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Thie.
onitnerct31
Volume 135
financial
iirtintde
New York, Saturday, August 6 1932.
Number 350 2
The Financial Situation
HE Federal Reserve banks are chargeable with
a large degree of responsibility in the execuof two important pieces of legislation which
tion
Congress completed before its adjournment last
month. In saying this, we have in mind more particularly the provision contained in the $2,122,000,000 Emergency Relief and Construction Act
which authorizes Federal Reserve institutions to
make loans to individuals, partnerships and corporations and the rider attached to the Home Loan Bank
Act bestowing the privilege of National bank circulation on all United States bonds bearing 3%% interest or less. As far as the first of these enactments
is concerned, the authority to make direct loans is
so hedged about and circumscribed that little ill
from it is likely to ensue if the law is administered
in exact accord with its terms, and it has already
been made evident in the instructions issued the
present week that it is to be so administered and
that the Reserve authorities mean to act with due
caution in the carrying out of the provisions of the
measure.
As for the Borah-Glass rider attached to the Home
Loan Bank Bill, this is a purely inflationary device,
and it remains to be seen how in this era of credit
and currency inflation the Federal Reserve authorities will proceed to limit the possibility of ill results
and, as a matter of fact, there is really little that
the Reserve institutions can do to hold the inflationary tendency in proper restraint beyond exercising rigid control over the issuance of Federal Reserve notes, curtailing the amount of such notes
wherever possible as an offset to the putting out of
new bank notes in the prodigal way authorized by
the rider referred to.
Instructions were issued on Saturday last by the
Federal Reserve Board to the Federal Reserve banks
concerning the procedure to be followed in the execution of this provision of the order. As the order
follows closely the wording of the law itself, there
seems little likelihood, as already said, that excesses
will be indulged in. As previously noted by us,
the amendment of the Federal Reserve Act provides
that in unusual and exigent eirowmstaxces the "Federal Reserve Board, by the affirmative vote of not
less than five members, may authorize any Federal
reserve bank, during such periods as the said board
may determine, at rates established in accordance
with the provisions of section 14, sub-division (d),
of this Act, to discount for any individual, partnership, or corporation notes, drafts, and bills of exchange of the kinds and maturities made eligible
for discount for member banks under other pro-
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visions of this Act when such notes, drafts, and
bills of exchange are indorsed and otherwise secured
to the satisfaction of the Federal Reserve bank:
Provided, That before discounting any such note,
draft, or bill of exchange for an individual, partnership, or corporation the Federal Reserve Bank shall
obtain evidence that such individual, partnership
or corporation is unable to secure adequate credit
accomodations from other banking institutions.
All such discounts for individuals, partnerships or
corporations shall be subject to such limitations,
restrictions, and regulations as the Federal Reserve
Board may prescribe."
Clearly within the terms of the law itself as thus
defined there is little liklihood and little possibility
that direct loaning will ever reach large proportions, which is as it should be, since otherwise the
entire scope and character of the Reserve Act itself would be changed.
On the other hand the Borah-Glass rider to the
Federal Home Loan Bank Act has already come into
use and it contains the germ of large-scale new issues
of National bank notes. Through this rider an
aggregate of $2,973,871,200 of United States bonds
is made available as security for new National bank
notes, and as the only limitation upon the issue of
the notes is the capital of the banks, provision is
thus created for, roughly, $995,000,000 of new circulation; that is, the National banks are privileged
to take out this huge additional amount of notes.
Ii commenting on the Borah-Glass rider to the Home
Loan Bank Bill President Hoover, in approving the
measure, stated that he had been informed by the
Comptroller of the Currency that "this section of the
bill runs counter to the general plan established
through the Federal Reserve Act intended gradually to do away with an inflexible bond secured currency and represents a backward step in currency
and banking legislation." This is certainly a correct characterization of the rider referred to, but
inasmuch as the provision is limited to a three-year
period the Comptroller advised the President that
"I do not feel justified in recommending that the bill
be vetoed." The President also said that he had been
advised by the Treasury "that in the practical working of this provision it will not result in inflation."
This last is certainly a mistaken view, as is already
being made abundantly clear. Inflation is inevitable
in any event to the full extent that additional circulation may be taken out, but it might be offset in
part or in whole by the withdrawal or expulsion of
Federal Reserve notes from circulation, the amount
of which during the last two years has been expand-
852
Financial Chronicle
big on a prodigious scale. Most assuredly the offsetting process has not yet got in operation, for
this week's statement of the Federal Reserve banks
shows that there was a further increase in the
amount of the Federal Reserve notes in circulation
in amount of $23,648,000. Though it is true that this
followed $27,791,000 decrease last week,that,in turn,
followed $26,198,000 increase the preceding week,
so that the total of Federal Reserve notes outstanding and in actual circulation now (Aug. 3) stands
at $2,857,805,000, or over a billion dollars more than
the amount 12 months ago, on Aug. 5 1931, when the
total in circulation was only $1,772,672,000.
The theory upon which the rider proceeds is that
inasmuch as the privilege extends to all the National banks throughout the country, the smaller
banks in the remoter communities will be offered an
opportunity to obtain additional facilities for extending credit to their customers, which they would
be glad to avail of, but we pointed out when the
provision was under discussion that these small community banks as a rule do not hold any considerable
amounts of Government securities, while the large
banks in the financial centers, on the other hand, do
hold very large amounts of such securities, and hence
would be certain to avail of the new circulation privilege, even if only a trifling profit on the operation
could be worked out, and that the result in that
event would be to create a further accumulation of
unemployed funds at such centers which the framers
of the Reserve amendment appeared particularly desirous of avoiding. And that is precisely what is
now happening, and with a rapidity which no doubt
is found surprising by many.
The Treasury statement for Aug. 1 shows that only
$1,656,420 of new National bank currency had been
taken out since the enactment of the law, but
applications are now pouring in and several of the
largest banks in the country have already given
notice that they mean to avail of the new privilege
now so freely provided.
Thus notice came the present week that the National City Bank of New York, after refraining for
several years from issuing its own currency against
United States Government bonds bearing the circulation privilege has decided to resume this practice
under the provisions of the Federal Home Loan Bank
Act. The bank will issue its new currency backed
by Government bonds bearing 3%% interest or less
at the rate of about $1,000,000 a week for an indefinite period, according to the New York "Times."
Under the terms of the Act,it is pointed out, the bank
could issue up to $124,000,000, or the extent of its
eapital, but there is said to be little likelihood of its
doing anything of the kind. The monthly circular of
the National City Bank, which always discusses
things in a broad-minded way, comments upon
the probabilities in that respect in the following
manner:
"This is not considered a dangerous measure, nor
is it expected to materially increase the volume of
currency, since the volume already satisfies all
wants. The demand for this kind of legislation
arises from the error of thinking that the volume
of business ever is limited by a scarcity of currency.
The people of this country do comparatively little
business by hand-to-hand use of money; the real currency of the country is bank deposits, which circulate by means of checks. The entire volume of bank
deposits, therefore, is a potential supply of currency.
"While the possible increase of National bank cur-
Aug. 6 1932
rency, based on the amount of paid-in capital of
banks not now covered by note issues, amounts to
nearly a billion dollars, it is quite unlikely that any
such increase will occur under present conditions.
The large city banks already have excess reserves
that they cannot profitably employ, and hence have
no incentive to pay the cost involved in issuing the
new currency, including the circulation tax, loss of
interest on the 5% redemption fund which has to
be kept in Washington, and cost of plates and shipping. To the extent, however, that banks do avail
themselves of the new privilege, unless there is an
increased demand for currency the effect will simply
be to retire a corresponding amount of Federal Reserve notes. Both member bank balances at the Reserve banks and the Federal Reserve ratio will be
increased."
But in our estimation this is taking too conservative a view of the probabilities. The action of the
National City Bank itself, in returning to the practice of taking out circulation; is evidence of this.
Then, also, the Chase National Bank last week announced that it likewise would avail of the new
privileges. There was, however, little news in that,
since the Chase has always been given to taking out
National bank notes, and had outstanding on June 30
1932, $15,942,430 of circulating notes, these being
outstanding as against 2% consols and 2% Panama
Canal bonds. Under the new law it could issue up
to $148,000,000 of such notes, representing its outstanding capital, the limit under the law, but there
is said to be no intention of even approaching this
maximum. Parenthetically it may be said that the
Chase bank's recent June statement showed $218,073,494 of United States Government securities on
hand, though there is nothing to indicate how much
of this represented Government issues carrying
3%7 interest or less, which alone are eligible for
0
the circulation privilege. The National City Bank
at the same date reported holdings of $253,201,185 of
United States Government bonds, certificates, &c.
Many other National banks in New York City,
Boston, Philadelphia, Chicago and elsewhere also
hold large amounts of Government securities, and
we may be certain they will avail freely of the circulation privilege. And they cannot be blamed for
so doing, if they see even a small profit in the operation. The excessive amount of Federal Reserve
credit that is afloat at a time of business depression,
when there is absolutely no need for it in trade channels, has so reduced rates that all the banks of the
country are in danger of starvation owing to
their
inability to earn an adequate return or in fact any
return at all on the great body of their funds. The
buying rate for acceptances of the Federal Reserve
Bank of New York is down to only 1% per annum,
and the United States Treasury is constantly selling
90-day bills and realizing a price so high that
the
rate of return to the purchasers of the bills is
less
than 1 2 of 1% per annum on a discount basis. As
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means of self-preservation, the banks are obliged to
avail of every opportunity to replenish their
depleted
earnings where the slightest chance of so doing
appears. We may therefore be sure that National
bank
circulation will steadily increase for some time to
come.
Where the banks are already in possession of the
Government securities eligible for the purpose, the
process is easy. But even where they do not own
the necessary issues of Government bonds, it is open
to them to go to market and acquire what they need,
Volume 135
•
Financial Chronicle
and that that is being done is evident from the fact
that for the week ending Wednesday night the member banks in New York making weekly reports to the
New York Federal Reserve Bank show an increase
in their holdings of United States Government
securities in amount of $217,000,000, and this followed $31,000,000 increase in these holdings the previous week. In these circumstances it is to be hoped
that the Comptroller of the Currency will not adhere
to the determination which he is said to have expressed not to give out the names of the National
banks who apply for new issues of currency, but
confine himself to the publication of reports from
time to time showing the total amount of new circulation issued.
For its own enlightenment the public is entitled to
know whether the theory under which the new circulation privilege was granted is correct or is erroneous, and also to know whether the banks are large
or small, and in what section of the country they
are located. No obligation of secrecy arises in this
case or possible injury from publicity, as might happen in the case of loans granted by the Reconstruction Finance Corporation. Publicity in this instance
carries no possibility of harm. The Comptroller of
the Currency should make public statements weekly
giving the names of the banks taking out additional
circulation and their location, the same as he issues
weekly reports showing new banks organized or
changes in capital and other similar information.
HE Inter-State Commerce Commission is again
engaged in the establishing of precedents—
precedents in the assumption of powers for which no
authority of law can be found and which it was never
contemplated it should have, and which it is not wise
should be delegated or exercised by that body, since
they relate to matters that concern purely administrative duties and which should be left with the
Board of Directors of the company, subject to such
regulations as Congress may prescribe from time to
time. In a case decided last week the Commerce
Commission has actually undertaken to say what
amount a railroad company shall apply out of income to the payment of wages and salaries. The
road was one of minor consequence, and the amounts
involved insignificant, but it is the principle involved
which challenges attention, since if such a rule is to
apply in the case of a minor road, there is nothing
to prevent its application in the case of the larger
roads, and, in fact, of all the roads in the country.
If the departure is to be permitted or sanctioned, the
Commerce Commission will in the end exercise a degree of bureaucratic control over the railroads of
the United States such as has never before been witnessed in the entire history of the country.
This stepping over the bounds occurred in the case
of an application for a small loan from the Reconstruction Finance Corporation. The applicant
was
the Stockton Terminal & Eastern RR., which applied
for a loan of $65,000 from the Finance Corporation
to be repaid three years from date and to bear interest at a rate to be fixed by the R. F. Corporation.
In the ordinary course this application was referred
to the Inter-State Commerce Commission, which approved of a loan in the sum of $40,750. The cutting
down of the loan is not open to question, and we
make no criticism, since it clearly lies within the
discretion and good judgment of the Commission
which we do not mean to impugn. But the Commis-
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853
sion makes the loan subject to the further extraordinary condition "that throughout the period during
which the loan remains unpaid the applicant should
agree with the Reconstruction Finance Corporation
that the amount of salaries paid to executives, officials and staff assistants shall not be greater in relation to the total payroll than like salaries paid during 1931." Fixing of the salaries of executives, of
and staff assistants ought plainly to be within
the control of the railroad itself unless Congress sees
fit to prescribe regulations and limits, and everyone
knows that Congress has not fixed any such limitations. For the Commerce Commission, therefore,
to undertake such a step is an unwarranted assumption of authority, the exercise of which should not
pass unnoticed or accepted without a most vigorous
protest.
It is not difficult to perceive what influenced the
Commission in its present course. On the face of
things there were apparently superficial reasons for
its course. But that does not alter the fact that it
was acting outside its province. The road is a very
small one, its gross operating revenue in the years
from 1921 to 1930 having averaged no more than
$38,431, and the gross operating revenues for the
calendar year 1931 having been only $35,242. We
are not dealing, therefore, with a question of exorbitant salaries, the entire income having been so small.
The report of the investigation, which it is proper
to say, was conducted by division four, embracing
such eminent members as Commissioners Meyer,
Eastman, Brainerd and Mahaffie, points out that
"An examination of the applicant's accounts and
salary outlay, as reported to us annually, shows that
the reductions in salaries paid officials in 1931 was
$9,610 when compared with 1930, and $8,655 when
compared with 1929. From 1927, when five employees listed as officials received $12,979 out of the
total payroll amounting to $26,769, to 1930, when
$15,770 out of $29,541 was paid these same employees, the overhead or supervisory expenses represented about 50% of the total payroll. The payroll
expense for 1931 was $18,049 compared with $29,541
for 1930, and the officials were reduced from 5 to 3
and their compensation from $15,770 to $6,160." It
should be observed that with five officials getting
$15,770, the average per official works out the munificent sum of $3,154 per annum, and with three
officials getting a total pay of $6,160, the average works out the even more munificent sum of
$2,053.
The motive in imposing the condition regarding
salary payments appears in the further statement by
the Commission that in the forecast of operations for
1932 the outlay for salaries is put at $16,950. "The
ability of the applicant to operate its property during the period for which it seeks a loan as profitably
as that forecast for 1932 will require that the overhead costs remain approximately the same as they
were in 1931." Here we see an ostensible reason for
the fixing of the salary schedules at the munificent
average of $2,054, but it is, nevertheless, an arbitrary and unwarranted exercise of authority, however plausible the reason for the action may appear
on the surface of things, and it is open to the further
objection that the Commission is acting on mere
opinion and estimate. When it prophesies the inability of the road to operate as profitably during
the next three years as forecast for 1932 it is indulging in mere conjecture which ignores the further fact
854
Financial Chronicle
Aug. 6 1932
THERE were numerous further reductions and
1 omissions the present week of corporate dividend declarations. The Associated Dry Goods Corp.
omitted the quarterly dividend due Sept. 1 on the
cumul. 1st pref. stock and the 7% cumul. pref.
stock. The Atlas Powder Co. omitted the quarterly
dividend on the common shares. The United States
Envelope Co. omitted the semi-annual dividend on
common. Crown Cork & Seal Co., Inc., omitted the
quarterly dividend due about Sept. 18 on the common stock. The Westvaco Chlorine Products Corp.
omitted the quarterly dividend on its common shares.
A. G. Spalding & Bros. suspended payment of quarterly dividends on the 7% cumul. 1st pref. stock and
the 8% cumul. 2nd pref. stock. Munsingwear, Inc.,
omitted the quarterly dividend on common. The
Ingersoll-Rand Co. reduced the quarterly dividend
on common from 75c. a share to 50c. a share. The
Timken Roller Bearing Co. reduced the quarterly
2c.
dividend on common from 37Y a share to 25c. a
after having previously been reduced from
share,
75c. a share to 50c. a share. The National Dairy
Products Corp. reduced the quarterly dividend on
common from 65c. a share to 50c. a share. The Pillsbury Flour Mills, Inc., cut the quarterly dividend
on common from 50c. a share to 30c. a share. May
-4-Department Stores Co. lowered its quarterly diviHE Federal Reserve statement this week shows dend on the common stock from 45c. a share to 25c. a
2
an increase in the amount of Federal Reserve share. During 1931 quarterly dividends of 62Y c. a
notes in circulation, the amount Aug. 3 being re- share were paid on this stock.
ported at $2,857,805,000 against $2,834,157,000 on
HE stock market this week has been displaying
July 27. The increase now is more important than
great buoyancy, and further large advances in
since new National bank
on previous occasions,
be put in circulation in greatly prices have occurred. The rise has been almost uninnotes are now to
enlarged volume, owing to the extending of the cir- terrupted, and while there has been extensive liquidaculation privilege to all United States bonds bear- tion at times, attended by some severe setbacks,
/
ing 338% interest or less, under the Borah-Glass especially on Tuesday, and again in the closing hour
rider to the Federal Home Loan Act. However, very on Thursday, the market on each occasion was quick
little additional circulation has yet been taken out to resume its upward course. The covering of outunder that provision, though the prospective imme- standing short commitments, which proved much
diate issues are large. Only a slight further increase larger than generally supposed, played an important
has occurred in the holdings of United States Gov- part, of course, in forcing prices upward, but there
ernment securities, the total of these the present has apparently also been very confident buying for
week being reported at $1,846,135,000 Aug. 3 against both speculative and investment accounts. The in$1,841,191,000 July 27, but comparing with only fluence of both factors appears conspicuously in the
$680,631,000 on Aug. 5 last year. Acceptance hold- upward rebound on such a stock as American Tel. &
ings are a little larger the present week at $40,- Tel., which on Friday of this week sold as high as
693,000 against $39,700,000 last week, but the dis- 101% against the closing price on Friday of last
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count holdings are down to $487,183,000 from $525,- week of 8914 and a low of 6934 on July 11. Sentilast week. The result altogether is that the ment has greatly changed, at least as far as the stock
380,000
volume of Reserve credit outstanding, as measured market is concerned, and the disposition now is to
by the bill and security holdings, is somewhat take an optimistic view of things where previously
smaller this week at $2,380,039,000 against $2,412,- the disposition was entirely the other way.
The sustained advances in the bond market, con232,000 last week. Gold reserves have further in$2,621,142,000 to tinued ever since the beginning of July, reaching
creased during the week from
$2,643,853,000, and the ratio of total reserves to de- large proportions, has been an important influence
posit and Federal Reserve note liabilities combined in stimulating the security markets generally. Tradhas risen during the week from 56.5% to 57.2%. The ing increased as the market moved higher and still
amount of United States Government securities higher, and on Thursday the sales for the day on the
pledged as part collateral for Federal Reserve notes New York Stock Exchange exceeded three and a half
was increased during the week $11,550,000, or from million shares. The cessation of gold exports, which
$623,900,000 to $635,450,000. The amount of accept- are now being replaced by gold imports, has removed
ances held by the Federal Reserve System for foreign anxiety on that score. This week, likewise, has
in the price of wheat and
banks increased slightly during the week, the total shown a further advance
commodity markets generally are giving a better
rising from $57,494,000 to $59,496,000; a year ago,
than for a long time previhowever, these bill holdings of the foreign banks account of themselves
on ously. The September option at Chicago touched
aggregated $225,852,000. Foreign bank deposits
Thursday, and closed yesterday at 51 c.
2c.
4
3
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the other hand are a little smaller this week at $10,- 52Y on
4c.
3
/ on July 16. The dispocomparing with as against a low of 46
807,000 against $11,656,000, but
sition now is to emphasize what are considered favor$132,377,000 a year ago on Aug. 5 1931.
that business of the little road is expected to increase
from the application of the proceeds of the loan, for
the report tells us that "the territory served by the
applicant has large areas devoted to cherry and walnut orchards, which are coming into bearing, and
early vegetables, particularly lettuce, are to be produced in large quantities, all of which are expected
to add substantially to the shipments .over the applicant's road. It is this new business and a return to
normal of general business conditions which leads
the applicant to expect its revenues to increase to
the level of 1928 (when the road had a net income
of $10,843)."
Why is this not a fair expectation, and why should
it be set aside? Especially when the Commission has
exercised its judgment in reducing the amount of the
loan applied for from $65,000 to $40,750. However,
we wish to lay stress merely on the fact that the
Commission was within its rights in reducing the
amount of the loan, but would appear to have gone
outside its proper sphere in fixing the amount of the
small salary allowances. This last, if persisted in,
in other cases would lead to bureaucratic control
over the railroads which would have to be deeply deplored and could not fail to have mischievous consequences.
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Volume 135
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Financial Chronicle
able features and ignore entirely developments of
the opposite nature. This was well shown the present week in the action of the General Motors Corp.
in continuing unchanged the quarterly dividend of
25c. per share, though the company in its statement
published last week showed a net of only $5,326,377
for the three months ending June 30 1932 against
$55,122,767 for the corresponding three months of
1931, or only 7c. per share against $1.22 in the June
quarter of last year. This action was construed as
indicating that the directors of the company saw
brighter visions ahead, with little attention paid to
the fact that the income of the Corporation was of
such a diminutive character. It was the sa:me feeling that led to the disregard of the poor exhibits
made by the railroads in their returns for the month
of June, though in the general upward trend of
prices railroad stocks have at times lagged and that
little attention was paid to the lack of improvement
shown in the iron and steel trade. Steel production
the present week is again reported lower at only 15%
of capacity against 16% last week, while at the same
time there was a recession in the price of heavy melting steel scrap at Pittsburgh. In the general upward
swing of prices only 11 stocks recorded new low figures for the year the present week. The call loan
rate on the Stock Exchange again remained unchanged at 2%.
Trading has again been of large volume. At the
half-day session on Saturday last the sales on the
New York Stock Exchange were 910,850 shares; on
Monday they were 2,106,756 shares; on Tuesday,
1,439,270 shares; on Wednesday, 2,398,614 shares;
on Thursday, 3,521,030 shares, and on Friday,
2,684,060 shares. On the New York Curb Exchange
the sales last Saturday were 95,875 shares; on Monday, 159,245 shares; on Tuesday, 125,020 shares; on
Wednesday, 225,145 shares; on Thursday, 318,150
shares,and on Friday, 281,475 shares.
As compared with Friday of last week, prices are
again higher all around. General Electric closed
yesterday at 1714 against 1378 on Friday of last
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week; North American at 25 against 21; Standard
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1
4
Gas & Elec. at 15 against 14; Pacific Gas & Elec.
at 25% against 2418; Consolidated Gas of N. Y. at
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50 against 47%; Columbia Gas & Elec. at 1038
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1
4
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against 10%; Brooklyn Union Gas at 70% against
68; Electric Power & Light at 5 against 5%; Pub/
1
2
lic Service of N. J. at 41% against 39; International
Harvester at 28 against17 ; J. I. Case Threshing
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2
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4
Machine at 43 against 31; Sears, Roebuck & Co. at
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2
21% against 16; Montgomery Ward & Co. at 10%
against 7%; Woolworth at 3378 against 3118; Safe/
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way .Stores at 43 against 39%; Western Union Telegraph at 302against 21½; American Tel. & Tel. at
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101% against 8914; International Tel. & Tel. at 73
4
against 6%; American Can at 453 against 39%;
4
United States Industrial Alcohol at 2378 against
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202 Commercial Solvents at 8 against 7%; Shat/
1;
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1
4
tuck & Co. at 7 against 7%,and Corn Products at
391 2 against 353
4.
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Allied Chemical & Dye closed yesterday at 69
against 58 on Friday of last week; Associated Dry
Goods at 478 against 5%;E. I. du Pont de Nemours
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at 33 against 2878; National Cash Register A at
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4
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102against878;International Nickel at 71 2 against
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618; Timken Roller Bearing at 16 against 13½;
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4
Johns-Manville at 1658 against 14½; Gillette Safety
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,
Razor at 15% against 17/ National Dairy Prod1 2;
ucts at 20% against 18%; Texas Gulf Sulphur at 19
855
against 17' 8; Freeport Texas at 17 against 17;
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7
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1
2
American & Foreign Power at 5 against 4%; United
Gas Improvement at 161 2 against 1578; National
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Biscuit at 3578 against 3178; Coca-Cola at 933
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against 85%; Continental Can at 251 2 against 251 8;
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Eastman Kodak at 5378 against 44½; Gold Dust
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Corp. at 141 2 against 14½; Standard Brands at 13
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against 12%; Paramount Publix Corp. at 5 against
3%; Kreuger & Toll at 3/32 against 18; Westing/
house Elec. & Mfg. at 30% against 231 8; Drug, Inc.,
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at 391 2 against 33%; Columbian Carbon at 273
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4
against 23%; Reynolds Tobacco class B at 3314
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against 31'/; Liggett & Myers class B at 58%
against 51%; Lorillard at 1514 against 14%; Amer/
ican Tobacco at 73 against 64, and Yellow Truck &
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4
Coach at 33/8 against 2%.
The steel shares have not failed to participate in
the upward movement, though at times being sluggish. United States Steel closed yesterday at 34%
against 28% on Friday of last week; Bethlehem Steel
at 151 4 against 13; Vanadium at 12 against 10%.
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In the auto group Auburn Auto closed yesterday at
68% against 663 on Friday of last week; General
4
Motors at 131 2 against 10%; Chrysler at 10 against
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9; Nash Motors at 131 2 against 11%; Packard Mo/
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tors at 21 2 against 214; Hudson Motor Car at 5y
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8
against 6, and Hupp Motors at 24 against 23 .
3
/
4
In the rubber group Goodyear Tire & Rubber closed
yesterday at 13 against 12 on Friday of last week;
B. F. Goodrich at 4% against 5; United States Rubber at 47 8 against 4, and the preferred at 9
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against 81 2
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.
The railroad shares have latterly been laggards,
and in some instances have sold lower, but this has
been after a very substantial rise during the last two
weeks. Pennsylvania RR. closed yesterday at 12%
against 1238 on Friday of last week; Atchison To/
peka & Santa Fe at 37 against 351/8; Atlantic Coast
Line at 1618 bid against 18; Chicago Rock Island &
/
Pacific at 41h against 4½; New York Central at
17% against 18; Baltimore & Ohio at 9 against 9½;
New Haven at 121 2 against 12%; Union Pacific at
/
53% against 48%; Missouri Pacific at 3 against
/
1
4
3; Southern Pacific at 13 against 1278; Missouri/
1
2
/
Kansas-Texas at 41/4 against 4; Southern Railway
at 6 against 5%; Chesapeake & Ohio at 16% against
15%; Northern Pacific at 14 against 13, and Great
/
1
4
Northern at 1012 against 7.
/
The oil shares have moved substantially higher.
Standard Oil of N. J. closed yesterday at 34
/
1
4
against 2978 on Friday of last week; Standard Oil of
/
Calif. at 27/ against 24½; Atlantic Refining at
14
17 against 15%, and Texas Corp. at 152 against
/
1
4
/
1
13%. In the copper group Anaconda Copper closed
yesterday at 8% against 6 on Friday of last week;
/
1
4
Kennecott Copper at 978 against 8½; American
/
Smelting & Refining at 143 against 12%; Phelps
4
Dodge at 7 against 6½; Cerro de Pasco Copper at
834 against 7%, and Calumet & Hecla at 3Y2
/
/
against 278
/.
TOCK exchanges in the leading European .financial centers were generally quiet this week,
with an irregular tone in the early dealings giving
way to more cheerful performances as optimistic
reports were received of the trend at New York.
Fairly extensive gains were noted in the latter half
of the week at London, Paris and Berlin, and it was
agreed by all observers that they were due almost
entirely to the favorable American advices. In
S
856
Financial Chronicle
European markets it has long been maintained that
the impulse toward world recovery will be manifested first in the United States and there was a
tendency in many quarters to grant a corresponding
significance to recent developments here. The demand for securities improved markedly on this basis.
Contributing also to the more cheerful sentiment
is the hopeful attitude in London and Paris regarding the purely financial outlook. London now considers the success of the huge war loan conversion
scheme assured. Even if the unconverted portion of
the £2,086,000,000 loan should amount to £300,000,000, market conditions are such that temporary
financing can easily be arranged to care for such
cash payments, it is said. In Paris it is pointed out
that the great amount of idle capital available in
leading centers is an important potential stimulus
for trade. It remains a potential, however, as there
is no genuine indication anywhere in Europe of business improvement.
The London Stock Exchange was closed Monday
in observance of the usual August bank holiday.
Trading was resumed Tuesday in a moderately cheerful atmosphere, but business was on a very small
scale. Some interest was taken in German securities, which advanced on a favorable interpretation
of the election results. British funds and the list
of domestic industrial stocks alike were irregular,
but with rather good spots here and there. The
Anglo-American favorites were marked up to conform with New York quotations. Wednesday's session at London was dull, and prices receded until
just before the close, when a sharp rally wiped out
most of the losses. British funds were sold rather
heavily at the start, but the final upswing brought
them back to former levels. The foreign list was
lower, German bonds and transatlantic stocks both
showing recessions. British industrials were heavy,
with the exception of textile shares. A firmer tendency appeared Thursday, owing to the good overnight reports from New York. The transatlantic
list featured the market, and the advance in this section also stimulated buying in other departments.
British funds were steady. Further advances appeared in the international list at London yesterday,
but other sections were quiet.
The Paris Bourse was active and higher, Monday,
notwithstanding the lack of reports from London, as
the results of the German election gave an excellent
impression in France. Foreign securities advanced
sharply, and there were also good gains in French
bank and industrial stocks. The fortnightly settle2
ment was easily made with money at V of 1%. After
a weak opening Tuesday, prices on the Bourse again
advanced, but net changes for the session were unimportant. The initial losses were recovered and in
some cases small gains appeared over previous
figures. Wednesday's dealings were dull, and prices
slowly receded. The opening was good, but after
the initial orders were filled demand dropped and
small offerings sufficed to lower the quotations.
French and foreign issues were equally heavy. Reports of a bouyant trend at New York stimulated
the market Thursday, and prices advanced in all departments. International issues were the favorites,
but French securities likewise moved forward. There
was some profit-taking just before the close. The
dealings yesterday were featured by a renewed upswing in foreign stocks. French issues were unchanged.
Aug. 6 1932
The Berlin Boerse was hesitant at the opening
Monday,owing to uncertainty regarding the reaction
to the parliamentary elections. Prices dropped
slightly at first, but when it appeared that no great
amount of securities would be offered speculative
purchases were resumed and quotations advanced.
Early losses were not only regained, but in many
cases small net advances were recorded. Business
Tuesday was extremely dull, and prices sagged slightly. The losses were small, however, and confined
to the more speculative securities. There was again
an easy tendency Wednesday, with turnover at a
minimum. Continued political disturbances caused
modest selling, but the losses exceeded a point in
only a few instances. Favorable reports from New
York gave the market a cheerful tone Thursday,
prices advancing modestly. Both foreign and German buyers were active in this session, it was said,
and all active securities advanced one to two points.
Substantial gains were recorded at Berlin in a more
active session yesterday.
PARTICIPATION
of the United States Government in a world economic conference, to be
held under the auspices of the League of Nations,
has been assured through acceptance by Secretary
of State Henry L. Stimson, of an invitation extended
by Foreign Secretary Sir John Simon, of Great
Britain, acting in his capacity as Chairman of the
organizing committee for the conference, named by
the League Council. The invitation was transmitted
by D. G. Osborne, counselor of the British Embassy
in Washington, and the text was published last
Sunday. Acceptance was announced Wednesday.
Although no time or place has so far been set for
the conference, it is confidently assumed the meeting will be held in London, next October. This
gathering will be the second phase of the Lausanne
conference, as it will result directly from the recommendations of the Young plan advisory committee,
made last December. The experts then suggested,
it will be recalled, that a conference of governments
be held to consider not only reparations, but also
"the measures necessary to solve the other economic
and financial difficulties which are responsible for,
and may prolong, the present world crisis." In an
exchange with Sir John Simon,late last May, Secretary Stimson indicated that the United States would
be willing to attend such a world conference, provided it were held in London and could thus be dissociated from the reparations negotiations at Lausanne. It was stipulated at the time that the agenda
exclude reparations and debts questions, and also
debate on tariff rates. Before its recent adjournment Congress voted $40,000 to defray the costs of
American attendance at this projected conference.
The scope of the conference is delineated in part
V of the Lausanne Treaty, which is made a part of
the invitation now extended and accepted. It is
set forth in this "Resolution Relating to a World
Economic and Financial Conference," that detailed
examination is to be given (a) financial questions,
and (b) economic questions. Among the former will
be monetary and credit policy, exchange difficulties,
the level of prices and the movement of capital. The
economic questions will relate to improved conditions of production and trade interchanges, with
particular attention to tariff policy, prohibitions and
restrictions of importation and exportation, and
producers' agreements. "The conference," it is
•
Volume 135
Financial Chronicle
857
It is reported in a number of dispatches from
stated in the resolution, "emphasizes in particular
the necessity of restoring currencies to a healthy Ottawa that the chief aim of Mr. Baldwin and his
basis, and of thereby making it possible to abolish associates is to break down the tariff walls of the
measures for exchange control and to remove trans- Dominions to a point at which British products can
fer difficulties; further, the conference is impressed actually compete within those walls against the
with the vital need of facilitating the revival of inter- goods of well-developed Dominion industries. This,
national trade." The invitation to the gathering thus moreover,is said to be only the opening skirmish of a
projected is in two parts. In the first part Sir larger British battle to break down tariff barriers
John Simon, as Chairman of the organizing com- throughout the world. It was remarked in an Otmittee, invites the United States to be represented tawa dispatch of last Saturday to the New York
on that committee. In the second part Prime Min- "Times" that neither the United States, nor Argenister Ramsay MacDonald, as President of the Lau- tina, nor any other foreign country need feel that it
sanne conference, invites the United States to desig- "must shut up shop because its business with the
nate two experts as members of the preparatory com- British has been shut off by Empire agreements at
mittee, which will draft agenda of the conference. the Imperial Economic Conference." There is little
In the note transmitting the invitations it is re- likelihood of any agreements that will be vital, it was
marked that they are extended "on the understand- added. "Even far away Moscow has no cause for
ing that the questions of reparations and debts and anxiety; and alarm in awaiting the final decision of
of specific tariff rates (as distinguished from tariff this conference," the dispatch continued. "What is
policy) will be excluded from the scope of the con- really being demonstrated here is that, despite all the
ference and that among the monetary matters with- hopes and expectations to the contrary, common lanin its scope will be the question of silver."
guage, common tradition and common allegiance to
a crown are not a sufficient solvent of the self-interests of nine industrially and commercially ambitious
EPRESENTATIVES of the British nations at countries, each of them politically independent."
the Imperial Economic Conference in Ottawa
settled down,this week, to a consideration of specific
ARLIAMENTARY elections in Germany last
trade proposals, which will apparently be the subject
Sunday resulted somewhat inconclusively, and
of negotiation for some time to come. Whether the the primary issue of a dictatorship for the Reich or
numerous suggestions made at the meeting will the continuance of Constitutional government refinally be rounded into a treaty of any great im- mains to be determined rather by future events
portance remains questionable, owing to the diverse than by the direct votes of the electorate. Sweeping
inIterests of the United Kingdom and the eight gains were made in the voting by the NationalDominions. Ottawa reports indicated a tone of Socialists, under the leadership of Adolph Hitler,
acerbity in the exchanges early this week, as the but these will not suffice to give a parliamentary
Dominion representatives appeared to resent the majority to the "Nazis" and the parties allied with
statement by Stanley Baldwin, head of the United them in their endeavor to achieve a "Constitutional
Kingdom delegation,that the Dominions are lagging dictatorship." The Communists also made
progress,
behind Britain in the mutual exchange of trade while the other main parties either
held their ground
benefits. A sharp rejoinder was made last Sunday or else lost slightly in representation.
The gains
by N. C. Havenga,Finance Minister of South Africa, made by the parties of the extreme
Right and the
who denied Mr. Baldwin's charge so far as his own extreme Left were chiefly
at the expense of smaller
Dominion is concerned, and added that the object groups
with similar leanings and the essential balof the conference "is not best served" by statements ance
of the German Reichstag will be disturbed
like that of the chief British delegate. The statistics only moderately by the
election results. In these
cited by Mr. Baldwin in support of his contention circumstances there
is little indication, as yet, reare misleading, Mr. Havenga intimated, as gold was garding the formation
of a new Government to reincluded in the South African exports in a manner place the interim
regime of Chancellor Franz von
that was "clearly fallacious."
Papen, after the newly elected Reichstag meets on
After a short recess the conference was resumed
August 30. Indeed, it is suggested in many reports
Tuesday, and it was promptly indicated that the
that Col. von Papen and his Defense Minister, Gen.
Canadian delegation had virtually completed its Kurt
von Schleicher, may elect to remain in office
initial list of trade proposals. A formal statement, for
some time after the Reichstag assembles.
embodying suggestions for extensive tariff and
The election itself was orderly, notwithstanding
trade preferences on both sides, was submitted by the
intense bitterness of the campaign and the
Prime Minister Bennett of Canada to Mr. Baldwin,
numerous fatuities that marked its progress. On
Thursday. The plan, an Associated Press dispatch the
eve of the plebiscite further clashes occurred
stated, would mean perhaps as much as $200,000,000 between
the National-Socialists (Fascists) and Coma year increase in Canadian imports of British goods, munists, with ten deaths.r
eported. The fanaticism
and a similar increase in British takings of Canadian aroused by the
campaign is subsiding only slowly,
products. British goods covered by the Canadian as renewed
rioting resulted Wednesday in three
offer include iron and steel, anthracite coal, auto- additional deaths.
The intense interest taken in
mobiles, electrical supplies, brass products and cer- the election was
reflected in the heavy balloting,
tain lines of textile and leather goods. Canada, in 36,845,279 votes being
cast. This total, representturn, asks new or increased British preferences on ing more than 83% of
the electorate, was exceeded •
her wheat, meats, dairy products,fish, copper, nickel, only in the Presidential election
last March, when
zinc, lead, cattle, vegetables and fruits. Study of 37,658,000 persons voted. The National-Sociali
sts
this proposal was promptly begun •by the United received 13,732,777 votes, or about 300,000 more than
Kingdom delegation, which is, of course, in the were cast for Adolph Hitler when
he ran for Presikey position.
dent earlier this year. The Hitlerite group of Depu-
R
P
858
Financial Chronicle
ties in the Reichstag will number 230 as against 107
in the old Reichstag, but despite this impressive
showing the voting was generally considered a severe
blow to the "Nazis," who aimed at an absolute majority. Together with the Nationalists of Dr. Alfred
Hugenberg and their other allies, the Fascists will
have an aggregate representation of 283 votes, while
the parties of the Left, including the Communists,
will have a representation of 324. The new Reichstag, which has been formally summoned to meet
Aug. 30, will be the largest on record, with an aggregate of 607 Deputies, as against 597 in the old Chamber. The increase is due to the heavy voting and
the German electoral system, whereunder one
Deputy is elected for each 60,000 votes polled by a
party. Under this system all the party leaders are
elected, and there were no outstanding personal defeats in the balloting last Sunday.
The election results are especially interesting because of their bearing on the progress of the Fascist
movement in Germany. Although the Hitlerites received about 37% of the votes cast, the lack of distinct progress over the number received last March
was considered the more important circumstance.
"The Nazi movement has not yet reached its height,
but it has lost its momentum," was the comment of
John Elliott, Berlin correspondent of the New York
"Herald Tribune." This trend is considered characteristic of extremist movements,based on sensational
appeals to a distracted electorate, and if past experience is any guide, it is likely that Hitlerism will
Wane in the future. Most Germans of Fascist leanings apparently rallied around the Hitler standard,
as the Nationalist party of Dr. Hugenberg polled
only 2,172,941 votes, as against 2,458,000 in the
Reichstag elections of 1930.
In the new Reichstag the parties of the Right will
number 283, while the ordinary parties of the Left,
who might be expected to join in a coalition, or at
least vote together in an emergency, will number
235. The Communists, who never join with anyone,
will have 89 seats, and in any parliamentary test
involving a distinct division on Right and Left lines
they will hold the balance of power. Parliamentary
rule in this situation will prove difficult, and the
prospects are none too favorable. The decision of
the "transitional Government" of Chancellor von
Papen and General von Schleicher will be highly
important, as it is believed these personal appointees
of President von Hindenburg may attempt to continue their rule for the entire impending Parliamentary term of four years. To achieve this end, however, the support of the stern and uncompromising
old President of the Reich would be necessary in the
form of an endless series of decrees under Article 48
of the Weimar Constitution. Whether this procedure would accord with the sense of duty of General von Hindenburg is questioned in most quarters.
Despite such difficulties, grounds are seen by all
observers for believing that the present Cabinet
heads will attempt to remain in office with the sympathetic support of the Fascists. Although Colonel
von Papen and General von Schleicher took only a
modest part in the election campaign, their public
addresses and their acts in office bear out the widely
held view that they favor the Fascist cause, as
against the Weimar republican parties. The lack
of a Fascist majority in the Reichstag, on the other
hand, will make effective rule difficult unless a coalition is arranged with the Centrist followers of Dr.
Aug. 6 1932
Bruening. In this sense, Dr. Bruening and his Catholic Center party are regarded as holding the whip
hand. The von Papen Government is thus faced
with the alternatives of ruling in the future by unconcealed dictatorship, or else coming to terms with
Dr. Bruening, for whose downfall as Chancellor it
was responsible. If any such combination is attempted and fails, it is suggested that Chancellor
von Papen and Defense Minister von Schleicher may
fall back on the risky expedient of proscribing the
Communist party, in order to obtain the legal fiction
of a parliamentary majority. It is also possible that
the German leaders will decide in favor of repeated
dissolutions of the Reichstag, in the hope that an
election-weary people will eventually grant a distinct majority to some group.
The election results were generally considered
disappointing in Germany, according to the excerpts
from the press comments, which were cabled over.
It was admitted on all sides that the situation is
now no clearer than it was after the Prussian elections last April. Only the Centrists and Communists
appear to have cause for rejoicing, it was pointed
out, as they were successful beyond their expectations. In London and Paris it was remarked that
the spectacular movement headed by Adolph Hitler
is apparently reaching its end, with a buttressing
effect on democratic government. There are no new
developments likely in Germany for the next week,
owing to orders for a "civic truce," issued by the
Government Monday. During this period negotiations for the reconstruction of the Government will
.be in abeyance, it is said. Party representations in
the new and old Reichstags, as announced officially
by the Government Election Commission, Monday,
is as follows:
IN
New
Old
New
Old
Pr Parties of the Right-Reichstag. Reichstag.
Parties of the Left- Reichstag. Reichstag.
National Socialists-230
107
SocialIsts
143
133
Nationalists
41
Catholic Centre __ _
87
.
88
76
Populists
7
Bavarian People's __ _
30
20
19
Christian Socialists.4
14
State Party
4
14
Agrarian parties_ --3
21
Bavarian Farmers..
2
Economic
2
23
_
Totals
235
244
Totals
283
236
Extreme Left
*In the old Reichstag 20 seats were held Communists
89
77
by minor parties not represented In the
new Reichstag.
Grand totals
807
*577
. —4
--
IFFICULTIES encountered in the recent nego.tiations for an international loan of 300,000,000 schillings to Austria have been reflected,
during the last week, by "technical" default on the
part of the Austrian Government on its 7% League
of Nations loan, floated in 1923 in the amount of
$126,000,000, and its 7% international loan of 1930,
floated in the amount of $55,000,000. Coupons recently due on these loans have been paid, but it is
now announced in behalf of the trustees that the
Austrian Government is no longer making transfers
in order to maintain the reserve funds at required
levels. This lapse is due to the transfer moratorium,
proclaimed in Vienna July 16, to apply alike to public and private debts. Under this decree, Austrian
debtors are paying their foreign debts in schillings
at par into a blocked account of the Austrian National Bank. The 300,000,000-schilling loan which
was to avert the necessity for a transfer moratorium
was approved by the League of Nations Council
July 15, but the Austrian Parliament has so far refused to ratify the loan agreement. France and
Great Britain were to contribute 100,000,000 schillings each to this loan, with Italy, Belgium, Holland,
Switzerland, Spain and Czechoslovakia making up
the remaining 100,000,000 schillings. Terms of this
D
Volume 135
Financial Chronicle
859
proposed loan agreement have not been disclosed, in Austria, Rumania,Portugal and Lithuania;62
/
1
%
but it was reported from Vienna that it includes in Spain and in Finland; 6% in Colombia; 5.11%
clauses restricting Austria's independence. At in Japan; 5 % in Estonia and in Chile; 5% in
/
1
2
French insistence, it is said, a political pledge was Germany,Italy, Hungary and Czechoslovakia;4 %
/
1
2
included, which would mean that Austria would in Norway; 4% in Sweden, Denmark, Danzig and
have to dismiss all hope of political or economic India; 3 % in Belgium and in Ireland; 2 % in
/
1
2
/
1
2
fusion with Germany for 20 years. Chancellor Doll- France and in Holland, and 2% in England and in
fuss was unable to secure ratification of this docu- Switzerland. In the London open market discounts
ment in the Parliament, and it was decided late for short bills on Friday were %@)11/16 as
last week to postpone consideration of the matter against %@11/16% on Friday of last week, and
until September.
11/16@%% for three months bills as against 3
4@
13 16% on Friday of last week. Money on call in
/
HE ancient territorial dispute between Bolivia London on Friday was %%. At Paris the open
and Paraguay regarding the Gran Chaco area market rate continues at 178%, and in Switzerland
/
between these nations has again flared into informal at 12
/
1
%.
warfare, and all the organized peace machinery of
HE Bank of England statement for the week
the world has been set in motion to prevent martial
declarations and protracted strife. It is more than
ended Aug. 3 shows an increase of £823,216
probable that the appeals of the combined American in gold holdings, but as this was attended by an exnations and of the League of Nations will suffio pansion of £5,442,000 in circulation, reserves fell off
to prevent the agony of formal war, as they did on a £4,619,000. The Bank now holds £139,399,674 of
similar occasion in 1928, but the incident again em- gold in'comparison with £134,827,755 a year ago.
phasizes the need for adjustment of this long-stand- Public deposits rose £248,000 and other deposits
ing quarrel. Clashes between the opposing troops dropped Toff'£1,495,265. The latter consists of
in the disputed "Great Forest" area were reported bankers'raccounts, which decreased £3,234,228, and
with increasing frequency during recent months, other accounts, which increased £1,738,963. The
each incident adding to the irritation felt on either proportion of reserve to liability is down to 29.88%
side and to the spirit of militant patriotism. The from 33.05TaIweek ago. A year ago the ratio was
rumblings of war finally caused alarm throughout 41.25%. Loans on Government securities increased
the world when, last Sunday, Bolivian troops were £7,208,000 and loans on other securities fell off
reported in an organized assault on Fort Boqueron, £3,816,280. Of the latter amount £966,013 was from
held by Paraguayan troops. This attack was suc- discounts and advances and £2,850,267 was from
cessful, but it was immediately followed by a gen- securities. The discount rate is not changed at 2%.
eral order for the mobilization of all Paraguayan Below we furnish the weekly figures for the past five
troops. Bolivia was already on a war footing, and years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
official bulletins issued Thursday indicated that the
1931.
1932.
1930.
1929.
1928.
Bolivian forces are continuing their offensive.
Aug. 3,
Aug. 5.
Aug. 6.
Aug. 7.
Aug.8.
g
g
The American neutral nations on the one hand and
a374,727,000 365,251,566 372,978,274 376,202,888
Circulation
the League of Nations on the other have acted with Public deposits_ _ __ 11,491,000 11,438,012 8,865,662 8,269,890 136,777,000
12,913,000
121,252,018 96,612,240 98,339,647 104,255,749 104,531,000
great dispatch in this situation to prevent further Other deposits
Bankers accounts 84.951,848 63,436,883 61,552,286 67,127,342
36,300,170 33,175,357 36,787,361 37,128,407
hostilities. The committee of neutral American
Other accounts
49,310,906
74,266,855 29,062.000
Governm't securities
diplomats in Washington dispatched a note to the Other securities_ 75,978,765 32,301,752 53,145.547 31,163,431 49,099,000
35,231,342
31,574,416
9,018,855
7.960,057 6,834,541
Disct. & advances 14,314,101
Bolivian Government, Tuesday, in which they urged
20,917.241 23,282,897 23,614,359 24,328,890
Securities
Paz to agree to a suspension of hostilities on the Reserve note & coin 39,671,000 44,576,189 40,616,565 25,228,695 57.405,000
La
Coin and
basis of the status quo ante, the territorial question Proportionbullion-139.399,674 134.827,755 153,594,839 141,431,583 174,432,054
of reserve
29.88%
41.25%
37.88%
to liabilities
22.41%
48.88%
again to be submitted to arbitration. In a reply sent
2%
Bank rate
414%
3%
454%
534%
from La Paz Thursday, the Bolivian Government
a On Nov.29
-1928:the fiduciary currency was amalgamated with Bank of England
indicated its willingness to suspend hostilities, but note issues adding atithat time £234,199.000 to the amount of Sank of England
only on the basis of the present positions of the notes outstanding.
armed forces, and not on the basis of the positions
HE Bank of Germany in its statement for the
held June 1, as proposed by the neutrals. Highly
last quarter of July shows an increase in gold
important in this controversy was a further note,
and bullion of 12,079,000 marks. The Bank's gold,
dispatched to the two disputants Wednesday by the owing
to this gain, now amounts to 766,216,000
19 American neutral nations, in which the principle marks,
in comparison with 1,363,298,000 marks a
was laid down that these nations would not recognize year ago and 2,648,910,000 marks two
years ago.
territorial gains in the disputed Chaco area won by Reserve
in foreign currency decreased 9,916,000
force of arms. This declaration, made under the marks, silver and other coin 115,376,000
marks,
leadership of the United States Government, is an notes.on other German
banks 8,844,000 marks and
extension of President Hoover's policy of non-recog- other liabilities 3,824,000 marks. Notes
in circulanition of conquest by arms, first exercised in the tion show an expansion of 244,936,000 marks, raising
Manchurian crisis last winter. The League of Na- the total of the item to 3,966,868,000 marks. Total
tions took action in the Chaco conflict last Satur- circulation last year was 4,453,732,000 marks and the
day, when Jose Matos of Guatemala,as President of year previous 4,637,559,000 marks. Increases apthe Council, sent notes to the two Governments re- pear in bills of exchange and checks of 227,904,000
minding them of their international obligations marks, in advances of 122,068,000 marks, in investunder the League Covenant.
ments of 1,000 marks, in other assets of 34,018,000
•
marks and in other daily maturing obligations of
HERE have been no changes this week in the 20,818,000 marks. Deposits abroad remain undiscount rates of any of the central banks. changed. The proportion of gold and foreign cur/
1
2
Rates are 11% in Greece; 8 % in Bulgaria; 7% rency to note circulation is down to 22.5% from 24%
T
T
T
T
Financial Chronicle•
860
the previous quarter. The sameTitem'a— yearrago
stood at 36.1% and two years ago at 62.7%. A comparison of the various items for three years is furnished below:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
July 30 1932. July 31 1931. July 31 1930.
for Week.
Reichsmarks. Reichsmarks. Reichsmark:.
Reichsmark.s.
Assets—
Gold and bullion
Inc. 12,079,000 766,216,000 1,363,298,000 2,648.910,000
99,553,000 149,788,000
47,069,000
Of which depos. abr'd Unchanged,
Ites've in torn curr Dec. 9,916,000 127,870,000 246,322,000 260.867,000
BUN of exch. & checksInc. 227,904,000 3,155,143,000 3,521,605,000 1,913,477,000
45,034,000 150,303,000
Silver and other coln_Dec. 115,376,000 180,040,000
5,441,000
3,757,000
2,430,000
Notes on oth.Ger.bks.Dec. 8,844,000
Inc. 122,068,000 224,032,000 347,044,000 133,178.000
Advances
101,015,000
1,000 365,218,000 102,874.000
Inc.
Investments
Inc. 34,018,000 792,661,000 908,794,000 683.676,000
Other assets
Liabilities—
Notes In circulation__ Inc. 244,936,000 3,966.868,000 4,453,732,000 4,637,559,000
Oth.daily matur.oblig.Inc. 20.818,000 379,591,000 833,788,000 397,644,000
Dec. 3,824,000 699,725,000 763,877,000 219,853,000
Other liabilities
Propor. of gold & for'n
62.7%
36.1%
1.5%
22.5%
curr. to note circurnDec.
--0--
HE Bank of France statement for the week ended
July 29 records a decline in gold holdings of
142,509,132 francs. The Bank's gold now amounts
to 82,167,515,132 francs, as compared with last
year's figure of 58,407,489,492 francs. The items
of credit balances abroad and bills bought abroad
reveal increases of 725,000,000 francs and 254,000,000
francs, while French commercial bills discounted fell
off 1,088,000,000 francs. A large decrease appears
in note circulation, namely 1,316,000,000 francs.
The total of circulation is now 82,118,994,825 francs,
in comparison with 79,861,537,655 francs a year ago
and 74,008,400,955 francs two years ago. Advances
and creditor current accounts decreased 6,000,000
francs and 1,606,000,000 francs respectively. The
proportion of gold on hand to sight liabilities stands
at 76.16%, as compared with 56.21% last year.
Below we furnish a comparison of the various items
for three years:
T
BANK OF FRANCE'S
Changes
for Week.
Francs.
Gold holdings_ __Dec. 142,509,132
Crain beds. abr'd_Inc. 725,000,000
a French comml
bills discounted_ Dec1088,000,000
bBilis bought abr'dInc. 254,000,000
Adv. set. securs- _Dec. 6,000,000
Note circulation_Inc.1,316,000,000
Cred. curr. accts_ _ Dec 1606,000,000
Proportion of gold
on band to sight
liabilities
Inc.
0.09%
COMPARATIVE STATEMENT.
Status as of
July 29 1932. July 31 1931. Aug. 1 1930.
Francs.
Francs.
Francs.
82,167,515,132 58,407,489,492 46,061,058,118
3,385,052,465 11,217,826,070 7,067,125,242
3,904,470,653
2,098,583,229
2,747,447,197
82.118.94.825
25,773,836,601
4,563,856,536
15,025,258,004
2.859,780,191
79,861.537.655
24,039,502,357
4,778,235,429
18,918.338.119
2,841,209,979
74.008.400,955
15,788,521,198
51.29%
56.21%
76.16%
•Includes bills purchased In France. b Includes bills discounted abroad.
HERE were no changes of any importance in the
New York money market this week,funds being
available in great plenty at the exceedingly low rates
now prevalent. A hardening tendency appeared
yesterday in the market for United States Treasury
bills and certificates, but this is apparently based
rather on the slowing down of open market purchases
by the Federal Reserve than on any expectation of
tighter conditions. Call loans on the New York
Stock Exchange were 2% for all transactions,
whether renewals or new loans. Funds overflowed
into the unofficial "street" market every day, and
transactions in call loans were reported every day at
1% in this market. Time loans were unchanged.
Brokers loans against stock and bond collateral increased $1,000,000 for the week to Wednesday night,
according to the tabulation of the Federal Reserve
Bank of New York. The more comprehensive New
York Stock Exchange report, covering the entire
month of July, showed a decline in loans of $1,974,352. Gold movements for the week to Wednesday
night consisted of imports of $2,303,000, exports of
$6,000,000 and a net decrease of $26,243,000 in the
stock of the metal held earmarked for foreign account.
T
Aug. 6 1932
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 been quiet this week, only one transaction being
reported. Rates are quoted nominally at 13i@
13/2% for all dates. Prime commercial paper has
been in good demand, but paper is available only
in small quantities and sales are limited to the
supply that can be obtained. Quotations for choice
,@,
names of four to six months' maturity are 23.1
4
23/2%. Names less well known are 23 %. On
some very high class 90
-day paper occasional transactions at 134% are noted.
D
PRIME
bankers' acceptances have been in sharp
demand this week, but there is still a dearth of
paper and dealers were able to fill only a part of their
orders. Rates are unchanged. The quotations of
the American Acceptance Council for bills up to
and including three months are 4% bid, 4% asked;
3
7
for four months, 1% bid, and 78% asked; for five
and six months, ih% bid and 13.'% asked. The
bill buying rate of the New York Reserve Bank is
1% for 1-90 days; 13/8% for 91-120 days, and 13/2%
for maturities from 121-180 days. The Federal Reserve banks show an increase in their holdings of
acceptances, the total being $40,693,000, against
$39,700,000 last week. Their holdings of acceptances for foreign correspondents also increased,
rising from $57,494,000 to $59,496,000. Openmarket rates for acceptances are as follows:
SPOT DELIVERY.
Bid. Asked.
Bid. Asked.
Bid. Asked.
—180 Days— --MO Days— —120 Days—
Prime eligible bills
114
134
3.4
Ill
1
134
BM. Asked.
Bid. Asked
Bid. Asked.
—90 Days—. —60 Days—
—30Days—
Prime eligible bills
3.4
34
34
34
34
34
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
134% 1)1(1
Eligible non-member banks
% bld
•
•
HERE have been no changes this week in the
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different Reserve banks:
T
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland_
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Effed on
Aug. 5.
Date
Establtshed,
Previous
Raid.
314
234
336
33.4
33.4
33.4
234
834
334
334
334
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
a
3
4
a
334
214
4
3
4
234
TERLING exchange presents no new trends from
those of recent weeks. The market is dull and
drifting, with sterling irregularly inclined to ease.
The range this week has been from 3.523j down to
3.46 for bankers' sight bills, compared with a range
of between 3.49% and 3.55% last week. The range
for cable transfers has been from 3.523 to 3.461 8,
A
/
compared with a range of between 3.4934 and 3.553
4
a week ago. On Monday the market was exceptionally dull and quotations and trading were largely
nominal as there was a holiday in London. The
market reports a' great scarcity of commercial bills
owing, of course, to the tremendous curtailment of
international commerce during the past few years.
From this side there was a good demand for exchange
S
Volume 135
Financial Chronicle
861
on London for tourist account, but there are no large termination of Great Britain to prepare for ultimate
scale financial requirements and speculative trading return to the gold standard. While money is flowis barely in evidence. Speculative traders fear to ing from London and the European centres to New
take a technical position,- not knowing what the York and this movement is reflected in lower forLondon authorities may do in the matter of main- eign exchange quotations, nevertheless it must not
taining rates, although there has been less evidence be interpreted as meaning that there is not a steady
in the past few weeks of official interference in the flow of funds to the London market. There is every
market than at any time since last September. evidence of complete restoration of confidence in
Present rates frequently touch the lowest figures London as the world's chief money centre, and the
since March and compare with the year's high point current low rates for money in the open market indialso quoted in March. The market con- cate that funds are abundant there. On Wednesday
of 3.83
tinues hesitant as it is still believed in responsible • the Bank of England bought £837,561 in gold bars.
quarters that both the Federal Reserve Bank of This week the Bank of England shows a gain in gold
New York and the Bank of England will presently holdings of £823,216, the total standing on Aug. 3
reduce their rediscount rates. The New York bank's at £139,399,674, which compares with £134,827,755
rate continues at 23/2%, where it has been since June a year ago.
At the Port of New York the gold movement for
24, and the Bank of England rate is at 2%, which,
as has been pointed out, is the lowest since 1897 and the week ended Aug. 3, as reported by the Federal
the lowest ever posted in London, but bankers are Reserve Bank of New York, consisted of imports of
confident because of the trend of money rates in $2,303,000, of which $1,804,000 came from England,
both centres that lower central bank rates are in $301,000 from India, $97,000 from Mexico, and
order. •However, it is doubtful if the Bank of Eng- $101,000 chiefly from Latin-American countries.
land intends to make any change in its rediscount Exports totaled $6,000,000 to France. The Reserve
rate until the close of the British economic confer- Bank reported a decrease of $26,243,000 in gold earence at Ottawa, as recommendations are likely to marked for foreign account. In tabular form the
result from the conference that will have an important gold movement at the Port of New York for the
week ended Aug. 3, as reported by the Federal Rebearing on British currency and fiscal matters.
According to London advices, the lower rates for serve Bank of New York, was as follows:
sterling which have prevailed for the past few weeks GOLD MOVEMENT AT NEW YORK JULY 28-AUG.3 INCLUSIVE.
Imports.
Exports.
are regarded with favor by the general business in$6,000,000 to France
$1,804,000 from England
terests of Great Britain. The lower rates, it is said,
301,000 from India
97,000 from Mexico
not only help the War Loan conversion by inducing
101,000 chiefly from LatinAmerican countries
foreign holders to convert rather than take their
money away at the current unfavorable value of $2,303,000 total
$6,000,000 total
sterling. And they say current sterling rates are
Net Change in Gold Earmarked for Foreign Account.
Decrease $26,243,000
helping also to some extent to raise commodity
prices in England. There is no reason, however,
above figures are for the week ended WednesThe
for the market to anticipate an extremely low level, day evening. On Thursday there were no imports
and were a bear movement to develop it is almost or exports of the metal. Gold held earmarked for forcertain that operators on that side would be caught eign account, however, decreased $1,150,500. Yesby counter-operations of London working through the terday there were no imports or exports, but gold held
exchange equalization account. One chief cause earmarked for foreign account decreased $1,550,400.
of the current ease in sterling with respect to the dol- During the week approximately $3,536,000 of gold
lar, and in fact for the ease in all European currencies, was received at San Francisco, of which $2,200,000
is the flow of funds from London and the Continental came from the Philippine Islands, $802,000 from
centres to the New York security market as a result China and $534,000 from Australia.
of the greater confidence which has developed in the
Canadian exchange continues at a severe discount.
past few weeks. There is practically no change in On Saturday last Montreal funds were at a discount
open market money rates in London, which are of 127 %, on Monday at 123 %, on Tuesday at
4
4
clearly out of line with the Bank of England's official 13%, on Wednesday at 13%, on Thursday at 127 %
4
rediscount rate. Call money against bills is plen- and on Friday at 123 %.
4
tiful at 1 %, two-months bills at %%
A
Referring to day-to-day rates, sterling exchange
-11-16%,
3
three-months bills at 11-16% to 4%, four-months on Saturday last was steady in dull trading. Bankers'
7
bills at Yi% to 4%, and six-months bills at 11
/%. sight was 3.50 7-16@3.51; cable transfers 3.50%®
Both the British Treasury and the Bank of England 3.51%. On Monday the market was quiet due to a
continue to buy gold in the open market, although holiday in London. The range was 3.51@3.523'
the metal is at a high premium. This week gold for bankers' sight and 3.511 @3.52% for cable
4
seems to have sold in London at from 117s. to 118s. transfers. On Tuesday trading was extremely dull
6d., which compares with the Bank of England's and sterling was easier. Bankers' sight was 3.51A®
official purchasing price of 84s. 10d. per ounce. 3.517 ; cable transfers 3.5131®3.52. On Wednes4
The difference between the official price and the day the market was dull and sterling easier. The
market premium, it would seem, is paid for through range was 3.513@3.51% for bankers' sight and
4
the equalization account. The lower sterling goes, 3.51%® 3.513 for cable transfers. On Thursday
the higher is the premium on gold, of course. Hence sterling was dull and lower. The range was 3.48%@
exports of the metal from India and the Far East 3.503 for bankers' sight and 3.49@3.503/ for cable
%
are greatly stimulated. Since last October it is transfers. On Friday sterling was sharply lower;
• estimated that India alone has sent to London more the range was 3.46®3.47% for bankers' sight and
4
than 00,000,000 in gold. According to well-im- 3.46%®3.473 for cable transfers. Closing quotaformed bankers, the piling up of gold by the Treasury tions on Friday were 3.463 for demand and 3.46%
%
and the Bank of England clearly indicates the de- for cable transfers. Commercial sight bills finished
862
Financial Chronicle
Aug. 6 1932
1
at 3.46; 60-day bills at 3.45%;90-day bills at 3.44%; 13.84. In the case of a Belgian bank with a branch
documents for payment (60 days) at 3.453/i and in New York or an American bank having a branch
seven day grain bills at 3.461 . Cotton and grain in Belgium, it is said that gold can be brought to this
%
• for payment closed at 3.46.
side with the belga at 13.86, the rate around which
the unit has been ruling for the past few weeks.
NGE on the Continental countries conThe London check rate on Paris closed at 88.53
tinues irregular and easier, although on balance on Friday of this week, against 89.53 on Friday of
fractionally firmer than last week. French francs last week. In New York sight bills on the French
have been displaying an especially easier tone for centre finished on Friday at 3.913/, against 3.911
2
%
the last 10 days or more, though the average quota- on Friday of last week; cable transfers at 3.915s,
/
tion for exchange on Paris was slightly improved. against 3.913', and commercial sight bills at 3.913s.
/
Bankers have expressed the opinion that Paris was 'against 3.911%. Antwerp belgas finished at 13.87
supporting the franc in order to permit the covering for bankers' sight bills and at 13.871% for cable
of short dollar positions at a better price. It is transfers, against 13.86 and 13.863/. Final quota2
doubtful, however, if any persistent strength can tions for Berlin marks were 23.791% for bankers'
develop in the franc. Exchange traders are expecting sight bills and 23.80 for cable transfers, in comparison
a return flow of gold from Paris to New York before with 23.75 and 23.76. Italian lire closed at 5.09%
long. At present the franc is receiving some support for bankers' sight bills and at 5.10 for cable transfers,
from tourist requirements, which are, however, far against 5.083 and 5.083 . Austrian schillings closed
4
below normal years. On the commercial side the at 14.111%, against 14.113/; exchange on Czecho2
balance of payments is greatly against France. In slovakia at 2.963, against 2.963.; on Bucharest at
the past three weeks there has been evidence that 0.603,, against 0.603; on Poland at 11.213/2, against
France is beginning to redistribute its gold. How- 11.221% and on Finland at 1.521%, against 1.521%.
ever, it is thought that the Bank of France gold Greek exchange closed at 0.641% for bankers' sight
ratio will not be permitted to fall anywhere near the bills and at 0.64% for cable transfers, against 0.653.L
35% legal minimum, but will be maintained around and 0.65%.
50%, although if confidence were universally restored the matter of ratio would give Bank of France
XCHANGE on the countries neutral during the
authorities very little concern. Again, for the third
war is irregular. Exchange on Holland and
successive week, the Bank of France shows a de- Switzerland, while fractionally firmer this week, has
crease in gold holdings. The statement for July shown ease for many days. The Scandinavian coun29 shows a decrease in gold holdings of 142,509,132 tries fluctuate rather widely and have been quoted
francs. This follows a decrease of 97,788,461 francs lower during the past fortnight as a result of the
during the week ended July 22 and a decrease for the lower quotations for sterling, with which these curprevious week of 63,871,732 francs. The Bank's rencies are allied. It is of interest to note that the
ratio was at record high on July 15, when it stood July 15 statement of the National Bank of Norway
at 76.31%. Currently the ratio stands at 76.16%, was published, showing its condition in sterling incompared with 76.09% on July 22, with 56.21% on stead of in kroner. There is much speculation in
July 311931, and with legal requirement of 35%.
foreign exchange circles as to whether this development
German marks are of course only nominally may indicate some real progress in the idea recently
quoted, as exchange is under the control of the launched of establishing a !`sterling group." Great
Reichsbank, operating by governmental decree. A Britain is the major export market for the Scandifew days ago the Deutsche Bank und Disconto- navian countries. The occurrence is taken as an
Gesellschaft announced that it could not repay the indication that the Norges Bank is determined to
$25,000,000 bonds maturing on Sept. 1. This state- maintain the relation between the kroner and sterment caused no surprise in foreign exchange circles ling exchange. It is probable that when England
and bankers here refuse to regard it as a genuine returns to the gold basis the Norwegian currency
default. The announcement, it is said, can have no will be stabilized at a level comparable with the
adverse effect upon the credit standing of the German pound. The change in the statement is also of interbank as the bank was powerless to do anything except est as it gives rise to speculation as to what the cento offer to repay the loan in marks or to extend the tral banks of Sweden and Denmark may do in the
maturity with payment of a 2% cash premium and same respect. The comparative ease in Dutch
continuance of interest in dollars. The plight of the guilders is due largely to the flow of Amsterdam funds
Deutsche Bank is clearly an outcome of foreign ex- to the London and New York markets. The last
change difficulties. The institution had the funds statement of the Netherlands Bank showed gold
on hand in marks to meet the maturities, but because holdings of 1,015,000,000 guilders, as against 586,of the scarcity of exchange is unable to obtain the 000,000 at the end of July last year. Its foreign
necessary dollars. This case illustrates one of the bill holdings are at 69,000,000 guilders, against
outstanding difficulties involved in foreign exchange 228,000,000 guilders a year ago, and its notes are covcontrol by government decree. It is easy enough ered by gold up to 103%. In Amsterdam it is
to buy marks anywhere, but difficult for a German felt that Holland will have to lose a considerable
national to buy the necessary foreign currency with volume of gold before any normal trade developwhich to pay his foreign creditors.
ment will be possible. Spanish pesetas show a tenBelgian francs have been inclined to weakness for dency toward greater firmness. A recent Paris disthe past two weeks, although the rate is slightly firmer patch stated that a report from Madrid was to the
on average this week, and it is thought that the belga effect that the Spanish monetary conference has reis receiving some official support. Foreign exchange ported for a continuance of exchange control, al-.
circles expect that there will be a movement of gold though aiming at ultimate complete freedom of
from Belgium to New York before long. The gold exchange. The establishment of a national market
import point from Belgium is believed to be about for forward exchange was recommended. The con-
EXCHA
E
Volume 135
Financial Chronicle
ference proposed that after stabilization of the peseta
silver be recognized as legal currency in amounts up
to 25 pesetas, and that the Treasury accept silver
without limit.
Bankers' sight on Amsterdam finished on Friday
at 40.20, against 40.20 on Friday of last' week;
cable transfers at 40.21, against 40.21, and commercial sight bills at 40.15, against 40.15. Swiss
A
francs closed at 19.451 for checks and at 19.45%
cable transfers, against 19.44 and 19.443g.
for
Copenhagen checks finished at 18.743, and cable
transfers at 18.75, against 18.943 and 18.95. Checks
on Sweden closed at 17.84 and cable transfers at
17.85, against 18.03M and 18.04; while checks on
Norway finished at 17.39M and cable transfers at
17.40, against 17.56M and 17.57. Spanish pesetas
closed at 8.123/ for bankers' sight bills and at 8.13
4
for cable transfers, against 8.033 and 8.04.
XCHANGE on the South American countries hai
presented no new features of importance throughout the past several months. In fact there is really no
market so far as the South American currencies are
concerned, as all movements of exchange are
hampered by the severe control exercised by governmental boards. The Wall Street "Journal" recently
analyzed the foreign exchange sit iation in the
following words:
"The Argentine Exchange Control Commission
endeavors to provide exchange for all those needing
it, but because of the current conditions and the lack
of available exchange, it is forced, like similar commissions in other countries, to ration the available
supplies. In meeting requirements, the Commission
follows the practice of first supplying exchange
necessary for service of government debt abroad.
Next in preference comes payment for importations
of necessities; then service of railroad loans, Sze.
Fourth on the list are letters of credits, immigration
remittances, and the fifth item is payment for
• luxury,imports. After these requirements have been
met, exchange is available for other commercial
obligations.
"Uruguayan preferential list is radically different
from the Argentine. Exchange is allotted on a
percentage basis. First item to be taken care of is
35% of the total amount available to be applied to
the payment of importation of necessities. The
second item is one of 5% for luxury imports. Of
the total amount available, 15% is applied to service
of the national debt.
"Under the current conditions in Argentina, there
are considerable sums of pesos in the possession of
foreign exporters which are effectively blocked within
the country through inability of the exchange control
to provide the necessary exchange for transfer.
Some attempts are made to transfer these blocked
accounts through the bootleg market but it is difficult
to find buyers for such exchange. Lack of bids in the
bootleg market is caused by the fact that uses to
which the exchange can be put are limited.
"Bootleg exchange cannot be tendered for payment
of Argentine goods to be shipped out of the country.
A shipment of wheat, for instance, must be paid for
in pesos accompanied by certification that the exchange has been bought from the Commission.
Foreigners hesitate to leave the pesos on deposit in
the Argentine banks because there is no way of
hedging in the exchange market against possible
depreciation of the peso rate. Only uses for this
E
863
type of exchange are payment of salaries and purchase of real estate and other property which is not
to be moved out of the country. Demand for such
exchange, of course, is limited."
Argentine paper pesos closed on Friday nominally
at 253 for bankers' sight bills against 251 on Fri4
day of last week; cable transfers at 25.80, against
25.80. Brazilian milreis are nominally quoted 7.20
for bankers' sight bills and 7.25 for cable transfers,
against 7.20 and 7.25. Chilean exchange is nominally quoted 6,against 63.. Peru is nominal at
21.00 against 21.00.
XCHANGE on the Far Eastern countries is
irregular. The Chinese units are fairly steady
and have made a fractionally better showing in
harmony with the slightly steadier prices for silver in
the international markets. Japanese yen continue
to fluctuate rather widely and are on average much
easier than last week. The yen broke sharply in
Thursday's market, dropping 44 points to 26.81.
This compares with the closing price last week of
27 9-16 and with dollar parity of 49.85. The market
continues to look for a reduction in the rediscount
rate of the Bank of Japan from the present 5.11%.
It is claimed in Tokyo that except on those trying to
export capital Japan's new exchange regulations,
which went into effect on July 1, will work no particular hardship. The Finance Minister announced
on July 4 that no attempt will be made to influence
the course of exchange, but flight of capital and
transfers for capital expenditures will not be permitted. Transfers to foreign countries will be allowed in order to meet interest and amortization
payments, insurance premiums and running expenses of foreign branches, which are not self-supporting. Foreigners in Japan may not withdraw existing capital investments, but they may withdraw
existing deposits in foreign currencies. The banks
in Japan, both Japanese and foreign, are forbidden
to accept new foreign currency deposits. The In-
E
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
JULY 30 1932 TO AUG. 5 1932, INCLUSIVE.
!
Country and Mondary
Unit.
Noon Buying Rate for Cable Transfers in New York.
Value in United Slates Money.
July 30. I Aug. 1. Aug. 2. Aug. 3. Aug. 4. Aug. 5.
$
EUROPE.139670
Austria, schilling
.138583
Belgium, belga
' .007233
Bulgaria, lev
Czechoslovakia, krone .029588
.188916
Denmark, krone
England, pound
3.507053
sterling
015020
Finland, markka
039158
France franc
Germany, reichsmark .237076
.006376
Greece, drachma
Holland, guilder
, .174550
Hungary. Pengo
Italy, lira
i .050877
Norway.krone
' 175683
111800
Poland, Zloty
Portugal, escudo
.031975
Rumania,leu
.005964
Spain peseta
080357
Sweden, krona
.180291
Switzerland, franc... .194388
Yugoslavia, dinar- - - .016700
ASIAChina-Chefoo tael_ _
Ilankow Mel
Shanghai tadl
Tientsin tael
Hong Kong dollar
Mexican dollar- _ _
Tientsin or Feiyang
dollar
Yuan dollar
India, rupee
Japan, yen
Singapore (SAL) dollar
NORTH AMER.Canada, dollar
Cuba, peso
Mexico, peso (silver).
Newfoundland, dollar
SOUTH AMER.Argentina. peso (gold)
Brazil, mIlrels
Chile, peso
Uruguay, peso
Colombia, peso
$
.139670
.138646
.007233
.029588
.189161
3.515416
.015020
.039174
.237330
.006376
.402535
.174550
.050896
.175969
.111750
.032025
.005968
.080500
.180823
.194628
.016625
.139670
.138650
.007233
.029593
.189246
$
.139670
.138677
.007233
.029586
.188853
.139670
.138603
.007233
.029586
.187923
.139670
.138609
.007233
.029594
.186615
3.515416 3.513958 3.496294 3.469750
.015020 I .015040 .015040 .015040
.039172 .039171 .039149 .039148
.237567 .237817 .237667 .237721
.006373 .006401 .006335 .006321
.402414 .402421 .402153 .402007
.174550 .174550 .174550 .174550
.050928 .050984 .050941 .050982
.175907 .175838 .175158 .173630
.111800 .111800 .111775 .111866
.032025 .031875 .031950 .031825
.005958 .005975 .005975 .005972
.080614 .080773 .081021 .081171
.180392 .180246 .179392 .178184
.194667 .194682 .194480 .194475
.016575 .016525 .016875 .016800
.305833
.302500
.295000
.309583
.227812
.205625
.305833
.302500
.295000
.309583
.227812
.205625
.307916
.304583
.296875
.311250
.228437
.203750
.306666
.303333
.296250
.310416
.227968
.204375
.210833
207500
.264000
274500
.404375
.210833
.207500
.264000
.273500
.403125
.208333
.205000
.264600
.271750
.403750
.207500 .207500 .207916
.204166 .204166 .204583
.264125 .263675 .262000
.271250 .266750 .260750
.403750 .403750 .401250
.869943
.999225
.283500
.868250
.871822
.999100
.276166
.869875
.870781
.999225
.285066
.869125
.868802
.999100
.287166
.866500
.869791
.999131
.286633
.867750
.871406
.999131
.286800
.809625
.585492
.076350
.060250
.475833
952400
.584992
.076225
.060250
.475000
.952400
.585447
.076225
.060250
.474166
.952400
.585447
.076225
.060250
.474166
.952400
.585992
.076225
.060250
.474166
.952400
.585835
.076225
.060250
.474166
.952400
.306250
.302916
.295625
.310000
.227656
.204687
.307291
.303958
.297031
.311041
.228125
.203750
Financial Chronicle
864
dian rupee is ruling easier, owing to the easier tone
of sterling, to which it is anchored at the rate of
is. 6d. a rupee. As the price of gold advances in
shillings and pence per ounce in London, it also advances in rupees in India, so that the sales of the
metal there to take advantage of the heavy premium
are steadily increasing. It is estimated that India
has sold more than £60,000,000 gold since last October.
Closing quotations for yen checks yesterday were
25% against 27 9-16 on Friday of last week. Hong
Kong closed at 23@23 5-16, against 23@23 3-16;
3
Shanghai at 30%@30 5-16, against 29%@29 15-16;
Manila at 49%, against 49%; Singapore at 40k,
against 40%; Bombay at 26 5-16, against 26 9-16,
and Calcutta at 26 5-16, against 26 9-16.
following table indicates the amount of gold
HE
bullion in the principal European banks as of
August 4 1932, together with comparisons as of the
corresponding dates in the four previous years:
T
Bogs of—
1932.
1931.
1930.
£
153,594,8391
368.488.4691
124,956.1001
98,891,0001
56.323.0001
32,555,000j
34,347,0001
23,780,000
13,482,0001
9,567,000
8,142,0001
1929.
£
141,431.583
304.877.154
100,271,550
102.533,000
55,792,000
37,451,000
28,925,000
19.873,000
12,978,000
9.588,000
8,154,000
1928.
£
174,432,054
240,747,068
107,318,650
104,337.000
53,156,000
36,244,000
22,947,000
17,914.000
12,785.000
10,103,000
8,166.000
£
England__ _ 139,399.674
France a__ - 657.340,121
35.957,350
Germany b
90,237,000
Spain
61,256,000
Italy
84,206,000
Netherian
Nat. Belg'm
74,244,000
89,156,000
Switzerland
Sweden_
11,445,000
Denmark
7,440,000
Norway
7,911,000
t
134,827,755
467,259,916
64,082,300
91,003,000
58,057,000
49,002,000
42,649,000
30,504,000
13,214,000
9.546 Iii
8,131.000
Total week_ 1,258,592,145
Prey. week_ 1,256.482,952
968,275,971 924,126,408 821,874,287 788,149,772
953,395,982 918,020,2661 816.194,353 774.059,882
the new form
a Mete are the Sold ho dings of the Sink of France as reported in
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year IS £2,353,450.
Germany Marks Time Despite Its Election.
The general election in Germany last Sunday was
a surprise and disappointment to those who had
expected that the vote would register some definite
result. The popular vote, provisionally reported on
Monday as 36,845,279, showed a considerable gain
over the 34,886,000 recorded in 1930, and the new
Reichstag, due to the peculiarities of the electoral
system, will be larger by some thirty members than
was its predecessor, but neither the increase in the
popular vote nor its distribution gave any party a
majority of the seats. The largest number of seats
was won by the National Socialists, followers of
Adolf Hitler, who secured 230 against 107 in the
previous Reichstag, but the imposing gain leaves
the party still short 78 seats of a bare majority in
a total membership of 607. The next largest party
of the Right, the Hugenberg Nationalists, won only
37 seats, a loss of four, while the other and smaller
parties of the Right lost heavily. The aggregate
strength of the Right parties, while it increased
from 231 to about 280, was due wholly to the Fascist
or Hitler gains, but even so it fell considerably short
of a majority.
The Left parties, not counting the Communists,
showed no such extreme changes, but their aggregate strength in seats is less than that of the Right.
The Socialists lost ten seats, winning 133 against
a previous 143. On the other hand the Catholic
Centre, the party of former Chancellor Bruening,
secured 77 seats against a previous 68, while the
Bavarian People's party rose from 19 to 22. Counting all the groups of the Left, the republican Opposition, as it has come to be called, obtained about 235
seats against the 280 of the combined Right. Were
Aug. 6 1932
each of these two groups to unite, the balance of
power in the new Reichstag would be held by the
Communists, who increased their vote from 77 to 89.
Union with other parties, however, has hitherto
been contrary to Communist policy, and the outlook
for combined action among the parties of either the
Right or the Left is at the moment highly problematical. The Hugenberg Nationalists have been
in the past almost as hostile to Hitler's National
Socialists as to the Socialists or Catholic Centre,
and while their poor showing in the election has
materially dimned their prestige, their future course
as a party is still to be determined. The Socialists,
on the other hand, the next largest party in the
Reichstag to the Hitlerites, gave the Bruening Government little more than the benefit of a benevolent
neutrality, and their pronounced opposition to
Fascism does not necessarily forecast any change
of attitude toward the new Catholic Centre. The
prediction voiced shortly after the election that Dr.
Bruening and the Centre party would hold a controlling hand seems beside the mark, for not only is
the Centre party considerably smaller than the Socialists in the number of seats it controls, but it was
only with Socialist tolerance that the Bruening Government was able to keep itself in power. On the
face of the returns, in short, no Government of the
usual parliamentary kind seems possible.
The outstanding feature of the election is, of
course, the failure of the Hitlerites to obtain control
of the Reichstag. The gain of the party in popular
votes was tremendous in comparison with 1930, a
vote of 6,401,210 in the latter year becoming one of
approximately 13,732,777 last Sunday. This is more
than 300,000 in excess of the vote which Hitler received when he contested the presidency with President von Hindenburg in April. The strength of the
Nazis in the Reichstag, too, has been more than
doubled. But the prize of Reichstag control, confidently predicted and openly boasted about, has
been lost. There will be no Fascist Government in
Germany controlled outright by Hitler and his followers. The most that the Hitlerites can hope for
is a coalition Government, Fascist in general complexion, in which Hitler will have an important
voice. An outcome of that kind might very well
mean a fundamental change in the kind of political
administration that Germany has had, and one that
would jeopardize the continuance of the Weimar
Constitution, but it would not represent the straightout victory for Fascism which Hitler has worked
for. When all the circumstances of the campaign
are considered, there is much reason for thinking
that the Hitler movement has reached its highwater
mark, and that while it will doubtless continue to
be of much importance, it can no longer hope to
secure complete control.
Until the end of August,then, when the new Reichstag meets, political interest will be fixed upOn the
policy of the von Papen Government, the attitude
of President von Hindenburg, and the manoeuvres
of party leaders. Chancellor von Papen, of course,
has no more mandate fo,r his Cabinet since the election than he had before. He is still the head of a
Ministry which was reconstructed by the fiat of
President von Hindenburg, and without any vote or
action of the Reichstag to dictate a change. If he
looked to Sunday's election to give him the support
in the Reichstag which a parliamentary Government
is expected to have, he met disappointment along
Volume 135
Financial Chronicle
with others, for there is neither a party nor a party
group of any considerable influence in the new legislature that can be regarded as representing the Government. His Ministry will continue to administer
affairs until the Reichstag meets, but it must then
either prorogue that body and go on governing
under presidential decrees, or ask for a vote of confidence and stand or fall by the result, or build up
in the interval a coalition support which will
enable it to go on under the usual parliamentary
mandate.
There is as yet no sufficient basis for a safe prediction as to which of these courses the Government
is likely to follow. The high degree of authority
which General von Schleicher is credited with exercising in the von Papen Cabinet suggests that a
policy strongly tinctured with dictatorship is the
one that would most commend itself to the Ministry,
and the recent supersession of the constitutional
Government in Prussia by a Federal commission
with virtually dictatorial powers shows that neither
President von Hindenburg nor Chancellor von Papen
and his associates hesitates at drastic steps. Government by decree, however, while well adapted to
serious emergencies, is hardly to be thought of as a
permanent policy save on the assumption that representative government is clearly recognized as having broken down. It would be idle to deny that
such a possibility may exist in Germany. The extraordinary rise of the Hitler movement and the
more recent outspoken manifestations of regard for
monarchy and the Kaiser are clear indications that,
on the question of a constitutional government such
as the Weimar Constitution provides, the German
people are undergoing a significant change of heart,
and that popular reaction against parliamenrtarism
as the Reich knows it, and against the Socialist policies which hate long been followed, has already
carried far. The soil is at least more fertile for
some species of dictatorship than it has been for a
decade.
It seems more probable, however, that President
von Hindenburg, who is the real power in the premises, will give parliamentary government further
trial, and that an attempt will be made to construct
a Reichstag coalition. For such a step Chancellor
von Papen is in an advantageous position. In spite
of the fact that the so-called "settlement" of reparations at Lausanne depends.entirely upon later agreement concerning war debts, Chancellor von Papen
can claim that he has made good the Bruening announcement that no more reparations will be paid
under the Young Plan, and that the 3,000,000,000
gold marks for which the Young Plan annuities were
provisionally compounded will not have to be provided for a long time because of the debt controversy,
and in any case are a good bargain for Germany.
The questions of treaty revision and war guilt have
been openly raised and vigorously pressed at Lausanne, and notice has been given at Geneva that
Germany must be accorded equality in armaAnts
if any agreement for armament reduction or limitation is to have its approval. On this latter point the
von Papen Government has shown considerable
shrewdness in availing itself of its recent adhesion
to the new European consultative pact to notify the
British Government, as it did on Wednesday, of its
intention to open negotiations at London for the
equal treatment in armaments that General von
Schleicher called for in a recent radio address.
865
Both of these matters would seem to be good
bargaining points for some working agreement with
the Bruening party and the Socialists. A division
of power with the Hitler forces would not seem to
be difficult, particularly if Hitler and his advisers
are convinced that their strength in the country and
in the Reichstag is all that can be expected, and are
prepared to modify the extreme demands for Cabinet
posts which they are reported to have made as the
price of their support. Between the demands of
Hitler and those of von Papen's supporters for a
strong Government there are many points of similarity, and while Dr. Bruening would have to eat his
words if he were to urge his party to join hands with
the Nazis, it is possible that he might be induced to
avoid embarrassing a Government of the Right if
one were formed. President von Hindenburg's attitude toward the Hitlerites in the weeks immediately
preceding the election indicates pretty clearly a conviction that a party which has developed such
strength and solidarity must be allowed to operate
and achieve such success as it can, and a coalition in
which the National Socialists were given an important place would be in line with his policy.
The great obstacle to a stable coalition is, of
course, the fact that if all the parties of the Right
were to unite, their combined votes would still fall
short of a majority in the new Reichstag, and that
some substantial support must be drawn from the
Left. The most, apparently, that can be expected
from the Socialists in their present temper is a continuance of a policy of neutrality. The Communists,
on their part, are the pariahs of politics in Germany
as they are in other European countries, and no
coalition that might be formed with them would
have any assurance of stability. The responsibility
thus rests with peculiar weight upon Dr. Bruening
and the Catholic Centre. If Dr. Bruening and his
associates, who are naturally conservative, shall conclude that a coalition in which the Hitler party holds
an important place is preferable to an undisguised
dictatorship maintained in the last resort by the
army, they may give their support to the von Papen
regime, trusting to time to enlarge their own influence in the combination. It would be easier for
Dr. Bruening himself to take such a course because
it was he who, faced with a hostile Reichstag, persuaded President von Hindenburg to issue the comprehensive and drastic decrees under which the
Bruening Government carried on until its downfall.
• Whatever the outcome, it seems reasonably certain that dictatorial methods will advance and parliamentary methods recede. An electoral system
under which the voter votes for parties only, leaving
to the leaders of the successful parties the designation of members to represent the party in the Reichstag, and which, after an exciting campaign marked
by unprecedented personal violence, produces a
Reichstag in which the largest party falls far below
a majority and a Ministry can be formed only by
combining radically hostile elements, is ill-fitted to
cope with the problems that confront the German
Reich. The example of Great Britain, where a former
Labor Premier presides over a Government which
is predominantly Conservative, may point the way
out for the time-being, but no merely temporizing
arrangement can be expected to stay very much the
progress of an anti-parliamentary movement to
which more than half of the electors who vote, if the
Communists be counted, are evidently committed.
Important Banking Problems Before the
Supreme Court.
[By Gregory Rankin, Director, Legal Research Service, Washington, D. 0.1*
Most of the banking cases in the past term of the
Supreme Court dealt with the rights and duties of
National banks. Very few of them related to State
banks. In fact, there was only one State bank case
of importance, and that related to the question of
stockholders' liability under the banking law of
Iowa. This case threatened to attain immense proportions when it was argued by the stockholder that
the law imposing double liability was unconstitutional because it was retroactively applied.
In this case, suit was brought by the Woodbine
Savings Bank against a stockholder to recover an
assessment for a stockholder's liability. The stockholder had acquired 26 shares of capital stock as
follows: 10 shares in 1891; 10 in 1906; 6 1/6 shares
in 1917; and the last 6 1/6 shares were exchanged
for 6 shares in 1926. All of the stock was fully paid
up. No provision relative to assessment to restore
impaired capital of the bank was made in the articles
of incorporation, nor in the stock certificates, nor in
the by-laws of the bank. The first statute, authorizing assessment of stockholder's liability was passed
in 1894, amended in 1924, further amended in 1925,
and included in the Code of Laws of Iowa in 1927.
The Supreme Court of the State of Iowa upheld
the right of the bank to collect on the assessment,
and held that the 1927 provision authorized the
assessment and collection of stockholders' liability.
The stockholder appealed to the Supreme Court
of the United States, maintaining that the law of
Iowa as applied impaired the contract between the
bank and the stockholder, and that as retroactively
applied to stock acquired prior to the enactment of
the statute, it was contrary to the due process clause
of the Fourteenth Amendment.
The case was argued, but apparently there must
have been quite a division in the court, for upon the
resignation of Justice Holmes and the appointment
of Justice Cardozo, the case was ordered to be reargued,apparently on the question as to the constitutionality of a retroactive provision of this nature.
When the case was decided, however, it was a
unanimous decision, in which Justice Stone, delivering the opinion of the court, avoided this controversy
concerning retroactive applications of statutes by
holding that in order to show that a State statute
impaired an obligation of contract, the appellant
must first prove that under the existing contract
there was no liability which could be imposed upon
him as a stockholder of the bank. This the court
considered the stockholder here had failed to do.
As to the stockholder's contention that the retroactive application of the statute was without due
process, the court held this had no merit, because it
was within the regulatory powers of the State to
impose such liabilities.
NATIONAL BANKS.
One of the outstanding cases in recent years was
that of National Bank of Worcester, Mass., where
the question involved was whether under the MacFadden Act a consolidated National bank, that is
to say, one which had consolidated with a State bank,
succeeded to all the rights and privileges of the State
bank,including the right to act as executor or administrator of an estate, to which office the State bank
had been appointed. The Supreme Court, in an
*Copyrighted by Legal Research Service, 1932.
Aug. 6 1932
Financial Chronicle
866
opinion by Chief Justice Taft, held in that case that
although the consolidated bank succeeded to such
right, the Federal law did not absolve the bank from
the necessity of complying with the State law before
exercising such right. Since then every year brings
at least one or two cases from the various States, in
which consolidated banks have sought to exercise
the rights of executor or administrator.
This year one such case came from Georgia. The
First National Bank & Trust Co. there became consolidated with a State bank which had acted as administrator of an estate. It filed its report as administrator, but this was refused by the ordinary on
the ground that the bank had not succeeded, under
the State law, to act as administrator of the estate.
The bank maintained that it had that right under the
MacFadden Law, which permitted consolidations
between National and State banks, and also provided that upon consolidation the consolidated bank
shall succeed to all the rights of each of the banks
entering into the consolidation. The Supreme Court
of Georgia, however,sustained the ruling of the ordinary, and the bank's petition to the United States
Supreme Court to review that decision was denied.
TAXATION OF BANKS.
From the standpoint of the special privileges of
hanks concerning matters of taxation, there were
two important cases this term. The first of these
also came from the State of Iowa. Under the law of
that State savings and National bank stock and
moneyed capital are taxed on the basis of 20% of
their actual value at the same rate at which tangible
property is taxed under the consolidated levy for
local, county and State purposes. For the years in
question, this levy ranged from 27.5 to 32.8 mills on
the actual value. The taxes laid upon shares of
domestic corporations and upon other moneyed capital, such as moneys, credits and notes, was 5 mills
on the dollar. After the proper assessments were
made, the State auditor, acting without authority,
reduced the assessments on the moneys and credits of
corporations which were in competition with the
Iowa Des Moines National Bank and the Central
State Bank.
The latter banks then brought suit to recover the
difference collected, the first bank claiming that the
resulting discrimination was contrary to Section
5219 R. S., and both banks maintaining that this
difference was contrary to the equal protection
clause of the Constitution.
The Supreme Court of Iowa found that there was
systematic discrimination as charged, in favor of
shares in competing domestic corporations, but denied relief on the ground that the auditor's acts
in disregarding assessments properly made were a
usurpation of power and a nullity, that the county
treasurer was not bound to accept the auditor's unauthorized certification, and that the competing
domestic corporations remained liable for the balance
of tke assessments..
But the Supreme Court, in an opinion by Justice
Brandeis, reversed that decision and held that Sec.
5219 R. S. permitted a state to tax national bank
shareholders only at a rate not greater than is assessed upon competing moneyed capital, and that
the limits of this permission were transgressed when
the treasurer exacted taxes at rates greater than
those applied to competing domestic corporations.
In delivering the opinion, Justice Brandeis especially stressed the point that a state cannot take
Volume 135
Financial Chronicle
867
advantage of the unconstitutional acts of its officers times as many institutions as does the Comptroller
and absolve itself from the provisions of the 14th of the Currency, at their annual meeting held in
Amendment on the ground that those officers acted Philadelphia last week, took a very pronounced
without authority. Said Justice Brandeis: "The stand in favor of unit banks and against all forms
prohibition of the Fourteenth Amendment,it is true, of branch banking. At the same time their attenhas reference exclusively to action by the State, as tion was directed to the need of strong banks esdistinguished from action by private individuals. tablishing branches to serve the public in need of
. . But acts done 'by virtue of a public posi- banking facilities, which may be. denied since so
tion under a State Government . . . and in the many small banks were unable to withstand the
name and for the State' . . . are not to be financial cyclone which swept over the country last
treated as if they were the acts of private individuals, year and the early part of this year.
although in doing them the official acted contrary
There is a busy manufacturing centre at Ardmore,
to an express command of the state law. When a Pa., outside of Philadelphia, in which two small
state official, acting under color of state authority, banks have recently been closed, leaving the business
invades, in the course of his duties, a private right men of the community without any banking service.
secured by the Federal Constitution, that right is The citizens appealed for help and two large
and
violated, even if the state officer not only exceeded long established trust companies of Philadel
phia rehis authority but disregarded special commands of plied that they would be glad to establish branch
the state law. . . ."
banks in Ardmore, but the town is not in PhiladelThe second case came from New York, and raised phia county and the State law prohibits the
trust
the question as to the meaning of the word "com- companies from establishing branches outside of
petition" in Sec. 5219 R. S., the statute discussed Philadelphia county. The incident was
cited at the
above. This was a suit brought to enjoin the collec- convention to illustrate that the views of a
handful
tion of taxes assessed on shares of national bank of State officials were not fully upheld either by the
stock, alleging that the law, as applied by the New banking public or by enterprising banks
of estabYork Court of Appeals, resulted in a heavier burden lished reputation which desire to broaden
their busiof taxation on national bank shares than was im- ness.
posed on competitive moneyed capital.
While the "bank supervisors," whose title in some
Under the New York tax law, intangible personal States is either that of banking
commissioner or
property is exempt from taxation locally, "except secretary of banking, discusse
d some big problems
shares of stock of banks or banking associations and concerning the policies and methods
of State banks,
other moneyed capital coming into competition with there is one particular function
relating to their
the business of national banks . . . provided office which apparently they did
not take up for
that bonds, notes, or other evidences of indebtedness consideration. This relates to bank
examinations.
in the hands of individual citizens not employed or Stockholders, directors and bank officers
as well as
engaged in the banking or investment business and legislators can give attention to
policies and a host
representing merely personal investments, not made of banking problems, but the
function of prime imin competition with such business, shall not be portance to bank sharehol
ders and depositors is a
deemed moneyed capital. . . .
supervision of banks and trust companies which will
The New York Court of Appeals held that the insure their solvency and
continuance in business
word "competition" referred to in this statute meant for public service and for private
profit. The guara condition of business rivalry arising out of the antee of these ends rests
upon thorough and efficient
continuous and regular use of moneyed capital hav- examinations and vigilant
supervisors. Neither the
ing for its primary purpose the transaction of some supervisors nor the
examiners employed by them can
branch of business carried on by national banks, take their responsibility
too seriously, as they are
but did not include capital employed in business agents of the State
upon whose diligence, integrity
which national banks may incidentally carry on, as and capacity
the public relies for protection against
for example, the brokerage business, the purchase fraud, juggling
of accounts and assets and inadeand sale of corporate bonds or the business of factor- quate security for
loans.
ing or commission merchant selling.
One of the surprising revelations in the large numThe Circuit Court of Appeals for the Second Cir- ber of failures
of small banks throughout the country
cuit held that the statute as applied was contrary this year
and last is the astonishing amount of deto Sec. 5219 R. S. and that the collection of the tax falcations and
embezzlements coupled with insufshould be enjoined. From this decision, the Receiver ficient security
for loans. Investigation of the afof Taxes appealed to the Supreme Court, and that fairs of closed banks
have revealed that loans have
Court, without an opinion, affirmed the decree
of been made to bank officials without any security
the Circuit Court of Appeals, thus indicating that whatever; not only
has there been no collateral but
that Court took a broader view of the concept of not even an
endorser, the promissory note given as
competition than that followed by the Court of Ap- evidence of
indebtedness being little more than an
peals of New York.
I.O.U. Another method of abstracting bank funds
Most of the banking cases during the term, how- is disclosed by
investigations when it is too late to
ever, related to questions of bankruptcy, such for lock the stable door.
This is to make an additional
example, as to how far a bank may reimburse itself loan to a borrower who
has already given a first
for money owed to it out of the deposits made by mortgage for possibly more
than the real estate is
bankrupts. But this leads us into a technis field worth, the second loan
being secured by a second
of law outside the scope of the present dig
mortgage and apparently justified by raising the
valuation of the encumbered real estate.
Lessons Derived from Closed Ban
Although the bank examiner may not be qualified
Members of the National Associati i . of Super- or have the
time to make an investigation himself,
visors of State Banks, who collective oversee four whenever any
transaction of the kind raises a suspi-
/em
868
Aug. 6 1932
Financial Chronicle
cion in his mind he could report the circumstances
to his chief and another investigator skilled in real
estate values could conclude the report in an intelligent and reliable manner.
A well-known public accountant is of the opinion
that bank examiners are too methodical, pursuing
their examinations in pretty much the same manner
at regular periods. The effect of this, the accountant
states, is that bank employees who carefully study
examination methods, feel safe in undermining the
examiners, by adopting ways to cover up peculations which the examiners in their cursory inspections will not uncover. Therefore it is urged that
the bank examiner should vary his work by doing
the unexpected thing at an unexpected time.
At the convention attention was directed to the
necessity of a bank adhering to a uniform policy of
adequate security for loans. It was explained that
no variations should be permitted from requirements
laid down for the ordinary borrower when the applicant for a loan is a large depositor, a director or
an official. One standard for all borrowers was held
to be just and any variation from the rule should
awaken special interest in the examiner and arouse
more diligent investigation.
Michigan has embarked upon a rather novel experiment in bank reorganization under a special act
embodying novel provisions. One requirement is that
a depositor must assent to have 60% of his balance
In a closed bank frozen for a period of five years.
The balance of 40% forms a nucleus of a new account against which he may draw or add /to as he
desires.
property investment. In June 1931 their net railway
,
operating income wad $50 618,184, or 2.35%.
Gross operating revenues for the month of June amounted
to $246,236,756, compared with $369,810,343 in Jure 1931,
a decrease of 33.4%. Operating expenses in June totaled
$199,330,751, compared with $280,133,204 in tl-e same
month in 1931, a decrease of 28.8%. The following further
details are furnished:
Eastern District.
Class I railroads in the Eastern district for the first six months in 1932
had a net railway operating income of $93,567,904, which was at the annual
rate of return of 1.67% on their property investment. For the same period
In 1931 their net railway operating income was $138,200,368. or 2.47%
on their property investment. Gross operating revenues of the Class I
railroads In the Eastern district for the first six months in 1932 totaled
$832,950,898, a decrease of 24.5% below the corresponding period the year
before, while operating expenses totaled $638,497,269, a decrease of 25.5%
under the same period in 1931.
Class I railroads in the Eastern district for the month of June had a net
railway operating income of $12.187,572 compared with $27,179,548 in
June 1931.
Southern District.
Class I railroads in the Southern district for the first six months of 1932
had a net railway operating income of 87.703,759. which was at the annual
rate of return of 0.47% on their property investment. For the same period
in 1931 their net railway operating income amounted to 125,497,912, which
was at the annual rate of return of 1.55%. Gross operating revenues of
the Class I railroads in the Southern district for the first six months in 1932
amounted to $199,458,749, a decrease of 29.4% under the same period in
1931. while operating expenses totaled $168,029,705, a decrease of 26.5%•
Class I railroads in the Southern district for the month of June had an
operating deficit of $1,362,805 compared with a net railway operating
income of $3,206,851 in June 1931.
Western District.
Class I railroads in the Western district for the first six months in 1932
had a net railway operating income of $11.057,711, which was at the annual
rate of return of 0.29% on their property investment: For the same six
months in 1931 the railroads In that district had a net railway operating
income of $76,806,275, which was at the annual rate of return of 1.98%
on their property investment. Gross operating revenues of the Class I
railroads in the Western district for the first six months' period this year
amounted to 2569,031,852, a decrease of 29% under the same period in
1931, while operating expenses totaled 1474,080,195, a decrease of 24.9%
compared with the same period in 1931.
For the month of June alone, the net railway operating income of the
Class I railroads in the Western district amounted to $1,828,748. The net
railway operating income of the same roads in June 1931 totaled $20,231,785.
-UNITED STATES.
CLASS I RAILROADS
Class I railroads of the United States for the first six
months of 1932 had a net railway operating income of
$112,329,374, which was at the annual rate of return of 1.01%
on their property investment, according to reports just filed
by the carriers with the Bureau of Railway Economics and
made public Aug. 5. In the first six months of 1931 their
net railway operating income was $240,504,555, or 2.167
on their property investment. Property investment is
e
value of road and equipment as shown by the books
supplies and cash. The net
railways, including materials,
railway operating income is what is left after the payment
of operating expenses, taxes and equipment rentals, but
before interest and other fixed charges are paid.
This compilation as to earnings for the first six months of
1932 is based on reports from 167 Class I railroads representing a total of 242,111 miles. Gross operating revenues
for the first six months of 1932 totaled $1,601,441,499 compared with $2,187,563,109 for the same period in 1931, or a
decrease of 26.8%. Operating expenses for the first six
months of 1932 amounted to $1,280,607,169 compared with
$1,716,730,131 for the same period one year ago or a decrease of 25.4%.
Class I railroads in the first six months of 1932 paid
$149,202,085 in taxes, compared with $163,400,736 for the
same period in 1931, or a decrease of 8.7%. For the month
of June alone the tax bill of the Class I railroads amounted
to $24,441,093, a decrease of $2,675,503 under June the
previous year.
Sixty-nine Class I railroads operated at a loss in the first
six months of 1932, of which 24 were in the Eastern, 14 in
the Southern and 31 in the Western district.
Class I railroads for the month of June alone had a net
railway operating income of $12,653,515, which, for that
month, was at the annual rate of return of 0.59% on their
Month of June-
Declise
1931.
1932.
Railroads Earn at the Rate of Only 1.01% in
-Big Losses in
.the First Half of 1932
Earnings.
$'
246,236,756
Total operating revenues
Total operating expenses
199,330,751
24.441,093
Taxes
Net railway operating income
12,653,515
-per cent
Operating ratio
80.95
Rate of return on property Invest.
-per cent
0.59
Six Months Ended June 30
Total operating revenues
1,601,441.499
Total operating expenses
1.280,607,169
Taxes
149,202,085
Net railway operating income
112,329.374
Operating ratio-per cent
79.97
-per cent
Rates/ Tturn on property invest.
1.01
$
389,810,343
280,133,204
27,116,596
50,618,184
75.75
2.35
%
33.4
28.8
9.9
2,187,563.109
1,716.730,131
163,400,736
240,504,555
78.48
2.16
26.8
25.4
8.7
75.0
_._
---
53 8
.
_--
,
ew York Federal Reserve Bank on Internet
tional Movement of Short Term Funds in
1931-Figures of Department of Commerce.
In its July "Monthly Review," the Federal Reserve Bank
stated that "an unprecedented outward movement of shortterm foreign funds from this country during 1931 is indicated
in a report recently issued by the Department of Commerce. This movement, amounting in the net to $765,000,000, was the result of a withdrawal of $1,275,000,000
for foreign funds from this market which was offset in
part by a reduction of $510,000,000 in American funds
employed abroad." The details of this flow of funds, the
Bank notes, were presented in the fo lowing table:
Dec. 31 1930. Dec. 31 1931.
Change.
Due to ForelqnersForeign deposits with American banks 1,640,000,000 1,022,000,000 -618,000,000
Acceptance credits and advances and
61,000.000
47,000,000
overdrafts from forelTners
-4,000,000
Short-term Invest. of Foreigners In:
792,000,000 303,000,000 -499,000,000
American acceptances
86,000,000
39,000,000
-47,000,000
U.S. Treasury bills and certlficatee_
168,000,000
51,000,000 -117,000,000
A 11 other short-term loans
Total
Due from Foreigners
American deposits abroad
Advances and overdrafts to forePosers.
American short-term invest. abroad_
Other short-term loans
Acceptance credits to foreigners
Total
Net short-term Indebtedness to forelqners on banking account
2,737,000,000 1,462,000,000 -1,275,000,000
294,000,000
212,000,000
94,000,000
323,000,000
879,000.000
125,000,000 -169.000,000
+67,000,000
279,000,000
-37,000,000
57,000,000
-13,000,000
310,000,000
521,000,000 -358,000,000
1,802,000,000 1,292,000,000
oss nrIn nnn
1.1A MIN AN%
-510,000,000
• .s...., e...1
••••
In its further remarks the Reserve Bank added:
"The decline in foreign short-term funds in this market
was brought about chiefly by a withdrawal of deposits
Volume 135
Financial Chronicle
amounting to $618,000,000 and a reduction of $489,000,000
in foreign holdings of dollar acceptances. This movement
occurred largely during the period immediately following
the suspension of gold payments of Great Britain on Sept. 21,
and resulted from the policy adopted by a number of foreign
central banks of converting their foreign assets into gold,
as well as from a loss of confidence on the part of private
foreign investors in investments outside of their own
countries.
"The reduction in American funds abroad took place
primarily through a decline of $358,000,000 in the volume
of dollar acceptances originating under credits granted
to foreigners. This decline was indicative in part of the
difficulty encountered by American accepting institutions
in extending credits to foreigners in view of the disturbed
financial conditions and the foreign exchange restrictions
which existed in a number of countries, but it was associated
also with the marked shrinkage in the value of world trade.
Smaller declines were shown in American deposits and shortterm investments abroad, while an increase occurred in advances and overdrafts granted to foreigners.
"The repatriation of foreign funds in 1931, together with
a smaller outflow in 1930, reduced the amount of shortterm foreign funds in this country by more than half—from
more than three billion dollars at the end of 1929 to less than
one and one-half billion at the end of 1931.
"This huge reduction in the amount of foreign funds
in this market was offset only to a small extent by withdrawals of American funds from abroad, yet the United
States had a net gain through gold movements and earmarking transactions of about $100,000,000 during the
two years. In 1931 the $765,000,000 reduction in the net
short-term indebtedness to foreigners was accompanied by
a net gold loss through shipments and earmarking transactions between this and other countries of only $175,000,000.
This indicates that the reductions in foreign funds have been
absorbed to large extent in meeting payments due the
United States on the balance of merchandise and other
transactions and on long-term indebtedness to this country.
"Although comparable figures are not available for a
later date, information that has been reported to this
bank has indicated a further rapid outflow during the
first six months of 1932, so that the amount of foreign funds
now on deposit or employed in short-term investments in
this market is believed to represent little more than a
reasonable amount of working balances.
"The amount of American short-term funds employed
abroad has also shown some further decline during the
first half of 1932, but the total, including funds employed in
Central European and other countries which cannot be withdrawn under present circumstances, is now much larger than
the amount of foreign funds remaining in the United States."
Federal Reserve Bank of New York on Balance
of International Payments of United States
for 1931.
The Federal Reserve Bank of New York in its August 1
"Monthly Review" observes that a recently published study
by the Department of Commerce of the balance of international payments of the United States for 1931 shows the
effects of two major factors. These, says the Bank, were,
first, the direct effects on the movements of commodities,
services, and capital of the world-wide depression, and,
second, the effects of the financial crisis in the second half of
the year. The Bank continues:
This country's favorable balance on merchandise trade was greatly
reduced, and the unfavorable balance on "Invisible" Items was not correspondingly reduced, so that for these items combined the payments due
other countries were $264,000,000 larger in 1931 than in the previous year.
In addition, net receipts of the United States through the service on debts
to this country were $158,000,000 less than in 1930. Interest receipts and
earnings, including those on war debts owed to the United States Government, accounted for most of the decline, though there was a moderate
drop in sinking fund and bond redemption payments.
A decline of $503,000,000 from 1930 occurred in the amount of American
long term investments placed abroad, and the estimated amount of foreigners' long term investments in the United States was $24,000,000 less
than in 1930. Consequently, there was a net reduction of $479,000,000
In the export of long term capital from the United States as compared with
1930. This cessation of long term capital export somewhat exceeded the
reduction that occurred in the service on debts and the increase In our unfavorable balance on commodities and "Invisible" items, so that notwithstanding the large reductions In short term foreign funds held in this country, chiefly in the latter part of the year, the international balance sheet
of the United States was settled by the withdrawal of only $176,000.000
of gold from this country.
The following table summarizes the Department of
Commerce survey for 1931 and gives comparative data for
1930:
(4- .= credit to United States;
869
= debit to United States.)
1930.
Commodities and "Invisible" Items:
Commodity account (adjusted)
Tourist expenditures (net)
Immigrant remittances
Other "invisible" items
Balance of commodity and "invisible" items
Service on debts:
Net interest receipts and earnings
Sinking fund and bond redemption payments_
Total service on debts
1931.
+801,000,000
—605,000.000
—166,000,000
—163,000,000
—458.000,000
—163,000,000
—145,000.000
—133,000.000
—397.000.000
+769.000,000
+250,000,000
+633,000.000
+228,000,000
+369.000.000
+1,019.000,000
+861,000,000
New private loans, investments and movements of
short term funds:
Net change In American long term investments
abroad (net)
—595,000,000
Net change in foreigners' long term investments
United States (net)
+127.000,000
—485,000,000
Movements of short term funds
+103.000,000
—705,000,000
Net eapital movement Gong and short term)_ —953,000,000
—765,000,000
Gold shipments and earmark transactions and shipof American paper money (net)
—256,000,000
Net discrepancy
+323,000,000
—92,000.000
+166,000,000
+124.000.000
The Confederate Debt—Outlawed Long Since—
Passed Upon and Disposed of by An
International Arbitration
The New York Times of July 25 published an interesting letter from John Bassett Moore, an authority
on the subject of international affairs, pointing out
that the Confederate debt was "formally and authoritatively outlawed sixty years ago by the decisions
of an international board of arbitration." In view
of the misinformation prevailing on the subject, the
facts are well worth recalling, and we reprint Mr.
Moore's letter in full below:
To the Editor of The New York Times:
In some of the recent contributions to your columns on
the subject of international debts, there has been much discussion of the unpaid Confederate debt, of which an interesting historical review was given in the letter of Mr. Wilbur
Bates in your issue of July 17. It seems, however, a pity
that the discussion of this subject should continue, as it
evidently is carried on without knowledge of the fact that
this debt was formally and authoritatively outlawed sixty
years ago by the decisions of an international board of
arbitration. It would thus appear that, although truth is
eternal, its opposite also may be tenacious of life.
By the treaty between the United States and Great Britain signed at Washington on May 8, 1871, under which
the Alabama claims were settled, provision was made
(Article XII) for the submission of all other claims of the
citizens of either country against the government of the
other, growing out of the Civil War, to three commissioners,
one to be appointed by the United States, another by Great
Britain, and the third by common agreement, or, this failing,
by the diplomatic representative of Spain at Washington.
The commission, as eventually constituted, consisted of
the Hon. James Somerville Frazer, formerly a justice of
the Supreme Court of Indiana; the Right Hon. Russell Gurney, M. P., a member of her Majesty's Privy Council and
Recorder of London, and Count Louis Corti, Italian Minister
at Washington, who was chosen by common agreement.
To this commission typical claims were presented on
account of the non-payment of Confederate bonds. One
of these claims was that of a British subject named Barrett,
resident in England, who appeared as the owner of a "cotton-loan bond," of the denomination of £200, bearing interest at the rate of 7 per cent, and redeemable at par. It was
contended that the United States was liable for the payment of the bond, principal and interest, because it had
seized and appropriated in 1865 the public assets of the Confederacy, and particularly a large quantity of cotton that
had been hypothecated by the Confederacy for the payment of the loan, and had thus prevented the Confederate
States from paying the bondholders. The Secretary of State
of the United States, when furnished by tile agent of the
United States with a copy of the memorial, protested to
the British Government against the presentation of the
claim and asked that it be withdrawn. With this request
Great Britain refused to comply, and on Dec. 14, 1871, the
commission, by a unanimous vote, dismissed the claim on
the merits, on the following grounds:
"The commission is of opinion that the United States
is not liable for the payment of debts contracted by the
rebel authorities.
"The rebellion was a struggle against the United States
for the establishment in a portion of the country belonging
Financial Chronicle
870
to the United States of a new State in the family of nations,
and it failed. Persons contracting with the so-called Confederate States voluntarily assumed the risk of such failure,
and accepted its obligations subject to the paramount right
of the parent State by force to crush the rebel organization,
and seize all its assets and property, whether hypothecated
by it or not to its creditors.
"Such belligerent right of the United States, to seize and
hold, was not subordinate to the rights of creditors of
the rebel organization, created by contract with the latter;
and when such seizure was actually accomplished, it put
an end to any claim of the property which the creditor
otherwise might have had.
"We are therefore of opinion that after such seizure the
claimant had no interest in the property, and the claim
Is dismissed."
The same principle was applied by the commission in the
rejection of another claim, brought by a British subject
named Walker, who demanded damages for the loss of trust
funds which were invested by order of a South Carolina
court in Confederate bonds.
This ended the claims that were presented. But the treaty,
besides making the decisions of the commission final and
conclusive on all claims before it, further provided that
every claim that might have been presented, whether actually presented or not, should, after the commission's work
was closed, be. considered as "finally settled, barred, and
henceforth inadmissible." This ended the claims as a whole;
for, although the period for the presentation of claims did
Aug. 6 1932
not expire until March 26, 1872, yet, in the face of the
unanimous and sweeping condemnation of the claims of
Barrett and Walker, no other claims on account of Confederate debts were presented.
Nothing is better settled in law than the principle that
those who lend money to insurgents take the risk of their
failure. This is also common sense. Such a loan, whether
prompted by the hope of gain or by sympathy with the
cause, is in the nature of a bet that the insurrection will
succeed. If the cause is lost, equally so is the stake; and
neither victor nor vanquished can be reproached. Had the
purchasers of Confederate bonds bought bonds of the United
States, which were then cheap, they would have made a
handsome profit. They made a deliberate choice and must
abide the consequences.
I have yet another reason for writing this letter. Whenever a general arbitration treaty is submitted to the Senate
the objection is invariably raised tnat its ratification would
expose the United States, among other things, to claims
for the payment of the Confederate debt; and, although
the facts I have here narrated are duly recorded in my
"History and Digest of International Arbitrations," which
was published by the United States Government in 1898,
I have yet to see a specific official refutation from any
quarter of the erroneous supposition just mentioned. On
this ground alone it is not out of place again to try to bring
the facts to the notice of the public.
JOHN BASSETT MOORE
Sagaponack, N. Y., July 21, 1932.
Federal Reserve Board Indicates Requirements and Procedure for Borrowings from
Federal Reserve Banks by Individuals, Partnerships and Corporations Under
Amendment to Federal Reserve Act Incorporated in Emergency Relief Act—
Statement by Governor Harrison of Federal Reserve Bank of New York.
A circular issued by the Federal Reserve Board at Washington giving details of the requirements and procedure
for borrowing from the Federal Reserve banks by individuals,
partnerships and corporations under the amendment to
Section 13 of the Federal Reserve Act was made available
this week. The amendment to the Reserve Act is contained in Section 210 of the Emergency Relief and Construction Act of 1932, signed by President Hoover on
July 21, the text of which was given in our issue of July 23,
pages 539-543. In making public the Board's circular,
Governor Harrison of the Federal Reserve Bank of New
York likewise issued a circular bearing on the amendment,in
which he said that "this amendment does not change in any
respect the character or kind of paper which may be discounted. It does permit a Federal Reserve Bank under
certain conditions to discount directly for an individual,
partnership or corporation, paper which heretofore it could
discount only for member banks." Governor Harrison's
circular follows:
FEDERAL RESERVE BANK OF NEW YORK.
Circular No. 1124, Aug. 1 1932.
Amendment to Federal Reserve Act by Act of Congress
Approved July 21 1932.
[Discounts for Individuals. Partnerships and Corporations.]
To all Banks, Trust Companies and Others Concerned, in the Second Federal
Reserve District:
The Federal Reserve Act has been amended so as to permit the Federal
Reserve Banks in certain unusual and exigent circumstances to discount
for individuals, partnerships or corporations, notes, drafts and bills of
exchange of the kinds and maturities which have heretofore been eligible
for discount only for member banks.
The full text of this amendment to the Federal Reserve Act is contained
In a circular of the Federal Reserve Board which is printed in full on the
two following pages of this circular. Extracts from Regulation A of the
Federal Reserve Board describing in general terms the kinds of paper
eligible for discount by Federal Reserve Banks are printed on the last page
of this circular.
It shduld be noted that this amendment does not change in any respect
the character or kind of paper which may be discounted. It does permit
a Federal Reserve Bank under certain conditions to discount directly for
an individual, partnership or corporation, paper which heretofore it could
discount only for member banks. Such paper may be so discounted by
the Federal Reserve Bank only when indorsed and otherwise satisfactorily
secured and only when adequate credit cannot be obtained through another bank.
Neither under this amendment nor under any other provision of the
Federal Reserve Act may a Federal Reserve Bank discount paper the
proceeds of which have been used or are to be used for permanent or fixed
investments of any kind, such as land, buildings or machinery, or for any
other capital purpose.
It is to be presumed that commercial banks will continue to provide
credit for the use of their customers in most cases whore credit is needed
and where there is a proper basis for the granting of credit. Inasmuch
as there may be instances, however, where adequate banking facilities
may not exist or where for other reasons adequate credit may not be available, this Bank is now authorized to consider applications from individuals,
partnerships or corporations for the discount of paper which complies
with the provisions of this amendment and the regulations of the Federal
Reserve Board.
GEORGE L. HARRISON, Governor.
The following is the circular of the Board:
FEDERAL RESERVE BOARD
WASHINGTON.
July 26 1932.
Subject: Discounts for Individuals, Partnerships and Corporations.
To all Federal Reserve Banks:
The third paragraph of Section 13 of the Federal Reserve Act, as amended
by the Act of July 21 1932 provides as follows:
In unusual and exigent circumstances, the Federal Reserve
Board, by
the affirmative vote of not lees than five members, may authorize any
Federal Reserve Bank, during such periods as the said Board may determine, at rates established in accordance with the provisions of Section
14,subdivision (d), of this Act, to discount for any individual, partnership.
or corporation, notes, drafts, and bills of exchange of the kinds and maturities made eligible for discount for member banks under other provisions of this Act when such notes, drafts,and bills of exchange are indorsed
and otherwise secured to the satisfaction of the Federal Reserve
Bank:
Provided, That before discounting any such note, draft, or bill of exchange
for an individual or a partnership or corporation the Federal Reserve Bank
shall obtain evidence that such individual, partnership, or corporation is
unable to secure adequate credit accommodations from other banking
Institutions. All such discounts for individuals, partnerships, or corporations shall be subject to such limitations, restrictions, and regulations as
the Federal Reserve Board may prescribe.
In view of the fact that the power conferred by this provision can be
exercised only in "unusual and exigent circumstances," the Federal Reserve Board has not prescribed any formal regulations governing the
exercise of this power but the requirements of the law and the procedure
which the Federal Reserve Board will expect to be followed are outlined
below for the information of the Federal Reserve banks and any individuals,
partnerships or corporations that may contemplate applying to them
for discounts.
I. Legal Requirements.
It will be observed that, by the express terms of the law:
1. The power conferred upon the Federal Reserve Board to authorize
Federal Reserve banks to discount eligible paper for individuals, partnerships or corporations may be exercised only:
(a) In unusual and exigent circumstances,
(b) By the affirmative vote of not less than five members of the Federal
Reserve Board, and
(c) For such period); as the Federal Reserve Board may determine.
2. When so authorized, a Federal Reserve Bank may discount for individuals, partnerships or corporations only notes, drafts and bills of
exchange of the kinds and maturities made eligible for discount for member
banks, under other provisions (Sections 13 and 13a) of the Federal Reserve
Act. (Such paper must, therefore, comply with the applicable requirements of Regulation A of the Federal Reserve Board.)
3. Paper discounted for individuals, partnerships or corporations must
be both (a) indorsed and (b) otherwise secured to the satisfaction of the
Federal Reserve Bank.
4. Before discounting paper for any individual, partnership or corporation, a Federal Reserve Bank must obtain evidence that such individual,
partnership or corporation is unable to secure adequate credit accommodations from other banking institutions.
5. Such discounts may be made only at rates established by the Federal
Reserve Banks,subject to review and determination by the Federal Reserve
Board.
6. All discounts for individuals, partnerships or corporations are subject
to such limitations, restrictions, and regulations as the Federal Reserve
Board may prescribe.
Volume 135
Financial Chronicle
IL Authorization by the Federal Reserve Board.
The Federal Reserve Board, pursuant to the power conferred upon it
by the amendment hereinbefore quoted, hereby authorized all Federal
Reserve Banks,for a period of six months beginning Aug. 1 1932,to discount
eligible notea, drafts and bills of exchange for individuals, partnerships
and corporations, subject to the provisions of the law, the Board's regulations, and this circular.
III. For Whom Paper May Be Discounted.
A Federal Reserve Banii‘may discount for individuals, partnerships or
corporations notes, drafts or bills of exchange, which are the obligations
of other parties actually owned by such indiviiduals, partnerships or corporations and indorsed by them,or the promissory notes ofsuch individuals,
partnerships, or corporations indorsed by other parties whose indorsements
are satisfactory to the Federal Reserve Bank.
Within the meaning of this circular, the term "corporations" does not
include banks.
IV. Applications for Discount.
Each application of an individual, partnership or corporation for the
discount of eligible paper by the Federal Reserve Bank must be addressed
to the Federal Reserve Bank of the District in which the principal place of
business of the applicant is located, must be made in writing on a form
furnished for that purpose by the Federal Reserve Bank and must contain, or be accompanied by, the following:
1. A statement of the circumstances giving rise to the application and
of the purposes for which the proceeds of the discount are to be used:
2. Evidenee sufficient to satisfy the Federal Reserve Bank as to (a) the
legal eligibility of the paper offered for discount under Section 13 or Section
13a of the Federal Reserve Act and Regulation A of the Federal Reserve
Board and (b) its acceptability from a credit standpoint;
3. A statement of the efforts made by the applicant to obtain adequate
credit accommodations from other banking institutions, including the
names and addresses of all other banking institutions to which applications for such credit accommodations were made, the dates upon which
such applications were made, whether such applications were definitely
refused and the reasons, if any, given for such refusal;
4. A list showing each bank with which the applicant has had banking
relations, either as a depositor or as a borrower, during the preceding year,
with the approximate date upon which such banking relations commenced
and, if such banking relations have been terminated, the approximate
date of their termination;
5. Complete credit data regarding the financial condition of the principal
obligors and indorsers on the paper offered for discount;
13. A list and description of the collateral or other security offered by
the applicant;
7. A waiver by the applicant of demand, notice and protest as to applicant's obligation on all paper discounted by the Federal Reserve Bank or
held by the Federal Reserve Bank as security; and
8. An agreement by the applicant, in form satisfactory to the Federal
Reserve Bank, (a) to furnish additional credit information to the Federal
Reserve Bank, when requested. (b) to submit to audits, credit investigations or examinations by representatives of the Federal Reserve Bank at
the expense of the applicant, whenever requested by the Federal Reserve
Bank, and (c) to furnish additional security whenever requested to do so
by the Federal Reserve Bank.
V. Grant or Refusal of Application.
Before discounting notes, drafts, or bills of exchange for any individual,
partnership or corporation, the Federal Reserve Bank shall ascertain to
its satisfaction by such means as it may deem appropriate:
1. That the financial condition and credit standing of the applicant
justify the granting of such credit accommodations;
2. That the paper offered for discount is acceptable from a credit standpoint and eligible from a legal standpoint;
3. That the security. offered is adequate to protect the Federal Reserve
Bank against loss;
4. That there is a reasonable need for such credit accommodations; and
5. That the applicant is unable to obtain adequate credit accommodations from other banking institutions.
A special effort should be made to determine whether the banking institution with which the applicant ordinarily transacts his banking business
or any other banking institution to which the applicant ordinarily would
have access is willing to grant such credit accommodations.
A Federal Reserve Bank should not discount such paper unless it appears
that the proceeds of such discounts will be used to finance current business
operations and not for speculative purposes, for permanent or fixed investments, or for any other capital purposes. Except with the permission
of the Federal Reserve Board, no such paper should be discounted if it
appears that the proceeds will be used for the purpose of paying off existing
Indebtedness to other banking institutions.
In discounting paper for individuals, partnerships or corporations, a
Federal Reserve Bank should not make any commitment to renew or extend
such paper or to grant further or additional discounts.
VI. Limitations.
Except with the permission of the Federal Reserve Board, no Federal
Reserve Bank shall discount for any one individual, partnership or corporation paper amounting in the aggregate to more than 1% of the paid-in
capital stock and surplus of such Federal Reserve Bank.
VII, Additional Requirements.
Any Federal Reserve Bank may prescribe such additional requirements
and procedure respecting discounts hereunder as it may deem necessary
or advisable; provided that such requirements and procedure are consistent
with the provisions of the law, the Board's regulations and the terms of
this circular.
By order of the Federal Reserve Board.
CHESTER MORRILL, Secretary.
Extracts from Regulation A, Series of 1830,
of the Federal Reserve Board.
iDefining paper eligible for discount by a Federal Reserve Bank.)
Sec. I. General Statutory Provisions,
Any Federal Reserve Bank may discount for any of its member banks
any note, draft, or bill of exchange; provided
(a) It has a definite maturity at the time of discount of not more than
90 days, exclusive of days of grace; except that (1) if drawn or issued for
an agricultural purpose or based on livestock, it may have a maturity at
the time of discount of not more than nine months, exclusive of days
of grace, and (2) certain bills of exchange payable at sight or on demand
are eligible even though they have no definite maturity. .
See. II. General Character of Notes, Drafts, and Bills of Exchange Eligible.
The Federal Reserve Board, exercising its statutory right to define the
character of a note, draft, or bill of exchange eligible for discount at a
Federal Reserve Bank has determined that:
871
(a) It must be a negotiable note, draft, or bill of exchange which has
been issued or drawn, or the proceeds of which have been used or are to
be used in the first instance, in producing, purchasing, carrying, or marketing goods in one or more of the steps of the process of production,
manufacture, or distribution, or for the purpose of carrying or trading
in obligations of the Government of the United States, and the name of a
Party to such transaction must appear upon it as maker, drawer, acceptor,
or indorser.
(b) It must not be a note, draft, or bill of exchange the proceeds of which
have been or are to be advanced or loaned to some other borrower, except
as to paper described below under Section VI (b) and VIII.
(c) It must not be a note, draft, or bill of exchange the proceeds of
which have been used or are to be used for permanent or fixed investments
of any kind, such as land, buildings, or machinery, or for any other capital
purpose.
(d) It must not be a note, draft, or bill of exchange the proceeds of which
have been used or are to be used for investments of a purely speculative
character.
(e) It may be secured by the pledge of goods or collateral of any nature,
Including paper which is ineligible for discount, provided it (the note,
draft, or bill of exchange) is otherwise eligible.
-When used in this Regulation the word "goods" shall be conNote.
strued to include goods, wares, merchandise, or agricultural products,
including livestock.
The Course of the Bond Market.
In spite of the lack of tangible business indications that
would be conducive to a rise in the bond market of such proportions as has been witnessed during the past month,
bond prices the present week continued to advance. It is
to be noted that, in general, bond quotations have advanced
in a more orderly manner this past week as contrasted with
the spectacular rises of a aeek or more ago. As intimated
before, perhaps the best explanation of this market behavior
is from a political point of view. With the elections not far
off it is logical to expect the supporters of the present administration to make bu'siness look as well as they can.
The outstanding characteristic of the recent market movement has been the large gains made in speculative bonds.
This is natural, however, because bonds of weakly situated
companies follow a similar course to that of stocks which
move more in a wide range. While Moody's price index for
30 Arm domestic bonds advanced from 90.00 on June 30
to 95.18 on August 5, a gain of 5.18 points, the price index
for 30 Baa domestic bonds climbed from 42.27 to 54.61, a
gain of 12.34 points for the same period. Moody's figure
for 120 domestic bonds finished the week on Friday at 72.26,
as compared with 70.43 the preceding week, and 62.02
June 30.
United Statei Government bonds quieted down considerably during the week. Fluctuations were small, with prices
on Friday practically unchanged from the preceding Friday.
Moody's price index for 8 long-term Treasury issues on Friday was 100.98, as compared with 100.87 the Friday before,
and 100.12 two weeks before.
In the railroad section of the bond market the second grade
speculative rail bonds were the principal peiformers by continuing to display stength Several issues made new highs
for the present move. This strength also found reflection in
some high-grade rails liens but their gains were not as pronounced as were those of the more speculative bonds.
Moody's price index for 10 Baa railroad bonds on June 30
was 36.20. Since that date it has advanced 11.82 points to
48.02 on Aug. 5. For the Aaa group, the gain during the
.
same period has been 6.05 points; from 84.22 to 90.27.
Among the second grade issues those of Baltimore & Ohio,
Missouri Pacific and Illinois Central showed outstanding
advances. For 40 bonds in this group the price index on
Friday was 65.45, as compared with 64.15 the week before
and 59.87 two weeks ago.
Public utilities were no exception to the general trend
during the past week, although they continued to move
about very slowly, and gains for the most part were confined
to a few points. This was true of even the more speculative
utility issues. Another characteristic of this group has been
the price irregularity. That is, while some bonds were going
up, others were declining. This was not nearly so common
in either the railroad or the industrial list. Moody's price
index for 40 utility bonds on Friday was 77.55, as compared
with 75.82 the preceding week and 69.13 on June 30. The
advance in this group since June 30 has therefore been 8.42
points, as compared with an advance of 11.75 points in the
railroad group.
Most sections of the industrial list extended their rally or
held the gains of the preceding week. Paramount and
Warner Brothers bonds were strong in the motion picture
group. Steel bonds of such companies as Inland, Youngstown and Otis retained the preceding week's gains. Wheeling
Steel 53/28 1948, rose 113/i points during the week and National Steel 5s, 1966, 4 points. Shell Union 5s, 1947 closing
872
Financial Chronicle
at 823 and Texas Corporation 5s, 1944 at 883j on Friday,
%
thus maintaining their advances of the previous weeks.
Among the meat packing issues, Wilson Co. 6s, performed
best, while Armour, Swift, and Cudahy bonds'made little
progress. For Friday Moody's price index for 40 industrial
bonds stood at 74.77, as compared with 72.26 the week before
and 69.31 two weeks ago.
The foreign bond market as a whole has shown a relatively
steady trend during the past week. Central and Eastern
European bonds, particularly Germans, moved slightly
upward. Austrian bonds, however, were an exception due
to exchange transfer difficulties. Japanese loans revealed
strength while those of Argentina and Australia remained at
practically unchanged levels. Moody's bond yield average
for this group on Friday stood at 11.53%, as compared with
11.73% a week before, and 12.02% two weeks before.
General strength in other markets has been reflected in
municipal securities of both high aid medium grade. Improvement in Chicago issues has resulted from hope of new
financing and improved tax collections.
Moody's computed bond prices and bond yield averages
are shown in the table below:
MOODY'S BOND YIELD AVERAGES
(Based on Individual Cloning Prime.)
MOODY'S BOND PRICES.*
(Based on Average Yields.)
1932
Daily
Averages.
AU
120 Doinestics by Ratings.
120
Domestic.
Aaa.
Aa.
A.
Bea.
Aug. 6 1932
120 Domestics
by Groups.
P.O. Duna.
65.45
65.71
65.37
64.96
65.37
84.47
64.15
63.03
61.41
61.34
60.82
60.01
59.87
58.52
57.98
57.57
57.30
57.17
56.32
56.19
55.67
55.04
54.98
54.86
77.55 74.77
76.89 74.25
76.78 73.75
76.46 73.35
76.35 73.15
75.71 72.55
75.82 72.26
75.09 71.96
74.98 70.81
74.67 70.52
74.25 70.05
73.55 09.31
73.05 69.31
72.85 68.49
72.85 67.95
72.26 67.77
72.36 67.51
72.16 67.69
72.16 67.25
71.48 66.98
71.00 65.47
69.86 66.21
69.68 60.04
69.31 65.95
55.61
56.32
55.61
52.47
49.63
52.24
54.55
57.64
59.84
62.56
60.82
59.29
64.80
70.15
71.19
73.85
72.95
71.67
71.77
59.31
70.15
70.71
72.06
72.16
74.46
47.58
95.18
63.22
59.59
70.52
69.58
68.58
65.73
71.09
72.95
74.45
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
81.54
83.60
65.71
96.85
73.55
66.04
66.21
65.62
63.90
83.35
65.29
86.64
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
76.14
62.09
90.55
63.74
84.60
96.08
84.22
97.94
96.54
93.99
120 Domes ics
by Group .
RR.
40
For
P.U. Indus. eking.
1
RR.
All
1932
120
120 Domestics by Rat ngs.
Daily DomesAverages. tk.
Aaa.
Aa.
A.
Baa.
98.88
85.23
es 23 104.22 100.85
05.63
7.96
7.88
7.98
8.26
8.63
8.12
7.87
7.56
7.35
7.19
7.34
7.50
7.00
6.68
6.61
6.43
6.59
6.71
6.72
6.95
6.90
6.87
6.73
8.69
6.41
8.74
5.17
8.05
5.40
5.38
5.41
5.49
5.67
5.46
5.27
5.19
5.15
5.10
6.22
5.23
5.10
4.96
4.96
4.90
5.03
5.12
5.16
5.30
5.29
5.26
5.18
5.18
4.89
5.75
4.34
5.57
6.59
6.50
6.54
6.82
8.81
8.48
6.31
6.13
6.05
5.99
0.13
8.24
6.00
5.85
5.82
5.74
5.92
6.04
6.08
6.23
6.17
6.12
5.96
5.97
5.72
7.03
4.6.5
6.57
8.48
8.40
8.42
8.87
8.96
8.60
8.35
7.97
7.67
7.50
7.55
7.50
7.04
6.82
0.78
6.64
6.83
6.94
6.99
7.20
7.11
7.12
6.96
6.85
6.52
9.23
5.21
8.41
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
8.58
8.74
8.03
9.05
9.02
8.98
8.80
8.78
8.37
12.96
6.34
11.54
5.56
4.38
4.82
5.78
7.29
4.99
4.49
4.71
5.03
5.74
6.43
6.49
6.50
6.53
6.54
6.60
6.59
0.66
0.67
0.70
6.74
6.81
6.86
6.88
6.90
6.94
6.93
6.95
6.95
7.02
7.07
7.19
7.21
7.25
6.69
6.74
6.79
6.83
6.85
6.91
0.94
6.97
7.09
7.12
7.17
7.25
7.25
7.34
7.40
7.42
7.45
7.43
7.48
7.51
7.57
7.60
7.62
7.63
11.53
11.53
11.64
11.70
11.64
11.72
11.73
11.71
11.61
11.57
11.81
11.81
12.02
12.14
12.22
12.20
12.25
12.09
12.16
12.06
12.11
12.05
11.93
11.54
7.22
7.12
7.21
7.33
7.54
7.00
6.87
6.72
6.58
6.50
6.67
6.98
6.43
0.15
6.12
5.93
8.09
6.24
8.25
6.47
6.44
6.42
8.20
6.08
5.91
7.66
4.95
6.81
7.62
7.00
7.67
7.88
7.95
7.71
7.55
7.24
7,08
7.02
7.07
7.03
6.80
0.71
6.67
6.56
6.81
6.89
6.92
7.11
7.10
7.09
7.02
7.05
8.56
8.11
5.38
7.90
13.92
14.30
14.75
15.29
15.28
14.82
14.03
14.10
13.70
13.31
13.89
13.23
12.77
12.66
12.02
12.31
12.55
12.82
12.86
13.23
13.00
13.22
13.12
13.44
11.53
15.83
8.57
18.88
5.00
5.86
8.08
4
88.10 106.60
9.20
9.31
9.37
9.47
9.43
9.61
9.67
9.83
10.02
10.07
10.16
10.42
10.48
10.69
10.80
10.86
10.89
10,89
10.94
11.04
11.18
11.35
11.35
11.44
407
5 1/
4 ow
.etp.....
•-,0411"....r041.41.....-.0t...)..,cpri..coce .
-
6
Jan. 29
22
16
fish 1932
.0w 1932
Ugh 1931
,ow 1931
Year Apo
mg.5 1931
2 Years Apollo. 21020
7.32
7.33
7.36
7.41
7.41
7.46
7.46
7.5.5
7.76
7.80
7.88
7.95
7.96
8.09
8.15
8.20
8.25
8.27
8.37
8.40
8.47
8.55
8.59
8.59
,
a003C?
8
1
War.24
18
11
4
Feb. 26
19
11
5.15
6.10
8.18
6.20
6.21
6.24
6.26
6.30
6.33
6.33
6.36
6.38
6.40
6.43
6.46
6.49
6.50
6.52
5.53
6.57
6.61
6.66
6.68
6.69
Crva:C.-/•-•-•
59.35
59.94
59.80
58.04
56.12
58.52
60.31
63.19
65.62
57.07
66.64
67.07
71.29
73.45
73.85
75.29
73.35
72.20
71.77
69.77
70.62
70.52
72.06
73.15
75.50
54.43
92.97
59.87
5.06
5.06
5.07
5.07
5.07
5.11
6.12
5.13
5.16
5.17
5.17
5.17
5.19
5.21
5.23
5.24
5.24
5.24
5.29
5.28
5.29
5.32
5.34
5.35
et411 01.4 tR4,nr..:
8
Way 28
21
14
7
Wm. 29
22
15
63.27
63.90
63.11
60.97
59.01
62.02
63.98
66.55
68.40
69.86
68.49
67.07
71.57
74.88
75.61
77.55
75.82
74.57
74.48
72.16
72.65
72.95
74.36
74.77
77.77
57.57
93.55
62.56
6.94
6.96
7.00
7.04
7.03
7.11
7.13
7.21
7.32
7.34
7.40
7.48
7.51
7.51
7.66
7.70
7.72
7.73
7.78
7.82
7.89
7.97
7.99
8.02
.
„.......,0R .w.-...m2...... v..
2....,m........,......
g.,„
90.27 75.82
90.55 76.78
90.13 76.35
89.04 73.45
86.64 73.55
89.45 77.00
92.10 78.88
93.26 80.95
93.85 81.90
94.58 82.62
92.82 80.95
92.68 79.68
94.68 82.50
96.70 84.35
96.70 84.72
97.02 85.74
95.63 83.48
84.29 82.02
93.70 81.54
91.67 79.80
91.81 80.49
92.25 81.07
93.40 82.99
93.70 82.87
97.78 85.99
85.61 71.38
106.96 101.64
87.66 76.03
rune
lune 24
17
10
Aug. 54._
3-2- _
1-_
July 30__
29__
28.._
2728_
25__
23_.
22-21-20-19_.
18-16-1.5_.
14...
1312_ _
11.._
9....
WeeklyJune 24.17-10._
3._
May 28-21-. 14-7-apr. 29-22-l&.
8-1War.24-18-.
II__
4-Feb. 26-19__
IL5-Fan. 29-22__
15-Low 1932
High 1932
Lon 1931
Ellgh 1931
Yr. Ago.
tug.5'31
6Yrs.A#0.
tug.230
cg? CA nt-OC112.113
68.67
68.58
68.31
67.86
67.86
67.42
67.42
66.64
64.88
64.55
63.90
03.35
63.27
62.25
61.79
61.41
61.04
00.89
60.16
59.94
59.44
58.87
58.59
58.66
MIIM.-.M...e4Mr:a4:MOMMeeme-..MMoMtZeZmiMei mIC
v......rma.avvvv.d.mmmmmmmmmmmmmoNv. m m
80.72
80.60
80.37
80.14
80.03
79.68
79.45
78.99
78.66
78.56
78.32
78.10
77.88
77.55
77.22
75.89
76.78
76.57
76.46
78.03
75.81
75.09
74.88
74.77
nt
,44 ,
.4:nr4:.oice.oioommoOmmoliw0000e;ci Mmob6OoMMMMMMrit4:0MigMr..4.4:646moMa M v
-.
.-.
95.18
95.18
95.03
95.03
95.03
94.43
94.29
94.14
93.70
93.55
93.55
93.55
93.26
92.97
92.58
92.53
92.53
92.53
91.81
91.96
91.31
91.39
91.11
90.97
...,4GOONW40.0MNNM,OMOMMOc0=.,000 N.5NMOOVQ0,4.41M.00M9g2.0AN!.9Mq!-C.0.4.1V
W=40,NMORNCotoW.Wl..C.9CCI
,
72.25
72.06
71.67
71.29
71.38
70.62
70.43
69.68
68.67
68.49
67.95
67.25
56.93
66.13
65.71
65.37
65.21
65.12
64.71
04.39
63.82
63.19
63.03
02.79
tug. 5
4
3.
_
2
1
Filly_ 30
July 29
28
27
26
25
23
22
21
20
19
18
16
15
14
13
12
11
9
•Note.-Theee prices are computed from average yields on the bails of one "Idea" bond(4W% coupon, maturing I 31 years) and do not Purport to show either the
average level or the average movement of actual Price quotations. They merely serve to Illustrate in a more comprehennve way the relative levels and the relative movesi
sawn of yield averazes. tae latter being the truer picture of the bond market
C. M. Schwab announces that Robert P. Lamont, retiring Secretary of
Robert P. Lamont Resigns as Secretary of Commerce
Commerce, will be elected to the office of President of
Slated to Become President of American Iron and and Steel Institute at the directors' meeting, Aug. 18. the American Iron
-Roy D. Chapin, Mr. Lamont's
Mr. Schwab, as Chairman, Is to continue as chief executive officer of
Steel Institute
the Institute.
Successor as Secretary.
Myron C. Taylor, Chairman of the United States Steel
On Aug. 3 President Hoover announced the resignation
Robert P. Lamont as Secretary of Commerce. The Corp., issued the following statement on Mr. Lamont's
of
appointment of Roy D. Chapin as successor to Secretary appointment:
In my opinion the plan for the expansion of the
Lamont was made known at the same time. Mr. Chapin the American Iron Sz Steel Institute is a decidedly executive personnel of
progressive step. The
Hudson Motor Co. In Institute, under such leadership as is combined in Mr. Schwab and Robert
is Chairman of the Board of the
announcing Mr. Lamont's resignation a White House state- P. Lamont, should prove increasingly successful in its activities.
ment, Aug. 3, said:
Secretary of Commerce Robert P. Lamont had found it necessary to
resign in order to reenter private business.
Mr. Lamont has remained in his position at great sacrifice for several
months at my request. I regret extremely his loss from the Cabinet, as
his abilities and service have commanded the respect and confidence of
the entire country.
I am pleased to announce the appointment of Roy D.Chapin, of Detroit.
as Mr. Lamont's successor.
The White House also made public a sketch of Mr.
Chapin's career, which said:
Mr. Chapin is a manufacturer at Detroit. In 1910 he became President
of the Hudson Motor Car Co., holding that office until 1923, since which
year he has been Chairman of the Board. He has been Vice-President
of the Lincoln Highway Association, Chairman of the Highway Transport
Committee of the International Chamber of Commerce, and director of
the Michigan State Good Roads Association. He was President of the
National Automobile Chamber of Commerce in 1927 and 1928. He was
born at Lansing, Mich., Feb. 23 1880.
On Aug. 4 it was announced by Charles M. Schwab,
Chairman of the Bethlehem Steel Corp. and President of
the American Iron and Steel Institute that Mr. Lamont
would be elected President of the Institute at a meeting in
New York on Aug. 18. Mr. Schwab is to become Chairman
of the Institute. Mr. Schwab's announcement follows:
Roy D. Chapin, New Secretary of Commerce, Believes
Depression Has Run Its Course.
Roy D. Chapin, following his return to Detroit from
Washington where he accepted on Aug. 3, his appointment
as Secretary of Commerce, was reported as stating on
Aug. 4 that there is no doubt that the "depression has run
its course" and that "the job now is to unleash the buying
power." Mr. Chapin is reported as saying:
There can be little dispute that to-day there is a general feeling of optimism in the air. It appears that the depression has run its COMBO and
the upturn has come. There is no doubt that the United States has a
large volume of buying power lying unused, held back by public caution.
Buyers have been afraid to spend their money. The job is to unleash
the buying power.
The President told me that he felt enough power has been given to
the Administration and its subdivisions to bring about a distinct improvement in condition in the country.
p He asked me to come to Washington and be a part of hts organization
endeavoring to utilize the facilities that have been placed at his disposal
to bring back commodity prices and help raise the price level generally. I
feel if that occurs buying will start, confidence will return throughout the
land and we will be on the road to better days.
Volume 135
873
Financial Chronicle
The New Capital Flotations During the Month of July and for the
Seven Months Since the First of January
In reviewing the new capital issues in this country during
the month of July, the same thought comes up that has been
expressed in recent previous months namely that these issues
by corporation., municipalities, dm., now hold a subordinate
I lace to the new issues put out by the U. S. Government and
that in any compilation intended to show the demands made
upon the investment and the capital markets, consideration
must first be given to these Government issues inasmuch as
Government borrowing is now upon such an extensive scale.
For July this is particularly trul, since United States finarcing in that month was on an extra large Jcale, while on the
other hard the appeals to the investment and money markets
by other agencies in that month was on an exceptionally
small scale. We may repeat therefore what we said in previous reviews, namely that new financing by the United
States Government is now on a greater scale and represents
larger new debt creation than all other sources of new capital
issues combined. The shrinking in the volume of new capital
issues brought out in the ordinary way is of course easily
explained. It is due to the fact that general investment and
market conditions have continued highly unfavorable, making
it risky business to undertake the floating of new securities,
even those of a very choice type. Entirely apart from this
however the Federal Government has become such a constant
borrower and has been borrowing so repeatedly and on such
a large scale that ordinary financing has really become subordinate to that of Government financing. In a measure, also,
the Government has really been pre-empting the ground and
certainly it has been occupying the investment field to the disadvantage of ordinary financing, a matter of no small consequence,especially in view of the fact that owing to the prevailing loss of confidence in security values generally,the demand
on the part of the investing public has been almost entirely
for the highest and best type of security investment—and
obviously nothing could be higher or better than a U. S.
obligation, though that does not mean that such an obligation
may not suffer sharp depreciation on occasions, as the investor has learnt from sad experience.
At all events during all recent months U. S. Government
financing has been of far larger magnitude than the ordinary
financing as represented by the borrowings of corporations,
municipalities, farm loan emissions and the like. Therefore
U. S. financing should receive primary attention and we now
pursue the practice of dealing with it before dealing with our
compilations r lating to ordinary financing. In July as in
June the U. S. Treasury did very extensive new financing.
In any study of new financing the important point is to know
how much of the financing represents distinctly new capital,
as distinguished from issues made to provide for the taking
up and retiring of issues already outstanding, and which are
to be replaced by the new issues. And this is particularly
true with reference to the placing of U. S. Government
securities. Treasury bills are all the time maturing, having a
life usually for only 90 to 93 days, and have to be replaced
with other issues, while Treasury certificates of indebtedness
are another form of short term borrowing which has to be
periodit ally renewed without swelling the outstanding aggregate of indebtedness. So long as the Government was showing huge budget surpluses and the Government indebtedness
was as a result being steadily an largely reduced, the mstter
was of little consequence, but now that there is a budget
deficit running into b.11ions a year, it is important to know
the extent to which the Government itself is obliged to have
recourse to the invtstment and money markets. During
July, as it happens, a very considerable portion of the Government issues represented additions to the public debt.
New Treasury Offerings During the Month of July 1932.
Secretary of the Treasury Mills on July 7 1932 offered
-day Treasury
$75,000,000 or thereabouts of a new issue of 90
bills. The bills were dated July 13 1932 and will mature
Oct. 11 1932. The total amount applied for was $273,658,000. The amount of bids accepted was $75,278,000.
The; average price realized by the Treasury was 99.904,
making the average rate on a bank discount basis 0.39%
per annum. This issue was to replace maturing bills.
On July 14 1932 Mr. Mills offered $75,000,000 or thereabouts more of 91-day Treasury bills. They were dated
July 20 1932 and will mature Oct. 19 1932. The subscriptions aggregated $241,256,000. The amount accepted was
$75,923,000. The average price received by the Treasury
was 99.899, making the cost on a bank discount basis 0.40%.
'
This issue was also to replace maturing bills.
21 still another offering of 91-day Treasury bills
On July
came to the amount of $80,000,000 or thereabouts. The
bills were dated July 27 1932 and will mature Oct. 26 1932.
The total applied for was $191,613,000. The amount of
bids accepted was 3,317,000. The average price realized
by the Treasury was 99.882, making the cost on a bank
discount basis 0.47%. Only a part of this issue ($51,550,000)
is to be used to retire maturing bills, while $31,767,000 will
represent an addition to the existing public debt.
On July 24 came the most important announcement of all.
Secretary of the Treasury Mills then offered $650,000,000
or thereabouts of Treasury notes in two series. The first
(series B-1934) comprised an issue of 23% Treasury notes
for $325,000,000 or thereabouts and maturing in two years.
0 -year TreasThe second (series A-1936) consisted of 33.4'7 4
ury notes, also for $325,000,000 or thereabouts. Both note
issues were dated and bear interest from Aug. 1 1932, the
23/% notes maturing Aug. 1 1934 and the 3(% notes
becoming due Aug. 1 1936.
Total subscriptions received were $5,511,349,500, of which
$1,706,626,800 was for the 23c% (series B-1934) Treasury
notes and $3,804,722,700 was for the 33.(% (series A-1936)
-year
Treasury notes. The amount allotted of the 2%% or 2
-year
Treasury notes was $345,292,600, and of the 354% or 4
Treasury notes $365,138,000. Both issues were offered
at par.
The amount raised for refunding through the sale of the
two issues was $227,631,000. The remaining $482,799,600
represents an addition to the existing public debt. Adding this
to the $31,767,000 of Treasury bills put out in excess of the
amounts needed to meet maturing bills, the total addition
to the public debt during July is found to have been no less
than $514,566,600, which shows the importance of considering the matter.
In the following we show all the Treasury financing back
to the first of the year:
UNITED STATES TREASURY FINANCING DURING FIRST SEVEN
MONTHS OF 1932.
Dale
Offered. Dated.
Due.
Jan. 7 Jan. 13 91 days
Jan. 17 Jan. 25 93 days
Jan. 25 Feb. 1 8 months
Jan. 25 Feb. 1 1 year
Jan. 31 Feb. 8 93 days
Feb. 7 Feb. 15 93 days
Feb. 16 Feb. 24 91 days
Feb. 24 Mar. 2 91 days
Mar. 5 Mar. 15 1 year
Mar. 6 Mar. 15 7 months
Mar. 6 Mar. 15 1 year
Mar. 23 Mar. 30 91 days
Apr. 7 Apr. 13 91 days
Apr. 14 Apr. 20 91 days
Apr. 21 Apr. 27 91 days
Apr. 25 May 2 1 year
Apr. 25 May 2 2 years
May 4 May 11 91 days
May 11 May 18 91 days
May 18 May 25 91 days
91 days
May 24 June
June 5 June 15 1 year
June 5 June 15 3 years
Tune 22 June 29 91 days
July 7 July 13 90 Ws
July 14 July 20 91 dais
July 21 July 27 91 days
July 24 Aug. 1 2 years
July 24 Aug. 1 4 Years
Amount
ApplUd for.
$189,337,000
191,581,000
395,938,500
250,148,000
196.873,000
211,872,000
198,183,000
292,984.000
a28.000.000
952,019,500
2,450,606,000
360,198,000
399.374,000
289,740,000
241,451,000
1,699,868,000
2,496,428,700
351,661,000
395.019.000
334.818,000
298,503,000
1.653,814,000
1,143.563,400
8 41,000
212, /
273.658,000
241.256,000
191.613,000
1.705.526.800
3.801.722.700
Amount
Accepted.
Price.
Yield.
350,175.000 Average 99.272 .2.875%
50,937,000 Average 99.358 .2.40%
3.125%
100
227,631,000
3.75%
144,372,000
100
76,399,000 Average 99.314 .2.65%
75,689,000 Average 99.287 *2.76%
62.851,000 Average 99.311 .2.71%
101,412,000 Average 99.369 .2.50%
2.00%
100
a28.000,000
3.125%
100
333,492,500
3.75%
100
660,653,500
.
102,169,000 Average 99.474 2.08%
.
76,200.000 Average 99.735 1.05%
75.600.000 Average 99.84 .0.62%
51,550.000 kverave 99.841 .0.63%
2.00%
100
239,197.000
3.00%
100
244,234,600
76,744,000 Average 99.829.0.68%
75,000.000 Average 99.893 .0.43%
60,050,000 Average 99.927.0.29%
100,200,000 Average 99.919.0.32%
1.50%
100
373,856,500
100
3.00%
416,602,800
100,466,0041 Average 99.897 .0.41%
75.278,000 Average 99.
.0.39%
75,923,000 Average 99.899.0.40%
83,317.000 Average 99.882.0.47%
345,292,60.1
100
2.125%
g.95.z.
100
,
385.13 1.000
a Approximate. • Average rate on a bank discount bade.
874
Financial Chronicle
USE OF FUNDS.
Date
Offered.
Jan. 7
Jan. 17
Jan. 25
Jan. 25
Jan. 31
Feb. 7
Feb. 16
Feb. 24
Mar. 5
Mar. 6
Mar. 6
Mar. 23
Apr. 7
Apr. 14
Apr. 21
Apr. 25
Apr. 25
May 4
May II
May 18
May 24
June 5
June 5
June 22
July 7
July 14
July 21
July 24
July 24
Type of
Security.
Treasury bills
Treasury bills
334% Treasury ctfs.
334% Treasury ctfs.
Treasury bills
Treasury bills
Treasury bills
Treasury bills
2% Treasury Ws.
334% Treasury ctfs.
o
334 T Treasury ctfs.
Treasury bills
Treasury bills
Treasury bills
Treasury bills
2% Treasury Ws.
3% Treasury notes
Treasury bills
Treasury bills
Treasury bills
Treasury bills
134% Treasury ctfs.
3% Treasury notes
Treasury bills
Treasury bills
Treasury bills
Treasury bills
244% Treasury notes
341 7,', Treasurv notes
,
Total Amount
Accepted.
Refunding.
$50,175,000 $50,175,000
50,937,000
50,937,000
227,631,000 1 50,000,000
144,372,000 I
76,399,000
76,399,000
75,689,000
75,689.000
62,851,000
62,851,000
10 ,412,000 101,412,000
.28,000,000
333,492,500 1 624,000,000
660,653,500 f
102.169,000 102.169.000
76,200,000
50,175,000
75,600,000
51,550,000
51,550,000
239,197,000
244,234,600
76,744,000
76,744,000
75,000,000
75,000,000
60,050,000
60,050,000
100,200,000 100,200,000
373,856,500 1324,578,500
416,602,800 f
100,466,000 100,466,000
75,278,000
75,278.000
75,923,000
75,923,000
83,317,000
51,550,000
345,292,6001227.631,000
365.138.000
New
Imiettedness.
3322,003,000
*28,000,000
370,146,000
26,025,000
75,600,000
239.197,000
244,234,600
465,880,800
31,767.000
482.799,600
•Approximate.
At one time during the month it looked as if the new financing would run well above that in previous months, since
several large corporate issues were brought out which met,
on the whole, with unbounded success, at least in their primary disposals, and as a matter of fact corporate financing
during July did run well above that for the month of June,
reaching $111,871,000 for July as against only $29,340,000
in June, but municipal financing dropped to very low figures,
aggregating no more than $26,249,622, whereas the municipal issues placed in June aggregated $82,866,468. As a
consequence, the final total for the month runs only a little
larger than that for the month of June, being $154,120,622,
whereas the total for June was $142,206,468. How diminutive all the totals are appears when comparisons are made
with corresponding figures for the years immediately preceding. The new corporate issues for July, at $111,871,000,
compare with $155,933,750 in July 1931, $428,761,500 in
July 1930 and
62,847,496 in July 1929. Municipal
financing at $26,249,622 for 1932 compares with $96,766,226
for July 1931 and $112,358,085 for July 1930, and the grand
total under all the different headings, at $154,120,622 for
July 1932, compares with $267,699,976 for July 1931, with
$585,819,585 for July 1930 and with $947,961,561 for July
1929.
Proceeding further with our analysis of the corporate
offerings announced during July we note that public utility
issues, with $110,529,000 accounted for practically the
entire corporate total, which,'as already stated was $111,871,000. The public utility total of $110,529,000 for July
shows a sharp increase over the $19,888,000 reported for
June. There was no financing for the account of railroads
in July. Industrial and miscellaneous flotations totaled
$1,342,000 during July as compared with but $125,000
offered in June.
Of the total corporate offerings of all kinds during July
for the amount of $111,871,000, long-term bonds and notes
comprised $72,029,000, while short-term bonds and notes
aggregated $38,842,000. There was but one stock flotation
during July amounting to $1,000,000.
The portion of the month's financing raised for refunding
purposes was $49,029,000, or over 43% of the total. In
June the refunding portion was $25,230,500 or over 80%;
in May it was $15,000,000 or 67%;in April it was $33,124,000
or 68%; in March it was $9,097,320 or 15%; in February it
was $5,688,000, or 12%, and in January only $1,500,000 or
slightly over 3%. In July 1931 the amount raised for refunding was $40,864,000 or about 26% of the month's
total. The $49,029,000 raised for refunding in July (1932)
comprised $6,709,000 new long-term to refund existing longterm; $3,820,000 new long-term to refund existing shortterm, and $38,500,000 new short-term to refund existing
short-term.
Conspicuous refunding issues offered during July comprised the following: $25,000,000, the Edison Electric
Illuminating Co. of Boston, two-year 5% notes due July 16
1934; $13,500,000, Brooklyn-Manhattan Transit Corp.,
two-year collaterally secured 6% notes due Aug. 1 1934 and
$5,709,000 Boston Elevated Ry. 63/2s, 1957.
No foreign securities of any description were brought to
market in this country during July. It was announced
during the month, however, that the Chase National Bank
had extended for 60 days the $20,000,000 loan made to
Cuba. A further announcement in July stated that an agree-
Aug. 6 1932
ment had been signed between the Greek Minister here and
representatives of Speyer & Co., the National City Bank
and J. & W. Seligman of New York for a renewal of the
advance to the Greek Government of $7,500,000 made two
years ago.
Corporate financing during July was practically confined
to offerings for the account of public utilities, the largest of
which were: $30,000,000 Consolidated Gas Co. of Now
York, debenture 5s due 1957, issued at 94 to yield 5.44%;
$25,000,000 the Edison Electric Illuminating Co. of Boston,
two year 5% notes due July 16 1934, issued at 99.62 to
yield 5.20%; $15,000,000 Union Electric Light & Power
Co. (Missouri) general mortgage 5s, 1957, issued at 94 to
yield 5.44%; $13,500,000 Brooklyn-Manhattan Transit
Corp., two-year collaterally secured 6% notes due Aug. 1
1934, placed privately; $10,000,000 the Brooklyn Union
Gas Co., 1st lien & refunding mortgage 5s,"B" 1957, issued
at 98 to yield 5.14%; $7,500,000 the Connecticut Light &
Power Co., 1st and refunding mortgage 5s, "D," 1962,
issued at 95
to yield 5.30% and $5,709,000 Boston
Elevated Ry. Co., 63's, 1957, offered at par.
Included in the month's financing was an offering of
$16,000,000, Federal Intermediate Credit banks, 2%
collateral trust debentures, dated July 15 1932 and due in
three, six and nine months, offered at price on application.
The rate of 2
is the lowest on the banks' debentures since
their establishment in 1923.
It is worthy of note that during July there were no new
security emissions carrying convertible features of one kind
or another.
Three new issues of fixed investment trusts were offered
in July, namely:
Super-Corporation of America Trust
Shares, series AA, maximum
distribution series, offered by
Inc., New York, at market. Super Corporation of America Depositors.
Super-Corporation of America Trust
Shares, series BB capital
accumulation series, offered by Super
Corporation of America Depositors,
Inc., New York, at market.
Twentieth Century Fixed Trust Shares,
series B,offered by Twentieth
Century Depositors Corp., New York. at
market.
The following is a complete summary of the new financing,
corporate, State and city, foreign government, as well
as farm loans issued for the month of July
and the seven
months ending with July:
SUMMARY OF CORPORATE, FOREIGN
GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
1932.
New Capital.
Refunding.
Total.
$
MONTH OF JULY—
Corporate—
Domestic—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign—
Long-term bonds and runes
Short-term
Preferred stocks
Common stocks
$
$
61,500.000
342,000
10,520,000
38,500,000
1,000,000
Total corporate
Canadian Government
Other foreign Government
Farm loan issues
Municipal, States, cities, riar
United States Possessions
72,029,000
38.842,000
1,000,000
62.842,000
50,221,450
154,120,622
196,017,300
16.936,000
6,775.275
3,296,900
38,922,500
97,849,000
1,897,320
234,039,800
114,785,000
6,775,275
5.194,220
138,668,820
3331,694,295
46,000.000
500,742,585
092,000
Grand total
16,000,000
26,249,622
223,025,475
Total corporate
Canadian Government
Other foreign Government
Farm loan issues
Municipal States, cities, dm
United States Possessions
1,192,450
103,899,172
Grand total
111,871,000
16,000,000
25,0.'7,172
7 MONTHS ENDED JULY 31—
Corporate—
Domestic—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
49,029,000
92.500,000
51,822,826
138,500,000
552,565.411
692,000
770,460.060
282,991.646 1.053.451.706
In the elaborate and comprehensive tables on the
ing pages Nye compare the foregoing figures for 1932 succeedwith the
corresponding figures for the four years preceding, thus
affording a five-year comparison. We also furnish a detailed
analysis for the five years of the corporate offerings, showing separately the amounts for all the different classes of
corporations.
Following the full-page tables we give complete details
of the new capital flotations during July, including every
issue of any kind brought out in that month.
•
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF JULY FOR FIVE YEARS.
1928.
1929.
1930.
1931.
1932.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
MONTH OF JULY.
New Capital. Refunding.
Total.
New Capital. Refunding.
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Long Term Bonds and Notes894,000
1,374,000
480,000
22,220,000
__-- -22,220,000
62632,000
7,634,000
,
54,998,000
tailroads
10,943,000
31,250,000
10,943,000
15,000,011111
16,250,000
064.500
13,547.000 176,
162,517,500
36,300,000
25.974,000
10.326,000
72,029,000
10,529,000
61,500,000
'ublic utilities
1,700,000
1.700.000
450,000
450,000
4.000,000
4,000,000
•
ron, steel, coal, copper, &c
1.000,000
1,000,000
630,000
630,000
464,000
464,000
Cquipment manufacturers
150,000
150,000
3
Motors and accessories
7,750,000
67,900,000
7,750,000
67.900,000
27,540.000
27,540,000
14.825,000
4,450,000
10,375.000
Other industrial and manufacturing
5,736,000
6,264,000
100,000
12,000,000
100,000
Oil
1,670,000
46,824,500
36,790,000
48,494,500
36,550,000
240,000
16,425,000
16.425,000
800,000
800,000
And. buildings, Arc
tubber
!hipping
20.250,000
20,250.000
nv, trusts, trading, holding, &c_
15,519,000
4,415,000
16,675,000
1,156,000
4,415,000
'
41scellaneous
15,240.000 183,525,000
90,480.500
9,456.000
99,936,500
168,285,000
21.181.000 287,291,500
266,110,500
52.389.000
30,424,000
21,965,000
72,029,000
10,529.000
61,500.000
Total
.
Short Term Bonds and Notes5,360,000
5,360,000
tailroads
3,250.000
13,500,000
3,250.000
10,000,000
3,500,000
53,400,000
53,400,000
10,440,000 100,500,000
90,060,000
38,500,000
38,500,000
'ubllc utilities
6,500.000
5,780,000
720,000
5,000,000
5,000.000
ron, steel, coal, copper. Am
quipment manufacturers
7,500,000
7,500,000
4otors and accessories
1,250,000
300,000
950,000
150.000
150,000
)ther industrial and manufacturing
)il
3,358,500
7,208,500
1,441,500
8,650,000
3,358.500
1,590,000
1.590,000
775,000
775,000
And, buildings. dm
tubber
lipping
1,200,000
1,200,000
nv. trusts, trading, holding, &c_ _ _
2,500,000
2500,000
'
2.300.000
2,300.000
342,000
342,000
41scellaneous
21,140,000
28,718,500
14,158,500
1,441,500
71.040,000
7,578,500
15,600,000
5,300,000
65,740,000
10,440,000 101,425,000
38,842.000 . 90,985.000
38,500,000
342,000
Total
.
Stock,17,500,000
17,500,000
tailroads
275,045,906
275.045,906
43,404,596
43,404,596
5,000,000
5,000,000
'ublic utilities
4,233.000
4,233,000
7,000,000
7,000,000
ron,steel, coal, copper, &c
[iquipment manufacturers
__
26,038,702
8.084,200
8.084,200
26,038,702
4otors and accessories
2,009,000
48,321,434
40,303,599
-_ - _-40,303,599
46,112:i34
1.000.000
1.000.000
)ther industrial and manufactiirini
17,538,791
16.914,141
3,030,000
624,650
3,030,000
625,000
625,000
ill
1,120,000
7,393,000
1,120,000
7,393,000
4,055,000
4,055.000
76,000
76.000
•
And, buildings, &c
525,000
525,000
tubber
lipping
200,338,090
11,450,272
200,338,090
11,450,272
10.000,000
843.750
10.000,000
843.750
nv, trusts, trading, holding, &c
43,548,865
97.940,410
6,000,000 103,940,410
50.750,000
43.548,865
1,200.000
50,750,000
1,200,000
41scellaneous
28,047,702 208,211,869
180,164,167
22,914,141 650,603,996
627.689,855
70.430,000
2,119.750
70,430,000
2319,750
1,000,000
1,000,000
. Total
Total894,000
62,632,000
27,580,000
17,980,000
18,874,000
22,220,000
5,360,000
7,634,000
54,998,000
tailroads
57.597,596
57,597.596
294,795,906
25,000,000 319,795,906
13,547,000 234,464,500
220,917,500
36,414,000 136,800,000
100,386,000
49.029,000 110.529,000
61,500,000
'ublic utilities
11,183,000
8,700,000
5,780,000
8,700,000
9,000,000
5,403,000
4,000,000
5,000,000
steel, coal, copper, &c
ron,
1,000,000
1,000,000
630,000
630.000
464,000
464,000
rIquipment manufacturers
8,234,200
26,038,702
8,234,200
26,038,702
7,500,000
7,500,000
4otors and accessories
2.009.000
54,062,434
56,071,434
28,790,000
. ________ 108,203,599
108.203,599
28,490,000
300,000
14.975,000
4,450,000
10,525,000
1,000,000
1,000,000
nher industrial and manufacturing
17,638,791
9.294,000
5,736,000
15,030,000
16,914,141
625,000
724,650
625,000
MI
61,426,000
3.111,500
64,537,500
41,028,500
240,000
41,268,500
22,070,000
.1,651,000
22,070,000
1,651,000
And, buildings, &c
525,000
525,000
tubber
hipping
220,588,090
12,650,272
10,000,000
220,588,090
12,650,272
843,750
10,000,000
843,750
nv. trusts, trading, holding, Itc_
6,000,000 108,355.410
61.567,865
1.156,000
53,050,000
102,355,410
62,723,865
1,200,000
53,050.000
1,200,000
342,000
342,000
4iscellaneous_
59,294,141 862,847,496
284,803.167
38,945.202 323.748.369
26,481.000 428.761,500 803,553.355
402,280,500
40.864.000 155.933,750
115,069,750
49,029,000 111.871,000
62,842,000
Total corporate securities
.910II10.1113 1670118U!L1
SUMMARY OF CORPORATE,FOREIGN GOVERNMENT,FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF JULY FOR FIVE YEARS.
1928.
1929.
1930.
1931.
1932.
MONTH OF JULY.
Total.
Total.
New Capital. Refunding.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Corporate$
$
Domestic
96,536,500
9,456,000
87,080,500
136,285,000
15,240.000 151,525,000
21,181.000 262.291,500
241,110.500
52,389.000
30,424.000
21.965,000
10229,000
72,029,000
61J00,000
Long term bonds and notes_
15,600,000
1,441,500
14.158,500
28.718,500
7,578,500
21.140,000
61,040,000
55,740,000
5.300,000
10,440,000 101,425.000
90.985,000
38,842,000
38.500.000
342.000
Short term
79,538,906
2,009,000
145,278,400
77.529,906
145,278,400
50,625,000
50,625,000
76.000
76.000
Prefet red stocks
26.038,702 120.699,563
94,660,861
22,14,141 501,892,596
478,978,455
19,805.000
19,805,000
2.043,750
2.043.750
1.000,000
1.000.000
Common stocks
Canadian
25,000,000
25,000.000
25,000,000
25,000.000
Long term bonds and notes_
Short term
Preferred stocks
3,293,400
3,293.400
Common stocks
Other foreign
3,400,000
7.000,000
3,400,000
7,000,000
Long term bonds and notes_
10.000.000
10.000.000
Short term
1,680,000
1,680,000
Preferred stocks
3.000,000
3.433,000
3,000,000
3,433,000
Common stocks
38,945,202 323.748,369
284.803.167
59,294,141 862.847,496
803.553.355
26,481,000 428.761.500
402,280,500
40.864,000 155,933,750
115.069.750
62.842,000° 49.029,000 111.871.000
Total corporate
2,600,000
2,600.000
Canadian Government
41,396,000
41.396,000
42,100,000
42,100,000
Other foreign Government __
1,000,000
1,000,000
15.000.000
15,000,000
16,000,000
16,000,000
Farm Loan issues
1:231,166 80,799,070
-79,567.170
85,114,065
84,249,565
864,500
5,058,225 112,358.085
107.299,860
96,766.226
3,708.500
93.057.726
26,249,622
1,192,450
25,057,172
Municipal,States, Cities, &c_ _
400.000
400,000
United States Pions......
40,177.102 447.343,439
407,166,337
887,802,920 •60,158.641 947.961,561
31.539.225 585.819.585
554.280.360
44.572,500 267,699.976
223.127.476
50.221,450 154,120.622
103,899,172
Grand Total
ger alunloA
-J
00
SUMMARY OF CORPORATE,FOREIGN GOVERNMENT,FARM LOAN AND MUNICIPAL FINANCING FOR THE SEVEN MONTHS ENDED JULY 31 FOR FIVE YEARS.
1932.
1931.
1930.
1929.
1928.
New Capital. Refunding.
New Capital. Refunding.
Total.
Total.
Corporate—
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
Domestic—
$
$
8
$
$
$
$
$
$
$
8
$
3
$
Long term bonds and notes.. 196,017,300
38,922,500 234,939,800
795,535,100 646,758,200 1,442193,300 2,051,599,660 211,628,250 2,263,227,910 1,309,768,840 389,845,260 1,699,614,100 1,287,163,606 933,288,40( 1,220,452,000
Short term
16,936,000
77,099,500 324,410,850
97,849.000 114.785.000
247,311,350
57,613,000 404,102,250
346,489,250
43,037,500 164,217,700
121,180,200
105,452,706
35,773,80( 141,226,500
Preferred stocks
6,775,275
6,775,275
31,050,000 127,024,667
95,974,667
357,722.946
940,124,766
357,722,946
93,251,540 1,033,376,306
602,144,142 231,802,301 833,946,442
Common stocks
3,296,900
1,897,320
5,194,220
124,751,134
124,751,134
13,315,750 945,967,101 2,602,194,338 385,236,302 2,987,430,640
932,651,351
741,179,017 165,404,411 906,583,429
Canadian—
Long term bonds and notes..
90,000,000
90,000,000
152,138,000
38,000,000 190,138,000
214,100,000
214,100,000
83,480,000
68,792,00( 152,272,000
Short term
5,000,000
5,000.000
Preferred stocks
13,000,000
10,400.000
13,000,000
19.000,006
10,400,000
26,000,00(
45,000,000
Common stocks
18,163.900
11,613,400
18,163,900
11,613,400
Other foreign—
Long term bonds and notes..
72,800,000
72,800,000
4,000,000 173,015,000
169,015,000
150,010,000
2,000,000 152,010.000
350,781,500
46,118,500 396,900,000
Short term
---5,000,61515
5,000,000
31,000,000
31.000.000
10,432,717
1.617,283
10,000,000
12,050,000
10,000,000
Preferred stocks
102,312,200
11,530,000
102,312.200
11.530,000
Common stocks
10,060,000
10.060.000
32,256,347
32,256.347
30.281.750
30.281,750
Total corporate
223,025.475 138.668.820 361.694,295 1,426,372,251 759,907,700 2.186,279,951 4,068,676,207 324,557,000 4,393,233.207 5,502,127,874 923.803.310 6,425,931.193 3,252,626,109 1,507,179,411 4,759,805,521
Canadian Government
40,922,000
9,500,000
50,422,000
46,742,000
7,158.000
28.612,000
53,900,000
8,000,000
36,612,000
28,840,000
28,840,000
Other Foreign Government..
411,306,000
5,500.000 416,806,000
41,750,000
442,331,587 100,538,411 542,870,000
41,750.000
Farm Loan Issues
46.000,000
92,500,000 138,500,000
44,600,000
31,000,000
75,600,000
,
30,500.000
30,500,000
38.100.000
38,100,000
States,
Municipal, States Cities, &c51,822,826 552,565,411
500,742,5
54
932,438,662
855,028,030
22,866,637 877,894,667
15,516,000 947,954,662
746,938,794
8,559.026 755.497.820
829,644.926
29.573,589 859,218,515
___
United States
692,000
692.000
295.000
295.000
9.675.000
9.675.000
1.995.000
6.085,000
1,995.000
6.085,000
Grand Total
770.460 060 282,991.646 1.053.451,706 2,444,627.913 815.923.7003,260,551,613 5.421,927,237 360.081,6375.782.008.874 6,321,423.668 940.362.345 7.261.786.013 4.597.627.622 1.637.291 A14 6.234.019.0:
,fi
SEVEN MONTHS END. JULY 31
.rt
1930.
1929.
1928.
Refunding.
Total.
New Capital. Refunding•
Total.
New Capital, Refunding.
Total.
$
$
$
$
$
$
$
$
177,585,750 801,361,000
288,717,240 112,143,760 400,861,000
102,162,500 206,691,500 308,854.000
67,547,500 1,174,260,500
443,841,500 243,390,000 687,231,500
522,836,500 530,439,300 1,053,275,800
21,500,000
121.513,500
3,186,500 124,700,000
85,207,700
61,744,300 146,952,000
1,150,000
8,380.000
1,150,000
----- —
5,816,000
5,816,000
150,000
150,000
5,800,000
780,000
5,020,000
455,000 183,056,910
207,853,000
575.000 208,428,000
216,284,700 104,301,300 320,586,000
6,950,000 149,500.000
18,984,000
34,400,000
15,416,000
27,753,000
59,500,000
31,747,000
70,000 108,767.500
3,929,000 264,938,600
261,009,600
70,620,000 445.425,200
374,805,200
30,000,000
1,000,000
1,000,000
1,300,000
1,300.000
10,000,000
3,100,000
6.000,000
9,100,000
75.250,000
113,250,000
113,250,000
1.012,000
80,388,000
81,400,000
64.305,000
1.020,000
213.310,000
7,205,000 220,515.000
40,863.500 340.715.000
299,851,500
253,628,250 2,626,380,910 1,673,878,840 391.845.2602.086,724,100 1,721,425.100 1,048,198,900 2.769,624,000
17,200,000
600,000
685.000
15,000,000
14.500,000
194,150,000
33,000,000
12,000.000
10,100,000
88.305,000
7,250,000
47,497,250
15,800,000
1,000,000
57,613,000
1,000,000
16,500,000
440.102.250
23,103,500
122,797,483
11,562,250
66,055,600
666,334,011
115,879.875
71,107,700
71,107,700
880,196.299 • 52,206,590 932,402,889
143,027,385 263,020,200 406,047,585
2,500,000
15,628,000
5,000,000
4,132,662
175,513,895
82.323.463
16,320.000
1,500,000
25.876,283
720.000
5,360,000
40,413,717
5,780,000
6,860,000
66,290,000
6,500,000
13,500.006
43,672,000
400.000
17,000,000
4,150,000
30,500,000
47,822,000
400,000
500,000
13,150,000
500,000
13,150.000
57,947,700
57,947,700
1,200.000
4,103,900
6,505,800
19,896,000
2,488,100
10,694.200
1,441,500
1,200,000
6,592,000
17,200.000
21,337,500
25,020,000
176,267.700
1,600,000
24,576,000
115,452,700
35.773,800
1,600,000
24.576,000
151,226,500
1,916,500
53,470,217
67,361,202
5.511,852
72.873.054
534,480.188
84.832.220 619,312.408
83.843,644
58,666,080 142,509.724
106,197,330
408,500 106,605.830
54.233.534
54,233.534
23.178,000
23,178,000
82,987.079 1,035,304.652
1,500,000 1,036,804,652
382,000 117,203.462
706,521,617
12.342,400 718.864,017
13.315.7501.326.750,047 3,705,451,551 478.487,8424,183,939,393
1.371.500
51,597,650 139,954,700 191,552,350
505,647,938 147,818.048 653,465,986
45.200,581
17,200.000
62,400,581
1,920,000
1,920,000
8,028,400
27.288.702
35,317,102
267,781,333
64.124,622 331,905,955
10.126,180
10.126.180
50,617,033
1,346.000
51.963,033
11.887,975
1.042.400
12,930,375
6,212,500
-___--6,212,500
213.197,790
2,964,51111 216,162,290
243.530.929
21.467.740 264,998,669
1,415,748,309 423,206,712 1,838,955,021
180.085,750 881,916,600
361.324.940 117,503.760 478.828.700
167,260.150 363,646,200 530.906,350
94.737.7502.034.744,511 1,349.914.082 336.010.307 1,685,924,389 1,072,156,438 682,407.348 1,754.563,785
5,000,000 -170,379.875
265,260,885 271,986.700 537.247,585
130,808.281
78,944.300 209.752,581
20,380,000
1,150,000
1,150,000
7,736,000
7,736,000
14,232,662
68.011,202
5,511,852
73,523,054
14,248,400
28,068,702
42,317,102
19,026,500 446,875,805
755,483,188
85,407,220 840,890,408
488,169.933 170,914,022 659,083,955
7,550,000 239,073,463
102.827,644
74,082,080 176.909,724
44,384,980
42,441,200
86,826,180
755,000 172,584.750
425,154,630
4,337,500 429,492.130
445,318.233
73,407,500 518,725,733
15,000,000
45,800,000
55,233,534
55,233,534
13,187,975
1,042.400
14,230,375
10,000.000
26,278.000
6,000,000
32,278,000
6,212,500
6,212,500
159,237,079 1,148,554,652
1,500,000 1,150.054,652
295,185,790
3,976,500 299.162,296
2,402 000 198.008.462
942,935 117
21,463,900 964 399.017
567,957.429
62,331.240 630,288,669
324.557.000 4,393,233,207 5.502.127.874 923,803.3196.425,931,193 3.252.626.109 1.507.179,4124.759.805.521
Zr6I 9 '2nV
1932.
1931.
SEVEN MONTHS END. JUL 31 New Capital. Refunding.
Total.
New Capital, Refunding.
Total.
New Capital.
Long Term Bonds and Notes—
$
$
$
$
$
Railroads
9,327,000
9.327.000
247,115,300 146,319,700 394,135,000
623,!75,250
Public utilities
193,317.300
29,545,500 222,862,800
472,818,000 484,512,000 957,330,000 1,106,713,000
Iron, steel, coal, copper, &c
102,939,800
6,062,500 109,002.300
21,500.000
Equipment manufacturers
12,434,000
12,434,000
8.380,000
Motors and accessories
Other industrial and manufacturing
76,542,000
5,950,000
82,492.000
182,601,910
Oil
2,000,000
2,000,000
142.550,000
Land, buildings. &c
2,500,000
50,000
2,550,000
29,850,000
31,070,000
1,220,000
108,697,500
Rubber
30,000,000
Shipping
1,650,000
1.650.000
10,000,000
inv, trusts, trading, holding, &c_
75.250,000
Miscellaneous
200.000
200.000
12,286.000
2,694,000
14,980.000
63,285,000
Total
196,017,300
38,922,500 234,939.800
958,335,100 646,758,200 1,605,093.300 3.372,752,660
Short Term Bonds and Notes—
Railroads
7,375,000
8.375,000
1,000,000
24,970.000
12,530,000
37,500,000
12,000,000
Public utilities
2.850,000
96,749,000
99.599,000
162,447,500
30,277,500 192,725,000
178,522,000
Iron, steel, coal. copper. Szc
100,000
100,000
899,000
3,101,000
28,000,000
4,000,000
Equipment manufacturers
12,000.000
Motors and accessories10,100,000
Other industrial and manufacturing
.
21,535.000
33,500,000
55,035,000
71,105,000
Dil
9.649,000
791,000
10,440,000
6.650,000
Land, buildings, &c
4,101,000
4,101,000
7,710.850
1,400.000
46,812,250
9,110,850
Rubber
800,000
Shipping
inv. trusts, trading, holding, &c_
500,000
500,000
1.000,000
Miscellaneous
2.610.000
20,100,000
2.610,000
20,100,000
16,500,000
Total
16,936,000
97,849,000 114,785,000
247,311,350
82,099,500 329,410,850
382,489,250
Stocks—
Railroads
66,055,600
Public utilities
4.912,175
1,897,320
181,563,511
6,809.495
31,050,000 212,613,511
654,771,761
Iron, steel, coal, copper, ,
1,500,000
te
1,500.000
115:879,875
Equipment manufacturers
Motors and accessories
4.132.662
Other industrial and manufacturing
1,491,250
1.491,250
13.606,250
13,606.250
174,142,395
011
3,052,500
3.052.500
82,323,463
Land, buildings, &c
1,466,500
,,
1,466.500
16,320,000
Rubber
2,168,75.
2,168,750
nipping
(nv. trusts, trading, holding, &c_
3.143.750
3,143.750
82.987,079
Miscellaneous
1.500.000
1,500.000
16,393,290
16.393.290
116,821.462
Total
11,969.495
10.072,175
1,897.320
220,725,801
31,050,000 251,775,801 1,313,434.297
Total—
Railroads
17,702.000
7,375,000
10,327.000
272.785,300 158.849,700 431,635.000
701.830.850
?ublie utilities
201,079.475 128,191,820 329,271.295
816,829.011 545,839,500 1,362,668,511 1,940,006,761
Iron. steel, coal, copper. ttc
100.000
100,000
105,338,800
9.163,500 114,502,300
165,379.875
iiquipment manufacturers
12,434,000
12,434,000
20,380.000
Motors and accessories
14.232,662
)ther industrial and manufacturing
1.491.250
1,491.250
111,683,250
39,450,000 151,133,250
427.849,305
)il
14,701,500
791,000
15,492,500
231,523,463
and. buildings, &c
6.601,000
50.000
6.651,000
39,027.350
2.620,000
41,647,350
171,829.750
Rubber
2.168.750
2,168,750
30,800,000
ihipping
1,650,000
1,650,000
10,000,000
IIV, trusts, trading, holding, acc.,
3,143,750
500,000
3,643,750
159,237,079
4,310 000
discellaneous
4,310,000
48.779.290
2,694,000
51,473,290
195,606.462
'Total corporate securities
223,025,475 138,668.820 361.694.295 1.426,372.251 759.907,700 2,186,279,951 4.068,676,207
GIO!UO1q3 IEpUVIIL1
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE SEVEN MONTHS ENDED JULY 31 FOR FIVE YEARS.
877
Financial Chronicle
Volume 135
DETAILS OF NEW CAPITAL FLOTATIONS DURING JULY 1932.
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
Public Utilities—
5,709,000 Refunding
Price.
To Yield
About.
6.50 Boston Elevated Ry. Co. 6)45, 1957. Offered by Chase Harris Forbes Corp.; R. L. Day & Co.;
Estabrook OL Co.: Kidder, Peabody az Co.; The First of Boston Corp. of Mass.; The Shawmut
Corp. of Boston; Hayden. Stone & Co.; Paine, Webber & Co.; Lee. Higginson Corp.; Stone &
Webster and Blodget, Inc.; Brown Bros. Harriman & Co., and White. Weld & Co.
5.14 The Brooklyn Union Gas Co. 1st Lien & Ref. Mtge. B 55, 1957. Offered by The National City
Co. and Guaranty Co. of New York.
5.30 The Connecticut Light & Power Co. 1st & Ref. Mtge. D 55. 1962. Offered by Drexel & Co.;
Bonbright & Co., Inc.; Lee, Higginson Corp.; Estabrook & Co.; Putnam & Co.; Hincks Bros.
& Co. and Chas. W. Scranton & Co.
5.44 Consolidated Gas Co. of New York 5% debentures, due 1957. Offered by.The National City Co.
6.00 New Jersey Power & Light Co. 1st Mtge. 4t4s, 1960. Offered by Associated Gas & Electrie
Securities Co.. Inc.
5.44 Union Electric Light & Power Co. (Mo.) General mtge. 5s, 1957. Offered by Dillon, Read & Co.
Chase Harris Forbes Corp.; Spencer Trask & Co.;Stone & Webster and Biodget. Inc.; The N.W.
Harris Co., Inc., and Biyth & Co., Inc.
100
10,000,000 Add'ns & extensions to plants
7,500,000 Refunding; add'os & improvem'ts
98
9534
30,000,000 Add'ns & extensions to properties_
3,820,000 Refunding
94
80
15,000,000 Add'ns & extensions to properties_
94
72,029,000
SHORT-TERM BONDS AND NOTE
Amount.
Purpose of Issue.
Public Utilities
13,500,000 Refunding
Price.
Company and Issue, and by Whom Offered.
(ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
To Yield
About.
Company and Issue, and by What?: Offered.
-Year 6% Secured Notes, due Aug. 1 1934. Offered by
Brooklyn-Manhattan Transit Corp. 2
Chase Harris Forbes Corp.; Hayden, Stone & Co., and J. & W. Seligman & Co.
-Year 5% Notes, due July 16 1934. Offered by
5.20 The Edison Electric Illuminating Co. of Boston 2
The First of Boston Corp. of Mass.; Lee, Higginson Corp.; F. S. Moseley & Co.; Kidder, Peabody & Co.; Burr, Gannett & Co.; Chase Harris Forbes Corp.: Blake Brothers & Co.; Bankers
Trust Co.; The National City Co.; Goldman, Sachs & Co., and Estabrook dc Co.
Placed privately
25,000,000 Refunding
99.62
38,500,000
Miscellaneous—.
342,000 Working capital
5.00-6.00 Union Investment Co. Coll. Trust Notes, due Oct. 3 1932-Jan. 2 1933. Offered by company.
STOCKS.
Far. or No.
of Shares.
Purpose of Issue.
Other Industrial & Mfg.—
500,000 Acquire business of N. S. Goldberger; expahalon
(a) Amount Price
To Yield
Involved. per Share. About.
1.000,000
2
Company and Issue, and by Whom Offered.
Mello Brewery, Inc.(N. Y.) Capital Stock.
Offered by Bauer, Pogue & Co.. N.Y
FARM LOAN ISSUES.
Amount.
Issue and Purpose.
Price.
To Yield
About.
Offered by
16,000.000 Federal Intermediate Credit Banks 2)4% Coll. Tr. Debs., dated July 15 1932 and due
In 3,6 and 9 months (Issued to provide funds for loan purposes)
Price on application Charles R. Dunn. Fiscal Agent, New York
ISSUES NOT REPRESENTING NEW FINANCING.
Par or No.(a) Amount
of Shares. Involved. Price.
To Yield
About.
Company and Issue, and by Whom Offered.
100,000 61
10.90 Vermont Lighting Corp. lot Mige. to. 1944. Offered by Dent. Smith dc Co., Inc., New York.
* Shares of no par value. a Preferred stocks of a stated par value are taken at par, while preferred stocks of no par value and all classes of common stock are computed at their offering prices.
100,000
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Aug. 5 1932.
There is not much increase in business, which as a matter
of fact, is still generally quiet, but the feeling in this country
is for the most part better. There is some increase of sales
in the clothing and shoe industries. The real feature of the
week was the broadening of the stock market at advancing
prices on trading, the largest since last December. One
of the most significant features is the extraordinary demand
for preferred stocks for investment, the largest for years past,
if not indeed, large beyond precedent. The recent advance
in all kinds of commodities has had its obvious effect in Wall
Street and favorable items in this and that Manufacturing
branch of business have not passed unnoticed. But the
note of greater hopefulness is still apparent. Mills and
factories long closed are reopening here and there; others
which had been running on short time are operating on
increased time or even full time. Something like a dictatorship, it seems, is to be established in the steel trade under
R. P. Lamont, former Secretary of Commerce, and it may
have desirable results. The liquidation of Government
hOldings of wheat and cotton may be deferred for a sintable
time or its holdings of 50,000,000 bushels of wheat may be
taken over by a pool to the advantage of the market. Moreover, the tendency in this country is to make credits easier
with a view of stimulating trade. This is certainly a very
gratifying feature.
In the retail trade, a feature is the large number of special
sales under way to make a turnover of summer and sporting
goods. Meantime, retailers ale not buying fall me_chandise
heavily. In fact, they persist in their cautious policy in
buying, preferring to buy small quantities from time to time
to giving out large orders until the outlook clears further.
As to collections now and then,there are reports that they
are more prompt than they were a year ago, but for the most
part they are still slow. Naturally no marked improvement
in actual business is expected in this mid-summer period,
and no increase until the fall. Many shoe factories are busy
filling orders for autumn delivery. Some manufacturers of
clothing have been increasing their production. In buying,
the public still insists on cheap, or at any rate, moderate
prices for general merchandise. It is said that'there are some
11,000,000 idle in this country. Of course, it affects buying
power. Wool is reported rather more active at Boston and
generally steady. In a time like this it is not surprising to
hear that the jewelry trade is still slow, though now and then
come reports of a somewhat better business here and there.
Iron and steel have been as dull as ever, but in the steel trade
there is a rather more hopeful feeling. Automobile production has decreased and there is a tendency towards lower
prices for cars, which it is hoped may stimulate business:
Kansas City reports that the trade in farming implements
is dull and sales of flour have fallen off. Petroleum producers
are trying to keep down the output with evident success,
but large stocks of.gasoline, which have accumulated, are
a source of no little concern to the trade. Some regard it
as a serious matter.
Harvesting of the wheat crop in the American and Canadian Northwest has been greatly aided by the recent warm
weather and it is perhaps a fortnight ahead of the usual time.
In fact, threshing and marketing of wheat in the American
Northwest are the heaviest and the earliest, it is said, on
record. The spring wheat crop is well known to be far
larger than that of last year. The total yield of wheat,
spring and winter, will be well under the last one.
Wheat has advanced sharply at times on heavy Eastern
and professional buying but has latterly reacted on realizing
and selling against weekly offers. But if a $30,000,000 pool
with Arthur Cutten as the head really takes hold with a
view of stabilizing prices there are those who think decreased
878
Financial Chronicle
crops in this country and Europe may help the project.
Corn advanced but soon encountered liquidation as the
crop reports are good and wheat reacted, and outside interest
was light. Country offerings have been rather small but
the technical position was found to be weaker in the latter
part of the week. Oats and rye have fluctuated with other
cereals. Rubber has latterly been active at some advance.
Hides have advanced with other commodities, affected in
some degree by the rise in the stock market though the better
condition of the leather trade has also had some influence. Coffee declined early in the week on reports that the Port of Santos
was open but this was denied later and prices advanced
moderately in small trading. The troubles in Brazil have
undoubtedly cut down the shipments to the United States
especially of the better grades. Raw sugar has advanced
somewhat but has been quiet both as to spot and "futures"
business. The proposed deferment of the liquidation of
700,000 tons of Cuban sugat from Jan. 1 to June 30 1933
has continued to be a steadying factor. Spot raws sold at
1.08 to 1.10c. cost and freight.
Stocks on July 30 were 2 to 3 points higher in some cases,
with sales of 910,000 shares, or nearly treble those of the
previous Saturday. The market had been creeping upward
much of the time for three weeks and naturally Wall Street
was feeling more cheerful and beginning to breathe more
freely. Rising commodities had given stocks a much needed
fillip. Domestic bonds were active and higher with leading
railroad issues up 1 to 6 points. United States Government
bonds were irregular. Foreign issues advanced. Stocks on
the 1st inst. advanced 1 to 4 points, then reacted under
profit taking. Industrials and utilities acted the best;
railroad issues were laggards. The total trading was
2,107,000 shares, with final prices showing little average
change either way. Stocks advanced more in July than in
any other month since June 1931. Domestic bonds advanced on the 1st inst. 1 to 12 points on active trading.
United States Government and German bonds were higher.
On the 2d inst. stocks had a moderate decline after an almost
uninterrupted advance of nearly a month and there was a
rally towards the close after trading in some 1,440,000 shares,
a decrease of nearly 700,000 shares from the previous day.
The average decline of less than 2 point, was considered no
more than natural in the technical circumstances. Domestic
bonds declined 1 to 5 points. United States Government
and foreign issues were irregular and the total transactions
fell off to $10,240,000.
On the 3rd inst. stocks, after some early irregularity,
advanced 2 to 7 points, the latter on American Telephone
with a new outburst of activity. Wheat advanced 134 and
there were rumors of buying of wheat and other commodities
by a pool. Commodities in general were higher, including
not only wheat and corn but also cotton, rubber, silk, dairy
products and hides. A factor in the rise in stocks was predictions that the dividend of 25e. per share would be paid
on General Motors common, though there were rumors that
it would not be with second quarter earnings shy of the
requisite amount. The average rise in stocks from the low
of the year to Wednesday's rise was figured at about 48%.
The sales on the 3rd inst. were 2,400.000 shares, with an
average net advance of 43' points.
On the 4th ins . stocks suddenly flared up with a rise of
2 to 15 points on preferred stocks and total trading over
3,500,000 shares or an increase over that of the previous day
of more than 1,000,000 shares. The investment demand for
preferred stocks was remarkable, the best for years past.
Indeed so great has been the investment and speculative
demand for stocks, especially the preferred, of late that
commission houses have been calling back clerks who had
been laid off indefinitely. Common stocks advanced 34
to 3 points and in the end the average rise wa not over half
a point. The General Motors Co. paid the regular common
dividend despite rumors that it would not do so. The tone
in Wall Street too has changed. The man who looks for
better things is not looked at askance by his fellows. The
report that a $30,000,000 pool has been formed with Arthur
Cutten as the manager to help prices of wheat and cotton
with orderly marketing of these commodities by the Government attracted wide attention. Also the new movement
to stabilize steel prices with R. P. Lamont practically a
dictator was an interesting and possibl .7 significant event.
Bonds advanced, especially utilities and industrials. U. S.
Government bonds were lower.
To-day stocks rose 2 to 8 points. Leading issues went
to new highs early but then came a reaction on profit taking.
Aug. 6 1932
Towards the close, however, the market recovered almost
spectacularly and ended at about th high point of the day,
all profit taking being absorbed without difficulty. J. I.
Case gained 8 points, going above 43, while International
Harvester advanced 7 points. American Telephone & Telegraph rose to 101%, a gain of 3 points. Mail order stocks
were strong and active. Arthur W. Cutten denied that he
was actively engaged in the formation of a $30,000,000 pool.
Sales were about 2,700,000 shares. Bonds were irregular
but the movement was generally higher. U. S. Government
bonds were neglected. Short term issues were easier.
Foreign issues were weak.
Providence, R. I., wired July 31 that with mills all over
the State employing more workers, many working full time
and a few operating night shifts, yesterday closed the most
encouraging week in Rhode Island industry in two years.
The upward turn indicated in the report of the Brown
University Business Bureau three weeks ago, spread last
week to every industry in the State, even the jewelry factories hiring help and reporting new orders. Some 700
employees returned to work in the Waypoyset Mills at
Central Falls, R. I., a town hard hit for two years. The
Royal Mill at River Point, R. I., which reopened July 18
with 700 workers, took on 150 more last week and started a
night shift. The Berkshire Fine Spinning Co.'s mill at
Anthony, R. I., which has been closed for a considerable
time will reopen. At Burrillville, R. I., conditions have
improved considerably, with the Ubridge worsted mill at
Pascoag working three shifts in some departments and other
mills closely approaching normal. At Harrisville, R. I., the
Oakland, Mohican and Stillwater worsted mills are running
full time. The Anchor Mill is installing new machinery
and will start operating within a fortnight.
In Olneyville, a section of Providence, the big Atlantic
mills are employing more help than they have had for four
months. In Thornton, R. I., the Priscilla Mill, manufacturing worsted mohairs and novelty yarns, is working full
time. The numerous small worsted mills of the State,
employing between 100 and 150, were the first to pick up.
and are all running at more than 75% of their capacity.
Rochester, N.H.,wired July 31,that the mills of the Cocheco
Woolen Manufacturing Co. of East Rochester, operated
by the Parker Wilder Co. of Boston and New York, are to
resume production to-morrow.
Afistin, Texas, wired Aug. 1 that by far the most encouraging feature of the cotton manufacturing situation in
Texas during June was the increase of 31% in unfilled orders,
according to the Bureau of Business Research of the University of Texas. At the end of June, unfilled orders totaled
3,952,000 yards, as compared with 3,020,000 yards at the
end of May, and 5,840,000 yards at the close of June a year
ago. Except for a small increase in March, this gain in
unfilled orders was the first since last fall and was specially
significant in view of the fact that the usual tendency is for
a decline of about 16% between May and June.
At Kings Mountain, N. C., the Phenix Mills Co. is operating on a full-time schedule of 120 hours each week, under
receivership. Earl A. Hamrick is receiver. According to
an announcement made by Mr. Hamrick, it is not known
just how long this schedule will be in effect. These mills
have operated only three days in approximately 13 weeks.
At Shelby, N. C., the Consolidated Textile Corp., Ella
division, which has not operated for six weeks has resumed
operations on a 55 hour a week schedule. In announcing
plans for the plant to resume operations the management
also expressed optimism that the situation would be greatly
improved by Sept. 1. At Charlotte, N. C., the Salisbury
Cotton Mills, on Aug. 2 were idle because almost all of the
300 workers refused to accept a wage cut.
On the 2d inst. the weather in New Yor'c City was warm
and humid. On the 3d it was rainy with temperatures of
65 to 74. Boston had 66 to 80; Chicago,68 to 78; Cincinnati,
70 to 86; Cleveland,72 to 76; Detroit, 70 to 84; Kansas City,
70 to 86; Milwaukee, 66 to 84; St. Paul, 58 to 88; Montreal,
60 to 72; Omaha,64 to 90; Philadelphia, 66 to 78; Portland,
Me. 64 to 68; Portland, Ore., 64 to 90; San Francisco, 54
to 6:1; Seattle, 56 to 80; Spokane, 58 to 94; St. Louis, 70 to
84, and Winnipeg, 50 to 80. On the 4th it was warm here.
To-day it was 72 to 86 degrees. The forecast was for probable
showers to-morrow with not much change in temperature:
Overnight Boston had 66 to 80; Philadelphia, 72 to 88;
Portland, Me., 64 to 76; Chicago, 70 to 88; Cincinnati, 62
to 84; Cleveland, 64 to 86; Detroit, 72 to 90; Milwaukee,
70 to 90; Kansas City, 74 to 90; St. Louis, 72 to 86; Portland, Ore., 68 to 96, and Winnipeg, 54 to 80.
Loading of Railroad Revenue Freight Still on the
Decline.
Loading of revenue freight for the week ended on July 23
totaled 501,130 cars, according to reports filed by the railroads with the car service division of the American Railway Association and made public on Aug. 1. This was a
decrease of 2,964 cars under the previous week. It also was
a reduction of 241,351 cars under the same week in 1931 and
Financial Chronicle
Volume 135
418,171 cars under the same period two years ago. Details
follow:
Miscellaneous freight loading for the week totaled 177,003 cars, a decrease
of 6.681 cars under the preceding week, 102,003 cars under the corresponding
week in 1931, and 177,924 cars below the same week in 1930.
Loading of merchandise less than carload lot freight totaled 167,325 cars,
an increase of 18 cars above the preceding week, but 44.790 cars below the
corresponding week last year and 63,645 cars under the same week two years
ago.
Grain and grain products loading for the week totaled 41,171 cars, 1,047
ears below the preceding week, 11,675 cars below the corresponding week
last year and 22,456 cars below the same week in 1930. In the Western
districts alone, grain and grain products loading for the week ended on
July 23 totaled 26,421 cars, a decrease of 10,464 cars below the same week
last year.
Coal loading totaled 76,706 cars, an increase of 6,561 cars above the preceding week, but 35,462 cars below the corresponding week last year. and
64,031 cars below the same week in 1930.
Forest products loading totaled 15,544 cars, an increase of 614 cars above
the preceding week, but 11,589 cars under the same week in 1931 and 26,063
cars below the corresponding week two years ago.
Ore loading amounted to 6,620 cars, a decrease of 18 cars below the week
before, 29,228 cars under the corresponding week last year, and 53,761
cars under the same week in 1930.
Coke loading amounted to 2,474 cars, a decrease of 104 cars below the
preceding week, 2,581 cars below the same week last year and 5,806 cars
below the same week two years ago.
Live stock loading amounted to 14,287 cars, a decrease of 2,307 cars below
the preceding week, 4,023 cars below the same week last year and 4,485
cars below the same week two years ago. In the Western districts alone,
loading of live stock for the week ended on July 23 totaled 11,133 cars, a
decrease of 2,951 cars compared with the same week last year.
879
All districts reported reductions in the total loading of all commodities
compared with the same week in 1931 and 1930.
Loading of revenue freight in 1932 compared with the two previous years
follows:
1932.
1931.
2,269,875
2.245,325
2,280,672
2,772,888
2,087,756
1,966,355
489,273
416,950
504,094
501,130
2,873,211
2,834,119
2,936,928
3,757,863
2,958,724
2,991,950
667,630
762,444
757,989
742,481
3.470,797
3,506,899
3,515,733
4,561,634
3,650,775
3,718,983
792,053
915,985
928,271
919,301
15.534.318
21.283.399
25.980.431
Four weeks in January
Four weeks in February
Four weeks in March
Five week in April
Four weeks in May
Four weeks in June
Week ended July 2
Week ended July 9
Week ended July 16
Week ended July 23
Total
1930.
The foregoing, as noted, cover total loadings by the railroads of the United States for the week ended July 23. In
the table below we undertake to show also the loadings for
the separate roads and systems. It should be understood,
however, that in this case the figures are a week behind
those of the general totals-that is, are for the week ended
July 16. During the latter period only 11 roads showed
increases over the corresponding week last year, the most
important of which were the Terminal RR. Association of
St. Louis, the Gulf Coast Lines, the Spokane Portland &
Seattle Ry. and the Rutland RR.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
-WEEK ENDED JULY 16.
Total Revenue
Freight Loaded
Railroads.
1932.
Eastern District
Group A:
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York N. H. & HartfordRutland
Total
'Group B:
y Buff. Rochester & Pittsburgh_
Delaware & Hudson
Delaware Lackawanna & West.
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western.Pittsburgh & Shawmut
Pittsb. Shawmut & Northern
:Ulster & Delaware
Total
Group C:
Ann Arbor
Chicago Indianap. & Louisville_
Cleve. CM. Chi. & Si. Louis_ _
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louts
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West
Wabash
1, heeling dr Lake Erie
1
Total Loads Received
from Connections.
1931.
1930.
690
2,655
6,860
609
2,388
9,313
605
721
3,650
9,961
805
3,642
13,703
603
1,003
3.773
11,433
815
4,583
14,535
667
249
4,027
8,166
2,186
1,458
9,988
1,114
282
5,324
10,569
3,076
1,757
14,033
1,035
23,120
33.085
36,809
27,188
36,076
3:oii
6,695
9,826
193
1,451
6,139
874
16,373
1,398
369
202
5,415
9,908
13,892
161
1,706
8,497
2,735
26,503
2.274
626
536
8;oii
12,347
17,444
207
2,131
11,436
2,462
32,832
1,744
786
480
5:Wn
4,384
10,890
1,402
740
5,474
26
20,510
1,914
77
196
7:586
6,338
14,950
2,136
1,047
7,509
64
29,633
2,075
31
323
47,502
72.253
89,918
51,120
71,466
405
1,362
7,039
30
306
145
1,564
2,244
4,686
2,631
4,286
3,592
3,128
909
5,752
2,573
528
1,968
9,908
64
296
221
1,709
3,839
7.739
4,815
5,385
5,337
5,129
1,356
7,362
4,178
501
2,457
11,692
109
441
275
1,631
4,354
8,761
5,488
7,775
7,696
7,585
1,716
8,243
5,282
853
1,358
8,374
37
102
965
797
3,642
5,750
126
6,700
2,965
2,814
426
6,554
2,034
1,131
2,160
12,019
196
206
1,984
1,078
5,771
7,455
256
9,227
3,974
5,384
840
8,579
2,603
1932.
40,652
59,834
74,005
43,497
62,843
165.172
200,732
121,805
170,385
33,116
4,252
z43,839
7,214
9,584
701
17,506
2,060
-157
7
Allegheny District,
Baltimore & Ohio
Bessemer & Lake Erie
y Buffalo & Susquehanna
Buffalo Creek dr 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 A:
Atlantic Coast Line
Clinchtield
Charleston & Western Carolina
Durham & Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. & Potom.
Seaboard Air Line
Southern System
Winston-Salem SouthboUnd
21,987
1,243
_ -74
5,119
2
145
96
1,013
50,848
10,147
2,737
33
2,076
7,470
416
340
114
1,363
76,112
14,172
6,401
39
3,200
158
11,105
602
394
210
1,314
94,120
18,146
12,851
40
3,729
2
8,303
36
17
9
2.147
27,601
11,392
862
2,469
147,132
193,722
63,123
104.956
14,953
11,898
713
2,331
22,738
19.581
1,266
3,419
26,108
22.683
1,136
3,926
5,140
3,196
889
275
8,494
4,068
1,499
499
29,895
47,002
53,853
9,500
14,560
6,088
637
444
141
45
1,451
354
279
5,611
15,874
146
8,546
1,236
561
181
45
1,724
519
402
8,281
22,823
197
9,019
1,421
603
154
50
2,022
366
517
9,640
24,764
172
3,317
915
543
261
51
647
523
2,691
2,247
7,530
572
5,433
1,308
1,045
255
74
1,175
687
3,826
3,448
13,415
833
Group B:
Alabama Tenn. & Northern__
Atlanta Birmingham & Coast..
AU. dr W.P.
-West RR.of Ala.
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah__ _
Mississippi Central
Mobile & Ohio
Nashville Chattanooga & St. L.
New Orleans-Great Northern._
Tennessee Central
Total
1931.
1930.
226
633
552
2,845
154
294
763
308
592
15,581
13,125
123
146
1,593
2,370
401
267
273
939
650
4.831
179
435
1,134
506
729
22,408
19,963
145
130
2,119
3,191
686
580
295
1,204
788
4,673
380
511
993
472
964
25,466
24,864
157
221
2,641
3,948
900
643
1932.
1931.
141
342
629
1.875
113
363
964
305
499
6,023
2,587
345
208
739
1,702
216
377
204
525
1,033
3,093
228
461
1,893
418
783
9,265
4,795
357
430
1.241
2,733
291
730
39,973
58,898
69,120
17.428
28.480
Grand total Southern District
71.043
103,413
117,848
36,725
59.979
Northwestern District
Belt Ky. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw. St. Paul & Pacific_
Chic. St. Paul Minn. & Omaha
Duluth MIssabe & Northern
Duluth South Shore & Atlantic
Elgin Joliet & Eastern
Ft. Dodge Des M. dr Southern.
Great Northern
Green Bay & Western
Minneapolis & St. Louis
Minn. St. Paul & S. S. Marie
Northern Pacific
Spokane Portland & Seattle
1,077
13,229
2,221
14,396
3,462
2,433
404
2,742
294
7,102
490
1,832
4,016
6,608
1,134
1,556
21.462
3,983
22,102
3,925
13,076
1,063
4.367
394
14,722
584
3,051
6,276
9,435
1,108
1,651
27,789
3,445
27,576
5,599
20,549
1,284
8.887
482
22,104
661
3,387
8,572
11,201
1,325
1,282
6,342
1,672
5,477
2,637
73
318
2,574
106
1,887
324
886
1,738
1,944
753
1,774
10,341
2,762
7,686
3,693
95
408
4,287
217
2,472
509
1,670
2,249
2,623
1,029
61,440
107,104
144,512
28,013
41,815
25,046
3,317
109
13,130
13,381
2,247
613
1,287
199
1,476
630
266
15,269
218
292
11,063
163
1,279
33,864
4,111
186
20,103
19,161
2,737
1,014
2,013
282
1,971
771
151
20,717
370
331
14,352
129
1,567
33,271
4,666
372
27,437
21,290
3.731
1,181
2,786
444
1,327
1,243
318
24,720
469
434
17.300
205
1,740
3,379
1,697
17
4,303
6,279
1.270
676
1,770
23
743
600
38
2,508
296
746
5,615
3
1,182
4,817
2,361
48
6,858
9,665
2,351
1,015
2,057
33
1,054
666
49
4,060
323
923
7,758
4
1,571
89,985
123,830
142,934
31,145
45.613
121
130
89
1,159
113
1,691
150
1,274
1,185
82
492
34
5,082
12,905
37
116
7,835
1,849
297
4,757
3,335
2.178
28
238
126
145
1,137
136
4,872
391
1,953
2,062
171
946
57
6,045
20,082
35
117
9,601
2,439
380
6,479
4,899
1,987
38
267
272
221
2,051
251
1,853
362
3,313
2,058
210
1,076
109
6,728
23,295
38
133
12,647
2,647
354
8,251
5,439
3,033
52
2,134
220
155
983
37
1.275
447
1,236
887
311
162
183
2,025
5,759
12
56
2,674
1,326
276
2.580
2,920
1,674
39
3,001
851
174
1,407
46
1,994
1,311
1,937
921
830
233
319
3,163
9,226
14
106
3,995
1,880
199
4,546
4,348
2.822
37
44,937
64,336
74.670
27.371
43,360
Total
Central Western Dist.Ateh. Top. & Santa Fe System_
Alton
Bingham & Garfield
Chicago Burlington & Quincy.
ChicagoRock Island & Pacific_
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Fort Worth & Denver City....
NorthwesternPacific
Peoria dr Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
.
8
11.833
45
23
25
3,461
43,236
17,798
4,919
Total
Southwestern District
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
Houston dr Brazos Valley
International-Great Northern
Kansas Oklahoma dr Gulf
Kansas City Southern
Louisiana & Arkansas
Litchfield & Madison
Midland Valley
Missouri dr North Arkansas....
MIssouri-Kansas-Texaa Lines
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis San Francisco
St. Louis Southwestern
San Antonio Uvalde & Gulf _ Southern Pacific in Texas & La.
Texas dr Pacific
Terminal RR. Assn. 01St. Louis
Weatherford Min. Wells &N.W
31,070 44,515
48,728
19,297
31,499
Total
Total
r Included In New York Central. y included in Baltimcwe & Ohio RR. a Estimated. •Flood condition.
Total Loads Received
from Connections.
4:5ii
95,520
Total Revenue
Freight Loaded.
1932.
1931.
Grand total Eastern District-- 111,274
Total
Railroads.
'
880
Financial Chronicle
National City Bank of New York Finds Revival in
Woolen Goods Industry More Conspicuous Than
in Any Other—Upward Turn of Farm Products
Encouraging—Increase in Building Construction.
The National City Bank of New York, in citing encouraging developments in farm and industrial fields, has the
following to say in part in its monthly letter, Aug. 1:
Aug. 6 1932
car loadings of bulk freight, and chain store trade decreased, whereas the
record of past years shows no consistent variation between May and June.
(Adjusted for seasonal variations, for usual year-to-year growth, and where necessary
for price changes.)
April
1932.
June
1931.
May
1932.
June
1932.
Primary Distribution—
Car loadings, mrchandise dr miscellaneous
55
56
58
78
Car loadings, other
38
42
56
Some apprehensions were felt that with the beginning of the new crop
65
Exports
45p
52
49
67
movement in the face of large stocks and promising yields except in winter
Imports
65n
60
62
79
wheat, there might occur a break in grain prices that would disturb prices
Waterways traffic
34
-- 40
61
Wholesale trade
generally and have the effect of intensifying pessimism. But these ap79
76
75
93
Distribution to Consumer—
prehensions proved unfounded, and farm products have turned upward
Department store sales, 2d District
76
76
82
99
in an encouraging manner. This is particularly true of live stock values,
Chain grocery sales
74
77
73
96
with hogs up 50% in the last two months, cattle and lambs showing good
Other chain store sales
76
78
83
90
Mall order house sales
73
returns upon feeding operations and eggs and butter rising substantially.
75
83
89
Advertising
59
59
62
78
This is very heartening news, for the gains are precisely where they will
Gasoline consumption
--65
68r
91
do the greatest good to the greatest number, increasing the purchasing
Passenger automobile registrations
31p
--28
57
power of millions of farmers who will promptly start it moving through
General Business Activity—
Bank debits, outside of New York City
64
63
trade channels to the wage-earners of all the industries.
se
70
Bank debits, New York City
62
57
65
84
The gains, moreover, are not confined to farm products, but are general
Velocity of bank deposits, outside of N.Y.City
76
79
89
86
enough to lift the wholesale price indexes. The figures for five of the
Velocity of bank deposits, New York City
61
55
96
67
indexes and an important list of commodities which have advanced are
Shares sold on New York Stock Exchange
59
56
157
71
Postal receipts
69
given in the table on the following page. [This we omit.—Ed.1
69
71
84
Life insurance paid for
78
73
92
75
This brace in commodity prices is decidedly encouraging. The only
Electric power
68%)
85
--70
explanation seems to be that the combination of decreasing stocks, reduced
Employment in the United States
61
63?
66
78
production and low prices has at last induced an increase of buying by
Business failures
129
132
124
98
Building contracts
22
31
dealers. It shows that prices are still responsive to changing relations
24
60
New corporations formed in New York State—.
83
94
-- 83
demonbetween supply and demand, and producers are cheered to have a
Real estate transfers
48
47
52
48
stration of this kind. Now, while there is no prospect of scarcity in any*General price level
129
150
132
134
*Composite index Of wages_r
thing, there is a new-born feeling that at last constructive influences may
183r
,
184r
207r
187r
*Cost of living
130
148
132
135
be getting the upper hand.
Preliminary. r Revised. * 1913 average= 100.
7)
The stock market has made a vigorous and sustained advance, and the
bond market has improved in all divisions. A heartening revival of new
corporate financing has occurred and for the first time in several months
a number of good sized issues have been offered and well-taken; total
.
Production of Electricity for Public Use in the United
corporate issues in July approximated $93,000,000, the largest figure .
States During June 1932 Approximately 13% Below
investment has
since September 1931. Considerable foreign buying for
the Corresponding Month Last Year.
come into the New York market, as a result of the better feeling about
American conditions, and securities have advanced on the European exAccording to the Division of Power Resources, Geplogical
changes likewise.
Survey, production of electricity for pull=in the United
There is also evidence that merchants are taking heart as well as investors. The showing of the general business indicators, such as car
States totaled approximately 6,536 893,000 kwh., a decline
)
loadings, volume of checks cashed, electric power production, output of
of about 13%1 asicomparedtwithIltheleameTperiod in 1931,
the chief heavy induAries, &c., is not favorable, but along with these
when output amounted to around 7,528,592,000 kwh. Of
indications of dullness come numerous reports of resumed or increased
operations by scattered industrial plants. Such reports are not comthe total for the month of June 1932 there were produces'
monly expected in July, and they are correspondingly encouraging. Most
by water power 2,673,144,0 -0 kwh. and by fuels 3,863,749,0
of them mention a large number of small orders, and the deduction may
be drawn that the firming of commodity prices, subsidence of fears con000 kwh. The Survey reports as follows:
cerning the gold standard, settlement of reparations at Lausanne, and
PRODUCTION OF ELECTRICITY FOR PUBLIC USE IN THE UNITED
adjournment of Congress without upsetting the monetary system have
disposed business men to buy more willingly.
STATES (IN KILOWATT-HOURS).
Conditions in the Industries.
Revival has been more conspicuous in the woolen goods industry than
in any other. Fall buying has been late, but the season is now under way
and the pressure for deliveries indicates that buyers overstayed the market.
After having operated at a very low rate during May and June, the mills
have been able to speed up during July and will raise their schedules further
this month. Better reports are given of retail sales of men's clothing,
responding to the lowest prices since the war.
Business in silk goods has picked up and cotton goods shipments at last
are exceeding output, with the seasonal buying movement still ahead.
A better cotton yarn business was done in July, and rayon sales and production also improved slightly. One of the centers from which a good
report comes is Danbury. where the big makers of hats are once more busy.
Steel mill operations dropped to 12% over July 4, after which they were
• maintained during the remainder of the month at about 16%. The figure
Is a distressingly low one, but improvement in steel operations between
Independence and Labor Days is seldom on the cards. The automobile
Industry is now taking less material, having passed over its belated spring
peak. The Ford Co. is making headway against its unfilled orders and
reducing its schedules somewhat, and the seasonal decline in sales has
affected all companies.
The best news of the heavy industries during July has comefrom building.
Construction awards up to the 22d of the month, according to the F. W.
Dodge Corp. reports, showed a contra-seasonal increase of 29% over June.
on a daily average basis, though 51% under one year ago. The increase
was confined to public works and utilities and other non-residential classifications, home building continuing at a standstill.
Even with the bright spots mentioned, the foregoing is a dull picture.
but after the conditions obtaining during the first half year little else was
to be expected. In fact,there is reason for encouragement,for the situation
is considerably better than the virtually complete shutdown looked for
in midsummer by the more extreme pessimists. There is evidence of
accumulated demand for articles of every day use beginning to reach
back to the factories, and of some relaxation of the paralysis in business.
York Federal Reserve Bank's Indexes of
Business Activity.
In presenting in its Aug. 1 "Monthly Review" its indexes
of business activity, the Federal Reserve Bank of New York
says:
New
No material change in business activity from June to July is ndicated
by the limited data now available. Preliminary July estimates for bank
debits outside New York show about the usual reduction from the June
level, and car loadings of bulk freight increased at least seasonally. The
dollar value of department store sales in New York City and vicinity
during the first half of July showed about the same percentage decline from
a year ago as in June. On the other hand, car loadings of merchandise
and miscellaneous freight declined materially, whereas ordinarily the
July figures are about at the same level as June.
This Bank's indexes of business activity exhibit no consistent movement
from May to June. Merchandise imports declined by less than the usual
seasonal amount, and the seasonally adjusted index of wholesale trade
also rose somewhat. Department store sales and car loadings of merchandise and miscellaneous freight were little changed from the May level
and bank debits in 140 centers outside New York showed an increase of
about the usual proportions. On the other hand, merchandise exports,
Division.
Total by Water Power and Fuels.
Change in 0th put
from Prerious Year.
May.
June.
I
New England
470,519.000 425,589,000, 419,824,000
Middle Atlantic-- 1,792,881,000 1,720,297.000 1,759,849,000
East North Central_ 1,492,103,000 1,468,874,000 1,418,717,000
West North Central- 432,106,000 442,363,000 453.825,000
South Atlantic
834,360,000 781,877,000 673,341,000
East South Central. 280,055,000 281,307,000 280,574,000
WestSouth Central_ 312,785,000 315,430,000 345,127,000
Mountain
204,912,000 211,071,000 195,553,000
Pacific
958,931,000 983,559,000 990.083.000
Total for U.
6,778,652,000 6,630,367,000 6,536,893,000
May.
June.
—18%
—10%
—15%
—8%
—15%
—15%
—12%
—28%
—10%
—17%
— 8%
—14%
— 3%
—18%
—22%
— 5%
—32%
—11%
—13%
—13%
The average dal y production of electricity for public use in June was
217,900,000 kwh., about 2% more than the daily production in May.
The normal change from May to June, based on 12 years of records, is an
increase of about 1.5%. It may therefore be concluded that the increase
in the daily production of electricity in June as compared with the previous
month was only normal and probably without significance as an indication
of any change in trend in demand for electricity.
The daily production of electricity by the use of water power in June
was 7% lees than in June 1931.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY PUBLIC
UTILITY POWER PLANTS IN 1931 AND 1932.
i
1931.
Kw. Hours,
January ---February -March
April
May
June
July
August
September__
October --November __
December -_
1932.
Kw. Hours.
7,956,019,000
7,169,815,000
7,887,713,000
7,655,472,000
7,645,150,000
7,528,592,000
7,771,992,000
7,629,920,000
7,540,377,000
7,764,889,000
7,406,165,000
7,773.286,000
7,542,624,000
7,002,151,000
7,301,976,000
6,778,652.000
6,630,367,000
6.536,893,000
Produced by
Water Power..
1931
Under
1930.
1932
Under
1931.
1931.
1932.
8%
6%
4%
5%
5%
3%
2%
3%
3%
5%
4%
4%
5%
26%
7%
11%
13%
13%
-_-_
------......
____
_
30%
30%
34%
41%
41%
38%
35%
32%
29%
27%
28%
35%
41%
42%
42%
46%
45%
41%
Total -_-_ 91,729,390,000
4%
_
33W.
a Based on average daily production
The quantities given in the tables are based on the operation of all power
plants producing 10.000 kwh. or more per month, engaged in generating
electricity for public use, including central stations, both commercial and
municipal, electric railway plants, plants operated by steam railroads generating electricity for traction. Bureau of Reclamation plants, public
works plants, and that part of the output of manufacturing plants which
is sold for public use. The output of central stations, electric railway and
public works plants represents about 98% of the total of all types of plants.
The output as published by the National Electric Light Association and
the "Electrical World" includes the output of central stations only. Reports are received from plants representing over 95% of the total capacity.
The output of those plants which do not submit reports is estimated:
therefore the figures of output and fuel consumption as reported in the
accompanying tables are on a 100% basis.
The Coal Division, Bureau of Mines, Department of Commerce, cooperates in the preparation of these reports.
Financial Chronicle
Volume 135
Electric Production for Week Ended July 30 1932
Declined 12.4% as Compared With a Year Ago.
The production of electricity by the electric light and
power industry of the United States for the week ended
Saturday, July 30, was 1,440,386,000 kwh., according to
the National Electric Light Association. The Atlantic seaboard shows a decrease of 9.0% from last year, and New
England, taken alone, shows a decrease of 9.5%. The
central industrial region, outlined by Buffalo, Pittsburgh,
Cincinnati, St. Louis and Milwaukee, registers as a whole,
a decrease of 15.1%. The Pacific Coast shows a decline
of 14.7% 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.
1932.
1931.
1932.
1930.
1932
Under
1931.
Annalist Index of Wholesale Commodity Prices
Further Increase Reported.
The unadjusted "Annalist" index of wholesale commodity
prices showed a further increase for the week ended Aug. 2,
rising 0.3 point to 92.5, which is within 0.7 point of the high
for the current move of 93.2 on July 12. The "Annalist"
states that with the exception of the July 12 figure, this
week's index is the highest since Feb. 2. The advance was
fairly broad, foods and fuels showing the greatest increases,
while farm products receded. The index follows:
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
(Unadjusted for seasonal variation)
(1913=100)
Aug. 2 1932. July 26 1932. Aug. 4 1931.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
71.4
97.4
.66.4
143.9
95.8
106.7
95.0
79.4
All commodities
02.5
'
71.9
96.1
066.0
143.4
95.4
106.9
95.0
79.4
88.5
111.7
93.1
120.0
101.7
114.6
96.6
84.4
92.2
101.6
• Provisional. a Revised.
Changes in Cost of Living in United States As Reported
by United States Department of Labor-Decrease
of 6.9% Noted in June 1932 As Compared with
December 1931-Comparison with 1914.
In June 1932, the cost of living of the workingman's
family decreased 6.9% as compared with the preceding
December, says the Bureau of Labor Statistics of the
United States Department of Labor in its semi-annual
survey in 32 cities. The decreases, of course, varied as between the several groups of items. Food decreased 12.4%,
clothing decreased 5.7%, rent decreased 6.2%, fuel and light
decreased 6.5%, housefurnishing goods decreased 8.2%,
and miscellaneous items decreased 1.6%. The Bureau's
survey issued July 27 also said:
As between June 1931, and June 1932, cost of living as a whole decreased
9.7%. Food decreased 15.4%, clothing decreased 12.5%. rent decreased
10.0%. fuel and light decreased 5.0%. housefurnIshIng goods decreased
13.3%. and miscellaneous items decreased 2.2%.
In the 2
-year interval, June 1930. to Juno 1932. cost of living decreased
18.5%.. Food decreased 32.3%, clothing decreased 19.6%, rent decreased
TABLE 1-CHANGES IN COST OF LIVING AS BETWEEN SPECIFIED
DATES. ALL ITEMS COMBINED.
City.
Per Cent of
Per Cent of Decrease from
Increasefrorn
Dec. 1914 to June 1920 to June 1929 to June 1931 to Dec. 1931 to
June 1932. June 1932. June 1932. June 1932. June 1932.
Baltimore
Boston
Buffalo
Chicago
Cleveland
Detroit
Houston
Jacksonville ___
Los Angeles
Mobile
New York
Norfolk
Philadelphia_ _ _
.
Portland, Me_ _
Portland, Ore_ _ _
San Francisco__ _
Savannah
Seattle
Washington
City.
34.2
37.1
34.7
38.0
35.2
44.5
38.9
39.2
33.0
38.5
33.9
37.0
35.1
34.1
38.8
33.3
40.3
34.3
35.7
41.0
32.6
44.7
33.1
42.7
30.9
29.6
31.6
35.2
27.4
44.8
39.9
38.6
36.9
22.7
30.8
25.0
38.2
29.5
18.9
19.8
19.1
22.8
18.8
26.5
22.0
21.2
20.0
22.3
17.5
18.8
19.9
16.9
18.6
18.3
20.5
17.6
19.1
9.5
9.9
8.6
12.3
7.6
13.0
10.7
10.7
8.8
10.9
7.8 •
9.2
10.8
7.6
9.2
8.4
11.2
9.3
9.4
7.1
8.0
4.7
9.0
4.9
7.8
8.2
6.3
6.8
7.7
4.7
6.0
7.8
5.7
7.0
5.3
6.6
6.6
6.8
Per Cent of Decrease fromPer Cent of
Decr'se from
Dec. 1917 to June 1920 to June 1929 to June 1931 to Dee. 1931 to
June 1932. June 1932. June 1932. June 1932. June 1932.
Atlantg.
Birmingham__ _ _
Cincinnati
Denver
Indianapolis__
Kansas City- - - Memphis
Minneapolis
New Orleans_ _ _ _
Pittsburgh
Richmond
St. Louis
Scranton
11.5
16.4
2.3
6.3
6.6
8.5
7.1
4.9
6.4
3.4
6.7
4.3
.1.3
39.7
41.1
33.6
37.7
37.8
39.4
36.5
33.7
34.0
35.2
35.1
35.7
33.1
22.1
25.6
19.8
18.9
20.6
17.6
20.5
17.6
20.5
21.6
18.3
20.6
19.8
N
0 NO C NO CON NO 0
Jan. 2 -.-- 1,523,652.000 1,597,454,000 1,680,289,000 1,542,000,000 4,6%
Jail. 9 -_-- 1,619,265,000 1,713,506,000 1,816,307,000 1,733,810,000 5.5%
Jan. 16 ____ 1.602,482,000 1,716,822,000 1,833,500,000 1,736,729,000 6.7%
Jan. 23 ____ 1.598,201,000 1,712,786,000 1,825,959,000 1.717.315,000 6.7%
Jan. 30 -_-- 1,588,967,000 1,687,160,000 1,809,049,000 1,728,203,000 5.8%
Feb. 6 -_-_ 1,588,853,000 1,679,016,000 1,781,563,000 1,726,161,000 5.4%
Feb. 13 ____ 1,578,817,000 1,683,712,000 1,769,683,000 1,718,304,000 6.2%
Feb. 20 ____ 1,545,459,000 1,680,029,000 1,745,978,000 1.699,250.000 8.0%
Feb. 27 -_ -- 1,512,158,000 1,633,353,000 1,744,039,000 1,706,719,000 7.4%
Mar. 5 __-- 1,519,679,000 1,664,125,000 1,750,070,000 1,702,570,000 8.7%
Mar. 12 ---- 1,538,452,000 1,676,422,000 1,735,673,000 1,687,229,000 8.2%
Mar. 19 __-- 1,537,747,000 1,682,437,000 1,721,783,000 1,683,262,000 8.6%
Afar. 26 -- -- 1,514,553,000 1,689,407,000 1,722,587,000 1,679,589,000 10.3%
Apr. 2 --- 1.480,208,000 1,679,764,000 1.708,228,000 1,663,291,000 11.9%
Apr. 9 -_-- 1,465,076,000 1,647,078,000 1.715,404,000 1,696,543,000 11.1%
Apr. 16 --- - 1,480,738,000 1,641,253,000 1,733,476,000 1.709,331,000 9.6%
Apr. 23 ---- 1,469,810,000 1,675,570,000 1,725,209,000 1,699,822,000 12.3%
Apr. 30 -- -- 1.454,505,000 1,644,437,000 1,698,389,000 1,688,434,000 11.5%
May 7 --- 1,429,032,000 1,637,296,000 1,689,034.000 1,698,492,000 12.7%
May 14 -- -- 1,436,928,000 1,654,303,000 1,716,858,000 1,704,426,000 13.1%
May 21 __-- 1,435.731,000 1,644.783,000 1,723,383,000 1,705,460,000 12.7%
May 28 --__ 1,425,151,000 a1,601,833,000 1.659,578,000 1,615,085.000 112.2%
June 4 _ _ _ x1,381,452,000 1,593,622,000 1,657,084,000 1,669,925,000 f
June 11 --- 1,435,471,000 1,621,451,000 1.706,843,000 1,699,227,000 11.5%
June 18 __-- 1,441,532,000 1,609,931,000 1,607,800,000 1,702,501,000 10.5%
June 25 --__ 1,440,541,000 1,634,935,000 1,703,762,000 1,723,428,000 11.9%
July 2 ---- 1,456,961,000 z1,607,238,000 1,594,124,000 1,592,075,000 1
July 9 _ - -- z1,341,730,000 1.603,713,000 1,625,659,000 1,711,625,000 f 12.8%
July 16 __-_ 1,415,704,000 1,644,638,000 1,666,807,000 1,727,225,000 13.9%
July 23 ____ 1,433,993,000 1,650,545,000 1,666,467,000 1,723,031,000 13.1%
July 30 -_-- 1,440,386,000 1,644,089m0 1,678,327,000 1,724,72e,000 12.4%
Months
January.... 7,014,066,000 7,439,888,000 8,021,749,000 7,585,334,000 5.7%
February_ _ 6,518,245,000 6,705,564,000 7,066,788,000 6,850,855,000 y6.1%
March
6,781,347,000 7,381,004,000 7,580,335,000 7,380,283,000 8.2%
April
6,303,425,000 7,193,691,000 7,416,191,000 7,285,350,000 12.4%
May
6,212.090.000 7.183,341,000 7,494,807,000 7,486,635,000 13.5%
a Including Memorial Day. y Change computed on basis of average daily report.
z Including July 4 holiday.
Note.
-The monthly figures shown above are based on reports covering approximately 92% of the electric light and power industry and the weekly figures are
based on about 70%.
881
14.6%, fuel and light decreased 9.1%, housefurnishing goods decreased
21.6%, and miscellaneous items decreased 3.1%•
In the 3
-year interval, June 1929, to June 1932, cost of living decreased
20.3%. Food decreased 35.3%. clothing decreased 20.8%. rent decreased
16.9%, fuel and light decreased 10.3%, housefurnishing goods decreased
22.7%, and miscellaneous items decreased 2.5%.
Cost of living as a whole for June 1932, compared with December 1917,
being 4.7% less than at that time. Food in June 1932. was practically
back to the 1913 price level, being only 0.1% higher than at that time.
The price level of the clothing group was only 6.5% higher than in December
1916. Rent and also fuel and light in June 1932. compared with December
1919, rent being 2.0% higher and fuel and light 0.2% higher than at that
time. Housefurnishing goods was only 1.9% higher than the price level
In December 1917. The miscellaneous group, because of the nature of the
Items included in it, does not show price changes as actively as do the other
groups. This group increased steadily in price level to May 1921. when it
was 108.8% higher than the base period, 1913. Since May 1921, it has
shown slight fluctuations, not amounting to more than 2% between any
two consecutive periods. The June 1932, price level compared with that
of June 1920, being only 0.3% higher than at that time.
Changes in the cost of living between June 1932, and specified preceding
dates are shown in the following tables:
10.0
11.4
10.4
9.7
9.3
11.1
10.2
9.4
7.5
10.9
8.9
9.9
9.4
Per Cent of
Per Cent of Decrease from
Increasefrom
June 1920 to June 192910 June 1931 to Dec. 1931 to
1913 to
June 1932. June 1932. June 1932. June 1932. June 1932.
Average U. S._
37.3
35.7
9.7
20.3
6.9
-CHANGES IN COST OF LIVING AS BETWEEN SPECIFIED
TABLE 2
DATES, BY GROUPS OF ITEMS.
0
-Decrease.
Per Cent of Increase from Dec. 1914 to June 1932 in the Cost of
Food.
Clothing.
Rent.
Fuel
and
House
Furn.
Goods.
01.0
04.8
1.3
5.4
06.4
d7.7
07.5
010.7
012.0
010.0
4.1
d .3
.1
5.2
06.9
.5
018.1
03.1
2.4
32.7
49.5
37.0
11.0
30.2
26.8
42.0
41.3
32.0
18.9
51.0
38.9
33.4
38.6
15.9
48.7
35.2
35.2
28.0
51.5
35.1
39.7
38.8
29.9
17.8
d .2
015.8
15.8
16.3
53.0
27.0
33.7
15.0
013.2
14.8
4.0
25.3
27.1
67.9
70.7
113.8
42.1
156.4
46.2
11.8
53.4
45.3
42.1
76.5
67.4
67.4
84.1
22.9
25.1
39.8
56.3
26.7
55.6
72.6
56.9
37.1
41.6
32.7
87.0
62.1
54.9
43.5
44.7
47.4
43.9
81.1
42.7
52.9
79.0
83.4
61.2
City.
Baltimore
Boston
Buffalo
Chicago
Cleveland
Detroit
Houston
Jacksonville__ _
Los Angeles
Mobile
New York
Norfolk
Philadelphia__ - Portland, Me__ _
Portland, Ore_
San Francisco__ Savannah
Seattle
Washington_ _ _ _
All
Misce2lancous. Items.
119.1
87.9
110.8
94.2
121.2
116.1
88.5
92.9
102.7
98.1
116.6
107.8
113.2
94.9
79.6
76.2
76.8
90.5
74.6
41.0
32.6
44.7
33.1
42.7
30.9
29.6
31.6
35.2
27.4
44.8
39.9
38.6
36.9
22.7
30.8
25.0
38.2
29.5
Per Cent of Increase from Dec. 1917 to June 1932 in the Cost of
City.
Food.
Atlanta
Birmingham_ _ _
Cincinnati
Denver
Indianapolis_
_
Kansas City_ _
Memphis
Minneapolis__ _ _
New Orleans....
Pittsburgh
Richmond
St. Louts
Scranton
036.6
040.8
037.3
038.8
037.6
038.7
042.3
035.2
040.5
038.4
039.2
038.3
032.1
Clothing.
021.4
025.5
024.3
015.3
022.9
017.1
014.5
023.3
013.9
017.0
013.9
022.4
O 9.5
Rent.
14.6
d 7.6
34.1
28.2
3.4
8.2
11.3
12.1
35.4
35.9
20.0
34.4
43.8
Fuel
and
Light.
House
Furn.
Goods.
d 2.7
9.0
54.7
1.2
12.1
12.0
45.9
37.1
d 4.4
81.6
25.6
17.4
45.3
012.3
023.4
011.3
O 9.1
017.0
018.0
O 6.5
012.4
O 8.7
014.5
2.8
O 8.6
3.7
AU
Afiscella neous. Items.
28.2
21.8
48.6
35.8
48.5
37.6
29.0
35.6
42.6
42.5
38.3
39.1
51.1
011.5
016.4
O 2.3
O 9.3
O 6.6
O 8.5
O 7.1
d 4.9
O 6.4
O 3.4
d 6.7
d 4.3
1.3
Per Cent of Increase from 1913 to June 1932, in the Cost of
Food.
Clothing.
Rent.
Fuel
and
Light.
House
Furn.
Goods.
0.1
27.8
27.8
57.1
53.4
City.
Average U. S.
AU
feedlaneous. Items.
I 102.1
35.7
882
Financial Chronicle
National Association of Credit Men States That Nation.
Wide Credit Survey Emphasizes Upward Movement
of Sales Throughout Country.
Nation-wide sales conditions reveal a heartening turn-up
in the August survey of collection and sales conditions
compiled from 105 major markets of the country by "Credit
and Financial Management," official publication of the
National Association of Credit Men. This emphasizes
further the press reports from various sections of the country,
which find new signs of life in many industries in various
States, said the Association on Aug. 1, which also stated:
Collections, which are necessarily slower in reflecting improvement since
the benefit of increased sales is passed on to creditors after a period of
about a month, therefore show no betterment this month according to an
analysis of the reports submitted by the correspondents taking part in this
month's survey.
Supplementary reports from correspondents include many interesting
and optimistic observations. California reports that collections and sales
In the Los Angeles sector are fair and that "some improvement is noted in
oil which is the basic industry." Louisiana finds collections and sales in
New Orleans also fair, but one section of the State reports sales as being
good. Jackson. Mich., states that "there has been a noticeable change
from slow to fair in collections, while sales have improved as well." Duluth,
Minn., emphasizes the same observations and from St. Paul comes word
of excellent crop conditions. Newark, N. J., finds improvement in collections and sales and Binghamton, N. Y., relays a general report of fair
business conditions in that area, with two sections there noting good sales.
Aug. 6 1932
Regarding the wheat situation, it is stated:
"It seems fairly clear that the oversupply which has been in evidence the
past few years is being slowly corrected. World acreage may average
during the next few years at about present levels, but consumption may be
expected to increase, especially when there is improvement in world economic
conditions, and eventually to result in a depletion of the stocks which are
now so burdensome."
The Bureau finds that crops in the United States have
made reasonably good progress so far, and that "the important food, feed and fiber crops now promise to turn out
a fairly ample total supply."
Wholesale Price Higher During Week Ended July 30
According to National Fertilizer Association.
1
The weekly wholesale price index of the National Fertilizer
Association which is computed each Monday advanced
four fractional points during the latest week (July 30).
The gain for the latest week offsets the slight decline shown
during the preceding wenks, and results in an advance of
eight fractional points for the latest month. The latest
index number is 61.5, a week ago it was 61.1, a month ago
60.7, and a year ago 68.0. (The index number 100 is based
on the average for the three years 1926-1928.) Continuing,
the Association also said on Aug. 1:
Seven of the 14 groups listed In the index advanced during the latest
1 co, oo r, 00054co o t-.:
41 :
o5.1.
ct
ci.eicicodo3cditZcetZaitic.6
,s,.4.43.0t,oo P.c-co .oco P.CO
week, one declined slightly, and six showed no change. Grains, feeds and
Advance of Five Points in Farm Price Index Reported livestock, foods, fats and oils, textiles, metals, fertillzer materials and
by United States Bureau of Agricultural Economics miscellaneous commodities were higher. Building materials declined
slightly because of lower prices for lumber and brick.
From June 15 to July 15.
During the latest week 27 commodity prices were higher, while only 14,
the Index of the smallest number in many weeks, were lower. During the preceding
An advance of five points was registered in
week 25 commodities advanced and 24 declined. Cotton, silk, vegetable
the general level of prices of farm prices from June 15 to oils,
eggs, flour, potatoes, wheat, cattle, sheep, lead, zinc, coffee, rubber,
July 15, according to the United States Bureau of Agri- and sulphate of ammonia prices advanced. Lower prices were noted for
cultural Economics, in a report issued July 29. This re- raw sugar, linseed oil, apples, corn, rye, hogs, silver,lumber and brick. •
The Index number and comparative weights
sulted from a sharp upturn in prices of hogs, cattle, eggs, listed in the index are given in the table below. for each of the 14 groups
farm comand cotton, and of minor advances in five other
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
modities.
PRICES (1926-1928-100).
The July 15 farm price index, compiled by the Bureau of
Per Cent•
Latest
Agricultural Economics, stood at 57% of the pre-war averEach Group
Week
PreRears to the
July 30 ceding Month
&Pup. .
Year
age, the increase since June 15 having been the largest reTotal Index.
1932, Week.
Ago.
Ago.
prices adcorded in a month's time since July 1929. Hog
23.2
Foods
62.0
61.7
59.6
vanced about 50% during the period; cattle were up 10%;
16.0
67.6
Fuel
67.6
67.6
12.8
Grains, feeds and livestock- - 45.7
43.9
44.8
eggs gained 13%, and the farm price of cotton was up 11%.
10.1
40.3
Textiles
40.1
40.1
8.5
Miscellaneous commodities
59.6
59.5
59,4
Prices of small grains declined.
6.7
Automobiles
87.7
87.7
87.7
The Bureau points out that the index on July 15 was 22
6.6
Building materials
71.6
72.1
72.0
6.2
68.0
Metals
67.8
70.9
points below that of a year ago, and less than half of the
4.0
House furnishing goods
78.2
78.2
78.3
3.8
Fats and oils
40.5
40.1
35.9
average of July indexes for the preceding five years, but
1.0
87.4
87.4
Chemicals and drugs
87.6
discour.4
67.7
Fertilizer materials
67.2
that "there is some compensation in this somewhat
67.3
.4
Mixed fertilizer
71.8
71.8
71.9
aging picture" in that there were sharp declines in prices
.3
92.1
Agricultural implements
92.1
92.1
--of hired
of commodities that farmers buy and in the wages
100.0
All urnArw eninhinAd
Al A
Al 1
AA 7
AA n
farm labor, during the past year. The index of prices paid
by farmers dropped about 18 points from July 1931 to
Analysis of Imports and Exports of the United States
July 1932.
in June.
The feeding of corn to hogs is now more profitable than
The Department of Commerce at Washington on July 28
at any time since April 1927, on account of the sharp advance
In hog prices and only a small increase in the farm price issued its analysis of the foreign trade of the United States
.
of corn, says the Bureau- The hog-corn ratio was 14.1 on in June and the six months ended with June of 1931 and 1932.
This statement indicates how much of the merchandise imJuly 15 as compared with 9.6 on June 15.
1
Improvement in Farm Markets Noted by Department of
Agriculture-Advance in Hog Prices Due Primarily
to Reduced Receipts.
Improvement in some of the livestock markets, which
show "greater firmness than has been noticeable for some
months," is reported by the Bureau of Agricultural Economics, United States Department of Agriculture, in its
Aug. 1 summary of the farm situation. The Department,
under date of Aug. 1, said:
While the recent market price advances in hogs and cattle were due
primarily to reduced receipts, the Bureau says "production of animals is
showing a tendency to decline somewhat." The pig crop for fall and winter
marketing is estimated at about 7% less than last year's crop; a decrease
of 27,000,000 pounds of wool shorn this spring as compared with a year
ago is reported, and a decrease of about 8% in the lamb crop.
Regarding recent advances in cattle prices, the Bureau
says:
"The better grades of steers ordinarily advance during the summer
months, but this summer the price rise got under way somewhat earlier than
last, and the advance to date has been greater than average. Smaller
marketings of fed steers as compared with marketings a year ago account
chiefly for the marked price advance in June and July, and the larg
proportion of lower grade steers in the total supply account for the wld
spread between the prices of the different grades."
The Bureau adds:
"Market supplies of the better grades of cattle during the remainder of
the summer are expected to continue relatively small as there apparently
is a marked decrease in the number of cattle in food-lots as compared with
a year ago," but that "total cattle numbers have been increasing and
unles there is a very large increase in the slaughter of grass-fat cattle this
fall over the extremely small slaughter of last fall, total cattle numbers
next January will be materially larger than at the beginning of 1932."
ports and exports consisted of crude or of partly or wholly
manufactured products. The following is the report in full:
ANALYSIS BY ECONOMIC GROUPS OF DOMESTIC EXPORTS FROM
AND IMPORTS INTO.THE UNITED STATES FOR THE MONTH OF
JUNE 1932.
(Value in 1,000 Dollars.)
Month of June.
1931.
1932.
Six Months Ended June.
1931.
1932.
Per
Per
Value. Cent. Value. Cent. Value.
Crude materials
Crude foodstuffs
Manuf'd foodstuffs....
Semi-manufactures_ - _
Finished manufactures
Per
Cent.
29,070 15.9 24,195 22.1 288,417
11,119 6.1 6,896 6.3 55,878
17,531 9.6 11,148 10.2 128,581
27,451 15.0 14,818 13.5 181,830
97,625 53.4 52,552 47.9 685.045
20.8 240,848 29.3
4.3 50,497 6.2
10.0 76,662 9.3
14.1 107,698 13.1
50.8 345,016 42.1
Per
Value. Cent.
Total dom,exports_ 182,797 100.0 109.604 100.0 1,289.550 100.0 820,721 100.0
de materials
52,438 30.2 29,631 26.6 341,584 30.9 205,720 27.5
rude foodstuffs
27,435 15.8 20,003 18.0 175,818 15.9 130,911 17.5
anut'd foodstuffs.,_ 19,744 11.4 12,794 11.5 117,367 10.6 95,586 12.8
mi-manufactures._ _ 29,652 17.1 18,377 16.5 201,592 18.2 125,197 16.7
Finished manufactures 44,186 25.5 30.603 27.4 270,790 24.4 190,480 25.5
Total imports
173,455 100.0 111,411 100.0 1,107,151 100.0 747,894 100.0
Farmers of Middle Western States to Improve Status
Through Strike or "Farmers' Holiday."
Associated Press advices from Des Moines, Iowa, Aug. 2,
stated:
Farmers of Middle Western States will attempt to improve their own
status through the institution of a strike, or "farmers' holiday," beginning
Aug. 16, Milo Reno, head of an association backing the movement, said
to-day.
Declaring that there is nothing revolutionary or un-American in the move,
Reno explained it as an attempt to raise the price obtained by farmers for
produce above the cost of production by abstaining from selling and buying
41.
Volume
135
Financial Chronicle
over a period of at least 30 days. Reno is President of the :National
Farmers' Holiday Association.
Unless purchasers are willing to pay what will return the producer a
profit, leaders of the holiday movement have advised farmers to "stay at
home and sell nothing." They said they believed this organized refusal to
sell farm products at less than production costs will not only increase farm
prices but will also teach the farmer the power of organization and the
economic force which he is capable of wielding.
Half a million Midwest farmers have already signed or are signing
pledges to follow the conditions of the strike, Reno said.
Slight Increase Over May Noted in June Level of Industrial Activity in Boston Federal Reserve
District.
"In June, after making allowances for seasonal changes,
there appeared to be a slight increase over May in the general level of industrial activity in New England, and in two
important industries there was definite improvement," says
the Aug. 1 "Monthly Review" of the Federal Reserve Bank
of Boston, which adds:
A decline usually occurs between May and June in the volume of raw
wool consumed in this district, but this year there was an increase, and,
although the seasonally adjusted quantity consumed in June was only about
50% of the average month of 1923-24-25, nevertheless, an increase took
place over May of approximately 38%, although the decline from June 1931
amounted to 61%. The amount of cotton used by New England mills
during June was practically the same as in May; consequently, the cotton
textile industry in this district in June consumed only 25.5% of the
average monthly quantity during 1923-24-25. Little change to some decline
was reported between May and June in silk machinery activity. Production
of boots and shoes in New England, after seasonal corrections, reached
the highest level of the current year in June, but was about 11% less
than in the corresponding month a year ago. Total estimated shoe production in this district for the first half of 1932 was about 3% leas than
during the correspondig period of 1931. The volume (square feet) of. residential building contracts awarded in New England during June was 21.5%
of the 1923-24-25 average month, as compared with 22.2% in May and
46.4% in June 1981. Commercial and industrial contracts awarded in
this district during June increased slightly from May, but the volume in
May was the smallest on record. According to the Massachusetts Department of Labor and Industries, employment and payroll conditions during
June did not reflect the slight improvement in general industrial activity
between May and June. The number of wage-earners employed in representative manufacturing establishments in Massachusetts during June decreased 5.1% from May, while the aggregate weekly payroll was reduced
6.9%, and average weekly earnings per person employed declined 1.8%.
These decreases from May to June 1932 were slightly greater than the
May-to-June decreases in 1930 and 1931. The number of commercial
failures in this district during June was nearly 49% larger than in the
corresponding month last year, and total liabilities increased in June
this year more than 130% from June 1931. Sales of reporting New
England retail stores were about 23% less in June than in that month a
year ago, and for the period January-June, inclusive, were 20.9% behind
last year. In June cash sales of Boston department stores were 20.8% less
than in June 1931, regular charge sales were 27.9% less, and installment
sales were 1.4% greater.
Further Declines Noted in Business in General in
Philadelphia Federal Reserve District—More then
Usual Reductions Reported in Industrial Employ.
pent and Wage Earnings During June.
According to the Philadelphia Federal Reserve Bank,
"business in general has shown further declines, reflecting
partly seasonal influences. There have been, however," continues the Bank, "apparent signs of improvement in several
lines of trade and industry, indicating largely replacement
demand." The Bank, in its "Business Review" of Aug. 1,
also says as follows:
Commodity prices have continued to exhibit strength, displaying
an
upward instead of the downward tendency shown in many past
months.
Output of manufacturers in the aggregate declined more than
customary
In June, but there were more individual lines than a month ago
that
rather unusual increases. Production of coal decreased sharply showed
in June
and continued downward in July. Building activity was
considerably
below the usual rate, but some improvement is noted in early
July. Retail
sales declined in June, but there was a little more activity
in early July.
Wholesale trade sales changed little in June. Comparisons
with recent
years continued unfavorable.
Industrial employment and wage earnings in June showed
more than
usual reductions. Reports for occupations, representing 70%
of all persons
gainfully employed in Pennsylvania, indicate that employment,
industrial
and service in character, was 5% smaller and payrolls 12%
less
than in May. Compared with a year ago, factory employment in June
was 20%
less and payrolls 42% smaller; the decline in factory output
in the same
period amounted to 30%.
Manufacturing.
The market for factory products continues seasonally
quiet, although
several lines manufacturing consumers' goods report a somewhat
more active
demand for their products. In early July reports showing
increases in
unfilled orders were more numerous than in the previous
two months, but
comparisons with a year ago continued unfavorable.
Fluctuations of
prices for manufactured products have been less pronounced
than for
many months, and since the middle of June there has
been a slight
tendency toward higher levels in several commodities.
Stocks of finished goods in the middle of July were reduced
further in
most lines, and they were smaller, than at the same time last
year. This
Is also true of raw materials held by factories. Settlements
of accounts
have declined somewhat since last month and they have been
considerably
below those of a year ago.
Factory employment in this section showed a drop of 3%
and wage
payments 4% from May to June, as compared with a decrease
of 4% in
employment and 8% in payrolls for the country as a whole.
The local
employment index in June was 60, or 19% lower than a year
ago, and
payroll index was 88, showing a drop of 40% from June 1931; the
the
883
decline in the country from a year ago amounted to 21% in employment
and 37% in payrolls.
Output of manufactures continued downward even though the decline in
June was not as severe as in May, nor was it as sharp as in the previous
two years. The bank's index, which accounts for the difference in the
number of working days and for seasonal changes, was 58% of the 1928-25
average as compared with 56 in May and 76% in June 1931. This is a
decline of 4% from the preceding month and of 30% from a year ago, as
compared with a drop in the national index of 2% from a month ago and
over 29% from June 1931.
More than normal seasonal gains were reported by groups comprising
transportation equipment, food products, allied chemicals, and cigars while
the increase over a month ago in the output of building materials was
smaller than it ordinarily should have been. Production in the remaining
groups continued downward. The combined index for 11 manufacturing
groups was 24% lower in the first half of this year than last.
Out of 29 leading industries 15 showed improvements beyond the usual
seasonal change. Substantial gains over the preceding month were
especially noticeable in the output of iron castings, motor vehicles, shipbuilding, such textiles as cotton goods, hosiery and underwear, brick, paints
and varnishes, and most of the items comprising the food group. In comparison with a year ago, a higher rate of operation prevailed in shipbuilding,
meat packing, sugar and petroleum refining Industries; other lines continued materially lower.
Production of electric power in June declined instead of increasing as is
usually to be expected and was 12% smaller than a year ago. Consumption
of electrical energy by industries also showed a larger than usual decrease
and was 18% less than in June 1931. In the first half of this year industries used 10% less power than in the same period last year.
Richmond Federal Reserve District Business Developments Between Middle of June and Middle of July
Chiefly Seasonal—Period Is Normally Dull, This
Year Being No Exception.
The Federal Reserve Bank of Richmond states that
"developments of the past month in the Fifth (Richmond)
Federal Reserve District were chiefly seasonal. The period
between the middle of June awl the middle of July is normally
dull, and this year was no exception to the rule." The Bank
in its July 31 "Monthly Review" also says:
Rediscounts for member banks at the Federal Reserve Bank of Richmond
rose between June 15 and July 15, and on the latter date were materially
higher than the discounts held a year earlier. The Bank's portfolio of
Government securities remained unchanged during the past month, but at
the middle of July was about 50% higher than on July 15 1931. Total
earning assets of the Richmond Bank rose between June 15 and July 15, and
were about 55% higher on the latter date than on July 15 last year. There
was an unseasonal increase in the circulation of Federal Reserve notes last
month, and the amount in actual circulation was much larger than the
amount in circulation at the same time last year. Regularly reporting
member banks in the District's leading cities reduced their loans between
June 15 and July 13, and also slightly reduced their investments in bonds
and securities. Demand deposits declined during the month under review,
but there was a moderate rise in time deposits. The reporting banks reduced their reserve balances at the Reserve Bank more than the decrease in
deposits accounted for, and increased their borrowing at the Reserve Bank
to some extent. Debits to individual accounts figures for the four weeks
ended July 13 1932, showed a seasonal increase over debits for the preceding
four weeks, ended June 15 1932, but the increase was somewhat smaller
than occurs in most years. In comparison with debits for the four weeks
ended July 15 1931, those for the corresponding four weeks this year showed
a decline of 24.6%, not one of the 24 cities showing higher 1932 figures.
Total debits in 24 cities for the first half of 1932 were 21% less than debits
in the first half of 1931. every city reporting lower figures this year. Commercial failures in the Fifth District in June were more numerous than in
JULIO 1931. and liabilities involved in the failures increased even more than
the number of hasolvencies. The District comparison with the failure record
of June 1931 was materially worse than the comparison of figures for the
United States as a whole in both number of bankruptcies and in aggregate
liabilities involved. Employment conditions showed contrasting tendencies
last month, some additional workers being taken on by a few industrial
plants, while other plants entailed operations further, and construction
work continued to decline. Coal production in Juno continued at a level
far below the low level of last year. Textile mills restricted operations
futher in June,some mills closing for several weeks, but there has been some
Increase in operations in July and most of the nail's which closed last month
are now running part time. Nearly all textile mills are working on materially
restricted schedules, to prevent accumulation of goods in their warehouses.
Cotton prices rose approximately a cent a pound last month, but are still
much lower than prices at this time last year. Official acreage figures for
this year's cotton crop show a reduction of 9.5% for the country as a whole,
but this reduction appears inadequate to overcome the effects on prices of
the large surplus stock of cotton on hand to be carried over in to the new
cotton year. Construction work provided for in permits issued and contracts awarded in Juno was much lower than the small amount of work
Provided for in June last year. Retail trade in June as reflected in department
store sales showed a decrease of 22.8% in comparison with June trade last
year, and wholesale trade last month in five lines was also in materially
less volume than in June 1931. Agricultural developments in June and the
first half of July were favorable on the whole, but prospects for yields ot
most crops are poorer than a year ago, and the price situation is also less
favorable at the present time. Acreage planted in money crops are lower
this year. and in the case of tobacco the acreage reduction has been so large
that some beneficial effects may be brought about in tobacco prices next
fall. Farmers used less fertilizer this year than In any other recent year. and
In every way the growers are making the 1932 crops as cheaply as possible.
Business Conditions in St. Louis Federal Reserve District—Decreases Reported in Both Wholesale and
Retail Trade.
In its July 30 "Monthly Review" the Federal Reserve
Bank of St. Louis states that "trade and industry in the
Eighth (St. Louis) District during the past 30 days receded
somewhat below the levels obtaining during the similar
period immediately preceding." Continuing the Bank
further reveiwed conditions in its district as follows:
884
Financial Chronicle
The decrease, however, was at a slower rate than has been the case
in recent months, and in a number of important lines of wholesaling and
Jobbing, notably hardware, groceries, drugs and chemicals and electrical
supplies, the volume of business transacted in June exceeded that of May,
though In all lines investigated the volume remained substantially below
that of the same time a year ago. Seasonal influences, such as vacations,
closing down of numerous plants for inventorying and repairs, were reflected in a further decrease in activities at factories, and production in
the iron and steel, bituminous coal, lumber, quarrying and a number
of other important industries reached the lowest point on the present
recessionary movement. Advance orders for both raw and finished materials decreased further, purchasing of all descriptions of merchandise
being confined largely to immediate requirements. Manufacturers are
for the most part pursuing the policy of producing only on orders, and
Inventories in virtually all lines are measurably smaller than at the corresponding period in recent years.
The general trend of commodity prices continued downward, and in
the case of wheat, corn, oats and some other farm products, values were
the lowest of the year. On the other hand, cotton scored a fair advance,
and there was a sharp rise in prices of hogs, cattle and sheep. Taken as
a whole, weather conditions during June and the first half of July were
favorable for growth and development of crops. Due chiefly to smaller
acreage, however, prospects are for smaller yields this year than last year
of wheat, corn, oats, tobacco, rice, cotton and several of the less important
crops. Results of the last spring freezes are appearing in heavily reduced
fruit production as compared with last year and the five-year average.
Harvesting of wheat and other fall planted cereals made rapid progress,
though interfered with in certain localities by heavy and frequent rains.
Available threshing returns appear to bear out earlier estimates, both with
reference to quality and quantity.
While the movement of seasonal merchandise has been stimulated to
a considerable extent by the recent warm weather, the volume is still
markedly below that for the same period in late years. Since the first of
July wholesalers report a fair volume of reordering of summer goods.
notably of apparel and certain lines of hardware and electrical supplies.
Contrary to the usual seasonal trend, distribution of automobiles in the
District, according to dealers reporting to this Bank, was larger in June
than in May, though remaining substantially smaller than a year ago.
Except in seasonal occupations, where slight improvement was noted,
the general employment situation underwent no betterment. Demand
for farm help was smaller than in past seasons and In all sections the supply
Is heavily in excess of requirements.
The volume of retail trade in June, as reflected in sales of department
stores in the chief cities of the District, was 7.7% less than in May and
28.1% less than in June 1931; for the first half of this year sales fell 22.1%
under the first six months of 1931. Combined sales of all wholesaling and
jobbing firms reporting to this Bank decreased 31% in June as compared
with the same month in 1931, and 17% as contrasted with May this year;
the total for the first six months this year was 29% smaller than for the
first half of 1931. The dollar value of permits issued in the five largest
cities of the District in June was 22% greater than in May. but 60% less
than in June 1931; for the first six months the total was 80% smaller than
a year ago. Contracts let for new construction in the Eighth District
in June were 34% smaller than in May, and 82% smaller than in June
1931: for the first half of this year the total was 65% smaller than for the
same period in 1931.
Aug. 6 1932
Economic Conditions in California as Viewed by
California State Chamber of Commerce-Improvement Reported in Some Lines of Business Activity
During June.
Business conditions in California during June Showed improvement in some lines of activity and further recessions
in others, according to a survey made by the Research Department of the California State Chamber of Commerce.
New automobile sales, department store sales, and bank
debits exhibited gains over May after adjustment for seasonal variation, while value of building permits and factory
employment decreased. The survey also said:
Weather conditions continue generally favorable for agricultural operations and crops, and water for irrigation is plentiful. Livestock and
summer range conditions are good.
The most encouraging feature in current statistics is the improvement
of California farm prices of meat animals and poultry. The advance was
slightly more than the usual seasonal change. Nationally, wholesale price
indexes of farm and food products have shown substantial strength recently.
While the other groups continue downward, the declines, in most cases,
have not been so sharp as they were during the earlier months of 1932.
Number of factory workers employed in California establishments reflected
reduced activity during June after showing some improvement during
April and May. June employment was 0.8% under May, whereas normally
there is a seasonal increase of about 2%. Consequently, the adjusted index
receded 2.7%. An analysis of seasonal indexes shows that an increase in
number of persons employed in manufacturing establishments may be
expected during July and August over their respective previous months,
due primarily to increased aotivity of the canning industry. The seasonal
demand for agricultural help, and unemployment relief programs provided
work for a large number of men. Employment in residential building
remains unfavorable. For the building and construction industry the
number of employees during June was about 39% under June 1931.
Total value of building permits for 52 California cities declined to a
new low record. June was 16.7% less than the previous month and 88%
under June 1931. Construction costs are about 13% below a year ago.
Bank debits for 14 California cities for June showed a gain of 6.5%
over May, which was more than the expected seasonal increase. The seasonally adjusted index for the 14 cities increased 5.9% and the index
for 11 cities, excluding San Francisco, Los Angeles and Oakland, advanced
6.4%. The 14 cities were 30.7% less than a year ago, which Partly
influenced the decline in the general level of prices, which for the United
States as a whole was about 13%.
Sales figures from the California department stores reflect same improvement in June as compared with May. While the total sales were slightly
less than the previous month, the index, corrected for the usual May-June
seasonal decline, showed a gain of about 5%. Total sales during June
were about 28% under those of a year ago, due partly to the decline in
the level of prices.
New passenger car sales for June increased 47.4% over May, and the
gain for total sales, including new commercial care, was 42.8%. After
allowing for seasonal changes, passenger cars gained 49.6% and total
sales advanced 46.1%.
Business Conditions in Kansas City Federal Reserve
District-Wholesale and Retail Trade Conditions
During June.
Lumber Orders Improve.
"Higher livestock values in June," says the Kansas City
With lumber production at a low level and some increase
Federal Reserve Bank, "and the forepart of July, although in new business, lumber orders showed a favorable ratio of
largely seasonal, were encouraging to business in general, 22% above the cut during the week ending July 30, it is
and the livestock interests in particular." The Bank in its indicated in telegraphic reports to the National Lumber
Aug. 1 "Monthly Review" also states that "improved senti- Manufacturers' Association from regional associations of
ment was offset in part by the decline in grain, hay, and po- manufacturers covering the operations of 617 leading hardtato prices, the failure of dairy and poultry products to wood and softwood mills. These mills produced 109,strengthen, and the recent tendency for hog prices to 388,000 feet. Orders amounted to 133,730,000 feet. Shipments were 134,446,000 feet, or 23% above the out. A
weaken.' Continuing, the Bank further reports:
Corn prospects on an increased acreage are at present the most promising week earlier 656 mills reported production of 117,869,000
in years, but rain is needed generally. Pastures improved in JUDO and hay feet with orders 3% below and
shipments 1% above the cut.
and grain sorghums made rapid growth. July 1 prospects were for a slightly
Comparison by identical mill figures for the latest week with
larger winter wheat crop than indicated one month earlier, although Tenth
Harvest,
District production is forecast as 62% less than a year ago.
the equivalent period in 1931 shows: For softwoods, 417
which was delayed by rains, progressed rapidly in July.
mills, production 45% less; shipments 35% less, and orders
A somewhat larger than usual seasonal decline in retail sales is indicated
29% less than for the week last year. For hardwoods,
by the dollar sales of 35 department stores. June sales were 14.3% under
May sales and 29.2% smaller than in June last year. Wholesalers' sales
168 mills, production 45% less, shipments 46% less and
increased slightly for the month but were 24.8% lees than last year. Stocks
orders 40% under the volume for the week a year ago.
of merchandise at both wholesale and retail were somewhat smaller on June
Lumber orders reported for the week ended July 30 1932
ao than one month or one year earlier..
The production of all minerals during July and the first six months this
by 454 softwood mills totaled 124,214,000 feet, or 22%
month and six
year was substantially smaller than in the corresponding
above the production of the same mills. Shipments as remonths of 1931. Building activity was about 20% of normal.
Details regarding wholesale and retail trade conditions ported for the same week were 125,367,000 feet, or 23%
above production. Production was 101,956,000 feet.
are mentioned by the Bank in its "Review" as follows:
Reports from 177 hardwood mills give new business as
Retail Trade.
9,516,000 feet, or 28% above production. Shipments as
A seasonal decline in retail trade somewhat greater than normal is evireported for the same week were 9,079,000 feet, or 22%
denced by the 14.3% reduction in the dollar sale of 35 department stores in
this District. The June volume as compared to a year ago declined 29.2%
above production. Production was 7,432,000 feet. The
-year sales 23.2% below those for the first six months of 1931.
carrying half
Association also reports as follows:
All cities reported decreases for the first six months of 1931. All cities
reported decreases for the three periods of comparison.
Inventories were reduced about the usual amount and on June 30 were
14.3% smaller than on the same date last year.
Collections were not as good as in the preceding month or a year ago,
amounting to 32.8% of amounts outstanding May 31,compared with 33.8%
.
in May and 36.4% in June 1931
Wholesale Trade.
There was the customary stability in wholesale trade in June as compared
to May, with dollar sales of five representative reporting lines combined
showing an increase of 2.1%. Sales of drygoods declined 10.6 and of
furniture 29.5%, whereas, sales of groceries increased 9.9% and of drugs
7.9%. Hardware firms reported sales as stationary, whereas,they normally
increase. All lines reported sharp declines as compared to a year ago, the
combined total showing a drop of 24.8%. Every reporting line reduced
stocks during June and the year. Reductions averaged 5.5% for the month
and 8.8% for the year.
Unfilled Orders.
Reports from 397 softwood mills give unfilled orders of 316,604.000 feet
on July 30 1932, or the equivalent of 8 days' production. This is based
upon production of latest calendar year-300
-day year-and may be compared with unfilled orders of 483 softwood mills on Aug. 1 1931 of 618,402,000 feet, the equivalent of 13 days' production.
The 368 identical softwood mills report unfilled orders as 312,874,000
feet on July 30 1932, or the equivalent of 9 days' average production, as
compared with 544.951,000 feet, or the equivalent of 15 days' average production on similar date a year ago. Last week's production of 417 identical
softwood mills was 97,267,000 feet, and a year ago it was 175,586,000 feet;
shipments were respectively 121,400,000 feet and 185,453,000; and orders
received 120.620,000 feet and 169,387,000. In the case of hardwoods,
168 identical mills reported production last week and a year ago 6.697,000
feet and 12,119.000; shipments 8,293.000 feet and 15,477,000; and orders
8,948.000 feet and 14,925,000.
Financial Chronicle
Volume 135
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 216 mills reporting for
the week ended July 30
UNSHIPPED ORDERS.
NEW BUSINESS.
SHIPMENTS.
Feet.
Feet.
Feet.
Domestic cargo
Domestic cargo
Coastwise and
delivery- -- _ 64.152,000 intercoastal_ 23,762.000
delivery- - -- 30,057,000
13,610,000 Foreign
48,524,000 Export
Export
14,039.000
18,486,000 Rail
38,177,000 Rail
Rail
19,948,000
6.352.000
Local
Local
6,352,000
Total
68,505,000
150,853.000
Total
Production for the week was 48.410.000 feet.
Total
64,101,000
Southern Pine.
The Southern Pine Association reported from New Orleans that for 100
mills reporting shipments were 37% above production and orders 25%
above production and 9% below shipments. New business taken during
the week amounted to 21,478,000 feet (previous week 23,009.000 at 124
mills); shipments 23,595,000 feet (previous week 25,525.000); and production 17,235,000 feet (previous week 22.820,000). Orders on hand at the
end of the week at 92 mills were 41.086,000 feet. The 92 identical mills
reported a decrease in production of 22% and in new business a decrease
of 26% as compared with the same week a year ago.
Western Pine.
The Western Pine Association reported from Portland, Ore., that for 117
mills reporting shipments were 1% below production and orders 10% below
production and 9% below shipments. New business taken during the week
amounted to 31,879.000 feet (previous week 33.012,000 at 117 mills); shipments 34.938,000 feet (previous week 32.440,000); and production 35,441,000 feet (previous week 38,844,000). Orders on hand at the end of the
week at 117 mills were 129.447,000 feet. The 103 identical mills reported
a decrease in production of 37% and in new business a decrease of 35%,
as compared with the same week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minn., reported production from 7 mills as 795,000 feet. shipments 1,693.000 feet and new
business 1,345.000 feet. The same number of mills reported production
68% less and new business 44% less than for the same week a year ago.
Northern Hemlock.
The Northern Hemlock & Hardwood Manufacturers Association of
reported production from 14 mills as 75,000 feet, shipments
Oshkosh, Wis.,
1,040,000 and orders 1.007.000. The same number of mills reported production 97% less and orders 1% less than for the corresponding week
a year ago.
Hardwood Reports.
The Hardwood Manufacturers' Institute of Memphis, Tenn., reported
production from 163 mills as 6,855,000 feet. shipments 8,261.000 and new
business 8,816,000. The 154 identical mills reported production 44% less
and new business 38% less than for the same week last year.
The Northern Hemlock & Hardwood Manufacturers' Association of
Oshkosh, Wis.. reported production from 14 mills as 577,000 feet, shipments 818,000 and orders 700.000. The same number of mills reported
a decrease of 49% in production and a decrease of 55% in new business,
compared with the same week a year ago.
Dutch Indian Department of Agriculture Reports
Decline in Rubber Price and Exports.
From the New York "Evening Post" we take the following
from London, July 25:
The Dutch Indian Department of Agriculture reports for
the first quarter
of 1932 show that the rubber price decline directly
reacted on native
exports which, in March, were the lowest since April 1928.
•
January to April exports fell 48%, it being estimated that
only 40% of
the trees were tapped regularly.
Rubber Stocks in
18,000 Tons Less than
Reported.
Rubber stocks at Singapore are 16,214 long tons at the
end of June, as against the original figure of 34,391 tons
reported by Straits Settlement authorities, a reduction of
18,177 tons, according to a cablegram to the Commerce Department from Trade Commissioner Frank S. Williams,
Singapore. Regarding the information, the Department on
July 20 said:
•
The discrepancy in compiling the statistics is said to have
been'iii
fact that the figures reported
Singapore
by the Singapore authorities have been calculated on the basis of monthly receipts and deliveries, but
the monthly
deliveries had been underestimated, making the discrepancy
cumulative
to about September 1929.
Discovery of this reported error comes at a time when world
stocks of
rubber are so high that the sudden disappearance of 18,000 tons
will tend
to have a practically negligible market effect, it is stated.
Macon, Ga., to Curtail Distribution of Federal Farm
Board's Wheat—Effective Aug. 1, New Rules Cut
Recipients from 9,000 to 3,000.
From its Macon (Ga.) correspondent the New York
"Evening Post" reported the following under date of July
29:
After difficulty and experimentation, welfare agencies of this city
have
adopted new methods for the distribution of Farm Board wheat among
the
poor. Effective Aug. 1, the new rules cut the number of recipients of this
charity from 9,000 to 3,000.
Ever since Government wheat began to arrive in Macon, one of the
first cities to undertake distribution, the problem of how to handle the
situation has engaged the Society for Organized Service and
other relief
agencies.
The first distribution point was in the Macon Auditorium, where one
man was put in charge to check out the flour and to fill the tickets presented by the hundreds who came. A card file was installed to guarantee
against duplication of orders, but so many persons were empowered to
issue flour tickets that the supply on hand was speedily exhausted.
885
City Trucks Haul Flour.
The flour was received in allotments of 1,000 barrels and was milled at
Birdsey Flour Mills here. The city trucks hauled the flour to the distributing centre in lots of 400 and 800 sacks. Then distribution had to be
closed to allow more milling, and the mill had to run the special flour in
when it could, so as not to interrupt regular trade.
One difficulty arose from the conspicuousness of the line of Negroes
that gathered daily on the principal street and stood all day waiting. As
many as 200 were there at one time. They were moved to the rear of the
building when the side door was opened, but still the spectacle was not
enjoyed by city fathers and others.
Meanwhile white families were receiving their flour through the offices
of relief agencies in other parts of the city. But here, too, were lines waiting
to get orders signed.
Fire Stations Distribute.
Then the system of distribution was changed and lines were tightened in
all directions. Instead of distributing from a central depot, the welfare
agencies made the fire stations the distributing centres.
The firemen knew the families in their own communities and would
know who was worthy and who was not; negroes were to obtain their flour
from the Urban League, composed of negroes who look after the welfare
of their race. So ran the plan. Ministers who had been signing orders
for persons not of their congregation were restricted to sign only for their
own parishioners.
Under the even more stringent rules which will go into effect Aug. 1
only five social welfare officers may sign orders, only families under the
care of relief agencies may receive flour and all ministers must have their
orders approved by one of these welfare officers.
Families Cut to 3,000.
As a result of this edict there will be approximately 3,000families receiving
flour instead of nearly 9,000.
In the rural sections. one plan has been in operation throughout and has
worked. The distribution has been through the rural school areas and
from the schools.
Each of the school communities had already established a nutrition committee under county agents. These committees had been making a study
of families through the winter and all community surplusses of provisions
had been saved and divided where needed. School lunches were given
to those children who had inadequate supplies at home.
Through these committees the flour has been sent out. Each family in
need is already known, so that it has been really working on the basis that
has now been adopted for the whole county—families regularly under care
will have supplementary supplies of flour.
Reduction in Membership of Staff of Federal Farm
Board.
The following from Washington, is from the "Wall Street
Journal" of Aug. 1:
The severe cut in the administrative appropriation of the Farm Board
has led to the dismissal as of Aug. 1 of 140 of its employees.
Only 215
remain.
Previous to dismissal qf these employees, the Board was spending about
81,440.000 annually. This has been cut to $800,000.
This depleted force will greatly diminish the activities of the Board and
particularly will limit its ability to grant new marketing loans to co-operatives out of the revolving fund.
—4,—.
President of Saskatchewan Section of United Farmers
of Canada Calls for End of Capitalist System.
The following (Canadian Press) from Saskatoon, Sask.,
July 25,is from the New York "Times":
Those who look to the Ottawa Imperial Conference for relieffrom present
conditions will be disappointed, in the opinion of A. Macaulay. President
of the Saskatchewan section of the United Farmers of Canada.
In his presidential address at the opening of the annual convention of
the Saskatchewan farmers here to-day Mr. Macauley said the only hope
for improvement in the lot of the common people, farmers and other primary producers, lay in a complete change in the economic system.
"The competitive system of production for profit under private control
has now become so faulty and so great a burden on society that its failure
s evident to all," he said. "In its dying hours it is endeavoring to strangle
the co-operative movement and to prevent if from functioning in the way
it should."
Saskatchewan Wheat Pool Will Complete Year with
Surplus.
Under date of July 23, Associated Press advices from
Regina, Sask., stated:
The Saskatchewan wheat pool will complete the present crop year with
a
surplus of over
$1,000,000, after providing for all operating costs. A. F.
Sproule, director for Wheat Pool District No. 2. said to-day.
Plentiful moisture and sunshine and ideal growing weather have
brought
western Canada's grain crop rapidly to maturity and better than
average
crop is promised, the seventh seasonal crop report issued by the
Canadian
Bank of Commerce said.
Austria Adds Various Products, Including Apples and
Flour, to List of Goods Subject to Import Permit,
Effective July 15, a supplementary list issued by the Austrian Government adds various products, including apples
and flour, to the list of restricted goods subject to import
permit, says a cablegram received in the Department of
Commerce from Commercial Attache Gardner Richardson,
Vienna. The Department July 18 further said that the
import quotas for these newly-added products are as yet
undetermined, but it is probable that permits will be issued
for the importation of these products up to certain limits
as in the case of goods previously restricted importation.
From the New York "Times" we quote the following
from Vienna July 14:
Although a long list of import prohibitions has already caused a big rise
in prices in Austria, the Government put through another list
to-day that
886
Financial Chronicle
. .
benefits the Austrian peasant but increases the costlof vita, foodstuffs,
including fresh and canned fruits, for the townsman.
11Because of the failure of the delegates to reach an agreement, the AustroHungarian trade treaty will expire to-morrow, throwing the two countries
into a commercial war. The Austrians complain that Hungary refused
concessions for Austrian industrial products, although the balance of trade
is much against Austria. Thus the triangular commercial system among
Italy, Austria and Hungary built up by Italy on secret preferences, collapses
Business in Important Lines of Trade and Industry
in Cleveland Federal Reserve District Showed
Futher Drop During June-Tire and Oil Industries
Increased Abnormally Prior to Effective Date
of New Federal Taxes But Since Then Operationt
Slackened-Conditions in Retail and Wholesale
Trade.
"Although statistical records of business in the Fourth
(Cleveland) District in June revealed a further falling-off in
the more important lines of trade and industry," says the
August 1 "Monthly Business Review" of the Federal Reserve Bank of Cleveland, "replies received in the first half
of July from many correspondents in all parts of the Districs
were more optimistic than for some time.
"A survey of about 3,000 organizations made by the
Banking and Industrial Committee of the Fourth Federa
Reserve District clearly showed than many companies had
recently expanded or resumed operations after shutdowns
of varying lengths, or contemplated such a step in the very
near future. This situation was not to be found in any
particular part of the District nor was it limited to any
specific lines, but was quite general and found to be especially true of small manufacturing concerns." The
Bank continues as follows:
The Committee further found "that there is a vast amount of productive
business available-if banking accomodation can be extended to finance
such productive business." The demands are in no sense in the nature of
capital loans, but "represent a need for current accommodation foilthe
manufacture and sale of normal products, predicated in many instances
upon orders actually in hand."
The survey further revealed that, based on the bank statements of
condition on June 30 1932, there is credit available for use of commerce
and industry, but that "no pronounced improvement can be expected until
and unless there is to some degree an increase in the credit avilable to the
small industries."
Savings deposits at 45 selected banks in the District declined only 0.2%
In June, the gain shown by the 23 Ohio banks being offset by reductions
in western Pennsylvania.
Several lines of activity increased abnormally in June prior to the effective
date of the new Federal taxes. This was particularly true of the tire and
oil industries. Since that time, however, operations have slackened.
Shoe production was up sharply in June and was slightly greater than a
Year ago, though below other recent years.
The basic industry of the District, iron and steel, and construction were
at very low levels in June, and though automobile production was in small
volume, the decline from May was less than is usually shown for that
period.
Declines in the condition of moat agricultural crops occurred in June
as the result of dry weather, but improvement in the late crops followed
the rains. Sentiment in farm communities improved as the price of farm
products advanced, livestock and hog prices being at the highest levels
in nearly a year.
STOCKS OF WHEAT(OLD CROP)IN INTERIOR MILLS AND ELEVATORS
JULY 1.
Stale,
New England
New York
.
New Jersey
Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
Maryland
Virginia
Kentucky
Tennessee
Oklahoma
Texas
Other Southern
Montana
Idaho
Colorado
New Mexico
Utah
Washington
Oregon
California
Other Western
United
states
5-Yr. Aver.
1926-1930.
1930.
177,000
669,000
137,000
1,088,000
852,000
730,000
838,000
642,000
126,000
1,277,000
249,000
822,000
7,776,000
1,175,000
1,370,000
1,406,000
156,000
272,000
176,000
172,000
896,000
226.000
365,000
3,572,000
1,496,000
422,000
71,000
269,000
5.085.000
1,230,000
500.000
212,000
166,000
650,000
135,000
700,000
900,000
800,000
1,360,000
670,000
150,000
1,950,000
400.000
1,170,000
15,800,000
2,150,000
1,400,000
2,200,000
200,000
210,000
180,000
50,000
2,500,000
700,000
350,000
5.450,000
3,000,000
500.000
150,000
375,000
12,000,000
3.000,000
700.000
200,000
34,454,000
60,166,000
1931
(Revised).
.6a
The Bank also had the following to say regarding wholesale and retail trade conditions:
Wheat Stocks in Interior Mills and Elevators July 1
1932.
Stocks of wheat in interior mills and elevators on July 1
1932 are estimated by the Crop Reporting Board to have
been 41,817,000 bushels. Stocks on the same date last
year were estimated to have been 30,252,000 bushels (revised). This report is intended to include wheat stocks in
country elevators and in the smaller interior mills, which
are not included either in the Department's report on stocks
of wheat in 39 markets or the Bureau of the Census report
on stocks of wheat in merchant mills and attached elevators.
The estimate is based largely on reports from about 4,100
interior mills and elevators.
Details by States are shown in the accompanying table:
§§§§§§§§§§§§§§§§§R§§§§§§§§§§§§§
t:dwidedc607dO.i6.45.0
7d,66.:Todeok507.6
rdwi
.Oeo00.40001
44 4oi
As was pointed out last month, demand for tires prior to June 21 assume
record proportions, but, as was expected, a falling-off occurred after that
date.
Sales to dealers for replacement during June were estimated to
be the highest on record, though actual June figures are not yet available.
The decline in sales and shipments since June 21, however, has been less
drastic than was expected, according to reports from some leading manufacturers.
The early June demand assumed such proportions that sales exceeded
production by a good margin and stocks were consequently reduced.
Factory operations were unchanged in June and the first part of July in
order than plant inventories might be replenished. Except for this unnatural spurt, basic conditions in the tire industry are practically unchanged.
May tire shipments, the latest complete figures available from the
Rubber Manufacturers' Association, were considerably higher than for
any previous month back to August 1931. The increase from April was
15.2%, considerably more than seasonal, but shipments were 21% below
May 1931. In the first five months, shpments were off 22.7% from the
same period of 1931.
Production of rubber tires increased 8.6% from April to May, but was
32.7% below May, 1931. In the five-month period production exceeded
shipments by about 9%, but inventories were 9% smaller on June 1 than
a year earlier and were further reduced during the month through the large
June shipments.
Although employment at Ohio rubber factories was unchanged from
June, consumption of crude rubber Was up sharply and was the highest
for any month since May, 1930. At 39,116 long tons It was 34% above the
Despite the fact that imports of crude rubber, which
preceding month.
totaled 41,394 long tons in June, were 28.5% larger than in May, they
were still 9.6% below June, 1931. In the first half of the year imports
were down about 10% from the same period of 1931. With consumption
of crude rubber reduced, however, domestic stocks on June 30, at 345,702
long tons, were 53% larger than a year ago. World stocks of crude rubber
declined 44,000 tons in June, according to reports. Prices of crude rubber
worked slightly higher in the first three weeks of July, but on the latest
date ribbed smoked sheets were only selling for 2.8 cents a pound.
Retail Trade.
Sales at reporting department stores in June declined more than the
usual seasonal amount from May and theladjusted index in the latest
month was only 61% of the 1923-1925 monthly average. The reduction
from June, 1931, was 29.6% in the entire district, a very sizable fallingoff being shown in all principal cities. In the first six months sales were
off 25.8% in dollar volume. According to the Fairchild index, retail
department store prices declined 2.4% in June and on July 1 were 18.3%
below the corresponding date last year.
Wearing apparel store sales were down 27.4% in the first half
-year, the
decline in June from the same month of 1931 being 37%• Furniture
store sales were off 41.5% in June from a year ago.
Chain grocery and drug sales have held up much better, the reduction
In dollar volume at the former being only 7.5% in the first half
-year, while
sales of the latter were down 13%. In June the reductions from the same
month of 1931 were 7.3 and 15.5%, respectively.
The dollar volume of all stocks is down sharply from last year, partly
as a result of price declines, but physical stocks gradually are being reduced. At department stores stocks were 15% smaller at the end of June
than a year ago. Several individual departments show reductions exceeding 30% in the past year. The index of stocks in June was 63% of
the 1923-1925 average.
The percentage of total June sales for cash was greater than in the same
month last year by 5% and the ratio of installment to total sales was
slightly smaller than in June, 1931.
With sales down, accounts receivable also have declined, but the reduction is smaller than in total sales. The ratio of collections in June on at,
counts receivable at the beginning of the month was 8.4% smaller this
year than in 1931.
Wholesale Trade.
Sales of wholesale drugs and groceries in this district in June increased
contrary to the seasonal change shown from May to June in most preceding
years.
Compared with June, 1931, however, sizable reductions were
shown in the dollar volume of all reporting lines. Dry goods sales were
43% smaller in June and down 37% in the first six months from similar
periods of last year. June sales were only 28% of the 1923-1925 monthly
average.
Grocery sales were down 16.8 and 20.9%, respectively, in June and the
first six months. Hardware sales were off 21% in June and 24% in the sixmonth period and were only 52% of the three-year average.
Drug sales were 10% smaller in June than a year ago and off 13% in
the first half4ear. They were 80% of the monthly average of the three
years 1923 1925, considerably above the level of the other three reporting
lines.
CONNPVWW00.M.0..t0.30.0.0.040100e4.00
4..0.0QC4N.OWV..OMM
.
03
In reviewing the rubber and tire industry in its District
the Bank said as follows:
Aug. 6 1932
30,252,000
1932.
112,000
670,000
150,000
800,000
1,565,000
2,050,000
1,600,000
850,000
111,000
1,270,000
730,000
1,440,000
2,887,000
566,000
2,545,000
6,323.000
100.000
365,000
150.000
120,000
2.377.000
1.800,000
274,000
750,000
1.850,000
2,000,000
130.000
400,000
5,000,000
2,400,000
365,000
167,000
41,817.000
Weekly Reports on Stocks of Grain in Toledo Warehouses Discontinued-National Milling Company
Said to Have Vvithheld Figures.
The following Associated Press adviees were reported from
Toledo, Aug. 1:
Weekly reports on stocke of grain in Toledo warehouses have been
discontinued.
W. A. Boardman, Secretary of the Toledo Board of Trade, stated to-day
that the Toledo figures could not be compiled due to the refusal of the
Financial Chronicle
Volume 135
National Milling Co., which owns 60% of the grain warehouse capacity
here, to furnish its usual weekly report. No reason for the refusal was
announced.
Harold Anderson, manager of the National Milling Co., a subsidiary
of the National Biscuit Co., said that he had no statement to make.
The Toledo figures on grain stocks have been furnished by the Toledo
Board of Trade to the Chicago Board of Trade, which compiles weekly reports
as a courtesy to agricultural, milling and grain processing industries.
With the Toledo figures omitted comparisons with previous years will be
misleading, grain men here pointed out.
Domestic Exports of Canned and Dried Foods in
June and the First Half of 1931 and 1932.
The report of the exports of canned and dried foods,
released by the Department of Commerce at Washington
on July 26 covering the month of June and the six months
period ended with June for the years 1931 and 1932, is
given in full below:
DOMESTIC EXPORTS OF CANNED AND DRIED FOODS.
MonIh of June.
1931.
Beet, canned, lbs
Value
Sausage, canned. lbs
Value
Milk. condensed (sweetened), lbs_
Value
Milk. evap.(unsweetened), lbs
Value
Salmon, canned, lbs
Value
Sardines, canned. lbs
Value
11.8.1811:18, lbs
Value
Apples, dried, lbs
Value
Apricots, dried. lbs
Value
Peaches, dried, the
Value
Prunes. dried, lbs
Value
Apricots, canned, lbs
Value
Peaches, canned, lbs
Value
Pears, canned, lbs
Value
Pineapples, canned, lbs
value
153,050
547,932
65.073
$16,460
1,372,487
$245,643
5,023,652
3403.789
677,633
$65,899
3,749,807
$256,567
5,436.800
$342.566
639,760
$56,313
183,373
518.033
89.773
$7,087
8,742,260
$379,535
1,678,866
$124,804
5,471,485
$381,017
5,949,931
$435,166
1,702.198
$145,284
1932.
6 Months Ended June,
1931.
71,193
861,868
518,731
$315,834
55,379
540.287
$11,233
$138,302
613.528 10,820,664
$96,462 $1.880,934
2,993,851 29.527,494
5182,505 52,508,179
1,895,700 6,583,914
$214,049 $1,050,091
1.909,323 31,879.552
$111,787 $2,019,183
4.907,383 42,303.162
$298,400 52,339,075
1,777,790 14,793,528
862,333 31,357.512
1,027.504 6.078.482
$84,789
$728,848
178,522 2,927.894
$15,900
8235.369
9,354,817 111,500,039
$325,803 $4,914,668
2,528,416 7,899.671
8162,251
8669,930
5,291,769 34.440.380
$345,559 $2,684,192
2,466,201 40,473,888
8187.756 $3,074,918
930,799 12.254,938
$08,254 51,127,538
1932.
519.556
8133.058
557,915
5117,098
8.036.670
31,332,535
22,805,995
51,577.123
5,871,994
$727.506
14.659,118
$861.810
28,762,932
$1,771,256
9.990,103
$659,527
7,153,692
$619,379
2,025.321
8147.612
97.634.806
$3,559,608
8,424.197
3566.611
23.878,688
$1,541,810
26,764,797
$1,827.048
8,702,357
8597,655
1,295,246
544,363 8,413,002 6.285,010
Total canned meats,lbs
Value
$431,084
5116.063 33,033,869 $1,323,274
Total dairy products, Ms
7,873.895 4,258,905 50,759,699 35,113.230
Value
$422,349 $66,162.300 $3,858,933
$902.296
Total canned vegetables, lbs -_
5.025,055 3.495,895 23.369,505 14,765.451
Value
$597,206
$3338,968 $2,426,403 $1,434,367
Total dried & evap.fruits, lbs_...._ 15,850,640 17,118.650 187,216,023 152.665.418
Value
5852,463
5816,209 510,230.511 57,164.132
Total canned fruits. lbs
20,641.512 16.583,090 129,460,476 97,064,497
Value
$1.699.131 51,272,880 810,936.278 38.023.840
Petroleum and Its Products-Illegal Production in
East Texas Field Holds Attention - Agreement
Reached on New Kettleman Hills Area-Prices
Steady on Crude Throughout Country.
Illegal production of crude oil in the East Texas field is
engrossing the attention of the industry and steps are being
urged to wipe out this practice which, if allowed to continue,
presents a serious menace to the general petroleum situation
and threatens-to undo much that has been accomplished in
bringing the petroleum industry back to an equitable basis
of production and distribution.
The Texas Railroad Commission has reduced the per well
allowable in Easti Texas to 44 barrels a day, but despite the
restrictive measures adopted by the Commission it is an
open secret that a volume of illegal production sufficient to
affect the National market is daily being transported from
the field. The per well allowable is getting to such a low
point that there is considerable complaint being made by
operators to the effect that profitable conduct of their
properties is not possible, despite the fact that this curtailment serves to maintain crude prices. The new allowable
means that the average gross income per well amounts to
approximately $40 a day, and in many instances the overhead of operation is more than this amount.
The State authorities have been publicly called upon to
take steps to remedy the illegal production evil, and
legitimate companies have been asked to co-operate in a
movement to clear up the trouble. This crude is being sold
at regularly posted prices, and is depriving legitimate production of its outlet.
Reports received from the Pacific coast yesterday brought
word of an agreement reached by oil and gas permittees
holding land in the south dome of Kettleman Hills whereby
unitization will be practiced if deposits of oil and gas are
discovered. This agreement is the result of negotiations
initiated by Secretary of the Interior Wilbur.
The area comprising south dome is in the same vicinity
as the rich north dome deposits, which is now being operated
under the unitization plan, whereby operators unite on
887
production costs and divide pro rata the flow, eliminating a
large part of the cost of production.
Production throughout the country showed a slight decrease last week, and the general situation is declared to be
most favorable. Prices have been firmly maintained, although no increases have been posted. The Mid-Continent
schedules are being adhered to, and the question of higher
price postings apparently abandoned for the time being.
Prices of Typical Crudes per Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
$2.02 Eldorado, Ark. 40
Bradford, Pa.$0.78
83
Corning, Pa.------ 1.05 Rusk, Texas, 40 and over
.80 Salt Creek, Wyo., 40 and over .94
Illinois
.90
- .90 Darst Creek____________
Western Kentucky-------Midland Dist., Mich.__
.85
Midcontinent, Okla., 40 and
1.00 Sunburst, Mont.__ ____________ 1.05
above
Hutchinson, Texas, 40 and over .78 Santa Fe Springs, Calif.,. 40
1.00
and over
Spindleto, Texas, 40 and over .78
1.00
Winkler, Texas__________________ .86 Huntington, Calif., 26
1 75
Smackover, Ark., 24 and over .77 Petrolia, Canada
REFINED PRODUCTS - CHICAGO GASOLINE MARKETS
.
WEAKEN-REDUCTION OF CRUDE RUNS HELD NECESSARY FOR CONTINUED PRICE STRENGTH IN OPEN
MARKETS
-JOBBING DEMAND SATISFACTORY IN EAST.
Although refined products markets along the Eastern
Seaboard were well sustained during this week, the Chicago
market showed signs of weakening under the strain of
jobbing inactivity. Bulk gasoline prices in Chicago are
being held at steady levels, but there is an undercurrent of
rumor concerning impending price cuts which is serving to
encourage the jobbers who have withdrawn from the open
markets in an effort to bring such action about.
One feature of the Chicago situation which would serve to
avoid any sharp break is the fact that the great bulk of
gasoline stocks is held by the larger companies, who are more
likely to withstand such tactics, and thus prevent the glutting of the market with distressed stocks. Jobbers have
been holding their purchases down to lots of two or three
ears for the past month, and several weaker holders are
finding iii difficult to withstand the urge to cut prices and
rid themselves of stocks.
Gasoline consumption figures for the month of June are
expected to show a decline of almost 15% as compared with
last year, and trade leaders now feel that continuation of the
present satisfactory price structures depends in great part
upon the ability of refiners to cut their runs of crude to
stills to a point where storage volume will not mount unduly.
It is pointed out by conservative leaders that the present
Chicago situation places emphasis upon their recent warnings
that failure to curtail refinery operations would serve to
demoralize not only the market for crude, but for all refined
products as well.
Gasoline prices in the East have been firm, with few
reports of price shading. The higher grades are in steady
and consistent demand, while what weakness there is seems
to be confined to the lower grade products.
Large industrial consumers are completing the placing of
contracts for their winter requirements of heating oils, and
this activity has served to strengthen this branch of the
market. Grade C bunker fuel oil continues with posted
prices unchanged at 850. a barrel,in bulk at refinery. Some
price shading was reported earlier in the week on bunker,
but not of sufficient proportion to affect the general market.
There has been a slight betterment in the kerosene situation. Demand has not increased to any great extent, but
a freshening of inquiries is generally noted. Refiners hold
to their posting of 53/2c. a gallon, tank car, for 41-43 water
white.
Warnings of a gasoline "price war" in several boroughs of
New York City have been received. Independent dealers
are said to be the instigators of the move, planned to bring
about a cut in the tank wagon prices which, they claim,
now allow them a profit spread of but 3e. a gallon, out of
which must come overhead charges, resulting in a net
profit of about le. a gallon to the dealer.
No price changes were posted this week.
Gasoline. Service Station, Tax Included
New York
$ 135 Cleveland
$.185 New Orleans
3.128
.195 Denver
Atlanta
20 Philadelphia
14
Baltimore
.184 Detroit
13 San Francisco
Boston
16 Houston
17
Third grade
16
.175 Jacksonville
Buffalo
19
Above 65 octane- .18
.17 Kansas City
Chicago
.21
.155
Premium
Cincinnati
185 Minneapolis
.144
.167 St.Louis
Kerosene, 41-43 Water White, Tank Car Lots, F. 0. B. Refinery.
N.Y.(Bayonne).- 0534 Chicago
5.02%-.03li i New Orleans,
03
Los Angeles.
North Texas
ex
30.0334
ex
Tulsa
.0434-.0334
.o4(
-.o6
Fuel Oil F.0. B. Refinery or Terminal
N.Y.(Bayonne)
California 27 plus D
Gulf Coast C
$ 70
Bunker C
$0.85
3.75-1.00 Cbleatto 18-22 D
1.65 New Orleans0
Diesel 28-30 D.
.60
.4234-.5o
Philadelphia C
L.70
Gas Oil. F.0. B. Refinery or Terminal
N.Y.
(Bayonne)
Chicago'Tulsa
28 plus 00-3.033j-.04 824600
8.014 I
0134
888
Financial Chronicle
Gasoline, U. S. Motor, Tank (Above 65 Octane), Car Lots,
F. 0. B. Refinery.
N. Y.(Bayonne)N. Y.(Bayonne)Chicago __
Standard Oil, N. J.Sinclair
5.0731 New Orleans,
Motor, 60 ocPan-Am. Pet. Co._ .06
ex
.05-.053I
tane
5.0831
Shell Eastern
Arkansas ____
.04-.0431
Motor, 65 ocPet
.05-.07
0731 California____
tane
.0831 New YorkLos Angeles,
Motor, stand.0431.07
Colonialex •
ard
0531
Beacon
5.0831 Gulf Ports __.05-.05K
Stand. Oil,
Crew Levick
.06
OS K Tulsa
N. Y
**
zTexas
.05%
.0831 Pennsylvania_
Tide Water
Gulf
.0831
011 Co
.0831
Continental
.083.1
Richfield 011
Republic 011
* 08
(cal.)
.0835
Warner-Quinn.
Co
0831
•Below 65 octane. z 'Fire Chief" .0831.
•* Standard Oil of N. Y now quoting on basis of delivered price not more than
Sc. per gal, under company's posted service station price at point and date of delivery but in no event less than 835c. a gal., f.o.b. New York Harbor, exclusive
of Cane.
Crude Oil Production Resumes Downward Trend.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States
for the week ended July 30 1932 was 2,137,500 barrels, compared with 2,205,850 barrels for the preceding week and
2,500,650 barrels for the corresponding week last year.
The daily production for the four weeks ended July 30 1932
averaged 2,162,700 barrels.
Reports received for the week ended July 30 1932 from
refining companies controlling 95.1% of the 3,852,000 barrel
estimated daily potential refining capacity of the United
States, indicate that 2,175,300 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,
38,158,000 barrels of gasoline and 132,600,000 barrels of
gas and fuel oil. Gasoline at bulk terminals amounted to
15,040,000 barrels and 2,358,000 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 458,900
barrels daily during the week.
The complete report for the week ended July 30 1932
flows in detail:
DAILY AVERAGE PRODUCTION OF CRUDE OIL.
(Figures in Barrels.)
Week
Ended
July 30
1932.
Total
Average
4 IVeeks
Ended
July 30
1932.
Week
Ended
Aug. 1
1931.
394,550
96,550
56,850
49,950
24,250
178,300
57,950
330,600
57.000
29,900
34.150
120,150
31,630
103.950
18,350
38,200
7,700
2,850
35,900
469,200
Oxfah01318
rfans ks
Panh indle Texas
North Texas
West Central Texas
West Texas
East -'entral Texas
East Texas
South west Texas
North Louisiana
Arka LEIM
Coast al Texas
Coast al Louisiana
Easte as (not including Michigan)
Mich gan
Wyo sing
Mont ma
Color glo
New Kexico
California
ilieek
Ended
July 23
1932.
454.455
96,550
53,850
49,600
24,550
177,500
57,550
345,500
58,000
29,900
34,150
116,900
32,450
103,600
18,850
35,900
7,700
2,850
36,100
471,900
420,000
96.350
53.700
50,000
24,550
178.450
57,350
337.350
55,950
29,700
34,150
118,650
31.600
103,250
19.000
36,250
7,550
2,850
35.950
470,030
425,250
99,750
54,350
56,700
28,150
201,700
52,350
597.550
58.000
32,350
38,650
130.700
21,800
100.700
7,850
36.650
8,050
4,200
43,700
504.200
2.137.500 2.205.850 2,700,126 2,500.650
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS AND GAS AND FUEL
OIL STOCKS, WEEK ENDED JULY 30 1932.
(Figures in barrels of 42 gallons).
District.
Daily Refining Capacity
of Plants.
Crude Runs
to Stills.
Reporting.
Potential
Rate.
Daily
Total.
% Average.
East Coast
633,700 633,700 100.0 450,300
A ppalachlan _ __
. 149,600 137.400 91.8
93,000
Ind., Ill., Ky.. 436,300 431,500 98.9 288,400
Okla..Kans.,Mo. 485,700 435,200 89.6 205,300
Inland Texas
305,700 233,900 78.5 102,700
Texas Gulf
532,500 531,500 99.8 408,400
Louisiana Gulf
147,500 147,500 100.0
99,300
No. La.
-Ark__
. 85,600
83.000 97.0
41,600
Rocky Mountain 160,900 143,800 89.4
41,700
California
914,500 884,100 96.7 444.600
%
Opelaged.
a Volor
Fuel
Stocks.
Gas and
Fuel Oil
Stocks.
71.1 19,405,000 8,107,000
67.7 2,268,000 1,174,000
66.8 8,045,000 4,363,000
47.2 5,257,000 3,400.000
43.9 1,608.000 2,312.000
76.8 5,158.000 8,441,000
67.3 1,710,000 4,697,000
223,000
678.000
50.1
621,000
29.0 1,844,000
50.3 15,654,000 98,807,000
Total week:
July 30 1932_ 3.852.0003.661,600 95.1 2,175,300 59.4 61.172.000 132,600,000
JulY 23 1932- 3.852.000 3.681.600 95.1 2 201 4nn 81.8 62.455.000 132.210.000
a Below is set out an estimate of total motor fuel stocks on U. S. Bureau of Mines
basis for week of July 30 1932 compared with certain July 1931 Bureau figures:
A.P. I. estimate B. of M. basis week July 30 1932.b
62,840,000 barrels
U. S. B. of M. motor fuel stocks July 1 1931
60.165,000 barrels
U. S. B. of M. motor fuel stocks July 31 1931
56,265.000 hernia
b Estimated to permit comparison with A. P. I. Economics Report which is on
Bureau of Mines basis.
Increase in Leather Prices-Tanners Follow Advance
in Hides but Increase Slows Sales Somewhat.
The Bston News Bureau of July 27 reported:
On advance in hides, tanners and jobbers have marked up sole and
upper leather. Increases have somewhat slowed sales, which took quite
a spurt from July 1 on.
U. S. Leather Co. recently marked up sole leather full cent a pound,
average increase of around 5%, and % cent on offal. The latter has had
two or three advances from the low and is now up about 20%.
Aug. 6 1932
American Hide & Leather Co. advanced calf leather of lower grades
1 cent a foot, and made similar advances on some side and patent
leather. Increases range between 5% and 10%.
Substantial quantity of hides sold last week at % cent advance.
United Press advices from Peabody, Mass., published in
the "Wall Street Journal" of July 27, stated:
•
Leather
full time,
for many
suede calf
Increasing
manufacturing is picking up briskly, with several tanneries on
a few on overtime, and the unemployment problem easier than
months. Among the tanneries on overtime are those making
for women's shoes. The lamb skin tanners also are getting an
volume of business.
Oil Demand Up from 1929 While Crude Prices Lag.
Comparison of the 1932 position of the oil industry with
1929, the peak business year, indicates improvement in
every statistical respect with the exception of the price of
crude, according to the T. S. Hose report on the oil situation.
The following table of the first six months of 1932 compared with the first six months of 1929 shows the interesting
figures:
1st Sir Months of 1932 as Compared With Same Period of 1929.
Wells drilled
1,200 less
Down 20%
Production
80,000,000 bbls. less
Down 17%
Runs to stills
60,000,000 bbls. less
Down 12A %
Imports
14,275,000 bbls. less
Down 35%
Exports
2,889,000 bbls. more
Up 22
Stocks of crudo
50,000.000 bbls. Ices
Down 12j.%
Price of crude
53c. a bbl. less
Down 36%
Demand for gasoline
7,307,000 gal. snore
UP 431%
Stocks of gasoline at refineries
2,617,000 bbls. less
Down 6%
"This comparison is made between 1929 and 1932 as the first six months of
the former year were probably the general business peak and the first six
months of 1932 were, we hope, the all-time low," says the review. These
figures prove conclusively that the growth of the use of petroleum products
for various purposes has increased regardless of general economic conditions.
They further clearly show that the industry as a whole has nothing to fear
but temporary setbacks if it continues to keep supply below demand.
Demand for petroleum and Its products will grow as the country grows.
Increased Activity in Copper and Zinc-Lead Sales for
Week in Good Volume.
Business booked in copper, load, and zinc was well above
the average during the last week, each of the itoms named
accounting for a volume that either approached or exceeded
the 5,000-ton mark. So far as prices woro concerned, the
week witnessed an advance in both load and zinc: copper
showed scarcely any change domestically, but advanced in
the foreign market. Predictions of higher prices for copper
appearing in th daily press naturally made consumers somewhat nervous, but it appears that most of this gossip originated in the Wall Street district. Fabricators report a little
better demand for copper products. Wire mills have experienced more buying interest than brass makers. Tin
was firm on the absence of any selling pressure. In minor
metals, further unsettlement was reported in quicksilver.
"Metal and Mineral Markets" after commenting as above
goes on to say:
Interest In Copper Revives.
Inspired no doubt by the more encouraging trend in
both commodity
and security markets, interest In copper is slowly reviving.
Sales for the
period were not particularly large, but well above the
weekly average
established so far this year. Inquiry was chiefly for
distant deliveries.
and on this class of business sellers had no difficulty in
securing 5.25c.,
delivered Connecticut. Several lots of August shipment
copper camo
on the market during the week and were disposed of at 5.125c..
Connecticut
basis, a new all-time low on transactions booked by
first-hands. On
forward material, however, the market presented a
steady appearance.
Talk of higher prices made the rounds of the trade,
some of the gossip
naming 7c. as the goal to be attained in the next two
months. Pool operators are busy in copper shares, and much of the bullishness
could he traced
to such sources. However, quite a few identifled with the
copper industry
believe that even a moderate expansion in general business
activity would
certainly result in a firmer market.
The foreign market steadied appreciably in the last
week. Yesterday
several lots brought as high as 5c., c.i.f. usual European
ports, a net gain
from the recent low of about ono-half cent. European
consumers are not
at all well supplied with copper. In the opinion of traders,
and on any
signs of a more orderly market they can be counted upon to
take on a fair
tonnage of the metal. Sellers associated with Copper
Exporters raised
their quotation to 5.10c., c.i.f., on Tuesday, but this price
was a little
above the going market and attracted no buyers.
Offerings of copper by
the export group were
moderate throughout the week.
Effective Aug. I all imports of metals into France, including
copper, will
be subjected to a duty of 4%. As a result of a trade
agreement, copper
shipped into France from Belgium will be assessed at the
rate of only 2%.
This will give liatanga a slight advantage in dealing with
French consumers. At current prices, the net gain to Belgian sellers will
amount to
about 10 points. Developments at Ottawa are being
followed with groat
Interest. Empire producers of copper are said to be divided in
their views
regarding the need of a British tariff.
Foreign Copper Price Higher.
The price of copper in foreign markets continued to improve on August 5 with quotations for countries other than
France based upon 5.20 to 5.25 cents a pound, c. i. f.,
Hamburg and London. Prices in France are based upon
5.25 cents, IIavre, says the Now York "World-Telegram"
of last night, (August 5), which adds:
To-day's (August 5) price represents an advance of virtually Y/
cents a
pound from the low abroad, reached about two weeks, and compares
With
Price of Zinc at East St. Louis Higher.
The price of zinc advanced 5 points on August 5 to 2.80
cents a pound, East St. Louis, for nearby delivery and
August, and 2.85 cents a pound for September.
Price of Cement Raised in South.
The price of portland cement was advanced by manufacturers in the Birmingham, Alabama, district, 40 cents a
barrel, it was announced yesterday (August 5). The district
has six mills, one of which is in full operation, two on partial
schedule and three closed down.
Ingot Production Again at New Low.
The American Iron & Steel Institute in its latest monthly
report of steel ingot production places the output of all companies in July at 792,533 tons, the lowest ever recorded.
In the previous month the figure was 897,275 tons and that
was the lowest over reported up to that time. In July 1931
the calculated output of all companies was 1,887,580 tons,
more than double the amount in the present month, although
production was far from being at a high rate even then.
The approximate daily output for the 25 working days in
July was 31,701 tons, while in June in which there were
26 working days, daily output approximated 34,511 tons
and in July 1931, also with 26 working days, the average
daily production was 72,599 tons. Below we furnish the
figures by months since January 1931:
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1931 TO JULY
1932
-GROSS TONS.
Reported by companies which made 95.33% of the open-hearth and Bessemer
steel ingot production In that year.
7 moo.. _
August_....
Septembr
October.. _
November
December
Total_ _
1932.
January
February.
M arch .. ...
April
Slay
June-July
296,620
296,974
346,137
318,668
301,639
246,365
225,0'0
2,394,795
2,428,053
2,911,668
2,637,711
2,432,444
2,028,372
1,799,409
2,512,140
2,547,027
3,054,339
2,766,959
2,551,633
2.127,762
1,887,580
27
24
26
26
26
26
26
14,603,019 2,029,433 16,632,452 17,447,440 181
93,042
106.126
117.475
106,421
98,140
81,837
72,599
43.80
49.96
55.30
50.09
46.20
38.52
34.17
96,395
45.37
26
26
27
25
26
66,032
59,439
58.896
63,666
50,047
31.08
27.98
27.72
29.97
23.56
21,004,543 3,011,394 24,015,937 25,192,715 311
81.006
38.13
1,462,254
1.274,072
1,319,958
1,276,855
1,068,384
1,230,661
1,232.568
1,149,307
1,036,227
950,785
755,123
652,650
174,380
199,151
195,943
240,441
172,048
160.633
157,067
193,944
144,197
103,1193
100,249
102,872
1,636,634
1,473,223
1,515,901
1,517,297
1,240,430
1,391,294
1,389,635
1,343,251
1,180,424
1,054,378
855,372
755,522
1,716,829
1,.545,411
1,590.180
1,591,644
1,301,211
1.459,450
1,457,710
1,409,054
1.238,250
1,106,030
897,275
792,533
26
'25
27
26
26
26
25
56.133
58,308
52,187
47,625
42,540
34,511
31,701
a OiO t3 ace,
May
June
July
2,098,175
2,131,079
2,565,531
2,321,043
2,130,805
1,782,007
1,574,379
am,In2wom
1931.
January__
February_
March.._
April
OpenHearth.
Monthly
Calculated No.of Ayproz. Per
Output
Monthly Work- Daily
Cent.
Bessemer. Companies Output AU my
Output OperaReporting. Companies. Days. All Cos. tion.a
962,555 7.969.876 8.360.302 181
7 moo.... 7.007,321
46.190 21 fui
a The figures of "per cent of operation" are based on the ann ml capac ty as of
Dec. 31 1931 of 67.473,630 gross tons for Bessemer and open-hearth steel bigots.
July Pig Iron Output Declined 11.8%.
Production of pig iron in July was 572,296 gross tons,
compared with 628,064 tons in June, according to returns
gathered by telegraph and telephone by the "Iron Age."
The loss in the daily output of July from June was 11.8%,
or from 20,935 gross tons in June to 18,461 tons in July.
The percentage loss in the daily output of July from June,
however, was less than the loss of June from May. The
June loss was 17%. The "Age" further reports as follows:
The number of furnaces in operation on Aug. 1 was unchanged from the
46 active on July 1, although the operating rate of the 46 furnaces on Aug. 1
was 17,525 tons, against 18,955 tons on July 1. Five furnaces were placed
In operation during July and five were blown out or banked. Of the ones
blown in, two belong to the Steel Corp., two are merchant units and one is
furnaces blown out or banked
an independent steel company stack. Of the
two are Steel Corp. units, two are independent steel company units and
unit.
one is a merchant
In the Pittsburgh district the Carnegie Steel Co. blew in a Carrie furnace
and the Davison Coal & Coke Co. blew in its Neville Island furnace. The
Ferromanpanese.y
Pip Iron.x
1932.
1931.
1,714,266
1,706,621
2,032,248
2,019.529
1,994,082
1,638,627
972,784
964.280
967,235
852,897
783,554
628,064
14,251
19,480
27.899
25,456
23,959
11,243
11.250
4,010
4,900
481
5,219
7,702
11,105,373
1,463.220
1,280.520
1,168,915
1,173,283
1.103,472
980,376
5,168.814
572,290
122,288
17,776
12,482
14,393
14,739
14,705
15,732
33.562
2,299
1931.
January
February
March
April
May
June
Half year
July
August
September
October
November
December
1932.
212,115
18,275.165
Year
I These totals do not include charcoal pig iron. The 1930 production of this
Iron was 96,580 gross tons. y Included in pig Iron figures.
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS
-GROSS TONS.
tierSteel
Works. chants.5 Total
1930January
February
March
April
May
June
July
August
September
October
November
December
1931January
February
Wren
A nr11
71,417
81,450
83,900
85,489
84,310
77,883
66.949
64,857
63,342
57,788
49,730
40,952
19,762
19,810
'20,815
20,573
19,973
19,921
18,197
16,560
13,548
12,043
12,507
11,780
45,883 9,416
49,618 11,332
54.975 11,481
An 378 13.439
CrIMM-AMWOQOp0=
Lead Price Advanced to 3.10 Cents a Pound at New
York-St. Louis Price 2.85 Cents.
The American Smelting & Refining Co. advanced the
price of lead from 3 cents a pound to 3.10 cents on August
5, at New York. The 3 cents price was in effect since
Augait 4, at which time the price was advanced from 2.95
cents. The St. Joseph Lead Co., the principal seller in the
St. Louis market, increased its price on August 4 to 2.85
cents, which represents an advance of 5 points.
W - ..101.3 1.41.,WoosI4Wio
c
. high of 5.10 Cents August 4.
August 4 at 5 cents.
In the domestic market the inquiry is active although buying remains
small. All sellers are quoting a prico of 5.375 cents a pound, delivered to
the end of December.
Youngstown Sheet & Tube Co. put on a Hubbard furnace, National Tube
Co.. one at its Lorain works, and Pickands, Mather & Co.. one Toledo
furnace, Republic Steel Corp. took off a Donner furnace and the TrumbullCliffs furnace. The Illinois Steel Co. banked two furnaces at its South
Chicago works, and the No. 2 City furnace of the Sloss-Sheffield Steel &
Iron Co. was blown out or banked.
PRODUCTION OF COKE PIG IRON AND OF FERROMANGANESE.
(Gross Tons.)
M05.00,
-4UTOVI
Some copper, however, was available
Month.
889
Financial Chronicle
Volume 135
Steel
iferWorks. chants.* Total.
1931
May
.1une
July
August
September
October
November
December
1932
January
February
March
I prIl
May
June
July
51,113 13,212 64,325
43,412 11,209 54,621
35,189 12,012 47.201
31,739 9,569 41.308
29,979 8,985 34,964
30,797 7,051 37.848
31.024 5,758 36,782
24,447 6.778 31,625
25,124
25.000
24.044
23,143
20.614
14,845
15,132
6,256
7,251
7.157
5,287
4,658
6,090
3,329
31,3E0
33.251
31,201
28,430
25,276
20,935
18,461
• Includes pig iron made for the market by steel companies.
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
-GROSS TONS.
STATES BY MONTHS SINCE JAN. 1 1927
1927.
January
February
March
April
May
June
First six months
July
August
September
October
November
December
12 mos.' Elven-we
1928.
1929.
1930.
1931.
1932.
100,123
105,024
112.366
114,074
109,385
102,988
107,351
95,199
95,073
92,498
89,810
88,279
86,960
99.266
92,573
100.004
103,215
106,183
105,931
102.733
101,763
99,091
101,180
102,077
108,832
110.084
104,705
103.382
111,044
114,507
119,822
122,087
125,745
123,908
119.564
122.100
121,151
116,585
115,745
106,047
91.513
115.851
91,209
101.390
104.715
106.062
104.283
97,804
100,891
85,146
81,417
75,690
69,831
62,237
53,732
86,025
55.290
60.950
65,556
67,317
64,325
54,621
61,356
47,201
41,308
38,964
37,848
36,782
31,625
50,069
31,340
33,251
31,201
28,430
25,270
20.935
28.412
18.461
-------
Steel Production Shows a Slight Falling Off-Operations Now at About 15% of Capacity-Steel Scrap
Price Declines-Pig Iron Output Lowest Since 1896.
Notwithstanding such unfavorable factors as a further
decline of 11.8% in pig iron production in July, a drop in
steel ingot output this week to about 15%, a recession in
the price of heavy melting steel scrap at PittsbUrgh, a further
falling off in automobile production, and the failure of steel
and pig iron bookings to show any noticeable change for the
better, sentiment in the iron and steel industry remains
buoyant, reports the "Iron Age" of Aug. 4, which further
states:
August is being generallY discounted as a month in which little or no
change can be expected, and eyes aro turned toward Septemb,r t.rd the
fourth quarter. Within the iron and steel industry there are very few
developments which can be counted upon as indicating a turn in the tide,
and, as a matter of fact, the industry is deriving most of its feeling of hopefulness from influences outside its own immediate sphere, such as the rise
In prima of securities, improvement in the credit situation, continued
strength in some farm products, and the absence of pessimistic forebodings.
On the constructive side, so far as the immediate future of the iron and
steel industry is concerned, are the gains being made by the oil industry.
which have already resulted in a little more liberal buying; the plan mentioned by the -Iron Age" a week ago to induce the railroads to undertake
a large program of equipment rehabilitation, which has been given official
recognition in a statement Issued by President Hoover, old the effort that
is being made to hasten the starting of construction work that will be
financed by the Reconstruction Finance Corporation. The steel industry
well realizes the element of time necessary to the consummation of such
plans and therefore does not count upon much in the way of concrete
results before September at the earliest.
Though the rate of production in the automobile industry is declining,
a condition that is reflected In steel orders, there is a possibility of a fall
pick-up as a result of preparation of now models. The retail sales outlook
appears to be somewhat more promising because of rising confidence.
Tin plate output has been reduced to less than 40%. Sheet, strip and
bar mill units are also running at lower rates, chiefly because of smaller
specifications from automobile manufacturers.
July was one of the poorest months en record in structura steel. Total
lettings, as compiled by the "Iron Age," were only 44,200 tons, and In
guides were for no more than 50.000 tons. The past week's total in new
contracts was 16.300 tons, including 7,800 tons for a section of the West
Side elevated highway in New York.
A decline in the steel ingot output rate this week to 15% from 16%.
where it has stood for three weeks, is partly attributable to a rather sharp
Financial Chronicle
"IRON AGE" COMPOSITE PRICES.
Finished Steel
Aug. 2 1932, 1.976c. a Lb.
iBased on steel bars, beams, tank plates,
One week ago
1.9760. wire, rails, black pipe, sheets and hotOne month ago
1 976c. rolled strip. These products make 85%
2 014e.j of the United States output.
One year ago
Lozo
High
1.9280. Feb. 2
193°
1 976e. June 23
1.9450. Dec. 20
2.0370. Jan. 13
1931
2.0180. Dec. 9
2.273c. Jan. 7
1930
2.2730. Oct. 29
2.3170. April 2
1929
2.217c. July 17
2.286c. Dee. 11
1928
2.212o. Nov. 1
2 4020. Jan. 4
1927
Pig Iron
Aug. 2 1932, $13.76 a Gross Tom.
Based on average of basic Iron at Valley
One week ago
$13.76 furnace foundry irons at Chicago,
Philadelphia, Buffalo. Valley and Blr13.76
One month ago
mingham.
15.54
One year ago
Low
High
$13.76 July CI
1932
614.81 Jan. 5
15.79 Dec. lb
1931
15.90 Jan. 6
15.90 Dec. 16
1930
18.21 Jan. 7
18.21 Dec. 17
1929
18.71 May 14
17.04 July 24
1928
18.59 Nov. 27
17.54 Nov. 1
1927
19.71 Jan. 4
Steel Scrap
Aug. 2 1932, 56.50 a Gross Ton.
Based on No. 1 heavy melting steel quoOne week ago
56.53 tattoos at Pittsburgh, Philadelphia
One month ago
6.42 and Chicago.
One year ago
9.42
Low
Mph
1932
$6.42 July 5
$8.50 Jan. 12
1031
7.62 Dec. 29
11.33 Jan. 6
11.25 Dec. 9
1930
15.00 Feb. 18
14.08 Dec. 3
1929
17.58 Jan. 29
1928
13.03 July 2
16.50 Dec. 31
13.08 Nov. 22
1927
15.25 Jan. 11
"Steel" of Cleveland, in its summary of the iron and steel
markets, on Aug. 1 stated:
Production of Bituminous Coal and Pennsylvania
Anthracite Continues to Show an Increase Over
the Preceding Week, But Is Still Below the 1931
Figure.
According to the United States Bureau of Mines, Department of Commerce, there were produced during the week
ended July 23 1932 a total of 4,360,000 net tons of bituminous coal and 706,000 tons of anthracite as compared
with 4,155,000 tons of bituminous coal and 597,000 tons of
anthracite in the preceding week and 6,755,000 tons of
bituminous coal and 881,000 tons of anthracite in the
corresponding period last year. The report of the Bureau
follows:
Production of coal increased during the week ended July 23 1932. The
total output of soft coal, including lignite and coal coked
at the mines, is
estimated at 4.360.000 net tons. This is an increase
of 205,000 tons, or
4.9% over the preceding week, and compares with 6,755.000 tons produced
during the week in 1031 corresponding with that of
July 23.
The increase in production of I'ennsylvania anthracite
was more marked
than that of bituminous. The total for the week is estimated at 706.000
tons, a gain of 109,000 tons, or 18.3% over the
output in the week of
July 16.
The total production of beehive coke during the
week ended July 23 is
estimated at 8,600 tons. This compares with
9,600 tons produced during
the preceding week, and 16,200 tons during the
week of 1931 corresponding
with that of July 23.
ESTLMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (Net Tons)
Week Ended
July 23
1982e.
July 18
1932c1,
Calendar Year to Dale.
July 25
1931.
1932.
1929.
1931.
Bituminous
Coal a
Weekly total_..4.380,0004.155.0006.755.000 157, .000211,864,000 288,181,000
664
Daily average_. 727,000 693.000 1,126.000
909.000 1,222,000 1,662,000
Penn a.
Anthracite b
Weekly total.___ 706,000 597.000 881,000 26,135,000 34,287,000 38.872,000
Daily average__ _ 117,700 '99,500 146,800
152,400
226,700
199,000
flee/mice Coke
Weekly total_
9,600 16,200
8.600
433.000
820,000 3,880,300
1,433
Daily average_
1.600
2.700
2,474
22,173
4.686
a Includes lignite, coal made into coke, local sales,
Sullivan county, wa.shery and dredge coal, local sales,and colliery fuel. b Includes
and colliery fuel. c Subject
to revision. d Revised.
ESTIMATED PRODUCTION OF COAL BY STATES
(Net Tons).
Week Ended
July 1632. July 9'32. July 1831. July 1930. July 1923
Ave. a
Alabama
112,000
198,000
389,000
Arkansas and Oklahoma
36,000
42,000
74.000
Colorado
32,000
67.000
165,000
Illinois
122.000
661,000
1.268,000
Indiana
135,000
190.000
451,000
Iowa
46,000
42,000
87,000
Kansas and Missouri
67,000
88,000
134,000
Kentucky-Eastern
360,000
618.000
735,000
Western
134,000
111,000
202.000
Maryland
12.000
33,000
42,000
Michigan
2,000
1.000
17.000
Montana
18,000
27,000
41.000
New Mexico
14,000
23,000
52,000
North Dakota
10,000
19,000
14.000
Ohio
98.000
424,000
854,000
Pennsylvania
1.032,000 1,846,000
3.680,000
Tennessee
42,000
67.000
113,000
Taxes
11,000
13,000
23,000
Utah
13,000
28,000
87,000
Virginia
101,000
178,000
239,000
Washington
21,000
24,000
37,000
W. Virginia-Southern b_
879,000 1.579,000
1,519,000
Northern_c
260,000
438.000
866,000
Wyoming
39.000
66,000
115.000
Other StateS
1,000
1,000
4.000
Total bituminous coal._ 4,155,000 3,592,000 6,784,000 8.023,000 11,208,000
State.
0o00000000000000000.000000
8888888888888888888888888
a
of the Illinois Steel Co.'s South Chicago works late last week. The U. S.
Steel Corp. rate compares with 15% in the previous week. Independents
are credited with operating at around 16%, the same as in the week before.
At the beginning of August last year the industry was below 31%, U.S.
Steel being at 33% and independents a little over 29%. In the corresponding week of 1930 the average was 58%, with U. S. Steel at 64% and independents 53%. In the corresponding week of 1929 the industry was at
the high rate of 94%, U.S. Steel being at 98% and independents at 91%.
while in 1928 the average was above 72%, U. S. Steel running at 76% and
independents at better than 69%.
.0.0CIMN.0.4.0M.VM.NOw.mmmx..0
,N
.N
Sentiment in iron and steel that the next turn will be upward is deep-seated
enough to survive even an avalanche of financial statements showing that
the losses of the industry in the second quarter averaged $13.78 per ton of
ingots produced, or more than half their cost, compared with a deficit of
$7.72 per ton in the first quarter.
Continuance of the 16-17% steel operating rate of the past two weeks
Into the week beginning July 31 indicates that actual demand has not
accelerated appreciably, but outcroppings that foreshadow better demand
are more numerous. In fact, sentiment threatens to become as overoptimistic as it was over-pessimistic recently, and leaders of the industry
prefer making progress slowly but surely.
Most significant of the week's developments is the decision of several
Middle West buyers of Lake Superior iron ore to expand their releases for
this season. The-additional tonnage is comparatively small, but this is the
first reversal in the tendency to whittle shipments down.
No small hopes for a full upturn are predicated upon the railroads, which
are a little more active in the steel market. Carnegie Steel Co. is opening
its Edgar Thomson rail mill and some open-hearths for a short run. Two
eastern roads are considering buying 25 locomotives, and one eastern carrier
3.000 tons of raiLs. A Philadelphia maker has booked 40 street cars for
Indianapolis.
After several slack weeks structural steel awards have jumped to 24.957
tons, considerably above the weekly average for the year to date and fifth
largest weekly total this year. Included are 5,100 tons of sheet piling for
government work on the Mississippi and 5,000 tons for the Newark, N. J..
post office. Concrete reinforcing bars will participate heavily in the $120,000,000 Federal allotment for highway construction in the year ended
next June 30.
An inquiry at Philadelphia for 2,500 tons of hot-rolled strip is the largest
in a number of weeks. Automotive specifications for bars at Chicago, while
not broad, are better sustained than expected. In several markets releases
for plates are more numerous and longer price protections are being sought.
Sheet mills at Pittsburgh look for improved demand in August for early
assembly of new 1933 automobile models.
In raw materials the same lift in sentiment as in steel is evident. Chicago
and Cincinnati note more future interest in pig iron. Steel scrap in practically all districts needs only the impetus of a few orders to put prices up.
A Hamilton, Ont.. consumer has bought 6,000 tons of steel scrap in the
New York dLsctrict and a Nova Scotia molter has placed a repeat order
for 2.500 tons at Boston.
What appears to be a distressing decline of 35% in exports of iron and
steel in Juno, to 52,081 tons, is tempered by the fact the May total was
exaggerated by an unusual movement of scrap to Japan, and the settlement
in June is scarcely more than seasonal. Imports decreased 13% to 34.494
tons in June, maintaining a favorable balance of trade. Imports In the
first half of 1932 equaled 2.7% of domestic output, almost double the 1.5%
of a year ago.
Following the example in other products, manufacturers of tin plate may
attempt to terminate wide differentials to preferred buyers. New extras
on forging bars will tend to eliminate the substitution of ordinary merchant
bars and raise the price to most consumers.
Generally, the price situation is steady, the iron and steo composite of
"Steel" being unchanged at $29.46, of finished steel at $47.71 and of
scrap at $5.96.
Steel ingot production for the week ended Monday
(Aug. 1) is placed at about 142% of theoretical capacity,
according to the "Wall Street Journal" of Aug. 3. This is a
drop of nearly 1% from the preceding week, when the rate
was slightly above 15%. The "Journal" adds:
U. S. Steel is estimated at about 13%, being affected by the shutdown
,.
reduction at Chicago, where two blast furnaces also have been put on the
inactive list, but other districts likewise are turning out a little less steel
than recently, especially the Valleys and Wheeling. Although one fairly
large plant in the Pittsburgh district has resumed production after a shutdown, curtailments there have left the rate unchanged.
Pig iron production made another new low record in July, with a total of
572,296 gross tons, against 628,064 tons in June, and a daily average of
18,461 tons, compared with 20,935 tons in June. a decline of 11.4%. which
was less, however, than the 17% drop in June from May. The reduced
output occurred with no net loss in active furnaces. The number in blast
on Aug. 1 was 46, the same as on July 1; five furnaces were blown out and
five others were put on. The past month's total was 67% below that
of July 1931.
Not since 1896 has pig iron output been so low. In that year then Pout
consecutive months in which the daily average fell below 20,000 tons.
Iron was being made last month at a yearly total of less than 6,750,000
tons. No full year's output since 1894 has been that low.
Although the general tone of the scrap markets has been better the past
two weeks, a decline of 25c. a ton on heavy melting steel at Pittsburgh has
resulted from sales to a consumer, bringing down the "Iron Age" composite
price to $6.60, following a rise last week to 86.58 as a result of an advance
at Chicago. The Pittsburgh market, however, shows none of the pronounced weakness of a month ago, and, in fact, one or two minor grades
have advanced there. There is continued strength at Chicago. The composite prices for finished steel and pig iron are unchanged at $13.76 a gross
ton and 1.976c. a lb., respectively. A comparative table shows;
Aug. 6 1932
w. . -..
.. .. .......-- ...,.....
p=p,,.....,...r.,.........
888- 88§88b8'
- 8
- 1'88§
8- 1
'
...... ..8.88.. 7
888.88888
890
Pennsylvania anthracite...
597,000
520.000
751,000 1.299,000 1,950,000
Total all coal
4,752,000 4,112,000 7,535.000 9,322,000 13,158,000
a Average weekly rate for the en lre month. b Inclut es operations on the
N. &
c. at 0.. Virginia, K.& 51.. and is. C. 0. cleat of State, including
Panhandle.
Death of H. M. Rose, Assistant Secretary of Senate
Henry M. Rose, Assisant Secretary of the Senate since
1905, died at his home in Washington on July 11, at the
age of 74. He had been in ill health for eight years said
Associated Press advi :es from Washington which also
stated:
His name was carried annually in the legislative appropriation bills.
He was the only Senate employe holding office by law.
Mr. Rose came to Washington in 1895 from Grand Rapids, Mich.,
where he will be buried.
Financial Chronicle
Volume 135
891
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. 3 as reported by
the Federal Reserve banks was $2,416,000,000, a decrease
of $18,000,000 compared with the preceding week and an
increase of $1,445,000,000, compared with the corresponding
week in 1931. After noting these facts the Federal Reserve
Board proceeds as follows:
On Aug. 3 total Reserve bank credit amounted to $2,388,000.000, a
decrease of 634,000,000 for the week. This decrease corresponds with a
decrease of $60,000,000 in member bank reserve balances and an increase
of $27,000,000 in monetary gold stock, offset in part by an increase of
$38,000,000 in money in circulation and a decrease of $14,000,000 in
Treasury currency, adjusted.
Holdings of bills discounted decreased $9.000,000 at the Federal Reserve
Bank of San Francisco, $7,000,000 at Cleveland. $6,000.000 at Atlanta,
$5,000,000 each at New York and Chicago, $4.000.000 at Philadelphia and
and $38.000,000 at all Federal Reserve banks. The System's holdings of
bills bought In open market increased $1,000,000 and of United States
Treasury notes $55,000,000, while holdings of Treasury certificates and
bills declined $50,000,000.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal Reserve banks was changed to show the amount of
Reserve bank credit outstanding and certain other items
not included in the condition statement, such as monetary
gold stocks, and money in circulation. The Federal Reserve Board's explanation of the changes, together with
the definition of the different items, was published in the
May 31 1930 issue of the "Chronicle" on page 3797.
The statement in full for the week ended Aug. 3, in
comparison with the preceding weelZ and with the corresponding date last year, will be found on subsequent pages,
namely, pages 936 and 937.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
Aug. 3 1932, were as follows:
Bills discounted
131115 bought
U. S. Government securities
Other Reserve Bank credit
Increase (+1 or Decrease (—)
Since
Aug.31932. July 27 1932.
Aug. 5 1931
5
$
E
487,000,000 —38,000.000 +2. 8,000,000
41,000,000
+1,000,000
25,000,000
1,846,000,000
+5,000,000 +1,165,000.000
2,000,000
14,000,000
—18,000,000
TOTAL RES'VE BANK CREDIT_ _2,388,000,000 —34,000,000 +1,421,000.000
Monetary
gold stock
Tresury currency adjusted
3,987,000,000 +27,000,000
1 757,000,000 —14,000,000
Money In circulation
5,728,000,000
Member bank reserve balances
2,012,000,000
Unexpended capital funds, non-member deposits, 4,c
391.000.000
+35,000,000
—60,000,000
—968,000,000
—35,000,000
+880,000.000
—327,000,000
—136,000,000
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 $1,000,000,
the total of these loans on Aug. 3 1932 standing at 8332,000,000 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
during the week from $306,000,000 to $307,000,000 while
loans "for account of out-of-town banks" decreased from
$17,000,000 to $16,000,000. Loans "for account of others"
increased from $8,000,000 to $9,000,000.
Aug. 3 1932. Jug 27 1932.
Investments—total
U.S. Government securities
Other securities
2,067,000,000 1,870,000,000 1,636,000,000
968,000.000
955,000,000 1,027,000,000
Reserve with Federal Reserve Bank
720,000.000
Cash In valut
37,000,000
Aug. 3 1932. July 27 1932. Aug. 5 1931,
Loans and Investments—total
6,556,000 000 6.317,000,000 7
,763,000,000
Loans—total
3 501,000.000 3,492,000,000 5,100,000,000
On securities
All other
1,669,000,000 1,630.000,000 2,648,000,000
1 832,000,000 1,862,000,000.
2.452.000,000
778,000,000 779,000.000
40,000.000
54,000,000
Net demand deposits
Time deposits
Government deposits
4,920,000,000 4,898,000,000 5,758,000.000
802,000,000 800,000.000 1,123,000,000
162,000,000 20,0000,000
45,000,000
Due from banks
Due to banks
90,000,000
80,000,000
74,000.000
1,114,000,000 1,060,000,000 1,212,000,000
Borrowings from Federal Reserve Bank_
2,000,000
Loans on secur, to brokers & dealers;
For own account
307,000.000
For account of out-of-town banks_
16,000,000
For account of others
9,000,000
Total
Loans and Investments—total
306,000.000
17,000,000
8,000.000
960,000,000
222,000,000
164,000,000
332,000,000
331,000.000 1,346,000,000
244.000,000
88,000,000
On demand
On time
237,000,000
94,000,000
938,000.000
408,000,000
Chicago.
1,270,000.000 1,232,000,000 1,812,000,000
Loans—total
883,000.000
Investments—total
872,000,000 1,256,000,000
509,000,000
374.000,000
On securities
All other
506,000,000
366,000,000
742,000,000
514,000,000
387,000,000
360,000,000
556,000,000
217,000,000
170,000,000
190,000.000
170,000,000
327,000,000
229,000,000
Reserve with Federal Reserve Bank
Cash In vault
182,000,000
18,000,000
184.000,000
18,000,000
183,000,000
15,000,000
Net demand deposits
Time deposits
Government deposits
804.000,000
337,000,000
13,000.000
781,000,000 1,180.000,000
340,000.000 546,000.000
5,000.000
10,000,000
Due from banks
Due to banks
156,000.000
237,000,000
181,000,000
220,000,000
177,000,000
317,000,000
6,000.000
6,000,000
2,000,000
U. S. Government securities
Other securities
Borrowings from Federal Reserve Bank_
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the 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 July 27:
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on July 27 shows increases for the week of
$23,000,000 in net demand deposits, $51,000,000 in time deposits and $49.000.000 in reserve balances with Federal Reserve banks, and decreases of
$23,000,000 In Government deposits and $15,000.000 in borrowings from
Federal Reserve banks. Total loans and investments show practically
no change for the week.
Loans on securities declined $19,000,000 at reporting mdmber banks in
the New York district and $31,000,000 at all reporting banks. "All other"
loans increased $8,000,000 in the New York district, and declined $5,000,000
at all reporting banks.
Holdings of United States Government securities increased 820,000,000
In the New York district and at all reporting member banks, while holdings
of other securities increased $9,000,000 in the New York district and $8.000,000 at all reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $214.000.000 on July 27, the principal changes for the
week being a decrease of $9,000,000 at the Federal Reserve Bank of Chicago
and of $8,000,000 at Cleveland.
A summary of the principal assets and liabilities of weekly reporting member banks, together with changes during the week and the year ending
July 27 1032, follows:
Increase 1+) or Decrease (—)
Since
July 27 1932. July 20 1932. July 29 1931.
Loans and Investments—total
18,334,000,000
Loans—total
10,992,000,000 —36,000,000 —3,494,000,000
On securities
All other
7.342,000,000
U.S. Government securities
Other securities
—31,000,000 —1,957,000,000
—5,000,000 —1,537,000,000
+37,000,000
—468.000,000
4,136,000,000
3,206,000,000
Investments—total
+29,000,000
+8,000.000
+3,000.000
—471,000,000
Reserves with Federal Reserve banks 1,627,000,000
Cash In vault
214,000,000
Net demand deposits
Time deposits
Government deposits
+1,000,000 —3,962,000,000
4,547,000,000
6,405,000,000
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York,
Aug. 5 1931.
3,055,000,000 2,825,000,000 2,663,000,000
10,754,000,000
5,588.000,000
65,000,000
Due from banks
Due to banks
Borrowings from Fed. Reserve banks
+49,000,000 —217,000,000
—10,000,000
—6.000,000
+23.000,000 —2,715,000,000
+51,000,000 —1,556.000,000
—23,000.000 —125,000,000
1,147,000,000 —19,000,000
2,556,000,000 --45,000,000
214,000,000
—15,000,000
—410,000,000
--812.000,000
+159,000,000
A
892
Financial Chronicle
Senator Glass Holds Debt Cut Might Benefit Nation
Discussing Borah Proposal, Sees "Readjustment'l
Serving Our Interests.
A view that war debts revision might be to the interest of
this country was expressed on July 28 by Senator Glass in
discussing Senator Borah's recent proposal for a world conference on debts and other problems. In making this known
an Associated Press dispatch July 28 from Washington to
the New York "Times" said:
Talking with newspaper men, the Virginia Democrat said that he had
stated "explicitly" in the Senate a few weeks ago that he "dissented
from the view that there was to be no readjustment of foreign indebtedness."
"I pointed out that aside from sentimental aspects of the question,
it might come to our own essential interests to readjust the indebtedness," Mr. Glass said.
"I made a speech three or four years ago that was widely printed in
this country and in Europe, when we were considering the settlement with
Great Britain, in which I protested that we were playing a Shylock game.
"Those people paid in blood and we paid in money. They lost 16,000,000 men in dead and wounded and we lost 200,000. They were fighting
the same battle for years before we got in.
"Those people fought for the preservation of civilization three years
before we went in. It was just as much a war for the preservation of
civilization before we went in as after we got in."
Newport Conference of Business Interests Seeks Stand
of Administration at Washington and Gov. Roosevelt on Foreign Debts Owed to United States.
At a meeting of the Executive Committee of the Newport
Conference at Newport, R. I., on July 31, telegrams were
sent to Henry L. Stimsoia, the Secretary of State, and to
Governor Roosevelt of New York as follows. We quote from
the New York "Times":
"The subject of reconsideration, if not remission, of our debts from foreign nations is of primary and immediate importance to every business
and industry at home and abroad.
"The Newport Conference of Business Interests is organized for American
solidarity of policy. It plans its first meeting while the British conference is being held at Ottawa.
"It desires to obtain from the administration and from the Democratic nominee for the Presidency a clear statement of their respective
positions upon this question, to avoid the general public impression that
vital issues are being straddled. Will you immediately and clearly state
the position of your party as to whether it stands for remission or scaling
of foreign debts owed the United States?"
Great Britain at Imperial Economic Conference at
Ottawa Seeks Fair Rates in Dominions for Own
Products-Stanley Baldwin Offers Figures to Show
They Enjoyed Favorable Balance-Foreign Markets
Hinted as Alternative, Is View-Figures of Imports
and Exports.
A partial disclosure of Great Britain's fiscal position was
furnished in a statement issued at Ottawa on July 28 by
Stanley Baldwin, head of the United Kingdom delegation of
the Imperial Economic Conference. Indicating this, a dispatch (July 28) from Ottawa to the New York ''Journal
of Commerce" added:
His emphasis upon the statement that the Dominions have hitherto been
accorded favorable tariff treatment confirms the story that the British
delegates are anxious to correct the impression created by previous utterances from Dominion statesmen that the Dominions, particularly Canada
and Australia, have for a number of years granted valuable tariff concessions to Britain but that they have not received what they regard as
adequate reciprocal treatment.
Presenting a table showing the total value of imports from and exports to the various Dominions and British India for the year 1930, Mr.
Baldwin's statement points out that the visible trade balance in favor of
the Dominions was nearly $500,000,000, and that during the same year
Imports into the Dominions from foreign countries totalled $1,500,000,000.
Britain Airs Views on Tariff.
Britain's views on preferential rates are also again given to the Dominions, the statement containing these sentences:
"A preferential rate of duty, if the preference is to be of material assistance, must not be so high as, In effect, seriously to restrict importation,
and the United Kingdom would urge upon the Dominions that the rates
of duty charged should be so graduated as to give to the products of
the United Kingdom a reasonable chance of competing on even terms,
and that the rate of duty against the United Kingdom products should
be fixed for protective purposes no higher than is necessary to give a
reasonably efficient industry in the Dominion a fair chance. In this
connection they desire to draw attention to the faiorable tariff treatment which they have hitherto accorded to Imports from the Dominions
which compete with goods produced in the United Kingdom.
Aimed at Canada, Australia.
These remarks about protecting reasonably efficient industries in the
Dominions are obviously aimed at Canada and Australia, in which countries are located most of the industries of the Empire which are in
serious competition with those in Britain, notably the textile and iron
and steel mills.
Some significance may be attached, too, to this statement in view of
the fact that it was issued only a short time after an important meeting
between the British and Canadian delegates at a dinner given the other
B. Bennett of Canada when it is assumed there
evening by Premier
was a full and frank discussion of some of the essential points of controversy between Britain and the principal Dominion and a rising out of
the well known determination of the Canadian delegation to preserve for
Canada her present protective system, particularly against the United
States, and the admitted desire of the British delegation to effect a
Aug. 6 1932
widening of the avenues of inter-imperial trade by a lowering rather
than a heightening, of preferential tariffs.
Canada Recalls Cattle Embargoes.
1That still remains. in the minds of Canadians is the fact that for a
long period this country labored under a serious handicap in securing
entry into the British cattle market by successive embargo impositions,
although now with the Irish Free State at odds with Britain the prospects of Canada making a big inroad upon the British market over Irish
cattle are exceedingly bright; provided, of course, the United Kingdom
raises the embargo restrictions that were imposed owing to foot and
mouth disease. Still another matter that frequently is recalled even at
.
this conference is the threat hanging over the head of the Dominions
in that provision in the new British tariff which enable Britain to
terminate on November 15 next the exemption to the Dominions from
the general tariff increases then to become effective unless substantial
mutual concessions are made at the present parley.
Again, obviously referring to Canada, the statement issued to-day by
Mr. Baldwin contains this significant sentence: "The United Kingdom
delegation desires also to emphasize to its colleagues the fact that the
United Kingdom is so highly industrialized that it is vital to the physical
existence of her people to find adequate markets for her products and
that in fact more than half her export trade is taken by foreign
countries."
Britain May Seek Other Markets.
This might be interpreted as meaning that unless the United Kingdom
secures important concessions from the dominions whereby they will increase their purchases of British manufactured goods Britain may be cona.
pelled to pay more attention to her foreign markets. On this point again
Canada is bound to have something to say. Whatever sacrifices that must
be made by this Dominion will be to the injury of industries, and thus
far there has been slight indication that either the textile or iron and
steel concerns are eager to place themselves upon the altar.
"The United Kingdom delegation," says the closing paragraph of the
statement, "have no intention of building up a balance sheet or of
weighing meticulously the benefits given or received, but they are anxious that the outside world shall realize that the spirit animating us all
has been constantly displayed in our actual dealings with the Dominions,
and that any suggestion that the United Kingdom has been backward in
developing or assisting Dominion trade or that the concessions on the
side of the Dominions have not been fully reciprocated both in the
letter and the spirit would be wholly unwarranted by the facts."
The following is the statement submitted by Stanley
Baldwin as contained in a Canadian Press dispatch to the
New York "Times" frofh Ottawa July 28:
1. In view of the invitation from the chairman of the conference to
pool information, and of the statistics furnished by the Canadian Government, the United Kingdom delegation think it may be helpful to
their colleagues to put in tabuler form some of the trade figures between the United Kingdom and the dominions and India, and to add
some comments and deductions which seem to them to arise from the
figures, and some observations which may be of assistance in the common
endeavor to find ways of improving trade relations within the empire
and of developing the resources and industries of each part of the Commonwealth so as to increase the prosperity of the whole.
2. Of the tables which follow, Table No. 1 shows the imports of the
United Kingdom classified under three heads, viz.: (a) goods dutiable
before December 1931; (b) Goods dutiable under the import duties act
or the horticultural products act, and (c) Goods not subject to duty.
Before the end of 1931 a comparatively small range of imports was subject to any tariff; but the emergency tariff at the end of last year and
the import duties act of February 1932, greatly widened the range of imports subject to tariff. Hence, although the principle of imperial preference was recognized in earlier tariffs, its scope was necessarily restricted
to a small although important range of products; the extent of which
preference on empire products has been increased by the two later acts
is strikingly shown by the table.
Table I shows the proportion of imports from the Dominions which
still enjoys free entry, in some cases exceeding 90%, and only falls
appreciably below that figure in the ease of British India. The fact that
37% of imports from India is dutiable is accounted for by
the revenue
duty on tea, on which India enjoys a particularly valuable
preference.
Duty on Foreign Good?.
By way of contrast, since our change of fiscal policy,
only 30% of our
Imports from foreign countries are admitted free of duty.
In the case
of imports from the United Kingdom into the four principal
dominions,
there is to-day practically no free entry; that is to say a duty or tax
of some kind is charged on almost all goods imported into
those dominions.
Further, it will be seen that, oven considerably the greater
part of the
preferential field, the preference accorded by the United Kingdom
is in
the form of a total remission of the duty payable by foreign
goods.
Turning now to dominion imports, the following table
shows the
value of the total imports of merchandise into the dominions
and British
India in a recent year, distinguishing, imports from the United Kingdom,
other empire countries and foreign countries.
[The figures In the table represent thousands of pounds
sterling. The
first column gives imports from all sources, the second those
from the
United Kingdom, the third from other British countries and
the fourth
from foreign countries.]
Canada
186,246
30,725
11,358
144,133
Australia
120,220
54,241
15,509
59,470
New Zealand
42,663
20,223
9,007
13,433
South Africa
6.3,357
29,735
6,947
29,675
Irish F. S
56,811
45,467
997
10.348
Newfoundland
6,533
1.133
2,701
2,639
British India
180.507
77,327
16,010
87,251
S. Rhodesia
7,473
.3.945
1,666
1,862
_
Total
672.900
262.796
64,203
:15,Tiii
The following table shows for the year 1930 the total value
of imports and exports of the United Kingdom from and to the
several
dominions and British India, inclusive of gold and silver
bullion and
coin: [The figures in the table represent thousands of pounds
sterling.]
U.K.
U.K.
Imports. Exports.
Balance.
Canada
38,700
31.300
7,400
Australia
70,500
33,000
27,500
New Zealand
44,900
18,700
26,200
South Africa
62,100
27,700
34,400
Trish Free State
43,100
44,300
*1,200
Newfoundland
2.200
900
1,300
British Tricia
52.000
61.600 *0,600
South Rhodesia
2.300
2,600
*300
Total
*Unfavorable.
315.800
220.100
95,700
Volume 135
Financial Chronicle
Re-exported Goods Are Included.
The imports shown above are inclusive of goods subsequently reexported as well as bullion and coin. The figures in Table I, which
relate to imports of merchandise retained in the United Kingdom, are,
therefore, not comparable with the above figures, and the large discrepancies in the case of Australia and the Union of South Africa are
mainly due to the importation of gold from those countries (in 1930
imports of bullion and coin from Australia amounted to £24,000,000, as
against £5,000,000 in 1929 and £1,000,000 in 1928. Imports of gold
from the Union also showed an upward tendency in these years). The
large re-export trade in primary products imported from most of these
countries is also an important factor.
From these tables it will be seen that the visible trade balance in
favor of the dominions is nearly £100,000,000, that during the year
1930 imports into the dominions from foreign countries amounted to
nearly £350,000,000.
In drawing up these tables no attempt has been made to specify the
rate of duty charged in respect of importation into the dominions or the
extent of preference accorded to the United Kingdom. It is, however,
necessary to bear in -mind that the percentage of duty charged on the
value of the article is of great importance in assessing the value of a
preference. A preferential rate of duty, if the preference is' to be of
matrial assistance, must not be so high as, in effect, seriously to restrict
importation.
And the United Kingdom delegation would urge the dominions that the
rates of duty charged should be so graduated as to give to the products
of the United Kingdom a reasonable chance of competing on even terms,
and that the rate of duty against United Kingdom products should be
fixed for protective purposes no higher than is necessary to give a
reasonably efficient industry in the. dominions, a fair chance. In this
connection they desire to draw attention to the favorable tariff treatment
which they have hitherto accorded to imports from the dominions which
compete with goods produced in the United Kingdom.
It is necessary also to remember the importance of certainty as affecting trade. In order to enable a manufacturer or importer to carry on
business it is essential that he shall be able to assess with reasonable
assurance the cost of the article delivered to the consumer.
Anything in the nature of arbitrary or uncertain impositions by moons
of regulations which lease it to the discretion of the executive to determine
the rates of duty to be paid cannot fail to restrict and even to prevent
transaction of business.
Adequate Markets Are Vital.
The United Kingdom delegation desire also to emphasize to their
colleagues the fact that the United Kingdom is so highly industrialized
that it is vital to the physical existence of her people to find adequate
markets for her products and that in fact more than half her export
trade is taken by foreign countries. There are at the present moment
2,750,000 unemployed persons in the United Kingdom; anything tending
to check the foreign exports of the United Kingdom must lessen the
purchasing and saving power of her people and so damage the markets
on which the dominions so largely depend for the consumption of their
products.
The tables given above show that the United Kingdom has been doing
her share in encouraging the trade and industry of the dominions; that
she takes a vary large proportion of dominion exports, for many of which
there would seem to be no other outlet available in the world ; that she
has consistently made it easy for these exports to enter her ports on
the best possible terms and with the least possible interference by
governmental policy or by customs administration; that she has been
eager to give to the dominions an extensive preference in every case in
which she has found it possible to impose a tariff and that she has helped
the dominions to build up a substantial favorable visible balance of trade.
It is, moreover, a source of legitimate satisfaction that the preferential access to the British investment market which has resulted from
the close association between the United Kingdom and the dominions has
played an important part in the development of their resources. The
extent to which this factor has operated may be gathered from the fact
that before the war it was estimated that about £3,800,000,000 of British
capital invested overseas was placed in empire countries.
Since the war, although there has necessarily been some diminution
In the flow of overseas investment, the proportion allotted to empire
countries has substantially increased, and out of a total of £1,401,000,000
Invested between 1919 and 1931 no less than £848,000,000 has found its
way to the countries of the empire.
Present Case to the World..
The United Kingdom delegation have no intention of building up a
balance sheet or of weighing meticulously the benefits given or received
;
but they are anxious that the outside world shall realize—what is
doubtless present to the minds of all their colleagues at the conference—
that the spirit animating us all has been constantly and consistently disployed in our actual dealings with the dominions, and that any suggestion that the United Kingdom has been backward in developing or assisting dominion trade or that the concessions on the side of the dominions
have not been fully reciprocated both in the letter and the spirit would be
wholly unwarranted by the facts.
Having dealt with the action which has been taken in the past to
further empire trade, and appreciating fully the advantages which have
been received in empire markets, the representatives of the United Kingdom have entered this conference with the intention of making their full
contribution to a still further extension of empire trade. They have put
frankly and fully to the dominions the articles on which they desire
to secure further advantages in dominion markets; and they will welcome
from the dominions an equally full statement of the corresponding advantages they seek in the market of Great Britain.
The United Kingdom delegation will approach the examination of these
statements as they are received with an unprejudiced mind and, indeed.
with an earnest desire to give effect to the wishes of the dominions; and
they are convinced that in their turn their own views will be given equally
favorable consideration.
South Africa at Imperial Economic Conference at
Ottawa Takes Issue with Stanley Baldwin of Great
Britain Over Gold Exports—Their Inclusion in
Trade Totals With Britain Called "Fallacious"—
Re-exports also Add to Discrepancy, Is Charge.
Asserting that "apart from other elements in that statement which tend to magnify its margin of error, the inclusion of gold is clearly fallacious," N. C. Havenga, head of
the South African delegation, at the Imperial Economic Con-
893
ference at Ottawa, on July 31 issued a second supplementary
document intended solely as a reply to the statement made
public on July 28 by Stanley Baldwin, head of the United
Kingdom delegation. An Ottawa dispatch July 31 to the
New York "Journal of Commerce" said:
This highly provocative document from the South African Minister of
Finance has caused considerable surprise, particularly in view of the fact
that its issuance came during an otherwise calm week-end, when most of
the delegates are out of the city seeking rest and recreation at summer
resorts in the Ottawa and Gatineau Valleys. It will only serve to accentuate some of the points at issue before this conference, instead of
paving the way for walkable and useful conclusions.
Aim of Statement.
The central aim of this IIavenga document, it is known, is to correct
in the public mind what South Africa regards as a misapprehension created
by the labels of trade figures shown in the recent statement of Mr.
Baldwin, particularly the statistics which treated South Africa's chief
and most valuable export, gold, as bullion or currency rather than as a
commercial commodity, and those which failed to clearly designate certain imports by Britain from South Africa as re-exported goods.
Stressing the importance of this discrepancy upon a fair presentation
of South Africa's trade relations with Britain, Mr. Havenga in his statement says that the first table contained in the Baldwin statement showed
the value of imports into Britain from South Africa and retained by
Britain as £11,850,000 in 1930, but he adds that gold should not have
been excluded from this total, that were it included the result would
have been a reduction of the percentage of South African produce enjoying preference in the British market from 52% to 9%.
Reason for Discrepancy.
After stating that goods subsequently re-exported and gold account
almost entirely for the serious discrepancy appearing in the British statement showing British imports from South Africa, Mr. Havenga says:
"For the re-exports, Britain obtains commission and handling charges,
but she is not a customer for those goods and cannot.include them in
the trade balance.
"As regards gold the position is clear; South Africa uses more than
twice as much British merchandise as Britain does South African merchandise. As South Africa has, therefore, an insufficient amount of commercial bills in Britain to pay for what she buys there, she must needs
pay for the rest in cash. The trader who receives payment in cash does
not, however, thereby become the customer of the man who buys from
him. South Africa is looking for outlets for her ordinary commodities but
not for her gold and does not find it necessary to offer any large share
of her competitive trade to secure an outlet for her gold."
In an effort to further demonstrate what he regards as the unfairness of
the Baldwin statement Mr. Havenga declares that in 1930 South Africa
bought from Britain over £29,000,000 worth of commodities which enter
into competitive trade while Britain bought from South Africa less than
£12,000,000 worth of such goods, and, he adds, "This favorable position
of Britain in the competitive trade of South Africa is the normal position."
More Preferences.
Mr. Havenga concludes his statement by reiterating what he said at
the opening of the conference and in his first supplementary remarks,
namely, that South Africa will favorably consider requests from Britain
for additional preferences on commodities which offer the greatest possibilities of increased trade to the mutual advantage of the two countries if
Britain is able to meet the wishes of South Africa in regard to assistance
to certain products, and he urges in his last sentence that "a discussion
on these lines take place as soon as possible."
Those intimate with the British view believe that the British delegation,
having in mind Mr. Havenga's closing sentence, are likely to remind the
South African delegation that the conference opened on July 21 and that
July 30 is rather a tardy date on which to suggest that a discussion should
take place.
This conference has been treated to an epidemic of supplementary statements. First came that of Right Hon. Stanley Bruce of Australia, the
limitation of whose time presented him from making a complete presentation
of his Dominion's position on July 21. Then followed a supplementary
statement from the head of the British delegation, Stanley Baldwin, calculated to combat the notion which, it was held, had been previously created
by various Dominion speakers and to the effect that the Dominions had for
a long time been granting tariff concessions to Britain but that they had
not received adequate reciprocal treatment. Mr. Havenga a little later
issued another statement for South Africa, and es-en Southern Rhodesia
issued a document to amplify the address of opening day.
Recurrence of these documents has prompted the question as to when
another might be expected from Canada, but it is believed that this
Dominion will refrain from adding fuel to the rather futile controversy
as to what concessions have or have not been made previously, as to
what figures correctly picture a Dominion's trade position.
In an Ottawa dispatch, July 31, the New York "Times"
gave as follows the text of South Africa's reply to the
British statement on Empire trade:
The delegation for the Union of South Africa have had the opportunity
to consider the very interesting statement prepared by the United Kingdom
delegation, placed on record on Thursday, the 28th July 1932.
• The history of trade relations between the Union and the United Kingdom renders it unnecessary, it is hoped, to again stress the fact, which has
been made clear in previous conversations with the United Kingdom delegation, that to strike a balance sheet of advantages and concessions is quite
foreign to the minds of this delegation.
But they feel constrained to comment on some of the observations made
and deductions drawn by the United Kingdom in the above-mentioned statement. These comments are offered, not in a carping and ungenerous spirit,
but in a frank effort to see the trade relations between the two countries in
their proper perspective.
They wish to place it on record that South Africa has never objected to
the treatment its commodities have received at the hands of Great Britain;
it has neither complained of the spirit manifested by the United Kingdom
in matters of trade, nor has it been querulous of the fact that preferential
treatment was not always reciprocated. The Union has always had a clear
perspection of the different circumstances of the two countries and the
categorically imperative duties owed by each of its domestic industries
and other vital interests.
Dominions Not Consulted.
The statement of the delegation for the United Kingdom mentions the
fact that the emergency tariff at the end of last year and the Import
Duties Act of February 1932 greatly widened the range of imports subject
894
Financial Chronicle
to tariff. This is undoubtedly the case, and it is appreciated that this
extension is of some value to the Union. It must be mentioned, however,
that the Dominions were not consulted as to the selection of commodities
for the imposition of this tariff, nor was there any correlation between
these preferential tariffs and the requirements of each industry affected.
Greater elasticity in these preferences would have been of greater utility
to the Union. It would have preferred to see a slightly larger margin of
preference in favor of certain of the commodities affected, while there are
others in regard to which the extension of preferential rates was not so
material.
The primary function of this conference, in the opinion of this delegation, is to conduct an examination of ways and means by which the State
members of the Commonwealth could co-operate in extending our existing
markets. It is submitted that this object is not best served by such a
statement as that under consideration, which aggregates the trade of the
Dominions with Great Britain and consequently reflects a favorable trade
balance for the Dominions.
As the delegation for the Union of South Africa have had occasion to
point out previously, South Africa is in a peculiar position. The Union
has encouraged British imports without insisting on quantitative trade
reciprocity and, if the figures are examined in their true perspective, the
balance of trade is definitely in favor of the United Kingdom.
Statement Found Misleading.
Table II of the United Kingdom delegation's statement does not truly
reflect the Union's absorption of British goods, nor the increasing market
which it has offered those goods. As the figures appearing in that table
do not relate to concurrent periods for the respective Dominions, they are
of little value for purposes of comparison.
[Table II showed the value of the total imports of merchandise into the
dominion a and British India in a recent year, distinguishing imports from
the United Kingdom, other Empire countries and foreign countries.]
From the eighth place as a customer of the United Kingdom, the Union
rose in one year to fourth place, which it at present occupies.
In its comments on the table of retained imports into the United Kingdom, 1930 (excluding gold and diamonds), the British statement stresses
the large proportion of imports from the Dominions which still enjoy free
entry. It is submitted that the accentuation of this point is disproportionate
to the consequential advantage to the Dominions. The United Kingdom
takes from the Dominions mostly foodstuffs and raw materials, which in
its own interests and in accordance with its fiscal policy have been accorded
free entry, and exports to them manufactured articles.
In the British statement attention Is directed to the favorable tariff
treatment which has hitherto been accorded to imports from the Dominions
which compete with goods produced in the United Kingdom. It is presumed
that this point does not contain the implication that what was until recently
the considered fiscal policy of Great Britain was a concession to imperial
sentiment.
The Union has always adhered to the principle that her principal obligation was toward her own producers. Consequently, the Union would see
nothing unnatural or unreasonable in South African produce being subjected
to duties in the market of the United Kingdom for the protection of the
domestic produce of the latter. This delegation could not entertain the
suggestion that the United Kingdom should grant concessions which would
militate against British domestic industries. But the Union would welcome
preference for the Dominions over foreign products.
Mention is made, further, in the British statement of the help which
the United Kingdom has afforded the Dominions in building up a substantial
favorable visible balance of trade. While this statement represents the
globular result after balancing the figures of trade between the United
Kingdom and the Dominions jointly, it is not a true reflection of the position
as between Great Britain and the Union.
The Union delegation consider it necessary to draw attention to this
aspect of their trade relations, especially in view of the rather misleading
compilation in Table III, resulting in a considerable balance in favor of the
Union. [Table III showed the value in 1930 of imports and exports from
and to the Dominions and British India, inclusive of gold and silver bullion
and coin.] That table does not reflect the true position, in that it embraces
in the quantum of the Union's imports into the United Kingdom such
Items as gold, transshipments and subsequent exports. Apart from other
elements in that statement which tend to magnify its margin of error the
Inclusion of gold is clearly fallacious.
It figures as consumptible
merchandise.
If gold be so treated in Table III of the British statement, it would be
difficult to justify its exclusion from Table I, where its inclusion would
result in the reduction of the percentage of Union produce enjoying preference in the British market from 52% to 9%.
[Table I of the British statement showed the proportion of imports from
the Dominions which still enjoy free entry, in some cases exceeding 90%.]
Table I of the supplementary statement shows the value of imports from
the Union retained by the United Kingdom as £11,850,000 in 1930.
Table III, with a note of warning that the figures are not comparable
with Table I, shows the favorable balance of South African trade with
Britain as £34,400,000.
The conclusion drawn in Paragraph 6 is "that the visible trade balance
In favor of the Dominions is nearly 100 millions." Of this amount South
Africa is held to account for rather more than one-third.
Discrepancy in Two Items.
Now, it is obvious that if Britain consumes only £11,850,000 worth of
South African goods, South Africa cannot by any stretch of imagination
have a favorable trade balance with her three times as large. Where is
the discrepancy?
The discrepancy is in two items, namely, goods subsequently re-exported'
and gold.
For the re-exports Great Britain obtains commission and handling charges,
but she is not a customer for these goods and cannot include them in the
trade balance.
As regards gold, the position is clear; South Africa uses more than twice
as much British merchandise as Britain does South African merchandise.
As South Africa has therefore an insufficient amount of commercial bills in
Great Britain to pay for what she buys there she must needs pay for the
rest in cash.
The trader who receives payment in cash does not, however, thereby
become the customer of the man who buys from him. South Africa I9
looking for outlets for her ordinary commodities but not for her gold, and
does not find it necessary to offer any larger share of her competitive trade
to secure an outlet for her gold.
The position may be paralleled in the trade of the United Kingdom. In
1930 the United Kingdom imported goods for £386,000,000 In excess
of her exports. How did she pay the difference? She paid it by services,
such as shipping and commissions, and by income from her forgotten Invest.
ments. But there is no reference in the United Kingdom statement to
payments made by her from sources other than those derived from competitive trade.
Aug. 6 1932
In support of its views as set out above, the delegation for the Union
of South Africa desire to draw attention to the statement on this question
of balance of trade made by the Right Hon. J. H. Thomas, Secretary of
State for Dominion Affairs, on Oct. 8 1930, at the last Imperial Conference.
Big British Balance Seen.
As far as the Union is concerned the position is that South Africa in
1930 bought from Britain more than £29,000,000 worth of commodities
which enter into competitive trade, while Great Britain bought from South
Africa less than 412,000,000 worth of such goods, and this favorable
position of Britain in the competitive trade of South Africa is the normal
position.
The Union delegation welcome the invitation to the Dominions to make
full statement of the reciprocal advantages which they hope to obtain in
the market of Great Britain, and the assurance by the United Kingdom
delegation that the examination of such statements will be approached
with an unprejudiced mind and with an earnest desire to give effect to
the wishes of the Dominions.
On its part the delegation for the Union of South Africa desire to
reiterate their statement, already made to the conference, that, if the
United Kingdom delegation are able to meet the wishes of the Union
delegation in regard to assistance to certain products, the Union delegation
will be prepared to give favorable consideration to requests from the United
Kingdom for additional preferences on commodities which offer the greatest
possibilities of an increase in trade to the mutual benefit of both countries.
It is suggested that a discussion on these lines take place as soon as
possible.
HAVENGA.
The statement of Stanley Baldwin appears elsewhere in
this issue of our paper.
India Bars any Cuts in Its Trade with United States—
Sir Atul Chatterjee Says Country Does 70% of
Business Outside and Will Protect It—India Will
Send a Commercial Envoy and Expand Dealings,
Ottawa Ds legate Asserts.
The following, from Ottawa, July 27, is from the New
York "Times":
India, like South Africa, "does not subscribe to the theory of a selfcontained British Empire," and will not join in any agreements at the
Imperial Economic Conference here that might jeopardize Indian trade
with non-British countries.
This was the substance of a statement made to-day to the New York
"Times" by Sir Atul Chatterjee, leader of the Indian delegation.
Sir Atul emphasized that India was anxious not to injure her trade with
the United States and that she would avoid any engagements that would
Interfere with this purpose. He declared that India was making large
plans for the extension of her trade with the United States and would
send a trade commissioner to Washington as soon as the economic and
financial situation improved sufficiently to make this possible. India has
never been represented in Washington by an official commercial envoy.
•
70% of Trade Is Non-British.
Taking up the keynote struck at the opening of the conference by
N. 0. Havenga, Finance Minister of South Africa and leader of the South
African delegation, Sir Atul, who was formerly Minister for Industries in
the Viceroy's Cabinet and Indian High Commissioner in London, said that
while India was ready to co-operate economically to the widest possible
extent with the countries of the British Empire, she must keep in mind
that fully 70% of her trade was with other countries.
"India's trade now amounts to about £300,000,000 sterling [$1,461,000,000] annually, including exports and imports," Sir Atul said. "Normally this trade has been as high as £500,000,000 sterling [$2,435,000,000]. India is now in sixth place on the list of trading countries, and
more than any other Dominion we are dependent in trade not merely upon
Great Britain but upon the world in general. We must keep this in mind
in any part we play at this conference."
Sir Atul said that only 20% of India's trade was with Great Britain,
and added that while India now bought more from the United States than
she sold to this country, she hoped that by stimulating her trade relations
with the United States she would, as soon as world conditions changed,
Improve her balance of trade with the United States.
Fears Hurting Business Here.
"We should be very sorry, indeed, if our trade with the United States
were injured as a result of anything that may occur at the imperial conference or of any other developments," Sir Atul said.
In the peak year 1929 trade between India and the United States totaled
more than $200,000,000.
The Indian representative said that one of India's main interests in the
imperial conference was the contribution the conference might make toward
obtaining a rise in price levels, especially on agricultural products, which
constitute 70% of India's output.
In this connection Sir Atul pointed to the statement he had made in
behalf of the Indian delegation at the opening of the conference, in which
he had maintained that while, despite some sectional interests, the parts of
the Empire were closely linked by factors upon which their common
prosperity depended, they all were in turn dependent upon the world
market. Sir Atul said that there were "limits to what even a large group
of countries can do to raise their own price level if the trend of prices
In the outside world is persistently downward." He therefore looked
forward to wider international co-operation for stabilizing prices as an
essential step to world recovery.
On the question of tariffs and preferences Sir Atul takes the position
that, barring certain local considerations justifying protective measures.
nations should follow the general course of downward rather than upward
revision.
England Reported Injured by Exchange Bans—British Exporters Worried by Currency Moratorium in Various
Nations
The following London Cablegram July 25, is from the
New York "Journal of Commerce":
Doubt exists among British exporters to countries which have
declared exchange moratoria as to the status of funds presumably
deposited in local banks by the debtors in favor the British.
In such countries the export of capital is forbidden and so the
Importer deposits the amount due with the local bank, the funds
being kept in a blocked account.
Volume 135
Financial Chronicle
It, is realized here that there is no real check upon whether or
not such deposits are actually being made. There is also much
concern of continued depreciation of foreign currency so that even
eventual recovery would mean only partial payment for exported
goods.
Status Is Unclear.
Even though importers in foreign countries properly make their
deposits, the status of the British exporter is unclear. The deposits
cannot be touched. In the meantime, however, local depositors can
withdraw their deposits and take cash. In view of the worldwide
shrinkage of deposits there is much fear that the clocked accounts
have been used to pay off depositors at home.
If this is happening, the withdrawal of transfer moratoria will
not result in repayment for the British creditors. On the contrary,
the local banks will have lost cash reserves and fear of embarrassing them would lead governments to continue the control of exchange.
Base for Inflation.
For the banks in which there are blocked accounts to lend the
funds thus segregated would lead to inflation. Importations would
become the basis for bank credit expansion. On the other hand, if
such funds are not loaned they are taken out of circulation altogether with the result of still more severe deflation.
Practically every British exporter includes among his accounts receivable blocked deposits held in foreign banks. There is much hesitancy in arrangements for new business.
This does not apply to the German standstill debts which appear
to be adequately secured. In the case of Germany credits are usually
baclied by bills and by strong guarantees, frequently of a type to
make them eligible in the United States for Reserve Bank discount.
Leaders of British Labor Party Ask Public Control of
Bank of England—Also Propose Investment Board
for Great Britain—Urge Ban on Arms Loans—Permanent Abandonment of Gold Standard Advocated
Ill a London message July 24 to the New York "Times"
It was stated that public ownership of the Bank of England and the establishment of a national investment board,
which besides exercising control over new public issues
could learn the reason for foreign loans and so insure that
the money is not employed in armaments, are among the
far-reaching proposals adopted by the executive of the
British Labor party. The London account to the "Times"
continued:
A new policy on currency, banking and finance was issued tonight by the executive for consideration by the party conference
in October. It is likely to raise strong opopsition in financial
quarters, for another of its pkovisions is that all emergency powers
of the government should be taken "to deal with any attempt to
financial institutions to obstruct a Labor Government."
The Bank of England should be brought under public ownership
and control, the report suggests, by issuing to the present stockholders fixed interest-bearing bonds. Its Governor would be appointed by the Government and be subject to the general direction
of a Minister of Cabinet rank, who should in turn be responsible
to the House of Commons for his banking policy. The banks' dayto-day business however, should be performed by the Governor and
his subordinates.
The national investment board, according to the plan, would also
be under this Cabinet Minister and work in close co-operation with
the Bank of England. The board's permission would be required
before any new public issue could be made and it would have the
power to block stock exchange dealings in any issue which had
been placed privately after having been rejected as a public issue.
"Loans to foreign Governments raise special problems," says the
report, "and the board should be satisfied, before agreeing to any
such loan, that the proceeds would not be spent in undesirable
directions like armaments. Since such loans raise questions concerning the domestic policy of the debtor States as well as the
security of the creditors and the development of international trade,
they should be subject to international consultation, and for this
purpose some suitable machinery under the League of Nations should
be devised."
Associated Press cablegrams from London July 25 stated:
The report also recommends permanent abandonment of the gold
standard and establishment, in its stead, of a managed currency
which would keep the average level of internal prices stable, so the
pound would always buy approximately the same amount of goods.
An international agreement is also proposed to secure, as far as
possible, stability of rates of foreign exchange.
Total British Industrial Profits in 1931 Higher Than
In Depression Period of 1921.
Total British industrial profits were higher last year than
during the 1921 depression, according to indexes prepared
by the President of the Royal Statistical Society, and forwarded to the Commerce Department from Assistant Commercial Attache II. S. Pox, London. On July 25 the Department further said:
Based on 1924 as 100, the general index covering returns, apart from
wages and rents, upon business of all kinds stood at 68.7 for 1921, while
It registered provisionally 92 for 1931.
Highest figure was for 1929 when the index reached 109.9 end remained at that point in 1930.
The special index representing changes in net profits after the paying of debenture interest and dividends on preference capital stood at
57.3 for 1921, and 80.9 for 1931. The figure for 1929 was 114.3 and
94.4 for 1930.
The author of the index, Sir Josiah Stamp, retiring President of the
Society, stated that his index figures covered only changes in the aggregate amount of profits, and not the rate of return upon capital. It was
also explained that since a large increase has taken place in invested
capital since 1924, the decline in the rate of return upon capital would
be greater than the decrease indicated by the general index in the table.
Th profits index curve followed closely the production figures of the
Board of Trade.
895
India Sells 26,581,564 Ounces- of Silver in Year as
Natives Ship Gold and Add to Their Savings.
From the "Wall Street Journal" of July 26, we quote the
following from Bombay:
Sales of silver by the Indian Government for the year ended March 31
1932. totaled approximately 26,581,564 fine ounces This figure is arrived
at from the statement in the recently issued Indian-Currency Comptroller's
report that total sales of silver to March 1902, from commencement of
operations in 1927 amounted to 127.581,564 fine ounces, against approximately 101.000.000 ounces up to March 1931.
The report is of particular interest this year because of the heavy exports
of gold from India. Whether the proceeds of gold sales were used to pay
off debts or were invested in land or securities or whether they were merely
converted into silver hoards has been the subject to much speculation.
Postal Certificates Sales Gain.
The Comptroller's report notes the very satisfactory Increase in purchases of postoffice cash certificates. Though the net proceeds (that is
to say, the surplus of purchases over encashments) at 61,600,000 rupees
has been twice exceeded before, the actual sales of certificates have never
been approached and at 144,900,000 rupees easily beat the previous year's
record.
The larger part of this increase was no doubt due to the increase in the
yield which was introduced in September 1930. But as there was little
profit to be derived from agriculture or industry during the year. the
currency Comptroller seems right in inferring that no inconsiderable part
of the extra sales of postoffice cash certificates was due to sales of gold.
"In this year of unparalleled strain on the currency systems of the world,
and widespread collapse in sliare and security values." the report stated.
"it would not have been altogether surprising if the investment habit in
India had received a serious setback or even been replaced by hoarding
of the precious metals, especially as certain unbalanced sections of extremist
opinion were actually urging such action.
"That on the contrary the investment habit broadened and deepened
during the year is a solid tribute to the common sense of the country, and a
most encouraging indication for the future, when economic and political
conditions again become normal."
Gold Exchanged for Silver.
Sales of gold also increased demand for silver rupees. The report contains
a statement showing the absorption of rupees in different areas of India.
In Madras,in normal years one of the most important gold absorbing areas
In India, there was a large change over to silver. This was also the case
in the Lahore circle which includes the important gold market of Amritsar.
In the eastern circles. Calcutta and Cawnpore, where the tendency to
absorb gold is usually less, there was a net return of silver rupees to the
treasury. India's treasury holdings of silver coin and bullion at the end of
March last were 1,111.900,000 rupees, or 136,100,000 rupees less than a
year earlier (337,427,500).
Australia Approves Sterling for Reserve—Bank Board
Authorized to Make Substitution for Gold if
Desirable.
Authority has been given Australian Commonwealth
Bank Board to hold the reserve against the note issue either
in gold or sterling, or partly in both, according to a report
from Trade Commissioner E. C. Squire, just made public
by the Department of Commerce. In reporting this in its
July 29 issue the "United States Daily" gave as follows the
text of the report:
The Australian Commonwealth Bank Act 11911-19311 has been amended
to enable the Commonwealth Bank Board to hold the reserve against the
note issue either in gold or sterling, or partly in both.
Prior to June 1931. the gold reserve required to be held was 25% of the
note issue, but an act of 1931 reduced this ratio to 15% in order to allow
the bank to ship £5,000,000 of gold to London for the repayment of treasury
bills which could not be renewed.
It was provided, however, that the reserve ratio should be increased to
18% on July 11933: to 21.5% on July 11934: and to 25% on July 11935.
The gold reserve on April 25 1932, was £10,509,000, equivalent to about
20% of the note issue.
The act referred to is entitled "No. 16 of 1932, An Act to Amend the
Commonwealth Bank Act 1911-1931 (assented to May 21 1932)." According to it, section 60 (a) of the original act is amended to include the
following definition: -English sterling" means currency which is legal tender
in the United Kingdom, and includes (a) balances standing to the credit
of the Bank of England or at any other of its bankers in London: (b) bill,
of exchange, or advances secured by bills of exchange, which (1) are payable
in the United Kingdom in currency which is legal tender in the United
Kingdom; (2) will mature in not more than three months, and the security
for the payment of which bills is, in the opinion of the bank, satisfactory:
and (c) treasury bills or other securities of the United States, which will
mature in not more than three months."
Financial 7: Reforms Drafted for India—Committee
Favors Abolition of Inter-State Tributes Under
New Federal System.
The following from London, July 27, is from the New
York "Times":
The last of three committees appointed by the Rdund Table Conference
finished its work to-day with the publication of a bulky report on the
financial relationship of the Indian States and the future All-India Federation.
The problem was almost hopelessly complicated by the annual "tributes"
that most States now pay the central government, some of them almost a
century old in origin. The committee, headed by J. C. C. Davidson.
traveled 10,000 miles in India and spent six months trying to untangle this
snarl. The chief recommendation is that States now paying more than 5%
of their total revenues should have relief under the new Federal system,
while inter-State tributes should be abolished. The remaining contributions
will still be payable in theory to the government of India, but then will pass
In fact to the new Federal Government when it is established.
The next step in Indian constitutional reform will be the long-awaited
communal settlement on which Prime Minister MacDonald has been
working since the Lausanne Conference and which is expected to be announced soon after his arrival from Lossiemouth next week.
896
Financial Chronicle
5%
Great Britain's Plan to Change
War Loan Issue
to 334% Results in Conversion of C1,600,000,000
Bonds Out of Total of £2,087,000,000—Many Bonds
Held in Foreign Lands.
Under date of August 3, a cablegram from London to the
New York "Times" said:
The Daily Express estimates that up to July 31,the last day for the holders
of 5% war loan bonds to obtain the conversion bonus of £1 per £100, the
amount offered for conversion into the new 33% loan was .C1,500,000,000
out of a total of £2,087,000,000.
Total applications for conversion received number 1,238,000 at the Bank
of England, 665,000 at the Postoffice, besides 95,500 at the Trustee Savings
Bank up to July 30 and 38,200 at the Bank of Ireland up to July 28.
This accounts for 2,036.700 holdings out of a total of about 2,600,000.
but this figure will be augmented by applications still to be received from
holders abroad and from recent purchasers of the loan for conversion.
A wireless message to the same paper from London, July
25 indicating that it had been announced officially that
more than £1,000,000,000 of Great Britain's 5% war loan had
been converted to 3
by the middle of the previous week,
went on to say:
The half-way mark thus was passed only three weeks after the
opening of the huge and daring scheme to convert more than £2,000,000.000 in securities at one stroke. The conversion figure did
not include acceptances that poured in during the last days of the
week, and it is certain to be swelled much more this week, which
Is the last before the offer of a bonus of £ 1 per share expires.
By the end of September, when the period of grace ends, the government is confident that more than 90% of the enormous block
of bonds will have been converted, with a resultant saving of £20,000,000 a year in interest charges.
To-day's announcement was made at a luncheon by Walter Elliot,
the Financial Secretary to the Treasury, and was the first inkling
the public had received of the actual amount converted. Mr. Elliot
further revealed that 1,587,000 of the 2,600.000 holders of the war
loan already had assented to conversion. Those who objected and
asked redemption in cash, he said, totaled 115,000, or only 2%
of the entire number.
Response Is "Satisfactory."
"Every mail is bringing in scores of thousands of assentors to
said Mr. Elliot, "and already It is assured of success.
To be a complete success, however, there must still be a further rush
of assentors. The general response made in the first three weeks has
been very satisfactory and shows that the nation desires to reduce
the burden of the loan."
The financial community hailed Mr. Elliot's announcement as vindication of the government's courage. In the market there is a
continued demand for the 5% war loan, which many big institutions are buying in large blocks to hasten the success of the conversion project. In financial circles it is recognized that there is
still a long way to go. but complete confidence in the final result
is expressed everywhere.
At the same luncheon at which Mr. Elliot spoke, a message was
read from Sir John Simon. Secretary of State for Foreign Affairs,
who is just back from the Lausanne and Geneva conferences.
"Nothing has been more striking in recent weeks than the impression that this bold conception has made on the minds of other
countries," he wrote.
Prime Minister MacDonald, in another message, interpreted the
present figures as "very satisfactory" and said they showed that
the whole nation was behind the government.
conversion,"
We also take the following from the -Times" of July 26:
Arany Bonds Are Held Abroad.
When, after biding its time for more than a year, the British
Government announced on June 30, its plan for converting the
burdensome 5% War Loan of 1929-1947, outstanding in the amount
of £ 2,036,405,239, into bonds bearing interest at the rate of 3½%,
bankers here generally predicted success for the plan.
Many bonds of the issue are held outside of England, but the
great bulk of them are owned by British subjects, a factor calculated
to aid in the conversion. Only last Saturday the New York Stock
Exchange reported that the British Government had not named
an agent in New York in connection with the conversion, the assumption being that the numbers of bonds held here could be
cabled to the Bank of England and conversion arranged for before the end of this month.
The incentive for early conversion is the 1% cash bonus to be
given if assent to conversion is filed with the Bank of England not
later than July 31.
Cash Payment Set for Dec. 1.
The bonus becomes payable fourteen days later. On the other hand,
holders who wish to be paid in cash for the full amount of their
holdings must notify the Bank of England not later than Sept. 30
and payment will then be made on Dec. 1. In any event, the
coupon due on Dec. 1, 1932 will be paid at the original rate of
5% with the new 3 /g % rate payable first on June 1, 1933.
,
One important factor in the success of the war loan conversion
has been the 2% discount rate of the Bank of England, which was
established when the conversion plan was announced. This rate
is the lowest for any Central bank in the world. The rediscount rates
of the Federal Reserve Bank of New York and of the Bank of France
are 2½%.
The proposed conversion of the 5% war loan was referred
to in our issue of July 2, page 38.
Egypt Takes Block of British Bonds—Purchase of
$94,075,000 of Conversion Loan is Regarded as
"Highly Important."
A cablegram as follows from London July 26 is from the
New York "Times":
The Bank of England received to-day the largest number so far of
applications for conversion of war loan bonds.
Prominent Egyptian holders, including the Egyptian Government and
the National Bank of Egypt, with their original holdings and the additional purchase of £4,500,000 worth of unassented war lain for conver-
Aug. 6 1932
sion purposes, threw a solid total of £26,500,000 ($94,075,000) into the
pool.
This is regarded as the most important oversea conversion thus far, it
is announced, for the Egyptian business men, uninfluenced by patriotic
consideration, not only accepted the British Government's conversion
offer but added to their holdings.
Notice of New York Stock Exchange Bearing on British
Bond Conversion.
An announcement as follows appeared in the weekly
Bulletin, July 23, of the New York Stock Exchange:
The following has been taken from announcement to holders of the
5% bonds of the United Kingdom of Great Britain and Northern Ireland
War Loan 1929-1947 (bearer bonds):
"Those who give due notification on or before July 31 1932. will receive a cash
bonus at the rate of Cl per £500 nominal of the amount of their holdings. Those who
give notification after July 31 will not receive this cash bonus."
"Holders who wish to have their holdings redeemed in cash on Dec. 1 1932, must
notify the Bank of England or the Bank of Ireland respectively. In the prescribed
manner, not later than Sept. 30 1932."
"Reasonable extension of time will be allowed In any case where It is shown to the
satisfaction of the Bank that the delay in giving due notification Was due solely to
the permanent or temporary absence from the United Kingdom (or the Irish Free
State as the case may be) of the holder or, in the case of a joint account, of one or
more of the necessary signatories."
The New York Stock Exchange has been further informed that no agent
has been appointed in New York. Should, however, the holder of bearer
bonds in physical possession abroad find difficulty in lodging them for
conversion prior to July 30th, the Exchange is infortned that such difficulty may be overcome by cabling numbers of bonds to their Landon
Agent, who will then lodge requisite fortn with Bank of England, accompanied by signed undertaking to lodge bonds as soon as available.
British Loan Conversion Prevents Staff of Bank of
England From Availing of Bank Holiday.
Associated Press advices from London July 31 stated:
Everybody but the Bank of England has a
holiday to-morrow, Bank
Holiday. At the Bank of England an augmented staff
is working at top
speed dealing with the conversion of the £2,000,000,000
war loan from
a 5 to a 31
/
2
% interest basis.
The campaign to convert the issue, already
greatly successful, continues. To-day the offer of a 1% cash bonus
for conversion expires but
the publicity campaign continues unabated.
Germany Unable to Obtain Foreign Exchange to Meet
$25,000,000 Loan Due Sept. 1—Alternative Offers
to Holders of American Participation Certificates
Announced by Dillon, Read & Co.—Immediate
Payment in "Blocked" Reichsmarks or Payment
in Dollars at End of Three-Year Extension.
A cablegram Aug.2from Berlin to the New York "Times"
reported that because of the foreign exchange control laws,
the Deutsche Bank und Disconto-Gesellschaft will be unable
to repay in dollars its 6% 825,000,000 loan maturing Sept. 1.
The cablegram went on to say:
The bank therefore proposes to holders of
these bonds living abroad
that they either accept immediate payment in
marks, to be loft in Germany
In so-called blocked accounts, or agree to a three-year
prolongation of the
bonds under the same conditions.
In any event the bondholders will receive their
semi-annual September
coupons in dollars, and those agreeing to the
prolongation will receive. Iii
addition to the coupons, a 2% bonus on the nominal
value of the bonds.
The bank asserts that it has the necessary funds
on hand to meet its
obligations without difficulty, but that despite
prolonged negotiations with
the Government and the Reichsbank the
necessary amounts of foreign
exchange have been refused it.
Recent developments have shown that the
Reichsbank's exchange reserves are sufficient for transfer of the service on
long
but scarcely for en bloc repayments of medium-ter and short-term loans,
m loans.
The loan was floated in September 1927 and
offered by a group headed
by Dillon, Read & Co. of New York. Only
about half the nominal amount
Is still in the market, as the rest has been bought
up by the Deutsche Bank
und Disconto-Gesellschaft. The bank asserts that it
will not sell it again.
Because of its inability to obtain foreign exchange to
meet payment of a $25,000,000 five-year 6% note falling
due on Sept. 1, the Deutsche Bank und Disconto-Gesellschaft announced on Aug. 2 through Dillon, Read & Co.
two alternative offers of payment to holders of American
participation certificates in the note, residing outside of
Germany. These offers, which expire Sept. 15, are:
1. Immediate payment in "blocked" reichsmarks, the only medium of
payment available to the bank under existing regulations of the
German
Government. Such "blocked" reichsmarks must be deposited or invested
In Germany, with the provision that only interest or
dividends thereon
may be transferred abroad at present. Under this offer the
bank is prepared to pay the principal of the participation certificates on
Sept. 1 at par
of exchange-4,200 reichsmarks for each $1,000 face value of
participation
certificates.
2. Payment on Sept. 1 1935 In dollars. with an immediate
payment in
dollars of a cash premium of 2% of the principal, to holders who agree
to a
three-year extension of their participation certificates. This offer
has the
approval of the German Government and the Reichsbank and
provision is
made for the continued payment of interest until the payment of
principal.
Dillon, Read & Co. further said:
In its announcement the Deutsche Bank states that it has
available in
Germany funds in reichsmark, sufficient at prevallirus exchange
purchase the requisite dollars for payment of the note in full rates to
Under
existing emergency decrees and regulations of the Gorman
Government,
however, the funds of the bank cannot be utilized for the
discharge In
foreign currencies of foreign obligations, except with the
specific permission
of the Government acting in conjunction with the Reichsbank.
In view
of the shortage of foreign exchange, the authorities have refused to
permit
the bank to transfer funds for the payment of principal, but
have approved
the transfer for payment of interest on Sept 1.
Volume 135
Financial Chronicle
Simultaneously, Dillon, Read & Co. announced that they
had requested the German Government to reconsider its
decision, but that the German authorities had declined their
request because of the existing shortage of foreign exchange.
In the opinion of the firm's German counsel, the Government's decision is binding upon the bank and no successful
appeal can be taken. Accordingly, they recommend that
holders of American participation certificates accept whichever of the two offers the individual holder may prefer.
Few Here Expecting Default in Germany—Private
Creditors Believe Credit of Borrowers Will Be
Maintained—Exchange Is Obstacle—Saxon Plan
Is Approved.
Noting that the action of the German Foreign Exchange
Control is greatly curtailing the transfer of funds from
Germany, which has already resulted in the default on
$7,000,000 of Saxon Public Works, Inc., 5% notes, due on
July 15 1932, and will prevent the Deutsche Bank from meeting its maturity of $25,000,000 of 6% notes on Sept. 1 next,
will not be felt much more here between now and the end of
the year, because of the relatively small maturities, the
New York "Times" of Aug. 5 said:
Bankers here yesterday were virtually unanimous in predicting that
Germany would not attempt to disturb the position of its bonded debt.
either by asking for scale-downs in interest or deferments in meeting maturities, nor, in any likelihood, would the holders of German dollar bonds
countenance such a move. However, on the score of the so-called private
debts, bank loans to German industry and to the Government itself, a
few bankers whb ventured to comment asserted that any move to scale
down these debts would be vigorously resisted.
It developed yesterday that a majority of the holders of th. defaulted
Saxon notes had signified their Intention of accepting the plan which calls
for the exchange of new notes bearing 6% instead of 5% interest, plus a
cash bonus of 5%, and that formal announcement would be made soon
declaring the plan operative. Bankers were inclined to cite this example
yesterday as evidence of the faith of American investors in German credit.
Retains Faith in German Borrowers.
The spokesman for one large Wall Street bank that has lent considerable
sums to Germany which are covered by the "standstill' agreements said
that he could not believe Germany would do anything but pay the private
debts in full as soon as exchange conditions permitted. To do otherwise.
he said, would greatly impair Germany's standing from the standpoint of
honor in financial dealings.
The Lee, Higginson credit to the German Government, terms of which
were
ule..modified last April, is expected to be paid according to the new schedThe original credit was for 8125,000,000. The 815,000,000 due in
July was paid to the bankers and the next installment is not due until November, with subsequent piecemeal payments until November 1933.
Thus far Germany has been able to keep up the interest on her private
debts, which are at rates of less than 6%,from her foreign trade balances.
These debts are owed chiefly to American and British bankers. Inasmuch
as the great bulk of these debts are owed by German corporations, States
and municipalities, several bankers interviewed yesterday indicated that
they believed that any move toward a scale-down would hardly fall within
the province of the German Government.
Exchange Difficulties in Way.
On this score it was pointed out that many German corporations that
contracted the preponderance of the short-term debts could readily reduce
their loans were it not for the exchange difficulties. The point was also
brought up that if matters came to a pass at which Germany could not pay
the interest and sinking funds on its bonded debt—German dollar loans
of all descriptions, and on the interest on the so-called private debts as well
—It was believed that the latter might have to suffer.
The private debtors, however, it was pointed out, could no counted on to
oppose complete cessation of payments at their expense.
$250,000 Free State of Prussia Bonds Drawn for Redemption
The first drawing of bonds for sinking fund purposes on
the Free State of Prussia 62 external loan of 1926,
/
1
%
totaling $257,000 principal amount, is announced by Brown
Brothers Harriman & Co., as fiscal agents. The principal
amount of the bonds will become due and payable on September 15, at the New York office of Brown Brothers
Harriman & Co., out of funds to be deposited by the Free
State of Prussia. Interest will cease to accrue on and after
the redemption date.
Tenders Asked for Purchase of Bonds of Free State
of Bavaria Through Sinking Fund.
The Chase National Bank of the City of New York, as
successor trustee, invited on Aug. 1 tenders for the sale to
it at prices not exceeding par and interest of Free State of
/
1
2
Bavaria external 20-year 6 % sinking fund gold bonds, due
Aug. 1 1945, in an amount sufficient to exhaust as nearly
as may be the sum of $120,541 now held in the sinking fund.
Tenders which were to be submitted to the corporate trust
department of the bank, 11 Broad Street, were opened at
noon on Aug. 4.
Tenders Asked for the Purchase of Bonds of City of
Nuremberg, Germany, Through Sinking Funds.
The Chase National Bank of the City of New York, as
successor fiscal agent, were invited on Aug. 1 tenders for
•
897
the sale to it at prices not exceeding par and interest of
City of Nuremberg, Germany, external 25-year 6% sinking
fund gold bonds, due Aug. 1 1952, in an amount sufficient
to exhaust as nearly as may be the sum of $68,482 now held
in the sinking fund. Tenders which were to be submitted to
the corporate trust department of the bank, 11 Broad Street,
were opened at noon on Aug. 5.
Receipts of Funds to Meet August 1 Interest Payments
on Silesia Electric and German Consolidated Municipal Bonds.
Chase Harris Forbes Corporation, as paying agents, announced in advance that funds were received to make the
Aug. 1 1932 Interest payments on the outstanding Silesia
Electric 62 due 1946, and on the German Consolidated
/
1s,
Municipal Loan 7s, due 1947.
Tenders Invited for Purchase of Argentine Government
Bonds Through Sinking Fund.
J. P. Morgan & Co. and the National City Bank of New
York, as fiscal agents, are notifying holders of Government
of the Argentine Nation external sinking fund 6% gold
bolds, Sanitary Works Loan, due Feb. 1 1961; that $188,057
in cash is available for the purchase for the sinking fund
of so many of these bonds as shall be tendered and accepted
for purchase at prices below par. Tenders are invited at
such prices, to be submitted before 3 p. m. Aug. 31, either at
the office of J. P. Morgan & Co. or the head office of the
bank. If the tenders so accepted are not sufficient to
exhaust the moneys available additional purchases upon
tender, below par, may be made up to Oct. 31 1932.
The Chase National Bank of the City of New York, acting
for the fiscal agents, is notifying holders of Government of
/
2
%
the Argentine Nation external sinking fund 51 gold bonds,
due Aug. 1 1962, that there is available approximately
$130,723 in cash for the purchase of these bonds for the
sinking fund at prices below par. Tenders are invited at
such prices, to be submitted to the corporate trust department of the bank, 11 Broad Street, before 3 p. m. Aug. 10.
If tenders accepted are not sufficient to exhaust the moneys
available, additional purchases, below par, may be made up
to Oct. 30 1932.
Tenders Asked for Amortization of $759,400 of 5%
_ Internal Bonds of Argentine Government.
J. P. Morgan & Co. are giving notice that they are prepared to receive tenders for the amortization on or before
Sept. 30 1932, of $759,400 Argentine gold pesos, say L151,880, nominal capital of Argentine Government 5% internal
gold loan 1909. Tenders for the sale of bonds, at a flat
price under the par value of $973 United States gold dollars,
must be lodged not later than 3 p. m. on Aug. 16 with
J. P. Morgan & Co., 23 Wall St. Tenders will also be
received in London by Baring Brothers & Co., Ltd., and
in Buenos Aires by the Credito Publico Nacional. The
tenders will be opened in London on Aug. 18 1932.
Argentine Bank of Nations Places $1,600,000 at Disposition of Government to Meet Coupons Falling Due
in New York.
From Buenos Aires, Aug. 1, a cablegram to the New York
"Times" said:
The Bank of the Nation placed $1,600,000 at the disposition of the
Government to-day to pay coupons on Argentine bonds falling due in
New York.
A cabinet meeting which was to have considered the financial situation
to-day was postponed indefinitely. It was explained that the auditors'
reports were not ready.
Argentine Seeks Debt Suspension—Movement Started
for Halting of Payments on the Foreign Loans—
Cabinet Opposes Move—Proposed Moratorium on
External Obligations of Santa Fe.
A cablegram, under date of July 31, from Buenos Aires to
the New York "Times," said:
The country's finances occupied official and public attention last week in
preference to all other public questions, following the discovery that the
budget put into effect 80 days ago with an announced surplus of 12,000,000
pesos ($3,000,000) will produce a deficit variously estimated at 80,000 to
100,000 pesos. The Cabinet met Friday to consider t5e financial situation
and will meet again to-morrow to discuss possible econonri‘s.
The Legislature of the Province of Santa Fe rushed through practically
without discussion a bill authorizing the Governor to suspend payments
on the foreign debt for three years, he having informed them that it would
be necessary to expedite before the due date the American $5,000,000 loan
on Aug. 5. Santa Fe's action has given rise to a strong move in and out
of Congress, backed by strong newspaper support, for the National Government to follow the Province's example and suspend foreign payments
until the economic situation improves and use the money to give employ-
898
Financial Chronicle
ment to the people at home. Finance Minister Hueyo has stated emphatically
that the National Government Is not even considering suspension of payments. He is expected to submit a complete statement on the situation to
the Cabinet to-morrow, after which President Justo will send a message to
Congress suggesting remedial measures.
Associated Press accounts from Buenos Aires (Argentina)
July 31 stated:
A moratorium on the Province of Santa Fe's external obligations, equivalent to $36,000,000 until 1935, will be approved by the Provincial Senate
on Sept. 2, it was learned to-day. This debt is exceeded only by that of
the nation, and the Province and the City of Buenos Aires'a obligations.
Santa Fe was the first Argentine political unit to default in its obligations. She owed the Chemical Bank & Trust Co. of New York $5,000,000,
payable in August.
Books on Argentine Loan Closed—Fails to Reach
$125,000,000—Subscriptions Reported as 150,000,000
Pesos.
Under date of July 31, Associated Press advices from
Buenos Aires said:
The $125,000,000 patriotic loan launched May 25 to pay the back
salaries of public employees and other Government domestic expenses has
been closed. Unofficial calculations to-day were that subscriptions amounted
to 150,000,000 pesos of the prescribed 500,000,000 pesos.
A reference to the loan appeared in our issue of July 30,
page 712.
Receipt of Funds Announced for Payment of September
1 Interest on Buenos Aires (Argentine) 6% External
Gold Bonds.
Hallgarten & Co., and Kidder, Peabody & Co., fiscal
agents for the Province of Buenos Aires, Argentine Republic, 6% Refunding External Sinking Fund Gold Bonds,
dated March 1, 1928, due March 1 1961, announce the receipt of $1,438,535 to meet the September 1 1932 sinking
fund and the payment of coupon interest due September 1
1932 on all outstanding bonds of this issue.
Austrian Government Fails to Remit Instalments Due
On International Loan of 1930.
The failure of the Austrian Governmert to make provision
for the payment of the July 1 and August 1 service instalments due on the Government's International Loan of 1930,
due in 1957, was made known in the following statement
Issued on August 2 at the offics of J. P. Morgan & Co., in
behalf of the Bank for International Settlements, trustee of
the loan.
While the funds necessary for the interest coupon payable to holders
July 1 1932 on the bonds of the Austrian Government International Loan
1930 were duly provided by the Austrian Government prior to that date, the
Bank for International Settlements, trustee of the loan, announces that
owing to restrictive measures taken in Austria, it has been unable to procure
In foreign currencies the instalments for the service of the loan which were
payable July 1 1932 and Aug. 1 1932.
With respect to such monthly instalments for the loan service payable in
foreign currencies for the period ended Jan. 11933, the trustee has no information which leads it to believe that the deficiencies in the loan service
which have already occurred will be remedied in the immediate future, nor
any assurance that similar deficiencies will not again occur.
The Austrian Government has failed to pay, as required by the general
bond, to the account of the trustee at the National Bank of Austria, the
whole remainder of the receipts of the pledged revenues collected by it,
which is payable to the trustee's account after satisfying the prior charge on
the revenues in favor of the Austrian Government guaranteed loan 1923 and
the Czecho-Slovakian conversion loan.
The trustee has repeatedly protested to the Austrian Government against
the continued infraction of the general bond.
The Austrian Government has replied that because of existing dfficulties
It is unable, at the present time, to exempt the service of the loan from the
operation of the Transfer Moratorium Decree of July 111932. but that the
equivalent of the loan service is to be paid monthly into the schilling account
of the Trustee at the Austrian National Bank, the amount of schillings
so paid to be calculated at the official exchange rate of the Austrian National
Bank.
The Trustees of the Austrian Government Guaranteed Loan 1923-43
announce that, difficulties having arisen in regard to the transfer into the
necessary foreign currencies of funds held in Austria for the service of the
Loan, the monthly instalment due on July 11932, has not up to the present
been provided, nor have the Trustees received any information which would
lead them to suppose that this instalment or the monthly instalment due
on Aug. 1 1932, will be met.
The funds already received by the Trustees for the payment of interest
are insufficient to meet In full the interest due on Dec. 1, next, and, should
the Government in default of its obligations under the general bond fail
to make the necessary transfer, whether by monthly instalments or other
wise, before the due date, the full sum required for interest will be provided
by utilizing to the extent then found necessary the reserve fund created for
that purpose.
The Trustees have already received the necessary sinking fund monies to
provide for the sinking fund requirements for the financial year ending
May 31 1932, in accordance with the terms of the General Bond.
The Austrian Government has in further breach of the terms of the
General Bond failed since the middle of June to pay to the Trustees' account
at the National Bank of Austria the whole of the pledged revenues collected
by it.
The Trustees have already lodged a protest against these infractions of
the General Bond, anci have advised the Secretary-General of the League
of Nations and the Committee of Control of the guarantor States of these
developments.
In our issue of July 30, page 711, we referred to the failure
of Austria to provide funds for July 1 service instalment on
the Austrian Government guaranteed loan of 1923-1943,
Aug. 6 1932
contracted under the auspices of the League of Nations.
From the New York "Times" of August 3 we quote:
The loan of 1930 comprises 7% bonds due in 1957, of an authorized
amount of $102,000,000, of which $55,000,000 was issued in the principal
financial centres of the world In July 1930. The American tranche
amounted to $25,000,000, marketed by a banking group headed by J. P.
Morgan & Co. and priced at 95.
Unlike the League of Nations loan, which is guaranteed by Great Britain.
France, Czechoslovakia, Italy, Belgium, Sweden, Denmark and Holland,
the 7s due in 1957, depend for future service on the financial condition of
Austria, and particularly upon the tobacco revenues. This loan, however,is
in effect, a second lien ofsuch revenues,subject to the League loan and to an
Austrian Government Czechoslovakia conversion loan. Austria, however,
has failed to pay to the Trustee these revenues as provided for in the loan
contract. . .
League Loan Offered to Austria.
Interested bankers pointed out yesterday that the Council of the League
-year loan to Austria
of Nations had offered a few weeks ago to guarantee a 20
of 300,000,000 schillings, proceeds of which would be applicable to payments
on the service of Austrian external debt. So far, however, the Austrian
Parliament has not formally accepted the offer.
The coupons due on July 1 1932, on the loan of 1932 were paid promptly,
and the next ones are not due until Jan. 1 1933, so that if Austria receives
financial aid in the meantime no default will occur as to interest. The same
conditions apply to the coupons due on June 1 1932, on the League loan 7s
due in 1943.
on the Stock Exchange
The Austrian 7s, due in 1957, closed at 38
,
Yesterday, up 4
-point, and the 7s due in 1943 ended at 90, up 235 points
for the day.
Hungary's Debt Pact Ends—Year's Extension of Standstill Agreement is Reported.
From Budapest a wireless message August 1 to the New
York "Times" said:
The six months' standstill agreement made by Hungary with British,
-day, and
American and other foreign short-term creditors expired to
negotiations conducted by former Finance Minister John Telesk for a year's
succeeded.
extension of the agreement are reported to have
This is said to be on condition that if the interest rate in London and New
York drops, that payable by the Hungarian debtor will be proportionately
reduced.
The new agreement is not yet signed, but this is said to be due only to
technical obstacles. Meanwhile the old arrangement is being continued.
Report That Austria Will Get $40,000,000 Loan—
Foreign States to Make Advance Shortly, Says
Chancellor, Back From Geneva—Part of Debt
Services.
Copyright advices as follows from Vienna Aug. 2, to the
New York "Evening Post" said:
"A few wales ago hardly ony one considerd that a loan to Austria was
possible," declared the Austrian Chancellor Dollfuss after his return from
Geneva and Lausanne. "Now I can announce that the loan has been
assured. I hope that the proof of trust which has been given will not be
without fruit. A number of foreign States are joining in the loan which
Austria is to receive."
This statement was made by Dr. Dollfuss to the members of the Industrial
Federation of Vienna. The loan to which the Chancellor referred and which
Austria expects to obtain in one or two months is one for 300,000,000 Austrian schillings, or about $40,000,000.
The loan will contain only 110,000,000 schillings in new money. One
hundred and ninety million of this loan will be the conversion of the two
short-termed loans, given by the Bank of International Settlements and
the Bank of England a year ago, to long-termed loans.
The rest of the money cannot be used for the coverage of the budget
deficit but will be used for the debt services of the Republic. Austria has
to pay every year a sum of about 240,000,000 schillings 434,000,000) for
debt service. The new money, therefore, will be sufficient only for a
half-year service on the debts.
Yet the loan has a great importance because,first, it will avert the danger
of the proclamation of a transfer moratorium (though since June 23 Austria
has suspended the payments of her debts in foreign currencies), and,
second, through restored confidence it may revert the process of distruct
and skepticism which was, to a great extent, responsible for the flight of
capital from Austria.
The new loan will be of 20 years' duration, and the protocol which will
accompany its flotation will once more oblige Austria to renounce all
Intention of an Anschluss with Germany.
Hungary Hopes to Resume Interest Payments on
Reconstruction (League of Nations) Loan—
Aug. 1 Coupons Met by Trustees Drawing on
Reserve Fund.
With regard to the expectations as to the resumption of
the paymeni of interest on the Hungarian 73- cX, reconstruction loan, a cablegram from Budapest Aug. 4 to the New York
"Times" stated:
The Hungarian Government announced to-night that it hoped to be
able to resume the payment of the interest, if not the amortization, on the
League of Nations loan, which was suspended a month ago after the loan
had been for six months excepted from the transfer moratorium applying
to other classes of the foreign debt.
When the Government defaulted on the payment of coupons Aug. 1 the
trustees for the loan met the obligation from their reserve fund, meanwhile
threatening to impound important sources of Government revenue whereon
the loan was secured.
The Government has now proposed that the trustees continue to meet
the interest on the loan from the reserve fund. As for its amortization,
the Government points out that by buying up and retiring largo numbers
of bonds it has already gone far to extinguish the debt.
It hopes later to be able to provide the trustees with sufficient foreign
currency, despite the decline in Hungary's export trade, to meet the CO11130115
whose payment it was temporarily forced to default and thus make it possible for the trustees to restore the reserve fund to its former proportions.
Speyer & Co. makes available the following communique
issued by the Hungarian Government in Budapest on
Volume 135
Financial Chronicle
Aug. 4, which has been communicated to the League Loans
Committee (London):
Kingdom of Hungary 7.l% Reconstruction (League—of Nations) Loan.
The Hungarian Government thinks it well to issue the following statement,
in order to remove any uncertainty which may exist in the minds of bondholders of the above-mentioned I oan as to the forthcoming service In the
immediate future. The Hungarian Government has always recognized
the position of this loan, issued at so critical a period of Hungary's existence.
and it was in recognition of this that the Hungarian Government excluded
the League loan from the provisions of the transfer moratorium decree
of Dec. 23 last. To its great regret the Hungarian Government has recently
been compelled, by the growing difficulty of obtaining usable foreign exchange in payment for Hungarian exports, to suspend the monthly transfer
of foreign exchange for the service of the League loan. Realizing, as it
does, the importance of preserving the status of loans issued under the auspices of the League of Nations. it was only under the pressure of sheer
impossibility that the Government was obliged to suspend the monthly
service. The Government, nevertheless, hopes that, if the interest service
of the loan can be maintained for the present, this fact, coupled with the
recognition of its own efforts to avoid default, may go some way towards
mitigating the effects on public opinion of the Government's unavoidable
action. Fortunately, the interest service can be maintained, if the Trustees
of the Loan, in accordance with their powers under the General Bond,
apply the Reserve Fund to meeting the coupons before providing for redemption. In this connection, it may be mentioned that, through the
operation in the past of purchases for redemption below par, the amortization already effected is considerably ahead of the schedule laid down at
the time the Loan was issued. On this basis, the Hungarian Government,
in spite of the unsatisfactory position of the country's export trade and
of the consequent difficulty of obtaining foreign exchange, feels justified
in expressing the confident hope that,in the absence of any further deterioration of the position or of any serious and unforeseen emergency, it will be
in a position to make up the amounts required in foreign exchange to meet
the coupons up to and including the one due Aug. 1 1933, in addition, of
course, to the coupon of Aug. 1 1932, which has been paid in full by the
Trustees drawing on the Reserve Fund for the purpose. As soon as the
Government Is in a position to do so, consistently with safeguarding the
vital interests of the country, it will deliver additional amounts of foreign
currencies, so as to enable the Trustees to reconstitute the Reserve Fund
and to restore the service of the Loan integrally to the position in which it
would be if the transfer had never been suspended. The Government
wishes to record its appreciation of the advice and sympathy it has received
from the League Loans Committee (London), with a member of which
it has recently had occasion to discuss the whole Hungarian situation.
There has also been made available the following communique issued by the League Loans Committee (London):
Kingdom of Hungary 7;
,
i% Reconstruction (League of Nations) Loan.
The League Loan's Committee (London) have recently discussed with
the Hungarian Government, the economic position of the country and the
question of maintaining the service of the Hungarian League of Nations
Loan. The Committee have accordingly observed with satisfaction the
statement which has just been issued by the Hungarian Government regarding the maintenance of the interest service on this loan up to and
including the coupon due Aug. 1 1933. In view of the difficulties of the
situation, the Committee welcome the announcement which, if the current
coupon recently paid be included, holds out the confident hope of the
payment in full of interest for the next 18 months. Furthermore, the
Hungarian Government has recognized in their entirety its obligations to
the bondholders by promising to discharge all arrears in respect of these
obligations as soon as foreign exchange becomes available for the purpose.
The Committee believe that recognition by the bondholders of the Hungarian Government's good will in this matter must be to the advantage of
all concerned and in the best interests of the bondholders themselves.
Accordingly, the committee, although they have no mandate to make any
arrangement binding on the bondholders, suggest that the latter would be
well advised to acquiesce in the Hungarian Government's proposals.
Norway Considers Amendment of "Trust Laws" to Curb
Competition.
Norway is considering the amendment of her so-called
"trust law," whereby the trust-controller will be given authority to increase prices when necessary, in order to prevent "cut-throat" competition on the part of large organizations directed towards elimination of their weaker competitors, it is indicated in a report to the Commerce Department
from Acting Commercial Attache H. C. McLean. Provision
will be made, it is stated (according to the Department's
announcement July 26), to exercise a control over domestic
dumping. This will have a tendency, it is believed, to raise
prices in some quarters.
Record Swedish Unemrloyed Causes Parliament to
Vote 26,000,000 Crowns as Aid to Workless.
With 100,674 registered unemployed as of March 1032, a
10-year record, the Swedish Government has appropriated
25,000,000 crowns (about $5,000,000) for unemployment
relief, according to a report to the Commerce Department
from Trade Commissioner Basil D. Dahl. The Department
on July 20 added:
Last December the Unemployment Relief Commission estimated that
20,000,000 crowns would be sufficient, but the increase in unemployment
between then and March caused the upward revision of the request. At the
end of March 43,764 persons were receiving Government aid.
Latvian Government Establishes Bonus on Exports of
Hitter to Hold Price Up to 48 Cents per Kilogram
to Producers.
The butter industry of Latvia is receiving Government aid
In the way of a bonus to producers on exports that at present
amounts to about 50% increase in the market price, accord-
899
ing to a report to the Commerce Department from Assistant
Trade Commissioner Everett B. Ansley, Riga, Latvia. In
making this known, July 30, the Department said:
Under the new law, which extends to July 1 1933, exporters of butter
are guaranteed a price of 48c. a kilogram for first grade butter and 46c. a
kilogram for second grade butter. The present export market on Latvian
butter is about 32c. per kilogram, making the Government bonus virtually
50% of the export price.
Butter exports from Latvia in the first half of 1932 amounted to
7,339,909 kilograms, as compared with 7,689,886 kilograms in the same
period of 1931.
There is a provision in the law which operates only in the event that
the export price of butter advances above the guaranteed figure. If this
occurs, the butter interests must transfer one-half of the amount received
per kilogram to the Government, where it will be deposited in a special fund
to partly defray the cost of paying the bonus when the market is lower.
(Kilogram equads about 2 1-5 pounds.)
National Bank of Norway Now Reports in Pounds—
Publication of Statement in Sterling Emphasizes
Close Tie Between Currencies.
From the "Wall Street Journal" of August 4, we quote
the following:
Lively interest was displayed in foreign exchange circles by the revelation
that the National Bank of Norway is publishing its statements of condition in sterling rather than in kroner. In 1924, during the currency transition period in Germany, the German Gold Bank published its reports in
sterling as a temporary expedient prior to actual stabilization of the German
mark, but no instance was recalled where another central bank of a major
country has published its return in a foreign currency.
This development may indicate some real progress in the idea of currencies outside of the British empire being linked with sterling. The
Scandinavian countries abandoned the gold standard shortly after the British
action as a self-protective measure. Britain constitutes the major export
market for these countries and it was to their interest to maintain their
currencies on a par with sterling. Fluctuations in the Scandinavian exchanges have closely followed the swings in sterling in response to the
attempt to maintain the same relative position between sterling and kroner
as existed before sterling was cut loose from gold.
The move on the part of the Norges Bank is interpreted more as an
indication that Norway intends to maintain the relation between kroner
and sterling exchange. Norway will make no attempt, it is said, to return
to gold before England, and it is probable that when the currency is finally
stabilized it will be stabilized at a level comparable to sterling when the
British authorities take the step. In the meantime, the action of the
Norges Bank merely facilitates the maintenance of the Oslo-London ratio.
Greek Loan Repayment Reported Suspended.
Associated Press cablegrams July 20 from Athens, Greece,
July 20 said:
It was officially announced to-day that the United States Government
had accepted the Greek Government's petition to suspend for 2 Si years
installment payments on the American sections of the 1928 loan, which
were due July 1.
Greek Government Bonds Dealt in "Flat" on New
York Stock Exchange.
The following notice was issued Aug. 1 by Ashbel Green,
Secretary of the New York Stock Exchange:
NEW YORK STOCK EXCHANGE
Committee on Securities
Aug. 1 1932.
Notice having been received that the interest due Aug. 1 1932 on Greek
Government 40
-year 6% secured sinking fund gold bonds, stabilization
and refugee loan of 1928, duo 1968, is not being paid:
The Committee on Securities rules that beginning Monday, Aug. 1 1932.
and until further notice the said bonds shall be dealt in "Flat" and to be a
delivery must carry the Aug. 1 1932 and subsequent coupons.
ASHBEL GREEN, Secretary,
Brazilian Business Curtailed by Political Disturbances
--Closing of Port of Santos Affects Coffee Shipments.
The Department of Commerce at Washington in its weekly
summary of business conditions July 31 reports as follows
as to Brazil:
Brazilian business has been drastically curtailed by political disturbances.
Conditions in the cities of Sao Paulo and Santos are reported to be quiet,
but Santos, the port through which nearly half of the country's foreign
trade usually passes, has been closed to shipping and ordinary communication with Rio de Janeiro and other parts of Brazil is interrupted. Complete figures of the Brazilian coffee movement are unavailable owing to the
closing of the Port of Santos on July 9. Exports from Rio de Janeiro
and Victoria through July 22 amounted to 225.942 bags and 79,531 bags,
respectively, and stocks at these ports consisted of 365,922 bags and 62.250
bags, respectively. Crops have not suffered from the present situation,
it is said, their condition generally being satisfactory except in the northeast, where the prevailing drouth has seriously reduced possible yields
of cotton and minor local crops.
City of Rio de Janeiro Fails to Remit for Aug. 1 Interest
on 63/2% External Gold Bonds.
White, Weld & Co., and Brown Brothers Harriman &
Co., fiscal agents for the City of Rio de Janeiro (Brazil)
6
external secured sinking fund gold bonds, due Feb. 1
1953, issued a notice as follows on Aug. 1 to holders of the
bonds:
As fiscal agents for the above loan, we regret to advise that funds for
the payment of the interest due Aug. 1 1932 on these bonds have not
been received. Accordingly we are obliged to refuse payment of the
coupons due on that date.
900
Financial Chronicle
As previously announced, no funds have been received to pay the interest due on Feb. 1 1932, and the coupons due on that date are still in
default.
On Jan. 11 1932 the fiscal agents announced that a partial payment on
account of interest coupons due Aug. 1 1931 at the rate of $10.06 per $32.50
coupon would be made, upon presentation of such coupons to the fiscal
agents for notation of such payment thereon and return to holders thereof.
Bondholders who have not as yet done so are urged to present their Aug. 1
1931 coupons as soon as possible.
Brazilian Federal Government Declares Sao Paulo
Ports Closed.
The Brazilian Federal Government has declared the ports
of the State of Sao Paulo closed indefinitely to all shipping,
according to a cable dated July 13 to the Department of
Commerce from Commercial Attache Carlton Jackson,
Rio de Janeiro.
City of Cordoba (Argentine) Fails to Remit August 1
Interest on 7% External Bonds.
White, Weld & Co., fiscal agents for the City of Cordoba
(Argentine Republic) 7% external sinking fund gold bonds
of 1927, due Aug. 1 1957, issued the following notice on
August 1 to the holders of the bonds:
As fiscal agents for the above loan, we regret to advise that the funds
required for the payment of interest due Aug. 1 1932 on the above bonds
have not been received by us from the City of Cordoba. Accordingly, we
are obliged to refuse payment of the interest coupons due on that date.
Our representative in the Argentine Republic, who has been keeping in
close touch with the City authorities, advises us that the present default
Is due primarily to the existing exchange rates which are such that the payment of service on the loan would, in the opinion of the authorities, leave
the City with insufficient funds to meet its most urgent necessities. We
are continuing our efforts both directly and through our representative to
induce the City to comply fully with its obligations. Bondholders of whose
names and addresses we are advised will be Informed as and when any
developments of importance occur.
Notice Regarding Dealing in "Flat" on New York
Stock Exchange of 7% External Sinking Fund
Gold Bonds of City of Cordoba (Republic of Argentina).
Ashbel Green, Secretary of the New York Stock Exchange,
issued the hllowing notice regarding the dealing in "flat"
of bonds of the City of Cordoba (Republic of Argentina),
on August 1:
NEW YORK STOCK EXCHANGE
Committee on Securities.
City of Cordoba 7% External Sinkin7Fund Gold Bonds of 1927.
due 1957—Interest
August 1 1932.
Notice having been received that the interest due Aug. 1 1932 on City of
Cordoba 7% external sinking fund gold bonds of 1927, due 1957, Is not
being paid.
The Committee on Securities rules that beginning Monday, Aug. 1 1932,
and until further notice the said bonds shall be dealt in "Flat" and to be a
delivery must carry the Aug. 1 1932 and subsequent coupons.
ASHBEL GREEN, Secretary.
Portion of 6% External Gold Bonds of Province of
Buenos Aires (Argentine) Called for Redemption.
Hallgarten & Co. and Kidder, Peabody & Co., as fiscal
agents for the 6% refunding external sinking fund gold
bonds dated March 1 1928, and due March 1 1961, of the
Province of Buenos Aires, Argentine Republic, announce
that there have been called for redemption by lot on Sept. 1
1932 out of moneys deposited for that purpose with the
fiscal agents, $264,000 principal amount of these bonds.
Payment will be made at the office of either of the fiscal
agents or in London, Amsterdam or Zurich at the offices
of the designated agents on Sept. 1 1932. Interest will
cease to accrue on the bonds on that date.
Payment Aug. 1 of Coupons on Buenos Aires External
Gold Bonds.
First of Boston International Corp., paying agent for the
Province of Buenos Aires on its 612% external sinking fund
/
gold bonds, due Aug. 1 1961, gave the New York Stock Exchange the usual notice (prior to the due date) that the
Aug. 1 1932 coupon would be paid at their office at 100
Broadway, New York City.
$1,750,000 State of Sao Paulo (Brazil) Coffee Realization
Loan Bonds Called for Redemption—Payable
Oct. 1.
Speyer & Co. and J. Henry Schroder Banking Corp. as
fiscal agents, announced Aug. 4 that $1,750,000 State of
Sao Paulo 7% Coffee Realization Loan Bonds have been
drawn for redemption at par (as per list published in our
issue to-day), and will be paid on and after Oct. 1, either
at the office of Speyer & Co., or at the office of J. Henry
Schroder Trust Co. After retirement of these bonds, there
Aug. 6 1932
will remain outstanding $27,989,000 of the $35,000,000 bonds
originally issued in the United States of America.
Brazil Funds Sent to New York and London.
Associated Press accounts were reported as follows from
Rio de Janeiro, July 19:
The Treasury announced to-day that £250,000 had been sent to New
York and London as findings of the finances of 1898, 1914 and 1931. The
sum is equivalent to $912,500. As a result of the shipment the 1932
amortization of these loans has been reduced to £3,019,739 (currently
about $11,021,847).
Newly Appointed Chairman of the Bolivian Fiscal
Commission Sails from New York.
Roger Howard Williams, recently appointed by the Bolivian Government to the Chairmanship of the Permanent
Fiscal Commission established in connection with the 8%
loan of 1922, sailed for La Paz on the S. S. "Santa Barbara,"
on July 29. Mr. Williams was appointed by the Government
upon recommendation of the bankers of the 8% loan, and
it is felt that his experience will be helpful to Bolivia In
connection with the country's present financial problems.
Tenders Invited for Sale of Bonds of State of New
South Wales Through Sinking Funds.
The Chase National Bank of the City of New York, as
successor fiscal agent, invited, on Aug. 1, tenders for the
sale to it at prices not exceeding par and Interest of State
of New South Wales, Australia, external 30-year 5% sinking fund gold bonds, due Feb. 1 1957, in an amount sufficient
to exhaust as nearly as may be the sum of $126,352 now
held in the sinking fund. Tenders which were asked to be
submitted to the corporate trust department of the bank, 11
Broad Street, were opened at noon on Aug. 5.
National Bank of Australia on Adverse Legislation in
New South Wales for Relief of Mortgagors.
The following is from the report of the National Bank of
Australia presented at the ordinary general annual meeting
on May 25 1932:
Adverse legislation enacted during the year in New South Wales for the
relief of mortgagors contained some special and unusual features that have
greatly increased the risks and anxieties of mortgagees in that State. and
while the acts remain upon the Statute Book they operate as a deplorable
hindrance to business In the most populous and the most important State
In the Commonwealth. It is greatly to be hoped that some steps
will
be taken by any newly-elected Government in order to promptly and
suitably amend this legislation.
Reported Agreement for Payment of Interest on
Salvador Bonds.
Associated Press accounts from San Salvador, Aug. 1,
stated:
Telegrams exchanged between the Salvadorean Government and Roberto
Aguilar Triguerae, its representative In New York, said
to-day an arrangement had been concluded with bondholders under which payment had been
made on the interest for the first six months of 1932.
Salvador Negotiating with Single Bondholders'
Committee.
An announcement made in New York on Aug. 1 stated
that negotiations were in progress between representatives
of the Republic of El Salvador and the single committee,
which is now functioning in place of the two committees
which previously represented the bondholders, and holds
deposits for more than 1,000 bondholders located in 40
States and eight foreign countries. The announcement
stated:
Sr. Don Roberto Aguilar, formerly of the Department of
Treasury and
Public Credit of the
Republic of El Salvador, accompanied by W. W.
Renwick, representative In the City of San Salvador of the
Manufacturers
Trust Co.. fiscal agent for the loan, have held preliminary
conferences
with the committee which point toward the possibility of an
equitable
arrangement. Such arrangement, it is said, would be feasible for
the
Republic and require a minimum of temporary concessions by
the bondholders.
ho
order to make broadly effective the arrangements with
Salvador
representatives, the committee feels that all bondholdersthe Elhave not
who
deposited their bonds, should do so promptly, as representation of
the
largest possible number of bonds is desirable. The new committee
is
headed by J. Lawrence Gilson, and includes in its membership, R. W.
Ilebard, Fred Lavls. F. J. Lisman, Rafael Rodezno and
Montgomery
Schuyler. Douglas Bradford is Secretary,
Bonds of Republic of Cuba Purchased For Cancellation
Through Sinking Fund.
Speyer & Co., as fiscal agents, have purchased for cancellation through the sinking fund, $1,187,000 principal
amount of bonds of the Republic of Cuba 5% loan of 1904.
This represents the sinking fund operations for the year
1931-1932. Out of an original issue of $35,000,000 bonds,
$23,694,500 bonds have been retired through Anking fund
Volume 135
Financial Chronicle
operations to date, leaving $11,305,500 of these bonds outstanding.
Trustee For Kxeuger & Toll 5% Debentures Receives
Funds for Aug. 1 Payment From Ecuador Mortgage
Bank.
A sum exceeding $46,000 was received Aug. 1 by the
trustee for the Kreuger & Toll 5% secured debentures from
the Ecuador Mortgage Bank, it was announced by Grayson
-P. Murphy, Chairman of the protective committee.
M.
This sum represents the interest and sinking fund payment
due Aug. 1 on the $922,529.51 Ecuador Mortgage Bank 7%
bonds constituting part of the approximately $59,000,000
face amount of collateral pledged to secure the $47,596,500
outstanding secured debentures. "Much credit for making
arrangements for the prompt receipt of this money belongs
to the committee's counsel," according to Mr. Murphy.
This makes more than $900,000 in interest and sinking
fund moneys received since April when revenues from the
specific collateral became payable directly to the trustee.
Mr. Murphy further said:
It illustrates the substantial values in the collateral, but, of course,
how much may be realized thereon may depend in part on how promptly
debenture holders, by deposit with Guaranty Trust Co. of New York,
depositary, make It possible for the committee to proceed most effectively
in trying to protect these values.
Costa Rica's Proposed Moratorium on Foreign Debt.
In its weekly summary (July 31) of business conditions
abroad, the Department of Commerce at Washington has
the following to say regarding Costa Rica:
Trade and financial activities during July have continued slow and some
lines of business complain of a greater slackness than others. Local newspapers report that several small manufacturing concerns have called a
meeting of creditors and that several similar concerns will offer settlement
arrangements shortly. On June 30,total circulating medium was 25,711,341
colones as compared with 25,741.104 colones on the last day of May. On
June 30 1931 total circulation was 18,681,508 colones.
Of considerable interest to the Costa Rican public at present is the
proposed arrangement for a moratorium of the foreign debt now before
the Congress, by which it is reported that the American and British trustees
of the bonds have agreed to a cessation of payment of principal for three
years, and the payment of interest in 20
-year bonds bearing 5% interest
per annum.
An item regarding the above bill appeared in our issue of
July 16, page 400. From the New York "Times" of July 31
we take the following special correspondence from San Jose
(Costa Rica) July 27.
The government hopes to reduce its internal debt by half, and balance
its budget by the negotiation of a three-year moratorium on the service
and interest of the foreign loans floated in England and the United States.
according to La Tribune.
The article indicates that suspension of service on the English loan will
make available £60.000 every six months, or a total of £360.000. The
service and interest on the American loan amounts to $682.140 a year. or
$2.046,420 for the three-year period of the proposed moratorium.
These sums applied to extra amortizations of the internal bonded debt
of 30.000,000 colones would reduce it by more than half in three years.
The average rate of interest on this debt is 10%.
It is pointed out that the advantages of the proposed moratorium would
be the balancing of the budget as a result of the reduction in interest payments on the remainder of the internal debt, the balancing of international
commercial payments due to the abundance of drafts that would become
available, and undoubted benefits on account of the free circulation of
ready money in industrial, agricultural and commercial circles.
Bonds of State of New South Wales (Australia) Dealt
in "And Interest" on New York Stock Exchange.
On August 1, the New York Stock Exchange issued the
following notice regarding bonds of State of New South
Wales (Australia):
NEW YORK STOCK EXCHANGE.
Committee on Securities,
August 1 1932.
Notice having been received that the interest due Aug. 1 1932, on State
New South Wales External 30
of
-year 5% Sinking Fund Gold Bonds, due
1957, is being paid:
•
The Committee on Securities further rules that said bonds be quoted
ex-interest 2;5% on Monday, Aug. 1 1932; and that beginning with contracts of Monday, Aug. 1 1932, the bonds shall be dealt in "and interest."
ASIIBEL GREEN,Secretary.
External Secured Sinking Fund 7% Gold Bonds of
Province of Styria (Austria) Dealt in "Flat" on
New York Stock Exchange.
The Now York Stock Exchange issued the following
notice on August 1:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
August 1 1932.
having been received that the interest due Aug.1 1932,on Province
Notice
of Styria External Secured Sinking Fund 7% Gold Bonds, due 1946, is
not being paid:
The Committee on Securities rules that beginning Monday, August 1
1932, and until further notice the said bonds shall be dealt in "Flat" and
to be a delivery must carry the Aug. 1 1932, and subsequent coupons.
ASHBEL GREEN,Secretary.
901
Chile Revokes Decree Seizing Foreign Money,
Associated Press adviees from Washington, July 29, said:
The Chilean Embassy made public a dispatch which it received to-day
from the Chilean Government announcing the Government had repealed
the law declaring all deposits and credits in foreign money in banks the
property of the State.
Chilean Industries Expected to Benefit by Decree
Authorizing Central Bank to Discount 190,000,000
Pesos of Notes of Government Credit Institutions
New Income Tax Law.
From the summary, July 31, of the Department of Cornm9rce regarding conditions in Chile, we take the following:
The larger industries continue at low production levels with nitrate
exports some 52% less in value and copper shipments only approximately
half the value of those of the same period of 1391. The coal output is down
31% and iron ore 50%. The position of these industries is expected to
be improved by the credit facilities provided by Decree Law Number 127
of July 4, which authorizes the Central Bank to discount up to 190.000.000
pesos of the notes of various governmental credit institutions. In addition
to aiding agriculture and manufacturing, the mining industries will have
facilities extended to them which it Is hoped will benefit merchandising in
that area. The copper industry is likewise expected to increase production
of ore for sale in the highly competitive European market. Some of the
minor manufacturing industries, however, such as knitting wool, cloths
and paper are producing in greater volume than in 1931. The Labor
Bureau has been able to place only 4 to 5% of applicants for positions.
Mining workers having employment at the beginning of the second half
of the year amounted to only 14,700 as compared with nearly 43.000 a
year ago; discharges since the beginning of the year have totalled 1,800.
The wholesale price index has risen 44.8 points since January. A new income tax law published June 28 raises taxes on incomes from 1 to 15%,
according to income. These taxes are expected to cause strong opposition
from the wealthier classes.
The Department's advices as to Chile also said:
General conditions in Chile showed no appreciable betterment during
July as the production and exportation of principal export products remained at low levels and the unsettled political situation continued to
adversely affect business. Nevertheless, the retail turnover of foodstuffs
and other necessities improved somewhat. The wholesale trade, on the
other hand, continued stagnant and sales generally were low. Wage
disbursements are running hardly more than 50% of those for the same
period of 1931. On June 20 1932, a decree was issued declaring a moratorium for merchants and individuals indebted to the Government. This
decree allows the distribution of payments over various periods at varying
rates of interest; since its promulgation most sales have been on a cash
basis. Business is felling the effects of restrcited purchasing with particular
keenness at this period when retail sales would normally be seasonally more
active. This year the season is passing without any definite approach to
normal levels. Retail sales in Santiago are running under those for the
first half of 1931 and 1930 by 19 and 31%, respectively. Owing to the
reduced volume of imports and the prospects of a further curtailment in
foreign orders, many American firms which have operated for a number of
years and which have been responsible in large measure for the outstanding
position of American goods in the Chilean market are closing their offices
and turning their accounts over to local concerns, or in some cases are
seeking the representation of locally manufactured goods.
Changes in Chilean Cabinet.
Press accounts from Santiago (Chile), Aug. 1
Associated
stated:
Eseo Pena VillaIon, Premier and Minister of the Interior, resigned today along with Carlos Soto Rengifo and Ignacio Toro. Ministers of Education and Labor.
Joaquin Fernandez, Governor of Santiago Province, was appointed
Premier and Minister of the Interior to succeed Senor Pena Villalon. who
retained the portfolio of Minister of Lands.
David Cruz was named Minister of Education and Juan Rosetti, who
has been Secretary to Acting President Carlos G. Davila, received the
Labor post.
The Cabinet changes had been brewing for ten days, but were delayed
because of an uncertain political situation. Senor Pena Villalon's leadership of the Radical Socialist movement opposed to former President Carlos
Ibanez caused military enmity that resulted in his giving up the Premiership
New York Curb Exchange Suspends David Maltman,
New York, From Membership.
The New York Curb Exchange announced on July 29 that
David Maltman had been suspended from regular membership for failure to meet his engagements, according to the
New York "Times" of July 30. Mr. Maltman, who has an
office at 25 Broadway, became a member of the Exchange
on March 26 1919.
Continental Shares, Inc., Investment Company
Organized by Cyrus Eaton No Longer on Trading
List of New York Stock Exchange.
Continental Shares, Inc., the holding company-investment
trust once dominated by Cyrus Eaton and his associates in
Cleveland, has given up its right to have its shares traded
on the New York Stock Exchange by discontinuing its
registrar in New York, according to the New York "Times"
of Aug. 5, which noted that the company was one of the
largest of its type listed on the Exchange. A Cleveland
dispatch Aug. 4 to the same paper stated:
Purely as an economy measure the management of Continental Shares,
Inc., investing company organized by Cyrus S. Eaton and now headed by
George T. Bishop, has discontinued its New York registrar, and consequently the common stock listing has been stricken from the New York
Stock Exchange.
Financial Chronicle
902
Demand Loans. Time Loans.
1 Net borrowings on collateral from New York
York banks or Trust companies
$146,985,519
147,838,800
2 Net borrowings on collateral from Private
bankers, brokers, foreign bakn agencies or
others in the City of New York
4,006,500
42,769,124
Bond Sales on New York Curb Exchange $5,446,000
on Aug. 3—High Record is $6,028,000.
Bond sales on the New York Curb Exchange on Aug. 3
aggregated $5,446,000, the highest since May 21 1931.
On the latter date the sales were $6,028,000, the all-time
high record.
$189,754,643 $51,845,300
Combined total of time and demand loans, $241,599,943.
The scope of the above compilation is exactly the same as in the loan
report issued by the Exchange a month ago.
The compilation of the Stock Exchange since the issuance
of the monthly figures by it, beginning January 1926,
follows:
Volume of Commercial Paper Outstanding as Reported
to New York Federal Reserve Bank $103,300,000 on
June 30 Compared with $111,100,000 on May 31.
The New York Federal Reserve Bank released the following in July 19:
1926—
Jan. 30
Feb. 27
Mar.31
Apr. 30
May 28
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
1927—
Jan. 31
Feb. 28
Mar.31
Apr. 30
May 31
June 30
Reports received by this bank from commercial paper dealers show
a total of $103,300,000 of open market commercial paper outstanding
on June 30, 1932.
On May 31 the volume of commercial paper outstanding
was reported by the Reserve Bank at $111,100,000. Below
we furnish a record of the figures since they were first
reported by the Bank on Oct. 31, 1931:
1932
June 30
May 31
Apr. 30
Mar. 31
Feb. 29
Jan. 31
1931
$103,300,000 Dec. 31
111,100,000 Nov. 30
107,800,000 Oct. 31
105,606,000
102,818,000
107,902,000
117,714,784
173,684,384
210,000,000
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
1928—
Jan. 31
Feb. 29
Mar.31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
1929—
Jan. 31
Feb. 28
Mar.30
Apr. 30
May 31
June 29
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
Margins on Bond Trades Eased as Result of Rise in
Prices—Action ot E. A. Pierce & Co.
It was stated in the New York "Times" that indications
of further easing of margin requirements by brokers were
seen on July 22 when E. A. Pierce & Co., members of the
Stock Exchange, accepted bonds selling at 15 for margin
accounts. Heretofore, the firm's minimum price was 70 for
bonds to be carried on margin, said the "Times" of July 23, •
which also stated:
The move was said to have been stimulated by the recent improvement
in the bond market, and the willingness of banks to accept the new
arrangement.
Margin requirements of brokerage firms vary greatly. Some firms have
carried bonds selling at 15 on a 5-point margin. In general, a margin of
25% has been asked on Grade A bonds, and of one-third to one-half the
market price on other lien issues. These requirements are slightly stronger
than margins asked on stocks.
1
Members of New 1 ork Stock Exchange Required to
Charge Customers for Shipment of Securities.
The following notice was issued to members of the New
York Stock Exchange on July 30:
NEW YORK STOCK EXCHANGE.
Committee on Quotations and Commissions.
July 80 1932.
To the Members of the Exchange:
The Committee on Quotations and Commissions has ruled that members
may not absorb as an expense the cost of the shipment of securities to
customers or correspondents. All members therefore must charge to
customers and correspondents an amount not less than the necessary cost
of direct shipment of the securities from the original point of shipment to
their ultimate destination.
ASHBEL GREEN, Secretary.
With reference to the above, the New York "Times" of
Aug. 20 said:
Heretofore, the general policy has been to include these costs including
postage and registration, in operating expenses. The increase in postage
rates and registration fees that went into effect on July 6 made the cost
of shipping securities a rather important item for some of the large
brokerage houses. . . .
While some Stock Exchange houses were paying such shipping charges
after the rates rose, other firms were not willing to do so. As a result, an
avenue of competition for business of correspondent firms was opened.
Houses willing to absorb shipping costs had a formidable sales argument
for obtaining business, which was considered by some as a rebate of commission. The constitution of the Stock Exchange says that commissions
shall not be less than prescribed and shall be net and free from rebate,
return, discount or allosvance by any arrangement either direct or indirect.
Outstanding Brokers' Loans on New York Stock Exchange at New Low Figure--Totai July 30, $241,599,943—Decrease of $1,974,352 in Month.
A new low figure for brokers' loans on the New York
Stock Exchange was established on July 30, on which date
the total amount outstanding is announced as $241,599,943.
This is $1,974,352 below the June 30 figures of $243,574,295.
The latter total represented a decrease of $56,822,927 below
the May 31 figures. The latest figures (July 30) are made
up of demand loans of $189,754,643 and time loans of $51,845,300. The July 30 figures were announced as follows
by the Exchange on August 2:
Total net loans by New York Stock Exchange members on collateral,
contracted for and carried in New York as of the close of business July 30
1982 aggregated $241,599,043.
Aug. 6 1932
The detailed tabulation follows:
The common has been off the Exchange only a few days and in the
future will be traded in the over-the-counter market, it was believed by interests close to the company. The preferred stock is traded in on the New
York Curb Exchange.
•
Demand Loans.
$2,516,960,599
2,494,846,264
2,033,483,760
1,969,869,852
1.987,316,403
2,225,453,833
2,282,976.720
2,363,861,382
2,419,206,724
2,289,430,450
2,329,536.550
2,541,682,885
Time Loans.
$966,213,555
1.040,744,057
966,612,407
865,848,657
780,084,111
700,844,512
714,782,807
778,286,686
799,730,286
821,746,476
799,625,125
761,178,370
2,328,340,338
2,475.498,129
2.504,687,674
2,541,305,897
2,673,993,079
2,756.968,593
2,764,511.040
2,745,570,788
3,107,674,325
3,023,238,874
3,134,027,002
3,480,779,821
810,446,000
780.961,250
785,093,500
799,903,950
783,875,950
811,998,250
877,184,250
928,320,545
896,953,245
922,898,500
957.809,300
952,127,500
3,392.873,281
3,294,378,654
3,580,425,172
3,738,937,599
4,070.359,031
3.741.632,505
3,767,694,495
4,093.889,293
4,089,551,974
1,027,479,260
1,028,200,260
1,059,749.000
1.168,845,000
1,203,687,250
1,156,718,982
1,069.653,084
957,548,112
824,087,711
763,993.528
777.255,904
717,481,787
5,115,727,534
5,614.388,360
5,722,258,724
Toga! Loans.
$3,513,174,154
3,536,590,321
3,000,096,167
2,835,718.509
2,767,400,514
2,926,298,345
2,996,769,527
3,142,148,068
3,218.937,010
3,111,176,925
3,129,161,675
3,292,860,253
3.138,786,338
3,256,459,379
3,289,781,174
3.341,209.847
3,457,860,029
3.568,966,843
3,641,695,290
3,073,891,333
3,914,627,570
3,946,137,374
4,091,838,303
4,432,907,821
4,420.352,514
4,322,578.914
4.840,174.172
4,907,782,599
5,274,046,281
4,898,351.487
4,837.347.579
5,051,437,405
5,513,639,685
5,879,721,062
,
6.391,644 264
6.439.740.511
6,735,164,241
6,678,545,917
6,804,457.108
6,774,930.395
6,665,137,925
7,071,221,275
5,982,672,411
5,948,149,410
6,209,998,520
6,203.712,115
6,099,920,475
6,444,450.079
6,870,142.664
7.161,977.972
7.831.991.369
5,238,028.979
3 297 2085
37 193 032
:3 6
:7
752,491,831
730.396,507
594.458.888
571,218,280
565,217,450
626,762,195
603,651,630
719,641,454
717,392.710
870,795,889
719,305,737
613,089,488
7,881.619,426
8,549,383,979
6,108,824,868
4,016,598.769
3,989,510,273
3,528,246,115
3.710.563.352
4.052,161,339
4.382,919,341
3,966,873,034
2.980,284,038
3,021,363,910
2,912.612,666
2,830,259,339
1,980.639,692
1,691,494,226
1,519,400,054
466,521,950
457,025,000
604,141,000
700.212,018
780.958,878
747,427,251
668,118,387
686,020,403
651,193,422
569,484,395
470,754,776
374.212,835
3,984,768,065
4,167,588,352
4,656,302.339
5,063,131,359
4,747,831,912
3,727,711,289
3,689,482,297
3,598,033,089
3,481,452,761
2,556.124,087
2,162,249.002
1,893,612,890
1.365.582,515
1,505,251,689
1,629,863,494
1,389363,124
1,173,508,350
1,102.285.060
1,041,142,201
1,069.280,033
802,153,879
615,515,068
599.919.108
502,329,542
354.762,803
334,504,369
278,947,000
261,965.000
261,175,300
289,039,862
302,950.553
284,787,325
242,254,000
180,753,700
130,232,800
84,830,271
1,839,756,058
1,908,810,494
1,651,128,124
1,434,683,650
1,391,324,922
1,344,092,754
1,354,067,350
1,044.407,879
700,268,768
730,151,908
587,159,813
452,708,542
482,043,758
496,577,059
341,003,662
246.937,972
189.343,845
189.754,643
69,311,400
42.620,000
36,526,000
38,013,000
53,469,250
54,230,450
512.017,942
524.663,758
533,103,059
379.015,662
300,397,222
243,574,295
7,173.794,294
1930—
Jan. 31
Feb. 28
Mar.31
Apr. 30
May 29
June 30
July 31
Aug. 30
Sept.30
Oct. 31
Nov.30
Dec. 31
1931—
Jan. 31
Feb. 28
Mar.31
Apr. 30
May 29
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
1932—
Jan. 30
Feb. 29
Mar.31
Apr. 30
May 31
June 30
July 30
51,845,800
1,720,345,318
241,599,943
Montreal Stock Exchange Ends Ban on Short Sales—
Montreal Curb Exchange Likewise Removes Restrictions.
The ban against short stiles on the Montreal Stock Ex
change has been lifted by the executive of that organization,
said a dispatch, July 28, from Montreal to the New York
"Times," which also stated:
The prohibition became effective on Sept. 21, as a precautionary measure,
immediately after Great Britain went off the gold standard.
The restriction against short sales has also been lifted on the Montreal
Curb Market.
Chase National Bank and National City Bank of New
York Among Bank's Which Will Issue Notes Under
Glass
-Borah Amendment to Federal Home Loan
Act—Another Wall Street Bank Also to Take Advantage of New Circulation Privilege.
Both the Chase National Bank of New York and the
National City Bank will, it is stated, take advantage of
the circulation privilege conferred on National banks under
the Glass-Borah amendment carried in the Federal Home
Volume 135
Financial Chronicle
Loan Bank Act. The New York "Times" in its issue of
July 27, indicating that the Chase National planned to
avail of the privileges of the amendment which permits
National banks to issue circulation against United States
A
Treasury obligations bearing not more than 33 % said:
The Chase National Bank, always an advocate of National bank notes,
now has outstanding more than $15,000,000 Such notes against Treasury
2% consols and the 2% Panama Canal bonds, and under the present law
could issue up to $148,000.000 in all of such notes, representing its total
capital. There is no thought, however, that the bank will even approach
the maximum in this move.
The Chase is the first large New York City National bank to let it be
known that it intends to take advantage of the amendment. It is considered likely that most of the other large banks will also issue notes at least
to the extent of the eligible Treasury certificates which they hold.
From the New York "Journal of Commerce" of July 28
we take the following:
At the present time the Chase has over $15,000,000 bank notes outstanding under the old currency laws permitting the issuance of notes against
2% consuls.
Take Advantage of New Law.
Banks which in the past have not been partial to the use of National
bank notes will take advantage of the new law, it was stated. The reason
is that the New York city banks hold a large volume of the 3% United
States bonds on which there is still a substantial market depreciation. It
is intended to deposit such bonds with the Treasury Department against
notes and to use the profits to write off such depreciation, it was said.
In banking quarters it was held that interior banks would lx in a position
to retire a substantial portion of their indebtedness to the Federal Reserve
Banks by use of such notes. A moderate proportion of interior bank indebtedness represents the rediscounting of United States securities. Such
securities would be taken out of the Federal Reserve Bank and deposited
with the Treasury for issues of National Bank notes. To the extent to
which this can be done,the interior banks will save interest payments on the
rediscounts.
The movement will lead to a reduction in the circulation of Federal Reserve notes for which the National bank .notes will be substituted. It is
expected that as Federal Reserve notes are retired the Government securities
pledged against them in accordance with the Glass-Steagall bill will be
taken out of pledge so that a larger proportion of reserve notes will be backed
by gold and eligible commercial paper. Thus, there will be no actual increase on Government-secured currency, it was pointed out.
Regarding the decision of the National City Bank, the
"Times" of August 4 stated:
The National City Bank, after refraining for several years from iBtflr
lag its own currency against United States Government bonds carrying
the circulation privilege, has decided to resume this practice under the new
Federal Home Loan Bank Act.
The bank will issue its new currency, backed by all Government bonds
bearing 3 % or less at the rate of about $1.000,000 a week for an indefinite
Period. Under the terms of the Act,the bank could issue up to $124,000,000
or the extent of its capital, but there is said to be little likelihood of this.
The Chase National Bank announced last week that it would take advantage of the extensions of the Act, but this was expected inasmuch as
It has continued to use the circulation privileges attached to the 2% Consols
and Panama Canal Bonds. The action of the National City, however, was
not taken so much for granted inasmuch as it has discontinued the circulation of its currency several years ago.
The text of the new Federal Home Loan Bank Act, which
carries the Glass-Borah provision granting the circulation
privilege to Government bonds bearing interest at 3%% or
less, was given in these columns July 23, pages 545-549.
4
Issuance of $1,656,420 of National Bank
Glass-Borah Amendment to Federal
Notes Under
Home Loan
Bank Act.
The issuance of $1,656,420 in National bank currency
—the first under the Glass-Borah rider to the Federal Home
Loan Bank Act, was reported on August 3 by the Treasury
in its statem nit for Augu it 1. Associated Press a,dvices
August 3 from Washington said:
This legislation, permitting use of Government bonds bearing not more
than 3,4% interest as security for currency issues, became effective last
week. It would permit National banks to issue a total of $995.000,000 in
currency on the new form of security for three years.
On July 30 the outstanding National bank notes amounted to $733,877,423, while on August 1 it had increased to $735,533,843.
The Comptroller's office said no statement would be made except probably a monthly announcement as to the amount of National bank notes
issued under the new law. It added the names of the issuing banks would not
be made public except in the annual report of the Comptroller of the Currency.
This is the first change of any consequence in the amount of outstanding
National bank currency in many months. It has remained stationary
around $734.000,000, with only slight shifts one way or the other, due to
currency in the Treasury in process of redemption.
While the total outstanding National bank notes amounted to $735,533,843 there was $14.492.710 in the Treasury in process of redemption,$36.215
in cash and $721.044,918 actually in circulation. The day previous there
was $719,213,433 of National bank notes in circulation or held by the issutng banks.
It its August 4 issue the "United States Daily" said:
The Glass-Borah amendment allows National banks, which formerly
could base their note circulation solely on 2% Government bonds, to use as
collateral Federal bonds bearing not more than 3)i% interest.
Circulation Increases.
National banks have deposited $3,400,000 of these newly eligible bonds
witn the Treasurer of the United States to secure note circulation, according
to Treasury Department figures. Notes to this amount have not been issued
because currency supplies on hand could not meet the demand and because
some of the new bonds may replace old 2% bonds which are already used as
collateral, it was explained orally.
The total of National bank notes in circulation rose from $733,877,423
on July 30 to $735,533,834 on August 1 and this increase reflects the issuance
903
of the new notes, according to the oral statements. Additional oral and
statistical information made available follows.
On August 1 the Treasury issued $2.289.160 of National bank notes on
the basis of all security, while on the same date a year ago only $514.320
were distributed. The total of National bank notes outstanding, however
still remains below some of the levels which it reached early in the Spring
before the new classes of bonds were made eligible collateral.
Restrictions on Issues.
National bank note c'rculation has not varied materially in many years,
but its recent small advance since the passage of the Home Loan Banking
Act has been counter to the trend in other types of currency. Total money
outstanding has been declining during the last week or two.
In extending the circulation collateral privilege to all Government bonds
-Borah amendment added more
bearing interest at 3%% or less the Glass
than $3.000,000,000 worth of bonds to the eligible collateral. The amendment provides, however, that the total of notes outstanding shall not be
more than the amount of paid-in National bank capital. Since the National
banks have an aggregate capital of $1,600,000.000 or more and since they
already had more than $700.000,000 in notes outstanding, the potential
increase in circulation was limited to $900,000,000 or less.
• Of the bonds which have been deposited with the Treasurer as note collateral under the amendment $2,500.000 are 3% Treasury bonds of 1951-55,
$500.000 are 3%% Treasury bonds of 1941-43 and $400.000 are 33%
Treasury bonds of 1940-43 and none of the 3%% Treasury bonds of 1943-47.
although both eligible now as note collateral, have been placed with the
Treasurer for such purposes.
State banks have not sought to become National banks since the enlarged
circulation privilege was conferred upon the latter institutions, according
to records kept in the office of the Comptroller of the Currency During
debates in Congress on the Glass-Borah amendment speakers predicted
that State banks would wish to join the National system if the currency
privilege was expanded.
Comptroller of Currency Said to Have Decided to
Withhold Names of National Banks Applying for
Currency Against United States Bonds Under
Glass Amendment in Home Loan Act.
According to the Washington correspondent of the New
York "Journal of Commerce" it wa officially stated on
July 26 at the office of the Comptroller of the Currency
that names of National banks applying for issues of currency against United States bonds under the Glass-Borah
amendment to the Home Loan Act hereafter would not be
4iven out. A dozen institutions were named on July 25 as
having made inquiries regarding such extensions, but that
concludes this publicity phase, said the correspondent of
tha paper indicated who also reported:
Reconstruction Finance Corporation Forms Rules.
At the Reconstruction. Finance Corp.. whose directors are laboring
at top speed to put into operation the ramified provisions of the $2,122.000.000 Emergency Relief and Construction Act,rules were being formulated as
to what transactions should be made public and which should be withheld
at least until monthly reports are forwarded to the Secretary of the Senate
and Clerk of the House, as stipulated In the legislation.
The general sentiment is that while there could be no perceptible harm In
giving out details of extensions to State Governors under the title of the
Act making 5300.000.000 available for relief of destitution, there is a sharp
distinction in the field of extensions in Title Two,setting aside 51,500.000.000 for advances to aid in financing self-liquidating projects and to assist
banks, insurance companies and other financial institutions.
It is possible that announcement will be made of the type of loan that
would go to institutions other than those of a financial character immediately upon the conclusion of negotiations. However, information as to
loans to banks, insurance concerns, &c., though they must be reported
to Congress, will not be given out by the Reconstruction Finance Corp.
More Applications Filed.
While the lid was clamped down at the Treasury upon giving out names
of banks applying for currency against bonds, it was learned that applications and requests for Information continue to come from National banking
associations in many sections of the country.
Office of Comptroller of Currency Flooded With Requests•by National Banks for Authority to Issue
Currency Under Glass-Borah Amendment to Federal Home Loan Bank Act.
A flood of application and inquiriekrelative to employing
the authority of the Glass-Borah amendment to the Home
Loan Bank bill, by which National bank currency may be
expanded $995,000,000 reached the Treasury on July 25,
it was made known in a Washington dispatch on that date
to the New York "Times" which also had the following to
say:
Eight National banks already have authority to issue currency under the
new bill. Their names were not made public, but they are authorized to
issue about 54.000.000.
Applications included the following banks: Halstead National of Chicago:
First National of Stroud, Okla.; First National of Elmonte, Cal.; First
National of Fortville, Ind.; Union National of Wilmington, Del.; First
National of St. Johns, Kans.; Second National of Wilkes-Barre. Pa.; Denver National of Denver, Col.; Citizens National of El Reno, Okla.; Planters
National of Fredericksburg. Ye.; Riggs National of Washington. and
the National Bank of Washington.
Hundreds of letters of inquiry have been received. Officials of the office
of the Comptroller of the Currency were making every effort to expedite
action on the applications.
Under the Glass-Borah amendment the circulation privilege is given to
3%,3%,and 3,4% Treasury bonds.
Heretofore the 2% consols and a small block of Panama 2s carried the
circulation privilege. Bonds bearing the new privilege are outstanding in the
volume of slightly more than $3,000,000,000. However, the banks will be
restricted in issuing National bank notes to their capital stock, cutting down
the amount they may issue to $995,000.000.
904
Financial Chronicle
Further advices (July 26) to the same paper from
Washington said:
Applications from banks for authority to issue new National bank notes
under the Glass
-Borah amendment to the Home-Loan Bank bill, by which
National bank currency may be expanded 2995,000,000, continued to flood
Comptroller Pole's office to-day, with every indication of a heavy issue
of this type of paper currency.
The Comptroller's office, after having announced yesterday that a number of banks had made application for the new privilege, decided to give
no further publicity to such applications except in a monthly statement
to be issued showing the total amount of notes issued under the new provision of the law.
National City Bank of New York on "Tapering Off"
of Federal Reserve Open Market Operations.
From the monthly letter, Aug. 1, of the National City
Bank of New York, we take the following:
Of late, circumstances have made possible a tapering off of Federal
Reserve open market operations. The stoppage of the gold outflow has
removed the principal source of drain on bank reserves, and gold is now
coming back to this country. approximately $40,000,000 net excess of
Imports having been received since the middle of June. Moreover, the
strength of the dollar in the foreign exchanges suggests that this movement
may go considerably further. At the same time the new facilities for
supplying National bank note currency will doubtless result in the retirement of a corresponding amount of Federal Reserve notes, which will also
tend to build up member bank reserves at the Reserve banks. Thus,
unless new banking difficulties should cause a sharply increased domestic
demand for currency it seems probable that the money market can go along
on an even keel without further Federal Reserve assistance.
If this proves to be the case it will be a good thing, for large open market
operations by the Reserve banks are always a subject of controversy. Undoubtedly, an increase in bank reserves due to gold inflow would be
more effective psychologically than an increase caused by an expansion of
Federal Reserve credit. For this reason, and because it would tend to
allay fears regarding our adherence to the gold standard, an inflow of gold
nto this country would be a constructive development, provided the gold
comes from countries which can spare it. It is not in the interest of world
recovery that the United States should again absorb most of the new gold
production, or draw gold from countries which need it in order to restore
their currencies to a gold basis.
Aug. 6 1932
% Treasury Notes of Series B-1934.
Total
Total
Total
Total
Cash
Exchange
Subscriptions Subscriptions Subscriptions Subscriptions
Allotted.
Received.
Received.
Received.
Boston
New York_ Philadelphia - Cleveland
Richmond..-- _
Atlanta
Chicago
St. Louis
Minneapolis__ _
Kansas City_ _ _
Dallas
San FranciscoTreasury
$62,101,500
865,812,200
92,020,000
79.455,500
36,657,500
51.106,000
71,560,700
8,527,500
9,683,800
15,564,000
25,022,100
351,376,000
$458,000
27,722,000
270,000
125,000
7,528,000
24,000
1,000
12,000
1.600,000
$62,559,500
893,534,200
92.020,000
79,725,500
36,782,500
51,106,000
79,088,700
8,551,500
9,683,800
15,565,000
25,034.100
352,976,000
917,911.700
189,141,400
23,200,000
19,214,900
12,024,900
16,818,400
23,051,000
2,387,500
2,320,300
3.634,400
8,660,500
26,927,600
Total
51.668.886.800 537.740.000 51.708.626.800 *5345.292.600
* Includes $37,740,000 exchange subscriptions, which were allotted in full.
% Treasury Notes of Series A-1936
Total
Total
Total
Cash
Exchange
Total
Subscriptions Subscriptions Subscriptions Subscriptions
Allotted.
Received.
Received.
Received.
Boston
$191.419,000 $15,933.500 $207,352,500 $32,715,700
New York....
1,845.959,000 101,219,500 1,947,178,500 207.837,500
Philadelphia.. _
22,920,000
359,216,400
360,467.900
1,251,500
Cleveland
14,866,900
195.431,900
854,500
196.286.400
6,961,800
Richmond..-- 71.984,200
275,000
72,259.200
Atlanta
12,308,700
122,547,100
230,000
122,777,100
Chicago
30.718.100
298,782,200 11,807.500
310.589,700
St. Louis
5,576,100
46,941,500
1,864,000
48.805,500
Minneapolis
1,883,800
18,073,400
186,000
18,259,400
Kansas City
3,405.500
33,128,200
593.000
33,721.200
Dallas
6,672.200
64,860,400
44,000
64,904,400
San Francisco_
19,175,000
416,893.200
5,118,000
422,011.210
Treasury
96,700
19,700
90,000
109.700
Tntal
OR AAg 9SA onn don AAA AAA OR AAA '70 1 '71111 3110•211X 1 22 nnn
,
*Includes $139.466,500 exchange subscriptions, which were allotted in full
New Offering of 91
-Day Treasury Bills to Amount of
$75,000,000 or Thereabouts.
On Aug. 3 Secretary of the Treasury Mills announced a
"Rolling Banks" in Ohio Declared Illegal by Comp- new offering of 91-day Treasury bills to the amount of $75,troller of Currency—No Decision As to Armored 000,000 or thereabouts. Tenders for the new bills will be
received at the Federal Reserve banks and their branches
Trucks.
.
The following is from the "United States Daily" of up to 2 p. in. Eastern standard time, Monday, Aug. 8. The
new bills will replace a maturing issue of a similar amount.
Aug. 3:
In announcing the new offering Secretary Mills said:
"Rolling Banks" as used by certain banking institutions in Ohio have been
declared illegal by the Comptroller of the Currency, but the Comptroller has
issued no general ruling on the legality of armored trucks which travel out
from the parent bank to accept deposits and pay checks, according to oral
statements made Aug. 2 at the Treasury Department.
National banks are not allowed, under the terms of the National Banking
Act, to have branches outside of their home cities, and armored cars used as
"rolling banks" probably would be branches under the broad meaning of the
word, according to the oral statements, but individual circumstances might
modify the situation. The decision in the Ohio case was made only in
answer to inquiries such as make up the days' routine, it was said.
Total Subscriptions of $5,511,349,500 to Two Series of
Treasury Notes Offered to Total of $650,000,000—
Amount Allotted $710,430,600.
Total subscriptions of $5,511,349,500 were received to the
two series of Treasury notes offered to the amount of $650,000,000 on July 25. Reference to the offering appeared in
our issue of July 30, page 720. Both series of notes are dated
and bear interest from Aug. 1 1932. One series, offered to
the amount of $325,000,000, or thereabouts, (series B-1934)
is for two years, with interest at the rate of 234%, and
matures on Aug. 1 1934. The other series (series A-1936)
also offered to the amount of $325,000,000, or thereabouts,
is for four years, with interest at the rate of 3%%, and
matures on Aug. 1 1936. The Treasury announced that it
would accept in payment for the new Treasury notes, at
par, Treasury certificartes of indebtedness of series A-1932
maturing Aug. 1 1932, and subscriptions in payment of
which such Treasury certificates of indebtedness were tendered being given preferred allotment of the total subscriptions of $5,511,349,500. $1,706,626,800 were received to the
23% Treasury notes. The subscriptions received to the
33% notes were $3,804,722,700. The allotments for the
combined issues total $710,430,600. of which $345,292,600
represents the allotments in the case of the 23g% not(s, and
$365,138,000 the allotments in the case of the 3%7 notes.
0
The total cash subscriptions were $5,334,143,000, of which
$1,668,886,800 were for the 23/% notes, and $3,665,256,200
for the 3%% notes. The exchange subscriptions in the case
of the 23% were $37,740,000, and in the case of the 3%
notes $139,466,50). The exchange subscriptions were allotted in full. Secretary Mills' announcement Aug. 2 of the
subscriptions and allotments follows:
Secretary Mills to-day announced the final subscription and allotment
figures on the Aug. 1 offering of 234% Treasury Notes of series 13-1934.
maturing Aug. 1 1934,and 3h % Treasury Notes of series A-1936, maturing
Aug. 1 1936.
Subscriptions and allotments were divided among the several Federal
Reserve Districts and the Treasury as follows:
The Treasury bills will be dated Aug 10 1932 and will mature on Nov.9
1932, and on the maturity date the face amount will be payable without
interest They 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).
No tender for an amount less than $1.000 will be considered. Bach
tender must be in multiples of $1,000. The price offered must be expressed
on the basis of 100, with not more than threo 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 recogntzed 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.
The bills are sold on a discount basis to the highest bidder.
•
"Pocket Veto" Given by President Hoover to Measure to
Extend Farm Credit—Loans Already Provided for
Under Emergency Relief Act, It Is Stated, in
Explaining Withholding of Approval.
President Hoover has killed by "pocket veto" the bill (S.
4780) passed by Congress just before its adjournment providing for loans under the Reconstruction Finance Act to
livestock producers, poultrymen and dairymen and for
financing crop planting, summer fallowing, and similar
farm activities, it was announced orally, July 29, at the
White House. The "United States Daily" of July 30, in
noting this, added:
The "pocket veto" of the agricultural loan bill, it was stated orally at
the White House, was based on the passage of the measure in the confusion
of the closing hours of Congress apparently without realization that the
same purposes would be accomplished under provisions of the Reconstruction
Finance Act.
Amends Emergency Act.
The measure, according to the report of the House Committee on Banking
amendment to the provision of the Reconstruction
and Currency, is an
Finance Act which sets aside $50,000,000 of the original capital of the
Reconstruction Finance Corporation, together with the expansion of this
amount to a total of $200,000,000 by security issues, for loans to farmers
for crop production. The loans are handled by the Department of
Agriculture.
The bill amending this provision would have made the money available
for loans to finance livestock production, dairying, crop sowing and cultivation, and summer fallowing, in addition to "crop production."
About $125,000,000 of the maximum amount usable under the law for
direct loans to farmers to finance crop production has not yet been used,
according to information made available at the Department of Agriculture.
The remainder has been loaned to fanners.
Farm Credit Provisions Cited,
The Secretary of Agriculture considers that the purpose for which the
livestock loan measure was designed will be accomplished better under the
section in the Amergency Relief Act which authorizes the Reconstruction
Finance Corporation to set up 12 Agricultural Credit Corporations throughout the country, it was stated at his office July 29.
Volume 135
These Corporations to be set up by the Reconstruction FiLance Corporation will have rediscounting facilities of something over $250,000,000 and
the money will be available to serve the same purposes as the money for
livestock loans would have had, it was stated. The security which must
be put up under the section of the Emergency Relief Act will be safer, it is
believed by the Secretary.
The bill originally passed the Senate June 2; in amended
form it passed the House on June 18. A conference report
on the bill, submitted to the House on July 13, was agreed
to by the House on July 15; the Senate also adopted the
conference report on July 15. The Speaker of the House
signed the bill on July 15, and on July 16 it was presented
to the President for his signature.
"Pocket Veto" of Measure Providing for Farm Loans
Under Reconstruction Finance Corporation Act
Criticized by Senator Black.
The President's "pocket veto" of the bill (S. 4780), designed to make clear the intent of Congress to include livestock, dairy farming, poultry raising and summer fallowing
in 1932 in the agricultural loan allocation in the Reconstruction Finance Act is a disappointment to millions of
farmers, Senator Black (Dem.), of Alabama, said in a statement made public on Aug. 1. According to Senator Black
the pocket veto shuts the door to the farmers in the Reconstruction Act while billions of dollars are being loaned for
relief of railroads and business enterprises. From the
"United States Daily" of Aug. 2 we quote, as follows, the
statement of the Senator:
President Hoover has disappointed millions of farmers by selecting for
his only veto Senate Bill 4780. This farm relief bill has the unqualified
approval of the National Farm Bureau Federation, the National Dairy
Union, the National Grange, the Holstein-Friesian Association, and various
other agricultural and livestock associations.
This bill directed the Secretary of Agriculture to grant loans out of the
remaining portion of the original appropriation made for agriculture by
amendment to the Reconstruction Finance Corporation Act.
Mr. Hyde by strained interpretations and unduly restrictive regulations
had excluded from the benefits of this measure all livestock growers, poultry
farmers, dairy farmers, wheat farmers, strawberry farmers and all other
farmers who prepare, fertilize and cultivate their crops in 1932 for harvesting in the early months of 1933. President Hoover by his veto approves the
Hyde regulations, and shuts the doors of the Reconstruction Finance
Corporation in the face of these farmers.
Billions of dollars have been provided to lend needy railroads and business enterprises and Mr. Hoover vetoes a few millions for needy farmers.
This is Mr. Hoover's idea of relief to agriculture. No other bill will
afford this relief to farmers. The chief benefits of the measure would have
been afforded to the farmers of the West and the South. Evidently Mr.
Hoover is not willing to include them in a relief program.
Back-to-Farm Bill Killed in Congress with Refusal of
House to Recall Senate Measure from Committee.
On July 16 Associated Press advices from Washington
stated:
A Senate bill designed to encourage the unemployed in a back-to-the-farm
movement was killed to-day by the House.
On Thursday [July 141 the House voted to return this measure, called
by Chairman Connery, to the Labor Committee. Under it the Departments
of Agriculture, Labor and Commerce and the Farm Board would encourage
unemployed to return to farms.
To-day Representative Johnson, Democrat of Texas, moved to reconsider
the vote returning the bill to committee.
Representative Adkins, Republican of Illinois, countered with a motion
to table Mr. Johnson's request.
The Adkins motion was adopted, 147 to 29.
President Hoover's Nine-Point Program Looking
Toward Economic Recovery--Conferences With
Cabinet Members, Reconstruction Finance Corporation Heads and Federal Reserve Board to
Stimulate Business and Employment—Also Farm
Aid and Embodies Plans in Behalf of Railroads.
Supplementing the summary (given in our issue of July
30, page 722) of the nine-point program of President Hoover
designed to effect economic recovery we give herewith the
complete statement issued on July 29 by President Hoover
detailing his program:
Some erroneous speculation has taken place with regard to conferences
which have been held during the past two weeks in respect to organizing
concerted action along the front of economic recovery.
Such conferences have been held by myself, the Secretaries of the Treasury and of Commerce, the beads of the Reconstruction Corporation,
Federal Reserve Board and other Government officials, together with
representative groups in the country.
The activities comprise:
1. The organization of the new powers granted the Reconstruction
Finance Corporation in respect to self-liquidating works, for which $1,500.000,000 is available, are being co-ordinated with other government
agencies. An engineer of standing will be delegated by the army engineer
corps as Chairman of the Board of Outstanding Engineers to advise the
corporation in respect to these works with a view to the most expeditious
action in stimulating employment by starting of the work and the placing
of orders for material.
2. Stimulation of a movement for slum clearance and replacement under
the reconstruction act is being given immediate examination with a view
to early expansion of employment through such programs of mobilization.
3. In order to effectively make adequate provision for live stock and
905
Financial Chronicle
feeder loans, I have requested Commissioner Bestor of the Farm Loan
Board, which has administration of the Intermediate Credit Banks: the
Secretary of Agriculture, who has some special powers from Congress, and
the Federal Farm Board, which has already entered largely into this field,
to place themselves at the disposal of the Reconstruction Corporation so as
to develop a co-ordinated program to solve these and other agricultural
questions under the leadership of the corporation.
4. The Reconstruction Corporation is devoting particular attention
under its new powers to the possibilities of financing the movement of
agricultural commodities into consumption with a view to stimulating
demands through restoration of orderly marketing. We are discussing the
possible supplement of such efforts of private agencies.
5. We have also taken up the subject of organized co-ordination of the
wider expansion of credit facilities to business and industry through business, the banks and the Federal Reserve Banks. particlarly for the purpose
of supplying full credit for production where consumption of goods is assured
and thus materially expand employment which has been hampered by dislocation of the credit machinery.
6. Preliminary conferences have taken place with some of the railway
leaders with a view to their developing programs for increased repair and
maintenance in co-operation with the agencies of the government for the
Purpose of expanding railway employment and for expansion in orders for
railway supplies and equipment which would also be immediately reflected
in increased employment in the supply and steel industries.
7. I am proceeding as rapidly as possible with the selection of the
directors of the Home Loan Bank board and have already under discussion methods of co-operation of this institution with the Reconstruction
Corporation and other agencies of the government to secure the fullest
effect in assistance to home owners under mortgage duress and expansion of
home building in localities where there is a present shortgage.
8. I have under discussion with various agencies the question of a
movement to further spread existing employment through reduction of
work hours.
9. Other avenues of co-operation between the Government in aid to
private and public agencies are under preliminary consideration.
Os When this program is more fully developed I shall confer with the
business and industrial committees created in each Federal Reserve district
and other groups in the country that are primarily interested with a view
to establishing united and concerted action on a broad front throughout
the country.
Direct Loans to Be Made By Federal Reserve Banks to
Individuals, Partnerships and Corporations Under
Amendment to Federal Reserve Act in Emergency
Relief Act—Applications to New York Federal
Reserve Bank.
Under another head we give the text of the order, issued
July 31 by the Federal Reserve Board, under which the
procedure is outlined for the making of loans by Federal
Reserve Banks to individuals, partnerships and corporations.
An amendment to the Federal Reserve Act providing for
such loans is carried in the Emergency Relief and Construction Act, the Washington correspondent of the New York
"Times" on July 31 said:
Large Sum Ilag Be Loaned.
Reserve Board experts said that an "indefinitely large sum" of money
law. However, no estimay be loaned under the new provisions of the
been premate as to the volume of the discounts that will be made has
pared, such an estimate being virtually impossible.
commercial and agriculThe Federal Reserve Act carefully defines the
includes
tural paper that may be discounted. Paper of this character
current transactions.
notes, drafts and bills of exchange based on
individual, partnership or corporation are limited to
Loans to any one
Banks.
1% of the capital stock paid in and surplus of the various Reserve
this would fix the limitation on loans in the various Reserve Districts as
follows:
District—
New York
Boston
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Loans
Capital
and Surplus. Limit.
$134,259.000 $1,342,590
309.510
30.951,000
427,030
42,703.000
419,030
41,903.000
166,830
16,683,000
153,250
15,325.000
556.030
55.603.000
144,960
14.496.000
92.780
9.278.000
121,960
12,196,000
115.420
11,542,000
282,630
28,263,000
From the "United States Daily" of Aug. 1 we take the
following:
Single Adcances Limited.
A maximum limitation of approximately $1,340,000 on any individual
loan under the new law was laid down by the Board when it prescribed that
no Reserve Bank shall loan to one borrower more than 1% of the total of
the bank's paid-in capital and surplus. The paid-in capital and surplus
of the New York Reserve Bank, the largest in the system, is 3134.259,000
totals for the other 11 banks range from 355,603.000 to 89.278,000, according to information made syllable.
In authorizing the Reserve Banks to make direct loans to corporations
Partnerships, and individuals, the Reserve Board took cognizance of the
situation existing in the country and acted under the terms of the relief
act which enables the Board by a vote of five of its members to declare
the existence of emergency conditions, and the need for loans of this character, according to oral statements made on behalf of the Board.
Paper Eligible for Discount.
Loans will be made only to corporations, partnerships and individuals
who can not find credit accommodations elsewhere, and banks are excluded,
the Board declares in its circular, adding that only the notes, drafts and
bills of exchange which are eligible for discount under the Federal Reserve
Act are eligible as a basis for the new direct loans. Commercial and industrial drafts, notes and bills of exchange maturing in 90 days and similar
agricultural paper maturing in nine months are eligible for discount under
the Reserve Act.
On Aug. 2 the "United States Daily" said:
Many applications for the new direct loans, which they are now authorized
La make. have been received by the Federal Reserve banks, according to
906
Financial Chronicle
oral statements made at the offices of the Federal Reserve Board Aug. 1.
The Board, invoking the Emergency Relief and Construction Act, on
Aug. 1 empowered the Reserve banks, which arc designed as central banke
for member institutions, to make for the first time in their history advances direct to corporations, partnerships and individuals, according to
the statements.
Persons and companies had been applying to the Reserve banks and
even to the Board itself for loans long before the Board by a vote of at least
five of its members declared an emergency existing and the direct loans
necessary, it was pointed out orally. Additional information made available follows:
A part of the applications are from persons who are not deserving and
who have been refused advances by commercial banks. The new loans.
however, may be made only to persons and companies which can offer
adequate security and which can give for discount notes, drafts or bills
of exchange which the Reserve banks would ordinarily accept from the
member banks. The prospective borrower must, moreover, prove to the
Reserve Bank that no commercial institution to which he has applied
Would advance him the loan on this adequate security.
In the New York "Journal of Commerce" of Aug. 2 it
was stated:
In conflict with the frequently repeated assertions that business seeks
but fails to receive proper credit accommodations from the commercial
banks, the applicants appearing at Federal Reserve Bank of New York
Yesterday to borrow under the new law numbered about 40.
It was said that all represented small business and that probably less
than five would be able to offer the kind of security required under the
amendment to the Reserve Act and the regulations of the Federal Reserve
Board.
It was believed, however, that banks in the interior districts would be
much more active in issuing direct loans to business concerns. It was
pointed out that there are large sections throughout the country which are
carrying on their affairs almost without any banking facilities at all as a
result of the great number of suspensions during the past year. In such
territories, it was thought. the Federal Reserve banks might be able actively to assist business by granting credit accommodations.
The New York "Herald Tribune" of Aug. 3 said:
Interest of prospective borrowers in the new direct loan service of the
Federal Reserve showed no diminution yesterday and again about 50
persons showed up at the local bank of issue to see whether they could
qualify for the loan assistance. As was the case on the previous day,
when the service was first made available, virtually all of the loans sought
did not match up to Federal Reserve eligibility requirements.
Reconstruction Finance Corporation Announces Issue
of $250,000,000 of Notes—$726,000,000 To Be Refinanced Oct. 27.
The Board of Directors of the Reconstruction Finance
Corporation on July 29 announced that it had authorized the
issuance of a series of notes up to an aggregate amount of
$250,000,000 maturing Oct. 27 1932, and bearing interest
at the rate of
% per annum. It was stated that the
notes would be purchased by the Secretary of the Treasury
as the funds are required by the Corporation.
In its issue of Aug. 1 the "United States Daily" said:
Aug. 6 1932
telegram which was sent to each of them. The telegram,
sent by the Secretary of the Corporation, George R. Cooksey,
is taken as follows from the "United States Daily" of July 25:
The Reconstruction Finance Corporation is receiving applications for
advances under the Emergency Relief and Construction Act of 1932 for
funds for relief purposes and for advances to aid in financing self-liquidating
projects. The law has just been enacted and naturally the necessary
procedure for making advances under it has not yet been established.
The Board desires to consider applications as expeditiously as possible
but the Act must be construed and administered in an orderly manner
and with due regard for all sections of the country. Naturally it will take
a little time to formulate policies, make surveys and establish procedure
for making such advances.
This will be done as promptly as possible and appropriate announcement made of the procedure to be followed. The Board feels sure that you
will understand the problem that confronts it and earnestly solicits your
co-operation. This identical telegram is being sent to the Governors of
all the States and Territories.
Loans of $171,500,000 Reported as Sought By 13 States
From Reconstruction Finance Corporation Under
Emergency Relief Act—First Loan Extended to
Illinois.
A dispatch from Washington, July 28, to the New York
"Times" stated that from 13 States alone applications have
been received by the Reconstruction Finance Corporation
for loans aggregating $171,550,000 under the provisions of
the Emergency Relief Act, the text of which appeared in
The relief bill
these columns July 23, pages 539-543.
creates a fund of $300,000,000 to be lent to the States and
Territories for direct relief of destitution. No one State
may obtain more than $45,000,000 for this purpose. It also
provides for loans to States and municipalities to aid in
financing public works and for construction of toll bridges
and for loans to corporations formed for 'ending money for
building homes and to corporations constructing certain
types of projects. In its account from Washington, July
28, the "Times" said:
The Corporation is now expected to begin action immediately on applications by States for relief loans from the special $300,000,000 fund set MI
by the recently enacted relief program. The first credit from this fund
was advanced yesterday to Illinois, $3,000,000, as the first portion of an
application for an immediate loan of $10,000,000.
Loans to individual States, under the law, are limited to 15% of the
total fund, or not more than $45,000.000 to any one State.
Later the Board will make loans to States, municipalities and public
agencies from a $1,500,000,000 fund set aside for self-liquidating public
works and slum clearance by limited dividend housing corporations.. .
.
$171,550,000 in Loans Sought
Mr. Pomerene is to bear the chief responsibility in action on pending
applications for loans, in which 13 States alone, according to unofficial
counts, have indicated that they will seek $171,550,000
A score of other States also are expected to apply soon, and if applications continue at the present rate the Corporation will have to use discretion to prevent the exhaustion of the relief fund before all States are
provided for.
An unofficial tabulation of pending applications for immediate loans
follows:
State—
Amount.
Pennsylvania
$45,000,000
Louisiana
45,000,000
Arizona
45.000,000
Idaho
1,500.000
Illinois ($3,000,000 granted)
10,000.000
Indiana
8,000,000
Kentucky
8,000,000
Michigan
1.800.000
Missouri
2,000.000
Utah
2.000.000
West Virginia
500.000
Arkansas
2.750.000
Texas
2,000,000
Refinancing of $725,000,000 of the funds which it has borrowed and on
which it has operated thus far must be arranged by the Reconstruction
Finance Corporation before Oct. 27. the date on which all of its three
debenture issues mature, according to information made available July 30
at the Treasury Department.
The sum which comes due for refinancing on Oct. 27 represents threefifths of all the funds now at the disposal of the Corporation and is made
up of all borrowings floated by the Corporation except the sale of $500.000,000 of capital stock to the Treasury Department, according to the
information.
The Corporation is empowered by the Act creating it to sell its debentures in the open market, and, if it should elect to do so when the maturity
date arrives, it would be able to return all the cash which it has withdrawn
on its notes to the Treasury, according to the information.
Thus far the Corporation has elected to sell its obligations to the Treasury,
as the law permits, each time that it needed funds, and it has not ventured
into the open market, which until very recently has been unsettled. Recently the hearty reception of a new Treasury four-year note led the Treasury to believe the market had become more stable. Reconstruction Finance
debentures, although not sold to the Treasury, are guaranteed as to both
Total
$171,550,000
principal and interest by the Government.
•
The following from Washington, July 27, is from the
In selling it notes to the Treasury the Corporation has had to accept
an interest differential which has been favorable to the Treasury. The last
New York "Journal of Commerce":
issue of Corporation notes to the Treasury. $250,000,000 announced on
The board of directors of the Reconstruction Finance Corporation made
July 28, for instance, bore an interest rate of 3%%, while the Treasury was,
Its first loan for aiding the destitute under title 1 of the Omnibus Relief bill
simultaneously borrowing money with which to buy these and other notes
to-day when an extension of $3,000,000 to the State of Illinois was authorthrough two series of its own notes bearing interest at 2% and 334 %•
ized.
New borrowings by the Corporation under its original act and under the
In certifying the loan, the board laid down an important principle that will
provisions of the Emergency Relief and Construction Act may aggregate
guide it in all similar advances from the $300,000,000 fund provided by
more than $2,750,000,000. The Corporation still has $750,000,000 of its
Congress.
original $2,000,000,000 borrowing power left, and the Emergency Act added
"The Corporation in all cases will insist that the States and local commore than another $2,000,000,000.
munities furnish a substantial part of the relief needed," a statement set
In arranging all of its debenture maturities for Oct. 27 the Corporation
forth. "The board desires to say that the Corporation will expect all
has had to have the consent of the Secretary of the Treasury, who is an
States to meet their needs to the greatest extent possible from their public
ex-officio member of its board and whose consent to note issues is specifically
and private sources and call upon the Corporation only as a last resort to
required by the act. Interest as well as the sales price of the debentures
supplement their own efforts. Otherwise the $300,000,000 made available
also must have the sepcific approval of the Secretary.
by the law will not be sufficient to meet the purposes desired of all requireIf the Corporation itself does not wish to sell its debentures directly in
ments for such purposes."
the market, the Treasury may purchase them and then on its own initiative
sell them in the open market.
Co-operation of States Asked In Applying for Advances
Under Emergency Relief Act.
Co-operation of the Governors of the States and Territories in an orderly procedure for making funds available
in response to applications for loans under the newly enacted
Emergency Relief and Construction Act of 1932, was asked
by the Reconstruction Finance Corporation, July 23, in a
Act Approved By Gov, Conley Enables West Virginia
Banks to Apply for Funds of Reconstruction
Finance Corporation.
The following from Charleston, W. Va., Aug. 2, is from
the "United States Daily" of Aug. 3:
Governor Conley has signed an enabling act passed during the present
relief session of the Legislature authorizing both closed and solvent banks
to borrow funds from the Reconstruction Finance Corporation.
Receivers of closed banks will take immediate opportunity to borrow
from the Corporation, according to an oral statement by L. R. Carter Jr..
Volume 135
Financial Chronicle
State Banking Commissioner. He said that the enabling act would permit
the institutions to realize on their frozen assets at once and start a flow
of credit back into communities that needed it badly.
Loans by Federal Reserve Banks to Individuals, Partnerships and Corporations Under Emergency Relief
Act—Federal Reserve Bank of New York on Provisions of New Legislation—Types of Paper Eligible
for Discount.
In its "Monthly Review", dated Aug. 1, the Federal
Reserve Bank of New York has the following to say regarding
the provision in the new Emergency Relief Act, authorizing
the Federal Reserve banks to extend loans to individuals,
.partnerships and corporations:
Section 210 of the "Emergency Relief and Construction Act of 1932"
amends Section 13 of the Federal Reserve Act to permit the Federal Reserve
Board to authorize Federal Reserve banks "in unusual and exigent circumstances" and under important limiting conditions to discount paper for
any individual, partnership, or corporation. The Board has now authorized the Reserve banks to discount paper under these conditions during
the six months beginning Aug. 1. The principal conditions are as follows:
1. The paper discounted must be "of the kinds and maturities made
eligible for discount for member banks" under other provisions of the
Federal Reserve Act,
2. The paper must not only be of a type that is eligible, but must be "indorsed and otherwise secured to the satisfaction of the Federal Reserve
Bank."
3. Before discounting such paper the Federal Reserve Bank must obtain
evidence that the borrower is unable to secure adequate credit accommodations from other banking institutions.
These provisions of the law thus limit closely the cases in which it will
be possible for the Reserve banks to make direct loans to borrowers.
In general, the types of paper that are eligible for discount at the Reserve
banks are notes, drafts,and bills of exchange that have been drawn to finance
agriculture, industry or trade, and are of definite maturity at the time
of discount not exceeding 90 days in the case of industrial and commercial
paper, or nine months in the case of agricultural paper. Paper is not
eligible if the proceeds have been used or are to be used for permanent
or fixed investments of any kind, such as land, buildings, or machinery,
or for any other capital purpose.
The text of the amendment is as follows:
In unusual and exigent circumstances, the Federal Reserve Board,
by the affirmative vote of not less than five members, may authorize any
Federal Reserve bank,during such periods as the said Board may determine,
at rates established in accordance with the provisions of Section 14 subdivision (d), of this Act, to discount for any individual, partnership, or
corporation, notes, drafts and bills of exchange of the kinds and maturities
made eligible for discount for member banks under other provisions of this
Act when such notes, drafts, and bills of exchange are indorsed and otherwise secured to the satisfaction of the Federal Reserve bank: Provided,
That before discounting any such note, draft, or bill of exchange for an
individual or a partnership or corporation, the Federal Reserve bank shall
obtain evidence that such individual, partnership, or corporation is unable
to secure adequate credit accommodations from other banking institutions.
All such discounts for individuals partnerships, or corporations shall be
subject to such limitations, restrictions and regulations as the Federal
Reserve Board may prescribe.
Additional Issues of National Bank Notes Under
Provision in Federal Home Loan Bank Act Extending Circulation Privilege—Comment by Federal
Reserve Bank of New York.
Stating that a new influence upon the money market
and upon the position of the banks is under development
in the recently authorized increase in National bank note
circulation, the Federal Reserve Bank of New York, in its
Aug. 1 "Monthly Review," went on to say:
Under Section 29 of the Federal Home Loan Bank Act, the security for
for National bank notes, which had been limited to the less than $700,000,000 of 2% issues of Consols and Panama Canal bonds now outstanding,
was extended to include for a period of three years all United States Government bonds bearing interest of 33/a % or less. The factor which now fixes
the maximum amount of National bank notes is not the amount of eligible
bonds, but the amount of the paid in capital of National banks. The
total paid in capital of all National banks at the end of 1931 was $1,621,000,000, and the amount of their notes outstanding was $027,000,000.
leaving a maximum possible addition to their note issues at that time of
slightly less than $1,000,000,000. This maximum at the present time is
estimated to be nearer $900,000,000.
Under this extended circulation privilege, any National bank which has
Government bonds with coupon rates of 35i% or less will be able to obtain
additional notes against the Government bonds to the extent that it has not
already issued notes up to the limit of its paid-in capital. The additional
notes may then be put into circulation. Since this extension of the Na-tional bank note circulation will in no way affect the demand for currency,
however, it is to be expected that the total amount of currency in circulation
will not be increased, but rather that the demand will be supplied to a
larger extent with National bank notes, and to a reduced extent with
Federal Reserve notes. The Federal Reserve notes that are replaced will
be returned to the Reserve banks for credit, and the proceeds will be used
by the National banks to pay off borrowings or to increase their reserve
907
modifies into consumption are proceeding toward development. The paper from which we quote said:
While a number of proposals to accomplish this purpose have been
studied, it was held that the one most likely to take shape would be the
formation of a $50,000,000 corporation whose debentures would be sold to
the banks. Like he National Credit Corporation formed in October
and the American Securities Investing Corporation formed in June to buy
bonds, it would call for payment on these debentures as funds were needed.
Interests Industrialists.
Not only the leading commercial bankers and Reserve Bank authorities
are interested in the plan, but also the heads of major industrial companies.
Yesterday afternoon the Young Committee met at the Reserve Bank and
was reported to have discussed carefully the various plans to support commodities under consideration by one of the subcommittees. The meeting
was attended by Eugene Meyer, Governor of the Reserve Board, Walter O.
Teagle, President of the Standard Oil of New Jersey, and Floyd L. Carlisle,
Chairman of the Niagara Hudson Power Corp.
Although the plan to suppor commodities has been given close study
by the Young Committee, this group will not announce its formation when
the movementfor announcement comes. This will be done by those directly
active in putting the plan into effect.
The Young Committee is also working on various projects in the housing
field and in the field of public works construction. As plans by this group
are worked out, they are suggested to others, it was said, the intimation
being that announcements in these fields might come along after a time
from those actively interested.
No "Pool" Purchases.
The corporation to support commodities will not purchase directly for its
own account. Instead, it will supply credit in order to move basic materials into manufacture. This might be done, for example, through the
Issuance of credit to customers of industrial corporations engaged in supplying raw materials.
Bankers held conflicting views as to the volume of credit which might be
extended by the proposed corporation. Some held that those whose credit
is sound and who wish to purchase raw materials can already do so by calling
upon their own banks.
The possibility of large corporations which use basic materials to agree
upon making purchases, each in its own field, was pointed out but it was
indicated that an agreement of this kind does not exist at present.
Efforts to use Reconstruction Finance Corporation funds to stimulate
the purchase of rail equipment are being worked out along these lines.
Fom the New York "Times" of Aug. 5 we take the following:
Wheat Pool Reported Formed.
The formation of a powerful pool to operate in wheat is reported
have been virtually accomplished. This pool, which will have about
$30,000,000 to carry on its operation, in all probability will be managed by
Arthur W. Cutten of Chicago, a prominent operator in the grain markets
of this country and Canada for many years.
Conditions in wheat are believed such that a substantial betterment
in price can be brought about, especially after hedging operations are
over, which usually is around Sept. 1. The Farm Board's holdings of wheat
have been reduced to around 50,000,000 bushels, including both spot and
futures, from the high of around 250,000,000 bushels a little more than a
year ago. Part of the plan, it is said, calls for the purchase of remaining
holdings of the Farm Board, thus relieving the market from this source of
supply, which for more than a year has been keeping it in a semi-demoralized
state because the Farm Board has been a heavy seller of wheat on all
bulges.
Small Crop In Prospect.
With the Farm Board out of the wheat market, together with prospects
of the smallest wheat crop in the United States since 1925, the consensus
Is that wheat prices could be stablized at a reasonably higher level. Recent
estimates place the winter wheat crop in this country around 440,000,000
bushels, 789,000,000 bushels est year, a decline o f about 350,000,000
bushels. However, the spring wheat crop is estimated at more than double
the 105,000,000 bushels harvested last year. While Canada is expected
to market a much larger wheat crop than in 1931. reports from Europe
are to the effect that the wheat harvest there probably will be considerably
less than last year.
The consensus in the cotton trade is that if a pool could be organized
and an agreement reached with the Farm Board not to market some 3,500.000 bales it holds, either directly or indirectly, it would be of material
benefit to the entire trade. In this way it is believed that the cotton industry would be spared the unsettlement that the wheat trade had to go
through because of the marketing policy of the Farm Board.
The text of the Federal Home Loan Bank bill was given
in our issue of July 23, pages 545-549.
Carl Williams of Federal Farm Board Says Board Will
Dispose of 1,150,000 Bales of Cotton in Coming
Fiscal Year-650-000 Bales to Go to American Red
Cross—Wheat Holdings Reported at Less than
25,000,000 Bushels.
Carl Williams of the Federal Farm Board was reported as
stating at Durham, N. H. on Aug. 4 that the Board engaged in the stabilization of the cotton market, expected to
dispose of 1,150,000 bales of cotton in the coming fiscal
year with the same absence of price disturbance that marked
its sale of wheat.
From the Associated Press accounts from Durham we
quote:
Move to Aid Agricultural Commodities Through Group
Plan—Use of Funds of Reconstruction Finance
Corporation Planned—Meeting in New York
Attended by Eugene Meyer of Federal Reserve
Board—Report of Wheat Pool with A. W. Cutten
As Manager.
In the New York "Journal of Commerce" of August 5 it
was stated that plans under way to employ the credit
resources of the large Wall Street banks and of the Reconstruction Finance Corporation into the support of the commodities markets and at the same time to move these coin-
"So far as the Board is concerned," he asserted, addressing the American
Institute of Co-operation, "its stabilization activities are fairly on the way
to a satisfactory conclusion."
He said the Board reduced its holdings of wheat from 257,000.000 bushels
to less than 25,000,000 bushels "without a ripple" in the markets of the
world.
"The same procedure," he said, "will come into being with cotton."
Declaring that the present cotton holdings of the Farm Board aggregated
1,310,000 bales, he hen said hat in the coming fiscal year the Board would
sell 650,000 bales and, as already provided by Congressional action, give
500,000 bales to the Red Cross.
Mr. Williams appealed to the members of the co-operatives attending the
meeting for understanding of the Farm Board's problems. One of the
Board's greatest difficulties, he said, was to obtain public understanding of
what it had tried to do and why it did the things it had done.
The Farm Board, he explained, had been accused of attempting to
dominate co-operatives, but he said the Board had not at any time tried to
Financial Chronicle
908
dominate the activities of any co-operative anywhere except when it was
necessary to protect Federal money which had been loaned.
He made this defense of the Board after two agricultural leaders had
criticized its policies.
E. G. Nourse, director of the Institute of Economics of Washington,
accused the Board of sacrificing unity of effort for unity of organization.
He maintained that the Board's policy of big national co-operatives was
unwise and recommended instead independent regional selling agencies.
Dr. W. E. Grimes of the Kansas State Agricultural College expressed
-stabilization activities of
doubt in a speech that the experimental price
the Farm Board would be repeated in the near future.
Delay Urged by Senator Gore in Sale of Federal Farm
Board's Holdings of Cotton.
Adoption of a permanent policy of no more sales of Federal holdings of cotton until Aug. 1 1933, and thereafter a
limitation of marketing of the Government stocks to 2,000
bales a day unless the price rises to approximately 12 cents a
pound was suggested to the Federal Farm Board by Senator
Gore (Dem.), of Oklahoma, member of the Senate Committee on Finance, in a letter he made public July 30. The
"United States Daily" of Aug. 1 reports this and adds:
Senator Gore said such a limiting Policy would tend to advance prices of
cotton. His letter, addressed to the Chairman of the Board, James C.
Stone, under date of July 30, follows in full text:
The fact that cotton is selling below the cost of production is more than
an economic and social loss. Whatever the cause, it is a double tragedy.
It is ruining our cotton farmers and it is injuring the American people as a
whole.
Stocks and bonds have advanced. Grians and livestock have advanced.
Cotton stands still. The opinion prevails in different quarters that the
failure of cotton to keep step with the advance of commodities and securities,
is due to the fact that some 10,000 bales of cotton owned or controlled by
the Farm Board are being thrown on the market day by day and that these
untimely sales have been in progress since early in July. It is believed
that if these distress sales continue they will continue to depress the price
of the entire crop now on the eve of coming to market.
I share the belief that the price of cotton would materially advance if
the Farm Board owuld adopt and announce the policy that no further sales
of cotton woned or controlled or financed by the Board would be made prior
to Aug. 1 1933, and that subsequent to that date only 2,000 bales a day
would be marketed unless the price should rise, say to 12 cents a pound.
This policy would invlve pretty heavy carrying charges. This would
indeed be a bone-breaking policy but it would break fewer bneso and cause
ess losses on the whole than our farmers will suffer upon the current crop
alone if dumping or distressed selling be pursued as a continuing policy.
Permit me to suggest that in behalf of the cotton farmer and in behalf
of the general welfare you and your associates on the Board give most serious
consideration to the adoption of the policy outlined above for the limitation
and regulation of sale of cotton spread over a period of years.
On Aug. 4 Associated Press dispatches from Washington
said:
The statement made in Durham by Carl Williams that the Farm Board
cotton marketing program would be carried through is tantamount to an
answer to Senator Gore (Dean.), of Oklahoma, that all cotton be withheld
from the market until next August.
The Board hopes that much of the 650,000 bales of cotton to be marketed
can be sold abroad with the aid of credit arranged through the Reconstruction Finance Corporation, as provided in the relief bill..
Inter-State Commerce Commission Sets Limitation on
Salaries as Requisite to Loan by Reconstruction
Finance
Corporation
to
Stockton
Terminal
&
Eastern RR.
In approving a relatively small loan by the Reconstruction Finance Corporation to the Stockton Terminal &
Eastern Railroad, the Inter-State Commerce Commission set
a limitation on the salaries which the road could pay officials, the first time that it has imposed such a requirement.
Associated Press advices from Washington July 28, from
which we quote, went on to say:
The loan of $57,250 which the Commission approved for the road was
contingent upon the agreement that the pay of the company's executives,
officers and staff assistants should not be greater in relation to the total
pay roll than the like salaries paid in 1931.
Although the Commission recently ordered the steam carriers to submit a list of all officers and executives receiving more than $10,000 a
year, this is the first occasion in which the Commission has taken steps
to limit, definitely, the incomes of railroad officials as a prerequisite for
financial assistance from the Governmental credit agency.
In addition to setting a precedent, the action of the Commission is regarded as a significant indication that the Commission is scrutinizing the
amount of railroad gross income paid out in official salaries, possibly with
the intention of ordering retrenchment along this line.
Revised Valuation for St. Louis & O'Fallon Ry. Recommended in Tentative Report to Inter-State Commerce Commission—Recapture Income Placed at
$295,000—Suggestion That Former Finding be
Sustained That O'Fallon and Manufacturers
Rys. Are Not Single System.
In a tentative report submitted July 28 to the Inter-State
Commerce Commission a valuation of $1,200,000 as of December 21 1920, was recommended for the St. Louis &
O'Fallon Railway by the Commission's examiner P. A. Conway, who also recommended that the much-litigated valuation case be settled with the finding that the road had an
Income in excess of fair return for the period 1920 to 1927,
Aug. 6 1932
inclusive. The Washington Correspondent of the New York
"Evening Post" reporting this July 28, continued:
In February 1927, the Commission placed a valuation of $997,236 on
the property of the St. Louis & O'Fallon and the Manufacturers Railway—
two jointly owned roads. On the basis of this valuation the Commission
attempted to collect one-half of the annual net earnings in excess of 6%
for the four years from 1920 to 1923, inclusive, under the provisions of
the Transportation Act.
The railroad, protesting the methods of the Commission in arriving
at this valuation, contended that proper consideration had not been
given to reproduction costs and that recapture under such a valuation was
confiscatory. The case was finally carried to the United States Supteme
Court, which in a decision regarded as of extreme importance to all holders of rail securities reversed the decision of the lower court and held
that the Commission must give real consideration to reproduction costs In
determining railroads' valuation.
The Commission accordingly re-opened the case in March 1930, and
to-day's recommendation of the examiner represents the Commission's
attempt to fix a new valuation in line with the ruling of the Supreme
Court.
In the report submitted by P. A. Conway, examiner, which must be
passed upon by the Commission, the road would have to turn over $295,275
to the Government under the recapture clause of the Transportation Act.
He recommended that the Commission find that the Manufacturers Railway, a subsidiary of the O'Fallon, be held to have no recapturable income.
In commenting on the report, the Commission said that it was not in
full accord with the railroad's contention that dominant and controlling
weight should be given to the cost of reproduction factor.
The cost of reproduction, however, was given reconsideration, along with
other items of value, but the amount of weight given to it cannot be determined mathematically, it was said.
In the new valuation, however, the reproduction cost appears to have
been given slightly greater weight than the original cost, but its weight
is by no means predominant, it was indicated.
Because the O'Fallon was regarded as the outstanding test case in connection with valuation for recapture and rate-making purposes, more interest probably centers on the value of the road as determined under the
revised order of the court, than in any other instances, even though the
road is in itself of minor importance. The real victory was in the ruling
of the Supreme Court while the revised valuation follows as a matter of
course.
It has not been learned whether the company will accept the new valuation or whether new litigation will be instituted contending that insufficient• consideration was given to reproduction costs.
The following further account of the report is taken from
the "United States Daily" of July 29:
The proposed report determines values for rate-making purposes of the
St. Louis & O'Fallon and the Manufacturers Railway during the period
March 1 to Dec. 31 1920, and the calendar years 1921 to 1927, inclusive,
as well as the net railway operating income for those periods.
It is held that the O'Fallon road has excess net operating Income of
$590,549, of which $295,274 is recapturable by the Government. No
excess was found to have been received by the Manufacturers Railway.
Previous Order Annulled.
In 1927 the Commission filed a report and order finding that excess
earnings had been received by the O'Fallon during the 1920 period and
the calendar years 1921, 1922 and 1923, and that none had been received by the Manufacturers.
After the Commission had entered its report and order a suit was
instituted by the respondents in the District Court of the United States
for the Eastern District of Missouri to enjoin the order as illegal. The
District Court sustained the order with only a slight modification of the
Commission's finding with regard to interest in the recapturable excess
earnings.
An appeal and cross-appeal from this decree was taken to the Supreme
Court of United States, resulting in a reversal of the judgment of the
lower court and the annulment of the Commission's order. (St. Louis
& O'Fallon R. Co. v. United States, 279 IF. S. 461.) Thereafter, on
Feb. 10 1930, the Commission issued an order reopening the case for
further hearing and extending the scope of the proceeding to include
the calendar years 1924 to 1927, inclusive.
Proposed Valuation Basis.
The proposed report by Examiner Conway recommends that the Commission approve the Bureau of Valuation's estimates or original coat, which
he explains has been determined by adding to known actual costs estimates of the original cost of other road property, except land, based on
Its estimated cost of reproduction new at the 1910-1914 level of prices
plus excess costa of additions and betterments installed between July 1
1914, and the primary valuation date over the costs of reproduction new
of such property at 1914 prices.
In determining the cost of reproduction new, the report recommends the
use of "period prices" and rejects the contention of counsel for the
O'Fallon that "spot prices" should be used in arriving at the 1920
valuation.
Former Finding Recommended.
The report states that evidence presented by respondents does not
warrant a reversal of the Commission's previous finding that the O'Fallon
and Manufacturers do not constitute a single system within the meaning
of paragraph (6) of section 15a, and it is recommended that the Commission affirm its former conclusion.
Excerpts from the report follow:
"The Commission stated in its reports in Saint Louis & O'Fallon Ry.
Ct., and Manufacturers Ry. Co., supra, that it was unable to determine
the original cost to date of the entire common-carrier property of the
respondents as the necessary records were not obtainable. This condition
still exists.
"For the purposes of this proceeding, however, the Bureau of Valuation has endeavored to determine the probable cost to date of respondents' properties and submitted through a witness statements, which, in
his opinion, represent close approximations of original cost of the respective properties.
"The actual cost of all common-carrier property added since the respective valuation dates, as well as the original cost of all the equipment used by the respondents, is definitely known. To these known costs
have been added estimates of the original cost of the other road property,
except land, based on its estimated cost of reproduction new at the 19101914 level of prices used in the primary valuations plus the excess costs
of additions and betterments installed between July 1 1914, and primary
valuation date over the costs of reproduction new of such property at
1914 prices..
Volume 133
Financial Chronicle
"The original cost of land as reported by respondents was used, except
that for certain lands of the Manufacturers, classified as partly common
carrier and partly non-carrier in the primary valuation, the cost of the
common-carrier portions have been allocated on an area-value prorate. . . .
"The Bureau of Valuation's estimate of the original cost of the property of the O'Fallon as of the day prior to the first recapture period is
composed of 45% estimated and 55% verified and recorded costs. For
the Manufacturers the corresponding percentages are 80.4 and 19.6
Throughout the recapture periods the percentage of verified and recorded
costs was gradually increasing and in the estimates of Dec. 31 1926, it
represents 63% and 24.8% ofs the totals for the respective respondents. . . .
"As hereinbefore stated, the original cost to date of the entire
common-carrier property of each respondent is not ascertainable. In
similar circumstances the Commission held that reasonable estimates thereof may be resorted to for comparison with reproduction costs.
It is, therefore, recommended that the Commission approve the Bureau
of Valuation's estimates of original cost for use in this case. . . .
Estimated Costs Of Reproduction Shown.
"The Bureau of Valuation submitted exhibits showing estimated costs
reproduction new of the physical properties of the respondents, other
of
than land and working capital, prior to the first and at the end of each
recapture period. In preparing these estimates the inventories of property used in the primary valuation cases were adopted as the bases
and appropriately revised for each recapture period to take care of
property changes occasioned by additions and betterments and retirements.
"Prices as of 1914 were then applied to the quantities in each primary
account in the inventories thua prepared and provision was made for
the necessary engineering and overhead costs. These costs estimates were
then brought up to the various recapture dates by applying to the primary
accounts factors reflecting the increases over 1914 in prices prevailing
during the periods under consideration.
Cost Data Fall Into Two Groups.
"The general method of pricing employed by the Bureau of Valuation
in estimating cost of reproduction new of carrier properties for recapture
purposes was exhaustively explained by a witness at the hearing in Finance
Docket No. 3765, Excess Income of Illinois Terminal Railroad Company.
This testimony and accompanying exhibits have been physically incorporated in the record in this case. Frem this source it appears that the
underlying cost data fall into two groups, viz., that covering the period
1900 to 1914 for use in section 19a proceedings, and that subsequent to
the latter date and including the recapture years herein involved.
"From these data unit prices were developed for the recapture years
and converted into multipliers for convenient use to apply against estimated costs on the basis of 1914 prices.
"Following the above method, the unit prices underlying the estimated
costs of reproduction of respondents' properties were derived from a study
of railroad construction and maintenance costs during a period of years
Including the recapture years, obtained from contracts executed by
carriers, final estimates and carriers' returns to various valuation orders
of the Commission.
Findings Are Given Name of "Period Prices."
"Additional cost data consisted of quotations from recognized trade
journals and from manufacturers of equipment and materials used in
railroad construction and were used mainly to test the reasonableness of
unit costs determined primarily from carriers' contracts and records of
costs. The average unit prices eventually determined in the above
manner are denominated 'period prices' because their ascertainment involves the consideration of prices current prior to and subsequent thereto,
as well as during the recapture years in question.
"In developing 'period prices' for application in the instant case,
the
same period of years w-as not used for all accounts and
different classes
of property. Price trends for different units of property have
varied,
some declining gradually and others rapidly from the
peak prices of 1920.
Consideration was given to this fact by the Bureau in arriving at
normal
period prices, accounting for a variation in the factors
applied to a
particular account in the different recapture years.
"The estimated costs of reproduction new have also
been depreciated in
accordance with the methods, rules and principles adopted and
approved
for the ascertainment thereof by the Commission in
numerous valuation
cases. The respondents do not question the existence of this
depreciation.
The accounting therefor, however, is in issue and will be
discussed hereinafter. . . .
Explanation Made of "Spot Prices."
"As distinguished from 'period prices,' what are known
as 'spot
prices' are ascertained by a consideration only of cost data
within a
particular year. Prices of this character, converted
into rrrultipliers
reflecting their relationship to 1914 prices, were prepared by
the Bureau
of Valuation Ind submitted for the record in exhibited form by
respondents' counsel as part of the cross-examination of a witness for the
Bureau
of Valuation. On brief, the respondents contend that the estimated
cost
of reproduction new for the year 1920 should be arrived at by
the use of
'spot prices.' As to the other years involved no issue is raised.
To
their brief is appended a table showing a comparison of the
estimated
costs of reproduction less depreciation of the property of the
O'Fallon
using both spot and period-price multipliers. . . .
"Beginning with the year 1916 prices of railroad construction
advanced
rapidly and reached their maximum in 1920. A period of depression
extending about two years followed. In 1921 prices for railroad
construction took a decided drop and were followed by an advance in 1923.
Throughout the subsequent recapture periods here involved the fluctuations or changes in costs of materials were less noticable.
1920 Spot Prices Said Not to Re Given Regard.
"The respondents state that the period prices used by the Bureau in its
estimates were determined without any regard for the actual 1920 spot
prices, except that slight effect was given thereto in the estimated costs
of grading, freight-train cars, work and miscellaneous equipment. They
argue that full effect should be given to the prices prevailing in 1920 and
that the period prices used respond to no logical criterion for reproducing
the property in that year. . . .
"Property values do not instantaneously respond to fluctuations in the
cost to reproduce. Prices advanced sharply in 1920 and were abnormally
high and of brief duration. On the other hand, prices in 1921 and 1922
reflect a decided slump. In the instant scase the necessity of a forecast
of prices is obviated and the Commission is fortified with knowledze after
events. It is, therefore, able, from a consideration of prices over a period
of rears, to deterneine with substantial accuracy normal period oriees,
giving to the prices obtaining in 1920 only such'consideration as will not
Impair their usefulness in determining a reproduction cost that could be
909
accepted as some measure of the value of the property. By the same
token the value of the property should not be depressed commensurate
with the decided and temporary recession of prices in 1922. . . .
Approval Is Asked Of Estimated Costs.
"Upon the record in this case and in slew of the finding in the case
just cited it is recommended that the Commission approve the estimated
costs of reproduction new and less depreciation as determined by the
Bureau of Valuation on the period-price basis.
"While not deeming it expedient to argue extensively the point in
view of the firmly established position of the Commission on the question,
the respondents nevertheless contend for the inclusion in value of an
amount to cover interest on lands during the construction period. The
Commission does not attempt to show the cost of reproducing the operating lands of a carrier but reports their present value on the basis of the
fair market value of adjacent and adjoining similar lands. Obviously,
therefore, interest during construction is not an element of the present
value of lands appraised in this manner. Similar contentions have been
considered and overruled by the Ccamission in numerous valuation cases
already decided and no different conclusion is warranted in this
case. . . .
"The facts of record do not sustain the O'Fallon's contention for the
inclusion of a specific sum for going value. In determining the final
values hereinafter stated the fact that the railroad is a going concern in
operation has been given due consideration. . . ."
Cost of Reproduction Set at $1,748,109.
The report states that the cost of reproduction new of the property,
except land, as of Feb. 29 1920, is $1,748,108, to which additions during
the succeeding 10 months were added, making an average cost of reproduction new for that period of 1920 of $1,750,321. The cost of reproduction less depreciation was stated to be approximately $1,225,000.
The investment in road and equipment on the last day of the 1920 recapture period, after having given effect to suggested adjustments by the
Bureau of Accounts, was stated to be $1,024,640, or $3,653 in excess of
the investment recorded on the company's books.
It was recommended that the Commission find the value of the O'Fallon
property for rate-making purposes in 1920 to be $1,200,000, including
$77,000 for working capital.
Values were assigned to each of the succeeding years, the amounts varying from $1,200,000 in 1921 to $1,090,000 in 1927.
The Manufacturers Railway was likewise valued at $2,180,000 in 1920
and 82,160,000 in 1927.
Additional Loans Aggregating $17,233,824 to Fourteen
Roads from Reconstruction Finance Corporation
Approved—Three Additional Roads Denied Loans—
Additional Applications Filed.
Additional loans aggregating $17,233,824 to 14 railroads
from the Reconstruction Finance Corporation have been
approved by the Inter-State Commerce Commission. This
brings the total loans approved to 57 roads to approximately
$253,515,709. The loans now approved are as follows:
Amount
Amount
Approved.
Applied For.
Term.
x$1,043,869
Central of Georgia Ry
3 years
$4,910,166
a753.500
Chicago & Eastern Illinois ity
3 years
67.796,436
Chicago Great Western RR2,000,000
1,289.000
3 years
3 years
6,000
Eureka-Nevada Ry
10.000
17.165
3 years
Greene County RR
40.000
23,600
3 years
Hoosac Tunnel & Wilmington 12R....
60.000
Minn. St. Paul & Sault Ste Marie Ry.z5,000.000
15,329,609
2 years
y700.000
New York Chicago & St. Louis RR
3 years
33,000.000
,000,000
3rs
Pere Marquette Ry
3.000,000
3 yea
Savannah & Atlanta Ry
3 years
,
68:000
825 761
40,750
Stockton Terminal & Eastern RR
3 years
108,740
1 exbasO R y
T a as hklahoma & Eastern RR
v
217.477
3 years
c4,575,000
3 years18,500 0 0
8 0
0. 0
Wichita Falls & Southern RR
3 years
400,000
a Under dates of Feb. 27, March 15, April 29 and June 10, loans of 83,629.500. $82,080, 8595,500 and 8600,000. respectively, were approved.
b Original application was for a loan of 87.196,436. c Additional loans
of 87,173.000 and 81.576.200 approved Feb. 10 and May 17, respectively.
x As amended, company previously having received loans of $1.418.700
and $711.750 on Feb. 25 and April 28, respectively. y Original application requested 833,000.000, of which a 89,300,000 loan was approved
Feb. 24 1932. z Original application was for a loan of 815,329,609 and
on Feb. 25 a loan of 82,300,000 was certified.
The Commission has denied the applications of the
Alabama & Western Florida RR., the Arkansas RR. and
the Silverton Northern RR. for loans of $212,025, $22,400
and $12,945, respectively, on the same general principles
it has denied loans to other small roads, viz.: that the prospective earning power and security offered do not afford reasonable assurance of repayment.
The Commission, upon further consideration has cancelled
a previous order approving a loan of $600,000 to the
Meridian & Bigbee River Ry. from the Reconstruction
Finance Corporation and has rejected an amended request
for a loan of $864,054. The denial of funds followed the
road's inability to obtain the guarantee of its loan by the
Illinois Central, the Louisville & Nashville and the Western
Railroad of Alabama. The funds were to be used to build
a 21-mile extension between Cromwell and Myrtlewood,
Ala.. which would benefit, principally, the trunk lines mentioned. The Commission was of the opinion that the first
mortgage bonds and capital stock of the applicant were inadequate without such endorsements.
r: The loan of $40,750 to the Stockton Terminal & Eastern
RR. was approved by the Commission, providing the road
agrees with the Reconstruction Finance Corporation that
throughout the period during which the loan remains unpaid, the amount of salaries of executives, officials and staff
assistants shall not be greater in relation to the total payment
than like salaries paid during 1931.
910
Financial Chronicle
Applications for loans have been filed by eight additional roads for loans aggregating $7,547,997, bringing the
total amount sought by the railroads to date to approximately $396,000,000, allowing for amended applications
and withdrawals.
Details regarding the additional loans approved are
as follows:
Central of Georgia Ry
On Feb. 19, 1932, the application of the Central of Georgia was
submitted to us requesting a loan of $2,583,322 from the Reconstruction Finance Corporation, and on Feb. 25, 1932, we approved a loan
thereon of $1,418,700 for certain purposes. We deferred action Upon
the remaining items of the application.
On April 23, 1932, a supplemental application was submitted by
which the amount of loan previously sought was increased from
$2,583,322 to $3,899,727, to which was credited the amount of $1,418,700 approved by our certificate of Feb. 25, 1932, leaving an additional
amount requested of $2,481,027. Pursuant to this supplemental application by our certificate of April 28, 1932, we approved a further
loan of $711,750, without prejudice to consideration of additional
loans upon the application.
On June 20, 1932, the applicant submitted to us a second supplemental application, whereby the total amount of loan requested was
increased to the amount of $4,910,766, to which was credited the
previous advances aggregating $2,130,450. The effect of this second
supplemental application is to request an additional loan of $2,780,316.
The loan of $1,418,700 aproved by our order of February 25, 1932,
was secured in part by the applicant's irrevocable order on the Railroad Credit Corporation authorizing and directing that corporation
to pay to the Reconstruction Finance Corporation, for the account
of the applicant, the sum of $206,687.50. This latter amount represented interest, due in Feb. 1932, upon the applicant's first-mortgage
bonds and equipment trust certificates and upon a demand note executed by the applicant and held by the Citizens & Southern National
Bank of Savannah, Ga.
The applicant further represents that it is unable to obtain financial
aid from any other source, although it has endeavored to do so. It
is our view that the question of the applicant's ability to procure
the necessary funds through banking channels or from the general
public is committed by section 5 of the Reconstruction Finance Corporation Act primarily to the corporation.
Necessities of the Applicant
The two previous loans approved by us were for the purpose of meeting the applicant's requirements to and including July 1, 1932. We
deferred consideration of requirements for any period subsequent thereto. In approving these loans, we considered forecasts of cash receipts
and disbursements as submitted to us by the applicant. These forecasts were based upon prospective income statements prepared by the
applicant in the light of conditions existing as of the dates of the
application.
It now appears that by reason of an unexpected further decrease
in the earnings of the applicant during the months of April and May
of this year, and by reason of a decided shortage in the peach crop
in the territory served by the applicant, a further revision of estimates of its prospective income for the year 1932 indicates that the
cash deficiency for June and the remainder of the year will be substantially greater than shown by the previous estimates. A revised
forecast submitted to us shows that, after giving effect to the loans
aggregating $2,130,450 heretofore received by the applicant from the
corporation there will remain as of December 31, 1932, a cash deficiency of $2,780,316, the amount of the additional loan now requested. If a loan in that amount is approved, the applicant states
that $1,661,447 of the proceeds will be expended for the purpose of
payment of interest falling due in the period ending Dec. 31, 1932,
upon various obligations. A separate application for a loan in this
amount has been filed by the applicant with the Railroad Credit Corporation. We understand that that corporation has approved a loan
in an amount necessary to enable the applicant to meet its interest
charges payable July 1, 1932. The remainder of the $1,661,447 interest
requirements for the year 1932 covers necessities which also constitute a proper basis for a further loan or loans to the applicant by the
Railroad Credit Corporation.
The remainder of $1,118,869 of loan now sought from the Reconstruction Finance Corporation would be used to meet the principal of
maturing obligations, and for payment of taxes, rent for leased road,
and overdue vouchers, so far as cash receipts for the remainder of
the year will be insufficient to meet these requirements.
Since filing its amended application, the applicant represents that
the item of $150,000 included in the forecast of cash disbursements
for 1932 and representing the principal amount of a note to the Citizens & Southern National Bank, need not be paid in its entirety during
the present calendar year, provided half thereof is paid in the near
future. The total amount of further loan now sought from the corporation and necessary to meet the applicant's requirements for the
remainder of the year will be reduced, therefore, by the amounts of
$1,661,447 for interest requirements as aforesaid and $75,000 for onehalf of the unpaid principal of the above mentioned note, leaving a
net amount of $1,043,869 of loan to be considered. The purposes for
which this reduced loan, if approved, will be used as follows:
Cash requirements for July 1, 1932:
$ 200,000
Payment of $200,000 note to Illinois Central R. R.
Part payment of $700,000 note to the Pullman Car Manu200,000
facturing Co.
Part payment of 5150,000 demand note to the Citizens and
75,000
Southern National Bank of Savannah, Georgia
166,385
Rent of leased lines
45,255
Taxes
250,000
Unpaid vouchers
for October, 1932:
Cash requirements
Part payment of $256,000, principal of equipment trust
107,229
obligations, series "Q"
$1,043,869
Security
As security for the two previous loans to the applicant, aggregating
$2,130,450, there has been pledged with the corporation a principal
amount of $10,500,000 of the applicant's refunding and general mortgage 5% bonds, series "C", due April 1, 1959. These bonds are listed
and traded in upon the New York Stock Exchange and are currently
selling at about 15, as compared with a price of 22 at the date of our
Aug. 6 1932
supplemental report of April 28, 1932, and 32 at the date of our
original report herein. As security for any further loan which we
may approve, the applicant offers to pledge the remaining amount of
$470,000 of these bonds now held in its treasury.
The applicant further offers to pledge as security a number of shares
owned by it of an issue of stock of the Fruit Growers Express Co.
and of issues of various subsidiary and affiliated railroad and terminal
corporations in the par value of $959,625. Certain notes, certificates
of indebtedness, and open accounts in favor of the carrier, as well as
securities and real estate owned by the Empire Land Co., a subsidiary noncarrler land-holding corporation, are also offered for pledge.
As previously stated, the loan of.51,418,700, approved by us on
February 25, 1932, was partially secured by the deposit of the applicant's irrevocable order on the Railroad Credit Corporation authorizing and directing that corporation to pay to the Reconstruction Finance Corporation, for the account of the applicant, the sum of $206,687.50. The Railroad Credit Corporation is now prepared to assume
that amount of the loan. When this assumption is consummated the
amount of loans then outstanding with the Reconstruction Finance
Corporation will be $1,923,762.50, exclusive of any further loan which
we may approve herein.
If a further loan of $1,043,869 is approved by us, there will then
be outstanding under the original and two amended applications a
total of $2,967,631.50, which, with the additional $470,000 of bonds
now offered for pledge, will be secured by $10,970,000 of the applicant's refunding and general mortgage 5% bonds, series "C" of 1959;
2,334 shares of the common stock of the Fruit Growers Express Co.;
$855,337.50, principal amount, of notes of the Alabama Fuel Ss Iron
Co.; and 1,000 shares of common stock of the Empire Land Co.
Conclusions
Upon consideration of the application, as supplemented and amended, and after investigation thereof, we conclude:
1. That we should approve a further loan of $1,043,869 to the
Central of Georgia Railway by the Reconstruction Finance Corporation, for a period of not exceeding three years from the date of the
several parts thereof, the proceeds to be used for the purposes herein
specified; and that said loan and the loan previously approved k f us
should be secured by the pledge with the corporation of the followinf.
described securities, which shall apply part passu and witLdut preference to all of said loans:
(a) $10,970,000, principal amount, of the applicant's res
funding and general mortgage 5% bonds, series "C" of 1959;
(b) 2,334 shares of the common stock of the Fruit Growers'
Express Co.;
(c) 14 notes made by the Alabama Fuel & Iron Co. to the
Empire Land Co. of a principal amount of $855,337, maturing
serially on Oct. 1 of each year during the period Oct. 1, 1932,
to Oct. 1, 1945, inclusive, duly endorsed and assigned by the
Empire Land Co. to the applicant and by the applicant to the
Reconstruction Finance Corp., and
(d) 1,000 shares of the common stock of the Empire Land
Company;
2. That the applicant and the Empire Land Co. should agree with
the Reconstruction Finance Corporation that during the term of the
loan, no mortgage or other encumbrance shall be placed upon any of the
real estate now owned by the Empire Land Co. or hereafter acquired
by it during the term of the loan, nor any of such real estate disposed of, unless and until the consent of the Reconstruction Finance
Corporation first shall have been obtained:
3. That no advance upon the loan herein approved, except for
rent of leased lines, should be made until the Railroad Credit Corporation shall have first reimbursed the Reconstruction Finance Corporation in the sum of $206,687.50 for the account of the applicant;
4. That an advance may be made of not exceeding $166,385 of the
entire loan herein approved, the proceeds of such advance to be used
by the applicant for payment of rent of leased roads as set forth
herein, prior to the reimbursement of the Reconstruction Finance
Corporation by the Railroad Credit Corporation of the amount of
$206,687.50 as provided in paragraph 3 thereof upon the pledge with
the Reconstruction Finance Corporation as collateral security for
such advance, of $470,000, principal amount, of the applicant's refunding and general mortgage 5% bonds, series C, of 1959, provided,
however, that the remainder of the entire loan of $1,043,869 should
not be made unless and until the other security referred to in said
paragraph 1 first shall be pledged by the applicant with the Reconstruction Finance Corporation, and any and all other conditions set
forth in this certificate first shall he complied with ;
Central of Georgia Ry.
The supplemental report of the Commission, dated Aug. 1,
says:
•
P
By our supplemental report and certificate of June 30 1932 in this proceeding, we approved a further loan of S1,043,869 to the Central of Georgia
Ry. from the Reconstruction Finance Corporation. Our approval of this
further loan was conditioned upon the pledge by the applicant with the
Reconstruction Finance Corporation of the following securities to apply
passu and without preference to that and previous loans:
(a) $10,970,000, principal amount, of the applicant's refunding and
general mortgage 5% bonds, series C of 1959.
(b) 2,334 shares of the common stock of the Fruit Growers Express Co.
(c) 14 notes made by the Alabama Fuel & Iron Co. to the Empire Land
Co. of a principal amount of $855,337.50. maturing serially on Oct. 1 of
each year during the period Oct. 1 1932 to Oct. 1 1945, incl., duly endorsed
and assigned by the Empire Land Co. to the applicant and by the applicant
to the Reconstruction Finance Corporation.
(d) 1,000 shares of the common stock of the Empire Land Co.
In our report of June 30 1932 we stated that it was our undertsanding
that the Railroad Credit Corporation had approved a loan in the amount
of $81,328 necessary to enable the applicant to meet its Interest requirements due July 1 1932 and that the remainder Of the applicant's interest
requirements for 1932 aggregating 51,661,447 less the amount already
approved by the Railroad Credit Corporation, also constituted a proper
basis for a further loan or loans to the applicant by the Railroad Credit
Corporation. Accordingly, the further loan approved by our certificate
of June 30 1932 did not include any amount for interest requirements.
A previous loan of $206,687.50 already had been approved by the Railio,,,
e llt i rwoaas
road Credit Corporation to the applicant to enable time latter to ineeailnter
aest requirements earlier in the year. At that time,
Credit Corporation was unable to make the loan and that amount
advanced by the Reconstruction Finance Corporation. The Reconstruction Finance Corporation holds the applicant's irrevocable order on the
Railroad Credir Corporation authorizing and directing that Corporation
to pay to the Reconstruction Finance Corporation for the account of the
applicant this sum of $206,687 50. Our certificate herein of June 30 1932
Volume 135
Financial Chronicle
contained a condition that the additional loan therein approved should
not be made until the Railroad Credit Corporation had reimbursed the
Reconstruction Finance Corporation in the sum of $206,687.50.
It now appears that the Railroad Credit Corporation will require as
security for the loans already made and proposed to be made by it to the
applicant to enable it to meet its interest requirements, including the
aforesaid loan of $206,687.50 from the Reconstruction Finance Corporation,
the following securities which we required to be pledged with the Reconstruction Finance Corporation as security for loans from that corporation.
(a) 14 notes made by the Alabama Fuel & Iron Co. to the Empire Land
Co. of a principal amount of $855,337.50, maturing serially on Oct. 1 of
each year during the period Oct. 1 1932 to Oct. 1 1945, id.,duly endorsed
and assigned by the Empire Land Co. to the applicant and by the applicant
to the Reconstruction Finance Corporation.
(b) 1,000 shares of the common stock of the Empire Land Co.
Upon reconsideration of the application with these facts particularly
in mind, we conclude that our supplemental report and certificate of June 30
1932 should be amended so as to omit the above notes and stock from
the collateral required by said report and certificate to be pledged with the
Reconstruction Finance Corporation as secuirity for the loan therein
approved.
Chicago & Eastern Illinois Ry.
By the original application a total loan of $7,196,436 was requested
from the Reconstruction Finance Corporation to be advanced in the
amounts and at the dates therein specified. On May 20 1932 the applicant Wed a supplemental application for a temporary loan of $600,000
with which to pay overdue vouchers, thereby increasing the total loans
requested to $7,796,436.
Under dates of Feb. 25, March 15, April 29, and June 10 1932, we
approved loans to the applicant of $3,629,500, $82,080, $595,500. and
$600,000, respectively, and deferred action with respect to the remaining
Items of the application.
The loans were secured by the p'edge of
$5,262,500 of the applicant's prior lien mortgage 6% bonds, series A. and
$3,590,200 of its prior lien mortgage 534% bonds, series B, both issues
maturing in 1961.
Necessities of the Applicant.
The original application was restricted to items of taxes, interest and
maturities of fixed obligations, whereas the supp'emental application filed
May 23 1932, as previously indicated, was for payment of vouchers for
overdue or current expenses of maintenance and operation.
Request is now made for a further loan of $767,000, which the applicant
proposes to use in meeting the following obligations:
Aug. 1 1932 State of Illinois, second installment of taxes for
the year 1931 (est.)
$577,000
Aug. 1 1932 Series A equipment trust obligations, interest_ _
•
Sept. 1 1932 Cook Co.. Ill., first installment of taxes for the
year 1931 (est.)
176,500
The portion of the loan required for interest due Aug. 1 1932 on series A
equipment trust obligations, amounting to $13,500, is for a purpose for
which loans from the Railroad Credit Corporation may be made under
its "Marshalling and Distributing Plan, 1931," and application has been
made to that Corporation for a loan for that amount and purpose. Any
loan obtained from that Corporation will reduce the necessity of the applicant for borrowing from other sources, including the Reconstruction
Finance Corporation.
By resolution of the Board of Directors of the Railroad Credit Corporation adopted July 21 1932, an immediate advance to the applicant
for a period of two years in the amount of $13,500 was approved, thereby
reducing the loan required from the Reconstruction Finance Corporation
to $753,500.
Conclusions.
Upon consideration of the application and after investigation thereof,
we conclude;
1. That we should approve a loan of not to exceed $753,500 to the
Chicago & Eastern Illinois Ry. by the Reconstruction Finance Corporation
for a period not to exceed three years from the date of the making of the
loan, to be secured by the further pledge with said Corporation of prior
lion mortgage 6% series A bonds of 1961 and prior lien mortgage 534%
series B, 1961, in the aggregate principal amount of $8,852.700 now p'edged
as security for the loans heretofore approved by us as aforesaid.
2. That the Corporation will be adequately secured; and
3. That the applicant should be required to notify the Reconstruction
Finance Corporation and this Commission, in writing, within 30 days
front the making of such loan, of the expenditure of the proceeds thereof,
for the purposes for which the loan is authorized.
Mahaffie, Commissioner, dissenting, says:
In view of the earnings of the appicant in 1930, 1931, and in the first
half of 1932, I am unable to agree that the security available is adequate
for the additional loan approved by the majority.
Chicago Great Western RR.
On July 14 1932 Chicago Great Western RR. submitted an application
for a loan under the provisions of Section 5 of the Reconstruction Finance
Corporation Act.
The Application.
The applicant requests a loan of $2,000,000 to be used to pay 1932
maturities of equipment obligations, taxes and interest on its bonds. In
order that the funds may be used to meet the obligations for which they
are needed, they are requested to be made available in the following
amounts and on the approximate dates shown:
Immediately upon approval
$265,666
Aug. 13 1932
171,351
Aug. 25 1932
822,608
Sept.25 1932
372,601
Oct. 25 1932
15,198
Nov. 14 1932
198,726
Dec. 23 1932
153,850
Total
$2,000,000
The applicant requests the loan for a term of three years front the dates
upon which the funds are received, to boar interest at a rate to be fixed
by the Corporation.
The applicant represents that it is unable to secure the funds necessary
to moot these obligations upon reasonable terms through banking channels
or from the general public. It is our view that the question of the aPplicant's ability to obtain these funds through banking channels or from
the general public is committed by Section 5 of the Reconstruction Finance
Corporation Act primarily to the Corporation.
Necessities of the Applicant.
The specific items for payment of whin the loan is requested are as
follows:
(a) Rentals payable to the Pullman Car & Manufacturing
Corp. in June, September and December, in respect of
300 steel hopper cars
$82,125
(b) Rentals payable to the same company in May, August and
November, in respect of 2,800 box and automobile cars
514,053
(c) Retirement of equipment trust certificates due Oct. 1 1932,
relating to the purchase of30 locomotives
149,000
(d) Retirement of note due Dec. 26 1932, held by Lima Locomotive Works, covering purchase of six locomotives..___
(e) For payment of advalorem county taxes, due in the States of
Iowa, Illinois and Minnesota in July, September and
October 1932, and Minnesota State earnings taxes due
in August 1932
(f) For payment of interest due Sept. 1 1932, on applicant's first
mortgage 4% bonds
911
153,850
390,092
710,880
Total
$2,000,000
The applicant has become a party to the "Marshalling and Distributing
Corporation. Sums paid or payable
Plan, 1931" of the Railroad Credit
to the Railroad Credit Corporation for the first five months of 1932,
representing revenues received by the applicant from increases in freight
rates permitted by the above decision, amount to $133,138. The applicant estimates that sums to be similarly received and payable during the
last seven months of the year will approximate $209,000, making a total
of $342,138 for the year.
The applicant has applied to the Railroad Credit Corporation for a
loan of funds for the term of three years, to pay the interest on its bonds
due in September 1932 in the amount of $710,880, also covered by the
application to the Corporation. We are advised that the Railroad Credit
Corporation anticipates that it will have funds available for this loan when
needed, and will grant it in the event that the app ican'ts other 1932 needs
are provided for by the Corporation. Consideration in this report, therefore, will be limited to the other necessities of the applicant, amounting
to $1,289,120.
In addition to the necessities for which the loan from the Corporation
is asked the applicant will be called upon to meet or arrange for renewal
of the following short-term obligations during the life of the loan:
$3,175,200
Bearer note for two years maturing Oct. 7 1933
90-day note held by the First National Bank of Chicago, due
150,000
July 5 1939
90-day note held by the Central Republic Bank Sz: Trust Co. of
150,000
Chicago,due July 5 1932
90
-day note held by the First National Bank, Kansas City,
150,000
due May 24 1932
The bearer note for two years is non-interest bearing prior to maturity.
After maturity it bears interest at 6% per annum. The applicant states
that it anticipates no difficulty ib ontaining renewal of any of these
obligations.
The applicant is required to meet equipment obligations as follows:
$837,844
$1,141,15411934
1932
837,844
1,073,162119351933
These sums include interest charges under equipment leases varying
from $202,180 in 1932 to approximately *$100,000 in 1935. During the
period from 1920 to 1929 inclusive maturities of equipment obligations
amounted to only $43,400 annually.
On June 30 1932 the applicant had unpaid overdue vouchers in the hands
of its Treasurer aggregating $580,000, representing purchases of coal,
ties, other materials and supplies, and rentals, taxes, and joint-facility
maintenance and operating expenses. These it expects to be able to pay
out of income during the latter part of the year.
The applicant estimates its fixed charges at $1,867,790 for 1932, 81,821,546 for 1933, and $1.778,692 for 1934, including interest on funded
and unfunded debt (exclusive of interest included in payments under
equipment leases), amortization of discount on funded debt, miscellaneous
income charges and rent for leased roads. The corresponding fixed charges
for 1931 amounted to $1,853,860.
Security.
As security for the loan applied for, the applicant offers to pledge its
first mortgage 4% gold bonds, due in 1959, in the ratio of 300% of the
amount of the loan sought. These bonds are secured by a direct first lien
upon the 1,034 miles of road and all equipment owned by the applicant,
subject to a $500,000 mortgage securing bonds of the Minneapolis Terminal, and $7,159,906 of equipment obligations. The mortgage is also
secured by the applicant's trackage rights and leases, and its holdings of
securities of subsidiary and affiliated companies in the amount of
$25,421,652.
Conclusions.
Upon consideration of tne application and after investigation thereof,
we conclude:
1. That we should approve a loan of not exceeding $1,289,000 to the
Chicago Great Western RR. by the Reconstruction Finance Corporation,
for a•period not to exceed three years from the date thereof, to be used for
the payment of taxes and maturities of equipment obligations:
2. That the applicant should pledge with the Reconstruction Finance
Corporation, as collateral security for the loan. $5,000,000 of its first
mortgage 4% bonds, due in 1959, issued prior to the effective date of the
Transportation Act, 1920:
3. That the applicant should be required to report to the Reconstruction
Corporation and to us, in writing, within 30 days of the making of each
advance upon the loan, the expenditure of the proceeds thereof for the
purposes for which it is authorized.
Eureka-Nevada Ry
Under date of April 21, 1932, the Eureka-Nevada Railway filed
application to the Reconstruction Finance Corporation
with us an
for a loan under the provisions of section 5 of the Reconstruction
Finance Corporation Act.
The Application
The amount of the loan applied for is $10,000, to be repaid within
three years from date, the proceeds to be used for the following
purposes:
$5,750
To make necessary repairs to roadway
To repay loan to Bank of California, San
2,500
Francisco, California
1,000
To replace burned flues on one engine
300
To complete third motor car
450
To provide working capital
The applicant represents that the necessary funds cannot be secured
from other sources at the present time. It is our view that the
ability of the applicant to obtain funds upon reasonable terms through
banking channels or from the general public with which to meet its
obligations is a question committed by section 5 of the Reconstruction
Finance Corporation Act primarily to the corporation.
At the date of application, the applicant was holding conferences
with connecting trunk lines covering joint rates in order to comply
with the "Marshalling and Distributing Plan, 1931," of the Railroad
Credit Corporation. No final rates between the applicant and its
connecting trunk line have as yet been agreed upon. The applicant
has not applied for or received any loan from the Railroad Credit
Corporation.
Necessities of the Applicant
Due to an unusually severe winter in Nevada the applicant's line
of railroad was snow-bound for 55 days, resulting in exceptional
Financial Chronicle
912
expenditures to open the line to traffic. These efforts were successful
in part, and the applicant found it possible to transport feed to the
farming section served by the railway, saving thereby many thousands
of dollars worth of cattle. The melting of the heavy snows in March
caused severe floods which carried away two bridges and undermined
the track at two points, necessitating the laying of a new roadbed.
Service is being maintained at present by transporting mail and freight
across temporary structures and loading them upon motor cars at the
other side of the bridges, while efforts are being made to construct
temporary bridges which will sustain the weight of light motor equipment. The application states that the amount of $5,750 requested for
repair of roadway included $1,000 for new piling; $500 for bridge
timbers, $500 for new ties. $250 for other materials, and the balance
for labor. The $1,000 is requested to replace burned flues on one
engine. This damage occurred while the engine was in use supplying
motive power to a snow plow.
The service rendered at present is largely carried on by motor cars
and the applicant states that the installation of a third motor car
which is now on hand, but which will require the amount of $300 to
complete, will provide sufficient motive power for its service. The
loan of $2,500 from the Bank of California will fall due July 10, 1932.
This loan was of an emergency nature due to the heavy expenses
entailed by snow removal in January and February. The applicant
states that at the time of the making of the loan it was distinctly
understood that the loan was to be paid when due. The applicant
further states that the Bank of California has been the depositary
of the railway funds, and has always responded to emergency requests
of this nature. It is desired by the applicant's officers to preserve
the credit of the railway with this bank against similar contingencies
in the future. Since filing its application, the applicant has reduced
by $1,000 the amount owning on this bank loan. The amount of
$450 required for working capital as stated in the application, is the
minimum necessary to take care of payrolls and expenses pending
collection of intercompany accounts.
Subsequent to the filing of the application herein, the applicant
has informed us that, if our approval is given to the application
for a $10,000 loan, only such amount of the proceeds thereof will be
used as is necessary for rehabilitation of road and equipment, which
the applicant estimates will be not more than $6,000. We shall
consider herein the approval of a loan in that amount and for that
purpose.
Security
As security for any loan the applicant agrees to execute and deliver
to the Reconstruction Finance Corporation a mortgage which will
constitute a first lien upon all of its physical property including
equipment. It has issued no bonds and none of its property is mortgaged. Its authorized capital stock is $500,000, all of which is outstanding and owned by Nevada Associates Incorporated, a Massachusetts corporation organized as a security-holding company. The
only debt outstanding other than current liabilities consists of the loan
for $2,500 to the Bank of California, due July 10, 1932, to the discharge of which a part of the proceeds of the loan will be used.
There are no equipment obligations outstanding.
Conclusions
Upon consideration of the application, and after investigation
thereof, we conclude:
1. That we should approve a loan to the Eureka-Nevada Railway
from the Reconstruction Finance Corporation in the amount of $6,000,
for a period of not exceeding three years, the proceeds thereof to
be used solely for repair and rehabilitation of the applicant's road
and equipment, to be secured by the pledge of a like principal amount
of bonds to be issued under a first mortgage in form satisfactory to
the Reconstruction Finance Corporation;
2. That the corporation will be adequately secured.
Greene County RR.
On March 25 1932 the Greene County RR. filed an application for
a loan under the provisions of section 5 of the Reconstruction Finance
Corporation Act. Supplementary representations were filed on May 23
1932.
The Application.
The applicant requests a loan of $40,000 for a term of three years, for
the following purposes:
To pay audited vouchers for wages, taxes, locomotive rent, coal
Wand cross ties, for the year 1931
$7,915
To repay loans from Farmer's Bank of Monroe, Ga., maturities
Jan. 16 and March 15 1932
2,500
To repay Forest Greene on account of advances in the amount of
$42.477
20,335
To purchase a locomotive
3,250
To repay balance on loan under section 210, Transportation Act,
1920, due July 15 1932
6,000
Total
$40,000
The applicant states that it has been unable to secure needed funds
elsewhere than from the Reconstruction Finance Corporation. It has
hitherto been financed through the borrowing of Forest Greene,its President
and principal stockholder, on his personal credit. He Is now unable
to obtain further accommodation in this manner. It is our view that
the question of the ability of the applicant to obtain funds upon reasonable
terms through banking channels or from the general public is one committed by section 5 of the Reconstruction Finance Corporation Act primarily
to the Reconstruction Finance Corporation.
The applicant has become a party to the "Marshalling and Distributing
Plan. 1931" of the Railroad Credit Corporation. Under this plan the
applicant has paid $36 to the Railroad Credit Corporation for the account
of January and estimates average receipts of $30 a month from the increase
in freight rates permitted in our decision. The applicant has not applied
for a loan from the Railroad Credit Corporation.
Necessities of the Applicant.
The above recited purposes for which the loan is sought indicate the
character and extent of the current financial requirements of the applicant
as stated by it. The balance in "audited accounts and wages payable"
was not materially greater on Doc. 31 1931 than it was on Dec. 31 1929
or 1930 and "loans and bills payable" were no greater on Dec. 31 1931
than they were on Dec. 31 1928, 1929 or 1930. The major increase has
been in "miscellaneous accounts payable," which increased $10,962 from
Dec. 31 1928 to Dec. 311931. Funds with which to purchase a locomotive
are sought in order to avoid future rentals of $2,400 a year which the
applicant has been paying since 1927. The funds advanced the applicant
by Forest Greene which the applicant seeks to repay in part were borrowed by him for this purpose. He has now urgent need of funds for
pressing personal obligations. The balance of $6,000 on the Government
loan was due July 15 1931, but has been extended to July 15 1932.
Aug. 6 1932
The applicant's cash balance was $819 on March 31 1932. It was
originally estimated by the applicant that it would have $6,675 on hand
on Dec. 31 1932 if it received a loan of $40,000. With the increase in
divisions above referred to the company's cash position will presumably
be somewhat better than as thus estimated.
Security.
As security for the loan of $40,000 requested, the applicant offers $75,000
of its first mortgage 6% bonds, maturing 1950. These bonds are now
pledged to the United States as security for the loan under section 210
but it is the applicant's intention to use a part of the proceeds of the proposed loan from the Reconstruction Finance Corporation to discharge
the loan under section 210 and release the security now pledged therefor.
The bonds in question constitute part of the applicant's only issue, author
zed by the mortgage in the amount of $100,000 and by us in the amount
of $94,000, of which the remaining $19,000 is owned by Forest Greene.
He is willing to pledge the latter bonds also for the loan and to endorse
it personally, meanwhile waiving interest on his holdings. The mortgage
is closed. The loan under section 210 for which the applicant's bonds
were accepted as collateral was endorsed and unconditionally guaranteed
by Forest Greene.
Conclusions.
If the loan herein applied for were approved, that action would necessarily be.based upon anticipated improvement in the applicant's earnings
for the future. Its past record of earnings does not warrant the entire
lean sought. If earnings estimated for the future are realized, an increase
in the advances to the applicant may be justified. Such increase should,
however, in our opinion, await the demonstration of improved earnings
capacity of the applicant. A trial period will test the soundness of the
estimates and afford an opportunity to those interested in the continued
service of this railroad to increase their efforts in its support.
Upon consideration of the application and after investigation thereof.
we conclude:
1. That consideration of the application for loans for purposes other
than rep:iyment of the loan to the applicant under section 210 for payment
of vouchers and for purchase of a locomotive should be deferred pending
a further showing that such loans can be adequately secured.
2. That an immediate loan of $17,165 for three years for the latter
purposes should be approved.
3. That the Reconstruction Finance Corporation will be adequately
secured for the latter loan by the deposit of $94,000 of the applicant's
first mortgage 6% bonds, maturing 1950, and its note evidencing the said
loan endorsed and guaranteed as to both principal and interest by Forest
Greene.
4. That Forest Greene should execute a waiver of interest payments
on the pledged bonds for the life of the loan.
5. That the applicant should be required to agree to use the proceeds
of the loan solely for the purposes for which it is authorized.
Hoosac Tunnel & Wilmington RR.
w On June 14 1932 the Hoosac Tunnel & Wilmington RR, filed an application for a loan under the provisions of Section 5 of the Reconstruction
Finance Corporation Act.
The Application,
The loan applied for is $60,000 for a term of three years, and is requested
for the following purposes:
To meet the following long-standing obligations to the
Boston et Maine RR.•
Freight balances Feb. 15 1929 to June 30 1930 with interest- _ _ $28,126.99
Rental of Hoosac Tunnel Station facilities for 17 months
2,266.61
Car per diem, Feb. 1 1931, to Feb. 1 1932
2,578.00
Car repair costs
12.25
Total
Less ticket balance credit, March 1 1932
$32,983.85
494.06
$32,489.79
To PayShort,terrn bank loans
6,600.00
Short-term individual loans
10,000.00
Audited vouchers for material
3,200.00
Attorneys'fees and interest
8,442.00
For purchase and installation of new ties
3,000.00
For maintenance and improvement of bridges_
2,000.00
For roadbed repairs and other line changes in the nature of
improvements
1,000.00
Total
$66,731.79
The applicant states that these obligations can be settled for $60,000,
the amount of the desired loan. It asserts that settlement of its debt
to the Boston & Maine RR. will bring about an agreement with that
company in the matters of car hire and station service charges which
will reduce its operating expenses $3,500 annually, under present
business conditions.
The short-term bank loans are held by two banks, one for $5,000 by the
Franklin County Trust Co., Greenfield, Mass., and the other by the
Brattleboro Trust Co., Brattleboro, Vt., in the ailment of $1,600. Both
loans are evidenced by usnecured notes for three months. There are 14
of the short-term individual loans ranging in amount from $2,600 to $100.
These are all held by stockholders of the company, excepting two aggregating $300. The three largest loans amount to $2,600 each, and are
held by the three largest stockholders of the company, whose holdings
amount to 63.5% of the total stock outstanding. One of these creditors
is also President of the company and is connected with one of the largest
Industries served by it. Two other creditors are officers of the comgny.
The applicant represents that it is unable elsewhere to secure the funds
necessary to meet these obligations upon any terms. It is our view that
the question of the applicant's ability to procure the necessary funds
through banking channels or from the general public is committed by
Section 5 of the Reconstruction Finance Corporation Act primarily to the
Corporation.
The applicant is not a party to the "Marshalling and Distributing
Plan, 1931" of the Railroad Credit Corporation.
Security.
As security for the loan the applicant offers 90% of its first mortgage 6%
authorized in the principal amount of $75,000,
coupon bonds, duo in 1918,.
and outstanding in the amount of $47,600. Holders of bonds In the
amount of $40,100 have agreed to deposit them as security for the loan,
and in addition $27,400 of the bonds are held by the trustees, never having
been sold. The total of the bonds available as security thus is $67,500.
The bonds are secured by a closed mortgage carrying a first lien on all
of the company's property. Issue and sale of the bonds at not less than
par was authorized by us in October 1928. The bonds are not listed on
any exchange, and there is, therefore, no established market value.
Conclusions.
Upon consideration of the application and after investigation thereof.
we conclude:
Volume 135
Financial Chronicle
1. That we should approve a loan of not exceeding $23,600 to the Iloosac
Tunnel & Wilmington RR, by the Reconstruction Finance Corporation,
for a period not to exceed three years from the date thereof, to be used
for the following purposes:
Payment ot Boston & Maine RR. Co. on account of freight
balances owed and Hoosac Tunnel station rentals
$15,000
Payment of outstanding bank loans
6,600
Payment of unpaid vouchers for purchase of ties
2,000
Total
s23,600
2. That the applicant should pledge with the Reconstruction Finance
Corporation, as collateral security for the loan, $67,500 of its first mortgage 6% coupon bonds of 1918.
Minneapolis St Paul & Sault Ste Marie Railway
On Feb. 9 1932 the Minneapolis St. Paul S.: Sault Ste. Marie Ry, filed
application for loans of $15,329,608.84 from the Reconstruction Finance
Corporation. The applicant also filed copies of its application for loans
from the Railroad Credit Corporation under its "Marshalling and Distributing Plan, 1931," in part for the purposes covered by the application
here under consideration. There also was filed a copy of an application by
the Wisconsin Central Ry., a subsidiary of the applicant, to the Railroad
Credit Corporation for a loan of $696,660. On Feb. 25 1932 we certified
our approval of a loan of $2,300,000 to the applicant,for specified purposes,
without prejudice to consideration of additional loans covered by the application. We deferred consideration of the application of the Wisconsin
Central. The loan of $2,300,000 was secured by (a) the pledgs of $2,000,000 capital stock of the Central Terminal Ry. (b) assignment of rentals
received by the Central Terminal Ry. from sub-leases of portions of its
property (c) pledge of $1,750,000 first mortgage gold bonds of the C.arkson Coal Mining Co., due 1937, and (d) agreement to pay to the corporation all sums received by the applicant for retirement of bonds under
operations of the sinking fund provision of the mortgage securing the Clarkson Coal Mining Co. first mortgage bonds aforesaid.
On June 7 1932 the applicant filed copies of an amendment to its application, reducing the total amount of the loan sought and the amount of
security offered therefor. The original application as amended will be
hereinafter referred to as the application.
The Application.
As stated in our previous report, the necessities of the applicant for
which the loan was originally requested consist of taxes and maturities of
notes, equipment obligations, and interest. The loan applied for by the
Wisconsin Central is for interest only.
The loan of $2,300,000 provided for the applicant's necessities for taxes
and maturing equipment obligations through the month of July 1932 and
the interest requirements of the applicant and of the Wisconsin Central
for the months of March and April, 1932. We are advised that the Railroad Credit Corporation has provided for the interest requirements of both
carriers for the months of Mya and June, 1932, and expects to provide
through direct loans for the similar requirements of both companies for
the months of July, August and September. 1932.
Necessities of the applicant not previously provided for are as follows:
Principal of Equipment Obligations
Due in August 193
$12,769.77
Due in September 1932
155,859.30
Taxes
Due in August 1932
150,000.00
Due in September 1932
67,000.00
Due, date not determined
140.000.00
Principal of one-year secured notes maturing Aug. 1 1932- _ _ 10,000,000.00
Total
$10,525,629.07
The applicant asserts that it has secured from the holders of the oneyear secured notes agreements to accept ono-half of the face amount of the
notes in cash at maturity and one-half in the applicant's new two-year
6% notes, secured by $6,250,000 of its first refunding mortgage
53-5%
bonds of 1978, bearing the unconditional guaranty of the Canadian Pacific
Ry. as to interest, The applicant now requests a loan of
$5,000,000 for
two years to make the cash payments required by this financing, and waives
ts original request for a loan to cover the other items, asserting that it
expects to be able to obtain them from other sources.
Security.
As security for the loan the applicant offers, in addition to the security
pledged for the loan heretofore approved. $6,250,000 of its first refunding
mortgage 5Y5% series 13 bonds of 1978. Bonds of this issue were pledged
in August, 1931. in the amount of $12,500.000 to secure the
$10,000.000
of ono
-year notes maturing Aug. 1 1932. The bonds offered as
security
for the loan from the Corporation will be released from pledge
under the
one-year MACS through payment of 50% of the notes in cash
at maturity.
The applicant represents that the holders of the present notes
have agreed
to accept the same terms and the same security for the $5.000.000
of new
notes to be issued as proposed for the loan from the Corporation.
The loan to the applicant of $2,300,000, approved by us on Feb.
25 1932.
included $486,000 to meet the interest obligations of the applicant
and the
Wisconsin Central fly., duo in March and April, 1932. We
required that
the loan be secured in part by the applicant's irrevocable order on
the
Railroad Credit Corporation, authorizing and directing it to pay this
sum
to the Corporation. Pursuant to this requirement, the Railroad
Credit
Corporation repaid the Corporation $133,952 which the latter had loaned
the applicant for the purpose of meeting its March interest requirements.
Tho Railroad Credit Corporation later loaned the applicant directly
$352,000
to meet its April interest payments, thus relieving the Corporation of the
necessity of advancing this part of the loan. The applicant has repaid
$163.053 of the sums loaned to it by the Corporation pursuant to approval
in our previous certificates in this proceeding. If we approve the loan
herein requested, the total loans approved for the applicant, including
the remainder of the loan under our previous certificate, will amount to
$6,650,947. The total of loans applied for from the Railroad Credit Corporation by the applicant and by the Wisconsin Central Ry., all of which
it is anticipated will be granted by that body, amounts to $3,570.514.
Conclusions.
Upon consideration of the application and after investigation thereof,
we conclude:
1. That we should approve a further loan of $3,000,000 by the Reconstruction Finance Corporation to the applicant for the term of two years
to be used in part payment at maturity of the applicant's one-year secured
notes duo Aug. 1 1932.
2. That the applicant should pledge with the Reconstruction Finance
Corporation, as collateral security for the loan, $6,250,000 of its first refunding mortgage 535% series 13 bonds of 1978, payment of interest on
,
which is guaranteed by the Canadian Pacific Ry.
3, That the applicant should agree with the Reconstruction Finance Corporation that all stocks and bonds required as collateral security under the
terms prescribed in our certificate of approval of the loan of $2,300,000.
all related assignments and agreements constituting part security for the
913
said loan, and the bonds which the said railway company is required to
pledge as security for the loan herein conditionally approved, shall apply
pani passu and without preference to any unpaid portion of the loan of
$2,300,000 and to the loan of $5,000.000 herein conditionally approved.
4. That the applicant should deposit with the Reconstruction Finance
Corporation binding commitments of the holders thereof, or other evidence
in form satisfactory to that corporation, that $5,000,000 principal amount
of the applicant's one-year secured notes now outstanding and maturing
Aug. 1 1932 will be refinanced to a maturity date not earlier than the
maturity date of the loan herein conditionally approved for payment of
the remainder of the notes at maturity, without assistance from the Eeconstruction Finance Corporation other than the said loan.
New York Chicago & St Louis RR
The application of The New York, Chicago & St. Louis RR originally submitted to us on Feb. 11, 1932, and requested a loan in
an amount not exceeding $33,000,000. On Feb. 24, 1932, we certified our approval of a loan of $9,300,000 to the applicant by the
Reconstruction Finance Corporation. Our approval, which was without prejudice to an additional loan, extended to an advance of
$9,300,000 to pay $700,000 of overdue vouchers, $1,300,000 of fixed
charges due March 1, 1932, $1,300,000 of fixed charges due April 1,
1932, and a bank loan of $6,000,000 due March 7, 1932. We deferred
consideration of the applicant's request for a loan to provide funds
for additions and betterments, fixed charges due on Sept. 1, and
Oct. 1, 1932, and the maturity of the applicant's 3-year, 6%, gold
notes on Oct. 1 1932. As a condition of our approval, we required
the applicant to pledge with the corporation certificates of deposit
representing a total of 297,993 shares of the capital stocks of the
Wheeling & Lake Erie Ry., together with $10,500,000 of the applicant's
refunding mortgage 41% gold bonds, series C. maturing Sept. 1 1978.
/
2
These securities were released by the Guaranty Trust Co. upon payment
of the $6,000,000 note on March 7, 1932. The applicant has duly reported the expenditure of the proceeds of the loan heretofore made.
On Feb. 6, 1932, the applicant filed with the Railroad Credit Corporation an application for a loan of 84,900,000 to be advanced in
four installments, for the payment of fixed interest obligations. It
was intended that the first two installments, of $1,300,000 each, desired on Feb. 27 and March 29, 1932, would provide for a reassignment of the advance of like amounts by the Reconstruction Finance
Corporation. As a condition of the loan, in addition to the conditions prescribed by us, the Reconstruction Finance Corporation required the applicant to file with it an irrevocable order on the Railroad Credit Corporation to pay to the Reconstruction Finance Corporation the sum of $2,600,000, when and as the credit corporation
should be in funds which would enable it to do so. A loan to the
applicant of that amount was authorized by the Railroad Credit
Corporation on February 24, I932, but was not made.
Supplemental Request of Applicant
On May 24, 1932, the applicant filed with us a supplemental request for approval of an additional loan of $3,000,000 for a term not
exceeding three years. The dates on which the additional funds were
requested and the general purposes of the further loan were:
July 1, 1932; to pay for additions and betterments
$ 700,000
August 29, 1932; to pay fixed charges
1,200,000
September 28, 1932; to pay fixed charges
1,100,000
$3,000,000
Total
The remaining items in the original application were requirements
to meet the maturity of $20,000,000 of 6% gold notes, due Oct. 1,
1932, and to finance $700,000 of additions and betterments on Jan.
1, 1933. The application for a loan for these two items remains
of record but is not urged upon us for consideration at this ;Arne.
On June 30, 1932, the applicant filed a revised request, asking us
to defer consideration of the items of fixed charges, amounting to
$2,300,000, covered by the request filed on May 24. There remains for
consideration at this time the request for a loan of $700,000 to
cover the cost of improvements to the applicant's property.
In support of the request: for an immediate loan of $700,000 for
additions and betterments the applicant has submitted its improvement program for the current year and a summary of such program
Is shown below. It is stated that the proposal is confined to actual
necessities.
Additions and betterments
. Cost to
complete
Total
charge to
complete
Cash
recuired
1932
Loan
Cleveland, Ohio:
Elimination of grade crossings: additional facilities
$1,003,000 S1.003,090 $390,000 $267,500
Toledo, Ohio: Change of alignment,
etc., in connection with new boulevard
666,000
686,000
686,000°200,000
Chicago, Ill.: Change in yard at 103d
St., in connection with opening of new
streets
620,000
607,671
100,000 49,000
Angola, N. Y.: Elimination of Brant
Road Crossing
49,777
35,344
1,100
33,344
System: New Rail and track material__ _ 1927,205
387,992
387,992 175,500
System: New ballast
471,356
160,409 24,000
160,409
System: Widening roadway shoulders
60,000
60.000
60,000 20,000
27 Items, including bridge renewals,
signals, assessments for public improvements, water stations, improvements to equipments to equipment: all
as described In schedule Q of application and statement No.5supplemental
request__
530,173 142.374
532,816
658,766
Totals
85,476.104 $3,474,232 $2,349,918 $889,474
• Subject to final adjustment at $75,000 upon payment of $125,000 held in escrew
In the case of the first four items listed, the expenditures are for
completion of projects under contract and being prosecuted under
State or city authority. Nearly all of the other work has been begun
and may be considered necessary in the operation of the railroad,
rather than as the initiation of new enterprises. We are of tha
opinion that a loan for these purposes may properly be made under
the provisions of section 5 of Use Reconstruction Finance Corporation
Act and that the allocation of loan funds to the individual items
of the improvement program may be in the approximate amounts
indicated in the applicant's supplemental statement. This applies
to the loan of $700,000 for additions and betterments which the applicant desires on July 1, 1932, and the expenditure of such sum Is
proposed to cover the period February 11 to July 31, 1932. Expenditures for additions and betterments subsequent to the latter date
will fall within the scope of the further advance to be considered
later.
914
Financial Chronicle
Conclusions
Upon further consideration of the application and supporting data,
and after investigation thereof, we conclude:
1. That we should approve a further loan to The New York,
Chicago & St. Louis RR by the Reconstruction Finance Corporation,
for a term not exceeding three years, for the purpose of providing
funds to pay a portion of the additions and betterments described
in the application, in an amount not exceeding $700,000;
2. That the loan herein approved should be secured by the pledge,
pani passu, for this and other loans approved by us, of the collateral
now held by the corporation, together with 15,000 shares of the
common capital stock of the Detroit & Toledo Shore Line RR.
The second supplemental report of the Commission says
in part:
On July 13 1932 we approved a further loan of $700,000 to the applicant
subject to the condition that such loan be secured by pledge, part passu,
for this and other loans, of the collateral then held by the Reconstruction
Finance Corporation, together with 15,000 shares of the common capital
stock of the Detroit & Toledo Shore Line RR. We stated in our report
that the applicant had this stock available for pledge with the Corporation.
We also stated that, on Feb. 24 1932, the Railroad Credit Corporation
authorized a loan of $2,600,000 to the applicant, but that such loan had
not been made. Among the securities tendered to the Credit Corporation
as collateral were 7,140 shares of Detroit & Toledo Shore Line common
stock. In accordance with our order of March 29 1932, in Detroit & T. S.
L. R. Co. Securities, 184 I. C. C. 29, that carrier has issued 15,720 shares
of its common stock, and the holdings of the Nickel Plato have thereby
increased from 7,140 shares to 15,000 shares. A like amount is held by
the Grand Trunk Western RR.
We have been advised that the Credit Corporation will now make the
loan of $2,600,000 to the applicant, such loan to be in reimbursement of
a like amount advanced by the Reconstruction Finance Corporation in
accordance with our approval of a loan of $9,300,000. New York C. &
St. L. RR. Co. Reconstruction Loan, 180 I. C. C. 525. The loan of
$9.300,000 included $2,600,000 to pay fixed charges due to March 1 and
April 1 1932. In exercising this reimbursement the Railroad Credit Corporation requires the pledge of all Detroit & Toledo Shore Line stock owned
by the applicant. We find that the further loan of $700,000, together
with the previous loan of $9,300,000, when reduced to $6,700,000 as aforesaid, will be adequately secured by the pledge, paid passu, for both of
said loans, of the collateral now held by the Reconstruction Finance Corporation, viz., certificates of deposit representing 297,993 shares of the
capital stock of the Wheeling & Lake Erie Ry. and $10.500,000 principal
amount of the applicant's refunding mortgage 43i% gold bonds of 1978.
Pere Marquette Ry
On May 19, 1932, the Pere Marquette Railway filed with us copies
of an application to the Reconstruction Finance Corporation for a
loan under the provisions of section 5 of the Reconstruction Finance
Corporation Act.
The Application
The applicant requests a loan of $3,000,000 to be made available to
it on or about July 15, 1932, for a term of three years, with the right
to repay the same in whole at any time, or in part from time to
time. It is requested for the purpose of paying, on or before maturity
on August 1, 1932, $3,000,000, principal amount, of Lake Erie &
12
Detroit division 4 / % collateral trust bonds of the applicant's predecessor, the Pere Marquette R. R. These bonds were assumed by the
applicant when it acquired the property of that company through
the reorganization of 1917.
The applicant represents that it is unable to secure the funds necessary to meet this obligation upon reasonable terms through banking
channels or from the general public. It is our view that this question
is committed by section 5 of the Reconstruction Finance Corporation
Act primarily to the corporation.
The applicant asserts that no unsatisfied loans have been made to
it by the Railroad Administration, by the United States under section 210 of the transportation act, 1920, or under section 5 of the
Reconstruction Finance Corporation Act. It has no claims upon the
Government under sections 204 or 209 of the transportation act, 1920.
No payments have been made by the applicant on account of excess
net railway operating income under section 15a of the interstate
commerce act, nor any securities pledged for any indebtedness under
that section. On July 3, 1931, we issued a tentative recapture order,
finding the excess net railway operating income of the applicant for
the period March 1, 1920. to December 31, 1925, inclusive, to be
$1,641,025.31, and ordering it to pay one-half of this sum to us in
accordance with the provisions of section 15a. The applicant protested
the tentative finding and proceedings for determination of the issues
raised in the protest are now pending before us.
Necessities of the Applicant
Aside from the collateral-trust bonds maturing on August 1, 1933,
In the amount of $3,000,000, the applicant's only other obligations
maturing during the life of the loan are equipment trusts, payments
upon which will be due in the amount of $1,182,000 annually up
to Dec. 31, 1935. Bonds issued by the Lake Erie & Detroit River
Ry., a Canadian subsidiary of the applicant, mature on August 1,
1932, in the amount of $3,000,000. The applicant reports no loans or
bills payable as of Dec. 31, 1931. It asserts that as of the date of the
application the amount of unpaid vouchers held by the treasurer
was practically normal.
The applicant has become a party to the "Marshalling and Distributing Plan, 1931," of the Railroad Credit Corporation. It states
that it has neither applied for nor received any loans from that
organization, and has no present intention of applying for any such
loan.
Security
The applicant offers as security for the loan its first-mortgage
41% gold bonds, series C, due 1980, in such amount as may be
/
2
needed to constitute adequate security for the loan.
• As of Dec. 31, 1931, the par value of the applicant's outstanding
capital stock was $68,675,000. It consisted of $11,200,000 of priorpreference, $12,429,000 of preferred, and $45,046,000 of common stock,
in shares of par value of $100 each. The prior-preference stock and
the preferred stock are both entitled to 5% cumulative dividends, and
to preference in liquidation or dissolution of the company.
The applicant's total funded debt outstanding in the hands of the
public, as of Dec. 31, 1931, amounted to $77,273,000, consisting of
$64,955,000 of first-mortgage bonds, $3,000,000 of collateral-trust bonds,
and $9,318,000 of equipment obligations. In addition, the applicant
holds in its treasury first-mortgage bonds in the amount of $6,386,000.
Aug. 6 1932
The total funded obligations issued by it thus amounted to $83,659,000.
/
2
The Lake Erie & Detroit River division first collateral trust 41
per cent bonds, maturing on August 1, 1932, are outstanding in the
principal amount of $3,000,000. They carry a first lien on the property
of the Lake Erie & Detroit River Ry., which company is controlled by
the applicant through ownership of all of its capital stock. The
collateral trust bonds are secured by deposit with the trustee of
$3,000,000, principal amount, of first-mortgage 5% gold bonds of the
Lake Erie & Detroit River Ry., constituting the entire funded debt
of that company, all of which is owned by the applicant.
The collateral-trust. bonds were issued by the Pere Marquette Railroad Company, predecessor of the applicant. Under the provisions
of the applicant's first mortgage, $3,000,000 of first-mortgage bonds
may be issued upon retirement of the collateral-trust bonds at maturity. On May 19, 1932, the applicant filed with us an application
for authority under section 20a of the interstate commerce act to
/
2%,
issue ,among other securities, $3,000,000 of its first-mortgage 41
series C, gold bonds due 1980, to pledge as security for the loan obtained
to refund the collateral-trust bonds. In the event of the issuance
of these bonds, there will be available as security for the loan of
/
$3,000,000 the applicant's first-mortgage 41 2% bonds in a total
principal amount of $9,386,000, valued by the applicant at par.
The applicant's first-mortgage bonds are listed on the New York
Stock Exchange. During the period from 1923 to 1930, inclusive, the
/4
series A 5% bonds sold for prices ranging from a low of 900 in
1923 to a high of 107 in 1927. Since Jan. 1, 1932, they have sold
from 69 to 33. During the period 1923 to 1930, inclusive, the prices
of the series B 4% bonds ranged from a low of 75% in 1923 to a high
of 961 in 1928. Since Jan. 1, 1932, the range has been from 55 to
/
2
35. The series C 41% bonds were not issued until March, 1930.
/
2
During 1930 they sold from 951 to 103. During 1932 prices of these
/
4
bonds have ranged from 58 to 26. They are currently around 33
(June 24).
As of Dec. 31, 1931, the applicant owned stocks and bonds of affiHated companies of a par value of $7,554,600, all of which were
pledged under its first mortgage or under the collateral-trust agreement. It owned and held unpledged in its treasury securities of other
companies of a par value of $939.
The applicant guarantees jointly and severally with the Bessemer
& Lake Erie R. R., in case of a default, principal and interest of
$266,000 of first-mortgage 41% bonds and $80,000 of gold deben/
2
ture 5% bonds of the Marquette & Bessemer Dock & Navigation Co.
As security against such contingency the applicant holds one-half
of the capital stock of the navigation company.
As of March 31, 1932, the applicant's balance sheet showed investment in road and equipment of $157,804,828, including approximately 3
miles of wholly owned and jointly owned tracks in Canada. As of
the same date, accrued depreciation amounted to $16,854,615. Deducting this from the investment account would leave $140,950,213. Total
investments amounted to $174,068,290, including investment of $10,729,238 in stocks and bonds, and $3,695,169 advances to affiliated companies.
Pursuant to section 19a of the interstate commerce act, we found
the value for rate-making purposes of the property owned and used
by the applicant for common-carrier purposes as of June 30, 1915,
located in the United States, to be $62,705,398, including $2,455,398 for
working capital. Net additions and betterments up to Dec. 31, 1931,
amounted to $63,634,585. The applicant now uses property previously
classified by us as owned but not used and valued as of valuation date
at $352,200. If there be added to the value found for owned and used
property as of valuation date, the net additions and betterments and
$352,200 for property the use of which was taken over by the applicant, the total becomes $126,692,183. If from the value found for
owned but not used property as of valuation date, there be deducted
the value found for property subsequently abandoned or now operated
by the applicant, and if net additions and betterments subsequent
to valuation date be added, the total would be $189,940. The value
found for noncarrier property as of valuation date, less subsequent
retirements of $63,154, amounts to $346,617.
The value for rate-making purposes as of valuation date of property
used but not owned by the applicant we found to be $3,428,305. If
there be deducted from this value the net retirements of property
up to December 31, 1931, the remainder will be $2,246,717.
Conclusions
Upon consideration of the application and after investigation thereof, we conclude:
1. That we should approve a loan of $3,000,000 to the Pere Marquette Ry. by the Reconstruction Finance Corporation for a period
not to exceed three years from the date thereof, to be used for payment of its collateral-trust 41% bonds due August 1, 1932;
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2
2. That the applicant should pledge with the Reconstruction Finance Corporation as collateral security for the loan, $9,000,000 of
its first-mortgage, series C, 41/2% gold bonds of 1980.
Savannah & Atlanta Ry
On June 20 1932 Charles E. Gay, Jr., receiver of the Savannah & Atlanta
Ry., filed an application for a loan under the provisions of Section 5 of the
Reconstruction Finance Corporation Act.
The Application.
The receiver requests a loan of $828.761.10 payable three years after
the date thereof, to bear interest at a rate to be fixed by the Corporation.
The proceeds of the loan are proposed to be used for the following purposes:
State, county and school district taxes
S185,655.79
Receiver's certificates
500,000.00
Priority claims. including interest
Unpaid vouchers due Georgia RR. for maintenance and opera- 52,541.85
tion of joint terminals at Camak, Ga., for period February
1931 to March 1932 inclusive
22,828.18
Car service and traffic balances due other lines
67,735.29
Total
$828,761.10
The properties of the railway were placed in receivership on March 4
1921 in a creditor's suit in the District Court of the United States for the
Southern District of Georgia, Savannah Division. By a decree of foreclosure and sale entered Mach 17 1930 in the receivership and certain
foreclosure proceedings filed subsequent thereto, the properties were ordered
sold either in separate parcels, or as a whole. In the event of sale as an
entirety, an upset price of $1,000,000 was fixed. Authority was also granted
to reorganize the railway under a plan contemplating the issue and sale of
stock and bonds to provide the requisite funds to pay taxes, priority claims,
receiver's certificates, and other indebtedness. By reason of the depressed condition of the securities market, it has not been possible to make
the reorganization effective. Neither the receiver nor the two reorganizetion committees have been successful in securing funds with which to
Volume 135
Financial Chronicle
discharge the outstanding claims against the property. It is our view
that the question of the ability of the applicant to procure funds through
banking channels or the general public is committed by the statute primarily to the Corporation.
Due to the receivership the applicant is ineligible to become a party to
the "Marshalling and Distributing Plan, 1931," of the Railroad Credit
Corporation. However, during the first four months of the current year
revenues of $10,938 were received by the applicant from increased rates
under these decisions. For the remaining months of 1932 it is estimated
that a maximum of $18,246 and a minimum of $16,498 will be received
from this source.
Necessities of the Applicant:
Taxes.—As of May 31 1932 the amount of $185,655.78 was due the
State of Georgia and the counties and school districts of that State, representing taxes in the amount of $128,081.36 and interest of $57,574.42,
which interest was applicable to the years 1921 to 1931, inclusive. During
the early years of the receivership taxes could not be paid by reason of the
loss in operations. Subsequently the accruals for taxes were used by the
receiver for repairs and improvements of the property in order that he
could operate on a more economical basis. This practice continued until
1931, when all back taxes prior to 1925, exclusive of interest, were paid.
In 1931 the applicant paid the county and school district taxes for that year
and the State taxes for 1925. In the petition to the Court requesting authority to apply for the loan herein, the receiver states that the taxing
authorities are vigorously insisting upon payment of these taxes and that
interest is accruing thereon at the rate of 7% per annum.
-.-It appears from the application that a special master
Priority Claims.
was appointed under an appropriate order of Court to hear evidence and
to report on all claims, both secured and unsecured. His report, approved
by the Court. allowed priority over the mortgages to certain claims for
wages, supplies and damages due before receivership, which claims were
also given priority under Federal equity court rules. Those priority
claims plus accrued interest aggregate $52,541.85, and attorneys for the
holders are insisting upon immediate payment without awaiting a sale
of the property.
Receiver's Ccrtificates.—By court order dated June 9 1926, the receiver
was authorized to issue and dispose of $500.000 in principal amount of 7%
two-year receiver's certificates. These certificates were issued in amounts
ranging from $10,000 to $150,000 between July 1 1926 and June 1 1928.
all bearing a maturity date of July 1 1928. They remain unpaid and are
now held in the amount of $250,000 each by the Citizens & Southern National Bank of Savannah. Georgia, and Chase National Bank of the City
of New York. The receiver has been unable to discharge this indebtedness.
although interest has been regularly paid to May 31 1932.
Indebtedness to Georgia .1111.—As of April 30 1932 the amount of S22,828.I8
was owing to the Georgia RR. for the maintenance and operation of joint
terminals at Camak. Ga., covering the months of February, 1931, to
March, 1932, inclusive. Substantially the same amount has been owing
for several years and that the original indebtedness accumulated during
the earlier years of the receivership when there were little or no net earnings.
Car Service and Traffic Balances.—The amount of $67,735.29 represents
balances for current obligations payable to other lines by the receiver as
of April 30 1932. While these balances fluctuate monthly, the amount of
$67,735.29 is representative of the balances payable monthly to other lines.
The receiver asserts he is unable to pay such balances without practically
exhausting his available cash.
In support of his requirement of cash, the applicant submits a cash forecast for the year 1932. Based upon estimates for the period subsequent
to May, he shows that on July 1 there was anticipated to be available in
the cash account $110,320. Thereafter a decline in the amount of available
cash is indicated until the close of the year,'when the amount is estimated
at $45,172.
Security.
As security for the loan requested the applicant proposes to execnte and
deliver receiver's certificates in a principal amount equal to the amount
of the loan, maturing three years after date, payable to and bearing interest
at a rate to be fixed by the Corporation. Upon satisfaction of the claims
proposed to be paid with the proceeds of the Proposed loan, the receiver's
certificates to be delivered to the Corporation will constitute and be secured
by a first and paramount lien upon all property of the railway in the custody
of, or subsequently acquired by, the receiver with the exception of court
costs, receivership expenses and certain items of taxes. By order entered
on June 15 1932 by the District Court of the United States, Southern District of Georgia, Savannah Division, the receiver was empowered to apply
for the loan to be secured in the manner proposed.
Conclusions.
Upon consideration of the application and investigation thereof, we
conclude:
1. That we should approve a loan of $276,200 for a period not exceeding
three years to the receiver of the Savannah & Atlanta Ry. for the purpose
of paying taxes and accrued interest thereon unpaid vouchers and car
service and traffic balances due other lines as set further in the application.
2. That prior to any advance upon the loan, the receiver should deposit
with the Corporation an agreement of the holders of the overdue receiver's
certificates, or other evidence satisfactory to the Corporation, that such
certificates in the amount of $500,000 will be extended to a maturity date
not earlier than the maturity date of the loan herein conditionally approved.
3. That the receiver, under appropriate authority of the court of jurisdiction, should pledge with the Reconstruction Finance Corporation as
,curity for the loan receiver's certificates of indebtedness, in principal
count equal to the amount of the loan, which certificates shall constitute
a den of equal rank with that of the receiver's certificates presently outstanding.
4. That the Corporation will be adequately secured under such conditions.
Stockton Terminal & Eastern RR.
ott April 29 1932 the Stockton Terminal & Eastern RR. submitted
an application for a loan under the provisions of Section 5 of the Reconstruction Finance Corporation Act.
The Application.
The amount of the loan applied for is $65,000, to be repaid three years
from date and to boar interest at a rate to be fixed by the Corporation
The purposes for which the proceeds of the loan will be used are as follows;
1. To pay advances made by the Stockton Terminal & Eastern
RR,
$48,500
0 To apply in reduction of excess current liabilities over current
.
assets.
16,500
The applicant represents that it has been unable to secure further funds
through its holding company, the Stockton Terminal & Eastern RR.
That company borrowed money from individuals and banks for use of the
applicant but these parties are now unwilling to make further loans or to
extend the p.esent loans. The matter of issuing first mortgage bonds
was discussed with investment bankers and they informed the applicant
915
that no market for such bonds exists at this time. It is our view that
the question of the applicant's ability to procure the necessary 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 Corporation.
Necessities of the Applicant.
The applicant is indebted to the Stockton Terminal & Eastern RR. In
the sum of $48,500. This amount was advanced to the applicant from
a total of $53,000 borrowed for the purpose, as follows;
Stockton Saving & Loan Bank, note due Sept. 23 1932
$5,000
Stockton Saving & Loan Bank, note due Nov. 14 1932
6,000
Rosalind W. Kahn, note due Feb. 15 1932
17.500
Stockton Properties Co., note due March 30 1932
9,800
Estate of George W.Leistner (deceased), note due March 30 1932
14,7000
The difference between the total of the amounts borrowed and the
sum advanced to the applicant. $4,500, was used chiefly to acquire land
and buildings to lease to the applicant unti,it could purchase the property.
This property was leased to the applicant for $180 per annum. The
immediate requirement of the applicant for the purpose of meeting these
advances is. therefore, $37,500.
The applicant requests S16,500 to apply to its excess of current liabilities
over current assets. As of Jan. 31 1932 the applicant had traffic and
car service balances payable in the amount of $3,684.37 and miscellaneous
accounts payable in the amount of $27,467.05. As offsets against these
amounts the applicant had $4,365.34 in cash. $100 in miscellaneous accounts r ceivable, and $750.92 in material and supplies on hand. This
produces an excess of current liabilities over current assets of $25,035.16
On March 23 1932 the loan of $5,000 shown above as due Sept. 23 1932
was obtained from the Stockton Savings & Loan Bank by the Stockton
Terminal & Eastern RR, and advanced to the applicant. Subsequent
to the filing of the application the lean of $6,000 from the same bank
was extended six months, to Nov. 14 1932. The other loans are past
due and unpaid.
Security.
As security for the loan the applicant will execute a first mortgage on
all of its property, and pledges itself to apply any surplus cash, after
paying operating expenses, interest charges, taxes, and capital charges,
towards the liquidation of the loan, whenever in the judgment of the
Reconstruction Finance Corporation such repayments should be made.
Conclusions.
Upon consideration of the application and after investigation thereof,
we conclude;
I. That we should approve a loan of not exceeding $40,750 for a term
of not exceeding three years from the date thereof to the Stockton Terminal & Eastern RR. by the Reconstruction Finance Corporation for the
following purposes;
(a) To pay 50% of advances made by the Stockton Terminal &
Eastern RR. Co
$24.250
(b) To apply in reduction of excess of current liabilities over
current assets
16,500
$40,750
2. That throughout the period during which the loan remains unpaid
the applicant should agree with the Reconstruction Finance Corporation
that the amount of salaries paid to executives, officials and staff assistants
shall not be greater in relation to the total payroll than like salaries paid
during 1931:
3. That the Corporation will be adequately secured by pledge of $54,000,
principal amount, of bonds secured by a first mortgage upon the property
of the Stockton Terminal & Eastern RR., to be drawn in such form as will
be satisfactory to the Corporation.
Texas Oklahoma & Eastern RR.
The application of the Texas Oklahoma & Eastern RR. for a loan of
$217,477 from the Reconstruction Finance Corporation was filed on May 2
1932. Under date of May 26 1932 we entered an order denying approval
of the loan. On June 7 1932 the applicant filed a motion for rehearing
and reconsideration of its application, submitting additional evidence and
representations which have had our consideration.
The applicant disagrees with our finding that the loan would not be
adequately secured. It alleges that the reasonable value of the applicant's
property, estimated at $885,788, is more than sufficient to adequately
secure the payment of the loan requested. It further states that for
the 11-year period 1921-1931, depreciation charged on way and structures
and interest accrued on the unfunded debt for which the loan was requested
shluld not be given consideration in the determination of net income. It
contends that its roadway property has been adequately maintained out of
earnings in the past and that the elimination of depreciation charges on
road during the term of the proposed loan would not jeopardize the security
offered. The applicant reiterates confidence in its ability to repay the
loan. These matters were all considered in the original report.
The applicant now offers additional security in the form of a guaranty
of payment of the loan, with interest, by the De Queen & Eastern RR.
The applicant further states that it is indebted to the De Queen & Eastern in the sum of $158,515, and that if we accept the guaranty of the loan
by the latter company an agreement will be submitted whereby the payment of principal and interest on this debt will be subordinated to the payment of principal and interest on the proposed loan from the Reconstruction Finance Corporation. The applicant further shows that the ownership of its capital stock and that of the De Queen & Eastern is vested in
the same parties.
As stated in our original report, the loan here requested is for the sole
purpose of discharging the indebtedness of the applicant to the Choctaw
Lumber Co., a subsidiary of the Dierks Lumber & Coal Co., which controls
the applicant.
The security for the loan applied for, as originally offered by the applicant, consisted of a first mortgage lien upon all of its real and personal
property, upon which there are no liens at present.
Conclusions.
Upon further consideration and investigation of the original application
and motion for reconsideration, we conclude:
1. That we should approve a loan of $108,740 to the Texas Oklahoma
3: Eastern RR. by the Reconstruction Finance Corporation for a period
not to exceed three years from the date thereof, the proceeds to be applied
toward the discharge of the indebtedness of the applicant to the Choctaw
Lumber Co.
2. That the Texas Oklahoma & Eastern RR, should pledge with the
Corporation, as collateral security for the loan, not less than S110,000
principal amount of bonds to be issued under a first mortgage upon the
property of said railroad company.
3. That the De Queen & Eastern RR,should issue not less than $110.000
principal amount of bonds under a first mortgage upon all of the property
of said railroad company, and turn said bonds over to the Texas Oklahoma
& Eastern RR. to be pledged by the latter with the Corporation as additional security for the loan.
916
Financial Chronicle
4. That the loan should be further secured, as to payment of both principal and interest, by the*unrestricted indorsement and guaranty of the
Dierks Lumber & Coal Co.
5. That the Reconstruction Finance Corporation will be adequately
secured under these conditions.
Wichita Falls & Southern RR.
The Wichita Fans & Southern RR. on March 28 1932 filed an application for a loan of $800.000, which we denied on May 12 1932. On May
25 1932 it filed a petition to reopen and reconsider the application. Our
denial of the loan was based, among other things, upon the ground that
the applicant had failed to issue its capital stock and was therefore without
authority to pledge its bonds as collateral security for a loan; and that traffic
had been decreasing and earnings falling off.
Subsequent to our denial, conditions have changed. The Supreme Court
of the United States in Ed. Sproles vs. T. Binford, decision May 23 1932,
has upheld the Texas laws limiting the size and capacity of highway trucks
In a way that will tend to restrict truck competition. This should result
in increased tonnage and earnings for the applicant. Capital stock in the
amount of $1,174,000 will be issued to subscribers for applicant's stock
and a like amount of indebtedness will be canceled. In the course of our
reconsideration of the application we were given assurance that Frank Kell
would, if required, personally endorse and guarantee payment of the loan.
both as to principal and interest. We are satisfied, moreover, that payment out of proceeds of the loan of a substantial part of the matured indebtedness evidenced by the notes to the bank and to Frank Kell will enable
the applicant to secure an extension of the time for payment of the remainder of these notes. These are sources of credit which we think the
applicant should employ, and when availed of constitute a desirable indication of confidence in the applicant and of its capability for self-help.
Upon further consideration of the application and subsequent representations made in support thereof, we find and conclude, therefore:
1. That a loan in the amount of $400.000 should be approved for the purpose of paying one-half of the principal of a matured loan of $250,000 to
the First National Bank in Dallas, Texas, and one-half of loan of $550,000
from Frank Kell, for a period not exceeding three years, provided the said
First National Bank and Frank Kell agree with the Reconstruction Finance
Corporation, in writing, to extend the remaining half of their loans for the
same period for which the new loan is made.
2. That the loan should be secured by the deposit with the Reconstruction Finance Corporation of $1,010,500 of applicant's first mortgage and
collateral lien 5% bonds due 1957.
3. That the loan should be further secured by the personal endorsement
and guaranty of Frank Kell as to the payment of ooth principal and interest.
4. That the applicant shall issue its capital stock in conformity with our
order of July 23 1932 before approval of the loan of $400,000 shall become
effective.
5. That the Corporation will be adequately secured under such conditions.
Wabash Railway Co.
The application here considered was originally filed by Walter S. Franklin
and Frank C. Nicodemus Jr., receivers of the Wabash Railway Co., on
Jan. 23 1932. On March 14 1 932 they filed an amended application for
the same amount and purposes, and on May 6, 12, and 31, and June 15
1932, supplements to the amended application were filed. The original
request was for a total loan of $18,500,000 from the Reconstruction Finance
Corporation for the purposes of; (a) Retiring bank loans of $9,750,000;
(b) paying interest on underlying bonds, interest and principal of equipment trust obligations, and the cost of necessary property improvements,
In a total amount of $3,000,000; (c) paying preferential claims for materials
and supplies outstanding on Dec. 31 1931, $5,000,000; and (d) providing
for contingencies, $750,000. On Feb. 10 1932 we approved a loan to the
applicants in the amount of $7,173,800, to provide funds for the payment
of $5,000,000 of preference claims and $2,173,800 of equipment trust
maturities prior to Juno 1 1932. The applicants have reported the expenditure of these sums for the purposes stated. On May 17 1932 we
approved a further loan of $1,576,200 to enable the applicants to meet
all interest charges, all equipment trust maturities, and certain taxes
accruing up to and including Aug. 1 1932. The tax accruals, aggregating
$333,201.50 for State taxes, were substituted for a like amount of other
requirements set out in the original application.
Among the items in the original application as to which we deferred
consideration was a request for a loan of $9,750,000 from the Corporation
to discharge bank loans. We reached the conclusion that consideration
of the application for an advance of funds for this purpose should be
deferred pending early understanding or agreement with the banks as
to the extent to which they could and would forebear upon or extend
hese obligations.
Second Supplemental Request of Applicants.
Ely supplemental request, filed May 31 1932, the app 'cants sought a
further loan of $4,875,000 for a term not exceeding three years, representing 50% of the total of short-term oans owing to nine banks. All
of these banks, except two, indicated their willingness to extend 50% of
their indebtedness, all of which is due Aug. 19 1932, for a like term if
the further oan from the Corporation be granted. Such loan was requested subject to the acceptance by all the banks of the condition that
they agree to extend 50% of their existing indebtedness for three years,
at an interest rate not exceeding 6%. The bank obligations remain the
same as were stated in our first report in this proceeding, viz:
Bank of Manhattan Trust Co., N. Y. City
$1,000,000
Central Hanover Bank & Trust Co., N. Y. City
2,900,000
Chase Nationa Bank of the Cty of New York
3,100,000
Commerce Trust Co., Kansas City, Mo
250,000
First National Bank, Detroit, Mich
250,000
First National Bank, St. Louis, Mo
1,000.000
Mercantile-Commerce Bank & Trust Co., St. Louis, Mo
500,000
Mississippi Valley Trust Co., St. Louis, Mo
250,000
Union Trust Co., Pittsburgh, Pa
500,000
$9,750,000
The securities pledged for these banks loans were among those originally
offered for pledge with the Corporation, but since the Corporation has
not advanced funds to refund these bank loans and thus release this collateral, we provided that the loans of $7,173,800 and $1,576,200 should
be secured by receivers' certificates of like principal amounts.
The bank loans were made during 1931, all at an interest rate of
%.
They are obligations of the Wabash By. Co. Under authority of the
Court for the Eastern District of Missouri the
United States District
rectivrrs have paid the interest when duo on these obligations, except in
the case of two St. Louis banks, the First National Bank and the MercantileCommerce Bank & Trust Co., both former depositors of the railway mopany. Under the terms of the cledge agreement any one of the banks
party thereto could have declared the loans in default and payable in 30
days. At the appointment of the receivers the First National Bank cf
St. Louis impounded $714,607 of company funds on deposit, consisting of
working balances, and the Mercantile-Commerce Bank & Trust Co.
Aug. 6 1932
similarly impounded $57,741. The larger amount having since been reduced to $549.607, the total funds impounded by these two banks now
amount to $607,348. The question of whether these funds should be paid
to the receivers or applied in reduction of the loans is involved in litigation,
pending the outcome of which an injunction was granted by tho court
restraining the First National Bank of St. Louis from disposing of its pro
rata share of the pledged collateral.
The applicant's supplemental request of May 31 indicated that the
controversy might be settled through a compromise payment in cash of
50% of the face amount of the loan to the First National Bank of St. Louis
and allowing that bank to retain $200,000 of the $549,607 of impounded
funds now held by it. This would have reeled $349,607 to the receivers,
which sum, it was shown, would cover the interest on the proposed reconstruction loan for the first year. A similar arrangement with the Mercantile-Commerce Bank & Trust Co. was thought by the applicants to be
feasible. As has been stated, no interest has been paid on Offs two loans
since the beginning of the receivership. The interest accrued on them,
as well as the interest on the impounded funds, would be a factor in final
settlement of these cases. The exact sums needed to effect such final
settlement has not been ascertained.
The applicants point out that the loans were made by the banks at a
time when money was urgently needed by other interests and could have
been loaned for a shorter term. It is contended that the banks which thus
came to the assistance of the carrier before the Reconstruction Finance
Corporation Act was approved should be relieved of part of their burden.
It is further urged that the collateral now pledged, in view of its intrinsic
value and importance to the receivers, should be pretserved. Finally, it
appears that the leniency of the banks as to their total loans will not be
extended beyond the maturity of the notes now outstanding.
Following a discussion of the foregoing financial plan with ours taff, the
applicants have conferred with the banks and have filed a revised request
under date of June 15 1932. By such request, the further loan desired is
fixed at $4.575,000, and the nine banks aro expected to carry, in the aggregate, a like amount in loans for a term of three years at 5% interest. Under
this plan, the gross indebtedness will be reduced by $600,000. which is the
approximate amount of the impounded funds, and all litigation in respect
thereof will be terminated. Of the funds released, $300,000 will be applied
pro rata, along with the proceeds of the loan, to reduce the presort; obligations by 50% in each case. The remaining $300,000 will housed to further
reduce the indebtedness to certain banks, in consideration of the special
conditions affecting their relations with the receivers. Under the plan.
$200,000 will be paid to the First National Bank of St. Louis, $50,000 to
the Mercantile-Commerce Bank & Trust Co. and $50,000 to the Union
Trust Co. of Pittsburgh. With these exceptions, 50% of the present indebtedness to each bank will be extended. Upon consummation of the plan.
Involving the loan which we will approve, the bank obligations will be
reduced to approximately the following amounts;
Bank of Manhattan Trust Co., N. Y. City
15,45500000000
Central Hanover Bank & Trust Co., N. Y. City
Chase National Bank of the City of New York
Commerce Trust Co., Kansas City, Mo
1'12 0
55510
0
First National Bank, Detroit, Mich
125.000
First National Bank, St. Louis, Mo
300.000
Mercantile-Commerce Bank & Trust Co., St. Louis, Mo
200,000
Mississippi Valley Trust Co., St. Lo
125,000
Louis. Mo
Union Trust Co., Pittsburgh, Pa
200,000
Total
$4,575,000
Security.
Thc applicants offer to pledge as collateral security for such boar a like
principal amount of secured special series receivers' certificates. It is
proposed to issue $9,150,000 of certificates constituting a first and paramount lien on the securities now pledged with the banks. viz.;
258,929 shares of Lehigh Valley RR. common capital stock.
1,217 shares of the capital stock of the American Refrigerator Transit Co.
8,250 shares of the capital stock of the New Jersey Indiana &
Illinois RR.
$508,000 of first lien, 50-year 4% terminal gold bonds of the Wabash RR.
due Jan. 11954.
The proposed receivers' certificates, which would mature not more than
three years from the making of the loan, would be divided equally to secure
the banks and the Corporation. The stocks and bonds above listed are
proposed to be pledged with a trustee, to be nominated by the Corporation
and approved by the banks. In addition to this collateral, the new certificates would be secured by a direct lien upon all the properties and franchises
covered by the Wabash refunding and general mortgage, but the applicants
proposed that this lien be made junior to the lien of that mortgage and to
the lien of all prior mortgages of the Wabash Sty. We are unwilling to
approve the pledge of receivers' certificate representing a lien junior to that
of the refunding and general mortgage, and our certificate will provide
that the certificates evidencing the further loan shall be of equal rank with
the certificates heretofore pledged.
Conclusions.
Upon further consideration of the application and supporting data, and
after investigation thereof, we conclude;
1. That we should approve a further loan of not to &cast $4,575.000
to the receivers of the Wabash By. by the Reconstruction Finance Corporation, for a term not exceeding three years, from the making thereof, for the
purpose of providing funds to pay 50% of the not amount of outstanding
bank loans, as described in the application.
2. That the Corporation will be adequately secured by the pledge of an
equal face amount of receivers' certificates duly authorized by the courts
of jurisdiction, or by the acceptance of such receivers' certificates as direct
evidence of the receivers' Indebtedness to the Corporation; such receivers'
certificates to constitute a direct lien upon (a) all the property and asset
now or hereafter held by the receivers, equal in rank to the certificates
heretofore issued and now held by the Corporation, and (b) 258,929 shares
of the common stock of the Lehigh Valley RR.. 1.217 shares of capital stock
of the American Refrigerator Transit Co., 8,250 shares of capital stock of
the New Jersey, Indiana & Illinois RR-and $508,000 of Wabash RR. first
lien, 50
-year 4% terminal bonds, due Jan. 11954; provided, that, as to (p).
such lien be effected through a trust agreement in terms satisfactory tr the
Corporation, providing that the trustee shall hold such securities subject
to the first and exclusive lieu of an issue of not to exceed $9,150,000 of
receivers' certificates and with the right of possession pro rata on the
part of the holders of such receivers' certificates of the securities so held
in the event of default in payment of interest or principal ofsuch certificates.
All certificates pledged and to be pledged to secure the further loan heroin
conditionally approved, shall apply pani passu and without preference
to all loans made to the applicants by the Corporation.
3. That before any advance upon the loan be made, the applicants should
deposit with the Corporation binding commitments of the then holders of
the short-term obligations, or proof equally satisfactory to the Corporation.
showing that not less than $4.575,000 of outstanding bank loans, being 50%
of the net amount thereof, will be extended to maturity dates not earlier
than the maturity date of the loan herein conditionally approved.
•
Financial Chronicle
Volume 135
Alton Railroad
The Inter-State Commerce Commission has authorized
a change in the Collateral securing the $2,500,000 loan
from the Reconstruction Finance Corporation. The supplemental report of the Commission follows:
It is ordered, That paragraph 2 of the conclusions contained in
the report be and it is hereby modified and amended to read as
follows:
"2. That the applicant should pledge with the Reconstruction Finance Corporation, as collateral for the loan, its
agreement to place no mortgage on its property without the
consent of Reconstruction Finance Corporation as long as any
indebtedness to the Reconstruction is outstanding, plus an
agreement by the Baltimore & Ohio R. R. to subordinate to the
Indebtedness to the Reconstruction Finance Corporation any
indebtedness which may at any time be owing to it from the
Alton R. R.; 6,494 shares of the guaranteed 7% stock of
Joliet & Chicago R. It.; 3,072 shares of the guaranteed 6%
preferred stock of the Kansas City, St. Louis & Chicago It. It.;
1,250 shares of the guaranteed 7% Preferred stock of the
Louisiana & Missouri River R. R. and stock of the Monongahela Ry. Company, par value, $1,666,666;"
Additional loans have been applied for by the following roads viz:
Ashley Drew & Northern Ry
Chicago Great Western
Copper Range
Fonda Johnstown & Gloversville
Fort Smith Subiaco & Rock Island
Mobile & Ohio
Ohio & Kentucky RR
Sllverton Northern RR
$400.000
2.000.000
114.000
170.387
75.000
1,070.599
655.068
12,945
Ashley Drew & Northern Ry
The company has asked the Commission for approval of a loan
of $400,000 for a 3-year term. The road offers its first mortgage 3%
gold bonds as security. Funds which would be used to liquidate amounts
due the Crossette Lumber Co.
Carlton & Coast RR
The company has asked the Commission to reduce its application for
a loan from the Reconstruction Finance Corporation from $981.000 to
$555,000.
Copper Range RR
The Copper Range RR, asks approval for a $114,000 three-year loan
to pay interest charges on funded debt and offers its first mortgage 5%
bonds as security.
Denver & Rio Grande Western RR.
The Denver & Rio Grande Western RR.has applied to the Reconstruction
Finance Corporation for a loan of $4,000,000 for financing the Dotsero
cut-off.
Fonda Johnstown & Gloversville RR
The Fonda Johnstown & Gloversville RR, has renewed its request
for approval of a $170,387 loan for three years to pay taxes, notes
and
interest, and purchase now equipment. The road previously withdrew
a request for a loan of $179,250 when it was unable to furnish satisfactory
security.
Fort Smith Subiaco & Rock Island RR
An application for a three-year $75,000 loan has been filed by the Fort
Smith Subiaco & Rock Island ItR. The proceeds of the loan, for which
the railroad's bonds are offered as security, will be used to pay netts
and
taxes.
Georgia Southwestern & Gulf RR.
This company has filed an amended application for a loan from
the
Reconstruction Finance Corporation reducing the amount asked from
$60,000 to $25,000. The Commission had denied approval of the larger
amount.
Mobile 8c Ohio RR.
The receiver of the Mobile & Ohio RR. has asked approval for a loan
of $1,070,599 for three years. The funds would be used to pay
taxes,
equipment trusts and operating deficit. Receivers certificates carrying
a first lien upon the road's properties would be given as security.
In Juno the carrier withdrew a previous request for a further
loan of
$1,000,000. The withdrawal was precipitated by the decision of the
Southern Ity. to make no further commitments in its behalf, such as would
have been entailed in its pledging of Southern Ry, bonds in the amount
of 33.000,000 to secure the Mobile & Ohio advance. The withdrawal
was made after the Commission had decided to approve the loan, but before
the report was served formally upon the applicant. The Mobile &
Ohio
In February received a loan of $785.000 out of $1.500,000 requested.
Ohio & Kentucky RR.
Application has been made by the Ohio & Kentucky RR. for a
loan of
$65,066. Tho money is requested by the receiver for paying wages,
accounts and outstanding receiver's certificates. Receiver's certificates
arc tendered as security.
Tennessee Central RR.
The company has asked the Commission to reduce its proposed loan from
the Reconstruction Finance Corporation to $250,000 from $300,000.
Uvalde & Northern Ry.
The company has applied to the Reconstruction Corporation loan of
$50,000 against which the company offers a first lien on all of its physical
assets. The road needs the money to repair damage to its tracks by a
food.
Gov. Franklin D. Roosevelt of New York Enunciates
Democratic Policies to Effect Betterment of Economic Conditions--Contends Lower Tariffs Will
Make Possible Payment of War Debts—Charges
Inflation By Republican Administration.
A radio address from Albany, N. Y., on July 30 was
broadcast by Gov. Franklin D. Roosevelt of New York, in
which he enlarged upon the policies of the Democratic
Party as embodied in its platform adopted in Chicago.
Gov. Roosevelt also criticized the present administration,.
917
which lie said "became sponsor for deficits which at the
end of this- year will have added $5,000,000,000 to the National debt." "To meet this staggering deficit" he added
"the administration has resorted to the type of inflation
which has weakened public confidence in our Government
credit both at home and abroad."
Declaring that "trade barriers of all kinds ought to be
lowered—not by rule of thumb, but with due regard to
safety and justice—lowered, nevertheless, as quickly and as
definitely as possible." Gov. Roosevelt further said:
The debts [foreign] will not be a problem—we shall not have to
cancel them—if we are realistic about providing ways in which payment
is possible through the profits arising from the rehabilitation of trade.
The Republican platform said nothing at all about this; but their position has been the absurd one of demanding payment and at the same
time making payment impossible. This policy finally forced a moratorium, as it was bound to do. Our policy declares for payment, but
at the same time for lowered tariffs and resumption of trade which open
the way for payment.
The following is Gov. Roosevelt's address in full:
I hope during this campaign to use the radio frequently to speak to
you about important things that concern us all.
In the olden days campaigns were conducted amid surroundings of
brass bands and red lights. Oratory was an appeal primarily to the
emotions and sometimes to the passions. It always has been my feeling
that with the spread of education, with the wider reading of newspapers
and especially with the advent of the radio, mere oratory and mere emotion are having less to do with the determination of public questions
under our representative system of government. To-day common sense
plays the greater part and final opinions are arrived at in the quiet of
the home.
In this quiet of common sense and friendliness, I want you to hear me
to-night as I sit here in my own home, away from the excitement of
the campaign. I am weighing all the things which I have learned in
all my years in public service—first in Albany twenty-one years ago,
then during eight busy years in Washington interspersed with visits into
all the States of the union and, during and after the war, to the nations
of Europe; then in these latter years in my tasks as Governor of New
York.
In order that the way may be clear for the more detailed discussion
and debate which will come as the campaign proceeds, I propose to-night
to state the broad policies of my party—to sketch the first outline of the
final picture.
Where do we look for this? In the platform of course. A platform
is a proposal and at the same time a promise binding on the party and
its candidates.
Now even the partisan opposition press has und it hard to cities*
the Democrat's platform this year. It is hi f, only one-fifth of the
length of the Republican platform, and easily understood. Eighty per
cent of it is constructive ; only twenty per cent critical. Moreover,
it is forthright and genuine—honest to the core.
Democratic Platform.
The entire platform needs to be read in the light of its short preamble.
This indicates that our present economic condition, how it came, what
it is, and how it can be remedied—is the main issue of this campaign.
I can do no better than to read it exactly as it stands.
"In this time of unprecedented economic and social distress, the Democratic party
declares Its conviction that the chief causes of this condition were the
Policies pursued by our Government since the World War, of economicdisastrous
isolation
fostering the merger of competitive businesses into monopolies and encouraging the
indefensible expansion and contraction of credits for private profit at the expense
of the public.
"Those who were responsible for these policies have abandoned the ideals on
which the war wag won and thrown away the fruits of victory, that rejecting the
greatest opportunity in history to bring peace, prosperity and happiness to our
People and to the world. They have ruined our foreign trade, destroyed the values
of our commodities and products, crippled our banking system, robbed millions of
our people of their life savings and thrown millions more out of work, produced
Widespread poverty and brought the Government to a state of financial distress
unprecedented in times of peace
"The only hope for improving present conditions, restoring employment, affording
permanent relief to the people and bringing the nation back to its former proud
Position of domestic happiners and of financial, Industrial. agricultural and commercial leadership in the world lies in a drastic change in economic and governmental policies
"Believing that a party platform 13 a covenant with the people to be kept by the
party when entrusted with power. and that the people are entitled to know in plain
words the terms of the contract to which they are asked to subscribe, we hereby
declare this to be the platform of the Democratic party.
"The Democratic party solemnly promises by appropriate action to put
effect the principles. policies and reforms herein advocated and to eradicate into
the
policies, methods and practices herein condemned."
Immediately after this statement of principle, there follow three important declarations:
"An Immediate and drastic reduction of governmental expenditures by abolishing
useless commissions and offices, consolidating departments and
ing extravagance, to accomplish a saving of not less than 25% bureaus and eliminatin
cost
government and we call upon the Democratic party in the Statesthe makeof Federal
to
a zealous
effort to achieve a proportionate result.
"Maintenance of the national credit by a Federal budget annually balanced on
the basis ot accurate executive estimates within revenues, raised by a system
of
taxation levied on the principle of ability to pay.
"A sound currency to be preserved at all hazards, and an international monetary
conference called on the invitation of our Government to consider the rehabilitation
of silver and related questions."
Declares Against Republican Fiscal Policy.
With these declarations—for a balanced budget and for a sound
currency—the Democratic party sets its face against the time-serving
and disastrous fiscal policy of recent years.
What did that policy do?
1. In highly prosperous times when taxes were easy to
obtain, it
repealed taxes on abnormal profits and incomes with the result that
the
war debt was not drastically reduced.
2. When the depression began, the administration, instead of reducing annual expenses to meet decreasing revenues, became sponsor for
deficits which at the end of this fiscal year will have added 45,000,000,000
to the national debt.
3. To meet this staggering deficit, the administration has resorted
to the type of inflation which has weakened public confidence in our
government credit both at home and abroad.
High sounding, newly invented phrases cannot sugar-coat the pill.
Let us have the courage to stop borrowing to meet continuing deficits.
Stop the deficits. Let us have equal courage to reverse the policy of
the
Republican leaders and insist on a sound currency.
Our party says clearly that not only must government income meet
prospective expenditures, but this income must be secured on the principle
918
Financial Chronicle
of ability to pay. This is a declaration in favor of graduated income,
inheritance and profits taxes, and against taxes on food and clothing
whose burden is actually shifted to the consumers of these necessities
of life on a per capita basis rather than on the basis of the relative size
of personal incomes.
Something more is needed than a domestic balanced budget and a just
revenue system. Muddled government finance creates a general uncertainty
concerning the value of national currencies; this uncertainty concerning
the value of national currencies; this uncertainty has a way of spreading
from country to country. The world is tormented with it now. The
United States could well afford to take the lead in asking for a general
conference to establish less changeable fiscal relationships and to determine what can be done to restore the purchasing power of that half of
the world's inhabitants who are on a silver basis, and to exchange
views regarding governmental finance.
Sound Money an International Necessity.
It is obvious that sound money is an international necessity, not a
domestic consideration for one nation alone. Nothing is more needed
than such an exchange of opinion; nothing could do more to create stable
conditions in which trade could once more be resumed.
We face a condition which at first seems to involve either an unbalanced budget and an unsound currency or else failure of the government to assume its just duties—the relief of distress and protection
against loss of savings built up through many years by numberless small
Investors. This concerns you, my friends, who managed to lay aside a
few dollars for a rainy day.
This dilemma can be met by saving in one place what we would spend
In others; or, by acquiring the necessary revenue through taxation.
Any
Revenues must cover expenditures by one means or another.
government, like any family, can for a year, spend a little more than it
earns. But you and I know that a continuation of that habit means
the poorhouse.
Democratic Platform on Relief for Unemployed and Agriculture.
At best, the Federal Government will necessarily bear a heavy burden.
It has been the theory of Republican leaders that relief is a local responsibility, a theory stated repeatedly and modified only with the greatest
reluctance. The Democratic platform was framed with an eye to actual
human needs. What could be finer than that bold and humanitarian
statement pledging "continuous responsibility of the government (meaning the Federal Government) for human welfare, especially for the protection of children."
In view of this statement, the plank concerning relief for the unemployed becomes significant:
We advocate extension of Federal credit to the States to provide unemployment
'
relief wherever the diminishing resources of the States make It Impossible for them
to provide for the needy: expansion of the Federal proaram of necessary and useful
construction affected with a public interest, such as flood control and waterways,
Including the St. Lawrence, Great Lakes deep waterways: the spread of employment
by a substantial reduction In the hours of labor, the encouragement of the shorter
week by applying that principie in Government serv.ce; advance planning of pubile
Works"
Following this there is the party declaration concerning agriculture.
-We advocate for the restoration of agriculture, the nat,on's basic industry,
better financing of farm mortgages through reorganized farm, bank agencies at low
rates of interest, on an amortization plan, giving preference to credits for the redemption of farms and homes sold under foreclosure: extension and development of the
farm co-operative movement and effective control of crop surpluses so that our
farmers may have the full benefit of the domestic market.
"Enactment of every constitutional measure that will aid the farmer to receive
for basic farm commodities prices in excess of east of production.
'We condemn the extravagance of the Farm Board, Its disastrous action which
,
made the Government a speculator in farm products and the unsound pellet of
restricting agricultural production to the demands of domestic markets."
Tariff and Foreign Policy.
The platform contains admirable statements about a group of subjects
which logically go together—the tariff and foreign policy. The tariff
plank reads as follows:
"We advocate:
"A competitive tariff for revenue, with a fact-finding tariff commission free from
executive interference, reciprocal tariff agreements with other nations and an international economic conference designed to restore international trade and facilitate
exchange.
"We condemn:
"The Hawley-Smoot tariff law, the prohibitive rates ot which have resulted in
retaliatory action by more than 40 countries, created international economic hostilities, destroyed international trade, driven our factories into foreign countries,
robbed the American farmer of his foreign markets and Increased his cost of pro-
duction."
A tariff is a tax laid on certain goods passing from the producer to
the consumer. It is laid on these goods rather than other similar ones
because they originate abroad. This is obviously protection for the producers of competing goods at home. Peasants who live at lower levels
than our farmers; workers who are sweated to reduce costs ought not to
determine prices for Americammade goods. There are standards which
we desire to set for ourselves. Tariffs should be high enough to maintain living standards which we set for ourselves. But if they are higher,
they become a particularly vicious kind of direct tax which is laid
doubly on the consumer. Not only are the prices of foreign goods raised,
but those of domestic goods also.
It is a difficult and highly technical matter to determine standards
and costs of production abroad and at home. A commission of experts
can be trusted to find such facts ; but not to dictate policies. The
facts should be left to speak for themselves, free from Presidential
interference.
One of the great needs of the world is to set international trade flowing again. The proper procedure is to ascertain all the pertinent facts,
to publish them widely and then to negotiate with each country affected.
Trade barriers of all kinds ought to be lowered, not by rule of thumb,
but with due regard to safety and justice—lowered, nevertheless, as
quickly and definitely as possible. Policy needs to be dominated by
the realities we discover and by the national purposes we seek.
War Debts,
This tariff policy, however, cannot be separated from our other relations with foreign countries: the whole thing ties in together. The
platform is explicit here also:
"We advocate:
"A firm foreign policy, including peace with all the world and the settlement of
international disputes by arbitration: no Interference in the intefnal affairs of other
nations: the sanctity of treaties and the maintenance of good faith and of good will
In financial obligations: adherence to the World Court with the pending reservations:
the pact of Parts, abolishing war as an instrument of national policy, to be made
effective by provisions for consultation and conference In case of threatened violation
of treaties: international agreement to reduction of armaments: and co-operation
with nations of the Western Hemisphere to maintain the spirit of the Monroe
Doctrine. We oppose cancellation of due debts owing to the United States by
foreign nations."
This problem of the debts is complex. Its solution has, however,
been brought measurably nearer by the recent results at Lausanne. Great
Aug. 6 1932
Britain, France and Germany have at last agreed among themselves
concerning reparations. The danger now is that they may turn a united
front against us. This comes, I am convinced, not so much from the
debts they owe us, as from our barriers against their trade, which make
the problem so difficult.
The debts will not be a problem—we shall not have to cancel them—
if we are realistic about providing ways in which payment se possible
through the profits arising from the rehabilitation of trade. The Republican platform said nothing at all about this; but their position
has been the absurd one of demanding payment and at the same time
making payment impossible. This policy finally forced a moratorium
as it was bound to do. Our policy declares for payment, but at the
same time for lowered tariffs and resumption of trade which open the
way for payment.
Up to this point, you and I have been considering both the immediate
relief for the present emergency and also the immediate initiating of
plans to bring us back to a more normal economic condition. At the
same time it is equally our duty to guard against repetition of the evils
and errors which have cost us so much. It is not enough to say that
when prosperity is restored we shall then consider how to avoid repeating all the old errors. To-day we recognize these errors. To-day
they should be outlawed for all time to come. It must be made more
difficult for a depression to happen in the future; it must be Made
impossible for its indefensible features to show themselves again. Concerning the necessary revision of some of our institutions for this purpose, I shall have more to say later. At present I read you the party's
stand:
It advocates:
"Strict and impartial enforcement of antitrust laws to prevent monopoly and
unfair trade practices, and revision thereof for the better protection of labor and
the small producer and distributor: conservation, development and use of the nation's
water power In the public interest.
"Protection of the investing public by requiring to be filed with the Government
and carried In advertisements of all offerings of foreign and domestic stocks and
bonds true information as to bonuses, commissions, principal invested and interests
of sellers. Regulation to the full extent of Federal power of:
"Holding companies which sell seem
-files in Interstate commerce:
"Rates of utility companies operating across State lines:
"Exchanges trading in securities and commodities.
"Quicker methods of realizing on assets for the relief of depositors of suspended
banks, and 3 more rigid supervision of national banks for the protection of depositors
and the prevention of the use of their moneys in speculation to the detriment of
local credits.
"The ceverance of affiliated securities companies and the divorce of underwriting
schemes from commercial banks, and further restriction of Federal Reserve Banks In
permitting the use of Federal Reserve facilities ter speculative purposes."
It condemns:
pri'Action and utterances of high public officials designed to influence stock exchange
m
"The usurpation of power by the State Department in assuming to pass upon
foreign securities offered by International bankers, ag a result of which billions of
dollars in questionable bonds have been sold to the public upon the Implied approval
of the Federal Government."
Prohibition.
Now we come to the famous repeal plank. It is simple and it has
meaning:
"'We favor the repeal of the Eighteenth Amendment.
"To effect such repeal we demand that the Congress Immediately propose
constitutional amendment to truly representative conventions in the states calied
to act solely on that proposal.
"We urge the enactment of such measures by the several States as will actually
promote temperance, effectively prevent the return of the saloon and bring the
liquor traffic into the open under complete supervisions and control by the States.
"We demand that the Federal Government effectively exercise Its power to enable
the States to protect themselves against importation of intoxicating liquors in
violation of their laws.
"Pending repeal, we favor immediate modification ot the Volstead Act to legalize
the manufacture and sale of beer and other beverages of such alcoholic content as
Is permissible under the Constitution and to provide therefrom a proper and needed
revenue."
Nothing need to be added to that, except that if the present Congress takes no action, I shall urge the new Congress to carry out these
provisions.
Other Planks.
There are a number of other planks of hnportance, but less in need
of elaboration, which, because my time is so short, I shall only read
to you.
They are as follows:
"We advocate a navy and an army adequate for national defense, based on a
survey of all facts affecting the existing establishments, that the people In time of
Peace may not be burdened by an expenditure fast approaching one billion dollars
annually.
"The fullest measure of Justice and generosity for all war veterans who have
suffered disability or distress caused by or resulting from actual service in time of
war and for their dependents.
"Unemployment and old age insurance, under State laws.
"Independence for the Philippines: ultimate statehood for Puerto Rico: the
employment of American citizens in the operation of the Panama Canal.
"Simplification of legal procedure and reorganization of the Judicial system to
make the attainment of justice speedy, certain and at leas cost.
"Continuous publicity of political contributions and expenditures, strengthening
of the corrupt practices act and severe penalties for misappropriation of campaign
funds.
"We condemn:
"The improper and excessive use of money on political activities.
"Paid lobbies of special interests to influence members of Congress and other
public servants by personal contacts.
"The open and covert resistance of administrative officials to every effort made
by Congressional committees to curtat the extravagant expenditures of the Government, and to revoke improvident subsidies granted to favored mteresta."
And no my friends. I close my talk with you to-night with this concluding declara-
tio ' accomplish these purposes and to recover economic liberty we pledge the
'%
'o
nominees of this convention, and the best effort of a great party whose founder
announced the doctrine which guides us now, in the hour of our country's need
equal rights to all, special privilege to none."
Principles Written by Joseph Pulitzer Intended to
Serve as Platform Held No "Trademark"—Patent
Office Rejects Application of St. Louis "Post-Dispatch" to Register His Phrases.
Under date of July 28 a Washington dispatch to the New
York "Times" said:
The declaration of principles written by Joseph Pulitzer on his retirement as publisher of The St. Louis Dispatch on April 10 1907, to serve
as a "platform" for that paper, Is not a trade-mark and may not be
registered as such, according to the Patent Office.
The application for the trade-mark was filed in March by The St.
Louis Post-Dispatch, rejected and appealed, and the original decision
was upheld following a hearing held July 10.
Registration was refused on the ground that the "platform" is "wholly
lacking in trade-mark significance," and that the protection sought is
available to the newspaper through the provisions of the copyright law
and also in the common law.
Volume 135
Financial Chronicle
When Mr. Pulitzer decided to retire, he penned the following under
the heading of "The Post-Dispatch Platform":
"I know that any retirement will make no difference in its cardinal
principles; that it will always fight for progress and reform; never tolerate injustice or corruption; always fight demagogues of all parties;
never belong to any party; always oppose privileged classes and public
plunderers; never lack sympathy with the poor; always remain devoted
to the public welfare; never be satisfied with merely printing news;
always be drastically independent; never be afraid to attack wrong whether
by predatory plutocracy or predatory poverty."
The Patent Office decision pointed out that "other newspapers governed
by the same principles would have an equal right to announce to the
world that they 'will always fight for progress and reform; never tolerate
"
injustice or corruption ; always fight demagogues of all parties.'
The platform, the Patent Office stated, might be entitled to protection
production," but "certainly it does not function as a tradeas a "literary
mark."
Three Montana Newspapers Suspend as Result
Printers' Wage Demands.
Associated Press adViCeS from Butte, Mont., Aug. 1, stated:
A wage disagreement between newspaper publishers and proprietors of
job printing shops on the one hand and printers on the other, resulted
to-day in a suspension of the two daily newspapers here and one in Anaconda, as well as half a dozen job printing shops.
/
2
The basic wage scale for printers was $8.50 for night shifts of 71
hours and $8 for day shifts of the same number of hours. The printers
insisted on nmintairing the scale, and proposed a shorter working day.
The publishers and job shop proprietors called for a reduction of $1
a shift in the basic wage.
Negotiations had been in progress for several weeks, but they had
ceased to-day, and no further conferences were scheduled. The newspapers suspending publication were The Montana "Standard," The Butte
"Post" and The Anaconda "Standard."
Only the Typographical Union was involved in the disagreement.
Nationwide Move to Develop Use of Trade Acceptances
—Representatives of All Federal Reserve Districts on
Committee of American Acceptance Council—Another Committee Represents New York Federal
Reserve District—Mr. Bean In Answer to Critics of
the Plan.
A move for the development, on a nationwide scale, of
the use of trade acceptances as a substitute for open book
accounts, was announced on July 12 by Robert H. Bean,
Executive Manager of the American Acceptance Council—
This move follows the endorsement by the Banking and
Industrial Committee of Twelve of the New York Federal
Reserve District, of which Owen D. Young is chairman,
of a wider use of acceptances. The statement of Mr.
Young's committee was given in our issue of July 2,
page 62. In announcing the nationwide campaign, Mr.
Bean, in the June 30 number of the Bulletin issued by the
American Acceptance Council said:
Significant developments pointing to the prompt solution of the
problem of credit distribution have taken place in the last few weeks.
Events have moved swiftly in the important field of industrial credit.
Within a comparatively short time after its appointment, the committee
of prominent bankers and industrialists headed by Mr. Owen a Young
has placed the stamp of approval upon a nationwide plan for the extension of bank credit through the instrumentality of a medium that
has been somewhat in disuse since the beginning of the World War.
Because of the fifteen years efforts to pave the way for the more
general use of trade acceptances, the American Acceptance Council is
particularly gratified that the recommendations of the Committee
should revolve chiefly around the use of the trade acceptance as a
substitute for open book accounts in the financing of a large volume
of domestic trade. Preparatory to the effective Nationwide organization
of banking and industrial credit agencies as a means of carrying its
policies into effect, the Banking and Industrial Committee of the
Second Federal Reserve District issued a formal statement strongly
endorsing the extension of the use of trade acceptance.
From the Bulletin we also take the following:
American Acceptance Council's Committee
Co-ordinating the activities of the Trade Acceptance Committees in
the twelve Reserve Districts will be a special Trade Acceptance Committee of the American Acceptance Council. These men have been
selected because of their long and intimate association with the Council
in the educational campaign it has conducted In behalf of the bankers'
and trade acceptance, as well as the development of the discount market
in American finance.
As at present constituted, this committee consists of fourteen bankers
and the treasurer of the largest electrical appliance distributing company in the world.
The Trade Acceptance Committee of the American Acceptance Council is under the chairmanship of E. W. Shepard, Treasurer of the Graybar Electric Company, Inc. of
New York. This Committee which is made up of representatives of the twelve Federal Reserve Districts Consists of the following:
Fed. Res. Dis.
1. Boston—George E. Pierce, Vice-President, National Shawmut
Bank, Boston.
2. New York—Robert H. Treman, Chairman, Tompkins County National Bank, Ithaca.
3. Philadelphia—Charles P. Blinn, Jr., Vice-President, Philadelphia
National Bank, Phila.
4. Cleveland--John G. Geddes, Vice-President, Union Trust Company, Cleveland.
5. Richmond—John M. Miller, Jr., President, First And Merchant
National Bank, Richmond.
8. Atlanta—H. Lane Young, Vice-President, Citizens & Southern
National Bank, Atlanta.
7.
8.
9.
10.
12.
12.
919
Rudolph Ss Hecht, President, Hibernia Bank & Trust Co., New
Orleans.
Chicago—Craig B. Hazlewood, Vice-President, First National
Bank, Chicago.
St. Louis—W. F. Gephart, Vice-President, First National Bank in
St. Louis, St. Louis.
Kansas City—Carl W. Allendoefer, Vice-President, First National
Bank, Kansas City.
Minneapolis—E. W. Decker, President, Northwestern National
Bank, Minneapolis.
Dallas—W. H. Patrick, President First National Bank, Clarendon.
San Francisco—F. L. Lipman, President, Wells Fargo Bank &
Union Trust Co., San Francisco.
George M. Wallace, Vice-President, Security First National Bank,
Los Angeles.
The Trade Acceptance Committee of the Second, Or
New York, Federal Reserve District comprises men identified with banking, finance and industry, as well as the
credit organizations working in harmony with them. This
committee, it is reported, was appointed by Charles S.
McCain, Chairman of the Board of Cha.Se National Bank,
who is President of the American Acceptance Council. The
American Acceptance Council is the channel through which
a large part of the committees' official statements and educational pamphlets will be issued.
The complete personnel of the committee of the New
York Federal Reserve District follows:
J. Stewart Baker, Chairman, Bank of Manhattan Trust Company.
Robert H. Bean, Executive Manager, American Acceptance Council.
E. J. Cornish, President, National Lead Company.
Henry H. Heimann, Executive Manager, National Association of
Credit Men.
G. F. Johnson, President, Endicott Johnson Corporation.
Percy H. Johnston, President Chemical Bank and Trust Company.
Charles S. McCain, Chairman of the Board, Chase National Bank.
W. W.Orr, Secretary and Manager, New York Credit Men's Association.
Lewis E. Pierson, Chairman of the Board, Irving Trust Company.
William C. Potter, President, Guaranty Trust Company.
A. W. Robertson, Chairman of the Board, Westinghouse Electric &
Manufacturing Co.
Gerard Swope, President, General Electric Company.
A. A. Tilney, Chairman, Bankers Trust Company.
T. J. Watson, President and General Manager, International Business
Machine Corp.
Clarence M. Wooley, Chairman of the Board, American Radiator
Company.
The first meeting of the Trade Acceptance Committee of
the Second Federal Reserve District was held on July 15.
Charles S. McCain, was elected Chairman, Robert H.
Bean, Executive Manager of the American Acceptance
Council, was elected Secretary. An announcement regarding the meeting said:
Extensive plans were discussed for a nation-wide development for
the use of trade acceptances. A special committee was appointed to
consider all matters relating to the marketing of trade acceptances.
This Trade Acceptance Market Committee is composed of:
F. Abbot Goodhue, President of the Bank of Manhattan Trust Company, Chairman;
E. C. Wagner, President, Discount Corporation of New York;
Howard J. Sachs, Goldman, Sachs 8i Company and Abraham Eller,
Salomon Brothers /4 Hutzler.
There was also appointed a committee to consider and advise on all
technical questions relating to proper methods in the operation of
the Trade Acceptance system. The members of this Committee are:
E. W. Shepard, Treasurer, Graybar Electric Company, Chairman;
W. W. Orr, Secretary-Manager, New York Credit Men's Association;
W. H. Pouch, President, Concrete Steel Company.
The American Acceptance Council was designated as the central
point for the distribution of all plans and publicity connected with the
Trade Acceptance campaign.
The meeting was largely attended by banking and industry members.
Reporting Mr. Bean as replying to critics of the trade
note plans the New York "Times" in its July 17 issue had
the following to say:
Admitting that opposition to the project has been voiced in some
quarters, notably the wholesale grocery field, where executives are
taking a firm stand against its introduction, Mr. Bean said that no
efforts would be made to persuade trades now doing business on a cash
or less than thirty days basis to utilize the trade acceptance.
Sees Limits to Use of Paper
"We admit that to an industry where transactions are carried
through on a prompt payment basis the trade acceptance has limited
value," Mr. Bean said yesterday. "The system is of greatest benefit in
industries where terms of thirty, sixty or ninety days are common."
Answering objections raised by many buyers that the trade acceptance would deprive them of cash discounts they now obtain, Mr. Bean
pointed out that the extra time granted the buyer through a trade
acceptance should more than compensate for the loss of the discount.
"As a matter of fact," he added, "many companies are so convinced
of the merits of trade acceptances that they are willing to give the
usual discount to buyers in order to promote the use of acceptances.
While I do not claim this to be either a good business practice or a
common one, it is true that many organizations are offering such an
inducement."
Mr. Bean took occasion to stress the fact that trade acceptances are
not a preferred claim in the event of the bankruptcy of a buyer, but
said they provided the seller with excellent proof of his claim against
the bankrupt. A misunderstanding of the standing of trade acceptances
In event of bankruptcy, he said, has led many executives to believe that
banks holding acceptances of a bankrupt would have an advantage over
other creditors in collecting.
Features of the trade acceptance regarded as virtues by manufacturers are the subject of critical comment by buyers in many instances,
Mr. Bean admitted, contending, however, that the objections can be
overcome in most cases.
920
Financial Chronicle
Replying to the statement that once a buyer signs a trade acceptance
he is in no position to press a claim that merchandise delivered was
unsatisfactory, Mr. Bean admitted the justice of such a contention,
but added that where complaints are well founded the seller would
find it advisable to make a proper adjustment if he expected to retain
the customer's business.
"The trade acceptance, however, will put a definite halt to quibbling
and unjustified complaints," he said.
Retailers Offer Objections
Retail dry goods merchants object to the new system on the ground
that its introduction will mean an end to the elasticity now permitted
in the payment of obligations. They contend that the seller appreciates the difficulties which his customers now face and accepts tardy
payments along with explanations for the delay. If the merchandise
is purchased through a trade acceptance, one retail executive explained,
the acceptance will Jae in the hands of a third or fourth party at its
maturity date and will be protested if the obligation is not met
promptly. Two or three such protests, he added, mould spell the end
of the buyer's credit standing.
'This so-called 'objection' is one of the strongest arguments in favor
of the acceptance plan," Mr. Bean said. "It will put a definite end
to the slipshod method of meeting obligations a day or a week after they
fall due. Realizing that the purchase must be paid for on a definite
date, the retailer or jobber will buy more carefully and purchase only
such quantities as he is sure he can pay for."
Two previous attempts to introduce the trade acceptance system into
American commercial transactions met with indifferent success, Mr.
Bean added, because the major business interests could not see any
direct advantage from the plan and were lukewarm in their support.
The first attempt was made, he said, during the war and a second
In 1922.
"Under current business conditions, the virtue of the trade acceptance
In releasing credit not otherwise available is realized by thinking
business men, and they are ready to give united support to the plan."
Mr. Bean concluded.
New York Federal Reserve Creates Special Market
for Trade Acceptances—Formal Buying Rate
Fixed at 2%.
The Federal Reserve Bank of New York, .which in the
past has purchased trade acceptances in the open market
has created a special market
at the rediscount rate of 2
for this class of paper, similar (it was noted in the "WorldTelegram" of last night, Aug. 5) to that for call money,
time money and bankers' acceptances. The "Sun" of last
night (Aug. 5) had the following to say regarding the action
of the Reserve Bank:
The Federal Reserve Bank to-day gave the signal which initiated a
regular market in trade acceptances, fixing a formal buying rate of 2%
for such documents, following conferences between Eugene Meyer, Governor of the Federal Reserve Board, local bankers and trade acceptance
experts, who under the authority of a number of large National industries,
the local banks. the Young Committee and the American Acceptance
Council have been working upon details of the trade bill campaign for
several weeks.
In fixing a 2% rate the Reserve Bank made it an active rate and arranged to buy at once the first block of trade bills, this consisting of a large
amount of prime paper sold through the open market to a large local trust
company, indorsed by the trust company and resold to the Reserve Bank.
Heretofore, the Reserve Bank has had a nominal buying rate of 23' %Q,
which was of academic significance only.
Trade and bankers' acceptance circles were jubilant at the action of the
Reserve Bank, not only in fixing a 2% rate, which Compares with a buying
rate of 1% for bankers' acceptances up to 90 days, but in preparing to
buy trade bills actively. There was much conjecture as to whether the
Federal would report its trade acceptances under a separate caption on
its weekly statement. It was generally expected that sooner or later
the Bank would show its trade bills segregated from "bills bought in the
open market."
The previous nominal rate of 2A % at which the Reserve Bank theoretically would buy trade acceptances applied to all maturities; the new
rate applies to 90
-day documents. The fact that a large local trust company
had signified its willingness to indorse such paper re-established a custom
which has not been in effect for several years. It was learned that several
of the other large local banks also had agreed to indorse trade paper,
which, of course, makes it a prime short-term investment. In bankers'
acceptance circles considerable activity was reported in trade acceptances.
Unofficial estimates place the amount now outstanding at between $5,000.000 and $6,000.000, mostly bearing the names of great industries such as
Standard Oil of New Jersey, the E. I. du Pont de Nemours dr Co., General
Motors and General Electric. The movement to replace open accounts
with trade acceptances, with a view to extending the credit of big industries
through banks to the smaller manufacturers and industries which trade
with them is making rapid strides, according to trade authorities, and new
converts aro being made daily, not only from the ranks of industrial corporations but from banks which have not heretofore been accustomed to
buying trade bills or of accepting them for discount.
Trade Acceptances As Defined by Federal Reserve
Bank of Philadelphia.
In a supplement to its Business Review dated Aug. 1, the
Federal Reserve Bank of Philadelphia, presents a description,
as follows, of trade acceptances, prepared by its Department
of Research and Statistics:
A renewal of interest in the use of trade acceptances in this country Is
resulting in inquiries concerning the nature and advantages of trade ac-ceptances as means of settling accounts between buyers and sellers of goods.
At the suggestion of the local Committee on Banking and Industry, recently
appointed by the Governor of this Bank, a brief description is given here of
some of the salient feature of trade acceptances.
What Is a Trade Acceptance?
A trade acceptance is defined as a draft'or bill of exchange drawn by the
seller on the purchaser of goods sold, and unconditionally accepted in writing
upon its face by the purchaser. It is an unqualified acknowledgment of a
debt by the buyer in favor of the seller. When the buyer accepts such a
Aug. 6 1932
bill, he expresses a binding promise to pay for the goods purchased a specified
amount on a definite date, generally GO or 90 days in the future.
A trade acceptance, to be in good faith, should arise out of current transactions only, representing actually existing values in the form of goods
transferred from the ownership of the seller to that of the buyer. It differs
from a draft such as may be drawn in mercantile transactions to settle an
account which is past due, and it is not an ordinary note which may cover
almost any kind of obligation, not involving the sale of merchandise.
A trade acceptance is a negotiable bill. It is a convenient and practicable
typo of commercial credit instrument which can be used to advantage in
financing business. The use of trade acceptances is designed as a substitute for the open book account whenever business is not conducted on a
cash basis.
Haw Trade Acceptances Are Used.
When a sale of goods is made, the seller may draw a draft on the buyer,
using a trade acceptance form such as that shown by the accompanYingsample, and send it to the buyer together with the invoice for the goods
sold. This invoice may cover a single large purchase or several small
purchases during the month, depending on the trade custom. Other documents, such as the bill of lading and delivery order, may accompany the
Invoice and the trade acceptance.
The buyer may either pay cash, taking advantage of the customary discount, or he may sign the trade acceptance by writing his name, the date
and the place of payment across the face of the draft, thereby assuming the
obligation to pay the amount specified in the acceptance at maturity.
The acceptance so executed is then sent back to the seller and becomes a
definite asset among his "trade acceptances receivable."
The seller may hold this acceptance until maturity when he may ask his
bank to collect it in the same manner as in the case of any other maturing
commercial paper handled by banks as collecting agents.
If on the other hand, the seller finds himself in need of funds to be used
in the further production or distribution of goods, he may arrange to have
the acceptance negotiated; for example, he may discount it along with other
acceptances at his bank, or sell it in the open market through brokers or
dealers in commercial paper. In this way he may readily convert the acceptance into actual cash required for his business operations. The funds
represented by a bona fide trade acceptance may thus become immediately
available to the seller for his current use, whereas the money represented
by an open book account may remain tied up more or less until maturity.
especially when business conditions are unsettled.
Trade acceptances as well as certain other typos of paper, are exemptfrom
the legal restriction under which National banks as well as banks and trust
companies in some States are prohibited from lending to any one borrower
more than 10% of the bank's capital and surplus.
In discounting trade acceptances, a bank naturally must have sufficient
evidence that the credit standing of the names which appear on these bills
is satisfactory. The bank, having acquired a trade acceptance, may hold
It until it is due, or, if it needs funds for business requirements, it may rediscount the bill with the Federal Reserve bank.
In order to be eligible for rediscount, a trade acceptance must bear on Its
face evidence that it is drawn by the seller on the purchaser of goods sold,
and must have a maturity at the time of rediscounting of not snore than 90
days, exclusive of days of grace, excepting that if drawn for agricultural
purposes or against the sale of live stock it may have a maturity at the time
of rediscounting of not more than six months, exclusive of days of grace.
A trade acceptance offered for rediscount must be endorsed by a member
bank and supported, if required, by a recent financial statement of one or
more parties to the bill.
Federal Reserve banks also may purchase trade acceptances in the open
market. As in the case of rediscounting. acceptances purchasable by the
Reserve bank must conform in all respects to the requirements which govern
eligible paper.
Trade Acceptances Regarded by W. S. Cousins As
Simplifying Current Credit Problems—Views Expressed in Journal of American Bankers' Association.
The trade acceptance at this time strikes at the heart of
the depression by providing a way for extending credit to
hundreds of small business and industrial concerns whose
financial statements would not entitle them to further consideration at the local banks, says W.S. Cousins in an article
appearing in the August number of the American Bankers'
Association Journal. According to Mr. Cousins, it bids
fair to regain the permanent position which it held prior to
the boom-and-crash, and "from the purely banking standpoint, the great advantage is its eligibility to rediscount at
the Federal Reserve banks or to purchase in the open market
by the Federal Reserve. He contends that any extended
use would in time provide a supply of choice trade bills
which would pass 'through the market' in a manner similar
to that of the bankers' acceptance which has become the
mainstay of the American discount market."
A great deal of the criticism levelled at the banker in
recent months arises directly from a misunderstanding of
the function of commercial banking, according to Mr.
Cousins in this article. "Had the banker unlimited resources, and were he able to disregard entirely the question
of the repayment of funds loaned, he would be in a position
to lend a more receptive ear to many more of the requests for
credit extension than those which at present come to his
attention. The banker is merely the custodian of the funds
of his depositors, and he is charged with the responsibility
of keeping these funds in such liquid condition that large
drafts can be made upon the credits—deposits--by the
depositors." Mr. Cousins adds:
Obvisously, any financing process of any credit instrument which tends to
liquify or increase the turnover of bank funds at a time like the present is
of inestimable value to the banks. There is no legitimate comparison
between notes which freeze at the time they should be responding to the
banker's call for liquidation, and the automatically liquidating trade paper
which bears on its face the evidence of a completed transaction that offers
a basis for reasonable profit for the seller, the buyer, the railroad which
Volume 135
Financial Chronicle
transports the goods, and the banker who discounts the paper. The trade
acceptance meets these requirements admirably, and is best adapted for
utilizing to the fullest degree the commercial credit made available through
the services of American banks.
Mr. Cousins points out that the successful use of trade acceptances depends upon two essential factors:
First, strict observance of the rules and regulations underlying the drawing of the trade acceptance; absolute freedom from abuses which have
handicapped the acceptance in the past; and prompt liquidation of
trade
acceptances at their duo dates.
Second, co-operation of the banks in extending credit advances freely
to
merchants and manufacturers on trade acceptances measuring up to these
rigid requirements.
There is nothing complicated about the trade acceptance system. No
new financial mechanism is needed to re-establish its active use in important
trade channels; and no new legislation is required to legalize the instrument
as a credit document of the best type. Briefly, a trade acceptance is a
time draft drawn by the seller of merchandise on the buyer for the purchase
price of the goods, and accepted by the buyer, payable on a certain
date
and at a certain place designated on its face.
The trade acceptance differs from a promissory note both in its form
and
its junction. It should never be used in settlement of past due obligations.
When accepted it constitutes a valid promise to pay on a specified
date, and
Is a negotiable instrument as binding upon the accepter as his promissory
note, but performs a different function from that of the note.
To be eligible for discount or purchase by a Federal Reserve
bank, a
trade acceptance should present prima fade evidence that it is
drawn by
the seller on the purchaser of goods sold, and must have a maturity
at the
time of purchase or discount of not more than 90 days. However,
if drawn
for agricultural purposes, or against the sale of live stock, it may
have a
maturity at time of discount of not more than six months
exclusive of days
of grace. The longer maturities of agricultural paper offer
evidence of
Uncle Sam's solicitation for the welfare of the farmer.
Accounts in United States Savings Banks Reach AllTime Record Number—Deposits in Six Months'
Period of 1932 Fluctuate—Ratio of Surplus to
Deposits Increases—Deposits June 30 1932,
$9,984,243,517.
Despite unemployment and decreased earning power,
mutual savings banks of the United States had a gain in new
accounts for the first six months of 1932, says the National
Association of Mutual Savings Banks, which under date
of Aug.1, through John W.Sandstedt, Executive Secretary,
reports:
Proof that a large section of the public is intensively "savings minded"
Was shown by the increase of 72.468 accounts between Jan. I and
June 30.
bringing the total of all accounts in mutual savings banks
to 13,432.139. a
high point for all time. The average of this great number of
accounts
amounted to $743.31 on June 30, a slight decrease from the average
six
months ago of $750.77. Savings bankers pointed out to-day that
the best
possible measure of savings activity is number of accounts rather
than
amounts involved.
While accounts were growing the banks likewise increased their
ratio
of surplus to deposits. Six months ago the figure stood at 11.2%
for the
whole group of mutual savings banks, operating in 18 States. On
June 30
it was 11.5%, or 1.111i for each $1 on deposit in mutual institutions.
Such
a gain under current conditions is looked upon as a somewhat remarkable
increase of a very largo sum of money
The surplus account showed a total of $1,143,809.760 on June
30. representing a rise of $20,555,787 from Jan. I. This also was a record
figure
for all time.
In the six months' period assets of the mutual savings banks
declined
by $18,195,611 to a grand total of $11.188,680,126, just below
the peak
figure on Jan. 1 and higher than the figure of a year ago by
$53,318,867.
Deposits, in the same period, showed a tendency to fluctuate. New
York had a net gain of $24,581,207, the best rocord in the 18 States.
Twelve
of these reported small decreases against gains in Delaware, Maine,
Maryland, Now Jersey, New York and Oregon. Balancing gains against
losses,
the decrease for the country was $45,770,868, the total deposits being
$9,984,243,517. It is an interesting sidelight that deposits for the
whole
year. June 30 1931 to June 30 1932, were increased by $7,275,536.
The average interest rate on Juno 30 was 4.09% in the 18
States, compared
to 4.32% six months ago. At this rate, the banks will pay about
$409.000,000 during the year in the form of dividends. Every active
mutual
savings bank has paid its dividends, not only this year, but
throughout
tho period since mid-summer 1929. The only effect of business
conditions
on depositors has been a lowering of rates, thereby adding to surplus,
increasing the margin of protection.
Wilson G. Wing. President of the Providence Institution for
Savings,
Providence, R. I., and head of the National Association of
Mutual Savings
Banks, said the reduction of deposits in the first six months of the
year
a normal condition. He added that the reason the reduction had was
not
appeared earlier probably was duo to transposition of funds from
other
typos of banks into mutual institutions, which replenished the withdrawals
of typical savings bank depositors. In many instances, the money tendered
mutual savings banks has been far more than they could or would accept.
With this movement of non-typical savings stopped—at least
greatly
diminished—the natural withdrawal tendency, owing to present
conditions.
has been more significant, and undoubtedly will continue until
industrial
activity is re-established.
Mr. Wing is also quoted as saying: "Present indications
are that deposits are being carefully husbanded, drawn upon
only in small installments for living purposes, as actual
necessity demands. What better use could be made of
such capital?"
This movement is a splendid illustration of the place held by ..LN 11 s
banks as reservoirs of capital for the citizen of modest means, and a i• .,vincing demonstration of the practicability of the individual providing his
own unemployment insurance.
Growth in deposits does not furnish conclusive evidence as to the value
of savings institutions. They perform their proper function lust as truly
when a shrinkage of deposits takes place. It would appear that deposits
may be expected to show a tendency to decrease while present conditions
prevail, but over the long term there is no question gradual accumulation
will continue. In fact, it is natural to believe that the movement will
receive a stimulus when normal conditions again prevail because of the
921
object lesson learned by those same individuals whose frugality
and foresightedness have created these accumulations of capital, as well
as the
influence upon those who have not provided for themselves.
Although we have far too many unemployed, we sometimes
are prone
to look at this side of the situation rather than appreciate that
the overwhelming majority of our people continue at work. While in
many instances reductions of wages leave less margin for saving, the urge
to set
aside something is even greater in such times as these.
June 30 1929 marked the high point of commodity and security prices.
On that date mutual savings banks held deposits of $8,954.835,127, their
depositors numbering 11,979,273. In the three eventful years since then
involving world-wide disturbances upon a scale never anticipated, savings
bank deposits have increased on June 30 of this year to $9.981,243.51
7.
It is a source of tremendous satisfaction that all active mutual savings
banks paid dividends regularly throughout the three-year period just past,
and are in excellent condition to meet any calls for payments to their depositors. Never in their history have mutual savings banks proven more
conclusively the merit and soundness of mutuality in banking.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were made Aug. 5 for the sale of a New
York Stock Exchange seat at $120,000, up $30,000 from the
last previous sale, July 29.
Arrangements were made for the sale of two New York
Curb Exchange memberships; one, Aug. 4 at 820,000, an
increase of 82,000 over the last previous sale, and the other,
Aug. 5, at $28,500, up $8,500.
The New York Cotton Exchange membership of Ernest
W. French was sold Aug. 5 to Harold L. Bache for another
for $10,000, up 8500 from the last previous sale, July 28.
Approval was given by the New York State Banking Department on July 22 to the Continental Savings and Loan
Association, 2485 Creston Avenue, Bronx, N. Y., to change
the location of its place of business about August 15, from
2485 Creston Avenue to 24 West 40th Street, Manhattan.
It is announced that dividend action on the stock of The
Continental Bank & Trust Company of New York is not
due until September. This is in accordance with the decision of the directors last June that dividends on the stock
would hereafter be payable quarterly on the first days of
January, April, July and October of each year, these dates
conforming to the dividend payment dates of the majority
of other New York banks and trust companies. Action on
dividends is taken up by the board at their regular monthly
meeting to be held in the month preceding the date of the
payment of the dividend.
Merger negotiations between the Dollar Savings Bank
of the City of New York, and the Fordham Savings Bank
were completed on July 29. The merger, uniting the two
Bronx banks was announced jointly by William H. Steinkamp, President of the Fordham, and Howell T. Manson,
President of the Dollar. The merged institution is to be
known as the Dollar Savings Bank of the City of New
York, and the Fordham Savings Bank will be operated as
the Fordham office of the Dollar. The entire staff of both
banks is being retained. Mr: Manson will continue as
President, and Mr. Steinkamp will remain as a Trustee.
John Meyer and George W. Fennell of the Board of Trustees
of the Fordham Savings Bank will also continue as Trustees
of the merged institution. The announcement also said:
The Fordham Savings Bank has been located at 2480 Grand Concourse
since it was organized in 1923. The Dollar Savings Bank
of the City of
New York has been located within a block of its present
site at 147th
Street and Third Avenue since it was started in 1890. The
building it
now occupies was completed in 1919 and enlarged in 1928.
Mr. Manson has been President of the Dollar Savings Bank
since 1926.
He was elected to the Board of Trustees in 1911, was made
Treasurer in
1920 and Comptroller in 1922.
Total deposits of the combined institutions, as of July 1, are
$92,513,224, representing the savings of 125,788 depositors.
Combined assets
are $104,580,923.
The Trustees of the merged institution are: William M.
Kern, Howell
T. Manson, Frederick A. Wurzbach, Joseph B. Hare,
Robert Gerbracht, Jr.,
Fred Berry, James Hopkins, Eugene J. Busher, H. T. W. Bunging,
Bernard II. Weisker, Lloyd I. Phyfe, Roderick Stephens, Horace C.
Flanigan,
William H. Steinkamp, George W. Fennell and John Meyer.
According to Mr. Manson It is the intention of the Dollar
Savings Bank to begin in the near future the erection of a
bank building in the vicinity of the present Fordham office.
Charles M. Ranisdell, Vice-President of the Manufacturers' & Traders' Trust Co. of Buffalo, N. Y., died on July 31
at the age of 47, following an operation in General Hospital.
After his graduation from Yale in 1909, Mr. Ramsdell
became
922
Financial Chronicle
a messenger for the trust company, of which his father
was President. When the United States entered the World
War he enlisted in the Navy Auxiliary Reserve. After the
war he became a director and the Treasurer of the Charities
Organization Society, a member of the Executive Committee
of the Lorenzo Burrows Post, American Legion, and Treasurer of the Urban League of Buffalo. He served on the
Industrial Committee of the Chamber of Commerce and
was a member of the New York State Bankers' Association
and a director of the Reserve City Bankers' Association.
York
On July 28 the New - State Banking Department
authorized the Italian Credit Union, No. 120 Madison Avenue, Albany, N. Y., to change its place of business on or after
July 28 1932 to No. 172 Madison Avenue in the same city.
The New York State Ban-king Department on July 28
approved a proposed increase in the number of shares of
stock of the Mamaroneck First National Safe Deposit Co.,
. Mamaroneck, N. Y., from 100 to 200, par value $100 a share,
and an increase in the capital of the company from $10,000
to $20,000. On the same date the State Banking Department also approved an agreement for the merger of the
Mamaroneck Safe Deposit Co. Into the Mamaroneck First
National Safe Deposit Co. under the title of the latter.
Three new directors have b-een added to the Board of the
Greenwich Trust Co. of Greenwich, Conn., according to the
Hartford "Courant" of July 23. They are Clarence H.
Young, senior partner of the firm of Joseph Walker & Sons,
New York Stock Exchange members, of 61 Broadway, New
York; John M. Lyon, a realtor, and William Edwin Hall, a
well known attorney of the firm of Hall, Cunningham, Jackson & Haywood, and a financier. Mr. Hall is President of
the Trojan Power Co., Middle Atlantic Securities Corp., and
IS connected with many others. Mr. Hall was Secretary of
Labor in President Wilson's Cabinet.
Effective July 20 1932, the Merchant's National Bank of
New Haven, Conn., with capital of $500,000, was placed in
voluntary liquidation. The institution was absorbed by the
First National Bank & Trust Co. of New Haven. The merger
was noted in our July 2 issue, page 72.
Announcement was made on July 28 by William H. Kemp,
President of the Maplewood Bank & Trust Co., of Maplewood, N. J., that his institution had acquired stock control
of the Prospect Trust Co. of Maplewood. Advices from
Maplewood to the New York "Times," reporting this, went
on to say:
Seventy-five per cent. of the stockholders of the Prospect Trust Co. agreed
to accept the terms set of six shares of their stock for one share of Maplewood stock. Mr. Kemp said the Prospect Trust Co., which is in a new
subdivision of Maplewood, would be continued as a branch of the purchasing institution.
Prospect Trust Co. was capitalized at $100,000 and had approximately
$600,000 in deposits. Maplewood Bank is capitalized at $200,000, has
$240,000 surplus and undivided profits, and has approximately $2,300,000
deposits.
Concerning the affairs of the closed Citizen's National
Bank of Long Branch, N. J., Long Branch advices, printed
In the Newark "News" of Aug. 3, contained the following:
Forty stockholders of the Citizens' National Bank, closed since Dec. 23
last to conserve its assets, discussed yesterday afternoon a move toward
early reopening. It will be necessary to subscribe $150,000 in stock, part
of which has been raised.
The stockholders will meet in another week to receive a report from
the committee on stock subscriptions. The question of dealing with
depositors will be considered then. The plan is to get the depositors to
consent to have their deposits remain, drawing only a certain percentage
monthly over a given period.
The Comptroller of the Currency is working with the committee.
The bank at one time had assets of $2,800,000.
The First National Bank of Cassandra, Pa., capitalized
at $50,000, was placed in voluntary liquidation on June 10
last. This institution was taken over by the First National
Bank of Lilly, Pa.
Two Stroudsburg, Pa., banks, the Stroudsburg National
Bank and the First National Bank, the oldest banking institutions in Stroudsburg, with combined resources of approximately $5,000,000, have merged under the title of the
First-Stroudsburg National Bank, the union going into effect
on Aug. 4. Associated Press advices from' Stroudsburg on
Aug. 3, reporting the merger, furthermore said:
All present employes and directors are to be retained, officials said,
with W. R. Leber, President of the consolidated banks, and Stewart
Flagler, Chairman of the Board. A Mitchell Palmer, Attorney General
of the United States in the Wilson Administration, Is a member of the
Board.
Aug. 6 1932
Depositors of the Ickesburg State Bank, Ickesburg, Pa.,
on Aug. 11 next will receive a dividend of 10% according
to the Philadelphia "Ledger" of July 30.
•
Further referring to the affairs of the Northwestern
Trust Co. of Philadelphia, which was taken over by the
Pennsylvania State Banking Department on July 17 of last
year, an appraisal of the institution filed on Aug. 1, as
reported in the Philadelphia "Finance Journal" of that
date, shows net available assets of $809,448 compared with
total net deposit liability of $5,824,684. Out of these assets
must be paid the liquidating expenses, which will be very
heavy, owing to the cost of preparing Court cases and special
accounting cases. The bank had approximately 8,000 checking accounts and 17,000 savings accounts. The inventory
and appraisal of the assets filed by the Department, as
given in the paper mentioned, follows:
Cash
Due from banks
Cash items
Time loans, unsecured
Time loans, secured
Demand loans
Real estate accounts receivable
Bonds
Stocks
Building and loan shares
Mortgages
Bank premises
Other real estate
Furniture and fixtures
Overdrafts
Total
Offsets and secured liabilities
Net available assets
Total net deposit liability
Book
Value.
$118.710
414.688
18,124
4,638,062
58,606
1,882,479
1,360.564
9,187
1,105.283
359.145
3,479,200
2,000.000
130,000
34,000
51.117
Appraised
Value.
$118.710
414.688
17.464
913,025
50,824
680.734
5,189
5,808
662,845
59,980
1,443.750
40.000
40.000
4,000
629
$13,860,767 $4,457.713
3,648.264
$809,448
$5,824,684
Commenting on the report on the trust company, the
Philadelphia "Record" of Aug. 2 had the following to say:
The accounts of 15,000 depositors of the wrecked Northwestern Trust
Co. have been virtually "wiped out." . . .
The report on the trust company, which Secretary of Banking William
D. Gordon has alleged was systematically looted for nearly 10 years, shows
assets on which $809,448 may be realized, to meet deposit liabilities of
$5,824,684.
The smaller figure represents the maximum amount of cash which may
be resurrected if the assets on hand can be disposed of at present market
values.
The heavy costs of investigating the muddled records of the bank and
tracing illegal transactions which have caused the arrest of more than
30 persons must be paid from these assets.
A few cents on the dollar, if anything, is all the depositors may expect.
In revealing in detail the condition of the Northwestern Trust, officials
of the Banking Department called it "the most mismanaged bank in the
State."
The heaviest item of loss In the long list of shrunken assets was In
unsecured time loans.
A total of $4,638,062.03 was loaned by officers of the institution without collateral. The appraisers put a value of $913,025.37 on the notes
held for these loans. The depreciation was $8,725,036.66.
The shrinkage in value of mortgages in which the institution Invested
was from $3,479,200 to $1,443,750 a loss of more than $2,000,000.
William Freihofer, who was President of the Northwestern Trust Co.
died recently in Atlantic City, physicians attributing his death to shock
and worry over the condition of the Institution.
Alexander D. Robinson, Executive Vice-President, who was for years the
actual directing head of the bank, is under heavy bail on a score of
warrants, charging embezzlement and fraudulent conversion. He also Is
accused of making false statements as to the condition of the institution.
Robinson stands accused of operating a land development "racket"
through use of the bank's funds. It has been alleged he handed out the
bank's cash In generous lumps to finance builders and real estate dealers
promoting land which he sold them.
First mortgages on these properties were invested In by the bank, and
Robinson then aided the promoters to obtain second mortgagee—many of
them in excess of the values of the properties—from a group of four
building and loan association' which were controlled by the bank through
interlocking directorates
Our last previous reference to the affairs of this bank
appeared in our July 2 issue, page 135.
The Philadelphia Savings Fund Society, Philadelphia, Pa.,
opened its new Central City Branch Office at 12th and
Market Streets, on Monday of this week, Aug. 1. The
principal officers of the Society are as follows: James M.
Wilcox, President; Stacy B. Lloyd, James E. Gowen, Isaac
W. Roberts and Samuel Woodward (and Treasurer), VicePresidents, and David N. Patterson, Secretary.
It is learned from the Philadelphia "Ledger" of July 80
that the closed Haverford Township Title & Trust Co. of
Brookline, Pa. (near Philadelphia) will pay its depositors
a dividend of 7%%, amounting to $19,599, on Aug. 10. A
first payment of 20%, totaling $52,176, it was stated, was
made on Nov. 20 of last year.
The defunct Brownsville Trust Co., Brownsville, Pa., on
Aug. 12 will pay a dividend of 7%%, amounting to $29,929,
to 2,800 depositors, according to the Philadelphia "Ledger"
of July 80.
Volume 135
Financial Chronicle
According to the Philadelphia "Ledger" of July 23, the
McKean County Trust Co. of Bradford, Pa., which closed
its doors on Oct. 23 1931, will make a second payment, 10%,
to its depositors on or before Aug. 31 next. A first payment of 10% was made March 14 last, it was stated.
It is learned from the Phil- adelphia "Ledger" of July 23
that announcement was made the previous day by Dr. William D. Gordon, State Secretary of Banking for Pennsylvania, that the following closed banks located in Philadelphia and vicinity propose to make additional payments to
their depositors on or before Aug. 31 next:
Olney Bank & Trust Co., second payment, 10%, amounting to about
$370,000, to be paid to 28,000 depositors. A first payment of 10% was
made March 17.
/
2
Columbus Title & Trust Co., second payment, 71%, amounting to
about $55,393, to be paid to 6,400 depositors. A first payment of 20%
was made May 4.
Mortgage Security Trust Co., first payment, 5%, amounting to about
$25,000, to be paid to 5,000 depositors.
Darby Bank & Trust Co., Darby, second payment, 5%, amounting to
about $55,000, to be paid to 6,600 depositors. A first payment of 20%
was made Oct. 26 last year.
That six Pittsburgh, Pa., banks (all of which failed the
early part of last October) will make dividend payments
to their depositors on or before Aug. 31 1932 was indicated
In the Philadelphia "Ledger" of July 23. The institutions,
as given in the paper mentioned, are as follows:
Pennsylvania Bank & Trust Co., second payment, 15%, amounting to
800
about $398, , to be paid to 7,500 depositors. A first payment of 10%
was made April 4.
Pittsburgh-American Bank & Trust Co., first payment, 10%, amounting
to about $189,000, to be paid to 10,000 depositors.
McGillick Savings & Trust Co., second payment, 5%, amounting to
about $18,000, to be paid to 2,750 depositors. A first payment of 5%
was made Dec. 14 last year.
Bloomfield Trust Co., first payment, 121
/
4%, amounting to about
$159,168, to be paid to 8,000 depositors.
Garfield Bank, Pittsburgh, second payment, 15%, amounting to about
$56,500, to be paid to 3,400 depositors. A first payment of 25% was
made March 21.
Merchants' Savings & Trust Co., second payment, 8%, amounting to
about $56,000, to be paid to 8,400 depositors. A first payment of 20% was
made March 10.
That the People's State Bank of East Pittsburgh, Pa.,
will pay a first dividend of 10% on or before Aug. 31 1932
to Its 3,400 depositors, calling for about $25,500, was indicated in the Philadelphia "Ledger" of July 23 last.
The Philadelphia "Ledger" of July 23 reported that on
or before Aug. 31 1932 the Washington Trust Co., at Washington, Pa. (which closed Oct. 5 last), would pay its 22,000
depositors an initial dividend of 10%, amounting to approximately $486,800.
The People's Bank of Gree- nsboro, Pa., on Aug. 12 next
will pay an initial dividend to its depositors amounting to
$24,793, according to the Philadelphia "Ledger" of July 30.
Baltimore, Md. advices on July 29 to the "Wall Street
Journal" stated that John M. Franklyn, Vice-President of
the Roosevelt Steamship Co. and Vice-President of the
Baltimore Mail Steamship Co., has been elected a director
of the Baltimore Trust Co., Baltimore.
Robert Dun resigned on July 22 last as a Vice-President
of the Winters National Bank & Trust Co. of Dayton, Ohio,
after having been connected with the institution for two
'months. Jay M. Leach, Vice-President and Trust Officer of
the institution, succeeds Mr. Dun.
That the Clio State Bank, Clio, Mich., which closed Aug.
28 1931, had been reorganized and was expected to reopen
Aug. 1 was reported in the "Michigan Investor" of July 30.
Officers of the reorganized bank were named as follows:
President, M. C. Doyle; Vice-President, F. M. Houghton,
and Cashier, R. Orin Shelley, former receiver.
The probable reopening within a month of the Monroe
State Savings Bank at Monroe, Mich., which has been closed
since August last year, is indicated in the following taken
from the Detroit "Free Press" of July 30:
J. D. Cook, receiver of the Monroe State Savings Bank at Monroe,
announced Thursday, July 28, that sufficient assessments had been collected, together with new stock subscriptions, to create the $200,000 capital
necessary for reopening of the institution. A financial check will be
made by the State Banking Department, probably in the fore part of next
week, after which a stockholders' meeting will be called to elect a new
Board of Directors. The date of formal reopening will be announced soon,
but it is expected to be not later than Sept. 1. The Circuit Court
approved of reopening plans on June 22. At that hearing 91.6% of
deposit liabilities signed moratorium agreements consenting to the reorganization and no objections were raised among remaining deposits. The
Court's approval of plans made it unanimous.
923
We learn from the "Commercial West" of July 30 that
on July 21 was the 45th anniversary of the entry of W. B.
Banks, Sr., of Superior, Wis., into the banking business.
On July 21 1887 he established the first financial savings
institution In Superior which later grew into the First National Bank, of which he was President until 1927, and is
now Chairman of the Board. His son, J. L. Banks, is
President.
Joseph Kraus has been appointed Vice-President and a
director of the State Bank of Morgan, Morgan, Minn., to
succeed the late G. W. Nelson, according to the "Commercial West" of July 30.
Andrew N. Kylander, Secretary of the Aaron Carlson Co.,
Inc., was named President of the Fidelity State Bank of
Minneapolis, Minn., at a meeting of the directors on July
30, according to the Minneapolis "Journal" of Aug. 1. At
the same time Emil Gustafson was re-appointed Vice-President of the institution and Vernon E. Mikkelson, Cashier.
Mr. Kylander succeeds as President T. K. Kelly, who had
held the office for 15 years. Announcement of the acquisition of Mr. Kelly's interest in the bank was made by the
directors, it was stated.
That depositors of the closed First Trust & Savings Bank
of Sioux City, Iowa, were to receive a dividend of 20% immediately was reported in the "Commercial West" of
July 30.
Exeter National Bank, Exeter, Neb., was placed in voluntary liquidation on July 22. This bank, which was capitalized at $25,000, was absorbed by the Wallace National Bank
of Exeter.
The First National Bank of Bentonville, Ark., went into
voluntary liquidation on July 18 1932. The institution,
which was capitalized at $50,000, was taken over by the
Benton County National Bank of Bentonville.
As of July 20 last, the First-Mercer National Bank of
Harrodsburg, Ky., with capital of $150,000, was placed in
voluntary liquidation. It was succeeded by the Mercer
County National Bank of Harrodsburg.
The Liberty Savings Bank & Trust Co. of Memphis, Tenn.
(which closed its doors on June 28 1928), will pay a 5%
liquidating dividend prior to Aug. 30 next, according to
R. W. Hall, liquidating agent for the institution, who said
that cash on hand is now only $8,000 short of the required
amount. Memphis advices to the "Wall Street Journal,"
from which the above information Is obtained, continuing,
said:
Although the Fraternal & Solvent Savings Bank, negro institution, has
$62,000 in cash, about $66,000 additional is required for payment of a 5%
dividend, Mr. Hall said. The Liberty Savings Bank, which had $3,700,000
In deposits at the time of its failure, has paid 65% on all general claims.
The Nicholson Bank & Trust Co. of Union, S. C., which
closed its doors on July 5 1932, is to reopen shortly. Stockholders and depositors held a meeting at Union on Aug. 3
and adopted a plan for the reopening of the institution
which has the approval of the State Bank Examiner. A
dispatch from Spartanburg, S. C. on Aug. 3, from which
the foregoing is learned, continued as follows:
A judge's order to give the action legal status will be sought at once,
It is announced. The plan for reopening guarantees that depositors will
be paid 15% the first year, 20% the second, third and fourth years and
25% the fifth. Emslie Nicholson is to continue as President of the institution, with an advisory board of four, representing the directors,
elected to co-operate with the directors. On this Board are John M. Little,
Dr. G. T. Keller, Dr. J. Jeter and E. L. Spears.
Canton, Miss., advices on July 29, printed in the New
Orleans "Times
-Picayune," stated that F. T. Parker, President of the Canton Exchange Bank, had tendered his resignation to accept the active Vice-Presidency of the Deposit
Guaranty Bank & Trust Co. of Jackson, Miss., and that
Frank E. Allen, of Canton, had been appointed his successor
In the Canton bank. The dispatch added:
The retiring President, Mr. Parker, has been with the bank for 32 years.
The Canton Exchange was started 52 years ago by his father, the late
A. N. Parker.
That a new bank will probably be organized in the near
future at Gulfport, Miss., is indicated in the following dispatch from that city on July 28 to the New Orleans "TimesPicayune":
924
Financial Chronicle
At a meeting here to-day plans were adopted for organization of a new
bank. At least $40,000 is to be raised locally to apply on a capitalization
and surplus of $60,000. The remaining $20,000 will be subscribed by
New Orleans, La., and Laurel interests, it was said. A committee composed of C. H. Ashton, Dr. It. G. Cox, Joseph Habens, R. H. Hardtner and
F. E. Cottrell will solicit stock subscriptions. Cocero Ferrell, associated
with the First National Bank of Laurel, has been tentatively chosen
Manager of the proposed bank.
On July 22 last the First State Bank of Hartman, Colo.,
closed its doors, according to Denver advices by the Associated Press on July 23.
A dispatch by the Associated Press from Denver, Colo.,
on July 23 stated that the directors of two Colorado banks—
the Platte Valley State Bank at Fort Lupton and the First
State Bank at Meeker—had decided not to open their respective institutions on that day. The dispatch added:
The Platte Valley Bank showed resources of 2127,768.31 and the Meeker
Bank showed resources of $184,761.20.
The First National Bank of Alhambra, Calif., capitalized
at $150,000, was placed in voluntary liquidation on July 25
last. The institution was absorbed by the Bank of America
National Trust & Savings Association (head office San
Francisco).
Effective July 30, three Nevada banking institutions, the
Tonopah Banking Corp. of Tonopah; the Nevada First National Bank of Tonopah, and the John S. Cook & Co. Bank
of Goldfield were merged. Associated Press advices from
Reno, Nev., from which the foregoing is learned, continuing,
said:
The Tonopah Banking Corp., which is controlled by George Wingfield,
President of the several Nevada banks, purchased the assets of the other
two institutions and will maintain a bank at Tonopah. There will be no
bank at Goldfield, scene at one time, 25 years ago, of one of the West's
greatest mining booms.
Combined deposits of the three banks will amount to *780,000, Wingfield said.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market, this week, has been active, buoyant
and higher. Public utilities and industrial shares have
attracted considerable speculative interest and metal stocks
have been in good demand at higher prices, and with the
exception of a brief setback on Tuesday, the trend of the
market has been uniformly higher. Some profit taking has
cropped out from time to time, but this, as a rule, was
quickly absorbed as many active speculative stocks forged
ahead to new tops for the current movement. On Thursday,
Amer. Tel. & Tel. was the feature of the trading as it moved
briskly forward and crossed par, though it dipped to 98
at the close. As the week progressed, the market gradually
expanded and on Thursday the sales exceeded 334 million
shares, the largest turnover in many months. Call money
renewed at 2% on Monday and remained unchanged at that
rate on each and every day of the week.
The market opened irregularly higher on Saturday, but
dropped off fractionally as the day progressed. Toward the
close of the session prices again moved upward and a number
of the popular speculative issues showed gains ranging from
1 to 2 or more points. Railroad stocks were slightly off on
the day, but industrial issues were stronger, United States
Steel leading the upswing with a substantial gain. The
turnover was large for Saturday as many traders decided
to forego the usual week-end to participate in the rising
market. The principal changes were on the upside and
included among others such prominent stocks as American
Sugar pref. (7) which advanced 3 points to 78, American
Type and Foundry which moved upward 2% points to 20,
Bethlehem Steel pref. which gained 3% points and closed at
4
31%, General Railway Signal which rose 21 points to 16
and Midland Steel pref. which showed a gain of 33 points
at 3331. One of the features of the early trading was the
large number of 1,000 share lots that appeared on the tape
during the early part of the day. Among those turned over
in large sized blocks were Pennsylvania Railroad, National
Dairy Company, Union Carbide and Carbon, New York
Central and Northern Pacific.
Prices moved briskly forward as a sharp rally developed
around the noon hour on Monday. In the early trading
the market was somewhat unsteady due to profit taking,
but this was gradually absorbed as the market turned upward under the leadership of United States Steel and
American Tel. & Tel., both of which broke through to new
highs for the current movement. Pivotal issues registered
gains ranging from 1 to 2 or more points as practically all
sections of the list participated in the advance. The prin-
Aug. 6 1932
cipal changes on the up-side were American Tobacco B,
23 points to 69; American Woolen pref., 3% points to 253i;
Atchison, 2% points to 3234; Columbia Gas & Electric
pref., 5 points to 58; Detroit Edison,2 points to 79; Eastman
Kodak, 134 points to 45%;International Business Machines,
4% points to 79; Loews pref., 3% points to 6134; New York
& Harlem pref., 45% points to 1043/8; Pacific Tel. & Tel.,
3 points to 70%; Pere Marquette, 3 points to 7%; Union
Pacific pref., 2 points to 55; United Gas Improvement pref.,
53% points to 67; Ward Baking pref., 2 points to 2134;
American Smelting pref., 2 points to 42; Anchor Cap pref.,
4% points to 4934; National Lead pref. A, 3% points to
983 ,and Brooklyn-Manhattan-Transit pref., 2 points to 56.
4
Except for the metal shares, the market closed lower on
Tuesday, the recessions ranging from fractions to 2 or more
points Trading was quiet on the decline and the turnover
was approximately 1,440,000 shares, which was very much
lower than the dealings of the preceding day. The changes
on the downside included Allied Chemical & Dye,1% points
to 57%; American Can, 1% points to 373 ; American To4
bacco, 234 points to 6534; Amer. Tel. & Tel., 2 points to
8934; Atlas Powder,234 points to 10%;Brooklyn Union Gas,
334 points to 633/2; J. I. Case Co., 2% points to 2934;
Delaware & Hudson, 43 points to 49; Detroit Edison, 3
4
points to 76;International Business Machines,4 points to 75;
Norfolk & Western, 534 points to 7834; United States Steel
pref.,2% points to 65%,and Woolworth, 134 points to 303(.
Trading was dull during the morning dealings on Wednesday, but shortly after the noon hour stocks moved briskly
forward, many prominent issues reaching new tops for the
current movement, wiping out most of the recessions of the
preceding day. United States Steel, Amer. Tel. & Tel. and
J. I. Case were the leaders of the upswing and there was a
brisk demand for railroad stocks, particularly Atchison and
Union Pacific, both of which registered substantial gains.
Auburn Auto also was a star performer as it moved sharply
ahead. The outstanding gains for the day were Air Reduction, 53/2 points to 453t; Allied Chemical & Dye, 6%
points to 63%; Amer. Tel. & Tel., 7 points to 963/2; Amer.
Tobacco, 634 points to 72; Atchison, 434 points to 3538;
Auburn Auto, 534 points to 66; Brooklyn Union Gas, 53
4
points to 6934; J. I. Case, 534 points to 35; Consolidated
Gas, 374 points to 49; Detroit Edison, 4 points to 80;
du Pont, 334 points to 3034; Eastman Kodak, 45% points to
4934; General Railway Signal pref., 9% points to 7434;
International Business Machines, 5% points to 80%;
Norfolk & Western, 33 points to 82; Union Pacific, 6 points
4
to 49; United States Steel pref., 534 points to 71, and
Woolworth, 21 points to 32M•
4
For the first time in months dealings on the New York
Stock Exchange e ceeded the 3,000,000 mark on Thursday,
and while prices fluctuated back and forth to some extent, the
market held a goodly part of its gains to the close. In the
early trading, prices rose sharply as large blocks of stocks
were picked up and many prominent issues registered new
tops for the current movement. Amer. Tel. & Tel., for instance, crossed par several times during the session and
closed at 98, with a net gain of 1% points. As the day
progressed, some of the gains were cancelled, but a sizable
number of the market leaders closed with substantial advances. Among the outstanding gains were Allied Chemical
& Dye, 234 points to 66; American Can pref., 43 points to
4
109; Central RR. of New Jersey, 334 points to 50%; CocaCola, 234 points to 92; Crucible Steel, 2% points to 14;
Norfolk & Western, 2 points to 84; Union Pacific, 134 points
to 50%;United Biscuit pref., 18 points to 93; Westinghouse,
134 points to 2734,and Western Union Telegraph,28 points
4
to 27%.
On Friday rtocks moved briskly forward during the early
trading and many new highs for the current movement were
established all along the line. As the day progressed, profit
taking appeared in many of the active issues and for a brief
period prices wavered and the volume of trading slowed down
while prices moved upward and downward during the rest
of the day. A goodly part of the trading was in the preferred stocks, American Car & Foundry providing the
feature as it jumped from 3334 to 39% and finally closed
at 3634 with a gain of 4% points. Prominent stocks closing
on the side of the advance included Air Reduction,4 points to
49; Allied Chemical & Dye, 3 points to 69; Bethlehem Steel
pref., 3% points to 40; J. I. Case, 8% points to 4334; New
York & Harlem, 4% points to 109%; Union Pacific, 23
%
points to 533 ; United States Steel pref., 3 points to 7434;
4
7
and Woolworth, 1% points to 33%. The market was strong
at the close with prices near their tops for the day.
A
Financial Chronicle
Volume 135
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ended
Aug. 5 1932.
Railroad
Stale
Stocks,
Number of and 3fiscell. Ifuntelpat &
Bonds.
For'n Bonds.
Shares.
910.850
2,106,756
1,439,270
2,398,614
3,521,030
2,684,060
Saturday
Monday
Tuesday
_
WednesdayThursday
Friday
53,781,000
7,727.000
7,198,000
8,516,000
9,348,000
7,564,000
51,418,000
2,392,000
2,203,000
2,711,000
2,523,000
2,804,000
12000 566 644.134.000 114.051; nnn
Week Ended Aug. 5.
Sales at
New York .Stock
Exchange.
1932.
-No, of shares_
Stocks
Bonds.
Government bonds_ _
State le foreign bonds_
Railroad A: misc. bonds
1931.
United
States
Bonds.
Total
Bond
.Sales.
5243.000
934,000
835.000
440.000
391,000
424,000
55,442,000
11,053,000
10,241,000
11,667,000
12,262,000
10,792,000
R2 907 ono gill 457 non
Jan 1 to Aug. 5.
1932.
1931.
13,060,580
4,464,394
211,836,936
370,003,504
53,267,000
14.056,000
44,134,000
$1,578,500
12,384,000
29,851.000
$448,813,050
470,935,100
914,468,500
$98,126,400
490,393.600
1,088,315,700
$61,457,000 $43,813,500 $1,834,216,650 $1,676,835,700
Total
DAILY TRANSACTION6 AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
&MUM
Week Ended
Aug. 5 1932.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
14,235
36,1)33
29,409
33,984
50,113
7,973
81,000
2,000
3,000
6,000
8,000
172,697
159,957
15,806
28,332
18,354
30,961
35,436
5,000
$4,000
100
6,000
2,000
3,000
$20,000
133,889
$15,100
8,642
583.000
540.050
146.270
539.500
10.079
516.600
966
1,520
1,433
1,540
1,882
1,301
$17,000
5,001
18,000
37,000
6,000
925
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
Aug. 5 1932.
Stocks
(Number
of
Shares).
Bonds (Par Value).
Foreign
Foretin
Domestic. Government. Corporate.
95,875 $1,826,000
159,245 3,419,000
125,020 4,023,000
225,145 4,869,000
318,150 4,915,000
281,475 4,344.000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total.
$75,000 51.953.000
151,000 3,853,000
142,000 4.383,000
135,000 5,446,000
125.000 5,184,000
130,000 4,532,000
1,204,910 $23,396,000 51,197.000
Total
$52,000
283,000
218,000
442,000
144.000
58,000
3758.000 525.351.000
Jan. 1 to Aug. 5.
Week Ended Aug. 5.
Sales at
New York Curb
Exchange.
1932.
1931.
1932.
1931.
72,241,218
27,755,035
Stocks
-No, of shares_
1,073,602
1,204,910
Bond,.
$449,832,100
523,396.000 $14,318,000
Domestic
Foreign Government_ _
19,129,000
554,000 %
1,197,000
41,877,000
Foreign Corporate.
442,000
758,000
-
$554,442,000
18.163.000
24,763,000
$510,538,100
5597,368.000
Total
$25,351,000 514,314,000
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.,
July 30.
Silver, p. oz_______
Gold, p.fine oz.117s. 5d.
Consols, 2)%_ 72%
British 5% - -British 434%__10234
French Rentes
(in Paris)
-
Wed.,
Tues.,
Aug. 3.
Aug. 2.
17 3-16d.
174d.
HOLT- 117s. 5d. 117s. 2d.
7213(
72.4
DAY
1013i
101)
10211
1023i
Mon..
Aug. 1.
Thurs.,
Aug. 4.
17 3-165.
117s. 5d.
723i
10131
10231
Fri..
Aug. 5.
17 7.165.
1165. 65.
72
10151
10231
60.90
81.50
82.00
82.10
98.60
98.60
98.70
98.70
French War L'n
(in Pari.)-
The price of silver in New York on the same days has been:
Silver in N. Y..
per ounce_
2651c.
263c.,
27e.
2634c.
2634c.
2734e.
Course of Bank Clearings.
Bank clearings this week will again show a decrease as
compared with a year ago. Preliminary figures compiled
by us, based upon telegraphic advices from the chief cities
of the country, indicate that for the week ended to-day
(Saturday, Aug. 6), bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns will be 25.2% below those for the corresponding
week last year. Our preliminary total stands at $5,427,989,062, against $7,255,909,985 for the same week in 1931.
At this center there is a loss for the five days ended Friday
of 8.2%. Our comparative summary for the week follows:
Clearings-Returns by Telegraph.
Week Ending Aug. 6.
New York
Chicago
Philadelphia
Boston
Rations City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1932.
1931.
Per
Cent.
52,981,285.867 $3,248,049,017
243,170,232
180,290,050
297,000,000
218,000,000
300,000,000
.225,000,000
80.103,518
48,993,258
62.000,000
42,500,000
108,335,000
78.025,000
No longer will re port clearings.
94,696,191
76,100,533
89.061,722
54,673,356
76,013,932
49,798,270
55,574,862
68,043.746
31,568,747
21,599,198
11+111 ow
woww.- ill.00.
iwr.floo
C..W6O.;:r. 66Co. ;zrA2
THE CURB EXCHANGE.
Under the impetus of a strong demand for public utilities,
the curb market has gradually moved ahead during the
present week and some impressive advances have been
recorded all along the line. Oil shares have been in demand
at improving prices and industrial stocks have shown
moderate advances. Occasional bursts of profit taking have
been in evidence and prices have, from time to time, shown
considerable irregularity, but with the possible exception of
the late trading on Tuesday the trend of the market has
generally been toward higher levels. On Thursday the
dealings were particularly heavy and the turnover was the
largest recorded in many months. On Saturday interest was
directed largely to the public utilities, which were featured
by Georgia Power pref., with its gain of 5% points to 55%.
The outstanding strong stocks on Monday were Electric
Bond & Share 5% and 6% pref. a`nd Pennsylvania Power &
Light prof. Thes3 were the center of interest during a
large part of the session, the latter recording a gain of 95/i
points at 87. Strength in Electrie Bond & Share and
affiliated stocks was the outstanding feature of the trading
on Wednesday, the c,:mmon surging forward 3% points to
123/i and establishing a new top for the current movement,
while the cumulative preferred shares moved up 7% points
to 37. Profit taking during the late trading cancelled part
of the early gains on Thursday; nevertheless, advances in
some of the more popular of the speculative favorites carried
their prices up to the highest peak of the current movement.
The strong stock of the day was Atlantic & Pacific Tea Co.,
which rushed upward with a gain of 123. points to 14
83.
Preferred stocks were also in demand, particularly those of
the public utility group, which scored sharp gains all along
3
the line. Singer Mfg. Co. with a gain of 7% points to 104,
and Aluminum, Ltd., which closed with an advance of 53/b
points at 20, were also features of the trading.
Dealings slowed up toward the end of the session on Friday
due to profit taking, but most of the active stocks held their
advances to the end. The outstanding features of the early
trading was the continued strength of Aluminum Co., Ltd.
pref. which had added 53/i points to its previous gain as it
closed at 243 and Singer Manufacturing Co. which closed
,
with a not gain of 2 points. The principal changes of the
week were on the side of the advance and included many
prominent stocks such as Aluminum co. of America which
forged ahead from 39% to 46% and Singer Manfufacturing
3
Co. which surged forward from 94% to 106. Other gains
for the week were American Beverage, 63/h to 63; American
Gas & Electric, 223/i to 253; American Light & Traction,
153 to 15%; American Superpower, 2% to 3%; American
Gas & Electric A, 14 to 2; Atlas Utilities, 53/a to 53;
Brazil Traction & Light, 8% to 9%; Cities Service,3% to 4;
Commonwealth Edison, 64 to 70%; Deere &
Company,
to 11; Duke Power, 413 to 4732; Electric Bond &
Share, 93' to 14; Gulf Oil of Penna, 31% to 35%; Hudson
Bay Mining, 1% to 23; Humble Oil, 453/ to 48; International Petroleum, 9% to 103.l; New York Tel. pref.,
1093/b to 1103'; Niagara Hudson Power, 113 to 13; A. 0.
%
Smith, 163I to 183 ; United Gas Corp., 1% to 1%, and
%
United Light & Power, 33'á to 3%.
81.30
98.70
Prey. wk. revised_
Twelve cities, five days
Other cities, five days
54,044,309.298
479,014,920
$4,684,573,221
648,569,830
-13.7
-26.1
Total all cities, five days
All cities, one day
$4,523,324,218
904,664,844
55,333,143,051
1,922,766,034
-15.2
-52.9
Tntrd n11 Pitif.i for creek
55 427 099 062
57.255.909.985
-25.2
*Estimated.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has to be in all cases estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous, the week ended July 30.
For that week there is a decrase of 39.3%, the aggregate
of clearings for the whole country being 84,063,494,049,
against 86,698,301,298 in the same week in 1931. Outside of
this city there is a decrease of 35.1%, the bank clearings at
this center recording a loss of 41.9%. We group the cities
according to the Federal Reserve districts in which they are
located, and from this it appears that in the New York
Reserve District, including this city, the totals show a
contraction of 41.6%, in the Boston Reserve District of
52.1%, and in the Philadelphia Reserve District of 35.1%.
In the Cleveland Reserve District the totals are smaller by
32.4%, in the Richmond Reserve District by 31.7%, and
in the Atlanta Reserve District by 34.7%. The Chicago
Reserve District suffers a decrease of 43.4%, the St.
Louis Reserve District of 34.0%, and the Minneapolis
Aug. 6 1932
Financial Chronicle
926
Reserve District of 27.3%. In the Kansas City Reserve
District the loss is 32.0%, in the Dallas Reserve District
23.1%, and in the San Francisco Reserve District 38.8%.
SUMMARY OF BANK CLEARINGS.
Week Ended July 30 1932.
1932.
1931.
Inc.or
Dec.
Federal Reserve Dists.
1st Boston --_12 cities
2nd New York_ _12 "
3rd Philadelo•la 10 "
4th Cleveland__ 6 "
5th Richmond.6 "
6111 Atlanta ____11 "
7181 Chicago _ -_20 "
8111 St. Lou18__ _ 5 "
9th Minneapolis 7 "
10th Kansascity 10 ..
11th Dallas
5 "
12th San Fran 14 "
s
$
%
198,195,358
2,533,379.791
254,622,338
184,294.437
89,353,276
63,296,626
269,843,704
68.332,738
56,681,756
88,443,791
29,288,457
139,437,694
413.875,542
4,337,298,726
392,436,442
272,662,250
130,797,437
96,908,013
476,994,541
103,475,089
78,010,608
129,991,828
39,089,015
227,761,777
118 cities
Total
Outside N. Y. City
4,063,494,049
1,610.954,010
414, ea 11.0
Y1,
, 1 .M1 ago
$
23,057,334 33.545,650
Stocks, number of shares_
Bonds.
Railroad & misc. bonds_ _ $123,803,000 $132.257,000
State, foreign. &c., bonds 73,886.600 78,284,500
8,333,700
U. S. Govt. bonds
45,947,950
111 AAA
'ion ea.. tr. _1,0
614 577.301
MIA
We also furnish to-day a summary of Federal Reserve
districts of the clearings for the month of June. For that
month there is a decrease for the entire body of clearing
houses of 44.4%, the 1932 aggregate of clearings being
$19,318,502,525, and the 1931 aggregate 834,771,900,251.
In the New York Reserve District the totals show a decline
of 46.4%, in the Boston Reserve District of 52.7%, and in
the Philadelphia Reserve District of 35.9%. In the Cleveland Reserve District the falling off is 38.6%, in the Richmond Reserve District 31.0%, and in the Atlanta Reserve
District 35.8%. In the Chicago Reserve District the totals
show a diminution of 48.8%, in the St. Louis Reserve
District of 36.2%, and in the Minneapolis Reserve District
of 25.1%. The Kansas City Reserve District has suffered
a decrease of 33.3%, the Dallas Reserve District of 34.7%,
and the San Francisco Reserve District 36.7%.
July
1932.
Jul?,
1931.
July
1920.
July
1930.
Inr.or
Drc.
a
a
s
$
Federal Reserve Dist'.
%
917,357,949 1,939,110,537 -52.7 2,385,206,521 2,689,456.002
1st Boston ____14 cities
2nd New York...13 " 12,087,606,012 22,545,690,001 -46.4 30,471,567,665 41,128,281,975
1,228,214,227 1,917,262,614 -35.9 2,361,867,048 2,820,651.925
3rd Philadelpla 14 "
4th Cleveland- -13 '•
850.926,238 1,385,896,632 -38.6 1,875,543,918 2,158,385.672
834,640,500
781,065,855
631,980,947 -31.0
436,237,580
5111 Richmond _ _9 "
625,101,417
801,562.701
332,607,616
518,086,916 -35.8
6th Atlanta____ 16 "
4,100,408,436 4,785.809,768
1,319,093,869 2,577,598,436 -48.8
7th Chicago - __27 "
860,853.136
755,564,271
634,777,301 -36.2
341,381,718
8th St. LouLs____7 "
649,907,578
610,107,254
420,314,706 -25.1
314,889,124
9th 2.4innea polls13 "
781,804,765 -333 1,067,106,577 1,342,343,854
521,525,890
10th Ka nsasCIty 14 "
550,376,257
416,128,133
224,591,241
344,001,213 -34.7
10 "
11th Dallas
744,071,061 1,175,375,383 -36.7 1,490,378,577 1,711,615,824
12th San Fran_ _23 Total
173 cities 19,318,502,525 34,771,900,251 -44.4 46,840,046,672 60,333,785,195
7,643,239,237 12,846,267,605 -40.5 17,071,821,303 20,126,036,238
Outside N. Y. City
49 Milan
114rmr1s.
IRA
1 ins es. -
1 100 44a 1.
_15')
1 SRI
2.197.393.119
140.600
We append another table showing the clearings by Federal
Reserve districts for the seven months for each year back to
1929:
7 Months
1932.
7 .3!053113
1931.
7 Ilfonths
1929,
Inca), 7 Atonths
1930.
Dec.
$
$
$
3
Federal Reserve Discs
%
1st Boston ____14 cities 7,541,309,111 13,061,982,585 -42.3 15,940,358,531 17,073,083,665
224,778,091,478 274,349,073,047
2nd New York_..13 " 100,909,535,152 176,231,774,44 -42.7
8,966,378,396 13,112,005,932 -31.7 17,446,740,154 19,348,221,568
3rd PhIladelpla 14 "
4111 Cleveland__13 "
6,285,030,816 9,871,260,614 -36.3 12,455,972,861 13,928,442,658
673 308
3,286,373,189 4,433,835,896 -25.9 5,365,811.776 5,590. ,
_
5th Richmond. 9 "
619,062
2,790.379,052 3,915,335,891 -28.7 4,988,813,053 5,751,
6th Atlanta ____16 "
7th Chicago _ --27 " 11,094,710,121 19,929,980,892 -44.3 27,362,918.570 32,592,042,454
2,789,093,514 3,993,701,647 -30.2 6,696,943,436 6,1E5,229,951
8111 St. Louis_ __ 7 "
9th MinneapolLs13 ' 2.158,922,329 2,955,987,934 -27.0 3,537,815,151 3,963,800,674
3,792,242,244 5,351,052.818 .151.634.555 84064.8904033
10th KansasCIty 14 "
29.1 7
11th Dallas
1,843,725,297 2,666,063,757 -29.3 3,149,286,835 3,850,259,763
10 "
10.708,801,988 11.604.4E6.382
12th San Fran 23 "
6,744,955,093 8,212.212,688 -30.0
173 cities 157,192,704,644 263,675,195,079 -40.4 338.615.186,288 02,299,822.565
Total
Outside N. Y. City
59,395,179,366 91,672,815,513 -35.2 118,949,181,545 33,599.771,594
12 rittpc
Canada
7 107 570 011
In 1154 57/ 567
-06.4
11.810.175.623 14.254.826.673
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
July and the seven months of 1932 and 1931 are given below:
176,775,312
365,539,110
$763,249,300 $1,058.464,700
478,009.600
379,682,100
96,547.900
379,404.450
$243,637,550 $218,875,200 $1,522,425,850 $1.633,022,200
Total
$
598.595,782
9,944,092.296
591.053,773
478,389.281
195.642,407
167,634,036
1,103.373.187
184,964,719
140.332.656
255,218,179
74,012,464
341,710,392
559,854,142
6,891,679.217
496,841.729
383,117,944
162,819,598
124,364.648
880,589,141
156,423,538
102,489,446
182.258.961
51,804,231
296,519,574
-52.1
-41.6
-35.1
-32.4
-31.7
-34.7
-43.4
-34.2
-27.3
-32.0
-23.1
-38.8
1931.
1932.
1931.
1932.
6,698,301,298 -39.3 10,288.762,107 14,074,919,072
2,480,524,593 -35.1 3,561,987,658 4,347,448,891
1929.
1930.
:
Seven Months
Month of July.
Description.
The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 for the
years 1929 to 1932 is indicated in the following:
1929.
1930.
1931.
1932.
No. Shares. No. Shares. No. Shares. No. Shares.
Month of January
February
March
34,362,383
31,716,267
33,031,499
First quarter__ _
Month of April
May
June
62,308,290 110,805,940
67,834.100 77,968,730
96,552.040 105.661,570
09,110,149 172,343,252 226,694,430 204,436,240
31.470,016
23,136,913
23,000.594
Second quarter_
42,503,362
64,181,836
65,658,034
82.600,470
91.283,550
69,546,040
54,346,836 111,041,000
46,659,525 78,340,030
58,643,847 76,593,250
77,608,423 159,650,208 265,974,280 243,430,060
176,718,572 331,093,460 492,668,710 537,866,310
Six months
Month of July
23,057,334
33,545,650
93,378,690
47,746,090
The following compilation covers the clearings by months
since Jan. 1 1932 and 1931:
MONTHLY CLEARINGS.
Clearings Outside New York.
Clearings, Total AU.
onth.
1032.
1931.
%
7e
1931.
1932.
$
S
$
$
Ja0._ 26.483.613.804 39,676,379,908 -33.2 9,799,279,675 14,375,919,731 -31.8
Fe b... 21,364,746,405 32,942,435,566 -35.1 8,146,220,677 11,719,161.974 -30.5
arch. 24,517.396,666 39.301,344,645 -37.6 8,907,952,306 13,132,959,663 -32.2
ls qu_ 72.365,756,875 111920160,119 -35.3 26,853,452,658 39,228,041,368 -31.5
A )r___ 22,861,717,985 39,852,451,460 -42.6 8,802,895,892 13.471,643,298 -34.0
8
M.
ay__ 20,697,796.463 37,884,078,968 -45.4 7,958,527,634 12,940,470,085 -3 .5
Ju no__ 21,948,930,796 39.246,604,281 -44.1 8,047,063.895 13.186,393,159 -39.0
2d (50. 65,508,445,244 116983134,709 -44.0 24,898.487,471 39,598,506,540 -37.1
nos_ 137874202,119 228903294,828 -39.0 51.751,940,129 78.826,547,908 -34.3
Ju 1Y -- 19,318.502.525 34.771.900.251 -44.4 7.643.239.237 12.848.267.605 -40.5
The course of bank clearings at leading cities of the country
for the month of July and since Jan. 1 in each of the last
four years is shown in the subjoined statements:
BANK CLEARINGS AT LEADING CITIES.
July
Jan. 1 to July 31
1929.
1930.
1932. 1931. 1930. 1929. 1932.
1931.
$
$
$
$
$
$
$
11,575 21,926 29,768 40,208 97.798 172.002 219,666 268,700
7,012 12,689
739 1.577 2,792 3,100
14
788 1,731 2,151 2.374 6
1,19 1153 138 16,N1
1,147 1,779 2,208 2,628 8,3 6
2 78
229
599
379
,887
510
2 49
904
568
2,554
859
330
4,217
5,487
i"
l , 8:
814
889
621
402
5 9
3,088
4,367 11.4
2,321
285
181
357
256
1,972
1,284
1,749
431
468
343
1,733
236
2,347
2,883
4,21;
583
755
401
279
3,782
1,957
2,700
4,597
589
721
464
4,047
287
2,051
3,175
98
164
177
216
817
1,246
418
334
214
274
1,416
1.900
161
161
1,1i9
11 C6)
95
535
71
689
?
16:1
1,..3 (1
727
261
970
516
2,079
4,001
135
170
105
499
64
1, 15
3
'55
5 923 60853
732
54
503
33
76
50
419
259
342
184
214
148
90
1,372
1,301
685
1,066
106
1,895
173
Buffalo
Omaha
215
325
801
1,206
1,570
120
St. Paul
851
101
85
458
62
708
614
122
81
103
56
388
751
670
Indianapolis
530
134
163
114
74
Denver
1,123
975
566
761
189
181
145
101
Richmond
782
1,269
1,027 .. 1,325
69
80
50
33
634
571
Memphis
307
377
169
95
233
140
Seattle
702
1,547
968 ! 1,205
65
02
51
33
251
602
353 . 481
Hartford
37
61
77
91
Salt Lake City284
429
565
'534
(000,0004
iea.)
New ("nrk
oa
York
Chicago
Boston
Philadelphia
St. Louis
Pittsburgh
San Francisco
Cincinnati
Baltimore
Kansas City
Cleveland
New Orleans
Minneapolis
Louisville
Detroit
Milwaukee
Providence
Total
Other cities
17,781 31,971 43.884 56,635 145,218 246.157 315,863 377,583
1,537 2.801 2,956 3,701 11.975 17,518 22,752 24,816
Total all
Outside N. Y. C
19,318 34,772 46,840 60.339 157,193 203,675 338,615 902,300
7,643 12,846 17,071 20,126 59,395 91,673 118,949 133,599
We now add out detailed statement showing the figures
for each city separately for July and since Jan. 1 for two
years and for tne week ended July 30 for four years:
CLEARINGS FOR JULY, SINCE JANUARY 1, AND FOR WEEK ENDING JULY 30.
Inc. or
Dec.
:Aim
1932.
1931.
%
$
3
-37.7
-40.2
-54.5
-39.1
-36.6
-33.3
-34.9
-30.2
-34.3
-36.6
-47.0
-43.4
-35.1
-31.9
18,769.527 -27.7
13,572,354
94,116.829 -28.2
67,592,840
.0
. . .
6,503,570,087 11 653 592 291 -44
29,688,471 -27.2
21.621,860
15,904.310 -23.4
12.174,888
9,619,954
14,507,152 -33.7
27,119,255 -30.5
18,850,384
137,433,564 -27.1
100,201,887
88,799,861 -25.3
66,307,681
353,197,198 -29.0
250,689.743
213,064,125 -22.8
164,540,099
57,007.000 -39.4
34,560,500
259,044,900
341,992,100 -24.3
13,955,934
17,790,902 -21.6
355,177
1,60.8,713
172,607.725
483,961
519,531
2,807,779
377,000,000
731,109
262,819
464,870
2.481,190
1.563,382
8,584.032
3.365,832
431,128
663,726
3,781,066
2,910,957
10.714.081
5,522.946
917,357,949 1,939,110,537 -52.7
7,541,309,111 13,061,982,585 -42.3
1932.
1931.
$
$
First Federal Rom rye District- Boston3,032.244
1,889,706
Malne-Bangor
8,649,635
14,465,400
Portland
787,797,113 1.730,026,109
-Boston
Mass.
2,440,453
4,010,345
6 Fall River
1,479,969
2,335,732
I Holyoke
1,439,837
2,159,489
r Lowell
2.391,127
3,593,939
r New Bedford
13.352,591
19,125,097
r Springfield
8,716,423
13,273,793
Worcester
51,336,410
32,545.412
-Hartford
Conn.
17,740,887
33.504.021
New Haven
4,313,400
8,360,100
Waterbury
32,676,700
50,387,400
-Providence
R. 1.
1,974,696
2,899,563
-Manchester
N. 10.
Total (14 cities)
Week Ended July 30.
7 Months Ended July 31.
Month of July.
Clearings at
or
Dec.
%
1932.
1931.
$
$
Inc. or
Dec.
1030.
1929.
$
$
-35.5
-42.7
-54.2
-33.8
606,973
2,314,800
515,000,000
945,409
'645,034
6,397,304
531,000,000
1,113,885
-39.0
-30.0
-34.4
-35.4
-19.9
-39.1
505,569
959,025
4,610,122
3,060,001
13,531,294
6,503,468
1,181,419
1,042,050
5.451,220
3,766,858
21,396,131
8,780,155
6,038,900
378,748
8,758,300 -31.0
526,419 -28.1
11,018.000
749,391
16,973,703
897,526
198,195,358
413,875,542 -52.1
559,854,192
598,595,782
%
Financial Chronicle
Volume 135
927
CLEARI NGS-(Continued.)
2Ifonth of July.
Week Ended July 30.
7 Months Ended July 31.
Clearings al1932.
1931.
Inc. or
Dec.
WSecond Federal Re serve District -New York- --18.1
30,273,401
24,803,552
-Albany
N. Y.
Binghamton
Buffalo
Elmira
Jamestown
New York
Rochester
Syracuse
Conn.
-Stamford __
-Montclair
N. 2.
Newark
Northern N. J
Oranges
Total(13 cities).-
3.601,332
5,409.990
106,192,833
173,077,293
4,579,481
3,142.067
2,439,610
3,616,311
11,675.263,298 21,925,632,646
29,245,377
44,552,410
16,695.400
26,334,672
9,915,182
16,789,961
2.843,741
3.155,404
89.103,719
131,403,314
119.952,313
174.041.039
6,824,829
4,357,593
1932.
1931.
Inc. or
Dec.
168.250.754
194,992,086
--33.4
25,652,491
35,333.448
--38.6
801,119,855 1,205.720,644
--31.4
23,975,683
32.252.193
--32.5
18.500.241
29.265,039
--46.8 97.797,525,278 172,002.379.566
--34.3
228,413,064
301,536,635
--36.6
119,433,208
154.030,489
--40.9
82.060,846
100.871,028
--9.7
17.478,120
22,643,372
--32.2
700.869,144
950.919.009
--31.1
888.227.401
1,152,716,110
--36.2
40.231,067
49,064,806
4,481,038
6,021,976
--I3.7
763,456
1,086,290
--27.5
22,729,091
35,512,162
--33.6
502.269
781,011
--25.7
392,224
597,309
--36.8
--43.1 2,452.540,039 4,217,776.705
4.903,800
7,538,873
--24.9
3,024.499
4,133,530
--22.5
2,002.688
2,754.738
--18.6
--22.8
767,727
484,320
16,058,890
26,533,050
--26.3
25,214,070
--22.9
34,078,753
--18.0
Total (14 citles)-- - - 1,228,214,227 1,917,202,614 -35.9
8,956,378.396 13,112,005,932 -31.7
Fourth Federal Re serve District -Cleveland
d 1,662,000
-A kron
12,468,000
Ohio
Canton
180,528,367
251,429,656
Cincinnati
237,395,339
464,043,265
Cleveland
31.354,100
53,893,600
Columbus
1,914,833
3.451.522
Hamilton
514,000
1,309,261
Lorain
c3,941,361
6,913,044
Mansfield
Youngstown
964,102
1,683,782
-Beaver Co
Pa.
357.299
Franklin
625.771
1,436,193
4,129,167
Greensburg
330,351,402
568,323,012
Pittsburgh
Ky.-Lexington
3.745.321
5.062,864
6.711,866
12,558,688
W. Va.-Wheeling_ - _
1930.
1929.
--25.6
8.417.569
6,568,746
--29.7
1,646,388
1.879.628
48,132,090
--36.0
69,304,629
--35.7
924,488
1,129,762
--34.3
1,083,821
1,257,887
--41.9 6,726.774.449 9,727.472.181
--35.0
10.213,166
17,514,863
6.363,955
--26.8
13.883.485
--27.3
4,704.403
3,493,084
1,113,605
622,767
33,654,654
40,126.697
--39.5
43,880,743
--26.0
65.608.453
329,385
e2,059,257
312,404
575,151 -42.7
3,705.631 -44.4
953,436 -67.2
1,310,510
4,785,820
1,124,574
1,532.527
5,781,500
1,261,785
1,120,102
2.531,206
--75- 77
5
1.804,080
2,068.610
243,000.000
1,637,431
1,966,765
1,407.496
971,498
371,000.000
2,630.678
3,888.738
2.641,823
1,506,779
-37.8
-49.4
-46.7
-35.3
470.000,000
3,336,586
5,551,381
3,397,920
1,929,858
558,000,000
4.304.991
6.681.366
4.248,794
2,460.491
1,818,000
3,003,000 -39.5
3.601.000
4.713,709
254,622,338
392,436,442 -35.1
496,841,729
591,053,773
--86.7
12,889,000
98.174,000 --86.9
313,000
2,345,000 --86.7
3,902.000
7,280,000
--28.
--38.1
--41.8
--44.5
--60.
--43.
1,284,172.220
2,050,574.067
238,582,500
14.182,53'
4,054,08
23,419,118
1,747.377,007
3,175,052.2(10
391,890.100
23,634.764
8,919.396
45,685,569
-26.4
-35.4
-39.1
--40.0
-54.5
-43.7
42.050,221
*63,000,000
6,188,400
49.414.785 --15.0
93.321,253 --32.5
11.493,500 --46.2
52.338,050
122,191.223
14,886,100
70.958,198
157,764.527
17.609,400
--42.7
--42.9
--64.0
--41.9
--26.0
--46.6
6,311,62
3.125,785
9.175,08
2,553,834,66
33.942,95
50,817.18
10,454,600
4,378,23'
26.638,470
4,216,565.775
37.430,829
88,055,609
-39.7
--28.6
--65.6
-39.4
850,926,238 1,385,896,632 -33.6
6.285,080,816
9,871,260,614 -36.3
12,254,935
83,610,783
782.057,836
20,649,629
24,534,205
27,807,276
1,732,531,890
7,400,349
19,273,685
107.752.402
1,027,428,322
52.167.024
52,528,236
64.901,072
2,346,941,030
12,162,851
Fifth Federal Rear rve District- Richmond
1,453,514
2,450,852
W. Va.-Huntington_
Va.-Norfolk
11,808,000
16,555,250
Richmond
101,170,939
144,747,754
-Raleigh
N. 17.
2,370,879
7,322,786
-Charleston
2,775,862
S. C.
7.322,552
Columblaa
3,149,626
8,286.933
Md.-Baltimore
235,920,435
342,683,782
Frederick
942.214
1,721,811
Hagerstown
D. C.
-Washington
76,616,111
100,887,167
436,237.580
--40.7
--28.2
--30.1
-67.6
-62.1
--62.0
--31.2
--45.3
832,704
1,367,521
1,724,193
2,250,402
112
114,696,191
188,056,378
222.524,757
184,294,437
272,662,250 -32.4
383,117,944
478,389,281
272,973
2.109,000
21,174,334
470,821 --42.0
3,578,931 --41.1
29,067,768 -27.2
955.960
3,994.423
38,238,000
1.148.861
5.066.134
41,616,000
-42.3
-36.4
-22.4
-23.0
--60.4
-53.3
-57.2
--26.2
--39.2
554,727
1,323,000
1,505,375
1.749.517
50,752,495
77,541,861
95,415,405
119,534.974
-24.0
595.523,236
750,681.265 -20.7
14.439,747
18,815,056 -23.0
22,710,435
26,376.921
631,980,847 -31.0
3,286,373,189
4.433.835,896 -25.9
89,353,276
130,797,437 -31.7
162.819,593
195,542,407
67,186,231
396.442,458
1,108.773.577
40,910,442
21.713,979
24.505.980
382.789.918
47,439,973
418,476,094
42,460,096
21,931,743
36,059.000
44,435.962
11,644,704
4,391,018
1,248,173,772
1.815.765
6,995,909
20.700,000
498.759
-44.2
-23.9
-29.4
-52.9
2,000.000
19.887,987
37.616.075
1,235,298
2.612,930
22,287.824
52,077,071
1,567,499
301,601
5,856,261
548.329 -45.0
8.649,355 -32.3
1.466.652
9.787,381
1.506.510
12.363,370
7,168,910
594,792i
10,486.722 -31.6
1,032,096 -42.4
14,037.702
1,632,678
21,673,023
1,902.764
Sixth Federal Rose rye District- Atlanta
Tenn.-Irnoxville_
14,686,231
*12,500,000
Nashville
29,576,243
50,414,147
Ga.-Atlanta
107,000,000
150,958,303
Augusta
2,597,231
5,591,633
Columbus
1,500,786
2,785.532
Macon
1.915,160
3.064,493
Fla.
29,171,616
-Jacksonville
46,054.933
_
5,646.742
Tampa
3,497,839
Ala.
33,956.909
54.436.834
-Birmingham_ _ Mobile
3.071.371
5,268,244
1,669,366
2,855,222
Montgomery
Miss.
2,897,000
-Hattiesburg _
4,036,000
4,243,517
Jackson
5,825,562
Meridian
847.316
1,373,813
409,585
521,834
Vicksburg
97,723.627
La.
-New Orleans.. _
163,667,341
--14.9
--41.3
--29.1
--53.6
--46.1
--36.5
--36.7
--33.1
--37.6
--41.7
--41.5
--41.7
--27.2
--33.3
--2I.5
--40.3
80.840,158
274.947.472
853,975,000
25,124,305
13,924,412
15.107.592
291,701,650
35.237.852
277,469.230
24,688,078
15.263,246
22,273.000
28,160,714
8.812,647
3,5 7.236
817,272,460
518,036,916 -35.8
2.790,379,052
-44.7
-25.5
-49.5
-53.0
-47.0
-45.2
-49.2
-46.8
-53.6
-30.7
-14.2
-35.7
-69.2
-38.8
-32.6
-75.1
-73.7
-24.8
3.592,910
18.832,055
2,079,229,107
40.211.295
87,488,131
18,547,671
45.331,235
33.523,371
50,620,293
387,941.151
33.250,142
99.963.134
35,192,337
499,088,279
13,337,51
22,918,973
157,736,542
157,937.426
5.179,150
25,561,850
4,001,313.119
63.357,435
140,235.431
25,395,290
86,449,512
73,524,094
113,004.235
530,146.000
59,235.29'
133.154.126
73,291,884
732,232,753
19,769.795
80.648,586
375,572,724
206,755,716
-50.3
75,522,984
122,047,464 -33.1
8,463,026
24,577,210 -65.6
12.163,381
26.813.703 -54.3
30.503,453
46,729.749 -34.7
7,012,174,200 12,688.930,217 -41.7
17.396.793
28,667.918 -39.3
75,120,324
100.599.669 -25.3
24,611,416
67.142,749 -63.3
50,837,980
69,641.170 -27.0
801.715
172,026,003
461.935
1,770.022
539,900
1.492,663
1,207.859
299.146,204
784.370
2,521,066
1,307,078
2,167,045
1.310,093,869 2,577,593,436 -48.8 11,094,710.121 19,929,980,892 -44.3
269,843.704
476,994,541 -43.4
b
47,200,000
14,436,307
b
b
76,300.000 -38.1
17.715,646 -18.2
b
109,800.000
31,594,792
b
133,800,000
33,063.116
b
6,152,707
b
b
8,687,547 -29.2
b
13,576,404
b
16.099.033
123,152
370,572
-. - 2
7
.
132,778
639,118 --42.0
231,085
1,221.257
440.706
1,561.864
63,332,738
103,475,089 -34.0
156,423,538
184,964,719
332,607,616
Total(16 cities) _
Seventh Federal R eserve Distric [-Chicago-Adrian
Mich.
402.435
728.363
Ann Arbor
2,454.760
3,301,001
260.603,838
Detroit
515.571,382
4,234,193
Flint
9,005.469
10,042,264
18,932.637
Grand Rapids
1,909,851
Jackson
3,485,941
6,542,375
12,889,662
Lansing
3,970,911
7,470,453
Ind.
-Ft. Wayne....
6,020,136
14.532,278
Gary
56,057,000
Indianapolis
80,930,000
4,232,732
4,933,399
South Bend
14,343,168
22,323,324
Terre Haute
3,013,623
Wis.-Madison
9,794,932
63,977,297
104,540,976
Milwaukee
1,733,042
2,570.937
Osh kosh
2,041,539
11,412,539
Iowa-Cedar Rapids_
22,162,165
84,286,134
Davenport
21,702,977
28,841,856
Des Moines
b
b
Iowa City
9,173,631
18,452,026
Sioux City
f
3,051,102
Waterloo
773,645
3,519,429
Illinois-Aurora
3.747,278
8,052,693
Bloomington
799,227.589 1.576.503.854
Chicago
1,920,949
4.199,209
Decatur
12,906,868
9,330,093
Peoria
2,095,490
6,586,995
Rockford
10,391,964
6,436,478
Springfield
Total(27 cities)--
Inc. or
Dec.
12,037,606,012 22,545,690,801 -46.4 100,909,535,152 176,231,774,425 -42.7 2,533,379,791 4,337,298,726 -41.6 6,891,679,217 9,944,092.296
13,798,727
24,196,537 --43.0
77.325.366
104.451.943 --26.0
13,469.940
27,658,752 --15.1
75,513,216
107,137.698 --29.5
36,869.620
69,978.109 --47.3
11.254,572
16.940.630 --33.5
13.832,753
19.980,699 --30.8
8,336.000.000 12,178,500.000 --31.6
71.216,719
92.770.759 --23.2
74.692,148
131,198,881 --43.1
54,354.300
94,158,026 --42.3
36,920.335
54,321.248 --32.0
33.919,000
54.969.000 --38.3
107,207,700
135.743,600 --21.0
Total 19 cities)
1931.
S
$
Third Federal Res erve District -P hiladel p h in1,435,728
2,653,283 -45.9
-Altoona
Pa.
9,106,271
17.823.720 -43.9
Bethlehem
1,891,466
4,031,561 =53.1
Chester
15.718.360 -31.3
Harrisburg
10.790,127
9.171,098 -47.2
4,839,749
Lancaster
Lebanon
1,314.043
2,434,587 -46.0
1,925.202
3,042,410
30.7
Norristown
Philadelphia
1,147,000,000 1,779.300,000 -35.5
Reading
8,7923150
13,280,180 -33.8
Scranton
9,622,909
18,771,152 -48,7
Wilkes-Barre
7,809,330
13,404,629 -41.7
5,213,752
7,731,634 -32.6
York
3,873,000
-Camden
6.518300 -40.6
N.J.
Trenton
14,600,000
23,376.000 -37.5
Total (13 cities)
1932.
Eighth Federal Re serve District -St. Louis
b •
-Evansville _ _
Ind.
1,139,387
361,124
New Albany
378,866,262
229,130,718
Mo.-St. Louis
95,332,349
71,387,482
Ky.-Louisville
Owensboro
5,360,799
*4,500,000
Paducah
49,561,546
_
Tenn.-Nlemphis_
33,221,814
702,035
505,531
3,814,923
2,275,049
Quincy
Total(7 cities)
341,381,718
-38.1
-49.3
-54.3
-27.7
-68.3
-37.6
--68.3
-39.5
-25.1
3.457,458
1,886.697,716
534,991,065
-16.1
-35.0
-23.
-40.
36,501,821
306,448.03
3.492,073
17.305,630
534,777,301 -36.2
2,789,093,844
Al
d
1
-20.3
-30.6
-23.0
-38.6
-35.9'
-33.8
-23.8
-25.7,
-33.7
-37.1
-30.4
-33.2
-36 6
-21.3
-19.0
-31.4
3,255,090
9.197,317
29.300.000
1,059,157
1.437.076
1,787.000
60,072
18,763,124
60.844 -25.7
32,452,603 -42.2
135.703
35,127,889
250.527
49,605.518
3,915,335,891 -28.7
63,296,626
96,908,013 -34.7
124,364,646
167,634,036
-30.6
-26.3
-93.0
-41.2
37.6
-34.8
-47.5
-54.4
-55.2
-26.8
-35.3
-27.7
-52.0
-31.8
-32.3
-71.6
-58.0
-23.6
61,476
364,341
55,471,931
116,251 -47.1
595,482 -38.8
111,856,581 -50.4
150.061
889,177
154,447,957
237,108
641,721
210,441,327
2,127,094
4,182,801 -49.1
6,490,670
9,509,926
1,195.900
1,733,889
2.340,028 -48.9
1,464,178 +18.4
2,881,073
2,630,034
4,028,793
4,075,534
10,793,070
738.793
2,578,949
14,055,000
887,670 --16.8
3,647,692 -29.3
19.550,000
2,036,144
4,023,455
25,901.000
2.913.976
4.983.400
11,342,893
19,159,812 -40.8
25,128,489
35,734,459
524,462
2,129,646 --75.4
2,635,609
3,349,949
4.061,673
b
1,757,065
f
5,142,525 --21.0
is
b
3,725,000 --52.8
____
558,253
7.284,585
b
5,617,774
1,044,717
5,094,235
b
6,924,714
1.430,026
--7 - - 6
3.
3
--42.5
--41.1
--29.8
--58.7
--31.1
1,924,051
632.911,831
1,144,390
4,047,099
2,755,782
2,990,243
2.150,864
773.372.232
1,193.011
6,247.969
3,474,790
1,668.103
is
8,090,903 -57.3
2,849,111,982 -33.8
689,387,611 -22.4
41,052,565
376,840,030
4,801,452
24.417.054
-11.1
-18.6
-27.3
-29.1
3.993.701.647 -30.2
541,433
844,000
880,589,141 1.103,373,187
928
Financial Chronicle
Aug. 6 1932
CLEARINGS--(Concluded.)
Morrill of July.
Marinas at
1932.
7 Mordhs Ended July 31.
Inc. or
Dec.
1931.
S
3
%
Ninth Federal Res erve District -Minueapo11 sMinn.
-Duluth
9,654,013
17,242,118 -44.0
Minneapolis
213,514,006
273,575.760 -22.0
Rochester
976,852
1,572,123 -37.9
St. Paul
61,896,496
85,077,559 -27.2
No. Dak.-Fargo
6.996.239
8.402.059 -16.7
Grand Forks
4,812.000
6,662.000 -27.8
Minot
737.000
1,242,220 -40.7
S. D.
-Aberdeen_ 2,540,858
3,506,983 -56.1
Sioux Falls
3,302.537
6,673,608 -50.5
Mont.-13111113gs
1,169,232
2,159.113 -45.8
Great Falls
1,734.199
3.370.297 -48.5
Helena
7.394.500
10,612,170
30.3
LewLstown
161,192
218.396 -26.2
Total (13 citles)---314,889,124
420,314,706 -25.1
Tenth Federal Re erve District -Kansas Cit
Neb.-Fremont
639,445
1.245.035
Hastings
556.877
1.307,458
Lincoln
7.139,267
12,572,093
Omaha
89,611.930
147,536,005
Kan.
-Kansas City
7,733,874
12,380,624
Topeka
7,419,589
11.548.155
Wichita
20.115.133
25,249.384
Mo.-Joplin
1.097.110
1,993,092
Kansas City
278,537,932
401,470,091
St. Joseph
10.478.000
18,020,305
Okla.
-Tulsa
18,036,412
23,529.156
Colo.
-Colo. Springs
2,799,275
4,559,006
Denver
74.332,873
113.745,075
Pueblo
2,978,173
6,649,286
Total (14 citles)_---
521,525,890
Twelfth Federal
Wash.
-Bellingham_
Seattle
Spokane
rf Yakima
Idaho-Boise
Oregon-Eugene
Portland
Utah-Ogden
Salt Lake City
Arizona-phoenix_ _ Calif.
-Bakersfield_ Berkeley
Long Beach
Los Angeles
Modesto
Pasadena
Riverside
Sacramento
San Diego
San Francisco
San Jose
Santa Barbara
Santa Monica
Stockton
221,591.211
1932,
1931.
$
$
%
1931.
Inc. or
Dec.
1930.
$
$
,
c
.°
$
1929.
$
125.777,613
1,899,773,325
10,242,401
614,359,924
57.987,518
41,903,000
8,769,997
25,715.080
50.717,760
16,268,045
23,968,376
78.652,258
1,852,637
-55.6
-25.5
-26.0
-25.6
-9.6
-22.9
-35.1
-29.2
-49.6
-37.7
-37.5
-35.1
-30.5
1,726,296
38,907,444
3,647,759 -52.7
53.231,425 -26.9
3,819,585
71,264,458
9,324,734
97,274.085
12,269,967
1,412.782
16.245,768 -24.5
1,683,922 -16.1
21,222,547
1.741,153
24,705.600
2.008.013
562,417
671,202 -16.2
-
925,637
1,121,576
215,865
397,606 -45:7
-
495,072
69.8,548
1,586,985
2,132,926 25:6
3,020.994
4,610,000
2,158.922,329
2,955,987,934 -27.0
56,681,756
78.010,608 -27.3
102,489,446
140,332.556
-44.2
-63.8
-48.4
-40.1
310,750
492,140
3,092,385
41,324,001
479,321
635,754
4,500,000
47,995,825
1,837,770 -30.6
4,324,501 -10.1
2,522,104
2,461,963
4,7541,239
11.009,971
81,077.551 -.25.6
-3,742,333 -40.7
120,001,232
4,572,878
175,332,432
8,109,021
762,918 .
23.5
a
a
1,135,828 -59.9
1,213.117
a
1.268,391
719.054
a
1,578.062
129,991,828 -32.0
182,258,961
255,218,179
5,558.478
4,897,532
60,739,699
685,071,542
55,620,970
56,575,951
125,440,234
10,084,988
1,957,487,836
83.251,861
135,147.134
21,913,061
566,248.636
24,174,319
8,474,783
11,375,177
89,635,059
1.065.930,897
70,992,535
85,523,485
162,393,760
15,214,981
2,699,856,239
129,600,651
192,355,079
30,286,179
751,107,796
38,306,197
781,804,765 -33.3
3.792,242,244
5,351,052,818 -29.1
-56.3
-65.4
-31.0
-43.4
-31.1
-13.3
-24.4
-54.1
-52.7
-341.5
27.840,389
27,856,679
795,012,620
75,594,657
168,433,533
63,637,000
537,585,832
8,267,994
17,281,000
72,215,593
344.001.213 -34.7
1,843,725,297
eserve DIstric t-San Franc isco1,564,000
2,987,000 -17.0
94.851,395
139,731,898 -32.1
22,399,000
41,094,000 -45.5
1,755.721
3,190.745 -45.0
3,761,730
6,323.401 -40.5
413.249
1.238.000 -66.6
69,845,644
121,388,048 -42.5
1,859,706
4.568,680 -59.3
37.244,444
61,287,885 -39.2
6,183.355
13,018,608 -52.5
2,879,815
3,903,924 -26.2
12,914,181
17,175,838 -24.8
12,131,632
23,384.652 -48.1
No longer will report cleans go.
1,756.707
2,971,267 -40.9
10,941,615
19,614,473 -44.0
2,759,161
3,133,007 -11.9
26,154,254
34.853,978 -25.0
11,296,667
18,179,876 -37.9
402,453,320
621,253,696 -35.2
6,862.092
13,804,010 -50.3
5,223.978
7,404,853 -29.4
3,661,187
7,143,644 -43.7
5,088,202
7,719,900 -29.1
1932.
65,872,349
1,415,516,157
7.575,369
458.380.737
52,397,418
32,306,000
5,688,475
18.197.206
25,537.642
10,134,19;
14.984,744
51.044,553
1,2,7,483
y-48.6
-57.4
-43.2
-39.3
-37.5
-35.8
-20.3
-45.0
-30.6
-41.9
-23.3
-38.6
-34.7
-55.2
Eleventh Federal Reserve Distr ict-DallasTexas-Austin
2.684.945
6,140,584
Beaumont
2,234,147
6.458,480
Dallas
98,099.022
142,160.231
El Paso
9,049,190
17,527,998
Fort Worth
21,520.229
31.219,652
Galveston
7,893.000
9,108,000
Houston
71,731,540
111,116,527
Fort Arthur
904,620
1,971,463
Wichita Falls
2,200.000
4.650.000
La.
-Shreveport
8,254,518
13,648,278
Total (10 cities)- - -
Week Ended July 30.
Inc. or
Dec.
45,126,921
47,031,388
1,069,295,553
143.822 643
229.174,712
75,135,000
836,297.780
14,447,240
36,825,000
108,857,520
-34.4
109,382
-06.9
97,682
-32.2
1,229,058
-35.7
18.257,404
-21.7
-33.8
1,275,530
-22.8
3,889,752
-33.7
-27.5
60,325,221
-35.8
2.219,928
-29.7
-27.5
583,895
-24.6a
-36.9
455,939
-33.3
-40.8
-25.7
-47.4
-26.5
-15.4
-29.7
-42.8
-53.1
-33.7
2
,606,063,757 -29.3
12,519,540
701.535,592
178,623,000
13,413,329
28,853,757
4,789,575
547,260,168
13,447,575
284.013,226
68,096,253
21,092,099
104,299,199
98,185,537
20,490,000
967,816,064
279,426,000
25,314.203
39,396.014
9,210,000
839,607,333
32,334,925
428,570,577
98,674,608
29.324,343
117,365,575
174,156,712
-38.9
-27.5
-36.1
-48.0
-26.7
-17.9
-34.3
-59.0
-33.7
-31.0
-28.1
-11.1
-43.6
12,553,807
104,781,612
26,009,351
191,554,200
94,329,037
3,047,814,434
49,556,448
36,259,205
29,551,165
36,405,984
18,025,897
152,063,107
26,314,178
217.989,251
136,806,033
4,367,133,605
77,197,523
54,125,879
50.731,601
49,149,200
-30.4
-31.1
-1.2
-12.1
-31.0
-29.3
-35.8
-33.0
-41.8
-25.9
88,443,791
195,926
270,01
37
2,383,356
30,465.451
440,002
1.005,639 -56.2
1,106,715
1.776,712
21,550.595
27,183,041 -20.7
36,578.722
45,595,268
4,326,782
1,583,000
5,647.392 -23.4
1.885,000 -16.0
7.635,805
2,630,000
18,105.014
4,310,000
1,388,078
2,367,973 -41.4
3,862,989
,i,i2- -iiii
5
,
29,288,457
38,089,045 -23.1
51,804,231
74,012,464
18.878,451
4,336,000
300,340
27,699,396 -31.3
7,658,000 -43.4
629,269 -51.3
35,105,096
9,148,000
648,620
50 605,977
.
11,354,000
1,209,862
........
13,831,408
22,737,516 -39.2
30,667.370
37 630,598
.
7,074.318
11,830.383 -40.2
16,460,707
18,617,782
2,390,336
4,163,686 -42.4
No longer w ill report clear Ings.
6,285,439
8,300,234
2,015,831
4,067.303
1,877,029
81,079,463
1,220,399
744,785
710,302
889.729
3,559,181 -43.4
5.251.270
3,288,166
134,561,705
2,496.319
1,230,040
1,402,046
1,254,800
-22.5
-42.9
-39.7
-51.1
-39.5
-49.3
-28.3
5,076,617
5,490,446
4,514.616
3.349,012
176,382,289
2,789,442
1,604,785
1,768,331
1,718,300
6,034,608
5,280,067
186.409,417
4,272,120
1,642,616
2,139,565
2.433,100
Total (23 cities)--744,071,061 1.175,375,383 -36.7 5,744,955,093 8,212,212,688 -30.0
139,437,694 227,761,777 -38.8
296.519,574 341,710,392
Grand total(173 cltie3 19,318,502,525 34.771.900,251 -44.4 157,192,701,644 263.675,195,079
-40.4 4,063,494,049 6.698,301,298
-39.3 10288 762,107 14074 019,072
Outside New York__ 7.643,239,237 12,846,267.605 -40.5 59,395.179,366 91,672,815,513
-35.2 1.610,954,010 2,480,524,593
-35.1 3,561,987,658 4,347,446,391
CANADIAN CLEARINGS FOR JULY, SINCE JANUARY I.. AND FOR WEEK
ENDING JULY 2S.
Total (32 elties)_
$w
o
431.863,758 -22.0
392,277,146 -8.8
187,009.312 -5.6
72,175,003 -27.3
26,103,03 -35.2
9
30,874.230 -40.9
13,192,099 -23.9
21,125,899 -25.1
23,054,730 -25.4
9,149,389 -24.3
8,827,843 -30.0
12,114,195 -8.8
19,278,846 -18.5
13,754,523 -38.6
1,768,813 -9.8
1,806,205 -25.8
7,209,390 -22.7
3,208,904 -29.6
4,250,693 -17.5
3,204,382 -15.1
2,610,337 -23.4
1,046,639 -26.8
3,386,523 -20.1
3,111,706 -20.1
4.224,671 -11.2
13,458,571 -27.6
1,573,895 -27.6
3.255,491 -12.9
3,225,473 -15.2
2,057,340 -23.3
1,920,949 -3.0
3,329.077 -40.6
3
2,311,282,026
2,350,464.695
1,033,231.606
371,993,157
142,459.650
124,872,242
70.346,064
114,785,813
142,139,934
51.874,845
42,535.221
77,853,547
114,688,089
94.558,914
9,932,467
9,320,971
40,644,301
16,512.731
23,603.076
16,746,162
13,951,327
5,217,818
17,620,008
17.219.326
26,054,597
70.873,441
8,1341,202
21,803.379
16.773,495
13,026,791
12.102,036
14,450,012
1931.
Week Ended July 23.
Inc. or
Dec.
3
%
3,584,671,606 -35.5
3,229,106,700 -27.2
1,124.175,134 -3.1
476,995,303 -22.0
189.242.411 -24.7
171,005,041 -27.0
90,538,589 -22.3
149,541,337 -23.2
189.957.518 -25.2
68,806,912 -24.6
57,370,255 -25.9
86,949,166 -10.5
133.733.783 -14.2
94,463,427 -4.0
11,920,686 -16.7
11.944,941 -22.0
50,369,140 -20.0
23.566,182 -29.5
29.667,357 -20.4
19,933,673 -11.6
18,284,212 -23.7
6.777,037 -23.0
22,433,771 -21.5
22,338.668 -22.9
32,402,230 -10.4
95,686,151 -25.9
11,873,623 -26.9
22,654,010 -3.8
20,175,618 -16.9
16,424.292 -20.7
15.703,326 -23.0
22,349.445 -35.3
1932.
a
65,796,404
70,776.326
40,672.377
11,519,099
3,380,210
3,109,594
1,849,364
3,049.530
3,352.714
1.321.003
1,187,853
2.278,184
3,353.531
2,345,542
310,926
258,999
1,169,076
422.371
617,700
640,664
428,880
145,037
491,991
472,567
790,224
2,288,099
• 229,568
718.872
500.505
304,023
346,130
421,415
1931.
S
82,297,169
77,057,404
41.712,667
15,288,181
4,413,009
5,589,310
2,353,453
3.865,492
4,191,457
1.686.259
1,833.251
2,328,364
3,580,394
2,511.652
355,379
363,324
1,469.311
504.229
724,660
513,473
527,386
351,941
600.603
591,053
807.600
2.241,339
302,739
650,612
547,207
350,840
295,339
719,053
Inc. or
Dec.
tJ
1931.
1932.
.a.13
S
336.817,664
357.637.032
176,510,470
52,480,233
16,910,799
18,235.905
10,041,519
15,823,950
17,191,902
6,928,000
6,183,378
11,052.109
15.703,391
11,840,718
1,594,666
1,341,046
5,575,877
2,259,658
3,508,820
2,719,573
1,999,399
766,358
2,704,560
2,44
15,318
3,751,937
10,249,291
1.138.855
2,834.187
2,735,654
1.600.824
1,862,803
1,977,455
Inc. or
Dec.
1+11+14,IIIIIIIIIII
0 14. Z•30.NJ NO :A .W.P.C.Ca0 1.2
,
1932.
CanadaMontreal
Toronto
Winnipe,,
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Sudbury
7 Months Ended July 31.
Month of July.
Clearings at
-
1930.
S
109.384,834
85,901,945
45.768,600
16,078.195
6,130,947
5,741,337
2.741,853
4,356,399
6,064,196
2.246,956
2,030,962
2,765,018
4,231,320
3,223,545
483,999
496,233
2,083,915
1,037,344
916,376
647,344
809,473
222,1110
756,566
654,913
947,529
2,994,338
393,212
800.670
956,673
503,293
515,603
1,019,403
1929.
a
143.275.862
115,475,427
75,156,190
22,251,187
6.640,257
7.527,969
3,565,821
6,332,656
10,415,461
3.363.748
2,375,079
3,010.192
6.068,413
7,437,013
641.333
646,699
2,939,356
1.312.028
1.443,289
1,076,646
939,294
333,232
963,027
857,864
1,186,072
3,859,368
498,015
879,606
702.466
677.1 21
3
975,004
1.104,468,356 1.325.479,166 -16.7 7.397.678,433 10.105.572.547 -2
0.3
224,553.673 260.634,066 -13.4 313,494,706 431,377,301
a No longer reports weekly clearings. b Clearing house not functioning at present. c Clearing
house reopened In February. d Figures smaller due to
merger of
two largest banks. e Due to merger o two leading banks, this figure represents the exchange of checks between
fewer Institutions. f Only one bank open: no clearing
figures.
Estimated. I Six months' figures.
Volume 135
Financial Chronicle
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
July 20 1932:
GOLD.
The Bank of England gold reserve against notes amounted to
£136,395,565 on the 13th Inst., as compared with £136,144,152 on the previous
Wednesday. To-day the Bank of England announced the purchase
of
£188,084 in bar gold. Substantial amounts of bar gold have been available in the open market; some was taken for the Continent, but most of
the offerings were secured for a destination not disclosed.
Quotations during the week:
Per Fine
Equivalent Value of
Ounce.
.t Sterling.
July 14
116s. 2d.
14s. 7.5d.
July 15
116s. 3d.
14s. 7.4d.
July 16
116s. Id.
14s. 7.6d.
July 18
116s. Od.
145. 7.8d.
July 19
1155. 8d.
14s. 8.3d.
July 20
115s. 7d.
14s. 8.4d.
Average
115s. 11.5d.
14s. 7.8d.
The following were the United Kingdom imports and
exports of gold
registered from mid-day on the 11th inst. to mid-day
on the 18th inst.:
Imports.
Exports.
British South Africa
£1,207,510 France
£1,437,814
British India
1.242,351 Belgium
714,500
Straits Settlem'ts & Dep_
388,499 Netherlands
182,909
New Zealand
147,200 Switzerland
7.752
Brazil
108.500 Other countries
1,510
Egypt
80,465
British West Africa
51,487
Kenya
16.788
Netherlands
19,931
Other countries
8,672
•
.
£3,271,403
£2,344,485
Details are given below of the United Kingdom gold
movements for the
month of June last. As was the case for the two preceding
months,imports
were again considerably in excess of exports-1n June the
former were about
£9,100,000 more than the latter. For the first six
months of the year
imports of gold amounted to £85,099,911 and exports
to £70,454,340.
Imports.
Exports.
Netherlands
£109,014 £2,686,537
France
96,514
2,487.663
Germany
11.370
7,464
Belgium
4,330
759,468
Switzerland
277.813
West Africa
176,146
United States of America
Union of South Africa and S. W. Africa Territory_ 4,318,000
6,535,975
Rhodesia
351.264
British India
3,142.129
56
Straits Settlements
181,862
Australia
216,115
New Zealand
43.894
Salvage from SS. Egypt
144,611
Other countries
113,917
111.450
/15.445.141 £6.330.451
Shipments of gold from Bombay
London by the SS. Clan MacWhirtelast week were £281,000 consigned to
r, £828,000 consigned to London and
£45.000 to Holland by the SS.
New York by the SS. PresidentKaisar-i-Hind, and £34,000 consigned to
Polk.
SILVER.
At the beginning of the week,
15th instant 17 qd. was reached prices advanced rather sharply and on the
for
of 7-16d. in two days and was due toboth deliveries; this represented a rise
buying. The demand, however, wasdemand from China and some special
not
Bazaars and China offering to re-sell, maintained and with the Indian
America was also disposed to sell and the improvement was not held.
prices eased gradually, the market
becoming rather dull in the
fairly steady at the present absence of further support. The tone appears
level.
The following were the United
Kingdom imports and exports of silver
registered from mid-day on the 11th
instant to mid-day on the 18th instant:
elFA1
Imports.
Exports.
French Indo-China
£199,200 Hongkong
£46,566
Belgium
28,230 Bombay
15,450
Soviet Union (Russia)
22,538 French Passessions in India_ 10,500
Canada
6,127 Straits Settlements
4,237
Japan
5,255 Guatemala
3,610
Other countries
3,981 Other countries
1,910
£265,331
£82,273
Quotations during the week:
IN LONDON.
IN NEW YORK.
Bar Silver per Oz. Std.
Cents per Or. .999 Fine.
Cash.
2 Mon.
July 13
July 14
17d.
17 1-16d. July 14
July 15
174d.
174d.
July 15
2( 6
227 3 -1
73
July 16
17 1-168.
17348.
July 16
273-16
July 18
17d.
17 1-16d. July. 18
27 1-16
July 19
16)48.
16 15-16d. July 19
26 15-16
July 20
167,0.
16 15-16d.
Average
17.010d.
17.0628.
The highest rate of exchange on New York
from the 14th instant to the 20th instant was recorded during the period
53.56% and the lowest $3.54.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)July 15.
July 7. June 30.
Notes in circulation
17244
17166
17085
Silver coin and bullion in India
11305
11268
11188
Gold coin and bullion In India
1078
1078
1078
Securities (Indian Government)
4861
4820
4819
'stocks in Shanghai on the 16th instant consisted
ounces in sycee, 240.000,000 dollars and 3,960 sliver of about 87,000.000
bars, as compared
with about 8.3,000,000 ounces in sycee, 237,500,000
dollars and 4,560 silver
bars on the Mb instant.
PRICES ON PARIS BOURSE.1 "-.?cRY41111111
Quotations of representative stocks on the Paris
Bourse
as received by cable each day of tid-Tias- i week h
77 171
as follows:
July 30 Aug. 1 Aug. 2
1932.
1932.
1932.
Francs. Francs. Francs.
Bank of France
11,600 11.800
Banque de Paris et Pays Bas
1,640
1,630
Banque de Union Peri/denim
494
498
Canadian Pacific
357
347
Canal de Suez
13,890 14,000
CM Distr d'Electeleitle
2.190
2.190
Cie General d'Electricitie
Holt
2,250
2,270
Cie Generale Transatlantlque
day
90
90
Citroen B
433
420
Comptoir Nationale d'Escompte
1,230
1,220
------CotY Joe
220
220
Cour!'leree
383
382
Credit Commerciale de France_ _
695
688
Credit Fonder de France
4,430
4,450
Credit Lyonnais
2,070
2,040
Distribution d'Eleetrieltie Is Par
2,250
2.240
Aug.3 Aug.4 Aug.5
1932.
1932.1 1932.
Francs. Francs. Francs.
11,400 11,600 11.500
1,620
1,640
1,620
501
508
338
399
335
14,005 14,125
2,200
2,230
2,220
2,260
2,2215
86
90
415
412
1.210
1,220
1,166
210
200
210
350
389
688
710
4.430
4,450
9 37
- 75
.
2.040
2,060
2.040
2,200 2,230
2,210
929
July 30 Aug. 1
1932.
1932.
Francs. Francs.
Eaux Lyonnais
2,370
Enercrie Electricitie du Nord......620
Energie Electricitie du Littoral
1,016
French Line
90
Gales Lafayette
89
Gas Le Bon
770
Kuhlmann
510
L'Air Liquide
900
Lyon (P. L. M.)
Mines de Courrieres
-Igo
Mines des Lena
500
Nord RY
1,490
Orleans Railway
Paris, France
1.125
.
Pathe Capital
123
PechineY
Hell1,380
Rentee)3%
day
81.30
Wades 5% 1920
124.00
Rentee 4% 1917
94.40
Rentee 5% 1915
98.70
Rentee 6% 1920
101.00
Royal Dutch
1,340
Saint Cobain C. & C
1,825
Schneider & Cie
1,195
Societe Andre Citroen
430
Societe Francalse Ford
116
Societe General Fonciere
206
Societe Lyonnalse
2,340
Societe Marseillaise
605
Suez
14,000
Tubize Artificial Silk. prof
226
Union dElectricttle
870
Union des Mires
220
wagon-Litz
Aug. 2. Aug.3
1932.
1932.
Francs. Francs.
2,370
2,360
625
626
1,015
1,010
85
86
88
'no
770
500
490
880
870
990
995
360
380
500
490
1,490
1,490
920
921
1,100
1,100
123
121
1,370
1,360
80.90
81.50
123.80 124.20
94.50
94.70
98.60
98.60
101.20 101.30
1,450 1,430
1,800
1,780
1,200
1,200
420
410
117
118
205
201
2,350
2,360
605
606
14,200 14,000
220
219
860
870
230
230
90
90
90
Aug.4 Aug.5
1932.
1932.
Francs. Francs.
2,370
2,360
1.65
90
86
88
85
770
770
500
490
880
880
995
390
-385
500
490
1,480
1,480
937
1,100 f.iFia
120
1.380
1:566
82.00
82.10
124.10 124.50
95.00
95.60
98.70
98.70
101.30 101.20
1,510
1,500
1,790
1,200
410
"416
118
113
201
194
2.370
605
14,100 14;666
220
870
-8i0
230
230
95
----
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. Prices suffered heavy declines. Closing
prices of representative stocks as received by cable each day
of the past week have been as follows:
July
Aug. Aug. Aug. Aug. Aug.
1.
2.
3.
4.
5.
Per Cent of Par
Reichabank (12%)•
126
126
126
126
127
Berliner Handels-Gesellschatt (4%)*
89
89
89
89
89
Commerz-und-Privat Bank A. G.(0%)•
53
53
53
53
53
Deutsche Bank und Disconto-Gee.(0%)*
75
75
7.5
75
75
Dreadnor Bank (0%)•
18
18
18
x62
x62
Allgemeine Elektrizitaets Ges.(AEG)(0%)•
29
28
27
29
28
Gesfuerel (4%)•
Holl- 60
61
60
61
61
Siemens & Halske (9%)•
day 124
122
122
122
124
1.0. FarbenInclustrie(7%)•
90
89
88
89
89
Salzdethfurt (9%)•
163
160
159
160
162
Itheinische Braunkohle (10%)•
175
175
174 .167
168
Deutsche Erdoel (4%)*
73
71
71
71
72
Mannesmann Roehren(0%)•
40
39
37
39
40
Hansa co•o•
13
12
12
13
13
North German Lloyd (0%)
•
14
14
13
14
14
• Ex-dividend. x New stock.
30.
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of Aug. 5:
.
Anhalt 78 to 1946
2614
Argentine 5%. 1945. 3100
-pieces
43
Autioquia 8%. 1946
18
Bank of Colombia 7%, 1947
24
'
Bank of Colombia 7%. 1948
24
Bavaria 6140 to 1945
90
Bavarian Palatinate Cons. CIL 7% to 1945
27
Bogota (Colombia) 614%, 1947
114
Bolivia 6%. 1940
f 4
Brandenburg Electric 6%, 1953
4114
Brazil Funding 5%. 1031-1951
26
British Hungarian Bk. 714s, 1962
.f36
Brown Coal led. Corp. 63'4s. 1953
3914
Call (Colombia) 7%, 1947
• /8
Callao (Peru) 714%. 1944
• 16
Ceara (Brazil) 8% 1947
1334
Central German Po: of M deburg 6% 1934
43
City Savings Bank Budapest 7s, 1953
30
Dortmund Municipal i • ii. , s.,%, 1948
26 34
Dutaberg 7.r.. to 1945
2614
Dusseldorf 7s to 1945
2614
East Prussian Power 65. 1953
39
European Mortgage & Investment 7148. 1066
3414
French Government 514s, 1937
100
French National Mall S. S. Line 8%. 1952
10214
Frankfurt 7s to 1945
27
German Atlantic Cable 7%, 1945
47
German Building & Landbank 614%. 1948
36
Hamburg-American Line(114s to 1940
35
Hanover Harz Water Works 6%, 1917
25
Housing & Realty imp 7s. 1946
45
Hungarian Central Mutual 78, 1937
136
Hungarian Discount & Exchange Bank 7a, 1963
fla
Hungarian Italian Bank 714%. 1932
,
170
Koholyt 614s, 1943
36
Land Mortgage Bank. Warsaw 8%,1941
5134
Leipzig Overland Power 614 %,. 1949
50
Leipzig Trade Fair 7s. 1953
2014
Luneberg Power Light & Water 7%, 1948
”5
Mannheim & Palatinate 7s. 1941
4314
Munich 75 to 1945
40
Municipal Bank liesaen 7% to 1945
2514
Municipal Gas & Elec. Corp. Recklinghausen, 7s. 1947
25
Nassau 1.andinink 64%. 1038
4914
National Central Savingn Bank of Hungary 714s. 1962
f36
Natl. Hungarian & Ind. Mtge. 7%. 1948
130
Oberpfalz Electric 7%. 1946
37
Oldenburg-Free State 7% to 1945
0
6H
Pomerania Electric 6 7., 1953
:37
Porto Alegre 7%, 1968
1 635
Protestant Church (Germany) 78. 1946
29
Provincial Bank of 'westPhalla 8%. 1933
37
Rhine Westphalia Electric 7%. 1936
4114
Roman Catholic Church 814% . 1946
4314
Roman Catholic Church Welfare 7%. 1946
44
Saarbruecken Mortgage Bank 68. 1947
6014
Salvador 7%, 1957
112
Santa Catharine (Brazil) 8%. 1947
1 414
Santander (Colombia) 7%. 1948
f12
Sao Paulo (Brazil) 6%. 1947
-I 735
Saxon State Mortgage 6%. 1947
35
Siemens & Ilalske debentures 6% 2930
295
South American Railways 6%. 1933
1714
,
Stettin Public Utilities 7%.1946..36
Tucuman City 78. 1951
1514
Vamma Water 514%, 1957
6234
Vesten Electric Railway 7%. 1947
22
Wurtemberg 7s to 1945
3414
f Flat price.
•
3034
48
22
26
26
43
30
17
5
4314
32
38
---_---
iii32
2814
3014
3034
41
36
105
103
30
50
39
41
-.
50
36
28
73
39
5114
55
3314
30
4714
43
2914
30
5214
38
3114
39
2914
39
914
41
4634
45
4514
6334
14
15
9
39
320
1914
39
1814
65H
24
3714
Financial Chronicle
930
Government Receipts and Expenditures.
Through the courtesy of the Secretary of the Treasury
we are enabled to place before our readers to-day the details
of Government receipts and disbursements for July 1932
and 1931.
—1.1
oath of July
1931.
1932.
General Funds—
Receipts—
Internal revenue—
Income tax
Miscellsneous Internal revenue
$23 209,291
51,335,671
516,703,252
42.126,543
$59,129,835
18.876,104
574,544,962
34,479,507
4,856
357,340
1,194.669
6.433,089
Total
Customs
Miscellaneous receipts—
Proceeds of Government owned securities—
Principal—foreign obligations
Interest —foreign obligations
Railroad securities
All others
Panama Canal tolls. &a
Other miscellaneous
510.699
368,665
1,935.020
6.056.706
385,995,893 5117.895,559
Total
Treasury Note,
35j% Series 1932. maturing Dee. 15 1932.- _
3% Series A-1934, maturing May 2 1934
3% Series A-1935. maturing June 15 1935
Aug. 6 1932
$600,446,200 00
244,231.600,00
416.602.800.00
$1.261,243.600.00
4% Civil Service retirement fund. Series 1933
to 1937
4% Foreign Service retirement fund. Series
1937
1933
4% Canal Zone retirement fund. Series 1936
and 1937
221,300,000.00
2.180.000.00
2.084.000.00
1,486.856,600.00
Certificates of Indebtedness
,X
33 % Series A-1932. maturing Aug. 1 1932_
-1932, maturing Sept. 15 1932_
154% Series TS
3% Series TS2-1932. maturing Sept. 15 1932._
354% Series TO-1932. maturing Oct. 15 1932..
334% Series A-1933, maturing Feb. 1 1933
3,4% Series TM-1933, maturing Mar. 15 1933
2% First Series, maturing Mar. 15 1933
2% Series B-I933. maturing May 2 1933
1,14% Series TJ-1933, maturing June 15 1933_
$227,631,000.00
314.279,500.00
398,225.000.00
333.492.500.00
144,372.000.00
660.715,500.00
33.787,500.00
239,197.000.00
373.856.500 00
52,725,556.500.00
4% Adjusted Service Certificate Fund Berke,
maturing Jan. 1 1933
181,300,000.00
Treasury Bills (Maturity Value)—
series maturing Aug. 10 1932
Series maturing Aug. 17 1932
eries maturing Aug. 24 1932
s
eries maturing Aug. 31 1932
s
eries maturing Sept. 28 1932
s
Series maturing Oct. 11 1932
erles maturing Oct. 19 1932
s
Series maturing Oct. 26 1932
576.744,000.00
75.000 000 00
60.050.000.00
100.022,000.00
100.406.000.00
75.278,000.00
75.923.000.00
83,317.000.00
2,906,856,500.00
Expenditures—
General
Public debt —
Interest
Stoking fund
Refunds of receipts—
Customs
Internal revenue
Postal deficiency
Panama Canal
Agricultural marketing fund (net)
Adjusted service certificate fund
Civil service retirement fund
Foreign service retirement fund
District of Columbia (see note 1)
$198,773,772 $246,546,351
12 769.641
887.379
0.232,265
5.078.598
1,350 ISO
421 569
100.000.000
20.850 000
410,000
2,907110
1,436.071
6,020.082
1,036,226
28,899,684
20,850.000
215.000
3.671,845
$349,694,517 3319221,484
Total
Excess of receipts
Excess of expendltures
5201.325,925
5203,698,624
Special FundsReceipts—
Applicable to public debt retirements—
PrInelpal—foreign obligations. _
Interest—foreign obligations
From estate taxes
From franchise tax receipts (rederal Reserve banks
and Federal Intermediate Credit banks)
From forfeitures. gifts, .Sc
Other
2,655,177
$2,655.177
$2,344.058
82,344,058
8408.004
5311.119
$85,995,892 $117,895,559
2.655.177
1,768.315
587,764,207 $120,550,736
---- —
5349,694,517 $319,221,485
2,344.052
1.360,311
5351 054,328 5321,565.543
Totil
Excess of receipts
Excess of expenditures
Total_
se.
Espenditures—
District of Columbia (see note D
Government life insurance fund—
Polley losses. Src
Investments
Other
Total
3203,200,621
4;807
5201:01-
5256.532
9,025.163
3.606.026
$1,021,265
9,307.597
823.488
312,887.721
511.155,350
2,037,195
5 635,430
*10,938,941
956,461
2,
5,653.764
485,546
43,165,930
59,095,771
$16,053 647
Trust Funds—
Receipts—
District of Columbia
Government life Insurance fund
Other
Preliminary Debt Statement of the United States
July 30 1932.
The preliminary statement of the public (lobt of the United
States July 30 1932, as made upon the basis of the daily
Treasury statement, is as follows:
First Liberty Loan of 1932-4751,392.228,350.00
354% bonds
5.002,45000
4% bonds (converted).—
4.4% bonds (converted).. 535,983,300.00
Oi% Fourth Liberty Loan of 1933-38
614% Treasury bonds of 1947-52
4% Treasury bonds of 1944-54
334% Treasury bonds of 1946-56
334% Treasury bonds of 1943-47
IN% Treasury bonds of 1940-43
354% Treasury bonds of 1941-43
354% Treasury bonds of 1946-49
3% Treasury bonds 01 1951-55
Total bonds
3346.681.016.00
156,039,0.48.03
Deposits for retirement of national bank and
Federal Reserve bank notes
Old demand notes and tractional currency... _
Thrift and Treasury savings stamps, unciasolfled sales, do
68,079.402 50
2,040,940.07
3,362,643.09
Total gross debt
$19.611,765.838.88
COMPARATIVE PUBLIC DEBT STATEMENT.
[On the Basis of Daily Treasury Statements.]
Aug. 31 1919
July 31 1931
When War Debi
March 311917.
A Year Ago.
Pre-War Debt.
1Vas at Its Peak.
Gross debt
$1,282,044,346.24 $26,596,701.648.01 $16,801,624,349.96
273,331,614.06
74,216,460.05
Net balance In gen. fund_
1,118,109,534.76
Gross debt less net balance in general fund_31,207,827,886.23 325,478.592,113.25 5113,528,292,735.90
June 30 1932
July 311932.
Last Month.
Gross debt
$19,487,002,444.13 $19,611.765,838.88
144,951,862.93
Net balance In general fund
417,197,178.17
Gross debt less net balance In general fund 519,069,805,255.96 519,466,813,975.95
$2,059,579
-----
Excees of receipts or credits
Excess of expenditures.
• Excess of credits (deduct).
Note 1,—Expenditures for the District of Columbia representing the share of the
United States ate charged against the amount to be advanced from the grne-al fund
until the auttiorired amount Is expended. After that they are charged avaln.st
She revenues of the District under trust funds. For total expenditures the items
for District of Columbia under general fund and under trust funds should be added.
Bonds
2% Consols Of 1930
2% Panama's of 1916-36
2% Panama's of 1918-38
3% Panama's 01 1061
3% Convertible bonds 1946-47
254% Postal Savings bonds (4th to 43d series)
3,026.650 00
4,982.300 00
19.200 00
Loso,oa)00
6,934,500.00
21.193.000 00
10,677.000 00
740,025 00
$190 641.927.97
1,768,315
31,360 311
Total
Total general fund expenditures
Total special fund expenditures
•
51,606,950.26
264,124,913.62
Excess of receipts
Excess of expenditures
_ r I
I
Summary of General and Special Funds—
Total general fund receipts
Total special fund receipts
Total _
646,800.000 00
519,297.377,240.00
50,263,685.25
$1,360,311
Erpenditures—
Public debt retirements
Other
Total interest-bearing debt outstanding
Matured Debt on Which Interest Has Ceased—
Old debt matured—Issued prior to April 1 1917
4% and
% Second Liberty Loan bonds of
1927-42
414% Third Liberty Loan bonds of 1928— _
354% Victory notes of 1922-23
434% Victory norms 01 1922 2
Treasury notes, at various interest rates
Certifs. of indebtedness, at various Int. rates.
Treasury bills
Treasury saving certificates
Debt Bearing No Interest—
United States notes
Less gold reserve
$1,768,315
Total
gys
10,526,225
5599.724,050.00
48.954.180.00
25,947,400.00
49,800,000 00
28,894,500.00
43,453,361) 00
5796,773 490.00
51,933,214,100.00
6,268,100.450.00
8.201,311,550.00
375.4,983.300.00
1,036,834,500.00
489,037,100 00
454,135,200 00
352,991,450 00
544.917.050 00
821,401,000 00
800.421,50000
5,258,776,100.00
514,256,864.140.00
Public Debt of the United States—Complete Return
Showing Net Debt as of May 31 1932.
The-statement of the public debt and Treasury cash holdings of the United States, as officially issued May 31 1932,
delayed in publication, has now been received, and as interest
attaches to the details of available cash and the gross and
net debt on that date, we append a summary thereof, making
comparison with the same date in 1931:
CASES AVAILABLE TO PAY MATURING OBLIGATIONS
May 311032. May 311931.
383.877,525
BalaLee end of month by daily statements. he
Add or Deduct—Excess of deficiency of receipts over
—12,350.240
or under disbursements on belated Items
—3.956.642
371,527,285
37,103,672
30,415,225
49.205.617
4.430,300
3,447.945
28,542,451
98,120,772
4.787.540
2,032.901
Deduct outstanding obligations:
Matured Interest obligations
Disbursing officers' cheeks
Discount secured on War Savings Certificates
Settlement on warrant checks
Tot al
Balance, deficit(—)or surplus (+)
41,060,314
87,499,087
133
.409.664
+284,028,198
—90.385,992
-BEARING DEBT OUTSTAN DING.
INTEREST
Interest May 311932.
Payable
Tille of bean—
(0.-3. 599.724.050
26 Consols cf 1930
48,954,180
(3.-F
2s of 1916-1936
25,947,400
-F
Q.
29 of 1918-11:38._
49,800,000
-M.
Q.
3s of 1961.
Q -3.
28,894.500
Is conversion bonds of 1946-1947
-S. 2,792,317,650
J.
Certificates of Indebtedness
1.392,230.350
3)4s First liberty Loan, 1932-1947
5.002,450
4s First Liberty Loan converted 1932-1947..
434s First Liberty Loan, converted 1932-1947...1 -D. 532.491,650
3,492.150
4.4s First Liberty Loan, 26 cons., 1933-1947....J.-D.
A.-0. 6,268.105.450
414e Fourth Liberty Loan of 1933-1938
758.983,300
444s Treasury bonds of 1947-1952
1,036,834,500
4s 1 reasury bonds of 11144-1954
489,087,100
351s Treasury bonds of 1946-19.56
464.330.750
354s Treasury bonds of 1943-1947
3,53,710,950
344s Treasury bonds of 1940-1943
561.262,050
350 Treasury bonds of 1941-1943
821.403.000
334s Treasury bonds of 1946-1949
800.423.000
Is Treasury bonds of 1951-1955
36,247.260
234s Postal Savings bonds
1,040,718,800
Treasury notes
e101.412.000
Treasury bills, series maturing June 11032
c102.169,000
Treasury bills, series maturing June 29 1932
(76,200,000
Treasury bills, series maturing July 13 1032
c75,600,000
Treasury bills, series maturing July 20 1932
r51,550,000
Treasury bills, series maturing July 27 1932
May 31 1931,
599,724.050
48,954,180
25.947,400
49,800,000
28.894,500
2,556,591,500
1.392,241.350
5,003,950
532,793,850
3,492,150
6,268.222.950
758,984.300
1,036.834,500
489,087.100
493.037.730
359,042.950
594,230.050
22.834,660
614,366,450
Volume 135
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
bills, series
bills. series
bills, series
bills, series
bills, series
bills, series
bills, series
bills, series
bills, series
bills, series
Financial Chronicle
maturing Aug. 10 1932
Maturing Aug. 17 1932
maturing Aug. 24 1932
maturing July 1 1931
maturing July
2 1931
maturing July 17 1931
maturing July 27 1931
maturing Aug. 3 1931
maturIng Aug. 10 1931
maturing Aug. 17 1931
of interest-bearing debt
Bearing no interest
Matured. Interest ceased
Aggregate
May 31 1932. May 31 1931.
S
$
c76.744.000
c75,000.000
00.050.000
c50.427.000
c50,424,000
c50.102.000
c53,510.000
c60.100.000
c50.000.000
c50.000,000
18,728,685,540 16,244,650,640
268.216.361
229,299.278
40.014,705
53,155.120
Total debt
a19,036.916.606 16.527,105.038
Deduct Treasury surplus or add Treasury deficit ____ +284,028,1
98
—96,385,992
Net debt.
818,752,888A98 16.623,491,030
a Total gross debt May 31 1932 on the basis of daily
$19.036,916.646.23, and the net amount of public debt Treasury statements VMS
redemptions and receipts
In transit, &c., was $40.50.
S No reduction Is made on account of obligations of
Foreign Governments or
other Investments.
c Maturity value.
Treasury Money Holdings.
The following compilation, made up from the daily Government statements, shows the money holdings of the Treasury at the beginning of business on the first of May, June,
July and August 1932:
Holdings in U. S. Treasury May 1 1932. June 1 1932.
July 1 1932. Aug. 1 1932,
Net gold coin and bullion
Net silver coin and hellion
Net United States notes._
Net Nark-mid bank notes.
Net Federal Reserve notes
Net Fell Res bank notes
Net subsidiery sliver__
Minor coin, &c____.
$
225,623,857
22 822.342
2.529,882
16.215,031
1,380.375
57.054
8.946,293
5,640,041
$
230,336,269
27,165.240
3,715.795
18 332.701
2,742,340
9.711
8,735.306
5,595,,06
5
231.654,393
30,822.057
2.279,960
16.574.917
1,414,160
26,298
8,491,138
5./45.385
Total cash in Treasury
Less gold reserve fund__
286,2I4.795
156.039.088
296.632.759
156.039,058
297,012.305 .322,553,245
156,039,088 156.039.088
Cash balance In Treas'y
Dep. In spec'l depositories.
account Teensy bonds,
Treasury notes and eer
tificates of indebtedness
Dep. in Ferri Res bank _
Dep. In National Banks—
To credit Treas.. U. S..
To credit dish. officers.
Cash in Philippine Islands
Deposits In foreicn depts.
Dep. in Fed'i land banks.
130,175 707
140,593.670
140,973,220
166,514,157
206,883,000
63,143,158
333,052,000
33.498.568
405 648,000
28,702.209
44,792.000
80,051.703
7,731,672
17,647,059
915,502
1,733,269
7,621,424
17,788 080
965,288
1,835,779
7,773,136
18,324.625
820.276
1,846,294
7.636.478
17,920,794
880.372
1,449,164
428,229,367
135,764,158
535 347,809
151,510.284
601.087 780
186,890,582
319,247.668
174,295.805
209 411a 900
250 577 ;9 n
417 107 170
111 11 a 1 1Z00
Net cash In Treasury &
In banks
Deduct current liabilities_
Available rash balance
$
253.119,628
30.490,334
2.516.181
14.663.
080
5,836.235
45.225
10.033,973
5,547.089
*Includes Aug. 1, 817,781,521 silver bullion
not Included In statement "Stork of Money." and 84.574,674 Minor, &c., coin
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items
stood
July 30 1932 are set out in the following. The figures
are
taken entirely from the daily statement of the United
States
Treasury as of July 30 1932.
San Francisco Stock Exchange.—Record of transactions at San Francisco Stock Exchange, July 30 to Aug.
5,
both inclusive, compiled from official sales lists:
Stocks—
Total
3111,247.068.11
Total
319,247.668.11
/Vers.—The amount to the credit of disbursing officers
and agencies to-day was
$426,079,927.51.
'
,may
Z.Z.3
Last [Veek's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Alaska Juneau
11
Anglo Calif Nati Bk of S F
19
Assoc Ins Fund
Atlas Imp Diesel En A_ _ __ ______
Bank of Calif
Bond Share Ltd
Byron Jackson
Calamba Sugar
California Copper
Calif Package
1034
Calif W at Service pref
______
Calif West Sts Life Ins
32
Caterpillar
1044
Coast Cos G E 6% 1st pref
Cons Chem Indus A
12
Crown Zeller vot tr ctf
2
Preferred A
18
Preferred B
1751
Flremans Fund Indem
1734
Fir-mans Fund Insur _ _ - _
4251
Food Mach Corp
Foster KleLser
Golden State Ltd
7
Hawaiian Pineapple
6
Home F & NI Insurance—
Honolulu Oil Ltd
Hunt Bros A
294
Inventory Association..
______
Langendorf A
B
Leslie Call(
L A Gas I:lec pref
Lyoris Magnus A
431
Magnavox
34
Magnin
Merchant Calif Mach corn
No Amer Investment_
6% preferred
534% preferred
No Amer Oil Cons
441
Occidental Insurance
Pacific Gas
26
6% 1st preferred
234
551% preferred
Pacific Lighting Corp.... 35
6% preferred
87
Pacific Pub Serv non-vot
14
Preferred
104
Pacific Telephone
74
6% preferred
97
Paraffine Co
1251
Ry Equip & Realty 1st pt.
4
Series 2
Rainier Pulp Paper
Richfield common
7% preferred
Roos Bros pref
8 J L & Pow 6% pr pref___
84
7% preferred
96
Shell Union
6
Preferred
Sherman Clay prior pref
______
Socony Vac
1034
Southern Pacific
1334
So Pacific Golden Gate A
B
CURRENT ASSETS AND LIABILITIES.
GOLD,
Assets—
Liabilities—
Gold coin
956,370,184.16 Gold certifleates
Gold bullion
2,011,574,694.73 Gold fund. Fed outsrg_1.480,841,879.00
Reeve
Board (Act of Dec. 23
1913, as amended
June 21 1917)
1,233.933.371.58
Gold reserve
156.039.088.03
Gold In general fund
97,080.540.28
.
Total
2.967.941.878.89
Total
2.987,944 878.89
Note.—lieserve against 8346.681.016 o U. S.
notes and 51.221.350 of Treasury
notes of 1890 outstanding. Treasury notes 01
1890 are alsosecured by silver dollars
In the Treasury.
SILVER DOLLARS.
Assets—
$
Ltabillass—
3
Silver dollars
101,289,284.00 Silver ctfs outstanding_
Treasury notes of 1890 487,359.121.00
outstanding
1.221,35000
Silver dolls. In gen. fund
12,708,813 00
Total
501,289.284.00
Total
501,289,284.00
GENERAL FUND.
Assets—
Gold (see above)
07.080.540.28 Treasurer's checks
outSilver dollars (see above) 12.708,8 I 3.00
standing
607,212 04
United States notes_
2.516,141 00 Depos. of Govt.
officers:
Federal Reserve notes__
6.836.2:15.00
Post Office Dept
3,016,958.15
Fed. Res bank notes...
45,225.00
Board of Trustees,
National bank notes.,,._
14.693.980 00
Postal Savings SysSubsidiary silver coin__
10.033,972.78
temMinor coin
4,1474.674.47
5% reserve, lawSilver bullion
17,781,520.131
ful money
16,1364.624.42
Uarlasell le d—ColleeOther deposits.,.
Mils, he
973.014.81
Postmasters, clerks of 14,475,222.83
Deposits In F. R. banks_
80.054,703.33
courts, disbursing
Deposits In special deofficers, &c
43,338,812.83
posItarles amount of
Deposits for
sales of Treas. bonds,
Redemption of F. R.
Treas, notes and °Us.
notes (5% Id,. gold)
Of Indebtednese
41,792,000.00
Redemption of Nat'l 62,886,261.26
Deposits In foreign dep.:
bank notes (5% td,,
To credit Treas. U. S.
235 095.91
lawful nioneY)
To cred . of other GovRetirement of addl 29.460.863.66
ernment of Wens_ __
1,213,468.14
circulating notes,
Deposits in Nat banks:
Act May 30 1908...
1,350.00
To (Ted. Treas. U S._
7,636,478.39 Uncollected Items, exTo reed of other Govchanges, &I,
3,644.496.00
ernment officers.__
17,920,793.72
Deposits In Philippine
174 295.805.14
Treasury:
Net balance
144,951,862.93
To grad. Treas. U.S..
880,371.67
931
Under the Acts of July 14 1890 and Dec. 23 1913, deposits of
lawful money for
the retirement of outstanding Notional bank and Federal
Reserve bank notes era
paid into the Treasury as miscellaneous receipts, and these
under the Acts mentioned, a part of the public debt. The obligations are made,
amount of such obligations to-day was $68,079,402.50.
$779.090 in Federal Reserve notes and $14,630,580 in National
In the Treasury in process of redemption and are charges against bank notes are
the deposit for
the respective 5% redemption funds.
33,4
1034
1551
131
4
13131
134
154
9
31
8
65
32
741
85
114
131
144
144
174
35
651
1
631
4
21
9.34
24
154
834
134
954
894
44
51
3
2
2
051
551
331
13
234
22
194
3251
8344
134
934
68
914
12
4
1
6
44
4
3354
84
88
474
4234
4734
104
114
531
354
Stand Meant
274 2431
Tide Water Assd 011
44
4
6% preferred
4251
45
Transamer
44
351
Union Oil Assoc
934
10%
Union 011 Calif
1251
1054
United Sugar
154
131
Weill & Co Raphael 8% pt. 94
94
Wells Fargo Bank & U T
180
180
West Amer Fin Co 1% pt._ ______
1
Wn719071 Pinch A. Otani On
in
ON
1131
19
144
434
14134
13.4
134
9
4
104
65
33
1051
85
12
24
1834
184
1731
4341
614
131
74
6
21
931
294
2
84
2
954
90
451
1
3
2
2
631
53.4
441
9
26
2334
2134
3531
87
134
104
74
97
1231
4
1
6
51
34
3354
84
96
651
43
4755
1054
135
5
64
334
2734
434
46
434
1074
1234
151
94
185
1
104
440
589
528
350
115
110
655
25
200
5,048
10
130
18.563
12
600
8,897
730
524
19
1,362
300
580
3.107
1.766
110
10,860
112
120
100
250
325
75
395
10,7313
600
12.5
15
30
5
2,815
13
15,328
6.705
1.019
4.762
934
3,258
6,162
461
644
849
404
5
120
2,248
430
10
40
160
4,585
70
35
206
2.679
315
450
11.739
1,536
457
71.203
5.386
7.104
400
5
15
Range Since Jan. 1.
Low.
High.
8
Apr
1551 Aug
Apr
1
131 June
99
May
1
June
4 June
6
June
44 Jan
44 June
55 June
30
July
444 May
70
June
84 May
1
June
834 May
8 June
10 June
18
June
4
May
34 June
334 June
334 July
13
Mal
44 Ma}
,
2
May
131 Feb
6
Apr
1
May
651 Jan
65
May
234 Jan
31 Jan
234 June
151 June
2
July
5 June
5 Julie
234 June
531 May
167 June
4
1934 June
174 June
214 May
6334 May
51 May
5 June
5834 June
85 Slay
5
May
34 July
1
July
534 June
54 May
4 Jan
26% July
58 June
63 June
254 Apr
19 June
40
Apr
554 Ma}
651 June
164 Jan
19
Aug
241 Feb
431 Aug
162
Jan
351 Feb
24 Mar
951 Jan
4 Mar
1134 Feb
65
Jan
33
July
15
Jan
96
Jan
1731 Fels
24 July
1854 July
1851 July
2034 Jac
484 Mat
11
Fet
151 June
834 Fet
934 Jan
21
Mat
104 Jar
5
Fet
3
Fet
931 Mai
2
Apt
931 Aug
100
Jar
434 Aug
154 Fet
6
Mai
2
Jul}
5
Fel
154 Ma
15
Fel
531 Fel
13
Aug
364 Fel
2634 Jill
2434 Jar
4134 Fel
95
Jar
341 51a
1434 Ma
104
Ma
112
Ja
2534 Ja,
114 Ja
634 Ja'
934 Ja
1
Jul
1
Jul
50
Ja
96
Ja
107
Ja
64 Au
43
Jul
51
Ma
1034 Au
3734 Ja
534
3
154
2
20
234
7
74
1
94
139
115
54
3.330
7
Aug
113-4
May 1034
June 274
Apr
441
Feb 46
Jan
6
July
1254
July 14
May
2
Aug98
Mal 200
June
2
July 20
Ms
Ms
Au
Au
Au
Fe
Ja
Ja
Fe
MI
MI
Ja
Fe
Los Angeles Stock Exchange.—Record of transactions
at the Los Angeles Stock Exchange, July 30 to Aug. 5,
both inclusive, compiled from official sales lists:
Stocks—
Friday
zates
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Associated Gas & Elec A.
134
134
•
Barnsdall Oil A
25
534
574 534
Bolsa Chica 011 A
10
2
2
Broadway Dept St pre! 100
3744 3734
California Bank
25
42
46
Citizens Nat'l Bank _ .... _ 20
954
954
97-4
Claude Neon F:lec Prod... 40
40
40
Comm Discount com___25
7
64 7
Douglas A ircraf t Inc _ __ _•
654
634 634
Ernsco Derrick &. Eq Co_ •
34 334
Farm & Merch Nat Bk_100 225
225 225
Globe Grain & Mill com 25
734 734
Goodyear Textile pref-- 100
35
40
Hancock 011 corn A
25
754 8
Internal Re-Inner Corp_ 10
9
9
9
Los Angeles Gas & El pf100
88
90
Los Angeles Invest (o..10
334 34
Monolith Port! Cem corn •
34
li
Preferred
10
131
131
Mortgage Guarantee Co100
16
15
16
Pacific Amer Fire Ins Co 10
7
7
Pacific Finance Corp com10
431
431
Preferred series A _ _ _ 10
.
934
954 954
Pacific Gas & Flee com__25
25
254
Pacific ki utual Life Ins.10 2914 28
30
Pacific Pub Serv com____•
14
14 14
lit Preferred
974
•
94 934
Pacific Western 011 Co •
44
351
431
Republic Supply Co
•
5
5
Richfield 011 Co corn_
54
•
51
Preferred
4
25
44
Rio Grande 011 corn_ ___25
234
254 3
San Joaquin i.11:ilt & Pow
96
88
7% prior preferred_ _100 96
A, ....-1,... orefarradi
inn
78
78
• No par value.
Range Since Jan, 1.
Low.
High.
100
July
1
331
100
334 Apr
53-4
100
131 Apr
4
20 30
July 55
150 3634 July 61
200
6
May 1534
150 35
June 55
500
334 June 104
100
551 June 1334
100
3
Jan
331
10 210
May 250
100
734 July
934
88 21
July 5734
1,100
451 May
8
100
Jul} 25
8
120 66
Slay 100
200
354 Aug
7
100
54 Apr
134
100
151 June
334
34 10 June 115
100
July 25
7
100
341 June
744
June
8
100
934
200 17 June 37
450 25 Slay 39
Slav
1
700
234
500
551 June 13
800
3 June
634
13
5
May
5
1.300
51 June
131
34 June
400
Si
1.700
144 May
3
157
7
64
57
June 108
June 94
Feb
Aug
Jan
Jan
Mar
Jan
Jan
Mar
Feb
Aug
Jan
Feb
Mar
Aug
Mat
Jan
Fel]
Mar
Mal
Jan
Jar
Jar
API
Fet
Mai
Mat
Mai
Jar
Mai
Jull
Mai
Jull
Jar
Fel
Financial Chronicle
932
Salts
leridaq
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Security First Nat Bank of
LA
25
Shell Union Oil Co com_25
So Calif Edison corn___ _25
Original preferred_ __25
7% preferred
25
25
• 6% preferred
5A% preferred
25
Southern Pacific Co___ 100
Standard 011 of Calif- --*
25
Title Ins & Trust Co_
Trans-America Corp
*
25
Union 011 of Calif
Union Bank & Trust Co 100
Weber Showcase & Fix pf
Western Air Express__ __10
4914
24%
2.5%i
21%
13
27%
10%
12%
5034 3,000
100
5%
2,600
25
100
38
200
25%
1,000
23%
600
21%
600
13%
27% 16,600
21%
30
434 23,700
10% 8,000
10% 12% 10,400
150
2% 2%
100
7% 7%
45
5%
22%
38
25
22%
20%
11
24v,
21%
3%
Aug. 6 1932
By A. J. Wright & Co., Buffalo:
Range Since Jan. 1.
Low.
56%
234
16%
31
21%
18%
17%
6%
15%
21%
2%
7
7
2%
5
June
Apr
June
June
May
May
June
June
June
July
Jan
July
July
July
Jun
High.
65
5%
32%
43
27%
25
23
37
27
55
12%
13%
534
,
7%
Mar
Aug
Feb
Jan
Jan
Mar
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Mar
July
•No par value.
cialandit,cellantonsgexus
ODammo:
_-
National
-The following information regarding
Banks.
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
VOLUNTARY LIQUIDATIONS.
Capital.
8150,000
-Mercer National Bank of Harrodsburg. Ky
-First
July 25
Effective July 20 1932. Liq. Agent, Mercer County
National Bank of Harrodsburg, Ky. Succeeded by
Mercer County National Bank of Harrodsburg, Ky.,
No. 13612.
50,000
-The First National Bank of Cassandra, Pa
July 25
Effective June 10 1932. Liq. Agent, The First National Bank of Lilly, Pa. Absorbed by The First National Bank of Lilly, Pa., Charter No. 8450.
50,000
-The First National Bank of Bentonville. Ark
July 26
Effective July 18 1932. Liq. Agent, Fred S. Wetzel,
care of the liquidating bank. Absorbed by The Benton
County National Bank of Bentonville. No. 8135, on
July 1 1930.
25,000
-Exeter National Bank, Exeter, Neb
July 26
Effective July 22 1932. Liq. Agent, H. M. Link,
Exeter, Neb. Absorbed by The Wallace National
Bank of Exeter, No. 13189.
500,000
-The Merchants National Bank of New Haven, Conn
July 30
Effective July 20 1932. Lig. Committee: F. D. Grave,
James T. Moran and J. F. Baker, care of the liquidating bank. Absorbed by The First National Bank
& Trust Co. of New Haven, Charter No. 2.
150,000
-The First National Bank of Alhambra, Calif
July 30
Effective July 25 1932. Llq. Agents: L. D. Bedford
Shannon, care of the liquidating bank. Aband Gage
sorbed by Bank of America National Trust & Savings
Association, San Francisco, Calif., Charter No. 13044.
The liquidating bank has one branch.
$ per Sir.
Shares. Stocks.
5 per Sir. l Shares. Stocks.
600 Adargas Mines, par value 1 peso 16e. I 5 Zenda Gold Mines, par value $1_50c 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 Corn pang.
Railroads (Steam).
Bangor & Aroostook RR.Co.. corn.(On.)
Preferred (guar.)
Cleve.& Pitts. fly, Co., reg. guar.(qu.)Special guar. (guar.)
Fort Wayne & Jackson RR. pref.(s.-a.).
Northern RR.of N. J., 4% gtd.(quar.)_
Troy & Bennington RR.(s.-a.)
Utica Clinton & Binghamton (s.
-a.).-
Per
When
Cent. Payable.
Oct. 1
Oct. 1
Sept. 1
Sept. I
Sept. 1
Sept. 1
Aug. 1
Aug. 10
Books Closed
Days Inclusive.
Holders of rec. Aug. 31
Holders of rec. Aug. 31
Holders of reo. Aug. 10
Holders of rec. Aug. 10
Holders of rec. Aug. 20
Holders of rec. Aug. 20
}folders of rec. July 20
Holders of rec. Aug. 1
Public Utilities.
Baton Rouge Elec..$6 pref.(guar.)
$13-5 Sept. 1 Holders of rec. Aug. 15
Birmingham Water Wks.6% pf. (qu.)
13,4 Sept. 15 Holders of rec. Sept. 1
Butler Water Co.7% pref.(guar.)
1% Sept. 15 Holders of rec. Sept. 1
Canadian Hydro-Elec. Corp., Ltd.
6% 1st preferred (guar.)
134 Sept. 1 Holders of rec. Aug. la
Central Arkansas Pub.Set., pref.(qu.)_ _ $1% Sept. 1 Holders of rec. Aug. 15
Central Mass. Light & Power corn
50c. July 29 Holders of rec. July 21
Preferred (guar.)
$155 Aug. 15 Holders of rec. July 29
Cent. Miss. Val. El. Prop.6% pf.(qui- 1% Sept. 1 Holders of rec. Aug. 15
Citizen's Water Service 6% pf. (qu.)_ Aug. 15 Holders of rec. Aug. 5
Connecticut Power Co. (guar.)
Sept. 1 Holders of rec. Aug. 16
Dayton Power & Light pref.(monthly)
Sept. 1 Holders of rec. Aug. 20
E.St. L.& Inter'ban W.Co.7% pt.(qu.)
Sept. 1 Holders of rec. Aug. 20
6% preferred guar
Sept. 1 Holders of rec. Aug. 20
Fairm't Pk.& Hadlon Pass. fly.(s.-a.)_
Aug. 5 Holders of reo. July 25
Federal Light & Traction, common-Div
action p ostponed.
Preferred (guar.)
Sept. 1 Holders of rec. Aug. 15
Huntington Water Corp.7% pref. (qu.)Sept. I Holders of rec. Aug. 20
6% preferred (guar.)
Sept. 1 Holders of reo. Aug. 20
Hydro-Elect. Securites tom.
-Div.omitt
Kan. City Pr. & Lt. Co. el. B pf.((WO
Oct. 1 Holders of rec. Sept. 14
Keokuk Elect. Co.,6% pref.(guar.)....
Aug. 15 Holders of rec. Aug. 10
Key West Elect. Co., pref. (guar.)- Sept. 1 Holders of roc. Aug. 15
Laclede Gas Light Co.common (guar.).Sept. 15 Holders of rec. Sept. 1
Lehigh Power Securities Corp
Sept. 1 Holders of rec. Aug. 20
Muncie Water Works Co. b% pf.(go.).. 2
Sept. 15 Holders of rec. Sept. 1
NorthAmerican Edison Co., pref.(w.). $134 Sept. 1 Holders of rec. Aug. 16
Nova Scotia Lt.& Pr. Co., Ltd.. pf.(qu.) 5134 Sept. 1 Holders of tee. Aug. 16
Phila. Suburban Water Co., pref.(qu.)
1% Sept. 1 Holders of rec. Aug. 120
Potomac Elec. Power Co.6% pf.(go.).. 1% Sept. 1 Holders of roe. Aug. 10
5 A % preferred (guar.)
Sept. 1 Holders of reo. Aug. 16
Public Electric Light, pref. (guar.)
$1% Sept. 1 Holders of rec. Aug. 20
Pub. Serv. Co. of Cob.,7% pt.(mthly.) 58 1-3c Sept. 1 Holders of rec. Aug. 15
50c. Sept. 1 Holders of rec. Aug. 15
-Among other securities, the following, 6% preferred (monthly)
Auction Sales.
5% Preferred (monthly)
1
of
15
not actually dealt in at the Stock Exchange, were sold at auction Rochester Gas & Elec.,7% pref. B (pa.)- 41 2-3c Sept. 1 Holders of rec. Aug. 29
Sept.
Holders
rec. July
1% Sept. 1 Holders of roc. July 29
in New York, Boston, Philadelphia and Buffalo on Wed- 6% preferred C (guar.)
6% preferred D (guar.)
144 Sept. 1 Holders of rec. July 29
nesday of this week:
Southeast. Mass. Power & Light (guar.).
630. July 29 Holders of tee. July 21
Southern California Edison Co., Ltd.
Adrian H. Muller & Son, New York:
By
7% preferred series A (guar.)
43%c Sept. 15 Holders of rec. Aug. 20
$ Per Sh.
$ per Sh. Shares. Stocks.
6% preferred series B (guar.)
Shares. Stocks.
3734c Sept. 15 Holders of MO. Aug. 20
300 Pronxville Commodore, Inc.,
Susquehanna
$1% Sept. 1 Holders of rec. Aug. 20
465 Scranton Holding Corp. (Del.),
$23 lot Terre Haute Utilities Co. 1st pt.(qu.)
par $100
$1,175 lot
V. t. c
Water Wks. 7% pf. (go.)... 1% Sept. 1 Holders of rec. Aug. 20
375 Atiantle-Pacitic 011 ExploreQueens County
30 National Bank of
58 1-3c Sept. 1 Holders of rec. Aug. 15
$5 lot ToledoEdison Co. 7% pref. (InthiYO
my, Lion Co
6% preferred (monthly)
In New York, par $50
50c. Sept. 1 Holders of rec. Aug. 15
$1,000 Southern United Gas Co.
5% Preferred (monthly)
41 2-3c Sept. 1 Holders of rec. Aug. 15
10 Chase National Bank of the
series A, due Apr. 1937, with
27
6%
United Light & Rys.(Del.)
City ef New York, par $20
$100 lot
warrant as collateral
7% preferred (monthly)
50 State-Planters Bank & Trust Co.
68 1-3c Sept. 1 Holders of rec. Aug. 15
$1,000 promissory note of Louis C.
15
(Richmond, Va.), par $25
6.36% preferred (monthly)
531. Sept. 1 Holders of rec. Aug. 15
Gass, dated Dec. 8 1930, due
6% preferred (monthly)
10 718 Lexington Avenue Corp.,
50c. Sept. 1 Holders of rec. Aug. 16
Dec. 8 1931; int. 6%: no Part of
$11 lot
U.S. Elec. Lt.& Power Shares
common, no par
50. Aug. 15 Holders of reo. July 30
.
which has been paid------- _ - -$8 lot Washington Ry.& El. Co.5% B reg-1% Sept. 1 Holders of rec. Aug. 18
375 Lakedale Holding Co., Inc..
pref.((WO
Rudolf
$1.000 promissory note Of
common, par 100; $16,135.73
Preferred (guar.)
A 1% Sept. 1 Holders of rec. Aug. 18
Bergman. dated Dee. 9 1930. due
Lakedale HoldWeymouth Light & Power
loan payable by
75c. July 29 Holders of rec. July 21
Dec. 9 1931: Int. 6%; no part of
$8 lot
ing Co., Inc
July 29 Holders of rec. July 21
- .52
$8 lot Winchendon El. Lt.& Power (guar.).
which has been paid
Membership seat of Real Estate
lot 10 713 Lexington Avenue Corp..
$217
Securities Exchange
Fire Insurance.
ctfs.
common, no par; $49,212.66
Central Fire Insurance Co. of Balto.-D1 vidend passed.
For account of Gilbert If Crawford,
of Indebtedness of 718 Lexington
Georgia Home Ins. Co.
receiver for Roland Steel Co.,
-Common divide id passed.
$11 lot Northern
Avenue Corp
1
Inc.: All right, title and Interest
July 28 Holders of rec. July 28
Insurance (semi-ann.)
375 Lakedale Holding Co., Inc.,
Republic Insurance of Texas-Dividend omitte d.
of the receiver In and to the fol.
common. par $100: $16,135.73
lowing: Sundry Judgments, claims
Holdloan payable by Lakedale
Miscellaneous,
and debts aggregating approxi$8 lot Albers
ing Co., Inc
mutely $23,229.45; list at AntBros. Milling. 7% pref. (guar.)
- 1% Aug. 15 Holders of rec. July 30
$20 lot
Aluminum Industries, Inc.
tioneer's office
-No dividen d attic n taken
Amer. Steel Foundries, pref. (guar.)- - $134 Sept. 30 Holders of rec. Sept. 16
Day & Co., Boston:
By R. L.
Associated Dry Goods Corp.. lot & 2nd p ref.- Dividen d action deferred.
$ per Sip Atlas Powder Co., com.-Dividend omit ted.
5 per Sh. Shares. Stocks.
Shares. Stocks.
10 It. K. & W. Investment Corp,
Automatic Signal Acceptance Corp.
40
2 Ludlow Mfg. Associates
el. A:31 Commonwealth & SouthHolders of reo. July 15
300. Aug.
(bi-monthly)
23 Naumkeag Steam Cotton CO-,
Bandini Petroleum Co.(monthly)
ern Corp., temp. Ws.: corn. warSc. Aug. 2 Holders of rec. July 30
31
par 8100
15 ,Commonrants to purchase
Barcalo Mfg. Co., pref.-Dividend omit fed.
40%
13 Ludlow Mfg. Associates
wealth dr Southern Corp. corn.:
Baumann (Ludwig) & Co. let pref.-Div Mend omitted
40 Naumkeag Steam Cotton Co.,
Bem onthlyaldwell (monthly)
ato & C
1 North American Co., corn.;
Holders of rec. July 30
12 Ac Aug.
31
par $100
Holders of rec. Aug. 31
10 Pennroad Corp., corn. V. t. c.;
11
1234c Sept.
20 Lockwood Co., corn., par $100
Holders of rec. Sept. 30
10 United Light & Power Co.,
10%
12 tic Oct.
Monthly
20 Arlington Mills, par 5100
Founders Corp..
Blue Itibbon Corp., Ltd.,
corn. A:2 United
Holders of rec. July 28
50c. Aug.
% pf.(qu.)
15 Boston & Providence Road Co.,
Bohn Refrigerator, 8% pref.-Dividend actIon deferre
coin.; 18 Electric Bond & Share
15
125
par 3100
Aug.
Boss Mfg. Co.,7% pref.(guar.)
Holders of zee. July 30
Co., com, old stock; $500 Chi.
86 Boston Elevated Rh. Co.. Par
Holders of rec. Aug. 19
Milw. St. P.& Pat. BR. 63: Jan.
Brill Corp., pref. (guar.)
70
1% Sept.
3100
Ilolders of rec. Aug. 20
2000 sec. A coupon April 1931
Brown Shoe Co. (guar.)
of New Hemp6 Northern Road
5685 lot Buckeye Pipe Line Co.
16 Holders of rec. Aug. 19
654 and sub. on
shire. par 8100
(guar.)
Envelope Co..
A pt...
Cabot Mfg. Co. (guar.)
$ 55ce: O ug 15 Holders of rec. Aug. 4
771 Sect
1 Boston Insurance Co., par $100_2653,4 6 United States
corn., par $100: 100 Mo.-Kan.
vid.
e
Calumet Gold Mining Co.(Initial div.).340. Aug. 2 Holders of reo. Aug. 10
6 Southwest Gas Utilities Corp.,
t. c ,
Pipe Line Co., el. B. V.
s omitted.
Canrere IVdre .1r C) Co., Ltd., cl. A & B-13
p adarre i (4uarable
corn. temp. /Ifs.: 10 Southwest
Holders of rec. Aug. 31
31% Se pt.. 1
Sp
Par $1; 4263-100 Clayton SecurtGas Utilities Corp., $614 cum.
Holders of roe. Aug. 1
tics Corp., par 8100:20 Westing16e. Aug. 1
Chain Belt (quar.)
pref. temp. Ws.: 9 Southern Ice
house Electric & Mtg. Co., corn.,
Holders of ree. Aug. 5
Champion Hardware (guar.)
453 Aug. 1
75c.
Co., pret. series A, par $100:
Holders of rec. Aug. 15
Cincinnati Wholesale Grocery Co.(s-a)Par 550: 200 S. R. Dresser Avg.
24 General Gas & Elec. Corp. $8
Light &
Co., cl. B;60 The United
City Ice & Fuel Co., common (guar.)
50e. Aug. 3 Holders of rec. Aug. 15
cum. pref. A. 32 American ULMHolders of rec. Aug. 15
Power Co., corn. A; 50 Electric
1% Sept.
6 A% preferred (guar.)
ties & General Corp., ss cum.
Power & Light Corp., com__$1,750 lot Cleveland Quarries Co.(guar.)
100. Sept. 1 Holders of rec. Aug. 15
pref.; 50 Air Container Co.. cornHolders of rec. Aug. 19
20 United States Electric Light dr
Collins & Aikman Corp.. pref.(guar.)
mon B: 19 Savannah Electric &
Power Shares, Inc., tr. ctf. set. A 13
. 1
1 54 Aug. 15 Holders of rec. July 15
2 s.
5
Colonial Invest. Shares, class A
Power Co.. 1st ppd. ser. A, par
56 American Telephone & Telegraph
75e. Sept. 1 Holders of tee. Aug. 18
Columbia Pictures Corp., pref. (guar.)$100; 15 Key West Electric Co.,
90% Combined Trust Shs.
Co.. par $100
(Std. Oil Group).! 9 .038c Aug. 15
pref. ser. A, par 5100: 20 Rhode
Illuminating
500. Sept. 1 Holders of roc. Aug. 15
Continental Chicago Corp., pref.(guar.)
Island Pub. Serv. Co.. pret$3,340 lot 10 Edison Electric
155
Co., par $100
2014
67c. Sept. 15 Holders of reo. Aug. 31
Crown Cork & Seal Co., Inc., pt.(guar.)
Corporation
15 Draper
40 Western Union Telegraph Co.,
31% Oct. 1 Holders of rec. Sept. 20 '
Curtis Publishing Co., pref.(guar.)
15 Kidder Participations, Inc.,
22
Sept. 1 Holders of rec. Aug. 15
6
par $100
Cushman's Sons, Inc.. COM. (guar.).
435% preferred, par 5100
- 50e.
32 Sept. I Holders of rec. Aug. 15
$3 preferred (quer.)
1% Sept. 1 llolders of rec. Aug. 15
7% preferred
By Barnes & Lofland, Philadelphia:
15c. Sept. 1 Holders of rec. Aug. 15
$ Per Sh. Davega Stores Corp., corn. (guar.)
$ per 5k. Shares. Stocks.
Shares. Stocks.
.ept. I Holders of rec. Aug. 15
1571;4c
Drug, Inc. (guar.)
Bank,
, 10 First Camden National Bank
60 Central-Penn National
Holders of rec. Aug. 15
206. SSept
Flpr eeeServirgfaro3tn cf. A & B (mt.)
na
co.
& Trust Co., Camden, N. J.,
24%
par $10
Holders of rec. Aug. 15
3934
Sept.
nfrred
e
Par $25
21 Philadelphia National Bank,
40 Integrity Trust Co., par $10____ 9% Gas Light & Coke Co., Ltd., Amer. dep.
60
par 320
Holders of rec. Aug. 5'
75
zw 2 4-5
rec. & 4% guaranteed
30 Girard Trust Co., par $10
20 National Rank of Olney, par $10 3% 15 Little Schuylkill Navigation,
Hamilton Finance Service, Inc.(guar.).- 244 Aug. 15 'folders of rec. July 30
30 Corn Exchange r.Sational Bank
30
40 , RR. & Coal Co . Par 550
& Trust Co., par $20
Financial Chronicle
Volume 135
Name of Company.
Per
When
Cent. Payable.
Boots Closed.
Days Inclusion.
Miscellaneous (Concluded)
General Motors Corp., common (quar.)25c. Sept. 12 Holders of rec. Aug. 13
$5 preferred (guar.)
$14: Nov. 1 Holders of rec. Oct. 10
Hamilton Loan Society of Pa., Inc.(au.) 2
Aug. 15 Holders of roe. July 30
Extra
X of 1 Aug. 15 Holders of rec. July 30
Hancock Oil Co. of Cal.(Del.) cl. A (qr.)
10e. Sept. 1 Holders of rec. Aug. 15
Hathaway Bakeries. Inc.. class A
3746c Sept. 1 Holders of rec. Aug. 15
Preferred (quar.)
$14: Sept. 1 Holders of rec. Aug. 15
Hires (Chas. E.) Co., com.class A (qu.)500. Sept. 1 Holders of rec. Aug. 15
Common class A (quar.)
500. Dec. 1 Holders of rec. Nov. 15
Common class B (quar.)
$1
Sept. 1 Holders of rec. Aug. 15
Holt (Henry) & Co., class A (quar.)
2245c Sept. 1 Holders of rec. Aug. 11
Homestake Mining Co.(monthly)
75c. Aug. 25 Holders of rec. Aug. 20
Imperial Tobacco Co. of Gt. Britain &
Ireland Ltd., ord. reg
zw634 Sept. 1 Holders of rec. Aug. 16
Amer. dep. rec. for ord. reg
zu6 A Sept. 9 Holders of rec. Aug. 16
Imperial Oil Ltd.(quar)
12 Ac. Spot. 1 Holders of rec. Aug. 15
Indiana Ice & Fuel 6% pref.-Dividend o rattled
Ingersoll-Rand Co.. corn. (quar.)
50c.
Internat. Cellucotton Prod., corn. (mi.).
250. July 1 Holders of rec. June 25
International Milling 7% 1st pf. (Quar.) 14: Sept. 1 Holders of rec. Aug. 20
6% lot preferred (guar.)
145 Sept. 1 Holders of rec. Aug. 20
Irwin (Robert W.), pref.(seml-ann.)
35c. Aug. 1 Holders of rec. July 30
Jewel Tea Co. (quar.)
$I
Oct. 15 Holders of rec. Oct. 1
KelvInator preferred (quar.)
$IM Aug. 15 Holders of rec. Aug. 15
LaSalle & Koch, pref., (quar.)
$141 Aug. 15 Holders of rec. Aug. 14
Lilly (Chas. H.) Co., pref. (quar.)
514.1 Aug. 1 Holders of rec. July 26
Lincoln Stores, Inc., coin. (quar.)
25c. Sept. 1 Holders of rec. Aug. 25
Preferred (guar.)
$1 X Sept. 1 Holders of rec. Aug. 25
Ludlow Mfg. Associates (guar.)
S134 Sept. 1 Holders of rec. Aug. 6
Luther MM.Co.
-Dividend omitted.
Marathon Paper Mills 6% pf.-Div. cunt tted.
Matson Navigation Co. (quar.)
$134 Aug. 15 Holders of rec. Aug. 10
May Dept. Stores Co., common (quar.)_
250. Sept. 1 Holders of rec. Aug. 15
McColl Frontenac Oil corn. (quar.) _ _ _ _
15c. Sept. 15 Holders of rec. Aug. 15
Mercantile Stores, corn. (quar.)
25c. Aug. 15 Holders of rec. Aug. 3
Preferred (quar.)
$134 Aug. 15 Holders of rec. Aug. 3
Metropolitan Ice Co., pref. (quar.)
$14: Oct. 1 Holders of rec. Sept. 15
Extra
30c. Oct. 1 Holders of rec. Sept. 15
Midland (A. D.) Co., common (quar.)
250. Sept. 1 Holders of rec. Aug. 20
Montreal Loan & Mtg. Co.(quar.)- - - 75c Sept. 15 Holders of rec. Aug. 31
Mt. Diablo Oil, Mining & Development Co.(guar.)
.005c. Sept. 1 Holders of rec. Aug. 24
Muskegon Motor Specialties Co. cl. A
- Divide nd omit ted.
Myers Publishing cl. A-Div. passed.
Nat. Industrial Loan Corp.(oust.)
161:0. Aug. 15 Holders of rec. July 30
National Dairy Prod. Corp., corn. (qu.)
50c. Oct. 1 Holders of rec. Sept. 5
Class A & B preferred (quar.)
$134 Oct. 1 Holdsrs of rec. Sept. 5
New York Shipbuilding Co., pref.(qu.). $1% Oct. 1 Holders of rec. Sept. 20
Ont. Equitable Life 4, Accident Ins.
-No div. a ctlon ta ken.
Parker Rustproof Co. com.-Dividend o mitted
Pillsbury Flour Mills, Inc., corn. (quar.)
30c. Sept. 1 Holders of rec. Aug. 15
Public investing -Corn, dividend °mitt ed.
Purity Baking Corp
25o. Sept. 1 Holders of rec. Aug. 15
Rand Mines, Ltd
32 sit. Aug. 17
Representative Trust Shares (s.-a.)
22.620 Aug. 1
Rolland Paper Co.. Ltd., pref. (quar.)__
146 Sept. 1 Holders of rec. Aug. 15
Bt. Louis General Investment,initial-- -- $5.85
Securities Corp. Gen.$7 pref.(quar.).__ $14: Aug. 5 Holders of rec. July 29
$7 preferred
h$134 Aug. 5 Holders of rec. July 29
$6 preferred (quar.)
$145 Aug. 5 Holders of rec. July 29
$6 preferred
1)$145 Aug. 5 Holders of rec. July 20
Sherwin-Williams Co.,6% pf.$25 par(qu.) 115 Sept. 1 Holders of rec. Aug. 15
81111013 (Franklin) & Co., pref. (guar.)._ $134 Sept. 1 Holders of rec. Aug. 20
Socony-Vacuum Corp. (quar.)
20e. Sept. 15 Holders of rec. Aug. 19
Southington Hardware Co. (quar.)
350. Aug. 1 Holders of rec. July 26
Spalding (A. GO & Bros., lot & 2nd pf.- (Lys, s uspened
Standard 011 Co.of Calif.(quar.)
50c. Sept. 15 Holders of rec. Aug. 15
Standard Oil Co. of Nebraska (quar.)_ _ _
250. Sept. 20 Holders of rec. Aug. 27
Standard 011 Co.(N.J.) cap. stk.
25c, Sept. 15 Holders of rec. Aug. 16
(qtr.)- $100 par capital stock (quar.)
$1
Sept. 15 Holders of rec. Aug. 16
Extra (on $21 par shares)
25c. Sept. 15 Holders of rec. Aug. 16
Extra (on $100 par shares)
Sept.15 Holders of rec. Aug. 16
$I
Standard Oil Co.(Indiana)
25c. Sept. 15 Holders of rec. Aug. 15
Standard Royalties Co. of N. Y., Inc.
Preferred el. A (monthly)
ic. Aug. 15 Holders of rec. July 30
Stromberg-Carlson Tel., Mfg. Co.
634% preferred (quar.)
1% Sept. 1 Holders of rec. Aug. 22
Superior Portland Cement Co., (mthly.) 27450. Sept. 1 Holders of rec. Aug. 23
Timken Roller Bearing Co.(guar.)
25e. Sept. 6 Holders of reo. Aug. 9
Union Tank Car Co. (guar.)
35c. Sept. 1 Holders of rec. Aug. 15
United Aircraft & Transport Corp.
6% preferred (guar.
75e. Oct. 1 Holders of rec. Sept. 10
United States Envelope Co.,corn. div. ac Mon not taken.
Preferred (s.-a.)
$335 Sept, 1 Holders of rec. Aug. 15
United States Playing Card Co.,(quar.).
25g. Oct. 1 Holders of rec. Sept. 20
Urban Mtge. Co., Ltd., pref. (s.
-a.).- - - $334 July 30 Holders of rec. July 25
Walt & Bond, Inc., class A (quar.)
50c. Sept. 1 Holders of rec. Aug. 15
Weaver Piano Co., Inc., (s.
$2
-a.)
July 30 Holders of rec. July 28
Werthan Bag Corp.. $7 pref.(quar.)1% Aug. 1 Holders of rec. July 21
Western Dairy l'roducts pref. cl. A (qu.) $145 Sept. 1 Holders of rec. Aug. 10
Western Paper Goods. cl. A & 13 (quar.).
I5o. Aug. 4 Holders of rec. Aug. 1
Westvaco Chlorine Prods. Corp., corn. dl v. cunt teed.
White Motor Securities, pref. (quar.)- - - 13: Sept. 30 Holders of rec. Sept. 12
Willcox 8, Gibbs Sewing Machine.
-Div friend omitted
Wilson Line, Inc., $7 pref.-Dividend ac Hon no t taken
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company
Railroads (Steam).
Alabama Great Southern, prof.(s-a)---Augusta
Savannah RR.(s-a)
Extra
Boston & Providence RR. Co.(quar.)
Hudson & Manhattan RR.Co., pref(s-a)
Norfolk & Western corn (quar.)
Adjustable preferred (quar.)
Northern RR.(N. II.), (quar.)
Oswego & Syracuse RR.(5.-a.)
Peoria & Bureau Valley Mt
Peterborough RR.(semi-ann.)
Pittsburgh Bessemer & Lake Erie, corn_
Pittsbg Ft. Wayne &Chic., corn.(qu.)- Common (guar.)
Preferred (guar.)
Preferred (guar.)
Reading Co.,common
1st preferred (quar.)
2d preferred (guar.)
United N. J., RR. & Canal lquar.)
Per
When
Cent. Payable.
3
245
25c.
246
246
2
145
445
345
146
14:
1%
14:
134
25c.
50e.
50c.
245
Aug. 15 Holders of rec. July 9
Jan 533
Jan 533
Oct. 1 Holders of coo. Sept. 20
Aug. 16 Holders of rec. Aug. 1
Sept. 19 Holders of roe. Aug. 31
Aug. 17 Holders of rec. July 30
July 30 Holders of rec. July 6
Aug. 20 Holders of rec. Aug. 8
Aug. 10 Holders of rec. July 22
Oct. 1 :Holders of rec. Sept. 26
Oct. 1 Holders of rec. Sept. 26
Oct. 1 Holders of rec. Sept. 10
Jan 233 Holders of rec. Dec. 10
Oct. 4 Holders of rec. Sept. 10
Jan 333 Holders of rec. Dec .10
Aug. 11 Holders of rec. July 14
Sept. 8 Holders of rec. Aug. 18
Oct. 13 Holders of rec. Sept. 22
Oct. 10 Holders of rec. Sept. 20
Public Utilities.
Allentown-Bethlehem Gas, pref. (q11.)
8745o. Aug. 10
American Water Works&,Eleo. Co., Inc.
88 1st preferred (quar.)
$134 Oct. 1
Brazilian Traction, Light & power
e2 Sept. 1
Bridgeport Gas Light (Opm.)
600. Sept.30
Brooklyn Edison Co. (quar.)
$2 Sept. 1
Brooklyn Union Gas (quar.)
$134 Oct. 1
Cables & Wireless, Ltd., 545% prof
wx24 Aug. 22
Amer. dep. reo. 545% preferred
wx2% Aug. 22
California Water Service, 6% pref. (q11.) $146 Aug. 15
Canadian Hydro-Electrio Corp., Ltd.,
preferred (quar.)
$145 Sept. 1
Books Closed.
Days Inclusive.
Holders of rec. July 30
Holders of rec. Spa. 9
Holders of rec. July 30
Holders of rec. Sept. 16
Holders of rec. Aug. 9
Holders of rec. Sept. 1
Holders of rec. July 14
Holders of rec. July 14
Holders_of_rec. July 31
Holders of rec. Aug. I
Name of Company.
933
Per
When
Cent. Payable.
Public Utilities (Concluded).
Cedar Rapid Mfg. & Power Co.(quar.). 75c. Aug. 15
Central Vermont Public Service Corp.,
$8 preferred (quar.)
$134 Aug. 15
Clear Spring Water Service $6 pref. (qr.) $145 Aug. 15
Cleveland Elec. Illuninating, pref. (qu.) $145 Sept. 1
Columbia Gas 4, Elec. Corp.. corn. (qu.) 325c. Aug. 15
5% cum. pref. (quer.)
1% Aug. 15
5% cony. pref.(quar.)
134 Aug. 15
8% pref., series A (quar.)
134 Aug. 15
Commonwealth & Southern Corp.
$1.1 Oct. 1
$6 preferred (quar.)
Commonwealth Utilities
200. Sept. 30
Common, class A & B (quar.)
Preferred A (quar.)
$1% Oct. 1
Preferred B (quar.)
$145 Oct. 1
Preferred C (quar.)
$145 Dec. 1
Concord Gas Co., pref. (quar.)
$141 Aug. 15
Connecticut Light & Pow 545% Ph.(40)
146 Sept. I
146 Sept. 1
% preferred (quar.)
Connecticut fly. & Lt. Co., com.(qu.).S 1.1245 Aug. 15
Preferred (guar.)
$ 1.1234 Aug. 15
Consolidated Gas (N. Y.). (aunt.)
$1 Sept. 15
Consol. Gas., Elec. Lt.& Pow .(Balt.)Common (quar.)
90c. Oct. 1
Preferred A (quar.)
$13: Oct. 1
Preferred D (quar.)
$145 Oct. 1
Preferred E (quar.)
$115 Oct. 1
Consumers Power Co.,$5 pref.(quar.)._
1% Oct. 1
115 Oct. 1
6% preferred (quar.)
8.6% preferred (quar.)
1.65 Oct. 1
7% preferred (monthly)
Oct. 1
6% preferred (monthly)
50c. Sept. 1
6% preferred (monthly)
500. Oct. 1
6.6% preferred (monthly)
550. Sept. 1
6.6% preferred (monthly)
55c. Oct. 1
Eastern Utilities Associates (quar.)
50e. Aug. 15
El Paso Elec.. 7% pref. (quar.)
1% Oct. 15
Empire Gas & Elect.6% pref. cl. A (qr.)
145 Sept. 1
7% preferred, class C (quar.)
1% Sept. 1
8% preferred, class D (Oust.)
146 Sept. 1
Escanaba (Mich.) P & Tr..6% Pf• (au.).
145 Nov. 1
European Elect. Corp., Ltd., Cl. A (qu.) 7450 Aug. 15
Gulf States Utilities, 6% prof. (Quar.).145 Sept. 15
8116 Sept. 15
$635 preferred (quar.)
Illuminating & Power Security Corp.
Common (quar.)
75c. Aug. 10
1% Aug. 15
7% preferred (quar.)
Indianapolis Water Co.. 5% Pref. (qu.). 11: Oct. 1
Kentucky Utilities Co., 7% pref. D (4u.) 8745c. Aug. 20
Keystone Telep. Co.(Phila.) $4 Pt.(qu.) $1 Sept. 1
Lincoln Telephone & Telegraph
6% preferred A (quar.)
145 Aug. 10
Los Angeles Gas & Elec.,8% pref. (r)
146 Aug. 15
(Del.) cl. A,corn.(qu.) 43% c. Sept. 24
Louisville G.4, E.
Class B common (guar.)
434:0. Sept. 24
Lucerne County Gas At Electric
$1 34 Aug. 15
$7 1st preferred (quar.)
5)45 Aug. 15
$6 preferred (quar.)
15c. Aug. 31
Malone Light & Power corn, monthly__
110. Sept. 30
Common (monthly)
Marconi's Wireless Teleg. Co., Ltd.
zw2 Aug. 10
Amer. dep. rec. ord. reg
Milwaukee El. Ry. & Light Co.
134 Sept. 1
6% preferred (1921)(guar.)
Monongahela West Penn Publ Serv. Co.
134 Oct. 1
7% preferred (guar.)
Sc. Aug. 20
Mutual Telephone Co.. Hawaii (mthly.)
25c, Sept. 1
National Power & Light Co.corn.(guar.)
New Rochelle Water, 7% pref. (quar.)
134 Sept. 1
New York Power & Light Corp.
134 Oct. 1
7% preferred (guar.)
$145 Oct. 1
$6 preferred (anon)
850. Sept. 1
New York Steam Corp. corn. (quar.).__
North Amer. Edison Co., pref. (guar.).- $145 Sept. 1
14: Oct. 1
North Shore Gas, pref. (anar.)
Pacific Gas de Electric Co.
134 Aug. 15
6% 1st preferred (quar.)
1 M Aug. 15
ci545% 1st preferred (quar.)
750. Aug. 15
Corp. corn. (quar.)
Pacific Lighting
350. Oct. 1
Peninsular Telephone corn. (quar.)
35c. Jan 133
Common (quar.)
134 Aug. 15
7% preferred (quar.)
134 Nov. 15
7% preferred (quar.)
134 2 15 '33
7% preferred (quar.)
Pennsylvania Power Co.
She. Sept. 1
36.60 preferred (monthly)
$146 Sept. 1
$6 preferred 'guar.)
$134 Sept. 1
Penna. State Water Corp..$7 pref. (qr.)_
25c. Sept. 1
Philadelphia Co.,5% pref. (5.-a.)
500. Oct. 1
Philadelphia Elec. Pow. Co.8% Pf. (qu.)
Pittsburgh Suburban Water Service Co.
$I% Aug. 15
$545 preferred (quar.)
Public Service Co. of Ind. $6 pref.(quar.) 511-5 Aug. 15
80c, Sept. 30
Public Service Corp.of N.J.. corn. (qu.)
$134 Sept. 30
$5 preferred (guar.)
134 Sept. 30
7% preferred (quar.)
2 Sept. 30
8% preferred ((Mar.)
50e. Aug. 31
6% preferred (monthly)
50c. Sept. 30
6% preferred (monthly)
$14: Aug. 10
Public Utilities Corp. (quar.)
/37c. Aug. 15
Quebec Power Co. (quar.)
Second & 3d Sta. (Phila.) Pass. fly. (all.) $3 Oct. 1
Shawinigan Water & Power Co. (quar.). 1250 Aug. 15
Sioux City Gas & Elec. Co. pref.(guar.). $134 Aug. 10
South Carolina Power Co.$6 pref. (gr.)_
1115 Oct. 1
Southern Calif. Edison, corn. (guar.)
50c. Aug. 15
Southern Calif. Gas Co.,645% pt.(qu.)- $134 Aug. 31
Southern Can.Pow. Co., Ltd.,com.
(qU.) 1250. Aug. 15
Stamford Water Co. (guar.)
Aug. 15
$2
Standard
Power & Light Corp.
3cc. Sept. 1
Common and common B (guar.)
56c. Aug. 15
Tampa Electric Co. corn. (quar.)
Preferred (guar.)
134 Aug. 15
Tennessee Electric Power Co.
14: Oct. 1
5% preferred (guar.)
136 Oct. 1
6% preferred (quar.)
7% preferred (guar.)
134 Oct. 1
1 4-5 Oct. 1
7.2% preferred (attar.)
6% preferred (monthly)
50c. Sept. 1
6% preferred (monthly)
500. Oct. 1
600. Sept. 1
7.2% preferred (monthly)
600. Oct. 1
7.2% preferred (monthly)
Underground Elec. Rye. Co., ord. reg
2 Aug. 8
w2 Aug. 15
Amer. dep. rec, for ord. reg
United Cos Improvement Co. corn. (q11.)
300. Sept. 30
Preferred (guar.)
$114 Sept. 30
Virginia Elec. & Power.6% pref. (quar.) 145 Sept. 20
West Penn El. Co. 7% cum. pf. (quar.). 134 Aug. 15
8% cum. preferred (guar.)
145 Aug. 15
Williamsport Water $6 pref. (quar.)
$145 Sept. 1
Fire Insurance.
Boston Insurance Co
St. Paul Fire & Marine IDS. Co.(quar,)_
Seaboard Insurance (guar.)
Books Closed.
Days Inclusive,
Holders of rec. July 31
Holders of rec. July 30
Holders of rec. Aug. 5
Holders of rec. Aug. 15
Holders of rec. July 20
Holders of rec. July 20
Holders of rec. July 20
Holders of rec. July 20
Holders of rec. Sept. 9
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Nov. 15
Holders of rec. July 30
Holders of rec. Aug. 15
Holders of rec. Aug. 15
Holders of rec. July 30
Holders of rec. July 30
Holders of rec. Aug. 9
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holdcrs of rec. Sept .15
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Aug. 15
Holders of rec. Aug. 15
Holders of rec. Aug. 15
Holders of rec. Sept. 15
Holders of rec. July 26
Holders of rec. Sept. 30
Holders of rec. July 29
Holders of rec. July 29
Holders of rec. July 29
Holders of rec. Oct. 27
Holders of rec. Aug. 5
Holders of rec. Sept. 1
Holders of rec. Sept. 1
Holders of rec. July 30
Holders of rec. July 30
Holders of rec. Sept. 12
Holders of rec. Aug. 1
Holders of rec. Aug. 22
Holders of rec. July 31
Holders of rec. July 30
Holders of rec. Aug. 31
Holders of rec. Aug. 31
Holders
Holders
Holders
Holders
of rec. July 30
of rec. July 30
of rec. Aug. 20
of rec. Sept. 20
Holders of rec. July 15
Holders of rec. Aug. 15
Holders
Holders
Holders
Holders
of
of
of
of
rec. Sept. 15
rec. Aug. 10
rec. Aug. 22
rec. Aug. 20
Holders
Holders
Holders
Holders
Holders
of
of
of
of
of
rec. Sept. 15
rec. Sept. 15
rec. Aug. 15
rec. Aug. 15
rec. Sept. 10
Holders of rec. July 30
Holders of rec. July 30
Holders of rec. July 20
Holders of rec. Sept. 15
Holders of rec. Dec. 15
Holders of rec. Aug. 5
Holders of rec. Nov. 5
Holders of rec. Feb. 5
Holders of
Holders of
Holders of
Holders of
Holders of
rec. Aug. 20
rec. Aug. 20
rec. Aug. 20
rec. Aug. 10
rec. Sept. 10
Holders of rec. Aug. 5
Holders of rec. July 30
Holders of rec. Sept. 1
Holders of rec. Sept. 1
Holders of rec. Sept. 1
Holders of rec. Sept. 1
Holders of rec. Aug. 1
Holders of rec. Sept. 1
Holders of rec. July 30
Holders of rec. July 21
Holders of rec. Sept. 1
Holders of rec. July 21
Holders of rec. July 30
Holders of rec. Sept. 15
Holders of rec. July 20
Holders of rec. July 31
Holders of rec. July 30'
Holders of rec. Aug. 5
Holders of rec. Aug. lla
Holders of rec. Aug. 1
Holders of rec. Aug. 1
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Aug. 15
Holders of rec. Sept. 15
Holders of rec. Aug. 15
Helders of rec. Sept. 15
Holders of rec. July 15
Holders of rec. July 15
'folders of rec. Aug. 31
Holders of rec. Aug. 31
Holders of rec. Aug. 31
Holders of rec. July 20
Holders of rec. July 20
Holders of rec. Aug. 20
Holders of rec. Sept. 20
$4 Oct.
$145
1246c Aug. 18 Holders of rec. Aug. 5
Miscellaneous.
Abbotts Dairies. Inc. corn. (quar.)
500. Sept. 1
lot & 2nd. 7% preferred (Oust.)
$1% Sept. 1
Acme Farm Dairy, ltd.. pref. (s.
-a.)
$345 Aug. 10
Affiliated Products. Inc.. corn. (qu.)..... 13 1-3c Sept. 1
Holders
Holders
Holders
Holders
of
of
of
of
rec. Aug. 5
rec. Aug. 5
rec. July 30
rec. Aug. 18
Financial Chronicle
934
Name of Company.
1Vhen
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Agnew Surpass Shoe Sores, pt. (quar.)._ El% Oct. 1 Holders of rec. Sept. 15
Allegheny Steel Co., pf. (guar.)
$135 Sept. 1 Holders of rec. Aug. 15
Aloe (H. G.) Co.. pref. (quar.)
$1% Oct. I Holders of rec. Sept. 21
Aluminum Manufactures, corn. (OIL)
- 50c. Sept. 30 Holders of rec. Sept. 15
50c. Dec. 31 Holders of rec. Dec. 15
Common (guar.)
Preferred (guar.)
1% Sept.30 Holders of rec. Sept. 15
1% Dec. 31 Holders of rec. Dee. 15
Preferred (guar.)
Amer. Bank Note Co.. pref. (quar.)___ _
75e. Oct. 1 Holders of rec. Sept. 12
$1
Aug. 15 Holders of rec. Aug. la
American Can Co., common (guar.)- 135 Nov. 1 Holders of rec. Oct. 20
Amer. Crayon Co., 6% pref. (quar.)- - 1% Sept. 1 Holders of rec. Aug. 25
American Envelope Co.. 7% pref. (qu.)
1% Dec. I Holders of rec. Nov. 25
7% preferred (guar.)
10c. Aug. 10 Holders of rec. July 30
Amer. Factors, Ltd. (monthly)
American Hardware Co., common (au.)- 50c. Oct. I Holders of rec. Sept. 15
50c. Jan 133 Holders of rec. Dec. 16
Common (guar.)
35e. Sept. 1 Holders of reo. Aug. 156
American Home Products (monthly) - 50c. Sept. 1
American Hosiery, corn.(guar.
$1.50 Oct. 25 Holders of rec. Oct. 7a
American Ice Co., pref. (guar.)
75c. Aug. 15 Holders of rec. July 30
American Inv. Co.. Inc., $3 pref.(quar.)
30c. Sept. 1 Holders of rec. Aug: 2
American Laundry Machin. (guar.)- 0
1% Oct. 1 Holders of rec. Sept. 20
Amer. Natl. Co.(Toledo). pref. A (qu.)Preferred A (quarterly)
1% Jan 133 Holders of rec. Dec. 20
1% Oct. 1 Holders of rec. Sept. 20
Preferred B (quarterly)
135 Jan 133 Holders of rec. Dec. 20
Preferred 13 (quarterly)
American Radiator & Standard Sanitary
1% Sept. 1 Holders of rec. Aug. 15
Corp.. preferred (guar.)
50c. Aug. 15 Ilolders of rec. July 29
American Re-Insurance Co. N.Y.
Amer. Solvay Infest. Corp., pref.(qu.). 5134 Aug. 15 [folders of rec. July 15
50c. Oct. 1 Holders of rec. Spot. 15
American Stores Co.(guar.)
Sept. 1 Holders of rec. Aug. 10
Amer. Tobacco Co.. COM. dr eom.13 (qu.) 5
Anglo-Persian Oil Co.. Ltd.
ter5 Aug. 6 Holders of rec. June 14
Amer. dep. rec. tor ord. reg
trz4
Aug. 6 Holders of rec. June 14
Amer. dep. rec. for 1st pref.(reg.)Amer. dep.rec.for 2nd pref.(reg.)_ _ _ fere% Aug. 6 Holders of rec. June 14
1% Sept. 1
Baird Machine,6% pref. (guar.)
Bomberger(L.) & Co..635% Prot.(qu.).
134 Sept. 1 Holders of rec. Aug. 12
5135 Aug. 15 Holders of rec. July 30
Beacon Mfg. Co., pref. (guar.)
135 Sept. 15 Holders of rec. Aug. 31
Belding-Corticelli. Ltd., pref. (guar.)
75c. Aug. 15 Holders of rec. Aug. 1
131auners, Inc.. pref.(guar.)
3735e. Aug. 15 Holders of rec. Aug. 10
Block Bros. Tobacco, corn. (guar.)
3735c. Nov. 15 Ifolders of rec. Nov. 10
Common (guar.)
1% Sept. 30 Holders of rec. Sept. 24
Preferred (guar.)
135 Dec. 31 Holders of rec. Dec. 24
Preferred (guar.)
175c. Sept. 1 Holders of rec. Aug. 5
Blue Ridge Corp., pref. (guar.)
$1
Oct. 30 Holders of reo. Oct. 15
Bon Aml Co., class A (guar.)
50e. Oct. 1 Holders of rec. Sept. 24
Class B (guar.)
80e. Aug. 15 Holders of rec. Aug. 5
Bond & Mortgage Guarantee CO.(RU.)- 50c. Sept. 1 Hollers of rec. Aug. 15
Borden Co.,common (guar.)
250. Aug. 15 Holders of rec. July 30
Boss Mfg. Co., common (guar.)
68%c. Aug. 15 Holders of rec. Aug. I
Bouclois, Inc.,$24 pref.(guar.)
Bovril. Ltd.
rw335 Setp.
Amer dep. rec. 74% ord. reg. shs
Holders of rec. July 25
Sept. 8 Holders of reo. July 25
Amer. dep. rec. deferred reg. shares_ rte4
rw4
Aug. 31 Holders of rec. July 21
Deferred reg. shares
rtr334 Aug. 31 holders of rec. July 21
7!.4% ord rec.. shares
10c. Sea. 1 Holders of rec. Aug. 13
Brach (E. J.) & Sons (03113r.)
Burroughs Adding Machine Co
2033. Sept. 6 Holders of rec. Aug.
Byllesby Engineering & Management
25c. Sept. 1 Holders of rec. Aug. 10
Corp- preferred Is-a)
40e. Oct. 1 Holders of rec. Sept. 15
Colombo, Sugar Estates. corn. (quar.).
35c. Oct. 1 Holders of rec. Sept. 15
7% preferred (guar.)
Canada Bread Co.. M. B. pref. (quar.)_ _
50c. Sept. 1 Holders of rec. Aug. 15
Canadian Car A Fdy. Co.. corn.(qu.)_ 1I5c. Aug. 30 Holders of rec. Aug. 15
Canadian Converters, Ltd., corn.(qu.).
50c. Aug. 15 Holders of rec. July 31
Canadian Oil Co., Ltd., corn. (oust.)..
25c. Aug. 15 Holders of rec. Aug. 1
Preferred (guar.)
52 Oct. 1 Holders of rec. Sept. 20
Canfield 011,7% preferred (guar.)
1% Sept. 30 Holders of rec. Sept. 20
1% Dec. 31 Holders of rec. Dec. 20
7% preferred (guar.)
Caterpillar Tractor Co. (guar.)
1235e. Aug. 31 Holders of roe. Aug. 15
Centrifugal Pipe (guar.)
15c. Aug. 15 Holders of rec •Aug. 5
Quarterly
15e. Nov. 15 Holders of rec. Nov. 5
Century Ribbon Mills. Inc., pref.(qu.). $13.5 Sept.
Holders of rec. Aug. 20
Champion Hardware (guar.)
75e Aug. 15 Holders of reo. Aug. 5
Chartered Inv.5% prof.(guar.)
1% Sept. 1 Holders of rec. Aug. 1
Chase (A. W.), Ltd.. pref. (guar.)
51
Aug. 10 Holders of rec. JUIY 31
Chicago Yellow Cab Co., Inc. (oust.),.
50c. Sept. I Holders of rec. Aug. 19
Chrysler Corp.. common (guar.)
25c. Sept. 30 Holders of rec. Sept. 1
Coca-Cola Bottling Co. of St. L.(guar.)
40e. Oct. 15 Holders of rec. Oct. 5
Commercial Discount Corp.(L. A.).(qu)
25c. Aug. 10 Holders of roe. Aug. 1
Community State Corp., cl. A (guar.)._ 1234c. Sept. 30 Holders of rec. Sept. 26
Class A (guar.)
1235c. Dec. 31 Holders of rec. Dec. 27
Compo Shoe Machinery (Initial)
12% Sept. 1 Holders of rec. Aug. 10
Coniaurum Mines. Ltd., corn. Initial
3c. Aug. 15 Holders of rec. Aug. 1
Conservative Financial, pref. (s.-a.)
40c. Sept. 1 Holders of rec. Aug. 1
Consolidated Cigar Corp.. 7% Pref.(nu.)
1% Sept. I Holders of rec. Aug. I5a
Consolidated Laundries, pref.(guar.).
- El% Aug. 15 Holders of rec. July 15
Consolidated 011 Corp., pref. (guar.)
- 52 Aug. 15 Holders of rec. Aug. 1
Congo!. Sand & Gravel. Ltd.. pref. (gph)
50c. Aug. 15 Holders of rec. July 30
50c. Aug. 15 Holders of rec. Aug. la
Continental Can Co.. Inc., corn. (qu.)
25c Sept. 1 Holders of rec. Aug. 20
Como Mills, common (guar.)
Common (guar.)
25c. Dec. 1 Holders of rec. Nov. 19
Cosmos Imperial Mills, Ltd., pref.(QUO - 8735c. Aug. 15 Holders of rec. July 30
Courtaulds, Ltd.. common,Interim
1% Aug. 20 Holders of rec. July 19
Crown Zellerbach Corp.
Class A & 13 preferred (guar.)
374C. Sept. 1 Holders of rec. Aug. 13
Cuneo Press.. Inc.. preferred boar)..,.. $135 Sept. 15 Holders of rec. Sept. 1
Deere & Co.. new pref.(guar.)
10c. Sept. 1 Holders of rec. Aug. 15
Old preferred (guar.)
500. Sept. 1 Holders of roe. Aug. 15
Delaware Division Canal of Pa. (s-a).- - $I
Aug. 15 Holders of reo. Aug. 4
He Long Hook & Eye (guar.)
500. Oct. 1 Holders of rec. Sept. 20
Diamond Match Co., common (guar.).25e. Sept. 1 Holders of rec. Aug. 15
Preferred (s-a)
75e. Sept. 1 Holders of roe. Aug. 15
Dictaphone Corp.. Preferred (quar.)
$2 Sept. 1 Holders of rec. Aug. 19
Diem & Wing Paper Co.. pref.(quar.)
$14 Aug. 15 Holders of rec. Aug. 31
DLst tilers Co.. Ltd., Amer. dep. rec
25e Aug. 9 Holders of rec. July 25
Doctor Pepper Co.(guar.)
30c Sept. 1 Holders of rec. Aug. 18
Quarterly
30c Dec. 1 Holders of rec. Nov. 18
Dominion Bridge, Ltd.(guar.)
tOc Nov. 15 Holders of rec. Oct. 31
Dow Chemical Co., corn.(guar.)
50e Aug. 15 Holders of rec. Aug. 1
Preferred (guar.)
I% Aug. 15 Holders of rec. Aug. 1
Duplan Silk Corp..(guar.)
50c Aug. 15 Holders of rec. Aug. 5
Eastern Theatres, Ltd.. corn. (guar.).
- 50c. Sept. 1 Holders of rec. July 30
Electric Ferries. Inc.. preferred (guar.)._
52 Aug. 27 Holders of rec. July 27
Employers Reinsurance (guar.)
40c. Aug. 15 Holders of roe. JUIY 30
Ewa Plantation Co. (guar.)
60c Aug. 15 Holders of rec. Aug. 5
Faber. Coe & Gregg. Pref.(guar.)
$1 34 Nov. 1 Holders of roe. Oct. 2
Preferred (guar.)
$1% Feb. 1 Holders of rec. Jan. 20
Farmers A Traders Life Ins. Co.'guar.). 52% Oct. 1 Holders of rec. Sept. 9
Faultless Rubber, common (guar.)
50c. Oct. I Holders of rec. Sept. 15
Federal Royalties Co., Inc., special
10c. Aug. 10 Holders of rec. July 30
Firestone Tire & Rub.. pref. A (guar.).- $1 34 Sept. 1 Holders of rec. Aug. 15
FP7 9IMMUl& Connell Dr. & Dk .(quar.)
25e. Sept. 1 Holders of rec. Aug. 20
Food Mach.,56 35 pref.(monthly)
50e. Aug. 15 Holders of rec. Sept. 10
Preferred (monthly)
50e. Sept. 15 Holders of rec. Sept. 10
Freeport Texas Co., corn. (guar.)
50e. Sept. 1 Holders of roe. Aug. 15
Furness WIthy &Co., Ltd., ord. reg._ _. x3v215 Aug. 19 Holders of rec. July 19
General Cigar CO., preferred (guar.)El% Sept. 1 Holders of roe. Aug. 23
General Outdoor Ads' Co., Inc. pref,(qu) 5134 Aug. 15 Holders of rec. Aug. 5
40c. Sept. 10 Holders of tee. Aug. 31
Golden Cycle Corp. (quar.)
25c. Sept. 1 Holders of rec. Aug. 15
Gorham Mfg. Co., corn. (guar.)
Gottfried Baking Co.. Inc.. Pref. (guar.)
1
Oct. 1 Holders of rec. Sept. 20
134 Jan 2'33 Holders of rec. Dec. 20
Preferred (guar.)
3 Dec. 29 Holders of rec. Dec. 28
Grace (3A'. R.) & Co..8; pref.(s-a)
2 Sept. 30 Holders of rec. Sept. 29
Preferred A and F3 ((luar.)
2 Dec. 29 Holders of rec. Dec. 28
Preferred A and B (guar.)
75c. Sept, 1 Holders of roe. Aug. 10
Grand Union. pref. (quar.)
Great Atlantic & Pacific Tea CO. of Am.
Common (qiran)
$14 Seto. 1 Holders of rec. Aug. 5
250. Sept. 1 Holders of rec. Aug. 5
Common extra
2135 Sept. I Holders of rec. Aug. 12
1st preferred
Name of Company.
Aug. 6 1932
Per
When
Cent. Payable.
Books Closed
Days Inclusive
Miscellaneous (Continued).
Great I.akea Dredge & Dock Co. (guar.)
25c. Aug. 15 Holders of see. Aug. 4
Grinnell NItg. Co
$3
July 15 !folders of rec. July 14
Hale Bros. Stores. Inc
15e. Sept. 1 Holders of rec. Aug. 15
Halle Bros. Co., pref. (guar.)
$135 July 30 Holders of rec. July 23
Hancock 011. class A (guar.)
10c. Sept. 1 Holders of rec. Aug. 15
Class B (guar.)
10c. Sept. 1 Holders of rec. Aug. 15
Hardesty (It.) Mfg.,7% pref.(quar.)1% Sept. I holders of rec. Aug. 15
7% preferred (oust.)
134 Dec. 1 Holders of rec. Nov. 15
Hartford Times,$3 preferred (quar.)75c. Aug. 15 Holders of rec. Aug. 1
Hercules Powder, preferred (quar.)
El% Aug. 15 Holders of rec. Aug. 4
Hershey Chocolate Corp., corn. (quar.)- 51% Aug. 15 Holders of rec. July 25
Convertible preferred (guar.)
51 Aug. 15 Ilolders of rec. July 25
Hewitt Bros. Soap, preferred (guar.)
2 Oct. 1 Ilolders of rec. Sept. 30
Preferred (guar.)
2 Jan 133 Holders of rec. Dec. 20
Hibbard, Spencer, Bartlett & Co.(mthly)
10c. Aug. 26 Holders of rec. Aug. 19
Monthly
10c. Sept. 30 Holders of rec. Sept. 23
Hickok 011 class A (semi-ann.)
50c. Sept. 15 Holders of reo. Sept. 15
Hollinger Consolidated Gold MInes,Ltd.
(monthly)
tic. Aug. 11 Holders of rec. July 28
Honolulu Plantation (nonthlY)
25e. Aug. 10 Holders of rec. July 30
Hormel ((Leo. A.) & Co.. corn. (Quer
25c Aug. 15 Holders of rec. July 30
.)
Class A preferred (guar.)
5135 Aug. 15 Ilolders of rec. July 30
Horn & !Jordan N. Y.), pref.(guar.)
$14 Sept. 1 Holders of rec. Aug. 11
Imperial Tobacco of Great Britain A Ire' andCommon
Inter-Island Steam Navigation (mthly.)- 6% Aug. 31 Holders of rec. Aug. 24
10c.
Monthly
10c Sept. 30 Holders of rec. Sept. 24
Monthly
10c Oct. 31 Holders of rec. Oct. 24
Monthly
10c. Nov. 30 Holders of rec. Nov. 24
Monthly
10e. Dec. 31 Holders of rec. Dec. 24
Internat. Business Mach. Corp. (guar.) $1
Holders of rec. Sept.22
34 Oct.
International Harvester Co., prof.(quar.) $135 Sept.
Holders of rec. Aug. 5
Internat'l Safety Razor Co., cl. A. (qu.)
60c Sept.
Internat'l Shoe preferred (monthly)
50c. Sept.
--- Holders of rec. Aug. 15
Preferred (monthly)
50c. Oct.
Holders of rec. Sept. 15
Preferred (monthly)
50c Nov.
Holders of rec. Oct. 15
Preferred (monthly)
50c. Dec.
Nov. 15
Internat. Tea Stores. Ltd., Am.dep.rec_ xrc18 Aug. 10 Ilolders of rec. June 24
Holders of rec.
Interstate Hosiery Mills
25c. Aug. 15 Holders of roc. Aug. 1
Intertype Corp., 1st pref. (guar.)
$2
Oct. 1 Holders of rec. Sept. 15
Jantzen Knitting Mills, pref. (guar.).Sept. 1
rec. Aug. 25
dJories & Laughlin Steel Corp. pf. Mar.) 51% Oct. 1 Holders of rec. Sept. 13
750.
Holders of
Kalamazoo Vegetable Parchment (guar.)
15c Sept. 30 Holders of rec. Sept. 20
Quarterly
21
15c. Dec. 31 Ileersrs
too.
n oi
fol
Kemper-Thomas Co., corn.(guar.)
1235c. Oct. 1
of o. Sept.20
of
Common (guar.)
1235c Jan 133 Holders of rec. Dec. 20
Preferred (guar.)
1% Sept. 1 Holders of rec. AMC. 20
Preferred (guar.)
184 Dec. 1 Holders of rec. Nov. 2
.Kendall Co., class A pref. (guar.)
$1 34 Sept. I !folders of rec. Aug. 10
Keystone Cold Storage
51.25 Oct. 1 Holders of rec. Sept. 20
Klein (Emil), corn. (guar.)
25c. Oct. 1
roe. Sept. 20
Knudsen Creamery, class A Alt (oust.) 3734e. Aug. 20 Holders of rec. July 31
Holders of
Class A & II ((luar.)
3735c. Nov. 20 Holders of roc. Oct. 31
Kroger Grocery & Baking, corn. (guar.)
25e. Sept. 1 Holders of roe. Aug. 10
6% preferred (guar.)
1% Sept.30 Holders of rec. Sept. 20
7% 2d preferred (guar.)
135 Nov. I Holders of rec. Oct. 20
Landers, Frary & Clark (guar.)
62%c Sept. 30 Holders of rec. Sept. 20
Quarterly
62%e. Dec. 31 Holders of tee. Dec. 21
Lefeourt Realty Corp., corn.(quar.)....
20c Aug. 15 Holders of rec. Aug. 5
Lehigh Coal av Navigation (guar.)
20c Aug. 31 Holders of rec. July 30
Lehn & Fink Products Co., tom. (guar.)
500. Sept. 1 Holders of re°. Aug. 15
Liggett & Myers Tobacco Co.
Common and common B (guar.)
Sept. 1 ITolders of rec. Aug. 15
$1
Lindsay (C. W.) & Co.. 635% Pf.(OIL)1% Sept. 1 Holders of rec. Aug. 15
Link-Belt, common (guar.)
20e. Sept. I Holders of rec. Aug. 15
Loblaw Groeeterias Co., Ltd.
Class A & B (guar.)
1200. Sept.
Holders of reo. Aug. 12
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)
67e. Jet. 3! Holders of rec. Oct. 31
Common (monthly)
67c. Nov. 30 Holders of rec. Nov. 30
Common (monthly)
66e. Dec. 31 Holders of rec. Dec. 31
Preferred (guar.)
Oct. I Holders of rec. Oct. 1
$2
Preferred (guar.)
Jan 1'33 Ilolders of rec. Jan. 1
52
'
Loew's, Inc., $634 pref. (guar.)
$1% Aug. 10 Holders of rec. July 30
Loose-Wiles Blscult, pref.(guar.)
$135 /et. 1 Holders of rec. Sept. If)
Lord & Taylor, lot pref.(guar.)
El% Sept. 1 Holders of rec. Aug. 17
Lucky Tiger Combination Gold Mines
Common (guar.)
3e. Oct. 20 Holders of tee. Oct. 10
Lunkenheimer Co., Prof. (guar.)
1% Oct. 1 Ilolders of rec. Sept. 20
Preferred (guar.)
1% Jan 233 !folders of rec. Dec. 22
Lynch Corp., common (guar.)
25e. Aug. 15 Holders of roe. Aug. 5
MacMillan Co., corn. (guar.)
25e. Aug. 15 Holders of rec. Aug. 15
$6 preferred (guar.)
$135 Aug. 8 Holders of tee. Aug. 8
Macy(R. H.)& Co., corn.(guar.)
50c. Aug. 15 Holders of rec. July 22
Magnin (I.) & Co.,6% pref.(guar
135 Aug. 15 Holders of rec. Aug. 5
6% preferred (guar.)
135 Nov. 15 Holders of rec. Nov. 5
Managed Invest., Inc.(s-a)
10e. Aug. 15 Holders of rec. Aug. I
McIntyre Porcupine Mine. Ltd
u25c. Sept. I Holders of rec. Aug. 2
Extra
u12.35c Sept. I Holders of rec. Aug. 2
Mergenthaler Lino. Co. cap. stk.(qu.)..
35c. Sept. 30 Holders of rec. Sept. 7a
MetalTextile Corp.. pref.
8135c. Sept. I Holders of rec. Aug. 20
M lc kelberry's Food Prod. (guar.)
150. Aug. 15(Molders of rec. Are. 2
Co.('star,) _
Nlinneapolls-Honeywell Reg., corn.(au.)
500. Aug. 15 Holders of roe. Aug. 4
Mohawk Mining Co., cap. stock
200. Aug. 30 Holders of rec. July 30
Capital stock (extra)
$2
Aug. 30 llolders of ree. July 30
Muskogee Co.8% pref. (guar.)
Sept. I Holders
Mutual Chemical of Amer., pref. (gu.)- $134 Sept. 28 Holders of rec. Aug. 16
of rec. Sept. 15
Preferred (guar.)
El 3.44 Dee. 28 Holders of rec. Dec. 15
National Biscuit Co., corn.(guar.)
70c. Oct. 15 Holders of roe. Sept. 15
Preferred (guar.)
El% Aug. 31 Holders of rec. Aug. 12
National Lead. corn. (Muir.)
51% Sept. 30 Holders of ree. Sept. 16
Preferred cl. A (guar.)
El% Sept. 15 Holders of ice. Sept.
2
Preferred cl. 13 (guar.)
$1% Nov. 1 Holders of roe. Oct. 21
Nelson, Baker & Co.(guar.)
15c. Sept. 30 Holders of rec. Sept.
Neptune Meter. pref.(guar.)
2
Aug. 15 Holders of rec. Aug. 24
Preferred (guar.)
2
Nov. 15 Holders of rec. Nov. 1
1
New England Grain Prod.,$7 pref.(qu.) 51% Oct. 1 Holders
of rec.
$7 preferred (guar.)
$135 Jan 233 Holders of rec. Sept. 20
Dec. 20
$6 preferred A (guar.)
$1 34 Oct lb Holders of rec.
Oct. 1
$6 preferred A (guar.)
$1 34 Jo 1533 Holders of rec. Jan
133
New Jersey Zinc (guar.)
50c. Aug. 10 Holders of rec.
July 20
Newberry (J. J.) Co..7% pref.(r111.)$135 Sept. 1 Holders of rec. Aug.
16
Niagara Shares Corp.(Md.)Class A, preferred (guar.)
$135 Oct. I Holders of tee.
Class A preferred (guar.)
51% Jan 333 Holders of rec. Sept. 16
Nineteen Hundred Corp. class A (qu.)_ _
50c. Aug. 15 Holders of tee. Dec. 16
Norwalk Tire A Rubber Co., pref. (qu.). 87%c. Oct. 1 Holders of ree. Aug. 1
15e Aug. 15 Holders of reo. Sept.22
Oahu Fly. & Land (monthly)
Aug. 12
Onomea Sugar (monthly)
20c. Aug. 20 Holders of roe.
Aug. 10
Ontario Steel Products Co.. Ltd.
51 84 Aug. 15 Holders of tee.
Preferred (guar.)
July
Owens Illinois Glass Co., corn.(guar.).50c Aug. 15 Holders of Fee. July 31
Preferred (guar.)
El % Oct. 1 Molders of roe. Sept. 30
15
Nov. I Holders of rec.
1%
Package Machinery, let pref.(guar.)- - Oct. 20
Park Nlortgage & Ord. Rental ((luar.).
50c Aug. 15 Holders of rec. Allg. 6
Pencler (David) Grocery Co., el. A (on.) 8734o. Sept. 1 Holders of rec. Aug. 20
75c Aug• 15 Holders of rec. Aug.
Penman's, ltd., common (guar.)
5
10e Aug. 31 Holders of rec.
Perfection Stove Co., coin.(monthly)--Aug.
Plume & Atwood Mfg.(guar.)
50c (let. I Ilolders of rec. Sept. 20
25
Sept. 15
Polloek Paper & Box, pref.(oust.)
$1
Preferred (guar.)
$1% Dec. 15
50c Aug. 15 Holders of rec. July 25
Procter & Gamble, corn. ((luar.)
Pullman. Inc.. corn. (guar.)
700. Aug. 15 Holders of rec. July 23
Aug. 31 Holders of rec. Aug. I
Quaker Oats Co., preferred (guar.)
$1
Reynolds Metals Co. (guar.)
25e Sept. 1 Hold rs of rec. Aug. 15a
Rich's Inc.. common ((luar.)
30c. Aug. 15 Holders of rec. Aug. 1
635% preferred (quar.)
1.4 Sent. 30 Holders of rec. Sept. 15
Aug. 5 Holders of roe. July 22
Royal Dutch Co. owner shares
d80
30e. Aug. 15 Holders of roe. Aug. CI
Seotten Dillon Co.(guar.)
Financial Chronicle
Volume 135
Per
When
Cent. Payable.
Name of Company.
Miscellaneous (Concluduedl
Second Twin Bell 011Synd.(monthly)- 20c. Aug. 8
Servel. Inc.. preferred (quar.)
$14 Nov. 1
Sherwin-Williams(guar.)
50c. Aug. 15
Simon (H.) &Sons, Ltd. pref.(quar.)._ $14 Sept. 1
Smith (A.0.) Corp., pref.(quar.)
31% Aug. 15
Solvay American Inv., pref. (quar.)_ _
$114 Aug. 15
Southern Pacific & Golden Gate Co,
CleSS A and B (guar.)
374c. Aug. 15
Preferred (quar.)
$134 Aug. 15
Southern Pipe Line Co
'Sc. Sept. 1
Spencer Kellogg & Sons, Inc.(qui
I5c. Sept. 30
Standard Cap & Seal (quar.)
60c. Aug. 15
Standard Paving & Materials, Ltd.
Preferred (quar.)
60c. Aug. 15
Standard Steel Const. Co. Ltd. A (clu.)
75c. Oct. 1
&ix Baer & Fuller 7% pref.(quar.)
434e. Sept. 30
7% preferred (quar.)
4334g. Dec. 31
Strawbridge & Clothier 6% pref.(rm.).. 14 Sept. 1
Studebaker Corp., pref.(quar.)
Si 34 Sept. 1
Sun Oil Co.. common (quar.)
25c. Sept. 15
Preferred (quar.)
$14 Sept. 1
Sunshine Biscuits, pref. (quar.)
$1% Oct. 1
Swift Internacional (8.-a.)
3134 Aug. 15
Telephone Invest. Corp. (monthly)
20c. Sept. 1
Texas Gulf Sulphur Co.((mar.)
50c. Sept. 15
Thatcher Mfg., pref. (quar.)
90c. Aug. 15
Tide Water 011, pref. (guar.)
51% Aug. 15
Trunz Pork Stores, Inc. (quar.)
25e. Aug. 10
Union Oil Associates. corn. (quar.)
25c. Aug. 10
Union 011 Co. of Calif., corn. (quer.)
25c. Aug. 10
Union Storage (quar.)
624c. Aug. 10
Quarterly
623ic Nov. 10
United Biscuit of Amer., corn. (quar.)
50c. Sept. 1
United Engineering & Foundry Co.
Common (qar.)
25c Aug. 12
Preferred (quar.)
$14 Aug. 12
United Milk Crate Corp., class A (au)..
50c Sept. 1
United Piece Dye Works, Pref. (quar.)..
14 Oct. 1
Preferred (quar.)
134 Jan.2'33
U. S. Pipe & Fdy., corn. (quar.)
50c Oct. 20
Common (quar.)
50c in.2033
First preferred (quar.)
30e Oct. 20
First preferred (quar.)
30e. Ju.20'33
United States Steel Corp., pref.(quar.)
$14 Aug. 30
United Stores Corp., pref. (quar.)
81 is C. Sept. 15
Vick Financial Corp.(a a)
15c. Aug. 15
Vulcan Detlnntng Co., pref. (quar.)
1 fi Oct. 20
Wagner Electric Corp.corn.(quar.)
12 tic Sept. I
Warren (Northam) Corp., pref. (quar.)
75c Sept. 1
Weill(Raphael) & Co.. pref.(s-a)
$4 Sept. 1
Wesson Oil& Snowdrift. pref.(quar.)__ _
SI Sept. 1
West Va. Pulp & Paper Co., pref. (qtr.)- $134 Aug. 15
Westmoreland. Inc
20c Oct. 1
Winsted Hosiery (quar.)
2
Nov. 1
Worcester Salt Co„ 6% pref. (quar.)
116 Aug. 15
,
Wrigley (Y1 illiam), Jr. (monthly)
25c Sept. 1
(Monthly)
25c Oct. 1
(Monthly)
25c Nov. 1
Yale & Towne Mfg. Co. (guar.)
25c Oct. 1
Books Closed.
Days Inclusive.
Holders of rec. Aug. 1
Holders of rec. Oct. 20
Holders of rec. July 30
Holders of rec. Aug. 20
Holders of rec. Aug. 1
Holders of rec. July 15
Holders
Holders
Holders
Holders
Holders
of rec. July 31
of rec. July 31
of rec. Aug. 15
of rec. Sept. 15
of rec. Aug. 1
Holders of rec. July 30
Holders of rec. Sept. 9
Holders of rec. Sept.15
Holders of rec. Dec. 15
Holders of rec. Aug. 15
Holders of rec. Aug. 10
Holders of rec. Aug. 25
Holders of rec. Aug. 10
Holders of rec. Sept. 19
Holders of rec. July 15
Holders of rec. Aug. 20
Holders of rec. Sept. 1
Holders of rec. July 30
Holders of rec. Aug. 1
Holders of rec. Aug. 3
Holders of rec .July 18
holders of rec. July 18
Holders of rec. Aug. 1
Holders of rec. Nov. 1
Holders of rec. Aug. 16
Holders of rec. Aug. 2
Holders of rec. Aug. 2
Holders of rec. Aug. 15
Holders of rec. Sept. 20a
Holders of rec. Dec. 22
Holders of rec. Sept. 30a
Holders of rec. Dec. 310
Holders of rec. Sept. 30a
Holders of rec. Dec. 31a
Holders of rec. Aug. 1
Holders of rec. Aug. 25
Holders of rec. Aug. 1
Holders of rec. Oct. 7a
Holders of rec. Aug. 10
Holders of rec. Aug. 15
Holders of rec. Aug. 1
Holders of rec. Aug. 15
Holders of rec. Aug. 1
Holders of rec. Sept. 15
Holders of rec. Oct. 15
Holders of rec. Aug. 4
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 exdividend on this date and not until further notice.
The New York Curb Exchange Association has ruled that stock will not be
quoted ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. e Payable In stock.
I Payable in common stock. o Payable in scrip. h On account of accumulated
dividends. J Payable in preferred stock.
Blue Ridge Corp. will pay a dividend of 1-32nd of one share of common stock.
oral the option of the holder, If written notice is received by the Corp. on or before
Aug. 15, 1932, 75c. per share In cash.
s Holders of share warrants of Rand Mines, Ltd.. are informed that 2s. Od. per
share (South African currency) has been declared and will be paid on or after Aug. 17
1932, at the rate of Os. 8.107d. per share (English currency) against surrender of
coupon No. 58 at the London office of the company. No. 1 London Wall Bidgs..
London, B.C. 2, England. Coupons must be deposited four Clear days before being paid.
I Payable in Canadian funds.
U Payable in United States funds.
to Less deduction for expenses of depositary.
Leis tax.
Weekly Return of New York City Clearing House.
Beginning with March 311928, 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:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
,
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JULY 30 1932.
Clearing House
Members.
*Capital.
•Surplus and
Undivided
Profits.
Net Demand
Deposits,
Average.
Time
Deposits,
Average.
1
$
$
6.000,000
8,970.700
Bank of N.Y. ez Tr. Co.__
79,307,000
22.250.000 34.447.1100
204,702.000
Batik of Manhat. Tr. Co
124,000,000 81,444,500 a908.130.000
National City Bank
21.000.000 45,200.600
'Jimmies' Ilk. & Tr. Co_
207.628,000
90.000.000 180,495.700 b753.066.000
3uaranty Trust Co
32.935.000 22.125.700
Mantifircturers"Tr. Co.__ _
236,344.0(10
416,557.04)0
:len. Ilanover Ilk .& Tr. Co 21,000.000 70,119.500
15,000.000 22.696,500
164,027.000
Elorn Exch. Bank Tr. Co
10.000.000 liO,273.IOOi 271.093.000
First National Bank
50.000.000 76,137,2001 279,101.000
Irving Trust Co.
4.000.000
6,752, 001
8
2outinental Ikk. & Tr. Co.
13,880.000
148.000.000 117.382.000 1,003,434.000
Dhase National Bank
500.0(10
3,573.500
34,060,000
Fifth Avenue Bank
25.000.000 76,847.800 d430.574.000
Bankers Trust Co
10,000.000 21,268.900
28./496.000
rule Guar. & Trust Co._
10.000.000
7.050.600
39.450.000
Marine Midland Tr. Co
2.528.500
3.000.000
10.900.000
Lawyers Trust Co.
12.500.000 21,837.500
165.450.000
New York Trust Co
7,000.000
8,490.300
42.473.000
Comiu'l N. Ilk. & Tr. Co._
2.209,900
2.000.000
23,905.000
Harriman N. B. & Tr. Co_
4,274.300
8.250.000
32,729,000
Public N. B.& 'rt. Co-.
$
11.141.000
40,766.000
177,111.000
25.463.000
58.448.000
83.061,000
52.376.000
22.615.000
28.851.000
42.124.000
2.616.000
117,465.000
2.920.000
42,734.000
1,104.000
5,210.000
1.077.000
22,649.000
2.342.000
5.729.000
27.401.000
622.435.000 923.186,000 5,354,762.000
773.707.000
Includes deposits in foreign branches as follows: (a) $207,663.000;(b) 350,773.0001
(c) $53,979,000. (d) $20.292,000.
• As per official reports; National, June 30 1932; State, June 30 1932; Trust
Companies, June 30 1932.
935
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 July 29:
rNSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING OF
BUSINESS FOR THE WEEK ENDED FRIDAY. JULY 29 1932.
NATIONAL BANKS-AVERAGE FIGURES.
Loans,
Other Cash Res, Dep., Dep. Other
Dtsc. and
Cold. Including N. F. and Banks and
Gross
Investment c.
Bank /Votes Elsewhere. Trust Cos. Deposits.
$
$
1
$
$
Manhattan
Grace National_
15,488,386
2,000
78.000 1,347,340
Brooklyn
Peoples Nat'l__
5,905,000
5,000
75,000
$
646,527 12,731,390
366.000
23,000
5.225,000
TRUST COMPANIES
-AVERAGE FIGURES.
Loans,
Dtsc'ts and
Inrestmls.
ManhattanEmpire
Fulton
United States
Brooklyn
Brooklyn
Rings County
Cash.
Res. Dep., Dep. Other
N. F. and Banks and
Elsewhere. Trust Cos.
3
S
$
51,049.400 *2.735.700 12.447,400
15.997.500 *2.250.600 1.630.300
62,985,399 7,500,000 17,312,995
89.851.000
23,704,614
2.566.000 30,973.000
1.537.257 6.684.451
Cross
Deposits.
$
$
1.863.400 56,037.600
1.174.400 16.442,300
60.630.328
321,000 102,710.000
25,263.582
* Includes amount with Federal Reserve as follows: Empire, $1,554,900. Fulton,
$2,107,100.
Boston Clearing House Weekly Returns.
-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING
Week Ended
Aug. 3.
1932.
HOUSE
MEMBERS.
Changes from
Precious
Week.
$
s
Capital
79,900.000 Unchanged
66.666,000 Unchanged
Surplus and profits
Loans, disets & investle. 821,932.000 +13.344.000
Individual deposits
550.060.000 +2.144.000
134.268.000 -1.631.000
Due to banks
Time deposits
211,821.000
+2.822.000
United States deposits_
8.523.000 +5.653,000
Exchanges for CIS. house
12.193.000 +2.743.000
Due from other banks... _ 117,381.000 +3.906.000
Res've in legs) deposItles
88.001.000 -8,600.000
Cash in bank
8.011.000
-100.000
Res. In excess in F. R. Bk.
26.761.000 -3.092.000
Week Ended
July 27
1932.
$
79.900.000
66.666.000
808.588.000
547,916.000
135.899.000
208.999.000
2.872.000
9,584.000
114.077.000
96.691.000
8.120.000
31.820 0011
Week Ended
Juts 20
1932.
$
79.900.000
66.666 000
807.522.000
552.606.000
139,243.000
189,352.000
4,266 000
10.038.000
115.426.000
83.516.000
8.163.000
13 SIR:1 nnn
Philadelphia Banks.
-Beginning with the return for the
week ended Oct. 111930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition, the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash
in Vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System the
reserve required is 10% on demand deposits and includes
"Reserve with Legal Depositaries" and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserve required and whether reserves held are above or
below requirements. This practice is continued.
Week Ended
Still 30
1932.
Changes from
Previous
Week.
Week Ended
July 23
1932.
.Veek Ended
July 16
1932.
$
$
77,011.000 Unchanged.
Capital
77.011.000
77.011.000
Surplus and profits
202.090.000 Unchanged.
2112.090.000 202,090.000
Loans, disets. and Invest. 1,122.024.000 -1.205.000 1.123.229.000 1.125.422 000
Exch. for Clearing House
15.596.000 +1.006.000
14.530.000
15.652.000
Due from banks
96.235.000 -7.491.000 103.726.000 107.014 000
Bank deposits
160.576,000 -1.622.000 162.193.000 162 937.000
Individual deposits
673.045.000 -7,512.000 580.557.0110 58.5.836.000
Ti rise deposits
202.661.000
+77O.000 261.891.000 262.572.000
Total deposits
996.232,000 -8,364.000 1.004.646.000 1,011.34.5.000
Reeve with F.R.Bank
88,247,000
+187.0001 88.060.0001 88.883.000
936
Financial Chronicle
Aug. 6 1932
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Aug. 4,and
of the twelve Reserve banks at the close of business cn Wednesday. In the first table we present the showing the condition
results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 891, being the first item in our department of "Current Events and Discussion."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS AUG. 3 1932.
Aug. 3 1932. July 27 1932. July 20 1932. July 13 1932. July 6 1932. June 29 1932. June 22 1932. June 15 1932 Aug. 5 1931.
RESOURCES.
s
$
S
$
3
$
Cold with Federal Reserve agents
1,987,292.000 1,959,552.000 1,954312,000 1.929,862,000 1,926.767.000 1,918.617.000 1,899.307,000 1,897.307,000 2,063,779,000
Gold redemption fund with U. S. Treas.63.628,000
62.864,000
63,643.0001
62,986,000
59,798,000
61,256,000
52.186.000
29,983,000
18.915,000
Gold held exclusively asst. F. It. notes_ 2,050.268.000 2,023.195.000 2,017,040,000 1,992.726,000 1,988.023,000 1,978,415.000 1,951,493.000
2,093.762,000
Gold settlement fund with F. R. Board._ 245,805.000 249.735.000 245,086,000 260,356,000 250,643,000 265,672,000 270.216.000 1,946.222.000 447,519,000
283.224,000
Gold and gold certificates held by banks_ 347,780.000 348.212,000 345.836,000 335,015,000 339.784,000 335,287,000 340,808,000 331,749,000 887,756,000
-Total gold reserves
2,643,853.000 2,621.142,000 2,608.862,000 2,588,097,600 2.578,450.000 2,579,374,000 2,562.517.000 2,561,195,000 3,429,037,000
Reserves other than gold
201,505,000 205,214.000 200,314 000 199,705,000 189.359.000 202,567,000 203.516,000 205,280,000 165,761,000
Total reserves
802 000,2,767,809.000 2,781,941,000 2,766,033.000 2,766.475,000 3,594,798,000
2,845,358,000 2,826,356.000 2,809.176,000 2,787, .
Non-reserve cash
74,980,000
76,907 000
70,714,000
77,666,000
67,836,000
69,975,000
72.070,000
73,019,000
71.143,000
Bills discounted:
Secured by U. S. Govt. obligations._
182.088,000 202.161,000 213,130,000 201,921.000 190.828,000 182.693.000 196,563,000 202.225,000
69,901,000
Other bills discounted
324,435,000 313,649.000 308.998,000 287,135,000 291,643,000 294.014.000 118.674,000
305,095.000 323.219,000
Total bills discounted
Bills bought In open market
U. S. Government securities:
Bonds
Treasury notes
Special Treasury certificates
Certificates and bills
487,183.000
40,693,000
420,934,000
323,078,000
525.360.000
39.700,000
537,565,000
51.902.000
515,570.000
61,621,000
421.021.000
268.474,000
420 890,000
268,551.000
413,927.000
266,477,000
499.826,000
77,353.000
469,828,000
63,519,000
498,206,000
53.718,000
496,239,000
65,661,000
188.575,000
66,074,000
434,532,000
267,983,000
420,185.000
224,676,000
429,056.000
194,997,000
216,878,000
43,242,000
1,102.123.000 1,151.696.000 1,146.734,000 1.140,728,000 1,097.315,000 1.098,456,000 1,075,840.000 1,068.154,000
420,511,000
Total U. S. Government securities
Other securities
Foreign LOUIS on gold
1,846.135,000 1,841.191,000 1,836,175.000 1,821,132.000 1 801 065 000 1,800.971,000 1,729,701,000 1,092.207,000
5 935)0
5.787.000
.
6,028,000
5,961,000
00
5,716.000
5,944,000
5,611,000
5:993:000
118,674,000
6,302,000
Total bills and securities
Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
Bank premises
All other resources
2,380,039,000 2,412.232.000 2,431.429,001) 2,404,258,000 2.384,237.000 2.340,262.000 2.277,341,000 2.259.718.000
2,709,000
, .
2,891,000
2.887.000
3,648.000
3,655,000
3.645.000
2.655.000
18,482.000
15
.150.000
13.248,000
16.427.000
13.601,000
14.768.000
13.082.000
15.500.000
328,222.000 326.793.000 350,389.000 376,672,000 391.960.000 328,552.000 .354,342.000 418.230.000
58,114,000
53,115,000
58,119,000
58.119.000
58,082,000
58,085,000
58,113.000
58.083.000
47,175,000
48,029,000
47,811,000
48,098,000
43,030,000
45,205,000
46,251,000
42,316,000
941,582,000
10,725,000
16,078.000
426.158,000
58,920,000
29,389,000
Total resources
LIABILITIES.
F. R. notes in actual circulation
Deposits:
Member banks
-reserve account
Government
Foreign banks
Other deposits
5.746,402,000 5,768,578.000 5,793,312,000 5,768,787,000 5,731.943,000 5,642,443,000 *5588153,000 5.635,110,000 5,150,669,000
429,004.000
274.746.000
2,857.805,000 2,834,157.000 2,861,949,000 2,835,750,000 2,868,163,000 2,755.864,000 2,615,932.000 2.575,799,000 1,772,672,000
2,012,134,000 2,072,164,00012,035,517.000 2,014,604,000 1,962,989,000 2,033.697.000 2.066,092.000 2,101,243,000 2,339,135.000
59,150,000
54,034.000
45.099.0001
55,972.000
12,161,000
28.331,000
54,351,000
40.336.000
2.095.000
9.862.009
11,423 000
10,807.000
11.656.000
17,556,000, 60,122.000 132,377,000
8,396.000
8,752.000
33,236.000
34.461,000
36,422,000
36.428,000
26,774,000
32,915.000
36.937,000
34,893,000
34,368,000
1
Total deposits
2,115,335,000 2,165.347.0002,135,435.000 2,116.852.000 2.044.992,0002,107,361,000 2.172,892.000 2,198.428,000'2,510,447.000
Deferred availability items
323,232.000 319,454,000 346,896.000 367,055.000 370,623.000 326,818,000 .347.596,000 411.713,000 411,380,000
Capital paid In
153,700.000 153,791,000 154,113,000 154,757.000 154.788.000 154,816,000 154,806,000 154.809.000 166.849,000
Surplus
259,421,000 259,421.000 259,421,000 259,421,000 259.421.000 259,421,000 259,421,000 259,421,000 274,636.000
All other liabilities
34,952,000
35,490.000
36,909.000
36.408.000
33,956.000
38.163,000
14,685,000
37.506,000
34,940,000
Total liabilities
5,746,402,000 5,768,578.000 5,793,312,000 5.768,787,000 5,731,943.000 5.642,443,000 .5588153,000 5.635.110,000 5,150,669,000
Ratio of gold reserve to deposits and
52.0%
F. R. note liabilities combined
52.2%
53.1%
52.4%
62.4%
53.0%
53.5%
54.0%
Ratio of total reserves to deposits and
56.3%
F. R. note liabilities combined
56.2%
57.2%
50.5%
56.3%
57.2%
57.8%
57.9%
83.9%
Contingent liability on bilLs purchased
68,541,000
for foreign correspondents
59.496,000
57,494,000 65.735.000
98,163,00. 101,465.000 102,212,000 225,852,000
73,775,000
--Maturity Dtstribution of Bills and
$
Short-Term Securities
1-15 days bills discounted
342,342.000 370.062.000 377,066,000 360,919.000 347.952.000 326.127,000 347.447,000 351,211,000 113,389,000
34.475,000
16-30 days bills discounted
40.690,000
33.661,000
38.281.000
31,458,000
31,600,000
33.084,000
36,911,0011
13,542.000
55.700.000
31-60 days Mils discounted
54,418,000
51,988.000
53,992 000
51,548.000
56,940,000
48,812,000
44,680.000
29,650,000
42,977,000
61-90 days bills discounted
44,295,000
42,152.000
42.733.000
36,775.000
41,029,000
34,687.000
36,272,000
22,008,000
21,499.000
Over 90 days MID discounted
21.096.000
17,040,000
20.312.000
23.970,000
22,239,000
24,176.000
24.165.000
9,986,000
Total bills discounted
487,183,000 525,380.000 537,505,000 515.070.000 499.826.000 469,828.000 499,206.000 496,239,000 188.575,000
28,002,000
1-15 days bills bought in open market
18.192.000
9,010.000
7.663.000
29,041.000
42,528.000
21.403.000
26,979,000
26.030,000
5,552.000
16-30 days bills bought In open market
5.087.000
7.769,000
7,241.000
2,545,00
6,767,000
2,618,000
9.793,000
5,315,000
11,670.000
31-60 days bills bought in open market..
11,474.000
10,632.000
12,122.000
2,945,000
6.249.000
2.831,000
1,761,000
27,567,000
16,397.000
61-90 days bills bought in open market...
17,149.000
12,382,000
28,975,000
12,674,000
21,796,000
26,866,000
27,128,000
7,127,000
Over 90 days bills bought In open market
13.000
13,600
35,000
61,621.000
Total bills bought In open market
51,902.000
40.693,000
63,519.000
39.700.000
77,353.000
53,718.000
65,661.000
66,069,000
83.625,000
1-15 days U.S. certificates and
68.600.000
66.150.000 102,354.000
65.287.000
81,475.000
30,550.000
36,5.50.000
18,700,000
79.150,000 109,320.000
16-30 days U. S. certificates and bills.... 140,442,000 112,600,000
00,600.000
83,625.000
87.475.000
74.000.000
23,425,000
31-60 days U.S. certificates and
290.411,000 341.833.000 387,302.000 194.042.000 210.041,000 191.749,000 187.800.000 175,025,000
67,271,000
61-90 days U. S. certificates and bills
218,588,000 193,089.000 194.488.000 308.361,000 231,861.000 293,313,000 340.543,000 208,750.000
45,450.000
Over 90 days certificates and bills
384,082,000 438,024.000 393,990.000 475.550.000 458,618,000 464,482.000 423,472,000 573,829.000 265,665,000
Total U. S. certificates and bills
1,102,123.000 1,151,696.000 1,146,734,000 1,140,728.000 1,097.315.000 1,098.456,000 1,075,840,000 1,068,154,000 420,511,000
1-15 days municipal warrants
5,225,000
5.733.000
5,637.000
5,423.000
3,801.000 4,493,000 4,411,000 4,791,000
157,000
16-30 days municipal warrants
461,000
236.000
1,387,000
116,000
388,000
1,250,000
785,000
31-60 days municipal warrants
19,000
35,000
31,000
20.000
61-90 days municipal warrants
35,000
35.000
150,000
45.000
10,000
Over 90 days municipal warrants
10,000
61).000
45.000
120,000
35,000
35.000
42,000
Total municipal warrants
5,935,000
5,787,000
5.961,000
5,044,000
6.028.000
6,993.000
5.716,000
5.611,000
52,000
Federal Reserve Notes
Issued to F. R. Bank by F. R. Agent
-- 3,090,974.000 3,072,0'8.000 3,102,222.000 3,073,262.000 3,093,935,000 2,990,511.000 2.850.806,000 2,791,031,000 2,199,250,000
Held by Federal Reserve Bank
223,169,0001 237,911.000 210,274,000 237,512,000 225,772,000 231,647,000 234,964.000 216.132,000 426,578,000
In actual circulation
2,857,805,000 2.834.157.000 2.861,948,000 2,835.750.000 2.868.163.000 2,755,864,000 2,615.932.000 2,575.799,0W 1,772,672,000
Collateral Held by Agent as SecurUy for
Notes Issued to Bank
By gold and gold certificates
999.167,000 976,637.000 972,447,000 904,997,000 944.252.000 946,502,000 834,202.000 831,342,000 658,649,000
Gold fund-Federal Reserve Board
988.115.000 982.915.000 981.865.000 964.865.000 982.515.000 972.115.000 1,005.015.000 1,065.965.000 1,405,130,000
By eligible paper
500.836,000 519.313.050 204,851,000
471,796.000 508,963.000 534.112.000 520,397.000 522.675,000 489,285.00
U. S. Government securities
635,450,000 623.900,1900 632,400,000 639,900,000 682.000,000 606,700,000 473,700,000 401,700 000
Total
3,094,528,000 3.092,415.000 3,120,824,000 3,090,159.000 3.131,442,000 3,014,602.000 2,873.845,000 2,818,320,0002,268,630,000
* Revised figures
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS
AUG 3 _
_.1932.
Two Ciphers (00) Millea.
Federal Reserve Ba tk ofTotal.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. Si. Louis. Minneap. Kan.City, Dallas, San Fran.
RESOURCE l.
$
$
3
$
$
$
$
$
$
$
$
$
$
Gold with Federal Res mve Agents 1,987,282,0 164,127.0 451,217.0 146.000.0 184.970,0 50.200,0 54.000.0 624.945.0 61,910.0 37.535.0 52.680,0 22,435,0 137,203,0
Gold red'n fund with U S. Treas._
62.986,0 3,358,0
13,568.0 6,670.0 6.578,0 2,749,0 3,951,0 9,461.0 2,146,0 2,237,0 _2,838,0 1,315,0 8,1150
Gold held excl. agst. F. R. notes 2.050.268.0 167.485,0 464,785.0 152.670.0 191,548.0 52,940,0 57.951,0 634.406.0 64.056.0 39,772,0 55,516.0 23.750,0
145,378.0
Gold settle't fund with F.R.Board 245.805.0 14,102.0
62,487,0 5,229,0 25,467,0 9,502,0 7.046,0 55,718,0 9,189,0 8,840,0 16,670,0 6,536.0 24,359,0
Gold and gold ctfs. hel I by banks_ 347,780,0 15,730,0 216,898.0 9,426.0 17,940,0 6,993,0 8,163,0 26,180,0 5,456,0 3.215.0 10,652.0 3.914,0 23,2130
Total gold reserves
2,643,853.0 197,377,0 744,170.0 167,325,0 234,955.0 69.441,0 73.700,0 716,304,0 78.701.0 51.827,0 82,840.0 34,200.0
192,950.0
201,505.0 19,190,0
Reserves other than g Id
53.682,0 33,579.0 19,006,0 9.397,0 5.718,0 26,145,0 8,529,0 3,577.0 5,274,0 8,156,0 9,192,0
2,845,3.8,0 216.567,0
Total reserves
Non-reserve cash
70.714,0 4,919,0
Bills discounted:
Sec. bd U.S. Govt. •bligations. 182,088,0 9,934.0
305,095,0 10,954,0
Other bills discounte I
Total bills dlscounte I
Bills bought in open m rVat
487.183,0 20,888,0
40 003 0 9 5420
797,852,0 200,904.0 254,021,0 78,841,0 79,478,0 742,449,0 87,230.0 55,401,0 88,114,0 42,35(1,0202,142.0
18,661,0 3,215.0 3,714,0 3.649,0 4,919,0 14.558,0 3.584,0 2,114,0 2,170.0 3,514,0 5,667,0
59,161.0 24.947.0 12,906,0 6,376,0 7.694,0 11,853.0
39.474,0 44,869,0 25,486,0 21.594,0 28,089,0 23,958,0
7.881.0 1.971,0 2,545.0 3,392,0 33.425,0
5,794,0 11.973,0 21,090,0 15,119,0 50.6950
98,635,0 69.816.0 38,392,0 27,970,0 35.783.0 35,811,0 13,678,0 13,944.0 23,635,0 18,511,0 90,120.0
is 442 0 s 1800 5 102 0 5 Ins il 1 431 n 4 073 0 i 043 a
031.0
916.0
013,0 a 554 ...
•
Financial Chronicle
Volume 135
Two Ciphers (00) omitted.
Boston. New York.
Total.
937
Cleveland. Richmond Atlanta. Chicago. St. Louts. Minneap. Kan.City. Dallas. San Fran.
Phila.
$
$
s
$
a
s
s
$
$
RESOURCES (Concluded)—
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
420.934,0 20,409.0
323,078,0 18,519,0
1,102,123.0 82,300.0
190,050,0 31.233.0 36,497,0 9,676,0 9,696,0 40.898,0 13,935,0 17.272.0 11,752.0 14,257.0 25,259,0
123,679,0 20,087.0 34,214,0 9,072,0 8,962,0 42,240,0 12,597.0 9.095,0 10,947.0 3,988.0 23.678,0
394,563,0 81,617,0 107,046,0 28,385.0 28,038,0 191,672,0 39,411,0 28,265,0 34,268.0 12,476.0 74,082,0
Total U. S. Govt. securities
Other securities
1,846,135,0 121,228,0
6,028.0
708,292.0 138.937.0 177,757,0 47,133,0 46,696,0 274,810,0 65,943,0 54,632.0 56,967,0 30,721,0 123,019,0
120.0
4,369,0 1,539,0
Total bills and securities
Due from foreign banks
F. R. notes of other banks
Uncollected Items
Bank premises
All other resources
2,380,039,0 144,459.0
2,891,0
211,0
13,243.0
355,0
328,222,0 41,074,0
58,119,0 3,336.0
47,811,0 1.552,0
826.748.0 213,472.0 219,251,0 78,208.0 83,930,0 315,594,0 80,664,0 69,327.0 81,548,0 50,145,0 216,693.0
75,0
11,0
77.0
183.0
373.018,0
98.0
1,184,0
287,0
268,0
106,0
313,0 1,119,0
245,0 1.069,0
935,0
675,0 2,479,0
301,0
941,0 1,013,0
3.803.0
88,535,0 31,632.0 32,927.0 26,778,0 7,180.0 37,706.0 10.780,0 6,686.0 18,184.0 9,244.0 17,496.0
14.817,0 2,901.0 7,966.0 3,617,0 2,489,0 7,828,0 3,461,0 1,835,0 3,649,0 1,787.0 4,433,0
1.266,0
877,0 1,301,0
27.903.0
844,0 1.257,0 3,443,0 3,847,0 2,712.0 1,168,0 1.641,0
$
$
$
$
5,748,402,0 412,473,0 1,779,503,0453.556,0 520,345,0 195,655,0 182,646,0 1123699,0 187,840,0 137,331.0 195,738,0 108.667 0448,949.0
Total resources
LIABILITIES.
in actual circulation_ 2.857,805.0 204,502,0 603,681,0 255,740,0 294.631,0 94,553.0 111,437,0 726,248,0 100.568,0 80,002,0 94,451,0 37.359,0 254,633,0
Ir. It. notes
Deposits:
Member bank reserve account_ 2,012.134,0 131,469,0 892,056,0 119,331.0 141.904,0 54,061,0 42,923,0 289,580,0 53,863,0 38,305,0 67,228,0 44,318,0 137,096.0
976,0 1,164,0 2,121.0 2,540,0
25,080.0 3,618.0 3.152,0 2,046,0 1,957.0 7,669,0 2,516,0
55,972.0 3,133.0
Government
745,0
302,0
378,0
238,0
313.0
400,0 1,447,0
10.807,0
821,0
3.528,0 1,112,0
432,0
1,091,0
Foreign bank
97,0 4,569.0
828,0
302,0
146,0
376,0 1,519,0
36,422,0
236.0
25,773,0
177,0 2,342,0
57,0
deposits
Other
946,437,0 124,238,0 148,489,0 56,596,0 45,656,0 300,215,0 57,585,0 39,821,0 68,851.0 46,836.0 144.950.0
81,951,0 28,762.0 32.276,0 26,300.0 7,505,0 37,120,0 13,923,0 6.573.0 19,435,0 10,543,0 18,468,0
59,175,0 16,187,0 14,233,0 5,200,0 4,873.0 17.181.0 4,471,0 2,919.0 4,069,0 3,914.0 10.556,0
75.077.0 26.486,0 27,640,0 11.483.0 10.449,0 38,411,0 10.025,0 6,356,0 8,124.0 7,624.0 17.707.0
808,0 2,389,0 2,635.0
13,182,0 2,143,0 3.076,0 1.523,0 2,726.0 4,524.0 1,268.0 1,660,0
• 2,115.335.0 135.659,0
• 323,232.0 40,376,0
153,700.0 10,922.0
• 259,421,0 20,039.0
975,0
36,909.0
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
. 5,746,402,0 412,473,0 1.779,503.0 453,556,0 520,345,0 195,655.0 182,646,0 1123699.0 187,840,0 137,331.0 195.738,0 108,667,0 448.9494
Total liabilities
Memoranda.
50.6
72.3
55.2
46.2
54.0
00.3
63.7
51.5
50.6
52.9
52.2
57.2
57.3
Reserve ratio (per cent)
Contingent liability on bills pur.105
19,391,0 6,126.0 6.009.0 2.380.0 2,201,0 7.973,0 2,083,0 1,309,0
1.726,0 1,666.0
59.496.0 4.522.0
chased for foreign correspond'tg
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent at—
Boston. New York.
Total.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Mtnneap. Kan.City. Dallas. San Fran.
3
$
$
$
Two Ciphers (00) omitted.
Federal Reserve notes:
Issued to F.51.13k. by F.R.Agt_ 3,080,974,0 223,796,0
Held by Federal Reserve Bank_ 223,169.0 19,296,0
$
s
a
$
$
$
$
3
5
670,152,0 266,604,0 307,793,0 99,778,0 129,232,0 761,952,0 107,796.0 82,377.0 103.082.0 42.750,0 285,655.0
66.471,0 10,864,0 13.167,0 5,225,0 17,795,0 35,704,0 7,228,0 2,375,0 8,631,0 5.391.0 31.022.0
2,857.805,0 204,502,0
In actual circulation
Collateral held by Agt. as security
for notes issued to bank:
999,167,0 47,010,0
Gold and gold certificates
988.115,0 117,117.0
Gold fund—F. It. Board
471,796.0 20,837,0
Eligible paper
635,450,0 38,900,0
U. S. Government securities
603,681,0 255,740,0 294,631,0 94,553,0 111,437,0 726.248,0 100,568,0 80,002,0 94.451,0 37,359.0 254,633,0
n
672 2Ro 0 267 1s0 n 308 Ina n inn nan n 120.617.0 769.284.0 107.950.0 82.757.0 103.092.0 42.960.0 286.351.0
Te.nI onllo tore'
,
non One A 90R AAA
390.217,0
61.000,0
100,072.0
121,000,0
75,020.0
70.960,0
69,160.0
52,000,0
71.970,0
113,000,0
38,194,0
85,000,0
12,920.0
37,280.0
29.840,0
20,000,0
13,500.0 249,945.0
40.500,0 375,000,0
34,617,0 36,339,0
42,000,0 108,000,0
20.810,0
41,100.0
12.940,0
33,100,0
12,635.0 9,880.0 12.260,0 83.000,0
24,900,0 42.800.0 10.175,0 54.263,0
13,322,0 23.362.0 18,525.0 74,588.0
31,900,0 27.050,0 2,000,0 74,500,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Doe. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," on page 891, immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with endorsement, and include
all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with endorsement were included with loans, and some
of the banks Included mortgages in Investments. Loans secured by U. S. Government obligations are no longer shown separately, only the total of loans on securities
being given. Furthermore, borrowing at the Federal Reserve is not any more subdivided to show the amount secured by U. S. obligatleas and those secured by commercial
Paper, only a lump total being given. The number of reporting banks is now omitted: in its place the number of cities included (then 101), was for a time given, but beginning Oct. 9 1929 even this has been omitted. The figures have also been revised to exclude a bank in the San Francisco district with loans and investments of 5135.000.000
on Jan.2 1929, which had then recently merged with a non-member bank. The figures are now given In round millions instead of In thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS JULY 27 1932 (In millions of dollars).
Federal Reserve District—
Total.
Boston, New York
Loans and investments—total
$
18,334
$
1,199
3
7,322
Loans—total
10,922
774
4,122
Cleveland, Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. 1Son Fran.
—
$ I $
s
s
$
$
3
s
s
s
1,720
.529
376
321
022
2,283
494
570
1,914
1,084
Phila.
326
325
1,641
305
191
2671
237
1,011
124
202
108
217
763
878
115
190
.56
135
78
189!
251
760
4,587
6,405
Investments—total
288
486
1,892
2,230
315
315
7,342
On securities
All other
523
640
425
3,200
454
751
244
169
642
217
130
262!
74
163
139;1
116
128
348
294
89
128
64
65
141
121
83
56
379
330
34
14
274
229
2
66
81
G
0,00.W ,
C4.W
N.
1,163
W.
o3
630
242
42
1,179
926
9
245
301
33
6
272
200
2
67
85
21
5
169
138
1
32
46
28.
6'
225
125
5
67
67
n
82
16
546
882
4
110
156
7S
4,136
3,206
Reserve with F. It. Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Duo to banks
.
226
199
2,009
1,191
185
269
1,627
214
10,758
5.588
65
1,147
2.556
U. S. Government securities
Other securities
411
340
110
17
716
426
3
122
134
826
51
5,349
1,214
22
107
1,117
71
11
629
266
5
79
167
110
26
836
814
5
73
200
44
131
353
178
3
116,
139'
7
709
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Fed( —el Reserve Bank of New York at the close of business Aug. 3 1932, in
comparison with the previous week and the correspo-ding date last year:
Resoucrcs—
Gold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury_
Aug. 3 1932. July 27 1932. Aug. 5 1931.
3
451,217,000 468.942.000 453,059.000
13,568,000
13,714,000
12,723,000
Gold held exclusively agst. F.It. notes
Gold settlement fund with F. R. Board_
Gold and gold etts. held by bank
464,785,000
62,487,000
216.898,000
482.736.000
94,176,000
212.356.000
Total gold reserves
Reserves other than gold
744,170,000
53,682.000
789,268,000 1,149.243,000
55,066,000
49,384,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. FL Govt. Obligations
Other bills discounted
797.852.000
18,661,000
844.334.000 1,198.627,000
20,964,000
22.810.000
465,782.000
113,190,000
570,271,000
Resources (Concluded)—
Due from foreign banks (see note)
Federal Reserve notes of other banks..,...
Uncollected Items
Bank premises
All other resources
Total resources
Aug. 3 1932. July 27 1932. Aug. 5 1931
$
10.238,000
1.180.000
1,184,000
5,375,000
3.797.000
3.803.000
90,041.000 116,462,000
88,535.000
15,240,000
14.817,000
14,817.000
13,432,000
28,488.000
27,903,000
1,779,503,000 1.830.071,000 1,616,337,000
l4abliffiesFed. Reserve notes In actual circulation_ 603.681.000 593,492,000 322,194,000
Deposits—Member bank reserve noel-- 892.056.000 949,620,000 979,556,000
59,161,000
63,613,000
23,843.000
Government
2,115.000
23.266.000
25.060.000
39,474.000
40,039,000
12,262,000 •
Foreign bank (see note)
41,943,000
3.770.000
3.528.000
I
Other deposits
11.470,000
24,835.000
25.773.000
discounted
Total bills
98.635.000 103.652.000
36,105.000
Bills bought in open market
15.452,000
13,567,000
25,973,000
Total deposits
946,437.000 1.001.491.000 1,035,084,000
U. S. Government securities:
Deferred availability items
87,797.000 109,306,000
81,051,000
Bonds
190.050,000 189.761.000
62.232.000 Capital paid In
(.4.351,000
59.182.000
59.175.000
Treasury notes
5,017,000 Surplus
123,679,000 102.934,000
80.575.000
75.077.000
75.077,000
Treasury certificates
Special
AU other liabilities
13,032.000
4,827,000
13,182.000
Certificates and bills
394.563,000 412,297.000 102,286,000
Total liabilities
1,779.503,000 1,830,071.000 1,616,337,000
Total U.S. Government securities.- 708.292.000 704.992.000 169,535.000
Other securities (see note)
2,540,000 Ratio of total reserves to deposit and
4,369,000
4,239.000
Foreign loans on geld
Fed. Reserve note liabilities combined_
52.9%
88.3%
51.5%
Contingent liability on bills purchased
Total bills and securities (see note)--- 826.748,000 823.450,000 234,153,000
for foreign correspondents
16.367,000
19,394,000
74,159,000
NOTE.-13eginning with the statement of Oct. 17 1925, two new Items were added in order 105110w separately the a,121,1113t of balaoces nold abroad sod amounts due to
foreign correspondents. In addition, the caption "All other earnings assets," previously Made up of Federal Intermediate Credit Bank debentures was cban-Ted to -Other
securities,' and the caption,"Total earnings assets" to "Total bills and securities." The latter term was adopted as a more accurate deseription of the total of the discount
acceptances and securities acquired under the provisions of Section 13 and 14 of the Federal Reserve Act, which it was stated are the only Items included therein.
it 938 j
Financial Chronicle
olire • 0 sinanriat
ottimuttrrial Cinanirir
Quotations for United States Treasury Certifi
cates of
Indebtedness, &c.
laturity.
PUBLISHED WEEKLY
Terms of Subscription
Payable in Advance
including Postage12 Mos.
6 Mos.
Within Continental United States except Alaska
$10.00
66.00
In Dominion of Canada
6.75
Smith and Central America, Spain, Mexico, U. S. 11.50
Possessions and Territories
7.75
Great Britain. Continental Europe (except Spain). Asia, 13.60
Australia and Africa
15.00
8.50
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ative.
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WILLIAM B. DANA COMPANY, Publishers,
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Published every Saturday morning by WILLIAM B. DANA COMPAN
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President and Editor, Jacob Seibert; Business Manager. William D.
Riggs:
Treats, William Dana Seibert: Sees Herbert D.Seibert. Addresses of all.
Offiee of Co.
Wall Street, Friday Night, Aug. 5 1932.
review of the
Stock Market is given this week on page 924.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Railroad and Miscellaneous Stocks.
-The
STOCKS.
Week Ended Aug. 5-
Sales
for
1Veek.
RailroadsParj Shares.1
Central ItR of NJ. l00
300
CC CA St I. pref....100
10
Chic & East 111 pref_100
100
Cleve & Pittsburgh_.50
:
30
Col & South ist pref 100,
50
Illinois Central
Leased line Mrs_ _ 100
601
Int Rys of Cent
Preferred
icio!
30
Manhat Eiev guar._100r
Minn St PA SS
leasedline
line
100,
Nash Chat & St L 100
Rutland Rik pref_ _ _100
Range for Week.
Lowest.
Range Since Jan. 1.
Highest.
,
Lowest.
I Iliyhest.
$ per share. I
per share. !S per share.$ per share.
'
504 Aug 4; 54 Aug 5 25 Jun& 78
Jan
544 Aug 5, 5414 Aug 5, 5134 July 564 Apr
134 Aug 4 134 Aug 4'
4 May 2
Feb
504 Aug 4 504 Aug 4 504 Aug 60
Feb
8 Aug 2: 15 Aug 5 8
Mar 15
Aug
1
26 Aug 1: 27 Aug 2 154 June 38
Jan
54 Aug 11
80 284 July 30
401
10 Aug 21
120 13 July 30
10: 6 Aug 4
54 Aug 5
34 June
3015 Aug 1 23
10 Aug 2
1335 Aug 1
7 Aug 4
Indus. & Miscell.Affilleted Products___* 5.6001 7 July 30 834 Aug
Amalgam Leather__ •
34 Aug 2
200
35 Aug
Preferred
100
106 73.4 Aug 5 734 Aug
Amer Chain pref_100
100 10 Aug 4 10 Aug
American Ice pref. _100
200 414 Aug 4 42 Aug
Am Mach & Met ctfs..*
100 1 Aug 5 I
Aug
American News
•
120 1935 Aug 3 20 Aug
Anchor Cap Corp preL•
340 45 July 30 5234 Aug
Arch Daniels Mid pf100
90 92 Aug 2 92 Aug.
Art Metal Construe. 10
100 44 Aug 2 44 Aug
Assoc Dry Gds 1st p1100
200 304 Aug 5 31
Aug
2d preferred
400 17 Aug 4 21 Aug
100,
Atlas Tack
200 24 Aug 3 3 Aug
Austin Nichols prior A •
200 134 Aug 41 134 Aug
Barker Bros pref_ _ _100
120 1434 Aug 3 15 Aug
Brown Shoe pref_100
10100 Aug 4100 Aug
Budd (E G) pref._ 100
70 44 Aug 1 6 Aug
Burns Bros class A.---• 1,000 1 Aug 1 14 Aug
5
2
5
4
4
5
4'
4'
2
2
Si
4
3
4
3
4
94
Jan
June 4634 Mar
634 July 14
Mar
734 May 27% Jan
May 7% Feb
May 1634
Apr
%
Aprl 10
June 26
Jun 68
Apr 1
July 83
May 74
Apr 95
May 73.4
July 344
July 35
Apr 3
11% July 16
10
Ape 30
00
Aug 11915
335 July 14
Apr 2%
4 1
41.5
31
5%
7
40
1
14
40
85
4
20
15%
Mar
Mar
Mar
Jan
Mar
Apr
Jan
Mar
Feb
Feb
Apr
Mar
Aug
Jan
Jan
Jan
Jan
Feb
Chile Copper
25
40 10 July 30 12 Aug 4 6
June 12
Aug
Columbia net v t
2,6001 7 Aug 3 94 Aug 4 44 May 9% Aug
Crown Wmette 1st pf..•
150 37 Aug 1 37 Aug 1 21
June 37
Mar
Cushm Sons pf (3%)_*
10 60 Aug 1 60 Aug 1 494 June 78
Mar
Davega Stores
5
100 4% Aug 4 4% Aug 4 4
May 5
Apr
Devoe & Ray 1st pf_100
20 7434 Aug 5 7434 Aug 5 5914 June 95
Feb
Dresser Mfg el A
•
900 84 Aug 1 1134 Aug
,5
Feb
July, 23
Class 11
•
300 3 July 30 4 Aug 2 24 June 124 May
Eng Pub Serv pf (6) •
400 354 Aug 2 40 Aug 4 25
June' 614 Mar
Fed MM &
_100
100 25 Aug 2 25 Aug 2' 13
June 25
Mar
Gen Gas & Smelt_.
El pf A(7).•
60 8 Aug 1 1034 Aug 2, 54 July 294 Feb
Hat Corp pref
100
60 5 Aug 2 6 July 30 5 Aug
8% June
Inter Dept St pref_ .100,
30 25 July 30 26 Aug 3 184 July 55
Jan
Reith-Albee-Orph p1100
100 15 July 30 15 July 30 7
Feb
May 25
Kelly-Spring Mrs
• 2,100 14 Aug 1 114 July 30
A may 14 July
pref ctfs
100
100 124 Aug 2 124 Aug 2: 7 June 1235 Aug
Kresge Dep Stores p1100
10 10 Aug 2 10 Aug 2 10
Aug 334 Feb
Loose-Wiles Bisistpf100
60 102 Aug 4103 Aug 4 96
July nesi Jan
Mallinson Co pref..100
4 Aug 2 4
Aug 9% Mar
Mc I ellen Stores pref100
140 11 July 30 12 Aug 11 10
Mar
July 36
Mesta Machine
5
800 8 Aug 1 9 Aug 2, 54 May 1934 Jan
Newport Industries...._1
N Y Shipbuilding...•
Preferred
00
Outlet Co
•
Par Tel & Tel pref..100
Panban Pr&Ref pref100
Penn Coal & Coke...50
Procter & Gamble p1100
Revere Cop&Br pf 100
Scott Paper
Shell Trans° & Trd. £2
Sloss-Stief St & Ir pf 10(1
Underwood-ElliottFisher pref
100
Unit Business Publish..
Unit Piece Dye pref 100
_100
U 8 Tobacco
linty Leaf Tob pref. 100
pref.Union Pipe & Rad p1100
Utah Copper
Van !inane 1st pref_100
Vulcan Detinning P1100
Walgreen Co pref-100
*No par value.
600
900
76
70
90
201
100
160
150
20
40
10
14 Aug 1 14 Aug 4
234 Aug 1 3 Aug 5
25 July 30 28 Aug 1
27 July 30 30 Aug 5
924 Aug 1 97 Aug 4
10 Aug 1 10 Aug
1 July 30 1 July 30
91 Aug 5 96 Aug 2.
14 Aug 1 15 Aug
26 Aug 326 Aug 3
14 Aug 5 14 Aug 5'
114 Aug 5 1134 Aug 5
Aug. 6 1932
135
14
20
25
854
334
1
81
10
18
8
0
June 24
June 64
June 57
Apr 46
June 109
Apr 10
July 2
July 103
July 184
May 42
AP 15%
July
Mar
Feb
Mar
Apr
Jan
July
Apr
Jan
Apr
Feb
Mar
20 76 Aug ,5 77 Aug 4 76
200
% Aug 3
14 Aug 3
34
00 6414 Aug 3 65 Aug 3 6435
2o 1204 Aug 51204 Aug 5 115
s5 July 30 85 July 30 70
20 10 July 30 12 Aug gi 0
20, 41 Aug 1' 41
Aug 1; 35
100, 164 Aug 2 1631 Aug 2, 154
100. 64 Aug 4 664 Aug 4' 62
100 674 Aug 5 6734 Aug 5: 60
Aug. 101
Aug 4
June 934
June 130
July 00
June 12
June 59
July 35
May 71
June 72
Mar
Jan
Jan
Mar
Mar
Aug
Feb
Jan
Mar
Apr
Int.
Rate.
Sept. 15 1032_
June 15 1933_
Mar. 15 1933_
May 2 1933_
Aug. 1 1931_,
Sept. 15 1932....
May 2 1934___
Ili%
14%
2%
2%
24%
3%
3%
Bid.
1004,,
10011,,
100",,
100n,,
1)0',,
10011,,
1012 ,,
,
Asked.
100 ,,
,
100u,,
100,4,,
100n,,
100 ,,
,
100",,
10!",
faturtly.
June 15
Oct. 15
Dec. 15
Aug. 1
Feb. 1
Mar. 15
1935_
1932_
1932_
1935_
19331933-
Ira.
Rate. Iltd.
3%
334%
34%
334%
334%
334%
10341,,
100i.ii
101
100",,
loin"
101 21,,
Asked.
101
100",,
101*,,
100":s
101",,
10210,1
4.1
United States Liberty Loan Bonds
and Treasury
Certificates on the New York Stock
Exchange.
Daily Record of U. .5. Bond Prices. July 30. Aug. 1.
Aug. 2. Aug. 3. Aug. 4.
First Liberty Loan
High 101.33
335% bonds of 1932-47_ siLow_ 101.33 101.n 101.n 101.33 101.33
101.33 1003: 101.33 101.33
(First 3 4s)
Close 101.33 101.n 1003: 101 1,1 101.33
Total sales in $1,000 units..-.
7
75
63
78
Converted 4% bonds ofrigh
1932-47 (First 4s)
Low_
Close
Total sales in $1,000 units__ _
Converted 44% bondsrigh 101. _
133
101"; 101-11,
01 1932-47 (First 448) Low_ 101"11 100.33 100.31
100.31 101.
132 101,, 10114, 101 241
st
Close
10124,1 101"n 101nn
Total sales in 31.000 units.... 101..33 100.33
4
39
17
4
26
,26
Second converted 434% High
bonds of 1932- 7(First) Low
4
(Second4k4s1
Close
7'otal sales In $1,000 units_ _.
Fourth Liberty Loan
righ 103
103
- --- 101f - ; 103
- 3
44% bonds of 1933-38_ Low_ 102",, 102"33 103
102..33
102",, 102111,
(Fourth 44s)
Close
102.41 103
103
102.1,
Total sales in $1,000 units_ -57
66
203
140
Treasury
35
30
{High 10621,, 106.,, 107
0,1 10(0",§
448, 1947-52
Low. Kionn 106un 106",, 106"31 100.
In 100",o
Close 106nn 10)!",, 106",, 106"31 106,
106",,
Total sales in $1,000 units__ _
12
44
51
16
23
2
righ
103 .13 103..23 103 .32 103..,, 103"3,
,
48, 1944-1954
Low_ 1032,11 103..3: 103.
43,
Close 103"32 103.41 1032.3 103..32 103"33 1031.31
1 103nn 103..33 103'.33
Total sales in $1,000 units..,.,
8
183
19
16
57
11
(High 102.31 102.33
102.33 102
102.33 102.11
sus, 1946-1956
Low. 101"3, 102.33
102.3: 102
101..33 102.31
Close 102
102.3: 102.33 102
102.ss 102.33
Total sales in $1,000 units...
73
154
2
5
6
5
{High 1002,1 100.31
100.33 1013.2, 100.13 1002u
348. 1943-1947
Low. 100
100
100.33 100.31 100
100
Close 100
100.3, 100.33 100'33 100.33 1004,,
Total sales in $1,000 units_ _.
8
90
10
4
18
12
{High
96..3
96313, 96..n 96"3: 96'•os
38. 1951-1955
Lo. 96,1,1 99143
w
•*,, 96",,
06n,,
Close 9414,1 962
.,
961,
,, 961.33
Total sales in 31,000 units._
90'.83
53
215
134
67
186
51
{High
1004,,
345, 1940-1943
100.,s
100'3:
Low_
9911,1 100
100*,, 100
100i,,
Close 9941,, 100*,,
Total sales in $1,000 wilts_ _ _
100
1002,1 100In
4
3
2
19
6
27
(High 10011, 100"D
34s. 1941-43
Low. 99,1n 901.33 100.33 100.n 1001,s 100.33
1001,1 100.1:
Close 901.33 100.33 100.33 100
100.33 100
Total sales in $1,000 units__
1001,, 100 31
.
38
1
28
4
3
{High 971.33 97. 31
4
97413: 97..33 97.
348, 1946-1949
53, 97"u
tow. 97.
313 972.n 971,32
97..33 97.3, 97111,
Close 972.31 974
.n 97..33 97..33 97"n 97"31
Total sales in $1,000 units_ _ _
18
84
294
35
121
511
Note.
-The above table includes
only sales of coupon
bonds. Transactions in registered
bonds were:
16 1st 44s
10 Trees 4s
1 Treas 34s
1021 to 102.
.33
131
103..n to 103",s
98
to 08
Foreign Exchange.
To-clay's (Friday's) actual rates
for sterling exchange
for checks and 3.46Y,.3.473
wero 3.46 ®3.4734
4 for cables.
Commercial on banks, 3.45U
3.4734; sixty days, 3.45A44/
at
3.46A; ninety days.
documents for payment,
3.4434s;3.4634; and
3.453-4(:)3.47. Cotton for
and grain, 3.4614.
pap-neat, 3.463.4:
To-day's (Friday's) actual rates
3.91 9-16 for short. Amsterdam for Paris bankers' francs were 3.91340
bankers' guilders were
Exchange for l'arls on London,
88.53; week's range, 40.19@40.21.
and 88.53 francs low.
89.75 francs high
The week's range for exchange
rates follows:
Sterling, ActualChecks,
High for the week
Cables.
Low for the week
'1.52343.5234
3.46
Paris Bankers' Francs
3.46A
High for the week
3.913(
Low for the week
3.9174
3.9134
Germany Bankers' Marks
3.91%
High for the week
23.79
Low for the week
23.81
23.71
Amsterdam Bankers' Guilders
23.72
High for the week
40.25
Low for the week
40.27
40.18
40.21
The Curb Exchange.
-The review of the Curb
Exchange is
given this week on page 925.
A complete record of Curb Exchang
e transactions for the
week will be found on page 955.
CURRENT
NOTICES.
-Announcement is made of the
formation of a new investment
banking
firm-Laurence M. Marks & Co.,
Inc.
-by Laurence M. Marks
and a
group of associates, all of whom
were formerly connected with
Lee, II Igginson & Co. Mr. Marks, who was
recently elected President of
the Bond Club
of New York and who for many
years was sales manager of
Lee, HIgginson
& Co., will be President of
the new firm. wnich has opened
offices at 49
Wall St., Now York, and in
Albany. Other officers and directors
of the
company are Eugene W.
Scarborough, Ralph B. ilurIbutt
anti James A.
'AicKeough. Vice Presidents;
Frederic E. Story. Secretary.
and Louis D.
Rieder. Treasurer.
-Bernard 8 Metty has become
associated with Oriffith-Wagenseller
Dunn,. according to an
announcement made recently. Mr. Met
ty has been
active in the security
busInms In Hollywood and Los Angeles
for several
years, having been formerly
of the Hollywood office of Banks.
Huntley &
Co. He will now represent
Griffith-Wagenseller & Durst In that territory.
-Appointment of T. M. Boffertlin
g as Long Beach resident manager
for Douglas L. Skelly Co., Inc..
Southern California investment, banking
firm, was announced recently
by Douglas L. Skelly, President.
Affiliated
with Mr. Bofferding in the Long
Beach office will be E. I. Peckinpatigh
and W.8. Winseman as assistant
managers.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
w- FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE PAGE PRECEDING.
-PER SHARE. NOT PER CENT.
11101I AND LOTV SALE PRICES
Saturday
July 30.
Monday
Aug. 1.
Tuesday
Aug. 2.
Wednesday
Aug. 3.
Thursday
Aug. 4.
Friday
Aug. 5.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Ranoe for Year 1932
-Mare lots
On basis of 100
Lowest
Highest
PER SHARE
Range for Previous
Year 1931
Lowest
Highest
Par $ per Mare 3 per Mare $ per stare $ per share
Railroads
$ per share $ per share $ per share $ per share $ per share $ per share Shares
8June 28 .94 Jan 14
791,1 Dee 20353Fel
4
3314 303 3513 3414 3714 3438 3714 159.200 Ateh Topeke & Santa Fe__100 177
4 30
8
337 3514 3214 353
100 35 July 9 86 Jan 18 s75 Dec 10814 Apr
57
.55
60
3,700
59
Preferred
5513 5512 5412 56
4
50, 58
58 , 58
25 1)ec 120 Jab
93
4May 26 1,113 Jan 14
•1618 18
18
800 Atlantic Coast Line RR-106
4
1712 173 .1618 1713 1612 1718 18
20
•15
8778 Feb
4June 1 213 Jan 21
14 Dec
8
33
100
8 • 83
4 93
83
4 914 36.300 Baltimore & Ohlo
8
87
8
818 914
858 938
Ws
9
8012 Feb
25 Dec
6 June 3 4112 Jan 14
100
1412 *1312 1413 2.700
13
Preferred
8 1214 13
133
4 14
1414 1414 1313 143
6813 Fe1
912June 2 25 July 211
18 Dec
50
243 243
24
*23
4
*21
4
23
23
100 Bangor ck Aroostook
.21
2412 *21
25
21
.
100 50 June 1
7912 Jan 15
80 Dec 11312 Mar
70
70
70
*68
70
Preferred
70
80
70
70 .68
•68
70
*68
66 Pet
10 Dec
4 July 13 1413 Jan 9
100
712 8
700 Boston & Maine
613 8
.
8
*612 8
8
,
72 73
,
8
.7
2Junr
133
612 Oct
7
2 s July 6 1014 Mar 8
*412 8
100 Brooklyn & Queens Tr _No par
,
8 914 *418 513 .312 6 4 *413 6
414 414 .35
64s4June
46 Dec
No par 2314.Iune 28 68 Mar 5
39
39
39
39
*35
*35
*34
40
Preferred
100
*3313 -- .3312 39
6938 Mar
311s Oct
2318 73.100 Bklyn-Manti Tran v t eNo par 11 13June 8 5014 Mar 8
8
231s 2212 2414 22
8
207 2312 207 2213 21
22
4
203
0414 Feb
63 Dec
No par 3112June
7838 Mar 5
8 5812 60
5813 5931 8.000
Preferred v t o
s
43
5 4 583
5341 5414 543 5614 5413 55
913 Feb
2 Jan 15
8
13 Dee
8
13
114
1
1
13 Apr 13
8
8- 13
13
2.650 Brunswick Ter&Ry See No par
8
13
114
4
13
114
112
8
455 Feb
10114 bee
714MaY 31 2052 Mar 5
25
1313 13
1413 45,400 Canadian Pacific
1N38 1258 11 18 1213 1338 13
13
3
4
123 1318 , 13
72 Dec 102 Apr
65 .45
45
•45
65
65
50
Caro Clinch & Ohio stpt1-100 39 July 26 70 Feb 6
50 .45
*45
50
42
.
4612 Feb
2
233 Dec
4July 6 3112 Jan 14
93
25
8
157 173
8
1418 1514 143 16
163 91,300 Chesapeake & Ohto
8 10
8
147 16
s
153 1612
8
77 Feb
438 Jan 11
212 Dec
114June 2
8
213 213
212 212
213 23
,
2 2 23
4 1,300 Chicago Great western. 100
4
212 23
,
212 2 4
27',July
712 Dec
212May 25 1512 Jan 22
100
638 7
614 7
4 63
63
6
Preferred
6
4 2,700
612 612
612 612
112 Dec
872 Jan
%June 1
31.4 Jan 14
112
178
8
17
8
8 2
17
2
17
158 17
Chicago Milw St Paul & Pee
2.800
4
13
4
13
113 1 4
,
15118 Fe!.
212 Dec
514 Jan 13
118May 26
218 214
2 14
2
214 212
8 7,100
8 212
23
23
214
Preferred
212 212
4512 Feb
5 Dec
2 May 31 123 Jan 15
8
43
413 5 4
414 5
4 52
,
5 12 27,600 Chicago & North Western.100
5
4
53
5
,
518 5'8
1312 Dec 116 Mar
5 June 29 31 Jan 22
100
11
1114 1114
11
*1114 12
12
11
•9
400
8 12
Preferred
8
127 127
6512 Jan
8
77 Dec
'say 25 163 Jan 22
2
418 434
414 412
8 44
43
8
412 6.100 Chicago Rook tel & Pacifie_100
414
453 47
,
8
412 47
*312 0
14 Dec 101 Mar
414may 26 2712 Jan 14
8
100
8
8
9
8
8
1.700
7% preferred
912
8
814 814
90 Jan
1013 Dec
2 May 25 2412 Jan 14
7
100
7
8
8 67
67
4 7
63
6% preferred
1.200
8
73
7
718 Des
iti Jan
4 *612 83
83
sy
9
4 •67, 83
4121une 29 17 Mar 5
9
9
4 94
83
400 Colorado & loetnern___ ._100
,
4
42'1 Feb
3
10 Dec
111s Jan 2
8July 21
27
4
4
4
4
1.200 Como! RR of Cuba oref _100
4 37
33
4
3 4 33
3
7
33 4
4 4
33
64 Dec 15714 Feb
4 5412 56
4
533 563
541s 49
54
51
50
3,700 Delaware & Hudson .___ __100 32 July 8 8913 Feb 13
4 52
513
54
4
173 Dec 102 Jab
812 lune 1 283 Jan 13
4
1418 16
15
8
15
4 135 16
153
14
4,400 Delaware Lack & Wegtern__5(
8
1614 157 16
16
4
453 Feb
312 Dec
112May 26
9 Jan 15
3
374
4
4 33
33
3
8
4
318 33
4
3
3
700 Deny & Rio or Wes, pref.100
3
3934 Feb
5l8 512
2 May 31
10 Jan 22
6 Dec
100
518
514
5
43
458 478
4 5
514 3.300 Erie
,
54
5
4513 Feu
4
512 53
Mg Dec
25
100
8May 19 1312 Jan 28
8
.513 512 2,400
3 53
53
4
Fire, preferred
513 53
4
,
513 53
513 5 4
4012 Jab
5 Den
2 May 25
2
9, Jan 11
4
4 18 *33
4
4
400
4 412
.312 418
413
414 *4
Seeend preferred._ _ _100
.4
4
693 Feb
8
155 Dee
512May 28 25 Jan 14
3 1018 1114 28.200 Gres% Northorn preferred._100
914 1018
8
4
93 113
974 1112 1012 117
1013 1034
2714 Feb
312 Dec
2 May 3
8 Jan 14
3
.1
3
.1
3
•1
3
3
Mobile & Northern_ _100
.1
•1
3
400Gulf
•1
1412 Jan 21
75 Jab
13 Dec
3 June 1
100
7
*5
6
7
Preferred.
s 5
47
8
*5
4 *5
4 43
43
418 47
.
4412 Feb
2614 Dec
8 May 31 3014 Jan le
8 2,100 Hudson & Manhattan...AO°
4 1718 173
4 171s 173
31 1714 173
167
•1612 1712 1612 1612 16
89 Feb
918 Dec
1814 Jan 22
4.1une 1
10
43
10
818 9
9
8
8
10
834 95
9
18,300 Illinois Central
812 97
8
912 97
61 Jar'
7 Des
4 May 5 1412 Jan 28
812
818 812 *6
RR Sec stock certificated_ - 520
,
813 8 2 *6
8 812
s' 77
77
7
7 s 778
34 Mar
Pe Dec
2141une 10 1458 Mar 7
8 614
53
512 8
514 57
s 614
57
6,400 Interboro Rapid Tran v 10_100
4 6
s
63
8 578
55
65 Feb
s
87 Dee
1314 Jan 22
214J une 1
•552 57
1030
700 Kansas City SoUthern
/3
s 07
*53
4 774
63
,
6'8 613 *512 812
8
614 6 2
64 Feb
15 Dec
,
5 June 9 23 4 Jan 18
10
14
4
41 13711 1414 1414 1484 14
1412 143 1514 •10
133
Preferred
900
•12
Jab
Si
8 Dec
13
5 June 8 18 Jan 12
.50
812 812 2,200 Lehigh Valley
4' 83
8 83
4 83
85
s
93
4
9
0
8
9
813 93
8
2014 Dec 111 Feb
712May 28 323 Jan 14
8
135 1414 1,300 Louievide & Naehylite.___100
4
133 15
15 I 1312 1313' 15
15
1518 15
•15
39 Feb
8
67 Dec
4 June 8 2034 Mar g
8
81s
9
712 8
8
83
4 83
73
8 8"8 14,000 Manbat Elev modified guar 100
77
4
7*4
818
22 Feb
512 Dec
4 4318 53
9 Jan 26
4, •27
4 5318 53
314June 2
*3ls 53
Marge{ St Ry prior pre( _100
8 414 . 8 53
8 53
4
27
4 .27
8
5. JO
3 Mar 2
*is
8
, Dee
14
•12
14
18 Jan 12
100 Minneapolis & St Louie_
*18
14;
14
"ls
14
14
*18
14
nil Feb
1 Dec
314 Jan 16
4May 13
7
Varla_100
100 Minn Si Paul & 8 8
3 ,
2
.
3
.213 3
212 212 .2
.2
3
•213 3 I
261, Jan
We Dec
3
7 4 Jan 22
26
13
114May
414 413 5.600 Mo-Kan-Texas RR..._No par
8
418 43
41
4
4 414
33
418 4581
414 4
1012 Dec
45 Jau
314J 10
4
217 Jan 22
100
8
Preferred
95 1014
4 3.800
95t; 10
9 18
9
10
9
1114 1014 103
10
4214 Feb
8
65 Dec
11 Jan 22
112May 2
100
8 7,800 Miesourl Peale,"
33
3
3 12
3
312
3
3 14
318 314
3
4 314
23
12 Deo 107 Feb
26 Jan 26
212May 2
101
Preferred
612 9,700
s 67
63
6
6
8
6 34
3 57
53
6
6581
518 61
8
12 Jan
18 Oct
Is Jan 12
18 Feb 9
.18
14
*18
14
,18 ,.
4
•i814
•12
Nat Rye of ;tattoo 2e1 pref _100
44
14
•13
55
8
247 Dec 13214 Feb
8
365 Jan 16
4June
83
100
8
4
8 1614 177
8
165 1812 163 185 144.000 New York Central
8, 15
8 1518 177
165
17
88 Feb
213 Doe
913 Jan 12
1185iny 1
4
4
418
43
4
4
4
1,500 N Y Chic & St Louts Co100
43
8 4
37
4
412 43
94 Mar
5 Dec
8
2 June ' 155 Jan 22
100
614
Preferred
6 14
6
3.400
6
512 6
6
8 6
57
6
555 6741
50 8214May IS 125 Jan 15 8101 Dec 227 Pet
10912 10912
SO N Y & Harlem
8
105 105 .105 109
•100 10412 102 1047 105 105
8
947 Fel,
17 Dec
8
6 May 26 315 Jan 21
100
4
1255
4 1114 123
,
4
113 12 4 113 1212 27.500 N Y N HA Hartford
4 10
1113 11
1218 123
8
52 Dec 1195 Fe'
4
11%July 6 783 Jan 14
30
Preferred.
29
2.600
30
2912 26
27
26
2613 27
26
29
25
2
137 June
4
514 Oct
83 Jan 22
33
8July 12
1,800 N Y Ontario & Weitern-100
63
618
7
7
612 7
7
4
63
7
655 63
6
4
2 Feb
1/I De
8
5
418
1 Feb 28
.12
8
5
8
8
*is
8
5
os
*18
14 Apr 19
58
N Y Railway. pref __No par
8
5
*4
814 Jas
212 Jan 14
'4 De
12June 1
113
8
.7
a,
4
2
4
3
100
8
7
118
118
4 1
*3
500 Norfolk Southern
4 113
*3
8
1053 Dee 217 Feb
100 57 June 27 135 Feb 17
4 8112 84
863
84
6,300 Norfolk & Western
82
8313 7814 815
8 78
4
823 8412 83
93 Ma,
6513 Dec
1 2 70
100 63 July 5 78 Jan 22
71
70
70
330
Preferred
70
•7018 7012 70
70
70
70
70
8
607 Jar
1412 Dec
512May 26 23,4 Jan 22
8
100
8 1318 1412 1312 147 45.200 Northern Parent)
137
4
113 1212 12
12111 13
1218 13
7 Mn
114Jun
158July 25
4
.12 13
1 Mar 17
4
13
*12
100
4
•12 13
•13 134
•13 134
Particle Coast
.12 13
4
64 Feb
MA Dec
Jan 21
8
612 rune 1 233
50
8
125 46.200 Penn8y.vanla
2 12
127
8 123 12781 1118 123
8 1118 1212 12
1214 133
8
913 Jai:
112 Dee
3 Jan 14
3May 27
7
100
Peoria & Eastern
3
4
4 •113 23
•112 234 •114 234' •114 23
4 •114 2 4 '112 22
85 Fel:
4 Dec
13
4Iune 30 13 Jan 14
101
100 Pere Marquette
712 772' *414 634 .
.412 53
414 818 *44 713 *418 712
4
P214
812 Dee
100
9 18
9
312.1uue 2 19 Jan 14
460
1012
Prior preferred
9
812 9 I
9
1012 .
9,2
•
7313 812
80 Jan
518 Dee
1714 Jan 14
100
613
•6
212lune 1
120
Preferred. 012
6
*6
6
4 6
53
612
512 6 I
6
.
86 Jan
11 1)ec
8 July 22 15 Jan 11
12
8
*818 12
12
•
PItteburgh & Weil Virgin's 100
*6
12
.6
12
*8
•1014 12
9712 Feb
Dee
14
31
912Jime 10 42 Jan
26
50
•2373 25
23
1,300 Reading
2414 2414 •20111 2312 22 .25
25
25
46 Jen
28 Dee
15 July 11 33 Jan 29
23
30 .
.60
•23
30
30
.23
25
151 preferred.
25
100
30
30 .25
.25
47 Jar,
8
275 De
2 30 Jan 22
29 .
29
18
60 15 May
*1714 29 .18
29
2d preferred
2913 *18
20
•
297s •20
,
62 4 Jan
3 15oe
8
65 Jan 14
112 11
8May 28
113
5
113
112
8
13
112
2 112 2.400 St Louis-San Framessea_._100
13
173
,
18
114
76 Jan
614 Der
934 Jan 22
1 May 2
2
100
214 21
214 3.300
214
2 18
218
2
2 14
bit preferred
2
218
21tr
3312 Jan
414 1)ec
1118 Jan 28
3 May 21
0
.4
5
5
*4
*414
5
St Louie Southwestern.. _100
*4
7
*4
91
.3
614 I)ee
60 Feb
9 Apr 15 2013 Jan 26
193
*7
4
193
.7
193
•7
193
.6
193
7
4
*518 193 .
8
13 Jan
18 De
8
7 Jan 28
18 Jan 2
Ns per
800 Seaboard Air Line
3
3
3
3
3
3
3
3
8
3
*14
3
3
3
52
2
3
8
3
*14
8
7 Feb 2
218 Jan
18 Dec
5
5
100
14 Jan 4
300
8
5
Preferred
8
*3
5
3
"8
*3
8
3
55
8
*3
1
3
4
3
2612 Dec 10913 Feb
3758 Jan 21
13
8
127 14
8
137 68.500 Southern Pacific Co
612lune 1
8
100
8 107 12'j 1078 127
133
1278 12
1212
632 Dee
6578 Feb
2i2May 16 13 Jan 14
8 613
57
4.2 6g
4 534
100
,
43
8
8 57
55
4 618 12,400 Southern Relent
53
3
4 53
43
83 Feb
10 Dec
3 July 1 2012 Jan 22
8
914
8
8
100
4 813
63
4
73
Preferred
0.200
8 13 *6
8
8
67
22 Dec 100 Jan
33 Feb 2
42
*5
42
*413 42
•5
Texas & Pacific
100 15 May 12
*412 1773 •1012 1713 *412 42
513 AV
1514 July
3May 28 14 Mar 13
4 613
53
37
100
6
6
a
8 .57
57
6
8 4.400 Third Avenue
6
53
• 4 57
0
6
1778 Fe'
412June 10
2 15eo
212 *218 212
*2
2
2
2
13 Apr 20
212
212 .2
100 Twin City SADO Tra13314
213 *2
2
.
-100
02 Feb
1)ec
1112
10
7 June 16 24.2 Jan 26
.812 9
*718 10
100
10
*712 10
40
*718 10
Preferred _
10
10
7018 Dec 30512 Fer8 593 5313 167,500 Union Pardee
8
495 535
4
100 27'e July II 9412 Feb 13
8 4214 4614 423 503
4
8 4518 483
48,
47
al Mal
51 Dee
58
*57
59
.58
100 40 May 31 68 Jan 18
5913
59
58
53
Pre.erred
600
56
56
58
055
26 Jan
7
.Deo
4 Feb 2
214
21 4
%June 2
4 214, 2
110
13
214 21
214. 5,800 Wabash
8 218
17
,3
17
112
51 Jan
Ils Dec
6 Jan 28
8 3
23
314 4
278
3
258
3
1 June I
100
8
8 27
27
Preferred A.
2,100
278 273
1952 Pen
Dee
5
4
73 Jan 22
4
4
8 37
37
112May 28
4 4
._100
8
414 412
2.400 Western Maryland
414 412 .33
4
8 43
45
'20 Feb
5 Dee
818 Jan 22
514
514 *3
*3
2 May 28
100
5
*3
5
2d preferred.
*313 514 *4
5
*4
8
147 Feb
4
13 Dee
12June 1
4 Jan 14
100
8
15
8
15
,
1 5 •112 43
113
400 Western Pestles
4
112 113 •112 2
8
17
•152
31% Feb
3 Dec
3
2
65 Jan 22
4May 3
318
100
3
258 3
3
8
212 27
318 4,000
Preferred
278 3
,
218 , 3 8
8
7
*13
*75
4
33
.20
1512
4
93
.214
308
34
.
4
103
112
1
8
17
•1l2
•I38
8
77
8
7
8
7
3
8
4, .
4
143 •1213
*75
80
8
37
41s
4
40 .243
16
16
8
95
914
. .214
21
4 40
403
4
43
1
a
8 107
107
112 •1
1
,
18
2
173
4
13
3
2
2
818
3
77
8
7
8
7
3
312
1434 *1212
75
81
418
312
243
40 . 4
8
165 *15
953
913
8
•2,
21
8
8 383
423
3
7
1
1118 1014
•1
13
1
118
2
8
2,
.2
2
2
2
S
,
88
8
7
4
3
•3
3
4 1273
143 .
75
*75
312
8
37
*2434
40
1412
157s .
012
913
212
8
23
4113 39
1
1
1118 1014
134 •114
1
Us
2
218
8 *2
23
2
•
2
8
8
8
7
84
8
7
8
7
318 318
,
33
,
34
1.112 1412 143
4
4
143
SI
•75
81
•75
412
414
4
414
40 .
40
41
40
15
8
157 •1512 16
072
912
978
2
07
213 2 2
,
4
23
8
23
4
4
453
8 433 4718 453
2
7
1
1
1
.3
4 105
4 1014 113
103
4 •114
13
4 •114
13
118
113 114
118
4 238
2
2,
212
4 214
2,
,
24
21.4
214
213 *214
214
818
8
8
8
Industrial & Miscellaneous
4,400 Abitibi Power & Paper.No Dar
100
313
Preferred
800
15
400 Abraham & Straus____No par
100
81
Preferred•
50
No par
413 20,100 Adams Express
100
Preferred
10
4612
No par
1512 1.200 Adams Millis
2 2.000 Addressragrabb Int CorpNo vat
103
,
338 2,600 Advanee Rumery new.No pa
49
55,700 Air Reduction Ine_ _ _No par
700 Air-way Elea Appliance No par
1118 26,800 Alaska Juneau Gold Min_ __10
No par
4
100 A P W Paper Co
13
No par
114 22,600 Allegnany Corp
212 2.000
Pref A with $30 warr___ _100
Fret A with $40 warr____100
500
214
Pref A wrthour warr___.100
3
400
No Par
Allegheny Steel Co
240
814
1
.110 aro 42.t1 Drina.: no sale 03 seta day. s Ex-re ,T.-1,13- and es-rinhts•
5 60% stook dIvIdead paid.
58July ii
3 Feb 13
112June 14
,
9 4 Jan 15
10 June 1 24 Jan 13
68 July 1 98 Mar I.
4
132May 31
53 Jan 11
22 June 24 70 Mar 3
12 June 1
3038 Mar 8
912Ju1y 2
13 Feb 11
2113 Mar 7
1 14June 8
3Q1 July6212 Mar 8
2 Mar 3
12June 6
1
7 4June
1652 Jan 21
1 July 27
4 Mar 15
318 Ian 14
8731ay 31
3
738 Jan 22
1413fay 31
612 Jan 22
58.June 3
614 Jan 15
vane 11
5 May. 27 13 Jan 7
e Er-d 301.n1
y Ex-rlghts.
Dec
s
47 Dec
18 Dee
96 Dec
,
3 11 Dec
6012 Dec
2218 Jan
10 Oct
2 Sept
4
1
/
47 Dec
114 Dec
7 Jan
PA Dec
118 Dee
2 Dec
114 Dec
4
13 Dee
10 Dec
1414 Fet
52 Feb
39 Aug
loalimsp
,
231 Feb
92 Apr
3312 Aug
2318 Feb
2
118 Mar
8
1093 Feb
1038 Feb
2018June
9 Aug
4
123 Feb
5918 Feb
59 Feb
5512 1 q)
,,
664 Fsb
940
carFOR
New York Stock Record-Continued-Page 2
SALES DURING THE WEEK OF STOCKS
NOT RECORDED IN THIS LIST. SEE
SECOND PAGE PRECEDING
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
PER SHARE
Sales
PR SkIARA
STOCKS
Range for Year 1932
for
Rasps for Preview
NEW YORK STOCK
Saturday
Monday
Tuesday
Wednesday
Thursday
On Oasts of 100
-share lots
Friday
year 1931
the
EXCHANGE.
July 30.
Aug. 1.
Aug. 2.
Aug. 3.
Aug. 4.
Aug. 6.
iVeek.
Lowest
Highesi
Gowen
1
1 110Seel
$ Per share $ per share $ per share
per share 5 per share S per share Shares Indus. &
Miseell. (Con.)
His 5812 57
6112 55 4 5912 563 64
3
4
63
68% 6612 691 208,700 A lied Cberuloai Os Dye_No Par $ per share 5 per share 4 per share 4 Pei share
,
.109 115
par 42123 uue 27 871/ Mar 8
110 112 •10914 112
10912 110
84 Dec 1823 Feb
11112 11112 .112 114
4
600
Preferred
63
4 63
4
100
612 7
6% Cs
7% 8
63
100 Dec 126 AIR
4 7%
8
In 25,300 A111*-Chalmers Mfg.._ No par 9812 Apr 14 119 Mar 11
•6
712 712 *6
71
.
4 June 1
131 Jan 18
712 *6
712 •6
1012 Dec
423 Feb
714 .6
4
7
100 Alpha Portland Cement No par
17% 17% 17
18
412July 7 10 Jan 11
1712 18
17% 18
1712 181 2
71 Dec
1874 Feb
177 188 3,900 Amerada Corp
3
612 714 .614 7
618 614
No par 12 Jan 25 1853July 27
612 6%
23 Mar
64 7
1114 Dec
614 62
4 2.200 Amer Agri° Chem (Del) No par
9 4 1114 1114 123
,
312June 2
12
8 11
10% 12 4 12
712 Jan 16
518 Oct
13
,
293 Feb
4
127 133 10.300 American Rant Note
8
4
3318 35
10
35% 37
5 May 31
37
37 .3612 40
1812 Jan 14
1214 Dee
40
4214 4112 42
624 Feb
300
Preferred
•1
138 •1
50
1
114
1
•12 114 .1
85 Dec
6814 Feb
114 .1
118
100 American Beet Sugar_ _No par 28 June 21 47 Feb 15
*418 43
413 412
4
14 Apr 29
412 412 .4
118.Iune 17
43, .3% 412
8
Dec
4
Jan
4
70
7% preferred
1112 123
4 12
1212 1212 1222 1212 133
1 Apr 29
434July 13
8 13
13% 1318 137
177% Jan
1214 Dec
4
2
3,100 Am Bret* Shoe A Fdy _No 100
*65
70 .6612 70
par
612June 2 151* Jan 16
6612 663
4 67 67
74
1311 Dec
74
7412 74
38 Feb
90
Preferred
3812 4012 %383 4014
100
90 July II 90 Feb 18
4
3714 3918 3758 42% 42% 4614 44
71 Dec 1213 Mat
4
463 338,100 American Can
*106 10713 105 106
25 2958June 27 731 Mar 8
105 105
10414 10414 107% 109
110 110
58, Dec 1293 Mal
8
1,900
4
Preferred
8
8%
8% 9%
8%
8
8%
914 95
914 10
9,700 American Car & Fay,_ No 100 9312June 2 120 Mar 14 115 Dec 1524 Apr
27
.
par
30 3 2834 30
3
318J une 2 10 Aug 5
28% 297
8 2913 313
4 31
3253 313 393
413 Dee
384 Feb
4
4 3,329
Preferred
*212 312 .2
100 16 June 30 394 Mar 9
3
.23
8 3
1.2% 3
3
3
203 Dec
86 Mar
8
*3
314
100 American Chain
.29
No par
30
2913 2912 29
17s Apr 22
2913 29
6 Jan 13
29
29
2914 2913 2913 1,100 American Chicle
5 Dec
433 Feb
4
No par
4 214
•13
2
18 June 1 3738 Mar 8
2
2
2
*212 6
*214 6
304 D*c
6
2
600 Amer Colortype Co_ __.No par
484 Mal
2 July 13
6 Jan 13
5 OCt
1514 1558 1413 1513 1414 1434 15
314 Feb
153
4 1518 15
15
163 17,404 Am Comml 1100901 11ew....
8
178 2
20 11 May 26 16 3 Aug
.
8 2
153 214 .15
2
318 213
2%
,
2
218 1,000 Amer Encauett
5
.412 5
438 43
I May 28
4 *43
4 5
512 533 .558 512 1,200 Amer Europea e Tiling .No par
5
5 Jan 9
5
21a Des
16 Mar
n Sess*e_Ne
4% 4%
414 42
2 4 Apr 11
3
4
3 4 4,
3
74 Dec
33
1012 ,ja, 11
434 58
4 54
8
,
3318 Feb
5
514 46,400 Amer A Fora Power.._No par
15
15
1212 1312 12
par
2 May 31
1212 11
94 Jan 14
1312 1312 14
1313 1312 2,800
64 Des
513 Feb
4
Preferred
No par
*73
8
4 8%
5 May 31 381 Jan 21
8
*633 713
7I2 713 2,300
64 8
53
813 8'
20 Dee 100 Mar
$4 preeer-t,
2 preferred
6
11
11
1012 1013
No Oar
4May 26 1714 Jan 14
23
812 11
10
1013 1012 107
8 10
1012 1,400
10 De •
79,2 Feb
*33
4
4 4
4
33
34Jun2 I
33
*33
4 424
33 Jan 18
.4% 414 *4
18 Des
4%
200 Am Hawaiian 8 8 Co No
911 Feb
.13
4 212
2
pl(1
a
2
2
3 May 27
2
13
0 Fols 17
4 1%
2% 23
4 Dec
8
603 Amer Hide A Leather_No par
1.03a Jan
•I0
107 .10
8
11
I May 31
*97 10 4 .933 1033 10
,
212 Jan 7
•10
10
1 Slew
1073
100
4 Mar
Preferred
34
3512 3512 363
100
47
8May 3 12 Jan 6
4 347 3512 35
8
3553 37
74 Dee
4 8,400 Arnow Rome Produote_No
377
8 3714 373
30 A D
,
9 8 10 4 1012 11,
7
3
par 25 June I
8
913 1033
72 10
511 Mar 9
914 10
24.400 American fee
8
9
37 Om
64 Mar
47
8 5
478 514
No
43
412 47
753 Aug 4 21',Mar 8
54;
5
5
104 Oct
61$ 34,200 Amer Intermit Corp_.No par
53
8
3133 Feb
*24
par
3
212Juue '2
8
*14
3
8
812 Feb 19
*14
3
8
•18
14
3
14 I
3
700 Am L Prance&Foamite_No
5 Dec
14
14
20 Feb
*1
13
4 *1
par
4 Jan A
12 Jars 12
1 4 *1
,
133 *118
13
4 *114
13
4 .114
13
Den
4
Preferred.
93
4 914
918 93
4
1 July 20
8
4 Feb 3
8131
8 4 912
,
914 93
9
1012
8 7,309 American Locomotive:1.Na 100
' Iaet;
14
", jil y
4
85 lu lt)
323 3312 34
2
par
3512 35
34 July 1
35 i 33
1012 Aug
33
34
3412 35
35
1,900
6 Der
304 Feb
Preferred_ _
1034 11
_ _100 19 July 5 441 Mar 4
1114 117
8 11
1133 1133 1212 12
1
7
12, 7,400 Amer Mach A Fdy new.No
121 12
2912 Deo
4434 Mar
•15
8 2
par
•15
8 2
7121inle 27 22,4 Jan 14
•112 2
17
*13
4 2
13
4
100 Amer Maori A Metale
13
16 Oct
4 .138
4314 Mar
318 313
_No
3 8 312
,
3
I June 9
353'
8 3%
27
358 37
312 4
34 Mar 9
9.400 Amer Metal Co Ltd__ ..749 Par
7 Ma,
1 14 004
12
12
par
12
12
1 12June I
103 1112 , 1012 12
4
51 Jan 11
117 1212 1212 137
8
450
233 Feb
4
44 Des
6% preferred... ..._ _100
612.1une 2 194 Jan 14
14 Dec
8912 Fel
Amer Nat (Jae pre(._ N t par
612 7%
5% 712
1 Jan 4
612 7
Si, 7%
14 Jan II
67
3 7%
1 Oa 3973 Aa,,
7r4 V 8 58,502) Am Power & Light._ _No pa,
73 Jun3 '2
lA '8 Jan 13
25
26
26
1.1.2 Der
647 vets
27
25
8
25 8 2513 2712 297 334 30
5
8
32% 6,400
Preferred. __ ....23
23
2234 235
No p sr
1514June 30 58 Jan 14
8 23
23 4 2212 24 I 2433 31
,
26% 28 2 10,700
481 Ono 102 Mar
,
$5 Preferrel.... -Ns pa
10 July 6 4114 Jan 14
Pref A staped .._ ._No Da
m
57
5I
533 6
624
533 -53 - -1;! -83
13 6
ii;555 Am Rad de Staad SanIr.No pa ...--- .- -- _ ._ ._..... ._
4 -538
315.7uue I
612 Jan q
American
1 - .D 3
0-118 00
-6•78
77 --7- -V3 8.3-5 -3 -M- -a-i.
1
4.-NI pa
7
41)r
7
:3
14 AM'21
1 11;1 ii2833 733 -16 11,500 American RepubitoMIll.. _26
4 Feb 19
12', Feb
133 Deo
3
Rolling
•19% 2113 20
207
3 193 20
4
3 May 2.5
183 183 1 20
13 Mar 3
4
4
2018 20 4 1,600 American Safety Bailor.
20
3
71 i)ec
3113 Feb
.1
par
13
4 •
No
1
14 .1
3
IrsJune 27 z2914 Mar 7
13
4 .1
123
13 1 *1
4
Amer Seating v t a_
112 •1
.14
19'4 Dec
5
8
.14
66 Fob
*24
No pa
34Jutte 20
•24
% .
212 Jan 21
14
3
81
•14
9 Feb
.53
11 Deo
Amer Ship A Comm....NI pa
•13
17 .13
17
*13
17 .13
4 Apr 22
17
*13
12 Jan A
17
•13
17
Feb
Amer Shipbail
113 1212 127 1418 1212 133
4
8
10 June 22 254 Jan 14
113 14 I 13% 1514 1414 1514 66.600 Amer Elaseban dIng new.ale Pa
4
42lan
1''
2003
134
I4 4
3914 40
g 4 Refg_No par
40
43
40
51814ay 31
42
39
4212 4212 43
181 Jae 2
4212 4312 3.400
174 De
68,1 Feb
Preforred-------------- 100 22
.28
30
2812 2813 27
29
June 21 85 Jan 23
283 29
4
2914 30 4 2912 31
1,700
,
75 Des 13913 Mar
24 preferred 5% au,
•2613 28
29
30
*28
291
29
29
*30
31
3012 1,500 American Sinfr--- n.-1(10 15 July 5 55 Feb 10
46 Deo 1024 Mar
.100 103 .9712 103 .9712 103 .9712 29
---3
2114Juae 1 341 Mar 3
103
*98 103 .99 103
23 014
22,4 Mar
Preferred._ ----- .......-10
--90 Jan 11
103 Mar 14
------ Amer Solveate A Obeno.
9712 Deo 1104 Jaly
N. p3
.-_'a Feb 15
4 Jo, 14
4 No
Preferred ..........Na pa
73
-7 57
7.4 - 4
8114 Pen 18
71
1 14 Jan 24
811
if2
Amer Steel Foundries _No pa
.53
54
54
54
3 May 31
54 54 .57 6114 *5514 -1.- . 62
812 Aug 5
62% 5514
140
5 De
'4 Dec
31i Feb
16 FIr etu)
.23
30 .28
30 .27
34 July 6 80 Few 18
30
2914 30
3053 323
68 Dec 113 11.311
4 3213 3212 1,809 American Stare's__ _No-10
213 213
4
2212 22
pa
4 22
20 May 31 3534 Mar 3
2253 2153 2312 25
25,
25 4 25
4 4,300 Amer Sugar Refining
,
33 0,0
4914 Mar
78
713
79
10
79
13 June 2 394 Jan 13
*7513 7812 77
77 .71
7718 *75
77%
303
3412 01
Preferred
110 Ma
,
6% 6%
612 6% *5
67
3 .811 83
5% 6% 2,700 Am Sumatra Tabun.-Na LOO 45 May 31 544 Jan 13
4
814 824
8412 De
104,2 Ma'
par
23 Apr 29
4
7 July 21
873 90% 8914 941 1 8814 927
4
513 De
114 Feb
8 83 4 963
3
96% 10018 6813 101% 399,400 Amer Telep A 'fetes(
64
66
65
100 6914July 11 1374 Feb 19
6912 6513 6814 66
71t2 74
72
723 7414 8,990 American Tobacco new
4
1134 Deo 3014 Feb
6412 67
wt -35 4012June
657 71
8
66 4 6912 665 733
,
3
7313 75% 150,200
73
767
6012 Dee 1231 Apr
4
Common Oboe It new wl...S5 44 Juno 1 861 Mar 9
.108 10912 109 109
10818 10812 108 109
1 8934 Mar 11
109 109
10912 109% 1,200
54 Dee 1323 Apr
4
Preferred
$ty 84
100 9514June 2 11012 Jan 21
812 81
9
93
3
8
8
.10
•10
30
25
1,000 American Type Pounders_100
94 Des 132 Mar
17
20
20
4 June 3 25 Jan 23
203
4 19
1918 197 20 .2018 22 8 221 2212
250
,
19 Deo 105 Jao
Preferred
163 173
4
100 1012July 6 70 Jan 8
4 1718 18% 1614 1733 1613 1914 1914 2112 20% 2213 48.400 Am
72 Des 1104 Feb
Water Wise A Elea No par
1414 15
1514 1512 134 1412 143 16
11 May 2,
344 Mar 8
8
1612 17
1814 1812 2.400
334 Des
Corn vol er tufa
804 Pen
*55
No Dv it May 27 31 Mar 8
68
*5514 53
5514 5524 *5513 58
6013 613
583 60
900
4
4
31% Des
let preferred
80, P.1
4
3
3
3
414
25 June 2 75 Jan 15
314 4
312 4
4
43
8,000 American Woolen
6412 Deo 107 via'
8 *3% 4
2112 2218 224 263
No pir
1585day 25
8 2412 261 1 25
533 Feb 25
263
8 243 253
233 ()no
4
8 2414 2512 14,603
Preferred
111% Jan
•14
sty
3
3
3
8
*24
as
3
8
.5,300 Am Writing Paper ette_Ne 100 154 Jan 4 301 Mar 7
3
4
% %
15'4 Dee
•17.
40 July
3
4
.2
2 8 *2
7
par
312 *2
14May 10
312 .2
4 Jan 11
3
.2
2
3
2
10
Preferred eartilleatel_
Des
Jar)
23
4 23
212 278
4
2 July .
5 Apr 6
27
3,
4
353 3 4
314 312 5,100 Am Zino Lead A darelt_N_ 100
2::
3
Deo
312 33
4
19 Feb
4
.15
1
o par
20 .
1 14May 25
15
1712 IS
334 Aug 3
18
*18
20
19
25
•17
20
300
212 Deo
Preferred -------------25 10 Juno
8.4 Feb
5
512
63
8 712
1
7
23 .140 18
75
8
7
8
813 014
1913 Deo
8% 914 130,104 Anacionda Copper Minia9-50
65-8 %UR
. 4 912
43
43
4 4%
3 June 30 121 Jan 14
5
912 912 *7
5
*7
9
300 Anaconda Wire A Olble No
9.4 Des
234 Feb
818 9
par
3 Apr It
812 85(1
9 Feb II
84 834
9
914 958 2,303 Anottor Cap__ _ _No par
4
93
913 10
6 Dec
26'4 As
514May 2 1712 Mar 2
312 312 *312 4
*353 412 .4
5
.413 9
5
203 Adel Copper Mining _No
6
13 Sept
38 Feb
par
•10% 1114 •103 11
1331,lay 31
4
1012 10 4 .1013 11
6 Aug 4
3
2,303 Amber Daniels 4.11c1rd_No par
11
4 Des
1113 1114 12
19,1 Feb
46
7 Apr IS 12 Fen 15
4512 45
46 .43
45
44
45
4412 46
1,999 Armour A CO (Deb pref _100
44
43
8 May
14 Feb
24 May 31
112 112
13
4112Jul y 23
8
112
133
13
8
114
13
8
31).4,1 0as
114
13
3 13
0,1,,et
112
1
8 5.805 A mour ot 1111nois slaw 14-25
7li n
: in
2j .
,;
%June, 2
3
4
3
3
4
2 Mar 9
4
3
4
3
4
3
4
*3
8
3
4
158
r
00131 0
5
3
8
4 2,700
54
...
-35
%Juno 7
IL, Mar 10
918 912
9,
8 9%
83
4 91fl
913 918
1,800
9
,1
924 913
Preferred
94
,
100
•153 3
.1% 3
1414 Mar 9
8 3
•15
.13
3
2
54 flea
2
2
2,100 Arnold Conatable Corp_No par , 312May 31
2
47 Jan
4212 3
I May 3
.
213 3
3 Feb I
.212 3
.213 3
.212 3
I,12 1)ee
*212 3
Artloom Corp
g guir
No par
1
212 Apr 19
118
112
118
514 Apr 4
1
118 .1
118
4
1
1 18 • 118
Oct1012 Feb
118 1,000 Aseociated Apparel Ind_No par
4
%lune 30
4
43
8 5
43
43
21 Jan 7
53
14 1)ec
43
438 5
4 514
9,000 Also° Dry Good..
434
28% Feb
Na par
3 May le,
•11
•1214
84 Jan 15
•1213 50
•1212
*123 15
51 De
15
15
4
20 Associated 011
391 Mar
25
•512 10
612July 9 15 Aug 5
*513 10
*512 10
*512 10
*513 10
.512 10
8% DP
Atl 0 A W 1 SS Line.
31 Fen
..No par
•7
6 June 8 2018 Jan '12
15
•7
15
.6
15
II) Dec39 Jan
*6
.13
.6
15
15
15
Preferred
100
15
613July 25 11% Jan 22
151
. 151 161 1518 1618 1512 1514 16
15 De
1712 82,700 Atlantic Refining
16% 16
534 Jan
_25
•11
83 Feb 9 1712 Aug .5
8
13
,
123 123
8
8 1014 1014 13
85 De
133
*
13
4 11
11
11
900 Atlas Powder
33 a Feb
,
No par
712July 8 25,3 Poo '2
•
65
90
•65
90 .
65
90
18 l)ee
*65
68
90 .66
10
68
00
Preferred_
54 Feb
100 45114u5e 29 794 Jan 13
774 De
Atlas Stores Corp
-991 Jan
No par
i• 697; 62 71 5.F8 65 -zoF,
418 Apr 12
514 Feb 18
-0
24 De
7078 -662 72 - 175.500 Auburn Automoblle No par 2834May 16 1514 Jan 14
13,2 Web
1 •32 78 4
•38
78
7
*8
8
8412 (3*1 018512 Apr
53
334.53
Austin Michele
.
14 14
NO Pa
,
la Feb 1.9
14 Jan 12
3
8
,
3
8
12SM
3
8'
14
,
3
8
3
•14
2
14 Mar
.53
% 2,300 Autosales Corp
No pa
,
1
leMay 17
1
1
1
in Jan 8
1
1
*114
12 DecPS July
13
4 *118
110
Preferred
153 •118 13
4
40
27
4 Mar 30
8 3
3
3 13
2 Jan 11
27
3
278 3
1 Des
3
27
3 3
3 , 24,900 Aviation Corp
3
5 Feb
-No par
712 8
112.1une 1
34 Jan 78
612 7%
2 Des
612 6% 15,000 Baldwin Loeo Work ..AM par
6
533 714
612
6,2 7%
IN Mar
2 May 31
227 2412 22
8
23% 20
812 Jan 14
223
8 193 2212 21
41 Dec
8
930
Preferred
274 Mar
21% 2118 22
100
8 May 27
•7013 75 .7018 75 •
70% 75
15 Deg 1044 Mar
*68
75 .70
75
75
•70
Bamberger (L) 44 00 DM.-100 62 July 8 254 Jan 15
2
.
99 Feb 25
5
8 2
.
53 2
95 Deo 107 Web
.58 2
.38 2
.
53 2
Barker Brothers__ ...No par
4 Apr 9
5% 5
5% 5%
214 Jan 4
5
53
4
14 051
514 6
10 Jan
5% 53 53,000 Barnsdal Corp class 4.. _ .25
538 53
4
4
31.11ine 1
*412 5 4 '412 3
3
6 Aug 1
3
*413 53
4 Des
4
43
4 43
14,1 Feb
4 *5
20 Munk Cigars Ins.- -No par
512
513 *5
4 June 2 13 Feb 1
16 Dee
40
33 Jan
35
.
35
33
*35
40
35
35
35
35
181 preferred.
*35
110
40
100 31, July 29
193 1912 1918 21
8
19% 2012 20
60 Dec90 oder
211
22
21
2112 2212 7,200 Beatrice Creamery..... -50 1618May 17 59 Jan
.
.74
2312 Jan I
80
•74
75, *74
87 Or
*75% 79
7513 75% 751 *7518 79
SI Mar
Preferred
100
100 70 May 20
363 36 2 3612 37
8
36
,
90 Dee Ill Mar
36% 36
383 3912 3814 38 4 2,300 Beech-Nut Packing 00.. .20 2914May 31 95 Jan 1
4
,
4 412 *311 37
414 4,
443 Marl
4 s3t2 412 *33
4
8712 Oct62 Apr
.3% 41 4
41
4% 5
Belding Hein'way Co_ No par
600
23 Jan 4
2
.59, 6012 .604 603 *6014 6012 6012 601 *603
4
5 Aug
s
13
4Jun
8
8 6012 4805 8212
6, Aug
8
200 Belgian Nat Rys pan pref. _ _. 573
8June 1 6212July
6% 7
612 711
6t7 Dec804 Jan
,
612 7
612 7
718 753
,
714
73 31.400 Bendlx Aviation
4
No par
41
4'1M34'27 183 Jan 1
9% 1012
9
4
9 1s
93
8 97
8
121 Oct254 Feb
014 1014
95s 1011 12,700 Beet A Co
93 103
4
4
No par
53
4June 2 347 Pen 1
125 133
8
4
8 1314 14 4
12
,
1313 123 143
4
194 Dec
4614 Mar
8
4 14
1512 14% 157 35.800 Bethlehem Steel Corn._No Par
7 4June 28 241 Feb 1
,
28
313
3112 33
3 3214 34
1714 Deo
31
3412 3412 37
701 Feb
13,900
3814 41)
7% preferred
100 1614 July 1 71 Jan
712 713 '7
*6% 712
60 Dec 1334 Mar
8,
2
714 8
.713 7% .6
7%
700 Blaw-Knox Co
No par
31June 1
833 Jan 1
.6% 9
.6% 9
*63
s 9
6 Dec
*53
1.6% 9
8 9
29 Feb
Bloomingdale Brothere_No par
.6% 9
614June 13 14 Feb 1
15 Oct
21 Nov
Preferred
------- - -9
41
9
8,
912
8 8%
75 Dec
97 -1618 5,700 Bohn Aluminum & Br__No 100 50 Apr 22 61 Jan
8
(712 1012
9%
93 Jan
par
8.1une 2 2214 Jan 1
47
.36
38
51 2 .
•33
45
45 .36
,
819 Des .64384 AprAui
4512
45
•37
45
45 .38
Bon Ami class A
No par 31 June 1
•28
•12
51% Mar
'
3 13
33
14
33
12
Oct
28
*13
14
14
500 Booth Flatteries
14
No par
18May 13
se Feb
252 •____
21 s____
2 *---4 Dec
23
2
.18 25
3 POP
let preferred
53
8
100
N
10(1
12May 1
1 14 Jan
263 2718 26% 23
2
2618 273
8 2612 28% 27
112 Dec
1714 Feb
28% 2718 23
34,400 Borden Co......... ..... _25 20 July 1
1 4314 Mar
53
4 6
618 6%
6
1518 Dee
63
4
612 73
764 Mar
7% 8 4 19,600 Borg Warner Corp
4
714 818
,
8May 26 12% Mar
•32
10
33
4.38
22
•32
12
12
23
C Des
,
8033 Feb
•38
.3
3
*3
Botany Cons Mills elasa A-50
3
12
12
14 Apr 26
1 18 Mar
43
3 4
412 43
,2
414 452
413 413
4
4 Deo
43
3 44
4% 412 11,800 Briggs Manufanuring_No par
84 July
,
,
2
72.1tine 1
1134 Mar
712 Dec
324 Mar
4
-1-1;a65
-CITA
• 111/1 or,d aiked pr5,*: no sales on VI% day,. / E x _divideau
a Ex-rigett
New York Stock Record-Continued-Page 3
941
I ir FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
July 30.
Monday
Aug. I.
Tuesday
Aug. 2.
Wednesday
Aug. 3.
Thursday
Aug. 4.
Friday
Aug. 5.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
&west
$ per share $ per share $ per share
53
4
53
*5
4 .5
53
4 *5
*3
8
*3
8
12
12
3
8
3
8
•1
13
4
13
4 •1
13
4 .1
6513 69
6313 66
6712 68
27 .27
2812 .2613 2712
026
27
.2
8 .2
27
8
212 *2
312
3
3
*318 313 *3
43
4 43
*412 512 *43
4
4 5
45
•443 50
45
4
45
•39
*7
8
1
.
7
8
*3
1
4
7
8
112 112
12
8
15
8
118
1,
4
13
•13
4 3 .4 3
*13
4 23
4
4
47
8
43
8 43
*33
8
4 4
9
93
4
8
/ 912
1
4
833 914
.53
8 52
514 512
,
512 512
123 1234 1514 15 4
8
1512 1513
,
30
30
*2512 30
3012 32
4,2
8
3
4
3
4
7
8
3
8
5
8
*3
4
1
*78
1
*34 1
3
. 8 318 .2
23
.2
3
8 12
137
1214 127
8 121s 1318
*4712
*4713
.
4713 ____
•734 918
7 4 83
3
818 814
2
14
*dB
14
14
14
14
$ per share $ Per share I 5 per share Shares Indus.& Mlscell.(Con.) Par
*5
53
4
53
4 53
4
61s 618
200 Briggs dr Stratton
No Par
12
"33
12
5
8
3
4
800 Brockway Mot Truck No par
2
.1
.138
134
134 2
100
7% preferred
100
6914 69
65
70 4 69
3
7015 6.500 Brooklyn Union Gae___No par
.2612 2812 283 30
4
30
30
800 Hewn Shoe Co
No par
.2
212 .2
212
218 218
100 Brune-Balke-Collander_No Par
*3
312
318 333
33
8 312
500 Bucyrue-Erle Co
10
412 5
5 14
53
2
514 53
8 1,200
Preferred
10
50
50 .47
65 .50
52
70
763, Preferred
100
7
8
•78
7
8
1
7
8
1
600 Budd (E 13) Mfg
No par
•114
112
112 112
112
112
600 Budd Wheel
No par
*13
4 3
213 213
212 212
300 Bulova Watch
No par
*4
43
8
43
8 5
412 43
4 2,600 Bullard Co
No par
85s 912
914 93
4 al
93 27,200 Burroughs Add Mach No par
8
6
533 5 4
6
3
52 6
7
1,600 BUM:Terminal
No par
1712 173
4 1712 18
18
197
8
300
Debenture
100
32
3514 3714 38
38
38 I
270 Bush Term Ridge prat_ _ 100
7
8
1
1
1
1
1
5,500 Butte & Superior Mining---10
*7
8
1
1
1
*7
3 1
100 Butte Conner & Zino
a
.2
3
3
3
*212 3
200 Butterick Co
No pa
1214 133
4 127 137
8
8 13
133 33.600 Byers & Co (A M)__No par
4
*4713
_ .4712
__ *4712
_
100
Preferred
83
s 812
9
9 14
9 -10
1,500 California PackIng____No par
14
la
313
3
8
3
8
3
2
700 Callahan Zino-Lead
10
Calumet & Arizona Mlning_20
3
3
3
3 14
3
3
4 314 -- 4 --31 --7 --512 -- 5s 5,800 Calumet & Heels
332 3;
25
6
.3
*4
6
.4
5
5
*4
412 412 *412 434
100 Campbell W & C Fdy__No par
1013 1012 103 12
2
103 1112 11
4
1113 11
113
4 11
1113 11,400 Canada Dry Ginger Ale NO Par
.1112 14
.1218 14 .1218 13
1214 1214 1314 133
2 14
14
500 Cannon Mille
VO par
8 *4
*414 47
47
8 .4
47
8
418 418 .414 43
4
47
.2 47
3
200 Capital AdmInis el A No par
.19
30 .19
30
•19
28
*19
28
*19
28
*19
30
Preferred A
50
3014 3233 3112 3333 2918 3214 2912 3514 343 3833 377 433 325,200 Case (2 I) Co
8
8
8
100
55
.50
5418 5478 *50
54 .49
54
53
53
5512 58
170
Preferred certiftcatee._ 100
712 73
4
73
73
3 73
4 83
8
4
73
4 8
/
1
4
814 83
4
812 103 30,600 Caterpillar Tractor____No par
4
Cavanagh-Dobbs Inc _No par
100
Preferred
--53
--jig -1- 3- -- -1- -;
32
53,
-3:400 Celanese Corp of Am __No par
.14
1
.11
1
*14
1
.14
7
8
*14
1
•33
33
Celotex Corn
'Jo par
•____
1
Certificates
No par
2
214 *3
2
2 14
312 .213 312 *213 312 .
212 312
70
Preferred
No pa
16
16
16
16
16
16
157 17
8
1614 173
3 1612 167
3 3.400 Central Aguirre Asect_No pa
518 53
512 53
4
512 55
4
EN
8
53
4
512 57
8
512 G
3.200 Century Ribbon Mills_No pa
69
69 •
*68
•68
68
69 .68
69
*68
69 .68
69
100
Preferred
718 814
7 4 85
3
8
4 813
8
73
914
83
4 912
83
4 91g 27,500 Cerro de Pasco Copper_No Par
213 .2
213 •134 2
.2
.1
2
*112 2
•1
2
Certain-Teed Produets_No par
.6
6
1312 *6
1312 .6
1313 *
1312 *6
3412 .6
10
7% preferred
100
1414 1412 1414 1412 137 1413 133 14
8
14
4
143
4 133 14
4
3,800 City Ice & Fuel
No pa
5433 .5418 55
5112 5112 5212 5212 54
5412 5412 55
57
17()
100
Preferred
4
312 4
4
33
4 37
358 4
8
334 4
33
4 4
3,900 Checker Cab
No pa
814 312
8 4 87
,
8
712 818
7$8 8111
84 9
,
83
8 83 10,700 Chesapeake Corp
4
No Pa
214 214
214 212
23
2 212
2
3
27
s 33
8
27
8 4
5,100 Chicago Pneumat Tool_No par
•
414 57
412 412
8 *412 5,
412 57
8
8
57s 618
6
7
Preferred
No par
5,000
8
8
*8
812
812
81 2 83
813 812
4 .8
812 10 8
80 Chicago Yellow Cab__ _No pa
,
8
.6
7
.6
6
6
.518 (1
*518 6
*51s 6
100 Chickasha Cotton 011
1
212 212 •2
231
312
278 27
323 .
8
3
313
33s 33
8.
600 Cbildri Co
No pa
9
93,
9 12
83
818 9
4 03
81g
8
914 10
93 1018 114,100 Chrysler Corp
8
No pa
3
8
3
8
12
5s
5
8
5
8
5
8
52
3
2
12
52 1
6,800 City Stores new
No par
418 418 *312 5
.
5
312 5
*312 5
*31
.31, 5
100 Clark Equipment
No Pa
•13
18
15 .121* 20
15
*1312 1938 .14
1913 15
15
200 Cluett Peabody & Co-No Pat
*90
92
90
90 .90
96 .90
96
.90
96 .90
96
Preferred
100
50
8614 8814 8313 8612 843 9012 89
843 87
4
4
9112 9214 947 45,000 Coca Cola Co
8
No pa
8 44
.4338 437
45 .4413 4513 .41
4512 4431 443
4 45
45
No par
Clam A
900
13 133
13
4 1313 133
4 1314 1312 131g 137
2 13
/ 143
1
4
2 137g 1414 8,800 Colgate-Palmolive-Peet No par
*7612 82 .763 80,s •
4
79
8018 80
8018 .79
81
81
81
100
600
6% preferred
5
5
5
5
5
512
512 833
512 512
534 53
4 1,700 Collins & Alkman
No par
*54
65 .54
65 .
54
65
•54
65 .54
65
*54
65
Non-voting preferred_._100
.9
11
.9
11
.
9
11
.9
11
11
*9
.9
11
Colonial Beacon 011 Co_No par
612 61 2
613 612
6
614
6,
8 7
7
73
8
7
73
3 1,600 Colorado Fuel & Ir new_No Dar
223 2313 23
8
2418 213 2314 22
4
25
2518 2814 2638 2814 43,700 Columbian Carbon v t o No par
10
1013
93 103
8
8
838 93
4
85 103
8
107
8 10
8
97s 107 106,000 Columbla Gas & Elec_No par
8
.
55
5912 58
58
5712 58
58
593
62
4 60
100
62 62
Preferred eerie, A
1,044
513 512
523 57
514 51
8
514 55
8
57
8 612
5,700 Commercial Credit____No par
614
7
17
17 .1814 203
8
8
8 203 203 •18
211 *18
50
2018 .18 •20
Class A
200
•15
153
4 15
3
153
4
4 15 4 153 .1512 161
1512 1513 1512 1512
25
Preferred B
290
5814 5914 *5713 59
575 59
8
573 573
4
100
5814 60
603 60 4
831% let preferred
4
270
3
167 1714 167 1713 17
8
8
171
173 18
8
173 1818 1712 18
4
8,200 Comm Invest Trust___Ne Par
70
70
•6812 73
73
73
7218 721 .
7213 75 .7212 75
NO par
400
Cons preferred
.
92 105 .92 105 .92 105 .92 105
•93 105 .93 105
100
814% 1st preferred
63
714
4 71
714 8
63
63
4
4 7
67
8 77
,2
712 814 62,600 Commercial Solvents. No par
213
2,
4
214 212
213
218
214 21
213 23
4
23
s 23 70,100 Commonvelth & Bou___No pa
4
4213 43
43 8 44
4212 43
3
44
47
46
485
8 48
49
3,300
$8 preferred serles__NO Pa
"312 8
.313 8
*313 8
*313 8
.312 8
.
313 8
Conde Nast Publicens_No pa
8 4 81
,
814 814
•833 9
812 912
8 3 93 10,400 Congoleum-Nalrn Ino__No pa
7
4
84 9
,
•61, 8
*6
514
*613 7 a .
7
615 714 *618 7
.618 7
No par
Congress Cigar.
7
7
7
7
7
7
612 7
7
7
7
.6
1,000 Consolliated Clgar____No pa
*353 36
4
36
36
.363 413
4
3614 36114 36
4 3614 361
39
100
Prior preferred
100
*2
2 12
8 2
2
13
2
Ps 2
.15
2
4
2
13
4
900 Conan] Film Indue____No pa
513 612
478 5
53
2
5
5
514 53
5 1
2
47
8 5
'Jo par
Preferred
2,100
4612 4713 467 4912 443 4712 45
4
493
8 483 5114 4912 515 197,700 Congo, Gam N Y)
8
8
8
No par
•8714 89
89
8812 89
SA 90
89
•88
883
4 SS
39
No par
1.500
Preferred
612 63
618 63
612 63
512 6
4
6
8
7
8 4,100 Consol Laund Corp
57
8
Vs
No par
14 8 s
75
8 77
8
,
7,8 73a
75
7
8 8 107.700 Consul Oil Corp
714 7
54
714 77
8
No par
*97
9914 *95
98
983 *95
•95
OS
4
•95
9712 *95
93
8% pre!
100
3
8
3
4
12
12 16,500 Consolidated Textile__No Dar
3,
3
8
3
8
3
2
13
12
5
8
1
1
1
1
1
*1
1
2
2
.1
2
.1
400 Container Corp A vot__No par
*3
12
12
•3
2
*3
2
2
12
12
12
12
5
8
5
8
400
Class B voting
No par
.14
4
412
412 5
5
43
8 438
514
412 5
5
5
3.300 Continental Bak el A No par
*3
4
7
8
7
8
7
8
3
4
3
4
7
8
34
7
8
1
7
8
1
3.000
Class 11
No par
.
3212 35
3412 3412 *3412 35
34t2 5612 37
37
3612 3(112 1,200
Preferred
101)
25
2512 12413 2514 2278 2412 23
8
2514 247 2612 2514 2614 29,800 Continental Can Ine__No Par
.414 45
8
412 .4
412 *4
412 412 *4
43
4 *4
45
8
100 Conti Diamond Fibre_No par
14
15
15
1618 1414 1518 133 15
147 153
4
8
3
4 153 16
12,600 Continental Ins
10
7
8
7
8
7
8
7
8
7
8
7
8
7
8
1
78
1
1
1
3.200 Continental 11,1 otors.--NO Par
63
2 612
612 83
614 63
65
4
8 7
8
6 4 63
,
63
4 718 61,900 Continental Oil
4
No par
14
1,200 Continental Shares
No par
35
3612 353 373
4
2 347 I63- 3533 - 3- - 4 - 1- --3812 10 2 52,600 Corn Products
4
31 4 5(13 36 3
1
Refining___25
1217 125 .11512 12112 •116 12412 .116 124 •12014 124
8
124 124
50
Preform!
100
312
314
312 33
8
,2
31'2 313
33 3
3
312 33
3
/ 312 9,000 Coty Ine
1
4
4
No par
1718 1718; 1713 1713 *167 1712 1712 1712 18
8
1814 163 1634
4
600 Cream of Wheat
No par
.
1638 20121 •163 1634 •1632 163 "163 163 .163 2013 1712 1712
8
4
8
8
4
100, Crex Carpet
•3
100
3
33 .
4
33
4
3
3
•23
8 3
.25
• / 313
8 3
2
1
4
1001 Croak), Radio Corp_ ___A'o par
813 83
83
8 85
8
4
83
2 83
4
9
9 12
83
4 9
9
933 1,7001 Crown Cork & Seal____No pat
•13
8
4 212
17g .13
13
4 218 .13
2
2
4 2,
8
.17
8 24
,
800 Crown Zellerbanb
No par
12
14
12
14
1112 1112 *1112 14
14
14
1414 1414
800 Crucible Steal of America_ _100
2233 25
25
2212 24
25
25
25
28
28
2814 30
740
Pretarrod
100
*514
113 112 .114
112
112
112 112 *13
8 23 . 8 112
4
13
300 Cuba Co
No par
Cuba Cane Products__ _ No par
113 - 122
113 - 133
112 212
-14 -1E8 -14
13
4
13 _ 4 2,660 Cuban-American Sugar _ ___10
•10
113 *10
113
4
4 10
113 •10
4
113 113
10
4
13
4 13
130
Preferred
100
Cuban-Domin Sugar_No par
2813 28
28
28
28
29
30 16 --iO 16- 39 16- _ "
2:ioo Cudahy Packing
50
1212 13
127 13
2
123 1514 15
4
1514 163
15
8 1413 15
4,500 Curtls Publishing Co_ No par
5712 5812 5812 62
60
6234 61
62
623 63
4
62
63
2,000
Preferred
No par
114
13
8 13
1 14
114
4
15
8
112
13
2
112
138
118
l's 40,500 Curtlse-Wrigbt
No par
212
218 212
214
2
2
2 14
232
212 23
3
2
2 14 8,200
Class A
MO
612 612
6
.61
, 7
2 63
61s •55
8 .6
84
,
613 612
400 Cutler-Hammer Mfg---No Pa'
312 384
3
38
33
3
4 37
8
33
4 3
312 313
84 .
23
4 33
1 3,100 Davison Cbemletal
No par
'1 14 3
•114 3
•114 3
•114 3
•114 3
.114
3
Debeubam Securities___5 Sch
.83
8 87
2
9
812 83
9
9 13 10
3
812 812
10
123
8 2,800 Deere A Co prof
20
77
79
77
79
76
77
79
80
81
79
7812 7812 1,500 Detroit FAlson
100
*712 10
' 10
713
*712 8
9
814 10
9
.
9
12
,2 .
100 Devoe & Reynolds A__No Par
153 153
4
4 153 153
4 15 4 1512 Mg 163
8 1618 1613 1612 163
4
,
8 3,400 Diamond Match
No par
23
*2318 2312 23
23
23
23
233 *2212 231
2
23
23
Preferred
800
25
• 13111 and asked prices no salei on this day. • RI-41.1dend
r F.-.11 4end
,
PER SHARE
Range for Year 1932
On basis of 100-s4are lots
1.8-•40188
Highest
S per Mare $ per share
4 May 26 1024 Jan 14
14July 1
1 Jan 23
112 Apr 22
5 Jan 9
/
1
4
48 June 2 8912 Mar 8
23 July 9 38 Feb 15
lls July 8
3 Mar 2
112June 2
5 Jan 9
818 Mar 7
212May 31
35 June 16 75 Feb 4
23 Jan 14
4
is Apr 9
/
1
4Ma/c26
41 Jan 14
/
4
312 Jan 25
112 Apr 11
218a1ay 28
752 Mar 7
614J une 1
13 Mar 7
/
4
312June 23 211 Mar 9
714 July 14 85 Mar 9
1214July 12 85 Jan 7
1 Aug 3
I2July 5
114 Jan 14
11 Apr 5
11
/
4June 10
4 Mar 7
/
1
4
7 May 16 19 Feb 19
3514May 23 61 Mar 19
4I4June 1
111 Feb 13
/
4
IsJune 17
/ Jan 15
1
4
112May 27
4 Jan 13
212.1une I
71s Jan 7
6 June 2 1312 Jan 14
101sJune 2 20 Mar 21
2 Apr 8
/
1
4
61 Feb 19
/
4
19 June 16 30 May 10
4June 9 433 Jan 18
163
:
30 May 17 75 Jan 12
43
2June 2 15 Jan IS
11 Jan 7
/
4
6 Feb 11
73 Jan 12 224 Feb 11
8
/
1
11
/
4
.1une 21
Cr Jan 14
1 May 27
33 Jan 18
2
1 Feb 8
2 Feb 29
/
1
4
4June 17
13
712 Mar 15
sJune 2 1358 Aug 4
73
/
1
4June 2
2
81 Jan 9
/
4
60 July 11 85 Jan 23
312June 2 315 Jan 14
1 May 28
3 Feb 17
/
1
4
8 May 24 1512 Feb 23
1118July 12 281 Feb 19
/
4
50 July 8 88 Jan 5
13
4July 16
7 Jan 14
47
3June 28 20 Jan 14
/
1
4
I May 25
63 Jan 22
4
212June 17 111 Jan 22
/
4
612July 15 14 Mar 12
6 June 10
9 Mar 28
1 12June 23
712 Jan 13
/
1
5 June 2 154 Jan 14
14July 5
2 Jan 14
/
1
4
8 4 Jan 7
3
314July 12
10 Apr 14 22 Mar 5
90 June 1 98 Feb 15
7413 July 11 120 Mar 8
413
8July 9 50 Mar 22
11 Juue 30 3112 Mar 9
65 June 1 95 Mar 11
/
4
2
/ aY 31 101 Mar 7
1
4M
55 June 9 80 Mar 17
9 Jan 11 11 Apr 26
/
1
4
27 July 1 12 Jan 14
8
1312May 31 411 Mar 9
/
4
414June 2 1612 Mar 9
tul Apr 8 79 Jan 16
3 8June 2 II Mar b
7
113
4July 19 2614Mar 7
1012June 14 20 4 Jan 22
3
40 June 7 687 afar 14
8
/
4
1072June 2 271 Mar 3
5512June 2 77 Mar 2
88 June 3 95 Mar 11
312May 23 1014 afar 8
11
/
4June 2
4 Jan 14
/
1
4
8.June 2 8812 Mar 11
273
5 May 25 10 Jan 6
612June
11 Feb 13
932 Mar 8
4 May 28
5 June 26 2412 Jan 8
17 June 2 60 Mar 7
5 Jan 11
/
1
4
1 June 1
4June 14 1124 Mar 7
23
3112June 2 6836 Mar 8
721:June 2 95 Mar 3
5 June 2 107 Jan 13
2
313 July 26
4 June 1
79 Feb 6 9912June 10
14 Mar 22
3 Aug 1
4
11.Tune 18
/
4
2 Yob 19
/
1
4
11 Jan 18
/
4
'*May 4
7 Jan 14
2
/
1
4May 31
1 Jan 8
I: Apr 7
217
8June 2 473
4Mar 5
1752June 27 41 Mar 8
43 Feb 17
4
3 Apr
/
4
6'4MaY 25 251 Mar 8
12 Jan 14
4
5/1N1ay 27
33
718 Aug 3
2June 2
',June 15
3 Jan 13
4
243
4July 6 473:Mar 8
9912June 2 12912 Jan 11
1 12MaF 31
43 Jan 16
4
1312.1une 27 23 Mar 9
1014 Jan 5 191 Mar 21
/
4
412 Jan 7
214May 3
277
sMay 31 15 Mar 5
/
1
4
12June 9
2 Feb 15
/
1
4
6 May 31 3314 Jan 14
15 June 29 49 Jan 14
/
1
4
12June 6
13 Jan 14
4
12 Jan 15
/ Apr 19
1
4
asalay 2.5
21 Aug 4
/
4
312May 26 13 Aug 5
20 May 28 351: Mar 9
7 Juno 29 81 Jan 15
47 June 1 88 Jan 14
7 ay 5
3M
2 Feb 2
/
1
4
11:afar 2g
3 Feb 1
/
1
4
3I2May 28 10 Jen 21
1 May 28
5 Jan 15
14
1 June 30
11
/
4May 25
6I4June 29 1514 Jan 15
54 July g 122 Jan lel
7 May 26 1314 Port 24
12 Apr
153 Aug 5
8
2012May 13 2412Mar 18
PER SHAER
lance for prerions
Year 1931
Lotrest
per share
8 Sept
at Dec
212 Oct
72 Dec
/
1
4
32 Jan
/
1
4
21s Dec
314 Dec
4 Dee
/
1
4
76 Dec
11 Dec
/
4
2 Dec
/
1
4
3 Dec
/
1
4
3 Dec
/
1
4
10 Oct
153 Dec
8
49 Der
86 Dec
114May
1 Dec
3 Dec
107 Dec
2
68 Oct
8 Dec
1.4 Oct
s21 Oct
3 Deo
52, Dec
103 Dec
:
17 Jan
412 Dec
24 Dec
3314 Oct
63 Sent
1014 Dec
12 Dec
53g 1)ec
2 Dec
/
1
4
2 Dec
/
1
4
11 Dec
/
4
Vs Dec
11 Dec
212 Jan
Highest
per shore
244 Mar
314 Mar
26 Feb
12932 Mar
451t July
15 Feb
207 Feb
8
344 Feb
/
1
114 Ayr
5 Feb
/
1
4
13 Feb
4
163 Jan
23 Feb
3214 Feb
31 Feb
104 Jan
113 Mar
134 Feb
2'., July
20 Feb
/
1
4
693 Feb
4
1067 Feb
4
53 Feb
13 Mar
8
433, Mar
111 Feb
/
4
163 Mar
s
65 June
25 Mar
16 Feb
363 Feb
2
1311 Feb
/
4
116 Mar
521 Feb
:
4 Feb
26 Mar
16 Feb
143
sMat
13345110
4
373 Mar
2534 July
814Sept
On Beat
301 Feb
/
4
733 Mar
35 Aug
37 Feb
/
1
4
90 Apr
2314 Feb
5418 Feb
1512 Feb
35 Feb
23 Jan
1234 Mar
33 Feb
/
1
4
/
1
254 Mar
/
1
4
4 Feb
2272 Mar
3412 Feb
105 July
170 Feb
5312June
5012 Mar
1041,Sept
171:June
96 Aug
10', Nov
19I/June
1111 Feb
/
4
45 M ar
/
1
4
109 Mar
/
1
4
2314 Feb
354 Feb
/
1
2412July
92 S-1121
34 Mar
90 Jan
106 Aug
211 Feb
/
4
12 Feb
1003 Mar
s
3414 Feb
1434 Aug
SO% Mar
87 .1une
/
1
4
73 Mar
15 Feb
/
4
181 Feb
50 May
/
1
4
9 Sept
24 Jan
/
1
11 Jan
2511 Dec
6312 Dec
314 Sept
137 Dee
8
312 Oct
83: Dec
8 Sept
8 Dec
512 Dee
111 Oct
/
4
14 Dee
8 Der
/
1
4
15 Dec
92 Dec
9712 Oct
45 Dec
/
1
4
24 Dec
79 Dec
/
1
4
6Is Dec
68 Dee
7 June
/
1
4
61 Dec
/
4
32 Dec
111 Dec
/
4
724 Dec
/
1
8 Sep
1918 Dec
15 Oct
62 Dec
1512Sert
60 Dec
94 Dec
84 Dec
/
1
3 Dec
46 Dec
10 De
6 Jan
/
1
4
4
83 Dec
20 Sep
42 De
4Jun
33
4
73 Oet
57 Dec 1093
/
1
4
:Mar
88 Dec 1107 July
81 Dec
/
4
157 Mar
:
412 Dec
157 Feb
2
64 Dec 103 Mar
14 Jan
12 Mar
,
7: Dec
812 Jan
/ Dec
1
4
3 Jan
4 Dec
/
1
4
30 Feb
12 Der
2
33 Feb
40 Sept
7712 Feb
3014 Dee
62 Mar
/
1
4
342 Dee
1872 Feb
1818 Irec
517 Feb
2
1 Dec
41 Feb
/
4
5 June
12 Feb
12 Feb
14 Dec
381 Oct
/
4
884 Feb
/
1
118 Dec 15212 Ain
2 Dee
/
1
4
18 Feb
20 Sept
3412 Mar
10'4 Nov
19 Apr
/
1
4
3 Dec
/
1
4
84 Feb
1514 Dec
/
1
384 Feb
61 Jan
/
4
112 Dec
20 Dec
63 Feb
361 Dec 106 Jan
/
4
7 Dec
8
57 Jan
8
14 Dec
3 Jan
/
1
4
3a4Mar
1 Dec
35 Jan
6 Dec
/July
1
4
318 Jan
487 Mar
,
s29 Oct
20 Der 100 Feb
70 Dec 11852 Mar
JOB Feb
1 Dec
81 Mar
/
4
Ds Dec
1 Jan
7 Dec
314 Dec
23 Feb
11Sept
/
4
121: Jan
22 Jan
133 Dee
s
11014 Dec 195 Feb
81 Dee
/
4
,
19, Feb
10 Dec
/
1
4
23 Mar
191 Dr/
4
2818 Aug
New York Stock Record-Continued-Page 4
942
FOR
rff-___ SALES
DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE FOURTH PAGE PRECEDING.
HIGH AND LOW SALE' PRICES
-PER SHARE. NOT PER CENT.
Saturday
July 30.
Monday
Aug. 1.
Tuesday
Aug. 2.
Thursday
Aug. 4.
Ifiednesday
Any. 3.
$ per share $ per share $ per share 5 Per Share
1014 1014 10
1018 10
97 10
1014
8
•I412 15
15
15
*133 1412 *14
1412
4
.612 714
712
714 *714
7
714
7 18
3314 337
8 333 347
8
8 3212 34
3312 38
•2
4 1
*3
4 1
51
5
4
*3
4 1
812 812
918 918
812 812
8
85
8 85
9312 9312 *9312 95
9312 9312 *913 95
4
•112 2
*15
8 2
*112 2
.112 2
4418 447
8 433 473
4
4 4418 4614 443 5012
8
•107 _ __ *110 _ _ •11014 _
_ _
*DO
4
412 - 4
434
43
4 - -743
4 - 4
48
432814 2912 285 30
8
2714 29
8
275 3112
883 883
4
4 8814 883 •8852 8S3
4
4 8814 883
4
.14
53
*14
3
8
3
8
12
5*
5*
*4
*4
6
6
*4
6
.4
6
123 133
1'27 15
4
4 13
145
8 1238 14
8
•70
*7118 85
80 .7018 80
*73
85
•1
1
118
*1
118
1
1
118
17
8 213
2
2 18
2
15
8
8 17
13
4 17
514 512
6
412 518
513
43
4 53
4
1914 1914 18
19
1818 19
1712 18
"15
8 1714 177
173
4
8 163 1714 1534 1712
227 227
8
8 23
233
3 223 23
3
223 2312
8
•
815
815
,s
IS
14
°Is
14
.25
27
2611 2612
•100•10014 _ __
*9
*6
10
9
*25
*28
40
40
40
*32
*3514 40
•13
*13
14
14
*313 418 *3
4
•31
1
3134 1
•10
103 *10
4
10 4
3
4
*14
4
•51 23
23
•1
314 *1
314
3
3
314 3
•15
18
18
18
...I.,
7
2
*12
7
8
*712 1012
*812 12
42
.40
41
41
•112 214
112
112
•1
: 1
•12 1
43
4 434
4
412 43
*912 10
10
1012
13
53 141.. 14
15 4
3
*53
4 8
"5
14 8
.7
"7
20
20
.75
_ __ .75 100
1133 113
8 113 113
8
3
*5018 513 .5018 5218
4
4412 45
443
4
44
5*
14
14
5
1
82
2
12
12
12
*38
114
*32 1 14
67
2
*512 71s *6
*64
:
70
*641 70
*212 4
412
4
8 8
*77
738 83
4
3
258 3
3
1512 16
1534 16
2i 25
2
2
8
1612 17
17
1734
*12 114
114
'II
912 912 .912 10
lis
4mn4
13
4
13
48
48
50
50
1412 14
14
153
2
83
93
4 912
4
9
8 13
143
1352 133
8
.96
997 .95 100
8
*218 214
8
214 23
4 17
13
4
•1
8
13
*2
23
4
334 3 8
7
8l3 0
8'2
6
.30
30 4 31
3
31
137 1412 137 143
8
4
8
1034 1034 103 10 4
4
3
25
2512 25
253
4
5
4
8
7
5
4
54
*5
.5
7
7
23
*20
•l97 23
3
3614 383
4 363 357
8
8
.8453 89
*8412 871
III
1012 1114 11
6912 70
693 70
4
*43
4 6
*43
4 5
2 4 318 *25
3
8 3
434 43
4 .513 71
39 .33
*30
39
134 218
13
4 21
14
1614 16
161
65
6518 .69
75
53
12
12
53
20
*7
*7
113
.6
8
*614 8
*1212 15
15 '15
17
171
: 1614 l71s
63 .617 63 3
63
,
4
*113
17
8
153
17g
•14
4 15
143
15
8 45s
8
45
45* 45
*40
5478
547 .40
8
*5 4 6
3
53
4 618
137 1412 143 15 8
8
s
3
*8512 90
.8412 90
47
8
*4
414 412
13
13
1314
*13
113 1214 117 125
3
2
8
3812 3812 3918 41
19
1812 19
18
65
65 .60
*60
*12 1
•12 1
4
112 13
8
112 15
414 453
4 3 538
3
514
*26
*9
•17
7
514
*71
118
*3
8
55
8
25
•167
8
2412
13:
•1212
412
512
28
10
18
7
614
713
4
112
12
7
26
2312
241.
l's
1312
412
51s
28
139
1712
7
86
.71
114
5
8
.5
*1218
*167
8
4
*243
:
13
*13
5
512
28
10
18
7
614
72
112
3
8
7
26
1912
25
112
15
512
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
5 Per share $ per share Shares
1014 2,900
105
8 10
10
1511
600
15
1514 1514
612 63
612 612 1,500
4
68.000
4
3712 4112 383 41
100
•3
4 1
.
134 1
700
.812 10
10
*8
9312
40
9312 *92
.92
13
4
200
*112 2
17
8
513
4 5014 537s 87,800
49
____
30
Ill 111 0111
512
5
43
4 514 1,900
8
307 327
8
8 3173 333 230.500
8858 8912 2.100
887 89
s
12
12
*12
5
8 2.100
*4
*412 6
6
8
1414 151: 143 1514 50,100
*7013 85
*7018 85
1
Ils
1
118 4,100
214 29.900
2
214
2
PER SHARE
Range for Year 1932
-share fors
On basis of 100
Lowest
Highest
PER SHARE
Range for Prd1149•1
Year 1931
Lowest
Highest
Indus.& Maven.(Con.) Par 8 per share $ per share 3 per share; per share
Dome Mines Ltd
No par
712 Jan 4 113 Mar 5
8
65 Oct 21313 Mar
8
Dominion Stores
No par 1114Juno 2 18 Mar 5
24 Apr
11 Oct
Douglas Aircraft Co Intl No par
5 June 2 1378 Feb 1
2114Juue
7 2 Dec
7
Drug Inc
No par 23 May 31 57 Feb 13
423 Oct
783 Mar
4
4
Dunhill Internatimutl No par
5*July 25
814 Mar
Da Feb 4
113 Dec
Duplan Silk
4
No par
512June 1
143 Feb
10 Sept
1012 Jan 23
Duquesne Light let pref._100 87 May 31 97 Mar 14
923 Dec 1071s Aug
4
Eastern Rolling Mill
N0 par
1 June 1
514 Mar 5
212 Dec
1314 Mar
Eastman Kodak Co
4
No par 3514July 8 873 Jan 14
4
77 Dec 1853 Feb
6% cum preferred
100 99 Jan 22 11912 Feb 18 103 Dec 135 Sept
Eaton Mfg Co
2178 Mar
No par
3 June 27
8 Feb 19
s
53 Dec
E I du Pont de Nemours___20 22 July 19 593 Feb 12
/
50 Dec 107 Mar
6% non-voting deb
100 803
4June 2 105 Mar 1/
4
94 Dec, 1243 Aug
Eltingon Sohn('
No par
18Junel7
1118 Feb
114 Jan 6
12 Dec
693% preferred
100
214May 9 1212 Jan 6
69 Feb
712 Dec
Electric Autolite
No par
812June 1 3234 Mar 7
743 Mar
2
20 Oct
Preferred
100 61 June 1 10014 Feb 16
94 Dec 110 Jan
Electric Boat
No par
12Juno 22
212 Jan 6
412.1uly
3 Deo
4
Eleo St Mus Ind Am shares...
7
8.1une 30
4 Jan 8
212SeDt
9711 July
s
512 57 47.900 Electric Power & Light_Ns par
512 6
25 July 1
4
800 Feb
153 Mar 9 1
8
9 Dec
20
19
6.500
8
1914 207
Preferred
Na par
4July 9 04 Jan 14
103
41 Dec 1081s Mar
173
4 3,800 86 preferred
163 1912 17
4
No par
87
8July 8 5512 Jan 14
9814 Mar
32 Dec
2414 2412 2512 3,300 Elec Storage Battery-No Par
24
66 Mar
1253-lune 2 3314 Afar 7
23 Dec
25 Elk Horn Coal Corp
34
*18
14
No par
°,
3
18 Jan 13
1 14 Feb
14 Jan 13
Is Dec
14 Deo
23 Mar
4
25
-400 Endicott-Johnson Corp.....50 16 July 7 3618 Feb 15
26
26
--26
-88e01
3312 Dec
453
100
Preferred
10012 10012 *10014 _
•10014 - __ *10014 . _
100 98 May 31 10714 Mar 17 0983 Dec 116 Aug
2
8
12
8
8
818 1 , 600 Engineers Public Elerv__No par
*7
8
8
4 June 2 25 Feb 16
£9 Mar
15 Dee
39
*28
*35
39
25 preferred
*35
3614 .30
39
No par
15 July 6 51 Feb 23
42 Dec
87 Jan
200
39
*363 40
40
39
*32
4
40
3515 preferred
40
No par
18 July 7 57 Mar 16
91 Mar
42 Dec
*1334 14
400 Equitable Office Bldg No par
125 13
8
8
1218 13
*127 13
12 Juno 27 19 Jan 4
1818 Oct
3518 Jan
414 414 *312 412
414 414
200 Eureka Vacuum Clean_No par
*312 414
2 June 9
4
123 Mar
714 Mar 29
314 Dec
4.7
414 *4
114 .1
114
100 Evans Auto Loading
1
1
5
12may 26
214 Mar 5
852 Feb
1 Dec
103 .10
*10
4
Exchange Buffet Corp-No par
3
103 *10
4
10 4 *10
10 4
3
9 Jan 30 113 Jan 11
04
25 Jan
4
10 Dec
Fairbanks Co
4
*14 23
4
14 23
*14 23
23
4 .
*14
4
25
3 Mar
It Sept
•1
Preferred
314 •1
314 *1
314 *1
314
100
1 June 30
314 Mar 31
13 June
2 Dm.
4
4 33
200 Fairbanks Morse
314 .278 314 *212 33
*3
4 *23
No par
251July 22
504 Jan 19
29.32 Mar I
312 Dec
30
Preferred
4
18
1734 1734 173 *15
18 .15
1731
100 15 July 26 4754 Mar 8
a
40 Dna 1097 Feb
As
*12
*12
N
*12
5
4
5
1
*12
Fashion Park 458011----NO Par
12June 13
612 Feb
184 Jan 25
1 Dec
12
*6
Federal Light & Trite
12
.6
12
1012 .7
.8
15
8
fila Apr 20 22 Jan 25
437 Feb
21512 Deo
45
50
*40
42
42
*39
42
*39
Preferred
42
Na Dar 30 June 18 64 Mar 11
02 Mar
48 Dec
600 Federal Motor Truek No par
4 *112 134
112 112 *112 13
4 *112 13
1l2May 26
752 Feb
353 Feb 6
212 Dec
*12 1
012 I
100 Federal Screw Worke No par
1
1
*12 1
12May 25
1512 Feb
2 Jan 14
1 18 Dec
414 412 3,400 Federal Water Here A_ _No par
414
4
438 43
4
8
43
4 47
3 May 31
30 Jan
1032 Mar 16
3 Doc
400 Federated Dept. Stores.No par
1012
*912 10
'812 1012 59
1012 10
612Ju1'o 17 14 Jan 7
2718 Aug
1012 Deo
163 11,100 Fidel Phen Fire Ins N Y___10
8
133 143
15
4
4 14
143
4
4 143 16
6 May 28 275 Jan 15
561.4 Fen
4
20 Dec
Fifth Ave Bus
4 8
*5 4 S
*53
3
• 4 8
53
*53
4 8
Vs par
9 Feb
5 4Juno 2
3
812 Mar 8
518 Oct
*7
20
*7
20
*7
20
20
*7
Filene's Sons
No par
7 Mar 31
24 Aug
8 May 19
1514 Oct
*75 100
*75 100 .75 100 .73 100
Preferred
100 75 June 24
8514 Feb 104 May
1414 2,600 Firestone Tire & Rubber___10 1012June 14 94 3 Jan 18
12
113 113
8
8 113 1112 1112 12
8
20 June
153 Mar 8
127 Dec
2
1.600
50
Preferred
5013 503 55
3
8 5012 53
507 3 505
.
100 45 July 7 5912 Jan 26
6618June
495 Dec
8
4
43
433 48
44
3
4512 4718 453 4612 11.100 First National Stores__No par 35 July 8 53 Mar 7
63 Aug
ill Jan
14 4,300 Fisk Rubber
1/
4
14
14
14
14
14
14
14 seat
No par
18 F'eb 1
is Jan 11
711
•3
4 1
812 1
*12 1
*12 1
250
let preferred
Feb
14 Feb 2
100
3 Feb
72 Jan g
:
1 sept
*38 2
*58 2
•3
8 2
*38 2
let pref convertible
100
14 Feb 3
318 Mar
112 Apr 13
12Sept
:
*512 71
*512 7
6
6
100 Florshelm Shoe claim A _No par
.6
75*
414 Apr 29 10 Feb 20
7 4 Dec
7
3611 Jan
10
643 643 .6412 70 .6412 70
4
4
*6412 70
6% preferred
_100 63 July 19 8212 Apr 14
80 Dec 1021s Mar
*334 412 *4
900 Follansbee Bros
414 45s
412 412
412
No par
2 June 2
6
193 Feb
712 Mar 7
a Deo
814 914
75
83 1014 18,300 Foster-Wheeler
8 814
4
8
83
4 93
No Par
3 May 25 12 Mar 10
6412 Feb
8 Dec
.25* 3
1
23
4 1,300 Foundation Co
25
8 278 *212 27
s •2
No par
1 July 5
,
161 Mar
412 Jan 14
212 Dec
1512 153
8
4 1612 1714 3,300 Fourth Nat Invest w w _ _ ___ 1
4 1512 1614 163 163
1014.1une 1 2112 Afar 9
3212 Feb
2153 Deo
2
214 214
8 31‘ 11.500 Fox Film claw A
214 214
8
212 33
27
No par
1 July 8
53 Jan 19
3
2
383 Feb
21s Dee
1614 1714 16
1738 163 177
4
8 1712 18
13,
400 Freeport TeX/18 Co
No par 10 May 31. 1912 Jan 15
1514 Oct
6314 Mar
*12 114
114
*53 114
*5
114
8
*54
Gabriel Co (The) cl A __No par
'aline 11
17 Jan 4
63 Feb
8
8
1 Deo
445 Gatnewell Co
10
10
1114 1114
10
1018 11
10
Vs par
53
4May 31
17 Jan 11
60 Feb
16 Dee
____ Gardner Motor
5
213 Mar
Is Oct
7,5900 Gen Amer Inveraore___No pa
112 112
2
134 2
2
218
2
1.June 9
35 Jan 19
8
218 Dec
77 Mar
2
600
55
*48
Preferred
50
48
5018 4912 52 .52
100 26 -Juno 9 61 Feb 16
88 Mar
45 Dec
:__ :
157 25,100 Gen Amor Tang Da ..N par
8
: 34 15
1312 1412 133 153
4 141 15
4
gieuno 27 35 4 Mar 8
1
7318 Feb
28 Dec
8 8,400 General Asphalt
4
9
4
9
83 1053 103 1114 1014 107
No pa
,
4
34June 8 1511 Jan 15
93 Sept
47 Mar
3
14
1418 133 1412 1453 147
8 1414 1412 4.90 General Baking
8
f
1012June 2 1952 Mar 4
2
912 Dec
255 Apr
210
$8 preferred
*95 100
*96 100
100 100 *100 104
No pa
, 90 June 2 10534 Mar 11
25 Dee DA Mar
178 2
2
218 23
2
214 214 1,300 General Bronze
8
NO par
12June 2
3 2 Jan 8
3
13 Dec
4
Oli Fe)
500 General Cable
2
2
2
2
*17
8 2
*17
8 2
No par
14May 31
284 Feb 1
112 Dec
18 Feb
Claes A
500
8
*314 37
4
4
*3
*33
4 4
4
No par
112May 14
512 Jan 13
21: Dec
2513 Feb
420
s
7% num preferred
1018 103 12
10
912 10
4.1une 1
100
11112*Jan 4
33
83
4 0
1112 Dec
65 Jan
1,600 General Cigar Ina
4
*303 3112 30714 3114 3134 313
4
4 313 32
No par 20 June 1 385g Star 10
25 Oct
4812 Feb
133 1412 1312 15
8
1518 1612 1514 1714 274,400 General Electric
No par
812May 31
Ms Jan 14
22272 Dee
5434 Feb
8
Special
103 107
4
4
8 107 107
8
3 103 107 11.000
3
8 10 4 107
10 1053 July 1
I1 14 Jan 14
1072 Dec
121* Jan
42.700 General Foods
No par
195*AIay 31 4012 Mar 3
2418 2553 247 2618 2518 267
s 2552 27
41
2814 Dec
55 Apr
l'8 14,600 Gen'l Gas & Elea A
133
78
I
No par
7
8
auly 14
3
4
234 Feb 17
0
4 1
3
114 Dec
812 Pot)
Cone pref sec A
300
612 612
4
63
4 63
6
63
4
*5
6
No par
3 Juno 28 243 Jan 14
4
IA% Dec
76114 Mar
Gen Ital Edison Eleo Corp.__ _
•2018 23
*20
*2014 23
*2012 23
23
1812 Apr 29 25 Mar 11
20 3 Dec
0
55$4 Mar
18,200 General Mills
383
4
36
37
36
371
38
36
37
No par 28 May 28 333 Aug 5
4
2912 Dec
50 Mar
200
Preferred
90
.8554 89
*89
89 .88
83
90
100 78 July 15 89 Aug 3
85 Dec 10014 Seta
4
8
4 127 133 250.200 General Motors Corp
103 1113 103 1213 1218 133
10
8
8
75
8June 30 2403 Jan 14
218. Dee
68 Mar
$5 preferred
: 2,800
4 7212 771
6912 72
723
72
No pa
6912 70
, 56* July 9 8714 Mar 12
793 DeC 10352July
4
Gen Outdoor Adv A___No par
6
*5
*43
4 6
4 June 28
*43
4 6
*434. 6
9 Feb 13
514 O.t
28 Jan
Common
700
23
4 :3
*23
8 3
.23
No par
234JU1Y 15
*253 3
2 3
4 Jan 5
1014 Feb
3 4 00
,
30 General Printtng Ink. _Ns par
4 *512 63
2.12July 1
1
16 Jan 28
s 9
4 *512 65
*518 63
*47
1014 Oct31 Mar
70
28 preferred
No par 2712June 27 60 Feb 18
39
*3712 _-- *3712 - - *3713 ---40
4313Herl
76 Jan
No par
21 1 7,700 Geo PliblIC fiervice
1 May 4
218
- -18
2
2
17
8 2
5 Jan 13
17 .
8 2
25 Dec
8
28 Fel,
1518 7,400 Gen Ity Signal
167
8 16
Vo par
518July 11 2852 Jan 14
1514 1412 1612 16
•14
21 Deo
84'8 Mar
130 6% preferred
77
*73
100 65 July 30 90 Jan 13
77
.65
7412 7412 *73
75
81 Dec 114 Mar
53 2,500 Gen Realty & Utillties_No par
14Alay 19
5
8
114 Mar 5
53
3
8
53
5
8
12
5
8
52 Dec
912 Mar
$6 preferred
No par
"812 1012
12
*7
5 June 10 1811 Feb 19
*7
12
*7
12
135 Deo
2
7613 Mar
300 General Refractories. _ _No par
ts4June30 143 Jan 9
4
612 612 *612 8
612 61
12 Dee
612 612
573 Feb
2
80 Gen Steel Castings prof No par
8 Afar 28 16 Jam 25
11 18 1118
.11
15 .1118 15 .11 14 15
14 De
65 Apr
153g 1653 36.500 Gillette Safety ILsor__No par 10 2 Jan 5 2414 Mar 3
3
1614 17
1512 163
151: 17
4May
914 Oct
883
No par 45 June 28 8811 Mar 3
Cony preferred
6318 6311 1,600
65
643 65
4
6512 65
65
46 Dec
761 By
8A1
17
8 1,700 Gimbel Bros
13
4
No par
%June 24
2
17
*112 17
3
3
*13
4 17
13 Dec
4
23* Jan 14
772 Feb
Preferred
300
*1114 15
100
8 May 31 31 Jan 13
*1114 15
143 *1318 15
4
14
31313 Dec
52 Jul;
2.100 Glidden Co
5
5
310,11,0 3
412 41
514 514
414 5
No gar
41 Oct
:
7 Mar 9
Dug Feb
Prior preferred
10
100 35 Apr 2)3 5473 Aug 5
*40
547 *40
547
8
8 547 545*
547 .40
40 Dec
3
82 Aug
No par
8May 14
1104July 13
25
4 4.500 Clobel (Adolf)
512 53
8
•512 53
358 Oct
9. Mar
4
512 57
8
512 57
1953 Mar 9
814May 31
145* 1514 1412 1514 37,300 Gold Duet Corp v t a...No par
8 1418 15
1312 147
1411 Dec
42118 888,
SA cony preferred
Nova' 70 July 1 95 Feb 5
0015
*8514 897 *8714 897 *893 9012 *30
3
8
8
85 Dee 11712May
No par
214May 23
Ps 512 8,700 Goodrich Co (B Is)
53t Aug 4
412
4 53
4
382 Dec
4
412 43
4
43
2072 Feb
Preferred
17 Jan li
1312 1,100
.11
._10l
7 May 31
123
4 13
127 133
4 12
8
12
10 Dec
68 Fob
4
511May 31 183 Mar 9
4
1311 Der
4
8 1253 133 20,800 Goodyear Tire & Ruh.No pa
1112 1214 1114 1212 1253 137
5212 Feb
let preferred
3.600
41
No par r193
3914 42
41
4June 1 61 Mar 10
39
4012 415* 43
35 Dec
91 Feb
203 13,400 Gotham Silk Hoes
8
No par
71.: Jan 5 2038 Aug 5
8
191 2018 19
18
1853 1778 20
Palen
1334 Apr
Preferred
10
.60
*60
100 5014 Jan 11 6512 Mar I
65
65
65
70
65
*61
50 Jan
72 A pc
*12 1
Gould Coupler A
2May 2
3
1 Jan 11
13
No par
12
*14
4 Dec
4
.12
*14
54
Pa Feb
13 12,900 Graham-Palge Motors_No Par
4
13
153
2 13
4
112 13
4
153 13
4
1 May 27
Os Jan 12
1721
612Muy
3eP
8.1uuo 14
78 Jan 14
4
Ws 7.100 Granby Cons 114 Sn2 & Pr__1110
23
518
3
5
514 6
58
45* 514
55* Dec
2253 Feb
isJune 17
____ Grand Silver Storea
3 Jan 22
No par
1 12 Deo
2513 Mar
No par
312June 1
111 Mar 4
4
2 4800Grand Union Co
514 512
614
63
5 8 638
5
8
6
7 Oct187 Mar
2
Preferred
28
2812 2812 2812 2812 28
29
500
.26
, 22 June 1 3514 Mar 7
No pa
21 Dee
66 May
100 Granite City Steel
684June 1
1312 Feb 23
1012
No par
*10
1114 Dee
10
10
*9
10
293 Vet
"9
10
4
1732 17s 1712 173
4
1412May 23 3014 Mar 8
183 194 3,600 Grant (IV T)
No par
244 Dec
4 1812 19
42 Aug
73
4 3,200 Gt Nor Iron Ora Prop No par
7
5 Juno 23 1314 Jan 14
10 Dec
714 772
73
8
7
7
7
2312 Apr
518 53
6
6
8
63
2 5h2
538 7
2,500 Great Western Sugar...No par
7 July II
5% Oct
314 Apr 5
1173 Jan
Preferred
75
20
71
*71
71
71
*71
71
78 Dec
100 48 June 1 8114 Jan b
75
9612 Jan
114 17.000 Origsby-Orunow
Ds
154 Jan 11
1
1 12
15
No par
8
Is Apr 13
1 Dec
Ds 13
114
8
00 Ma
4
5
8July 12
100 Guantanamo Sugaz
12
No par
*33
12
*32
12
•3
3
12
Si Mar 7
*3
14 Den
8
111 Jan
800 Gulf States Steel
8 Feb 16
61s 618 *514 614
6 Dec
212June 8
No par
7
3713 Feb
7
612 612
Preferr 1
100
•1218 26
*1212 26
.1218 26
July 23 26 July 30
15 Dec
26
*1218
100 12
80 Ma
Hackensack Water
35 15 May 27 23 Jan 12
.167 1912 .17
22 Dec
2
7
1912 *167 1912 .10 4 1912
8
8012 Mar
.2412 26
7% preferred class A __ 25 19 May 27 28 Apr 26
80
3814 Sept
4
2412 25
*243 25
*2412 26
30 Apr
13
4 1,800 Hahn Dept Stores
15
8
138
8
13
8
3July 11
14 Dee
112 112
214 Jan 14
No par
112 15
5
91 Mar
4
16
Preferred
400
*15
15
*13
15
14
*13
14
18 Dec
100
7's July 5 19 Jan le
8374 Mar
1,600 Hal' Printing
5
5
.413 5
11 Sept
10
5
513 514
312July 19 111s Jan 7
5 14
19112 Mar
111•0
rices, no ..
• Hid and a•ked ,
Friday
Any. 5.
On tni. da.
, r-d1o1lerul
•
.
• PA rUrnta
1, 1.11-dIvIdend.
New York Stock Record-Continued-Page 5
943
FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING.
PER SHARE
PER SHARE
STOCKS
Sales
tango for Precious
-PER SHARE, NOT PER CENT.
Mange for Year 1932
HIGH AND LOW SALE PRICES
Year 1931
NEW YORK STOCK
for
-share tots
On basis of 100
EXCHANGE
Thursday
Friday
Wednesday
the
Monday
Tuesday
Saturday
Riches!
Lowest
Niches!
Lowest
Week.
Aug. 4.
Aug. 5.
Aug. 3.
Aug. 2.
Aug. 1.
July 30.
)
per share $ per share $ per share Shares Indus. & Miseell. (Co. Par $ per /Dare $ per share S per share 3 per share
5 per share $ per share $ per share $
94 June 103 Jan
100 30 Mar 7 30 Mar 7
Hamilton Watch pref
40 •____ 40 .____ 40 •__ 40 *____ 40
•____ 40 .._ _
94 Feb
67 Dec
No par 33 May 28 70 Jan 14
44
*43
60 Hanna prof new
44
*43
44
42
42
42 •40
42 "40
42
401'4 Feb
1112 Dec
7 May 26 15 Jan 6
par
500 Harbison-Walk Retrac_No
10
914 1014 10
8 914 *918 912 *918 914 *914 914
*87
753 Feb
174 Jan 15
12 Dec
14.1une 22
20(. Hartman Corp class B_No Par
8
3
32
2
3
*14
N
*14
8
3
*14
8
3
*14
8
3
*14
1053 Feb
2
17 Dec
4 Mar 8
8June 27
3
No par
Class A
100
4
3
*12
12
12
4
3
8
*3
4
3
*13
54
*12
4
3
*12
4212 Jar
814 Nov
334May 9 10 Jan 12
400 Hawaiian Pineapple Co Ltd 20
413 412 *413 6
414
414 414 *4
4
4 43
43
*414 434
8 Mar
1 Dec
18 3,200 Hayes Body Corp
IN Jan 12
%June 7
No Dar
12
8
5
8
5
4
3
*12
8
5
%
34
8
3
4
3
*12
60 Oct 100 Feb
25 50 June 2 78 Mar 9
400 Helme (0 W)
6514 6514 *60
70
67
67
65
556
64
64
64
64
18 Max
5 Dee
812 Jan 15
4June 8
43
No par
Hercules Motors
513
518 *4
518 *4
*4
5
*4
5
*4
5
*4
26 Dec z58 Mar
No par l37 Aug 4 2818 Feb 18
400 Hercules Powder
7 1478 .143,4 163
4
4 13
4 1514 1514 *1412 163
*1514 163
16
.15
95 Dec 11912 Mar
Herculee Powder $7 eum pf 100 7012.lune 1 95 Jan 12
80
.75
80
575
80
*75
80
*75
80
80 •75
*75
4
68 Dec 1033 Mar
3,300 Hershey Chocolate__ _No par 4313July 13 83 Mar 9
47
47
49 497
45
50
48
4 47
45)3 483
*4412 4512
7013 Dec 104 Mar
No par 57 June 14 83 Mar 8
Preferred
500
69 69
70
68
6914 54512 48
694 *68
4
693 568
"68
,
81 Mar
1% Dec
114 Jan 12
14 Apr 1
/vo par
1
*14
1
*14
1
414
Hoe(R)& Co
1
14
"
! 1
*1
s 1
3
.
37 Feb
1014 Dec
8
117 Jan 11
712 Aug 1
No par
712 814 2,400 Holland Furnaee
8
8
4 5713 9
712 93
3
712 7 4
4
4 03
*73
19% Apr
514 Dec
3 July 8 1 O53 Mar 10
300 Hollander & Sons (A) No par
8
*313 37
334 37
4
4 33
33
3
53 4 4
4 4
.33
3
53 4 4
81 Jan 138 Dec
4June 4
100 110 Feb 15 1313
1,100 Homestake Mea.ng
120 12212 120 120
•123 12513 123 12314 122 12212 *12113 124
914 Mar
212 De.
4 Mar 5
1 May 25
Heudallle-Hersbey el B No par
4
8 1,6(10
153 15
112 13
4
13
4 2
13
17g
158
*153 1%
4
13
68 Mar
5213Elept
600 Houeehold Finance part 01_50 4214J1,ne 3 571* Jan 5
48
4814 48
48
4518 48% 5477 48
43 43
8
54813 50
8812 Feb
4
151 Dec
8
8
243 Mar
83
4:dee 31
8
1413 164 137 1512 14% 1614 151
1614 1553 1714 23.500 Houston Olio( Tel hem M8100
1453 15
1412 Feb
3 Dec
5% Mar 8
113May 4
37 14.800
Voting trust We new_ __26
3
3 14
3
234 31
273 314
3
3
28 31
2912 Feb
1112 Dee
5 June 2 1012 Jan 12
NO par
714
81
8
104 2,700 Howe Sound
8)3
8
714
8
712 8%
712 71
25 Jan
4
75 Oct
4
113 Jan 8
8May 31
27
No par
11,900 Hudson Motor Car
4 6
53
6%
6
512 6
513 6
558 6
6 18
6
13% Feb
3% Oct
5% Jan 11
112May 26
10
4 4,800 Hupp Motor Car Corp
234 23
234
234
4 27
23
212 258
234 3
253 234
4
43 Feb
78 Dec
3
18 Jan 9
38June 1
No par
700 Indian Motooyele
8
3
8
3
Sg
8
5
31
8
*5
4
3
8
*5
8
3
18
'
8
5
*12
3
45 Feb
118 Dec
8
15 Jan 21
1 Apr 1
10
400 Indian Refining
114
114
8
13
las •118
158 •118
.113 158 •118
15
*118
86 Feb
21 Oct
713June 27 3853 Mar 7
No par
4
4 15% 1613 163 17% 167 173* 8.300 Inch:nes' Rayon
1410 14
4 15
14
163
153
2554 Dec 182 Jar
No par 14% Apr 29 3912 Feb 19
278 2912 16,500 Ingersoll Rand
4
263 29
27
2312 25% 24
2353 2414 24% 257
71 Feb
1972 Dec
10 June 25 24 Feb 13
No par
3 2,800 Inland Steel
157
143
1538 15
15
1313 12
13
13
13
13
13
1153 Feb
3 Dec
414 Jan 14
4May 25
3
2.200 Inspiration Cons Copper-__20
4 37
33
313 4
312
314
3
312
31
3 11
3
3
37 Jan 7
9% Feb
314 Dec
1 June 1
3.500 Ineuranshares Ctfs Ino_No par
2
2
8 2
17
17
134
*134 2'8
4 184
17
13
17
12%July
414 Dec
8 Jan 12
,
3 4July 15
of Del-1
44 1,300 Insuranshares Corp
4
4
4
4
3
3 4 33
*312 3 4
8 4
33
3
4 4
537
als Feb
14 Sept
112 Aug 1
14 Apr 6
No var
8 112 3.400 Intereont'l Rubber
13
1%
114
114
114
118
118
1 18 •118
14
118
15 Jan
27 Dec
414 Jan 22
158July 13
No par
27
318 3,200 Interlake Iron
4
212 23
234 27
212 212
23
4
4
212 23
4 28
1 Dee
514 Fet
112 Jan 9
14 Apr 7
par
No
600 Internal Agrieul
118
*72
118
1
•12
114
8
1
*7
1
8
7
1
8
7
5114 Feb
412 Dec
7% Jan lft
3
3 4 Apr 16
100
Prior preferred
200
57
*414 612
57
.413 7
8
*5
8
•5
6
6
4
92 Oct 1793 Feb
9
4
843 20,600 Int Business Machines No p07 5212July 8 117 Mar 13
8011 8434 82
74
75
8
3
747 8114 747 7914 7514 81
123 Feb
3 Dec
512 Jan
114May 31
2.400 Internal Carriers Ltd..No pa
3
3
318 33*
3
3
14 31,
3
23
3 14
3
6212 Feb
3
16 Dec
4
8June 3 183 Jan 14
35
6.300 International Cement__No par
912 912
913 931
91
4
91 1018
014
9
912
8
93 103
4 Yet
12 Oct
125lay 23
8
17 Jan 15
3 1.800 Inter Comb Hog Corp... No par
7
9
7
8
7
4
3
4
3
4
3
8
7
8
7
8
7
"4
395 Feb
8
7
"4
,
21 2 Dec
47s Jan 6 21 Jan 15
100
Preferred
8 1,400
107
510
11
91 i 953 10
8
7
9 8 1012 .913 103
11
.9
601s Mar
8
223 Dec
4
1033July 8 293 Jan 18
Harveeter____No par
Internal
4 22
2018 223
283*
8
157 21
8
8
167 1753 1658 1818 157 17
4June 15 108 Jan 8 105 Dec 16312 Mar
100 883
Preferred.
500
96
296
95
87
87
87
87
*83
89
31 Feb
4
893 *85
9 18 Dec
*83
8June 10 115, Mar 9
25
61, 613 7.600 lot Hydro-El Sys el A __No par
55g 612
8
014 65
512 613
8
65
7314 Ma,
6
11 Dec
4 613
53
14 May 2 2412 Feb 19
International Match pref _35
---- -1811 Jar
212 Dec
4 Jan 7
---- --- ---- ---- ---- --- ---- --- --- -- -- ---- 2
7sJuneIO
ctfe_100
900 lot Mereantile Marine
2
8
4 17
13
113 112
112 112
4
13
4
13
2018 Feb
8 1%
7 Dec
515
914 Mar 7
312May 31
712 8 161,700 lot Nickel of Canada_No par
718 8
614 7
8
65
6
612
6
618
6
80 Dec 123 Mar
100 50 June 28 86 Mar 7
Preferred
100
85
*80
85
70 .8()
70
75
*70
85
570
82
*60
42 Mar
7 Dec
3Juue 2 10% Jan 15
13
100
110 Interns* Paper 7% pref
5
5
414 412
4 414 .258 414
44 *23
4
1014 Feb
33
• 4 4
s
17 Oct
212 Jan 21
'June 9
400 Inter Pap & Pow el A__No par
112
*113
113 11
112
114 *1
*1
1
1
114
1
5 JAI)
% Dec
114 Jan 21
'May 2.
No par
13
Clues B
400
12
4
3
54
4
3
*12
4
3
•12
%
8
3
3*
8
*3
412 Feb
84 Jan 4
14 Apr 14
% Oct
No par
12 2,300
Clam C
18
12
12
12
12
12
8
53
53
8
3
38
8
3
431* Mar
614 Dec
11 Jan 15
2 May 31
100
413 51
Preferred
2,100
414 412
418 4%
6
*4
358 4
38 38
1614 Feb
44 Dec
83 Mar 10
4 June 2
5
Int Printing Ink Corp_No par
*4
5
*4
*373 5
7
.3 8 5
5418 5
*4% 5
6912May
25 Dee
4
100 2243 Jan 15 40 Apr 15
Preferred
33
33
10
*3012 33 "3012 33
•3012 33
53012 33
*3012 33
42 Feb
18 Dec
934June 2 2312 Feb 17
100
1553 3,400 International Salt
15
1313 15
14
12% 13
1312 *12
•111 1212 12
54 June
37 Dec
8 4.600 International Shoe____No par 2014 July 7 443* Jan 15
2518 2513 2633 2612 273
24
3
4 233 24
2314 233
*2313 2313
51 Mar
15% Dec
8
712Ju1y 9 247 Mar 10
100
10,400 International Sliver
1313 1612 16
18'8
4
1134 1312 113 131
4
113 1218
12
12
9018 Mar
50 Dec
100 26 May 7 65 Feb 13
42
30
240
7% preferrred
39
37
3812 53612 3812 •3612 37
*35
39
•38
713 Dec
538 Feb
1214 Feb 19
258May 31
73
75
57
753 81s 134,500 Inter Telep & Teleg__ __No pa
8
553 614
8 61*
6,
614 653
8 Dec
213* Feb
11 Jan 9
112May 31
1,000 Interstate Dept Eltores_N) par
312 313 *312 37
3
312 3 4
312 353
353 33*
*212 37
6712 Mar
5211 Dee
Preferred ex-warrants_ _.100 18 June 24 52% Jan 8
110
2912 2013
28
28
36
36
28
4
273 *25
522
28
.25
18% Feb
7 Apr 1
653 Dec
314June 14
No pa
Intertype Corp
.312 414 *312 414
*312 414 *312 414
*312 414 *312 4
914 Feb
114 Dec
3
23 Jan 14
8May 27
5
No pa
Investors EquIty
31 Jan
1453 Dec
1 1014 Apr 18 18 Jan 14
Island Creek Coal
1314 1312
4 113 113
4 1 114 127
4
1212 *1218 123
12
8
.1112 117
5712 Feb
24 Oct
No par 15181May 31 35 Feb 18
1,500 Jewel Tea Inc
28
2814 527
2812 *27
27
257 23
26
25
25
.23
80% Mar
15% Dec
2512 Feb 19
10 May 31
No pas
4
4
8 153 163 65,900 Johns-Manville
8
4
1414 1518 1413 15% 133 14% 137 1614 155 167
8314 Dec 126 Apr
100 45 July21 995 Jan 22
Preferred
180
70
*56
70
*64
56
58
56
56
55
57
57
57
,
88 Dec 1231 Max
480 Jones .k Laugh Steel pret_ _100 30 July f 84 Jan 6
4812
4 45
41% 41% 4218 443
41
40
45
37
37
37
Apr
4
120 K C PA Lt 1st pf ser B_No par 901 Apr 8 1133 Jan 23 11114 Oct 115%
9713
96
99
95
99
*9414 99 .9414 99 .94% 99 .94
7 Jan
14 Dee
Di Jan 6
% Apr 11
(Rudolph)
Kar*tadt
18 Feb
512 Dec
9% Mar 7
3 May 21
Stores $12.50
414 112
12 2,200 Kaufmann Dept
ii2 1
5
112
1T4 ,4
if3 -51
4
2222 Mar
97 Feb 19
454 July23
714 Dec
Cr
618 7
3.200 Kayser (J) Co v t e___ No par
8
57
512
5
4
514 53
3
4 54
53
5
57
555
12May
4
3 Oct3
278 Mar 7
%June I
14
113
13
153 2,700 Kelly-Springfield Tire_No par
114
114 114
138
13
112
138
114
28 Mar
51e OCt
27 2278 Mar 8
658June
100
.1214 16
100
*1214 16
8% Preferred
1212 1212 *1214 14
*1214 14
•1214 14
10 Sept45 Mar
100 20 Jan 2 45 Mar 9
6% preferred
*3214 45
*321 1 45
*3214 60
53014 60
.3014 60
53014 60
29% Feb
3 Dec
414 Jan 14
1 Apr 8
13
112 112 1,100 Kelsey Hayes Wheel__No var
3
15
134 *138
15
142
8
15
134
4
•112 13
6 Sept1512 Mar
3
2 4May 16 1053 Feb 19
No pa
37
43
434
4
412 15,800 Kelvinator Corp
4
418 43,
418
34 418
4
00 A pr
20 Jan
17 July 21 38 Feb 23
No par
Kendall Co prof
24
.2113
40
25
.20
*2118 25 .2118 24
21
23
21
22
95 Dec
3112 Feb
7
4 83une 30 13 Jan 14
No par
8 95,
83
912 103
8% 9%
4
93 1012 185,600 Kennecott Copper
4
858
8
838
8
13% Decal Jan
10 July 7 1912 Jan 9
No pa
1112 *11
Kimberley-Clark
11 12
1112 *11
1114 *10
1112 .10
•10
1114 *10
2012 Jan
11 Apr 4
112 Dec
213 Jan 22
No par
Kinney Co
*113 2
113 214 *112 214 *1 12 214 *113 214 *112 2
70 Jan
5 Dee
3 June 25 1318 Jan 23
No par
Preferred
10
,
8 4 *7
814
814 *7
*7
7
7
84 *7
"7
84
2953 Aug
15 Dcc
934 27,100 Kresge (S El) Co
10
C's July5 19 Jan 14
10
87
9
91
912
853 014
8
8 918
82
8 3 57
55 Feb
2614 Dec
37 Jan 21
18 June 30
No pa
100 Kress (70
*221 4 25 .2214 3413
*2214 25
*2214 25
.22
23
23
23
4
273 Mar
414 Dec
9% Jan 26
12,1May 25
1 13.000 Kreuger & Toll
31s
s
,
s
3,
18
1,s
'0
132
,
3
10
Sa
132
1212 Dec 51351sMaY
8
Balt___No par 10 May 31 18- Mar 8
3
143 147 16,900 Kroger Groc &
134 1418 1313 1414 1318 1413 1318 1412 1418 15
2
877 Mar
We Oct
Nova?25 May 31 563* Jan 14
,
3512 365 16,000 Lambert Co
4
343 3614 3514 37
357
4 31
3353 34
3312 343
1712 Jan
814 Dec
4 Apr 1
2 Slay 28
No par
300 Lane Bryant
4 3
*13
3
*2
3
*2
2
*112 3
2
3
*2
454 Mar
2
17 Oct
312 Aug 5
Ile Apr 12
No par
312
312 3'2
300 Lee Rubber & Tire_
314 314 *3
3)3
312 .3
*3
3,2 4
18% Feb
5 Dee
858 Apr 6 11 Aug 1
9
.8
9
900 Lehigh Portland Coment_50
9
9 14
9
10
10
11
11
10
10
73 Dee 10153 Feb
100 47 June 15 75 Jan 12
7% preferred
55314 55
*5014 55
*1014 55
5501 4 55
.5014 55
55014 65
8% Jan
1% Dec
312 Jan 8
1 May 14
1731
8
15
8 218 3,900 Lehigh Valley Coal____No par
17
17
158
•112 14 *113 134 .113 2
30 Juls
Dee
6
9 Jan 9
114July 16
50
Preferred
200
*414 4%
412 412
8 412 *333 412
412 *33
*3
8 37
37
6953 Fell
85 Oct
Lebman Corp (Tbe)- __No par 3012June 16 4653 Mar 7
11.000
3914 4113 40 4 42
3
3714 39
3812 37
38
3814 3858 38
345 Let
*
1812 Oct
6 May 20 24% Mar 7
No par
1512 10
4.800 Lebo & Fink
153 16
1512 15 4 10
3
8
143 143* 1412 1412 14
207 Ape
1
512 Dec
8 Jan 20
4May 13
33
No par
5
512 3,400 Libby Owens Olaas
5
55
5
534
518514
5
5
5
5
91 Pet
39 Oct
3214June 2 593* Mar 7
8 5413 5612 4,400 Liggett & Myers Tobaceo_25
065
54
553
02
8
52% 513 53
3
50 4 5134 52
913* Fet
40 Oct
25 3418May 31 6114 Mar 8
Series It
8 5614 583 37.400
4
8
553 577
5312 5214 58
8 51
5114 523
538 52
100 100 May 31 11812 Star 7 110 Dec tad Mrs)
Preferred
4
•11012 120 511012 119 .1103 119 *11012 119 5110% 119 5113 120
2612,1ure
10 Sept
14 June 21 21 Mar 8
4
100 Lily Tully Cup Corp___No par
1512 1512 1512 *1518 155 •1518 153
1512 *1411 1512 *15
.15
343* Eel
135 Dec
4
814 Apr 4 1155 Jan 14
8
4
400 Lima Locomot Worke_No par
3
1514 1514 *133 1453 13% 1338 135 1434 *1333 1434 *1338 143
33 Eel
14 Dec
612June 2 14 Mar 9
No par
600 Link Belt Co
9
58
*712 9
•712 30
8
8
8
8
8
.73
55% Fel
1312 Dee
9 Slay 3 22 Mar 8
No par
1412 1314 1413 6.600 LRAM Carbonic
13
12% 1239 1238 14
8 1253 13
•1212 127
6312 Tel
23% Dec
1314May 31 34 Mar 5
No par
8 2558 2713 85,300 Loewe] Ineorporated
2334 267
4
213 243
4
2312 213 23
4 22
4
213 223
99 Mar
66 Dec
Pio par 39 July 7 72 Feb 19
6413 6413 69
69
600
Preferred
65 65
6112 61 13 63 63
68
58
61s A1/1
2% Oct
3
43 Mar 12
3June 2
17
No par
238 25
212
23* 238 3.300 Loft Incorporated
23
8
212 212
4
258 23
212 25
4 Jan
1
2
•5,
4
3 July
113 Jan 29
28
*52 I
12
1
•12
200 Long Bell Lumber A No par14May
1.
4 1
*3
4
3
%
547k Mal
397 Dec
8
24
25 16's July 1 363 Feb 17
2412 24
25
7,400 Loree-Vc ties Biscuit
4 2258 2312 2312 24
233
4 23
54 223
22
8304
217
10 Oct
16., Mar 10
Hops'9 May 31
4 15% 1553 97,000 Lorillard
153
4 15
4
143 153
3
4
143 1573 143 1514
1418 15
4
743 Dec 10211 AM
,
100 73 8 Jan 5 95 Aug 5
400
93
93
95
95
7% preferred
94
*81
95
*81
*8113 95
95
*88
4% Feb
1 Dec
214July 27
12,1une24
No par
112 112
1%
4 4112 1%
8
15
134 *112 13
300 Louislana 011
4
*3
4
13
834
55 Jab
20 Dec
8 May 18 18 Jan 9
100
•10
24
24 .10
Preferred
510
24
24
*10
24
*10
24
*10
35% Fe/
17% Dee
812June 2 233* Mar 8
1613 1612 1612 1712 1714 17'3 1,600 LouirvIlle 0& El A---/Vo par
10
16
4 165, 17
4
163 162
19 Max
4 Dec
5 Jan 21
No pa
112 Jan 5
4
412 1,300 Ludlum Steel
4%
412 *312 414 *312 414
43*
414 414 *4
,
521 Feb
10 Dec
613 Jan 6 20 Mar 3
_No par
1712 •14
1712 *14
Preferred
*14
1712 •14
1738 *14
1518 .14
3
173
25 Feb
13 Dee
4June 16 151, Feb 17
93
012 0'I
300 MacAndrewe & Forbee_No par
8
07 10
7
3 *102 0 8 *012 Ws
4 *9,2 97
*012 03
60 Sept 10012 Apr
100 67121M5y 3 65 July 22
90
560
90
*60
*60
90
90 - -_
*60
6% preferred
90
90 .60
*60
7
43 s Feb
12 Dec
No par 10 June 2 18% Mar 4
1512 15
16
1512 16
3:900 Meek Trueks Ine
3
15 4 164 154 154 15
154 16
30 Dec 10614 Yell
No bar 17 June 14 8012 Jan 14
a
4 267 2912 2918 3114 3014 32'2 20.503 Maar Co
4 2612 283
283
28% 23
28
712 Max
1 Sept
4
33 Mar 9
218 Jan 8
313
313 5314 3
Madleon 80 Garden-No par
*314 35
8 *314 312 5314
'2 5324
313 *311
273* Feb
718 Oct
412 Apr 14
814 Jan 14
No par
64 7 3
2,400 Magma Copper
712 8
,
730 73
Ws 012
8 63*
03
52
014 6
4% Mar
18 Dec
51
pp Jan 18
N Jan 6
72Maillson (H R) & Co No par
*54
%
3*
78
4
*3
8
*5
%
*53
8
7
3
55
5 Mar
nt,
as Nov
•In
an
an
18 Mar 2
1 Jan 11
100
•In
an
*In
an
•I3
3,
Mallet) Sugar
5
0)
8
127 Jae
% Dee
2 Jan 25
100
14 Apr 13
•13 13
13
Preferred
•12
14
•
12
•12 13
*12 15
.12 18
8 June
3 Sept
Jan 5
118J00e 3
3
No par
Mande Broe
5214 3
,
52 4 3
524 3
•214 3
3
.21 1
.214 3
12 Feb
413 Dec
Jan 10.
7
313.1une 2
25
47
g
47
8 4% *4
45
54
300 Manhattan Shirt
412 412 .353 43
3
47
*4
4
81 Yet
%Sept
%June 28
1 13 Aug 5
,3, 1
1
1
1
8
*7
1
4
*3
2
112 1.30(1 Maracaibo Oil Explor-_No par
7
4 1
*3
8
7
2414 Feb
914 Dee
612June 2 1214 Jan 14
10
77
77
77
8 7,000 Marine Midland Corp
734 8
4 9,
83
8
8
813 911
812
8
95 Dee
323* Yet
4May 31
53
1113 Mar 8
No par
400 Marlin4tock well
813 914
5812 914 •
)
812 9
812 812
914 581 2 9
94
10 Fat
114 Dec
2 Jan 9
12 Apr 21
1
8.24
1
•78
Marmon Motor Car___No par
1
•78
3 1
*7
1
4
*3
1
*34
82"8 Let
018 Dec
3 July 6 1311 Jan 14
7
8
514
8% 28.400 Marshall Field & Co__ Ns par
412 514
434 45
514
5
473 518
31/1 Jan
111 Dee
%Mar 23
14 Apr 19
Martin-Parry Corp----No Par
.12 1
512 1
•12 1
*13 1
Cl
•12 1
1
rar
187,300
605
• rim end soled Priem no melee on this day
z Ex-,11 video,. y He-rights
944
tar
New York Stock Record-Continued-Page 6
FOR SALES DURING THE WEEK OF STOCK
S NOT RECORDED IN THIS LIST,
SEE SIXTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
PER SHARE
Sales
PER SHARE
STOCKS
Range for Year 1932
for
Mange for Previous
NEW YORK STOCK
Saturday
Monday
Tuesday
Wednesday
Thursday
On Darla of 100
Friday
-share Iota I
the
Year 1931
EXCHANGE
July 30.
Aug. 1.
Aug. 2.
Aug. 3.
Aug. 4.
Aug. 5.
Week.
Lowest
Highest
Lowest
Highest
5 Per share $ Per share 5 Per share $ per share $ per share
5 per share shares Indus. & Miscall. ((7ols.)
131 1312 13
)
1314 1212 13
1312 134 133 1414 14
4
14
3,300 Mathleson Alkali WorlusNo Par -$ per share 3 per share $ per share 3 per share
*92
93 •92
par
9 June 1 204 afar 10
95
•92
95 .92
12 Gee
95
314 Jan
95
95 .92
95
60
Preferred
125 1318 13
8
100 893 Apr 13 105 Jan 13 104 Oct 1254 Mar
4
14
1312 1312 *1312 14
1411 1512 143 15
4
4,100 May Dept Stores
*13
4 2
25
*13
4 2
912June 30 20 Jan 13
*13
4 2
4 2
•13
8
135 Doc
39 Mar
13
4 13
4 *13
4 2
1.300 Maytag Co
.37
8 4
No par
*37
8
2 4
1 July 13
37
8 37
37
8
8 37
3 Jan 14
4
112 Dec
4*38 4
872 Feb
7
800
Preferred
•___ 27 •__
No par
27 *____ 27 •_
3 Apr 14
814 Jan 13
27
*12
8
243 Mar
5 Sept
27 •_ 27
Prior preferred
•135 14
8
No par 34 Mar 24 3514 Jan 7
4
133 14
14
14
714Mar
133 133
4
4 133 14
35 Dec
4
133 1412 3,900 McCall Corp4
*7
No par
22
*7
10 May 31 21 Jan 14
22
*7
22
*7
22
*7
36 Jan
1512 Dec
22
*7
22
McCrory Stores elate A No par
•9
12
12
12
7 June 18 16 Apr 18
*10
13
*10
13
13
15 Dec
514 Feb
13
*10
13
30
Clam B
3618 443 *35
No par
4
4912 37
7 June 30 19 Jan 14
3712 37
42
40
42
1412 Dec
514 Feb
*37
42
160
Preferred
*234 412 *25
8 412 *25
8 412 *25
931281ar
8 412
34 Dee
4
4
*35
8 412
100 McGraw-Hill Publiea4 No 100 21 June 2 62 Feb 18
*17
1712 17
par
173 :165 17
212May 13
4
8
712 Jan 7
*173 173
8
8 173 18
6 Dec
4
29 Feb
1718 1718
1.500 McIntyre Porcupin
364 37
37
383
s 3612 3814 357 40
8
393 4114 4014 4218 45,400 McKeesport Tin e Mines_13 13 May 25 1834July 21
8
12 Oct
2612 Mar
plate_No par 28 June 2 8214
23
8 23
8
8 212
23
24 23
8
214
212
24 3
Feb 19
27
384 Oct 1034 Apr
8
273 3,700 McKeeson & Robbin
s_No par
118June 1
*618 612
612 612
61 1 612
54 Feb 15
6 4 612
,
34 Dec
17 Jan
*63
8 64 1,400
812 7
Preferred
1
118
60
118
Ps
318May 31 23 Feb 13
114
14
1
1
114
114
16 Dec
114
13
8 1.600 McLellan Stores
374 Fab
Na par
*9 4 11
*93 10
3
4
3 J11111 6
3
•93 10
4
*93 10
4 Mar 6
4
10
14 Dec
104 Mar
10
*93 11
4
200 Melville Shoe
17
8 23
No par
8
13
4 13
8 May 25 18 Jan 9
4
2
2
2
2
214
24 *218 3
144 Deo
2,100 Mengel Co (The)
34 Mar
•16
No par
13
•1618 1714 17
1 July20
14 1714 1714 1714 1714 1714 1714 1712
23 Jan 8
4
2 Sept
84 Feb
700 Metro-Goldwyn Piet pref __27
14 Juno 91 2214 Jan 14
37 Ayr
15 Dec
*214 24
214 212
24 3
3
3
3
3 12
318 314 3,400 Miami Copper
618 612
_5
112June 1
63, 634
614 65
414 Jan 13
8
614 652
4dept
614 63
23
8
103 Feb
4
63
8
3 67 16,500 Mid-Cone Petrol
44 412
No par
412 44
3 4 Apr 9
3
43
4 514
678 Aug 5
514 5
5 Oct
513
54 6
53
163 Jan
7.900 Midland Steel Prod.
4 8
4
No par
33
337
2 June 9 10 Jan 14
8 36
36
3414 36
•36
44
40
314 Feb
7 Oct
4013 4014 4014 1,200
8% cum let pre
*1314 15
_100 25 June 2 5114 Mar 0
*13
15
*13
15
*1312 15
X15
19
94 Feb
1834 1834
3314 Oct
400 Minn-Honeywell Itegu.N
*114
4 *114
o par
13
114
13
114
11 June 3 2312 Jan 18
4
114 /4
15
8 15
8
13
4 23
8 6,900 Minn Moline Pow
15 Dec
584 Feb
Impl No par
•10
13
*10
13
%June 8
*9
12
25 Jan 18
13
8
13
010
13
114 Deo
13
74 Feb
14
800
Preferred
•714 812
No
5 May 27 '4 Aug 5
714 714
712 712
712 712
74 712 *714 8
618 Dec
68 Mar
600 Mohawk Carpet Mille_No par
2018 204 *21
512June 24 104 Jan 20
2212 197 204 2012 21
8
214 224 23
24
754 Dec
2,600 Monsanto Chem Wks_No par
214 Ma
,
714
75
8
71s
778
par 133
678 738
8May 31 304 Mar 8
7
812
812 912
918 1078 218,700 Mont Ward Co
1614 Oct
4
283 Aug
HI Corp No par
.27
30
*29
30
312May 31
*27
30
1114 Mar 5
*29
30
*3012 3518 *3012 354
653 Dec
294 Feb
Morrel (.) & CO
No par 20 May 14 3514 Mar 12
•18
it
3,
14
3
8
4
3
s
3
3
23 Deo
4
3
58 Fen
8
3
s
4 8,100 Mother Lode CoalltIon_No par
*3
8
's
IrtMay 20
*3
8
N
32 Jan 4
*3
8
4
34 Feb
e38
14Sev1
5
8
*3
34
8
4
3
/3
MotoMeter Gaage&Eu No par
114 13
1212 133
4 127 133
14 Apr 22
8
2 1318 16
1 Jan 9
133 1514 14
4
412 Mar
3 Dee
2
1514 12, 0 Motor Products Corp No par
80
*358 418
33
738June 27 2812 Mar 2
4 37
8
312 313
4
4
*33
15 Oct
4 4
4
43
474 Aor
4
700 Motor Wheel
6
6
No par
6
6
2 June 10
*5
6
6
64 Jan 14
6 18
513 64
53
8
4 67
197 Feb
11 Deo
8 4,200 Mullins Mfg Co
1213 1212 143 143
No par
4
2 June 1
4 11
11
13
133 Jan 13
2
13
14
15
14
16
367 Mar
8
290
814 Dec
Preferred
No par
*8
10
*8
5 June 1
10
*8
10
*2
27 Jan 13
62
*6
62
*6
62
20 Dec
724 Ma
Munsingwear Inc
,
3
34
No par
3
10 May 23 15 Feb 25
314
3
3 1s
34 314
318 37
11 Dee
8114 Jan
8
314 33 14.400 Murray Bode
8
*812 15
No par
*71 % 15
24 July I
*714 1413 .712 1412 *712 1412 *712 1412
94 Mar 2
184 Mar
6 Oct
Myers 1'& E Bros
1118 113
No par
4 1112 12
718.90ne 30 19 Feb 13
11
113
4 103 113
4
4 117 1273 124 1312 35,000 Nash Motor. Co
8
454 Mar
20 Oct
02
23
2
2
2
•2
24
2
24 24 .2
8 May 31 1918 Jan 14
2
238
6072 Mar
600 National Acme stamped_No par
15 DeC
....10
114May 25
34 Jan 14
104 Mer
24 Dee
Nat AIr
_
_
_
Port__ No par
518 Jan 6
74 Jan 21
4 Sept13 Mar
_ ____ __
Nat Hellen Hem
142 /12
No par
144 /12
•T2 /
4 Mar 17
12
;3 -17
21
118 Jan 5
212
10 Feb
•i2 -21
Dec
"2
4
2
Preferred.
3114 32 4 32
100
,
344 3112 3314 314 343
',M0y25
5 Feb 17
3414 3614 52,600 National Biscuit new
4 333 351
4
34 Dec
32
•110
__ •118 . __ 130 130 *118 134 *118 134 *118 134
10 20'., July4672 Mar 7
Feb
50
364 Doe
7% cum prof
834 e
.„
'"
9 1014
97 1012
8 9 8 1012
5
94 103
8 10
104 28.200 Nat Cash Register A w1No 100 101 May 31 130 Feb 19
103
11913 Dec 13314.
4 10
5aF
1814 187
par
8 1818 20
612.1une 30 143 Mar 7
185 193
8
4 1812 203
8
8 193 217
4
21 150,600 Nat Dairy Prod
8 20
7 8 Dec
,
3033 Feb
12
1
.14
12
•14
12
*14
114.1uue '29 3132 Mar 8
12
12
12
58
5
8
MA Mar
20 Dec
400 Nat Department Stores No par
214 21
*314 4
No par
14June 30
34 314
1 Feb 19
314 34
34 314 *3
11 Deo
5
74 Feb
100
Preferred
207 2114 21
8
2134 2012 2138 21
100
2 June 23
2213 2114 2258 2114 2112 12,500 Nat 1 18111
8 Jan 2
60 Jan
67 Dec
2
)
Prod ctfe___No par
*414 9
*414 9
13 Joao 1 2411 Mar 3
*4 4 9
3
*5
15
16 Dec
_
*514 10
383 Feb
2
Nat Enam & Stamping......10
*554 68
*45
63 •60
0
34 July 8
68
•60
8 Jan 21
*514- 68
*50
*60
68
68
277 Feb
514 Dec
2
National Lead
*964 983
100 45 July 8 92 Jan 8 x7811 Dec 132 Jun
4
953 983
4 974 99
07
983
4 994 0912 10012 10012
460
Preferred A
•654 867 .71
897 *6912 89714 *70
8
100 87 July 12 125 Mar 1 I
897 *73
8
8972 *73
111 Dec 143 June
897
3
Preferred B
10 4 111
3
11
114
100 61 July 7 105 Jan 13 100 Dec 1203 Jtali
97 103
8
4 1018 114 104 113
1112 41,600 National Pr & LI
4
4 11
No par
65
8June 2 1632 Mar 8
444 Fell
1014 Dec
National Radiator
No par
himay
ito Fen
Preferred
ii38 fiii icii fri 164 If ii Vila ii 1618 iiia -1178 12dion Nat
No pa
49001
.
212 11111
-steel Corp
*65
8 7
*54 612 *54 64 •54 7
No par
1312July 8 234 Jan 8
6
6
7
7
1812 Oct
200 Natlonal Supply
5818 Feb
1912 20
21
23 •20
50
312.1une 2
243 1520
4
22
914 Mar 4
24
22
22 .19
5 Dec
90
7014 Feb
Preferred
63
4 712
8
100 1312May 26 36 Mar 5
8 12
77
41 8 4
,
74 9 4
912 10
3
20 Dec 111 Feb
,
911 10 4
3,900 National
67
8 678 864 7
7
7
7
60
7
412July 8 174 Jan 14 all) Dee
74 74
714
712 1,500 National Surety
7612 Mar
Tea Co
*2
3
No pa
3
312 *3
:(12May 26 10 Mar S
5
*3
312 *2
312 *2
247 Mar
614 Dee
;
32
300 Nelaner Bros
,
410 418
No pa
414 43
8
438 47
414 44
14 Apr 28
8
54 53
4
514
514 9,000 Nevada Consol
54 Jan 14
3 1)e0
25 4 Feb
,
Copper No par
...
212May 31
_ . __ _ . _ _.
64 Jan 14
144 Feb
43 Dee
4
_ _
_ _ _ _
Newport Co
_ _
No pa
_
1012June
204 Mor
Class
5T, "'iT, .5 'it
2
,
113 i -i3„ 5T, 158 ii 14 ___ Newton A
50
3- 5,005
41 June
5514 Oct
Steel
*65
No par
8 8
15
8June 29
*7
8
*6
472 Jan 18
712 *6
*6
8
8
214 Dec
*6
24 Fell
N Y Al? Brake
74
*25 10
8
4I4Juue 13
No par
*23
8 8
*25
8 S
8 Feb 26
*25
8 8
*234 8
412 Dee
*25
8 8
'25 Jab
New York Doek
•10
100 4 June 17
35
•10
30 .10
714 Jan 2
30
*10
30
*10
*10
714 Dec
30
30
3714 Jail
Preferred_
•114
100
112
114
114
Apr
112 13
4 *14
158
113 112
14
20 Sept
112
80 Jan
900 NY Investors'no__ No per 2012.June 9 20 Apr 9
*8112 85 •8112 85
2
*8112 83
2 Jan 14
*8112 85
85
85
92
*85
14 Dec
10 N Y Steam $8 peel__ No par 70
1212 Jan
*08 108
*98 105 .93 105
May 24 98 Feb 5
•98 105
*08 105
8018 Dee 1074 Mar
1598 105
$7 let preferred
No per 90 June 4 10918 Mar 14
147 147
8
8 15
15
15
1512 147 154 1512 17
2
94 Dec 118 Al/r
157 1614 11,900 Noranda Mines Ltd
8
2058 215
• 10 4May 31
8 21
3
22 8 193 214 20
5
1772 Mar 15
4
10 Oct
223
4 227 2514 233 2512 166,200 North American Co..
8
4
29128180
_No par 131142une 2 40 Feb 19
39
39
384 30
39
3912 3814 39
394 394 393 393
20 Oct
4
904 Feb
4 1.200
Preferred
,_
212 2 8
5
50 2512July 11 473 Mar 3
23
8 27
8
214 212
4
214 238
238 25
4012 Dec
8
24 24 9,600 North Amer Avlation
57 Mar
65 65
5
114May 31
65
414 Feb 1
66
66
66
66
68
66
68
2118 Dec
67
6812 1,900 No Amer Ednion pref__No
11 Apr
*334 5
par 49 July13 864 Jan 18
412 412 r418 5
*415 5
*4
79 Dec 1074 Aug
*4
5
5
100 North German Lloyd
*17
23
258June
•17
23
•1718 23
8 Jan 21
*18
24 .1818 2312 *19
4 Dee
42
353 Ain
Northwestern Telograpb_._50 15 June 20
8
*s
•7
.4 1
8
1
1
3 28 Jan 29
7
8
7
8
1
21 Dee
1
14
1
700 Norwalk lire & RubberNo par
474814
111
4 Feb 9
83
8 812
84 9 8
14 Mar 10
,
54 94
93
912 1014
8 27
952 1014 87,900 Ohio 011 Co
8
4 Jan
2 Nov
No par
5 Jan 5 104 Aug 4
1
1
1
1
1
114
14 14
112 13
54 Dee
4
14 214 10,600 Oliver Farm Egolp new No par
194 Jan
0
12 Apr 28
4
5
214 Aug 3
31412 45
8
44 45
8
45
8 612
54 54
6
311 Dec
Us 2,800
532 Feb
Preferred A
No par
212may 24
*214 212
218
67 Aug 5
218 •218 212
8
218 24
213 Dec
24 212
212 212
900 Otunlbum Corp
26 Jan
Na par
111 Jan 4
*4
43
4 .312 43
43 Mar 8
4
4 *312 8
*313 5
14 Oet
*313 43
4 *312 414
64 Mar
Oppenteim Coll & Co No par
3 June 7
*8
7
94 Jan 21
7
7
•5 4 8
3
*64 8
84 Dec
8
284 Feb
*512 8
8
300 Orpheuin Circuit Inc peel...100
314June 16 1414 Jan 13
44 Dee
72 Mar
123 1278 1212 134 1214 1314 1218 1314 1314 14
8
1318 1438 27,100 0142 Elevator
No par
9 May 31 224 Jan 8
92
92
*92
93
*92
164 Dec
93
92
92 .92
•92
94
94
5818 Jan
30
Preferred_
100 90 May 26 105 Jan 15
238 212
214 212
214 23
07 Dec 12912 Mar
8
212 234
234 272
23
4 27
8 5,300 OM Steel
No par
114May 27
7
414 Jan 7
78
7
74 5
71s 7's
34 Deo
8
163 Feb
8
8
860
8
818 84
8
97
Peter preferred
100
31s7.lay 19 14 Jan 16
19 4 2014 193 20
3
4
193 193
8 Dec
4
4 194 2013 20
3912 Feb
204 204 2013 3,400 Owena-1111nole Glees Co____25 12 June 2 27
2312 2414 233 2412 2318 24
Feb 19
4
20 Dee
2314 2512 2514 264 2512 263 16.600 Paelflo Gas & Electric
393 Jan
4
25 167
8June 1 37 Feb 13
345 343
8
4 3114 35
33
294 Oct
333
4 3314 354 33
544 Mar
36
334 35
9,300 Pacific Ltg Corp
No Par 20 4June 2 413 Mar 7
3
*54 7
4
7
7
35 Oct
*512 914 •13
8
*618 9
6912 Mar
*613 8
10 Pacific Mills
100
6712 68
314May 26 1014 Jan 11
68
7012 68
694 6913 7218 72
714 Dec
2614 Mar
27,650 Pacific Teleo & Teleg_ _100 58
7214 74
74
June 1 1043 Mar 5 x9314 Dec 1314 Mar
23
3 212
4
23
8 212
214 2 8
3
2
238 25 86,900 Packard Motor Car_ ___No par
214 212
214
8
112July 8
.83 14
514 Jan 11
4
*83 14
4
*83 14
4
34 Dec
•83 14
1178 Feb
4
*83 14
4
*83 1112
4
Pan-Amer Pete & Trans
5
6 July 11
107 11
8
953J0l31 21
1012 1012 *10
103 •1018 104 104 1012 11
8
1,000
11
Class B_
5
74July 15 1114July 27
*4
43
8
414 44
413
44 412
412 412 *4
412 412
600 Park-Tilford Inc
No var
2 Apr 28
412 Jan 13
12
1
"2
5
8
53
3 Sept
13
•12
11 Mar
7
8
*12
14
300 Parmelee Transporta'n No pa
52
4
•7
8
1
4111110 1
,
2 .1114 8
1
114
*78
1 Dec
114 *1
118
1
1
1
47s Jan
1
500 Panhandle Prod & Ret_No par
13 Jan 23
314 34
1, Jan 15
4
314 37
8
314 33
4
5 Dec
s
34 4
104.900 Paramount Publtx
44 Feb
34 54
44 514
31
No DO
112Nlay 28 1112 Jan 14
34
78
78
Is
1
54 Dee
7
8
1
1
1
1
5014 Feb
3,300 Park Utah 0 5,1
1
1
12
4
5 Apr 14
8
58
8
14 Jan 4
4 Sept
24 Mar
N
4
4
4
N
4
4 14 18,600 Pathe Exchange
No pa
4may 12
3
1 18 Aug 1
3
3
338 *23
4 3
14 Dec
•212 3
27
Vs Feb
8 3
34 5.700
3
Clam A
No pa
114June 1
*31 1 5
34 Feb 17
54
12
*4
118 Dec
4'z
44 412
44 514
8 54 2,500 Patine Mines & ienterprNo pa
83,July
53
•,,, 1
July11
3'8
.4
4
9 Feb 13
1
41,Sept
1
1
»7
8
1
1
1
1,100 Peerless Motor Car
1
1
154 Fob
3
34.1une 8
*21
2112 .21
434 Apr 12
2113 1912 191
2 Oct
2012 21
223
21
8 21
223
458 Fell
8 2.800 Pentek & Ford
No par
16 June 8 8234 Mar 8
17
1718 17
191
174 181
22 Get
174 1912 184 193
4612 Feb
4 174 1018 72,000 Penney (201
No par 13 May 31 344 Mar 8
2634 Dee
4434 Aug
7912 7912 •77
80
77
77
*75
84
Preferred
80
400
80
80 .80
100 80 June' 1 91 Mar 5
15
8 13
4
112 IN •
794 Do 10014Fiep
112 13
4
14
138
114
138 .114
112 1,500 Penn-Dixie Cement.-No par
12 Apr 14
1 31Jule 30
*5
74 *5
8 05
73
728 •5
74 •5
74
54 54
13 Dee
512 Feb
100
Preferred
100
312June 9
6 Mar 22
19
*13
•10
20
*13
24 Dec
20 .10
20 .10
*10
29 Jan
Peoples Drug f3tore___No par
20
20
1212.1une 1
1611Nlay 17
4
743 *56
*55
744 •55
15 Dec
743 *60
4
744 *62
4
743 *62
3512 Mal
644% cony preferretl__ 100 6018 July 8 95 Feb
7434
601, 5812 64
25
4
593 6114 6014 6218 58
78 Dec 1044 Aug
63
654 634 6614 12,800 Peoples G L & c
17
*5
10
10
*5
5
(celo)N--;l W
*5
9 1212112
1
10
107 I eo 250 Feb
8 D ceo
.
16
)
D
. 1 .jae b,
10
0
10
*5
*5
Pet Milk
10
par 38912Nlajulyy 3
Jan
54 514
54 53
4
5
512
614 512
538 54 20.200 Petroleum Corp of Am_No par
512 6
4May 5
23
6 Aug 4
63
64 7
8 63
8
24
63
4 718
64 714
74
7
64 712 24,000 Phelpe-Dodge Corn
23
8June 1
37
812 Jan 5
54 Der
254 Feb
____
Philadelphia Co (Pitteb)
30
33 '
*30
130
32
*26
150 May 155 June
33
297 30
8
*297 32
8
30
400
30
6% preferred
50 18 June 3 41 Mar 10
314 314
34 34
312 34
30 Dec
318 34
561223a
7,300 Piffle & Read 0& 1_. __No par
34 4
34 4
Julie 27
2
512 Feb 20
8
5814 9
*811 9
8 4 Dec
23
*8,
8 84
83
18 Mat
124 A
s 83
21 lu
4
9
912
912 912 1.100 Phillip Morris & Co Ltd_
.
3
June
712 •3
10
10 Mar
7 Jun 1
712 .3
712 .3
712 .3
Dec
712 *3
712
Phillips Jones Corp_.__No par
34 Apr 25
914 Jan 0
61i Dec
14
*10
*10
14
*10
14
*10
1478 Nov
14
13
10
*12
14
50 Phillip' Jones pre
100 10 Apr 26 32 Fen 10
36 Dec
6 4 57
3
6
53 6
5
54 8
3
68 6
5
32 Jan
54 614
573 612 55.426 P611116a Petroleum--No par
64 Mar 8
2 June 1
4 Dee
6
8
5
67
6
4 4 44
3
163 Jan
44 412
8
412 44
412 412
140 Phoenix Hosiery
5
34 afar 23
714July 24
*112 4
312 Dec
*112 4
*1,
4 4
*112 4
1014 Apr
.112 4
*112 5
Pleree-Arrow class A.._No par
.3
8
12
4June 1
4
1,
9 Jan 13
4
12
13
•38
54 Oct
12
38
12
274 Fe
12
12 1,100 Pierce 011 Corp
25
14 Jan 2
4 Jan 8
*512 7
658 712
14 Dec
612 7
7
14 Feb
712
712 74
74 812 3,000
Preferred
100
34 Jan 5
812 Aug 5
312 Dec
118 14
14 114
118
14 •1
233 Fell
4
114
118
1 18
118 14 2.800 Pierce Petroleum
No v
..
4may 17
138July 26
17
174 17 4 18
1612 1712 16
,
Is Dec
312 Vet
17
16
17
1714 15
.5,300 Pillsbury Flour 341112__No par
4May 31 2211 Jan 9
93
1934 Dec
87 Ma
• Bin sal .4.15.1 velem. as •2154 03 this day. 3 Ex-411006nd Ana st-r 41111 . Er-dieinead
y Ex-rlents.
New York Stock Record-Continued--Page 7
945
air FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SEVENTH PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
111011 AND LOW SALE PRICES
Saturday
July 30.
Monday
Aug. 1.
Tuesday
Aug. 2.
TVednesday
Aug. 3.
Thursday
Aug. 4.
Friday
Aug. 5.
sales
for
the
Week.
STOCKS
NEW YORK STOCK
=CHANGE
PER SHARE
Range for Year 1932
On basis of 100
-share lots
Lowest
Highest
PER SHARE
flange for Previous
Year 1931
Lowest
Highest
$ per share Shares Indus. & Mlecell. (Con.) Par I per share $ pe• share I per share I per share
284 Jan
4 Dec
74 Jan 14
3 May 4
100
.4
Pittsburgh Coal of Pa
5
80 Jan
2714 Dec
100 18 June 28 10 Jan 23
*21
100
Preferred
30
1514 Feb
3 Dec
A Feb 16
2 Apr 12
*318 614
100 Plttsb Screw & Bolt___No par
912.1une 29 24 Jan 18
87 Jan
217 Dec
s
100
*16
22
Pitts Steel 7% corn pref
15 Feb
1 Dec
212 Mar 8
3 July 8
4
25
15
500 Pittsburgh United
153
994 Feb
40 Dec
100 14 May 17 40 Jan 21
25
2612
Preferred
810
1814 Jan
2 June 1
8
13
4June 3
53 Dec
No par
Pittoton Co
*14
13
4
13% Jan
3 Oct
5 Aug 3
112May 25
43
4 5
No par
3,000 Poor & Co class B
27 Feb
2 Sept
514 Jan 15
114.5lay 27
100 Porto Rican-Am Tob cl A__100
*3
4
8 Feb
3SeDt
17 Jan 14
3
3
5
3May 6
No par
*118
B
1,
Clam
700
4
184 July 6
394 Jae
4 Dec
9 Jan 14
ROO Postal Tel & Cable 7% pre! 100
43
4 53
4
20% Feb
418 Dec
8 Aug 25
312June 2
25
700 Prairie 011 & Gas
*73
4 84
,
57 Dec
2612 Feb
25
512June 2 1114 Aug 5
1114 1114 1,300 Prairie Pipe Line
74 Feb
114 Dec
27 Attg 1
8
%June 1
No par
*2
218 1,700 Pressed Steel Car
473 Feb
8
54 Dec
258June 13 11 Jan 14
100
Preferred
100
*512 8
7114 Mar
8
383 Dec
4
197
8June 30 433 Jan 14
No par
284 2912 12,000 Procter & Gamble
6 Fe!'
12
1 Dec
*3
8
13 Mar 9
8
18May 25
Producers& Refiners CorP__50
16 Feb
3 Dec
9 Mar 30
54
1 May 10
50
.63
4 8
Preferred
70
964 Mar
4918 Dec
4038 42
65,100 Pub Ser Cory of N J___No pm 28 July 11 60 Mar 7
78 Dee 10212May
No par 62 June 31 37 Mar 7
8012 8012
$5 preferred
700
92 Dec 12014 Aug
MO 7112June 2 1-033 Mar 11
*93
9413
100
8'7 preferred
4
100 9212May 27 114 Mar 10 11212 Oct 1398 Aug
102 102
200
7'7: preferred
100 100 July 8 13014 Mar 5 118 Dec 16012 Aug
115 115
200
8% preferred
4
878 Dec 10714 Aug
*89
97
Pub Ser El & Gasp!$5.No par 83 June 3 96 Mar 9
6818 Feb
154 Dec
1012June 2 25 Jan 14
No par
18
1858 28,800 Pullman Inc
2 Jan
14 Aug
3g Jan 2
18 Feb 17
50
1
2
117 Jan
81une 2
314 Dec
53
27
25
4Ju1y 26
514 522
514 - -12 1-513 514
4 522
2j00 Pure 011 (The)
5
43
53
8 512
524 12
8
100 60 Jan 5 70 Aug 4
67
70
70
70
70 '67
5312 Dee 1017 Jan
68
*6812 70 '67
240
70
*67
8% preferred
5514 Mar
4331May 25 157 Mar 7
8
8 12
8%
8
No par
8
913 23,200 Purity Bakeries
10 4 Dec
3
7
74
7
73
4
63
4 8
7
55
2712 Feb
2125lay 28 1033 Feb 19
63
8 714
5 8 638
5
6
6 73
54 Dec
No par
65* 718 149,100 Radio Corp of Amer
53
4 6
633
254 2518 25
5518 Mar
25
27
25
20 Dec
8
50 10 June 2 327 Jan 12
*20
*19
2413 2413 25
Preferred
2518 1,400
60 Mar
9
1014
94 Dec
8
1112 1033 1114 19,400
912 108 10
93 1113
4
3 88lay 31 187 Jan 14
3
No Par
913 933
Preferred B
4 Dec
4
4
438
112June 1
414 18,100 Radio-Kelth-Orph
312 4
2% Dec
7 Jan 14
No par
35* 312
314 4
314 33
*
2912 Mar
43
8July 11 11% Feb 15
7
7
712
63
8 64
*6
812 Dec
718 1,900 Raybestos Manhattan_No par
68 612
613 63
4
64
17 Dee
4
4 14
307 Feb
414 48
4
44
45
8 5
55* Mar 12
218Ju1y 18
13,500 Real Silk foolery__ ------10
38 414
314 314
15
90 Feb
511
134 15
15
15
6 Dec
7 June 23 lb Mar 14
100
15
16
16
*1012 __.*12
140
Preferred
*1s
1
014
1
3
8
gs
3;
*13
1% Jan
4 Dec
12 Jan 12
la Apr 12
*14
1
*14
1
No par
200 Reis (Robt) & Co
13 Apr
15 Sept
*214 414 *214 414 .214 414 0214 414 *214 414 *214 414
4 Feb 4
13 Apr 15
4
100
lot preferred
27
19% Feb
23
4 3
23
4 27
17 Dec
2
1 May 28
333 Jan 14
212 212 313 234 27
8,900 Remington-Rand -----No bar
25* 27
12
88 Jan
"1018 15
9
10
*914 1213 *9
614 Dec
4 June 3 131251ar 24
100
*1018 15
12
lot preferred
300
*8
1214
1214 5514 1214 0514 1214 *6
98 Jan
1214 *6
10 Dec
5 June 14 1214July 28
100
+5
1214 *5
281 preferred
2
214
2
2
17
8 214
104 Feb
24 Dec
14 Apr 4
10
212 218
2
8
333 Jan 8
214 0.200 [too Motor Car
*13
4 17
3533 Feb
618 Dee
8June 2
433 5
41 3 43
4
412 453
011 Jan 14
17
4
43
2
414 412
5
512 19,200 Republic Steel Corp___No par
52 Feb
1112 113
818 Dec
11
1112 1012 1213 12
5 June 28 1538 Mar 5
100
123
4 1212 1312 5.100
4
5% cony preferred
103 12
13 Jan
218 Dec
1 July 6
*113 4
'114 4
*114 2
34 Jan 29
"2
4
2
.112 4
& Brass_No par
•114
Revere Copper
30 Jan
212May 3
*3
6
6
6 Dec
8 Jan 30
*23 6
*3
6
53
No par
*212 6
3
100
3
Clam A
75
22ts Mar
7
7 Sept
55
8July 20 10 Mar 3
7
713
7
714
712 8
712
7
7
7
7.700 Reynolds Metal Co_ __ _No par
0318 4
*318 4
*323 4
1814 Mar
*318 314 5318 4
21/ Oct
53 Jan 14
8
3 Feb 23
*318 4
Reynolds Spring new __No par
5412June
8 3033 3118 3012 3212 3218 3313 3212 3314 61,200 Reynolds(R J) Tob class B_10 2812June 30 404 Jan 14
3212 Dec
304 3114 304 315
7512 Feb
65% 65 65
69 June
657 '65
_ 10 64 May 2 71.18June 13
8 65
'65
65 3 653 653
3
70
6538
Class A
.65
6% Jan
I4Ju3e 23
as Dec
128July 26
53
52
3
4
4
5
8
3
4 4,200 Richfield 011 of Calif__ No par
3
4
3
4
3
4
3
8
3
5
8
3
4
27
278
1014 Fell
27
14 Nov
338July 28
13
4May 28
27
8
222 3
No par
27
3
273 27
27
3 27
8
11.900 Rio Grande 011
4134 Mar
*8
6
6
4 July 12
*6
8
7
7
7
8 Jan 9
*63 10
4
'7
12
5% Dec
No par
200 Ritter Dental Mfg
4
37
8 38
37
4
312 33
26 Feb
418 412 2,500 Rossla Insurance Co
314 Dec
812 Jan 14
112May 28
10
312 44
312
4
1811 19 .184 1834 1814 19
•18
1814
8
425 Feb
13 Dec
4
1914 2018 193 20
6,500 Royal Dutch Co (N Y abates) 124 Apr 21 23 Mar 4
15* July 13 1012, Feb 15
8
74 8
3
8
8
3033 Feb
7 Dec
83
4
10
812 87 17,200 St Joseph Lead
8
9
814 83
4
44
38
40
6912 Aug
4138 43
4
384 Jan
40
427
8 41
No par 3018July 8 5914 Mar 5
384 3933 39, 42
24,300 Safeway Stoma
*68
*69
85 .69
82
6314 Dec
100 60 May 26 84 Mar 8
70 8 70 3 7413 7413
3
3
70
70
78
984Seet
60
6W preferred
71 Dec 10812 Aug
86
100 69 June 2 94 Jan 16
8514 863
85
8412 85
84
81 12 8218 8218 82
4
81
560
7% preferred
52
3i2
312 312 534 33
*3I3 5
2014 Feb
35 Dec
8
733 Feb 1
*35
8 413 *313 4
114 July 14
100 Savage Arms Corp____No par
2
2
1118 Mar
178
158
15
8
4 Jan 13
7
8May 31
17
3 Dec
17
8
17
*13
4 212
*17a
218
400 Schulte Retail Stores__No par
65 Mar
*10
197 513
8
30 Dec
8 May 2S 30 Jan 5
14
100
197
8
197 *10
8
14
197 *14 '19% *10
8
Preferred
10
07 1084 1018 1114 1118 11% 1114 1212 135,900 Seaboard Oil CO of Del_No Par
8
4
03 1014 1014 1138
4
54 Oct203 Apr
Apr 12 1212 Aug 5
655
11 Feb
112 *114
13
4 8112 121 .112 13
.04
214 Dec
2% Jazi 21
1 Apr 12
4 *112 13
No par
4 *112 13
Seagrave Core
4
634 Feb
144 17% 1712 187
8 1814 215 147,700 Sears, Roebuck & Co No par
3014 Dec
8
Tann° 28 373 Jan 18
1518 1614 1513 1612 1438 16
4
612 Neb
14 Dec
12,1uly 5
*1
13
8
113 113 "1
1
1
133 Jan 12
114
112 "1
112 "1
300 Second Nat Investors
5818 Feb
27 Dec
2114June 22 82 Jan 2
2784 28 '25
28
.25
1
*29
32
28
300
284 2813 *2714 30
Preferred
*Is
14Sept13 Feb
*Is
38
3
8
4
14
35
*14
3
8
*14
:Is
12 Jan 4
188tay 4
No par
*14
3
3
GOO Seneca Copper
1124 Apr
54 Jan 13
34 Dec
112June 25
214 23
23
8 212
23
8 28
218
8
No par
232 8,400 Serve] Inc
214
233
21s 23
3
2912 Feb
814 Dec
7
712 78
4
5 May 28 1234 Mar 8
8
No par
8
9.500 Shattuck (F 0)
75* 8
73
4 814
73
4 84
,
78 75
137 Fell
s
24 Dec
5 Jan 14
ltsJuly 1
*212 413 *213 413 *213 413 *213 41. *212 413 *212 41 3
Sharon Steel Hoop__ No par
318 Oct21 Mar
534 Jan 13
17
8June 13
No par
33
4 4
338 34
312
333 4
314
3,900 Sharp & Dobbs
312 35*
312 312
6112 Mar
28 Dec
*15
16 '18
3014 Jan 18
1112July 21
*1914 22
22
20
No par
*19
*17
23
18
18
Preferred
200
47
1014 Jan
553 618
47
43
4 48
24 Dec
614 Aug 5
212 Apr 23
54
6
6 14 42,300 Shell Union 00
43
4 54
No par
514
78 Feb
15 Dec
4212 45
*404 42
100 18 May 31 48 Aug 4
45
4
443
4 443 48
4314 4312 44
48
Preferred
4.700
91g Mar
18 Dec
3 Jan 14
4
18June 2
*112
*3
8
12
Theatre Corp_No pm
*35
4
*3
3
.
1
*3
8
12
12
Shubert
*3
8
12
53
4 612
68
5 8 712 4.6
618 7(
23% Feb
2
67 I)ec
8
634 713
7
23
4June I 1012 Mar 6
71s 8,200 Simmons Co
No Par
-el
11 1
312 1)ec
618 Aug 1
514 514
314 Apr 8
10
57
512 618
3,500 Simmo Petroleum
6
57
619
5 4 58
3
512 512
157 Feb
8
41s Dec
71s Jan 7
414 Jan 4
---- ---- ------- ---- ---- ---- ---- ---- ---- -- -- ---- ...... Sincialr Cons 011 Corp_No par
64 Doe 103 Mar
100 79 Feb 8 98 Mar 24
Preferred
43 Aug 5
414 4311
2
2 Dec127 Jan
418 418
4
4%
2 Feb 8
12
25
i
1
14 ---424
412 43. - .Filo Skelly Oil Co
4 352212 29
62 Jan
10 May
233 24
4
*2114 30
100 12 Jan 4 24 Aug 4
*25
224 2214 *2112 24
2712
300
Preferred
414 Feb
'SePl
I Jab 11
18 Apr 18
No par
15 3 Feb
,
•1 18
212 ____ ____
2 Oe
44 Jan 11
. ._
1 June 13
No par
. __ -- _ _ --- ---Preferred
97 10
97 1012 10 1612
21 Aug
8% Dec
514May 31 1013 Aug 4
25
6. iro:32 1038 id78 10le -1-1- 69- 800 SOcony Vacuum corn
7
8
.
95 Mar
45
60 Dec
51
51 12 5212 524 2,000 Solvay Am In ,
51
61
51
45
51
50
50
t pref..100 35 June 28 63 Jan 10
8
4 115 1224 11 4 134 1278 137
1134 123
117 1214
1712 Jan
Bss Dec
8 123 133 21,500 So Porto Rico ring'r___No par
4
7
412 Apr 12 13 8 Aug 4
8
10512 10513 '103 108 *103 106 '103 109 *103 106 '103 105
87 Oct 11212July
100 8812May 27 10512July 30
Preferred
10
5412 Feb
2253 23
2258 2314 22
4June 2 32 Feb 19
2353 2518 24
223
04
24% 9,700 Southern Calif Edison_
22
237
38 2 Oct
,
3
B__N-__26
5 Mar
.138 7
24 scot
*13g
2 7
*13
8 212 *13
*13
4 7
*13
2 7
7
3 Feb 26
par
15o 1145lay 28
Southern Dairies el
36 Jan
8 Dee
*514 512 *514 512 *514 812
*514 9
412July 7 12 Jan 12
5
514 514 *4
No par
100 Spalding Bros
53514 38
354 3514 3514 3514 3533 353 53553 38
94 Dec 115158189
4
3 95 Jan 9
•3533 38
100 32 June
1st preferred
50
.35 11
2712 Feb
•33 11
*35 11
9 4 Dec
,
934 Mar 3
"33 11
8
'35 11
8
8
*353 11
8% Mar 7
Spangehaltant&CoIne_No par
___ 29 •-_-_ 29
92% Jan
•____ 29 •____ 29 •____ 29 *____ 29
4813 Oct
100 40 Mar 9 4812 Jan 2
Preferred
15
3
4
17, .1% 17
13% Mar
2 Dec
17
3 2
17
3 218
4
•112 1
312 Jan 14
1 May 28
113 153
8
2,000 Sparks Withington__No par
'7
1612 Mer
*7
8
833 *7
9 Sept
*7
*7
8
8
8
8
8
8 May 4 10 Jan 16
100 Spencer Kellogg & Sons No par
*513 514
54 518 *5
1714 Feb
*5
54
,
5
5
514
6 Sent
Ps Feb 19
5
5
Apr 20
400 Spicer Mfg Co
5
No par
*14
147 •14
*14
15
15 '13
14% 1412 1413 *13
3312 Fell
114 Dec
15
15 Mar 22
100
OliJune 1
Preferred A
No par
5
•13
4 2
*214 3
*2
3
1713 Mar
*212 312 *212 31 2 *3
3 Dec
313
58May 31
3 s Jan 14
Spiegel-May-Stern Co_No par
127 13
123 134 1212 1278 123s 1318 13
4
8
1313 13
2012 Feb
1338 60,700 Standard Brands
7012 Dec
83
0une 2 14 Mar 5
No par
*116
•116
_ *116
__ _ •11638
_ *11614 - - •116 1194 Jan 22 11404 Dec 124 July
...
.__
Preferred
No par 110 June
*1
_- -3 .
13
7
8 - -18
4 Fell
14 1
18 *118 -1-,-8
*7
8
1
12 Dec
4
*7 _-8
118
1
-18
2 Jan 4
100 Stand Comm TobaeeO_NO par
?Only 20
133 1412 1218 1312 1212 1414 1333 153
8
133 14
883 Mar
8
8 1413 154 38,500 Standard Gas & El Co No par
2518 Dec
7
58.1une 2 3414 Mar 8
1914 20
4 2014 22
1814 2012 2114 2212 20 4 22
21
213
8
647 Mar
2
3
297 Dec
4,600
914June 2 4114 Jan 1,.
Preferred
No par
533
3314 36
35
34 '32
32
323 3314 34
4
35
34
40 Dec 101 Mar
No par 21 July19 614 Jan 11
1,200
$6 cum prior pref
*39
44
3712 38
3912 3912 40
40
40
.38
*42
44
,
55 Dec 109 4 Mar
No par 28 June 3 75 Jan 15
$7 cum prlor pref
500
414 Feb
54
14
14 *12 12 *12 *8
53
3
4
7 Jan 13
8
14June 24
14
% Dec
14 14 1,100 Stand Investing Corp_No par
87
87 8712 87
.86
87
8712 8712 1,600 Standard 011 Export pref__100 r81 June 9 9112 Jan 9
87 87
.8512 87
8718 Dec 106 Sept
8 253 27% 2612 273 61.800 Standard 01101 Calif
2414 2512 2433 255
4
2418 247
8 245 26
5184 Fe/
4
1518June 2 273 Aug r
No par
4
2318 Dec
4 1214 1214 "113 1213 2,400 Standard 011 of Kansas._25
117 117
8
8 1114 1112 1118 123
19 Jan
4
12
12
733 Dec
4
7 Apr 7 123 Aug 3
1
4
295 3012 293 3138 2913 303 297 3112 311 3312 323 3412 182,400 Standard Oil of New Jersey_25 197 Apr 23 3413 Aug 5
8
5212 Feb
4
26 Dee
,
g per share $ per share $ per share 5 Per share $ Per Share
312 5
*312 5
*313 6
*312 6
38 6
24
24
24
*21
24
*21
24
•20
24
*20
5318 33
4
*318 412 *318 4
3
3
*212 314
.16
22
*16
22
22
*16
22 '1512 22
•15
112 113 *18 212
113
8 •114
18 13
*13
8 112
24
26
23
24
2312 2212 24
2113 2112 21
*14
•14 113
*14
14
13
4
014
*14
13
4
13
4
414 5
358 37
8
4
412
433 5
312 4
334 *3 4 *234 4
4 *3
33
33
*25
8 4
114
114
112
114 *114
114
114
114
114
*I
*412 5
*318 45
5
43
4 *3
*358 43
4 *4
77
77
73
4 72
4 *752 813 "778 818
8
*724
1034 11
4
4 108 104 103 1034 *1058 11
*1012 103
*112 2
2
2
214 214
214 27s
2
2 14
3
8 8
612 612 0513 10 4 *55
*612 9
*7
9
26
267
8 26
2712 27% 29
264 2714 2612 2718
*3
8
12
*3
3
12
12
*3
8
*3
8
12
*14
I.
*613 8
4 8
*53
*684 73
4
8
8
•63
3 8j 3813 4014 363 387
4 39
41%
8 3612 393
3
38,4 391,
80
8022 8012 sois
80
8012 *78
8012 *77
*75
9412 92
92
4
944 .8412 944 *843 9412 *91
*90
8
*101 10312 *102 1027 1024 10213 *98 103 *101 112
115 115
___ •107 115
___ •105
3 ___ *105
.1077
*89
97
*89 97
97
*90
97
*39 97
*89 167
8 1613 1834 1712 18%
4
4 16
17% 1712 163 173
-- ----•g
6
3
8
1
4
•78
15*
*17
20
314
314
733 77
8
434 5
437
4
.42
32
.31
86
.81
•10
11
12
%
4
4
•27
8
514
3
2
573 1
8% 8%
•112 l%
1318 1378
1733 IS
253 27
---*3%
3
8
119
'17
314
734
54
4358
*30
*804
"10
12
*3
53
3
8
1
812
14
13%
1712
28
---6
12
us
2012
312
818
53
4
4354
32
86
11
12
5
8
3
8
1
9
2
1414
1873
33
3
---412
53
8
*7
8
1714
314
718
47
41
*2812
*8314
'10
53
*3
53
*13
'1
*8
8
.17
13
174
3
---412
12
114
185,,
353
73
4
514
41
32
86
11
3
4
5
57
3
8
114
84
2
1414
183
3
34
---'43
4
*3
3
*1
18
314
71s
43
4
*4018
.30
*8212
10
58
---- ---7
"5
12
12
113
114
1813 1833
312
353
9
8
5
512
4312 4014
*30
32
•85
86
1013
10
14
*3
5
*3
57
3
*13
%
*1
114
*8
812
2
2
1318 1414
1758 1914
3
3
14
*3
*27
*4
*1
813
214
14
1814
3
---- ---9
*512
12
5
8
123
114
185
8 183
4
4
4
95*
813
553
514
43
424
32
32
86
86
1013 '1013
14
3
4
*3
5
57
*233
3
3
35
114 .1
812 *8
2%
214
147
8 1413
1913 1853
35s 338
---9
5
8
114
19
433
914
55
8
4214
32
87
1111
1
5
57
8
3
8
1 14
84
212
153
4
1914
4
... . Standard 011 of New York_ _25
._
100 Starrett Co (The) L 8No par
1.700 Sterling SecurItlee el A.No par
No par
Preferred
500
Convertible preferred_ -50
1,000
-Warner speed Corp 10
4,500 Stewart
No par
28,200 Stone & Webster
10,800 Studebaker Corp (The) No par
100
Preferred
70
No par
200 Sun 011
100
Preferred
30
260 Superheater Co (The)__No par
No par
6,000 Superior 011
100
200 Superior Steel
50
Sweets Co of America
No Dm
200 Symington
Vo par
Class A
100
N3 par
400 Telautograph Corp
No Par
1,700 Tennessee Corp
25
61,100 Texas Corporation
40,100 Texas Gulf Sulphur___No par
10
11,200 Terse Pacific Coal &till
•Bid and sated prime: no salmon this day. s Ex-dividend. r lx-rights
73, Jan 22
3 July 12
14 Jan 9
18May 21
%July 11
3 Mar 5
1312June 2 2312 Jan 2
62 Jan 14
17
sMay 26
8
458July 8 153 Mar 10
21281ay 28 1314 Jan 14
32 May 25 104% Mar 31
245* Apr 13 32 Mar 1
OS July 13 87 Mar 16
7 June 11
1312 Jan 18
14 Jan 5
34July 28
712 Feb 13
214May 26
138July 19 11 Jan 4
4 Jan 21
4 Mar 31
2 Jan 19
1280ay 26
4
6 Jul y 20 133 Mar 23
23 Jan 16
1
I May 25
4
914June 29 147 Aug 4
12 July 6 2634 Feb 17
4 Aug 5
1 12 Apr 12
1370une
8 Dec
12 Dee
128 Dec
1818 Dec
48sbt
43
97 Dec
9 Oct
75 Dec
.,
268 Oct
75 Dec
11 Dee
14 Dec
27 Dec
1012 Dec
4 Dec
1 Oct
1115 Dec
2 Dec
97g Dec
1912 Dec
133 Dec
28 Feb
3414 Feb
5% Feb
9% Feb
40 Mar
217s Mar
5412 Mar
26 Mar
11814 Apr
4514 Feb
10412 Feb
40 8 Feb
,
1114 Feb
2
187 Mar
1572 Aug
24 Feb
64 Jan
Ws Mar
912 Jan
354 Jab
553 Feb
4
Blt Jan
946
New York Stock Record-Concluded-Page 8
14P FOR SALES DURING THE WEEK OF STOCK
S NOT RECORDED IN THIS LIST. SEE
EIGHTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
PER SHARE
Sales
PER SHARK
STOCKS
Range for Year 1932
for
Range for Previous
NEW YORK STOCK
Saturday
Monday
Tuesday
Wednesday
On basis of 100
Thursday 1
-share lots
Friday
the
Year 1931
EXCHANGE
July 30.
Aug. 1.
Aug. 2.
Aug. 3.
Avg. 4.
Aug. 5.
Week.
Lowest
Highest
Lowest
Highest
per share $ per share S per share
$
5 Per share $ per share 5 per share S hares Indus. &Mince'.(Cond.)
414 432
Par 5 per share 5 pee share $ per share 5 per share
438 5
438
458
412 43
4
43
4 51_
514 614 50,100 Texas Punkt Land Trust-- --1
.3
5
212June 2
*4
5
812 Mar 8
478 478 *4
414 Dec
175 Feb
2
5
*3
5
100 Thatcher Mfg
.25
No par
29
2 Apr 5
*254 29
37 Dec
478 Aug 2
*2518 29 .2518 29
22 Feb
nr,ls 29 .2518 29
Preferred
5
No par 2218 Apr 19 29 Jan 21
5
*4
5
*44 5
41 Mar
245 Dec
8
*414 5
5
5
5 . 5
700 The Fair
112 112
No par
4 May 17
113 153 .114
7 Jan 12
528 Dec
112
15
158
8
23 Jan
14 14
14 2
1,500 Therruotel Co
•1212 127
No par
3 1212 1212 1218 1214
%June 2
3 Jan 12
123 13
113 Dee
4
*13
9 Feb
1358 *1318 137
8
700 Third Nat Investors
1 10 May 31 1512 Mar 3
• 3 1313 11
91
11
.10
1114 Dec
1212 *10
27 Feb
1213 .10
1212 1213 13
300 Thompson (2 It) Co__ . 26
__
814July 1
*512 612 .413 63
1634Mar 5
4 .412 63
12 Dec
4 *412 7
35 Mar
*513 63
4 *512 63
Thompson Products Inc No par
4
_2 4June 3 10 Feb 29
3
N
7
8
•3
4 1
638 Oct
*53 1
18 Feb
*58
3
4
4 1
•3
*3
4 1
100 Thompnon-Starrett Co_No par
.12
15 .12
NJune 11
15 .12
14 Jan 9
15 .12
4 Dec
15
*12
84 Mar
15 .12
15
53.50 cum pref
No
33
4 4
4
41
1412 Dec
312 3 s
344 Mar
7
34 44
4
414 33,000 Tidewater Assoc OU...._No par 12 June 2 141 Jan 30
33
4 414
41
42
par
423 46
2 Apr 8
4
4512 4513 424 443
414 Aug 4
4 4413 4518 4314 45
2N Dee
3,300
9 Jan
Preferred
100 20 Feb 3 46 Aug 11
*7 8 15
7
8
*77 16
.7 8 16
7
204 Oct
.77 16
8
68 Jae
.77 16 .10
18
Tlde Water Oil
.45
58
100
5 June 8 z9 Mar IS
•48
56 .45
58 .47
18 Mar
9 4 Nov
7
55
50
55
5812 5812
300
Preferred
.258 3
100 30 Feb 9 5812 Aug 5
.23
4 3
23
4 23
4
30 Dec
23
4 23
83 Feb
4
24 23
4
23
4 23
4
500 Timken Detroit Axle
1313 1512 15
10
2 July 6
16
143 1514 13
5 Jan 6
8
12 Feb
313 Dec
1518 17
1614 18
147
17,700 Timken
734 July 8 23 Jan 9
____ ____ ____ ____ ______ TobaccoRoller Bearfng_No par
164 Dec
59 Feb
Products Corp No par
3 8 Jan 5
7
ON Mar 5
152June
413 Nov
Class A
No par
i
1
14
63 Jan 4
i
8
14
,
i
5i8 1
iT
112
4 is, ii 13 - 13
9 Mar 3
s
6 Dec
4 39;565 Transamerica Corp
14 Apr
No par
218 Jan 2
6 Feb 17
2 Deo
18 Feb
*313 8
(.312 5
312 312 .234 4
*4
413
4
4
300 Trauma)& Williams Sri No par
214July 13
213 25
8
212 234
213 234
24 27
8
3
38
4
5 Mar 4
3
1712 Mar
35 19,400 TIT-Continental
271 Dec
8
Corp_No par
*54
1 12May 26
55
5212 5212 *5013 55
414 Jan 14
533 533
3
2 Dec
114 Feb
8 5518 67
56
56
1,000
8% preferred
No par 427 Jan 2 57 Aug 4
.21
2212 22
2
22
*22
22 4 22
3
9414June
3613 Dec
223
4 23
23
23
2312 1,100 Telco Product Corp
No par
1934May 31
•1
113 .1
112 .1
3112 Mar 9
2
.1
2
34 Dee
.1
'2
4552 Feb
.1
2
Truax Tram Coal
.3
No par
41
*3 .412 .414 41
14May 27
318 Jan 14
.414 412
1 Dec
412 41
10 Jae
412 44
200 Truman Steel
10
•1
11 4
2 Apr 19
113 118
57 Dec
1
64 Jan 12
l's *I
114 *1
24 Feb
i'8
1
1
1,800 Ulen & Co
No par
1212 124 13
1311ay 4
1312 123 13'4 123 127
3 Jan 13
4
2 Dec
4
211 Mar
8 13
4
14
1512 3,400 Under Elliott Fisher Co No par
14
73 July 7 2312 Mar 7
7
•7
7
7
.6
6s
754 Feb
6
6
133 Dec
8
64 7
7
7
600 Linton Bag&Paper Corp No
20
2012 193 2114 1812 203
4
512J1,ne 2 1014 Jan 20
4 183 2112 20s 221
4
14 Aug
5 Dec
2114 2212 139,900 Union Carbide & Carb_No par
par
1114 113
1512May 31 3638 Mar 7
8 1118 1158 1013 111
107/ 1112 1118 123
3
2712 Dec
8 117 125 18,300 Union Oil California
72 Feb
8
8
•1318 15
25
*14
8 July 8 134 Jan 7
15
13
13
1318 1318 15
11 Dec
15 .14
8
265 Feb
17
700 Union Tank Car
No
1112 113
4 113 131s 114 124 115 127
41une 30 1914 Jan 2
$
16 Dec
8
8 1218 131
2518 Jan
1214 1318 150,700 United Aircraft & Tran.No par 118
.45
par
483
4 4814 5018 .48
612May 28 1572 Feb 17
4934 4912 493 .49
3
97 Der
4953 49
8
49
384 Mar
3.300
Preferred
16
50 30145lay 13 5018 Aug 1
8 18
183
163
4 163 163
4
4 16N 183
4 1612 17
40 Oct614 A 118
1614 164 1,600 United Biscuit
No par
.8012 93 .85
11 July 6 2812 Mar 4
93
*85
93 .91
93
4134 Mar
93
93
18 Dec
93
95
40
Preferred
11
100 75 July 8 103 Mar 23
1112 .10
1012 .10
1012 1012 113
8 113 1214 103 103
8
90 Dec 122 Mar
4
4 4,500 United Carbon
No par
85
8June 1
12
3
8
5
8
3
3
4
4
8
53
58
5
8
5
2
14 Mar 8
4
5
8
58 3,700 United Ozer Stores.
518 Oct2814 Feb
- No par
213 314
212 4
*412 5 4 *44 5'
3 Apr 5
8
3
114 Jan 11
53
4 534 .64 818
74 Apr
118 Dec
600
Preferred
612 718
64 714
100
212May 21
638 87
8
20 Jan 11
614 7
7
7
712
'20 Dec s76 AV
73 134,800 United Corp
8
No par
3018 3214 32
323
312June 2 1013 Jan 15
8 3014 3113 3012 317
314 Mar
3218 331 4 33
711 Dec
3334 11,90(1
Preferred
No par 20 June 2 3834 Mar 7
4
.
.312 37
34 34
4
4
334
37
8 4
8 1,200 United Pilectrie
4
5212 Mar
2618 Dec
4
Coal
2312 24
No par
24
243
23
4
112 2313 213 2458 2312 247
2July 8
55 Mar 23
4
8
12 Feb
8
3 Jan
8 227 24
13.300 United Fruit
No par
1014June 2 3013 Mar 9
4
573 Feu
1713 Dec
154 1614 18
164 1512 183
2 15 8 1614 16
163
3
4 1618 163 54,700 United Gas ImproreNo
4
par
*87
914June 2 2134 Mar 8
95
87
87 .84
95 .8514 91
•861 4 GO
164 Dec
374 Mar
.863 90
4
100
Preferred
No par 70 June 2 94 Mar 10
.18
•13
1
1
.
.18
13 1
1
•18
1
*18
1
83 Dee 1064 Aug
United Paperboard
*63
8 74
71
. 8
.7
8
818
8
8
.8
2 Sent
812 1,100 United Piece Dye Wks_No 100
34 Jae
•13
8 13
134
4 *13
114
2
114
338.1une 28 11 Jan 6
It, 113
15,
158 14
94 Dec
3134 Feb
13*
500 United Stores elms A__No par
.3514 38
par
377 38
8
36
4May
36
3613 3658 3818 36N 3618 3618
3 Jan 28
Ps Dec
94 Apr
900
Preferred class A_ _ _ No par 273 Jan 23
18
18
*184 194 "
4 6814 Mar 9
18
52 Apr
19
21 Oct
1818 1812 19
:
201 2114 1,700 Universal Leaf Tobamo No
20
par
*35
38
*31
11 May
38
31
31
414 Apr
21 14 Aug 5
.33
34
35
8
157 Oct
35
38
*31
70 Universal Pictures 1st p1d_100 23 June 31
.12
3*
574 Aug
8
8
ki
2 60 Jan '27
3
4
*83
84 '
8
24 May
4
"4
3
4
.58
300 Universal Pipe dr Rad__No par
93
4 93
4
94 104 10
12 Apr 7
1014
1 Feb 2
93 10 4 105 11
4
3
4 Oct
8
1012 11
10,800 US Pipe & Foundry
4 Feb
.1214 1212 1212 1212 1212 1212 *1158 13
20
714June 2 154 Jan 21
3718 Mar
10 Dec
13
13 .12
13
400
let preferred
No par
•1
5
.1
5
1112June 22 1512 Feb 3
.1
5
204 Mar
.1
5
*1
5
*1
5
133 Dee
4
US Distrlb Corp
No par
*18
2 June 9
11
*18
13*
•la
412.1uty 2 1
1,
4
•18
,
114
114
10 Mar
6 Dec
* 18
114
*18
CT S Express
•612 712
612
100
612 *43
14 Jan 15
ID. *524 62, *514 61
4 612 *5
Jan
3 Jan 23
8
Dec
100 U 8 Freight
212 213
No pa
214 2N
312May 27
214 214
8 Jan 14
212 213
23
8 3
212 3
304 Mar
13
41%
3,100 US & Foreign Seour
No par
423 423
4
4 41
138June 16
41
*4114 421
4114 4114 45
312 Feb 15
46 .49
17s Oct
58
124 Feb
600
Preferred
1812 17
No par 28 June 2 5113 Mar 1 1
17
18
16% 173
4 1614 173
90 Feb
40 Dee
4 1712 1884 1814 1912 6,700 US Gypsum
.218 214 .2
20 1012June 2 2514 Mar 3
214
2
2
.2
214
24 214
1413 Dec
2
50 Mar
214
500 US Hoff Math Corp
84 Apr 29
19
--No par
201s 193 207
8
2 19
20
193 23
4 Feb 19
8
22
2352 2218 24
21k Dec
8
123 Apr
61,800 U El Industrial Aloohol_No
2s 27
par
1374.1u2e 2 3118 Mar 9
3
33
8
3
33
8
3
3 12
20 8 Oct774 Feb
33
3
8 33
8
27
8
314 4.800 U ilii Leather
No pa
573 63
114May 31
8
812 64
358 Aug 4
512 614
6
65
8
614 7
IN Des
6
6s 3,200
1014 Mar
Claret A
No par
3
14June 13
.52
60
*55
__ .55
713 Mar 9
__ .55 . __ .55
314 De
_ _ .80 _ -- _ _ _
I57 Mar
8
Prior preferred
43
4 5
5 _518 *47 _8 5
44 42
5
4 -51, *43
4 I2 July
5
5714 Dec
2,600 U 8 Realty & Impt____No 100 4414June 30 65 Mar 14
par
2 June 2
813 Feb 13
3614 Feb
512 Dec
378 4
4
4
4 37
33
8
35
8 4
418 47
8
412 5
11,100 0 S Rubber
No par
114June 2
812 812
84 9
54 Jan 1
818 9
818 818
34 Dec204 Mar
87
8s 914 3,500
8 94
18t preferred
100
318June 10 1112 Mar
1453 143
4 143 15
4
1412 1512 1514 17
618 De
1612 173
4 1611 1713 10,900 US SmeltIng Ref & Min____50 10
3612 mar
June 2 1978 Mar
.3212 37
3518 3518 35
3518 •36
1218Sept
38
*3213 3912 38
38
254 No.
400
Preferred
60 31 JUIY 6 39 Mar
2818 293
8 2914 30 3 2758 2912 28
3
3214 32
35 Sept
3414 323 343 307,800 US Steel Corp
47 Apr
4
4
100 2114.7214°28 624 Feb 1
6812 70 8 268
3
70 4 85
3
68
653 7112 7112 743
8
36 Dec 1523* Feb
4 72
7514 52,000
Preferred
100 5113.11111* 28 113
5712 5712 5712 5712 5713 5712 .5712 58
Feb 1
94 Dec ISO Mar
*5712 59
58
58
500 U El Tobatho
No par 55 June 2 66 Apr 2
4
414
37
37
8 44
34 3 4
1587 Dec
3
8
8
717 Mar
312 4
3 8 414 9,700 Utilities Pow et Lt A
7
414
No Dar
12
112May 25 1014 Jan 1
la
53
12
12
5*
12
12
12
12
77 Dee
8
12
31 Feb
5
8 2,600 Vadsoo Sales
No Per
•10
30 .10
14 Mar 3
30
4 Aug 1
*10
30 .10
30
*10
*10
2 Feb
4 Dec
30
30
Preferred
100 12 June 1 20 Jao 9
103 1118 1012 1153
8
912 104
97 1114 11
s
14 May
1212 1112 123 42.700 Vanadium Corp
4
28 Feb
No par
5142ilay 31
1
114
187 Feb 19
8
114
17
8
114
112
114
IN
11 Dec
1
4
763 Mar
113
113 IN 6.400 Virginia-Carolina Chem No par
12 Mar 14
17 Aug 1
612 73
8
8
77
77
2 9
812 812
13 Oct
77
314 Feb
8
7
64 6N 2,300
7
6% preferred
100
3N Feb 28
5014 54
9 Aug 1
5412 60
*54
60
234 Dec
5612 58
17 Feb
56
5712 *5114 55
1.700
7% preferred
100 20 Apr 12
*75
85
*75
76
.74
76
*7418 85 .74
34 Dec
713 Jan
80 .74
4
80
Virginia El & Pow $8 pf No par 60 June 9 80 Aug 1
15
8872 Jan 22
153
8 141g 1614 14
154 1413 163
81 Dec 109 May
4 1518 1714 17
193
4 3,330 Vulcan Detaining
100
714July 11 29 8 Jan 12
7
103 103
4
4 1012 10 4 1012 1012 *10
3
2014 Dec
11
1118 11 18 .1013 1172
71.4 Feb
800 Waldorf System
No pa
718May 31 19 Jan 2
.1
2
118
118 •114 2
1173 Oct
*114 2
8
112 1 12
27, Feb
2
24 1,500 Walworth Co
No par
34June 27
3 Jan 14
*412 5
5
5
45
8 452
113 Dec
5
15 Feb
*5
5
6
*514 57
300 Ward Bakeries elate A.No par
214May 14 1014 Jan 13
14
I53
138
112
114
14
14
514 Apr
13
2711 Mar
8
14 113
8
13
112 2.100
Class 11
No par
3
45Iay 7
25 Jan 14
8
*1913 2012 1913 2112 *20
Ds Dec
21
21
21
*1814 20
20
85 Jan
20
8
600
Preferred
100 12 May 31 4012 Mar 16
17
8 2
IN
23
24 Apr
8
2
214
14 218
218
25
8
23
5712 Jan
8 23 76.900 Warner Bros Pletures__No pa
8
12.71Ino 2
43 Jan 13
8
.8
12
94 .9
*7
24 Dec
9
*7
203 Feb
1012 "83
8
8 9
8
*83 --__
Preferred
No par
4 June 2 20 Feb 1
84 Dec
4013 Jan
.1
13
8 .1
13
8
*114
114 *1
114 .1
114 *1
114
Warner Quinlan
Na par
12May 26
14 Jan 11
33
4 4
3 4 414
4 Dee
3
414 412
412
4
74 Feb
414 458
414 413 3,100 Warren Bros new
No par
114May 28
7 Feb 19
9
9
.9
33 Dec
4
912
9
10
464 Feb
97
WA 10
10
8 07g
10
Convertible pref
230
No par
2 June 2 17 Jan 14
13
812 812
1214 Dee
8
812
813 812 *812 10
4414 Feb
10
*9
*9
10
600 Warren Fdy at PlusNo par
71359a7 13 14 Feb 3
134 Dee
1
113
32 Fe)) ,
IN
7
8
112
118
118
78 1,500 Web•ter Eleenlohr___ _No per
*52 14
•7
110
2
NMay 4
2 Jan 18
*913 10
14 Dec
94 912
5 Feb
9
93 11
10
9 14 10
4
11
1114 4,000 Wees,,n On & ithewdrns Ns par
818 July 1 1513 Jan 14
*43
4314 43
12 Dee
43 .423 44
4
2614 Mar
4312 441
44
45
4812 4612
Preferred
800
• NO PM 4234July 29 50 Jan 6
2112 223
8 22
4414 Oct
247
8 21
23 8 21
11712 Feb
7
2412 243 283
4
8 2714 31 18 63.400 Weetern Union Teleeraph_100 123
3June 29 50 Feb 19
5 14
1313 1334 13
384 Dee 1504 Feb
127 133
8
4 127 134 137 143
8
8
s 13N '1412 7,000 Weetinglese Air Brake.No par
94 Apr 8 1714 Feb
223 2314 2238 2584 2278 25
11 Dee
3512 Feb
2313 263* 264 283
4 274 30N 200,900 Westinghouse El & Mfg__60 1558Ju11e 29 3572 Feb 13
19
6018 6018 6012 62
224 Dee 10734 Feb
84
64
6514 654 65
110
6514 *6514 71
let preferred
50 5212June 2 723 Jan 20
4
.412 7
6014 Dec 11912 Feb
.434 7
*412 7
.412 6
514 514
5
5
500 Weston Elm Instruml.No pen
212 Apr 8
914 Feb 19
.1012 16 .1012 17
6 Dec
.1012 17
28 Feb
*1012 17
1512 1513 *1512 17
100
Class A
Ne par 1314 Apr 8 19 Jan 19
3252 34
38
45
45
864 Jan
45
.40
45
49
45
49
50
290 West Penn Flee elaile A_ Nu par 25 May 27 70 Feb 14 319 Dec
4813 4812 5014 52 .52
5012 Dec 10514 Ala
54 .50
54
55
58
52
56
90
Preferred
100 22 June 1 76 Jan 11
*45
49
4518 451
56 Dee 112 Mar
4612 50
*46
4513 463 .47
8
70
70
130
5% preferred
100 20 June 2 70 Jan 12
4913 Der 103 Mar
.90
95
8912 891_ 8934 893 .90
95
*91
95
99
99
50 West Penn Power pref
100 80 June 10 110 Mar 17
934 Dee 120 Feb
85
85
85
85
*8313 85
*8312 85
85
85
8413 8512
110
5% preferred
100 6813.June 10 10134 Mar 28
88 Dec 1134July
•34 5
5
6
814
6
638 64
8
612 1.800 West Dairy Prod el A_.No par
5 8 57
5
5
3 3June 25 1612 Mar 3
13
814 Dee
4
13
4
13
4 214
444 Feb
2
24
2
2
13
112 2
8 2
3.200
Class B
No par
l June 1
43 Mar 4
2
218 Dec
612 63
4
54 612
1272 Ma
5
5 53
5
5
2,900 Westvaco Chlorine ProdNo par
51 4 6
512 6
3 June 1
1252 Mar 9
*6_
.6
_ •6
_ . .
7152 1)ee
6
_ __
56
_
40 Ma
*6
_ __
Wheeling Steel corp....No par
5 June 15
513 Apr 9
9
1013 16 4
Dec
- 39 4 -- 14
3 16
2014 Jul
914 - 1 4
6
914 953 10 -- -18 103 1 13 - ,6ii white Motor
3
10
6
8 .
NO par
67
2June 2 12 Mar 5
73 Oct2614 Jan
2
•14
15
1.5
15 3 153 16
1
4
15
1514 15
1512 .144 1512 1,100 White Rock Min Spring ett_110 11 July 7 2812Mat 7
12
20 Dec
12
4
4734 Mar
3
4
5
8
3
4
*52
8
3
4 1,700 WIllte Sewing Machine:No Dar
5
3
3
4
4
ki
14 Apr 8
1 Jan 2
113 1I. •114
184 .1
N Dec
124 *1
5 Al
184
13
4 51
500
Preferred
7
1
8
No par
3 Apr 8
4
IN Feb 11
1 Dec
514 5 i
3
514 614
10 4 AD
3
58 58
3
7
512 57
45* 53
53 17,200 Wilcox Oil & Gas
4
s
47
8
234May 4
No par
614 Aug I
234 Dec
•15
2312 *15
1712 ....--- 2312 *___
93 Mar
2
2312 o.,__
2312 ...--- 234
Wilcox-Rich Cl A eonv_No par
1312.1une 2 2011 Mar 17
1714 Dee
118
1 14
14 14
30 Ma
114
, 153
113
1i4
1 "4
l's
112 13,900 Willys Overland (The)
1 12
5
58May 26
8 Jan 13
134 (Jot
.8
10
8 Ma
10
10
*814 16
12
12
.13
144 "1312 144
200
Preferred _
100
8 June 7 25 Jan 26
1413 Oct
*1
114
5614May
1
1
118
118 *1
114
114
114 .14 D I
400 Wilson & Co Ins
No par
NJune 2
14 Mar 14
5 Oct
8
*34 4
4 Feb
*313 4
•3
34 4
3
312
4 *3
3 8 33
3
400
312
Clam A
158May 31
No par
434 Mar 9 . 14 Oct
24
*20
*20
103 Feb
24 .20
4
24
22
22
21
.18
21
21
200
Preferred
100 11 June 2 31 Mar 10
15 Oct
514 Jan
3012 3118 304 3212 297 32
304 3212 32
8
3312 324 337 89,400 Woolworth (F W) CO
10 22 June 2 4552 Mar 8
88 Dec
724 Aug
1414 154 1312 1514 1378 1512 145 163
1412 15
8
8 15
4
163 30,700 Worthington p a si
100
5 May 31 2338 Feb 19
1514 Dec 1057 Yea
29 .22
30 .22
.21
8
35
•24
35 .24
2934
35 .24
Preferred A
100 1412June 2 41 Jan 15
8814 Dec
95 Mar
*20
23
2313 .21
2113 .2013 2212 24
.18
241 *2114 35
Preferred B
300
.100 12 May 27 304 Jan 11
23 Dec
8352 Mar
•64 834 .818 83
.64 73*
7
7
.818 7
*44 7
20 Wright Aeronantleal___No par
84 Jan 14
2
37 Apr 8
718 Deo
27 Feb
32
34
.30
33
34
33
33
34
4
34
343 36
1,800 Wrigley(Wm)Jr (Del)..No par 2514June 1 57 Jan 18
35
45 Dec
80 8 Ma
2
914
*8
1018 *712 1118 *712 1114 *74 1144
914 591.4 11
900 Yale & Towne
612Ju1y 5 1013 Jan 18
25
814 Dec
30 Jan
23
8 212
27
212 318
23
4 3
314 33t; 15,100 t Mow Truck & Coach el 11_10
35* 312
314
82tine 1
5 Jan 14
13
3 Dec
1512 Mar
.273, _ - . *27 31 •27 29 .27 29 .27 29 .27 29
Preferred
100 12 May 17 29 July 28
6
6
.
.61, 7
1511 Dec
78 Mar
8
618 .512 6
8 1.400 Young Spring & WIre_No par
534 8
618 83
3 June 2
913 Mar Ft
6 Dec
29 Feb
10
10
11
11
11
10
11
11
107 11
8
11
11
1,700 Youngstown Sheet & T_Ne par
4 May 25 174 Feb 17
12 Dee
3
4
34
78 Feb
7
2
78
1
113
8
*7
1
3
4
7
8
1,300 Zenith Radio Corp.___No par
1
1
13May 17
2 Jan 22
5 Dec
8
514 Feb
53
3 53
4
5
514 512
53* 5 8
51g
53*
53
3 53
512 10.800 ZOnite Products Corp
g
.1
53
44.1une 25
974 Mar 8
1
64 Dec
14 June
•Ind and asked price: no sales on this day. z Ex-dividend, tr,Ez-rtzbts. a Ex-warrants.
0. Jan, 1
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
1909 Ike lirthange method of gaoling bonds was clanged and Prices are now
.4.
E3
BONDS.
Prise
4 _,
Week's
5,3'
Range or
Friday
N. Y. STOCK EXCHANGE -4 ....
...35: Aug. 6.
Last Sale, IC
Week Ended Aug. 5.
-Bid
High Ne.
Ark Low
U. S. Oevirnmsnt.
First Liberty Loan101',,227
34% of 1932-47
Cony 4% of 193247
t t.'.., 1003751102 100.45June32 ____
Cony An % ot 1982-47
t !,-.: 10114:Sale 1011052101 3355 114
'10110411011141 101242June'32 ____
3 t
26 cony 434% of 1932-47
Fourth Liberty Loan44% of 1933-38
-k 0 102113,Sale 102
05510344 520
1917-1952 A 0 106215:Sale 106345107
142
Treasury 43111
1914-1954 J D 10310458ale 1031,,103",,294
Treasury la
1946-1956 51 0 102144 sale 10130,,1024,, 284
Treasury 3 qo
19484947 J D 100ra Sale 100
Treasury 8110
10044 133
Treasury 8s-Elept 15 1951-1955 M rsf3 96115:Sale
96141 06":5 716
84
Treasury 8141 June 15 1940-1913 J '-' 100',,Sale 993155100351
1941-1943 Ile 13 100',,Sale 99144 100145 87
.
Treasury 804'
97142 97442 049
Treasury 814e_June 15 1046-19414 J D 972.42saie
Range
Since
Jan. 1.
947
and interest"-except for income and defaulted Donste.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 5.
..i
IE
-.a.
Price
Friday
Aug. 5.
Week's
Range or
Lail Sale
.4
F ,1
di 5a
Range
Slice
Jas. 1.
Rid
Mob No Low
Asa (411.
High
HOS
Cundinamarca (Dent) Colombia
1959 MN 123 Sale 12
3 8 17
13
94314101 11n
34
4
5
External a t 830
873 100
98151101130 Czechoslovakia(Rep of)85_1951 A 0 973 Sale 95
4
4
4 21
973
1952 A 0 9512 9612 94 July'32 __-9711145 ante
Sinking fund tie set B
70 10012
8634 16 0534 90
100155 10145 Denmark 20-year eat]fle__1942 J I 85
4
863 08412
4
853
78 Sale 78
1955 F A
4 31
59
793
External gold 1534e
4
6912 64 a474 71
98351 103135
External g 430_Apr 15 1902 A 0 683 Sale 67
981054 101445 Deutacbe Bk Am part cif 68_1932 M S 8252 Sale 82
8
57
857 363
3
865
94 1031 r4 Dominican Rep Cult Ad 510'42 NI 8 4414 50
2
3615 5512
4441
444
1942 M 8 43 Sale 3912 June'32'---89104510211n
50
2d series of 548
35
424
1940 A 0 43
30
4218
45
I
1s1 set 514a of 1928
87335410013n
45
2853 4l
43
4
4114
44
20 series sink fund 510_21940 A 0 43
8244 9741
17
4
213 50
50
873455100355 Dresden (City) external 721_11445 M N 50 Sale 47
4
7912 975
9618 76
88144 1005a Dutch East Indies eatl 88_11447 J J 9618 Sale 9414
40_322a2 external 60
98442
83
7514 9413
93141 10
___ 9214
1962 M 13 91
7413 91
-Mar 1953 M 8 953 97
4
893 July'32. __
4
-year ext 610
30
Stal• and City asturItia..
26
91
75
91
80-year ext 534a____Nov 19531d N 91 Sale 90
____ 92 Nov'30 ____
2
61
20
45
---- El Salvador (Republic) 845_1948 J 3 40 Sale 44
N Y C 348 Corp etk__Nov1954 MN
11
3212 41
44
834,
1967 J .1 4218 4414 424
---- Estonia (Republic of) 76
9234 Apr'31 ____
1955 51 N ---SIN ---- -- --_ 10012 Apr'31 ___
1936
0 registered
61
a
657
50 July'32 ---Fi 1 d (Republic) eat! 80_1945 M S 5314
__ _
1955 515 --- _ _ __ 9912 july'31 ____ .._ ____
is r egI0tered
62
4
8
603
12
3
60 4
External alining fund 75.._1950 M 8 .5914 Sale 5,
1957 MN ---- __ 102 May'31 ------------External rink fund 6 30-1956 m 5 55
a% corporate stock
___
567s 514
04 57
4
554
9
1957 NI N - ___ ____ 9812 Dec'31 ____ -__ ---64% corporate stock_
8
3514 944
544
External rink fund 510.-1958 F A 5414 Sale 50
44% corporate stock--1957 MN 2
_
4
404 5414
109 a1ay'31 ____ ____ ____ Finnish Man Loan 648 A 1954 A 0 493 Sale 4912
513
4
1958 MN ---- ____ 10012 Apr'31 --__ ---- ---a% corporate stock
141154 A 0 4914 __-- 4812 July'32 -__
,
541
40
External 830 wales B
1959 M N ---- ____ 10012 Sent'31 _-__ ____ ____ Frankfort(City of) Ott 10_1953 W1 N
4% corporate stook
33
44
3018 Sale 2918
1418 33
165 1105 12312
120
4
0
8
117
434% corporate 111 ek- -1960 81 5 -- -- ____ 9912 Oct'31 ____ -...._ ____ French Republic ern 730-1941 J D 1193
__
I983 NI F 86 a10871 118
8 114
19493 0 114
436% corporate stock
____ 1123
10614 Dec'30 ____ ____ ____
External Ts of 1924
64% corporate stock _ __ _1905 J D -------- 10513 Dec'30 ____ __ __
New York State 430
_ ---1963 M 9 -------- 112 Jan'31 ____ __ ___ German Government Interns4712 896
4
24
Vona! 35-yr 534s of 1930_1985 J D 463 Sale 4312
5112
Foreign 040. 85 Municipals.
1949 A 0 6814 Sale a67
8
413 73
r705 475
4
German Republic exti 7a
1947 F A 2718
Agri° Mtge Bank of Co
34
_ 33 July'32 __
22
German Prov ACommunal like
Sinking tund es A__Apr 15 1948 A 0 2718 14
301 101
ii 27
5
2212 34
27
3312
(Cons Agile Loan)830-1958 1 D 2912 Sale 26
1963 M N
Akersh us (Dept) ext 5s
6
5
2818 60
38
497 64
4
62
62
60
1954 M N 38 Sale 3612
53
Gras (Municipality )8s
Antloqula (Dept) eel 78 A 2_21945 J J
8912 10614
3
5
1612 Gt Brit A Ire(UK of)510_1987 F A 104 Sale 10312 10412 265
1043 13
1012 r123
4
1945 J J 10 Sale 10
External a 1 70 ear 13
F A --------10414 July'32 ---, 0100 10114
3
104
6
157s
Registered
1945 J J
External a f Ts ser C
•4 Sale •a7418 a754 10 04158 417773
4
33 15
9
'
13
914 July'32 ____
04% fund loan Lout 191
0
30-159
19451 1 914 12
External 017, stir D
8
93
10
8
4
23 15
'5% War Loan £ opt 1929_1947 J D 407014 Sale 4/0913 a7014, 15 ea6.514•077
1957 A 0
External a t 7s let ser
92
9812
70
4
812
8 12 812
4
8
9
1212 Greater Prague (..-ItY) 710-1952 I'd N 9018 95
95 1
External sec a f 78 20 ser_1957 A 0'
884
17
4
4
44 144 Greek Government a f aer 78A964 MN 3234 333 34 July'32 ---83
5
712 Sale
712
12
22, 15
48
22 Sale 19
1968 F A
External see a f 70 3d Her- -1957 A 0 1 8
812 812
7
4
9
14
Sinking fund sec (Is
7
72
1952 A 0 701 sale 70
52
70 131
Antwerp (City) external 531-1938 J IS 80
4 a64
3
817
82
8
817 Haiti (Republic) a t 65
81
164 3712
3712' 23
4rgentine Govt Pub Wke 88_1960 A 0 037 Sale 37
8
353
1946 A 0 37
39
344 61
4053 29
Hamburg (State) 65
4415
20
35
Argentine Nation (Govt of)lieldelberg(Germaoy)ext1 7540603 i 351 334 35
554
493
4412
8 18
34
Sink funds es of June 1925-19591J D 3612 Sale 37
52
97
35
4
41
8718 Helsingtors (City) ext 8 48_1960 A 0 483 50
11
1018 254
22
8
EU! a 1 in of Oct 1925_1959'A 0 03612 Sale 0364
3418 67
Hungarian Manic Loan 7348 19413 1 22 Sale 197
4012 51
95 25
1957 M s 3714 Sale 37
21
Ent a f Be series A
405
6
8
4
8 76
343 88
21
External o f 74_ .Sept 1 1948 J i 22
23
5
3.114 87
34
21
17 r35
External ee series B__Deo 19683 0 3612 Sale 303
4012 108
Hungarian Land M last 7.10 '81 WI N 34 Sale 30
1434 33
3458 87
17
32
33
Ex%) a f fis of May 1928__J980 M N 37 Sale 3614
34
4053 19
Sinking fund 730 set IL _ _1981 61 N 33
38
111
1812 58
8 48
External a 16,(State RY)-1960 l'n 5 384 Sale a3614
3418 87
407
Hungary (Kingd of) of 710.1944 F A 038 Sale 3418
lee' F A
7612 Sale 7612
Extl illii Sanitary Works
2 a139
8 74
7612
341 87
405
7912
8
State Intl of 56_2_1980 M N
38 Sale 365
Idea Free
4
953 162 a82
Extl es Pub wks MaY'27)_1981 M N 3034 Sale 3634
3413 87
95 4
15
40
3
Italy (Kingdom of) exti 78_1951 J 0 94 Sale 92
37
9212 11
35
Public Works exti 510_1982 F A 3412 sale 3312
5014 100
3058 591 Italian Cred Consortium is A '87 M 8 9212 Sale 90
9
8 20
873
8612
Argentine Treasury 58 Z-1945 M S 44 Sale 41
4
7012 873
41
4518 30
87
e
External sec a(loser B__ _1947 M S 863 90
79
55
42
79
77 Sale 7514
1184 74
Auatralia 30-yr 58_ -July- - 1955 J J 7214 Sale 71
15
7214 302
Italian Public Utility en'78_1952 J J
653 237
4
External 56 of 1927_8ept 1957 M S 7214 Sale 71
7212 149
5212 84
4612 74
Japanese Gov 30-yr s f 810_19114 F A 63 Sale 63
535a 100
434 7314
41
65
d
0738
162
Exti oinking fund 530_ __ _1985 1 N 5212 Sale 51
External g 44s of 1928_5..1956 rd N 65 Sale 6418
1943 J D 88 Sale 85
Austrian (00,0 a f 7e
3
62 8 98
48
90
Jugoslavia (State !vitae Bank)
43
29
3912 33 July'32 ---,
1957 A 0 37
19573 J 3814 Sale 37
Internal of 78
4
20
403 116
55
Secured of g 78
1611 334
38 18
2
3818 Sale 38
Lelpslg (Germany) of 75_2_21947 F A
Bavaria (Free State) 630_2_1945 F A 4514 Sale 40
4514 Lower Austria (pray) 748_1950 J D 3812 Sale 3812
33
3812
22
4514 54
7
50
Belgium 25-yr 0:110 34,
1949 M S 997 Sale 9912 1003s 171
8 10412 10
983 10412
8
4
83 101
-year 89_1934 M N 10412 Sale 1035
Lyons (City of) 15
External a 1 83
1955 J J 9072 Sale 964
80
s
987 131
8
947
External 80-year at 7a__ _1955 i D 1043 Sale 1044 10514 162 9114 105 8 Marseilles (City of) 15-yr 88_1934 Si N 1044 Sale 104
10418 10
983
01054
5
4
7
10 1
8
I815
Stabilisation loan 7,
1014 10
10
4
Medellin (Colombia)830......1954 J D
914 105
1956 MN 1013 Sale 10418 1047 117
8
Bergen (Norway)312 218 Feb'32 ---2
24 314
Mexican Irrig Asstng 430_1943 MN
Ent sink fluids 54 __Oct 151949 A 0 ; 62
__
86
55
70 68 July'32
Mexico (US) call 5.9 of 1899£ '45 Q J --------28 Apr'30 ---- ____ . _
External sink fund 5o_.,1980 M 5 . 82
2 alay'32 ---2
5
212 _
1945 ---40
70
Assenting 53 of 1899
SO
70 July'32 ____
112 5
Berlin (Germany)of 6,41_ _1950 A 0 *3114 Sale 3114
212 I4 111 May'32 ___,
31558 334
31
33
Assenting 5s large
2
External, I 63-:-J1113 IS 1958 1 D 30 Sale 267
5
14 5
2
33
8
Assenting 48 01 1504
15
30
156
Bogota (city) exti of 813_2_21945 A 0 it 14
4
23
,
5
4
23
24 43
4
23 Sale
Asaenting 4s of 1910
157 1514
4
4 11
63 022
4
153
Bolivia (Republic of) extl 88_1947 NI N I 6
212 July'32 ---2
6
4
2
---61
614 22
. 6
314 10
assenting 48 of 1910 large
External secured 711 (fca0.1958 .1 J t 44 Sale
178 July'32 ---153 415
---- ---- ---41 4
15
21.5 81a • Assentiug 48 of 1910 small
5
External a f 70(flat)
1969 Al 8 v 41x Sale
258 3
412 19
4
2
812
Trees es a'13 assent(large)'33 J J --------3 June'32 ---4
Bordeaux (City of) 15-yr 88_1934 MN 10412 Sale 104
5
214 5
Small4
9844 10412
10412
4
7614 336
- 0 753 Sale 7144
4
574 764
Milan (City, Italy) 4340 630 1952 A Brasil(U riot) external £4
1941 I D 203 223 2012
8
4
2212
4
8118 Daffier. Genies (State) Brasil
18
External a f 810 of 1920 1957 8 0 184 sale 18
11
8
8
1812
1958 M 8 10 Sale 10
1934 32
1312 r2512
External s 1 8345
External Of 630 of 1927 _1957 A 0 17 Sale 17
8
1118
84 17
1112 1012
1959 M S 10
3 58 a14
195
253
s
Ext1 sec 810 series A
75 (Central Ry)
8 71
1952 J D y 1413 Sale 1412
137
614 2814
121a 25
4
133 Sale 1033
NH 15
Montevideo (City of) 78_1952 J D
710(coffee secur) E(fia0_1952 A 0 I 725 743 73
13
19
614 25
8
1112 12
10
4
7318
3
851a 86
External 016,series A-1959 M N
1
Bremen (State of) exti 714-2_1935 M 5 , 45 Sale 92
1
127
301s 71
70
424514 24
26
4618 New So Wane (State) ant 58 1957 F A 6714 Sale 66
Brisbane (CltY) 81 511
4
1957 M 8 5512 5812 553
57
6S
63
297a 70
3
Apr 1958 A 0 67 Sale 66
8314 61
External a f Is
Sinking fund gold 50
18 Sale 553
1968 F A
84
3 25
70
733
8
4
78 Sale 767
58
32
1943 F A
32
6114 Norway 20-year esti Be
20
-year 8163
17
1950 1 D 16512 687 71 July'32
7
8
711a 844
78 Sale 78
1944 F A
37
71
2o-year external 88
Budapest (City) exti of es 1902 J D 27H Sale 2414
8 26
70
775
84
2718 64
8012 77
1952 A 0 77
1112 27H
30-year external Oa
Samoa Aires (City)830 2 111955 J 1 33
4.02 7g
15
75
333 , 2
3312 333
4
7512 7353
4
70
343 5
4 812
1965 .1 D
-year,t 5148
40
External s 1 ee ser C-3_.._1000 A 0 li 27H 35 34 July'32
7
8
8314 7814
737
7512 73
_
31
50
External of 50-Mar 15 1963 NI El 70
External a f es ser C-3
1900 A 0 i 27 17 35
304
7114 July'32 ---4
597 7112
313
a
2
7212 73
28
55
Municipal Bank esti a(58.11)67 J D
Buenos Alcoa (Prey) exti 6821901 NI 5 217 Sale 21
8
r243 109
4
4
80 July'32 -22
845 80
7114 74
21
874
Municipal Rank exti a f 58_1970 J D
En]s f 6 He
1961 IT A - 21 Sale 2112
34
24
55
34
15
82
2118 87
Nuremburg (City) exti 65_1952 F A 33 Sale 30
Bulgaria (Kingdom)a f 7e _ _1967 1 3 320 sale 20
21
4 22
483
3643 72
21
1953 NI 8 4814 Sale 047
10
34
Oriental Devel guar 65
of 730.
MN
fitabl'n
-Nov 15 1988
15
s
247 2412
8
4712 13
4
35
247
4
9 01412 we
6134
1958 MN 433 Sala 433
Extli deb 610
72
7112
5
60
75
Oslo(City) 30-year a f es- 1955 M N 7218 90
Caldaa Dept ot(Colomb140730 411 1 l X 12H 147 15
.
8
153
4
4
8
2014
Canada(Dom% of) 30-3rr 0_1980 A 0 . 82 Sale 8112
9712
56
821 158
2
95
97
95
71
83
Panama (Rep) en'53,4,_..19533 D 05
So
1952 NI N 1 Ms Sale 90
2
844
45
16
8
59
987 164
87
8
967
Extl a I 5s Bet- A May 15 1963 MN 5812 Sale 5712
1930 F A 965 Sale 9618
434e
9718 107
8
818
3
7
5
918
618 Sale
88
9718 Pernambucci(State of) exti 7,'47 M 0
Carlsbad (City) a IS,
1954 1 J 7012,, 7812 71 July'32
10 12 12
33 1458
4
61
90
1959 M S 1012 Sale 10
Peru (Rep of) external 7s
__583
Canes Val (Dept) Calm 73
0'48 A 0 1 1033 12
4
71
11
32
6
518
8
7
57 Sale
515 1912
Nat Loan exti of Be 1s1 ser 1960 J D
Central Agri° Bank (Germany)5
8 712
4 21
25
53
518 Sale
Nat loan extl e f ea 2d eer_1981 A 0
Farm loan a 1 711--80D1 161960 M S I 48 Sale a46
4312 112 a2518 r503 Poland (Rep of) gold 682_1940 A 0 5012 543 523
54
4
5
4
44
6014
4
Vann Loan a t 88._July 15 1980 3 J a 43 Sale 423
4
3912 5412
46
8 64
483
70
2114 46
Stabilization loan 4 f 75-1947 A 0 48 Sale 464
Farm Loan s f Be_Oct 15 1960 A 0 A 44 Sale 4258
45
30
98
4312 64
57
2158 45
1950 J J 5512 Sale 55
External sink fund it 8s
Farm Loan Co ser A Apr 151938 A 0 434 Sale 45
4712 66 *23
9
1058
814 le
5
4712 Porto Alegre(City of) i3e
1901 .3 D 103 Sale
1942 MN R11 Bale
Chile(Rep)-Ext 41 is
9
11
812
21
7I2 14
634 Sale
512 1112
412 19
EU]guar sink fund 710.-1988 J J
i
External sinking fund 6s_1060 A 0 i 7 Sale
7
37
128
17
:17
8
318 15
Prussia (Free State) eiti 830 '51 NI 5 367 Sale 33
19
9
External oinking fund 814._1961 F A a 715 Sale
7
177
35
1512 37
9
43
3
1952 A 0 3418 Sale 3214
9
148
External of as
1901 1 J ji 87 Sale
Ity ref ext1 of es
8
8
12
84
20
6014 90
3H 15
1941 A 0 8314 Sale 80
14
Queensland (State) Intl a 175
1961 M S712 91
Ext1 sinking fund 64
8
812
3
76
4
33
47
794
1514
1947 F A 76 Sale 71
25
-year external ea
19112 M 8 l' 8 Sale
En!i sinking fund Os
713
1212 18
Ve 1412
1903 M N IS 713 Sale
Exti sinking fund fle
758
3 1412 Rhine-Matn-Danube 78 A
24
5312 22
55
8
1950 M S 513 Sale 50
3
57
9
Chile Mtge I18 6343 June 80 1957 1 D k 1114 124 113
8
124 25
8
1214
4
7
21
10
20
Rio Grande do Bul exti s f 813_1948 A 0 1112 16
81 63o of 1928-June 30 1961 J D g 18
167 14113
8
1414
2
3
412 1114
718
614
713 Sale
808 r32
External sinking fund 85_1968 J I)
Apr 30 1981 A 0 1012 Sale 1012
Guar a f fle
1214 IS
714
8
22
5
4
1414
712 Sale
1512
1968 MN
External of 78 91 1928
MN 1212 Sale 1212
1982
Chun e f 8s
1212 18
3
13
4 16
5
73
712
4
73 Sale
158
9
External at 78 munic loan_1987 J D
612 Sale
6
1980 M S
8
Chilean Cons Munlo 7,
20
18
7
10
97
978
8
97 1058
212 13
Rinds Janeiro 25-year of 85_1946 A 0
4 t00
13
(Ilukuang Re)144. _1951 J I) 1214 1212 1212'.itily'32 ____
7
Chinese
712 21
652
5
4
123
65a Sale
1953 F A
External
63 A June'32 ____
Christiania (Oslo) 20-yr a lee '54 M 13 65
8014
62
S014 176
63
1952 A 0 813 Sale 7612
78
Rome (City) Intl 654'
8434 9612
11
9514
9614
Rotterdam (City) ext1 6a_1984 NI N 96 100
5
1950 IN 8 3434 Sale 33
Cologne(City)Germany 810
35
25
16 r38r2 Roumania (Monopolies) 70_1959 F A 377 Sale 37
4
285 58
8
378 11
1961 I J 32 sale 27
31
Colombia (Republic) es
30
1
1375 34
52
39
52
59
80
1953 J J 52
Saarbruecken (City) Be
1981 A 0 31 Bale 2614
23
30
External et I Os of 1928
7
16
38
12
1313 34
12 Sale 12
Sao Paulo (City) of 8s _Mar 1952 MN
27
colorable Mtge Bank 6 tie of 1947 A 0 28 Sale 25
14
8
1812 2711
4
712 84 712
6 r17
External et 6 4s of 1927.._1957 M N
2512 20
Sinking fund 78 of 1928-1948 MN 2512 Sale 2334
24
18
3
22
22
50
28
San Paulo (State) exile f 844.1938 .1 J 24 Sale
27 Sale 26
27
1947 F A
14
1212 13
Sinking fund is of 1927
8
28
18
1212 Sale 11
19503 J
2
812
External sec s f 813
71
70
1952 J D 64
70l
Copenhagen (city) 50
7
3
10
1112
18
1112
External a t 74 Water 1:12.1966 M S 1118 12
5511 72
68
Ms
683
17
1953 NI N 65
4 13
7
8H 28
712
25-Yr g 4 1411
48
712 Sale
69
1988 J J
External s f ea
14
8'
11 Sale
25
5814 36
Cordoba (City) eat) s I 75_ _1957 F A
46
84 34
85
1940 A 0 56 Sale 5514
Secured a 1 71
24 July'32 ____
81a 24
2 0163 4512
External of 7a-- Nov 15 1937 MN
4
17
4
2312 42w Rep)78.1942 M S 1718 19 al63
48
Santa Fe (Prov Arg
4
.2253
4
3 96
417
Cordoba (Proy) Argentina 7e '42 J J .2253 Sale 25
3
1612 43
8
214
Saxon Pub Wks(Germany) is'45 F A 417 Sale 3912
29
8
2412 245
80
38
8
Coeta Rica (Repub) exit 7s 1951 M N 27 Sale 27
13
38
1951 M N 374 Sale 355
Oen ref guar 6
9912
54 011904-1944 M S 002 92 090
5012
3
4
5012
7833 r98
Cuba (Republic)
27
012
5
Saxon State Mtge Inn 78_2_1945 J D 504 80
. 9112 July'32_,,,
3914
External 541 of 1914 am A I949 F A
5
394
2112 424
9218
83
Sinking fund g 810Dee 11)463 D 414 50
8
745 78
32---50
30
3812 22
External loan 44e ser C.._1949 F A 91--- 6912 JU1Y'
52
74
Serbs Croats ac Slovenes 84-1982 M N 364 Sale 36
3
1953 J .1 75 Sale 733
75 I 17
32
32
31 Sale 30
25
Sinking fund 614e Jan 15
68
47
80
liarternal sec 7s set 13_2_1962 M N
391s 37
58
4
403
I
Public wks 510 June 30 1945 J D 3915 Sale 3312
a Deferred delivery.
r Cma sale • 01 the exchange rate of 81.3885 to toe £ sterling
1 p., 4., saio won
Lott
948
New York Bond Record-Continued-Page
_
BONDS
N. Y STOCK EXCHANGE
Week Ended Aug. 5.
Pelee
Friday
Aug. 5,
Week's
Range or
Lan Sate.
Range
Sines
Jan. 1,
BONDS
N. Y STOCK EXCHANGE.
Week Ended Aug. 5.
2
t
.i
Week's1 Range
Range or
filsed
PO
Last Sale, 0
Jan. 1.
-- ----Foreign Govt. &Municipals.
Bed
Ask Low
Low
Ilfga No.
Mot
Hob No. Low
Ma
Ask Lew
Si'eels (Pro, of) ext1 731
Riga
1958 3D 36 Sale 36
2518 47
11
37
Chic Burl dr Q-111 Div 3348.1949 J J 81
8212 81
8238 15
73
84
ElDeena Landowners Assn 843_1947 FA 34 Sale 33
34
1312 34
22
Registered
J 1
78
MN 10418 Sale al0358 105
20
78
Soissone (City of) ell'6s
78
76
1938
97 1064
6
1111no18 Division 4e
1949 J 3 907 Salo 9018
8
8
91
76
91
Styria (Pro,) external 7e_ --19413 FA
31 Sale 2412
31
22
12
42
General 49
1958 M B 8818 Sale 85
8812 56
74
Sweden external loan 534E1_1954 MN 897 Sale a8913
865
8
8
75
903 119
92
4
1st & ref 434e per 13
1977 F A 817 Sale 81
A 8
8
17
Switzerland Govt exti 634e_.1946 F 0 10312 10412 10312 1043
74
82
8814
4 28 101 10512
let & ref 519 series A
1971 F A 8512 90
8814 42
994
68
87
Sydney (City) t 534e
1955
5814 Sale 58
34
613
8 39
644 Chicago & East Ill IN 6e
1934 A 0
70
60
60
2
41 12 7012
CA E III fly (new go) gen 54_1951 MN 60
912
13 Sale
13
74
Taiwan Eleo Pow e f 530-1971 J J 48 Sale 4312
6
17
48
3518 67 4 Chic& Erie let gold 58
24
8
80
1
797 87
8512 80
s
Tokyo City 513 loan of 1912_1952 M S 36
80
29
38
36 July'32
6614 Chicago Great Weet let 48.1 5 1
9 P1
1V) d
403 Sale 3812
41
4
94
24
External e f 534s guar
562
5112 50
1961 AO 4938 Sale 49
70
36
Chic Ind dr Lonny ref 5$
1947J .1 31
35 July'32 __-32
50
60
Tolima (Dept of) esti 7e
1947 MN
10
1478 10
512 18
RefundIng gold 58
1947 J 1 30
4512 35 June'32 ---N 59 Sale 567 July'32 24
TronAhJem (City) let 53441-1957
50
35
6114 59
8
59
Refunding 4e Berke C
1947 J 1
_ 91 Apr'31 -- -Upper Austria (Prov) 7e
1945 3D 3814 Sale 37
4
382
41
4
16
let & gen foi aeriee A
1966 191 N
1534 27
20 -1/ -4i
21
24
External s f 6148-Julle 15 1957 3D 2714
152 3812
4
1
1st & gen 68 Der B___May 19663 J 22
20 July'32 ---28
40
18
Uruguay (Republic) e1t1 8E1_1946 FA 33 Sale 3112
33
50
29
4
Chic Ind & Sou 50-yr 4e
1956 .1 J 45
69
80 Mar'32 ---80
External 916e
80
1960 MN 263 Sale 263
4
27
8
204 3514 Chic L S A East let 4 Ne
33
1989 3
N
9914 93 Dec'31 --Extl e f es
May 1 1964
-263 29
4
263
22
4
31
27
347 Ch M & St P gen 431 A.May 1989 J 0 61
8
J 5818 6312 58
2 -99- 17
5814
-Venetian Pro, Mtge Bank 7e '52 AO 88 Sale 88
8012 9112
3
89
Glen g 3 Ns ser B_May 19893 J 45
4818 53 June'32 ---68
Vienna (City ot) exti of 8s__1952 MN 50 Sale 495
51
31
8
46
52
4543
4
Gen 4348 melee C__. May 1989 J J 5812
72
57
21
60
Warsaw (City) external 78._1958 FA 3614 Sale 3512
37
223 4
8 514
12
Gen 434e aeries E___May 1989 3 3 5812 Sale 58
61
5812
6
60
Yokohama (City) ext1 8e_ __1961 J o 5312 Sale 5012
52
71 12
6312
40
76
6
Gen 43(e series F__May 19893 3
6018 64
73
824
57
7
6214
Chlo Milw St P & Pao 58
1975 F A
223 Sale 22
4
8
137 42
Railroad
8
247 513
ConeA
Jan 1 2000 A 0
614
514
612 225
4
27/1 113
Ala lit Sou let cons A 5e____1943 J o
105 Sept'31
Ode & No West gen g 3343_1987 MN 4712 Sale 4578
4712
4012 81
Sale
8
let cone 4s tier B
1943 J o
80
838k
8012 Feb'32
78
Registered
Q F 3912 .._
4178
4178 10
Alb & SUlej let guar 33413_1946 AO
41%8 417g
6712 72
71
2
71
General 4e
1987 51 N 52 Alin; & West let g en 49
55
36
70
52
5212 34
1998 AO
71
Feb'32
71
71
Stpd 48 non-p Fed Inc tax '87
6812 504 July'32 --52
Alleg Val gen guar g 4e
1942 M
4614 70
35--- 8118
82 - 3
83 4
78
8118
89
6
lien 431e etpd Fed Inc tax _1987 51 N 62
MN
80
5812
Ann Arbor let g 43i__ __July 1995 Q J 26
50
6212 14
72
30
1314 26
25
25
8
Gen 58 etpd Fed Inc tax_ 1987 5 N (13
1
A tch Top & 13 Fe-Oen g 4E1_1995 AO 88 Sale 87
8
68 642
83
67
9
50
8814 244 a7412 91
Sinking fund deb 56
AO 845 Sale 844
1933 M N 64 Sale 6018
Registered
64
51
95
85
8
77
84 8
5
1
8612
Registered
M N __- 60 60
Anjustment gold 4e__July 1995 Nov 804 Sale 80
60
75
2
60
70
82
8412
18
15-year secured g 63.4e ___1936 M 8 70
N 8112 Sale 8058
7914 67
Stamped
7258 10
5212 87
July 1996
63
82
85
46
IN.ref g /81
May 2037J D 25 Sale 234
MN
Reentered
2058 56
17
57
78 78
72
78
80
4
let & ref 4 Ne
May 20373 D 24
Cony gold 46 of 1909____1955 in 7314 75
1512 46
2438 41
72
73
9 80 84
let & ref 4 Ns eer CAlay 2037 J D 23 Sale 20
Sale 204
Cony 4s of 1905
1955 3D 74 Sale 73
2412 71
60
16
74
8314
46
Cony 434* series A
1949 MN
1618 Sale 14
Cony g 4e lame of 1910_1980 3D
1634 809
8
39
75
74
Jan'32
7414
Cony deb 434s
1948 3D
83
68 094
843
4 48
Chic R I & P Railway gen 48 1988 3
3 6753 Sale 6712
Rocky Mtn Div let 419_1965• J 75
1
68
80
53
79
89
82
2
75 July'32
5
Reentered
J J
73
71 Nov'31
771g
Trans
-Con Short L let 48_1958 ▪ J 88 Sale 88
88
2
Refunding gold 48
1934 2
317 Sale 297
8
8
Cal-Arie let & ref 4348 A..1962 MS 87
3414 312 -i5- 73
91
90
80
9214
2
00
Registered
All Knox, & Nor let g 5s 1948 J O 61
9614 Apr'31
95 10312 Feb'31
Secured 4 Ns series A
2812 Sale 28
At!& Char! A L let 4 Ne A 1944• J 6514 85
63'4
IS
3014 113
6114 85
64 July'32
Cony g 4 Ns
itill
01
16 Salo 15
let 30-year Se «erica 13
1944 33 71
10
50
17. 444
80 80
60
2
80
90
Ch St L & N 0 58_ _June 15 1951 J D
62
Atlantic City let cons 48_ _1951 J J 60 ___ 89 Mar'31
75 62 July'32
75
46
Registered
J D 4012 957 6412 May'32
AB Coast Line let cone 48July'52 MB 724 Sale 68
8
0412 6412
(3014 8518
74
97
Gold 33.48
June 15 1931 J D 4014 60
General unified 4146
8512 May'31
1964 3D 63 Sale 5512
4412 82
7
554
Memphis Dl, let g 4e____1951 J D
LAN coil gold 4e____Oct 1952 MN 5112 Sale 45
68
1
5812
45'l 89
65
25
5812
5112 37
Ch St L & P let cone g 5s1932 A 0 51
993 ___ 997 July'32
jul & Dan let g le
4
9914 10014
1948 3, 16
8
183 1612 July'32
4
15
35
Registered
A 0 995 ____ 97 June'32
8
2d 4e
814 12
1948 .1 .1
97
10
97
9
10
1
30
Ohio T II & So Eant 1st 5s1960 J 0 42
Atl & Yad let guar is
Sale 3514
46
19
42
30
1949 AO 19 Sale 1834
7
19
4
19
Inc gu 58
Dec 1 1980
Amain & N W let gu g 513_1941 J J
4
1212 37
297
8 45
9212 104 Mar'31
Chic Un Sta'n let gu 4 l‘e 4_1963 51 S 292 Sale 26
J J 8912 91
94
88
83
21
90
let 5s series B
Halt & Ohio let g 4e___July 1948 AO 76 Sale 75
19633 2 993 Sale 9838 100
4
90 1024
65
58
76
8612
33
Guaranteed g 138
1944 J D 934 Sale 93
Registered
99
July 1948 Q
65
92
933
4 10
72
81
65 July'32
55
let guar 8lie series C'
19633 J 110 Sale 110
20-year cony 434e
1933 MS 5812 Sale 4912
11018 12 100 11114
31
60 8 712
87
3
Chic & West Ind con 4e
1953 J J 63 Salo 61
Refund & gen 59 eerlee AA995 3D 3812 Sale 36
79
55
243 714
4
40
285
0314 44
let net 53-4e aeries A
1932 M S 6518 70
let gold 5e
July 1948 AO 843 Sale 84
874
63
22
4
70
55
6312 965 Choc Okla & Gulf
84 4 43
3
8
Ref & gen 6s seried C____1995 3D 46 Sale 4012
60 80 Dec'31
30
793 Cin R & D 2d gold cone be_ 1952 M N 40
4
4812 165
4341
PLEA W Va 8ye ref 4e__1941 MN 68 Sale 8412
1937 J 3 66
89
90 May'32
-56- 90
80 0 I St L & C let g 4o
11 a45
66
.Aug 2 1938 Q F 72
Southw Div let 549
95
7018 July'32
1950 3, 68 Sale 6718
135
70
4018 8212
70
15
Registered
Aug 2 1935'3 F
Tol & Cin Div let ret 48 A_1959 J J 51 Sale 4724
85 July'32
85
313 62
85
4
51
22
Cin Leb & Nor let con gu 46_1942 M N 50
Ref & gen 58 eerie/ D...204)0 MS 38 Sale 3578
77 May'32
78
40
25
71
77
165
Cin Union Term let 4 ha _ ___2020 J J 56
F A 273 Sale 264
Cony 4 Ne
ii12 83 July'32
834 95
1960
4
2912 934
59
15
4
let in Sc settee B
2020
97 Sale 96
Bangor & Aroostook let 5e 1943 ▪ J 83 Sale 83
9712 35
934 99
70
83
83
Clearfleld & Mali let Cu
J
7712 9814 Apr'31
Coo ref 4s
1951
654 69
48
65
15
66
664 Cleve Cin Ch& St L gen 5e 1943 3D
4e 1993
67
70
Battle Crk & Star let gu 38_1989 J O _
6638
_ 61 Feb'31
66118 10
77
63
General 58 series B
__ 95
1993 3D
Beech Creek let gu g 4e
97 Nov'31
1(3313 J
i5
91
87
92 May'32
02Ii
Ref & impt (3e ser C
'
3 5912 65
1941
48
2d guar g 5s
49
1938 ▪ 3 73
2
99
83 100
48
Jan'30
Ref & Inapt be see D
1983 33 50 Sale 413
Beech Crk ext let g 3148_1951
50
2
84
40
88 Mar'31
Ref & Inapt 4 lie ear E
1977 3J 4214 Sale 4112
_
Belvidere Del cone gu 33413_1943• J
4312 57
2814 7112
Cairo
let gold 413
1939 33
--- 8524 -Ja- .55
Big Sandy let 48 guar
1944 J D 70
116; Cln WDivM My let g 48_1991 33 75 86 8038 May'32
85
75
ndi
61
60 July'32
BO8Lell & Maine let fie A C.1967 54 S 6214 - -8.; 03'5
594 70
43
Ot
66
7814
20
St L Div let coil Ire 4s
1990 MN ____ 68 65 June'32
let M en ee.les 2
N 6218 6514 605* July'32
65
1955
45
7412
77
Spr & Col Div let g 40
85
1940 MS 64
71 June'32
1st g 4Ne Per JJ
1981 A 0 6112 sale 60
46
74
614 15
714
65
W W Val Div let ir 48
65 973 July'31
1940 3, 35
5414 5414 July'32
13oeton & N Y Air Line let 4131955 FA 54
4
5112 75
Brune & Weet let gu g 49..1938 3 J 60
82 88
Oct'31
16_ C0C & I gen cons ge(3e__1934 3 80 87 0014
'
Briff Koch & Pitts gen g be1937 MS 50
Apr'32
94 10314
87 Apr'32
87
85
Clay Lot & W con let g 5e___1933 AO ___- 94
96 June'32
Congo' 434e
1957 MN 3712 Sale 3614
90
97
2611 81
38
57
Clevel A Mallon Val g 5e__1938 3J 50
90
01 Sept'31
Burl CR & Nor let & coil 5E1_1934 AO 56
834 CI & Mar let au 3 434e
40
55
8012 55
1
N
1935
9912 Oct'31
Cleve A P gen gu 4348 eer 13.1943 AO 90 3
,
91 June'32
Other's Sou cone gu 58 A._1962 AO 723475
72
893
752
4
8
7712 13
Series B 3Na
1942 AO 82%
97 Nlar'29
Canadian Nat 43fe_Se96 15 1954 M 5 8212 Sale 8212
68
8212
834
8
Series A 434e
1942 33 905* _ _ 98 Dec'30
30
-year gold 4349
1957 J 3 8318 Sale 817
734 8312
8278 83
8
Serial C 314e
MN 7614 ____ 763 June'32
1945
4
Gold 4 Ns
8214 Sale 813
1968
724 8312
3
8312 11
Series D 3 Ne
1950 AF 75
8618 Apr'30
Guaranteed g 5/3____July 1989 J 3 8812 Sale 8718 a883
80
90
4 49
Gen 4348 eer A
1977 FA
Guaranteed g be
79
4
4
1 -793
Oct 1989 A 0 8814 Sale 8712
8018 90
7634 -- 1
8 2
9
884 13
Cleve Sbor Line lit gu 4148_1961 A0 41
8Guaranteed g 15s
1970 F A 894 Sale 882
80
4
8718
8
893
4 23 a793 894 Cleve Union Term let 6 Ne._1972 AO 7412 Sale 8718 May'32
70
7412 35
Guar gold 4 h a _ __June 15 1955 3D 855 Sale 83 8
63 10312
8
75
855
855
8 33
8
5
let 815468d/3e B
1973 A0 85 8 llo 67
73 Sa e
58
75
51
Guar g 434e
8212 8314 814
8
8314
73
537 93
1958 F A
8214 22
let of guar 434: eerie,'
1977 • 0
835
8
6514
Guar g 434e
9
8412
65
Sept 1951 MS 83 sale 8178
8318 Coal River Ry let gu 48 C 1945 3D
75
83
68
70
82
82 May'32
Canadian North debit78_1940 J 0 10212 Sale 9 4 103
9058 103 Colo & South ref A ext 4
82
8812
111
92
MN
348_1936
76 Sale 75
78
25-year e f deb 1310
50
J 10138 Sale 995
60
914 102
1946
93
8
1013
8 54
Gaol in 4 Newt A
1980 MN 4912 Sale 4912
5214 20
10-yr gold 4 Ne___Feb 15 1935 F A
35
9512 Sale 9512
70
83
9618 Col & II V let ext ff 4s 9618 88
1948 A0 6814
75 Feb'32
Canadian Pao Ry 6% deb Nock_ -• J 66 Sale 6412
75
75
6712 93 04712 69 4 Col & Tol let ext 40
,
1965 P A 76
80
80 Apr'32
Coll In 4348
M 1 7512 7812 77
77
81
80
54
1946
7712 13
Conn & Paseum RI, let 449_1943 AO
90 Dec'30 _
Si equip tr ctfe
88
68
1944 J J 79 Sale 774
79
46
Consol KY non-eony deb 4s._1954 ▪ J 45 Sale 45
45
Coll tr g be
45
50
Dee 1 1954 J D 76 Sale 76
8112 8314
7712 31
Non-con• deb 49
1955 3J
46 July'32
Collateral trust 4348
5714
40
8014
1980 J 3 75 Sale 744
56
43
76
Non-cony deb 48
1955 AO
44 Dec'31
Caro Cent let cone a 4e
17
21
17
70
1949 J J
17 July'32
Non-cony deb 443
- 6614 45 Dec'31
.• 1
1956
Caro(3Inch &0 let 30-7r5/3_1938 3D 80
75
90
9712 75
75
1
Cuba Noe Sty let 534s_ .._ 1943
20 Sale 20
21
let & con g Sc eer A_Dec 15'82 J 0 86 Sale 65
IS
53
1694
14
67
Cuba RR let 50
-year 58 g
1952 33 32 Sale 31
343
Cart & Ad let cue 48
4 25
18
45
1981 J D75 80
Oct'31
let ref 7348 series A
33 Sale 314
1938
33
Cent Branch 1.1 P let g 48_1948
3
25
314
6114
47
1
Apr'32
38
30
let Ilea A ret 68 ser B
25
1938
37
27 July'32
Central of Oa let g 543__Nov 1945 -A
_ 65 July'32
5712
24
38
55 r81
Conan'gold fia
1945 MN 35 Sale 28
65
35
16
Del & Hudsonl et & ref 48..1943
20
7012 81310 7712
81
Ref & gen 5346 series B
50
83
87
1950 A 0 1712 1912 15 July'32
e
127 41
30
-year cony be
1935 A0 8612 Sale 90 July'32
Ref & gen 58 melee C. 1959 A 0 174 194 15 4
8212 el
1112 38
187
8 24
3
15
-year 514e
N 92 Sale 82
1937
92
42
7412 95
Chatt 131v our money g 46.1951 J D
75
75 Sept'31
D RR & Bridge let cue 44..19313 P A
90
Oct'31
_
Mae & Nor Di, let g 549_1948 J J
747 9314 June'31
8
Den & KG Int cons g 4e_ _1936 33 4212 Sale 4112
45
84 -55- 69
Mid Ott & AB Div Our In 56'47 J
-------- 10212 Nov'30
Corned gold 4 Ns
4212 55
1938 J
4412 845
4
3112 70
Mobile Div 1s1 g 5e
1945 3 J
95 Sept'31
Den & ISO Weet gen 5e Aug 1955"A
1314 Salo 1114
1312 198
6
38
Ref & Impt fe ser 5_ -.Apr 1978 AO 2012 Sale 17
21
182
cent New Eng let gu 4s
818
19131• J 60
4912 73
62
587
8
4
8112
Des M & let D let gu 419
1935
8 Feb'32
212 10
8
8
Cent RR & Bkg of Ga coll 5e 1937
N _ _ 3672 37 July'32
35
50
Cernticatee of dampen
2
3J
8
4 Feb'32
3
Central of NJ gen gold 5e
1987 J 3 gi Sale 85
75
98
88
Dee Plaines Val let gen 4340.1947 M
16
99 Mar'30
Registered
1987 Q J 76
71 r94
92
78 July'32
Det &Mao let Ilene 48
J
1955
24 Apr'32
24
General 4e
o
1987 J J 72 Sale 70
65
37
82
72
Gold 48
1995 3D
25 Mar'32
25
Cent Pao let ref au g 4e
25
1949 FA 75
80 a74
7512 46 a4712 85
Detroit River 'Tunnel 43491_1981
7811
N 714 7812 7812
1
71
Reentered
P A _
71_ 9914 July'31
89
Dul Missabe & Nor gen fie ..1941 J J
98 too
Through Short L let en 481954 AO Z5T2 -56- WI, Dul A Iron Range let Si.,...1937 A0 94 07 100 July'32 2 94 100
6512 July'32
94
9418
Guaranteed g 599
1960 F A 5814 Sale 5312
30
79
54312
Dui Sou Shore & Atl 15...A937
' 18
3
4
204 203
203
4
17
1
Charleston & Seel] let 78_1936 J
-_ 111 June'31 52
3312
East Ry Minn Nor Div let 46'48 AO
_
70 July'32 _
70
70
Chee & Ohio 1st con a 5s
1939 M N i5 - 1 6 102
95 101- Eaet T Va & Ga thy 1st be_1936
103
30
N 78 Sale 7012
78
8
65
87
Reentered
1989 MN 9918 102 100 July'32
977 1001 i Eigln Joliet & East let 3 611 1941
s
N
80 July'32
80
95
General gold 434e
1992 M 81 90 Sale 887
7018 934 El Paso AS W let 58
8
9018 62
1985 AO
98 Sept'31
MS 86
Registered
88
83 Feb'32
83
Erie let cony g 4e prior
68
72 4 6934
)
1996 J
6914
1
ao /512
1993 A 0 79 Sale 79
Re! A !met 434e
1
79
6012 85
Reentered
5712 June'32
1996 33
5712 864
.2 J
1995
Ref & Rept 4 Ne ser B
71312 Sale 78
60
8614
let comic)l gen lien g 4s
7814 30
1996 J J 45 Salo 4412
46
41 4E2812 834
_ 9852 993 Feb'32
Craig Valley let 5: .May 1940 J J _
9914 993
4
4
Registered
39 July'32 _
1998 J
30
58
Potts Creek Branch let 48_1948 J J 62
85
045 Aug'31
8
Penn colt trust
1951
99
IR
911
99%
R & A Div let con g 48_1989 3 3 77% 793 78 July'32 _
4
-72- - ; 50-Year cony 48gold 49 1953 FA 'tieT Sale 99
0
AO 294 34
series A
30
3414
17
20
5111
2A consol gold 4e
1989 3 3 55
64 July'32
84
79
Berke 13
1953 A0 294 ____ 2812
34
15
22
49,
8
Warm Spring V let g 513_1941 M S_ 043 Mar'31
4
Glen cony 4s series D
574 Aug'31
1953 AO
Chle & Alton RR ret g 343_1949 A 0 45 Sale 41
45
23
3388 18
Ref A. imot fa
1967 MN 22 Sale 20
23
134 194
300
8Raiircag Bret lien 3 Ne_ -1950 J J
June'32
794
75
7914
Ref A !EMU 64 of 1930
4
1975 AC) 213 sate 1912
2314 442
13 4 49
,
Erie A. Jersey let e f fie_ _ _ _1955 ▪ .) 774 83
7618
773
8
67
5
93
Geneeeee River let If 68._1957
.• 1 75
794 76 July'32
75
91
r Caen sale. a Deferred delivery
01.2
Peke
Friday
Aug. 5.
2
4
4ve
New York Bond Record-Continued-Page 3
BONDS
F.!'8
N. Y. STOCK EXCHANGE.
Week Ended Aug. 5.
4a,
Prize
Prickle
Aug. 5.
Week
Range or
Las; Sale.
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 5.
949
Price
Friday
Aug. 5.
Week's
Range or
Lass Sale
;.
Range
Since
Jai: 1.
BM
Ask Low
High No. Low
ROD
Erie & Pitts g go 3345 serB1940 _ J
83 Jan'32
5712
83
83
1940.3 J
Series C 3445
8612 July'32
8612 t4612
Pia Cent & Pen let cons g So '43 J J
40
35
30
35
6212
3
Florida East Coast let 4440_1959 .1 I) -831.2
52 July'32
43
60
1974 M S
let & ref 58 scries A
4
5
44
44
5
3
712
Certificates of deposit
212 5
212 June'32
212 84
Fonda Johns & Gloy let 444s 1952 M N
712 10
812 July'32
5
17
5
712 6 July'32
(Amended) let eons 4346-1982 MN
518 94
Fort St U D Co 1st g 414e__1941 J J
Oct'31
- 96
Ft W & Den C Ist g 5411_I g61 J D 60 161- 81 May'32
2
81
82
Frem Elk & Mo Val Sat 60_1933 A 0 74
82
90 June'32
864 96
Gal, Hous & Hand let be___1933 A 0 35
64
3212 July'32
& Ala RY lot cone bs Oct 1945 J .1
812 53
812 June'32
Oa Caro & Nor let gu g 58 '29
Extended at 6% to July 1.19143 3 2018 25
2018 July'32
Georgia Midland let 3s
1946 A 0
293 30 July'32 _
4
(1ouv & Oswegatchle let 5s_1942.3 D
100 Jan'31
Or R& I ext let gu g 43.4e_.1941
J 7614 ____ 7514
82
13
Grand Trunk of Can deb 70_1940 A 0 102 Sale 9952 102
157
-year f 6e
1936 M 5 983 Sale 9738
15
4
99
47
Grays Point Term let 5s
1947 3 D
06 Nov'30
Great Northern gen 70 aer 4.1938.3 .1 6614 _..65
68
306
Registered
J
9712 Oct'31 let & ref 44e series A____1961 .1
.1 -i5T2 75
30
General 514e series B____1952
J
56 Sale 5412
7653
75134 26
58 2
General Sc serlea C
1973 .1 J 54 Sale 52
5418 56
General 4 lie Krim I)
1976 J .1 5012 Sale 4814
513
4 19
General 4145 series E
1971.3 J 51. Sale 50
51
35
Green Bay & West deb Me A___ Feb
40
6712 Apr'31
Debentures etre 11
Feb
23
4 7
2 May'32
Greenbrier Ry let as 40____1940 M N 80
90 953 Mar'31
8
Gulf Mob & Nor let 5413_1950 A 0 3014 Sale 3014
3014
lot M 58 series C
1950 A 0 25
35
2412
2412
1
Gulf & S list ref & ter be_Feb '52 J
22 May'32
18
Hocking Val let cons g 440_1999
J 83
86
83
83
Reglotered
1999
J
_ 10013 Apr'31
Houeatonic Ily cone g Se
1937 MN
88
7912 July'32
LI & TO lot g Saint guar
1937
J 8512 90
8518 Apr'32
Ilouirton Belt & Term lot 58_1937 J J ---- 833 85 July'32
4
Houston E & W Tex 1st g 5,1 1933 M N 021
90 June'32
let guar be redeeinable
1933 M N 93 Sale 93
93
Ilud & Manhat let Is aer A.1957 F A 7714 Sale 7313
7714 88
Adjustment income ISs Feb 1957 A 0 4712 Sale 4412
474 69
Illinois Central lot gold 4e
1961 J J
lot gold 344e
1951 J J
Registered
J
Extended let gold-340_1951 A 0
let gold 3,1 sterling
1951 M S
Collateral trust gold 48_1952 A 0
let refunding 46
1955 M N
Purchased lines 314e
1952.3 J
Collateral trust gold 4e
1953 M N
Refunding be
1955 M N
15-year secured 6446 g
1936 J J
60-year 414e
Aug 1 1986 F A
Cairo Bridge gold de
19503 D
Litchfield Div let gold 38_1951 J .1
Louise Div & Term g 334E1953 J .1
Omaha Div lot gold So.. .1951 F A
St Louis DI,& Term g 85_1951
Gold 3446
1951.3 .1
Springfield Div let g 3145_1951 J .1
Western Linea let g 40
1951 F A
Registered
F A
ill Cent and ChM St L & N 0
Joint let ref 5e series A _1943 J D
1st & ref 4 4s seder' C___1963 J 0
Ind Bloom & Warn let ext 45_1940 A 0
Ind III A Iowa let g 46
1960
.1
Ind & Louisville let Fal 48_._19563 I
Ind Union Ity gen loser A._1965 J J
Gen & ref its series B
1965 J
lot & Grt Nor let Os oar A 1952 .1
Adjuatment Os eer A_July 1952 A 0
let 58 series B
11/56 J
let g be series C
19553 J
Int Rye Cent Amer let 5e 1972 PA N
let coil tr 6% notes
1941 PA N
let Hen & ref 644e
1947 F A
lowa Central let gold Se
1938 .1 D
Certificates of deposit
.1 D
tat & ret g 46
1951 VA
James Frank & Clear let 4s 1959 J
Kal A It
It let gu g Se
1938 J
Kau & M let gu g 45
1990 A
C Ft 8 & M Ity ref g 4e
1936 A
Kan City Sou let gold 3s_1950 A
Ref & !rapt 56
Apr 19503
Kansas City Term let 40_1960 J
Kentucky Central gold 49_ 1987J_
Kentucky & Ind Term 446_1961 J
Stamped
1961 J
Plain
1981 J
D
J
0
0
0
7318 ___ 7314 July'32
64
80 6513 July'32
8614 June'31
6518
2
654
25
73 Mar'30
51
56
5012
52
8
4912 Sale 48
50
17
4912
50 July'32
38
3912 36
39
36
5212 58
46 July'32
66 Sale 50
70
61
30 Sale 2714
31
280
484
_ 850 June'32
70 Sept'31
48
50 July'32
45
42 June'32
5012 ____ 45 June'32
493 86
4
50 May'32
50
7812 85 Sept'31
5112 June'32
64
68
90 July'31
3312 Sale
33 Sale
287
3
3414 437
273
4
33
67
SO Dec'31
70
61 June'32
60 45 Mar'32
81
85
79 May'32
65
1034 Oct'31
24 Sale 22
2413 32
5
6
534 6
8
21 Sale 1712
21
19
19
244 1712
20
29
40 Sale 39
4113 16
37 Sale 384
3712 14
243 27
4
21 July'32
23
4 512 3 July'32
23
4 5
253 July'32
5 July'32
8
3i
17
8
85
9414 78 Mar'32
103 Mar'31
70
66
66
1
Sale 4413
4712 73
Sale 57
58
36
Sale 4612
52
103
Sale 8412
8512 81
56 July'32
J
-65- -- -3- 84 Aug'31
69 4
.1
-- 80
8914 July'31
89 Apr'30
62
4412
57
47
817
8
Lake Erie & West let a M. _1937 J J
20 gold be
1941 .1 .1
Lake Si, & Mich So g 3JIM_ _1997 J D
Registered
1907 J 1)
Leh Val Harbor Term gu So.1954 F A
Leh Val N Y let gu g 4440 1940 J .1
LehIgh Vol (Pa) cons g 48_2003 M N
Registered
M N
General cons 440
2003 M N
Gen cons be
2003 151 N
Leh V Term Ry let itu g 5e 1941 A 0
Lehigh & N Y le t fru g 41r_ _ _1945 M S
Lex & East let 50-yr fat gu 1961 A 0
Little Miami gen 45 series A _1962 M N
Long Dock consol g 66
1936 A 0
Long Island
General gold 40
1938.3 D
Unified gold 4e
1949 M 8
Debenture gold 55
11/34
D
20-year p m deb be
1937 M N
Guar ref gold 4s
1949 M S
Nor Sh B let con au 51 Oct'32 Q J
Louisiana 5, Ark let be eel A.1669 I J
'Ando &Jeff Ildge Co gig 41_1945 Thi
Louisville & Nashville 5e
1937 M N
Unified gold 41
1940
J
Registered
J .1
let refund 545 eerie., A.._2003 A 0
1st & ref be series B
2003 A 0
let & ref 445 series C2003 A 0
1941 A 0
10-yr sec g be
Paducah & Mom Div 40_ _1946 F A
St Loule Div 20 gold 36_1980 M
Mob & Monte let g 446 1945 M S
South Ry joint Monon 4e_1952
All Knoxv & Cie Div M 1955 M N
8014 88 88 June'32
7812 ____ 78
7812 51
87
883 85 July'32
8
77
87
78
78
5
81
85
75 July'32
9912 ___ 10018 July'32
30 Sale 2812
30
81
5912
5612 July'32 ___
89
96
91
92
16
814 823 813
4
8
823
8 30
SO May'32
_
624
39
624 15
60
57
4
574 10
5414 60
563
4
57
0
87
91
95 Dee'32
45
70 68 June'32
20
45
447
8
45
2
50
84
81 Feb'32
321/ 35
304
33
5
70 Sale 70
70
3
Mahon Coal RR let fa
1934.3
Manila RR (South Linea) 49.1939 M N
195991 N
1st ext 42
Manitoba SW C,oloniza'n 5s 19343 D
Man GB&NW let 34s_ _19411 1 Ji
70 101 100 Sept'31
5018 60 a52 July'32
52 July'32
51
52
80
80
8712 Aug'31
r Cash sale. a Deferred delivery.
64
40
72
68
47
Sale
65
65
47
47
71
7312
67 May'32
8412 9012 Mar'32
62
75 6112
70
365 Sale 3612
8
3812
33
64 Nov'31
4012 43
4312
4314
4412 46
4314
46
89
84
80
84
9514 Aug'31
72
85
70 July'32
911251:v 31
.
95
9914 95
95
1
2
43
3
47
14
21
1
2
-6-97,
2
Ask Low
High No. Imo
Bid
HILl
Max Internal let es agetd_1977 MS
212 Dee'30
2
Mich Cent
-Mich Air L 4s_1940 _I
98 Aug'31
-i5Jack Lane & Sag 34211----1931 MS
79 May'26
let gold 3440
1952 MN 76- 713 July'32
8
if
Ref & impt 444 ger C
1979 J J 80
45
.16 60 July'32
60
Mid or NJ let ext 50
1940 40 2814 40
42 May'32
42
42
MH & Nor let ext 444s (1880)1934 3D
87 June'32
75
87
Cons ext 444e (1884)
1934 3D ____ 75
7112
50 Apr'32
50
Mil Spar & NW 1st gu 4e
1947 MS 533 Sale 44
40
533
4 11
4
6918
'
3
Milw & State Line let 345_1941
90 Apr'28
--Ei '1
s
;
1
Minn & St Louis let cons 53_1934 MN
212 May'32
2'
5
S
Otte of deposit
1934 MN
4 May'32
4
6
314 5
3212 65
let & refunding gold 40_1949 MS
1
214 1 June'32
7
s 212
818 18
7
8 77
8 5 Mar'32
Ref & ext 50-yr 535er A-1962 Q F
5
8
Q F
Certificates of deposit
5
5 Mar'32
5
15
2018 M et P & se M con g te int gu '38 ii 5_
35 850
Sale 4412
8
50
30
63
let cons 5s
1938 J J 264 32
13
39
25
5
25
let cons logo as to int--1938 33 50 Sale 464
35
50
5114
5
7414 93)
let & ref 6s series A
1946 J J
18
2212
20 May'32
923 102
a
25
-year 544e
1949 ▪ S
al3
31
1314 May'32
18
8712 99
1978 33 Li
let ref 51-40 ser B
se 5114 584 19 40 6515
MN
1941
let Chicago Term e f 4s
954 Dec'30
rk
Mississippi Central let 5s_1949 33 72
72 June'32
85
.• 1 30 Sale 28
16- Mo-III R11 let 51, ear A
1959
28
30
Mo Kan & Tex let gold 4s_1990 3D 74 Sale 74
86
25
75
7812 Mo-K-T RR pr lion 56 bar A.1962 .1 J 62 Sale 573
4
62
72
7318
'
3 52 Sale 48
1962
40
-year 45 series B
23
52
7413
5712 23
1978• J 57 Sale 51
Prior lien 444e ser D
Corn adjust fe, sec A_Jan 1987 AO 32 Sale 28
22
32
2
6
Mo Pao 1st & ref laser A-1985 FA
3112 68
29 Sale 2614
1975 MS 14 Sale 133
General 46
8
1512 288
20
50
1977 MS 2814 Sale 2618
3114 338
let & ref be eerie) F
20
50
1978 MN 29 Sale 2614
1st & ref a 56 ser G
31
204
22
40
1949 MN 1212 Sale 11
Cone gold 1541,
1312 282
64
8612
1980 A0 2912 Sale 2612
let ref g be series H
314 227
1981 FA
29 Sale 26
let & ref 5s eer I
626
31
79
88
a8012 a854 Mo Pan 80 78 ext at 4% July 1938 MN
5112 8413 55 July'32
8412 89
Mob & Bit prior lien g la.. t941 J J
95 95 Aug'31
J J
90
9434
Small
90 97 Sept'31
93
1945 J .1 55
96
let M gold 40
70
53
57
6
89
J .1
60
Small
55
81 July'31
27
84
Mobile & Ohio gen gold 4s-1938 M S
7
70
20 July'32
A
Montgomery Div let g 50_1947 F
3
393 9512 Sept'31
3
72 a88
1977 M 5
Ref & Impt 4140
312 Sale
33
8
4
19
G516 6518
1938 MS
Sec 5% notes
3
3 14 33
11
4
4
70
67 Apr'32
Mob & Mal let go gold es _ _1991 M S 58
-eirs 651 MOM C let gu 68
1937J J 89
91
88
89
6
7238 723
6
J
1937 J
let guar gold 511
83
3
83
87
29
Morrie & Essex let gU 348_2000 .1 D 71 Sale 6913
22
71
58
35
1955 M N 633 7012 86 Feb
4
Comte M 50 ser A
.32
50 50
1955 58 N 46
68
Conetr M 4145 Her B
65 June'32
52 8
1
25
37 (9)
Naeh Chatt & St L 49801 A __1978 FA 6012 7212 60 July'32
8234 N. Fla &13 1st gu g be
1937 P A
35
68 June'32
19
52
Nat Ry of Mei or lien 444e 1057 I J
18 July'28
3,
50
6t1
July 1914 coupon on
183 July'28
4
Assent cash war rot No. 4 on
lIi -1. 4 14 Apr'32
1
60
65
__1977 A 0 - -- -- -- 123 July'31
Guar 46 Apr'14 coupon
4
42
45
2
2 12 2
Assent cash war rct No.5 on
2
45
45
Nat RR Nlex pr lien 43.40 Oct '28 ITT
114
3
354 July'28
50
57
Assent cash war rot No. 4 on
Apr'32
1
1951 A
-13
22 Apr'28
let consul 45
114
13
4 14 May'32
Assent cash war rot No.4 on
1954 ▪ N 45
5212 June'32
70
Naugatuck RR let g 4e
New England RR eons 5e-1945 .1 .1
100 Sept'31
2314 54
1945 J J -ELrt WI; 90 Sept'31
Control guar 48
2212 62
1986 FA
NJ June RR guar let 4e
92 Nov'30
NO NE let ref &limn 444e A'52 J J
31
31
3112
1
"Ci 61 New&Orleans l'erm let 45_1953 3.3 5212 Sale 51
5212
5
45
45
20 July'32
63
N 0 Tel & Mex n-c ii o 511_1935 AU 20
79
79
1954 40 244 Sale 24
25
let F,s series B
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5
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1313 4,812 NYB&MII let con g M-193.5 AO 68
944 Jan'32
95
245 64
8
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1935 MN 6512 Sale 61
6612 111
18
26
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1998 FA 65 Sale 64
65 4 89
3
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1
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44
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When itemod
44
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48
691
N Y Cent.4 Bud KIT M 31451997 33 734 Sale 7212
74
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68 July'32
1931 MN 693 Sale 694
5
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744 137
57
57
1942• J 65
30
-year debenture 40
65 July'32
89
34
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70
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16
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_ 59 May'32
283 7118
8
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,
98
78
874
6812 8212 Mar'31
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1998 FA 62
56
68
NY Chic & St L 1st g 46
72
2
1937 AO 72 Sale 71
Registered
1837 40
_ 934 Mar'30
_
4
6% gold notes
1932 AG 423 Sale 394
433 715
4
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26 I 37ite 4e; series C
1975 MS 21 Sale 19i
23121 87;
.50
8312 N Y Connect Jot gu 4140 A lebe FA 7612 79
7612 July'32
32
69
let guar Is series B_ . 155 FA 77
77 July'32;
85
66
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84 Dec'311__:
67
67
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100 Sept'31
193? MS
8712 9012
!
55
80
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__
753 40 June'32
4
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7118 July'32 _ _
N Y Lack & W ref 4 4,113.__1973 MN
78 July'32 __
353 63
4
N TA Long Branch gen 4s _ .1941 MS
8412 Dec'31 _ _
354 05
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9512 July'29 ___
80
90
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1947 MS .5218 60
62 Apr'32
Non-cony debenture 340_1947 MS 4513
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A pr'32
61
-- 2
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50 July'32
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54
'IF nil" Non-cony debenture 4e_ 1956 MN 50 53 48 July'32 4
Cony debenture 3345_1956
5') 50
.▪ 1 33
50 18
2
50
39
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1948• J 7712 Sale 7412
7712 81
7014 80
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'
3
613 June'32
4
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95
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1940 AO 77 16' 733
4
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65
49
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78
78
25
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55
75
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8
4812 55
8612 06
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19553
3813 Sale 373
8
381
0 18
66
883 N Y Providenee & Boston 4e 1942 A 0 78
4
96 Mar'31
_
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734
1
52
84
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27
28
4
45
78
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1937 F A
55
75 May'30
40
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1940 /1 A 2514 297o 2012 July'32,....
'
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1943 M N 60
08
9212 June'32
68
8012 NY WChes5,14 Isteer 14 410113 J J 47 Sale 45
47
22
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8
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8
3 106
124
81
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6 Sale
Norfolk South 1st & ref A 55_1961 F A
4
6
19
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33
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New York Bond Record-Continued-Page 4
950
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Aug. 5.
Price
Friday
Aug. 5.
Week's
Range or
Last Sale.
•
4,
53
Range
Since
Jan, 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 5,
Frrtcnv
Pwa
Avg. 5.
Week's
Range or
Last Sale.
ea* ti
Since
Low
fftgb No. LOW
Mph
Bed
Ask 1,oir
Mob No. tow
Mg)
9914 9014 Seaboard All Fla let 'Cu Se A.1935 F A
993 Apr'32
4
312 Sale
3 July'32 ____
1
5
Certlfica tea of deposit-----104 Sept'31
_
1
2
114 41
112
4
11
Series 13
4
783 Oct'31
1935 1-fit
1
114 118 June'32
Ils
25€
40
Certificates of deposit
83
8138
83
60
14
212 Feb'32 ____
212
21
2812 Seaboard & Roan let de end 1931 3 J
64
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7812
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533
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& N Ala cone gu g ISis
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1936 F A
8712
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50
55
56 July'32
1963 A 0 66
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858
7
Bo Pac coil 4s(Cent PAO C011) 1949 J D 50
37
38
76
60
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5412 46
5412 20 -_5- -- 2974
let 448(Oregon Linea) A_1977 M 8 6212 Sale 60
45
9012
7312 205
68
6314 100
4812 843
4
48
20 year cony 58
78
53 July'32
1934 J D 704 Sale 63
97
703
58
8 13
Gold 412e
62
4812 78
82
1968 M Et 44 Sale 433
4
4512 46
31
7312
Gold 434€ with war
10012 10012
0012 June'32
1989 M N 43 Sale 4212
4412 138
29
74
Gold 434a
9514 Oct'31
1981 M N 4214 Sale 4034
43
300
2812 7212
San Fran Term let 4a
28
49
28 July'32
1950 A 0 7712 82
597 84
8
6
7712
7712
So Par of Cal let con gn g 58_1937 MN 100 ____ 98 June'32
97 Mar'31
98 100
So Pao Coast let gu g 4s
86
90
87 JUne'32
1937 .1
Jan'30
90
783 140 Pee RE let ref bn
8
70
70 July'32
11955 J J 7214 7314 a70
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50 162
9
87
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77
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83
J J
9512 Nov'31
3
99
Stamped (Federal tax)_1955 J .1
9514
88
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9212 May'30
Southern Ry let cone ff 511.._1994 3 J 70
913 100
4
5
95
05
74 68
7012 27 -597 - 12
89 72
6012 83
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723
8
75
J J........104 July'31 ---Devel & gen 4e aeries A___1958 A 0 23 Sale 20
54
24
- g4
PacIfle Coast Co lot g 5a___1946'ID 1912 22
1814
1734
173 19's
4
Devel & gen 8e
1956 A 0 30 Sale 24
307 158
1512 67
8
Pac RR of Mo let eat g 4e__1938 P A 75'4 82
90
78
72
Devel & gen 412s
78
1956 A 0 30 Sale 253
32
18
8
251
72
26 extended gold ba
Maui Div let g 58
74
85
93
1938 J
80
75 Mar'32
1998 3 J
0614 48 July'32 ____
48
61
Paducah & Ills 1st f g 448_1955 3, 70
St Loula Dl, let g 4s
90
9518
93
93 Mar'32 1951 J 3 16
50 6314 Feb'32
673
4
GO
Parle-LYone-Mod RR ext 11€_1959 FA 103 10318 03
16
103
91 104
Haat Tenn reorg lien g 58_1938 M S
101 Sept'31
Sinking fund external 78_1958 hi S 10312 Sale 03
1035
98 1043
8 34
Mob & Ohio coil tr 4e
2
1938 54 S 23
27
23
45
20 - ilia
Parle-Orleans rut ext 548_ .1968 M
103
1027 Sale 02
8812(110412 Spokane Internet let g 6e_1955 .1
8
44
227 Sale 227
a
2
227
8
2
19
31
Paulista Ry lot & ref a I 78_1942 MS 25
65
41
Staten Island Ry let 4
1
46
453 46
4
_1943 .1 D
---- 60 May'32
60 60
Pa Ohio & Det let & ref 44e A'77 AO 553 Sale 6612
00
8
787 Sunbury & Lewiston let 46_1936 J J
8
6712 45
-_-- 9714 Nov'31
Pennsylvania RR cons g 48_1943 MN 91
92
95
88
903 July'32
4
Conaol gold 4s
1948 M N 93 Sale 93
93
8514 934 Penn Cent 1st fle A or B._ __1947 A 0 1118 20
11 June'32 __
11
33
is sterl sptd dollar May 1 1948 M N
92
2
92
85
Term Man of Fit L lstg448_1939 A 0 94
90
96
9412
95
6
883 95
4
Consol etnkIng fund 446_1960 F A 947 Sale 94
95
8
let cons gold 5.
867 98
8
35
1941 F A 86
89
85
8
96
85
85
General 43-48 aeries A
7458 91
Gen refund e f g 48
1965 J D 7312 Sale 727
5014 8712
8
1953 J .1 73
80
72
73
9
General be serlea B
19018 J D 81 Sale 80
81
73 r5412 924 Texarkana & P19181
A 1950 F A 6214 67
59 July'32 ___
79 4 79
513 74
15-year secured 63.4.
1936 F A 96 Sale 9134
7514 10212 Tex & N 0 Con gold 58_ _ _1943 1 1 60
96
77
70 10012
F A
Registered
Texas & Pao let gold 58. _ _2000 J D 85 Sale 84 Nov'31 ____
833 Mar'31
4
85
01,
40-year secured gold 53_1964 M N 7212 Sale 70
83
2d Inc 58(Mar'28 epon)Dec2000 Mar --------05
88
7318 59
Mar'29
-.. Deb g 448
1970 A 0 59 Sale 5758
4
3212 748
109
Gen at ref 58 aeries 11
60
41
1977
44
-26:11:
4118
12 -: - 0
,-.2
- 42
General 43e ser D
4
47
79
1981 A 0 70 Sale 03
7012 30
Gen & ref 513 aeries C
1979 A 0 42 Sale 42
4214
9
25
7012
Pa Co gu 34 coil tr A reg_ _1937 M S
Oen Or ref 58 serles D
87 Nov'31
1980 J D 41
50
43
28
7012
4318 10
Guar 34e roll truat ser B_1941 F A
3
Tex Pac-Mo Pao Ter 5413_1964 81 S 56 Sale 50
804
804
80€ 81
40
1
8912
56
Guar 311e trust MN C
85 8 854 Tot & Ohio Cent let gu 58_1035 J
1
1942 3 D
8533 Jan'32
87 Bale 78
70
25
023
4
87
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trust ella D
807
1944 J D 60
8
76
78
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78 Mar'32
1935 A 0 ---- ---- 96 Mar'32 ____
96
96
Guar 4e ear B trust ctfe
1151g 78
1952 M N
6518 July'32
Gen gold 54
94 05 Sept'31 ___
1935 J D
81...ured gold 448
Tol St L & W 50--Yr g 461950
1963 M N 7312 -- 733
5514 82
65
8
75
42
56
60 June'32 __ -L 4 6O:
A
.5.. -_
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55
28
35
Tol W V &0gu 44a eer B1933 J 0
35
J
10018 Oct'30 ___. _
Income 4e
234 412 25 Apr'32
April 1990 Apr
8
25
8 23
8
let guar es eerie. 0
1942 M S
9618 Apr'31 -----------Peoria & Pekin Un let 5
_1974 F A 70
65
79
9712 65 July'32
Toronto Ham A Buff let g 4211946 J D ---- ---____ ---88 Dee'31 _-__
Pere Marquette let ser A 58_1956 J J 46 Sale 44
30
69
23
47
Ulster & Del lot 58
1928
let La series B
3113 65
44
14
1956 3 3 33 Sale 35
Ctts der, mod as to Dec 1930
lat g 41is aeries C
58
1980
43
28
20
40 Sale 40
lid and $570 ref of
13
20
153
8
----1518 771
1)11
;
Mills Balt & Wash let a 48_1943 MN 9112 932 92
92
86
4
92
Union Pao 1st ERA Id gr 48_1947 ri 9412 Sale 933 July'32 ____
10
8
0414 125 a8412
General ba series B
1974 F A
7814 8
4 108 Sept'31
Reglatered
91
J J 92 Salo 85 Apr'32 ____
86
Gen'l g 414€ ear C
77 - 4
Jan'32
161- let lien & ref 4e
1977
65
77
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84
817
8 28
71)
Philippine Ry tat 30-yr e I 48 17 , J
187 2111
g
3
20
19
Gold 4 He
1967 j 1 8112 sale 7812
82
21 45712 8712
let lien & ref 5.
June 2008 M 8 96 10012 90
Pine Creek reg let 130
1932 Jo 1818 19 100 July'32
100 100
40
-year gold 4a
0
1968 1 13 7718 Sale 75
86
9
0
855 89
5 8 9
6
46
1
POC&fitl.guelieA
1910 A0 93 8 953 93 June'32
o9212 96
3
N J RR & Can gen 4a
8
1944 M811093
12
89 June'32 ____
89
Series B 412e guar
9112 95% Utah & Nor let ext 48
1942 AO 927 9412 9318 July'32
8
1933 .1 J --- ____ 100 July'31 __- -- ---&dee C 412a guar
MN 927 -- 90 June'32
94
90
1942
8
&dee 0 4s guar
1945 MN 863 ---- 86 June'32
86
90
Vandal% cons g 4s eerie. A_1955 F A 805 Sale 80 June'32 __
s
8
80
80
Series E 44a guar gold...1949 P A 783 -- 95 Mar'30
s
Cons s f 48 series 11
8
1957 MN 703 Sale 9312 Sept'31 _--8erles F 4s guar gold
1053 J O 817 -- 98 Sept'31
Vera Cruz & P met 4 4e..._1933 J J
8
114 23
I1 1
4 114 June'32 ___- --iis ---Series 0 48 guar
1957 MN 8014 _- 8114 May'32
Virginia Midland gen 5e....1936 M N 7613 38
75 June'32 __76
05
Series II Cone guar 4a
80
80
Va A Southw'n let go 58_2003 1 J 55
1960 FA 793 -- 89 Apr'32
8
68
55 June'32 ___
80
55
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844 91)
8514 10
let cone N)
-year 58
1958 A 0 3912 Sale 35
41
25
23
45
Series J cone guar 4 AR_ _19014
N
93
87
88 June'32
Virginia Ry let 5a aeries A.194)2 M N 85 Sale 8218
847
8 37
70'4 91
General M be aeries A.... 1970 J O 76 Sale 76
5212 9212
7
77
1st M 4126 aerlea B
1962 M N
76 May'32 ___
70
711711
Gen mtge glow 58 Der 13_1975 AO 76
55
0412
8912 7212 July'32
Gen 412a eerie, C
58
8518 Witten') rut let gold 5a_ _1939 M N 6018 Salo 6018
72
2
62
1977 J J 65
62
635
5214 79
8 56
Pitts McK & Y 3d gu 6s.__1934 3,
99 100
26 gold 58
9912 May'32
4
1939 F A 393 Sale 36
393
4 41
59
21
Pitts Sh & I. E let g 158
Oct'3I
1940 A0
Deb 60 series B regfetered_1939 J .1 ____ ....._ 0818 May'29 _ ___
99
let consol gold de
let lien 50-year g term 48_1954 1 J
1843 33
10014 Aug'28
10
50
35 June'32 ___, -a- - i
Pitts Va & Char let 48
-7 5- 73
7
Det & Chic ext let be_ _ _ _1941 J J 63
1943 MN 6712
73 June'32
68
62
62
73
1
52
Pitta & W Va let 434s ear A_1958 3D
45
56
Des Moines Dly let g 48_1939 J J 25
54 Mar'32
40
28
28
2
25
46
let M 4%a series B
36
2
5314
Omaha Div let g 34a
1958 Al) 36 Sale 30
40
40
1941 A 0 10
79 Aug'31 ___ il ____ __ __
let M 412e aeries C
32
38
564
Tol & Chic Diy g 4a
5
1960 AO 35 Sale 35
60
1941 M 8 50
55
55
55
50
Pitts Y& Aeti let 4s ger A.._1948 J D 8114 8514 054 Sept'31
- Wabash 11Y ref & gen 54e A_1975 M 8
812 Sale
73
4
812 18
234 19
lot gen 58 aeries 18
wi N 893 ---- 90 July'32
F A
-i§r2 116
Bet Az gen 5s(Feb'32 coltp)B '7 F A
4
714 94 714
8
6
13
312 19
Providence Secur deb 41
July'31
Ref & gen 4 lie aeries C
19
196527
---714
8 Sale
1978 A 0
718
812 18
23 1612
8
Providence Term let 4a
74'i 75
Ref & gen 53 series D
19581191
75 June'32
618 Sale
1980 A 0
018
23 1612
8
83
8 12
Warren let ref gu g 348._2000 F A -___ -___ 78 July'31 ____
Reading Co Jersey Cen coil 4s'51!A 0 6014 643 0214 July'32
5712 79
4
WaahIngton Cent let gold 48_1948 Q M
56 Mar'32 ___
ii- ---66
(len A ref 414s series A
57
8112 Wash Term let gu 304e...._1945 F A 85
4 62
199713 J 75 Sale 7412
753
90
8012 July'32 ____
7714 8212
(len & ref 43.4€ aeries 11_1997,3 J 75
554 82
745
8 13
let 40
753 7412
4
-year guar 46
90
1945 F A 86
8312 Apr'32 ____
8312 Ws
Rensselaer & Saratoga 66_1941 M N
Oct'30
Western Maryland 1st 48__ _1952 A 0 51 Sale 5012
113
6412 37
3712 02
Rich & Mech let g 4s
7912 Sept'30
let & ref 5
1948 MN
serial A __1977 J J 45
50
49
5112 23
2858 63
Hichin Term Ry let go 58_1952 JJ 823 9612 963 Apr'32
Weat NY & l'a let g 58.1937 J .7 8912 90
8
8
00
90
3 08918 98
Rio Grande JUDO let go 56_1939 J D 31
35 Sept'31
Oen gold 43
60
1943 A 0 7114 7612 73 July'32 __
7212 9112
Rio Grande Sou let gold 4e 1949 3 3
214 June'31
Western Pat let 58 see A .1946 M S 37 Sale 33
40
49
2178 49
Guar 48 (Jan 1922 Coupon) '40 J J
712 Apr'28
West Shore let 48 guar
2361 1 J 71 Sale 695a
71
40
55
78
1110 Graeae West 1st gold 40_1939 3' dOla 62
76
6018 10, 48
50
Regletered
67
._2361 1 J 6512 67
67
1
02
74
let con & roll trust 48 A 1989 AO 39 Sale 39
8
1
39
303 56
Wheel & L E ref 432e ser A _1960 M S 5418 60
50 July'32 ____
50 r13114
It I Ark & 1.oule let 412e.. 1934 M
20
70
3112 43
Refunding as eerie. 18____1966 M S 5412 ____ 9712 Aug'31
3112 Sale 2818
Rut-Canada let cu 840
48
45
30
RR let coneol 41
43
1
45
1949 J J 30
75
1949 al it 62
65 July'32 ____ -iii, 70 e
5
Rutland let con 4340
Wilk & East let gu g S€..
4412
444
35
45
5
47
1941 J J 33
20
.1942 1 I) 18
1514 July'32 __
11
29
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1938 J D -_-- ____ 9l3 Oct'31 ___
8
St Joe & Grand Tel let 4s
July'32
84
01
J J 71
78
72
Wineton-Salem S B let 43_1960 J J -___ 8912 68 June'32 ____ -a1947
- 141
St Lawr & Adr let g 5s
.• 4 40
Wie Cent 50-yr let gen 48_19-19 J J 343 Sale 3218
95 Apr'31
87
1990
8
3438 14
254 401e
21 gold 68
-Ws -.
8
94
Sup & D111 (11T A term let 48'38 MN 2212 2512 25
893 897 Feb'32
1998 £ 0
s
8
254
8
16
34
St Louie Iron Mt & SouthernWon & Conn East let 4128...1943 J J ____ ____ 8814 Sept'31 ____
____ ____
Riv & G Div let g 4a
5312 Sale 50
353 8312
4
54
90
N
1933
3t L-San Fran pr lien 48 A 1950 J J 134 Sale 1012
9
34
112
1412
INDUSTRIALS
14
Con 31 43.4€ series A
87
8
2614 Abitibi Pow & Pap let 58_1953 J D 183 Salo 1612
1012 242
97 Salo
8
1978 M
8
1812 481 144 41
Regtetered
1312 1312 Abraham & Straus deb 543.1943
J o
1312 May'32
_
Prior lien 5a series B
912 42
15
With warrants
36
1418 Sale 1112
A 0 78
1950 J
76
76
78
18
6812 841
4
St L Poor & N W 1st gu 88 1948 j
Adams Express coll tr g 48..1948 M 8 56
105 Aug'31
61
5118
55
7
4714 70
St LB W let g 4a bond ctfe_1989 MN 604 70
4714 69
Adriatic Elea Co ext1 7e_ _ __1952 A 0 77
59 July'32
90
77
7812
3
6412 8212
2d 4: 4e Inc bond ctfa Noy 1989 33 40
494 Ajax Rubber let 15-yr 8 f 86_1938 3 D
37
60
50 June'32
23 14
4
218 June'32 ____
212 6
let terminal & unifying 58_1953
55
15
Alaska Gold NI deb
22
33 Sale 2912
4
A___1925 M 8 163 18
33
15
18
81
8
18
Gen & Ref g5.9 set' A
22
15
Cony deb fle series B
18
1991).1 .1 22 Sale 15
22
_ 16
1926 M 8 1614
16
21
9
16
Ht Paul & K C Sh L let 448_1941 F A
243 60
Albany Perfor Wrap Pap 631948 A 0 2712 Sale 2612
4
23
35
3314 38
32
2712
71 24
484
St P & Duluth let con g 48_1968 J D
73
Mar'32
73
Allegany Corp Coll tr 54...,1944 F A 15 Salo 1312
73
17
333
is
4112
St Paul E Or Trk let 43.4e.1947 J J
Coll & cony be
9818 A1111
.30
85
1949 J I) 1314 Sale 1112
14
1221
40
St Paul Minn & Man con 48_1933 J
3912 97
Coll & cony 5a
91
4
20
91 Sale 8912
1950 A 0 113 Sale 10
1214 267
a312 33
181CM:11101g Os
92 10014 Allis-Chalmers Nitg deb 5e 1937 MN 75 Sale 7134
3
9512
1933 3 J 9512 Sale 9512
75
171 64
91
8sreduced to gold 4 Ni_1933 J 1 8912 9412 00
85
98
Alpine-Montan Steel let 7e _1955 M 8 373 38
1
90
4
44 July'32 ----I a30
5112
Registered
Amer Beet Aug cony deb 68_1935 F A 20
J D ---- -- 100
Apr'31
4212 27
27
1
10
23
7012 92
Mont ext. let gold 48
19373 D 8012 8712 7912
American Chain deb e f 68_1933 A 0 49 Sale 48
7
80
49
l4i 40
8712
Pacificiext gu 48(sterling)_1940 3 J 76 Sale 76
68
1
81
76
Am Cyanamid deb 5a
75
70
1942 A 0 72
72
6
62
80
St Paul Un Dep let & ref 51_1972 J
87
7
92
99
9018 97
Am & Foreign Pow deb 56_2030 NI 8 3414 Sale 3112
90
3512 359
1514 47
A & Ar Paaa lst gu g 4e_
44
8012 Amer Ice e f deb
1943 J
6012 10
60 Sale 60
8
66
1953 a 0 604 Sale 603
8
141 603 75
Santa Fe Prea & Pben let 58_1942 M S 85
80
93
9112 85
7
90
Amer I 0 Chem cony 5348.1949 M N 70 Sale 6912
72
63
5414 72
Say Fla & Weat lat g 68...._1934 A 0 90
99 10718 Sept'31
Am Internet Corp cony 512a 1949 J J
72
72 Sale 57
129
6312 r73
let gold be
1934 A 0
Oct'31
101
Am Mach & Fdy e f 8a
A 0 10312 ____ 10312 July'32 ____ 10214 10312
1939
7013 85
Scioto VANE let Cu g 4e.._1989 MN 8018 833- 8018
51
82
52
Amer Metal 54% notes_ _1934 A 0 5212 56
4
10
37
68
Seaboard Air Line let g 421_1950 A 0
7
16 r25
_
23
16 Mar'32
Am Nat Gas 0
114 Sale
1
114
8
(with war) 1942 A 0
I
4
1959 A 0
Pa 193 Am Sm & R let 30-yr
7
Gold 46 stamped
7
8
10
4
6
65
30 072
ser A '47 A 0 8312 Sale 82
RI
A 0
Certificates of deposit
5
134 Amer Sugar Ref 5-yr 6s
104
512 ---- 6 July'32
20
1937 J 7 10314 Sale 103
(P4 105
12
112 Ara Telep A Teleg cony 4a..1936 IN 8 100 Sale 100
12 July'32
_
Adjustment ba
Oct 1949 F A ---- -1001g
2
9414 1001g
312
312 55
Refunding 4s.. .
4 88
3
30
8 1023
1la 54
-year coll tr 5€
19413 J D 102 Sale 1003
97% 10234
114 7
_
Certificates of dapoait-9712 407
114 June'32
35
-year ei I deb 5e
A
1980 J .1 9712 Sale 964
9114 10072
312 23
m 24 10438 Sale 103
1945 MS 313 Sale 312
10438 111
2
let & cons 68 aeries A
614
-year s f 54s
20
99 10514
1913
2
3
478 3'
312 10
13
8 7
Certificates of depOait-----8
Cony deb 4141
951g 107
1939 J J 1023 Sale 10012 10212 136
618 1314 818 June'32
All & Birm 30 yr let g 411-41933 M S
81e 20
36
9714 Sale a9512 • 9714 345
-year deb 5x
914 10034
1965 F A
Ask
514
North Cent gen & ref de A._1974 M
80 101
Gen & ref 449 ser A
85
1974 IN 8 71
_
North Ohio let guar g 58
1945 A u 15
35
North Pacific prior Ilan 40-1997 Q
82 Sale
Registered
Q J 76
793
4
Gen lien ry A Id g 3a...lan 2047 Q F 5914 Sale
Registered
Jan 2047 Q F
Ref & impt 4
aeries A__2047 J J 5934 Sale
Ref. A !mut Be series B___2047 J J 73 Sale
Ref & Inlet 5s eortes C___2047 3
60
65
Ref & Smut 513 eerlea D___2047 J
5914 65
Nor Pac Term Co 1st g 6a__1933 3
101 103
Nor Ry of Calif guar g 5e_ A938 A 0
Og & L Chain let gu g 4s___1948 J J 3312 37
Ohio Connecting Ry let 48__1943 54
Ohio River RR let 851
1936 3 D
1037 A 0
General gold be
95
Oregon RR & Na,corn u 48_1940 J D 8418 867
8
Ore Short Line let cone g 68_1946 3
91
98
Guar atpd cone 58
4
1948 J J 953 _'
3 733 Sale
Oregon-Wash let & ref 4a
4
1981
Wane @pie
4 Due
ay. k Due Au--.184. a Deferred deliver,.
4.
•
New York Bond Record—Continued—Page 5
Price
Friday
Aug. 5.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 5.
Weer,
Range
Stage
Jars. 1.
Range or
Laet Sale.
As) ow
Riot No Low
46%
5
56
Am Type Found deb 6e_ _ __1940 A 0 56 Sale 56
68
88
66
Am Was Wks & El coil tr 58_1934 A 0 8518 Sale 79
19M M N 68 Sale 6612
48
7014 38
Deb g 89 aeries A
2512 2812 2514
2514
1
12
Am Writing Paper let g 138_ 1947 J
10
6
4
Anglo-Chilean 81 deb 'hi__ _ 1945 M N
I
10
,
92
65
78
75 May'32
75
Ark & Mew Bridge dr Ter 56_1964 M
71
160
5712
Armour & Co (111) let 434a 1939,J D 7014 Sale 69%
_1943t3 3 65 Sale 64
6612 85
45
Armour & Co of Del it
62
2
60
Armetrong Cork cony deb be 1940 .1 D 62 Sale 61
Aseeeiated 0116% gold votes 1935 M S 10114 104 1003 July'32
8
9418
1947,1 D 95
_
95 June'32
95
Atlanta Oas L let 58
30 33
32
33
29
37
AU Gulf & W IBS L coil Sr 581959 J
193713
98 Sale 97
98
79
851a
Atlantic Refining deb 50
Baldwin Loco Works let ba_A940,M N
Itaragua (Come Asuc) 7149-19373
Bataylan Petr guar deb 414.4 19421,1 3
193611 J
Beiding-Hemingway es
Hell Telep of Pa be aortas B_ _1948,1 J
1960A 0
lct&reftweerlesC
Beneficial Inulue Loan deb 681946 M Ei
Berlin City Elee Co deb 8 He 1950 D
1959,F A
Deb alnkrag fund 634
1955,A 0
Debenture Be
Berlin Elec El &[Indere 634a 1956A 0
Beth Steel let & ref tle guar A'42,M N
30-year p m & tmpt if S. 19364 J
1950 M S
Bing & lila/ deb 6 lie
notany Cons Mille 634e-1034A 0
Poe man-Bilt Hotela 1st 78_ _1984,M 8
Trway & 7th Ave let cons 6e_1943.1
3 D
Contd.,,tea of deposit
Brooklyn City RR let 56...A94113 J
Itklyn Edison Inc aen be A. _1949 J J
195211 .1
Gen Inwe :es series E
Ilklyn-Manb it T sec 6e._ .19683 1
Itklyn Qu Cu & Bub con gld Sc'41 MN
1941 J
let 5a etamped
Brooklyr It Tr let cony g 4.2002 3 J
iiklyti Unirn El let g Se _ 1960 F A
Bklyn Un C as lat cons g tte _ .1945 M N
let lien A tel &series A _ __1947 M N
1936 J J
8
Cony deb g 512
1950 J D
Debenture gold re
1981 F A
Buff(tin El 43-4s weeks 11
1952 A 0
Bush Terminal let le
1935 1 .1
Cc neol be
limb Term Bidge 5. go tax ex '30 A 0
By-Prod Coke let 5348 A__ _1945 MN
8812 9212 89
89 10112
8918
2
15
6
712
5 Apr'32
5
8
913 Sale 9
9198 32 a7011 9178
0
7612 85
90
76
76
1
76
103% Sale 103
9814 10412
35
104
8
1025 Sale 10112 103
98% 10418
58
075 Sale a73
75
80
6 64
8
455 Sale 4314
2012 4712
46
63
4312 Sale 40%
2012 44
43% 46
41 Sale a38
19% 41%
41% 68
38 Sale 3553
2312 38
38
30
7918 88
8414 18
8112
97
69
90 Sale 8314
7212 95
35
90
25
17
30
2012 July'32
13
712 8
6
8
8
1
17%
40
31
39
39
30
1
50
212 4% 114 May'32
1 14
4%
11 3
7
1
1 Mar'32
1
52
8212 5712
50
58
12
66%
104 Sale 102
9714r105
104
48
10314 Sale 10212 103% 66
9912 1037
8
84 Sale 8314
4114
68
85
160
____ 55
55 May'32
58
55
60 55% Apr'32
55
5518
65
_
9212June'29
72 Sale 72
79
72
16
60
105 Sale 1043
4 10514 16 100 105'4
108 110 1073
6 103 111
4 101
_
110
147 Feb'32
147 147
97 Sale 9418
99
90
97
35
97 Sale 9412
9812
91
97
34
65 5
60
SO
812 July'32
54
38 Sale 3412
26
38
71
30
64 Sale 5
64
17
5/0
8
3514 60
43 Sale 39%
34%
43
3:3
Cal G & E Corp unit & ref 56_1937 MN
1940
Cal Pack cony deb 58
Cal Petroleum cony deb 8 t 54)1939 F A
1938 M N
Cony deb ef g 534a
Camaguey Hug let a f 78_1943 A 0
Canada SS L let & gen tie_ __ 1941 AO
Cent Dist Tel let 30-yr be_ .1943 3D
Cent Foundry let e I 68 May 1931 FA
Cent Itudeton 0 & E 138 Jan 1957 M
Cent Ill Elea & Gas tat 5o___1951 FA
Central Steel let g 1 8e. _ _l941 Ni N
Certain-teed Prod 634a A _ _ _1948
Cooped.") Sugar ('o let s t 7348'39 NI S
CbMap Corp ron, 5. May 15 '47 MN
Chic City &Conn Rye be Jan 1927 AO
L & Coke lot gu g fle1937 3 1
Ch
Chicago Rye let lea stml reeds 15%
P A
Principal and Aug 1031 Int_
__1948 a 0
Childs Co deb lis
Chile Copper Co deb be. ____1947 /
CM & let M es A_ ____1968 * 0
J
Clearfield lilt Coal let 4e___1940
Colon 011 cony deb Os
1938 3 .1
Colo Fuel & It Co gene(68.1943 P A
1934 P A
Col Indus let & coil 56 gu
Columbia & E deb Sc May 1952 MN
Debentures Si. _ __Apr ib 1952 * 0
Debenture 5.4
Jan 15 1961 2
Columbus Ry P & L let 430 1957 J
1
1023 ---- 1025
4
8 102%
6 9914 10278
64 Sale 6014
64
42 04912 71
85
611, 80
86
2
86
90
85
85
85
64
6
414 Sale
6
6
414
1
2
2,14 2714 26 July'32
14
3614
10114 106 102 July'32
99% 103%
8412 99
99 June'32
.4
853 r99
100 _ _ _ _ 993
4 100% 19
961311(1',
74
65
6518
68
77
54
8
88
65
65
68
3
60 97
27 Sale 2634
8 57
283
2318 443
4
12
2
5 July'32
8
5
4618 Sale 4412
3412 76
48
274
10
612 July'32
612
612
10014 Sale 100
97 102
101
18
M N
Commercial Credit s f
1935 3 /
Coll tr I 514% notes
Comm'l Invest Tr deb 63-48_1949 F A
Computing-Tab-Rao e t Be. _1941 .1 1
Conn Ity & List & ref it 4348 19M 1 3
Stamped guar 4348__ __ _1951 2 J
Coneolidated Hydro-Elec Works
of Upper Wuertemberg 78_19611 J J
Cone Coal of NM let & ref 58_1050 3 0
Cense' Gas(NY)deb 5348 _ _1945 F A
1951 J I
Debenture 4348
Consumers Gas of Chic gu ba 1936 3 D
Consumers Power let 5s___ _1952 M N
1946 J 13
Container Corp let 6e
15-year deb 136 with warr 1943 .1 D
Copenhagen Telep fe Feb 15 1954 F A
Corn Prod Refg let 35-yr a(58'34 M N
Crown Cork dr Seal a f 6e___ _1947 J D
Crown Willamette Paper 66_1951 J J
Crown Zellerbach deb(18w w 1940 M
Cuban Cane Prod deb Os__ A960 3 .1
Cuban Dom Sugar let 7148_1944 M N
SBA with purch ware attached
Ctfa of del) Blvd and unated—
cumb T & T lot & gen 544 1937 J -3
44
24
42
91%
4712
Sale
Sale
Sale
50 July'32 _
21
2114 32
40
4212 82,
9018
92
26
77 Dec'30
60 Sale 4518
60
45
42 Sale
42
2
3
30 Sale 30
30
3,
76 Sale 73
76
128;
8
759 Sale 7312
7514 94
Sale 7212
7514
7514 80
85
83
8314
8314
3
1
9412 98
98
98
2
9018 95 95
95
7,
9214 Sale 91
9212 68
4
1053 1067 10534 106
8
2
84
90
89%
9012 64
90
86
91 May'32
1
4212 Sale 4018
43
23
14
9
9
918
4
102 Sale 10112 10314 190
90 Sale 897
8
9012 128
9634 100
9613 July'32
8
1007 Sale 1003
4 10118 40
29 Sale 29
29
'
4
13 Sale 10
13
9
70 69 July'32
68
103 105 103 July'32
75 Sale 73
7518 29
7214 78
72
70%
19
a58 Sale 55
a58
23
212 Sale
2
,
2 2 25
.
5 Dec 31
3 July'32
40
3
4
312
13
10214 10312 102
10312 13
J 91
Del Power & Lint let 430_1971
99
9012 July'32
85 91 July'32
1969 J
let & ref 4.39.3
79
8714 92
1969 J
let mortgage 434e
92
92
84
75
85 July'32
Den Gas & El L 1st & ref t 541'51 M N
85
75
Stamped as to Penne tax_1951 M N
84 July'32
Detroit Edisou let coil tr 51_1938 J 3 10118 Sale 10118 10114
1949 A 0 9812 Sale 97
Oen & ref be series A
10014
1955 1 1) 98 Sale 97
8
(len & ref be eerie. B
987
1962 F A
9712 99
97
Gen & ref be melee C
99
90 Sale E1914
Gen & ref 434s series D19131 F A
90%
84
Oodge Bros eon. deb On_ __ _1940 M N 84 Sale 75
M N 5318 55
4
533
55
Doll (Jacob) Pack let
1942 3
5518 Sale 55
5518
Donner Steel let ref 7s
8
58
Duke-Price Pow let Os eer A_I966 M N 517 Sale 51%
97
Demesne [debt let 444s A...1907 A rl 97 Sale 9612
M S 9814 Sale 98
9912
let NI g 430 series It
East Cuba dug 15-yr a g 7341'37
Stamped as tout guar
Ed El III liklyn let con 41.1939
Ed Elea (N le) let cone g 59_1995
Cl Pow Corp (Germany) 634e '50
1953
let slaking fund 634s
Elk Horn Coal let& ref 634e 1931
Deb 7% notes (with wart) 1931
Ernesto Breda Co lot ni 7a 1954
WIth flock purchase warrants_
FeClecal Light & Tr let 5e.__1943 al El
lit lien i f ba stamped_ __1942 Si 8
1942 M 8
lat lien 6s stamped
-year deb fla eerier. B_ _ _1954 3 0
30
r Ch sale.
a Deferred delivery
MO
4
971
95
8418
30
1212
80
79
69
70
101%
9514
44
98
8
Sale
8
8
5 July'32
9712
9812
4
1073 11194 1073 July'32
4
45 Sale
4514
112
4514 48
4134
4312
20
6
20 June'32
8
7 Sale
5212 Sale
5712
5712
62
48
72
4
643
63
Sale
4912
5212
5512 July'32
60 July'32
60
60
46
43
31
14
20
82%
50
48
6012
92%
27
38
13
59%
60
58
79
Wcr
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 5.
1939,3 D
Federated Metals c f 71
19464 3
Fiat deb a f g 7a
1941 M
Fisk Rubber let a f 8a
,
Framerican Ind Des 20-yr 7318'42 J J
1942 Si N
Francisco Sug let a f 7Ys
951
Price
Friday
Aug. 5.
Week's
Range or
Last Sale
171gb
Ask Low
60
60
89
78
82
34
3018 34
34
9218 Sale 8912
9218
1612 30
15 July'32
Bid
60
C Z3.
1
271
24
Illinois Bell Telephoue ee___1956 3D 10318 Sale
8
1940 * 0 957 Sale
Illinois Steel deb 414e
32
30
Raeder Steel Corp mtge C. .1941' FA
10
7
Indiana Limestone bite f 68_1941 MN
Ind Nat Gas &()II ref be_ __1986 MN ____ 95
1978 * 0 74 Sale
Inland Steel let 414s
73 Sale
1981 P A
let NC et 43421 earl)
1950 40
Interboro Metro!, 4'4e
*0
Certificates of deposit
3
' 47 Sale
Teterboro Rap Tran let 50_1966
• 3 47 Sale
Stamped
8
1932 A 0 255 Sale
Ile
-year
10
-year cony 7% note.,...1932 MS 6278 Sale
10
4
1951 MN 393 Sale
Interlake Iron lit Cs B
Int 1 gric Corp let & roll tr Is—
34% 35
Stamped extended to 1942_ .. _ M N
5712 Sale
11141' M
Hut Cement cony deb bs_
1944 *0 3714 Sale
Internal Hydro El deb 6s
5 Sale
Internet Match at deb 5a__ A947 MN
518 Sale
1941 J J
Cony deb Si
lee! A0 36 Sale
Inter Mere Marine efCe_
Internal Paper fie ter A & B.1947 33 47 Sale
1955 MS 1712 Sale
Ref a f 6e settee A
Int Telep & Toles dab g 430 1952 33 3212 Sale
1939 3' 3812 Sale
Cony deb 434/1
39 Sale
1955 FA
Deb Sc
Investors Equity deb be A.1947• 10 74% 78
Deb be ear It with warr1948 A 0 7412 751
1948 A0 7412 771
Without warrante
4
833 July'32
4
263
2812
i
1
IG2!12- t;4
LeS
55
80
60
82
16
34
16
8
"a 22'8
9
0
3
693
4
70
70
1948 E A 69
Gannett Co deb 65
9812 June'32
Gaa & Clot Berg Co come 5.1949 J D
len Si 8 4612 Sale 4058
69
48
Geesenkirchen Mining fie
11
76
8
753 Sale 75
Geu Amer recorders deb be_.1952 F A
14
96
Gen Baking deb s t 59,,...._l040 A 0 96 Sale 95
483
48 Sale 43
8 15
1947
Gen Cable let a !Bye A..
98 95 June'32
1942 P A 95
Gen Electric deb g 334e
49
4
15
Gen Eleo(Germany) 78 Jan 15'45 3, 0443 Sale 4334
4258 21
1940• I) 42 Sale 42
S I deb 634e
10
40
3811.
40
1948 MN 38
20-yel.r t deb 68
103
107
1937 P A 10212 Sale 102
Gen Mot Accept deb BB
1940 FA 101 Sale 10012 10118 31
Gaul Petrol lst s fit.
78
5
75
1939 J J 7514 78
Gen Pub Serv deb 514a
2
5312
5312 Sale 5212
Gen Steel Cast 5.se with wart '49 .1
214
312 68
312 Sale
Gen Theatres Equin deb 681940 AO
31, 39
412
3 Sale
Certificates of deposit
A 0 40 Sale 3812
21
41
Good Hope Sloe,& It see 78_1945 -- 73% 39
Goodrich(B F)Col et6 ya1947 3' 73 Sale 71
110
41
1915 3D 39 Sale 3512
Cony deb 642
7212 Sale 69
7312 97
Goodyear Tire & Rub let 56_1957 MN
75
76
16
80
Gotham 811k Hoelery deb 61,1938 J o 75
1318
5
12
12% 12
Gould Coupler let s I 8a _ _1940 P A
48
7
Gt Cons El Pow (Japan)78 1944 FA 48 Sale 4414
42
25
1950 J J 42 Sale 38
Int & gen s t 6 1-41.
4
40
Outf States Steel deb 5,4e...,,1942 3D 40 Sale 35
86
87
Hackensack Water 181 4rn__1952 J
Hansa SS Lineal% with warr_1939 40 27% Sale
Ilarpen Mining C. with atk purch
8
8
war for corn stock of Am she '49 23 415 427
20 Sale
Havana Eleo eons& g be___ _1952 P A
5
4
Deb 5.1...series of 1026___1951 NI 5
Hoe(R)& Co let C ',i ler :4_1934• 0 30 Sale
1512 20
Holland-Amer Line C.(fiat)J947 MN
Houston Oil sink fund btle__1940 MN 60 Sale
Hudson Coal let If fs ace 0_1962 J D 3012 Sale
N 10212 104%
Hudson Co Gaa 1st g be_
Humble(MI & Refining 53-1937 A 0 10114 Sale
Range
dines
20
69
9813
2518
67
Ms
25
93
8
267
28
8
225
9754
95%
7212
38
1
112
121e
80
34,4
61%
72
11
3314
30
21
70
9812
491
82
96
5612
9812
50%
£9
63
103
101 1s
84
61 12
784
4
41
80
48't
82%
8012
25%
69
60
40
7814 87
2812
11
51
32
1
73
8
181 r4312
1.1 12 25
8
3
618 30
13
1928
4412 7014
2614 44
98 10212
94 102%
8 46
10114 1035
97
67
95%
30
a2894
10
6 July'32
9118 Apr'32
74
29
71
73% 15
70
10 Apr'32
8
3 Mar32
46
48
138
4812 ''5
4618
24
26
.76
63
65% 58
40
43
34
9618r104
1103 9912
4
8
153 33
18
5
1(0
91
84
Cl
82
59
012 10"
5
3
3114 59
31 12 59
10% 443,
79
41
60
30
r4312
4
393
20
20
3 July'32
30
30
13 July'32
60
52%
32
30
10212 10212
10118 101%
40 July'32
60
57
40
3514
512
5
47
5%
5
36
3314
43
48
18
16
34
26
3212
40
3912
29%
74 July'32
75
7514
75
7512
29
5
7
87
171
47
102
42
37
36
137
527
417
_
7
2
32
42
19
2
14
30
28
11
14%
1714
16
55
55
65
9
467
.
701
54
621,
64
5434
50
8814
51
59
5412
74
751 1
751 2
87
85
95
23
96
90
8512 K C Pow & Lt let 4tie ser B_1957 J J 9312 Sale 9312
943 138
8
8
4
9012 9634
1961 P A 925 Sale 925
85
let M 434e
8214 43
80%
8214 89
J
7212 86
8412 Kansas Gas & Electric 4 e_ 1980
2312 147
4
255s
12
92
Karstadt (Rudolph) let fte_ _1945 MN 223 Sale 21
44
40
40
3518 42
63
24
Keith (B F) Corp let Ile__ _1940 M
50
9
47%
65
£1
93
88
Kendall Co 5348 with warr 1948 M S 4718 54
581
5812
1
5812 70
83% 95
Keystone Tetep Co let 5....,1935• .1 5812 61
103 July'32
z
98, 10312
9212 Kings County El L & P 5i 1937 AO 102% _
79
123
1 11618 12311
1997,AO 121 123 123
104 10612
Purchase money 6.
7612
57
g 44,_ _1949'F A 63% 67 62 July'32
8612 9012 Kings County Elev
100
5
99 10012 100
92 100
_1954 .1
923 Kings Co Lighting let be
89
4
108 ___ _ 10 • July'32
106 10918
19543
Fleet and ref 6,4a
40
a25
56
43
22
Kinney(GB)& Co 7,4% notes'36 J D 40 Sale 38
4 80
673
4
9l1
40
1936 J D 673 Sale 59
8
57 22i4 Kresge Found'n coll tr 6a
1014 44
914
10 Sale
5912
6
1959,R4
899 105
& Toll sec a 1 le
Kreuger
96
87
3
78
9244
7818 80
78
53
9012 101
Lackawanna Steel let 5e A _ _1950 M
85
24
95
71
96% 102
Laclede G-L ref & ext 5e_ _ 1939 A 0 82 Sale 81
55
60
5412 Sale 51
85
45
1953 F A
3712
20
Coll & ref 5 ye sense C
54
52
54 Sale 50
4434 75%
24
5
Coll & ref 5 ye settee D1960 F A
50% 7214 Lautrzo Nitrate Co cony 6a_1954
614 47
14 1412
a6 Sale a5
100% 10334
Without warrants
82
81
80
81
84
62
4 ye A_ _1954
Lehigh C & Nav
88
82 July'32
J
014 90
8
56
7512
Con,sink tuud 4'se aer C_1954
83 68
6814
68
93
48
4414 60
Lehigh Valley Coal lat g be_ _1953 J
9712 94 Dec'31
50
3, gra
let 40-yr gu Mt red to 4% _1033 J J
- 10018 July'32
98', 100%
9912
1934 F A
lat & ret t 56
40 Feb'32
8972 41
3
1944 F A
1
let & ref a f tre
3514
18 July'32
18
1954 F A
4
let & ref a f 5.4
Ile
43
24 July'32
24
1964 F A
97% 10312
let & ref e t be
Jan'32
41
41
____ 30
41
1974 F A
let & ref e f be
44 115 120
118
85
93
Liggett & Myers Tobacco 71_1944 A o 117 Sale 117
104% 32
103 Sale 103
9612 10434
91
78
1951 F
S.
82
19
82 Sale 80
90%
64
1
1941 A
88% 92
Loess'e Inc deb at 6a
701
173 53% 71
85
9211 Lombard Elm 7e without war'52 J D 7012 Sale 66%
69 Nov'31
-0
93
52
With warrant.
5E 16998 108
108
107
25 100% 102
194 A 0
Lorillard (P) Co deb 7a
951
41
.
141 14 97
9511 10214
83
1951 F A 951 Sale 9412
I.
98
42
100
22
91
94 '104
Louisville Gas & El(Ky) 68_1952 M N 93 Sale 96
21
98 102% Lower .1 ustria Hydro El Pow—
2918 Sale 27
30
6
40
20
38
95%
1944 F A
87
Istef 634s
150
80
66
72%
91
6
52
9
50% mos McCrory Stores Corp deb 5348'41 3 0 72% Sale 70
37
171
35 Sale 3312
2518 CO
3
So
86'2 McKesson & Itobbine deb 5%8'50 Si N
8
6
10
512 June'32
3
62
11142 A 0
37% 81 11 Manat1 Sugar lets f 734e
'5
6
5 Sale
5
2
74
0310100
Stamped Oct 1931 coupon 1942 A (
3% 5
32
Certificates of deposit
9912
98
92
3512 Sale 3212
37
.122 13 1
Manbat It;(N Y)Cones 44_1090 A 1"
26
29
28 July'32
1212 3512
It
3
8
2013 J
2d 411
75
70 July'32
85
70
5
5
Manila Elect RR & Lt a t 5e_ _1958 Si el 70
99
94
Mfrs Tr Co cite of panto In
2
113
62
66
62
60
A 1
& Son let Ca__ _1943 J D 62
10412 110
6
3212
26
28
21
36
48; 20
4514 Merlon Steam Shovel at da_ _1947 A 0 31
24
75
75 Sale 7212
6512 92
88. 1834 431 2 Market St Ry 7.sec A _A ern 1440 Q
40
13
51
25
20
21% Mead Corp let era with warr_1945 M N 40 Sale 36
75
13
88
58
2
Mertellonale Mee let 7e A....1957 A 0 7514 Sale 75
18
8514 37
8514 Sale 8118
75 100
Mete Ed list & ret be ser C 1953 J
75% 12
67
85
1968 M S 75 Sale 75
15
35
g 434a series D
52's
60
15
33% 6312
M woo Wat Sew & Dr 5341,1950 A 0 5812 Sale 5812
4
1912 31413
1412 2012 193 June'32
53
70
NI et West Side El(Chia) 4a...1938 IP A
8 38
325
14
30%
8
35
1956 2 D 313 33
5312 7612 Ming Milt Mach let s f 7e
88
18
88 Sale 8412
73% 97
82
96
(
Midvale St & 1 coil tr of 5.A936 Si
10
68
41
New York Bond Record-Concluded-Page 6
952
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 5.
48
2
billw El Sty & Lt lot 56 B---1961 .1 1
lot mtge 55
1971 J 1
Montana l'ower let ra A _ -1943 .1 J
Deb 5aserlee A
.512
Montecatini Min & Adria- 1962
Deb is with warranta___ _1937 1 J
Without warrants
1 J
Montreal Tram 1st & ref 58_ _1941 .1 J
Gen & ref s f re series A___1955 A 0
Gen & ref s t es tier B
1956 A 0
r
Oen 4k ref s f 4145 ser C-1955 AO
1955 A 0
Gen & ref a f 6e ser D
Morris & Co let s f 4 Ha_
1939 J J
Mortgace-Bond Co 4s ser 2 1968 A 0
1934 .1 D
Murray Body let 8440
Mutual Fuel Gas let gag 5(2_1947 MN
Mut On Tel gtd 6s ext at 5% 1941 M N
Narum (A I) & Bon_Bee Mfrs Tr
Nassau Else guar gold 4s._._1951 J J
1942.5 D
Nat Acme Idol 6e
Nat Dairy Prod deb 6348_1948 F A
1947 F A
Nat Radiator deb 6340
1956 A 0
Nat Steel let colt ra
Newark Coneol Gas cons 58_1948 J D
1980 A 0
NJ Pow & Light let 434s
Newberry (.5.5) Co 514% 001e5'40 A 0
New Eng Tel & Tel 6a A...1962.5D
1981 M N
Ist g 4 42sserlee B
New Oil Pub Sere let Is A 1952 A 0
1955 J D
First & ref 5e series B
N Y Dock 50-year lot g 48_1951 F A
1938 A 0
Berta] 5% notes
A_I941 A 0
NY Edison let & ref
let lien & ref 5e series B_.A944 A 0
_ _1011 A 0
1st lien & ref Is ser C
N Y Gas El Lt H & Pow g 6a 1948 J D
Purchase money gold 49_ _1949 F A
N Y I, E & W Coal dr RR 6348'42 M N
N Y L E & W Dock & Imp 6s '43 J .1
N Y Rya 1st It E & ref 4a_ _ 1942 J
Certificates of deposit
8(1-year ad) inc 55._ __Jan 1942 A 0
Certificates of depoelt
A 0
N Y Rya Corp Inc 6s___Jan 1961 Apr
Prior lien 68 merles A
J
196:.
NY & Mehra Gas let 65 A...1951 M N
NY State Rya let cons 4148_1982 MN
MN
Certificates of deposit
60-yr let cons 63.45 ser B__1982 M N
Certificates of depealt
N Y Steam let 21 (is ger A 1947 M N
-Jr
let mortgage 85
1951 M N
let NI 544
1958 MN
Y Telep let & gene 4440_1939 MM
N Y Trap Rock let (is
1948 J D
Nitta Lock &0 Pow let 5a A _1956 A 0
Niagara Share deb 5428
1960 M N
NorddentschaLloyd 20-yr f 8947 MN
Nor Amer Cem deb 1134s A.1940 M S
North Amer Co deb 5e
1961 F A
No Am Edison deb (Sneer A _ _1957 M 8
Deb 5%a ser B___Aug 15 1963 F A
Deb 5a series C___Nov 15 1969 58 N
Nor Ohio Tree & LIglat 8s
1947 M
Nor States Pow 25-yr 55 A.1941 A 0
let & ref 5-yr
ser
__ _1941 A 0
North WT lat g 4 SO gt(1_1934
Norveg Hydro-El Nit 514e_ _1957 M N
Ohio Public Service 75402 A_ _1948 A 0
1947• A
lat & ref 7s series li
Old Ben Coal let Re
1944 F A
Ontario Power N F let 50_..1943 F A
Ontario Power Bert let 5345.1950. J
5
Ontario Tranaminsion let 5o_1945 MN
Oslo(las & El Wks eat) 59
1963 M 8
Otis Steel let M 6s ser
M 8
Week's
Range Or
Lass Sale,
Price
Friday
Aug. 5.
mr.
Bid
80
78
764
59
85
85
8212
68
Ask
Sale
Sale
Sale
Sale
Low
78
78
75
59
87
Sale
95
96
‘Q
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 5.
27
3
14
13
2
4112 46
7
45
47
54 July'32
53
80
873 Sale 87
4
884 262
1614 20
17 July'32
78 Sale 7412
7814 168
1
99
9914
99
78 Sale 7714
7914 52
1
67 Sale 67
67
10314 105 10212 10314 31
9612 Sale 953
4
964 31
36
63 Sale 6018
63
6214 Sale 6014
6212 27
5312 57
5212
5553 15
3912 4212 3814 July'32
15
110 8 1103 11012 111
,
4
45
104
104 Sale 103
129
103 Sale 102
103
27
106
105 Sale 105
14
96
96 Sale 9512
80 June'32
---- 100
101 100 June'31
433 Apr'32
8
40 Dee'31
212 Dee'30
14 JulY'31
3
4
8
4
3 Sale
4
2
1
35
38
35
35
1
903 92
4
903
4
903
4
812 512 July'32 _
2
2
512 5 July'32
2
3
23
55
53
4
2
518
518
5
104
104 Sale 103
10
95
943t 947 9414
8
04
85
937 Sale 9238
8
10114 Sale 101
10118 153
21
50 Sale 483
4
50
8
9312 Sale 9312
95
37
67
57 Sale 50
36
343
8
37
53
35
25
33
25 Sale 16
80
96
80 Sale 76
7812 Sale 74
7812 31
8214 26
82 Sale 77
8
7814 83
7814 Sale 743
14
06
953 9612 9514
4
97
56
97 Sale 9614
10238 19
10218 Sale 101
82
91
91 May'32
6112 Sale 593
8
8
6112
9212 957 96
96
1
8
90
94
7
90
95
12
16
6 July'32
954
3
9512 Sale 9512
5912 Sale 5312
5912 127
1
9112 95 9512
9512
19
68
4
6714
663 68
30
27 Sale 24
62
Pacific Gan it El gen as ref 58_1942 1
Pao Pub Serf 5% notes
193s M
Pacific Tel & Tel lot 50
1937 ii
Ref mtge So series A
1052 MN
Pan-Am PetCo(ofCal)con• 65 '40 Jo
Certificates of deposit
J
Paramount-B'way let 534e. _1951
Paramount-Fam's-Lasky 88_1047 J 13
Paramount Public Corp 514a 1950 FA
Park-Lax let leasehold 133.4o.1953 ii
Certificates of deposit
-1944 11
Parmelee Trans deb Co
Pat & Puente(I & El cons 5s 1949 M
Paths Frei] deb 78 with wart 1937 MN
Penn-Dixie Cement let lie A _1941 51 S
Pennsylvania P & L let 4445_1981 AO
Perm Gas I.& C let cons 8s 1943 AO
Refunding gold 5e
1947 MS
MI
Registered
Pella Co sec 544 series A
1967 J o
Phila Men Co 1st & ref 4440_1907 MN
let & ref 4a
1971 TA
Phil/4 & Reading & I ref 5e_1973 ii
Cony deb fie
1949 MS
Phillips Petrol deb 53,4o
1939 in
Pillsbury F1'r Mills 20-yr 621_1943 AG
Pirelli Co (Italy) con.7o_ _._19S2 MN
Sale
95
Sale
Sale
Sale
30
Sale
Sale
Sale
Sale
10
412 Sale
9912 ____
55 Sale
a363 Sale
8
8714 Sale
104 107
9212 Sale
8114 Sale
9912 Sale
89 Sale
63 Sale
43 Sale
6812 Sale
9712 Sale
913.1 100
1003
4
1013
4 72
9458
953
8
8
1033
8 10378 42
10114
1023
8 12
30
9
2814
4
25
25
443
4
49
85
83
2514
36
2112
33
195
1018
1018
4
_
11 May'32
412
412
1
100 July'32
15
54
55
6
a35
40
169
8518
88
_
104 July'32
92
9212 10
96 Apr'32
_
82
7912
90
993
4 20
9914
907
3
9
89
22
63
5538
41
04412 77
106
69
66
95
9712
5
92 July'32 __
Pocah Con Collieries lots f Is '57
J
Port Arthur Can & Dk Cs A.1953 F A
let M 65 aeries B
1963 F A
Port Gen Else let 430 ser C_1960 M S
Portland Oen Else' let 513_ __ _1935 J J
Porto Rican Am Tob cony 88 1942 1
Postal Teleg & Cable coil 50.1953 J J
Premed Steel Car con• g 5e_ _1933
J
Pub Serv El & G let & ref 4448'67 .1 D
let & ref 43.4s
1970 F A
let & ref 40
1971 A 0
Punta Alegre Sugar deb 7s 1937 J J
Pure 011 a f 514% notes
1937 P A
8 f 534% notes
1940 M
Purity Bakeries lit deb 55_ 1948 1
713
4
65
65
55
5012 75
5112 sale
90
86
22 Sale
27 Sale
50
41
9914 Sale
98 Sale
903 Sale
4
112 4
7712 Sale
73 Sale
69 Sale
80
5312
53
4838
85
22
22
40
97
96
90
47
8
72
68
0134
Mar'32 _ _ _ _
July'32
July'32
5112 161
8614 25
18
22 14
202
27
12
a50
9938 45
98
35
9112 28
_
Jan'32
, 40
771
73
124
6918 60
Radlo-Keltb-Orpheum pars paid
54
16
85
52
etfs for deb 65 & corn elk.1937 44 N 73
75
56
8
Remington Arms let of 621_ _1937 M N 747 Sale 7014
110
50
4
Rem Rand deb 5 lie with war '47 441 N 493 Sale 4514
5712 18
5712 5318
Repub I & 8 10-30-yr 6.e f._1940 A 0 55
453
4
6
4412 42
J 43
Ref & gen 534s series A_ __1953
2
50
50 Sale 50
Revere Cop & Braes 6a_July 1948 M
403
8 58
1948 J J 3914 394 37
Rhelnelbe Union of 7s
313
8 23
Rhine-Ruhr Water eerie@ 88_1963 J J 3114 Sale 28
28
51
Ithine-Weatphalia El Pr 72_1950 M N 51 Sale 4638
44
54
4
4
1952 14 N 423 Sale 413
Direct mtge So
4312 77
4
_ ._ 1953 F A 423 Sale 42
Cons M 60 of 1928
4312 81
4
Con M 6e of 1930 with war 1955 A 0 423 Sale 42
13
a24
,044 M N 02212 Sale 22
Richfield 011 of Calif 6a
N 20
2412 2012 July'32 ___ _
r•ortlfleatm of AnDoett
3712 34
3712
6
1955 F A 32
Rime Steel lets 175.
Irks
Friday
Aug. 5.
Weere
Range or
Las! Sale.
4•
c`4' 63
Range
Since
Jas. 1.
High
BIB
Ask Low
High
High No Low
9412 Roch CUE]gen mtge5)4s ser C'48 M I 963 104
7
90
4
99
96
97
95
Gen mtge 414s series D___1977 PS $ 8312 88
923
4
1
75
75
75
9512 Roch & Pitts C&Ipm 5a__1946 M N
85 Dee'30
4
823 Royal Dutch 45 with warr_1945 A 0 S4 Sale 823
61 14
847 114
8
;
7
8
Ruhr Chemical s f 65
35
1948 A 0 3612 Sale 31
21
17
35
8238
68
67
86
St Joseph Lead deb 5345____1941 MN 80 Sale 80
66
91
5
80
7514 8412 St Joa Ry Lt lit & Pr let 50_1937 MN 7514 SO
85
70
76 July'32
9738 683 St L Rocky Mt & P 50 stpd_1955 J J 35
8
42
35
35
2
40
35
6314 6314 St Paul City Cable cons 5a__1937'.5 50
50
60
92
50 July'32
00
60
Guaranteed 5s
40
53
1937'.5 30
69
50 June'32
San Antonto Pub Sect let 89 1952 J J 76
03
3
70
78
76
763
4
-61
78
8chulco Co guar 6340
26
5012
1946.5, 261 Sale 26
26 8 26
,
4014 4014
Guar a f 61441 series B
48
82
1948 A0 50
40
62
70
70
68
9512 Sharon Steel Hoop of 534s 1948 TA 293 Sale 29
44
23
1
4
29
9012 100
Shell Pipe Line of deb Is. 1952 PS N a8314 Sale 824
8
142
567 84
84
Shell Union 011 5 f deb 68_1947 MN 823 Sale 8114
33
221
47
8
83
Deb 5a with warrants_ __ _1949 A0 82% Sale 8118
83
47
454
83
Shlnyetau El Pow 1st 614E4_1952 J O 41
32
59 4
0
5
4012
41
45
3014 50
Bhubert Theatre 6a_June 15 1942 .512
04 Plis
112
2
112 4
112
54
60
7112 9512 Siemens & Halske 5 f 7s
6512
78
1935 ▪ J 643 Sale 6114
4
42
5
8
22
Debenture of 6148
1951 MS 5412 Sale 5212
27
5914
57
62
60
80
Sierra & Ban Fran Power 541_1949 FA 91 Sale 8834
80
9518
9
91
95 100
Silesia Elec Corp of 634s
10
1946 FA 3612 40
3512
5
3514
3514
77
053 Sileelan-Am Corp coil tr M 1941 P A 3412 Sale 28
4
414
20
3 72 18
4
5312 8114 Sinclair Cons 011 15-yr 7s.. 1937 M
9418 Sale 92
723 91,
8
9414 155
9712 10404
lot lien 6145 series B
1938 J D 89 Sale 88
90
88
8912 73
91
99
Sinclair Crude 011614s sec A _1938'.5 102 Sale 10138 10212 100
4
913 10212
4612 82
Sinclair Pipe Lines f 5a
1942 A0 9712 Sale 97
8912 98
9712 12
4514 80 4 Skelly 011 deb S)413
,
6614 29
1939
H 6614 693 63
43
601 1
4
45
58
Smith (A 0)Corp let 634s..1933 MN 10018 10014 9912 100
87 101,
12
2
80
43
Solvay Am Invest re
•S 8012 Bale 80
1942
89
82
8
66
10812 111
South Bell Tel & Tel Islet 5s '41 ▪ J 10214 Sale 1013
23
17754 103
8
103
8
971101047 fewest Bell Tel lot & ref 58..1954 TA 10214 Sale
8
10218
612 1033
1023
4 53
9
100 103
Southern Cob Power 8s A _ _1947
7412 Sale 70
8
65
9312
7412
10014 107
Stand 011 of NJ deb fie Dec 15 '46 FA 10218 Sale 102
083
421027e
10212 171
871s 96
Stand Oil of N Y deb 4 As _ _1961 Jo 9114 Sale I 89
937
8
82
9l7
8 92
80 80
Stevens Hotel 1St(is series A 1945 ii 1712 Sale 14
1712
8
10
28
Sugar Estates (Oriente) 7s._1942 MS
27 Sale
8
12 8
24
3
2
134 Certificatee of delimit
.
3
8
51 S
1
9
12 June'32
Syracuse Ltg,(7o. 1st g 5 s__ _ 1951 in 10212 -__. 10218
95 103
1
10218
- - Tenn Coal Iron & RR gen 55 1951 • J 10014
93 10112
Sale 9712 10014 28
214 Tenn Copt/ & Chem deb 6s 111944 M
63
45
30
26
50
47
60
28
60
Tenn Elea Power lot 66
8538 102
1917 in 95 8 Sale 94
,
953a 68
8514 98
Texas Corp eon, deb 56.. _ _ _1947 A0 8814 Sale 87
1 14
7112 90
371
90
44 512 Third Ave Ry lot ref 48..._1960 1
47 Sale 47
33
5012
4812 37
1
512
Ad) Inc 5s tax-ex N Y Jan 1980 AG 2514 Sale 2412
1812 3914
2614 320
2
734 Third Ave RR let g 5a
91
8812
1937 J J 88
84
5
90
8812
2
51 1 Tobacco Prods(NJ)
9512 575
63.40. 2022 M N 93 Sale 9234
7554 9517
9912 100
Toho Electrlo Power let 7s....1955 MS 51
3911 68
55
47
5212 28
9014 98
Tokyo Elea Light Co. Ltd
88
940
4
1st (is dollar serial
62
1953 J D 41 Sale 37
211
48
41
951a 10214 Trenton 0 & El tot g Is... _1949 MS
99 10(71.1
10014 July'32
38
70
Truax-Traer Coal cony 13340 1943 MN 143 24
4
8
26
20 July'32
8618 1/7
Trumbull Steel lot a f 6s_
1940 MN 47 Sale 45
65
38
47
38
39
7012 Twenty-third St Fly ref 50.1962 J J
10
10
10 Feb'32
16 8 87
,
Tyrol Hydro-Elec Pow 7145 1955 MN 38
40
5212
25
38
4
40
1112 263
4
Guar izec a f 7s
1952 FA
343 40 4 33 July'32
4
22
51
3
88
53
91
65
UJIgawa Elbe Power s f 744_1945 MS 6312 Sale 55
423 71
8
68% 106
94
60
Union Dec Lt & Pr (Mo) Is 1932 M S 10018 1003 10018
8
10018
1
9912 10113
89
57
Ref & act 50
N 10114 Sale 10114
1933
102
59
99 102
3
90 4 101
Un E I.& P (III) 1st g 544s A 1954 J J 100 10012 9934
2
100
9814 101,
13
89
9914 Union Eley Ity (Chic) 55_ _ 1945 AD 21
48
21
21
2
21
100 1053 Union 011 30-yr (is A __May 1942 P A
4
0714 Sale 97,
9'212 101
4
98,
2 18
9712
80
lat lien s f 55 ser C..
.Feb 1935 AO 943 97
4
9412
2 ail()
9812
94,
2
4,118 65
Deb 5s with wart.. _ _Apr 1946
7734 Sale a7712 0793
4 18
80
66
73 1064 United Biscuit of Am deb 85 1942 PS N 9712 99
9738
9818 12
857 994
8
71 10414 United Drug 25
-year 6a
1953 M
8012 Salo 7712
81
136
623n 93
6
20
United Rye St L let g 4s
1934 1
2712 29
28 July'32
40
22
83
96
US Rubber let & ref loser A 1947'.5 3914 Sale 3612
40
271
5912
28
21
64
United S8 Co 15
-year 65._ ..l937 MN 72
75
72
72
2
8412
72
80
9512 Un Steel Works Corp 830 A 1951 • D 3114 Sale 3014
3212 97
135 8212
8
5014 71,
4
Boos f 84424 series C
33
1951 in 31
3118
32
47
147 32 4
s
,
15
50
BinkIng fund deb 634e serA1947 I
3112 Sale 3012
323 118
8
1012 3238
9414 1013 United Steel Wks of Burbach8
78
953
s
Esch-Dudelange f 7s__ _ _1951 * 0
72 July'32
63
927
8
597 1037 Universal Pi410 at Rad debits 1938 Jo
8
1912 20 Dee'31
9834 1023 Unterelbe Power & Light 69_1953 A0 30
8
3814 353
4
40
16
2212 40
712 a35
Utah 1.1 & Tree lot & ref 55_1944 A0 65 Sale 6018
65
38
5514 80
4
27, Utah Power & Light let 6(4_1944 TA
2
7412 Sale 72
7412 47
60
902
34
82
Utica Elea & P 1st of g 56_1950
_ 10512 97
Jan'32
97
97
13
6038 Utica Gas & Else ref & ext So 1957
101 105 100 July'32
9812 1031 1
1018 55
Utll Power & Light 53.4e...1947 ID 28 Sale 25
29
89
1212 4,1
10
26
Deb 5e with warranta
2434 Sale 2012
1950 TA
2512 222
10
477
8
Ii
11
FA
Without warrants
2
2312
994 100
Vanadium Corp of Am cony 512'41 A 0 42 Sale 40 8
,
45
80
30
75
411
8012 Vertlentes Sugar let ref 7s_ _1942 J O
318 12
212 July'32
1
10
24
435
4
Certificates of deposit
178 July'32
114 134
73
893 Victor Fuel let of 5e
4
10
14
10 Apr'32
1953
10
14
100 10734 Va Else & Pow cony 5145_ _ _1042 MS 902 _
9312
9412 15
89
95 8
,
86
9712 Vs Iron Coal & Coke isle fla 1949 MS 40
65
45 July'32
__
40
6934
96
96
Va Ry & Pow let & ref 55_ _ _1934.5' 993 Sale 983
8
8
993
4 37
9618 100
90
68
9218 100
1412 13 July'32
Walwortb debit Ma with ware 1935 AD
6
10
22
9212
83
Without warrants
AD
5
153 13
4
13
10
1012 22
69
52
1st sinking fund 6e eerier! A 1945 A0 19 Sale 1434
19
9
10 4 28
,
53
29
Warner Ilroa Pict deb 6o....1939 MS 2412 Sale 21
263 290
4
94 40
45
811
Warner Co let 6a with ware.1944 A0 35
40
35
35
4
30
66
90 101
Without warrants
*0
5610 6612 June'32
_
60
6612
92
78
Warner-Qulnlan Co deb 65_ _1939 MS 2314 283 2218
224
4
1 all
32
Warner Sugar Refill lot 7s. _1941 J o 102 Sale 10112 102
10
0712 103
80
89
Warner Sugar Corp lot is. _1939 J J
77
s 712 May'32
712 712
497 50
8
3
5
Stamped July 1931 coup on '39 J J
il Feb'32
_
6
6
53
53
Warren Brod Co deb 8a
41 Sale 38
41
1941 M
70
21
50
38
657 Wash Water Powers f Is...
8
_1939 J J 10018 10001 10012 1007
8 10
95% 10117
837 9834 Weatcluetef Ltg 5e stud gtd 1950 J O 10312 104 104
8
104
1 i06 10514
8
143 4212 West Penn Power eer A 56_1946 M
103 Sale 10214
103
20
983 103
4
39
14
let Is serial E
5
4
.1
10112
1963 MS 1003 Sale 1003
9412 102
40
797
2
lot see Is aeries 0..
101
,
1958 J D 101 Sale 100 2
27
96 n0.5
9114 100
Western Electric deb te___.1944 AO 9312 Sale 9312
97
143
89 10212
91
68l8 15
983a Western Unton roll trust 5s_1938 J J 69 Sale 6412
50
8614
93
83
Funding & real est g 4 As.195 MN 6112 Sale 59
6112 53
49
80
478
47
8
15-year 814
P A 75 Sale 66%
7518 100
1939
50
97
6012 7712
,
25
-year gold 5.4
1951 JO 63 8 Sale 563t
6338 131
36
75
5912 73
30-year 55
6214 73
1960 MS 62 Sale 5718
35
72,
,
79
51
32
127
Westphalia Un El Power 66_1953• J 32 Sale 27
1138 32
50
40
2814
45
29
44
1418
12
28
21
188
4
185
8
54
3
It
26
10412
853
4
511
.
85
61
56
41
3118
6812
45
44
44
31
243
4
39
Wheeling Steel Corp lot 83.4e 1948 J
lot lc ref 414e series _ _ _ _1953 A0
6812 Sale
52 Sale
6812
4618
r70
513
4
3
39
White Eagle Oil& Ref deb 542s'37
1023
8 13
With stock purch warrants.... 181 S 10214 10212 10214
1718 2512 0163 July'32 ____
White Sew Mach 6a with wart '38 .1 .1
4
_
19 July'32
1718 36
Without warrants
.1 J
8
Pante 0 f deb 68
1940.75 N 1614 197
312 Fele32
Wickwire Spencer Eit'l let 7e 1935J
118 June'32
Ctf den Chase Nat Bank__
1)4
-212 June'32
112 5
7s(Nov 1927 coup on) Jan 1935.M N
212 13 July'32
8
1
CH den Chase Nat Bank
PS N
65 July'32
WIllys-Overland of 634e._...1933 PS S 691s 90
8114 54
Wilson & Co lot 25-yr 0160.1941 A 0 8114 Sale 75
Youngstown Sheet & Tube 58 '78 J J
let mu. s f 52 ser B
1970* 0
sole. a Deterred delivery. d Union OU 5. settee C 1035 /old on Jan. 5. 51.000 at 73 "deferred denveri.4fr
t.2
High No. Low
8012 69
7212
9
72
80
60
7718 42
57
61
54
77 July'32
8514
85
8214
83
67 8 July'32
,
6314 July'32
58
60 Feb'32
68
9112 9312 May'31
7018 91
7018
72
4014 -- -- 4014 Mar'32
70 Sale 69
70
953 ---- 95
95
4
86
9918 Nov'31
10134
94
1033
8
10112
2814
2512
48
324
30
1018
Range
Since
Jas. 1.
63 Sale
6212 Sale
61 14
6112
04
61
63
65
40
30
77
65
9612 10258
812 016 4
,
714 20
818 20
/Ili
31,
0
4
114
212 2i2
84 312
61 18 02
6414 8,013
44
45
72
72
953
Financial Chronicle
Volume 135
Outside Stock Exchanges
Sales
Friday
Last Week's Range for
ofPrices.
Itreek.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
-Record of transactions at
Boston Stock Exchange.
the Boston Stock Exchange, July 30 to Aug. 5, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Range Since Jan. 1.
Last Week's Range for
ofPrices.
1Week.
Sale
Low.
Par. Price. Low. High. Shares .
High.
Railroad
80
100
Boston & Albany
70
100 71
Boston Elevated
Boston & Maine
8
934
Preferred stamped
74
8%
lot pref cl A stpd
11
lot prof Cl B stpd__ _100
14
1st pref cl C stpd_ _ _ _100
15
1st pref cl D stpd_ _ _ _100
25
26
Prior pref stpd
120
Boston & Providence_ _100 120
74
Chi Jet & Un Stkyds p1_100
55e
550
Eastern Mass St Ry corn_ _
954
94
,
Maine Central
lox
N Y N II & Hartford_ _100
7751
Norwich & Wore pref.,.100
100
65
Old Colony
le%
50 1231
Pennsylvania RR
75
Vermont & Mass'
100
8535
71
10
84
15
14
1554
27
125
74
550
10
12%
7731
65
13%
75
71
984
5054 July 130
59 June 76%
8
72
3
166
5
156
3
10
554
16
192 12
10 100
7 72
27 40e
130
934
6
1.650
85 60
1 45
634
1,539
20 63
July 15
July 26
June 24
June 32
June 50
June 62
July 135
June 92
May
1
10
July
June 31%
July 100
June 100
June 23%
July 7L.
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Jan
Aug
Jan
Feb
Jan
Jan
Aug
Miscellaneous
15,1, Apr
6% Feb
234 234
100
Amer Continental Corp_
54 Feb
1
Feb
650 75c
Amer Pneumatic Serv _25
75
Jan
14 14
3
25 85e May
Amer Pneumatic Ser p1...
4
Feb
11
14
May
265
11
1st preferred
50 --11-1% June
3
Aug
160
24 3
2d preferred
8534 10134 13,912 704 July 135% Feb
Amer Tel & Tel
100 1013.4
154 May
5
Aug
1,84
Amoskeag Mfg Co
251
5
4
Mar
June 22
751 11
6
87
Iligelow Sanford Carpet..
11
Jan
58
Aug 70
3
58
60
Preferred
54 July 12% Feb
11
Boston Personal Prof.
74 8
8
9% Jan
2
June
5
Brown Co prof
165
4
East Gas 85 Fuel Assn
24 May 10
Feb
749
54 7
Common
•
634
Jan
532 35 June 64
56% 60
454% prlor pref
100
Jan
June 70
454 51
654 28
6% CUM pref
100 51
Feb
5
May 10
270
634
751
Eastern S S Lines comIne•
364 Jan
Jun
25
665 18
22
Preferred
Mar
Jun 205
361 119
153 163
Edison Elec Ilium
100 159
Jan
11
3
Jun
875
Employers Group Assn_
5
434 594
854 Feb
Apr
2
2
3
515
Georgian Corp pref
15% 17%
1,704 1034 Jan 2454 Mar
Gillette Safety Razor...."
2454 Jan
Ilygrade-Sylvania corn__
5 10 Jun
1351 1331
234 June 1054 Mar
551 654
Internet Hydro Elee Co_ _ _
175
854 May
7 June
70
7
735
Loew's Theatres
25 ---734
231 Jan
154 June
14 254
1%
Mass Utilities Assoc v t C.
808
•
Jan
2334 27
Mergenthaler Linotype 100
83 194 July 53
Jan
1
51c 680
National Service Co
220 30c May
June 18
Jan
------ 104 1094
15 10
New England Equity-Apr
3
9
Jan
1
312
1
3
New Eng Pub Serv corn
8634
Jan
New Eng Tel & Tel... _100 85
581 6554 July 116
79
8
II
Jan
3
May
537
7
7
Pacific Mills
100
351 June
445
6,
Shawmut Assn tr
734 Mar
54 634
454 July
7
954
•
154 Mar
1,560
Stone 85 Webster
11% 12
Apr
7 June 20
645
Swift & Co new
• 1134
2951
Torrington Co
• 2955 27
625 22 Jun
32
Jan
10 • 10
100
10
Union Twist Drill
13
Jan
7% May
14 14
14
54 July
1,149
United Founders corn_ _ _ _•
254 Jan
3054 3355 2,757 2258 Jun
U S Shoe Mach Corp.._ _25 3231
4031 Mar
29% 31
25
Preferred
367 2334 Jun
32
Feb
250 250
Venezuela Mexican 011.100 25e
54 July
700 20e Jul
June 124 Feb
8
10
10
Waltham Watch pre(
100
334 43.4
•
1% May
454
Warren Bros Co new
685
7
Feb
Mining
Copper Range
25
1
Island Creek Coal
Isle Royale Copper
25
Keeweenah Copper
25
La Salle
Mohawk Mining
25
New River Co prof
North liatte
Pond Creek Pocahontas _
Quincy Mining
Utah Metal & Tunnel__ ._l
234
30c
44
1
35c
Bondsrnoskeag Mfg Co t 0_1948
Chicago Junction 4s.,..1940
5s
1940
East Mass St Ry 4549 1948
Metropolitan Edison Co__
ew En.; Tel & fel 5s..1932
Pennsylvania Elec Co
1%
12%
14
50c
36e
10
15e
25e
451
25c
45
80
88
1854
854
1004
83
Cont'l Chicago(Jorn134
•
Common_
• 16
Preferred
6
Continental Steel corn._ _*
Cord Corp
25
Crane Co corn
100
Preferred
De Mets Inc pfd w w
El Household UM Corp _10
7
FitzSimons&Co D&D corn.
54
Foote Bros CC, & M) Co
•
Goldblatt Bros corn_
.•
Great Lakes Aircraft"A"
•
9
Great Lakes D & D
Grigsby Grunow Co 00in..•
Rail Printing Co com._.lO
Hart-Carter cony pref -_•
Houdaille-Herehey corr.•
Class A
•
Class B.
4
25
Illinois Brick Co
5
Jefferson Electric corn_ _ _ _*
1654
Katz Drug Co common._ _1
Kellogg Switchboard corn10
Kentucky UM Jr cum pf_50
8
Keystone St & Wire corn..
100 25
Preferred
34
LaSalle Ext Univ com__10
10
1%
Libby McNeill corn
10
Lindsay Light corn
• 12
Lynch Corp. corn
2,865
20
150
10
40
1
6
5,22
61
2,631
100
14
104
55
50c
30c
9
15c
15c
4
34
20c
Apr
May
July
Apr
Apr
May
May
June
Jun
May
Jun
354
153.4
254
50e
40c
18%
15c
t'Oe
851
251
45e
52,000
46
2,000
80
4,000
88
2,000
183-4
2,000
8551
100% 6,000
2,000
83
40
75
81
1754
8534
99%
83
June 6534
June 85
June 95
Jan 3134
Anti 854
Jan 10034
Aug 83
Mar
Apr
Jan
Mar
Aug
June
Aug
•No par value.
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange, July 30 to Aug. 5, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last IWeek's Range for
Sale
ofPrices.
Ifeek.
Par. Price. Low. High. Shares.
Abbott Laboratories coin_'
25
Acme Steel Co
Adams (J 13) Mfg corn_ •
Ainsworth Mfg corn
10
Allied Motor Ind corn_ _ _ _•
Allied Products Corp A. •
Amer Fur Mart pref.-100
urel 1.00
Amer Pilo Mary
Art Metal Wks corn
Assoc Tel Util common__ .•
Backstay Welt Co corn_ •
Bastian-Blessing cont.__ ..•
•
Bandit Aviation corn.
Borg. W artier Coro Corn.10
•
Brach & Sons corn
Brown Fence & W el A •
e
Cla.ss B
Bruce Co (E I.) corn__ •
Butler Brothers
Castle & Co(AM)corn...10
Cent Illinois Sec Co corn__•
•
Central Ill P met
•
Cent Pub Serv cl A
,
ri W Util emu new...
Cent
Preferred
Prior lien Preferred_ _•
Chicago Investors cum_ •
Convertible preferred..'
Chicago Yellow Cab cap_ •
titles Service Co corn____'
Club Alum Uten corn....
Commonwealth Edison 100
14
94
154
5
731
8
5
531
2
55
48
154
2
334
70
234
14
7
354
3.4
454
451
9
154
134
4
5
654
5%
44
5%
134
454
151
7
54
35
4
134
11
19
1%
1154
8
34
629434
50
2354
1431
150
7
20
34
50
1,300
34
434
50
434
20
9
20
14
100
350
1 55
4
50
5
150
5,150
751
854 19,800
5
350
50
554
131
50
534
600
234
1,150
50
7
100
55
48
500
700
134
2
2,800
140
1134
110
20
2,000
1%
500
1554
854
150
44 22,500
50
3-4
70
6,250
Range Since Jan. I.
Low,
High.
184 June 31% Jan
9
May 1754 Jan
531 June 12
Jan
3
July
6
Feb
38 Feb
54 Jan
334 June
634 Mar
431 Aug
10
Jan
451 July
50
Jan
134 July
254 Jan
1
June 1254 Jan
3
Feb
4
Aug
2
May
8
Feb
494 may [84 Jan
358 May [24 Most
4% July
74 Jan
554 June
8% Feb
I
July
258 Jan
'2
Julie
14
Jan
I
Ma,
2% Jan
7
July
10
Feb
1;i Jan
34 Juno'
15
Mat 6934 Jae
9-4 May
354 Jan
54 May
63 Feb
4
4
Jan
May 44
8
June 55
Jae
34 June
2% Jan
1754 Jan
9% July
654 (sly
13
Mar
151 May 6%
Jan
5/ May
1
Feb
84 mine
Seaboard Util Shares... •
3.4
Signode Steel Strap pfd _30
234
Southern Union Gas corn..
Standard Dredffa
Common
94
Super Maid Corp corn_ _ _ •
Swift International_ _ _11 1951
25 11%
Swift 85 Co
Thompson (J R) corn__ .25 1254
Union Carbide & Carbon.* 21%
Unit Ptrs & Pub pref
20 19
135 Gypsum
100
Preferred
7%
US Radio & Telev com__•
Utah Radio Prod com____*
55
154
Util & Ind Corp coin
554
Convertible preferred_ _C
*
Viking Pump Co pref
8
Vortex Cup earn
_ *
• 1854
Class A
• 114
_
Walgreen Co corn
Ward (Mont)& Co - - _ 7• 4755
-Wisconsin Bank Shs comb0
254
Yates-Amer Mach pt Of. *
Zenith Radio common .*
High.
54 June
7% June
14 June
2
June
234 June
June
15
3 . July
24 May
7
Aug
51 Feb
9
Aug
% July
5% June
34 Apr
354 July
254 June
2%
21
6
834
13
64
10
8
16
%
19
254
13 4
14
1134
554
Jan
Jan
Aug
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
350
100
100
250
50
10
8
450
11
200
3,00
2
1,80
34
1
4
3%
10
4
14
3
2431
54
3.4
131
1054
July
May
Jan
Aug
July
Apr
June
Apr
Aug
Mar
May
July
July
1154
4
5.31
12
224
3
48
8
50
1
4%
104
1834
Mar
Mar
Jan
Jan
Mar
Feb
Jan
Aug
Jan
Feb
Jan
Jan
Feb
791
234
434
154
1251
5
34
1
1
4,755
150
400
100
50
500
2,250
350
50
3
July
Jun
May
May
Jul
July
Apr
Jul
Aug
13
554
104
6
16
654
7
634
15%
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
9
134
4
51
8
1
5'A
140
50
40
400
200
250
100
550
34
4%
34
354
54
Apr
July
June
Apr
June
June
June
July
50
40
48%
2
12
134
554
12
Jan
Jan
Jan
Jan
Jan
Jan
Aug
Jan
2451
13
15
631
1451
5
17%
23.4
34
200
350
2,950
150
40
10
100
65
800
23
74
10
454
9
434
13
1
34
July
Jun
Ma
Apr
July
May
Jun
May
May
45
204
153,4
24
21%
63-6
2754
651
1
Jan
Jan
Mar
Jan
Jan
Apr
Mar
Jan
Jan
37%
36
3,405
450
22
27
87
102
2
6
4,
5
5
1% 251
204
12
123-4
2254
2
19
95
854
4
14
554
14
854
19
1151
48
254
%
1
34
18
11%
1151
2134
2
16
95
7
54
154
34
14
7%
18
954
40
2
Bonds
Chicago Rys lot 5s_ .7_1927
Certificates of deposit _
5s series A
1927
5s series I3
1927
Commonwealth Edison
1st mtge. 534s g_
1962
Ind Southw G & UtIl 68.40
2
Insull Util Inv 6s
1940
193s
Metr W Elm,4s
Extension 4s
1938
• No par value. x Ex-dividend. y
Low.
4
5
164
2%
18
8
25
34
1%
1%
134
54
4%
154
4
3%
163.4
254
16%
531
24%
54
1
134
12
451
754
•
Marshall Field corn
254
•
McGraw Electric com
454
454
McWilliams Dredging...•
134
134
Merch & Mfrs Sec A corn.*
1251
Metrop Ind Co allot cUs..*
455
Mickelberry's Food Prod _1
.
34
3-4
Middle West Inti new
%
1
Midland United common.'
1
Convertible pref A
Midland Utilities Co
7
100
7% prior lien
1%
100
6% preferred A
34
100
7% preferred A
34
NIo-Kan Pipe Line earn_ .._5
7
•
Modine kifg common_
I
Morgan Lithograph corn._•
555
Nachman Springfield corn •
Nat'l Elec. Pow. A corn_ .•
Nat secur Inv Co100 244 23
e% preferred
10%
National-Standard com.__• 13
11
Noblitt-Sparks Ind corn_ _• 15
6
No Amer Lt & Pr corn..•
14
Northwest Harmon)corn 50
5
•
Ontario Mfg corn
17
Perfect Circle (The) Co •
154
254
Pines Winterfront corn_
4
Polymet Mfg corn
Pub Serv of Nor 111
* 3651 324
Common
33
100
Common
Quaker Oats Co
80
• 85
Common
100
z10031
Preferred
Railroad Shares com
2
Raytheon Mfg coin_ .- •
6
6
Rollins Hos Mills cony pf•
Jan
Jan
Jan
Apr
Jan
Feb
May
Jan
Jan
Jan
Feb
24
124
131
50e
36c
10
15e
35c
5
1
35e
154 17,800
950
17
730
354 6,200
300
54
120
25
170
635
550
5
100
7
% 1,750
60
10
400
750
x84 9
134 13,500
1
750
44 551
250
4
434
14
1334
3'%
234
44
21
655
4
7
%
9
Range Since Jan. 1.
3
14
10%
3
74
36
3
1
2
Jan
Feb
Jul} 125
July 115
Mar
920 50% June 103
June 10734 Mar
80 95
154 Jan
50
34 June
Jan
2
4 Apr
100
Feb
8
Aug
100 • 6
85
3
70
150
100
8,600
6,000
1,300
2,130
100
4,850
80
3,950
1,100
1,550
2,600
100
450
400
1,350
2,090
3,900
100
1,000
94 May
43/ May
. 51 May
134 Jan
Jan
8
234 Mar
13,4
54 May
3
94 Aug
951 May 25%
7
19
May
8% July 15%
21% Aug 32
334
2
Aug
10% June 25
85 June 114
Mar 12%
5
1%
31 June
151
34 Jan
1154
2
July
14
Aug 23
54 June 14%
June 2354
14
1174
84 Apr
July 73
22
4
2
Apr
154
34 May
14
4 May
Feb
Jan
Mar
Mar
Star
Jan
Jan
Mar
Feb
Jan
Jan
Aug
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
4954 4954 84,000
2,000
1254 15
1,000
9%
954
Apr
35
851 Apr
454 Mar
Jan
50
Aug
15
93.1 July
11,000
95
95
2
2
5,000
134 45,000
134
5,00
14
14
12% 15
10,000
Ex-rights.
95
2
4
1094
1234
95
2
384
37
2934
Aug
Aug
May
JUIN
July
Aug
Aug
Jar,
Mar
Apr
Toronto Stock Exchange.
-Record of transactions at
the Toronto Stock Exchange, July 30 to Aug. 5, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares
Abitibi Pow & Pap com_ •
1
100
6% preferred
•
Alberta Pacific Grain
634
A_100 8934
Bell Telephone
Blue Ribbon Corp 6% pf 50
Brantford Cordage 1st p125
Brazilian T L & Pow corn_• II%
100
B C Packers pref
•
13 C Power A
•
13
* 1334
Building Products A
25
Burt F N Co corn
Canada Bread B pref__100
•
5
Canada Cement corn
• 39
Preferred
Can Steamship pref. _ _ _100
Can Wire & Cable A
1
354
654
88
10
18
954
43-4
2154
6
13
2551
20
431
35
4
30
1
3%
634
90
103.1
18
1134
454
2154
6
134
29
20
551
3934
4
30
120
55
110
212
55
120
1,258
45
15
30
65
35
25
375
49
25
5
Range Since Jan. 1.
Low.
High.
33.4
% Ally
10
2 June
4
June
634
June 119
75
831 July 25
1754 Jan 20
1434
74 May
654
4
July
154 June 2454
7
34 Apr
10
July 20
17
May 32
20
July 25 •
251 July
7
2034 June 66
151 June
74
283.4 June 55
Mar
Mar
Aug
Feb
Jan
Mar
Jan
Apr
Mar
Mar
Mar
Jan
Jan
Mar
Jan
Mar
Jan
,0
954
Financial Chronicle
1st preferred
ik
Can Car & Fdy
51)
534
Preferred
25
Can Dredg & Doek com__• 13
Canadian Gen El corn-50 115
Canadian 011 corn
• 1034
Preferred
100
Canadian Pacific Ry---- 25 1634
Cockshutt Plow corn
•
bg
Consolidated Bakeries.- -•
6
Cons Mining & Smelting 25 6634
Consumers Gas
100 16134
Dominion Stores corn_.._• 1734
Economic Investment_ -50
Ford Co of Canada A... __•
834
Goodyear Tire & Rub pf100 90
Gypsum Lime dr Alabast.•
434
Internal Nickel corn
•
834
Internat Utilities B
•
Kelvinator of Can corn_ *
Lake of Woods Mill corn *
Laura Secord Candy com_•
Loblaw Groceterias A--_*
B
•
Massey-Harris corn
•
Moore Corp corn
•
A
100
Ont Eqult Life 10% pd.100
Page-Hershey Tubes com_•
Photo Engravers & Elm__ *
Pressed Metals corn
•
Riverside Silk Mills A.
*
Simpson's Limited pref _100
Steel Co of Canada com_•
Preferred
iS
Walkers Hiram corn
*
Preferred
*
Western Can Flour 11,11118_*
7
3334
1034
914
434
634
62
4
52
1234
634
8
16
1834
27
434
934
54
1834
434
934
100
100
100
100
100
100 156
100 160
Loan and Trust
Canada Permanent_ _ _ _100 147
Huron & Erie Mortgage 100 95
•No par value.
5
AD
30
July
9 Jun
8 Jun
234 May
434 Jun
62
Aug
4
Aug
35 Jun
9 Jun
5
July
634 July
July
12
1034 Jun
20 June
23-4 Apr
9 June
54
Aug
14734 160
142 145
148 148
192 192
245 250
148 157
160 165
60
62
36
5
86
53
63
121
135
130
150
238
120
125
July
July
July
June
June
May
June
..MN...
00-4W000
53
1234
634
7
50
34
115
10 34
545
10
195
4 34 1,096
340
6 34
65
45
4 g
20
53
225
12 3-4
10
6%
150
8
25
18
45
19 34
625
28
50
4 34
837
934 1,259
54
10
July
June
May
June
June
Aug
June
July
May
Jun
July
Jun
May
Jun
Aug
Jun
June
Jun
Jun
July
Aug
147
95
8 135
45 93
July
July
OW
.Banks
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
34
1034
10
4%
6%
62
High.
Low.
530
534 5 )4
334
53
30 40
53
534 5 14
30
234
1534 15 34
50 1034
95
7
1234 13 34
115 115
5 115
10
11
355
7
90
15 84
90
143.4 16 34 6,448
834
334
690
6
6%
462
534 6
334
56
67 g 2,578 25
160 163
25 142
1634 17 %
530 13
5
9
23
5
8
a 34 2,681
53.4
86
90
27 70
2
334 4 34 1,445
634 9 34 30,049
,
4
1
1
50
34
234 2 34
65
234
qgVA4gEn4gggg.zIt'gg gIlVA.RE4EgEtqgX74g4tg
534
147
95
MEin=o
•
ow
Can Canners cony pref_
Range Since Jan. 1.
O. MWO...* cO.
.
co.
m
ommcwwmomcommomomm-a &5.O.www0mw -4
o0mm-amcom0-im-400
A AA
A
AA
:‹ AA
AX
AA
Friday
Acues
Last Week's Ran ge for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. Rig h. Shares.
Toronto Curb.
-Record of transactions at the Toronto
Curb, July 30 to Aug. 5, both inclusive, compiled from
official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Brewing Corp corn
•
Canada Bud Brew corn •
Canada Malting Co
• 11%
Canada Vinegars corn_ _ _ _ • 13%
Can Wire Bound Boxes A •
Consolidated Press A_
•
Cosgrave Export Brew_ _10
Distillers Corp Seagrams.•
534
Dominion Bridge
• 18%
Dom Motors of Canada_ 10
Dom Power & Trans Stubs.
Goodyear T & Rub coin...* 7034
Humberstone Shoo corn •
Imperial Tobacco ord.-5
Montreal L H dr P Cons._• 3314
National Steel Car Corp •
Power Corp of Can com_ _•
Service Stations corn A__•
434
Preferred
100 24
Shawinigan Water & Pow * 13%
Stand Pay Sr Mater corn. _•
134
United Fuel Invest Pre 100
Waterloo Mfg A
14
8
11%
1334
5
5
3
5%
1834
2
5
66
15%
7%
33
834
g
4
24
13
134
8
2
311
8%
12
1334
5
5
3
534
19%
2
5
70%
15%
8%
34
9%
934
4%
24
1334
1%
8
2
Oil
British American 011_ _ -_*
Imperial Oil Ltd
•
International Petroleum ._•
McColl Frontenac 011 com•
Preferred
100
Supertest Petroleum ord.'
•No par value.
10
934
11
934
6034
16
4,351
11
103.4 11,052
1134 2,266
148
103-4
20
6034
210
16
1014
1034
1134
1034
16
10
380
420
430
35
10
50
65
305
75
25
195
5
145
411
175
175
410
10
475
25
10
100
Range Since
Low.
34 July
634 Apr
9% July
974 May
4% July
Aug
5
2% July
3% Apr
9 June
134 July
Mar
4
June
38
July
15
6 June
June
21
July
6
June
6
July
3
24
Aug
7)4 May
1% May
July
3
July
1
83.4
734
934
7
58
934
June
June
June
Apr
July
June
Hioh.
9
14%
18
731
15
334
6%
1934
5
734
82
21%
8%
38
12%
10
7
46
33
3
15
3%
1114
1034
1134
1034
6034
,
1834
Arundel Corporation
• 19
isg 20
Black & Decker corn
•
3
2% 3
Ches & Pot Tel of lilt pf 100 111
110% 111
Commercial Credit of 13_25 15
15
1534
63-4% First Preferred_ 100
57% 57%
7% Preferred
15)4 15%
GasBLar Power.. 5434 5234 55
Consol
6% preferred series D 100
10334 104%
534% pref w ser E.100
98% 99
5% Preferred
100
93
93
Emerson Br Seitz A w
_
23
23
Fidel & Guar Fire Corp_10
8% 8%
Fidelity & Deposit
35
50
35
Houston 011 preferred
4
4
4%
Mfrs Finance 2d pref.---25
634 634
Maryland CM Co
434
4% 4%
Transp_ _• 20
Merch & Miners
19
20
Monon W Penn PS pref_ 25
16
17
14
1334 14%
New Amsterdam CM Ins_ _
43
Penna. Water & Power_ _ • 43
44
53.4
US Fidelity & Guar new.10
534 6
925
87
77
72
20
10
769
37
15
5
25
110
5
320
40
1,488
27
79
838
1,144
2,642
12% 1234 31,000
98
98
1.000
10
10
2,000
5
5
7,000
434 4%
1,000
13% 14
54,000
134
13.4 17.000
Range Since Jan. 1.
Low.
High.
American Stores
• 3234 28
32%
June 3634 Feb
1,500 20
Bankers Securities Corp_ 50
34 Apr
100
)4 Aug
)4
%
Be.I Tel Co of Pa pre!. 100 107
107 108%
Mar
350 9634 May 113
Budd (E G) Mfg Co
•
)4 Apr
400
2% Jan
% 1
Budd Wheel Co
134
134 134
100
June
1
434 Jan
Cambria Iron
50
90 32% May 38
Feb
323.4 3334
Camden Fire Insurance_ _50
11
12
200
8
July 14% Jan
Comol Traction of N J.100
19
19%
June 22
70 18
Feb
Electric Storage Battery100
22
24%
85 12)4 June 33% Feb
Fire Association
10
5% 6
9% Jan
34 June
200
New
1634 16%
200 14% July 16% Aug
Horn & Hard (Phila) corn •
82
82
June 150 Apr
10 74
Horn & Hard(NY)corn_ •
22
22
100 15
Apr
June 34
Insurance Co of N A-__ 10
28 28
100 19 June 40
Apr
Lehigh Coal & Naviga__-_*
8%
8
534 June 1434 Jan
93-4 3,900
Lehigh Valley
50
934 934
50
534 June
173-4 Jan
Mitten Bank Sec Corp_ _25
34
34
100
3% Feb
g June
3.4
Pennroad Corp v t c
2%
234 2% 4,500
334 Jan
June
1
Pennsylvania RR
50
11% 12% 5,000
634 June 22% Jan
Penns Salt Mfg
50
31
31
125 19% June 36
Jan
Phila Dairy Prod pref„.25
69% 6934
10 55 June 74
Jan
Phila Elec of Pa $5 pref_ _ _ • 95
91% 95
370 86 June 98% Mar
Phila Rice Pow pref
25 28
27% 2834
800 2234 June 38% Feb
Mils Rapid Transit_ _ _50
23.4 2%
100
1% Apr
634 Jan
7% pre erred
50
5% 5%
150
4% S'une 18
Jan
Phil & Rd Coal & Iron_ •
334 334
120
534 Feb
13.4 June
Philadelphia Traction_..50 2234
2134 22%
300 13
June 28% Jan
Seaboard Utilities Corp.__
100
14
34
3% Jan
31 July
Shreve El Dorado Pipe L 25 ---134
134 2
200
% Apr
Jan
3
Tacony-Palmyra Bridge._•
29
3034
180 25 June 35% Apr
Tono-Belmont Devel- ___ 1
3-4
34
100
34
% Feb
'es Jan
Union Traction
50 1134
914 1134
1,300
734 July 17% Jan
United Gas Impt corn new• 16%
1534 16% 17,100
9% June 21% JulY
Warner Co
•
1% 134
200
1% June
534 Mar
Bonds
Penns Pow et Lt 434s 1981
8654 8634 $2.000 81
June 8734 Mar
Peoples Pass tr etfs 4s _ 1943
2334 2334
1,000
epbr
F
A
Febl,
0
5
July 134
J l
Phila Elec (Pa) lot 5s_ 1966
103 103% 6,100 102H
2
0
Phila Elec Pow Co 5%s1972
303% 104
Apr
3,000 0 % June 104
9
0
8
afe Hbr W Pow 4%8_1979
9234 92% 3.000
S
92% Aug
*No par value.
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, July 30 to Aug. 5, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Arkansas Natural Gas pf 10
Armstrong Cork torn
•
Blaw-Knox Co
•
Clark(DL)Candy com_ _•
Columbia G & El corn_
•
Harbison-Walker Ref....
•
Independent Brewing_ _50
Koppers G & Coke pf_ _100
Lone Star Gas
•
Mesta Machine
National Fireproof
5)4
734
10%
3%
300
5
845
634 744 9.464
5% 5%
25
9
10% 3,971
934 93-4
20
234 2%
100
4234 4234
10
7
11.332
180
84 934
6
6
20
clusive, compiled from official sales lists.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High Shares.
Bonds
Bait Sparrows Point &
Chesapeake 4345.. _1953
Lexington Ry 1st 5s
Maryland Elec KY 634s '57
Wash Bait & Annapolis
Maryland Trust ctfs 58.. -----United Ry & El fund 5s '36
1949 1334
1st 4s
,
Income flat
* No par value.
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High Shares.
Mar
Jan
6%
Mar
Mar
Jan
Jan Phoenix Oil corn
25e
50
Sc
50
500
Mar Pittsburgh Brewing
50
4
434
112
Jan
Preferred
50
8
8
35
July Pittsburgh Forging
234 2%
75
Feb Pittsburgh Plate Glass_ •
_25 18 34
1534 16%
1,006
Jan Pittsburgh Screw &
334
3
3%
700
Mar Plymouth Oil Co Bolt- _•
9
5
7% 9
4,275
Jan Shamrock Oil &
1%
•
13( 1%
700
Jan West'ghouse Air Gas
Brake_ • 1434
13
1434
804
Jan West'ghouse El &
Mfg_50
2334 28
482
Mar
July
Unlisted
Jan General Motors
•
10
10% 13%
968
Feb Gulf 011 Corp
25
32
1.200
355-4
Feb Leonard 011 Develop_
_25
75o 750
1.000
Jan Lone Star Gas6%
pf
55
60
82
Jan Pennsylvania RR --100
50
11
1314
1.000
Jan Pennroad Corp v t
0•
23( 2%
465
Standard 011 (N J)
25
29% 33%
513
United States Steel__ _100
28
34%
1.512
Mar Western Pub Serv v
t c .•
5
5%
370
Mar
* No par value.
Aug
July
Cleveland Stock Exchange.
-Record
Aug
Jan Cleveland Stook Exchange, July 30 to
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, July 30 to Aug. 5, both inclusive, compiled from official sales lists:
Stocks-
Aug. 6 1932
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, July 30 to Aug. 5, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last
eek's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Aetna Rubber corn
•
Allen Industries pref
Range Since Jan. 1.
•
6
City Ice & Fuel
• 1434
Cleve Electric 111 6% pf 100
High.
Low.
Cleve Railway corn. _100
Ctfs deposit
July 2634 Mar
14
100
434 Jan Cleve Union Stkyds corn..
Mar
1
109% Alb 116% Feb Cleve Worsted Mills corn _•
,
Jan Cleve & Sand Brew pi-100
June 20
11
Jan Cliffs Corp v t c
May 68
50
•
15)4 July Dow Chemical corn
• 2.8
1234 July
June 68% Mar Firestone T & Rub corn..10 11%
39
8% preferred
103
June 11134 Jan
100
Jan General T & Rub corn
25
May 107
97
Jan Glidden prior pref
92% June 100
100
Jan 2934 Feb Goodrich, H F
• 1334
24
Jan Halle Bros Co
10
4
7 June 15
28% May 5534 Jan Hanna, MA $7 cum pi_ _ _•
June
2
434 July India Tire & Rub corn _ _ _*
2%
Preferred
5% Feb
63.4 June
100
834 Jan Interlake Steamship corn •
2% June
Kaynee corn
Feb
July 21
10
18
Mar Kelley Island L & T corn_ •
July 20
13
Apr 21% Jan Lamson Sessions
12
3%
•
June 533.4 Jan National Refining corn_ _25
34
6% July National Tile corn
2
•
2% May
NineteenHundredCorp el A
Ohio Brass B
•
Richman Bros corn
• 21%
May Selberling Rubber com
1234 Aug 20
*
23-4
Aug Sheriff St Market corn
98
Aug 98
•
July Sherwin-Williams corn_ 25
Aug 13
10
AA preferred
100
Mar Trumbull-Cliffs Furn 01 100
5
5
mar
Jan Weinberger Drug
3 June 12
•
Bonds
10 June 1834 May
2
May W R Inv Corp 5s
1944
13.4 June
• No par value.
1%
6
13%
98
40
41
10
334
5
4
27
11%
50%
25
40
11%
4
40
2%
20
153.4
5%
10
3%
434
2
1834
6
20
2
.5
22
78
45
6
2
1834
7
22
2%
5
23
78
45
6
28
28
2
6
14%
97%
40
41
10
334
5
5
2834
11%
50%
28
40
13%
4
40
2%
20
1534
5%
10
35-4
Range Since Jan. I.
High.
Low.
Feb
Jan
Mar
Mar
Ma
Jan
July
Jan
Jan
1934 Mar
Aug
2
3
3%
534
43.4
7
2
30
3%
6
6
July
June
June
Apr
June
June
Jan
June
June
May
Aug
Sc
334
6
2
12%
2%
6
1
9%
16
Aug
Jan
Feb
July
June
June
Apr
Mar
Jan
Jan
9)4
3%
20
4
9
1%
16%
28
Jan
Jan
Apr
Jan
Mar
Jan
Aug
Aug
Feb
Aug
744
24%
150
42
6)4
34
22%
214
2%
July
June
May
July
June
June
June
July
June
1334
S534
75o
60
1334
23.4
23%
34%
5%
Aug
Aug
July
Aug
July
Aug
Aug
Aug
July
53-4
10
834
83-6
16
14
334
61
7c
of transactions at
Aug. 5, both inRange Since Jan. 1.
Low.
High.
120
134 July
3
Jan
100
5
Mar
7
Jan
417 1234 July 28
Feb
204 9134 Apr 10334 Jan
10 38
Apr 41
Jan
64 35
Apr 43
Jan
26 10 June
134 Jan
310
3 May
4% Jan
40
3
Jan
6
June
59
4
July
9% Jan
150 21% July 36
Feb
200 11% Aug
13
Feb
200 45
July 56% Feb
50 18
July 49% Jan
25 38
July 50% Mar
701
5% May
18% Mar
110
May
4
7
Jan
10 37
June 65
Jan
126
1% July
5
Feb
10 20
July 20
July
20
954 May 25
Jan
110
4% July
15
Feb
100
8
May
15
Jan
18
354 June
7
Jan
200
33.4 July
834 Feb
50
1 34 June
354 Feb,
10 183-4 Aug 24% Mar
305
51 July
%
13
.1a,
770 14
July 31
Feb
795
May
1
43.4 Jan
10
5
Aug
14
Apr!
215 1954 July 35
Jan
28 75
July 100% Jan!
20 41
May 4856 Juno
107
5
July
10
Jan•
$2,000
28
July
28
July
r"
955
Financial Chronicle
Volume 135
-Record of transactions at
St. Louis Stock Exchange.
-Record of transactions
Stock Exchange.
Cincinnati
at Cincinnati Stock Exchange, July 30 to Aug. 5, both St. Louis Stock Exchange, July 30 to Aug. 5, both inelusive, compiled from official sales lists:
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Aluminum Industries__
Amer Laund Mach com_20
Amer Rolling Mill com_ _25
Amer Thermos Bottle p1_50
100
CM Gas & El pref
Cincinnati Street Ry
_50
50
Cm & Sub Tel
"
City Ice & Fuel
•
Crosley Radio A
Dow Drug common
•
Eagle-richer Lead corn_ _20
Hobart Mfg
•
•
Kroger common
Procter & Gamble new .._*
Pure Oil 6% pref
100
10
S Playing Card
US Printing & Lith com_ *
Range Since Jan. 1.
Low.
Stocks-
High.
4
1234
7
12
76%
6
57%
14%
2%
7634
7%
60%
14%
29
11%
5
15
8%
12 .
7714
734
62
14%
3
225
266
240
10
377
553
216
30
30
3%
8%
3%
12
62
4
49
12
234
July
May
May
July
July
July
June
July
Apr
10%
17
13%
30
9034
17%
69
28
454
2;4
3
1234
13%
26%
49
11%
2
4
15
2%
3%
12%
15
29%
49
11%
3
30
410
80
564
434
3
255
1
214
3
10
10
20
40
10
1
June
June
June
May
June
May
June
June
Feb
5
534 Feb
24% Jan
1834 Mar
42% Jan
Jan
50
Jan
24
Feb
5
Jan
Jan
Mar
Feb
Jan
Jan
Jan
Mar
Jan
Sales
Friday
Last Week's Range for
'Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
• 33% 27% 33%
Brown Shoe corn
14
14
Coca-Cola Bottling Co_ _ _1
11
• 12%
1234
Corno Mills Co
6
6
Ely & Walker D Gds com25
International Shoe pref..100 101% 101 101%
2414
24
•
Common
• 15
13
15
Johnson-S S Shoe
6
6
Key Boller Equipment_ *
21% 21%
McQuay-Norris
6'
6
Natl Bearing Metals corn.*
•
454 4%
National Candy corn
2% 2%
234
Rice-Stix D Gds com
1%
134
Scullin Steel pref
•
Southwestern BellTel p1100 104% 104 105
50c 50c
St Louis Pub Serv com_ •
7%
6
7%
Wagner Electric corn_ .100
*No par value.
Mar1
Range Since Jan. 1.
Low.
High.
July 3634
215 24
July 20
20 10
Aug
1631
76 11
Aug
9
6
40
18 9934 July 105
75 2034 July 4334
15
175 12% July
8%
5
May
5
20 21% Aug 35
Aug 12
6
100
9
3% May
155
4
2
July
225
3
1% Aug
200
106 100 'June 115
1%
200 50c Aug
95 ,
/
4% July
330
Jan
Mar
Jan
Mar
Jan
Aug
Jan
Feb
Feb
Mar
Mar
Jan
Mar
Feb
Feb
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
-Following is Produce Excnange Securities Market, July 30 to Aug. 5,
Milwaukee Grain & Stock Exchange.
the record of transactions at the Milwaukee Grain & Stock both inclusive, compiled from sales lists:
Exchange, July 30 to Aug. 5, both inclusive, compiled
Sales
Friday
Range Since Jan. 1.
Last Week's Range for
from official sales lists:
* No par value.
Stocks-
Sales
Friday
Range Since Jan. 1.
Last Week's Range for
Week.
ofPrices.
Sale
Low.
High.
Par. Price. Low. High Shares .
Briggs Stratton
Bucyrus Erie
10
Firemen's Insurance
5
Harnischfeger
•
Hecia Mining
25
Insurance Securities_ _ _10
Modlne Manufacturing_ *
Outboard Motors B
•
Waukesha Motor
Wisconsin Bankshare. 10
Wisconsin Investment A.*
•
531
334
5% 6%
4% 414
351 3%
1
1
734
7
.14
%
20
20
2% 234
154
LW
%
34
5%
53.4
1
20
2%
30
100
350
30
200
100
100
100
20
1.925
250
50
5% Aug
1% June
July
3% July
2
July
Si May
5 June
% July
18
June
2 June
1
June
34 July
1034 Jan
Mar
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
11%
5
5
2%
9%
1
35
4
2*
1
*No par value.
-See page 931.
Los Angeles Stock Exchange.
-See page 931.
San Francisco Stock Exchange.
Stocks-
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares
1
Bancamerica Blair
1
Eldorado Gold
10
Fuel Oil Motors
10
Golden Cycle
1
Group No Two Oil
Hendrick Ranch Roy__ _ _.
1
Huron Holding C-D
Intemat'l Rustless Iron...1
1
Kildun Mining
1
Maettesa Mines
No Amer Trust Shares 1956
Petroleum Conversion.. _ _5
•
Railways
Rhodesian Selec Trust 5 sh
Sherritt Gordon Min_ _1
Shortwave & Television_.1
1
Tom Reed Gold
•
Van Sweringen
1
Western Television
1
Zenda Gold Mines
• No par value.
2%
1.46
4
11%
1;4
1%
1%
42c
3.00
Aug
Feb
Feb
Jan
Aug
Mar
Mar
Feb
AM.
20c 14,000 12c May
1.55 May
200
1.71
June
1
800
2
2 June
800
554
% May
100
1
500 25c Apr
350
34 May
% 2,800
160
1.000 14c May
200 100 Mar
15e
14 June
ft 8,000
500 .05c Fe
16c
370
2.25
3%
8%
1%
350
2
480
25c
2%
24c
Mar
Mar
Feb
Apr
Feb
July
Jan
Jan
Feb
Jan
Apr
15
170
2.00
18c
1.71
2
5%
16c
Si
St
Si
170 18c
1.75 2.00
18c
1.68
1%
5%
I
35c
34
160
150
34
16c
High.
Low.
ft June
1.00 Apr
A June
June
8
% Mar
A Jan
A May
15c June
1.30 July
800
100
6.000
600
100
100
1,000
5,500
600
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 (July 30 1932) and ending the present Friday (Aug. 5 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
Week Ended Aug. 5.
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares
StocksIndus. & Miscellaneous.
Acetol Products Inc
Cony class A
•
Ainsworth Mfg. Corp_.10
Ala Great Sou RR ord_ _50 1014
Allied Mills, Inc_
•
4
1
Aluminum Co common_ _ • 46%
6% preference
100
Aluminum Goods
Aluminum Ltd corn
•
6% Preferred
100 2434
American Austin Car_ •
Amer Beverage Corn.
6%
•
Amer Brit & Coot Corp._•
34
Amer Capital Corp
$3 preferred
•
Amer Cyanamid corn B.•
Amer Dept Stores Corp_ _•
54
7% 1st pre( A
100
234
Amer Equities common...
•34
Amer Founders Corp
Amer Investors common.
.1
Amer Laundry Mach__ 20
Amer Manufacturing_.100
Preferred
100
Amer Salamandra Corp_50
Amer Thread Co. Pref __.5
Amer Transformer Co._ •
Amer Yvette Co corn_
Anchor Post Fence
•
Anglo Chilean Nitrate.. •
Armstrong Cork corn....5
Assoc Elec Industries
Am deo rcts ord ohs. _£1
Atlantic Coast Fisheries_ •
Atlas Plywood Corp
•
Atlas Utilities Coro corn
$3 preferred A
Warrants
Auto Voting Mach com. _•
Aviation Securities Corp."
234
14
4
114
51
%
1%
2%
Babcock & Wilcox Co_ _100
Beneficial Industrial Loan*
Blue Ridge Corp
•
Common
134
50 x2314
6% opt cony nref
Blumenthal (5) & Co_
•
•
Brill Corp, class A
•
Class B
Brit-Amer Tobacco Co Ltd
14%
Ordinary Bearer £1
Buren, Inc warrants
Burma Corp
1%
Am deP read re8
20
1%
Butler Bros
Cable Radio Tube v t c_ •
• 12
Carnation Co corn
•
Carrier Corporation._
Celanese Corp 7% pr p1100
•
Celluloid Corp
•
1st preferred
• x2
Centrifugal Pipe Corp...
Chain Stores Stock Inc. •
•
714
Charis Corp corn
/46--
4
3%
10
37%
3834
4231
8%
1734
2434
31
534
54
3%
334
%
294
1%
34
Range Since Jan. 1.
High.
100
400
51
600
5,050
300
400
200
900
100
2,100
100
4
3
10
27
%
22
3334
8%
8%
23
34
234
'Is
July
July
July
Apr
May
July
July
June
June
Jan
Jan
May
67
%
634
2534
434
6134
67
1034
22
32%
31
6%
14
Jan
Jan
Feb
Jan
Jan
Jan
July
Feb
Aug
Jan
Aug
Jan
200
3%
43.4 16,400
900
14
25
234
600
2
6,400
1
23
4
1%
34
2
134
31
May
June
Jan
June
June
June
814
5%
%
10
3
134
Mar
Mar
Mar
Mar
Mar
Jan
4
354
1034
4
4734
44
9
20
3254
31
631
14
194 2%
13
14
13
10
45% 54
4
4
231
234
2
2
34
yi
1
1
%
31
434 531
1,500
50
75
131 June
84 May
5% jan
2% Aug
an
137
Aug
Aug
54
Mar
7
3
Jan
234 Jan
134 Feb
134 Jan
9
% Jan
Jan
150
100
300
75
200
210
300
600
4234
3
13.4
1%
%
1
31
3
Feb
June
July
Jan
May
Feb
Jua
m ny
100
334 334
400
1
131
154
200
13-4
5
634 20,300
100
3334 3334
134
1.100
134
100
214
2%
100
734
734
2%
%
1
434
32
1
13-4
6%
May
June
Jul
Jan
June
June
May
May
4
131
231
7la
36
2
294
9
Mar
Mar
Feb
Mar
Mar
Jan
Aug
Mar
Mar
Jan
3114 34
8
83-4
150
1.700
20
8
July
July
45
1112
13-4
1%
19
233-4
214 3
%
%
A
A
3,200
2,100
300
100
100
14
1634
lit
A
34
May
July
May
July
Jan
234 Mar
27
Mar
6
Jan
114 Jan
14 Aug
1454 1434
it,
'IS
300
100
1231 Jan
34 Feb
1534 July
, Aug
iis
134
134
13-4
13-4
%
%
12
12
634 7
30
25
2
2
20
20
x2
23-4
4
4
794 73-4
800
100
100
100
200
425
100
50
300
100
200
1
34
34
634
23-4
17
134
20
114
3%
514
June
Apr
Jun
June
June
July
Ma
Apr
Jul
June
June
13.4 Mar
23-4 Jan
1% Mar
18
Jan
10
Jan
42
Jan
3
Mar
25
Jan
4% Feb
614 Jan
1234 Jan
Sales
Friday
for
Last Week's Range
Week.
ofPrices.
Sale
Stocks (Continued) Par Price. Low. High. Shares.
100
Childs Co. pref
4
Cities Service common_ __*
* 2234
Preferred
Pref. BB
_
Claude Neon Lights
•
Claude Neon El Prod_
Cleveland Tractor corn •
Colts Patent Fire Arrns_25
*
Columbia Pictures com
2
,
Cont Chicago Corp corn...
Continental Securities--. _•
Continental Shares Inc
Converted preferred.100
34
4
•
Copeland Prod Inc
3
5
Cord Corp
Corroon & Reynolds
•
734
56 preferred A
Crocker Wheeler Elec.. •
4
•
Curtis Mfg class A
Curtiss-Wright warrants__ --Davenport Hosiery Mills.
* 11%
Deere & Company
(urn __.•
94
Ite oreit
%
•
Detroit Aircraft Corp_
Doehler Die-Casting corn."
Draper Corp
614
10
Driver-Harris Co.
Dubber Condensr com_.1
Durham Duplex Razor
* 10
prior preferred
Durham Hos Mills el B. •
Duval Texas Sulphur_ _ _•3.4
5
East Util. Invest. Cl. A..
2
•
Eisler 1 Jectrlc Corp
Meet Power Assoc corn_ •
•
534
Class A
Electric Shareholding
4
Common
$6 pref. with warrants... 37
10
Fageol Motors Co
100
Fajardo Sugar Co
Federated Capital corn...-.
9
Federated Metals Corp._ _•
6
Fiat Amer dep receipts.--10
Fire k S.SOC I Plliia)
2
Flintokote Co cl A corn..._•
Ford Motor Co Ltd
Amer den raa ord reg-41
Ford Motor of Can cl A...." • 7%
•
Class B
FoundationCo new cap stk•
•
Franklin (II H) Mfg
• 5134
Gamewell Co $6 prof
2%
General Aviation Corp....'
Gen Elec Co (Gt Britain)
7
Am den rots ord renz__El
Gen Theatres Equipment
he
*
$3 cony preferred
Gilbert (A C) Co corn....
• 1234
Glen Alden Coal
2
Goldman Sachs Trading 5
1
34
Gold Seal Else new
Gorham Inc $3 emul
preferred with warrants*
Gorham Mfg v t c
*
Graymur Corporation
Range Since Jan. 1.
MO.
Low.
July
May
May
July
Jesse
Apr
June
July
May
Feb
Aug
30
6%
534s
45
151
8
394
14%
8%
2%
1%
Jan
Feb
Mar
Mar
Jail
Apr
Jan
Feb
July
Feb
Jan
4
6%
34
A
1%
20
4%
34
900
%
100
4
3% 5,000
100
1%
300
9
1.400
334
7,300
4
1,
4,100
100
4
11% 22,900
14 2,500
3,100
34
100
154
400
21
300
6%
100
.%
14 July
Aug
4
May
2
June
1
7 June
134 June
% June
1 9 Aug
,
Aug
4
3% June
34 June
54 Jan
1
May
18% Feb
134 Jan
% July
3%
14
814
23-4
18
514
13
14
14
14%
1%
5.5
3%
22%
9
14
Jan
Mar
Jan
Mar
Mar
Jan
Mar
Jan
Jan
Jan
Jan
Feb
Feb
Mar
Mar
Aug
10
10
10
Aug
% Aug
% May
10
Aug
114 Apr
34 Jan
70
8
7
3% 414 109,000
2.100
24
1734
60
19%
15
2,900
1
54
200
7% 8
100
2% 294
200
7
209
7% 8
2
100
2
100
1
1
%
4
2%
1%
7%
a
2%
5
134
10
9
14
7
1%
7
434
134
1
14
%
54
54
100
100
200
%
1%
4%
4%
34
2
5
5%
200
5,800
800
2,000
311
%
294
25-4
July
June
June
June
35
37
Si
%
9
914
6
6
53-4 5%
2
2%
600
600
300
350
100
200
100
100
400
1%
19
3,6
934
%
4
5
3
154
May
Mar
Apr
June
Feb
June
May
June
May
454 Mar
4934 Mar
1“, Jan
37
Aug
Jan
3
734 July
73-4 Feb
8% Feb
Mar
4
3;4 4
7
754
18%
14
4% 4%
% 1%
50
5134
2% 2%
4,700
4,400
50
500
80
50
700
23-4
5
83-4
34
%
48
1%
MaY
May
June
June
July
May
Jure
614
15
25
414
2
51%
3%
3% 4
37
30
1,,
7
ii
7%
35
'le
2
2
10
13%
1% 2
34
34
8
12
12
8
12
12%
400
800
100
3,100
6,500
1,200
100
100
200
5% June
14
2
6
1
34
June
Aug
June
June
July
33-4 JUIY
July
8
10% July
194
2%
8%
8%
Jan
Jan
Jan
Feb
Jan
Mar
Mar
Aug
Jan
Aug
Jan
831 Mar
1%
6%
2234
3%
34
Jan
Jan
Jan
Jan
July
Jan
9
12% Mar
17
Mar
-
956
Stocks (Continued)
Financial Chronicle
Friday
Sales
Last Weeks. Range for
Sale
of Prizes.
Week.
Price. Low. High. Shares.
Gray Telephone Co.
• 20
Gt Atl & Pat Tea
Non vot corn stock_ _ -• z147
7% 1st preferred_ _ _ _100 117
Grief Bros Cooperage el A.*
Guenther (Rud) Russell
Law Inc common
5
Hall Lamp Co
•
3
Happiness Candy Stores- •
Hazeltine Corp
•
Helena Rubinstein corn. _•
34
Horn & Hardart tom_
•
Hydro-Electric Secur_ _ _-*
534
Hygrade Food Prod
Insull Util Investment_ *
34
Insurance Co of No Am10
Insurance Secur
10
Interstate Equities Corp
34
$3 cony preferred
•
Internal Safety Razor IL..
3
Irving Air Chute
•
Jonas & Naumburg
•
Kleinert (L B) Rubber_ _.*
Holster Brandes Ltd
Amer shares
•
Lehigh Coal & Nay
8
Libby McNeil & Libby_ _10
134
Louisiana Land & Expl_ _ _•
Mayflower Associates_
•
Mead Johnson & Co
•
Merritt Chapman & Scott •
Minneapolis-Honeywell
Regulator 6% pre_ _ _100
Montgomery Ward class A*
Moody's Inv Serv pref...
•
Moore Corp Ltd
Moore
5
20
128 14855
116% 117
734 7%
4
4
3
3
31,
34
355 4%
14
%
2134 2294
5
5%
3
3
34
35
2655 28
51
1
55
55
754
754
3
3
255 234
14
t;34
455 5
50
Low.
20
May
High.
40
Jan
300 103% May 150
Jan
80 108
June 118% July
100
734 Aug 1255 Jan
300
100
100
300
200
800
1,000
800
7,500
400
300
800
100
100
100
500
300
2% Mar
2
July
34 May
2
May
% Apr
15% May
434 June
134 June
3-4 May
1855 May
% May
zs,• Apr
5
June
2% Apr
2 June
55 Aug
355 Apr
4
4
35
7%
54
29
11%
4
6
40
234
1%
12
5%
4%
34
5
July
Mar
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Mar
Jan
Feb
Feb
Feb
Feb
Aug
Aug
H
9
2
14
25
27
43
44
1% 2
500
600
1,300
1,500
200
600
300
% June
May
May
54 Mar
20
June
2935 July
154 June
1%
12%
4
%
2855
61
231
Mar
Jan
Jan
Jan
Jan
Mar
Feb
60
60
43
43
10% 10%
494 5
100
50
200
200
50 June
41
July
5% Jan
4% Aug
7135
72
10%
5
Mar
Mar
July
Aug
Si
8
134
1
Aug. 6 1932
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High . Shares.
Tri-Continental Corp
Warrants
Tubize Chatillon CIA. _1
Common
1
Ungerleider Financial__ •
Union Amer Investing_ •
United Carr Fastener_
•
United Founders corn_
•
United Profit-Sharing.
United Shoe Mach corn.
.25
United Stores Corp v t c *
U S Foil class B
•
S & Intl Securitieslst prat with warr
•
U S Playing Card
10
Utility Equities corn
•
Priority stock
•
Utility & Indus Corp
Common
•
Vick Financial Corp
5
Wagner Electric Co
5
Waltt & Bond class a. *
Walgreen Co corn
•
Walker (H) Gooderharn &
Worts common new.
.•
New cum pref
•
West Auto Supply A
•
Western Air Express_...1O
Westvaco Chlorine prod..
$7 preferred
100
West Cartridge pref
100
Woolworth (F W) Ltd
Amer dep rcts for ord abs
234
1%
9-5
4
20
700
4% 5
200
2% 355
200
1855 1854
100
10
10
600
234 235
100
1
155 30,800
%
100
14
30
32
200
54
300
54
334 4
200
4
8
7
Low.
1,400
25
900
50
34 May
June
1
% June
1634 July
June
6
1% June
5-16 May
% Apr
21% June
34 June
2% Apr
•
9% June
10 June
34 July
26
July
I%
4
200
100
1
June
3% May
5% 5%
1% 1%
9
11
100
100
1,000
4
June
94 June
8% Apr
16
20
1154 11%
1
135
35
35
134
4
10%
Range Since Jan. 1.
3%
8
7
634
4
8
7
7
42
42
4251 42%
500
100
100
300
2
25
2%
8
5%
4%
May
June
July
June
42
Aug
41% July
High.
1%
5
3%
2130421
Feb
Aug
Aug
AugJJJai
in:
Jan
1% Jan
4034 Mar
% Jan
Jan
Jaann
Jan
Jan34
49% Feb
30
4
22
3
474 Mar
2%
1401 Feb
10% isAsinarn
N pr
A
.
u
1531 jine
8
4
68634% MarMMaa
0% 10
400
7% Jan 534 Mar
10%
Public Utilities
Alabama Power $6 pret__.• 60
56
60
120 43 June 85
National Amer. Co
Jan
•
3% July
300
$7 preferred
34
31 May
•
59
62
National Aviation
130 513( July 93
Jan
•
3%
1,001
331 355
2% Jan
334 Feb Ant Cities Pow & I.t Nat Bond & Share Corp..
24% 24% 24%
100 18 June 24% Aug
New Cony class A.._ _25
22
25
Nat Investors corn
200 19% July 25
Aug
1 254
June
334 Jan
1
New class 13
2% 2.200
1
2
235 4,300
234
Warrants
134 July
25-5 Aug
% June
1.200
14
Amer & Foreign Pow warr.
134 Feb
255 335 4,500
3
Nat Rubber Mach corn_ •
Mar
I% Apr
5
155
394 Mar Amer Gas & Flee corn
1% July
200
• 2514
2035 2534 73,700 1434 June 3991 Jan
Nat Screen Service
12
18
100 12
Feb
Preferred
Aug
•
7555 81%
National Sugar Refining_ _*
400 60
July 88% Mar
20
23% Jan
400 x10
Amer I. &
Jun
corn
25 1534
14% 15% 5,500 10
Nat Union Radio new_ _1
Jan
May 24
% July Am Ste Pub Serv corn A...*
55
200
•is July
3
3
New Mex & Ariz Land
400
3% Jan
2% Feb
1
100
14
% May
34 Jan Am Soperpower Corp corn •
3%
255
New York Merchandise..
355 65.900
4% Jan
134 June
•
8% Aug
8
200
May
First preferred
• 50
44
New York Shipbuilding
Si)
4,500 2834 Jun
6235 Mar
$6 cumul
•
18
•
Founders shares
1954
Jar
200
42
9 Jun
154 1%
sg, Feb AppalachianprefPow $7 pf.• 1931 84 8555
1% July
300
El
Niagara Share of Md cl 8.5
May
60 82% July 86
455 555 2,000
4
6
Jun
May Arkansas P & L $7 pref...*
50
Niles-Bement
52
-Pond
100 50
•
My 8735 Jan
5% 655
4 Jun
8% Jan
400
Assoc Gas & Elec
154 2
2
Noma Elec Corp corn_
Feb
1,400
•
7
2%
2
334 Jan
34 Jun
100
Apr
Class A
•
1% 2% 22,700
2
Ohio Brass class II
•
455 Jan
1
July
6
13% Jan
4% Jul
150
Warrants
1,•
Pan Amer Airways, new 10 15%
3-4
55
1,200
15% 15%
I31 Ma
14 Jan
16% Mar 11011 Tel of Canada
300 1394 July
100
76
Pan Amer Foreign Corp
78
Mar
250 68% Jul
100
Brazilian Tr L & P ord.*
83t 9% 3,500
9%
Class A
7
13% Mar
32
32
32
May
100 32
Aug I3uff Niag & East Pr pf...25 21
Aug 32
20% 21
Class B corn
900 15% May 2254 Feb
1 32
32
30
300 27% July 32
Aug
$5 1st Pref
• 84
84
Paramount Motors
900 71
254 4
84% Aug
•
Jun
2%
1,100
2 June
834 Feb Canadian Marconi-See M arconi Wireless 84%
Parke, Davis & Co__ _
Tele graph o t America.
14% 15%
• 1534
700 1155 Apr 19
Jan Cables dr Wireless Ltd
Parker Rust
-Proof corn...* 16
24
14
1,500 14
55
Mar
Aug
Am dep rcts B ord shs.£1
Pennroad Corp corny t c •
3-4
31
100
% Jan
2
255
"it May
254 7,500
33( Mar Cent Hud G E corn v t c•
1
June
12% 13
13
Pepperell Mfg Co
300 12 June 16
Jan
100 2554 2454 25%
50 1755 July 36% Mar Cent Pub Serv corn
3,4
Perfect Circle Co
%
500
Jan
17
•
4
Feb
17
94
Aug
100 17
19
June
Class A
•
id 1% 5.900
Philip Morris Inc
34 July
334 Jan
10
2% 255
434 Jan Cent & So'west URI corn.*
800
2 June
1%
1%
Philip Morris Consol A25
100
1555 1555
4% Jan
% June
100 14
May
1594 Jan Cent States Elec
1% 1% 10,400
154
Phoenix Securities
zIt May
2% Jan
pref without wart 100
3% 4
4
New 53 pf ser A__
300
Apr
3% Aug
8
10
0
300
8
10% Mar
July
8
Warrants
1
1
1
Pilot Radio & Tube class A•
100
1%
34 June
1% Mar
154
1,100
3% Jan
Cony pref opt ser'29.100
51 June
10
10
50
Pitney-Bowes Postage
4
10
May
July
Cities Serv P & L $6 pref..• 20
20
20
100 14
Meter
Jan
June 60
2% 3
•
1,000
3,55 Mar
$7 preferred
1% June
•
2354 23%
Pitts Bessemer & L E _50
50 11
Jan
2055 2055
150 20% Aug 2055 Aug Cleve Elec Ilium corn_
May 56
• 24% 2335 2455
Pittsburgh & Lake Erie_50
800 19
Feb
June 30
38
3855
400 18
May 4755 Jan Columbia Gas & Dec
Pitts Plate Class corn_ _25
14% 15%
SOO 12% June 194 Mar
Cony 5% Vet
100 17
61
67
73
Polymet Mfg Corp
40
Mar
•
May 90
1,300
3-4
14 June
Jan Commonwealth Edison_100 70% 64
%
14
71
4.500 4934 July 122
Powdrell & Alexander_ _ _.•
5
5
Jan
555
5
200
Aug 16% Feb Common dr SouthernCorPPrudential Investors
•
355 3%
3%
700
2
July
Warrants
551 Feb
16,800
Pub Mil Holding corn
alio June
% Jan
Community Water Serv..•
1
1
200
Without warrants
14 May
1% Jan
•
34
14
% 3,200
% July
31 Jan Consol G E L&P Bait com• 54% 53
56
2.400 3714 June 69% Mar
Warrants
II.
II
90
Vit Apr
34 Jan Consol Gas Utll cl A
1
%
200
1
% Aug
234 Jan
Contla&E7% pr pf_ _ 100
49
50
175 z42
Radio Products corn
July 76
•
1
Jan
1% 3,200
334 June Duke Power Co
Jan
1
10 47% 4134 49
350 31
Ry & UCH Invest cl A__ _10
July 73% Jan
Si
300
Jan East Gas & Fuel Assoc_ _•
54
% June 1
534
63-4
734
1,400
Rainbow Luminous Prod
2% June
8% Mar
East States Pow corn B..*
1% 2% 6,200
234
Class A
% June
334 Feb
•
June East Utll Associates-.
100
34 Apr
55
35
•
Raytheon Mfg v t e
2
2
2
100
Aug
Cony stock _______•
3-4 Apr
1% 2%
1,000
1% May
Reliance Internat corn A _•
5% Jan
34
1%
1,300
1% June Elec Bond &Sharenew corns 14%
% June
834 14% 169,300
Reliance Management_ _•
6 June 3234 Mar
% 1
400
154 Jan
$5 cumul pref
% June
27
• 40
40
7,200 16% July 54
Republic Gas Co
Jan
% Jan
% Apr
300
%
$6 preferred
31% 4831 11,900 19
• 48
Reynolds Investing
May 62
Jan
•it
316
200
"ii Jan Elec Pow & Lt 2d pf A__ _• 123.1
Js
12
13%
575
634 Jun
Richman Brothers
45
Mar
21
21
28
Feb
25 19
Warrants
•
AP
2% 2% 1,700
234
154 May
RIke-Humber Co
6
5
Jan
July z1334 Mar Empire Gail & Fuel
5
100
5
Roosevelt Field new
% Aug
5
3i
500
7% preferred
34 Aug
51
100 21
19
21%
200
6
May 46% Jan
Roasts Interest Corp_ _ _ _ •
1
A Apr
100
14
May
8% Preferred
%
,J00
25
25
50
7
May 52% Mar
Royal Typewriter
5
2% May
8% Mar Empire Power part stk._
•
555
300
754 734
100
734 May 18
Ruberold Co
Mar
19
100
Feb European Elec cl A
1954
May 38
200 14
2% 255
10
200
1
May
3
Jan
Optional warrants
55
54
55
200
% Apr
St. Regis Paper corn
94 Jan
355 1 2% 355 7,800
134 Jun
5% Feb Florida P & L 87 pref____• 34
2755 34
525 25
Jul
7% pref
7g34 Jan
20
22
100
Apr
50
180 1455 Jul
Safety Car Heat & Ltg -100
18
1855 18
1255 Jun
3155 Feb Gen 0 & E $6 pref 13_ __•
200
6% 6%
50
3% July 25
Seaboard Mil Shares_ _ _.•
Jan
200
54
Si
34 May 1% Jan Gen Pub Serv $6[wet
24
*
27
90 10% May 50
Securities Allied Corp. _•
Feb
554 8
1,200
551
4% June 755 Jan Georgia Power $6 pref. •
5555 5855
125 47
May 82
Certificates of deposit..
Jan
5
5
200
5
5
Aug Illinois P & 1.$6 pre!
Aug
31
•
32%
225 21
June 63% Mar
Securities Corp General..
100 z2
6% preferred
2% 2%
Jan
10
Aug
3155 3155
100
25 23 June 61% Mar
Segal lack & Hardware_.•
1,200
2
Jan Internet Hydro-Elec14
14
% June
Selected Industries Inc
-53.50 cony prof
12% 13
•
175 12% June 23% Feb
New common
3,800
1
34
July Internist Superpower
% June
New $5.50 prior stk. .21
5
37% 40
New coin stock
400 2855 June 40
Aug
6% 8
1
900
455 July
New allotment ctis_ _
8
Aug
405( 36% 40%
1,900 28 June 4034 Aug Internat. Utll cl B._
•
1
144
1% 3,000
55 July
Sentry Safety Control_ _•
3
JIM
34 July
300
Jan Italian
51
1
14
_ _.•
51
74
% 1,900
55 June
Shenandoah Corp
1% Jan
Jersey Cent PowowerSuperp Jr Lt
•
Common
1%
54
2
Jan
1,300
1%
55 June
7% pref
70
100 71
71
600 57
May 75% Apr
6% cony pref
955
50
600
754 655
455 June 12% Mar Long Island Ltg corn
14% 14%
•
200 13
Sherwin-Williams corn. 25 24
July 19% Jan
24
6% preferred -------100 62
24
100 20
July 3431 Jan
58
62
375 45
July 86
Silica Gel Corp v t c
Mar
•
1
1% 2,100
7% preferred
134
55 Apr
1% Aug
71% 80
100 77
960 50
July 101
Simmons Boardman Pub
Mar
Marconi WIrel T of Can..1
"111
1
134 9,900
% May
134 Feb
Co cony pref
5
5
955 Mar Mass URI Assoc corn v t c _•
'100
3% June
1
1%
400
1% May
234 Jan
Singer Manufacturing_ _100 10655 94% 109
40 75
5% cony panic Pre- Al
May 134
Jan
1931 19%
75 1434 June 23
Singer Mfg Ltd
Jan
Memphis Nat Gas Co
2% 3
_
251
300
1% July
531 Jan
Amer dep rcts reg shs-CI
155
134
Jan Middle West UM corn._ _•
2
100
135 May
31
% 1,500
34 Apr
• 18%
Smith (A 0) Corp
7
Jan
1554 19% 2,150 11
Jan Mohawk & Hudson Power
July 59
Snider Packing now
•
1
1
100
Jan
4
Aug
1st preferred1
7355
72
•
375 55
Jun o 95
Southern Corp
Jan
•
1% 1%
800
Mar
1
1% Mar National P & L $6 pfd._ .• 64
5754 64
1,950 35 June 72
Spanish & General Corp
Jan
New England Pow Assn
rod I
Amer dep rcts bearer sits
% Jan
A Feb
34
300
6 7 preferred __ _ __ _ _100 3544
,
14
31
37
800 12 June 5
9% Jan
Stahl-Meyer Inc
•
4
4
4
8
100
May N '
Y Steam Corp Com_ • 42% 39
Aug
44
1,300 28
July 55
•
Mar
Starrett Corporation
% Jan
Trs
34
31 Mar
NY Telep 634% pret_10 11054 109% 11054
200
35
200 98 Jun 114
-0
Mar
155
1
6% preferred
50
1%
2% Jan Niagara Hod Pow
700
% June
5
5
Stetson (J 131 Co corn_ ___•
534
5
834 Jan
75
New com w I _
Aug
1155 13; 22,400
15 13%
714 July 1430 Apr
10
Stutz Motor Car
• 13%
1,800
13%
854 June 13% Jan
Cl A opt warr new
1,700
14
54
34
% Jun
311"June
Sun Investing $3 pref- _• 2154
19% 2134
Jan
300 18 June 24
CI II Opt warr new
2% 3
400
1% Jul
3
Aug
155 1%
Common
•
1
100
may 2% Jan Nor Am Mil Sec cona____* 234
300
55
54
%
ti Jul
% Jan
Swift & Cu
Mar Nor States Pow tom A_I00 5034 49
25 11% 1155 12
2.700
7
May 22
54
1,100 39
Jul
83
Jan
Swift International._ __ _15 19% 1815 2055 5,600 10
7% preferred
Mar
26
MaY
70
100
70
50 46
June 94% Jan
1% 1%
Taggart Corp
1
3% Jan Pacific (1 & E 6% 1st of 25 24
•
May
100
a21% 24
1,-120
WU July 26% Jan
*
1% 2
Technicolor Inc corn
2
3% Jan
55 June
2,900
514% 1st pref
21
25 21%
21%
200 18
June 23
Jan
Tobacco Prod Export _ _ _ _•
3% Mar Pa Pow & Lt $7 pref
Its
55
GOO
%
34 July
8834
• 8855 85
350 65 June 99% Jan
Todd Shipyards Corp_ _ • 12% 1254 1234
18% Mar Pacific Pub Sera 1st pf__• 10
May
100 10
10
10
100
7
May
13% Mar
Transcont Air
2
•
334 Jan Pa Water & Power Co_ _ _• 43
3%
1,500
1% June
4334
43
500 35
June 53
Mar
Trans Lux Daylight
Philadelphia Co corn
834 10
• 10
200
6
June 17
Jams
134
Picture Screen corn_ ._ _•
134
1,700
134
JIITIC
2% Jan Puget Sound P & 1,55 pf .
35
36%
•
200 31
July 55% Au
41
•
20
Range Since Jan. 1.
Sales
Friday
Last Week's Range for
Week.
ofPriem.
Sale
Public Utilities
Par. Price. Low. High. Shares.
(Concluded)
Former Standard 011
Subsidiaries
25
Chffiebrough Mfg
100
Eureka Pipe Line
Humble Oil& Refining_ _25
Imperial Oil (Can) coup_ _•
•
Registered
10
Indiana Pipe Line
12.50
National Transit
5
New York Transit
10
Northern Pipe Line
100
Pref
(III
Ohio
25
Penn Mexico Fuel
25
South Penn 011
Standard 011 (Indlana)...25
10
Standard 011 (Ky)
25
Standard 011 (Neb)
Standard 011 (Ohio) --25
100
5% Preferred
Swan-Finch Oil 7% pref.25
164
4
64
35
May
July
May
Aug
Aug34
22% Mar
Jan
20
12% July
Mar
191 Mar
25
23%
2134
134
%
7
735
25
3
27
2535
100
600
300
100
400
100
200
50
3,400
400
800
21%
174
17%
35
35
6
635
20
54
26
18
May
June
Jun
May
May
Apr
Apr
Jun
May
Jul
Jun
27% Jan
Jan
25
22% Jan
Mar
2
Jan
20
Jan
20
Jan
67
Jan
395 Mar
5435 Mar
32
Jan
25
2295
20%
131
34
7
7
25
14
25%
23
500
3% 335
174 235 2,000
131 22,700
135
23
29% 4,100
7,
4,100
sis
3% 4% 15,100
100
5
5
4,600
1635 21
1,700
1
51
100
516
25
35
35
1
134 4,900
100
4
150
17
18
100
25
25%
so
25
25
3%
1834
134
18
4
435
73
21%
1334
15
24%
34
24
235
3%
234
635
1234
II)
935
434
35
34
34
Mining Stocks
Bunker Hill & Sullivan_10
13'wana M'Kubwa Copper
American shares
34
Comstock Tun dr Drain...1
34
Consol Copper Mines. - _5
34
Cresson Consol G M & hi _1
34
Cusi Mexican Mining.._50c
20
Eagle richer Lead
Evans Wallower Lead_ _ _ _*
Goldfield ConsolMines 10
25e • 335
Hada Mining Co
5
Hollinger Cons G M
234
Hud Bay Min & Smelt
4
Kerr Lake Mines
Mining Corp of Canada_ •
Newmont Mining Corp_ 10
New Jersey Zinc Co._ __25
1
Ohio Copper Co
Pioneer Gold Mines Ltd_.1
1
Gold Mining
Premier
Roan Antelope Copper
American shares
1
St Anthony Gold
Shattuck Denn Mining_ •
Sylvanite Gold Mines_ _1
1
Teek Hughes Mines_
United Verde Extension 10c
1
Walker Mining
Wooden Copper Mining_ _1
Wright Hargreaves Ltd_ •
12
28
34
100
7.800
800
200
3,000
85
395
134
61%
3434
25
3%
600
100
2,800
900
34 Apr
34
Apr
34 A
j pn
Aa
114 12%
31
%
1
1
a
.5.5
34 391
731 934
48 .50
31
11
234 2%
435 534
4
4
34
55
6% 635
%
Its
935 1034
3.4
%
2,700
300
400
200
100
6,600
150
400
100
1,800
500
1,300
200
5,400
500
100
8 Jun
35 Jan
15 Jan
3%
1
17
18
55
34
%
31
ise
3
Si
hs
334
43.4
al%
435
4%
Ill
135
4%
1%
I II
35
354
4
235
90
84
8335
71
79
91
58%
135
134
5
Juno
July
3.5 Feb
731
15
Si
495
14%
Ito
2%
34
335
3.4
34
1% A p
2 4 Juti
% ja
3
4% J: y
n
31 Feb
200
200
5,800
2,200
5,900
4.300
600
357
34
33.'
1" Ju
3 jn
un
0
6
4
AP
July
Its June
34
35
34;
34
4
3
35
In
2
335
31
Ile
134
134
9% 13%
27% 30%
391
3%
200
91
87
85
72%
79%
9335
60
191
134
6
500
1,600
300
100
2,500
4,000
400
3,400
1,000
31
2%
534
54
14
1
1
3
37%
Apr
Jan
Jan
Jan
July
Jan
July
Mar
July
Jan
Aug
Canada Nat Ry eq 78_1935
Canada Nor Power 58.1953
Capital Admin 55_ _ _ _1953
Without warrants
Carolina Pr & Lt 5s. _ 1956
Caterpillar Tractor Is.193b
Cent Arizona I.& P 58_1960
Cent German Power 613 '34
1943
Central III Light 5s
Central Ill Pub Service
1st mtge 5s ser E_ _1956
1st & ref 4 3.4s ser F_1967
1st mtge 5€ ser G__1968
1981
4348 series H
Central Maine Power
1955
Is series A
135 Jan
34 Feb
236 Jan
395 July
1335
31
1
55
634
995
050
34
2%
5%
5
34
6%
35
12
35
Jul
May
Aug
Jun
Jo
Jun
Jun
Apr
Jo
Jul
Jun
May
514 Jun
Apr
May
Apr
Jan
Apr
May
34 May
Jan
516
54 June
'mu Jan
235 May
134 Apr
III Apr
Ii. Jan
I% Apr
Juan
26,000 84
June
26,000 75
Jun
17,000 78
May
53,000 70
May
8.000 75
42,000 81
May
July
22,000 45
132 May
17.000
91 Apr
7.000
231 May
8,000
Jan
Mar
Feb
Jan
Jan
Aug
Ata,
Jan
Aug
Aug
July
Aug
Mar
Jan
Jan
June
24
Jan
35
135
54
5
23(
514
1%
1435
3195
'Is
4
Ims
6
Jan
Jan
Jan
July
Jan
Feb
Jan
Aug
Jan
Jan
Feb
July
Aug
Jan
July
Jan
Mar
Jan
294
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
July
99%
9535
964
8434
91
9835
74
11
8
19
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
514
34
434
435
34
Cent Ohio!.& P 5s__ -19f()
Central Pow 5s ser D._1957
Cent Pow & It let 53_1956
Cent Pub Serv 53.48.1949
With warrants
Without warrants
Cent States Mee 5s_.A948
Deb 5340 Sept 15, 1954
with warrants
Cent States P & L 5148 '53
Chic Dist Elea Gen 4358 '70
Deb 535s Oct. 1, 1935
Chic Pneu 'Tool 5349..1942
Chic Rys &Es of dens_1927
Cigar stores Realty Holding
..1949
Deb 5358 series A.
Cincinnati St fly 5349 A '52
1966
Cities Service 53
1950
Cony deb Is
Cities Service Gas 53.4* '42
Cities Serv Gas Pipe L '43
Cities Serv P & L 535s '52
Range Since Jan. 1.
High.
Low.
Aug41
Jan 53
July 4234 Mar
may 8834 Mar
July 464 Jan
Ally 3734 Jan
May 8235 Jan
July
July 93
Mar
Ally 67
Mar
Apr 76
Mar
July 47
Mar
May 92
Jan
July 16
1334 Jan
Apr
Jan
June 85
'or 10034 June
Mar
may 86
Mar
Aug 60
June 5734 Feb
51%
25
7731
1735
15%
5834
87
4034
5535
21
8134
2
335
71%
9835
7935
40
30
2,000 47
53
27;4 20,000 18
80% 145,000 62%
1935 38,000 1334
46,000 1134
18
62 220,000 38
8934 11,000 79
64,000 30
43
21,000 46
58
2234 35,000 17
854 57,000 72%
2
24 8,000
%
4,000
4
12,000 54
74
9934 23,000 9634
8235 31,000 67
4035 4,000 40
35 114,000 17
1934 ale;5
18
1635
1834
21% 174
17
20
19
18
22
28
9
1935 56,000
935
5,000
20
9
19 507,000
224 249,000 z10
83.4
2134 314,000
1,000 13)4
19
994
69,000
23
29% 12,000 19
July
July
July
July
July
July
July
June
1951
43
3954
4435
4434
35
47
4035
Aug
Jan
Jan
Jan
Jail
Feb
Jan
Jan
10
744
14%
12
25
29
July
June
July
July
June
Aug
37
88
72
F4
7134
3735
Mar
Jan
Feb
Jan
Feb
Jan
2734
7935
19%
1734
61
89
42
57%
Baldven Loco Wks541;_'33
Beacon Oil deb 65_ _1936
Without warrants
Bell Tel of Canada 5s_1957
1955
lot hi 55 scr A
1960
56 ser C
lat
Binghmtn L H & P 5a ,46_
Birmtricham Elect 4345 'ea
Birmingham Gas 5s_..l959
Birmingham Water Works1954
535s series A
1957
58 series C
Blackstone Valley G & E
1951
5s
Balton Como! Gas 58_1947
Broad River Pow 5s_1954
Bklyn Union Gas 55 B_1957
Buffalo Gen El 58.- _ _1956
434 Jan
10% May
51 July
Aug
94 Jan
%
35,i June
100
%
600
34
54 3,400
100
34
3.4 4,100
900
3
100
34
34 6,600
34 1,800
434
400
295 11,900
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Aug
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
$
Price. Low. High.
Am Ss Continental 58_1943
Am El Pow Corp deb es_ 57
Amer G & El deb 58_ _2028
Am Gas & Pow deb 68.11)39
1953
Secured deb 58
Am Pow & Lt deb 68_ _2016
Am. Radial. deb. 43581947
Amer Roll Mill deb 58_1948
44% notes_ __Nov 1933
Amer Seating cony 68_1936
Appalachian El Pr 58-1956
Appalachian Gas 68_1945
1945
Cony deb 6s B
Appalachian Pow 65..2024
1941
55
Arkansas Pr & Lt 55_1956
Arnold Print Wks. 6s1941
Associated Elec 4358-1953
Associated Gas dr Elea Co
1938
4s
Cony deb 51
1948
deb 43513
Cony
1949
Cony deb 448
1950
Cony deb 59
1968
Deb 55
Registered
1977
Cony deb 5345
Assoc. Rayon deb. 58 1950
Associated Simmons Hard1933
ware 6%s
1965
Assoc Tel Ltd 55
Assoc T & T deb 535s A '55
Assoc Telep 1.311 5350.1944
1913
6% notes_
4
Atlas Plywood deb 5348 . 3
Mar
90
Mar
35
50
Aug
934 Mar
935 Mar
735 Feb
104 Feb
495 Aug
44 Jan
7634 Mar
July
9
144 Mar
22% July
15% Mar
19
Jan
84 Jan
2
85
Jan
Jan
15
m ny
34 J uae
8
June
135
3%
Bonds
Alabama Power Co
1946 90
1st & ref 55
1951 85%
ref 55
1st &
1956 84
let & ref 58
1967 72%
lot & ref 4355
1968 7934
1st & ref Is
kluminum Co81 deb 55 1952 9335
Ltd deb 56_1948 58%
Aluminum
kmer Com'Ith Pr (is.. _1940
Debenture 5 Ms--1953
Am Community P 5301953
334
335
9% 10%
34
34
2%
23.4
635
2%
4
34
34
34
495
4
234
55
34
831
7%
53%
Jan
May
May
July
Jan
May
June
May
Jan
June
June
34
235
2
31% 3791
Int
34
104
34
54
34
1%
34
34
34
34
134
1
23
1,900
1,000
11,400
300
200
7,200
1,900
100
2,600
300
13,600
III
2%
135
3%
34
1%
1
2%
2
35%
June
June
May
June
514 May
131 May
4
July
84 June
Ts, June
11
, Apr
35
July
95 May
134 July
12
June
19
July
21% July
135
135
%
4
81
200 - 53 June
79
250 18 June
28%
1,100 3595 June
50
6% June
9% 2,300
200
8%
634 May
234 July
100
4
100
6
June
8
231 June
4%
600
100 " 3% May
3%
Jan
200 60
74
Apr
100
4
8
300
9% Jan
1435
134 Apr
2235 29,100
835 June
13% 6,300
200 10% July
15
500 154 Apr
254
60 75
July
7835
100 114 Feb
12%
7735
24%
45%
8%
8%
4
8
4%
3%
73
8
14
20%
12
14%
24%
7835
12%
49
934
__
National Fuel Gas_ _
New Bradford Oils
North Central Texas 011_ _5
1
North European Oil
•
Pacific Western 011
5
Plymouth 011 Co
Pure Oil Co 6% pref _100
•
Reiter Foster Oil
Root Refining prior prof...°
Salt Creek Prod Assn ....1O
Southland Royalty new...5
6
Sunray 011 Corp
_•
Texon 011& Land___
Venezuelan Petroleum__ _5
Union Oil Associates_ -25
•
"Y" Oil& Gas Co
Bonds (Continued)
High.
Lo
100
75
600
400
500
3%
235
1%
27%
Other 011 Stocks
1
Amer Maracaibo Co
Arkansas Nat Gas corn.. _ _*
•
class A
Com
100
Preferred
25c
Carib Syndicate
Columbia Oil & Gaavto_*
•
Colon Oil Corp Corn
Cosden Oil Co common_.•
Creole Petroleum Corp.....•
Derby 011 & Ref oom... •
Gulf MCorp of l'enna_-25
Indian Terr Ilium Oil
•
Non Vol Class A
International Petroleum_ •
Leonard Oil Develop__ .25
•
Lion 011 Refining
•
Lone Star Gas Corp
Middle States Petrol
•
Class A vtc
Class B VTC
•
510
-Kansas Pipe Line ......5
Mountain Prod ucers... _10
Range Since Jan. 1.
20
20
7
7
114 12
34
4
35
34
• 20
RI Pub Serv prof
7
fly & Light Sec corn ----Pow• 12
Shawinigan Wet &
So'East Gas & Wet nom. *
•
Claas A
Sou Calif Edison
25
7% pref series A
25 2335
13% pref series B
25 20%
535% pref class C
•
Southern Union Gas
com. •
Sou'west Gas Util
Standard Pow & Lt com_ *
Common class B
•
Preferred
231
Stand Pub Serv part A.__•
Elea pref
Swiss Amer
Tampa Electric com___• 2535
•
Union Gas of Can
-United Corp warrants
•
Corp com
United Gas
Pref non-voting
Option warrants __ _ _ _ _
United 1.t& Pow corn A_ •
Corn class B
•
$6 cony 1st Pref
(IS Mee Pow with warr _.•
Stock Purch warr
•
Utah Pow & Lt Pref.
_*
Util Pow & Lt corn
Class 13 VTC
100
7% preferred.
West Massachusetts co's *
Tex Util l36 pref.- *
West
'
957 1
Financial Chronicle
Volume 135
8534
24
74
8234
333.4
8,000
14
16
5,000
764 80
80
294 a244 29% 71,000
14% 18 164,000
1634
34,000
2834 284 30
5,000
29
29
75
45
July z90
90
5.33.4
84
8335
51
65
39%
JULY
Jan
Jan
Jan
July
Jun e
July
98% Feb
94% Mar
93% Mar
94
Mar
92 June
81% Ma
754 Jan
84
80
July
June
814
86
July
Aug
94
91%
38%
98
9834
July 96
June 160
July 68
July 99
Feb 103
July
Jan
Mar
Aug
Jan
94
54
An 100
July 66
Jan
Aug
70
2,000
67 103,000
7.000
87
6,000
81
4435 3,000
10034 1,000
64
56
7934
74
3035
9834
80
Jun
July 85
May 91
June 9034
4134
Jun
Jun len
Apr
Jan
Mar
Jan
Aug
Aug
10,000
16,000
16.000
34,000
62%
53
57
55
July
r73
Jul
7434 Mar
Jun
Jan
July 85
Jan
June 75
74
May
75
50
9135
90
91
89
81
6895
48
9335
91
9254
91
83
75
50
16,000
48,000
34,000
6,000
2,000
10,000
12,000
80
84
80
86
81%
6.000
6,000
9335
90%
89
10035 100% 10035 1,000
9535 17,000
9535 95
484 48% 50% 15,000
99 388,000
9835 98
3,000
101 101%
101
98%
66
70
67
87
97% 98% 12,000
32,000
6335 66
69
64
83
80
4035
1004
6835
66
694
63
70
71
71
68
83
71
71
68
Jan
50,000
75
69
83
1,000
62
68
5935
62
62
65% 68
5735 60
2,000
4,000
72,000
1035
335 12
8% 10
29
35
485.000
5,000
182,000
8934
Jan
July
54
July 62
Feb
5135 May e70
42 June 7131 Jan
;4 June
14 July
June
17
2731 Jan
15% Mar
3934 Jan
18
20
5435
42
1834
34
May
July
Apr
July
July
Apr
Jan
42
Feb
59
7634 Aug
7934 Jan
50% Jan
Jan
50
11,000 10%
18
21
19
11,000 3934
47
48
47
35% 313.5 35% 42,000 16
36% a3235 3735 1334000 517
4235 4434 67,000 33
43
6195 6031 61% 18,000 4935
a35% 39 231,000 2635
37
June
June
May
may
May
may
July
40
62
4735
5235
5934
65
5834
3431
3335
36
76
73
47
30
304
88%
67
2454
47
35 223,000
38,000
36
764 30,000
11,000
73
5,000
25
1,000
47
Mar
Mar
Jan
Jan
Mar
Mar
Jan
June
38,000 994 Jan 104
Cleve Elea 111 1st 58_ _1939 10395 102% 103% 33,000 99
May
Feb 104
1954 10235 10135 10294
Gen Is series A
1034 Mar
Feb
10235 103% 8,000 99
1961
5s series IS
July 3935 Jan
4,000
10
13
Clay Term Bldg 65. _1941
June
Aug 87
1.000 82
82
82
Colorado Pow Co 55 1953 82
Commerz und Privet
Aug
57 103,000 z2934 June 57
52
1937 54
Bank 514'
Commonwealth Edison
June 983.4 Mar
9091 93% 46,000 86
93
1953
let M Is series A
Mar
90
9231 31,000 8235 June 98
let M 5s 8erles 11 _ _1954
June 9334 Mar
78
1st 434s series C......19511 8635 82% 86% 23,000
Jan
June 93
8435 3,000 78
83
1st 11 4%s series D 1957
May 933.4 Jan i
86% 20,000 78
1960 8634 82
4 355 series F
Mar
79% 7395 80 356,000 694 May 84
1st M 48 series F__ _1981
Aug 954 Aust
94
9554 63.800 94
1962 95
5355 series 0
7434 Aug
may
7354 67% 7435 354,000 40
Com'wealth Subsid 5358'4R
JI.ne 6135 Feb
73,000 38
54
50
Community Pr &I.t 5s 1957 5335
Connecticut Light & Power
98% Aug
1962 9835 96% 9835 140,000 95% July 101% July
58 series D
5,000 100% July
10091 101
Consol GEL &P 434s 1935
Consol Gas El Lt & P(Bait)
Jull
Jan 93
18,000 82
92
1981 91% 90
1st ref 5 f 4s
May
June 108
1st & ref. 535s ser E 1952 10635 10535 10634 8,000 102
May
Feb 100
9835 98% 98% 30.000 94
1970
435s series H
,
Consol Gas Co of Ball CIO
July 104% Aug
10434 10435 10.000 104
1939
55
9635 9635 9,000 96% Aug 96% Aug
1954
Gen Mtge 43.58
July 94% Aug
951 9494 295,000 94
9
1957 94
Con Gas N Y 58
Consol Gas Util CoApr
40,000 18% May 32
21
25
ln & coil 65 ser A...1943 25
4
May 20% Jan
20,000
104 12
Deb 649 with warr 1943 12
Feb
July 81
6,000 45
46
50
50
Consol Publisbers6%a 1936
Aug
95,000 87% Feb 96
9234 94
Consumers Pow 4348-1958 94
10234 Aug
1936 102% 102 102% 35,000 100% Mar
1st &Tref 55
may 6734 Mar
53% 227,000 35
1958 5234 49
Cont'l 0 & El 58
July
55,000 80% Apr 92
Continental 011 530_ _1937 914 9035 92
Mari
July 50
1,000 32
354 35%
Cont'l Securities 58 sec A'42
Jan
644 9,000 51% July 89
Crane Cu 55_ __ _Aug 11940 6435 62
Mar
6,000 39 June 77
55
60
1940
Crucible Steel 55
Jan
June 83
7494 7491 2,000 55
1991
Cuban Tel 7355
Mar
54,100 59 June 97
Cudahy Pack deb 545 1937 86% 8535 87%
Mar
99
Jun
12.000 95
9735 98;5
Sinking fond 58. _ .1948
May
86
Jun
9,000 71
84
77
Cumberld Co P&L 4348'55 84
97 Jun e103% Apr
Dallas Pow & Lt 68_1949 10235 101 10235 19,000 95
Jan 101% May
99% 27,000
99
Dayton Pow & Lt 55 .1941 99
73 May
55 Jun
Del Elec Pow 53.4s....1959 6435 63% 65;5 35.000 92
API
Apr 95
933.4 19,000
Denver Gas & Elec 55 1949 934 93
958
Bonds(Conlinued)Derby Gas St Else 55.1946
Det city Gas 68 ser A 194,
Os let series B
1950
Dixie Gulf Gas 645s _1937
With warrants
Duquesnes Gas Corp 65 '45
East Utilities Invest
55 with warrants_ _1954
Edison Else Ill (Boston) 1932
434% notes
5% notes
1933
2 year 5s
1934
5% notes
1935
El Paso Electric
1950
Elec Power & Light 58_2030
Empire Dist El 55...A952
Empire Oil & Refg 53481942
Ercole March! El Mfg
1953
634s with wart
Erie Lighting 58
1967
European Elec 634s...1965
Without warrants
European Mtge Inv 7s C'67
Financial Chronicle
Friday
Sales
Last Week's Rang,
for
Sale
of Prices.
Week.
Price. Low. High.
Range Since Jan. 1.
Low.
High.
8255
6145 62
8055 83
74
74
11,000
25,000
8,000
53 June
7014 MaY
6415 May
6844 Mar
974 Feb
89
Mar
75
6
70
4
75
6
13,000
4,000
46
June
336 May
74
8
Feb
Jan
14
48,000
30
Feb
101
10245
10051
1003,4
83
64
6514
48
May
May
Aug
July
May
Jan
Jan
Jan
14
101%
100%
10055
434
44
39%
11
1004
101%
10055
1004
7015
3645
43
37%
8
July
1004 4.000 10015 July
101% 41,000 98% Jan
100% 127,000 9914 July
10034 162,000 98
May
71
2,000 61
July
45 759,000 29
June
45
17,000 36
July
3915 29,000 26
May
93%
5234 54
90
94
5,000
24,000
42
90
44
31
44
28
13,000
46,000
38
Apr
194 Apr
49
35
4354 47
14,000
27
28
3,000
355 33,4 5,000
34
41
48,000
34
14
2
21
July
May
Jan
July
60
Mar
2945 Jan
5
Mar
52
Mar
37% 38% 34,000
6655 6855 38,000
7111 71% 36,000
26
62
68
Jan
Jan
July
48
Mar
7844 Mar
81
Mar
41
29
284
52%
6145
32
1015
8
45
50
June
Apr
Apr
July
May
60
31
30
624
78
Fairbanks Morse deb 55:42 46%
Farmers Nat Mtge 73.1963
Federal Sugar Refg 65_1933
Federal Water Sere 5450'54 40
Finland Residential Mtge
Banks 68
1961 38%
Firestone Cot Mills 5s.'48 6834
Firestone T & Rub 5s 1942 71%
First Bohemian Glass
Works 7s.... _Jan 1 1957
Fisk Rubber 5458
1931 29
Certificates of deposit_
Fla Power Corp 5158 _1979 56
Florida Power 34 Lt 58_1954 67%
44
31
41
31
30
57
67%
1,000
96,000
24,000
26,000
257,000
June
June
634 Mar
99
Max
Mar
Jan
Jan
Aug
July
Mar
Feb
Bonds (Continued)
Italian Superpower of Del
Deb,'641 without war '63
Jacksonville Gas 5a--_1942
Jer C P & L let 5e B__1947
lot 415eseriee C____196
1
Jones & Laughlin Steel
50
1939
Kansas Power 58
1947
Kangas P & L(isser A_1955
1st mtge 5s ser B_ _ _1957
Kentucky Utilities Co
let M 58
1961
615s series D
1948
555s series F
1955
5s series I
1969
Keystone Pub Sera 5448 '55
Keystone Public Serv 58'78
Keystone Telep 548_1955
Kimberly-Clark 5s___1943
Koppers & C deb as 1947
WM fund deb 5413_1950
Kresge(S 5) Co Is..__1945
Ctts of deposit
Laclede Gas Light S3,0 '35
Lehigh Pow Secur 6.1_2026
Lexington Utilities 5e _1952
Libby MeN 4 Libby Se 42
Lone Star Gas 58-1942
Long Island 1,tg 65.....1945
Deb 5 45s series A _ _ _1952
LatAngelesO&E fe I_ _1961
Louisiana Pow & Lt 15e 1957
Aug. 6 1932
Friday
Sates
Last Week's Range far
Sale
of Prices.
Week.
Price. Low. High.
3755
79
72
70
83
40
72
76
75
51
7041
6734
56
86
73
83
Range Since Jan. 1,
Loe,
Htgh.
324
46
90
7814
3755 66,000
46
1,000
92
14,000
7915 75,000
2155
40
79%
7434
964
70
85
7336
9655
72
87
744
92% June e101
Ill
July 90
803 July
4
95
6345 July 84
67
1,000
2,000
2,000
5,000
May
July
May
May
83
744
67
41
70
40
81
664
73
86
7445
70
85
75
68
43
70
40
81
72
77
86
75
10,000
4.000
16,000
11,000
2,000
2,000
1,000
5,000
55,000
47,000
1,000
12,000
48
66%
643,4
5335
79
84
68
9051
79
51
7045
68
584
7945
88
73
9035
8334
14,000 38 June
64,000 484 June
19,000 54% June
42,000 424 May
6,000 76
June
9,000 73)4 June
8,000 68
July
10,000 82 June
97,000 68
May
60
6615
62
58%
3714
68
3745
80
46
52
80
7045
June
June
June
June
June
June
June
June
June
June
May
July
424
66
964
8645
Jan
Feb
Jan
Jan
Mat
Jan
Jan
Jan
82
964
84
82
56
77
56
86
88
904
95
95
Jan
Jan
Jan
Jan
Mar
Apr
Mar
Mar
Mar
Mar
Jan
Jan
65
83
78
81
9334
99
85
96
93
Apr
Mar
Jan
mar
Mar
Jan
Mar
Mar
Mat
Manitoba Power 510.1951
53
52
5545 27,000 3635 June 61
Jan
Mansfield Min & Sm 75 '41
Without warrants
25% 2545
1,400 15
Jan
June 30
Moos Gag Co 63
511-1946 87
.
85
88
15,000 65 June 9754 Jan
Rink fund deb 5r, _1957
Gary El & Gas 588er A 1934 74
82
67
35,000 64 June 90
77
45,000 49
July
Mar
Feb Mass Util Assoc 58_1949 8145 79
Gatineau Power 1st 55 1956 66% 654 6755 127,000 5415 Mar 85
69% 70
4,000 65 June 90
74
Feb McCord Bad & Mfg 68 '43
Jan
Deb gold 6s June 15 1941 58
58
5934 80,000 3734 June 70
Mar
With warrants
21
Deb tis ser 13...._ _1941
21
574 5815 15,000 37
1,000
June 68
54 June 28
Jen
Mar Memphis P & L 5s A.194b 914 21
Gen Bronze deb es _ _1940
9131 9345 7,000 914
324 r42
10,000 20 June 742
Jan
Aug Metropolitan Edison 4s '71
May 96
Gen Motara Aceept Corp
69
68
69
13,000 65 June 80
Jan
58 aeries F
1962 85
5 % aerial notes.._ _.1933 1014 1004 1014 9,000 98' Jan 10155 Aug
85
85
1,000 85
Aug
Aug 85
Mich Assoc Telep 58..1961
5% serial notes
61
1934 100% 993,4 10044 13,000 964 Jan 10034 Aug Middle
61
2,000 50 June 61
Aug
States Pet 648.'45
5% serial notes
28
1935 98% 97
30% 8,000 24
98% 10,000 94
may 9854 Aug
Apr 36 . Feb
Utilities
5% serial notes
1936
9614 97% 10,000 934 Jan 9734 Mar Middle Westnotes Cony 8%
--1932
854
534 5% 4,000
155 May 8914 Jan
Cony 8% notee___1933
Gen Pub Serv deb 58.-1953 68
6
4% 6
674 68
4,000 62
89,000
Jan
Apr 75
2
May 69
Apr
Cony 5% notes_ _ _1934
Gen Pub Util 6158 A _1956 2331 2254 27
514
5
23,000 19
634 77,000 z2
Jan
May 414 Jan
May 85
Cons 5% notes
1935
634s
534
1933 31
5
304 30% 2,000 24 June 3555 July Milw Gas Lt
545 75,000 z2
May 6254 Jan
4448......1967 8944 90
Gen Refractories 5s_ _ _1933
904 20,000 88
444 50
6,000 29
m'noose (lag L 4 sie..1964
July 70
June 96
Mar
Jan
Gen Vending Corp 68_1937
7415 7514 12,000 62 June 78% Jae
Minn General Elec 58_1934
With warrants
101 10154 4,000 100
5
31,000
5
1
Apr
Jan Minn P & List 5s.....195
May 101% June
8
Gen Wat Wks & El 581943 3544 32
5 81
81
81
364 28,000 224 May 40
5,000 70 June 90% Apr
Feb
1st &ref43.4
6s series B
1978 76
1944 10
74
9
31,000 zOM
7644 25,000 67
11
Feb Mississippi Power Ss. _1955
June 794 Apr
Georgia Power ref 5s...1967 80% 774 8045 352,000 63% June 21
56
51% 56
62,000 5034 July 7734 Mar
May 90
Jan
M lee Power & Liget es 57
Georgia Pow & Lt 5s_.1978 53
74.14 62% 7415 114,000 5634 May 8251 Man
52
16,000 454 June 65% Mar Miss River Fuel
53
Gesture! deb 65
6e_._1944
1953
with warranter
Without warrants......
65
24,000 23 June 47
65
4294 45
1,000 62
Mar
Feb
July 90
Without warrants
Gillette Safety Razor 58 '40 96
63% 6334 5,000 61
9415 9651 596,000 77
May 964 Aug
June 84
Mar
mile,!by Power lee fie ion.
Glen Alden Coal 45....1965 55
95
95
464 55 778,000 42% July 57,
98
30,000 86,4 June 9 4 44
Aug Missouri Pr & Lt 5458_1955
Glidden Co 545s
1935 7355 a72
7734 80
23,000 62
74
4,000 68
May 78
Jan Missouri Public Sera 58 '47
July 80
Aug
,
Gebel (Adolph) 645s._1935
53
54
6,000 50
May
July 56
Monon weal Penn Pub bee
With warrants
65
66
10,000 58
May 73
July
let ilen & ref 544. B '53 70
Godchaux Sugar 7545-1841
67
65
65
70
1,000 58 Jun
31,000 544 May 8055 Mar
8655 Jan Montreal L H & P Con
Grand Tr nk Ry 6348.1936 99% 99
99% 39.000 87
Jan 100
Jan
let & ref fir ger A _ _1951
Grand Trunk West 48.1950
8945 89
544 55
8935 56,000 824 Feb 93
10,000 45 Jun
Mar
69
Mar
5e series B
Great Nor Power 5s...1935
1970
89
96
89% 3,000 8134 Feb 89% Aug
7,000 90% July 100% Mar
97
Great Western Pow 58 1946
95
11,000 9155 Feb 9855 Mar Narragansett Irlag• Is 5 •1395
Greenwich W & G Is. _1952 57
9354 91
9344 43,000 8951 June 984 Mar
57
57
1,000 53
July 6115 June Nassau & Suffolk Ltg Is
Guardian Investors 58 1948
'45
894 89%
1,000 8951 Aug ao
July
Hall Elect Voaar fan
With Warrants
,e7e
434
24 10 104.000
30
31% 12,000 24
June 3154 Aug National Food
55 June 461-4 Jan
Prod 6s '44
Gulf 011of Pa 5s
1937 985( 96
9955 53,000 90
Jun
9945 Aug Nat Pow & Lt (38 A _ __2026 7114 2155 21% 2,000 20
May 3434 Jan
Sinking fund deb 55.1947 9454 93% 95
70% 7354 67,000 5245
42,000 83 Jun
964 Feb
Mar
Deb So series B
2030 62
Gulf States UM!58._ _ _1956 71% 63% 7154 33,000 56
5915 62% 97,000 4051 June 84% Jan
July 84
Jan
Na? P Ihne alArVIn• Is 197
June 72
,
183.4
let & ref 445s ser B__1961
15
20 644,000
60
64
10,000 5555 July 75
Jan
53.4 JUna
Jan
45
Certificates of deposit......... 17
17
1,000 17
Aug
Nat Tea(70 98
17
Aug
1935 70
Hamburg Electric 78 1935
66
70
75
5,000 6041 June 78
8054 18,000 34
May 80% Aug Nebraska Power 4458.1941
Mar
Hamburg El & Und 5158 38 5235 4934 53
89
904 29,000 88
'
52,000 1323% May 53
Feb 94
Aug
Deb 68 series A...2022
Mar
Fianna 6s
84
1934 70
86
70
10,000 75
7014 6,000 70
Feb aretoote4 slit VW. 4. lug., 86
92
Aug
May 98
Mar
Hood Rubber 10-yr 515s 35
6155 63
4044 40% 1,000 35
40,000 5555 Jun,
Jai
45
Mar New Amsterdam Gas 58'48 63
Jan
77
7s
90
1936 53
90
1,000 90
53
2,000 43
53
Apr
Mar N E
July 90% June
55
& El Assn 88.1947 4854 4745 49% 52,000
Houston Gulf Gas6431943
4045 Apr 67% Jan
Cony deb 6e
1949 49
With warrants
48
49
34
6,000 40
30
34,000 17% Jun
34
Onav deh ria
Jan
50
Apr 68
Jan
10co
let mtge & coil 6s_..l943 47
42
4855 80,000 21
May 51
Jan New Eng Power 5s_ _ _1951 4835 (44754 4955 72,000 41
Apr 6451 Jan
Hous L & P 1st 4358 E.1981 8344 824 83% 54,000 73
95% 6,000 93
May 86
Mar Bee Erie Pow men 68.1948 4855 95
July 97
June
47
1st & ref 4158ser D.1978
50
54.000 2934 June 6754 Jan
8234 8334 9,000 75
May 86
Mar
Deb 613• _
. 1955 52
49
1st 58 series A
5245 158,000 3
1953 95
9415 95
6,000 85% Jun e95
0
June 70
Aug New 071 Pub Sere 64; A 46
Jan
39
Hughes Tool 5348- -19313 8444 84% 85
4054 8,00
17.000 8445 Aug 85
35% July
Aug
Gen lien 4i.48
8045 Jan
1935
Hungarlan-Ital ilk 7558'63 36% 35
51
53% 36,000 36
3694 6,000 26
June 63
48% Feb N Y & Foreign Invest
Ma
Apr
Hydraulic Power (Niagara
5158 with warr
1948 53
53
53
Falb, ref & Imp 55_1950
5,000 38 June
101
103
2,000 98% Feb 103
Aug N V P& I. Corp let 4
Feb
8751 85
8845 109,000 73 May 60
Ref & imp 58
1951
10041 10051
1,000 954 Fe
101
July N Y State n E
9044 Apr
leen
7594 694 75
Hygrade Food 68ser A 1949 3615 3455 36% 7,000 21% May 49%
43,000 664 Julie 85
N V & Weereh 1.tg 48.2004
Jan
July
86
86
1,000 7834 Apr 87
Niagara Falls Pow 68.1950
Apr
103 10354 10,000
Idaho Power 55
1947
91% 9155
1,000 884 Fe
9(344 Mar
10134 Mar 105
toe ries A
Mar
1959 98
98
ill Nor Utilities Sq....1957 88
81% 88
16,000 724 Apr 90
Feb Nippon El Pow 644e_ .1953 3715 3654 9855 6,000 9534 Apr 1003.4 Jan
Illinois Power Co 5a....1933 99
38
16,000 30
9755 99
9.000 96
Apr 99
June 59
Aug No American Lt & Pow
Feb
Ill Pow & I. ler 6e eer A 53 6955 67
70 119,000 511
Jun
91% Jan
5% notes
1933 92
92
let & ref 5448 ser B _1954 65
924 17,000 8734 May 9215
6245 65% 24,000 50 Jun
88
Jan
5% notes
Aug
1935 70
65
let & ref fre set C._ _19155 61
70
10,000 55
,
5854 6155 121,000 4844 Jun
July
83
5% notes
Jan
78
Mar
1936
64
St deb 5448__May 1957 4745 44
70
22,000 471.4 July
4755 93,000 30% Jun, 744 Feb Nor Cont Utll 545e...1948
77
Apr
Indiana Electric Corp
254 28
20,000 21
May 40
Northern Indiana P SMar
6s series A
1947
16,000 63 Jun
68
72
00
Mar
IPS & ref 58 ser C___1966 78
7645 78
655s series B
9,000 62 June 87% Jan
1953 7845 75
784 11,000 75
Jul
95
Mar
5s series D
1969
7645 78
5s series C
6,000 6455 June 88
1957 70
65
27,000 55
70
Jan 79
Mar
let & ref 41-4, ser E_1970 734 70
1st & ref 51;
7334 10,000 6234 May 8145 Jan
1955
90
90% 6,000 82
June 1934
Nor N. Y. Utilities
Jan
Mar
Indiana Service M____1969 36
31,000 16
30
36
Jub
62
Feb
6e series C
1943 8755 874 88
let & ref to
6,000 8714 July 9055 July
.19511
324( 35
19,000 1641 Jul) 63
Feb
5s series E
1955 77
77
Indianapolis Gas 98 ser A'52
77
1,000 79
23,000 71
75
75
July
July
811
86
May Nor Ohio Pr Lt 5 lere 1951 92
July
91
92
nd
IP P. h I ia Mat 4 '67
30,000 85
87% 87% 8954 50,000 72
June 11655 Mar
May
Jan
96
No States Pr 555 %notes'40 80
7945 81
Inland Pow & Lt 65 C_1957
16,000 75
16
16
2,000 10
May 3655 Jan
May 92
Jan
Ref 4458
1961 8634 83% 8654 36,000 79
'mull UM Invest 6e 1941'
Apr 91
Mar
N-western Pow 69 A..1960 1615 154 1654 11,000
With warrants_ _ . _
1
234
% aim
8
May 4345 Mar
23.4 96,000
33% Jan
Deb 5s ser A
1
1949
15.5 5,000
45 May
27
Jan Ohio Edison 1st 5s.....1960 89
8555 89
Internet Pow Sec615/1 B '54 99
29,000 80
97
May 95
9954 19,000 77
Jun, 100
July Ohio Power 1st 58 B..1952
Jan
914 93
Secured 64e ear C .1953 74
6,000
68
74
22,000 52
June
78
96
Jan
Jan
1st k ref 445mer D.1958 8634 834 87 141,000 83 Jun
Secured 78 series D.1936 9715 97
74
Jun
9715 24.000 80 June 98% July Ohio Public Service Co9254 Apr
1957 80
7s series F
29,000 62
77
June 87
80
Jan
ln & ref 611 ser C._1953
80
80
4,000 70 Jun
78 eerie F
1)752 66
5955 66
8.000 5214 Jan 74
88
Apr
Apr
let & ref 544s ser
7555 78
International Salt 541_ _1951
12,000 70 Jun
65
5,000 574 June 734 Mar Okla Gas & Elec 55_E. 196!
66
83
Apr
..1950 8136 81
8254 17,000 67
Internet sreoiritew
1947 48
4354 49
May 87% Jan
9,000 36
Jul' 51
Jan
65 deb aeries A
1940 74
68
74
7.000 60 Jun
Interstate Iron & Steel
75
May
Okla P & Wet 55 ser A.1948 623.4 53
54% 20,000 43
1st N1 5%8 ger A _ _1946 41
Jun
39
41
31,000 28
June 48
61
Apr
Feb Par Gas & El CoInterstate Power fer _ _1957 5435 5155 54% 109,000 4645 July ri914 Mar
le? es genes II
1941 1044 103 10451 15,000 100 Jun
Debenture 6,1
1952 35
a31.35 35
86,000 19
10534 May
May
51
Jan
let & ref be ser C._ _1952 9945 9811 99% 55,000
944 June e103
Interstate P 8 15s D...1956 67% 65
67% 12,000 57
July
Apr
79
Feb
5e series D
19515 96
30.000 91
9334 96
IfICi• 61% 58
let & ref 41
48
May 9844 May
6155 51,000 5114 Apr 75
Feb
1st & ref 434s E....1957 89
8855 90
85.000 8245 May 94
1st & ref 6348 ser B.1949 80
80
80
2,000 70 June 95
Apr
Mar
let & ref 4448 F___.1980 8911 88
89% 23,000 82
Interstate Telep 58_1961 54
May 93 3-I Apr
49
54
8,000 4245 June 768
May Pee Invest deb 5s_ _1945
64
65
6,000 56
lows
-Nob L & P M
1967 74
JAI
32,000 644 June 80
71
74
67
Mar
Jan Pao Pow & Lieht 5s.._ _1955 68% 67
6935 91,000 5034 June 85
1st & ref 5e /wiles B1961
71
75
31,000 66 June e79
75
May
Jan Pacific Western Oil 6%8'43
Iowa Pow & Lt 448_195
77
7,000 75 June e8034
79
8 79
with warrants
64
Jan
66
66
46,000 C47
Iowa Pub Service 58.-1957 7134 70
June 71% Mar
7234 14,000 RI
May /3255 Jan Penn Cent L & P 4558_1977 77
77
75
27,000 6115 July 7055 Jan
Iowa Ry & Light 5s_ _ .1932 983
984( 984 5,000 92
Jan 99% Mar
58
a7315 a7334
5,000 68
June 86
1st & ref 5558 ser A_1945 75
10.000 70% Aug 84% Feb Penn Elm 48 ger F._ _ 1979
Jan
70% 75
1971 69
6645 69
26,000 6445 July 76
rearm Hydro-Eioe 7ju5 • 59
Mar
51
25,000 48 June 60
59
Jan Penn Ohio Ed 545,313.1959
64
65
18,000 41
'gotta Frasehini 78.1942
May 8396 Apr
Deb es series A__ ..l951) 69% 69% 69%
1,000 55 June 844 Mar
with warrants
4555 4551 1.000 44
July 67
Feb Pen n-Ohlo P & 1.5443 .1.'54
924 93% 11,000 64
May 11104 Mar
Bonds (Continued)
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
$
Price. Low. High.
1956
Penn Power 58
1947
6s ser C
Penn Teleph 58 C - _1960
Penn Writ & Pow
1940
1st mortgage 5s. _1940
Penn Water Service 58.'67
Peoplee G L & C 4. 13.1281
Peoples Lt & Pow 55-1979
Phila Electric Co 58-.1966
Phlia Elec Pow 4s1972
Phila Rapid Trans 6s.1962
PhIla Suburban G dr E
1957
1st & ref 4195
Piedmont Hydro El Co
1st & ref 648 el A- _1960
Piedmont & Nor Ry 58 ,54
1949
ttabargh Coal 68
Pittsburgh Steel 6s._ 1948
Potomac Edlsoa 58 E 1956
1961
419a series F
Power Corp(Can)4348B'59
1957
55 series A
Power Corp(NY)5)4s'41
1942
6 As ser A
Procter & Gamble 4355 '47
Pruselan Elec deb es _1954
ctfs_. _
Pub Serv of N J
Pub SerV of Nor Illinois
1956
ref 55
1st &
181 & ref 58 ser C--.1966
let & ref 4358 ser D_1978
1st 6: ref 44s tier E.11140
& ref 4 14o ger F_1981
Pub Serv of Oklahoma
1961
55 series C
1957
55 series D
Pub Serv Sub 5398 A _1949
Puget Sound P dr L f 145 '49
1st & ref 55 ser C. 1950
1st & ref 4198 ser D 1950
Queensborough Gas & El
1952
534 series A
Radio-Keith-Orptieum
1941
64 full paid
Reliance Managem't 58_53
With warrants
Remington MI113545 1933
Republic 088 68 June 15'45
Rochester Cent Pow 581953
Rochester Ry & Lt 55_1954
Ruhr Gas Corp 639s-1953
Ruhr Housing 0198 A _1958
Ryerson (Jos T) & Sons
1943
58
St.Lonls0dr Coke 68.1947
Safe Harbor Wat Pr 45409
San Antonio Pub Serv
18t m & ref 58 ser B_1958
San Joaq L&P 55 D-1957
Saxon Pub Works 58..19.12
. _1937
613
Schulte Real Estate 68-1935
Without warrants
Scranton Electric 55._1937
&Him(E W)deb 54s 1943
Seattle Lighting 5s. -1949
Shawinigan W & P ..34a 67
1st 4158 series B.....1968
1st 5.series C
1970
1st 445 series D..1970
Sheffield Steel 545_ _ _1948
Sheridan 1Vyo Coal 6s ,47
Sierra & San Fran Pow
2d mtge 5s B
1949
Silica Oct Corp 64'32
with warrants
South Caroltna Pr 58..1957
Southeast P & L es__ _2025
Without warrants
Sou Calif Edison 53. _A951
Refunding 55
1952
Refunding 58 June 1 1954
Gen & ref 55_
_1939
Sou Calif Gas Corp 58.1037
Sou Cal Gas Coln & ref 419s
1961
South Ind G&E w 155.1957
Soutnern Natural Uaa gs'44
With privilege
Southwoit(j & E 5s A.1957
Sou'west Lt & Pow 58_1917
So'west Nat Gas 68.. 1915
So'west Pow& It fig 21)22
S'wegt'rn Pub Serv 6s.1945
Springfield G & E 58_1957
Staley (A El Mfg 6s...1942
Stand Gas & Elea 68_1935
Cony fle
1935
Debenture 68
1951
Debenture Os _ Dec 111166
Stand Invest 59
1937
539s
1939
Stand Pow & Lt Os.
.1957
Stand Telephone 54s 1943
Stinnes (fluent cora76 without warr Oct 1 1936
.1946
70 without warr
Stutz Motor Car 7;48.1937
Sun Oil deb .53,8.....19311
Sun Pipe Line 58
1940
Super Pow of III 44s '68
let M 4148- ____1970
1961
1st M 68
Swift & Co 1st m Ifis 1944
1941)
5% notes
Syracuse 15 53 ger B__1959
1st & ref mtge. 5349_1954
90% 91
92%
89
90
904
101% 101
67
67
754 73
135
103
103%
104
38
39
101%
67
75%
135
104
10419
39
96
96
534
50
60
60
68
70
5715 58
774 7819
714 76
53
5394
60
60
64
63
50
83
8734
99)4 994 10039
4019 43
41
10419 105
105
53%
60
6834
57%
77%
76
83
70
7439
76
85
80
70
7434
74
8,000
5,000
3,000
Range Since Jan. 1.
Low.
81% June
86 June
85% July
11,000 100
5,000 60
87,000 68
1
1,000
2,000 1014
36,000 95
11,000 38
1,000
85
1,000
83
20,000
7819 4,000
75
17,000
64,000
77
92
Apr
9731 July
9414 Jan
Apr 102
Jan 70
May 82
June
6
Apr 104%
June 10594
Aug 6839
94
44,000 3414
1,000 50
10,000 118
3,000 55
5,000 70
14,000 fie
4,000 37
10,000 57
53,000 4-814
6,000 67,
45,000 964
17,000 1514
3,000 10034
High.
Jan
97
May
Feb
Mar
Jan
July
Apr
Jan
June
May 634 Mar
May 6419 Feb
June 90
Jan
JUIY 85
Jan
Mar
July 90
July 81
Mar
June 60
Mar
Apr 63
Mar
July 72
Mar
June 8714 Aug
Feb 10434 May
June 44
July
Apr 107
Mar
7014
70
60
60
58
June
June
July
June
July
85
90
Sl34
84
8219
Aug
Jan
Mar
Jan
Jan
6294
674 68
674 6819
54 86334
6539 69
64
66M
62
664
3,000
7,000
80,000
95,000
42,000
73,000
56
5539
38
5619
5314
5214
75
68
75
33.000
68
Aug
54
55
9,000
40
May 106
50
85
12
18
92
35
30%
50
86
14
22
92
36
32
1,000
29,000
22,000
48,000
2,000
31,000
24,000
48
53
7
134
92
13
15
July
May
May
Juns
Aug
May
May
64
66
5834 June
843( Jan
94
8
93
94 12,000
94
33,000
5 May
8799 June
23
Jan
9434 Apr
6719
8939
50
45
614
894
46
424
67% 24.000
894 2,000
50
58,000
32,000
45
6151
81%
25)4
37%
Aug
July
Jan
July
85
89%
50
95
Apr
Aug
July
Aug
10
9939
55
54
55
56
61
544
48
15
10
9939
63
55
64%
64
70
64
5734
15
1,000
1,000
13,000
6,000
72,000
38,000
83,000
82,000
12,000
1,000
10
98%
5239
54
55
18
61
52
98
13%
July 42
July 9915
June 70%
Aug 55
Aug 76
Aug e78
Aug 86
June 75
Aug 70
July 36
Feb
Aug
Mar
Aug
Mar
Mat
Mar
Mar
Jan
Mar
78
78
634
6634
50
14
22
354
32
9939
55
56
61
55%
5714
2834
57
69
9839
98%
9714
83
82
654 69
9799 9899
96% 9819
96% 98
10159 10214
81
83
43,000
48,000
17,000
48,000
27,000
20,000
30,000
82
82
9319 934 5,000
33
35
70% 723(
58
60
1834 184
55 a5919
59
60
60
73% 7319
51
51
56
51
55
a533$ 56
56
50% 46% 52
51
494 45
58% 59
57
59
44% 41% 45
32% 33%
35
31% 34
314 33
30
45
9334 9554
86% 87%
64% 68
66
67
79
79
10034 100 100%
8934 91
91
964 963$ 96%
100% 101
101
34
32
45
934
87)4
68
67
May 68
Aug
May 7915 Jan
June z633.4 Aug
June 814 Mar
July 7715 Mar
June 73
Mar
8219 Mar
8834
86
25
40
92
36
32
Jan
Jan
Aug
Jan
Jan
Aug
July
Aug
7434 July
2839 284 2,000
17,000
51% 57
5974
Tenn Elec Power 58_19511
Tennessee° Power 5s-1962
Tenn Pub Serv 58_. _ _1970 72
Terni Hydro Elect 6)451913 5519
1948 38
Texas Cities Goa 5s
Texas Elec Service 59 1960 794
Gas Utll 68..... 1945 1634
Texas
Texas Power & Lt 53_1956
1937 9514
1934
Thermold Co 68
...... 2639
With warrantsTide Water Power 5.1 1979
74
TM-Utilities deb 53 -1979
Twin City Rap Tr 5348 '52 334
1944 19
Ulen Cu deb 65
Union Elect L & P 55_ _1957 944
Un Gulf Corp 65.July 1 *50 94
Un Elec LA P 59 B_ _1967
Un Elec Service 75---1958
Without warrants...... ......
,
United Elec (1 1 J) lst 40'49
United Industrial 63481941 44
1945 4244
1st fla
°A
959
Financial Chronicle
Volume 135
50,000
35,000
8,000
12,000
30,000
1,000
1,000
1,000
112,000
16,000
30,000
39,000
9,000
8,000
80,000
6,000
75
Aug
24
47
June
June
40
70
Jan
Mar
44
94
9314
93
9/199
7119
Mar
June 85
Feb 994 May
Feb 994 May
Feb 99 Slay
Feb 102% Mar
June 884 Mar
70 may
93% Aug
864 Mar
9315 Aug
254
58
47%
11 1
4
95%
60
72%
45
82%
35
30
30
50
d019
26
27
43
80
72
34
RI
60
73%
70
7894
79
73
71
6019
014
68%
51
Mar
Feb
Jan
Mar
Jan
Aug
Aug
Jan
Mar
Mar
Jan
Jan
July
May
Jan
Jan
Mar 34
June 3334
July 45
Jan 96
July 90
July 74
Apr 72
June 875$
June 101
May 95
Apr 9714
June 104
Aug
July
Aug
Mar
Mar
Jan
Jan
Mar
Mar
Mar
June
May
63,000 22
30,000 1719
9,000 30
15,000 88
14,000 80
49,000 5419
19,000 52
1,000 77
46,000 924
17,000 67
18,000 84
4.000 100
July
Apr
June
May
June
Aug
July
July
June
June
June
May
June
May
June
May
92
83
8534
86
86
72
76
504 5519
374 a3815
75% 80
1319 1694
80
82
9534 9654
13,000
1,000
8,000
33,000
9,000
108,000
8,000
44,000
12,000
78
83
67
42
3239
63
8
67
90
June
Feb
July
May
June
May
Apr
June
June
24
60
54
304
174
94
9319
93
274
62
if
34
19
9434
94%
934
6,000
2,000
10,000
46,000
4,000
26,000
143.000
28,000
22
46
%
2494
10
94
84
90
July 43
Mar
Aug
July 62
Apr 23% Jan
May 34
Aug
June 3434 Mar
Aug 945$ Aug
May 09884 Mar
Mar
Feb 100
65
93
40
41
7219 9,000
3,000
93
60,000
44
42% 13,000
92
86
61
4819
8599
24
924
98
Mar
Feb
Mar
Feb
Mar
Mar
Feb
Feb
May
32 June 7234 Aug
91% June r9394 July
1434 May 44
Aug
19
May 49% Aug
Bonds (Concluded)United Lt & Pow 6s._ _1975
1st SM....April 1 1959
1974
Deb g 6358
1952
Un Lt & Ry 5155
1952
6s series A
1973
68 series A
United Pub Serv 68.._ _1942
U S Rubber
1933
-year 6% notes
3
0)4% serial notes_1933
634% serial notes _1935
6)4% serial notes.-1936
614% serial notes.__1937
634% serial notes_ _1938
64% serial notes. _1940
Utah Power & Lt 65 A.2022
1944
1st M 415s
Utica Gas & Elec 5s_ _ _ 1952
Van Camp Pack 613_1948
Va Elec & Power 55 _ _ _1955
Va Public Serv 515e A 1946
1st ref 54 ser B
1950
20
1946
-year deb 68
Waldorf-Astoria Corp-u.
1st 7s with warr__ _ _1954
Certificates of deposit_
Wash Water Power 55_1960
2030
West Penn Elec 58
West Penn Pow 48ser II '61
West Texas Ut115s A_ _1957
Western Newspaper Union1944
Cony deb 65
Western United Gas & Elec
lst 54s ser A
1955
Westvaco Chlorine Prod1937
10-yr deb 5348
Wise Etc° Power 53.__1954
1958
Wis Pow & Lt 5s F
t & ref 58 ser E___1956
YadIttn Riv Pow 59_1941
York Rye 58
1937
Foreign Government
And Municip- Mies
Agee Mtge Bk (Colombia)
1946
20-year s f 78
Baden (Consol) 78_ -1951
Buenos Aires(Prov) 7348'47
Ext 78
April 1952
Cauca Valley 751948
Cent Bk of German State &
Prov Banks 68 B___1951
1952
6s series A
Danish Cons 5158.-1955
Danzig Port & W'waysJuly 11962
6348
German Cons Munk 75'47
1947
Secured Os
Hanover(City)75
1939
Hanover(Prov)650_1949
Indus Mtge Bk (Finland)
let mtge coll s f 75_ _1944
Lima (City) Peru 6195 58
'
Maranho(State) 75.-1958
Mendoza (Prov) Argentina
External 7145 s I it_ _1051
Mortgage Bank of Bogota7sissue of May'27..l947
7s issue of Oct'27_ _ .1947
Mtge Bk of Denmark 58 72
Parana (State) Brazil 75'58
Rio de Janeiro 64s _ _1959
Russian Government
1919
645
Certificates 6 As_ _1919
1921
514e.
Certificates 534s_..1921
Saar Basin Counties 751936
Saarbrueeken(City) 7s 1935
Santiago (Chile) 75_1949
1961
7s
Sales
Friaay
Last Week's Range for
ofPrices.
Week.
Sale
Price. Low. High.
$
Range Since /an. 1.
Low.
High.
45% 43% 45% 44,000
62
65
36,000
65
4739 434 4794 34.000
44
4015 44 272,000
74
74
26,000
70
41
a40 a43
7,000
5
5
1,000
30
52
34
3234
5954
34
2
May
July
June
June
July
July
Apr
88
88
88
8834
88
6834
29
Jan
Jan
Jan
Jan
Mar
Mar
Jan
784
97
42
39
38
62
594
50
55
444
8019
97
44
4039
40
41
3739
64
65
924
2634
85
6339
60
50
39,000
5,000
5,000
4,000
19,000
17,000
7,000
13,000
1,000
12,000
8,000
7,000
59,000
22,000
47,000
5934
66
273$
25%
21%
24
2234
48
65
88
18%
79
5219
50
3414
Jan
Jan
May
July
June,
Apr
Apr
June
Aug
June
July
July
July
July
June
82%
97
83
4634
4354
41
40
70%
83
944
4019
97
79%
74
704
July
Aug
Jan
Jan
Mar
Aug
Jan
Apr
Jan
Mar
Apr
Jan
Feb
Feb
Feb
4
4
8834
5434
89
42
4
2,000
4
1.000
8834 1,000
565( 13,000
90
32,000
45
93,000
334
4
83
35%
84
25
May
Aug
July
May
June
July
20%
4
974
66
92
65
Jan
Aug
Jan
Feb
Mar
Feb
19
64
65
92
77
96
42
39
37
39
36
56
65
92
20
8414
604
59
4339
20
18,000
14% Apr
2914 Jan
7454 7634 23,000
82% May
80
102 102
93
93
7554 75%
755$ 75%
82
82
81
82
29%
27
9
29
2934
27
27
819
Mar
4,000
3,000
1,000
1,000
2,000
2,000
99
90
6934
7154
78
72
Feb 102
June 9534
June 91
June 89
June 93
July 8334
May
May
Jan
Jan
Jan
Apr
29
1,000
2914 1,000
33
57,000
3534 269,000
5,000
9
22
16%
28%
2454
3
Jan e35
May 33
June 44
June 4354
May 1514
Jan
JUIY
Apr
Jan
Jan
3795
3195
74
35% 394 65,000
30
32
45,000
66
74
14,000
23
53
may 4034 Feb
May 3614 Feb
July
Jan - 77
4134
3419
34%
41
3219
3335
3034
2599
2134
15
1334
11314
14
June
May
May
June
June
30
42
35
359(
32
30
5,000
80,000
124,000
15,000
21,000
519
64
22,000
67
594 599 2,000
5% 539 1,000
25%
2439 2534 24,000
27
27
2619
27
70
5
8
194
119
139
9734
714
715
1134
4434
35%
35%
35
31
Jan
Jan
Aug
Jan
Jan
49 June
334 Feb
434 July
Apr
70
93$ Mar
10
Feb
20% May
41
Apr
4,000
27
4,000
29
3,000
70
534 2,000
12,000
8
20%
2015
51
339
3
Jan 37
Jan 37
May 70
June 1134
June el6
Jan
Jan
Aug
Jan
Jan
59,000
• 99 2
1,000
1% 2
I 100,000
1
99 134 232,000
97
9739 3,000
10339 10339 1,000
819 13,000
7
74 719 10,000
54
19
34
34
83
88
34
4
2
July
2
Apr
1%
May
July r 154
Jan 97%
Mar 10334
Apr 13
May 13
Aug
Aug
Jan
Feb
Aug
June
Feb
Jan
.
1No par value. a Deferred delivery. I Correction. in Sold under the rule.
r Sold for cash. tot When issued. x Ex-dividend.
e See alphabetical list below for "Under the Rule" sales affecting the range
for the year.
Agricultural Mtge, Bank, 75, 1946, July 14, $1,000 at 36.
Blackstone Valley Gas & El. 5s, 1939, May 19, $1,000 at 102%.
Central Power 5s, Series D. 1957, Mar. 7, $1,000 at 72.
Cities Service, pref. 13, Jan. 11, 10 at 5.
Dallas Power & Light 6s, 1949, April 5, $1,000 at 105.
Houston U. & Power 5s, Series A, 1953, May 3, 83,090 at 95.
Interstate Telephone 55, series A, 1961, May 9, $2,010 at 68.
/
4•
Iowa Power & Light 415s 1958, April 1, $1,000 at 811
/
1
.
Jones & Laughlin Steel 5s, 1939, Mar. 31, 33,000 at 1034
Kansas City Gas 6s, 1942. Mar. I, $4,000 at 98.
Nipissing Mines, March 23, 100 at 1%.
Pacific Gas & Electric. 5'/as, ser. 0 1952, Apr. 27, $2,000 at 103%.
Pure 011 Co. 67 pref., Aug. 3, 10 at 53.
'
,
Rio de Janeiro 61 5s 1959, Jan. 18, $12,000 at 18%.
,
Public Service of No. IU., 41 55, 1978, Feb. 8, $1,000 at 85.
Russian Govt. 51 5s ctfs., 1921, Feb. 4, $1,000 at 11,5
,
Shawinigan water & Power 41,58, series B, 1968, Mar. 10, 82,000 at 78.
,ft.
Sylvanite Gold Mines, Jan. 27, 100 at 1
Toledo Edison 5s. 1947, Apr. 26, 0,000 at 94.
Union Gulf Corp. 58, 1950, Mar. 9, $1,000 at 98.
/
1
.
United Light & Rys. deb. 65, 1973, Mar. 9, $2,000 at 654
/
1
.
Welch Grape Juice corn., Jan. 27, 25 at 374
Wheeling Electric 55, 1941, May 18, $1,000 at 101.
z See alphabetical list below for "Deferred Delivery" sales affecting the range
for the year.
American Capital Corp., corn. cl. B, June 14. 700 at %.
/
4
.
1936. Mar. 17, $1,000 at 141
American Solvents & Chem. 63.ks, w.
14,
Associated Gas & Elec. 5s, 1950, July w., 33,000 at 8.
Bell Telephone of Canada 58, 1957. Mar. 7, MON) at 9415•
Central States Electric, corn., June 1, 100 at 15•
Cities Service, deb. 5s, 1950, May 28, $1,000 at 16%.
Commerz-and-Privat Bank, 5155, 1937, May 28, $1,000 at 29.
Commonwealth & Southern, warrants, June 15, 500 at /
1
4
.
Continental Gas & Elec. 7% pr. pref., July 22, 25 at 42.
Edison Elec. Ill. (Boston) 415% 1932, July 5, $2,000 at 101%.
Employers Reinsurance Corp., June 28, 100 at 14.
General Water Wks. & Elec. 65, ser. B, 1944, June 6. $10,000 at 6.
/
4
Hamburg Elev., Underground & St. RI., 5955. 1938, May 25, 35,000 at 231.
Indiana di Michigan Elec. 58, 1955, Mar. 12, $2.000 at 94.
Interstate Power 53. 1957, Mar. 10, $5,000 at 70.
Interstate Equities Corp., may 21, 200 at lig•
Iowa Public Service VA 1959, Feb 1, $1,000 at 84.
Middle West Utilities, 58, 1934, May 28, $1,000 at 175.
/
1
4
Middle West Utilities, 5s, 1935, May 28, $5,000 at 1 •
5 . wa 1'4.
, ,
1
Pecificradeste 01, 1
Naw B vifordm 0 1e4.8;w 500 t 1943,
June 7, MOO at 4614.
il
Public Service of No. III. 7% pref., April 5, 75 at 68.
Public Service Subsidiary 514s, 1949, Aug. 5, $1,000 at 6431.
Securities Corp. General, April 9, 300 at 2,
,
Super Power Co.8, 1961, June 7, $1,000 at 77.
/
1
4
Tr -Utilities Corp.i deb. 53, 1979, Feb. 1, $2,000 at 3 .
Union Terminal (Dallas). 155, 1942, June 14, 82,000 at 75.
960
Financial Chronicle
Aug. 6 1932
Quotations for Unlisted Securities
Public Utility Bonds.
Am Corn'tb P 6 He'53.61&S
,
Amer S PS 548 1948 _M&N
Appalach Pow be 1941_J&D
Appalach P deb Se 2024_J&J
Atlanta 0 L be 1947_ J&D
Broaa ltiv P be 1954_ _Welt
Cm n 0 & E 5148 1933. FAA
let lien coil tr 544648 J&D
let lien con tr 68 '48 M&S
Cen Ohio L & PSI 50 Ah0
Derby (1 & E be 1946 _F&A
Fed PS let 65 1947 _.I&D
Federated Util 5)4e'57 MA H
Gen Pub Mil 634e'66&A&O
Houston Gas & Fuel 56_1952
Bid
1
48
9812
71
94
49
2412
31
32
CO
6112
1712
367
8
27
3012
III Wat See lst be 11752_J&J
Iowa So Util 514s 1950 _J&J
Jamaica W S 5348 1955_ J&J
Lexington Util for 1952_ F&A
Louis GA E 4 Hs 1961 ..F&A
A&O
Deb I f 68 1937
Louie Light lit 55 1963_A&O
.J&14
New On P S els
66
5312
9114
66
90
90
97
40
An
111
50
9912
74
5112
-28
34
3512
6312
6112
2112
40
30
35
16
DI
0912
93
43
Investment Trusts (Concluded).
Newp N & Ham 58 '44_ J&J
NY Wat Set be 1951_ lildife
N Y & Wes L 4 2004_ _J&J
N Am LAP sf deb5H8'158J&J
fel&S
Okla (I rk E be 1940
Old Dorn Pow 58.May 1551
Parr Shoals P 58 1952 _Adr0
Peol)lee L & P 5 41s 1941 J&J
Pow Corp NY 6 442'42 MAN
Pow Sec coil In 65 '49 _F&A
Queens 0 & E 440'58 _M&S
Roanoke W W 58 1950- _J&J
Sierra & 13 F 59 1949 __J&J
Tide Wat Pow Is '79__F&A
United L & ay Cis '73 _J&J
United Wet Gas & E 541941
Virginia Pow be 1942__J&D
Wash tty * P 44 1951 -MD
Western P 85 Hs 1980 _F&A
Wheeling Elm bs '41_M&N
Wichita Hy & I. be 1932....
Wise Elm Pow 55 '54. F&A
Wise Minn LAP 5s '44 M&N
Wine Pow & Lt 150 '56 M&N
Bid
Ask
7212 78
82 2 86
7417 7712
38
72
65
65
89
25
72
81
3812
5312
80
5412
7712
59
85
58
81
72
47
45
54
59
40
8112
9314 104
81
9
1115: 6_1_
SO
91 66,
79
7 112 7 12
Public Utility Stocks.
Par
Alabama Power $7 pmt._100
Arizona Power 7% pref _ _100
Ark Pow & Lt $7 pref
•
Assoc Gas & El orig Pr.!. •
•
$6.50 preferred
$7 preferred
Atlantic City Elea $6 oret.•
•
Bangor Hydro-El 7% p1..100
Binghamton L H & P $6p1
Birmingham Elee 7% pr.!.•
Broad River Pow 7% pf_100
Buff Nlag & E or Pref.__ _25
Carolina Pow & Lt 37 pref •
Cent Ark Pub Sem pref_100
Cent Maine Pow 8% 01_10(
101
7% preferred .
Cent Pow & 11 7% pref-100
Cent Pub Set' Coro prat_ •
Cleve El lllum 6% pref 100
Col Ry P L 6% let n1_100
642i preferred B._ 100
ConnorTraction N J__ _100
Consumers Pow 5% pref.•
6% preferred -.
too
6 60% preferred
100
.
Cont'l(Lis & Elee 7% r1-100
Dallas Pow &LIT% Ore! 100
Dayton Pow & Lt6% Dr-100
Derby Gas & Flee 17 pref_ _•
Easex-Hudson Gas
100
Foreign I.t & Pow units__
Gas & Elec of Bergen__ _100
Hudson County Gen.__ _100
Idaho Power 6% prat
7% Preferred
100
Illinois Pow & 1.1 6% p1.100
Inland Pow & Lt 7% 0_100
Interstate Power $7 Ore!
Jamaica Water Bunn 0_50
Jersey Cent PAL 7% p1100
Kansas City Pub Service _•
Preferred
Kansas (lea & El 7% of _100
Kentucky Sec Corp corn.100
6% preferred
100
Kings County Lta 7% p1100
Long Island Lt 8% pfd_ _100
Preferred A
100
Los Ang(lae & 1_ 6%
1
100
7i)
54
62
•
80
76
55
50
44
70
13
. 52
74
18
5
42
00
35
55
42
93
491
71
60
661
47
57
60
231
10
/3
15
52
88
40
18
54
36
72
66
56
72
2 13
4
23
2
95
90
65
46
.
5217
76
62
7012
51
60
.
24 :
- -1
12
IS
57
90
57
38
75
70
5012
79
253
4
24
4
75
133
62
128
58
67
82 85
6212 65
40
38
'112
39
I
1712
40
210 285
71, 79
70
64
Investment Trusts.
Amer Bank Stock Corp_ -- 134 2 Equity Trust Shares A_
Amer Brit & Cont $13 pref __ • 94
6 Federated Capital Corp corn
212 3 Five-year Fixed Pr snares._
Amer Composite Tr Shares
Amer & Continental Corp.
1
2 Fixed Trust Shares A ---•
AmerFoundere Corp
•
10 Fundamental Tr Shares A.
5% preferred
6
10
Shares B
6
7% preferred...
Amer & General Sec coin A.
1
6% preferred.
19 Guardian Invest, corn
15
Amer luatirenstoclis Corp •
Pre( with warrants
11
4
Amoe Standard 011 Shares..
37
8
8 43
Tmd Corp..
All & Pao Inter'l Corp liens 41213
Huron Holding Corn •• --Common with warrants..
Incorporated Investors _ •
dis
Preferred with warrants
'acorn Investors Equity --12
A Bantle SecurItlee. pref._ _• 17
Independence Trust Snare.
Internet Security Corp(AM)
Bancamerl, a-Blair Corp
2
034% preferred._ - - -212
Bankers Nat love:Wig Corp •
814 1214
% Preferred
Ban:Ocilla Corp
3
312' Investment Co of Amer....
Basic Iodustry Shares_
_
13
7% preferred
•
:
British Type Invest
• 1 10 1.35 Investment Fund of N J...
Central Nat Corp Mesa A _ _ _
1012 13 Investment Trust of N Y
Class B
91 12 212 Investors Trustee Shares...
Century Trust Sharee
133 1.112 Leaders of Industry A
:
Chain & Gen'l Equities Ina •
Ile
918
Chartered Investors emu_ _
(
'
614
Preferred
43 Low Priced Shares
930
Chelsea Exchange Corp A..
Major Snare" Corp
(114
Clam Fl
41-16 3-16 Maas Inveators Triot
•
Consolidated Equities Inc__
112 Mohawk Investment Corp.
1
Continental Securities, p!..
3
Mutual invest Trust ci A..
CorporateTruest Shares.
1.69
Mutual Management nom.
Scrim AA
1 53 1.70 Nat Industries Shares A
Accumulative series_
_ 1.58 1.70 National Re-InvestIng Corr/Crum & Foster ins Shame
National Sllawrout hank...
Common B
7 National Trust Shares
5
10
7% preferred
62 Nation Wide Securities Co..
100 458
Crum & Foster Ins oorn__
10
7
Voting trust ctfs
67
8% preferred
72 N Y Bank Trust Memo__
Cumulative Truet Sharer _ _ 2.58
No Amer Trust Shares
Deposited Bk She set N V.. 2.50
Series 1955
218 Series 1958
Depos Elk Stu! N Y ser A...
217
2
Delimited Insur She A
2es Nortnern Securities
Diversified Trustee no A.
648
011 Shares Inc units
Old Colony Inv Trust corn.
514
2.05 2.15 Old Colony Trust Assoc Sls •
312 37 Petrel & Trail's Corp cl A 25
3
Public, service Prue' Shares
Representative Trust Shares
jEquity Coro corn stamped__
1
5 No oar value
9 Las reported marked
r Ex-mtoct dividend
C
Bid
Ask
10
14
5
9
927
35
1.50 1.65
414 43
8
214 23
8
3.35 3.85
612
6
34
10
103
4
2.95
2 65
33
8 411
4
34
3
312
39
41
2.45
_
1.45 1.60
1.45 1.60
2.55
4.35 4.75
4.05 4,45
Par
Cruet Shame of America_ _ _
Trustee Stand Investment
(
D.
Trustee Standard 011 Stis .A
Trusteed Amer Bank Share.
Series A
Trusteed N Y City Bk She
20th Century Class A
Series B
Two-year l'ruat Shama..
Trast Fund Shares
United Bank Trust
United Fixed Share.
United Ins Trust
. .
U S & British International
Preferren
U 13 Elm Lt & Pow Shares A
_
Voting trust ctfs
Un N Y Bank Trust C 3...
Un Ins Tr Site ser F
U 9 Shares set. IT
Un Corn Tr Shs A 2
Bid
214
1.45
1 41
312
332
927
8
9258
33
8
2
2.00
014
3
438
178
37
8
deb
25s
1.60
1.55
27
8
37
s
233
2.25
73
4
Vs
_
4
7
1314 1334
2.25 2.35
818 85s
412
4
4
3
Industrial Stocks.
Per
Memphis Pr & Lt $7 pref..•
Metro Edison $7 met B___•
•
58
16 preferred C
4
Missiraippi P & L 26 pref..•
4
Miss River Power pref_ 100
7
5
Mo Public Seri 7% pref.100
,
92 95 Mountain States Power_ _.•
7% preferred100
90 95 Nassau & Suffolk Lta Prat_
88
_
Nat Pub Serv 7.7 pt A WO
53
55 Nebraska Pow 7% pref _100
14
Newark Consol Gan_...i00
i634 213 New Jersey Pow & LI 66 Pf
:
New Orleans PS 7% p1_100
50 N Y & Queens E 1.& P M100
46
60 Nor States Pow (Del) corn A
1-0
75
Preferred__ _
84
80
35
38 Ohio Edison 36 prat
112 212
•
$7 preferred
97
99 Ohio Pub Serv 6% Pref.- -.
72
67
100
7% preferred
60 65 Okla Gas & El 7% pref_ _100
20 Pee Gas & El $1.60 pref _ _85
17
78 Par Northwest Pub Serf _
73
8512 87
6% preferred
90
87
Ptior preferred
46 Pao Pow & Lt 7% pref _100
43
Pa Pow ,k Lt 7% pref
90
Phila Co $5 pref
87
Piedmont Northern RY -10
0
32. 37 Pub Serv Co of Col 7% P1100
Puget Sound Pow & Lt pr of
125 133 Rochester0& E 7% p111118)
31
100
6% preferred C
$5
Sioux City G & E 7% P1-100
125 133 Somerset Un Md Lt... _100
75 South Calif El 11 50 pref _26
79
76
25
81.75 preferred
31
33 So Colo Pow coin A
25
lb
100
7% preferred
South Jersey Gas & Elec_100
29 Tenn Elm Pow 8% pref _100
26
49
53
7% preferred
100
63
67 Texas Pow & Lt 7% pfd_100
Toledo Edison pre( A ...100
12 United 0& E (Cone) P1 100
214 United GAP(N 1) Cif • - 100
79 United Public Service Pr.!..
76
225
Utah Pow & Lt 7 pref
•
30 Utica (leak P17% pref _100
89
Util Pow & Lt 7% pref. _100
87
Virginian Ay corn
100
62
(10
Wash Sty & Elm coin _ _100
76
73
100
6% Preferred
86 • 91
western Power 7% prof.
.100
65
Pal
Royalties Management- _
Second Internet See Corp A
Preferred
8%
Securities Corp Gen 36 prat
Selected American Shama_ _ .
Selected Cumulative She _ _ _
Selected Income Shares_ _ _ _
Selected Man Trustees She.
Sbawmut Association corn_
Shawmut Bk Inv Trust....
Spencer Trask Fund
•
Standard All Amer Corp_ _ _
Standard Amer Trust Shares
Standard Collet Trust Slur_
Standard Invest 534% pf_
Standard 011 Trust Shares A
Class B
State Street Inv Corp
Super Corp of Am Tr She A
AA
BB
2.05 2.30
712
23
8
57s
412
333
23
4
31 4
Vs
,
8
18
4
7
425
28
125 137
8
8
1212 13
1.80 1.95
5
5
9
9
7
II 4
33
8
3
314
212
1,02
2.05
21s
913
8
1314
25
3
1.65
1
2412
43s
2.30
Ins
318
1.68
1 78
1.78
25
21 1
d14
97
95
23
s
5.96
2.07
2.20
143
4
2512
4
23
4
BondsShawmut Bank Invest Trust
412,3
1912
5s
1952
44
44
212
3
412
5
Mactarlden PublIct'ns oom.6
112 312
Stocks•
9
$8 Preferred
121.,
Adams Wills $7 pre_ • 61
67
Merck Corp 118 Mei - - 100 48
53 Aeolian Co $7 pref
100
21
Aeolian Weber P&P corn 100
3 National Casket $3
30
35
Preferred
100
3
$7 preferred
78
83
Alpha Port! Cement Of 100
85 National Licorice corn. _101) 18
24
American Book 17
100 55 60 National Paper
20
& Tyne Co
Amer Canadian Propertien _•
1
212 New Eleven Clock pre? _100
30
American Cigar pref....100 100
New Jersey Worsted pref... 16
Amer Hard Rubber
1004 6
10 Northwestern Yeast
1:10 100
Arnerean Hardware
_ _25 17
19
Amer Manufacturing corn__
0
15 Ohio Leather
10
13
Preferred
100 45
65
1st preferred
80
70
American Mete, new _ ....•
7
it
20 preferred
50
51)
Babcock & Wilcox 2% _ _100 33
35 Okonite Co $7 pref
50
100
Baker(IT) Chemical com_•
9
13
Bancroft (.1) & Sons corn-- •
3 Petroleum Derivatives, - 1
212 512.
Preferred
100 10
20 Publication carp $3.20 com• 10
20
BIBS (E W) let Orel
50
20
$7 let preferred
-- 11M 80
2d pref B
10
Bohn Refrigerator 8% Of 100 --- 713
55
Bon Anil Co cons
•
25 Riverside Silk MI118_ - - 8
- -Bowirran-Blitmore Hotels_
12 Rockwood Ai Co
5
---- - let preferred__ .....100
2
45
Preferred
100 35
2d preferred .........100
1
2
Rolls-Royce of America. .
Brunsw-Balke-Col pref
• 20
22
4
Preferred
100
Bunker Hill & Sull corn_ _10 15
IS
Rory Theatres unit
ml 2
Burden Iron prof
35
Common
Canadian Celanese corn_ ___
2
4
12 112
Preferred A
Preferred. _
____100 35
40 Rubel Corp corn
4
6
Carnation Co S1.50
.•
312 10
18
Preferred
20
Preferred
100 77
82 Ruberoid Co $2
20
100 18
Chestnut Smith coin
2
Preferred.
4
10 Safety Car Heat & Leg.I)))) 1012 1812
Childs Co pref
10 Scovill Manufarturing_ _ _25 1312 1512
Clinchfleld Coal Corp...104'
2
5
5 Singer Manufacturing
-100 104 108
Preferred
100 35
30 Solid Carbonic Ltd
I
2
Color Pictures Inc...... _1
4
SpIltdort lieth Elee
14
1
Columbia Baking corn ._•
3 Standard Cap & Seal _ 2.40 :20 "5
s
1st preferred
I
212 Standard Screw Co
27
100 22
2d preferred
la
84 Standard Textile
Pro ._100
1
,
Colts Pat Fire Arms Mfg_25
7
9
Class A
0
100
Congoleum-Nairn $7 pf _100 98 101
Clam Ii
4
100
Crosse & Blackwell cora__ 2 Stetson (1 B) Co corn
4
.___•
Crowell Pub Co $3 cons new
19
22
$2 preferred
8
13
25
$7 preferred
75
85
De Forest Pn000film Corp
13 Taylor M111 Corp corn.... •
8
3
/1
_2
_3
Dictaphone Corp COM._ __•
ii Taylor Wharton Jr& St corn'
!414
$8 preferred
64
Preferred..... _ _
313 P
_10(
Dixon (Jos) Crucible 142101 21
57
30 Tenn Products Corp prof 61
10
Doehier Die
ferred .Cast pref_ _ _50
4
TublieChatIllon7%eu.of.100
3312
Preferred
•
7
Douglas Shoe prof
100
13 Unexcelled Mfg Co 111c
7
B
114 214
Draper Corp
100 20
23 United Buelnews Pub Prof loll
8
Driver Harris $7 pref...l00 38
48 United Publishers Pr.!..10)) 10
Dry-Ice Holding Corp
30 II S Finishing( prof
101
4
Elsernann Magneto corn-- - 5
Preferred
1011
50 Walker Dishwasher corn...'
212 412
Franklin Ry Supply
• 1012
Welch Grape Juice Prof.loll 70 85
GenFlre pd
ferre roonng $7 pf_ _100
70 W VaPulp& Pap 31.00 com•
912 1112
Graton & Knight corn
•
14 114
$6 preferred
69
101
71
Preferred
Rock Mtn
o Northern Paper 12 4021 17 20 Whitelet preferredSpring
1
4
37
101
65 8
Herring-Hail-Mary Safe _100 15
20
$10 2d preferred
101
69
Howe Scale
3
6 Willcox & Gibbs corn
20
30
Preferred
100 10
15 Woodward Iron
1011
2
Industrial Accept corn _.•
4 Worcester Salt $5.
100 45 55
Preferred
100 28 - 28
Internet Textbook
4 Young 118) Co corn _
IOU 60
Lawrenee Port! Cem 84 1
101
2
5.
8
Preferred
100 74
Telephone and Telegraph Stocks.
Am Dist Tel of NJ $4_ ___• 31
37
New York Mutual Tel_ _100 0:
102 1(14
9
11
7% preferred
100 73
77 Northw Bell Tel pf 6
14% 0
Bell Tel(Can)7% prof. 100 77
80 Pack Atl Peleg U 1%_ 10
_25
10
Bell Tel of Pa 634% pref 100 107 109 Peninsular
ifilePh $1.40 _• 13
i ll
Cin A Sub Bell Telep_ _80 60 63
7% Preferred A__ _100 70
75
Cuban Telephone
100
Porto Rico Telephone
7% preferred
25
35 Roch Telep $6.50 let Dr.'s°
Empire & Bay Rate ral 10
30 So h ABS
0 20
25 a 97 4 981'
6
12
Franklin Teleg $2.50____100 13 25 So k N E eleg $1.25
Telephone 814_100
lot Ocean Teleg (1%._..100 29
36 . S W Bell Tel 7% pref..
0
100 19;
912
Lincoln Tel & 'Iel 8%
80
Trl-Statee Tel & Tel 116 ...• : 25
7 .11 10 12
1.7 :
0
Mountain Stater Tel & Tel_ 84
87
II 60 preferred
111
7
9
New Pretend Tel & Tel.100 SI
((7
Wisconsin Telep 7% prof 100
Chain Store Stocks.
Bolutek (H C) Inc oorn____• 2112 28
7% 1s1 preferred
100 (17
Butler (James) COMMon__ _
Preferred
100 -Ili 7
Diamond Shoe pref with war ---- 47
Edison Bros Stores prof. 1(10
35
Fan Farmer Candy Rh
1.46 Fishman (H M1 Stoma pf • 16 20
corn.
10
1.90
Preferred
•
90
35
Ot At! & Pee Tea pre!_ _10(1 115 118
5
Ftobarker Stores met...IGO
15
Kress (S II) 8% pre(
934 1013
Lerner Stores 63.4% pre w w .__. 40
Lord & Taylor
110
100
27
8
1st preferred 6%
1041 50
85
8.36
Sec preferred 8% - - - 100 8110
85
r Ex-dividend. u Er-rights
26
47
8
2.40
818
328
Liberty flaking com_-- .
•
Preferred..100
Locomotive Firebox Co- - -•
Melville Shoe Corp
let prof 6% with warr_100
Miller (I) & Sons pref ..l00
Mock Judith Voehringerpt100
Murphy (S C) 8% Dref_100
Nat Shirt Shops corn
•
Preferred
1181_
Newberry (J) Co 7% 01.10 d 65
N V Merchandise 1,101.118) 70
1•4011Y-WIgglY Corp
•
4
Reeves (Daniel) prof_ _MO 90
Rogers Peet Co conk__ _100
`Schiff Co pref
100
Silver (leaac) & Brat Of 100
U S Storm let pref .._. 100 25
150
15
35
110
2
35
75
49
60
16
30
961
Financial Chronicle
Volume 135
Quotations for Unlisted Securities-Concluded-Page 2
Insurance Companies.
Sugar Stocks.
Par 5(11
100 35
Fajardo Sugar
Ilaytian Corp Amer
Savannah Sugar corn
7% preferred
•
100
50
75
Ask
37
2
55
85
Par
Sugar Estates Oriente pf 100
United Porto Rican com
Preferred
Bid
Ash
1
8
Federal Land Bank Bonds.
4/1 1957 optional 1937_M&N 33
1
4e 1958 optional 1938_11 1ArN 83
44s 1956 opt 1936____J&J 85
J&J 85
444e 1957 opt '37
434s 1958 opt 1938_ __MA/4 85
be 1911 optional 1931_M&N 94
J&D 100
444e 1933 opt 1932
34
84
86
86
86
95
10012
444s
444e
4448
444e
444e
445
444e
1942 opt 1932_541.N
1943 opt 1933____J&J
1953 opt 1933____J&J
..J&J
1955 opt 1935.,
1956 opt 1936--.J&J
1953 opt 1933____J&J
1954 opt 1934____J&J
9112
9112
9012
90121
9012
9112
9112
9212
9212
91 1 2
9112
9112
921 2
9212
New York Bank Stocks.
100 ____ 35
Bank of Yorktown
20 3114 3314
Chase_
43
20 41
City (National)
Comml Nat Bank & Tr 100 119 123
100 1030 1160
Fifth Avenue
First National of N Y 100 1190 1290
100 ____ 60
Flatbusb National
_
:
E
Grace National Bank_ __11 :_____ 500
50
Harbor State Bank
-_
Harriman Nat Bk & Tr_
f)
Ktngeboro Nat Bank_ _ _100 -4-712 10,
2
26
rafayette National
1
Manhattan Company __20 z.514 27 4
10070
Merchants_
- 42
50 ib
Bank
Nat Bronx
14
11
National Exchange
7
4
Nat Safety Bank & Tr__ _25
9
5
25
Penn Exchange
200
100_
Peoples National
241Publle Nat Bank & Tr_ __26 - - 2 2612
i2
Sterth g Nat Bank & Tr .28 4 E12
'Textile Bank
35
• 100 25
Trade Bank
4 5
Washington Nat Bank __100
30
Yorkville (Nat Bank of)_100 20
Trust Companies.
(
iia,.ca .zotim Indiana Tr 100
21,'
Bank of Sicily 'Print
ilank of New York & Tr_100
10
hankers
20
Itronx County
100
Brooklyn
20
Central Hanover
Chemical Bank & Trust._10
100
Clinton Trust
100
Colonial Trust
10
i 'out lie & Trust
Corn Etch Bk & Trust__ _20
25
(
!Omar
147 155
17
15
230 250
5912 6112
13
IS
1L0 165
126 130
3314 :3512
20
35
20
25
163 183
e
5512 6112
17
19
20 2314 2514
Empire
100 195 230
FIllt01.1
Guaranty
100 207 272
Irving Trust
10 183 192
4
4
100 2000 2100
Kings County
Lawyers '11tle & Guar_ _ _100 50
55
Manufacturers (new) _ _ _25 2412 2612
2I2 412
Mercantile Bank & Tr w I
New York
25 86
59
Title Guarantee A Trust_26 36
39
Crust Co of N A
100 .._ 75
20
5
Underwriters Trust
7
United States
100 1290 1390
Chicago Bank Stocks.
100 10141 114
Central Republic
10
9
Chic Ilk of Commerce
96
Continental 1:1 BY & Tr_100 94
100 190 165
First National
Hanle Trust & SavIngs_100 220
Northern Trust Co
100 355
Peoples Tr & Say Bank,100
Stratum Nat Bank & Tr_100 60
365
Asit
Par 8(4 Ash
Par Bid
100 350 450
34 Kansas City Life
Aetna Casualty & Surety-10 32
3
4
5
5
10 223 2424 Knickerbocker (new)
Aetna Fire
10 1412 1012
Aetna Life
3
2 4 424
5
30 Lincoln Fire (new)
25 25
Agricultural
5
13
4 23
4
4
10
4
83 113 Lloyds Casualty
American Alliance
5
Voting trust centre
4
6
4 23
13
10
American Colony
3
American Constitution. 20
212 512
5
2
8 93 Majestic Fire
63
American Equitable (new)_5
4
6
5
4
6 Maryland Casualty
20
American Home__
20
25 15
8 Marts Bonding & Ins
7
American of Newark _ -212
19
17 Merchants Fire Amur comb0 19
American Re- lissurance_10 13
312 (312
212 412 Merch & Mfrs Fire Newark 5
10
American Reserve
7
1)
25 1712 1912 Missouri State Life
American Surety
10
2
10 12N 143 Morris Plan Insurance
Automobile
7
5
10
2
,
3 2 National Casualty
BaltlIlloreAmerIneurance 212
32
10 30
45 National Fire
26
Bankers & Shippers
212 4
2
100 310 350 National Liberty
Bolster
17
5 12
National U111011 Fire
10
,
8 2 1012 New Amsterdam Casual__10 14
10
Carolina
712 912
10
100 6212 7212 New Brunswick
City of New York
13
10
New England Fire
6
4
0
Colonial States Fire
30
Columbia National Life_100 110 135 New Hampshire Fire. __ _10 26
412 612
20
33 New Jersey
Connecticut General Life_10 30
10
,
6 2 912
114 214 New York Fire corn
Consolidated Indemnity ___5
614 9
5
8 North River
(3
10
Constitution
27
25 20
Northern
5
Continental Casualty
73
10 Northwestern National_ _25 65
7
Cosmopolitan Insurance. _10
5
Fagle
Excess Insurance
10
Federal Insurance
Fidelity & Deposit of Md_20
20
Firemen's
5
Franklin Fire
•
General Alliance
10
Glens Falls Fire
10
Globe & Republic
Globe A Rutgers Fire new
10
Great American
Great Amer Indemnity __ _ _ 5
10
Halifax Insurance
ao
Hamilton Fire
10
Hanover
10
FIarmonia
10
Hartford Fire
Hartf Eit'm Boiler Ins&Ine 10
5
Home
Home Fire Security
10
Homestead
10
Hudson Insurance
Importers & Exri of N __25
Independence Indemnity _10
05
Realty, Surety and Mortgage Companies.
Industrial and Railroad Bonds.
Adams Express 4s '47 J&D
American Meter Os 1946_ _ _
Amer Tobacco 4s 1951 FAA
Am Tyne FAN (le 1937 MAN
Debenture (ie 1939.M&N
Am Wire Fab is '42. _ M&S
ilear Mountaln-Fludson
River Bridge 75 1953 AA()
lidtmore Comm 7s '34 MA/E1
Chicago Stock Yds be 1961
Corso! Coal 444e 1934 MAN
Congo! Mach Tool le 1942
a
(7onsol Tobacco 4e 1951_
Continental Sugar 714 1938.
Equit Office Bldg Its 1952..
Fisk Tire Fabric 614e 1935
Haytlau( on)8s 1935
Hoboken Ferry be '46 MAN
Internet Salt be 1951.A&O
Journal of Comm 64, 1937
,
Kane (710 Pub Ser. Os 1951
40
26 15
3 Pacific Fire
2
42
lii 40
312 412 Phoenix
10
5
2912 3219 Preferred Accident
16
35
39 Providence-Washington_ _10 14
1 14 21 1
812 Public Fire
95 115 Public Indemnity (formerly
s
12 112
Hudson Casualty)
5
3
1 12 212
29 Reliance Ineur of Phula. _. 10
27
214 414
514 714 Rhode Island
30
25
6712 7712 Rochester American
1112 St Paul Fire & Marine_ 25 8212 8712
10
is
,2 612 Seaboard Fire A Marine..10
4
18
20
Security New Haven_ _ _
60
8
10 Springfield Fire & Marine 25 45
45
50 15
100 Standard Accident
8
4
25
22 Stuyvermint
20
100 310 360
74 912 Sun Life Assurance
3214 31,
4
100 314 329
43 Travelers Fire
40
4
113 13,
4
7
5
212
U S Casualty
2
5
7
2
7 13 S Fidelity & Our Co
5
13
10 11
17 U S Fire
90 110
U S Merch & Shippers_ _10(
8
10
112
6
Victory
212 412 Weetcheeter Fire new _ _ _ _10
612 812
46
83
76
,
90 4
57
57
35
28
Loew's New Brd Prop
J&D 58
Os 1945
Merchants ROHR Os I937__
89,2
111 1
NO Gr No RR 5e '55 _FAA
NV & Bob Ferry 5s '48 JAB 5512
N Y Shipbldg 58 1940_NIAN 60
54
Piedmont & No Ity 5.5'54J&J
4
74
Pierce Butler & P 644e 1942
30
Realty Assoc See Os '37_J&J 38
40
60 65 Securities Co of N Y 4.4
14
61 Broadway 544e '50_A&O 49
13 So Indiana fly 4 1951_F&A
8
38
as
Stand Text Pr 644s '42 M&S
9
2
Struthers Wells Titusville
42
49 4
3
47
644e 1943
20 Tot Term RR 44.0'57 MAN 60
114
712 10 US Steel 55 1951
5812 63 Ward Baking 6s '37_JAD 15 80
64 68 tVitherbee Sherman (3s 1944_
5
42 Woodward Iron 5s 1952_JA.1 33
32
2112 23
6012
95
12
65
70
58
8
42
50
54
41)
49
70
Si
8
3812
4
2
Bond & Mortgage Guar__20 2273 30 4
40
Empire Title & Gtiar__ _100
_ _ 150
Guaranty Title & Mortgage_
14
0
Home Title Insurance_ _ _25
International Germanic Ltd
20
Lawyers Mortgage
National Title Guaranty 100
State Title Mtge (new)..100
15
20
1
0 4 11
034
6
18
25
Aeronautical Stocks.
40
1
3
4
11
112
Alexander Indus 8% pref.-American Airports CorpAviation Sec of New Engl..
Central Airport
Cessna A1rcraft con
Curtiss Reid Aircraft corn
Kinner Airplane le Mot new
Sky Spec.alties
Southern Air Transport....
a
Swallow Airplane
Warner Aircraft Engine.
WhIttelsey Manufacturing-
_
2
2
2
7
4
5
2
14
Quotations for Other Over-the-Counter Securities
Short Term Securities.
Bid I Ask
Arne-chid Mfg be May 1937
ale /5
97
Alum Co of Amer 5s May '52 93
56
Amer Metal 544s 1934 A&O 52
no
Amer Raul deb 434a May '47 68
44
Am Roll Mill deb 5s Jan '48 41
4)4% notes 1933__ _MAN 15612 59
93
Amer 'I'hread 534e'38_MAN Si
Amer Wat Wks 55 1934/1A0 8512 87
liell Tel of Can be A Mar'55 9014 9112
Baldwin Loco 544s '33 M&S 73
88
Cud l'kg deb 15346 Oct 1937 87
Fdleors Else 111 Boston4% notes NovI '32 MAN 1004 101
5% notes Jan 15'33_ _J&J 10112
nulf(MCorp of Pa
.Dot 1937 99 100
Debenture Ss..
05
Debenture 15s_ _ _Feb 1947
Railroad Equipments.
Bid
Ask
General Motors Accept
5% err notes_ __Mar 1933 1007 10112
8
ser notes_ __Mar 1934 997 l00,
8
2
5% err tsetse_ __Mar 1935 984 99
5% sec notes___Mar 1936 97
98
Koppers Gas & CakeDebentures 58_ _June 1947 70
72
Mag Pet 4%, Feb 15 '30-'35 100
Mass Gas Cos 544s Jan 1946 87
89
Proc & Gamb 4%,July 1947 99
99 4
3
Swift & Co
MAC 90
5% notes 1940
91
Union 00 5e 1935_ _F&A
943 97
4
United Drug deb 51 '33 A&O 993
4 ___
Water Bonds:
Alton Water 58 1956__A&O
Ark Wat let be A 1956 A&O
Ashtabula W W Si 1958A&O
Atlantic Co Was 55 '58M&S
Birm W Wits 5NsA'54A&O
1st ru 5e 1954 set 11..J&D
1st 15e 1957 set C._F&A
Butler Water be 1957_A&O
City W (Chat) 5e B '54 J&D
lit be 1967 eer C__MAN
'ommonwealth Water
FAA
1st be 1958 B
let in be 1957 sot C_F&A
l)avenport W Si 1961_J&J
It H L & lot W be '42 J&J
let m fie 1942 err 11.1&J
let Si 1960 err D. F&A
70
83
71
72
87
80
80
75
82
82
81
81
7:3
72
85
70
75
85
75
75
91
85
83
81
85
85
85
86
75
75
57
75
Hunt'ton W tat (Se '54 MAC
let m Si 1954 ger 13.M&3
Se 1962
Joplin W W 5s 57 sec A M/kS
Kokomo W W h 1958 J&D
Monm Con W 1st be '56.11&D
Monon Val W 549 '50 J&J
RIchm'd W W let ber67MAN
St Joseph Wat 5.3 1941 A&O
South Flue Water Co
1st 58 1955
FAA
lit A ref Es '60 sec A J&J
let A ref 55 '60 set B J&J
Terre IF te W WOs'49A.1& D
1s1 in As 1950 set B_J&D
Texarkana W lit be '58 FAA
Wichita Wat let Os '49 MAS
let in 5e '56 ser B F&A
1st m Si 1980 set C_IVLAN
• No par value. a And dividend. 4 Last reported market.
67
SO
76
69
71
73
80
76
89
88
8312
8312
86
80
71
85
81
81
'15
78
Atlantic Coast Line Os
Equipment 634e
Baltimore & Ohio 6e
Equipment 4 %s & Ss....
Buff Roch & Pitts equip (le
Canadian Pacific 4% & Os..
,
Central RR of N .1 65
Chesapeake & Ohio Os
Equipment 634*
Equipment be
Chicago & North West 68_
Equipment 644e
Chic R I A Pat 444s & Si...
Equipment (le
Colorado A Southern Os
Delaware
Hudson (3e.
Erie 44e & be
Equipment 6a_
Great Northern fie
Equipment be
Hocking Valley Si
Equipment 85
Illinois Central 434e & 6e....
Equipment es
Equipment ii .4 6 Ns_ _
Kanawha & Michigan Ile
75
76
85
Ask
6.25
6.25
6.00
6 00
6 00
7.00
6.00
5.50
5.50
5.50
7.00
7.00
8.00
8.00
7.00
6.25
7.50
7.50
5.50
5.50
6 00
6.00
8.00
8.00
00
6.00
Ramses City Southern 63.4,.
Louisville A Nashville Os...
Equipment 6445
Michigan Central 58
Equipment (is
Minn 81 1'& SS M 444e & 59
Equipment 630 & 7s
Missouri Pacific 63'48.....
Equipment Os
Mobile & Ohio Ss
New York Central SW & be
Equipment 6e
Equipment 7e
Norfolk A Western 4%s....
Northern Pacific 7s
Pacific Fruit Express 7s....
Pennsylvania RR equip 5...
Pittsburgh & Lake Erie 1144s
Reading Co 4 Ns & 5s
St Louie & San Fran 55....
Southern Pacific Co 444s
Equipment 7e
Southern Ry 4%s & Si....
Eauipmer t 6s
Toledo A Ohio Central Cs.
UnionPacific is
Investment Trust Stocks and Bonds.
-
90
Std
6.75
6.75
7.00
6.50
7.00
8 00
6.75
6 00
6.00
6.00
8.00
8.00
9.00
9.00
8.00
7.00
8 50
8.50
6.00
0.00
6 75
7 00
9.00
9.00
900
7.00
Colonial Investor, Sharee_ _ _
Continental Metrop Corp A
Cons Secur Corn Isrei
Invest Fund of N J
Mohawk Invest
75
90
85
85
Flat price. z Ex-dividend.
y Ex-rights.
Old Colony Inv 1 r 434% bds
Shawmut Association corn..
Shawmut Bank Invest Trust
11)42
414,
1952
be
Standard 011 Trust Shares A
Class B
/Ad .42k
8.60 7.50
,
7.0 6.50
7.00 6 25
5.60
9.00
9.00
8.00
8.25
8.00
7.50
7.50
7.50
5.50
7.00
6.50
6.00
7.00
600
9.00
7 75
7.75
7.50
7.60
7.00
6.25
80
700
7.0
7.Lt
7
6..5
6. 5
6. 5
5.00
6.50
5.50
5 50
O 50
5 60
8 00
6 75
6 75
7.00
7.00
6 25
5 50
current Carntng5
fifloutblv,
uartertp anti jOaff
earty.
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND PREVIOUS ISSUES.
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 those given in our issue of July 23 and July 30. 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, July 23, 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 July number of the "Monthly Earnings
Record" was issued.
We mean to continue giving this current index in the "Chronicle" each week,furnishing a reference to every
return that has appeared since the last preceding number of the "Monthly Earnings Record." The latter is
complete in and by itself, and for most persons will answer all purposes. But to those persons who are desirous
of seeing the record brought down to date every week, this further and supplementary index in the "Chronicle"
will furnish an invaluable addition. The "Chronicle" index in conjunction with the "Monthly Earnings Record'
,
will enable any one at a glance to find the very latest figures of current earnings and income,furnishing a cumulative record brought down to date each and every week-an absolutely unique service. A further valuable feature
is that at the end of every return, both in the "Chronicle" and the "Monthly Earnings Record," there is a reference
line showing by date and page number the issue of the "Chronicle" where the latest complete annual report
of the company was published.
Issue of Chronicle
Name of CompanyWhen Published. Pape.
Acme Wire Ce
Aug 6_ 987
Ainsworth Manufacturing Corp_ _ _ _Aug. 6__ 967
Air Reduction Co.. Inc
July 30_ 802
Akron Canton & Youngstown RR.
.July 30-- 796
Alabama Great Southern
July 30_ 799
Alabama Power Co
July 30. 802
Aldred Investment Corp. of Canada.Aug. 6_ 997
Allegheny Corp
July 30_ 800
Allegheny Steel Co
Aug. 6_ 967
Allen Industries, Inc
July 30. 802
Alles & Fisher, Inc
Aug. 6_ 988
Allied Kid Co
Aug. 6_ 967
Allis-Chalmers mtg. Co
July 23_ 620
Alton RR
Aug. 6_ 963
Alton Southern RR
July 23__ 619
Amalgamated Leather Cos
July 23. 620
Aug. 6__ 967
Amerada Corp
American Bank Note Co
Aug. 6_ _ 967
American Cities Power & Lt. Corp Aug. 6._ 967
American Commercial Alcohol Corp_Aug. 6._ 967
American Encaustic Tiling Co., Ltd_Aug. 6__ 967
American Founders Corp
Aug. 6_ 968
American & Gen. Securities Corp
Aug. 6__ 967
American Glanzstoff Corp
July 30_ 821
American Ice Co
July 30_ 802
Amer. La France & Foumete Corp___Aug. 6__ 958
American Laundry Machinery Co___Aug. 6._ 968
Ameni an Light & Traction Co
Aug. 6__ 968
American Machine & Metals, Inc----July 30._ 802
American Maize Products
Aug. 6._ 958
American Metal Co., Ltd
Aug. 6__ 968
American News Co
Aug. 6... 968
American Rolling Mill Co
Aug. 6__ 968
American Ship & Commerce Corp-July 30__ 802
American States Public Service Co...July 23__ 620
American Steel Foundries Co
Aug. 6_ 958
Aug. 6__ 958
American Stores Corp
Aug. 6__ 958
American Tel. & Tel. Co
Aug. 6.. 989
American Thread Co
American Zinc, Lead & Smelting Co.July 30._ 802
Anchor Post Fence Co
Aug. 6.. 939
Anchor Cap Corp
July 30__ 802
July 30._ 800
Ann Arbor RR
Artloom Corp
July 30._ 802
Arundel Corp
Aug. 6._ 968
Associated 011 Co
Aug. 6.. 958
Associates Investment Co
Aug. 6_ 959
Atchison Topeka & Santa Fe Ry--July 30__ 800
Atlanta & %Vest Point
Aug. 6._ 964
Atlanta Birmingham & Coast
Aug. 6.. 963
Atlanta Gas Light Co
July 30__ 802
Atlantic City
July 30. 796
Atlantic Coast Fisheries Co
July 30- 821
Atlantic Coast Line
__July 30_ 796
Atlantic Gulf & W.Indies S. S. LinesJuly 30-- 802
Atlantic Refining Co
July 23_ 620
Atlas Powder Co
July 30._ 802
Atlas Tack Corp
July 30__ 802
Autosales Corp
Aug. 6__ 969
Baldwin Locomotive Works
Aug. 6._ 969
Baltimore & Ohio Chicago Terminal Aug. 6__ 964
Baltimore & Ohio RR
July 30._ 796
Bangor & Aroostook RR
July 30__ 800
Barcelona Tract. Lt.& Pow. Co., LtdAug. 6__ 9,9
Beaumont Sour Lake & Western..._Aug. 6._ 965
Belt Ry. of Chicago
Aug. 6._ 964
Bell Telephone Co. of Pa
Aug. 6__ 969
Bendix Aviation Corp
Aug. 6._ 969
Beech Nut Packing Co
July 30._ 802
Beneficial Industrial Loan Corp_ -July 30._ 803
Benjamin Electric Mfg. Co
July 23._ 632
Bessemer & Lake Erie
July 30__ 796
Bethlehem Steel Corp
July 30__ 802
Bigelow-Sanford Carpet Co., Inc._ _Aug. 6_ 969
July 30_. 803
Blue Ridge Corn
(Sidney) Blumenthal & Co., Inc___-Aug. 6._ 969
July 30._ 803
Bon Ami Co
Aug. 6__ 969
Borg-Warner Corp
July 23__ 621
Boston Elevated Ry. Co
July 30._ 800
Boston & Maine RR
--July 30._ 800
Boston Revere Beach & Lynn RR.
Aug. 6._ 969
Bowman Biltmore Hotels, Inc
Brazilian Tree.. Lt. & Pr. Co., Ltd.-July 23__ 621
Aug. 6._ 990
(C.) Brewer & Co., Ltd
July 30-- 803
Briggs & Stratton Corp
Aug. 6._ 969
Broad Street investing Co
Brooklyn Eastern Dist. Terminal-July 30-- 796
Aug. 6._ 969
Brooklyn Edison Co., Inc
Issue of Chronicle
Name of CompanyWhen Published. Pape.
Brooklyn-Manhattan Transit Syst. July 23.- 621
Brooklyn & Queens Transit System _July 23__ 621
Brooklyn Union Gas Co
July 30...803
Brunswick-Balke-Collender Co
Aug. 6.. 969
Bucyrus Erie Co
July 30__ 803
Bucyrus-Nionighan Mfg. Co
Aug. 6
969
(Edward G.) Budd Mfg. Co
July 30__ 803
Budd Wheel Co
July 30_ 803
Bunker Hill & Sullivan Mining &
Concentrating Co
Aug. 6__ 969
Burlington & Rock Island
Aug. 6__ 964
Calamba Sugar Estate
Aug. 6__ 970
Calgary Power Co
July 23._ 628
Calumet & Hecht Cons. Copper Co_ _July 30__ 803
Campbell, Wyant & Cannon Fdy. Co.Aug. 6._ 9 .9
Cambria & Indiana
July 30__ 796
Canada Dry Ginger Ale, Inc
July 30-- 803
Canadian Nat'l Lines in New Eng.. July 30__ 820
Canadian National Rys
Aug. 6__ 956
Canada Northern Power Corp., Ltd _Aug. 6._ 970
Canadian Pacific Lines in Maine_ _ _ _Aug. 6._ 954
Canadian Pacific Lines in Vermont__Aug. 6.. 954
Canadian Pacific Ry. Co
July 30__ 800
Capital Administration Co., Ltd... Aug. 6
969
Carman & Co., Inc
Aug. 6._ 970
(A. M.) Castle Co
July 30_ 803
Central of Georgia
July 30__ 796
Central Illinois Elec. & Gas Co
July 30._ 803
Central RR. of New Jersey
July 30__ 796
Central States Electric Corp
Aug. 6__ 970
Central Vermont Ry., Inc
July 23_ 619
Certain•teed Products Corp
Aug. 6._ 970
Charleston & Western Carolina
July 30_ 7)6
Chesapeake Corp
July 30__ 800
Chesapeake & Ohio Ry
July 23_ 619
Chicago Burlington & Quincy
July 30_ 716
Chicago & Eastern Illinois
July 30__ 717
Chicago & Erie
July 30._ 797
Chicago Great Western
Aug. 6.. 964
Chicago & Illinois Midland.
Aug. 6._ 9,4
Chicago Indianapolis & Louisville..Aug. 6
994
Chicago Mil. St. Paul & Pacific
July 30__ 797
Chicago & Northwestern
July 30._ 797
Chicago River & Indiana
July 30._ 797
Chicago Rock Island & Gulf
Aug. 6__ 964
Chicago Rock Island & Pacific Ry_ .Aug. 6_ 954
Chicago St. Paul Minn. & Omaha-July 30
797
Chicago Yellow Cab Co
July 30._ 803
Childs Co
July 30_ 803
Chrysler Corp
July 23._ 621
Cincinnati Advertising Products Co_Aug. 6__ 970
Cinn. New Orleans & Texas Pacific__Aug. 6__ 966
Cincinnati Street Railway Co
July 30__ 801
Cm.& Suburban Bell Telephone Co../uly 30._ 803
City Ice & Fuel Co
Aug. 6._ 970
City Investing Co
July 23_ 633
Clark Equipment Co
Aug. 6. 970
Clinchfield Ry
Aug. 6_ 994
Cluett Peabody & Co
July 30_ 804
Colgate-Palmolive-Peet
July 23._ 621
Colorado Fuel & Iron Co
July 30.- 801
Colorado & Southern
Aug. 6_ 964
Columbus & Greenville Ry
Aug. 6._ 954
Commercial Credit Co
Aug. 6_ 970
(The) Commonwealth Sc Sou. Corp-July 30_ _ 801
Community Power & Light Co
July 30._ 817
Conemaugh & Black Lick RR _____ __July 23
619
Congoleum Nairn Inc
July 23._ 621
Congress Cigar Co
July 30_ 804
Connecticut Electric Service Co.
.....July 30-- 804
Connecticut Power Co
Aug. 6_ 970
Consolidated Film Industries. Inc.
.July 30_ 801
Consolidated Gas Co. of N. Y
Aug. 6_ 970
Consol. Gas, Elec. Lt.& Pr Co., Balt_ Aug. 6__ 970
Consumers Power Co
July 30._ 801
Container Corp. of America
July 30_ 801
Continental Can Co
July 23. 622
Continental Chicago Corp
Aug. 6__ 970
Continental Oil Co
July 30_ 801
Shares, Inc
Continental
Aug. 6. 970
Como Mills Co
July 30_ 801
Croaky Radio Corp
July 30- 806
Crown Cork & Seal Co.. Inc
Aug. 6__ 970
Crown Willamette Paper Co
July 30_ 824
Crown Zellerbach Corp
July 30_ 825
Cutler Hammer Inc
July 30_ 804
Dakota Power Co
July 30- 817
Darby Petroleum Corp
Aug. 6._ 970
yCh3r071de797
Name of Company
When Published. Pa0e.
Delaware & Hudson
2:
8_
3: .
•
Delaware Lackawanna & WesterI uJ ul
le of
De Long Hoop & Eye Co
July 30_ 804
De Mete, Inc
Aug. 6.
Denver & Rio Grande Western
Denver & Salt Lake
974
6
Aug. 6:: 961
Denver Tramway Corp
Aug.
Detroit & Mackinac
July 30.. 797
Detroit Street Rys
23._ 622
Detroit Terminal
Aug. 6.. 964
Detroit & Toledo Shore Line
July 30._ 797
Detroit Toledo & Iron RR
30._ 797
Devoe & Reynolds Co
Dominion Rubber Co., Ltd
Dominion-Scottish Investments Ltd.j.
.ru iY : /
ul y 31- 191814
l
(S. R.) Dresser Mfg. Co
E. I. du Pont de Nemours & Co.....July 33:: 684
822
2
8
Duffern Pay. & Crushed Stone, Ltd
.July 23._ 634
Duluth Missabe & Northern
Duluth South Shore & Atlantic_ ...Aug.i
'
ft: X
Duluth Winnipeg & Pacific RR
JUIY 30-- 997
Duquesne Light Co
Aug. 6_. 971
Durham Hosiery Mills Co
Eastern Roll ng Mill Co
i
Eastern Steamship Lines, Inc
Aug. 6-: --- 9771
AAuu gg 66
: 97
91
Eaton Mfg. Co
Economic Investment Trust, Ltd.....1u t; 38:: 834
6
8
J ni
23
Edmonton Radial Ry
8 71
30
6
2 901
Electrical Prod. Corp. of Wash'n_
Coy
Ju
Au lg.
Electric Auto Lite
July 30._ 804
Electric Bond & Share Co
Aug. 6__ 971
Electric Controller & Mtg. Co
Aug. 6_ 971
Electric Shareholdings Corp
Aug. 6._ 971
Elgin Joliet & Eastern
2 2 634
6
3 9
64
Enamel & Heating Products, Ltd__ .Auulgy.
..1
Engineers Public Service Co
July 30._ 805
Erie Lighting Co
Aug. 6__ 971
Erie RR
July 30._ 797
Eureka Vacuum Cleaner Co
July 30__ 805
Ex-Cc11-0-Aircraft & Tool Co
July
Exchange Buffet Corp
July 382 888
23 634
Fairbanks, Morse & Co
Aug. 6_ 971
Fairchild Aviation Corp
July 23__ 635
Federal Mining & Smelting Co
July 30__ 805
Federal Motor Truck Co
Aug. 6._ 971
Finance Co. of America at Bait
July 30.. 805
Florida East Coast Ry
Aug. 6._ 964
Flour Mills of America. Inc
July 30._ 826
Follansbee Brothers Co
Jul,/ 30._ 805
Fonda Johnstown & Gloversv. ER.
.July 30._ 800
Ft. Smith & Western Ry
Aug. 6.. 964
Ft. Worth & Denver City
Aug. 6._ 964
Fort Worth & Rio Grande
Aug. 6._ 965
Fraser Companies, Ltd
Aug. 6__ 993
Freeport Texas Co
July 30-- 805
(Geo. A.) Fuller Co
July 30._ 805
Galveston Wharf
July 30._ 797
Gannett CJ., Inc
July 30__ 805
General Cigar Co
July 30._ 803
General Foods Corp
July 30._ 805
General Machinery Corp
July 23__ 636
General Mills, Inc
July 30__ 826
General Motors Corp
July 30._ 805
General Parts Corp
July 23_ 636
General Printing Ink Corp
July 30._ 805
General Public Utilities Co
July 30__ 817
General Railway Signal Co
July 30._ 805
General Refractories Co
July 30._ 805
Georgia & Florida RR
Aug. 6__ 966
General Steel Castings Corp
Aug. 6_ _ 971
Georgia Power Co
July 30-- 805
Georgia RR
Aug. 6._ 964
Georgia Southern lic Florida
Aug. 6__ 966
Gilmore Oil Co.. Ltd
Globe Underwriters Exchange, Inc_.July 3 2 826
y 30
8
7
(Adolf) Cobol. Inc
July 30-- 805
Gould Coupler Co
July 30-- 806
Granby Consol. Mining, Smelting &
Power Co., Ltd
Aug. 6._ 971
Grand Trunk Western
July 30._ 797
Grand Union Co
Aug. 6._ 971
Granite City Steel Co_
Aug. 6._ 972
Great Britain & Canada Inv. Corp_ _July 30.. 827
Great Northern RR
July
Green Bay & Western
July 30-- 797
(S. M.) Grier Stone, Inc. 30 99
17 4
97
Grigsby Grunow Co
Aug. 6-- 971
;
;
796
9
Financial Chronicle
Volume 135
963
Issue of Chronicle
Issue of Chronicle
Issue of Chronicle
Name of CompanyWhen Published. Page
Name of CompanyWhen Published. Page.
When Published. Page.
Name of CompanyJuly 30_ 818 Scott Paper Co
July 30__ 809
July 30._ 800 Nebraska Light & Power Co
Gulf Coast Lines
July 30-- 799
July 30._ 807 Seaboard Air Line
Aug. 6__ 964 Nevada-California Electric Corp
Gulf Colorado & Santa Fe
Aug. 6__ 975
July 30__ 797 Nevada Consolidated Copper Co_ _Aug. 6_ 973 Seaboard Oil Co
Gulf Mobile & Northern
Aug. 6_ 965 Seagrave Corp
July 30__ 809
July 30-- 817 Nevada Northern
Gulf Public Service Co
July 30-- 798 Second Internat. Securities Corp
Aug. 6_ 975
July 30-- 797 Newburgh & South Shore
Gulf & Ship Island
July 23.. 644
Aug. 6_ 973 Selby Shoe Co
July 30-- 806 New England Power Associates
Gulf States Steel Co
July 30-- 809
Aug. 6__ 972 New Jersey & New York
Aug. 6__ 964 Servel Inc
Hacksensack Water Co
Aug. 6__ 975
New Mexico & Arizona Land Co__ __Aug. 6..1000 Sharpe & Dohme,Inc
Hagerstown Light & Heat Co. of
Aug. 6_ 975
_Aug. 6_ 965 (Frank G.) Shattuck Corp
July 30-- 806 New Orleans Great Northern _
Washington County
July 30__ 809
Aug. 6__ 972 New Orleans & Northeastern
Aug. 6_ 966 Shawmut Associates
(51 A.) Hanna Co
Aug. 6__ 976
July 30__ 806 New Orleans Terminal
Aug. 6_ 966 Shell Pipe Line Corp
Hazel Atlas Glass Co
Aug. 6__ 976
July 30__ 806 New Orleans Texas & Mexico
Aug. 6_ 965 Shell Union Oil Corp__ _
Hercules Powder Co
July 30-- 810
July 30__ 806 Newport Industries, Inc
Aug. 6_ 973 Shenandoah Corp
Hershey Chocolate Corp
tug. 6__ 976
Aug. 6__ 972 New York Central
July 30_ 798 Simmons Co
Heywood Wakefield Co
Aug. 6__ 976
July 23__ 637 New York Chicago & St. Louis
July 30_ 798 Simms Petroleum Co., Inc
Holly Sugar Corp
Aug. 6__ 976
July 30... 806 New York Connecting
July 30_ 798 Skelly Oil Co
Honolulu Rapid Transit Co., Ltd
July 23__ 644
Aug. 6_ 974 Skenandoa Rayon Corp
Aug. 6__ 995 New York Dock Co
(Joseph) Horne Co
July 30._ 802
Aug. 6__ 972 New York Edison Co
Aug. 6_ 974 Soo Line System
Houdaille-Hershey Corp
Aug. 6__I006
Aug. 6__ 972 N.Y. New Haven 8c Hartford RR..
--July 30- 801 Soule Mill
Household Finance Corp
July 30_ 810
July 30-- 806 New York Ontario & Western Ry_ _July 30- 801 Southeastern Express Co
Howe Sound Co
July 23__ 625
July 30-- 806 New York & Richmond Gas Co
July 30_ 807 Southern Bell Tel. & Tel. Co
Hudson & Manhattan RR
Aug. 6- 995 New York Shipbuilding Corp
Aug. 6__ 974 Southern California Edison Co., Ltdjuly 30-- 810
Hughes Tool Co. (Tex.)
Aug. 6__ 976
Aug. 6__ 995 New York Steam Corp
Aug. 6._ 974 Southern Canada Power Co., Ltd
Hunt Bros. Packing Co
Aug. 6__ 972 New York Susquehanna & Western.Aug. 6_ 965 Southern Colorado Power Co
Aug. 6__ 976
Hupp Motor Car Corp
Aug. 6__ 972 New York Telephone Co
Aug. 6__ 966
July 30_ 807 Southern Pacific
Illinois Bell Telephone Co
July 30- 797 New York Westchester & Bost. Ry....July 30_ 808 Southern Pacific S. S. Lines
Aug. 6_ 966
Illinois Central RR
July 30__ 797 Niagara Hudson Power Co
July 30__ 799
July 30_ 808 Southern Ry
Illinois Central System
July 30__ 797 Niagara Falls Power Co
July 30__ 808 Southwestern Bell Telephone Co_ Aug. 6__ 976
Illinois Terminal
July 30__ 827 Niagara Share Corp
.July 30_- 819
Imperial Oil Ltd
Aug. 6__ 974 Southwestern Public Service Co...
Aug. 6__ 972 Noma Electric Corp
July 30_- 810
Indian Motorcycle Co
Aug. 6__1000 Spear & Co
Aug. 6__ 965 Noranda Mines, Ltd
Aug. 6._ 966
Indiana Harbor Belt__
Aug. 6_ 974 Spokane International
July 30-- 806 Norfolk Southern Ry
Aug. 6__ 966
Inland Steel Co
Aug. 6_ 965 Spokane Portland & Seattle
Insuranshares Ctfs., Inc
Aug. 6._ 972 Norfolk & Western Ry
July 30-- 810
July 30_ 801 Standard Brands Inc
Interborough Rapid Transit Co
July 30-- 806 North American Co
July 30-- 810
July 30_ 808 Standard Cap & Seal Corp
Internat'l Business Machines Corp July 30-- 806 Northern Alabama
July 23__ 644
Aug. 6. 966 Standard Chemical Co., Ltd
International Cement Corp ______ Aug. 6__ 972 Northern Pacific
Aug. 6-- 976
July 30__ 798 Standard Fruit & Steamship Co
International Great Northern
Aug. 6__ 964 Northern States Power Co
Aug. 6__ 976
_Aug. 6_ 974 Standard Investing Corp
International Power Co., Ltd
July 23__ 638 Northwestern Pacific
Aug. 6__ 965 Standard Oil Co. of California
Aug. 6__ 976
International Rys. of Central Amer.Aug. 6... 966 Ohio Copper Co. of Utah
Aug. 6__1001 Standard Paving & Materials, Ltd July 23_ 644
International Salt Co
July 23_ 624 Ohio Edison Co
Stanolind Crude Oil Purchasing CoAug. 6__ 976
July 30-International Securities Corp_ Aug. 6__ 972 Ohio Public Service Co
July 30__ 799
July 30-- 848 Staten Island Rapid Transit
International Silver Co
July 30.. 806 Ohio Seamless Tube Co
Aug. 6__ 976
July 23-_ 625 Sterling Securities Co
Intertype Corp
July 30- 806 Oklahoma City-Ada-Atoka Ry
Aug. 6__ 976
Aug. 6__ 965 Stewart-Warner Corp
Investment Co. of America
Aug. 6_ 972 Orange & Rockland Electric Co
July 30__ 810
July 30__ 808 Studebaker Corp
Investment Corp. of Philadelphia
Aug. 6_ 972 Oregon Short Line
Aug. 6__1007
July 30__ 799 Sundstrand Machine Tool Co
Aug. ¢__ 972 Oregon Washington RR. & Nay. Co_July 30._ 799 Sun Oil Co
Island Creek Coal Co
July 30... 810
Aug. 6__ 972 Otis Elevator Co
(Byron) Jackson Co
kug. 6._ 976
July 30.- 808 Superheater Co
July 30- 806 Otis Steel Co
Johns-Manville Corp
Aug. 6__1007
July 30_- 808 Super Maid Corp
Jones & Laughlin Corp
July 30. 807 Owens Illinois Glass Co
Aug. 6._ 976
July 30_- 808 Superior Steel Corp
July 30. 798 Pacific Freight Lines Corp., Ltd
Kansas City Southern
July 30-- 810
Aug. 6_1001 Symington Company
Aug. 6_ 964 Pacific Lighting Co
Kansas Oklahoma & Gulf Ry
Aug. 6__ 976
July 30__ 808 (G.) Tamblyn, Ltd_
Kelley Island Lime & Transport Co Aug. 6._ 997 Pacific Public Service Co
Aug. 6__ 976
Aug. 6__ 974 Teck-Hughes Gold Mines, Ltd
July 30_ 807 Pacific Western Oil Co
July 30-- 810
Kelly Springfield Tire Co
Aug. 6__ 974 Telautograph Corp
July 30_ 807 Packard Motor Car Co
Kelsey-Hayes Wheel Corp
July 30-- 799
July 30_- 808 Tennessee Central
Kelvinator Corp
July 30__ 807 Panhandle Produc. & Refining Co_Aug. 6._ 974 (The) Tennessee Electric Power Co_ _July 30-- 810
Aug. 6_ 972 Panhandle & Santa Fe
Kendall Co
Aug. 6_ 966
Aug. 6__ 964 Terminal RR. of St. Louis
Keystone Telephone Co. of Phila
July 30__ 807 Park Utah Consol. Mines Co
July 30__ 798
Aug. 6__ 974 Texarkana & Fort Smith
July 30_ 807 Parker Rust Proof Co
Kroger Grocery & Baking Corp
Aug. 6__ 966
Aug. 6._ 974 T eras & New Orleans
Aug. 6
965 Pathe Exchange, Inc
Lake Superior & Ishpeming_ __
Aug. 6._ 974 Texas Pacific Coal & Oil Co.__ __Aug. 6-- 977
July 30_ 798 (J. C.) Penney Co.. Inc
Lake Terminal
Aug. 6__ 966
July 30_- 808 Texas Mexican Ry
Langleys, Ltd
July 23_ 640 Pennsylvania Coal & Coke Co
Aug. 6-- 966
July 30__ 808 Texas & Pacific Ry
Lehigh Coal & Navigation Co
Aug. 6_ 972 Pennsylvania Gas & Electric Co.-.July 30__ 808 Third Avenue Ry. System
July 30-- 811
Lehigh & Hudson River
Aug. 6_ 955 Pennsylvania Power Co
Aug. 6__ 976
July 23__ 629 (John R.) Thompson Co
Lehigh & New England
Aug. 6_ 965 Pennsylvania RR
kug. 6__ 977
July 30.. 798 Thompson Products, Inc
Lehigh Valley Coal Corp
July 30_ 807 Pennsylvania RR. Regional Systern_July 30-- 801 Thrift Stores, Ltd
July 23__ 646
Lehigh Valley RR
July 30
807 Pennsylvania Water & Power Co
Aug. 6__ 977
Aug. 6__ 974 Tide Water Associated Oil Co
Lehn & Fink Products Co
July 30_ 807 Peoples Drug Stores, Inc
Aug. 6__ 977
Aug. 6__ 975 Tide Water Oil Co
Libby-Owens-Ford Glass Co
Aug. 6_ 972 Peoria & Pekin Union
Aug. 6._ 965 Timken Roller Bearillg Co
Aug. 6__ 977
Lily Tulip Cup Corn
July 30_ 807 Pere Marquette Ry
Aug. 6__ 966
July 30-- 798 Toledo Peoria & Western
(C. W.) Lindsay & Co., Ltd
Aug. 6. 997 Philadelphia Co
Aug. 6__ 966
Aug. 6- 974 Toledo Terminal
Lindsay Light Co
Aug. 6_ 973 Philadelphia Electric Co
kug. 6-.1008
July 30._ 809 Tonopah Mining Co. of Nevada
Line Material Co
Aug. 6__ 997 Philadelphia & West Elec. Trac. Co_July 30__ 809 Transue & Williams Steel Forging_July 30- 810
Link Belt Co
Aug. 6_ 973 (The) Philippine Ry. Co
July 30-- 811
Aug. 6._ 967 Trico Products Corp
Liquid Carbonfc Corp
-Aug. 6.. 973 Phillips Petroleum Co
Aug. 6._ 977
July 30_- 809 Truscon Steel Co
Loblaw Groceterlas Co., Ltd
Aug. 6_ 998 Pittsburgh & Lake Erie
July 30_ 811
July 30-- 798 Twin City Rapid Transit Co
Loews, Inc
July 23__ 624 Pittsburgh & Shawmut
July 30-- 811
..___July 30__ 799 Ulen & Co
Long-Bell Lumber Co
July 30-- 811
July 30__ 798 Pittsburgh Terminal Coal Corp
July 30-- 809 Underwood Elliott Fisher Co
Long Island
Aug. 6_ _ 965 Photo Engravers & Electro., Ltd
July 30-- 811
July 23._ 643 Union Carbide & Carbon Co
Los Angeles Gas & Electric Corp__Aug. 6._ 973 Pierce-Arrow Motor Car Corp__
July 30__ 799
Aug. 6__ 975 Union Pacific RR
Los Angeles & Salt Lake
Aug. 6__ 965 Pierce Oil Corp
July 30-- 799
July 30_. 809 Union RR
Loudon Packing Co
Aug. 6__ 998 Pierce Petroleum Corp
July 30__ 809 Union Street Ry.Co.of New BedfordAug. 6__ 977
Louisiana & Arkansas
Aug. 6._ 965 Pittsburgh Screw & Bolt Corp
July 23-- 646
Aug. 6_ 975 Union Twist Drill Co
Louisiana Arkansas & Texas
Aug. 6__ 965 Pittsburgh & West Virginia
Aug. 6_- 977
Aug. 6._ 965 United Carbon Co
Louisiana Oil Refining Corp
Aug. 6__ 973 Pittsburgh Shawmut & Northern..
Aug. 6_ 977
.Aug. 6._ 965 United-Carr Fastener Corp
Louisville Gas & Electric Co
Aug. 6__ 973 Pittsburgh & West Virginia
Aug. 6_- 977
July 30- 799 United Chemicals, Inc
Louisville & Nashville
July 30__ 807 Pittston Co
975 United Founders Corp
Aug. 6__ 977
Aug. 6
McCall Corp
Aug. 6._ 973 Plymouth Oil Co
Aug. 6._ 978
Aug. 6_ 975 United Gas Improvement Co
McIntyre Porcupine Mines Ltd
July 30_ 807 Pond Creek Pocahontas Co
Aug. 6-_ 978
Aug. 6_ 975 United Milk Products Corp
McKeesport Tin Plate Co
July 30__ 807 Potomska Mills Corp_
Aug. 6._1002 U. S.& British Internat. Sec. Corp._Aug. 6-- 977
Mack Trucks, Inc
Aug. 6_ 973 Powdrell & Alexander Inc
July 30__ 811
July 30- 809 U.S.Hoffman Machinery Corp
Magma Copper Co
July 30_ 807 Procter & Gamble Co
July 30-- 811
July 30_ 829 U. S. Industrial Alcohol Co
Maine Central RR
July 30__ 800 Public Servie Corp. of New Jersey_July 23_ 626 U. S. Leather Co
July 30_- 811
Market Street Ry. Co
July 23__ 624 Public Utility Holding Corp.of Am July 30_ 812 U. S. Oil & Royalties Co
Aug. 6__ 978
Marlin-Rockwell Corp
Aug. 6_ 973 Purity Bakeries Corp
Aug. 6_ 975 U. S. Printing & Lithograph Co_ ___Aug. 6._ 978
Maytag Co
Aug. 6__ 973 Radio Corp. of America
Aug. 6_ 975 U. S. Realty & Improvement Co----July 30-- 811
Mercury Mills, Ltd
Aug. 6._ 998 Railway Express Agency
Aug. 6_ 975 United States RubberAug. 6-- 978
Merldionale Electric Co
July 30_ 818 Railway & Light Securities Co
July 30-- 811
July 30__ 809 U. S. Steel Corp
Metro Goldwyn Pictures Corp
July 30__ 807 Ranier Pulp & Paper Co
July 23__ 625
Aug. 6-1003 United Stores Corp
Mid-Continent Petroleum Corp
Aug. 6__ 973 Rapid Electrotype Co_
Aug. 6- 978
Aug. 6__1003 Universal Pictures Co., Inc
Midland Steel Products Co
Aug. 6.. 973 Reading Co
July 30- 799
July 30-- 799 Utah RR
Midland Valley
Aug. 6__ 965 Reece Button-Hole Co
Aug. 6__ 978
Aug. 6_-1003 Vadsco Sales Corp
Minneapolis & St. Louis
July 30_ 798 Reliance mfg. co. of Illinois
July 23- 646
Aug. 6._ 975 Viau Biscuit Corp., Ltd
Minn. St. Paul & SS. Marie
July 30_ 798 Republic Petroleum Co., Ltd
July 23__ 646
_Aug. 6_ 975 Vlcheck Tool Co
Mississippi Central RR
Aug. 6.. 965 Republic Steel Corp
Aug. 6__ 978
July 30-- 809 Vick Financial Corp
Mississippi Power Co
July 23_ 629 Revere Copper & Brass, Inc
Aug. 6__ 975 Virginian RR
July 30-- 299
Missouri & North Arkansas Ry
Aug. 6 965 Reynolds Metals Co
Aug. 6- 966
July 30-- 809 Wabash Ry
Missouri-Illinois
Aug. 6._ 965 (Elmer) Richards Co
Aug. 6__ 978
Aug. 6__I004 Walworth Co
Missouri-Kansas-Texas Lines
Aug. 4 965 Richfield Oil Co. of Calif
Aug. 6-1004 Ward Baking Corp
July 30-- 811
Missouri Pacific
Aug. 6_ 965 Richman Bros. Co
Aug. 6__ 978
Aug. 61004 Warner Quinlan Co
Mitchum Tully Participations, Inc_Aug. 6__ 999 Richmond Fredericksburg & Pot..---July 30::799 Warren Foundry Sc Pipe Corp
Aug. 6_ 978
Mobile & Ohio
July 30_ 798 River Raisin Paper Co
July 23__ 646
Aug. 6...1005 Waypoyset Mfg. Co
Monongahela Connecting
July 30._ 798 Riverside & Dan. River Cotton Mills_July 30.. 809 Webster Eisenlohr Inc
July 30_- 813
Mohawk Valley Co
July 30._ 818 Roane County Oil Co
July 23_ 646
Aug. 6__1005 Welsbach Co
Monongahela
Aug. 6_ 955 Roanoke Gas Light Co
Aug. 6_ 967
July 30__ 809 Western Maryland RR. Co
Monsanto Chemical Works
July 30._ 807 Rochester Central Power Corp
July 30._ 819 Western Pacific
Aug. 6_ 966
Montgomery Ward & Co
July 30_ 807 Roos Bros., Inc
Aug. 6...1005 Western Ry. of Alabama
Aug. 6__ 966
Montour RR
July 23_ 619 Rutland RR
July 30__ 799 Westinghouse Air Brake Co
Aug. 6_- 978
Muirheads Cafeterias, Ltd
Aug. 6 999 St. Joseph & Grand Island
Aug. 6- 966 Westvaco Chlorine Products Co-- -Aug. 6- 978
Mullins mfg. Co
Aug. 6 973 St. Joseph Lead Co
July 30._ 809 Wheeling & Lake Erie
July 30-- 799
Munsingwear, Inc
Aug. 6__ 973 St. Louis Brownsville & Mexico__
July 30- 812
Aug. 6_ 965 Wheeling Steel Corp
Nashville Chatt. & St. Louis
July 30._ 798 St. Louis Rocky Mountain & Pac.Co_July 30._ 809 Whitaker Paper Co
July 30-- 812
National Acme Co
Aug. 6_ 973 St. Louis
-San Francisco Ry. Co
July 30__ 801 Wichita Falls & Southern
Aug. 6..966
National Aviation Corp
July 30-- 807 St. Louis San Francisco & Texas.
July 30... 797
..Aug. 6-- 965 Wisconsin Power & Light Co
National Cash Register Co
Aug. 6.. 973 St. Louis Southwestern Ry. Lines
July 30-- 801 Wm, Wrigley Jr., Co
July 23_ 626
National Dairy Products Corp
Aug. 6_ 973 San Antonio Uvalde & Gulf
Aug. 6__ 965 Yale & Towne mfg Co
July 30-- 812
National Enam. & Stamping Co_ _ _ _Aug. 6__ 973 San Diego & Arizona
Aug. 6__ 966 Yazoo & Mississippi Valley
July 30-- 812
National Rys. of Mexico
July 30-- 801 San Diego Cons. Gas & Electric Co _Aug. 6_ 975 Yellow Truck & Coach Mfg. co
Aug. 6- 978
National Steel Corp
July 30- 807 San Joaquin Light & Power Co
July 30-- 809 (L. A.) Young Spring 8c Wire Corp Aug. 6__ 978
National Tea Co_
Aug. 6
973 Savage Arms Corp
Aug. 6- 978
July 30-- 809 Youngstown Sheet & Tube Co
Latest Gross Earnings by Weeks.
-We give below the
latest weekly returns of earnings for all roads making such
Current
Previous
Inc. (-I-) or
reports:
Period
Year
Year
NameCanadian National
Canadian Pacific
Georgia 5: Florida
Minneapolis & St Louis
Southern
St Louis Southwestern
Western Maryland
Covered.
4th wit of July
3d wk of July
3d wk of July
4th wit of July
3d Wk of July
3d wit of July
3d wk of July
$
3,591.914
3.012,000
15.000
137,923
1,538.234
212,200
167,133
Dec.(-).
$
8
4,938,282 -1,346,368
3,926,000 -914.000
26,800
-11.800
279,063 -141,140
2,445,986 -909,752
341,706 -129,506
297,131 -129,998
Net Earnings Monthly to Latest Dates.
Atlanta Birmingham & Coast1932.
8178,611
def74,853
def98,528
1931.
8255,970
def76,892
def105,984
a
.1936.
v5298,563
def5I.226
def 80,744
1929.
$402,930
24.457
det6,498
From Jan 1
Gross from railway..- 1,301,403
Net from railway_ - - - def289,613
Net after rents
def460,425
1,756,089
def315,413
def527,022
2,006,121
def224,818
def412,315
2,304.687
424
def180,300
JuneGross from railway...
Net from railway_ _ Net after rents
964
Financial Chronicle
Aug. 6 1932
Atchison Topeka & Santa Fe System
Colorado & Southern System
Gulf Colorado & Santa FeColorado & SouthernJune1929.
1932.
1931.
1930.
June1932.
1931.
1929.
1930.
Gross from railway-- $1,159,484 $1,599,028 $1,945,274 $2,110,202
Grossfrom railway...... $401.879
$566,667
$850,093
$685,511
Net from railway_ __
361,229
Net from railway_ _ _ _
250,074
590,260
163,401
5,850
3,943
60,097
43.904
Net after rents
158,075
Netafter rents
37,035
359,282
def29,290
def77,252 def25,901
def41,560 • def84.179
From Jan 1
From Jan. 1
Gross from railway
6,922,481
8.392.444 11,482,222 12,720.883
Grossfrom railway...... 2,660,847 3.788,923 4,984.037 5,600.388
Net from railway
549,221
1,014,999 2,060,810
Net from railway....-829,842
1,047,426
22,405
589,519 1,010,611
Net after rents
Net after rents
872,416
def349,470 def699,895 def411,362
499,132
71,129
def268,143
463,809
Panhandle & Santa FeFort Worth & Denver CityJune1931.
1930.
1929.
1932.
June1929.
1932,
1931.
1930.
Grossfrom railway--- $623,481
Grossfrom railway...... $414,238
$943,608 $1,492,137 $1,514,247
$849,832
$630,562
$837,009
Netfrom railway
203,937
582.199
493,891
Net from railway..--69,231
148,501
251,386
133,574
174,129
Net after rents
407,224
312,836
39,240
Net after rents
61,453
81,194
79,451
116,493
193.779
From Jan 1
From Jan 1
Grossfrom railway--- 4,007.707 5,128,195 7,499,353 8,102,337
Grossfrom railway- _ - 2,641,844 3,350,454 4,684,149 5,347,810
Net from railway---924,693 2,107,717
Net from railway---648,432
367,388
781,970
841.915 1,097,312 1,485,959
Net after rents
Net after rents
-481,430 -315,682 -142,906 1,165,735
442.487
782,433 1,128,125
537,927
Atlanta & West PointDenver & Rio GrandeJune1929.
1930.
1932.
1931.
June1932.
1929.
1931.
1930.
Gross from railway_ _ _ .$100,403
$236.180
$194,164
$160.444
Grossfrom railway..-- $1,128,083 $1,679,011 $2,204,740 $2,743,452
Net from railway.. _ _ 35,730
29,545
def8,750
25,990
Net from railway..--101,594
650,156
405,496
616,877
Net after rents
10,892
8,924
def30,434
7,966
Net after rents
74,462
565,563
251,640
465,132
From Jan I
From Jan 1
1,447.186
Gross from railway_
1,250452
659,701
974,177
Grossfrom railway--- 7.566,038 11.068,897 13.650,570 15,474,064
259,155
Net from railway_ - def32,829
208,934
101,009
Net from railway- - ....
986.719 2,694,165 3,552,947 4,046,031
Net after rents
98,409
51,406
def157,344 def23,351
Net after rents
76,940 1,812,648 2,656,095 3,469,441
Baltimore & Ohio System
Denver & Salt Lake-JuneB &0 Chicago Terminal1932.
1931.
1929.
1930.
Grossfrom railway..-- $103,540
June1930.
1929.
1931.
1932.
$212,134
$133,603
$183,316
Net from railway- --$324,983
$398,161
Gross from railway__ _ $253.375
$255,569
27,286
24.208
9,450
--17.353
Net after rents
48,506
113,051
Net from railway.. _ _ 35,098
40.991
18,236 •
12,199
--19,291
2,670
From Jan 1
Net after rents
105.738
147,830
74,362
78,805
Grossfrom railway_ _ From Jan 1
831,274
912,671
1,379,555 1,677.560
Net from railway_ _ - 1,956,228 2,192,730
Gross from railway_.._ 1,656,450
1,564,741
324,014
254,357
529,728
369,646
. Net after rents
406,861
220,171
Net from railway_ _ _ 220,834
191,707
252,360
201,896
517,944
328,949
638,658
Net after rents
648,287
488,042
464,287
Detroit TerminalJuneBelt Ry of Chicago1932.
1931.
1929.
1930.
Grossfrom railway- -1929.
June1930.
1932.
1931.
$44,880
$68,738
$212,084
$110,786
Net from railway_ .._ _
$690,433
$541,622
Gross from railway_ _ _ $295,281
$421,453
1,883
6,653
74,970
7,840
Netafter rents
222,183
147,195
Net from railway..
£8,539
150,197
def15,974 def13,543
52,734
def4,212
From Jan. 1
144,695
Net after rents
154,657
86,166
105,358
Grossfrom railway_ -From Jan 1
366,179
544,836
806.777 1,459,866
Net from railway... _ _
Gross from railway_.
1,949,074 2,700,252 3,521.418 4,030,965
65,269
122,381
546,356
191,829
Netafter rents
1,151.521
979,753
Net from railway.. _ _ 559,616
925.295
def48,388
421,901
def2.627
101,726
912,721
896,318
Net after rents
729,964
474,591
Duluth Missabe & NorthernJuneBurlington-Rock Island1932.
1929.
1931.
1930.
Grossfrom railway_ - $107,304 $1,938.504
1929.
1930.
June1932.
1931.
$4,186,482
Net from railway_ _ _ def251,959 1,009,414 $3,562,308 2,932,851
$128,564
$142,424
Gross from railway
$62,899
881,213
2,331,171
Netafter rents
def52,286
Net from railway.. _ _ _
def7.377 def11,139 def92,993
def226,606
982,678 2,055,510 2.521,561
From Jan. 1
Net after rents
def21,012 def32,743 def129,008 def81,234
Grossfromrailway _ _ From Jan 1
498,275 3.421,463 7,845,886 10,284,425
936,267
Netfrom railway_ _ _ _def2,032.933 defl.294,769 2,283,792 4,698,467
861,408
Gross from railway_.._
492,891
618,626
de/79,562
Net after rents
Net from railway_ _
13,637
def55.103 6ef566,381
def2,047,699 1,653,212 1,314,546 3.439,564
def101,922 def248,814 de1776,916 def273,493
Net after rents
Duluth South Shore & AtlanticJuneCanadian Pacific Lines in Maine1932.
1931.
1930. ' 1929.
Grossfrom railway-- - $162,503
1929.
June1930.
1932.
1931.
$436,963
$224.724
$343,013
Netfrom railway........
$151,411
Grossfrom railway--- $109,771
$128,432
$134,614
77.987
def294 def23,421
25,127
Net after rents
-35,527
-80.379
Net from railway....-- -33,670
-33,257
def28,532 6ef56,685 def21,119
30,427
From Jan. 1
Netafter rents
--71.591 --121,529
--72,877
--71.440
Grossfrom railway--From Jan. 1
848,157 1.461.320 2,063,486 2,491,955
Netfrom railway....- - def102,292
Grossfrom railway_ -- 1,064,991
1,270,567 1.504.179 1,750,128
463,744
106,424
307,590
203,937
Net after rents
141,147
Net from railway_ _ _ _
119,060
116,830
def283,677 def108,513
107,989
38,621
-50,979
-74,846
-77,829
-86,577
Net after ret)ts
Elgin Joliet & EasternJuneLines in VermontCanadian Pacific
1932.
1931.
1929.
1930.
Grossfrom railway_ -- $565.911 $1,050,436 $1,911,666 $2,253049
1929.
1930.
1932.
1931.
JuneNetfrom railway........ def22.869
$115,682
$143.947
$200.257
$120,539
Grossfrom railway
317,019
429,163
835,385
31.202
Netafter rents
15,621
=9,439
4,765
Net from railway..--def168.055
112,882
507,149
136,618
From Jan. 1
--9,276
--30,698
-10,340
-41,344
Net after rents
Grossfrom railway_ -- 4,340,3778,080.002 12.264,473 13,448.989
From Jan 1
Net from railway- --1,046,558
931.600
700,200
555.793
Grossfrom railway--388.289 • 1,692,825 3.504.221 4,926,958
Netafter rents
-26.490
23,647
-74,666
-85,836
Netfrom railway
def517,496
516,781
1,687,659 2.959,959
-233,381 -272,947 --235,560 --197,325
Net after rents
Erie System
Chicago Great WesternNew Jersey & New York RR1929.
1930.
1932.
1931.
JuneJune1932.
1931.
1930.
1929.
Gross from railway__ - $1,203,298 $1,678,804 $1,862.166 $2,097,591
Grossfrom railway_ _ $87,980
$112.802
$124,135
$135,141
432,221
417,639
462,835
266,972
Net from railway_ _ _ Net from railway-- _ 2.529
11,864
31,714
21,317
184,491
154.145
186,600
17,187
Net after rents
Netafter rents
def22,367 def15,358 def15,857
def6,429
From Jan 1
From Jan. 1
Gross from railway_... 7,769,114 9,792,207 11,083,241 12,059,213
Grossfrom railway-558,011
670,645
717,293
769,184
2,874,007 2,529,397 2.166,806
Net from railway.... _ _ 2,032,484
Net from railway--27,351 1 113,426
79,449
88,789
662,491
1,008,507
1,231,692
450,778
Net after rents
Net after rents
def123,660 def87,445 def134.548 def132.605
Chicago & Illinois MidlandFlorida East Coast1929.
1930.
1931.
1932.
June-June1932.
1931.
1930.
1929.
$214,988
$212,552
$210,828
$62,602
. Gross from railway._ Grcesfromrailway
$298,220
$578,801
$559.564
$781,151
22,135
34.156
23,316
Net from railway... _ _ def52.480
Netfrom railway_ _ _ _ def136.551
84,969 def125,099
142,173
16,395 .
23,954
13,386
def73,925
Net after rents
Net after rents
def275.841 def121,411 def342,959 def104,581
From Jan 1
From Jan. 1
1,484,943 1,441,204
1,354,670
Gross from railway__ - $1,075,519
Grossfrom railway_ -- 4,515,994 6,327.109 7.718,689 8,576,989
283,638
262,994
195,995
217.795
Net from railway........ 1,414,313 2,346.337 2.800,383 3,714,723
Net from railway.... _ _
233,852
186,810
112,124
121,909
Net after rents
Net after rents
491,882 1.242,019 1,544,637 2,351.456
Indianapolis & LouisvilleChicago
Fort Smith & Western1929.
1930.
1931.
1932.
JuneJune1932.
1931.
1930.
1929.
$966,136 $1,260,344 $1,598,323
Gross from railway-. $589,715
Grossfrom railway.. _ _
$43,109
$53,077
$99,393
$107.394
507,644
369,961
218,235
46,381
Net from railway_ _Net from railway........ def7,493 defl0,053
9,199
14.946
283,544
171.687
41,034
def88,233
Net after rents
Net after rents
def16,276 def21,611
def8,073
1,182
From Jan 1
From Jan. 1
7,716,757 9,033,150
5,872,197
Gross from railway_ _ _ 4,022,751
Grossfrom railway.. _
310,620
400,669
657,787
700,389
1,839,919 2,475,725
1,242,334
565,734
Net from railway ..._ _
Net from railway. _ _ _ def20,345
7,167
80,145
94.633
1,181,369
634,007
193,390
335,085
Net after rents
Netafter rents
def65.082 def68.375 def13.863
10.006
Chic R I & Pacific System
Georgia RRJune1931.
1932.
Chicago Rock Island & Pacific1930.
1929.
1929.
1930.
Gross from railway__ $216.284
1931.
1932.
$365,950
June$375.928
$418,143
Net from railway......
67,007
Gross from railway...... $5,512,042 $8,512,721 $9,955,350 $11.010,940
45.798
-3.190
62.425
2.439.270 2,478,970
Net after rents
2,346.216
70,652
969
Net from railway. _ _ - 1,193,075
51.012
65,623
1.329,696
1,496,120
From Jan. 1
1,387,862
303,903
Net after rents
Gross from railway
1,434.572 2,130.907 2,377.062 2,631,322
From Jan 1
58,845,113 65,893,597
Net from railway.._ _
33,490
290.227
Gross from railway...... 33,959,115 48,141,684
299.812
448,857
Net after rents
310,756
59,898
Net from railway ... _ _ 6,446,983 11,370,412 12,969,978 14,416,984
324.973
451,046
7,613,892
1,280,793 5,731,424 6,989,851
Net after rents
Georgia & FloridaChicago Rock Island & GulfJune1931.
1930.
1932.
1929.
1929.
1930.
1931.
1932.
June. Gross from railway_
$119,366
$78.668
$111.565
$144.288
$634,860
$585,038
$441,604
Grossfrom railway.-- $335,090
Net from railway.._ _
228
-2.858
-5,006
10,136
246,995
216,284
railway....- _
109,227
113.870
Net from
Net after rents
--13.495
--13,440
-15,120
1,707
180,450
157,688
62,174
27.449
Net after rents
From Jan. 1
• From Jan 1
728,004
Gross from railway....
740,946
437,194
791,284
3,278,975 3.620,395
Grossfrom railway...... 2,067,673 2.694,931
Net from railway.._
10,659
-69,939
16,421
56,119
1.415,283
977,088
858,727
688,721
Net from railway----58,747
Net after rents
-40.522
-125,232
22,802
623.396 1,047.990
245,591
542,187
Net after rents
International Great NorthernClinchfield1931.
1930.
June1932.
1929.
1929.
1930.
1932.
1931.
JuneGross from railway.... $795.267 $1,943.847 $1,181,025 01.400,438
$515,419
$464.463
$444.023
- $258,017
Grossfrom railway....
682,214
133,952
131.999
Net from railway_ _ _
262,664
164,851
143,062
36,830
148,325
447,223
Net from railway.. _ ..Net after rents
26,710
43.738
145,970
132,653
105,437
def18,279
92,918
Net after rents
From Jan. 1
From Jan. 1
Gross from railway
5,208.598 9,919,469 7,573.579 9,004.417
3.497.773
878.972 1.709,045
721,792 2,687,209
Grossfrom railway- _ - 2.061,484 2,849,058 3,165,212 1,293,307
Net from railway_ _ 1,070,360
629,793
969,035
59,310
1,739 1,389,618
Netfrom railway.. _ _ Net after rents
790.691
1,038,365 1,303,551
307.161
805,523
Net after rents
Kansas Oklahoma & Gulf1931.
1930.
Columbus & GreedOille1932.
1929.
June1929.
1930.
1932.
1931.
$243,374
$256,945
$146,962
June$286,644
Gross from railway
$133.199
$121.579
$57.223
$90,073
109,874
109.892
40,457
Grossfrom railway- _ 125,174
Net from railway_
20,665
3,677
def1,505
9,886
69,696
74,111
15,981
Net from railway_ - _
83.851
Net after rents
7,055
239
def4.086
7,581
Netafter rents
From Jan. 1
1,546,693 1,767,727
910,769 1,290,441
From Jan. 1
Gross from railway......
870,301
833.922
542,107
385,507
railway--693,319
358,023
536.716
Grossfrom
832,401
Net from railway-141,734
122,186
66.866
448,850
313,294
176,976
582,433
, Netfrom railway....-- def17,797
Net after rents
63,490
80,925
57,993
def14,282
Islet after rents
• Volume 135
965
Financial Chronicle
New Orleans Texas & MexicoLake Superior & Ishpeming1931.
1932.
June1930.
1929.
1931.
1932.
June5176.683
Gross from railway... $126.130
$445,101
5174,861
5352,530
$19,049
from railway- -Gross
32,705
22,683
Net from railway_ --209,107
281,621
82,029
Net from railway.--- -27,475
46.605
28,651
Net after rents
64,214
172,708
233,902
-43,296
Net after rents
From Jan 1
From Jan 1
871,990 1.195,655
Gross from railway_
937.007 1,352,603
492,657
150,110
Grossfrom railway_
279,712
165,595
Net from railway...623,061
-25,250
295.229
-164,193
Net from railway_ _
337.352
196.778
Net after rents
104,881
460,850
-258,022 -137.056
Net after rents
New Orleans Texas & Mexico System
Lehigh & Hudson RiverBeaumont Sour Lake & Western1930.
1929.
1931.
1932.
June1931.
1932.
June5184.971
3192,187
$151,128
Gross from railway_ _ - $112,847
$212,475
Gross from railway... $136,508
52,680
48,566
29,872
20,956
from railway_ _
Net
42,748
39,532
Net from railway...2.411
20,993
19.077
-455
Net after rents
-17,000
-5,642
Net after rents
From Jan. 1
From Jan 1
1,009,685
1.137,031
1,252,506
822,681
Gross from railway._
1,529.848
929.935
Gross from railway_ _ 289,541
285,356
352,619
196,204
Net from railway_ --478,528
241,835
Net from railway_ _ -113,529
169,175
105.046
40.713
Net after rents
51,823
-81,883
Net after rents
Lehigh & New England
St. Louis Brownsville & Mexico1929.
1931.
1930.
1932.
June1932.
1931.
June$392,951
$322,771
$419,566
Gross from railway._.$224,468
$508.350
Gross from railway...$343,884
101,252
85,193
50,833
33,343
Net from railway__ _ _
226.478
120.076
Net from railway- -47,652
75.588
71.045
33.411
Net after rents
178,446
88.508
Net after rents
From Jan. 1
From Jan 1
3.089.785 3.974.565
Gross from railway... 1,670,164 2.135,278 2,416,020 2,331,307
Gross from railway
555.703
497.446
441,530
346,507
1,534,481
Net from railway_ _ -Net from railway_ - - 1,405.160
454.878
428.635
429,417
344,766
998.153
944,686
Net after rents
Net after rents
Angeles & Salt Lake
New York Central System
Los
1931.
1930.
1929.
1932.
June
Indiana Harbor BeltGross from railway... $1,346.268 $1.768,721 $1,912,250 $2,357,543
1932.
1931.
June512,314
569,095
801,499
522.988
Net from railway_ _ _ _
$728,334
Gross from railway.-- $538,209
314,894
247.766
536,550
268,518
Net after rents
236.948
193,242
Net from railway_ _ _ From Jan. 1
100.114
153.035
Net after rents
Gross from railway__ _ 7,765,551 9,851,875 11,533,225 13,500,571
From Jan 1
1.979.404 2.620.589 3,710,985
3,709,707
4,742,336
Net from railway.... 2,349,748
Gross from railway
917,604 2,248,097
355,343
713.779
1,185,216
1.275,556
Net after rents
Net from railway_ -636,562
797,308
Net after rents
Louisiana & Arkansas1932.
1931.
1930.
1929.
JuneNew York Susquehanna & Western3554,488
5598,080
.
1932.
1931.
3023 796
Grossfrom railway--- $313.833
June88,597
215.448
151,086
168,220
$341,108
Gross from railway--- $255,249
Net from railway_
146.550
64,339
78,437
54,895
54.428
60.790
Net after rents
Net from railway...- 8,081
10.973
Net after rents
From Jan 1
From Jan 1
railway--- 2,055.325 2,747.577 3.648,336 3,719,102
Grossfrom
Gross from railway.-- 1,763,413 2,338,440
898,155
1.081.095
554,630
1,110.627
Netfrom railway
482.721
766,840
Net from railway_ --529,482
552.014
521.775
306,465
Net after rents
396,818
185,916
Net after rents
Louisiana Arkansas & TexasNorfolk Southern1931.
1932.
1930.
1929.
June
1932.
1931.
June$49,950
$71,104
$62,432
$77,286
Grossfrom railway_ _ _
$544,679
$757.362
Gross from railway
-12,714
--153
3.741
2,527
Net from railway_ _
195,650
296,023
Net from railway_ ----5,722
-10,034
-26,383
--30,908
Net after rents
125,708
207,603
Net after rents
From Jan 1
From Jan. 1
283,329
370,805
469,400
492,383
Grossfrom railway_ _ _
2,260,620 3,240.541
Gross from railway
railway_ _ _ _
9,997
--48,367
7,000
--17,278
Net from
200,995
660,368
Net from railway..._
-56,241 -146,700 --138.787
-42,940
Net after rents
-145.396
250,514
Net after r nts
Midland ValleyNorthwestern Pacific1931.
1930.
1929.
1932.
June
1932.
1931.
June$250,236
$264,893
$165,024
Gross from railway--- $114,725
3380.604
Grossfrom railway... $273,507
93,202
68,357
102.787
43,759
Net from railway_ _ _ _
48,220
25,569
Netfrom railway
rents
73,026
47.954
55,905
27,129
Net after
-19,867
1,970
Net after rents
From Jan. 1
From Jan 1
1,676,588
1,460,651
765,302 1.011,339
Gross from railway_ _
1.916,225
Grossfrom railway_ _ - 1,476.438
571,602
662,203
323,053
288,786
Net from railway.._ _
Net from railway- --- -101,522 -197,546
440.964
182,103
392,123
175.176
Net after rents
-353.665 --471,530
Net after rents
Mississippi CentralOklahoma City-Ada-AtokaJune
1931.
1930.
1929.
1932.
1932.
1931.
June387,779
$44,408
5111,198
$82,561
Gross from railway__ _
$75.790
$28,915
Gross from railway._.
3.031
21,045
21,396
Net from railway_ _
1,548
-971
35.777
Net from railway__ _ _
-772
16,071
11,697
Not after rents
-5,059
-12,338
16.969
Net after rents
From Jan. 1
From Jan. 1
208,269
354,501
Gross from railway...
797.445
491,761
691,085
296,601
Gross from railway
52,125
115,091
82,470
Net from railway.... -29,172
129,709
219,060
Net from railway_ -20,889
15,098
Net after rents
166,334
27,425
91,799
-72,446
Net after rents
Missouri-Kansas-TexasPennsylvania System
June1931.
1929.
1932.
Long Island1930.
1932.
1931.
Gross from railway... $2,232,306 $2,791,424 $3,624,045 34.725,977
JuneNet from railway_ _ -1.533,674
1,076,709
636.077
Gross from railway_ $2,433,207 $3.414.354
514,100
930,045
1.417.209
Net after rents
610,195
231,487
1,022,206
Net from railway
73,360
468,866
993.760
Net after rents
From Jan. 1
From Jan. 1
Gross from railway
13,244,832 16,580,901 21,560,996 26.709,308
Gross from railway... 14,223,496 17,770,026
from railway__ _ _ 3.183,157 3,514,458 5.562,006 7,764.310
Net
Net from railway.... 4,225,534 5.540.010
Net after rents
935,876
1.094.578 2,951,211 4,912,375
2,141,361 3.565.605
Net after rents
Missouri & North Arkansas
Peoria & Pekin UnionJune
1929.
1930.
1932.
1931.
1932.
1931.
JuneGross from railway...
385.868
$140,950
$57,850
3125,153
$59,933
384.876
Gross from railway..
Net from railway_ _ _ _
--7,752
12,476
--6.837
-8,411
-3.105
-1.886
Net from railway....
Net after rents
--1,107
--22,661
-18,232
-19,606
5,746
2,674
Net after rents
From Jan 1
From Jan. 1
Gross from railway...
636,963
860,681
895,039
433,683
584,255
425.728
Gross from railway
Net from railway.... -21,124
47,345
147.875
70,313
64,265
66,284
Net from railway....
Net after rents
52.241
-33,115
-22.952
=86.543
123.309
106.617
Net after rents
Missouri Illinois-& NorthernPittsburgh Shawmut
June1930.
1932.
1931.
1929.
1932.
1931.
June
$71,853
Gross from railway.3122,735
$149,010
$217,466
$110,482
$67,487
Gross from railway...
Net from railway_ _ _ _
35,410
38,530
12.485
99,435
14.121
-9,203
Not from railway_
Net after rents
21.642
3,814
20,662
72,726
-14.241
7,931
Net after rents
Grom Jan 1
From Jan. 1
railway...,
439,952
653,679
Gross from
924,036
1,098,915
505,793
650.229
Gross from railway_ _ _
Not from railway....
82,032
138,905
237.186
378,405
33.681
144,766
Net from railway....
Net after rents
7,132
55.762
148,271
253.708
-4,474
106.903
Net after rents
Missouri Pacific& West VirginiaPittsburgh
1932.
June1931.
1932.
1930.
1931.
June1929.
Gross from railway... 5156,442
Gross from railway.-- $5,352,868 58,197,094 59,627,158 310,623,056
$163,426
Net from railway---- 1,064,495 2,344,330 2,171,386 2,434.754
Net from railway_ _ _ _
6,870
--35,173
Net after rents
476.007
Net after rents
1,500,138
3,574
1.401.112
-63.230
1,454,355
From Jan 1
From Jan. 1
Gross from railway... 34,730.761 48,947.719 60,233,503 65,129,166
Gross from railway
1,095.161
1,491,959
Net from railway....7,228,143 13,285,188 14,398,005 15,289.068
Net from railway....
183.595
303,651
3,053,608 8,613,467
Net after rents
9,321.700 9,463,512
Not after rents
312,914
123.308
St Louis-San Francisco System
MonongahelaSt Louis-San Francisco of Texas1932.
1931.
1930.
June1929.
June1931.
3429,608
Gross from railway...$275,357
3510,623
3623,893
Gross from railway...
$142,631
$94.217
169,336
221.695
Net from aftway__ _ _
222,641
316,995
Net from railway....
7.324
37,517
88,679
127.504
106,656
Net after r cuts
187,698
Net after rents
-28,825
1.277
From Jan 1
From Jan. 1
Gross from railway_ _ - 1,901,492 2,467,912 3.200,144 3,730,194
Gross from railway...
485,265
642,092
1,169,664
1,377,826
Net from railway.... 1,047,993
1,791,633
railway.... -70.061
Net from
1.508
534,113
607,388
664,964
Net after rents
1,032,057
Net after rents
-275,096 -211,238
Nevada NorthernFort Worth & Rio Grande1931.
1932.
1930.
June1929.
1932.
June1931.
544,639
$21,767
363.774
Grossfrom railway...
3123,313
$49,723
Gross from railway.- _
376.910
12,347
-725
25,587
Net from railway....
79,443
-9.771
Net from railway.--1,024
6,719
355
18,964
Net after rents
59,677
-24.939
Net after rents
-14.343
From Jan 1
From Jan. 1
170,506
267.616
416,498
Grossfrom railway..720,446
231.721
Gross from railway...
351.566
1,403
64,413
178,929
Net from railway_ _ _ _
459.586
-135.589
Net from railway
-99,088
31,241
-19,380
126,695
Net after rents
357.508
-210,974 -184,430
Net after rents
San Antonio Uvalde & GulfNew Orleans Great Northern1931.
1930.
1932.
1932.
1929.
JuneJune1931.
3215,376
3167.677
Gross from railway-Gross from railway..., 5121.291
$72.754
$278,738
$95,992
87,529
-5,592
23.275
23,065
78,194
Net from railway____
5.155
Net from railway_ -50.015
-10,820
-44.516
Net after rents
-2.679
35,664
-26,312
Net after rents
From Jan. 1
From Jan 1
1,149,734
842,897
1.477.933
589,138
808.020
Gross from railway..,
1,589,860
Gross from railway.-238.893
383.662
420,405
197,717
215.708
Net from railway...,_
469,698
Net from railway_ --30,070
199.671
128,717
9.569
213.842
18,147
Net after rents
Net after rents
1930.
$256,620
59,340
71,340
1929. soll
$212,750
22.816
38.742
1,694,476
508,319
565,130
1.374,251
227.629
324.037
1930.
$242,302
34,840
-28,879
1929.
3298.448
70.301
7.007
1.764.121
462,951
27,648
1,821,210
474.986
22,002
1930.
$625.636
216.960
169,816
1929.
$549,212
164.578
130,506
5.383,835
2,166,042
1,591.263
4.767,593
1,621,354
1,139,349
1930.
1929.
3852,450 31,072,571
288,676
413,238
224,450
308.593
5,577.562
1.704.383
1,237.389
6,329,021
2.180.845
1,531.377
1930.
$390,318
110,602
52,015
1929.
$409,322
88,515
36.171
2,320,991
615.755
265.259
2,526.514
645.663
308,387
1930.
$709,388
227,689
138,744
1929.
$767.813
242,895
156.442
3.597.332
777,816
348,182
4.249,200
1.110.320
654.664
1930.
$504,138
91,348
42,824
1929.
$526,755
98,957
60,600
2,569,977
18,271
-270,218
2.715.492
90,883
-148,273
1930.
$78,636
11,961
-5,195
1929.
3114.337
-33,986
-52,070
476.541
75.395
32.565
748.815
83,955
-53.091
1930.
1929.
33.662.765 33,824.992
1,495,752 1.551,905
972,773
1.042,967
18.787,458 19.331.691
5,258.690 5,758.414
3.065,189 3.744.891
1930.
$125,657
15.777
22,342
1929.
$135,877
34.172
39.825
841,739
143,241
156,199
885,549
233,913
235.278
1930.
$112,872
-6,694
17,962
1929.
$135.877
20,653
10.585
820,050
160,203
98,173
905,904
225,117
160.399
1930.
$328,828
140,666
159,972
1929.
$422.467
172.562
216,983
1.961.918
705,761
830.597
2.581.059
1,192.941
1,326,979
1930.
$149,258
30.103
-2,096
1929.
$151,817
31.148
562
851,611
54,676
-142.311
914.080
179,834
-3.989
1930.
380.174
3,288
-9.072
1929.
$134,450
32.725
21.857
434.336
--66,353
--145,015
620,508
33,314
--43.620
1930.
$156.491
38.569
7.056
1929.
$158.283
27.279
--8,580
969,078
295,851
105,336
1.095.891
325.271
126.794
966
Financial Chronicle
San Diego & ArizonaJune1932.
1931.
1930.
1929.
Grossfrom railway--$30,775
$95,903
$103,732
$148,753
Net from railway..--- -132.185
31,610
34.057
72.981
Net after rents
138,195
27.728
29,177
66,998
From Jan 1
Grossfrom railway.. _ 204,451
469,008
626,602
723.264
Net from railway---- -192,190
183,271
88,978
24.4,077
Net after rents
220,777
65,171
153,745
208,347
Southern Pacific System-Southern Pacific CoJune1932.
1931.
1930.
1929.
Grossfrom railway-- $9,672,240 $14,598,526 $15,921,895 $20,208,153
Net from railway_ _- 2,886.562 5,375,866 4,863,289 7,202,185
Net after rents
1.212,282 3,449,415 3.008.778 4,785,600
From Jan 1
Grossfrom railway__ - 54,231,109 76.414.760 93.469,184 109,127,679
Net from railway..... 11.291,710 18,908,343 23,882,723 33.079,587
Net after rents
2,260,625 9.456,193 13,967,602 21,816,204
Texas & New OrleansJune1932.
1929.
1931.
1930.
Gross from railway- $2,689,168 $4,252.279 $4,899.640 $5.943,954
Net from railway_ ___
450,164
1,090.316
'974.120 1.262.435
Net after rents
-115,177
447,639
375,514
641.873
From Jan. 1
Gross from railway
16,262,092 23,727.629 30,734.531 36.237.246
Net from railway__ -- 1,884.530 3,779,281
5,686,076 8,440,594
Net after rents
-973,914
686,396 2,226.450 4,627.042
Southern Pacific SS LinesJune1932.
1931.
1929.
1930.
Gross from railway--- $376,141
6598.350
$676,862
$930,556
Net from railway..
- -103,029
-11.773
-34,053
65,850
Net after rents
-104,373
-14,601
-32.242
67,970
From Jan. 1
Gross from railway_ _ _ 2,256,592 3,216.075 4,062.603 5,598,026
Net from railway..--- -607,460 -526.193 -355.854
178,032
Net after rents
-616,514 -536,120 --344,644
179,340
Southern Ry SystemCin New Orleans & Texas PacificJune1932.
1931.
1929.
1930.
Gross from railway.. $789,826 81,288,967 51.439,827 82,123.021
Net from railway-129.089
312,910
253,144
638.590
Net after rents
74,689
159.429
520.782
230,058
From Jan. 1
Gross from railway- 5,347,233 7,750,730 9,644,031 11.545,823
Net from railway
1.003,247 1,371.932 2,255,902 2,218,034
Net after rents
698,456
908,510
1,670,307
1,507.846
Georgia Southern & FloridaJune1932.
1931.
1929.
1930.
Gross from railway.. $151,103
$263,206
$251,210
$413,860
Net from railway....
17,569
43,017
4,610
112.400
Net after rents
4,555
8,930
17,341
88.342
From Jan. 1
Gross from railway.. 1,037,443
1,640,149
1,980.738 2,321,783
Net from railway-126,049
271,879
341,354
417,919
Net after rents
45,240
123.906
269,694
154,582
New Orleans & NortheasternJune1932.
1931.
1930.
1929.
Gross from railway- $148.723
$261,235
$464,210
$352,464
Net from railway..-8,279
21.274
75.389
147,797
Net after rents
-50,995
--36,342
60,741
14,473
From Jan. 1
Gross from railway- 1,057,028
1,629,044 2,286,900 2,804,295
Net from railway...
11,933
954,002
136.835
589,240
Net after rents
-240,474 --237,654
146.232
440,692
New Orleans Terminal
June
1932.
1931.
1929.
1930.
Gross from railway.. $109,823
$170,126
$196,172
8154,758
Net from railway_ _
68.274
97,975
112,751
69,097
Net after rents
35,836
88,934
70,531
68,245
From Jan. 1
Gross from railway_ $687,548
$791,693
$352,436 $1,008,082
Net from railway_ _
377,627
478,716
327,069
306,241
Net after rents
202,012
341,357
138,359
248,432
Northern AlabamaJune1932.
1931.
1930.
1929.
Gross from railway$28,205
$98,168
650,850
$74,435
Net from railway- -2,342
39,261
8,985
16,340
Net after rents
-18,523
11,915
-9,254
8.086
From Jan. 1
Gross from railway..
243.911
359,705
550.263
626.933
Net from railway_ 48.166
190,060
268,340
77.036
Net after rents
-63,691
108,332
-40,836
-35,866
Spokane internationalJune1932.
1929.
1931.
1930.
Grossfrom railway_ -$44,357
8106,303
$74.058
$74.460
Net from railway_ _
-5,471
16.242
36,682
13,852
Net after rents
-11,492
2,681
24,614
6,245
From Jan 1
Grossfrom railway- _ 263,200
593,679
389,614
450,015
Net from railway...-- -44,447
61,683
70.418
155.359
Net after rents
-88,817
84,251
8,396
7,927
Spokane Portland & SeattleJune1932.
1929.
1931.
1930.
Grossfrom railway..-- $437,454
$599,314
$687,273
$863,64
6
Net from railway_ -143.979
321.239
274,957
209,944
Net after rents
56.900
221.786
172,562
107.763
From Jan 1
Grossfrom railway--- 2,332.737 3.069,319 3,850,554 4,387.103
Net from railway..-- 576,514
1.033,826 1,124,048 1,528,728
Net after rents
69,092
481,308
520.650
949.162
Terminal Ry Assn of St Louis
June
--1932.
1931.
1930.
1929.
Grossfrom railway.. _ _ $460.497
$668,973
5848,797 $1,055,169
Net from railway_ _
130,764
158,113
277.105
349,670
Net after rents
107,746
132,283
180,403
335,291
From Jan. 1
Grossfrom railway.. _ _ 2,934,925 4.181,711
5.358.183 6.326,591
Net from railway_ __ _
737,025
980.287
1,302,084
1,948.965
Net after rents
625,075
1.859,504
892,229 1,219.378
Texas & PacificJune1932.
1929.
1931.
1930.
Grossfrom railway
81,817,811 82.910,099 $3,272,693 $3,593,058
600,816 1,044.775 1,032,462 1,027,811
Netfrom railway.. _ _
after rents
Net
341,927
650,950
661,552
586.166
From Jan 1
Grow from railway
10,527.288 15,902,012 19.540.339 22.715,113
Netfrom railway-- - 2,846,380 5,117,643 5,748.669 6.700.522
Netafter rents
1,347,061 3,078,418 3,439.384 3.881,429
Texas MexicanJune
1932.
1931.
1929.
1930.
Grossfrom railway_
54.668
60.051
105.474
91.802
Net from railway_ _ _
-4,485
-15,690
9.691
18.750
Netafter rents
--18.082
-27.043
4,938
6,0. 6
/
From Jan 1
390.020
Gross from railway......
508.366
573.317
695,144
78,498
Net from railway__
15,894
69.647
136.215
24.036
Netafterrents
53,263
11,888
58,530
Toledo Peoria & Western1932.
June1931.
1930.
1929.
6118.248
Grossfrom railway
6139.151
5136.427
$191.613
17.093
Netfrom railway---26.565
18.830
65,983
5,575
Netafterrents
14,710
6,317
46.247
From Jan 1
664.560
Grossfrom railway..
791.388
963.596 1.087.125
97,803
Netfrom railway- -149.066
148,377
342.617
31.879
Netafterrenta
82,791
63,645
239,114
Aug. 6 1932
Toledo TerminalJune
1932.
Gross from rallway___
$54,978
Net from railway.. _ _ _
5,308
Netafter rents
7,621
From Jan 1
Gross from railway......
402.159
Netfrom railway_ _
73,703
Net after rents
91,854
Union Pacific System
St. Joseph & Grand IslandJune1932.
Gross from railway...... $149,979
Net from railway.. _ _ _
22,323
Netafter rents
-2,109
From Jan 1
Gross from railway_ _ _ 1.091,422
Net from railway........
330.524
Netafter rents
155,533
WabashJune
1932.
Grossfrom railway--- $3,162,424
Net from railway-- -566.556
Net after rents
-16,180
From Jan 1
Grossfrom railway....- 19.327,720
Net from railway_ - _ _ 2,882,491
Net after rents
-521,616
Western MarylandJune
1932.
Grossfrom railway.. _ - $811,672
Net from railway.... _ _
256,945
Net after rents
172,210
From Jan 1
Gross from railway...... 6,271,749
Net from railway........ 2,086,609
Net after rents
1,624,675
Western PacificJune
1932.
Grossfrom railway_ _ _ 6689.587
Netfrom railway
-35,919
Net after rents
-112,343
From Jan 1
Grossfrom railway.... _ 4,642,260
Net from railway ... _ _ -16.392
Net after rents
-546,153
Western Ry of AlabamaJune1932.
Gross from railway......
$94,325
Net from railway......_ -17,463
Netafter rents
-23,198
From Jan 1
Grossfrom railway_-_
648.430
Netfrom railway._ .. -74,594
Netafter rents
-107.841
Wichita Falls & SouthernJune-1932.
Grossfrom railway......
$54,019
Net from railway_ _ _ _
17,490
Net after rents
10,211
From Jan 1
Grossfrom railway......
283.817
Net from railway......_
68,642
Net after rents
22,369
1931.
$74.400
-1,481
7,545
1930.
$85.968
674
555
1929.
$130.532
44,163
47,616
550,352
115,871
175,847
614,297
100,004
143,983
807,515
272,709
318.125
1931.
$235.519
22,696
-17,109
1930.
$226,692
38,120
6,920
1929.
$277,812
57,880
25.976
1.593,083
382,599
127,167
1,625,126
466.372
245,061
1,799.643
529.463
309,003
1929.
1931.
1930.
$4,390,482 $5,045,774 $6.220.568
875.796 1.011,555 1,414.782
203,208
830,875
433,650
25,772,049 32,358,256 37,050.482
4,958,872 6,994.160 9,426,919
1,365,106 3,341,078 5,751,912
1931.
1929.
1930.
$1,240,010 51,435.610 51,542,481
471.914
401,645
472,407
331,050
413,079
378,749
7.622,585
2,553,930
2,136,886
9,015,918
3.057,116
2,640,195
9,033,493
2,750,049
2,499.848
1931.
1929.
1930.
$1,007,872 61,202,036 31,353,326
93,742
64,407
168,208
66,372
-5.266
101,713
5.961,297
-89,793
562.616
6,805.773
-81,169
478,185
7.830,594
932,610
691,878
1931.
$158.833
6.915
-3,986
1930.
$196,274
29.801
24,664
1929.
5233,748
31,915
23,742
1,028,500
93,325
58,233
1,373,269
264,260
178,894
1,495,518
232.230
157,376
1931.
$59.817
17.491
9,322
1930.
$78,592
22.825
12,457
1929•
$94,130
35,514
25,223
306.508
47,196
-2,900
484.924
130,913
63.761
498.311
158,103
104,122
Other Monthly Steam Railroad Reports.
-In the following 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
some other respect from the reports of the Commission. in
Canadian National Railways.
Month of JuneGroin revenues
Operating expenses
1932.
1931.
1930.
1929.
..$12,437,076 $15,236,230 $19,405,728 823,016,481
11,209,219 15,341.235 17,160,860 20,409,850
Net revenues
51,227,856 def.$105,005 $2,244,868 $2,606,631
6 Mos.End. June 30
Gross revenues
$70.187.818 $88,275,626 $109311,988 $130843,819
Operating expenses
67.779.143 86,946,590 98,002,775 109,138,048
Net revenues
82.408,674 51.329.035 811,309,212 $21,705,770
131-Last complete annual report in Financial Chronicle Apr. 18
'92, p. 2898
Georgia 8c Florida RR.
Month ofJune1932.
1931.
1930.
1929.
Net ry. oper. income...... def$13,439 def$13,494
def$15.119
$1,707
Non-oper. income
1,768
1,721
1.816
1,708
Gross income
def$11,671 def$11.773 def$13,302
$3.416
Deductions from income
1.196
1.212
1,239
1,117
Surplus applic. to int def$12,867 def$12,986
def$14.542
$2.299
6 Mos. End. June 30
Net ry. oper. income......def$125,232 def$58.747
def$40,521
$22,802
Non-operating income__
9.868
10.066
9,811
9,620
Gross income
def$115,364 def$48,680 def$30.710
$32,423
Deductions from income
7.075
6,931
6.910
7,041
Surplus applic. to int_def$122,439 def$55.612
def$37,621
$25,381
Nola-The decrease in freight revenue for June 1932
and for
this year was due to the nationwide business depression, which the period
drastic reduction in movement of practically all commodities. has caused
The decrease in passenger revenue was due to decrease in
travel on account of the business depression and increased passenger-train
use of automobiles. The decrease in "other revenue" was due to a slight deduction
revenue on account of discontinuance of train service on branch in mail
Sundays; decrease in express revenue attributable to business lines on
generally; decrease in switching revenue for service performed conditions
carriers; decrease In demurrage charges for delayed freight carsfor other
and decrease In earnings from commissary cars due to decreased salaries,
wages
and forces.
International Rys. of Central America.
Month of JuneGross revenues
Operating expenses_ ...
1932.
$351,607
254,907
1931.
5438.592
314,584
1930.
5516.669
340,369
1929.
8665,443
447,758
Income applicable to
$96,700
fixed charges
$124,008
$176.300
$217,705
6 Mos. End. June 30
Gross revenues
$2,888.265 $3,443,456 84.322,952 $4,904,843
Operating expenses...-. 1,656,345 2,011,561
2,282,975 2,635.080
Income applicable to
fixed charges
81,231,920 $1,431,895 $2,039,977 $2,269,783
rtirLast complete annual report in Financial Chronicle May 7 '32, p. 8475
•
Financial Chronicle
Volume 135
(The) Philippine Railway Co.
967
Aldred Investment Corp. of Canada.
-Month of May--12 Mos. End.May 311932.
1931.
1932.
1931.
$34.259
$43.182
$598,159
$632,624
32,401
35,392
423,811
473.481
Gross or or. revenue_ _ _ _
()per. expanses & taxes_
Net revenue
Deductions from income:
Int, on funded debt
$1,858
$7,789
$174,348
$159,142
28,496
28,496
341,960
341,960
Net income (deficit)
Income appropriated for
invest, in phys. prop_
$26,638
$20,707
$167,611
$182,817
41,855
76,293
6 Months Ended June30-1931.
Net profit after all charges
1932
6
761
$20.986
Loss on securities sold
345
3.910
itarLast complete annual report in Financial Chronicle Feb. 27 '32, p. 1581
Balance, deficit
$26,638
$20,707
$209,466
$259,110
WDast complete annual report in Financial Chronicle Apr. 23 '32, p. 3092
Allied Kid Co.
6 Months Ended June 301932.
1931.
1930.
Net loss after charges, &c
$39,224
$84,487prof$271.405
Earns, per sh. on 200,000 shs. corn.
stock (no par)
Nil
Nil
80.95
Deduction from capital after payment of $64,393 preferred dividends and
expenditure of $125,908 in purchase of preferred and common stocks, was
$229,525, bringing capital account to 8,3,812,495 as of June 30 19:32.
tarLast complete annual report in Financial Chronicle April 23 '32, p. 3099
Western Maryland Ry. Co.
Amerada Corp.
llonth of JuneNet ry. oper. income_ _ _
Other income
1932.
$172,210
17,748
1931.
$331,050
15,656
1930.
$378.749
17,242
1929.
$413,356
19.213
Gross income
Fixed charges
$189.958
268,696
$346,706
295,564
$395,991
289,089
$432,569
253,819
Net income
def$78,738
6 Mos. End June 30
Net me. oper. income_ _ $1,624,675
Other income
65,844
$52,142
$106,902
$178,750
$2,136,886
78,998
$2,640,195
83,518
$2,499.379
93.902
Gross income
Fixed charges
81.690,519 $2,215,884 $2.723,713 $2,593,281
1,618,184
1.737,141
1,740.422
1,498.844
Not income
$72.335
$478.743
$983,291 $1,094,437
-1..ast complete annual report in Financial Chronicle May 14 '32, p. 3629
10
(And Subsidiaries)
Period End. June 30- 1932-3 Months
-1931. 1932-6 Months
-1931.
Gross operating income_ $1,540,933
$744,052 $2,933.555 $2,023.123
Oper. and admin. exps.,
taxes,leases aband.,&c
808,163
878,634
1.662.073
1.673.912
Operating income_ ___
$732,771 loss$134,582 31,271,482
$349.211
Other income
107.461
112,212
269.969
279.346
Total income
$840,232 loss$22.370 $1,541,444
$628.557
Deprec.,depl.& drill.exps
513,071
514,080
988,899
1,106,782
Net income
$327,166 loss$536,450
$552.545 loss$478.225
Number of shares issued
(no par)
922.075
922,075
922.075
922,075
Earnings per share_ _
Nil
80.35
$0.60
Nil
Earns, per share on No.
shares outstanding
of
With public
$0.43
Nil
$0.72
Nil
'Last complete annual report in Financial Chronicle April 9 '32, p. 2724
New York City Street Railways.
Companies
Brooklyn & Queens
(As filed with Transit Commission)
operating
cross
Deductions
Net Corp.
Income.
Income. from Income.
Income.
April '32
April '31
10 months ended April '32
April '31
April '32
Eighth de Ninth Ayes
April '31
(Receiver)
10 months ended April '32
April '31
Fifth Avenue Coach
April '32
April '31
10 months ended April '32
April '31
April '32
Interboro Rap Tran
Subway Division
April '31
10 months ended April '32
April '31
Elevated Division
April '32
April '31
10 months ended April '32
April '31
Hudson & Manhattan April '32
April '31
10 months ended April '32
April '31
Manhattan & Queens
April '32
April '31
10 months ended April '32
April '31
New York & Harlem
April '32
April '31
10 months ended April '32
April '31
New York de Queens
April '32
(Receiver)
April '31
10 months ended April '32
Aprli '31
New York Railways
April '32
April '31
10 months ended April '32
April '31
NY Rapid Transit
April '32
April '31
10 months ended April '32
April '31
South Bklyn Ry. Co
April '32
April '31
10 months ended April '32
April '31
Steinways Railways.
April '32
(Receiver)
April '31
10 months ended April '32
April '31
Surface Transportation April '32
April '31
10 months ended April '32
April '31
Third Ave System
April '32
April '31
10 months ended April '32
April '31
1,656,035
1842,360
16,938,127
17,932,901
80,847
83,800
806,072
815,807
426,939
511,071
4,329,294
4,654,244
4,315,709
4.603,710
42,036.992
44.034,448
1,318,754
1,515,299
13,600,801
15,011,135
600,389
705,658
6,151,819
6,947,383
37,994
45,273
395,914
432,571
65,629
70,212
624,615
629,971
63,481
74,430
654.774
743,782
407,444
452,548
4,371,143
4,530,057
2,829,804
3,057,603
28,558,230
30,049,298
69,805
75,710
825,392
830,994
54,322
61,450
566,269
618,659
179.794
183,664
1,806,051
1,743,585
1,036,954
1,155,189
10,767,375
11,727,370
360,493
174,985
185.508
343,405
140,189
203,216
3,651,132
1,678,342
1,072,790
3.347,292
1.378,545
1,968.746
7,034
6,933
101
5,948
6,890
-942
27,923
98,121
-70,198
5.410
98,112
-92,702
88,134
693
78,441
114,574
1,344
113,230
717,479
6,985
710,494
790,601
15,323
775,278
1,845,715
1,541.674
304.041
1,915,210
1,623,846
291,364
16,705,199 13,730,304
2,974,895
17,788.233 14,440,504
3.347,729
77,212
461,478 -384,266
219,311
467,939 -248,628
993,000
4,640,065 -3,647,065
1,226,149
4,687,551 -3,461,402
412.254
313,872
98.382
516,328
335,146
181.182
4,362,888
3,275,214
1.687,674
5,007.124
3.352.728
1,654,396
5,633
10,391
-4,758
11,033
10,533
500
53,613
104,030
--48.417
85,646
104,766
-19,120
125,772
63.705
62.067
124,199
62,976
61.223
1.162,319
637,107
525,212
1,118,222
629,473
488,749
8,355
22,933
-14,578
1,874
24,765
-22,891
89,523
238,352 -148,829
33,850
239,401 -205,552
61,815
175.841 -114,026
67.851
151,420
-83,569
667,798
1,757,526 -1.089,728
617,898
1,536,577 -918,679
1.039,294
583.724
455.570
1,129,752
572,871
566.881
10,066,863
5,822,003 4,244,860
10.265,757
5,735,281
4.530,476
19,710
10,696
9,014
19,094
12,187
6,907
268,895
116,439
152,456
192,602
123,337
69,265
7,057
5,859
1,198
9,199
5,611
3,588
36,178
58,793
-22,615
6,242
57,122
-50,880
44,753
30.103
14,650
29,603
14,348
15,255
385,289
282,724
102,565
185,786
148,332
37,454
270,473
219,957
50,516
265.459
221,128
44,331
2,569,042
2,204,774
364,268
2,347,306
2,212,598
134,708
INDUSTRIAL AND MISCELLANEOUS CO'S.
Ainsworth Manufacturing Corp.
Period End. June 30-- 1932-3 Months-1931, 1932-6
Months
-1931.
Net profit after taxes &
charges
$41,632
$42,514 loss$7.635
$7,281
Shs. cap. stk. outstand.
(par S10)
138.022
163,546
138,022
163,546
Earnings per share
$0.30
$0.26
Nil
$0.01
ta"Last complete annual report in Financial Chronicle April 23
'32, p.3098
Allegheny Steel Co.
-3Months Ended- 6 Mos. End.
PeriodJune 30'32. Mar.31 '31 June 30'32.
Gross sale
$2.405,370 $2,219,711 $4,625.081
Cost of sales
2,268,738
2,286,479
4.555,217
Selling, administrative & gen.exp _ _ _ _
139.238
146.795
286.033
Miscellaneous losses
8.006
5.792
13,798
Depreciation
192,619
172.148
364.767
Loss for period
Other income
$203.231
32,446
$391,503
25,124
3594.734
57.570
Net loss
$170.785
$366.379
$537,164
Fr The net loss for tile second quarter of 1931 was $35,172. For the 6 months
June 30 1931 net income was $250,460, equal after dividend requireended
ments on
% preferred stock, to 22 cents a share on 610,620 (no par)
shares of common.
'Last complete annual report in Financial Chronicle Feb. 13 '32, p. 1197
American Bank Note Co.
(And Subsidiaries)
Period End. June 30-- 1932-3 Afonths-1931. 1932-6 Months-1931.
Operating profit
$130,019
$167.834
$199.261
5301.726
Other income
39.061
51.983
76,031
120.155
Total income
$169,080
$219,817
$275.292
$421,881
Depreciation
73,795
77,660
149.913
156.420
26,142
Other deductions
7.310
47.171
26.102
$69,144
Net income
$134,847
$78,208
$239,359
div.-foreign sub
Pref.
8.088
16.176
5,863
11.731
67,434
Pref. div.-A.B.N. Co
67,434
134,869
134.869
Common dividends
326.386
652.773
Deficit
$6,378
$264,837
$72,837
$560.014
Profit & loss surplus_
5.811,362
7,210.217
Shs. cont.stk.(par $10)652,773
652,773
652.773
652,773
Earnings per share
1il
$0.09
Nil
$0.14
1(Last complete annual report in Financial Chronicle Feb. 27 '32, p. 1581
and Feb. 20 '32, p. 1373.
American Cities Power & Light Corp.
(And Wholly Owned Subsidiary)
Months Ended June 301932.
Stock dividends, valued at market prices following
respective dividend record dates
$500.818
Cash dividends & interest
422,459
Profits realized on sale of securities
$1,210.548
462.021
43,459
Total
Interest
Taxes
Operating expenses
$1,716.028
4.489
45.082
95.930
$923,276
1.126
24.219
62,725
Approp. to reduce above valuation of stk. divs, to
mkt. as of June 30 1932 provisionally applied in
reduction of book value ofinvestments
Special approp. of balance of above valuation of
stock dividends, provisionally applied in rei.uction of book value of investments
1931.
195,614
305.203
Net cash income carried to operating surplus
(exclusive ofresults ofsales of securities carried
directly to operating surplus account)
$334.389 $1,570.527
Interim Consolidated Operating Surplus Account Six Months End. June 30'32.
Balance. Jan. 1 1932
$3.067,652
Net cash income for the period (as above)
334,389
Total surplus
$3.402,042
Losses realized on sale of securities (net)
x741 678
Divs. on cony. class A stk.. optional div.series, paid in cash & in
class B stk. (capitalized at $1 per sh.)(Maximum cash option
would have been $370,377)
365.619
Balance. June 30 1932
$2,294,745
x Includes losses on sale of securities, based on book value as adjusted
Dec. 16 1930 by application of capital surplus.
Interim Consolidated Capital Surplus Account Six Months End. June 30 '32.
Balance, Jan. 1 1932
$15,020:578
Capital gain arising from purchase & retirement of 84,831 shs.
of class A stock
2,674,027
Total, June 30 1932
$17.694,555
'Last complete annual report in Financial Chronicle Feb. 6 '32, p. 1018
American Commercial Alcohol Corp.
-Earnings.
Period Ended June 30-- 1932-3 1t1'os.-1931.
1932-6 11/03.-1931.
Net income after taxes,
depreciation, 5:c
$130,148 loss$167,779
$244,405 loss$42,941
Earns, per sh. on 194,747
shs. capital stock outstanding (par 820)
$0.70
Nil
$1.25
Nil
Il2U-Last complete annual report in Financial Chronicle Mar. 19 '32, p. 2150
American
Encaustic
Tiling
Co., Ltd.
(And Subsidiaries)
Period Ended June 30- 1932-3 Mos.-1931.
1932-6 Mos.-1931.
Net loss after charges,
depreciation, &c
$148.603
2113,726
$366.164
$238,441
1ZPLast complete annual report in Financial Chronicle Apr.46 '32, p. 2912
American & General Securities Corp.
6 Months Ended May 31Interest
Divs. (including no stock dividends)
Profit on syndicate participations
Other income
Gross income
Investment service fee
Miscellaneous expenses
Miscellaneous taxes
Foreign government taxes
760
$169.806
35.303
29.873
1.293
2.061
3342.798
43.119
26.952
1.262
9.934
Net income
Divs, paid and accrued on preferred shares
Divs, paid on class A common shares
$101,275
14.151
112.501
$261,530
15.243
125.003
1932.
$48.587
120.459
1931.
$66,485
270.913
5.400
Balance of income
def825.377
$121,284
arLast complete annual report in Financial Chronicle Feb. 6 '32, p. 1026
Financial Chronicle
968
Aug. 6 1932
American Founders Corp.
American Maize Products Co.
(And Subsidiaries.)
1930.
1931.
1932.
6 Months Ended May 31$1,458,283 $1,866,987 $2,191,551
Income-Interest
3,068,992
1,808.300
Dividends (including no stock dive.) 1,008.165
a3,717,142
Profit on sale of securities (net)_
Underwriting commissions, investment service fees (other than fees
paid by subsidiaries) and mis79,253
57,201
34,432
cellaneous income
1931.
1932.
6 Months Ended June 30$206/798 loss$9,396
Net profit after In deprec., Federal taxes. &c____
NB
$0.69
Earns, per sh. on 300,000 shs. corn. stock (no par)
ItarLast complete annual report in Financial Chronicle June 11 '32, p. 4326
$2,500,880 $3,732,488 $9,056,048
Gross income
1,242.018
1,392,590
Interest and amortization of discount_ 1,097.705
167,929
163,678
63.607
Taxes paid and accrued
921.039
603,383
469,504
Miscellaneous expenses
Netincome before approp. and dive.
Net appropriations by subsidiary companies for bond int. and pref. share
dividend reserves
Excess of reduction in bond in res.
over appropriation for pref. share
div. reserve of sub. cos
$870,063 $1,572,834 $6,725,962
28,045
217,537
Cr3.449
$873,512 $1,544,789 $6,508,424
Balance
Divs. on shares of Subs. held by public:
210,797
248,353
237,080
On preferred shares
109,639
35,871
7,467
On common shares
Undistributed net income
Less: Proportion of undistributed net
income applicable to minority shareholders of subsidiary companies__ _
Balance of income applicable to
American Founders Corp. shs_ _ _
Prof. share divs. paid and accrued_ _ _
Appropriated for pref.share div. res
American Metal Co., Ltd.
Period Ended June 30- 1932-3 Mos.-1931.
1932-6 Mos.-1931.
Net loss after taxes inv.
ivite-down, int. de$102,952
$621,453
predation & deplet _
$211.344
$381,409
Detailed income account for the quarter ended June 30 1932, follows:
Loss after taxes and inventory write-down, $353,577; miscellaneous income,
$484,548; profit, $130.971; interest, 3256,681; depreciation and depletion,
$255,699; net loss, 5381,409.
CXPLast complete annual report in Financial Chronicle Feb. 27 '32, p. 1582
American News Co., Inc.
(And Subsidiaries)
6 Months Ended June 301930.
1931.
1932.
Net income after deprec., taxes, &c_loss$345,709
$113,848 .3425,443
x206,000
Shares no par stock outstanding- _
216.000
212,683
$2.06
Earnings per share
NI
$0.53
x Average amount outstanding during period.
tarLast complete annual report in Financial Chronicle Feb. 27 '32, p. 1583
American Rolling Mill Co.
$628,065 $1,260,565 $6,187,988
162,409
160,047
295,736
$465,656 $1,100,518 $5,892,252
430.781
384,761
225,104
281,622
41,469
8,053
$232,499
Bal, of income avail, for corn. shs
Stock dividends (credited to capital
stk. at $3 per sh.) paid on corn.shs_
$674,288 $5.179,849
b730,708
$674,288 $4,449,141
$232,499
Balance of income
x Net lasses on sale of securities for the six months ended May 31 1931
($5,613,814) are charged against reserves.
a As a reserve against depreciation in value of portfolio items resulting
from the general decline in security values in the Fall of 1929, the subsidiary
companies of American Founders Corp. appropriated $10,548,255 out of
surplus arising from the retirement of preferred shares acquired at prices
below par. Losses sustained during the 6 months ended May 31 1930.
amounting to $2,877,039 were charged against this reserve. The proportion of such losses applicable to American -Founders Corp.'s ownership as of
May 31 1930 was $2,651,807. b Not including a special cash dividend
amounting to $2,819,264 declared on Dec. 2 1929, and paid Feb. 1 1930.
out of undivided profits as of close of preceding fiscal year, Nov. 30 1929.
'Last complete annual report in Financial Chronicle Jan. 23 '32, p. 670
far
American-La France & Foamite Corp.
Period End.June 30-- 1932-3 Mos.-1931.
$81.864
$85,346
Operating loss
41,916
41,627
Interest paid
Interest received-Cr _ _ _
16,237
21,041
Gain in liquid of gold
3.320
notes-Cr
(And Subsidiaries)
Period End. June 30- 1932- 3 Mos.-1031.
1932-6 Mos.-1931.
Net loss after depr., int.
and Federal taxes..__ $389,312 prof.$159,503 $961,229
$503,546
Preferred dividends_ __ _
59.835
29,617
29,698
59,385
Deficit
$563,381
$418,929 prof.$129,805 $1,020,614
arLast complete annual report in Financial Chronicle April 2 '32, p. 2517
1932-6 Mos.-1931.
$186,820
$218,034
85,727
83,333
32,362
40,640
37.757
$240,185
$222,069
$107,624
$102,612
Net loss
Last complete annual report in Financial Chronicle Feb. 27 '32, p. 1582
American Laundry Machinery Co.
1930.
1931.
1932.
6 Months Ended June 30$277,365 $1,042,506
$261,493
Net profit after deprec. and Fed. tax_
651,722
644.754
617,851
Shs. corn. stk. outstanding (par $20)_
$1.59
$0.43
$0.42
Earnings per share
"Last complete annual report in Financial Chronicle Apr. 23 '32, p. 3099
American Light & Traction Co.
American Steel Foundries Co.
6 Vies. End.June 30-- 1932.
x Net earnings
loss$279,814
Depreciation
499,386
1929.
1932.
1930.
$507,609 $2,903,681 $3,608,852
729,630
667,857
.518,359
Balance
Other income
lossS7i9,200 los:3910,750 32,235,824 52,879,222
340,988
145,740
208,077
196,200
Totalincome
Other charges
Federal taxes
loss$633.460
3,413
$185,450 $2,413,901 $3,220,210
14,986
12,363
6.871
403,000
38.500
292,000
Balance,surplus
loss$636.873
$140,079 $2,139,538 $2,802,224
Shares common stock
993,020
outstanding (no par)_
993,020
993,020
993,020
Earnings per share
$2.59
Nil
Nil
$1.93
x After expenses and Federal taxes.
Net loss for the quarter ended Juno 30 1932 amounted to $286,573 after
taxes and charges, comparing with net profit of 73,684, equal to $1.16
a share on preferred stock in the June quarter of 1931.
IgrLast complete annual report in Financial Chronicle March 12 1932,
p. 1959, and Feb. 13 1932, p. 1198.
American Stores Co.
6 Mos.End.June 30-1929.
1931.
1932.
1930.
Sales
$59,776,818 369,490.301 $71,538,496 $70,726,749
Net inc., after deprec..
Fed. taxes, &c
3,017,362
2,555,558
2,729,894
2,667,189
Shs. of corn. stock (no
par) outstanding
1,661.761
1.303.690
1,454,244
1,516,717
Earnings per share
$1.81
$1.96
$1.87
$1.75
tO'Last complete annual report in Financial Chronicle Mar. 12 '32, p. 1959
American Telephone & Telegraph Co.
-Month of June.--6 Mos. End. June 301932.
1931.
19:32.
1931.
Telep. oper.revenues __ _ 57,337,027 $9,053,567 $47,758,433 $56,400,894
Telep. oper. expenses_.., 5,574,847
5,637,627 32.639,718 34,905,643
(With All Inter-Company Accounts Eliminated)
Period End. June 30 1932-3 months-1931. 1932-12 Months-1931.
Subsidiary Operating Companies:
468
$9,061,648 $10,402,923 5.38,077,921442,087,
Gross revenue
Genl. operating expenses $4,130,009 x$4,810,355 $17,441,622x$19,710,117
Prov, for retirement of
3,533.773
3,022.289
880,567
503,651
general plant
2.547,104
2,136,931
559,141
545,870
Maintenance
5.039.744 x4,790,628
1.337,814 x1.242.369
Genl.& Fed.Inc. taxes
Net telep, oper. revs-- 51,762,180 $3,415,940 $15,118,715 $21,495,251
Uncollect.oper.revenues
107,047
100,700
661,394
631,049
Taxes assign, to oper___
500,210
501,520
3,391,35
3,190,762
$2,544,304 x$2,910,490 $10,437,335x$11,505,844
Operating profit
x174,180
8,231
x52,088
9,103
Misc. non-oper. rev., net
$2.553,408 x$2,962,577 510,445,566411,680,024
Total
Interest & diva. on bonds
pref. stocks & notes
4,018,126 x3,983,268
1,005,623 x1,003,521
owned by public
Amortization of bond dis153,706
163,434
38,426
42,829
count & expense
Period End.June 30
- 1932-Month-1931.
1932-6 Mos.-1931.
Net prof. after deprec..
Federal taxes, &c._
$146,718
$255,914
$747,311 $1,127,020
Earns. per sh. on 492,556
shs. cap. stk. (no par)
$1.51
$2.29
IfarLast complete annual report in Financial Chronicle Feb. 6 '32, p. 1027
Profit of oper. subsids $1,564,955 $1,920.631
Portion accruing to min8,348
6,410
ority interests
$6,264,006
$7,543,050
26.504
32,889
Bal. applicable to
Amer. Lt.& Traction Co.
51.498,546 $1,912,283 $6,237,502 $7,510,161
Subsidiary Investment Companies:
1,936,720
40
,4
1,203 1?
342,075
Gross revenue
266,374
5,270
368
Genal expenses
438
er
63,319
33,208
9,386
Genl. Sc Fed.Inc. taxes_ _
9,372
169,458
Interest
Balance applicable to
Amer. Lt. & Trac$332,321 $1,172,962 $1,698,673
tion Co
$256,563
Total accruing to American Lt.& Traction Co.
from subsidiaries_ _ _ _ $1,755,109 52,244,605 $7,410,464 $9,208,834
Amer. Lt. & Traction Co.Income:
Int. & diva. (exclusive of
int. & diva, from sub3286.444 51,131.854 $1,193,042
sidiary companies)- - $309,315
124,764
326,255
54,986
125,573
Miscellaneous income__ _
Total inc. accruing to
Amer. Lt. & Trac$2,189.998 $2,586,035 58,868,573 $10,526,640
tion Co
338.285
365,492
108,880
81.148
General expenses
82,000
59,000
30,000
36,000
Genl.& Fed.inc. taxes
80,000
40,000
20,000
Reserve for contingencies
684,534
326.455
81,590
114,377
Interest
$1,969,527 52,334.510 58.077,625 59.341,821
Net income
804.486
804,486
201,121
201,122
Pref. stock dividends__ Bal. avail,for corn. stk $1,768,406 $2,133,388 $7,273,139 $8,537,335
x As compared with figures submitted in the 1931 report, those accounts
have been adjusted because of certain minor changes in classification.
ra'Last complete annual report in Financial Chronicle Mar. 26 '32, p. 2336
Operating income___ 51.154.923 52,813,720 $11,296,904 517,442,505
IGrLast complete annual report in Financial Chronicle Mar. 5 '32, p. 1750
Arundel Corp.
Associated Oil Co.
(And Subsidiaries)
6 los.End.June 30-1932.
1931.
1930.
1929.
a Total vol. of bus. done $17,902,582 519,656,094 524,547,791 331,850,970
to op- 13,777,329 15,221.331 18.459,449 25,875,1313
bTot.exp.incident
Operating income-- 34,125,253 $4,434.763 $6,088,342 55,975,834
Other income
67,281
655,730
234,271
335,179
Total income
34,192,534 55,090,494 36,322,613 $6,311,013
Int., disc. dr prem. on
funded debt
303,270
383,052
460,990
540,281
Depreciation and depletion charged off
2,466.421
2,467,513
2,549,690 2,620,350
Canceled leases, develop64.364
ment expenses, &c.._ _
1,128,619
See bEst. Fed, income tax__
47,077
153,928
Net income
51.358,478 51.111,308 $33,264,856 $2,996,452
Earned surplus at beginning of year
33,816,447 36,420,267 34,710,825 30.534,317
3,578,917
Paid-in surplus
Ad . applie. to surplus
of prior years
Dr.32,124
Revaluation of assets &
write-off of intangible
14,320,157
items
1,145,206
1,946,850 2,290,412 2,290,412
Dividends
Total net consolidated
523,288,479 $35,584.725 335,653,145 $331.240,358
earned surplus
Earns. per sh. on 2,290,412 shs, capital stock
$0.59
$0.49
(par $25)
$1.40
$1.31
a By Associated Oil Co.and subsidiaries as represented by their combined
gross sales and earnings, exclusive of inter-company sales and transactions.
b Including repairs, maintenance, administration, insurance, retirement
of physical property (and calceled leases, development expenses on both
productive and unproductive acreage, abandoned wells In 1929 and 1930)
and all other charges except depreciation and depletion and Federal income tax.
W-Last compkie a nnual report in Financial Chronicle Apr. 16 '32. p. 2897
Financial Chronicle
Volume 135
969
Associates Investment Co.
6 Months Ended June 30Earned interest & discount
Expenses
Other charges
Federal income taxes
Net profit
Preferred stock dividends
Common stock dividends
Balance
Previous surplus
Increased capital
Sundry surplus adjustments
tincl. div. scrip
Borg-Warner Corp.
1932.
1931.
1930.
$1,244,419 $1,461,733 31,444.532
698,390
957,846
955,037
193,273
44,943
66,871
60,796
$307,812
45,491
160,000
$437,016
45,500
230,721
$428,699
45.500
153,012
$102,321
4,601,595
$160,795
4,304,213
ór29,449
$230,187
3,712,081
Cr4,260
1,756
Dr14,226
Total surplus
$4,709,932 $4,494,457 $3,928,043
"Last complete annual report in Financial Chronicle Feb. 6 '32, p. 1027
Autosales Corp.
Period End. June 30- 1932-3 Afos.-1931.
$155,577
Gross collections
$246,540
Gross collections
167,105
' .083
Operating profit_ _.. loss$11,528
Other income (net)
Dr.2,667
1932-6 Mos.-1931.
$310,758
$484,921
,
483.921
$15,457 loss$26,188
281
Dr.5.367
$1,000
1,145
Net loss
$14,195 prof.$15.741
$31,555
$145
ga"Last compkte annual report in Financial Chronicle Apr. 16 '32, p. 2914
Baldwin Locomotive Works.
Consolidated Earnings 12 Months Ended June 30 1932.
Sales
$16.980,342
Cost of sales, incl. selling, administ. & general expenses
18,465,959
Provision for depreciation
1,829,698
Operating loss
Other income
$3,315,315
797,426
Net loss
Interest
Miscellaneous
Equity of min. stkholders in net profit of Midvale Co
$2,517,889
1,186,374
412,549
98,050
Loss
$4,214,862
r °Last complete annual report in Financial Chronicle Feb. 20 '32, p. 1863
:4'
Barcelona Traction, Light & Power Co., Ltd.
Month of June- -6 Mos. End. June 30-1932.
1932.
1931.
1931.
Pesetas.
Pesetas.
Pesetas.
Pesetas.
Gross earns,from oper _ - 8,439,340
8,109,332 56,262,766 54,738,320
Operating expenses
2,834,906
2,825,672 18,355,330 18,752,652
Net earnings
5,601,434
5,283,660 37.907,436 35,985,668
The above figures have been approximated, as closely as possible, but will
be subject to final adjustment in the annual accounts. They are also subject to provision for depreciation, bond interest, amortization and other
financial charges of the operating companies.
Bell Telephone Co. of Pennsylvania.
1932.
6 Mos. End. June 30-1931.
1930.
1929.
Telep.oper.revenues_ _ _$34,324,237 $37,305.599 $37,618,570 $35,290,327
Telep.oper.expenses
24,628,490 25,722,023 26,601.122 24,369,964
Net telep. oper. revs._ $9,695.747 $11,583,575 $11,017,457 510.920,362
oper. revenues- _
440,189
290,329
376,373
252,498
Taxes assign, to oper.
(incl. Federal taxes)- - 1,389,018
1,576,000
1,457,000
1,438,000
Operating income- -__ $7,866,540 $9,717.246 59,184.084 $9,229.864
Non-oper.rev -net __-234,660
380,619
375,778
512,947
Total gross income_ _ _ $8,101,200 $10,097,865 39,559,862 $9,742,811
Rents and miscell. deduc
916,771
930,356
868,705
733,353
Interest
2,994,540
2,839.763
2,838,602
2,774.931
Debt discount and exp._
61,676
61,906
61,891
61,852
Balance net income__ _ $1,128.214 $6,265,839 $5,790,664 $6,172,673
Preferred dividends_ _ _ _
650,000
650,000
650,000
650,000
Common dividends
4,400,000
4,400,000
3,600,000
3,200,000
Balance
df$921,786 31,215,839 31,540,664 $2,322.673
WLast complete annual report in Financial Chronicle Feb. 20 '32, p. 1369
and Feb. 13 '32, p. 1193.
Bendix Aviation Corp.
Period End. June 30- 1932-3 Mos.-1931.
1932-6 Mos.-1931.
Net profit after taxes,
depreciation and int __loss$78,490
$713,688 loss$52,126 x$1,512,345
Earns, per share on 2,097,663 shs. capital
stock (no par)
Nil
$0.34
Nil
$0.72
x Includes non-recurring income of $221,000.
rigLast complete annual report in Financial Chronicle Apr. 9 '32, p. 2726
Bigelow-Sanford Carpet Co., Inc.
6 Months Ended June 30
Operating loss
Depreciation
Inventory price adjustments
Interest on serial notes
-Other interest expense
Reserves
1932.
1931.
$271,152prf$1170,234
454,275
424,235
45,560
85,000
817
713
220,000
Loss
Non-operating income
$991,804prf 3660,288
22,318
22,120
Net loss
Previoussurplus
Net adjustment to surplus
Totalsurplus
Preferred dividends
$969,486 prf$682,408
5.511,240 5,275.803
6,321
9.989
$4.548,075 35.968,199
81.177
81,729
Earned surplus June 30
$4.466,898 $5.866,470
la"Last complete annual report in Financial Chronicle Feb. 27 '32, p. 1584
(Sidney) Blumenthal & Co., Inc.
Period End. June 30- 1932-3 Mos.-1931.
1932-6 Mos.-1931.
loss$236,522
Operating profit
$9,599 loss$512,938
$30.337
/Depreciation reserve_ _ _
99,618
90,151
198.977
169,977
$336,140
Net loss
$80,552
$711,915
$139,640
VirLast complete annual report in Financial Chronicle Feb. 20 '32, p. 1376
Bowman Biltmore Hotels Corp.
1932.
1931.
1930.
6 Mos.End.June 30
1929.
$2,899,251 $4,478,319 $5,915,717 $6.607,896
Gross income
217,815
Valance after expenses loss363,884
859,684
1,384,731
131,423
127,867
Interest
160,377
209,939
211,070
211,761
Deprec., amortiz'n, &c_
207,152
200,849
/trederal taxes
118,300
1055$706,377loss$121,813
Net profit
$492.155
$855,643
.07 Last complete annual report in Financial Chronicle April 9 '32, p. 2726
-
(And Constituent Companies).
6 Mos. End. June 30-1932.
1931.
1930.
x1929.
Net oper. prof. after ded.
of factory, admin. &
selling exps., but bef.
deduct, of depr. chgs_ $1,245,409 $1,768,205 $3,444,678 $5,729,828
Int., disc. & sund. rec'ts
283,069
y422,226
345,944
365,487
Total income
$1,528,479 32,190,430 33,790,622 36.095.316
Deprec.of plant& equip.
813.716
843,782
849,164
650,466
Int.& financing charges_
149,452
88,225
202,792
74,497
Royalties on pats. used,
subsequently acquired
178,890
Federal income tax
129,330
173,589
363,295
637,035
Minority interest
20
Cr12
45
Net income
Preferred dividends____
3435,961 31,084,846 32,375,326 $4,554.427
125,677
138,178
135,800
Balance, surplus
$310,284
$946,667 $2,239,526 $4,554,427
Shares com, stock outst.
(par $10)
1,151,244
1,216,784
1,230.753
744,257
Earnings per share
$0.26
$0.78
$1.82
35.95
x Morse Chain Co. and Rockford Drilling Machines Co. acquired during
May are included. y Excludes dividends received on company's preferred
stock, $6,557, and common, $15,531.
For the quarter ended June 30 1932, net profit was 3263,405 after taxes
and charges, equal to 17 cents a share on 1,151,244 common shares, comparing with $755,053 or 56 cents a share on 1,216,784 shares in the June
quarter of 1931.
farLast complete annual report in Financial Chronicle Mar.9'32, p. 2152.
Broad Street Investing Co., Inc.
Six Months Ended June 30Interest earned
Cash dividends on stocks
Income from investments
Profits realized on securities sold
1932.
$13,852
44,691
Total income
Deductions
Provision for Federal income tax__ _ _
$58,545 def$145,802
17,104
13,504
$82,593
7,414
5.231
Net income for period
Dividends paid
$41,439 loss$159,306
53,726
56,298
$69,948
55,273
1931.
$11,352
48,747
1930.
$18,042
29,841
10,329
24,380
loss205,901
Balance, surplus
def$12,287 def$215,604
$14,675
0:01.ast complete annual report in Financial Chronicle Jan. 30 '32, p. 851
Brooklyn Edison Co., Inc.
Period End. June 30- 1932-3 Mos.-1931. 1932-12 Mos.-1931.
Sales of electric energy
Kilowatt hours
247,162,128 257,510,4081092,846.2811055,822,867
Gross earnings from sales
$10,964.270 $11,383,977 $46,447,113 $46,888,094
of electric energy
Miscell. oper. revenue
573,395
269,668
1,422,539
345,231
Total oper. revenues_$11.537,665 511.653,644 347.869.653 $47,233,325
Operating expenses
5,130.676
4,833,333 21.561,340 19.422,401
Retirement expense- - 1,143,654
1.067,722
4,666,746
4,152.413
1,601,373
1,496,818 6,050,124
Taxes
5,397,479
$3,661,962 $4,255,771 515,591,443 518,261,032
Net earnings
Non-oper. revenue (net)
182,016
108,332
314.071
154.278
Gross income
53,843,978 $44.364,102 315,905,514 $18,415.311
Interest on funded and
unfunded debt
901,949
774,408
2,831,874
3,138,322
Surplus earnings
$2,942,029 33,589,694 $13,073,639 $15.276.988
;ZFLast complete annual report in Financial Chronicle May 21 '32, p. 3821
Brunswick-Balke-Collender Co.
(And Subsidiaries.)
Period Ended June 30 19323 Months. 6 Months.
Sales
$1,132,690 32.231,150
Consol. net loss after deprec., int., &c. & incl.
investment, adjustment & special charges
275,000
582.920
to Last complete annual report in Financial Chronicle Mar. 10'32, p. 2152
-
Bucyrus-Monighan Manufacturing Co.
6 Months Ended June 301932.
1931.
Net income after charges and Federal taxes
541,246
$121.038
Earns, per sh. on 40,000 shs. cl. A stock (no par)
50.90
31.73
Earns, per au. on 40,000 shs. cl. B stock (no par)
$0.13
$1.28
10 Last complete annual report in Financial Chronicle Mar. 12 '32, p. 1961
-
Bunker Hill & Sullivan Mining & Concentrating Co.
Period End. June 30- 1932
-Month-1931.
1932-6 Mos.-1931.
Net profit after charges & taxes, but before deprec..
Net profit after chgs. &
taxes, but before depr.
& depletion
$15,239
3143,172
$122,799
$624,604
tarLast complete annual report in Financial Chronicle Mar. 26 '32, p. 2343
Campbell Wyant & Cannon Foundry Co.
(And Subsidiaries).
Period End. June 30- 1932-3 Mos.-1931.
1932-6 Mos.-1931.
Net inc. after deprec.,
int., taxes, &c
loss$117,064
$155,800 loss$140,443
8296,000
Earns. per sh. on 348,000
she.cap.stk.(no par)_
Nil
$0.45
Nil
$0.85
fLU'Last complete annual report in Financial Chronicle Mar. 12'32, p. 1961
Capital Administration Co., Ltd.
6 Mos.Ended June 30
Interest on bonds
Interest on loans & deps_
Dividends on stocks_ _ _
Profits realized on sale of
securities
1932.
$56,957
66,913
See x
Total income
5123,870
Int. on 5% gold dabs_ _ _
87;833
Amortization of discount
and exp. on debs
4,039
Compensation-Security
Management Co
Compensation-Broad St.
Management Corp_
General expense
12,800
Service fee
12,289
Taxes
4,607
Prov. for Fed. inc. taxes
Net inc. for the period
Preferred dividends_ _ _ _
$2,302
32,625
1931.
$48,254
5,402
145,034
See x
1930.
$15,968
53,574
147,056
1929.
$26,627
149,112
69,666
282,370
637,097
$198,691
98,567
$498,968
125,000
$882,701
125,000
4,516
5,720
142,527
21,143
21,521
28.447
20,760
21,839
76,625
352,944
102,375
$297,200
90,000
$485,664
90,000
27,399
25,486
Balance, surplus
def$30,323 def$49,431
$207,200
$395,664
x Net loss realized from sale of securities during the period, which has
been charged against a special account under surplus amounted to $1,648.045 in 1932 and $632,663 in 1931.
nirLast complete annual report in Financial Chronicle Jan. 16 '32, p. 509
Financial Chronicle
970
Aug. 6 1932
Connecticut Power Co.
Canada Northern Power Corp., Ltd.
Gross earnings
Operating expenses
.
-6 Mos End. June 30-Month of June1931.
1932.
1932.
1931.
$272,700 $1,702,930 $1,647,407
$276,985
527,825
528,230
89,718
89,898
$182,982 $1,174,700 $1,119,582
$187,087
Net earnings
r4eLast complete annual report in Financial Chronicle Mar. 12'32, p. Ism
Carman & Co., Inc.
(And Subsidiaries)
1932-6 Mos.-1931.
Period End. June 30- 1932-3 Mos.-1931.
Net profit after charges
8108.480
$35,076
$62,337
$14,293
and taxes
Earns. per sh. on 37,036
$2.92
$0.94
$0.38
$1.68
class A shares
Net profit for 12 months ended June 30 1932 was $83.56 or $2.23 Per
share on the class A shares outstanding.
rarLast complete annual report in Financial Chronicle May 14 '32, p. 3641
Central States Electric Corp.
(And Wholly Owned Subsidiaries).
-6 Months Ended June 30.
Interim Consolidated Income Account
1931.
1932.
dividends valued at market prices
Income-Stock
following respective dividend record dates..___ $1,008,597 $3,371.366
202,971
114,055
Cash dividends and interest
1,149,460
Profits realized on sale ofsecurities(net)
$1,122,652 $4.723,798
Total income
1,256.195
1,104,318
-Interest and discount
Deduct
376,406
44,087
Taxes
152,518
88,126
Operating expenses
df$113,879 $2,938,680
Balance of income
1.008,597 1.616.497
Appropriations
df$1,122,476 $1,322,183
income
Net
-6 Months Ended June 30.
Interim Consolidated Surplus Account
1931.
1932.
$13,497,619 $15,218,880
Balance Jan. 1
df1,122,476 1,322,183
Net income for the period
451.883
611,411
Profit arising from porch. & retirement of debs_ _ _ _
Cred. arts, through issuance of corn.stk. In pay. of
435
Interest on opt. 53% debs.
$12,986,989 $16,992,946
Total
18,446
Adjustment applicable to prior period
1.407,147
Losses realized on sale ofsecurities(net)
210,000
Transferred to reserve for contingencies
Dividends on preferred stocks:
240,940
7% preferred stock, issue of 1912
299,130
Preferred stock, 6% series
Convertible preferred stock, optional dividend
a46.437
series, Paid in cash and common stock*
Convertible preferred stock, optional series of
b107.467
1929, paid in cash and common stock
481.563
Common dividends (paid in common stock* 5%)..
Balance June 30 (consisting mainly of balance of
credits accumulated from valuation of stock
dividends received),carried to balance sheet_ _$11,369,842 $15,798.964
* Capitalized at $1 per share. a Maximum cash option would have
been $47,514. b Maximum cash option would have been $108,370.
Last complete annual report in Financial Chronicle Feb. 16 '32, p. 1016
l"
(And Subsidiaries)
Period End. June 30- 1932-3 ldos.-1931. 1932-6 408.-1931.
xGross operating profit
after deduct, repairs,
$612,826 $1,717,940
maint.. deprec. & depl $390.413 $1,022,825
53,197
51,741
18,269
24,527
Inc.from other sources-$664,567 $1.771,137
5414,940 $1,041,095
Totalincome
Selling, admin. & gen'l
1,608,698
829,758 1,270.491
601,682
expense & bank int__ _
341.308
275,752
169.678
137,662
Bond interest
8,575
4,260
Income taxes
Sundry surplus adjust13,180
40.963
4,130
4,372
ments(net)
$200,624
3840.713
$328,776 sur$33,268
Deficitfor period
548,206
423,571
273,143
210,844
xAfter deducting deprec_
4,157
5.217
2,277
1,944
Depletion
annual report in Financial Chronicle Mar. 5 '32, p. 1752
l21"Last complete
Cincinnati Advertising Products Co.
1931.
3 MonthsEnded June 30-$71.066
5312'
193.962
Net profit after expenses but before Fed.taxes-$1.27
Barns.per share on 25,200E11:laves
87
52 2
ra"Last complete annual report in Financial Chronicle May 21 '32, p. 3.82
(And Subsidiaries)
1931.
1932.
Six Months Ended June 30Net profit after int., deprec., Fed, taxes, minority
31,400.374 52,052.631
pref. dividends of subsidiaries. interests and
$1.15
66c.
Earns. per sh.on 1,178,000 shs. of no par corn.stk.
la'Las( complete annual report in Financial Chronicle Mar. 26'32, p. 2345
(And Subsidiaries)
1932.
6 lonths Ended June 30$95.968
Gross
202,738
Expenses,&c
1930.
1931.
5592,076 $1,198,547
360,951
252.874
Operating profit
Otherincome
def$106.770
33,242
$339.201
39.845
$837.596
69,372
def$73.528
$379.046
111
253,526
15,265
5908.968
57
313,872
69,920
135.116
27
28
404
loss$344,970
40,237
$110,116
40,568
244,916
5522.715
40,503
370.749
$175,368 sur$111.463
$385.207
Deficit
249,838
244,416
237,516
Shares common stock(no par)
$1.93
50.28
Nil
Earns per share
Apr. 23 '32, p. 3101
larLast complete annual report in Financial Chronicle
Commercial Credit Co.
(And Subsidiaries)
1931.
1932.
8 Months Ended June 3051,348,971 $2,075,188
Net income
complete annual report in Financial Chronicle Feb.27'82, p. 1571
Virus:
Consolidated Gas Co. of New York
(And Affiliated Companies)
Period End. June 30-- 1932-3 Mos.-1931. 1932-12 Mos.-1931.'
Operating Revenues$
$
$
$
From sales of gas
12,275.707 12,404,621 47,533.497 48,908,715
From sales of elec.energy 41.908.778 44,413.475 177,322,989 182,012,415
From sales of steam _ _ _ _ 2,139,664
1,890,297 9.613,834 10.164,525
From miscell. sources--1,541,232
584,656 2,578,184
457,945
Total oper. revenues_ 56,782,093 59,293,049 237.048,504 242,626,888
Operating expenses
25,722,145 26,835.340 108,440.081 110,562,221
Retirement expense_ _ _ _ 3,735,410 3.947.192 14,820.278 15.394,485
Taxes
8.512,742 8.071,585 32,131,099 30,221.776
18,811.796 20,438,933 81,657,046 86,448,402
356,641
309,472
33,986
70,049
Net earnings
Non-open. rev. (net)
Gross income
18,845,781 20,508,982 81,966,518 86,805,043
Interest on funded and
unfunded debt
5,097,224 4,317,817 18,992,512 16,412,885
Surplus earnings
13,748,558 16,191.165 62.974.007 70,392,163
Applicable to:
Consol. Gas Co. $5 emu. pref. stock
10.495,330 10,467,144
Minority stock of affiliated companies
1,215.729'
1.105,733
Total
11,601,063 11,682,873
Bal. avail, for diva. on Consol. Gas Co.corn. stock 51,372,944 58,709.289
.
Sales of gas, M.cu.feet.. 10.757.298 10.846,076 41,402,410 42,607,536
Sales of electric energy,
M.kilowatt hours- --- 1,009,124
1,040,981
4,308,429 4,219,673
Sales of steam, M. lbs. 2,278,085
1,973,089 10,299,552 10,724,597
2*Last complete annual report in Financial Chronicle Feb. 27 '32, p. 1568
10
Consolidated Gas, Electric Light & Power Co. of Balto.
Period End.June30- 1932-3 4'os.-1931.
1932-6 4'm-1931.
Gross revenue
56,770,611 57,062,738 $14,375,063 $14.856,081
Exp.,taxes and deprec
4,649.673 4.858,358 9,580,639 9,914,205
Operating income-- $2,120,938 52,204,380 $4,794,424 54,941,875
405.391
Other income
225.686
119,411
215,559
Gross income
Fixed charges
Net income
Preferred dividends_ _
Common dividends
52,240,349 52,419,939 $5,020,110 $5,347,266
727,375
1,455,320 1,506,253
762,631
$1,512.974 $1,657,308 $3,564,790 $3,841.013
559,210
571,415
286,275
280,079
1.050,652 1,049.757 2,101,144 2.098,544
5892,231 $1,183,259
$176,047
$3327,472
Surplus
Average shs. ofcorn.stk.
outstanding (no par)_ 1,167,397 1,166,417 1,167,313 1,166,5311
Earns. per sh. on corn
$1.05
$2.56
$1.18
lZrEast complete annual report in Financial Chronicle Mar. 5 '32, p. 1758
Earnings for Six Months Ended June 30 1932.
Interest received and accrued
Cash dividends received and declared
Miscellaneous income
$521,103
481,036
1,605
Total income
$1,003,746
Expenses and taxes
99,131
Net income from interest and dividends (exclusive of profits
or losses on securities which are taken up in the company's
investment reserve account)
$904,615
Summary of Investment Reserve Accountfor the 6 Months Ended June 30 1932.
Balance at Dec. 31 1931
$3,078,613
Credit arising from reduction of the stated value of the company's convertible preference stock from $50 to $25 per share
and of its common stock from $5 to $1 per share
30,114,926
Credit arising from acquisition of the company's convertible
preference stock at less than stated value
984,247
Total surplus
Net loss on sales of securities
Write-down of securities
$34.177.785
7,353.987
2,208,075
Balance at June 30 1932
$24,615,723
Note.
-Unrealized depreciation on bonds and stocks, before considering
Investment reserves, was $27,078,000 on Dec. 31 1931 and 529,845,000 on
June 30 1932-a depreciation for the period of 32,767,000.
-Last complete annual report in Financial Chronicle Jan. 30 '32, P. 82
110
3
(And Subsidiaries)
6 Months Ended June 30x1932.
y1931.
Net loss after expenses and interest, but excluding loss on security transactions
$619.257 Pf.$21,589
Net loss on securities sold
1,192,286 4.707,507
x Includes Goodyear Shares, Inc. y Excludes Goodyear Shares Inc.
Last complete annual report in Financial Chronicle Apr. 23 '32, p. 810a
tar'
Crown Cork & Seal Co., Inc.
Clark Equipment Co.
Net profit
Preferred dividends
Common dividends
Net earnings
$1,091,746 51,132.751
239,465
Balance for retirement and surplus
198,695
820,964
Dividends
820,631
435.848
Income from investments
435,898
386.504
Residential sales
393.638
525,972
Commercial and industrial sales
456,030
af"Last complete annual report in Financial Chronicle Feb. 18 '32, p.1193
Continental Shares Inc.
City Ice & Fuel Co.
136,353
1931.
1932.
$2.144,788 32,233.653
1,053.042 1,100,902
Continental Chicago Corp.
Certain-teed Products Corp.
Totalincome
Interest.&c
Depreciation
Federal taxes
Loss on securitiessold
Minority interest
6 Months Ended June 30Gross earnings
Operating expenses and taxes
(And Subsidiaries)
Period End. June 30-- 1932-3 Mos.-1931. 1932-6 Mos.-x1931.
Net profit after deprec.,
amortiz.. Fed, taxes,
minority interest, &c.. 8228,695
$4461,730
$570,510
5220,213
x Includes Detroit Gasket & Mfg. Co. for month of June only.
a"For complete annual report in Financial Chronicle Apr. 23 '32, p. 8108
Darby Petroleum Corp.
Earningsfor Siz Months Ended June 30 1932.
Number of net barrels of crude oil produced
Average market value per barrel produced
Crude oil sales
Increase in inventory of crude oil
Gas sales
679,912.28
5.8870
$800.056
3,012
,
37,086
Total income
Operating and administrative expenses, taxes, &c
$640.154
193,701
• Net profit from operations
Non-operating income
5448,453
21.821
Gross income
Interest paid
Depletion
Depreciation
Leaseholds surrendered, abandoned wells, loss from sale or
other disposition of capital assets, &c
$488,274
4,695
$149.679
07,405
93.136
Net profit
$123.359
ai'Last complete annual report in Financial Chronicle May 7 '32, p. 3465
Financial Chronicle
Volume 135
971
Denver Tramway Corp.
Electric Controller & Mfg. Co.
6 Mos.End.June 30- 1932.
1931.
1930.
1929.
Total operating revenue_ $1.572.424 $1,814.755 $2,038.224 $2,119,250
Oper. exp., Inch deprec- 1,187,840 1,270,672 1,402.195 1,441.482
179,910
224,565
245,166
247,441
Taxes
1932.
1931.
1930.
1929.
6 Mos. End, June 30Net profit after an chgs_loss$191,168
446,317
8342,914
$357.222
x Before taking loss due to depreciation of Federal land bank bonds of
$36,875.
Net operating incomeTotal miscell. income_
Gross income
Int. on underlying bonds
Int.on gen. & ref. bonds
Amortiz. of discount on
funded debt
$204,673
25.251
$319,518
24,847
$390,863
23,054
$430,327
24,774
$229,925
77,050
148,530
$344,366
81,550
152,710
$413,917
86,050
156,140
$455,102
90.550
158.632
6,882
7.703
8,521
9.341
Bal. avail, for div. on
pref.stock and other
$102,401
$196,578
corporate purposes.. def$2.538
$163,206
.W Last complete annual report in Financial Chronicle Jan. 20 '32, p. 845
.
Duquesne Light Co.
12 Months Ended June 30Gross earnings
Operating expenses, maintenance & taxes
1932.
1931.
$26,609,711 828,526,337
9,187,985 10,012.648
Net earnings
Other income-net
$17,421,726 $18,513,689
97Z,109
978.243
Net earnings including other income
Income charges-net
Retirement (depreciation) reserve
Amortization of debt discount & expense
$18,393,835 $19,491,932
3.151.712 2,468,358
2,128,777 2,282.107
150,677
142,430
Balance
Preferred dividends
Common dividends-cash
Common dividends-stock
$12,962,669 $14,599,037
1,375,000
1,375,000
8.558,156 8,352.500
1,063,120
1,050,000
Surplus
$1,966,393 $3,821,537
129
-Last complete annual report in Financial Chronicle April 9 '32, p. 2708
Durham Hosiery Mills, Inc.
(And Subsidiaries)
Period End. June 30- -1932-3 Mos.-1931.
1932-6 Mos.-1931.
Net income after int.and
other charges
$17,485$41,280
$20,705
$2,566
larLast complete annual report in Financial Chronicle Feb. 13 '32, p. 1202
Eastern Rolling Mill Co.
Period End. June 30- 1932-3 Mos.-1931.
1932-6 Mos.-1931.
Loss
8211.348
$124,324
$86,771
$105.541
Prov. for depreciation- _
90,538
93,923
45,364
45,656
Net loss
$132.135
8151,198
5218.247
$301,886
'Surplus Account June 30 1932.
-Earned surplus Jan. 1 1932. $206,124;
loss for six months (as above), $301,887; extraordinary credits for period,
$2,291; earned deficit June 1 1932,$93,534. Capital surplus Jan. 1 1932,
$170,372 gain arising from capital stock purchased and retired, $14,986:
capital surplus June 30 1932, $185,358. Total surplus, June 30 1932,
$91,824.
irLast complete annual report in Financial Chronicle March 19 1932, p.
4156 and March 12 1932, p. 1963.
Eastern Steamship Lines, Inc.
Month of June- -6 Mos. End. June 301932.
1932.
1931.
1931.
$922,638 $1,138,974 $4,140,120 $4,727,208
756,789
867.476 4,117.185 4,423,433
22,935
165,849
271,498
303,775
42,900
5,522
7,342
33,788
384,842
56,659
74,595
340,311
Operating revenue
Operating expense
Operating income
Other income
Other expense
Net income
$220,361 *$319,007
$98,596
'$2,748
* Deficit.
Ikr'Last complete annual report in Financial Chronicle Apr. 30 '32, p. 3281
Electrical Products Corp. of Washington.
1932.
6 Months Ended June 301931.
Net profit after charges and Federal taxes
$46,136
$44,226
Earnings per share on 100.000 shares capital
stock (no par)
$0.46
$0.44
ta'Last complete annual report in Financial Chronicle May 21 '32, p. 3829
June 3032. Mar. 31'32.
$23,821,214 $30,484.225
6.315,230 7.071.990
417.505,984 $23,412,235
8,374,208 8,249,308
5,060.066 6,901,035
1931.
$467,791 81.115,457
437.869
296.687
75.361
Totalincome
Interest
Taxes
Operating expenses
Approp.to red, above val. of stk. div. to market
Spec. approp. of bal. of above valuat. of stk. divs_
$764,478 $1,628,688
4,054
13,731
107,125
53,311
59,489
182,597
285,194
Net income
$229,645 $1,458,019
Balance surplus, Jan. 1
:
3,791,073 2,623,150
466,275
Cap, gain aris. from much. & retire, of pref. stock
22,662
Adjust. applic. to prior period
Total
$4.509.655 $4,081.169
456.234
Losses realized on sale of sec
Dividends on $6 cum. cony. pref. stock (optional
a558,788
stock div. series) paid in cash and in com. stock 6487,959
Common stock, paid in common stock (capitalized
114,740
at $5 per share)
$3,565.461 $3,407,641
Balance June 30
a Maximum cash option would have been $584,100. b Maximum cash
option would have been 8496.464.
a"Last complete annual report in Financial Chronicle Feb. 6 '32, p. 1017
Erie Lighting Co.
•
1932.
1931.
12 Months Ended June 30$1.762,190 $2,046,970
Electric revenues
188,274
211,210
Steam heating revenues
31.950.464 $2,258,180
Total operating revenues
846,799
940,338
Operating expenses and maintenance
Provision for retirement (renewals, replacements)
233,524
285.823
of fixed capital, depreciation, &c
123,335
113,313
Taxes (inc.l. provision for Federal income taxes)
Operating income
Other income
$746,806
2,533
$918,706
204
Gross income
Interest on funded debt
Interest on unfunded debt to public
Interest on advances
$749,338
231,809
325
50.797
$918,909
167,118
$466,408
5647,403
Net income
104,389
Fairbanks, Morse & Co.
(And Subsidiaries)
1931.
1930.
1932.
1929.
6 Mos.End. June 30$4,662,148 88.673,509 $13,585,558 $14,899,927
Net shipments
5,278,098 8,652.091 12,037,991 13,274,909
Mfg.,sell. & adm.exp
Operating Profit
Other income
loss$615.950
$21,418 51,547,567 $1,625,018
360,000
Total income
Depreciation
Pension fund
Interest
Federal taxes
1os4615,950
213,899
$21.418 81,547,567 $1,985,018
372,790
439,254
404,952
78.961
77.753
192.000
184,000
176.000
152,976
109,563
Net profit
Preferred dividends_
Common dividends
1084997,849 loss$559,534
238,110
295,097
168,000
$803,461 $1,121,827
239,096
243,910
553,307
553,307
511.058
$324,610
loss$997,8491oss$1092741
Surplus
Earns.per sh.on 368,977
Nil
Nil
$1.52
$2.38
abs. common stock......
rZ Last complete annual report in Financial Chronicle Mar 19'32, p. 2157
,
1932.
1931.
Six Months Ended June 30$36,116
$298,638
Net loss after depreciation, interest, &c
16 '32, p. 3917
ItarLast complete annual report in Financial Chronicle Apr.
General Steel Castings Corp.
1932.
1931.
89,469 loss$157,864
629.68.3
579.769
54,071.710 88,261,892
Surplus income
Analysts of Surplus.
Earned
Surglus.
6 Months Ended June 30-Profitfrom operations
Depreciation
Capital
Surplus.
Loss
Other income
$620,214
156.750
$737,633
232,952
Loss
Bond interest and amortization
Amortization of patents and °renal expense
Provision for shrinkage in market securities
$463.464
500,713
$504.681
572,120
129,500
Total
Surglus.
Balance March 31 1932
50,446.600 323,401.672 373.848,272
Surplus income 3 mos.end.June 30'32 1.082,928
1,082,928
Total
51.529,528 323,401,672 374,931,200
Excess of book value over sales price of
securities sold during three months
ended June 30 1932 (net)
2,669,132 2,669,132
Miscellaneous deductions
262,339
262.339
Balance June 30 1932
51.529,528 320,470,200 371,999.728
Net excess of book value over sales price ofsecurities sold has been applied
to capital surplus as follows: During the 3 months ended June 30 1931,
5162,747; during the 9 months ended March 31 1932, $8.564,320; and during the 3 months ended June 30 1932, $2,669,132. Also, the book value
of miscellaneous securities (i. e., securities of companies other than client
companies and wholly-owned subsidiaries) owned at Dec. 31 1931 was
adjusted to market quotations at that date by changing capital surplus
$41.477,893.
Regular quarterly dividends in common stock at the rate of 3-200ths
of a share (1Si %,or at the annual rate of 6%). were charged aut at $10 per
share (being the then stated value of the common stock) for each share of
common stock issued in payment of dividends for all periods covered by
the above statement of income up to and including the payment for Jan. 15
1932. The common stock dividends declared March 22 1932 and May 18
1932 for payment April 15 1932 and July 15 1932, respectively, have been
charged out at $5 a share, which is the par value of the present outstanding common stock.
x Equivalent to $1.81 per share on the total shares of common stock
outstanding at June 30 1932, after allowance for preferred dividends.
Dividends received by the company in the form of capital stock are taken
on its books either at par value-or if no par value then at stated value as
shown in the balance sheets of the respective issuing companies-or at
market value if less than par value or stated value, as the case may be.
If stock dividends received by the company during the 12 months ended
June 30 1932 bad been recorded at no value, the earnings per share of
common stock would have been $1.68, or if recorded at market value at
dates received the earnings per share would have been 32.14.
larLa3t complete annual report in Financial Chronicle Feb. 27
p. 1567
1932.
Federal Motor Truck Company.
Electric Bond & Share Co.
12 Months EndedGross income
Expenses,including taxes
Net income
Preferred stock dividends
Common stock dividends
Electric Shareholdings Corp.
6 Months Ended June 30Stock dividends (taken into investment account),
valued at market prices following respective
dividend record dates
Cash dividends and interest
Profits realized on sale of securities (net)
138,980
$1.103.157 $1.206.301
Net loss
Net loss for the quarter ended June 30 1932, was $616,388 after depreciation, interest, &c.,comparing with a net loss of $673,585 in the June quarter
of 1931.
"Last complete annual report in Financial Chronicle Feb. 13 '32, p. 1203
Granby Consol. Mining, Smelting & Power Co., Ltd.
PeriodOperating profit
Depreciation
Depletion
3 Mos.End.- 6 Mos. End.
June 30'32. Mar.31 '32. June 30'32
$143.850
397.577
$46,273
196,956
393,913
196,957
242,125
121,423
120,702
Netloss
$220,081
$492,188
$272,107
PrEast complete annual report in Financial Chronicle Apr.33 '32, p. 3105
Grand Union Co.
Period End. July 2- 1932-3 /03.-1931.
1932-6 Mos.-1931.
Retail store sales
57.634,963 87,598,942 815.244,890 516.203,202
Net income after charges
$415,171
$524.967
and Federal taxes$204.154
$274,989
Shares cora, stock out278.067
275.677
standing (no par)
278.067
275,677
$0.62
$1.00
Earnings per share
$0.30
$0.54
rirLast complete annual report in Financial Chronicle Mar. S '32, p. 1771
Grigsby-Grunow Co.
Earnings for 6 Months Ended June 30 1932.
$831,147
Net loss after charges & depreciation
ra'Last complete annual report in Financial Chronicle Apr. 2 '32, p. 2531
Financial Chronicle
972
Aug. 6 1932
Granite City Steel Co.
Indian Motocycle Co.
1929.
6 los.End.June 301930.
1931.
1932.
Sales billed
$2.275.788 $3,951,845 $5,950,770 $7,679,182
Costs,expenses, depreciation,&c
2,304,929 3,679,997 5,377,687 6.705,904
(And Subsidiaries)
Period End. June 30- 1932-3Mos.-1931
1932-6 Mos.-1931
Net loss after deprecia
$28,424
tion & other charges__
$3,098 prof$30,205
243,981
KX"Last complete annual report in Financial Chronicle Feb. 13 '32, p. 1206
8973.278
47,442
loss$29,141
18,308
$271,848
22,027
$573.083
68.558
Totalincome
loss $10,833
Special charges, incl.
Federal taxes
$293,875
$641,641 $1.020,720
50,598
82,300
128,023
Net profit
Preferred dividendsCommon dividends
$243,277
$559,341
$892,697
23,400
219,260
Balance
Otherincome
loss$10.833
584,694
$650,037
Surplus
$243,277 def$25,353
1°33210.833
Earns. per sh.on 292,347
22.98
$1.19
Nil
$0.83
shares common stock..
For the quarter ended June 30 1932. net profit was $27,063. after taxes
and charges, equal to nine cents a share on 292,347 shares. This compares
with a net profit of $155,130 equal to 53 cents a share in the June quarter
of 1931.
larLast complete annual report in Financial Chronicle Apr. 2 '32, p. 2631
Hackensack Water Co.
(And Subsidiaries)
6 Months Ended June 30Gross operating revenue
Gross non-operating revenue
1931.
1932.
$1,809,460 21,818,510
11,174
11,447
Net earnings (before deductions for interest,
depreciation & Federal taxes)
Interest charges (net)
Depreciation
Federal taxes
$939.659
324,496
133,207
64,017
$935,428
243,984
124,806
67,399
Balance available for dividends
Dividends paid on pref. & corn, stock
$417,940
283,125
$499,239
283,125
$216,114
$134,815
Balance
$1.45
Earns, per sh. on 307,500 shs. corn. stk.(par $25)..
$1.18
'32, p. 1760
fa"Last complete annual report in Financial Chronicle Mar. 5
(M. A.) Hanna Co.
Period End. June 30- 1932-3 Mos.-1931
Operating profits
$240,787
$560,776
Interest
68,250
73,500
Deprec.& depletion__ .._
12,552
95,453
1932-6 Mos.-1931
$488,856 $1,049,912
147,000
136,500
174,462
60,081
$728,450
Net income
$292,275
$159,985
2391,823
.She. common stock out
1,016,961
standing (no par)_ _ _ _ 1,016,961
1,016,961
1.016,961
Earns, per share (after
$0.23
Nil
preferred dividends).Nil
$0.14
rirLast complete annual report in Financial Chronicle Mar. 5 '32, p. 1771
Heywood-Wakefield Co.
1929.
6 Mos. Ended June 30- 1932.
1930.
1931.
$311,860 prof$26,565
Netloss after all charges- $590,766
$575,881
10 Last complete annual report in Financial Chronicle Feb. 13 '32, p. 1205
-
Houdaille-Hershey Corp.
(And Subsidiaries)
1930.
1931.
6 Months Ended June 301932.
2448,230
Net prof. aftr deprec. & Fed. taxes_ _loss$99,987
$669,286
Earns, per sh. on 784,582 shs. class B
$0.22
stock (no par)
Nil
$0.50
V"Last complete annual report in Financial Chronicle April 9 '32, p. 2733
Household Finance Corp.
(And Subsidiaries)
1930.
6 Months Ended June 301931.
1932.
Gross incomefrom operaions
$6,305,310 25,959,197 25,055,592
Operating expense
2,988,643 2,571,664
3.391,611
Netincomefrom operations
Other income credits
Gross income
Interest paid
Federal income tax
Other charges
Net income
Balance Jan. 1
Other credits and charges
$2.913,699 $2,970,554 $2,483,928
16,371
11,536
52,521
22,966,220 $2,982,090 $2,500,299
349,975
496.376
532,973
267,006
301,635
337,447
12,779
67,749
155,567
$1,940,232 $2,116.330 $1,870,540
2,671,462
3,121,616 2,918,341
125,766
Dr121,720 Dr24,872
Balance before dividends
$4,940,129 $5,009,799 $4,667,768
337.503
349.112
Participating preference dividends-453,837
137,838
Class A common dividends
165,908
304,267
745,676
826,787
Class B common dividends
793,032
194,138
Stock dividends: Class A common
1,070.738
Class B common
Balance June 30
23,368,993 $3,667,992 $2,181,877
Combined class A & B shares out554,815
standing (no par)
553.643
607,722
$2.50
Earnings per share
$3.01
$2.45
'32, p. 684
IZ'Last complete annual report in Financial Chronicle Jan. 23
Hupp Motor Car Corp.
Period End. June 30- 1932-3 los.-1931.
1932-6 Mos.-1931.
$11,454,266
Net sales
$6.198,098
12,065,979
Cost ofsales and expense
Not
Not
6,378,045
Operating income_
Other income
Loss
Depreciation
Idle plant expense
Available def$179,947 Available
119,641
2548,283
212,334
123,393
$60,306
335.892
8804.513
416,259
259,415
def$611.713
205,764
$405,949
671,161
Net loss
$884.010
2396.198 $1,480,187 $1,077,110
rff"Last complete annual report in Financial Chronicle Mar. 26 '32, p. 2351
Illinois Bell Telephone Co.
6 Months Ended June 30Total revenues
Total expenses, including taxes
Interest
Balance net income
Dividends
1931.
1932.
$42.069,044 $46,024,648
34,938,868 37,729,287
1,686,521
1,595,239
$5,534,937 $6,608,840
6,000,000 6.000,000
$608,840
2465,063
Balance
f
-Last complete annual report in Financial Chronicle Feb. 13 '32, p. 1194
Insuranshares Certificates, Inc.
6 Months Ended June 301931.
1932.
Net income after charges
$324,163
$88 791
Earns, per sh. on 894,539 shs. sdr. outstanding
$0.36
16.10
larLast complete annual report in Financial Chronicle June 4 '32, p. 4166
International Cement Corp.
Period End. June 30-- 1932-3 Mos.-1931.
1932-6 Mos.-1931.
Gross sales
$3,888,693 $8,868,625 $7,108,457 $14,980,049
Expenses, &c
3,246,736 6,918,779 6,080,744 11,797,529
Depreciation
1,302,825
691,235
835,199 1,158,205
Interest, taxes, &c
879,070
300,250
628,749
524,929
Net income
loss$349,528
$589.718 loss$759,241 $1,000,627
Shs. common stock outstanding (no par)
636,124
636,450
636,450
636,124
Earnings per share
$1.57
Nil
Nil
$0.92
'Last complete annual report in Financial Chronicle April 16 '32, p- 2921
rff
International Securities Corp. of America.
6 Months Ended May 31Interest
Dividends (including no stock dividends)
Other income
1932.
$567,521
483,229
3,097
1931.
2919,696
626,304
Gross income
$1,053,848 $1,545,999
Investment service fee
61,330
42,003
Miscellaneous expenses
53,321
53,918
Interest & amortiz, of disc., bonds & debentures..847,429
627,866
Miscellaneous taxes
15,060
9,232
Foreign government taxes
11,238
2,277
Net income
2557,621
$318,551
Divs. paid and accrued on preferred shares
182,030
Balance
Add-Reduction of bond int. res. due to retirement
ofseries G bonds
$318,551
23,445
21.604
Total
Appropriated for preferred share div. reserve..
Dividends paid on class A common shares
$341,996
10,936
$397,195
49,649
354,694
$375,591
Balance charged to undivided profits
$7,148
$322,000
rdrLast complete annual report in Financial Chronicle Feb. 6 '32, P. 1
9"
Investment Co. of America.
6 Months Ended June 171931.
1932,
Net loss after taxes int. &c.
$45,601 prof$52,467
Loss realized from sale of securities
409,450 2,513,155
la"Last complete annual report in Financial Chronicle Feb. 6 '32, p. 1037
Investment Corp. of Philadelphia.
6 Months Ended June 30
Net income for period
Dividends paid
1931.
$28,712
19,897
def$6,192
8,571
Balance
Deficit Dec. 31
1932.
$8.501
14,694
$8,816
11,885
Net deficit
$3,070
$14,763
Net loss on sale of securities, &c.:
Net profit from inception of operations (Jan. 9
1929 to Dec.31)
81,892
273,272
Net loss for six months ended June 30
149,690
1,054,868
Balance, deficit
$67,798
$1,342,905
I'
Last complete annual report in Financial Chronicle Feb. 20'32, p. 1383
Island Creek Coal Co.
6 Mos,End. June 30- 1932.
1931.
1929.
1930.
Production (tons)
1,602,17 2,002,038 2,555,625 3,021,151
Earns,from coal & other
income
$943.958 $1,411,477 $1,858,062 $2,439,743
Admin.& general exps_ _
122.323
127,213
133,467
135,978
Depletion, depr. & taxes
318,200
480,973
816,112
604,793
Net income
$503,435
$803,292 $1,119,802 $1,487,652
Preferred dividends_ _
80,741
84,555
91,298
105,181
Common dividends,...,.742,331
1,187.729 1,187,729 1,187,727
Balance
def$319,637 def$468,993 def$159,225 sur$194,749
12H
-Last complete annual report in Financial Chronicle April 2 '32, p 2538
(Byron) Jackson Co.
Period End. June 30
1932-3 Mos.-1931.
1932-6 Mos.-1931.
Net profit after charges,
deprec., taxes, &c_
$3,901
$49,022 1085299.216 loss$44,756
t"
Last complete annual report in Financial Chronicle May 21 '32, p 3831
Kendall Company.
24 Weeks Ended July 111932.
1931.
Net profit after deprec.,int. taxes & prov.for subs.
preferred dividends
$17,083
$240,510
r'
Last complete annual report in Financial Chronicle Mar. 12 '32, p. 1968
Lehigh Coal & Navigation Co.
Earnings for 12 Months Ended June 30 1932.
Income before interest
•$3.406,977
Interest
1,036,023
Net income after int., taxes & all charges
Earns, per sh. on 1,930,065 shs. cap. stk. outstand. (no par) $2,370 954
Taking into account the undistributed income and looses of subsi11.23
ary
companies owned or controlled, the consolidated net income after depletion, depreciation, reserves and interest charges, was $1.409.704.
l Last complete annual report in Financial Chronicle Feb 20 '32, p 1364
Libbey-Owens-Ford Glass Co.
Period End. June 30- 1932-3 Mos.-1931.
1932-6 Mos.-1931.
Manufacturing profit.,.. $787,106
$949,855 $1,848,381 21,690.098
Other income
184,995
57,270
244,904
112,639
Total income
Interest
Depreciation
Prov. for conting, &c.._ Federal taxes
$972,101 $1,007,125 $2,093,285 $1,802,737
219,053
107,157
591,138
460,327
929,983
1,178,124
f100,008
896,113
400,718
796.705
896,113
796,705
Net profit
$48,135 loss$172,092
$3,899
$15,980
rLastcomple4 annual report in Financial Chrcrnick April 2 '32, p- 2536
Financial Chronicle
Volume 135
973
Lindsay Light Co.
Mullins Mfg. Corp.
Period End. June 30- 1932-3 Mos.-1931.
1932-6 Mos.-1931.
Net income after deprec.,
Federal taxes, &c____
$5,093
$28,913
$30,157
S52,996
Earns, per sh. on 60,000
$0.42
shs.com.stk.(par $10)
$0.03
$0.38
$0.76
arLast complete annual report in Financial Chronicle Feb. 13 '32, p. 1207
Period End. June 30- 1032-3 Mos.-1931
Gross profit
$75,699
$225,739
Expenses
85,676
173,744
1932-6 Mos.-1931
8226,115
$380.363
211,890
306,072
loss$9,977
1,419
$51,995
3,738
$14,225
3,027
$74,291
11,143
loss$8.558
6,712
Operating profit
Other income
$55.733
1,195
$17.252
15,899
$85,434
1,195
loss$15,270
$54,538
50,356
$1,353
•
Total income
Interest
Link Belt Co.
(And Subsidiaries)
1932.
1931.
6 Mos. End. June 30-1930.
1929.
$3,593,705 $7,226,751 $11.638,343 $13,581,525
Sales to customers
4,005,448
Cost of sales
6,808.519 10,291.618 11,889,148
Net profit on sales__ _loss$411,743
Other income
163,631
$418,232 $1,346,725
177,124
135,357
$1,692,378
121,601
loss$248,112
Total income
Sundry chgs. to income_
45,042
Federal tax estimate_
$595,356 $1,482,083
83,437
10,308
59,937
165,575
$1,813,979
101,933
196,114
Net cr.to surp.to date-l's$293,154
$451,981 $1,306,199 $1,515,932
For the quarter ended June 30 1932 net loss was $118,445 after charges
and taxes, comparing with a net profit of $209,350. equal to 20c. a share
on the common stock in the June quarter of 1931.
WLast complete annual report in Financial Chronicle April 23 '32, p. 3107
Liquid Carbonic Corp.
12 Months Ended June 30Net sales
Profit after expenses, &c
Interest
Depreciation
Federal taxes, Scc
1932.
1931.
$7,802,327 $10,838.915
1,253,870
1,813.186
19,755
64,183
625,712
636,660
74,482
134,975
Net profit
$533.921
$977.368
Earnings per share on 342,406 shares capital stock
31.56
82.88
rZ"Last complete annual report in Financial Chronicle Nov. 28 '31, p. 3637
Los Angeles Gas & Electric Corp.
12 Months Ended June 301932.
1931.
Not income after taxes, int., deprec., &c
34,457,270 $3,941,076
tiarLast complete annual report in Financial Chronicle May 7 '32, p. 3457
and April 16 '32, p. 2905.
Louisiana Oil Refining Corp.
(And Subsidiaries)
Period End. June 30-- 1932-3 Mos.-19:31.
1932-6 1tfos.-1931.
Gross sales
$3,748,952 $2,934,997 16.282,239 $5,697,083
Profit before interest, &c
136,409 loss123.158
331,667
81,365
Interest paid
65,961
37,161
120,855
67.298
Deprec., depletion, &c304,248
454,307
609,274
910,334
Net loss
$233,800
$614,626 $1,061,796 $1,058,997
r4T'Last complete annual report in Financial Chronicle June 4 '32, p. 4167
Louisville Gas & Electric Co. (Delaware).
(And Subsidiaries)
12 Months Ended June 30-1932.
1931.
Gross earnings
$10,178,500 $10,834,510
Operating expenses, maintenance and taxes
4,685,798
5,082,479
Net earnings
35,492.702 $5,752,031
Other income
447,567
258,621
Net earnings including other income
$5,940,269 $6,010,652
Interest charges-not
1,569,823
1,503,328
Balance
$4.370,446 $4,507,324
Preferred dividends
1,361,051
1,354,322
Retirement (depreciation) and depletion reserves_ 892,500
817,500
Amortizations of debt discount and expense
141,769
74,365
Common dividends
1,577,290
1,577,275
Surplus
$397.836
$683,862
I"
Last complete annual report in Financial Chronicle May 28 '32, p. 3980
McCall Corp.
Period End. June 39
- 1932-3 Mos.-1931.
1932-6 Mos.-1931.
Not income after charges
& Federal taxes
$315,306
$892,108 $1,168,319
$503,680
Shares com,stock outstanding (no par)_ _ _ _
546,160
572.057
546,160
572,057
Earnings por share
$1.63
$0.58
$0.88
$2.04
-Last complete animal report in Financial Chronicle Feb. 6 '32, p. 1038
Mack Trucks, Inc.
Period End. June 30-- 1932-3 Mos.-1931.
1932-6 Mos.-1931.
Net loss after all charges $203,872prof$127,411
$516,943
$51,326
W'Last complete annual report in Financial Chronicle Feb. 27 '32, p. 1593
Marlin-Rockwell Corp.
(And Subsidiaries)
Period End. June 30- 1932-3 Mos.-1931
1932-6 Mos.-1931
Net profit after deprec..
384,152 loss$43,726
loss$41,006
charges, &c
$204,071
Earns. per sh. on 364.145
Nil
$0.23
shs. no par stock
Nil
$0.56
igrLast complete annual report in Financial Chronicle Mar 19 '32, p 2162
Maytag Co.
Period End. June 30- 1932-3 Mos.-1931
1932-9 Mos.-1931
Net sales
$2,732,620 $3,005,518 $5,479,345
Net profits after taxes &
all charges
$57,245
255,240
22,187
470,993
Last complete annual report in Financial Chronicle Mar 12 '32, p 1969
Mid-Continent Petroleum Corp.
(And Subsidiaries)
Period End. June 30- 1932-3 Mos.-1931
1932-6 Mos.-1931
Net income
31.245,329 loss$527,232 $1,510,698
$4,780
Deproc.,depletion,leaseholds, abandoned &
surrendered,&c
941,485
1,545,966
2,242,592
2,906,601
Net loss
prof$303.844 82,073.198
3731,894 $2,901,821
tarLast complete annual report in Financial Chronicle April 23 '32, p 3108
Midland Steel Products Co.
Period End. June 30- 1932-3 Mos.-1931
1932-6 Mos.-1931
Not loss after expenses,
depreciation, &c
$135,950 pf$431,653
$275,085 Pf$747.925
UrLast complete annual report in Financial Chronicle Mar 12 '32, p 1970
Munsingwear, Inc.
(And Subsidiaries)
6 Months Ended June 301932.
1931.
1930.
Net loss after taxes and charges
$788,031
$368,320
$207,242
Earns. per sh. on 180,000 shs.
Nil
Nil
$1.15
KarLast COMplele annual report in Financial Chronicle Feb. 6 '32, p. 1040
Net profit
Preferred dividends_
$84,239
100,712
Deficit
$15,270 sur$4,182 sur$1,353
$16,473
Earnings per share on
100,000 shs. common
stock (no Par)
Nil
Nil
$0.04
Nil
larLast complete annual report in Financial Chronicle Feb 27 '32 p. 1594
National Acme Co.
Period End. June 30-- 1932-3 Mos.-1931.
1932-6 Mos.-1931.
Net loss after depreciation & interest
$246,343
$510,163
8232,353
3474.728
'Last complete annual report in Financial Chronicle Mar. 12 '32, p. 1971
National Dairy Products Corp.
(And Subsidiaries)
6 Mos. End. June 301932.
1931.
Profit from operations_ _x$9,214,761
Other income
1,047,837
1930.
1929.
Total
$10,292,598 $14,497,118 $17,127,443 $10.582,964
Net avail, for corn. stk.
after prov. for int.,
diva. on pref. stks. of
subs, held by public.
Fed. taxes & divs. on
cl. A & B pref. stocks_ 6,587,999 10,552,826 12.947,211
7,638.943
Earns, per sh. on cora. _
$1.05
$1.68
$2.16
$1.48
x After deducting $9,961,250 operating charges, including depreciation,
repairs and maintenance.
M"Last complete annual report in Financial Chronicle Mar. 26 '32, p. 2329
National Enameling & Stamping Co.
1931.
6 Afos. End. June 30- 1932.
loss$183,479 loss$211,364
Operating profit
Other income
1930.
$73.802
1929.
$349,232
30,739
1°84156,850 loss$180,533
Total income
Depreciation
60,042
90,388
Interest
Premium on bonds, &c_
Federal taxes
8121.144
131.290
$379.971
198,910
4,625
11.750
Net loss
Dividends
$216,892
$270,921
x3,426
$13,542prof$164,686
77,959
$216,892
Deficit
$270.921
$91.501 surS164,866
x Additional Wisconsin State income tax for year 1928.
IgrLast complete annual report in Financial Chronicle Apr. 9 '32, p. 2737
National Cash Register Co.
(And Subsidiaries)
Period End June 30- 1932-3 Mos.-1931.
1932-6 Mos.-1931.
$4,317,378 39.432,692 89,030.043 $16,119.684
Sales
Operat. loss after deprec'n 731,217 prof909,277
1,081,716 prof.551,464
Other Income
89,957
17,603
131,226
31,642
Loss
Federal taxes, &c
3641,260prof$926,880
Cr15,736
61,996
$950,490prof$583,106
14,689
91,405
$625.524prof$864,884
Net loss
$965,179prof$491.701
1:Xf Last complete annual report in Financial Chronicle Mar. 26 '32, p. 2325
National Tea Co.
24 Wks. End. -6 Mos. End. June 30June 18 '32.
Period1931.
1930.
$241,252
Net profit after Federal taxes
$389,291
$550,742
Shs. coin. stock outstanding (no par)_
627.996
660.000
660,000
Earnings per share
$0.32
$0.51
$0.75
tar'Last complete annual report in Financial Chronicle Mar. 5 '32, p. 1777
Nevada Consolidated Copper Co.
Period End, June 30-- 1932-3 Mos.-1931.
1932-6 Mos.-1931.
Oper. profit from copper
production
$428,218 1os4645,902
$418,030
loss$340,937
Value of precious metals
203,426)
367,654
Misc, revs.. incl. incomei
)
222.727,
93,468{
from subsidiaries
205,410)
426.207
Total loss
Inventory adjustment
$247,469 prof819,382
351,691
3423.175
734,992
$375,831
Net loss
$375.831
$599,166
$19,382 $1,158.167
10 Last complete annual report in Financial Chronicle Apr. 16'32. p.2907.
-
New England Power Association.
Period Ended June 30
Production Figures
ink.w.h.:
-1931.
1932-3 Mos.-1931.
1932-12 Months
Generated-Hydro _294,598,655 347,432,816 1,035,134,603 729,062,738
Steam
80,427,670 121,999.780 515,698,130 839,568.440
Total
375,026,325 469,432,596 1,550,832.733 1,558,631.178
Purchased-Hydro _ 47,618.250 21,763,034 202,678,571
40,080,982
Steam
55,323,733 47,644,785 305,717,674 363.439,791
Total
102,941,983 69,407,819 508,396,245 403,520,773
Grand total (k.w.h.)477.968,308 538,840,415 2,059.228.978 1.962,151,951
Gross earnings
$12,406,514 113,581.999 854,031,942 355.653.881
Net income for reserves & dividends 2.176,199
11,714,192
10,930,224
2,746,513
Preferred dividends_ 1,001,027
997,146
3.977,588
4,003,296
Bal. for reserves &
common divs___ 81,175,172 31.749.367
37,736.605
36.926.928
larLast complete annual report in Financial Chronicle May? '32, p. 3475
Newport Industries, Inc.
Period-Net sales
Cost and expenses
Depreciation
Int. and other charges (net)
Loss
Loss on sale of stock
Dividends receivecL
--3 Months Ended- 6 Mos. End.
June 3032. Mar. 31'32. June 30'32.
8909,217
$441,967
$467,250
954.617
466,229
488,388
98,675
52,020
46,655
11,093
27.075
15.982
$83,775
8,141
12,874
887,375
Cr14,592
16,242
3171.150
Cr6,451
29,116
x Net loss
856,541
$135.583
$70,042
x Exclusive of $9,634 idle plant expenses, charged against reserve created
for that purpose in June quarter, $3.31,129 in March quarter and $40,763
for the six months ended June 30 1932.
larLast complete annual report in Financial Chronicle June 4 '32, p. 416,
Financial Chronicle
974
Aug. 6 1932
New York Dock Co.
Northern States Power Co. (Delaware).
(incl. New York Dock Trade Facilities Corp.)
1930.
1931.
1932.
6 Months Ended June 30Revenues
31,584,708 $1,803,233 $2,191,705
1,142,653
851,898
Expenses
784,819
698,709
698.800
Taxes, interest, &c
653,135
(And Subsidiaries)
12 Months Ended June 301932.
1931.
Gross earnings
$333.479,503 $33,690,458
Operating expenses, maintenance and taxes
16,384,884 16.705.109
Net earnings
217,094,619 $16,925,349
Other income
177,164
234,603
$350,34.4
2252,534
Net income
$146,754
$1.43
20.03
Nil
Earnings per share on common shares
"Last complete annual report in Financial Chronicle April 23'82, p.3109
New York Edison Co.
-1931
Period End. June 30- 1932-3 Months
-1931. 1932-12 Months
Gross earningsfrom sales
of electric energy- -- -216,924,395 $19,027,159 271,716,948 $78,737,832
1,033,54.3
271.023 1,109,900
Miscel. oper.revenue--260.606
Total oper. revenues__217,185,002 219,298.182 $72,826,849 $79,771,374
Operating expenses
9,607.627 10,035.711 39,285,559 40,276,927
3,898,212
710,019 1,146,190 2,193,011
Retirement expense_ --7,830,615
1,971.214 2,111,792 7,972,251
Taxes
$4,896,142 $6,004,489 223,376,028 $27,765.620
Net earnings
Non-operating rev. (net) 2,752.756 2,476,776 10,895.352 9,783,613
Gross income
27,648,897 $8,481,265 $34,271,380 $37,549,234
Interest on funded and
1,672.022 1,342,924 5,903,623 5,395,456
unfunded debt
Surplus earnings
25,976,875 87,138,342 $28,367,757 232,153,778
Sales of electric energy
432.915.814 468,731,529 1831473,346 1922867,057
Kw. hours
WEast complete annual report in Financial Chronicle July 2 '32, p. 127
New York Shipbuilding Corp.
• 6 Months Ended June 30Net profit from operations
Income from investments. &c
Miscellaneous income
1932.
$629,333
65,330
29,978
1931.
$818,245
30,058
37,781
Gross income
Cash discount on sales
Interest on bonds
Dep-eciation
xNet loss on sale of electric division
2724,641
62
108,067
135,740
2886,084
226
113,415
221,346
139,509
2411,588
$480,772
Net income
x Sale consummated July 15 1931.
Mar. 12 '32, p. 127
ita 'Last complete annual report in Financial Chronicle
New York Steam Corp.
-1931.
-1931. 1932-12 Months
Period End. June 30-- 1932-3 Months
Gross earningsfrom sales
$2,139.664 $1,890,297 $9,613,834 $10,164,525
of steam
57.924
60,909
3,478
4.462
Miscel. oper.revenue_
Total oper.revenues_ _ $2,144,126 $1,893,775 $9,671,757 $10,225,434
5,499.681
1,085.585 5,270.141
Operating expenses
1.186,199
428,984
411.982
78,924
91,123
Retirement expense_ _ _
860,619
859,698
203,698
Taxes
247,801
Net earnings
Non-operating rev.(net)
2619,003
5,119
2525.568 $3,129,936 $3,436,149
61,817
66,384
14,060
3539.628 $3,191,753 $3,502,532
2624,122
Gross income
Interest on funded and
1,222,826
1,381,837
297,633
385,319
unfunded debt
$238,80.3
$241,995 $1,809,915 if,279.706
Surplus earnings
641,930
640.463
Applicable to pref. stock
Bal, available for diva.
$1,169.452 $1,637,776
on common stock
1,973,089 10,299,552 10,724,597
Sales ofsteam, 1,000lbs. 2.278,085
lZrLast complete annual report in Financial Chronicle Mar. 5 '32, p. 1761
Net earnings including other income
Interest charges
-net
$17,271.783 217,159,952
5,719,905 5,722,433
Balance
Preferred dividends
Retirement (depreciation) reserve
Amorti_ation of debt discount and expense
Common dividends
211,551,878 $11,437,519
5,120,005 4,899,832
2,900,000 2,650,000
101.250
180,000
3,315,588 3,315,600
Surplus
236,285
$470,837
Note.
-The operating expenses for the 12 months ended June 30 1931.
include $210,000 credit for withdrawal from contingent reserve.
tarLast complete annual report in Financial Chronicle may 7 '32, p. 3444
Pacific Western Oil Corp.
(And Subsidiary)
6 Months Ended June 30-Gross income
Operating charges
Interest on funded debt
Depreciation, depletion and reserve for abandon
Total gross income
General expenses
Interest on funded debt
Amortization of bond discount and expense
Income tax paid at source
Interest on unfunded debt
Provision for taxes
Security losses charged against income
Miscellaneous reserves
$1,662,308 $2,831,347
422,317
252,171
418,250
381,018
19.167
19,167
3,655
3,485
221,844
28,210
9,194
403.567
138.898
Net income
Earned surplus Jan. 1
$435,791 $1,736,920
376,190
283,189
Gross earned surplus
MLscell. adjustments applic. to prior years, &c---Dividends on preferred stock
Dividends on common stock
$718.980 $2,113,110
Cr5,806
11,006
182,373
91,098
183,456 1.470,831
$540,175
$358,957
Earned surplus June 30a
$0.22
$0.23
Earnings per ski. on avge.skis. cont. stk. outstand
a Unrealized depreciation in the market value of the corporation's
investment in stocks and bonds, based on cost, increased $14,921,900
-during the period Jan. 1 1932 to June 30 1932.
-Last complete annual report in Financial Chronicle Feb. 6 '82, p. 1040
10
Noranda Mines, Ltd.
Estimated Operating Statement for 6 Months Ended June 30 1932.
29,529,873
Pounds of anodes produced
$6,203,363
Total recovery
Cost of metal production, incl. mining, customs ore, treatment
3,237,143
and delivery, and administration & general expenses
294,034
Reserved for taxes
Balance
Miscellaneous income
22,672,186
187,562
Est. profit, before providing for deprec. & contingencies
Estimated reserve for depreciation (at 15%)
Reserved for contingencies
$2,859,749
718,942
100.000
22,040,807
Estimated net profit
$0.91
Estimated net profit per share
Estimated net income for the second quarter of 1932 amounted to $949,365
after taxes, depreciation, dm., equal to 42c. a share, comparing with
21,091.441, or 49c. a share, in the preceding quarter.
tarLast complete annual report in Financial Chronicle April 2 '32, p. 1539
Pacific Public Service Co.
1932-6 Mos.-1931.
Period End. June 30- 1932-3 Mos.-1931.
Net profit after deprec..
int., Fed. taxes & incl.
div. req. on pref. stks.
$29.255
$54,285
$267,674
$191,715
of subs
'Last complete annual report in Financial Chronicle April 9 '32,[p. 2721
b235.400
2,557,992
2,626,330
Net loss
Earned surplus
Capital surplus
2688,521
Panhandle Producing & Refining Co.
(And Subsidiaries)
1930.
1931.
1932.
6 Months Ended June 30$933,549 $1,296,979 $2,320,098
aGross operating income
1,995,219
1,340,863
926,926
bCosts, expenses & taxes
377,840
c1230,514
156.340
cDepreciation, depletion, &c
Loss
Other deductions
$149,717
13,390
$274,397
431
252,961
49,222
Loss
Interest, discount, &c
$163,107
16,593
$273,966
20,712
23.739
32,803
236.542
2179,700
3294,678
Net loss
a After gasoline sales tax. b Includes intangible development costs.
c Includes amortization. d Includes inventory adjustments.
nrLast complete annual report in Financial Chronicle April 9 '32, p. 2798
Parker Rust-Proof Co.
1932-6 Mos.-1931.
Period Ended June 30- 1932-3 Mos.-1931.
Net profit after charges
and deprec. but before
$407,863
$199,033
3228,826
3132,710
Federal taxes
nrLast complete annual report in Financial Chronicle May 14 '82, p. sea
Park Utah Consolidated Mines Co.
6 Months Ended June 30Ore sales
Other income
• 1932.
39,327
33,501
1931.
1930.
$264,454
$830,810
x69,09933,562
Total income
Expenses
Ordinary taxes
Depreciation
242,849
143.686
7,910
45,665
2333,553
481,882
26,207
52,800
2864,372
829,535
27,061
57,032
Net loss before depletion
$154,413
$227,336
$49,256
x Includes 224,365 tax refunds and interest.
lar'Last complete annual report in Financial Chronicle April 2 '32, p. 2541.
Niagara Share Corp. of Maryland.
(And Subsidiary Companies)
1931.
1932.
6 Months Ended June 30-$1,180,104 $1,816,829
Dividends received
451,232
436,130
Interest earned
282.404
26,633
Profits & commissions of investment banking sub_
11,255
191,866
Syndicate profits
74,443
6.129
Rents received
14,574
2,056
Miscellaneous
1932.
1931.
$2,137.534 $1,934,275
1.007,795
1,058,834
402,171
467,630
962,969 1.096,333
Pathe Exchange, Inc.
(And Subsidiary Compnaies)
-13 Weeks Ended-26 Wks.End.
PeriodApril 2 '32. July 2 '32. July 2 '32.
Gross sales and rentals
2191,352
291,759
2283,112
Cost of sales and rentals
120,007
78,654
198,660
Net operating income
Other income
271,346
96,332
Total income
Gen., adminis. & selling expenses_ _ -Int. on funded debt & amortiz. of
discount and expenses
Provision for bad debts
Prov. for deprec. of fixed assets in
excess of regular provisions
• $13,106
109,402
$84,451
205,734
$167,078
68,312
$122,508
94,301
2290,186
162,613
62,007
48,287
13,802
110,294
13,802
1,330
1,329
Net profit
236,029 def$33,883
22.146
Note.
-General administrative and selling expenses for the 13 weeks
ending July 2 and for the 26 weeks ending July 2 includes a substantial
amount of non-recurring expense in connection with the wind-up of certain
important litigation.
tarLast complete annual report in Financial Chronicle Apr. 21 '32, p. 2541
and March 26
p. 2357.
Pennsylvania Water & Power Co.
Earnings for 6 Months Ended June 30, 1932.
Gross income
Operating expenses
Maintenance expenses
Renewals & replacements expense
Taxes
Interest on funded debt
$2,467,318
347,695
149,725
185,612
218,650
530.950
Net income
Dividend
31.034,686
644,772
Surplus
$389,914
Earnings per share on 429,848 shares outstanding
$2.40
nirEast complete annual report in Financial Chronicle Feb. 6 '32, p. uns
Philadelphia Co.
(And Subsidiaries)
12 Months Ended June 30Gross earnings
Operating expenses, maintenance and taxes
1932.
1931.
351,520,913 $59,438,575
26.716,036 29.626,498
Net earnings
Other income
$24,804,877 $29,812,079
1,386,532
1,410,002
Net earnings including other income
$26,191,409 831,228,081
Interest charges, rentals, contract payments and
miscellaneous income charges
8,262,179 8,616,974
Balance
817.929.230 $22,611,107
Preferred dividends
3,721,912 3,454,501
Retirement (depreciation) reserve
6,440,045 6,584.257
Amortization of debt discount and expense
369,321
362,444
Common dividends
7,680,254 7.680.118
Surplus
df.$282,302 24,529.787
OrIzat complete annual report in Financial Chronicle Apr. 23 '32, p. 3092
Financial Chronicle
Volume 135
Peoples Drug Stores, Inc.
• Radio Corporation of America.
(And Affiliated Corporations)
Six Months Ended June 301932.
1931.
Net sales
$8,185,755 $8.577,757
Other store income
128.576
135,612
Total store income
$8,314,332 $8,713,369
zCost of sales, operating expenses (incl. adm. &
general expenses)
8.086.893 8,415,420
Operating profit
$227,438
$297,949
Other deductions, less other income
26,296
18.357
Estimated Federal income tax
29,166
32,551
Net profit
$171,977
$247,041
Dividends on preferred stock
73,129
78.130
Dividends on common stock
61,369 Not report'd
Balance
$37,478
$168,911
Shares common stock outstanding (no par)
122.737
123,502
Earnings per share
$0.80
$1.37
x Includes depreciation of $154,880 in 1932 and $132.682 in 1931.
For the quarter ended June 30 1932, net income was $70,483 after charges
and taxes, equal to 28 cents a share on 122,737 common shares.
1:ff'Last complete annual report in Financial Chronicle Mar. 26'32, p. 2357
Pierce-Arrow Motor Car Co.
(And Subsidiaries).
Period End. June 30- 1932-3 Mos.-1931.
1932-6 Mos.-1931.
No.of vehicles sold
1,385
1,523
2,987
Net sales
$2,011,133 $3,899,013 14.823,915 $8,053,401
Cost of sales. incl. selling,
adver. & admin. exps.
& all cost of mfg., &c_ 2,784,077 3,732,015 5,719.017
7,529.263
Reserve for depreciation
95.272
76,374
178,418
153,369
Net profit on sales_ _ -loss$888,216
$90,6241oss$1073520
$370,769
Int.,disct.on purch., &c_
18,653
33.388
54.980
68,442
Total profits
loss$849,563
$124,0121oss$1018540
$439,211
bit, on debentures, &c
29,237
8.750
53,794
17,500
Net profits for period_loss$878,800
$115,262loss$1072334
$421,711
Div. paid pref. stock _
107,250
106,650
214,500
Div. paid class A stock_
49,312
147,937
Deficit
$878,800
$41,300 $1,178,984 sur$59,274
rarLast complete annual report in Financial Chronicle Mar. 12'32, p. 1945
Pittsburgh Screw & Bolt Corp.
6 Mos. End. June 30
Gross profit on sales_ _ _ _
Admin. & selling exps
975
1932.
$128,828
320,737
1931.
1930.
1929.
$687,394 $2,172,868 $2,674,490
518,923
617,684
576,180
Operating profit
1064191.909
$168,471 $1,555.184 $2,o98.310
Other income
43,072
77,410
264.273
144,864
income
Total
loss$148,837
$245,881 $1,819,457 $2,243,175
Other deductions
22,976
63.649
47.220
2,943
Depreciation
154,533
155,164
244,278
228,092
Interest
107.580
107,920
108.097
116.298
Federal income tax
170,383
227.365
Net Profit
lose$433,926 1oss$80.852 $1,249,479 61,668,477
She, of cap. stk.(no par) 1,500,000
1,500,000
1,500.000
1,498,983
Earnings per share
Nil
Nil
$0.83
$1.11
For the quarter ended June 30 1932 net loss was $183,785
and charges, against a net loss of $84.044 in the June quarter of after taxes
1931.
arLasttomplete annual report in Financial Chronicle Apr. 23 '32, p. 3110
(And Subsidiary Companies)
Period End. June 30- 1932-3 Mos.-1931.
1932-6 Mos.-1931.
Gross inc. from opeens_$15,629,961 $22,819,614 $35,952,368 $47,382.296
Other income
326.980
310.742
589,794
591,431
Total gross income
from all sources_ _$15,956,941 $23,130,355 636.542,163 $47.973,727
Cost of sales, general op.
erating development,
sell. & adminis. exp-- 14,608,751 19,724.002 32,943,655 40,545,013
Interest
384,401
326,240
655,255
739.275
Depreciation
1,824,768 2,373,847 3,700.735
1,155,767
Amortization of patents_
75,000
150.000
300,000
200.000
Prov.for Fed.inc. taxes
50,000
50.000
150.000
Netincome__ _ _ __ __ df.$283.818 $1,072,184
Preferred A dividends341,537
Preferred B dividends959,001
Deficit for the period.. $283,818
$228,354
$123,613 sur$35.294
Surp.at begin'g of period 11.487,994 30.274.186 11.327,798 30.010.538
Surp.at end of perioth$11,204,175 $30.045,832 $11.204,176 $30,045.832
ItarLast complete annual report in Financial Chronicle Mar. 19 '32, p. 2138
Reliance Manufacturing Co. of Illinois.
-3 Mos. Ended.- 6 Mos.End.
PeriodJune 30'32. Mar 31'32. June 30'32.
.
Net profit after charges, taxes, inventory adjustments, &c
loe.s$10,795
$90,707
$101,502
Earns, per sh.on 250,000 shs.common
stock (par $10)
Nil
$0.28
SO 11
rarLast complete annual report in Financial Chronicle Apr. 2 '32, p. 2543
Republic Petroleum Co., Ltd.
Earnings for .Six Months Ended June 30 1932.
Gross crude oil production
Proceeds from sale of gas and casinghead gasoline
$216.388
11,255
Total
Royalties
6227.643
36,362
Net realization from production
Production and general expense
Depreciation
Depletion (estimated)
Abandonments
$191,282
83.743
48.629
34,704
804
Net profit
$23,401
ga'Last complete annual report in Financial Chronicle May 28 '32, p. 3994
Revere Copper & Brass, Inc.
Sir Months Ended June 30Operating profit
Miscellaneous charges (net)
Interest
Depreciation
1932.
1931.
$18,066,886 $12,261,456
18.037.590 11,881,763
Profit from coal sales
Other income from operations
$29.21'6
371,940
$401,236
Operating profit
Dividend income
$379,693
189,792
$569.485
86,462
Totalincome
$401,236
$655,947
Interest
397,841
169,522
Provision for Federal taxes
24,179
47,500
Depreciation, depletion and amortization
567,761
Loss on sale and demolition of property,&c
155,984
Minority interests
135.698
Net profit
loss$880,227
$438,925
Earns. per sh.on 1,075,100 she. no par stock
Nil
$0.40
larLast complete annual report in Financial Chronicle June 4 '32, p. 4171
Plymouth Oil Co.
6 Months Ended June 30Net profit after depreciation, depletion, &c
1932.
$946,501
1931.
$219,838
Pond Creek Pocahontas Co.
6 Mos. End. June 30
1932.
Tot. earns, of maint. &
sub. co from coal &
miscellaneous opera- - 3118.028
Admin. & gen. exp. incl.
sundry taxes
42,420
Int.& chgs. on gold debs.
less int. on bank deposits, &c
39,441
Res. for depl. & deprec 1
61,417
Res. for FeO. Inc. tax_ _ 1
1931.
1930.
1929.
$208,803
$152,107
$148,184
31,216
20,386
21,109
39,475
83,717
35.692
74.193 t
1
Min
2.701
Net profit
loes$25,251
$54,395
$21,835
$15.180
Coal tonnage produced during six months
rjrLast complete annual report in Financial Chronicle April 2 ,604.391.
'32, p. 2542
Purity Bakeries Corp.
(And Subsidiaries)
-12 Weeks Ended- -28 Weeks EndedPeriodJuly 16 '32. July 11 '31. July 16 '32. July 11 '31.
Net profit after interest,
deprec.. Fed. tax., &c. 8141,750
$559,890
$260,353 $1,190.884
Earns, per eh.on 805.045
$0.17
shs. corn. stk.(no par)
$0.70
$0.32
$1.48
WLast complete annual report in Financial Chronicle Jan. 30'32, p. 840
Railway Express Agency, Inc.
-Month of May- -5 Mos. End. May 31
1932.
Revenues & Income1931.
1932.
1931.
Charges for transporta'n$13,874,702 819,137,715 662,352,704 $85,496,626
278,676
353,032
Other rev. and income__
1,257,782
1,470,583
Total revs. & income..$14,153,378 $19,490,747 $63,610,486 $86.967.209
Deductions from Rees. ct Inc.
$7,590,721 $9,968,177 $37,630,608 $47,649,736
Operating expenses
97.881
86,767
Express taxes
488,116
569,303
145,724
146,740
Int.& disc,on fund.debt
732.683
727,607
4,512
6,572
24,542
Other deductions
18,702
67.830.800 610.216,294 $38,875,949 648,965.348
Total deductions
Rail transports.revs.• $6,322,578 $9,274,453 $24,734,537 $38,001,861
•Payments to rail and other carriers-express privileges.
1932.
$62.844
8.396
274,125
595,537
1930
1931.
$779.633 $1,614,722
48,865
45.764
281,468
297,247
593.358
565.092
Net loss
$815,214
$144.058xprof$706619
x Profit before inventory adjustments. During 1930 period $1,690.000
was charged for inventory adjustments to the reserve previously created
for that purpose.
'Last complete annual report in Financial Chronicle Mar. 26'32, p.2358
San Diego Consolidated Gas & Electric Co.
Month of June- -12 Mos
.End. June 301932.
1932.
1931.
1931.
$575,436
$567.505 $7.704,682 $7,369,853
287.578 3,933.789 3,759.358
277.173
462 .
5.771
163
4,431
Pittston Co.
6 Months Ended June 30
Grose sales
Cost of sales
$219,405 $2,638.703
343,019
685.037
1.918,372
Gross earnings
Net earnings
Other income
$287,741 $3,939.560 $3,763,789
Net earns.incLoth
$277.635
Balance after interest
3,147,425 3,006,333
Last complete annual report in Financial Chronicle May 7'32, p.3459
r4r
Seaboard Oil Co. of Delaware.
(And Subsidiaries)
Period End. June 30- 1932-3 Mos.-1931.
1932-6 Mos.-1931.
$3316,124 $1,255,187
$627.626
x Gross earnings
1765.042
Operating expenses
211,501
246.998
426.122
500,171
Operating profit
Other income
$416,125
21,348
$69,126
12,974
$829,065
38.212
$264.871
23.738
Total income
Deprec and deplet., &c.
$437,473
243,002
$82.100
117.017
$867,277
492.467
$288,609
270.371
6194.471 loss$34,917
Net profit
$374.810
$18,238
z After deducting share of products according to operators of Kettleman Hills absorption plant, $148,336 for first six months of 1932).
larLast complete annual report in Financial Chronicle Mar. 26 '32, P. 2358
Second International Securities Corp.
6 Months Ended May 311932.
1931.
Interest
$185.216
$263,233
Dividends (including no stock dividends)
160.106
247.836
Profit on syndicate participations
3,975
Other income
483
Gross income
$345,805
6515.045
Investment service fee
45.645
55.816
Miscellaneous expenses
28.451
33.899
Interest and amortization of discount, debentures _
159,109
187.313
Miscellaneous taxes
2.567
3,902
Foreign government taxes
1,587
5.921
Net income
6108.444
$228.192
Dividends,on first preferred shares
/3.363
37.407
Dividends on second preferred shares
20,000
30.000
Dividends paid on class A common shares
92.427
154.046
Balance ofincome
def$27.347
$6.740
rarLust complete annual report in Financial Chronicle Feb. 6 '32, p. 1043
Sharp & Dohme, Inc.
Period End. June 30- 1932-3 Afos.-1931.
1932-6 Mos.-1931.
Gross profit from sales__ $1,215,468 61,417.593 $2.479,044 $2.972,623
Sell. & adminis. exps_ 943,414
1.020,224
1,968,238 2.184,411
Earns, from oper_-$272.054
$397,369
$788,212
$510,806
Income charges (net)..- 40,083
48,572
93.962
80.566
Depreciation
34.269
32,414
68,882
63.756
Federal income taxes
30.049
37,966
75.659
49.687
Net profit
$167.653
$278,417
$311,671
$554.835
Earns. per sh.on 776,627
she. com.stk.(no par)
Nil
Nil
$0.10
$0.20
larLast complete annual report in Financial Chronicle Mar. 19 '32, p. 2169
(Frank G.) Shattuck Co.
(And Subsidiaries)
Period End. June 30-- 1932-3 Mos.-1931.
1932-6 Mos.-1931.
Net profit after deprec.,
Federal taxes, &c_ _
$153.821
$532,107
$413.324 $1,089,004
Earns, per sh. on 1,290,000 sias.cap.stk.
(no par)
$0.12
$0.41
$0.32
$0.84
i:grLast complete annual report in Financial Chronicle Mar. 26 '32, p. 2359
Financial Chronicle
976
Oil Corp.
(And Subsidiaries)
1932-6 Mos.-1931.
Period End. June 30-- 1932-3 Mos.-1931.
x Gross oper. earnings- -$41,172,365 $42,568,580 $78,324,620 $86,781,977
Operating & general exp- 31,298,018 40,675,862 60,613,286 81,943,224
Depletion, deprec., &c... 8,728,962 11.417,488 17,885.626 22.710,360
1,551,684 2,742,655 3,115,376
1.327,938
Interest
Cr27,485
18,479
ór20.420
10,573
Minority interest
Shell Union
$193,126 311.056,034 $2,935,426 $20,959,506
1,100.000
550,000
$193.126 $11,606,034 $2,935,426 $22,059,506
Deficit
x Including a half interest in income of Comar Oil Co.
larLast complete annual report in Financial Chronicle Apr. 30'32, p. 3293
Net loss
Preferred dividends..
Shell Pipe Line Corp.
1931.
1932.
3 Months Ended June 30-Revenue from transportation of crude oil and
$5,416,225 $5,946,077
miscellaneous income
1.128.640
980,346
Cost of transportation and general expenses
352,081
337,820
Interest and discount on funded debt
738,905
867,686
retirements, &c
Depreciation,
Net oper. profit before providing for Fed. tax__ $3,230,372 $83,726,448
Simmons Co.
(And Subsidiaries)
1930.
1931.
1932.
6 Months Ended June 30$8.240,171 $14,872,646 $23.428,258
Net sales
x19,713,837
8,421,447 12,281,911
Costs and expenses
$818,724 $2,590,735 $3,714,421
Operating profit
335,940
296,568
Other income
Total income
Interest, discount, Fcc
Depreciation
Maintenance
Advertising
Ordinary taxes
Federal and Dominion taxes
Preferred dividends of subsidiaries- _ -
$818,724 $2,887,303 $4.050,361
1,342.911
805.759
367,413
1,076,027
975.488
953,241
522,945
334.879
218,120
802,217
643,635
243,930
367,337
284,903
25.684
113.946
28,515
23,625
3268.310prof$166,631
$1,272,508
Net loss
x Includes ordiaary taxes.
annual report in Financial Chronicle Apr. 23 '32, p. 3111
Last complete
Simms Petroleum Co., Inc.
(And Subsidiaries)
1932-6 Mos.-1931.
Period End. June 30- 1932-3 Mos.-1931.
1,932.373
1,571,066
820,016 1,028,051
Net production (bbls.)_
10,676
8,635
11,297
9,011
Daily net average (bbls.)
Daily refinery through-4,330
4,820
5,451
8,078
pur. (bbls.)
$235,826 $1,814.110 $1,119,250
$1,015,423
aGross open revenue
1,305.920
1.062,090
642,260
528.027
Operating expense
$752,019 def$186,669
$487.396 def$406.435
Gross profit
24,498
83.678
12,327
73,759
Other income creditsTotal income
Interest, lease rentals,
general taxes, &c
Drilling costs, &c
Deprec., depl. & aband's
Loss on sale of prop
$561.155 def$394,107
74,298
174,992
372,124
89,757
58,223
533,964
227,225
$835,697 def$162.172
179,492
148.584
114,186
247.326
1,016,578
726,944
227,225
3287.157 31,699.654
560.259 31.303.277
Deficit
a After deducting cost of raw material refined.
Chronicle Mar. 12 '32, p. 1945
rairLast complete annual report in Financial
Skelly Oil Co.
(And Subsidiaries)
1932-6 Mos.-1931.
1932-3 Mos.-1931.
Period End. June 30
$5,049,253 $4,351,757 $8,757.502 $9,152,522
Gross earnings
3.207,581 3.621,477. 5.836,612 7,407,929
Operating expenses
$730,280 $2,920,890 $1,744,593
Operating income__ $1,841,672
270.337
105.023
Other income
$730,280 $3,191,227 $1,744,593
$1.,946,695
Total income
435,048
374.877
222,467
187,317
Interest charges
4,012,428
2,859,871
2.434,351
1,524,271
Deprec. & depletion$43,521 $2,702,883
Prof.5235,107 $1.926,538
Net loss
Shares com, stock out1,011,922
1,011.753
1,011,922
standing (par $25)_...._ 1,011.753
Nil
Nil
Nil
$0.06
Earns.per sh.on cap.stk.
Last complete annual report in Financial Chronicle Apr. 18 '32, p. 2899
Sal
Southern Canada Power Co., Ltd.
.
-Month of June- -9Mos.End June301931.
1932.
1931.
1932.
5188,207 51,693,929 51.775,287
Gross earnings.
5174.008
694,272
617,092
74,560
63,110
Operating expenses
$113,647 $1,076,837 $1,081,015
Net earnings
$110,898
0
ItarLast complete annual report in Financial Chronicle Dec. 5 '31, p. 879
Southern Colorado Power Co.
12 Months Ended June 30
Gross earnings
Operating expenses, maintenance and taxes
1931.
1932.
31.989.705 $2,190,725
1,164,478
1,062,024
Is et earnings
Other income
5927.681 51,026,247
6,354
505
Net earnings including other income
-net
Interest charges
$928,186 $1,032,601
435,032
433.647
Balance
Preferred dividends
$494,539
297,773
5597.569
297,773
Balance for retirment (depreciation) reserve,
$299,796
$196,766
common dividends and surplus
Ki"Last complete annual report in Financial Chronicle May 7 '32, p. 3459
Southwestern Bell Telephone Co.
1929.
1930.
1931.
6 Mos. End. June 30-- 1932.
237,388,729 $42,022,683 $43,519,899 $441,930,725
Gross revenue
8,117.054 10,106,518 10,819.462 11,148.867
Operating income
larLast complete annual report in Financial Chronicle Mar. 12 '32, p. 1956
Aug. 6 1932
Standard Investing Corp.
(Incl. American, London & Empire Corp.)
6 Mos. '32. 4 Mos.'31.
Period Ended June 30$217,642
stocks of domestic & foreign corporations_ 5102.295
Divs. on
62,847
123,085
Interest on domestic & foreign bonds
3,352
Interest on call loans & bank balances
9,597
Miscellaneous income
$283.840
$234,977
Total income
Deductions, incl. int, on debs., amort. of discount
on deos., Fed. & other taxes paid & accrued,
210,860
233,952
directors'fees,salaries, &c
$72.980
$1,025
Net income
191,001'
192,557
Previous income account balance
Less
-Amount transferred to cap, surplus reprerepurchase (at a dissenting credit arising from
count) of debs. of $447,000 prin. amount less
unamort, discount thereon credited to income
Dr71,273
account at Feb.28 1931
$192,709
$193,583
Income account balance June 30
-The income account balance shown above is before providing
Note.
for the depreciation of $4,424,809 in value of investments based on approximate market value at June 30 1932. This compares with a depreciaover
tion of 54,313,887 on Dec. 311931. Excess of realized trading losses been
realized trading profits for the period amounting to $1,398,682 has
charged to capital surplus.
Consolidated Statement of Capital Surplus 6 Mos. Ended June 30 1932.
51.284,708
Balance Dec.31 1931
Credit from acquisition (at a discount) of debentures of 3795.000
341,880
during the 6 months ended June 30 1932.principal amount
Empire
Net decrease of minority Int. in American, London & of sec
8.818
Corp. computed on a liquid basis due to depreciation
$1,635.406
Total surplus
25,500
Provision for depredation of advances, loans, &c profits for
trade
Excess of realized trade losses over realized
1,398,682
6 months ended June 30
$211,224
Balance June 30 1932
p. 885
larLast complete annual report in Financial Chronicle Jan. 30
Standard Oil Co. of California.
1932-6 Mos.-1931.
Period End. June 30-- 1932-3 Mos.-1931. 515.461,379 313,693.423
$8,267.559 $5.130,307
Operating income
587,525 1,145,351
475,138
339.520
Other income
$5,605,445 $16,048,904 $14,838,774
28,607,079
Total income
Depl., depr. & amort_.- 4,368,777 4,252.087 8,690,360 8,850,806
344,000
442,000
78.000
252,000
Federal taxes
$33,986,302 $1,275.358 $6,916,544 $5,643.968
Net profit
Shs. cap. stk. outstand.
13,102,900 13,102.900 13,102 900 13,102,900
(no par)
$0.43
$1).3.3
$0.10
$0.30
Earnings per share
tai'Last complete annual report in Financial Chronicle May 7 '32, p. 8445
Stanolind Crude Oil Purchasing Co.
Earnings for 3 Months Ended June 30 1932.
Net profit after taxes, interest and depreciation
$815.903
Sterling Securities Corp.
1929.
1931.
1930.
1932.
6 Mos. End. June 30$427.225
$635,465
$571,642
Interest and dividends__ $231,358
1,049,946
461,246
337.198
Profit on sale of invest_loss6,389.505
$908,240 51.096.711 31,477,172
loss$6,158,147
Total Income
79,314
101,347
55.157
42,810
Expenses__ __ ______ ,__
144,159
49,140
37.124
Accrued for taxes
.
H
$1 6,225 51,253,698
$815,959 -- loss$6.200,956
Net income
Dividends on pref. stock
299,970
745,564
731,272
paid and accrued
$953,728
5200,662
$84.687
Earned surplus_ _loss$6,200,956
400.521
1.855,682 1.757,861
Earned surplus Dec.31_ def5.087.671
Total earned surp-def$11.28S,628 51,940,369 51.958,523 51,354,250
in Financial Chronicle Feb.6 1939, p. 1044
la"Last complete annual report
Stewart-Warner Corp.
(And Subsidiaries)
1932-6 Mos.-1931.
Period End, June 30- 1932-3 Mos.-1931.
Net loss after deprecia$220,819
tion and taxes
$487,173prof,1110,937 $1,023,933
IgrLast complete annual report in Financial Chronicle Feb..27 '82, p. 1598
Superior Steel Corp.
-1931.
1932-6 dos.
Period End. June 30 1932-3 Mos.-1931.
Net loss after deprec.,
$241,037
$275,772
$96,609
interest, taxes, &c..
$125,128
ri"Last complete annualreport in Financial Chronicle Mar. 12'32, p. 1975
Superheater Co.
6 Mos.End. June 30
1932.
Profit from operationa Iosa$42.229
Inv.& diva,from invest..
bank balances, &c
356.074
Miscell. inel. gain °meal° of investments
Total income
Depreciation
Federal income tax
Appllc to min. interests
1929.
1930.
1931.
$404.051 $2,324,857 $2,256,825
683.2841
587.614
452,568
1
44,618
65,234
$313,845 $1,087.335 52.957,088 $2.774.627
80,678
67,772
81,563
35,966
63,452
341,831
45,925
320,978
98,902
29,587
162,275
Cr7,081
5926,524 32,435.677 52,209,811
Net earnings
$239.035
She. capital stock out985,205
985,205
985,205
880,349
standing (no par)
52.51
$0.94
b0.27
$2.27
Earnings per share
lZrEast complete annual reporj in Financial Chronicle Feb. 13 '32, p. 1212
(G.) Tamblyn, Ltd.
-3 Months Ended- 6 Mos. End.
June 3032. mar. 31'32. June 30'32.
PeriodNet income after charge__
Earnings per share on 28,000 shs.
common stock
333,760
$0.87
$40,420 51,884 848
$1.98
$lat
Teck-Hughes Gold Mines, Ltd.
1932-9 Mos.-l931.
Period End May 31- 1932-3 Mos-1931.
54,942,564 54,451,334
Gross income
Net income after taxes
$979,105 $2,628,837 52,448,561
$967,727
and charges
Shares capital stock out4.797.144 4,807,144 4,797,144
standing (par $1)__ .... 4.807.144
$0.20
$0.20
$0.54
$0.51
Earnings per share
la'Last complete annual report in Financial Chroncile Nov. 28 '31, p. 8842
Standard Fruit & Steamship Corp.
-(John R.) Thompson Co.
(And Subsidiaries)
1932-6 Mos.-1931.
1932-3 Mos.-1931,
Period End. June 30
Net income after taxes,
$733,910
$841,857
$431,511
deprec. & other chgs- 3915,062
1.097.500 1,100,000
1,100,000
Shs. corn, stock must_ _ _ 1,097.500
$0.19
$0.32
$0.61
$0.15
Earnings per share
la"Last complete annual report in Financial Chronicle May 7 1932, p. 3472
Period End, June 30- 1932-3 Mos.-1931.
1932-6 Mos.-1931.
53,135,225 $33,469,085 $6,417,451 60,950,441
Sales
Net profit after deprec.
185,666
138,803
334,236
and Federal taxes.403,497
Earns. per sh.on 300,000
$0.62
$0.46
$1.11
$1.34
she.cap.stk.(par $25)
rffirLast complete annual report in Financial Chronicle Mar. 5 '32, p. 1781
Volume 135
Financial Chronicle
Texas Pacific Coal & Oil Co.
Period End. June 30- 1932-3 Mos.-1931.
1932-6 Mos.-l931.
51,481,856 $1,344,482 $2,656,319 $2,866,237
Gross
Expenses
1,318,554
1.423.519 2,413,743
2,849,299
Operating profit
Other income
$163,302 def$79,037
x98,914
18,028
$242,576
x5.39,632
$16,938
27.990
Gross income
Deductions
Deprec., depletion, &c
$262,216 def$61.009
62.867
135.177
106.361
268,657
$782.208
138,865
227,060
$44,928
235,954
499,211
Net income
Earns. per sh.on 932,403
.-92,988 1osse464,843
$416,283 loss$690,237
shs. cap.stk.(par $10)
$0.10
Nil
$0.44
Nil
x Includes non-recurring income.
,
"Last complea annual report in Financial Chronicle April 2 1932, p.
2547, and March 26 1932, p. 2360.
Tide Water Associated Oil Co.
(And Subsidiaries)
1932.
1931.
1930.
1929.
aTotal vol. of business_ _544,101.597 $47,593,117 $73,291,546 $83,210,004
bTotal expenses incident
operations
35,110,453 x40,548,143 58,962,394 71,380,964
to
Operating income_
$8,991,144 $7,044,974 $14,329,152 $11,829,040
Other income
540,307
1.122,641
1,668.870
1,566,035
Total income
$9,531,451 $8,167.615 $15,998,022 $13,395,075
Int.,discount& premium
on funded debt
343,724
431.418
530.310
610.814
Cancelled leases, developments, exp. on both
produc. & unproduc.
acreage, aband. wells
& retire, of phys. prop.
57,948
2.071,944
2,903,488
Arnort. of invest. & undevelopel leases-- 436.247
Depreciation and depletion charged off
6,052.305 6,273,714
6,013,010 6,268,577
Estimated Fad.inc. tax_
328,577
385,674
Minority interests' proportion of earnings__ _
541,527
468,002
627,002
1,087,988
Net profits
$2,099.700loss$1077464 $5.595,636 $5,042.020
Previous surplus
13,739,247 20,517,486 16,888,080 11,615,444
Adjust. applic. to surplus
128,734
of prior years
Capital surplus created
by reducing stated
value of common stock
34,097,880
to $10 per share
Total surplus
$50,065.560 $19,440,022 $22,483,716 $16,657,464
Adjustments applicable
Dr.28,218 Cr.874.602 Dr.120,202 Dr.348,430
to prior years
Royal. of assets & writeoff of unrecoverable &
intangible items
y34,097,880
Preferred dividends_ _ _ _ 2,017.712
2,198,172
2.198,535
2,194,143
Common dividends
1,721,739
surplus as ofJune 30_ $13,921,751 $16,394,713 $20,164,978 $14,114.891
Shs. of corn. stk. outst- 5.610,511
5,740,143
5,813,937
5,098,310
Earned per share
$0.01
Nil
$0.58
$0.56
a Done by company and subsidiaries as represented by their combined
gross sales and earnings, exclusive of inter-company sales and transactions.
b Including repairs, maintenance, pensions, administration, insurance
and all other charges, except depreciation, depletion and Federal income
tax. C Dividend amounting to $1,723,083 (or 30c. per share), paid Feb.
15 1930, was charged against surplus Dec. 31 1929. x Total expenses
incident to operations include $1,757.227 representing that portion of
inventories liquidated during this period at prices higher than
current
replacement costs. y After deducting $642,737, being portion
applicable
to minority interests.
larLast complete annual report in Financial Chronicle Apr 16 '32,
p. 2898
Tide Water Oil CO.
(And Subsidiaries)
1932.
1931.
1930.
a Total vol. of business..$26,688,948 $28,777,441 $49,810,995
b Tot. exp. Weld. to oper. 22,208,185 x26,759,945 43,740,401
Operating income- --- $4,480,763 $2,017,496 $6,070,594
Other income
491,065
488,998
1,401.743
Total income
$4,971,828 $2,506.494 $7,472,337
Depr. & depl. chgd. off_ 3,383,232
3,571,741
3,304,636
'
Est. Fed. income tax_ _
265,000
Outside stockh'ers' proportion of profits
invest. & unAniort, of
developed leases
428,794
Cancell. leases, develop,
exps. on both produc.
& unproduc. acreage.
aband. wells & retire.
of physical property_
943,325
1.063,850
Net profits
$1,159,8031oss$2008572 $2,838,852
Previous surplus
26,053,231 28,218,400 29,403.499
Adj. applic. to surplus of
prior years
18,038
1929.
$55,610,214
50,171,070
$5,439,143
1,138,768
$6,577.911
3,477,158
200,000
101
$2,900,651
26,691,724
Total surplus
527,231.072 526,209,888 $32,242.351 529,592.375
applie. to prior yrs_ Dr.28,218 Cr.806,948 Dr.45,131 Dr.323,790
Revaluation of assets &
write-off of unrecoverable & intangible items 17.813,325
498,615
Preferred dividends_ _ _ _
498,615
498,615
507,400
Common dividends
1,095,912
767,137
876,728
874.795
Earned surplus
57.795,003 525.751,084 $30,821,877 $27,886,389
1,555,912
Paid-in surplus
1.555,887
1,554.709
$7,795,003 $27,306,996 $32,377,764 $29,441.098
Total net surplus
1311S. of corn. outstand'g- 2,191.823 2,191,823
2.191,821
2,191,734
$0.30
Nil
Earned per share
$1.07
$1.09
a Done by company and its subsidiaries as represented by their combined gross sales and earnings, exclusive of inter-company sales and transactions. b Including repairs, maintenance, pensions, administration, insurance and all other charges, except depreciation, depletion and Federal
Income tax. x Total expenses incident to operations include 5590.227
repregenting that portion of inventories liquidated during this period at
prices higher than current replacement costs.
taMast complete annual report in Financial Chronicle Apr. 16 '32, p. 2899
Timken Roller Bearing Co.
(And Subsidiaries.)
- 1931-3 Mos.-1931.
1932-6 Mos.-1931.
Period End. June 30
Net profit after deprec.,
.
$4417,520 $2,462,714
Federal taxes. &c_ _ _ $199,903 $1,248,075
Earns, per aim. on 2,411,638 shares cap. stock.
$0.08
$0.17
$0.48
$1.02
(no par)
OrLast complete annual report in Financial Chronicle April 30'32, p.3294
Thompson Products, Inc.
(And Subsidiaries.)
Period End. June 30-- 1932-3 Mos.-1931.
1932-6 Mos.-1931.
Manufacturing profit_ _ _
$256,099
$456,652
$548.816
$786,822
Expenses
201.692
241.010
395.761
439,531
Interest
5,695
2,282
10.693
2.189
Depreciation
47,556
62,757
113.480
128.524
Federal taxes
Cr802
13,537
18.318
Other deductions
21,259
33,867
42,133
60.055
©
Net profit
loss$19,301
$103,196 loss$13,251
$138,254
Preferred dividends_ _ _
I
x82,261
6,452
6,636
Common dividends
157,896
Surplus
def$19,301
520,930 def$19,703 deff26,278
Earns. per sh.on 263.160
abs. corn. stk.(no par)
Nil
$0.37
Nil
$0.
x Approximate.
10 Last complete annual report in Financial Chronicle June 25 '32, p.4675
-
Truscon Steel Co.
6 Mos. End. June 30--
6 Mos. End. June 30--
977
Period End. June 30- 1932-3 Mos.-1931.
1932-6 dos.-1931.
Net loss after deprec..
taxes, &c
$173,736 prof.$61,403
$533,040
$280.586
Last complete annual report in Financial Chronicle Mar. 19 '32, p. 2169
IN-
Union Street Ry. Co. of New Bedford, Mass.
(As reported to the Massachusetts Department of Public Utilities)
Period End. June 30
1932-3 Mos.-1931.
1932-6 Mos.-1931.
Revenue fare pass.carr'd 2,637.900
3,575,861
5,695.130
7.233,497
Average fare (cents)
6.68
6.79
6.62
6.76
Net loss after charges
$440,616
$3.289
$75,773
$12.748
r:N Last complete annual report in Financial Chronicle Feb. 6 '32, p. 1024
-
United Carbon Co.
(And Subsidiaries)
Period End. June 30- 1932-3 Mos.-1931.
1932-6 Mos.-1931.
Net profit after deprec.,
& deplet., but before
Federal taxes
$42.969 loss$56,546
$104,636 loss$34.288
tarLast complete annual report in Financial Chronicle Mar. 5 '32, p. 1781
United-Carr Fastener Corp.
(And Subsidiaries)
Period End. June 30
1932-3 os.-1931.
1932-6 Mos.-1931.
Net income after all chgs.
incl. deprec.,int.& taxes
$1,405
574,644
$2,186
$76,440
larLast complete annual report in Financial Chronicle Apr. 23 '32, p. 3112
United Chemicals, Inc.
(And Subsidiaries)
6 Months Ended June 30-1932.
1931.
Net loss after deprec., taxes & charges
$12.163profS192.383
Note -The net profit for the first half of 1931 included equity of United
Chemicals, Inc. in the earnings of Westvaco Chlorine Products Corp. As
United Chemicals, Inc.surrendered control of Westvaco Chlorine Products
Corp. in the first half of 1932, no portion of the earnings of that company is
shown in the 1932figures.
IZPLast complete annual report in Financial Chronicle Apr. 16 '32, p. 2927
United Founders Corp.
(And Subsidiaries)
6 Months Ended May 311932.
1931.
Interest earned
$1,445,851
Dividends (incl. no stock dividends)... 1,129,812
Profit on sale of securities (net)
x
Underwriting commissions, invest.
service fees & miscellaneous income
34,432
Gross income_
Interest & amortization of discount
Taxes paid and accrued
Miscellaneous expenses.-
1930.
51,888,812 $2,420.325
2.441.847
3.915,140
x
a5,442.527
80,565
80,252
$2.610,097 $4.411,224 $11,858,245
1,136,155
1,640.430
1,268,543
73.870
105,608
255.729
583.534
871,457
1,302,119
Net income before approp, az diva_ Net approp. bysubs.for bond interest
reserve & pref.share div. reserves__
$816,537 51,793.727 59,031,853
Balance
Divs, paid to the public by sub. cos.:
On preferred shares
On common shares
5811.932 31.724.214 58.532.693
Undistributed net income
Proportion of undistributed net income
applicable to minority shareholders
of subsidiary companies
$345,440
4,603
459,025
7.467
202,523
Balance of income applic. to United
Founders Corp. shares
$142,918
Credited to capital stock at the rate of
$10 per share in respect of common
shares & scrip issued as diva. (incl.
div. declared-May 211030 and payable July 1 1930):
On class A shares
On.common shares
69,514
619,197
55,520
499.159
641.578
b568,394
31.049.497 $7,322,722
308,435
1,880,034
5741.062 55.442.688
8,430
2.091,644
Balance ofincome
$142.918
$741,062 $3,342.614
x N et losses sustained during period amounting to $39,846,235 in 1932
and $7,710,879 in 1931 were charged against reserves. a As a reserve
against depreciation in value of portfolio items resulting from the general
decline in security values in the fall of 1929 the subsidiary companies of
American Founders Corp. appropriated $10,548,255 out of surplus arising
from the retirement of preferred shares acquired at prices below par. Losses
sustained during the six months ended May 31 1930 amounting to $2,877.039
were charged against this reserve. The proportion of such losses applicable
to United Founders Corp.'s ownership as of May 31 1930 was $2,056,423.
b A special cash dividend amounting to $2,819,264 is not included because
it was declared by American Founders Corp. on Dec. 2 1929 and paid
Feb. 1 1930 out of undivided profits as of the close of the preceding fiscal
year Nov. 30 1929. The proportion of this dividend paid to the public
was $1,822,566.
tarLost complete annual report in Financial Chronicle Jan. 23 '32, p. 670
United-States & British International Co., Ltd.
6 Months Ended Mau 31Interest
Dividends (including not stock dividends)
Profit on syndicate participations
Other income
Grossincome
Investment service fee
Miscellaneous expenses
Interest and amortization of discount, debentures_
Miscellaneous taxes
Foreign government taxes
Netincome
Dividends paid and accrued on pref. shares
Dividends paid on class A common shares
1932.
188,373
105,946
1931.
$112,367
271,490
3.600
273
$194,593
28.485
18,360
111.354
2,040
2.964
$387.457
39,044
24,680
158,473
2.495
17,844
$31,390
5144.919
43.590
73.591
Balance of income
531.390
$27.738
OFLast ccmplete annual report in Financial Chronicle Feb. 13 '32, p. 1213
Financial Chronicle
978
Aug. 6 1932'
Walworth Co.
United Gas Improvement Co.
(And Subsidiary Companies, Excluding Philadelphia Gas Works Co.)
Period End. June 30-- 1932-3 Mos.-x1931. 1932-12 Mos.-x1931.
Oper. revs, of util. subs-$24,921,706 $26,161,6563103.791,0853107,436,312
Operating expenses
14,219,680 14,848,328 58,583,145 61,264,207
Operating income_ _ _ _310,702,026 $11,313,328 $45,207,940 $46,172,105
1,707,528
Non-operating income
1.682,408
497,543
477,483
Gross income
Income deductions
$11,179,509 $11,810,871 $46,890,348 $47,879,633
3,628,172 14,225,563 14,467,696
3.577,613
Net income
$7.601,896 $8,182,699 $32,664.785 $33,411,937
Dividends on pref. stks.
4,483,819
5,008,284
& other prior deduct'ns 1,232,045
1.209,420
Earnings available for
common stocks _
$6,369,851 $6.973,279 $27,656,501 $28,928,118
2,479,889
2,288,203
607.063
Minority & former int
528,793
Balance of above earns.
applic. to U. G. I. Co_ $5,841,058 $6.366,216 $25,368,298 $26,448,229
Earnings of other subs,
1,367,847
778,621
applic. to U.0.!. Co265,252
209,510
Int. & divs. on invest. &
income from other operations less exp., int.
& provision for taxes_ 2,507,535 2,706,766 10.475,515 10,664,388
Total applic. to U.G.I.
Co. capital stocks
$8,558,103 $9,338.234 $36,622,434 $338,480,464
3,124,367
Divs. on $5 pref. stock_
956,520
956,520 3,826,080
Bal. applic. to com.stk. $7,601,583 $8,381,714 $32,796,354 $35,356,097
Earns.per sh.on com.stk.
$1.52
$1.41
outstand'g end of per'd
$0.33
$0.36
x$1931 figures restated and adjusted for comparative purposes.
stocks,
Note.
-The above earnings, applicable to U. G. I. Co. capital
include earnings of subsidiary companies acquired during the period, only
from date of acquisition. Non-recurring Income of U. G. I. Co. is not incl.
al Last complete annual report in Financial Chronicle April 9 '32, p. 2708
-
United Milk Products Corp.
(And Subsidiaries.)
1932-6 Mos.-1931.
Period End. June 30- 1932-3 Mos.-1931.
Net loss after deprec.
$21,976
and other charges-___
$7,308 prof$23,835 prof$16,527
United States Oil & Royalties Co., Inc.
6 Months Ended June 30011 earnings (less royalty payments)
011 royalties received
Miscellaneous income
1932.
$19,916
14,491
2,080
1931.
$22,233
15,201
5.741
Total income
Operating and field expense
Office expenses and salaries
General and legal expense
Taxes
$36,488
11,821
9,447
2,982
249
$43,175
15,354
9,829
2,457
1,108
Net Income
-v.134, P. 3113.
$11,989
$14,427
United States Printing & Lithograph Co.
6 Months Ended June 30Net loss after deprec. and interest
1932.
$290,068
1931.
$54,265
. United States Rubber Co.
1931.
1932.
$42,432,014 $60,540,047
2,552,097
1.423,685
2,502.323
2,267,054
4,185,030 4,709,976
6 Mos. Ended June 30Netsales
Net profit from operations
Interest on funded debt
Provision for depreciation
Loss
$5,028,399 $4,660,202
Note.
-Net sales of the Samson Tire & Rubber Corp. and of the Gillette
Rubber Co., which have not been included with the sales of the United
States Rubber Co., amounted to $6.202,020 for the first 6 months of 1932,
compared with $6,290,316 for the same period of 1931.
'Last complete annual report in Financial Chronicle Mar. 5 '32, p. 1753
Universal Pictures Co., Inc.
3 Mos.
6 Mos.
Period Ended April 30 1932$521,864
$340,307
Net loss after charges and depreciation
Financial Chronicle Mar. 26 '32, p. 2362
O'Last complete annual report in
Vadsco Sales Corp.
1932-6 Mos.-1931.
1932-3 Mos.-1931.
Period End. June 30Net loss after deprecia$113,929 prof$59,105
$68,863
tion, taxes, &c
$24,009
W'Last complete annual report in Financial Chronicle May 21 '32, p. 3837
Vick Financial Corp.
1931.
$53,394
184,175
1930.
$108,267
223.352
42,669
$217,012
29,276
399
3237.570
40,301
6,472
3374.288
53.013
16,313
$187,338
Earned Surplus Account.
$190,796
1931.
$295.047
190,796
$418,037
86,745
$485,844
233,320
4,614
1932.
$105,240
99,978
Total income
Expenses
Federal & State taxes paid & accrued
11,794
Earned surplus Jan. 1
Net income from operations (as above)
Total
Dividends paid
Defaulted bond interest accrued written off
$247,910
$331,292
Earned surplus June 30
Reserve for Investment Depreciation.
1931.
1932.
$2,250,257 $3,650,000
Transfer from capital surplus
49.714
35,445
Profits from sale of securities
Total
Losses from sale of securities
32.285,703 $3.699,714
1,797,103
502,248
$1,783,454 $1.902,611
Balance June 30
'Last complete annual report in Financial Chronicle Jan. 9 1932, p. 340
Car
Warner-Quinlan Co.
1932-6 Mos.-1931.
1932-3 Mos.-1931.
Period End. June 30-Net loss after int., res.
$95,842
$761,560
$74.926
3347,459
& taxes
-The above figures include company's proportion of profit or loss
Note.
of all affiliated companies.
FOrLast complete annual report in Financial Chronicle May 7 '32, p. 3414
1932.
$774,834
1931.
3886,003
815,967
129.223
23,342
287,730
1,483,359
187,625
15,773
299.664
Net loss
$481,428 $1,100.418
For the quarter ended June 30 1932 net loss was $263,459 after charges
and taxes, comparing with net loss of $560,513 in the June quarter of 1931.
O"Last complete annual report in Financial Chronicle Mar. 12 '32, p. 1977
Warren Foundry & Pipe Corp.
(And Subsidiaries).
Six Months Ended June 301930.
1931.
x1932.
$127.025
Net profit after deprec. & all chgs____ loss$3,700
$190,514
185.000
Shares no par stock outstanding
181,000
180,000
$0.68
Earnings per share
Nil
$1.05
x Approximate figures.
The company had an operating profit of $28,328 for the six months of
1932, and because of the adjustment of capital structure and write-down
of plant valuation last year had to charge off only $28,644 depreciation,
leaving the $3.700 net loss reported accounted for almost entirely by reserve
for uncollectible accounts.
arLast complete annual report in Financial Chronicle Mar. 19 '32, p. 2170
Westinghouse Air Brake Co.
(And Subsidiaries).
Period End,June 30-- 1932-3 Mos.-1931.
1932-6 Mos.-1931.
Net income after deprec.
& Federal taxes
$222,934
$963,241
$602,528 $1,953,770
Earns per sh. on 3,172,$0.61
111 shs. no par stock
$0.07
$0.30
$0.19
larLast complete annual report in Financial Chronicle Mar. 26 '32, p. 2363
Westvaco Chlorine Products Co.
6 Months EndedSales
Cost sales
Selling expenses
Administration expenses
July 2 '32. June 27'31.
$1,583,375 $2,135,231
944,434
1,271,775
117.562
92,479
47.286
51,144
Operating profit
Other income
$474,093
8,326
$719,833
11,623
Total income
Other expenses
Dareciation
F eral taxes
$482,419
79,580
220,000
6,260
$731.457
93,389
212.735
48,650
Net income
Preferred dividends
$176,578
76,811
$376,683
76,811
Surplus available for common stock
$99,767
$299.872
284.962
225,155
Shares common outstanding (no par)
$1.33
Earnings per share
$0.35
quarter ended July 2 1932 was 367,532 after charges
The net profit for the
and taxes, equal to 10 cents a share on 284,962 common shares comparing
with $153,243 or 51 cents a share on 225,1551common shares for the quarter ended June 27 1931.
IO Last complete annual report in Financial Chronicle Feb. 13 '32, p. 1214
-
Yellow Truck & Coach Manufacturing Co.
(And Subsidiary)
Period End, June 30- 1932-3 Mos.-1931.
1932-6 Mos.-1931.
$6,015,702 $8,640,791 $10,056,202 $13,801,166
Net sales
94,389 p1.298,400
xOperating loss
825,410
504,475
232.357
270,290
Depreciation
467,687
542,405
$3326,746
pf$28,110 $1,293,097 $1,046,881
Net loss
x After administrative and selling expenses and includes the company's
proportion of net profits or losses of wholly owned and controlled companies
not consolidated.
arEast complete annual report in Financial Chronicle May 7 '32, p. 3475
(L. A.) Young Spring & Wire Corp.
6 Mos.End.June 30
Gross profit
Other income
Total income
Expenses
Interest, &c
Federal tax,&c
(And Subsidiaries).
1932.
1931.
$324,818 f Not
80,830 I Avail. f
1930.
1929.
$1,642,225 $2,138,032
160,329
114,156
$405,648 $1,131,620 $1,756,381 $2,298,361
324,435
426,769
537,712
505,092
9,758
14.142
26,324
23,635
10,000
81,500
210,000
147,000
Net profit
$61,455
$609,209 $1,080,654 $1,524,825
Earns, per sh. on 412,500
shs.cap.stk.(no par)$0.15
$1.47
$2.38
$3.69
For the quarter ended June 30 1932, net profit was $55,682 after charges
and taxes, equal to 14 cents a share, comparing with $376,129 or 91 cents
a share in the June quarter of 1931.
re
-Last complete annual report in Financial Chronicle Apr. 2'32, p. 2660
Youngstown Sheet & Tube Co.
$304,962
1932.
$230,700
187,338
6 Months Ended June 30Interest received and accrued
Cash dividends
Profit from sale of securities
Other income
Net profits
(And Subsidiaries)
6 Months Ended June 30
Gross profit on sales
Admin. & selling expense, other charges, expense
of unused facilities and other income
Depreciation taken on plant and equipment
Interest on notes and drafts
Interest on mortgage and debenture bonds
(And Subsidiaries)
Period End. June 30
- 1932-3 Mos.-1931.
Net after Federal taxes_
$1,274,234
Otherincome
432,922
Total income
Depletion and deprec--Interest, &c
Miscellaneous charges
$484,144 $1,707,156
1,538,764
1.695,632
878,253
1,187,968
1,355,988
1932-6 Mos.-1931.
$2,606,105
818,278
$42,371 $3,424,383
3,095,595
3,310.279
2,113,457
1,937,385
1,355,988
Net loss
$3,288,861 $1,176,444 $6,346,597 $1,999,353
f:1 .Lost complete annual report in Financial Chronicle Apr. 9 '32, p. 2711
and March 12 '32, p. 1977
FINANCIAL REPORTS.
United Founders Corp.
(Semi-annual Report
-Six Months Ended May,31 1932.)
Louis H. Seagrave, President, reports in part:
Interest in Undistributed Earnings.-The interest of the corporation in the
undistributed consolidated earnings of United States Electric l'ower Corp.
and of Public Utility Holding Corp. of America (from interest and ills idends
only) computed from the latest available reports of those corporations,
amounted to $1,218,684 on an annual basis, or at the rate of $609,342
semi-annually.
Charges to Reserves.
-Net losses sustained during the six months were
charged to reserves appropriated from surplus. It will be noted that the
statement of income shows only income received from interest and dividends, investment service fees and other income, and does not contain any
item of profit or loss on the sale of securities.
Changes in Capitali:ation.-No additional capital stock was issued during
the six months. Scrip certificates representing fractional shares in the
total amount of 13,146 48-70 shares were not converted into full shares
Volume 135
Financial Chronicle
prior to the expiration of their conversion rights at Dec. 31 1931, and the
outstanding total of common shares and scrip was reduced by that number.
At the annual meeting of stockholders March 14 1932 the stockholders
approved the reduction of the amount of the issued common stock from
3152,161,365 to $45,054,240 without changing the number of shares of
common stock and scrip outstanding, and the reduction of the amount of
the issued class A stock from $1,000.000 to 5250.000 without changing the
number of shares of the class A stock outstanding. The entire amount of
such reduction aggregating $107,857,125 was transferred to capital surplus.
Additional Reserves—Subsequent to the reduction of capital and similar
reductions authorized by the stockholders of American Founders Corp.
and subsidiary investment companies, the directors of these companies
have appropriated from surplus to investment reserves an amount equivalent to 50% of the unrealized depreciation on security holdings as of May 31
1932. United States & British International Co. Ltd., has appropriated
from surplus, in addition, a special reserve against its investment in the
ordinary stock of Trans-Oceanic Trust, Ltd.
Asset Values.—The consolidated asset value of United Founders Corp.
common stock, after eliminating all deferred charges, as of May 31 1932
was 52 cents per share. This asset value is computed on 9,010,848 common shares and scrip outstanding May 31 1932.
The consolidated asset value of corporation's common stock, after eliminating all deferred charges, was $6.64 per share on May 31 1932.
Bank Loans.—Bank loans, which at Nov. 30 1931 were $3,000,000, had
been reduced at May 31 1932 to $1,500,000 and secured.
Number of Shareholders.—There were 103,670 registered holders of common stock on May 31 1932, an increase of 4,503 during the six months.
STATEMENT OF CONSOLIDATED SURPLUS AND UNDIVIDED
PROFITS AND RESERVES MAY 31 1932.
Surplus and undivided profits;
Balances. Dec. 1 1931; Capital surplus
$22.189.784
Undivided profits
4,516.081
Interest in undivided profits ofsub. companies 2.159.810
Interest in bond interest & preferred share dividend reserves of subsidiary companies
2,997,915 $31,863,590
Add•
Bal. of inc. for the 6 months end. May 31 1932
142.918
Gain on retirement of debs. acquired below par 5.167,312
Gain on retire, of pref. shs. acquired below par 1,689,062
Net increase in bond interest & preferred share
div. res. of American Founders Corp.& Subs__ _
5,362
Surplus created through reduction of stated
val. of United Founders Corp. common shares_ _107.857.125 114.861,779
146.725,370
Deduct*
Appropriations for res. (see statement below). 56,389.276
United Founders Corp. s share of appropriations of sub. cos. from capital surplus and
surplus at dates of acquisition
43,200.200
Cost of investment in securities of sub. cos. in
excess of their book values—charged off_
24,842.473
Balance of share financing & transformation
expenses—charged off
113,081 124,545,030
Balances, May 31 1932;
Capital surplus
13,688.772
Undivided profits
4,466.614
Interest in undivided profits of sub. cos
1.021,677
Interest in bond interest & preferred share dividend reserves of subsidiary companies
3.003,277
Total surplus & undivided profits
22,180,340
Balances, Dec. 1 1931
5.575.103
Appropriations during period; From current gains
retirements
on
6.856.374
From undivided profits
1,217,437
From cap. surp. of United Founders Corp__ 48.315,464
Total as above
56,389,275
From cap. surp. ofsub.cos. & surplus at dates
of acquisition
43,200.200
Minority interest in above
19 097 757 118.687,232
124,262.336
Less. Net losses sustained during the period
39,846.235
Balances, May 311932; Applied to investments 80,383.468
Applied to Intermediate Credits
4.032.633 84,416,101
Note.—On May 31 1932, the unrealized depreciation from book value—
cost less reserves— of all investments at then current market quotations
amounted to 580,355.064. The corresponding amount as of Nov.30 1931.
was 3161.643.275.
By using then current market quotations except for class A and common
share holdings in United States Electric Power Corp., which are valued
at $14.81 per share, the unrealized depreciation as of May 31 1932,amounted
to 522.290,358. Tho corresponding amount as of Nov. 30 1931, using a
book value of $14.77 per share for class A and common share holdings in
United States Electric Power Corp.. was $110,558,652. ,
For income statement for 6 months ended May 31 see
"Earnings Department" on a preceding page.
CONSOLIDATED BALANCE SHEET MAY 31.
(American Founders Corp. (subsidiaries, International Securities Corp.
of America, Second International Securities Corp., United States & British
International Co., Ltd., American & General Securities Corp. and American
& Continental Corp.) and Investment Trust Associates.]
1932.
1931.
1930.
Assets—
$
Cash
53.395,354 $8.966,457 $13,275,732
Investment securities
a108.633.219 254.894.533 279.769.482
Cost of sec. of subs. investment cos_
35,952,809 27,372,241
Securities sold—not delivered
269.454
410,264
954.214
American & Cont. Corp. 5% debs__ _ 2,661,816
Collateral notes receivable
1.360,812
Intermediate credits
8,869,132 11,705,841
Accr.inc.& sundry notes & accts. rec.
626.229
1.678,058
2.085,257
Unamortized debenture discount,
share financing & transformation
expenses, &c
1,752,022
3.809.192 3,932.843
Total
125,568,040 317,417.154 327,389,769
Securities purchased
149.220
678.108* 2.904,277
Sundry accts. pay., res. for taxes &
current accruals
400.139
621.554
4.606.605
Partin. by others in intermed. credits 1,706.186 b1,987,460
Bank loans
1,500,000
9.000.000 10.000,000
dohs.ofsubsidiary companies 28,778,100 50,123,400 44,939.500
Bonds &
Prof. shares of subs. held by public.- 15.521.500 19,894,350 23.420,525
Minority shareholders int. in corn.
share capital. surplus & reserves of
subsidiary companies
10,028,313 32,356,884 32.481,985
Stock dividend
1,218,256
Class A stock
c250,000 c1,000.000
1.000,000
Common stock
d45,054,240 152.161.365 147,834,881
Surplus and undivided profits
22,180.340 49,594,033 58,983.739
Total
125.568,040 317,417,153 327.389,769
a The total value of all investments at May 31 1932. based on then current market quotations, or as otherwise indicated in the report, except for
class A and common shares of United States Electric Power Corp., which
are valued at $14.81 per share (being the consolidated book value of that
company and subsidiaries as of Dec. 31 1931. based on the company's annual report) was 584.342.861. By using then current market quotations,
or as other wise indicated in the report, throughout, this amount would be
326,278,154. On the basis of the following method: (a) as to bond investments using (1) par, cost or book value, whichever is lowest for bonds with
six highest ratings; (2) market quotations for bonds in default. and (3) for
other bonds (including foreign internal bonds) a write-off of 20% of their
depreciation under par. cost, or book value; and (b) valuing stocks at an
average between quotations at June 30 1931, or subsequent purchase prices.
And the then current market quotations as of May 31 1932. or as otherwise
indicated in the report; an appraisal of investment securities held May 31
1932 amounted to 567.204,424. c Represented by 1.000.000 no par
shares. d Represented by 9,010,848 no par shares.—V. 135. P. 477,
979
American Founders Corp.
(Semi-Annual Report 6 Months Ended May 31 1932.)
Louis H. Seagrave, President says in part:
Dividends cumulated but not declared on preferred shares of corporation
were $225,104, as compared with consolidated net income after interest,
taxes and expenses of 5465,656.
Net losses sustained during the 6 months were charged to reserves appropriated from surplus. The statement of income shows only income
from interest and dividends, investment service fees and other received
income,
and does not contain any item of profit or loss on the sale of securities.
Scrip certificates representing a total of 4,407 35-70 shares were not
converted into full shares prior to the expiration of their conversion rights
at Dec. 31 1931, and the outstanding total of common shares and scrip
was reduced by that number.
The corporation has outstanding no scrip certificates which are convertible into full shares. Scrip certificates in the form of 140ths on which the
conversion privilege expired Dec. 31 1930 have a redemption value of 10
cents per 140th, and the 140ths on which the conversion privilege expired
Dec. 31 1931 are redeemable at 1% cents per 140th.
Since Nov. 30 1931 the corporation has purchased at prices below par
and retired 24,387 shares of its 7% let pref. stock and 53,589 shares of its
6% 1st pref. stock.
At the annual meeting of stockholders April 11 1932 the stockholders
approved the reduction of the amount of the issued common stock from $64,096,775 to 58,978.091 without changing the number of shares of common
stock outstanding. The entire amount of such reduction aggregating
555,118.685 was transferred to capital surplus.
Subsequent to the reduction of capital of American Founders Corp.
above referred to and similar reductions authorized by the stockholders of
subsidiary investment companies, the directors of these companies have
appropriated from surplvs to investment reserves an amount equivalent to
50% of the unrealized depreciation on security holdings as of May 311932.
United States & British International Co., Ltd., has appropriated from surplus, in addition, a special reserve against its investment in the ordinary
stock of Trans-Oceanic Trust, Ltd., as explained in the report of United
States & British International Co., Ltd., for the 6 months ended May
31The cOnsolidated net assets applicable to the pref. shares of American
19
32
Founders Corp. at May 31 1932, after eliminating all deferred charges
(based on then currer t market quotations or as otherwise indicated, and
valuing intermediate credits at cost less reserve) were $8,836,186, which
was equivalent to $56.38 per share on the total of 156,699 shares of 1st pref.
stock outstanding of all series, par value $50 per share.
The consolidated asset valpe of American Founders Corp. common stock
at May 31 1932, attar eliminating all deferred charges (based on then
current market dt otatior.s, or as otherwise indicated, and valuing intermediate credits at emit lass reserve) was 7 cents per share on the 8,978,091
common shares eu:standing May 31 1932.
If, in substantial accord with the methods which we understand have
the approval of the New York State Superintendent of Banks in valuing
the investments of State banks and trust companies, bonds with the six
highest ratings held in the consolidated portfolio were appraised at par,
cost or book value, whichever is lowest; bonds in default at market quotations; and other bonds (including foreign internal bonds) at a write-off
of 20% of their depreciation under par, cost or book value: and stocks at
an average between quotattOas at June 30 1931, or subsequent purchase
prices and the then current market quotations as of May 31 1932, or as
otherwise indicated, the consolidated net assets applicable to the pref.
shares would be equivalent to $153.10 per share, and the consolidated
asset value of the common stock would be $1.76 per share.
At July 1 1932 all salaries have been reduced by an additional 10% and
the total personnel has been further reduced. The corporation has eliminated the transfer agent and registrar for the common stock at Boston.
To reduce the printing, mailing and postage expense of the semi-annual
reports,these reports are being mailed only to shareholders who request same
-During the six months several subsidiary companies purchased for retirement, at prices below face value, substantial amounts of their outstanding
bonds and debentures.
The effect of these reductions of the senior capital of subsidiary companies
is reflected in the consolidated balance sheet of American Founders Corp.
The total amount of bonds and debentures of subsidiary companies outstanding. at Nov.30 1931 of 546,563,100 was reduced during the six months
to 528.778.100. and American & Continental Corp. purchased and held
in its portfolio for future retirement $1,259,000 of its 5% debentures, making
the total of the principal amount of such debentures held for retirement
53.878.000 on May 31 1932.
During the six months United Founders Corp., American Founders Corp.
and subsidiaries sold all of their holdings in North & South American Corp.,
Insuranshares Corp. of Del. and Insuranshares & General Management
Co. and contracted to sell their holdings in Insuranshares Certificates
Inc. of Maryland.
During the same period United Founders Corp. and American Founders
Corp.sold their holdings in Allied General Corp.,thereby entirely disposing
of all interest in any company engaged in the distribution of securities of
the companies in the Founders Group.
As of May 31 1932 there were 21,635 registered holders of common stock
of American Founders Corp.. an increase of 1,240 during the 6 months.
For income statement for 6 months ended May 31 see "Earnings Department" on a preceding page.
STATEMENT OF CONSOLIDATED SURPLUS AND UNDIVIDED
PROFITS AND RESERVES MAY 31 1932.
Surplus and Undivided Profits—
Balances Dec. 11931: Capital surplus
$23,238,952
Undivided profits
5,397,881
Preferred share dividend reserve
2,007.044
Interest in undivided profits of subsidiary co's
1,475,226
Interest in bond interest and pref. share dividend
reserves of subsidiary companies
1.804.139533,923.242
Balance of income for the 6 mos.ended May 31 1932 5232,499
Gain on retirement of debentures acquired below par 6,565,834
Gain on retirement of preferred shares:
Par value
$3,898,800
Cost plus expenses of retirement
1,759,278
Net gain to surplus
American Founders proportion of gain on retirement $2,139,521
of pref. shares of American & General Securities
Corp. acquired below par
6,682
Net increase in bond int, and pref. share div. res'ves
of American Founders Corp. and subsidiaries__ _
4,925
Surplus created through reduction of stated value of
American Founders Corp. common shares
55.118,685 64,068,147
$97.991.389
Appropriations for reserves (see statement below).-$24,100,234
American Founders Corp.'s share of appropriations
of subsidiary co.'s from capital surplus and surplus at dates of acquisition
Cost of investment in securities of subsidiary co.'s 40,804,173
in excess of their book values—charged off
Balance of share financing and transformation ea 14,568,079
penses--charged off
143.686 79.616,172
Balances May 311932—Capital surplus$13.273.588
Undivided profits
408.888
Preferred share dividend reserve
2,015.097
Interest in undivided profits ofsubsidiary co.'s
876,633
Interest in bond interest and preferred share diVidend reserves of subsidiary co.'s
1.801,011
Total surplus and undivided profits
$18.375.217
Balances Dec. 1 1931
$5,147.892
Appropriations during period;
From current gairs on retirements
8 1 2 037
9
5 ; 1:798
From undivided profits
576399
6
From capital surplus of American Founders Corp_
Total as above
$24,100,234
Frovn capital surplus of subsidiary co.'s and surplus at dates of acquisition
40,804,172
Minority interest in above
5,467,362 70,371,768
$75,519,660
Financial Chronicle
980
Net losses sustained during the period
33,202,246
-Applied to investments-538,284,780
Balances May 31 1932
4,032,633
Applied to intermediate credits
$42,317,413
Note.
-On May 31 1932 the unrealized depreciation from book value
-of all investments at then current market quotations
-cost less reserves
amounted to $38,256,377. The corresponding amount as of Nov. 30 1931
was 379,833,519.
COMPARATIVE CONSOLIDATED BALANCE SHEET MAY 31.
1931.
1930.
1932.
Assets53,040.743 57,573,006 $12,181,408
Cash
Investment secure. (portfolio at cost)a60.154.762 142,158,542x153,827.481
Cost of securities of sub, cos, in ex13,791,243
8,286,400
cess of their book values
Amer. & Cont. Corp. 5% debentures 2,661,816
669.999
Collateral notes receivable
736,180
269,454
409,784
Securities sold (not delivered)
-----8,869,133 11,705,851
Intermediate credits
1.554,553
1,795,433
619,358
Accrued Income & sundry accts. recUnamortization deben. disct., share
3,809,192
3,932,844
financing & transformation expense 1,745,522
578.030.7885181,002,1615180,759,745
Total
Liabilities
5678,108 52,136,409
Securities purchased (not received)-- $149,220
Sundry accounts payable, reserve for
1,687.300
519,381
358,407
taxes and current accruals
28,778,100 50,123,400 44,939,500
Bonds & debentures of sub. co.'s_ _
8,012.650
9,837,900
7,821,850
Pref. shares of subs, held by public
Minority int. in com.shares surplus &
4,251,749
9,225,274
3,742,211
reserves of subsidiary co.'s
67,834,950 12,077,250 a13,673,325
Preferred stock
c8,978,091 64,096,776 663,344,615
Common stock, incl. scrip (no par)
Capital surplus-Amer.Found. Corn.118,375,217 34,281,8631c24,046.869
-Amer. Found. CorP.1
1 7,681,035
Undiv. profits
Participation by others in interme1,987,460
1,706,187
diate credits
Interest in surplus and undivided
5,669,917
profits of subsidiary companies_
1,814,535
Preferred share dividend reserves_ _-286,554
Interest in bond interest and dividend
1,676,594
reserves of subsidiary companies_
578,030,7885181,002,1615180,759.745
Total
x Includes call loans. a General portfolio at cost less reserves, $45,holdings in subsidiary and affiliated companies not consolidated
836,759
at cost less reserves,$14,318,003. Total value of all investments at May 31
1932, based on then current market quotations, was $21,898,384. b As
(par $50).55.716,000.
follows:7% 1st Pref.
(Par $50),$2.118.950 6% 1st prof.
c Represented by 8,978,091 shares (no par).
-Total market value of securities taken at market quotations,
Note.
May 31 1932. was 521.898,384.-V. 135, p. 821.
Household Finance Corporation.
(Semi-Annual Report-Six Months Ended June 30 1932.)
L. C. Harbison, President says in part:
-Net income for the period, after all expenses, charge-offs
Earnings.
for uncollectible loans, and reserves for depreciation and taxes, was $1,
940.232, which compares as follows with net income for the first six months
of previous years: 1928, 51,140.987; 1929, 51,602,347; 1930, 1,870,540;
1931. $2,116,329; 1932, 51,940,232.
Semi annual net income of 51,940,232 is equivalent to $8.87 per share
oil the 218,661 shares of participating preference stock outstanding June 30.
or 4.23 times the 52.10 semi-annual dividend.
Assets.
-Net assets of the corporation, after deducting all reserves and
liabilities, amounted to $29,515.094 on June 30, an increase of $343,702
In the six months since Dec. 31 last.
Over 98% of the corporation's assets are either cash or customers' notes
receivable. These notes receivable are liquidated within nine months,
on the average, and all are payable in equal installments within 20 months.
The figure of $135 net assets per share of $50 par value has unusual significance, as the values behind the preference stock are largely current
assets, cash alone amounting to over $30 per share.
-Reduction of 35.700,000 in bank borrowings
Notes Payable Banks.
during the past six months is the result of a program adopted by the corporation last December and concluded early in May Co place itself in a
thoroughly liquid position. During such a period as the past six months,
this liquidity has been conspicuously attractive to bankers.
-During the past six months 832,812,386
Instalment Notes Receivable.
notes receivable have been liquidated by the corporation's customers,
of which $27,784,716 was reloaned. The corporation's usual conservative
restrictions have been followed in the making of new loans. As a result,
the corporation has been obliged to decline a larger percentage of applicants than in normal times, but this course has "btcen prudent, not only
Aug. 6 1932
for the corporation but also for the applicant, as loans are of mos:, value
to the borrower when he can repay the principal and interest out of current
income without undue strain.
The monthly income of the 143,566 appllcants to whom loans were
made during the six months averaged $160. Under the terms of their
contracts these families are obliged to repay on toe average only $0.70 per
month of principal or approximately 6% of their monthly income. On
June 30 the corporation had 307,952 such families on its books, owing
an average of approximately $132. These families are widely diversified.
both as to location in over 91 cities of 12 States and as to employment
in more than 1,700 occupations. The orderly happening of events in
the lives of such a great number of families assures a remarkable degree
of safety to the corporation's notes receivable. There is a certain actuarial
factor which operates to eliminate minor irregularities and establish an
ornimal
average of great stability.
In each June and December the corporation writes off out of current
earnings all notes receivable which are uncollectible or which would entail
too great expense to continue collection efforts. On June 30 $830,414
of such accounts were charged off, compared with $3320.657 June 30 a
year ago. Not all of these accounts were bad in the usual sense of the
word; rather they reflect the extent of unemployment. Factors over
which an honest borrower has no control are taken into accoun by the
corporation. The increase in the charge off also reflects the corporation's
rigid adherence to its long established policy of deducting doubtful accounts
from earnings promptly. With any renewal of industrial activity, an
Indulgent policy will not be necessary and this item of expense should
decrease, This charge off is included among operating expenses in the
a
income statement and has been partially offset by other factors.
As an additional conservative measure, the corporation has a constant
reserve of $916,479 against its receivables. The net figures of $39,691,787,
at which the customers' notes receivable were carried on June 30, rein*
sents a sound liquidation value.
Extent of Business.
-Since the last report, the corporation has sold
three offices and bought two others in different States. There have been
a re?, minor consolidations of offices and two new ones have been opened.
The corporation has only a small Investment in fixtures and rental in any
one branch office. The mobility of its assets normally gives it great flexibility in meeting local conditions by shifting capital from one centre to
another. This flexibility is particularly helpful in meeting the conditions
of the present period.
Household now operates 148 offices, located in 91 cities of 12 States
where the uniform small loan law or similar laws are in effect. In those
States where it conducts the larger part of its business, the corporation's
monthly rate of charge is leas than the maximum permitted by law, which
gives the corporation an important competitive advantage and continues
to afford stockholders a margin of safety.
To day 36 States have recognized the value and necessity of small
loans to families for consolidating and refinancing debts, by legislating
on the subject. Of these, 22 States have provided for a complete mall
loan service by fixing all adequate maximum rate of charge and four have
established a maximum rate permitting a modified service. In the 12
States where Household operates, it maintains offices in those cities having
large industrial populations where the greatest need exists for this type
ofservice.
Household Finance Corp. has good business reasons for continuing in
the future as it has in the past to lend money for provident purposes at
the lowest possible rate consistent with sound business practices, within
the maximum rates fixed bylaw, As is evidenced by the foregoing report.
the personal finance business is not benefited by unemployment or "hard
times." With any renewal of industrial activity, the demand for money
on the part of families with good credit standing will greatly increase.
In the meantime the corporation is carrying out a well considered policy
of keeping both its financial and operating structures in such condition
that proper advantage may be taken of this inevitable demand.
For income statement for six months ended June 30 see
"Earnings Department" on a preceding page.
CONSOLIDATED BALANCE SHEET JUNE 30.
1932.
1931.
1931.
1032.
AssetsLiabilities
Cash
6,685,185 5,032,622 Notes pay.-banks14,150,000 16,200.000
Installment notes
Notes pay.
-other 275,000 2,305,000
receivable
39,691,787 42,257,507 Erna thrift wets_ 183,980
323,453
Other notes and
Fed. Inc. tax-pay.
Sects, receivable
71,830
345,744
and accrued_ __ 630,857
586,445
Other receivables_
47,279
Divs. payable__ 776,544
672,328
Notes receiv. from
Miscellaneous.. _ _
54,276
733
employees (class
Yurch. mon. obits_ 1,430,333 1,430,333
B corn. stk. held
Res. for conting__
118,794
113,257
as collateral) _
134,905
130,587 Parte, pref.stock _10,933,050 9,000,000
Office equipment.. x444,810
431,252 Corn, class A stocky4,559,100 2,323,025
Corn, cl. B stock.x10,633,950 11,518,050
Surplus
3,388,993 3,687,992
Total
47,055,797 48,197.693
Total
47,055,797 48,197,693
x After depreciation of $215.298. y Represented by 182,364 no par
shares. x Represented by 425,358 no par shares.
-V. 135, p. 637.
enerat Corporate anb 3inbegtment Retu1.
STEAM RAILROADS.
-Four Brooklyn
Sue Pennsylvania Railroad to Enjoin City Delivery Plan.
terminal companies filed a joint injunction suit in the Federal District
to have the Pennsylvania RE. restrained from putting into
Court seeking
which
effect its proposed "store-to-store pick-up and delivery freight' plan
'Aug. 4,
was scheduled to begin operating on Sept. 15. N. Y. "Times,
p.29.
-S. C. Commission of a
-Adoption by the I.
Southern Lines Favored.
revised basis of division of revenues accruing from joint rates on citrus
origins to destinations in Eastern
fruits moving in carload lots from Florida
tentative
trunk line and New England territories is recommended in a
report by Commission examiners. "Wall Street Journal," Aug. 3, p. 2.
of New Freight Cars and Locomotives Placed in Service Declined
Number
-Class I railroads of the United States in the first
During First Six Months.
car service
six months of 1932 placed in service 1.927 new freight cars, the the same
American Railway Association announced. In
division of the
period last year.6,951 new freight cars were placed in service. The railroads
compared with
on July 1 this year had 1,951 new freight cars on order
8,963 on the same day last year.
year 34 now
The railroads also placed in service in the first six months this locomotives
locomotives compared with 89 in the same period in 1931. New
on the same day
on order on July 1 this year totaled six compared with 36
last year.
Freight cars and locomotives leased or otherwise acquired are not included
in the above figures.
Matters Covered in the "Chronicle" of July 30.-(a) Report by Bureau of
United
Railway Economics on freight traffic handled by class I railroads of
States, during May, p. 728.
succession to
The election of Edward S. French to the presidency, in
moves,
Morris McDonald, is in no way related to the current consolidation merger
4. No
It was said In a statement issued by the B. & M., Aug.
two roads is contemplated. the statement said.
of the
not primarily com"The Maine Central And the Boston & Maine are problems are almost
petitive railroads," continued the statement. "Their of saving and profit
analogous. There have been many instances
entirely
co-operation. These include through runs of locoto both railroads by over the lines of the other and the recent suspension
motives of each railroad
miles of Boston & Maine rails in northern New Hampof operations on 32
trains over 26 miles of parallel
shire and operation of Boston & Maine
-V. 134. p. 4486.
Maine Central rails."
Atchison Topeka 8c Santa Fe Ry.-Control of Roads.
authorizing the
-S. C. Commission has issued supplemental orders
The I.
substitute leases, of the railacquisition by the company of control, under
Cimarron Valley By., Eldorado
and properties of the Dodge City dr
roads
Elkhart & Santa Fe By.
& Santa Fe By. and
ownership of capital stocks.
The Atchison controls the lessors through commission authorized the
entered in original proceedings the
By orders
control of th lessors' railroad properties in accordance
Atchison to acquire
with the terms of theleases described therein. Theseleases were duly executed by the parties. The purpose of the present proposals Is to substitute
therefor agreements haying somewhat different terms and conditions.
The proposed leases expressly provides that they are to supersede
cel the originalleases. They are to be dated Jan. 11932,and are to and cancontinue to
effect from that date to and including Dec. 31 1941. and thereafter from
year to year, subject to earlier termination at any time by either
party
upon 90 days' previous notice in writing. These provisions do not affect the
ultimate duration of the original leaseholds except as to the time of beginning.
-V. 135, p. 122.
Baltimore 8c Ohio RR.
-Assumption of Obligation and
Liability.
The I.-S. C. Commission on July 26 authorzied the company to assume
obligation and liability as guarantor, in respect of the payment of the principal and interest of a loan of $2,500,000 to the Alton RR, by the
Reconstruction Finance Corp.. and, as indorser, of not exceeding
of demand'notes of the Chartiers Southern By., to be pledged$299,773 of
as security
for the loan, and of any notes of the Monongahela hereafter
acquired anti
pledged for any loan or loans from the Reconstruction Finance
Corp.
V. 135, p. 813.
Boston & Maine RR.
-Amends Order.
-
The 1.-S. C. Commission has further amended its order of July 8
1925
asamended bysupplemental order's°as to permitthecompany to substitute
as part of the basis for the issue of $13,000.000 of 7% prior-pref.
stock.
$10,300,525 of expenditures made in the payment of equipment obligations
in lieu of a like amount of expenditures heretofore made for additions
and
betterments.
-V. 135,
813.
p.
Central of Georgia Ry.-Additional Loan of $1,043,869
from Reconstruction Finance Corporation A pproved.-See unde'r
"Current Events" on a preceding page.
-V. 135, p. 290.
Chicago & Eastern Illinois Ry.-Additional Loan of
$753,500 From Reconstruction Finance Corporation Approved.
The I.-S. C. Commission has approved another loan of
$753,500 to the company from the Reconstruction Finance
Corporation.
-V. 134, p. 4655.
-Loan of $1,289,000 from
Chicago Great Western RR.
Reconstruction Finance Corporation Approved.
-The I.-S. C.
Commission on July 30 approved a loan of $1,289,000 to
the company from the Reconstruction Finance Corporation
Volume 135
Financial Chronicle
for a period not to exceed three years. Company had
asked for a loan of $2,000,000.-V. 134, P. 3819.
Chicago & North Western Ry.-Salary fieduction.••••••••
Effective Aug. 1, pay of non-contract employees of this company was
cut 10% as a further economy measure. This makes the third cut within
-day week into effect in
a year. In addition, the road has placed the 5
those departments -where it could be done without impairment of efficiency.
135, P. 290.
Chicago Rock Island & Pacific.
-Investigation into
Purchase of Frisco Stock Discontinued.
-See St. Louis-San
Francisco Ry. below.
Reduces Salaries.
The company has announced a further reduction of 10% in the salaries
of those receiving $10,000 or over and a cut of 5% in the pay of all receiving
between $5,000 and 310,000.-V. 135, p. 122.
Delaware & Hudson Co.
-New Wage Plan.
-
A new wage plan became effective on Aug. 1 1932 on alllines ofthis company, under which its 2,850 operating employees will be paid on a monthly
basis, instead of on the so-called double standard by which they were paid
both on an eight-hour day and mileage basis.
Formal agreements accepting the new plan have been signed by the
Four" railroad brotherhoods. and are effective for one year from
Aug. 1 1932. The brotherhood of trainmen, last to accept the agreement,
signed July 30, the'other three, the engineers, firemen and conductors,
having signed previously after several months of negotiations.
Under the new plan every regular employee is guaranteed 240 hours
work a month, and will be paid for that time, whether he works or not,
but will not receive any overtime, according to F. L. Hanlon, Chairman
of the Board of disciplinary officers for the road.
"Every man can bank on 240 hours pay a month," said Mr. Hanlon,
adding "extra men or share men subject to call are guaranteed 160 hours a
month, equivalent to 20 days work. They may increase this to 240 hours
if their services are required. No man in the operating department will
be permitted to work more than 240 hours a month.'-V.134, p.2518, 2509.
Eureka-Nevada Ry.-Loan of $6,000 from Reconstruction
Finance Corporation Approved.
-See under "Current Events"
on a preceding page.
-V. 135, p. 290.
Fort Worth Belt Ry.-Control by Texas & Pacific Ry.
-See latter company below.
Approved.
-V. 132, p. 1985.
Gulf Mobile & Northern RR.
-Investigation of Purchase
of Stock by Frisco Discontinued.
-See St. Louis-San Francisco
Ry. below.
Assumption of Obligation and Liability.
The I.
-S, C. Commission on July 8 authori_ed the company to assume
obligation and liability, as guarantor, in respect of a promissory note of the
New Orleans Great Northern RR. to the Railroad Credit Corporation
for 3200,000.-V. 134. p.3819.
Hoosac Tunnel & Wilmington RR.
-Loan of $23,600
Approved.
-The 1.-S. C. Commission has approved a loan
of $23,600 to the company from the Reconstruction Finance
Corporation.
-V. 134, p. 4655.
Long Island RR.-Pays Equipment Trusts.
The company August 1 paid off the final installment of $138,000 on its
6% series 0 equipment trust certificates of 1920, which were originally
issued in the sum of $1.656,000. It also paid the annual installment of
$87.000 on its 4•Jsi% series J equipment trust issue of 1930.-V.134, p.4154.
Maine Central RR.
-New President.
-
Edward S. French, President of the Boston & Maine RR.. has been
elected President of the Maine Central RR., to succeed Morris McDonald,
effective Sept. 1. Mr. McDonald will retain a place on the board of directors of the latter company.
-V. 134, p. 4486.
Minneapolis St. Paul & Sault Ste. Marie Ry.-Securities Authorized.
The I.
-S. C. Commission on July 27 authorized the company (1) to issue
not exceeding 55,000,000 of6% secured notes and (2)to pledge as collateral
security therefor not exceeding $6.250,000 of first refunding mortgage
bonds, series ii; the notes to be used in the payment of maturing notes.
The report says in part:
The applicant has outstanding $10,000.000 of 1-year 5% secured notes
ch whwill mature August 1 1932. The applicant represents that it has no
funds with which to pay the notes at maturity. It states that owners of
35% of the principal amount of such notes have agreed to accept in full
payment thereof the interest thereon due August 1 1932. one-half of the
principal amount of the notes in cash, and the other half in new notes, and
that like arrangements with the holders of the remaining 65% of the outstanding notes are in progress through Dillon, Read & Co. which sold the
notes and distributed them. The applicant expects to make the 50% cash
payment from the proceeds of a loan of $5,000.000 from the
Finance Corp. A loan of this amount to the applicant Reconstruction
was approved
July 25 1932.
The proposed notes will be issued under and pursuant to. and will be
secured by, a trust agreement proposed to be made as of July 29 1932.
by the applicant with the Central Hanover Bank & Trust Co., as trustee,
agreement will provide for the issue of notes in an aggregate amount
of not more than $5,000,000, and for the pledge with the trustee, as collateral security for the notes, of not exceeding $6,250,000 of the applicant's
first refunding mortgage bonds, series B. The notes will be dated
July
29 1932, will be issued in coupon form. registerable as to principal, in the
denominations of $500 and $1,000. will bear interest from Aug. 11932,
the rate of 6% per annum, payable semi-annually on Feb. 1 and Aug. at
1.
and will mature Aug. 1 1934. The proposed notes, together with all other
then outstanding notes of a maturity of two years or less, will exceed
5% of the par value of the applicant's securities outstanding. The series B
bonds, which are guaranteed as to the payment of interest thereon by
the Canadian Pacific Ry. are now pledged as security for the maturing
notes, but will be available for pledge when those notes are paid. The
applicant proposes a pledging ratio of $625, principal amount, of bonds,
to $500, face amount, of notes.
As compensation for its services in connection with this matter, Dillon,
Read & Co. is to receive (a) 20c. for each $1,000, principal
notes deposited with it in accordance with the plan outlined amount, of
above, and
(b) 10c. for each $1,000 of deposited notes returned to the depositors, or
15c. for each $1,000 of new notes delivered to depositors of old notes plus
1-40th of 1% of cash payments accompanying the new notes.
-V. 135,
p. 814.
Minnesota Transfer Ry.-Bonds.The I.-S. C. Commission on July 23 authorized the company to issue
$234,000 1st mtge. coupon gold bonds, to be delivered to the proprietary
companies in reimbursement for advances used for additions and betterments.
-V. 126, p. 2959.
Mobile & Ohio RR.
-Aug. 1 Interest Not Paid.
-
Notice having been received that the interest due Aug. 1 1932,012 Mobile
& Ohio It It., Montgomery Division first mortgage 5% gold bonds,due 1947,
Is not being paid the Committee on Securities of the New York Stock
Exchange rules that beginnilg Aug. 1 1932, and until further notice the
bonds shall be dealt in "flat' and to be a delivery must carry the Aug. 1
1932, and subsequent coupons.
-V. 134, p. 4320.
New York New Haven & Hartford RR.
-Bonds Auth.
The I.
-S. 0. Commission on July 8 authorized the company to issue not
exceeding 325.516.000 1st & ref. mtge. 6% gold bonds, series of 1932, in
reimbursement of expenditures heretofore made in paying matured obligations; the bonds to be pledged and repledged as collateral security for
short-term notes.
981
The report of the Commission says in part:
The bonds are proposed to be issued to reimburse the applicant's treasury
for a like amount of expenditures made to pay at maturity bonds and other
obligations as follows:
Name of CompanyDescription of SecuritiesAmount.
New London Street Ry
1st mtge. 58, matured Oct.2 1923 $150.000
Meriden Southington & Corn-list mtge. 57 gold bonds, mapounceTramway Co
tured July 1 1928
175,000
Non-cony. 4% debentures. series
Hartford Street Ry
M,matured Jan. 1 1930
165.000
Consolidated Ry
Non-cony.debs. mat.Feb.11930
,
972.000
Hartford Street Ry
1st mtge. 45, mat. Sept. 1 1930-- 2,500,000
Naugatuck RR
Non-cony. 3 7 debentures, matured Oct 1 1930
234,000
Greenwich Tramway Co-_lst mtge. 55, mat. July 1 1930
320.000
N.Y.N.H.& Hartford Filt_5% prom, note, mat. Mar.1 1930 17,000,000
N.Y.N.H.& Hartford R11_6% prom.notes,mat.Oct.311930 4.000.000
Total
$25,516,000
With the exception of the promissory notes. the obligations shown above
were assumed by the applicant in connection with mergers of the properties
of the issuing companies.
The applicant states that owing to the condition of the bond market it
does not propose to sell the bonds at this time.that it has found it necessary
partially to reimburse its treasury by short-term loans amounting to $12,300.000,and that it mayfind it necessary to obtain further loans;therefore,
itrequests authority to pledge and repledge,from time to time,the proposed
bonds as collateralsecurity for short-term notes at the ratio of$125 of bonds
in value at their prevailing market price to each $100,face amount,of notes,
such ratio to be maintained by pledge of additional bonds, if so required
by the holder or holders of the notes.
-V. 134. p. 4656.
Niagara Junction Ry.'-Acquisition Denied.
The I.
-S. C. Commission on July 19 denied the acquisition by the company of control of the railroad properties and franchises of the Niagara
Gorge RR., under lease.
-V. 115, p. 2906.
Norfolk Southern RR.
-Receivership.
-George R. Royall, President of the road,and P. H. Windholz,on July 28
were appointed receivers by Federal Judge Luther B. Way of the U. S.
District Court in Virginia on complaint of the Fruit Growers Express Co.
of Delaware.
Protective Committee for Suffolk & Carolina Ry. 1st Consol.
Mtge. 5s.
The committee (below) in a notice to the bondholders says:
Receivers havejust been appointed by the U.S.District Court in Virginia,
on the petition of a general creditor, for Norfolk Southern RR. which has
acquired and been operating the property subject to the mortgage securing
the above bonds and which has assumed the bonds. Taxes on the property
subject to the mortgage securing the bonds are now in arrears,constituting
a default under the mortgage.
It seems desirable that the holders of these bonds should unite so as to be
in a position to take prompt concerted action when the developments
in the situation make it advisable. Accordingly, the undersigned have consented to act as a committee for the protection of the interests of the holders
ofsuch bonds. They have agreed to serve without compensation but are to
be entitled to reimbursement for expenses and any liabilities.
The committee urges that the bonds be deposited immediately under a
deposit agreement, dated as of July 20 1932.
-Dwight S. Beebe, Chairman (Vice-Pres. & Financial Mgr.,
Committee.
Mutual Life Insurance Co. of New York); Robert Struthers (Member or
Wood,Struthers & Co.); A. H.S. Post,(President of Mercantile Trust Co.
of Baltimore); L. W. Dawson, Sec., 34 Nassau St., New York City; City
Bank Farmers Trust Co., Depositary, 22 William St., N. Y. City; Root.
Clark & Buckner, Counsel, 31 Nassau St., N. Y. City.
Committee Formed for 1st (fc Refunding 5% Bonds.
Announcement is made of the formation of a protective committee for the
holders of Norfolk Southern RR.1st & ref. mtge.5% gold bonds,due Feb.1
1961. Funds are not available and the August 1 1932 coupon on these
bonds will not be paid, the announcement states.
Carrot M. Shanks (Prudential Insurance Co. of America) Chairman;
George C.Clark (Clark Dodge St Co.);E. C. Granbery(Chase Harris Forbes
Corp.) and Bertram Perry (Massachusetts Mutual Life Insurance Co.),
Springfield, Mass. Harold Palmer,Sec.50 Broadway,New York,and Marshall & Wehle, Counsel.
Holders are requested to deposit their bonds promptly with Central
Hanover Bank & Trust Co.. depositary, in order that concerted action
may be taken on behalf and in the interest of bondholders.
Notice having been received that the interest due Aug. 1 1932, on the
-year (5%) gold bonds, series A. due 1961. is
1st and refunding mtge. 50
not being paid. The Committee on Securities of the New York Stock
Exchange rules that beginning Aug. 1 1932, and until further notice the
bonds shall be dealt in "flat" and to be a delivery must carry the Aug. 1
1932. and subsequent coupons.
Committeefor 1st 5s of 1941 and Underlies.
F. J. Lisman, Chairman of Lisman Corp.; J. Lawrence Gilson, VicePres., Manufacturers Trust Co., and Phillip De Ronde. Pros., Colonial
Trust Co., have consented to act as a protective committee for the Norfolk
& Southern 1st 55 due 1941, Raleigh & Cape Fear 1st 5s due 1943, and
Raleigh & Southport Consol. 55 due 1965. The committee will keep in
touch with the situation and if it should deem such action advisable, will
call for the deposit of bonds. In the meanwhile holders of bonds of any
of these three issues are requested to communicate their names and addresses and the amounts of their holdings to the secretary of the committee.
H. J. Lowenhaupt, 42 Broadway, N. Y. City. Cook, Nathan & Lehman
are counsel -V.134,P.3630,3819.
Norfolk & Western Ry.-To Pay Bonds Maturing Septa
The convertible 10-20-yr. 4% gold bonds mature and will be payable
on or after Sept. 1 1932, at the Guaranty Trust Co. of New York, 140
Broadway, N. Y. City, it is announced. The September 1932, coupon
should be detached and presented for payment, accompanied with income
tax ownership certificate, at the office of the Bankers Trust Co., 16 Wall
St., N. Y. City. Interest on bonds will cease on Sept. 1 1932.-V. 135. p.
123.
Pere Marquette Ry.-Loan of $3,000,000from Reconstruction Finance Corporation Approved.
-See under "Current
Events" on a preceding page.
-V. 135, p. 627, 291.
St. Louis-San Francisco Ry.-Plan Well Received.
-It
was learned August 3 that holders of substantial amounts
of bonds and stock of all classes had assented to the plan of
readjustment. E. N. Brown, Chairman of the readjustment managers, said:
The large volume of assents to the plan received in the short time since
the plan was published is very gratifying, and I have great confidence
that the plan can be successfully carried out. llowever, prompt action on
the part of security holders who have not yet assented to the plan is essential, since the time for deposit expires on August 15.-V. 135. p. 815. 627.
Rock Island-Frisco Stock Purchase Probe Discontinued.
The I.
-S. C. Commission on July 14 announced that it has discontinued
its self-instituted investigation of the purchases of stock of the Gulf Mobile
& Northern RR. by the St. Louis-San Francisco Ry., and of St. L01.11/3San Francisco Ry. by the Chicago Rock Island & Pacific By.
The report of the Commission says in part:
By order entered Nov. 9 1931 we instituted, upon our own motion, a
proceeding of inquiry and investigation into and concerning certain purchases of capital stock of' the Gulf Mobile & Northern RR. by the St.
Louis-San Francisco Ry..and of capital stock of the St. Louis-San Francisco
Ry. by the Chicago Rock Island & Pacific By.
Gulf Mobile 5, Northern.
The principal facts concerning the purchase of Gulf Mobile & Northern
stock by the Frisco, as shown by the record, are as follows:
The stock purchased consisted of 25,000 shares of common. The purchase was made through Speyer & Co. of New York on the open market
between Nov. 21 1929 and April 22 1930, at a total cost, including commission, of $951,022, the average cost per share, therefore, being about
$38.04. In making the purchase Speyer & Co. acted upon the verbal re-
982
Financial Chronicle
Aug. 6 1932
by experience as well as by mature study of transportation questions to
of directors and of the
quest of Edward N. Brown, Chairman of the boardSpeyer & Co. advanced
pass upon the wisdom of the proposed purchase, not only in the interest
executive committee of the Frisco. At his request,
of the corporation but from the standpoint of the relation of the transfunds for the purchase, holding the stock as security.
action to the public welfare. In his testimony the Chairman emphasized
the usual commission and
For the service rendered,Speyer & Co.receivedfor the purchase. Brown
the assertion that his failure to consult all of the members of the executive
50c. per share in addition. Before arranging
committees in then instances was not due to any distruct of the members
comhad consulted individually, with other members of the executive The
not consulted.
mittee, constituting, with himself, a majority of the committee. until
Another noteworthy feature of the record is the acknowledgment by
transactions were not made the subject of written correspondence and
officials and directors of the Frisco that, notwithstanding the long-existing
made a written report of the purchase
Dec.9 1930, when Speyer & Co.
interest of the Frisco in the Gulf Mobile & Northern and a knowledge of
instructions. Brown
stated the understanding of the firm regarding the
its advantages as a possible outlet to the Gulf,they were practically ignorant
directors held
reported the purchase at the regular meeting of the board of
of the activities of the Gulf Mobile & Northern in acquiring a through route
approved the purDec. 10 1930, and the board, one member not voting, additionalshares
between the Gulf and the Ohio River with the express purpose of forming
chase of 25,000shares and authorized acquisition of 5,000
a Connection with the Chicago Burlington & Quincy at I'aducah, Ky.
was subsequently withdrawn.
but the latter authorization
This proceeding shows the easy manner in which the boards of directors
Commission until the
-S. C.
No report of the purchase was made to the I.
of these railroads bore their responsibilities as such. Questions of large
annual report of the Frisco for the year 1930 was rendered.
financial importance to the properties and to the stockholders to whom
Rock
stock by the
they stood in a fiduciary relation were decided by a few of the members
Frisco Stock.—In relation to the purchase of Frisco
positions ofChairman
in casual conversations; large sums were expended or obligated on projects
Island,Brown testified that in addition to holding the
he was also Chairwhich, as a board, they had not considered and which, on the transactions
of
' the board and of the executive committee of the Firsco,
having held that pobeing reported to them later, they readily ratified.
man of the executive committee of the Rock Island,
acquisition the
sition since May 19 1926. In stating the reasons for this
The casual way in which the Frisco Board allowed the business of the
witness testified substantially as follows:
corporation to be conducted is especially striking. A verbal request
application to permit
was made by the chairman of the Frisco, Nov. 21 1929, that Speyer &
"As more fully appears in the record, which was an
board through the election of
Co. buy 25,000 shares of Gulf Mobile & Northern stock. No limit on
Frisco representation on the Rock Island
and the early part of
three directors, the Frisco, in the latter part of 1925
the cost was suggested. Purchases were completed April 22 1930. Yet
common stock, paying
no written communication of any sort was exchanged at the beginning,
1926, had acquired 183,333 shares of Rock Island
For the reasons
therefor an average price of approximately $57 a share. important for the
during the course, nor at the conclusion of the purchasing; nor does any
given by the witness in that proceeding, he regarded it as
margin appear to have been deposited or interest demanded on the sums
Frisco should be brought
future of the Frisco that the Rock Island and common stock was selling
advanced. The first writing in any way relating to,the transaction was
together. At the time of this purchase. Frisco
the letter from Speyer & Co., dated Dec. 9 1930. On Dec. 10 1930 the
being $103.50 and
at about $98 a share, its high and low for the year 1926
purchase, for the first time, was reported to the Frisco board. It was
of
a
$85, respectively. In 1926 the Rock Island began to enjoythePeriod
approved the same day.
property
condition of
improved earnings and as a result of the excellentsince the termination of
It thus appears that for many months an obligation, or what was conmanagement
and its conservative and careful
sidered to be such by the board when it officially learned of the transacin the net, 80
Federal control a large part of the earnings were reflected for 1926 being
tion, of approximately $1,000,000 was outstanding without any record
that the market price of its securities began to rise, the high
in the books of the company, and without any knowledge of it by the
871.25 per share for the common stock. Commission,completed a capital
board responsible for the conduct of the company's affairs.
"In 1928 the Frisco,with approval ofthe
It is said that there was necessity for secrecy; that if the approval of
increasing the proportion of capital stock to funded
reorganization, greatly
the board, or even of the executive committee, had been sought, the facts
stock in much better
debt, which seemed to the witness to place the Friscocondition of the Rock '
would have leaked out and prices would probably have gone up. The
position as an investment. The improvement in the
merits of this consideration we have discussed. Clearly, it had little
stock made
Island and the relative shift in values of Frisco and Rock Island for several
relevancy during the period of 7I-6 months between the date of completion
mind
it appear an opportune time to carry out the plan, held inand in 1930 both
of purchasing and the date of written notice of the transaction and report
affiliation between the two companies; shape, witness
years, of a closer
to the board. That the danger was not great is indicated by the fact
roads having come through the panic of 1929 in excellent
that the S1,000,C00 investment had shrunk in market value to about
Rock Island
concluded that it was desirable to make the attempt. The gold bonds,
one-third of that sum before it was reported to and ratified by the board.—
marketed an issue of convertible
had, in 1930, successfully
V. 135. p. 815.
for until
indicating that the financial needs of the company were provided
1934, when its first and refunding bonds would mature.
Seaboard-All Florida Ry.—Receivers' Certificates.—
of its consolidated 4 %
The Frisco in October 1930 had sold $10.000,000
The I.
-S. C. Commission on July 26 authorbed the issuance of not to
bank loans.
bonds at 90K, and with the proceeds had paid off its current of soundexceed $309,000 of receivers' certificates, to be sold at not less than Par
very good transaction and an evidence
Witness considered this a
and int. and the proceeds used to pay taxes.—V. 133. P. 638.
of Frisco stock
ness of the Frisco's financial position. When the purchase executive comof the
by the Rock Island was presented to various members actual earnings of the
Silverton Northern RR.—Loan of $12,945 Refused.—
mittee of the Rock Island, witness had before him the
fixed charges
The I. C. Commission has denied the company's applica-S.
Frisco for the eight months of 1930.indicating a surplus above per share on
the period, which was at the rate of $3.81
of $3,828,993 for
tion for a loan of $12,945 from the Reconstruction Finance
preferred. In addition,
-common stock after allowing for dividends on thewas in excess of S19,000,Corporation,
the corporate surplus of the company at that time
other hand,
000,being about$29.30 per share of the common stock. On the
its prosSouthern Pacific Co.—Guarantee of Bonds.—
witness considered the Frisco in good physical condition and that common
The I.
-S. C. Commission on July 25 authorized the Southern Pacific
pects were good,under which circumstances the price of the Frisco
1929,
to assume obligation and liability as guarantor in respect of 835,646,106,
stock, being little more than half the price it had brought duringIsland
Rock
Central Pacific Railway 4% 35
-year European loan of 1911 bonds, all or
seemed attractive. The forecast at that time was that the an easy cash
any part of said bonds to be pledged and repledged as collateral security
would earn $8 or S9 per share on its common stock and was in
for short-term notes.
position as the result of the sale of its convertible bonds in May. Therecloser
The report of the Commission says in part:
fore, witness concluded that it was a desirable time to bring about conA statement as to the applicant's cash requirements to and including
relations between the two companies, including a possible merger, as
and witness'
Aug. 11932. is given in the report accompanying our order of July 1 1932.
templated by the consolidation plan of the Commission; Rock Island
It proposes to meet its requirements through the issue of short-term notes
to members of the executive committee of the
recommendation
Within the limitations of Section 20a (9) of the inter-State Commerce Act.
was based on this conclusion.
that he had
As security for such notes it requests authority to pledge and repledge, upon
"A further consideration actuating the witness was the fact
45.000 shares
such terms as may be obtainable, all or any part of the above-described
'recently learned that the Southern Pacific had acquired some very strong
a
Central Pacific bonds, which are now in its treasury,and in respect of which,
of Frisco common. That company, witness testified, is
of Missouri,
also, it seeks authority to assume obligation and liability as guarantor in
,
-competitor of both the Rock Island and the Frisco. The laws
cumulative voting, as do
accordance with the terms of a trust indenture dated March 11911, between
under which the Frisco is incorporated, require organized. The Southern
the Central Pacific, the applicant, and the United States Trust Co. of
the Illinois laws under which the Rock Island was of Frisco stock could have
New York, as trustee.
Pacific, therefore, as the owners of 45,000 shares
through the
permit
The
a voice in the Frisco management if it chose to exercise it; and
stock, (I) theCommission also modified its order of April 16 1931 so as to equipsubstitution of the applicant's uncapitalized equity in certain
by the Frisco of 14% of the Rock Island's outstanding Island
-ownership
in the Rock
ment, to the extent of $24,545,657, for a like amount of capital expendithe Southern Pacific would necessarily have a voicematter of protection
tures submitted as a part of the basis for the issue therein authorized of
management. Therefore, witness thought that, as a
should be
-year 4I-6% gold bonds, and (2) the pledge and repledge
$50,000,000 of 50
-for the Rock Island, the Southern Pacific holding of Frisco stock
Frisco by the
of S35,646,106, principal amount, of Central Pacific Railway 4% 35
-Year
in some degree offset by the acquisition of an interest in the
European loan of 1911 bonds as collateral security for short-term notes.
Rock Island.
successful,
—V. 135, p. 815, 459.
"In witness' opinion, such a transaction as this purchase, if
possible. Acmust be conducted with the knowledge of as few people as
the execuStockton Terminal & Eastern RR.—Loan of $40,750
-cordingly, he decided not to bring the matter up in the meeting ofbut before
Rock Island,
tive committee or the board of directors of the members of the executive
-S. C. Commission has approved a loan
Approved.—The I.
taking action he conferred with a majority of the
their apof $40,750 to the company from the Reconstruction Finance
-committee and a member of the finance committee, and secured
proval before any stock was acquired.
Corporation..—V. 134, p. 3820.
securing approval,
"These conferences were prior to Oct. 9 1930. Upon
Speyer & Co. Oct.9
.as aforesaid, witness made a verbal arrangement with stock,to be carried
Texas & Pacific Ry.—Control of Fort Worth Belt Ry
1930 for the purchase of 25,000shares of Frisco common arrangement was
The I.
-S. C. Commission on July 20 authorized the acquisition by the
This
by the firm for a short time at 2 % interest.purchased the stock from
company of control of the Fort Worth Belt Ry., by purchase of its capital
confirmed by letter the same day. Speyer & Co. witness fixing the price
stock. The report of the Commission says in part:
on the New York Stock Exchange, share,including regular
time to time
All the capital stock of the Belt was owned for many years by the Fort
limit. The average cost was approximately $70 per Speyer & Co. except
Worth Stock Yards Co. These companies have their principal officers in
by
commissions, which constituted the only charges were those of the Rock
common. Swift & Co. has officers in common with the stockyards comThe funds used
the carrying charge of 2 %.
pany and stockholders in Armour & Co. are also stockholders in the stocksubstantial
Island on deposit with Speyer & Co., the balance on hand being the Rock
yards company. A decree of the Supreme Court of the District of Columbia,
1930
at that time. When final settlement was made Dec. 11
affirmed in Swift & Co. vs. United States, 276 U. S.311. requires the packcost,including interest,amountIsland account was charged with the total
ing interests to dispose of their stock interests in stockyards and terminal
ing to $1,752,872.
railroads by Jan. 311932. In accordance with that decree the Fort Worth
committee
"The matter of the purchase was submitted to the executive meetings
Stock Yards Co., by agreement dated May 1 1931. with the Republic
and to the board of directors of the Rock Island at their respective
National CO. an investment subsidiary of the Republic National Bank of
of the
On the day
held Dec. 10 1930, when the purchase was approved. high and 45X low.
'
Dallas, for a consideration of $900,000, contracted to sell to the National
Frisco stock was 493
ratification the market price of
company, or its assigns. 60% of the capital stock of the Belt, consisting of
price was 46f-1
On the following day, when settlement was made, the
2,400 shares, to pay all taxes, debts, and obligations of the Belt, and to
46 low."
high and
convoy and cause to be conveyed to the Belt by deeds of general warranty
public atThe disclosures by the evidence in this proceeding bring to
fee title to all tracks, rights of way, and other properties used by the Belt
corporations that
tention a practice in conducting the business of railroad certain functions
or held by it under lease. The stockyards company further agreed to Pay
of corporations have
merits condemnation. Stockholders
all sums of money which the Belt should be required to establish and
essential and
to perform and the right to establish by-laws is one that is valueless if
maintain as a reserve fund out of excess income, and all sums which the
be
Important. Otiviously the power to make by-laws would of the corporaBelt should be required to pay to this commission as excess income, under
of the business
such rules are not cbserved in the conduct
Section 15a of the Inter-State Commerce Act, for all periods prior to
stockholders, first
tion. The narrowing of the authority of thousands of
May 1 1931. To secure this agreement the stockyards company gave to
then to an executive committee, and finally, in
to a board of directors,
the Belt a bond for $250.000, with the National Surety Co. as surety.
and more
practical effect, to an individual member who confers separatelyaction for
By contract dated July 15 1031. called "an option to purchase capital
or less incidentally with certain other. members before taking
stock," the Republic National Co. agreed to sell to the Texas & Pacific,
sound practice
the corporation, constitutes a dangerous departure from
on or before May 1 1932. 2,400 shares of stock of the Belt for $900,000
In corporate management.
and interest thereon at 5% per annum from May 11931. and the payment
corporaWhile in the nature of things it is necessary that the business of
by the Texas & Pacific of $9,000 in consideration of the agreement is
essential that
tions be delegated to boards and even to individuals, it is of the stockrecited therein. By an escrow agreement dated Aug. 17 1931 the stockall reasonable effort be made to preserve the representation
yards company deposited with the Mercantile-Commerce Bank & Trust
by the regulations adopted by them.
holders to the full extent required
Co.. of St. Louis, Mo., as escrow agent, 2.400 shares of the capital stock
Rock Island,
It seems clear that the by-laws of both the Frisco and the
of the Belt. to be delivered to the Republic National Co. upon that comthey do not direct, that action taken by an executive committee
imply, if
pany's depositing with the escrow agent the sum to be paid by the Texas &
regular meetings or
in behalf of the corporation shall be considered at not so much s ith
Pacific for the stock under its option, loss dividends paid on the stock.
at special meetings. However, here we are concerned
The other 40% of the capital stock of the Belt has been purchased by
procedure adopted as with its bearing upon the public
the legality of the
the Missouri Pacific RR.
consideration
Interest. It is hardly necessary to refer to the advantages of
The "option to purchase" agreement above mentioned states that the
transactions at a representative meeting which shall give
of pr mosed
Texas & Pacific assumes no obligation to purchase the 2,400 shares of stock
lessening the posopportunity for interchange of views and discussion. and misrepresentaunless and until it is authori_ed to do so by this Commission, but if and
sibility of undue personal influence. misunderstanding. theory that danger
when so authori_ed, it agrees to buy the 2,400 shares at the price specified,
tion. We are unable to attach material weight to any apprise all of the
and if it shall not be so authorl_ed it agrees to substitute for itself another
to
of premature disclosure of plans can justify failure
purchaser willing and able to buy and pay for the stock at a price not less
executive committee of proposed transactions having an
members of an
than that agreed to be paid by the Texas & Pacific. In case the Texas &
well as upon
important bearing upon the policy of a railroad company as
Pacific, or its substituted purchaser, fails to complete the purchase by
reason for dispensing with
Its finances; er that such danger is sufficient committee should be conMay 11932. the Republic National Co. is given the right to sell the stock
Each member of the
a committee meeting.
at public or private sale for the highest price offered and if the net proceeds
his position.
retained in
sidered worthy of trust or should not beFrisco stock by the Rock Island,
of the sale amount to less than the agreed purchase price the Texas It
of the acquisition of the
In the case
Pacific,or its assigns, agrees to pay the difference to the National company.
of the executive comthat
in particular, it is notewirthy one the Chairman particularly qualified
The action of the Texas & Pacific, in obligating itself by contract to
member who was
mittee failed to consult at least
Volume 135
•
Financial Chronicle
983
assume liability for the payment of the agreed purchase price prior to
States Electric Corp.
-Earnings.submitting that question for our consideration, deserves censure. This
For income statement for six months ended June 30 see "Earnings
provision of the contract Was an 111-advised attempt to circumvent and
Department" on a preceding page.
flaunt the statute.
Consolidated Balance Sheet June 30.
It is claimed that control of the Belt by the Texas & Pacific would result
economies,
the
In some important operatingequipment toas largeapplicant would utilize
1932.
1931.
1932.
1931.
a
extent.
its own forces, facilities and
Assets
Liabilities$
$
At the argument counsel for the applicant requested that in the event
Investments_ _ _ -679,091,730 90,381,661 5% cony. debs.
think the proposed price excessive we "suggest what price will be within
we
Cent. States Elec.
series due 1948_15,711,000 17.377,000
the law." In view of all the circumstances and conditions we are of opinion
Corp. stock:
Optional
534%
that the present fair commercial value of the 2,400 shares of capital stock
debs., ser. due
661,123
7% Pref.stock__ 661,123
of the Belt proposed to be acquired by the applicant is not more than
6% pref.stock__ 373,620
1954
230.258
23,243,000 24,171,000
$700,000.
Cony. pf. stock.. 307.484
123,753 Notes payable_
2,500,000
Upon the facts presented we find that the acquisition by the Texas &
Int. accr. on debs. 765,981
U. S. Treas. Ws__ 886,125
control of the Fort Worth Belt ity, by the purchase of
Pacific By. of
122,441 Sec. purchased unSyndicate part_
60% of its outstanding capital stock, on condition that it pay not more
Cash
delivered
1 668,581 1,812,290
13,105
25,508
than $700,000 therefor, and on the other teems stated in the application,
Prot. in suspenseSecurities sold un379,720
will be in the public interest, subject to the observance by the Texas &
delivered
159,961 Miscell. accrued
Pacific By. of the following further conditions proposed by the inter241.780 1,684,123
Misc. accts. rec
93,618
112,397 liabilities
veners and accepted by the applicant, to wit:
Dividends pay_
Unamor. discount
825,997
,
.
1. The Texas & Pacific By shall maintain the separate corporate entity
on debentures 2,039,555 2.293,923 Res. for coating- 737,000
578,022
the Fort Worth Belt Ry. as a separate operating unit, but The Texas
of
Capital
a33,040,128 32,557,474
utilize its own organization in supervising the opera& Pacific By. may
Surplus
11,369,842 15,798,964
tions and in directing the affairs of the Fort Worth Belt By.. and it may
employ its own forces, facilities and equipment in effecting overhead, operTotal
85,121,836 95,897,810
Total
85.121,836 95,897,810
ating and other economies. A responsible representative of the Fort
a 7% preferred stock, issue of 1912, cumulative (par $100), 75,433 abs.;
Worth Belt shall be located in Fort Worth so as to preserve for the shippers
serial preferred stock (par $100), preferred stock 6% series, 101,240 she.*
to railroad officials.
direct access
convertible preferred stock, optional dividend series, 15,838 abs.; con2. The present neutrality of handling traffic inbound, outbound, and
vertible preferred stock, optional series of 1929, 36,636 abs.; common
switching by the Fort Worth Belt By. shall be continued so as to permit
stock (no par), 10,130,194 shs. b Investments, at average cost including
equal opportunity for service to and from all lines now or hereafter entering
valuation placed by the board of directors upon stock dividend stock reFort Worth and directly or indirectly reaching the rails of the Fort Worth
ceived (carriedto surplus) and common stock of Shenandoah Corp.. valued
Belt By. without change in places, means or methods of interchange
at below cost, $85,749,541 less reserve of $6,657,811.
and without discrimination as to routing or movement of traffic and without
The corporation is obligated to deliver 16,553 shares of the IN'orth Ameridiscrimination in the arrangement of schedules or otherwise.
can Co. common stock at $82 per share upon the exercise of outstanding
3. The _present traffic and operating relationships existing between
purchase warrants exercisable on or before May 1 1933; also, 24,042 shares
the Fort Worth Belt By. and all lines connecting with its tracks shall
atl
$50lier share upon the exercise of an option extending to July 31 1937.
be continued, insofar as such matters are within the control of The Texas
& Pacific By.
4. Handling of car supply shall be governed by current American Railway
" - Central West Public Service Co.
-Exchange Date for
Association car-service rules, without discrimination between proprietary
Notes Extended.lines and nonproprietary lines.
5. The Fort Worth Belt By. shall accept, handle, place and deliver
Company advises that a high percentage of outstanding notes
all cars inbound and outbound, loaded and empty, without discrimination 1932 have been deposited for exchange under the note exchange due Aug. 1
plan under
in promptness or frequency of service, or otherwise, as between cars destined
which hoteholders will receive a new three year note to be due Aug. 1
received from competing carriers and irrespective of destination or
to or
1935. if the plan is declared operative.
route of movement.
The deposit date for these notes has been extended from July 29 to
6. The National code of demurrage rules, as in effect from time to
Aug. 16 to enable the remaining noteholders who have not yet deposited
time. shall be applied by the Fort Worth Belt Ry. to each industry and
their notes to co-operate with the company and work out the situation to
team track served by it on all inbound and outbound cars, irrespective
the best advantage.
-V. 135, p. 628.
of what carrier or carriers may be interested in the line haul.
Chicago Rapid Transit Co.
7. Any party to this proceeding or any person having an interest in
-Committee Formed for Seven
the subject matter may at any future time make application for such
Mortgage Bond Issues.modification of the above conditions, or any of them, as may be required
D. F. Kelly, President of the Fair,
in the public interest, and jurisdiction will be retained to reopen the pro- holders of mortgage bond issues nowheads a protective committee for the
-V. 134. p. 4487.
direct obligations of the company,
ceeding on our own motion for the same purpose.
according to an announcement August 1. It is stated that immediate conWabash Ry.-Additional Loan of $4,575,000 Approved.- certed action is necessary,not only for general protection ofthe bondholders,
but also
-S. C. Commission has approved an additional loan quisitionto save and further the work already accomplished toward the acThe I.
uisition by the Chicago Local Transportation Co. of the transportation
of $4,575,000 to the company from the Reconstruction properties ofthe Chicago Rapid Transit Co.and the Surface Line companies.
The committee has been organized to represent the holders ofseven mort-V. 135, p. 125.
Finance Corporation.
gage bond issues. They are Chicago Rapid Transit Co. 1st and ref. mt.
•1•1•••••••••••
old bonds,64 series, due July 1, 1944 and 1st & ref. mtge. gold bon
% series, due uly 1 1953; Metropolitan West Side Elevated By.
PUBLIC UTILITIES.
mtge.4% gold bonds, due August 1 1938 and extension mortgage 4% gold
Matters Covered In the "Chronicle" tif July 30.-(a) The original cost of
bonds, due July 1 1938; Union Consolidated Elevated Ry. 1st mtge 5%
Mitchell Dam, p. 685; (b) Gas Utility revenues show drop in May, p, 693;
gold bonds, due Nov. 1 1936; Northwestern Elevated RR. 1st mtge 5%
( )Electric Light & Power statistics for month of May, p. 694;(d) Alabama
e
gold bonds,due Sept.1 1941; Union Elevated RR.1st mtge.5% gold bonds,
public utilities ask clarification of order of Public Service Commissiondue Oct. 11945.
Hint at resistance to ruling on depreciation ifit implies halting ofdividendsThe deposit agreement provides for the enlargement of the committee
Defend present policies. p. 717.
membership and for a division to solely represent specific liens should
sufficient conflict of interest eventuate. The joersonnel of the committee
American Light & Traction Co.
-Earnings.in addition to Mr. Kelly follows: Lawrence K. Callahan, Capitalist: Arthur
For income statement for 3 and 12 months ended June 30 see "Earnings
V. Morton (Aries-Pres. Pensyivania Co.for Insurances on Lives & Granting
Department" on a preceding page.
-V. 134, p. 3453.
Annuities); Edwin L. Lobdell, (Chairman Edwin L. Lobdell & Co. Inc.);
Berthold Singer (Capitalist); Harry R. Mosser, Sec., 209 So. La Salle St.,
Associated Gas & Electric Co.
-Refunding Requirements Chicago. The depositary is Halsey, Stuart & Co., 201 South La Salle St..
Chicago.
Reducedfrom $42,000,000 to Less Than $2,000,000.Formation of the committee follows the appointment of receivers for the
The Associated Gas & Electric System has cut its refunding requirements,
company by the U. S. District Court for the Northern District of Illinois,
which were about $42,000,000 at the beginning of the year, to less than
Eastern Division. Interest due July 1 on certain of the mortgage bond
$2,000.000 at the Present time, as a result of the latest measure undertaken
issues was not paid, making it essential that immediate steps be taken to
to meet the note maturity of a subsidiary,
consolidate the position of, and to obtain representation for, the holders
In this transaction the Chase Harris Forbes Corp., Halsey, Stuart & CO.
of all mortgage bond issues now direct obligations of the Chicago Rapid
other banking houses advanced on Aug. 1 $3,500,000in cash in exchange
and
Transit Co.
for serial notes a the Pennsylvania Electric Co., permitting the company
To obtain representation by the committee, bondholders of the various
to pay off in cash the balance of the $9,000,000 note issue which matured
issues are urged to deposit their bonds with the depositary, upon receipt
on Aug. 1, which had not previously been retired through exchange for
of which transferable certificates of deposit for the specific liens deposited
other securities or otherwise.
will be Issued.
The remaining requirements of the group include the acceptance of the
Counsel for the committee is Taylor, Miller, Busch & Boyden, 231
holders of less than $1,000,000 of notes of the Staten Island Edison Corp.,
South LaSalle St., Chicago.
which matured June 15, of an offer to exchange new 364
-day securities
Upon acquiring the transportation properties of the Chicago Rapid
for the $7,500,000 3% notes. The greater part of the issue has been exTransit Co. and those of the Surface Lines companies, it was stated that
changed for new notes, with a certain amount promised for exchange upon
the Chicago Local Transportation Co. will be qualified and in a position to
consummation of the plan.
•
accept the Ordinance Providing for a Comprehensive Unified Local TransIn addition, about $700,000 of the General Gas & Electric Corp. serial
portation System for the City of Chicago and Metropolitan area, which
5gold notes, due on Aug, 15, have not yet accepted the exchange offer
was approved at a
July 1 1930.
bought
a Northern Pennsylvania Power 1st & ref, mtge. 5% bonds, due in 1962, testing the validity special election held. on been carried toSuits Illinois
of this ordinance have
the
on a par-for-par basis. The total amount of General Gas notes due on
Supreme Court, which has just rendered a decision upholding the valdlity
Aug. 15 is $3,280,000. In addition to providing for this maturity, the
of the ordinance. The time for acceptance of the ordinance,as now extended
Associated System is planning to offer at an early date exchanges for General
by the Chicago City Council, expires Jan.31 1933
Gas serial notes due over the next three years.
-V. 134, p. 816.
g
•
•
Bell Telephone Co. of Penna.-Earnings.-
For income statement for six months ended June 30 see "Earnings Department" on a preceding page.
The directors have appropriated $3.349,553 for equipment, essential
replacements and maintenance.
The maintenance figure exceeds by
about $2.712,926 appropriations for like period last year. This brings
appropriations this year to date to 312,776,941.-V. 134. p. 3454.
Interest.
-
Notice having been received that the interest due Aug. 1 1932. on
Metropolitan West Side Elevated By. first mtge. 40
-year 4% gold bonds,
due 1938, is not being paid. The Committee on Securities of the New
York Stock Exchange rules that beginning Monday, Aug. 11932. and until
further notice the bonds shall be dealt in "flat" and to lse a delivery must
carry the Aug. 1 1932, and subsequent coupons.
-V.135. p. 293.
Commonwealth Edison Co., Chicago.
-$18,000,000
Bond Issue Oversubscribed.
-An oversubscription of the issue
of $18,000,000 1st mtge. 5
gold bonds, series G, offered
Wednesday has been announced by a nation-wide banking
Brooklyn Union Gas Co.
-Comparative Balance Sheet.
- group headed by the Continental Illinois Co., as syndicate
June 3032, Dec. 3111.
June 30'32. Dec. 31'31,
manager, the First Union Trust & Savings Bank, and the
$
LintrUttiesAssets$
N. W. Harris Co., Inc., and including Guazanty Co. of
Fixed capital---110,010,444 109,256,222 Capital stock__ _x37,060,900 37,054.300
2,960,859 2,910,258 Long term debt. 39,307,500 39,321.100
New York, the National City Co., Chase Harris Forbes
Cash
Notes & accts.
Notes, accts. &
Corp., Bankers Trust Co., the Northern Trust Co. of
3,145,277 3.248.909
payable
other ree
7,780,599 8,307,242
Chicago, and Field, Glore & Co. In co-operation with the
Mans. Jr supers 3.196,930 3.349,898 Divs. declared
926.674
926,551
166,261
167,465 Deposits, unpaid
Prepayments.-Continental Illinois Co., syndicate manager, Guaranty Co.
interest.
Invests. & spec.
2,309,558 2,383,154
376,372 Accr. liabilities_ 1,787,101
of New York is acting as eastern syndicate manager. The
476,918
deposits
1,559,561
10,693,578 10,351,022
Suspense items_ 1,473.228 1,510,154 Reserves
bonds were priced at 93 and int. to yield about 6% and
Profit & loss surp 21,564,009 20,916,348
were quoted among dealers Wednesday afternoon at a
121,429,917 120,819,278
Total
121,429,917 120,819,278
Total
substantial premium above the offering price.
-V. 135, p. 816.
Represented by 741,218 no par shares.
Dated June 1 1932: due June 1 1962. Principal and int. (J. & D.),
payable at Continental Illinois Bank & Trust Co. (trustee), Chicago,
Calgary Power Co., Ltd.-Acisition.or at Guaranty Trust Co. of New York. Red. all or part at any time upon
-V. 135. p. 628.
See Ottawa Valley Power Co. below.
40 days' notice at following prices and int. On or before May 31 1942
at 105; thereafter and on or before May 31 1947 at 104; thereafter and
-Rate Decision.
Central Massachusetts Electric Co.
on or before May 31 1952 at 103; thereafter and on or before May 31 1957
Brooklyn Edison Co., Inc.-Earninqs.d
For income statement for 3 and 12 months en ed June 30 see "Earnings
Department" on a preceding page.
-V. 135. p. 125.
The petition of customers of this company for a reduction in rates was
dismissed by the Massachusetts Department of Public Utilities. With
decreasing earnings a reduction in rates, the Department states, "would
seemingly affect the credit of the company and make it difficult for it to
render the service which it should be prepared to perform.' V. 123,P.841.
-Acquisition by Subs.
Central Public Service Corp.
-
-V.134. p. 4490.
See Southern Cities Public Utility Co. below.
at 102' thereafter and on or before May 31 1961 at 101, and thereafter
to maturity at 100. Interest payable without deduction for any Federal
income tax not in excess of 2% per annum. Company will agree to refund,
upon proper and timely application, the Penn. and. Conn. personal property
taxes at a rate not exceeding 4 mills, the Calif. personal property tax at a
rate not exceeding 2 mills, the Ohio personal property tax at a rate not
exceeding 2 mills or 5% per annum of the income yield, the Maryland seentities tax at a rate not exceeding 434 mills, and the Mass, income tax
984
Financial Chronicle
at a rate not exceeding 6% per annum of interest, to holders resident in
those States. Denom. c* $1,000 and $500, and r* $1,000, $5,000 and
310,000.
Market Fund.
-Company has agreed, but not as a part of the mortgage
or any supplement thereto, to create a market fund up to 24% per annum
(non-cumulative) of the maximum amount of series G bonds issued, to
be used for the purchase of series G bonds in the market if available at prices
not exceeding par and kit.
Issuance and sale of these series G bonds have been authorized by the
Illinois Commerce Commission.
Listing.-Company has agreed to make application to list these bonds on
the Chicago Stock Exchange.
Data from Letter of James Simpson, Chairman.
Business.
-Company does substantially the entire central station electric
light and power business in Chicago, the second largest city in the United
States. Company operates one of the largest steam generating electric
systems in the world. Company's subsidiary, Commonwealth Subsidiary
Corp., has investments mainly in companies whose business is affiliated
with, or closely related to, the business of Commonwealth Edison Co.
Property.
-Company owns five central generating plants. The total
generating capacity is i.094.500 kw., not including allotments of capacity
in the generating stations of Chic'go District Electric Generating Corp.
and Super-Power Oo of Illinois. Company owns 105 sub-stations and
its transmission and distribution system comprises 28,300 single wire miles
of overhead conductors. 9,5003 miles of underground conduit, 3,600 miles
of cable, and 36,700 transformers.
-Consolidated capitalization of the company and
Capitalization.
Commonwealth Subsidiary Corp. outstanding with the public as of March
31 1932, after giving effect to this financing, was as follows:
First mortgage gold bonds (various series, incl this issue)
$175,000,000
Commonwealth Electric Co. 1st mtge. 5% bonds, due 1943
(retirement provided for as hereinafter described)
2,513,000
Commonwealth Subsidiary Corp. 54% gold debs, series A,
20,000,000
due 1948
Capital stock (par 3100)
-Issued,less reacquired
157,597,200
Subscribed but unissued and (or) undelivered
11,372,000
Purpose.
-Proceeds from these bonds will be used to reimburse the
companyin part for capital expenditures heretofore made in the development
of its properties and for other corporate purposes. Cash on hand after
such reimbursement will be used to retire temporary bank loans incurred
in connection with the payment, at maturity, of its $20,000,000 3 %
4
notes due July 30 1932.
Earnings.
-Consolidated earnings of the company and Commonwealth
Subsidiary Corp.for the four year ended Dec.311930,as prepared by Arthur
Young & Co. (C.P.A.) from annual audit reports certified by them, and
for the years ended Dec. 31 1931 and March 311932, as certified by Arthur
Andersen & Co. and Arthur Young & Co., were as follows:
a Net
Other
Gross Oper.
Earnings.
Income.b
Calendar YearsRevenue.
1927
$71,628,560 $1,676,100 330,686.685
2,758,488 33,999,900
1928
77,042,776
3,250,947 35,681,274
1929
83,486.745
3,987,599 35,768,696
84.004,438
1930
1931
80,417,050 4,039,921 33,047,029
1932 d
79,232.551 c4.132,384 32,634,494
a Before depreciation, interest, amortization and Federal taxes. b Other
income for the four years ended Dec. 31 1930, includes all interest and
cash dividends received and excludes all stock dividends received, and
for 1931 and the year ended March 31 1932 includes interest and dividends
received, in either cash or stock, to the extent earned by the paying companies. c Since March 31 1932. income from certain of the company's
investments has been at rates lower than those in effect during the period
shown above. d Year ended March 31.
Annual interest requirements on total mortgage debt outstanding
onM arch 311932,after giving effect to this financing,amount to $7,905,650
and on total funded debt amount to 39,005,650.
For the year ended March 31 1932, net earnings before depreciation,
Interest, amortization and Federal taxes, of Commonwealth Edison Co.
alone,exclusive of any earnings of, or income received from, Commonwealth
Subsidiary Corp., as certified, were $29,651,231, equivalent to 3.75 times
the above annual interest requirements on total mortgage debt. After
deducting depreciation of 35,932.770, such net earnings were equivalent
to 3 times such annual interest requirements.
Security.
-The mortgage, under which these bonds are issued, is, in the
opinion of counsel, a direct mortgage lien on all the fixed properties, rights
and franchises of the company now owned and on all such property hereafter acquired against which any bonds may be issued under the mortgage
subject only to the lien of Commonwealth Electric Co. 1st mtge. 5% bonds.
due 1943,for the discharge of which an amount has been deposited with the
trustee under the mortgage securing the series G bonds, estimated to be
sufficient to pay the principal of such bonds and the interest thereon to
maturity. The total mortgage debt of $177,513,000, as of March 311932.
after giving effect to this financing, compares with the company's investment in plant, property, rights and franchises of 3308.865.100. The
property amortization and retirement reserves, as of that date, aggregated
$48,904,769.
Condensed Pro Forma Consolidated Balance Sheet-March 311932.
• Giving effect to sale of 318,000.000
% series G, and to negotiation of
a bank loan in the amount of $2,000,000: together with the application
of the proceeds of this financing in connection with the payment at maturity
of $20,000,000 34% notes due July 30 1932, and the making of an advance
of $2,011,036 to Public Service Co. of Northern Illinois.)
LiatetlUtesAssets
3168,969,200
Plant, property rights. &c_ _5308,865,100 Capital stock
513,000
.
Investment In & advances to
Funded debt
sub.& affiliated cos., &c_ - 87,067,094 Bk.loan due after Mar.31'33 2.000,000
Special deposits & funds_ _ _ _ 15,322.581 Purch. money obligations.- 3,500,000
Debt discount & expense... 21,682,869 Eat. obilg. to employees'
Invest.& savings funds- -- 5,203,064
588,430
Prepaid accts.& def. charges
828,228
10,307.692 Customers' deposits
Other assets
5,907,436
Cash
16,903,380 Accts. & dividends payable
Accts.receivable, less reserve 8,242,985 Contr.°Wig. to affil. cos,&e 8,472,392
Mat. & supplies, incl. fuel4,096,765 Accrued taxes & municipal
14,938,076
compensation
Other current assets
1,847,598
1,715,737
Accrued int. on funded debt_
640,005
Misc, current liabilities._ _ _
Retirement (delver..) reserve 44,437,469
4,467,300
Amortization reserve
Pension di insurance reserves 10,891.126
7,441,242
Surplus
Total
-V.135, p. 628.
$474,924,277
Total
1474,924,276
Connecticut Power Co.
-Earnings.
-
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-V. 134, p. 4156.
Consolidated Gas Co. of New York.
-Bonds Sold.
The National City Co. announces that the $30,000,000
-year 5% gold debentures bonds have all been sold and
25
the syndicate has been closed.
For'income statement for 3 and 12 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 125, p. 463. 125.
Consolidated Gas, El. Lt. & Pr. Co., Balto.-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 135, p. 463.
Denver Tramway Corp.
-Earnings.
-
For income statement for 6 months ended June 30 see "Earnings De-V. 134, p. 3455.
partment" on a preceding page.
-Earnings.
Duquesne Light Co.
For income statement for 12 months ended June 30 see "Earnings De-V. 135. p. 817.
partment" on a preceding page.
-Earnings.
Electric Bond & Share Co.
An analysis of surplus and a comparative statement of income for the
12 month periods ended June 30 1932; and March 31 1932, respectively,
are given under "Earnings Department" on a preceding page.
S. Z. Mitchell, Chairman and 0. E. Grosbeck, President, State:
Aug. 6 1932'
Company has no funded debt, bank debt, endorsements or guarantees,
It has no securities outstanding except preferred and common stocks.
All of the securities owned by it are held free of pledge.
The United Gas Corp. bank loans of $21,250,000 have now been extended
to July 20 1933. Arrangements have been made to extend to Oct. 26
the American & Foreign Power Co., Inc. bank loans of $50,000.000 1933.
when
they become due on Oct. 26 1932, and in connection therewith your company has loaned an additional 35.000.000 to American & Foreign Power
Co. Inc. This amount, together with the $30,000,000 then owed to your
company, was funded by the issuance by American & Foreign Power Co.,
Inc. to your company of a $35.000,000 7% note due on April 15 1934,
which was made subordinate to other then existing indebtedness of American.
& Foreign Power Co.,Inc. but only so long as any portion of the bank loans
of that company remains unpaid.
Company now carries in its investment account (as distinguished from:
its current assets) this $335,000,000 note, as well as a $25,925,000 demand
note of United Gas Corp..
All of the securities owned by the holding companies in which your company has its principal investments (i.e., American & Foreign Power Co.,
Inc., American Gas & Electric Co., American Power & Light Co., Electric
Power & Light Corp.. National Power St Light Co. and United Gas Corp.)
are held free of pledge.
There are no intercompany loans or debts between these holding companies nor do they have any loans from any subsidiary. No subsidiary of
these holding companies has any bank debt except subsidiaries of American
& Foreign Power Co., Inc., which have bank debt equivalent in United
States currency to approximately $1,200,000.
American Gas & Electric Co., American Power & Light Co., Electric
Power & Light Corp. and National Power & Light Co. have no bank debt.
No operating subsidiary owns any securities of any of these holding companies. None of the companies
-holding or operating-owns any stock of'
Electric Bond & Share Co.
The continuation of the depression has resulted in further curtailment in
business generally and, as a consequence, there has been a decreasing
demand for electric, gas and other utility service, particularly for industrial.
uses. This has been accentuated during the past several months. For the
12 months ended June 30 1932, as compared with the 12 months ended
June 30 1931, the combined operating revenues, as reported, of all companies in the United States operated under the general supervisory service
of your company (i.e., subsidiaries of American Power & Light Co., National Power & Light Co. and Electric Power & Light Corp., including
subsidiaries of United Gas Corp.) declined $18.214,210 (from $247,758,317
to $229544,107). Through the application of operating economies these
companies have been successful in offsetting to a considerable extent the
reductions in operating revenues. As a result the total operating expenses,
Including manintenance but exluding taxes, as reported, for the 12 months
ended June 30 1932, as compared with the preceding period, were reduced
$12,901,453 (from $101,568,722 to $88,667,269). Thus the decline in
operating revenues was offset to the extent of approximately 70% by these
reductions. For this same period taxes, as reported, increased $1,265,640.
In addition to operating expenses and taxes, these companies have large
charges which are practically fixed, such as depreciation, interest on bonds
or other debt and preferred stock dividends, all of which must be provided
for in full before any earnings accrue to their common stocks.
American Power & Light Co. has omitted the declaration of the semiannual stock dividend of 2% on its common stock ordinarily payable
June 1. Electric Power & Light Corp. has omitted the declaration of the
quarterly dividend of 25 cents per share on its common stock and the
quarterly dividend of $1.75 per share on its second preferred stock, series A.
($7), ordinarily payable Aug. 1. United Gas Corp. has paid no dividends
on its $7 second preferred stock since the last quarterly payment made
for the period ended Feb. 29 9132. No dividends on the $7 preferred stock
and $6 preferred stock of American & Foreign Power Co., Inc. have been
paid since the quarterly payment made Jan. 2 1932. The last dividend
paid on the second preferred stock, series A ($7), of that company was on
May 29 1931, which covered the dividend for the quarter ended Sept. 30
1930. Dividends on these preferred atocics and second preferred stocks on
which dividends have been omitted are all cumulative.
The operating expenses of your company (excluding taxes) for the 12
months ended June 30 1932, were approximately 29% less than for the 21
months ended June 30 1931. This substantial reduction has been accomplished despite the necessity of maintaining a staff adequate to render the
services required by client companies, including additional services incident
to problems resulting from the depression. To render those services your
company maintains a staff, expert in the handling of all phases of the public
utility business, including those of executive, operating,financing, engineering, construction, accounting, auditing, legal, rate, customer relations.
statistical and commercial. At present this staff consists of approximately
900 people located at the office of your company in New York or on temporary field service for the client companies. General reductions were made
in the compensation paid members of your company's organization for
services rendered in 1931 and 1932, the last reduction being effective June 1
1932. Compensation paid principal officers of the company has been cut
drastically. The expenses shown in this report for the 12 months ended
June 30 1932, do not reflect the full benefit of these reductions in compensation and other economies.
The net assets of your company at June 30 1932, including
on the basis shown in the balance sheet were equivalent tothe securities
$131.95 Per
share on the $6 and $5 preferred stocks of your company and, after deducting $100 per share for all outstanding preferred stocks, were equivalent to
$9.23 per share for each share of outstanding common stock.
Balance Sheet June 30.
1932.
1931.
1932.
1931.
Assets$
Liabilities
Cash de call loans 21.142,804 10,660,174 Accts. payable_
134,280 1,193,657
Time deposits.. 9,550.000 35,684,112 Divs. declared
Notes and loans
on pref. stock 2,103,483 1,983,483
receivable..._z61,656,300 52,599.932 Taxes accrued__ 3,151,281 4,259,470
Accts.receivable
338,230
920,611 Common stock
Accr. int.& divs.
diva. payable_
374,924
receivable_ _
d770,784
396.318 MIscell. current
Miscell. current
liabilities
73.750
assets
81,032
118,263 Liabil. to issue
Bankers accept.
pref stock.7,500
& U. S. Govt.
Liabil, to issue
securities
_ 5,310.727
common stock
2,232,964
State. munk.
a Capital stork
other, short(no par val.)-170,763,592 283,754.026
term swum._ 1.894,859
Reserves
5,717,797 5,080,544
h Investments, 452.802,519 913,320,651 Surplus
371.999,728 715.675,748
Deferred charges
702.827
661,161
Total
554,250,085 1014261,141
Total
554,250,085 1014261,141
x American & Foreign Power Co., Inc., $35,000,000; United
Corp.
$25,925,00 Emprezas Electricas Brasileiras, S.A. $731,300.Gas Repro
a
.
:
sented by: $5 preferred stock (no par), 300,000 eh's.; $6 preferred
stock
(no par), 1,155,655 shs.: common stock and scrip, ($5 Par), 5,039,618
shs.
b Calculating quoted securities at June 30 1932, quotations and
taking
$20,000,000 Cuban Electric Co. 8% 20
-year debenture bonds,
book value (principal amount) and securities of wholly owned series A. at
subsidiaries
at an arbitrary amount of $2,750,000 (book value $4,784,929), this
figure
Is approximately $96,717,000. c Cash only. d Accrued interest
receivable
only.
-V. 134, p. 3822.
Electric Public Service Co.
-Aug 1 Coupons Not Paid
Kauffman Committee Urges Deposit of Secured Bonds with Old
•
Committee.The committee for the protection of the holders of the 15
-year 6%
secured gold bonds, series A and series B, and 16
-year gH%
collateral bonds, series C (James Lee Kauffman, Chairman), infirst lien
a letter
dated Aug.3 states in part:
The coupons on the 15
-year 6% gold bonds, series B, due Aug. 11932,
were not paid. Company has 60 days within which to make
ment before an actual default can be declared on the bonds. such payseries A and the series C secured bonds are all issued under theSince the
same indenture, a default in the payment of interest on series B will
default on all bonds. Therefore, it is more necessary than constitute a
ever for all
secured bondholders to unite for their protection.
You may have received a letter under date of July 18 from a
committee
of which W. W. Turner of R.E. Wilsey & Co.is the Chairman. asking you
to deposit your bonds. We advise you not to do so, and recommend that
you deposit your bonds with our committee immediately.
Our committee was formed prior to April 1 1932 for the sole
protecting the holders of secured bonds. When the company purpose of
went into
Volume 135
s.
Financial Chronicle
the hands of a receiver, and we learned that an effort was to be made to
reorganize the Empire Public Service System, of which the Electric Public
Service Co.is a part, it was apparent to us that the holders of the secured
bonds should unite for their protection. Accordingly, on March 29 we
made our first request for a deposit of bonds. Since its organization our
committee has repeatedly informed you of matters affecting your interests
and has exercised its influence for your protection. W. W.Turner, Chairman of the new committee, was an original member of our committee and
signed the bondholders' protective agreement on March 29 1932. He
resigned therefrom on April I and in a letter to secured bondholders dated
April 11 he said: "T am no longer in sympathy with the necessity of such
committee." Apparently Mr. Turner has now reverted to his original
position, but instead of supporting our committee he is endeavoring to secure the deposit of your bonds with an entirely new committee.
The properties operated and owned by the operating subsidiaries the
.ecurities of which are pledged as collateral for your bonds are valuable.
Our committee believes that with careful handling the situation can be
worked out over the next few years with little if any loss to the secured
bondholders.
There has been deposited with our committee a substantial amount of
the secured bonds. If we are to succeed in protecting your interest, we
need your co-operation and we urge you to deposit your bonds immediately
with the Chemical Bank & Trust Co. of New York City, depositary of this
committee.
iThe committee now consists of James Lee Kauffman, Chairman; Julian
D. Anthony, Bartlett Beaman, Robert M. Hopkins and Charles M.
Sellman .I-V. 134, P. 3822.
-Earnings.Erie Lighting Co.
985
companies, to provide for this maturity and thus avoid action by its creditors.
Each and every stockholder is interested in having the company maintain its credit by meeting this maturity. The attack of these stockholders
at this particular time demonstrates their inability to appreciate their duty
towards their fellow security holders.
It is useless to deny that the inspired publicity accompanying the filing
of such suits is harmful to the credit of company. The company will resist,
and we believe will resist successfully, these legal proceedings. The remedy
sought would serve no useful purpose: it would precipitate the maturity
of all the note issues, set up a receivership which would be wasteful and
expensive, and force a sale of assets in a period when prices are abnormally
low.
These litgaints have now organized a committee which primarily represents themselves. A majority of this committee are members of the law
firms acting as counsel for the committee and who, no doubt, hope to
benefit financially. This committee is soliciting the stockholders to deposit
their stock with the committee.
The purpose of writing this letter to you is to ask you ti give serious
consideration to the consequences attendant upon these attacks upon company before you deposit your securities with that committee. You should
also consider carefully whether you care to share in the responsibility for
legal fees and expenses incident to protracted litigation. This may amount
-V. 135. p. 465.
to a very large sum.
-Earnings.
Hackensack Water Co.
For income statement for 6 months ended June 30 see "Ea-nings De-V. 134, p. 2980.
partment" on a preceding page.
-Dividend Omitted.For income statement for 12 months ended June 30 see "Earnings De-------1-1ydro.Electric Securities Corp. dividend normally
payable
The directors recently voted to omit the
-V. 127, P. 1524.
partment" on a preceding page.
about this time on the no par value common stock. A dividend o 10c.
per share was paid on March 31 last, while in September 1931 a distribution
.. -" -Federal Light & Traction Coe-Div. Action Postponed.
- of 30c. a share was made on this issue, as against 35c. a share in March
The directors on Aug. 3 deferred action on the stock and cash dividends
and June 1931. and 50c. a share previously each quarter. The dividend
ordinarily payable about Oct. 1 on the $15 par common stock until the
-V. 134. p. 2904.
for the final quarter of 1931 was omitted.
September meeting of the board. In each of the 14 preceding quarters
a cash dividend of 37% cents per share and a 1% stock dividend were paid
-Earnings.
Illinois Bell Telephone Co.
-V. 134. p. 4658.
on this issue.
For income statement or 6 months ended June 30 see "Earnings De-V. 134, p. 3980.
partment" on a preceding page.
General Gas & Electric Corp.
-Holders of 5% Serial
Gold Notes due Aug. 15 1932 Urged to Accept Exchange Offer.
-
.
I
-Contracts
International Telephone & Telegraph Co.
President Issues Statement on Receivership Suits.
-J; I.
Mange,President, in a letter to stockholders states:
newspapers, a
There have been placed on the Boston Stock Exchange list temporary
bonds for $4.594,100 let mtge. gold bonds, series F, 5%, dated May 1
1932 and due May 1 1962.-V. 135. P. 818.
The Associated Gas & Electric Securities Co., Inc.. in a letter to the
in China.
holders of the above notes states;
The New York "Times" of July 22 had the following:
Under date of June 25 1932 you were advised that General Gas & Electric
A series of agreements has been concluded between the Chinese GovCorp. had outstanding $1.826.000 5% serial gold notes maturing Aug. 15.
ernment and subsidiaries of the International Telephone & Telegraph
Efforts to meet this maturity in cash, either through a bank loan or
Corp. which will give the American group an important additional share
through the sale of securities have so far been unsuccessful. The Associated
of the telephone and telegraph communications business in China.
Gas & Electric Securities Co., Inc., in its letter of June 25, came to the
The Mackay Radio & Telegraph Co. has concluded with the Minister
assistance of the corporation by offering 1st & ref. mtge. bonds of Northern
of Communications of China an agreement for the exchange of radioPennsylvania Power Co., in exchange for the notes of the corporation of
telegraph traffic between China and the United States, Hawaii and the
this maturity. The A.s,sociated Gas & Electric Securities Co., Inc. further
Philippines. This agreement, together with the existing radio-telegraph
agreed that if $1,550,000 of the notes of this maturity were deposited under
services to Honolulu and the Philippines, gives Mackay Radio a complete
the exchange offer, it would accept, in lieu of the notes of this maturity
transpacific service in addition to its services to South America and Europe.
which it acquires upon such exchanges, similar notes maturing not earlier
The China Electric Co., another International subsidiary, has concluded a
than Aug. 15 1933.
further agreement with the Ministry of Communications of China for the
There still remain outstanding $747,000 of the notes maturing Aug. 15
erection of four radio-telephone transmitting and receiving stations for
1932. Unless $471,000 additional principal amount are deposited on or
communication within China. Shanghai, Nanking and two other principal
before Aug.8 1932 the exchange offer for 1st & ref. mtge. bonds of Northern
Chinese cities will be connected in this manner.
Pennsylvania Power Co., does not become effective. If the Associated
In addition, an international radio telephone station will be built at
Gas & Electric Securities Co., Inc. elects to declare the exchange effective,
Shanghai so that the rest of the world can be connected to the more than
even though the specified amount of notes is not received, the Associated
100,000 telephones now in China. The International group also controls the
Gas & Electric Securities Co., Inc. is not obligated to accept notes of a
Shanghai Telephone Co., serving the International Settlement at Shanghai
later maturity in lieu of the notes acquired OS a reiult ofthe exchange offer.
which it has recently converted to more than 93% automatic operation.
Recognizing that some holders of short-term notes are disinclined to
It is expected that the Shanghai radio-telephone station to be erected
exchange them for long-term bonds, notwithstanding the quality of such
will operate in conjunction with the transpacific radio-telephone service
bonds,and with a view to meeting this situatioon, Associated Gas & Electric
originated by the Bell System in 1931 and which is now operating as far as
Securities Co., Inc. offers as an alternative the privilege of exchanging the
Hawaii, where telephone communication with the American mainland is
5 notes of General Gas & Electric Corp. maturing Aug. 15 1932. for new
-V. 135, p. 817. .
continuously available.
6 gold notes of that corporation due Aug. 15 1934. These 6% gold notes
will rank equally in all respects with the 5% serial notes of the corporation ....•••••- Interstate Railways.
-Protective Committee.
you now hold and will have the advantage of a higher interest rate.
which
In view of the non-payment of the coupons due August 1 1932, on the
With a view to being as helpful as possible in providing for the Aug. 15
due Feb. 1 1943, owing to the failure of the Wyomcollateral gold trust 4s.
1932 maturity. the Associated Gas & Electric Securities Co., Inc. has
ing Valley Public Service Co. (a subsidiary) to receive the rentals due
agreed that in the event that the aggregate principal amount of notes of that
July 15 1932, from The Wilkes-Barre Ry. Corp., lessee, at the request
maturity deposited for exchange for Northern Pennsylvania Power Co.
of the holders of a large number of the above bonds, the following have
1st & ref mtge. gold bonds and for the new 6% gold notes of General Gas &
consented to act as a protective committee for the bonds. Deposits of bonds
Electric 'Corp. due Aug. 15 1934, aggregate at least $1.700,000. it will
will be received by Pennsylvania Co. for Insurances on Lives & Granting
accept 5% serial notes of that corporation due Aug. 15 1935 for all notes
Annuities. Philadelphia, as depositary.
received in exchange for Northern Pennsylvania Power Co. 1st & ref. mtge.
Cornmittee.-Jonathan C. Neff, (Vice-Pres. Fidelity-Philadelphia Trust
gold bonds. This action would, of course, materially improve the position
Co.), Philadelphia; Samuel K.Phillips,(S. K.Phillips & Co.) Philadelphia;
of all other holders of the notes of General Gas & Electric Corp. of all
C. S. Newhall. Chairman (Executive Vice-Pres. Pennsylvania Co. for Ills.
maturities.
on Lives & Granting .thnuities) Philadelphia; Saul, Ewing, Remick &
Holders of the 5% notes maturing Aug. 15 1932, who desire to accept
Saul, Counsel, Packard Bldg., Philadelphia; L. J. Clark, Sec., Packard
this offer should send in their notes with the coupons due Aug. 15 1932
-V.134, p. 2718.
Bldg., Philadelphia.
attached,to the Associated Gas& Electric Securities Co.,Inc..61 Broadway,
N. Y. City, or to Public National Bank & Trust Co. 76 William St
-Reorganization Plan.
coupon due Aug. 15 1932 will be made iii'.Johnstown (Pa.) Traction Co.
New York. Payment of the
A plan for the reorganization of the company now in receivership, has.
cash at the time notes are received. Delivery of the 69' notes due Aug. 15
been prepared by a committee formed for that purpose. The activities
1934 will be made as soon as practicable after receipt of the 5% notes.
This offer will expire at the close of business on Aug. 14 1932 unless
of this committee have the endorsement and co-operation of the five proextended.
teeny° committees formed earlier to act in the interest of the holders of
the various classes of outstanding securities of the company.
Preferred Stockholders' Committee Files Suit.
J. C. Neff, Vice-Pres. of the Fidelity-Philadelphia Trust Co., is chairman
of the reorganization committee. Other members of the committee are
Suit was instituted Aug. 3 in the U. S. District Court for the Southern
E. Clarence Miller and J. M.Murdock. Each of the three members of the
District of New York agair st Associated Gas & Electric Co.. the officers
reorganization committee is a chariman of one of the several protective
and directors of that company and of General Gas & Electric Corp., by
committees. Mr. Neff is chairman of the committee for holders of the
George F. Sargent, William T. Shackelford and Arthur A. Niessen, repre-year 4% consolidated first mortgage
Johnstown Passenger By.2nd mtge.30
senting the preferred stockholders protective committee of General Gas &
bonds.
Electric Corp.
The plan in substance provides that a new corporation, to be formed unThe complaint asks for an injunction against the continuance of the many
der the laws of Pennsylvania, shall acquire by foreclosure, trustees or
acts complained of, the appointment of a receiver, an accounting, the
receivers' sale, or otherwise as may be determined by the reorganization
removal of the officers and directors of General Gas & Electric Corp. the
committee, all the property and franchises of the Johnstown Passenger
rescission of the conveyances by General Gas & Electric Corp. of its propBy. and the Johnstown Traction Co.
erties to Associated Gas & Electric Co., and the restoration to General Gas
The reorganization committee advises that holders who have already
dr Electric Corp. of its many properties which the complainants allege were
deposited their securities with the appropriate protective committees and
diverted from it.
wrongfully
consent to the plan need take no affirmative action on the reorganization.
The bill also asks a trust upon the properties of the corporation now in the
Holders who have not yet deposited their securities with the appropriate
hands of Associated, subordination of the securities of the corporation
protective committee may become parties to the plan and agreement by
held by Associated to the securities outstanding in the hands of other
depositing their securities. All deposits must be made before August 25.parties, and the restoration to the corporation of the dividends paid by it
V. 134, p. 2905.
to Associated Gas & Electric Co.
Proceedings for appointment of a receiver of General Gas & Electric Corp.
-Earnings.=
Los Angeles Gas & Electric Corp.
in Delaware are still pending. Other legal proceedings are in contemplation
For income statement for 12 months ended June 30 see "Earnings DeIn further protection of the rights of the holders of the issues of pref. stock,
partment" on a preceding page.
-V.134, p. 3824.
according to a statement of the committee, made public along with the bill
of complaint. The committee has no connection with the management of
-Earnings.
Louisville Gas & Electric Co. (Del.).
General Gas & Electric Corp. It states that it intends to obtain for the
For income statement for 12 months ended June 30 see "Earnings Destockholders of General Gas & Electric represented by it "a complete disconcerning its affairs which has been denied to many
partment" on a preceding Page.
-V.135, p. 295.
closure of information
stockholders who have requested it." The committee says that it"intends
Lower-Austrian Hydro-Electric Power Co.("Newag").
vigorously to pursue every remedy which may be available to it to accomplish the full protection and preservation of the rights and interests of the
-Aug.1 Interest Not Paid.
holders of pref. stocks of General Gas & Electric Corp.
The interest due Aug. 1 1932, on the guaranteed 20
-year closed first
Frank B. Cahn is Chairman of the protective committee which includes
mortgage sinking fund 6%% gold bonds, due 1944, Is not being paid.
Walter It. Buck and Joseph Glass. J. F. Gillis is Secretary and Olcott,
v. 129. p. 1440.
Holmes, Glass, Paul & Havens, counsel.
petition has been filed
As you may have learned from the
In the Chancery Court, Delaware, demanding a receivership for corporaproceeding has been followed up by the filing of another petition
tion. This
in the U. S. District Court for the Southern District of New York in
which a receivership for corporation is again demanded. The original
proceeding was brought by two stockholders who own, according to the
company's records, less than 400 shares ofstock out of a total of over 650,000
preferred shares outstanding. The new proceeding is brought by two stockholders, obviously co-operating with the other two holders, and their holdings total only 180 shares.
These stockholders have launched these attacks upon the credit of comis facing a
pany utterly regardless of the fact that it gold notes. maturity on Aug. 15
Their action neces1932 amounting to $1,826000 5% serial and
hinders
the
sarily, and we believe designedly, assistance of embarrasses and efforts of
its bankers
affiliated
company in attempting, with the
Metropolitan Edison Co.
-Bonds Listed.
Municipal Service Co.
-Tenders.
-
The Pennsylvania Co. for Insurances on Lives and Granting Annuities,
12 receive bids for the sale to it of 30
trustee, will until
-year 6%
Aug*
sinking fund collateral trust bonds. series A, dated Feb. 1 1926, at the
lowest price, not exceeding 105 and int., of as many of said bonds as may
-V. 135, p.629.
be purchased out of $52.500 available in the sinking fond.
-Earnings.
New England Power Association.
For income statement for 3 and 12 months ended June 30 see "Earnings
Department" on a preceding Page.
-V. 134. p. 3825.
-Earnings.
New York Edison Co.
For income statement for 3 and 12 months ended June 30 see "Earnings.
Department" on a preceding page.
-V. 135, p. 127.
986
Financial Chit
-nick
New York & Queens County Ry.-Sale Confirmed.
-
The sale of the real estate, rolling stock and franchises of the company
at foreclosure on July 8 was confirmed July 29 by Supreme Court Justice
Frank F. Adel, who approved the sale price of $271,000.-V. 135, p.629.
New York Rapid Transit Corp.
-Bonds Approved.
-
The application of the corporation for permission to issue $5,694,763
1st & ref. mtge. 6% sinking fund gold bonds has been approved b the
Transit Cornmission.-V, 135, P. 296.
New York Steam Corp.
-Listing of $8,700,000 1st Mtge.
Gold Bonds, 5% Series Due 1956 (Due Nov. 1 1956).
The New York Stock Exchange has authorized the listing of $8,700,000
1st mtge. gold bonds, 5% series due 1956 (due Nov. 1 1956).
For income statement for 3 and 12 months ended June 30 see "Earnings
Department" on a preceding page.
-V.134, p. 4492.
Northern States Power Co. (Del.).
-Earnings.-
For income statement for 12 months ended June 30 see "Earnings Department" on a preceding page.
-V.135, p. 818.
Oley Valley Ry.-Service Abandoned.
The company abandoned service on July 21, with the dispatch of the
last car over the 22
-mile line from Boyertovna to Reading, Pa.
-V. 135.
p. 466.
Omaha & Council Bluffs Street Ry.-Tenders.The Guaranty Trust Co. trustee, 140 Broadway', N. Y. City, Will until
10 a.m. on Aug. 22 receive bids for the sale to it of 1st conoisidated mtge.
'
gold bonds dated Dec. 1 1902 to na amount sufficient to exhaust $123,487
at a price not exceeding the prevailing market price and int. The company
Will also purchase certificates of deposit representing the bonds issued under
deposit agreements dated Aug. 10 1927 and Dec. 15 1931.-V. 134, p. 4660.
Ottawa Valley Power Co.
-New Control.
Control of this company, formed in 1930 to develop a hydro site at
Chats Falls on the Ottawa River in conjunction with the Hydro-Electric
Power Commission of Ontario, has been acquired by the Calgary Power
Co., Ltd. ("Electrical World.")
-V. 134. p. 3273.
Pacific Public Service Co.
-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department on a preceding page.
-V. 135, p. 629.
--Registrar.
Penn Central Light & Power Co.
The Bankers Trust Co. has been appointed registrar for $5 series cum.
-V. 134, p. 3825.
pref. stomc and $2.80 series cum. pref. stock.
-Earnings.
Pennsylvania Water & Power Co.
For income statement for 6 months ended June 30 1932 see "Earning.
Department" on a preceding page.
Charles E. F. Clarke, President, says:
During the first half of 1932 company earned the dividend paid on its
capital stock 1.6 times. Net income for the first half of the year was equivaant to $2.40 per share on the 429,848 shares outstanding. After paying
the quarterly dividends of 75 cents per share, there remained 90 cents
per share for surplus.
The company's activities are almost wholly those of an operating company, and it devotes its efforts largely Co the supply of electricity at whole-V. 134, p. 3459.
sale and activities pertinent thereto.
-320,000,000 Bond
Peoples Gas, Light 8c Coke Co.
-The National City Co., as eastern syndicate
Offering.
manager, in co-operation with the Continental Illinois Co.,
syndicate manager, will offer within the next f,3w days
$20,000,000 1st & ref. mtge. 6% gold bonds, series C.
Bonds will contain agreement by company to create a market fund,
not as part of the mortgage or any supplement thereto, up to 23% each
-of the maximum amount of the new bonds,
year-non-cumulative
series 0, to be used for the purchase of these bonds if they are available
par or less.
at
A supplemental indenture to the mortgage under which the bonds are
to be issued will provide that additional bonds against present properties
are limited to $10,000,000, beside this issue. Bonds against new properties may be issued in an amount not exceeding 75% of the cost of the
new properties, but only if the company is earning twice the interest charges
on bonds then outstanding and proposed to be issued. Further provision
Is made for a maintenance and renewal fund of not less than 123i% of
the gross annual earnings of the company to be used for any of three pur-for maintenance and repairs, for peroperty additions which may
poses
not be used as basis for the issuance of new bonds, and for the redemption
-V. 135. p. 629.
and cancellation of bonds issued under this mortgage.
•
-Earnings.
-Philadelphia Co.
For income statement for 12 months ended June 30 see "Earnings De-V.135. p. 297.
partment" on a preceding Page.
-Reduction in Rate.
"-Philadelphia Gas Works Co.
-----
Samuel M. Vauclain, Chairman of the Gas Commission of Philadelphia.
Pa., says in a statement:
"The Gas Commission, at its meeting on Aug. 2, received a communication from the Philadelphia Gas Works Co. setting forth that the results of
operation for May and June, together with the sendout of gas for July.
confirmed the estimates made by the company that a reduction of at least
five cents in the price of retail gas could be made. The company has agreed
reduction is made will
to the suggestion of the Commission that whatevernext January.
be put into effect on Oct. 1 instead of waiting until further changes in its
"The company requested the Commission to make
schedule of rates so that all gas in excess of 2,000 cubic feet a month and up
to 48,000 cubic feet a month will be billed at 85 cents which the Commission approved.
"The reduction in the price of retail gas will mean a saving for every
consumer and this further reduction will mean a saving to consumers that
will encourage the use of gas by them for water heating and other purposes.
"The Commission also approved a combination rate for customers using
heating and house heating
gas for cooking and waterheating, and also approved which will materially
a special rate for gas
reduce the cost of house
sold during the summer months.
"The company has pointed out to the Commission that the reduction of
revenue caused by rates, together with the reduction in the price for wholesale gas as authorized by the Commission, will be offset by economies that
have been made in the operation and conduct of the property."
The present retail price for gas in Philadelphia is 95c. per 1.000 cubic
feet. The city gas works are operated by the United Gas Improvement
-V. 133. p. 2929.
Co. for a management fee.
-Earnings.
Radio Corp. of America.
For income statement for 3 and 6 months ended June 30 see "Earnings
-V.135, p. 630.
Department" on a preceding page.
-Exchange of Stock.
San Joaquin Light & Power Corp.
While the time for the exchange of Pacific Gas & Electric Co. preferred
and common stock for San Joaquin Light & Power Corp. preferred shares
company is still being
has not been extended officially, stock of the latter
accepted by the Pacific company beyond the Aug. 1 date set. The California RR. Commission allowed exchanges until Sept. 30. (See also Pacific
Gas & Electric Co. in V. 135, p. 297.)-V. 135, p. 819.
-Seeks to Reduce
Southern California Edison Co., Ltd.
Price of Stock to Employees.
The company has filed a supplementary application with the California
Railroad Commission asking that the remaining 160,774 shares of common
are unsold, be sold
stock of $25 par value which have been authorized butagainst $30 a share
to employees at a price of not less than $25 a share,
-V. 135. p. 819.
as previously authorized by the Commission.
-Sale of Subsidiary.
Southern Cities Public Utility Co.
The New Jersey Board of Public Utility Commissioners on Aug. 4 approved the transfer of the outstanding capital stock of the Salem Gas Co.
Electric
from the Southern Cities Public Utility Co. to the Consolidated Central
in the
& Gas Co.,recently incorporated in Delaware as a new unit
132, p. 4057.
-V.
Public Service group.
Aug. 6 1932
Southern Coldracto Power Cd.-Earnings.-For income statement for 12 months ended June 30 see "Earnings
Department" on a preceding page.
-V.135, p. 631.
Southern Indiana Gas & Electric Co.
--$5,500,000
Bonds Sold.
-Drexel & Co. and Bonbright et Co., Inc.,
Aug. 4 offered $5,000,000 1st mtge. gold bonds 532% series
due 1957 at 93 and interest to yield 6%. The issue has
%
been oversubscribed.
Dated April 1 1932; due April 1 1957. Interest payable A.& 0.in N. Y.
City, without deduction for Federal income taxes not exceeding 2% per
annum. Penna., Conn., Md. or Mass, taxes refundable to the extent and
in the manner provided in a supplemental indenture. Denom. 01500 and
$1,000 and 011,000 and authorized multiples. Red. all or part, on any
int. date, upon 30 days' notice, at 105 on or before April 1 1937; thereafter
at successively reduced premiums; in each case with accrued interest.
Bankers Trust Co., New York, trustee.
Legal investment for savings banks in Calif., Mass., New Hampshire
Rhode Island and Vermont.
Issuance.
-Authorized by the Public Service Commission of Indiana.
Data from Letter of Pres. W.A. Barthold,Evansville, Ind., Aug.3.
Business and Territory.
-Company was incorp. in Indiana June 10 1912.
as the Public Utilities Co. Company supplies electric service in Evansville,
Ind., and 28 adjacent communities,the territory served having a population
estimated at over 130,000. Natural gas and transportation services are
also furnished in Evansville, steam heat is supplied in the business sections
of Evansville and Boonville, and water service in Newburgh. For the 12
months ended June 30 1932, over 80% of the company's gross operating
revenues was derived from sales of electricity and gas.
Capitalization Outstanding as of June 30 1932 (After Giving Effect to Safe
of Bonds).
let mtge.gold bonds,5)4% series due 1957 (this issue)
$5,500,000
67 cumulative preferred stock (par $100)
*5,574,500
6.6% cumulative preferred stock (par $100)
670,600
7% cumulative preferred stock (par $100)
*2 308 600
Common stock (no par value)
400.000 ohs.
* Not including $44,600 6% and $300 7% pref. stock subscribed for
but unissued.
Purpose.
-Proceeds will be applied to the liquidation of floating indebtedness which in large part was incurred for capital improvements and
for the retirement of previously outstanding funded debt. Since 1922 the
company has retired $6,577,600 mortgage bonds, including $1,015,000 of
bonds of Evansville Gas & Electric Light Co. which matured June 1 1932.
Security.-Security by direct first mortgage on all the fixed property of
the company now owned, excepting that used or useful only in connection
with the street or interurban railway or bus business of the company; and
secured by direct mortgage on such property hereafter acquired by the
company, subject to prior liens (If any) and excepted encumbrances as
defined in the mortgage.
Property and Equity.
-The value of the properties subject to the lien of
the mortgage is substantially more than twice the principal amount of
these $5,500.000 first mortgage bonds.
Earnings 12 Months Ended June 301932.
1931.
Gross earnings (including non operating income)*_ $3,315,564 $3,132,499
Operating expenses, main t., Federal, &c.,taxes_ _ _ 1,784,128
1,661,598
Provision for retirement reserve (depreclation)__277,700
276,225
-Net earnings available for fixed charges
$1,255,211 $1,193.201
Annual int. chgs. on $5,500,000 1st mtge. 5)4%
gold bonds (this issue)
302,500
Balance
$890,701
* Includes non operating income of $3,251 in 1931 and $1,549 in 1932.
Balance Sheet June 30 1932 (Giving Effect to Sale of Bonds).
*--Liabilities
Property, plant & equip
$20,938,788
85,619,100
Investments
12,300 6.6% preferred stook
670,600
Special deposit
2,308,900
500 7% preferred stock
Unamort, debt disct. & exp._
594.911 Common stock (400,000 sha ) 4,000.000
Def. chits. & prepd. accts._ - _
69.830 1st mortgage 5Its
5,500,000
Cash & working funds
366,925 Deferred liabilities
150,514
Accounts receivable
240.290 Accounts payable
54.790
Due on subscrip. to pref.stk.
23,027 Accrued Interest
75,625
Materials & supplies
180.082 Accrued taxes
422,958
Dividends payable
138,507
Mlscell. current liabilities_ -12,615
Retirement reserve
2.445,692
Other reserves
311,710
Premium on preferred stock..
32,890
Contributions for extensions
62,331
Surplus
620,418
Total
$22.426,652
Total
322,426.652
-Company is control ed, through ownership of all of its
Supervision.
common stock, by Commonwealth & Southern Corp.
-V. 134, p. 3275.
Southwestern Bell Telephone Co.
-Earnings.
-
For income statement for the 6 months ended June 30 see "Earnings
Department" on a preceding page -V. 134. p. 3442. 2909, 2523.
Stamford & Western Gas Co.
-New Trustee.
-
On July 28 1932 the Guaranty Trust Co., 140 Broadway, N.
City,
was appointed successor trustee to New Jersey National Bank Y.Trust
&
Co. under a trust indenture of the Stamford & Western Gas Co. dated
April 11928. and securing an issue of $1,100,000 of 1st (closed) Mtge. 7%
sinking fund gold bonds.
-V. 134. p. 3460.
Toledo Edison Co.
-Production Declines.
Month ofPower output (in kwh.)
-V. 134, p. 2910.
July 1932. June 1932.
29,393,407 30,449,771
July 1931.
36.148,302
Union Street Ry. Co.
-Earnings.
-For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 134, p. 3276.
United Gas Improvement Co.
-Earnings.
--
For income statement for 3 and 12 months ended June 30 see "Earnings
Department" on a preceding page.
john E. Zimmermann, President, says in part:
Operating revenues of utility subsidiaries for the 3 months period of
1N.42 decreased 31,239.950 or 4.7%, which Was largely offset by a decrease
in all operating expenses, except Federal taxes, of 31,035,236. Provision for
Federal taxes increased $406.588, which includes an adjustment applicable
to the previous quarter.
Electric operating revenue decreased $878,014 or 4.6%; while gas operating revenue decreased $216,488 or 4.0%. These decreases were largely due
to a falling off in sales for industrial uses, and, to a certain extent, to rate
reductions. Other less important sources of revenue had varying percentages
of decrease.
Total sales of electrical energy of subsidiary companies for the three
months of 1932 decreased 8.6% from 1931, while sales of gas decreased 2.3%.
After providing for dividends on preferred stock, the balance of combined
earnings applicable to the common stock for the three months ended June 30
1932 amounted to $7,601.583. This amount, however, is after a deduction
to provide for the increase in Federal net income taxes, as called for under
the Revenue Act of 1932. of which, a portion, or $172,415 applies to the
previous quarter. Earnings for the quarter ended June 30 1932, if restated
to eliminate the above deduction of 3172.415, which properly belongs to
the previous quarter, would amount to $7,773,998, a decrease of 3607,716,
or 7.39' as compared with the same period of 1931.
0
The balance of combined earnings applicable to the common stock of
company for the six months ended June 30 1932 amounted to $16,652,727,
equivalent to $0.72 per share on the common stock outstanding at end
o period.
-V. 135. P. 129, 819.
United Light & Power Co.(Md.).-Reduces Bank Debt.
-
Despite the fact that its net profits still are trending downward, the
company has reduced its consolidated bank loans to around $3,600,000.
from the 34.400,000 total shown June 1. Of the company's total borrowings, about $800,000 were for seasonal requirements, and the balance was
necessary to help meet the $11,000,000 June 1 maturity.
Volume 135
Financial Chronicle
"When the bank loans are paid up, unless earnings are completely
shattered, I know of no present reason why rireferred dividends should not
be resumed," President William Chamberlain said. "It is not outside
the range of possibility that this may be done within a year, unless earnings
continue to decline too sharply. If a bond market should develop, we
may do so sooner."
Had busines conditions and public sentiment prevailing at the time
the company offered to exchange $5,000.000 of its maturing 5% obligations
for a new 7A % issue not caused the collapse of the exchange plan, United
Light would not have found these bank loans necessary. Free from the
burden of bank loans, preferred dividends probably could have been
continued.
With reference to this, Mr. Chamberlain said:
"We had been very hopeful that right through it all we would be able
to continue the preferred dividend as every member of the board was most
anxious to do so. Having kept the company free from bank loans, however,
it was a very disturbing situation to find ourselves with short time loans of
nearly $5,000.000. Under these circumstances, there seemed to be no way
out, except to pass this dividend and set ourselves to the definite program
of repaying this bank loan."
For the 12 months ended June 30 the consolidated net profit totaled
$6,412,182 after all charges including depreciation and subsidiary preferred
dividends, equivalent after preferred dividends of the holding company
to 81 cents a share on 3,473.923 average number of combined class A and
B common shares outstanding, against $8.958,860, or $1.54 a share on
3.473.923 average number of combined shares in the previous 12 months.
("Wall Street Journal").
-V. 135, p. 298.
•
987
Aeolian Co., N. Y.
-Capital Readjustment Plan.
-The
plan of readjustment of the capital stock, dated June 29,
states in part:
Proposed Operating Plans.
-It is the intention of the management to
further concentrate its manufacturing and curtail its other activities to
an extent that will leave a very considerable amount of assets, including
factory real estate and surplus inventory, available for liquidation, primarily for the benefit of the pref. stockholders. Also, the management
has been working upon a plan which it is hoped may be early consummated
for the joint manufacture, by a separate corporation, of the pianos now
manufactured by several companies. If consummated, all of the trade
names of these companies will be transferred to a corporation together
with an equal amount in value of other assets, against an equal participation in the stock of the said corporation which will thus be jointly owned
by those participating and will be the sole source of manufacture and the
sole wholesale distributor of pianos to the trade. This new company,
with its moderate charges and overhead, should be able to function and
handle the complete demand of the various companies, without Ithe losses
that were heretofore experienced by the several companies. The approval
of this plan by the stockholders of the company will specifically give authority to the management to continue the negotiations to a conclusion
upon substantially the basis aforesaid, and each stockholder so approving
will automatically grant authority to the management at a stockholders'
meeting to be called for that purpose,to vote the shares ofstock approving the
plan in favor of the proposed arrangement.
The very considerable amount of assets available for liquidation which
will result
the further
Utilities Power & Light Corp.
-Bank Loans Reduced.
- activities, frombe increased concentration of the company's manufacturing
will
and their disposal facilitated by the proposed
In its first quarterly report for 1932, covering the 12 months ended
consolidation of the company's manufacturing facilities as outlined and thus
March 311032. corporation shows earnings to have been maintained nearly
make available for liquidation a larger amount of assets which,in the opinion
on a level with the preceding quarter.
of the management, should enable an early retirement of the bank loans
Important financing recently consummated by the British subsidiaries
and current Indebtedness of the company, and together with the proceeds
of the corporation is not reflected in the report, having been concluded subof the security for the notes the retirement of the notes which are made a
sequent to the period covered by the report. President Harley L. Clarke,
part of this plan of readjustment.
however, points out in this connection that "the bank loans, included in
Reduction of Par Value of Common Stock.
-In view of the foregoing pronotes payable, as at March 31 1932, in the consolidated balance sheet,
posed operating plans, it is proposed that the par value of the common stock
in the amount of $18,771,455, are as of this date (July 29 1932) reduced to
be reduced from $100 per share to Si per share. The reduction in capital
$6,520,295.
'
so created, of $1,428,570, will be credited to capital surplus, against which
The comparative statement of consolidated earnings as shown in the
will be charged a proposed break-down from book value to a fair cash disreport for the 12 months ended March 31 1932 and Dec.31 1931,follows:
posal value, expected to be realized over a period of time, of the assets
dor.31 '32.
to be liquidated, together with provision for such other reserves and adDec. 31 '31.
Total gross revenue
justments as more clearly reflect the present-day values.
$51,469,482
$51,574.143
Net earnings
21,527.269
Present Situation of Preferred Stock.
-Under the Connecticut statutes
21,704,660
Net income
4,294,367
no winding up of the company can be effected providing for the retirement
4,645.893
The sources of the consolidated total gross revenue are accounted for
of the pref. stock, without the vote of the common stock, irrespective of
in the following table,showing comparative figures for the 12 months ended
the voting privileges of the pref. stock upon default in dividends. It is
March 31 1932 and Dec. 31 1931:
in the interest of the common stock to delay liquidation, with the hope
of largely increased values to the assets of the company, so that the comMarch 31 1932.
Dec. 31 1931.
Electric energy
mon stock is opposed to a liquidation at present on any basis where the
$38,793,360 75.4%
$38,902,889 75.4
Manufactured gas
pref. stock would receive its full par value and accrued and accumulated
8,613,293 16,7%
8,667.758 16.8
Natural gas
dividends, in cash, before the common stockholders should become entitled
1,802,957 3.5%
1,847.916 3.6
Transportation
to any payment upon the common stock, especially in view of the fact
209,908
.4
219.974
.4%
Other sources
that the present pref. stock has little market or collateral value. The
2,049,964
4.0%
1,935,606 3.8%
voting trustees of the common stock have agreed to vote their stock in
Total
favor of the plan.
$51,469.482 100.0%
$51,574,143 100.0%
-The company will presently create an issue of $1,Securities Created.
The following table shows the number of shares of the various classes
203.850 6% secured notes, maturing on or before July 1 1937, and an issue
of stock outstanding at March 31 1932 and the earnings per share comof 24,077 shares of class A pref. stock, par $50 per share, or a total par
puted in the usual manner on the respective number of shares outstanding
value of $1.203.850.
at march 31 1932, but does not consider the preference of $2 per share on
The notes shall be secured by an indenture running to the Manufacturers
the class A stock. It also shows the amount of dividends paid on each
Trust Co., of New York City, as trustee. The indenture securing the
class of stock during the period:
same shall provide, in addition to the usual safeguards covering securities
No. of Shares.
Divs.Paid. Earns.PerSh.
Preferred stock
of that character, the following:
192,534
$1.149,988
$22.30
Class A stock
1. The notes shall be dated as of April 1 1932; shall be due and payable
1,642,989
2,397,547
1.91
Class B stock
on or before July 1 1937; shall be in registered or bearer form, but without
1.197,882
748,589
0.22
Common stock
coupons; shall bear interest at the rate of 6% per annum, the first interest
2,249,683
1,323,243
0.22
-v.134.P.4317.
payment to be payable Jan. 1 1933, and semi-annually thereafter.
2. That when and after the company shall have retired its hank loans,
now aggregating $800,000, (but about to be reduced to $400.000).
14. Utilities Public Service Co.
-Receivership Asked.
-year 7% gold notes, now aggregating approximately $110.000, (bei.g
2
A receivership suit has been filed in Chancery Court in Wilmington,Del.,
retired at the rate of $25,000 per month),and carried out whatever contract •
tHalgn c ofcl:
tit e i
,h
ngaluoNfollgllgrEitttn rrd ritalyear con e Coivle% Hecuelen
y
of ttaee
ic Servicv
obligations are undertaken in connection with the manufacturing plan
referred to, if consummated, that then and thereafter all surplus cash aobonds, 6% series. due Dec. 1 1933. The complainant alleges
cumulated in the treasury of the company, in excess of its normal requireinsolvency
In that the company has failed to pay interest on its outstanding
bonds,
ments, will be used for the purchase of notes in the open market,or through
which was due June 1. The bill further states that the company does
not
tenders, provided the same can be purchased at less than their face value
have cash on hand to meet toher maturing obligations.
-V.133, p.482.
and interest, and in the event of the inability of the company to so purchase at less than their face value and accrued interest, such surplus cash
Westphalia United Electric Power Corp.
time
will,
of
-Retires paid from to theto time as accumulated in sums in excess pro$50,000, be
trustee who shall forthwith pay the same
over
rata, upon
Bonds.
account of the notes then outstanding, until the notes shall have been
Speyer & Co., as fiscal agents, state that there have been retired through
fully retired; in addition to the aforesaid and solely for the benefit of the
cancellation for the sinking fund, $293,000 of 1st mtge.6% bonds,series A.
notes, the company shall transfer, set over and assign unto the trustee,
This represents the 1932 sinking fund installment.
-V. 133, p. 4332.
the open account now owing to the company by the Aeolian Co., Ltd.. a
London, which open account on May 31 1932, was the sum of $1,294,859,
with full power unto the trustee to collect the same in the name of the company or otherwise, and as the &Una is collected, or payments made upon
account thereof, of $10,000 or more, the trustee shall be authorized to
INDUSTRIAL AND MISCELLANEOUS.
acquire through pruchase in the open market, or through tenders, notes
Prices of Lead Advanced.
-American Smelting & Refining Co. has adat less than their face amount thereof and accrued interest, and in the
vanced the price of lead 5 points to 3 cents a pound. Boston "News
event of the inability to purchase the same at less than the face amount
Bureau" Aug. 5, p. 4.
thereof and accrued interest, whenever said payments shall have accumnHosiery Wage Approved.-Wallam Smith, National Secretary and Treasated to the extent of $50,000, or more, shall apply the same pro rats as
urer of the American Federation of Full Fashioned Hosiery Workers, states
a payment upon account of the outstanding notes. All notes purchased
that the union has agreed to the renewal of the present wage scale for anby the company or the trustee shall be immediately cremated.
other year. Renewal agreement will expire Aug. 31 1933. About 200,000
3. That no dividends shall be paid upon the common stock unless and
workers in parts of the United States will be affected. Philadelphia
until the notes shall have been fully retired.
"Financial Journal" Aug. 3, p. 8.
Each share of class A pref. stock shall be of the par value of $50;shall be
Matters Covered in the "Chronicle" of July 30.-(a) H. F. Wilcox Oil &
entitled in any fiscal year, when in the opinion of the directors the condition
Gas Co. assessed by Oklahoma Corporation Commission for violation of
of the company so warrants, from earnings from operation, when earned,
oil proration rules, p.702. (b) List of loans made by Reconstruction Finance
to dividends at the rate of 6% per annum, which dividends shall be nonCorp. asked for by Senator Couzens in letter to Eugene Meyer, Chairman
cumulative provided, however, the same shall accumulate, if earned:
of corporation, p.727.
shall be preferred on any liquidation of assets to the stockholders, over
and above and prior to the payment of any liquidating dividend to the
Abitibi Power & Paper Co., Ltd.
-No Int. Payment.
- present pref. stockholders or common stock, to the extent of $50 per share
Until the final adjustment of the Ontario Power Service situation and a
and earnings in the fiscal year of retirement, if any, to the extent of $3 per
"clearer view of the immediate future of business in general and the newsshare and any accumulations thereon; shall be non-voting; shall be retireprint industry in particular," payment of bond interest by the
able in whole or in part at any time by action of the directors. at $50 per
postponed, a statement from the directors declared July 31. company is
share plus the proportionate earnings of the fiscal year, if any, to the
The interest on the outstanding $48,267,000 let mtge, bonds was due
extent of $3 per share and any accumulations thereon.
June 1 and the company then went technically in default. However. 60
Offer to the Preferred Stockholders.
-Each preferrel stockholder owning
days of grace expired August 1. Heavy obligations of the company inone share of pref. stock consenting to the plan, shall have the privilege at
curred on behalf of the Ontario Power Service Corp. were stated as
exchanging upon consummation of the plan, such pref. stock for $50 face
reasons
why interest was not met two months ago.
value of the6% secured notes,together with one share of class A pref.stock.
"Production and deliveries of newsprint for the seven months ending
Each pref. stockholder consenting to the plan should forthwith deposit
July 31 were the lowest in the company's history," the directors stat d.
his stock with the Manufacturers Trust Co., depositary. 149 Broadway,
"In spite of the consequent adverse earnings, the company during the same
N.Y.
s1111
period reduced its current bank loans from $3.400.000 as of Dec. 31
The plan will be declared operative by the board of directors when the
1934
to the nominal amount of $300,000 as of July 311932,
number of shares of pref. stock deposited under the plan, and consents
"The directors fully realize the importance of resuming bond
shall have been executed by such stockholders and likewise deposited, in
interest
payments at the eariest possible moment commensurate with permanence
an amount sufficient in the judgment of the board to declare the plan
and financial stability, and all efforts of the management are being directed
operative.
towards this end."
-V. 135, p. 820.
Consolidated Balance Sheet March 31 1932.
Assets
LiabilitterAcme Wire Co.(& Subs.).--Earnings.Land, bldge., mach.. &0...__a$2.922,868 7% preferred stock
e22.407.700
Income Account Year Ended Dec. 31 1931.
Foreign investments
61,5,1,608 Common stock
f1,443.000
Loss from operations
Other investments
c740.062 Mortgages payable
$113,764
341,656
Income charges
Cash in hands of trustee
, 10,627
d811 Aeolian Weber Piano & Pianola
Inventories (less reserve)
2,219,672
Co
16,443
Gross loss
Dills rec.(customers) less res
-year 7% gold notes
166,497 2
$124.392
223.304
Income credits
Accounts receivable, less res •
Notes payable (banks)
17,311
800,000
Customers' open sects
337,067 Accounts payable
41,755
Net loss before depreciation
Installment accounts
988,011 Accrued liabilities
101,823
$107,081
Depreciation
Miscellaneous accounts
46,703 Adv. pay, from customers
141,158
91.717
Cash
546.325 Reserves
0101,140
Net loss
Def, charges to operations..
44,060 Tenant rents
$198,797
1212.028
Surplus at beginning of the year
Contingnet reserve
145,032
74,225
Surplus
3.969,453
Deficit before surplus charges
$53.766
Cash dividends
Total
39.573,686
Total
14,438
$9,613,686
Other charges
1,733
a Includes: Land and•buildings, at cost, $2,484.616; machinery, tools
and equipment and leasehold improvements, at cost, $927.933; demonat the end of the year
Deficit
stration pipe organ, at cost, $17,529: furniture and fixtures, at cost, $147.$69.936
-V.133. p. 122.
8331good-will. patents, &c.. $535,291; total $4.113.203; less $1,190.335
Financial Chronicle
988
for reserve for depreciation on buildings, improvement to leased property,
machinery, equipment, &c. b Includes 4,750 shares of8% cum. preference
. stock of Aeolian Co.(Australia). Ltd. of El each, valued at S9,455; 200,000
shares ofordinary stock of the latter company of El each, valued at $200,000;
current account of same company, $48,414; and current account of Aeolian
Co.. Ltd., London,51.303,739. c Includes 41,667 shares of no par common
stock of Aeolian-Skinner Organ Co., valued at $451,715; debentures and
class B stock of American Piano Corp. valued at $268,315 (pledged under
7% gold notes); and miscellaneous investments, $20,032. d For retirement
of 7% gold notes. e Represented by 24.077 shares, par $100. f Represented by 14,430 shares, par $100. g Includes reserve for payments for
Aeolian-Skinner Organ Co. capital stock, $37,500; and a reserve for expenses of lease, &c to Aeolian-Skinner Organ Co. of $63.640. h Received
In advance. i On account of merchandise to be delivered.
New Class A Preferred Stock on Curb.
The New York Curb Exchange has admitted to unlisted trading privileges
the new class A pref. stock, par $50.
-See American
New Jointly Owned Subsidiary Organized.
-V. 135, p. 299
Piano Coro. below.
-Earnings.
Ainsworth Manufacturing Corp.
For income statement for 3 and 6 months ended June 30 see "Earnings
-V. 134, p. 3277.
Department" on a preceding page.
-Obituary.
Air
-Way Electric Appliance Corp.
Pratt E. Tracy, President, died at Toledo, Ohio, on Aug. 3.-V. 134,
P. 3826.
-Earnings.
Aldred Investment Corp. of Canada.
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 $3,276,123, of
which investments at cost accounts for $3,175,312.
The market value of investments was $1.033.539.-V. 134, p. 1581.
-Earnings.
--Allegheny Steel Co.
For income statement for 3 and 6 months ended June 30 1932 see "Earnings Department" on a preceding page.
-V.134, p. 3461.
Alles & Fisher, Inc.-Earnings.Cal/War YearsGross earnings
Sell., adm. az gen. exp....
Prey.for depr. & amort_
Prov.for Fed. inc. tax
1931.
$465,936
284,484
35,731
16,517
1930.
$686,179
322,814
35.162
36.800
1929.
$835,560
314,897
36,745
52.043
1928.
$922,377
302,734
32.198
68.303
Net earnings
Misc, inc., in rec., &c_
$129,204
8.465
$291,402
5,151
$431,875
18,078
$519,142
9,296
Total income
Int. paid & other charges
$137,669
17,029
$296,553
32.323
$449,953
29,293
$528,438
27,551
Net Income
Previous surplus
Prem. on treas. stk. sold
Adj.of pr. year's tax.,&c
Dividends paid
$120,640
875,188
$264,230
890,177
$420.660
769,047
$500,887
568.068
Cr.14
Dr.9,210
147,116
279,219
299,530
299,923
Surplus, Dec. 31
Earns. per sh. on 150,000
no par shares
$839.502
$875,188
$890,177
$769,047
$3.33
$2.80
$1.76
$0.83
Balance Sheet Dec. 31.
1930.
1931.
Assets1931.
Liabilities1930.
x$667,000 x$667,000
Fixed assets. less
Capital stock
488,538
reserve
$177,519 $184,122 Current liabilities_ 337,281
Current assets_ __ _ 990,785 1,176,422 Reserve for Fed36,800
24,467
Trade-marks, &c. 500,000
500,000 eral taxes
875,187
839,502
Other assets
199,945
206,9811 Surplus
$1,868,250 $2,067,526
Total
$1,868,250 $2,067,5261 Total
-V. 134, p. 4494.
x Represented by 150,000 no par shares.
-Earnings.
Allied Kid Co.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
The balance sheet of June 30 1932 shows current assets of $3,696,622,
of which $393,399 represents cash on hand, in banks and on time deposits,
and $940,555 municipal and other marketable securities at market value.
Current liabilities amount to $754,532, leaving working capital of $2,942,090.-V. 134, p. 3099.
Allied Laboratories, Inc.
-To Defer Preferred Dividend.
The directors have decided to defer the quarterly dividend due Oct. 1
on the $.3.50 cum. cony. pref. stock, no par value. The last regular quarterly payment of 87;ic. per share was made on July 1 1932.-V. 128,
p. 41.58.
Allis-Chalmers Mfg. Co.
-Unfilled Orders, &c.
1932.
six Months Ended June 30-
Bookings
Axe!
Unfilled orders
-V. 135, p. 631. 129.
1931.
$6,561,000 $12,224,000
Jtay 31 '32. June 30'32. July 31 '31.
$7,001,000 $7,136,000 $9,001,000
Aluminum Industries, Inc.
-No Action on Dividend.
The directors on Aug. 4 took no action on the quarterly dividend normally payable about Sept. 15 on the no par value capital stock. On June 15
last a distribudon of 12% cents per share was made as compared with 25
cents per share on March 15 1932 and 37% cents per share previously
each quarter.
It was stated that it was deemed advisable to conserve the company's
cash, considerable of which will be required in moving part of the St. Cloud,
Wis., plant to Cincinnati. 0.-V. 134. p. 4494.
American Bank Note Co.
-Earnings.
--
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
Consolidated Balance Sheet June 30.
1931.
1932.
1932.
1931.
Assets$
$
Liabilities
Land, buildings,
Preferred stock_ _ _ 4,495,650 4,495,650
machinery,&c_ _11,376,879 11,619,316 Common stock.- 6,527,730 6,527,730
391,032
Inventories
1,962,691 2,546,727 Pref. sties. of subs_ 391,032
271,638
Accounts rec
389,199 1,053,038 Accounts payable_ 241,549
106,540
Market securities_ 2,066,506 2,507,528 Tax reserve
73,418
393,821
Common stock ac67,435
Dividends payable
231,762
quired for resale
211,375
Advances
to employees_ _ 16,284
100,363 Ins. & pen. fund &
767,229
Contract deposit_ _
108,385
other spec. res... 421,437
108,407
Invest of approp.
5,811,362 7,210,217
Surplus
421,436
surplus
Cash
1,754,035 1,882,232
Cash & secur. for
special reserve.
395,706
Def. & unadJ. digs 145,571
182,252
18,240,988 20,395,619
Total
-T.134, p. 3462.
Total
18,240,988 20,395,619
Amerada Corp.
-Earnings.
For income statement for 3 and 6 months ended June 30,see "Earnings
-V. 134, p. 3639.
Department" on a preceding page.
-Sales Again Lower.
American Colortype Co.
1932-6 Mos.-1931.
Period End. June 30- 1932-3 Mos.-1931.
$1.166.194 $1.839,482 83,081,711 $4,366.426
Sales
-V. 134. p. 3277.
-Earnings.
American Commercial Alcohol Corp.
For income statement for 3 and 6 months ended June 30 see "Earnings
-V. 134, p. 4160.
Department" on a preceding page.
Aug. 6 1932
American Cities Power & Light Corp.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Consolidated Balance Sheet June 30.
1932.
1931.
1932.
1931.
LiabilitiesAssets$
$
$
$
Investments -_-_a30,771,804 33,639,613 See. mach. undelivered
5,230
Amer. Cities Pow.
Profits in suspense
de Lt. Corp. Cl. A
46,906
c332,854 Accrued nab. incl.
stock
610,156 1,258,489
taxes
62,778
85,931
Cash
335,773 Res, for contlng
480,500
480,500
Accts.receivable.. 231,247
64,708
61,323 General reserve_
2,257,113
Diva.& int. receiv.
Capital
b11,145,337 27,513,550
Capital surplus._ c17,694,555
Operating surplus. 2,294,745 5,238,821
Total
31,677,916 35,628,951
31,677,916 35.828.051
Total
a Investments, at valuation fixed by board of directors as to investments
acquired prior to Dec. 16 1930 and stock dividend stock acquired since
that date, and at cost as to investments purchased since that date. The
aggregate value, based on market prices on June 30 1932, was $12,580,945.
At June 30 1932. as compared with Dec. 31•1931, unrealized depreciation
In value of investments (on the basis stated in the respective balance sheets)
shows an increase of $7,127,800. b Serial class A stock, par value $50,
164,737 shares convertible optional dividend series cumulative; class B
stock (no par) 2.908,487 shares. c Pursuant to authority granted at the
special meeting of stockholders held July 7 1932, the par value of the class A
stock was reduced from 350 to $25 per share, $4.118,425 was transferred
from capital to capital surplus, the class B stock was changed from stock
of no par value to stock of the par value of $1 per share, and the number
of authorized shares of class A stock was reduced to 500,000.-V. 135,
p. 291.
-Earnings.
-American Encaustic Tiling Co., Ltd.
For income statement for 3 and 6 months ended June 30 see "Earnings
-V. 134, p. 4662.
Department" on a preceding page.
-Earnings.
--American & General Securities Corp.
For income statement for 6 months ended May 31 see "Earnings Department" on a preceding page.
Statement of Surplus and Undivided Profits May 31.
1931.
1932.
$3,000,000 $3,000,000
Balances, Dec. 1-Capital surplus
484,416
1,318,507
Undivided profits
$3.484,416 $4,318.507
Total
121,284
def25,377
Balance ofincome for 6 months(as above)
4,114
6,897
Gain on retirement of pref.shs. acquired below par
Surp. created through reduc. of stated value of
8,155,509
class A common shares
Burp, created through reduc. of stated value of
950,000
class B common shares
Total
Deduct
-Net losses sustained during period
Appropriations for reserves
Balances, May 31-Capital surplus
Undivided profits
$12,571,444 $4,443,906
884,728
119,386
6,085,303
3,000,000
6.345,609
439,791
140,531
Total surplus and undivided profits
Balance of reservesDec. 1
Appropriations during period
$6,486,140 $3,439,791
2,903,024
1,385,569
1,004,114
6,085,303
Total
Less
-Losses charged thereto
$7,470,872 $3,907,139
884,727
3,247,075
Balance of reserves May 31
$4,223,797 $3,022,411
Note.
-On May 31 1932 the unrealized depreciation from book value
cost less reserves-of the securities in the portfolio at market quotations
amounted to $4,223,797.
Comparative Balance Sheet May 30.
1931.
1931.
1932.
1932.
LiabilitiesAssets$
$
$
a Invest. securities 6,354,912 13,239.685 Sees. porch., not
Cash
received
875,335
297,797
12,128 $171.683
Accr. inv. serv. fee
Collat. notes rec.. 145,283
24,681
& sued, expenses
Intermed.credits to
20,638
Accrued taxes__
for. Governm'ts 125,000
1,200
1,250
Cum. pref. stock._ b466,450
Securities sold, not
490,500
15,038
111,752 Class A stock
delivered
c500,000 8,655,509
Accrued income de
Class 13 stock
d50,000 1,000,000
notes receivable
Capital surplus__ _16,486,140 13,000,000
& items in course
Undivided pronts.1
l 439,791
of collection....
21,040
143,129
7,536,608 13,792,363
Total
Total
7,536,608 13,792,363
a The total market value of securities taken at market quotations May
31 1932 was $2,131,114. b Represented by 9,329 no par shares. c Represented by 500,000 no par shares. 6 Represented by 500,000 no par
shares.
-V. 134. p. 1026.
American-La France & Foamite Corp.
-Earnings.
--
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 134. p. 4160.
American Laundry Machinery Co.
-Earnings.
-
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-V. 134, p. 3099.
American Maize Products Co.
-Earnings.
-
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-V. 134, p. 4326.
American Metal
Ltd.
-Earnings.--
For income statement for 3 and 6 months ended June 30 see
Co.,
"Earnings
Department" on a preceding page.
-V. 134, p. 3462.
American News Co., Inc.
-Earnings.
-
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-V. 134. p. 4663.
,
American Piano Corp.
-New Jointly Owned Subsidiary
Formed.
-An announcement dated July 30 states:
The Aeolian American Corp. has been organized to control the manufacture and sale of the products of The Aeolian Co. and American Piano
Corp. It will be jointly owned by the latter two companies. The officers
of the new company will be as follows: William II. Alfring, President:
Gardner C. Kavanagh, Executive Vice-President, and W. Lee
White.
Treasurer. The compan y's general offices will be at Aeolian Hall, 54th
St. and Fifth Ave., N. Y. City.
The Aeolian American Corp. will manufacture and sell the pianos formerly manufactured and sold respectively by the Aeolian Co. and the
American Plano Corp., including such pre.eminent instruments as the
Mason & Hamlln. Knabe, Chickering, and in addition the Weber, George
Steck, Fischer, Marshall & Wendell, and Haines Bros., together with
other well known makes, and also, the Duo-Art and Ample° Reproducing
pianos and music libraries for both of these instruments.
The Aeolian American Corp. becomes operative on Aug. 1 of this year,
with a substantial net worth and working capital, with no Indebtedness
and will own free and clear the most modern and best equipped piano factories, in this coubtry, located in Boston and East Rochester, N. Y.
The new corporation will be self-contained in the manufacture not only
of finished pianos, but will be one of the very few piano manufacturers in
the world making its own plates, actions, cases, &c. &c.
The Aeolian Co. will continue its extensive retail operations in the
New York Metropolitan area, maintaining Aeolian Hall, 54th St. and
Fifth Ave., and its various branches, representing a number of the products
of the new company and thereby assuring at once a substantial outlet for
the new company.
The American Piano Corp. will maintain its retail store in the MetroPolitan area of New York, that is, Ample° Hall at 584 Fifth Ave., and its
branches, and also Ample° Hall, Boston, located at 146 Boyleston St..
Financial Chronicle
Volume 135
thereby assuring the new Aeolian American Corp. two additional important outlets.
The Manufacturers Trust Co. has been appointed depositary for common
stock voting trustees of the Aeollan American Corp.
-V. 131, p. 1226.
American Rolling Mill Co.
-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
Current assets of June 30 1932, amounted to $28,419,438 and current
liabilities were 22,627,325. This compares with current assets of $36.935,738 and current liabilities of $3,659,602 on June 30 1931.-V. 135,
P. 130.
American Sealcone Corp.
-Sales Up.
Sales in the first five months of 1932 exceeded 20,000,000 containers,
the May sales alone amounting to 4.741,000. Sales in 1932 have been at a
rate considerably in excess of the full years 1931 and 1930.-V. 133. p.483.
American Steel Foundries Co.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding Page.
-V. 134, p. 3462.
American Stores Co.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-V. 135, p. 632.
1932.
$147,423
50,000
234,462
216,000
1931.
$890,068
50,000
244,921
648,000
1930.
1929.
21,309,053 $1,710,941
200,000
300,000
244,994
244,990
810.000
1,080,000
Balance, surplus
def$353,039 def$52,853
$54,059
$85,951
x After providing for bond interest, depreciation and taxes and reducing
the inventories at March 31 to cost or market value, whichever is lower.
Comparative Balance Sheet March 31.
1932.
1931.
1932.
1931.
Assets
Liabilities
Property account_y9,496,100 9,859,029 Preferred stock__ - 4,890,475 4,890,475
Investments
2,841,425 2,935,224 Common stock_ _x10,800,000 10,800,000
Co.'s own bonds
1st M.gold bonds. 4,000,000 4.000.000
purchased
928,000
734.000 Accts. Payable &
Cash with trustees
6,042
accrued charges- 300,299
5,680
394.268
Inventories
4,015,017 5,821.885 Prov. for Federal
Accts & notes rec_ 1,441,240 2,108,881
income taxes3.157
75.151
State & municipal
Accrued interest__
91,667
91,668
notes and bonds 3,473,777 2,426,835 Unpaid diva. and
Cash
872,197
1,597,679
bond coupons-.
6,042
5,680
1,879,229 1,720,121
Prepaid expenses_
Reserves
13,050
Deterred charges__
121,136
171,267 Surplus
1,962,597 2,957,635
23.933,466 24,934,998
23,933,486 24,934,998
Total
Total
x Represented by 1,200.000 shares of $10 par value stock, of which $9 per
share is paid up. y After depreciation of 87,459,211.-V. 133, p. 2764.
American Zinc, Lead & Smelting Co.
-Buys Pref. Stock.
The "Boston News Bureau" states as follows:
The company has continued the open market purchases of its own pref.
stock begun in April, and to date has acquired roughly 3,000 shares at an
average price of about 315.
The purchase price has been well below the amount of net quick assets
behind each share. On June 30 current assets totaled $2.100,000 and current liabilities $265.000, making net working capital 21,835,000, which is
equal to almost $23 a share on the 80,329 shares of preferred stock. The
latter carries an accumulation of $61.50 a share in back dividends.
The company's second quarter deficit of $29,450 was just about double
that of $15,906 in the first quarter and the six months' loss of 245,356
made unfavorable comparison with a profit of $256,030 or $3.19 a share on
the preferred in the first half of 1931. Despite lower volume of business,
the company has maintained unchanged its depreciation and depletion
charges of $25,000 a month, totaling $150,000 for the half year.
-V. 135.
p. 821.
Anchor Post Fence Co.
-Earnings.
$29.972
58.581
2,095
Net loss for the year
Surplus Jan. 1 1931
$90,647
642,850
Gross surplus
Dividends declared
Miscellaneous charges to surplus
8552.202
12,340
15.858
Surplus Dec. 31 1931
3524.005
Balance Sheet Dec. 311931.
LiabOUtesCash
$70,298 Accounts payable
Notes & accounts receivable__ x317,373 Accr. int. & prov. for taxes._ _
Inventories
222,530 Funded debt
Investments
220,288 8% prior preferred stock
Deferred charges
29,925 $7 preferred stock
Fixed assets
y635,175 Common stock
Dividend payable
Surplus
$32,183
3,516
293.000
97,900
23,300
520,600
1,086
524.004
Total
$1,495,592
Total
$1,495,592
x Less reserve for doubtful accounts, 820.000. y Less reserve for land
and buildings of $61,603 and reserve for machinery and equipment of
8187,689.-V. 132, p. 4593.
...."-Arcturus Radio Tube Co.
-Decreases Capitalization.
The stockholders on July 18 approved a proposal to reduce the capital
of the company by $2,574,000 and a reduction in valuation of assets as of
January 1 last.
The stockholders changed the capital stock of the company from the
existing 600.000 shares of no par value stock to 1,200.000 shares of $1 par
value: to write down intangibles to $1 and write down its physical assets
to present replacement values. The stockholders will receive two shares
of new stock for each share of present stock. See also V. 135. p. 130.
Arlington Apartments, Inc., Pittsburgh.
-Foreclosure.
The committee for the protection of the holders of bonds sold through
the F. II. Smith Co. (George E. Roosevelt, Chairman) announce that the
property will be sold at foreclosure sale on Sept. 21. The committee,
representing a substantial majority in principal amount of these bonds,
will bid for the property at such sale. If the committee is the successful
bidder, non-depositing bondholders will not be entitled to share in the
benefits of the purchase but will be entitled only to their proportionate
share of the price at which the property is sold at such sale and of the net
earnings which the trustee has on hand, after deducting therefrom the
amount of all prior charges. Moreover, non-depositing bondholders will
not be entitled to share in the benefits of the agreement 13etween the Smith
company and the committee.
Deposits are being made under the terms of a deposit agreement dated
May 28 1930.-V. 134. p. 1583.
Hegeman
Electric
CO.
-Ordered to
The company has been ordered by the Federal Trade Commission to
divest itself within 90 days of all common stock of the Hart St Ilegeman
Manufacturing Co.. or of the Arrow Electric Co., both of which it acquired
in a merger of these companies and the Arrow Manufacturing Co., and
the H. & It. Electric Co., Dec., 31 1928.
Chairman W. E. Humphrey dissented virgorously from the decision,
doubting wheteher the commission has the power to make such an order
and not agreeing that existing structure lessened competition to such an
extent as to injuriously affect the public.
The order is based on section 7 of the Clayton Act, which prohibits acquisition by a corporation of capital stock of a competing corporation
V. 134, p. 4663.
There have been called for payment Sept. 1 next $1,047,000 of 12
-year
6% gold notes, dated Sept. 1 1923. Payment will be made at the Guaranty
Trust Co., 140 Broadway, N. Y. City, or at the Angio-California National
Bank. trustee, 1 Sansome St., San Francisco, Calif.. at 102;i and int.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Consolidated Balance Sheet June 30.
1932.
1931.
1932.
1931.
Fixed assets____x60 195,721 78,337,186
Liabilities$
Inv. In cos. affil. 6.675,515 6.829.060 Capital stock.,. _57,260,300 57,260,300
Other invest Is-- 7,705,225 5,155,992 Funded debt_ _ 8,288,000 10,680,000
Due Zr. affil. cos_ 1,114,356
1,030,682 Accts. payable__ 1,458,520
1,422,297
Invest. res. fund
1,583,037 Due Will. cos..._ 4,568.050 5,578,147
2,242,491
Cash_
1,050,873 Other curr. liab_ 2,395,434
3,431,941
Notes & accts.rec 4,882,022 5,429,981 Deferred Habil__ 1,240,037
66,032
Mat'is & suppl s 992,421
1,193,856 Res. for conting_
482,778
Merchandise_ _ _13,822,894 20,809,852 Prem. on cap. stk
3,578,917
1,664,614 Surplus
Def. & unadjust_ 867,177
23,288,479 35,584,724
98.498,822 118,085,138
Total
Total
98,498.822 118,085.137
x After reserves for depreciation and depletion of 255,200,715.-V. 135,
p. 300.
Associates Investment Co.--Earnings.-
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Comparative Balance Sheet June 30.
1932,
1931.
1931.
1932.
Assets
Liabtlittes$
1,733,619 2.186.652 Coll, trust notes._ 6,751,400 10,613.200
Cash
Notes receivable_ _11,507.628 15,454,460 Accounts payable_
24,503
14,166
Fed, income tax__
338,994
Items in transit
63,408
65,455
Notes rec.-stock
Deferred liabilities
283,027
49,314
purchased
Reserves
234,666
374,859
Accts.rec.-related
Unearned disc, on
2,736
cos
notes receivable 703,414
973,717
37,898 Accrued taxes_ _ _ _
Repossessed cars
32,798
48,955
3.574
2,770 Funds withheld fr.
Cash val. of life ins
38,547
45.857
Office turn. & lix..
auto dealers_
246,648
Invest, in cap. stk.
Preferred stock_ 1.300,000 1,300,000
Common stock__ _x4,709.933 4.494,457
of Farmers Se295.000
curities Co
295.000 Paym'ts on emply.
80.717
98,427
Other assets
stock subscrip.2,182
14,082,927 18,121,064
Total
Total
14,082,927 18.121.064
x Represented by 80,000 shares (no par).
-V. 134, p. 3985.
Atlantic Investments, Inc.
-Sale Approved.
-
Income Account for Year Ended Dec. 31 1931.
Net loss from opeiations
Provision for depreciation, amortization and bad debts
Charges to income for interest, &c.(net)
Arrow-Hart &
Dispose of Stock.
Associated Dry Goods Corp.
-Dividend Action Deferred.
-The directors on August 4 voted to defer action on the
quarterly dividends due Sept. 1 on the 6% cum. 1st pref.
stock and 7% cum. pref. stock, both of $100 par value.
Regular quarterly distributions of 1M% were made on the
1st pref. stock from Dec. 1 1917 to and incl. June 1 1932,
while regular quarterly payments of 14% were made on the
2nd pref. stock,from March 1 1918 to and incl. June 1 1932.
President Samuel W. Reyburn said that while the current price and
security position of the company remained at substantially the same
figure as shown in the last annual report, and current mortgage indebtedness had been reduced, the decision to defer the dividends was because
spring business was not satisfactory.
-V.134. p. 2725.
Associated Oil Co.
-To Retire Notes-Earnings.
-
American Thread Co.
-Earnings.
-Years End. Mar.31x Net profit
Employ, pension fund
Preferred dividends_ _
Common dividend
989
Arundel Corp.
-Earnings.
For income statement for month and 6 months ended June 30 see "Earnings Department" on a preceding page.
.
Current assets as of June 30 1932 amounted to $3,873,358 and current
liabilities were $491,000, against $4,072,570 and $350,919, respectively.
at the end of June 1931.-V. 134, p. 4663.
The stockholders on Aug. 2 approved the offer of the Massachusetts
Investors Trust to purchase substantially all the corporation's assets.
Stockholders of record July 15 of the Atlantic company will receive one
share of Massachusetts Investors Trust for each share of Atlantic stock
held.
-V. 135, p. 822.
Atlas Powder Co.
-Common Dividend Omitted.
-The
directors on August 4 decided to omit the quarterly dividend
ordinarily payable about Sept. 10 on the common stock,
no par value. A distribution of 25 cents per share was made
on June 10 last as compared with 50 cents per share on
March 10 1932 and $1 per share each quarter from Sept. 11
1923 to and incl. Dec. 10 1931. In addition, an extra dividend of $1 per share was paid on Jan. 10 1927 and on Dec. 10
1929,
Balance Sheet June 30.1932.
1931.
1931.
1932.
Assets
Liabilities
Plant, property &
Preferred stock,._ _ 9,860.900 9,860,900
equipment
15,591,671 15,215,798 Common stock_ _a 8,714,625 8,714,625
Collateral loans.
200,006 Accts, pay., incl.
Good-will,pats.,&() 4,060,392 3,135,795
div. on pref, stk.
Secur. of WM cos_ 1,567,816 3,795,470
and Federal tax_ 428,512
716,028
Cash
1,893,626 2,290,502 Iles. for deprec.,
hltge. receivable
97,000
uncoil. sects. &
Notes & accts. rec. 2.048,797 2,756,137
contingencies... 8,740,685 6,331,997
Stk. of Atlas PowSurplus
3.918,186 7.945.851
der Co
1,235.648
621,348
Unpaid employees'
stock subscrips_
478,042
Inventories
1,964,869 2,432,552
U.S. Govt.secur_ 2,100,000 1,250,000
Security invest._ _ 971,658 1,186,300
Def'd items (net). 131,432
207,428
Total
31.662.909 33,569.402
31,662,909 33,569,402
Total
a Common stock represented by 261,438k shares of no par value.V. 135, p. 822.
Autosales Corp.
-Earnings.
-
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 135. P. 469.
Bahia Corp.-/tameved-.f-ront-eurty---firct=tre7-
he 399,415 shares common stock (no par value) and the 59,388 shares
7% cum, preference
par s25) have been removed from the New
York Curb Exchange sTV.133, p. 1619.
list
Baldwin Locomotive Works.
-Earnings.
-
For income statement for 12 months ended June 30 1932 see "Earning
Department" on a preceding page.
-V. 135, D. 469.
Baltimore Steam Packet Co.
-Note Extension.
The holders of 5% secured notes. due August 1 1932, and August 1 1933,
each series in the amount of about $225,000, have been notified of a plan
for a 5-yr. extension of the maturity and also for 1-yr. extension of a bank
loan in the amount of $450,000 which matured August 1 1932. It is also
proposed that the $450,000 serial notes be extended without impairment of
the present lien upon the steamship "President Warfield," and that they be
additionally secured by the pledge of $150.000 first mortgage bonds of
the company. Extension ofthe bank loan is to be conditional upon extension
of the serial notes, the loan to be secured by $650,000 first mortgage bonds
of the company due July 15 1942.-V. 126, p. 418.
990
Financial Chronicle
(The) Barbizon (Lexington Ave. & 63rd St.), N. Y.
City.
-Loan of $400,000.
The East River Savings Bank has made a loan of $400,000, or so much
thereof as shall at any time be advanced, to be paid Aug. 1 1937, at 6%.
to Hotel Barbizon, Inc. The mortgagor, or any successor in title, has
the privilege of prepaying either $100,000 or $300,000 on any interest day
if 90 days written notice be given, by prepaying 60 days' additional interest.
-V. 135, p. 300.
(Ludwig) Baumann & Co.
-Defers Preferred Dividend.
-
The directors have voted to defer the quarterly dividend due Aug. 15
on the 7% cum. cony. 1st pref. stock, par $100. The last regular quarterly
payment of 1j% was made on this issue on May 16.-V. 133, p. 957.
Bendix Aviation Corp.
-Earnings.
-For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 134, p. 4327.
Bigelow-Sanford Carpet Co., Inc.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Consolidated Balance Sheet June 301932.
1931.
1931.
1932.
AssetsLiabilities$
$
$
$
Cash
1,963,598 3,382,004 Accounts payable_ 312.997
655,018
Ctis. of deposit_ _ _ 800,000
Res.for taxes
38,900
32.774
U.S. Govt.secur._ 400,688
2,000,000
6% serial notes.- Accts.& notes rec. 2,684,973 3,260,624 Preferred stock._. 2,691,500 2,724,300
Inventories
5,448,866 7,782,654 Common stock_ _x15,718,950 15,718,950
Non-current accts.
Paid-in surplus... 3,838,439 3,838.439
& notes receiv__
15,033
17,229 Earned surplus_ __ 4,486,898 5,886,470
Insurance, taxes.
&c. prepaid____ 310.935
325,367
•Land,bldg.& equip15,432,264 16,087,348
Sundry investmls
5,201
6,851
Total
27,061,558 30,862,077
27,061,558 30,862,077
Total
z Represented by 314,379 shares of no par value.
-V. 134, p. 1584.
Blue Ribbon Corp., Ltd.
-50c.Preferred Dividend.
The company on Aug. 1 paid a quarterly dividend of 50c. per share on the
6%% cum' pref,stock, par $50. to holders of record July 28. A like amount
was also paid on Feb. land May 2 last, as against 81 lie. per share previously each quarter.
-V.134, p.850.
Blue Ridge Corp.
-Balance Sheet June 30.1932.
1931.
1932.
1931.
Assets$
8
Liabilities$
$
Investments _.x27.316,81513117,110,016 Accts. payable_ _ _l 53,3561
.
44,680
Bynd. partic. (at
Res, for accrued}
COOL)
51,536
1357,314
expenses
1
1
Divs. rec. & int.
118,746
158,746
nes. tor contInz
accrued
658,442
891,748 Preferred stock_ .18,032,800 43,963,250
Accts. receivable_
8,193
142,114 Common stock_a 7,489,453 7,489,098
Cash66,342,132
,
„
P
Operating surplus 3,246,191 2,702,833
Aug. 6 1932
operating assets of the corporation, will assume all current debts and contingent liabilities and will assume contractual and policy obligations to
customers.
-V. 134, p. 1028.
Broad Street Investing Co., Inc.
-Semi-Annual Report.
For income statement for 6 months ended June 30, see "Earnings Department" on a preceding page.
See also Capital Administration Co., Ltd., below.
Statement of Surplus June 30 1932.
Capital surplus:
Balance, Dec. 31 1931
$2,436,498
Excess of cost over stated value of cap.stk. repurch. and held
by company at Dec. 31 1931
25.531
Total
boss on sale of securities to Dec. 31 1931
$2,462.029
349.167
Adjusted balance, Dec. 31 1931
Excess of cash received over stated value of 1,034 additional
shares of capital stock issued
$2,112,862
Total
Loss on sale of securities
$2.124,282
203.854
Balance
Income Distribution Account:
Balance, Dec. 31 1931 (deficit)
Net income, as per statement
Total
Dividends on common stock
Deficit
11,419
$1.920,428
33,428
41,439
$8,011
53,727
$45.715
Total surplus
*1,874.712
The unrealized depreciation on Investments and Short Term U. S. Government Securities on June 30 1932 was $299,476.10 more than on Dec. 31
1931.
Balance Sheet June 30.
Assets
1931.
1932.
-1932.
Liabilities1931.
Cash in banks_ _ _ _ $174.036 $298.996 Accts. payable_
$16,021
29,041
Short-term U. S.
Divs. pay. July 1_ $26,039
Res,for cont.taxes 172,920
146,606
Governm't sec _x
40,164
Corp.own stk.held 231,375
591,755 y483,750
Common stock_
Int.& div. rec.
Earned surplus... 1,874,712 1.990.303
.17,651
Spec. depos. for dive 26,039
Accounts reedy...
114,838
Invest, at cost...32,176,161 2,340.639
Prepaid expenses
1.248
Total
82,665,427 82.665.722
$2,665.427 *2,665,722 Total
Market value,$1,034,356. y Represented by 118,351 no par shares.-V.134. p.2727.
Brunswick-Balke-Collender Co.
-Earnings.
For income statement for 3 and 6 months ended June 30 1932 see "Earnings Department" on a preceding page.
The balance sheet as of June 30 1932,shows current assets of $10,548,241
and current liabilities of $352,039, against $10,977,235 and $600,956.
respectively, March 311932.-V. 134.9. 3827.
Total
28,980,545 120,712.255
28.980,545 120,712,255
Total
x Listed securities at cost. $101,932,546; less capital surplus carried as
reserve, $76,950,730; balance, $24,981.815 (market value. $24,104,085);* --Dividend Decreased.
- ---Buckeye Pipe Line Co.
unlisted security at cost, loss reserve, $1,307,000; note receivable, secured
The directors have declared a quarterly dividend of 75 cents per share on
less reserve, $1,028,000. a Represented
7,489.453 no par shares.
the common stock, par *50, payable Sept. 15 to holders of record Aug. 19.
In addition, common stock is reserved for a) conversion of pref. stock,
Previously, the company paid quarterly dividends of $1 per share on this
1,081,968 shares: (5) dividends on pref. stock. 1,142,947,
issue.
-V. 134, p. 1585.
of warrants (to purchase at any time shares of common stock and (c) exercise
at $20 per share
Issued as of Jan. 1 1930 to Shenandoah Corp.) 228,301 shares. b The value
Bucyrus-Monighan Manufacturing Co.
-Earnings.
of the above assets on June 30 1931, taking listed securities (over 97% of
For income statement for 6 months ended June 30 see "Earnings Dethe total) at market prices and the remaining securities at estimated fair
partment" on a preceding page.
value, and after deducting crossholding reserves, was $76,361,787.-V. 135,
Current assets as of June 30 amounted to $1,421,300 and current liabilp. 822.
ities $271,932, against $1,136,561 and $171,426, respectively, on June 30
of previous year.
-V. 134. p. 1961.
(Sidney) Blumenthal & Co., Inc.
-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
Bulova Watch Co., Inc.
-Order Issued.
Department" on a preceding page.
-V. 134, p. 3279.
The Federal Trade Commission has ordered the company to discontinue
representing that its watches contain a designated number of jewels unless
(H. C.) Bohack Co., Inc.
-July Sales.
the watches contain the stated number of jewels, "each and every one of
Period End. July 30- 1932-5 Wks.
which jewels serves a mechanical purpose as a frictional beaming."
-1931
1932-26 Wks.
-1931
-V.135.
Sales
$3,034,716 $3,395,335 $16.542,051 $17,529,343
Il• 130.
Tonnage
13,347
56,855
61,964
12,711
-V.135, p. 130.
Bunker Hill & Sullivan Mining & Concentrating
Co.
-Earnings.
---Bohn Refrigerator Co.
-Preferred Dividend Deferred.
The directors recently voted to defer the quarterly dividend due June 1
For income statement for month and 6 months ended June 30 see "Earnon the 8% cum. pref. stock, par $100. The last regular quarterly payment
ings Department" on a preceding page.
-V.135, p. 130.
of 2% was made on March.1932.-V. 132, p. 3343.
Burroughs Adding Machine Co.
-May Change Dividend
Borg-Warner Corp.
-June Business of Subsidiar
A 20% increase in business volume during June over June 1931 was reported by Norge Corp., electric refrigerator manufacturing division of
Borg-Warner Corp. For the first six months volume was 94% of the entire
12 months of 1931.
Earnings.
For income statement for 6 months ended June 30 1932 see "Earnings
Department" on a preceding page.
Consolidated Balance Sheet June 30.
1932.
1932.
1931.
1931.
Assets$
Cash in banks and
Notes pay.& curr.
on hand
2.234,235 3,929,930
191,402
bond maturities
4,000
Call loans and marAccts. payable and
ketable secure- 5,034,355 4,249,821
arced expenses.y2,738,614 2,890,751
Customers' acc'ts
55,465
19,040
Notes payable.rec..less reserves 2,581,343 2,955.045 Special reserve... 379,314
151,934
Cost. notes recle. 291,015
68,758 Dividends payable
377.010
Other sects
333,182
231,042 Prov.for Fed. tax. Sees
See 3
,
Mans, supp., &c_ 4,447,892 5,187,214 Bonds outst'd (conInsur. prem., &c.,
stituent cos.)... 1,586,000 1,776,500
prepaid charges_ 132,375
761,502 7% pref. stock... 3,640,000 3.760,000
Stocks, bonds and
Corn. stk. outst'g-12,308.190 12,308,090
notes of other
2,114
2,014
Scrip certificates__
companies, &c..z2.166,915 1,116,016 Minority interest_
119,784
176,539
Prop.,plant & eq.:16,924.656 17,799,445 Surplus
14,405,949 15,358,133
Good-wilt & pats_ 456.937
548.566
Total
35.202,905 36,847,939
35.202,905 36,847,939
Total
After depreciation of 59,452,425. y Includes Federal taxes. z Includes 79,575 shares common and 2,221 shares preferred of Borg-Warner
Corp.
-V.134,9. 4161.
Bowman Biltmore Hotels Corp.
-Earnings.
-
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-V. 134. P. 3986.
1931.
1928.
1929.
1930.
$1.486,889 $1.581,894 $1,762,663 $1,913.292
370.639
337,504
336.763
341.230
Net income
Dividends
$1.116.250 81,240,663 81,425,901 81,575,788
960,000 1,040,000
1,440.000
1,198,750
$156,250
$200,663
$227,151
$135,788
Brockway Motor Truck Corp.
-Plan Approved.
-
A financial reorganization plan has been approved by more than twothirds of stockholders. The plan also has been approved by the creditors'
committee and will be put into effect immediately.
Under the plan a new operating company, to be called Brockway Motor
Co., Inc., will be formed to take over all current operations in the motor
truck and service business. Brockway Motor Co., Inc., will acquire all
Butler Brothers, Chicago.
-Sales Off 13.2%.
-President
Frank S. Cunningham, July 26, stated:
General business in the second quarter of the year was relatively worse
than in the first quarter. Demand continued to shrink and commodity
prices to decline.
Our sales for the six months were 13.2 T' less than in the first half of 1931.
o
This percentage of loss is substantially less than reported by department
stores and most other merchandising concerns.
The net loss for the period was approximately $200,000 less than in the
corresponding period of the preceding year.
Ski
Prices on the commodities we handle average about 18% less than'a
year ago. For the moment they are about at a standstill. It is impossible
to say whether the downward trend has ceased or will resume.
We are merchandising aggressively and strengthening our personnel In
Order to be ready for better business when it arrives.
For the fifth successive period we have been successful in making substantial savings in the dollars of expense.
We are, we believe, making substantial progress in the development of
a selling organi_ation to supplement our catalog.
The adjourned session of the annual stockholders meeting, which was
(held on July 26 for the purpose of considering the election of a director
adjourned to convene again Oct. 25. No further action was taken.
V. 134.p. 3464.
Campbell, Wyant & Cannon Foundry Co.
-Earnings.
(C.) Brewer & Co., Ltd.
-Earnings.
-
Calendar YearsGross earnings
Expenses&losses
Balance, surplus
-V.132, p. 3152.
Policy
-New Director.
-
The directors have declared the regular quarterly dividend of 20c,
share payable Sept. 6 1932 to holders of record Aug. 6.
In announcing the dividend action President Standish Backus stated
that the earnings for the first six months were not sufficient to meet the
dividend requirement, and that the dividend will be paid out of surplus.
Unless a substantial increase in the business and earnings of the company
appears before the end of the current quarter, the shareholders may expect
a change in dividend policy.
Leroy C. Shouts of Chicago, a member of the firm of Rector, Ribbon,
Davis & Macauley, patent counsel for the company, has been elected a
member of the board of dIrectors.-V. 134, p. 4497.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
The financial condition continues satisfactory with current assets as of
June 30 amounting to $1.215,169. equivalent to more than seven times total
liabilities. Cash alone of $661,495 was more than 3.75 times such Habilities.-V. 134, P. 3484.
Calamba Sugar Estate.
-Earnings.
-
Years End. Sept. 30-1931.
1930.
1929.
1928.
Gross income
$2,199,271 $2,296,105 $2,654,273 52,148,747
Interest expenses, &c__ _ 1,532,294
1,630.150
1,821,674
1,276,181
Net income
5666.977
*665,956
$832,599
$872.565
Preferred dividends_-_
140,000
140.000
140,000
140,000
Common dividends
400,000
400,000
400,000
325,000
Balance,surplus
8126,977
5125.956
$292,599
8407,565
Volume 135
•
Financial Chronicle
Balance Sheet Sept. 30.
f1931.
1930.
1931.
r'Assets19308
$532,836
$37,930 Notes payable- --- $40,000
640,000
Cash
350,000 Drafts payable- -- 125,000
Certificates of dep.
80.000
133,291
119,075 Accounts Payable50,586
Notes receivable
4
0.330
880,143
871,339 Salaries and wages
Accts. receivable
149.875
162,063
payable
Inventories
9,219
9,560
1,172,048 1,174,930 Accrued interest__
Investments
6,938
7.674
236,830
222,687 Accrued taxes__ _18,397
Scoured loans
1,791
96.449 Income tax pay_
21,632
Future years' oper. 111.975
Depository credit43,791
Lands, buildings,
35.486
equipment, &c_x 4,408,811 4.448,823 Sundry curr.limb_
2,420
133,394
149,744 1st mtge.6% sink.
Organization exp
10,522
10,488
fund bonds
Unexpired insur
649.000
597,000
8,016
37,910 Preferred shares 2,000,000 2,000,000
Miscell. suspense..
11,037
Surplus
Prepaid interest-4,909,267 4,782,289
1,163
!Atwell. def'd items
$7,789,941 $7,681,438
Total
Total
$7.789,941 17.681,438
x After depreciation of 52,059,866.-V. 132. p. 4416.
"Canada Wire & Cable Co., Ltd.
-Omits Class A Div.
The directors have decided to omit the quarterly dividend normally
payable about Sept. 15 on the $4 non-cum. cony. class A common stock,
no par value. The last regular quarterly distribution of $1 per share was
made on this issue on June 15.-V. 134, p.4497.
Capital Administration Co., Ltd.
-Earnings.
-For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
The semi-annual reports of the Capital Administration Co., Ltd., and
the Broad Street Investing Co. reveal the changes in the personnels of
these investment trusts resulting from the acquisition by the Tr -Continental
Corp. of controlling interest in the Broad Street Management Corp.,
which in turn managed both trusts under contract and controls Capital
Administration Co., Ltd.
Earle Bailie, Chairman of the Tr -Continental Corp., has been elected
chairman of both companies. Other representatives of Tr -Continental on
the two ooards are Francis F. Randolph, President and director; Robert V.
White, Vice-President and director, and Henry C. Breck, director.
Statement of Surplus June 30 1932.
-Balance, Dec. 31 1931
Capital surplus
$4,552,355
Dividends on pref. stock charged to capital surplus in 1931-169,200
Total
Loss on sale of securities to Dec. 31 1931
54,721,555
1,819,439
...djusted balance, Dec. 31 1931
Arising from retirement of 6% cum. pref. stock, series a
Arising from retirement of 5% gold debentures
32,902,116
2,888
57,820
Total
Loss on sale of securities
$2,962,823
1,648,045
Balance
$1,314,778
Income Distribution Account
Balance, Dec. 31 1931 (deficit)
$218,778
pref. stock charged to capital surplus in 193L..
Dividends on
169,200
Adjusted balance, Dec. 31 1931
Net income, as per statement
April 1 1932 dividend on pref. stock
Deficit
$387,978
Cr2,302
32,625
$418,300
Total
$896,478
The unrealized depreciation on investments & short term U. S. Government securities on June 30 1932 was $807,991.04 less than on Dec. 31 1931.
Balance Sheet June 30.
1932.
1931.
1932.
1931.
Assets$
$
Liabilities-$
$
Cash
2,278,506
403,260 Accounts payable43,704
Accounts receiv.
125,381 Pref. div. payable_
293
34,125
Short term U. S.
Interest seer. on
Govt.secur__ _ _x1,053,391
5% delis
14,250
Receivable for sec.
Due for sec. purch.
51,917
sold
31,054
Reserve for exp.,
Int. & div. receiv_
39,215
taxes, &c
22,807
Spec, deposits for
5% gold deb.,ser.A 3,420,000 3.939,000
dividends
293
Preferred stock_ _ _ 2,170,000 2,275,000
Invest, at cost_ ___x3,420,619 9,729,293 Class A stock_ _ _ _ y143,405
143,405
Deferred charges__
74,013
107,402 Class B stock.. _ _ _
z2,400
2,400
Pref. stock div.
reserve fund_ _- _
175,539
175,539
Capital surplus_ __ 1,314,778 4,513,209
Deficit
418,300
761,045
Total
6,897,091 10,365,337
Total
6,897,091 10,365,337
x Market value was $1,830,497 less than cost. y Represented by 143,405
no par shares. z Represented by 240,000 no par shares.
-V. 134, p. 4498.
-......
'Caro Cloth Corp.
-To Decrease Stated Capital, &c.-
The stockholders will vote Aug. 12 (a) on fixing the capital of the corporation at the amount shown by the books, namely, $717.100; (b) on reclueing such capital from $717,100 to $252,685, said reduction to be effeated
by reducing the amount of the capital represented by the outstanding
shares of common stock, without par value; and (c) on changing the par
value of the common stock (500,000 shares authorized) to $1 per share,
the new stock to be issued in exchange for the old no par common stock,
share for share.
-V. 134, p. 2728.
Central Fire Insurance Co. of Balt.-Div. Omitted.
-
The directors recently voted to omit the semi-annual dividend ordinarily
payable about July 2 on the capital stock. par $10. A semi-annual payment of 25c. per share was made on Jan. 2 last, as against 50c. per share
previously each quarter.
-V. 134, p. 510.
Certain-teed Products Corp.(& Subs.).
-Earnings.
--
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
Balance Sheet June 30.
1932.
1931.
1932.
1931.
Assets$
$
Liabilities-$
$
Land, bldgs.. ma7% cum. pref. stk. 6,300,400 6,300,400
chlnery, &o_-_13,682,426 16,476,036 Cap. stk. (of sub.
not held by eorp)
Good-will, trade400
1
1 Common stock_ _ _x5,734,500 5,734,500
marks, pats., &a
1,819,056 2,929,600 Accounts payable_ 440,692
Cash
616,360
47.000
24,138 Res. for contIng-- - 579.654
Notes receivable
Notes & accts. reo_y1,791,723 3,080,126 Res. for exch. thug
8,007
Debenture bonds_ 9,700,000 11,900,000
U.S. Govt.& other
1,187.938
Purchase
securities
money
Sloanemtge. bonds_ ___
Invest. In
131,000
167,000
Accrd. bond int-- 179,798
Blabon Corp_ _- 3,505.600
220,671
22,879 Canadian & other
Deficit in treasury
taxes
Abandoned & shut75,715
72,840
332,558 Approp. surplus
down plants, &e. 143,190
250,000
250,000
1,873,236 3,106,635 Capital surplus_ _ _
Inventories
747,394
642,910
146,715
278,073 Earned surplus.. _
Inv. In other cos
512,151
876,865
217,457
Other investments 218,188
244,238
313,540
Exp. paid in adv
24,659,311 26,781,946
Total
Total
24,659,311 26,781,946
x Represented by 382,300 shares of no par value. y Less reserve for
doubtful notes and accounts receivable of $311,942.-V. 134, p. 3464.
-Smaller Dividend.
"----NChain Belt Co.
The directors have declared a quarterly dividend of 15 cents per share
on the common stock no par value, payable Aug. 15 to holders of record
Aug. 1. A distribution of 20 cents per share was made on this issue on
May 15 last as against 25 cents on Feb. 15 1932, 40 cents on Nov. 16 1931
-V. 134, p. 3280.
and 623 cents per share previously each quarter.
991
Cincinnati Advertising Products Co.
-Earnings.
For income statement for 3 months ended Jun ,30 see "Earnings Department" on a preceding page.
Comparative Balance Sheet.
Assets
June 30'32. Dec.3131.
Liabilities-June 3032. Dec. 31'31.
Cash
$53,106
$40,763 Notes payable_ _ -- $17,300
$20,200
Marketable securs.
,
201,178 Accounts payable_
34,47116,297
Notes receivable
14,075 Accrued taxes_ _ _ _
13,671
1,130
1,735
Accts. receivable
37,657 Federal Income tax
70,639
5,760
18 519
1:896
Debit bal. on credDivs. payable_
itors' ledger_
Accrued
1,279 Acced liabilities_
3,519
1,173
Inventories
47,422
63,220 Credit bal. on ens
Plant & equipment 136,120
135,101
tomers' ledger3,383
Deferred charges_86.500
86,500
6,050
9,901 Capital stock
Life ins, cash sum.
344,121
Earned surplus- 361,286
value
10.650
10,650
Total
$509,965
-V. 134, p. 4162.
$503,823
Total
$509,965
$503,823
City Ice & Fuel Co.
-Common Dividend Reduced.
The directors have declared a quarterly dividend of 50 cents per share
on the common stock, no par value, payable Aug. 31 to holders of record
Aug. 15. This compared with quarwerly distributions of 90 cents per share
previously made on this issue.
Regarding the dividend action, the company said:
"The directors during the first quarter of the year were encouraged to
believe that the general depression might not affect the ice and coal business, but the unemployment in many of the cities in which we operate
has curtailed the buying power of the public, and has caused a reduction
In the sale of both ice and coal. The shipments of fruits, vegetables and
other food products has been less this year than in years past because
of the lessening power of the public to buy such merchandise.
"The company has reduced its administrative expenses, officers' salaries
and wages generally throughout the organization and has put into effect
many economies."
Earnings -For income atatement for six months ended June 30 1932
see "Earnings Department" on a preceding page.
-V.134, p. 3101.
Clark Equipment Co.
-Stated Value Decreased.
The stockholders at a special meeting held July 29 approved a proposal
to fix the stated value of the no par common stock at $20 a share and to
transfer to surplus the difference between the new stated value and amounts
now Credited to capital account for these shares.
Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Balance Sheet June 30.
1931.
1932.
1931.
1932.
Liabilities$
Assets$
7% pref.stock---- 1.144,500 1,161,200
Real net. bidgs..
x4,509,412 5,591,853 Common stock_ - _74,780,696 7,900,610
mach., &o
254,300
79,376
1,235,466 1,161,691 Accts. payable, &ts
Cash
150,000 Accrued taxes,roy50,000
Ctfs. of deposit__ _
61,342
95.063
658,453
alties, do
U. S. Gov. sec951.538 Min. int. Frost
Marketable secur_ 378,222
1,139
1.115
Gear & Forge Co
Cash surr. val. life
37,632 Surplus
1,684,283 1,080,909
41,252
insurance policy
481,431 Capital surplus..
752.755
Notes & accts. rec. 177,903
6,205
7,116
Accrued int., &c
1,327,116 1,923,088
Inventories
104,191
77,172
Investments
Deferred charges St
85,592
41,955
prepaid expenses
8,504.069 10,493,221
8,504.069 10,493.221
Total
Total
x After depreciation of $2,080,648. y Represented by 237,516 no Par
shares.
-V. 134, p. 4666.
-Contract With R K0 Closed.
Columbia Pictures Corp.
The Radio-Keith-Orpheum Corp. and Columbia Pictures Corp. this
week announced the closing of one of the largest and most important film
contracts consummated this season, involving several millions of dollars in
booking.
Through the terms if this agreement RKO has contracted for the entire
1932-33 Columbia product of 48 feature productions to be exhibited in the
theatres of the RKO circuit from coast to coast. .The deal also involves
Columbia's line-up of short subjects.
According to the agreement Columbia is assured an outlet in every key
city and important community in the United States through the vast
RKO circuit of houses. It also gives Columbia a show window on Broadway
at the Mayfair until Radio City opens, at which time Columbia's pictures
will also play the Radio City Theatre. In addition the company will recalve representation in two other RHO Broadway houses, the Palace
and the Hippodrome.
The contract provides that in addition to the theatres now owned or
controlled by the RHO circuit, representation will be given Columbia's
product in any additional theatres, control of which shall be acquired,
where the Columbia service is avallable.-V. 134, p. 3542.
-Semi-Annual Dividend.
Combined Trust Shares.
A semi annual distribution of 19.38 cents per share has been declared
on the trust shares (of Standard Oil Group), payable on or after Aug. 15
1932 at toe office of the Fidelity Philadelphia Trust Co., trustee, Philadelphia, or, at the option of the holder, at the First Union Trust & Savings
Bank in Chicago.
-V. 131, p. 3211.
-Earnings.
Commercial Credit Co.
Consolidated operations of company and subsidiaries for the six months
ended June 30 1932 show net income of $1,348,971. After payment of all
dividends on preferred and preference shares, this was at the annual rate
of 79c. per share on the outstanding common stock. This compares with
net income of $2,075,188 for the same period of 1931 which was at the
annual rate of $2.03 per share on the common stock.•
Interest and discount charges weee earned 1.91 times as compared with
2.20 times for the same period of 1931. Dividends on the company's
6)% and 7% 1st pref. stocks were earned 3.44 times, and on the class
A $3 convertible stock 2.16 times as compared with 4.89 times and 3.68
times, respectively, for 1931.
Operating expenses other than interest were at a lower ratio on average
money employed than for the corresponding period of 1931, although the
-V. 134, p. 3986.
average money employed was substantially less.
-Smaller Pref. Div.-,Consolidated Sand & Gravel, Ltd.
The directorstiave declared a dividend of ;,‘ of 1% on the 7% cum.cony.
red. pref. stock. par $100, payable Aug. 15 to holders of record July 30.
A distribution of 1% was made on May 16 last as against regular quarterly
-V. 134, p. 3280.
dividends of 1%% were previously paid on this issue.
Consumers Co., Chicago.
-New Directors.
.
Sheldon Clark, Joseph C. Connery, D. B. Fulton, A. F. Ganz Jr.,
E. C. Kohlsaat and John W.O'Leary have been elected directors, replacing
William Wrigley Jr., Bernard A. Eckhart, Patrick II. Joyce, Frank G.
Logan and D. F. Kelly.
In the first six months of 1932 as compared with the same of 1930 sales
of the company had decreased 38%, salaries 35.1%, other expense 11%.
Interest 18%, depreciation 7% and net loss 15.8%. Comparison with the
1930 period, rather than the first six months of 1931, was made to base
the relation on a period of relatively normal business, it was stated.
It was estimated that the company would sustain a net loss of approximately $400,000 in the current fiscal year ending Dec. 31 after all charges,
Including depreciation, of about $700,000. For 1931 the company rePorted a net loss of 5442,700.-V. 134, p. 1200.
-Receivership Suit Dis----*Container Corp. of America.
missed.The receivership suit filed recently by Harrington J. Thomson of Orange
N. J., against the corporation, has been dismissed in Chancery Court
Wilmington, on motion of counsel for the conmplainant.
The company, in its answer filed in Chancery Court, denied insolvency
and denied the allegation that on June 1 it failed to pay interest on its
-year 6% debentures. The document stated that on May 27 the con'.
15
992
Financial Chronicle
Aug. 6 1932
poration forwarded to its paying agent in New York funds covering the
N11 amount of interest due June 1.
The company stated that it has no bank loans or maturing obligations
except $14,000 in bonds of a subsidiary and ordinary current bills, that
It has $600,000 cash on hand, that it is meeting and discounting all current
obligations and that the ratio of current assets to current liabilities is
5.19 to 1.-V. 135, P. 824. 303.
The Court indicated, however, following a hearing, that he had tentatively approved the plan, which, according to George B. Hayes, one of
the attorneys opposing the scheme, would involve the payment of preferred bondholders and a "wiping out of stockholders."
Mr. Hayes said the National City Bank and National City Co. had
promoted the plan and that if it were carried out the reorganizers hoped
to take over $83,000,000 worth of property for $21,000,000 in new bond
Issues,
"I am inclined to think," said Judge Knox, "that we are virtually
Continental American Life Insurance Co., Wilmingforced into a position where this 'plan must be accepted in order to give
ton, Del.
-Reduces Quarterly Payment.
the corporation the only chance for reorganization and continuance that
The directors recently declared a quarterly dividend of 45 cents per share
there is. I would be delighted to approve an open sale as suggested by
on the capital stock, par $10, payable July 20 to holders of record July 19.
the minority and would do so if it could be shown that there was any
A distribution of 52 cents per share was made on April 21 last.
Nreasonable likelihood of a satisfactory bid."
-V. 134, p. 2156.
Continental Chicago Corp.
-Earnings.
For income statement for 6 months ended June 30 see „Earnings Department" on a preceding page.
Comparative Balance Sheet.
June 3032.Dee.31'31.
June 30'32. Dec. 31'31:
Assets$
Liabilities
$
Cash
881,375 Accounts payable. 148,576
2,654,390
119,201
U.S.Govt.securs
495,000 Res. for syndicate
Notes receivable
1,915,691 2,197,376
commitments
495,476
Investments _ _ _ _317,380,108:53,591.693 Res. for taxes of
Acer. int. & deprior years
140,000
clared dividends 310,059
456,546 Investment res've.
3,078,613
Cony. pref. stk _z17,304.775 37,557,800
Common stock._y 2,887,507 14,437,533
Capital surplus_ _ _ 1,587,669 1,727,669
205,701
Undistrib.Income_ 191,720
22,260,248 57,621,992
Total
22,260,248 57,621,992
Total
a Investments, at cost. x Represented by 692.191 no par shares.
y Represented by 2,887,506 no par shares. z Approximate market value.
June 30 1932, $12,150,000. The cost of the investments is given as $41,995,831, and after deducting investment reserve of $24,615,723, the balance
-V.134, p. 3642.
of $17,380,108 remains.
'"..Continental Clay Products Corp.
-Receivership.
-
Philip Cohen of Wilmington, Del., has been appointed receiver by the
Chancery Court at Wilmington, Del., upon application of the reorganization
committee. Corporation has consented to the receivership, admitting
insolvency.
It is alleged and admitted that the corporation defaulted last November
In payment of bond interest. The reorganization committee was appointed in January of this year.
The interest of the bondholders and the corporation could best be protected, the committee stated, by either the reorganization or sale of the
corporation's properties.
The committee attached to the bill of complaint a plan for reorganization
which provides for formation of a new corporation, in the event the plan
Is approved, and exchange of each $1,000 bond of the present company
for a $500 bond, five shares of preferred and five shares of common of
the new corporation; exchange of each preferred share of the present
corporation for two shares of class A stock of the new corporation and
exchange of four shares of the present common stock for one share of the
new common stock.
-V. 134. p. 1378.
Continental Oil Co.(Del.).-Bal. Sheet June 30.1931.
1932.
1932.
1931.
Cushman's Sons, Inc.
-Annual Dividend Rate on Common Stock Decreased from $4 to $2 73er Share.
-
The directors have declared a quarterly dividend of 50 cents per share
on the common stock, no par value, payable Sept. 1 to holders of record
Aug. 15. Previously the company made regular quarterly payments of
$1 per share on this issue.
Approximately 99% of the common stock is owned by the Purity
Bakeries Corp.
The directors also declared the regular quarterly dividends of $2 per share
on the $8 cum. pref. and $1.75 per share on the 7% pref. stocks, both payable Sept. 1 to holders of record Aug. 15.-V. 134. p. 3829.
Darby Petroleum Corp.
-Earnings.
-
For income statement for 6 months ended June 30 1932, see "Earnings
Department" on a preceding page.
-V. 135, p. 133.
De Mets, Inc.-Earnings.
-
Calendar YearsSales
Coet of sales
1931.
,3
1930
$2.441,952 $2.41745
2,278,248
2,295,868
Operating income
Other income
$146,084
1,621
$139,097
27,791
Totalincome
Depreciation and amortization
$147,705
171,753
$166,888
151,722
het loss
Assets
Cash
Marketable secur_
Accts. & notes rec_
A dv.to offic.& emu
Inventories
Dep.to secure leases
Prepayments
Treasury stk.(cost)
Leaseholds,Imp. St
equip. (cost)'- -Deferred rental_
$24,048 Proff15,166
Consolidated Balance Sheet Dec. 31.
1931.
1930.
1930.
1931.
$89,360
173,264 8189,477 Accounts payable_ $74,905
145,799
114,193
149,577 Taxes
228,299
900.000
17,030
Preferred stock.. _ :900,000
155.000
5,078
Common stock- - Y13 .
6 000
316,318
53,152
50.890 P.St L.surplus_
137,709
64,715
62,356
11,554
15,829
117,066
16,904
955,364 1,099,208
19,650
Total
$1,511,417 $1,621,478
Total
$1,511,417
ghepreseny 13y : 0
R ares ted b4 p0512.no par shares. y Represented by135,00 1 47
.- .
.
0
.3 0
0
7 $182 n0
$
par
Assets$
5
Diversified Investment Trusts, Inc.
5
-Smaller Div.
Property, plant
Capital & sure _ y133,673.690 141,592,493
The directors recently declared a quarterly dividend of 5 cents Per
at equipment: 94,870,890 102,866,639 Funded debt_ _ _ 10,549,826 18,149,579
share on the class A stock, no par value, payable Aug. 1 to holders of record
Inv.& adv.(net) 21,492,634 24,097,768 Minority interest
421.471
July 30. Distributions of 7% cents per share were made on Feb. 1 and
467,933
Cap,stk. in tress 1,900,039 1,429,138 Res. for insur..
May 2 last as against 10 cents per share on Nov.2 1931 and 20 cents per sh.
UnadJ.debs.,&c 1,978,271 1,910.634
annuities and
previously each quarter.
-V. 134. P. 1032.
Prepaid & def'd
contingencies. 2,840,304 2,494,941
charges
982,081
1,223,962 Employees'stock
Dome Mines, Ltd.
-Value of Output.
Cash
5.122,186 6,486,072
subscriptions.
152,911
Period Ended July 31- 1932
Govt.securities_
3,410,000 Funded & long-Month-1931, 1932-7 Mos.-1931.
Production (value of)-Ctrs. of deposit_
term debt due
614,000
$311,846
$299,280 $2,419,034 $2,055.620
-V. 135. p. 634. 304.
Notes at accts.
within 6 mos.
67,500
347,326
5,326,843 5,636,780 Accounts pay___ 3,401,966 3.414,024
receivable__ Crude & refined
-..,Donnacona Paper Co., Ltd.
Accrd. Habits622,480
843,284 --Bondholders Approve
oil
19.214.247 18,636,183
Plan.
860,032
Mat'IsS:supplies
738,882
First mortgage bondholders at a meeting July 25 voted in favor of the
Other cum assets
138,374
104,068
reorganization plan (V. 135. p. 134). Of the total of $6,584,000 of bonds
outstanding, $3,370,000 were represented at the meeting and $3,262,000
151,730,148 167,309,581
Total
Total
151,730,148 167,309,581
voted in favor of the scheme.
x After depreciation and depletion reserve of $146.226,046. y RepreThe plan provides for the waiving of interest payments in the next
sented by 4,738.593 no par shares.
-V.135, p.824.
two years, and a provision that for the two subsequent years interest shall
be paid only if earned. Provision is also made for the waiving of sinking
Continental Shares Inc.
-Earnings.
funds due this year and in the three years following.
Earnings.
-For income statement for 6 months ended June 30 see "EarnIn consideration for foregoing certain of their rights. the 1st mtge.
ings Department" on a preceding page.
bondholders receive control of the company until stipulated conditions
Investments carried at $138,925,166 had indicated market value of $13,have been fulfilled. They receive 121,804 shares of class A common stock
352,646 on June 30 last, comparing with $132,495,824 and $25,640,173
at the rate of 18% shares for each $1,000 principal amount of bonds held.
respectively, on Dec. 31 1931, and with $133.766,248 and $78,647,649
There are, in addition, 123.088 of class B shares of common stock. Voting
respectively, on June 30 1931.
control rests with the former stock as long as various covenants have not
been fulfilled by the
Common Stock Off List.
Bondholders also approved the following as new directors: Sir George
company'
The common stock has been removed from the New York Stock Exchange
Garneau, Gerard Power, George Parent, R. P. Kernan, A. P. S. Glassco
list, the company having discontinued its New York registrar.
-V. 134,
and A. C. M. Thomson. The new board, which is to consist of seven
p.4162.
instead of nine members as previously, will select the seventh member.
The meeting endorsed an arrangement with the Shawinigan Water St
Conveyancers Title Insurance & Mtge. Co.
Power Co. whereby the latter releases Donnacona front its contract and
The directors have extended to Sept. 10 the time for depositing securities
substitutes an agreement whereby the Donnacona company will pay only
under the plan of readjustment. More than 85% of the outstanding
for power consumed. In return. Donnacona turns over to Shawinigan
securities have already been deposited. In view of the fact that there is
five small distributing plants with book valuation of $106,000, and with
no provision for non-assenters, holders who have not yet deposited their
present valuation, according to Donnacona figures, of $77,000, and acsecurities are urged to do so in an effort to avoid receivership and its resultcording to Shawinigan figures 875,000.-V. 135, p. 134.
ing destruction of values.
-V. 135, p. 633.
Douglas Aircraft Co., Inc.
-July Sales Off.
Crown Cork & Seal Co., Inc.
-No Action on Common
July
of the Douglas Aircraft Co.totaled $190,387,
Dividend.
-The directors on Aug. 5 declared the regular in Junesales more than $600,000 in July 1931, it Is stated. against $388,143
and
The 1931 figure
was the record for any month. Sales fluctuate according to completions
quarterly dividend of 67c. per share on the $2.70 cum. red. and
deliveries and depend largely on the type of ships and the stage of work
pref. stock, no par value, payable Sept. 15 to holders of record In progress. Deliveries for the first eight months of the fiscal year total
Aug. 31, but took no act on on the common dividend ordinar- $1,838,825, against over $3,000,000 for the corresponding period a year ago.
ily payable about Sept. 18. Distributions of 30c. per share Orders on hand total 5750,000.-V. 135, P. 134.
were made on the common stock on March 18 and June 20
Dry Ice Corp. of America.
-Makes Offer to Stockholders
last, as compared with 600. per share paid each quarter of Drylce Holding Corp.
-See latter below.- V. 134, p. 3104.
from Sept. 18 1930 to and incl. Dec. 18 193k A special ------„Dry Ice Holding Corp.
-To Vote on Exchange Offer.
stock dividend of 10% was also paid on Oct. 14 1930.
A special stockholders' meeting has been called for Aug. 23 to vote on a
Earnings.
-For income statement for three and six months ended June 30
see "Earnings Department" on a preceding page.
-V. 134, p. 4500.
Crown Zellerbach Corp.
-Dividend Accumulations.
The directors have declared dividends of 3734 cents per share on the
series A and B preference stocks, no par value, payable Sept. 1 to holders
ofrecord August 13 on account of accumulations. Like amounts were paid
on March 1 and on June 1 1932 and on Dec. 1 1931, as against 75 cents
per share in each of the two preceding quarters and $1.50 per share previously.
After the above payment,accumulations on both series A and B preference
stocks will amount to $6 per share.
To Decrease Stated Capitalization.
The stockholders will vote Sept. 15 on reducing capital represented
by common stock from approximately $12.17 per share to $5 per share.
V. 135, p. 633. 825.
-Reorganization De-.. - Cuban Dominican Sugar Corp.
"
ferred by Court.
Federal Judge Knox withheld July 25 his complete approval of the
reorganization plan submitted by majority bondholders of the corporation,
which is in the hands of an equity receiver, so that he could have an apportunity to study briefs, which he instructed attorneys for and against
the plan to submit.
proposal to exchange this company's stock for that of the Drylce Corp. of'
America on the basis of 1 1-3 shares of Drylce Corp. stock for each share
of the Drylce Holding Corp.The DryIce Corp. of America has purchased
the assets of the Solid Carbonic Co., Ltd., for 20,000 shares of Drylce
Corp. There will be 134,516 shares of Drylce Corp. of America stock
outstanding after the proposed exchange.
-V.134, p. 3104,
Durham Hosiery Mills, Inc.
-Earnings.
-
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 134, p. 3281.
Eastern Rolling Mill Co.
-Earnings.
-
For income statement for 3 and 6 months ended June 30 see "Earnings Department" on a preceding page.
A. J. Hazlett, President, says:
On account of the small amount of business available and the extremely
low selling prices prevailing, it is impossible to operate without an unjustifiable less. Accordingly, directors decided to discontinue production
temporarily In order to conserve assets. This action was effective .11111/ 1.
The financial condition of the company remains good, current assets being
51,183,1151 and current liabilities $26,082. Cash on hand amounts to $327.802 and the market value of investments owned by the company Is $342,875. The figures given are as of June 30.-V. 134. p. 3466.
Easy Washing Machine Corp.
-New Name.
-
See Syracuse Washing Machine Corp. below.
Volume 135
Financial Chronicle
Electrical Products Corp. of Washington.
-Earnings.
For income
statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-V.135, p. 134.
''
---Electric Boat Co.
-Listing of Capital Stock (par $3)
Replacing No Par Shares.
The New York Stock Exchange has authorized the listing
shares (par $3) on official notice of issuance in exchange for of 800,000
outstanding
shares of stock without par value.
At a special meeting of the stockholders held June 21 resolutions were
adopted authorizing a change in the authorized shares of capital stock from
shares without par value to an equal number of shares par $3 each.-V.
134, p. 4164.
Electric Controller & Mfg. Co.
-Earnings.
-
For income statement for 6 months ended June 30 see "Earnings
DePartment" on a preceding page.
The profit and loss surplus account as of June 30 1932 is
$548,978 as
against $846,428 as of Dec. 311931.
Current assets amount to $1,557,280, of which
consists of cash and U. S. Government and Federal amount $1,083,720
Land Bank bonds.
Current liabilities amount to $118,360.-V. 134, p. 1380.
Electric Shareholdings Corp.--Earnings.-
For income statement for six months ended June 30 see
"Earnings DePartment" on a preceding page.
Comparative Consolidated Balance Sheet.
June 3032. Dec.31 '31.,
June30•32. Dec.3111.
Assets$
$
I Liabilities
Investments _ _ _a20,048,950 20,984,186 Secs. perch. undel.
16.084
Cash
1,107,775 1,159,866 , Accounts payable.).
{
2,002
Divs. receivable_
101,320
101,493 Accrued liab. hic1.4
18.068
Accts. receivable_
9,853
taxes
94,147
Capital and surp.h 21.208,892 22,159,248
Total1
21,258,045 22,255,398
Total
21,258,045 22.255,398
a Value at market prices June 30
(except as to investment in German public utility taken as estimated1932value
fair
of$93,184) was $11,301.095.
(The unrealized depreciation in value of investments,
on the basis stated
in the above balance sheet, was $8,747,855.
This depreciation is all attributable to the six months' period ended June 30 1932,
the
investments having been adjusted at Dec. 31 1931 to marketbook value of
prices or estimated fair value as of that date.) b Pref. stock (no
par), 160,338 shares
$6 Cum. cony. pref. stock (optional stock dividend series),
$16,033,800
common stock (no par), 1,604,631 shares, $1,604,631;
surplus, $3,565,461.
-V. 135, P. 285.
Empire Bond & Mortgage Corp.
-Committee.
-
Richard Kelly, Myles B. Amend and Wm. H. Hays have been
to the protective committee for holders of6% certificates of Empire elected
Bond &
Mortgage Corp. which are secured by a first mortgage on the Calton Court
Apartments, New Rochelle, N. Y. Manufacturers Trust Co.
is depositary.
-V. 135, p. 135.
Erco Hall Apartment Building, N. Y. City.
-Pays
Interest on New Debenture Bonds.
-
a
&
Semi-annual interest checks representing payment of the full
requirements on the 5% income debenture bonds for the first six interest
operation of the Erco Hall property, which was recently re-organizedmonths
bondholders' committee formed oy S. W. Straus & Co., Inc. areby the
being
distributed.
Under the plan of re-organization, which was participated in by 99%
of
the Erco hall bondholders, the depositors received
for each $1,000 bond a
cash payment of $605, new 5% income debenture bonds
in the amount of
$455, and voting trust certificates representing 10 shares
of common stock.
It is on these income debenture bonds that the
present interest is being paid.
The statement which was mailed to the debenture
bondholders shows that
the collected income was sufficient to
pay
taxes, interest on the first mortgage, and tooperating expenses, real estate
for payment of the semi-annual interest on leave a surplus after provision
the income debenture bones.
Commenting on the matter, Nicholas Roberts.
Pres. of S. W. Straus &
Co., and Chairman of the Straus Re
-organization committee, said:
"The result of the Straus committee's
reorganization work in this instance
is a graphic example of what can
be
bondholders where the committee is accomplished for the interest of the
posit of practically all the bonds was not interfered with and where the desecured.
possible a recrganization plan that was quickly This non-interference made
suit that the bondholders in the property have consummated with the rereceived cash and income
paying securities for the full amount of their
investment. Unless a committee secures substantially the entire outstanding
issue of bonds, reorganization work becomes very expensive and in
some cases almost impossible.
Had there been a contest by other committees,
would have been considerably higher in view the cost to the bondholders
of the
have been unnecessary and time-wasting litigation fact that there would
to contest suits brought
by other committees.
"The success of this reorganization plan further
illustrates the panicky
condition prevailing in the real estate bond market to-day
attacks. For instance, before reorganization. Erco Hall due to unjustified
bonds were selling
at approcimately.30. Through the Strauss
as is shown, bondholders have received 65reorganization plan, however,
cents on the dollar in cash
4134 cents in income-paying securities and certain shares of
stocl '
,
V. 134, p. 1588.
76* Exchange Buffet Corp.
***4
-Good-Will Written Down, d
ec.At the annual
meeting on July 13 the stockholders approved
of the directors in writing good-will down to $1, in establishingthe action
a reserve
of $449,999 against the book value of the second mortgage
cumulative income bonds, of the 19 John Street Corp., and bonds, now
earned surplus of amounts provided therefrom in previous the return to
years for the
amortization ofgood-will and leasehold accounts.
-V. 135, p. 634, 473,
Fairbanks, Morse & Co.
-Earnings.
-
For income statement for 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 134, p. 2731.
....'""family Financing Corp.
-Dividend Omitted.
The directors recently
decided to omit the quarterly dividend normally
payable about July 15 on the no par value common stock. A
distribution
of 5 cents per share was made on this issue on April 15 last, as
against 10
cents per share previously each quarter.
-V. 134, p. 3104.
Federal Motor Truck Co.
-Earnings.
-
For income statement for 6 months ended June 30 see, Earnings
"
Department" on a preceding page.-V. 134, p. 2917.
Fidel Association
Bond Issued.
of
New York.
-New Collateral Trust
A new $1,000 guaranteed collateral trust bond calling for an initial
yment of $50 and $5 a month for 132 months, is being offered by the
Association of New York, Inc. The new bond is designed for thoseFidel
who
• wish to lay aside a small sum each month to provide for the future. Upon
maturity it guarantees the payment of $10 a month for 100 months, or $50
semi-annually for l(Hi years or settlement by a lump sum. The holder
shares equally with the Association in any earnings above the guaranteed
return. Bonds are available in any multiple of $1,000.
Reserves for maturity of the bond are set up on 4% basis compounded
quarterly and the funds are invested in government, State, municipal and
the highest grade corporate bonds. These securities are required to be
deposited and held in trust for the benefit of all bondholders. Fidel Association is the New York affiliate of the Fidelity Investment Association of
Wheeling, W. Va., said to be the largest institution in the country devoted
exclusively to the sale of annuities, and the parent company unconditionally
guarantees its bonds. Bonds issued have a specified loan and cash surrender value during the entire life of the bond from the first to the 132d
month,
-Defaults.
Fifth Ave. & 43rd St. Bldg. Corp.
The 40-story Lefcourt National Building on the northeast corner of
43rd St. and Fifth Ave., was put into foreclosure July 26 in a suit by the
Metropolitan Life Insurance Co. for non-payment of two mortgages
aggregating $6,000,000. interest of $116,000 due since last November, and
city taxes for the first half of 1932, amounting to $130,060.
993
State Senator John J. McNaboe and John F. Galvin Jr. were
named as
receivers by Supreme Court Justice Black.
The complaint declared the first mortgage for $3,000.000 was
placed on
the property in 1926 by Benjamin Winter. A further mortgage for
$3,500,000 was made in 1928 by the Fifth Ave. & 43rd St. Building Corp,
after A.E.Lefcourt had acquired the site. Later, when a total of
26.000,000
was due, they were consolidated into one mortgage for that amount.
Finance Service Co., Baltimore.
-Balance Sheet June 30.
Furniture & fist's. $31,670
$31,868 Call.tr.notes pay.'
Cash
•
164,244
278,638 Fed,tax, reserve-.
x Notes receivable 1,890,590 2,608,269 Res. for diva. on
Net adv. to cuspreferred stock_
tomers on acct..
Deprec'n reserve....
rec, discounted_
z32,591
71,471 Cooling., &c., P.
Ctf. of pay. to
Unearned consee-3Bait. Trust Co.
slons
guaranty fund._
50.000
Pref. 7% cum. stk.
Certificate of deo_
22,000
Class A corn, stock
Int, paid in advance
2,155
10,745 Class B corn, stock
Pald'in surplus._
Earned surplus.. _ _
$275,000 $1,041,500
10,721
16,972
1,386
V•1,288
110,000
•
82,259
237,450
613,050
200,000
386,445
263,563
1.432
20,813
100,000
125,567
245,550
622,920
200,000
384,165
241,872
$2,193,251 $3,000,792
Total
Total
$2,193,251 $3,000,792
x Secured by assignment of condit'onal sales contracts amounting to at
least double the amount of these notes. y Secured by $1,575,945face value
of notes receivable. z After deducting $2,145 reserve withheld,&c,
V. 134. P. 3282.
(M. H.) Fishman & Co., Inc.
-July Sales.-
1932--July-1931.
$227,966
2225,857
-V. 135, P. 305.
Decrease.I 1932-7 Mos.-1931.
$2.109121,310.598 ;71.260,526
Decrease.
$50,072
FiskRubber Co.
-Chicopee Chamber of Commerce Asks
Deposit of 8% Bonds and 534% Notes.
Having received strong assurances of support from owners of the 8%
bonds and 534% notes of the company the Chicopee Chamber of Commerce
protective committee for these securities is considering a reorganization
plan according to a press dispatch for Chicopee, which further states:
Whitfield Reid, Secretary, stated many bonds and notes already have
been received since the committee's call for deposits two weeks ago, and It
has been informed it will receive certificates of deposit representing securi
ties pledged with other Fisk protective committees.
Mr. Reid explained that deposits made with the original Fisk reorganization committee under a plan and agreement dated Jan. 25 1932, will be
available for withdrawal since that plan failed of adoption.
The Chicopee committee is financed entirely by the Chamber of Commerce and note and bond holders may deposit and withdraw without cost.
It seeks an immediate reorganization of the Fisk company so as to best
-V. 135. p. 305.
preserve the remaining equity.
Ford Motor Co., Ltd. (England).
-Denies Rumor.
-
The company has denied reports that it is closing down its plant at Cork,
Ireland.
The company issued the following statement:"To enable work to proceed
more efficiently, certain activities which hitherto have been carried out at
the Cork plant will be centralized at Dagenham within the next few months.
At the same time arrangements are being made to carry out at Cork certain
work formerly handled at Dagenham. Transfers of machinery are taking
-V. 134, p. 3829.
place in pursuance of this program."
-Suit Dismissed.
Fox Theatre and Office Building.
-
In an opinion handed down by Justice Schmuck of the Supreme Court et
New York County on July 30 1932, the application of Ralph T. Crocco, a
bondholder of the Fox Theatre and Office Building, in Brooklyn, to remove
the Continental Bank & Trust Co. under the mortgage covering the
premises was summarily denied. The decision is considered of great importance in real estate circles because it establishes the principle that the
corporate trustee under a mortgage cannot be removed except upon clear
proof of its failure to perform its duties as such trustee.
In holding that the Continental Bank & Trust Co. had completely disproved the charges that it had failed to perform its duties, Judge Schmuck,
in the course of his opinion, said:
but principally and exclusively because petitioner fails to
.
show dereliction, no approval will be given to the application. The affadavit offered In opposition silences the accusation of dereliction made by
way of inuendo and equivocal generality. Under present conditions
obtaining in real estate it is impossible to see how the trustee could have
acted in any different manner. . . . Likewise the court refuses to
accept as just any inference to be drawn from transactions prior to Sept. 15
1931 when respondent became successor trustee, as chargeable against the
respondent. Of these the respondent has no knowledge and concerning
them could do nothing. Without specifically discussing all other charges
the opinion is held that the trustee affirmatively refutes the incriminations
of delinquency and establishes that it acted with praiseworthy zeal and
industry.. Resolving after careful consideration of petitioner's
assertions ti;st
naught is shown warranting criticism much less condemnation of the trustee's conduct and that grievous injustice would be done the
ustee by its removal, the motion is denied."
The Continental Bank & Trust Co. was represented in the action by its
counsel, Wise, Shepard & Houghton, while the unsucessful petitioner was
represented by Samuel Hoffman.
In commenting upon the decision C. Howard Marfield, President of the
Continental Bank & Trust Co. issued the following statement:
"Judicial recognition in the able opinion of Justice Schmuck that the
Continental Bank & Trust Co. has fairly and conscientiously discharged its
duties and obligations as successor trustee under the Straus mortgages. is
naturally a source of gratification to the officers of this bank. It demonstrates conclusively that thoughtless and reckless attacks upon the performance of its duties as trustee by a banking institution, when unsupported by
any corroborating facts, will receive scant support or attention in the
courts of this State.
"The reference in Justice Schmuck's opinion to the fact that the Continental Bank & Trust Co. is in no wise chargeable with anything that
occurred prior to Sept. 15 1931 has reference to the fact that on that date
the Straus National Bank & Trust Co. was merged into the Continental
Bank & Trust Co. As a result of that merger, by operation of law, the
Continental Bank & Trust Co. became successor trustee to Straus National
Bank under all mortgages in which, prior to that time, the latter bank had
been trustee. The duty of acting as trustee under these mortgages after
the merger devolved upon the Continental Bank & Trust Co. by reason
of that fact and thereafter it assumed to act as such trustee, not through any
solicitation on its part or any action on the part of the Straus organization,
but solely because the law imposed that duty upon it.
"It the performance of its duties as successor trustee under the Straus
mortgages since Sept. 15 1931 the Continental Bank & Trust Co. has at
all times acted for the best interests of the bondholders under these mortgages and the decision of Justice Schmuck judicially determines that, in so
far as the instant case was concerned, it discharged that duty with fidelity
and trust."
"--Fraser Companies, Ltd.
----Amended Plan Approved.
-
The adjourned meeting of holders of the 1st mtge. 25
-year sinking fund
gold bonds of Fraser Companies, Ltd., was held July 26 and approved
the plan of reorganization, as amended. At a meeting of 6% noteholders
held July 21 certain amendments to the original plan were submitted and
adopted, and as a result two motions were before the bondholders' meeting:
First, approval of the amendment, submitted by H. J. Symington. which
was carried; second, the main motion for the plan, as amended, which
carried.
Amendments Summarized.
-The amendments approved may be summarized as follows:
(1) The reorganized company to be restricted in the matter of future
financing to the extent that earnings must equal twice the interest on the'
bonds already issued and any proposed issue combined. The original plan
called for 134 times interest requirements.
(2) No further common share financing, subsequent to reorganization,
without authorization of common shareholders,including present debenture
holders, who are prospective common shareholders.
(3) The prior lien issue by llestigouche Co. of $1,000,000 contemplated
for working capital purposes, to be reduced to not exceeding $500,000.
(4) The Fraser Companies' option in respect to Restigouche to be ea
tended from June 1 1934 to June 1 1935 and to be exercisable by Fraser
Financial Chronicle
994
'Companies only on 3 months' notice. In the case of Fraser so exercising
its option, it shall compensate Restigouche bondholders with one share
of new common in respect of each $100 bond(5) Fraser common shareholders to get one share in 20, instead of one
in ten, as the original plan provided.
The debenture holders of the Fraser Companies, Ltd., at a meeting held
July 27 approved the plan as amended.
The holders of the 1st mtge.sinking fund gold bonds of Restigouche Co..
at a meeting held July 27, also approved the plan as amended. •
Consolidated Income Account for Calendar Years.
1928.
1929:
1930.
1931.
xProfits
$278,289 $1,419,961 $1,765,154
81,382,341
837.356
1,391.994
Bond,&c.,interest
1,737.153
1,354,056
Deb. int. accr. & not pd
390,000
Note int. accr. & not pd
30,000
739,062
493,166
Deprec. & depletion
822,391
605,308
Inventory write-off
263.087
1.938,215
Net loss
Common dividend
$1,260,110
$4,219,470
$711,097prof$434,632
371,179
301,048
Balance. deficit
$1,260.110 $4.219,470 $1.012,145 sur.$63,453
1,582.165
1.950,046
Previous surplus
def3.281.570
937.900
Commission & discount
Dr45,908
on securities sold
Add. amt. written off to
reduce inventories, &c
adjustment
925,694
$937.901 $1,599,711
Profit & loss surp___def$5,467,373df$3,281.570
Shares corn. stock out373.665
403,782
standing (no par)____
403,782
403,782
Nil
$1.16
Nil
Nil
Earnings per share
x After operating expenses, Federal and general taxes and provision
for bad and doubtful debts.
Consolidated Balance Sheet Dec. 31.
1930.
1931.
1930.
1931.
$
LiabilitiesAsset$
$
8
Cash
132,512
431,780 Accts. & bills pay, 597,889 1.183.298
642,561 Bank loans dc overAccts. rec., &c.__ 503,420
3,089,000 5,378,828
drafts
300,000
700,000
Notes receivable
Inventories
4,712.961 8,030,339 Int. and accrued
569,157
288,364
charges
Land, bldgs., &c_39,223,424 39,132,275
350,222 Payroll and other
Investments
395,523
78,009
charges accrued_
Dep.with Montreal
Res. (shipments &
Trust Co
62,000
201,196
note discount).- 176,650
120,265
113,458
Deferred charges
4,091,948 3,486,971
5,467.374 3,281,570 Reserves
Deficit
50,095
for coating
Res.
let mtge. bonds 8,202,000 8,202,000
6 487,500 6,000,000
Debentures
Convertible notes_ 3,620,000 3.500,000
4,000,000 4,000,000
Secured notes
1st mtge. bonds
1,848,000 1,900,000
(Restigouche)
Capital stock__ __x13,986,930 13,986,930
4,396,507 4,399,834
Capital surplus
- -50,910,672 52,788,012
Total
50.910.672 52,788,012 I Total
-V. 134. P. 4331; V. 135,
x Represented by 403.782 shares (no par).
p. 305, 635.
-Reduces Common
Fulton Industrial Securities Corp.
Dividend.
A semi-annual dividend of 5 cents per share was recently declared on the
common stock, no par value, payable Aug. 1 to holders of record July 15.
Previously, the company made semi-annual distributions of 123. cents
-V. 133. P. 4165.
per share on this stock.
General Cigar Co., Inc.-Bal. Sheet AMC 30.1932.
Assets$
Real est. equip.,&cx4,400,389
Cigar machinery_ _y1,790,760
Good-will, patents,
dec
1
75,500
Mortgages rec. _ _ _
Emp. stk. subs19,104,032
Inventories
13,500
Notes receivable_.
Accts. receivable.... 2.640,271
Cash
4,579,628
Adv.to employ,.
194,911
Deferred charges
1932.
1931.
Liabilities
$
4,817,223 Preferred stock_ _ 5,000.000
2,015,715 Common stock_ _z 5,298,410
Special cap. res.__ 1,000.000
2,485,500
1 Gold notes
81,000 Mortgages payable
Accounts pay. &
accrued liabil-_ 680,465
21,733,466
18,000 Federal tax res____ 301.772
3,256,161 Insurance reserve.. 500,000
1,895,796 Capital surplus-__ 3,899,658
3,736 Unappr. surplus_13,653,187
184,677
32,798,992 34,005,775
Total
Total
x After depreciation. y Less amortization.
no par shares.
-V.135.p. 826.
1931.
5,000,000
5,298,410
1,000,000
3,500,000
60,000
1.103,390
339,925
500,000
3,899,658
13,304,392
32,798,992 34,005,775
Represented by 472,982
-Affiliated Co. Takes Over DistriGeneral Foods Corp.
bution of Frozen Food Products.
According to a recent announcement, the Frosted Foods Sales Corp., a
subsidiary of the Frosted Foods Co. Inc.. has taken over the distribution
and sale of Birdseye quick-frozen fa:id ]products from the Birdseye Packing
Co., Inc., and Pacific Frosted Foods, Inc. The Frosted Foods Co., Inc.,
Is a subsidiary of the General Foods Corp.
Birdseye frosted foods are now being produced at five permanent packing
plants and five portable plants, for distribution through retail outlets in
-V. 135. p. 826.
New England, New York, New Jersey and Pennsylvania.
-Earnings.
General Steel Castings Corp.
For income statement for six months ended June 30 see "Earnings
Department" on a preceding page.
-V. 134, P. 4668.
Georgia Home Insurance Co., Columbus, Ga.-Omits
Dividend.
The directors recently decided to omit the dividend usually payable
about Aug. 1 on the capital stock, par $10. The last semi-annual dis-
Aug. 6 1932
-Div. Deferred.
Globe-Wernicke Realty Co.(Ohio).
The directors recently decided to defer the quarterly dividend due
July 15 on the 6% cum. pref. stock, par $100. The last regular quarterly
distribution of 1X% was made on this issue on April 15.
This company is controlled through ownership of all the common stock
by Globe-Wernicke Co.
-V.117, P. 331.
-Listing-Par Value
Gold Seal Electrical Co., Inc.
Changed.
The New York Curb Exchange has authorized the listing of 579,052
hares of new comm on stock, par $1, issuable share for share, in exchange
r ol d common sto ck, without par value._
-V. 130, p. 4426.
__
Leon A. Townsend and Charles J. Symington, who has been president of
the company, were Aug. 2 appointed equity receivers for the company by
Judge W. Calvin Chesnut in the Federal Court in Baltimore. In granting
the application, the court gave the receivers permission to carry on the
business.
The receivership was granted upon application of Founders Supplies,
Inc., of Buffalo, a creditor for $3.891, and Hynes Sparks, the owner of
200 shares of the class A stock of the company. They alleged, among other
things, that the company was unable to meet its interest charges or to pay
other current liabilities without seriously impairing its working capital.
The company admitted the allegations and consented to the appoint
Tent of equity receivers for the purpose of conserving its assets.
Bondholders' Protective Committee Formed.
-
Organization of a protective committee to represent the holders of the
1st lien 6% 15 year sinking fund gold bonds, due Feb. 1 1940, was announced Aug. 4, following the appointment of equity receivers and the
non payment of interest due on these bonds on Aug. 1.
Hunter S. Marston is chairman of the committee, the other members
being Robert O. Adams, James Bruce and Robert J. Whitfield.
The committee requests holders to deposit their bonds with the Chase
National Bank of the City of New York as depositary. Deposit forms may
be obtained from the depositary or from E. Carley, secretary of the committee, 44 Wall St., N. Y. City. Cotton. Franklin, Wright & Gordon are
counsel for the committee.
-V. 135, p. 827.
Granby Consol. Mining,Smelting & Power Co.,Ltd.Earnings.
For income statement for three and six months ended June 30 see "Earnings Department" on a preceding page.
-V. 134. P. 3105.
Grand Union Co.
-Earnings.
-
For income statement for 3 and 6 months ended July 2 see "Earnings
Department" on a preceding page.
-V.135, p. 636.
Granite City Steel Co.
-Earnings.
-
For income statement for six months ended June 30 see "Earnings Department" on a preceding page.
-V. 134, P. 4165.
(W. T.) Grant Co.
-July Sales.
-
1932
-July
-1931.
$5.087.429
$5,224,648
-V. 135, p. 307.
Decrease.' 1932-7 Mos.-1931.
$137,219 1637,930,228 $38.311.955
Decrease.
$381.727
Great Northern Iron Ore Properties.
-New Trustee.
C. 0. Kalman of St. Paul has been elected a trustee to fill the vacancy
caused by the death of James N. Hill of New York -V.134, p.4503.
(S. M.) Grier Stores, Inc.(& Subs.).
-Earnings.
-
Year Ending Jan. 31Gross income fro stores' operations
Operating expense
1932.
$2,045,193
2,364,331
1931.
$2,705,548
2.702,809
Net income from stores'operations
Other store income
loss$319,138
14,864
$2,739
20.991
Total income
Deductions from store income
Im"23113
$B:B3
Loss from stores* operations
$354,397
Net profit from other cos. 100% owned, after Fed.
taxes
loss$130,748
Loss from investment in Keely Co., Inc
137,608
$48,591
Total profit
Profit applicable to minority interest
810,446
1,043
$622,753
loss2.348
59,037
Net profit applicable to S. M. Grier Stores, Inc_loss$620,405
$9,403
Consolidated Balance Sheet Jan. 31.
1932.
Assets1931.
Liabilities1932,
1931.
Cash
$207,990 $407,318 Notes payable---- $350,000 $415,000
Accts. & notes rec. 1,131,078 1,489,919 Trade accts. pay_
348,440
789,998
Due from leased
Cunt. credit bal._
9,602
departments
50,456
134,865 Mtge. Install. due
Due from officers
within one year. .20,000
& employees
33,911 Due to leased dept.
84,538
83,225
Suer, value of Ws
Accr. sal. &
127,059
98,052
2,043
ins. policies48,833 Res. for Federal,
exp.Merch. inventories 422,278
705,23()
State & other tax
32.187
39,524
Cora, cap. stk. of
Sundry accts, pay.
27,525
101,811
parent co. purch.
Res. for canting_
15,000
for off. & empl.
25,203 Mortgage payable 298,288
308,852
Capital assets
943.818 1,162,782 Mtn. Int. In J. F.
355,281
Other assets
529.633
Donovan 5: Co..
23,018
25,388
Good-will
375,000
414,833 87 cum. pref. stk. 1,077,500 1,100,000
Reorganiz.expense
40,827 Common stock_ -- 879,337 1700,250
Deferred charges.97,382
171,928 Surplus
560,737 1,461,402
$3,585,304 $5,165,088
Total
Total
$3,585,304 $5,185,088
x Represented by 116,4.35 (no-par) shares.
-V. 132, p. 3157.
Grigsby-Grunow Co.
-Earnings.
-
For income statement for six months ended June 30 1932 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet.
.
June 3032. Dec.31 31.
June 3032. Dee.31'31.
tribution, amounting to 65 cents per share, was made on Feb. 1 1932.
Assets
Liabilities$
$
922,357
841,179 Accounts payable_
Cash
194,058
333,885
• Notes & acct. reo_ 1,598,602 1,471,570 Accr., royal. int- 293,474
General Motors Corp.
-Buick Shipments.
330,808
1,523,314 1,847,169 Other accruals_ _- 402,500
Inventories
month ofJuly 1932. June 1932. July 1931.
414,598
2,438,174
843,193 Res. for costing-- 1,035,099
Investments
Shipments of Buick Motor Co. division 2,300 cars 3,200 cars 5,320 cars
989,407
Antic. refund.Fed.
Funded debt
-V. 135. P. 828.
2,588,100 2
,668.800
336,000 Capital stock
tax
336,000
21,456,226 19,658,672
17,848 Capital
23,281
-Div. Deferred. Cash sur. val. ins_ 330,540 348,047 Deficit surplus,.,.. 845,285 845,285
Gildred Building Co., San Diego, Calif.
Deferred charges-3,556,751 2,788,081
The directors recently decided to defer the quarterly dividend due
Patents, goodwill,
July 1 on the 7% cum. pref. stock, par $100. The last regular quarterly
&o
3,125,000 3,125,000
payment of 1X% was made on this issue on April 1 1932.-V. 127. p.3406.
Fixed assets
12,960,723 13,600,145
Gillette Safety Razor Co.
-Patents Held Valid.
In a decision handed down by the U. S. District Court, District of Connecticut. July 21 Gillette patents were declared valid in a decision in favor
of Gillette versus Hawley Hardware Co. with Clark Razor & Blade Co. of
Newark, N. J. as real defendant. The defendants were held liable for
costs and damages.
New Suit Against Gillette Filed.
A damage suit has been filed against the company and 19 of its officers
and directors by the Trophy Tower Sales Corp.. operators of razor blade
'vending machines. with headquarters in Cleveland. The suit charges the
Gillette company with violating the Sherman and Clayton Anti-Trust
-V.135, p. 637f
laws, through a merger designed to eliminate competition.
-DiviGlobe Knitting Works, Grand Rapids, Mich.
dend Deferred.
The directors recently voted to defer the semi-annual dividend due
July 25 on the 7% corn. pref. stock, par $10. The last regular semi-annual
payment of 35 cents per share was made on this issue on Jan. 25 1932.
Total
23,257,990 22,475.374
-V.134, p. 4669.
Total
23,257,990 22,475,374
Guardian Title & Mortgage Guaranty Co. of New
Jersey.
-New Trustee.
The Fidelity Union Trust Co. has been appointed trustee of an issue of
bonds, due June 1 1938, to succeed the New Jersey National Bank & Trust
Co.
-V. 128, p. 568.
-Yates Oil Lease Upheld.
Gulf Oil Corp.
-
The State Supreme Court at Austin, Texas. has issued an order upholding
the decision of the Court of Civil Appeals at El Paso that the lease of 1,920
acres in the heart of Yates oil field, Pecos County, owned by Gulf Oil Corp..
should not be cancelled.
The suit was filed by W. H. Colquitt, receiver of the Smith estate, which
owned the land. The lease is valued at millions of dollars. One section
of 640 acres has produced $48,000.000 of oil, which has paid the State of
Texas $3,000,000 in royalties as its part of the reserved mineral rights.
The trial court at Fort Stockton, Texas, had rendered a decision that the
Volume 135
-Earnings.
(M. A.) Hanna Co.
For income statement for three and six months ended June 30 see "Earn-V. 134. P. 3468.
ings Department" on a preceding page.
-373,c. Class A Dividend.
" Hathaway Bakeries, Inc.
lk,
The directors have declared a dividend of 37Hc, per share on the $3
cum. class A stock, no par value, payable Sept. 1 to holders of record
Aug.15. A like amount was paid on June 1 last. Previously, the company
paid regular quarterly dividends of 75c. per share on this issue.
-V. 135
p. 139.
Hercules Powder Co., Inc.
-To Spend
Jersey Plant.
$1.35,000
at
Installation of new boilers and modern power equipment and construction
of additional power housing facilities at its Kenvil, N. J.. explosives plant
is announced by the company. $135,000 has been appropriated for the
project which will proceed at once, according to George E. Ranier, Chief
Engineer. The improvements are being made at this time because of
the economies that will be effected in operation and because of the present
low prices of materials,labor, and equipment,it is stated.
-hp. steam boilers, with auxiliary equipment will be inTwo new 500
stalled in a new steel building immediately adjacent to the present engine
room of the plant. A new turbine for high pressure steam will also be
installed. The new project is expected to bring substantial economies
in power costs.
The Kenvil plant is Hercules' largest explosives and sporting powder
-V.135. P. 827.
plant.
Hershey Chocolate Corp.
-Balance Sheet June 30.1932.
1931.
1932.
1931.
Assets$
$
Lia6tiefes$
$
Land, buildings,
$4 pref.stock
15271,351 $293,480
mach., die
17,698,966 16,935,211 Common stock-- y728,649
706,520
1,359,122 2,789,866 Accounts payable- 301,531
Cash
587,497
Accts. receivable_.. 796,160
924,004 Accrued Fed. taxes 1,002,706 1,156,177
Pref.stk.in transit 793,392
Accrued dividends 1,352,542 1,176,630
Inventories
6,617,093 6,659,226 Accrued exp. dm_
11,729
817,152
Deterred charges-- 571,307
387,988 Depreciation res.- 8.707,515 7,998,050
'
Surplus at organiz. 2,793.597 2,389,826
Earned surplus_ 12,666.409 12,570,963.
Total
27,836.029 27,696,295
Total
27,836,029 27,696,295
x Represented by 271,351 no par shares. y Represented by 728,649.
-V. 135, p. 827.
no par shares.
Heywood-Wakefield Co.
-Earnings.For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Sales billed in the first six months showed a decline of 30%, compared
with the similar period of last year.
The balance sheet as of June 30 1932 shows current assets of $4,616,895,
compared with 65,450,846 Jan. 1 1932. Cash and temporary cash investments totaled $1,547,454. against $1,940,940 six months ago. Current.
liabilities amounted to $190,380, compared with $208,256 at the beginning
of the year and working capital was $4,426,515, against $5,242,590.
President Richard N. Greenwood says: "The furniture industry is.
experiencing an unprecedented number of retail failures, including many
concerns of long standing and substantial credit risk. The company's
participation in these failures, while no more unfavorable than the experience of other manufacturers, has depleted reserves previously established to a degree that necessitates creation of an additional safeguard
against potential losses."
Cumulative dividends amounting to $142,716 ($14 per share) on the
outstanding first preferred stock and $400,137 ($17.50 per share) on the.
outstanding second preferred stock were in arrears as of June 30 1932.
During the six months 611 shares of first preferred stock were retired and
2,121 shares of second preferred.
-V. 134, p. 3647.
(Charles E.) Hires Co., Philadelphia.
-Dividends.
-
The directors have declared a dividend of $1 a share on the class B and
management stock and the regular quarterly dividend of 5()c. a share on
class A stock, payable Sept. 1 to holders of record Aug. 15. The directors.
also declared the regular quarterly dividend of 50c. a share on the class A
stock for the fourth quarter of 1932 payable Dec. 1 to holders of record
Nov. 15.
During 1930 the following dividends were paid on the class B and management stock: $1 a share on Sept. 1, 50c. a share on Oct. 15 and 50c. a share.
on Dec. 1.-V. 133, p.3468.
Hoe & Co., Inc.
-Appeal on Receivership.
Samuel Zirn, attorney representing a group of stockholders and noteholders, obtained permission July 23 from Yederal Judge Goddard to appeal
from an order entered on June 22 appointing the Irving Trust Co. permanent
equity receiver for the corporation.
Mr. Zirn asserted in his petition that a bankers' group, composed of the
Guaranty Trust Co., or its wholly owned subsidiaries, the Guaranty Co.,
Dominick & Dominick and the Edward B. Smith Co., had arranged for the
temporary receivership for "its own selfish interest and advantage."
The syndicate, it is alleged, organized the Hoe company in 1924 and then
sold its securities to the public at prices ranging from 12 to 50 times the.
present market value, "for the purpose of forcing a judicial sale and re-V. 135. p. 827.
organization in which they would be the underwriters."
'
.-
-Omits Div.
Hope Webbing Co., Inc., Pawtucket, R. I.
The directors on July 22 took no action on the quarterly dividend ordinarily payable about Aug. 1 on the 9100 par value capital stock. The last.
quarterly payment of $1 per share was made on May 2 1932.-V. 105, p.292.
--Earnings.
(Joseph) Horne Co.
Income Account for Year Ended Jan. 31 1932.
Net sales
$15,955,381
Cost of merchandise sold, plus manufacturing & alteration costs
and including operating & administrative expenses, &c
15,433,360
Gross profitfrom trading
Other income,interest, rents, &c
$522,021
140,560
Gross income
Prov.for deprec. of buildings,furniture,fixtures & equipment_ _
$662,581
358,828
Profit before providing for Federal income tax
Federalincome tax_
$303,75'3
36.277
Net profit for the year
Balance at Jan.31 1931
Net adjustment for Federal income taxes of prior years
$267,475
$1,652,751
18.046
Total surplus
Premium paid on purchase of treasury stock
Reserve for estimated decrease in value ofinvestments
Dividends on pref.stock
$1,938,272
21,095
13,947
422,706
Balance at Jan.31 1932
$1,480,524
Earnings per share on 67,469 shares 6% pref. stock
$3.96
Balance Sheet Jan. 31 1932.
Assets
$2,942,307 Accounts payable
Cash
$883,695
Accts. & notes receivable-... x2,650,791 Accrued payroll and taxes_ - _
270,414
62,943 Pref. div., payable Feb. 1 '32_
Life Insurance policies
101,653
Inventories
2,602,777 Prov.for Federal tax
40,001
228,378 Res. for ins. of motor vehicles
Investments & advances
82.885
y8,753,866 6% pref.stock
Capital assets
6,746,900
Common stock
134,269
Deferred charges
z4,614,300
Goodwilll
1 Initial surplus
3,154,961
Earned surplus
1.480,524
Total
817,375,336
Total
$17,375,336
x Less reserve of $125,000. y Less reserve for depreciation of $3,689,735.
z Represented by 230,715 shares of no par value.
-V. 127, p. 556.
995
Financial Chronicle
lease should be canCelled, hilt the Uourt of Civil Appeals reversed this
decision and the latter's action was given the approval of the Supreme
-V. 134, p. 4669.
Court.
Hotel Dfellinbhieb, N. Y. City.-Reorg. Plan Halted.
The application by Samuel Seabury, Charles H. Tuttle and Herman
Oppenheimer, repftsenting bondholders for a temporary injuction restraining S. W. Straus & Co., Inc., from carrying out a reorganization of the
financial structure of the hotel, was granted Aug. 4 by Supreme Court
Justice Collins, The court, however, denied a plea for the appointment of
a receiver for the hotel and for the removal of the Continental Bank & Trust
Co. as trustee.
The court pointed out that the trustee had brought a foreclosure action
which would be tried in October and at that time all the facts concerning
the reorganization would be brought out. The application was made by
three groups of bondholders headed by Henry E. Bergelt, William Cohen
and the Industrial and Realty Financial Corp. They charged that the
Straus company had interests in the reorganization which conflict with
those of the bondholders.
An application by Mr. Tuttle to compel the Straus company to disclose
the names of all bondholders of the hotel also was granted.
Nicholas Roberts, President of the Straus company,declared that the
Plan objected to had been adopted after six months' negotiations, with the
PProval of George Roosevelt, chairman of the Roosevelt committee.
V.135, p. 637.
-Bondholders Win Decision.
Hotel Roosevelt, N. Y. City.
Bondholders of the New York United Hotels, Inc., owner and operator
of the Hotel Roosevelt. who dissented from the plan of reorganization
instituted several months ago are entitled to have a receiver appointed for
sufficient funds of the hotel to pay the interest on their coupons when due,
according to decision of Supreme Court Justice Valente handed down
July 23 on an application by Morris J. Greene, who owns five bonds of
the issue of $5,500,000 sold in 1927. The Court said a list of all dissenting
bondholders would be furnished to the plaintiff upon application to the
Court.
The hotel company contends that more than 95% of the bondholders
have agreed to the reorganization plan under which the Hotel Roosevelt
is being conducted by a finance committee, and that a wide receivership
for the entire hotel would be detrimental to the interests of all the bond.
holders. Frederick Rockwell, president of the hotel company, said in
'
an affidavit that it is "abundantly solvent.
In asking for the receiver Mr. Greene asserted that the assets of the
company included the leasehold interest in the Hotel Roosevelt site and
the hotel equipment, which is valued at $2.000,000, and that the defendant
defaulted on the bonds on April 1 last. He contended that by putting the
property in the hands of a finance committee the hotel company has taken
It from the control of the Central Hanover Bank & Trust Co.. the trustee
for the bondholders.
Justice Valente's opinion stated that although the hotel company insisted that it is solvent it admitted in a circular that "there is no pot
ibllity of the Roosevelt meeting the interest and sinking fund obligation.'
The Court held that"there has been a sufficient diversion of trust property"
to entitle the dissenting bondholders to the appointment of a receiver
-V. 134.
for sufficient income of the hotel to pay the interest due them.
p. 2920.
Houdaille-Hershey Corp.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings De-V. 135. p. 637.
partment" on a preceding page.
-Earnings.
Hughes Tool Co. (Texas).
(Including Hughes Tool Co. of California. Ltd.)
(Classifying non-recurring income as surplus credits.)
1931.
1930.
Calendar Years1929.
1928.
Gross sales & rentals---- $3,771,333 $12,783,686 $14,008,853 $12,018.630
638,294
564,973
Deductions from sales_ _
772,530
521.938
7,133.637 6,843.246 4,732.411
Cost of sales & rentals-- 2,358,751
842.963
1.172.220
1,009,495
820.258
General & selling cap- Profit from operations loss$68,676 $3,912,854 $5,383,580 $5,944,024
134,121
78,296
358.316
258.274
Other income credits--Gross income
Income charges
Depreciation of property
Amortization of patentsInterest on bonds
Amortization of bond idscount and expenses_ _ _
Federalincome tax
$65,444 83,991.151 $5,741.897 $6,202,298
331,493
823,249
1,291,905
813,597
718,093
668,086
510,905
490.8613
161,409
14,757
14,757
14,757
104,916
65,391
439,555
592.578
loss$1.315,859 $2,485,057 $3.484,772 $4,290,499
Net income
-non-reSurplus credits
82,946
131,803
94,220
curring inc.: InterestDividends
67.298
85,891
10,342
def$1,315,859 $2,635,303 $3,702,467 84.395,062
Gross surplus
Dividends
4,805,903
2.920,000
4,828,340
Add. Fed. tax & int. for
2,408
prior years
1,607
Adj.oface. of Howard R.
Hughes Estate & How54,859
ard R. Hughes
Red. to mark. val. of
securities owned
46,600
Deficit
$6,124,171
Surplus at begin, of year 11,921,089
Elimination of deficit of
Hughes Tool Co. of
Calif
$387,763 $1,125,872er$4,395,082
12,159.933 13.285,805 8.890,743
148,919
Surplus at end of year- $5,796,917 $11,921,089 $12.159,933 $13,285,805
Consolidated Balance Sheet, Dec.31 1931.
Liabilities-AssetsCash
$739,339 Accounts payable
$66,034
Notes & trade accept. rec-.
120,267 Employees' bonuses, etc_ _
30.623
391,935 Federal Inc. tax for prior years
Accounts receivable
21,173
2,353 State county, and city taxes_
Accrued interest
17,307
2,519,466 Interest on bonds
Inventories
35,26,
Due from officers & employees
11,724 Empl.' bonuses, pay. in 1933
20.941
Due to Hughes Industries
Investments
119,900
'5,055,253
Co., Ltd
Property
4.631
Patents (unamortlz. portion)
811,144 let mtge. 534% bonds
2,565,000
Deferred charges
276.414 Capital stock
1.500,000
Earned surplus
5,796,918
Total
$10,047,797
Total
a After depreciation of $3,261,760.-V. 132, p.2401.
$10,047.797
Hunt Bros. Packing Co.
-Earnings.
12 Mos. EndedFeb. 29 '32. Feb. 28 '31. Feb. 28 '30. Feb. 28 '29.
Gross profit
loss$106,031
$434,749
$677,054
$547.72
Federal tax
20,750
39,000
45,6I1
Depreciation
140,000
177,208
195,492
178,267
Res. for contingencies_ _
144.763
85,425
122.588
Net income
Class A dividends
loss$390,794
x110,000
3151,366
220,000
$319,974
220.000
$323,853
220,000
Balance,surplus
def$500.794 def$68,634
$99,974
$103,853
x Estimated, figures not reported by company.
Comparative Balance Sheet.
Feb.29'32. Feb.28'31.
AssetsLiabilitiesFeb.29'32, Feb.28'31.
Cash
$191,711 $253,249 Notes payable- --81.575.000 $945,000
Accts.& notes rec. 506,746
797,644 Accts. payable_ --62,923
48,400
Sundry accts. rec.
36,395
48,930 Accr.payrol1s,taxes
53,297
24,375
Inventories
1,845,289 1,373,697 Prov. for Fed. Inc.
Prepaid expenses..
54,388
54,813
tax
20.750
Inv. in & adv. to
Ites, for coining
144.763
85.425
wholly own,sub.
y185,825 Capital stock
z3.359.100 3.792,500
Prop., plant & eqp. 2,600,482 2.709,963 Surplus
39,928
507,672
Total
$5.235,010 $5,424,122
Total
$5,235,010 85.424,122
z Represented by 90.565 shares of class A stock and 60.000 shares of
class B stock of no par value. y The subsidiary had indebtedness of'
$250,000 for bank loan at Feb. 28 1931 which was secured by collateral
-V.134. P. 2733.
996
Financial Chronicle
Hupp Motor Car Corp.
-Earnings.
For
income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 134, p. 4166.
Independence Trust Shares.
-Charges in Portfolio.
-
Common stocks of Electric Bond Sr Share, New York Central RR.
and Southern Pacific have been eliminated from the portfolio of Independence Trust Shares, according to announcement by Independence
Shares Corp., depositor and sponsor of the trust. This elimination was
not mandatory but discretionary, and was made by the action of the
directors of the depositor corporation on advice of investment counsel,
the announcement states. Under the terms of the trust agreement, no
substitution may be made for these eliminated stocks, but the proceeds
from the sale will be distributed on the next distribution date. Oct. 1
1932. Shareholders will be permitted to re-invest all or any part of distributions in additional trust shares at cost.
-V.132. p. 4423.
-*...Indiana Ice & Fuel Co.
-Defers Dividends.
-
The directors recently voted to defer the quarterly dividend due July 1
on the 6% cum. pref. stock, par $100. The last regular quarterly disribution of 134% was made on April 1 1932.-V. 132, p. 2595.
Limestone Co.
-Time for Deposit of Securities
Extended to Such Date as Reorganization Committee May
Determine.
The reorganization committee (A. R. Hort% Chairman) in a letter to
holders of 15
-year 6% sinking fund gold bonds and 10
-year 7% sinking
fund gold bebentures, states:
Approximately 86% of the 15
-year 1st mortgage 6% sinking fund gold
bonds and 81% of its 10
-year 7% sinking fund gold debentures have been
deposited.
' May 1 1932, was originally fixed as the date on or before which bonds
and debentures must be deposited and subscriptions to new prior lien 6%
sinking fund gold bonds filed, but this date was extended to Aug. 1 1932,
in the hope that within this period the reorganization plan could be declared operative and speedily consummated.
In adopting the reorganization plan of March 1 1932, the committees
representing bonds and debentures directed attention to the necessity for
(a) the deposit of substantially all of the outstanding bonds and debentures
under the plan, and (b) subscription by the security holders to the new
prior lien 6% sinking fund gold bonds in an amount sufficient to make
available approximately $1.500,000 estimated to be required and to be
used only for the purpose of peoring off secured bank loans, providing the
stew company with adequate working capital, and the payment of expenses
incidental to carrying out the plan.
Bonds and debentures have not yet been deposited to the extent desired
by the reorganization committee, although deposits are steadily coming in
and it seems probable that sufficient deposits will be made to satisfy this
requirement of the reorganization committee. On the other hand, many
of the security holders of the company have not yet taken advantage of
their subscription rights to new prior lien bonds and the committee cannot,
of course, declare the reorganization plan operative until its financial requirements. are assured.
The committee feels that, until a change for the better takes place in
general conditions, it cannot hope to secure the necessary new money from
security holders of the old company, and that it is warranted in holding
the reorganization plan open for deposits and subscriptions thereunder
until such time as the ability and willingness of security holders to subscribe
to prior lien bonds can be tested under more normal conditions.
In the meantime, the company is being operated under the direct supervision of an executive committee of five members, of whom three are considered to be representatives of the reorganization committee.
While the company's operations are not yet on a profitable basis, yet its
losses are being steadily reduced through drastic cuts in personnel, salaries
and other operating expenses. The company's unfilled orders are substantially in excess of those on the books at the first of the year. There
has been no interruption in the business of the company and its operating
efficiency has improved.
The reorganization committee is hopeful that, with any substantial
upturn in business, the reorganization can and will be consummated without
any interruption in the company's business or affairs and believes that, in
the meantime, its present policy of deferring the reorganization is to the
best interest of the company's security holders and customers.
The period within which additional bonds and debentures may.be deposited and subscriptions to the new prior lien 6% sinking fund gold bonds
filed has been extended so as to expire on such future date as the reorganization committee may determine. Holders who have not deposited
their bonds or debentures are urged to do so promptly as the work of the
reorganization committee will be facilitated and the problem of providing
necessary ,new money made easier if practically all security holders assent
to the plan.
-V. 134, p. 4166.
Indian Motocycle Co.
-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 134. IL 3831.
Aug. 6 1932
,International Business Machines Corp.
-Acquisition.
The corporation has acquired the counting and weigi
t
ig machine division
o the National Scale Corp. of Chicopee
Mass.)
The International corporation will manufacture the new products in
e
its industrial scale division at Endicott, N. Y. The sales and service
organizations of National Scale Corp. will merge with those of the International company.
-V. 135, p. 828.
International Securities Corp. of America.
-Earnings.
For income statement for 6 months ended May 31 see "Earnings Department" on a preceding page.
Statement of Surplus and Undivided Profits and Reserves May 31 1932.
Surplus and Undivided Profits
Balances, Dec. 1 1931-Capital surplus
$510,412
Secured serial gold bond interest reserve
117,502
Preferred share dividend reserve
1,774,780
Undivided profits
792,504 33,195,198
Add-Balance of income for the 6 months ended
May 31 1932
$322,001
Gain on retirement of debs acquired below par-- 4.892,643
Net decrease in bond interest St preferred share
dividend reserves
Dr.3,446
Surplus created through the reduction of stated
value of class A com. shares to $1 per share
17,374,623
Surplus created through the reduction of stated
value of class B com,shares to 10c. per share-- 2.162,220 24,748,037
Total
$27.943,235
Deduct-Appropriations for reserves (see statement below)
24,673,844
Balance of share financing and transformation
expense-charged on
42,296 24,716,139
Balances, May 31 1932
-Capital surplus
Secured serial gold bond interest reserve
Preferred share dividend reserve
Undivided profits
$870,070
94,056
1,794,776
468,193
Total surplus 5.; undivided profits
$3.227,095
Reserves
Balance, Dec. 1 1931
3754.255
Appropriations during the period-From surplus
from retirement of debentures
4,892,643
From undivided profits
604,015
From capital surplus
19,177,184 24,673,844
Total
$25,428.099
Less
-Net lessee sustained during the Period
13,244.660
Balance of reserve, May 31 1932
$12,183,438
Note.
-On May 31 1932 the unrealized depreciation from book value
cost less reserve-of all investments at then current market quotations
amounted to $12,183.438. The corresponding amount as Of Nov. 30 1931
was 325.849,266.
Balance Sheet May 31.
1932.
1931.
1931.
1932.
Assets$
$
Liabilities
aInvest. (at cost
Preferred stock___d5,945,000 5,945,000
less reserve)-___21,221,500 53,504.037 Class A tom. ,h&c 591,156 17,965,779
Cash
693,053 4,289,640 Class B corn. shs_ _b 60,000 2,222,220
Secure, sold-not
905,900
Serial gold bonds__ 858,600
delivered
211,946
62,425 5% debentures_ _ _13,833,000 29,322,000
Call notes receiv
26,291
Scours. purchased
Intermed. cred. to
114,822
-not received__
15,485
for. govern
1,200,000
Taxes
7,704
5,000
A ccr. inc. rec., &c_ 238,140
525,589 Invest. service &
Unamort. diset. on
43,399
sundry expenses
46,664
bonds and dohs.. 993.070 2,322,981 Surplus & undiv
'
41
Transf. & tin. exps
46.583
profits
3,227.095 4,224,422
Total
24,682,000 60,751,256
Total
24,582,000 60,751,256
a Total market value of securities taken at market quotations May 31
1932 was $9,038,061. 13 Represented by 600,000 shares of no par value.
c Represented by 591.156 shares of no par value. d Represented by
44,736 shares of 6% series and 14.714 shares of 655% series, all of $100
,
par value.
-V. 134. p. 3468.
Investment Company of America.
-Earnings.
-
For income statement for six months ended June 17 see "Earnings
Department" on a preceding page.
-V.134, p.4333,
Investment Corp. of Philadelphia.
-Earnings.
-
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Balance Sheet June 30,
Dividend.
Ingersoll-Rand Co.
-The
-Smaller Common
Assets1932.
1931.
Liabilitiesdirectors on Aug.2 declared a quarterly dividend of 50 cents Cash
1932.
1931.
$5,233 Accounts payable_
$47,884
per share on the outstanding commoh stock, no par value, Divs. receivable.1 $25,203
4,257;
14.145 Provision for FedInt. rec. on Invest'
1
1,403 oral tax
payable Sept. 1 to holders of record Aug. 12. This com- Due from broker__
2.241
7 951
Foreign currency
pares with 75 cents per share paid on March 1 and June 1 U. S. Treas. bills_ 499,886
commit
0,025
Investments
Y335.919 2,213,584 Unclaimed My__
st and $1 per share previously each quarter.
75
75
Real,state___
1,050
1,050 Capital stock__ 1500,000
500.000
New Secretary.
Furn. & fixtures
1
1 Capital surplus-- 1,717,099 1,750.060
C. C. Hay, Assistant Treasurer, has been elected Secretary succeeding
Earned deficit__ 1,342,905
70,868
F. S. Overton. deceased.
-V. 134, p. 2920.
- Total
6874,267 82,235,417
Total
5874,267 $2,285,417
x Of the 27,000 shares of no par value common stock authorized
-Auction Postponed.
Insull Utility Investments Inc.,
7,000
shares are reserved against the exercise of warrants, each entitling
The auction of the collateral of Instill Utility Investments, Inc., and
the
Corporation Securities Co. held by New York banks has again been post- • holder to subscribe, before Jan. 11939. to one share of no par value common
stock at $100 per share. All of the warrants had been issued and were
poned until noon Aug. 15.-V. 135. p. 827.
outstanding June 30 1932. y Market value $145.087.-V. ,134 p
4333
Insuranshares Certificates, Inc.
-Earnings.
For income statement for 6 months ended June 30 see 'Earnings Department" on a preceding page.
Liquidating value computed on the market value of securities held was
$2.03 per share on June 30, the corporation's balance sheet indicates.
The balance sheet also shows that notes payable were reduced from $1,080.000 to $865,000, and since June 30 notes payable have been further reduced
to 2500,000.
Since June 30 J. F. Schoellkopf Jr., Chairman of the board, points out,
marked economies in operation have been enforced which, together with
a substantial appreciation in the value of securities held, has improved
the position of the corporation considerably since the date of the statement.
The schedule of securities owned shows that only minor changes were
made in the portfolio during the six months' period. Based on market
values, the portfolio was divided by types of securities on June 30 as follows: Bank stocks. 13.4%; casualty insurance stocks, 17%; fire insurance
stocks, 51.5%; domestic life insurance stocks, 17.4%; foreign life insurance
stocks. 0.7%.-V. 134, P. 4504, 4333, 4166.
International Cement Corp.
-Earnings.
-
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 134, P. 3989.
International Re-Insurance Corp.-Bal. Sheet June 30.
1931.
1932.
1932.
1031.
$
LiabilitiesAssets568.801 1,042,137 Accrued commisCash
skins, taxes &
Prem. In course
400,464
3,575,528 1,397,771
other liabilities_ 3,070,993
of collection
150,000
75,000
212,088 Dividends payable
Accts. receivable_ 359,486
86.254
78,995 Reserve for =Accrued int. rec___
x7,131,579 5,725,435
earned premium 2,566,159 2,559.706
Securities
2,184,755 1,290,057 Reserve for losses- 5,436,592 2.546.618
Loans
1,500,000 1.500.000
Capital stock
Equity in home
2,589,669 2.842,045
252,350 Surplus
office building__ 1,332,012
15,238,413 9,998.802
15,238,413 9,998,832
Total
Total
x After reserve for depreciation of 3676.949.-V. 135. p. 639.
•
Investment Trust of New York, Inc.
-Changes in
Holdings.
A notice to the holders of all outstanding certificates for Collateral
Trustee Shares, July 29, states:
"As a result of changes made in the portfolio the common stocks of the
following companies have been taken from the reserve list and included
in the standard investment unit: Peoples Gas Light & Coke Co. Electric
Auto-Lite Co., Dominion Stores, Ltd., and Chesapeake Corp.
"The corporation proposes to substitute in the reserve list the common
stocks of the following companies heretofore sold from the unit: Detroit
Edison Co. American Bank Note Co.. and National Tea Co.. and also
proposes to eliminate from the reserve list the common stocks of the General
Refractories Co. and Atlantic Coast Line RR., and to substitute therefor
the common stocks of the Diamond Match Co., Monsanto Chemical
-V. 134. D. 1384.
Works and Pacific Lighting Corp.
halliiiiililli
.
Investors Trustee Fouriaz
7To=uilited States, Inc.
-Semi-Annual Dividend.
President John W. McGuire announces that the 11th semi annual
dividend on Investors Trustee Shares, series A, amounting to 21.43 cents
per share or $214.30 per 1,000 share certificate, will be payable Aug. 15
at the Chase National Ilank of the City of New York to holders of record
July 15.
On Feb. 15 1931, a semi annual distribution93 by
of $414.50Per
f15 1 1
cerficate was made. This was followed on Aug. 15
the payment
1
of $369.92 per each 1.000 share certificate and on Feb. 15 1932 by the
payment
i?0 share certificate.
-V.134, p. 1206.1..
_
4
-Earnings.
112 Island Creek Coal Co.
IS For income statement for 6 months ended June 30 see "Earnings De-V. 135.p. 639.
partment" on a preceding page.
----
--Earnings.
•
11 (Byron) Jackson Co.
For income statement for 3 and 6 months ended June 30 see "Earnings
-V. 134, p. 3990..,,,,„ _...
Department" on a preceding page.
•
Financial Chronicle
Volume 135
Jefferson Standard Life Insurance Co., Greensboro,
N. C.
-Reduces Semi-Annual Distribution.
A semi-annual dividend of3% was recently declared on the capital stock,
Par $100, payable Aug. 1 to holders of record July 25. Previously, the
company made semi-annual payments of 5% each.
Jewel Tea Co. Inc.
-Sales-Regular Dividend.2
Period End. July 16- 1932-4 Weeks
-1931. 1932-28 WeeIcs-1931.
Sales
$771,576 $1,108,578 $6,064,486 $7.589,239
Avige. No. of sales routes
1,335
1,318
1,336
1,298
According to the Bureau of Labor Statistics of the United States Department of Labor, retail food prices declined 15.5% between June 15 1931
and June 15 1932.
Sales of the 82 stores of Jewel Food Stores, Inc., a subsidiary, for the
four weeks ending July 16 1932 were $301,282.
The directors on Aug. 2 declared the 19th regular quarterly dividend of
$1 per share, payable Oct. 15 1932 to common stockholders of record
Oct. 1 1932.-V. 135, p. 308.
Kelley Island Lime & Transport Co.
-Earnings:
Calendar Years1931.
1930.
Departmental °per. profit, after deduct, cost of
material sold
Depreciation & depletion on plants & property_
$363,644
147,241
$216,403
245,403
$425,255
137.743
Profit before providing for Federal taxes
Provision for Federal taxes
$83,800
7,825
$562,998
47,788
$75,975
3,406,927
-July Sales.(S. H.) Kress Co.
1932-Julv--1931.
$4.492,218 $5,103,939
-V. 135. p. 308.
$715,699
290,443
Operating profit
loss$29,000
Other inc.incLinc.from invest.,int.earned,&c.
(Net)
112,800
-July Sales.
(S. S.) Kresge Co.
1932-7 Mos.-1931. Decrease.
Decrease. I
1932
-July-1931.
$9,042,134 $10,721.890 *1,679.7561567.788,030 $77.960,492 $10,172,462
At the end of July 1932 the company was operating 677 American stores
-V. 135, p. 308.
and 41 Canadian stored., a total of-718 stores.
$983,213
267,513
Gross profit
Selling, administrative & general expenses
$515,210
3,664,096
Net profit
Previous surplus
Total surplus
Dividends
Res. provided for conting
Total
11,069,699 11,727.321
Total
11,069,699 11,727,322
x Less allowance for doubtful accts.. $20,000. y Represented by 308,951
(no par).
-V. 133, P. 4338.
shares
Kellogg Co.
-Seeks Damages From National Biscuit Co.
-
Charging the National Biscuit Co. with violation of the Sherman Anti
Trust Act in attempting to create and maintain an illegal monopoly in
inter-State commerce, the Kellogg Co. Aug. 4, filed suit in the U. S.
District Court at New York, asking triple damages totalling $3,000,090.
National Biscuit Co.'s efforts, "through a campaign of threat, coercion
and intimidation,"to prevent other manufacturersfrom marketing shredded
wheat products, despite the fact that all patent rights expired years ago,
form the basis of the Kellogg Co.'s suit, according to the formal complaint.
Pointing out that with the expiration of the patents, shredded wheat
and its processes became public property and open to free competition,
Mr. Kellogg declared that his company will push the suit as vigorously
as possible.
"The U. S. Supreme Court has held repeatedly that upon the expiration
of a patent the right to make the formerly patented products falls into
the public domain and that any manufacturer then has the right to make
the product itself, and to call it by the name under which it became known
while patented, provided only that he makes it clear that the product
now is being made by a new manufacturer as distinguished from the former
patent owner," explained Crichton Clarke, Kellogg Co. attorney.
For many years since the patents expired, the Kellogg Co. "has endeavored fairly and in good faith to exercise its lawful right to enter into
the manufacture and sale of shredded wheat" but throughout "has been
Impeded,injured, oppressed and held back" by the National Biscuit Co.'s
claims to a 'complete and perpetual monopoly," states the complaint.
The practices charged against the NationalBiscuit Co. in the complaint
Include intimidation of the trade into refusing to handle Kellogg's shredded
Wheat product, unlawful registrations In the patent office, threats of
litigation, threatening propaganda and other "oppressive and monopoly
methods."
-V. 131, p. 123.
Kelvinator Corp.
-Shipments Higher.
-
Commenting on the report for the third quarter, President Mason said:
"Kelvinator's unit shipments for the quarter were 20% higher than in the
corresponding period of 1931."-V. 135, p. 828.
Kendall Company.
-Earnings.
For income statement for 24 weeks ended June 11 see "Earnings Department" on a preceding page.
The balance sheet, as of June 11 1932,shows current assets of
$6.105,113;
current liabilities of $821,811, with net working capital of $5.283,302.
Cash amounts to $1,763.983.-V. 134, p. 4670.
Kidder Peabody Acceptance Corp.
--7'o Purchase Its
Stock.
President Roger Amory is notifying holders of 1st pref. class A
stock that they may tender their stock for sale to the company atand B
$40 a
share. There are 96,598 shares of 1st pref. stock outstanding divided into
56.874 shares of class A stock and 39,724 shares of class B stock. The
Company has on hand in excess of $4,000,000 casn, and the directors have
authorized the purchase of such amounts of class A and class B 1st pref.
stock as may be tendered up to the close of business Aug. 20 at $40 a share
in the ratio of 1 YI shares of class A stock to one share of class B.
In explanation of this offer, Mr. Amory points out that the litigation
at present pending before the Supreme Judicial Court of Massachusetts
concerns the right of the class B stockholders to require the redemption
of their stock at par and accrued dividends upon 1% years' notice. In this
itigation, the class A stockholders claim that to redeem the stock at present
would inspair the company's capital as against the class A stockholders,
and that therefore the company should be enjoined from requiring any cies
Bstock presented for redemption. The company had been prepared,as
stockholders were advised on Nov. 9 last, to redeem the B stock that had
been tendered to it at $100 per share and accrued dividends, but an injunction granted to certain class A stockholders prevented this redemption
until it could be done without impairing the capital of the class A preferred.
The case was brought before the Supreme Court on March 9 last and to
date no decision has been handed down.
If the decision should be against the 13 stockholders, Mr. Amory continues, the rights of the class A and class B stockholders in liquidation
will for all practical purposes be substantially the same and therefore the
directors have not felt justified in offering at present any different price
for the B stock than for the A stock.
The asset value of the let pref. stock, upon the assumption that class A
and class B are on a parity, is in the opinion of the directors sub stantially
in excess of $40 per share. If, however, the Court should hold that the B
1932-7 Mos.-1931. Decrease.
Decrease. I
$611,6911$33,668.484 335,947,287 32,278.803
Kreuger & Toll Co.
-Answer to Bankruptcy Petition
Ordered Before Aug. 25.
The company must appear on or before August 25 to answer a petition
for involuntary bankruptcy filed June 4 or be adjudicated bankrupt,
according to order signed Aug. 1 by Federal Judge Mack.
Hearings on the petition for an American receiver for the company
were continued with Jacob K. Javits, counsel for petitioning creditors,
conducting investigation before Henry K. Davis, special master. Edward
M. Andel, head of the foreign department of the Bankers Trust Co.,
presented reproductions of vouchers of deposits and withdrawals of the
Kreuger & Toll account with Bankers Trust Co.in confirmation oftestimony
in a previous session.
Donald Durant, partner in Lee, Higginson & Co., will be called on to
testify at a later hearing in regard to an amount of $275,000 paid to Lee.
Higginson & Co. on March 2 1932, by Kreuger & Toll. Aug. 11 has been
set as a tentative date on which Mr. Durant will furnish data on this and
.-V. 135. p. 639.
other payments
$3.482,902 $4,179.307
579,285
772.380
175,000
Profit & loss-surplus Dec. 31
$2.728,617 $3,406,927
Earns, per share on 308,952(no par) abs.cap. stk.
$0.24
$1.66
Balance Sheet Dec.31.
1931.
1930.
1931.
1930.
Assets$
Liabilities$
$
$
Cash
1,714,899
228,471 Accounts payable_
41,501
37,933
U.S. Govt.secure.
Accrued taxes____
122,369
62,544
(at cost)
541,760 2,734,632 Div. payable
193,095
77,238
Notes, accept. &
Res, for contingen 175,000
accts. rec
x283,679
383,254 Res. for fire, liab.
Inventory
671,618
679,200 & boat Ins
260,999
243,195
Div. receivable_ _ _
20,000
20,000 Capital stock
y7,723,800 7,723,800
Inv.instks.& bds.,
Profit & loss,surpl 2,728,617 3.406,927
dt o.(at cost)--- 408,493
410,038
Other assets, Mee.
rec., &e
121,624
127,383
Permanent assets_ 6,629,180 6,496,205
Inv.in & advances
403,372
405,514
to sub
Ins.reserve funds- 260,999
243.195
Prepaid exps.,&cs14.074
19,425
997
stock is entitled to be redeemed, the asset value of the class A stock would
be very substantially less.
Should the rights of the class A and B stock be adjudicated before Aug.20
1932. opportunity will be given the stocknolders to withdraw their offer.
The earnings for the first six months of this year amounted to $1.53
per share on the 1st preferred class A and class B stock, or at the rate of
$3.06 per share per annum exclusive of capital gains and losses. In addition
to the more than $4,000,000 cash on hand, the company has a substantial
amount of securities, some of whicn are readily markecable and some of
ndeterminate value.
Toe company has made arrangements with Kidder, Peabody & Co. to
attend to the purchasing of stock tendered.
-V.134, p. 3285.
•
Lackawanna Securities Corp.
-Dissolution Approved.
-
The stockholders on Aug. 2 approved the dissolution of this corporation
and the distribution of one $1,000 Glen Alden Coal Co. bond for each
1634 shares of stock held. The change was made to save expenses and taxes.
The company's assets comprise $51,000,000 of Glen Alden bonds, of
which $1,500,000 have been retired annually, with resultant dividends
on the Lackawanna company's stock. Under the new plan, the stockholders will receive directly a distribution of a new series of $51,000,000
Glen Alden bends, together with a liquidating dividend to cover other
assets. See also V. 135. P. 308.
Laura Secord Candy Shops, Ltd.-Bal. Sheet June 30.
Balance Sheet June 30.
1932.
1931.
Liabilities
1932.
1931.
Assetsx$309,101 $331,051 Common stock.__ $904,464 y$904,464
Fixed assets
1
1 Accrued charges__
4,134
Good-will _.
75,489
95,137 Payables
10,315
24,221
Cash
1,300,307 1,155,193 Tax reserves
25,000
23,879
Bonds
56,110
82,066 Surplus
Stocks in assoc.cos.
884,194
859,534
6,773
6,874
Receivables_ _ _ ___
137,081
75,643
Inventories
4,681
4,697
Prepd.& def. chgs.
$1,828,107 $1,812.099 Total
Total
x After deducting depreciation of $416.456
-V.134, p. 3107.
no par shares.
y
81.828,107 51,812,099
Represented by 57.50
-Earnings.
Lehigh Coal & Navigation Co.
For income statement for 6 months ended June 30 1932 see "Earnings
-V. 134. p. 4671.
Department" on a preceding page.
ehigh & Wilkes-Barre Coal Co.(N. J.).--4m74461-.13446.-An nitial dividend of $2 per share was recently declared on the capital
payable July 20 to holders of record July 9.
-Larger Dividend.
Lehigh c Wilkes-Barre Corp.
A dividend of $2 per share was recently declared on the no par value
common stock, payable July 22 to holders of record July 12. A distribution of $1 per share was made on April 22 last while from April 1 1931
to and incl. Jan. 2 1932, the company paid quarterly dividends of 14 per
-V. 134, p. 2922.
share on this issue.
-Earnings.
Libbey-Owens-Ford Glass Co.
For income statement for 3 and 6 months ended June 30 see "Earnings
-V. 134, p. 2922.
Department" on a preceding page.
(C. W.) Lindsay & Co.;-Ltd.-Earntings.12 Months 12 Months 12 Months 14 Months
1931.
1930.
1932.
1929.
Period End. Feb.28$274.179
$302,750
$153,454
Net operating profit_ --- loss$64,381
139,442
89,506
90.767
101.261
Interest and discount__ 5,951
Net prof. on sale of assets
Total profit
Bond interest
Expenses offinancing_
Tax adjustment
Reserve for depreciation
Reserve for cancellations
lies. for Fed.'ncome tax
$75,061
64,445
6,226
18,145
Net profit
def$13,755
Preferred dividends__ - 46,015
Common dividends
33.008
$242,960
66,240
3364.946
67,923
3409.962
71,119
6.258
18,161
14,791
15,836
11,088
21,448
18,276
17.477
23,626
3143.769
48,056
33,008
3248,651
49,470
32,971
$273,206
71.387
13.042
Bal. transf. to surplus def$92,778
$166.211
$62,705
$188,777
Shs, common stock outstanding (no par)
33 008
33.008
33.008
• 32,808
Nil
Earnings per share
$.89
$6.03
$6.15
Comparative Balance Sheet Feb. 28.
Assets1931.
Liabilities1932.
1931.
1932.
Cash
$14,237 Accounts payable. $39,617 *147,308
$75,073
Bonds
Accrued interest
2,218
1,074,000 1,104,000
Call loans
54,269
Reserves
67.475
75,000
729.100
Accts.receivable__ 1,577,173 2,041,474 Preferred stock ...._ 683.600
Inventories
829,133
178,058
216,651 Common stock.... 829,133
Investments
32,220
121,580
620 Accrued interest33,120
Mortgage receiv
1,500
2,000 Accrued dividends
19,359
20,099
Fixed assets
1,063,068 1,066,359 Surplus
424,310
348,269
Total
$3,093,675 $3,341,341
-V. 134, p. 3107.
Total
$3,093,675 $3,341,341
Line Material Co.
(& Subs.).
-Earnings.
Calendar Years
-1930.
Net sales
$3.216:761 $4,515.969
Cost of sales
2,334.759 3,138.903
101.510
7,502
Loss on conduit plant operations
899.476
Selling, administrative & general expenses
720.742
Net profit from operations
Other income
$153,758
48,280
$376.020
51.860
Total income
Interest paid
Debt discount & expense amorti-ed
Provision for income taxes
$202.038
53.365
17.573
26.732
$427,880
57,823
18.534
52,051
$104,369
x Consolidated net profits
$299.472
x Before deducting unreall_ed losses on foreign exchange and market
declines in securities owned.
998
Financial Chronicle
Consolidated Balance Sheet Dec. 31 1931.
Assets
Liabilities
Cash
$51,007 Accounts payable
$90,065
Marketable securities
365,487 Accrued liabilities
51,947
Receivables
:323,264 Provision for Fed., Canadian
Inventories
1,074,381 & Wis.income taxes
44,714
Prepaid expenses
13,401 Current installment of gold
Miscellaneous assets
notes, due Apr.15 1932_ --40,816
59,000
Treasury stock
12,097 Reserve for Wis. income taxes
Plant OC equipment
1,047.463 (not due currently)
11,000
Bond discount & expenses
89,779 Funded debt
785,400
Patents
71,279,449
206 Capital stock
Surplus at date of organLation
Apr.30 1929,as adjusted_
378,950
Earned surplus
317,377
Total
53.017,902 Total
$3,017,902
x After reserve for bad debts of $12,320. y Represented by 214,704
shares of no par value.
-V.129, p. 293.
•-LutheriManufacturing Co.
-Omits Dividend.
-
The directors recently voted to omit the quarterly dividend normally
payable about Aug. 1.
From Nov. 2 1931 to and incl. May 2 1932 the company made quarterly payments of $1 per share, as against $2 per share previously.
V. 134. p.517.
McCall Corp.
-Earnings.
-
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page. Current assets as of June 30 1932.
were $3,725,756 and current liabilities were $823.265, comparing with $4,957,937 and $1,208,031, respectively, on June 30 1931.-V. 134, p. 3649.
McLellan Stores Co.
-July Sales.
1932
-July--1931..
$1,545,131 $1,648,853
-V. 135, p. 309.
Decreased 1932-7 Mos.-1931.
$103,7221$10,326,944 $11,095,778
Decrease.
$768.834
Mack Trucks, Inc.
-Earnings.
For income statement for 3 and 6 months ended June 30 see"Earnings
-V. 134, p. 4334.
Department" on a preceding page.
Lindsay Light Co.
-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 135. p. 828.
Magma Copper Co.
-Production.
-
Link Belt Co.(& Subs.).
-Earnings.
For income statement for six months ended June 30 see"Earnings Department" on a preceding page.
-V. 134. p. 4671.
Liquid Carbonic Corp.
-Earnings•
-Reduction in Capital
Aug. 6 1932
During the three months ended June 30 1932 the company produced
11,524,902 pounds of copper. Cost of producing this copper after crediting
gold and silver, and after depreciation and all other fixed and general expenses but before Federal taxes, was 5.51 cents a pounds. The average net
sales prices during the quarter was 5.45 cents a pound.
-V.135, p. 828.
A special meeting of stockholders will be held Aug. 22 to vote on a plan
Marlin-Rockwell Corp.
-Earnings.
to reduce the amount of capital represented by no-par common shares to
For income statement for 3 and 6 months ended June 30 see"Earnings
$30 a share from $49.32. The reduction will permit the transfer of apDepartment" on a preceding page.
-V. 134, p. 4334.
proximately $6,615,489 on the company's books to capital surplus from
Maytag Co.
-Earnings.
capital account, leaving approximately $10,272,180 as stated capital.
For income statement for 3 and 6 months ended June 30 see "Earnings
If the plan is effected the company's books will then show, per share of
Department" on a preceding page.
stock outstanding (342,406 shares), approximately the following figures:
On June 30 cash and marketable securities at market value amounted
capital. $30: capital surplus, $20; earned surplus, $4, and reserves, $2.
to $2,711,252, and total current assets were $4,258,694, compared with
Earnings.
-For income statement for 12 months ended June 30 see
current liabilities of $342,243.-V. 135, p. 309.
"Earnings Department" on a preceding page.
Excess sales and profits resulting from abnormal shipments caused
Massachusetts Investors Trust.
-Change in Portfolio.
by the Federal excise tax on carbon dioxide, which became effective June 21.
Slayton, Learoyd, Inc.. general distributors of the Massachusetts Inhave been excluded from the period in which they occurred and are being
vestors Trust, report that on July 29 the portfolio of securities owned by
carried over to the succeeding quarter, to which they properly belong.
the Trust showed an increase of $2,610,437 in the last 21 days from the
From present indications, however, the management believes that profits
low, of which about $2,100,000 was increased valuation and the balance
in the quarter ended Sept. 30 next, which is the final quarter of the fiscal
represented new investments made.
year will fall substantial y below profits in the corresponding quarter a
On July 8, the trustees of the Massachusetts Investors Trust made their
year ago, which means that the results for the fiscal year ending Sept. 30
first purchases since June 7. Between July 8 and July 29, the trustees
1932. cannot be expected to equal the showing made in the 12 months
purchased 17 different securities at a cost of approximately $500,000,
ended June 30 last.
totaling 28,150 shares. As of July 29 the Trust had nearly $1,000,000
Net working capital on June 30 1932, was $7.157,657, and the ratio of
cash on hand. Sales of Massachusetts Investors Trust Shares in July
current assets to total debts was 6.1 to 1, compared with 3.8 to 1 a year
were the second largest in volume of any month this year.
-V.135, p. 828.
ago. During the 12 months, bank loans were reduced $725.000, and total
s_ liabilities were reduced more than $1,000,000.-V. 135. p. 828.
---•-May Department Stores Co.
-Dividend Decreased.
-The
\ E.) Little Co., Lynn, Mass.
(A.
-Receivership.
--
Judge Lowell in Federal Court appointed Conrad Robe, of Winthrop.
receiver for the company and its subsidiary. These companies were
petitioned into bankruptcy June 25 on a creditor petition, at which time
Judge Pierce in the Superior Court appointed John M. Farquhar of Lynn
temporary receiver. The Court ordered Mr. Rohe to work in conjunction
with Mr. Farquhar.
-V. 133, p. 2275.
Loblaw Groceterias Co., Ltd.
-Earnings.
June 1
May 31.
May 31
May 31
1929.
Years Ended1932.
1931.
1930.
Sales
$15,120,933 $17.010,191 $18,435.000 $16.552,739
922,203
Net profit
1.190,328
1,180,840 1.206.634
416,631
Prior preferred dividends
3,5591
Common dividends
679,568
552.945J
680,672
$505,572
Surplus
$501,273
$833.823
$525.962
1.364,097
1.798,996
Previous surplus
2,225,075 2,205,599
Total surplus
$2,726,348 $2.731,561 $2,432,819 $1,869,669
Prem. paid on pref.stock
38.025
123,543
redeemable
Income tax adjustment
84
1,371
(prior years)
24,484
Additional Fed. income
19,070
taxes 1931
275.000
Res. on investments72,887
95.000
Income tax reserve__
140,000
122.000
7.306
Reorgani_ation expenses
7.306
Profit on sale of capital
Cr.47.546
assets
Good-will account written off
360,000
$2,292,193 $2,225.075 $2,205,599 $1.798,996
Surplus
Shs.com.stock outstand766.600
850,841
845.966
ing (no par)
850,841
$1.1
$1.40
$1.39
Earnings per share
$1.42
Comparative Balance Sheet May 31
1931.
1931.
1032.
Liabilities1932.
Assets$50,000
$796,981 $1,028,601 Bank advances_
Cash
293,448 Accts. payable__ 524,103 $689,501
707.350
Bonds at cost
145,928
19,546
11,510 Prov. income tax_ 140,000
Accrued interest_
170,168
169,655
Div. payable
Guar.invest ctfs__ 400,000
74,475
47,815 Reserve on invest. 275.000
Sundry accts. rec.
2,881,060 2.929,660
1,359,882 1,776,564 Capitalstock
Inventories
2,292,194 2,225,075
10,483 Surplus
18,705
Adv. on mdse. pur
378,820
Other investments 306,052
80,576
80,481
Deferred charges_
Capital assets_ .,,x2,588,444 2,532,608
$6,332,012 $6,160,330
$6,332,012 $6,160,330
Total
Total
x Less reserve for depreciation of $1 171 795. y Represented by 462,666
class A stock no par value and 383.300 shares of class B stock
shares of
of no par value.
-V.135,P• 641.
Loudon Packing Co.
-Earnings.
Years Ended April 30Total income
Depreciation
Interest
Federal taxes
1832.
$243,753
42,034
7,020
25,501
1931.
$486.011
39,868
9,173
52,436
1930.
$474,024
36,090
7.128
50.490
Net income
Dividends paid
$169.198
270,000
$384,534
247.500
6380,316
236,250
def$100,802
410,631
$137,034
272,802
795
$144,066
128,736
Surplus for year
Previous surplus
Surplus adjustment (Credit)
$272,802
$410,631
Profit and loss surplus
$309,829
Consolidated Balance Sheet April 30.
1931.
1932.
1932.
1931.
LiabilitiesAssets
829,474
841,518 Accts. payable_ _ _ $58,990 $111,671
Cash
18,896
18,050
105,195
109,014 Accr.general taxes
Receivables
52,436
25,000
5,789 Federal tax reserve
Due fr. employees
y1,154,468 1,156,929
759,712
918,420 Capital stock
Inventories
410,631
309,829
643,077 Surplus
Fixed assets
Lruad bidgs., mach.
&equip.(at cost) x 634,333
26,880
15,959
Deferred charges-6,865
21,664
Misc.invest(cost)
$1,566,337 $1,750.563
41,566,337 $1,750,563
Total
Total
x Leas reserve for depreciation of $227.680.
-V. 134. p. 3991.
Represented by 90,000 shares of no par value.
y
--Earnings.
Louisiana Oil Refining Corp.
For income statement for 3 and 6 months ended June 30 see "Earnings
-V. 134, p. 4167.
Department" on a preceding page.
directors on Aug. 5 declared a quarterly dividend of 250.
per share on the common stock, par $25, payable Sept. 1
to holdeis of record Aug. 15. Distributions of 450. per
share were made on March 1 and June 1 last as against
62%c, per share paid each quarter during 1931.
The company continues in strong cash position and without bank debt, it was stated.
-V.134, p. 2537.
Mercury Mills, Ltd.(& Subs.).
-Earnings.
Calendar YearsxNet loss on operations
Bond interest
Provision for depreciation
Cost of moving machinery,&c
Inventory adjustment
Loss sustained on investment
1931.
$123,302
77.633
96,240
24,317
176,594
10.000
1930.
$125,583
79,256
Net loss for the year
Preferred dividends paid
$508,086
1,824
$204,839
62,052
Balance at credit Dec. 31
$509.910
$266,891
x After deducting all operating expenses, including bad debts, maintenance and repairs.
Consolidated Balance Sheet Dec. 31.
Assets-Liablitties1931.,
1930.
1931.
1930.
Land, bldgs., mach.
1st mtge.sink,fund
and equip
$3,401,748 $3,389,279 bonds
$1,381,532 $1,439,000
Cash in office_ _ _
1,321
2,664 Cum.pref.redeem.
Trade accts, and
stock of subs, in
bills receiv. net.. 340,135
331,102 bands of public_
26,600
30,400
Inventories
1,059,482 1,470,693 Mtge. pay.ofsubs.
1,376
2,687
Cash surr. value of
6% cum. pref. shs. 1,000,000 1,000,000
life insur. & preBank indebtedness 331,243
255,246
paid fire insurTrade accounts and
ance premiums_ 110,103
102,667
bills payable,... 147,145
145,982
Invest,in other cos.
310
10,310 Accr. wages, bond
Prepaid expenses
280
2,810 int., taxes, &a_
47,657
46,953
Patents, manufacConting. reserve_
50,000
60,000
turing rights, &c.
1
1 Res. for dorm._ 807,623 711,312
Deficit
508,086
Common stock _x1.403,235 1,403,235
Earned surplus
225,104
224,711
Total
$5,421,466 $5,309,526
Total
$5,421,466 $5,309,526
x Represented by 45,000 shares (no par).
-V.134, D. 4508.
rgenthaler Linotype Co.-AequisttVin-
--)Z
The company has acquired an interest in the Photo-Cylinder Cor.
r
ly organized for the purpose of utilizing a new method of engra g
textile printing cylinders. The Photo-Cylinder Corp., which is now
actually delivering its product to various textile finishing and printing
works. is employing an engraving method which embraces the use of a
combination of photo-engraving, photo-lithography and offset printing,
V. 134. p. 3833.
-Extra Dividend.
Metropolitan Ice Co.
The directors have declared an extra dividend of 30c. per share in addition to the regular quarterly dividend of $1.75 per share on the pref.
tock, both payable Oct. 1 to holders of record Sept.,15. Like amounts
sere paid three months ago.
-V. 134, p. 3469.
Metal & Thermit Corp., Carteret, N. J.
-Reduces Div.
-
A quarterly dividend of$1 per share was recently declared on the common
stock, no par value, payable Aug. 1 to holders of record July 12. Previously, the company made quarterly payments of $1.50 per share on
this issue.
-V. 106. P. 1799.
Metropolitan Fire Insurance Co.of N.Y.
-Merger.-
The stockholders of this company and of the First Reassurance Co. of
Nes York will vote Sept. 7 on approving the consolidation of both companies.
-Smaller Pref. Dividend.
Metropolitan Industries Co.
-
Directors recently declared a dividend of 25 cents per share on the full
paid $6 cum. pref. stock and a dividend of 12.Si cents per share on the 50%
paid allotment certificates for pref. stock, both payable Aug. 1 to holders
of record July 19. Previously regular quarterly payments of $1.50 on the
full paid shares and 75 cents on the 50% paid certificates were made.
-V. 134, p. 2922.
Mid-Continent Petroleum Corp.
-Earnings.
-
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding Page.
Current assets as of June 30 1932 Were $17,363,679, of which $6,405 445
was in cash. Current liabilities were $1,693.600. making net current assets $15,670,079 as compared with 814,823.081 as of Dec. 311931. Net
current assets as of June 30 1932 were equivalent to over $8.40 per share
of outstanding stock and current assets were over ten times current Habib-
Financial Chronicle
Volume 135
ties. Inventory valuations of crude and refined oils were less than market.
The company has no bank loans, bonds or pref. stock.
-V. 134, p. 3108.
Midland Steel Products Co.
-Earnings.
-
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 134, p. 3108.
----Missouri-Kansas Pipe
Foreclosure Suit.
Line
Co.
-Receivers
Answer
Henry T. Bush and C. Ray Phillips, receivers for Missouri-Kansas Pipe
Line, have filed answer in Chancery Court at Wilmington, Del.,to the suit
filed by Peoples-Pittsburgh Trust Co., which has asked foreclosure and sale
of certain collateral deposited with it to secure payment of the $1.060,000
-year 6% notes.
2
The answer states that a foreclosure sale at this time would result in a total
loss to unsecured creditors and stockholders of their investments. The
receivers value the collateral involved at 810,000,000 and allege that if
the sale is postponed for a reasonable time, they can work out the financial
difficulties of the company.
-V. 135, p. 142.
Mitchum, Tully Participations, Inc.
-Earnings.
Calendar YearsExcess of income over expenses
Syndicate losses and losses realized on sale of bonds
and stocks
1931.
$26,792
17,274
8,708
Net profit
Previous surplus
Reserve for decline in value of securities at Dec 31
1930
$9,518
147,447
$44,147
120,687
$156,965
8257.017
37.799
71,771
Total surplus
Reserve for doubtful note receivable
Dividends paid
1930.
852,854
92,182
x28,042
Balance surplus before providing for decline in
value ofsecurities
$128.923
$147,447
x After deducting 820,126 accrued at Dec. 31 1930.
Comparative Balance Sheet Dec. 31.
Assets1931.
1930.
Liabilities1931.
1930.
$86,644
Cash
$37,108 Notes payable_.
$15.000
Securities at cost:
Accounts payable.
18,150
Bonds.
180.365
263,791 Prov.for dividends
20,126
Stocks
754,796
789,858 Capital surplus_ _1:L109,106
982,263
rec.
Notes & accts.
67,772
80,919 Earned surplus__f
147,447
Interest in oil prop.
2,851
3,201
Syndicate participa16,678
tions, &c
8,110
{
$1,109,106 81,182,986
Total
Total
$1,109,106 61,182,986
x Loss cost of 425 shares preferred stock and 425 shares common stock
in
treasury 81,930.-V. 134, p. 1208.
Monsanto Chemical Works.
-Earnings.
For income statement for six months ended Juno 30 see "Earnings
Department" in last week's "Chronicle," page 807.
Consolidated Balance Sheet June 30.
1932.
1931.
1932.
1931.
Assets
$
$
Liabilities$
$
1,462,733 1,456,986 Accounts payable_
Cash
450,977
482.160
Marketable securs 686,662
697,174 Accrued interest,
Customers'notes&
taxes, &c
181,461
125,942
accts. rec
1,106,619 1,268,259 Dividends payable 132,933
133,846
Miscell. accounts
Estim'd Inc. taxes_
178,369
255,566
receivable
78,326
39,250 Purch. money ohDue from officers,
ligation
11,136 Funded debt
employees.'"
1,604,500 1,101,g1Ti
Inventories
2,791,669 2,883,025 Reserves:
Treasury stock._ _
55,383
For deprec. &
Miscell. invests... 187,789
85,961
obsolescence _ 4,798,484 5,784,377
Land
1,060,134 1,076.109
For relocations.
Buildings
3,707,369 4,127,473
extensions, d‘c
1,453,698
Machinery&equip 11,379,757 12,419,508
For containers in
Patents& processes
2
2
hands of cust's 620,165
665,842
insurance.
Prepaid
For insur., contaxes, &c
114,525
133,813
tingencies, &c 566,295
495,070
Discount on bonds
97,449
112.025
For loss on purchasecommIt_
19,009
Capital stock
x7,150,000 7,150,000
Capital surplus... _ 4,121,243 3,405,970
Earned surplus... 2,920,986 2,529,560
Total
22,728,413 21,310,720
Total
22,728,413 24,310,720
x Represented by 429,000 no par shares.
-V. 134, p. 4671.
Morgan Engineering Co.
-Tenders.
--
The Chicago Title & Trust Co. will until Sept. 1
receive bids for the sale
to it of 1st mtge. series A 20
-year s. f. gold bonds, dated Nov. 1
1921, to
an amount sufficient to exhaust 882,625 at prices
not exceeding 107%
and interest -V. 131. P. 2233.
Muirheads Cafeterias, Ltd.
-Earnings.
Years EndedFeb. 2932. Feb. 28 '31. Feb. 28 '30. Feb.
28 '29
Net earnings
$47,591
845,575
$50.330
870,347
Prov. for depreciation
30,000
30,000
30,000
24,000
Organi_.exp. written-off
3,000
3,000
Net income
817,591
$15,575
$17,330
843.347
Previous surplus__
12,894
12.179
40,592
39,163
Miscell. adjustment_
_
306
Income tax adjust, prior
period
2.772
57
Total surplus
830,791
827,754
360,694
4.82,567
Preferred dividends_ _ _ _
5,796
6,055
6,262
Common dividends
6,710
7,871
7,871
23,613
31.416
Miscell. adjustments_ _
7,678
934
18,641
3.849
Res.for Fed.income tax.
1,000
Surplus
fills. coin. stk. outstanding (no par)
Earnings per share
88.446
812.894
812,179
840,592
78,710
78.710
78,710
78.710
$0.15
80.12
$0.13
80.47
Balance sheet.
Assets
Feb. 2932. Feb. 2831.
Liabilities
-7r Feb. 29'32. Feb. 28'3Ia
Cash
$21,971
$47,997 Accounts payable_
Investments
$18,175
71,615
32,320 Accrued expenses & $15,299
2,947
Bills receivable_ _ _
Prep. revenue._
5,849
7,635
Prepaid tax rec't. _
7,500
8,000 Dividends payable
9,732
Inventory
9,870
13,370
13,386 Res. for Fed. taxes
1,000
Prepaid expenses &
Preference shares_
74,450
79,950
accrued revenue
7,135
7,344 Common shares
y480,205
480.205
Bldg. impt., resSurplus
8,445
12,894
taurant plant &
equipment, &c_ g320,438
349,683
Leases, tr. names,
good-will, So.__ 150,000
150,000
$591,976 $608,728
Total
Total
$594.976 8608,728
x After depreciation of $106,500. y Represented by
78,710 no par shares
-V. 132, p. 4602.
Mullins Mfg. Co.
-Earnings.
-
For Ineome statement for 3 and 6 months ended June
Department" on a preceding pago.-V. 134, p. 3650. 30 see "Earnings
-----Munsingwear, Inc.
-Dividend Omitted.
on Aug. 3
voted to omit the quarterly
The directors
dividend
payable about Sept. 1 on the common stock, no Par value. A ordinarily
distribution
of 25 cents per share was made on June 1 last as against 35 cents on
March 1
1932. 50 cents per share in each of the three preceding
quarters and 76
cents per share previously.
999
Earnings
For income statement for six months ended June 30 see "Earnings
Department" on a preceding page.
-V. 135, p. 642.
(G. C.) Murphy Co.
-July Sales.
-July-1931.
1932
S1,394,115 81,475.608
-V. 135, p. 642.
Decrease.; 1932-7 Mos.-1931.
481,493 1 E9.679.479 $9,937.401
Decrease.
$257,922
Muskegon Motor Specialties Co.
-Class A Div. Deferred.
The directors have voted to defer the quarterly dividend duo Sept. 1 on
the $2 cum. cony. class A stock, no par value. The last regular quarterly
paymem of 50 cents per share was made on this issue.
-V. 134, p. 3108.
Mutual Depositor Corp.
-Semi-Annual Distribution
Representative Trust Shares.
-
on
The corporation on August 1 announced the declaration of the third
semi-annual dividend on Representative Trust Shares amounting to 22.6252c. per share. Payment will be made against surrender ofcoupons on and
after August 1 1932, and covers accumulations since Jan. 31 1932.
The third semi-annual distribution is represented by:
Cash dividends received
$.215938
Stock dividends (fractions as to units) sold
.009722
Interest allowed by trustee on above funds
.000592
Total distribution
.22ge25
ve e n
2
It is announced that since the founding of the trust no stocks ha
l;
eliminated. Representative Trust Shares have no reserve fund. All the
investor's cash, except a 5%% service charge, has been invested in the deposited stocks and accumulations to date of purchase.
An initial distribution of 36.5522c. per share was made on Aug. 1 1931,
which was followed by a payment of 34.372c. per share on Feb. 1 1932.V. 134, p. 1010.
(Conde) Nast Publications, Inc.
-Plans Bond Issue.-
The stockholders will vote Aug. 22 to give the company authority to place
a mortgage on the company's properties. The size of the issue and its purpose have not been disclosed. However, the company has outstanding
81,000,000 of notes which mature Dec. 15 1932. Excluding these notes.
current liabilities at the end of 1931 were $968.844 against current assets
of $1,521,934. Cash on Dec. 31 1931 amounted to $417,944-V. 134.
p. 3650.
National Acme Co.
-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 134. p. 3288.
National Aviation Corp.
-Balance Sheet June 30.Assets1932.
1931.
Liabilities1932.
1931.
Invest. at cost--_$4,968,741 84,530,234 Accounts payable_
$1,740
$5,637
1,685
Accts. receivable._
Accruals
238
1.108
Notes receivable.2,550
Res. for liabilities
Cash in bank
533,823
662,410
& exps. assumed
20,685
Accrued divs. rec.
600
3,000 Minority Interest_
14,943
19,259
Capital stock_ _
x2,051.891 1,626,467
Paid-in surplus.... 5,762,071 5.296.005
Earned deficit_.._ 2,344.168 1,752.834
85,507,400 55,195,643
Total
Total
$5,507,400 55.195,643
x Represented by 410,378 (no par) shares.
-V. 135. p. 829.
National Bellas Hess Inc.
-Transfer Agent.
-
The Chase National Bank of the City of New York has been appointed
transfer agent of 1,800.000 shares of common stock of $1 par value.
-V.
135, p. 642.
National Cash Register Co.
-Earnings.
-
For income statement for three and six months ended June 30 see "Earnings Department" on a preceding page.
Current assets as of June 30 1932, amounted to $24,765.365 and current
liabilities were $2,131,000. This compares with current assets of 827.229,174
and current liabilities of 82.795,60800 June 30 1931.
Prior to June 30 1932, the company discounted its purchase money
obligations amounting to 81,500,000 arising out of the purchase of the assets
of the Remington Cash Register Co.
-V. 134, p. 3650.
National Dairy Products Corp.
-Reduction in Dividend.
-The directors on August 4 declared a quarterly dividend
of 50 cents per share ofl the common stock, no par value,
payable Oct. 1 to holders of record Sept. 5 . Quarterly distributions of 65 cents per share had been made on this
issue from Jan. 2 1931 to holders of record July 1 1932.
-Consolidated statement of profit and loss for 6
Six Months Report.
months ended June 30 1932, is given in "Earnings Department" on a
preceding page.
Thos. H. McInnerney, President. stated that the corporation has in excess of $18.000,000 cash, and more than $50,000.000 depreciation reserves,
the company continuing the policy of setting aside maximum amounts of
the latter. Earnings were down primarily because of reduced prices, but
volume of sales had shown a distinct upturn in July over the sharp decline
of May and June. Wage and salary reductions effected May 1 are onlyreflected for two months in the report for the first half year. but are expected to produce material savings in the last six months of the current
year. he said, while the last six months should also show the customary
larger seasonal sales.
The cash position of the company is after payment of Feb. 1 and Aug. 1,
1932 purchase fund requirements and Feb. 1 and Aug. 1 1932 bond interest
together with anticipation of part of the Feb.1 1933 purchase fund requirements.
The reduction in the common dividend from 65 cents per quarter to.
50 cents was in line with reduced prices generally and the narrower margin,
of profit, Mr. McInnerney said. Ice cream sales had been affected by
an unusually cool summer throughout most of the territory supplied,
although cheese tonnage has held up well. Much improvement, he
added.
in merchandising effort and sales methods had resulted from the depression,
which, with current pick-up in volume, made the outlook for the company
highly satisfactory.
-V.134, p. 3108.
National Enameling & Stamping Co.
-Earnings.
-
For Weenie statement for 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 134, p. 2023.
National Industrial Loan Corp.
-Smaller Dividend.
-
A quarterly dividend of 16% cents per share has been
no par value common stock, payable Aug. 15 to holders ofdeclared on the
record July 30.
Previously, the company made regular quarterly distributions
of 32% cents
per share on this issue -V. 133, p. 4169.
National Industries Shares.
-Termination of Trust
Agreement.
Pursuant to the trust agreement, dated May 31 1930, between Palmer
Shares Corp., as depositor (now National Industries Shares Corp.),
and
the Chase National Bank of the City of New York, as trustee, creating
National Industries Shares,series A,that the trustee has elected to terminate
the trust agreement and that the same will be terminated on Aug. 15 1932.
The holders of certificates for National Industries Shares, series A. upon
surrender of the same with all unmatured coupons attached within
90
days after such termination date, namely on or before Nov. 14 1932, will
be entitled to the rights of exchange specified in such certificates. After
said 90 day period the holder shall be entitled upon surrender of certificate
to receive in cash their pro rata share of the net proceeds of sale of deposited
securities and property after the sale thereof by the trustee, and
other
cash, if any, then held by the trustee distributable in respect thereto.
-V. 134. p. 4507.
National Lead Co.
-Favors Rail Transportation.
-"ti
At its regular monthly meeting held July 28 the directors. in recognition
of the importance of the welfare of the railroad industry as a factor ini any
general economic recovery as well as in the improvement of the company's
own business throughout the country, expressed themselves in favor
of
rail transportation, wherever possible, for all shipments under the company'
Financial Chronicle
1000
control, in order to assist in restoring the buying power of the railroads and
of their employees so far as lay within its power.
-V. 134, p. 3288.
-Changes in Collateral.
National Steel Corp.
The corporation has notified the New York Stock Exchange concerning
Changes in the collateral deposited as security for its sinking fund gold
bonds, 5% series due 1956, as follows;
Original
Present
Amount.
Amount.
Demand Mortgage BondsGreat Lakes Steel Corp$30,000,000 $38,000,000
None
2,000,000
The Hanna Furnace Corp. (Del.)
None
6,000,000
Michigan Steel Corp
The above three companies, originally operated as separate companies,
now constitute the Great Lakes Steel Corp.. the demand mortgages of
the Hanna Furnace Corp. (Del.) and Michigan Steel Corp. being assumed
by Great Lakes Steel Corp.
Present
Original
Amount
Amount.
Capital Stockcorn, stock ($100 par value)_ • 237,720 shs. 1,000 shs.
Weirton Steel
Great Lakes Steel Corp., common stock (withCo..
400,000 shs. 1,000 sbs.
out par value)
The Hanna Furnace Corp. (Del.), common
100 shs.
989,500 shs.
stock ($10 par value)
Hanna Iron Ore Co. of Del., common stock
50.000 shs. 1.000 shs.
(without par value)
The Producers Steamship Co., common stock
9,600 shs. 1,000 shs.
($100 par value)
Virginia Ore Mining Co., common stock ($100
None
60 shs
par value)
In the case of the Weirton Steel Co., Great Lakes Steel Corp. and Hanna
Iron Ore of Delaware, the changes shown above are caused by reduction
in the number of shares outstanding, there being no change in the total
book value of the shares outstanding. In the case of the Hanna Furnace
Corp. (Del.) the number of shares was reduced to 100 after the transfer of
the property to the Great Lakes Steel Corp. The change in the Producers
Steamship Co. was occasioned by a recapitalization under the laws of the
-V.135. p.829.
State of Delaware. The total book value remains the same.
-Earnings.
National Tea Co.
For income statement for 24 weeks ended June 18 see "Earnings Department" on a preceding page.
-V. 135, p. 829.
-Reduces Par, itc.
National Union Fire Insurance Co.
The stockholders on Aug.4 approved a reduction in capital to $1,100,000
from $2,700,000 and in par value to $20 from $50. The outstanding shares
remain the same at 55,000.-V. 135, p. 642.
-July Sales.
Neisner Bros., Inc.
1932
-July-1931.
$1.213,647 $1,294,415
-V. 135. p. 309.
Decrease.
1932-7 Mos.-1931.
$80,768 I $8,043,542 $8,651.168
Decrease.
$607,626
-Earnings.
Nevada Consolidated Copper Co.
For income statement for 3 and 6 months ended June 30 see "Earnings
-V. 135. P. 642.
Department" on a preceding page.
-Earnings.
New Mexico & Arizona Land Co.
Calendar YearsRentals
Interest
Other
1931.
$42,033
361
281
1930.
$35,159
302
1,006
1929.
$31,961
148
575
Total income
Expenses
Taxes
Interest
$42.675
6,452
36,367
2.897
$36,467
6,733
35,009
3,248
$32.684
8,325
35,391
1,064
$12,096
$8,523
$3,041
General Balance Sheet Dec. 31.
1930.
1931.
1931.
1930.
Liabilities-Assets$1,000,000 $1,000,000
$825,257 $900,337 Capital stock
Lands
71,223
10,626
14,995 Current liabilities_
25,474
assets....
Current
31,782
32,687
128,33$ Deferred liabilities
130,204
Deferred ease-.
59,336
62,377
Deficit
Deficit
$980,935 $1,043,669
Total
-V.132, p. 4427.
Total
8980,935 $1,043,669
-July Sales.
(J. J.) Newberry Co.
-1931.
-July
1932
$2,561.404 $2,461,106
-V.135, p.474.
Increase.
Increase.] 1932-7 Mos.-1931.
$100,298j$16,851,903 $15,279,020 $1,572,883
-Earnings.
Newport Industries Inc.
,
For income statement for 3 and 6 months ended June 30 1932. see
-V.134. p. 4169.
"Earnings Department" on a preceding page.
-Earnings.
-New York Dock Co.
For income statement for 6 months ended June 30 see "Earnings De-V. 135, p. 474.
partment" on a preceding page.
-Earnings.
New York Shipbuilding Corp.
For income statement for six months ended June 30 see "Earnings
-V.134, p. 3289.
Department" on a preceding page.
-Earnings.
-Niagara Falls Power Co.
For income statement for 3 ana a. .ruiths ended June 30 see "Earning,
Department" in last week's "Chronicle," page 808.
Comparative D.:lance S t
June 30'32. Dec.31'31.
June 30'32. Dec. 31'31*
S
$
Lialrairtea$
Assets$
Fixed capital
84,190,376 84,828,579 Common stock „x35,575.565 35,575,565
679,749
38,370 Funded debt-----29,162,250 29,188.750
Sinking fund
Miscell. investmls 6,042,841 5,481,003 Adv.from affil. cos Ii 885,500 4,154,500
273,506
Accounts payable. .91,774
Adv. to affil. cos._ 510,000
135
Cash
1,025,859 1,287,341 Consumers depos's
Accts.receivable 1,573,139 1,408.167 subscrip. to stock
of But., Niagara
37,540
Marketable securs 533,790
319,862 .4 Eastern Power
Mans.& supplies_ 315,734
38,720
27,335
Corp. for empl.
Prepayments
486,337
563,217
780,395
Taxes & rents accr 961,342
Empl. subscrib. to
212,954
Interest accrued__ 183,790
stk. of Buffalo,
Res. for retire. of
Niagara dt East.
Plant & property 9,148,266 9,022,700
Power COM5,704
10,057
340,416
Other reserves.... 486,146
Unamort.debt disc.
1,566,360 1,602,816 Capital surplus__ 5,722,958 5,722,958
expense
&
9,640,195 10,288,139
21,646 Profit & loss
45,366
Miscell. def. debs.
96.975,257 95,598,598
96,975,257 95,598,598
Total
Total
x Represented by 742,241 shares (no par).
-V. 134. P. 3636.
-Earns.
Niagara Share Corp.
-Conversion of Debentures
This corporation, having heretofore filed with the Marine Midland Trust
Co. of New York, as trustee of the 20 year 5;.i% cony, gold debentures
due May 1 1950, a statement relative to the change of the conversion price
and the existing conversion right of the holders of said debentures, the Ll'us,
company below gives the following summary ofsuch statement in accordance
with the provisions of the trust indenture:
The corporation has recently been recapitalized by (inter alia) the issuance of one share of class B common stock in exchange for each five shares
of the common stock theretofore Issued and outs:anding. Thereafter
36,691.35 additional shares of its class B common stock were issued by way
of a dividend on the class B common stock.
As a consequence of the recapitalization of the corporation and the
of the
Issuance of said additional stock, the conversion right of the holders owner
debentures been has adjusted so that the bearer or registered
of the principal amount of $1,000 shall be
of any such debentures
entitled, at his option, upon the terms and subject to the conditions
stated in the trust indenture, to convert the same at any time after May 1
take
1932, and on or prior to May 1 1938, or, if called for redemption to date
Place after May 1 1932, and prior to May 1 1936, on or before thestock
shares of class B common
fixed for such redemption into 9.0815
(equivalent to 45.4075 shares of the former common stock, and instead of
Aug. 6 1932
40 shares of the former common stock as originally provided); subject ,however, in any such case, to further adjustment of the conversion basis in
certain events and to all of the provisions in respect of such conversion
privilege as stated in the debentures and in the trust indenture dated Mayl
1930.
Earnings.
For income statement for six months ended June 30 see "Earnings Department" on a preceding page.
Consolidated Statement of Capital Surplus June 30 1932.
Net impairment of capital surplus at Jan. 1 1932, after provision for depredation in security values
$3,611,248
Credits
Surplus resulting from issuance of, or provision for, new
class B common stock ($5 Par value) in exchange for old
common stock ($5 par value) on a basis of 1 new share for
5 old shares
29,419,811
Discount on debentures & pref. stock purchased (less bond
discount & expense applicable thereto)
560,697
Gross capital surplus
$26,369,260
Charges
Net loss on sales ofinvestments based on original
cost
4,041,332
Reserve for fluctuation in market value applicable
to investments sold
Cr3,622,293
419,038
Expenses applied to sales ofinvestments
27,242
Adjustment to conform with market value of securities held
on June 30 1932
18,544,193
Miscellaneous
2,298
Capital surplus June 301932
$7,376,488
Consolidated Balance Sheet June 30.
1931.
1932.
1931.
1932.
Assets
$
Cash
2,514,770 2,165,299 Accts. payable__
182,929
770,080
Accts. & notes
Notes payable_ c 1,508,000 7,645,000
receivable
1,892,171 2,448,671 Divs. & int. pay
940,605
216,363
Int. and divs. rec
154,858
335,879 20-yr.535% conLong-term notes
vertible debs_ 13,160,000 14,950,000
receivable.... 7,831,000 7,960.000 1st mtge. bonds
Stocks & bonds_e20.663,0085134,931,538
of subsidiary_
235,000
Mtges.& real est
112,161 131,687,359 Mtges. payable
Office bldg. and
on real estate
equipment _ 832,115
498,011
512,687
owned
Invest banking
Reserves for Fed.
house good-will
198,087
9,700,000 & State taxes_
Office furniture
Res,for unearned
& equipment_
75,069
40,781
fees & discts_
53,777
Unamort. bond
Miscell. liabils
1,576
discount & exp
599,774
719,559 86 pref.stock_ _ _ 3,027,900 3,041,500
Mtscell. assets
63,514
38,713 Com.stk.(par$5) 7,537,836 36,771,443
d6,160
Scrip outstand'g
Res.for conting. 1,000,000 1,000,000
Res. for fluctuation in market value of
52,709,492
Investments_ Capital surplus_ 7,376,487 41,038,768
540,175
Earned surplus_
358,957
Total
34,370.048 160,553,483
Total
34,370,048 160,553,483
a Market value, $82.241,444. 12 Depreciation in value covered to the
extent of $19,399 by reserves for fluctuation in market value of investments.
c Secured to the extent of $1,500.000 by the deposit of miscellaneous stock
exchange collateral. d Scrip expiring July 1 1931 is exchangeable into
56 shares preferred stock. 112 shares common stock and 336 warrants to
subscribe to an equal number of common shares at $32 per share on or
before March 1 1933. e After reserve for fluctuation in market value of
$96,205,442.-V. 134, p. 3992.
Nichols Copper Co.
-To Pay Bonds.
-
All of the outstanding 6% 20 year gold debenture bonds, due Sept. 1
1932, will be paid on the maturity date, it is announced.
Holders of said bonds should present and surrender them on or after
Sept. 1 1932,at the office ofthe Title Guarantee & Trust Co.,176 BroadwaY,
N. Y. City.
-V.132, p. 2786.
Noma Electric Corp.(& Subs.).
-Earnings.-Feb. 29-Feb. 28
Years Ended1932.
1931.
1930.
Net profit after chgs.and Fed. taxes
$61,906
$470,018
$209.092
Shs. of corn.stk,out'g.(no par).-221,532
225,000
225,000
Earnings per share
$0.27
$0.93
$2.08
Consolidated Balance Sheet
Feb. 29
Feb.28
Feb. 29
Feb. 28
Assets
1932.
1931.
Cash
$157,113 $104.256 Notes payable.... $65,829 $100,000
Notes&accts.reo_. 170,272
192.914 Accra payable....
14,664
32,870
Mdse. inventory _ 557,780
710,716 Accrued Items_ .-5,086
10,846
Sundry accts.,rec_
2,539 Accts.rec.cred.bal.
4,645
8,311
Stock purch. for
Res.for Fed.taxes.
40,868
80,803
empl. subs.
40,591 Cora. stk.& surer. 7892,876
973,120
Mach.,fur.&flx....x 102,997
100,964
Deferred chags
32,805
45,659
Patents
1
1
$1,025,613 $1,197,639
Total
Total$1,025.613$1,197,639
x Less reserve for depreciation. y Represented by 221,532 shares o no
par value.
-V. 134, p. 3109.
Noranda Mines, Ltd.
-Earnings.
-
For income statement for 6 months ended June 30 1932 see "Earnings
Department" on a preceding page.
-V. 134, p. 4335.
Northern Insurance Co. of N. Y.
-Reduces Dividend.
-
The directors recently declared a semi-annual dividend of 4% on the
capital stock, par $25, Payable July 28 to holders of record July 28. Previously, the company made semi-annual payments of 8% each.
-V, 123.
p.2530.
-V. 106, p. 1799.
North German Lloyd (Steamship) Co.
-Resignation.
-
Ernest Glaessel has resigned as a member of the board of directors.
-V.
134, p. 3992.
Ohio Brass Co.
-Sales Agreement.
The company announces that it has disposed of its line of wood cross
arm hardware, wood guy strain insulators and steel insulator pins to
Hubbard & Co., Pittsburgh, Pa. The latter company is licensed to manufacture and sell pole line hardware developed by the Ohio Brass Co. and
protected by its patents. This is a manufacturing and sales arrangement
only, and there is no financial interest of either company in the other.
These materials, in the future, will be manufactured only ...by Hubbard &
Co., although both companies will co-operate in the sale of the devices.
Future development work on this class of materials also will be carried forward by both companies. Due to the specialized manufacture and engineering of similar materials by Hubbard, both companies expect that
users will benefit by this co-operative arrangement. ("Electrical World.")
-V. 134, p. 2166.
Otis Steel Co.
-New Officer.
S. E. Montgomery, formerly Vice President in charge of operations of
Wheeling Steel Corp., has been appointed Assistant to the President of
Otis Steel Co.
-V. 135. p. 829.
Ontario Equitable Life & Accident Insurance Co.,
Waterloo, Ont.-No Dividend Action Taken.
The directors on June 18 took no action on the dividend ordinarily
payable about Aug. 10. The last previous payment of 20c. a share was
made on Feb. 10 1932, and compares with 30e. a share previously paid
each six months.
-V. 134. p. 1209.
Financial Chronicle
Volume 135
-Earnings.
Ohio Copper Co. of Utah.
Calendar Years1931.
Copper produced (lbs.).
659,213
Operating cost per lbAver. price realiz. per lb_ •
Operating profit
def$44,963
Miscellaneous income_ _ _
4,919
1930.
2,048,369
13.2641c.
1.29503c.
def$1,856
30,608
1929.
2,215,178
14.0613c.
18.0385c.
$88,099
29,508
1928.
3,973,282
11.427c.
14.
3119013
,
26,025
def$10,044
Totalincome
Interest on bonds,&c _
Local & Fed, taxes, ins.,
admin.expense,&c_
50,307
Res, for deprec. of new
39,600
plant
Res. for deplet. of mine_
6,964
Adjustments
4,084
Year's prop. of bond disc
$28,751
13,001
$117,608
13.165
$145,039
32.763
68,474
77,614
49,113
39,600
25.581
39,600
27.929
39,600
50.095
329
7,090
Deficit
$140,999
$117,904
$41,031
$33,624
Prof.&loss def. Doc.31_
488,051
347,052
229,147
244,690
Comparative Balance Sheet Dec. 31.
Assets1931.
Liabflilies1931.
1930.
Property account.$3,728,801 53,729,070
Capital stock
$3,321,000 $3,203,325
Investments
542,243
384,647 Funded debt
179,000
179,300
Inventories
14,647
28,505 Accounts payable.
18.959
35,190
743
Cash
133,446 Accrued items__
12,171
4,149
receivable._
321
Accts.
1,206 Reserves
1,247.252 1,208,216
Notes receivable
6,000
Notes payable.
6,500
Interest receivable
1,108
Prepaid items__ - _
2,967
6,253
Deficit
488,051
347,052
Total
$4,784,882 $4,630,179
-V. 132. P. 3163.
Total
The plan outlined in the notice of special meeting of stockholders, dated
May 18 1932 was approved by the stockholders at the special meeting
held May 28 1932 and, in accordance with the plan, substantially all of the
assets of this company have been sold to a new company which has been
organized in New York, with the name of Ovington's Gift Shop. Inc.
Certificates for shares of the participating preference stock and common
stock of the new company have been delivered to the Chase National Bank
of the City of New York and arrangements have been made for the issuance
and deliver) by it to the holders of outstanding receipts of the shares of
,
stock of Ovington Bro's Co. and of Ovington's Gift Shop, Inc. issuable
under the plan.
Each holder of a non-negotiable receipt is now entitled, upon the surrender
thereof as hereinafter provided, to receive certificates for the shares of
cumulative participating preference stock and(or) common stock of Ovington Bro's Co. and for the shares of the participating preference stock
and(or) common stock of Ovington's Gift Shop, Inc. to which he is entitled
under the plan, to-wit: three-fourths of a share of cumulative participating
preference stock of Ovington Bro's Co. and one share of participating preference stock of Ovington's Gift Shop, Inc. for each share of cumulative
participating preference stock of Ovington Bro's Co. represented by his
receipt. and(or) three-fourths of a share of common stock of Ovington Bro's
Co. and one share of common stock of Ovington's Gift Shop. Inc. for each
share of Common stock of Ovington Bro's (.o. represented by his receipt:
the plan providing that in any case so much in excess of three-fourths of
each share of cumulative participating preference stock or common stock,
as the case may be, of Ovington Bro's Co. will be delivered as shall be
necessary to avoid the Issuance of fractional shares.
All holders of receipts have been urged, therefore, to forward the same
as soon as possible to the Chase National Bank of the City of New York,
depositary, 11 Broad St.. N. Y. City.
The Chase National Bank of the City of New York has been appointed
transfer agent for the participating preference stock of Ovington's Gift
Shop, Inc.
A recent circular letter to the stockholders stated in substance:
Ovington Bro's Co. for the year ended Jan. 31 1932 reported a net loss
for the year, before extraordinary losses, depreciation and amortization
charged against reserves, of 5234,096, and a decrease in net sales, as compared to the previous fiscal year, of $509,731.
The detail of the extraordinary losses for the years 1928 to 1931 inclusive
are as follows;
Jan.31 Yrs
1928-29_ _ _
1929-30_ _ _
1930-31_ _ _
1931-32_. _
$27,002
12,904
12,956
12.956
Chicago
Furniture
& Fixtures.
Amortization.
314,063
202,977
Sub-Lease
436-515 Ave
$123,830
46,020
49,754
48,885
Amortt of
1.
Loss on
Leasehold
Chicago
impt. at
Store Oper. 436-5th Are
1146,928
$8,072
42,380
Total..,, 565.818 3202.977
214.063 2266.489 3146.928
zsa coA
Ovington Bros. Co. had issued and outstanding 100.000 shares of no
cumul. partic. preference stock and 79,650 shares of no par common par
stock
(including 39,9)5 shares held in the treasury of the company).
dosses of the company led the board of directors to reduce the statedPrevious
value of
the preference and common stock to $1 per share during the year
ended
Jan. 31 1931. This action, which was ratified by the stockholders
at a
on
tigehg,d
,
as of that date of $422,
o4o. This surplus has
r
reduced to $180,1170 M
ae
of Jan. 31 1932.
To Be Presently
Capitalization of New CompanyAuthorized.
Outstanding,
Prior preference stock, par 10c
200,000 shs.
100,000 shs.
&Panic. preference stk, par Sc
stock,
100,000 shs.
100,000 shs.
bCommon stock, par 5c_
400,000 shs.
200,000 slut.
a The panic. prefereneb stock will be entitled, after provision for
dividends upon the prior preference stock, to cumulative preferential dividends
of eight cents per share per annum. In addition, out of the surplus
or net
profits remaining (a) during the first two years, after provision for the
payment of cumulative preferential dividends of two cents per share per
annum
on the prior preference stock and the cumul. preferential dividends of
eight
cents per share per annum on the panic. preference stock, and (b)
after
first two y•ears, after provision for the above-mentioned preferential the
dends and also for the redeintialon fund for the redemption of the diviprior
preference stock, all dividends declared and paid up to 5150.000 in any
one
years shall be divided and paid as follows; one-half thereof up to
shall be distributed to the holders of the panic, preference stock as a$75,000
proportion to their respective holdings of such stock: and the other class in
one-half
thereof, uo to 575,000, shall be distributed to the holders of
stock as a class in proportion to their respective holdings ofthe common
such stock.
additional dividends thereafter declared and paid in any
Any
shall be divided and paid 20% to the holders of partic, preferencefiscal year
stock ass
class and 80% to the holders of common stock as a class, in proportion
to
their respective holdings.
Upon any liquidation or distribution of assets the holders of the panic.
preference stock, after payment in full to the holders of the ploy
stock of the amount to which they are entitled upon liquidation aspreference
aforesaid,
shall be entitled to receive the sum of 25 cents per share, plus an amount
equal to all accumulated unpaid dividends thereon before the payment of
any sums to the holders of common stock. After payment of such sums to
the holders of the partic. preference stock any remaining assets of the
company shall be divided one-half to the holders of the panic. preference
stock as a class and one-half to the holders of the common stock as a class,
proportion to their respective holdings.
11 b Each share of stock of the new company irrespective of class, will have
one vote.
-It is contemplated that any part or all of the additional 100.000
Note.
shares of prior pref. stock and 200.000 shares of common stock of the new
company presently to be authorized and not to be purchased as aforesaid
will 130 offered to stockholders of the new company and stockholders of the
old company, if applied for or if additional working capital is required.
To furnish cash working capital necessary for the business of the new
company, a group of stockholders will subscribe for 100,000 shares of prior
special meeting
Ovington's Gift Shop Inc.-(
formed toj
cguire Substantially All of the Assets of Ovington Bro's. Co.Ovington Bro's. Co. above.
-Seeks to Terminate Litigation.
Owl Drug Co.
Although the 42,000 shares of this company's pref. stock deposited for
exchange of common stock of Drug, Inc.. do not constitute 75% of total
outstanding specified in the terms of exchange outlined by Drug. Inc., in
its offer, the latter company has decided to proceed with adjudication of
the stockholders' suit in a Los Angeles Court as a move preliminary to the
completion of the exchange.
Hearing on the adjudication will be held Aug. 22 in Los Angeles. nondepositing stockholders have been notified. Joseph I. Zook. President of
the Owl Preferred Stockholders' Association, explained that impending
court proceedings are calculated to terminate litigation in order that
Drug, Inc., stock may be delivered to depositing holders of Owl Drug
pref. stock.
-V. 134. p. 4170.
Pacific Freight Lines Corp., Ltd.(& Subs.).
Consolidated Income Account Year Ended Dec. 31 1931.
Operating revenues
916:8 8
52:
1 040 12
Operating expenses
Income from operations
Other income
$123.304
48.647
Net income
Interest deductions
5171,951
173,812
54,784,882 $4,630,179
Ovington Bro's. Co. N. Y. City.
-Transfers Substantially All of Its Assets to New Company.
-
Chicago
Lease.
1001
preference stock (par 10c.). 100,000 shares of partic. preference stock
(par Sc.) and 200,000 shares ofcommon stock (par Sc.) of the new company.
to be paid for at par in cash. Of this stock, 100,000 shares of partic. pref.
stock and 39,745 shares of common stock are to be transferred from underwriting group on exchange for stock of old company if 100% exchange is
effected.-V. 131, p. 284.c
,Da.;.011,unirnrited.ofueril.caardtaalba:ptct;E
.
wnid)y
Net loss, before depreciation, management fees, &c
Depreciation
1.
Losses on retirement offixed assets
Management fees
Miscellaneous
Net loss
Non-recurring income
51.861
217,467
9,568
24.282
1,236
$254,414
13.190
Balance transferred to surplus
$241,224
Consolidated Balance Sheet Dec. 31 1931.
Assets
Plant, property, equipment,
6% serial gold notes of Pacific
franchises, &c
55,985,545
Freight Lines, Inc
$841,500
118,391 Mortgages payable
Cash
335,822
Accts.receiv.-less reservesfor
Equipment contracts payable.
98,125
uncollectible accounts
175,775 Accounts payable
130,745
Materials and supplies
26,471 Salary contract Payable
6,250
Special deposits
7,070 Salaries & wages payable
26,458
Investments-miscellaneous
6,753 Taxes payable & accrued
35,545
Accrued interest payable
Due from United American
7,943
Utilities, Inc.(Accts.receiv) 164,061 Accrued in urance premiums
7,611
Deferred charges
87,579 Due to United American Utilities. Inc.(Notes)
1,590,181
Reserves for claims tIc conting_
16,596
Capital stock
x1,300.000
Common
y2,331,097
Deficit
156.228
56,571,645
Total
x Includes 65,000 (no par) shares
-V. 131. P. 3888.
Total
$6,571,645
y Includes 10.000 (no par) shares.
Packard Motor Car Co.
-Comparative Balance Sheet.
June 30'32. Dec. 31'3,4
Assets$
xProperty invest_32,252,570 33,441,952
Rights. privileges,
& inventions1
1
Mtge. & land contracts received._ 953,066 1,038,607
Inventories
7.828.470 7,874,067
Accts. received.-- 495,488
790,558
Def. instal. notes_ 1,289,161 1,860.207
Munic.& State bds 1,638.275 2,705.904
Gov. securities.-- 6,587,315 7,875.750
5,238,255 3,412,832
Cash
Deterred charges
319,186
595,839
June 30'32. Dec. 31'31.
Capital stock-.-.y40.000,000 50,000,000
Accts. payable, &c
72,746 1.648.465
Mined. liabilities. 1,308,209
807.828
Other current rte. 811,397
666,861
Reserves
1,000,000 1,250,000
Surplus
12,709,435 5,222,563
Total
56.601.787 59,595,717
Total
56,601,787 59.595,717
it After depreciation. y Represented by 15,000,000 no par shares.
V. 135. p. 829.
Pacific Western Oil Corp.
-Earnings.
-
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-V. 132. p. 671.
Panhandle Producing & Refining Co.
-Earnings.
-
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Consolidated Balance Sheet June 30.
Assets1932.
1931. I Liabilities1932.
1931.
aProperty acct___$2,198,383 $44,069,729 Preferred stock-31.735.900 $1,785,900
Investments
77,965
109,465 Common stock. b1.054.872 1,034,703
Cash
44.501
33,484 Notes payable, &o 227,777
300,699
Oil
96,543
87,520 Accounts payable_ 318,038
372,974
Inventories
305,087
338,436 Accrued liabilities87,998
62.056
Accts.& notes ree_ 185,300
400,245 Purchase money
Deferred charges...
27,744
50,737
obligations
63,199
175,286
Reserves
16.469
36,432
Approp. surplus 1,433,438 1,321,566
Deficit
1.992,167
Total
$2,935,524 $5,089,616
Total
$2.935,524 $85,089,616
a After depreciation, depletion and amortization reserve. b Represented by 198,770 no par shares.
-V. 134, p. 3651.
Paramount Publix Corp.
-Pay Interest on Debentures.
The corporation on July 29 deposited with
trustee, funds in payment of the coupon due the Chase National Bank,
Aug. 1 1932 on its 535%
gold debentures.
-V. 135. p. 310. 145.
Park Utah Consolidated Mines Co.
-Earnings.
--
For income statement for 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 134. p. 2541.
(J. C.) Penney Co., Inc.
-Balance Sheet June 30.1932.
Assets$
Furniture, fixtures,
land.&e
10,669,706
Cash
8,527.631
Merchandise
43,303,717
Stk. subscrip. held
for employees
Accts. receivable,
advances, &tr.__ 2,520,976
Prep'd exps., &a._ 285,115
Treasury stock.._ 1,406,066
Inv. in sub. cos.__ 2,137.470
Impts. and leaseholds,less amort. 3,824.957
1931.
$
11,311,520
10,163.701
44,834,141
9,375
2.281,011
1,345.217
2,115.684
1932.
Liabilities
-.
6% pref.stock---19.921.500
Classified common
Common stock-x23,622.766
Accounts payable.. 5.080.824
Fedi tax reserve-- 1,399,875
Mtges. payable...
Reserve for flre
losses, &c
1,898,812
Surplus
20.751,860
1931.
19,916.100
32,000
23,620.590
8,280,981
2,291,493
113,000
2.735,295
19.450.638
4,379.448
Total
72,675.638 76,440.097
Total
72,675,638 76,440,097
x Represented by 2,468,984 no par shares.
-V. 135. p. 829.
1002
Financial Chronicle
-Proof Co.—Omits Common Dividend.—
Parker Rut
The directors on Aug. 5 decided to omit the quarterly normally payable
about Aug. 20 on the common stock, no par value. Quarterly distributions
of 75 cents per share were previously made on this issue.
Aug. 6 1932
Peoples Drug Stores, Inc. (8,r Subs.).—Earnings.----
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.—V. 135, p. 474.
Pierce-Arrow Motor Car Co.—Earnings.---
Earnings.—
For income statement for 3 and 6 months ended Juno 30 see "EarningsFor income statement for 13 and 26 weeks ended July 2 1932 see "Earnings \ Department" on a preceding page.—V. 134, p. 3652.
page.—V. 134, p. 3470.
Department" on a preceding
Dividend.
Phillips Petroleum Co.—Semi-Annual Report.—
Pillsbury Flour Mills, Inc.—Smaller Quarterly
dividend
—The directors on August 4 declared a quarterly
"Earnings
For income statement for 3 and 6 months ended June 30 see
of 30 cents per share on the no par common stock, payable
Department" in last week's "Chronicle," page 809.
says in part:
Frank Phillips, President,
September 1 to holders of record August 15. This compares
undergone severe
Property values of every kind and description have
with quarterly dividends of 50 cents per share paid from
industry has been immune.
declines. Hardly an
on the books
June 1 1929 to and incl. June 1 1932. In addition, an extra
The company's policy is to carry its capital assets
depreciation, and retireat cost, less proper deductions for depletion,
distribution of 50 cents per share was made on Sept. 1 1929.—
through disments. No property, which has appreciated in value books at any
V. 133, p. 1463.
covery, development, or other causes, is carried on the
figure above cost.
affected values
Pittsburgh Screw & Bolt Corp.—Earnings.—
Low prices for oil and its products have necessarily
made unprofitable
For income statement for six months ended June 30 see "Earnings
and earning power. These reduced price levels have properties. ConDepartment" on a preceding page.
the recovery of reserves of oil and gas from certain
down to bring
The balance sheet as of June 30 1932, shows total assets of $14,695.255,
servatism suggests the wisdom of writing such values is being and
action
comparing with $15,930,216 on June 30 1931, and total surplus of $9,056,865
them in line with present-day conditions. Such the oil business, as
against $9,926,785. Current assets, including $3.037,997 cash and markethas been taken, by a large number of concerns in
able securities, less reserve, amounted to $5,020.382 and current liabilities
well as in other lines of industry and finance.
of 516.000,000
were $226,390 comparing with cash and marketable securities, less reserve.
The directors have, therefore, approved a reduction
amount has been
of $3,659,632, current assets of $6,135,807 and current liabilities of $591.431
the book value of the company's properties. This
In
on June 30.—V. 134, p. 3835.
account and added to reserve for
charged against earned surplus
balance sheet.
depletion and depreciation, in the June 30 reserves for depletion and
Pittston Co.—Earnings.—
After this adjustment, and allowance for
Independent Oil &
For income statement for Six months ended June 30 see "Earnings
depreciation which accrued on the books of the the figure at which
Department" on a preceding page.—V. 134, p. 4171.
Co. before we purchased its physical properties,
Gas
now carried on
the capital assets of the Phillips Petroleum Co. are
Plymouth Oil Co.—Earnings.—
its books is less than 50% of cost.
For income statement for six months ended June 30 see "Earnings
to obviate the necessity for abnormal reserve
This action will tend
profit figures inDepartment" on a preceding page.—V. 134, p. 3835.
charges in the future, and will make reported net for depletion, dedicative of current results. Such abnormal charges
1932 income
Pocahontas Corp.—Tenders.-preciation, and retirements were seen in the first quarter figures parThe Union Trust Co. of Pittsburgh, trustee, will until Aug. 10 receiveaccount. The improvement in the second quarter income
bids for the sale to it of 6% gold bonds, dated Dec. 15 1923. to an amount
the action approved by the directors. Aptially reflects the result of
should act as
sufficient to exhaust $200,784.—V. 134, p. 1779.
preciation in values, not shown in the balance sheet,
insurance against possible future declines in values.
Pond Creek Pocahontas Co.—Earnings.—
Gas Co.—As stated in the
Phillips Pipe Line Co. and Phillips Natural
For income statement for 6 months ended June 30 see "Earnings DePhillips Natural Gas
1931 annual report: "Phillips Pipe Line Co. and Pipe Line Co.) were
partrnent" on a preceding page.—V. 135, p. 475.
Great Lakes
Co. (which owns an interest in the
order that they
organized as affiliated but non-owned companies in activities. HowPotomska Mills Corp.—Earnings.—
might, by bond issue or otherwise, finance their own
prevailing, this could
Earnings for Year Ended Dec. 311931.
ever, because of the general financial conditions
$1,829,815Manufacturing profit
a favorable basis, and Phillips Petroleum Co. advanced
not be done on
1,804.401
Expenses taxes, interest, &c
them money for construction purposes."
74,934
PeDepreciation
companies were taken over in July 1932 by the Phillips perBoth
no individual Or group made any
troleum Co. In this transfer,
$49.519
Loss for year
sonal profit. All benefits accrued to your company.
the steadiest
Balance Sheet Dec. 31 1931.
It is evident that these two subsidiaries will be among advanced by
and best earners in the company. Money, borrowed and
Assets—
Liabilities—
will now
$1,200,000
Phillips Petroleum Co. for pipe line construction purposes
Plant
x$706,185 Capital stock
operating income.
150.000
be repaid out of consolidated net
Cotton and silk
55,367 Notes payable
its
units with
73,328
Both pipe lines tie together the company's refining
Stock in process & cloth &
Accounts payable
its finished
73,426
marketing and distributing facilities, enabling it to deliver values have
waste inventory
374,173 Profit and loss
New
products to the ultimate consumer at minimum cost. the company has
Supplies
3,250
added to widely distributed properties, and
Cash & accts. receivable
thus been
179,355
of
Trade acceptances
been placed in a strategic position for advantageous development
565
Central
150,401
Liberty bonds
the enormous business in its natural trade territory, the
Inv. New Bedford Waste Co..
700
United States.
have been
Prepaid insurance
General Reinarks.—During the last 12 months, prices
26,126
however,
Prepaid interest
.541
at record lows. The prices for company products are now, with the
at higher levels. The growing popularity of these products present
$1,496,754
Total
Total
$1,496,754
public, is an important factor in profitable operation under
conditions.
x After depreciation of $614,317.—V. 133, p. 494.
that
It is unwise to predict future income, but interesting to note for
income
at the second quarterly rate, consolidated net operating
Price Bros. & Co., Ltd.—Plan Withdrawn—Aug. 1
one year,
the Phillips Petroleum Co. and its present subsidiaries for purchase
Interest not Paid.—
its net working capital would be sufficient to
together with
recent average
Lord Beaverbrook has withdrawn his plan for reorganization of the comall of the company's outstanding bonds and stock at ridiculously low
pany because of opposition to the plan by important interests.
market quotations. This fact clearly emphasizes the
compared with its cash income and
The statement handed out by Lord Beaverbrook to press representatives
price of the company's securities
in London was as follows:
earning power.
"Several security holders and some of the creditors of Price Brothers &
The funds of the company will, of course, not be used for such
its
Co. have not accepted the reorganization scheme put forward by me on
purchase, being employed for the preservation and improvement of
perJuno 4. I have withdrawn the plan."
current position and properties. Net operating income is now being
-year sinking
Interest duo Aug. 1 on the $11,061,600 1st mtge. 6% 20
mitting a rapid reduction of liabilities. Plants and facilities are
fund gold bonds, due in 1943 has not been paid.
maintained in first-class condition, and the cost entailed charged to
The following statement was issued by Harris, Forbes & Co., Ltd.,
current expense.
Montreal investment bankers, distributors of the bonds:
Stockholders are no doubt aware of the very heavy taxes which have
the
"Interest due on the 1st mtge. 6% bonds of Price Brothers & Co. was
been imposed upon the oil industry. They range from taxes on
not paid, and it is understood that an announcement will be made shortly
of gasoline and other
production of crude oil to taxes on the sale
of the formation of a committee for the protection of the bondholders, at
products. Some of these taxes are a direct charge against the earnby cutting
which time communications will be sent to all holders."—V. 135, p. 475.
ings of the company. All of them tend to decrease income make evaconsumption. And worst of all, excessive gasoline taxes
"--Producers & Refiners Corp.—Preferred Stockholders
to dishonest marketers as the rate in- -- sion increasingly attractive
creases. Evading the tax, they sell at prices which have demoralized
Committee.—
unthe price structure and cost the industry and State Governments
company
Formation of a protective committee to represent the interests of holders
told millions of dollars. Stockholders will greatly aid the
of preferred stock, following the issuance of the first general report by the
taxes;
and themselves by asking their legislators to reduce excessive
receivers for that corporation, revealed in a notice calling for deposits.
and oil purchases, all cut-price
and by avoiding in their own gasoline
Ernest Sturm. Chairman of the Board, Continental Insurance Co., heads
service stations.
the committee, the other members being Sherman M. BiJur, of H. Ifentz &
Fundamental or basic economic conditions in the oil industry have
N. , d James 0. Stanley, Attorney. C. E. Sigler, Sec., 70 Broadway,
CO. ancity
y
Court of the
been slowly but surely improving. In May, the Supreme
United States upheld the authority of the Oklahoma Corporation
The report of the receivers, the notice points out, discloses that approxicrude oil. During June,
Commission to control state production of
mately 65% of the outstanding common stock of the corporation is owned
the production of crude oil in California was reduced sufficiently to
by Commonwealth Petroleum Holding Co., a wholly owned subsidiary of
allow increased prices for refinable crude oil and gasoline. In June
Consolidated 011 Corp., and that Consolidated Oil Corp. and its subsidiary
also, Congress placed import taxes on petroleum and gasoline, which
companies own approximately 96% of the total estimated indebtedness of
will tend to lessen the quantities coming into this country from
Producers & Refiners.
abroad.
"In the circumstances," the committee declares, "it is of the utmost
In accordance with co-operative effort, under the regulation of
importance that holders of the preferred stock should unite for the protection
company's operations
State authorities, to reduce over-supply, the
of their interests and they are urged promptly to deposit their shares."
have been curtailed. Its daily production of crude oil for the first
Central Hanover Bank & Trust Co. is named depositary for the comhalf of 1932 was 53,627 barrels gross and 37,788 barrels net, only
mittee, which has been organized at the request of holders of a large amount
about 2% of its potential production. Natural and refinery gasoline
of the preferred stock; and Larkin. Rathbone & Perry are acting as its
production was 38.817 barrels daily, which has been largely sold
counsel. A protective agreement lain course of preparation.
through the company's outlets.
Receivers' Report.—
During the six months period further economies have been effected
A report of the receivers shows the assets taken over by the receivers had
both in the administration and operation of the company, which is
an estimated value of $16,422,812 as of May 7 1932. Current assets
now on a minimum cost basis.
amount to $2,798,355. The estimates are said to represent the considered
Comparative Consolidated Balance Sheet
opinion of the receivers as to the present fair market value of the several
June 30, '32 Dec. 31 '31
Llablllfies June 30, '32 Dec. 31, '31
Assets
properties enumerated and valued as part of a going concern.
pit. & prop.y$138,415,974 $159,785,585 Capital stk._x$120,124,567 $120,374,541
Debts and liabilities are estimated at approximately $14,301,701, of
32,053,000
Fund. debt__ 31,127,000
Accts. & notes
which $10,004.800 consist of notes payable to banks. The company has
5,119,685
5,069,056 Ind. Oil &
receiv. ____
outstanding $2,845,350 preferred stock and 337.438.950 common stock.
2,118,500
1,752,500
Gas debs.__
A c c r d. int.
Subsidiary companies are not in receivership. The company's interest
13,025,403
19,547 Notes payable 10,016,942
17,996
receivable _
in subsidiaries is carried as investments in other companies, stated as
from these companies.
3,059,174
Accts. payable 2,692,621
Mark'able se$6,811,815, and notes and accounts receivableto
estimate the value of the
13,438
21,363 Def.
porch.
ritles
"The receivers have not had sufficient time
°Nig. (curCrude & recompany's investment in the stock of Southwestern Development Co."
533,933
432,534
prodrent)
L. R. Crawford and P. C. Spencer, receivers.
says a statement from
fined
12,233,174
11,204,972 Def..
purch.
ucts
"Therefore, Producers & Refiners Corp.'s book value thereof has been used.
2,262,336
2,752,982
°bag.
&
Materials
A supplemental report covering Southewstern Development Co. and its
3,296,018
3,089,570 Aced.
items
supplies ___
subsidiaries will be submitted to the court by the receivers at a later date."
& tax reEmployes stk.
The report of operations of Producers & Refiners Corp. in receivership,
2,149,699
2,003,244
326,489
155,372
serve
for the period from May 8 to May 31 1932, shows gross operating profit of
account ___
594,216
723,915
5,274,249 Ins. res., etc.
5,478,815
Cash
$73,735 and net profit of $35.221 after depletion, depreciation, receivers'
113,405
540,319
Def. credits__
stk.
Capital
compensation and expense, and all charges except interest.—V. 135, p.310.
25,079,333
8,266,842
Earned sur.__
of & adv.
to affil. &c.
Investing Co.—Dividend Omission.—
15,133,619
14,409,831
cos.
The directors have voted to omit the dividend ordinarily payable about
&
Deferred
Sept. 15 on the no par value common stock. From June 1931 to and incl.
1,439,090
1,273,163
defd. chgs._
March 1932. quarterly distributions of 20c. per share were made as compared with 25 cents per share previously each quarter.
$180,433,465 $201,363,540
Total
$180,433,465 $201,363,540
Total
Six morths ago it was announced that payments would be made semidepletion
x Represented by 4,156,908 no-par shares. y After depreciation and
annually Instead of quarterly.—V. 134, p. 1779.
of $118,884,238.—V. 134, p. 3110.
-Earnings.
Purity Bakeries Corp.
For income statement for 12 and 28 weeks ended July 16 see "Earnings
-V. 134, p. 3471.
Department" on a preceding page.
-Film Contract.
Raclio-Keith-Orpheum Corp.
-V. 135, p. 830.
See Columbia Pictures Corp. above.
-New Contract.
RCA-Victor Co., Inc.
Final steps are being taken in preparation for the sale in F. W.Woolworth
Co. stores of phonograph records manufactured especially for the latter by
as new
RCA-Victor Co., Inc. The records are to be placed on sale as soon
reproducing machines designed for store operation are installed. Records
made under an exclusive contract with RCA-Victor Co., Inc.,
are being
and will be supplied in two sizes, 8 and 18 inch, to retail at 10 cents and
20 cents, respectively. Records sold by music companies had been offered
-V. 134, p. 688.
in 10 and 12-inch sizes.
-Earnings.
Rainier Pulp & Paper Co.
1930.
1931.
1929.
1932.
Years Ended Apr. 3032,430,502 $1,712,164 $2,300,926 32,430,264
Sales
1,502,055
1.613,946
1,595,495
1,823,649
Cost of goods sold
108,385
127,027
x150,495
152,288
Depreciation
$101,724
Dr.36,188
$559,952
Dr.18,828
$684.273
19,593
$426,195
365.536
$541,123
$703,867
202.439
235.654
61,500
162,171
55,089
3479.623
415,250
$486,607
246,016
Operating profits_ _ _ _
Interest earne1 (net)___ _
$454,565
Dr.28,370
Total profit
Extraordinary expenses
and losses
Non-recurring interest _
Taxes
Balance
Dividends paid
$216,788 loss$170.119
180,750
6,068
364,373
$240,591
$216,788 loss$350.869
Balance, surplus
Earnings per share on
223,000 shares comNil
$2.15
$2.18
$0.97
bined A and B stocks..
x Includes operating expenses.
Balance Sheet April 30.
1932.
Liabilities1931.
1931.
1932.
AssasCurrent assets__-- $732,805 $980,598 Current liabilities. $377,254 $899,633
1st mtge. 6% gold
2,500
Invest'ts at cost__
bonds due 1916_
54,000
Land & buildings. 2,716,626 2,690,358
x2,780.086 2,780,086
Capital stock
Contracts and de133,515
43,932
133,515
76,498 Paid-In surplus.__
ferred charges__
151,007 det65,780
Earned surplus_
Total
$3,495,862 83,747,454
83,495,862 83,747,454
Total
x Represented by 100,000 no par class A shares and 123.000 no pa
-V. 133, p. 815.
shares.
class B
-Earnings.
Rapid Electrotype Co.
1931.
1930.
Calendar Years81,358,697 $1,376,394
Sales
143,271
139,321
Net profit after charges and taxes
$3.53
Earnings per share on capital stock
$3.43
Balance Sheet Dec. 31 1931.
Liabilities
Assets$3,772 Accounts payable
$16,242
Cash
216,921 Notes payable
27,172
Accounts receivable
121,390 Reserve for Federal taxes
Inventories
19.524
21,119 Accrued accounts
Insurance (cash surr value)__
2,920
20,494 Capital stock
Cash advances
y1,020,365
Land, buildings, machinery,
tools and equipment
x514,049
Patents,formula & good-will
132,520
2,388
Deferred debit Items
Atlantic Electrotype Co
53,573
Total
$1,086,224
Total
$1,086,224
x Less depreciation of $399.329. y Represented by 40,515 shares (no
par).
-V. 134. P. 2168.
Ray Office Bldg., Oakland, Calif.
-Reorganization Plan.
The Ray Office Building first mortgage bondholders' committee
has formulated and adopted a plan for the reorganization of the Ray
Office Building bond issue on behalf of the holders of the 61% first
2
/
mortgage bonds issued under a trust indenture dated April 15 1924,
executed by Fisk M. Ray, securing an issue of bonds in the aggregate
principal amount of $685,000, of which there are $571,500 now outstanding, unsubordinated and unpaid.
Present Status of Property-The Ray Office Building is a 10-story,
reinforced concrete store, office and garage building located on land
which fronts approximately 93 ft. on Broadway near 19th St. The
building contains approximately 52,000 square feet of rentable office
space, 6 stores on the ground floor and a public garage in the basement. The office space is approximately 69% occupied and about 2/3
of the store facilities are rented. The location of the property is
considered good and the building offers attractive facilities.
There are no delinquencies in the payment of real or personal
property taxes. Default was made in the annual principal payment
on the bond issue which fell due on April 15 1932; and by reason
of this default, this committee requested all known holders of the
first mortgage bonds to deposit same. At the present time, a substantial majority of the outstanding bonds have been deposited with
the depositary.
The operation of the property since March 25 1932 has been in
the hands of Leigh M. Battson, as successor trustee under the trust
Indenture.
The following plan of reorganization is conditioned upon the acquisition of the property by the committee or its nominee at the forthcoming sale.
Digest of Plan of Reorganization.
-A new corporation will be organized. If acquired
New Company.
at sale, title to the property will subsequently be transferred to this
new company.
Possible New Financing -New company, with the co-operation of
the committee and the present owners, will then make every effort
to obtain a new first mortgage loan on the property, the proceeds of
which, together with that portion of the funds available to the committee arising from the operation of the property by the trustee and
such other moneys as may be available for these purposes will be
used to pay the expenses of the trustee's sale and reorganization.
[At the present time the committee has no commitment for such a
loan, but it is hopeful that the loan can be obtained by the new
company after title to the property has been acquired.]
Should it be impossible for the committee and the new company to
obtain funds by means of a new first mortgage loan to pay the expenses attendant to the reorganization, then the unpaid balance of
such charges will be paid out of the earnings of the new company
before any distribution will be made on the new securities to be
issued to depositors.
-New company shall
% Cumulative Income Bonds to Depositors.
be authorized to issue cumulative 5% 15-year sinking fund income
bonds in an amount equal to the total of the present first mortgage
bonds deposited with the depositary of the committee pursuant to
this plan, plus accrued Interest thereon at the rate of 5% per annum
from the date interest was last paid on the present bonds to the date
of the reorganization. Income bonds shall mature 15 years from their
date and shall be entitled to interest at rate of 5% per annum provided such interest is earned by the new company; and if less than
5% per annum is earned during any year, then the amount earned
shall be distributed to the holders of the income bonds. If interest at
the rate of 5% per annum is not earned and paid to the holders
of the income bonds by the new company, the difference between
the 5% and the amount of interest paid shall accumulate for later
payment. There shall, however, be a minimum fixed interest re2
/
quirement of 21% per annum, and failure to pay interest on the
income bonds at the rate of 2i/2% per annum will constitute an
event of default under the terms of the trust deed securing the income
bonds.
1003
Financial Chronicle
'Volume 135
In the event that a new first mortgage loan is not obtained on
the property, the trust deed securing the income bonds shall constitute a first lien on all the mortgaged property. On the other hand,
if a new first mortgage is obtained, the trust deed securing the income
bonds shall be subject only to the lien of the trust deed or mortgage
securing such new loan.
The net income from the new company will be utilized to discharge
any unpaid expenses of the trustee's sale and reorganization before
any distribution of interest will be made on the income bonds to be
issued to the depositors during such period, the failure to pay the
minimum rate of interest will not, of course, be an event of default.
The new trust deed will provide that it may be released and the
income bonds satisfied at any time upon the payment of less than
the full amount of the outstanding bonds, or the terms and provisions of the income bonds and trust deed may be modified, with
the consent in writing of the holders of not less than 75% in principal amount of the outstanding bonds (exclusive of any bonds held
by the equity owners).
Upon the consummation of the plan of reorganization, each depositing first mortgage bondholder shall be entitled to receive income
bonds in an amount equal to the sum of bonds deposited, plus .5%
past due interest computed thereon from the date interest was last
paid on the present first mortgage bonds. It is expected that scrip
will be issued to depositors for odd amounts.
Depositors Also to Receive Voting Trust Certificates for Common
-In addition to receiving income bonds in the same face
Stock.
amount as bonds deposited, plus 5% past due interest thereon, each
depositor will also be entitled to receive a voting trust certificate for
1 share of common sto'ck of the new company for each $1,000 of
present bonds deposited. The aggregate of the voting trust certificates for common stock thus distributed to depositors will constitute
55% of the entire common stock of the new company.
Voting trust certificates for the remaining 45% of the common stock
of the new company will be issued to the stockholders of the First
Land Co., which is the present owner of the property, in return for
the co-operation which has been afforded the committee and the
bondholders in the reorganization. The voting trust certificates for
common stock thus issued to the present owner of the property will,
however, be subject to recapture for the bondholders in the manner
hereinafter provided.
-The voting trust
Recapture of All Common Stock for Depositors.
certificates for common stock of the new company to be issued to
stockholders of the Ray Office Building will provide in the event that
interest at the rate of 5% per annum is not paid on the outstanding
income bonds and all charges on the new first mortgage loan for the
first 5-year period, the voting trust certificates issued to the stockholders of the present owner shall be cancelled unless the deficit is
made up in 30 days. If the voting trust certificates are cancelled,
the depositors will own 100% of the common stock of the new company without the necessity of further proceedings. In the event that
it is necessary to utilize the earnings of the new company to defray
any portion of the reorganization expenses, then the 5 year period
shall commence only at such time as the earnings of the property
shall become available for payment of interest on the income bonds.
-Upon the consummation of the reorganization, superManagement.
vision of the operation of the property will be under the three voting
trustees. It is expected that statements in connection with the earnings and the operation of the property will be directed to the holders
of voting trust certificates and income bonds as freauently as practicable.
-Charles C. Irwin, Chairman; Robert E. Straus, C. A.
Committee.
Rodegerdts, J. C. Wright and M. A. Rosenthal. V. C Scully, Secretary, 310 South Michigan Avenue, Chicago. Counsel, Gottlieb &
Schwartz, 310 South Michigan Avenue, Chicago, and Sonnenschein,
Berkson, Lautmann, Levinson Sz Morse, 77 West Washington St.,
Chicago.
-Straus National Bank St Trust Co. of Chicago.
Depositary.
-Earnings.
Reece Button-Hole Machine Co.
Dec. 31 '31. Dec. 31 '30. Jan. 1 '30.
Year Ended3724,041
$588,293
3607,506
Total earnings
369,751
297,294
287,984
Total expenses
246,730
196,926
176,737
Reserve for depreciation
11,595
45,288
(net)
Income deductions
11,503
5,584
Prov. for Fed. & Mass,income taxes_
Net income
Dividends paid
872,700
140,000
$90,188
140,000
$107,561
140,000
$32,439
$49,812
$67,300
Deficit
Earns, per eh. on 100,000 abs. cap.
$1.08
$0.90
$0.72
stock
Comparatire Balance Sheet.
Dec 31'31. Dec.31'30.
liabilitiesDec.31'31. Dec.31'30.
Assets$1,000,000 $1,000,000
Capital stock
Cash, securs. &
11,727
9,014
$753.983 $885,822 Accounts payable_
accts. rec
16,503
11,351
Reserves
2,530
Notes receivable
1,340,914 1,429,336
401,865 Surplus
423.722
Inventories
6,497
Deterred charges__
3,648
62,317
Other investments
522,721
Machines on lease_ z494,370
x312,705
318,661
Fixed assets
285,156 y324.849
Patents
$2,361,279 $2,457,567
Total
82,361.279 82,457.567
Total
x Less reserve for depreciation of $638,180. y Less reserve for depreciation of 31,208,107. z Less reserve for depreciation of $1,254,121.V. 134. p. 4508 V. 133. p. 3979.
-Earnings.
Reliance Manufacturing Co. of Illinois.
For income statement for three and six months ended June 30 1932 see
-V. 134, p 3291.
"Earnings Department" on a preceding page.
-Listing of $1 Par Value Shares to
Remington Rand Inc.
Replace No Par Shares.
The New York Stock Exchange has authori_ed the listing of certificates
for common stock of the par value of Si a share as follows: 1,290,987 shares
upon official notice of Issuance in lieu of an equal number of shares of common stock, without par value now issued and outstanding; 45,000 shares
upon official notice of issuance on the exercise of stock purchase warrants
issued pursuant to the terms of a certain supplemental stock purchase
agreement with the National City Bank of New York as trustee; 97.485
shares upon official notice of issuance on the exercise of stock purchase
2
1
/% debentures,
-year 5, '
warrants issued attached to the corporation's 20
Series A, due May 1 1947; 100,000 shares upon official notice of issuance on
option granted to Reynolds, Ltd., making the total
the exercise of a certain
amount of common stock applied for. 1,533,472 shares.
-On July 7 1932 the executive committeeof the
Reynolds. Ltd.. Option.
board of directors authorized the execution and delivery to Reynolds. Ltd..
of an option to purchase all or any part of 100.000 shares of the common
stock of the par value of $1 a share. This option is exercisable upon the
payment of $10 a share and expires by limitation of time on June 30 1937.
Such action was ratified by the board of directors at a meeting held on July
12 1932. This option was granted in connection with a certain employment
contract and in place of a certain option theretofore granted to Kardex of
Canada. Ltd., which option had at that time expired, never having been
exercised in whole or in part.
In connection with the recent approval of the stockholders of a proposal
to change the par value of the coxnmon stock from no par to $1 par value,
it is stated that this action reduces the capital value of the common stock
outstanding to 31.338.359 from $17,132.977.
The stockholders on July 12 also voted to retire 47.372 shares of common
stock purchased by the company prior to 1932. reducing capital by this
additional 347.372, making common outstanding 1.290.987 shares. However, the company retains the right to issue these shares if desired at some
subsequent time, so that the authorized issuable common share capitalization will remain 2,500.000 shares, of a par value of 32.500,000. New
certificates of $1 par value are exchangeable share for share for present
outstanding no par common stock.
The purpose of the reduction in par value is not to create a surplus for
the declaration of dividends but to permit the surplus to be used if desired
for writing off a part or all of the good-will and the patent Items in the
company's balance sheet.
1004
Financial Chronicle
rdenry S. Thompson has been elected a director to fill the vacancy resultmg from an increase of the board to 25 from 24 members. Other directors
were re-elected.
James H. Rand Jr., Chairman of the board, stated that while the company was not at present showing a profit, he expected that during the next
six months the company would break even unless there were further declines
in business.
Mr. Rand said the company had 200 branch offices in this country
and that leases on these offices, which were taken mainly in 1927. were
now beginning to expire. He said the payroll of executives now was onethird of the total of constituent companies before their consolidation and
that the payroll of executives was at present 40% of the salaries paid in
1929, due partly to reduction in number of executives and partly to cuts
in salaries.
The new plan of operations with an executive experienced in each branch
in control of the operations of that subsidiary or department has worked
successfully during the six months it has been in force, reducing expenses,
speeding up action and greatly increasing general efficiency, he said.
Consolidated Balance Sheet March 31 1932 (Incl. Domestic de Foreign Subs.).
[After giving effect to (1) change to $1 par value per share of common
tock, (2) the retirement of all preferred and common treasury stock, and
(3) granting of an option on 100,000 shares Of common stock.]
Assets
Liabilities
Cash in banks & on hand.- $7,385,198 Accounts payable
8746.844
Foreign drafts & notes reAccrued expenses (payrolls,
ceivable, less reserves
843,386
commissions dr general)_ -710,875
234,420
Accounts receivable
7,105,390 Accrued general taxes
446,806
Inventories
11,191,300 Accrued int.on 534% debs__
$2,354,050
Rental machines (depree. val) 1,871.125 Sundry reserves
Other assets
a1,329,530 514% debentures
19,497,000
Properties, less reserves
12,498,756 Interest of minority in capital
1,826
Def'd charges to operations
1,191,433
dr surplus of subsidiaries_ 15,695,100
Goodwill, patents, dto
17,818,886 7% cum. 1st pref. stock
1,855,400
8% cum. 2nd pref. stock_
1.290,987
Common stock
Sur. arising from restatement
of val. of corn, elk at $1 per sh 15,841.990
1,855,605
Initial surplus
472,100
Earned surplus
$61,003,005
Total
Total
561,003,005
Note.
-Earned surplus includes $183,264 not available for dividends
account of segregation required by Section 26 of trust agreement securing
outstanding debentures.
a Consisting of stocks, bonds, long term notes receivable, awards of
mixed claims commission, &c., and accounts with officers and employees
at March 311932.of $55.757. b After depreciation of$13,321,835-V. 135,
p. 475.
Republic Petroleum Co., Ltd.,
-Earnings.
-For income statement for six months ended June 30 1932 see "Earnings
Department" on a preceding page.
-V. 134, p. 3994.
Revere Copper 8c Brass, Inc.
-Earnings.
-
For income statement for six months ended June 30 see "Earnings
Department" on a preceding page.
-V. 134, p. 3471.
(Elmer) Richards Co., Chicago.
-Earnings.
--
Calendar Years1929.
1931.
1930.
Net sales
6767,162 $1,277,186 62,317,676
Net loss after exp.,int., deprec.,&c
136,526
353,028
198.906
Balance Sheet Dec. 31.
Assets
1931.
Liabilities1930.
1930.
1931.
Cash
818,904
$39,059 Bank loans
$100,000 $160,000
Acc'ts receivable_. 272,296
454,879 Acc'ts payable__
99,046
34,486
Inventories
57,262
43,096 Accr. taxes & micMarketable secur_
8,132
266
11,531
cellaneous items
Deferred charges_ _
10,259
22,882 Res. for conting
30.000
30,000
Land and building 179,628
555,263
184,663 Cum.cony. pf.stk. x555,263
Furn., fist. eq
80,640
300,000
68,595 Common stock
y300,000
Good-will & mailing list
1
1
Deficit
412,024
339,266
Total
$1,031,281 81,152,441
Total
81,031,281 51,152,441
x Represented by 40,000 shares (no par). y Represented by 60.000 abs.
(no par).
-V,132, p. 4257.
Richman Brothers Co., Cleveland.
-Earnings.
-
Calendar YearsManufacturing profit__ _
Operating expense
1931.
1930.
1928.
1929.
69,504,943 $7,985,953
4,131,510
5,041,893
Operating profit
Other income
$1,902,728 $3,173,659 $4,463,050 $3,854,443
362,912
309,557
191,703
250,987
Total income
Federal taxes
$2,265,640 $3,483,216 $4,714.037 $4,046,146
240,000
398.000
475,000
506,000
Net profit
Dividends
$2,025,640 $3.085,216 $4.208,037 $3,571.146
1,795,965
1,789.796
1,187,121
1,634,780
Surplus for year
$229,675 $1,295,420 $2,573,257 $2,384,026
Balance Sheet Dec. 31.
1931.
1930.
1930.
1931.
Assets$
$
Liabilities-X
$
Cash & U.S.secure 8,354,912 8,943.567 Current liabilities_ 849,295
973,448
Accounts, da
55,338
59,683 Capital stock__ __x1,034,476 1.028,491
Inventory
2,200,674 1,959,437 Surplus
14,094,963 13,811,424
Permanent assets_ 3,961,985 3,513,835
Other assets
1,405,825 1,338,842
--Total
15,978,735 15.813,363
Total
15,978,735 15,813,363
x Represented by 603,446 shares -V. 133. p. 136.
Rima Steel Corp.
-Aug. 1 Interest Not Paid.
-
Chemists Corp.
-Receivership.
-
A voluntary petition in bankruptcy was filed July 27 in the U. S. District
Court for the Southern District of New York by the corporation, a subsidiary of United Cigar Stores Co. of America. The Irving Trust Co. was
appointed receiver by Federal Judge Frank J. Coleman. The schedules
Which accompanied the petition showed total assets of $5,613,465. The
liabilities were stated at $10,000,635, which includes $1,850,000 of debentures owned by United Cigar Stores Co. and 68,150,000 owed to the latter
company on account of advances made from time to time.
The following statement was issued by H. S. Kaufman. President of the
company: "Retail Chemists Corp.. which filed a voluntary petition in
bankruptcy to-day, was formerly known as Whelan Drug Co., Inc., a
New York corporation.
•
"The business of the bankrupt company as a whole has never been
profitable. Under former managements it engaged extensively in real
estate operations, particularly the taking of long-term leases of properties
for the purpose of subletting. This involved the company in large losses
which have been increasing during the depression. The company's drug
store operations as a whole have never been profitable, largely because of
the fact that leases which it took for store locations during its expansion,
in 1928 and 1929, required the payment of rents which even then were not
justified by the volume of business which could be done at the store location. With the loss of volume during the depression losses from this cause
have also greatly increased.
"It is expected that the retail drug stare business will be continued, as
many of the retail drug store operations are profitable and enjoy a valuable
good-will. It is believed that with the help of creditors the reoranigzation
can be speedily effected and that all merchandise creditors will be paid in
full."
Richfield Oil Co. of Calif.
-Receiver's Report.
Earnings Period Jan. 15 1931 to Dec. 31 1931.
Gross profit
Depreciation, depletion & loss on abandoned properties
$4.150,087
5,739,188
Loss from operations
Loss encountered by subsidiaries
$1,589,101
2,043,812
Total loss for period
$3,632,913
Consolidated Balance Sheet.
•
[After giving effect to appraisal of properties.]
AssetsDec. 31 '31. Jan. 14 '31.
459,276,440863,048,838
Properties (net)
Sinking fund
29,097
24,662
Investments in & advances to controlled companies 3,991,124
5,775,148
Miscel. investments & long-term receivables (net)1,089,491
782,295
Claim for refund of Federal income tax
421,40
1
421,403
Officers' and employees' accounts
1
Richfield Co
1
1
Cash
921,691
2,644,185
Notes and accounts receivable
3,858,718
2,710,252
Sundry accounts and notes receivable
505,326
554,077
Inventories
8,322,377
7.563,468
Deferred charges
1,209.460
1,303,127
Deficit
60,201.532 54,219,091
Total
139.472,567 139,400,642
Liabilities
R. 0. Co. of California 1st mtge. lls, 1944
$24,981,000 $24,981,000
Pan American Petroleum Co. 6s, 1940
9,393,400
9,276,400
Mortgage office building
1,510,000
1,450,000
Purchase money obligations not current
4,327,134
2.978,841
Notes payable to banks and others
10,290,194 10,294,383
Purchase money obligations (current)
3,095,882
2,215,264
Accounts payable
7,464.598
7,427.785
Receivers' certificates and trustees' advances
1,109,424
Amt.rec'd on stk. subs.(validity now in question)11.423
11,423
Accrued interest on bonds
359,230
2,328,445
Salaries, taxes and miscellaneous accrued items_ _ - 1,216.767
2,136,352
Due Universal Consolidated Oil Co
1,298,937
1.356,025
Reserve for Federal income taxes
84,759
80.703
Other reserves
133,249
Reserve litigation Pan American Petroleum Co.,
Elk Hills
*13,221,357 *12,781,356
Preferred stock
9,997,500
9,997,500
Common stock
51.531.439 51.531,439
Total
71:407
139,472,567 .
0,642
1
* Includes contra item of $4,200,697 in January statement and $4,179.615
In December statement relative to litigation.
Offer From Consolidated Oil Corp.
Henry Lockhart Jr., representing Consolidated Oil Corp.. states that the
offer of Consolidated for the assets of Richfield Oil Co. of Calif, has been
accepted by the committee representing Richfield and Pan American
Petroluem Co. bondholders and unsecured creditors. However, it is
understood that the committee reserves the right to consider other bids
submitted within the next 45 days. The offer is reported to include 17,500.-.
-year debentures, $2,500,000 cash and 300,000
000 of Consolidated 0116% 15
shares of Consolidated common stock, together with a guaranty of up to
55,000.000 for non-assenting claim settlements and $500,000for reorganization expenses.
-V. 135, p. 830, 643.
Aug. 6 1932
The interest due Aug. 1 1932, on the 7% closed first mortgage 30 year
sinking fund gold bonds, due 1955, is not being paid.
-V. 134, 13• 689
.
Rio Grande Oil Co. of Delaware.
-To Sell Properties
and Dissolve.
The stockholders will vote Sept. 14 (a) on authorizing the board of
directors to sell all the property, assets, business and good will of the
company to Consolidated 011 Corp., in consideration of 494 229.2 shares
of the common stock of Consolidated, all of the indebtedness and contract
obligations of the company to be assumed by Consolidated: (b) on approving the dissolution of the company, and (c) on authorizing the distribution and delivery to the stockholders of the company of the common
stock of Consolidated payable to the company at the rate of 4-10ths of
a share of the common stock of Consolidated for each share of the 1,235,823
shares of the capital stock of the company now outstanding.
Charles S. Jones, Vice-President and Treasurer, July 27,
stated:
It has become increasingly evident in the oil industry that only a wellrounded company, balanced as to crude oil production, refining and marketing of refined products, will be able to reap the full benefit of improvement in business. The developments of the last two years in the industry,
In connection with the general business depression, have resulted in a
difficult situation for your company. Theretofore, the company's production from the Elwood Terrace field was more than sufficient
operate
Its refinery at Vinvale to capacity. Proration has now reducedto comthe
pany's share of the net production from that field to 2,375 barrels per
day, and the company's total net production everywhere is only 4,475
barrels. Although in October 1931 the company completed a well which
promises to be commercially productive in the Sespe zone underlying the
present zone of production in Elwood Terrace, this zone cannot be developed
and the company cannot be otherwise restored to its former position as
a producer of oil without substantial capital expenditures. On the other
hand, under present competitive conditions the company has no adequate
market for even the reduced output of its refineries. For it to obtain
a fair return from the Investment in its refineries and to justify the expenditures necessary to restore its production, the company must have
marketing facilities and outlets commensurate with its refining operations.
Unfortunately, the capital or credit required to obtain such needed
Is not available under present depressed business conditions. The facilities
alternative is to affiliate with some other company having the facilities or the
resources to secure the facilities which your company lacks. The Consolidated Oil Corp. is such a company. Through its subsidiaries, it has
a strong position in all phases of the oil business-production, transportation. refining and marketing. It has recently acquired all of the
and business of the Prairie 011 & Gas Co. and the Prairie Pipeproperties
Line Co.
and at the time of such acquisition wrote down the balance sheet valuations
of its capital assets and those of the Prairie companies which it so acquired
to more nearly conform to present day economic conditions and it therefore
has a thoroughly sound financial structure, with a strong position as to
cash and as to net current assets.
Having been informed that Consolidated 011 Corp. intended to extend
its activities to the Pacific Coast, the management of your company Invited
Consolidated to submit for your consideration an offer for the purchase
of all the property, assets and business of your company. Consolidated,
after evaluating the properties of this company on a basis comparable
to that used in the redetermination of the values of its own properties
made effective on the consolidation of its properties with those of the
Prairie 011 & Gas Co. and the Prairie Pipe Line Co., has submitted an
offer to your company dated July 20 1932.
In substance, Consolidated offers to purchase all the property, assets,
business and good-will of your company in consideration of 494,329.2
shares of the common stock of Consolidated, which is equivalent to 4-10ths
of a share of such stock for each share of the 1,235,823 shares of the stock
of your company now outstanding. The offer provides that Consolidated
will assume all indebtedness of the company, all of its obligations under
contracts and leases, and all liability which may result from litigation
now pending or which may arise from transactions in the usual course
of business. The offer further contemplates that your company shall
dissolve as of the date of the transfer of its properties to Consolidated so
as to permit the prompt distribution and delivery by the company to its
stockholders of the common stock of Consolidated received by the company, each stockholder of the company to receive 4-10ths of a share of
such common stock of Consolidated for each share held by him in the
company. In the case of fractional shares, non-dividend bearing and
non-voting scrip certificates will be issued which will provide that upon
the surrender of such certificates aggregating on. full share a certificate
of stock for such full share will be issued.
H. F. Sinclair, Chairman of the executive committee'
of the Consolidated Oil Corp., in a lett3r to the Rio Grande
Oil Co. on July 20 gave the following data:
The Consolidated corporation's possible or potential daily crude oil
production is many hundred thousands of barrels a day. Under proration
or 'restriction, however, the actual production is about 70,000 barrels
daily. This production is from about 8,800 wells in Texas, Oklahoma,
Kansas, Wyoming and other States.
Extensive undeveloped oil and gas leases, aggregating several million
acres, constitute the corporation's reserves for the future.
Financial Chronicle
Volume 135
•
The corporation has about 149' of all crude oil in steel storage east of
the Rocky Mountains. This is distributed in tank farms adjacent to its
pipe line system, available for the corporation's use or for sale to other
consumers.
The corporation's pipe line system consists of approximately 7,000 miles
of trunk lines, and an extensive gathering system, having a capacity of
200,000 barrels a day. This pipe line system extends from the Gulf Coast
to Wood River, St. Louis, and to Chicago, connecting with the principal
oil fields of Texas, Oklahoma and Kansas and with other main trunk
lines eastward. This system is engaged as a common carrier of crude oil.
It has ample facilities not only for the requirements of the corporation's
own refineries but for outside business as well.
Coming also under the head of transportation facilities are the nine water
terminals operated in conjunction with marketing activities. One of
these terminals, Tremley Point, N. J., carries with it the ownership of
200 acres of New York water front property. Other terminals are located
in Rhode Island, New York, Delaware, Virginia, South Carolina, Florida
and Texas.
The fleet of ocean tankers operated by Sinclair Navigation Co. aggregates about 120,000 dead weight tons. These vessels are employed in
transporting crude and refined products in the domestic and foreign trade.
Tank cars enter largely into the distribution of petroleum products, the
number owned by the corporation being approximately 6,500.
Sinclair refineries have a total daily crude oil capacity of 137,500 barrels,
with 115,000 barrels of pressure still capacity. These plants are located
at Marcus Hook, Pa.; Wellsville, N. Y.; East Chicago, Sand Spring, Okla.;
Kansas City and Coffeyville, Kans.; Ft. Worth, Houston and Gladewater,
Tex. An extensive improvement program carried out in recent years
has made possible the production of the type of gasoline now demanded
for high-compression motors and of high-grade lubricants. The refinery
at Wellsville, N. Y., is the largest plant in this area operating exclusively
on Pennsylvania crude.
As a manufacturer of lubricants, the Sinclair organization has gained a
leading place in the industry, with respect to quality as well as volume.
More than 50 railroads are large consumers of Sinclair products. The
U. S. Navy, after exhaustive tests, has for two successive years awarded
a contract for Sinclair lubricants equalling the Navy's purchases of all
other makes combined.
In addition to its seven principal and a number of smaller refineries.
Consolidated has 17 casinghead gasoline plants with a daily capacity of
400.000 gallons.
For the distribution of the products of its refineries, the Consolidated
company (which operates in the United States through the Sinclair Refining Co.) has outlets in nearly all States east of the Rocky Mountains,
and in Cuba, Mexico, Great Britain, Holland, Belgium, Germany and
other foreign countries.
In the United States it owns and controls approximately 2.100 bulk
stations, from which retail outlets and large consumers are supplied.
Supplementing about 12,000 owned and leased service stations in the
United States the corporation has more than 21,000 other outlets, its
products being sold through about 33.000 points of distribution. More
than 55,000 pumps with their necessary tanks are installed at these outlets.
Through its facilities, and in the form of wholesale shipments, the company marketed last year 1,500,000,000 gallons of products. The largest
item in this total was about a billion gallons of gasoline.
Marketing operations of the corporation are carried on through its
wholly-owned subsidiary, Sinclair Refining Co., production operations
through the Sinclair Prairie Oil Co. and pipe line operations through the
Sinclair Prairie Pipe Line Co. The Sinclair Prairie Oil Marketing Co.
has been formed in Delaware in May 1932 with a capitalization of $1,000,000
to handle the purchase and sale of crude oll.-V. 135, p. 830.
River Raisin Paper Co.
-Earnings.
Earnings Year Ended Dec. 31 1931.
IN et loss after depreciation,interest,&c
Previous surplus
1005
shall stand unalterably for the greatest possible security to the bondholders.
"We shall co-operate in fostering the Museum only to the extent that
we believe it is desirable to do so for the preservation of your investment.
On the other hand, we are definitely and unequivocally opposed to ruthless
foreclosure and destruction."
Holders are urged to deposit their bonds at once with the depositary.
or the certificates of deposit received from the American Bond & Mortgage
committee.
-V. 135, p. 311.
---Roland Park Homeland Co., Bait. Md.-Defers Div.
The directors recently voted to defer the quarterly dividend due Aug. 1
on the 614% cum. pref. stock, par $100. The last regular quarterly payment of 14% was made on this issue on May 2 1932.-V. 126, p. 26162.
-Earnings.
Roos Bros., Inc.
1931.
1929.
1928.
Calendar Years1930.
Sales
$4.449,591 $4,952,127 $5.412.813 $5,040,659
424,511
120,595
309,198
Net profit
423,006
Write offon non-recurring
39,000
exp.of open. new store.
38,810
45,513
52,301
Federalincome tax
15.778
Netincome
Pref.stock dividends_ _ _
Common stock dividends
5104.817
65.000
133,000
$270,388
65,000
200,000
$339,998
65,000
200,000
$370,704
65.000
200,000
Balance
def393,183
Previoussurplus
1,274,653
Dr5,934
Approp. to own ins. res_
$5,388
1.275.199
Dr5,934
$74,998
1,200,201
$105,704
1,094,497
Common stock & surplus $1,175,537 $1,274,653 $1,275,199 $1,200,201
Earnings per share on
$0.50
common stock
$2.57
$3.82
$3.44
Balance Sheet Dec. 31.
1931.
Liabilities1931.
1930.
1930.
Assets$3359,830
$93,686 Mdse. At gen.cred. $194,525 $165,605
Cash
Other accts. pay-- 138,207
159,431
Customers' accts.
875,620
976,602 Accrued div. on
receivable
16,534
9,677
pref.stock
10,833
10.833
Other accts. rec822,598 1,046,462 Dep. on sub-leases
7,100
7,100
Inventories
1,601
1,601 Pref. stock
1 000.000 1.000.000
Life ills. surr vat
49,373 Common stock....y1,175,537 1,274,653
59.374
Prepaid expenses_
408.473 Own insurance reFixtures & equip_ _ x363,967
11,159
40,020
40,000 serve
17,094
Lease deposit
2,905
3,750
Other assets
1
1
Good-will
Total
32,5- 43,295 82.628,783
$2,5- 43,295 $2,628,783
Total
x After deducting reserve for depreciation of $598,070. y Represented
-V. 135, P. 311.
by 80,000 shares of no par value.
-Tenders.
Royal American Corp., N. Y.
Sealed proposals will be received until 3 p. m. Aug. 18 1932 by Treasurer
Andrew Stewart for the sale to the corporation of as many shares of capital
stock as the sum of $600,000 will pay for, at a price not exceeding $35 per
share.
Stockholders making the lowest offers will be advised at once of their
acceptance and payment will be made on surrender of certificates in due
form on or after Aug. 23 1932.
The corporation's office is located at 20 Pine St., N. Y. City.
-Omits Div.
Royal Weaving Co., Pawtucket, R. I.
$204,535
454,713
For the first time in years the company is passing its quarterly divided.
Treasurer H. C. Soule issued the following statement: "In view of the continued unsatisfactory business conditions, particularly those prevailing in
the silk market, the directors have deemed it prudent to forego the declaration of the dividend usually paid at this time (July 15). Stockholders are
assured that dividend payments will be resumed as early as justified by
-V.134, p. 1389.
the situation, respecting the manufacture ofour product."
Profit & loss surplus
$250,178
Balance Sheet Dec. 311931.
.4suet
Liabilities
Cash in banks & on hand
$53,819 Notes payable-banks
$305,452
U.S.Liberty bonds
1,456 Trade acceptances payable_ - _
10,073
-Defers Div.
Notes 8, accts. receivable, oust 1167,351 Accounts payable
--Saenger Theatres, Inc., New Orleans, La.
152,445"="
.Accts. receivable (other)... _
11.388 Accrued Interest payable
The directors recently voted to defer the quarterly dividend due July 1
2.679
Inventories
cum. pref. stock, par $100. The last regular quarterly distriReserve for selling expenses
313,600
on the 7%
5,000
Cash surrender value of life
bution of P4% was made on this issue on April 1 1932.-V. 129. p.813.
1st mtge.6% gold coup. bonds 1,166,800
Insurance
27.712 Capital stock
y2,862,995
Deposits in closed banks
11,767 Surplus
-To Pay
250,178
St. Louis (Mo.) General Investment Corp.
Mtge. receivable & accrd.int.2,033
Liquidating Dividend.
Sundry accounts & advances_ 6,986
Cash on deposit with trustee
The company announces the distribution of an initial liquidating divifor bond retirement
564
dend of $5.85 a share, payable in 1932. At last accounts the company
Plant and property
4,135,q03
had an authorized issue of 135,000 shares of capital stock, no par value, of
Deferred charges
21,163
which 61.355 shares were outstanding and 38,645 shares held in the treasury.
•
Total
$4,755,623
Total
$4,755,623
Notc.-Balance of bond sinking fund deposits due Jan. 1 and July 1 1931,
and aplicable to principal of bonds in accordance with trust indenture not
provided for, amounts to $139,132. Additional payments thereon of
$75,000 each are called for on Jan. I and July 11932.
Depreciation for the year 1931 has been provided in the amount of $245.250 which has been computed at rates allowed for Federal income tax
purposes upon asset values representing cost.
x Less reserve for doubtful accounts $12,000. y Represented by
508,000
shares (no par).
-V. 132. p.673.
Roane County Oil Co.
-Earnings.
Calendar Years- •
Sales
Operating expenses
Administrative & general expenses
1931.
$40,772
18,354
10,887
1930.
$60.103
32,003
10,931
Profit from operations
Other income
$11,531
8,425
$17,168
8.355
Total income
Interest on bonds
Depletion and depreciation
$19,956
15.710
32.329
$25,523
16.090
36,328
$28,083
$26,895
Loss for year
-m•
"•••Roerich Museum, Inc.
-Protective committee.
-
A committee has been formed with Harvey Wiley Corbett of Corbett,
Harrison & MacMurray, architects, as Chairman, for the protection and
preservation of the rights of holders of the 1st mtge. series A bondholders
of Roerich Museum, and in a letter to bondholders announces its opposition to the tactics which have been employed by the American Bond &
Mortgage Co. in attempting to foreclose the mortgage and to bring about
a receivership, which receivership has now been vacated by an appellate
court.
This committee is composed entirely of bondholders or representatives
of bondholders, working without compensation, and none of the members
are acting on any other bondholders' committee. In addition to Mr.
Corbett the members of the commtitee are: John O'Hara Cosgrave,
Wilbur F. Holt Ralph V. D. Magoffin, Arleigh Pelham, Theophile
Schneider, and Sirs. Lionel Sutro. Arleigh Pelham, 70 Pine st,, is Secretary of the committee, and Empire Trust Co., 120 Broadway, is
depositary.
The letter, which is signed by the entire committee, says in part:
"Each of us is intent upon the preservation and protection of the investment. We believe, that, from a strictly business standpoint, that
investment can best be safeguarded through the continued existence of
the Museum as an integral element of this situation. Each of us is likewise convinced that elimination of the Museum, or proceedings calculated
to destroy the cultural activities which have created the character and
extent of its present tenancy, would result in grave prejudice to, if not
the ruin of, our investment. In reaching that conclusion we leave entirely
out of consideration the civic loss which would follow destruction or curtailment of the work of the Museum.
"This committee does not purpose to be a 'close corporation.' We
want it to be truly representative of all of you, and.we invite your suggestions as to additional members who could lend weight and strength to
the protective work which we propose to undertake.
"We are frankly in sympathy with the Museum. At the same time
we shall not permit our sympathy to becloud our business judgment, We
Second International Securities Corp.-Earninqs---
For income statement for six months ended May 31 see "Earnings
Department" on a preceding page.
Statement of Surplus and Undivided Profits and Reserves May 31 1932.
Undivided Profits
Surplus
$472,523
Balances. nee. 1 1931--Capital surplus
564.042 $1,036,564
Undivided profits
Add
def$27.347
Balance (as above)
1.022,408
Gain on retirement of debs. acquired below par
Surplus created through reduction of stated value
7,614.934
of class A common shares to $1 per share
Surplus created through reduction of stated value
of class B common shares to 10c. per share_ _ _ _ 1,740,000
Total surplus
Deduct
Appropriations for reserves (see statement below)
-Capital surplus
Balances. May 31 1932
Undivided deficit
Total surplus and undivided profits
Reserves
Balance, Dec. 1 1931
Appropriations during the period
From surplus from retirement of debentures..
From undivided profits
From capital surplus
Balance
Net losses sustained during the period
10,349,995
$11,386,560
8.382,026
33,012,925
8.390
$3,004.535
$845.516
31,022,408
545,086
6,814,532
8,382.025
$9,227,542
4,125.369
Balance of serves, May 31 1932
55.102,173
Note.
-On May 31 1932, the unrealized depreciation from book value
cost less reserve
-of all investments at then current market quotations
(or as other wise indicated on the last page of this report) amounted to $5.102.173. The corresponding amount as of Nov. 30 1931, was $9,394,139.
Comparative Balance Sheet May 31.
1931.
1932.
1931.
1932.
AssetsLiabilities$
$
$
$
Invest. securities
Prof.stocks
2,168,150 2,187,900
(less in res.)-x8,546,916 17,822,776 Class A com. stock y308,091 7,923.025
z60.000 1,800,000
Cesn
256,815 1,253,715 Class 13 com.stock
Accr. inc. recelv.
5% debentures_ _ 3,936,000 6,704,000
110,791
241,919
& Items in course
Current liabilities_
of collection....
86,740
147,990 Capital surplus_ _ _13,004,534J 472,523
1 551,826
Undiv. profits- ---1
Coll. notes rec.. _ _
140,490
Interned. cred. to
foreign goy
250,000
Securities sold not
delivered
18,195
134,122
Unamort. disc, on
288,410
522,590
debentures
9,587,567 19,881.193
9,587,567 19,881,193
Total
Total
x Total market value of securities taken at market quotations May 31
$3,444,743. y Represented by 308,091 no par shares. zRepre1932 was
sented by 600,000 no par shares.
-V. 134, p. 4674.
1006
Financial Chronicle
Seaboard Oil Co. of Del.
-Earnings.
--
Aug. 6 1932
Skelly Oil Co.
-Earnings.
-
For income statement for three and six months ended June 30 see "EarnFor income:statement for thregand sixlmonthsjended June130;SeerEarnings Department" on a preceding page.
ings Department" on a precedingipage.-V. 134. p. 3472.
Current assets as of June 30 1932, exclusive of investment in company's
own stock, were $2,500,522 and current liabilities were $179,481. This
(A. G.)CSpalding & Bros.-Suapenas Dividends.
-The
compares with current assets of $2.112,119 and current liabilities of $172,551 '•
directors on Aug.2 decided that in order to conserve the cash
on Dec. 31 1931.-V. 134, p. 3836.
------ Securities Corporation General.
-Dividends Resumed.
The directors have declared two quarterly dividends of $1.50 per share
on the $6 pref. stock and two quarterly dividends of $1.75 per share on
the $7 pref. stock, all payable Aug. 5 to holders of record July 29. These
cover the quarters ended April 30 and July 31 1932. The last payments
1:ni these issues werede on Feb. 1 1932.-V. 134, p. 3995.
"--- Servel, Inc. Listing of Common Stock, Par $1 Per Share,
to Replace Comm Stock Without Par Value The New York Stock Exchange has authorizel thelisting of 1.749,061
-shares of common stock (par $1) on official notice of issuance in exchange for
.common stock without par value, and 60,000 shares of common stock
(par $1) on official notice of issuance, and payment in full, upon exercise of
options, making the total amount applied for 1,809,061 shares.
The stockholders on July 26 approved proposals to change the common stock of no par value into common stock of $1 par and to
'reduce the stated value of the common capital to $1 per share.
Comparative Balance Sheet.
April 30'32. Oct. 3131.
April 3032.Oct.31'31.
Assets$
$
Liabilities-$
$
Plant & property_ a 5,336,775 5,117,210 7% pref.stock_ ___ 786.829
838,900
Cash
2,081,891 3,667,245 Common stock__ 116,583,052 17,857,015
U.S.Treas. bills
198.700
Accounts payable_
541,314
386,811
Notes, trade soAccruals
327,726
314,167
ceptances & acProv. for Federal
counts receivable 907,928
798,479
income tax_
35,244
65.000
Inventories
2,671,237 2,265,094 Pref.stk. city. pay_
28,322
Deposits and ad1st mtge. 5% gold
vances
40,325
28,557
bonds, due 1948 1,710,470 1,784,600
Deferred charges.- 103,053
76,615 Res.for conting_
275,000
Patents. &a
1 11.273,967 Surplus
c1,258,685 1,498,745
Res. for warranty
206.925
68,268
service
Total
11.339.909 23,227,167
11,339,909 23,227,167
Total
a After reserve for depreciation of $823,319. b Represented by 1,736.426
shares of no par value. c Capital surplus, $379,456; special surplus
through appraisal, $70,533; earned surplus. 3808,696.-V. 135, p. 830.
Shaler Co. (& Subs.).
-Consolidated Balance Sheet
Dec. 31.Assets1931.
Cash
$24,981
Customers accts.
receivable
x195,542
Inventories
192,558
Prepaid expenses
9,763
Invest. in Staler
Lock Co
Sundry investm'ts
& advances__
45,300
Land, buildings,
mach.& equip
y146,194
Patents & patent
rights
800,647
Deferred charges to
future operations
1,000
1930.
$13,224 Notes payable
Trade accept. pay.
215,785 Trade accts. pay_ _
98,465 Accr. royalties &
17,001
commissions _ _ _
Sundry accts. pay.
150,000 Aeon wages & insurance, &c__206,606 Provision for taxes
Dividends payable
144,112 Mortgage payable
-due 1933
850.000 Deferred itab. for
golf club depart14,295
ment assets
Class A stock
Class B stock
Surplus
1931.
$25,000
800
43,744
1930.
$24,239
22,647
16,035
30,475
5,959
3,531
3,036
3,563
8,852
17,262
7,000
7,000
9,085
732.253
389,137
163.715
733,635
690,000
188,503
Total
Total
$1,415,987 $1,709,488
81,415,987 $1,709,488
Less reserve for bad debts $14,403. y Less reserve for depreciation
of *93,551.-V. 133, P. 302.
Sharp & Dohme, Inc.'
-Earnings..
---
For income statement for 3 and 6 months ended June 30 see "Earnings
Department- on a preceding page.
-V. 134. p. 4674.
(Frank G.) Shattuck Co.
-Earnings.
For income statement for three and six months ended June 30 see "Earnings Department" on a preceding page.
-V. 135, p. 476.
Shawmut Association.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" in last week's "Chronicle," pages 809.
Condensed Balance Sheet June 30.
1932.
Assets1931.
1932.
1931.
LiabililiesInvests, at cost_ _x$7,096,506 $7,929,088 Reserve for taxes &
$18,422
Accr. int. receiv_
38,887
159,177
partic. payments
976,279 Equity for cap.stk.y37799,792 9.046,122
Cash and call loans 664,399
Total
Total
$7,799,792 $9,064,544
$7,799,792 $9,064,544
8
s
x Market price June 30 1932. $2,619,302. y Paid-in capital for 400,000
oin3eg3s hzes, 118in0, 008ler 2,300 treasury shares. $46, $3, les
3
v
p 40
0 .
i edg
r
Shell Pipe Line Corp.
-Earnings.
For income statement for three months ended June 30 see "Earnings
Department" on a preceding page.
-V. 134, p. 3293, V. 127, p. 967.
Shell Union Oil Corp.(& Subs.).
-Earnings.
For income statement for three and six months ended June 30, see
"Earnings Department" on a preceding page.
-V. 134, p. 3836.
Shenandoah Corp.
-Balance Sheet June 30.1931.
1932.'
1932.
1931.
Assets-.
Liabilities6
6
$
$
4,500,000
Investments __ _x32,918,769 111,271,909 Loans payable.
40,112
38,406
Divs. receivable
59.287
99,517 Res,for accr. exp
121.454
Cash
161,454
232,991 ION. for °outing_
92.111
126,793
Accts. receivable
8,126
26,526 Accts. payable_
Preferred stock.. 28,981,000 29,931,000
Common stock__ y5,897,432 5,897,313
70.966,444
Capital surplus47,826
Operat'g surplus
Total
33.078,293 111,630,942
33,078,293 111,630.942
Total
x After deducting capital surplus carried as reserve of $68.320,149.
The value of the above assets based on June 30 1932 market prices for all
securities including &3.992,396 represented rty common stock of Blue Ridge
Corp. was *8.554,948. y Represented by 5,897,432 no par shares common
stock reserved for (a) conversion of pref. stock, 809,430 shares;(b) dividends
on pref. stock, 938,970 shares and (c) executive options at $16.90 per share.
accruing at the rate of 100,000 shares per year for three years and 150,000
shares for the fourth year, and expiring as to part annually and wholly on
Dec. 31 1935.-V. 135, P. 830.
-Earnings.
Simmons Co.
For income statement for six months ended June 30 see "Earnings
Department" on a preceding page. V. 134, p. 4508.
-Earnings.
Simms Petroleum Co., Inc.
For income statement for 3 and 6 months ended June 30 see "Earnings
-V. 134. p. 3472.
Department" on a preceding page.
-Balance Sheet Dec. 26 1931.Soule Mill.
Liabilities
Assets
$2,130,733 Capital stock
Real estate
159,487 Acc't payable and taxes
Merchandise
Cash, meta rec. & securities- 504,085 Depreciation
Profit and loss
Total
-v. 134, p. 1211.
82,794,306
Total
$1,260,000
16,435
1,055,875
481,995
$2.794,305
position of the company it is advisable to suspend payment
of all dividends until such time as the current earnings of the
company are sufficient to cover them. Accordingly, no
action was taken onIthe dividend which would have Wen
payable Sept. 1 1932 on the 7% cum. ref. 1st pref. and 8%
cum.2d pref. stock, both of $100 par value. The last regular
quarterly payment of 13 % and 2%, respectively, were
4
made on June 1 1932.
President J. W. Curtis Aug. 2 states:
cir-•ectors at a meeting held Aug. 2 1932, have decided that, until
business improves and a profit is being earned, all dividends should be
suspended so as to conserve the cash resources of the company. Accordingly
they did not declare the dividends payable Sept. 1 1932, on the 1st & 2nd
preferred stocks.
As a result of the continuation and greater intensity of the business
depression our sales volume has been to date about one-third less than a
year ago, which in turn was about 20% less than 1930. In spite, therefore,
of the savings in expense to which we referred in our last annual report,
the company will probably show an operating loss again this year. We
therefore believe it is unwise under these conditions to continue payment
of any dividends until the company is earning a net profit at least sufficient
to cover them.
Our stockholders, however, should know that as of May 31 the net
worth of the company was approximately $17,800,000, equal to 8535 per
share of 1st pref. stock, and the net current assets of the company were
approximately 39,570,000, equal to $287 per share 1st pref. stock. Deducting the 1st & 2nd pref. stocks at par leaves for the common stock a
net worth of approximately $38.64 per share and a net current asset value
of $15 per share.
We call attention of our pref. stockholders to the provisions of our
certificate of incorporation under which their dividends are cumulative,
hence their payment is only postponed, and they must all be paid in full
-V.
before any dividends can be declared or paid on the common stock.
134, p.3472.
-ReorganizaSquibb Building (Abenad Realty Corp.).
tion Plan.
W The Bondholders' Committee (Nicholas Roberts, Chairman) has prepared
a plan of reorganization dated July 25. The Committee in a circular to the
holders of first leasehold mortgage 63.1% sinking fund gold bond certificates, dated July 1 1929 states in substance:
The bonds are secured by a first leasehold mortgage on the leasehold
located at the south-east corner of 58th Street and 5th Avenue. New York,
N. Y., on which is located the 32
-story building commonly called the
Squibb Building, Continental'Bank & 'I rust Co. of New York, as trustee
under the mortgage took possession of the property in December 1931.
The income derived therefrom after the payment of operating expenses has
been insufficient to liquidate the accrued taxes and ground rent. The leasehold is now in default to the extent of approximately $335,640 unpaid
taxes besides interest and $95,500 unpaid ground rent.
The lessors have entered into an agreement with E. R. Squibb & Sons,
which holds under a sub-lease certain floors of the building (but which did
not issue the bonds and which is not in any respect liable on the bonds),
providing for a readjustment of the interests in and financing of the property
in accordance with one of two alternative plans. Plan I involves participation by bondholders and Plan II (which is to become operative in the
event that Plan I does not'become operative or cannot be carried out in
accordance with its terms) provides for a termination of the ground lease
and a readjustment of the interests in the property without any participation by bondholders. Plan I, insofar as its provisions affect or concern
bondholders, is hereinafter referred to as "the Plan."
Digest of Plan of Reorganization.
New Company.
-The owners of the fee of the premises on which the Squibb
Building Is erected will form a corporation, under the laws of the New York,
to acquire the several separate interests of the lessors in the fee of the
premises and their rights under the ground lease, and to acquire at foreclosure (at a price not exceeding an amount to be agreed upon between the
lessors and Suibb), the leasehold covered by the mortgage made by Abenad
Realty Corp. and Parclay-Arrow Holding Corp. to Straus National Bank &
Trust Co., under date of July 1 1929.
Capitalization.
-Corporation will be capitalized as follows:
(All three of the mortgages to be liens on the entire premises with the
Improvements thereon, but to be subject to leases of space in the building
not extinguished by the foreclosure of the leasehold mortgage.)
(a) An underlying mortgage for $635,000 for 10 years with interest at
5% per annum (which is to be a consolidzation of the present mortgages on
the several parcels of the fee), with privilege to the mortgagor to repay the
principal in whole or in part on any interest date upon 90 days' notice,
in amounts of not less than *25.000 at any one time.
(b) $4.365,000 first trust mortgage 20
-year bonds, to bear interest at
5% per annum until maturity, and to be redeemable on any quarterly
interest payment date in whole or in part at par and int. The mortgage will
provide for a sinking fund of 350.000 per year for first five years, $75,000
per year for next five years and $100,000 per year until maturity, to be
applled, subject to the provisions of the plan with reference to priority
and otherwise, to the amortization of the underlying mortgage and the
redemption of the first trust mortgage bonds. The mortgage will also
contain restrictions as provided in the plan with respect to foreclosure
for three years after the date of the first trust mortgage bonds.
-year 6% bonds entitled to a
(c) $1,125,000 second trust mortgage 20
sinking fund at the rate of $50,000 per year, to be applied to the redemption
of bonds at par and int. Sinking fund to be dependent upon income
throughout the life of the bonds. Interest is to be dependent on income
for three years and until the corporation shall have received the proceeds
of $1,000.000 of such second trust mortgage bonds, but to be cumulative
from their date.
(d) 45,000 shares of 6% non-cumulative preferred stock (Par $10)
redeemable at the option of the corporation at, and entitled on liquidation
to, the par value thereof.
(e) 180,000 shares of common stock (no par) entitled to exclusive voting
power, except as otherwise required by law.
Participation by the Lessors.
The lessors will receive as of the date of closing:
(a) $4,365,000 first trust mortgage bonds.
(b) A payment in cash (out of the proceeds of the sale of second trust
mortgage bonds and stock) equal to the amount, if any, of unpaid ground
rent and 1932 real estate taxes on said premises apportioned to the date
of closing, but not in excess of $50.000.
(c) 203', of the shares of common stock of the corporation not issued
to the holders of the leasehold bonds.
(d) The lessors are to be charged as of the date of closing, as provided
in the plan, with unpaid 1932 real estate taxes apportioned to that date.
Par icipatien by the Bondholders.
The assenting holders of the 631% bond certificates issued under the
will be entitled, in respect of leasehold bonds deposited
leasehold mortgage
by them under the plan:
(a) To receive one share of preferred stock and one share of common
stock for each $100 of leasehold bonds so deposited; and
(b) To purchase (at the option of the holder). in respect of each $100
of leasehold bonds so deposited, for the sum of 325, one share of common
stock and $25 of second trust mortgage bonds.
Participation by Squibb.
Squibb will: (a) purchase a principal amount of second trust mortgage
bonds equal to the amount, if any, by which the principal amount of such
bonds subscribed for by the holders of the leasehold bonds shall fail to
equal 31,000,000, together with 80% of the shares of common stock of the
corporation not issued to the holders of leasehold bonds for a purchase
price of $1,000,000 is an amount equal to the principal amount of second
trust mortgage bonds subscribed and paid for by such holders of leasehold
bonds as above, or such part of the bonds as shall be necessary to provide
the corporation with the hinds required by it.
Financial Chronicle
Volume 135
(b) Enter into an agreement with the corporation providing for the
cancellation of Squibb's present lease of floors in the Squibb Building
numbered 22 to 33 inclusive, and of the two penthouse floors, and take a
new lease from the corporation of the floors in the Squibb Building now
occupied by Squibb and numbered 23. 24 and 25, respectively, for a term
of 20 years, at a rental of $63,000 per year.
The common stock of the corporation received by the lessors is to be
deposited under a voting trust agreement, the trustees of which are to
be nominated by Squibb.
As an alternative the agreement between the lessors and E. R. Squibb
& Sons provides in substance that if plan I above outlined be not accepted
the lease which constitutes the security for the leasehold bonds will be
terminated with the result that all the security for such bonds will be
lost to the bondholders.
Under the agreements it is necessary, at the option of the lessors and
E. It. Squibb & Sons, in order that the plan be declared operative, that
the plan be accepted by not less than 80% of the outstanding bonds before
Aug. 16 1932.
-Nicholas Roberts, chairman; John L.Latin, Charles Ridgely,
Committee.
J. E. Friel and It. C. Baker. Joshua Morrison, Sec.. 9 East 46th St.,
N. Y. City. Depositary, Continental Bank & Trust Co. of New York.
V. 129, p. 492.
Standard Brands, Inc.
-Expanding Plants.
The corporation has started work on a substantial expansion of its
Fleischmann yeast plant at Peekskill, N. Y .. which, covering 100 acres,
with.130 buildings and 1.500.000 square feet of floor space, is the largest in
the world. Twelve huge copper fermenters. each large enough to hold an
average house, will be built to replace the 32 smaller units, of considerably
less total capacity now in use. Construction of the new fermenters will
require 500,1000 pounds of copper and the work will take about a year.
A single day's average output from the Standard Brands Peekskill plant,
which is one of 12 operated by the company in the United States, Canada
and Cuba,supplies sufficient yeast to produce 10.000,000 loaves of bread.
The corporation announces also the purchase of a six-story building of
reinforced concrete at 2133 Pershing Road, Chicago, opposite McKinley
Park. The plant, which will be equipped with new machinery, will be used
for roasting Chase & Sanborn Coffee, and distributing Chase & Sanborn
coffee and tea to the north central states -V. 135, p. 831.
"*"... Standard Corporations, Inc.
-Further Reduction in Div.
dividend of 4 cents
per share was recently declared on the no par value
A
capital stock, payable Aug. 1 to holders of record July 20. This compares
with 5 cents per share paid on May 1 last, 7 cents per share in each of the
three preceding quarters and 10 cents per share previously.
-V.134. p.3112.
Standard Fruit & Steamship Corp.
-Earnings.
-
For income statement for three and six months ended June 30 see "Earnings Department on a preceding page.
-V. 134, p. 3472.
Standard Investing Corp.
-Earnings.
-
For income statement for six months ended June 30. see "Earnings Department" on a preceding page.
Consolidated Balance Sheet June 30.
[Including American, London & Empire Corp.]
1932,
1931.
1933.
1931.
$
AssetsLfablattfes$
Investments
a6,942,234 14,758,441 Accr. int. on deb__
135,661
164,868
loans, syndiAdv.,
Accts, rec. for sec.
cate participapurchase
3,875
105,570
55,526
tions, &c
236,752 Prey, for Fed. &
202,288 1,268,271
Cash In banks__
State taxes
26,421
19,176
Accrued Int. rec..
64,880
65,554 Misc. accts. pay_
.
150
7,010
U.S. Govt.sec..- 2,603,328
Funded debt
7,264,000 8,791,000
12,597
Misc. accts. rec
11,189 Min.int. In Amer.,
Unarnort. dIset. on
London&Empire
debentures
244,850
Corp
33.543
74,490
Call loans.
450,000
500,000 Preferred stock_b2,757,800 2,757,800
Common stock... c394,591
394,591
Capital surplus_ _ _ 211,224 4,577.843
Earned surplus_ _ _
193,583
192,709
Total
11,020,847 17,085,056
Total
11,020,847 17,085,056
a Securities at cost (approximate market value. $2,504,440. b Represented by 55,156 shares $5.50 div. series cum. pref. stock. c
Represented
by 394.591 shares common stock (no par). The preferred and common
shares include 93 shares preferred and 1.044 shares common
against stock of American, London & Empire Corp. deposited for issuable
exchange.
-V. 135, P. 313.
1007
Balance Sheet Dec. 31.
1931,
AssetsLiabilities-1930.
1932.
1930.
Cash
$22,521 Notes payable_
$45,154
$2,272
Marketable secur.
50,000 Accounts payable_
8,347
$6,330'
7,891
Notes rec.-sec'd12,870 Accruals-payroll,
taxes & oth__ -Trade accept -un15.182
19.432
124,064
secured
11,440 Res. for contingCustomers' accts.
encies
3,075
13.075
46,872
receivable
44,660 Capital stock
11,446,147 1,544,052
13,655
Sundry other rec's
5.906 Surplus
67,120
230,128
Inventories
409,592
40,777
Other assets
21,640
Plant properties_ _ 937,389 1,031,712
Patents(less amen) 24,989
24,952
Prepaid exps. &
4,103
14,714
supplies
Total
$1,475,023 $1.650,011
Total
$1,475,023 $1,650,011
Note.
-(1) At balance sheet date the company was contingently liable
to banks for trade acceptances rece Arable of the Amtorg Trading Corp.
discounted in the sum of $70,043, wh ch was reduced to 623,711 as of Feb.
16 1932. (2) Company signed an option to sell 800 shares of stock at $7
per share, good until July 311932. 3) Company is contingently liable to
return to the receiver of the Manufacturers National Bank & Trust Co.
$10,000 withdrawn prior to the closing of the bank on June 15 1931.
x Represented by 86,250 shares (no par).
-V.132. p.4079.
Superior Steel Corp.
-Earnings.
For income statement for three and six months ended June 30 see "Earnings Department" on a preceding page.
-V. 134, p. 3294.
Super Maid Corp. (& Subs.).
-Earnings.
Calendar YearsNet sales
Cost of sales
Selling and administration expenses
Interest and discount paid
Federal income taxes
1929.
1931.
1930.
$1,695,739 $2.982,754 $5,783,774
1,848.915
1,303,434
1,018,646
2,621.442
1.814,973
1,155,271
48.723
7,408
25,325
46,500
73,800
Net income
$515.587 def$234,778 81.218.194
145,697
She. cap. stk. outstand. (no par)_ _ _ _
145,697
150,000
Nil
Earnings per share
Nil
$8.12
Consolidated Balance Sheet Dec. 31.
Assets1931.
Liabilities1931.
1930.
1930.
x$102,537 $792,340 Cap.stk.& surp.y$1,494,208 $2,374,303
Fixed assets
45,241
195,332 Accts. & notes Pay
264,908
Cash
87.14
4
Accrued expenses.
774
396
Investments
6,578
7,137
.Notes & accts. rec. 558,338 1,203,905 A ccr. wages & sets.
452,678 Tax reserve (est.).
Inventories (cost). 240,104
13.400
88.200
11,266
55,387 Res. for loss on
Prepaid expenses_
38,477
4,318
lease
49,269
Cash val. insur- -943
Comm'ns payable_
5,361
Total
$1,607,152 $2,738,120
$1,607,152 $2,738,120
Total
x Depreciation deducted was $172,973. y Represented by 145.697 shares
-V.134, p.2547.
of no par.
yracuse Washing Machine Corp.
-C 4-a-rrtrea
e name Othis corporation has been changed to the Easy Washing
n order to identify the company more closely with the name
M'thlne Cor
of its produc .-V. 134, p. 3998.
-Earnings.
(G.) Tamblyn Ltd.
For income statement for three anti six months ended June 30 1932 see
"Earnings Department" on a preceding page.
-V.130, p. 4069.
10 East 40th Street Building (10 East 40th St. Corp.).
-Receivership.Alfred B. Jones of 10 East 40th Street was appointed receiver, July 22.
-story office building at 10 East 40th Street by Supreme Court
of the 44
Justice Collins in a suit against the 10 East 40th Street Corp. The suit was
brought by the Chase National Bank as trustee under a mortgage made
in 1928 by the defendant to secure a bond issue of 65,500,000.
The suit is brought because of the non-payment of a balance of $5,373.500
due on the mortgage and because out of interest of $161,205 due on July 1
-V.126. p. 428, 118.
only $134.337 has been deposited with the trustee.
-Earnings.
Teck-Hughes Gold Mines, Ltd.
-
Standard Oil Co. of California.
-Earnings.
-
For income statement for three and nine months ended May 31 see
"Earnings Department" on a preceding page.
-V. 134, p. 4337.
"Standard Oil Co.(New Jersey).
-Extra Dividend.
-
For income statement for three and six months ended June 30 see "Earnings Department" on a preceding page.
-V.134, p. 3294.
For income statement for three and six months ended June 30 see "Earnings Department" on a preceding page.
-V.135, p. 476.
The directors have declared the usual extra dividend of 25c. per
and the regular quarterly dividend of 25c. per share on the $25 par share
capital stock, both payable Sept. 15 to holders of record Aug. 16. value
Like
amounts have been paid quarterly since and including June 15 1929.135, p. 644, 476.
company, it was recently reported, omitted the dividend
payable about June 1 on the common stock, no par value. Onordinarily
March 1
last a distribution of two cents per share was made on this issue as
four cents per share on Dec. 3 1931, seven cents per share on Sept.against
1 1931
and 12% cents per share previously each quarter.
-V. 134. p. 1390.
Stanolind Crude Oil Purchasing Co.
-Earnings.
-
For income statement for three months ended June 30 1932 see
'Earnings
Department" on a preceding page.
-V. 134, p. 4336.
Sterling Securities Corp.
-Earnings.
--
For income statement for six months ended June 30 see
"Earnings
Department" on a preceding page.
-V. 134, p. 4337.
Stewart Warner Corp.
-Earnings.
--
For income statement for three and six months ended June 30 see
"Earnings Department" on a preceding page.
-V. 134, p. 3294.
Studebaker Corp.
-Balance Sheet June 30.1931.
1932.
Liabilities
56,123,251 7% pref. stock_ 5,918,200
Common stock.y38,046.000
19,c07,277 Pur. mon.°Wig.
7,499,722 (Pierce-A rew)
342.000
1,417,374 Minority mi... 5,111,320
96,624 Notes payable_ 5,500.000
A ce'ts payable.- 1.930.300
2.849,930 Deposits
355,737
13,674,036 Sundry credits &
res., incl. accr. 1,640.666
10,476,473 Res, for taxes
860
89,274 Capital surplus
2,293,624}
Ened surplus.z13.116,568
ar
840,654
1931.
8,400,000
76,201,800
325,000
6,660,642
2,270,752
450.504
1,856,022
12,224
19,234,462
-.
537,i91
--
74,254,175 113,411,406
Total
Total
74,254.175 113,411,406
x After depreciation. y Represented by 1,902,345 no par shares. z Includes earned special surplus of $8.100,000.-V. 135, p. 831.
Superheater Co.
-Earnings.
For income statement for six months ended June 30 see "Earnings
Department" on a preceding page.
-V. 134, p. 2926, 1212.
Sundstrand Machine Tool Co.
-Earnings:
Calendar YearsNet profit before depreciation
Provision for depreciation
Net loss for tile year
(John R.) Thompson Co.
-Earnings.
For income statement for three and six months ended June 30 see "Earn-V. 134, p. 3653.
ings Department" on a preceding page.
Thompson Products, Inc.
-Earnings.
-
.....Standard Utilities Inc.
-Dividend Omitted.
The
1932.
Assets$
:Plant & prop__ 47,870,892
Trade name,
2
good-will, &c5,064,841
Cash
500.453
Sight drafts, &c_
Investments
75,096
Notes & acels
receivable.... 2,297,300
13,740,165
Inventories
z Branch house
leaseholds, &c 3,517,050
Treasury stock_
Real estate contracts receirle
Inv. .5c adv. to
other cos.-470,086
Deferred charges703,290
charges
-Earnings.
Texas Pacific Coal & Oil Co.
-
1431;804
89,980
14
1
??,.5no
102,148
$111.784
230,648
For income statement for three and six months ended June 30 see "Earnngs Department" on a preceding page.
-V. 134. p. 3998.
Tide Water Associated Oil Co.(& Subs.).
-Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Consolidated Balance Sheet June 30.
1932.
1931.
1931.
1932.
Assets-$
$
Oil producing
102,057,902 123,598,983 6% pref.stock._ 66,672,600 73,272,400
Refining
52,726,029 56,865,276 Common stock y 56,105.110 90,292,585
Transportation. 56,590,829 60,605,974 Tide Water Oil
Marketing
5% pref.stock 19,944,600 19,944.600
32,002,498 32,850,754
Miscellaneous -- 3,323,457 3.737,431 6% gold notes,
due Sept. 1'35
Total
246,700.715 277,664,417
(Aaso.011 Co.) 8.288,000 10,680,000
Res. for deprec.
5% gold bonds
& depletion_ _124,809,917 127,657,574
'37
(Tidew ater)
Assoc. TransTotal propl's
port. Corp.).- 1,515,000 1.820.000
& equipm1.121,890,798 150,006,843 Purchase money
Invs,in cos. WM
oblig.(current) 1,841.281
1,312,617
not consol11,409,975 12,850,092 Accounts pay
Other investmls 8,073,130 4,324,599
trade
4,053,842 2,858,447
Cash on hand &
Notes payable
1.000,000 1.500.000
In banks
9,815,776 7,444,585 Wages, int. &
Marketable secs 5,406,808
miscellaneous 4,727,533 3.881.837
2,000,765
Notes dr trade acDue to cos. attn.
ceptances rec. 1,931,846
1,873.909
not consol_
1,469,028
2,016,447
Amu. rec.-less
Diva. payable.- 1,002,332
1,099.086
reserve
8,599.703 10,241,288 Deferred purch.
Due from commoney obits
5,237.750 5.829,949
panies
affilMiscell. def. liab
932,772
iated not conDef, credits to
solidated _
1,975,509
1.012,064
440,159
3,030,434
operations
Secs,in escrow
594,068
Reserve for conCrude oil & prod 23,135,450 36.676,844
tingencies.._ _ 2,649,987 5.324.911
Mat'is & supplies 1.987,077
2,470,745 Surplus
13,921.751 116,394,713
Inv. reserve fund
4,379,224 Minority int. in
Spec. accts. rec.
subsidiaries
3,028.609 3.383.342
secured
1,079,655
Deferred & unadjusted items- 2,947,905 5,841,561
195,768,047 239,802,174
Total
195,768,047 239,802,174
Total
x Of which $2,673,722 appropriated for reserve for fire losses and other
contingencies. y Represented by 5,610.511 shares, no par value.
-V.134.
p. 3653.
Tiniken Roller-Bearing Co.---nnual Dividend Rate Reducedp-161-frem-trIT50 Per-Sharr. The directors on Aug. 2
declared a quarterly dividend of 25c. per share, payable
1008
Financial Chronicle
'Sept. 6 to holders of record Aug. 19. This compares with
per share paid on June 6last, 50c. per share on March 5
1932 and on Sept. 5 and Dec. 5 1931, and 750. per share
previously each quarter.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department' on a preceding page.
-V. 134, p. 3473.
Total
95,931,317 114,910,752
95,931,317 114,910,752
Total
x Represented by 2,191.823 shares (no par).
-V. 134, p. 4337.
Tonopah Mining Co. of Nevada.
-Earnings.
-
Net income
Dividends
1931.
$9,083
2,400
1930.
$15,981
10,490
$6,683
$5,491
1929.
$208,777
15.743
1928. •
$375,683
31,765
$343,918
$193,033
(15)150,000 (15)150,000
Balance, surplus
$193.91oo
56,683
$43,033
$5,491
Profit and loss surplus
2,638,196 b2,645,815
2,811,542 a2,768.508
Earnings per share on
1,000,000 abs. capital
stock (par $1)
$0.34
$0.19
$0.006
30.005
a After deducting $41,700 loss on sale of 835 shares of Tonopah & Goldfield RR. Co. pref. stock at $50 per share. b After deducting $171,218
loss on sale of 2,546 shares of Tonopah & Goldfield RR. Co.common stock.
Balance Sheet Dec. 31.
Assets1931.
Liabilities1931.
1930.
1930.
Cash
518,354
518,903
$13,583 Accounts payable_ $15,170
Depoe. with Nev.
Accrued wages...
1,568
1,787
Indus. Comm..
208
197 Accrued taxes_ _
2,108
3,279
Accts. receivable
10,014
35,174 Capital stock
1,000,000 1,000.000
Indus. & RR.stks
30,975 Surplus
2,638.196 2,645,815
Other stocks
3,527,440 3,497,422
Inventory
64,760
53,168
Prepaid insurance_
40
207
Inv. of salvaged
plant & equip_ _
37,617
37.667
$3,658,432 $3,668,393
Total
V. 132. p. 4080.
Total
United-Carr Fastener Corp.
-Earnings.
-
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
The balance sheet as of June 30 1932 shows current assets of 31,382.307.
of which cash totaled $213,547 and U. S. Government securities $189,750.
Current liabilities were $157,111, leaving working capital of $1,225.196,
or approximately the same as at the close of 1931.-V. 134, p. 3295.
United Chemicals, Inc.
-Earnings.
-
Tide Water Oil Co.(& Subs.).
-Earnings.
--
For income statement for 6 months ended June 30 1931 see "Earnings
Department" on a preceding page.
Consolidated Balance Sheet June 30.
1931.
1932.
1932.
1931.
Assets$
On producing__ 37,828,169 46,815,308 5% corny. pf.stk 19,944,600 19,944,600
Refining
36,987,379 41,507,869 Common stock_x54,795,575 54.795,575
Transportation_ 26,899,017 26,831,265 Surplus
7,795,003 27,306,996
Marketing
18,722.236 19,850,818 Purch. mon. ob. 1,511,178 1,182,515
Miscellaneous_ _ 2,295,974 2,296,048 Accts.pay..trade 2.606,585 1,433.887
Wages, Int. ‘Ye
Total
122,732,776 137,301,308
miscellaneous 1,707,570
708,788
Total res'ves for
Accrued taxes_ _ 1,132,817 1,026,686
deprec. & depl 67.768,736 68,482,938 Due to atilt. cos_
70,196
141.039
Defer, purchase
Net properties 54,964,040 68,818,370
money oblig__ 2,895,905 3.158.002
Cash
6,707,837 4,709,087 Miseell. def. Bab
524,966
Market secur1,235,422 Res.for conting. 2,167,211 4,842,135
5,224,571
Notes di trade
Def. credits to
acceptances
908,559 1,222,071
operating_ ___
370,530
779,711
Accts. receivable 4.715,401 5,176,252
Crude 0118:prod's 9,311,455 15,865,849
Materials & supplies, at cost
993,968
1,276,200
Due fr. attn. cos. 3,846,976 3,884,095
Sec. In escrow
594,063
Inv.res. funds
2,796,187
Inv.tn atilt. cos_ 4,734,460 6,021,031
Other invest__ .._ 1,798,994
770,766
Deferred &
adlus.items_ _ 2,130,989 3,135,422
Calendar YearsNet earnings
Explor. & devel. expense
Aug. 6 1932
53,658,432 $3,668,393
Tropic-Aire, Inc.
-Patent Upheld.
-
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Current assets as of June 30 1932 were $1,358,654 and current liabilities
were $167,414.-V. 134, p. 3837.
United Milk Products Corp.
-Earnings.
-
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 134, p. 3474.
United States & British International Co., Ltd.Earnings.
For income statement for 6 months ended May 31 see "Earnings Department" on a preceding page.
Statement of Surplus and Undivided Profits and Reserves May 31 1932.
Surplus and Undivided Profits
Balances, Dec. 1 1931-Capital surplus
$420,500
Undivided profits
$830,307
409,807
Add-Balance of income for the 6 months ended
May 31 1932
$31,390
Gain on retire, of dabs, acquired below par_ _ _ _ 1,001,869
Prov. made at Nov. 30 1931 for pref. share div.
reversed--div, subsequently passed
7,265
Surplus created through the reduction of stated
value of Class A com,shares to $1 per share.. 5,504,950
Surplus created through the reduction of stated
value of class B com. shares to 10c. per share
970,000
Deduct-Appropriations for reserves (see statement below)
Balances. May 31 1932
-Capital surplus
Undivided profits
Total surplus and undivided profits
Reserves
Balance, Dec. 1 1931
Appropriations during period-From surplus from
retirement of debentures
From undivided Profits
From capital surplus
7,515,473
$8,345.780
7,743,194
$564,134
38,452
$602,586
107,472
1,001,869
410,010
6,331,316
Less
-Net losses sustained during the period
7,743,194
$7,850.663
5,432,720
Balance of reserves, May 31 1932-Applied to
portfolio
$2,412,610
Applied to holdings in Trans-Oceanic Trust, Ltd
5,336 $2,417,947
Note -On May 31 1932 the unrealized depreciation from book value
cost less reserves--of all investments at then current market quotations
amounted to $2,389,543. The corresponding amount as of Nov. 30 1931
was $8,010,316.
Balance Sheet May 31.
1932.
1931.
1931.
1932.
Assets
$
Liabilities$
8
Invest. (at cost).24,202,028 14,101,158 53 pref. stock____z1,453,000 1,453,000
Cash
371,984
392,948 Class A corn. stk. x294,358 5,799.308
Securs. sold-not
Class B coin. stk.. 730,000 1,000,000
delivered
14,200
71,339 5% gold dabs
2,650,500 5,691.500
Acct.. Inc. rec., &c.
30,148
71.799 Sec. purch. not rec
99,714
21,377
Coll, notes reedy. 133,644
Taxes
1,725
1,350
Intermed. cred. to
Interest on dabs__
23,715
11,033
foreign govern
125,000
$3 series pref. diva.
7.265
Unamortized disInv. serv. fee and
count on deb
206,750
471,760 sundry expenses
24,526
19,539
Surplus & undiv.
profits
602,585 1,008,248
Total
5,083,755 15.108,999
Total
5,083,755 15,108,999
a Market value May 31 1932, $1 812,485. x Represented
shares of no par value. y Represented by 300.000 shares of noby 294,358
par value.
z Represented by 29,060 shares of no par value.
-V. 134, p. 1213.
Tropic-Aire patents on the fan-equipped hot water heater Were upheld
ain, in a decision received by Edmund Burke, Vice-President & Gen.
Mgr. of the company.
U. S. District Judge Moscowitz, of the Eastern (Brooklyn) district of
New York, in handing down his decision held that E. A. Wildermuth,---United States Envelope Co.
-Omits Dividend.
Brooklyn automotive distributor for United Motors Service Corp. a subThe directors on Aug. 1 voted to omit the semi-annual dividend normally
sidiary of General Motors, had infringed the Tropic-Aire patents. Mr.
payable about Sept. 1 on the outstanding $2.1325,000 common stock, par
Wildermuth is a distributor, handling car heaters manufactured by the
$25. A distribution of $2 per share was made on March 1 last as against
Harrison Radiator Co. and the Northeast Electric Co. both subisdiaries
84 per share previously paid each six months.
-V. 134, p. 1976.
-Aire, Inc., brought suit against Wilderof General Motors Corp. Tropic
muth in Feb. 1932, alleging infringement of patents. The defendant was
United States Hoffman Machinery Corp.
-Earnings.
given 30 days in which to file notice of appeal.
For income statement for three and six months ended June 30 see "EarnThe decision was described by Mr. Burke as the most significant legal
ings Department" in last week's "Chronicle," page 811.
victory won by Tropic
-Aire, inc., in their long fight to sustain their patents
Balance Sheet June 30.
on their fan-equipped hot water heater. These patents are known as the
Caesar patents and originally were issued to Orville S. Caesar, a Superior.
1932.
1931.
Icop., plant,
:5803,858 5955,196 Capital stock- ___y54,632,182 $4,632,181
Wis., garage man who 'became a national figure in the automotive industry
Pats, after res____ 1,134,865 1,375,120 Accts. di Federal
in a few years, and who is now chairman of the board of Tropic -Aire, Inc.,
Good-w111_ ______
1
1
tax payable.... 279,050
as well as president of the Greyhound Management Co.
368,844
Cash
678,468
672,310 Purch.money notes
Judge Moscovitz is the sixth member of the judiciary to hand down a
14,291
100.036
Mortgages recur
109,100
Deposits
decision respecting Tropic-Aire patents, and is the fourth to hold the
8,171
3,756
Plant construe. &
Reserves
patents valid. Mr. Caesar's invention was first presented to the trade in
67,343
45,272
equip, in process
70,539
Feb. 1927, shortly after the formation of Tropic-Aire. Inc., with headSurplus
1,053,519 2,056.958
Instal, accounts,
quarters in Minneapolis. The fan-equipped car heater grew rapidly in
receivable, &c 1,709,004 2,141,018
popularity. and Tropic-Aire, Inc., became the leader in this field, issuing
366,138
545,406
licenses to several other manufacturers who desired to produce the fan-. Accts. receivable_
Inventories
1,073,466 1,290.820
equipped heater, as distinguished from the exhaust gas or the hot air
Dep. on leases, &c:
2,521
2,369
types of heater.
Treasury stock...
24,883
11.008
Investments
20,317
136,668
Warner, Inc.
-Bankruptcy.
Prep. & def. chgs.
56,979
81,546
A voluntary petition in bankruptcy was filed in Federal Court July 16
for this company, operators of a chain of hat and shoe stores.
Total
$3,050,140 $7,211,462
Total
$6.050,140 $7,211,462
The petition, asking for a receiver, listed liabilities at 3860,446 and assets
x After depreciation of $420,961. y Represented by 222,203 no par
with a book valuation of 81,068,860.
shares.
-V. 134, p. 3474.
Truscon Steel Co.
-Earnings.
For income statement for three and six months ended June 30 see "Earnings Department" on a preceding page.
-V. 134. p. 3837.
277 Madison Avenue Corp.
-Foreclosure Suit.
-
United States Oil & Royalties Co.(Inc.).
-Earnings.
For it.come statement for 6 months ended June 30 see "Earnings Department" on a preceding page.-V. 134, p. 3113.
" -United States Playing Car Co.
A foreclosure suit against the 277 Madison Avenue Corp. on a mortgage ---.. --Decreases Common
of $1 030 000 covering the property at the southeast corner of Madison
Dividend.
Avenue and 40th Street. known as 273 to 277 Madison Avenue. and 24-26
The directors have declared a quarterly dividend of 25 cents per share
East 40th Street was filed in the Supreme Court of New York, July 22. by
the common stock, par $10,
the 275 Madison Corp. The suit is based on the default in payment of ondistribution of 3734 cents perpayable Oct. 1 to holders of record Sept. 20.
A
share was made on July 1 last as compared
semi-annual interest of $8,000 due June 1 on a first and consolidated mortwith 50 cents per share on April 1 1932. 624 cents per share each quarter
$3,200.000 and because taxes of $56,280 for the first half of 1932
gage for
from April 1 1931 to and incl. Jan. 2 1932 and $1 per share previously.
are unpaid.
-Ir. 134, p. 3295.
-•--.
-s.
United Carbon Co,
-
'For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
The strikingly better results in this year's second quarter compared with
last year's arises from the increasing outlets for sale of natural gas which
tended to counteract the seasonal decline in gas sales in the warmer months
of the year. Carbon black business has continued to be on an unsatisfactory price basis.
The consolidated balance sheet as of June 30 shows that bank loans have
been reduced 20% to $600,000 during the quarter without impairing the
cash position; cash as of June 30 was $436,474 compared with $454,611 as of
March 31. Current assets as of June 30 were $3,299.914 and current
liabilities, including the bank loans, $929,163, a ratio of about 3.5 to 1.
The outstanding 7% non-cum. pref. stock showed a further small reduction to $1,813,725. while common stock outstanding was unchanged at
368,885 shares.
-V. 134, p. 3654. ...I
United States Printing & Lithograph Co.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Current assets as of June 30 1932 amounted to $3,656,517 and current
liabilities were $931,563. comparing with $2,675,614 and $1,199,828, respectively, on June 30 1931.
President Arthur R. Morgan states that definite improvement in the
company's business has been made in the past two to three weeks and that
most of the plants have increased production and rehired some of their
former employes.
-V. 134, p. 4000.
United States Rubber Co.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-V.135, p. 314. -
Volume 135
Financial Chronicle
-Earnings.
Universal Pictures Co., Inc.
For income statement for 3 and 6 months ended April 30 1932 see"Earnings Department" on a preceding page.
Current assets as of April 30 1932 amounted to $8.433,200 and current
•liabilities were $1,929,556, comparing with $9,328,258 and $2,412,482.
respectively, on May 2 1931.-V. 134, p. 2982.
-Earnings.
Vadsco Sales Corp.
For income statement for 3 and 6 months ended June 30 see "Earnings
-V. 134, p. 3837.
Department" on a preceding page.
-Receivers Appointed.
alspar Corp.
Lawrence Phillips of Rumson, N.J., and Robert P. Robinson of Wilmingt were Aug. 3 appointed receivers for the corporation. The corporation
on
.consented to the receivers.
The bill of complaint was filed by Christian 0. Thomae of Grantwood,
N.J.,and Charles A.Greene of Forest Hills. N.Y. Thomae is a bondholder
-V. 130, p. 4262.
and Greene a stockholder.
-Earnings.
Vick Financial Corp.
For income statement for 6 months ended June 30 see "Earnings De--V. 135, p. 831. /partment" on a preceding page.
Virginia-Carolina Chemical Corp.41.ndependent Stockholders'Committee Unanimously Favors Merger as Proposed)-'
$70 a Share to Be Offered for Half Prior Preference Stock.
Liquidation in its entirety of Virginia-Carolina Chemical Corp. as proposed by a minority group of prior preference stockholders, is "impractical.
destructive of existing values and impossible of accomplishment," according to a report of a special committee of five stockholders, independent of
themanagement,appointed July 11. Liquidation, the reportdeclares. under
conditions now prevailing would decrease the value of assets by millions of
dollars through loss in collection of receivables, sale of inventory, and
reduction to junk value of physical properties. Good will would be completely destroyed. The committee endorses the management's plan of
merger with Armour Fertilizer Works as in the interest of all classes of
shareholders and unanimously recommends approval of the plan.
Through liquidation, approval for which could not be obtained the report
says,the first $11,000,000 of syllable cash would be required for retirement
of prior preference shares, leaving junior shareholders with idle plants,some
investments in subsidiaries and certain current assets which could not easily
be converted into cash. The 6% preferred stockholders would be entitled
to $26,000,000. or an amount largely in excess of total remaining assets.
The common stockholders would be entirely eliminated and they would
slot consent to such a course. If liquidation is considered at all, it is pointed
out, it should be after, not before, the proposed merger is consummated.
Consummation of the merger agreement, the report says, makes it possible
for the corporation to distribute immediately a large part of cash assets
freed from operations of the fertilizer business.
The committee points out that the corporation's directors on July 28
voted to purchase from prior preference stockholders, upon consummation
of the merger with Armour Fertilizer Works, not more than one-half of their
holdings at $70 a share plus accrued or accumulated dividends. Should
less than half be offered for sale by some holders, the company could take
additional offerings from other stockholders, so that not in excess of a total
of 50,050 shares would be acquired.
The committee states that with retirement of one-half of the prior pref.
stock, annual dividend requirements ahead of the 6% pref. stock will be
reduced to approximately $350,000 per annum, increasing materially the
possibility of junior shareholders receiving dividends on their holdings.
-V. 135, P. 646.
Waco Aircraft Co.
-New Contract.
The company on July 21 announced receipt of orders for 15 planes for
the Brazilian army and navy, the contract amounting to approximately
$200,000. Ten planes are to be equipped with gun and bomb racks and
the rest are to be equipped for radio and photographic purposes.
-V. 135.
p. 315.
Walworth Co.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-V. 134, p. 3838.
Warner-Quinlan Co.
-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 134, p. 3655.
Warren Foundry & Pipe Corp.
-Earnings.
-
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-V. 134, p. 2170.
Western Paper Goods Co.
-Dividend Decreased.
-
The directors have declared a quarterly dividend of 15 cents per share
on the class A and class B stocks, no par value, both payable Aug. 4 to
holders of record Aug. 1. Previously the company made quarterly distributions of 25 cents per share on both classes of stock.
-V. 133, p. 818,
Westfield (Mass.) Mfg. Co.
-Receivership.
Wilbur C. Walker, President, and Charles E. Avery have been appointed
by Judge Dillon in Mass. Superior Court at Westfield, Mass., as temporary
receivers. The receivership was asked by Hampden National Bank &
Trust Co. of Westfield and assented to by company. Company, established 1915, makes bicycles and children's vehicles. The business will be
continued by the receivers.
-V. 134, p. 3655.
Westinghouse Electric & Mfg. Co.
-Number of Stockholders Continues to Increase-Earnings.
The company is mailing today (July 30) dividend checis payable
to holders of preferred stock. During the past 12 months there has
been an increase of 4,008 in the number of Westinghouse stockholders.
The total number of preferred and common stockholders of this
company by quarters this year and the last two years follows:
Period
1932
1931
First quarter
54,158
49,332
43,528
Second quarter
54,755
50,647
44,533
Third quarter
51,621
45,158
Fourth quarter
48,455
Note:
-These totals are taken on the date of record for the payment of dividends payable in these respective quarters, the second
quarter of 1932 being the number of stockholders of record July 11,
1932, to a part of whom the dividend of July 30, 1932, is payable.
Results of Retail Sales Campaign
The company in a folder telling of some of the results of its employes sales campaign, states in part:
During May and June the 35.000 men and women on the Westinghouse payrolls interviewed 68,206 prospects and induced 58,045 persons
to .buy household electrical appliances having a retail value of 92,-an average of over 850 per sale.
922,992
This plan was conceived and executed by the employes, formed
into a nation-wide army. Employes interested the prospects and the
dealers completed the sale, delivered the goods and received payment.
Retail prices were not cut. Buyers were given no discounts. Employes received no commissions. Prizes of merchandise were awarded
to several thousand employes and silver cups were presented in
recognition of outstanding work.
Earnings.
For income statement for 3 and 6 months ended June 30 see ''Earnings
e
-V. 134. p. 3304.
iri.zw partment" on a preceding page.
Westvaco Chlorine Products Corp.
-Dividend Omission.
The directors on Aug. 1 decided to omit the quarterly dividend usually
payable about Sept. 1 on the common stock, no par value. A payment of
25 cents per share was made on this issue on June 1 last as compared with
40 cents per share in each of the two preceding quarters and 50 cents per
hare previously.
Earnings.
For income statement for 6 months ended July 2 see "Earnings Department" on a preceding page.
11 As of June 30 1932, current assets. including cash of $125.881. totaled
.
$1,412,988 and current liabilities $413,011 against $1,017,323 of current
1009
assets, including cash of $84,380, and current liabilities of $89,486 a year
preceding.
In addition to the increase in current liabilities the balance sheet as
of June 30 shows other increases in liabilities. Among these are $250,000
of notes payable and $381,313 due to the United Chemical
which
did not appear in the June 30 1931. statement. Bonds outstanding at the
Co..
close of the first half of 1932 totaled $1,809,000 compared with 61,474,500 a
year preceding.
-V. 134, p. 3655.
-Omits Dividend.
& Gibbs Sewing Machine Co.
The directors have decided to omit the semi-annual dividend normally
payable about Aug. 15 on the common stock, par $50. A distribution of
$1 per share was made on this issue on Feb. 15 last as compared with semiannual payments of $1.25 per share previously made-V. 134. p. 1046.
(H. F.) Wilcox Oil & Gas Co.
--Assessed by Oklahoma
Corporation Commission for Violation of Oil Proration Rules.-,
See 'Chronicle" of July 30, page 702.-V. 134, p. 4000.
-Class B Stock Off List.
''--.Wilcox-Rich Corp.
The class B common stock, no par value, was stricken from the list of the
New York Stock Exchange on July 28.-V. 135, p. 148.
-Preferred Dividend Deferred.
Line, Inc.
The directors have decided to defer the dividend due Aug. 15 on the 7%
cum. pref. stock, par $100. The last regular semi-annual payment of
334% was made on this issue on Feb. 15 1932.
in a statement to preferred stockholders, President George B. Junkin
said: "While earnings for the first five months of the calendar year of 1932
were substantially the same as those for the similar period in 1931. earnings
for June and July 1932, have declined sharply due to the existing depression.
Consequently, the directors believed it to be more conservative to defer the
preferred dividend due at this time. While this action will cause a temporary cessation of income return to shareholders, the financial position
of the company will be strengthened and the equity available for the snareholders will be increased.
"The equipment and property of the company is being maintained at a
high standard, but notwithstanding the expenses have been sharply reduced
to keepthem in line with decreased revenues. Salaries and wages have been
cut 20% and other economies have been made.
"The board wishes to remind the preferred shareholders that this stock
is cumulative as to dividends and they eventually are entitled to receive the
-V. 134, p. 4510.
dividends in full."
-July Sales.
(F. W.) Woolworth Co.
1932-7 Mos.-1931.
-July
-1931.
Period End, July 31- 1932
318.146,377 $21.078,013 3136393,423 3151351,697
Sales
-V. 135, P. 315.
-Earnings.
YellowTruck & Coach Mfg. Co.
For income statement for three and six months ended June 30 see "Earn-V. 134, p. 3475.
ings Department" on a preceding page.
(L. A.) Young Spring 8r Wine Corp.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings De-V. 134. p. 4510.
partment" on a preceding page.
Youngstown Sheet & Tube Co.
-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
Current assets as of June 30 1932,including $15,060.247 cash and Government securities, amounted to $68,580,062, and current liabilities were
$5,851,556, eomparirg with cash and Government securities of 819,954,808,
current assets of 393.610,451 and current liabilities of $6.562,632 on June 30
1931.-V. 135, p. 831.
CURRENT NOTICES.
-Leonard J. Marquis and Victor M. Cortes. former general partners in
F. L. Salomon & Co., are forming a co-partnership under the name of L. J.
Marquis & Co. to engage in a general Stock Exchange commission business
at 39 Broadway. Following their retirement the firm of F. L. Salomon &
Co. will consist of Ferdinand L. Salomon, who has been a member of the
New York Stock Exchange since 1919, and Gerard F. Hulsebosch, who will
continue in active management of the firm's offices.
-Mabon & Co., members of the New York Stock Exchange, announce
that Mabon Kingsley and Clarence F. Avery,formerly partners of Kingsley,
Avery & Co., and John M. Maurer have been admitted as general partners
in their firm. This follows the dissolution of Kingsley, Avery & Co.,
members of the New York Stock Exchange, the partners of which were
Mabon Kingsley, Clarence F. Avery, Fred I, Eldredge, Carl L. Eiermann
and Louis J. Francke Jr,
-Orals Brothers & Co., New York, have ready for distribution the 21st
edition of their "Cotton Chart." This compilation carries in a compact
manner the vital cotton statistics on the condition of the crop and ginning
reports over a period of 10 years, and provides spaces for keeping the card
up to date during the current year, as new reports are issued. The new
features show preliminary acreage, harvested acreage, revised acreage, and
yearly yield per acre.
Moore, Leonard & Lynch, members New York Stock Exchange,
announce the admission, effective Aug. 1st, of Jerome Hill, Thruston
Wright and William Frew as general partners, resident in Pittsburgh, where
they will be identified with the firm's local office.
Ilerrick, Berg & Co., members of the New York Stock, Curb and Cotton Exchanges, announce that John Locke and Rensselaer W. Bartram Jr.
have been admitted as general partners, and that Harry C. Cushing 3d
has re.ired from general partnership in the firm.
Fenner, Beane & Ungerleider, members of the New York Stock Exchange and lather important exchanges throughout the country, announce
the acquisition of the Jacksonville and Miami offices previously maintained by Livingston & Co.
-James Talcott, Inc. have been appointed factors for the Queen City
Cotton Co., Burlington, Vermont, manufacturers of cotton piece goods
and for Kaufman & Getzoff, New York, converters of silk.
-William R. Keevers is now associated with Frank C. Masterson &
Co., members of the New York Curb Exchange,in charge of their municipal bond department.
The 1932 edition of"A Yearbook of Railroad Information," containing
96 pages, has just been issued by the Committee on Public Relations of
the Eastern Railroads.
-Watson & White have prepared a circular on Illinois Central-Chicago,
St. Louis & New Orleans RR. 1st refunding mortgage gold series A 5%
bonds, due 1963.
-The Chicago office of Ettinger & Brand announce that Charles M.
Strickland, formerly with E. A. Pierce & Co., has become associated
with them.
-Hornblower dc Weeks have prepared a special analysis of New York
City bank stocks, including a review of their semi-annual statements.
-Bristol & Willett, 115 Broadway, New York, have prepared an
analysis of Babcock & Wilcox Co.
-Hemphill, Noyes & Co. announce the removal of their Bridgeport,
Conn., office to 167 State St.
Allied General Corp., 63 Wall St., New York, has issued a special
analysis on the McCall Corp.
1010
Financial Chronicle
Aug. 6 1932
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-METALS
-DRY GOODS
-WOOL
-ETC.
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter, in a department headed INDICATIONS OF BUSINESS ACTIVITY.
Friday Night, Aug. 5 1932.
COFFEE on the spot was firmer with a moderate business.
Offerings were small; No. 7 Rio, 834c.; No. 4 Santos, 1134c.;
/
Victoria 7-8s, 8c. Maracaibo, Trujillox, 93/i to 930.; fair
to good Cucutta, 103/ to 11c.; prime to choice, 1134 to 113 c.;
%
washed, 10M to lie.; Ocana, 1034 to 103'e.; Bucaramanga,
natural, 103/4 to 103'e; washed, 104 to 11c.; Honda,
Tolima, Giradot and Manizales, 1034 to lie.; Medellin,
1234 to 123/20.; Mexican washed, 14 to 150.; Ankola, 25 to
340.; Mandhcling, 25 to 323'c. Genuine, Java, 2234 to
23e.; Robusta, washed, 93/26.; Mocha, 14 to 143' Harrar,
2e.;
1234 to 13c.; Abyssinian, 103/I to lie.; Guatemala, good, 11
to 113/2c.; Bourbon, 10 to 103/2c.
On the 2nd inst. cost
and freight offers from Brazil were received in a fairly large
number and prices were generally lower. For prompt shipment from Rio de Janeiro Santos Bourbon 3-4s were offered
at 10.25 to 10.45c.; 3-5s at 10.15c.; 4-5s at 10.00c.; 5-6s at
9.90c. and 6s at 9.70c. Rio 7s were offered at 7.60e. On
the 3rd inst. cost and freight offers from Brazil were received
again in larger supply and prices were somewhat irregular
but with a generally higher trend. The offers continued to
be for shipment from the Port of Rio de Janeiro, owing to the
blockade of the port of Santos, and included, for prompt
shipment, Santos Bourbon 2s at 11c.; 2-3s at 10.00e.; 3s
at 10.30c.; 3-4s at 9.70c.; 3-5s at 10.20 to 10.300.; 4-5s at
9.70e.; and 5s at 9.70e. Victoria 7-8s were quoted at 7.40c.
Spot coffee was in moderate demand. Prices were quoted
nominally unchanged with Santos 4s at 1134; Rio 7s at 83/40.;
and Victoria 7-8s at 83/sc. On the 4th inst. cost and freight
offers from Brazil again were received in a fairly large supply
and quotations were about unchanged. Owing to the continued blockade by Federal warships of the Port of Santos,
due to the Revolutionary activities in Brazil, the offers were
almost entirely for shiment from Rio de Janeiro and included
Santos Bourbon 3-4s at 9.75c.; 3-5s at 10.20 to 10.35e.;
4-5s at 10.10 to 10.25c.; 5-6s at 9.90c.; and 6s at 9.75. Rio
7s were offered at 7.60 and Victoria 7-8s at 7.50 to 7.60e.
To-day cost and freight offers from Brazil were in moderate
supply and prices were about unchanged. For prompt shipment from Rio de Janeiro, Santos Bourbon 2-3s were here
at 10.65c.; 3s at 10.500.; 3-5s at 10.10 to 10.200.; and 4-5s
at 10.000. Spot coffee was quiet and unchanged at 1134c.
for Santos 4s and 834c. for Rio 7s.
On the 1st inst. futures ended 8 to 14 points lower with
sales of 2,250 bags of Rio and 9,000 bags of Santos. Destruction of coffee has ceased. Fighting was still going on. Rio
was threatened.
On the 2d inst.,futures declined 4 to 15 points on reports
that the Port of Santos had been reopened. Liquidation set in
here among those who had believed that the Port of Santos
would be closed for a much longer period and that supplies in
the United States would therefore become greatly reduced.
The sales of Santos futures, however, were only 9,000 bags
and of Rio they were only 3 lots. On the 3d inst., futures
declined 7 to 18 points on New York and Brazilian selling.
Local interests and New Orleans bought. The trading was
very small, only 24 lots of Santos and 10 of Rio. It was
stated that the Port of Santos was closed. On the 4th hilt.,
future were unchanged to 8 point higher. The trouble. in
Brazil have caused a marked reduction in shipments, especially of the better grades. The sales of futures were
only 23 lots. To-day Santos futures here closed 2 points
lower to 5 points higher with sales of 3,000 bag; and Rio
futures ended 2 points lower to 7 points higher with sales
of 2,000 bags. The trade and commission houses bought
while importers and other trade interests were selling.
Final prices show a decline on Santos futures for the week
of 5 to 11 points and are 5 points lower to 4 points higher
on Rio.
Rio coffee prices closed as follows:
Spot unofficial
September
December
834March
6.42 nom I May
§
5.94 nom
5.820 nom
5.750 nom
Santos coffee prices closed as follows:
Spot unofficial
September
December
11
March
9.751,p 9.80 May
8.86nom
8.550 -8.420 nom
COCOA to-day ended 1 to 5 points higher with sales of
210 lots. September closed at 4.40e.; December at 4.50c.;
January at 4.510.; March at 4.62c.; May at 4.74o., and
July at 4.83o. Final prices show an advance for the week
of 9 to 17 points.
-Futures closed 2 points lower to 1 point higher
SUGAR.
on the 1st inst. There was a rumor that the 700,000 tons of
Cuban sugar may not be sold until June 30 1933. Cuban
and Wan street interests hp.ve recently been good buyers
of May and July. It is said that Dr. Gutierrez will confer
with Wall Street interests on the Cuban situation. This
may, some think, become a bullish factor through a delay
in releasing the 700,000 tons to June 30. The sales on the
1st inst. were 14,650 tons. Spot sugar was quiet at 1.07
to 3.07c. The sugar melt of 14 United States refiners for
the week ended July 23 in long tons raw sugar value was
90,000 tons, against 105,000 tons in the same period last
year. Deliveries in the same week this year were 107,530
long tons raw value, against 123,659 tons last year. The
figures since the first of the year follow: Meltings, Jan. 1
to July 23 1932, 2,140,000 tons; Jan. 1 to July 25 1931,
2,460,000 tons. Deliveries:Jan.1 to July 23 1932,2,139,847
tons; Jan. 1 to July 25 1931, 2,440,931 tons. Havana
cabled the movement for the week ended July 30 as follows:
Arrivals, 45,717; exports, 79,390; stock, 1,060,436. Exports were to New York, 6,923; Baltimore, 12,497; New
Orleans, 5,795. Philadelphia, 8,924- Boston, 3,482; Savannah, 1,808; interior United States, 219; United Kingdom,
34,299; France, 2,322; New Zealand, 3,121. Grinding, 3.
On•the 2d inst. futures closed 1 to 3 points higher on the belief that the release of 700,000 tons of segregated sugar will
occur on June 30 instead of Jan. 1 1933, unless the price
reached 1%c. c.&f. Some 12,000 tons of actual sugar were
sold, including 4,150 tons of Porto Rico at 3.08c., Aug. 10-15
loading; 4,000 tons of Philippines, Aug.
-Sept. at 3.10c.,
and 4,000 tons of Philippines, Oct.
-Nov. at 3.08c. Refined
was 4.15c. with good withdrawals; resales 3.923/I to 3.95e.
On the 3d inst. futures closed unchanged to 1 point lower
with sales of only 4,150 tons; also 23,900 tons of actual sugar
at 1.09 to 1.10c. c.&f.; 20,000 bags of Cuba prompt sold at
3.09c., and 4,300 tons of Porto Rico, Aug. 10-15 at 3.103.
Futures on the 4th inst. ended unchanged to 2 points higher
with sals4 of 12,050 tons. Wall Street and Cuba bought,
especially September and December; 10,000 tons of Philippines sold at 3.08c., delivered promptly.
To-day futures closed 1 point lower to 1 point higher with
sales of 10,550 tons. Trade interests were the best buyers.
There was little pressure to sell. The outside raw market
was quiet. A fair amount of raw sugar was offered at 1.10e.
for Cubas and sellers were firm in their views. There was a
good demand from local refiners at 1.08e. and from southern
refiners at 1.10c., but little or no business was reported. A
decision is expected within a few days on the proposal to
continue for another six months the segregation of the
700,000 tons of Cuba sugar from the American quota, now
held under a pool agreement until Jan. 1. Dr. Viriate
Gutierrez, is expected in New York shortly to confer with
American sugar interets and it is believed that one of the
principal points of discussion will be the segregated sugar.
k'inal prices here on futures show an advance for the week of
1 to 2 points. Closing quotations follows:
Spot unofficial
September
December
January
1.08(8
March
1.011 1.02 May
1.08 July
1.07
1.05
1.06
1.070 ----
1:113
.LARD.
-On July 30th prices were generally 2 to 5 points
higher but July fell 5 points. Chicago's receipts of hogs were
only 6,000. On the 1st inst. futures advanced 2 to 5 points.
Hogs fell 10o. except for light weights; the top was $5.
Western receipts were 78,000 against 81,000 a year ago. On
the 2nd inst. futures declined 5 to 13 points. Hogs were
steady. Prime Western cash was 5.45 to 5.55c.; refined to
Continent, 57 3.; South America, 65/2c.; Brazil, 67 0. On
4
/
the 4th inst. futures closed 5 to 7 points higher with little
change in hogs. To-day futures ended unchanged to 2
points higher on the strength of the grain markets. Final
prices show an advance for the week of 12 points.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Mon. Tues.
Sat.
Wed. Theirs.
Fri.
September
4.90
4.92
4.87
4.90
4.95
4.97 '
October
4.92
4.82
4.87
4.85
4.92
4.92
January
4.32
4.37
4.35
4.40
4.40
Season's High and When MadeSeason's Low and When Made
September
5.90
June 11 1932 September
3.72
June 2 1932
October
5.42
June 17 1932 October
3.77
June 2 1932
PORK quiet; Mess, $20.25; family, $21.25; fat backs,
$13.75 to $14.75. Ribs, Chicago, cash 6.62e. Beef dull;
Mess nominal; packet nominal; family, 151.2.62 to $13.75;
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 firm; pickled hams, 15
to 20 lbs., 103 0.; 14 to 16 lbs., 103/Ic.; 10 to rz lbs., 103 e.;
4
4
22 to 24 lbs., 9c.; pickled bellies, 10 to 12 lbs., 834c.;6 to 10
lbs., 83/Ic.; bellies, clear, dry salted, boxed, 18 to 20 lbs.,
834c.; 14 to 16 lbs., 85sc. Butter, lower grades to higher
/
than extra, 17 to 213/Ic. Cheese, flats, 12 to 21c.; daisies,
13 to 163/2e. Eggs, medium to special packs, 14% to 230.
8
OILS.
-Linseed was offered early in the week by some
smaller operators below the basic price of 5.3c., but of late
there was little to be had under that figure. Duluth on the
4th inst. was stronger at 973 0. and Argentina was un/
changed. Cocoanut, Manila coast, tanks, 334 to 33/2c.;
Financial Chronicle
'Volume 135
'tanks, New York, 3%c. Corn, crude, tanks, f.o.b. West/
ern mills, 33' to 358c.; olive, denatured, spot, 58e.; shipment, 57c.; China wood, New York drums, earlots, 53Le.;
8
tanks, 43/c.; Pacific Coast tanks, 43/2c. Soya bean, tank
-cars, f.o.b. estern mils, 2.800.• carlot delivery New York,
'
-3% to 40. Edible olive, 1.65 to 2.15c. Lard, prime,83c.;
-extra strained winter, 63e. Cod, Newfoundland, 21 to
260. Turpentine, 42 to 47e. Rosin, $3.25 to $6.20.
Cottonseed oil sales to-day,including switches, 43 contracts.
'Crude S.E., 33(c. bid. Prices closed as follows:
;Spot
August
September
•October
November
3.90
4.00
4.15
4.15
4.16
December
January
4.20 February
4.17 March
4.25
4.29
4.33
4.33
4.456
4.35
4.3
4.45
4.48
PETROLEUM.
-Gasoline was firm despite rumors of
price shading. There was a good demand. jobbing demand
held up well and prices were unchanged. Export demand
was rather quiet, however. Heating oils were in rather
better demand. A large number of the big industrial consumers have already contracted for their nclt winter's requirements but there are many who are still in the market.
.
Spot demand was small, which is only natural for this time
.
-of the year. Grade C bunker fuel oil was firmer at 85c.
refineries. Diesel oil was in fair demand at $1.65 same
basis. Kerosene shows a slight improvement with demand
:gradually picking up and less talk of price shading. For
41-43 water white a good business was reported at 53-e. in
tank cars at rsfineries. Gross crude oil production in the
United States last week averaged 2,137,500 barrels daily,
-compared with 2,205,850 barrels in the previous week, a
-drop of 68,350 barrels, according to the American Petroleum
Institute. Declines of 59,900 barrels and 14,900 barrek,
respectively, in the daily outputs of Oklahoma and East
Texas were among the important changes. s.11 motor fuel
oil stocks in the United States last Saturday totaled 61,172,000 barrels, compared with 62,455,000 on July 23, a decline
of 1,283,000. Gasoline stocks at refineries representing
95.1% of the refining capacity of the country amounted to
.
38,158,000 barrels, against 39,394,000, a decrease of
1,236,000.
Tables of prices usually appearing here will be found on an earlier page in
•our department of "Business Indications," in an article entitled "Petroleuxn
and Its Products."
RUBBER.
-On the 1st inst., prices advanced 6 to 16
points with a good demand and sales of 1,520 tons of No. 1
standard and 410 tons of No. 1 B. An influential feature
was that the executive of one tire company stated that
„Tune sales, due to the heavy anti-tax demand, had increased
118% over June of the previous year; that the plant is still
-operating at capacity and that August production, as far
.as this company was concerned, would be the heaviest for
that month since 1928. Another of the smaller tire makers
in Pennsylvania reported his plant working day and night
.
with no indications of a letdown. No. 1 standard contract
closed on the 1st inst., with August at 3.230.; Sept. at
3.27e.; Oct. at 3.32c.; Dec. at 3.40c.; Jan. at 3.47c.; No. 1 B
Aug. 3.23e.; Sept. 3.27c.; Oct. 3.320.; Nov. 3.36c. A and
AB Aug. 3.21c.; Sept. 3.25e.; Oct. 3.30c. Outside prices:
Spot, Aug. and Sept. 33-16 to 334c.; Oct.
-Dec. 33 to 3%c.;
•Jan.
-Mar.3 9-160.; spot, first latex thick and thin pale
latex,
clean thin brown No. 2, 3c.; rolled brown crepe
2 13-16c.; No.2amber 3 3-16e.; No.3,33c.; No.4,3 1-16c.;
43c.'
Paras, nominal: up-river fine spot,53 e.; acre fine spot 63-c.
%
On the 1st inst., London and Singapore markets were closed
in observance of the bank holidays.
On the 2nd inst. prices declined 7 to 12 points with sales
-of 390 tons of No. 1 standard and 270 tons of No. 1 "B."
The Malayan export figures for July previously estimated at
38,000 tons, an increase over June, were delayed. Ceylon
exports for last month were 3,121 tons against 3,614 tons
-during June, of which 1,536 tons were shipped to the
United States against 2,231 tons in June and 3,035
tons last year.
The United Kingdom stocks were
reduced 524 tons bringing the total at London to 48,833 tons
and that ,at Liverpool to 57,366 tons. No. 1 standard
-contract closed with August at 3.11e.; Sept., 3.15c.; Dec.,
3.29c.; Jan., 3.35c.; March, 3.42c.; No. 1 "B" Aug., 3.11c.;
Sept., 3.150.; Oct., 3.20c.; Nov., 3.24e.; "A" and "AB"
Aug., 3.09c.; Sept., 3.120; Oct., 3.18e. Outside prices:
Spot, Aug. and Sept., 35 to 33e. On the 2nd inst. London
-closed quiet net 1-32 higher; Aug., 25/sd.; Sept., 2 5-32d.;
-Dee., 2 7-32d.; Jan.
Oct.
-March, 2 5-16d.; April-June
2 10-32d. Singapore ended steady, 146d. to 3-32d. higher,
Aug., 1 25-32d.; Oct.-Dec., 1 27-32d.; Jan.
-March, 1 29-32d:
O the 3rd inst. prices declined but rallied and closed 3
n
points lower to 4 points higher with sales of 830 tons of
No. 1 standard and 370 tons of other grades. The July
shipments by Malaya were larger than expected, being 40,863
tons, against 36,500 tons in June.
and 43,600 tons in July
1931. These figures, together with weaker London and
Singapore cables, caused early selling. No. 1 standard
-contract closed with Sept. at 3.15 to 3.18e.; Dee., 3.32 to
3.360.; Jan., 3.39o.; Mar., 3.52 to 3.53e.; No. 1 "B" Aug.,
3.110.; Sept., 3.15c.; Oct., 3.21e.; Nov., 3.26e.; Dec., 3.32e.
Outside prices: Spot, Aug. and Sept., 33 to 334c.; Oct.-Mar., 3320.; spot,. first latex thick and
Dec., 3%e.; Jan.
/
thin pale latex, 3 15-16e.; clean thin brown No. 2, 3c.;
4
rolled brown crepe, 23 0.; No. 2, amber,3 1-16c.; No. 3, 3e.
On the 3d inst. London closed steady 1-16 to Ad. lower;
-Dec., 2 5-32d.; Jan.
Aug. 2 1-16d.; Sept., 2 3-32d.; Oct.
Mar., 2 7-32d.; April-June, 2 9-32d. Singapore ended
1011
steady 3-32d. lower; Aug., 1 11-16d.; Oct.
-Dec., 13d.;
-Mar., 1 13-16d.
Jan.
On the 4th inst. prices advanced 16 points early, but
profit taking reduced the net rise to 4 to 7 points. But the
sales of No. 1 standard were 1,270 tons and of No. 1 "B"
750 tens. No. 1 standard ended with August at 3.18e.;
September at 3.22c.; December at 3.38c.• January at 3.45e.;
No. 1 "B" standard August, 3.18e.;'
September, 3.22c.;
October, 3.28c.; November, 3.3e.; December 3.38c.; January, 3.45c.; "A" and "AB" August, 3.16e.; September,
3.20c.; October, 3.26e. Outside prices: Spot, August and
September, 33se.; October-December, 3 7-160.; January/
March, 3 13-16c.; spot first latex thick and thin pale latex,
4c.; clean thin brown No. 2, 3 1-16c.; rolled brown crepe,
23/s0.; No. 2 amber, 3 3-16c.• No. 3, 3Ac.; No. 4, 2 15-16c.;
Paras, up-river fine spot, 53 0.; Acre, fine spot, 65-c.; Cau2
choa Ball-upper, 2A0. On the 4th inst. London opened
steadier 1-32 to 1-16d. higher and at 2:38 p. m. was steady,
1-16 to Ad. higher; August, 23/sd.; September, 2 5-32d.;
October-December, 2 7-32d.; January-March, 2 5-16d.;
April-June, 2 13-32d. Singapore closed steady 3-32d. net
higher; August, 1 25-32d.; October-December, 1 27-32d.;
January-March, 1 29-32d. To-day futures closed with No. 1
standard contract 6 to 9 points higher and sales of 107 lots.
August, 3.24e.; September, 3.28 to 3.300.; October, 3.34c.;
November, 3.41c.; December, 3.47 to 3.48c.; January,
3.54e., and March, 3.66 to 3.67c.; new "A" August, 3.23c.;
September, 3.22c.; October, 3.260.; November, 3.32e.;
December, 3.39c.; January, 3.45c.;February,3.520.; March,
3.58c.; April, 3.6c. Final prices show an advance for the
week of 13 points. To-day London closed steady 1-32d.
lower to 1-32d. higher; August,2 5-32d.;September,2 5-32d.;
October-December,2 9-32d.; January-March,2 11-32d., and
April-June, 2 13-32d.
HIDES.
-On the 1st inst., prices advanced 5 to 25
points; some 17,000 spot hides were sold, it seems, at steady
prices. Hides were helped by the early rise in the stock
market. The closing was with Sept. old at 4.95 to 5.65c.;
new, 4.25c.; Dec. old, 5.80 to 5.85c.; new, 5.80c.• March
old, 6.45c.; new, 6.50 to 6.60e. On the 2nd inst. prices
'
closed unchanged to 5 points lower with sales of 1,680,000
8
lbs.; also 4,000 July frigorifico steers sold at 5%e. September also closed at 4.90 to 5c.; December at 5.75c.• September new 4.25 to 4.40c.; December, 5.75c.; packer native
steers and butts, 5Ae.. Colorados, 5c.; New York City
calfskins, 9-12s, $1; 7-8e, 60 to 700.; 4-7s, 45c. On the
3rd inst. prices were easier early but stronger later,
closing 5 to 13 points higher on old contracts aiiii 5 points
lower to 10 higher on new with total sales of 1,000,000 lbs.
closing with September old, 4.95 to Sc.; December, 5.88c.;
March, 6.45c.• September new, 4.25c. to 4.50c.; December
new, 5.85c.; May, 6.50e. On the 4th inst. prices closed
unchanged to 20 points higher with sales of 1,360,000 lbs.,
closing with old September, 5.080.; December,5.88 to 5.90e.
In the outside market, 2,500 frigorifico light steers, August,
sold at 6 11-16e.; 8,000 frigorifico steers, July at 5%e. At
Chicago sales were estimated at 30,000 hides at steady prices.
To-day futures closed 17 to 30 points higher with sales of 48
lots. August ended at 5.10e.; September at 5.35 to 5.30e.;
October at 5.550.; November at 5.85c.; December at 6.15c.;
January at 6.40c.; February at 6.60c., and March at 6.85e.
Final prices show a rise for the week of 35 to 40 points.
OCEAN FREIGHTS were quiet.
CHARTERS included.
-Grained booked. 5 loads New York-Liverpool,
Is. 6d.: 5 loads New York-Rotterdam, 534c.; 2 loads Montreal
-Antwerp,
Sc.; 4 loads to Antwerp, Oic.; 2 loads Montreal-Marseilles. August, Sc.;
I load New York-Hamburg spot, 6c. Chartered, Montreal. 35.000 qrs.
grain 10% London or Hull prompt, August, is. 103.ti.; 10 loads New YorkGenoa, 7c.; 6 loads New York-Antwerp, 5c.; 234 loads Montreal, August,
Genoa, 8;ic. and 5 loads Montreal
-Rotterdam, 5c. Sugar.
-JavaUnited Kingdom-Continent, first half Sept., 21s. Cuba. Aug., 10-20,
United Kingdom-Continent, 12s. 91.; Prompt, Marseilles. 13s. 6d. Coal.
Hampton Roads, Havana, prompt, about 60c. f.o.b. Trips.
-West Indies
round, 90c.; West Indies round, 9234c. Tankers.
-Gulf
-French Atlantic,
9s, U. S. N. H.
-French Atlantic, 7s. 6d.; Tupase-Cherbourg and Rouen,
7s. 3d., clean 15-30 Sept.; Constanza-Italy 78 fuel 15-31 August: Black SeaSulina, 48. 6d., crude 3 voyages; part cargo. Constanza-London,
clean Sept.; 10%, Russian Black Sea-Dunkirk and Rouen 7s clean, 6s. 9d.,
August:
NovorossIsk-Wilhelmshaven, 6s. 7d., unfinished benzine. July-August;
'
part cargo, two ports, N. States-two-three ports. Havre. Cette, and
St. Louis due Rhone, 19s. 6d., crude tar, July.
COAL.
-New York retail anthracite market was firmer.
An upward revision of prices was announced by the New
York retailers. Broken is now $11.95, egg and chestnut,
$12.20, stove, $11.45; pea, $9.45; buckwheat of the various
sizes unchanged. There was no July 1 advance.
TOBACCO has been very quiet here. Some damage was
done to the Connecticut broadleaf crop by hail but shade
grown was hardly touched. The U. S. "Tobacco Journal"
says in effect that the prospect of deficient supplies of
Sumatra are plainer than ever to Sumatra importers. The
crop in this country is making fair progress but with conditions somewhat lower than those of a year ago. There was a
fairly active week in Havana. The "Journal" says of Sumatra:
"It is known that of the 17,000 bales that were bought
for this country from the spring inscriptions as much as
13,200 have been bought by manufacturers, either at the
inscriptions or else from the importers, leaving only 3,800
bales of this tobacco to be added to the available market
supply. With the 2,500 bales of old tobacco in the hands
of importers, and deducting about 300 which will probably
never come to this country because of its quality, it is clear
that the total floating supply of Sumatra is only 6,000 bales."
SILVER.
-On July 30 futures ended unchanged to 9
points lower; sales, 75,000 ounces. August closed at 27.07c.;
1012
Financial Chronicle
October at 27.27 to 27.35c.; December at 27.54 to 27.68c.;
January at 27.69 to 27.81c.; March at 27.95c.; May at 28.21c.
and July at 28.47c. On the 1st inst. futures closed 3 to 17
points higher with sales of 200,000 ounces.; August, 27.10c.;
October, 27.43 to 27.50c. and December, 27.69c. On the
2d inst. the ending was 4 to 10 points higher with sales of
775,000 ounces; September, 27.32 to 27.45c.; October, 27.50
to 27.45c.; December, 27.75 to 27.80c., and January, 27.86c.
On the 3d inst. futures closed 5 points lower to 17 points
higher with sales of 175,000 ounces. October ended at 27.48
to 27.42c.• December at 27.80c.; March at 28.27c.; May at
28.55c. and July at 28.83c. On the 4th inst. futures ended
'
unchanged to 10 points higher with sales of 775,000 ounces.
September ended at 27.40 to 27.48c.; October, 27.55 to
27.62c.; December, 27.85 to 27.95c.; January, 27.97c., and
March at 28.27e. To-day futures ended 5 points lower to
10 points higher with sales of 575,000 ounces. Near months
were the strongest. August closed at 27.40c.; September at
27.50 to 27.60c.; October at 27.65 to 27.75c.; November at
27.80c.; December at 27.95c.; January at 28c.; February at
28.11c.; March at 28.22c.; April at 23.37c.; May at 28.52c.;
June at 28.67c., and July at 28.80c. Final prices are 28
to 34 points higher than a week ago.
COPPER advanced Nc. to 5%c. delivered to Connecticut
Valley, and this price was reported to have been paid freely
on the 4th inst. On the other hand, August copper was said
to have sold from first hands early this week at 5Mc., a new
all-time low. Copper Exporters, Inc., quoted 5.10c. c.i.f.
European ports. Sales were reported made to Germany
late on the 3d inst. at 5.15c. Japanese producers were
offering are 4.90 to 5c., owing partly to the depreciation of
the yen and also in part to the fact that the shapes of copper
offered are not of the common variety and hence difficult to
dispose of. Other metals were higher. London on the
4th inst. advanced on spot standard 17s. 6d. to £28 5s.;
futures up £1 is. 3d. to £28 3s. 9d.; sales, 200 tons spot and
1,800 futures; electrolytic rose 15s. to £31 15s. bid and £32
15s. asked; at the second session spot standard advanced
13s. 9d.; futures rose 12s. 6d. on sales of 50 tons spot and
500 tons of futures. American standard contract on July 30
closed 1 point lower with sales of 25 tons; closing September,
4.27c.; December, 4.50e.; March, 4.74c.; May, 4.90c.;
new standard September, 3.90c.; December, 3.90e.; March,
4.06c.; and May,4.30e. On the 1st inst. American standard
closed 10 points higher with sales of 50 tons; September,
4.37c.• December, 4.60e.; March, 4.84c.; May, Sc., and
July, 5.16c.; new standard 10 points higher with sales of
'
125 tons; September, 4e.; December, 4e.; March, 4.24e.,
and May, 4.40c. On the 2d inst. American standard ended
25 points higher with sales of 50 tons; December, 4.85c.;
May, 5.25c. New standard 6 to 15 points higher with sales
of 50 tons; September, 4.14e. On the 3d inst. American
standard rose 5 points with sales of 50 tons; September,
4.67c.; December, 4.90c.; May, 5.30e.; new standard unchanged; sales 25 tons; Septembet, 4.14c. On the 4th inst.
American standard 5 points higher with sales of 200 tons;
December, 4.95c.; March, 5.19c.; new standard unchanged,
with sales of 100 tons; September, 4.14c.; December, 4.15c.;
March, 4.30e., and May, 4.48c. Four December standard
contracts were exchanged for four December American at
35 points. To-day American standard August ended at
4.75c.; September at 4.82e.; October at 4.89c.; November
at 4.97c.; December at 5.05c.; January, 5.13c.; February,
5.21c.; March, 5.29c.; April, 5.37c.; May, 5.45c.; June,
5.53c.; July, 5.61c.
TIN was higher. On the 4th inst. there was an advance
of Mc. on spot Straits to 22%e. Demand was quiet. However consumption of tin is decreasing. Tin plate operations
have fallen below 40% of capacity as against the recent high
of 50%. And the automobile industry is taking smaller
quantities. In London on the 4th inst. spot standard
advanced £3 to £136; futures up £3 5s. to £137 15s.; sales
150 tons spot and 850 tons of futures; spot Straits advanced
£3 to £141 5s; eastern c.i.f. London was up £1 7s. 6d. to
£141 2s 6d.; at the second London session standard advanced
£1 5s. on sales of 250 tons of spot and 250 tons of futures.
On July 30 futures closed unchanged with no sales; Sept.,
20.95c.• Dec., 21.40c.• March, 21.85c.; May, 22.25c. and
July 21.65c. On the 1st inst. the closing was unchanged to
10 points higher with sales of 29 tons; Sept. 21 to 21.15c.;
Dec.,21.40c.;March,21.85c.; May,22.25c. and July,22.65e.
On the 2nd inst. futures ended, 25 to 35 points higher with
no sales; Sept., 21.30c.; Dec., 21.75c.i March, 22.20; May,
22.600. and July, 23o. On the 3rd inst. futures closed 5
points higher; no sales; Sept., 21.35e.; Dec. 21.80e.; March,
On
22.250.; May, 22.65e. and July, 23.05e. ' the 4th inst.
they closed 35 points higher with sales of 30 tons; October,
21.85e.• May, 23c. To-day August ended at 21.45e.; Sept.
at 21.66e.; October at 21.75c.• Nov., 21.90 to 22.15e.; Dec.,
22c.; Jan. at 22.20c.; Feb., 22.35e.; March, 22.550.; April,
22.750.; May, 22.950.; June, 23.15e.; July, 23.35c.; no sales.
LEAD advanced $1 per ton on the 4th inst. to 3e. New
York and 2.90e. East St. Louis. The advance from the
recent low point is now $7. There was a good demand. •
Corroders and makers of lead foil were the best buyers.
In London on the 4th inst. prices advanced 3s. 9d. to £10
5s. for spot and £10 15s. for futures; sales 150 tons of spot
and 1,150 tons of futures; at the second session prices were
up is. 3d. on sales of 50 tons of spot and 100 tons of futures.
Aug. 6 1932
ZINC was advanced $1 a ton on the 4th inst. to 2.75 to
2.80c. East St. Louis. The outside prices was the general
quotation all through Oct. There was a fair demand. In
London on the 4th inst. prices rose 7s. 6d. to £12 13s. 9d.
for spot and £13 for futures; sales 500 tons spot and 1,600
tons of futures.
STEEL has been quiet though a little better demand is
reported for plates. Prices are said to be a bit irregular on
galvanized sheets in Philadelphia. In the main steel prices
are considered steady in a slow market which has not been
really tested, it is argued, for a long time. The tin plate
production is stated as 40%.
PIG IRON has remained quiet at $13.50 for eastern
Pennsylvania and $14 for Buffalo both nominal quotations
in the absence of businss that really tests the market.
WOOL.
-Boston wired Aug. 2 a Government report,
which said: "The volume of trade on the finer quality
domestic wools appears to be fully maintained at last week's
rate. The bulk of the sales are on 64s and finer territory
wools in original bags with bulk average French combing
lines bringing 32e. to 33e. scoured basis, and short French
combing and clothing lines selling at 30e. to 31c. A moderate
amount of 58s, 60s grade territory wool is moving at steady
prices. Scattered sales are being closed on 48s, 50s territory
wool at 27e. to 38c. scoured basis,for strictly combing staple."
Washington wired Aug. 1: "A downward trend in sheep and
wool production in Western sheep States the next few years
is in prospect, according to the Bureau of Agricultural
Economics, Department of Agriculture, in its outlook
report to-day. Major factors in the indicated decline in
production which were pointed to by the bureau, are a decrease of8% in the lamb crop this year and a closer marketing
of lambs with the consequent effect on breeding stock."
The bureau believes that wool consumption is likely to increase from present low levels and adds that an increase in
wool consumption might precede a revival in general business,
as it did in the year 1921. Foreign wool production con.
tinues high despite price declines. Later Boston wired:
"The finer grades of Western grown wools are moving in
better volume than last week, with prices steady to slightly
firmer. The bulk of the trade in territory wools is on
graded and original bag French combing lines of 64s and
finer qualities and on graded 58s, 60s. The demand for
these grades is broader and prices are inclined against the
buyer. Fair weights of 56s and 48s, 50s, territory wools
sell at prices unchanged from the more or less nominal
.
quotations of last week."
WOOL TOPS.
-To-day futures ended 30 points lower to
50 points higher with distant months the strongest. August
ended at 45e.; Sept. at 45.20e.; Oct. and Nov. at 46e.; and
Dec. and June, 47c. Boston spot unchanged at 49.50o.
SILK.
-On July 30th futures ended 5 to 6 points higher
with sales of 2,200 bales. September closed at $1.42; Oct.
at $1.43; Nov., $1.42 to $1.44; Dec., $1.42; Jan., $1.42 to
,
$1.44; Feb., $1.42 and March, $1.42 to $1.44. On the 1st
inst. futures ended 4 to 5 points lower with sales of 740 bales;
Aug., $1.31 to $1.38; Sept. and Oct., $1.35; Nov., $1.36;
Dec., $1.37 to $1.38; Jan. and Feb., $1.37 and March,.
$1.38. On the 2nd inst. the ending was unchanged to 3
points lower with sales of 700 bales; August, $1.30 to $1.36;
Oct. and Nov., $1.35; Dec., $1.34 and Jan., Feb. and
March,$1.35. On the 3rd inst. futures closed 1 point lower
to 1 point higher with sales of 750 bales; Aug.,$1.31 to $1.33;.
Sept., $1.33 to $1.35; Oct., $1.35 to $1.36; Nov., $1.34;
Dec., Jan. and Feb., $1.35 to $1.36 and March, $1.36 to.
$1.37. On the 4th inst. futures closed 1 to 4 points higher with sales of 1,350 bales; Aug., $1.33 to $1.40; Sept., $1.34;.
Oct. and Nov., $1.37 to $1.39; Dec., $1.38; Jan., Feb. and
March, $1.39. To-day futures ended 1 to 6 points higher with sales of 920 bales. August closed at $1.39; Sept. at
$1.37 to $1.39; Oct. at $1.39; Nov. at $1.38 to $1.39; Dec.,.
at $1.40 and Jan. and March at $1.41. Final prices show an.
rise for the week of 1 to 3 points.
COTTON
Friday Night, Aug. 5 1932.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the week ending this eVening the total receipts have reached
98,638 bales, against 62,468 bales last week and 31,530 bales •
the previous week, making the total receipts since Aug. 1
1932„35,048 bales, against 12,986 bales for the same period t
of 1931,showing an increase since Aug.1 1932 of 22,062 bales.
Receipts at-
Sat.
Mon.
---Galveston
3,072
672
--„,
Texas City
487
Houston
499
Corpus Christi.._ 5,091 7,539
Beaumont
16,008
1,489
New Orleans
164
Mobile
1,448
22,778
Pensacola
Jacksonville
------105
Savannah
187
52
Charleston
3,598
Lake Charles___Wilmington
lo
--8()
Norfolk
Baltimore
1 a nctA Al kne.
Tues.
Wed. Thurs.
Fri.
Total.
818
511
599
119 5,119
836
-,-----,-164
337
278
276 2,474 4,351
2,926 6,200 3,008 6,408 31,172
-5ii1-Wil4-62-ea16,008
2,
1
9.820
1,244
5
121
31 3,013
---------------- 22,778
--82
48
-------
-28i
46
---5
7 4511
R 705
-iii
15
---22
3
526
29
169
31
19
18
1,2g1
3,788
189
107
364
28
8.213 10 fiRn SIR I120
Volume 135
Financial Chronicle
The following table shows the week's total receipts, the
total since Aug. 1 1932 and stoCks to-night, oompared with
last year:
1932.
Receipts to
Aug. 5.
1931.
Stock.
This Since Aug This Since Aug
Week. 1 1932. Week. 1 1931.
Galveston
Texas City
5.119
836
Houston
4,351
Corpus Christi- 31.172
Beaumont
16,008
New Orleans
9,620
2.047
164
3,365
18,542
8,131
827
f
aolilert
ui
3,013
Pensacola
22.776
Jacksonville
23
Savannah
1.262
Brunswick
Charleston
3,788
Lake Charles_ _
169
Wilmington
107
Norfolk
364
N'port News, &c_
New York
Boston
Baltimore
28
Philadelphia
1,401
2,640
23
970
1,122
Totals
593
1
1,576
5,159
138
169
58
22
129
129
1
419
1
419
18
98,638
1932.
519
519
35.048 12,986
1931.
593 456.451 398,429
1
11,433
9,928
1.5761,033,834 711.788
5,159 100.964
33.968
16,008
585
827 919.991 566.760
2,640 158.893 211,143
21,161
16,600
17,017
1.348
1,122 193,179 343,970
97,635
48,165
7,171
43,216
154,119
3.925
3.681
53.916
203.062 228,345
13,826
2,854
1,000
500
5,389
5,293
12.9863.348,395 2,747,150
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1932.
1931.
1930.
1929.
1928.
1927.
Galveston--Houston
New Orleans_
Mobile
Savannah_.._
Brunswick _
Charleston_ - _
Wilmington
Norfolk
N'port News_
All others_ __ _
71,014
5,679
44.554
38,128
997
23.105
Total this wk_
98.638
12.986
62,509
49,834
21,074
84,022
Since Aug. 1--
35,048
12,986
62.738
52,522
26.376
116.000
5.119
4.351
9.620
3,013
1,262
593
1,576
827
2,640
1,122
1,442
13,095
2,448
559
294
2,850
1,848
4,975
949
443
5.778
5,858
6,712
124
639
13,401
29,535
9,029
655
4,131
3,788
129
107
364
419
93
2
22
207
16
418
583
44
339
3,578
118
470
1
The exports for the week ending this evening reach a total
of 126,712 bales, of which 42,558 were to Great Britain,
4,916 to France, 23,643 to Germany, 10,036 to Italy, nil to
Russia, 22,887 to Japan and China and 21,672 to other destinations. In the corresponding week last year total exports
were 25,445 bales. For the season to date aggregate exports
have been 57,280 bales, against 25,445 bales in the same
period of the previous season. Below are the exports for
the week:
Exported to
-
Week Ended
Aug. 8 1932.
Great
GerExports from
- Britain France. many.
Galveston
5,548
Houston
8,714
Texas City
New Orleans
Mobile
Pensacola
Savannah
27,084
Charleston
Norfolk
1,101
San Prancisco
111
Lake Charles.-Total
2,284
1,123
4,300
8.053
700
4,248
2.090
1.617
1,700
809
Total
9,289 32.896
8,877 43,020
4,750
2,757 13,453
500 3.399
1,617
27,284
449 2,494
1,101
406
542
-16
245
700
4,918 23,643 10,036
5.012
22.887 21,672 128,712
437
8,388
939
13,645
3,480
6,947
1,082
3,505
4.246
2,09
1,700
809
3,578
2,488
3,386 25,445
9.160 29.995
Exported to-
Japan db
Italy. Russia China. Other,
2,78
5,17
9,191
4.75
11,243
1,101
3,891
Total,
8,957
1,843
2,757
500
5421
°
12.34
Total.
8.491
9,201
50
542
From
Aug.1 1932 to
Aug.5 1932. Great
GerExports Jr
Britain. France. many.
Galveston_
Houston
New()Mane_
Mobile
Savannah_ _
Norfolk
Lake Chad
2,784
7,252
2,045
42,558
Total 1931
Total 1930
Japan&
Italy. Russia. China. Other.
7,823
19,719
13,453
3,399
11,243
1,101
542
10,383 7,95
13,951 9,0571 57,280
3,480 3,578 13,845 3,386: 25,445
5,981 6,388
8,947 2.488 --__
550 9,180 31,514
-Exports to Canada.
Note.
-It has never been our practice to include in the
table reports of cotton shipments to Canada, the reason being that virtually above
all the
cotton destined to the Dominion comes overland and it Is impossible
to
turns concerning the same from week to week, while reports from the give redistricta on the Canadian border are always very slow in coming to hand. customs
however, of the numerous Inquiries we are receiving regarding the matter,In view
we
gay that for the month of June the exports to the Dominion the present season will
have
been 9,978 bales. In the corresponding month of the preceding season the exports
were 11,297 bales. For the eleven months ended June 30 1932 there were
bales exported, as against 186,830 bales for the eleven months of 1930-31. 198,019
Total 1931-Total 1930--
939
437
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
-
Aug. 5 at-
Great
GerOther CoastBritain. France. many. Foreign wise.
Total.
Leaving
Stock.
Galveston
New Orleans
Savannah
CharlestonMobile
Norfolk
Other ports *
600
6,397
300
1,251
2,500 7,000
1,544 23,248
--- 518
_
2,000
-- - 1,000
____
1,000
---- --____
____ 5,104
_=
1,500 26,000
--- r
-.rrr
97,635
100 6.722 152,171
___
__
43,216
500 31,000 1.448.030
Total 1932Total 1931__._
9,515
4,233
2.558
3,551
2,732
2.018
5,544 61,352
3,655 28,833
3.113 22.230
1,752 81,714 3,266,681
1,800 41,253 2,705.897
521 30.4401,534.131
Total 1930
*Estimated.
500 10,900
652 33,092
445,551
886,899
1013
COTTON has continued to show strength despite persistent selling attributed to the co-operatives of anywhere
from 10,000 to 20,000 bales a day and the absence of outside
public support. The talk to the effect that a $30,000,000 pool
has been formed in wheat and cotton, with a possible delay
of a year in liquidating Government holdings, has had no
perceptible effect on prices, but there are those who think
It may come to something, especially as the crop seems to
be 5,000,000 bales smaller than the last one. On July 30
prices advanced 4 to 6 points net, despite selling of October
attributed to Government agencies said to have reached
nearly 10,000 bales, or 200,000 bales or more in the last
three weeks. But effective offsets to this selling was good
buying by Far Eastern and domestic trade interests, some
scattered professional buying and a rise in the stock market.
-Liverpool was a seller, and there was rather more hedge
selling. But an excellent class of buying took the offerings
quite readily. The absorptive capacity of the market recently has been one of its most salient features. Worth,
Street was more active last week, the sales of print cloths
and broadcloths being estimated at as high as 30,000,000yards at firm prices. Stocks of goods on hand are said to
be abnormally low, and numerous mills have had to resume
work to meet the demand.
On the 1st inst. prices ended practically unchanged afteran early rise of 5 to 10 points, reaching the highest level in
three weeks, though in that time several hundred thousand
bales of Government holdings had been sold here. On the
1st inst. Government sales were estimated at 10,000 bales
of October and also a couple of thousand December. Aug. 1,
moreover, was the day on which the Farm Board became
free to sell 650,000 bales, thg allotted quota. At the sametime it was denied that the Department of Agriculture had
been selling here any of the 300,000 bales or more taken by
it for seed loans. The closing here on the 1st inst. was,
unchanged to 2 points net higher. The principal concentrated selling was generally attributed to the co-operatives,
but Liverpool and the South also sold. Hedge selling, however, was small. The chief buying was by trade interests.
The outside public did little either way. Private crop esti
,
mates ranged from 11,394,000 bales to 13,400,000 bales, including one of 12,497,000. The condition was estimated in
one instance at 67.2 against 73.3 a month ago and 66.4 as the
-year average. One report of the condition was 68.5.
10
Fossick said in a weekly report: "The weather was more
unfavorable than otherwise, except in Texas, where rainfall was beneficial. Practically the whole of the northern,
half of the belt is in need of rainfall. A good soaking rain,
is needed; local showers, which left many drouth spots,
merely helped the boll weevil without providing needed soil
moisture. Rainfall in Louisiana, Mississippi and Alabama,
although good for the plant, stimulated weevils, which were
already doing considerable damage, with infestation heavyand just about general. Weevil infestation over the northern
third of the belt is mostly confined to widely scattered
'nests'; infestation extends farther northward and is heavierthan in any year since 1923." One report put the world's
consumption of American cotton in the year just ended at
12,580,000 bales, excluding linters, against 11,045,000 last
year; carryover, 12,911,000 bales, excluding linters, against
8,710,000 last year. Some stress the decreased crop expected
and also signs of the increased consumption in the new
season just opened, and at the same time underscoring the
improvement here and there in general trade, especially in
textiles. The weather was too rainy east of the Mississippi
River. Weevil complaints attracted attention. The continued early rise of the stock market had a more or less
bracing effect. The chief defect was an absence of popular
outside speculation.
On the 2nd inst. prices declined some 20 to 22 points
natural reaction after a continuous advance. Part ofon a
the
decline was recovered later on, with the trade demand still
persistent. The net loss was 12 to 16 points. Rather heavy
selling by the co-operatives, New Orleans and scattered
interests had its effect. Also there had been some weakening of the technical position. In New Orleans there was
supposed to be some selling by co-operatives. In Liverpool
there was hedging pressure. American and Continental
trade interests bought here. The co-operatives were said
to have sold October and December. Print cloths were less
active as raw cotton declined. Underneath it all as the
chief sustaining factor was the unflagging trade demand.
The New York Cotton Exchange Service said: "Lancashire
mills, although curtailing heavily, are still running at a
much higher rate than a year ago, although mills are finding
it difficult to move current output at narrow margins. Continental mills report little change and are consuming American cotton at the same rate as a year ago. Recent French
cloth sales have exceeded output. In the Orient yarn and
cloth sales are below current production, cables state,'but
1014
Financial Chronicle
Aug. 6 1932
mill activity is maintained at the recent high level, and
Staple Premiums.
Differences between grades established
'mill margins,' while not satisfactory, are sufficient to 60% of average of for deliveries on contract Aug. 11 1932
8/X markets quoting
warrant a continuance of current mill operations. The defor deliveries on
are the average quotations of the ten
Aug. 11, 1932.
cline in the yen continues to help Japan's large export trade
markets designated by the Secretary
15-16 1-Inch
in cotton goods, and Japanese spinners who bought Amerof Agriculture.
longer.
inch.
ican cotton heavily before the depreciation in exchange have
.19
Middling Fair
White
53 on Mid.
.os
a substantial advantage." London cabled, Aug. 2: "At the
do
.19
Strict Good Middling.- do
41
.os
close of the joint negotiations between the mills and unions
do
Good Middling
do
31
.19
.os
.19
Strict Middling
do
19
do
.os
to-day in Manchester on a new wage agreement for the
.19
do
Basis
.os
Middling
Lancashire cotton manufacturing section a difference of
23 off Mid
.16
Strict Low Middling.
do
.08
do
Low Middling
48
.15
do
.07
12%% in the piece price list remained, and it was diffido
"Strict Good Ordinary_ do
79
cult to see where any real progress in reconciling the two
do
*Good Ordinary
do
1 08
Good Middling
3100
do
Extra White
parties had been made. The conference adjourned until
do
Strict Middling
do
do
19
Friday afternoon."
do
Even
do
do
Middling
23 off
do
Strict Low Middling..., do
do
with
On the 3rd inst. prices advanced 10 to 15 points,
Low Middling
do
do
do
48
stocks and Wheat distinctly higher, especially stocks and
Spotted
17 on
do
Good Middling
.19
do
do
.19
Strict Middling
01 off
active buying. The co-operatives are supposed to have sold
.16
do
.22 oft
do
Middling
some 15,000 bales, but it was well taken. The inexhaustible .
47
do
"Strict Low Middling- do
do
do
"Low Middling
79
trade demand, home and foreign, was a telling factor. One
do
02 on
Strict Good Middling-Yellow Tinged
.17
estimate put the crop at only 60% of last year's yield;
do
do
do
24 off
Good Middling
.17
do
do
do
38
Strict Middling
.17
another said two-thirds of last year's. The boll weevil is
do
do
do
50
'Middling
believed to be a more serious factor than for nearly 10
do
do
84
*Strict Low Middling- do
do
do
do
120
years past. Men are also recalling the fact that the fer*Low Middling
Light Yellow Stained... .36 off
do
Good Middling
.17
.os
tilization of this crop has been unusually scanty. The New
do
do
do
.59
do
*Strict Middling
York Cotton Exchange Service says: "The problematical
do
do
do
89
do
*Middling
48 off
Yellow Stained
do
Good Middling
.16
.07
phases of the crop outlook are the amount of weevil infestado
do
.85
do
*Strict Middling
tion and the present and prospective weevil damage, and
119
do
do
do
*Middling
17 off
do
Gray
Good Middling
.17
the ability of the plant, poorly fertilized as it is, and inclined
37
do
do
Strict Middling
.17
to sappiness in many sections, to develop and hold its fruit
57
do
do
*Middling
55 off
do
Blue Stained
*Good Middling
In the hot, dry weather which is needed to hold the weevil
.86
do
do
do
"Strict Middling
in check. It is agreed that the weevil increase has been,
112
do
do
do
'Middling
restrained greatly by the heat of the past three weeks, but *Not deliverable on future contracts.
still the pest is present and doing damage on a larger scale
The official quotations for middling upland cotton in the
than in years. It is recognized that the cotton crop often
makes more progress than is apparent on the surface in hot New York market each day for the past week has been:
Fri.
Sat. Mon. Tues. Wed.Thurs.
and dry weather, but the stamina of the plant is lowered this
5.95
6.00
6.00
6.05
5.90
6.05
year in the 35 or 40% of the belt where fertilizer is needed Middling upland
and where it has not been applied in psual measure. PriNEW YORK QUOTATIONS FOR 32 YEARS:
10.75c.
vate estimates are tending to put the yield per acre around 1932
13.95c. 1908
31.25c. 1916
6.00c. 1924
13.250.
9.40c. 1907
23.90c. 1915
1931
8.00c. 1923
average, as compared with 25% above average last year, 1930
10.700.
1908
21.35c. 1914
12.85c. 1922
thus allowing for the effects of weevil damage, poor fertiliza- 1929
10.75c.
12.00c. 1905
13.45c. 1913
18.90c. 1921
10.45c.
12.90c. 1904
39.50c. 1912
19.950. 1920
tion, and weather which has been far less ideal than last 1928
12.750.
1927
12.75c. 1903
32.00c. 1911
17.10c. 1919
year. The domestic cloth market was more broadly active 1926
8.88c.
15.60c. 1902
31.500. 1910
18.75c. 1918
8.06c.
12.60c. 1901
"6.50c. 1909
24.40c. 1917
than for several months. Sales were well above the current 1925
rate of production in aggregate yardage, and on various
MARKET AND SALES AT NEW YORK.
lines of unfinished goods they closely approximated a normal
turnover. Buyers showed more disposition to contract for
SALES.
Futures
distant deliveries, and a substantial amount of business was
401 Market
Markel
Spot. Contr'ct Total.
Closed.
Closed.
placed calling for deliveries in the last quarter of the year.
Most mills, however, declined bids at curernt prices for Saturday___ Quiet, Spin. adv.- _ Steady
Monday
100
unchanged_ Barely
100
delivery beyond September, in view of the present low levels Tuesday. Quiet, 15 pts. dec...._ Steady steady_ _
Quiet.
_
of prices and the extremely narrow margins. Prices tended
Wednesday_ Quiet. 10 pts. adv _ _ Steady
Thursday
uiet, pts. dec.. Barely steady - _
upward in response to the larger demand and higher raw Friday _ _ Quiet,5 pts. adv
5
Barely steady__
material costs, especially on unfinished goods. Mill margins
Total week
100
100
on standard unfinished goods have held about unchanged SinceAug. 1
100
100
during the past two or three weeks, while cotton has moved
upward. Despite very heavy selling of October and DecemFUTURES.
-The highest, lowest and closing prices at
ber prices were some 10 points higher than on July 9, some- New York for the past week have been as follows:
thing which bears eloquent testimony to the absorptive
Saturday, Monday, Tuesday, Wednesday, Thursday,
Artday,
powers of the market, even in the absence of any active
Aug. 2.
Aug. 3.
July 30.
Aug. 1.
Aug. 4.
Aug. 5.
outside speculation.
On the 4th inst. prices declined 5 to 10 points on continued Aug.
Range._
selling by the co-operatives, who for nearly a month have
Claqing _ 5.88- 5.89- 5.77- 5.87- 5.80- 5.85been selling at the rate of some 10,000 bales a day. At one Sept.
Range
time prices advanced with the stock market active, but
Closing_ 5.94- 5.95
5.83- 5.93
- 5.86 -- 5.91ran into selling at about 6c. for October. There was talk 0c1.Range- 5.95- 6.01 6.00- 6.09 5.80- 5.96 5.93- 6.03 5.92- 6.11 5.97- 6.06
about the rumors of a big pool being formed to operate in
Closing. 6.00- 6.01- 6.02 5.89- 5.99- 5.92 o.93 5.97- 5.98
Nov.
wheat and cotton amounting to some $30,000,000, in which
Range...
Arthur Cutten Is, it seems, to take part. Some influential
Closing. 6.08- 6.09- 5.96- 6.06- 6.00- 6.86 ---interests, it is understood, agree that if a pool could be organ- Dee.Range__ 6.12- 6.17 6.18- 6.25 5.98- 6.12 5.98- 6.20 6.09- 6.26 6.14- 6.23
ized and an agreement reached with the Farm Board not to
Closing_ 6.16- 6.17 6.18- 6.04- 6.05 6.14- 6.15 6.02- 6.15- 6.16
market some 3,500,000 bales it holds, either directly or indi- Jan.
(1933)
Range._ 6.10- 6.25 6.26- 6.33 6.05- 6.21 6.06- 8.29 6.14- 6.31 6.22- 6.29
rectly, it would be a powerful aid to the American cotton
Diming. 6.25- 6.26
6.13- 6.23- 6.14- 6.23business obviating unsettlement, uncertainty and apprehen- Feb.
Range _ _
sion. If a syndicate could be formed through which it could
6.29
C108114.
6.21 - 6.29 -acquire from the Farm Board for cotton co-operatives a cer- March- 6.32- 6.33- 6.19- Range__ 6.35- 6.40 6.40- 6.47 6.20- 6.34 6.21- 6.41 6.29- 6.47 6.35- 6.44
tain amount of cotton, with the understanding that no more
Closing_ 6.39- 6.40 6.40- 6.26
6.35- 6.29- 6.36- 6.37
cotton would be sold by these sources for a year, the stabiliza- April
Range
tion of cotton prices at materially higher levels could be
Closing. 6.47- 6.47- 6.32- 6.42- 6.36- 6.43 --.
accomplished. The average crop estimate of the New York
May
Range. 6.50- 6.55 6.54- 6.61 6.32- 6.48 6.35- 6.54 6.44- 6.61 6.50- 6.57
Cotton Exchange members is 12,292,000 bales, and that of
Closing_ 6.55- 6.55
6.39- 6.50- 6.44 -- 6.80 -.
five special reports 12.168,000, or about 5,000,000 bales less June
than the last yield. Fossick even suggests 11,850,000 bales.
Range-6.56- 6.50 ---- 6.56Closing. 6.61 - 6.61 - 6.45
Government selling was the chief drawback in a market July
lacking outside speculative support.
Range.. 6.64- 6.64 6.68- 6.72 6.48- 6.50 6.46- 6.67 6.56- 6.71 6.62- 6.68
elming _ 6.67- 6.67- 6.51- 6.63- 6.56 ---- 6.62 -To-day prices ended 5 to 9 points higher. The early advance was about double this and was attributable to buying
Range of future prices at New York for week ending
by domestic and Continental spinners, spot houses and Wall Aug. 5 1932 and since trading began on each option:
Street interests. Liverpool was firmer, and there were reports of greater activity in textiles. The Farm Board was Option for
Range Since Beginning of OPtton.
Range for Week.
still supposed to be selling, although on a somewhat smaller July 1932._
4.91 June 10 1932 9.15 Aug. 1 1931
scale than recently. But hedge selling from the South, some Aug. 1932
5.23 June 1 1932 7.57 Oct. 30 1931
5.32 June 23 1932 7.68 Oct. 30 1931
pressure from the Far East and profit taking caused the Sept. 1932_.
Oct. 1932__ 5.83 Aug. 3 6.11 Aug. 4 5.15 June 9 1932 7.67 Nov. 9 1931
reaction. There was very little rain in the Western belt. Nov. 1932..
5.35 June 13 1932 7.32 Feb. 11 1932
Two stations in Central Texas had about 1% inches. The Dec. 1932__ 5.98 Aug. 2 6.26 Aug. 4 5.30 June 8 1932 7.77 Feb. 19 1932
Jan. 1932..
1932 7.84 Feb. 19 1932
forecast, however, pointed to possible showers in practically Feb. 1933 6.05 Aug. 2 6.33 Aug. 1 5.36 June 8
all sections in the next 36 hours. Estimates on the crop Mar. 1933._ 6.20 Aug. 2 6.47 Aug. 1 5.54 June 8 1932 7.16 Apr. 15 1932
Apr. 1933
ranged from 11,824,000 to 12,596,000. Final prices show a
May 1933.. 6.32 Aug. 2 6.61 Aug. 1 5.69 June 8 1932 6.61 Aug. 1 1932
rise for the week of 1 to 3 points. Spot cotton ended at 6c. June1933
July 1933._ 6.46 Aug. 3 6.72 Aug. 1 6.32 July 25 1932 6.72 Aug. 11932
middling, a rise for the week of 5 points.
for
4
•
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows: Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
Including in it the exports of Friday only.
Aug. 5Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
1932.
bales.. 609,000
1931.
779,000
1930.
697.000
1929.
770.000
162,000
187,000
115.000
91,000
771,000
966,000
812.000
861.000
318,000
146,000
23,000
93,000
54,000
344,000
288,000
13,000
84,000
47,000
255,000
154.000
9.000
79.000
18.000
235,000
128,000
4,000
43,000
33,000
634,000 776,000 515,000 443.000
Total Continental stocks
1,405,000 1,742,000 1.327,000 1.304,000
Total European stocks
63,000 149,000 151.000
India cotton afloat for Europe_ _ _ 42,000
68,000 106,000 127.000
American cotton afloat for Europe 206,000
90,000 128,000
Egypt,Brazil,&c.,afloat for Europe 90,000 100,000
495,000 589,000 473,000 205.000
Stock in Alexandria.Egypt
786,000 675,000 895,000 964,000
Stock in Bombay.India
3.348,395 2,747,150 1,564.571 517,616
Stock in U. S. ports
1,332,994 776,015 548.784 196,207
Stock in U. S. interior towns_
19,169
1.070
H.S. exports to-day
7,724,558 6.761.235 5.153.355 3.592,823
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
283,000 346,000 239,000 365,000
Liverpool stock
92.000
65,000
48,000
51.000
Manchester stock
583,000 681.000 381,000 366,000
Continental stock
206.000
68,000 106.000 127,000
American afloat for Europe
3.348,395 2,747,150 1.564,571 517.616
U. S. port stocks
1,332.994 776,015 548,784 196,207
U. S. interior stocks
19,169
1.070
U. S. exports to-day
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for EurePe
Egypt, Brazil, &c.. afloat
Stock in Alexandria. Egypt
Stock in Bombay.India
Total East India. &c
Total American
5,864,558 4,684.235 2.887,355 1.622,823
326,000
433.000
458,000
405,000
70,000
51.000
42,000
90,000
495,000
786,000
122,000
95,000
63,000
100,000
589,000
675.000
67,000
134.000
149,000
90,000
473,000
895,000
40,000
77,000
151,000
128,000
205.000
964.000
1,860,000 2,077,000 2,266.000 1.970.000
5,864.558 4,684,235 2,887,355 1.622.823
7,724.558 6,761,235 5,153,355 3,592,823
Total visible supply
4.69d.
7.54d. 10.166.
Middling uplands, Liverpool_ _
4.29d.
6.00c.
18.10c.
7.95c.
12.55c.
Middling uplands. New York_
Egypt, good Sakel, Liverpool_.... _
8.25d.
7.70d. 13.45d. 17.50d.
Peruvian, rough good. Liverpool
14.50(1.
4374
Broach, fine, Liverpool
.
3.63d.
5.10d.
8.45(1.
Tinnevelly, good, Liverpool
9.60d.
4.50d.
6.50d.
4.28d.
Continental imports for past week have been 69,000 bales.
The above figures for 1932 show a decrease from last
week of 68,384 bales, a gain of 963,323 over 1931, an
increase of 2,571,203 bake over 1930, and a gain of
4,131,735 bales over 1929.
-that is,
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, anl the same items for the
corresponding period of the previous year, is set out in
detail below:
Movement to Aug. 5 1932.
Towns.
Receipts.
I ship; Stocks
Aug.
.
Week. , Season. I Week.
Ala.,Birming'm
Eufaula
Montgomery.
Selma
Ark.,Blytheville
Forest city...
Helena
Hope
Jonesboro_ _
Little Rock_ _
Newport _
Pine Mutt_ ._
Walnut Ridge
Ga., Albany._
Athens
Atlanta
Augusta
Columbus_
Macon
Rome
La., Shreveport
Miss.,Clarksdale
Columbus. _ _
Greenwood_ _
Jackson
Natchez
Vicksburg.
Yazoo City _ _
Mo., St. Louis_
N.C.,Greensb•ro
Oklahoma
15 towns.. _ _
S.C.. Greenville
Tenn.,hlemphis
Texas, Abilene.
Austin
Brenham_ Dallas
Paris
Robstown_
San Anton10Texarkana - Waco
1015
Financial chronicle
Volume 135
371
44
16,
46
111
15!
21
40
71
1281
151
1
168
2,9311
1681
95,
40
121
35
6
7
165
2,014
. 48
73
5.
9,882
5.915
47,116
40,224
29,341
14.638
30,366
8,374
1,318
43,512
10,503
35,933
ca 4,435
800
66
447
149
319
7
229
75
64
110
50
670
200
100 40,930
3.350154.479
2,156 91.660
2,000 20,790
36,920
1,300 9,526
879 65,595
654 62,510
32 5,863
578 64,353
132 19,912
224 4,121
10,018
156 14,359
783
466
384 20.518
Morement to Aug. 7 1931.
I Ship- Stocks
ments, Aug.
7.
Week. Season. I Week.
Receipts.
248
6
31
93
4
4
62
12
340
697
2,744
380
248
3,557
43
31:
519
93
170
4
645
4
57
140
27,537
6.854
46,911
33,782
10,755
1,944
8,308
361
109
865
62
545 12,945
8 2,249
12
253 7,688
38 1,423
1
1 200 1,109
340
23,106
6971 1,174 167,208
2,744 2,513 64,012
5,300
380
193 27,751
300 4,002
16 1,085 57,899
461
537 9,511
2,873
521
811 17,003
383 18,557
2,
30
107 4,437
212 3,320
119 3,144
1,020 1,020 3,936
1,285 1.852 33,402
6'
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:
-1932Since
Aug. 1.
310
Aug.5Shipped-Via Bt. Louis
Via Mounds, Z‘c
Via Rock Island
Via Louisville
Via Virginia
Via other routes, &a
-1931Since
Aug. 1.
1,020
154
Week.
1,020
154
Week.
466
75
3,028
24,306
186
3.620
2.600
3,328
27.875
Total gross overland
Deduct Shipments
18
28
Overland to N. Y., Boston, &c__ _
110
156
Between interior towns
573
742
Inland, &c.,from South
. 701
926
Total to be deducted
2,627
96,949
Leaving total net overland*
186
3.620
2.600
7.580
7.580
519
298
3,710
519
298
3,710
4.527
4.527
3,053
1,018
2,000
3.053
*Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 26,949 bales, against 3,053 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 426 bales.
Week.
98,638
26.949
70,000
Since
Aug. 1. Week.
12,986
35.048
2,627
3.053
40,000 100.000
1931
Since
Aug. 1.
12.986
3,053
100,000
195,587
*19.276
77,675 116,039
*15,711 *14.872
116,039
*14.872
61.964
101.167
____
101,167
32,009
11.385
11.385
-1932
In Sight and Spinners'
Takings.
Receipts at ports to Aug.5
Net overland to Aug.5
Southern consumption to Aug. 5_ _
Total marketed
Interior stocks in excess
Came into sight during week_ _ _176,311
---Total in sight Aug.5
North. spinn's' takings to Aug. 5.. 44.133
* Decrease.
Movement into sight in previous years:
Bales: - Since Aug. 1:rnBales.
* 155,449
141.544 1930
200,937
168.836 1929
140.598
95.509 1928
-
- Week-1930
1929
1928
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:
Closing Quotations for Middling Cotton on
Week Ended
Aug. 5.
Saturday. Monday. Tuesday. Wedday. Thursd'y. Friday.
Galveston
New Orleans_ _ _
Mobile
Savannah
Norfolk
Charleston
5.75
5.87
5.60
5.80
5.95
Augusta
Memphis
Houston
Little Rock_ _ _ _
Dallas
Fort Worth _ _ _ _
5.88
5.50
5.70
5.40
5.45
5.75
5.87
5.60
5.81
6.00
5.76
5.94
5.50
5.70
5.40
5.35
5.35
5.65
5.75
5.50
5.69
5.83
5.75
5.85
5.81
K§g
5.40
5.60
5.29
5.25
5.25
5.50
5.70
5.39
5.35
5.35
5.60
5.79
5.93
5.70
5.82
5.50
5.72
5.87
5.67
5.81
5.40
5.70
5.32
5.25
5.25
5.75
5.87
5.55
5.78
5.92
5.72
5.88
5.45
5.70
5.37
5.30
5.30
NEW ORLEANS CONTRACT MARKET.-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Pr
Augo5t...
Sectember
October ...
November
December.
Jan.(1933,
February _
March__
April
May
June
July
Auctoa...
Spot
Saturday,
July 30.
Monday,
Aug. 1,
Tuesddy, Wednesday, Thursday,
Aug. 4.
Aug. 3.
Aug. 2.
Friday,
Aug. 5.
94- 5.95 5.92- 5.93 5.9755
5.97- 5.98 5.98- 5. - 5,
6.12- 6.11 6.13 -- 6.00- 6.09- 6.07- 6.126.14 --- 6.196.19 Bid. 6.20- 6.07- 6.16
6.34 Bid
6.34- 6.22- 6.31 - 6.28- 6.29 6.34 --
6.49 Bid
6.49- 6.35- 6.45
6.62 Bid
6.61 - 6.47
Steady.
Steady.
1:11.A:warily
Quiet.
Rarely Orly
Quiet.
StAllfiV
6.41- 6.42 6.48-
6.5"- 6.59 6.53- 6.60Qulet.
Steady.
Steady.
StP11.11V
Steady
Steady
NEW YORK COTTON EXCHANGE ELECTS MEM-The Board of Managers of the New York Cotton
BERS.
52
26
76'
Exchange elected on Aug. 2 the following to membership
2
26'
26
.
in the Exchange: Joseph Smith of Manchelter, Englanst
30
69'
69
A. Gerald Eccles of Alexander Eccles & Co. of Liverpool;
6
1,020
302
453
George H. D. Herbert of G. H. Herbert & Co. of Liverpool;
1,285
74'
1
1
D. E. Japhet of Houston, Texas; Joseph Klingenstein of
320
320
249 1,153 30,986
349
799 17,783
Wertheim & Co. of this city; Rensselaer W. Bertram Jr.
1,000 2,000 34,389
281 1,612 76,581 1,000
685
3,599 9,517281,298 4,744
4,744 9,761 97,496
4,504
of Herrick, Berg & Co. of this city, and J. Robert Lindsay
1
257
124
3
38
3
21
2,038
25
279
of Greenville, South Carolina.
95 4,138
3
3
10 3,621
7
842 9,425
157
268 5,914
220
-Reports to
WEATHER REPORTS BY TELEGRAPH.
103 3.614
4
38
238
1,928, 2,021 1,303
190 2,669 1,928
2,002
us by telegraph this evening denote that it has been ab147
812
147,
57
104 1,421
465
476
normally warm in most sections of the cotton belt. In the
1
1
7,769
474 2,036
10
37
37
144
202 6.303
78 3,144
245
western portion there has been little or no rain, but in the
15.255 32,499 776.015
7.929 29,6731332994 15,255
eastern portion there have been light to generous showers.
Total, 56 towns 13.183
..ncludett the combined totals of 15 towns in Oklahoma.
The hot dry weather held weevils in check. Many places
The above totals show that the interior stocks have are in need of rain.
decreased during the week 19,276 bales and are to-night
-The general condition of cotton in this State
Texas.
556,979 bales more than at the same period last year. The averages fair to good. Shedding continues, with some
receipts at all towns have been 2,072 bales less than the
premature opening in the northeastern part.
same week last year.
15,
169,
15
169
16
46
1016
Financial Chronicle
Memphis, Tenn.
-Cotton is making good progress.
Rain. Rainfall.
Thermometer
Galveston, Tex
dry
high 91 low 77 mean 84
Abilene, Tex
dry
high 106 low 70 mean 88
Brenham, Tex
1 day 0.04 in. high 104 low 74 mean 89
Brownsville, Tex
dry
high 94 low 76 mean 85
Corpus Christi, Tex
high 94 low 78 mean 86
dry
Dallas, Tex
high 100 low 76 mean 88
dry
Henrietta, Tex
dry
high 106 low 74 mean 90
Kerrville, Tex
1 day 0.02 in. high 100 low 64 mean 82
Lampasas, Tex
1 day 0.76 in.
high 106 low 67 mean 87
Longview, Tex
dry
high 104 low 72 mean 88
Luling, Tex
dry
high 106 low 74 mean 90
Nacogdoches, Tex
2 days 0.32 in. high 100 low 72 mean 86
Palestine, Tex
dry
high 100 low 72 mean 86
Paris. Tex
dry
high 106 low 74 mean 90
San Antonio. Tex
1 day 0.34 in. high 102 low 74 mean 88
Taylor, Tex
1 day 0.04 in. high 102 low 72 mean 89
Weatherford, Tex
1 day 0.54 in. high 102 low 70 mean 86
Ada, Okla
dry
high 101 low 65 mean 83
Hollis. Okla
dry
high 107 low 70 mean 88
Okmulgee, Okla
3 days 0.62 in. high 101 low 63 mean 82
Oklahoma City, Okla
dry
high 102 low 66 mean 84
Helena, Arkhigh 96 low 64 mean 80
Eldorado, Ark
1 day dr 05 in. high 103 low 69 mean 86
I
Little Rock, Ark
2 days 0.75 in. high 97 low 68 mean 82
Pine Bluff, Ark
l day 0.05 in. high 103 low 66 mean 84
Alexandria, La
4 days 1.16 in. high 99 low 73 mean 86
• Amite, La
5 days 2.47 in. high 98 low 69 mean 83
New Orleans, La
5 days 1.96 in. high 93 low 74 mean 82
Shreveport, La
1 day 0.01 in. high 102 low 74 mean 88
Columbus, Miss
1 day' 0.35 in. high 99 low 71 mean 85
Greenville. Miss
1 day 0.08 in. high 100 low 69 mean 84
Vicksburg. Miss
2 days 0.69 In. high 96 low 70 ,mean 83
Mobile, Ala
5 days 4.05 in. high 93 low 72 mean 83
Birmingham, Ala
2 days 1.58 in. high 98 low 72 mean 85
Montgomery, Ala
1 day
0.03 in. high 95 low 74 mean 84
Gainesville. Fla
5 days 1.29 in. high 92 low 73 mean 82
Madison. Fla
5 days 1.31 in. high 95 low 73 mean 84
Savannah, Ga
5 days 0.62 in. high 93 low 72 mean 82
Athens, Ga
5 days 1./4 in. high 96 low 69 mean 84
Augusta, Ga
5 days 1.80 in. high 94 low 69 mean 81
Columbus, Ga
3 days 0.58 in. high 99 low 72 mean 85
Charleston, S. C
2 days 1.94 in. high 90 low 72 mean 81
Greenwood, S. C
5 days 5.98 In. high 92 low 68 mean 80
Columbia, S. C
4 days 1.94 in. high 92 low 68 mean 80
Conway, S. C
3 days 2.24 in. high 94 low 67 mean 80
Charlotte, N. C
5 days 3.05 in. high 95 lo'w 68 mean 79
Newoern, N. C
2 days 1.14 in. high 96 low 65 mean 80
Weldon. N. C
2 days 1.37 in. high 95 low 59 mean 77
Memphis, Tenn
2 days 1.17 in. high 97 low 72 mean 83
The following statement we have also received by telegraph, showing the height of rivers at the point named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gaugeAbove zero of gauge_
Above zero of gauge_
Above zero of gauge-
Aug. 5 1932.
Feet.
2.2
7.1
9.
,
7.2
17.2
Aug. 7 1931.
Feet.
2.1
3.9
7.3
7.7
11.0
Dallas Cotton Exchange Weekly Crop Report.
The Dallas Cotton Exchange each week publishes a very
elaborate and comprehensive report covenng 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 August 1 in full below:
Aug. 6 1932
Cotton now opening prematurly. Crop looks to me about 75% of last
season at this time.
Wazahatchie (Ellis Co.).
-Cotton made good progress again this week.
General rain within the next week woudl be benecial.
EAST TEXAS.
Jefferson (Marion Co.).
-Cotton crop not doing well. Hot dry winds
have caused serious shedding. Plant below normal in size. looks sick.
Some top blooms. We notice a number of dead plants.
Pallesline (Anderson Co.).
-Crop continues to progress. Weather favorsable, hot and dry. Insect damage and shedding light. less tha.normal.
Houston Co. received two first bales July 29. Expect other points this
territory to receive first bales next week. Movement should be under way
around August 15th-20th.
SOUTH TEXAS.
San Antonio (Bexar Co.).
-Crop has been holding its own the past week.
Although local showers are still falling in this section and the extreme
heat causing shedding. In some sections there is quite a bit of cotton dying,
as much as 50% in some fields. Boll weevils are also doing some damage but
the heat is checking them to some extent. A few bales have been coming
in this week and expect a fair movement next week.
OKLAHOMA.
Chickasha (Grady Co.).
-Cotton is making good progress, but will begin
to deteriorate in few days unless we get rain; some weevil; but weather too
hot and dry for them to do much famage.
Hugo (Choctaw Co.).
-Heavy weevil infestation is receiving its toll.
Crops consist of two to three bolls average on bottom, nothing in the middle
and few squares and occasional bloom in top. Some farmers claim crop total
failure. Older cotton looks like 't is thru w th nothing mcuh done.
ARKANSAS.
Blytheville (Mississippi Co.).
-Past week has been dry with exception of
light local rains. This, with the warm weather we have been having, has
been very favorable for cotton, and iffavorable conditions continue for three
weeks this territory will make a normal crop. No insects.
Little Rock (Pulaski Co.).
-In the Little Rock territory conditions are
becoming very mixed. Some sections are needing rain while others are getting too much. Some sections are still grassy and if the rains continue may
be abandoned. Weevils are showing up in many sections but damage
not so far serious, however, present weather is favorable to insects. While
some points may still need rain the territory as a whole would be improved by warm dry weather.
Pine Bluff (Jefferson Co.).
-Fine rains fell in this county since I reported
last. It is raining to-day. Some complain of too much rain and spread of
weevil, no damage done yet. We have fine promising cotton, corn, rice.
oats, alfalfa and garden truck.
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.
Week
Ende
Receipts at Ports.
NORTH TEXAS.
Clarksville (Red River Co.).
-Different reports on the present cotton crop
are so varied that it is hard to form a definite opinion of its condition.
However. I believe majority agree this year crop will not measure up in
size as well as one last year. Crop is not suffering much from insect damage.
Cause for the plant throwing off so much fruit in past several days must be
attributed to weather. Some farmers have told me that plant seems to be
showing signs of improvement in that it is beginning to bloom again. Still
believe we have plenty time for cotton crop to make an improvement
with ideal weather conditions. One or two opened bolls have been brought
to town this week. If hot weather continues we will probably have our
first bale between 12th and 15th of August.
Ennis (Ellis Co.).
-About one third of crop in this section is taking
normal growth and fruiting fairly well and about two thirds of crop has
abnormal growth and is not fruiting well caused by weevils and flees.
Crop is about two weeks late. Moisture plenty at present but will need
rain in two weeks if hot dry weather continues.
Gainesville (Cctoke Co.).
-Weather past three or four weeks hot and dry,
has tended to check weevil activity, and crop doing well at this time.
A prolongation of present weather conditions might cause serious shedding
and premature opening. Need a shower and cooler weather.
Nevada (Collin Co.).
-Cotton making some improvement, stopped
growing, shedding. With dry weather look for heavy shedding next week.
Crop looks like about two thirds yield of last year.
Wills Point (Van Zandt Co.).
-High temperatures beneficial in checking
insect damage, but late planted cotton suffering. We have the best stalk
we have had in years, but it is not carrying the fruit that it should due
to the fact that the insects have been very active this year. Prospects
on an average are good, but with continued extremely hot weather which
we have had for past week the yield per acre on lots of the cotton will be
-year average.
below the 10
CENTRAL TEXAS.
.-Cotton deteriorating fast on account of dry weather.
Austin (Travis Co.)
stopped blooming and small bolls opening. Don't look anything
Many fields
like last year.
-Crop deteriorating fast, if have good rains in
Cameron (Milam Co.).
10 days believe will help. At present look like 45,000 bales this county.
-Started picking here this past week. Weevil
Lagrange (Fayette Co.).
and dry weather caused some shedding. Looks like we will make about
70% oflast year's crop.
-Weather hot and dry, cotton shedding badly.
Taylor (Williamson Co.).
General rain needed. Deterioration will be heavy if it does not rain soon.
Stocks at Interior Towns.
1932. I 1931. I 1930.
TEXAS.
WEST TEXAS.
Abilene (Taylor Co.).
-Last week has been hot and dry. just what we
need for the crop. Plant is not growing so rapidly but is fruiting nicely.
Will need rain in about a week or 10 days but will not suffer materially
for 15 or 20 days. If we get rain in the next two weeks do not expect any
movement until about tenth of September. If we don't get any more rain
will be some movement by the first.
Haskell (Haskell Co.).
-Cotton doing well. Prospect at this time is the
best in many years.
Lubbock (Lubbock Co.).
-Cotton made fair progress past week. A good
general rain would be beneficial, lice working on the young cotton.
I
RecetinsfromPlantation.t.
1932.
1931. I 1930.
May
53,10
13.. 62,17
20._ 37,536
27-_ 54,967
June
64,258
10- 30,591
17._ 24,783
?C. 40,793
July
44.758
34.435
15._ 31,295
22._ 31,530
29__ 62,468
Aug.
98,831
31,266
27,481
20,516
18,911
49,161 1,664,13 1,112,593
74,76011.622,896 1,091,37
64,6421,588,105 1,060,746
36.22811,554.722 1,037,59
893,425 8,407 6,731 1,590
843,575 20,931 6,25 24,911
809,649 2,745
30.716
778,788 21,594
5,367
20,90 42,83811,526,18 1,009,231
31,419,1,497.915 973.071
18.6
18,97 36,511,1,476.605 943,151
21,13 32.6591,450,054 910,874
740,002
714,8601
667,9811
665,467
35,716
2,326
3,473
14,242
877,605
854,340
833,586
818,425
798,241
644,225
1119,981
599,179
579,770
560,254
25,387
13,044
10,987
4,520 1,143
52,884 20,743 14,792
17,602
13,152
16,170
16,304
40,927
19,256 1,430.56
10,899 1,409.172
13,998 1,388.864
12,297 1,361.854
34.308 1,352,270
4,368
6,277
9,632
10,145
,
12,936 62,509 1.33?„9 4 776,015 548,784 79.362
51,039
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1931 are 19,337 bales;
in 1930 were nil bales, and in 1929 were 51,039 bales.
(2) That, although the receipts at the outports the past
week were 98,638 bales, the actual movement from
plantations was 79,362 bales, stock at interior towns
having-increased 19,276 bales during the week. Last year
receipts from the plantations for the week were nil bales
and for 1930 they were 51,039 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like period:
Cotton Takings,
Week and Season.
1932.
Week.
Season.
1931.
Week.
Season.
7,792,942
Visible supply July 30
6,892.094
Visible supply Aug. 1
7.791,048
6.892,094
American in sight to Aug. 5_
176.311
61.984 101,167
101,167
8,000
Bombay receipts to Aug. 4
5.000
15,000
15.600
1,000
Other India shipls to Aug. 4...
7.000
7,000
Alexandria receipts to Aug. 3_
1,400
ROO
17,400
17.400
6.000
Other supply to Aug. 3.•_b___ _
4,000
10.000
10,000
Total snppl
7,985,653 7.862.612 7,042,661 7,042,661
Deduct
Visible supply Aug.5
7,724.558 7.724.558 6,761,235 6,761,235
Total takings to Aug. 5 a
281.095
138.083 281.426
281,426
Of which American
205.695
9.5.454 185,026
185.026
55.400
Of which other
42.600
96.400
96.400
• Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills-40,000 bales in 1932 and 100,000 bales in 1931
taking.
not being available-and the aggregate amounts taken by Northern and
foreign spinners, 98,051 bales in 1932 and 181.426 bales in 1931, of which
55,454 bales and 85.026 bales American.
I, Estimated.
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:
1931.
1932.
Aug. 4.
Receipts at
-
Week.
Since
Aug. 1.
Week.Week.
Week.
Since
Aug. 1.
15,000 10,000
10,000
Since Aug. 1.
For the Week.
Great
Great Conti-!Japan&
Britain. nent. China.' Total. Britain.
1
1
Bombay
15,000 21,000
l,000I
1932
40,000 40,000
1931
25:000 22,000 47.000
1930
Other India1,000
1,000
1932
7,000
4,0001 3,000
1931
4
4,000
1930
Total all
1932
1931
1930
1930.
Since
Aug. 1.
5,000 15,000
8,000
Bombay
Exports
from
-
Conti- !Japan &I
nent.
China.
Total.
3,000!
5,000
40,000,
22,000
25,000
4,000
1
3,000
3,000
29,000
8,000
40,000
47,000
3.000
4,000
4,000
1.006 6,00q 15,000 22,000
4,0001 3,000 40,000 47,000
29.000 22,000 51,000
7,000
4,000
5,000
40,000
22,000
8,000
47,000
51,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
7,000 bales. Exports for all India ports record a decrease
of 25,000 bales during the week, and since Aug. 1 show a
decrease of 39,000 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. 3.
1932.
Receipts (cantars)This week
Since Aug. 1
1931.
7,000
3,000
To Liverpool
To Manchester, &c
To Continent and India_
To America
3,000
4,000
3.000
1930.
87,000
87,000
This Since
Week. Aug. 1.
Exports (bales)
1,000
1,000
This Since
This Since
Week. Aug. 1. Week. Aug. 1.
1,500 4.000 4.000
2,000 4,000 4.000
1,500 18,000 18,000
1,000
3,000
4,000
-
1,000
3.000
4,000
Total exports
10.000 5.000 26,000 26.000 8,000 8,000
-A cantor is 99 lbs, Egyptian bales weigh about 750 lbs.
Note.
This statement shows that the receipts for the week end ng Aug. 3 were
7,000 canters and the foreign shipments 10,000 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
yarns is active and in cloths is quiet. Manufacturers cannot
sell. We give prices to-day below and leave those of previous
weeks of this and last year for comparison.
1932.
32s Cop
Twist.
1931.
834 Lbs. Shirt- Cotton
ingo, Common Middi'g
to Finest.
32s Coy
Twist.
83( Lbs. Shirt- Cotton
trigs, Common Middl'p
to Finest.
Uprds.
d.
d. s. d.
8 0
7)40
7440
7)40
0
934
9)( 80
934 80
9)4 80
83
83
83
83
4.53
4.58
4.53
4.45
834010%
84010
8)40 944
8 0 934
4
4
4
2
90
90
90
86
5 39
5.26
6.12
4.80
7)(0
7340
740
7)(0
8)(
884
884
934
80
80
80
80
@83
083
@83
@83
4.10
4.09
4.31
4.41
8 0 94
7%0 9)1
7340 984
844010)4
1 08 5
1 @85
1 @85
1 085
4.78
475
4.75
9.45
7440
8340 94
8 0 9%
780 cut
7
73 0 9)4
.
1
81
81
81
81
81
@84
08 4
084
@84
@84
4.65
4.87
4.56
4.55
4.67
814010%
8)4010k
8440 9%
814 093
4
7740 9%
1
1
O
o
O
085
9885
08 4
@84
084
5.48
6.05
5.17
4.98
4.62
734@ 934 81
@84
4.69
7%0 9
6 6.82
4.29
s. d.
d.
d.
d. s. d.
s. d.
d.
May
-
June--
-To England-7
-?-111
SAN FRANCISCO
To Germany
-7-7-50
To China-?-'?-245
-San Jose, 340
-To Havre-July 26
MOBILE
-San Jose, 369
To Bordeaux-July 26
-San Jose, 100
To Dunkirk-July 26
-San Jose, 150
To Ghent
-July 26
To Bremen-July 28-Yselhaven, 2,090
To Rotterdam-July 28-Yselhaven,350
-July 30-Ninian, 2,461; West Tacook,
HOUSTON-To Liverpool
5.619
To Manchester-July 30-Ninian, 391; West Tacook. 243.....
-Effingham, 1,073
ToHavre-July 30
-Effingham,50
To Dunkirk
-July 30
-Effingham, 1,025
To Ghent
-July 30
.July 30
-Effing-Delaware, 363..
To Rotterdam-July 28
ham, 150
-Delaware. 1,250
To Copenhagen-July 28
-Eglantine,
To Bremen -July 30
-Minden, 4,548- __Aug. 2
3,505
-Cody,
-Mar Negro, 2,736__ _July 30
To Barcelona-July 29
1,320
-Marina 0,3,632
-Cody. 2,082_ _ -Aug. 1
To Genoa-July 30
-Alberta, 848
To Venice-July 28
-Alberta,690
To Trieste-July 28
To Lisbon-Aug. 3-Prusa, 205
To Oporto
-Aug. 3 Prusa, 1.213
To Gijon-Aug. 3-Prusa, 100
To Bilbao
-Aug. 3-Prusa, 100
To Passages
-Aug. 3-Prusa, 100
-Yuri Meru,
To Japan-July 29-Fernmoor, 1,749---Aug. 4
2.468
To China-July 29-Fernmoor, 4.974
To Guayaquil
-Aug. 1-Velmar Lykes, 125
-To Antwerp-July 30
-San Jose. 100_ __July 31
NEW ORLEANS
-West Moreland, 303
-San Jose, 100
To Havre-July 30
To Dunkirk-July 30
-San Jose,300.._Aug.3
-Topeka,900..
-Topeka,200
-Aug.3
To Oslo
To Bremen-July 30-Hybert, 800; Roland, 3,321
-Topeka, 150
To Gothenburg-Aug. 3
To Hamburg-July 30-Hybert, 125
-Topeka. 850
To Gdynia-Aug. 3
-West Moreland, 400
To Havre-July 31
-Roland, 204.._July 31-West MoreTo Rotterdam-July 30
land, 100
To Ghent
-July 31-West Moreland, 500
To China-Aug. 1-Patrick Henry,4.750
-Suriname, 100
To La Paz-July 28
-July 28-Suriname. 250
To Guayaquil
-Aug. 3
-Cold Harbor, 100
NORFOLK
-To Liverpool
-Cold Harbor, 1,001
To Manchester-Aug.3
-Eglantine, 282 ..July
-To Bremen-July 28
LAKE CHARLES
29-Haimon, 160
-Eglantine. 100
-July 28
To Hamburg
SHIPPING NEWS.
-As shown on a pr vious pan, the
exports of cotton from the United States the past week have
reached 126,712 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales.
111
• 50
245
340
369
100
150
2,090
350
8.080
634
1,073
50
1,025
513
1,250
8,053
4,056
5,714
848
690
205
1.213
100
100
100
4,217
4.974
125
403
100
1,200
200
4,121
150
125
850
400
364
500
4,750
100
250
100
1,001
442
100
126.712
Total
-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 StandDensity. ard.
Liverpool .45e. .600.
Manchester .45e. .60c.
Antwerp .450.
.27e. .420.
Havre
Rotterdam .35e. .500.
.40e. .550.
Genoa
.500. .650.
Oslo
*Rate is open.
Stockholm
Trieste
Flume
Lisbon
Oporto
Barcelona
Japan
High
Density.
.500.
.500.
.500.
.45e.
.600.
.350.
Standard.
.65c.
.65c.
.650.
.600.
.75e.
.500.
Shanghai
Bombay
Bremen
Hamburg
Piraeus
galenite'
Venice
High StandDensity. ard.
•
.40e. .55e.
.450. .60e.
.45e. .60e.
.75e. .90e.
.750. .900.
.50e. .65e.
'
-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales,stocks, &c.,at that port:
July 15.
45,000
590,000
273.000
14,000
7,000
135,000
47,000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
July 22.
42,000
590,000
266,000
37,000
12.000
128,000
47,000
July 29.
43,000
590,000
263.000
31,000
6,000
137,000
64.000
Aug. 5.
31,000
609,000
283,000
61,000
38,000
138,000
69,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
snot cotton have been as follows:
Spot.
July
-
29
Aug.
-
1017
Financial Chronicle
Volume 135
Saturday
Monday.
Market. 1
12:15
P. M.
Friday.
Moderate
demand.
Moderate
demand.
Quiet.
4.61d.
4.696.
4.656.
Dull.
Mid Iltird•
Sales
Tuesday. Wednesday. Thursday.
4.686.
HOLIDAY.
1101.1
DAY.
Futures.{
Market
opened
Steady, Barley st'y
Quiet,
Quiet, ion• ch'gd to 2 2 points S to 9 pts. 4 to 5 pts.
advance.
decline.
decline,
pte. dec.
Market, I
4
P. M. I
Steady,
Firm.
Quiet,
Quiet,
5 to 6 pts. 7 to 8 pts. 11 to 13 pts 6 to 7 pts.
advance.
decline.
decline,
decline,
Prices of futures at Liverpool for each day are given below:
Balss
GALVESTON-To Liverpool-July 28
-West Tacook, 3.315
Fri.
Mon.
Tues. I Wed. I Thurs.
Sat.
July 30-Ninian, 1,800
July10
4,915
-West Tacook, 233... July 30To Manchester-July 28
to
12.15 12.30 12.15 4.0012.15 4.0012.15 4.00 12.15 4.0012.15, 4.00
Ninian, 400
Aug. 5.
633
P. 111.11). m.P. DIJP. in.P. m.D. ns.P. 114.'13. 111. IL In.P. m.P. m.11. Pl.
-July 28-Bffingham, 1,052_ __Aug. 3-Nashaba,
To Havre
1)82.
New Contract. d. I d. -d.
d.
d. 6.
di d.
d.
d. I d. 1 d.
2,034
-Effingham, 150_ ___Aug. 3-Nashaba,
To Dunkirk-July 28
August
4.48 4.471 4.411 4.39 4.49 4.51 4.49 4.58
100
September- .
4.49 4.47 4.42, 4.40 4.49 4.51 4.49 4.58
250
-July 28-Effingham, 750- _.Aug. 3-Nashaba, 100
To Ghent
October
4.51 4.49 4.43, 4.411 4.51 4.53 4.51 4.60
850
-Effingham,200
To Rotterdam-July 28
November ...4.53 4.51i 4 45' 4,43 4,53 4.55 4.53 4.62
200
-Mar Negro,4,382
To Barcelona-July 28
December
HOLT4,382
HOLT- 4.56 4.54, 4:481 4.46' 456 4.59 4.56 4.65
To Bremen-July 30-EglantIne, 2.250; Minden, 2.000
January (1933) DAY.
DAY.
4.60 4.571 4.511 4.49' 4.59 4.62 4.59 4.68
4,250
-Minden, 50
To Hamburg-July 30
February
4.63 4.60 4.54 4.52 4.62 4.65 5.62 4.71
50
-Rio de Janeiro Marti, 264; Fernmoor,
March
To Japan-July 30
4.66 4.63' 4.57 4.55 4.65 4.R8 4.65 4.74
2.601
April
4.69 4.66 4.60,.
.
4.71 4.68 4.77
2.865
2
To China-July 30 -Fernmoor, 5.626
May
. 41 4.69, 4.63, 4.61 4.71 4.74 4.71 4.80
5,626
To Barcelona-Aug. 1-Cody, 2,050
4.7 4.71' 4.65,' 4.63 4.73 4.76 4.73 4.82
June
2,050
-Marina 0, 1.021_ _
To Genoa-Aug.1-Cody,481_ _ _Aug. 2
July
4.76 4.74 4.68I 4.66 4.76 4.78 4.75 4.85
1,502
-Alberta,477
-Aug.3
August
To Venice
4.78 4.76 4.70' 4.68 4.78 4.80 4.77 4.87
477
-Alberta, 305
To Tritete-Aug. 3
305
-Aug.3
-Alberta, 500
To Fiume
500
To Lisbon-Aug. 1-Prusa, 120
120
-Aug. 1-Prusa, 1.387
To Oporto
1,387 .
To Corunna-Aug. 1-Prusa. 100
100
Friday Night, Aug. 5 1932.
-Aug. 1-Prusa, 200
200
To Passages
-To Liverpool-July 30-Nitonlan. 14,641--.Aug.4
SAVANNAH
FLOUR was quiet but inclined to be firm. On the 3rd
-Liberty Glo, 40.340
24,981
Inst. prices advanced 10c. Later spring wheat flour declined.
-July 30-NItonlan, 1,889..-Aug. 4-Idberty
To Manchester
Glo, 234
WHEAT has been inclined to be encouraged by a higher
2,103
200
To Japan-July 28-Adrastus• 200
stock market and talk of the organization of a big pool to
CHARLESTON-To Bremen-July 29-Dalfram, 850
850
But profit-taking and the lack of an
stabilize prices.
1,195
To Hamburg-July 29-Dalfram, 1,195
449
To Rotterdam-July 29-Dalfrain, 449
export demand for American hard wheat have been draw-Minden, 700
-To Bremen-July 30
700
TEXAS CITY
backs.
PENSACOLA--To Bremen-July 29-Yselhaven. 1.617
1.617
BREADSTUFFS
Financial Chronicle
1018
On July 30 prices declined % to 1
4c. The market showed
the effects of realizing, though one estimate was only 453,000,000 bushels of winter and 246,000,000 bushels of spring,
or a total of 699,000,000 bushels, or 38,000,000 bushels less
than the Government estimate of July 1 and 195,000,000
bushels under last year's crop of 894,000,000 bushels. But
the technical position was considered rather weaker after
the recent heavy covering on an advance. Some bought at
Chicago and sold in Minneapolis in the belief that hedging
sales in the Northwest will exceed the milling demand.
Profit-taking was the rule in most markets. But this was
partly offset by the rise in the stock market.
On the 1st inst. prices ended %c. lower, with Liverpool
and Winnipeg closed and fears of heavy hedging Sales by
the Northwest. Some Canadian reports suggested that the
three Provinces will have a crop of 430,000,000 to 480,000,000
bushels, one of the largest on record, and comparing with
284,000,000 in 1931 and a 10
-year average of 385,000,000
bushels. The American spring wheat crop is generally expected to make a good showing despite recent heat and
drouth, though possibly not so good as that of a month
ago. The steady rise in the stock market was not ignored,
and wheat did not act badly.
On the 2nd inst. prices ended 2c. lower on local and
Eastern selling and hedging pressure, with no rallying power
perceptible. Also the spring wheat crop estimates averaged
273,000,000 bushels against 106,000,000 last year. The total
for this year was 32,000,000 bushels less than on July 1.
whereas a decrease of 50,000,000 bushels had been expected.
Less damage was done in the American Northwest and in
Canada by heat and drouth than had been expected. And
after allowing for crop loss and carryover, local statisticians
figure that North America has a prospective total of about
1,650,000,000 bushels available for the 1932-33 season, or
nearly the same as last year, and enough for exports of close
to 700,000,000 bushels after allowing for domestic requirements and for a normal carryover. Liverpool closed % to
lc. lower than on Saturday, the reduction of 10% in the
French foreign wheat quota being a factor. Winnipeg was
2 to 2/ lower than on Saturday. Export sales of Mani14c.
tobas were estimated at about 1,000,000 bushels. The technical position was improved.
On the 3rd inst. prices advanced 1%c., with stocks rising
and rumors that a pool was buying for long account. Eastern operators, it was said, were rebuying after recent heavy
liquidation. It was rumored that a pool, believing prices
unwarrantably low, were buying not only wheat but also
corn, butter, eggs, hides, &c., as well as foreign exchange
on countries on a silver basis. Wall Street was to some
extent influenced by these rumors. The sales of wheat for
export in two days were estimated at 2,000,000 bushels.
On the 4th inst. prices advanced about 2c. on a sharp
rise in stocks and persistent reports that a big stabilizing
pool was to be organized. Later on, however, profit-taking
wiped out the advance, leavino. prices practically unchanged
for the day. It is said thate'
the formation of a powerful
pool to operate in wheat has been brought about which will
have about $30.000,000 to carry on its operations, and in all
probability will be managed by Arthur W. Outten, of Chicago. Some argue that conditions in wheat are believed
such that a substantial rise in price can be brought about,
especially after hedging operations are over, which usually
is around Sept. 1. The Farm Board's holdings of wheat
have been reduced to about 50,000,000 bushels, including
both spot and futures, from 250,000,000 bushels a little more
than a year ago. The plan, it is said, calls for the purchase
of remaining holdings of the Farm Board, which for more
than a year has been keeping it in a semi-demoralized state
because the Farm Board has been a heavy seller of wheat
on the upturns. With the Farm•Board out of the wheat
market and with the prospects of the smallest wheat crop
In the United States since 1925, some are hopeful as to the
future of prices. The winter wheat crop in this country
Is estimated at about 440,000,000 bushels against 789,000,000
last year, a decrease of about 550,000,000 bushels, though
the spring wheat crop is estimated at more than double the
105,000,000 bushels harvested last year. While Canada is
expected to market a much larger wheat crop than in 1931,
reports from Europe are to the effect that the wheat yield
will probably, judging from present appearances, be much
smaller than that of last year.
To-day prices closed % to 1%c. higher, with better cables
and dry weather in the Northwest. The lifting of hedges
against 800,000 bushels of wheat lost in a Chicago elevator
fire was also a bracing factor. And the strength of the
stock market helped. There was considerable profit-taking
and selling against privileges on the rise, which caused some
reaction, but a good demand came in and prices quickly
rallied. Weekly trade reports were bullish, and news from
Russia was enfavorable. Winnipeg closed % to %c. higher.
Minneapolis was up 1c. Hedging pressure was not heavy.
Mills absorbed outside selling at Minneapolis. Export
sales were estimated at 400,000 to 500,000 bushels of Manitoba. Exports from the Southern Hemisphere this week
were 2,783,000 bushels against 3,384,000 last year. Final
prices show an advance for the week of %C.
DAILY CLOSING PRICES OF BONDED WHEAT AT NEW YORK.
October
December
Sat.
56
57
Mon. Tues. Wed. Thurs. Fri.
58
57
5234 5334 5334 54%
5434 5534 557% 55%
Aug. 6 1932
OSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
3234 3134 303.4 3134 3134 3134
3234 3134 3034 317% 3134 3134
- 3434 3534 3534 3534
Season's High and When Made—
Season's Low and When Made—
September 4534
Jan. 18 1932 September 30
Aug. 3 1932
December
3934
Apr. 26 1932 December
3034
Aug. 3 1932
May
3734
Aug. 4 1932 May
Aug. 3 1932
3434
OATS have kept pace with the ups and downs of other
grain without developing individual features of special
Interest. On July 30 prices declined 1,4 to lAc., owing to
hedging sales. Good-sized receipts were expected on Aug. 1.
At the same time the cash demand was active in the sample
market, all offerings being readily -taken. Winnipeg advanced 14c. on July, and it was said that private settlements would probably have to be made. On the 1st inst.
prices declined %c. on local and Northwestern hedge selling
coincident with receipts at Chicago of 535 ears, the largest
so far this season. Some think that despite some holding
back by farmers stocks at Chicago, it is believed, are likely
to increase materially in the near future. On the 2nd inst.
prices closed %c. lower. They went to a new low. The
crop suggested is 1,246,000,000 bushels, or nearly 30,000,000
bushels larger than a month ago, while last year's yield was
1,112,000,000 bushels. On the 3rd inst. prices closed % to
%c. net higher, after touching new lows early. Receipts
are expected to be moderate, with prices so low. On the
4th inst. prices closed unchanged after some early advance.
To-day prices ended unchanged, being largely governed by
the movement of other grain. Final prices are % to %c.
lower for the week.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Mon.
Sat.
Toes.
Wed.
Thurs,
Fri.
No.2 whlte
2934-2934 29-2934 2834-294 29-2934 29-2934 29-2934
, DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September
17% 17% 17
1734 17% 11
Den
December
20% 20
1934 197%
19
MaDecember- 2234 226 .19% 22
2234
Season's High and When Made—
Season's Low and When Made—
September
Feb. 19 1932 September
2634
1634
Aug. 3 1932
December
Apr. 26 1932 December
33%
1934
Aug. 3 1932
Aug. 2 1932 May
May
2234
22
Aug 3 1932
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
4134 ---- 2734 2734 2834 2934
July
October
2834 ---- 2634 2734 2734 277%
RYE has moved with pretty close conformity to the fluctuations in wheat, with no signs of export business. On
July 30 prices advanced 4 to %e. on a local demand that
easily took the offerings. On the 1st inst. prices declined
% to %c., largely under the influence of lowered prices for
other grain. On the 2nd inst. prices declined 1%e. The
crop is estimated at 43,000,000 bushels against some
33,000.000 last year. On the 3rd inst. prices advanced 114e.
/
In a small market. On the 4th inst. prices closed / lower,
1
4c.
its fluctuations corresponding pretty closely to those in
wheat. To-day prices closed % to %c. higher, in sympathy
September
December
May
Financial Chronicle
Volume 135
with the rise in wheat. Final prices are % to lc. lower for
the week.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
•
Sat. Mon. Tues. Wed. Thurs. Fri.
333( 17% 31
3234 32% 32%
September
2035 20
34I 35% 35% 353
December
---- - May
- -Season's High and When Made- I Season's Low and When Made
Feb. 6 1932 September
29%
54%
July 21 1932
September
June 3 1932 December
33
July 21 1932
45%
December
Closing quotations were as follows:
GRAIN
Oats. New York
Wheat, New Yorki
No. 2 white
No.2 red, c.i.f., domestic_ _ _65 y
29@293.(
No. 3 white
Manitoba No. 1.f.o.b. N. Y_ 55%,
2802834
Rye No.2,f.o.b. bond N.Y.453(
Chicago, No.2
40
Corn,New York45%* Barley
No. 2 yellow, all rail
45x
N Y .c.i.f.. domestic
No.3 yellow, all rail
39%
Chicago, cash
26@35
•
FLOUR.
pat. high protein$4.35 $4.85 Rye flour patents
$3.45©$3.70
Spring
4.00 4.35 Seminole. bbl., Nos.1-3 4.35
Spring patents
5.05
4.35 Oats goods
Clears, Firstspring_ _ -- 3.85
1.55
1.60
straights__ 3.25i 3.50 Corn flour
Soft winter
1.35
1.40
3.75 Barley goods
Hard winter straights _ 3.50
4.25
Coarse
3.20@
Hard winter patents__ 3.75
Fancy pearl, Nos. 2,
Hard winter clears_ __ - 3.25 3.60
4 and 7
Fancy Minn. patents-- 5.05
5.75
6.15@ 6.50
5.05
5.75
City mills
All the statements below regarding the movement of grain
-receipts, exports, visible supply, &c.
-are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Flour.
Receipts at
-
Wheat.
Corn.
Oats.
I
Rye.
Barley.
bb1.9.193113 bush.60 lbs. bush.58 lbs. bush. 32 lbs.bush.4818s.,bush.561bs.
186,000 1,386,000 1,529,000 1,994,000
9,000 150,000
Chicago
Minneapolis
764,0001120,
111,000 113,000 149,000
295,0001
18.000
Duluth
8,000
4,000
84,0001
106,000
1,000 224,000
Milwaukee.- _
156,
651,0001
256,000
45,000
Toledo
1,000
59.0001
2,000
4,000
8.000
Detroit
8,000
498,000
Indianapolis_ _
582,000
159,000
3,000
1.000
146,000
824,000
319.000
1,000
262,000
St. Louts21,000
34,000
109,000
361,000
220,000
Peoria
24,000
11,000 2.919,0001
6,000
106,000
Kansas City_
1.330,0001
348,000
184,000
Omaha
553.0001
3,000
22,000
St. Joseph-.
983.
Wichita
91,000
9,000
Sioux City
10.
6,000
1,330,000
243,000
308,000 382,000
Buffalo
381,000 11,876,030 3,060,000
01
436,000 24,426,0
4,968,000
406,000 37,382,000 5,267,000
Total wk.1932
Same wk.1931
Same wk.193
Since Aug.1
1931
1930
1929
4,411,000
3,118,000
3,647,0001
529.000 592,000
248,000 812,000
269,000 1,526.000
20,770,000355,993,00o 132,452,000 77,208,0001 8,847,00038,715,000
21.278,000525,304,000208,308,000 109,376,00021.148.00049,139,000
22,515,000 466,187,000254,528,090 140,129,000.23,828,00066,206.000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, July 30 1932, follows:
-I Flour. I
Receipts at
New York_ _ _
Philadelphia-Baltimore.--Norfolk
Mobile
New Orleans *
Galveston_
Montreal --.Sorel
Boston
Halifax
Wheat. I
Total wk.1932 301,000 3,174,000
Since Jan.1'32 9,529,000 81,075,000
)'
Oats.
Corn.
Rye.
I Barley,
Ms.198lbs. bush.60 lbs bush 56 lbs. bush. 32113. bush.48Ibs bush56lbs.
130,0001
206,000
163,000
15,000
28,000,
38,000
42,0
13,0001
15,000,
8,000
64,000
5,000
1
1,000
• I
sch000
54,000
48,000
33,000
33,000
I
83,000
1,000
51,000 1,731,000
144,000 190.000 191,000
I
924,000
86,000
19,000
8,000
1
3,0001 •
244,000
3.393,000
221,000 277,000 191,000
4,589,000 10,007.000 4,987.000
Week 193L_
53,000
▪
408,000 5,298,000
284,000
40,000 400,000
Since Jan.1'31 12,062,000 104,559,000 1.879,000 7.202,000 1,793.000 17.689.000
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The ex-ports from the several seaboard ports for the week
ending Saturday, July 30 1932, are shown in the annexed
statement:
ExportsfromNew York
Boston
Norfolk
Mobile
New Orleans •
Galveston
Montreal
Sorel
Halifax
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley,
Bushels. Bushels. Bushels. Bushels. Bushels. Bushels.
692,000
38,000
23,240
2,000
1,000
80,000
6,000
1,000
8,000
3,000
1,731,000
51,000 144,000 190,000 191.000
924,000
86,000
3,000
Total week 1932.- 3,433,000
Same week 1931.... 2,522,000
39,000
91,240
107,848
144,000
198,000
276,000 191,000
40,000 501,000
The destination of these exports for the week and since
July 1 1932 is as follows:
Flour.
Exports for West
Week
Sines
and Since
July 30 July 1
July 1 to1932.
1932.
Wheat.
Week
July 30
1931.
Mute
July 1
1931.
Corn.
Week
July 30
1932.
Rinse
July 1
1931.
Barrels. Barrels. Bushels.
Bushels. Bushels, Bushels.
139,022 1.305,000 4,041,000
United Kingdom_ 46,065
38,000
38,000
28,030
90,164 2,070,000 8,819,000
Continent
101,000
12,000
1.000 1,181,000
So.and Cent. Am_ 1,000
2,000
7,000
33.000
Indies
9,000
West
16,000
1,000
14,000
2,000
1,000
Brit. No.Am.Col
21,000
48,000
115,000
Other countries-- 8.145
Total 1932
Total 1931
91,240
107,848
297,186 3,433,000 '14.172,000
704,519 2,522,000 14.824.000
39,000
155 000
9A AnA
'
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, July 30, were as follows:
United States
Boston
New York
••
afloat
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis
Peoria
Chicago
afloat
On Lakes
Milwaukee
Minneapolis
Duluth
Detroit
Toledo
Buffalo
••
afloat
On Canal
1019
GRAIN STOCKS.
Oats,
Wheat,
Corn.
Rye,
Barley,
bush,
bush.
bush.
bush.
bush.
4,000
634,000
1,000
79,000
1,254,000
148,000
2,000
3,000
57,000
316,000
27,000
5,000
3,238,000
78,000
30,000
31.000
35,000
1,000
4,037.000
585,000
34,000
1,000
88,000
1,188,000
58,000
1,510,000
2,000
72,000 1,112,000
5,864,000
34.000
2,214,000
19,000
5,784,000
45,000
332,000
6,124,000
30,000
67.000
40,000
83.000
40,287,000
172,000
429,000
17,000
3.000
17,725,000
12,000
75,000
6.000
1,200,000
265,000
418,000
4.000
7,693,000
708,000
634,000
1,629,000
239,000
3,000
160,000
17,879,000 4,300,000 3,680,000 1,985,000
577,000
247,000
159.000
187,000
448,000
6,318,000
120,000
20,454,000
19,000 1,976,000 3,476.000 1.008,000
199,000
918.000 1,631,000
12,983,000
12,000
32,000
20,000
128,000
10,000
-Figures unobtainable.
10,764,000 3,963,000
690,000
951,000
83,000
458,000
495,000
55,000
90,000
Total July 30 1932-170.255,000 10,985,000 11,269,000 8,942,000 1,789.000
Total July 23 1932...168,720,000 11,244,000 10,277.000 8.805,000 1,738,000
Total Aug. 1 1931-212,675,000 8,183,000 7,392,000 9,070,000 3,434.000
Note.
-Bonded grain not included above: Barley. New York, 1.000: total. 1,000
bushels, against 119,000 bushels in 1931. Wheat, New York, 1,262,000 bushels:
New York afloat, 669,000: Buffalo, 2,494,000: Buffalo afloat, 282,000: Canal.
869,000. total, 5,576,000 bushels, against 8,145,000 bushels in 1931.
Wat,
he
Corn,
Oats,
Rye,
Barley,
bush,
bush,
bush,
bush.
bush.
Canadian316,000 1,388,000
250,000
Montreal
7,434,000
2,559,000 2,548,000 1,144,000
Ft. William & Pt. Arthur 50,030,000
1,368,000
103.000
222,000
21,638,000
Other Canadian
4,243,000 4.039.000 1,616,000
79,102,000
Total July 30 1932_
3,561,000 4,018,000 1.734,000
Total July 23 1932... 82,125,000
3,959,000 10,646,000 7,624,000
Total Aug. 1 1931- 62,640,000
Summary
170,255,000 10,985,000 11,269,000 8,942,000 1,789,000
American
4,243,000 4,039,000 1,616,000
79,102,000
Canadian
Total July 30 1932...249,357,000 10,985,000 15,512,000 12,981,000 3,405,000
Total July 23 1932-250,845,000 11,244,000 13,838,000 12,823,000 3,472,000
Total Aug. 1 1931-275,315,000 8,183,000 11,351,000 19,716,000 11.058,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, July 29, and since July 2 1932 and July 1
1931, are shown in the following:
Wheat.
Exports.
West
July 29
1932.
Corn.
Since
July 2
1932.
Since
July 1
1931.
Week
July 29
1932.
Bushels. I Bushels.
Bushels. Bushels. I
6,000
North Amer_ 6,513,000, 22,524,000 27,815,000
I
208,000 2,184,000 451,000
Black SeaArgentina... 498,000 3,238,000 9,365,000 6,650,000
Australia ___ 1,624,000 7,746.000 15.784,0001
296,000
India
I
I
0th. countr's 696,000 2,840,000 5,192,001 196,000,
.s.
60,636,000 7.303,000
Total ---- 9,331,000 36,556,
Sines
July 2
1932.
Sines
July 1
1931.
Bushels. I Bushels.
167.000
117,000
2,857,000
238,000
29,893,000 47,794.000
1,020,000
1.429,000
33,937,000 49,578,000
WEATHER REPORT FOR THE WEEK ENDED
-The general summary of the weather bulletin
AUG. 3.
issued by the Department of Agriculture, indicating the influence of the weather for the week ended Aug. 3,follows:
The week brought a reaction to considerably cooler weather in practically
all sections from the Plains States eastward, though it continued abnormally warm in the Southwest, and moderately warmer than normal in the
Southeast. Rainfall was mostly spotted.
The table on page 3 shows that the temperature averaged below normal
from the Ohio Valley northeastward, northward and,in most places. northwestward. The relatively coolest weather occurred in the eastern Lake
region, where some stations reported weekly mean temperatures as much
as 4 degrees below normal. In most of the South, especially the west Gulf
area, warm weather continued, with sections from Oklahoma southward
reporting average temperatures for the week from 3 to 6 degrees above
normal. West of the Rocky Mountains most districts were comparatively
cool, especially the interior of the Pacific Northwest where weekly mean
temperatures were 3 to 5 degrees subnormal.
The table shows also that fairly well distributed-in many places generous
-rains occurred over the northern half of the country east of the Rocky
Mountains, though the distribution was decidedly uneven geographically.
Some heavy rains fell in the northern Mississippi Valley area where a number of stations reported weekly totals around 5 inches. The amounts were
mostly light in the Atlantic States north of North Carolina. while a large
area of the Southwest, especially Texas, had practically a rainless week.
While much of the country east of the Rocky Mountains is still needing
rain, local showers, which were rather widespread in sections of the interior
at the close of the week, were timely and helpful,especially over the northern
half of the country. The sections most benefited include Nebraska. South
Dakota, southern Iowa. northern Missouri, central and southern Illinois,
nearly all of Indiana, Michigan and New York. In addition, the severely
drouthy conditions in many localities of the South Atlantic States were
relieved by generous rains, but at the same time in a good many places of
these areas dry weather continues. Rain is urgently needed in a number
of States, especially in the middle Atlantic area, Kentucky, Tennessee.
Texas, most of Oklahoma, much of Missouri, northern Iowa and less generally in some other localities.
Farm work made good progress during the week, and crops developed
rapidly. but deterioration was reported from many dry areas. The harvest
of spring wheat is well along-practically finished in the southern half of
-and threshing proceeded satisfactorily. Ideal harvest weather prethe belt
vailed In the wheat sections of the Pacific Northwest where the recent cooler
weather has been favorable in retarding too rapid ripening of grain.
-Threshing winter wheat has been largely completed
SMALL GRAINS.
in the main sections of the belt and this work is well along to the northern
limits. Harvesting and threshing of spring wheat also made rapid advance,
and are now general throughout most of the area. In some sections the
previous hot, dry weather caused premature ripening, with disappointing
yields resulting, while in others the grain was cut early to avoid grasshopper damage. Harvest weather was nearly ideal in the Pacific Northwest, while cool weather toughened the straw and slowed ripening.
Oat harvesting and threshing advanced to the northern portion of the
country, with variable results noted. Flax is badly burned locally in northcental sections and the late crop is reported poor. Rice needs rain in the
central and west Gulf areas, while cool weather retarded growth locally
in California.
While recent cooler weather and many local showers over considerable
areas of the corn belt have been very helpful, the warm and mostly dry
conditions during the last few weeks have resulted in more or less damage
to the corn crop in many sections of the country. Showers were of most
benefit in Michigan, Indiana, parts of Illinois, southern Iowa, South
Dakota'and Nebraska. The crop in the extreme western portion of the
•
Financial Chronicle
1020
belt, especially in central and western Nebraska, the western half of Kansas
and the uplands of Oklahoma, has suffered heavy deterioration; while that
on light soils in much of Missouri has been harmed considerably.
In Iowa the crop has deteriorated steadily, except in the extreme southern
counties, with serious and, in places. irreparable damage over considerable
northwestern areas; tassels were killed and silk damaged or burned. In
northern Illinois dryness has been detrimental, and in the south there has
been considerable damage;in the central part of the State the crop continues
mostly good to excellent. In Indiana some damage has been done, but
recent showers will be very helpful, while in Ohio the crop is still mostly fair
to very good, though needing rain in many sections. Much of Kentucky
needs moisture, as well as most sections in the middle Atlantic area.
The Weather Bureau furnishes the following resume of
the conditions in the different States:
•
Virginia.—Richmond: Temperatures somewhat above normal; rainfall
negligible, except in southeastern truck counties and scattered localities along
southern border. Serious drouth conditions over remainder of State damaging or ruining growing crops, especially corn, meadows, pastures, alfalfa and
northern gardens; some injury to southern tobacco. Cotton, peanuts and
Great Valley fruit doing well. Southeastern truck and melons excellent.
North Carolina.—Raleigh: Temperatures about normal, with scattered
showers, but considerable portion without sufficient moisture. Crops revived where rains occurred, but condition spotted and only fair, as a whole;
many early crops, especially upland corn, damaged beyond recovery.
Progress of cotton varied from poor to good; considerable shedding. Warmest and driest July of record at Raleigh.
South Carolina.—Columbia: Intermittent showers badly distributed.
Early lowland corn, late corn, sweet potatoes and minor crops improved in
most sections, but most upland crops, except cotton, badly fired by previous
dryness. Cotton progressing slowly, with increased squaring and blooming,
but shedding continued, especially on uplands; general condition fair.
Georgia.—Atlanta: Generally warm, with frequent local rains. Progress
and condition of cotton generally fair; some shedding and fruiting still poor
in some places; rains favored weevil activity locally; opening in south.
Lowland corn mostly good; late crop fair advance, though needing rain in
some places. Sweet potatoes, peanuts and cane generally good.
Florida—Jacksonville: Scattered light showers in central and south
sufficient for immediate needs of vegetation during week, but more general
rains needed. Moderate showers and locally heavy rains in north and extreme northwest resulted in much improvement. Corn, sweet potatoes,
oats, cane and rice generally fair to good. Progress of cotton generally
very good and condition good. Citrus generally satisfactory.
Alabama.—Montgomery: Averaged somewhat warm; frequent showers,
locally heavy. Progress and condition of corn,sweet potatoes,truck, ranges,
pastures and miscellaneous crops mostly fair to good. Progress and condition of cotton poor to good, but mostly fair to good; rains helpful in some
places, but too much in other localities caused slight to considerable shedding
and favored weevil activity; opening beginning in extreme southeast.
Mississippi.—Vicksburg: Frequent light rains and somewhat warm.
Progress of cotton rather poor to fairly good; conditions mostly favoring
weevil activity; undue shedding checked. Progress of corn poor to fair, depending on rain. Progress of gardens, pastures and truck generally fair.
Louisiana.—New Orleans: Local light to moderato showers somewhat
modified temperatures in southeast, but elsewhere weather hot and mostly
dry. Young corn firing locally in north and west and pastures, meadows.
rice and gardens needing rain, though rice and sweet potatoes generally
growing well. Progress and condition of cotton irregular; fruiting well in
southwest, but mostly fruiting poorly elsewhere, with local rains favoring
increased weevil activity in east; some premature opening and local reports
of shedding in northwest account heat and dryness.
Texas.—Houston: Condition of cotton averages fair to fairly good; picking general in south half; hot in all sections, with practically no rain; hot,
dry weather unfavorable for insect activity, but shedding continued; some
premature opening in northeast and some root rot in central and southeast.
Corn practically made; mostly in good condition, but badly fired on dry,
light soils. Threshing wheat, oats and barley progressing rapidly. Truck,
minor crops and pastures deteriorating because of dryness. General rain
badly needed.
Oklahoma.—Oklahoma City: Intensely hot; sunshine excessive; moderate
to heavy showers in north, but no rain in south. Drouth critical in central
and southwest. Threshing wheat practically completed. Progress of corn
fair to very good in north and east, but deteriorated or made only poor advance in southwest where firing on dry uplands; condition generally very
good on bottoms, but poor to only fair on uplands. Progress and condition
of cotton fair to good; fruiting fairly well, but needing rain in south-central
and west; some shedding in dry areas. Pastures and minor crops deteriorat
ing fast in west.
Arkansas.—Little Rock: Progress of cotton good to excellent, except in
a few localities where rather poor; condition good to very good in most portions and poor to fairly good elsewhere. Progress of corn very good to
excellent, except in some northeastern counties where soil dry;some nearly
matured. Very favorable in most portions for meadows, pastures, sweet
potatoes, melons, cantaloupes and other truck.
Tennessee.—Nashville: Drouth continues over three-fourths of State.
further damaging corn, although condition very good where rains occurred.
Progress of cotton fair; condition fairly good; rain needed. Tobacco burning
badly; general condition fair. Vegetables and grass suffering in most areas.
Kentucky.—Louisville: Temperatures mostly moderato. Local rain in
southwest and in bluegrass region improved all crops. Corn fair to very
good; firing on slopes and thinner soils, but holding fairly well on good
lands. Tobacco poor to fair; early blooming prematurely and firing in most
districts; late very small and stationary. Pastures deteriorating; gardens,
truck and field tomatoes seriously affected.
THE DRY GOODS TRADE
New York, Friday Night, Aug. 5 1932.
The improvement, basically seasonal, which had its inception last week in textile markets, has gone decidedly further in the present week, as buyers, infected with the confidence which is spreading over the country as a result of
the consistent rise in security and raw commodity values,
have acquired confidence In textile values and proceeded to
replenish their greatly depleted stocks. All divisions have
participated to some extent, and wool, silk, cotton and rayon
textiles are all registering a firmer undertone as well as
expanded activity. In Wall Street it Is thought by many
observers that the lowest prices for raw materials have
been seen, this view being based as much on the theory
that they could not go down much further, as upon the
other one, current in financial markets, that the country
Is on the verge of a substantial business recovery. Textile
men, taking into account the drastically reduced stocks of
goods in distributing, retail and producing channels alike,
are generally tending to adopt a similarly "bullish" viewpoint. All observers concur in the belief that textile markets are in an excellent position to respond to any genuine
betterment in demand. In cotton goods, the past few days
have witnessed a marked upturn in volume sales of print
cloths and broadcloths. especially toward the end of the
week, after buyers had convinced themselves that prices,
for the moment at any rate, are very steady and likely to
go higher. Indeed, such changes as have occurred so far,
though slight, have been generally on the constructive side.
A fairly broad business In other constructions is also reported. Silk goods have responded to firmness in the raw
market, in conjunction with the benefits derived from recent extensive curtailment of production. Distribution of
Aug. 6 1932
the latter has increased decidedly, with shortages materializing in some directions, notably in transparent velvets,
which are being bought in large volume. Prices in some
instances have shown a corresponding betterment, a nuniber of distributors having raised prices on such fabrics
as rough-heavy-sheers, satins and crinkled crepes. Rayon
sales are markedly larger, and July witnessed the movement out of producers' hands of a much greater total quantity of goods than June. Wool goods activity is increasing
gradually, but steadily, with prices somewhat uncertain,
but occasional advances preponderating, and most observers
citing a firmer undertone. Seasonal influences, a generally
restricted supply, and measurable improvement in conditions in agricultural areas are listed as responsible for
the improvement now in process. Some commentators question whether there has as yet been noticeable tangible improvement in the farming areas, any more than there has
been in the major business indices, but this scepticism is
countered with the assertion that confidence has received
such stimulus, especially in farming areas, during the past
month or so, that the public is now prepared to purchase
In anticipation of what financial prophets are envisaging—
a genuine business recovery in the autumn season.
DOMESTIC COTTON GOODS.—A heavy increase in sales
of gray goods has occurred in the past week, coincidently
with a broader and gradual improvement in other cotton
goods channels, sufficient to turn the scales of sentiment
definitely in favor of the optimists who have been prophesying for some time that such a recovery as the present was in
prospect. Current activity, for many mills, is the best registered in several months, it is reported. Prices in many directions have shown a distinctly upward trend, though actual
changes have not been numerous, and sellers have consistently refused to accept orders for long-time delivery at
current quotations, a number even refusing orders for September delivery on the theory that a new and higher scale
of values will be in evidence by that time. While such improvement as has transpired in fine goods has been considerably less than that in the gray, it has nevertheless been
sufficient, together with a manifestation of greater interest
on the part of buyers, to stimulate optimism among fine
goods manufacturers. The chief current problem, mill-men
agree, concerns production. Fear persists that premature
resumption of volume production may wreck the chances
of returning prices to reasonably profitable levels. Now,
It is pointed out, by reason of determined restriction of
production, a sudden improvement In demand has found the
primary market in a better position to control values than
for a long time, perhaps since the depression began. While
warning against endangering this golden opportunity, however, most observers believe that the danger is widely realized and that there will be no general disposition to increase output recklessly. While a number of mills have
already stepped-up production substantially, it is understood that in almost every case the increase is justified
by the reception of actual orders. Meanwhile it is indicated
that substantial curtailment of production will continue
to be observed during the remainder of the year. A powerful group of Southern manufacturers, for instance, have
not abandoned their agreement to limit production to actual
demand, and contemplate shutting down for one week in
both August and September, over and above such restriction of output as they may already be observing. Print
cloths 27-inch 64x60's constructions are quoted at 2%c.,
and 28-inch 64x60's at 2%c. Gray goods 39-inch 68x72's
constructions are quoted at 3%c., and 39
-inch 80x80's at
4%@4Y
4c.
WOOLEN GOODS.—While rather spotty, and not as substantial as the improvement which has occurred recently
in cotton goods, the upward trend in sales of woolens and
worsteds has continued its slow irregular progress. Manufacturers are coming into the market persistently for piece
goods, and those mills who have not yet got enough business
on their books to warrant intensive production hope that
that condition may soon be remedied. Semi-staples continue
to rule the demand. Highly styled fabrics are avoided by
all except the most venturesome cutters, and -sales center
in mixtures and twists, with some small buying of pin-checks
in evidence. Medium and dark grays, browns and blues
are the colors which are being asked for, consistently.
Twills and herringbones lead sales in staples. The hopefulness which rules in the trade reflects what is thought of
the outlook rather than current business. It is expected that
consumer demand will develop sufficient strength to enable
mills to produce actively and continuously up to the beginning of the spring season. With. respect to consumers'
current wardrobes, which, on the whole, are known to have
been subjected to extremely long and arduous wear, It is
believed that the point has just about been reached when a
large proportion of even the working public will be literally
out at elbows and knees unless they buy new suits.
FOREIGN DRY GOODS.—Activity in linens has quieted
down somewhat, though some importers report that they
continue to move a certain amount of dress goods and suitings. Household lines continue inactive with the exception
of a few novelties, which continue to intrigue buying interest.
Burlaps are slightly firmer, partly in reflection of a moderate improvement in spot demand from consumers. Light
weights are quoted at 3.15c., and heavies at 4.25c.
Financial Chronicle
Volume 135
tate and. Txtg prpartutent
MUNICIPAL BOND FINANCING IN JULY.
State and municipal permanent bond issues disposed of
at public and private sales during the month of July amounted
to only $26,249,622, which compares with $88,254,396
for the previous month and with $96,766,226 in July 1931.
The total of disposals during the past month is the smallest
of any similar period in the current year, and represents'
the smallest July output since July 1918 when the figure was
$23,142,908. During the first seven months of 1932 municipal bond awards have totaled $552,565,411 in contrast
with $947,954,662 in the same period of 1931, 77,894,667
in 1930, $755,497,820 in 1929, $859,218,515 in 1928, $968,849,278 in 1927,$838,257,412 in 1926 and with 96,468,767
in 1925.
There were only five awards of more than $1,000,000 each
during July, as compared with 20 sales in amounts of $1,000,000 or over in June. The July issues are indicated herewith:
$3,106,000 New Rochelle, N. Y., coupon or registered bonds, comprising
$2,575,000 55ts and $531,000 Gs, due serially from 1935 to
1967 incl., purchased at a price ef par by B. J. Van Ingen &
Co., of New York, and associates after a competitive offering
of the bonds on July 15 had failed. elicit a single offer.
to
2,744,250 Massachusetts (State of) 34(% registered bonds and notes,
consisting of three issues, duo serially from 1933 to 1941 incl.,
awarded to a syndicate headed by F. S. Moseley & Co., of
Boston, at 101.238, a basis of about 3.27%. In addition to
Moseley & Co. the group included, Stone & Webster and
Blodget, Inc., Brown Bros. Harriman & Co., and Kidder.
Peabody & Co.
2.000,000 West Virginia (State of) road bonds awarded to a syndicate
headed by the Chase Harris Forbes Corp.. of New York, which
bid for $1,112,000 bonds as 4;is and $813,000 as 4hs. The
group obtained the award at a price of 100.0055, the net interest
cost of the financing to the State being about 4.329%. The
bonds mature serially from 1933 to 1957 inclusive.
1,417,900 Philadelphia, Pa., 5% bonds, representing subscriptions received during July to the $20,000,000 5% issue being offered
at par "over the counter."
1,106,000 Mercer Co., N. J., 53 % road, bridge and impt. bonds awarded
to a group composed of the Chase Harris Forbes Corp, the
National City Co., and the Bankers Trust Co., all of New York,
also the First National Co., of Trenton. Award was made at a
price of 100.61,the interest cost basis being about 5.43%. Bonds
are dated August 1 1932 and mature annually on August 1 from
1934 to 1955 inclusive.
The inability of numerous municipalities to dispose of their
issues continued a feature of the municipal bond market
in July. Our records show such failures numbered 69
issues with a par value of $11,327,092. In June there were
56 of such issues and the aggregate amount was $28,870,469.
Such abortive offerings during the seven months of this year
according to our records, involved 384 separate issues totaling $155,379,523. Some of the larger issues unsuccessfully
offered in that period include that of $20,000,000 by Philadelphia, Pa., in June; $12,500,000 State of Mississippi, in
May, and $20,000,000 unsold State of Louisiana bonds in
March. The monthly totals of these unsuccessful offerings
show $11,327,092 in July, $28,870,469 in June, $30,794,586
in May, $18,600,155 in April, $28,100,637 in March, $24,247,291 in February, and in January the amount was $13,439,293.
In the table which follows we furnish a list of the unsuccessful July offerings, showing the name of the municipality,
the amount and rate of interest named in the issue, together
with the reason,if any, assigned for the non-sale of the bonds:
RECORD OF ISSUES THAT FAILED OF SALE DURING JULY.
Page,
Interest Rate. Amount.
Name.
Report.
494_ _Akron, Ohio (3 issues)
6
$484,716
No bids
659 Antwerp, Ohio
6 a
20,500
No bids
not exc.6%
659 Audubon, N. J.(2 issues)
39,000
No bids
494 Barberton, Ohio
5
104,052
No bids
844 Berea, Ohio (2 issues)
6
32,400
No bids
6
331 13elleville, N. J.(7 issues)- -- 616,000
No bids
494 allristol, Tenn.(2 issues)
6
75,000 Partially sold
6
845 Campbell, Ohio
54,992
No bids
494 Canton, Ohio (4 issues)
97,607
No bids
660 Craftsbury, Vt
64
5
25,000 Bid rejected
r
846 bElk City, Okla
25.000 Bids rejected
51
7'
660 Erwin Township, Mich
30,000
No bids
846 cFairfield, Iowa
20.000
No bids
clOrays Harbor Co., Wash
tO,
846
152,000 Partially sold
333 Greenfield, Iowa
47,429
No bids
333 Haddonfield_, N. J
6%
40,000
No bids
not exc.6%
495 Irvington. N. J
727,000
No bids
495 Jasper Co., Ind
5
6,700
No bids
1025 Jay Co., Ind
4o
4,400
No bids
not exc.6
661 Keansburg, N. J
29,526
No bids
not exc. 6% 2,590,000 Partially sold
846 eKearny, N.J
67
662 Kent, Ohio (2 issues)
12,885
No bids
333 Laguna Beach Impt. District
not exc. 8%
._ .
56,1445
No bids
333 Lake Co.,Ind.(2issues)
(3
295,000
No bids
6,
496 Lima, Ohio
25.000
No bids
6
662 Lorain, Ohio(2issues)
139,000
No bids
5'9
937,000
662 Los Angeles Co., Calif
No bids
6
496 Louisville, Ohio
16.925
No bids
4%
75,000
496 Malden, Mass
No bids
Ohio
6
336,440
No bids
662 Mahoning
. (3?
Co..
847 fMarion, Ohio (8 issues)
136,581
Postponed
59
,
1,500,000 Bid rejected
847 Montana (State of) _
Montgomery Co., Ohio
6
334
242,400
No bids
54%
27.458
No bids
664 Put-in-Bay, Ohio
30,390
No bids
849 Salem, Oro
18,500
No bids
665 Socorro Co. S.D., N.M.(2 iss.)
500.000 Partially sold
499 gTacoma, Wash
RO
40,000 Bid rejected
336 Taylor Co. Wis
850,000
No bids
1029 Teaneck Two. S. D., N. J____not exc.6%
x
361,000
No bids
- 500 Westwood. N. J
5 %
150,000
No bids
336 Windsor Locks, Conn
5
35.000
No bids
850 WYorniag. Pa
320,346
No bids
6 a
850 Youngstown, Ohio (2 issues)
P
x Rate of interest was optional with the bidder. a A block of $25,000
bonds of a total of $75,000 offered was purchased privately by Minnich.
Wright & Co., of Bristol. b Further bids for the issue were asked until
1021
Aug 1. c Re-offering of the issue will be made with the interest rate
increased to 447a. d Sinking funds of the State purchased $100,000
warrants as 5s, at par, of a total issue of $152.000. e A block of $475,000
bonds was purchased privately later, as 6s, at a price of 99, by J. S. Rippe(
& Co.,of Newark. f Date of proposed sale has been postponed from July 29
to Aug. 11. g State sinking funds has purchased as 5s, at a price of par,
a block of $200,000 bonds of an issue of $500,000 offered.
Sales of temporary municipal issues during July amounted
to $47,962,000, which figure includes $16,785,000 obtained.
by the City of New York through the sale of short-term
special corporate stock notes, special revenue bonds and
tax notes of 1932, and certificates of indebtedness. The
city obtained $10,000,000 at 6% interest, $6,000,000 at
%, $700,000 at 5%, and $85,000 at 434%. Short-term
financing by the city in June aggregated $68,000,000, the
total of all such borrowings in that month having reached
$105,017,790. The interest rates at that time ranged from
54% for $55,000,000 revenue bills, 53/% for $8,000,000
special revenue bonds and tax notes, and 5% for an issue of
$5,000,000 special corporate stock notes.
Canadian long-term municipal bonds sold during the month
of July totaled $25,912,340, all of which was absorbed by
Dominion investors. The largest individual loan was that
of $20,000,000 Province of Ontario 532% bonds, which was
distributed by the Government itself, at a, price of 97 and
accrued interest, to yield 5.81%. The bonds are dated
July. 1 1932 and mature July 1 1946. The Province deviated
from previous methods in connection with this financing
in that no syndicate of banks and investment banking
houses was formed to underwrite the issue. The latter,
however, acted in the capacity as.agents for the Government
in soliciting and accepting subscriptions for the bonds, on a
commission basis of 1%. This return compares with that
of approximately 14% which the underwriting syndicate
received on the loan of $25,000,000 distributed in January
1932.
The Montreal Metropolitan Commission, Que., also
appeared in the market during July, having sold an issue of
$1,800,000 6% bonds, due in November 1934, to the Bank
of Montreal and the Banque Canadienne Nationale, jointly,
at a price of 99 and accrued interest. A further large sale
completed consisted of $1,500,000 Province of Nova Scotia
54% bonds, due July 1 1934, which were purchased at a
price of par by a syndicate headed by Wood, Gundy
Co. The Montreal Protestant Central School Board sold
$1,000,000 6% bonds, dated May 1 1932 and due on May 1
1937, to a group headed by the Bank of Montreal, which
re-offered the obligations for public investment at a price
of par and accrued interest.
There was no United States Possession financing accomplished during July.
Below we furnish a comparison of all the various forms of
securities sold in July during the last five years:
1932.
1931.
1930.
1929.
1928.
$
$
$
$
Perm't loans(U.S.)_26,249,622 96,766,226 112,358,085 85.114,085 80 799030
*Temp. loans (U.S.) 47.962,000 67,592,970 181,733,031 58,596,000 59,733.000
Can. loans perml):
Placed in Canada_ 25,912,310 5,000,000 7,295,231
834,553
920.730
None 2,600.000
None
Placed in Ti. S.-None
None
None
None
None
Bonds U. S. Poss'ns
None
400.000
None
None
None 3,500,000 1.400,000
Gen.M.bds.N.Y.C.)
100,123,962 169,359,196 303,986,347 148,044,618 143,252.800
Total
*Including temporary securities Issued by New York City: $16,785,000 in July
1932. 124,000,000 in July 1931, $130,000,000 In July 1930, 17,150,000 In July 1929
and $35,965,000 in July 1928.
The number of municipalities emitting long-term bonds
and the number of separate issues during July 1932 were
156 and 193 respectively. This contrasts with 193 and 254
for June 1932 and with 317 and 446 for July 1931.
For comparative purposes we add the following table,
showing the aggregates for July and the seven months for a
series of years. In these figures temporary loans, and also
issues by Canadian municipalities, are excluded.
1932
1931
1930
1929
1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
1913
Month of
For the
.tuhi,
Seven Mos.
626,249,622 $562,665,411 1912
96,766,226 947,954.662 1911
112,358,085 877,894,667 1910
85.114.065 755.497.820 1909
80,799.070 859,218,515 1908
86,028,558 968.849.278 1907
89,270,476 838,257,412 1906
144,630,193 896,468,767 1905
117,123,679 905,868,652 1904
67,776.833 652,577,756 1903
94,616,091 749.702.241 1902
104,584,124 570,999,611 1901
57,009,875 379.671,407 1900
83,990,424 389.641,263 1899
23,142,908 174,909,192 1898
92,828,499 314,407,599 1897
37,611,448 321,076,020 1896
33,899.870 356,818,489 1895
26,776.973 384,334,150 1894
23,477,284 242,358,554 1893
Month of
For the
Seven Mos.
July.
$30,479,130 $276,768,423
. .
. .
35,832.789 198,678,899
20,120,647 227.245.964
21,108,678 190,181,257
16,352,457 131,700.346
25.442,095 127.780.340
10,878,302 122,601,356
33,233,254 171.102,409
16,670,240
95,246,674
12.861,550 100.489.945
8,262,495
69.485,555
8,104,043
86,047,708
81,959,334
18,613,958
7,868,563
51,947,110
17,389,859
90.665.236
5,313,495
48,490.459
15,375,660
72,366,273
8,253,237
74,680,229
1.691,600
34,354,175
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month's bond sales in detail. It will be given later.
Financial Chronicle
1022
NEWS ITEMS
Alabama.-SpecialjSession Called for Economy Legislation.
-According to a dispatch from Montgomery to the New
York "Times" of Aug. 5 a call had been issued on the
previous day by Governor B. M. Miller for an extra session
of the State Legislature on Aug. 16. The call is said to have
included an appeal for submission of an income tax amendment to the Constitution; reduction of expenses, consolidation of State departments and bureaus; abolition of useless
offices and the enactment of other tax legislation to finance
a bond issue to clue for the State's current debt.
Chicago, 111.
-Statement Issued on Improved Financial
-Following conferences with New York
Condition of City.
bankers a statement was issued on Aug.3 by M.S. Szymczak,
City Comptroller, in which he presented an outline of the
financial condition of the city, stressing the improved status
of the finances since the recent favorable decisions of the
-V. 134, p. 3130. His statement
State Supreme Court
follows:
Chicago's Financial Condition.
Chicago, contrary to public opinion, is not only solvent but in a position
to pay any and all of its obligations with a substantial amount in addition
thereto when the balance of its taxes are collected. Tax collections in
Chicago were suspended in 1928 during a re-assessment of real estate which
lasted two years. The 1928 taxes were placed in collection the latter part
of 1930. The 1929 taxes were placed in collection in 1931 and the 1930 taxes
are now in collectiod. 80% of the 1928 taxes have been collected thus far.
70% of the 1929 taxes have been collected thus far and about 60% of the
193(1 taxes have been collected to date. The penalty date for 1930 taxes
was June 1 1932. The 1930 tax collections are not only normal but far in
excess of the amount expected in comparison with the penalty dates of
previous years.
The Supreme Court of Illinois recently reversed the County Court of
Cook County in a written opinion remanding the case to the County Court
on the 1928 and 1929 uncollected taxes. The assessment rolls for 1928 and
1929 declared invalid by the County Court are validated again by the
Supreme Court of Illinois. The collector is proceeding to collect the balance
of the 1928 and 1929 taxes past due.
Apparently, therefore, all legal technicalities so far as the local courts are
Concerned have been properly disposed of.
The re-assessment is completed and the State Legislature recently reorganized the tax assessing machinery of Cook County. All our financial
difficulties were due to the antiquated tax assessing machinery. We now
operate with a single appointed assessor and two appointed reviewers. The
assessor makes all the assessments in Cook County and is solely responsible
for them. The taxpayer complaining about his assessment appears before
the Board of Appeals which consists of the two reviewers and the assessor.
Appealsfrom their decision are taken to the County Court of Cook County.
This Court disposes of such appeals within a very short period of time.
This is the new tax assessing machinery now functioning.
The budget of the City of Chicago for 1932 was reduced 24%. The
budget of the Board of Education of the City of Chicago was reduced 19 %•
A saving of over $8,000,000 was affected in 1931. This amount had been
appropriated by the previous administration but was saved between the
months of April 1931 and January 1932. In passing the 1932 budget the
City Council first obtained figures from a non-partisan, unbiased business
source consisting of business and professional men not holding public office.
These figures showed the estimated revenue that could be expected under
present conditions for 1932. The council then proceeded to form its budget
well within the limits of the figures presented showing the estimated revenue.
The City of Chicago has never defaulted on any of its bonds or on any
of Its interest. It has frequently exposed itself to considerable unpleasant
publicity because of non-payment of payrolls while it was setting aside
enough cash to meet Its bonds and interest. Thie is particularly true of the
large payments made on Jan. 1 1932 and on July 1 1932. The City is proud
of this record.
There are no outstanding 1928 corporate tax warrants in the hands of the
public. There are only few such 1929 tax warrants in the hands of the public
and the 1930 corporate tax warrants are being retired speedily and regularly.
There is a small amount of 1931 tax warrants in the hands of the public.
Most of the 1931 tax warrants are invested in the City's own funds. These
can be re-sold in any denomination above $1,000. The 1931 tax bills will
be sent out by the County Collector in next December or January. The
penalty date is March 1 1933.
Therefore, to summarize:
No. 1. Chicago is solvent.
No. 2. Chicago has due it much more than its current liabilities.
No. 3. Chicago has a new tax assessing machinery which eliminates
further delays in collection of taxes.
No. 4. The Supreme Court of Illinois reversed the County Court of
Cook County on the 1928 and 1929 assessment rolls. These are
valid again and the County Collector is proceeding to collect the
balance of these taxes.
No. 5. Chicago has reduced its budget by 24% and the Board of Education budget by 1931%. Chicago saved over $8,000,000 of the
1931 appropriations. This means reduction of taxes for 1931
and 1932.
No. B. About 66% of the 1930 taxes are collected. The penalty date
was June 1 1932. The balance is being collected speedily.
No. 7. 1931 taxes will be in collection by Jan. 1 1933. The penalty date
is March 1 1933.
No.8. Chicago has never defaulted on its bonds or interest.
M. S. SZYMCZAK,
City Comptroller.
-Report Issued on Bonded Debts of 28
Connecticut.
-The following report is taken from the
Municipalities.
Hartford "Courant" of July 30 regarding a survey recently
completed by Tax Commissioner William H. Blodgett, of
the bonded indebtedness of the 28 largest municipalities in
the State:
The city and nine school districts of Hartford had the largest net interest
bearing indebtedness of any community in the State on May 10,with borrowsurvey of the
ings of $21,809.397 exclusive of water debt, according to a
financial status of 28 of the more populous cimmunities by Tax Commissioner William H. Blodgett. The results of the survey, made public Friday.
showed that six of the communities had exceeded the 5% tax limitation,
while 22 communities had an available margin in their borrowing capacities.
IseHartford and its school districts have borrowed a total of $21,809,397
including $4,500,465 borrowed in anticipation of taxes. Despite this fact
the city still has a borrowing capacity of$1655453. Uncollected property
taxes in the city and school districts totaled 32,528.935 on March 31.
New Haven had borrowed $18,612,446, within $396,869 of its debt limit,
Its
including 84.500,000 which was borrowed in anticipation of taxes. the
uncollected taxes total $2,529,856. Bridgeport and Norwalk were 10.
the survey which had no tax borrowing on May
only cities included in
New Britain Near Margin.
Greenwich and Torrington had the largest margin for borrowing, while
the smallest. In New Britain the borrowing limit was
New Britain had
$6,653.637 and net debt, exclusive of water debt totaled $6,580,330.
The 22 communities surveyed which had further power included Ansonia.
Bridgeport, Derby, Greenwich, Hartford, Manchester, Meriden, MiddlePlaintown, Milford, New Britain, New Haven, New London, Norwich,
Torrington,
ville, Putnam, Seymour, Shelton, Southington, Stratford,
Vernon and Winchester.
Bristol,
t• The six communities listed as exceeding their 51 limitation were
Danbury, Norwalk, Stamford, Waterbury and Windham. Inclusion of
Stamford on the list was protested by the officials of that city Friday.
-Court Asked to Restrain Municipal
Haines City, Fla.
-The First
Expenditures Pending Settlement of Bond Claim.
Aug. 6 1932
National Bank,of Petoskey, Mich.,on July 19filed a petition
for an alternative writ of mandamus in Circuit Court against
this city, asking that the municipality be restrained from
paying out any moneys until a settlement has been made
of a bond refunding claim. The bank states that it is the
holder of $5,000 5% water works bonds of the city which
have matured and have not been paid. The bonds are part
of an issue of $50,000 sold in July 1925. The bill of complaint
asks that if the city is unable to settle the claim, the court
order a special ordinance passed assessing and levying a tax
for
. the fiscal year 1932 upon all taxable property in the city.
-A handbook on
Handbook on New York City Bonds.
New York City bonds has been prepared by F. P. Lang &
Co. of New York, for distribution to dealers. The book is
meant to be of service to the active trader as well as the
investor and gives in detail the long-term debt of the city.
The cover carries a facsimile of the official advertisement in
the case of the New York County Soldiers' Bounty Fund 6s
of Feb. 1 1864.
-GoverKentucky.
-Governor Asks Loan of $15,000,000.
nor Ruby Laffoon has made formal application to the Reconstruction Finance Corporation for a loan of $15;000,000
from the $300,000,000 direct-relief fund provided in the $2,122,000,000 Federal relief bill recently signed by Preddent
-V. 135, p. 658. The application of the Governor
Hoover.
was commented on in the "U.S. Daily" of July 25 as follows:
"In his telegraphic application for the loan addressed to the chairman o
the Corporation the Governor said:
"
'The Commonwealth of Kentucky by the Governor thereof hereby
applies to the Reconstruction Finance Corporation of the United States
Government for a loan of $15,000,000 to be used in furnishing relief and
work relief for needy people and in relieving unemployment in the State
of Kentucky. The resources of this State including all money available
are inadequate to meet its relief need!!. Please furnish necessary forms
and blanks to cover this application.'"
Lee County (P. 0. Jonesville), Va.-Governor Pollard
Insists County Pay Bonded Debt Maturities.
-At a hearing on
Aug. 1, held at the instance of the companies holding the
bonds, it was insisted by Governor Pollard that the county
make every effort to meet the long overdue principal and
interest payments on its bonded indebtedness by Nov. 1.
An Associated Press dispatch from Richmond to the Baltimore "Sun" of Aug. 2 reported in part on the hearing as
follows:
Governor Pollard to-day insisted that Lee County meet its bonded indebtedness principal and interest payments, now long past due, by Nov. 1.
His reprimand drew from county officials who appeared at a hearing on
petitions by bonding companies, that the State withhold funds due the
county to meet obligations and the fact that the county now Is ready to
enter suit against holders of bonds of J. M. Weston, former Treasurer,
charged with misusing funds, responsible for the county's defaulting.
Petitions Filed.
Petitions to-day were for sums aggregating $24.718 by three companies
holding county road and school bonds on which payment was due Jan. 1
1931. They were filed with the Governor under provisions of a 1932
statute authorizing the Chief Executive to institute proceedings for withholding State money due the counties after a county has defaulted 60 days.
Headed by Robert Ely, Lee County Commonwealth's attorney, a delegation from the locality contended that it was unconstitutional to use
money appropriated by the State for county schools to defray the expenses
and pay the principal on the county's bonded indebtedness, especially in
the case of road bonds.
Dr. Sidney B. Hall, State Superintendent of Public Instruction, observed
the hearing.
-Constitutional Amendment to Be Voted On
Louisiana.
in November.
-It is stated that Governor 0. K. Allen recently signed a bill that was passed early in July by the
Legislature-V. 135, p. 336-authorizing a referendum at
the general election in November on a proposed constitutional
amendment, giving the city of Shreveport authority to issue
$950,000 in bonds to liquidate outstanding indebtedness.
-Addition to List of Savings Banks Legal InvestMaine.
ments.
-According to news dispatches from Augusta on
Aug. 4 Bank Commissioner Annie has added the following
obligations to the list of investments considered legal for
savings banks: Union Electric Light and Power Co. of
Missouri, general 5s of 1957.
-Suit to Enforce Bond Payments Entered
Miami, Fla.
-A suit has been filed in the Circuit Court by
Against City.
representatives of the Bondholders' Protective Committee
to compel this city to pay matured principal and interest on
its bonds aggregating more than $1,408,000, according to
Miami news dispatches of recent date. The writ is said to
be returnable on Aug. 7. It was stated that the Committee
is acting to protect those who have already deposited their
bonds. A number of suits are said to have been filed by
other parties. According to report it is not desired to affect
the operating funds of the city but to tie up certain bond
funds, the distribution of which would be affected by litigation. The suit is said to ask that the court order the City
Commission to adopt a proper resolution and warrant for
payment (see V. 135, p. 843).
-Voters to Consider Proposed Checks on ExMichigan.
-As a result of initiatory petitions
cessive Tax Assessments.
having been signed by 350,000 persons, the voters in this
State will have an opportunity at the general election in
November to pass judgment on three proposals which are
designed to check excessive assessments for taxation levied
upon the real property in the State. One of the proposals
provides for exemption from assessment up to $3,000 on all
homes in which owners live. Another provides self-assessment for all property on a cash selling price basis fixed by
the owner. The third, using an Ohio law as a precedent,
would limit the levies upon property to $15 for all purposes.
The Chicago "Journal of Commerce" of Aug.2 had the following to say on the subject:
Volume 135
Financial Chronicle
If enough voters give their approval, constitutional barriers will be
erected this fall to protect Michigan property against excessive tax assessments. The proposals will be on the ballot in the presidential election as a
result of initiatory petitions signed by 350,000 persons.
Two of the measures have never been tried or even voted upon in this
country; a third is in use in Ohio.
The two new ventures would exempt from assessment up to $3,000 all
-assessment for all property on a
homes in which ownerslive, and provide self
cash selling price basis fixed by the owner. The third, following the Ohio
law, would limit levies upon property to $15 for all purposes.
Neither home exemption nor the $15 limitation would go into effect until
-assessment would become operative
present indebtedness is paid, but self
next year if approved in November.
-assessment and home exemption are proposed by the Home Patriots,
Self
organized by John R. Rood, Detroit attorney, who was for 20 years on the
University of Michigan law faculty. The Michigan constitution now
provides that assessments upon property shall be at its "cash value" and
the State Supreme Court in numerous cases has set aside assessments made
on any other basis. Yet it is pointed out that property assessments are
not made upon cash values.
Mr. Rood would correct this practical defiance of the constitution by
permitting owners to set their own values upon their property. If dissatisfied with an assessment, an owner under the Rood proposal would
name a price at which he would sell. If within 80 days a buyer brirgs the
stun named in cash to the county treasurer, the owner must sell; otherwise
the Price becomes the assessed value of the property.
If this amendment is approved assessments will tend to follow market
values, Mr. Rood says, thus relieving property of part of its present disproportionate tax burden. Home exemption would apply to all homes in
which owners are living. A home assessed at $5,000 would be taxed on
$2,000.
"No matter what happens," Mr. Rood says, "the owner of a modest
home would know that his house could not be taxed away from him. The
amendment will be the best old age pension the State could devise."
1023
"lame duck" session of Congress, according to Associated
Press dispatches from Harrisburg on the day. The ratification by Pennsylvania of the "lame duck" amendment made
it the fourteenth State to complete action—V. 135, p. 658.
Ratification by 36 States is necessary to make the amendment effective. .
Port of Astoria Ore.—Protective Committee Announces
Default in Payment of July 1 Interest.—
A statement was issued on July 12 to the holders of bonds
of this district by the recently formed Bondholders' Protective Committee, announcing a default by the district in
the payment of interest due on July 1, bringing the total
default to over $300,000. The statement follows in full text:
To All Holders of Port of Astoria, Oregon, Bonds:
A short time ago the above committee sent out a letter to all known holders
of Port of Astoria bonds, calling attention to the necessity for prompt and
concerted action in order to protect the interests of all Port of Astoria bondholders. SINCE THAT TIME THE PORT HAS AGAIN DEFAULTED in the
payment of interest due on July 1st last, bringing the total amount of
principal and interest now in default to over $300,000.
There have been deposited with the committee to date approximately $1,500,000 bonds, or 40% of the entire outstanding indebtedness of the Port.
Although the Committee named September 18th as the date up to which
bonds would be received for deposit, we again urge those not having already
deposited their bonds to do so AT ONCE, as the sooner the bonds are in the
hands of the Committee, the sooner we can commence negotiations with
the Port Officials, in an effort to work out some plan, not only to get the
Port to disburse the funds it now has on hand, but to provide for the prompt
payment of all maturing principal and interest.
We are advised that tax collections for this year are considerably less
than they were for the same period in 1931, and undoubtedly the majority
of the tax payers are waiting to see what the bondholders intend to do before
paying their taxes.
According to reports we have received, the County Itself is in excellent
financial condition and since in the last analysis these Port bonds are
really an obligation of the entire County, the Committee has every hope of
working out some kind Of an arrangement with either the Port or county
Officials which will enable them to meet their obligations.
Practically all of the large holders of Port bonds have already deposited
their holdings with the Committee, and therefore those investors holding
smaller amounts should feel no hesitation about doing likewise.
WE AGAIN EMPHASIZE THE FACT THAT THIS COMMITTEE IS WORKING WITHOUT COMPENSATION OF ANY KIND, and we urge all bondholders to send their bonds in without delay. The sooner they come in the
sooner we can get to work.
Additional copies of the deposit agreement are available and any information will be cheerfully given to those addressing the undersigned.
Yours very truly.
PORT OF ASTORIA, OREGON. BONDHOLDERS' PROTECTIVE COMM% is,S,
M. Mather,
Secretary.
Oklahoma.—Reduction in Valuations Expected to Result
in Tax Savings of $10,000,000.—It was reported in the Wall
Street "Journal' of July 26 that owners of real estate and
public utility and public service corporation property in the
State are expected to save about $10,000,000 in taxes during
the fiscal year 1932-1933 as a result of the decision of the
State Board of Equalization asking the tax commission to
revise transcripts of valuation so a reduction of 20% in
assessments can be made. It is stated that the reduction
will be applied to all forms of taxable property, except that of
a personal nature.
Pennsylvania.—Governor Pinchot Signs Sterling Aid Bill.—
On July 29 Governor Pinchot signed the Sterling bill, which
is designed to permit the borrowing of needed funds by subdivisions of the State through the pledging of delinquent
taxes and has the effect of permitting the city of Philadelphia
to borrow the money needed to run the city, not otherwise
Rigid Tests of Credit of Municipalities Declared
obtainable at the present time. The Philadelphia "Ledger'
,
of July 30 carried the following article on the new relief law
: Essential—In an address made before the Institute of
Urban Problems, Pennsylvania State College, on July 28,
The Sterling bill, permitting borrowing upon delinquent taxes by subdivisions of the Commonwealth, signed by Governor Pinchot yesterday, is
by Gaylord C. Cummin of the Municipal Securities Service,
good legislation, John J. McDevitt Jr., President of the Taxpayers AssoBoston, he declared that the present trend of investors to
ciation of Philadelphia, said last night.
"Under Mayor Moore and his administrative policy it undoubtedly will
seek more detailed financial information from municipalities
give the city a relief period," he added. "While some people think that
endeavoring to float loans indicates a need for a rigid system
if you don't sell bonds you can't borrow; I don't agree. Taxes are good
security."
of tests to be applied to the borrowing communities regarding
The new measure, characterized by Governor Pinchot as "one of the
their financial status, according to the New York "Times'
two most essential relief bills the extra session has been considering," merely
of July 29. The following is a summary of the points which
brings Philadelphia to parity with other counties and subdivisions of the
State, Mr. McDevitt pointed out.
Mr. Cummin thinks a municipality should cover in its
"Other counties have not been subjected to the same limitatiion," he
statement of condition, as given in the above newspaper:
said. "The limitation of making loans only to the extent of $2,000.000 for
temporary purposes is a provision of Philadelphia's charter."
Belief that the Sterling bill would cut the municipal financial deadlock
by meeting both budget demands and providing for unemployment relief
was expressed by others.
Mayor Moore suggested that payment of a part of the $22,000,000 arrears
in city taxes might be one effect of the measure.
"It is far better for those who are delinquent to avoid costs and penalties that would accrue by further delay," he said.
Cox Approves Measure.
"In all probability the Sterling bill will help to borrow some part of the
money needed to run the city," Edwin R. Cox, President of the City Council, said. "I am delighted to know the Governor has approved it.
It will give the city relief, Mr. Cox pointed out, by allowing it to borrow
between $6.000,000 and $7,000,000. Estimates by City Council in its
1932 budget anticipated collection of between $14,900,000 and $22,000,000
of delinquent taxes.
Philadelphia's new borrowing power was emphasized by the Governor
in his comment on the Sterling bill.
"It means a new power to refund loans annually for four years," he said.
"Most important of all it means new power on the part of all political subdivisions to carry the unemployment load.'
Calls Bailie Half Won.
"If now the General Assembly will pass the constitutional amendment
authorizing the repayment of these loans to the extent of $25.000,000, a
real step will have been taken to meet the perilous situation in which the
Commonwealth finds itself.
"One-half of the plan has gone through. Now for the other half."
Representative McElwee's bill authorizing political subdivisions to
furnish employment through improvement projects was vetoed by the
Governor. In certain cases, he said, municipalities and poor districts
could not enforce the provision
Pennsylvania.—Installment Tax Payment Bill Signed.—
Governor Pinchot has signed the McClure Senate bill permitting payment of local sub-division taxes in installments,
it was reported recently. The measure, it was said, levies
a penalty of 5% when delinquency occurs in the first installment payment and levies an additional penalty of 3%
when half of the installments are delinquent. County, city,
borough, town, township, school district and poor district
taxes come under the provisions of the law.
Reconstruction Finance Corporation Denies State's Loan
Appeal.—In its first adverse decision on appeals by States
for unemployment relief aid, the Reconstruction Finance
Corporation on Aug. 4 declined to lend money at this time
to Pennsylvania, according to news dispatches from Washington on that date. The Corporation's refusal was based
on the belief that the State has not exerted sufficient energy
in helping herself, Chairman Atlee Pomerene announced.
The Commonwealth had appealed for an immediate loan
of $10,000,000 and total loans eventually extending to
$45,000,000, the maximum permitted to any one State
under the terms of the unemployment relief Act.—V. 135,
p. 658.
Legislature Ratifies "Lame Duck" Amendment.—The State
Legislature on Aug. 2 completed ratification of the proposed
amendment to the Federal Constitution to eliminate the
1. Balance sheet of operating funds as of end of fiscal year. List as
assets what the operating funds have or are owed, such as: Cash; taxes
receivable by years separated, if possible, into real, tangible personal and
intangible personal; departmental accounts receivable by departments:
tax titles owned by the municipality: other receivables. List as liabilities
what the operating funds owe to others such as: Tax anticipation or tax
delinquency bonds or notes; accounts payable, including all obligations of
current year not paid; appropriation reserves carried into the next year:
other accounts payable, notes, reserves for bad accounts, &c.
2. Appropriations for past year by principal items, actual expenditures.
estimated receipts by principal items, actual receipts by principal items.
3. Appropriations for current year by principal items. Estimated receipts for current year by principal items.
4. Assessed valuation, last three years and current year. divided unto
real, tangible personal, intangible personal and other.
5. Disputed assessments, aggregate claims for abatement, represented
in court suits for abatement.
6. Total taxes and tax delinquencie's by years for last three years as of
the end of the tax year or as of last date available.
7. Total receipts exlusive of borrowing,last fiscal year. Total expenditures, exclusive of those from loans,last five fiscal years.
8. Bonded debt in detail, purpose, amount, date of issue, interest rate,
maturities.
9. Floating debt in detail, purpose, amount, date of issue, interest rate,
maturities.
10. Sinking funds (including only funds pledged for the payment of the
principal of the debt) amount, cash, investments and their character, rate
•
of earning.
11. Debt service (total interest and principal due) by years over a 10
year period starting with current year.
12. The method of protecting deposits of public funds in banks; number
of depositories limit, if any, of amount deposited in a single bank: protection by surety bond, the amount and type of bond (1. e. personal, surety
company, &c.) collateral, the amount and type of collateral accepted..
13. Miscellaneous information: Date end fiscal year: date taxes Payable:
date taxes become delinquent; penalties for tax delinquencies; date budget
passed: tax limits, if any, and whether statutory or constitutional. .
14. Receipts, expenditures, profit and loss statement, and balance sheet
for each municipality owned public utility.
15. Brief data on population growth, commerce, industry, products, &c.
BOND PROPOSALS AND NEGOTIATIONS
AKRON, Summit County, Ohio.—BOND OFFERING.—E. C.
Galleher, Director of Finance, will receive sealed bids until 12 m.(Eastern
standard time) on Aug. 15 for the purchase of $554,963.43 6% coupon or
registered bonds, divided as follows:
$374,007.46 special asst.street improvement bonds. Due Oct. 1 as follows:
$37,007.46 in 1934: $37,000 from 1935 to 1939, incl., and
$38,000 from 1940 to 1943, inclusive.
103,480.00 special asst, street improvement bonds. Due Oct. 1 as
follows: $5,480 in 1934: $5,000 from 1935 to 1950, incl., and
$6,000 from 1951 to 1953, inclusive.
77,475.97 special asst. street improvement bonds. Due Oct. 1 as
follows: $15,475.97 in 1934: $15.000 in 1935 and 1936, and
$16,000 in 1937 and 1938.
Each issue is dated Nov. 1 1932. Principal and interest (April and
October) are payable at the Chase National Bank of New 'York. Bids for
the bonds to bear interest at a rate other than 6%,expressed in a multiple
of 3. of 1%, will also be considered. No formal bidding blank is required
and bonds will be furnished by the city. Bids to be made for "all or none"
and subject to approval of bonds by purchaser's attorney. A certified
check for 2% of the amount bid for, payable to the order of the Director of
Fjlnance, must accompany each proposal. (At a previous offering on
July 11 of $484,715.64 6% special asst. improvement bonds the city failed
-17.135.p. 494.)
to receive a bid.
1024
Financial Chronicle
-BOND OFFERING-Ruth
Ohio.
ALLEN COUNTY (P. 0.
Beneduin, Clerk of the Board of County Commissioners, will receive
sealed bids until 11 a. m. (Eastern standard time) on Aug. 17 for the purchase of $64,000 6% coupon or registered poor relief bonds. Dated Aug. 1
1932. Denoms. $1,000 and $500. Due March 1 as follows: $11.500 in
1934: 312.000, 1935; 313,000. 1936; $13,500 in 1937, and 314,000 in 1938.
Prin. and int'.(M.& S.) are payable at the office of the County Treasurer.
Bids for the bonds to bear int. at a rate other than 6%, expressed in a
multiple of
of 1%, will also be considered. A certified check for 1%
of the bonds bid for, payable to the order of the County Treasurer, must
accompany each proposal.
ALVERTON SCHOOL DISTRICT, Westmoreland County, Pa.
-The First National Bank, of Scottdale, is reported to have
BOND SALE.
at a price of par. Dated
purchased an issue of $25,000 5% school
May 11932.
-We
-LOAN APPLICATION.
ARIZONA, State of (P. 0. Phoenix).
are informed that the Governor has officially made application to the
Reconstruction Finance Corporation for a $1,000,000 construction loan
to be used for highway Purposes.
BARBERTON, Suimmit County, Ohio -BONDS REOFFERED.
The two issues of bonds aggregating $104,051.92 unsuccessfully offered
-are being reoffered for award at 12 M.
as 58 on July 5-V. 135, P. 494
on Aug. 15, with the rate of interest fixed at 6%. Sealed bids should
be addressed to Floyd S. Dutt, City Auditor. The offering includes:
$73,501.92 special assessment impt. bonds. Due Oct. 1 as follows:
$7,901.32 in 1933. and 38.000 from 1934 to 1941 incl.
31,200.00 city's portion impt. bonds. Due Oct. 1 as follows: $3,200
In 1933, and $3,500 from 1934 to 1941 incl.
Each issue is dated July 1 1932. Prin. and int. (A. & 0.) are payable
at the office of the City Treasurer, or at the Central Hanover Bank &
Trust Co. New York. Bids for the bonds to bear interest at a rate other
'
than 6%, expressed in a multiple of ti of 1%, will also be considered. A
certified check for 2% of the amount bid for, payable to the order of the
City Treasurer, is required. Bids to be made subject to approval of
bonds by attorney for the purchaser.
BATH CENTRAL SCHOOL DISTRICT (P. 0. Savona), Steuben
-The proposed $17,500 school ground
-BONDS VOTED.
County, N. Y.
equipment and improvement bond issue submitted for consideration of
-was Upproved by
voters at an election on July 28-V. 135, P. 659
the
a vote of 126 to 73. Early sale of the bonds is expected to be made.
-W. H.
OFFERING.
-BOND
BEREA, Cuyahoga County, Ohio.
Parshall, City Auditor, will receive sealed bids until 12 M. on Aug. 20
series No. 5 Hartman St. impt. bonds.
for the purchase of $11,643.81 6%
Dated Aug. 1 1932. One bond for $643.81, others for $500. Due as
follows: $643.81 March and $500 Sept. 1 1934; $500 March and Sept. 1
1935;31,000 March and $500 Sept. 1 1936; 35()C: March and Sept. 1 from 1937
to 1939;$1.000 March and $500 Sept. 1 1940; $500 March and Sept. 1 1941
and 1942, and 31.000 March and $500 Sept. 1 1943. Int. is payable in
March and September. 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 $120. payable to the order of the City, must accompany each
proposal. The approving opinion of Squire, Sanders & Dempsey of Cleveland, will be furnished the successful bidder.
-BONDS PUBLICLY
BERGEN COUNTY (P. 0. Hackensack), N. J.
-George B. Gibbons & Co., Inc., of New York, are making
OFFERED.
$245,000 6% public works bonds, dated Aug. 1 1932 and
public offering of
due $35,000 on Aug. 1 from 1934 to 1940 incl., at prices to yield 5.25%
for all maturities. Prin. and int. (F. & A.) are payable at the Chemical
Bank & Trust Co., New York. Legal investment for savings banks
and trust funds in the States and New Jersey, according to the banks,
and. in their opinion, eligible to secure postal savings deposits. Legal
opinion of Reed. Hoyt & Washburn, of New York. The bankers report
as follows with respect to the record of tax collections by the county:
The county has an excellent record of tax collections as evidenced by
the following.
Prior to 1931, all taxes have been paid.
The tax levy for the year 1931 for State and county Purposes was $5,862,258, of Which 31,867,680 was for the State and $3,994,578 was for the
county. Of the total tax levy for 1931, $5,667,265, or 9.667%, has been
collected as of July 11932.
The tax levy for the 'year 1932 for State anA county purposes, amounts
to $6,087,641, of which $1,959,039 is for the State and $4,128,601 for
the county. The State tax is not collectible until Dec. 15 1932. Of
the 34.128.601 county tax, 50% thereof, or 32.064.300, was due June 15
1932. Subsequent to that date and prior to July 1 1932, $1,826,839, or
88.50% thereof, had been collected by the county.
-A $9,808
BETTENDORF, Scott County, lowa.-BOND SALE.
Issue of 5% coupon sewer bonds was purchased on June 20 by D. E. Keeler,
contractor of Davenport, at par. Denom. $500, one for $808. Dated
May 1 1932. Due from May 1 1933 to 1942 incl. Int. payable May 1.
-A $200,000
-NOTE SALE.
BIRMINGHAM, Jefferson County, Ala.
issue of 6% tax anticipation notes is reported to have been purchased
by the Central Hanover Bank & Trust Co. of New York. Due on Jan.
9 1933.
-It Is reported
BOONE, Boone County, lowa.-BONDS OFFERED.
that sealed bids were received until 7.30 p. m. on Aug. 3, by Otto Hilo,
The
City Clerk, for the purchase of a 369,000 issue of funding bonds. city.
bonds and the approving legal opinion would be furnished by the
according to report.
-Edmund L.
-LOAN OFFERING.
BOSTON, Suffolk County, Miss.
Dolan. City Treasurer, will receive sealed bids until 12 m. on Aug. 8, for
the purchase of a 32.000,000 note issue, dated Aug. 9 1932 and payable
Oct. 4 1932. Bidder to name the rate of interest.
-Joseph R.
-BOND SALE.
BRADDOCK, Allegheny County, Pa.
Shermer, Borough Secretary, reports that the Braddock National Bank
has purchased an issue of $160,000 5% funding and street improvement
a basis of
bonds at a price of par plus a premium of $300, equal to 100.18,June 1 as
about 4.98%. Dated June 1 1932. Denom. $1,000. Due $14,000,
from 1936 to 1941, incl.; $10.000, 1942 to 1946;
follows: $5,000
and
1947 to 1951, and 310,000 in 1952. Principal and interest (June
December) are payable at the office of the Borough Treasurer.
-BOND SALE -The 343,070 6%
BROOKLYN HEIGHTS, Ohio.
-were awarded at a price of
bonds offered on Aug. 1-V. 135, p. 659
Co.. of Cleveland. The award comprised:
par to the Cleveland Trust
$35,370 special assmt. impt. bonds. Due Oct. 1 as follows: $3,370 in
1934. and 34,000 from 1935 to 1942, incl.
7,700 special assmt. inapt. bonds. Due Oct. 1 as follows: $700 in 1934,
and $1,000 from 1935 to 1941, incl.
Each issue Is dated Aug. 1 1932.
-R. V.
CALDWELL, Noble County, Ohlo.-BOND OFFERING.
Pryor, Village Clerk, will receive sealed bids until 12 in. on Aug. 20 for
the purchase of 35,600 6% refunding bonds authorized recently -V. 135.
annually
p. 844. The bonds will be dated Sept. 1 1932 and mature $700
March and
on Sept. 1 from 1933 to 1940, incl. Interest is payable in
Sept. Bids for the bonds to bear interest at a rate other than 6%.expressed
check for
in a multiple of g of 1%, will also be considered. A certified proposal.
accompany each
$100. Payable to the order of the Village, must
CALUMET COUNTY (P. 0. Chilton), Wis.-BOND OFFERING. 8
D. m. on Aug.
be
It is reported that Bowled bids will forreceived until 2:30 Issue of$175,000
the purchase of an
II. Brocker, County Clerk,
by John
bonds are stated to be part ofa $430,000
4 % highway impt.bonds. These
issue, of which $175,000 have recently been sold-V. 135. D. 494.
-ADDITIONAL INCAMBRIA COUNTY (P. 0. Ebensburg), Pa.
-The $270,000 refunding bonds awarded on July 25 to
FORMATION.
Grahan, Parsons & Co., both of Philadelphia, jointly.
Yarnall & Co. and
-were sold as follows:
p. 845
at a nrice of 100.553-V. 135.
as follows: $18,000 in 1944; $17.000
396.
6004 % bonds. Due Aug. 11947: $12,000 in 1948; and $19,000 in
$13.000.
in 1945 and 1946;
1949.
follows: $23,000 in 1937: and $19,000
61.000414% bonds. Due Aug. 1 as
in 1942 and 1943.
bonds. Due Aug. 1 as follows: 321,000 in 1939, and $20,000
61.000 5H%
in 1940 and 1941.
Aug. 1 in 1950 and 1951.
30.000414% bonds. Due $15,000
1938.
22,000 5% bonds. Due Aug. 1 The net interest cost basis to the county
Each issue is dated Aug. 1 1932.
is about 4.40%.
Aug. 6 1932
CAMDEN, Camden County N. J.
-BOND SALE.-Local investors
have subscribed for 320,000 69' anticipation bonds.
tax
CHENANGO (P. 0. Chenango Bridge) Broome County, N. Y.
BOND SALE.
-An issue of 325,000 514% water system construction bonds
has been purchased by George Gilbert, of Port Dickinson, at par plus a
premium of $125, equal to a price of 100.50.
CHICAGO, Cook County, 111.
-WARRANTS SOLD TO PROVIDE
FOR SALARY PAYMENTS.
-The sale of 32,000,000 tax anticipation
warrants of 1931 to four Loop banks has made possible payment of salaries
of school teachers and other school employees for the last half of the month
of March, it was reported on Aug. 2. The Continental Illinois Bank &
Trust Co. has agreed to purchase $880,000 of the warrants, the First National Bank, $820,000, the Northern Trust Co., $160,000 and $immer
by the Barris Trust & Savings Bank.
-It is
CHISHOLM, St. Louis County, Minn.
-BOND OFFERING.
reported that sealed bids will be received until 4 p. m. on Aug. 12, by the
Village Recorder, for the purchase of a 320,000 issue of bridge bonds.
These bonds are said to be the balance of a $50,000 issue authori_ed last.
December.
--The
CLARK COUNTY (P. 0. Jefferronville), Ind.
-BOND SALE.
36.000 59' coupon Charlestown Twp. road improvement bonds offered
on July 28-V. 135, p. 494
-were awarded at par and accrued interest.
to the Borden State Bank, the only bidder. Dated May 2 1932. Denom.
3300. Due one bond each six months from July 15 1933 to Jan. 15 1943.
CLEVELAND, Cuyahoga County, Ohio.
-PROPOSED BOND FINANCING.
-Ray L. Lamb, Director of Finance, reports that the city
council is to consider an ordinance providing for an issue of $570.000 bonds;
of which $100,000 would be used for the construction of a "Wayfarers
Lodge" and the remainder for direct poor relief purposes.
CLOVERDALE, Putnam County, Ind.
-Sealed
-BOND OFFERING.
bids will be received by the Board of Trustees until 4 p. m. on Aug. 15
for the purchase of $9,000 414% water works plant construction bonds.
Dated Aug. 15 1932. Denom. $500. Duo as follows: $500 Jan. and July
1 1954, and 31.000 Jan. and July 1 1955 to 1958. mud. Interest is payable
in Jan. and July. Bids will be received at the office of the First National
Bank, Cloverdale. The Town Clerk is Ralph M. Hunter.
CONCORD, Merrimack County, N. H.
-TEMPORARY LOAN.
C. H. Foster, City Treasurer, reports that the $200,000 temporary loan
issue offered on July 29 was awarded to Bond & Goodwin of Boston at
3.24% discount basis, plus a premium of $1.25. Due on Dec. 7 1932.
Bids received at the sale were as follows:
Bidder
Bidder-
Discount Basis.
Bond & Goodwin (succ ful Basi W.0. Gay & Co
Mscgsunt
3.58%
l
bidders)
3.24% F. S. Moseley & Co
3.99%
-BOND
CUMBERLAND (P. 0. Manville) Providence County, R. 1.
SALE.
-An issue of $350,000 funding bonds is reported to have been
Purchased by Grenville R. Hood & Co., of Providence.
DALLAS COUNTY (P. 0. Dallas) Tex.
-ASSESSED VALUATIONS.
-The minimum grand total of assessed property valuations for State and
county taxes in the county has been placed at E305,000,000. compared
with the peak of 3322,832.130 last year, according to Tax Assessor Cobb.
DAYTON, Montgomery County, Ohio.
-BOND OFFERING.
E. E. Hagerman, Secretary of the Board of Sinking Fund Trustees, will
receive sealed bids until 12 m.(Eastern standard time) on Aug. 19 for the
Purchase of $155,000 44%,series F, sewage disposal plant bonds. Dated
Oct. 15 1927. Due as follows: 310,000. Nov. 1 1945: $10.000. May and
Nov. 1 from 1946 to 1952 incl., and $5,000. May 1 1953. These bonds are
part of an original issue of $500,000, all of which were purchased by the
Treasury Investment Board of the city, and of which the present offering
of $155,000 were purchased by the Sinking Fund Trustees as investments
on June 1 1932. The bonds have the approving opinion of Squire, Sanders
St Dempsey, of Cleveland, are outside of all tax limitations and may be
sold by the trustees at less than par. The bonds will be delivered to the
purchaser either at the City Treasurer's office or at any Dayton bank
designated by the purchaser, not later than 12 m. on Aug. 30. A certified
check for 3% of the bonds bid for, payable to the order of the abovementioned Secretary, must accompany each proposal. In explanation of
the purpose of the sale, the official notice of the offering says: "Montgomery
County officials have not as yet determined the settlement date of current
tax collections and these bonds are being sold by said Board in order to
assure prompt payment of bond and interest charges falling due Sept. 1
1932."
DEFIANCE, Defiance County, Ohlo.-BOND OFFERING.
-0. M.
Eberle, City Auditor, will receive sealed bids until 12 M. on Aug. 15 for
the purchase of $43,276.74 6% bonds, divided as follows:
$36,928.08 special assessment Lenin. bonds. Due Oct. 1 as follows: $4,
928.08 in 1934; $4,000 from 1935 to 1937 incl., and $5,000 from
1938 to 1941 incl. Proposals for this issue must be accompanied
by a certified check for $369.30.
6,348.66 city's portion impt. bonds. Due Oct. 1 as follows: $348.66
in 1934, and $1,000 from 1935 to 1940 incl. A certified check
for $63.50 is required.
Each issue is dated Aug. 15 1932. Int. is payable in April and October.
Bids for the bonds to bear int, at a rate other than 6%,expressed in a multiple of g of 1%, will also be considered.
-BOND SALE,,
DELAWARE, Delaware County, Ohio.
-The $2,700
6% improvement bonds offered on July 29-V. 135, p. 332
-were purchased at a price of par by the First National Bank, of Delaware, the only
bidder. Dated June 1 1932. Due $300 on June 1 from 1933 to 1941. incl.
-BOND REFUNDING PLAN
DETROIT, Wayne County, Mich.
APPROVED.
-The State Loan Board has approved the plan of the city
to issue $18,500.000 refunding bonds to retire short-term obligations. It
was indicated last week that the Board would withhold approval of the
plan pending the outcome of the election on Aug. 9 when the voters will
pass upon a proposal to limit the tax levy for the fiscal year to a maximum
of $61,000,000.-V. 135. p. 845.
The Detroit "Free Press" of Aug. 2 commented on the matter as follows:
"Issuance of the bonds will increase the city's bonded debt from $348,000,000 to $366,000,000. The city further obligates itself to pay $8,000,000
In interest during the life of the securities. The new bonds may be sold or
exchanged.
"Testimony at the hearing was to the effect that it will be 1961 before
all the bonds outstanding, including the refunding issue, will have been
retired.
"Mr. Roosevelt expressed the opinion that it will be unnecessary for the
city to attempt any additional refunding within a year unless economic
conditions become much worse.
"Approval strengthens the city's financial position to the extent that it
eliminates the possibility that deductions might be made from the budgets
of various city departments to raise money with which to meet the maturing
obligations.
Fixed Charges Pledged.
"Mr. Roosevelt contended that the proposed $61,000,000 limitation is so
poorly drawn, it will not accomplish the purpose intended by those who
prepared it. He said that it will not affect the fixed charges and that the
city will be able to raise 361,000,000 in addition to debt requirementa.
'Even though the city should be limited to $61,000,000 for all purposes,
the sinking funds will not be in danger, Mr. Roosevelt told the Board.
Sinking fund and Interest charges will be the first bills paid from the revenue,
he said.
"If the city will be unable to market the new bonds, it is planned to trade
them for the maturing Issues."
DOUGLAS COUNTY (P. 0. Superior), WI...BOND OFFERING.
Sealed bids will be received until 10 a. m. (Central standard time) on
Aug. 11, by A. R. Cole, County Clerk, for the purchase of a $200,000 issue
of 5% highway impt. bonds. Denom. $1,000. Dated May 11931. Due
on May 1 as follows: 331,000. 1936 to 1939 and 376,000 in 1940. Prin.
and int.(M. & N.) payable at the office of the County Treasurer. These
bonds are part of a $455,000 issue authorized at an election held on April 7
1931. Said bonds shall not be sold for less than par. A certified check
for 1% of the bid, payable to the County Clerk, is required. (These
bonds were offered for sale without success on June 22.-V. 134. p. 4692.)
-BOND REFUNDING PROPOSAL.
DUNEDIN, Pinellas County, Fla.
-The City Attorney is said to have stated that a plan has been worked
out by the city for refunding its entire bonded debt of $1,320,000 within
the next 10 years by the exchange of tho present bonds for a new issue of
-year obligations bearing from 1% to 6%. It is reported that the plan
40
will be submitted to the bondholders.
Volume 135
Financial Chronicle
-BOND OPTION GRANTED.
EAST GRAND RAPIDS, Mich.
-0. W.
McNear & Co. of Chicago have been granted a 20
-day option on the issue
of $54,700 refunding bonds offered on July 25-V. 135, P. 680. Bidders
were asked to name the rate of int. Bonds are dated Aug. 1 1932 and
mature June 15 as fellows: $6,000 in 1935: $6,700 in 1936, and $7,000 from
1937 to 1942 incl.
EAST HARTFORD, Hartford County, Conn.
-PRICE PAID.
-The
Issue of $250,000 5% note funding bonds purchased privately on July 15
-was sold to the
by Phelps. Fenn & Co. of New York-V. 135. p. 495
bankers at a discount of $6,250 equal to a price of 97.50. it was reported
recently. Net int. cost to the town is about 5.557.. Dated July 1 1932.
Due $25,000 on July 1 from 1933 to 1942 incl. The Town Treasurer is
George F. Campbell.
ECKLEY, Yuma County, Colo.
-BOND SALE.
-A $20,000 issue of
434% water refunding bonds is reported to have been purchased by the
State Land Board for a premium of $630, equal to 103.15. Denom. $1,000.
Dated Jan. 1 1932.
EDDYSTONE, Delaware County, Pa.
-BONDS AUTHORIZED.
At a special election held recently the voters approved of an issue of $80.000
school bonds by a vote of 188 to 162. Approval of the issue was sought
as a result of the disclosure recently that the School Board had issued
sso,000 in bonds in 1929 on the basis of an Incorrect financial statement.
It is said that in disposing of that issue, the board exceeded its legal borrowing capacity by $20,000. 'The board, it is said, Is permitted to borrow
up to 2% of its realty valuations without vote of the people, and to a
maximum of 7% of valuations with the approval of the electorate.
-BOND SALE
'
ELK CITY, Beckham County, Okla.
.-The $25,000
issue of sewage disposal plant bonds offered for sale on Aug. 1-V. 135.
-was purchased by the Standard Bond & Investment Co. of Tulsa.
p. 846
There were no other bidders for the bonds.
ELY, St. Louis County, Minn.
-BOND ELECTION.
-An election
is reported to be scheduled for Aug. 16 in order to have the voters pass
on the proposed issuance of $150.000 in bonds, divided as follows: $50.000
public parks, $50,000 public cemetery and $50,000 water and light plant
bonds.
-BONDED INDEBTEDNESS.
ERIE COUNTY (P. 0. Erie), Pa.
County Comptroller Harvey Willis reported on July 23 that outstanding
bonds of the county aggregated $4,270,000, which figure Included $30,000
which matured on Aug. 1. Road bonds outstanding amount to
bonds
$2,880,000, while $790,000 is owed for construction of the court house
building. The county, it was said, does not contemplate immediate
issuance of any further bond issues.
ESCAMBIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO.
-BONDS VOTED.
-At the election held on
13 (P. 0. Pensacola), Fla.
July 21-V. 135, p. 161-the voters approved the proposal to issue $15,000
in 6% school bonds by a large majority. Dated Aug. 1 1932. Due $1,000
from 1933 to 1947.
-Sealed bids will be received until Aug. 30 by W.
BOND OFFERING.
Tyler, Superintendent of the Board of Public Instruction, for the purchase
of the above-described issue of bonds.
FAIRFIELD, Jefferson County, Iowa.
-BONDS OFFERED.
-We
are informed that bids were received until Aug. 5, by the City Clerk,
for the purchase of a 820,000 issue of 4%% semi-annual water works
funding bonds. Due on Aug. 15 1952 and optional on Aug. 15 1937.
(These are the bonds which were offered for sale without success on July
19-v. 135. p. 846.)
FLORIDA, State of (P. 0. Tallah
).-REVENUE REPORT.
According to recent news dispatches from Tallahassee, for the fiscal year
closed June 30 the State reported revenues of $32,161,579 and expenditures
of $32,642,096. There was said to be a treasury balance of $4,045,045
at the end of the fiscal year, as compared to $4,524,563 in 1930-31.
FLOYDADA, Floyd County, Tex.
-A $10,000 issue
-BOND SALE.
of improvement bonds is reported to have been purchased at a price of
80.00 by the city sinking fund.
FRANKLIN COUNTY (P. 0. Brookville), Ind.
-BOND SALE.
The $8,000 5% coupon township highway improvement bonds offered on
-were awarded to the Franklin County National
July 26-V. 135, p. 495
Bank, at par plus a premium of $126.78, equal to 101.58, a basis of about
4.667.. Dated July 26 1932. Denom. $400. Due one bond each six
months from July 15 1933 to Jan. 15 1943. Bids received at the sale were
as follows:
BidderPremium.
Franklin County National Bank (Successful bidder)
$126.78
City Securities Corp.,Indianapolis
5.00
Union Trust Co., Greensburg
27.50
FREMONT, Waupaca County, Wis.-BONDS VOTED.
-At the
special election on July 26-V. 135. p. 661-the voters approved the issuance of $8,000 in village hall building bonds by a small majority.
GALVESTON, Galveston County, Tex.
-BONDS REDEEMED.A total of $53,500 in city bonds, scheduled to mature prior to July 1 1933,
is reported to have been paid off by the city sinking fund. The notice of
this proposed redemption was given in V. 135, p. 661.
GIRARD, Trumbull County, Ohio.
-BOND SALE.
-The State
Teachers Retirement Fund has purchased $4,630 6% special assessment
and judgment funding bonds, being part of a total of $24.908 unsuccessfully
offered as 5348 on Dec. 21 1931-V. 134, D. 162.
GLADEWATER INDEPENDENT SCHOOL DISTRICT (P. 0.
Gladewater), Gregg County, Tex.
-BONDS REGISTERED.
-The
$100,000 issue of 5% school bonds that was voted on June 13-V. 135.
p. 161-was registered by the State Comptroller on July 25. Denom.
$1,000. Dated June 2 1932. Due $20,000from Dec.20 1932 to 1936 incl.
GLEN COVE, Nassau County, N. Y.
-BOND SALE.
-The $82.000
coupon or registered general improvement bonds offered on Aug. 2-V.
-were awarded as 53 to George B. Gibbons & Co., Inc., of New
135, p. 846
York, at par plus a premium of $147.60, equal to 100.18, a basis of about
4.94%. Dated July 11932. Due July 1 as follows: $22,000 in 1934, and
$20,000 from 1935 to 1937, inclusive.
An official list of the bids received at the sale is as follows:
BidderInt. Rate.
Premium.
George D. Gibbons & Co., Inc. (successful bidder)_ 5
5
$13 :6
4 6
7 0
3 6
Rutter & Co
5ri
Bacon & Co
Dewey.
5%
65.60
Roosevelt & Son
-534%
187.78
Wachsman & Wassail
5.30%
72.98
Financial Statement.
Indebtedness.
Gross Debt
Bonds (outstanding)
$2,380,500
Floating debt (incl. temporary bonds outstanding)
84.340
$2,464,840
Deductions
Water debt
None
Sinking funds other than for water bonds
None
Notes in anticipation of the collection of taxes...,84,340
Net debt
Bonds to be issued:
General bonds of 1932
Floating debt to be funded by said bonds
$2,380,500
$82,000
50,000
32.000
Net debt including bonds to be issued
Assessed Valuations.
Real property, Incl. Improvements 1932
Personal property 1932
Special franchises 1932
$2,412,500
$28,814,138
305,650
557.220
Total
$29,677,008
Population, Census of 1930, 11,430; estimated 1932, 12,000.
Tax rate fiscal year 1932, local rate $32.45 per thousand.
GOLDENDALE, Klickitat County, Wash.
-BOND OFFERING.
We are informed that the City Clerk will receive sealed bids until Aug.
26 for the purchase of a $20,000 issue of 8% semi-ann. street impt. bonds.
Dated Sept. 11932. Due in 1944. These bonds were voted at an election
held on .Tuly 16-V. 135, O. 332.
1025
GOLDEN GATE BRIDGE AND HIGHWAY DISTRICT (P. 0.
San Francisco), Calif.
-BOND SALE PROPOSED.
-We are informed
that an application has been filed with the Reconstruction Finance Corporation by the District in an effort to dispose of the $35,000,000 of41% bonds
that were voted at the November election in 1930-V. 135, p. 658. It is
stated that the bonds will be in coupon form and may be rmistered. The
legal opinion will be furnished. A place of payment will be provided for
in New York City and in San Francisco.
GRAND RAPIDS, Kent County, Mich.
-BOND OFFERING.
Herbert N. Morrill, Secretary of the Board of Education, will receive
sealed bids until 5 p.m. (Eastern standard time) on Sept. 1 for the purchase of 6300,000 not to exceed 5% interest refunding school bonds.
Denom. $1,000. Due $20,000 Sept. 1 from 1933 to 1947, incl. Bids will
be received for all of the bonds, or any part thereof, and must be unconditional. Principal and interet (,March and September) will be payable
at the office of the Treasurer of We School Board. Proceeds of the sale
will be devoted solely to the payment of $300,000 bonds maturing Sept. 1
1932. Bids to specifically include payment by the purchase of accrued
interest. A certified check for 3% of the bonds bid for, payable to the
order of the President of the Board of Education, must accompany each
proposal.
GRANT SCHOOL TOWNSHIP (P. 0. Goodland), Newton County,
Ind.
-NOTE OFFERING.
-James Bell, Township Trustee, will receive
sealed bids until 2 p. m. on Aug. 6 for the purchase of $8,000 6% notes
due $4,000 on July 1 1933 and on Jan. 1 1934. Principal and interest are
payable at the Community State Bank, at Brook.
GRANT UNION HIGH SCHOOL DISTRICT (P. 0. Sacramento),
Sacramento County, Calif.
-BONDS NOT SOLD.
-The $150,000 issue
of 5% semi-annual school bonds offered on Aug. 1-V. 135, p. 661-was
not sold as there were no bids received. Dated July 1 1932. Due from July
1 1933 to 1952, incl.
HAMILTON COUNTY(P.O.Cincinnati), Ohio.
-BOND OFFERING.
-E. J. Dreihs, Clerk of the Board of County Commissioners, will receive
sealed bids until Aug. 26 for the purchase of $440,764
% road impt.
bonds, to mature serially from 1934 to 1943 incl. 'The county reports an
assessed valuation of property of $1,251,131,000 and a total debt,including
the current issue, of $17,996,399.
HAMPDEN, New Haven County, Conn.
-BORROWING AUTHORIZED.
-The Board of Selectment has authorized the sale of an issue of
'$200,000 44% notes to pay off a similar amount of maturing obligations.
This further issue will mature June 1 1933 and will be handled by the
National City Co., of New York, according to report.
HAMPDEN COUNTY (P. 0. Springfield), Mass.
-LOAN OFFERING.-.lohn J. Murphy, County Treasurer, will receive sealed bids until
12 m.(daylight saving time) on Aug. 10, for the purchase at discount oasis
of a $250.000 temporary loan Dated Aug. 11 1932. Denoms. $25,000,
$10.000 and $5,000. Payable Nov.8 1932. Notes, evidencing the existence
of the loan, will be authenticated as to genuineness and validity by the
First National Bank, of Boston, under advice of Ropes, Gray, Boyden &
Perkins, of Boston.
HIGHLAND PARK, Mich.
-CHARTER REVISION ELECTION.
The board of city commissioners has voted to submit to the electors at
the Sept. 13 primary election a proposal to revise the city charter, which
was described as being 14 years old and antiquated in the light of present
conditions. If the proposal is adopted, a commission will be elected to
make changes in the charter it deems necessary and the revised document
will be submitted for consideration at the spring election in 1933.
HUDSON, Summit County, Ohio.
-BOND OFFERING.
-Franklin
H. Jones, Village Clerk, will receive sealed bids until 12 m. (Central
standard time) on Aug. 23 for the purchase of 111,818.06 6% improvement
bonds. Dated April 1 1932. One bond for 61,018.06. others for $1,200.
Due Oct. 1 as follows: $1,018.06 in 1934, and $1,200 from 1935 to 1943
incl. Int. is payable in A. & 0. 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 of the Village.
must accompany each proposal.
HUNTINGTON COMMON SCHOOL DISTRICT NO. 7 (P. 0.
Centerport), Suffolk County, N. Y.
-BOND SALE.
-The $130,000
coupon or registered school bonds offered on Aug. 2-V. 135. P. 846
were awarded as 5.60s to the Guaranty Company of New York, at a price
of 100.09, a basis of about 5.59%. Dated Aug. 1 1932. Due $5,000 on
Aug. 1 from 1933 to 1958, incl.
The following is an official list of the bids received at the sale:
BidderInt. Rate.
Prem.
First National Bank & Trust Co.(successful bidder)____5.60%
$124.80
Batchelder & Co
6.007
234.00
M.& T. Trust Co
5.90
440.70
Wachisman & Wassail
6.00%
349.70
George B. Gibbons & Co., Inc
273.00
5.90%
-NOTE SALE.
ILLINOIS (State of).
-Edward J. Barrett, State
Treasurer, reports that a syndicate of Chicago banking institutions purchased at par a block of $1,175,000 6% revenue bonds of the issue of
$1,750,000 offered on Aug. 2.-V. 135, p. 846. The banks submitted the
only bid received at the sale. The notes are to mature Dec. 1 1932.
-FIVE CITIES MAY BE CONSOLIDATED
INDIANA (State of).
INTO ONE UNIT.
-It is reported that consideration is being given to a
proposal that the cities of Hammond, East Chicago, Munster, Whiting
and Highland be consolidated into a single governmental unit, with a
population of approximately 150.000, for the purpose of reducing taxation
through the centralization of municipal functions. Large property owners
in the cities are reported to be in favor of the proposition and it stated
that petitions advocating the plan will be circulated shortly.
INDIANAPOLIS SANITARY DISTRICT, Marion County, Ind.
TEMPORARY LOAN SOLD.
-The $50,000 temporary loan issue offered
on Aug. 2-V. 135, p. 661-was awarded as 545, at a premium of $25.56.
to Campbell & Co., of Indianapolis. Dated Aug. 2 1932 and due on Dec.
1 1932.
A bid for the loan at 534% interest at par plus a premium of $25.56
was submitted by a group composed of the Fletcher Trust Co., the Fletcher
American National Bank, Union Trust Co., Indiana Trust Co.. Indiana
National Bank and the Merchants National Bank, all of Indianapolis.
IRONTON, Lawrence County, Ohio.
-BOND OFFERING.
-C. C.
Crance, City Auditor, will receive sealed bids until 12 m. on Aug. 19 for
the purchase of $63,853.26 6% bonds for the purpose of extending certain
indebtedness which the city is unable to pay at maturity. Bonds will
be dated Sept. 1 1932 and mature Sept. 1 as follows: $7,853.26 in 1934.
and $7,000 from 1935 to 1942 incl. Prin. and int.(M. & S.) are payable
at the First National Bank, of Ironton. 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 $650, payable to the order of the city.
must accompany each proposal.
JAY COUNTY (P. 0. Portland), Ind.
-BONDS NOT SOLD.
-The
issue of $4,400 4% Wayne Twp road improvement bonds offered on
July 18-V. 135, p. 495-was not sold, as no bids were received. Dated
Sept. 15 1931. Denom. $220. Due one bond each six months from
July 15 1933 to Jan. 15 1943.
JEFFERSON COUNTY (P. 0. Madison), Ind.
-BOND SALE.
Award of the $17,400 coupon bonds offered on Aug. 1-V. 135. p. 495
was made as follows:
$15,000 5% Andrew Blake et al. county road bonds purchased at a price
of par by the Madison Safe Deposit & Trust Co. of Madison.
Denom. $750. Due one bond semi-annually on May 15 and
Nov. 15 from 1933 to 1942 inclusive.
2,400434% Republic Twp, road impt. bonds purchased by the Citizens
Banlc of Commiskey at par plus a premium of $1.05, equal to
100.04. a basis of about 4.49%. Denom. $120. Due one bond
each six months from July 15 1933 to Jan. 15 1943.
Each issue is dated Aug. 1 1932.
JEFFERSON COUNTY (P. O. Oskaloosa), Kan.
-BOND SALE.
The $25.000 issue of 434% semi-ann. poor farm road, first series bonds
1-V. 135. p. 661-was purchased by the Columoffered for sale on
Aug'
bian Securities Co. of Topeka. Dated Aug. 1 1932. Due from Aug. 1
1933 to 1942, inclusive.
JENNINGS SCHOOL DISTRICT (P. 0. St. Louis), Mo.-BOND
SALE. A $4,000 issue of 6% school refunding bonds is reported to have
-
1026
Financial Chronicle
been sold at par to an undisclosed purchaser. Dated March 15 1932.
Legality approved by Benjamin H. Charles of St. Louis.
JOHNSON, Lamoille County, Vt.-BOND OFFERING.
-Sealed bids
addressed to the Town Clerk will be received until 8 p. in. on Aug. 20 for
the purchase of 531.0005% coupon refunding bonds. Dated Sept. 1 1932.
Denom. 51,000. Due Dec. 1 as follows: $2,000 from 1935 to 1949, incl.,
and 51.000 in 1950. Principal and interest (June and Dec.) are payable
at the Sterling Trust Co., Johnson.
-BOND OFFERING.-James
JOHNSTOWN, Cambria County, Pa.
N.McKee, City Treasurer, will receive sealed bids until 10 a.m. on Aug. 9
for the purchase of $75.000 3j4% sanitary sewer bonds. Dated Aug. 1
1932. Denom. $1,000. Due $5,000 on Aug. 1 from 1936 to 1950, incl.
Interest is payable semi-annually in Feb. and Aug. The bonds, it is said,
are free of State tax, and the sale is subject to approval of issue by the
Department of Internal Affairs of Pennsylvania.
-BOND OFFERING.
JOHNSTOWN, Fulton County, N. Y.
Edward D.O'Neil,City Chamberlain, will receive sealed bids until 1:30 p.m.
on Aug. 26,for the purchase of $392,000 not to exceed 5% interest coupon
or registered school bonds, being part of an authorized issue of 3400.000.
The bonds will be dated Oct. 1 1931 and mature Oct. 1 as follows: $8,000
from 1933 to 1936, incl.• $10,000, 1937 to 1941; 512,000, 1942 to 1946;
514,000. 1947 to 1951: $16,000 from 1952 to 1956. and $20,000 from 1957
'
to 1961, incl. Denom. $1,000. Date of interest to be expressed in a
multiple of 35 of 1-10th of 1%. Bids to be for "all or none" of the bonds and
accompanied by a certified check for 2% of the amount bid for, payable
to the order of the City Chamberlain. Legality to be approved by Caldwell & Raymond,of New York, whose opinion will be furnished the successful bidder.
Financial Statement July 30 1932.
Bonds.
$392.000.00
School,this issue
145,000.00
Water
114,000.00
Paving
2,000.00
Sewer
119,000.00
City Hall construction
2,500.00
City Hallsite
22,500.00
Lighting
36,000.00
Bridge
5833,000.00
Total bonded debt
Temporary Loans.
Paving
$54.048.02
6,200.54
Sewer
$60,248.56
Total temporary loans
As against the above are credits for special assessments for paving and
sewers.
Sinking Fund, Water Department.
$39,098.57
Balance
Assessed Valuation!.
Real property less public buildings and pension property_- - $9,628,685.00
530,080.00
Franchises
Personal
Public buildings exempt
Pension property
$10,158,765.00
66,200.00
1,287,600.00
28,100.00
Bond limit
Bonded debt,including this issue, less water bonds exempt
$11,540,665.00
1,015,800.00
688,000.00
$327,800.00
Margin of debt incurring capacity
This issue is authorized under Education Law of the State of New York,
resolutions of the Board of Education duly adopted, and a special tax
election.
The City of Johnstown, N. Y., (incorporated 1895) has never defaulted
in payment of principal or interest.
Official Tax Collections Report.
Collected
Year.
Levy.
to July 30 '32. Balance.
Tax
1,465.55
Jan. 1929
105,619.56
104,154.01
State and County
2,965.02
May 1929
191,493.92
188,528.90
City
1,731.17
Sept. 1929
103,488.16
101,756.99
School
1,583.44
95,265.55
Jan 1930
93,682.11
State and County
4,104.58
May 1930 205,854.54
201,149.96
City
1,975.11
Sept. 1930
93,091.21
91,116.10
School
2,470.72
Jan. 1931
98,239.69
95,768.97
State and County
4,274.10
May 1931
187,680.28
183,406.18
City
1,184.85
Sept. 1931
96,000.00
94,815.15
School
5,877.41
96.689.26
90,811.85
Jan. 1932
State and County
May 1932 202,431.37
178,790.22 23,641.15
City
-The
-BOND SALE.
KANSAS CITY, Wyandotte County, Van.
$22,050 issue of 414% coupon bridge bonds offered for sale on Aug. 2
(V. 135, p.846) was purchased by the State of Kansas at par for the Permanent School Fund. Dated July 1 1932. Due from Jury 1 1933 to 1942.
inclusive.
-BOND OFFERING.
-A. J. LauderKENT, Portage County, Ohio.
bough, City Auditor, will receive sealed bids until 12 M. on Aug. 22 for
321,336.14 6% bonds, divided as follows:
the purchase of
$10,980.73 South End Sanitary Sewer District bonds. Due Oct. 1 as
follows: $980.73 in 1933; $1,000 from 1934 to 1939 incl.; $1,500
in 1940;51,000 in 1941, and $1,500 in 1942. This issue,coupled
with another oflesser amount, was previously offered on July 18,
-V. 135. p. 662.
at which time no bids were received.
10,355.41 Rockwell St. impt. bonds. Due Oct. 1 as follows: $855.41
In 1933: $1,000 from 1934 to 1941 incl. and 51.500 in 1942.
'
This issue was previously offered on June 20, when no bids were
received.
-V. 134. p. 4693.
payable in April and October.
Each issue is dated July 1 1932. Int. is
Bids for the bonds to bear int. at a rate other than 6%, expressed in a
multiple of 35 of 1%. will also be considered. A certified check for 2%
of the amount bid, payable to the order of the City, must accompany
ach proposal.
-BONDED DEB7'STATEKENTUCKY,State of (P. 0. Frankfort).
MENTS.
-The following reports on the bonded debts of several counties
are said to have made public by Nat B. Sewell, State Ins )fictor and Examiner Wayne County's debt is given as $138,000; Meade County is listed
at $104,088.71; the debt of McCreary County totals 8263.000. of which
$167,000 is road and bridge, and 596.000 refunding debt. Elliott County's
debt is 575.000. composed of $40,000 in road bonds and 535.000 in county
warrants.
-BONDS AUTHORIZED.KINGSTON, Ulster County, N. Y.
The Board of Public Works has authorized an issue of $100,000 street
improvement bonds, to mature $10,000 annually from 1933 to 1942, incl.
Auction sale of the bonds is subject to the approval of the common council.
KLICKITAT COUNTY SCHOOL DISTRICT NO.203(P.O. Golden-BOND OFFERING.
dale), Wash.
-Sealed bids will be received by .1. W.
Gray, County Treasurer, until 2 p. in. on Aug. 22 for the purchase of a
510.000 issue of school bonds. Interest rate is not to exceed 6%,payable
semi-annually. Denom. $400. Bonds to run for a period of 20 Years.
The various annual maturities of said bonds will commence with the
second year after the date of issue of the bonds and will (as nearly as
practicable) be in such amounts as will, together with interest on outstanding bonds, be met by an equal annual tax levy for the payment of
said bonds and interest. Prin. and int. payable at the office of the County
Treasurer, or at the fiscal agency of the State in New York City, or at
the State Treasurer's office. A certified check for 5% must accompany
the bid.
-Paul J.
-NOTE OFFERING.
LACKAWANNA, Erie County, N. Y.
Tomaka, City Treasurer, will receive sealed bids until 3 p. m. (Eastern
for the purchase of $125.000 tax anticipation
standard time) on Aug. 15
notes, to bear interest at not to exceed 6%. Dated Aug. 15 1932. Denom.
$5,000. Due Dec. 31 1932. Bidder to name the rate of interest in a
multiple of 1 or 1-10th of 1%. Prin. and int. are payable at the Marine
the order
Trust Co., Buffalo. A certified check for 52.500, payable to opinion of
of the city, must accompany each proposal. The approving successful
Clay. Dillon & Vandewater, of New York, will be furnished the
bidder.
Aug. 6 1932
-BOND OFFERING -H.
LANCASTER, Lancaster County, Pa.
Edgar Sherts, City Solicitor, will receive sealed bidn until 12 m.(Daylight
Saving Time) on Sept. 14 for the purchase of $1.000,000
% serial
improvement bonds.
-The two
LEXINGTON, Dawson County', Neb.-BOND DETAILS.
issues of 5% Paving District No. 2 bonds that were reported sold-V. 135.
p. 496 and 662
-were awarded as follows:
$16,000 special assessment paving bonds to the Omaha National Co., of
Omaha, at par. Dated May 1 1932. Due 54,000 from May 1
1939 to 1941 incl. Int. payable M. & N.
35,000 refunding bonds to Wachob, Bender & Co., of Omaha, at par.
Dated Aug. 1 1932. Due 52.000 from Aug. 1 1942 to 1951. Int.
payable F. & A.
Coupon bonds in denomination of 51.000 each.
LINCOLN SCHOOL DISTRICT (P. 0. Markleeville), Alpine
County, Calif.
-BONDS SOLD.
-The $2,500 issue of 5% coupon semiannual school building bonds offered for sale without success on May 5V. 134, p. 3671-has since been sold at private sale. Dated May 1 1932..
Due in 1938.
LITTLE FALLS, Herkimer County, N. Y.
-BOND OFFERING.
John L. Lockwood, City Treasurer, will receive sealed bids until 11 a. m.
(daylight saving time) on Aug. 13 for the purchase of $35,000 not to exceed
6% interest coupon or registered emergency relief bonds. Dated Aug. 1
1932. Denom. S1,000. Due Aug. 1 1937. Bidder to name the rate of
interest in a multiple of 15 or 1-10th of 1%. Same rate to apply to all of
the bonds. Principal and interest (F. & A.) are payable at the Herldmer
County Trust Co., Little Falls. A certified check for $1,000, payable to
the order of the City, must accompany each proposal. The approving
opinion of Clay, Dillon & Vandewater, of New York. will be furnished the
successful bidder.
LOS ANGELES, Los Angeles County, Calif.
-LOAN APPLICATION.
-At the request of the Board of Water and Power Commissioners
the City Council on Aug. 2 authorized the Commission to employ special
counsel to procure a loan of 532,000.000 from the Reconstruction Finance
Corporation for the Bureau of Power and Light, to be used primarily for the
construction of the city's transmission line to Hoover Dam.
LOS ANGELES COUNTY (P.O. Los Angeles), Calif.
-BOND SALE.
-The $937,000 issue of 5% semi-ann. county hospital and farm bonds
offered for sale without success on July 18-V. 135, p. 662
-was purchased
at private sale on July 29 by the Security-First National Bank of Los
Angeles, at par and accrued int. Dated July 1 1923. Due from July 1
1933 to 1947. (These bonds are part of the 55.000,000 issue voted in 1923.)
LOUISIANA,State of(P.O. Baton Rouge),
-LOAN APPLICATION.
-0n July 29 application was made by Governor 0. IC. Allen for a preliminary loan of $12,000.000 from the Reconstruction Finance Corporation
for the relief of unemployment in the State. In applying for the loan,
Governor Allen set forth in his petition that "the funds of the State and its
subdivisions and all private contributions are inadequate to meet the relief
needs of the State and its various communities.'
MADISON, Dane County, Wis.-BONDS APPROVED.
-At a meeting
held on July 15 the Finance Committee adopted the resolution recently
approved by the City Council
-V. 135, p. 162
-calling for the issuance of
$359,500 in 5% coupon bonds divided as follows:
5220.000 parks and public grounds impt. bonds. Due from July 1 1933
to 1952.
65,000 special assessment sewer district bonds. Due from July 1 1933
to 1942.
60,000 street impt. bonds. Due from July 1 1933 to 1942.
7,000 street lighting bonds. Due from July 1 1933 to 1942
5,000 retaining wall bonds. Due from July 1 1933 to 1942.
2,500 bridge completion bonds. Due from July 1 1933 to 1942.
Denonus. $100. $500 and $1,000. Dated July 1 1932.
MADISON HEIGHTS SANITARY DISTRICT (P.O. Amherst) Amherst County,Va.-BONDS NOT SOLD.
-The $62,500 issue of5% cotillion
semi-ann. water system bonds offered on July 29-V. 135, p. 334
-was
not sold, according to the Secretary of the Board of Supervisors.
BONDS RE
-OFFERED.
-Sealed bids were again received for the purchase of the above bonds until noon on Aug. 5, by W.H. Carter. Seeretsa
of the Bond Committee. Denoms. $1,000 and $500. The county will
pay for the printing of the bonds, and for attorney's opinion not exceeding
$100. Due as follows: 32,000, 1937 to 1948 $2,500, 1949 to 1955, and
83.000, 1956 to 1962, all incl. A certified check for 1% of the bid Is required.
The bonds will be issued under Chapter 65A, Article 2, of Virginia Code
of 1930 (Michie's Code) Acts of Assembly approved March 27 1930, 1930
Acts, Chapter 460, page 1001, in pursuance of an order of the Circuit
Court of Amherst County, Va.. entered at the June term, 1932, which
order was entered in pursuance of the bond issue election duly called and
held on May 17 1932 (which resulted in a vote of two to one in favor of
bond issue). The bonds will be exempt from tax and will be the obligation
of the whole county. • There is no contest in regard to the issue and no
litigation is threatened or expected. Default has never been made in the
payment of any debt, or interest, of Amherst County,and there is a balance
to the credit of every County fund. There has not been a bank failure
in Amherst County within the last 50 years. It is not contemplated
to issue any other bonds.
Official Financial Statement of July 1 1932.
Assessed value of real estate
52.793,960.00
Assessed value of tangible personal property
750,215,00
Assessed value of railroads and public utilities
1.882,243.00
Total assessed values
Estimated actual value
$5,426,418.00
10,852,836.00
Bonded indebtedness (road bonds 5% due March 1 1945)-- $135,000.00
Floating school indebtedness
22.611.79
Total indebtedness
Sinking funds on hand for retirement of bonds
$157.611.79
36.868.31
Balance ofindebtedness
$120,743.48
Rate of county levies for 1931 (average), $2.47;5 for 1932. $1.80.
Reduction of tax rate for 1932 due to fact that all road construction and
maintenance has been taken over by the State under Act of Assembly
of 1932.
1929.
1930.
1931.
Total levies
$136,514.88 $140,146.10 $136,913.75
Delinquentlevies
12,037.03
22,552.37
23,470.74
9,900.00
Balance uncollected
12,589.31
Receipts, Disbursements.
Fiscal Year1929-1930
$280,702.02 $223,044.98
1930-1931
285,280.29 214,861.55
1931-1932
315,397.56 254 083 15
Balance in County Treasury July 1 1932.
Bank balances •
$60,330.33
Bank certificates of deposit
39,909.98
Cash on hand
1,363.29
Total
$101,603.60
MAMARONECK, Westchester County, N. Y.
-BOND SALE.
-The
or registered bonds offered on July 29-V.135_,_p.662$130,0006% coupon
were awarded at a price of par to B. J. Van Ingen & Co. of New -York, the
only bidders. The award comprised:
$66,000 local impt. bonds. Due Aug. 1 as follows: $6,000 from 1933 to
1936 incl., and 57,000 from 1937 to 1942 incl.
64,000 public impt. bonds. Due Aug. 1 as follows: $3,000 from 1933 to
1948 incl., and $4,000 from 1949 to 1952 incl.
Each issue is dated Aug. 1 1932.
MARION COUNTY (P. 0. Marion), °Mo.-BOND OFFERING.
T. A. O'Leary, Clerk of the Board of County Commissioners, will receive
sealed bids until 2 p. m. (Eastern standard time) on Aug. 18 for the purchase of $40,000 6% poor relief bonds. Dated Aug. 1 1932. Due March
1 as follows: $7,100 in 1934; $7,500, 1935; 58,000, 1936; 58.500 in 1937
and $8,900 in 1938. Principal and interest (M. & S.) are payable at the
office of the County Treasurer. A certified check for $500 payable to
'
the order of the County Commissioners, must accompany each proposal.
-BOND ELECMARQUETTE COUNTY (P. 0. Marquette), Mich.
-At the primary election on Sept. 13 the voters will pass upon a
TION.
proposed $400,000 highway construction bond issue.
Volume 135
Financial Chronicle
MARTIN COUNTY (P. 0. Shoals), Ind.-BONDTOFFERING.J, R. Marshall, County Treasurer, will receive sealed bids until 10 a. m.on
Aug. 6 for the purchase of $4,835 .5`7 township road construction bonds.
Dated Aug. 6 1932. Denom. $241,75.&Due one bond each six months
from July 15 1933 to Jan. 15 1943.
McCRACKEN COUNTY (P. 0. Paducah), Ky.-BOND SALE NOT
CONSUMMATED.
-We are informed that the sale of the $185,000 issue
of6% semi-ann.funding bonds to Stranahan, Harris & Co. Inc., of Toledo
-was not consummated. It is also stat:ed that a block
-V. 134. p. 3320
of $75,000 of these bonds was sold privately at par and accrued interest.
The entire issue was scheduled to mature on March 15 as follows: $50,000
In 1942 and $135,000 in 1952.
MEADOW GROVE, Madison County, Neb.-BOND OFFERING.
It is stated that sealed bids will be received until 8 p.m. on Aug. 12 by
F. J. Beech, Village Clerk, for the purchase of a $2,500 issue of 6% semiannual water works extension bonds. Dated Sept. 1 1932. Due in 20
years and optional in five years. (These bonds were voted on April 5V. 134, P. 2952.)
MECKLENBURG COUNTY (P. 0. Charlotte), N. C.
-NOTE RENEWAL.
-A total of $95,000 notes was renewed on July 29 as follows:
$50,000 by the American Trust Co.of Charlotte;$30,000 by the Commercial
National Bank of Charlotte, and $15,000 by the Independent Trust Co.
of Charlotte. Due in two months.
MEDINA COUNTY (P. 0. Medina), Ohio.
-BONDS NOT SOLD.
The issue of $61,685.05 6% special assessment improvement bonds offered
on Aug. 1 (V. 135, p. 497) was not sold, as no bids were received. Dated
Aug. 15 1932. Due Oct. 1 as follows: $11.685.05 in 1933: $12,000 in 1934
and 1935, and $13,000 in 1936 and 1937.
MERIDIAN Lauderdale County, Miss.
-BOND SALE CONTEMPLATED.
-It is reported that the city is considering the issuance of $46,000
In bonds.
MIAMI, Dade County, Fla.
-REPORT ON VALUATIONS.
-The
following report on the assessed valuation of this city and the newly adopted
practice of accepting city bonds in the payment of delinquent taxes is taken
from the "Wall Street Journal" of July 29:
S'11
1
"Assessed valuation of Miami real estate has been fixed at $85,458,966.
This is 52X% of the 1931 valuation. The personal tax roll, which was
$6,566,421 last year, has been set at $13,287,550 this year, making the total
tax assessment roll for 1932. $98,746.516. The increase in the personal
roll is due to placing of the Florida Power & Light Co. and subsidiaries on
the books for about $7.000,000. The 1932 real estate valuation is the lowest
for Miami on the basis of land area since 1920.
"The decrease in assessed valuation does not necessarily slash Miami's
tax bills as the bills go up or down in accordance with the tax rate or mileage.
"It has been decided that all Miami bonds, regardless of issue, be accepted
at par in payment of delinquent taxes up to and including 1929, and also in
payment of all street and improvement liens against property. A resolution
adopted recently Provided that refunding bondsonly be accepted in this
manner by the city."
MICHIGAN, State of (P. 0. Lansing).
-TEMPORARY LOAN.
At a meeting held on Aug. 4 the Reconstruction Finance Corporation decided to lend $1,800,000 to the State for emergency relief needs in Detroit,
covering a period of two months. Governor Brucker told the Board that
the amount represented sums"needed at once Over and beyond any amounts
that are now available or ban be made available to the city of Detroit
through private contributions, taxation, the sale of its obligations to
private purchasers, or from any other legal sources."
MILWAUKEE COUNTY (P. 0. Milwaukee),
PLATED BOND SALE.
-We are informed that a $3.000,000 issue of county
relief bonds will be offered for sale about Sept. 15. Dated Oct. 1 1932.
Bidders are to name the rate of interest.
MINNEAPOLIS, Hennepin County, Minn.
-BOND OFFERING.Sealed bids will be received until Aug. 18, according
Secretary of the Board of Estimate and Taxation, for to Geo. M. Link,
the purchase of a
$250.000 issue of public relief bonds. Int. rate is not to exceed 6%. payable
semi-annually. Dated Aug. 15 1932. Due $50,000 from 1-933 to 1937 incl.
MINNESOTA,State of(P.O. St. Paul).
-BOND AND CERTIFICATE
SALE REPORT.
-In connection with the proposed purchase of $500,000
Rural Credit Bureau bonds by the State Investment Board, and regarding
the $800.000 tax anticipation certificates authorized by the Rural Credit
Bureau (V. 135, P. 663). It is reported as follows by Julius A. Schmahl,
State Treasurer;
"The State Investment Board has voted to use $500,000 of accumulated
trust funds for the purchase of rural credit bonds to that amount. The
interest rate has been fixed at 4 X %. The tenure of the bonds has not
been agreed upon. It is probable that these bonds will be in amount of
$250,000 each and that the maturity will be voted as asked for by the Rural
Credit Board. The Rural Credit Bureau will require $800,000 to meet
interest on outstanding bonds, the interest dates being between Aug. 6
and Aug. 15. inclusive, in order to maintain the full faith and credit of
the State and to meet the interest on the due dates a tax certificate of
$800,000 has been entered upon the tax rolls against the taxable property
of the State, and the Investment Board has agreed to purchase this tax
certificate with funds under its control. This certificate will draw 44%
interest."
MISSISSIPPI, State of (P. 0. Jackson).
-STATEMENT ON
FINANCES.
-The following report on the bonded debt position of
State is taken from a Jackson dispatch to the "Wall Street Journal'the
of
Aug.3
"At the close of the fiscal year, Sept. 1, Mississippi will have outstanding
$27,000,000 in bonds, the total having been reduced by $2,805.250 during
the present fiscal period. -uthorized iSR1108 now unsold aggregate $19,000,000, according to State Treasurer May. Unsold issues include S8,000,000 for retirement of the carry-over deficit in the general fund,$5,000,000 for highway construction, $4,500,000 for bond principal and interest
payments. and $1,500,000 for completion of the State Hospital for the
Insane.
"During the fiscal year the State will pay a total of $4,388,574 on outstanding bonds and notes. Mr. May reported. Of this amount $1,583,324
will be for interest. Since Jan. 1 the State has paid $3,978,004 principal
and interest.
"The State Bond Commission is attempting to negotiate sale of the general
fund deficit and hospital issues, and a successful outcome is hoped for
within 60 days."
MISSOURI, State of (P. 0. Jefferson City).
-BOND SALE-The
25.000,000 issue of 4 t % coupon or registered series U road bonds offered
-was awarded to a syndicate composed of
for sale on Aug.4-V. 135, p. 847
Dillon, Read & Co.,the Chemical Bank & Trust Co., Halsey, Stuart & Co.
Ladenburg, Thalmann & Co., Bancamerica-Blair Corp., Phelps, Fenn
Co., B. J. Van Ingen & Co., Darby & Co., 0. M.
-P. Murphy & Co., and
the Wm. R. Compton Co., all of New York, Stifel, Nicolaus & Co. of
St. Louis, the City Bank & Trust Co. of Kansas City, the Hibernia Securities Co. of New Orleans, the Equitable Securities Corp. of Nashville, and
the First Securities Corp. of Memphis, at a price of 102.817, a basis of
about 4.06%. Dated Aug. 11932. Due $1,000,000 on June 1 from 1952
to 1956, inclusive.
BONDS OFFERED FOR INVESTMENT.
-The successful syndicate
immediately offered the above bonds for public subscription at prices to
yield 4.00% on all maturities (accrued interest to be added). They are
stated to be interest exempt from Federal income taxes. They are direct
obligations of the State, payable from unlimited ad valorem taxes on all
taxable property.
Official Bonded Debt Statement.
Total bonds issued
$128,600,000.00
Total bonds retired
22,576,000.00
Total bonds outstanding July 26 1932
$106,024,000.00
Funds
Sinking
State road interest and sinking fund
3,372,305.17
Soldiers bonus interest and sinking fund
117.419.43
Certificates of Indebtedness
-1922 certificate, school funds, 20 to 50 years, at
1902
5 and 6%
3,152,000.00
1891-1922 certificate, seminary fund, 20 to 50 years, at
Sand 6%
1,239,839.42
(*Certificates of indebtedness are provided for by the legislative acts
and held in trust by the State Board of Education, whereby the State agrees
interest semi-annually into the State School and Semina*y
to pay 5 and 6%
1027
funds out of the State Interest fund. These certificates are not negotiable
or transferable.)
Total taxable valuation of the State for taxes for 1931-.34.788,153.970.00
Population 1930, 3,629,367.
The payment of principal and interest of State of Missouri Road bonds is
guaranteed by an unlimited ad valorem tax upon all property in the State.
It has never been necessary to levy any such tax, for the reason that all
motor fuel tax and motor licenses have been pledged for the payment of
these bonds and the aggregate requirement for payment will not exceed
$7,000,000 annually; the collections of motor licenses and motor fuel tax
has been more than $19,000,000 annually.
MISSOURI, State of (P. 0. Jefferson City).
-BRIDGE PURCHASES
CONTEMPLATED.
-The following is taken from a Jefferson City dispatch
to the "Wall Street Journal" of Aug. 1 regarding the proposed purchase of
bridges from unsold State road bonds: "The State Board of Fund Commissioners has authorized the State Highway Commission to use $1.050,000
unsold Missouri road bonds to purchase toll bridges at Independence,
Hermann and Jefferson City. A friendly suit will be instituted in the
State Supreme Court to determine whether unsold State road bonds can be
used legally by the Highway COMMIS:6M to buy existing structures. Purchase price of the Independence bridge would be $400,000, the Jefferson
City bridge $150,000, and the Hermann bridge $500,000. The bonds are
dated Aug. 31 1931."
MONONGAHELA TOWNSHIP (P, 0. Dilliner), Greene County,
Pa.
-The issue of $26,388.90 5% coupon road bonds
-BOND SALE.
offered on May 21-V. 134, p. 3320
-was purchased at a price of par by
local investors. Due Dec. 1 as follows: $4,000 from 1932 to 1936, incl..
and $6,388.90 in 1937.
MONROE COUNTY (P. 0. Monroe), Mich.
-BONDS NOT SOLD.
F. E. Gillespie, Clerk of the.Board of County Commissioners, reports
that no bids were received at the offering on July 26 of $156,990 refunding
highway impt. bonds
-V. 135, p. 663. The Clerk states that the county
has entered into a contract with the Municipal Advisory Council of Michigan to exchange the refunding bonds for similar amounts which became due
on May 1 1932. A total of $437,700 Covert bond maturities were not
met on that date, according to Mr. Gillespie, who states that this was
due in part to the tying up in closed county banks of a large sum of money
belonging to the county. Mr. Gillespie further states that Nov. 1 hit.
on the refunding bonds is already provided for in cash reserves.
MONTANA, State of (P. 0. Helena).
-LOAN APPLICATION.
-It
is announced by Governor J. E. Erickson that he has made application
to the Reconstruction Finance Corp. for $1,000,000 to care for the idle
and the needy in the State during the coming winter. This is a conservative
estimate of the amount required, Governor Erickson says, and is made after
a careful survey of the State. It was urfed that one-quarter of the amount
requested be made available at once, 'to meet emergencies now existing
In mining and industrial centers of Montana."
MOREAU (P. 0. Glens Falls), Warren County, N. Y.
-BOND
-It is reported that sealed bids will be received by the Village
OFFERING.
Clerk until Aug. 9 for the purchase of $15,000 impt. bonds.
MOSCOW, Latah County Ida.
-BONDS CALLED.
-It Is reported
that L. T. Hammond, City Treasurer, called for payment at his office on
Aug. 1, on which date interest ceased, various bonds and coupons of many
of the local improvement districts of the city.
MOUNT HOPE UNION FREE SCHOOL DISTRICT NO. 2 (P. 0.
Otisville), Orange County, N. Y.
-BOND SALE.
-The Orange County
Trust Co. of Middletown, was the successful bidder at the offering on
July 29 of $98,000 coupon or registered school bonds, bidding for 5 a
at a price of par. Dated Jan. 2 1932. Due Jan. 2 as follows: $2,
from 1933 to 1937 incl.; $3.000. 1938 to 1942; $4,000, 1943 to 1947; $5,000,
1948 to 1952 incl., and $4,000 from 1953 to 1959 incl. At a previous offering on June 22 the District failed to receive a bid for the issue.
-V. 135.
p. 163.
VERNON, Westchester County, N. Y.
MOUNT
-BOND OFFERLNG.
-Eugene S. Fiske, City Comptroller, will receive sealed bids until
8 p. m. (daylight saving time) on Aug. 10 for the purchase of $1.676.000
coupon or registered bonds, to bear interest at not to exceed 5%. to be
expressed by the bidder in a multiple of X or 1-10 of 1%. All of the bonds
of each individual issue must bear the same coupon rate. Comparison of
bids will be made by taking the aggregate interest cost, in accordance with
the interest rates named for the bonds, and deducting therefrom the premium bid. The offering consists of:
$467,000 drainage bonds. Due Aug. 1 as follows: $23,000 from 1937 to
1946 incl.. and $24,000 from 1946 to 1952 incl.
426,000 highway impt. bonds. Due Aug. 1 as follows: $42,000 from
1933 to 1941 incl., and $4£3,000 in 1942.
270,000 highway repaving bonds. Due $27,000 Aug. 1 from 1933 to
1942 incl.
160,000 Third Street widening bonds. Due Aug. 1 as follows: $10,000
from 1933 to 1937 incl- and $11.000 from 1938 to 1947 incl.
150,000 water bonds. Due $15,000 Aug. 1 from 1943 to 19b2 incl.
75,000 sewerage bonds. Due Aug. 1 as follows: $3,000 from 1933 to 1937
incl.. and $4,000 from 1938 to 1952 incl.
48,000 municipal bldg. bonds. Due Aug. 1 as follows: $4,000 in 1933
and 1934, and $5,000 from 1935 to 1942 incl.
40,000 assessment bonds. Due $8,000 Aug. 1 from 1933 to 1937 incl.
22.000 park bonds. Due Aug. 1 as follows: $2,000 frcm 1933 to 1940
incl., and $3,000 in 1941 and 1942.
18,000 Department of Public Works equipment bonds. Due Aug. 1
as follows: $3,000 in 1933 and 1934, and $4,000 from 1935 to 1937
incl.
All of the bonds will be dated Aug. 1 1932. Denom. $1,000. Principal
and semi annual interest are payable at the office of the City Comptroller.
A certified check for 2% of the bonds bid for must accompany each proposal.
Legal opinion of Caldwell & Raymond of New York will be furnished the
successful bidder. Delivery of the bonds will be made on or after Aug. 22
1932 at the office of the Comptroller.
TAX COLLECTIONS SHOW INCREASE.
-Mr.Fiske reported on Aug.3
that tax collections in the first seven months of 1932 have been $107,891
in excess of the volume of collections in the same period in 1931. Collections of $1,385.259 in the current month of July represented an advance
of $200.000 over collections in that month last year.
Financial Statement as of Aug. 2 1932.
As:sewed valuation of realty incl. special franchise (1932)_ _$170.006,359.00
Bonded debt, July 31 1932
Present issue
$16,234,050.00
.00
1,676,000
Floating debt, July 31 1932
$1,256,459.80
Retirement from the proceeds of present
bond issue
1,133,163.43
$17.910,050.00
123,296.37
Total debt as of Aug. 2 1932
$18.033,346.37
Deductions from total debt:
Water bonds (including present issue)_ _ _ _ $2,638,000.00
Tax relief bonds
1,300.000.00
Sinking funds for bonds other than for
water and tax relief bonds
544,846.23
4,482,846.23
Net debt as of Aug. 2 1932
Borrowing capacity, 10% of the assessed valuation
Net debt as above
Further borrowing capacity, Aug. 2 1932
Population, 1930 Federal census. 61.270.
$13.550,500.14
17,000,635.90
13.550.500.14
$3,450,135.76
MULTNOMAH COUNTY(P.O. Portland), Ore.
-BOND OFFERING.
-Sealed bids will be received until 11 a. M. (Pacific time) on Aug. 22. by
A. A. Batley, County Clerk for the purchase of a $300.000 issue of coupon
road, series A bonds. Interest rate is not to exceed 6%. payable M. & S.
Denom. $.300. Dated Sept. 1 1932. Due $30,000 from Sept. 1 1938 to
1947, incl. Prin. and int, payable in gold at the office of the County
Treasurer. These bonds may be sold to the highest bidder or bidders
for cash for blocks of bonds in the amount of $5,000 each or multiples
thereof, and maturing as to each such block in equal annual installments
from the 6th to the 15th year from the date of said bonds, but the right is
reserved to reject any and all bids for the said issue of $300,000 bonds or
any portion thereof, and to accept the highest bid or bids for any portion
1028
Financial Chronicle
ofsuch issue of bonds of 2300,000 par value as the Board maydeem advisable.
All bids must be submitted on forms furnished by the County Clerk. All
bonds which may be sold under this issue shall be sold for delivery at such
bank at Portland, as may be designated by the purchaser. The approving
opinion of Storey, Thorndike, Palmer SG Dodge of Boston, will be furnished.
A certified check for 5% of the bid is required.
MULTNOMAH COUNTY SCHOOL DISTRICT NO.1 (P. 0. Port.
land), Ore.
-WARRANTS CALLED.
-It is announced by E. T. Stretcher,
School Clerk, that those warrants presented and indorsed "Not paid for
want of funds," dated May 26
and bearing register numbers 15236
1932.
to 15510, incl., will be paid holders thereof on presentation at their banking
institution. Interest ceased on July 27.
MUNICIPAL UNIVERSITY OF WICHITA (P. 0. Wichita), Kan.
BOND SALE.
-The 636,000 issue of 4.14% coupon semi-ann. refunding
bonds offered for sale on July 26-V. 135, p. 497
-was purchased at par
by the State School Fund Commission. Dated Aug. 1 1932. Due $2,000
on Feb. and Aug. 1 from 1934 to 1942, incl.
MUSCATINE, Muscatine County, Iowa.
-BOND SALE.
-The 615,
-V.134, p.3506
500 issue of4%% funding bonds autnorized during May
was purchased by a local bank. Due on Nov. 1 1937. We are informed
by the City Clerk that all details were handled by Glaspell, Vieth & Duncan
of Davenport on a 2% basis. (This corrects the report fiven in V. 135,
p. 848.)
Aug. 6 1932
Bank of Paterson. Legality approved by Hawkins, Delafield & Longfellow of New York. The bankers describe the bonds as being legal investment for savings banks and trust funds in the States of New York and
New Jersey, and direct and general obligations of the entire county, payable
from unlimited ad valorem taxes levied against all the taxable property
therein.
Financial Statement (Officially Reported).
Assessed valuation, 1932
$424,553,346
Total bonded debt, including this issue
13,668.000
302,129
Population, 1930 Census
PENNSAUKEN TOWNSHIP(P.O. Merchantville), Camden County,
N. J.
-BONDS NOT SOLD.
-The issue of 6161,000 coupon or registered
-was not sold, as no
assessment bonds offered on Aug. 1-V. 135, P. 864
bids were received. Bidder was asked to name toe rate of interest, within
a limit of 6%. Bonds are dated Aug. 1 1932 and mature Aug. 1 as follows:
$41,000 in 1934, and 640,000 from 1935 to 1937 incl.
--Carl F.
-BOND OFFERING.
PERRYSBURG, Hood County, Ohio.
Wellstead, Village Clerk, will receive sealed bids until 12 M. on Aug. 19
for the purchase of $27,100 6% special assessment improvement bonds.
Dated Aug. 1 1932. One bond for $100, others for $1,000. Due Dec. 1
as follows: $3,100 in 1934 and 23,000 from 1935 to 1942 Incl. Prinicpal
and interest (J. & D.) are payable at the Perrysburg Banking Co., Perrysburg. Bids for the bonds to bear interest at a rate other than 8%,expressed
in a multiple of X of 1%, will also be considered. A certified check for
2% If the bonds bid for, payable to the order of the Village Treasurer,
must accompany each proposal.
-BOND SALES TOTAL 61,591,800.
-SubPHILADELPHIA, Pa.
scriptions received on Friday. July 29, for $189,100 bonds of the $20,000,000 5% issue being offered over-the-counter at par brought the aggregate
of sales to $1,591,800. A total of 21,417,900 bonds were subscribed for
during July.
•
-In
CITY MAY BORROW $6,000,000 ON DELINQUENT TAXES.
connection with the passage recently of the Sterling bill (see item on preceding Page of this section). Edwin R. Cox, President of the City Council,
has estimated that under the terms of the measure the city will be permitted to borrow between $6,000,000 and $7,000,000 in anticipation of
delinquent tax collections. "At the beginning of the year delinquent
taxes amounted to more than 622.000,000," Mr. Cox said. "In the 1932
budget Council estimated that 214,900,000 of this total would be colected, and made appropriations in anticipation. This leaves a difference
of between $6,000,000 and $7.000,000 against which loans may be made."
PITTSBURGH. Allegheny County, Pa.
-FINANCIAL STATE-.
MENT AND TAX COLLECTIONS REPORT.
-The following data pertaining to the financial condition of the city and the present status of
tax collections has been prepared in connection with the yoroposed award
on Aug. 16 of $2,300,000 4X % bonds, described in V. 135, p. 848:•
Official Financial Statement June 30 1932.
Assessed values (estimated) 85% of real valuation:
Land
6588,692,810
Buildings
621.573,310
NEW MEXICO, State of (P. 0. Santa Fe).
-LOAN APPLICATION.
-A tentative request for 61,250,000 in direct emergency relief funds has
been made by Gov. Arthur Seligman in a telegram to George It. Cooksey,
,
Secretary of the Reconstruction Finance Corporation, acc..rding to news dispatches from Santa Fe on Aug. 2. The Governor is said to have explained
'Oat the request was only tentative and that when final rules and regulations for applications have been made, he may change the amount. The
request is reported to have been based on New Mexico's allotment.
according to population.
-LIST
NEWTON (P. 0. West Newton), Middlesex County, Mass.
OF BIDS.
-The following is a list of the bids received for the 8150,000
temporary loan sold on July 27 to the New England Trust Co., at $1.367%
discount basis.
-V. 135, p. 848.
Discount Basis.
BidderNew England Trust Co. (Successful bidder)
1.367%
Second National Bank (Plus $1 premium)
1.40T
Merchants National Bank
1.45°!
Faxon, Gade & Co
1.487
1.50
Rutter & Co
1.53
Salomon Bros. a: Hutzler
1.84 0
Newton Trust Co
Y.-$1,024,000 CITY BONDS PURCHASED AS
NEW YORK, N.
-Morris S. Tremaine, State
STATE SINKING FUND INVESTMENTS.
Comptroller, announced on Aug. 3 that a total of $1,024,000 bonds of the
city had been purchased during the last week of July for inclusion in the
investment account of the State's sinking funds. Mr. Tremaine stated
that the obligations had been obtained at prices ranging from 80 to 87,
yielding from 5.25 to 5.75%. The current acquisitions brought the holdTotal
$1,208,288,120
ings of city bonds by the State to $60.000,000 and marked the first occasion
*Net bonded debt outstanding
59,652,700
in soveral years that purchases of city bonds had been made by the State.
Bonds authorized, unissued
12,080,000
A dispatch from Albany to toe New ork "Herald Tribune" of Aug. 4
Bonds authorized since above date, unissued
300,000
further commented on the purchase as follows:
*Water works bonds, included in above
8,015.400
"We bought these bonds." Mr. Tremaine said, "because we considered
Amount in sinking fund
2,195,335
them very cheap, believing, as we do, that the market has definitely turned,
Water works sinking fund. included in above
271,741
and that there is to be a slow,steady rise in the price of high grade securities.'
Total floating debt. June 30 1932
2,788,871
Expressing confidence in New York City's fiscal policy and standing,
Net school debt. June 30 1932 (not included in above)
21,949,375
Mr. Tremaine said:
School tax rate, 1931-1932 per 21.000
11.75
"The attitude of Mayor Walker and the New York City government,
opulation, 1930 census, 669,817.
indicating a determination to cut expenseirand meet the economic situation,
* Above floating debt will be reduced $1,200,000 by sale of above sinking
means a great deal toward the credit of the city of New York, which has
fund bonds.
always balanced its budget for the last ten years, and. I believe, will conPittsburgh has never defaulted in payment of any of its obligations,
tinue to do so and keep that record up. That means public confidence in
either principal or interest.
the seculties of the city."
Budget Figures and Tax Collections Data.
A high official of the State Comptroller's office said that "behind this
Budget, 193r, $28.747,826; 1932, $25,057,088; reduction under 1931
purchase is the sound belief that Sew York hereafter will cut its cloth to fit
$3.690,538, or 12.8%.
the cost, and we are counting on the city to hold itself strictly within budget
Tax levy, 1931, 622,928,729; collections to July 1 1931, $15,124,736
requirements."
or 85.98%; 1932, $20,642,073; collections to July 1 1932, $12,425,818.
NEW YORK, N. Y.
-TEMPORARY BORROWINGS IN SLILY TOTAL 'or 60.19%.
Tax rate, 1931. per $1,000: Land, 225.50; buildings, $12.75; 1932, per
-The city borrowed a total of $16,785.000 in July through
$16.785,000.
$1,000: Land, $23,00; buildings, 611.50.
the sale of the following short-term issues; $10,000,000 6% special corporate
stock
stock notes, due March 15 1933, and $85.000 43 % special corporate
PITTSFIELD, Berkshire County, Mass.
-BOND SALE.
-The
notes, due July 15 1933: $3.000,000 5%% tax notes of 1932, due June 15
$25,000 coupon or registered water extension bonds offered on Aug. 11933. and 63,000.000 5t% special revenue bonds of 1932, also due June
V. 135, p. 848
-were awarded as 4s to E. H. Rollins & Sons, of Boston.
15 1933; also $700,000 5% certificates of indebtedness for the Independent
at a price of 100.51, a basis of about 3.82%. Dated Aug. 1 1932. Due
Rapid Transit Subway system, due on or before July 12 1935. Borrowings
$5,000 Aug. 1 from 1933 to 1937 incl.
of this nature by the city in June totalled $68,000,000, in addition to which
Bids received at the sale were as follows:
$2.676,000 5% certificates of indebtedness, due from 1933 to 1935, incl..
BidderInt. Rate, Rate Bid.
were issued.
-V. 135, p. 334.
E. H. Rollins & Sons (purchasers)
4
100.51
NORFOLK, Norfolk County, Va.-NOTE PAYMENT AND EXR. L. Day & Co
100.29
4
TENSION.
-The Norfolk "Virginian Pilot" of July 29 carried the followJackson & Curtis
100.03
ing account of a scheduled payment of maturing notes and the extension
Newton, Abbe & Co
100.68
of other notes:
Edward Lowber Stokes & Co
100.44
4
"The City of Norfolk will pay $450.000 in short-term notes out of a total
Chase Harris Forbes Corp
4%
100.35
$1,500,000 outstanding in New York, Aug. 5, and the remainder will be
of
First of Boston Corp. of Massachusetts
4
100.14
o
extended to Jan. 10, according to announcement yesterday by City TreasPORT ALLEGANY, McKean County, Pa.
-BOND SALE.
urer B. Gray Tunstall.
-The
26,000 5.60% coupon street improvement bonds offered on July 25Bankers
"This extension was reported to Mr. Tunstall yesterday by the
V. 135, p. 498
-were purchased by local investors. A block of $4000
Trust Co., of New York, where the notes are payable. The city will have
bonds was sold at a premium of $144, while a premium of $30 was realized
the funds available to pay off this 30% of the notes without difficulty.
on the remaining $2,000. Bonds are dated Aug. 1 1932 and mature $500
"Mr. Tunstall explained yesterday, in making the announcements, that
on Oct. 15 from 1933 to 1944 incl.
the city already had cut down its outstanding short-term obligations from
32.900.000 last year to 61,500.000 this year, and the payment of the
PORT OF NEW YORK AUTHORITY, N. Y.
-RECONSTRUCTION
$450,000 early next month would place the short-term obligations in a
FINANCE CORPORATION ASKED TO LOAN $75,000
.000FOR TUNNEL
comparatively easy position."
PROJECT.
-Application was made on Aug.3 to the Reconstruction Finance
Corporation for a loan of $75,000,000 to finance the construction of the
OHIO (State of)
-FOUR COUNTIES RECEIVE LOANS FROM REproposed 38th St., New York, vehicular tunnel across the Hudson River
CONSTRUCTION FINANCE CORPORATION.-Announcetrent was made
to Weehawken, N. J. The request was made under the terms of the
on Aug. 2 that the Reconstruction Finance Corporation had granted relief
Federal Unemployment Relief Act, which provided for a fund of $1,loans aggregating 2852,662 to the counties of Lorain, Mahoning, Stark
500.000,000 to be loaned by the Corporation to States, municipalities and
and Summit, repayable at 3% interest. The announcement appeared in
public agencies for the construction of self-liquidating prdects. The
text in the "United States Daily" of Aug. 5 as follows:
full
application was filed by Senator Robert F. Wagner of New York,sponsor
"The Board of Directors of the Reconstruction Finance Corporation
of the legislation; John F. Galvin, Chairman of the Port Authority Board,
to-day made available, at the request of the Governor of Ohio, under
and its chief counsel, Julius Henry Cohen. It was commented on in
Title I of the Emergency Relief and Construction Act of 1932.the amount
the New York "Times" of Aug. 3 as follows:
of 6852,662 for certain counties in Ohio.
'The tunnel loan application was the first of its type definitely known
"These funds are for the purpose of furnishing relief and work relief in
to have been filed. All such applications are held confidential by the
Lorain, Mahoning, Stark, and Summit counties and will meet the emerBoard until acted upon.
gency needs for periods of varying lengths falling within the remainder
"Senator Wagner said the loan was not sought in its entirety immeof the calendar year of 1932.
diately, but in annual installments of about $20,000,000 each.
"The amount is provided under appropriate agreements to be reimbursed
"'The tunnel is a perfect example of a sound self-liquidating pro ect,
to the Corporation with interest at the rate of 3% per annum. Of the
an example of the very type contemplated when the legislation was framed,'
total amount made available to Ohio. $131,245 will be expended for emerMr. Wagner said. "Starting this great enterprise will put men to work
gency needs in Lorain County, 8336,440 in Mahoning County, $334,977
and pout into effect a public utility very much needed by New York City.
in Stark County, and $50,000 in Summit County."
The Holland Tunnel has done splendidly, but its capacity is being
OKLAHOMA,State of(P.O.Oklahoma City).
-BOND PROPOSAL.
extended and another under-river artery is required.'
,
State Secretary Sneed has recently held sufficient as to form an initiated
"It was recalled in connection with the application that this project
petition for the issuance of 615,000,000 in highway bonds, thus virtually
was one of a dozen or so used as examples of how money could profitably
clearing the way for submission, according to Oklahoma City news reports
be lent to provide employment when relief legislation was under conIt is stated that at a later conference with attorneys he will examine the
sideration. It was included in a list compiled by J. Cheever Cowdin,
petition as to handwriting. If approved,it will go on the November general
New York banker, who was most active in obtaining Congressional conelection ballot. The petition was initiated in 1930, but was protested and
sideration of self-liquidating protects.
was not placed on the ballot in that year, according to report.
"Under the terms of the relief Act an acceptable project is one that
will provide immediate employment and for which there is such an evident
-LOAN
ORLEANS LEVEE DISTRICT (P. 0. New Orleans), La.
demand that the revenue to be derived from it is certain to provide funds
APPLICATION. The Orleans Levee Board at a special meeting on July 28
both for interest payments and amortization of the corporation loan within
authorized an a ..lication to the Reconstruction Finance Corporation for a
a reasonable time.
loan of $4,100,11 1 to liquidate outstanding warrants and certificates of
In a statement issued on Aug. 5, Chairman Galvin explained that the
indebtedness totaling $1,000,000 and to finance airport construction and
loan had not formally been applied for, although notice of the intention to
improvements.
do so had been filed with the Corporation. Formal application will not
-BONDS PUBLICLY
PASSAIC COUNTY (P. 0. Paterson), N. J.
be made pending conferences between a committee for the Corporation
-A syndicate composed of B. J. Van Ingen & Co., Inc.; George
OFFERED.
and one representing the Port Authority, as to the terms and conditions
B.Gibbons & Co.,Inc., both of New York; C.P. Dunning & Co.of Newark,
under which the borrowing will be done.
and C. A. Preim & Co. of New York made public offering on Aug.4 of $2,
PORTLAND, Cumberland County, Me.
-BOND SALE.
-The
685,000 6% bonds, issued for park, road, bridge and county building pur$200,600 4% coupon permanent impt. bonds offered on Aug 2-V. 135.
poses, at prices to yield 5.60%. The bonds are dated June 1 1932 and ma-were awarded to the Shawmut Corp.of Boston,at a pride of 100.459,
p.848
ture serially on June 1 from 1933 to 1978 incl. Coupon bonds in denoms.
a basis Of about 3.96%. Dated Aug. 1 1932. Due $10,000 on Aug. 1
of $1,000, rwisterable as to both principal and interest. Payable as to
from 1933 to 1952 incl. Bids received at the sale were as follows:
both principal and interest (June and December) at the First National
Volume 135
Financial Chronicle
BidderRate Bid.
Shawmut Corp.(successful bidder)
100.459
First of Boston Corp. of Massachusetts
100.219
Second National Bank of Boston
100.061
Fidelity-Ireland Corp., Portland
99.89
Graham,Parsons & Co.and Timberlake. Estes & Co.,jointly
99.377
H. W. Briggs & Co. and Bancamerica-Blair Corp.. jointly
99.20
Maine Securities Corp.and F. S. Moseley &
jointly
99.10
Estanrook & Co. andRastern Trust & Banking Co., Jointly
99.06
Chase Harris Forbes Co
98.90
Guaranty Company of rpNew York
98.81
E. H. Rollins & Sons
98.77
R.L.Day & Co
98.079
RACINE, Racine County, Wis.-BOND SALE CONTEMPLATED.
-A resolution was recently approved providing for the issuance of $51,000
in refunding bonds. Interest rate to be named by the bidder. Denom.
31.000. Dated Sept. 1 1932. Due on Sept. 1 as follows: $4,000, 1935 to
1940; $5,000, 1941 to 1944. and $7,000 in 1945.
RALSTON, Douglas County, Neb.-BOND SUIT FILED.
-A
suit to enjoin the issuance and sale of $97,000 worth of bonds to build a
municipal electric light plant is reported to have been filed recently in the
District Court.
RANDOLPH, COLD SPRING, CONEWANGO, NAPOLI AND
POLAND (Towns of) CENTRAL SCHOOL DISTRICT NO. 1 (P. 0.
Randolph), N. Y.
-BOND SALE CORRECTION NOTICE.
-The issue
of$145,000 coupon or registered school bonds offered on July 26 was awarded
as 65. at a price of 100.298, to the Marine Trust Co. of Buffalo, and not
to the M.& T. Trust Co. of Buffalo, as inadvertently reported in V. 135,
p. 849. This latter company bid a price of 100.089 for the issue at 6%
Interest. • The bonds are dated Jan. 1 1932 and mature on Jan. 1 from 1953
to 1962 incl.
RANKIN SCHOOL DISTRICT, Allegheny County, Pa.
-BOND
SALE.
-The *35.000 school bonds offe-ed on July 27-V. 135. p. 335
wore awarded as 5s to Singer, Deane & Scribner of Pittsburgh. Price paid
not disclosed. Dated July 1 1932 and due July 1 as follows: $1.000. 1935:
'402,000, 1936; $1,000. 1937: ¶2000, 1938 to 1943: $4.000. 1944: $2.000 from
1945 to 1951, and $1,000 in 1952. Bids were oho submitted by the First
National Bank of Braddock and Glover & MacGregor. Inc.. of Pittsburgh.
RED LAKE FALLS, Red Lake County, Minn.
-BOND SALE.
The $79,000 issue of refunding bonds offered for public subscription on
June 11-V. 135. p. 665
-is reported to have been purchased by V. W.
Brewer & Co. of Minneapolis as 6s at par. Dated June 1 1932. Due
from June 1 1934 to 1961, optional on any interest paying date.
RICHMOND COUNTY (P. 0. Augusta), Ga.-BOND OFFERING.
Sealed bids will be received until noon on Aug. 15 by Lawton B. Evans,
Secretary of the County Board of Education, for the purchase of a $250,000
coupon or registered school bonds. Denom. $1,000. Dated
Issue of 4,X %
Jan. 1 1930. Due on Jan. 1 as follows: $20.000. 1933 and 1934; $5,000,
1935 to 1938; $6,000. 1939 to 1942; $7.000, 1943 to 1947; 38,000, 1948 to
1951: $10.000, 1952: $11,000. 1953; 310,000, 1954; ¶11.000, 1955 and
$12,000, 1957; $11,000, 1958; $12,000, 1959, and $11.000 in 1960. 1956;
The
County Board of Education will also receive alternative bids as follows:
For $10,000 bonds maturing Jan. 1 1933 and 1934. and for $210,000 bonds
maturing Jan. 1 1935 to 1960 incl., in amounts as specified above. Bidders
shall be permitted to bid for either all of said bonds or upon either or both
of the alternate offerings. The above board agrees to issue no additiond
bonds of this series within a period of 12 months of the present issue.
Prin. and int. (J. & J.) payable at the County Treasurer's office, the
Georgia Railroad Bank & Trust Co., of Augusta, or at the Guaranty
Trust Co. in New York. The bonds have been validated by the Superior
Court of Richmond County, and will be prepared under
of and certified as to genuineness by the First National the supervision
Bank of Boston.
The approving opinion of Storey, Thorndike, Palmer & Dodge of Boston,
will be furnished. No bid will be accepted for less than par and accrued
interest to date of delivery on any of the three offerings described.
Bids
are desired on forms which will be furnished by the First National Bank
of Boston, or the above Secretary. A certified check for 2% of the par
value of the bonds bid for, payable to the County Board of Education,
is required.
RIDLEY TOWNSHIP (P. 0. Folsom), Delaware County,
BOND OFFERING.
-L.F. Garling, Township Secretary, will receive Pa.
sealed
bids until 8 p. m. on Aug. 26 for the purchase of $35,000
% bonds,
In 30 years, optional in 10 years. Denom. $1,000. A certified checkdue
for
$700 must accompany each proposal.
SACRAMENTO HIGH SCHOOL DISTRICT (P. 0. Sacramento),
Sacramento County, Calif.
-BOND SALE.
-The Capital National
Bank of Sacramento is reported to have purchased $740,000 In
ann. school bonds, paying a premium of $25, equal to 100.003, a % semiabout 4.49%. These bonds are said to be the remaining portionbasis of
of the
$1,146,000 issue of school bonds which were partially sold on
April 4V. 134, p. 2771. Denom. 51.000. Dated Jan. 1 1932. Due on
July 1
as follows: $10,000 1933 to 1936: $50,000, 1937 to 1940; $65,000,
1941
1944, and $60,000 in 1945 and 1946. Prin. and int. (J. & J.) payable to
at
the office of the City and County Treasurer. Legality
approved by
Orrick, Palmer & Dahlquist of San Francisco.
BONDS OFFERED FOR INVESTMENT-Dean Witter & Co. and R.
H.
Moulton St Co., both of San Francisco, are offering for public
the above bonds at prices to yield from 2.50% on the earliestsubscription,
maturity to
4.40% for the 1946 maturity.
MATURITY.
-We are also informed that the $406,000 4 X % semi-ann.
school bonds that were previously purchased at par by a syndicate
headed
by the National City Co. of California
-V. 134, p. 2771-are
July 1 as follows: $60,000. 1947 and 1948; $50,000, 1949 to 1952; due on
¶29.000,
1953 and 1954, and $28,000 in 1955.
ST. JOSEPH, Buchanan County, Mo.-BOND OFFERING.
-Sealed
bids will be received until 5 p. m. on Aug. 16, by T. M.
Comptroller, for the purchase of an issue of $100,000 434%Langmuir, City
ing bonds. Denom. $1,000. Dated Sept. 1 1932. Due coupon refundon Sept.
follows: $6,000. 1937 to 1944: $7,000, 1915 to 1951, and 33,000 in 1 as
Prin. and int.(M.&S.) payable at the Guaranty Trust Co. In New 1952.
Legality to be approved by Chapman & Cutler of Chicago. Bids York.
subject
to time for priming and for registration with the State Auditor. The
will pay attorney's fee and will print the bonds. A certified check for city
the issue is required. Delivery to be made only when and as bonds 2%
of
being
refunded are presented for payment and cancelled.
ST.JOSEPH COUNTY(P.O.South Bend),Ind.
-NOTE OFFERING.
-prod P. Crowe, County Auditor, will receive sealed bids until 10
a. m.on
Aug._9 for the purchase of ¶175,000 5% poor relief notes, due
on May and Nov. 15 1933. A certified check for 3% of thesemi-annually
notes bid for,
payable to the order of the Board of County Commissioners, must
accompany each proposal. The approving opinion of Matson,
Clifford of Indianapolis, will be furnished the successful Ross. McCord &
bidder.
SALEM, Marion County, Ore.
-PRIVATE SALE CONTEMPLATED.
-We are informed that the $30,389.98 issue of 6% semi-annual improvement bonds offered for sale without success on July 18-V. 135, p. me_
will probably be offered at private sale if arrangements can be made to
dispose of them at par as required by law.
SAN LUIS VALLEY IRRIGATION DISTRICT (P. 0. Saguache),
Saguache County,(Colo.-BOND RETIREMENT
.-The County
urer announces that he has funds on hand to pay 20% of each $100 ofTreasbonds
due June 1 1932 and 33 1-3% of each coupon due on June 1 1932. Bonds
and coupons should be addressed to him.
SANDUSKY, Erie County, Ohio.
-BOND SALE.
-The $44.000
portion improvement bonds offered on Aug. 1-V. 135, p. 499 city's
-were
awarded as 534s to the McDonald-Callahan-Richards Co. of Cleveland, at
a price of 100..72. a basis of about 5.35%. Dated Aug. 1 1932. Due Feb. 1
follows: $4.000 in 1934. and $5,000 from 1935 to 1942 incl.
as
The following is an official list of the bids receivedg tRa s
i. heteale:
BidderRate Bid.
McDonald-Callahan-Richards Co.(successful bidder)
100.72
Ryan, SutherlandCo.. Toledo
5
Widmann, Holzman & Katz, Cincinnati
534
101.'21
55
Breed & Harrison, Cincinnati
100.18
Braun, Bosworth & Co.. Toledo
5
5
Cincinnati
N. S. Hill & Co.,
101.89
10 69
° 43
0
°
Seasongood & Mayer, Cincinnati
100.45
Otis & Co., Cleveland
100.30
13ancOhlo Securities Co., Columbus
100.30
1029
SCARSDALE COMMON SCHOOL DISTRICT NO. 2 (P. 0. Scarsdale), Westchester County, N. Y.
-BOND SALE.
-The
or registered school bonds offered on Aug.3-V. 135. p. 849$20,000 coupon
--were awarded
as Ws to the Scarsdale National Bank & Trust Co. of Scarsdale at a price
of 100.10, a basis of about 5.74%. Dated Aug. 10 1932. Due $1,000 on
Aug. 10 from 1933 to 1952 inclusive.
SCHUYLER COUNTY (P.O. Watkins Glen), N. Y.
-BOND SALE.
C. E. Haeger, County Treasurer, reports that Batchelder & Co. of New
York, purchased on July 30 an issue of $74,000 highway bonds as 534s. at a
price of 100.66, a basis of about 5.18%. Dated Aug. 1 1932. Denom.
$1.000. Due Aug. 1 as follows: $5,000 in 1935; 31,000, 1936; $2.000. 1931
to 1948 $7,000, 1949 to 1951; 315.000 in 1952, and $7,000 in 1953. Interest is payable in February and August. Legal opinion of Reed, Hoyt &
Washburn of New York.
SEATTLE, Kinc County, Wash.- WARRANT NEGOTIATIONS.
It is reported that by an agreement with local banks 8500,000 in pay warrants are being issue i to reimburse some of the city employees, the first
payment since May 10.
SHERIDAN COUNTY (P. 0. MeClusky), N. Dak.-CERTIFICATB
SALE.
-The three issues of certificates of indebtedness aggregating $15,000,
offered for sale on July 26-V. 135, p. 665
-were purchased by the First
National Bank of McClusky at 7%. The issues are as follows: 38.000
general fund $4,000 insane fund, and $3,000 poor fund certificates.
There were no other bidders for the certificates.
SHERIDAN COUNTY SCHOOL DISTRICT NC.29(P.O. Outlook),
Mont.
-BOND SALE DETAILS.
-The $5,000 issue of school building
bonds that was reported sold at par to the State k and Board-V. 135, p.
499
-bears int. at 6%. Coupon bonds in denores. of $5,000. Dated March
15 1932. Due in 20 years, optional before maturity. Int. payable AI. & S.
SOMERVILLE, Somerset County, N. J.
-BONDS NOT SOLD.
The two issues of 5% coupon or reglsered bonds aggregating $133,000
offered on Aug. 1-V. 135, p. 665
-were not sold, as no bids were received.
The offering consisted of $73 000 capital impt. bonds, due from 1934 to
1948 incl.. and $60,000 ass starent bonds. due from 1933 to 1937 incl. Each
issue is dated Sept. 1 1932.
SOUTH BEND, Pacific County, Wash.
-BOND ELECTION.
-1tIs
reported that at a primary election to be held on Sept. 13 the voters will be
asked to pass on a proposal to issue about $35,000 in warrant refunding
bonds. This proposal was approved by the voters in 1931 but was later
declared invalid.
SOUTHINGTON.Hartford County,Conn.
-BONDS ACrTTIORIZRD.
-An issue of $150.000 bonds has been authorized for the purpcse of paying a
similar amount of notes which mature on Sept. 1 1932. The bonds, it was
said, will bear interest at 4 X% and may be sold at a price of 98 to the Travelers Bank & Trust Co. of Hartford. Due $5,000 annually for a period of
30 years.
SPENCER INDEPENDENT SCHOOL DISTRICT (P. 0. Spencer),
Clay County, Iowa.-BOAI'D DETAILS.
-The $5,000 issue of refunding
school bonds that was reported sold-V. 135,_p. 849-was purchased by
Geo. M. Bechtel & Co. of Davenport as 55. Due on Nov. 1 as follows:
$1,000 in 1938 and $2,000 in 1939 and 1940.
SPRINGFIELD, Hampden County, Mass.
-BOND SALE -The
¶200.000 3 X% coupon or registered Westfield Little River Water System
bonds offered on Aug.2-V.135, p.849
-were awarded to Estabrook & Co.
of Boston, at a price of 102.67, a basis of about 3.54%. Dated Aug.
Due Aug. 1 as follows: $4,000 from 1933 to 1938 incl.; 25.000, 1939 1 1932.
56,000, 1944 to 1948; $7,000, 1949 to 1951; $8,000, 1952 to 1955;to 1943:
39,000,
1956 to 1958: $10.000, 1959 to 1961. and $11,000 in 1962. Public reoffering of the bonds is being made at prices to yield 3.00% for the 1933
maturity; 1934. 3.25%; 1935. 3.35%; 1936, 3.40%; 1937 to 1948 incl.:
3.45% and 3.50% for the 1949 to 1962 maturities. Bids received at the
sale were as follows:
BidderRate Bid. Bidder
Rate Bid.
Estabrook & Co. (successful
R L.Day Sr Co
102.09
bidders)
102.67 F. S. Moseley & Co
101.858
Shawmut Corp
102.558 Chase Harris Forbes Corp_ _ _101.82
Springfield National Bank_ _ _102.31 I Jackson & Curtis
101.771
SPRING SCHOOL DISTRICT (P. 0. Salinas) Monterey County,
-BONDS NOT SOLD.
Calif.
-The $15,000 issue of 5% semi-ann. scnool
bonds offered on July 22-V. 135. p. 665
-was not sold as there were no
bids received. Due from 1933 to 1951.
STEUBENVILLE, Jefferson County, Ohlo.-BOND OFFERING.BOND ISSUE AWARDED.
-J. A. Cartledge, City Auditor, will receive
sealed bids until 12 m.on Aug. 15for the purchase of ¶31.5006% emergency
poor relief bonds. Dated Sept. 15 1932. One bond for $500, others for
$1,000. Due Sept. 15 as follows: $6,000 from 1933 to 1935 incl. $6,500
In 1936, and 57.000 in 1937. Prin. and int.(M. & S.) are payable at the
office of the City Treasurer. Bids on the basis of an interest rate other than
6% will also be considered. A certified check for 1% of the amount bid,
payable to the order of the City Treasurer, must accompany each proposal.
Legal opinion of Squire, Sanders & Dempsey of Cleveland.
BOND SALE.
-The issue of $23,000 recreation building bonds offered on
July 28-V. 135, p. 499
-was awarded as 6s to the BancOhlo Securities
Co. of Columbus, at par plus a premium of $32.20, equal to 100.14, a basis
of about 5.97%. Dated Aug. 11932. Due Oct. 1 as follows: $2,000from
1933 to 1942 incl., and $3,000 in 1943.
SUFFOLK COUNTY (P. 0. Riverhead), N. Y.
-BONDS AND
NOTES AWARDED.
-The issue of $200,000 series C tax anticipation
notes offered on Aug. 3-V. 135, p. 849
-was awarded to the Riverhead
Savings Bank of Riverhead at a price of par at 2.60% interest. Dated
Aug. 1 1932 and due Dec. 1 1932. The $150,000 emergency relief bonds
offered at the same time were awarded as 434s to Lehman Bros. and
R. W. Pressprich & Co., both of New York, jointly, at par plus a premium
of $25. equal to 100.01, a basis of about 4.74%. Dated Aug. 1 1932 and
payable on Aug. 1 1933. Public re-offering of the bonds is being made
on a yield basis of 4% to investors.
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 Aug.8 for the purchase
of $190,500 not to exceed 6% Int. poor relief bonds. Dated Aug. 1 1932.
Due March 1 as follows: $34,000 in 1934: $36,000, 1935 $38.000. 1936
$40,000 in 1937. and $42,500 in 1938. Prin. and int.(M.& 8.) are payable
at the office of the County Treasurer. A certified check for 2% of the
bonds bid for, payable to the order of the Board of County Commissioners,
mast accompany each proposal. Each bid must be on the basis of Akron,
Ohio. delivery. (At an offering on June 17 of $200,000 6% poor relief
bonds the county failed to receive a bid.
-V. 134, p. 4696.)
SUNFLOWER COUNTY (P. 0. Indianola), Miss.
-BONDS NOT
SOLD.
-The $40,000 issue of not to exceed 6% semi-ann. refunding bonds
offered on Aug. 2-V. 135. p. 499
-was not sold as there were no bids
received. Dated Oct. 1 1932. Due in from 1 to 25 years.
SUNNYSIDE SCHOOL DISTRICT (P.O. Yakima) Yakima County,
Wash.
-BONDS VOTED.
-It is reported that at an election held
July 16:he voters approved a proposal to issue $17,000 in school bonds. on
SYRACUSE, Onondaga County, N.'1.
-NOTE SALE
.-F. S. Moseley & Co. of New York were the successful bidders for an issue of$1,000,000
tax anticipation notes for which bids were asked on Aug. 2. naming an
int, rate of 2.45%, plus a premium of $10. Dated Aug. 3 1932 and due
on Nov. 3 1932. Payable at the Chase National Bank of New York.
Legal opinion of Caldwell & Raymond of New York. A bid of par for the
notes at 2.70% int, was made by R. W. Pressprich & Co. of New York.
TEANECK TOWNSHIP SCHOOL DISTRICT (P. 0. Teaneck),
Bergen County, N. J.
-BONDS NOT SOLD.
-The district failed to receive
a bid in response to its request for tenders until July 29 for the purchase
of the bonds In the amount of either $850,000. 2610,000 or $240,000V. 135, P. 499. Bidders were asked to name the rate of interest within
a limit of 6%.
TEXAS, State of (P. 0. Austin).
-BONDS REGISTERED.
-The
following minor issues of bonds were registered by the State Comptroller
during the week ending July 30:
$1,000 5% Denten, County Cons. S. D.No.81 bonds. Denom.$100. Serial.
1,500 5% Anderson Cty. Cons. S. D. No. 1 bonds. Denoms. $100. Serial.
1,000 5% Hunt County CODS. S. D. No. 36 bonds. Denoms. $50.. Serial.
1,200 5% Ellis County Cons. S. D.No.75 bonds. Denom.$60. Serial.
1030
Financial Chronicle
-Complying
TEXAS, State of (P. 0. Austin).
-TAX RATE FIXED.
with a statute of the special legislative session, the State Automatic Tax
Board on July 26 fixed the State tax rate at 69 cents, compared to 74 cents
in the previous year, a decrease of 5 cents. It lir stated that a deficit of
$5,800,000 in the general fund looms for Aug. 31 1933.
WARRANTS CALLED.
-It is reported that Charles Lockhart, State
Treasurer, is calling for payment $1,050,000 in general revenue warrants,
regardless of whether or not they have been discounted.
-The
TOLEDO Lucas County, Ohio.
-BONDS AUTHORIZED.
City Council has adopted an ordinance providing for the issuance of
$1.214,500 6% refunding bonds, to take up issues maturing this year.
The refunding bonds will be dated Sept. 1 1932 and mature Sept. 1 as
follows: $134,500 in 1934 and $135,000 from 1935 to 1942 incl. Denom.
(M.& S.) to be payable at the Chemical
$1.500 and $1,000. Prin. and!.
Bank & Trust Co. of New York.
-The $245,000 coupon
-BOND SALE.
UTICA, Oneida County, N. Y.
-were awarded as 4s to Phelps,
bonds offered on Aug.2-V.135. p.850
Fenn & Co. of New York, at a price of 100.24, a basis of about 4.20%.
The award comprised:
$125,000 revenue bonds. Due $25.000 on Aug. 15 from 1933 to 1937 incl.
120,000 paving and resurfacing bonds. Due $6,000 on Aug. 15 from
1933 to 1952 incl.
Each issue is dated Aug. 15 1932. Public reoffering of the bonds is being
made at prices to yield from 3 to 4.05%, according to maturity.
Bids received at the sale were as follows:
Prem.
Int. Rate.
Bidder$588.00
Phelps, Fenn & Co. (successful bidder)
4
340.55
Roosevelt & Son
431
686.00
Salomon Bros. & Hutzler
4.40%
392.00
Batchelder & Co. and Rutter and Co
4.40°
f
63.70
4.40%
M. & T. Trust Co
-At
VERONA, Allegheny County, Pa.
-BONDS AUTHORIZED.
election held on July 26 the voters approved of an issue of $200,000
an
refunding bonds by a count of 422 to 38. In connection with the issue,
it is reported that the borough has an assessed valuation of $3,637.850,
while the present bonded debt amounts to $221,242.
VICKSBURG, Warren County, Miss.
-MA TURITY.-The $5,000
loan warrant that was purchased by the First National Bank & Trust Co.
of Vicksburg, at 5%-V.135, p. 850
-is due on Feb. 151933.
-TEMPORARY LOAN.
WALTHAM, Middlesex County, Mass.
H. W. Cutter, City Treasurer, reports that the $200,000 temporary loan
issue offered on Aug. 2 was awarded to Faxon, Gade & Co. of Boston
at 4.95% discount basis. Dated Aug. 2 1932 and due on Jan. 10 1933.
Legality approved by Storey, Thorndike, Palmer & Dodge of Boston.
The Waltham National Bank purchased at the same time a block of$100,000
revenue anticipation notes of an issue of $200,000 at 5.27% discount basis.
-LOAN APPLICATION.
WASHINGTON, State of (P. 0. Olympia).
-Governor Roland H. Hartley on Aug. 4 applied to the Reconstruction
Finance Corporation for a maximum loan of $35,000,000 for relief purposes
in the State.
-The
-BOND SALE.
WAYNE COUNTY (P. 0. Wooster), Ohio.
$23,750 6% coupon poor relief bonds offered on July 28-V. 135, P. 500
were awarded to Ryan. Sutherland & Co., of Toledo, at par plus a premium
of $91, equal to 100.38, a basis of about 5.89%. Dated July 15 1932.
Due March 1 as follows: $4.250 in 1934 $4,500 in 1935 $4,750 in 1936,
and $5,000 in 1937 and 1938. Bids received at the sale were as follows:
Premium.
$91.00
Ryan, Sutherland & Co. (successful bidders)
90.00
Wayne County National Bank, Wooster
Par
Assel, Goetz di Moerlein, Cincinnati
76.00
Davies
-Bertram Co., Cincinnati
44.65
BancOhlo Securities Co.,.Columbus
58.30
Widmann, Holzman & Katz, Cincinnati
-Sealed
WELLESLEY, Norfolk County, Mass.
-LOAN OFFERING.
bids addressed to the Town Treasurer will be received until 12 in. on Aug.8
for the purchase at discount basis of a $100,000 temporary loan, to mature
March 1 1933.
WEST ORANGE, Essex County, N. J.
-BOND OFFERING.-Tionald
C. Alford, Town Clerk, will receive sealed bids until 8;15 p.m. (daylight
saving time) on Aug. 16 for the purchase of$695.0005.534 or 6% coupon
or registered bonds, divided as follows;
$469,000 sewer bonds. Due Aug. 1 as follows: $10,000 from 1034 to 1956
incl.; $15,000 from 1957 to 1971 incl., and $14,000 in 1972.
226.000 assessment bonds. Due Aug. 1 as follows; $25,000 from 1933 to
1936 incl.; 530.000 from 1937 to 1939 incl.. and $36.000 in 1940,
Each issue is dated Aug. 1 1932. Denom. $1,000. Principal and int.
(April and October) are payable at the First National Bank, West Orange.
No more bonds are to be awarded than will produce a premium of $1,000
over the amount of each issue. Bidders are required to submit a separate
certified check for each issue bid for in an amount equal to 2% of the bonds,
payable to the order of the town. The approving opinion of Hawkins.
Delafield & Longfellow, of New York. will be furnished the successful
bidder.
WEST READING,Pa.
-BOND SALE.-!). C. Wagner, Borough Secretary,states that following the failure to receive a bid for the issue of 145,000
land condemnation bonds offered on Aug. 2, arrangements were made for
the sale of the issue at par to the Delta Finance Corp. of Reading. Mr.
Wagner reports that the assessed valuation for 1932, based on 40% of real
value, is $5,746,740. and that a sinking fund of $1,000 reduces the bonded
indebtedness to $392.700. In addition, there are outstanding $37,000 tax
anticipation notes. The tax rate of the borough per $1.000 is 13 for the
county $5, and $14 for schools.
-FINANCIAL
WEST SPRINGFIELD, Hampden County, Mass.
REPORT.
-Henry E. Schmuck. Town Treasurer, reports that collections
up to July 26 1932 on behalf of the tax levy for 1931 reached 92.4% of the
total levy. There are no taxes for 1930 or prior years outstanding, while
tax liens held by the town amount to only $1,434. The current bonded
debt totals $1.246,100. as compared with $1,364,600 on Jan. 1 1932.
-BOND PURCHASE
WILKES COUNTY (P. 0. Wilkesboro), N. C.
PROPOSED.
-The County Commissioners are reported to have proposed
that a $32,500 issue of refunding bonds be purchased by local investors.
WINDSOR AND COLESVILLE CENTRAL SCHOOL DISTRICT
-At an election to
NO. 1 (P. 0. Windsor), N. Y.
-BOND ELECTION.
be held on Aug. 20 the voters will pass upon a proposed $150,000 school
construction bond issue.
-The issue of
WOOSTER, Wayne County, Ohio.
-BOND SALE.
$3,157.43 6% sanitary sewer construction bonds unsuccessfully offered
-was purchased subsequently, at par, by
on June 13-V. 134, p. 4697
the Holmes Construction Co., of Wooster. Dated July 1 1932. Due
Oct. 1 as follows: $457.43 in 1933. and $300 from 1934 to 1942 incl.
-BONDS REGISTERED.
YOUNG COUNTY (P. 0. Graham), Tex.
On July 27 the State Comptroller registered a $44,000 issue of 54% courthouse refunding bonds. Denom. $1,000. Due serially.
CANADA, its Provinces and Municipalities
-H. Golder.
LAVAL SUR LE LAC, Que.-BONDS NOT SOLD.
Secretary-Treasurer, informs us that the issue of $25,000 improvement
-was not sold.
bonds offered on July 25-V. 135, p. 500
-D. L. Lippe. Clerk, will
MEGANTIC, Que.-BOND OFFERING.
receive sealed bids until Aug. 15 for the purchase of $56,000 6% bonds,
divided 118 follows;
$30.000 hydro-electric plant enlargement bonds. Dated July 1 1932 and
due on July 1 from 1933 to 1940 incl.
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.
-The issue of $30,000 6% bonds
NORANDA, Que.-BOND SALE.
offered on July 25 (V. 135. P. 666) was purchased by the Noranda Mines
Co. of Noranda at a price of 92.50. Dated Sept. 1 1932. Due serially
in from 1 to 15 years.
NORTHUMBERLAND AND DURHAM (United Counties of), Ont.-The following is a list of the bids received for the $320,LIST OF BIDS.
159.96 6% improvement bonds awarded on July 27 to the Dominion
Aug. 6 1932
Securities Corp., of Toronto, at 100.179, a basis of about 5.97%-V. 135,
p.850.
Rate Bid.
Bidder100.179
Dominion Securities
100.175
Bank of Toronto
99.93
J. S. Fergie & Co
99.29
A. E. Ames & Co
99.29
Bell, Gouinlock & Co
99.29
H. R. Bain & Co
99.27
Wood, Gundy & Co
99.27
Harris, MacKeen & Co
98.11
McLeod, Young Weir & Co
J. L. Graham & Co., and C. H. Burgess & Co. bid 99.01 for $120,000.
option on rest at same price, bid 98.57 for whole block, Gairdner & Co.,
'
option 98.00.
ONTARIO (Province of).
-SHORT-TERM FINANCING PROPOSED
FOR RELIEF PURPOSES.
-Premier George S. Henry has announced
that legislation will be introduced at the next session of the Provincial
Legislature to permit municipalities to raise funds for direct relief purposes
through the issuance of short-term obligations, according to the "Monetary
Times" of Toronto of July 29, which continued as follows:
"The Government's action follows representations from a number of
municipalities which claimed they were unable to meet their share of
direct relief costs out of current revenue because of present financial.conditions. Discussions with the recently created Ontario Municipal Board
resulted in the Government's decision to introduce the bill next winter.
"Applications will be made by the municipality which desires to issue
the debentures. The Board will consider the application and the municipality's financial and credit condition before permission will be granted
for issuance of the bonds under the new legislation. The authority will
be given only in cases where the Board fells that the municipality's financial
condition warrants it."
ONTARIO (Province of).
-POWER PROJECT TO BE OBTAINED
THROUGH ISSUANCE OF $18,000.000 BONDS.
-Premier George S.
Henry in a statement made public recently gave details of a transaction
under way whereby the Hydro-Electric Commission will obtain title to the
Abitibi Canyon power project through the exchange of $18,000,000 bonds
of the Province for $20,000,000 outstanding bonds of the Ontario Power
Service Corp., Ltd., which is entirely controlled by the Abitibi Power &
Paper Co., Ltd. The statement, published in the Toronto "Globe" of
July 25, gave details of the contract entered into between the Hydro'.
Electric Power Commission of the Province and the aforementioned Service
Corp. for construction and development of the project. It went on to say
that the Province has agreed to the assumption of the project upon the
request of the Service Corp. which has announced that it has not the finances
to complete the development because of the inability of the Abitibi Power &
Paper Co. to supply any part of the funds it agreed to furnish in connection
with the project. This latter company is handicapped because of the present
unsatisfactory condition of the newsprint industry. The plan, it was said,
depends upon the willingness of the holders of at least 90% of the Ontario
Power Service Corp. bonds to agree to the exchange. The statement continued as follows with respect to the nature of the exchange, which, It is
said, will result in a considerable sacrifice on the part of the holders of the
company's bonds:
•
In Ally 1930 Ontario Power Service Corp, Ltd., issued $20,000,000
20
-year bonds bearing interest at 5%%. The bonds were underwritten at
90, netting approximately $18,000,000, which was paid to the Montreal
Trust Co., as trustees, to be paid out for construction and interest during
construction, and Abitibi Power & Paper Co., Ltd., covenanted with the
trustee to furnish any additional moneys which might be required to fully
complete the development. The work is nearing completion, but it will
cost approximately two and a half million dollars in addition to the moneys
still in the trustee s hands to complete the work.
"Owing to the position of the newsprint industry, the Abitibi Power &
Paper Co., Ltd., is unable to supply any part of the moneys it agreed to
furnish. It has made default in its bond interest, thus a serious situation
has developed.
"Under these circumstances Ontario Power Service Corp.. Ltd., requested
the Government to consider some plan for assisting the company or for
taking over and completing the work on behalf of the Government, and
for some time the matter has been given serious thought by the Government
and the Hydro-Electric Power Commission of Ontario.
"The Government and the Commission consider that it is most important
that the development should be completed, and the Government with the
approval of the Commission has finally decided as the most convenient way
of getting title to the property to offer to the bondholders S18,000,000 of the
-year debentures in exchange for the $20.000,000 of outCommission's 20
standing bonds of the company, subject to the condition that 90% of the
issued bonds of the company are deposited for exchange.
"The debentures of the Commission will be dated Oct. 11032 and instead
of bearing interest at 535% payable in Canadian or American funds, will be
,
payable in Canadian funds only, will bear interest at 33 % for five years:
,
5
4M% for five years, and 5% for ten years, with the right of the Commission
to redeem on any interest day at par. These debentures will be guaranteed
by the Province
To Acquire Title.
"If a sufficient number of the company's bonds are exchanged, the
Commission will be able by any necessary legal proceedings to acquire
complete title to the property thereafter. It is intended that the Commission
will transfer the property to the Province, but will continue to manage it
on behalf of the Province.
"The Government rejected proposals that it should advance moneys to
the company to enable it to complete on the security of second-mortgage
bonds or any subordinate security, believing that the property should be
owned by the Province outright.
"The plan proposed involves a considerable sacrifice on the part of the
bondholders, but the Government has been in touch with a large number
of local bondholders, or their representatives, who have finally indicated
their willingness to accept the proposed exchange and to advise other
bondholders.to do so.
"The details to carry out the exchange are now being worked out by
G. T. Clarkson and Strachan Johnston, K. C., and a public advertisement
will shortly appear. giving the bondholders full information as to the steps
to be taken to give effect to the exchange."
PENETANGUISHENE, Ont.-BOND SALE.
-J. L. Graham & Co.
of Toronto recently purchased $25,000 6%, improvement bonds at a price
of 97.756. of which $20.000 mature in 21) years and $5.000 in 10 years.
-LOAN OF $9.000.000 OBTAINED.
QUEBEC (City of).
-It was
reported on Aug. 4 that the city had obtained a loan of $9,000,000 from.
the Bank of Montreal and the Banque Canadienne Nationale.
TORONTO, Ont.-GROSS BONDED DEBT TOTALS $188,039,040.
The annual report cf George Wilson. Commissioner of Finance, shows that
the city has a gross funded debt of $188.039,040, comprising sinking fund
issues of $51.138,720 and installments bonds of $136,900,320, according
to the "Financial Post" of Toronto of Aug. 4, from which the following
remarks are taken:
"Annual report of the city of Toronto, just issued by Geo. Wilson,
Commissioner of Finance, shows gross funded debt at $188,039,040,
divided into sinking fund bonds of $51,138,720 and Installment bonds
of $136,900,320. Deducting specially-rated and revenue-producing debts
of $95,385.165, sinking fund of 822,966,987 and funds of $2,435.403 on
hand for installment debt redemption, the net general debt is $67.251.485.
The assessed value of rateable property at the end of 1931 was $1,061,652.753 for school purposes and E989.292.606 for general purposes. There
were exemptions, not included in these figures, of 8150,392,777.
"Net revenue from general taxation for 1932, as per estimates, is $34,042,394 and for other revenue $6.089,859. The population is shown at
621.231. the area of land and water within the city limits at 25.965 acres
and the tax rate at 33.90 mills. Capital assets at the end of 1931 were
shown at $197,042,074."
-An issue of $300,000 6% 15
-BOND SALE.
-year
VICTORIA, B. C.
bonds has beam purchased by Wood, Gunoy & Co., of Toronto, which are
making public re-offering at a price of 101, to yield 5.90%.
VICTORIA COUNTY (P 0 Victoria), Ont.-BOND SALE.
F. L. Weldon, County Clerk and Treasurer, informs us that local investors
5
have purchased at par an issue of $35.000 5,3, % coupon bonds sold for
the purpose of financing the county's share of provincial highway improvement work done in 1931. The bonds are dated Dec. 1 1932 and mature
serially from 1933 to 1947, inclusive. Denoms. $1,000, $500 and $100.
Interest is payable in June and December.
@FedFRASER