5% bonds, due Aug. 1 1962_
261,000
--- Houghton County Electric Light Co.: 6% pref.
42
stock ($25 par)
Lower St. Lawrence Power Co.: 1st mtge. 8. f.
7% bonds,due Aug.1 1947
434,700
General mtge.s. f.8% bonds, due Aug. 1 1932_
54.300
1487
Par Value of
No.
of Shares. Funded Debt.
Subsidiaries:
Matapedla Valley Light & Power Co., Ltd.: 1st
mtge.s. f.6%% bonds,due June 1 1944
290.400
Maine & New Brunswick Electrical Power Co.:
82
8,200
Ltd.: 6% perpetual debenture stock
Michigan Water Power Co.: 1st mtge.6% bonds,
560,000
due Jan. 1 1946
New Jersey Northern Gas Co.: 1st mtge. 5%
1.200
bonds, due March 1 1952
Atlanta Gas Light Co.: 1st mtge. 5% bonds, due
500,000
June 1 1947
4,000,000
4%% gold notes,due March 15 1933
Gas Light Co. of Augusta: 1st mtge. 5% bonds,
due serially April 1 1933-1936
110,000
Mobile Gas Co.: 1st mtge.series A 7% bonds,due
1,279,500
Dec. 1 1951
473,900
1st mtge. series B 6% bonds, due Oct. 1 1956_ _
Pensacola Gas Co.: 1st mtge. 5% bonds, due
200.000
April 1 1934
-year s.f. income 6% bonds,
Peoples Gas Co.: 20
16,060
due Feb. 1 1941
Roanoke Gas Light & Coke Co.: 1st mtge. 53i%
1,303.000
bonds, due Feb. 1 1951
Porto Rico Gas & Coke Co.:25-year 1st mtge.
.
7.000
s.f.67 bonds,due Jan. 11952
0
-year s. f. sec.
Islands Gas & Electric Co.: 25
1,470,000
5%% bonds, due March 1 1953
Manila Gas Co.: 1st lien coll. trust 5%%
2.250,000
bonds. due Oct. 1 1937
Gas y Electricidad, S. A.:
Sociedad Alumbrado par Gas, S. A.•. 5%, due
279,310
serially to 1951 (prin. amt. 1,701,000 pesetas)
6%,due serially to 1950 (prin. amt.3,000,000
492,610
pesetas)
La Palma de Mallorca, S. A.: 5%,due serially
21,182
to 1935 (prin. amt. 129,000 pesetas)
4%,due serially to 1957(prin. amt. 161,000
26,436
pesetas)
Sociedad Propagadora Balear de Alumbrado,
S. A.:6%. due serially to 1932-61 (prin.
149,589
amt.911,000 pesetas)
.05% La Propagadora bearer bonds (prin.
1,075
amt.6,550 pesetas)
182
Sussex Gas Co.:6% non-cum, pref. stk.($25 par)
Consolidated Electric & Gas Co.(incl. assumed issues:
Central Public Service Corp.: coll. trust 6% gold
6,663,200
notes,due May 1 1936
Central Gas & Electric Co.: 1st lien coll, trust s.f.
4.444,000
6% bonds,due March 1 1946
8,134,700
1st lien coll. tr. s.f. 5%% bds.,due Dec.1 1946
-year 1st Ben &
Southern Cities Utilities Co.: 30
8,549,000
roll trust 5% bonds,due Apri 1 1958
10,000.000
-year 6% sec'd gold notes,due 1937New issues: 5
Coll. trsut gold bonds: 6% series, due 1957
•
($10,000,000 prin. amt. pledged under and
subject to the terms of the indenture se-year 6% secured solo notes, due
curing 5
None.
1937)
17,500,000
3 -6% A series, due 1962
3,159,000
B series, due 1962
6%
3 0183,000
$6 cum.pref.stock (no par value)
•
-V. 135. p. 1162.
-Listing of $.30,.
Consolidated Gas Co. of New York.
000,000 25-Year 5% Gold Debenture Bonds, Due July 15 1957The New York Stock Exchange has authorized the listing of $30,000,000
25
-year 5% gold debenture bonds, due July 15 1957.
Comparative Combined Balance Sheet.
June 30 1932. Dec. 31.1931.
Assets$1,234,299,051 $1,215,642,753
Fixed capital
Investments(at actual cost):
6.409.587
6.700.077
Fire insurance participation certificates
374,634
489,634
Real estate mortgages owned
30,701
73,156
Sinking fund
910,655
2,108,392
Other investments
16,186,327
16,908,717
Cash
50.939.159
48.934,685
Accounts receivable,including int. receivable
14,422,304
16,542,657
Materials and supplies (at cost)
1,223.056
1,223,056
Miscellaneous current assets
5,975,889
9,967.880
Unamortized debt discount and expense__ _ _
1,841,422
1,841,112
abandoned
Property
Suspense to be amortized (per order of Public
8,750,000
8,750,000
Service Commission)
48,750
50.700
Miscellaneous deferred charges
$1,346,458,555 $1,324,185,807
Total
Liabilities
$392,095,819 $392,095,819
Common stock
191,031,659
191,031,659
$5 cumulative preferred stock
14,362,089
14,404.089
Affiliated companies' stock outstanding_ _
312,767,540
367.898.540
Funded debt
152,600
148,800
Real estate mortgages payable
59,275,000
22,800,000
Notes payable to banks
8,575,594
8,498,040
Consumers' deposits
1,944
1.944
Disputed taxes
13,618,242
11,830,451
Taxes accrued
1,519
Interest accrued on disputed taxes
17,909,142
14,941.501
Accts. payable and miscell. accrued charges_
1,223,056
1,223,056
Miscellaneous current liabilities
11,930,296
13,222,918
Retirement reserve
59,176,778
59,671.159
Contingency reserve
6.279,216
6.569,706
Fire insurance participation reserve
1,603,053
1,619,523
Other reserves
10,542
10.542
Premium on capital stock
234,129,713
240,532,805
Surplus (all earned)
Total
-V.135, p. 984.
$1,346,458,555 $1,324,185.807
-Municipal Aid.
Danville (Va.) Traction & Power Co.
City Attorney A. M. Aiken of Danville, Va., in a letter to the Danville
City Council, has ruled that, in his opinion, it is legal for the Council to
grant a preferential power rate to the Danville Traction & Power Co.,
which operates the Danville street car system and which faces dissolution
in October unless new economies to reduce operating expenses to meet
lagging patronage can be met. Council members had believed that they
could not legally reduce power rates to any one concern, but the City
Attorney holds that this can be done, provided such a contract would not
-V. 132, Y. 1410.
result in a loss to the city. ("Electrical World.")
-A group
-Bonds S old.
Dayton Power & Light Co.
headed. by Guaranty Co. of New York, and including
Union Trust Co. of Pittsburgh; Chase Harris Forbes Corp.;
J. & W. Seligman & Co.; W. E. Hutton & Co.; Coggeshall
& Hicks, and Field, Glore & Co., offered Aug. 23 $8,915,000
1st & ref. mtge. 5% gold bonds dated June 1 1911; due
June 1 1941, at 98y2 and int., to yield over 5.21%. The
issue was quickly oversubscribed the day of offering. Of
the bonds offered, $4,466,000 have been previously issued
and are owned by Columbia Gas & Electric Corp., and
$4,449,000 represent an additional issue by the company,
the proceeds of which will be applied by the company to
reduce its indebtedness to Columbia Gas & Electric Corp.
to approximately $436,000.
In the opinion of counsel, these bonds are legal investment for savings
banks in New York, New Jersey, New Hampshire and Vermont. Irving
Trust Co., New York, trustee. Principal and int. (J. & J.) payable In
1488
Financial Chronicle
New York without deduction for any Federal income tax up to 2% under
ehe present law. Penn. four mill tax refundable. Denom. $11)00 c*.
Redeemable as a whole (or in part for improvement fund) on any interest
date on four weeks' notice at 105% on or before Dec. 31 1936. at 104%
during 1937, at 103% during 1938. at 102% during 1939, and at 101%
thereafter prior to maturity; plus int. in each case.
Data from Letter of Philip G. Gassier, Chairman of the Board.
Business.
-Company does the entire central-station electric power and
ight business in Dayton, Ohio,and numerous surrounding cities and towns;
t also does the entire gas business in Dayton and many near-by communities. All ofthe gas distributed by the company is natural gas purchased
by it from another subsidiary of Columbia Gas & Electric Corp.
The company also owns and operates a modern steam heating plant and
distribution system serving the central business district of the City of
Dayton.
Gross revenues for the 12 months ended July 31 1932, were derived 65.7%
from sales of electricity, 29.1% from sales of gas, and 5.2% from steam
heating and other services.
The aggregate estimated population of the territory served is over 350,000
including more than 200,000 in the City of Dayton.
Property.
-Company's electric properties, which are inter-connected with
adjacent central-station systems, include a large steam electric generating
station located at Miller's Ford, in Dayton, with a present capacity of
110,000 kw., 32 substations with an aggregate transformer capacity of
198.985 kva., and 5,674 miles of transmission and distribution lines,
including an underground network in the center of Dayton. The gas
properties include 869 miles of transmission and distribution mains.
Franchises.
-In opinion of counsel, company's principal franchises are
satisfactory as to terms and extend beyond the maturity of these bonds and
in the City of Dayton its electric franchise is unlimited in time and its gas
franchise extends to 1955.
Capitalization Outstanding With the Public Upon Completion of this Financing*
Underlying bonds due 1937 (closed issue)
$1,469,000
1st and ref. mortgage 5% gold bonds due 1941 (incl. this issue) 18,420,000
6% cumulative preferred stock
7,800,000
Common stock
317,500 shs.
•$280,000 6% cumulative preferred stock and all of the common stock
are owned within the Columbia System.
Purpose.
-Of the $8,915,000 bonds now being offered, $4,466,000 have
been previously issued and are owned by Columbia Gas & Electric Corp.
and $4,449,000 represent an additional issue by the company. The proceeds of the additional bonds will be applied by the company to reduce its
Indebtedness to Columbia Gas & Electric Corp. to approximately $436,000.
Company has no bank loans.
Security.
-A direct lien on all the company's fixed property, being a
direct first lien upon the major portion thereof including the 110,000 kw.
generating station at Miller's Ford, and a direct lien on the remainder
subject to a closed divisional mortgage under which $1,469,000 bonds are
outstanding with the public.
The company's property is carried on its books, as shown by the annexed
balance sheet, at more than $37,000,000 after deducting reserves for
renewals and replacements.
The total amount of bonds which may be issued under the mortgage is
limited to $20,000,000. Unissued bonds are reserved for retirement of the
underlying bonds referred to above.
Earnings for Calendar Years.
Net Before Prov.
Gross Earnings
Oper. Exp. for Renewals &
.
and
Maintenance Replacem., Int.
Other Income. et Local Taxes. & Fed. Taxes.
$9,164,117
1927
$5,557,165
$3,606,952
1925..._.
10.633,547
6,415,694'
4.217.853
1929
12,394,522
7,517,895
4,876,627
1930
12,143,833
7,224,592
4,919,241
1931
11,751,341
6.786,579
4,964,762
x 1932
11,045,680
6,429,048
4,616.632
x 12 months ended July 31.
Net earnings before provision for renewals and replacements, interest
and Federal taxes, for the 12 months ended July 31 1932, as shown above,
amounted to more than 4.6 times annual interest requirements of $994.450
on the company's total funded debt to be outstanding with the public
upon completion of this financing. Such net earnings, after deducting
provision for renewals and replacements of $436,126, were more than
4.2 times such annual interest requirements.
Issuance.
-Issuance of these bonds has been authorized by P. U. Commission of Ohio.
Pro Forma Balance Sheet as of July 311932.
•
[After giving effect to Issuance of, and application of proceeds of, $4,449.000 1st & ref. mtge. 5% gold bonds, and 2,800 shares of 6% cum.
pref. stock and transactions incident thereto.]
LiabilitiesFunded debt
Assets119,889,000
Property, plant & equipment_342,327,067 Indebtedness to Columbia Gas
Invest, in and advances to
& Electric Corp
435,597
502,353 Accounts payable
subsidlari
66,619
Cash
298,447 Accrued taxes
730,630
Notes receivable
3,817 Accrued interest
184,104
Accounts receivable
1,028,009 Divs, declared and unpaid78.000
Marketable securities
1,000 Due affiliates for gas and elecSueDlies
323,055
tricky purchased, &c
168,316
Special funds
40,296 Other current and accr. Ilab98,404
676,964 Consumers' deposits, &o. deDeferred charges
ferred liabilities
444,500
Reserves for renewals and
replacements
5,175,608
505,245
Other reserves
7,800,000
6% preferred stock
Common stock (317,500 she.
no par)
5,480,000
4,144,985
Surplus
Total
-V.134. D. 4658.
$45,201,008
Total
$45,201,008
Electric Power & Light Corp.
-Earnings.
For income statement for 12 months ended June 30 see "Earnings Department" on a preceding page.
Balance Sheet June 30.
1932.
1932.
1931.
1931.
Assets
$
Liabilities$
$
Investments -183,402,480 159,279,934 bCap. stk. (no
Cash
4,734,894 1,965.182
par value).- _155,037,039 133,647,567
Time dep.In bks 1,000,000 4,975,000 Subscrip. to $7
Notes & loans
pf. stk. allot.
roe.-subs
1,703,880 2,548,000
17,300
292,000
ctfs
Acets.reo.--subs
310,023 2,094,293 List,. to Issue $8
Accts.rec.-oth_
57,634
203,332
800
800
pref. stock- - _
Subscrib. to $7
Long-term debt_ 31,000,000 31.000,000
pf. stk. allot.
112,136 1,606,049
Contractual Habit
ctts
1,282,813 1,937,788
287,520 Divs. declared
aReacq. cap.stk
101.820
101,892 Contracts pay- - 1,271,186
Unamort. debt
111,903
94,006
Accts. payable.
disc.& exp- 3.803,262 3,842,131 Accrued accts
740,276 . 740•276
Stock subscrip.
Stock subscrip.
rights (contra)
24,000,000
24,000,000
liab. (contra)
Sundry debits
214,005
157,354
156,791
Reserve
5,615,649 5,803,547
Surplus
195,327,999 199.297.284
Total
195,327,999 199,297,284
Total
a Represented by:
1931.
1932.
stocg
$7 preferred
961 shs. 961 624-1000 she.
Common stock
821% she. 821 980-1000 she.
b Represented by:
pref. stk. (val. in liquid. $100 ash.) 515,071
she. 512,324
shs.
pref. stk. (val. in liquid. $100 a sh.) 255,423 2-3 she. 255.423 2-3 she.
pref. stk., series A ($7)-(val. in
liquidation $100 a sh.)
she. 109,226
108,560
she.
Common stock
she. 1,876,838
shs.
x3,319.705
Option warrants to purchase common
stock equivalent to
shs. 672,402
669,738
Ms.
Holders of option warrants outstanding are entitled to purchase one
share of common stock, without limitation as to time, at $25 per share
for each option warrant held, and each share of the company's 2d pref,
stock, series A. when accompanied by four option warrants, will be ac-
El
Aug. 27 1932
copied at $100 in payment for four shares of such common stock in lieu
of cash.
x Including 1,440,203 hares issued and sold in November and December
1931, under an offer to holders of common stock and option warrants.
Note.
-Dividends on 2d pref, stock, series A ($7), have been paid to
March 31 1932. No provision has been made for the unpaid cumulative
dividend on this stock.
-V. 135. p. 464.
Electric Bond 8c Share Co.
-Court Requires Submission
to Federal Trade Commission's Inquiry for Senate.
The company, which for four years has resisted the Federal Trade
Commission's efforts to examine its financial affairs under authority of a
Senate resolution directing an investigation of public utilities, was ordered
Aug. 19 by Federal Judge John C. Knox to comply with a subpoena duces
tecum issued by the Commission.
The subpoena, issued on Oct. 3 1928, calls upon the company to produce its vouchers and ledgers showing its operating expenses. The company and its officials had refused to heed the subpoena and also to answer
questions on the ground that the Commission had no jurisdiction.
The Commission's alleged lack of jurisdiction was based on the company's contention that it did not engage in inter-State trade. Judge Knox
concluded, however, that although the company itself might not have
been engaged in inter-State commerce, its subsidiaries had been so engaged.
The decision is regarded as important because it will bring within the
Investigating power of the cCommission a holding corporation with large
stock ownership in other companies which are said to hold from a majority
to 100% of the capital stock of 68 subsidiary public utilities corporations.
Judge Knox directed the company to comply with the following order:
"Make answers to all questions relative to the cost to Electric Bond &
Share Co. of such services as it renders to operating companies in return
for: payment of a fee based upon their gross earnings.
,
Make answers to all questions relating to the cost of rendering purchasing services which result in inter-State movements of materials, apparatus and supplies to and from any of its subsidiaries for which a separate
feels charged.
"And make answer to all questions relative to the cost of rendering any
services to subsidiary companies engaged in the inter-State transmission
of electricity or gas for which a separate fee is charged."
-V. 135, p. 1328.
Federal Water Service Corp.
-Earnings.
-
For income statement for 12 months ended June 30 see "Earnings Department" on a preceding page.
Balance Sheet June 30.
1932.
1931.
1931.
1932.
Assets$
Liabilities
$
Plant, property.
Funded debt_ _104.036,000 105,049,000
equip.,
-172.149,197 171,577,659 Short-term notes
Invests. &c_In &
4,433,500
of subs
loans to Mill.
Defd,.liab & Inc. 2,279,187 1,821,226
& other cos.
6,735,841 3,730,587 N. Y. Water
Miscell. special
Serv. Corp. 1deposits
67,772
2,000,000
100,827
year notes
Loans to still.
Purch. money
companies
165,000
6.083,770
obligations_
Cash & working
Notes payable
funds
1,126,553 1,407,180
4,400,000 4,400,000
(secured) _ _ _
Notes receivable} 2,162,927f
71,059 Notes payable
Accounts reedy_
I 4,016,553 (unsecured) _
75,000 2,101,229
Mats.& supplies
932,436
1,044.151 Notes payable.
Deterred accts.
294,513
subsidiaries..
receivable_
298,956
1,273,180
247,537
Accounts pay_ _ _
Unbilled revenue
473.656
1,361,462 1,304,937
Interest accrd_
Security & or44,923
220,695
Dividends accrd.
ganien exp.__ 5,791,126
Taxes accrued_ _ 1,343,907 1,157,425
MLscell. & prepd
241,395
97,323
Miscell. Habits
Items
102,019
12,440,640 12,116,751
112,057 Reserves
Deferred debits_ 1.790,127 7,282.688 Contrib. for ex558,829
647,316
tensions
481,378
431,916
Minority Int..
Sub. cos. pref.
22.310,062 22,303,308
stock
Cum. pref.stocka15,250,367 14,933,354
Common stock -b16,175,522 16,181,184
Capital & paid3,437,043 c7,566,658
in surplus_
Earned surplus_ 3,298,617 2.525,203
Total
192,604,836 195,426,530
192,604,838 195.426.530
Total
a Represented by 160.029 no par shares. b Represented by 568.977
shares class A stock and 542,450 shares class B stock all of no par value.
c Representing excess received over stated value of class A stock less
excess cost over stated value of such stock reacquired; revaluation surplus;
surplus of subsidiaries at acquisition after eliminating excess cost of securities in consolidaation; less discount and expense charged off.
-V. 135.
P. 629.
Florida Public Service Co.
-Bondholders Receive Exchange
Offers.
The General Finance Corp. is offering holders of Florida Public Service
Co. 1st mtge. 6% bonds, series B, due 1955, the privilege of exchanging
their holdings on a par-for-par basis for either Associated Electric Co.
43is of 1953 or Associated Gas & Electric Co. debentures, consolidated
refunding 5% series, due in 1968.
Holders of the Florida Public Service 7% secured gold bonds due in
1934 and the 1st mtge. 63 % bonds due in 1949 are offered the alternative
of the Associated Electric 4 Ms or Associated Gas & Electric 53 % convertible
debentures of 1977. These offers, also, are on a par-for-par basis.
The several offers are subject to withdrawal without notice.
-V. 134.
p. 4323.
Gas Securities Co., N. Y.-Dividends.The company has announced a monthly dividend of % of 1% in scrip
on its common stock and the regular monthly dividend of 50c. on its pref.
stock, such dividends being payable Sept. 1 1932 to holders of record
Aug. 15 1932.
The foregoing represents the ninth dividend during 1932, at the rates
outlined above.
-V. 134, p. 3456.
Hartford Electric Light Co.
-Customers' Dividend.
-
The company has declared a customer's dividend of 4137,,, effecting a
saving of approximately $200,000 to 68,000 consumers. This compares
with a dividend of 10% declared a year ago.
President Samuel Ferguson stated that although earnings this year are
about 2%% less than last year, in view of the reduction in Income of
customers, a dividend declaration at this time means more than in normal
years.
"The company," he said, "is in a strong financial condition as a result
of conservative operation and substantial savings have been secured through
plant improvements."
No action was taken by the directors in regard to an employees dividend.
-V. 134. p. 1194.
Illinois Commercial Telephone Co.
-Earnings.
Income Account for Year Ended Dec. 31 1931.
Operating revenues
Non-operating revenues
Total gross earnings
Operation expense
Maintenance expense
Taxes
Net earnings before depreciation
Net interest deductions
Surplus net income before depreciation
Provision for depreciation as determined by company
Balance of income after depreciation
Surplus balance Jan. 1 1931
Total surplus
Dividends on preferred stock
Dividends on common stock
Surplus balance Dec. 31 1931
$2,136.143
2,271
$2,138,414
900,687
325,269
96,000
$
321,205
$495.248
146,773
$348,474
243.600
$592,075
103,942
242,474
$245,858
Financial Chronicle
Volume 135
Balance Sheet Dec. 31 1931.
Liabilities
Assets$1,800,298
Telep. plant, equipment, &c.$13,727,630 $6 preferred stock
Common stock
4,849,480
Inv. in stocks & bonds of
35,775 Funded debt
5,750,000
other cos., assoe'ns &c-__
Due to affiliated companies
259,389
Cash sinking funds & other
2,333 Liab,for borrowed securities_
87,000
special deposits
Notes pay., coll, with borDebt dint, & exp. In process
428,308
rowed secs, per contra
50,000
of amortization
80,472 Accounts payable
75,504
Prepd.accts.& def. charges.3.823 Accrued interest
95,916
Due from affil. companies
87,000 Accrued taxes
112,201
Borrowed securities
94.398 Accrued pref.stock diva
26,473
Cash
19,508 Miscell. current liabilities_ - _
Employees' working funds...
17,026
3,150 Reserves
1,376,652
Notes receivable
57,193 Surplus
Accounts receivable
245,658
46,185
Due from subso. to pref.stock
159,820
Materials and supplies
Total
-V. 130, p. 3709.
$14,745,601
Total
$14,745,601
Indiana Associated Telephone Corp.
-Earnings.
Pro Forma Income Account Year Ended Feb. 29 1932.
[Including earnings of predecessor companies for the period prior to date
of acquisition.]
Gross earnings
$1,361,694
Operating expenses and taxes
681,672
Net earnings before deprec., Fed.inc. taxes, &c
Interest on funded debt
Amortization ofdebt discount and expenses
$680,021
183.375
10,387
Net Inc. avail,for deprec., Fed.inc. taxes & diva
Depreciation
Balance
Balance Sheet Feb. 29 1932.
Assets
Meditate
Plant, property,&c
$6,899,664 $6 preferred stock
Miscellaneous investments_ _ _
28,103 Common stock
Other investments
350,336 Funded debt
Depreciation fund
166,276 Notes payable
Unamort. debt disct. & exp.__ 228,905 Accounts payable
Prepaid accts.& def.charges
52,972 Service billed in advance
Cash
17,347 Accrued taxes
Working funds
3,049 Accrued interest
Marketable securities
2,000 Accrued pref.stock diva
Due from subscr.& agents28,351 Other current liabilities
Stock subscriptions receitele„
5,386 Reserves
Materials & supplies
111,033 Earned surplus
Due from affil. con.(net)
66,454
3486,259
242,308
$243,951
Total
-V. 134, p. 4491.
17,959,881
Total
$1,449,000
1,890,000
3,149,900
125,000
53,915
24,438
158,713
19,589
3,544
1,892
1,072,662
11,225
$7,959,881
Iowa Electric Light & Power Co.
-Notes Offered,
.
Harris Trust & Savings Bank, Chicago, N. W. Harris Co.,
and Brown Brothers Harriman & Co.are offering $2,250,00
7% serial gold notes at the following prices: Notes maturing
Aug. 1 1933, 100.88 and int., to 3deld about 6%; notes
maturing Feb. 1 1934 to Aug. 1 1935 incl., 100 and mterest,
to yield 7%.
Dated Aug. 1 1932; due serially as faows: $650,000 Aug. 1 1933; $375.000 Feb. 11..34, 3375.000 Aug. 1 1934, $400,000 Feb. 1 1935, and $450,000
Aug. 11935. Int. payable F. & A. in N. Y. and Chicago. Red. all or
part on first day of any month on 30 days' notice at 100k and int. Denom.
$1,000 and $10,000. Harris Trust & Savings Bank, Chicago, trustee.
Interest payable without deduction for any normal Federal income tax not
exceeding 2% per annum of such interest.
These notes are being issued to provide a part of the funds required to
Pay $8,072,000 Iowa Railway & Light Co. 1st & ref. mtge. bonds which
mature Sept. 1 1932, and to pay outstanding short-term indebtedness.
Further data regarding history, earnings, capitalization,
are given in V. 135, p. 1328.
Interborough Rapid Transit Co.
-Receivership.-Victor
J. Dowling, former Presiding Justice of the Appellate Division, and Thomas E. Murray, Jr., engineer, were appointed
as equity receivers for the company Aug. 26 by Presiding
Judge Martin T. Manton of the United States Circuit Court
of Appeals.
The receivers were appointed on the application of Breed, Abbott &
Morgan, Attorneys for the American Brake,Shoe & Foundry Co.,a creditor,
with the consent of J. L. Quackenbush, Counsel for the Interborough.
The application for a receivership did not come as a complete surprise.
Rumors that such action would be sought were current late Thursday after
a special meeting of directors and the executive committee.
The claim of the American Brake, Shoe & Foundry Co. is for $27,530
for goods sold and delivered and for services rendered.
Judge Manton, in signing the receivership order, ordered all parties
interested in the action to appear before him on Sept. 22 to show cause why
the receivership should not be continued while the suit is pending. He also
directed that any other creditors or interested parties be heard on this date.
The two equity receivers were directed to post bond of $100,000 each.
Former Justice Dowling is abroad, but it is believed he will return shortly
to take up the receivership duties.
The petition of the American Brake, Shoe & Foundry Co. sets forth
that the outstanding capital stock of the defendant corporation is $35,000.000; that there is a first refunding mortgage dated March 20 1913, to
the Guaranty Trust Co. of 8132,000,000 and an additional mortgage of
$54,000,000; that there are due on both, sums aggregating $31,672,100 and
that the floating indebtedness of the corporation amounts approximately
to $2,500.000.
It is alleged that the defendant has failed to pay real estate taxes in the
sum of $480,000 to the city of New York and has thereby made itself
answerable to the Guaranty Trust Co. as trustee of the first refunding
mortgage of which foreclosure has thus been made possible.
In addition to filing an answer to the complaint consenting to the receivership Counsel Quackenbush submitted an affidavit signed by himself, asking
that individuals rather than a corporation or trust company be appointed
as equity receivers. The interests of the I. R. T., he stated, require that
the affairs of the company be handled by individuals who could devote
their entire time to the business of the company.
Counsel Quackenbush's affidavit indicates the reason why the appointment of receivers was requested in the chambers of Judge Manton, who is
Presiding Judge of the Circuit Court of Appeals, instead of a Judge of the
Federal District Court.
It is customary for the District Court, as the result of a rule laid down
by the Judges, to appoint the Irving Trust Co. either as sole receiver or
one of the receivers in equity cases. Mr.Quackenbush stated in his affidavit
that because of the complexity of questions that will arise from time to time
in the case he believed it to be "important that no receiver should be a
trust company or other corporation," but individuals who could give their
undivided attention to the matter.
Mr. Quackenbush issued the following statement in
behalf of the' company:
"James L. Quackenbush, General Counsel for Interborough Rapid Transit
,announced that on application of the American Brake Shoe & Foundry
co., represented by Messrs. Breed, Abbott & Morgan, Federal Judge
Co.
Martin T. Manton appointed as receivers for the Interborough Comnanv
of the Appellate tali_
Victor J.
the Hon.the First Dowling, former presiding Justice
Department, who recently severed his connection as
Mon for
Counsel to the firm of Chadbourne, Stanchfield & Levy, and Thomas E.
Murray, Esq., President of Brooklyn Trust Co. and American Radiator
& SanitarY Supply Co. This application, because of its importance, was
made to the Senior Circuit Judge.
1489
"This application was imperative because of the maturity on Sept. I
approximately $31,000,000 principal amount of 7% 10
-year gold notes and
-year 6% notes of the company which cannot be
on Oct. 1 of $10.500,000 10
refunded at the present time. Chadbourne, Stancnfield & Levy were
appointed counsel for the receivers.
"It is anticipated that the receivership will be a step toward general
reorganization unless in the meantime the contemplated unification is consummated. Recently a committee for the 6% notes was organized calling
for the deposit of these securities. The counsel for this committee is Root,
Clark & Buckner."
The complaint, consisting of 30 typewritten pages, set forth in great
detail the construction of the various parts of the I. It. T. system. The
company now operates, stated the complaint, 41 miles of railroad, including
137 miles of single track, in the city of New York. Its elevated lines
extension and the Manhattan power plant cost $44,000,000, which expense
was defrayed by the sale of bonds and the issuance of notes by the I. R. T.
The elevated extension was constructed by the Manhattan Railway Co. and
leased to the I. R. T. for 999 years, the I. R. T. agreeing to pay an annual
rental and all taxes. In the event of default, the lease would be terminated.
It is alleged that the I. R. T. has failed to pay franchise and real estate
taxes to the city to the amount of $860,000. that it has neglected to pay
taxes on parcels of property covered by the first & refunding mortgage to
the Guaranty Trust Co. for the years 1928 and 1929 to the amount of
$480,000. The Manhattan Railway Co., which leased the elevated extension, has demanded payment of the $860,000 to the city as part of the
agreement in its contract with the I. R. T., and holds that failure to do so
constitutes default. Failure to pay the $4480,000 item is set up as an act
of default also against the first & refunding mortgage.
The complaint states that creditors are pressing for payment and may
levy against the rolling stock of the I. R. T. Expenses imposed by the
Transit Commission in ordering improvements also are cited as a partial
cause for the embarrassment of the company. This order, if executed,
would cost about $8,000,000. Litigation over the order, which has not
yet been obeyed, still is pending.
Mr. Quackenbush, who has been counsel for the transit
company for the last 25 years, worded his affidavit as follows;
"That on account of the complexities of the questions which will arise
from time to time in the course of the administration of the foregoing cause,
he believes and he is informed that the parties hereto believe that it is important and in the public interest that no receiver in the cause should be a
trust company or any other corporation, but that the receiver or receivers
should be an individual or individuals who could give constant and undivided attention to the matter; that the operation of the subway and
elevated railroads could not be adequately managed by a trust company
through its officers and employers; that while in bankruptcy the appoint-.
ment of a trust company as a receiver might be advisable such Is not the
case of a railroad of the size, importance and character of the defendant,
with its complicated and involved daily operations, its enormous staff of
operating officials and employees, consisting of more than 18,000 individuals
and its contracts and relations with the city of New York, and the public
using its facilities."
-Samuel
Samual Untermyer Views I. R. T. Receivership.
Unterznyer, former special counsel for the Transit Commission and the author of many subway unification plans,
issued the following statement when asked to comment on the
receivership:
"Receivership should promote rather than retard unification on a just
basis. It has been predicted and threatened for years. I hope it means
the end of these years of overtrading by the companies to get an exorbitant
price from the city. If so unification should not be delayed beyond the
time that is necessary to ascertain the effect of the operation of the new
subway upon the revenues of the company. Until that is known there
can be no intelligent basis for unification.
"Whether this receivership also involves the Interborough ridding itself
of the incubus of the Manhattan lease that is costing it millions every year
remains to be seen. That will probably give rise to litigation.
"The effect of receivership and the problems it will create will require
a little study.
-and that is that the Board of Estimate
"One thing is, however, apparent
must intervene in the receivership proceedings to protect the rights of the
city, and especially to secure better service and the additional cars that
were ordered years ago by the Transit Commission to be furnished. This
order, that has lain dormant all this time should now be invoked, as the
funds are now obtainable through the issue of receivership certificates.
"The city seems to have lost sight of the fact that it owns these subway
Properties and that it is deeply concerned in their operation and in any
plan of unification or reorganization that may be developed."
-Year Secured ConListing of Certificate of Depositfor 10
0
vertible 77 Gold Notes.listing of certificates
The New York Stock Exchange has authorized the
-year secured cony. 7% gold notes,
of deposit representing $31.672.100 10
due Sept. 1 1932, all of which are outstanding and listed on the New York
Stock Exchange. These certificates of deposit have been or will be issued
by J. P. Morgan & Co., depositary, pursuant to the terms of the deposit
agreement dated as of July 19 1932, between the committee, consisting of
J. P. Morgan, Chairman; A. M. Anderson, Frederic W. Allen, George F.
Baker, Edward D. Duffield, F. H. Ecker, Halstead G. Freeman, Darwin
P. Kingsley, G. Hermann Kinnicutt, H. C. McEldowney and Charles E.
Mitchell, and such holders of the notes as shall become parties to the deposit
agreement.
The committee was formed in view of the approaching maturity of the
notes on Sept. 1 1932. and of negotiations which were being carried on
looking toward an agreement upon a plan of unification of the rapid transit
railroads and related power properties in the city of New York, including
-Manhattan Ry. properties. It seemed
Interborough Rapid Transit Co.
that it might become necessary whether progress was or was not made
toward the adoption of a satisfactory plan of unification, for the holders of
the notes to unite for the protection of their common interests and to be in a
position to act effectively through the committee.
Results from Operations Year Ended June 30 1932 (Preliminary Figures.)
Subway
Manhattan
Total.
Division.
Ry. Div.
W
7
$14,684,584 $45,972,983 56025 1..567
Revenue from transportation
street railway operating revs_ _ _ 1,526,008 4,137,282 5.663.291
Other
$16.210,693 850,110,266 $66.320.859
Gross operating revenue
13,143.674 29.685,503 42,829,177
Operating expenses
$3,066,918 $20,424,763 523,491,681
Net operating revenue
2,377.443
445.706
1,931,736
Taxes
$1,135.182 $19,979,056 $21,114,238
Incomefrom operation- - -Current rent deductions:
1,808.240
- 1,808.240
Int.on Manh Ry.bonds(rental)
Int. & sink, fund on city bonds,
2,657.564
2,657.564
Contracts Nos.1 & 2(rental)
guarDiv. rents1 at 7% on Manh. guar
304.570
304,570
anteed stock
50.000
200.00
50,000
2.160
0
Manhattan Ry.cash rental
202.160
Other oper.rent deductions
Balance
def$1229,788 517.321,491 $16,091,702
Used for purch. of assets of the enter354.367
354,367
prise
Balance-City and company.. _ _def$1,229,788 $16,967,123 $15,737,335
2.685,388 2,685.388
Payable to city under Contract No.3Company's gross inc.from oper__def$1,229,788 $14,281,735 $13.051,946
Company's fixed charges
Interest on 5% bonds
$1,522,306 $7.029,223 $8,551,529
2.230,879
1,205,209
-year 7% notes
1.025,670
Interest on 10
1,717,680 2,289,921
572,241
fund on 5% bonds
Sinking
582.563
517,346
-year 6% notes
Interest on 10
65.217
300.681
280,806
19.874
Interest on unfunded debt,&c
Company's net oper. income_ ___def$4,435,099 $3.531,469 def$903.629
71.880
55.171
-operating income
Non
16.708
Bal.-bef. deduct. 5% Manh, div.
def$831,749
rental
def$4,418,390 $3,586,640
Div. rental at 5% on Manh. modified
*2,782,450
guarantee stock (payable if earned) *2,782,450
Bal.-after deduct. 5% Manhattan
def$7,200,840 $3,586,640def$3614,199
dividend rental
•No payments made.
1490
Financial Chronicle
General Balance Sheet June 30 1932 (Preliminary Figures.)
Assets,
Liabilities
Fixed capital
835,000,000
8231.244,595 Capital stock
Constr. & equipment funds_
1,222,122 Funded debt
171,906,000
Investments15,938,566 7% notes due Sept. 1 1932._ 31,672.100
Voluntary relief fund
97,754 6% note;due Oct. 1 1932-- 10,500,000
Cash
4,588,298 Rapid Tran.Subway Constr.
5,898,448
Spec, dope., for specific purp
370
Co., notes payable
I. It. T. Co. 5% bonds pay377,322
Manh. Ry., lease accountable into the sinking fund
Accts. pay. from constr. &
244,481
July 1 1932
equipment funds
665,000
Accts.rec., incl. int. accrued
1,320,582
420,191 Sink. fund (5% bonds)
3,860,573
Due corp. gen. cash from
Interest and rentals
493,335
construction fund
33,587 Due for wages
1,000,244
Prepay. (insur., rents, &a).
140,431 Accounts payable
1,652,325
Due from assoc. companies_
-dues & accrues
6,906,199 Taxes
Accounts in suspense
5,721,082 Trustee for voluntary relief
97,754
Deferred charges
fund
19,735,378
561,663
Accounts per contraItems awaiting distribution_
Deft, under elevated ex19,407,583
Deferred liabilities
2,155,397
tensions ctf. payable
Reserves
from future earnings_ _ _$125,931,104 Accounts per contra
Assets of the enterprises
Def. credit accruals under
under agreement of
elevated estensions ctf_ 125,931,104
Aug. 30 1929:
Res. for the cost of the
-on which
items which under the
Contr. No.3
agreements of Aug. 30
city of N. Y. has
1929 have become assets
first lien:
of the enterprise:
1,428,375
Material dc supplies__
Contract No.3
Secs, deposited with
Material & supplies 1,428,375
1,263,000
State Ind. Comm'n
Secs. dep. with the
-on
Elevated extensions
State Industrial
which Interb. co.
Commission.,... 1,263,000
has first lien:
809,612
Elevated Extensions:
Material & supplies.809,612
Material & supplies
Secs. dep. with State
645,000
Industrial Comm'n
Secs,deposited with
State Industrial
Acct.receiv. when earned by
645.000
Commission_
N.Y. Rap. Tran. Corp.
Def, rental acct. New
under supra. agreement
York Rap. Tran. Corp. 2,401,021
for Joint operation of
2,401,021
First & ref. mtge.5% gold
Queensboro Sub. Line__
bonds:
Bankers Tr. Co., trustee,
Pledged as collateral to
under coll. Indentures- - 54,989,000
10-year7% notes
First & ref. mtge. 5%
54,989,000
1,612,000
Released by Bankers
bonds reacquired
Trust Co., trustee... 1,612,000
Guar. Tr. Co., trustee, in
Issued & held in special
spec, trust agreement
trust
6.740,000
6,740,000
dated Sept. 1 1922
Def. credit-Advances fr.
Advs. from corp. fund for
corp.fund for construct.
constr. & equip. under
& equip. under Con11,535,954
Contract No.3
11,535,954
tract No.3
Surplus
565,765
Total
-V.135, p. 817, 629.
$494,068,644
Total
$494,088,844
International Hydro-Electric Co.
-Earnings-Reduces
Bank Loans of New England Power Association.
For income statement for 3 and 12 months ended June 30 see "Earnings
Department" on a preceding page.
Archibald R. Graustein, President of the System, says in his remarks
to the shareholders: "He increases in gross revenues reflect the acquisition
of North Boston Lighting Properties and of Green Mountain Power Corp.
which have been included in the consolidated figures since July 1 1931,
and Dec. 1 1931, respectively. As gross revenues of these companies are
approximately offset by their operating expenses, interest, dividends, &c.,
their acquisition has had comparatively little effect on the final balance
added to consolidated surplus, the decline in which reflects largely the lower
consumption of power for industrial purposes in the territories served by
the New England subsidiaries. Earnings of the Canadian properties
continue to show improvement over last year.
"Bank loans of New England Power Association and all subsidiaries now
amount to $6,680,000, a 65% reduction since the first of the year. The
Association is making progress on its plans to refinance the maturity of its
$20,000,000 notes and the 17,500,000 North Boston Lighting Properties
notes coming due in the latter part of this year.
"Pending more definite improvement in business and completion of the
plans for new financing, the directors of International Ilydro-Electric
System feel that a conservative policy should be followed with respect to
dividend disbursements on the class A stock. Dividends on the class A
stock are cumulative."
-V. 135, P. 838.
Johnstown (Pa.) Traction Co.
-Reorganization Plan
Operative.
The reorganization committee has determined that a sufficient amount of
the bonds and stocks and other securities of the various classes included in
the plan of reorganization, dated July 27 have been deposited under the
plan, and all other conditions considered necessary by the reorganization
committee having been complied with the committee declares the plan
operative as of Aug. 26 1932 as to all classes of securities and obligations
for which provision is made in the plan.
The reorganization committee consists of J. C. .Neff, Chairman; E.
Clarence Miller and J. M. Murdock. Miles S. Altemose, Sec., FidelityPhiladelphia Trust Co., 135 South Broad St., Philadelphia, Pa.
Fidelity-Philadelphia Trust Co., 135 South Broad St., Philadelphia, is
depositary for the reorganization committee.
The following committees have also approved and adopted the plan.
Johnstown Passenger Ity., 47 Cansol. 1st Mtge. Bonds.
-J. M. Murdock,
Chairman, Harry Swank, Herman E. Baumer, Theodore Mainhart.
Johnstown Savings Bank depositary.
Johnstown Passenger Ry., 2nd Mtge. 30
-Year 4% Gold Bonds.
-J. C. Neff,
Chairman, Arthur V. Morton, D. M. S. McFeaters, Heatley C. Dulles,
John V. Healy, W. W. Alexander, J. M. Murdock, M. S. Altemose, Sec.,
135 South Broad St., Philadelphia.
Fidelity-Philadelphia Trust Co., depositary; Johnstown Trust Co., subdepositary.
Johnstown Traction Co., 151 c% Ref. .5% Bonds.
-E. Clarence Miller,
Chairman. Frederick W. Ancona, Fred G. Smith, Harry Swank, II. W.
Woodward, It. F. Heuer, Sec., 1508 Walnut St., Philadelphia.
Depositary, Integrity Trust Co., Philadelphia; sub-depositary, Title
Trust & Guarantee Co.. Johnstown, Pa.
Johnstown Traction Co., 7'N, Cumulative Preferred Stock.
-M. J. Boyle,
Chairman, C. It. Beddows, Harry V. Kuntz.
Title Trust & Guarantee Co., Johnstown, depositary.
Johnstown Traction Co.. Common Stock.
-A. Lloyd Adams, Chairman,
Lee T. Shannon, W. J. Harris.
Title Trust & Guarantee Co., Johnstown, depositary.
Securities, Stock, and Floating Indebtedness Affected by the Plan.
Johnstown Passenger By.,4% consol. 1st mtge. gold bonds_ _ _ _ $399,000
Johnstown Passenger By.,30
-year 4% gold bonds
1,601,000
Johnstown Traction Co., 1st & ref. 5% gold bonds
Johnstown Traction Co.,7% cumul. prof stock (par $100)
shs.
10..000.
Johnstown Traction Co., common stock (par $50)
17,500 abs.
made bi JobLans
National Bank____1115,5671 4 U. S. Trust Co
*1 First
55,5001
112,500
2 U.S. National Bank__-_
*5 Johnstown State Dep. BkBk..2,500
*3 Title Trust & Guar. Co_
4,000 6 Johnstown Trust Co
2,500
The loans marked with * are secured respectively by the following
collateral:
National Bank Loan.-(1)All the capital stocks of the following Bus
First
companies, integral parts of the Johnstown Traction Co. system: Traction
Bus Co., Southern Cambria Bus Co., and South Fork & 13eaverdale Bus
Co.' (2) 121,000 Johnstown Passenger Railway, 30
-year 4% bonds. due
Del. 1 1931; (3) $7,000 Johnstown Traction Co., 1st & ref. 5% bonds.
Title Trust & Guarantee Co. Loan.
-$6.000 Johnstown Passenger Ry.,
30
-year 4% bonds, due Dec. 1 1931.
Johnstown State Deposit Bank Loan.
-$5,000 Johnstown l'assenger By.,
-year 4% bonds, due Dec. 1 1931.
30
Purpose of the Plan and Agreement.
The purpose of the plan Is to provide for the organization ofa new corporation in Pennsylvania, to be known as Johnstown Traction Co., or by such
Aug. 27 1932
other appropriate name as may be selected, and to have such corporation
acquire by foreclosure, .rustee's or receiver's sale, or otherwise, as may be
determined by the reorganization committee, free and clear of any and all
liens or encumbrances or other charges all the property, real, personal and
mixed, of every character and description, and the franchises of Johnstown
Passenger By. and (or) Johnstown Traction Co.
New Securities to Be Issued.
After the acquisition of the franchises and assets of the present company,
the plan of reorganization and the securities, capital stock, and organization of such new corporation shall be upon the following basis:
1st Mortgage Bonds.
-There shall be issued to the present first mortgage
bondholders 1399,000 1st mortgage 4% bonds, secured by mortgage or
deed of trust of the new corporation to Guaranty Trust Co. of New York,
trustee, and maturing Dec. 31 1942, unless sooner redeemed, to bear int.
from June 1 1931, int. payable June 1 and Dec. 1 of each year. Annual
sinking fund payment of not less than $10,000 per annum to increase $1,000
each year. All sinking fund moneys shall be used for the purpose of buying,
in the first instance, bonds in the open market at less than par, and in using
the balance for calling bonds by lot at par. All bonds purchased by the
sinking fund shall be cancelled.
All net earnings of the reorganized company available each year until
Dec. 311938, shall be applied in the following order:
(a) To payment of all interest due on first mortgage bonds. (b) To the
payment of the annual sinking fund. (c) To the payment of the full amount
of the principal and interest of the present floating indebtedness due the
Johnstown Banks, aggregating approximately $190,000 provided, however,
that the banks holding the collateral for these loans shall have deposited
the bonds held as collateral with the appropriate protective committee, and
shall have consented to this plan, and provided further that no bank shall
be entitled to payment of its loan unless it shall have consented to this
plan. (d) To the purchase of additional first mortgage bonds for sinking
fund.
When the existing bank loans have been paid in full, the collateral securing the loans, consisting of all the capital stocks of the bus companies, and
$39,000 of the new corporation's bonds, shall be surrendered by the banks
and returned to the reorganized company. The $39,000 bonds shall be
cancelled. The bus stocks shall be pledged by the reorganized company
under the first mortgage, and registered in the name of the trustee, and
when the first mortgage shall have been paid and satisfied then the bus
stocks shall be transferred to the trustee and pledged under the consolidated mortgage, and shall not in the meantime be used as collateral for any
additional loans or for any other purpose.
Consolidated Mortgage Bonds Series "A."
-There shall be issued to the
present second mortgage bondholders $1.601,000 consolidated mortgage
4% series A bonds, secured by mortgage to Fidelity-Philadelphia Trust Co
trustee, maturing Dec. 31 1962, unless sooner redeemed, but not enforceable by foreclosure for default in interest, or sinking fund, before Dec. 31
1942, the income on said bonds to be paid out of the net earnings remaining
at the end of any fiscal year after Dec. 31 1938, but earlier if and when all
the existing notes and interest due the Johnstown banks have been paid in
full and all the first mortgage bonds have been retired. The interest on the
bonds shall be cumulative after Dec. 31 1938, or from such earlier date if
and when the existing notes and interest due the Johnstown banks have
been paid in full and all the first mortgage bonds have been retired. Such
is est to be payable
entring bank ayablheaovne
nch 1 and Sept. 1 of each year. After all the
r
shauaVa sinking and of
been paid et fg,thereprincipal h interest, fundall
aidvinir
n
the first mortgage bonds have b
$10,000 per annum, similar in operation for the purchase of these bonds as
applies to the sinking fund of the first mortgage above stated. Bonds
acquired by the sinking fund shall continue to bear interest for its benefit.
Consolidated Mortgage Bonds Series "B."
-There shall be issued to the
present third mortgage bondholders $1,397,000 consolidated mortgage 3
series B bonds maturing Dec. 311962. unless sooner redeemed, which shall
be issued under the same mortgage as the series A bonds but subordinate in
lien and in every other respect to the consolidated mortgage 4% series A
bonds. Said bonds shall not be enforceable by forclosure for default in
interest or sinking fund so long as any of the existing bank loans remain
unpaid, and so long as any of the first mortgage bonds and any of the
consolidated mortgage series A bonds shall remain outstanding or provision
shall not have been made for their payment. The income on said bonds to
be paid as of March 1 in each year out of any net earnings remaining at
the end of each preceding fiscal year after Dec. 31 1938, or earlier, if and
when all the existing notes and interest due the Johnstown banks have been
paid in full, all the first mortgage bonds have been retired, all interet due
on the consolidated mortgage 4% series A bonds has been paid in full,
including any accumulations thereon, and the sinking fund requirements of
the consolidated mortgage 4% series A bonds for said year have been
satisfied.
There shall boa sinking fund for these bonds of $10.000 per annum, which
shall only become operative after all payments hereinbefore mentioned have
been made, and which shall be applied for purchasing these bonds in the
same manner as hereinbefore stated for the consolidated mortgage 4%
series A sinking fund.
Non-Cumulatiee Preferred Stock.
-There shall be issued to the present
preferred stockholders 10,000 shares of new 4% non-cumulative preferred
stock (par $100), the dividend to be payable when, as and if declared by
by the board of directors out of the net income in any fiscal year after
Dec. 31 1938, or earlier if all the payments required under the various
bond issues have been met.
Common Stock.
-There shall be issued to the present common stockholders
17,500 shares of new common stock. No dividends shall be paid on said
shares except from the net earnings remaining at the end of any fiscal year
after Dec. 31 1938, or earlier if all the payments required under the various
bond issues and preferred stock issues have been met.
Exchange of Securities.
HOlders of certificates of deposit for bonds and for stock, who shall be
entitled to the benefits of the plan and shall have complied with the conditions thereof, will be entitled to receive bonds and stock of the corporation therefor a the classes in the amounts and in the manner stated.
(a) For each $1,000 Johnstown Passenger Ry., 1st mtge. 4% gold bonds,
a like principal amount of the new corporation's 1st mortgage 4% gold
bonds.
(b) For each $1,000 Johnstown Passenger Ry., 30
-year 4% gold bonds a
like principal amount of the new corporation's consolidated mortgage 4%
series A bonds.
(c) For each 51,000 Johnstown Traction Co., 1st & ref. 15% gold bonds a
like principal amount of the new corporation's consolidated mortgage 3%
series B bonds.
(d) For each share of the present 7% cumulative preferred stock of
Johnstown Traction Co. a share of the new corporation's 4% non-cumulative preferred stock. The shares of the now preferred stock; however,
shall be issued in the names of voting trustees, namely, J. C. Neff. David
Barry, E. Clarence Miller, Harry Swank and J. M. Murdock. who shall
act as such trustees under a voting trust agreement to be entered into for
a term of 10 years.
(e) For each share of the present common stock of Johnstown Traction
Co., a share of the new corporation's common stock. The shares of the
common stock, however,shall be issued in the names of voting trustees under
the voting trust agreement referred to above.
-V. 135, p. 985.
-Reduces Dividend.
Lewiston (Me.) Traction Co.
-
The directors have declared a semi-annual dividend of $5 per share,
payable Sept. 1 to holders of record Aug. 31. A semi-annual distribution
of $10 per share was made on March 1 1932. d
A A
-Refinancing Is Outlined.
Lowell Gas Light Co.
-
Notes amounting to $1,165,000 of 31,500,0003% issue blue on June 15
have been deposited so far with the Second NationalsBank of Boston upon
recommendation of the Savings Bank Association of Massachusetts in
efforts being made for an early reorganization, according to a letter just
mailed to noteholders by the Association.
The company intends to petition the MassachusettiOepartment of
Public Utilities for permission to issue $950,000 of 1st mtge. bonds and
expects a favorable decision. It is planned to use the proceeds of the sale
for payments on account of the principal of the outstanding $1,500,000
notes. The remaining $550,000 necessary to pay off the notes is to helmet,
under the plan, by the issue of a like amount1of 6% sena' notes due in
1933, 1934 and 1935. The final terms of the new notes cannot be determined until those of the bond issue are settled.
It is contemplated that present noteholders shall re..•eive seriallfnotes
for about one-third of the amount due them in sums proportionate to
their claims against the company, so that allfereditors willIbe paid off
ratably upon .he same dates.
A condition of the acceptance of the notes by creditors would be either
that no dividends shall be paid upon the stock of the company until all
Volume 135
stockholders
notes are retired or that all dividends paid except to minority
shall be placed in a fund for the payment of outstanding notes after certain
committee.
Charges approved by the reorganization
The only practical alternative to the plan, the Association says, would
be founded upon liquidation and a petition for a receiver. Representatives
of the noteholders believe that if such a course is adopted, prolonged
their money
litigation may follow and creditors are likely to wait longer for
is sought
than under the plan proposed. Written approval of noteholders holders
for the plan outlined, which has been informally approved by
$1,0004119 of notes. Upon receipt of letters indiactfuag
representing
taken to put
general approval of the plan,steps will beW. Rodman it into effect.
Peabody of Boston
Charles Walcott, Joseph Wiggin and
of the company, but pending the complehave been elected directors
tion of a program for reorganization they have not accepted office, although
they have remained in constant communication with the present management, the banking houses that originally sold the notes and the Massachu-V. 134, p. 3981.
of Public Utilities.
setts
Manhattan Ry.-Stockholders' Protective Committee.
Following the appointment of receivers for the Interborough Rapid
Transit Co. (which see), the following protective committee was appointed
for the 7% guaranteed stock. The committee issued the following statement:
"In the critical situation for holders of the 7% guaranteed stock of the
Manhattan Ry. Co. brought about by the appointment of receivers for
the Interborough Rapid Transit Co., lessee of the Manhattan properties,
the undersigned, owning or controlling substantial amounts of the stock,
its interest.
have consented to serve as a protective committee to safeguardbrief deposit
"We urge immediate deposit of your stock under terms of a
which has already been executed by us, copies of which are
agreement
being mailed to stockholders of record and can also be obtained from
the depositary.
-Harold Palmer, Chairman Norman Johnson, Secy., 50
Committee.
Broadway, N. Y. C. John W. Appel, Jr. Stanley R. Latshaw Harold
Marshall & Wehle, 50 Broadway, N. Y. C., Counsel.
Swain.
The Commercial National Bank & Trust Co. of New York, Depositary,
-V. 135, p. 126.
56 Wall St., N. Y. C.
Minneapolis & Rainey River Ry.-Injunction.-
The Federal District Court, at St. Paul, has issued a temporary restraining order preventing Minnesota Railroad & Warehouse Commission from
interfering with the abandonment of the road. The company has been
operating at a loss and obtained the approval of the I-S. C. Commission to
-V. 135, P.
cease operating, but has been unable to get State permission.
209.
-Bondholders Receive Offer.
Montreal Island Power Co.
Nesbitt, Thomson & Co., Ltd., announce they have concluded an agreement with Montreal Light, Heat & Power Consolidated, whereby the
latter company offers to acquire the outstanding bonds of Montreal Island
Power Co. through an exchange of Montreal Light, Heat & Power Consolidated 5% first refunding collateral trust sinking fund gold bonds, series B,
due March 1 1970. on the basis of $100 of such bonds for each $100 of
bonds of Montreal Island Power Co., and payment of $2.56 in cash in
Canadian currency at par in Montreal.
Holders of Montreal Island Power bonds who wish to accept this offer
may do so by signing a form of acceptance and power of attorney and delivering same to Montreal Trust Co. on or before Nov. 1 next, together
with check for the necessary cash payment. Bond interest on Montreal
Island Power Co.'s bonds falls due Nov. 1 and holders of these bonds
making the exchange should retain the Nov. 1 coupon.
If by Nov. 1 next holders of 50% in amount of the issued bonds of Montreal Island Power Co. shall have accepted this offer and deposited their
bonds, Montreal Light, Heat & Power Consolidated bind themselves to
exchange the bonds so deposited. The company may, however, on or
before Nov. 1 next, elect to exchange, on the above basis, all deposited
bonds whether or not the holders of 50% shall have accepted the offer.
The bonds to be issued by Montreal Light, Heat & Power Consolidated in
exchange for Montreal Island Power Co.'s bonds,are the senior obligation of
the company, being part of the series B issue maturing March 1 1970 and
bearing interest from Nov. 1 1932. payable half-yearly March 1 and Sept. 1
at the rate of 5% per annum. They are payable as to both principal and
interest in Canadian. London and if. S. funds. The first coupon, maturing March 11933, will be for the four months period from Nov. 1 1932.
Nesbitt, Thomson & Co., Ltd., are recommending holders of Montreal
Island Power Co. bonds to accept this exchange. It is pointed out that
the bonds of Montreal Light, Heat & Power Consolidated enjoy a very
high investment rating and a consistently strong market. The issue is
emoted actively in Canadian and New York markets, being quoted in
Montreal at 104-105, with comparatively no offerings available. Montreal
Island Power Co.'s bonds are quoted 9234-93%, representing a spread of
more than 10 points between the two issues at the present time.
Forms of acceptance and power of attorney may be obtained from the
Montreal Trust Co. at their offices in Montreal, Toronto, Winnipeg ,Vancouver and Halifax, while the facilities of Nesbitt, Thomson & Co., Ltd.
through their Dominion-wide branch offices, are available to those desiring to make the exchange.
The amount outstanding of Montreal Island Power Co.'s 5)4% bonds
due 1957 is $9,250,000, the issue being sponsored by Nesbitt, Thomson
& Co., Ltd., in 1927.-V. 135. p. 818.
Montreal Light, Heat & Power Consolidated.
-Makes
Offer to Exchange Bonds for Bonds of Montreal Island Power
-V. 135, p. 629.
Co.
-See latter company.
--Earnings.
National Power Sc Light Co.
For income statement for 12 months ended June 30 see "Earnings Department" on a preceding page.
Balance Sheet June 30.
1931.
1932.
1932.
1931.
Liabilities$
$
AssetsInvestments _ _138,573,096 138,920,542 :Cap. stock (no
value)_ _ _125,715,164 125,680.414
9,776.314 2,179,730
Par
Cash
6% gold debs..
2,750,000
Time deposits
series A
9,500,000 9,500,000
U.S. Govt.secs. 1,511,183
5% gold dots,
State. munic. &
series 13
oth.short term
15,000,000 15,000,000
1,146,306 12,834,386 Contract'l liab_.
securities_ 59,925
Divs. declared
419,567
419,552
Notes AG loans
4,203,500 3,355,000 Accts. payable_
20,444
rec., subs_ _
48,445
Accrued sects..
372,303
Notes & loans
372,431
27,000
158,750 Stock subscrip'n
rec., others
231,278
(contra)
898,808
Accts. rec., subs.
125,000
55,653 Reserve
27.392
281,378
281,378
Accts. rec.,otifs
Surplus
lJnamort'd debt
9.811096 9,942,818
(Mot. dc exp. _ 2,734,026 2,762,243
Stock subscrip'n
125,000
rights (contra)
139,851
139,856
Bunchy debits
Total
161,119,951 161,429,963
Total
161,119,951 161 429.963
x Represented by: $6 pref. stock (value in liquidation $100 a'share),
1932. 279.711 shares; 1931, 279.701 shs. common stock, 1932, 5,450.601
she.: 1931,5,449,101 shs.-V. 135, p.466.
-Off List.
National Public Service Corp.
Due to discontinuance of Chicago transfer agent and registrar, the
Chicago Stock Exchange has suspended from trading the $6 cumulative
preferred and $3.25 convertible preferred stock of Seaboard Public Service
Co., the $3.50 convertible preferred of National Public Service Corp. and
the $6 preferred of United Public Utilities Co.
Files Schedule of Assets and Liabilities.
The National Public Service Corp. and the Seaboard Public Service Co.,
which recently filed petitions in bankruptcy, entered schedules in bankruptcy Aug. 19 in Federal Court,
The National puts its liabilities at $43,582,034 and its assets at a book
value of $66,290.793, principal items under the latter classification being
stock in affiliated companies and other concerns totaling $65.243,9857
903;
The principal creditors are the Chemical Bank & Trust Co., $4,699,
Newaork Trust Co., as trustee for debenture holders, S29,352,745; Central
Hanover Bank & Trust Co., $5,818,906; New York Trust Co., $3.017.053:
Chasetigational Bank, $5,257,724 and Utilities Power & Light Corp..
$4,264,251.
1491
Financial Chronicle
The TSeaboard Public Service Co. lists liabilities of $10,621,597 and
assets(of a book value of 844,024,853. Among the assets are stocks of
affiliated _companies and other securities valued at 831,598,909.-V. 135.
P• 818.
-Bank Loans Now itt
New England Power Association.
-See International
$6,680,000, a 65% Reduction Since Jan. I.
-V. 135, p. 985.
Hydro-Electric Co. above.
-To Offer Unsubscribed Preferred
New England Power Co.
Stock for Sale at Public Auction.
Pursuant to order of the Mass. Department of Public Utilities dated
May 6 1932rthere will be offered at R. L. Day & Co.'s auction Aug.. 31. to
shares of New England
be sold at not less than $100 per share in cash. 11,975unsubscribed by stockPower Co. 6% cum, prof. stock, being the shares
holders.
to subIn May the company offered its preferred shareholders the right
conditions
scribe for 12,000 additional shares at par, but in view of market
shares now outstanding
only 25 shares were taken. The number of preferred
shares not taken by
is 68.165. In accordance with Massachusetts law, all p. 3825.
-V. 134,
shareholders must be sold at public auction.
--Earnings.
Jersey Power & Light Co.
New
Earnings DeFor income statement for 12 months ended June 30 see'
-V.135, p. 818.
partment" on a preceding page.
-President's Quarterly Letter.
North American Co.
F. L. Dame, Chairman, says in part:
& Power Co
Subsidiary Financing -In July 1932 Union Electric Light
series due 1957,
(Mo.) sold $15,000,000 general mortgage gold bonds, 5%
to its plants
reimburse its treasury in part for expenditures for additions
to
ectric developand system, chiefly in connection with the Osage hydro-el fall of 1931.
ment, the first units of which were placed in operation in the
North American Co.
Union Electric Light & Power Co. has deposited with interest of its outthe amount required for payment of the principal and
There
86,200.060 5% first mortgage bonds duo Sept. 1 1932.
standing
system.
are no other 1932 bond maturities in the North American
-All bank loans shown on the accompanying consoliPaid.
Bank Loans
30 1932. have been
dated balance sheet, amounting to $9,013,375 on Junefollowed the receipt
paid since that date. The elimination of these loans
portion of the amount due to it from Union
by North American Co. of a advances to that company for construction
Electric Light & Power Co. for
now has any
purposes. Neither North American Co. nor any subsidiary
bank loans.
showed
Electric Output -Electric output of North American subsidiaries
the usual seasonal
a marked uniformity during the second quarter of 1932. output during the
weekly
decline having been noticeably absent. Average
fluctuation being
period was 81,500,000 kilowatt hours, the maximum
that ended April 14 and
only 2,000.000 kilowatt hours in any week except Compared with corresthe week in which the May 30th holiday occurred.
quarter of 1932 was
ponding periods of 1931, the decrease for the second
7.83%. Output for the 12
12.13% and for the first months of 1932, was kilowatt hours, a deended June 30 1932 totaled 4,639.395,360ended June 30 1931.
months
crease of 5.57% compared with the 12 months
Consolidated Balance Sheet June 30.
1931.
1932.
1931.
1932.
Liabilities
ASSetS-plant675,040,332 667,499,891 Preferred stock_ 30,333,900 30,333.900
Property &
Common stock x 71,696,180 64,976,270
Cash & securities
Div. payable In
on deposit with
common stock 1,785,252 1,619.346
5,043,256
1,950.321
trustees
Investments _ _ _142,766,689 135.869,698 Pref. stocks of
subsidiaries_ _138,252,691 139,634,193
16,633,237 20,391,262
Cash
int. in
U.S. Govt. secs 5,039,375 2,277,563 Minority & surcapital
572.023
608,512
Notes & bills rec
plus of subs__ 15,516,218 15,756,046
13,079,381
Accts.receivable 12,105,068
Mat'l & supplies 9,557,438 10,077,453 Funded debt of
North
Prepaid accounts 1,784,462 1,099,293 can Co Ameri- 25,000,000 25.000.000
Discount dr. expon scour 13,151,831 14,181,967 Funded debt of
pease
subsidiaries.. _285,932,640 297,661,037
Notes & bills pay 9,013,375 5,010,849
2,653,098 3.760,511
Accts. payable
Sundry current
4,742,974 5.077,088
liabilities
Accrd. liabilities 18,301,414 18,092,023
121.794.981 108,716,729
Reserves
Capital surplus_ 32,04b,205 28,832,992
Undivided prof_121.569,339 125,620,800
Total
878,637,266 870,091,787
Total
shares.
x Represented by 7,169.618 no par
878,637,266 870.091,787
Regular Quarterly Dividends.
dividends payable Oct. 1
The directors on Aug. 24 declared quarterly 1932, as follows: On the
Sept. 6
1932, to respective stockholders of record rate of 75 cents for each share so
in cash at the
pref. stock 134 . payable
in common stock and(or)
held; and on the common stock 2)4%, payable so held. Like amounts
scrip at the rate of 1-40th of a share for each share
were paid on July 1.-V. 135, P. 818.
-Plans to Refinance
la North Boston Lighting Properties.
-See International Hydro-Electric
Notes Making Progress.
Co. above.-V. 134, p. 3458.
-Creation of Independent
Northwestern Power Co., Ltd.
Protective Committee Sought.
Bondholders of the company, through the agency of a series of advertiseCo., Ltd. Montreal,
ments over the signature of the Prudential TrustIndependent protective
of an
are being asked to co-operate in the formation Montreal. who is stated to
D. N. Flunks, of
bondholders' committee.
is undisclosed,
be acting for interests whose identity for the time being
advertisein a letter to such bondholders as have answered the above noted
independent committee.
ments outlines reasons for the creation of an
interests of the bondThe committee recently formed to look after the banking houses which
holders and which includes representatives of the
are
originally placed the issue as well as the insurance companies which
urged
substantial holders of the bonds, has in a recent letter to holders
may with proper authority
the deposit of bonds in order that the committee
of
proceed with the necessary investigations to determine a proper course
action.
Mr. Finnie's letter reads in part:
"With reference to the announced organization of a bondholders' committee as a result of default in payment of the interest due July 1, it Is to
be noted that no general meeting of the bondholders was called with a
view to selecting a representative committee. The composition of the committee would suggest that it has been selected by parties who have Interests
which might be adverse to the interests of the bondholders at large.
"It is known that some of the bondholders of Northwestern Power Co.
are also interested in the Winnipeg Electric & Power Corp., either as holders
of large blocks of preferred and common stock, or through holdings in
interlocking companies. Under these circumstances, without impugning
the good faith of these people, we feel that it is unfair to ask them to represent the interests of the bondholders of Northwestern Power Co.. which
duty might entail action prejudice' to Winnipeg Electric and consequent
loss to them.
"In consequence, we have been requested to organize an independent
co-operate
and truly representative bondholders' committee either to to protect
with the existing committee, or replace it, but in any event -V.
135.
the interests of Northwestern Power Co., Ltd., bondholders.
p. 1329.
-Bond Issue.
Pacific Gas 8c Electric Co.
The California Railroad Commission has granted authority to the
company to sell at not less than 85 and int., $500,000 1st and refunding
mortgage gold bonds, series F. The proceeds are to be used for the payment of capital expenditures of the company and its subsidiary, the Mt.
Shasta Power Corp.
-For income statement for 3 and 6 months ended June 30
Earnings.
-V. 135. p. 1163.
see "Earnings Department" on a preceding page.
1492
Financial Chronicle
Penn Central Light & Power Co.—Receivership
Plea
Dismissed.—
Judge R. B. Gibson, presiding in U. S. District Court at Pittsburgh,
Pa., dismissed the plea for appointment of a temporary receiver for the
comnariY.—V. 135. p. 1329.
Pennsylvania Electric Co.—Bonds Offered.—Public offering of an issue of $7,046,000 1st & ref. mtge. gold bonds,
series H, due 1962, is announced by a group headed by
Chase Harris Forbes Corp. and including Halsey, Stuart
& Co., Inc., and the N. W. Harris Co., Inc. The bonds
are priced at 83 and int. to yield 6.25%. The sale of these
bonds does not represent new financing by the company,
the bonds having been previously issued by the company
in exchange for outstanding bonds of other series.
Dated April 15 1932; due April 15 1962. Interest payable A. & 0. Red.
all or part on not less than 30 days' notice at 105 through April 15 1947;
thereafter at 102% through April 15 1960; and thereafter to maturity
at the principal amount; in each case with int. Denom.$1.000 c* and
$1.000 r* and authorized multiples. Bankers Trust Co., New York,trustee.
Free of present Penn. 4 mills tax.
Legal Investments.—Bonds meet the present requirements for legal
Investment by savings banks in New York and Massachusetts.
Data from Letter of R. D. Jennison, President of the Company.
Company.—Ineorp. in 1919 in Pennsylvania as Penn Public Service
Corp. Owns and operates a comprehensive electric light and Power
System serving a population estimated to be in excess of 700,000 in 323
communities, including Johnstown, Clearfield, Du Bois, Warren, Punxsutawney, Indiana, Somerset, Philipsburg, Blairsville, Meadville, Lock
Haven and Renovo in Western Pennsylvania. Through Erie Lighting
Co., a subsidiary, electric light and power are also provided in and about
the City of Erie. Company also does some incidental artificial gas and
steam heating business and through Johnstown Fuel Supply Co., a subsidiary, renders natural gas service in Johnstown and its suburbs.
Earnings.—Earnings of the company, including acquired properties
Irrespective of dates of acquisition, for the 12 months ended June 30 1932
and 1931, and annual interest charges on mortgage debt outstanding as
above, were as follows:
12 Months Ended June 30—
1931.
, 1932.
Gross earnings & other income*
$8,677.095 $9,394,881
Oper. exps., maint. & taxes (except Fed. taxes)
4,296,318
3,994,914
Net earnings before depreciation
$4,380,777 $5,399,947
Annual interest charges on mortgage debt outstanding as above (incl. this issue)
1,366,705
Depreciation for 12 months ended June 30 1932-426,585
* Including $27,025 and $70,850 of credits for interest during construction and $515,961 and $667,747 of earnings of subsidiaries applicable
to dividends on the stocks owned by company for the 1932 and 1931 periods
respectively.
Over 96% of the gross operating revenue for the 1932 period was derived
from electric operations.
Purpose.—Sale of these bonds does not represent new financing by the
company, the bonds having been previously issued by the company in
exchange for outstanding bonds of other series.
Security.—The mortgage under which these bonds have been issued,
constitutes a direct first lien on the major portion of the fixed property
of the company, and a direct lien on the remainder of its fixed property,
subject only to $2,125,500 of underlying bonds maturing within the next
three years, of which $1,070,000 have been pledged under this mortgage
and $1,055.500 are held by the public.
Capitalization Outstanding at Aug. 1 1932.
Capital stock (no par value)
850,000 shs
xlst & ref. mtge. gold bonds: Series C. 6s due 1947
$4,549,000
Series D,5s due 1954
2,435,000
Series F, 4s due 1971
6,000,000
Series 0,4s due 1961
1,981,000
Series H, 5s due 1962 (this issue)
12,000,000
Underlying bonds,5% due 1933-34
y1,055.500
Convertible note due 1935
2,540,000
Convertible gold notes due 1933-35
5,330,000
x Additional 1st & ref. mtge. gold bonds are now issuable (subject to
compliance with provisions of the P.S. Commission Law of Pennsylvania)
as follows: $7,630,000 have been authenticated and are held in the trasury;
$554,500 are issuable to refund underlying bonds heretofore retired or
pledged under the mortgage, and approximately $1,300,000 are issuable
upon compliance with the mortgage provisions against property additions
heretofore made. Upon retirement of the series C and Ds bonds, $772,500
of bonds may be issued to refund underlying bonds heretofore cancelled.
3 Not including $1,070,000 bonds pledged under the 1st & ref. mtge.
,
Management.—Company and subsidiary and affiliated companies are
an integral part of the Associated Gas & Electric System.
Commission Withdraws Objection to Issuance of Bonds.—
Word was received from Harrisburg. Pa., by the Associated Gas Electric
Co., Inc., Aug. 25, that at a meeting held that afternoon, the Pennsylvania
Securities Commission withdrew its objection to the sale of the 5% 1st &
ref. mtge. gold bonds, series H, due 1962, the offering of which was made
early this week.
The following statement was given out at the offices of
the Associated Gas & Electric System Aug. 25 with regard
to the reported action of the Pennsylvania Securities Commission purporting to prohibit the sale by Associated Gas
& Electric Co. and its subsidiary, Pennsylvania Electric
Co., of bonds of Associated Gas & Electric Corp. and
Pennsylvania Electric Co.:
"No-notice of any action by the Pennsylvania Securities Commission has
been received by any of the companies. As reported by the press, the
action of the Pennsylvania Commission is most amazing, and can only be
explained on the basis of misinformation of the facts.
No investigation or order of the Federal Power Commission with respect
to the sale of the properties of the Clarion River Power Co. to Pennsylvania
Electric Co. has anything whatsoever to do with the sale of bonds of Associated Gas & Electric Corp. Both the Clarion River Power Co. and the
Pennsylvania Electric Co. being subsidiaries of Associated Gas & Electric
Corp., neither the consummation of the sale of the Clarion River Co.'s
Properties to the Pennsylvania Electric Co. nor the rescission of such sale
would affect the earnings or property account of the Associated Gas &
Electric Corp.
The Pennsylvania Electric Co. has not recently issued any of its bonds
and has had no present intention of issuing any of its bonds. Bonds
recently offered publicly were issued and sold by Pennsylvania Electric
Co. more than three months ago to refund bonds previously outstanding
and in full compliance with all State and Federal laws.
The statement attributed to the officials of the Pennsylvania Public
Service Commission that the Pennsylvania Electric Co. has proceeded with
a bond issue in defiance of the Commission ruling rejecting the issue is
entirely untrue and wholly in disregard of the facts. No bonds have been
issued by Pennsylvania Electric Co. against the acquisition of the Clarion
River Power Co.'s properties.—V. 135, p. 1164.
Power, Gas & Water Securities Corp.—Refinancing
plan, calculated to retire approximately $2,700,000
of the $4,777,500 outstanding 5% collateral trust gold
bonds, due Nov. 1 1948 and to permit the payment of
interest on the remaining $2,077,500 Nov. 1, is outlined in
a letter sent by the company to bondholders.
Plan.—A
Intended to save bondholders expenses incident to default, receivership,
foreclosure and forced sale of pledged collateral, it is planned to sell part
of the pledged collateral, itemized below,for $1,100,000. Proceeds ofsuch
sale will be applied to the purchase and cancellation of $2,700,000 principal
amount of the bonds.
Aug. 27 1932
Holders of each $1,000 principal amount of the canceled bonds are to
receive $400 in cash and two shares of stock of another corporation which
will hold certain preferred stocks now pledged as security for these bonds.
The letter points out that unless the plan is put into effect, it is not expected that the corporation will be in a position to meet the interest payment due Nov. 1 1932.
Bondholders are asked to deposit their bonds, with Nov. 1 1932 and subentgoupt attached, with Central HIegsr Bank
roaaiwtore'tgerthaneptTotmoretn$o06
Trust Co
70
of bonds willhe received for deposit under the agreement.
The letter to the holders of collateral trust 5% gold
bonds states in substance:
It is not anticipated that corporation will, on Nov. 1 1932, be in a position
to pay its obligations then due, including the interest payable on that date
upon its collateral trust 5% gold bonds now outstanding in the aggregate
principal amount of $4.777,500. The assets of the corporation consist
almost entirely of bonds, notes and preferred stocks, of which by far the
major portion in value are pledged to secure such bonds. If its unpledged
securities were marketed at this time they would realize a relatively insignificant amount, which would be only a few cents on the dollar for the
outstanding bonds. The corporation's difficulties are in large part due
to the passing of dividends on various issues of preferred stocks owned
by it and pledged under the indenture securing said issue of bonds. The
corporation is also unable to comply with its covenants contained in said
indenture to substitute for the preferred stocks pledged thereunder and
not currently paying dividends other securities meeting the requirements
of said indenture.
The board of directors has given much attention to the situation with
a view to presenting a plan calculated to save the bondholders the expenses
and losses incident to default, receivership, foreclosure and forced sale of
the pledged collateral; and it is believed that the consummation of the plan
will achieve such result. The essential features of the plan are the withdrawal from the indenture securing the bonds of a part of the pledged collateral, the sale of the securities so withdrawn to the extent hereinafter
stated and the application of the proceeds to the extent necessary to retire
and cancel part of the outstanding bonds.
By the surrender and cancellation of substantially $2,700,000 of the
bonds, the lifting of the existing receivership of Western States Utilities
Co.(and steps to that end are being taken), and the substitution (to comply
with the provisions of the indenture limiting the amount of securities of
any one corporation which may be pledged) of other collateral for about
$320,000 a Eastern Minnesota Power Co. first mortgage 534% gold
bonds now pledged under the indenture, the corporation will be entitled
under the terms of the indenture to withdraw the collateral set forth (schedule B) below. Dividends are in arrears upon the preferred stocks listed in
•
schedule B.
The corporation has obtained an offer for the purchase of the collateral
set forth in schedule B (except for not exceeding 2,700 shares of the 53i%
preferred stock of Ohio Water Service Co. and not exceeding 2,700 shares
of the $6.50 preferred stock of Arizona Edison Co.; to be dealt with as
hereinafter provided), for $1,100,000, plus accrued and unpaid interest
on the bonds and the note therein set forth, provided delivery thereof
can be made on or before Sept. 10. If such sale is consummated, the
holders of not exceeding $2,700,000 of the bonds will receive at the rate
Per $1,000 principal amount of bonds surrendered as hereinafter provided,
$400 in cash and two shares of stock of a new corporation which will own
as its sole assets one share of the preferred stock of Arizona Edison Co.
and one share of the preferred stock of Ohio Water Service Co. above
mentioned, for each $1,000 of said bonds deposited, and which will have
no liabilities other than its capital stock.
The capital stock of such corporation will be all of one class and owned
entirely by the depositing bondholders, and the total number of its authorized and outstanding shares will not exceed 5,400. Power, Gas &
Water Securities Corp. will pay the organization expenses of such new
corporation.
In view of the fact that dividends are not currently being paid on the
preferred stocks of Ohio Water Service Co. and Arizona Edison Co. and
the fact that the latter is in receivership, it appeared to the board of directors of Power, Gas & Water Securities Corp. that such stocks would
ultimately yield a greater return if they were retained as a unit rather
than distributed. Centralized control should facilitate obtaining more
advantageous terms on the sale, exchange or deposit in reorganization of
such stocks. It is contemplated that such preferred stocks or their procoeds will be distributed to the stockholders of the new corporation when
conditions warrant, subject, of course, to the control of the stockholders
through their duly elected directors.
Bondholders 'who desire to participate in such payment and obtain such
stock, in case the plan can be consummated, must deposit their bonds.
In negotiable form, with Nov. 1 1932 and subsequent coupons attached
with Central Hanover Bank & Trust Co.. depositary, 70 Broadway, N. Y.
City, under a deposit agreement dated Aug. 20 1932, not later than Sept.
10 1932. Not more than $2,700,000 principal amount of bonds will be
received for deposit under said agreement.
Holders of certificates of deposit, upon their surrender, will be entitled
to receive from the depositary, if and just as soon as the proposed sale is
consummated, cash at the rate stated, i.e., $400 per $1.000 principal
amount of such bonds bearing all unmatured coupons, and simultaneously
or as soon thereafter as delivery can be made, will be entitled to receive
from the corporation certificates for the stock deliverable as aforesaid.
On and after Sept. 22, holders of such certificates of deposit will have the
unqualified right to surrender the same and to receive cash and stock as
above provided or, if the sale has not been effected, bonds in the principal
amount and bearing the coupons specified in their certificates of deposit.
In no case will the holders of the certificates of deposit be required to
pay any expenses, charges or taxes as P. condition of receiving the return
of the 1)onds represented by their certificates of deposit, or the cash and
stock referred to hereinabove.
If in the manner stated the aggregate principal amount of the outstanding
bonds be reduced to substantially $2,077,500, the corporation will be in
a position to pay the Nov. 1 interest on the bonds remaining outstanding
and to comply with its covenants contained in the indenture securing the
collateral trust bonds. If this reduction in toe amount of the outstanding
bonds is effected, the corporation will enter into an agreement not to issue
additional bonds under the indenture while any of the present series remain
outstanding.
As the corporation is not in a position to secure the funds needed to
pay holders of certificates of deposit the required.amount after Sept. 10.
and as the holders of not more than $2,700,000 principal amount of bonds
will be permitted to deposit under the agreement dated Aug. 20 1932,
bondholders desiring to avail of the opportunity afforded are urged to
act immediately.
•
(SCHEDULE A).
List of Collateral Deposited as of August 19 1932, as Security ,or Collatera
Trust 5% Gold Bonds of Power. Gas & Water Securi s Corps.
Bonds.
Alabama Water Service Co. 1st mtge.58, series A.due Jan. 1 '57— $75,000
New York Water Service Corp. 1st mtge. 5s,ser. A,duo Nov. 1 '51
16,000
Oklahoma Natural Gas Corp. 1st mtge.58,ser. B,due Feb. 1 '48_ _ 706,500
WestVirginia Water Service Co. 1st mtge. 5s.ser. A,due Aug. 1 '51 94,500
Oregon Washington Water Service Co. 1st mtge. 5$. ser. A. due
June 1 '57 _______________________ 204,000
Ohio Water Service ao.______ mser. AT,tiue Yet; i
.
tge
500
Scranton-Spring Brook Water Service Co. 1st mtge.& ref. 5s, ser.
B.due Aug.I '61
10,000
Scranton-Spring Brook Water Service Co. 1st mtge. & ref. 5$, ser.
A,due Aug. 1 '67
500
Eastern Minnesota Powr Co. 1st mtge. 5s, se:. of 1951, due
Mar. 1 '51
1,0735_
___ Oct.
Wisconsin HYciro erc __ e mtge. Emi. se. o
1 '47 _
4,000
Western
___ _ ____
___ _______ A, due
1 '45- _
134,500
Western New _____ Water Co. 1st mtge.ser. A 5;is,due Nov. 1'50
500
Bond of Natural Gas Producers Corp. dated Mar. 25 '31, due
Mar. 25 '34, with interest at the rate of 6% per annum, and
mortgage securing the same and assignment thereof to Central
Hanover Bank & Trust Co., as trustee
Noma
Bond of Oklahoma Natural Gas Corp.. dated July 27'31, due July
27 '35. and general 57., mortgage securing the same and assignmeat thereof to Central Hanover Bank & Trust Co., as trustee_ - 950.00
0
Western New York Water Co. 1st mtge. or. B 58, due Nov. 1 '50_
1,000
Scranton-Spring Brook Water Service Co. 4Si% serial gold notes.
due Dec. 15 1932
500
Oct.
Volume 135
Financial Chronicle
Western States Utilities Co. 61i% 90
-day promissory note, dated Bonds.
Nov. 25 '31,'clue Feb. 22 '32, payable to the order of Power,
Gas & Water Securities Corp
300,000
Oklahoma Natural Gas Corp. promissory note, 6 %,dated Dec.
22 '31, due June 1 '32, payable to the order a Power, Gas &
Securities Corp
Water
282.000
Pref. Stocks.
Alabama Water Service Co. $6 cum. pref. stock (no par)
2,102 shs.
Arizona Edison Co.,$6.50 ciimeref.stock (no par)
4,067 shs.
California Water Service Co.6 0 cum. pref. stock (par $100)
49 shs.
Chester Water Service Co. $5. 0 cum. pref. stock (no par)
509 shs.
Clear Springs Water Service Co. $6 cum. pref. stock (no par)
400 shs.
Eastern Minnesota Power Corp. $6 cum. pref. stock (no par)__ _ _1,305 shs.
Green Mountain Power Corp. $6 cum. pref. stock (no par)
671 shs.
Illinois Water Service Co.6% cum. pref. stock (Par $100)
734 shs.
Ohio Water Service Co..5;i% cum. pref. stock (par $100)
4,720 shs.
Oregon Washington Water Service Co.$6 cum. pref.stock (no par)1,455 shs.
Pittsburgh Suburban Water Service Co. $5.50 cum. pref. stock
(no par)
14 slis.
Scranton-Spring Brook Water Service Co. $6 cum. pref. stock
(no par)
381 shs.
Water Service Co.$6 cum. pref. stock (no par)----1,050 shs.
West Virginia
Wisconsin Hydro-Electric Co. 6% cum. pref. stock (par $100)-- 333 shs.
Cash
$35,090
(SCHEDULE B).
List of Securities Contemplated to Be Sold.
Oklahoma Natural Gas Corp. 1st mtge. 5% gold bonds, ser. B.
dated Feb. 1 '28, due Feb. 1 '48
$706,500
Bond of Natural Gas Producers Corp., dated Mar. 25 31, due
Mar. 25 '34. with interest at the rate of 6% per annum, and
mortgage securing the same and assignment thereof to Central
Hanover Bank & Trust Co., as trustee
300,000
Bond of Oklahoma Natural Gas Corp., dated July 27 '31, due
July 27 '35, and general 5% mortgage securing the same and
assignment thereof to Central Hanover Bank & Trust Co., as
trustee
Oklahoma Natural Gas Corp. promissory note, dated Dec.22'31, 950.000
due June 1 '32, to the order of Power, Gas & Water Securities
Corp., at 6i%
282,000
Arizona Edison Co.$6.50 cum. pref. stock (no par)
*4.067 abs.
Ohio Water Service Co.5%% cum. pref. stock (no par)
*4,720 shs.
Scranton-Spring Brook Water Service Co. $6 cum. pref. stock
(par $100)
381 shs.
West Virginia Water Service Co.$6 cum.pref.stock (no par) ,.-- 1,050 shs.
* All of these shares are to be withdrawn, and all are to be sold except
-V. 133, p. 2434.
not exceeding 2,700 shares.
Rochester Central Power Corp.
-Bond Exchange.
-
The General Finance Corp. is offering to holders of Rochester Central
Power Corp. 5% debentures of 1953 the privilege of exchanging their bonds
on a par-for-par basis for either Associated Electric Co. 4Sis,due in 1953
or Associated Gas & Electric Co. debentures, consolidated refunding 5%
series, due 1968.
While the Associated Electric 4%s give a reduced return, General Finance
Corp. considers this is offset by the fact that they are regarded as a higher
grade security than the Rochester debentures and are actively traded
on the New York Curb. The Associated Gas & Electric debentures
-V. 135, p. 819.
are a senior obligation of that company.
Rochester Gas & Electric Corp.
-Earnings.
-
For _income statement for 12 months ended June 30 see "Earnings Department" on a preceding page.
-V.135. p. 1330.
St. LouislPublic Service Co.
-Negotiations for Sale of
Property to City.
The St. Louis "Globe-Democrat" has the following:
With $25,000,000 recommended as the maximum price St. Louis, Mo.,
should pay for the city and county transportation system, in the event a
plan of municipal ownership is decided upon, a long period of negotiations
Is probable before the city and the company, now $18,000,000 apart,
agree upon a definite purchase figure.
The proposed maximum price was fixed by a sub-committee of the
Joint Transportation Committee in a report made yesterday to the parent
body. The report also included a definite plan for acquisition of the
street car and bus facilities.
The company recently fixed the purchase price at $43,000,000. The
sub-committee recommended this proposal be rejected, and even at the
reduced valuation, stated the properties should be acquired only under
condition that certain improvements be made in the present system.
"The recommended purchase price of $25,000.000 is based on a plan for
Immediate improvement of transportation facilities," the report amplified, "and unless such an improvement plan is undertaken at once, it
is doubtful, because of declining revenues, whether the city should consider any plan of acquiring the Public Service lines.
"We believe these improvements should be made:
"1.-A subway from Eighteenth to Fourth. estimated to cost 84.000,000.
-Purchase of new equipment to the extent of 81,000,000.
"2.
-Rehabilitation of track and overhead to the extent of 2500,000.
"3.
"If the funds for these improvements, amounting to 35.500,000, could
be borrowed from the Reconstruction Finance Corporation on a 10
-year
repayment basis, at 3%,it would require $640,500 per annum for 10 years,
averaging the payments, which we believe could come out of a $1.000,000
fund in our plan for betterments and additions."
The report stated that primary considerations in the plan for acquisition
of the transportation facilities were:
-Title should vest immediately in the city, subject to defeasance
1.
only upon failure of the city to fulfill its contract obligations.
-The property should be transferred free of all liens and encum2.
brances, except for a mortgage to secure the purchase price.
3.-A contract should be entered into providing for private operation,
with adequate protection of the city's interests.
-Adequate annual payments should be made to the city in lieu of
4.
taxes, franchise and other existing obligations, which payments should
be reserved out of net earnings, and should be paid before any payments
are made to the company on the purchase price.
-The purchase price should be paid out of net earnings
5.
should in no manner 13e secured by or become a lien, charge or only, and
limitation
against the general revenue, credit or taxing power of the city.
-The purchase price should be measured by earning rapacity, and
6.
not by any theoretical value such as might be determined for rate-making
purposes under existing theories of public utility regulation.
7.
-The total purchase price, including the street railway and the green
and yellow bus systems, for both St. Louis and St. Louis County, should
not exceed 825,000.000. and the desirability of acquiring this property
is contingent upon a definite improvement plan.
8.
-There should be adequate provision for renewals and additions
to
property.
9..
-There should be proper incentives for both the city and the
private
operator, so that adequate and efficient service will be assured and maintained.
-V. 133, p. 2603.
San Diego Consolidated Gas & Electric Co.
-Refunding
r The company has been authorized by the California Railroad Commission
Issue and sell 62,000,000 of 1st & ref. mtge. 5;4%
to
bonds, series D,at a
price to net the company not less than 88 and interest. The proceeds are
to be used to meet maturing one-year gold 45i% notes due Dec. 1 1932
In the amount of $1,500,000 and the balance to reimburse the treasury for
uneapitallzed expenditures on the company's properties.
-V. 134. p. 3459.
Saxon Public Works, Inc. (Aktiengesellschaft
Sachsische Werke).-Exchange Plan Operative.
-
Saxon Public Works, Inc. and the Free State of Saxony announced
Aug. 22 to'holders-of Saxon Public Works, Inc., 5% guaranteed gold notes.
July 15 1932, that holders of over 81% of these notes have accepted the offer
of the;company.to exchange the old 5% notes, dollar for dollar, for new 6%
notes maturing in 1937, plus 5% in cash. The National City Bank of
New York has been instructed to effect the exchange of the old notes for
the new notes if presented to the head office, 55 Wall St., or or before the
close of business on Sept. 15. as of which date the offer of exchange will be
withdrawn.
-V. 135, P. 1331
.
Scranton Ry.-Protective Committee Formed.Following_default in the semi-ann. interest due Aug. 1 1932 on the 1st
& ref..mtge. 5% gold bonds due Feb. 1 1947, bondholders' protective corn-
1493
mittec has been formed. E. Clarence Miller of Bioren & Co. is Chairman
and Joseph R. Grundy, manufacturer of Bristol, Pa.; John J. Henderson,
banker of Philadelphia; Clarence L. Harper of Harper & Turner. bankers,
Philadelphia; Louis J. Kolb, capitalist, Philadelphia, compose the committee. Fidelity-Philadelphia Trust Co., 135 South Broad St., has been
designated as depositary of the committee and Guckes, Shrader, Burtt &
Thornton are counsel. H. F. Heuer of 1508 Walnut St., Philadelphia, is
secretary of the committee.
A deposit agreement, under which the committee will act and bonds
be received by the depositary, is now being prepared. All holders of will
the
above bonds are urged to deposit them promptly, with the coupons maturing
Aug. 1 1932, and subsequent thereto, attached.
-V.135. p. 11.65.
Seaboard Public Service Co.
-Off List
-Files Schedule.
See National Public Service Corp. above.
-V.135. P.819.
Southern Cities Public Service Co.
-Exchange Offer, &c.
The company in a letter to the holders of the 6% convertible gold debentures, due 1949, states in substance:
A plan for readjustment of the affairs of Central Public Service Corp.
and its subsidiaries dated as of Aug.1 1932(see latter company) was recently
put into effect. Pursuant to the plan, the following offer of exchange is
made to all holders of Southern Cities Public Service Co. 6% convertible
gold debentures, due 1949:
For each debenture of Southern Cities Public Service Co., with all coupons
maturing after May 1 1932 attached, there is offered in exchange a like
principal amount of Consolidated Electric & Gas Co. Collateral trust gold
bonds, 3%-6% A series, due 1962.
The plan for readjustment was adopted and carried into effect only after
many months of study of the financial problems facing the company, for
the purpose of protecting the holders of the various securities affected
Including those of Southern Cities Public Service Co.
The holders of debentures who avail themselves of the exchange privilege
will thereby receive, in place of debentures for which no specific collateral
Is pledged. secured bonds of a company which, it is believed, is stronger
financially, and which has a more diversified income. Furthermore, the
debenture holders who make the exchange will acquire the right to convert
their bonds into $6 cumulative preferred stock of Consolidated Electric &
Gas Co. on the basis of 12 shares of such preferred stock for each $1,000
principal amount of bonds.
Based on the pro forma consolidated summary of net income for the year
ended June 30 1932
-the Consolidated Electric & Gas Co. shows net earnings of $10,549,543 (before provision for retirements), which is 1.87 times
its annual interest and all prior charges, and which contains a substantial
portion of earnings from electric properties as well as from gproperties:
wheas the Southern Cities Public Service Co. for the same period reports
er
net earnings-almost entirely from gas operations
-of $2,195,406 (before
provision for retirements), which amount Is only 1.06 times the annual
Interest and individual requirements on such debentures and on all securities
ranking equally with or prior thereto-and which, after a reasonable retirement provision, would be less than such annual interest and dividend
requirements.
Consolidated Electric & Gas Co. is the principal subsidiary of the Central
Public utility Corp., both of which are new corporations formed under
the plan.
It is evident that the Southern Cities Public Service Co.debentureholders,
In addition to obtaining a collateral trust bond in place of a debenture for
which no specific collateral is pledged, greatly improve their position. The
holders of the Southern Cities Public Service Co.6% debentures may only
obtain the full benefits of the plan by exchanging their securities for the
collateral trust gold bonds of Consolidated Electric and Gas Co. Holders
are requested to forward their debentures to Baltimore Trust Co., Baltimore.
3fd., with all coupons maturing after May 1 1932 attached. Bonds will
be exchanged for debentures without any interest adjustment.
There has been deposited with the Baltimore Trust Co.for the
holders an amount of Consolidated Electric & Gas Co. collateralaccount of
trust gold
bonds 3%-6% A series due 1962, sufficient to effect the exchange of the
debentures on the basis above-mentioned. The Baltimore Trust Co. will
forward upon receipt of debentures, collateral trust gold bonds 3%-6%
A series, due 1962 of Consolidated Electric & Gas Co. for the aggregate
amount of such bonds to which depositors are entitled by the terms of the
above offer of exchange.
[Details as to the capital structure of the Consolidated Electric & Gas Co.,
together with the terms of conversion and the variation in rates of payment
of interest on the collateral trust god bonds 3 6% A series due 1962 will
%be found in the readjustment plan of Central Public Service Corp.above.]
-V.133, p. 3632.
Standard Gas 8c Electric Co.
-Earnings.
-
For income statement for 12 months ended June 30 1932 see "Earnings
Department" on a preceding page.
-V.134. p. 4493.
Standard Telephone Co.(& Subs.).
-Earnings.
-Consolidated Income Accountfor Year Ended Dec. 31 1931.
Operating revenues
$1,321 14
423
: 7
2
Non-operating revenues
Gross earnings
Operation expenses
Maintenance expense
Taxes (State & local)
Interest on funded debt
General interest
-net
Amortization of debt discount & expense
Interest charged to construction
Provision for depreciation
Net income
Deficit, Jan. 1 1931
Total deficit
Excess of par val.of bondsreacq.& cancel,over cost thereof net
Profit on sale of securities to affiliated co
$1,325,379
483,417
193,863
79587
337,506
52,300
15,075
Cr.2,293
88,266
$77,457
80.803
$3,346
84,674
2,718
Balance
$84,045
Preferred dividends
123,473
Property retire, of two subs, in excess of accrued prov. thereof
44,459
Other direct items
-net
394
Deficit. Dec. 31 1931
$34,370
Consolidated Balance Sheet Dec. 31 1931.
AssetsTelep. plant, equip., &c---- $8,988,529 $7 preferred stock
$1,729,380
Special deposits
115,003 Common stock
y200,000
Debt disc. & exp. In process
Funded debt
5.783,000
of amortization
169,138 Deferred liabilities
3.829
Prep. accts. & der. charges
51,858 Due to affiliated cos
1,033,884
Due from affiliated cos
44,722 Accounts payable
41,832
Cash
74.088 Accrued interest
50,059
Working funds
16,217 Accrued taxes
40.978
Bond interest deposits
2,730 Accrued pref. stock dive
20.809
Notes receivable
961 Revenues paid & billed In
Accounts receivable
x75,850
advance
17.706
Materials & supplies
194,585 Miscell. current liabilities-8,187
Reserves
843,934
Capital surplus
248.889
Deficit
84.370
Total
$9,713,882
Total
$9.713.682
x Less reserve for uncolleetible accounts. y Represented by 100,000
shares no par.
-V. 134, p. 2722.
Southern Cities Public Utility Co.
-Exchange Offer, &c.
The company in a letter to the holders of Southern Cities Utilities Co.
-year 6% sinking fund gold debentures series A due 1958 states in sub30
stance:
A plan for readjustment of the affairs of Central Public Service Corp.
and its subsidiaries dated as of Aug.1 1932 (see latter company) was recently
put into effect. Pursuant to the plan, the following offer of exchange is
made to all holders of Southern Cities Utilities Co.30
-year 6% sinking fund
gold debentures, series A due 1958:
For each debenture of Southern Cities Utilities Co., with all coupons
maturing after Aug. 1 1932 attached, there is offered in exchange a
principal amount of Consolidated Electric and Gas Co. collateral trust like
gold
bonds,3%-6% B series, due 1962.
It is believed holders of the debentures who avail themselves of the
financially
exchange for secured bonds will thereby receive obligations of a
is
stronger company, in place of debentures for which no specific collateral
by only a very
pledged and the interest charges on which are being earned acquire a right
small margin. Furthermore, holders who so exchange will
stock of
to convert their bonds at any time into $6 cumulative preferredpreferred
Consolidated Electric & Gas Co., on the basis of 12 shares of such
amount of bonds.
stock for each $1,000 principal
of the
A study of the earnings figures likewise indicates that the holders
assumed by
Southern Cities Utilities Co. debentures, which in 1930 were the position
y improve
Southern Cities Public Utility Co. will substantiall
of their holdings by availing themselves of the opportunity of exchanging
Co. In
into the collateral trust gold bonds of Consolidated Electric & Gas
collateral
the first place there is much better protection, because of the earnings
new bonds. In the second place the ratio of net & Gas
trust feature of the
to fixed charges is very considerably higher for Consolidated Electric 60%
e, over
Co. than for Southern Cities Public Utility CO. Furthermor from foreign
was derived
ofthe earnings of Southern Cities Public Utility Co.Consolidated Electric &
sources, whereas only 11.6% of the earnings of
Gas Co. is derived from foreign sources.
of the Central
Consolidated Electric & Gas Co. is the principal subsidiary
under the
Public Utility Corp., both of which are new corporations formed
plan.
Cities Utilities Co.
Inasmuch as the position of holders of the Southern
the plan,through the
debentures is substantially bettered by participating in
delay, exchange
exchange of their securities. It is urged that they, without Md., with all
their debentures at the Baltimore Trust Co., Baltimore, be exchanged
1932, attached. Bonds will
coupons maturing after Aug. 1
for debentures without any interest adjustment.TrustiCo. for the
-account
There has been deposited with the Baltimore Gas Co. collateral trust
of holders an amount of ConsolidatedkElectric &toteffect the exchange of
gold bonds 3%-6% 13 series, due 1962, sufficient
Baltimorelarust Co.
debentures on the basis above-mentioned. The
gold bonds 3%-6%
will forward, upon receipt of debentures, collateral trust for the aggregate
of Consolidated Electric & Gas Co. the terms of the
B series, due 1962,
depositors are entitled by
amount of such bonds, to which
above offer of exchange.
d Electric & Gas Co.,
[Details as to the capital structure of the Consolidate in rates of payment
variation
together with the terms of conversion and the %-6%1B series, due 1962 will
collateral trust gold bonds 3 Public Service Corp. above.]
of interest on the
Central
be found in the readjustment plan of
-V. 135, p• 986.
-Pays Interest.
Texas Louisiana Power Co.
6% 1st mtge. bonds
company's
The receivers have informed holders of
deposited with Central Republic Bank
bonds, series A that funds have beenof the July 1 1932, coupons. Coupons
Trust Co. of Chicago for payment bank or at the Chase National Bank of
&
can be cashed either at the Chicago
New York.
expect funds will be available for payThe receivers also state that they
% 1st mtge. bonds, series B.
ment of Sept. 1 coupons of company's 5%
-V. 134, p. 2910.
-Earnings.
United Gas Corp.
ended June 30 1932 see "Earnings
For income statement for 12 months
Department" on a preceding page.
Comparative Balance Sheet.
June 30'32. Dec.31 '31.
June 30 '32. Dec. 31 '31. liabilities$
$
$
8
Assetsstock_x249,971,385 249,590.765
Investments- _337.356,238 330,531,278 Capital
1,006,987 2,206,909 Notes and loansy47,175,000 47,175,000
Cash
638,470 3,690,215 payable
Notes & Ins rec.
35,000
55,500
304,076 3,237.144 Contracts pay'le
Accts.rec., subs.
189,738
27,948
1,649 Accts. payable_
2,216
Accts.rec., other
800,821 1,236,852
Accrued accla
Unamort. debt
4,649,868 4,739,947
Reserve
discount & ex36,837,987 36,711,699
11,805 Surplus
212,500
pense
339,518,487 339,679,001
Total
339.518,487 339,679,001
Total
in liquidation $100 a share),
z Represented by $7 preferred stock (value in liquidation $100 a share),
449,801 shares;$7 second preferred stock (value
shares; option warrants to pur884,680 shares; common stock, 7,817,143)-s
equivalent to 4,864,967% shares.
chase common stock warrants outstanding are entitled to purchase one
Holders of option
limitation as to time at $33.33 1-3 per share
share of common stock withoutand each share of the company's $7 second
held,
for each option warrantaccompanied by three option warrants, will be
preferred stock, when
shares of such common stock in lieu
accepted at $100 in payment for three
of cash.
purchase warrants equivalent
There are also outstanding common stock
by United Gas Corp. as successor to
to 3,015 shares. These were issued into the corporation) and give holders
1931
a former subsidiary (merged in of common stock of United Gas Corp. at
the right to purchase one share
$18.66 2-3 per share and thereafter
any time, on or before Feb. 1 1933. at at $20 per share for each common
1 1938
at any time on or before Feb. company surrendered.
warrant of the
stock purchase
represents a demand note due Electric
y Of this amount, 325,925,000
bank loans due July 20 1933.
Bond & Share Co. and $21,250,000 represents
-V. 135, p. 631.
-Obituary.
United Gas Improvement Co.
Aug. 19 at Philadelphia, Pa.
Chairman Samuel T. Bodine died on
V. 135, p. 986.
-Off List.
United Public Utilities Co.(N. J.). p.3984.
-V.135.
above.
See National Public Service Corp.
-Defers Dividend Action.
West Coast Telephone Co. the quarterly dividend due Sept. 1
on
The directors have deferred action until a later date. The last regular
$25,
on the 6% cum. pref. stock, parwas made on this issue on June 1 1932.
Quarterly distribution of 1%%
-V.131, p. 2539.
INDUSTRIAL AND MISCELLANEOUS.
-American Smelting & Refining has
Price of Lead Advanced 10 Points.
3.40 cents a pound, New York. Lead
advanced price of lead 10 points to points to 3.25 cents al pound. Buying
at St. Louis has been advanced 10 York and St. Louis. Philadelphia
volume continues good at New
3.
"Financial Journal," Aug. 23. P• atives of anthracite minereand'operators
-Represent
Anthracite Pay Cut.
demand by operators and a
will meet in New York Sept. 6 to discuss a a's bard coal region. "Wall
general 20% to 40% wage cut in Pennsylvani
Aug. 23, p. 1.
Street Journal,"
1
30.-(a) Wage cut of 10%
Matters Covered in the "Chronicle" of Aug. unitslsale banned in Missouri
accepted by Potters' Union,p. 1237;(b) Stock is "unfair,and inequitable,"
er contends system
-State securities commission
of Commodities Finance Corpop. 1255:je) Plans developed for formation
other commodities
ration-To finance marketing of agricultural,andby Neir,York banks
subscribedaor
Note issue up to $50,000,000 to be
ty to be given
(d)Publici
Two subsidiary corporations proposed, 041261;
Finance.,Corporation under emergency
to loans made by Reconstruction it was intent of Congress to make data
-Clerk of House decides
relief act
ive,Rainey, p. 1265.
-Views of President Hoover and Representat
available
-Changes in Personnel
e Corp.
Air-Way Electric Applianc
of the board of directors,
Thomas 11. Tracy has been appointed Chairman of the Executive Comwhile C. 0. Miniger has been appointed Chairman
newly created positions.
mittee, both
succeed Pratt E.Tracy,
B.C. Milner Jr., has been appointed President to
-President in charge of sales
deceased, and T. R. Hill has been made Vice Mr. Milner was formerly
the board of directors.
and also appointed to
company.
Executive Vice-President of the the new executive committee consists of
In addition to Mr. Miniger,
C. Milner Jr., and Newton A.
W.I. Webb, G. D. Welles, L. G. Pierce, B.
-V. 135. 12.• 988.
Tracy.
Co.
-Usual Extra Dividend.
American Chicle
an extra dividend of 25c. a share and the
The directors have declared 50c. a share on the common stock, both
of
regular questerly dividend record Sept. 12. An extra dividend of the same
payable Oct. 1 to holders of
since and incl. Jan. 1 1930.-V. 135.
amount has been paid each quarter
1:.• 632.
Aug. 27 1932
Financial Chronicle
1494
.
Allied Mills, Inc.(& Wholly Owned Subs.) -Earnings.
Earnings for Year Ended June 30 1932.
Gross profit from operations after deducting all manufacturing
, expenses, incl. reductions of inventories to lower of cost or
$1,688,648
market
1,116,849
Selling expenses
321,765
ive expenses
Administrat
$250,035
Net profit from operations
263,032
Miscellaneous income
$513,067
Total profit
175,922
Depreciation
13,807
Interest & exchange_
69.845
to quoted value
Write-down ofinvestments
44,000
Provision for Federalincome tax
$209,493
Net profit
$0.22
Earnings per share on 948,931 shares capital stock (no par)__
Consolidated Balance Sheet June 30 1932
Liabilities
Assets$101,220
81,231,112 Accounts payable
Cash
61,712
189,906 Accrued liabilities
Marketable securities
44,353
Accts.& notes receivable_ _ __ a495.279 Provision for Federal Inc. tax_ c4,882,698
606,290 Capitalstock
Inventories
1,084,991
38,230 Surplus
Prepaid insurance,&c
374,176
Investments.&c
b3,233,256
Plant & equipment
Leasehold Improvements in
6,725
process of amortization-$8,174,974
Total
$6,174,974
Total
a After reserve for bad debts o $56,940. b After depreciation of
-V. 131, p. 1258.
C Represented by 948,931 no par shares.
$1,435,908.
-Earnings.
American Furniture Mart Bldg. Corp.1929.
1928.
Years End. Dec. 31Gross revenue
Oper.& admin,expenses,
taxes,&c
1931.
1930.
$1,856,918 $1,859,859 $1,843,263
711,083
671,539
620,146
x$1,008,780 $1,145,835 $1,188,320 $1,223,116
Net oper.income
529,479
515,083
498,950
482,359
Int.in funded debt
51,600
41,860
35,300
24,141
Federal income taxes_ _ _
$642,037
$631,376
$611,584
$502,280
Netincome
284,408
273,899
263,988
130.102
Preferred dividends__ -232,932
233,789
232,423
231,668
Deprec. on bldg. & equip
37,549
36,541
35,481
34,420
Amortization reserve...
$87,147
$87,146
$79,693
$106,089
Balance,surplus
Earns.per sh.on 400,000
$0.22
$0.22
$0.20
$0.22
shs. corn. stk.(par $5)
of
x Includes discount on company's bonds purchased for sinking fund
$42,555.
Balance Sheet Dec. 31.
1930.
1931.
1930.
1931.
$
$
Liabilities3
AMU
Preferred stock._ 3,690,200 3,761,100
Land, buildings,
2,000,000
dm_ _ _-x14,469,438 14,701,1013 Common stock- -_ 2,000,000 8,175,000
equity,
7,912,000
433,783 Funded debt
Deferred charges... 443,292
874,378
5.58,793
472,703 Deterred income
77,510
Cash
231,648
290,222 Capital surplus_
336,007
Receivables
6,288 P.& L.surplus.. _ 574,533 1488,443
4,822
Inventories
26,184
21,168
197,650 Accounts payable_
45,717
Investments
581,368
522,308
Accruals
85,300
Dividends payable
35,300
Prov.for Fed.tax.
84,011
97,786
Res.for conting__ _
15,378,786 18.101,732
15,378,786 18,101,732 Total
Total
x After depreciation of 31,564,738.-V. 134, p. 1026.
-Grants License.
American Rolling Mill Co.
The Stevenson Co., machinery manufacturer, amd Materials Handling,
Inc., both of Wellsville, 0., have been licensed by the American Rolling
Mill Co. to manufacture apparatus for shipping steel sheets in floating
-V. 135. P. 989.
packs.
-Earnings.
American Safety Razor Corp.
For income statement for 3 and 6 months ended June 30 see "Earnings
-V. 135, p. 632.
Department" on a preceding page.
-August Orders
American Writing Paper Co., Inc.
Increase.
Orders booked by this company in the first 20 days of August showed
a 50% increase over those in the like period of July, amounting to 2,700,000
pounds, against only 1,800.000 pounds in the earlier period. The company
-V. 135.
has a manufacturing capacity of 500,000 pounds of paper daily.
p 632.
-Sells Tank Car Fleet.
Armour & Co. (I11.).
-V. 134, p. 4326.
See General American Tank Car Corp. below.
Associated Co.
-Earnings.
Income Account for Year Ended Dec. 311931.
Net earnings after all charges & expenses, & after making
$82,782
provision for interest, taxes, &c
Comparative Balance Sheet Dec. 31.
1931.
1930.
LiabilUiesAssets
1930.
1931.
Cash
$67,871 Mortgages payable$2,277,908 $1,084.900
$33,325
87,951
14,123
Payable_
Accounts
Invests. In stocks
250.000
694.417 Notes payable...- 447,150
371,038
(market)
4
Accrued mtge. nt.
Invests. In bonds
2,453
5,936
19,583 payable
5,125
(market)
62.413
Real est.(at cost). 3,260.480 1,597,443 Reserve for deprec.
Reserve for Federal
Mtge.loans on real
10,620
554
estate
819,277 1,169,659 income tax
2,624
Accts.receivable- _
78,198 Deferred credits
31,457
1,173,730 1,173,730
Capital stock
Furniture & fixt_
171
565.666 1,028,580
Surplus
Int. recelv. (ma11,085
tured & accrued)
9.808
Deterred charges
19,422
Total
34,550,102 33,638,234
-V. 134, p. 4327.
Total
$4,550,102 $3,638,234
-Earnings.
Atlantic Refining Co.(& Subs.).
For Income statement for 6 months ended June 30 1932 see "Earnings
Department" en a preceding Page.
Comparative Balance Sheet June 30.
1931;
1932.
1931.
1932.
Liabilities
Assets
Plant account _x108,890,888 101.588,427 Common stock_ 67,416,050 87,418,050
14,000,000 15,169,884
Perm. Invests__ 11,045,013 11,460,457 Debentures_
648.047
Cash
5,149,774 4,996,150 Purchase oblig__
500.235 Cap. & surp. of
U.S. Govt.sec
.
60,247
13,517
Oth.market secs 1,037,341 2.191,020 minority int..
100,800
Accts.receivable 9,641,382 9,048,332 Notes payable.. 1,537,977
1,239,419 Accts. payable_ _ 4,710,265 4,859,348
Notes receivable
771,314
82.000
367,000
612,149 Fed. taxes (wt.)
Due from empl.
138,240
1,590
3,253
Inventories.. _ _ 25,097.282 24,664,258 Other curr. nab
563,955
386,745
Accr. liabilities
prepaid and de788,599
886,737
ferred Items_ _
880,919 1,140,520 Deferred items.
Other oper. res. 11,141,240 11,228,224
Other current
61,550,730 57,331,478
181,208 Surplus
210,008
assets
162,862,182 157,800.1 5
Total
182,862,162 157,600,175 Total
x After deducting 362,932.268 for depreciation and 34,142.819 for
-V. 135 p. 632.
depletion and amortization.
Financial Chronicle
Volume 135
-New Officers.
Asbestos Corp., Ltd.
Dr. C. W. Colby and Kennety Dawes both of Montreal, have been
named Vice-Presidents.
With the issuance of supplementary letters patent, reorganization of
the company has now reached completion. Certificates of new securities
will be mailed to security holders during the course of the next month.-V. 135, p. 1166.
-Transfer Agent.
Asbestos Mfg. Co. of Indiana.
Manufacturers' Trust Co. has been appointed transfer agent for the stock.
-Depositary.
Associated Chain Store Realty Co., Inc.
Manufacturers Trust Co. has been appointed depositary for the 6% sinking fund rent trust certificates soles of July 1 1928.-V. 127. p. 1950.
-Earnings.
Aviation Corp. (Del.).
For income statement for 6 months ended June 30 see "Earnings De-V. 135, p. 1333.
partment" on a preceding page.
-Earnings.
Backstay Welt Co.(& Subs.).
1931.
$223,417
245.838
$16,644
127,641
$26,080
22,326
$144.285
25,174
1,790
7,363
$3.754
Net profit
Other income
1930.
$265.646
249,003
1os422,421
48,501
Calendar YearsGross profit on sales
Selling and general expenses
$109.957
Totalincome
Discount on sales
Miscellaneous deductions
Federal income tax
Net income
Assets
Cash on deposit &
on hand
Notes & accounts
receivable
Inventories
Int. receivable_ _ _ _
U.S. bonds
Accruals receivable
Miscell. accts. &
notes receivable_
Investments
Plant at equipment
Cash val. life ins_ _
Treasury stock _ _
Patents &
Deferred charges- -
Consolidated Balance Sheet Dec. 31.
1931.
1930.
Notes payable_ $89,419 $101,502 Trade accts. pay-Amts, pay., miscell
142,247 Miscell. accruals-106,791
225,612 Federal income tax
148,904
Common stock_
1,995
Paid-in surplus_ _ _
65,998
5,001 Surplus from revel.
of assets
64,461
88,428 Earned surplus
95,760
95,467
286,144
280,012
10,900
9,337
36,482
37,431
9.262
13,353
1931.
$7,705
36,343
407.395
354,351
1930.
$15,882
54,460
9,036
22,371
7,363
398,058
354,350
85.708
9,901
85,708
47,955
17,918
1495
Comparative Balance Sheet June 30.
1932.
1932.
1931.
Liabilities
Assets
Cash
304,443
299,416 Notes payable_ _ 2,270,000
Accts. receivable_x7,811,480 8.100,299 Accounts payable_ 352,177
678,344
Inventories
906,987 Prov. for coining.
626,889
Pref. stock purch.
liability
from employees
30,720 Cony. 7% cumul.
1st pref. stock
1,947,500
Cash surr, val, of
166.014 6%% non-cumul.
life insurance_ _ _
180,877
2nd pref. stock_ 1,189,800
Prepaid ins., int..
y178,000
supp., &c
90,006
110,278 Common stockBurp. arising from
Net worth of Elrevel. of invest.
beco Realty Corp 1.737,310 1,662.988
in Elbeco Realty
236,317
283,392
Fixed assets
Corp
1,732,310
1
1
Surplus approp.for
pref. stock sink300,000
ing fund
Earned surplus- 2,442,103
1931.
2,500,000
358,457
613,563
2,169,500
1,189,800
178.000
1,657,988
225,000
2,667,785
11,038.779 11.560,096
11,038,779 11,560,096
Total
Total
x After allowance for doubtful accounts of $1,211,640. y Represented
by 150.000 no par shares.
-V. 135. p. 990.
Bearings Co. of America.
-Earnings.
1928.
Calendar Years1929.
1931.
1930.
Gross profit
$458,201
$32,118
$494,336
Net loss after deprec. and
123,983xprof279.171xprof254,327
patent amort., &c.._ _ _
$125,244
147,097
Pref. dividends paid_ _
136,666
110,267
x After deducting Federal taxes.
Balance Sheet Dec. 31.
1930.
1931.
1931.
LiabilitiesAssets1930.
Real estate, plants,
First pref. stock_ _$1,534,000 $1,534,000
567,000
&c. (less depr.).$1,375,749 $1,444,863 Second pref. stock 567,000
252.425
.
209,395
167,596 Common stock _ _ 252,425
Cash
19
25,967
29,640 Accounts payable..
Accts.& roy. rec
1,334
1,253
162,368 Accrued accounts_
Inventories & supp 103,800
9.000
2.755
4,519 Fed.income taxes_
Prepaid insurance_
Surplus
77,020
203.357
Securities owned
4,676
8,601
(leas reserve)
332,732
Patents (less depr.) 292,502
140,501
140,501
Good-will
276,295
276,295
Sinking fund
$2,431,698 $2,567,135
Total
-V. 132. P. 1995
.
Total
52,431,698 $2,567.135
Beatty Bros., Ltd.
-Acquires Louden Business in Canada.
Calendar Years
Manufacturing gross profit
Sales, administrative & other expenses
1931.
1930.
$346,295
143,734
Profitfrom operations
Depreciation
$71.937
43,829
$202,561
Profit from operations
Other income
$28.108
14,538
8202,561
15,821
The Louden Machinery Co. of Canada, Ltd., together with the parent
company, the Louden Machinery Co. of Fairfield, Iowa, with offices at
Guelph, Ontario, Canada, have decided to discontinue sales and manufacturing operations in Canada. They have made arrangements with Beatty
Bros., Ltd., of Fergus, Ontario, to take over their entire stock of material.
jiggs, dies and patterns. The deal gives Beatty Bros. the right to all
Louden patents in Canada and permission to use the Louden name for a
period of 99 years.
It is understood that Beatty Bros. will continue to manufacture the
complete line of Louden hay tools, water bowls, manure carriers, cow stalls,
industrial conveyor systems and other hardware specialties. Beatty
Bros. have a Dominion-wide sales and distributing organization and it is
claimed that the addition of the new lines will have a tendency to lower
manufacturing and distribution costs. (Toronto "Financial Post.")
V. 134, p. 3278.
Total income
Income charges
Federal income tax
$42,646
43,949
$218,381
46,940
20,585
Bessemer Limestone & Cement Co.
-Protective Committee.-
$919,320
Total
-v. 133, p. 1770.
$995,186
Total
$919,320
$995,186
-Earnings.
Baldwin Rubber Co.
Net loss
Dividends
$1,303prof$150,856
74,069
74,725
Deficit
$75.372surn.376,131
Balance Sheet Dec. 31.
Assets
1931.
1930.
Liabilities
1931.
1930.
Cash
$139,004
$73,481 Notes payable_
$156.200
Marketable occurs.
5,000 Acets.pay. for purAccts.& notes rec
89,530
98,056
$19,931
cha-ses,exps..&o_
38,171
Accrd. int. receiv_
227
Automobile conMolds,&c..charge1,140
tracts payable_
able to customers
3,890
Accrued accounts_
14,211
16,701
1,100
Investment
Fed. Income tax_ _
20,585
100,444
123,625 Land contr. pay__
Inventories
18,315
25,645
Value life ins. pol_
1,141
852 Mtge. on Owosso
74,450
real estate
Land
12,500
13,500
344,915 Bee.for exp.in conBldgs., mach.& eq x459.928
5,517
nection with liquiPrepaid insurance_
Prep'd fact'y supp.
3,814
dation of Mich.
Prepaid taxes
893
Rubber Co
1,200
Class A cony. pref.
Deferred charges
9,400
58,799
stock
Advs. to attn. co_
245,775
248,275
Class B stock
Land & fact. bldgs.,
100,690
100,690
31,367
Owosso, Mich_ _
29,000 Surplus
260,268
373,078
Deposits in banks
2.846
closed
9,589
Patents
1
1
Good-will
$848,469 $818,405
Total
Total
x After depreciation of $198,282.-V. 134, p. 1766.
$848.469
$818,405
-Earnings.
-Barnet Leather Co.
For income statement for 3 and 6 months ended June 30 see "Earhings
-V. 135, p. 130.
Department" on a preceding page.
-Earnings.
Belding Heminway Co.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
The balance sheet as of June 30 1932 shows total assets of $4,738,969,
comparing with $7,834,016 on June 30 1931. Current assets, including
$1,220,025 cash and United States Government securities, amounted
to $2,517,435, and current liabilities were $94,391. This compares with
cash and marketable securities of $1,698,482, current assets of $4,433,845,
and current liabilities of $51,779 on June 30 1931. Capital stock con-V. 135, P. 130.
sists of 415,032 no par shares of common stock.
(Ludwig) Bauman & Co. (&
1932.
1931.
1930.
Year End. June 301929.
$11,820,728 $13,666,794 $11,751,559 $11,238,347
Net sales
10.101,137 11,302,222
9,677,086
9,074,728
aCost of goods sold
135,495
129,818
139,012
Deprec. on buildings..
135,650
Prof. from redemp. &
resale of Elbeco Realty
Cr27,450
& notes-Corp. bonds
Bad accts. writ. off &
1,173,554
1,133.862
941,902
provided for
878,944
418,267
445,554
473,822
454,576
Interest paid
15,765
79,507
51,767
71,309
Prov. for Fed. inc. tax
145,372
161,436
202,067
Subordinated bonuses_
$49,330
$385,090
$306,534
$421,074
Net profit
Earns. per sh.00 150,000
shs. com. stk.(no par)
Nil
$1.03
$0.49
$1.17
after allow.for prof.divs
a Including selling, operating, administrative and other expenses, less
(exclusive of officers' and employees' bonuses submiscellaneous income
ordinated by contract to dividends on 1st pref. stock).
-Earned surplus, surplus
Consolidated Surplus Account June 30 1932.
balance July 1 1931,
arising from revaluation and appropriated surplus,or
par value over cost
$4.550,774; not income (as above), $49.330; excess
surplus, 84,673.597;
of 1st pref. stock purchases, $73,493: total dividends paid on depreciation
let and 2d
chargeable to revaluation surplus. $4,506;
pref. stock. $194,678; balance June 30 1932. $4,474.413.
Following up the default on the interest on its bonds Aug. 1, bondholders have organized a protective committee to work out the financial
affairs of the company.
Announcement of this action was made Aug. 22 by William R. Daley
of Otis & Co., who has been appointed chairman of the committee. Other
members are: Col. Frank A. Scott, fiscal director of Western Reserve
University; R. C. Steese, director of the Union National Bank of Youngstown; John R. Rowland, President Mahoning National Bank, Youngstown.
and John W. Ford, attorney, Youngstown.
According to a letter sent out by the committee to bondholders the
default in interest was due to a decline in the volume and price of the company's product. "It is hoped," says the letter,"that the affairs of the company can be worked out without the necessity of a reorganization, merger
or sale of the assets."
The holders of the bonds are requested by the committee to have them
deposited with the Dollar Savings& Trustee.,Youngstown,or the Guardian
Trust Co., Cleveland, by Sept. 15.-V. 135. p. 1333.
-Defers Dividend.
(Geo. E.) Breece Lumber Co.
The directors recently decided to defer the quarterly dividend due Aug.1
on the 7% cum. pref. stock, par $100, of the McKinley Land & Lumber Co.
The last quarterly distribution of 1%% was made on this Issue on May I
1932.-V. 123, p. 2000.
Bush Terminal Buildings Co.
-Meeting Postponed.
The company announced that the dividend meeting scheduled for Aug.25
has been postponed until Aug.30. The last previous quarterly payments on
the 7% preferred stock was made on July I.
-V. 134, p. 4665.
Cabot Manufacturing Co.
-Earnings.
Calendar Years1929.
1931.
1930.
1928.
Net prof.after all charges
$181,653
$349.213
$267,972
$79,711
Earns, per sh. on 20,000
shs. capital stock_ _
$9.08
$17.46
$3.98
$13.39
Comparative Balance Sheet Dec. 31.
Assets
1931.
Liabilities1931.
1930.
1930.
Real est. & mach.,
Capital stock
$2,000,000 $2,000,000
water power rta.
Accounts payable_
64,985
56,512
& developmls_x$2,330,490 82,363,923 Reserve for Fed.
Inventory, notes &
income taxes__ _
12,083
26.192
accts. receiv.and
Res.for conting'ies 200,000
200,000
cash'
1,231,874 1,274,583 Surplus
1,291,159 1,361,312
Prepaid ins. & int_
5,863
5,509
Total
$3,568,227 $3,644,016
Total
x After deducting depreciation.
-V. 134, p. 3640.
$3,568,227 $3,644,016
Canada Cement Co., Ltd.
-Defers Dividend Action.
The directors on Aug. 25 decided to defer action on the quarterly dividend
due Sept. 30 on the 6%% cum. pref. stock. par $100. The last regular
quarterly distribution of 1%% was made on this issue on June 30.-V. 134.
p. 1377.
Cedric Apartments, Washington, D. C.
-Sale and
Distribution.
The committee for the protection of the holders of bonds sold through
the F. H. Smith Co. (George E. Roosevelt, Chairman), in a letter dated
Aug. 24 to depositors of first mortgage 7% bonds, states:
4116
The Cedric Apartments property was sold at public auction on June 30
1932 by American Security & Trust Co., the successor trustee under the
mortgage securing these bonds, Prior to that time the committee had
organized Cedric Corp. for the purpose of bidding for the property at the
trustee's sale. Competitive bidding developed at the sale, there being
five separate bidders in addition to Cedric Corp. and the property was
finally bid in by Rebecca Young for $89,000, as the committee did not consider it advisable to cause Cedric Corp. to bid a larger amount.
From the proceeds of the above sale, after the deduction therefrom of
the expenses of the sale and the other charges prior to the bonds, the committee has received from the successor trustee $69.3149 on account of each
$100 in principal amount of deposited bonds having attached thereto
coupons of the June 15 1930 and subsequent maturities. This amount
is available for distribution among depositors of such bonds and for the
payment of the expenses and compensation of the committee, of its counsel
and of the depositary and sub-depositaries.
Financial Chronicle
1496
The committee is now distributing $62 in cash for each $100 in principal
amount of such deposited bonds. All holders of certificates of deposit
representing bonds of Cedric Apartment Co., secured by the Cedric Apartments, Washington, D. C., should send in immediately their certificates
of deposit, endorsed in blank, to the depositary, Irving Trust Co., corporate trust division, 1 Wall St., N. Y. City. Upon receipt of such certificates of deposit, the depositary will transmit by mail to the record holder
of each certificate of deposit, at his address appearing on the books of the
depositary, a check made out to his order in the amount payable thereon,
as above stated. In the event that any depositor desires that his check
be made payable to a person other than the record holder of the certificate
of deposit, the signature of the record holder endorsed upon the certificate
of deposit must be guaranteed by a bank or trust company having an office
or correspondent in N. Y. City, or by a brokerage firm having membership
on the N. Y. Stock Exchange, or clearing house of the N. Y. Curb Exchange.
-V. 134, p. 4498.
Central Life Insurance Co., of Illinois.
-Acquisition.
This company has taken over the business of the Security Life Insurance
Co. of America, which went into receivership on April 18. The latter concern has 30,000 policyholders and $55,000.000 of insurance in force, it is
stated.
Chevrolet Motor Co.
-Gain in Sales.
The company showed an increase of 16% in the sale of new cars and trucks
in the first ten days of August over the same period of July.
In the above period dealers' stocks of used cars were substantially reduced and stocks of new cars in the field also showed a slight recession.
V. 135,p. 1334. •
Net income
Interest paid
Depreciation
Federal tax
1287.484 loss$114,664
21,040
34,200
273,097
387,370
Net inc. for year----loss$120,926 loss$421,963
Dividends paid
Net profitfrom operOther income,net
$353,159
17,288
$344,265
$419,145
$472,623
29,827
1364,286 $1,174,201
221,202
217,936
Income before Federal
income taxes
Prov. for Fed. inc. tax
Other expenses(net)_
$370,446
45,300
62,163
1344,265
32,760
53,496
$419,145
33,000
5,789
$502,451
39,304
$582,222 $1,395,403.
133.088
63,918
276,471
262,482
94,920
Net income
Reserve for contingency_
Dividends paid
$262,983
$258,010
$380,356
227.634
236,380
229,769
$463,146
19,245
170,700
1186,652
573,750
Balance,surplus
Earns, per sh. on combined cl. A & B stock_
$35,349
$21,630
$150,587
$273,201
1960,095
10,781,247 11,593.566 Total
10,781,247 11,593,566
Total
x Properties owned in full, $7,418,400; equities in gins and mills,
$1.069,493; total.$8,487.893,less reserve for depreciation,12.681.236.-V.
133,p. 1130.
-Sales.
(C. F.) Church Mfg. Co., Holyoke, Mass.
Sales during the first two weeks of August exceeded the total sales for the
previous five months. The company's two factories at Holyoke, Mass.,
and Brattleboro, Vt., are now operating on full time. These plants for
several months past had employed their several hundred workers on a two
or three day schedule.
Treasurer R. A. Witherell states that the sharp upturn in orders was the
direct result of a new merchandising policy. Realizing that many thousands
of homes needed the products of the Church company. notably in the toilet
seat line, it was decided to offer buyers an extra inducement in the form of
other merchandise.
"Our sources of raw materials such as brass, sheeting, lumber, cartons,
screws, &c., have in turn put on additional help," Mr. Witherell said.
-V. 127, p. 3095.
-Dividend Deferred.
City of Paris Dry Goods Co.
The directors have decided to defer the quarterly dividend due Aug. 15
on the 7% cum. 1st pref. stock, par $100. The last regular quarterly dividend of 1X% was paid on this issue on May 15 1932.-V. 122, P. 3458.
-Earnings.
-(D. L.) Clark Co.
Income Account for Year Ended Dec. 31 1931.
Netsales
Otherincome
$3,114,480
32,338
Totalincome
Material and manufacturing costs
Other expenses
$3,146,818
2,323,593
447,664
$375,562
1,309,798
12,951
Net profit
Surplus Jan. 1 1931
Surplus adjustments (net)
$1,698,311
70,839
375,000
Totalsurplus
Federalincome tax, 1930
Dividends paid 1931
$1,252,472
Balance surplus
Jan. 1 1932.
Liabilities
Current liability
1st mtge.6% gold bonds
Capital stock
Surplus
$17,125
995,000
300,000
1,252,472
$2.564,597
$2,564,597 Total
Total
x Less reserve for depreciation of 1645,572.-V. 134, p. 4498.
Cleveland Worsted Mills Co.
-Earnings.
Calendar YearsGross income from sales
Int. earned & other inc-
1931.
1930.
$306,303 los497.821
14,150
26,879
1929.
1560,388
34.391
1928.
1120,699
25,278
Total income
Selling, general & admin.
exp., & other charges
against income
Interest charges
Maintenance 84 repairs
Reduc. of inven. value
Allowance for deprec
$320,453 def$70,942
$594,778
$145,977
519,897
148,289
141,661
483,774
118.404
130,939
463.278
468,081
652,949
158,355
217,064
a950,445
461,436
$341,483 $2,294,127
Net loss
a To the lower of cost or market.
Clorox Chemical Co.
-Earnings.
1929.
1504,025
31,402
$387,099 sur$960,095
$120,926
$421,963
;8,105,945 $8,873.043 $9,390,872 $9.865.453
Balance Sheet June 30.
1932.
1931.
1932.
1931.
LtabilUiesAssets$
660,154 1,273,324 Cap.stk.(par $10) 2,550,000 2,550,000
Cash
66,971
124,260
40,000 Accts. payable.
Due from banks
58,332
46,262
209,673 Res. for taxes..- _
127,025
Accts.receivable
Cap. Burp, arising
Notes receivable-- 107,880
from revel. of
Cash.surr. value of
seq. of prop-- - 4,410,591 4.530,321
officers' life ins.
3,695,354 4,342,722
58,514
51.727 Earned surplus
policies
24,283
154,330
Interest accrued-1,827,661 1,379.749
Inventories
Izivestm'ts & loans 2.147.820 1,957.344
Real estate, mills,
gins, &e
x5,806,657 6,518,318
9,098
Organization exp.
9,098
Deferred charges
12.156
416.077
28,795
For income statement for 6 months ended June 30 see"Earnings Department" on a preceding page.
Current assets, as of June 30 1932, including $600,678 cash, totaled $1,349,635 and current liabilities were $318,872. This compares with cash
of $307,881, current assets of $1.011,085 and current liabilities of $352,894
on June 30 1931.-V. 134, p. 4329.
1930.
$455,744
36,599
Balance, deficit
Total surplus
Balance Shee
Assets
$352,826
Cash
Cash surrender value, life ins.
25,496
policies
107,229
Accounts receivable
Inventories
207,981
223
Sinking fund
Investments
810.000
Land, bldg.&equipment--.x1,463,354
Good-will
62,500
Organization expense......
18,315
16.670
Deferred charges
Claude Neon Electrical Products Corp., Ltd., of
Delaware.
-Earnings.
-
1931.
$381.428
37,163
1929.
Years. End. June 301932.
1931.
1930.
Sales and gin
$8,773,080 $12,971,781 $23,743,388 $25.189,431
earnings_Cost of sales, operating
and adminis. expenses 8,716.803 13,454,960 23,379,102 24.015,230
$56,276 loss$483,179
231,208
368,515
$5,793,067 $7,658,501
Total
Total
$5,793,067 $7,658,501
a After allowances of $4,510,563 for depreciation, obsolescence, &c.
b After deducting reserves for doubtful, discounts, &c. c $300,000
additional was borrowed on Jan. 2 1931. cl $100 par.
-V. 134, p. 332.
Years Ended June 30
- 1932.
Gross profit from oper_ $387,857
Depreciation
34,698
Chickasha Cotton Oil Co.
-Earnings.
-
Net profit
Other income
Aug. 27 1932
Condensed Balance Sheet Dec. 31.
1931.
1930.
Assets1930.
1931.
Cash
$210,182
$6,222 Notes payable41,200,000
Customers' notes,
Accounts payable_ $14,770
281,312
trade accept. &
Deposit and credit
30,734
25,801
accts. receiv___ 6459,311 1,255,219 balances
Merchandise inven 1,021,168 2,073,822 Unpaid salaries &
7,778
36,827
Plants & equip_a4,082,109 4,271,832
wages
45,805
95,118
Prepaid expenses_
51,406 Accrued taxes....
20,298
Capital stock.--- 2.000,000d14,322,000
sur3,693,979 8,302,557
Deficit
1878,347 $1,055,222
Assets
Cash on hand__ _ _
Stocks & bonds...
Sub, cos,invest, in
cap. stock. of
Clorox Chemical
Co
Accr. lot. reedy..
Notes & accounts
receivable
Inventories
Plant equipment &
real estate
Trade-marks
Deferred charges. _
Adv.& devel. costs
$2.31
$4.07
$2.18
$3.28
Balance Sheet June 30.
1932.
1931.
1931.
Liabilities1932.
$94,160
$95,888 $204,932 Accounts payable- $116,412
58,828
41,263 Dividend payable_
55,250
8,673
34,500
45.000
Fed.income taxes_
x1,219,607 1,298,806
Capital stock
286,422
338,574
Surplus
45,182
3,305
2,036
468,655
133,749
429,154
53,558
354,095
300,188
45,295
319,812
340,906
300,188
50.868
349,812
Total
$1,774,843 51,772.717
$1,774.843 $1.772,717 Total
x Represented by 113,756 no par shares.
-V. 133. p. 4163.
(Dan) Cohen Co.
-Earnings.
Income Account for 13 Months Ended Jan. 31 1932.
Profit for year
Balance Jan,1 1931
175,985
86,881
Total surplus
Dividends paid
$162,866
60,800
Surplus
Balance Sheet Jan. 31 1932.
AssetsLiabilities
Cash
836,676 Accounts payable
Accounts receivable
20,604 Accrued accounts
Inventories
355,055 Federal Income taxes
Claims receivable
839 Common stock
Dep. with public utility cos..
305 Paid-in surplus
Prepaid accounts
4.578 Earned surplus
Furniture & fixtures at cost-x28,378
Leasehold improvements.... 735,345
1102,066
$19,366
13,461
11,114
z304,000
31,774
102,066
Total
$481,783
$481,783 Total
x Less allowance for depreciation of $14,122. y Less allowance for
amortization of $16,336. z Represented by 38,000 shares of no par stock.
-V. 128, p. 4009.
Cohn & Rosenberger, Inc.(& Subs.).
-Earnings.
-Calendar YearsGross profit
General expense
Selling expense
1929.
1931.
1930.
$714,893 $1,040,991 $1,247,099
721,268
645,318
558,407
410,303
287,954
220,161
Consolidated net operating profit-loss$63.675
Other income
42,948
Total income
loss$20,727
Other charges
31,346
Federal and Canadian income taxes..
2,114
$107,719
37.548
$115,528
57,586
$145,267
28.248
10,929
$173,114
45,147
12,145
Consolidated net profit
loss$54.187
Adjusted consolidated surplus Jan. 1- 1,200,838
Excess reserve for income tax
1,249
Refund of 1929 U. S. income tax
1,687
Unused balance of reserve for contingencies credited back to surplus
$106,090
1,161,434
1115,822
1,048,991
5,387
Total surplus
$1,149,587 $1,267,524 $1,170,200
Provision to reduce marketable se188,166
66,360
curities to market value
8,766
Additional Dominion income tax Paid
325
42,321
Adjustment for Canadian exchange
Consolidated Burp. bal., Dec. 31_. $919,101 $1,200,838 $1,161,434
Earnings per share on 160,000 shares
Nil
common stock (no par)
10.66
10.72
Consolidated Balance Sheet Dec. 31.
LiabilitiesAssets1931.
1930.
1930.
1931.
Cash
$132,361 $244,042 Trade accts. payMarketable secure 496,842
488,485 able
$59,303
$69,213
Sundry accts, and
Accrued interest on
1.595 commistens pay_
82,969
51.931
bonds Purchased
4,660
Accts.receivable-- 370,637
569,065 Reserve for income
taxes
2,114
Advances to for12,178
elan mfg
64,946 Common stock....z1,131,500 1,131,500
32.589
Mdse. Inventory
380,481 Surplus
919,101 1,200,888
326,071
Sundry investmla
14,457
15.523
Mans receivable-42,043
32.933
Claim-Ilk.0! U.S.
528
290
21,175
Treasury stook_ x42,422
Fixed assets
645.285
y620,051
2.665
Deferred charges-1,493
Total
$2,144,9813 12,465,662
$2,144,987 $2,465,862 Total
x 5,406 shares at cost. y After deducting depreciation of $201.508.
z Represented by 160,000 shares of no par value.
-V. 132, p. 4062.
Volume 135
Financial Chronicle
Columbus Auto Parts Co.
-Preference Dividend.
-
The 50
-cent quarterly dividend due Sept. 1 on the $2 convertible cum.
preference stock of no par value will be paid to stockholders
of record
Aug. 24 by the parent company, the Electric Auto-Lite Co. in accordance
with the latter's guarantee agreement. Previous quarterly dividends
have
been paid by the Columbus Co.
Dividends for a period of five years from Dec. 1 1928 are
unconditionally
guaranteed by endorsement, by the Electric Auto-Lite Co.
-V.128, p. 1404.
Commercial Credit Co.
-Omits Common Dividend The directors on Aug. 25 decided to take no action on .
the
dividend on the no par value common stock at this time
but declared the regular quarterly dividends on the
and 7% 1st pref. stocks,8% class B pref, and the $3 6M%
cony, stocks, payable Sept. 30 1932 to holders of class A
record
Sept. 10 1932.
On June 30 last a distribution of 12
per share was
made on the common stock, as against 25c. per share on
March 31 1932, 40c. per share on Sept. 30 and Dec. 31 1931,
and 50c. per share each quarter from March 30 1929 to and
incl. June 30 1931.
The company issued the following statement:
In view of the approaching dull season and the continued
decline in
current volume of lousiness and reduction in amount of
receivables out,
standing, which will probably show no material improveme
March, the directors decided to take no action on the nt before next
dividend on the
common stock at this time.
-V.135. P. 1167.
Commercial Investment Trust Corp.
-Regula
The directors have declared the regular quarterly dividendsr Divs.share on the common stock, $1.75 on the 7% 1st pref. stock of 50c. per
and $1.62M
on the 634% 1st pref. stock. The usual quarterly
preference stock, optional series of 1929, has been dividend on the cony.
declared at the rate of
1-52d of one share of common stock, or at the option of
the
at the rate of $1.50 for each convertible preference share. holder in cash
are payable Oct. 1 to holders of record Sept. 6 1932. Like All dividends
amounts were
paid on July 1 last.
The corporation at least five days before
cony, preference stockholders notice of the such record date will mail to
dividend on their shares, together with a form of written order which must be executed
and filed with
the corporation on or before Sept. 16 by any cony,
holder desiring that his dividend be paid in cash rather preference stockthan in common
stock. The transfer books will not close. Checks, stock
certificates and
scrip will be mailed.
-V. 135, p. 1167.
Commercial Solvents Corp.
-Changes Dividend
Policy.
The directors on Aug. 24 declared a dividend of 30
outstanding common stock, no par value, payable on cents a share on the
Dec. 31 1932. instead
of the usual quarterly dividend of 15 cents a share heretofore
declared and
payable on Sept. 30.
r The directors, in fixing a semi-annual instead of a quarterly period
for
future dividend distributions, have been actuated by the
saving to the corporation of time and money for the preparatio substantial
n and mailing of dividend checks.
1, The number of stockholders of record is now in excess of
27,000 and the
steadily increasing number of small share holdings
makes
tributing dividend checks (further augmented by the the cost of disincrease and the new tax on checks) execssive in proportionrecent postage
to the amount
of the dividend involved in thousands of instances.
-V.135, p. 633.
Consolidated Rock Products Co.(& Subs.).
-Earnings.
Calendar Years1931.
1930.
Not sales
sales, incl. of sell. & adminis. expenses__ _ $3,657,326 $4,331,488
Cost of
2,728,276
3,704,817
Operating profit
$929,050
$626,671
Other income, incl. profit of controlled company_ _
96,977
23,107
Total income
$1,026,027
$649,778
Interest on bonds
203,997
225,175
Depreciation
829,420
950,295
Depletion of deposits held in fee
32,435
.Aniortization of deposits held on lease
41,733
Amortization of bond discount & expense
20.261
20,399
Net loss
$27,650
$620,259
Dividends paid
262,500
Deficit for year
$27,650
$882,759
Condensed Consolidated Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
$
Cash
328,703
188,755 Accts. payable &
Accts.& notes rec. 267.584
523,082
accrued Items_ 196,694
350,259
Inventories
108,355
121.284 Bk.111, unsecured,
Prepaid Items-110.840
140,084
pay, on demand
100,000
Accts. & notes rec.
Notes & contracts,
la after 1932
67,148
payable
49,511
Int. In net worth
253,090
Prov. for amts.
of controlled co_
70,218
denting. payable
56,725
Bonds of sub. cos.
Notes & contracts
purchased
55,700
due after 1932._
27,000
76,511
Inv. In control. co.
53,778 Funded debt
3,174,000 3,837,000
Lands, fee .47 lease
Min. Int. in stock
deposits, plants,
of sub. co
289
503
structures, maPreferred stock
1,800,000 7,500.000
chin. & equip 4,116,211 13,371,546 Common stock
xl
794,910
Other assets
259,944
355,615 Surplus
24,784 2,091,571
Total
5,329,003 14,809,844
Total
5,329.003 14,809.844
x Represented by 397.455 (no par) shares reduced Oct. 1
1931 to $1.V. 133, p. 2606.
Constitution Indemnity Co., Philadelphia.
-To Vote
on Merger.
A special stockholders meeting has been called for Sept. 19 to
vote
the consolidation of the company with Lloyds Casualty Co.and the upon
Detroit
Fidelity Surety Co.
The three companies will be consolidated with a newly formed
to be known as Lloyds Insurance Co. of America. Reinsurance company
agreements
with the three companies have already been consumated, under
insurance in force has been assumed by the Lloyds Insurance Co. which the
of America.
In the event of approval of the consolidation plan, the
Constitution Indemnity Co. will vote upon the manner ofstockholders of
stocks of the new company to stockholders of Constitution distribution of
Indemnity Co.
(Philadelphia "Financial Journal.")
-V.134, P. 4499, 4162.
Consumers Credit Service, Inc.
-Bonds Offered.
Formal public offering of the initial $1,000,000 series of an
authorized issue of $5,000,000 6% profit sharing debentur
e
bonds is being made by Consumers Credit Service, me.,
through its own securities subsidiary, Credit Service Associates of New York, Inc., at par ($100).
p The company, with headquarters in Baltimore, Is closely indentified with
Credit Service, Inc., one of the leading industrial banking institution
s
operating a chain of 17 small loan banks, in that the management of
companies is practically the same. H. E. Whitelock, President of both
Credit
Service, Inc., is Chairman of the board of Consumers, and W. H. Bishop
easurer of Credit Service is President.
Jr.
'f'roceeds will be used as working capital in the establishment and acquisition of small loan offices in sections where demand is said to be acute for
industrial banking service. Loans are made to deserving borrowers is
amounts not exceeding $300. under what is generally known as the Uniform
Small Loan Law.
The bonds are a direct obligation of the company secured by its entire
assets and enjoy an additional security of an investment of s550,o0o,
1497
heretofore made in the capital stock of the company,
providing an immediate
underlying security.
Capitalization of the company consists of 6% debenture
July 1 1962, series A, B, C, D and E, with profit sharingbonds maturing
certificates attached, of which there are $5,000,000 authorized;
(par $10), of which $1,000,000 is authorized and 69' cum. pref. stock
$850,000 outstanding;
cum. pref. stock (no par), entitled to $1 dividend of
which
authorized 100,000 shares and 200,000 shares of (no par) there have been
common stock.
Profit sharing certificates which accompany the bonds entitle
holders to
not1 ess than one-third of the net profits, a feature of Credit
which have paid a profit sharing of4% annually since their Service bonds,
issuance in 1923.
The bonds also carry warrants entitling original bond
holders to purchase
within six months from date of bond purchase two shares
$10 per share for each $100 par value of bonds held, withof pref. stock at
additional warrants for bondholders exercising pref. stock warrants
purchase at any time after July 1 1937. two shares of entitling them to
common stock at
10 cents per share for each $100 par value of bonds.
The company agrees
to maintain a customers' market at par less 2% brokerage,
holding bonds 18 months or over, and also will accommoda to customers
te
with loans up to 75% of the face value of bonds at 6% interest. bondholders
Credit Service, Inc. announces that with the
sharing payment on Sept. 15, its bonds will have semi-annual 2% profit
returned to original investors a total of95% in profit sharing and int. payments.
-V. 135 p. 1169
Continental Roll & Steel Foundry Co.
-Earnings.
-
Condensed Income Account for Year Ended Dec.
311931.
Net profit from operations for the year
$518,726
Depreciation
396,096
Net profitfrom operations
122,630
Miscellaneous income
28,425
Total income
$151,055
Miscellaneous deductions
38,731
Interest charges
225,913
Net loss before amortization of bond discount &
expense
$113.590
Balance Jan, 1 1931
138,709
Total surplus
$25,119
Preferred dividend
105.000
Deficit
$79,881
Balance Sheet Dec. 31 1931.
Assets
Liabilities
Cash
$762,278 Accounts payable
$24,781
Accounts receivable
287,499 Accrued liabilities
74,122
Due from officers & employees
1,466 1st mtge. cony,sink.fund 6%
Inventories
685,524 gold bonds, series A, due
Unexpired insurance, adJune 1 1940
3,575,000
vanced commissions,&c- _
30,768 Reserves
211,085
Sundry receivables & Invests_
214,767 7% pref.stock
3,000.000
Fixed assets
8,681,317 Common stock
x3,240,000
Capital surplus
608,512
Deficit
79,640
Total
810.663,621
Total
810,663,621
it Represented by 216,000 shares no par.
-V.131, p. 1261.
Cooper River Bridge, Inc.
-Adjustment Plan.
-
Expecting that the company will be unable to
Nov. 1 1932 on its issue of $3,244,500 1st mtge. meet the interest due on
sinking
an adjustment committee headed by R. Miles Warner offund 69' bonds,
H. M. Byllesby
& Co., Chicago, has prepared a plan of adjustment.
The plan calls for
payment of interest partly in cash and the balance in scrip
beginning Nov.1
19:32, and continuing to May 1 1937 It is planned
will be made at the rate of 2% until such time as that the cash payment
the company's income
permits resumption at 6%.
The adjustment committee consists of R. Miles Warner,
(of H. M. Byllesby & Co.), Chicago; Charles H. Bliss (of E. Chairman
& Sons, Inc.), Chicago; Arthur 14. Gilbert (of Spencer Trask & H. Rollins
Co.), New
York;James B.Van Vleck (of Central Republic Co.), Chicago, and
Condit (of Winston, Strewn & Shaw). Chicago. Committee J. Sidney
Winston, Strewn & Shaw, Chicago. Communications should counsel are
be addressed
to the Chairman at Room 1100, 231 South La Salle St., Chicago.
The committee, in a letter dated Aug. 22, to the holders
of the bonds, states in substance:
Cooper River Bridge. Inc., has outstanding with the public $3,244,500
first mortgage bonds, on which all interest coupons previously maturing
have been promptly paid. Although net income before bond interest,
depreciation and Federal taxes, from the opening of the bridge,
1929, to date of last coupon payment, May 1 1932. amounted Aug. 8
67.37% of total interets charges for the period, the company wasto only
able
obtain from its surplus working capital the additional funds necessary to
to
meet its requirements. This working capital was supplied by the
original
financing of the company.
The next payment of interest is due Nov. 1 1932,in the amount of
$97,335.
Cash resources of the company on Aug. 15 1932 amounted to
only
and it is estimated that this sum will not be sufficiently increased151.477.
prior to
Nov. 1 1932 to permit full payment of interest on that date. It is also
estimated that, while the company might be in a position to meet the payment Within the grace period of 30 days after Nov. 11932, such a disbursement would entirely exhaust the cash resources of the company, without
any provision being made for certain contingent tax liabilities, pending
legal services or possible emergency expenditures. Thereafter, unless
earnings should rise to a height which cannot reasonably
the company would be faced with the prospect of a default onbe expected,
1933
which it could not hope to remedy within the ensuing period May 1days.
of 30
Even if earnings from lskivember 1932 to May 1933 should approximat
e
the level of the most satisfactory six months' period to date, they would
not be adequate for the payment of interest in May 1933 at the present
rate. Default would undoubtedly precipitate a receivership and
probably entail a total interruption of interest payments for
extended
a heavy burden of expense, and other consequences of andetrimentaperiod.
a
l character.
It is clearly to the interest of the bondholders that immediate steps
be
taken to avoid such a result. The most reasonable and satisfactory
tion lies in a temporary reduction of interest payments to a level soluconsistent with the company's present ability to earn. Net earnings of
the
company before bond interest, depreciation and Federal taxes for the calendar year 1932 are not expected to exceed a rate of
amount of the first mortgage bonds outstanding with 3% on the principal
the public.
fore the company is requesting the bondholders to agree to a plan byTherewhich
interest payments will be made partially in cash and partially
in
beginning with the interest coupon due Nov. 1 1932 and ending scrip
with
and including the one due May 1 1937. preserving for the
bondholders,
however, the right to receive during such period cash payments at
the present rate if and when justified by the earnings and financial condition
of
the company. The principal of the bonds will not be reduced
under the
plan. The bonds will be duly stamped as subject to the adjustment
agreement effectuating the plan, the interest coupons covering
the period of
interest adjustment detached, and new coupons for this period affixed.
The coupons due Nov. 1 1937 and subsequent thereto will remain
in their
original form.
k During the period of interest adjustment the company will
be required
to make semi-annual cash payments at the minimum annual rate of 2%.
The company will also be obligated to make additional cash interest disbursements, when and if possible from available net income, as later defined,
until such time as the 6% annual rate of cash payments has been restored.
Before making payments of interest in excess of the minimum annual rate
of 29' during the adjustment period, however, the company will be required to establish and maintain working capital in an amount not less
than $50,000. Non-Interest-bearing scrip certificates. due May 1 1953,
will be Issued against presentation of the adjusted interest coupons on
each interest date for any difference between the cash payment then made
and an amount representing the present coupon rate. Whenever, during
the life of the bonds, two consecutive cash interest payments at the rate
of 6% per annum have been made, any remaining available net Income of
the company obtained from operations of the two preceding six months'
periods, as hereafter described, will first be devoted to the purchase or call
of outstanding scrip certificates, as provided in the adjustment agreement,
and thereafter, when all scrip certificates have been retired, to the sinking
fund requirements of the first mortgage, which sinking fund require-
Financial Chronicle
1498
plan, will be
ments, however, with respect to bonds deposited under thethe scheduled
that
so modified by the adjustment agreement as to provide
below),
must be made out of available net income (as defined mortpayments
first
rather than out of net profits or net earnings as defined in tile common
or
gage. No dividend payments on the company's preferred cash interest
of
stocks shall be permitted until such time as the original rate
the sinking
payments has been restored, all scrip certificates retired and
agreeprovisions of the first mortgage, as modified by the adjustment
fund
ment, strictly complied with.
preceding paraThe definition of "available net income" as used in the except that no
graph will be determined by standard accounting practice, in said comdepreciation on the property of the company will be charged
distribution to
putation, and except that no net income will be used for
2_ %, which
the bondholders, in addition to the minimum interest rate of
The period for the
will impair the working capital fund referred to above.
of available net income will be the six months' period ending
computation
March next
respectively on the 30th day of Sept. and the 31st day of
preceding the interest payment date.
with the distribution of the first mortgage bonds
The bankers identified
opinion, necessary
have unanimously approved this plan as being, in theirof the bondholders.
for the relief of the company and for the beat interests committee to assist
of this
Accordingly, they have caused the formation
In the consummation of the plan.
Union Trust St
To execute the program, the company and the First
which will contain
Savings Bank will enter into an adjustment agreement the plan.
of
e provisions for carrying out the objectivesopinion of this comappropriat
The plan will be declared operative when, in the
been deposited
mittee and the company's board of directors, bonds have
expinses in connecin sufficient amount to insure the plan's success. All
tion with the plan will be borne by the company.
the bondholders
A careful study of this plan will reveal that it affords
even though at a
reasonable assurance of a continuity of fixed income, of the company,
reduced rate, and the entire benefit of all net income
permit the original
as heretofore described, until such time as earnings no way affects the
in
cash interest rate to be again restored. The plan
continues the co-operation
position of the bondholders' prior lien. It also in the judgment of this
and interest of the present management which,
and extended recommittee, is able and efficient, and it avoids a costly
ceivership.
of operation have been as follows:
Results for the first three fiscal years
1932.
1931.
b1930.
Years Ended July 31$187,759
$234.392
$230,945
Gross revenue
118.054
151.590
137,089 •
available for interest
a Income
79.559
46,225
64,206
Deficit after first mtge. bond interest_
Rate of earnings on $3,244,500 1st
3.64%
4.67%
4.22%
mortgage bonds
Federal taxes.
a Net income before bond interest depreciation and
8 1929 to July 311930.
b First fiscal year. Aug
in earnings may
There is as yet no indication that a material increase
be anticipated for the immediate future. the bridge, it must be borne in
of
In estimating the future prospects
coastal highway system,
mind that it operates as an essential link in the competition, one of the
popular with tourists, and directly serves, without and shipping facilities,
harbor
Important cities of the South noted for its interests.
Material
Industrial development, climate and of the bondholders that this company
It is obviously to the advantage
disorganization, expense and
survive the present depression without the If the company is not to be
consecinent loss incident to a receivership. by the entire exhaustion of its
position
placed in an extremely vulnerable
adjustment plan be
cash resources in November, it is imperative that the
Inasmuch as the comdeclared operative within the next 60 to 90 days. of declaring the plan
pany and this committee have no present intention
outstanding, it
operative is any appreciable amount of the bonds is left earliest possible
Is important that all bondholders deposit their bonds at the
date.
Trust & SavBonds should be forwarded for deposit to the First Union 129, P. 3017.
ings Bank,depositary,38 South Dearborn St., Chic.,
-Reduces Quarterly Payment.
ing Co.
Crowell Publish
declared on the
A quarterly dividend of 25 cents per share has been record Sept. 14.
of
capital stock, no par value, payable Sept. 24 to holders from March 1930
quarter
This compares with 75 cents per share paid each
to and Including June '932.-V. 135, P. 133.
--Earnings.
te Paper Co.
Crown Willamet
see "Earnings DeFor income statement for 3 months ended July 31
-V. 135, p. 1169.
partment" on a preceding page.
-Earnings.
Zellerbach Corp.(& Subs.).
Crown
"Earnings DeFor income statement for 3 months ended July 31 see
-V. 135, p. 992.
partment" on a preceding page.
-President
-Plan of Reorganization.
Davega Stores Corp.
H. M. Stein, Aug. 19. says: Government obligations and other
U. S.
The corporation has cash,
in excess of the amount
high grade short-term securities substantiallyvolume of business and that
required for working capital to carry its present widespread unemployment
of
in prospect so long as the present condition
per annum.
prevails. These excess funds have been earning less than 1 % how long
foresee
In view of the fact that the management is unable to
curtailment of general
present conditions of unemployment and consequent ion has been adopted
purchasing power will prevail, a plan of reorganizat
stockholders of Davega
for the following purposes,for the protection of the
Stores Corp.:
ts
the company's cash assets in excess of present requiremen
-To reduce
1.
r U.S. and municipal
by transferring approximately $1,250,000 in cash and-o
such
securities to a new corporation, and thereafter to employ
short-term
assets as explained below.
Corp. (other than
-To distribute to stockholders of Davega Stores distribution with
2.
any
to
Davega Stores Corp. itself which is not the receive the new corporation,
of
stock
respect to its holdings of treasury stock) approximately $11 per share of
representing liquid assets of the value of
share of Davega stock, an amount
stock of the new corporation or $5.50 perof the outstanding stock of Davega
nearly equal to the present market value
Davega stockholders their
Stores Corp., at the same time preserving for
enhancement in value
Davega stock with its possibilities for substantial
the purchasing
recovery of its business with the restoration of
upon the
aim to
the new corporation will quickly
power of its customers. The policy of
permanently and
keen this liquidating value of its stock intact
realizable.
the assets of the new
-To protect this liquidating value by investing
3.
rating during the concorporation in securities of the highest investment
of widespread unemployment, confining
tinuance of the present condition
at any time without
such investments to securities which can be realized on the same time, will
risk of substantial market depreciation, and which, at
that which Davega Stores
be likely to earn a higher interest return than
short-term U. S.
Corp. has been able to realize on its bank balances and
Government and municipal obligations.
for the stockholders
-To have these assets available, with safeguards Stores Corp. and-or
4.
of the new corporation, for the assistance of Davega working capital in
Its subsidiaries when their volume of business requires plan.
addition to that retained after the consummation of this
Retail Stores Corporation.
of Retail Stores
The new corporation has been formed with the name
assets to be transCorp.. under the laws of Delaware, to receive the surplus
authorized capitalization
ferred to it by Davega Stores Corp. It has an the ,par value of $5 each,
consisting of 250,000 shares, all of one class, of
that its investments
and while it has broad charter powers, it is propmed highest grade, but
be confined to income-producing liquid securities of the stock of Davega
stock or the
the new corporation may purchase its own
board of directors.
Stores Corp. to such extent as may be approved by its been selected from
The officers and directors of Retail Stores Corp. have without any comserve
will
the management of Davega Stores Corp. andof the stock of Retail Stores
pensation from the new corporation. None
Corp. will be retained by Davega Stores Corp.
Contract with Davega Stores Corp.
Davega Stores Corp.
Retail Stores Corp. has entered into a contract with
request of Davega
whereby it has agreed for a period of three years, upon the and-or any of its
to render financial assistance to the latter
Stores Corp.,
it receives as security
subsidiaries up to an amount of $1,500,000, provided collectible customers
and
for all advances made by it or at its instance goodadvances are made, there
accounts receivable on which, at the time such
two times the amount
shall be a balance payAble and not in default equal to with respect to such
of such advances. The agreement or agreements
Aug. 27 1932
the proadvances will contain other usual and appropriate provisions for
tection of such advances.
Stores Corp.
Distribution to Stockholders of Davega
the stnckThe stock of Retail Stores Corp. will be distributed pro rata toproportion
in the
holders of Davega Stores Corp. out of its capital surplus share of stock of
of one-half share of stock of Retail Stores Corp. for each
in the latter
Davega Stores Corp. (the stockholder retaining all of his stock as a record
fixed
company). The close of business on Sept. 12 1932,has been
date for the determination of the stockholders of Davega Stores Corp.
of stock
entitled to receive.the distribution, and certificates for full sharesof record
of Retail Stores Corp. will be issued in the name of the stockholders
of Davega Stores Corp. on such date and mailed as promptly as practicable
thereafter, together with warrants in respect of any half shares of Retail
Stores Corp. involved.
No half shares of stock of Retail Stores Corp. or stock scrip will be issued
but in lieu thereof will be issued warrants entitling the holder thereof to
receive upon presentation and surrender of each such warrant at the office
in
(a)
of Manufacturers Trust Co., 149 Broadway, N. Y. City. eitherOct.$3.50
31 1932
before
cash without interest, or (b) at the holder's option on orRetail Stores Corp.
for one full share of stock of
to receive a certificate
warrants
upon payment of $3.50 in cash. After Oct. 31 1932 the holders ofsurrender
will be entitled only to receive $3.50 in cash upon presentation and in respect
dividends shall accrue
of each such warrant. Neither interest nor
of warrants.
Offer to Purchase Stock of Retail Stores Corp.
of listing
In view of the fact that it is not planned to incur the expense
the stock of Retail Stores Corp. on any Stock Exchange,and it is anticipated
s of Davega Stores Corp. may wish
that some of the smaller stockholder
to sell all or part of the stock of Retail Stores Corp. received by them,
the basis of $7 per share
arrangements have been made for the purchase on warrants issued in accorof (a) all stock of Retail Stores Corp. held against
or before
dance with this plan and not taken up by warrant holders onof stock of
Oct. 31 1932 and (b) up to but not exceeding 1,000 full shares
upon the original
Retail Stores Corp.from any single stockholder of record
be tendered
distribution of such stock by Davega Stores Corp., which may
will be made
for that purpose on or before Oct. 31 1932. Such purchasehowever, that
by Retail Stores Corp. out of its capital surplus, provided,
'
It the number of shares tendered exceeds 30,000, the excess will be purchased
by a group of officers of Davega Stores Corp.
upon
This price Is not to be considered indicative of a valuation placed
the stock of Retail Stores Corp. by the directors or management of Davega
reStores Corp. or Retail Stores Corp., the book value of such stock,
Governpresented at the present time by cash and high grade short-term
nor is there any
ment obligations, being approximately $11 per share,
exercise the
recommendation or request on their part that stockholders The offer to
right to dispose of any part of their holding at such price.
rs to
purchase is intended merely to afford an opportunity to stockholde forewith the
dispose of all or any part of their new stock in accordance stated herein.
facts
going in the event that, with a knowledge of all the
each
they wish to do so or to receive back a substantial part ($3.50 for
market value of
share held of Davega Stores Corp. stock) of the present benefit from any
their Davega stock, while still remaining in a position to
future improvement in the business of Davega Stores Corp.
Subsidiaries as at
Consolidated Balance Sheet of Davega Stores Corp. and
June 30 1932.
subject
(After giving effect to Reorganization Plan dated Aug. 19 1932 and
to audit and to year-end adjustments).
LiatAltttes-Assets-.
c$1,100,000.
$713,722 Common stook
Cash
573,555
Accounts & notes receivable- a957.467 Accounts payable
31,012
891,033 Accrued expenses
Merchandise inventory
Customers' deposits against
Employees' stock purchase
undelivered sales & other
14,228
accounts & loans
65.550
credit balances
Cash surrender value of life
45,843 Provision for Federal income d85,007
insurance policies
19,904 & State taxes
Sundry investments & deposits
465.369
Reserve for contingencies
Furniture & fixtures, store
875,912
equipment & leaseholds__- 6520,798 Surplus
34,010
Def. Mmes.& prepaid expenses
$3,197,006
Total
83,197,006
Total
re-possession
a After deducting $339,380 for reserves for bad debts and
depreciation and amorlosses. b After deducting $454,280 for reserves for
par $5 each.
tization. c Represented by 220,000 outstanding shares,sales contracts.
d Includes $42,859 deferred pending liquidation of deferred
records
. Note.
-The above statement is in accordance with the books and
corporaof the corp. after giving effect to the purchase of 9,726 shares of the Aug. 19
ion plan dated
tion's stock since June 30 1932 and to the reorganizat
in cash and
1932 under which Retail Stores Corp. was formed with assetsStores Corp.
securities of approximately $1.250,000 (paid in by Davega
namely 110.0(10
for the entire issued capital stock of Retail Stores Corp.,
stock is to
shares of the par value of $5 each) and pursuant to which its
-V.134, p. 4666.
be distributed to the stockholders of Davega Stores Corp.
-Earnings.
Deep Rock Oil Corp.
"Earnings
For income statement for 12 months ended June 30 1932 see
-V. 134, p. 4500.
Department" on a preceding page.
-Earnings.
Detroit Gray Iron Foundry Co.
Income Account for Year Ended Dec. 31 1931.
Net sales
Cost of sales
$532,808
360,657
Gross profit
Sundry revenues
Total income
Administrative expense
Selling and delivery expense
Net earnings before income tax
Reserve for income tax (estimated)
Net earnings
Dividends paid
Balance
Profit and loss surplus
Balance Sheet Dec. 31 1931.
LlabUttiesAssets
$35,995 Accounts payable
Cash
x103,630 Income tax-1931 (estimated)
Notes & accts. receivable
35,944 Accrued payrolls, &o
Inventories
26,723 Reserves
Other assets
630,415 Capital stock
Fixed assets
11.541 Surplus
Deferred charges
$172.150
12,010
$184,161
72,927
45,109
$66,126
8,552
$57.573
50.000
$7,571
104,937
$5,870
8,552
2,281
222,609
,
3500,000
104,936
$844,250
Total
$844,250
Total
x Less reserve for losses, $28,655. y Represented by 100,000 shares, no
2916.
par value.
-V. 134, p.
-Earnings.
Steel Products Co.
Detroit
1928.
1929.
1930.
1931.
Calendar Years4737,919
$190,739pfil1,023,832 pf$902,465
Operating loss
for
a After depreciation of $193,272, inventory adjustments, provision
_
bad debts and other reserves.
Consolidated Balance Sheet Dec. 31.
1930.
1931.
1930.
Liatyllttfea1931.
Assets
$258,918 $265,427 Notes and trade
Cash
709,544
accepatance pay $750,000 $900,000
Marketable scour. 241,512
430,705
154,502
Accounts payable_
Notesand trade
39,408
23,899
33,828 Accr. com. exp.16,147
,
accept, remit155,296
1.274,415 Land contract pay. 105,296
Customers accts
- 915,664
11,071
12,407
887,428 1,348,361 Uncom pl'd orders_
Inventories
276,919 Employees' special
279,118
Other assets
286,649
190,389
compensation __
Land,bidgs.,roach.
& equip., &c_ .._ 2,989,771 3,130,099 Capital stock and
1
4,430,207 5,311.132
1
surplus
Patents & contr.- _
Unexpired ins, premiums, prep'd
95,667
78.142
taxes, int., &c
$5,666,700 $7.134,261
$5 666,700 $7,134,261
.
Total
Total
-V. 133, p 962.
Represented by 196,540 no par shares.
Volume 135
Financial Chronicle
Devoe & Reynolds Co., Inc.
-Meeting Postponed.
The dividend meeting scheduled for Aug. 25 on the 7% cum. let and 2d
preferred stocks has been postponed until Aug. 31. The last previous
quarterly payment of $1.75 per share on each class of stock was made
July 1.-V. 135. p. 825.
Devonian Oil Co.
-Earnings.
Calendar YearsGross income from operations
Oper., develop., abandoned
expenses & taxes
1931.
$650,513
1499
Condensed Balance Sheet Dec. 31 1931.
Assets
Cash
Marketable securities
Cash surr. val. of life Maur
Notes & accts. receivable
Inventory
Sundry items recelv. (net)._
Prepaid expenses & supplies_
Plant & equip. (deprec.)
$780
15,641
6.785
19,500
29,307
34,306
1,729
53,190
Accts. & accr. items payable
Federal Income tax-1931 Inc
Reserve for contingencies__
Capital stock & surplus
$3,668
1,816
7.500
148,257
1930.
$1,058.544
1929.
$1,532,767
842,160
699,152
1,101,832
10553191 647
121,095
3359.392
27,603
3430.936
18,541
log.070.551
224.873
64,632
3386,995
242,640
83.670
$449,476
232.599
118,478
Net profit for year_ __ _ -------- loss$360,057
Earns, per share on 328,800 shares
common stock (par $10)
Nil
-V.135, p. 133; V. 132, p.3348.
A dividend of 12% cents per share has been declared on the no par value
common stock, payable Sept. 1 to holders of record Aug. 24. This compares with 7% cents per share paid on June 1, July 1 and Aug. 2 last and
five cents per share on April 1 and April 30 1932.-Y. 134, p. 2730.
$60,685
$98,398
$0.18
$0.29
Douglas Aircraft Co., Inc.
-Smaller Dividend-New
Director.
-
Income Account for Year Ended Dec. 31 1931.
Net income,including dividends Jefferson Davis Hotel
Dividends paid class A stock
$13.232
25,037
The directors on Aug. 24 declared a semi-annual dividend of 37% cents
per share on the capital stock, no par value, payable Sept. 23 to holders of
record Sept. 3. This compares with 50 cents per share paid on March 21
last and on Oct. 20 1931.
E. A. Pierce of E. A. Pierce & Co.. has been elected a director, succeeding
L. R. Reed, retired.
-V. 135, p. 992.
Deficit
Surplus Jan. 1 1931
Increase cash surplus value life Insurance and sundry items__
$11.805
268,210
1.409
Operating income
Other income
lease
Total income
Depreciation
Depletion '
Dinkier Hotels Co., Inc.
-Earnings.
-
Total surplus
Loss City Hall site lease
Reserve set up for notes and accounts receivable
Stock Applebrook Hotel Co. written off
3257.814
50.155
112.500
5.000
Surplus Dec. 31 1931
$90,159
Consolidated Balance Sheet Dec.31 1931.
LiabU(lies
Cash
$51,521 Notes payable
530.787
Notes receivable
89.074 Accounts payable
121.407
Accounts receivable
25,097 Accrued payroll
12.707
Inventories
34,549 Reserve-State & county taxes
7,159
Prepaid exps.(Ins.& licenses)_
25,199 Reserve-Redemption "A"stk
27
Sinking fund trustee
27 Surplus
90,159
Investments
119.053 Capital stock
151,002
Leaseholds
1,000
Deferred charges
87,727
Total
-V. 133.
3413,251
Total
$413,251
v. 3973.
Dividend Shares, Inc.'
-New Bullock Trust Obtains Wide
Distribution.
-
Details in connection with the organization under the laws of Maryland
of Dividend Shares, Inc.. a new Calvin Bullock investment trust, are made
public, together with the statement that sales of this trust in all parts of
the country are increasing, indicating renewed confidence on the part of
investors in the ability of well
-managed corporations to participate with
profit in trade revival. The trust represents a combination of the management and fixed trust features. The portfolio includes bank and insurance as well as industrial utility, railroad and merchandising securities.
Initial authorized capital of the company consists of 20.000,000 shares
of the par value of 25 cents, all of the same class and all having equal voting
rights. All sums received by the company as the net proceeds of the sale
of its shares in excess of 25 cents par share are to be allocated to
The company will repurchase its shares without penalty for cash surplus.
liquidating value upon request of shareholders. Assets of the at their
company
are trusteed. Eliminations of stocks are made at the discretion of the
management and shareholders will be notified of such changes quarterly.
Additions to the original list of 37 companies may be made only with
consent of 51% of the shareholders. Income distributions are to be the
made
on Feb. 1, May 1. Aug. land Nov. 1 to holders of record on the 15th
day
of the preceding month.
The portfolio is comprised of common stocks on which regular dividends
have been paid for the last three years and which are being maintained.
It is the intention of the sponsors to retain only dividend-paying stocks
in the portfolio, eliminations being permissible if the portfolio securities
indicate a decline in investment merit.
According to the sponsors, formation of this trust was prompted by the
demand among investors for a low-priced, income-producing security with
attractive appreciation possibilities. A country-wide dealer organization
is engaged in marketing the shares of the trust, which is the sixth
ment trust to have the sponsorship of the firm of Calvin Bullock. investThe company's portfolio consists of common stocks of the
following
companies:
Allied Chemical & Dye
Insurance Co. of N. A.
American Can
Liggett & Myers
American Tel. 4, Tel.
National Biscuit
American Tobacco
National Dairy Products
Bankers Trust
Norfolk & Western
Central Hanover Bank & Trust
Pacific Gas & Electric
Connecticut General Life
Pacific Lighting
Consolidated Gas of New York
Public Service of New Jersey
Consolidated Gas of Baltimore
R. J. Reynolds Tobacco
Corn Products
Southern California Edison
Detroit Edison
Standard Oil of California
E. I. du Pont de Nemouts
Standard Oil of Indiana
Eastman Kodak
Standard 011(New Jersey)
Edison Elec. Illuminating of Boston
Texas Corporation
General Electric
Union Carbide d, Carbon
General Motors
Union Pacific
Great Atlantic & Pacific
United Gas Improvement
Guaranty Trust
F. W. Woolworth
Hartford Fire Insurance
Dolese 8c Shepard Co.--Earnings.Calendar Years1931.
Net income
$8,303
Earns, per sh. on 19,148 shs. of $50 par
$0.43
Condensed Balance Sheet Dec. 31.
1931.
Assets
Liabilities
1931.
$21,864
253,134 Accounts payableCash
$9,245
216,253 Div. pay. Jan. 2_
Market. securities 216,253
19,148
46,929
Accts. receivable._
43,346 Notes payable_
17,500
1.523
2,360 Local tax reserve._
Notes receivable
53,035
8,400
16,785 Income tax reserve
Mtge. note receiv_
6,645
3,528
4,101 Capital stock
Accrd. Int. reedy.
957.400
92,896
95,237 Surplus
Inventories
375,678
4,757
2.333
Prepaid expenses_
Capital assets__ x1,042,497 1,052,524
1930.
$76,604
$4.00
1930.
87.547
38,298
54,000
11,894
957,400
416,938
$1,438,652 $1,486,077
Total
Total
81 438.652 81,486,077
.
x Less depreciation reserve of 3649.767.-V. 134, p. 2528.
Dolphin Paint & Varnish Co.
-Earnings.
--Income Account for Year Ended Dec. 311931.
Net profit after Federal taxes
Surplus, Jan. 1 1931
Refund of Federal income tax
Total surplus
Dividends paid on class A stock
Prov. to reduce marketable secure, to market value
Pros'. for reserve for conting. & eat, loss on sundry items receiv_
Class A stock purchased at cost
Surplus. Dec. 31 1931
$25.043
196,919
271
$222.264
4.636
4.625
15.166
109,580
$88,257
$161,242
Total
-V. 132,
Total
$161,242
p. 3156.
Dominguez Oil Fields Co.
-Larger Dividend.
-
Driver-Harris Co.
-Earnings.
Calendar YearsOperating income
Provision for depreciation
Bond interest and expense
Federal income tax (estimated)
1931.
log43,939
144,326
54.514
1930.
x$508.847
154.774
60.005
34.500
Net profit for year
3202.778
3259.568
x Includes deduction from income of $21,825 of forfeited deposit for
option to acquire licenses. Does not include as income $496,416 the excess
of net proceeds from sales of treasury common stock over cost of acquisition
in prior years, credited directly to surplus.
Balance Sheet Dec. 31.
1931.
1930.
AssetsMammies
1931.
1930.
$226,574 $198.938 Trade creditors. _
Cash
$63.037
100000 Cost.credit bal..
Certificate of dep.
34,742
2,605 Adv. pay. on sales
Accrued interest15,229
Notes rec., cust.-10,666
orders
1,045
245,958 Sundry accounts
Accts.receivable-- 260,964
creditors'
Trade
payable
234
8,344 Accts. payable_
debit balances_
154,825
Merchan. invent__ 1.306,683 1,415.164 Accrued accounts_
10.344
20.638
Affil.cos.'accts.rec. 330.152
387,350 Dividend declared
18,260
18.592
Invest. in cap. stk.
Federal income tax
of British Driver(estimated)34,500
234,734 1st mtge. s. f. 15Harris Co., Ltd- 241.279
10,236
19,022
Notes rec., sundry
Yr.6% gold bds_ 784,000
815.500
Officers and emPref.7% cum.stk. 1.043.400 1,062.400
ployees' accts.
Common stock_ _ _ 891.700
891.700
11.084
14,561 Surplus
rec.& advances.
1,108,663 1.382,154
5.272
Bonds of other cos.
Landbidgs..mach•
xl,500,783 1,533,213
& equip
1
1
Patents & trademks
102,935
153.985
Deferred charges
$4,011,192 24,324,542
Total
Total
$4,011,192 $4,324.542
z After depreciation of 32,022,756.-V. 132. v. 4596.
Drug Incorporated.-Earnings.For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
W. C. Watt, Treasurer, issued the following statement in connection
with the report to the stockholders;
"It is significant that earnings for the first 6 months of 1932 have covered
the dividend requirements by a substantial margin. The stability of the
company has been indicated by the continuation throughout the depression
period of the regular quarterly dividend of $1 per share. Possibly one of
the most important factors accounting for this favorable condition, in
addition to the character of the products, has been the corporation's policy
of maintaining a consistent expenditure in national advertising for its products. We are convinced that advertisinghas been of great importance
in maintaining a satisfactory sales volume."
The company continues in a strong financial position, Mr. Watt further
points out in the statement salt to stockholders. Current assets on
June 30 stood at 358.830,145 (with cash of 314.637.704 and marketable
securities of $11,842,359). as against current liabilities of 38.350,523, a
ratio of 7 to 1. On Dec. 31 1931 cash stood at 316.085.311 and marketable
securities at 310.132.520.
Marketable securities in both cases are stated at cost, but provision has
been made for a reserve to bring them to market value as of June 30. Of
the total of marketable securities approximately 39.000.000 is in U. S.
Government securities, municipal bonds, call loans and certificates of
-V. 134, p. 3829.
deposit.
Eddy Paper Corp. (& Subs.).
-Income Account.
Calendar YearsSales, net
Cost of goods sold
General expense
1931.
33.380,351
3,284.138
361.177
1930.
35.545.675
5,075,904
429,445
1929.
37.045.998
6,209.406
478,273
1928.
36.065.467
4,983.498
525.865
Net oper. income----loss$264.965
Other income
51.149
$440.326
57.391
3358.320
64.864
3556.104
45.631
Total income
loss$213,815
Interest and discountMiscellaneous debts_
Prem. on bonds red
Depreciation
359,138
Fed.& State inc. taxes..
397.717
8,527
6,962
$4423.183
26.300
10,861
346.053
385,114
$601,735
34.002
14,529
28.920
378.470
9.000
Net profit
def$572,953 def$263,825
$909
3136.815
She,cap,stock outstand.
(no par)
165,000
165,000
165,000
165.000
Earns, per share on cap.
stock
Nil
Nil
Nil
$0.82
Condensed Balance Sheet Dec. 31.
Assets1931.
1930.
Liabilities1931.
1930.
Cash
2238,874 $142,805 Accounts payable_ $63,290 8105.012
Notes & accts. rec. x224.568
298,847 Accrued expenses_
92.213
96.530
Sund,accts. rec.__
26.286
37,537 Capital stock
6,299,525 6.564.364
Mats.& supplies_
903,990 1,154.270 Deficit
263.826
572.953
Due from Mill. cos.
117
12,894
Inv. in sund. real
estate dr stocks.
17.148
50,289
Prop., pl. & equip.y4.397,500 4,750,073
Def. charges & pre56,454
50,751
paid expenses._
13,390
Goodwill
3.749
Patents
4,614
35,882.075 86.502,081
Total
Total
$5.882,075 88.502.081
z Less reserve for bad debts. $12,442. y Less reserve for depreciation
of $3,822.773.
Proposed Merger.
See Rockford Fiber Container Co. below.
-V.132, p. 4065.
Eastern Air Transport, Inc.
-Mail Poundage Off.
-
The company transported 3.505 Passengers in July, compared with
2,975 in the preceding month, bringing total for the first seven months
this year to 20,123. This is an increase of 36% over the 14,806 carried
in the first seven months of 1931. Increased volume was accomplished
p.
1500
Financial Chronicle
with a small proportionate increase in miles flown, which amounted to
2.395,329 in the first seven months this year, against 2,168.658 in 1931.
an increase of 105. July mileage was 333.262, against 328,269 in June,
an increase of a little better than 1%.
Mail poundage, which was affected by the rise in postal rates in July,
amounted to 55,521 pounds. compared with 67,853 in June, a decrease
of 18%. The seven months' total this year was 530,125 pounds. compared with 549,892 in the like 1931 period, decrease of 4%. or slightly
-V. 135, p. 1335.
less than the average for all domestic air lines.
-Dividend Omitted.
Edwards Dental Supply Co.
The directors have voted to omit the quarterly dividend usually payable
about Sept. 1 on the no par value common stock. From Sept. 1 1931 to
and incl. June 11932. the company made quarterly distributions of 50 cents
per share on this issue as against 75 cents on June 1 1931, $1 on March 1
-V. 133. p. 1295.
1931 and $1.25 per share previously each quarter.
-Earnings.
80 John Street Corp.
Calendar Years
Total income
Interest
Real estate taxes
Corporate taxes
Transfer agent and trustee expense
Operating and insurance expense
Repairs
General expenses
Depreciation
Net profit
1931.
$438,715
178,598
67,320
1,442
1,295
85,079
10,677
5,211
55,000
1930.
$437,533
183,016
64,800
1.683
1,213
85,244
6,988
1,080
55,000
$34,092
$38.509
-Dividend Rate Cut.
Electric Controller & Mfg. Co.
per
share
The directors have declared a quarterly dividend of 25 cents
on the common stock, no par value, payable Oct. 1 to holders of record
Sept. 20. This compares with 75 cents per share paid on April 1 and July 1
-V. 135, p. 993.
last and $1.25 per share in previous quarters.
-Dividend Omitted.
Faber, Coe & Gregg, Inc.
The directors recently voted to omit the quarterly dividend usually
payable about Sept. 1 on the no par value common stock. Distributions of
.50 cents per share were made on March 1 and June I last, as compared
with a semi-annual payment of 50 cents per share on Dec. 1 1931 and Si
-V .134. p. 1769.
per share previously each six months.
-Earnings.
Federal Screw Works.
For income statement for 3 and 6 months ended June 30 see "Earnings
-V. 135, p. 305.
Department" on a preceding page.
-Omits Common Dividend.
Financial Institutions, Inc.
The directors recently voted to omit the dividend ordinarily payable
about Aug. 1 on the common stock. On Feb. 1 last a distribution of 1234
cents per share was made as against 25 cents in cash and 2% in stock paid
•on Feb. 1 and Aug. 1 1931.-Y. 134, p. 1033.
-Trustee
Financial Investing Co. of New York, Ltd.
to Liquidate Collateral Securing Bonds Due Oct. 1 1932
'Committee Offers Plan to Purchase Collateral to Be Sold on
Upturn of Security Prices.
The committee for the protection of the holders of the outstanding
$683,000 gold bonds due Oct. 1 1932 announces that the company has no
money with which to pay the bonds at maturity and offers a plan whereby
the bonds will be purchased by the committee and
the collateral securing price of the securities appreciates and thus restores
held until the market
the value of the original investment of the bondholders.
The committee as at present constituted follows:
Huntington P. Faxon, Chairman( Faxon, Gado & Co. Inc.), Bosto.,;
Gordon B. Hanlon (Ellis & Lane. Inc.), Boston; Milton E. Cornelius
(51. E. Cornelius & Co. Inc.), New York; John L. Thompson, North
Baker, New York; Ulysses D. Cutting, Sec.,
Attleboro, Mass.: George
Day,
76 William St., New York. Counsel, Patterson, Eagle, Greenough it
Wall St., New York.
72
The circular letter dated Aug. 19 addressed to the holders
of the 5% convertible gold bonds due Oct. 1 1932, follows:
These bonds are due Oct. 1 1932. The company has no money with which
to pay the bonds at maturity. When the bonds are not paid on Oct. 1 1932
the Guaranty Trust Co.,as trustee for the holders of the bonds willliquidate
the collateral pledged as security for the bonds and distribute the proceeds
from such liquidation less expenses to the bondholders.
of
The value of the collateral fluctuates with the rise and fall of prices
securities listed on the New York Stock Exchange. The approximate
of collateral per 81,000 bond was on July 1 1931 $1,260: on Oct. 1
value
1931, $760; on Nov.9 1931, $940; on Jan. 14 1932, $680; on May 241932.
$450, and on Aug.8 1932, 3600.
It is impossible to foretell what the value of this collateral will be on
good
Oct. 1 1932, or whether on or about that date may or may not be a value
in the
time to sell it. This committee believes that the low pointover the next
in June last and that
of the collateral may have been reached
this
few months there should be a substantial appreciation. Accordingly the
committee feels it would not be advantageous to the bondholders if
collateral were sold on any arbitrary date like Oct. 1 1932 or shortly
thereafter.
So that the collateral pledged to secure the bonds or a substantial part
of bondholders
thereof may be retained after Oct. 1 1932 for the benefit will endeavor
depositing with this committee, this committee proposes, and
to get inn into effect, the following plan;
(a) The committee will request the trustee to sell the collateral pledged
as security for the bonds as a whole, 1. e., in one parcel: from the trustee
(b) The committee will then purchase such collateral
the
or at the trustee's sale, provided, in the opinion of the committee,
sale price is reasonable:
so as to
(c) The committee will immediately sell a part of the collateralpurchase
the
provide in cash an amount equivalent to the pro rata share in deposit their
price of the collateral, to which those bondholders who do not
collateral will
with this cotrunittee, are entitled. The balance of the bonds with it.
bonds
be held by the committee for the bondholders depositing their
far
In selling the collateral for the foregoing purpose, the committee will, so
various shares
as practicable, maintain the present relative position of the
and bonds now composing the collateral, to the bonds now outstanding. a
with
(d) The committee will then deposit the balance of such collateral
bank or trust company to be selected by it, to be held by such bank or trust
company on the following conditions:
1. In safe custody for the depositing bondholders in proportion to their
deposited bonds'
2. To be sold by said bank or trust company as a whole, or from time to
time in part, if and when so instructed to do by this committee: from the
3. To hold the Income from such collateral and the proceeds
to
sale thereof for the benefit of the depositing bondholders in proportion
this committee
their deposited bonds,less the expenses and compensation of bond deposited
and its counsel, which in no event shall exceed $20 per $1,000
with this committee;
the depositing
4. To distribute the aforesaid income and proceeds to
bondholders in proportion to their deposited bonds from time to time as
instructed by the committee.
do not
The committee believes that the great majority of bondholders 1 1932
on Oct.
wish to have the collateral pledged to secure their bonds sold
near the bottom
or shortly thereafter. Liquidation at that time may be
declines in
of an advancing market following one of the worst and longest
seen the colsecurity prices which this country has ever known. Having 45% of the
lateral securing their bonds fluctuate in one year from 126% to collateral
this
face value of their bonds, bondholders may desire to hold substantially
may
to take advantage of any upturn in security prices which this possible this
value of their original invostment.To make
restore the
or intention to
committee proposes the foregoing plan. It has no desireonly as to when
conduct a management trust and will exercise supervision not, and has no
be sold, in whole or in part. It will
the collateral shall
are of the kind
power to, purchase any securities, whether or not they desire to and will
not
already contained in the list appended hereto. It does the sale of the collatthe collateral or from
not handle cash from income on
by the corneral. That will be held by a bank or trust company selected
Mee for the benefit of the depositing bondholders.
Aug. 27 1932
The committee will not put this plan into effect unless there are deposited
with it on or before Sept. 20 1932 bonds of such an amount as will In the
zi
f l bie
plan gea nc s
%
ee
tm
cohem?arryhtg oolttgr:ef
,ogernieonareofnotwhedcepomoswittee
outstanding
ed
A very substantial majority of bonds Is required to make the plan workable.
Those in favor of the plan are urged to deposit their bonds immediately
with the Chemical Bank & Trust Co.,depositary. 165 Broadway, N.Y.City.
Collateral as of Aug. 11 1932 Pledged Under the $683,000 5% Convertible
Gold Bonds, Due Oct. 1 1932.
- 400 National Power & Light
Bonds--Goternments and Municipals
268 North American
$12,000 Brisbane is, 1957
250 Public Service of New Jersey
10,000 Cauca Valley 7s, 1948
360 United Corporation
Cundinamarca 6348. 1959
10,000
360 United Gas Improvement
10,000 German Government 7s, 1949
2 Columbia Gas dc Electric 5% cum.
17,000 Minas Geraes 634s, 1958
pref. stock
20,000 Pernambuco 78, 1947
6,000 Poland 75, 1947
Industrials.
11,000 Prussian 6s, 1952
225 Air Reduction
17.000 Prussian 634s, 1951
300 Allis Chalmers
140 American Bank Note
Banks and Finance.
150 American Can
59.000 Agr. Mtge. Bk. of Colom. 7s,'47 300 American Radiator
10,000 Central Bk.German State 68.'51 400
Smelting
12,000 European Mtge.& Inv. C 78,'67 400 American
Anaconda
7,000 Cons.Agr. Loan & German Prey. 175 Bethlehem Steel
& Communal Banks 6345. 1958
300 Canada Dry
15,000 Hungarian Disc. & Exch. 78,'63 300 Chrysler Corp.
5,000 Saxon State Mtge. Ins. 634s,'46
140 Corn Products Corp.
Railroads.
140 Drug, Inc.
$5,000 Brooklyn Man. Transit 6s, 1968 250 DuPont
10,000 Chicago & Gt. West. 4s, 1959
100 Eastman Kodak
6,000 Chi. & West. Ind. 5348, 1962
100 Fajardo Sugar
10,000 Norfolk dr Southern A is, 1961
150 General Motors
6,000 Southern Ry. A 48, 1956
100 Hygrade Sylvania Corp.$6.50 pref.
6,000 Texas & Pacific Ry. C is, 1979 100 International Cement
400 International Nickel
Public Utilities.
$12,000 Rochester Central Power is, 1953 350 Kennecott Copper
10,000 Saxon Public Works 6348, 1951 300 Mack Trucks
900 Magma Copper
3,000 Saxon Public Works 7s, 1945
2,000 Silesia Electric Corp.()Hs, 1946 275 National Biscuit
300 National Dairy Products
Shares of Stocks-Railroads.
155 Newmont Mining
50 Atchison Topeka & Santa Fe
400 Radio Corp.
155 Baltimore & Ohio RR.
100 Simmons Co.
300 Erie RR.
225 Standard 011 of New Jersey
300 Great Northern Ry. pref.
300 Union Carbide & Carbon
65 N. Y. Central RR.
165 U.S. Steel
250 N.Y.Chicago & St. Louis RR.
100 U. S. Industrial Alcohol
75 Norfolk & Western RR.
100 Westinghouse Eec. & Mfg.
200 Pennsylvania RR.
650 Phelps-Dodge Corp.
25 Union Pacific RR.
Others.
Public Utilities.
3,000 Associated Elec. Industries
200 American & Foreign Power
400 American International Corp.
216 American Gas & Electric
165 Borden Co. common
1,500 American Superpower
380 Continental Insurance
75 American Telephone de Telegraph
200 General Foods
150 American Water Works & Electric
100 Lehman Corp.
450 Columbia Gas 5c Electric
200 Sears, Roebuck Co.
1,000 Commonwealth & Southern
175 Standard Brands
150 Consolidated Gas
225 Stone & Webster
143 Electric Bond & Share
150 United Fruit Co.
200 General Public Service
Cash, $15.050.72
475 Internat. Telephone & Telegraph
-V. 134, p. 855.
gar
e
-Bondholders to Take Action.
Firstbrook Boxes, Ltd.
Following extended negotiations with institutions holding a large proportion of its bonds the company passed into default on Aug. 15 following
failure to pay bond interest due June 15 on its 6% 1st mtge. bonds of which
some $487,500 are outstanding. It is understood that no agreement could
be reached with large bondholders who after a comprehensive study of the
situation are inclined to favor foreclosure rather than compromise their
rights under the trust deed.
Bondholders have been notified of a meeting to be held on Sept. 14 at
which a protective committee will be appointed. At this meeting bondholders will be asked to authorize the trustee or receiver to either sell or
continue operation of the company but it is understood that sale of the company's assets may be possible at a figure in excess of $1,000,000. In addition to the 1st mtge. bonds the company has $496,600 of 7% pref. stock
($100 par), and 60,000 shares (no par) common. Management is vested in
three manegement shares.
The bonds and preferred stock were offered publicly in July 1928, by
Gairdner & Co. and 1.500 shares of common was given as a bonus with
the preferred shares.
No financial statement has been made public for 1931 operations but in
1930 bond interest was earned 1.77 times after deprerciation and earnings
on the preferred stock amounted to $4.58 per share but the full dividend
was paid for the year. Preferred dividend, due March 15 1931, was Passed
and no dividends have been paid since.
The company manufactures wood and corrugated paper boxes, box shooks,
folding cartons and display boxes in its comparatively new plant at Mount
Denis, Ont., and owns plants at Thessalon and Penetang, Ont. It has
Canadian and British Empire rights to patents owned by Robert Gair Co.,
New York.
-Earnings.
First National Stores, Inc.
For income statement for three months ended July 2 see "Earnings
Department" on a preceding page.
Current assets as of July 2 1932 amounted to $14,310,026 and current
liabilities were $4,672,646, comparing with $13,769,481 and $4,281,773 on
June 27 1931.-V. 135, p. 1336.
-Closes Mill.
Follansbee Bros Co.
The company's steel mill at Follansbee. W. Va., was closed indefinitely
.
Aureduded wagoathe refusal of about 600 employees to return to the m111
at g 15 following
"As the employees of our company have failed to avail themselves of the
opportunity to work at a fair rate of wages, and the company having
nothing to gain if operations were resumed, the Follansbee plant will re-V.135, p.826
main closed indefinitely." says President John Follansbee.
.
-Receivers Named.
Foote Bros. Gear & Machine Co.
The company was placed in receivership on Aug. 22 on motion of Ohio
Steel Foundry Co. Franklin H. Fowler, President of the company, and
Abel Davis were appointed receivers by Judge James H. Wilkerson in the
United States District Court at Chicago.
The company is indebted to Ohio Steel Foundry Co. in the amount of
$7,259, according to the bill. It has about 4,400 stockholders. The bill
recites that although the company on June 18 last had total assets of $4,357,472 and physical assets valued at $2.279.607 above its liabilities, owing
to depressed conditions it has been unable to operate at a profit and its
current resources have been depleted.
For year ended June 18 net sales were $477,851 and net loss, after all
charges, was $163,876. The company at present has about $10,000 cash
on hand and, according to the bill, will be unable to meet Sept. 1 interest
-V. 134. p. 3282.
on $892,000 of 6% debentures outstanding.
-Collusion Charged.
Fox Theatres Corp.
The receivership last June for the corporation was the result of collusion
between the corporation and Chicago Title & Trust Co.. A. C. Blumenthal
charges. He is one of the largest individual creditors of the company.
A motion has been filed to set aside the appointment by Judge Manton of
W. E. Atkinson and J. F. Sherman as equity receivers. Blumenthal, as
note holder, began suit against Fox company in December in New York
Supreme Conn.
-V.135, p. 305.
Fox West Coast Theatres (Calif.).-A cguisition
This company,a subsidiary of Fox Film Corp., has purchased for $500.000
Alexander Pantages' half interest in the Hollywood Pantages Theatre in
1 .
p. 2 if2
. Ca44 . A half interest was already owned by the company.
-New Director.
General Alliance Corp.
At a meeting of the board of directors of this corporation and of the
General Re-Insurance Corp., Edward H. Letchworth was elected a director.
-V. 134, p. 4502.
Volume 135
General American Tank
More Tank Car Fleets.
-
Financial Chronicle
Car
Corp.
-Acquires
Two
President Lester N. Selig on Aug. 24 announced the acquisition by this
corporation of all the tank cars of Armour & Co., and Penick & Ford,
manufacturers of food syrups.
Under the terms of the transfer, General American will lease to these
companies all of their tank car requirements for a period of years. The
cars will be operated and maintained through General American's nationwide organization as a part of their fleet of 30,000 tank cars.
The purchase of these cars is another step in the expansion of General
American operations in the food industry. Formerly the use of General
American cars was largely confined to the petroleum industry, but in recent
years General American operation has become so diversified that foodstuffs and chemicals to-day supply the major portion of the company's
business.
General American now supplies all the railroad cars used by Swift & Co.
and many smaller packers. Through the General American Pfaudler Corp.
it operates the only fleet of glass-lined milk cars used by principal dairies
throughout the country.
Armour & Co. have had about 500 tank cars which are used for the transportation of lard, animal fats and tallows. These products all are loaded
as liquids. Each tank car is equipped with heater coils to facilitate the
unloading should the products solidify in transit.
Penick & Ford are known chiefly for their Brer Rabbit Table Syrup.
They produce other refined syrups which are sold in tank car
manufacturers of candies and other food products. They quantities to
also deal in
molasses in wholesale lots. Penick & Ford have had about 200 tank cars
which are used for hauling raw molasses as well as the refined product.
Addition of the Armour and Penick & Ford carriers enlarges the General
American fleet by 700 tank cars. General American also operates refrigerator, stock, express refrigerator and milk cars, its fleet being the world s
-V. 135. p. 1170.
largest private car line.
General Asphalt Co.
-Omits Dividend.
-The directors
on Aug. 23 decided to omit the quarterly dividend normally
ayab e about Sept. 15 on the no par value common stock.
istributions of 25e. per share were made on March 15
and June 15 last, as compared with 50c. per share on Sept. 15
and Dec. 15 1931, 75c. quarterly from Dec. 15 1930 to and
incl. June 15 1931, and $1 per share male quarter from Dec.
17 1929 to and incl. Sept. 15 1930.
After the directors' meeting the following statement was
issued:
t
At a meeting of the board of directors on Aug. 23 it was
view of the diminished volume of business and profits, to decided, in
cash resources of the company and omit further dividend conserve the
declarations
for the present.
-For income statement for 12 months ended June 30 see"EarnEarnings.
ings Department" on a preceding page.
Cash on hand June 30 1932 amounted to $1,951,679, comparing with
$2,155,956 on June 30 1931. Company states that ratio of current assets
to current liabilities on June 30 last was approximately 9 to 1.-V. 134,
P. 3467.
General Electric Co.
-Receives Army Order.-
The company has received an order from the U. S. Army for 1,000
point electric ranges. All of the ranges will be of the automatic type hot
will prepare complete oven meals without the slightest attention after and
the
clock controls are properly set.
The first shipment of ranges will be made at once. The
is scheduled to go to Brooklyn, N. Y. where 568 will be largest quantity
delivered. The
Army depot at Columbus, 0., will receive 225 ranges. Smaller quantities
are being sent to Langley Field, Va., Fort McKinley,
Me., Fort Moultrie,
Selfridge Field, Mich,
, 0., and
-)r,
p, 1337.
is,
Genera' Rayon Co., Ltd. (8c Subs.).
-Earnings.-Earnings for Year Ended Dec. 31 1931.
Net sales
Cost of sales, administrative & general expenses (net)
Interest on 20
-year 6% gold debentures, series A
Amortization of bond discount
Income taxes
3.971,154
4,566,680
291,163
20,874
45.640
Net loss
Balance, Jan. 1 1931
Excess of par of $1,104,000 debentures purchased and held in
treasury over cost, less unamortized discount at Dec. 31 1931
applicable thereto (net)
Sundry direct charges (not)
8953.204
584.269
Total surplus
Dividends paid on 7% cum. prof.stock
$219,584
389,679
597,204
Dr8,685
Deficit Dec.31 1931
$170,095
Note.
-The accounts of Societa Generale Italiana della Viscosa and subsidiary companies have been converted at the official rate of stabilization
of lira, 19 lire per dollar.
Consolidated Balance Sheet Dec. 31 1931.
Assets
Ma/ABMsCash
$390,666 Accounts payable
21,059,854
Notes & accounts receivable_ 1,390,552 Accrued liabilities
256,583
Italian Government securities
11,199 Other current liabilities
1,19R,651
Inventories
1,191,688 Associated cos. accounts
29,879
Notes & accounts receivable
20-year 6% gold debentures,
maturing subsequent to
series A
3,781,000
214,607 Preferred stock
June 301932
6,443,000
Inventory of factory supplies
Class A stock
391,905
&a
441,821 C111.9.9B stock
100,000
Non-marketable securities_ _
41,779 Surplus
5,827,125
Current accounts with associated companies, advanced
235,708
paym'ts to contractors, &c_
912,526
Invests. In associated cos- x13,751,507
Paint & equipment
505,944
Deferred charges
$19,087,997
Total
Total
$19,087,997
x After reserve for depreciation of 82.056.059.-V. 132. p. 4598.
General Tire & Rubber Co.-Sales Higher.
Unit sales of tires in the first six months of 1932 were the largest
company's history for any corresponding period and were 17.6% in the
above
the first half of 1931, the previous high record, according to President
William O'Neil.
"Despite the abnormally low price levels to which all tires have dropped,
our dollar sales volume for the first half of 1932 was only a small fraction
of 1% less than during the same period in 1931." Mr. O'Neil said. "To-day
the General Tire factories are working full time and sales are steadily
increasing."
-V. 131, p. 4668.
-Deposits Asked.
George Washington Hotel.
-
In view of further defaults by the mortgagor since the committee issued
Its call on Juno 211932, and July 25 1932, for the deposit of certificates of
guaranteed 1st mtge.6% sinking fund gold loan certificates, dated March 1
1929, due Sept. 1 1944, and because the trustee has found it necessary to
-day default notice, preparatory to taking action on behalf of
send out 20
the certificate holders, it is imperative that all certificate holders act together and deposit their certificates promptly with Continental Bank &
-V. 135, p. 137.
Trust Co. of New York, 30 Broad St., N. Y. City.
Glen Alden Coal Co.-Exchange Ruling.
The Committee on Securities of the New York Curb Exchange rules that
contracts for this company's $51,000.000 4% mortsrage bonds due Sept. 1
1965. "when issued" must be settled on Aug. 29 1932, by delivery of temporary bonds. The accrued interest from March 1 1932, will amount to
$19.778 per $1,000 bond. The settlement of contracts may be enforced
"Under the Rule" beginning Monday Aug.29 1932. Sees's° V. 135, p.306.
1501
Gleneagles Investment Co.
-Meet Interest Payment.
-
Interest charges on its 1st mtge. bonds, due on Aug. 15, have been met
by the company. This payment covers interest due on June 15 last, payment of which had been deferred. Under the trust deed provisions, the
company had until Aug. 15 to make good the default before foreclosure
procedures could be instituted.
At the beginning of July it was stated that the general situation surrounding this company was fairly satisfactory, as the apartment space was about
three-quarters rented. The chief problem of the company was said to be
the matter of renewals of rented space as from Oct. 1 next.
-V.135, p. 306.
Glens Falls Insurance Co.
-To Reduce Capital.
-
In a letter to the stockholders, the directors have recommended a reduction in capital from $5,000,000 to $2,500,000 by changing the par value of
the outstanding 500,000 shares to $5 from $10 per share and by this means
adding $2,500,000 to surplus, which on Jan. 1 was 810,741,710. The stockholders will act on the proposal on Sept. 14.-V. 134, p. 3467.
Goldblatt Bros., Inc.
-Quarterly Dividend.
-
The directors recently declared the regular quarterly cash dividend of
3714c. a share on the common stock, no par value, payable Oct. 1 to holders
of record Sept. 10. The stockholders have the privilege of accepting additional common stock at the rate of 10% per annum (234% quarterly)
in lieu of cash. A similar distribution was made on Jan. 2, April land July 1
last.
Dividends were paid on this issue at the rate of 3714c. a share in cash
or 134% in common stock from April 1 1929 and to incl. Oct. 1 1931.V. 134. p. 4330.
Golden State Co., Ltd.(& Subs.).
-Earnings.
Year End. Year Enda() Mos. End.
PeriodDec. 31 '31. Feb. 28 '31. Dec. 31 '30.
Net sales
$22,999,535 $28,539,720 $24,765.903
Cost of products
16,632,030 17.967.412 15,578,222
Manufacturing expenses
3,350,509 2,884,688
Operating expenses
5,889,195
5,700,915 4,830,283
Provision for depreciation
See z
774,840
652,650
Profit from operations
$478,310
$746,044
$820,060
Income from royalties
120,466
203,003
183,384
Income from miscellaneous operations
169,920
145.501
122,670
Other income,net of other expenses
Dr.82,970
41,576
34,477
Total income
$685.726 $1,136,123 $1.160,590
Bond interest and expense
139,190
149,582
124.808
Other int. expense, net of int. income_ Cr.11.155
41,146
40,969
Provision for Federalincome tax
70.851
113,492
118.756
Net income
$486.840
$831.904
$876.058
Shares capital stock (no par)
483.905
486,503
486,503
Earned per share
$1.00
$1.71
$1.30
x Depreciation amounting to $761.634 has been charged against income
for the year.
Capital Surplus for the Year Ended Dec. 31 1931.
Balance, Jan. 11931,as shown by published report of the predecessor company, Golden State Milk Products Co., as of
Dec. 31 1930
$3,101,83.
Earned surplus of Golden State Milk Products Co. at Aug. 31
1930, the date of reorganization
1,137,536.
Total
Cash fund retained by the predecessor company
$4.239,371
500'
Balance applicable to Golden State Co., Ltd
$4.238,871
Expenses in connection with reorganization, proposed National
Dairy merger, and litigation expenses in connection with the
L. E. W. Pioda claim
79,173.
Additional Federal income taxes, prior years
85,188.
Cancellation of premiums on employees' stock subscriptions
cancellation of stock subscriptions in various instances
due to
9,594
Adjustment of plant accounts
39,244
Miscellaneous credits
Cr.26,877"
Balance, Dec. 31 1931
$4,052,549
Earned Surplus for the Year Ended Dec. 31 1931.
Balance Jan. 1 1931. as shown by published report of the predecessor company, Golden State Milk Products Co., as of
$1,208,102
Dec. 31 1930
Amount included in capital surplus of this company. representing earned surplus of prececessor company at Aug. 31
1930, the date of reorganization
1.137.536
Balance applicable to Golden State Co., Ltd
Net income for the year ended Dec. 31 1931 (as above)
$70,566
486.840
Total
$557,406
Net loss on plant assets retired or disposed of during 1931, net
102.162
of Federal income tax thereon
Reserved for contingencies
• 15,000
Balande, Dec. 31 1931
$440.245
Comparative Consolidated Balance Sheet.
Dec. 3131. Feb. 28'31.
Dec. 3131. Feb. 2831.
Liabilities$
Assets
$
719,901 Notes payable.- _ 689,333
250,000
Cash
Accts. dr notes rec_x1,455,557 1,607,019 Accts payable__ _ _ 940,123 1.076.289
506,620 Land contracts
466,456
Inventories
mtge,due within
Miscellaneous sup419,804
one year
16,203
16,000
plies & rep. parts 326,339
Bonds pay. within
Accr. Int. on empl.
55,000
39,378
126,182
one year
stk. subscr.notes
Bee. for conting- 15,000
Invest. In capital
18,974
63,820 Res. for comp.Ins.
63,820
stirs. of MM.cos.
Prov. for Federal
Misc, investments
198.823 Income tax
104,492
205,928
181,249
and contracts_
Bonds pay., held
Land, buildings &
490,211
803,935
by bank
y8,501,630 8,566,257
equipment
Other bonds pay
1,209,200 1,269,200
Val. of abandoned
245,377 Land contracts dr
properties
281,592
mtges. payable
376,042
Deferred charges
15,203
31,000
In 1932
Trade mutes pur4,381
4,790
chased dr gdwIll_ 7,454,418 7,451,496 Deferred credits- Minority Interest.
Patents and trade7,116
6,532
Nat. Ice Cream
marks
112
112
Co
Capital stock_ _ _ x12,097,625 12,136,000
Capital surplus... 4,052,549 3.099,305
440,244 1,150.529
Earned surplus_
19,560,756 20,067,825
Total
19,560,756 20,067,825
Total
x After provision for losses of $193.759. y After provision for depreciation of $5,072,771. z Represented by 483,905 no par shlres.-1 . 133.
,
. 2273.
-Earnings.
(B. F.) Goodrich Co.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-V. 135, p. 1170.
-Transfer Agent and Registrar Service
Gould Coupler Co.
Discontinued.
The company has notified the New York Stock Exchange that the services
of transfer agent and registrar for the class A stock will be discontinued.
The participating class A stock has been stricken from the New York
-V. 135, p. 994.
Stock Exchange.
Graham-Paige Motors Corp.-Increascs Output.
Earlier this month. Detroit dispatches stated that the corporation had
Increased its production schedule .50% for August owing to improved
sales.
-V. 135. p. 1337.
Great Western Sugar Co.
-Meeting Postponed.
The dividend meeting scheduled for Aug. 24 has been postponed until
Sept. 1. This meeting is to consider dividend action on the 7% nun. pref.
stock, par $100.-V. 134. P. 4332.
Financial Chronicle
1502
Guaranty Building & Loan Association, Los Angeles.
-Receiver to Seize Elmer Oil Co. Assets.
An order authorizing the receiver of the Guaranty Building & Loan
Association to acquire all assets of the Elmer Oil Co. was issued Aug. 13 by
Federal Judge P. J. McCormick, who ruled that $1,884,000 of the Association assets had been misappropriated and invested in the oil concern.
The Loan Association wasformerly headed by Gilbert Beesemeyer, who
was convicted of grand theft and sentenced to San Quentin Prison.
A. N. Kemp, associated receiver, has sued the Oil company to recover
the money. By his decision Judge McCormick granted Kemp the right
to attach the holdings and Oil company cash. Present assets of the 011
company are valued at $100,000.-V. 132. p.2781.
Hamilton Bridge Co., Ltd.
-Likely to Defer Dividends.
Unless increased earnings justify the declaration, it is unlikely that
this company will pay the next quarterly dividend on its 05% cum.
preferred stock, par $100. The last regular quarterly dividend of 194%
was paid on this issue on Aug. 1 1932.
Operations of the company during the first five months of the current
year have resulted in a loss, according to James Playfair, Chairman of
the board of directors. The consolidated balance sheet of the company
and its subsidiary, Western Bridge, as of May 31 last, says Mr. Playfair,
showed a sound liquid position.
During the year ended Dec. 31 1931 the consolidated income account
Showed net profits of $144,727. This was roughly $1,200 in excess of
dividend requirements on the 1st pref. stock, of which there Is outstanding
$2,200,000. A dividend of $1 a share was paid on the common stock on
May 1 1931, but no distribution has been made on the junior security
-V. 135. p. 1171.
since that date. (Toronto "Financial Post").
(The) Hancock Oil Co. of Calif.
-Earnings.
---1931.
Years Ended June 301932.
Gross operating income
$4.285,592 $5,840,183
Costa,oper.& gen.exps.,incl. raw materials,oper.,
5,356.289
selling & gen. exps., State, county & Fed. taxes_ 3,785,391
127,123
Intangible development expenses
27,786
Depreciation, retirements and other amortization_
125,507
103,050
163,083
Depletion and lease amortization
166,633
Net income
$180,274
$90,638
Balance Sheet June 30
1931.
1932.
Assets
-1932.
1931.
LiabilitiesPlant, prop., &c_x$1,588,670 $5,496,305 Class A corn. stk y$1,161,354 $5,177,175
Cash
268,232
157,996 Class B corn.stk.- 144,000 z600,000
297,750
Invest, In sub. cos.
Notes payable-10,200
272.889
Accts. reedy. (less
Accounts payable_ 360,381
21,928
446,241
475,004 Federal taxes
reserve)
151,620
Inventories
322,513
432,490 State gasoline tax_ 222,147
20,310
Deterred charges
53,985
36,653 Miscell.
53,703
55,143
Res. for conting-Capital surplus___ 608,514
23,561
Earned surplus.__ 117,814
$2.689,842 $6,598,449
Total
$2,689,842 $6,598,449
Total
x After depreciation and depletion and other amortization of $1,205.525
shares (no par). z Represented by 24,000 shares
y Represented by 193,559
no par).
-V. 134, p. 4669.
Hayes Body Corp.
-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 134, p. 3647.
Hecla Mining Co.
-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 134. p. 3830.
Holly Oil Co.
-Earnings.
-Fears Ended June 30Crude oil sales & transfers, less royalty
Decrease in inventory
Crude oil purchased..
Well pumping & maint-
1932.
1931.
1930.
1929.
$65,487
17,559
1,590
12.924
$183,255
21,587
117,246
21,314
$273,241
Cr.81,661
250,483
24,806
$329.158
23.726
172,981
27,704
Crude oil earnings
(76,589 barrels Produced)
Wetgas produced
Sale of topping plant
products & dry gas- - -
$33,413
$23,107
$79,613
$104.746
987
Dr.1,541
59,789
73,198
Total revenues
Taxes, exps., insur., &c _
$46,388
26,350
$36,527
39,944
$157.473
51,083
$201.982
58,341
Operating profit
Other income,int., &c--
$20,038
10,377
def$3.418
10.963
$106,390
20,787
$143,641
23.952
Totalincome
Depreciation & depletion
$30,415
41,423
$7.546
46,039
$127,177
52,143
$167,593
48.563
def$11,008 def$38,493
Netincome
180,642
38,685
Previous earned surplus2,396
Refund on Fed.inc. taxes
77,140
Adj.of depict.& deprec _
$75,034
290,173
848
$119,029
403,991
$221,685
182,000
$366.054
182,000
$523.020
182,000
Gross earned surplus...
Dividends
Well drilling costs written
off
Adjustments
Prov.for additional Fed.
Income taxes
Lease abandoned
Incorporated Investors.
-1,000,000 Shares Now Outstanding.
As a result of the large increase in sales recently there are now over
1.000,000 shares of Incorporated Investors stock outstanding in the hands
of more than 18,300 shareholders, the largest number of shares outstanding
and also the largest number of shareholders in the history of this mutual
investment fund.
During the first 22 days of August,investors purchased over 57,000 shares
of Incorporated Investors, representing the investment of more than $750,000. This compares with 31,000 shares'purchased during the entire month
of July, the previous hgili record month for this year.
-V. 135,P. 1171.
Indiana Limestone Co.
-Orders Increase.
The company on Aug. 22 reported that unfilled orders were 70 greater
than at this time last year, with prospects for the remainder of 19.32 favorable. The total is 1,791,582 cubic feet, compared with 1,096,612 cubic
feet.
-V. 135. p. 996.
India Tire & Rubber Co.
-To Raise Prices.
This company, which recently announced restoration to workers of a
15 to 20% pay cut on Aug. 24, stated that effective Sept. 3 it will increase
prices on all tires and tubes from 11 to 15% to care for the Federal Excise
Tax.
President W. G. Klauss said the company had shown an increase in
dollar volume of sales of 8.6% in the first nine months of the present fiscal
year ending Oct. 31 over the corresponding period of the previous year,
despite the appreciably lower price level.
-V. 135, p. 639.
-Earnings.
Insuranshares Certificates, Inc.
For income statement for 6 months ended June 30 see 'Earnings Department" on a preceding page.
Condensed Balance Sheet June 30.
1931.
1931.
1932.
1932.
AssetsLiabilities8
i
$
$
Cash in banks_-_ 101,741
185,913 Notes payable---- 865,000 1,090,000
Interest receivable
431
7 Accounts payable_
Diva. receivable__
1,217
54,084
81,118 Interest payable_ Investments
. 66
y2,599,321x13,481,880 Unclaimed diva...
Due from brokers_
29,810
18,573
21.840 Res.for dividends_
3,539
Subsoil!). account_
5,267
19 Other reserves__ __
City Bank Farmers
Res. cont. ha. div.
88,275
Trust
89,357
22
trust funds
Prepaid expenses_
.
1,122
1,877 Common stock_ _ z894,539 8,942,860
Paid In surplus- 520,329 3,278,994
337,983
399,852
Earned surplus_
Total
2 774,842 13,772,677
2,774,842 13,772,677
Total
x At cost, market value $9,237,409. y After reserve for revaluation of
$9,945,800. z Represented by 894.539 no par shares.
-V. 135. Is/• 996.
International Harvester Co.
-Reduces Common Dividend.
-The directors on Aug. 25 declared a quarterly dividend
of 30c. per share on the common stock, no par value, payable
Oct: 15 to holders of record Sept. O. On April 15 and
July 15 last quarterly distributions of 45e. per share were
made on this issue, as compared with 623/2c. per share each
quarter from Jan. 15 1929 to and incl. Jan. 16 1932
Explaining the action of the board of directors, President
Alexander Legge said:
The company's business has been substantially less than was estimated
when the rate on the common stock was fixed six months ago. Looking
to the future, however, our company shares the general belief tnat the
bottom of the depression has at last been reached.
-V. 135, P. 1338.
-New Wells,
International Petroleum Co., Ltd.
$27,677
27,586
3,412
23,261
1.000
$290,173
$180,642
$38,685
$27.677
Balance Sheet June 30.
1931.
1932.
Liabilities-1931.
AssetsCap.stock ($5 par) $910010 $910,000
011 reserves. field
1,309
3,967
$3,681,724 $4,178,169 Accounts payable_
equip.,&a
115,747 Fed. income taxes
Cash & accts. me_ 147,170
537
190
payable
Oil, topping plant
1,722
86,015 Gasoline taxes Day
products & supp
79,698
422,821
Deferred charges
7,093 Reserve for depreo
7,129
3,003,874 3,048,324
Surplus
Total
-Omits Dividend.
Investment Corp. of Philadelphia.
The directors have voted to omit the quarterly dividend ordinarily
payable about Sept. 15 on the capital stock, no par value. On June 15
last a distribution of 25c. per share was made as against 50c. per share
each quarter from March 16 1931 to and incl. March 15 1932.-V. 135,
P. 996.
Jewel Tea Co., Inc.
-Semi-Annual Report.-
1932.
Total
$3,915,721 $4,387,025
-V. 133, p. 1935.
During the first six months of 1932 the company completed three producing wells in Peru, with an average initial production of 49 barrels daily,
and four in Colombia, with an average initial production of 623 barrels
daily. Total crude oil production by the company in Colombia in the
first six months this year was 9,570,432 barrels and in Peru 3, 932, 119
barrels.
The average daily output in Colombia in July was 47.943 barrels, against
54.250 in June,and in Peru 20,472 barrels, against 26.168 in June.
-V.133.
p 1622.
.
raent nnompreccrument for 28 weeks ended July 16 see "Earnings DePart
For"ioe a e sta ng page
.
Earned surplus June 30
$3,915,721 $4.387.025
-Receiver.
(F. M.) Hoyt Shoe Corp., Manchester, N. H.
The company has passed into the hands of a temporary receiver as a result
of a petition filed with the Superior Court of New Hampshire by the majority stockholders after the minority shareholders had brought a bill in equity
to liquidate the concern and to distribute the residue. TRoland B. Jacobs
of Lebanon, N. H. was named temporary receiver and at the same time
the
the court enjoined' creditors from attaching the property.
Hudson Motor Car Co.
-New Dealers.
Since the introduction of the new Essex Terraplane automobile a month
ago 144 new dealers have been added, according to Chester G. Abbott,
general sales manager.
"Increasing sales of the new Terraplane, despite the fact that motor car
sales in general have declined, have led to many inquiries for dealerships,"
Mr. Abbott said.
"Negotiations are now in progress for the signing up of some 300 to 400
additional dealers and a majority of these will be added to the Hudson-V. 135. p. 1171.
Essex family within the next 30 days."
-Payments.
Hudson River Navigation Corp.
City Bank Farmers Trust Co. as trustee, will make a distribution on an
after Aug. 31 1932, of $500 on account of each of the 6 % cony. 1st . mtge.
95
-year sinking fund gold bonds of $1,000 principal amount and $250 on
account of each bond of $500 principal amount, providing bonds have
Aug. 27 1932
attached thereto all affpurtenant coupons maturing Nov. 1 1931, and subsequently thereto.
In order to secure payment, bonds with all said coupons attached must
be presented to the City Bank Farmers Trust Co. for stamping thereon
notation of payment on account.
Payment will be made on Aug. 31 1932, or as soon thereafter as possible.
No interest upon the amount of distribution accruing after Aug. 31 1932.
will be paid.
-V. 135. p. 1337.
M. H. Karker, President, says in part:
Sales.
-Sales on routes amounted to $6,083,198, compared with $7,609.860 for the same period of last year, a decrease of 20.06%. The tendency
toward lower retail prices has continued and a new brand of coffee was
added to the line and was priced lower than our other three brands. Delwiveereriesuo.6f1t47437w coffee began on July 18 and the early reports of sales indicate a demand for and favorable acceptance of the new coffee. Sales
ce
for the first 18 weeks of operations of Jewel Food Stores, Inc. (81 stores)
Working Capital.
-The balance sheet continues to show a fovorable
financial Position with net working capital of $3,308,559 and a ratio of
current assets to current liabilities of 4.09 to 1. A large part of the inventory consists of green coffee which was bought at lower than current
prices. We have been fortunate in having larger than normal stocks of
green coffee on hand since it has become almost impossible to obtain deairable grades of coffee from Brazil during the present revolution. Inventories have been priced at cost or market, whichever is lower, and the
amount written off is less than y% of the total inventory. All known
liabilities have been taken into account.
-Careful budgeting has resulted in a still further
Operating Expense.
reduction of expenses which show a decrease of 13.24% against the same
weeks of 1931. Expense budgets for the remainder a the year indicate
even lower expenses. The first reduction in wage rates, affecting the entire
organization, was made at the end of May. The average number of employees increased 10% in the last six months. There have been no unusual
losses during the period and marketable securities whchi were written down
on Jan. 2 1932 to market value are still carried at that figure, although the
market value on July 161s considerably higher. Amounts involved in connection with closed banks in the last six months have been less than the
las ou etr ecovered on claims which were entirely written off at the close of
amt yn a .
r
Common Stock.
-On the closing date the company owned and held 17.477
shares of its common stock of which 2,076 had been subscribed to and are
Ple d markewo ployees. Further purchases of shares were made in
bal for by m
favoga
beinr
-During the 18 weeks that company has owned
Jewel Food Stores, Inc.
these stores, progress has been made, but operations have not resulted in a
profit. In addition to the operating losses a considerable amount was spent
in connection with taking over the business and putting the properties in
good condition. The total of the operating losses and extraordinary expenses amounting to $104,119 has been charged against the reserve for
contingencies which was provided in the amount of $280,000 at the close of
1931. On the letter of April 12, which was sent to stockholders with the
dividend payment of April 15.stockholders were advised that approximately
$1,400.000 of the surplus of the company would be involved in the acquisition of the properties and to provide working capital. Up to the present
time exactly $1,000,000 has been used for this purpose and it will be noted
1503
Financial Chronicle
'Volume 135
on'the balance sheet that this amount has been transferred from the surplus
to the capital account.
-Surplus was closed with a balance of $1.430,483, which is more
Surplus.
than covered by the item of marketable securities alone. The regular
quarterly dividends of $1 per share were paid on April 15 and July 15, and
are the only charges in addition to the 31.000.000 involved in the acquisition
of Jewel Food Stores, Inc. as noted in the preceding paragraph.
Comparative Balance Sheet.
July 16'32. July 11'31.
July 16'32. July 1131. LiabilitiesAssets-42.415,688 $2,232,917 Common stock.4'$5,240,000 $4,240,000
Capital assets
1 Letters of credit &
1
Good-will
acceptances_ _ __ 219,755
201.821
1.729.934 1,289,901
Inventories
116.731
305,539 Accounts payable_ 243,759
Accts. & notes roe- s275.203
187,069
228,992
1,502.306 2,348.233 Federal taxes
Investments
134,451 Reserve for °outing 175,881
220,000
160,835
funds
Trust
654,140 Res. for auto acci712,614
Cash
83,393
dents & fire losses
82.734
Corn. stk. held for
260,914
312.375
372,782 Sundry accruals
453,724
, employees
160,834
134,451
760,912 Surety deposits- _
751,785
Deferred charges
1,430,483 2.561.772
Surplus
Total
88.002.090 $8,098.876
$8,002,090 $8,098,876
Total
x After depreciation of $1,047,021. y Represented by 280,000 shares no
par value. z After deducting 393,748 reserve for doubtful accounts.
-Contingent liabilities for letters of credit issued against coffee on
Note.
contracts, not shipped at July 16 1932, $39,021.-V. 135, P. 997.
-Earnings.
Keith-Albee-Orpheum Corp.
For income statement for thee and six months ended June 30 see"Earn-V.134, p. 4505.
ings Department" on a preceding page.
--Earnings.
(B. F.) Keith Corp.
For income statement for three and six months ended June 30 see"Earn-V. 134, p. 3832.
• ings Department" on a preceding page.
--Gold Syndicate Formed.
Kildun Mining Corp.
A syndicate has just been formed by J. 11. A,. Williams, President of the
• corporation which will immediately begin operations of a gold property in
lower California. The Kildum Mining Corp. is a participant in the syndi• cate.-v. 134. P. 3285.
-Balance Sheet June 30.(G. R.) Kinney Co., Inc.
1932.
$
439.216
118,665
Assets• Cash
Accts. receivable
Merchandise, raw
3,702,722
materials, &c
Notes receivableemployees
15-yr. 754% gold
38,500
notes repurch
50.000
• Investments
171,173
Prepaid expenses__
1,670,414
Fixed assets
Deferred charges1
Trade-marks
2,480.050
• Good-will
1931.
Liabilities$
606,800 Notes payable_ _ -84,167 Accounts payable_
Accrued & miscell.
4,873,652
liabilities
Gold notes outsVg62,662 Rw,for conting-- _
Preferred stock_ _ _
55.100 Common stock__x
569.699 Surplus
168.932
2,681.714
194,138
80.076
2,480.050
8.670,742 11,856,991
Total
Total
-V. 135,p. 1172.
153,645 no par shares.
1932.
1931.
150,000
444,032
750,000
250.414
141,347
99,039
1,364.600 1.515.100
321,584
50,000
2,526,465 5,054,700
1,590,468 3,755,378
2.132,247
382,360
8,670,742 11,856.991
-Sales.Kroger Grocery & Baking Co.
-4 Weeks Ended- -32 Weeks EndedAug. 13 '32. Any. 14 '31. Aug. 13 '32. Aug. 14 '31.
Period315.226.560 317,891,6863134,426,7033156,404,108
Sales
The average number of stores in operation for the four weeks ended
Aug. 13 1932 was 4,816 as against 4,920 for the corresponding period of
1931, or a decline of 2%.
Retail food prices declined 15% between June 15 1931 and June 15 1932,
according to the Bureau of Labor Statistics of the United States Department of Labor -V. 135, p. 1172.
Lake St. John Paper & Power Co., Ltd.
-Earnings
Will Be Less.
National Trust Co., Ltd., as trustee, in a letter to holders of 1st mtge.
-year mtge. debentures series A, says in further explanation of
• 63.5% 15
failure of the company to meet interest payment due Aug. 1 1932:
"We are advised by the company that under toe present market conditions
it will have an assured operating income for the next two years substantially
more than sufficient to meet all operating expenditures but that some con• siderable time must elapse before the liquid position of the company can be
. sufficiently improved and its net earnings sufficiently increased to enable
interest to be paid upon its 1st mtge. bonds."
-V. 135. 13• 1172.
-Lane Bryant, Inc.(& Subs.).
-Earnings.
Year Ended May 31:1930.
1931.
1932.
1929.
Sales (net of returns) 313,271.330 $17,757,322 $17,146,911 $14,255,402
Cost of sales, operating,
admin. & selling caps_ 13,151,264 17,198,227 16,201,552 13,437,164
Operating profit
$120,067
Miscellaneousincome...16,927
Total income before
Federal taxes
$136,994
Prov.for deprec. of bldg. •
equipment,&c
194,779
Interest
17,370
'Non-operating losses__
90,747
• General invent. reserve200.000
Paid to estate of J. M.
Coward in lieu of prof.
between Jan. 1 1930
and date of acquisition
of the Coward business
Federal taxes
$559,095
30.365
$945,358
60,199
$818,238
57,939
$589,459 $1,005.557
$876,177
238,950
110,006
13,000
-Earnings.
(H. R.) Mallinson & Co., Inc.
For income statement for six month? ended June 30 see "Earnings
Department" in last week's "Chronicle.' p. 1322.-V. 134, p. 1384.
-Reduces Stock.
Manufacturers Casualty Insurance Co.
In connection with the reduction in the capital stock par $10, from
$2,500,000 to $1,000,000, two new,shares are exchangeable for each five
-V. 135, p. 1339.
shares held.
-Balance Sheet June 30.Mapes Consolidated Mfg. Co.
1931.
1932.
L1,abiltdes1931.
1932.
Assetsy$700.000 1700.000
0688,106 4622.362 Capital stock
Plant & equipm't_
24,826
14,115
143,574 Accounts payable_
Marketable secure. 179,517
29,808
38,943
Accrued expenses_
Cash surr. val. of
Min. bit. In subs.
1,300
1,875
I fe insurance__
15,333
16,081
companies
Inv. In & advs. to
5,001 Provision for Fed19,252
affiliated cos_ _ _
eral, State and
749.336
Cash & call loans_ 349.539
129,981
104,646
local taxes
,
Certificate- of dep. 200,C00
895.473
55,615 Earned surplus... 802,307
95,743
Accounts reedy__
66,861
111,566
Mdse. inventory__
11,641
9,968
Prepaid expenses_
139,733
20,527
Pats. & licenses31.676.093 $1,795,421
Total
$1,676.094 $1,795,421
Total
x After deducting $473,941 for depreciation. y Represented by 120,000
-V. 135. p. 1173.
shares of no par value.
-Earnings:
Mayflower Associates, Inc.
months
For income statement for 6 page. ended June 30 1932 see "Earnings
preceding
Department" on a
Comparative Consolidated Balance Sheet.
June 3032. Dec. 31'31,
June 3032. Dec. 31'31.
Liabilities-$
$
$
$
AssetsInvest,at cost_ _ _s12,263.726 13,724.514 Reserve for Fed10.053
eral tax
9,818
: 77
15 18
1429 3
305,965
Cash
114,866,940 5,184,000
Capital stock
Dive.& interest rePaid-in surplus_-_ 9.988,127 10.013,839
47,848
ceivable. &c__ _
Earned deficit_ __ _ 2,247,579 1.300.779
Advance on ininvest.t
24,202
contract
Total
12,617,541 13,906.878
12,617.541 13,908,878
Total
b Represented by 243,347 no par shares.
a Market value $7,568,067.
V. 133, p. 4506.
--Earnings.
Mead Corp.
For income statement for six months ended July 3 1932 see "Earnings
Department" on a preceding page. In our issue of Aug. 20 it was erroneously stated that the period covered was for the six months ended June 30.
-V. 135, p. 1339.
-Defers Div.
Mercantile Acceptance Corp. of Calif.
quarterly dividend due Aug. I
The directors recently voted to defer the last
regular quarterly dividend
The
on the 8% cum. pref. stock, par $10.l.
on twe ier, declared
, hohisv ssue on Mayth
of The2% was
e regular quarterly dividend of 40
cents per share on the 31.60 cum. cony, preference stock, no par value.
payable Aug. 1 to holders of record July 28.-V. 134. p. 335.
-Dividend Meeting PostMerchants Refrigerating Co.
ported.
The dividend meeting set for Aug. 25 for action on the no par common
last
stock has been postponed until Sept. 22 due to lack of quorum. The860.
previous quarterly payment of 50 cents was made June 30.-V. 134. p.
-Dividend Rate Decreased.
Midvale Co.
The directors on Aug. 25 declared a quarterly dividend of 75 cents per
record
share on the no par value common stock, payable Oct. 1 to holders of Jan. 1
Sept. 15. This compares with $1 per share paid each quarter from
1930 to and incl-Tuly 1 1932.-V. 134, p. 3469.
"Miag" Mill Machinery Co. ("Miag" Muhlenbau und
Industrie Aktiengesellschaft). Reduces Capital.
The company reports that, due to the continued subnormal economic
situation, at a general meeting of the company it was resolved to reduce its
share capital to reichsmarks 5.800,000; depreciation on various of its assets
and on two factories which have been shut down amounts to reichsmarks
9,766.704; and the reserve fund has been reduced to reichsmarks 580,000.
Under the circumstances no action has been taken on payment of a
-V. 126, p. 3310.
dividend.
-Earnings:
Moto-Meter Gauge & Equipment Co.
months
For income statement for 6 -V. ended June 30 see "Earnings De1339.
preceding page.
135, p.
-Earnings.
Murray Corp. of America.
99.550
_ _def$365.902
Netincome_ _ _
$227,503
$632,616
$776,626
ancl
Shs. corn. stk. oultiC (no par)
129.067
134,953
134,953
83,351
Nil
$1.00
Earnings per share
$3.99
38.05
x Includes Coward Shoe and Rite Corset Co. from Jan. 1 1930.
Consolidated Balance Sheet, May 31.
1931.
Liabilities1932.
1932.
Assets1931.
Preferred stock _ _ 31,235,100 $1,362,400
Land, buildings,
equip., dai---x$1,256,264 $1,332,428 Common stock _ _ z 1,418,145 1,482,818
1.225,638 1,562,863 6% debentures... 1,609,000 1,866,667
• Cash
797,474 Tradecreditors,net
y592,077
Accts.receivable
for deduct. dint. 634,784
2,342,889 2,785,457
Inventories
907,575
Dividends payable
Federal Intermed.
32,700
100.185 Accrual of deb.
Credit Bank_
sinking fund
25.889
27,974
Defd.cash on dep.
33.333
Prepaid sales and
77,160
Adv.to mfge
cred. to custom_
50,585
56,198
Accts. MO. for fixt.
73,000 Accrd.salaries, &o.
67,471
21,300
68,740
sold
Prov. for Federal
Prep'd rent, taxes,
income taxes...
290,822
28,262
257,830
49,875
,
&c
Mtge.on real estate
15,000
17,000
Invest. In stocks of
784,684 1,320,032
7,500 Surplus
7,500
affiliated cos.__
77,388
33.450
Loans & advances_
950
950
Other investments
Patterns, patents,
'trademarks good1
1
will
143,379
Treasury stock_ _ _
Total
85.843.033 37,197,338
Total
35,843.033 37,197.338
,
x After deducting 31,137,421 for depreciation and amortization. 5 After
deducting $82.000 for doubtful accounts. a Represented by 129,067 shares
of no par value.
-V.135.p. 1172.
-Decreases Stated Capital.
Liquid Carbonic Corp.
The stockholders on Aug. 22 proved a plan to reduce capital represented
by the no par common stock from $40.92 a share to $30 a share. This
reduction will permit the transfer of approximately $6.615,489 from capital
account to capital surplus, leaving the stated capital at about $10,272.180.
-V. 135. p. 998.
partment" on a
201.539
14,282
82,150
75.000
-Dividend Meeting Postponed.
Lessing's, Inc.
The dividend meeting scheduled for Aug. 23 has been postponed until
Sept. 6, due to lack of a quorum. The last payment of 25c. a share was
made June 30 (see V. 134. p. 3990).-V. 135, p. 1338.
For income statement for six months ended June 30 see "Earnings
Department" in last week's "Chronicle," p. 1322.
Balance Sheet June 30.
1932.
1931.
1931.
1932,
s
s
Liabilities$
8
Assets210,900
8% pref.stock_ _..- 197,900
Land,b1dge.,mach.
y19,279,104 20,180,375 Common stock _ _ z22,745,127 22,704,487
& equip
913,818
1,386,079 2,779,358 Accts.& notes pay. 855,244
Cash
89,303
81,194
Customers'accts-x2,057,492 2,278,935 Accr, int., tax, &c.
645,288
2,140,023 2,890,970 Purch.money oblig 495,120
Inventories
2,375.000 2,715,000
22,474 Funded debt
6,885
Sink. fund deposits
629,184
405,307 Res.tor cont'g., &c 581,963
Misc. accts.& diva. 299,809
4,000
774.462 Federal tax
Dies & patterns... 1,288.022
395,705
301,329 A ppropr. surplus295.851
Good-will
242,875 Unapprop, surplus d1448,981 1,568,401
129,303
Deferred charges
26,882,567 29,876,087
Total
26,882,567 29.876,087
Total
x After allowances for doubtful accounts of $50,912. y After deprecia-V. 135. p. 1173.
tion, z Represented by 763,598 no par shares.
-Meeting Adjourned
(Conde) Nast Publications, Inc.
The special meeting of stocknoiders scheduled for Aug. 22 to consider
placing a mortgage on the company's property, preliminary to a bond issue,
has been adjourned until Sept. 20.-V. 135, p. 1.173.
-Earnings.
National Battery Co. (8c Subs.).
Years Ended June 30Net profits
Interest charges(net)-- Federal income tax
Insurance adjustment_
Oper. loss of sub.(sold).
x1932,
3319.451
3.181
40,928
x1931.
$563.315
6,148
68.180
x1930.
3544.416
3.691
60,200
1929.
3507.087
10.632
60.194
Sr.49,807
219
Net profit
Pref. dividends
Common dividends
3275,342
64,741
134,872
$483,987
72,629
193.359
$480,525
80,555
202,961
$485,848
58.667
$75,728
89.929
$2.34
$222,999
90,429
$4.60
3197.009
89.049
$4.49
$127,181
85,000
$5.02
Balance,surplus
Shs.corn.stock (no par)_
Earnings per share
a includes subsidiaries.
1504
Assets
Cash
Accts.& notes rec_
Inventories
Prepaid expenses_ _
U.S.Liberty bds._
Investments, slow
receivables, &c_
Plant & equipment
Deferred charges--
Financial Chronicle
Consolidated Balance Sheet June 30.
1932.
1931.
Liabilities-1932.
8297,438 8253,558 Accounts payable. 8129,759
321,819
340,12a Accruals
52,156
430,301
890,033 Prov. for Federal
36,159
23,646
income taxes._ _
48,929
256,227
Divs. on pref. stk.
18,185
Pur. money alio..
39,811
48,888 Mtge. & equip.
772,487
784,777
notes payable._
30,387
40,279
52,961 Surp. approp. for
redemp. of pref.
stock
87.378
Cum. cony. pref.
stock
x 878,459
Common stock
y 538,838
Paid-In surplus _
93,111
519,517
Earned surplus_ __
1931.
$79,196
44,399
87,849
17,840
42,723
749,815
550,188
93,111
547,292
Total
$2,194,523 82,191,990
82,194,523 82,191,990
Total
x Represented by 29,428 no par share. y Represented by 89,929 no
par share.
-V. 134, p. 687.
National Belles Hess, Inc. (Del.).
-New Company
Takes Over Selected Assets and Actively Resumes Business.
-
With reorganization plans completed, National Belles Hess, Inc. has
actively resumed business and will be in a position to take full advantage
of the renewed Fall demand in the mail order field. Preparation of a new
catalogue is under way and it is planned to have at least 2,000,000 copies
In the hands of customers by the middle of September. Starting as it does
with offerings of new lines of popular merchandise, the management is
confident of a rapid expansion in volume which should easily maintain the
company's position as the third largest mail order organization in the
country.
The new company, to he known as National Bellas Hess, Inc. was
chartered in Delaware on July 20 1932 with an authorized capital of
1,800,000 shares of $1 par value common stock and at once becomes the
successor to the 45
-year old business of the National Belles Hess Co., Inc.
through acquisition of the name, good will, customer list, complete operating equipment and certain selected assets of the old company secured on
the drastically deflated basis of 1932 values.
Under the terms of the agreement 300,000 shares of stock are to be
issued in payment for the assets received together with cash to the amount
of $100,000 to be amortized over a period of five years. The new company
also assumes the liability for redeeming refund vouchers now outstanding
in the hands of customers. These vouchers are carried on the books of the
former company at $180,000 although it is estimated that not over $50.000
will ever be redeemed.
Of the remaining authorized amount of stock 200,000 shares already have
been privately subscribed, 500,000 shares will be held in the treasury to be
subscribed and paid for in cash by the operating executives,leaving 800,000
shares for public distribution.
The new company acquired the Kansas City plant on a favorable long
term lease, and purchase option, in which it is stipulated that during the
period ending Dec. 31 1936 the company shall occupy the property in consideration of meeting its carrying charges, consisting of its in.surance
premiums, taxes and interest charges on the $166,500 mortgage. Thereafter an annual cash rental, plus carrying charges will be paid. The purchase option on the land and buildings, originally costing $2,617,118 is for
$800,000 at any time prior to Dec. 31 1944 with a later increase according
to the period covered.
The balance sheet showing the net set up, and modified to give effect
to the full terms yet to be consummated, discloses assets of 81.500,000
made up of 81,000,000 in cash, and equipment, plates, names, office
fixtures, good-will, &c. written down to $500.000 with liabilities of $1.300,000 in stock issued and outstanding, $100,000 notes payable without interest and $100,000 reserved foriorganizationfexpensea.er:
The management will be in the hands of 'executive4whewerefactive1Y
identified with the predecessor company including Carl Berry.'President,
A. E. Dawson, I. R. Dickson and George Marks, MerchandiselManagers,
Carl Reiss, Sales Promotion Manager,E.I1 LeBrink, Catalogue Production
Manager and others. Each key position is being filled with an executive
who has contributed to the financing of the reorganized enterprise.
Timothy J. Shea,of Cullon & Dykman,attorneys. Brooklyn,and formerly
Deputy Attorney-General in charge of the New York State Securities
Bureau, will serve as Chairman of the Board.
Whereas the former company extended its business throughout the
country and established retail stores in connection with mail order operations, past results have convinced the new management that elimination of
retail stores and concentration of effort in the territory originally served
from the Kansas City plant, plus certain States East of the Mississippi
River, formerly served from New York. will give the best results.
This contention is borne out by an analysis of operating records which
show that while operations of the predecessor company,as a whole, totalled
$429,668,000 in net sales form 1922 to 1931 inclusive, $215,697,000 of this
amount, or practically 50%, were contributed by the Kansas City plant.
Furthermore,net income from all operations during these 10 years amounted
to an aggregate of $2,221,000 while net income realized by the Kansas City
plant amounted to 89.873,000.
The explanation of these differences is that Kansas City profits were
depleted by losses incurred elsewhere. Even during the seven year period
prior to the depression, 1922 to 1928 inclusive, when the company as a
whole showed a profit from each year's operations, its aggregate net income
of $10,035,000 compares with $10,989,000 contributed by the Kansas
City house.
It is also noted that the Kansas City plant is one of the most efficient
mail order units in the country with a record of handling business at a
cost of but seven cents per order against 19 cents per order in New York,
and further proving that this territory is the natural mail order field, being
composed in substantial part of rural communities of 5,000 population or
less. Of the 9,619,500 families so situated, 36% are already on the predecessor company's customer file, which, as previously stated, is among the
assets acquired by the successor company.
The complete operating equipment for handling this business and which
was acquired by the new company originally cost the predecessor concern
8927.355 and has a replacement cost estimated at $600,000. The stencil
file contains the names of approximately 5,800,000 customers which it is
estimated would cost at least $1 a name to rebuild through advertising and
circularization.
The company will publish two complete catalogues and three sales books
each year, the Winter, Spring and Summer Sale books having a circulation
of 3,000,000 copies while the Spring and Fall catalogues will be distributed
to 2,000,000 customers.
Under the plans outlined providing as they do for concentration upon
lines of merchandise items Which heretofore have shown satisfactory profits
and volume, favorable trade agreements with merchandise manufacturers,
paper manufacturers, printers and others, and through such strict economies as are estimated to permit an operating budget materially less than
that of the predecessor company for 1931, a sales volume of from $7,000,000
to $9,000,000 is expected in the first year of operation with an estimated
net profit of from $200,000 to $650,000. As there is no funded debt or
preferred stocks this net will be directly applicable to the common stock.
Application for listing on the New York Curb has been made.
-V.
135. p. 642.
National Biscuit Co.
-Merger Announced.
0. II. Barmettler, President of the Iten Biscuit Co.on Aug. 24 announced
the merger of his company with the National Biscuit Co. Mr. Barmettler
has been elected a Vice-President of the latter company.
The two companies have been affiliated since 1928 but have operated
separately. Under the new arrangement. Iten products will be marketed
under the National Biscuit Co.'s name.
The ken company has bakeries at Omaha. Clinton, Iowa; Oklahoma City
-V. 135. p. 642; V. 134, p. 4507.
and Memphis.
National Brick Co. of Laprairie, Ltd.
-Properties Sold.
Announcement is made of the formation of an organization known as
Laprairie Co., Inc., which has acquired the properties and business of the
National Brick CO. of Laprairie. and the Delson plant and Montreal business of the Cooksville Co.
No statement has been made regarding the personnel of the new board.
It is understood, however, that French-Canadian interests have come into
the picture. Announcement of the new directorate is expected shortly.
Formation of Laprairie Co. follows the bankruptcy of National Brick Co.
and the sale of its mortgaged assets by auction.
Aug. 27 1932
Securities of the new company are being issued to stockholders of National
Brick Co.. and exchange may be effected until Oct. 1 1932. Old preferred
shareholders will receive one new common share for each three preferred
shares, and old common shareholders will receive one new common share
for each twelve shares held.
For the mortgaged properties of National Brick, bondholders will receive
15,625 class B preferred shares, and 12,400 common shares. There are
$1,600,000 of 6% bonds outstanding. The Cooksville Co., for the sale
of its Delson plant and Montreal business, will receive 5,000 class A preferred shares. and 74,643 common shares.
The authorized capital stock and bond Issue of the new company, therefore, is as follows: 5,000 6% ctunul. red. class A preferred shares, par
8100 each; 15,625 6% cumul. red. class B preferred shares, $100 each;
100,000 common shares without nominal or par value, and 8500.000 6%
20
-year 1st(closed) mtge. bonds(to be used for collateral for bank advances).
-V. 135. p. 642.
National Grocers Co. Ltd.
-Retires Note Issue.The company retired $1,100,01,10 of6 % sinking fund notes at maturity,
Aug. 15. The notes which were payable in Chicago and New York were
largely held in the United States and payment involved premium on U. S.
funds as well as the principal amount. According to T. H. Kinnear,
Secretary-Treasurer, the company does not owe a dollar in the United
States at this time.
Noteholders had been offered a premium of 10% in cash for extension of
the notes to 1937 and some 85% of noteholders had deposited their securities. The company however, was able to negotiate a bank loan to retire
the notes and it is expected that this loan will be refunded within the next
three months.
-V. 135. p. 1339.
National Grocers Co., Ltd.
-Earnings.
Years End. June 30
Profit from operation_ _ _
Depreciation
Int. on 6i% gold notes
Income taxes
1932.
$569,291
112,330
88,430
52,315
1931.
$567,064
121,504
95,336
40,919
1930.
$620,587
120,156
104,959
29,824
1929.
$695,016
118,366
111,521
34,500
Net income
Divs. on 1st pref. stock_
Divs. on 2d pref. stock_
$316,215
$309,304
26.734
$365,648
48,972
103,362
$430,628
60,034
103,362
Balance, surplus
Previous surplus
$264,534
634,176
$282,570
562,798
$213,314
452,716
$267,232
265,116
Total
Adjustments
$898,710
89,382
$845,368
211,192
$666,030
103,233
$532,348
79.631
51,681
Profit & loss surplus
$809,327
$634.176
$562,798
8452,716
Comparative Balance Sheet June 30.
Assets1932.
1931.
Liabilities1932.
1931.
Land, buildings &
7% 2d pref. shs-$2,953,200 $2,953,20D
equipment
$2,555,076 $2,522,478 Common stock- x295,852
295,852
Cash
305,613
81,300 844% gold notes__ 1,088,500 1,309,500"
Inventories
1,881.559 1,930,028 Outst. cheques
110,995.
Adv. on merchanBal.of 1st pref.stk.
dlse purchased__
60,584
11,002
at redempt.prIce
1,778
Investm'ts at cost_
181,527
859,421
175,700 Accts. & bills pay- 888,427
Accts. receivable.
48,287'
53,284
Sm.int.,taxes,dm
less reserve
1,708,005 1,743,848 Res, for deprec. of
Sinking fund cash_
483,921
3,541
947
bldgs.& equip.- 541,871
Deferred charges__ 249,514
81,889.
118,958
293,697 Res. for conting__
834,176
809,328
Surplus
Total
$8,745,421 $8,758,997
$8,745,421 $8.758,997
Total
x Represented by 295.852 shares of no par value.
-V. 135. p. 1339.
National Radiator Co.
-Debentures Off List.
-
The 6%% s. f. gold debentures were stricken from the list of the New
York Stock Exchange on Aug. 16.-V. 135, p. 1173.
National Supply Co. of Del.
-Earnings.
-
For income statement for six months ended June 30 see''Earnings Department" on a preceding page.
Current assets as of June 30 1932 were $32,929,976 and current liabilities
were $1,328,571, comparing with $38,269,948 and $2,159,774, respectively.
on Juno 30 1931. Cash and marketable securities amounted to $6,008,669
on June 30, last, against $6,353,080 a year earlier. Marketable securities
are carried in the balance sheet at the end of Juno this year at cost of
$2,468,427. Market value then was 5360.034, although it has since appreciated to roughly 8720,000.-V. 134, p. 3834.
National Tea Co.
-Sales.
Period End. Aug.13- 1932-4 Weeks
-1931.
-1931. 1932-32 Weeks
Sales
$4,698,048 85,797.030 841,502,282 $48,202,267
-V.135, p. 829, 1000.
National Transit Co.
-Reduces Quarterly Payment.
The directors on Aug. 23 declared a quarterly dividend of
20c. per share on the outstanding $6,362,500 capital stock,
par $12.50, payable Sept. 15 to holders of record Aug. 31.
Previously the company made quarterly distributions of
25c. per share. Dividends paid since and incl. 1918follow:
DIVS.- '18. '19. '20. '21. '22. '23. '24. '25. '26. '27. '28. '29. '30-'31.
In %
16 40 30 28 14 16 12 10
9 8 68 12 8 yrly.
Paid in 1932: March 15, 2%; June 15, 2%-V. 134, p. 1386.
Neisner Brothers, Inc.
-Earnings.=
For income statement for six months ended June 30 see "Earnings
Department" on a preceding page.
Balance Sheet June 30.
1932,
1931.
1931.
1932.
A ssels-Liabilities$
$
$
$
Furn. and fixtures
Accts. pay.& man(less deprec.)...._ 5,581,613 8,210,376
agern't bonuses. 41,100
718,859
Investments
3,148,750 3,307,250
1,019,802 1,316,841 Funded debt
Cash
928,459 Accr. taxes & pay. 105,124
758,400
Prepaid rents
108,658 Accrued Interest. 18,089
83,358
Accts. receivable._
45,787 Notes payable..._ 1,400,000 2,100,000
50,807
Life ins. cash value
35,535 Reserve for taxes.
47,859
40,433
Inventory
2,253,004 3,035,899 7% cumul. cony.
Deferred charges
preferred stock_ 2,207,700 2,207,700
162,711
90,277
Reserve
40,023
105,978
Com,stk, and sur_a2,218,958 3,395,487
Total
Total
9,857,898 11,840,286
9,857,898 11,840,268
a Represented by 206,234 shares of no par value valued at $811,014.V. 135. p. 1000.
New York Air Brake Co.
-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page -V. 134. p. 3650.
98 Riverside Drive Apartments (98 Riverside Drive
-Protective Committee.
Corp.), N. Y. City.
To protect their rights to the mortgaged property and its income, as
well as their rights under the Empire guarantee, holders of first mortgage
6% sinking fund gold bond certificates issued under the trust mortgage of
the 98 Riverside Drive Corp. to the Bank of United States, trustee. dated
Jan. 1 1929, representing approximately *1.000,000 face amount of certificates, have appointed a committee to act in accordance with the best
interests of the buildings.
The first mortgage on the property originally amounting to $1,700.000,
has been reduced by the sinking fund to $1,598,700. The payment of.
interest and sinking fund installments is guaranteed by the Empire Bond &
Mortgage Corp., for which a receiver was recently appointed. An assignment of rents has been made to the Ganet Realty Corp., a subsidiary of the
Empire Bond & Mortgage Corp.
Clermont Cartwright of Hill. Thompson & Co., Inc. has been elected a
member of the committee. Other members are Oliver W. Birckhead, Pres.,
Peoples National Bank of White Plains, Chairman; Charles F. Noyes,
Pres., Charles F. Noyes Co., and John F. D. Bohrbach, C.P.A. of J. Lee
Financial Chronicle
Volume 135
Nicholson & Co. Central Hanover Bank SE Trust Co. is depository for the
committee.
A receiver for the property was appointed recently by Justice John F.
Carew in the New York Supreme Court.
-V. 128, p. 903.
North American Aviation, Inc.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Comparative Consolidated Balance Sheet.
June 3032.Dec.31'31.
June 3032.Dec. 31'31.
Liabilities
Assets$
481,707 Due bks.& bankers
1.989,498
Cash
48,002
15.472
U.S.Treasury bills
1,001,706 Accounts payable_
227.564
581,343
Accrued royalties,
Trade notes, accts.
wages,&c
& acceptances re152,677
110,727
1,001,594 1,015,931 Deposits on sales
ceivable
contracts
Sundry accts. re28,556
612,503
Prov, for installaceivable, accrd.
67,125
53,926
interest, &c--- tion, service &
Inv.of raw mans.,
guaranteed prods
10,168
22,764
work in process,
Deferred income
112,898
54,500
Res,for conting
finished goods &
422,920
456,572
925,920 1,142,444 Capital stock
supplies
9,983,890 9,983,890
Contracts in proCapital surplus_ _ 2,466,415 2,466.415
973,623 1,998,115 Earned surplus.
gress
2,662,513 2.899,504
Deposits on pur12,480
chase contracts_
Total investments_ 3,409,325 3,500,923
Amounts due from
officers & employees on stock
subscriptions_
73,779
84,879
Deferred charges- 75,008
116,558
Plant & equiPm't
a1,916,425 1,966,767
of mfg.cos
Flying & service
equip. of Transport cos
b929,857 1,062,182
Developments- 97,431
95,106
Good-will
4,683,537 3,610,506
Patents
1 1,073,031
Total
16,155,603 17,203,782
Total
16,155.603 17,203.782
a After depreciation reserve of $544.150. b After depreciation reserve
of $775,004.
Note.-Intercontinent Aviation, Inc.. owns 47,667 shares of the out-
standing capital stock of North American Aviation, Inc.
-V. 135. p. 1339.
North American Oil Consolidated.-Bal.Sh.June 30 193.
Assets-
Liabilities
-
Cash
Interest bearing deposits
$95,370 Accounts payable
$30,076
5,531
2,756,590
2,016,039
64,446 Audited payroll
7001 Capital stook
Notes receivable
65,414' Surplus
Accounts receivable
4.719
Advanced expenses
4,516,999 ,
Lands
60,5881
Improvement and equipment_
$4,808,236 I
Total
Total
54.808,236
-v. 135, P. 1173.
Northam
Warren Corp.(&
Subs.).
-Earnings.--
Calendar Years1931.
1930.
1929.
Net income after Federal income tax_
$816,708
$807,015
$727,901
Previous surplus
1.639,414
997.071
417,674
Total surplus
$2,456,121 $1,804.086 31.145,574
Preferred dividends
123,905
138,634
148.503
Common dividends
200,000
Reserve for securities
4
72,391
Adjustments
26.559
Dr26,037
Surplus Dec.31
$2,033,267 81,639,414
$997.071
Common shares outstanding
200,000
192,500
192,500
Earnings per share
$3.46
$3.47
$3.04
Condensed Consolidated Balance Sheet Dec. 31.
Assets
1931.
Cash
5404,478
Accts. rec., sundry
advances,&c_
487,083
Inventories
450,320
Securities at cost.. 803,203
Life insur. policies
surrender value. 105,528
Invest, and special
deposit
Invest. in & adv.
to subs.,&c_
35,190
Treasury stock_ _ _
312,565
West 17th St. prop x163,687
Land, bides., mach.
and equipment_ 1188,288
Leaseh'd & !mot. _
416,762
Good-will, trade
marks & names,
37,590
formulae, &c_ _ _
Deferred charges..
91,466
Total
1930.
Liabilities1931.
$393,261 Accts. pay., &c_ _ _ 5271.191
Reserves
165,401
551,318 Mortgages payable 303,800
453,284 Cony, pref. stock_ y940,000
401,108 Common stock_ _ _
200,000
Capital stock arising
64,740
from sale of corn.
stock
82,500
18,748 Surplus
2,033,267
1930.
5183,179
167,348
312,400
970,000
z192,500
1,639.414
537,590
110,704
Total
53,996.161 53,464,841
x After depreciation. y Represented by 47,000 shares (no par). a Rep-V. 132, p. 4779.
resented by 200,000 Shares (no par).
North Central Texas Oil Co.
-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
Current assets as of Juno 30 1932 amounted to $235,829 and current
liabilities were $8,117 compared with $320,065 and $7.917 respectively
-V. 134, p. 3834.
on June 30 of previous year.
North River Insurance Coe-Reduces Dividend.
-
The directors have declared a quarterly dividend of 15 cents per share on
,
the new capital stock, par $2;5,payable Sept. 10 to holders ofrecord Sept. 1.
This compares with quarterly distributions of 25 cents per share made on
March 10 and June 10 last on the old capital stock of $5 per share, recently
eacchanged share for share for the new stock.
-V. 134, p. 4335.
-Concentrating Sales Activities.
Norton Co.
This company, which recently acquirer! the Pike Mfg. Co. and changed
the name a the latter to Norton Pike Co., announces that after Sept. 1
sales of the Norton Pike Co. will be handlei by the Behr
-Manning Co..
Troy, N. Y.. another subsidiary. No. change is being made in the Norton
Pike Co. manufacturing plants, the sales department being merged, with
-V. 135, p. 642.
that of the Behr-Manning Co.
Norwich (N. Y.) Pharmacal Co.(& Subs.).
-Earnings.
Consolidated Income Account for Year 1931.
Gross profit
Expenses
$2,730,552
1.855.527
Net operating income
Cash discounts to customers
$875,026
43.339
Net operating profit
Federal income tax
$831.687
94,767
Net profit for year
Dividends declared
$736,920
498,692
Balance
Surplus at beginning of year
$238,228
1.935,175
Surplus charges(net)
Surplus at Dec.31 1931
Ohio Oil Co.
-Balance Sheet June 30.1932.
1931.
1932.
1931.
$
Assetsa
Liabilities$
a Property
126,554,258 142,700,431 Preferred stock_ 58,071,300 57,992.100
Investments.... 17,868.559 17,241,825 Common stock y100,000 000 100,000,000
2,203,200
Cash
2,041,221 Accounts pay_
2,056,412
Accounts receiv. 4,430,128
5,124,209 Current Habil_
1.853,525
Notes reedy... 1,016,085
Reserve for taxes 1,048,541
1,842,927
Crude oil
21,571,256 25,997,262 Deferred Habil_ 2,199,984
1,497,062
Material & supp. 3.010,958
3,381,779 Minority interest
Treasury stock_ z3,803,748
3,019,997
143,688
in subs
265,288
Deferred charges 1,163,958
1.150,672 Surplus
18,102,225 37,206,494
Total _____ _ _181,622,150 200,657,396
Total
181,622,150 200,657,396
x After depreciation and depletion
y Represented by 6.648,052 no Par
shares,including shares in treasury. z Consists of 85,646 shares of common
and 14,515 shares of preferred, at cost.
-V. 135, p. 1173.
Oklahoma Southern Life Co.
-Receivership Application.
Three Oklahoma district judges, according to press dispatches from
Oklahoma City, have taken under advisement after a hearing, the applica-
tion of minority stockholders for appointment of a receiver for the company.
Jess G. Read, State Insurance Commissioner, testified the company was
in sound condition, it is said.
Olaa Sugar Co., Ltd.
-Earnings.
Calendar Years-
Operating profit
Taxes
1931.
$160,854
1930.
$82,570
232,738
253.576
220.385
213.292
loss$71,884loss$171.001
15,4150
5,036
Gross income
Expense, depreciation,
&c.charges
$187.302
16,104
$529,463
74,473
1929.
$407.697
$2,173,402
112.359
$2,061,041
1928.
$742.755
Net income
loss$76.920loss$186,486
$171,199
$454,990
. -Comparative Balance Sheet Dec. 31.
1931.
1930. 1 LiabilitiesAssets1931.
1930.
Real estate, plant,
586,970 $105,038
'Wages
x55,328.772 85,325,900 Drafts outstanding
&c
21,924
Stocks, bonds, &c.,
Accounts payable_
26,839
25,996
1,347,000 1,347,000 Amer. Factors,Ltd 376,028
securities
293.513
Growing crops_ _ _ _ 1,801,453 1.827,470 Acct.. Int. on bonds
10,060
10,625
507,269 Unclaimed diva...
Planters' contracts 466.030
306
306
190,706
207,662 Bonds outstanding 1,200,000 1,275.000
Miscall. assets__ _ _
26,944
31,391 Sugar sales-1932
Bond discount _ _
11,417
12,089
Clearing land
crop
34,366
Puna Sugar Co.,
Capital stock
4,939,720 4,939,720
321,562
309,288 Surplus
Ltd
482,161
482,161
84,6'0
84,680 Undivided profits_ 2.422,115 2.498.464
Stock in treasury
$9,578,565 59.652.748
Total
Total
59,578,565 59,652,748
x Less reserve for depreciation of $2,015.708.-V. 132, p. 4780.
-Defers Preferred Dividend.
Oneida Community, Ltd.
-
The directors have decided to defer the quarterly dividend due Sept. 15
on the 7'7 cum. pref. stock, par $25. A payment of 25 cents per share was
made OD June 15 1932 as against regular dividends of 43( cents per share
-V. 134, p. 3834.
previously paid each quarter.
-Earnings.
Onomea Sugar Co., Honolulu, Hawaii.
1931.
1930.
1929.
1928.
$1,916,096 $1,737,157 $2,225,454 $2,179.893
Profits from sales
Oper. & market exps_ _ _ 1,644.515
1,589,091
1.805.670
1,701.749
Calendar Years-
Balance
Other income
$271,581
88,246
$148,066
104.292
$419.783
96,006
$478,143
82,506
Total income
Miscell. deductions
$359,827
x77,418
$252,358
x36.004
5515.789
x80,262
5560,649
x88,372
5282,409
$135,527
$216,354
$472,277
(12%)300,000 (12)300,000 (15)375,000 (16)400.000
Balance, surplus
def$17,591 def$83,646
x Includes Federal and all other taxes.
359,973
433,424
585,441
420,543
18,233
y500.000
2,061,043
Total
$3,083,263
Total
$3,083,253
x Less depreciation, y Including 100,000 shares (no par) common stock
at declared capital of $5 per share.
-V.133, p. 4339.
Net Income'
Dividends paid
140,693
83,996,161 $3,464,841
1505
Condensed Consolidated Balance Sheet Dec. 311931.
SS 8 Liabilities
Cash& marketable securities__ $853,229 Accounts payable
Accts., notes & trade accept.
Accrued accounts
receivable
628,518 Reserves
Inventories
667,582 Capital stock
Other assets
29,222 Surplus
Property, plant & equipment
x750,270
Good-will, formulae, patents,
trade marks & copyrights_
1
154,441
Deferred charges
560,527
$72,277
Comparative Balance Sheet Dec. 31.
1931.
1931.
AssetsLiabilities1930.
1930.
$1,423,207 $1,424,691 Unsettled liab. sect
Properties
25.164
25.578
Crops
642,092
688,054 Payroll
36.000
38,246
Adv. to planters
187.561
146,669 Personal and trade
Store account....36,534
20,517
accounts
35,901
18,380
Inventories of supp
98.150 Unpaid checks__ - _
290
78.795
337
Accrued Interest
5.861 Suspense account_
5,861
21.268
Bills receivable_
2,500,000 2,500,000
1,930 Capital stock
Personal & trade
Surplus account
1,047,751 1,063,357
2,611
1,743 Reserve for Federal
accounts
Suspense accounts
38,479
14,071
taxes
26,646
Stocks owned_ _ ._
438,800 Territorial income
438,800
Deferred items_ _ _
14,906
tax accrued._ _ _
4,387
8,769
C. Brewer & Co.,
Ltd., agents__
329,079
Bank of Hawaii,
Ltd., spec. dep
450,000
Bank of Hawaii,
Ltd., Hullo Br
65,747
Cash resources__ _
883.312
3.845
Total
53.683.159 $3,702.541
Total
$33,683,159 53,702,541
-V. 132, p. 4603.
Oppenheim, Collins & Co., Inc.
-Sales.
Period Ended July 31- 1932-3 Mos.-1931.
1932-12 Mos.-1931.
Net sales-Oppenheim
Collins
$1,626,694 $2.527,049 $9,687,627 $13.889,891
Sales of leased depts__
122,289
796,314
628.477
204,511
Total sales
-V.134, p. 4335.
81.748,933 $2,731,560 $10,316,104 514.685.205
Orpheum Circuit, Inc. Earnings.
-
For Memo statement for three and six months ended June 30 1932. see
"Earnings Department" on a preceding page.
-V. 134, p. 3834.
Otis Elevator Co.
-Federal Contracts.
The company has received orders totaling approximately $700,000 for
Installations in Federal buildings, it was announced on Aug. 24.-V. 135,
P. 1173.
Owl Drug Co., San Francisco. Suit.
The sail of preferred stockholders' group seeking 515,000,000 in alleged
damages from the Drug Inc. (of which it is a subsidiary), Louis K. Liggett
Co., United Drug Co. and directors of Owl Drug Co., has gone to trial at
Los Angeles. Defendants are charged with mismanagement of Owl properties acquired in January 1930 through purchase of 40.000 shares of voting •
common stock. Owl now has outstanding 60.000 shares of non-voting
pref. stock which were not purchased by Drug Inc.. in acquiring the properties.
-V. 135. p. 1001.
Financial Chronicle
1506
Aug. 27 1932
Paramount Publix Corp.
-Suit.
"The offer of Consolidated is the only firm offer that we have received.
In order that the stockholders of the company may not be mislead by these
and many other kindred statements contained in the circular it will be
analized fully in a communication that will be sent to all stockholders in due
course. We have sought to give the stockholders all available information
in respect to the Consolidated offer but it is difficult to anticipate questions
based upon misinformation. These stockholders are invited to come to
the officers of the company to discuss this transaction with an officer or
director."
-V. 135, p. 1004.
-Earnings.
Parmelee Transportation Co.
-Debentures Called.
Pathe Exchange, Inc.
-Merger.
Rockford (Ill.) Fibre Container Co.
President Ray Wnatz on Aug. 23 announced the merger of four paper
box board and shipping case manufacturing companies into an organization
comprising six plants with a paid up capital of $6,500,000 and a working
capital of $1,500.000. The merger will be effective Sept. 15.
The properties involved are the Keickhefer Container plants at Milwaukee
and Detroit, Eddy Paper Corp. mills at Three Rivers and White Pigeon,
Mich., Quick Service Box Co., Chicago, and Rockford Fibre Container Co.
-Sells Tank Car Fleet.
Penick & Ford, Ltd., Inc.
A quarterly dividend of 25 cents per share was declared Aug. 25 on the
common stock, no par value, payable Sept. 15 to holders of record Sept. 1.
A distribution of 50 cents Flu share was made on June 15 last as against
$1 per share each quarter from Sept. 15 1927 to and including March 151932.-V. 134, p. 3994.
The corporation has been charged in a suit filed at New York by Alfred
C. Blumenthal with pledging assets worth 310,000,000 to a group of
bankers in violation of bondholders' rights. Blumenthal, suing as a
bondholder, accuses the corporation of pledging its "quick valuable assets,"
consisting of 23 motion pictures, as security for loans. Declaring the
asserted pledge violated a guarantee to bondholders Blumenthal asked
that it be set aside.
-V. 135, p. 1174.
For income statement for 3 and 6 months ended June 30 see "Earnings
-V. 134. P. 3993.
Department" on a preceding page.
The City Bank Farmers Trust Co. as sinking fund agent, announces
redemption on Nov. 1 1932 out of
that there has been drawn by lot for'
sinking fund moneys. $79.000 10
-year 7% sinking fund gold debentures of
Pathe Exchange, Inc. The debentures will be redeemed at the office of the
Trust company, 22 William St., N. Y. City, on and after Nov. 1, at 105
and interest.
-V. 134. p. 3470.
-V. 135, p. 643.
See General American Tank Car Corp. above.
-Organizes Canadian Subsidiary.
Perfect Circle Co.
The Perfect Circle Co., Ltd., a subsidiary, was incorporated in Canada
on May 18 with an authorized capital stock of $40,000, par $100. The
chief place of business of this company will be in Toronto, Ont., Canada.
-V. 135, p. 1174.
-Earnings.
Pet Milk Co.
For income statement for 3 and 6 months ended June 30 see "Earnings
-V. 134, p. 3835.
Department" on a preceding page.
-Earnings:
-Jones Corp.
Phillips
For income statement for 6 months ended June 30 see "Earnings De-V. 134, p. 2739.
partment" on a preceding page.
-Div. Deferred.
Photo Engravers & Electrotype rs, Ltd.
The directors have deferred action on the quarterly dividend normally
payable about Sept. 1 on the common stock, no par value. Previously
he company made regular quarterly distributions of 50c. per share on
his issue.
-V. 135, p. 643.
-Smaller Interim Div.
Pinchin, Johnson & Co., Ltd.
The company has declared an interim dividend of 73. %. less tax and
expenses of depositary on the American share certificates for ordinary
stock, payable Sept. 15 to holders of record Aug. 24. A similar dividend on
the ordinary registered shares will be paid on Sept. 8 to holders of record
Aug. 20.
This compares with an interim dividend of 10% paid a year ago and a
-V • 134. 1/• 2167.
final distribution of 7 1-6% made early this year.
Potomac Mortgage Co.-Bonds Offered in Exchange.
-V.133, P. 1463.
See Security Bond & Mortgage Co.
-Protective Committee.
Price Brothers & Co., Ltd.
The following protective committee for 1st mtge. bondholders was
announced as formed Aug. 23:
Ross H. McMaster, President Steel Co. of Canada, Montreal; Thomas
Bradshaw, President, North American Life Assurance Co., Toronto; John
Hall Kelly, Member, Legislative Council, Quebec; James A. Eccles, President, Harris, Forbes & Co., Ltd., Montreal; W. Eugene McGregor, President, Chase, Harris, Forbes Corp., Boston; Murray W. Dodge, Executive
Vice-President, Chase, Harris, Forbes Corp., New York.
The company which manufactures newsprint, defaulted interest on Its
6% 1st mtge. bonds due on Aug. 1. Bonds to the amount of $11,061,600
-V. 135. p. 1174.
are outstanding.
-Omits Common Div.
Publication Corp., New York.
The directors have voted to omit the quarterly dividend normally payable
about Oct. 1 on the common stock, no par value. A distribution of 40 cent
per share was made on this issue on July 1 last as compared with 80 cents
-V. 134, p. 4336.
per share previously each quarter.
(Robert) Reis 8c co.-Gross Sales.
1932-6 Mos.-1931.
Period Ended June 30-- 1932-3 1tfos.-1931.
$653,903 $1,495,777 $1,224,313 $2,534,811
Gross sales
-V. 134, p. 4171.
-Earnings.
Reliance International Corp.
For income statement for 6 months ended June 30 1932 see "Earnings
-V. 135, p. 1174.
Department" on a preceding page.
Remington
penditures.-
Rand
Inc.
-Authorizes $4,500,000 Ex-
James H. Rand, President and Chairman of the Board stated:
"Our company has, to-day, issued instructions to its purchasing department to buy immediately $4.500,000 worth of raw materials and supplies
for use the balance of this year. And, in addition, wherever possible at
present prices, contracts are to be placed covering all our requirements for
the entire year of 1933, such contracts to be based uopn an anticipated
business increase of 25% over our 1932 requirements.
In taking this step we are motivated by the desire to sell our products
by helping to increase general business activity; also, by the desire to take
advantage of current prices of raw materials, many of which are the lowest
in our 55 years of business history.
Earnings.
For income statement for 3 months ended June 30 see "Earnings Depart-V. 135. P. 1003.
ment" on a preceding page.
-Organized by Davega Stores
Retail Stores Corp. (Del.).
-See latter above.
Corp.
-Earnings.
Reynolds Metals Co., Inc.
For income statement for 6 months ended July 2 see "Earnings Depart-V.135, p. 830.
ment" on a preceding page.
Rio Grande Oil Co.
-Members of Stockholders' Committee
Opposing Consolidated Oil Corp. Offer Owns Only 13/2% of
Stock.
In a statement issued Aug. 23 Charles S. Jones, Vice-President said:
"The members of the self-styled "stockholders committee' who are
soliciting funds to oppose acceptance of the offer of Consolidated 011 Corp.
to purchase the assets of the Rio Grande Oil Co. held ofrecord approximately
17,500 shares. or less than 1 ti% of the stock of the company. It is of course
their privilege to oppose the offer but they are assuming a serious responsibility in attempting to enlist support of other stockholders for their
position by the fallacious reasoning by which their circular letter is filled.
More than that the circular contains statements about which it would
have been very easy for the members of the committee to have obtained
accurate information if they had but made inquiry of the officers of the
company.
"Before this committee appointed itself some of its members who indicated that they would oppose the transaction were invited to come to,the
officers of the company to discuss it but they declined to do so. For
example, the circular refers to a contract which this company jointly with
the Barnsdall Co. had with the Southern Counties Gas Co. for the sale of
dry gas from Elwood Field, and states 'we are unable to determine whether
or not it was taken into consideration in determining the value of the
company's assets.'
"If the members of the committee had really wanted to know they would
have made inquiry and found that the operation of the contract has long
since been suspended for the reason that the amount of dry gas in the
Elwood Field became so depleted that not only did the company have none
to sell but was required to purchase for its own requirements. The circular
also states, 'There have been indications in the past to members of the
committee that better offers for the assets of your company could be
received from other sources than the one now proposed by the management.'
If so such members of the committee should have communicated with the
management. Certainly we have had no such indications.
Ruberoid Co.
-Reduction of Dividend Rate.
(Helena) Rubinstein, Inc.
-Smaller Preferred Dividend.
The directors have declared a dividend of 25 cents per share on the $3
cum, cony. pref. stock, no par value. payable Sept. 1 to holders of record
Aug. 22. This compares with regular quarterly payments of 75 cents Per
share made on this issue from March 1 1929 to and incl. June 1 1932.V. 135, p. 311.
Safeway Stores, Inc.
-Sales.
32 Weeks.
Period Ended Aug. 13 19324 Weeks.
$16,686,124 $143,682.063
Consolidated sales of the Safeway System
The number of stores in operation total 3,426.-V. 135. P. 1175.
-Earnings.
Schaumacher Wall Broad Corp.
The earnings of company for the year ended April 30 1932 after depreciation but before Federal taxes were $21,903.
Balance Shed April 30.
1931.
1932.
Assets1931.
LtalrUldes1932.
$92,202 $165,133
Current assets__ $167,367 $255,774 Liabilities
x1,637.512 1,644,041
Invest. In other cos 260.098
271,437 Capital stock
162.573
67,968
Fixed assets
1,224,296 1,310,408 Surplus
Deferred charges- 145,921
134.126
Total
Total
$1.797,682 $1,971,747
9
x Represented by 29,951 shares preferred and 66,000 1h7 7 82 comLn.
$ ; are1 ofSl,97 747
Scoville Mfg. Co.
-Common Dividend Decreased.
The directors have declared a quarterly dividend of 25 cents per share
on the common stock, par $25, payable Oct. 1 to holders of record Sept. 15.
This compares with 37% cents per share paid on July 1 and 50 cents Per
share paid quarterly from Jan. 1 1931 to and incl. April 1 1932.-V.
134, p. 3995.
-Bond Exchange Offer.
Security Bond & Mortgage Co.
A plan has been formulated by Mackubin, Goodrich & Co. of Baltimore
-year coll, trust bonds,
whereby holders of Security Bond & Mortgage Co. 5
which mature between Sept. 1 1932, and March 11934, may exchange their
bonds for new 5
-year bonds of the Potomac Mortgage Co. In equal. mounts
and bearing the same rate of interest.
Each Potomac Mortgage bond will bear indorsement by the Maryland
Casualty Co. guaranteeing that the Potomac Mortgage Co. will have
deposited with the trustee, at least five days prior to maturity, cashsuf
ficient to pay principal and interest.
The Security Bond & Mortgage Co. defaulted under its three indentures
of trust in 1930,since then the trust has been administered by the Maryland
Casualty Co. under an order passed in the United States District Court
for the Southern District of Florida, at Jacksonville, Fla.
The plan has been presented to the National Association for the Protection of Holders of Surety Guaranteed Mortgage Bonds, who voted
their approval.
-V. 127, p. 1264, 3415.
-To Offer Stock to Employees.
Singer Manufacturing Co.
A plan through which employees of the company may buy stock and
share in its dividends *Ill be voted upon by the stockholders at their annual
meeting on Sept. 21, Secretary Charles C. Foster announced. The proposal has been approved by the directors, Mr. Foster said. The company
has plants in this country and in Europe.
The plan is to permit the sale on time payment of shares of stock bought
by a directors' committee in the open market or drawn from blocks owned
by the corporation. Employees of subsidiaries, which include the Diehl
isianuLacturI
stock
y. MACo. of L
. 4E
p 13 lizabeth, N. J., also would be eligible to buy tho
-Declares Dividend.
Smith Alsop Paint & Varnish Co.
The directors have declared a quarterly dividend of 8734 cents a share
on the $50 par value 7% cum. pref. stock, payable Sept. 1 to holders of
ecor 135 p 13
Lv.d A ug..2041 Previously this dividend was reported as no action taken.
.
Snider Packing Corp.
-Listing of Capital Stock.
The New York Stock Exchange has authorized the listing of 210,000
shares of capital stock (no par value).
The corporation was organized pursuant to a plan to reorganize the
-year 6% cony, gold notes
old company. On Jan. 15 1932 the holders of 5
of the old company were invited to deposit their notes under a protective
agreement, dated Jan. 2 1932 for the protection of the notes. By such
deposit, the depositing noteholders approved of a plan and reorganization
agreement dated Jan, 2 1932. At the same time, holders of cony. pref.
stock and common stock of the old company were invited to deposit their
stocks under the plan and reorganization agreement. The plan was
modified by a statement of modifications dated May 19 1932. The
modified plan was declared operative on June 21 1932. and on July 19
1932 all of the assets of the old company, subject to liabilities other than
the 5
-year 6% cony, gold notes of the old company (except approximately
$66.0(0 not deposited or otherwise acquired) were transferred to the
corporation, in consideration of the IMMO and distribution, under the
terms of the modified plan, of $854,000 1st mtge. 6% gold bonds of the
-year series,
534-year series, $733,000 of 1st mtge. e% gold bonds of the 8
and 185,000 shares of capital stock. The securities were distributed to
the old company and its security holders upon the following basis:
1. To holders of 5
-year 6% cony, gold notes of the old company electing
Option A under Section 3 of the modified plan:
(a) To those accepting the first alternative under Section 6 of the statement of modifications, $1,000 of 1st mtge. 6% gold bonds of the 534-year
series of the corporation for each $1,000 of notes (an aggregate of $397.000
principal amount of bonds being distributed to such holders).
(b) To those accepting the second alternative under Section 6 of the
-Year
statement of modifications. $LOW of 1st mtge.6% gold bonds of the 8
series and 10 shares of capital stock of the corporation for each $1,000 of
notes (an aggregate of $733,000 of bonds and 4,310 shares of capital stock
being dbitributed to such holders).
(c) To those not accepting either alternative under Section 6 of the
statement of modifications, $1,000 of 1st mtge. 6% gold bonds of the
5I4:year series and 50 shares of capital stock a the corporation for each
$1,000 of notes (an aggregate of $425,500 of bonds and 36,375 shares of
capital stock being distributed to such holders).
2. To holders of 5
-year 6% cony, gold notes of the old company electing
Option B under Section 3 of the modified plan, $3350 in cash and 10 shares
of capital stock of the corporation for each 31,000 of notes (an aggregate
pa 6,l3 s hares of ca)
ofid.uch holdersplial stock being distributed and $214,550 in cash being
t 0s
3. To holders of cony, pref. stock of the old company, one share of
capital stock of the corporation for each share of cony. pref. stock (an
aggregate of 54,205 shares of capital stock being distributed to such holders).
4. To holders of common stock of the old company, one share of capital
stock of the corporation for each 10 shares of common stock (10.54)0.7
shares of capital stock being distributed to such holders).
5. To T. H. Blodgett and associate, in accordance with Section 4 of
the modified plan. 23,260 shares of capital stock of the corporation.
Volume 135
Financial Chronicle
6. To stockholders of the old company assenting to the modified plan,
who exercised the rights, set forth in Section 4 of the modified plan, to
purchase bonds and capital stock of the corporation for $350 cash for
each $1,000 of bonds and 40 shares of capital stock, an aggregate of 531,500
principal amount of 1st mtge. 6% gold bonds of the 5M-year series and
1,260 shares of capital stock.
7. To the old company, 9,035.3 shares of capital stock, being the stock
allocated under the modified plan to stockholders of the old company
not assenting to the modified plan. This stock is held as assets of the
old company, which has been dissolved, the non-assenting stockholders
being the sole stockholders of the old company. The time for deposit
under, and assent to, the plan has expired and the only rights of said non
assenting stockholders are their rights as stockholders of the old company.
8. To S. E. Comstock, B. C. Olney, and D. C. Townson, in trust for
distribution to employees of the corporation, pursuant to Section 5 of the
statement of modifications, 19,834 shares of capital stock. Such distribution is to be made to employees of the corporation as and when determined by the trustess, and without cost to such employees.
Opening Consolidated Balance Sheet as of July 19 1932.
(The corporation and its wholly owned operating subsidiaries.)
Liabilities
AssetsCash in banks and on hand--_ $462,201 Bankers' acceptances payable
(sec. by pledged inventory)_ $786,000
Accounts and trade accepts.
280,549 Accounts payable k accruals-- 387.136
receivable less reserves
Old company obligations (subDue from farmers (for seed,
154,211
stantially all of which have
less reserves
&c.),
been paid)
480,457
Inventories at 1932 replace2,648,953 1st mtge. 6% gold bonds
ment cost
2 Due May 1 1937
Investments in MM.cos
854,000
Due Nov. 1 1939
Real estate, plants de equip,
733.000
10-year 6% income dabs.,
less reserve for depreciation
1,906,567
due April 1 1942
*680,000
of 55,979,536
49,573 Reserve for contingencies
Prepayments dc def'd charges_
486,496
Common stock (210,000 shares
no par)
1,094,967
$5,502,057
Total
Total
55,502,057
* The corporation has an agreement by which additional debentures
will be accepted at par in payment of supplies up to $350,000 for the
-V. 135, p. 644.
1932 season.
1507
and that the rate of depreon the books at valuations that were too highciation of the company's plant and equipment, as reported in the annual
statements, had not been adequate nor as large as allowed by the Government or customary according to the recommendations of the American
Petroleum Institute in their standards of accounting practice. Feeling
that the new audit more properly reflected true values, the directors ordered
the new figures to be placed upon the books of your company, with the
result that in the place of a surplus of $415,851 as of Dec. 31 1931, the
books on July 31 1932 reflect a deficit of $2,158,571. In order to avoid
the disadvantages of a deficit, it is proposed that the par value of the
Delaware corporation stock be $10 a share instead of $25 a share, the par
value of the present stock. This change in par value will result in the
creation of an adequate surplus, thus correcting the results of past overvaluations and permitting the reorganized company to be in a position to
resume dividend payments from earnings without first accumulating over
two million dollars from profits to neutralize a book deficit.
The general effect of carrying out our three recommendations may be
summarized in the following tabulation:
Status ofPresent
Company and Subs. xApprozimate Status
of New Company.
July 31 1932.
The Standard Oil Co. The Standard 011 Co.
Name of company
of Kansas
(Kansas)
Delaware
Kansas
State of incorporation
320,000
Number ofabs. of com.stock--320,000
$10
$25
Par value
None
None
Funded debt
Cash and short term Government securities after provid55,375,000
$2,048,814
ing for all debts
$17.50
$6.68
Per share outstanding
Producing properties, Producing properties
Fixed assets
pipeline, refinery
$2.158,571.03(deficit) $2.730,000 (surplus)
Deficit and surplus
x After giving effect to proposed changes.
All legal aspects of the above contemplated changes have been appoyed
by Sullivan & Cromwell of New York City and by Vermilion, Evans, Carey
& Lilleston of Wichita, Kan., and the financial statements herein have been
-V.135, p. 1341, 1175; V. 134, P. OM
aroved by Arthur Young & Co.
-To Acquire Assets
Standard Oil Co. of Kansas (Del.).
Standard Oil Co.(Indiana).
-To Acquire Certain Proper- of Kansas Corporation.
-See Standard Oil Co. (Kansas)
-See latter below.
ties of Standard Oil Co. (Kansas).
- above.
V. 135, p.. 1341.
-Reduces Common Dividend.
Standard Oil Co. of Ohio.
Standard Oil Co. (Kansas).
-To Vote on Sale of Proper- -The directors on Aug. 19 declared a quarterly dividend
ties, &c.
-To Dissolve.
per share on the outstanding common stock,
of 37
A special meeting of the stockholders will be held on Sept. 26 for the
par $25, payable Oct. 1 to holders of record Sept. 15. This
of separately considering and acting upon each and all of the
following proposals:
F 1. To authorize and approve the sale to Standard Oil Co., an
compares with quarterly payments of 623/2c. per share, made
Indiana
on this issue from April 1 1927 to and incl. July 1 1932.
corporation, of all and entire the real estate, refinery, refinery equipment,
material and supplies, pipe lines, pipe line rights of way, and other rights
and property used in connection with said refinery and pipe lines together
with all crude oil and refined products of this corporation for the considerations and upon the terms and conditions which have been heretofore determined upon and agreed to by the board of directors of this corporation.
2. To authorize and approve a certain contract dated Aug. 19 1932,
between this corporation and Standard Oil Co., an Indiana corporation,
for the sale and purchase of the property and rights above mentioned.
3. To authorize and approve the disposition and sale to the Standard
Oil Co. of Kansas, a Delaware corporation, of all and entire the assets,
property and good Will of the corporation (including the proceeds of the
sale of such refinery and pipe line properties, if made, but excepting 5,000
shares of the capital stock of such Delaware corporation owned by this
corporation) in exchange for an additional 315,000 shares of the capital
stock of such Delaware corporation, the 320,000 shares then owned by
the Kansas corporation to be distributed to the stockholders of this corporation share for share; the terms and conditions and the consideration for the
disposition and sale ofsuch assets as aforesaid having been determined upon
and agreed to by the board of directors of this corporation, subject to the
approval of the stockholders.
4. To dissolve this corporation and distribute its assets as aforesaid.
President C. B. Wrightsman, Aug. 20, in a letter to the
stockholders, says:
In March of this year, with the approval of the stockholders, a new
management assumed control of the Standard Oil Co. (Kansas). We
now wish to report the progress that has been made in the ensuing five
months and to bring before you our recommendations for additional steps
which we believe will consolidate this progress and place the company on
an earning basis, with greatly improved prospects for the future. It has
been our effort to work out a program that would remove the special
economic handicaps surrounding your company and establish a favorable
setting for its business.
Following the annual meeting in March, the directorate immediately
Initiated a thorough •study of every department of the company, and of
its general economic position, engaging qualified experts to conduct the
investigations and make recommendations in their respective fields. As
the result of their surveys, which have only recently been completed, we
have formulated three lines of action and we ask your approval to put these
into immediate effect.
1. Our major problem has been to find means for altering the economic
Position of your company, whose prinicpal business has in the past consisted
of the purchase of crude oil and the manufacture of gasoline and other products for distribution at wholesale. The margin between the prices of
crude and gasoline has been continuously narrowing for several years,
creating an increasingly unfavorable setting for our operations. These
difficulties are further complicated by the existence of long term contracts
for the purchase of crude oil on an unfavorable cost basis and by the long
established custom of selling practically the entire refinery output to a
single customer on the basis of an annual contract. These handicaps must
Obviously be removed if the company is to progress.
To correct this situation, which is now depleting the assets of the company, and to avoid the possibility of being forced into new financing in
order to enter the already overcrowded and excessively competitive field
of retail marketing,the directors entered into negotiations with the Standard
Oil Co. (Indiana) for the sale of the refinery, pipe line, and oil inventories.
We have a firm offer, subject to your ratification, of approximately $3,430,000 in cash for these facilities. We have also been able to arrange for the
cancellation of all crude oil purchase contracts, provided the above sale
is approved. The amount offered is approximately the value of these properties as established by the audit of Arthur Young & Co. If this purchase
is made effective, your company will have, after providing for all debts,
cash assets of over $17.50 per share outstanding, while still retaining its
excellent producing properties recently developed in the Mid-continent
field, which are now earning net operating revenue at the annual rate of
more than $300,000 under the present very restricted proration regulations.
With these cash assets your company will then be in an exbellent position,
among other things, to take advantage of the real opportunities which exist
at this time to acquire producing oil properties, leaseholds and royalties,
and the directors consider that this offers one of the best fields for future
profit within the oil industry.
2. Our attorneys, on examination of the company's corporate structure,
report that its charter issued forty years ago under the laws of Kansas
does not possess that scope and flexibility for profitable operations enjoyed
by many of our competitors organized in certain other States. We have,
therefore, incorporated the Standard Oil Co. of Kansas under the laws of
Delaware with a broad charter embodying wider provisions for our operations. We recommend that the assets of the Standard Oil Co. (Kansas)
be transferred to the Standard Oil Co. of Kansas; that the stock of this
new Delaware corporation be distributed share for share to the stockholders of the Kansas corporation; that future operations be carried on
by the Delaware corporation' and that the Kansas corporation be dissolved:
In this process the number of shares will remain the same, namely, 320.000,
so that each stockholders of the present Kansas corporation will receive in
exchange for his holdings a like number of shares of the new Delaware
corporation. Prompt application will be made to list the stock of the
Delaware corporation on the New York Stock Exchange,
3. The books of the comlpany having never been audited by certified
public accountants, Arthur Young & Co. were retained to make a complete
examination of the books and records. Their audit, recently completed,
disclosed that considerable obsolete equipment and facilities were carried
The board of directors do not feel that in view of current conditions%
total dividend for 1932 in excess of $2 a share on the common stock is
warranted. A dividend of $1.25 per share having already been paid In
the first half of the year, the dividend for the third quarter has therefore
been reduced to 37;i cents a share, it being expected that, except for an
unforeseen change in conditions, a similar payment can be made on Jan. 1
1933.-V. 134, p. 2926.
-Receiver Asked.
(S. W.) Straus & Co., Inc.
An injunction suit was filed against the company seeking to prevent the
firm from further sale of bonds and asking appointment of a receiver. The
suit was filed in Brooklyn Supreme Court by Attorney-General John J.
Bennett.
Justice John H. McCooey Jr., signed an order requiring the company to
show cause why a receiver should not be appointted and a temporary injunction issued restraining the corporation from the sale of securities
except under certain restrictions.
The defendants named in the proceeding are S. W. Straus & Co., Inc.. a
New York corporation; S. W. Straus & Co., a Delaware corporation;
Samuel J. Tilden Straus, Chairman of the Board; Nicholas Roberts.
President; William R. Gillespie, Treasurer; Harry A. Amott and John L
Laun, directors, and John S. Reitenbaugh,former Sales Manager.
S. J. T. Straus, Chairman of the Board of S. W. Straus & Co., Inc.,
authorized a statement in which he said: "The material allegations contained in the Attorney-general's petition are not true and it is unfortunate
that the facts were not truly represented to him. Needless to say, the
petition will be vigorously contested.
The company's officials are confident that after a full and fair day in
court, it will be found that the company's course of business deserves
credit rather than censure and that the restrictions upon its future business
suggested in the petition are both impracticable and unnecessary and would
be seriously detrimental to the interests of the company's customers.
"The company believes that it can serve the interests of its customers
better than can any other agency, and if permitted to do so it will continue
to devote the efforts and energies of its entire organization to the interest
-V. 134, p. 4675.
and to the great advantage of its bondholders."
-Earnings.
Sun Investing Co., Inc.
For income statement for 6 months ended June 30 see "Earnings Department" in last week's "Chronicle," p. 1324.
Capital Surplus June 30 1932.
3455,520
Balance, capital surplus Jan. 1 1932
Credits from purchase in open market of 3,500 shares of com101,922
pany's preferred stock at a discount
Total credits
Debits-Realized losses on securs. acquired prior to July 1 1930
$557,442
59,870
Balance, capital surplus June 30 1932
Balance Sheet June 30.
1932.
1931.
1932.
Assets$28,120 Res. for Delaware
$143.157
Cash
$1,238
franchise tax_ __
24,724
12,004
Accr.div.,4 int.rec.
547
Accounts payableTotal investments
at cost03,689,610 4,826.078 Accrued diva. on
preferred stock
100,000
Call loans
75,674 $3 pref. stock_ _ „c2,070.000
49,757
Syndicate partic__
20,875 Common stock___b1,400,000
Due from brokers423.870
8,827 Surplus
1,126
Prep. trench. tax_
$497,572
1931.
326.500
2.650.000
1,400.000
1,007,797
53,895.654 55,084.298
Total
53,895,654 $5.084,298
Total
a Market value June 30 1932, $1 349.468. b Represented by 140,000
-V.134.p.1780.
shares (no par). c Represented by 41,400 shares(no par).
-Earnings.
-Sweets Co. of America, Inc.
For income statement for six months ended June 30 see "Earnngs
-V. 134, p. 4675.
Department" on a preceding page.
Swift 8c Co.
-Acquires Ice Cream Plant.
The company has acquired the land, building and physical assets of
John Decker & Son, Inc., ice cream manufacturers of Nashville, Tenn.
This acquisition is in line with the company's program of acquiring ice
cream plants at points where it has a surplus of sweet cream, provided such
acquisitions can be made at attractive prices.
-V.134, 13:4509.
-Rescinds Dividend Action.
Thew Shovel Co.
It is announced that the quarterly dividend of 1%% previously declared
on the 7% pref. stock, par $100, for payment on June 15 to holders of
record June 10 had been rescinded. The last regular quarterly distribution
on this issue was made on March 15 1932.-V. 134. p. 3294.
-Dividend Halved.
Thomson Electric Welding Co.
The directors have declared a quarterly dividend of 25 cents per share,
payable Sept. 1 to holders of record Aug. 27. Previously, the company
-V. 132.
made quarterly payments of 50 cents per share on this issue.
p. 4080.
-Earnings.
Timken Detroit Axle Co.
For income statement for 6 months ended June 30 1931 see "Earnings
Department" in last week's "Chronicle." p. 1324.
Financial Chronicle
1508
Consolidated Balance Sheet June 30.
1931,
1932.
1931.
1932.
Liabilities
Assets
Land, bides., &c.,
7% Pref. stock___ 2,775,600 2,793,900
less deprecia'n__ 7,194,948 7.571,068 Common stock... 9,920,960 9,920,960
1 Debenture notes-- 1,061,700
Goodwill di patents 1,883,758
Notes payable_..95,000
Dies, jigs, fixtures
1 ACCT. exps., incl.
1
and patterns_ _ _
149,940
Federal inc. tax_ 123,792
806,979 1,455,792
Cash
602,690
Accounts payable_ 344,173
Notes. accts., &c.
217,717
398.190
2,517,327 2,549,660 Reserves
receivable
89,554
37,619
2,845,070 2,814,100 Deferred Income__
Inventories
3,072,428 3,497,213
281,215 Surplus
Gov. & other sec_ 1,322,606
4% demand ctfs.
on deposit & int.
111,571 1,371.367
thereon
Miscellaneous_ _ _ 1,107,554 1,248,841
108,468
Deferred assets_.. 111,108
17,700,922 17,400,513
Total
-V. 134. P. 3473.
Total
17,700,922 17,400,513
United States Stores Corp.
-Defers Preferred Dividend.
-Bankruptcy.
Union Publishing Co., Brooklyn.
The company, publishers of the Brooklyi? 'Standard-Union" before that
newspaper was purchased by the Brooklyn 'Daily Times" last March 9 for
merger into the Brooklyn "Times-Union," filed a voluntary petition in
bankruptcy, Aug. 23, in Brooklyn Federal Court.
The company listed its liabilities at 81,345,509. The assets itemized are
$1.000 cash, $30,000 in accounts receivable, $80,000 in notes receivable
and $100,000 worth of machinery and equipment. The chief creditor is
given as the Paul Corp. of 247 Park Ave., New York, whose loans of
$1,268,743 are due. Paul Block, who was President and a director of the
Brooklyn "Standard-Union" before he sold the paper, is also the President
and a director of the Paul Corp. Another large creditor is the Newfoundland
Export Shipping Co. of 220 East 42d St., to which $51,799 is owed for
newsprint and on notes. (New York "Times.")
-Earnings.
Union Tank Car Co.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Consolidated Balance Sheet June 30.
1931.
1932.
1931.
1932.
Assets
Tank car equlp__x31,555.122 34,052,103 Capital stock___y31,351,200 31,351,200
% equiptr.ctf. 6,500,000 7,800,000
Accrued income &
335,073
103,218 Accounts payable_ 241,507
deferred charges 108,989
164,698
87,750
377,456 . 380,319 Accr. int. & taxes_
Material
755,672
531,879
&securities 12,814,504 12,170,168 Reserves
Cash
6,939,521 7,970,637
Accts.receivable-- 1,643,609 1,293,115 Surplus
77,610
52.916
Unamort. debt disc
Total
45,952,598 48,076,540
45,952,598 48,076,540
Total
y Represented
x After deducting reserve for depreciation of $1,503,062
-V. 134, p. 3474.
by 1,254,048 shares, no par value.
-Earnings.
United Aircraft & Transport Corp.
For income statement for 6 months ended June 30 1932 see "Earnings
Department" on a preceding page.
Current assets as of June 30 last, including $17,771,243 cash and marketable securities, amounted to 824,098,015 and current liabilities, including Federal taxes, were $1,209,581. This compares with cash and
marketable securities of $17.791,526, current assets of $25,005,006 and
current liabilities of $1,491,288 on Dec. 31 1931.-V. 134, p. 4676.
United
Co.(& Subs.).-Bal. Sheet June 30.1931.
1932.
1932.
1931.
Carbon
$
AssetsLand, pipe lines,
buildings, &a-16,946,024
436,475
Cash
158,355
Cash in closed bks_
Notes & accts. rec_ 1,124,764
1,73s,675
Inventories
1,480,971
Other assets
Investment
Mtges, notes rec.. 102,722
1
Tr.-mks.,contr.,&c
157,771
Deferred charges__
Liabilities$
8
7% preferred stock 1,813,725
16,436,518 Common stock:10,973,422
649,836 Notes & accts.pay_ 817,982
Accr.taxes,roy.,&c 111,181
a12,30E Employ,stock seq.
30,122
2,421,260
plan credits_
1,438,008 Res.for depr.& dep 7,183,852
437
1,012,347 Min. int. in subs
174,744 Surplus
1,235,037
1
$
1,854,000
12,225,770
869,437
71,554
6,517,843
6,902
1,510,837
111,323
22,145,760 23,056,348
Total
22,145,760 23,056,343
Total
-V. 135, p. 1176.
x Represented by 368.885 no par shares.
-Postpones Dividend Meeting.United Dyewood Corp.
The meeting on the 7% preferred dividend set for Aug. 25 has been
postponed until Sept. 8, due to lack of a quorum. The last previous
payment of $1.75 a share was made July 1.-V. 134, p. 3113.
-Appoints Eight
United Endowment Foundation, Inc.
District Managers.
President H. C. Williams on Aug. 22 announced the appointment of the
following district managers:
George F. Ryan and J. M. Beach, managers for Missouri and Southern
Illinois, with headquarters in St. Louis, Mr. Ryan was formerly with
Otis & Co., and Mr. Beach was formerly with the St. Louis Chamber of
Commerce.
George W. Calhoun, Manager for Western Pennsylvania and West
Virginia, with offices in Pittsburgh. Mr. Calhoun was formerly Manager
of the Pittsburgh office of the Bankers Co. of New York.
A. 0. Gates, manager for the State of Connecticut, with headquarters in
New Haven. Mr. Gates is head of the general securities firm of A. 0.
Gates & Co.
Frank H. Burt, Manager for Southern Ohio, with headquarters in Cincinnati. Mr. Burt for nine years was Manager for the National Surety
Co. In Michigan.
A. B. Gardner, Manager for Northern Ohio. with offices at Cleveland.
Mr. Gardner was formerly assistant director of the merchandizing department of Westinghouse Electric & Manufacturing Co., Mansfield, Ohio,
F. H. Ford. Manager for Western New York, with offices at Rochester.
Mr. Ford was formerly Vice-President and General Sales Manager of
Seiders-Mather, Inc., Chicago.
J. H. Crockett, Sales Manager for New York City. Mr. Crockett was
-V.135,p.477,1341.
formerly Vice-President of Leroy Webster & Co.,Inc.
-$5,000,000 Authorized for
United States Steel Corp.
-Following the meeting of
Replacements and Improvements.
the finance committee held on Aug. 23 Chairman Myron C.
Taylor, in response to inquiries by the press, said:
Thefinance committee has authorized the expenditure ofabout 85,000,000
for replacements and improvement of equipment in several of its plants, in
pursuance of its policy of rehabilitation. The plants to be affected are
The prolocated in Ohio, Illinois, Indiana, Alabama and Pennsylvania.
duction and installation of this equipment will give employment to a connumber throughout the winter.
siderable
The corporation continues to observe the policy adopted at the beginning
of the decline in business,ofrotating the work available among its employees,
so that the greatest possible number are given employment. This plan
has worked very successfully, though the volume of product has fallen to
unprecedented low levels. The major portion of the normalforce is occupied
some part of the week under this plan. If no employment is available, the
employe s and their families, if in need, are assisted by direct relief and
credits extended by the corporation. During the first six months of 1932,
in addition to the usual and established expenditures for employem' welfare,
including pensions and outlays under the stock subscription plan, there
was expended for unemployment relief 8417,092, and credits were extended
to employees for food, fuel,rent,and other necessities of life, in the amount
of $854.889, a total of $1,272,791. During the same period expenditures
were made and credits extended to employees from funds administered by
Goodfellowship Clubs, comprised of corporation employees to the amount
of $137,408, making a grand aggregate from both sources of $1,510,199.
For a period of 21 months, Oct 1 1930 to July 1 1932, the total for these
purposes has equalled 83,095,024. All of these welfare and relief activities
are administered directly by the officials of the corporation through corn-
Aug. 27 1932
Petent special directors in welfare and relief. The closest contact with
the employees and their families and their needs is maintained.
In addition, the corporat'on has inspired and co-operated with its employees in the development of garden plots, the total number in 1932 aggregating 73,511,covering 11,032 acres, with an estimated value of produce of
81,837,775 for the year.
While the war created a great vacuum due to the destruction of physical
property, it was followed by all communities engaging in replacing same for
a period after its close. The stoppage of production due to the depression,
the consumption of supplies, and the wear and tear from use of all materials
and equipment, added to that natural obsolescence which takes place in all
Industry, are creating a similar vacuum which, in due course, will have to
be filled.
Then, too, in periods such as the one through which we are now passing,
competition necessitates the use of the most modern equipment. One might
look upon this as a time for a thorough house-cleaning, and it will be the
reason for replacement on a large scale when the productive facilities of the
country are again called into substantial use. It would seem the buying
movement cannot be long delayed.
-V. 135. P. 1177.
The directors recently decided to defer the quarterly dividend due
Sept. 1 on the $7 cum.cony. 1st pref. stock, no par value. A distribution of
50 cents per share was made on this issue on June 1 last as against Si per
share on March 1 1932 and on Dec. 1 1931, and regular quarterly dividends
of $1.75 per share from March 1 1930 to and incl. Sept. 1 1931.-V 135,
P• 147.
Utility Shareholdings Corp., Ltd.
-Decreases Capital.
Supplementary letters patent have been issued under the Seal of the
Secretary of State of Canada, dated May 13 1932, reducing by $300.000
the amount of capitil with which the corporation shall carry on business
under The Companies Act, without any change in the number of shares,
being a decrease frim $5,833,119 to $5,533,119.
-Earnings.
Vanadium-Alloys Steel Co.(& Subs.).
Years End. June 30-x1929.
1931.
1930.
1932.
Sales
-Less disc.,returns
& allowances
$1,357,534 $2,471,157 $4,869,708 $6,126,919
Cost of sales
3,726,713
1,013,061
2,983,993
1,832,473
Gross profit from sales
Other income
$344,473
37,327
$638,684 $1,885,715 $2,400,206
254,025
109,254
38,765
Gross income
Gen., actin. & sell. cap..
Provision for deprec'n_
Int.-Employees' inv.,
certificates
Writing down bk. values
of securities
Federal income taxes
Development expense& _
Special investigation _
Int. on notes payable...-
8381,800
548,325
134,447
$677,450 $1,994,970 $2,654,231
1,063,252
726,455
947,631
128,515
177,668
191,123
11,397
11,417
7,824
3,822
4,449
90,363
2,960
10,500
170,296
38,389
15,556
4,658
Combined net profit_loss$326,7451055$306,551
Dividends paid
50,818
610,366
$775,485 $1,277,219
765,825 y1,061,094
8216,125
Balance,surplus
$9,660
loss$377,563
8916,917
x Including profits of Colonial Steel Co. prior to Oct. 31 1928, date of
acquisition. y Includes dividend of $418,018. payable July 15 1929.
Balance Sheet June 30.
1931.
Assets1932.
1932.
1931.
LiabilitiesLand, buildings,
Common stack-. _ x$2.000,000 82,000,
mach'y& equip y$2,630,588 $2,747,785 Capital surplus_ -- 3,550,000 3,550,000
Investments
543,745
544,305 Empl. 7% certifs.
105.500
Due from empl
42,500
of Investment._
63,247
for purchase of
24,970
Accounts payable_
250,000
real estate
7,193 Notes payable _ _ _ _ 225,000
5,676
2,580
2,814
Inventories
2,150,548 2,346,051 Accr. gen. taxes__
4,076
Notes ds acts. rec._ 165,102
300,936 Accr.Fed.inc.tax
107,181
Misc.accts. rec.
10,971
1,836
6,038 Reserves
978,823
Market. securities 882,419
898,417
924,655 Surplus
Cash
179,960
171,566
Prepaid taxes ins.
and expenses,
4,284
3.192
$6,554,673 87,061,208
Total
Total
$6,554,673 $7,061,203
x Represented by 210,000 no par shares. y After depreciation of $1.014,157.-V. 133, p. 3802.
-Earnings.
Vanadium Corp. of America.
For income statement for six months ended June 30 see "Earnings
Department" on a preceding page.
Consolidated Balance Sheet June 30.
1931.
1932.
1931.
1932.
AssetsS
Liabilities-$
8
8
b Property, plant,
Capital stock_ _ _ _ 815,289.022 15,289,022
Patents, &c__ ..15,215.348 14,457,699 Debentures
4,666,000 5,000,000
175,324
Cash228,704
889,275 Accounts payable_ 252,283
Accts, receiv., dm. 125,893
212,024 Accts. pay. (not
Cash value insur
504,175
38,137
34,780
current)
58,800
Marketable secur.c2,3 5,016 2,800,603 Accrued interest
53,283
Other securities___ 232,232
38,328
16,103
194,520 Federal tax, &c...
Sundry debts, &c_
135,968
65.907
64.511 Cording. res., &c. 132,958
364,569
Inventories
367.427
3,322,834 4,099.008 Capital surplus_ _ _
Compensation deEarned surplus_ _ _ 672,264 2,445,282
Posits
37,711
Deferred charges
409,838
335,422
Mortgages receiv_
4,000
305,120
Total
21,953.493 23,505,089
Total
21,953,493 23,505,089
a Represented by 378,367 no par shares. b Alter depreciation and depletion. c includes 11,730 shares of Vanadium Corp. capital stock carried
at a cost of $630,278 and $341,916 Vanadium Corp. bonds.
-V. 135. p. 315.
Vick Financial Corp.
-Balance Sheet June 30.1931.
1931.
1932.
1932.
Assets3
Liabilities
$
$
Cash
86,957 Accounts payable_
337,259
1,552
Investments (book
Unearned discount
729
value)
88,372,615 10,290,426 Res. for Del. State
Investment in co.'s
387
franchise tax.._
387
common stock_
21.357 Res. for inv. dept. 1.783,454 1,902,611
Note receivable.-23,000 Common stock.._65,783,000 5,834,500
21,750
Int. dr dive. rec.__
60,161 Surplus
69.030
c1,231,530 2,748,460
Prepd. N.Y.State
franchise tax.
4.057
Total
8,800,654 10,485,958
Total
8,8k .654 10,485,958
a Market value, $5,363,677. b Par 85. c Capital strrlus. $584,5008
saran resulting from retirement of common stock purchased. $315,738 and
earned surplus of 8331,292.-V. 135, p. 1009.
-Earnings.
Vulcan Detinning Co.
For income statement for 3 and 6 months ended June 30 see "Earnings.
Department" in the "Chronicle" of Aug. 13. p. 1158.
Condensed Balance Sheet June 30.
1931.
AssetsLiabilities1932.
1931.
1932.
a Plant & equIpm't$2,083,412 $2,200,132 Preferred stock_ _ _$1,575,800 $1,799,600
Patents, good-will,
Common stock.. _ 3,225,800 3,225,800
3,288,869 3,288,869 Accounts payable_
194.047
143,250
Cash
195,081 Dividends payable
127,502
194.741
55,153
452,604 Reserve for taxes
Market.securities_ 428,586
Accts.receivable
140,128
221,560
140,221
dtc
240,109
23,211 Surplus
Advances
21,992
1,309,293 1.307,877
576,361
Inventories
391,584
Total
88,549.404 36.876,388
Total
$6,549,404 $6,878,386
x After deprec, and obsolescence reserve of 3705,221.-V. 134. p• 3655.
Volume 135
Financial Chronicle
Vertientes Sugar Co. (Compania Azucarera
tientes).-Listing of Certificates of Deposit.
-
Ver-
The New York Stock Exchange has authorized the listing of certificates
of deposit for $8,200,000 1st mtge. sinking fund 7% gold coupon bonds,
due Dec. 1 1942. These certificates of deposit were listed by direction of
the Committee on Stock List on June 27 1932.
All of the certificates of deposit are issued by Manufacturers Trust Co
as depositary, pursuant to the terms of a deposit agreement, dated as of
April 16 1932 between Thomas L. Chadbourne, Edgar S. Bloom and A. J.
Brosseau, as a committee and such holders of the bonds as shall become
parties thereto.
-V. 134, p. 4174.
-Earnings.
Wailuku Sugar Co.
1931.
Calendar Years1930.
1929.
1928.
$1,314,081 $1,267,887 $1,605,408 $1,914,526
Gross profit
Oper.-marketing caps_ 1.218,447
1,258,042
1,310,090
1,389.206
$95,634
Net profit
$9,845
$295,318
$525,321
Other income
57,460
54,203
49,278
34,718
Total income
$153,094
$64,048
$344.596
$560,039
Taxes.&c
42,100
15.951
50.797
89,409
$110.994
Netincome
$48,097
$293,799
$470,630
Dividends paid
(3%)90.000(5%)150,000 (12)360,000 (12)360,000
Balance,surplus
$20.994
$101,903 def$66,201
$110,630
Comparative Balance Sheet Dec. 31.
1931.
Assets1930.
Liabilities1931.
1930.
$3,044,947 53,063,722 Unsettled labor--. y$79,070 $104,412
Properties
1588,135
631,402 Payroll
Crops
43,123
40,832
suppl.
46,776
Inventory of
63.700 Personal and trade
1,403
accounts
Bills receivable_ 7,798
6,321
8,605
Pers. & tr. accts. _
9,018 Capital stock
3,000,000 3,000,000
Molasses abroad,
Surplus
1,335,623 1,314,680
estimated
7,041 Res. for Fed. taxes
13,890
4,031
Stock and bonds- - 334,350
334,350 Territorial income
.
Accrued interest 1,202
1,202
tax accrued- - - 6.115
18
C. Brewer & Co.,
agents
282.231
174,906
Bank of Hawaii,
Ltd., spec. dep., 100.000
100,000
79,374
Cash
83.551
Total
54,485,619 54.470,295
Total
$4,485,619 $4,470,295
x Crop for 1932 $415,789. and $172,347 for 1933. y Unsettled
labor
'
account tor 1932 of $68,598, and $10.473 for 1933.-V. 132, p. 4432
(Hiram) Walker-Gooderham & Worts, Ltd.-Pref. Div.
The directors have declared a quarterly dividend of 25 cents per share,
in Canadian funds, on the $1 cum. pref. stock, payable Sept. 15 to holders
of record Aug. 27. An initial dividend of the same amount was paid on
this issue on June 15 last -V. 134, p. 4510.
(John) Wanamaker & Co.
-New Store.
-
Orders approximating $2,000.000 for merchandise and supplies for the
new Wanamaker Men's Store, now being completed in Philadelphia, Pa..
for fall opening, have been placed with manufacturers. The orders cover
clothing fabrics, ready-to-wear clothing, sports and athletic equipment,
men's furnishings, luggage, boots and shoes and store equipment. Much
of the merchandise is being manufactured in accordance with special specifications and will be exclusive to the store.
The store is housed in a new 26-story building and occupies the
eighth
lower floors. It will be the largest of its kind in the world, and will supply
under one roof all requirements of the well dressed man and the sportsman.
Construction was started in September 1929. The work of
and organization has been carried on without change of planconstruction
despite the
difficult economic situation that has intervened.
Preparations are being hurried for an opening in early October,
in order
to take advantage of the expected fall upturn in retail buying.
-V. 128.
p. 1577.
Warner Bros. Picturea, Inc.
-Comparative Bal. Sheet.cAfay 28'32. A
fay 30 31.
cMay 28 32. May 30'31.
AssetsaReal est.,b1dgs.
Preferred stock- d5,670,885
leaseholds.
Capital stock_
88,598,843
equip. &o.- -.157,178,815 167,877,040 Common
stock _ b19,006,723
Cash
2,434,721
4,013,842 Mtges.& funded
Notes receivable
289,720
546,268
debt
99,014,288 106.467,757
Accts. receivable 1,640,482 3,754,072 Notes payable
688,000 2.051,681
Inventories
12,049,519 20,450,842 Accts. pay. and
Rts. & scenarios 1,038,511
1,313,511
sdry. accruals 8.663,343 10,311,488
Advances to proPurchase money
ducers
209,241
918,987
obligations654,542
1,940,286
Mtges. rec., &c.
319,991
279,779 Due at
(Mated cos
153,801
57,549
Deposit to sec.
Pref. divs. pay99,240
contrs.& sinkRoyalties pay'le
942,803
801,145
ing fund deP- 2,163,526
2,493,334 Fed, tax reserve
23,682
Invest. and adAdv. payments.
vances
7,480,885 7,189,760
deposits, dm- 408.257
675,568
Deferred charges 2,953,123 3,538,249 Deferred income
289,194
275,703
Good-will
8,695,675 8,744,862 Remit for foreign
sub, held in
abeyance_ _ _ _
441,044
428,526
Purch. money or
contra°. obits. 1,397,603
1,828.284
Prop. applic. to
min.stkholders
878,166
1,143,432
Contingent res..
&o
1,647,477
2,263.720
Operating deficit 5,464,613sur4,153,642
Capital surplus_ 62,062.696
196,454,209 221.120,546
Total
Total
196.454.209 221.120,540
aAfter depreciation, &c. b Represented by 3,801.344 no par
shares.
c Excludes Skouras Bros. Enterprises, Inc., and St. Louis Amusement
Co.
and subsidiaries. d Represented by 103.107 no par shares.
-V.135. P. 1177
Westinghouse Electric & Mfg. Co.
-Acquisition.
-W. It. Marshall, Commercial Vice-President, announces that arrange-
ments have just been completed whereby this company is taking
complete activities of the Sepncer Elevator Co. of San Francisco. over the
"se changes will be made in the operation of the company,"
states
A. F. Skaife, who has been with the Spencer
Mr. Marshall.
for the last 20 years, will become General Manager of the new company
company.
Receives Radio Order.
-
An order amounting to more than $100,000 has been received
by the
Westinghouse company from the Navy Department for
aircraft radio
transmitting and receiving equipment.
-V. 135, p. 1009, 646. 148; V. 134.
p. 3838, 3304.
Weston Electrical Instrument Corp.
-Earnings.
-
For income statement for 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 134, p. 4383.
Westvaco Chlorine Products Co.-Consol. Bal. Sheet.-
July 2'32. June 27'31.
Asada$84,380 $125,881
Cash
386,752
Accts. receivable- - 265,839
720
Empl. advances
63,868
105.582
Marketable secure
693
995
Accrued interest _ 602,541
793,056
Inventoriee
206,598
Def. digs. to oper- 301.772
16,473
2,000
Miscell. Investm'ts
111,906
42,772
send sink.id. cash
Land, blabs.; &c _ _16,116,924 6,196,694
Contracts, patents.
390,759
processes, &c -- 335,208
LiabilitiesJuts 232. June 27'31.
Accounts payable_ 589,486
5124,605
Notes payable_
50,000
Dividends payable
38,405
Del. Cr. to oper___
60.988
34,851
Res.for Fed. tasc__
48,794
94,681
Due to United
Chemicals, Inc_
10-yr.note of indeb
32 2
81:0%
2
10-yr. 514% deb__ 1,474,500
7% cum. pref.stk_ 2,194,600 2
1:198046
8,0r0
Common stock-- _y2.825,224
Earned surplus__ 1,136,880 2.013,185
1,388,304
87.830,474 $8,320,946
Total
$7,830,474 $8,320,946
Total
After depreciation of $4,014,778. y Represented by 284,982 shares
-V.135,p. 1009.
no par).
1509'
White Motor Co.
-Earnings.
For income statement for six months ended June 30 see "Earnings
Department" on a preceding page.
-V.135, p. 831.
Williams Steamship Co.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings
Department" in the "Chronicle" of Aug. 13. p. 1159.
Balance Sheet June 30.
•
Assets1932.
1931.
Liabilities1932.
1931.
Fixed plant, vessels
Capital stock
y$750,000 $750,000
in commission &
Notes payable.900,000
900,000
shore plant
x$2,119,828 $2,400,535 Accounts payable_
113.731
88,515
Unexp. Insur., &e_
48,631
33.207 Purch. money ohExcess of diatoms.
lies. on vessels
1,442,250 1,442.250
over rev, on unRes. for insurance
compl. voyages
14,485
27,127
P&I and Marine
9,231
12
Accounts receiv_ _
119,405
139,554
Supplies
3,004
779
Cash
181,551
107,722
Deficit
728.307
471,967
Total
$3,215,212 $3,180,892
Total
$3,215,212 53.180,893
z Less depreciation. y Authorized and issued 7,500 shares of
no par
value.
-V. 133, p. 1466.
Wolverine Tube Co., Detroit, Mich.-Earning8.Earnings for Calendar Year 1931.
•
Operating profit
$273,642
Depreciation
95,60i
Federal taxes
1,297
Interest, discounts, &c
19,909
Net income
$156,833
Surplus Account Dec. 31 1931.
Surplus, Jan. 1 1931, $380,920; net income for 1931, $156,833; discount
on Pref. treasury stock purchased, $19.218; total, $556,972. Deduct
dividends, 363,479; reserve for possible shrinkage of investment in
affiliated
company, $127,902; reserve for possible shrinkage in value of normal year
to year metal carry over, $100,000; 1929 Federal tax assessment,
$1,568;
total $292,951; surplus, Dec. 311931, $264,021.
Balance Sheet Dec. 31 1931.
AssetsLiabilities
Cash
$44,658 Payables
$217,564
Securities-at market
2.170 Accrued accounts
2,275
Receivables
133,346 Dividends payable
11,595
Inventory
191,728 Reserves
190,605
Invest. In affiliated company-- 270,488 Preferred stock
384,800
Real estate, plant, &13
x1,068,411 Common stock
y661,948
Deferred charges
22,009 Surplus
z264,022
Total
$1,732,810
Total
$1,732,810
After depreciation of $469,374. y Represented by 115,953 shares
(no par) stock. z Not including special surplus of $283,042 arising
from
revaluation of assets as of March 31 1926.-V. 132, p. 4433.
Youngstown Sheet & Tube Co.
-Victor on Legal Fees.
-
The company won a second victory against Cyrus S. Eaton in the
Ohio District Court of Appeals on Aug. 22 when that court upheld Seventh
a special
commissioner's finding that the attorneys who represented
Mr.
the court battle against the merger of the Youngstown Sheet & Eaton in
Tube Co.
with the Bethlehem Steel Corp. were not entitled to legal fees amounting
to about $1,000,000.-V. 135, p. 1342.
CURRENT NOTICES.
-The New York and Chicago stock exchange house of Russell, Brewster
& Co. formally opened new offices in the new Field Building, Chicago.
this week after having moved from their old quarters at 112 West Adams
St., which they occupied for 32 years. Russell, Brewster & Co. was
founded in 1872 by Edward L. Brewster, father of Walter S. Brewster,
one of the principal partners. The present firm succeeded to the business
In 1904. The partners are: Edward P. Russell, Walter S. Brewstsr,
Cordova L. Peniston, Robert J. Fischer, and William W. Sutherland.
-Fenner, Beane & Ungerleider announce the opening of a branch office
of their investment department in the Board of Trade Building, Chicago,
under the management of William L. Ross, well-known middle west bond
man. The new office is connected with the firm's extensive private wire
system, and while organized for an all around investment trading service,
It is particularly well equipped for handling southern and southwestern
municipal bonds due to the firm's many offices in the south.
-W. L. Adams, formerly Vice-President of Ewart, Adams & Bond,
Inc., and John J. Freudenberger announce the formation of W. L. Adams
& Co. to conduct a general securities business with offices at 63 Wall St
New York, Wellington Hunter and R. J. Highland will be associated
With the new firm, which will also operate a branch office at 401 Southern
Bldg., Washington, D. C., under the management of Clarence Falk.
-Abbott, Hoppin & Co., members New 1ork Stock Exchange, announce
the opening of a branch office at 203 Continental Bank Bldg., Indianapolis,
under the joint management of James T. Hamill and Kenneth K. Woolling,
former partners in the recently dissolved firm of fames T. Hamill & Co.
of that city.
-Robert W. Barnes, formerly with Chasm Harris Forbes Corp.. is
,
with Rackliff, Whittaker & Loomis, Inc., as wholesale representative for
the Rocky Mountain States in charge of their Denver office, and Arthur
A. Anderson has been appointed in a similar capacity for the Pacific
Northwest.
-R. W. Pressprich & Co. announce the opening of a San Francisco
office at 405 Montgomery St., under the management of Ross Thomson,
formerly Vice-President of American Securities Co., San Francisco.
__Bristol & Willett have issued a circular on the new 6% notes of The
Aeolian Co., which were issued in exchange for the old preferred stock
in the recent capital readjustment.
Mr. W. H. Livingstone for the past three years associated with the
National City Company's Chicago office is now with Rogers & Tracy. Inc.,
in their sales department.
Harris, Ayers & Co. are distributing the first of a series of articles
showing the position of the brewing industry in the event of the legalization
of beer.
-William II. Smith, formerly of Pynclion & Co., has become associated
with Harris, Ayers & Co. in charge of their wholesale department.
- E. Fitkin & Sons, Inc., announces that John A. Keane has become
A.
associated with the firm as manager of the bond department.
Watson & White have prepared a circular on Chesapeake Corp.
collateral trust 5% bonds, due May 15 1947.
James Talcott, Inc., has been appointed factor for Gobilson Mills,
New York, converters of silk fabrics,
Warren Palmer & Co. are distributing a booklet "The Plight of Real
Estate Mortgage Bondholders."
Bristol & Willett have prepared for distribution their current list of
real estate bonds.
Hammons & Co., Inc., have issued a brief analytical review of Freeport
Texas Co.
-Phelps. Fenn & Co. have issued a list of State and municipal beads
Financial Chronicle
Aug. 27 1932
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-ETC.
-WOOL
-DRY GOODS
PETROLEUM-RUBBER-HIDES-METALS
COMMERCIAL EPITOME
be
The Introductory remarks formerly appearing here will now
following the
Found in an earlier part of this paper immediately
BUSIeditorial matter, in a department headed INDICATIONS OF
NESS ACTIVITY.
Friday Night, Aug. 26 1932.
COFFEE on the spot was quiet with Rio 7s nominally
7-8s,
84 to 8%c., Santos 4s, 12 to 12%c., and Victoria
814e. Fair to good Cucuta, 103/ to 11c.; prime to choice,
11% to 11%c.; washed, 11 to 113c. Colombian, Ocana,
10% to 103/243.; Bucaramanga, natural, 103/ to 10%c.;
washed, 11 to 11%c.; Honda, Tolima, Giradot and Manizales, 113 to 113c.; Medellin, 12% to 123'c. Mexican
washed, 14 to 15e. East India, Ankola, 25 to 340.; Mandheling, 25 to 32c. Genuine Java, 223/ to 23c.; Robusta
3
washed, 9% to 10e.• Mocha, 14 to 143c.; Harrar, 123' to
13c.; Abyssinian, 11% to 113'e. On the 22d inst. considerable irregularity was noted in the few cost and freight offerings reported, owing to the unsettled conditions in Brazil.
A combined offering of 1,000 bags of Bourbon 4s for August
and(or) September shipment and 2,250 bags Bourbon 4s
for September shipment from Rio of Angra dos Reis was
reported at 123c. In another quarter 3s were offered at
11.5043, and Sul do Minas or Sao Paulo 3-5s for OctoberNovember-December shipment from Rio or Angra dos
Reis were offered at 9.90c.; Sul do Minas soft 4-5s at 10.70
to 10.85c., and strictly soft Sul do Minas 5s at 11.05c. For
Immediate shipment Rio 7s were here at 7.90 to 7.950.
and 7-8s at 7.80c.• Victoria 7-8s for September shipment
were offered at 7.66c. On the 24th inst., with the Port of
Santos still closed and offerings from other sources very limited, the cost and freight market remained dull. Sul do
Minas 4-5s were offered at 10.95; Rio 7s at 7.90c.; 7-8s at
7.800., and Victoria 7-8s at 7.60c. On the 23d inst. cost
and freight offerings from Brazil were extremely restricted.
An interesting development, however, was the offerings
from Rio or Santos for September-October shipment, sellers'
option of Bourbon 2-3s at 11.20c.; 3-4s at 10.20, and 5-6s
at 9.75c. The fact that sellers were even considering the
possibility of resuming shipments from Santos attracted
some comment. Other offerings were restricted to Rio
and Victoria grades, with Rio 7s here for immediate shipment at 7.85 to 7.90c.• 7-8s at 7.80c. and Victoria 7-8s for
7.60 to 7.70e. On Monday these
September shipment
sold at 7.60c.
On the 25th inst. very meager offerings of strictly soft
coffees out of Rio de Janeiro were available in the cost and
freight market. Bourbon 4s for August-September shipment,
sellers' option, were here at 11.45o. for September shipment
at 11.40e., and for October-November-December shipment
in equal quantities at 10c. all being for shipment from either
Offerings of Sul do Minas coffees
Rio or Angra dos Reis. '
which were reported to have been sold included 4-5s at 11.100.
and 7s at 10.85c., both being for immediate shipment. Rio
7s were again offered at 7.90c. and 7-8s at 7.80c., while
Victoria 7-8s were slightly easier at 7.55c. To-day spot
%
coffee was quiet but firm at 123 to 13c. for Santos 4s, 8%c.
for Rio 7s and 83'2c. for Victoria 7-8s. Cost and freight
offers from Brazil were again limited. Sul do Minas 2-3s
for immediate shipment were offered at 113'c. and elsewhere 3-4s were being held for 11.95c. c.&f. Rio 7s were
here at 7.90e., 7-8s at 7.800., and September shipment
Victoria 7-8s at 7.55c.; the latter for immediate shipment
were sold at 7.80c. c.&f. On the 22d inst. September Santos
futures here advanced 29 points on smallness of offerings
and urgent covering by local shorts. September went to a
new high. Europe bought late months at smaller advances.
Rio futures were generally unchanged, September falling
7 points with sales of Rio 10,000 bags and of Santos 14,000.
On the 23d inst. September Santos advanced 10 points on
renewed covering, but other months did not follow. In
fact, all turned downward later, including September ending 10 to 13 points net lower on both Santos and Rio. Mild
coffee was in better demand.
On the 24th inst. futures opened unchanged to 8 points
lower, closing, however, 1 to 15 points higher on Santos
and 2 to 6 higher on Rio with total sales estimated at 14,000
• bags. Spot coffee was very sparingly offered. On the 25th
inst. futures here advanced 1 to 15 points on Santos with
sales of 8,000 bags and 4 to 7 on Rio with sales of 6,000 bags.
Cost and freight offers were scarce and firm. Santos 4s
%
were quoted at 12% to 13e. and Rio 7s at 83 c. To-day
futures here closed with Rio 2 to 10 points hower and Santos
points lower to 28 points higher; sales 4,000 bags Rio and
15,000 bags of Santos. Final prices for the week show a decline of 6 to 11 points except on September Santos, which is
97 points higher.
Rio coffee prices closed as follows:
Spot unofficial5.78i nom
nom I MTh
5.69 nom
September
5.61 nom
6.04 nom July
-December
Santos coffee prices closed as follows:
8.49§ nom
March
2 81
114
Spot unofficial
8.36 nom
May
September
8.29 nom
July
9.07
December
COCOA to-day was unusually active. Sales were 440
lots. The ending was 2 to 4 points higher with September
4.48c.; December, 4.59e.; January, 4.62c.; March, 4.70c.;
May, 4.80c., and July 4.90c. Final prices are 2 to 4 points
higher for the week.
-On the 22nd inst. September declined 2 points
SUGAR.
on the eve of September notices due on the 25th. Other
months advanced one point net. The sales of futures were
12,500 tons. Spot Cuban raws were quiet at 1.17 to 3.170.
Refined was 4.25c. with fair withdrawals. Havana cabled
for the week ended Aug. 20 arrivals 35,998 tons, exports
86,673, stocks 929,859, with two centrals still grinding. The
exports included 41,359 tons to the United States, of which
7,383 went to NewYork,720 to Philadelphia,3,555 to Boston,
4,256 to Baltimore, 17,638 to New Orleans, 4,445 to Savannah, 480 to Wilmington, 480 to Norfolk and 2,402 to Mobile.
Exports to the United Kingdom were 31,193 tons, to France
12,146 and to Hong Kong 1,975. On the 23rd inst. despite
renewed liquidation of Sept. futures ended 1 to 2 points
higher after opening unchanged to 1 point off. It is believed
that Sept. tenders will be promptly stopped. London was
quiet and barely steady according to private advices. Sales
Monday were small, a parcel afloat being sold at 6s. 53d.;
Aug.shipment was offered at 6s. 6d. but the market generally
was sellers ranging about 6s. 5%d. and buyers around 6s.
43'2cl. The exports of sugar exported from Jan. 1 to Aug. 13
were 1,705,493 long tons of which 1,096,513 went to United
States and 608,980 to other countries. This compares with
1,763,624 tons exported in same period of 1931 of which
1,361,721 went to United States and 401,903 to other
countries. Available stock in Cuba on Aug. 13 was 559,637
tons, against 825,078 on Aug. 15 1931.
On the 24th inst. futures ended 1 point lower to 1 point
higher with sales up on a sudden to 48,450 tons. There was
some Sept. liquidation on the eve of the notices due the 25th
but the market took the selling very well. Spot raws were
a little more active the sales including 1,000 tons of Philippines for Dec.
-Jan. shipment at 3.10c. delivered and 1,000
tons for Mar.
-Apr. delivery at 3.12c. delivered on Tuesday
and 3,000 tons Jan.
-Feb. shipment at 3.12o. delivered and
3,000 tons for May-June delivery at 3.17c. delivered. London cables reported 2,500 tons of centrifugals sold for Aug.
Sept. shipment at 6s 5%d, equivalent to .87c. f.o.b. Cuba
and 500 tons of preferentials sold to refiners at the same
Parity. On the 25th inst. futures closed unchanged to 2
points higher, Sept. being well taken and the firmest delivery
on the list despite the notices. Spot sales included 20,000
bags of Cubas for prompt shipment at 1.19c., c. & 4.,
Savannah; 2,000 tons of Philippines for May-June delivery
-Feb.
at 3.17e. to an operator and 3,000 tons of Cubas, Jan.
delivery at 3.10c. duty paid to Boston. London was gd
lower to %d higher. To-day futures ended 2 points lower
to 1 point higher with sales of 18,750 tons. Final prices are
poin.
lowerts higher for the week except on Sept. which is 1
poW 2
l int
us
Clon
quotatio follows:
1.10§ 1.11
March
Spot unofficial
nsa1.19
1.14 1.15
May
nfrgici
jpacecnnutemeaer
1.08
1.18 1.19
July
1.14
---1.131
-On the 20th inst. futures advanced 5 points on
LARD.
most months. On the 22d inst. they closed 3 points lower
to 5 points higher. Hogs dropped 10e. Cash prime Western, 5.60 to 5.70c.; refined,6 to 70. On the 23d inst. futures
closed 5 to 13 points higher. On the 24th inst. futures advanced 7 to 17 points, January and May reaching new high
ground on this movement with cotton $2.50 a bale higher
and hogs up 5 to 100. On the 25th inst. futures advanced
8 to 10 points with hogs up 10e. and cotton and stocks still
rising. Cash prime lard was 5.85 to 5.95c.; refined to Continent, 634 to 7o. To-day futures closed unchanged to 10
poinweeolver. Final prices are 17 to 30 points higher for
the ts lk.
PRICES OF LARD FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. mutt. Frt.
5.22
5.30
5.22
5.15
5.07
5.10
September
5.25
5.20
5.22
5.15
5.02
5.05
October
5.15
5.35
5.12
5.00
4.87
4.85
January
When Made- I Season's Low and When Made1932
z
S er
oet son's High and
June 2
September 3.72
June 11 1932
September 5.90
June 2 1932
3.77
June 17 1932 October
5.42
PORK steady; mess, $19.75; family, $20.25; fat backs,
$14 to $15. Ribs, cash, 6.75c. Beef steady; mess, nominal;
packet, nominal; family, $13.50 to $14; extra India mess,
nominal; No. 1 canned corned beef, $1.70; No. 2, $3.25;
six pounds, South America, $11; pickled tongues, $30 to $40.
Cut meats steady; pickled hams, 10 to 18 lbs., be.; pickled
bellies, 10 to 12 lbs. 834e.• 6 to 10 lbs., 8%c.; bellies, clear
18
dry salted, boxed,' to 26 lbs., 8Ye.; 14 to 16 lbs., 8%o,
Financial Chronicle
Volume 13.5
Butter, 16 to 20e. Cheese flats, Wisconsin, 14 to 143c.
,c.
Eggs, medium and upward, 13 to 243
-Linseed declined to 4.9e. in carlots, New York.
OILS.
A preliminary report put the Argentine flax acreage at
1,400,000 acres below the final figure for the previous year.
Seed markets were firm. Cocoanut,Manila coasttanks,3%c.;
4
tanks, New York, 33 to 33/sc. Corn, crude tanks, f.o.b.
Western mills, 43'c.; Olive, denatured spot, 55e.; shipment,
540. China wood, N. Y. drums-carlots, 63'c.; tanks.
53/sc.; Pacific Coast tanks, 53ge. Soya Bean, tank cars,
f.o.b. Western mills, 3.00c.; carlot delivered bbls., N. Y.,
%
%
43' to 43 c.; L.C.L. 4 to 5%e. Edible, olive, 1.25 to
8%c.; extra strained winter, N. Y.,
1.40. Lard, prime,'
%
63 c. Cod, Newfoundland, 21 to 26e. Turpentine, 43 to
48e. Rosin, $3.50 to $6.45. Cottonseed oil sales to-day
including switches 36 contracts. Crude S. E., 40. Prices
closed as follows:
Spot
September
October
November
December
5.10
5.10
5.11
5.12
5.10
January
February
March
April
5.12
5.15
5.28
5.30
PETROLEUM.
-Gasoline of late was rather easier.
The demand was 'more spasmodic. Below 65 octane was
%
available at 63 c. in tank cars at refineries and it was re/
ported that limited quantities were being sold at 61 20.
Above 65 octane was 7c. Heating oils were in better demand
and steady. Grade C bunker fuel oil was 85c., while Diesel
oil was moving in a fair way at $1.65. Domestic heating
oils are gradually improving. Kerosene was in better demand and steady at 53/Ic. for 41-43 water white in tank
cars at refineries.
Tables of prices formerly appearing here will be found on an earlier page In
.
our department of "Business Indications," in an article entitled "Petroleum
'
and Its Products.
-On the 22nd inst. prices advanced 10 to 18
RUBBER.
points with stocks and bonds up. Bulls were buying. The
sales of No. 1 standard were 780 tons and of No. 1 "B"
250. No. 1 standard Aug. ended at 3.34c.; Sept. 3.480.;
Dec. 3.65o. and Mar. 3.88e.• No. 1 "B" Aug. 3.44c.; Sept.
3.48c.; Dec. 3.65c.; Mar. 3.g8e.; "A" and "B" Aug. 3.42e.
Sept. 3.46c.; Oct. 3.52c.; Nov. 3.57e. Outside prices: Spot
5
-Dee. 33 c.; Jan.
Aug. and Sept. 33' to 3%c.; Oct.
%
-Mar
3 15-16c.; spot, first latex thick and thin pale latex 4 1-16 to
3-16e.; clean thin brown No. 2 334c.; rolled brown crepe
4
3e.; No. 2 amber 3 7-16c. On the 22nd inst. London closed
steady 1-32d. higher to 1-32d. lower than Friday's close
Aug. 2 7-16d.; Sept. unquoted; Oct.
-Dee. 2 17-32d.;Jan.
Mar. 2 19-32d., and April-June 2%d. Singapore closed
1-16d. to 3-32d. lower than Friday's close; Sept.
quiet,
-Dec. 2 1-16d.; Jan.
2 1-32d.; Oct.
-Mar. 2 3-32d.
On the 23rd inst. prices advanced 5 points net even after
a sharp setback due to a blunder in stating the Far Eastern
output at only a little over 10,000 tons. It really turned out
to be 14,736. Mar. selling followed for a time. No. 1
standard closed with Aug. 3.50c.• Sept. 3.54c.; Dec. 3.70c.;
Mar., 3.95c.; sales, 1,420 tons; No. 1 "B", Aug., 3.50c.;
'
Sept., 3.54c.; Oct., 3.60c.• Dec., 3.70c.; Mar., 3.95e.;
and "AB", Aug., 3.48c.; Sept., 3.52c.; Oct., 3.58c.; Nov.
'
3.63c.; Dec., 3.68e.; sales, 20 tons. Outside prices: spot,
Aug. and Sept., 3% to 3%c.; Oct.
-Dec., 370.; Jan.
/
-Mar.,
4e.; spot, first latex thick, 43 to 4%c.; thin pale latex, 43'
to 43c.;clean thin brown, No.2,3 7-16c.;rolled brown crepe
3
3 1-16c.; No. 2, amber, 33c.; No. 31 3 7-16c.; No. 4, 3%e.
On the 23rd inst. Singapore closed quiet, 1-16d higher: Sept.,
2 3-32d; Oct.
-Dee., 2 3-32d; Jan.
-Mar., 2 5-32d. London
Rubber opened steady at 1-32d lower to 1-16d higher and at
2:35 p. m. was quiet, unchanged to 1-16d advanced: Aug.,
2 15-32d; Sept., 2 15-32d; Oct.
-Dec., 2 17-32d; Jan.
-Mar.,
-June, 2 11-16d.
2 19-32d and Apr.
On the 24th inst. prices advanced 14 to 20 points with
sales of 3,100 tons. A large commodity operator and
commission houses bought. Spot prices advanced %c.
London rose 1-32 to 1-16d. and Singapore 3-32 to WI.
New York closed with No. 1 standard September 3.68 to
3.69e.; December, 3.90c.; March, 4.12 to 4.15c.; April,
4.160.; No. 1 "B" August, 3.64e.; September, 3.58c.; October, 3.75c.; November, 3.82e.; December, 3.90e.; January 1933, 3.97e.; February, 4.05c.; March, 4.12c.; April,
4.16c.; May,4.20e.; June,4.22e.; July,4.25c.•"A"and "AB""
August, 3.62c.; September, 3.66c.; October, 3.73c.• Novem'
,
utside prices: Spot, August and September,
ber, 3.80e.
38% to 37 c.; October-December, 40.; January-March,
%
43'e.; spot, first latex thick and thin pale latex, 43 to
4%c.; clean thin brown No. 2, 3 9-16c.; rolled brown crepe,
33/c.; No. 2 amber, 3%c.; No. 3, 3 9-16e. No. 4, 3%c.;
8
Paxas, upriver fine spot, 5% to 6e.; Acre, fine spot, 63/4 to
63.c.; Caliche Ball-upper, 2%o. On the 24th inst., London
closed steady at 1-32 d to 1-16 d higher. Aug. was 2%d;
-Dec. 2 19-32d; Jan.
-March liquidated,
Sept. 2 17-32d; Oct.
-June 2 %O. Singapore closed steady at 146d to 3-32d
Apr.
-Dec.2 7-32d; and Jan.
-Mar.24d.
higher; Sept.2 3-16d; Oct.
On the 25th inst. prices advanced 10 to 18 points, closing
net rise of 12 points with sales of 2,250 tons of No. 1
at a
standard and 1,120 of No. 1 "B." London advanced 5-32
to 3-16d. and Singapore 1-16d. Here No. 1 standard contract closed with Aug. at 3.78c.; Sept. 3.82c.; Dec. 4.02 to
4.03c.; Jan. 4e.; Mar. 4.22 to 4.24e. and April at 4.28e.;
No. 1"B"Aug. 3.78c.; Sept. 3.82c.; Oct. 3.80c.; Nov. 3.95e.;
Dec. 4.02e.; Jan. 1933 4.09c.; Feb. 4.15c.; Mar. 4.22e.;
April 4.28c. "A" and "AB" Sept. 3.80e.; Oct. 3.87c.; Nov.
3.930.; Dec. 40. Outside prices: Spot, Aug. and Sept.
1511
-Dec. 4 1-16c.; Jan.
-Mar. 43(c.; spot, first
33/s to 4c.• Oct.
latex thick 4% to 4%c.; thin pale latex 4% to 4 5-83.; clean
'
thin brown No. 2 3 11-16c.; rolled brown crepe 33'c.; No. 2
amber 3 13-16c.; No. 3, 340.; No. 4 33'e. On the 25th
inst. London closed firm at 5-32d. to 3-16d. advance; Sept.
-Mar. 2 27-32d.; Apr.
-Dee. 2 3-16d.; Jan.
2 11-16d.• Oct.
June 2 1g-16d. Shipments of rubber from the Dutch East
Indies in July totaled 18,472 tons against 18,932 in June
and 23,293 in July 1931. Singapore closed steady on 1-16d.
-Dee.2 9-32d.;Jan.
-Mar.2 5-16d.
advance; Sept. 23.d.; Oct.
To-day prices closed 3 to 6 points higher on No. 1 standard with sales of 253 lots. September ended at 3.85c.;
October at 3.93c.; December at 4.07c.; January at 4.140.;
March at 4.28e., and April at 4.33c.; new "A" August,
3.79c.; September, 3.83c.; December, 4.05c.• January,
4.12c.; February,4.19c.• March,4.26c.; April, 4.31c. There
'
were sales of 43 lots of No. 1 "B." Final prices show an
advance for the week of 30 to 57 points. To-day London
closed steady, unchanged to 1-16d. lower; September,
2 21-32d.; October-December, 2 23-32d.; January-March,
and April-June, 2%d. Singapore closed steady
2
%
27-32d.,
1-16 to 5-32d. higher, with September at 23 d.; OctoberDecember, 2 13-32d.; and January-March, 2 15-32d. Unofficial estimates of stock in Great Britain for the week
ending Aug. 27th show a decrease of 100 tons at London
and no change at Liverpool.
-On the 22nd inst. futures closed 5 points lower
HIDES.
to 10 higher. A lot of 2,000 Aug.light native cows and extra
light native steers was sold at 7c. and of Argentine 12.000
Aug. frigorifico steers at 6 11-16e. Futures closed with O'd
Sept. 5.70 to 5.800.; Dec. 5.50 to 5.75c.; Mar. 7.25c.; new
Sept. 5.50 to 5.75c.; Dec. 6.35c.; Mar. 7.70 to 7.75e. and
June 8.30 to 8.35e. Outside prices: packer native steers and
butt brands 63.'e.; Colorados 6e.; Chicago light native cows,
Aug. 63'e. New York City calf-skins: 9-12s. 1.15 to 1.20;
7-9s. 80 to 90c.; 5-7s 70c. On the 23rd inst. prices advanced
2 to 15 points with sales of 2,280,000 lbs. closing with Old
Sept. 5.80c.; Dec. 6.85c.; Mar. 7.30c.; new Sept. 5.65c.;
Dec. 6.45e.; Mar. 7.75 to 7.80c. and June 8.40 to 8.45e.
On the 24th inst. prices closed unchanged to 10 points off
with sales of 880,000 lbs. closing with old Dec. 6.79c., Mar.
7.25c.; Sept. new 5.65c.; Mar. new 7.740. On the 25th inst.
prices advanced 6 to 15 points with sales up to 3,040,000
lbs. Spot hides were quiet at 6 to 63'c. Futures ended
with Sept. old 5.85e. to 5.90c.; Dec. 6.85 to 6.89c.; Mar.
7.35e.; new Sept. 5.80 to 5.90e.; Dec. 6.50c.; Mar. 7.80 to
7.85c., and June 8.45 to 8.55e. To-day prices ended 10
points higher with sales of 39 lots. Sept. ended at 5.90e.;
Dec. at 6.60c.; Mar. at 7.90 to 7.95e. and May at 8.30c.
Final prices for the week are 20 points fower on Dec. and 15
to 70 points higher on other months.
-Trading fell off. Later - here
t
OCEAN FREIGHTS.
was a slight increase in trading.
CHARTERS included: Grain, 32 qrs. 10% Montreal, Sept. 1-15,
A. R., Vic.; Hamburg, Vic.; 15 loads Montreal to start. September,
Hamburg, Vic.: Montreal, 26,000 qrs. 10, September, Liverpool. Birkenless;
head, Bristol Channel, Is. 9d. and Is. 1Vid., option barley, 2
Fort Churchill, Sept. 10-25, United Kingdom 3s, A. R., 3s. Mediterranean,
Is. Oici. Spot Montreal to London. Is. 9d.; booked a few loads, August,
Montreal to Antwerp, Vic.; 3% loads, Montreal to Mediterranean. 8c.
Trip, prompt across via S. Atlantic, 600.: West Indies, round prompt. 65c.:
north Hatteras redelivery United Kingdom-Continent, prompt. 161.05.
Sugar, 6,600 tons, 5, spot, Cuba-Liverpool, 138. 3d., in London: Santo
Domingo, United Kingdom-Continent, in London; Cuba to United Kingdom, Sept. 10-20, 14s. 3d., Santo Domingo to United Kingdom. 138. 3d.
COAL was quiet and generally unchanged. The miners
in the West still hold out against a wage cut to $5. Bituminous Lake loadings in the Aug. 13 week totaled 675,732 tons
and for the year to that date, 10,456,469 tons, a decline of
6,000,000 tons compared with 1931 and of 12,000,000 tons
compared with 1929. The all-rail movement of soft coal to
New England down to Aug. 13 totalled 54,111 cars compared
with 69,580 cars a year ago and 70,954 cars in 1929. Hampton Roads steamer loadings in the second week of Aug. were
a little more than half the volume of the similar 1931 week.
The total for 1932 down to Aug. 13 was 10,390,000 tons
against 12,856,000 tons in 1931 and 13,771,000 tons in 1929.
Later bituminous production in the Aug. 20 week rose to a
new current heavy volume of 4,850,000 net tons, as forecast
by National Coal Association, the volume being as large as
that in the week of Apr. 16 1932. Following the reduction of
the union Illinois bituminous wage scale from $6 to $5, the
anthracite operators seek a 20% cut in the wage scale of the
anthracite miners.
TOBACCO has been in fair demand for this time of the
year and steady. Atlanta wired that prices on the opening
sales of Carolina and Georgia tobacco markets averaged
higher than a year ago, lower grade Georgia leaf selling as
much as $3 above 1931. Government figures are stressed
to the effect that production for this year will be only 92%
of the average of the past ten years. The average production in the United States, including all types for the past
five years, is 1,299,000,000 lbs. The indicated production
for this year's crop on July 1 was 1,061,000,000 and during
Aug. this fell to 1,020,000,000 lbs. The ten-year average of
the yield per acre of all types of tobacco is 769 lbs. The
average yield this year wine,according to Aug. 1 estimates,
705 lbs. per acre. Richmond, Va. expects about 60% of a
normal yield in that section. Bad July weather told in the
far South. The Georgia crop is said to be a third below the
production of last year and of mediocre quality. Blue mold,
economic conditions and disappointment over the previous
year's prices are blamed for the unusually small crop. In
1512
Financial Chronicle
Havana business is holding up well. Florence, S. C. wired
the Associated Press Aug. 23: "Tobacco prices shot up
50c. to $6 per 100 lbs. on the South Carolina and North
Carolina border markets to-day. At Fairmont, N. C. the
market opened 50c. to $1 stronger with sales estimated at
400,000 lbs. at an average of approximately $12.25 per
100 lbs. Lumberton, N. C. reported estimated sales of
325,000 lbs. with the price averaging from $12 to $13
per 100 lbs. Mullins, S. C. reported the heaviest sales since
the market opened, with prices up $4 to $6. An increase of
20to 30% in prices for all grades was reported at Dillon,
"
S. C.
SILVER.-On the 20th inst. futures ended 13 to 27 points
lower with sales of 275,000 ounces; closing prices: Sept., 280.;
Dec., 28.55 to 28.60c.; Mar., 28.93 to 29.10c.; May, 29.32c.
and July 29.53c. On the 22nd inst. the ending was 1 to 7
points higher with sales of 1,475,000 ounces; Sept. closed at
28.10c.; Oct.,28.25e.; Dec.,28.57e.; Jan., 28.72c.; Mar.,29c.
and May 29.25c. On the 23rd inst.futures closed 10 to 21 pts.
higher;sales, 1,900,000 ounces; Aug., 28.19 to 28.250.; Sept.,
28.31c.; Oct., 28.410.; Dec., 28.71 to 28.79c.; Mar., 29.10c.
and May 29.40c. On the 24th inst. the ending was 3 points
lower to 6 points higher with sales of 1,700,000 ounces. Sept.
closed at 28.29c.; Oct. at 28.42c.; Dec. at 28.71e. and Mar.
at 29.12c. On the 25th inst. prices advanced 27 to 32 points
with sales of 2,175,000 ounces, closing with Sept., 28.550.;
Oct., 28.70 and Dec., 28.98c. To-day futures ended 21 to
31 points higher with sales of 2,625,000 ounces. Aug. closed
at 28.83c.: Sept. at 28.83 to 28.90c.; Oct. at 28.95 to 29c.;
Dec. at 29.29c.; Jan. at 29.38 to 29.48c. and Mar. at 29.73c.
Final prices are 53 to 54 points higher than a week ago.
COPPER advanced to 5.60 to 6.750.for export. Domestic
was steady but demand lags. The price was unchanged at
6% to 5%c.for electrolytic for deliveries over the remainder
of the year and 532c. for first quarter of 1933. London on
the 25th inst. declined 5s. on spot to £34; futures off 3s.
9d. to £33 12s. 6d.; sales 100 tons spot and 1,700 futures.
Electrolytic was unchanged on spot at £36 10s. and futures
fell 10s. to £37; at the second London session spot standard
rose to £34 6s. 3d. and futures to £33 18s. 9d.; with additional
sales of 900 tons of futures. On the 20th inst. American
standard closed quiet and unchanged. Sales nil. Closing
quotations, all nominal, included Sept. 5.10e.; Dec. 5.100.;
Mar. 5.32c.; May 5.45c. and July 5.61c. New standard
closed quiet, unchanged to 1 point lower. Sales nil. Closing
quotations, all nominal, included Sept. 4.54c.; Dec. 4.54c.,
Jan. 4.59c.; Mar. 4.68c. and May 4.78c. On the 22nd inst.
American standard closed steady, 5 to 24 points higher.
Sales, 75 tons. Closing quotations: Sept. 5.15-N; Nov.
5.15-N.; Dec. 5.20-N; Jan. 5.25-N; May 5.65-N, and July
5.85-N. New standard closed steady at 1 point higher.
Sales, 1,625 tons. Closing quotations: Sept. 4.55-T; Dec.
4.55-B; Jan. 4.60-N; Mar. 4.69-N; May 4.79-N. On the
23rd inst. American standard closed quiet at 5 points lower.
Sales, 50 tons. Closing quotations: Sept. 5.15-N; Dec.
5.20-N; Mar. 5.45-N; May 5.60-N, and July 5.80-N. New
standard closed steady, unchanged to 27 points higher.
Sales, 575 tons. Closing quotations: Sept. 4.55-N; Dec.
4.73-N; Mar. 4.94-N, and May 5.08-N. The trading was
featured by an exchange of Sept. for Dec. in the American
standard at 50 points difference and Sept. for May, both in
the new standard contract, at 55 points.
On the 24th inst. American standard closed steady at
unchanged quotations to 5 points higher. Sales, 75 tons.
Closing quotations: Sept. 5.15-N; Oct. 5.15-N; Dec. 5.25-N;
Mar.5.50-N; May 5.65-N, and July 5.85-N. New standard
closed steady at 10 points higher to 6 points off. Sales,
550 tons. Sept. was exchanged for May at a difference of
37 points. Closing quotations, all nominal, included Sept.
4.65-B; Dec. 4.78; Mar. 4.92, and May 5.02.
On the 25th inst. American standard closed steady at
5 to 18 points higher. Sales, 350 tons. Closing quotations:
Oct. 5.23-N; Dec. 5.38-N; Jan. 5.48-N, and May 5.76-N.
New standard closed steady at 15 points higher. Sales nil.
Closing quotations: Sept. 4.80-N; Dec. 4.93-N; Mar. 5.07-N,
and May 5.17-N.
To-day American standard closed with Aug. 5.20e.; Sept.
5.20c.; Oct. 5.23c.; Nov. 5.28c.; Dec. 5.380.; Jan. 5.480.;
Feb. 5.55c.; Mar. 5.620.; April 5.69c.; May 5.76c.; June
5.83c.; July 5.900.; sales, 25 tons.
TIN advanced sharply both here and abroad. Straits
for prompt shipment advanced to 23% to 233%c. in the outside market and futures rose 55 to 70 points. And London
was higher. On the 25th inst. spot standard there rose
£3 to £145 15s. and futures advanced £2 5s. to £147 5s;
Straits advanced £3 to £150 15s.; sales 300 tons spot and
1,150 tons of futures. Eastern c.i.f. Loudon price was 128.6d
up at £150; at the second London session that day spot
standard advanced to £146 and futures to £147 15s., with
additional sales 30 tons spot and 420 tons of futures. On
the 20th inst. futures closed steady and unchanged. Sales
nil. Closing quotations, all nominal, included September,
22.20c.; December,22.650.; January,22.80c.; March,23.20c.
May, 23.60c., and July, 24.00c. On the 22d inst. they
ended 5 to 10 points lower. Sales 35 tons. Closing quotations: September, 22.10-T; December, 22.55-N; January,
22.70-N; March,23.10-N; May,23.50-N, and July, 23.90-N.
On the 23d inst. the closing was 15 to 20 points higher.
Sales 25 tons. Closing quotations: September, 22.25-N;
March,
22.70-N;
January, 22.85-N;
December,
Aug. 27 1932
23.25-N; May, 23.65-N, and July 24.05-N. On the
24th inst. the market closed unchanged and quiet. Sales
nil. Closing quotations, all nominal, September, 22'.25;
December, 22.70; March, 23.25; May, 23.65 and July,
24.05. On the 25th inst. futures closed firm 55 to 70 points
higher with sales of 30 tons. Closing quotations: September,
22.95-23.05; December, 23.40-N; March, 23.85-N; May,
24.20-N, and July, 24.60-N. To-day futures closed with
August at 23.35c.; September, 23.35e.; October, 23.500.;
November, 23.65c.; December, 23.80c.; January, 23.95c.;
February, 24.10c.; March, 24.25c.; April, 24.40c.; May,
24.60c.; June, 24.80c.; no sales.
LEAD was in good demand and higher at 3.40c. New York
for prompt Aug. and Sept. shipment and 3.25c. East St.
Louis. Battery manufacturers, corroders and cable makers
were good buyers. In London on the 25th inst. spot rose
2s 6d to.£11 17s 6d;futures up 2s 6d to £12; sales, 1,200 tons
of futures.
ZINC was rather quiet but steady at 2.75 to 2.80e. East
St. Louis. London on the 25th inst. rose 3s 9d to £14 on the
spot with no sales; futures at the first session advanced Is 3d
to £14 7s 6d; at the second session futures•went to £14 88 9d,
with sales for the day of 900 tons.
STEEL output is now said to be 16%. In general there
is no change in the steel situation. Trade is light and prices
largely nominal awaiting events. Heavy melting scrap advanced 25c. at Pittsburgh to $8.75. The output of steel
ingots was 14%. In some quarters there is a moderate
increase in trade but there is no real revival.
PIG IRON was still quiet with Buffalo $14 at furnace on
ordinary business. It is stated that in New England offerings are larger of Eastern Pennsylvania at $16. Dutch iron
after invading the Atlantic markets is now offering in the
Lake section. Cleveland later reported the best business in
many months largely for fourth quarter though there is a
little for the first quarter of 1933.
WOOL.
-Boston wired a Government report on Aug. 23,
which said: "Trading in the wool market was not as brisk
as during the preceding week. All grades of wool were
moved during the week, with all types of mills being represented. One of the more significant factors in the activity
was that a number of the manufacturers insisted upon
prompt delivery. Buyers included representatives of mills
which hsretofore insisted that they would maintain a policy
of making purchases only to meet requirements of actual
orders. The American Woolen Co., whose heavy buying
at the start of this month caused the big surge that grew
into the greatest buying movement of the past several years,
is understood to have a three months' supply on hand.
Although the goods market has not responded as a number
of the dealers here had anticipated, yet there is a general
feeling that New York will get prices up and that the increases
will be made gradual. Tops went higher, being carried along
to the best price range in some months by a brisk demand
in which a large volume of trading was done. Standard
fine tops, which last week were sold at 58c., were being held
to-day for 60c." Earlier Boston wired a Government report: "Domestic wool prices are very firm on a somewhat
more moderate turnover than was noted in early August.
Bulk French combing 64s and finer Western grown wools
are quoted at 35 to 38c. scoured basis, with maximum
figure reported to have been realized. Choice lines containing a fair percentage of strictly combing staple are reported
to have moved at 39 to 40c. scoured basis. Receipts of
domestic wool at Boston during the week ending Aug. 20,
estimated by the Boston grain and flour exchange,amounted
to 16,724,500 pounds as compared with 4,939,800 pounds
during the previous week."
Domestic fleeces, unwashed, Ohio and Pennsylvania
fine delaine, 17 to 18c.; fine clothing, 13% to 14c.; % blood
combing, 16% to 17c.; N blood clothing, 143' to 15c.;
% combing, 163/ to 17c.; clothing, 14 to 15c.; y combing,
t
16 to 163%c.;low X blood ,14 to 15c. Territory, clean basis,
fine staple, 42 to 43c.; fine, fine medium French combing,
38 to 40c.; fine, fine medium clothing, 35 to 360.; % blood
staple, 38 to 400.;% blood, 35 to 36c.• X blood, 32 to 33c.;
low X blood, 27 to 28c. Texas, clean basis: fine 12 months,
'
38 to 40c.; average 12 months, 37 to 38c.; fine 8 months, 33
to 35e.; fall, 30 to 3243.; pulled scoured basis
-A super, 35 to
37c.; B, 34 to 35e.; C, 29 to 300.; Mohair, original Texas
adult, 15 to 18c.; fall kid, 43e.•, spring kid, 360.
Wool tops to-day ended 250 to 300 points higher with
Sept. 58c.; Oct., 58.200.; Nov., 58.500.; Dec. and Jan., 59e.;
Feb., 59.50e.; Mar., April and May, 60c., and June and
July, 60.500. Boston spot unchanged at 56.50e.
SILK
-On the 20th inst. futures ended unchanged to 3
points lower; sales, 180 bales; Aug., $1.45 to $1.49; Sept.,
$1.42 to $1.45; Oct., $1.42 to $1.45; Nov., $1.42 to $1.45;
Dec. and Jan., $1.43 to $1.45; Feb., $1.45 and Mar., $1.44.
On the 22nd inst. the ending was 1 to 9 points higher with
sales of 530 bales; Aug., $1.46 to $1.54; Sept., $1.46; Oct.,
$1.44 to $1.47; Nov., $1.46 to $1.47; Dec., $1.44 to $1.47;
Jan., $1.46 to $1.50; Feb., $1.45 to $1.50 and Mar., $1.46
to $1.50. On the 23rd inst. futures closed 9 to 14 points
higher with sales of 2,500 bales; Aug., $1.55 to $1.61; Sept.,
$1.55 to $1.57; Oct., 1.58; Nov., $1.57 to $1.58; Dec.,
$1.58; Jan., $1.58; feb. $1.58 and Mar., $1.57 to $1.68.
On the 24th inst. futures advanced 6 to 11 points; sales, 2,048
'
Financial Chronicle
Volume 135
bales; Aug.,$1.65 to $1.67; Sept., $1.65 to $1.68; Oct., $1.64
to $1.65; Nov., $1.65 to $1.68; Dec., $1.68; Jan., $1.67 to
$1.68; Feb. and Mar., $1.68. On the 25th inst. futures
ended 3 points lower to 1 point higher; sales, 3,820 bales;
Aug., $1.66; Sept., $1.65; Oct., Nov. and Dec., $1.65 to
$1.67; Jan., $1.65; Feb., $1.65 to $1.66 and Mar., $1.65.
To-day prices ended 2 to 4 points higher with sales of 1,130
bales. Sept. ended at $1.68 to $1.69; Oct. at $1.67 ot $1.69;
Nov. at $1.68; Dec. at $1.67; Jan. at $1.68 to $1.69;
Feb. at $1.69; Mar. at $1.69 to $1.70 and Apr. at $1.72 to
$1.74. Final prices are 23 to 24 points higher than a week
ago.
COTTON
Sat.
Mon. Tues.
Receipts atWed, Thurs, Fri.
Total.
Galveston
1,935
797 1,554 1,466 2,240
101 8.093
Texas City
1,222 1.222
Houston
1,540 1.817 3,006 1,797 2,913 20,884 31,957
Corpus Christi
6,938 7,755 3.826 4,846 6,055 6,179 35,599
. 1,038 8,411
New Orleans._ _
965
989 3,205 1,399 16,007
Mobile
2.395
436 1,069
309 1,187
423 5,819
Jacksonville ------------------------179
179
Savannah
1.719 1:1
1,s
1,179 7,114
Charleston
28
147
163
229 1,155
14 1.736
__ _
__
_
Lake Charles_
____
___
2,375 2.375
Wilmington
13
56
28
____
61
103
263
Norfolk
70
197
6
12
68
35
388
Baltimore
390
390
Totals this week_ 14.923 20.460 12.342 10.642 18.292 34,483 111 1,19
The following table shows the week's total receipts, the
total since Aug. 1 1932 and stocks to-night, compared with
last year:
1932.
Receipts to
Aug. 26.
Totals
1931.
Stock.
This Since A ug This Since Aug
Week. 11932. Week. 1 1931.
8,093
Galveston
1,222
Texas City
Houston
31,957
Corpus Christi... 35,599
Port Arthur, &c_
16,007
New Orleans
Gulfport
Mobile
5.819
Pensacola
Jacksonville
179
Savannah
7,114
Brunswick_ _ _ _ _
Charleston
1,736
Lake Charles- 2,375
Wilmington
263
"•
Nerf388
N'port News, &c
New York
Boston
Baltimore
390
Philadelphia
111.142
20,608 1,643
2,984
____
67,476 27,858
135,324 36,885
1932.
40,369
2,622
3,171 436,158
1
11,712
43,686 1,006,585
85,968 170.206
16,001
7,668 881,228
16,412
2,019
11.360
447
14,848
977
8,058
1,354
10,617
2,415
3,158
821
1,141
227
434
62
300
73
902
1.505
158
1,990
307.508 80.809
1931.
386,850
9,118
691,821
90,883
469
543,923
162.046
18.071
17,330
198,945
217,836
16,600
2,668
340,732
85,563
50,891
7,753
42,977
152,746
3.752
3,087
48,248
204,455
13.025
1,250
5,389
228,734
2.763
500
5,293
1117.224 2 220 A02 2 7,ift A9q
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1932.
Galveston__ -Houston
New OrleansMobile
Savannah..
Brunswick
Charleston..
Wilmington_ _
Norfolk
N'port News_
All others_ ___
Total this wkSince Aug. 1_ _
1931.
307,508
1930.
1929.
1928.
1927.
8,093
31,957
16,007
5.819
7,114
1,643
27.858
2.622
2.019
8.058
1,736
263
388
227
62
300
39,765
38,020
71,357'
47,401
26.368
25,231
111,142
80,809
250,299
183,758
129,694
248,049
167.224
634.041
410.170
241.021
Ala 090
22.711
98,323
12,118
2,930
35.108
6,000
1,644
8
100
23,012
53,878
23.219
5,791
29,418
23,744
59,278
8,010
70
1,661
37,326
103,250
24,822
7,739
40,393
542
3
494
489
7,715
626
947
74
The exports for the week ending this evening reach a
total of 68,495 bales, of which 17,179 were to Great Britain,
2,615 to France, 22,599 to Germany, 3,525 to Italy, nil to
Russia, 15,030 to Japan and China, and 7,547 to other
destinations. In the corresponding week last year total
exports were 31,198 bales. For the season to date aggregate
exports have been 331,512 bales, against 145,682 bales in
the same period of the previous season. Below are the
exports for the week.
Week Ended
Aug. 26 1932. Great
Ger- Britain. France many.
Exports from
Galveston
Houston
Corpus Christi..
New Orleans
Mobile
Jacksonville. _ _
Pensacola
Savannah
Charleston
Norfolk
Los Angeles- -- Total
Total 1931
Total 1930
2,172
1,062
1,276
25
1,865
200
200
350
8,518
2,314
2,791
1,164
Exported to
Japan&
Russia China. Other.
1.600
1,225
3,100
700
1,725
5.825
4,380
se
3,090
Total.
427 6,992
1,067 11,110
2,512 8.923
3,364 14,092
100 6.920
111
3,090
3,632
13,461
187
77
77
3,632
8,911
101
4,6&5
86
17,170
2,615 22.599
3,525
15,030
7.547 68,495
2,127
4,997
22 1,365
9,615 24.755
4,466
7.994
18,764
22,326
4,455 31,198
9.595 79,282
From
Aug. 1193210
Aug. 26 1932. Great
GeeBritain. France. many.
Exports Jr,
3,193 4,246
11,247 27,263
154
3.497 8,577
12,977 3,126
4,344
809
25
Galveston_. _
Houston _ _ _
Texas City-Corp. Christi
New Orleans_
Mobile
Jacksonville _
Pensacola _ _ _
Savannah _ _ _
Charleston
Norfolk
Los Angeles
Lake Charles
Total
Friday Night, Aug. 26 1932.
THE MOVEMENT OF THE CROP, as indicated by
.
our telegrtbms from the South to-night, is given below.
For the week ending this evening the total receipts have
reached 111,142 bales, against 85,716 bales last week and
75,602 bales the previous week, making the total receipts
since Aug. 1 1932, 307,508 bales, against 167,224 bales for
the same period of 1931, showing an increase since Aug. 1
1932 of 140,284 bales.
1513
Total 1931..
Total 1930._
14,900
8,911
1,815
241
Exported to
Japan &
Italy. Russia China. Other.
8,023 4,384
23,555 6,395
548
12,160
7,868 30,676
3,589
650
86
3,090
1.725 --4,691
114
742
Total.
16,829 10,461 47,036
23,161 11,690 103,411
464
1.166
15,177 7,777 47,188
15.592 8,611
78,550
4,380 1,275 15,047
111
3,090
1,500
3
18,475
747 14,349
1,925
ioo
418
741
61,150 44,1751
66,191 41,805
76,739 41.452 331,512
6.490 6,188
32.184 36.940
10,515 12,806 ____
85,406 15.40915.959
86.306 23.377 145,682
44,875 32.010 262.792
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard, Not Cleared for
Great
GerOther CoastAug. 26 at
- Britain. France. many. Foreign wise.
Galveston
New Orleans
Savannah
Charleston_ _ _ _
Mobile
Norfolk
Other ports*_ _
1,000
3,184
500
1,358
Total 1932.. 12.623
4,262
Total 1931_ _ -Total 1930.. _ _ 15,584
*Estimated.
4.000
9,859
Leaving
Stock.
500 8.400
1,035 17.648
3,000 36.000
427.758
863.580
198.945
85,563
288 11.912 150.134
42,977
1.065 43:6456 1.479.675
2,358 7,612 55,544
1,544 6.015 29,874
4.484 51.753 33.799
2,823 80,960 3.248,632
2,425 44,120,2,701.903
2,600 108,22011,768,782
5
.§39
2,500
2,400
2,212
Total.
5,685
500
COTTON has advanced by leaps and bounds owing to bad
crop prospects and an enormous trade demand from home
and foreign sources. The Far East and Liverpool have
bought. Speculation is broader. It revives memories of
the best years of the past. Cotton goods are active and
advancing. On the 20th inst. prices advanced a dozen points
net with the weather too wet in the Atlantic States, more
weevil talk and less pressure to sell. The falling off or
cessation of selling by the co-operatives was a factor. Spot
cotton and goods were more active. Above all, the trade
demand continued good. Speculation was brisk. It was
stated that the pool formed by the mills and banking interests
for the purpose of buying cotton held by the Federal Farm
Board and that of the cotton co-operatives which the Farm
Board is financing has submitted its plan to E. F. Creekmore, President of the Stabilization Corporation, and James
C. Stone, Chairman of the Farm Board, for their consideration, but an immediate decision is not expected. But not a
few believe that it means an ultimate lifting of a big burden,
from the market. The cotton held either directly or indirectly by the Farm Board or the Federal Government Isslightly less than 3,000,000 bales. Originally the Stabilization Corporation bought 1,200,000 bales and financed for thecotton co-operatives 2,100,000 bales. In addition, the Agricultural Department holds about 400,000 bales which ft received on account of seed loans to farmers. Of these holdings about 500,000 bales, it is estimated, have been recently
sold on the New York Cotton Exchange and in foreign markets. Some 500,000 bales were donated to the Red Cross
by Congress, which, it is now stated, is 'an inadequate quantity for the purpose. In Georgia the rainfall was in many
/
cases 1 to 21 2 inches, with a wet forecast. It was considered bad.
On the 22nd inst. prices advanced 17 to 23 points and
held most of the rise owing to advancing stocks and bonds,
more rains in the Atlantic section, including 2 to 5 inches
in Georgia, growing fears of weevil damage, especially in
the Eastern belt, and a steady demand from home and
foreign trade interests. Contracts were not at all plentiful,
as it is feared that in the past month the crop has gone
backward, especially in the eastern region of the belt. The
Fossick Bureau said: "The cotton crop, belt as a whole,
deteriorated further during the week, although needed rains
In Texas and Oklahoma occurred during the last half of
the week and may be expected to effect an improvement over
the western halves of the two States. Deterioration over
States touched by the Mississippi River was severe, with
heavy weevil damage and shedding being reported. Some
report that weevil damage is even greater than in 1923.
Alabama, and the Atlantics, about held their own during
the week, hut the crop is poor to only fair, and has lost
ground since Aug. 1. The crop of southern Georgia is almost
a disaster, with many fields showing close to 100% weevil
infestation." The moral effect of seeing the price above 8g.
on March, May and July need not be ignored. It was the
highest in a year. Wall Street bought. The co-operatives
both sold and bought. The tone was distinctly better.
On the 23rd inst. prices advanced 10 points, but lost some
of this, closing half a dozen points net higher. July got
up to 8.44c., despite the resumption of selling by the Farm
Board or the co-operatives, their sales being estimated at
fully 15,000 bales, much to the mystification of the trade.
The ginning up to Aug. 16 was 251,183 bales against 90,608-
Financial Chronicle
1514
bales to the same date last year. The ginning was confined
in
for the most part to Texas. It was much larger than no
1931, but only about 50% of the total in 1930. It hadand
buy,
effect. The trade and the Japanese continued to
are
prices reached a new high on this movement. Some
buying on predictions that the next Government estimate
will be well under the Aug. 1 total of 11,300,000 bales against
also tends
17,000,000 last year. The steady rise in stocks South is
to increase the upward momentum of prices. The
Jubilant.
points on
On the 24th inst. prices shot up some 55 to 60
stocks
bad crop news, wet weather, weevil reports, higher as it
and a mad rush to buy cotton with July up, incredible the
seemed to many, to 9c. A bad weekly report clinched It
ears.
nail. The summary made the trade prick up its
temperasaid: "For the first time this summer the average
generally over
ture for the week was below normal rather
moderate to
the cotton belt. Rainfall was frequent and
eastward,
heavy in most places from the Mississippi Valley
of Texas,
and there was again considerable rain in much The most
and central Oklahoma had substantial amounts.
cotton
Important feature of the week's weather as affecting by frewas an indirect one-the favoring of weevil activity
reported
quent showers over much of the belt. Shedding is Northlocally, is in evidence, but prospects in the West and have
rains
west have somewhat improved. In Texas, recent
be of
somewhat benefited cotton, but they came too late to have
and
much help in the southern heart of the State especially
favored weevil activity; continued deterioration, cheerful
but
in the East, was heavy." This was anything
Covering
reading, especially to a man short of the market.
heavy. The co-operatives, it was estimated, sold 25,000
was
unconsidered
bales of October, but it was snapped up as an
The trade buying was heavy and persistent. The
trifle.
The Far
outside public, to all appearance, was buying. among the
Liverpool bought. Carolina mills were
East and
report for
buyers. Rising fears of a bullish Government
the advance; 11,300,000 bales the last time
Sept. 1 helped
worse. The
was bad enough. The total for Sept. 1 might be do much, if
fact that recent rains in Texas came too late to
flame. Since
any, good was so much fuel added to the
rates from
Aug.8 prices have risen 2c. Lowered rail freight England
New
the South and Southwest to New Orleans and
Street
are tantamount to a further rise in cotton. Worthenough
was active, with prices tending upward. It was all he was
to make a pessimist rub his eyes to make sure
awake, with July at 9c. staring him in the face.
On the 25th inst. prices still followed the line of least
to 32
resistance, which was upward, and prices rose 27
the
points under the power of a vigorous demand from
trade, home and foreign, and larger outside buying. It is
is
more like old times in the cotton market. The trading
snap
the largest for years past. Much of the activity and
Large
and halcyon years of the speculation is seen again.
concentrated holdings were sold early on the rise of some
the net
$1.50 a bale, and general profit-taking finally leftsceptical
rise for the day 11 to 14 points. But the most
its
seemed to eye the market with increased respect as
remarkable absorptive power was again made plain. A rise
for
in stocks and wheat naturally did cotton no harm, but
Spot
the most part it was going ahead on Its own steam.
markets were higher. The basis advanced. Cotton goods
were active and rising, and some mills are beginning to
quote "at value" because of the rapid advance in raw cotton.
Print cloths advanced % to %c. Worth Street was humming with new life. Some sales were made of 38%-inch
64x60s at 4c. Lawns and broadcloths were in sharp demand.
Back of the cotton market is the grim outlook for the crop.
The next Government estimate, it is feared by some, may
be reduced to perhaps around 11,600,000 bales, or, roughly,
6,000,000 bales less than the last crop. Certainly the crop
is
reports are anything but cheering. The weevil damage
said to be the worst for years past, especially in the Eastern
belt. Meanwhile, an increased consumption in the, general
opinion looms ahead.
To-day prices ended 18 to 24 points higher, or at about
the high level of the day, after being down at one time 12
to 15 points below the previous close. The sharp advance in
in
the stock market in the late trading caused the rally
cotton. And there were reports of increasing weevil activity.
Domestic and foreign spinners, particularly those of the
Far East, were buying on a rather large scale. Hedging
pressure was rather light. The early decline was caused by
heavy profit-taking and a feeling that the advance had
been too rapid, and that the technical position was weaker.
Worth Street was firm and reported a good demand for
gray goods. Final prices show an advance for the week of
114 to 122 points. Spot cotton ended at 8.65c. for middling,
an advance for the week of 115 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Aug.20 to Aug. 26Middling upland
Sat. Mon.
7.75
7.60
Tues. Wed. Thurs. Fri.
8.65
8.45
8.30
7.80
NEW YORK QUOTATIONS FOR 32 YEARS:
1932
1931
1930
19'9
1928
1927
1926
1925
26.900.11916
8 g5c 11924
7.20c.11923 _ _22.250.11915
_25.350.11914_
11.75c.1192215.300.11913
18.656. 1 1921
33.50c.11912
19 100.1 1920
21.956.11919
32.250.11911.
35.600.11910
19.05c.1 1918
23.20c.11909
23.050.11917
9.80c.
15.80c.11908
13.50c.
9.500.1 1907
9.900.
11906
11.15c.
12.45c.11905
11.20c.
11.500.11904
12.745c.
13.150.11903
900c.
16.40c. 1902
- ..-- 8.62c.
12.85c.11901
Aug. 27 1932
-The highest, lowest and closing prices at
FUTURES.
New York for the past week have been as follows:
Saturday,
Aug. 20.
Tuesday, Wednesday, Thursday,
Aug. 25.
Aug. 23. Aug. 24.
Monday,
Aug. 22.
Friday,
Aug. 26.
Aug.
Range__
Closing- 7.45- 7.59- 7.64- 8 13
Sept.
8.37- 8.51
}bulge_ -- -- 7.54- 7.60
Closing_ 7.50- 7.62- 7.69 --- 8.18- 8.31 --- 8.50- 8.51
Oct.Range-. 7.37- 7.58 7.57- 7.72 7.69- 7.78 7.70- 8.31 8.30- 8.54 8.22- 8.60
Closing_ 7.55- 7.56 7.69- 7.74- 7.75 8.23- 8.27 8.36- 8.37 8.58- 8.60
Nog.
- -8.54- 8.54
Range__
7.82- 8.32- 8.44- 8.66Closing_ 7.63- 7.77
Dec.
Range__ 7.57- 7.74 7.75- 7.88 7.86- 7.95 7.87- 8.47 8.48- 8.6^ 8.40- 8.77
Closing- 7.71- 7.73 7.86- 7.87 7.91- 7.93 8.41- 8.42 8.53- 8.55 8.75- 8.77
-1933
Jan.
Range__ 7.63- 7.77 7.83- 7.95 7.95- 8.03 7.95- 8.55 8.58- 8.78 8.47- 8.85
8.50- 8.61- 8.84- 8.85
Closing_ 7.78- 7.94- 8.00
Range...
Closing_
March.
Range...
Closing_
April
Range._
Closing_
May
Range..
Closing_
June
Range..
ClosingJuly
Range...
Cumin
7.85- 8.01 - 8.07 -- 8.56- 8.67 -- 8.707.76- 7.95 7.95- 8.11 8.10- 8.18 8.10- 8.72 8.72- 8.91 8.62- 8.98
7.92- 7.93 8.08- 8.10 8.14- 8.62- 8.64 8.74- 8.76 8.97- 8.98
7.98- 8.16 -- 8.21 --- 8.69 -- 8.81- 9.05 7.90- 8.06 8.07- 8.27 8.25- 8.32 8.25- 8.85 8.85- 9.08 8.74- 9.13
8.04- 8.24- 8.25 8.29- 8.30 8.76- 8.78 8.89- 9.13- 9.15
8.10- 8.29- 8.35- 8.82- 8.95- 9.19
8.17- 8.38 8.38- 8.44 8.35- 9.00 8.95- 9.15 8.87- 9.27
8.00- 8.16
u ia - 835- 8.36 8.41- 8.88- 8.90 9.02- 9.26- 9.27
Range of future prices at New York for week ending
Aug. 26 1932 and since trading began on each option:
Aug. 1932
Sept. 1932._
Oct. 1932._
Nov. 1932._
Dec. 1932._
Jan. 1933._
Feb. 1933
Mar. 1933._
April 1933
May 1933...
June 1933_
July 1933._
Range Since Beginning of Option.
Range for Week.
Option for
7.54
7.37
8.54
7.57
7.63
Aug. 22
Aug. 20
Aug. 25
Aug. 20
Aug. 20
8.51
8.60
8.54
8.77
8.85
Aug. 26
Aug. 28
Aug. 25
Aug. 26
Aug. 26
5.23
5.32
5.15
5.35
5.30
5.36
June 1 1932
June 23 1932
June 9 1932
June 13 1932
June 8 1932
June 8 1932
7.57
8.51
8.60
8.54
8.77
8.85
Oct. 30 1931
Aug. 26 1932
Aug. 26 1932
Aug. 25 1932
Aug. 26 1932
Aug. 26 1932
8 1932 8.98 Aug. 26 1932
7.76 Aug. 20 8.98 Aug. 26 5.54 June
26 5.69 June 8 1932 9.15 Aug. 26 1932
7.90 Aug. 20 9.15 Aug.
1932 9.27 Aug. 26 1932
8.00 Aug. 20 9.27 Aug. 26 6.32 July 25
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows: Foreign stock as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States
including in it the exports of Friday only.
Aug. 26Stock at Liverpool
Stock at London
Stock at Manchester
bales_
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks
1932.
642,000
1931.
740,000
1930.
645,000
1929.
733.000
145,000
155,000
108.000
76,000
787.000
895,000
753,000
809,000
305,000
126.000
20.000
66,000
56,000
315.000
363,000
7.000
81,000
39,000
195,000
133,000
9,000
73,000
26,000
194,000
109.000
3,000
43,000
34,000
573,000
705,000
436.000
383.000
1,360,000 1,600,000 1,189,000 1,192.000
Total European stocks
63.000 109.000 119.000
India cotton afloat for Europe- 47,000
46.000 171.000 120.000
American cotton afloat for Europe 192,000
89.000 124.000
92,000
Egypt,Brazil,&c.,afloat for Europe 105.000
169.000
560,000 461,000
466,000
Stock in Alexandria, Egypt
759,000 586.000 735.000 878,000
Stock in Bombay. India
Stock in U. S. ports
3,329,592 2,746,023 .1,877,002 662.214
Stock in U. S. interior towns..- -1,269,523 734,805 559,024 194,262
7,313
U.S. exports to-day
33,798
7,561,913 6,435,141 5,190.026 3.458.476
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
299,000 312,000 210.000 313.000
Liverpool stock
43.000
38.000
54,000
83,000
Manchester stock
515.000 598.000 304.000 297,000
Continental stock
46,000 171.000 120,000
192,000
American afloat for Europe
U. S. port stocks
3.329.592 2,746.023 1,877.002 662.214
U. S. interior stocks
1,269,523 734,805 559,024 194,262
7.313
33,798
U. S. exports to-day
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay,India
Total East India, &c
Total American
5,721.913 4,498,141 3,159,026 1.629,476
343.000
428,000
435,000
420.000
62.000
58.000
47,000
105.000
466,000
759.000
101.000
107,000
63.000
92,000
560.000
586.000
70,000
132.000
109.000
89.000
461.000
735.000
33.000
86.000
119,000
124.000
169.000
878.000
1,840,000 1.937,000 2.031.000 1.829,000
5.721,913 4.498.141 3.159.026 1,829,478
7,561.913 6,435,141 5,190,026 3.458,476
Total visible supply
10.58d.
6.64d.
6.45d.
3.83d.
Middling uplands, Liverpool.19.25c.
11.40c.
7.15c.
8.65c.
Middling uplands, New York
18.25d.
11.55d.
7.05d.
9.854.
Egypt. good Sakel. Liverpool...-.
14.50d.
Liverpool..
Peruvian, rough good,
8.854.
4.556.
3.29d.
6.09d.
Broach, fine, Liverpool
9 954.
5.80d.
3.744.
6.22d.
Tinnevelly. good, Liverpool
Continental imports for past week have been 95,000 bales.
The above figures for 1932 show a decrease from last
week of 72,823 bales, a f aiL of 1,126,772 over 1931, an
increase of 2,371,887 ba 1( ; over 1930, and a gain of
4,103,437 bales over 19: I .
-that is,
WNS the movement
AT THE INTERIOR
the receipts for the week al( since Aug. 1, the shipments for
the week and the stocks ti-night, and the same items for the
corresponding period of the previous year, is set out in
detail below:
Movement to Aug. 26 1032.
Towns.
1515
Financial Chronicle
Volume 135
Movement to Aug. 28 1931.
,
I Skip; Stocks
Receipts.
Aug.
d.
Week. I Season. I Week. 26.
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations
OTHER MARKETS.
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Ship- Stocks
Receipts.
ments. Aug.
Week. I Season. Week. 28.
309
2,
133 8.642
1,743,
6
Ala.,Birming'm
169
115 5.741
1271
362,
131
Eufaula
210
1171
406' 1,004 44.284
325
Montgomery.
320
1,118 1,511 38,041
463
Selma
1
378, 1 062 27 420
235
Ark.,Blytheville
6
67 14.485
13;
Forest City-.
5
5
94 22,110
841
57
Helena
5
15;
337i8.628
310
Hope
1
50, -155 1,168
15
Jonesboro_ - _
96
3581 1,543 40,902
122
Little Rock_
26 10.199
85,
72
Newport_ _
286
1671
574 34,921
5671
286
Rine Bluff_
50 4,301
32
26
Walnut Ridge
201
1471
228 2,910
581
18
Albany _
Ga.,
424
271
150 41,280
1,165
85
Athens
2,813
2,5511 4,640 143,844 1,142
19
Atlanta
3,444, 2,844 87.831 4,667 13,313
2,128
Augusta
100 20,740
50,
50
Columbus1,064
171
1.533; 874 36,369
415
Macon
1
1
350 8.737
611
1
Rome
16
349 65.677
1,982,
Ls., Shreveport 1,499
262
is
465 1,602 60,199
202
Miss.,Clarkedale
3
92 5,610
761
19
Columbus-- _
19,
71
368 1,104 59,578
271
Greenwood_ _
41
17
242 19.011
389
162
Jackson
30
3,986
1461
Natchez
10
1231 1:999 8.919
123
Vicksburg3,
5
321 13,902
60,
45
Yazoo City..
4,859
530 1,361j
3.599, 1,381
Mo., St. Louis_ 1,276
4,705
1 20,012 2,263
360,
81
N.C.,Greensb'ro
1
Oklahoma
121
539
2,7391 2,656 27,806
1.215
15 towns._
1,379
5,454
2,117! 1,774 72,99
S.C.,Greenville 1,015
3,887, 16.793
Tenn.,Mernphis 10,043 25,865 16,098 269,27
8
886
7-1
779
7. 9
Texas, Abilene
187,
208
263 2,290
905;
359
Austin
527,
628
712 4,298
979,
902
Brenham....
142
82
524 9.36
969,
383
Dallas
1!
1
18 3,32
92,
55
Paris
2,259,
8.198
4,903, 1,156 5,36
Robstown_ _ 1,138
680
1.302
4,326, 1,445 1,33
1,130
San Antonio_
9
46 7.77
971
79
Texarkana - 921
-i9-11
563 5.63
760,
304
Waco
Total, 56 towns 25,949 66,494 47,985 1269523 20,188 63,427
•Includes the combined totals of 15 towns in Oklahoma.
1871
25,883
6,535
45,666
32.761
9.351
1.907
"Fri 7,372
299
763
58
453 10,899
100 2.009
245 7.130
65 1,273
78 1.160
100 22.790
3.870 161,439
3,017 64.378
5.300
-959 27,084
3.753
56,399
594 7.922
2,638
-778 15,170
772 16.947
4.437
--99 2,773
186 2.607
1.861 3.334
685 35,395
123
29
167
566
553
291 16.517
2.802 27.139
7,775 85.619
124
481
339 3,865
102 5,443
228
_
2,745
2,9118
459 1.949
136 1.577
162 3.744
Closing Quotations for Middling Cotton on
day. i aurstry. Friday.
Saturday. Monday. Tuesday. Wed'
8.45
8.20
8.05
7.55
7.50
7.35
Galveston
8.52
8.27
8.08
7.63
7.59
7.41
New Orleans...
8.20
8.00
7.85
7.35
7.30
7.15
Mobile
8.11
8.38
8.01
7.50
7.44
7.31
Savannah
8.31
8.53
8.20
7.69
7.64
7.50
Norfolk
8.11
7.98
7.49
7.44
Charleston
8.16
8.44
8.05
7.55
7.49
7.35
Augusta
7.75
7.75
8.00
7.25
7.20
7.05
Memphis
8.15
8.05
8.40
7.55
7.50
7.35
Houston
7.71
7.58
7.94
7.10
7.04
6.90
Little Rock---7.60
7.75
8.00
7.10
7.05
6.90
Dallas
Jinn
7.75
7.60
7.10
7.05
6.00
Vnrt VITnrth
Week Ended
Aug. 26.
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Aug. 20,
August...
September
October
November
December_
Jan.(1933)
February.
March...April
May
June
July
August...
Tone
Spot
Options
Monday,
Aug. 22.
Tuesday, Wednesday, Thursday,
Aug. 23. Aug. 24. Aug. 25.
Fri •
Au,.26.
7.51- 7.53 7.68, 7.69 7.73- 8.18, 8.22 8.37- 8.6( 8.62
7.68- 7.69 7.85- 7.86 7.88- 7.89 8.38- 8.39 8.51- 8.54 8.71 - 8.77
8.81
7.96
7.76- 7.93- 7.95--8.45 Bid. 8.59
7.87- 7.89 8.06- 8.07 8.10- 8.63
- 8.91
8.73
8.02- 8.03 8.20- 8.25- 8.72
8.87 Bid. 9.11
Bid
8.12 Bid. 8.30 16d. 8.35 Bid. 8.90 -- 8.99 Bid. 9.2!
Bid
Steady.
Steady.
Very st'cig. Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
St
F
ACTIVITY IN THE COTTON-SPINNING INDUSTRY
-Persons interested in this report will find it
FOR JULY.
in our department headed "Indications of Business Ac29.045734,805
tivity" on earlier pages.
•
COTTON GINNED FROM CROP OF 1932 PRIOR TO
-The Census report issued on Aug. 23. compiled
The above totals show that the interior stocks have AUG. 16.
decreased during the week 24,269 bales and are to-night from the individual returns of the ginners, shows 251,183
534,718 bales more than at the same period last year. The running bales of cotton (counting round as half bales and
receipts at all towns have been 5,761 bales more than the excluding linters) ginned from the crop of 1932 prior .to
Aug. 16, compared with only. 90,608 bales from the crop of
same week last year.
1931, 572,810 bales from the crop of 1930, 304,771 bales
MARKET AND SALES AT NEW YORK.
of
The total sales of cotton on the spot each day during the from the crop of 1929 and 279,568 bales from the crop
week at New York are indicated in the following statement. 1928, but with 455,388 bales from the crop of 1927. Below
full:
For the convenience of the reader, we also add columns is the report in
COTTON GINNED FROM THE GROWTH
which show at a glance how the market for spot and futures NUMBER OF BALES OF16 1932, AND COMPARATIVE STATISTICS
PRIOR TO AUG.
OF 1932
closed on same days.
TO THE CORRESPONDING DATE IN 1931 AND 1930.
SALES.
Futures
Market
Closed.
Spot Market
Closed.
Spot. Con r'c Total.
State
Running Bales (counting round as half
bales and excluding linters). .
1932.
Saturday___
Monday ___
Tuesday ___
Wednesday_
Thursday __
Friday
Quiet, 10 pts. adv Steady
Quiet, 15 pts. adv Steady
Quiet, 5 pts. ads'... Steady
Wet. 50 pts. adv... Steady
Quiet, 15 pts. ads'.. Barely steady
Quiet, 20 pts. adv. Firm
"Ho
"300
-566
300
300
Total week_
Since Aug. 1
-i(36
100
200
900
500
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
-SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
1931
Since
Veek.
Aug. 1.
5,127
1,361
636
159
-----1932
Since
Week.
Aug. 1.
3,860
1.381
250
155
Aug. 26ShippedVia St. Louis
Via Mounds. &a
Via Rock Island
Via Louisville_
Via Virginia points
Via other routes, &c
3,429
2,000
11.544
8,000
181
3.158
2,600
398
15.104
10.550
6,965
23,654
7,459
31,815
390
117
243
1,505
551
4,118
158
217
4,533
1.990
993
21.540
6,174
750
Total to be deducted
17,480
6,215
Leaving total net overland*
•Including movement by rail to Canada.
4,908
24.463
2,551
7,352
Total gross overland
Deduct Shipments
Overland to N. Y., Boston. &c
Between interior towns
Inland. &c.,from South
The foregoing shows the week's net overland movement
this year has been 6,215 bales, against 2,551 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 10,128 bales.
-1932--1931-In Sight and Spinners'
Week.
Takings.
111.142
Receipts at ports to Aug.26
6.215
Net overland to Aug. 26
8outh'n consumption to Aug.26- 65,000
Total marketed
Interior stocks in excess
Came into sight during week
Total in sight Aug. 26
182.357
*24.260
158,097
North. spinn's' takings to Aug. 26 11,625
* Decrease.
Since
Aug. 1. Week.
307,508 80.809
17.480
2.551
240,000 90.000
Since
Aug. 1.
167.224
7.352
360,000
564,988 173,360
*79.182
*8,200
534.576
*56.082
485,806
165.160
57,883
478.494
16.422
44,872
Movement into sight in previous years:
Week1930-Aug.31
-Sept. 1
1929
-Sept. 2
1928
Bales. I Since Aug. 1355.4121 1930
319,02511929
218,15211928
Bales.
1,006.223
932.655
620.013
Alabama
Florida
Georgia
Louisiana
Texas
All other States
776
211
7,394
1.342
241,096
364
1931.
3,629
1,072
10,879
1,074
73.613
341
1930.
21,037
5,479
53.752
20,411
466,036
6.095
*90.608
*572.810
*251,183
United States
* Includes 71,063 bales of the crop of 1932 ginned prior to Aug. 1 which
was counted in the supply for the season of 1931-32. compared with 7,307
and 78,188 bales of the crops of 1931 and 1930.
The statistics In this report include 3,617 round bales for 1932: 673 for
1931 and 12,211 for 1930.
The statistics for 1932 in this report are subject to revision when checked
against the individual returns of the sinners being transmitted by mail.
-UNITED
CONSUMPTION, STOCKS, IMPORTS AND EXPORTS
STATES.
Cotton consumed during the month of July 1932, amounted to 278,656
bales. Cotton on hand In consuming establishments on July 31, was
1.218.863 bales, and in public storage and at compresses 6,703,453 bales.
The number of active consuming cotton spindles for the month was 19.758,252. The total imports for the month of July 1932. were 8,264 bales
and the exports of domestic cotton, excluding linters, were 449,476 bales.
WORLD STATISTICS.
The estimated world's production of commercial cotton, exclusive of
linters, grown in 1931, as compiled from various sources, was 26,398.000
bales, counting American in running bales and foreign in bales of 478
pounds lint, while the consumption of cotton (exclusive of linters in the
United States) for the year ending July 31 1931 was approximately 22.402,000 bales. The total number of spinning cotton spindles, both active
and idle is about 162,000,000.
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph this evening indicate that temperatures
averaged below normal the early part of the week, but
above normal the latter part. There has been very little
rainfall generally, although there have been heavy showers
locally in some parts of the eastern belt. Weevil have been
reported as being more active.
-Prospects in the western and northwestern porTexas.
tions of this State have improved somewhat and recent
rains have proved beneficial for cotton, although they have
been too late to be of much help in the south.
-Cotton is opening rapidly. First bale
Memphis, Tenn.
from Tennessee was received on the 22d.
Rain. Rainfall.
4 days 1.05 in. high
Galveston, Texas
high
dry
Abilene, Texas
4 days 0.82 in. high
Brenham, Texas
3 days 0.30 in. high
Brownsville, Texas
3 days 1.46 in. high
Corpus Christi, Texas
1 day 0.34 in. high
Dallas. Texas
high
dry
Henrietta. Texas
2 days 0.50 in. high
Kerrville, Texas
1 day 0.04 in. high
Lampasas. Texas
Longview. Texashigh
6
1 day dr'.12 in. high
Luling, Texas
Thermometer
90 low 74 mean 82
92 low 64 mean 78
96 low 70 mean 83
94 low 72 mean 83
90 low 74 mean 82
92 low 88 mean 80
96 low 64 mean 80
96 low 58 mean 77
92 low 62 mean 77
96 low 64 mean 80
92 low 70 moan 81
1516
Nacogdoches, Texas
Palestine. Texas
Paris, Texas
San Antonio, Texas
Taylor, Texas
Weatherford. Texas
Ada. Okla
Hollis. Okla
Okmulgee. Okla
Oklahoma City, Okla
Helena, Okla
Eldorado, Ark
Little Rock, Ark
Pine Bluff, Ark
Alexandria. La
Amite, La
New Orleans, La
Shreveport, La
Columbus. Miss
Greenville, Miss
Vicksburg, Miss
Mobile, Ala
Birmingham, Ala
Montgomery. Ala
Gainesville. Fla
Madison. Fla
Savannah. Ga
Athens, Ga
Augusta, Ga
Columbus, Ga
Charleston, S. C
Greenwood, S. C
Columbia, S. C
Conway, S. C
Charlotte, N. C
Newborn, N. C
Weldon, N. C
Memphis, Tenn
Financial Chronicle
Rain. Rainfall.
1 day 0.04 in.
dry
1 day 0.26 in.
2 days 0.16 in.
dry
dry
dry
dry
dry
dry
dry
dry
1 day 0.03 in.
dry
1 day 0.10 in.
4 days 1.29 in.
3 days 2.31 in.
1 day 0.42 in.
1 day 0.36 in.
dry
1 day 0.26 in.
5 days 0.71 in.
1 day 0.02 in.
4 days 0.80 in.
3 days 2.73 in.
6 days 3.33 in.
4 days 6.61 in.
dry
1 day 2.22 in.
3 days 1.14 in.
5 days 3.04 in.
2 days 0.92 in.
dry
4 days 3.77 in.
1 day 0.49 in.
3 days 0.94 in.
1 day 0.23 in.
1 day 0.36 in.
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
Thermometer92 low 60 mean 76
94 low 66 mean 80
94 low 64 mean 79
92 low 72 mean 82
94 low 68 mean 81
94 low 60 mean 77
96 low 60 mean 78
98 low 58 mean 78
98 low 55 mean 77
92 low 60 mean 76
96 low 58 mean 77
96 low 61 mean 79
92 low 62 mean 77
100 low 61 mean 81
92 low 67 mean 80
94 low 63 mean 83
91 low 74 mean 84
96 low 66 mean 81
93 low 65 mean 79
93 low 63 mean 78
90 low 65 mean 78
92 low 72 mean 81
88 low 66 mean 77
88 low 71 mean 80
91 low 71 mean 81
90 low 71 mean 81
85 low 70 mean 78
92 low 63 mean 78
92 low 70 mean 81
90 low 69 mean 80
83 low 72 mean 78
88 low 60 mean 74
90 low 66 mean 78
87 low 62 mean 75
86 low 62 mean 75
90 low 64 mean 77
87 low 52 mean 70
90 low 62 mean 77
Dallas Cotton Exchange Weakly Crop Report.
The Dallas Cotton Exchange each week publishes a very
elaborate and comprehensive report covering cotton crop
conditions in the different sections of Texas and also in
Oklahoma and Arkansas. We reprint' this week's report
which is of date Aug. 22, in full below:
TEXAS.
WEST TEXAS.
Abilene (Taylor County).
-We have had plenty of rain. Crop is still
looking good and fruiting satisfactorily. Some places the plant is rather too
large and we are fearful of insect damage. It is just the kind of crop for
bollworms or leafworms to hit. Don't expect to have but very little movement before the middle of September.
Haskell (Haskell County).
-Had light rains over this trade territory
sufficient for the present. Just a little too early to make an accurate
estimate but would say that Haskell County will produce 50.000 bales,
acreage is 25% less than last year. this includes abandonment. No serious
insect infestation, there have been some bollworms but less than usual at
this season.
Lubbock (Lubbock County).
-Last week favorable for cotton. A general
rain would be beneficial.
Snyder (Scurry County)
.-The past week has been rainy and cloudy to the
detriment of the growing cotton. Some complaint of bollworms.
Stamford (Jones County)
.-Crop has made good progress this week. Had
about two inches of rain, which was just what was needed. Fruiting is
good, and the general prospects are for an excellent crop. Picking will
begin around Sept. 10.
NORTH TEXAS.
Sherman (Grayson County).
-The cotton crop in this section showing
small improvement account showers and cooler weather, however the yield
estimated this county is from 45,000 to 50,000 against last season of 68.000
bales. Some fields are well fruited while others are bare, and if this section
can get a two inch rain this month the crop might be increased.
CENTRAL TEXAS.
Austin (Travis County).
-Doubt if rains will increase our crop, except to
fill out bons not open yet. Only a Fall without any more rains could make
a top crop as insects always prevented this in former years. Crop about
third off last year.
Bartlett (Bell County).
-We had half inch rain this week with high wind,
which did considerable damage to the crop. There is considerable dead
cotton. Picking will be general next week. It now looks like our crop will
be 20% less than that of last year.
Cameron (Milam County).
-Crops the past week will show a little improvement, rains and cool nights have stopped premature opening. Leaf and
bollworms are beginning to be more serious in late lowland cotton, but
believe the farmers will poison at these prices. County will produce around
50,000 bales against 70,000 last year.
Lagrange (Fayette County).
-Storm last Saturday destroyed all open
cotton causing loss of about 15% of total crop. This county will make
about half as much as last year. Showers every day this past week.
Taylor (Williamson County).
-Our crop has deteriorated considerably
since my last report. Don't think we can make better than two thirds of
last year's crop. The storm and rain has caused a loss of at least 10%
also. Don't think rain now will make more cotton as boll weevils and other
insects are here and doing some damage now.
Waco (McLennan County).
-Rains averaging one half to one inch beneficial. Few complaints of insects so far, but with continued showers and
Cloudy weather insects likely to do some harm. Present conditions point to
Yield about 65.000 bales compared with 93,000 last year.
EAST TEXAS.
Jefferson (Marion County).
-The cotton condition in this section is the
poorest we have ever had. Bolls opening prematurely and many rotting.
No blooms nor prospect for a top crop. The weevil
-web millers are here.
One thorough picking will get the crop.
SOUTH TEXAS.
Alice (Jim Wells County).--Gtnning estimated at 11,000 bales. May get
3.500 more. Duval County has ginned about 5,000 bales, may gin 4,000
more depending on weather. Have had clear weather but now is starting
to rain. Nueces County is reported to have ginned about 65,000 to 70.000
bales with prospects of 5,000 to 10,000 more. Staple in all counties has
been shorter than last year due to hot dry weather, but nearly all cotton
has been strict middling. First rains this picking season fell this week.
Gonzales (Gonzales County).
-Condition about 35. Cotton on Guadalupe
River destroyed by high water. Recent storm with high winds blew out
much cotton that will be lost while root rot is worse than usual with some
fields half dead and most of it without fruit. Weevil bad and not much
chance of top crop.
San Antonio (Baal' County).
-During past week we have had plenty of
rain, which as a whole is not beneficial as the crop is so far advanced except
Aug. 27 1932
in some localities where the crop is late. The adverse weather has retardec9
the movement considerably.
Sinton (San Patricio County).
-Cotton picking about 85% to 90% over.
will make about 42,000 this year against 62.000 last year. Have had no.
rain in 60 days, very dry. Must have rain for fall crops. All stalks win
be plowed out next 30 days.
OKLAHOMA.
Chickasha (Grady County).
-Three inch rain this week very beneficial.
Only thing keeping usfrom making big yield per acre is bollworm and weevil.
and they are not doing much damage at present. Think Government report
200.000 bales too small for Oklahoma. Was in the Penis Valley territory
yesterday. Some complaint of weevil. but I could not find any new signs
of them, found few grubs but no old weevil.
Hugo (Choctaw County).
-No improvement. Weevil continue to destroy
few squares forming. Probably worst Infected county in State. General
estimate for Conway 5,000 to 7,000 compared with 16,000 last year.
Mangum (Greer County).--Conditlons rather disappointing although good
rains checked deterioration temporarily. Estimate crop at about 50,000
for the county against 39,000 last year. Favorable conditions from now on
may increase yield.
ARKANSAS.
Ashdown (Little River County).
-Cotton has quit blooming and the weevil
is taking all fruit. Bolls that are now on the plant are all we will get.
Estimate our crop at 40% under last season.
Conway (Faulkner County).
-Cotton crop here is through for this year.
There is hardly a bloom to be seen in the fields for miles around us. Received three bales of the new crop and picking will be quite general this
next week. This county will make about half of last year's bumper yield
of 40.000 bales.
Magnolia (Columbia County).
-Cotton crop condition about same as
last week. Had some partial rains but is general opinion these rains are
too late to be of value. A majority of crop is very poor, have seen a few
crops that were well fertilized that have fair crops, but majority used no
fertilizer this year, resulting in poor crops. Most bolls are very small and
opening prematurely. In my opinion, outturn will prove very disappointing. I repeat my former estimate for this county of 20,000 versus 36.500
bales last year. Some think this too high.
Newport (Jackson County).
-Crop in this county will amount to about 75%
of last year's yield, in round figures about 42,000 bales. No insects so
far.
and weather favorable for past four weeks. Stalks are normal size and well
fruited, but bolls are smaller than last season, probably due to lack of
fertilizer.
Pine Bluff (Jefferson County).
-Backbone of extreme hot weather broken
but 12 days of high temperature did serious damage. Many large planters
expect only about 50% of last year's yield unless have a general rain and
favorable weather from now on. Cotton picking
has commenced at 50c.
per 100 lbs.
Searcy (White Courty).-Hot dry weather past two weeks caused shedding
causing crops this s .2tion to be cut to about 65% of last year's estimate,
25,000 bales. No weevils reported in this section.
Blytheville (Mississippi County)
.-General rains fell over this territory
during past week, which have caused cotton to start a second growth and
retarding opening. Picking will probably begin about Sept. 1, with full
movement a few days later.
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Weekl
Ended
Receipts at Ports.
"....
I
Stocks at Interior Towns. 1ReceiptsfromPlantations.
1541. I MU, I 1934.
1931.
1950. 1 1962. 1 1961.
May
27-June
3.10-17-24_
July
1-8-15_
22._
29--
54,987 18,9111 36,228i,554,7221.037,599 778.788
84,258 20.902! 42,83811,528,180 1,009,231 740,002
30,591 18,800 31,419 1,497,90 973.071 714,860
24,783 18.9771 38,5111,478.8
943.1511 887.981
40.793 21,1341 32.6591,450,054 910,8741 665,4671
44.758 17,802 19,25811,430,583 877,805 844,225
34,435 13,152 10,8991,409,172 854,340 819,981
31,295 18,170 13,9981,388.864 833,586 599,179
31,530 18,304 12,2911,361,85+ 818,425 579,770
82,488 40,927 34,308 1,352,270' 798,241 560,254
1
,
5.- 98,838 12,9881 82,50911.332.994 778,015 548,781
12-- 75,802 24,023 117,847,1,313,457 755,510 541,959
19_ 85
,71849,408203,157 1,293,783 743,005 543,918
28.-111.142 80.80921511 2001 950 '.91 72450A AAQ 024
away.
21,58
----
5.367
35.718
2,3281
3.473
14,2
......
....
---.1
...l
4.368
8,277
9,832
10,145
25,36
-.-13,0441____
10,9871.--4,5201 1.1431
52,88 20,7
-....
--
14.92Aug
79,382
.... 51,039
56.0751 1.518 111,022
88,032 36.901205.140
65L552 72.809285.375
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1932 are 228,326 bales;
in 1931 were 113,028 bales, and in 1930 were 632,582
bales. (2) That, although the receipts at the outports the
past week were 111,142 bales, the actual Movement from
plantations was 86,882 bales, stock at interior towns
having decreased 24,260 bales during the week. Last year
receipts from the plantations for the week were 72,609
bales and for 1930 they were 265,375 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings,
Week and Season.
1932.
Week.
Season.
1931.
Week.
Season.
Visbile supply Aug. 19
7,634.736
6,485,106
Visible supply Aug.1
7,791,048
6,892,094
American in sight to Aug. 26158,097
485,806 165,160
478,494
Bombay receipts to Aug.25- -22.000
50,000
9,000
42,000
Other India shipls to Aug. 26..
5,000
25,000
1,000
35,000
Alexandria receipts to Aug. 24..
2,600
200
19,000
64,000
Other supply to Aug. 245
6,000
32,000
10,000
49,000
Total supply
7,826,033 8.386,454 6,689,266 7,560,588
Deduct-.
Visible supply Aug.26
7,561,913 7,561,913 6,435,141 6,435,141
Total takins to Aug. 26_0
284,120
824,541 254,125 1,125,447
Of which American
661,941 196,125
227,920
748,447
Of which other
36.200
162.600
58.000
377,000
•Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption
by
Southern raffle, 240,000 bales in 1932 and 360,000 bales in 1931-takings
not being available-and the aggregate amounts taken by Northern and
foreign spinners, 584,541 bales in 1932 and 765,447 bales in 1931. of
which 421,941 bales and 388.447 bales American.
b Estimated.
Financial Chronicle
Volume 135
INDIA COTTON MOVEMENT FROM ALL PORTS.
'The receipts of India cotton at Bombay and the shipments
from all Indian ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
1932.
Aug. 25.
Receipts at
Week.
22,000
.Bombay
1931.
Since
Aug. 1.
Week.
50,000
9,000
5,000I
1,000
5,000,
7.000 17,000 24,000
1,000 18,000 19,000
_ 7,000
7.000
Total all
1932
1931
1930
Contineat.
1
2,000
2,000
10,000
1
8,000
15,000
4.000
1
10,000
17.000
14,000
2,000, 17.000 19,000,
-I 18,000 18,000,
2,000
2,000,
5,000
1,000
5,000
Week,
43,000
Since Aug. 1.
I Great
Great I Conti- 1Japan&I
Britain.' nerd. China. Total. Britain.
Bombay
1932
1931
1930
Other India
1932
1931
1930
Since
Aug. 1.
42,000 11,000
For the Week.
Exports
from-
1930.
Since
Aug. 1.
Japan &
China. I Total.
6,000 33,0001 41,000
16,000 158,000 176,000
63,000 102,000 175,000
17,0001
20.000
26,000,
25,000
35,000
30,000
23,000 33,000 66,000
36,000, 158,000 211,000
89,000 102,000 205,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
13,000 bales. Exports for all India ports record an increase
of 5,000 bales during the week, and since Aug. 1 show a
decrease of 145,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS-We
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
Alexandria, Egypt,
Aug. 24.
1932.
Receipts (cantars)This week
Since Aug. 1
1931.
1,000
17,000
1930.
95,000
320,000
2,000
7,500
This Since
Week. Aug. 1.
This
Since
Week. Aug. 1.
This Since
Week. Aug. 1.
To Liverpool
4,000 5,000
To Manchester, &c
2,500
To Continent and India_ 5,000 20,300
To America
1,000 2,500
5,000 8,250
____
4,650
8,000 35,300
1,000 2,000
__
1,500
__
700
3.000 13,250
_
50
Exports (bales)--
Total exports
10.000 30,300 14,000 50.200 3.000 15,500
Note.
-A canter is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending Aug. 24 were
1.000 canters and the foreign shipments 10,000 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both yarns and in cloths is steady. Demand for both
yarn and cloth is poor. We give prices to-day below and
leave those of previous weeks of this and last year for
comparison.
1932.
325 Coy
Twist.
d.
May
21.
June-
.1931.
814 Lbs. Shirt- Cotton
Otos, Common MidtR'g
to Finest.
Uprds
d. s. d.
934 80
s. d.
Cl.
32s Cop
Twist.
d.
814 Lbs. Shirt- Cotton
inos, Common Middrg
to Finest.
Uprds.
d. s. Cl.
s. Cl.
83
4.45
71ia
71(0 85
,
4
7H0 814
734@ 94
80
80
80
so
83
83
83
83
4.10
4.09
4.31
4.41
8 @914 82 O
8 0 014 81 @
VA@ 9% 81 @
73401 914 81 @
814181014 81 @
71.10
8H(61
8 @
7780
714@
81
81
81
81
81
84
84
84
8%
84
4.65
4.87
4.66
4.51
4.67
814181014
84010X
,
81418 974
814 0 93
7140 9%
71f0 914 81
82
83
19.
8%(4)10
26.-- 9M45113i 87
84
85
86
90
4.69
5.51
5.76
6.45
7H/0 9
7 @814
61418 814
7 @814
July91i
91i
9%
914
914
Aug.
-
sg@iox
d.
86
4.78
4 75
4.75
9.45
81
81
80
80
80
O 85
1885
@ 84
1884
@ 84
5.48
5.05
5.17
4.98
4.62
76
74
72
72
@
@
O
O
4.29
8.80
3.70
3.83
82
80
74
74
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 68,495 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales.
HOUSTON-To Genoa-Aug. 18-Nicolo Odero, 1.225
To Dunkirk-Aug. 18-Vasaholm, 200
To Oslo-Aug. 18-Vasaholm, 50
To Ghent
-Aug. 25-Binnendijk, 200
To Gothenburg-Aug. 18-Vasaholm, 50
To Copenhagen-Aug. 18-Vasaholm, 97
To Rotterdam-Aug. 25-Binnendijk, 100
To Gdynia-Aug. 18-Vasaholm, 520
To Bremen-Aug. 24
-Aachen, 8,135
-Point Palmas, 100
To Manila-Aug. 22
-Aug. 24
To Hamburg
-Aachen, 333
1,225
200
50
200
50
97
100
520
8,135
100
333
-To Mexico
-Aug. 17-Bekuyo Maru, 77,
LOS ANGELES
77
-Aug. 12-Ninian, 17_ _ _Aug. 16
MOBILE-To Liverpool
-West
Kyska, 440
457
To Manchester
-Aug. 16
-West Kyska, 819
819
-Gateway City, 1,139
To Bremen-Aug. 16
1,139
To Hamburg-Aug. 16
-Gateway City, 25
25
-Gateway City, 100
To Rotterdam-Aug. 16
100
-Aug. 9-Silverpalm, 4,380
To China
4,380
-To Bremen-Aug. 19
NORFOLK
-City of Hamburg,86
86
-Manchester Merchant, 101
To Liverpool-Aug. 24
101
-To Bremen
-Au. 16-Justin, 2,791
NEW ORLEANS
To Rotterdam-Aug. 16
-Justin, 301
To Genoa-Aug. 17-Jumna, 100_ _ _Aug. 20-Monrosa,600- -Aug. 17-Jumna, 1,550
To Oporto
To Japan-Aug. 19-Slemmestad, 2,000_ _ _Aug. 24
-Montevideo Maru,400
-Aug. 22
-San Diego, 350
To Havre
To China-Aug. 19-Slemmestad, 2,163_ _ _Aug. 24-Montevideo Meru, 1,262
-Aug. 22
-San Diego, 650
To Antwerp
To India-Aug. 17-Silvermaple, 100
To Gdynia-Aug. 24-Svanhild, 50
To South Africa-Aug. 17-Silvermaple, 163
To Barcelona-Aug. 20-Lafcomo, 450
-Suriname. 100
To Lapaz-Aug. 18
-Aug. 22
To Liverpool
-Rancher, 637
To Manchester
-Aug. 22
-Rancher, 425
PENSACOLA-To Bremen
-Aug.20
-Ingram,2.450; Ingram,640
-To Liverpool
-Aug. 19
-Colorado Springs,
CORPUS CHRISTI
1,116
-Aug. 19
To Manchester
-Colorado Springs, 1,056
-Aug. 22-Slemmestad, 1,725
To Japan
To Dunkirk-Aug. 22-Vasaholm. 200
To Gothenburg
-Aug. 22-Vasaholm, 250
-Aug. 22-Vasaholm, 600
To Norrkoping
-Aug. 22-Vasaholm, 1,662
To Gdynia
To Bremen-Aug. 25-Griesheim, 2,314
GALVESTON-To Havre
-Aug. 20-Vasaholm, 250_ _ _Aug. 22
Western Queen, 1,615
Copenhagen-Aug. 20-Vasaholm, 100
To
To Gothenburg-Aug. 20-Vasaholm, 53
To Gdynia-Aug. 20-Vasaholm. 67
-Aug. 20-Nicolo Oder°, 1,600
To Genoa
-Aug. 22
-Western Queen, 61
To Antwerp
Ghent
-Aug. 22
-Western Queen, 146
To
-Western Queen,300_ __Aug. 23--Chifuku
To Japan-Aug.22
Meru, 2,800
SAVANNAH-To Liverpool-Aug. 25-Wildwood, 3.046
-Aug. 25-Wildwood. 586
To Manchester
-Aug. 25-Atlantlan. 7.800
CHARLESTON To Liverpool
To Manchester-Aug. 25-Atlantian, 1,111
To Bremen-Aug. 25-Atlantian, 4,300
-Aug. 25-Atlantian, 250
To Hamburg
JACKSONVILLE-To Manchester
-Aug. 20-Wildwood, 25..--To Bremen-Aug. 24-Magmeric, 86
Total
Bales.
2,791
301
700
1.550
2,400
350
3.425
650
100
50
163
450
100
637
425
3.090
1,116
1.056
1,725
200
250
600
1,662
2,314
1.865
100
53
67
1,600
61
146
3,100
3.046
586
7,800
1,111
4,300
250
25
86
68,495
-Current rates for cotton from
COTTON FREIGHTS.
New York, as furnished by Lambert & Barrows, Inc., are
as follows, quotations being in cents per pound:
High
Density.
Liverpool .450.
Manchester.450.
Antwerp .45c.
.270.
Havre
Rotterdam .350.
.400.
Genoa
Oslo
*Rate 13 open.
Standant.
.600.
.600.
.420.
.50e.
.550.
.65c.
Stockholm
Trieste
Fiume
Lisbon
Oporto
Barcelona
Japan
High
Density.
.50e.
.50c.
.500.
.450.
.600.
.350.
Standard.
.55c.
.650.
.650.
.600.
.750.
.500.
Shanghai
Bombay
Bremen
Hamburg
Piraeus
Salonlca•
Venice
High StandDensity. ard.
•
.45o.
.45c.
.75e.
.750.
.500.
.60o.
.600.
.900.
.000.
.650.
-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales, stocks, &c.,at that port:
Aug. 5. Aug. 12. Aug. 19. Aug. 26.
39,000
37.000
37,000
31,000
609,000 602,000 630,000 602,000
283,000 269,000 294,000 299,000
66,000
22,000
46.000
61,000
2,000
39,000
25,000
38,000
139.000 140,000
138.000
132,000
52,000
63,000
76,000
69,000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton-have been as follows:
4.80
85
85
85
85
1517
Monday.
Spot.
Saturday.
Market,
12:15 {
P.M.
Quiet.
Quiet.
Mld.Upl'ds
5.70
Tuesday. Wednesday. Thursday.
5.85d.
Quiet.
More
demand.
6.02d.
5.98d.
Quiet.
6.39d.
Friday.
Moderate
demand.
6.45d.
Sales
Firm,
Irregular
Steady,
Firm,
Firm,
Futures.{ Steady,
Market
6 to 8 pts. 13 to 15 pts 11 to 13 pts 5 to 6 Ms. 24 to 28 pts 11 to 16 pta
decline.
advance.
advance, advance,
opened
decline,
decline,
Market,
4
P. M.
Barely stdy Steady,
Steady, Very st'dy, Steady,
Firm
10 to 11 pts 21 to 22 pts 13 to 14 pts 2 to 5 pts. 39 to 42 pts 4 to 6 pts.
advance.
decline,
advance, advance, advance, advance.
Prices of futures at Liverpool for each day are given below:
Sit.
Aug. 20
to
Aug. 26.
Mon.
Tues.
Wed.
Thurs.
Fri.
2.1512.30 12.15 4.00 12.15 4.0012.15 4.00 12.15 4.00 12.151 4.00
p.m. p.m.P.M.P. Ma. p.m p. nip. m • p.m.p.m.p.
m.p. m.
New Contract. d,
_ __
August
__
September_ _ _
October
November
_ _ __
December
__ January (1933) -- -February
March
- -April
May
June
July
August
d.
5.49
5.50
5.52
5.53
5.54
5.56
5.58
5.60
5.62
5.65
5.67
5.70
5.72
it.
5.65
5.66
5.68
5.69
5.69
5.71
5.73
5.75
5.77
5.79
5.81
5.83
5.85
d.
5.71
5.72
5.74
.
5.75
5.77
5.79
5.82
5.84
5.86
5.88
5.91
5.93
d.
5.82
5.83
5.85
5.86
5.86
5.88
5.90
5.93
5.95
5.97
5.99
6.01
6.03
d.
5.84
5.85
5.87
5.88
5.89
5.91
5.93
5.95
5.97
6.00
6.02
6.04
6.06
d.
5.78
5.78
5.80
5.80
5.81
5.83
5.85
5.88
5.90
6.92
5.94
5.96
5.98
it.
5.89
5.90
5.92
5.92
5.92
5,94
5.96
5.98
6.00
6.02
6.04
6.06
6.08
it.
6.19
6.20
6.22
6.22
6.23
6.24
6.26
6.28
6.30
6.32
6.33
6.35
6.37
FTC
d. I d.
6.29 6.20, 6.35
6.30, 6.211 6.36
6.32, 6.23' 6.38
6.32, 6.23 6.38
6.34, 6.23, 6.38
6.35 6.24 6.39
6.36 6.25 6.40
6.38, 6.27, 6.42
6.40, 6.29 6.44
6.42 6.31 6.46
6.43 6.33 6.48
6.45 6.35 6.50
6.47 6.37 6.52
B READSTUFFS
Friday Night, Aug. 26 1932.
FLOUR was in moderate demand and generally steady.
Later trading was quiet with spring patents off Ec. On
the 26th inst. prices advances 10c., but trade was still quiet.
1518
Financial Chronicle
WHEAT has latterly advanced buoyed by large Eastern
buying, revived rumors of a bull pool at work and the remarkable advance in cotton, not to speak of rising stocks.
On the 20th inst. prices declined 4 to lc with the indications
apparently pointing to a British preferential tariff of 6c a
bushel in favor of British grown wheat as against that of the
United States. This is double what had been expected.
From 1926 to 1931 inclusive United States exports to British
Isles averaged about 54,000,000 bushels. The pool was
supposed to be selling in Winnipeg. Liquidation in Chicago
was general. Sentiment leaned to the bear side. But a rally
took place from the low of the day. On the 22nd inst. prices
advanced Me net with the East buying as stocks and bonds
and Winnipeg prices advanced as export sales reached
1,000,000 bushels. But the net rise in Chicago was small.
The British tariff of 6e a bushel on non-Empire wheat was
not entirely forgotten. Yet Chicago rallied le from the
early low.
_On the 23rd inst. prices advanced 34 to %o. in response
to an early rise in stocks and an upward turn at Winnipeg,
as well as Eastern and foreign buying. At one time prices
were 1 to 1%c. higher. On the 24th inst. prices ended
Me. lower in Chicago and %c. lower in Winnipeg, the
tone in both markets being affected by hedge selling in
Winnipeg. Spreaders bought in Winnipeg and sold in
Chicago. But the decline was checked by the rise of 50
points in cotton and some earlier advance in stocks. And
some thought Winnipeg was too low. Export sales of
Manitoba were 400,000 bushels. On the 25th inst. prices
got an upward impetus from rising stocks and cotton and
big Wall Street, possibly Liverpool, buying and closed 1%
to 2c. higher. There were persistent rumors that a bull
pool was operating. The steady rise in cotton was another
factor that excited much comment.
To-day prices closed % to %c lower after opening firmer
on rather steady cables, unfavorable crop news from Russia,
stronger securities and scattered buying and covering. A
setback in the stock market at one time, a lower Winnipeg
market and selling by Eastern interests who bought yesterday
caused the decline. A late rally in stocks failed to help
prices materially. There was a fair amount of spreading
between Chicago and Winnipeg. Export sales were estimated at 400,000 to 500,000 bushels of Manitobas. Winnipeg ended 4 to lc lower and Minneapolis declined % to
3
Yie. Final prices are 1 to 1Yic higher than a week ago.
DAILY CLOSING PRICES OF BONDED WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
50
50% 51
50
51
50
October
54% 52% 53% 52%
523 53
December
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
67% 68
68
67% 70% 69%
No.2red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
So. Mon. Tues. Wed. Thurs. Fri.
49% 50% 50% 50% 52% 52
September
53% 54% 54% 54% 56
55%
December
58% 58% 59% 58% 60% 60%
May
Season's Low and When Made
Season's High and When MadeJuly 18 1932
46%
Apr. 14 1932 September
September
6634
July 16 1932
Dec.(new) 66%
Apr. 26 1932 Dec. (new) 49%
Aug. 3 1932
56
May
Aug. 10 1932 May
64%
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
October
54% 55% 55% 54% 55% 55
December
56% 56% 57% 56% 57% 56%
61%
May
60% 61%...61%_61_...62%.
-INDIAN CORN has
of late but has been much
hampered in any upward movement by heavy hedge selling.
On the 20th inst. the decline in wheat and hedge selling
caused a drop of % to %c. despite some recovery from the
lowest of the day which had carried prices down to within
a fraction of the lowest of the season. Average prices for
No. 2 yellow at country loading stations of Illinois were
223/ to 23e. On the 22nd inst. prices closed practically
unchanged, that is %c.lower to He. higher, following wheat
pretty closely. On the 23rd inst. prices ended % to Me.
higher after a somewhat greater rise early. The country
offerings increased at a somewhat lower basis than of late
but even so they were at prices above bids and only 40,000
bushels were sold. On the 24th inst. prices fell % to Nie.,
September dropping to a new low on liquidation and hedge
selling. Cash houses and general commission concerns sold
December and May. Stop orders were caught. Covering
and buying against bids checked the decline.
On the 25th inst. prices advanced % to %e., not fully
-in vii
rrislionding Co the rise -wa because large hedge selling
--country sold about 400,000
orenrn ba;r7371 Thi;The
bushels to arrive partly from Iowa. The Kansas State
Aug. 27 1932
report was not altogether favorable and the firmness of
wheat could not but have some effect on corn. To-day
prices closed unchanged to %c. lower with wheat easier
and crop reports generally satisfactory. Cash corn was in
moderate demand. Country offerings were smaller. Final
prices show a decline for the week of % to le.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Lion. Tues. Wed. Thurs. Fri.
45% 45% 45%
46
No.2 yellow
45% 46
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
.at. tfon. Tues. Wed. Thurs. Fri.
30% 30%
September
30% 30% 30% 30
December
32% 32% 32% 31% 32% 32%
May
36% 36% 36% 36% 36% 36%
Season's Low and When Made
Season's High and When Made
Aug. 24 1932
293
September
45%
Jan. 18 1932 September
Aug. 3 1932
30%
December
39%
Apr. 26 1932 December
Aug. 3 1932
34%
May
39
Aug. 8 1932 May
OATS have advanced latterly in company with other
grain. On the 20th inst. liquidation with stop-loss selling
carried all deliveries of oats to the lowest prices since 1896.
The close was at the bottom at net losses of % to %ie.
September, the weakest and reaching within a cent of the
lowest figure made 36 years ago. Illinois farmers will
receive about 9 cents a bushel for No. 2 white. On the 22d
inst. prices advanced % to %c., new buying offsetting
hedge sales. That they failed to fall to new low ground
excited comment. That had got to be a commonplace.
On the 23d inst. prices closed %e. higher with other grain
up and hedging sales smaller. On the 24th inst., prices
ended unchanged to He. lower. On the 25th inst., prices
ended %e. higher with other grain moving upward. To-day
prices ended Me.lower to He. higher with trading light, and
influenced largely by wheat. Final prices are unchanged
to %c. higher than a week ago.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Fri.
Thurs.
Sat.
Wed.
Mon.
Tues.
No.2w'te-2734-27% 2734-27% 2734-27% 27%-27% 27%-27% 27%-27%
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September
15% 15% 15% 15% 16% 163
18% 18%
December
18
17% 17% 18
May
20% 20% 20% 20% 21% 21%
Season's High and When MadeSeason's Low and When Made
Aug. 20 1932
September
151
2634
Feb. 19 1932 September
Aug. 20 1932
December
• 33%
17
Apr. 26 1932 December
May
Aug. 20 1932
23%
Aug. 8 1932 May
20
DAILY CLOSING PRICES OF OATS FUTURES
Sat. Mon. Tue..
October
25%
24% 25
December
24% 24% 24%
IN WINNIPEG.
Wed Thurs. Fri.
25% 25% 2534
24% 25% 2534
RYE under the influence of the upturn in wheat has
latterly advanced without showing much activity. On
the 20th inst. prices weakened with wheat and closed % to
40. lower. On the 22nd inst. they ended unchanged to
3
Me. higher, steadied by wheat. On the 23rd inst. prices
closed /0. up with wheat higher. On the 24th inst. prices
3
closed % to %c. lower in response to the decline in wheat.
On the 25th inst. rye got a lift from wheat and advanced
1 to 1 3%c., with a fair amount of covering. To-day prices
closed Me. higher with offerings small and spreaders buying.
Final prices are 3% to 1/0. higher for the week.
DAILY CLOSING PRICES OF RYE FUTURES IN C CAG
Sat. Mon. Tues. Wed. Thurs. Fri.
September
3034 3034 3034 3034 313.4 3134
December
333. 3334 3434 3434
33% 33
May
3734 3734 37% 37% 38% 38%
Season's High and When Made- I Season's Low and When fade
September
29%
July 21 1932
54%
Feb. 6 1932 September
December
32%
Aug. 24 1932
45%
June 3 1932 December
May
Aug. 24 1932
373-4
42%
Aug. 10 1932 May
Closing quotations were as follows:
GRAIN.
Wheat. New York
Oats, New York
No. 2 white
No. 2 red, c.i.f., domestic--604
273414)27%
No.3 white
Manitoba No. 1.f.o.b. N.Y..5434
26%(27
Rye No.2,f.o.b. bond N.Y.43
Corn,New York
Chicago, No. 2
38
No. 2 yellow, all rail
45% Barley
N."?., c.i.f.. domestic
No. 3 yellow, all rail
45
3934
Chicago, cash
24036
FLOUR.
Spring pat, high protein$4.35 $4.90 Rye flour patents
$3.45@$3.75
Spring patents
4.05 4.35 80(111110'a, bbl., Noe.1-3 4 35 4.90
Clears. Firstspring
1.50 1.55
3.90 4.20 Oats goods
Soft winter straights
1.35 1.40
3.35 3.70 Corn flour
Hard winter straights _ 3.45
3.75 Barley goods
Hard winter patents
Coarse
3.75 4.15
3.20@ ---Fancy pearl, Nos. 2.
Hard winter clears_ _
3.20 3.70
4 and 7
5.85
Fancy Minn. patents 5.15
6.15(41 0.50
City mills
5.15 5.85
All the statements below regarding the movement of grain
-are prepared by us
-receipts, exports, visible supply, &c.
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Barley.
Rye.
Oats.
Wheat. I
Corn'
bush. 32 lbs. bush.481bs.bush.561bs.
.
bbls.19 lbs bush.60 lbs.lbush. 58 lbs
16.000
158,000
466.0001 2,044.000 2,302,000
171,000
Chicago
80,000 1,10 ,000 229,000 906,000
3,021.000
Minneapolis_
67,000
162.000
40.000
1,406,000
Duluth
3,
45,000
328.000
141.000
6,000
9,000
Milwaukee___
2,000
3.000
503,000
51.000
340.000
Toledo
10.000
22,000
5.000
30,000
56,000
Detroit
4,000
722,000
170.000
122.000
Indianapolis
'43,000
110.000
273.000
318,000
144,000
St. Louis_
37,000
10,000
237.000
40.000
37.000
Peoria
40,000
132.000
9,000 1,425.000
Kansas City
55,000
153,000
600,000
Omaha
26,000
27,000
272.000
St. Joseph- -339,000
Wichita
4,000
7,000
3,600
35.000
Sioux City
969,000
312,000
1,488.000
Buffalo
Total wk.1932 370,000 9,934,000 3,628,000 5.985,000 331,000 1,639.000
Same wk.1931 426,000 11.860,000 3,691,000 2,852,000 251,000 1,007.000
Same wk.1930 411,000, 17,665,000 6,122,000 5,691,000 1,436,000 2,403,000
-I Flour. I
Receipts at
Since Aug.1
1,060.000 32.167,000, 9,738,000 18,698,000 974,000 4.052,000
1932
1,732,000 68.890,000 12,362,000 13,337,000 1,002,000 3,779,000
1931
1,679.000 91.919.000 18,790,000 24.352,000 3,604.000 7.406.000
1930
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Aug. 20 follow:
Receipts at- I
Flour.
1519
Financial Chronicle
Volume 135
Wheat. I
Corn.
Oats.
4e.
Barley.
bbls.191'd. bush.60 lbs. bush.56 lbs bush. 32 lbs. bush.481bs bush.561bs.
85,000
5,000
71,000
2,000
365,000
114,000
New York_ _ 261,000
Portland, Me_
1 0
12,000
2,000
13:0000
4,000,
31,000
Philadelphia__
22,000
11,000
38,000'
Baltimore___.
2,000
Norfolk
36,000
36,000
24,0001
57,000
New Orleans•
97,000
Galveston_
206,000
30,000 303,000
40.000 1,105,000
Montreal
10,000
23,000
Boston
136,000
Quebec
528,000
Churchill__
Wheat,
bush.
Canadian9,362,000
Montreal
Ft. William dr Pt. Arthur 41,425,000
22,229,000
Other Canadian
Corn,
bush.
Rye,
Oats,
bush.
bush.
570.000 1,069.000
1,923,000 2,523.000
107,000
1,451,000
Barley,
bush.
113.000
568.000
355.000
3,944.000 3,699,000 1,036,000
Total Aug.20 1932_ -- 73,016,000
4,036,000 3,790.000 1,146.000
Total Aug. 13 1932_ _ _ 72,924,000
3,774,000 10,377,000 5,483,000
Total Aug. 22 1931- -- 54,373,000
Summary
174,663,000 11,793,000 21,117,000 9,168,000 2,978,000
American
3,944.000 3,699,000 1,036,000
73,016,000
Canadian
Total Aug.20 1932..247,679,000 11,793.000 25.061,000 12,867.000 4.014,000
3,711,000
Total Aug. 13 1932- _245.714,000 11,292.000 21.763,000 12,771,000 9,146,000
Total Aug.22 1932_ _ _285,701,000 8,655,000 16,825,000 19,225,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, Aug. 19 and since July 2 1932 and July 1
1931 are shown in the following:
Corn.
Wheat.
Exports.
Since
Aug. 19
1931.
1Veek
July 2
1932.
Bushels.
Bushels.
North Amer_ 4,227,000 36,600.000
208.000
Black Sea-830,000 5,199.000
Argentina_ __
533,000 11,699,000
Australia _
India
0th. countr's 696,000 4,581,000
Total
Since
July 1
1931.
Since
Aug. 19
1932.
Bushels. I
Bushels.
101,000,
45,769,000
14,560,000 978,000
13.067,000 5,280,000
21,600.000
528.000
527,000
7,432.000
Week
July 2
1932.
Sines
eltsly I
1931.
Bushels. I Bushels.
177,000
427,000
468.000
4.387,000
47,333.000, 78.564.000
2,127,000, 2,364,000
6.286,000 58,287,000 102,956,000 6.886,000 54.274,000 81.573.000
WEATHER REPORT FOR THE WEEK ENDED
-The general summary of the weather bulletin
AUG. 24.
issued by the Department of Agriculture, indicating the influence of the weather for the week ended Aug. 24,follows:
generally
weather rather
The first half of the week had unsettled,showery
heavy rains in some
from the Mississippi Valley eastward, with locallythe upper Mississippi
middle Appalachian Mountain districts, parts of Texas, reported 4.06
locally in the Southwest; San Antonio,
Valley, and
latter part of the period
inches on the morning of Aug. 19. During the
attended by gen60,000
161,000
1,000 337,000
447,000 3,597,0001
an extensive high pressure area moved slowly eastward,
Week 1931_ _
cooler weather, although showers continued in the Southerally fair and
Since Jan.P31 13,289.000115.978,0001 2,021,000 7,932,000 1.904.000 20.060000
Ohio Valley.
east;light frost was reported in exposed places in the northern with modfair,
* Receipts do not include grain passing through New Orleans for foreign ports
West of the Rocky Mountains the weather was generally
lading.
on through bills of
erate temperatures.
as a whole was cooler than normal over
Chart I shows that
The exports from the several seaboard ports for the week most sections east of the week Mountains, though the deficiencies In
the Rocky
middle Mississippi
ending Saturday, Aug. 20 1932, are shown in the annexed temperature were not marked. In the lower Ohio andwere 3 or 4 degrees
valleys and parts of the Southwest the weekly means
statement:
the departures from normal were only 1 ot 2
below normal, but elsewhere
nordegrees. The Northeast and Lake region had a slightly warmer than
was mostly
Wheat.
Corn.
Oats.
Flour.
Rye.
Barley.
Exportsfrommal week,and in the far Western States the average temperature
Rocky Mountain sections and
2 or 3 degrees above normal. In northern decidedly high, averaging for
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
the northwestern Plains temperatures were
436,000 149,000
3,625
New York
the week from 6 to 10 degrees above normal. the week were around 1 inch
261,000
4,000
Portland, Me
Chart II shows that the totals of rainfall for
South Atlantic
Norfolk
2,000
or more, rather generally in Tennessee, the east Gulf and Valley. There
Mississippi
3,000
1,000
New Orleans
5,000
3,000
States, and in considerable portions of the Montana had many thunderheavy rains in the Southwest, while
Galveston
195,000
55,000
were some
Atlantic area
Montreal
1,105,000
40,000 206,000
30,000 303,000
storms, with torrential falls in some places. The Middle was generally
Quebec
136,000
continued mostly dry, and in the Pacific States the week
light showers in parts of the north.
Churchill
528,000
rainless, except for
rather similar to that
The distribution of rainfall during the week was
the outstandingly dry sections of
Total week 1932_ 2,469,000 150,000
54,625 404,000
30,000 358,000
for several weeks past, though some ofmoisture. Most of the northeasthelpful
Same week 1931_-__ 1,885,000
2,000 152.241
336.000
37,000
the country received decidedly
of Pennsylvania,
area, including New England. New York, much of
had
The destination of these exports for the week and since ern half of New Jersey, and considerable portions and Maryland. late
about
benefited
moderate to heavy rains which revived vegetation central and westJuly 1 1932 is as below:
Also, in some northern Ohio Valley localities,
crops.
much of Oklahoma. droughty
ern Wisconsin, and the Southwest, including
crops are showing imconditions were considerably relieved and most late
Flour.
Wheat.
Corn.
the Northwest, Montana was favored with many local
provement. In
Exports for Week
and hail damage.
and Since
Since
rains, which will be helpful, but there was some flood
Week
Week
Week
Week
Since
kept the soil in fairly
Aug.20 July 1
July 1
July 1 toIn the central valley States additional showers missed by rains suffiAug. 20
Aug.20
July I
was again largely
1932.
1932.
1932.
1932.
1932.
good condition, except that Ohio
1932.
in the northern portion
cient to relieve the generally droughty condition; rains were inadequate
Bushels,
Bushels. Bushels, Bushels,
Barrels. Barrels.
of that State there was some relief, but in general the in places because of
fed
712,000 6,634,000
United Kingdom_ 41,000
237,265
64.000
for growing crops and pastures; stock are being
124,000
122,361 1,426,000 13,773,000
Continent
9,625
85.000
250.000
the lack of pasturage.
ample. In fact it
So.& Cent. Amer. 2,000
20,000
261,000 2,300,000
From Kentucky southward soil Moisture is mostly have recently been
2,000
West Indies
2,000
6,000
51.000
31,000
1,000
is too wet in some southeastern localities where rains pastures and minor
16,000
occurrence. In Texas and Oklahoma,
Brit. No. Am.Col.
2,000
__-_
1,000
of almost daily
though in extreme
64,000
24,000
Other countries._ _ - _
231,000
crops have been helped materially by recent rains,
as well as
northwestern Texas, extreme western and eastern Oklahoma.
general rains are needed. In the
457,106 2,469,000 22,969,000 150.000
54,625
Total 1932
393 000
in much of western Arkansas, good,
mainly Wisconsin,
152.241 1,115,130 1.885,000 23.737,000
Total 1931
2.000
30:000
drouthy north-central part of the country, including remains decidedly
Minnesota and North Dakota, the moisture situation
The visible supply of grain, comprising the stocks in unfavorable; the week brought very little rainfall,though beneficial showers
granary at principal points of accumulation at lake and occurred in central and western Wisconsin.past week was mostly favorable
-The weather of the
SMALL GRAINS.
late grain crops, particuseaboard ports Saturday, Aug. 20, were as follows:
for harvesting and threshing the remnants of the
area cool weather delayed
GRAIN STOCKS.
larly in the Pacific Northwest, although in this
and warmth and sunshine are needed for ripening and haroat ripening
Oats,
Corn,
Wheal,
Rye,
Barley
vesting.
bush.
bush.
bush.
bush.
proper condition, but
United Statesbush
Fall plowing advanced wherever the soil was in
6,000
552.000
Boston
the western Great
In many areas it was too dry for this work, notably in
160,000
1,118,000
2.000
New York
3,000
Plains and from the eastern Ohio Valley eastward. of last week in Texas,
48,000
" afloat
severely damaged by the winds
Rice was reported
42.000
84,000
2,861,000
7,000
Philadelphia
where cutting has
1,000
but Is maturing in fair to good condition in Louisiana,
42,000
30,000
3,754,000
30,000
Baltimore
1,000
begun.
326,000
Newport News
Wisconsin, rather gener30,000
78,000
1,176,000
-In Ohio. southern Michigan, parts of
CORN.
New Orleans
1,700.000
ally in Minnesota and North Dakota, parts of South Dakota, the west
Galveston
51,000
3,665
72,000 1,283,000
6,828,000
central Great Plains, and the middle Atlantic area, continued dry weather
Fort Worth
49,000
rains
2,297,000
Wichita
-was detrimental to the corn crop, especially to the late fields. Good bene7,000
6,230,000
Hutchinson
occurred in much of Oklahoma, but they came too late to materially
9,000
63,000
396.000
7,904,000
St. Joseph
fit late corn'. In the main corn belt, conditions continue mostly satisfac10,000
61,000
41,290,000
Kansas City
38,000
tory, with many localities reporting development of the crop good to
70.000
227,000 1,004,000
19,323.000
Omaha
17,000
excellent.
3.000
15.000
1,620.000
126,000
Sioux City
In Iowa, progress was rather slow, but the general condition in that
10,000
late
552.000
657,000
4,000
7,549.000
St. Louis
State is fair, with some early fields nearly safe from frost, and the
Illinois,
529,000 1,789,000
1,646,000
Indianapolis
crop mostly in milk stage; the bulk is beginning to dent. In in most
595,000
13,000
varies considerably, but weekly progress was very good
corn
Peoria
of the
18,505,000 6,072,000 6,189,000 1,60,
,000
,
.
Chlc.ago
places, with some improvement reported from the southern part
410,000
State. In Indiana, Kentucky and Missouri development was mostly
afloat
854,000
improvement is shown in the eastern portions of
316,000
296.000
satisfactory and some
On Lakes
needs rain,
162,000
633,000
6,191.000
190,000
Kansas and Nebraska. Much of the middle Atlantic area still from Ohio
Milwaukee
421,000
23,000 3,552,000 3,669,000 1,631.000
20,097,000
and further deterioration, or mostly poor progress, is reported
Minneapolis
in that State is a fair
985,000 1,709,000
by reason of continued dryness; only the early corn
12,360,000
Duluth
268.000
40,000
12.000
168,000
crop.
36,000
Detroit
26,000
Figures unobtainable.
Toledo
-For the first time this summer the average temperature for
COTTON.
" afloat
Figures unobtainable.
the week was below normal rather generally over the cotton belt. Rainthe Mississippi
527,000
Buffalo
10,215,000 3,557,000 2,887,000
25,000
fall was frequent and moderate to heavy in most places frommuch of Texas,
220,000
60,000
444,000
102,000
"afloat
Valley eastward, and there was again considerable rain in
216,000
10,000
On Canal
282,000
200,000
central Oklahoma had substantial amounts. The most important
and
-the
feature of the week's weather as affecting cotton was an indirect one
Total Aug. 20 1932_ ..174,663.000 11,793.000 21,117.000 9.168.000 2.978.000
favoring of weevil activity by frequent showers over much of the belt.
Total Aug. 13 l932._ _172.790,000 11,292,000 17,727,000 8.981.000 2,565.000
recent rains have somewhat benefited cotton, but they came too
In Texas
Total Aug. 22 1931_ _ _231,328.000 8,655,000 13,051,000 8,848.000 3,663.000
late to be of much help in the southern part of the State, and have favored
weevil activity; continued deterioration, especially in the east, where
Note -Bonded grain not included above: Barley, New York 1.000 bushels;
heavy shedding is reported locally. Is in evidence, but prospects in the west
bushels in 1931. Wheat, New York, 909,000
total, 1,000 bushels, against
and northwest have somewhat improved. In Oklahoma progress was
bushels; New York afloat, 600,000; Buffalo, 1,706,000; Buffalo afloat, 1,354,000:
fair to good in the east, and poor to only fair in the west; picking is beginDuluth, 70.000; Canal, 1,456,000; total, 6,095,000 bushels, against 7,365,000
ning in the south.
bushels in 1931.
Total wk.1932 278.000 2,558,000
Since Jan.1'32 10,336,000 88,667,000
_I
121,000
3,957,000
371,000
37.000 305.000
5,520.000 5,824,00010,473,000
1520
Financial Chronicle
In the Mississippi Valley area progress varied considerably, with early
plants beginning to open well in the northern portions of the belt. In the
Southeastern States rains have been much too frequent, with progress of
cotton mostly poor to only fair; some sprouting is reported in the wetter
areas of Georgia, and conditions were generally unfavorable for picking.
In the Carolinas development was mostly fair to good.
Aug. 27 1932
to recovery would be removed. However, mill men and
selling agents are fairly unanimous in their assertion that
no danger of serious upturn in production is to be feared
until prices, which are still very low by normal standards,
The Weather Bureau furnishes the following resume of appreciate a good deal more than they already have. By
more immediate standards the rise in values has been sharp.
the conditions in the different States:
Beginning with tentative slight advances a fortnight ago,
Virginia.—Richmond: Temperatures slightly below normal; one light
rain, but satisfactory growing conditions continue on southern border.
the tendency has developed increasing strength and adSouthern cotton, sweet potatoes, and peanuts excellent, but cotton bolls
vances, though usually slight, have followed one another in
shedding badly in places. All crops in central and north badly damaged
by ctrouth; meadows and pastures brown and fall plowing at standstill
quick succession, in many lines, especially in cotton goods,
Apple growth in Great Valley checked and fruit turning yellow; situation
where virtually every class of goods has been included in
in some orchards rather critical.
the upswing. Finished goods, which at first lagged someNorth Carolina.—Raleigh: Corn, tobacco, sweet potatoes and hay
made poor to only fair progress in northern half of Piedmont account inwhat behind the gray, both in volume and ability to advance
sufficient moisture; elsewhere advance mostly good. Progress of cotton
in price, have latterly improved in both directions. A nummostly good, though only fair in some portions, mainly northern border
of Piedmont.
ber of finished constructions in cotton goods, such as are
South Carolina.—Columbia: Fairly good rains in most sections and
apt to reflect improvement in gray goods quickly, have regisseasonable temperatures. Late corn, sweet potatoes, truck, forage, and
minor crops improved and corn fodder pulling progressing. Cotton progtered from five to 10 progressive fractional advances in
ress and condition fair to good generally, although some poor; young
recent days, it is reported.
crop now blooming to top; conditions still favorable for weevil activity;
bolls opening rather freely northward over central and picking and ginning
DOMESTIC COTTON GOODS.—Among the steadily adIncreasing.
Georgia.—Atlanta: Frequent rains and mostly moderate temperatures.
vancing commodity markets, cotton, reflecting prospects of
Progress and condition of cotton mostly poor in south and fair in north;
a much reduced crop which appears to be at present still
considerable shedding; fruiting fair in parts of north, but generally poor
shrinking as a result of adverse weather and weevil infestain other sections; conditions favorable for weevil activity; some reports
of bolls sprouting where too wet; opening in central and south, with some
tion, has been the feature, advancing violently and almost
progressing in picking. Late corn, cane, sweet potatoes, and truck mostly
daily. As a result, buyers have been coming into the market
good, though too wet in places.
Florida.—Jacksonville: General showers most of week, with adequate
confidently for cotton goods; accepting higher prices with
subshine and more moderate temperatures, favorable. Corn, sweet potalittle hesitation, and placing a wide variety of orders which
toes, and cane progressing satisfactorily; corn harvesting completed some
sections. Citrus progressing and sizing up well. Now plenty of grass and
have allotted a fair measure of business even to lines which
water for cattle. Cotton continues to open rapidly, but condition only
were recently quite stagnant, while extending to many milfair and some localities almost total failure, because of too much rain and
few weeks.
Cloudiness during last
lions of yards in gray goods at prices representing advances
Alabama.—Montgomery: Slightly cool; frequent showers, quite genof from lc. to 2c. from last month's lows. Orders for spot
eral and locally heavy, retarded planting of fall truch and vegetables.
Progress and condition of corn, sweet potatoes, truck, vegetables, ranges,
goods were of course plentiful, but buyers also sought goods
pastures, and miscellaneous crops mostly fair to good. Progress and conin substantial quantity for future delivery, many orders
dition of cotton poor to good, out mostly poor to fair; opening slowly in
being dated for execution in the final weeks of the year.
south and central; picking progressing rather slowly in south; shedding
reported in many places and considerable locally, especially in north;
Combed cotton constructions, which were recently one of
Weather conditions favored weevil activity.
the most inactive and weak features in textiles, are reported
Mississippi.—Vicksburg: Occasional showers; nights cool. Progress of
late-planted cotton generally rather poor, with scanty blooms;early-planted
to be moving out of mills in heavy quantities, and while
opening fairly well, with picking becoming general in south and central.
such business largely means liquidation of stock goods so
Early-planted corn approaching maturity. Progress of gardens, pastures, and truck mostly good.
far. some inills were reported to have sold sufficient to
Louisiana.—New Orleans: Mostly moderate temperatures and local
necessitate restarting of production. Large orders for
showers benefited crops. Cotton opening fairly rapidly, with picking
generally well up and ginning progressing; mostly favorable for weevfl
finished goods, in much better volume and at decidedly betactivity; condition of crop rather poor to only fair, except fair to good in
ter prices in some instances, were placed by Southern and
southwest. Corn about made; condition fair to good, except poor in
several northwest and extreme west localities. Early rice maturing in
Midwestern jobbers, it is reported. Mail order houses were
fair to good condition; cutting beginning. Sweet potatoes geed, and
also in the market for large quantities of both gray and
pastures mostly so. Truck and sugar cane generally doing very well.
Texas—Houston: Generally moderate temperatures; heavy to excesfinished goods. These houses are also understood to have
sive rains in southwest, northeast, and central, but light or none elsetaken large yardages of percales for first quarter delivery
where. Recent rain, while benefiting cotton somewhat, favored weevil
in 1933. Heavyweight cottons have shared moderately in
activity and came too late to be of much help in south; considerable deterioration, especially in east where heavy shedding continues locally;
the improvement. Stocks on hand in most mills are being
general condition poor to only fair though prospects in west and northsteadily depleted, and, if production is still restricted to
west somewhat improved; picking advanced favorably to northward and
about completed in extreme south. Pastures and minor crops generally
somewhere around the curernt level in coming weeks, it is
improved. Rice severely damaged by wind of last week. General rain
thought to be only a matter of time before scarcities will
badly needed.in extreme south and Panhandle, also scattered ocalities
warrant further price advances. Another constructive inelsewhere.
Oklahoma.—Oklahoma City: Cool, with moderate to excessive rains,
dication is seen in the fact that buyers who bought goods
except in east, extreme south, and panhandle where little or none fell.
for contract delivery are in a number of cases trying to get
Much damage by rain in some northwestern counties. Moisture too late
to materially benefit late corn, and crop suffering from drouth in east.
their goods before specified dates, this being interpreted
Progress and condition of cotton fair to good In east and poor to fair in
as a reflection of considerably heavier sales by such buyers,
west; some picking in south and first bale ginned in numerous localities.
Pastures and minor crops improved considerably. Fall plowing where
in the meantime, than they had expected. Print cloths 27rain fell.
inch G460's constructions are quoted at 2%c., and 28-inch
Arkansas.—Little Rock: Progress of cotton good, except locally where
weevil have been favored, or shedding due to dryness; picking becoming
64x60's at 3c. Gray goods 39-inch 68x72's constructions are
general in somh and beginning in central; bolls beginning to open in north.
quoted at 4Y,c., and 39-inch 80x80's at 5%c.
Weather favorable in most eastern portions for meadows, pastures, rice,
sweet potatoes, melons, and cantaloupes; too dry elsewhere.
WOOLEN GOODS.—Improvenient in woolens and worsted
Tennessee.—Nashville: Progress of late corn excellent account good
rains in most districts; early maturing and condition mostly very good.
markets, which at first lagged considerably behind that in
Condition and progress of cotton fairly good; some complaints of shedding;
other textile divisions, has been making up for lost time in
considerable opening in southwest. Tobacco and potatoes improved, but
recent days. The feature of the market is the materializageneral condition only fair.
Kentucky.—Louisville: Last half cool, but full amount of sunshine.
tion of the price advances on men's wear fabrics which were
Moderate to heavy rains in south and west beneficial and improvement
recently rumored. A number of prominent mills, with the
of late crops, gardens, truck and tomatoes continues, also pastures in
most districts, but more rain needed in central and on southeast uplands.
American Woolen Co. fit the head of the list, are cited its
Progress of corn generally very good to excellent, except too dry in southhaving withdrawn offerings for repricing or have already
east; condition mostly very good, except early poor in central and southeast; early maturing and late much improved. Early tobacco ripening
revised prices upward. Current quotations, in the aggreslowly; late shows decided Improvement.
gate, are put at from 5c. to 72 higher than the levels
/
1c.
which prevailed at the beginning of the current upswing in
THE DRY GOODS TRADE
textiles. A number of mills are reported to have sold their
output ahead for a number of weeks. Price advances apply
New York, Friday Night, Aug. 26 1932.
With the whole country revelling in bullish prophecies, to both the men's and women's wear fabrics, though primarilY to the former. The application of the higher levels
the textile trade has continued to be the only major industry
tangibly to indicate, in a definitely increased volume of Is, however, general. A decided increase in buying of men's
wear fabrics has taken place and given rise to much better
activity, the basic economic improvement supposed to be
taking place. A general appreciation in prices, occurring feeling among those who manufacture them. Statistical
in all divisions of the trade, and of the same progressive conditions, usually well governed in the woolen goods marcharacter as the rise in raw materials, though not so violent ket, are sound. It should not be lost sight of that, even
with the advances cited, the industry is still on a nonas, for instance, in law cotton, has not resulted in any
appreciable slackening of demand, which continues active profitable basis, but, with the outlook for raw wool conand broad. The persistence of the demand, in the face of sidered bright, and retailers on record as looking for subrising prices and a certain amount of confusion in values stantially increased business during coming months, prospects for further price advances and a general improvearising therefrom, tends to bear out the contention, now
widely subscribed to, that the continuous contraction of ment in the trade are thought to be good.
consumption during the past three years, resulting in sharp
FOREIGN DRY GOODS.—Linen markets continue to rest
curtailment of retailers' and wholesalers' stocks, has now
in a seasonal lull, with scattered ordering of apparel fabrics
reached its minimum point, and that the trade is now order- for special needs still coming to hand, which, however, aggreing goods with which to supply a demand of a basically gate a small total. A gradual broadening in the movement
necessitous character. Aiding this condition is the general of household lines is the constructive feature. Price adrevival of confidence in all business channels and in the
vances in flax prices abroad presage firmness in linen goods
mind of the public at large. As the autumn season gets in the future. Burlaps fluctuated irregularly with the preunder way sellers are listing the higher levels with convailing tendency toward higher prices during the week.
fidence that they will be firmly established, an action which
Somewhat better consumption, reflected in somewhat better
has been of the rarest kind in the perpetual "buyers' market" buying of spot and nearby needs. is in evidence. Disappointwhich has existed over the past two years and more. The
ment is expressed over the failure of burlaps to improve
chief danger, still gravely warned against by conservative as markedly as other textiles, the reason for this being partly
observers, is that inflated confidence may encourage a boom
ascribed to competition from corresponding constructions
in production to correspond with the improvement in de- of cotton goods. Light weights are quoted at 3.34c., and
mand, in which case one of the strongest basic incentives heavies at 4.42c.
Financial Chronicle
Volume 135
,§tate an Titg Pepartmatt
NEWS ITEMS
Alabama.—Special Session Convenes.—In his message to
the Legislature convened in special session on Aug. 16-V. 135, p. 1022—the need for economy was stressed by
Governor Miller, according to the Montgomery "Advertiser"
of Aug. 17.—The Governor is said to have strongly advocated an income tax, a $20,000,000 bond issue to pay off
the current debts of the State, cutting of appropriations and
salaries, and the abolition of useless offices as the best way
for Alabama to get out of her financial troubles. The
Governor criticized the sales tax as an additional burden
on the poor and stated that an income tax would be the fair
way to produce revenue.
Maine.—Additions to List of Savings Banks' Legal Investments.—News dispatches from Augusta on Aug. 19 report
that Bank Commissioner Sanger N. Annis has added the
following obligations to the list of investments considered
legal for Maine savings banks:
Connecticut Light & Power Co. 1st & ref. D 5s, of 1962. Eastern
Connecticut Power Co., 1st 58 of'
1948; Waterbury Gas Light Co., 1st
40 of 1958.
Massachusetts.—Changes in List of Legal Investments for
Savings Banks.—The State Bank Commissioner issued a
bulletin on Aug. 19 giving the following changes in the
list of investments found legal for savings banks, published
in its entirety in V. 135, p. 491, and supplemented in V. 135,
p. 1189:
Added to List of July 1 1932.
Public Utility Bonds.—Aug. 3 1932: Union Electric Light & Power Co..
gen. mtge. gold 5s, 1957. Pittsfield Coal Gas Co., 1st mtge. gold 58 1952.
Aug. 4 1932: Philadelphia Electric Co (Phila. Suburban Counties, Gas &
Electric Co.) 1st & ref. mtge. gold 430, 1957. Aug. 5 1932: The Brooklyn
Union Gas Co., 1st lien & ref. mtge. gold (series B) 58 1957. The Detroit
Edison Co.. gen. & ref. mtge. gold (series C) 5s 1962. Aug. 11 1932:
Pennsylvania Electric Co., 1st & ref. mtge. gold (series H) 58 1962. Aug.
12 1932: Southern Indiana Gas & Electric Co., 1st mtge. gold 530. 1957.
Removed from List of July 1 1932.
The New Milford Power Co., 1st mtge. gold 5s. 1932 matured; Dexter
& Piscataquls RR., 1st mtge. 430, 1949.
Miami, Fla.—Federal Court Decision Forbids Acceptance
of Bonds in Payment of Liens.—A ruling has just been handed
down in the United States District Court by Judge Ritter
forbidding the above city to accept bonds in the payment
of special assessment liens, on the ground that bondholders
have the right to have lion assessment collections maintained
as a cash fund. This decision represents an extension of
the recent Federal Court decision in the Fort Pierce case—
V. 135, p. 1189. A dispatch from Miami to the "Wall
Street Journal" of Aug. 23 reports on the decision as follows:
Judge Ritter in United States District Court has rendered an adverse
decision on the right of the City of Miami to accept bonds in payment of
special assessment liens. The ruling is based on the contention that lien
assessment collections are pledged to bondholders and bondholders have the
right to have them maintained as a cash fund. It was ruled that the city
had no authority to settle assessment liens by acceptance of bonds instead
of cash.
Judge Ritter also held that acceptance of bonds in this manner by the
city would be discriminatory against other holders of the bonds. He contended that acceptance of bonds in payments of liens might have a tendency
to depreciate the value of other city bonds not exchanged for liens.
The Florida Supreme Court has issued an alternative writ of mandamus
requiring the city to levy a tax of approximately $6,500,000 sufficient to
pay all past duo principal and interest or show cause why this levy should
not be made. The writ is returnable Aug. 30 at Tallahassee.
Michigan.
--Assessed Valuation of State Fixed at $6,614,698,000.—The total assessed valuation of the State was
, fixed at $6,614,698,000 by the State Board of Equalization,
according to Lansing news dispatches on Aug. 20. This
figure represents a reduction of approximately $1,250,000,000
from last year's total valuation figure of $7,853,514,000.
The figure finally decided upon by the Board of Equalization
is said to represent a general reduction of approximately
3% in the figure recommended by the State Tax Commission.
New York City.—Report of Comptroller Berry on Tax
Collections and the Various City Funds.—Charles W. Berry,
City Comptroller, on Aug. 19 made public a statement in
response to the request of former Mayor John F. Hylan for
data with respect to numerous items affecting the city budget
for 1933. Gen. Berry's statement in full text follows:
Tax Deficiency Item.
The amount which will be required in the budget of 1933 to cover deficiencies in taxes is estimated at $6,000,000. The larger portion of this
amount will require to be provided because of the non-collection of personal property taxes.
In 1912 the personal tax levy was $6,297,944, of which about 71% was
collected. In 1920, when the State income tax became operative, the personal property tax levy was $7,116,247, and collections dropped to less
than 51%. The receipts from this tax have been decreasing every year, until
the amount now collected is only about 15% of the levy. This tax is evaded
in every possible way, and it should be replaced by a tax on unincorporated
business, which undoubtedly would produce a larger levy.
The personal property tax levy for the year 1932 is $9,328,190.12, the
collections on account of which to Aug. 15 amounted to $1,378.494.63.
Debt Service Requirement for 1933.
It is impossible at this time even to approximate what will be required
for debt service in the 1933 budget. The final amount will depend entirely
upon the policies determined upon by the Board of Estimate and Apportionment. If no change is made as to the method of financing rapid transit
construction costs the debt service appropriations will show a considerable
increase over those provided in the 1932 budget. If, on the other hand, the
two issues of four-year rapid transit bonds now held by the sinking funds
are changed so as to make their maturity 50 years, and if no additional issue
of four-year bonds is sold, there probably would be a reduction in the
debt service requirements to be included in the 1933 budget of from $35,6)0.000 to $40,000,000 as compared with similar provisions in the budget
for 1932.
The adoption of some definite plan of financing future public improve
meets, as well as the announcement by the administration of some clearly
stated program of retrenchment with respect to the budget for 1933, would
have a decidedly beneficial effect on the bond market so far as investments
in New York City's long and short-term securities are concerned. This
should result in drastic reductions in interest costs to the city, which would
1521
be reflected also in the budget of 1933. Under present conditions interest
payments on moneys necessary to finance the budget are at the rate of
%, while the $100,000,000 of bonds necessary to finance permanent
Improvements, for which a sale was held in January of this year, are at
the rate of 6%. The same rate is being paid on $10.000.000 of special
corporate stock notes issued on July 6 1932, and sold to the public. It will
readily be seen that there would be a substantial saving In the provisions
for interest at 6% as compared with 5%,or even 43i%•
From my knowledge of conditions in the money market I can say with
confidence that the City of New York will be able to finance all its wants
once the city administration has laid down a program of economy, and
taken steps to put it in force. It will not be necessary for any regular or
volunteer representatives of New York to go to Washington to solicit loans
from the Reconstruction Finance Corporation or any other Federal body.
Tax Collections This Year.
The amount of taxes collected to and including Aug. 15 1932, on account
of the 1932 levy amounts to $210,919,845.02. Of this amount $191,077.832.32 reflects payments on account of the first half of the tax and $19,842,012.70 is on account of the second half of the tax. The total tax levy
for the year 1932 is $535,534,293.01. of which $272,431,241.56 covers the
first half year's levy and $263,103,051.45 is on the second half. The first
half of the tax is due and payable in May and the second half in November.
A considerable falling off in collections has taken place in the Borough of
Manhattan. Last year the collections were 8131,286,058.15, while this
year the amount collected was $115,388,285.09.
The collections on account of the 1931 tax levy to Aug. 15 1931, were
$229.814,268.90, of which $207.972.239.28 represented payments on
account of the first half and $21,842,029.62 on account of the second half.
The total tax levy for the year 1931 was $514,146,082.80. of which $261.652,125.36 was for the first half and $252,493.957.44 for the second half.
The collections on account of arrears of taxes to Aug. 15 1932, were
$54,591,084.54. During the same period last year they were $54,734,595.76.
Status of General Fund.
Up to the present time there has been a considerable falling off in general
fund revenues for the year 1932 as compared with the receipts of the similar
period for 1931. For example, there has been a decrease in the amount of
the State income tax from $12,849,430.79 received in 1931 to $6,973,327.56
received in 1932. Other receipts, however, have increased slightly this
year, particularly those having to do with motor vehicles. The total amount
estimated as receivable during the year 1932 was 5114.243,673.17. This
amount will be realized. Obviously we cannot tell what the cash balance
will be at the end of the year. We do know, however, that there will be a
considerable reduction in next year's general fund receipts as compared with
the estimate for 1932. I should not care even to estimate what the amount
of the general fund will be for the year 1933 at this time, because it is impossible to foresee what the Legislature will do which will affect our receipts
either by taking away from them or adding to them.
Definite Policy of Retrenchment Necessary.
The State Legislature should transfer to the Board of Estimate and
Apportionment the necessary authority so that upon that Board will
devolve entirely the responsibility of determining all appropriations to bemade for all city purposes. Any program looking towards the future cannot
at this time be considered practical unless the authority to carry out provisions rests with the Board of Estimate and Apportionment.
It should be obvious that a complete, well considered and definite policy
of retrenchment must be determined upon by the Board of Estimate before.
the Comptroller would be in a position to furnish any information as to the
future financial requirements of the city. The situation which confronts the
city makes such a program necessary, and calls for immediate action—
action which must be evident in the budget of 1933 if the taxpayers areto have the relief to which their present condition entitles them.
Upon real estate rests the larger part of the burden in our present system
of raising moneys to finance the costs of City Government. Who at this
time does not know of the present predicament of property owners in the
Greater City? This applies, whether they are holders of large realty interests or whether they are the small home owners. Much of this troubleno doubt is due to the policies which governed the purchase and sale of real
estate during the past decade. But we must acknowledge that the financial
policy of the city as it relates to its transportation problems has contributed
In no small measure to the now existing confusion. I am speaking now of
the policy of building subways practically by direct taxation. This policy
represents 10% of the tax levy for 1932. In any given case where the
financial embarrassment on a parcel of real estate can be ascribed to the
tax burden the responsibility therefor lies in the policy of issuing four-year
bonds to build rapid transit lines which are intended to be and should be
fully self-supporting when in operation.
Included in the budget of 1932 are the following appropriations for rapid
transit purposes:
Amortization.
Interest.
Total.
System—
I. R. T.—Contracts Nos. 1,
$125,138.50
$31.142.86
2 and 3
$156,281.36
8,667,656.64
1,122,795.14
B.
-M.T.—Contract No.4_ _ 7,544,861.50
Independent System
18,000,000.00 50,196,062.00 68.196.062.00'
$25,670,000.00 $51.350.000.00 $77,020,000.00
-1932 budget
Board of Transportation—Salaries & expenses
7.199,843.00'
$84.219,843.00
The present transit policy is responsible for a large proportion of the
foregoing appropriations. Without a change in the existing policy these
amounts cannot be appreciably reduced.
Many other appropriations principally for salaries are mandatory and in
connection therewith increases in salaries during the year 1933 amounting
•
to at least $2.250,000 must be made.
The pension funds by the end of 1932 will have cash and securities
amounting to from $190,000.000 to $200,000,000. This enormous sum has
been accumulated by budget appropriations and employees' contributionsduring the past 13 or 14 years.
The interest earnings of the funds approximate annually $7.500.000.
The contribution of members exceed present payments from the funds by
$2,500,000 annually. This indicates that receipts, exclusive of budget
appropriations, exceed payments by approximately $10,000.000 annually.
The Comptroller recently called the attention of the Board of Estimate.
and Apportionment to the fact that during the past two years 52,800.000
In excess of requirements was appropriated in the budgets for the Teachers'
Retirement System. Surely it is time that a complete, unbiased survey be.
made of the existing Retirement Systems.
If the city administration takes a rational stand in the near future with
respect to the budget for next year I am confident that the market for the
city's bonds will improve to such an extent that the interest appropriations
may be reduced about three millions below what will be required under
existing conditions.
The securities of the State of New York are selling on about a 33i%
basis. About 60% of the State's revenue is derived from the city of New
York. We are paying 534% for funds to fit arce the budget in siticipation
of the collection of taxes. The failure of the city administration to fulfill
Its declaration of intention, unanimously adopted by the Board of Estimate
and Apportionment at a meeting held Jan. 20 1932, is chiefly responsible.
for this very costly situation. That resolution stated in part that—
"Resolved. That the city administration shall forthwith undertake measures to curtail and postpone its plans and undertakings; shall seek in even
'
,
way to reduce the cost of its present activities, and shall endeavor to limit
new projects to those which are self-sustaining in order that the city may
the more effectively employ its resources in serving the vital needs of the
people; and further be it
Resolved, That studies will be promptly undertaken with the purpose of
developing new sources of revenue and of determining what present activities of the city may be put on a totally or partially self-supporting basis;
further that each department head is hereby directed to submit his plan
In accordance with the terms of this resolution and as promptly as possible
to make report to the Mayor on such suggestions or plans."
This resolution was adopted as stated above on Jan. 20 1932—seven
months ago. No complete plan has as yet been made public by the Mayor's
office predicated on the studies which each department head was directed
to submit to him.
Every suggestion which the Comptroller has made in the past to reduce
expenditures and the tax bill has been disregarded.
Penneylvania.—Results of Special Session Summarized.—
The following is taken from a Harrisburg dispatch to the
"United States Daily" of Aug. 22 regarding the outstanding.
measures passed by the recent special session of the State
Legislature—V. 135, p. 1355:
1522
Financial Chronicle
The legislation enacted at the special session of thelLegislature, which
adjourned Aug. 19, was summarized by 0. J. Goodnough, Speaker of
the House, who declared that the achievements "reflect credit on the
General Assembly."
He specified as the outstanding features of the session the following:
Economy program recovering $13,641,000 from appropriations, plus
32.800,000 which the Governor has agreed to reduce in departments under
his charge to avoid a threatened deficit.
Passed proposed constitutional amendment for a State bond issue of
$25,000,000 to reimburse local districts for money expended on relief.
Approved legislation permitting Philadelphia and Pittsburgh to impose
taxes on subjects covered by State taxes.
Passed bills granting the banking department wider powers in the matter
of liquidating closed institutions.
Passed the Talbot bill for relief and the sales tax bill to provide revenues
for carrying it into effect.
New Loan Appeal Made to Reconstruction Finance Corporation.
-On Aug. 19 Governor Pinchot renewed his request
to the Reconstruction Finance Corporation for a loan of
$45,000,000 of Federal funds to be used in relieving the
State's unemployment distress. The original appeal for
these funds was denied by the Corporation on Aug. 4 on the
ground that Pennsylvania had not exerted sufficient strength
in helping herself.
-V. 135, p. 1023. The Governor's letter
to Atlee Pomerene, Chairman of the Corporation, follows
in full text:
Dear Mr. Chairman:
-A bill appropriating $12,000.000 for unemployment
relief was passed by the General Assembly in the early hours of this morning
It has just reached me, I have signed it, and I hasten to notify you of the
fact.
In addition to this direct cash provision, the General Assembly passed a
bill authorizing political subdivisions to borrow against uncollected delinquent taxes for unemployment relief, and initiated a constitutional amendment providing for repayment to the political subdivisions by the State
of the money thus expended to the extent of $25,003,000.
In view of these accomplishments of the General Assembly, I have strong
hope that the Reconstruction Finance Corporation will be prepared to act
upon the application of the State of Pennyslvania.
Material in support of my application on the form prescribed by the
Reconstruction Finance Corporation, is already in you' hands, and therefore, I have not attached a second copy, since it would be putting merely
a useless burden on your files.
Texas.
-Special Legislative Session Called For Relief
Purposes.
-A proclamation was issued on Aug. 18 by
Governor Ross S. Sterling calling the State Legislature to
convene in special session on Aug. 30 for the purpose of
considering three relief subjects, which are described in the
Dallas "News" of Aug. 19 as follows:
To pass legislation providing that outstanding issues of road bonds,
heretofore issued by counties and road districts, for the purpose of aiding
in constructing roads which are now State highways, shall be assumed
by the State, and that all taxes required to be levied upon property within
such counties or road districts to support such bonds, shall not be collected
by the counties or road districts from the taxpayers therein for this year,
1932, or succeeding years, but that the principal and interest on such
bonds,as the same may accrue, shall be paid out of the State highway fund.
To pass legislation releasing the penalties and interest accrued upon all
delinquent taxes provided the same are paid on or before Jan. 31 1933.
To amend the laws of Texas governing the investments of life insurance
companies and of building and loan associations so as to allow them to
make the necessary investments in the stock of the Federal Home Loan
banks, so as to enable home owners of Texas to have the benefit and assistance of the institutions in financing and refinancing and carrying and extending loans on their homesteads.
To Act on Other Topics.
The Governor also announced in his proclamation that the Legislature
was to consider and act upon such subjects of public imperative importance
as he may from time to time during the session submit by message or
otherwise.
Wayne County, Mich.
-Bondholders' Protective Committee Urges Deposit of Defaulted Bonds and Notes of Lincoln
-In a letter made public on Aug. 23 the
Park and Ecorse.
Bondholders' Protective Committee for Municipalities in
Wayne County
-Vs 135, p. 159
-urges the holders of bonds
and(or) notes of the city of Lincoln Park and the village of
Ecorse immediately to forward them to the depositaries.
The text of the letter reads as follows:
Bondholders' Protective Committee for Municipalities in Wayne County, Mich.
City of Lincoln Park, Afich. Village of Ecorse, Mich.
The city of Lincoln Park, Mich., and the village of Ecorse, Mich., are
In default in the payment of principal and(or) interest of outstanding
bonds and(or) notes issued or assumed by them. To authoritatively
represent the interest of the holders of these obligations, a Bondholders'
Protective Committee, composed of the undersigned, has been organized.
Present business conditions and substantial tax delinquencies have combined
to create a serious condition in these municipalities. Manifestly, the
position of the Committee in dealing with these municipalities will be
much strengthened by having the active support of all bond and note
holders.
The holders of bonds and notes of these two municipalities are urged
to immediately forward the bonds, accompanied by all unpaid coupons,
to either of the depositaries, the Detroit Trust Co. or the Union Guardian
Trust Co., Detroit, Mich.
Copies of the deposit agreement and forms for the deposit of bonds
and notes may be obtained from the depositaries, or from the Secretary
of the Committee.
The bonds and notes which the Committee invites for deposit include
those issued with the following titles:
City of Lincoln Park
Water, sewer, municipal site, street opening, judgment, special assessment and tax and special assessment anticipation notes.
Village of Ecorse
Paving, sewer, water, fire, fire house, municipal building, storm sewer,
refunding, special assessment bonds and tax anticipation notes.
Committee.
-John G. Getz, Jr., Chairman; Edward F. Heydinger,
Stranahan, Harris & Co. Detroit; John L. Kenower, Union Guardian
Trust Co.. Detroit; Ray H. Murray, First Wayne National Bank, Detroit;
Arthur J. Spencer, Braun, Bosworth & Co., Detroit. Claude H. Stevens,
Counsel, Berry & Stevers. 1000 Penobscot Building, Detroit, Mich.
John S. Rae, Secretary, 1302 First National Bank Building, Detroit, Mich.
Wisconsin.
-Reconstruction Finance Corporation Grants
Loan of $3,000,000 to State.
-A loan of $3,000,000 for
unemployment relief was advanced to this State by the
Reconstruction Finance Corporation on Aug. 20, according
to news dispatches from Washington on that day. The
State had applied to the Corporation for a $6,400,000 loan
(V. 135, p. 1362) but the total amount was denied by the
officials who pointed out that the local aid organizations
had not done their full duty. The "United States Daily" of
Aug.22 reported in part on the action as follows:
The Corporation thus far has made seven relief loans to five States
aggregating approximately $16.500,000, according to additional information made available at the Corporation, and 3283,500,000 still remains
in the relief fund.
In denying Wisconsin the full $6,400,000 for which Governor La Follette
asked to carry on work between Sept. 1 and Dec. 31, the Corporation points
Aug. 27 1932
out that about'one-thircUot theneedy counties in the State have not as yet
set up any adequategorganization or made any effort_to care for their
unemployed"
Loco, Aid F:mphasized. .-7731teiirat ng its intention _ (help States only where local funds have been
1
exhausted, the Corporation urged private contributors and State authorities
in Wisconsin to continue their work. The Corporation's statement follows
in full text.
im"An advance of $3.000,000 to meet current emergency relief needs in
certain localities of the State to-day was made available by the Reconstruction Finance Corporation to the. Governor of Wisconsin.
,15,400,0007
,Saidn'onieWeefferi.
Prt"In filing the application for iTdc7ral relief funds, the Governorof
certified that the total of supplementary relief needs of his State
for the period of Sept. 1 to Dec. 311932. is $6,414,865.28. This sum wopld
provide supplementary relief funds in 57 of the 71 counties of Wisconsin.
BOND PROPOSALS AND NEGOTIATIONS
FsPABILENE, Taylor County, Tex.
-CONTEMPLATED BOND OR
WARRANT ISSUE
.-The issuance of warrants or funding bonds will
become necessary next month to meet the city's maturities, according to
report.1
r ALBANY PORT DISTRICT (P.O. Albany), Albany County, N.Y
.
BONDSPUBLICLY OFFERED.
-George B. Gibbons & Co., Inc., of New
York,are making public offering of $9:3,4,0005% coupon or registered bonds.
representing the unsold maturities of an original issue of $1,800,000. at
prices, according to maturity, to yield 4.60%. Dated June 1 1932 and due
on June 1 from 1945 to 1979 incl The bonds are declared to be legal investment for savings banks and trust funds in New York State. Legality
of issue to be approved by Reed, liroyt & Washburn, of New York.
it's.(The original issue of $1,800,000 was awarded at a price of par in May
and
on the market by a syndicate headed by the Guaranty Company
of New York, Pcle^d to yield 4.75% for all maturities.
-V. 134, p. 4191.)
1XtM A iraMICHOOL DISTRICT (P. O. Alma)Bacon Counti.
Ga.-PROPOSED BOND SALE.
-We are informed that this district has
$20,000 6% school bonds which are ready for immediate sale. According
to H. E. Deen, Secretary-Treasurer of the Board of Trustees, the bonds
were validated on March 12 and have been printed. Denom. $1,000. Due
51.000 from July 1 1933 to 19521incl.
ALVERTON SCHOOL DISTRICT, Westmoreland County, Pa.
ADDITIONAL INFORMATION.
-In connection with the report of the
sale of $25,000 5% school bonds at par and a crued interest to the First
National Bank of Scottdale-V. 135 p. 1024
-we are advised that the
purchase was made on July 25 and that the bonds are dated May 2 1932.
Registered in denoms. of $1,000. Due $5,000 annually from 1933 to
1937, inclusive. Interest is payable in May and Nov.
ARKANSAS, State of (P. 0. Little Rock).
-PROPOSED COUPON
PAYMENT.
-State Treasurer Leonard, acting as trustee of $47,000,000
of road district bonds outstanding, states that funds for the payment of
interest coupons will be available by Sept. 1. He said that approximately
$1,000,000 will be required to pay interest on the total of district bonds
should all be submitted in exchange for State revenue bonds, but that only
$7,000.000 of these bonds have been deposited.
ATTALA COUNTY (P. 0. Ko iusko), Mis .-BONDS DEFEATED.
Miss
-At the election held on Aug. 16-V. 135. p. 844
c
-the voters rejected the
proposal to issue $889,000 in refunding bonds by a count reported to have
been 356 "for" as compared with 998 "against."
ATTLEBORO, Bristol County, Mass.
-HIGHER TAX RATE AN
Board of Assessors announced on August 19 that the
tax rate for 1932 had been fixed at $3`4.90 per $1,000 of assessed valuation,
an increase of $3 over the levy in 1931.
-The
BARBERTON, Summit County, Ohio.
-BONDS NOT SOLD.
two issues of 6% city's portion and special assessment improvement bonds
aggregating $104,051.92 offered on August 15-V. 135. p. 1024
-were
fram l93 atano bi diasiere received. Dated July 1 1932 and due on Oct. 1
not sold, s l m l s w
3
BASTROP, Morehouse Parish, La.
-BOND DETAILS.
-The $30,000
issue of 6% semi-annual street-improvement bonds that was jointly purchased at par by the Citizens State Bank & Trust Co. and the Bastrop
State Bank & Trust Co., both of Bastrop
-is dated July 1
-V. 135, p. 844
1932 and matures on July 1 from 1933 to 1935.
BATH, BRADFORD, CAMPBELL AND THURSTON CENTRAL
SCHOOL. DISTRICT NO. 1 (P. 0. Bath), Steuben County, N. Y.
BONDS RE
-OFFERED.
-The issue of $17,500 coupon or registered school
bonds previously offered on Aug. 24-V. 135, P. 1356. at which time bids
were rejected, is being re-advertised for award at 3 p. m.(Fastern standard
time) on Sept. 6. Phillip M. Chatfield, District Clerk, will receive sealed
bids until that time at the Farmers & Mechanics Trust Co. Bath. As
In the previous instance, bidders are asked to name the rate ofinterest in a
multiple of 31 of 1% and within a limit of 6%. Same rate to apply to all
of the bonds. Dated Aug. 11932. Due Aug. 1 as follows: $1,000 from 1936
to 1952 incl., and $500 in 1953. Principal and interest (Feb. and Aug.) are
payable at the Farmers & Mechanics Trust Co., Bath. A certified check
for 2% of the bonds bid for, payable to the order of the Board of Education,
is required. The approving opinion of Reed, Hoyt & Washburn, of New
York, will be furnished the successufl bidder.
-John J.
BELLEVILLE, Essex County, N. J.-130ND OFFERING.
Daly, Town Clerk, will receive sealed bids until 8 p. m. (daylight saving
tbiamaed)s,odnivSiepdadt. for tws
ranahe:purchase of $296,000 5% coupon or registered
as
$2594000 s ,aal s3 ooo ds. 94 ue Sept. 1 as follows: $25,000from 1933 to
16 1 ingrerndirnt bonin 1 D2
.
.
40.000 water bonds. Due $5,000 on Sept. 1.from 1933 to 1940 Incl.
Each issue is dated Sept. 1 1932. Denom. 31,000. Bids will also be
considered at an interest rate other than 5%, expressed in a multiple of
31 of 1%, which must be the same for all a the bonds. Principal and
interest (March and September) are payable at the First National Bank,
Belleville. The bonds cannot be sold at less than a price of 99. No more
bonds are to be awarded than will produce a premium of $1,000 over the
amount of each issue. The amounts to be raised by the sale of the bonds
(exclusive of accrued interest) are as follows: water bonds, $39,600; general
impt. bonds, $253,440. Bids may be submitted on an "all or none" basis,
but, if there is a more favorable bidder for either of the issues, his bid will
be rejected. A certified check for 2% of the bonds bid for, payable to the
order of the Town, must accompany each proposal. The approving opinion
of Reed, Hoyt & Washburn, of New York, will be furnished the successful
bidder.
-BONDS DEFEATED.
BEMIDJI, Beltrami County, Minn.
-At an
eh von held on Aug. 15 the voters rejected a proposal to issue $35,000 in
tseeili o edriss
l
g et
n34.. P 1h6is
1ds (T l5sroposal was originally rejected by
PI) Feb.8 em Vb°.
onsal sy 16BENTON HARBOR, Berrien County, Mich.
-REFUNDING BONDS
AUTHORIZED.
-The State Debt Commission has authorized the city to
refund $73,000 bonds maturing on Oct. 1 1932, through the issuance of
further bonds bearing interest at the same interest rate and to mature
serially from 1935 to 1942 incl. In making application for the refunding
issue, City Manager George Barnard stated that delinquencies in special
assessment taxes and the tying up of $235,000 municipal funds in closed
banks made the action necessary
-V. 135. P. 1356.
-BOND ELECTION.
-The Village
BENZONIA, Benzie County, Mich.
Council has called an election for Sept. 2 to permit the voters to register
their sentiments as regards the proposal to issue $12,500 bonds, the procoeds to be used to purchase the privately-owned water works system in
the village.
BERNARDSVILLE, Somerset County, N. J.-130NDS VOTED.
S. Willard Smith, Borough Clerk, reports that at the election on August 16
sae at af o ppaoved. the issuance of $150,000 sewer system bonds, by a
tha voters ai tr 222 of
-LIST OF BIDS.
-The following is
BEVERLY, Essex County., Mass.
an officia' list of the bids submitted at the sale on Aug. 18 of a $100.000
tem 35 ary 1356 to the Beverly National Bank at 2.39% discount basisv.r. p loan
r .
.
Volume 135
Financial Chronicle
Discount Basis.
Bidder
2.39
Beverly National Bank (successful bidder)
2.59
Blake Bros. & Co
2.87
Second National Bank
9
2.757
Beverly Trust Co
3.07
Mercnants National Bank of Boston
3.12%
Faxon, Gade & Co
3.15%
Jackson & Curtis
-S. W Roderick, City Auditor,
-BOND OFFERING.
BEXLEY, Ohio.
Will receive sealed bids until 12 m. on Sept. 8 for the purchase of $19.600
5%% storm sewer construction bonds. Dated July 1 1932. Denoms.
*1.000 and $500, also one bond for $600. Due Oct. 1 as follows: $2,000
from 1933 to 1938 incl.; $2.500 in 1939 and 1940, and $2,600 in 1941.
Interest is payable in April and October. Bids for the bonds to bear interest
at a rate other than 5%.expressed in a multiple of H of 1%, will also be
considered. A certified check for $200, payable to the order of the City,
must accompany each proposal.
-It is
-BOND ELECTION.
BIG FALLS,Koochiching County, Minn.
reported that an election will be held on Sept. 3 in order to vote on the
proposed issuance of *4.00010 4H% refunding and new pump house bonds.
-BOND ELECTION.
-At an
BLUE ISLAND, Cook County, 111.
the voters will pass upon a proposed
election to be held on September 2O 9
$123,000 improvement bond issue.
-INTEREST RATE.
-The $12.000
BOKHAM, Fannin County, Tex.
issue of water works bonds that was purchased at par by the city sinking
-was awarded as 5% bonds. Due in 1951.
fund-V. 135, p. 1190
-93,000,000 BORROWED AT NEW
BOSTON, Suffolk County, Mass.
-City Treasurer Edmund L. Dolan on August 25
LOW RATE FOR YEAR.
awarded a $3,000,000 temporary loan issue to the First of Boston Corp. of
Massachusetts at an interest rate cost of 1.87%. Plus a Premium of 35,
which constitutes the best terms at which short-term borrowing has been
arranged by the city so far this year. The issue is dated August 26 1932
and payable on Oct. 7 1932. The total of borrowings in anticipation of
1932 tax collections, including the present issue, is $31.000,000, according
to report. Loans of this nature may be negotiated by the city to an aggregate of $35,000,000. Bids received In the current instance were as follows:
Rate of Interest.
BidderFirst of Boston Corp. of Massachusetts (Plus $5 premium)
1.87%
Bankers Trust Co
1.98%
Shawmut Corp.
2 14%
BOTKINS, Shelby County, Ohio.
-BOND OFFERING -C. 3, Heminert, Village Clerk, will receive sealed bids until 12 m. on Sept. 4 for the
purchase of $2.120 6% street improvement bonds. Dated July 21 1932.
One bond for $400, others for $520. Due one bond annually on July 21
from 1933 to 1937 incl. Interest is payable in Feb. and Aug. Bids for the
bonds to bear interest at a rate other than 6%, expressed in a multiple of
of 1%, will also be considered. A certified check for $212, payable to
the order of the Village, must accompany each proposal.
-NOTE SALE.
-An $80,000
BRIGHAM, Box Elder County, Utah.
issue of tax anticipation notes is reported to have been purchased by the
State Security Bank of Brigham. Due on Jan. 2 1933.
BROOKFIELD CENTRAL SCHOOL DISTRICT NO. 9 (P. O.
-BOND OFFERINO.-L. A.
Brookfield) Madison County, N. Y.
Worden. District Clerk, will receive sealed bids until 4 p.m.(Eastern
standard time) on Sept. 6, for the purchase of $35.000 coupon or registered
school bonds, to bear interest at not to exceed 6%. Dated Sept. 1 1932.
Denoms. $1.000 and $500. Due March 1 as follows: *1.000 from 1935 to
1954, Incl., and $1.500 from 1955 to 1964. Incl. Rate of interest to be
0
expressed in a multiple of H or 1-10th of 17, and must be the same for all
of the bonds. Principal and interest (March and September) are payable
at the First National Bank, Earlville, or at the First Trust & Deposit Co..
Syracuse. A certified check for $700, payable to the order of Charles Jones,
District Treasurer, must accompany each proposal. The approving opinion
of Clay, Dillon & Vandewater of New York, will be furnished the successful
bidder.
BROOKLINE, Norfolk County, Mass.
-TEMPORARY LOAN.
-The
$400,000 revenue note issue offered on Aug. 22-V. 135, p. 1356
-was
awarded to Jackson & Curtis of Boston, at 1.13% discount basis. Dated
Aug. 22 1932 and due on Dec. 14 1932.
Albert P. Briggs, Town Treasurer, announced that the borrowing was
arranged at the best price the town has received for notes in several years,
the previous low figure having been 1.19%. Mr. Briggs made public
the following list of the offers received:
d erDiscount Basis.
BidderDiscount Basis.
Jackson & Curtis (successful
Boston Safe Deposit & Trust
Co.(plus $7 premium)
bidders)
1.13%
Merchants National Bank...._ _1.16
Rutter & Co
W.0. Gay & Co
1.21% Second National Bank
1.37%
Faxon,Gade & Co
1.24% Salomon Bros. & Hutzler (plus
$4 premium)
1.59%
BURKE COUNTY (P. 0. Bowbells), N. Dak.-CERTIFICATES
-It is reported that sealed bids were received until 10 a.m. on
OFFERED.
Aug. 26, by H. F. Magedanz, County Auditor, for the purchase of a $25,000
issue of certificates of indebtedness. Due in 18 months.
-BOND OFFERING.
BUTLER COUNTY (P. 0. Hamilton), Ohio.
A. F. Boll, Clerk of the Board of County Commissioners, will receive sealed •
bids until 12 m. on Sept. 9 for the purchase of $140,000 4H% poor relief
bonds. Dated Sept. 1 1932. Denom. $1,000. Due $28,000 on March 1
from 1934 to 1938, incl. Principal and Interest (March and Sept.) are
payable at the office of the County Treasurer. Bids for the bonds to bear
interest at a rate other than 4%%, expressed in a multiple of H of 1%,
will also be considered. A certified check for $1.400. payable to the order
of the County Treasurer, must accompany each proposal. A complete
transcript of the proceedings with reference to the issuance of the bonds
will be furnished the successful bidder.
CALUMET COUNTY (P. O. Chilton), Wis.-BOND DETAILS.
%
The *175.000 issue of 4H, coupon road bonds that was purchased by the
Harris Trust & Savings Bank of Chicago, at a price of 102.20, a basis of
-is more fully described as follows: Denom.
about 4.49%-V. 135, P. 1190
$1,000. Dated May 11932. Due on May 1 in 1942 and 1943. Prin. and
int. (M. & N.) payable at the office of the County Treasurer. Legality
approved by Chapman & Cutler of Chicago.
nancial Statement (As Officially Reported by the County Clerk July 26 19321
Assessed valuation for taxation (equalized)
334,548.183
Total debt (this issue included)
1.020.000
Population 1930 census, 16,848. Total debt less than 3% of assessed
valuation.
-TAX RATE INCREASED.
CAMBRIDGE, Middlesex County, Mass.
-The Board of Assessors announced on Aug. 18 that the tax rate for 1932
bad been set at $37.20 per $1,000 of assessed valuation, the highest in the
history of the city and an increase of $3.30 over the rate in 1931. The
increase, according to Mayor Richard M. Russell, is mainly due to the
advance in welfare expenses, the slow return in tax payments and the
impossiblity of collecting some of the taxes. The assessed valuation for
1932, at $191,227.400. is *717,000 less than the figure in 1931, the decline
being attributed in part to the action of the Federal Government in taking
over taxable properties for Federal purposes.
CAMERON COUNTY (P. 0. Brownsville), Tex.
-VALUATIONS
-It is stated that the County Commissioners Court has
REDUCED.
decided upon a reduction of from $5,000,000 to $7,000,000 in the assessed
valuations. The assessed value of the county for last year is said to have
been $51,000,000.
-BOND SALE.
-The two issues of
CANTON, Stark County, Ohio.
6% special assessment street impt. bonds aggregating $78,231.05 unsuccess-are reported to have been purfully offered on July 25-V. 135. p. 845
chased subsequently by the Provident Savings Bank dr Trust Co. of Cincinnati. The issues are as follows:
$64,861.41 special assessment portion. Due July 1 as follows: $6,361.41
In 1934 and $6,500 from 1935 to 1943 incl.
13,369.64 city's portion bonds. Due July 1 as follows: 51.369.64 in 1934;
31,000, 1935; $1,500, 1936; $1,000, 1937; $1,500, 1938; $1,000
In 1939 and $1,500 from 1940 to 1943 incl.
Each issue is dated July 11932.
-BONDS AUTHORIZED:
CARTERET, Middlesex County, N. J.
an issue of $42,000 temporary improveThe Borough Council has approved 1935.
ment bonds, to mature on Dec. 31
lA
1523
-BOND SALE.
-The $5,600 69'
CALDWELL, Noble County, Ohio.
-were purcoupon refunding bonds offered on Aug. 20-V. 135, p. 1024
chased at a price of par by the Farmers & Merchants Bank, of Caldwell, the
only bidder. Dated Sept. 1 1932 and due $700 on Sept. 1 from 1933 to
1940 incl.
-Lewis E. Myers,
-WARRANT CALL.
CHICAGO,Cook County, III.
President of the Board of Education, has called for payment, on or before
Aug. 26, upon Presentation, through any bank, to the City Treasurer,
Halsey, Stuart & Co. of Chicago, or at the Guaranty Trust Co. of New
York, the following described school building tax anticipation warrants:
Building fund, 1930, Nos. B-1998 to B-2003, and Nos. B-2012 to B-2020,
for $5,000 each, 55%,dated Nov. 11930.
The following described Board of Education warrants are called for
redemption on or before Aug. 31: Building fund. 1930, Nos. 13-2021 to
B-2023, for $5,000 each, and B-2024 to B-2031, for $10,000 each, 5%,
dated Nov. 1 1930. The City Comptroller has called for redemption, on
or before Aug. 31, upon presentation, through any bank, to the City
Treasurer's office or at the Guaranty Trust Co., New York, the following
described warrants: Issued account 1930 taxes, corporate purpose No. 310,
for $250,000, dated Aug. 8 1932, and Municipal tuberculosis sanitarium
warrant, No.67, for $50,000, dated Oct. 31 1930.
-The $8,000,000
-BONDS NOT SOLD.
CHICAGO, Cook County, III.
-were not sold.
5% refunding bonds offered on Aug. 22-V. 135, p. 1357
City Comptroller Szymczak reported that New York bankers had offered
a price of 95 for $1,000,000 bonds, due Jan. 1 1934, and also had bid for
$1,000,000 bonds, to mature Jan. 1 1933, the particulars of which were
The Comptroller stated that the offers were rejected
not disclosed.
and the proposed sale indefinitely postponed. The bonds. it was said,
originally were sold at par to the sinking fund in 1931 and the proceeds
used to pay prin. and int. on maturing obligations. The issue matures
at the rate of $1,000,000 annually on Jan. 1 from 1934 to 1941 incl.
-BOND OFFERING.
-Charles
CLAY COUNTY (P. 0. Brazil), Ind.
Romas, County Treasurer, will receive sealed bids until 10 a.m. on Aug.
29 for the purchase of $2,770 4;4% Ralph D. Gray et al. road impt. bonds.
Dated Aug. 15 1932. Denom. $138.50. Due one bond each six months
from Nov. 15 1933 to May 15 1943.
-Mr. Romeo also will receive sealed
FURTHER BONDS OFFERED.
bids until 10 a.m. on Sept. 1 for the purchase of $5,400 4H% gravel road
bonds. Dated Aug. 2 1932. Denom. $270. Due one bond each six
months from July 15 1933 to Jan. 15 1943. A certified check for 3% of the
bonds of this Issue, payable to the order of the County Treasurer, is required.
-BOND OFFERING -H.M.Kimpel,
CLEVELAND HEIGHTS,Ohio.
Director of Finance, will receive sealed bids until 11 a.m. (eastern standard
time) on Sept. 12, for the purchase of $17,000 6% sewer bonds. Dated
Oct. 11932. Denom. $1,000. Due Oct. 1 as follows: 32.000 in 1934 and
1935; $1,000 in 1936; $2,000 in 1937 and 1938; 51.000. 1939; $2.000 in 1940
and 1941; $1,000 in 1942, and $2,000 in 1943. Principal and interest (April
and October) are payable at the office of the Director of Finance, or at the
legal depository of Cleveland Heights in the City of Cleveland. Bids for
the bonds to bear interest at a rate other than 65,expressed in a multiple
of H of 1%, will also be considered. A certified check for 3% of the bonds
bid for, payable to the order of the Director of Finance, must accompany
each proposal.
CLOVISTON SCHOOL DISTRICT(P.O.La Belle), Hendry County,
-At the election held on July 19-v. 135, p.
-BONDS DEFEATED.
Fla.
-the voters rejected the proposal to issue $15.000 in school bonds.
160
-WARRANTS CALLED.
COLORADO, State of (P. 0. Denver).
It is reported that various county and school district warrants of the following political units have been called and will be checked op request:
Delta County; Elbert County; Logan County; Mesa County, and Routt
County.
-BOND OFFFRING.COLUMBIANA COUNTY(P.O.Lisbon), Ohio.
L, H. Johnson, Clerk of the Board of County Commissioners, will receive
sealed bids until 12 in. (eastern standard time) on Sept. 12 for the purchase
of $94.050 69' poor relief bonds. Dated Sept. 1 1932. Due March 1 as
follows: $16,800 in 1934; $17.500 in 1935: $18,750 in 1936; 520,000 in 1937.
and $21,000 in 1938. Interest is payable semi-annually. Bids for the
bonds to bear interest at a rate other than 69', expressed in a multiple of
H of 1%, will also be considered. A certified check for 5% of the issue,
payable to the order of the Board of County Commissioners, must accompany each proposal.
-We are in-BOND SALE.
COLUMBUS, Lowndes County, Miss.
formed that a $2,500 issue of 6% street impt. refunding bonds has been
par by local investors. Dated Aug. 1 1932. Legality appurchased at
proved by Benj. H. Charles of St. Louis.
COLUMBUS TOWNSHIP (P. 0. Columbus), Warren County, Pa.
-The issue of $5,000 6% funding bonds offered on Aug.6
-BOND SALE.
-was purchased privately at a price of par by a local
-V. 135, p. 845
Investor, following the failure to receive a competitive offer at the sale.
Dated April 30 1932. Due April 30 as follows: $750 in 1933; $1,000 from
1934 to 1936, incl., and $1,250 in 1937.
-The issue of
CRAFTSBURY Orleans County, Vt.-BOND SALE.
$24,000 59' refunding bonds offered on July 15 at which time all bids were
-has since been purchased at a price of par by the
rejected-V. 135, p. 660
National Life Insurance Co. The Vermont Securities Co. bid a price of
97.654 for the issue. Dated July 1 1932 and due on Jan. 1 as follows:
51,500 from 1934 to 1943 incl., and $1,000 from 1944 to 1952 incl.
• CRANFORD TOWNSHIP (P. 0. Cranford), Union County, N. J.-Alvan R. Denman, Township Clerk, will receive
BOND OFFERING.
sealed bids until 8:30 p.m. (daylight saving time) on Sept. 13, for the
urchase of $98,000 5%,5H or 6% coupon or registered bonds, divided as
follows:
assessment bonds. Due $12,000 on June 15 from 1933 to 1939,
incl. Bonds are part of an authorized issue of $116.000.
14,000 improvement bonds. Due June 15 as follows: $3,000 from 1933
to 1936, incl.. and $2,000 in 1937. Bonds are part of an authorized
issue of $58,000.
Each issue is dated June 15 1932. Denom. *1,000. Principal and int.
(June and Dec. 15) are payable at the Cranford Trust Co., Cranford, or at
the National City Bank, New York. No more bonds are to be awarded
than will produce a premium of $1,000 over the amount of each issue.
Bonds cannot be sold at less than a price of 99. Amounts to be raised
through the sale of the bonds are $8.3,160 and $13.860, respectively. A.
certified check for 2% of the bonds bid for, payable to the order of the
Township, is required. The approving opinion of Hawkins. Delafield &
Longfellow, of New York, will-be furnished the successful biddder.
-It
-BOND ELECTION.
CUNNINGHAM, Kingman County Kan.
Is reported that an election will be held on Sept. 9 in order to have the
voters pass on the proposed issuance of $19,500 in water bonds.
CUYAHOGA COUNTY(P.0. Cleveland),Ohio.-BOND OFFERING.
-F. J. Husak, Clerk of the Board of County Commissioners, will receive
sealed bids until 11 am. (Eastern standard time) on Sept. 13 for the purchase of $599,500 6% coupon or registered bonds, divided as follows:
$124,000 county portion road impt. bonds. Due Oct. 1 as follows: 514.000
in 1933; 513.000 in 1934;$14,000 from 1935 to 1937, incl.; $13,000
in 1938, and $14,000 from 1939 to 1941, incl.
103,500 property owners' portion impt. bonds. Due Oct. 1 as follows:
$11,500 in 1933; 311,000. 1934; $12,000, 1935; *11.000, 1936:
512,000. 1937; $11,000, 1938; $12,000, 1939; 311.000 in 1940 and
112,000 in 1941.
102,500 county portion impt. bonds. Due Oct. 1 as follows: 112.500
In 1934; 113,000 from 1935 to 1940, incl., and $12,000 in 1941.
67,000 property owners' portion impt. bonds. Due Oct. 1 as follows:
$7,000. 1933: 38,000. 1934: 57.000, 1935; $8,000. 1936; $7,000 In
1937 and 1938;$8,000, 1939;17.000 in 1940_, and 58.000 in 1941.
64,500 property owners' portion impt. bonds. Due Oct. 1 as follows:
$7,500 in 1933; $7,000 from 1934 to 1937, incl.; $8,000 in 1938,
and $7,000 from 1939 to 1941. incl.
56,000 property owners' portion impt. bonds. Due Oct. 1 as follows:
$6,000 from 1933 to 1936, incl.,• $7,000 in 1937; $6.000 from 1938
to 1940, incl., and 57.000 in 1941.
55,000 rperty owners' portion impt. bonds. Due Oct. 1 as follows:
,000 from 1934 to 1937, incl.; $6,000, 1938; 55,000, 1939;
6.000 in 1940 and 1941.
15:000 county portion impt. bonds. Due Oct. 1 as follows: $2.000 in
1933; 51,000. 1934:$2,000 in 1935 and 1936:51,000, 1937; 52.000,
1938;11,000 in 1939 and $2,000 in 1940 and 1941.
p
1524
Financial Chronicle
$12,000 property owners' portion impt. bonds. Due Oct. 1 as follows:
11,000 in 1933 and 1934; $2,000, 1935; $1,000 in 1936 and 1937;
$2.000, 1938; $1.000 in 1939 and 1940, and $2,000 in 1941.
Each issue is dated Sept. 16 1932. Bidders must bid for all of the
$599,500 bonds, which include $358,000 property portion issues and $241,500
county portion issues. A single rate of interest must be named for all of
the bonds of each classification. Bids for the bonds to bear interest at a
rate other than 6%, expressed in a multiple of *1 of 1%, will also be considered. A certified check for $6,000, payable to the order of the County
Treasurer, must accompany each proposal. The proceedings incident to
the proper authorization of these bonds have been taken under the direction of Squire, Sanders 8z Dempsey, whose approving opinion may be procured by the purchaser at his own expense, and only bids so conditioned
or wholly unconditional bids will be considered. Delivery of these bonds
will be made at Cleveland, Ohio, on Sept. 26 1932, or as soon thereafter
as the bonds can be completed.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
-BOND OFFER/NO.
-F. J. Husak, Clerk of the Board of County Commissioners, will
receive sealed bids until 11 a.m. (eastern standard time) on Sept. 14, for
the purchase of $1,000,0006% coupon or registered poor relief bonds, issued
in accordance with the provisions of amended Senate Bill No. 4, in particular Section 7, passed by the 89th General Assembly in its first special
session on March 31 1932. The bonds will be dated Oct. 1 1932. Denom.
$1.000. Due $125,000 on Sept. 15 from 1934 to 1940, incl. Principal and
interest (March and Sept. 15) are payable at the County Treasurer's
office. Bids for the bonds to bear interest at a rate other than 6%.expressed
in a multiple of *1 of 1%, will also be considered. Bids must be for the
entire $1,000,000 bonds and must specify a single rate therefor. A certified
check for $10.000, payable to the order of the County Treasurer, is required.
The proceedings incident to the proper authorization of these bonds have
been taken under the direction of Squire, Sanders & Dempsey, Cleveland,
whose approving opinion may be procured by the purchaser at his own
expense, and only bids so conditioned or wholly unconditional bids will be
considered. Delivery of these bonds will be made at Cleveland, Ohio, on
or about Oct. 5 1932.
ADDITIONAL BONDS OFFERED.
-Mr. Husak will also receive sealed
bids until 11 a. m. (Eastern standard time) on Sept. 16 for the purchase of
$1.350,000 6% coupon or registered refunding bonds, divided as follows:
$950,000 refunding bonds. Due $47,000 April and $48,000 Oct. 1 from
1934 to 1943 incl. Special assessment sewerage and water supply
impt. bonds are to be refunded through the sale of this issue.
400,000 refunding bonds. Due $20,000 April and Oct. 1 from 1934 to
1943 incl. Certain special assessment road impt. bonds are to
be refunded through the sale of this issue.
All of the bonds will be dated Oct. 1 1932. Denom. $1,000. Bidders
may bid at an interest rate other than 6%, expressed in a multiple of Y1 of
1%. Principal and interest (April and October) are payable at the County
Treasurer's office. Bids may be submitted separately for each issue or for
I'
"all or none.' Split rate bid will not be considered on any single issue, but
different interest rate may be bid for each issue. Bidding forms furnished
upon application to the above-mentioned Clerk. A certified check for
1% of the bonds bid for, payable to the order of the County Treasurer.
must accompany each proposal. The proceedings incident to the proper
authorization of these bonds have been taken under the direction of Squire,
Sanders & Dempsey of Cleveland, whose approving opinion may be procured by the purchaser at his own expense.
DAYTON, Montgomery County, Ohio.
-BOND SALE.
-The $155,000 4*1%, series F. sewage disposal plant bonds offered on Aug. 19-V.
135, p. 1024
-were awarded to Leach Bros. of Philadelphia, at a price of
87, a basis of about 5.99%. Dated Oct. 15 1927. Due as follows: $10,000
Nov. 1 1945; $10,000 May and Nov. 1 from 1946 to 1952, incl.. and $5,000
May 1 1953.
DEFIANCE Defiance County, Ohio.
,
-MAY ISSUE UTILITY
CONSTRUCTION BONDS.
-A proposal that a bond issue of from $500,000
to $1.000,000 be submitted for consideration of the voters at the general
election in November, for the purpose of financing the construction of a
municipally owned electric and gas plant bonds, is suggested in a petition
signed by 2,705 citizens asking that the Toledo Edison Co. reduce its rates
immediately.
DEFIANCE COUNTY (P. 0. Defiance), Ohio.
-BOND SALE.
-The
$30.000 road construction bonds offered on Aug. 22-V. 135. p. 1191
were awarded as 53,1s to the Fifth-Third Securities Co., of Cincinnati. at
par plus a premium of $82.57, equal to 100.275. a basis of about 5.177.
Dated Dec. 1 1931. Due Sept. i as follows: $44,000 from 1933 to 1937
incl.. and $5,000 in 1938 and 1939.
The following is an official list of the bids received at the sale:
BidderInt. Rate. Premium.
Fifth-Third Securities Co. (successful bidder)
$82.57
Well, Roth & Irving Co
57.00
Banc Ohio Securities Co
5)17108.00
Seasongood & Mayer
537
97.00
Davies-Bertram Co
303 0
5
7
5)1%
Davies-Bertram Co
534
Provident Savings Bank & Trust Co
5)(7
21.00
Magnus & Co
153.10
534
Ryan, Sutherland & Co
5)1%
33.00
DELAWARE COUNTY (P. 0. Muncie), Ind.
-NOTE OFFERING.
W. Max Shafer, County Auditor, will receive sealed bids until 10 a.m. on
Sept. 12 for the purchase of $72,000 6% poor relief notes. Dated Aug. 15
1932. Denom. $1,000. Due in amounts of $36.000 each on May and
Nov. 15 1933. Principal and interest are payable at the office of the
County Treasurer. A certified check for 3% of the notes bid for, payable
to the order of the Board of County Commissioners, must accompany
each proposal.
DENVER (City and County), Colo.
-BOND SALE.
-A $266,500
issue of 4% courthouse and city hall bonds is reported to have been purchased recently by Brown, Schlessman, Owen ,!‘ Co. of Denver, at par.
Dated July 1 1931. Due on July 11946. Prin. and in (J. & J.) payable
at the office of the City Treasurer. Legal approval by Pershing, Nye,
Tallmadge & Bosworth of Denver, and Clay, Dillon & Vandewater of New
York City. These bonds are all of the unsold balance of a total issue of
$2,500,000 bonds that was voted on May 19 1931.
Financial Statement (As Officially Reported).
Assessed valuation for taxation 1931
$443,901.430
Total debt
23,867,600
Less: Water debt
$20,867,600
Sinking fund
308,220
Net debt
2,691,780
Population 1920 census, 256.491; 1930 census, 287,644.
Denver's net general bonded debt Is less than *1 of 1% of the assessed
valuation.
DES MOINES INDEPENDENT SCHOOL DISTRICT (P. 0. Des
Moines), Polk County, Iowa.
-BOND SALE.
-An issue of $128,000
431% coupon debt funding bonds is stated to have been purchased on Aug.
17 by the Harris Trust & Savings Bank of Chicago, paying a premium of
510, equal to 100.0078, a basis of about 4.24%. Denoms. $1,000 and $500.
Dated Sept. 1 1932. Due from Sept. 1 1933 to 1942 incl. Prin. and int.
(M. & S.) payable at the office of the School Treasurer in Des Moines.
Legality to be approved by Chapman & Cutler of Chicago.
Financial Statement.
(As officially reported on July 1 1932 by the Secretary).
Value of taxable property
$229,835,064
*Total debt (this issue included)
7.766,500
Population, 1930 census (city), 142,559; 1920 census (city), 126,468.
*The constitutional debt limit is 5% of the value of taxable property.
The Supreme Court of Iowa defined this to be 5% of the actual value of
taxable property as returned by the assessor and as equalized.
DETROIT, Wayne County, Mich.
-NOTE MATURITIES EXTENDED.-Noto maturities to the amount of $15,688,000. representing
loans made to the city by New York and Chicago banking interests, were
extended until Sept. 15 1932, through arrangements by City Comptroller
G. H. Roosevelt on August 18. The issues, which bear interest at 6%,
have been renewed on several previous occasions and will be funded through
the sale of long-term bonds whenever market conditions warrant such sale.
Extension of further issues of $3,000,000 also has been granted by Detroit
holders of the notes.
DETROIT, Wayne County, Mich.
-MONEY DEPOSITED FOR
BOND SERVICE CHARGES.
-It was reported on Aug. 26 that the city
Aug. 27 1932
has deposited $4,315,000 with the National City Bank of New York, to
apply on its bond and coupon account.
DURANT, Bryan County, Okla.
-LOAN APPLICATION.
-It is
reported that formal application has been made to the Reconstruction
Finance Corp. for a $50,000 loan.
EAST JEFFERSON WATER WORKS DISTRICT NO. 1 (P. 0.
Gretna), Jefferson Parish, La.
-It is reported
-BOND OFFERING.
that sealed bids will be received until Sept. 19 by John W. Hodgson, President of the Board of Commissioners, for the purchase of a $500,000 issue
of water works bonds. Interest rate is not to exceed 69', payable semiannually. Denom.$1,000. Due in 30 years. These bonds were approved
by the voters on June 28-V. 135, p. 332.
EDCOUCH INDEPENDENT SCHOOL DISTRICT (P. 0. Edcouch),
Hidalgo County, Tex.
-BONDS PARTIALLY SOLD.
-Of the $15,000
issue of 5% registered school bonds offered for sale without success on July
25-V. 135, p. 1191-a block of $10,000 was purchased by the State Board
of Education at par. Denom. $500. Dated July 1 1932. Due $500 from
1933 to 1952 incl. It is stated that the remaining $5,000 bonds will be
cancelled.
ELMSFORD, Westchester County, N. Y.
-CERTIFICATES NOT
SOLD.
-The issue of $100,000 certificates of indebtedness placed on sale,
at not to exceed 6% interest, on August 15-V. 135, p. 1191
-was not
sold,as no lids were received. Dated Aug. 10 1932 and due on Aug. 10 1933.
ESSEX COUNTY (P. 0. Lawrence), Mass.
-TEMPORARY LOAN.
The $200,000 temporary loan issue offered on Aug. 23-V. 135, p. 1357
was awarded to the Merchants National Bank of Salem, at 1.40% discount
basis, plus a premium of $0.83. Due on Nov. 10 1932. Bids received
at the sale were as follows:
Bidder
Discount Basis.
Merchants National Bank, Salem (Plus $0.83 premium)
1.40
Cape Ann National Bank
1.43
Gloucester National Bank
1.685%
National City Co.(plus $40 premium)
1.75
Naumkeag Trust Co.(plus $1 premium)
1.75
Warren National Bank
1 75
Second National Bank of Boston
1.80
Gloucester Safe Deposit & Trust Co
1.84
FORT BEND COUNTY WATER CONTROL AND IMPROVEMENT
DISTRICT NO. 1 (P. 0. Richmond), Tex.
-It
-BOND ELECTION.
is stated that an election will be held on Sept. 12 in order to have the voters
pass on the proposed issuance of $700,000 in 6% improvement bonds. Due
in not to exceed 40 years.
FORT WORTH, Tarrant County, Ter.
-PROPOSED LOAN APPLICATION.
-It is reported that the city will apply to the Reconstruction
Finance Corporation for a loan of $600,000 to finance work on certain
overpasses within the city limits. It is stated that the loan would be
secured by bonds already voted.
FOSTORIA, Seneca County, Ohio.
-Gerald D.
-BOND OFFERING.
King, City Auditor, will receive sealed bids
m. on Sept. 10 for
the purchase of $43,150 6% bonds, for the until 12 of refunding a like
purpose
amount due on Sept. 11932. The bonds now offered will be dated Sept. I
1932 and mature on Sept. 1 as follows: $4,650 in 1934;$5,000, 1935; $4,500.
1936; $5,000 in 1937 and 1938; $4,500 in 1939; $5,000
1940 and 1941,
and $4,500 in 1942. One bond for $650, others for in
$500. Interest is
payable in March and Sept. Bids for the bonds to bear interest at a rate
other than 6%, expressed in a multiple of 31 of 1%, will also be considered. A certified check for $500, payable to the order of the City
Treasurer, must accompany each proposal.
FRAZER TOWNSHIP SCHOOL DISTRICT (P. 0. Tarentum),
Allegheny County, Pa.
-BOND OFFERING.
-Sealed bids addressed to
the Secretary of the School Board will be received until August 29 for the
purchase of $10,000 school bonds, to bear interest at the rate of either
4X,5 or 534%, Due in 10 years. Interest is payable semi-annually.
GARWOOD, Union County, N. J.
-The two
-BONDS NOT SOLD.
issues of coupon or registered bonds aggregating $225,000 offered on Aug.
23-V. 135, p. 1192-were not sold, as no bids were received. Bidders were
asked to bid on an interest rate of either 534, 5 or 6%. The offering comprised $186,000 sewer bonds, due
$39,000 assessment bonds. due onon Aug. 15 from 1934 to 1972 incl., and
Aug. 15 from 1933 to 1939 incl. Each
IMO is dated Aug. 15 1932.
GLASSBORO, Gloucester County, N. J.
-BONDS NOT SOLD.At the offering on August 22 of $290.000 coupon or registered bonds, at
not to exceed 6% interest
-no bids were submitted.
-V. 135. P. 1192
Awerd was to be made of either $290.000 bonds, comprising issues of
$200.000 and $90,000 due from 1934 to 1955, incl., or $290,000 bonds.
to mature on Sept. 1 1934.
GREELEY, Weld County, Colo.
-Sealed bids
-BONDS OFFERED.
were received until 7.30 p.m. on Aug. 23 by W. A. Hamnett, City Clerk,
for the purchase of a $225,000 issue of water works extension bonds. Bidders
to name the rate of interest and also to include in their bids the cost of
legal proceedings and of an acceptable legal opinion, also the cost of bond
forms and printing. Due in 15 years, optional in 10 years. (The preliminary
report on this offering appeared in V. 135. p. 1358.)
HANNIBAL SCHOOL DISTRICT (P.0. Hannibal) Marion County.,
Ore.
-BOND SALE.
-An issue of $150,000 434% school
to have been purchased recently by the Harris Trust & bonds is reported
Savings
Chicago. Denom. $1.000. Dated Aug. 1 1932. Due on Feb. 1 asBank of
follows:
$20,000, 1945 to 1951, and $10,000 in 1952. Prin. and int. (F. & A.)
payable at the Hannibal National Bank In Hannibal. Legality approved
by Chapman & Cutler of Chicago.
HARRISBURG SCHOOL DISTRICT, Dauphin County, Pa.'
BONDS PUBLICLY OFFERED.
-A. C. Wood, Jr. & Co. of Philadelphia
aing
% bonds, due on Jan. 1 from 1945
toelm95a2k
ar
bt e of ea to yofietd5O3".800%43.i
l prlcering
f
HEBRON,Licking County, Ohlo.-BOND OFFERING.
-Mary Rosebraugh, Village Clerk, will receive sealed
In. (eastern standard
time) on Sept. 10, for the purchase of bids until 12improvement bonds.
$2,100 6%
Dated June 1 1932. One bond for $500, others for $400. Due Oct. 1 as
follows: $500 in 1934, and $400from 1935 to 1938,Incl. Interest is payable
in April ard October. Bids for the bonds to bear interest at a rate
other
than 6%. expressed in a multiple of 31 of 19'. will also be considered. A
certified check for $210, payable to the order of the Village, must accompany
each proposal.
HELENA,Phillips County, Ark.
-PROPOSED
-It is stated that in conjunction with the cities ofLOAN APPLICATION.
Clarksdale and Tunica.
in Mississippi, the above city will ask the Reconstruction Finance Corporation for a loan of $2,000,000 to be used for the construction of a toll
bridge
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 20 (P. 0.
Lynbrook), Nassau County, N. Y.
-BOND OFFERING.
-Sealed bids
addressed to the Board of Education will be received until 8 p. m. on
Sept. 13 for the purchase of $60,000 not to exceed 6% interest school bonds.
Dated Oct. 1 1932. Denom. $1,000. Due $3,000 on Jan. 1 from
1934
to 1953, incl. Principal and semi-annual interest are payable at the Lynbrook National Bank & Trust Co., Lynbrook. A certified check for 5%
of the bonds must accompany each proposal.
(This report of the offering supersedes that given in V. 135, p. 1358.)
HILLSBOROUGH COUNTY (P. 0. Tampa), Fla.
-BONDS AUTHORIZED -_A resolution is reported to have been passed by the County
Commission authorizing a new refunding issue of $2,000,000 paving bonds.
The resolution also makes possible the refunding in the future by the
commission of such special road and bridge district bonds from the $5,000,000 now outstanding as the said commission and its fiscal agent may
select. It is said that the now bonds, due in 20 years, will bear from 11
to % higher rates.
HILLSIDE TOWNSHIP (P. 0. Hillside), Bergen County, N. J.
BOND OFFERING.
Bloy, Township Clerk, will receive sealed
-Howard
bids until 8 p. in. (daylight saving time) on Sept. 14 for the purchase of
$855,000 coupon or registered bonds, to bear interest at either 5, 531, 511„
534 or 6%,and divided as follows:
$556 0 general (mot. bonds. Due Dec. 15 as follows: $5,000 in 1936;
. 00
510,000, 1937; $15,000 from 1938 to 1957 incl.; $20,000 from 1958
to 1968 incl., and $21,000 in 1969. Principal and interest are
Payable at the Hillside Trust Co., Hillside. Bonds are part of
an authorized Issue of $616,000.
Volume 135
Financial Chronicle
$299,000 assessment bonds. Due Dec. 15 as follows: $5,000 in 1934;
312,000, 1935; 313,000, 1936; $65,000, 1937; $70,000 in 1938
and 1939, and $64,000 in 1940. Principal and interest are payable
at the Hillside National Bank, Hillside. Bonds are part of an
authorized issue of $822,000.
Each issue is dated Dec. 15 1932. Denom. $1,000. Interest is payable
on June and Dec. 15. No more bonds are to be awarled than will produce
a premium of $1,000 over the amount of each issue. The amounts to be
raised by the sale of the bonds are $500,400 and $269.100, respectively.
Bonds cannot be sold at less than a price of 99. A certified check for 2%
of the bonds bid for, payable to the order of the Township, must accompany
each proposal. The approving opinion of Ilawkins, Delafield & Longfellow, of New York, will be furnished the successful bidder. (The Township on three separate occasions failed to receive a bid for $1,438,000
assessment and general impt. bonds, comprising issues of $822,000 and
$616,000. It then started to offer bonds of the current issues for a like
amount of obligations which became due on Jan. 1 1932, and on June 16
1932 it was reported that an exchange had been effected involving $550,000
bonds.
-(V. 134, p. 4525).
-TEMPORARY LOAN.
HOLYOKE, Hampden County, Mass.
-The
City Treasurer reported on Aug. 23 that a short-term loan of $150,000
had been obtained from the Farr Alpaca Co., which will make possible the
meeting of payrolls that have been suspended for two weeks. The loan
was obtained after fruitless negotiations with Boston banks, according
to report.
HUDSON, Summit County, Ohio.
-BOND OFFERING.
-Franklin H.
Jones, Village Clerk, will receive sealed bids until 12 m.(Central standard
time) on Sept. 20 for the purchase of $11,948.62 6% water mains construction bonds. Dated ALIO 11932. One bond for $948.62. others for $1,000.
Due Oct. 1 as follows: $948.62 in 1934; $1.000 from 1935 to 1939, incl.,
and $1,500 from 1940 to 1943, incl. Interest is payable in April and Oct.
Bids for the bonds to bear interest at a rate other than 6%,expressed in a
multiple of ;4' of 1%, will also be considered. A certified check for $120.
payable to the order a the Village, must accompany each proposal.
(The village previously announced intention to receive bids on Aug. 23
for the purchase of $11,818.06 6% improvement bonds.
-V. 135. p. 1025.)
Mr.Jones will receive bids at the same time for the purchase of $55,171.54
6% street improvement paving bonds. Dated June 1 1932. One bond for
$5,671.54, others for $5,500. Due Oct. 1 as follows: $5,671.54 in 1934, and
$5,500 from 1935 to 1943 incl. Interest is payable in April and October.
Bids for the bonds to bear interest at a rate other than 6%, expressed in a
multiple of y, of 1%, will also be considered. A certified check for $555
payable to the order of the Village. must accompany each proposal.
HUNTINGTON WOODS (P. 0. Royal Oak), Oakland County,
-BOND OFFERING.
-W. A. Jones, City Manager, will receive
Mich.
sealed bids until 7:30 p. in. on Aug. 29 for the purchase of $9,000 not to
exceed 6% interest refunding bonds. Dated Aug. 15 1932. Due $1,000
on Aug. 15 from 1935 to 1943, incl. Interest is payable in Feb. and Aug.
A certified check for 5% of the bonds bid for, payable to the order of the
City Treasurer, must accompany each proposal. The approving opinion
of Miller, Canfield, Paddock & Stone, of Detroit, will be furnished the
successful bidder.
ILLINOIS (State of).
-BOND SALE.
-The $1,000,000 4% coupon
waterway bonds offered on Aug. 24-V. 135, P. 1358
-were awarded to a
group composed of Halsey, Stuart & Co., Inc., the Bancamerica-Blair
oou ad Wertheim & Co.,all of New York, at a price of 99.760, a basis
ro.
et
of e^b,; 4,04%. Dated Jan. 1 1920 and due Jan. 1 1939. The bonds,
according to the bankers, are legal investment for savings banks and trust
funds in New York, Massachusetts, Connecticut, Illinois and other States,
and are being offered for public investment priced to yield 3.90%. The
bankers further state that the securities, in the opinion of counsel, constitute direct and general obligations of the State, payable from unlimited
ad valorem taxes levied against all the taxable property therein. The State,
it is said, reports an assessed valuation for 1930 of $8,443,917,821 and the
total bonded debt, including the current issue, amounts to $190,108,500.
Population, 1930 census. 7,630,654.
Bids received at the sale were as follows:
BidderRate Bid.
Halsey, Stuart Sr Co., 13ancamerica-Blair Corp. and Wertheim & Co.,
jointly (successful bidders)
99.76
Chase Harris Forbes Corp
99.69
Dillon, Read & Co
99.61
Northern Trust Co.,Chicago,and Mercantile Commerce Co.,St. Louis99.52
Phelps. Fenn & Co.: R. L. Day & Co. and Milwaukee Co., Jointly_ _ _ _99.42
National City Co.; Guaranty Co.of New York, and Brown Bros. Harriman & Co.,jointly
99.10
Lehman Bros.; R. W. Pressprich & Co., and Kelley, Richardson &
Co., jointly
98.79
INDIANAPOLIS, Marion County, Ind.
-LOAN OFFERING-Sealed
bids addressed to William L. Elder, City Comptroller, will be received
until 11 a. m. on Sept. 10 for the purchase of a $50,000 temporary loan
issue, dated Sept. 10 1932 and due on Dec. 10 1932. Bidder to name the
rate of interest within a limitation of 6%•
INGLEWOOD, Los Angeles County, Calif.
-INTEREST RATE.
The $38,000 issue of Acquisition and Improvement District No. 1 bonds
that was purchased at par by the Bank of Inglewood-V. 135. p. 1192
bears interest at the rate of 7%. Due in one year.
IRONTON, Lawrence County, Ohio.
-BONDS NOT SOLD.
-The
issue of $63,853.26 6% refunding bonds offered on August 19-V. 135.
p. 1025
-was not sold, as no bids were received. Dated Sept. 1 1932 and
due Sept. 1 as follows: $7,853.26 in 1934, and $7,000 from 1935 to 1942 incl.
JACKSON, Jackson County, Mich.
-BOND ELECTION.
-At an
election to be held on Sept. 13 the voters will consider a proposed $180,000
sewage disposal plant construction bond issue.
JEFFERSON COUNTY (P. 0.
Birmingham), Ala.
-LOAN
GRANTED.
-A loan of $225,000 to the above city and county to relieve
emergency conditions there, was announced on Aug. 24 by the Reconstruction Finance Corporation. The advance is said to have been requested by
The law provides for repayment to the corporation at
the Governor.
such times and terms as may be agreed upon. The "United States Daily"
of Aug. 25 reported on this and other loans as follows:
le• This is one of the first allocations of relief to cities and counties since the
Corporation began to function under the Emergency Relief and Construction Act of 1932.
I. On Aug., 3 it advanced $8852,662 to four counties in Ohio: Mahoning
Stark County, $334,977 and
County, 36,440; Lorain County. 3131,245; S
,
Summit County. $50,000.
On Aug. 10 it advanced $768,000 to three Ohio counties: Montgomery
County, $400,000; Summit County (second advance). $190,500, and
Trumbull County, $177,500.
Advance to Detroit.
On Aug. 4 the Corporation advanced $1,800,000 to the City of Detroit.
Mich., by purchasing $1,800,000 of a $10,000,000 Detroit bond issue for
welfare purposes which the city had been unable to dispose of in the market.
The Corporation is adhering to its announced policy of not making public
applications for loans. It preserved this policy in respect to information
received Aug. 24 that the Mayor of Newark, Jerome T. Congleton, has
asked the Corporation for a $6,500,000 loan for "construction of necessary
self-liquidating projects" which, the Mayor said, would return to work
several thousand men laid off June 1 when the State of New Jersey withdrew its direct work aid.
JENNINGS, Decatur County, Kan.
-BOND OFFERING-It is reported that sealed bids will be received until 8 p.m. on Sept. 1, by the
Clerk,for the purchase of a $16,000 issue of street improvement bonds.
City
JOHNSBURGH (P. 0. Weavertown) Warren County, N.
-The $90,000 coupon or registered North Creek Water
BOND SALE.
District bonds offered on Aug. 23-V. 135, p. 1192-were awarded as
534s to B..1. Van 'wen & Co. of New York, and the M.& T. Trust Co. of
Buffalo, jointly, at a price of 100.39. a basis of about 5.71%. Dated Aug. 1
1932 and due $3,000 on Feb. 1 from 1937 to 1966, inclusive.
JOHNSON, Lamoille County, Vt.-BOND SALE.
-The $31.000 5%
20-V. 135, p. 1026
coupon refunding bonds offered on
-were purAug'
chased at a price of par by the National Life Insurance Co. of Montpelier.
Dated Sept. 11932. Due Dec. 1 as follows: $2,000 from 1935 to 1949incl.,
and $1,000 In 1950.
-BOND SALE.
JOHNSTOWN, Fulton County, N. Y.
-The $3392,000
coupon or registered school bonds offered on Aug. 26-V. 135, p. 1026
awarded as 4345 to Halsey, Stuart & Co.,Inc., and Phelps, Fenn &
were
1525
Co.. both of New York,jointly, at a price of 100.65, a basis of about 4.45%.
Dated Oct. 11931. Due Oct. 1 as follows: $8,000 from 1933 tt 1936 incl.;
$10,000. 1937 to 1941: $12,000, 1942 to 1946; $14,000, 1947 to 1951:116,000
from 1952 to 1956 incl., and $20,000 from 1957 to 1961 incl.
KANSAS CITY, Wyandotte County, Kan.
-BOND SALE.
-A $75,357 issue of traffic way bonds is reported to have been purchased by Stern
Bros. & Co. of Kansas City, at a price of 100.666.
-BONDS NOT SOLD.
-The city
KENT, Portage County, Ohio.
failed to receive a bid at the offering on Aug. 22 of two issues of 6% bonds
aggregating $21,336.14.-V. 135, p. 1026.
KENT COUNTY (P.O. Grand Rapids), Mich.
-BOND OFFERING.
Sealed bids addressed to County Clerk Louis Neumann will be received
until 2 p. m.(Eastern standard time) on Aug. 30 for the purchase of $75,000
poor relief bonds, to bear interest at not to exceed 5%. Dated Sept. 1
1932 and to mature on Feb. 11933.
KERN COUNTY SCHOOL DISTRICT (P. 0. Bakersfield), Calif.
-The $5,500 issue of 5% Union Ave. Elementary
BONDS NOT SOLD.
-was not sold. It is stated
School bonds offered on Aug. 2-V. 135, p. 662
that the election held on that day to vote the bonds was not successful.
-BONDS OFFERED.
-It is stated
KILGORE, Gregg County, Tex.
that the city has offered for sale an issue of 3175,000 6% water works and
sanitary sewer system bonds. These bonds are said to be part of an issue
authorized on March 15 1931.
-BOND SALE.
-The issue
KITTANNING, Armstrong County, Pa.
of $335,000 434% coupon street improvement bonds offered for sale on
-at which time no bids were received, was sold
June 14-V. 134, P. 3858
on Aug. 8 to Glover & MacGregor, of Pittsburgh. Dated June 1 1932.
Due on June 1 from 1933 to 1962,inclusive.
KLICKITAT COUNTY SCHOOL DISTRICT NO. 54 (P. 0. Golden-BOND OFFERING-It is reported that sealed bids will be
dale), Wash.
received until 1 p. m. on Sept. 12 by J. W. Gray, County Treasurer, for the
purchase of a $5,000 issue of school bonds. Interest rate is not to exceed
6%, payable semi-annually. Prin. and int, payable at the office of the
County Treasurer, or at the fiscal agency of the State in New York. A
certified check for 5% is required.
KNOXVILLE, Knox County, Tenn.
-We
-LOAN APPLICATION.
are informed that the Mayor has made formal application to the Governor
for his certificate to forward with an application to the Reconstruction
Finance Corp. for a loan of $1,000.000 to be used for construction work in
order to relieve unemployment.
KNOXVILLE, Knox County, Tenn.
-BOND ORDINANCE PASSED.
-The City Council is reported to have passed on first reading an ordinance
authorizing the issuance of $850,000 in short-term revenue bonds, to
mature not later than Dec. 15.
-The $100,000
KOHLER, Sheboygan County, Wis.-PRICE PAID.
issue of 434% semi-ann. sewer bonds that was jointly purchased by Dalton,
Riley & Co. of Milwaukee, and the Citizens State Bank of Sheboygan
-was awarded at a price of 95.00. a basis of about 5.07%.
V. 135, p. 1359
Dated April 1 1932. Due from April 1 1936 to 1952 incl.
-BOND SALE.
-Of the two issues
LANGLEY,Island County, Wash.
of coupon water bonds aggregating $12,000, offered for sale on Aug. 16-the $6,000 general bonds were purchased by the State of
V. 135, p. 1193
Washington, as 68 at par. The issues are as follows: $6,000 general, and
$6,000 water revenue bonds. Local investors purchased the revenue bonds.
There were no other bids.
LINCOLN SCHOOL DISTRICT (P.0. Markleeville) Alpine County,
-The 32.500 issue of 5% semi-ann. school bonds
-BOND DETAILS.
Calif.
-was purchased at par by Stella
that was reported sold-V. 135, p. 1026
Johnson of Gardnerville, Nevada. Due in 1938.
LIVERPOOL, Onondaga County, N. Y.
-BOND SALE.
-The
following issues of coupon or registered bonds, aggregating $179,147.85
offered on Aug. 22-V. 135. p. 1193-were awarded as 6s to Sage, Wolcott
& Steele, of Rochester, at par plus a premium of $19, equal to 100.06, a
basis of about 5.99%:
$108,454.75 series B bonds. Due July 1 as follows: $4,454.75 in 1933:
$5,000 from 1934 to 1943, incl., and $6,000 from 1944 to 1952.
incl. These bonds are part of an issue of $114.550.81.
70,693.10 series A bonds. Due July 1 as follows: $1,693.10 in 1937:
$2,000 from 1938 to 1970, incl., and $3,000 in 1971.
Each is dated July 1 1932.
-BONDS NOT 50013.
-The issue of
LORAIN, Lorain County, Ohio.
$17,412.69 6% special assessment improvement bonds offered on Aug. 18
-was not sold, as no bids were received. Dated July
-V. 135, p. 1193
15 1932. Due Sept. 15 as follows: $1,412.69 in 1934; $1,000 in 1935 and
1936, and $2,000 from 1937 to 1943, inclusive.
-BOND OFFERING.
LOS ANGELES, Los Angeles County, Calif.
It is reported that sealed bids will be received until Sept. 7, by Robert
Dominguez, City Clerk, for the purchase of a $3,052,000 issue of 5%
semi-annual city bonds.
The last previous important sale of bonds by the above cty took place
on March 29 1932 and consisted of an issue of $1,000,000 water works.
election of 1930, class D, series I, that was awarded to a syndicate headed
by R. H. Moulton & Co. of Los Angeles as 5s at a price of 100.115, a basis
of about 4.99%. It was reported in detail in V. 134. p.2577.
-BOND SALE CONLOS ANGELES, Los Angeles County, Calif.
TEMPLATED.
-It is stated that the sale of $1,400,000 water bonds was
authorized on Aug. 16 by the Water and Power Board, subject to the
approval of the City Council. The money is said to be intended for the
purchase of water rights and for construction work in connection with the
Bouquet canyon water development project. The bonds are part of a
$38,800,000 issue voted in 1930.
LOS ANGELES COUNTY ACQUISITION AND IMPROVEMENT
-BOND OFFERING.
DISTRICT NO. 194 (P. 0. Los Angeles) Calif.
m. on Aug. 29. by L. E. Lampton,
Sealed bids will be received until 2
p.
County Clerk,for the purchase of a $10,925.81 issue of improvement bonds.
Interest rate is not to exceed 7%, payable F. & A. Denoms. $1,000 and
$500, with one for $425.81. Dated Aug. 5 1932. Due on Aug. 5 as follows:
3500, 1934; $1,1)00, 1935: $500. 1936; $1,000. 1937; $500, 1938; $1,000,
1939;$500, 1940:$1,000, 1941;$500, 1942;$1,000, 1943;$500, 1944; $1,000.
1945; $500, 1946, and $1,425.81 in 1947. Prin. and int. payable in gold at
the County Treasury. A certified check for 3% of the amount of bonds,
payable to the Chairman of the Board of Supervisors, must accompany the
bid.
LOS ANGELES METROPOLITAN WATER DISTRICT (P. 0.
-TAX REPORT.
Los Angeles), Calif.
-The directors of this district are
said to have adopted a tax levy of four cents per $100 assessed valuation
for the fiscal year ending June 30 1933. It is reported the levy will probably
net the district approximately $700,000 of which 75% will be spent for
labor.
-BOND OFFERING.LUCAS COUNTY (P. 0. Toledo) Ohio.
Adelaide E. Schmitt, Clerk of the Board of County Commissioners, will
receive sealed bids until 10 a. m. on Sept. 12 for the purchase of $563,000
6% poor relief bonds. Denom. $1,000. Due March 1 as follows: $100,000
in 1934; $106,000, 1935; $112,000. 1936; $119,000 in 1937, and $126,000 in
1938. Principal and interest (March and September) are payable at the
office of the County Treasurer. A certified check for I% of the amount of
the bonds must accompany each proposal. Conditional bids will not be
considered. A complete certified transcript of all proceedings, evidenciw
the regularity and validity of the issuance of said bonds, will be furnished
the successful bidder in accordance with the provisions of section 2293-30
of the General Code of Ohio. A complete transcript of all proceedings
relative to the issuance of said bonds, up to the date of the sale thereof is
now on file in the office of the County Commissioners for inspection by all
persons interested.
MAINE (State of).-130ND OFFERING-L. H. Winship, Commissioner of the Treasury, will receive sealed bids until 10 a. m. (daylight
saving time) on Sept. 1 for the purchase of 11.500.000 4% coupon highway
and bridge bonds. Dated Sept. 1 1932. Denom. $1,000. Due Sept. 1
as follows: 5300,000 in 1954; 5400,000, 1955; 1300,00010 1956. and $500.000
in 1957. Interest is payable semi-annually in March and Sept. Principal
and int. are payable at the office of the State Treasury Department. in
Augusta. The opinion of the Attorney General of the State as to the legality
of the issue will be furnished the successful bidder. All bids must be for the
total issue offered. The bonds, it is officially reported, are an unqualified,
1526
Financial Chronicle
direct obligation of the State, and the credit and good faith of the State is
pledged for the payment of both principal and interest. They are further
said to be part of the $15,000,000 issue authorized by an Act passed by the
84th Legislature of the State, which Act is Chapter 130 of the Public Laws
of 1929. Valuation of the State is reported as $756,860,383, and the bonded
debt (exclusive of the present issue) on Sept. 1 1932 amounted to $29,903,000.
(On Aug. 10 the State awarded $1,000,000 4% bonds, due from 1951 to
1954 incl., to the Guaranty Company of New York and associates, at
102.17, a basis of about 3.85%. Public re-offering was made at prices to
yield 3.75% for all maturities.
-V. 135, P. 1193. On the following day, a
temporary note issue of $800,000, due in two months, was sold to the Merrill
Trust Co., of Bangor, which named an Interest rate of 1.625%.-V. 135,
p. 1359.)
MADISON, Dane County, WI,.
-OTHER BIDDERS.
-The following
Is an official list of the other bids received for the two issues of coupon
bonds, aggregating $280.000, that were awarded to the National City Co.
of New York, as 4%s, at a price of 102.776, a basis of about 4.13%-V.
135, p. 1359:
Name of BidderPremium.
Harris Trust & Savings Bank
$7.770
Northern Trust Co
7,400
First Wisconsin Co
7.540
Milwaukee Co
7.475
Stifel, Nicelane & Co
7,730
Halsey, Stuart 8c Co
4,725
John Nuveen & Co
3,950
MAPLE HEIGHTS SCHOOL DISTRICT (P.O. Bedford), Cuyahoga
County, Ohio.
-BOND OFFERING.
-Mabel M. Lawrence, Clerk of the
Board of Education, will receive sealed bids until 12 m. on Sept. 12 for the
purchase of $17,000 6% refunding school bonds. Dated Sept. 1 1932.
Denoms. to suit purchaser. Due $1,700 on Sept. 1 from 1934 to 1943 incl.
Principal and interest (March and September) are payable at the
office of the Clerk of the Board of Education. Bids for the bonds to bear
interest at a rate other than 6%, expressed in a multiple of X of 1%, will
also be considered. A certified check for $200. payable to the order of the
above-mentioned official, must accompany each proposal. Proceedings in
connection with the issue will have the approval of the State AttorneyGeneral and will be furnished the successful bidder.
(It was reported recently that the District had exchanged $18,750 6%
refunding bonds for a like amount of maturing obligations.
-V. 135. 11.•
1193.)
MARGATE CITY, N. J.
-BOND SALE.
-The $149,000 5%. series O.
coupon or registered Beach Front bonds offered on August 18-V. 135,
p. 1193-were sold at par as follows: $148.000 to B. E. Block, a local investor, and $1,000 to the sinking fund commission. The issue is dated
15 1932 and due on Aug. 15 as follows: $4,000 from 1934 to 1969, incl.,
and $5,000 in 1970.
Aug.
MARION COUNTY (P.O. Indianapolis) Ind.
-NOTE OFFERING.
Charles A. Grossart, County Auditor, will receive sealed bids until 10 a. in.
on Sept.9for the purchase of $266.0006% poor relief notes. Dated Sept. 10
1932. Denom. $1,000. Due $133,000 on May and Nov. 15 1934. Principal
and interest (May and Nov. 15) are payable at the office of the County
Treasurer. A certified check for 37 of the notes bid for, payable to the
order of the Board of County Commissioners, must accompany each proposal. No conditional bid will be considered and the opinion as to the
validity of the issue is to be furnished by the purchaser.
MARSEILLES, La Salle County, Ill.
-At an
-BONDS VOTED.
election held on Aug. 10 the voters authorized the issuance of $190,000
bridge costruction bonds, by a count of 765 to 20.
MEDINA, Medina County, Ohio.
-The $2,,900 5li%
-BOND SALE.
special assessment street improvement bonds offered on Aug. 8-V. 135.
p. 683-were purchased at a price of par by the Savings Deposit Bank, of
Medina. Dated March 15 1932. Due Oct. 1 as follows: $325 from 1932
to 1939,incl., and $300 in 1940.
MEMPHIS, Shelby County, Tenn.
-SINKING FUND PURCHASES
CONTEMPLATED.
-The City Commission is said to have authorized the
water department to use its sinking fund for the purchase of $250,000 4%%
water bonds.
MIDDLEBURGH, FULTON, BROOME, BLENHEIM, SCHOHARIE
AND BERNE CENTRAL SCHOOL DISTRICT NO. 1 (P. 0. Middle.
burgh), Schoharie County, N. Y.
-J. Laurence
-BOND OFFERING.
While, Clerk of the Board of Education, will receive sealed bids until 2 p. m.
(Eastern standard time) on Sept. 6 for the purchase of $3350.000 not to
exceed 6% interest coupon or registered school bonds. Dated Nov. 1
1932. Denom. $1,000. Due Nov. 1 as follows: $4,000 from 1934 to 1937
incl. $5,000. 1938; to 1941 $6,000. 1942 to 1945: 57.000, 1946 to 1948:
58,000, 1949 to 1951: $9.000, 1952 to 1954; $10,000 in 1955 and 1956:
$11,000 in 1957 and 1958; $12,000 in 1959 and 1960 $13,000 in 1961 and
1962; $14,000 in 1963 and 1964; 515.000 in 1965 and 1968; $18.000. 1967;
$17.000 in 1968 and 1969, and $18,000 in 1970. Rate of interest to be ex,
pressed in a multiple of 3f, or 1-10th of 1% and must be the same for all
of the bonds. Principal and interest (May and Ncv.) are payable at the
First National Bank, Middleburgh, or at the Chase National Bank. New
York. A certified check for $7,000, payable to C. H. Weller, Treasurer,
must accompany each proposal. The approving opinion of Clay, Dillon &
Vandewater, of New York, will be furnished the successful bidder.
-At a
-BONDS VOTED.
MILFORD, New Haven County, Conn.
-it was voted to issue $50.000 4%%
meeting on Aug. 22-V. 135. p. 1359
refunding school bonds, dated Sept. 1 1932 and to mature $5,000 annually
on Sept. 1 from 1933 to 1942, incl., according to Sanford Hawkins, Town
Treasurer.
-H. L.
-BOND OFFERING.
MILFORD, Clermont County, Ohio.
Schroeder, Village Clerk, will receive sealed bids until 12 m. on Sept. 8
for the purchase of $1,000 5% municipal building repair bonds. Denom.
$500. Due one bond on Aug. 1 in 1933 and 1934. Principal and int. (Feb.
and Aug.) are payable at the 'Wilford National Bank, Milford. Bids for
the bonds to bear interest at a rate other than 5%, expressed in a multiple
of X of 1%, will also be considered. A certified check for $50, payable to
the order of the Village, must accompany each proposal.
-The
MILWAUKEE, Milwaukee County, Wis.-BOND SALE.
$80.000 issue of 43% coupon park bonds that was recently authorized
V. 135, p. 497
-is reported to have since been sold. Dated Jan. 1 1932.
Due $3,011111 from Jan. 1 1933 to 1952, incl.
-BOND OFFERING
MINNEAPOLIS, Hennepin County, Minn.
POSTPONED.
-We are in receipt of the following letter, dated Aug. 24,
from the Secretary of the Board of Estimate and Taxation, advising us that
the scheduled sale of $225.000 not to exceed 6% semi-ann. coupon or registered permanent impt. bonds on Aug. 29.-V. 135, p. 1359
-has been cancelled, the amount being reduced to $75,000, and the offering being newly
designated for Sept. 9:
"Referring to the notice of sale, copy of which was sent you. of $225,000
Permanent Improvement Bonds scheduled to be held Monday, Aug. 29
1932, you are hereby advised that:
The Board of Estimate and Taxation at a meeting on Wednesday.
Aug. 24 1932, revised its proceedings so as to offer for sale $75.000
Permanent Improvement Bonds instead of $225,000 as originally scheduled.
the date of sale to be Friday, Sept,9 1932, at 11 o'clock a. m., in the
Mayor's Reception Room, on the First Floor of the Municipal
Minneapolis, Minn., instead of on Monday, Aug. 29 1932, as originally
scheduled.
"These bonds will be due and payable serially as follows: $3,000 thereof
on the 1st day of September of each year from 1933 to 1937, inclusive, and
$4,000 thereof on the 1st day of September of each year from 1938 to 1952,
inclusive.
"In all other respects the sale will be as stated in the notice of sale sent
you, dated Aug. 10 1932.
BOARD OF ESTIMATE AND TAXATION,
By Geo. M. Link, Secretary,
343 City Hall, Minneapolis, Minn."
MISSOURI, State of (P. 0. Jefferson City)
-BONDS CALLED.
The following bonds are being called for payment: Nos. 136 to 144 of
Boonville water works impt. bonds, dated Sept.1 1919 for $1,000 each,
will be paid on Sept. 1: Nos. 5 and 6 of Dun lin County School District
No. C-11 5% bonds for $1.000 each, dated Oct. 1 1925, will be paid on
Oct. 1; Nos. 6 to 10 of Independence School District 45% building bonds
for $1,000 each, dated April 2 1917, were called on Aug. 15, and Nos. 10
to 13 of Palmyra 551% sewer bonds, dated Mar. 1 1924, for $500 each,
will be paid on Sept. 1.
Aug. 27 1932
MINNEAPOLIS, Hennepin County, Minn.
-OTHER BIDS.
-The
following is an official list of the other bids received for the $250.000 issue
of coupon or registered public relief bonds that was purchased by R. W.
Pressprich & Co. of New York, as 48, F. & A., at a price of 100.228, a basis
of about 3.92%-V. 135, p. 1359:
BidderRate.
Premium.
Milwaukee Co'. and Phelps, Fenn & Co
4%
$565
Wells-Dickey Co., and Dillon, Read & Co
4
555
First Detroit Co
4g
1,500
Salomon Bros. & Hutzler
4X
775
Piper, Jaffrey & Hopwood
1.450
43
MONTANA, State of (P. 0. Helena).
-WARRANTS SOLD.
-An
issue of $40,226.73 _loners! fund warrants is reported to have been sold
to Larabie Bros. of Deer Lodge.
MORGAN COUNTY (P.O. Martinsville), Ind.
-BONDS NOT SOLD.
-The issue of $4,400 4% Adams Township road improvement bonds
offered on Aug. 20-V. 135, p. 1194-was not sold, as no bids were received.
Dated Aug. 20 1932. Denom. $220. Due one bond each six months from
July 15 1933 to Jan. 15 1943.
MORRILL, Scotts Bluff County, Neb.-BONDS AUTHORIZED.
A $38,755 issue of sanitary sewer bonds is reported to have been authorized
recently.
MORTON COUNTY (P. 0. Mandan), N. Dak.-CERTIFICATES
NOT SOLD.
-The $80,000 issue of certificates of indebtedness offered on
Aug. 2-V. 135, p. 847
-was not sold as there were no bids received.
Dated Aug. 7 1932. Due on Feb. 7 1934.
MOUNT HARRIS SCHOOL DISTRICT (P. 0. Mount Harris)
Routt County, Colo.
-At an election held on Aug. 5
-BONDS VOTED.
the voters are reported to have strongly approved the issuance of $25,000
In 61" school bonds. Dated Aug. 15 1932. Due on Aug. 15 as follows:
$1.000. 1933 to 1935; $2,000, 1936 to 1945. and $1,000 in 1946 and 1947.
Optional after 1942.
MOUNT LEBANON TOWNSHIP (P. 0. Mount Lebanon), Allegheny County, Pa.
-BOND OFFERING.
-F. W. Cooke, Township
Secretary, will receive sealed bids until 7 p. m. (eastern standard time) on
Sept. 12 for the purchase of 3750.000 4X,4%,4% or 5% coupon bonds.
Dated Sept. 1 1932. Denom. $1,000. Due Sept. 1 as follows: $100,000
from 1937 to 1939 incl.; $75,000 in 1940 and 1941. and $50,000 from 1942
to 1947 incl. Interest is payable in March and Sept. One rate of interest
to be named for all of the bonds. A certified check for $2,000, payable to
the order of the Township Treasurer, must accompany each proposal.
Successful bidder to pay for the printing of the bonds. The Township will
furnish free of cost to the purchaser of the issue the opinion of Burgwin,
Scully & Burgwin, of Pittsburgh, as to the validity of the bonds.
MULTNOMAH COUNTY (P.O. Portland), Ore.
-BOND SALE.
The $300,000 issue of coupon road, series A bonds offered for sale on Aug.
22-V. 135, P. 1027
-was purchased as follows: $295,000 to Illyth & Co.
of Portland, as 6s,for a premium of $796.50. equal to 100.27, the remaining
$5.000 to Mr. A. P. Smith of Portland, as 5s, at par.
%
Sept. 1
1932. Due $30.000 from Sept. 1 1938 to 1947, incl.
NEBRASKA CITY, Otoe County, Neb.-BONDS OFFERED.
Sealed bids were received according to report, until 8 p. in. on Aug. 28,
by Ethel Gaskill, City Clerk, for the purchase of a $24,000 issue of sewer
bonds.
NEWARK, Essex County, N. J.
-TO ASK RECONSTRUCTION
FINANCE CORPORATION FOR LOAN OF 56,500,000.
-Mayor Jerome T.
Congleton announced on Aug. 23 that formal application will be made
to the Reconstruction Finance Corporation for a loan of $6.500,000, of
which $5_,000,000 will be used to finance completion of the city railway
and $1,500,000 for improvements at the Port of Newark.
NEWARK, Licking County, Ohio.
-BONDS AUTHORIZED.
The City Council has adopted an ordinance providing for an Issue of $96,340
6% street impt. bonds, to be dated Oct. 1 1932 and mature Oct. 1 as
follows: 511.340 in 1933: $11.000, 1934: $10,000. 1935: 511.000. 1936;
$10.000, 1937; $11,000, 1938; 510.000, 1939. and $11.000 in 1910 and 1941.
Prin. and int. (A. & 0.) are payable at the office of the City Treasurer.
NEWINGTON, Hartford County, Conn.
-BOND SALE.
-The $70,000 55" funding bonds offered on Aug. 23--V. 135. p. 1360
-were awarded
to R. L. Day & Co. of Boston at par plus a premium of S139.30, equal to
100.19, a basis of about 4.97%. Dated Feb. 1 1932 and due $5,000 on
Aug. 1 from 1933 to 1946 incl. G. Ernest Root. Chairman of the Board of
Finance, states that all other bids submitted were received too late for
consideration.
NEWTON (P. 0. West Newton), Middlesex County, Mass.
-TEMPORARY
-The $200.000 temporary loan issue offered on Aug. 25
was awarded to the Shawmut Corp., of Boston. at 1.05% discount basis.
LOAN.
Due on Nov. 22 1932. Bids received at the sale were as follows:
BidderDiscount Basis,
Shawmut Corp.(Successful bidder)
1.057
Jackson & Curtis
1.06
Boston Safe Deposit 8c Trust Co.(Plus $7 premium)
1.07
Merchants National Bank
1.07
Second National Bank
1.08
F. S. Moseley & Co
1.09
Rutter & Co
1.12
First of Boston Corp. of Massachusetts
1.12
Faxon, Gade & Co
1.17%
NEW YORK, N. Y.
-FURTHER LOAN OF $25.000.000 BORROWED
AGAINST CREDIT FUND.
-Clearing House banks of the city were
notified on Monday, Aug. 22, that the city would require a further sum of
$25,000.000 on Aug. 26 under the terms of the revolving credit funds of
$151,000.000 established in behalf of the city in anticipation of tax collections due in the second half of 1932. The fund was originally arranged in
January of the current year in anticipation of May tax collections and was
drawn upon by the city to the extent of 5148,000.000, which was repaid to
the bankers on June 10-V. 134. p.4359. The fund was then made available
during the second half of 1932. The city pays interest at 5%% on these
borrowings and the current withdrawal of 525,000,000 brings the aggregate
of borrowings against November tax collections to $95,000.000. Revenue
bills are issued by the city in acknowledgment ofsuch loans. (On a preceding
page of this section we publish in full text a statement issued by City
Comptroller Charles W. Berry with respect to tax collections in 1932 and
data pertaining to the city budget for 1933.)
NORTH CALDWELL SCHOOL DISTRICT (P. 0. Caldwell), Essex
-Thomas MacNeill, District Clerk,
County, N. J.
-BOND OFFERING.
will receive sealed bids until
m. (daylight saving time) on Sept. 1
for the purchase of $32.000 5. 5 . 5%, 5X or 6% coupon or registered
school bonds. Dated Aug. 15 1932. Denon. $500. Due Aug. 15 as
follows: $1.500 from 1933 to 1948 incl., and $2,000 from 1949 to 1952 incl.
Bidder to name a single rate of int. for the sissue. Prin. and semi-ann.
int. (F. & A.) are payable at the Citizens National Bank. Caldwell. No
more bonds are to be awarded than will produce a premium of $1,000 over
$32.000. A certified check for 2% of the bonds laid for, payable to the
order of the Board of Education, must accompany each proposal. The
approving opinion of Hawkins, Delafield & Longfellow of New York will
be furnished the successful bidder.
NORTHAMPTON, Mayfield, Edinburg and Hope Central School
-BOND
District No. 1 (P. 0. Northville), Fulton County, N. Y.
OFFERING.
-John W. Delaney, District Clerk, will receive sealed bids
until 11 a.m.(daylight saving time) on Sept. 3 for the purchase of $240.000
not to exceed 6% interest coupon or registered school bonds. Dated
Sept. 1 1932. Denom. $1,000. Due March 1 as follows: $2.000 from
19'34 to 1937. inclusive- 53,000, 1938 to 1941; $4.000. 1942 to 1944; $5,000.
1945 to 1947: 56.000 in 1948 and 1949; 58.000. 1950 to 1952: $9,000 in 1953
and 1954; 511.000, 1955 to 1957: 512,000 in 1958 and 1959; 514,000 in 1980
and 1961; $15,000. 1962: 516,000, 1963; $3,000 from 1964 to 1968. and
$2.000 from 1969 to 1972, inclusive. Rate of interest to be expressed in
a multiple of
or 1-10th of 1% and must be the same for all of the bonds.
Principal and interest (March and Sept.) are payable at the Northville
Bank, Northville, or at the Chase National Bank, New York. A certified
check for $5,000, payable to Earl Vail. District Treasurer, must accompany
each proposal The approving opinion of Clay. Dillon & Vandowater, of
York, will be furnished the successful bidder.
(The District failed to receive a bid at the offering on Aug. 3 and again
on Sept. 10 1931 of $290.000 bonds. On the first occasion the interest
rate was named at 434% and in the second instance at not to exceed 5%.
-V.133, p. 1957.)
Volume 135
Financial Chronicle
-LOAN ARRANGED.
-It was
NORWALK, Fairfield County, Conn.
announced on Aug. 23 that the finance committee had completed arrangements for a loan of $360,000, at 6% interest, from the Manhattan Bank &
Trust Co., New York, to meet current expenses and to be re-paid from
Nov.4 tax collections. The total amount borrowed in anticipation of such
taxes, including the present loan, is $520,000 it was further stated.
-BOND OFFERING.
lr' OAK HARBOR, Ottawa County, Ohio.
R. F. Gratop, Village Clerk, will receive sealed bids until 12 m. on Sept. 13
for the purchase of $4.400 5% refunding special assessment bonds. Dated
Sept. 1 1932. One bond for $400, others for $500. Due Sept. 1 as follows:
$500 from 1934 to 1941 incl., and $400 in 1942. Interest is payable in
Apr. and Oct. Bids forltheffbonds to bear interest at a rate other than 5%,
expressed in a multiple of ),‘ of 1%, will also be considered. A certified
check for 5% of the bonds bid for, payable to the order of the Village
Treasurer, must accompany each proposal.
OAKLAND COUNTY (P. 0. Pontiac), Mich.
-REFUNDING PRO-The Board of County Supervisors has voted to have
POSAL OFFERED.
a committee interview holders of Covert road bonds to obtain their consent
to a proposal to refund the issues at a lower rate of int, and on the basis
of 70 cents on the dollar.
-BOND
OAKWOOD (P. 0. Dayton) Montgomery County, Ohio.
OFFERING. A. C. Bergman, City Auditor, will receive sealed bids until
12 M.(Eastern standard time) on Aug. 29 for the purchase of $37,723.75
6% bonds, divided as follows:
$35,723.75 street impt. bonds. Due Jan. 1 as follows: 13,723.75 in 1934;
$3.000, 1935; $4,000, 1936; $3,000, 1937; $4,000, 1938; $3,000,
1939; $4,000 in 1940, 1941 and 1942, and $3,000 in 1943.
2,000.00 electric traffic signal bonds. Due $400 on Jan. 1 from 1934 to
1938 incl.
Each issue is dated July 1 1932. Prin, and hit. (J. & J.) are payable at
the office of the City Treasurer. Bids for the bonds to bear interest at a
rate other than 6%, expressed in a multiple of X of 1%, will also be considered. A certified check for 1% of the bonds bid for, payable to the order
of the City Treasurer, must accompany each proposal.
-TAX REPORT.
ORLANDO, Orange County, Fla.
-The maximum
tax assessment for the city for next year will be 14 mills, according to Mayor
Way, the same as for the current year. The valuation is said to have been
reduced about $6,500,000.
-BOND OFFERING.
OWEN COUNTY (P.O. Spencer) Ind.
-Dan V.
Lucas, County Treasurer, will receive sealed bids until 10 a. m. on Aug. 29
for the purchase of $5,540 4l4% Jefferson Twp, road impt. bonds. Dated
Aug. 15 1932. Denom. $138.50. Due one bond each six months from
Nov. 15 1933 to May 15 1943.
OYSTER BAY (P. 0. Oyster Bay), Nassau County, N. Y.
-BOND
-Charles E. Ransom, Town Clerk, will receive sealed bids
OFFERING.
until 3 p. m. (daylight saving time) on Sept. 6 for the purchase of $23,000
not to exceed 6% interest coupon or registered water bonds. Dated Aug 1
1932. Denom. $1,000. Due $1,000 on Aug. 1 from 1936 to 1958 incl.
or 1-10th of 1% and
Rate of interest to be expressed in a multiple of
must be the same for all of the bonds. Principal and interest (Feb. and Aug)
are payable at the Oyster Bay Trust Co., Oyster Bay. A certified check for
$500, payable to the order of the Town, must accompany each proposal.
The approving opinion of Clay, Dillon & Vandewater, of New York, will
be furnished the successful bidder.
Financial Statement.
Total assessed valuation, 1932
$123,758,995
Total bonded debt, including this issue
4,218,875
Water district bonds (included above)
3,376.875
Sewer district bonds (includ d above)
530.000
Sidewalk district bonds(included above)
125,000
Town hall bonds (includei above)
POPULATION: 1920 Federal census, 20,296; 1930 Federal cen'sus.
36.774.
PARAGOULD,Greene County, Ark.
-BOND ELECTION.
-A special
election is reported to have been called by the City Council for Oct. 24 in
order to vote on a proposal to issue $100.000 in municipal light plant bonds.
PARSIPPANY-TROY HILLS TOWNSHIP (P. 0. Boonton), Morris
-BOND OFFERING.
County, N. J.
-John R. Riker, Township Clerk,
will receive sealed bids until 8 p.m.(daylight saving time) on Sept. 8,for
the purchase of $110,000 not to exceed 6% interest coupon or registered
water extension bonds. Dated Sept. 1 1932. Denom. $1,000. Due Sept. I.
as follows: $2,000 from 1934 to 1940, incl. and $3,000 from 1941 to 1972,
incl. Rate of interest to be expressed in a multiple of 3i of 1%. Principal
and interest (March and September) are payable at the Boonton National
Bank, Boonton, or at the Irving Trust Co., New York. No more bonds
are to be awarded than will produce a premium of $1,000 over $110,000.
Bonds may be sold at a price of not less than 99% of their par value, in the
discretion of the Township Committee. A certified check for 2% of the
bonds bid for, payable to Harold W. Bates, Township Treasurer, must
accompany each proposal. The approving opinion of Thomson, Wood &
Hoffman of New York, will be furnished the successful bidder. (This
issue, coupled with a further amount of $239,000. was previously offered
on May 12, at which time no bids were received -V.134. p. 3674.)
PASADENA, Los Angeles County, Calif.
-BOND SALE.
-The
1992,000 issue of San Gabriel Dam bonds offered for sale on Aug. 23-V.
-was awarded to Dean Witter & Co. of San Francisco, and
135. p. 1360
associates, as 4Y,s. paying a prem. of $17,539. equal to 101.76, a basis of
about 4.0%. Dated Aug. 15 1932. Due $32,000 from 1942 to 1972 incl.
PATERSON, Passaic County, N. J.
-BONDS NOT .SOLD.
-The
issue of $825,000 6% coupon or registered improvement bonds offered
on Aug. 25-V. 135, p. 1361-was not sold, as no bids were received.
Dated May 1 1932 and due on May 1 as follows: $40.000 from 1934 to
1945 incl. $50,000 from 1946 to 1951 incl., and $45,000 in 1952.
PENDLETON, Umatilla County, Ore.
-BONDS CALLED.
-It is
reported that the following improvement bonds will be paid on presentation
to II. W. Dickson, City Treasurer, or at the First Inland National Bank of
Pendleton, on or after Sept. 1: Nos. 1 to 5 of Series 54; Nos. 1 to 5 of Series
55, and Nos. 1 to 13 of Series 56.
PHILADELPHIA, Pa.
-BOND SALES TOTAL $2,
940,100.
-Sales on
Aug. 25 of $695.000 bonds of the $20.000,000 5% issue being offered
"over-the-counter" at a price of par, brought the aggregate of bonds sold
as of that date to $2,940,100. The bonds purchased are believed to have
been subscribed for by local banks.
PLAISTOW,Rockingham County,N.H.
-TAX RATE REDUCED.Joseph S. Hill, Town Clerk, announced on Aug. 18 that the tax rate for
1932 had been fixed at $29.40 per $1,000 of assessed valuation, which is
$3.60 below the levy in 1931.
PORTLAND, Multnomah County, Ore.
-BOND SALE.
-A $54,644.40 issue of 6% semi-ann. Improvement bonds was awarded on Aug. 18
as follows: $20,000 to Abe Tichner of Portland, at 101: $16,644.40 to J. D.
Leonard, at 100.50; $10,000 to Ferris & Hardgrove. at 100.60:$5,000 to the
City Treasurer for the Firemen's Relief and Pension Fund, at 100.86, and
$3,000 to the City Treasurer for the Policemen's Relief and Pension Fund,
at 100.86. (This report corrects the previous notice of sale given in V. 135,
p. 1193.)
The following is an official list of the bids received for the bonds:
Price.
BidderAmount.
100.50
J. D. Leonard
$54,644.40
100.27
Baker, Fordyce, Harpham. &c
10,000.00
100.371
The First National Bank of Portland
10,000.00
100.121
The First National Bank of Portland
10,000.00
100.60
Ferris & Hardgrove
10,000.00
100.10
Ferris & IIardgrove
10,000.00
Camp & Riley, Ltd.; Geo. H. Burr, Conrad
Smith,
100.45
& Broom, Inc.; Atkinson, Jones & Co
54,644.40
101.00
Abe Tichner
20,000.00
Wm. Adams, City Treasurer, account Firemen's
100.86
Relief & Pension Fund
5,00040
Adams, City Treasurer, account Policemen's
Wm.
100.86
Relief & Pension Fund
3,000.00
POUGHKEEPSIE, Dutchess County, N. Y.
-BOND OFFERING.
A. Dee', City Treasurer, will receive sealed bids until 11 a. m.
George
(daylight saving time) on Sept. 8 for the purchase of $30.000 not to exceed
6% interest coupon or registered, series of 1932, tax refund bonds. Dated
1527
Sept. 111932. Denorr 511,000. Due $3,000 on Sept. 1 from 1933 to 1942
incl. Rate of interest to be expressed in a multiple of M or 1-10th of 1%
and must be the samc for all of the bonds. Principal and interest (March
and September) are payable at the Fallkill National Bank & Trust Co.,
Poughkeepsie. A certified check for 2% of the bonds bid for, payable to
the order ofthe city, must accompany each proposal. The approving opinion
of Hawkins, Delafield & Longfellow, of New York, will be furnished the
successful bidder.
RACINE, Racine County Wis.-PRICE PAID.
-The two issues of
535% bonds aggregating 1115:000 that were purchased by Seipp, Princell
,
& Co. of Chicago
-V. 135, p. 1360
-was awarded at par. The issues are
as follows:
$64,000 refunding bonds. Dated Aug. 1 1932. Due from Aug. 1 1935
to 1943.
51,000 refunding bonds. Dated Sept. 1 1932. Due from Sept. 1 1935
to 1945.
-BOND SALE.
RIPLEY COUNTY (P. 0. Versailles), Ind.
-The
$7,000
% coupon Center Twp. road improvement bonds offered on
Aug. 13-V. 135. p .1195
-were awarded to the Versailles Bank at par plus
a premium of $73.12, equal to 101.04, a basis of about 4.28%. Dated
Aug. 1 1932. Due $350 each six months from July 15 1933 to Jan. 15
1943. The Riply County Bank bid par plus a premium of $63.12 for the
issue.
BOND OFFERINO.-Willard N. Voss, County Treasurer, will receive
6
,
sealed bids until 10 a. m. on Sept. 7 for the purchase of $5,800 4; % Jackson Twp. road improvement bonds. Dated Sept. 1 1932. Denom. $145.
Due $290 each six months on Jan. and July 15 from 1934 to 1943 incl.
-G. F.
-NOTE OFFERING.
ROCHESTER, Monroe County, N. Y.
Argetsinger, City Comptroller, will receive sealed bids until 12 m.(Eastern
standard time) on Aug. 29 for the purchase of $2,850.000 notes, divided
as follows:
$1,100,000 uncollected tax (1931) notes.
500,000 home relief and(or) work relief notes.
500 special local improvement notes.
400,000 overdue tax 1930) notes.
175,000 overdue tax 1929) notes.
125,000 overdue tax 1928) notes.
Each issue is dated Sept. 2 1932 and due on May 2 1933. Bids must be
submitted for "all or none" of the notes and must indicate the rate of
interest and the denominations desired, and to whom notes shall be made
payable. They will be made payable to bearer upon request. The notes
will be deliverable and payable at the Central Hanover Bank & Trust Co.,
New York. Legal opinion will be furnished by Reed, Hoyt & Washburn
of New York.
ROY SCHOOL DISTRICT (P. 0. Tacoma) Pierce County, Wash.
-At the election held on Aug. 13-V. 135, p. 1195
BONDS DEFEATED.
the voters rejected the proposal to issue $10,000 in school bonds.
-BOND SALE.
-A 121,000
ST. HELENS, Columbia County, Ore.
issue of 6% sewer bonds is reported to have recently been purchased at par
by the First National Bank of St. Helens.
ST. LOUIS COUNTY (P. 0. Clayton), Mo.-BOND OFFERING.
Sealed bids will be received until noon on Aug. 30, by Philip G. Denser,
County Treasurer, for the purchase of an issue of $1,000.000 4M and 4;4%
road bonds. Denom. $1,000. Dated Sept. I 1932. Due on March 1 as
follows: $50.000, 1938,• $52,000, 1939; $55,000, 1940; $57.000. 1941;
60,000, 1942; $63,000, 1943 $65,000, 1944; $67,000, 1945; $69,000, 1946:
71,000, 1947; $73,000, 1948; $76,000, 1949; $78,000, 1950; $80,000. 1951.
and $84,000, 1952. Prin. and int.(M.& S. 'Payable at the First National
Bank in St. Louis. The rate of interest is still to be determined, and bids
will be received (at not less than 95, the minimum allowed by law), for said
bonds bearing interest at the rate of 4X and 4)i%. The approving
opinions of Robert F. Stanton, County Counselor, and Benj. H. Charles
a St. Louis, will be furnished the purchaser. Bonds will be printed and
registered by the State Auditor, at the expense of the County. Each bid
must be submitted on a form to be furnished by the County Treasurer.
Delivery of said bonds will be made in accordance with the award on or
before Sept. 20, at the office of the County Treasurer. A complete transcript of all proceedings preliminary to the issuance of these bonds will be
furnished the purchaser. A certified check for 19' of the amount bid for
payable to the County Treasurer, is required. (This report supplements
the preliminary offering notice given in V. 135, p. 1361.)
-BOND SALE.
-The $39,389.98 issue
SALEM, Marion County, Ore.
of 6% semi-annual improvement bonds that was offered for sale without
success on July 18-V. 135, p. 849-has since been purchased at par by
Ladd & Bush of Salem. Dated July 15 1932. Due in ten years and
optional in one year.
-BOND SALE DETAILS.
SAN CLEMENTE,Orange County, Calif.
The $60,000 issue of water distribution system bonds that was purchased
-V. 135, p. 1195
-was
by the Anglo-London-Paris Co. of San Francisco
awarded at par.
-BOND ELECTION.
-We
SAN DIEGO, San Diego County, Calif.
are now informed that at the primary election to be held on Aug. 30 the
voters will be asked to pass on the proposed issuance of 11,000,000 in relief
(We hr previously reported the election date as being Aug. 16p 3
. 35
V. 135,
-An
-BOND SALE.
SAN FRANCISCO (City and County), Calif.
$893,000 block of 4%% semi-ann. water, public parks, squares and
boulevards, sewer and county jail bonds was purchased on Aug. 19 by a
syndicate composed of the National City Co. of California, Weeden &
Co. and Blyth & Co., both of San Francisco. Due from 1936 to 1977.
(These bonds are part of the total issue of $3,064,000 that has been selling
over-the-counter for so le time.
-V. 134, p. 4529.)
.-MATURITY.-The
SANTA MONICA, Los Angeles County, Calif
$690,000 issue of 5% semi-annual breakwater and harbor bonds that was
-V.135. p. 1361
San Francisco
purchased at par by the Bank of America of
-is due as follows: $18,000, 1933 to 1964, and $19,000, 1965 to 1970,
inclusive.
all
-BONDS AUTHORIZED.
SEYMOUR, New Haven County, Conn.
At a special Town meeting on Aug. 19 it was voted to issue $50,000 bonds
to finance public works projects for unemployment relief purposes.
SHEBOYGAN,Sheboygan County, Wis.-BONDS AUTHORIZED.At a meeting held on Aug. 15 the City Council adopted an ordinance authorizing the sale of $200,00 in 43 % general liability coupon bonds for an
elevated water storage reservoir. Denom. $1,000. Due in from 1 to 15
years.
-OFFERED.
-NOTES RE
SHELBY COUNTY (P.0. Shelbyville), Ind.
-The issue of 140,000 notes, previously offered at not to exceed 6%
-at which time all bids were rejected,
interest on July 28-V. 135, p. 336
is being re-advertised for award at 10 a. m. on Sept. 6. Sealed bids should
be addressed to Claude Mohr, County Auditor. Notes are dated Sept. 6
1932. Denom. $5,000. Due Dec. 15 1932. Principal and interest are
payable at the County Treasurer's office. A certified check for 3% must
accompany each proposal.
-George
-BOND OFFERING.
SHELTON, Fairfield County., Conn.
B. Willis, City Treasurer, will receive sealed bids until 12 m.(Eastern standard time) on Aug. 30 for the purchase of $50.000 57p coupon highway and
sewer bonds. Dated Sept. 1 1932. Denom. $1,000. Due Sept. 1 as follows:
$2,000 in 1934, and $3,000 from 1935 to 1950 incl. Principal and interest
(March and September) are payable at the Shelton Trust Co., Shelton.
A certified check for 2% of the bonds bid for, payable to the order of the
City Treasurer, must accompany each proposal. The approving opinion of
Thomson, Wood & Hoffman, of New York, will be furnished the successful
bidder.
-PROPOSED BOND
SKAGIT COUNTY (P. 0. Mt. Vernon), Wash.
-An issue of $100,000 emergency relief bonds is reported as ready
SALE.
to be placed on the market in the near future.
-BOND OFFERING.
SOUTH DAKOTA, State of (P. 0. Pierre).
Sealed bids will be received until 2 p.m. on Sept. 1 by A. J. Moodie,
Secretary of the Rural Credit Board for the purchase of a $500,000 issue of
5% refunding, series B bonds. Dated Sept. 15 1932. The notice of sale
states that these bonds are callable on Sept. 15 1937, which is also the fins
maturity date, and is included under statutory provision. No bids for less
than par will be considered. A certified check for 3% of the amount of the
bid is required. In the event that no satisfactory bids are received for the
entire issue of said bonds at the time set for opening bids, the Rural Credit
Board of the State, at the hour of 10 o'clock in the forenoon, and as many
I
1528
Financial Chronicle
of said bonds as are requested by the highest and next highest bidders will
be awarded until all of said $500,000 bonds shall have been awarded.
SNOHOMISH COUNTY (P. 0. Everett), Wash.
-BONDS VOTED.
At an election held on Aug. 10 the voters approved the issuance of $250,000
in not to exceed 6% warrant funding bonds. Due serially from 1934 to
1941.
SOUTH DAKOTA, State of (P. 0. Pierre).
-LOAN GRANTED.
News dispatches from Washington on Aug. 25 report that on that day
the Reconstruction Finance Corporation advanced $150,000 to the Governor for unemployment relief work in the counties of Pennington, Custer,
Beadle, Sanborn, Kingsbury, Sprink, Clark and McCook. This area
is reported to have been devastated by drouth in 1931.
-ADDITIONAL INFORSOUTHINGTON,Hartford County, Conn.
MATION.
-The issue of $150,000 4X% refunding bonds purchased on
Aug. 17 by the Travelers Insurance Co., of Hartford, at a price of 98, a
basis of about 4.68%-V. 135, p. 1361-matures $5,000 annually on
Sept. 1 from 1933 to 1962 incl. Principal and interest (March and Sept.)
are payable at the Travelers Bank & Trust Co., Hartford.
STARK COUNTY (P. 0. Canton), Ohio.
-BOND OFFERING.
Edith G. Coke, Clerk of the Board of County Commissioners, will receive
sealed bids until 10 a. m. on Sept. 10 for the purchase of $187,400 6%
county and township share impt. bonds. Dated Sept. 1 1932. One
bond for $400, others for $1,000. Due Sept. 1 as follows: $21,000 from
1933 to 1940 incl. and $19,400 in 1941. Prin. and int. (M. & S.) are
payable at the County Treasury. Bids for the bonds to bear int. at a rate
other than 6%,expressed in a multiple of X of 1%, will also be considered.
A certified check for $2,000, payable to the order of the County Commissioners, must accompany each proposal. The transcript for this issue
has been approved lay Squire, Sanders & Dempsey, attorneys-at-law,
Cleveland, and their =qualified approving opinion will be furnished to
the successful bidder without expense to said bidder.
SUMMIT COUNTY (P. 0. Akron) Ohio.
-BOND OFFERING.
J. P. Riddle, Clerk of the Board of County Commissioners, will receive
sealed bids until 1 p. m.(Eastern standard time) on Sept. 7 for the purchase
of $156,425 6% bonds, divided as follows:
$89,000 road bonds. Denom. $1,000. Due Oct. 1 as follows: $9,000 from
1934 to 1942 incl., and $8,000 in 1943.
47,500 road bonds. One bond for $500. others for $1,000. Due Oct. 1 a
follows: $5,000 from 1934 to 1938 incl.; $4,000. 1939;$5,000, 1940
34,000. 1941; $5,000 in 1942. and $44,500 in 1943.
10,425 road bonds. One bond for $425: others for $1,000. Due Oct. 1 as
follows: $2,000 from 1934 to 1937 incl., and $2,425 in 1938.
9,500 bridge bonds. One bond for $500, others for $1.000. Due Oct. 1 as
follows: $1,000 from 1934 to 1942 incl., and $500 in 1943.
Each Issue is dated Sept. 1 1932. Principal and interest (April and Oct.)
are payable at the office of the County Treasurer. Bids for the bonds to
bear interest at a rate other than 6%, expresses in a multiple of X of 1%,
will also be considered. A certified check for 2% of the bonds bid for,
payable to the order of the County Commissioners, must accompany each
proposal. (On Feb. 17 the County failed to receive a bid for $107,925 6%
road impt. and bridge bonds.
-V. 134, p. 1411.)
TARRANT COUNTY WATER CONTROL AND IMPROVEMENT
-LOAN APPLICATION.
DISTRICT NO.1 (P.0. Fort Worth), Tex.
It is stated that formal application has been made by the President of the
Board of Directors to the Reconstruction Finance Corp. for a loan against
the unsold portion of the District's bond issue. Of the original issue of
$6,500,000, a block of $1,165,000 now remain unsold-V. 134, p. 3323.
The proposed loan is said to be for the purpose of completing the project,
and would be paid off when the bonds are marketed.
-The
TAUNTON, Bristol County, Mass.
-LOAN NOT SOLD.
$100,000 temporary loan issue offered on Aug. 23-V. 135. p. 1361
was not sold, as no bids were received. Dated Aug. 25 1932 and
payable on Dec. 22 1932.
TIPPECANOE SCHOOL TOWNSHIP (P. 0. Monterey), Pulaski
County Ind.-BOND OFFERING.
-C. A. Good, Township Trustee,
will receive sealed bids until 11 a. m. on Sept. 9 for the purchase of $32,480
5% school building construction bonds. Dated Sept. 1 1932. Denom.
$560. Due $1,120 each six months from July 1 1933 to July 11947. Interest
is payable semi-annually. A certified check for $500, payable to the order
of the above-mentioned official, must accompany each proposal.
-Sealed bids
TOPEKA, Shawnee County, Kan.
-BOND OFFERING.
will be received by F. W. Knapp, City Clerk, until 10 a. m. on Sept. 6,
bonds aggregating $27,for the purchase of two issues of 4% semi-ann.
622.37, as follows:
,
$10,178.18 general impt. Sewer District No. 3 bonds. Due on July 15
178.18 in 1933, and 31.000, 1934 to 1942 incl.
as follows: $1,
17,444.19 internal impt., sewage disposal works bonds. Due on July 15
as follows: $144.19 in 1933; $1,000, 1934 and $2,000, 1935 to
1942, incl.
Dated July 15 1932. Prin. and int. (I. & J. 15) payable at the office
of the State Treasurer in Topeka. All of the above bonds are a general
obligation of the city. That bonds are printed, registered by the City
Clerk and State Auditor, have been offered to and purchase refused by
the State School Fund Commission, and will be sold upon the basis of
immediate delivery at Topeka, Ka., subject to approval of bond transcript
by successful bidders' only attorney.
All bids must be accompanied by certified checks equal in amount to
2% thereof.
-It is
-BOND OFFERING.
UVALDE COUNTY (P. 0. Uvalde) Tex.
reported that sealed bids will be received until Sept. 15, by Green B.
$9,160 issue of road and
Fenley Jr., County Judge, for the purchase of a
bridge funding bonds.
VALLEY COUNTY SCHOOL DISTRICT NO. 2 (P. 0. Frazer)
-The $15,000 issue of school bonds that was
Mont.
-BOND SALE.
-is reported
offered for sale without success on March 28-V. 134. p. 3140
have since been purchased at par by the State Land Board.
to
OFFERING. R. C.
-BOND
VERONA, Allegheny County, Pa.
Simpson, Borough Sectretary, will receive sealed bids until 7:30 P.m.
(Eastern standard time) on Sept. 8 for the purchase of $200,000 4Y4,
44 or 5% funding bonds. Dated Sept. 1 1932. Denom. $1,000. Due
Sept. 1 as follows: $5,000 from 1933 to 1937, incl.; $10,000 from 1938 to
1947, incl. and $15,000 from 1948 to 1952, incl. 'Interest is payable in
March and Sept. A certified check for 51,000, payable to the order of the
Borough Treasurer, must accompany each proposal. Sale of the issue is
subject to the approval of the Department of Internal Affairs of Pennsylvania. The opinion of Burgwin, Scully & Burgwin, of Pittsburgh, as to
the validity of the bonds will be furnished the successful bidder.
(It was previously reported that bids for the issue would be received on
Sept. 19-V. 135, P. 1196.)
-BOND OFFERING.
VIGO COUNTY (P. 0. Terre Haute), Ind.
J. F. Shandy, County Treasurer will receive sealed bids until 10 a. m. on
Sept. 5 for the purchase of $6.000 57 Nevins Twp. road improvement
bonds. Dated Aug. 30 1932. Denom. 3300. Due one bond each six months
from July 15 1933 to Jan. 15 1943. Interest is payable on January and
July 15.
P. WALTHAM, Middlesex County, Mass.
-TAX RATE INCREASED.
The tax rate for 1932 has been set at $34.60 per $1.000 of assessed valuation, an increase of 110.60 over the levy in 1931. Total assessed valuation
was placed at $59,342,350, an advance of 1183.300 over the total in the
previous year.
WARD COUNTY (P. 0. Minot), N. Dak.-LOAN ADVANCED.'
Associated Press reports from Washington on Aug. 25 state that the Reconstruction Finance Corporation on that day granted to Governor Shafer
a loan of $50,000 for the use of the above county and city in extension of the
poor relief funds there, which are said to be exhausted. The funds become
obligations of the city and county.
-BOND OFFERWASHINGTON COUNTY (P. 0. Greenville) Miss.
-Sealed bids will be received until noon on Sept. 5, by Howard
ING.
Dyer, Clerk of the Board of Supervisors, for the purchase of an Issue of
$133,500 6% refunding bonds. Denom. $500. Dated March 1 1932. Due
on March 1 as follows: $4,000, 1938; 53.500, 1938; $4,000, 1940 to 1942;
$6,000. 1943 to 1950, and $5.500, 1951 to 1962, all incl. Prin. and int.
(M. & S.) payable in St. Louis or New York. The approving opinion of
Benj. II. Charles of St. Louis. will be furnished the purchaser. A certified
check for $2.500. payaole to the Board of Supervisors, must accompany
the bid. These bonds were voted on Feb. 23-V. 134, p. 1620.)
(This report supplements the offering notice given in V. 135, p. 1362.)
Aug. 27 1932
WAUWATOSA, Milwaukee County, Wis.-BOND RETIREMENT
PROPOSED.
-At a meeting held on Aug. 16 the City Council voted to
purchase all outstanding sewer, water and school bonds due on March 15
before the end of 1932. It is said the bonds will be purchased from the
city's sinking fund, in which the city has $50,000 available.
WEBSTER COUNTY (P. 0. Fort Dodge), Iowa.
-BOND SALE.
The $39,000 issue of funding bonds offered for sale on Aug. 18-V. 135, p.
1362
-was purchased by Geo. M.Bechtel & Co. of Davenport, as 5s at par.
WEISER IRRIGATION DISTRICT (P. 0. Weiser) Washington
County, Ida.
-BOND ELECTION.
-It is reported that a special election
has been called for Sept. 10 in order to vote on the proposed issuance of
$12,000 in irrigation bonds.
WEST SPRINGFIELD, Hampden County, Mass.
-TEMPORARY
LOAN.
-Henry E. Schmuck, Town Treasurer, reports that the $100,000
temporary loan issue offered on Aug. 26 was awarded to F. S. Moseley &
Co. of Boston, at 2.34% discount basis. Due on Jan. 16 1933. It is
reported that the town has no uncollected taxes on behalf of levies prior
to 1931, and that only $30,000 of the total levy of $899,122.94 for 1931
remained uncollected on Aug. 23 1932. Bonded Indebtedness of the town
has been reduced $120,500 since Jan. 1 1932 and no bonds will be issued
during 1932, it was further stated.
WHITFIELD COUNTY (P. 0. Dalton), Ga.-BOND OFFERING.
Sealed bids will be received until noon on Aug. 30, according to report,
by 0. M. Stacy, Clerk of the Board of Roads and Revenue, for the purchase of a $50,000 issue of5% semi-annual road and bridge bonds. Denom.
$1,000. Dated Jan. 1 1926. Due on Jan. 1 as follows: $20,000, 1952
and 1953, and 310,000 in 1954.
WILNA & DIANA UNION FREE SCHOOL DISTRICT NO. 4 (P. 0.
Natural Bridge), Jefferson County, N. Y.
-BOND OFFERING.
Frank W. Palmer, District Clerk, will receive sealed bids until 7:30 P• m.
(Eastern standard time) on Aug. 30 for the purchase of $24,000 not to
exceed 6% interest coupon or registered school bonds. Dated Oct. 1 1932.
Denom. $1,000. Due 51,000 on Oct. 1 from 1936 to 1959 incl. Rate of
Interest to be expressed in a multiple of X or 1
-10th of 1% and must be
the same for all of the bonds. Principal and interest (A. & 0.) are payable
at the Carthage National Exchange Bank, Carthage, or at the National
City Bank, New York. A certified check for $480, payable to Ivan
Connor,Treasurer, must accompany each proposal. The approving opinion
of Clay, Dillon & Vandewater of New York will be furnished the successful
bidder.
_
WINDSOR CENTRALIZED SCHOOL DISTRICT (P. O_. Susquehanna, R. D. No. 2), N. Y.
-BONDS VOTED.
-L. C. Turrell, District
Clerk, reports that at an election held on Aug. 20 the voters approved an
issue of $150,000 school building construction bonds, by a count of 142 to 45.
WINDSOR LOCKS, Hartford County, Conn.
-BOND SALE.
In answer to our inquiry, H. L. Cutler, First Selectman, advises us that
following the failure to receive a bid for the issue of $150,000 53 % bonds
offered on July 8-V. 135, P. 336
-the bonds were placed in the hands of
Putnam & Co., of Hartford, to dispose of at not less than par. Mr. Cutler
stated that up to Aug. 25 a block of $85,000 of the bonds had been sold.
WOBURN, Middlesex County, Mass.
-TAX RATE REDucgD.-A
reduction of $1 in the tax rate of 1932 as compared with the levy in 1931 was
announced on Aug. 19 by the Board of Assessors. The levy for the current
year has been fixed at $40.20 per $1,000 of assessed valuation.
WRIGHT COUNTY (P. 0. Clarion) Iowa.
-The
-BOND SALE.
$300,000 issue of coupon primary road bonds offered for sale on Aug. 23V. 135, p. 1362
-was awarded to Geo. M. Bechtel & Co. of Davenport, as
43.s, paying a premium of $630, equal to 100.21, a basis of about 4.45%.
Dated Sept. 1 1932. Due $25,000 from May 1 1934 to 1945, optional on
May 1 1938.
The next highest bid for the bonds was a tender of $625 premium on
4s, submitted by the Carleton D. Beh Co. of Des Moines.
YOUNGSTOWN, Mahoning County, Ohio.
-BOND OFFERING.
Hugh D. Hindman Director of Finance, will receive sealed bids until 12m.
(eastern standard time) on Sept. 7 for the purchase of $427,000 6% refunding bonds. Dated Aug. 15 1932. Denom. $1,000. Due Oct. 1 as follows:
$47,000 from 1934 to 1938, incl.. and $48,000 from 1939 to 1942, incl.
Principal and interest (April and October) are payable at the office of the
Sinking Fund Trustees. 'Bids for the bonds to bear interest at a rate other
than 6%, expressed in a multiple of X of 1%, will also be considered. A
certified check for 2% of the amount of the bid, payable to the order of the
Director of Finance, must accompany each proposal.
(This issue of bonds was recently authorized by the city council.
-V.
135. p. 1362.)
CANADA, its Provinces and Municipalities
-An issue of $47„500 6% bonds is reAURORA, Ont.-BOND SALE.
ported to have been purchased by the Dominion Securities Corp., of
Toronto. Due serially in from 1 to 20 Years.
BUCKINGHAM, Que.-BOND OFFERING.
-Sealed bids addressed to
H. J. Gorman, Secretary-Treasurer. will be received until 5 P. M. on
Sept. 6 for the purchase of $25.000 6% bonds, issued for the installation of
a water pipe system to supply water to the village of Mason. The bonds
will be dated July 1 1932 and mature serially in from 1 to 40 Years.
MEGANTIC, Que.-BOND SALE.
-The $56,000 6% bonds, comprising the issues shown below, offered on Aug. 15-V. 135, p. 1030
-were
awarded to the Provincial Bank of Canada,at a price of 97:
$30,000 hydro-electric plant enlargement bonds. Dated July I 1932 and
due on July 1 from 1933 to 1940, inclusive.
26,000 bonds, Issued pursuant to By-law No. 84. Due Dec. 1 as follows:
$300 in 1939 and 1940; $400 in 1941, and $25,000 in 1943.
A bid of 95.12 was tendered by Cote, Garneau, Ltd., of Montreal.
MONT-ROYAL SCHOOL COMM ISSION,Que.-BOND OFFERING.
M. L. Roy, Secretary-Treasurer of the Board of School Commissioners,
will receive sealed bids until 8 P. M.on Sept. 12 for the purchase of $45,000
bonds, dated June 1 1932 and due on June 1 from 1933 to 1939, incl.
6%
Payable at the Royal Bank of Canada at Montreal or Mont
-Royal.
NEW TORONTO,Ont.-BOND SALE.
-The New Toronto and Mimic')
Joint Sewerage Board has sold $100.000 6% 30
-year bonds in the London,
England, market privately, according to report.
POINTE-GAT1NEAU, Que.-BOND OFFERING.
-Sealed bidsddressed to Yves Fortin, Secretary-Treasurer, will be received until 12 11.
on Sept. 6 for the purchase of 520.000 6% bonds, dated Sept. 1 1932 and
due serially on July 1 from 1933 to 1952 incl. Payable at the Banque
Canadienne Nationale at Quebec or Pointe-Gatineau.
-THREE ADDITIONAL fUNICIPALITIES
QUEBEC (Province of).
ANNOUNCE DEFAULT ON THEIR INDEBTEDNESS.
-The announcement of default in payment of indebtedness by three municipalities
recently brought the number of such municipal corporations in default
to 15, according to the Aug. 19 issue of the "Monetary Times" of Toronto,
which reported on the matter as follows:
"Announcement is made by E. Morin. Secretary of the Quebec Municipal
Commission, that three more municipal corporations have applied to the
Superior Court to have an order issued, declaring them defaulters, so
that they can come under the provisions of the new Municipal Act, and
have their finances administered by a Commission-appointed inspector.
"The three are the school corporation of St. Simeon, also the village
municipality, and the school corporation of Escoumains.
"This makes 15 Quebec municipal corporations which so far have been
forced to take shelter under the new Municipal Act, through defaulting
on their bonded indebtedness, which is said to have been due mainly to
Inability to collect taxes very much in arrears."
VALLEYFIELD,Que.-ADDITIONAL INFORMATION.
-The $160,000 6% impt. bonds purchased recently by Wood, Gundy & Co.
-V. 135,
-were sold at a price of 99, a basis of about 6.14%. Due serially
p. 1362
In from 1 to 20 years.
-ADDITIONAL INFORMATION.
VICTORIA, B. C.
-The issue of
1300.000 6% bonds purchased by Wood, Gundy & Co. of Toronto
-was sold at a price of 92.99, a basis of about 6.75%•
V. 135, p. 1030
Due in 15 Years.
@FedFRASER